KEI Industries Ltd. — Interim / Quarterly Report 2021

Oct 27, 2021

Regd. Office: D-90, Okhla Industrial Area, Phase — 1 New Delhi — 110020. CIN: L74899DL1992PLC051527. Tel.: +91-11-26818840, 26818642, 26815558, 26815559. Fax: +91-11-26811959, 26817225. Email: info@kei-ind.comWebsite: www.kei-ind.com

Date: 27.10.2021

KEI/BSE/2021-22 The Manager, BSE Limited Listing Division, Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai- 400 001

Sub: Outcome of Board Meeting / Announcements pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015

Dear Sir / Madam,

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 this is to inform you that the Board of Directors of the Company at their meeting held on Wednesday, the 27th day of October, 2021, has approved inter-alia, the following:

• 1. Standalone and Consolidated Un-Audited Financial Results for the quarter and half year ended 30th September, 2021.
• 1. Limited Review Report of the Statutory Auditors on the aforesaid Standalone and Consolidated Un-Audited Financial Results for the quarter and half year ended 30th September, 2021.

The meeting of the Board of Directors commenced at 04:00 p.m. and concluded at 04:50 p.m.

This is for your information and record.

Thanking you, Yours truly, For KEI INDUSTRIES LIMITED

For K STRIES LIMITED -

ANIL GUPTA Chairman-cum-Managing Director (ANIL GUPTA) Chairman-cum-Managing Director

CC:

The Calcutta Stock Exchange Ltd. The Senior Manager, Listing Division, 7, Lyons Range, Kolkata-700001	The National Stock Exchange of India Ltd., Listing Division, Exchange Plaza, Plot No. C/1, G Block, Bandra Kuria Complex, Bandra (E), Mumbai - 400 051
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					Works-II : Bhiwadi : SP-920, RIICO Industrial Area, Phase-III, Bhiwadi, Dist. Alwar-301019 (Rajasthan) Tel : 01493-220106, 221731 Fax : 01493-221732.
--	--	--	--	--	-------------------------------------------------------------------------------------------------------------------------------------------------------	--

Works-III : Silvassa : 99/2/7, Madhuban Industrial Estate, Rakholi, Silvassa UT of D &N.H-396240. Telefax: 0091-260-2644404, 2630944,2645896

Offices : Mumbai : 101/102, Vastu Shilp, Vastu Enclave, Andheri Pump House, Andheri(East), Mumbai-400093. Tel: 0091-22-2823963/28375642, Fax: 28258277 : Kolkata: Arihanth Benchmark, 4'' Floor, 113-F, Matheshwartola Road, Kolkata-7000466 Telefex: 033-40620820/4062

Branch : Chennai : 27/F-1, Oral floor, Chakrapani Street, West Mambalam, Chennai-600 033 Tel : 044-24803363 Fax : 044-24803404.

# 47 ..pmEr if KEI INDUSTRIES LIMITED \

Regd Office: D-90 OKHLA INDUSTRIAL AREA PHASE I NEW DELHI-110 020 Sup Ir III111)1.. ¹, ilVil Phone: 91-11-26818840/26818642 Fax: 91-11-26811959/26817225 Web: www.kei-ind.com ....... ( (CIN: L74899DL1992PLC051527) ---;.,:7>::.,

