KRBL Ltd. — Audit Report / Information 2021

Jun 29, 2021

E:KRBL/BIBHU/STK_EX_2122/16 29 June 2021

The General ManagerDepartment of Corporate ServicesBSE LimitedFloor 25, Phiroze Jeejeebhoy TowersDalal StreetMumbai -400 001	/	National Stock Exchange of India Limited"Exchange Plaza", C-1, Block-GBandra-Kurla ComplexSandra (E)Mumbai-400051
Scrip Code:530813		Svmbol: KRBL	Series: Eq.

Dear Sir/Madam,

Sub: Standalone and Consolidated Audited Financial Results for the Fourth Quarter (Q4) and Financial Year ended 31 March 2021 & Recommendation of Final Dividend.

Pursuant to the provisions of Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter "SEBI Listing Regulations") and other applicable provisions, if any, please note that the Board of Directors of the Company in its meeting held on today i.e. 29 June 2021, have inter- alia considered, approved and taken on record the followings:-

(i) Standalone and Consolidated Audited Financial Results of KRBL Limited for the Fourth Quarter (Q4) and Financial Year ended 31 March 2021, which was recommended by the Audit Committee at their meeting held on 29 June 2021.

Further, pursuant to the provisions of Regulation 33 (3) (d) of SEBI Listing Regulations, copy of Standalone and Consolidated Audited Financial Results of the Company along with the Audit Report and Statement on Impact of Audit Qualifications are enclosed herewith;

(ii) Recommended a Final Dividend of Rs. 3.50 (350%) per equity share of face value of Re.1/- each amounting to Rs. 8239 Lacs for the Financial Year 2020-21, which shall be paid within 30 days from the conclusion of the ensuing Annual General Meeting, subject to approval of shareholders of the Company.

We further wish to inform you that the Board Meeting held today commenced at 12:00 hours and concluded at /'I- ; Lf 5 hours.

This is for your kind information and records.

Thanking you,

Yours Faithfully, For KRBL Lim7

,/ '•

aman Sapra Company Secretary

Encl.: As AbqyJtporate Office: C-32, 5th & 6th Floor. Scctor-62, Noida-201301, Gautambudh Nagar, (U.P.), INDIA. Regd. Office : 5190, Lahori Gate, Delhi - 110 006, INDIA. Tel. : +91-11-23968328. Fax : +91-11-23968327. CIN No. LO l l l l DL! 993PLC052845 Tel.: +91-120-4060300, Fax: +91-120-4060398. E-mail: mails@krblindia.com. Visit us at: www.krblricc.com WORLD'S LARGEST RICE MILLERS & BASMATI RICE EXPORTERS

Walkes Chandiok & CO llP t 41, Connaught Circus, OuferCWt:le, NewOclhr-110 001 lndia T +91 11 45002219 f +9111 42787071

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

To the Board of Directors of KRBL Limited

Qualified Opinion

• 1. We have audited the accompanying standalone annual financial results of KRBL Limited ('the Company') for the year ended 31 March 2021, 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) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
  • (i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations except for the possible effects of the matter described in paragraph 3 below; and
  • (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the year ended 31 March 2021 except for the possible effects of the matter described in paragraph 3 below.

Basis for Qualified Opinion

1. As stated in Note 8 of the standalone annual financial results, the Company's Joint Managing Director Mr. Anoop Kumar Gupta had been detained and released on bail by the Enforcement Directorate ('ED') with regard to an ongoing investigation under the Prevention of Money Laundering Act, 2002, for alleged involvement in AgustaWestland case, pursuant to the order of Special Judge, Rouse Avenue Courts dated 30 January 2021 and dated 5 April 2021, respectively. ED vide their criminal complaint dated 30 March 2021 has made certain allegations against the Company, KRBL DMCC (a subsidiary of the Company) and Mr. Anoop Kumar Gupta. The Board of Directors of the Company have appointed an independent professional firm to review the aforesaid allegations, by undertaking steps as necessary, in order to assess impact of aforesaid matter, if any, on the standalone financial statements and control environment of the Company. Pending the ongoing investigation on the above matter, we are unable to comment on any adjustment that may be required to the accompanying standalone annual financial results of the Company.

Our review report for the quarter ended 31 December 2020 was also qualified with respect to this matter.