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

							(₹ in Millions)
		Quarter	Quarter	Quarter	Half year	Half year	Year
	Particulars	ended	ended	ended	ended	ended	ended
		30-09-2021	30-06-2021	30-09-2020 Unaudited	30-09-2021	30-09-2020 Unaudited	31-03-2021 Audited
		Unaudited	Unaudited	(Refer Note-3)	Unaudited	(Refer Note-3)	(Refer Note-3)
1	Income from Operations (a) Revenue from operations	13,534.29	10,175.63	10,369.37	23,709.92	17.822.42	41,814.88
	(b) Other Income	25.75	27.77	36.18	53.52	122.23	200.60
	Total income	13,560.04	10,203.40	10,405.55	23,763.44	17,944.65	42,015.48
$\mathbf{2}$	Expenses
	(a) Cost of materials consumed	10,698.57	8,221.42	7,496.26	18,919.99	11,498.28	27,907.95
	(b) Purchases of Traded Goods (c) Changes in inventory of Finished goods, Traded Goods and Work-in-	1.84	0.97	89.16	2.81	104.33	107.71
	progress	(917.21)	(1,200.02)	(553.42)	(2, 117.23)	632.32	1,131.20
	(d) Employee benefits expense (e Finance Costs	491.24 99.41	505.28 114.16	495.78 149.51	996.52 213.57	942.53 317.36	1,849.43 573.08
	(f) Depreciation and amortisation expense	139.96	138.54	141.92	278.50	287.73	578.14
	(g) Sub Contractor expense for EPC projects	327.60	341.03	379.55	668.63	577.81	1,493.62
	(h) Other expenses Total Expenses	1,469.77 12,311.18	1,169.74 9,291.12	1,280.60 9,479.36	2,639.51 21,602.30	2,122.90 16,483.26	4,770.28 38,411.41
3 4	Profit / (Loss) before Exceptional items and Tax (1-2) Exceptional items	1,248.86	912.28	926.19	2,161.14	1,461.39	3,604.07
5	Profit / (Loss) before Tax (3-4)	1,248.86	912.28	926.19	2,161.14	1,461.39	3,604.07
6	Tax Expenses Current Tax	330.36	240.84	253.07	571.20	391.71	940.90
	Deferred Tax	(1.26)	0.32	(7.46)	(0.94)	(3.22)	(32.33)
	Total Tax Expenses	329.10 919.76	241.16 671.12	245.61 680.58	570.26	388.49	908.57
7 8	Net Profit / (Loss) for the period (5-6) Other Comprehensive Income/(Loss)				1,590.88	1,072.90	2,695.50
	(a) Items that will not be reclassified to profit and loss in subsequent period,	(0.34)	0.54	(0.24)	0.20
	net of tax					0.65	9.24
	(b) Items that will be reclassified to profit and loss in subsequent period, net	٠.
	of tax Other Comprehensive Income/(Loss) for the period (Net of Tax Expense)
		(0.34)	0.54	(0.24)	0.20	0.65	9.24
9 10	Total Comprehensive Income for the period (7+8) Paid -up equity share capital	919.42 180.21	671.66 179.71	680.34 179.71	1,591.08 180.21	1,073.55 179.71	2,704.74 179.71
	(Face Value of ₹ 2/- each)
11	Reserves excluding Revaluation Reserves as per balance sheet						17,555.83
12	Earnings Per Share (of ₹2/- each) (not annualised): a) Basic $(3)$	10.22	7.47	7.59	17.69	11.97	30.04
	b) Diluted $(3)$	10.17	7.41	7.49	17.59	11.81	29.76
	Standalone Segment-wise Revenue, Results, Assets and Liabilities
	1. Segment Revenue (Revenue from operations)
	a) Segment - Cables	12,112.33	8,844.27	8,706.82	20,956.60	15,168.96	35.742.11
	b) Segment - Stainless Steel Wire c) Segment - EPC Projects	517.51 2,753.90	477.98 1,378.54	335.19 2,477.11	995.49 4,132.44	542.87 4,240.42	1,416.53 9,766.99
	d) Unallocated Segment
Total		15,383.74	10,700.79	11,519.12	26,084.53	19,952.25	46,925.63
Total	Less: Inter segment elimination	15.84 15,367.90	(5.14) 10,705.93	2.60 11,516.52	10.70 26,073.83	18.05 19,934.20	92.17 46,833.46
	Less: Inter segment Revenue	1,833.61	530.30	1,147.15	2,363.91	2,111.78	5,018.58
	Revenue from operations	13,534.29	10,175.63	10,369.37	23,709.92	17,822.42	41,814.88
	2. Segment Results Profit / (Loss)
	before tax and interest from each segment a) Segment - Cables
	b) Segment - Stainless Steel Wire	1,238.58 41.87	947.20 29.91	1,114.92 22.51	2,185.78 71.78	1,888.96 42.31	4,095.27 83.85
	c) Segment - EPC Projects	213.31	124.70	212.61	338.01	390.83	907.39
Total	Less: Inter segment results	1,493.76 66.30	1,101.81 28.51	1,350.04 101.08	2,595.57 94.81	2,322.10 221.90	5,086.51 541.82
	Net Segment Results	1,427.46	1,073.30	1,248.96	2,500.76	2,100.20	4,544.69
	Less: I) Finance Costs II) Other un- allocable expenditure net off un- allocable income	99.41 79.19	114.16 46.86	149.51	213.57	317.36	573.08
	Total Profit Before Tax	1,248.86	912.28	173.26 926.19	126.05 2,161.14	321.45 1,461.39	367.54 3,604.07
	3. Segment Assets a) Segment - Cables	21,000.23	20,037.30	18,019.15	21,000.23	18,019.15	19,775.54
	b) Segment- Stainless Steel Wire	750.75	709.96	566.09	750.75	566.09	680.30
	c) Segment - EPC Projects d) Unallocated Segment	7,706.11	6,980.29	8,146.81	7,706.11	8,146.81	7,026.56
Total		1,162.55 30,619.64	2,009.94 29,737.49	1,743.75 28,475.80	1,162.55 30,619.64	1,743.75 28,475.80	2,599.67 30,082.07
	4.Segment Liabilities a) Segment - Cables	6,345.18	6,979.03	8,316.33	6,345.18	8,316.33	8,730.76
	b) Segment- Stainless Steel Wire	248.97	213.59	164.98	248.97	164.98	176.18
	c) Segment - EPC Projects d) Unallocated Segment	1,744.11 2,893.89	1,654.38 2,465.83	1,174.70	1,744.11	1,174.70	1,106.35
Total		11,232.15	11,312.83	2,520.28 12,176.29	田野谷	2,520.28 12,176.29	2,333.24 12,346.53
	For KETINDUSTRIES LIMITED

ANIL GUPTA Chairman-cum-Managing Director

DELHI FRN. 011573C

ed Acco

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

(Z in Millions)

ed A co

	As at	As at
Particulars	30-09-2021	31-03-2021
	Unaudited	Audited
		(Refer Note-3)
Assets
Non-Current Assets
(a) Property, Plant and Equipment	4,647.61	4,743.46
(b) Capital Work -in- Progress	98.37	71.33
(c) Right of Use Assets	601.63	609.83
(d) Intangible Assets	13.11	17.87
(e) Financial Assets
(i) Investments	79.52	9.08
(ii) Loans	181.26	196.22
(iii) Others	4.96	4.49
(f) Other Non-Current Assets	56.17	29.06
Total Non-Current Assets	5,682.63	5,681.34
Current Assets
(a) Inventories	9,164.34	7,627.52
(b) Financial Assets
(i) Trade Receivables	13,794.46	13,495.71
(ii) Cash and Cash Equivalents	632.25	2,201.32
(iii) Bank Balances Other Than (ii) Above (iv) Loans	8.52 25.71	10.75 23.68
(v) Other Current Financial Assets	265.71	214.26
(c) Income Tax Assets	44.37	44.37
(d) Other Current Assets	1,001.65	783.12
Total Current Assets	24,937.01	24,400.73
Total Assets	30,619.64	30,082.07
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital	180.21	179.71
(b) Other Equity	19,207.28	17,555.83
Total Equity	19,387.49	17,735.54
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings	175.21	313.54
(ii) Lease Liabilities	223.27	238.19
(b) Provisions	98.44	91.23
(c) Deferred Tax Liability (Net)	285.78	282.48
Total Non-Current Liabilities	782.70	925.44
Current Liabilities
(a) Financial Liabilities
(i) Borrowings	2,950.89	2,536.06
(ii) Lease Liabilities	34.68	33.34
(iii) Trade Payables
(A) total outstanding dues of micro enterprises
and small enterprises (B) total outstanding dues of creditors other	766.11	1,021 .22
than micro enterprises and small enterprises	4,113.14	6,393.10
(iv) Other Current Financial Liabilities (b) Other Current Liabilities	524.35 1,850.72	442.35 863.89
(c) Provisions	62.37	50.53
(d) Current Tax Liability (Net)	147.19	80.60
Total Current Liabilities	10,449.45	11,421.09
Total Equity and Liabilities	30,619.4eCut	igt2.07
For K I IN STOES LIMITED
		9- O DELHI
		FRN. 011573C
ANIL GUPTA	0

ANIL GUPTA Chairman-cum-Managing Director

30-09-2021 30-09-2020 Unaudited Unaudited (A) CASH FLOW FROM OPERATING ACTIVITIES Net Profit before tax 2,161.14 Adjustments to reconcile profit before tax to net cash flows: Depreciation and Amortisation Expenses 278.50 Dividend received (0.00) Interest Income (14.18) Interest income on Financial Assets (0.74) Interest and other finance cost 203.39 Interest and Financial Charges on Lease Liabilities 10.18 4.61 ESOS compensation expense Provision for compensated absence/ Gratuity 22.06 Impairment Allowance on Trade Receivables 12.72 Provision for warranty 0.99 Bad Debts Written off 17.76 Fair valuation of financial assets 0.19 Property, Plant and Equipment Written off 0.39 (Gain)/ Loss on disposal of property, plant and equipment (0.18) OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 2,696.83 Movements in working capital : (Increase)/Decrease in Trade Receivables (329.24) (Increase)/Decrease in other financial and non-financial assets (256.65) (Increase)/Decrease in Inventories (1,536.82) Increase/(decrease) in trade payables, other financial and non-financial ( 1,551.67 ) liabilities and provisions Cash Generated from operations (977.55) Income tax paid (including TDS) (net) (504.61) Net cash flows from operating activities (A) (1,482.16) (B) CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (including capital work-in-progress) (224.61) and intangible assets Sale of property, plant and equipment 0.37 Purchase of Investment (70.00) Interest Income 14.18 Dividend Received 0.00 Maturity/(Investment) made in bank deposits (having original maturity of more 2.12 than 3 months) Net Cash from investing activities (B) (277.94) (C ) CASH FLOW FROM FINANCIAL ACTIVITIES Repayment of long term borrowings (Banks) (69.06) Repayment of finance lease (6.42) Interest expenses / Finance Charges (203.39) Interest and Financial Charges on Lease Liabilities (10.18) Inter corporate & other deposits (Net of repayments) 194.00 Working capital demand Loan from banks 363.33 (207.38) Working capital Loan from banks- Factoring Arrangements (133.50) Issue of Equity Share Capital ( including premium) upon exercise of ESOS 56.25 Net Cash from Financing Activities (C) 191.03 (1,047.47) NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) (1,569.07)	Particulars	Half yearHalf	year ended
		ended
			1,461.39
			287.73
			-
			(34.27)
			(0.84)
			308.19 9.17
			82.70
			29.22
			41.98
			(2.17)
			-
			(0.38)
			- 1.12
			2,183.84
			647.85
			953.74
			1,601.94
			(4,789.56)
			597.81
			(258.87)
			338.94
			(99.54)
			1.76
			-
			34.27
			584.52
			521.01
			(504.63)
			(8.49)
			(308.19)
			(9.17)
			(13.20)
			(75.38)
			78.97
			(187.52)
Cash & Cash Equivalents as at the beginning of period 2,201.32 Cash & Cash Equivalents at the six months period ended			1,194.10

Note :

i The Cash flow statement has been prepared under the 'Indirect Method' as set out in hid AS 7 "Statement of Cash Flows".

DELHI 0 FRN. 011573C

ii Amounts in brackets, represent Cash Outflow.

iii Previous year's figures have bee ,..1%, . 7.7 1":,•d rearrange wherever necessary. . -\ 41../ ,-,..,--114prr-lr ICTIcklq I ^j

Chairman-cum-Managing Director ANIL GUPTA

-`1'

!TED

Notes:

1.The above standalone financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their respective meetings held on October 27, 2021.The Statutory Auditors have carried out Limited Review of the financial results of the Company for the quarter and half year ended September 30, 2021 under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Statutory Auditors have expressed an unmodified report of the above results.