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

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 Statement 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 ('the ICAI') 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 obtained by us, is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of Matters

• 1. We draw attention to:
• a. Note 6 to the standalone annual financial results which describes the details of certain income tax matters currently pending before appropriate appellate authorities as at 31 March 2021. Based on the legal assessment of the outcome of such litigations, the management is of the view that no adjustment is required in the accompanying standalone annual financial results.
• b. Note 7 to the standalone annual financial results, wherein it is stated that a portion of land parcels and building thereupon owned by the Company as identified in the aforesaid note has been attached by the Directorate of Enforcement ("ED"), which is being contested by the Company. The Company had filed an appeal with the Appellate Tribunal, PMLA (Government of India), New Delhi, ("Appellate Tribunal") and vide its order dated 17 January 2020, the Appellate Tribunal had ordered to restore the possession in favor of the Company while the aforesaid attachment would continue till the conclusion of the matter. The matter is being contested in the Hon'ble High Court of Delhi ('High Court'). The High Court vide its order dated 23 October 2020 has restored the physical possession of the aforesaid land parcels and building thereupon for specified purposes against a deposit of Rs. 1, 113 lakh, as an interim relief until conclusion of the aforesaid matter. Based on the legal assessment of the outcome of the aforesaid matter, the management is of the view that no adjustment is required to the accompanying standalone annual financial results.

Our opinion is not modified in respect of above matters.

Responsibilities of Management and Those Charged with Governance for the Statement

• 1. This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profiUloss and other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Ind AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 ·of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
• 1. In preparing the Statement, the Board of Directors 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

1. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 Standards on Auditing, specified under section 143(10) of the Act, 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 this Statement.
• 1. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
  • Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
  • Conclude on the appropriateness of the management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• 1. 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.
• 1. 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.

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

Other Matter

1. The Statement includes the standalone financial results for the quarter ended 31 March 2021 , being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

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Rohit Arora Partner Membership No. 504774

UDIN: 2150477 4AAAAE08408

Place: New Delhi Date: 29 June 2021

Regd. Office: 5190, Lahori Gate, Delhi-110006, CIN: L01111DL1993PLCOS2845, Email: investor@krblindia.com, website: www.krblrice.com, Tel: +91-11-23968328, Fax: +91-11-23968327

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

	(Rs. in lakh except as stated otherwise)
		Quarter ended			Year ended
S.No.	Particulars	31-03-2021Refer note 12	31-12-2020(Unaudited)	31-0~-2020	31-03-2021	I 31-03-2020
				Refer note 12	(Audited)
1.	Income
(a)	Revenue from operations	97,397	1,12,069	1,06,229	3,99,188	4,49,864
(b)	Other income	286	772	935	2,243	2,226
	Total income	97,683	1,12,841	1,07,164	4,01,431	4,52,090
2.	Expenses
(a)	Cost of materials consumed	92,496	86,375	74,835	3,14,515	3,03,592
(b)	Purchase of stock-in-trade	4	437	174	681	1,212
(c)	Changes in inventories of finished goods,work-in-progress and stock-in-trade	(26,849)	(6,863)	(1,738)	(39,300)	17,340
(d)	Employee benefits expenses	2,422	2,268	2,162	8,847	8,235
(e)	Finance costs	751	455	1,848	2,359	6,244
(f)	Depreciation and amortisation expense	1,809	1,804	1,802	7,190	7,282
(g)	Other expenses	8,367	8,880	7,936	32,065	32,308
	Total expenses	79,000	93,356	87,019	3,26,357	3,76,213
3.	Profit before tax (1-2)	18,683	19,485	20,145	75,074	75,877
4.	Tax expense
(a)	Current tax	5,086	5,108	5,438	19,824	20,021
(b)	Deferred tax charge	(253)	(197)	(305)	(779)	(85)
	Total tax expense	4,833	4,911	5,133	19,045	19,936
5.	Profit after tax (3-4)	13,850	14,574	15,012	56,029	55,941
6.	Other comprehensive income
(a)	Items that will not be rcdasified to profit or loss	107	(57)	(229)	(66)	(224)
(b)	Tax expense relating to items that will not bereclasified to profit or loss *	(27)	15	60	18	59
(c)	I terns that will be reclasified to profit or loss	25	(151)	(841)	922	(848)
(b)	Tax expense relating to items that will be reclasifiedto profit or loss	(10)	39	223	(244)	224
	Total other comprehensive (loss)/income	95	(154)	(787)	630	(789)
7.	Total comprehensive income (5+6)	13,945	14,420	14,225	56,659	55,152
8.	Paid-up equity share capital (face value of Re. 1 / -each)	2,354	2,354	2,354	2,354	2,354
9.	Other equity				3,66,162	3,09,503
10.	Earnings per equity share ("EPS") (face value ofRe.1/- each) (EPS for the quarter not annualized)
(a)	Basic	5.88	6.19	6.38	23.80	23.76
(b)	Diluted	5.88	6.19	6.38	23.80	23.76

*Rounded off to zero

Regd. Office: 5190, Lahori Gate, Delhi-110006, CIN: L01111DL1993PLC05284S, Email: investor@ktblindia.com, website: www.ktblrice.com, Tel.: +91-11-23968328, Fax: +91-11-23968327

NOTES TO THE STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

1. Operating Segments Disclosure as per Ind AS 108 'Operating Segments":

	(Rs. in lakh except as stated otherwise)
		Quarter ended			Year ended
S.No.	Particulars	31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
		Refer note 12	(Unaudited)	Refer note 12	(Audited)
1.	Segment revenue
(a)	Agri	95,614	1,10,180	1,03,957	3,89,892	4,37,855
(b)	Energy	4,182	4,087	4,230	17,986	20,151
	Total segment revenue	99,796	1,14,267	1,08,187	4,07,878	4,58,006
	Inter segment revenue - Energy	(2,399)	(2,198)	(1,958)	(8,690)	(8,142)
	Net segment revenue	97,397	1,12,069	1,06,229	3,99,188	4,49,864
2.	Segment results
(a)	Agri	18,890	16,996	21,044	72,333	74,447
(b)	Energy	664	3,049	1,004	5,513	7,854
	Total segment results (before finance costs
	and tax)	19,554	20,045	22,048	77,846	"82,301
	Less: Finance costs	713	41 1	1,778	2,167	5,911
	Less: Other unallocable expenditures	158	149	125	605	513
	(net of unallocable incom_es)
	Total profit before tax	18,683	19,485	20,145	75,074	75,877
3.	Segment assets
(a)	Agri	3,99,700	4,13,206	3,75,410	3,99,700	3,75,410
(b)	Energy	62,221	63,253	65,934	62,221	65,934
	Total segment assets	4,61,921	4,76,459	4,41,344	4,61,921	4,41,344
4.	Segment liabilities
(a)	Agri	47,096	54,479	63,496	47,096	63,496
(b)	Energy	2,303	2,729	3,775	2,303	3,775
(c)	Unallocable	44,006	64,679	62,216	44,006	62,216
	Total segment liabilities	93,405	1,21,887	1,29,487	93,405	1,29,487
	Sgmnt r~~ny~ - yQgrahi!:;alinformation;
(a)	Agri
	India	60,836	59,869	54,667	2,00,225	2,29,396
	Rest of the world	34,778	50,311	49,290	1,89,667	2,08,459
	Sub-total (a)	95,614	1,10,180	1,03,957	3,89,892	4,37,855
(b)	Energy
	India	4,182	4,075	4,230	17,974	20,151
	Rest of the world	-	12	-	12	-
	Sub-total (b)	4,182	4,087	4,230	17,986	20,151
	Total (a)+(b)	99,796	1,14,267	1,08,187	4,07,878	4,58,006
	Inter-segment revenue - Energy	(2,399)	(2,198)	(1,958)	(8,690)	(8,142)
	Total	97,397	1,12,069	1,06,229	3,99,188	4,49,864

Regd. Office: 5190, Lahori Gate, Dellii-110006, CIN: L01111DL1993PLCOS2845, Email: investor@krblindia.com, website: www.krblricc.com, Tel.: +91-11-23968328, Fax: +91-11-23968327

NOTES TO THE STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

(Rs. in lakh except as stated otherwise)