2 These standalone financial results have been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

1. The company has changed its accounting policy for valuation of Raw Materials, Finished Goods, Project Materials and Work in Process from First In First Out (FIFO) basis to moving weighted average cost method w.e.f 1st April, 2021. The Company believes that this change to moving weighted average cost method is preferable as it reflects better matching of the actual cost flows with the physical flow of goods and also improves comparability with Company's Industry peers. Hence, it provides reliable and more relevant information to the users of financial statements about the Company's Inventory valuation.

In accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, this Change in method of accounting for inventories has been retrospectively applied to all prior periods presented herein. Prior period comparative figures have been adjusted to reflect what results would have been had the company applied moving weighted average cost method of inventory valuation for inventories. The cumulative effect on retained earnings for these changes was Rs. 3.32 Millions at 1st April, 2020, However, due to huge volume of inventory, it is impracticable for the Company to give impact and figures that what would have been had the company continued to follow the FIFO method of inventory valuation.

Following is the impact .i.e. increase/(decrease) of the said change in policy on each item of Statement of Profit and Loss:

				(0 in Millions)
S. No.	Particulars	Quarter ended 30-09.2020	Ilalf Year Ended 30-09-2020	Year ended 31-03-2021
1	increasel(decrease) in Cost of materials consumed	15.07	15.01	(27.87)
2	Increase/(decrease) in Changes in inventory of Finished goods, Traded Goods	(12.94)	(53.021	78.12
3	Increase/(decrease) in Profit / (Loss) before Tax	(2.13)	38.01	(50.25)
4	Increase/(decrease) in Tax expenses- deferred tax	(0.54)	9.56	(12.65)
5	Increase/(decrease) in Profit / (Loss) after Tax	(1.59)	28.45	(37.80)
6	Change in EPS ( Basic) (0)	(0.02)	0.31	(0.42)
7	Change in EPS ( Diluted) (0)	(0.01)	0.32	(041)

Following is the impact i.e. increase/ (decrease) of the said change in policy on each item of Balance Sheet:

				(0 in Millions)
S. No.	Particulars	As at 01st April, 2020	As at 30th Sep, 2020	As at 31st Alarch,2021
1	Increase/(decrease) in Inventory	(4.44)	33.57	(54.69)
2	Increase/(decrease) in Other Equity	(3.32)	25.13	(40.92)
3	Increase/(decrease) in Deferred Tax Liability (Net)	(1.12)	8.44	(13.77)

1. During the quarter and half year ended on September 30, 2021 the Share Allotment Committee has allotted 2,50,000 Equity Shares upon exercise of equivalent number of stocks options, under KEI Employee Stock Option Scheme, 2015 to the eligible employees.

2. The Code on Social Security, 2020 ('the Code') has been approved by the Parliament which inter-alia deals with employee benefits during employment and post-employment. The Code has been published in the Gazette of India on September 29, 2020 . The effective date of the Code and rules thereunder are yet to be notified. In view of this, the impact of the change, if any, on the Company will be assessed and recognized post notification of the relevant provisions.

3. The company has assessed the possible impact of Covid-19 on its financial results based on external and internal information available up to date of approval of these financial results and concluded no adjustment is required in these results. The Company continues to monitor the future economic conditions.

4. Previous year / periods figures have been regrouped / reclassified, wherever necessary.

5. The above financial results of the Compan the Company's website www.kei-ind.comand also at www.bseindia.com and www.nseindia.com

Place of Signing : New Delhi Date: October 27, 2021 For USTPPLES LIMITED ANIL GUPTA Chairman-cum-Managing Director For KEI INDUSTRIES LIMITED ANIL GUPTA Chairman-cum-Manag lag Director DIN: 00006422

601, Roots Tower 7, District Center Laxmi Nagar, Delhi-110092 Pawan@pawanshubham.com Tel 01 1-451 08755

Review Report to The Board of Directors KEI Industries Limited

LIMITED REVIEW REPORT OF THE INDEPENDENT AUDITORS ON THE UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON SEPTEMBER 30, 2021.

1. We have reviewed the accompanying statement of unaudited standalone financial results of KEI Industries Limited (the 'Company') for the quarter and half year ended September 30, 2021 (the `Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The preparation of the Statement in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, and in compliance with Regulation 33 of the Listing Regulations is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to issue a report on the Statement based on our review.

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

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principle laid down in the applicable Indian Accounting Standards (`lnd AS') specified under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For PAWAN SHUBHAM & CO Chartered Accountants Firm's Registration Number: 011573C

CA Pawan Kumar Agarwal Partner M.No.092345 UDIN: 21042 Pr S— A11--iriA F IC 12-1 j

Place: New Delhi Date: October 27, 2021

KEI INDUSTRIES LIMITED Kel Phone: 91-11-26818840/26818642 Fax: 91-11-261311959/26817225 Web: www.kei-Ind.com