(,

2 Standalone Statement of Assets and Liabilities

Particulars 31-03-2021 31-03-2020 A. ASSETS (Audited) (Audited) 1. N on-current assets (a) Property, plant and equipment 86,862 88,428 (b) Capital work-in-progress 891 1,214 (c) Right of use assets 6,469 8,138 (d) Other intangible assets 143 143 (e) Intcngible assets under development 16 - (t) Financial assets (i) Investments 427 427 (Ii) Loans 1,051 929 (iii) Other financial assets 32 14 fo) Other non-current assets 25,562 24,973 Sub total non-current assets 1,21,453 1,24,266 2. Current assets (a) Inventories 2,96,421 2,85,242 (b) Financial assets (i) Investments 1,889 584 (ii) Trade receivables 20,129 23,020 (tii) Cash and cash equivalents 15,873 1,345 (iv) Bank balances other than (Iii) above 233 3,801 (v) Loans 1,137 16 (vi) Other financial assets 1,793 1,134 (c) Other current assets . 2,993 1,936 Sub total current assets 3,40,468 3,17,078 TOTAL ASSETS 4,61,921 4,41,344 B. EQUITY AND LIABILITIES 1. Equity (a) Equity share capital 2,354 2,354 (b) Other equity 3,66,162 3,09,503 Sub total shareholder's fund 3,68,516 3,11,857 Liabilities 2. Non-current liabilities (a) Financial liabilities (i) Borrowings 597 1,957 (li) Lease liabilities 5,324 6,965 (b) Provisions 874 733 (c) Deferred tax liabilities (net) 13,809 14,588 Sub total non-current liabilities 20,604 24,243 3. Current liabilities (a) Financial liabilities (i) Borrowings 28,837 46,270 (ii) Trade payables - Total outstanding due to micro enterprises and small enterprises 698 439 - Total outstanding dues of creditors other than micro 21,238 38,053 enterprises and small enterprises (iii) Lease liabilities 828 615 (iv) Other financial liabilities 16,789 15,994 (b) Other current liabilities 2,688 2,066 (c) Provisions 419 493 (d) Current tax liabilities (net) 1,304 1,314 Sub total current liabilities 72,801 1,0S,244 TOTAL EQUITY AND LIABILITIES 4,61,921 4,41,344

; I . ' \ .. '-:.. ' ~ •'. • I 1 ,

Regd. Office: 5190, Lahori Gate, Delbi-110006, CIN: L01111DL1993PLC052845, Email: invcstor@krblindia.com, website: www.labhice.com, Tel.: +91-11-23968328, Fax: +91-11-23968327 NOTES TO THE STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

3. Standalone Statement of Cash Flow

		(Rs. in lakh except as stated otherwise)
	Particulars	For the year ended31-03-2021	For the year ended31-03-2020
		(Audited)	(Audited)
A	Cash flow from operating activities
	Profit before tax	75,074	75,877
	Adjustment for:
	Depreciation and amortisation expenses	7,190	7,282
	Loss/(profit) on sale of property, plant and equipment	14	(6)
	Unrealised foreign exchange (net)	(31)	(193)
	Net (gain)/ loss on redemption and fair valuation of investments	(1,046)	124
	Balances credit impaired	245	130
	Liabilities/ provisions no longer required, written back	(67)	(45)
	Gain on modification/tennination oflease	(86)	-
	Finance costs	2,359	6,244
	Interest income	(443)	(709)
	Dividend income	(41)	(38'
	Operating profit before working capital changes	83,168	88,666
	Adjustments for working capital changes :
	Increase in financial and other assets	(2,764)	(15,157)
	(Increase)/ decrease in inventories	(11,179)	27,643
	Decrease in trade receivables	2,652	16,795
	(Decrcase)/increase in trade payables	(16,489)	16,120
	Increase in liabilities and provisions	3,074	5,890
	Cash generated from operations	58,462	1,39,957
	Income tax paid (net)	(20,0601	(18,757)
	Net cash flow from operating activities (A)	38,402	1,21,200
B	Cash flow from investing activities
	Purchase of property, plant and equipment and intangible assets 1	(4,142)	(4,267)
	Sale of property, plant and equipment	49	1,229
	Sale proceeds from investments	87,896	90,058
	Purchase of investments	(88,155)	(90,000)
	Movement from deposits (net)	2,775	(2,938)
	Interest received	369	526
	Dividend income	41	38
	Net cash used in investing activities (B)	(1,167)	(5,354)
	c Cash flow from financing activities
	Repayment oflong term borrowings	(1,360)	(1,367)
	Repayment oflease liabilities	(738)	(564)
	Movement in short term borrowings (net)	(16,585)	(92,732)
	Finance cost paid	(3,248)	(5,895)
	Dividend paid	(776)	(11,695)
	Dividend distribution tax paid	-	(2,564)
	Net cash used in financing activities (C)	(22,707)	(1,14,817)
	D Net increase in cash and cash equivalents during the year (A+ B+C)	14,528	1,029
	Cash and cash equivalents-opening balance	1,345	316
	Cash and cash equivalents at the year end	15.873	1,345
	E Cash and cash equivalents
	Cash in hand	43	72
	Balances with banks	15,830	1,273
		15,873	1,345

Notes

1. Net of movement in capital work-in-progress and capital advances.

2 The above cash flow statement has been prepared under the 'indirect method' as set our in Ind AS 7, 'Statement of cash flows'.

Regd. Office: S190, Lahori Gate, Dclhi-110006, ClN: L0111lDL1993PLCOS2845, Emai.I: invc&Cor@lublindfa.com, wcb1itc: www.lublrice.com,

Tel.: +91-11-23968328, Pax: +91-11-23968327

"

, I

NOTES TO THE STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

• 4 111e abo\lc stmdalonc financi1I results of KRDL Limited C'thc Company') h;wc been rc'icwcd by the Audit Committee and approved b)' the Board of Directors at their respective meetings held on 29 June 2021 and have been audited by the statutory auditors of the Company.
• 5 The financial results have been prepared in accordance with the Indion Accounting Standards Clnd AS) notified under the Companies {Indian Accounting Standards) Rules, 2015, as amended from time · ( to Dmc, specified in Section 133 of the Companies Ac1, 201l
• 6 During the year ended 31 March 2019, the Compa.n)• had received demand no1iccs under section 153A/143(3) of the lncomc· tax Act, 1961, with respect to assessment ycacs 2010-l t to 2016-17, aniounting to Rs. 75,744 lacs and interest thereon Rs. 51,176 lacs, which were contested b)• the management at err (Appeals), New Delhi. During the year ended 31 March 2020, CIT (Appeals) had granted panial relief on certain matters i.n &voe of the Companr1 "idc order dated 11 f\farch 2020, and correspondingly, income tax demand had been reduced b)•.Rs. 69,612 lacs and interest thereon b)' Rs. 47,424Lm.

The Company had filed further appeals before Hon'ble Income-tax Appellate Tribunal (ITA"I), New Delhi on 18 June 2020 for remaining matters sustained by CIT (Appeals) in respect of income rax demand of Rs. 6,132 lacs and interest thereupon of Rs. 3,752 lacs. The Company had already paid Rs. 21,900 lacs, under protest.

The Incomc-ta.x department has also filed appeals in Hon'ble Income Tax Appellant Tribunal, New Delhi in respect of the matters allowed by CIT (Appeals) for appeals filed by the Company. Howe'cr:, a copy of appeal had nor been received by the company, in respect of said filing by the department.

111c management, based on leg.ii assessment, is co nfident that it has a h.vorable case and the remaining demand sh:dl also be deleted at the ITAT level.

Further, the Companr has recci"ed p<nalry orders under section 271(1) (c)/ 2711\All (I) for AY 2010.11 to 2016-17 on rhe nuttecs sustained br CIT (Appeals) of amounting to Rs.ti, 896 lacs. The ·, company had filed appeals before CIT (Appeals) in respect of such penalty orders on 24th Macch, 2021. · ·

Howe,•cr, Hon'ble Income Tax Appellant Tribunal vide its order dated 12th March, 2021 has granted interim relief till 12 Mai• 2021, which has been extended till 16th Julr, 2021 to rhe Company against recovery of such demand.

The auditors of the Comp:tn)• have Uwited attentio n to the aforcmentloned issue in their audit report for the quarter and rear ended ll March 2021.

7 A portion ofbnd parcels and building thereupo n, situated at Dhuri, Punjab was attached br the Enforcenlcnt Directo rate C'ED'1 \•ide its ordct dated 3 Jul)' 2019, to the extent of v:Uue of Rs. 1,532 lacs in connection with a monC)' laundering in\•estig.uion.

111e Company filed an appeal against the aforementioned order with Appellate Tribunal. Pl\·{LJ\ 1 New Delhi, C'Appcllatc 1'ribunal'1 who 'idc its order da1cd 17 January 2020, had restored the posscsstOn of the attached land on interim basis in fa.vout of the Company. Howc'cr, aforesaid attachment would continue rill the conclusion of the muter.

Against the order of the Appellate Tribunal, ED had filed an appeal be for< the Hon'ble High Court of Delhi, which is pending for hearing.

The Company filed an application before the Hon'ble High Court o f Delhi for restoratio n of possession of the land i11 favour of the Compan)' i11 accordance with the order dated 17 January 2020 passed by d1e Appellate Tribunal. The High Court vide its order dated 23 October 2020 has allowed the Company to take ph)•sical possession of the said land parcels and building thereupon for specified purpo~ against the deposit of Rs. t,1 13 lacs, {deposited on 5 November 2020), as an interim relief ufltil conclusion of 1hc aforesaid matter. without prejudice to the rights and con1c1\tions of the panics 10 be decided in the appea1. The management based upon the legal assessments, is conftdent that it has a f.wourable case and 1hc said attachment shall be va.e\ted. · lllc auditors of the Company have invited attenrion to the aforementioned issue.-: in their audit report for the q\1arter a.nd rear ended 31 March 2021.