Regd Office: D-90 OKHLA INDUSTRIAL AREA PHASE I NEW DELHI-110 020 SliiiiIimi (CIN: L748990L1992PLC051527)

a. .cc *

DELHI FRN. 011573C

red Acc

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

It in Millions)
		Quarter	Quarter	Quarter	Half year	Half year	Year
		ended	ended	ended	ended	ended	ended 31-03-2021
	Particulars	30-09.2021	30-06-2021	30-09-2020 Unaudited	30-09-2021 Unaudiud	30-09-2020 Unaudited	battled
		Unaudited	Unaudited	IReter Note-41		(Refer Note-41	(Refer Note-41
	1 Income from Operations (a) Revenue from operations	13,534.29	10,175.63	10,389.37	23,709.92	17,822.91	41.815.37
	(b) Other income	22.85	27.77	36.18 10,405.55	50.62 23,760.54	122.23 17,945.14	200.60 42,015.97
	Total Income	13,557.14	10,203.40
	2 Expenses
	(a) Cost of materials consumed	10,698.57	8,221.42	7,496.06	18,919.99 2.81	11,498.28 104.33	27,907.95 107.88
	(b) Purchases of Traded Goods	1.84 (917.21)	0.97 (1,200.02)	89.16 (553.42)	(2,117.23)	632.32	1.131.20
	(c) Changes in inventory of Finished goods,Traded Goods and Work-in-progress (d) Employee benefits expenses	491.24	505.28	495.78	996.52	942.53	1,849.43
	(e) Finance Costs	99.41	114.16	149.51	213.57 278.50	317.38 287.73	573.09 578.14
	(f) Depreciation and amortisation expenses (g) Sub Contractor expense for EPC projects	139.96 327.60	138.54 341.03	141.92 379.55	668.63	577.81	1,493.62
	(h) Other expenses	1,469.90	1,169.85	1,281.22	2,639.75	2,123.83	4,770.60
	Total Expenses	12,311.31	9,291.23	9,479.78	21,602.54	16,484.19	38,411.91
	3 Profit/ (loss) before share of profit !(loss) of joint venture & Associate,	1,245.83	912.17	925.77	2,158.00	1,460.95	3,604.06
	exceptional items and tax (1-2)			0.00	0.35	-	1.00
	4 Share of profit/ (loss) of joint venture (net of tax)	0.34 -	0.01				-
	5 Share of profit/ (loss) of Associate Company (net of tax) 6 Profit! (Loss) before exceptional items and Tax (3+4+5)	1,246.17	912.18	925.77	2,158.35	1,480.95	3,605.06
	7 Exceptional items	1,248.17	912.18	925.77	2,158.35	1,460.95	3,805.06
	8 Profit! (Loss) before Tax (8-7) 9 Tax Expenses
	Current Tax	330.36	240.84	253.07 (7.46)	571.20 (0.94)	391.71 (3.22)	940.90 (32.33)
	Deferred Tax Total Tax Expenses	(1.26) 329.10	0.32 241.18	245.81	570.28	388.49	908.57
	10 Net Profit f (Loss) for the period (8-9)	917.07	671.02	680.16	1,588.09	1,072.46	2,698.49
	11 Other Comprehensive Income/(Loss)
	(a) Items that will not be reclassified to profit and loss in subsequent period, net of	(0.34)	0.54	(0.24)	0.20	0.65	9.24
	tax
	(b) Items that will be reclassified to profit and loss In subsequent period, net of tax	(0.01)	0.01	1.30	(0.00)	0.20	(0.46)
	Other Comprehensive IncomeI(Loss) for the period (Net of Tax Expense)	(0.35)	0.55	1.06	0.20	0.85	8.78
		916.72	671.57	681.22	1,588.29	1,073.31	2,705.27
	12 Total Comprehensive Income for the period (10+11) 13 Profit/(Loss) attributable to:
	Equity Shareholders of Parent Company	917.08	671.03	679.13	1,588.11	1,071.43	2,695.47
	Non Controlling Interests	(0.01)	(0.01)	1.03	(0.02)	1.03	1.02
	14 Other Comprehensive Income attributable to:				0.20	0.83	8.83
	Equity Shareholders of Parent Company	(0.35) (0.00)	0.55 0.00	0.93 0.13	(0.00)	0.02	(0.05)
	Non Controlling Interests 15 Total Comprehensive Income attributable to:
	Equity Shareholders of Parent Company	916.73	671.58	680.08	1,588.31	1,072.26	2,704.30
	Non Controlling Interests	(0.01)	(0.01)	1.16	(0.02)	1.05	0.97
	18 Pald -up equity share capital	180.21	179.71	179.71	180.21	179.71	179.71
	(Face Value oft 2/- each) 17 Reserves excluding Revaluation Reserves as per balance sheet
	Other Equity						17,559.92 (0.08)
	Non Controlling Interest 18 Earnings Per Share (oft 2!- each) (not annualised for quarters):
	a) Basic (t)	10.19	7.47	7.58	17.66	11.97	30.05 29.77
	b Diluted t Consolidated Segment-wise Revenue, Results, Assets and Liabilities	10.14	7.41	7.49	17.55	11.80
	t Segment Revenue ( Revenue from operations )
	a) Segment - Cables	12,112.33 517.51	8,844.27 477.98	8,706.82 335.19	20,956.60 995.49	15,169.45 542.87	35,742.60 1,416.53
	b) Segment - Stainless Steel Wire c) Segment - EPC Projects	2,753.90	1,378.54	2,477.11	4,132.44	4,240.42	9,766.99
	d) Unallocated Segment	-		-	-	-	-
Total		15,383.74 15.84	10,700.79 (5.14)	11,519.12 2.60	28,084.53 10.70	19,952.74 18.05	48,926.12 92.17
Total	Less: Inter segment elimination	15,367.90	10,705.93	11,518.52	26,073.83	19,934.69	48,833.95
	Less: Inter segment Revenue	1,833.61	530.30	1,147.15	2,363.91	2,111.78	5,018.58
	Revenue from operations	13,534.29	10,175.63	10,389.37	23,709.92	17,922.91	41,815.37
	2. Segment Results Profit / (Loss)
	before tax and Interest from each segment a) Segment - Cables	1,238.46	947.09	1,114.50	2,185.55	1,886.52	4,094.70
	b) Segment - Stainless Steel Wire	41.87	29.91	22.51	71.78	42.31	83.85
	c) Segment - EPC Projects	213.31 1,493.64	124.70 1,101.70	212.61 1,349.62	338.01 2,595.34	390.83 2,321.66	907.39 5,085.94
Total	Less: Inter segment results	66.30	28.51	101.08	94.81	221.90	541.82
	Net Segment Results	1,427.34	1,073.19 114.16	1,248.54 149.51	2,500.53 213.57	2,099.76 317.36	4,544.12 573.09
	Less: I) Finance Costs II) Other un- allocable expenditure net off un- allocable income	99.41 82.10	46.88	173.26	128.96	321.45	366.97
	Profit/ (loss) before share of profit /(loss) of joint venture & Assoclate and tax	1,245.83	912.17	925.77	2,158.00	1,460.95	3,604.06
	Add: Share of profit/ (loss) of joint venture/Associate Company (net of tax) Total Profit Before Tax	0.34 1,248.17	0.01 912.18	0,00 925.77	0.35 2,158.35	0.00 1,460.95	1.00 3,805.08
	3. Segment Assets	20,997.45	20,035.37	18,017.53	20,997.45	18,017.53	19,773.65
	a) Segment - Cables b) Segment- Stainless Steel Wire	750.75	709.96	566.09	750.75	566.09	660.30
	c) Segment - EPC Projects	7,706.11 1,164.84	6,980.29 2,014.80	8,146.81 1,747.04	7,706.11 1,164.84	8,146.81 1,747.04	7,026.56 2,604.52
Total	d) Unallocated Segment	30,619.15	29,740.42	28,477.47	30,619.15	28,477.47	30,085.03
	4.Segment Liabilities a) Segment - Cables	8,343.46	6,978.03	8,314.58	6,343.46	8,314.58	8,729.70
	b) Segment- Stainless Steel Wire	248.97	213.59	164.98	248.97	164.98	176.18
	c) Segment - EPC Projects	1,744.11 2,893.89	1,654.38 2,465.83	1,174.70 2,520.29	1,744.11 2,893.89	1,174.70 2,520.29	1,106.35 2,333.25
Total	d) Unallocated Segment	11,230.43	11,311.83	12,174.55	11,230.43	_lkoil1ttf	2,345.48