8 The Company's Joint Managing Dittccor, Mr. Anoop Kumar Gupta had been dc1aincd and released on bail by 1hc Enforcemcm Directorate ('ED') wifh regard to the Uwcst1gation under the Ptc\•cotiou of Mone)' Laundering Act, 2002, for aUcgcd invo lvement in Agus1aWesiland caac, puN;mnt to the order of pcc~'ll Judge, llOU$C Avenue Courts Jatcd 30 Januar")' 2021 and dated OS i\pril 2021, respectively.

ED vidc thci.r criminal compJai.nc cbtcd '°March :?021, has nu.de certain aUcg..tions against the Company, KRBL DMCC (a subsidiary of KRBL Limited) and Mr. Anoop Kumar Gupm.. As per crirnUlf\I complaUu filed it is aUegcd that M/s IUwasi Al Khalecj General Trading LLC ('R.t\KGT1 has rccciw:d proceeds of crime of USD 24.62 million U1 Agus1a\Vc1limd ca during 1hc period 2008-2010 which in tun\ has been transferred to KRBL Limited 1hrough KRBL Dl\·lCC. Basis the affidavif filed b)' Habharnf Group (one of the Cus1omcr of the Compau)') u~ the Hon'bk High Court of Delhi in the said matter, rhe amount of USD 24.62 million lus bccn rcccivcd by Babharaf Group from R.AKGT. Pursuant to this. ED had attached t,43,33,221 shares of Balsharaf Group held in KRBL Limi1etl

·n1c management of the Compan}' has taken an opinion from an independent legal coun:;cl and on the b:tsis of 1hc same is of the view 1hat since the inve5tig:ation is a: till ongoing no ad'Ctse opinion can be drawn. The Board of Directors o f the Company ha\•e appointed an independent profession.ii finn to review the aforesaid allegations, by undertaking $tcps as ncccs:;.'lry, in order to asscS'5 impact of aforesaid mauer, if an)'• on the stancblouc fuunci11 statements and control co\•i.ron.ment of the Company. Pending 1hc ongoing investigation on 1he abo'c matter, no :uljustmc1\f has been made i.i1 the $tandalone founcial 5latemenu of die Company. 'l11e management of the Company ls confident that the above stated mauer will be resolved soon.

111e auditors of the Companr have qualified to the ftforcmcntioncd issue U1. their audit report for the quarter and period ended 31 ~(arch 2021 .

• 9 11ie Indian Pacliamcnt has apprm·cd the Code on Social Security, 2020 which is el:pcctcd to impact 1he corHnbutious b}' the Compail)' towards Providc1u Fund and Gr:ttuif)•. ·n1c cffecti\•e date from which the changes ate applicable is yet to be notified and the fuW rules arc )'Ct to be framed. 'll1e Comp•m1• will carry out an C'alu:u lon of 1hc impact and rcconl the $amc in 1he fui.1ncial sta1cmc111s U1 1he period Ul which the Code becomes cffecti'e and the related rulctt arc published.
• 10 11ic outbreak ofCoronavirus (Cmrid-19) has seven.Uy impacted busU1css globally including ludia. Since 1he narurc ofbusint"ss pcrfonncd by the Compan)' fuUs u1u:lcr the ssc t1l category, the Company continued to operate its manu&.cturing facilities and distribute· it$ product"& i.n accordance with 1hc prescribed guidelines. 111ough there ha,·c bcc11 some operation.al difficulties due to lock down imposed in various regions, the impact on overall operations have not bcco significant. Further, the managcmcot of the Comp:tn)' has also assscd the Unpac l of the situation on the capital, profir.ibiliry. liquidity positions etc. givi.ug due consiJcrn.tion to the Uucntal anJ cxtcnW factors, anJ based on its asscPsmcm. rhc pandemic doesn't luvc an)' ma1cri.1l impact on the stamfalone futancia.1 statements of 1hc Compau)'· Further, on account of continued spread ofCOVJD-19 in the counfl')', the Compau)' has made timely and requisite clung-cs iu bu~Ule$S model during the )'car. 1be Companr is continuouslr moilitoring 1he ~itua tion arisU1gon account of COVID·19 aud will make appropriate i'Ction rcqulreJ, if any. .
• 11 The Board of Directors of the Company in their meeting held on 29 June 2021 ha.\·c recommc1\dc<l a fuial di'idcnd of Rs. :.SO (350o/o) per paid up equity hare of Rc.1 / each, aggrc8"'1i11g to Rs. 8239 La~s for the fuuncial rear rndcd .31 March 2021, subject to appro";d of sharrholdcrs in the ensuing 1\nnual Gener.ll McctU1g of the Company.
• 12 Amounts for the quarten ended .31 Micch 2021 anJ 31 March 2020 arc the bab.ncing amou t~ bc.l"\--cen audited amoums for the full fu\ancial year and the published year to date amounts upto third quarter of the respective fui.i11cial }'car, which were subjected to limited review.