For USTiFIES LIMITED • L

ANIL GUPTA Chairman-cum-Managing Director

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

		(t in Millions)
	As at	As at
	30-09-2021	31-03-2021
Particulars		Audited
	Unaudited	(Refer Note-4)
Assets
Non-Current Assets
(a) Property, Plant and Equipment	4,647.61	4,743.46
(b) Capital Work -in- Progress	98.37	71.33
(c) Right of Use Assets	601.63	609.83
(d) Intangible Assets	13.11	17.87
(e) Financial Assets	79.54	11.65
(i) Investments	181.26	196.22
(ii) Loans (iii) Others	4.96	4.49
(f) Other Non-Current Assets	56.17	29.06
Total Non-Current Assets	5,682.65	5,683.91
Current Assets
(a) Inventories	9,164.34	7,627.52
(b) Financial Assets
(i) Trade Receivables	13,794.46	13,495.71
(ii) Cash and Cash Equivalents	632.49 8.52	2,201.62 10.75
(iii) Bank Balances Other Than (ii) Above	24.65	23.68
(iv) Loans (v) Other Current Financial Assets	265.71	214.26
(c) Income Tax Assets	44.37	44.37
(d) Other Current Assets	1,001.96	783.21
Total Current Assets	24,936.50	24,401.12
Total Assets	30,619.15	30,085.03
EQUITY AND LIABILITIES Equity (a) Equity Share Capital (b) Other Equity	180.21 19,208.60	179.71 17,559.92
(c) Non Controlling Interest	(0.09)	(0.08)
Total Equity	19,388.72	17,739.55
Liabilities
Non-Current Liabilities (a) Financial Liabilities
(i) Borrowings	175.21	313.54
(ii) Lease Liabilities	223.27	238.19
(b) Provisions	98.44	91.23
(c) Deferred Tax Liability (Net)	284.06 780.98	280.73 923.69
Total Non-Current Liabilities Current Liabilities
(a) Financial Liabilities
(i) Borrowings (ii) Lease Liabilities (Hi) Trade Payables	2,950.89 34.68	2,536.06 33.34
(A) total outstanding dues of micro enterprises and small enterprises	766.11	1,021.22
(B) total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other Current Financial Liabilities	4,113.14 524.35	6,393.80 442.35
(b) Other Current Liabilities	1,850.72	863.89
(c) Provisions	62.37	50.53
(d) Current Tax Liability (Net)	147.19	80.60
Total Current Liabilities	10,449.45	11,421.79
Total Equity and Liabilities		30S W--230,085.03
NDLtSTRIES LIMITED ANIL GUPTA

Chairman-cum-Managing Director

	Half year	Half year
Particulars	ended	ended
	30-09-2021	30-09-2020
	Unaudited	Unaudited
(A) CASH FLOW FROM OPERATING ACTIVITIES	2,158.00	1,460.95
Net Profit before tax Adjustments to reconcile profit before tax to net cash flows:
Depreciation and Amortisation Expenses	278.50	287.73
Dividend received	(0.00)
Interest Income	(14.18)	(34.27)
Interest income on Financial Assets	(0.74)	(0.84)
Interest and other finance cost	203.39	308.19
Interest and Financial Charges on Lease Liabilities	10.18	9.17
ESOS compensation expense	4.61	82.70 29.22
Provision for compensated absence! Gratuity	22.06 12.72	41.98
Impairment Allowance on Trade Receivables	0.99	(2.17)
Provision for warranty Bad Debts Written off	17.76
Fair valuation of financial assets	0.19	(0.38)
Unrealised foreign exchange (gain) / loss (net)	0.04	(0.10)
Property, Plant and Equipment Written off	0.39
(Gain)/ Loss on disposal of property, plant and equipment	(0.18)	1.12
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES	2,693.73	2,183.30
Movements in working capital :
(Increase)/Decrease in Trade Receivables	(329.24)	647.85
(Increase)/Decrease in other financial and non-financial assets	(255.82) (1,536.82)	954.08 1,601.94
(Increase)/Decrease in Inventories Increase/(decrease) in trade payables, other financial and non-financial liabilities and
provisions	(1,552.36)	(4,789.55)
Cash Generated from operations	(980.51)	597.62
Income tax paid (including TDS) (net)	(504.61)	(258.87)
Net cash flows from operating activities (A)	(1,485.12)	338.75
(B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (including capital work-in-progress) and
intangible assets	(224.61)	(99.54)
Sale of property, plant and equipment	0.37	1.76
Purchase of Investment	(70.00)	-
Income received from Joint Venture	2.90 14.18	- 34.27
Interest Income	0.00	-
Dividend Received Maturity/(Investment) made in bank deposits (having original maturity of more than 3
months)	2,12	584.52
Net Cash from investing activities (B)	(275.04)	521.01
(C) CASH FLOW FROM FINANCIAL ACTIVITIES
Repayment of long term borrowings (Banks)	(69.06)	(504.63)
Repayment of finance lease	(6.42)	(8.49)
Interest expenses / Finance Charges	(203.39)	(308.19)
Interest and Financial Charges on Lease Liabilities	(10.18)	(9.17)
Inter corporate & other deposits (Net of repayments)	194.00	(13.20)
Working capital demand Loan from banks	363.33	(207.38)
Working capital Loan from banks- Factoring Arrangements	(133.50)	(75.38)
Issue of Equity Share Capital ( including premium) upon exercise of ESOS Net Cash from Financing Activities (C)	56.25 191.03	78.97 (1,047.47)
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C)	(1,569.13)	(187.71)
Cash & Cash Equivalents as at the beginning of period	2,201.62	1,194.64
Cash & Cash Equivalents at the six months period ended	632.49	1,006.93

Note :

• i The Cash flow statement has been prepared under the 'Indirect Method' as set out in Ind AS 7 "Statement of
• H Amounts in brackets, represent Cash Outflow.
• iii Previous year's figures have been regrouped and rearranged wherever necessary.

/1/ r ICEI DUSTRIES L DELHI FRN. 011573C 0 :11F4C->•-•. i ------

AML GUPTA Chairman-cum-Managing Director

Notes:

1) The above consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 27, 2021.The Statutory Auditors have carried out Limited Review of the financial results of the Company for the quarter and half year ended on September 30, 2021 under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Statutory Auditors have expressed an unmodified report on the above results.

2) The consolidated financial results include the financial result of the following subsidiary, joint venture and associate:

• Subsidiary- KEI Cables Australia PTY Limited, Australia. - Associate- KEI Cables SA Pty Limited, South Africa.

• Joint Venture of KEI Industries Limited, New Delhi & Brugg Kabel AG, Switzerland (Association of Person).

Financials of Subsidiary, Joint Venture and associate are as certified by the Management. In opinion of the Management these financial results are not material to the Group.

3) These consolidated financial results have been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. The said Financial Results of the Parent Company and its Subsidiary, Associate and Joint Venture has been prepared in accordance with Ind AS 110 " Consolidated Financial Statements."

4) The Company has changed its accounting policy for valuation of Raw Materials, Finished Goods, Project Materials and Work in Process from First In First Out (FIFO) to moving weighted average cost method w.e.f. 1st April, 2021. The Company believes that this change to moving weighted average cost method is preferable as it reflects better matching of the actual cost flows with the physical flow of goods and also improves comparability with Company's industry peers. Hence, it provides reliable and more relevant information to the users of financial statements about the Company's inventory valuation.

In accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, this change in method of accounting for inventories has been retrospectively applied to al^l prior periods presented herein. Prior period comparative figures have been adjusted to reflect what results would have been had the company applied moving weighted average cost method of inventory valuation for inventories. The cumulative effect on retained earnings for these changes was r 3.32 Millions at 1st April, 2020. However, due to huge volume of inventory, it is impracticable for the Company to give impact and figures that what would have been had the company continued to follow the FIFO method of inventory valuation.