13 ·n1e figurrs for the corresponding previous periods/year ha,·c been regrouped/ reclassified, whcre\•er necessary, to make them comparable.

ror and o n behalf of Board of Dirccrors of

Aail KRt:~ Kumar Mi Chairman & Mana.gin Director · DIN: 00030100

Place: Noida Date : 29 June 2021

Statement on Impact of Audit Qualifications submitted along with Annual Standalone Audited Financial results of KRBL Limited

S.No.I.	1.2.3.	Particulars	Audited Figures (asreported before	(Rs. In Lakh)Adjusted Figures(audited figures
			adjusting forqualifications)	after adjusting forqualifications)
		Turnover I Total income	401,431
		Total Expenditure	326,357
		Net Profit/(Loss)	56,029
	4.	Earnincis Per Share	23.80
	5.	Total Assets	461,921
	6.	Total Liabilities	93,405	Not ascertainable
	7.	Net Worth	368,516
	8.	Any other financial item(s) (as felt	None
		aooropriate bv the management)
II.		Audit Qualification (each audit qualification separately):Details of Audit Qualification: In respect of KRBL Limited ('the Company')a.
		Managing Director Mr. Anoop Kumar Gupta had been detained and released onbailbytheEnforcementinvestigation under the Prevention of Money Laundering Act, 2002, for allegedinvolvement in AgustaWestland case, pursuant to the order of Special Judge,Rouse Avenue Courts dated 30 January 2021respectively. ED vide their criminal complaint dated 30 March 2021 has madecertain allegations against the Company, KRBL DMCC (a subsidiary of theCompany) and Mr. Anoop Kumar Gupta. The Board of Directors of the Companyhave appointed anallegations, by undertaking steps as necessary, in order to assess impact ofaforesaidmatter,if any,onenvironment of the Company. Pending the ongoing investigation on the abovematter, we are unable to comment on any adjustment that may be required tothe accompanying standalone financial results of the Company.Type of Audit Qualification:b.	Directorate('ED')withindependent professional firm to review the aforesaidthestandalone financial	regardtoanongoingand dated 5 April 2021,resultsandcontrol
	Qualified Opinion
		Frequency of qualification:c.
		Appearing for the First time
		d.For Audit Qualification(s) where the impact is quantified by the auditor,Management's Views:
<~		Not applicable, as the impact is not quantified.

e. For Audit Qualification(s) where the impact is not quantified by the auditor: (i) Management's estimation on the impact of audit qualification:

Unable to estimate

(ii) If management is unable to estimate the impact, reasons for the same:

The management of the Company has taken an opinion from an independent legal counsel and on the basis of the same is of the view that since the aforesaid investigation is still ongoing, no adverse opinion can be drawn. The Board of Directors of the Company have appointed an independent professional firm to review the aforesaid allegations, by undertaking steps as necessary, in order to assess impact of aforesaid matter, if any, on the standalone financial results and control environment of the Company.

(iii) Auditors' Comments on (i) or (ii) above:

Since the matter is still under the investigation stage, we are unable to determine whether any adjustment is required along with the consequential impact, if any, on the accompanying Standalone Financial Results of the Comoanv.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013 For and on behalf of the Board of Directors

Rohit Arora Partner Membership No. 504774

Place : New Delhi Date: 29 June 2021

AnIBmar .Li;~ ittal Chairman and Mana ing Director DIN-00030 00

Devendra ~~i,_J, Kumar Agarwal Chairman udit Committee DIN-06754542

Place : Neida Date : 29 June 2021

l k~ L_, Y~ ~"- L:-

Rakesh Mehrotra Chief Financial Officer M.No. 84366

~

et: Chandiok & Co UP l 41, Connaught Circus, Outer Cilcie, New Delhi - 110 001 lndia T +91 11 45002219 F +91 '11 42787071