Following is the impact .i.e. increase/(decrease) of the said change in policy on each item of Statement of Profit and Loss:

(Z in Millions)
S. No.	Particulars	Quarter ended 30-09-2020	Half Year Ended 30-09-2020	Year ended 31-03-2021
	1 I ncrease/(decrease) in Cost of materials consumed	15.07	15.01	-, (27.87)
2	Increase/(decrease) in Changes in inventory of Finished goods, Traded Goods and Work-in-progress	(12.94)	(53.02)	78.12
3	Increase/(decrease) in Profit / (Loss) before Tax	(2.13)	38.01	(50.25)
4	Increase/(decrease) in Tax expenses- deferred tax	(0.54)	9.56	(12.65)
5	Increase/(decrease) in Profit! (Loss) after Tax	(1.59)	28.45	(37.60)
6	Change in EPS ( Basic) (t)	(0.02)	0.32	(0.42)
7	Change in EPS ( Diluted) (f)	(0.01)	0.31	(0.41)

Following is the impact i.e. increase/ (decrease) of the said change in policy on each item of Balance Sheet:

		(t in Millions)
& No,	Particulars,	As 01st April, ' ''',2020	As at 30th Sep, 2020	' 'M ilt 1st 11,1iiiC0021
	1 Increase/(decrease) in Inventory	(4A4)	33.57	(54.69)
2	Increase/(decrease) in Other Equity	(3.32)	25.13	(40.92)
3	Increase/(decrease) in Deferred Tax Liability (Net)	(1.12)	8.44	(13.77)

5) During the quarter and half year ended on September 30, 2021 the Share Allotment Committee has allotted 2,50,000 Equity Shares upon exercise of equivalent number of stocks options, under KEI Employee Stock Option Scheme, 2015 to the eligible employees.

6) The Code on Social Security, 2020 ('the Code') has been approved by the Parliament which inter-alia deals with employee benefits during employment and post-employment. The Code 'has been published in the Gazette of India on 29th September, 2020. The effective date of the Code and rules thereunder are yet to be notified. In view of this, the impact of the change, if any, on the Company will be assessed and recognized post notification of the relevant provisions.

7) The company has assessed the possible impact of Covid-19 on its financial results based on external and internal information available up to date of approval of these financial results and concluded no adjustment is required in these results. The Company continues to monitor the future economic conditions.

8) Previous year/ periods figures have been regrouped / reclassified, wherever necessary.

9) The above financial results of the Company are available on the Company's website www.kei-ind.comand also at www.bseindia.com and www.nseindia.com.

VMS/-7:4" af\ , ' l 4'. QDELHI c \ a_ FRN. 011573C * i c' C4 C-9 4:Ple edAcce-rb For K USTR1ES LIMITED ANIL GUPTA Chairman-cum-Managing Director For KEI INDUSTRIES LIMITED ANIL GUPTA Chairman-cum-Managing Director DIN: 00006422 Place of Signing : New Delhi Date: October 27, 2021

Pawan Shubham & Co. CHARTERED ACCOUNTANTS

601, Roots Tower 7, District Center Laxmi Nagar, Delhi-110092 Pawan@pawanshubham.com Tel 011-45108755

Review Report to The Board of Directors KEI Industries Limited

LIMITED REVIEW REPORT OF THE INDEPENDENT AUDITORS ON THE UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON SEPTEMBER 30, 2021.

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of KEI Industries Limited (the 'Parent') and its subsidiary (the Parent and its subsidiary together referred to as the 'Group') which includes Group's share of profit / (loss) in its associate and joint venture for the quarter and half year ended September 30, 2021 (the 'Statement') attached herewith, being submitted by the Parent pursuant to requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulations").

2. This Statement which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on this statement based on our review.

3. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the 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 provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

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

S. No.	Company Name	Relationship
1.	KEI Industries Limited	Parent Company
2.	KEI Cables Australia PTY Limited	Subsidiary Company
3.	KEI Cables SA (PTY) Limited	Associate
4.	KEI Industries Ltd. New Delhi & Brugg Kabel AG Switzerland	Joint Venture

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

2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

3. The accompanying Statement includes unaudited interim financial information and other unaudited financial information of a subsidiary which has not been reviewed by their auditor, whose interim financial results reflect Group's share of total assets of Rs. 0.54 Millions as at September 30, 2021, Group's share of total revenue of Rs. 0.01 Millions and Rs. 0.01 Millions, total net profit/(loss) after tax Rs. (0.13) Millions and Rs. (0.24) Millions, tot Rs. (0.13) Millions for the quarter and half in the Statement. They also include u financial information of an associate and rehensive profit/(loss) of Rs. (0.04) Millions and tember 30, 2021 respectively, as considered financial information and other unaudited reflect Group's share of total net profit after

rA Pawan Shubham & Co. CHARTERED ACCOUNTANTS

601, Roots Tower 7, District Center Laxmi Nagar, Delhi-110092 Pawan@pawanshubham.com Tel 011-45108755

tax of Rs. 0.34 Millions and Rs. 0.35 Millions for the quarter and half year ended September 30, 2021, respectively. These unaudited interim financial results and other unaudited financial information have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in these respects are solely on such unaudited interim financial information and other unaudited financial information. In our opinion and according to the information and explanations given to us by the Management, these financial results are not material to the Group.

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

For PAWAN SHUBHAM & CO Chartered Accountants Firm's Registration Number: 011573

CA Pawan Kumar Agarwal Partner M.No.092345 UDIN: 2.1061 2. 31 S fi-A-frA F- L?/ 3 Li

Place: New Delhi Date: October 27, 2021