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

To the Board of Directors of KRBL Limited

Qualified Opinion

• 1. We have audited the accompanying consolidated annual financial results ('the Statement') of KRBL Limited ('the Holding Company' or 'the Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), for the year ended 31 March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate audited financial statements of the subsidiaries, as referred to in paragraph 14 below, the Statement:
  • (i) includes the annual financial results for the year ended 31 March 2021 of the following entities;
    • a. KB Exports Private Limited;
    • b. KRBL DMCC: and
    • c. KRBL LLC, (a subsidiary of KRBL DMCC)
  • (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations, except for the possible effects of the matter described in paragraph 3 below; and
  • (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial information of the Group, for the year ended 31 March 2021 except for the possible effects of the matter described in paragraph 3 below.

Cba!U'41d Ai:"°"l'IW!ta

WCl>llndiokCo Pi$red with timiled lwi111 illon oorr-AAC.Q()85 end ltt rogislen!d ofl!ce •I L1 Coonaught CiroJs, New Dell\I, \10001. !ndl•

· in Baf>galUJIJ, Chtlndll)llth, Cheffial, GUNgtllm, Hbad, t<oolll, Kolklla, Mumbai, New Delhl, Nolda and Pun!I

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

Basis for Qualified Opinion

1. As stated in Note 8 of the consolidated annual financial results, the Company's Joint Managing Director Mr. Anoop Kumar Gupta had been detained and released on bail by the Enforcement Directorate ('ED') with regard to an ongoing investigation under the Prevention of Money Laundering Act, 2002, for alleged involvement in AgustaWestland case, pursuant to the order of Special Judge, Rouse Avenue Courts dated 30 January 2021 and dated 5 April 2021, respectively. ED vide their criminal complaint dated 30 March 2021 has made certain allegations against the Company, KRBL DMCC (a subsidiary of the Company) and Mr. Anoop Kumar Gupta. The Board of Directors of the Company have appointed an independent professional firm to review the aforesaid allegations, by undertaking steps as necessary, in order to assess impact of aforesaid matter, if any, on the standalone financial statements and control environment of the Company. Pending the ongoing investigation on the above matter, we are unable to comment on any adjustment that may be required to the accompanying consolidated annual financial results of the Company.

Our review report for the quarter ended 31 December 2020 was also qualified with respect to this matter.

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 Statement section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India {'the ICAI') 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 obtained by us and that obtained by the other auditors in terms of their reports referred to in paragraph 13 of the Other Matter section below, is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of Matters

• 1. We draw attention to:
• a. Note 6 to the consolidated annual financial which describes the details of certain income tax matters currently pending before appropriate appellate authorities as at 31 March 2021 . Based on the legal assessment of the outcome of such litigations, the management is of the view that no adjustment is required in the accompanying consolidated annual financial results.
• b. Note 7 to the consolidated annual financial results, wherein it is stated that a portion of land parcels and building thereupon owned by the Holding Company as identified in the aforesaid note has been attached by the Directorate of Enforcement ("ED"), which is being contested by the Holding Company. The Holding Company had filed an appeal with the Appellate Tribunal, PMLA (Government of India), New Delhi, ("Appellate Tribunal") and vide its order dated 17 January 2020, the Appellate Tribunal had ordered to restore the possession in favor of the Holding Company while the aforesaid attachment would continue till the conclusion of the matter. The matter is being contested in the Hon'ble High Court of Delhi ('High Court'). The High Court vide its order dated 23 October 2020 has restored the physical possession of the aforesaid land parcels and building thereupon for specified purposes against a deposit of ~ 1, 113 lakh, as an interim relief until conclusion of the aforesaid matter. Based on the legal assessment of the outcome of the aforesaid matter, the management is of the view that no adjustment is required to the accompanying consolidated annual financial results.

Our opinion is not modified in respect of above matters.

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

,

Responsibilities of Management and Those Charged with Governance for the Statement

• 1. The Statement, which is the responsibility of the Holding Company's management and has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual audited financial statements. The Holding Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit or loss after tax and other comprehensive income, and other financial information of the Group in accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Holding Company's Board of Directors is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of the Statement. Further, in terms of the provisions of the Act, the respective Board of Directors/ management of the companies included in the Group, covered under the Act, are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Group, and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making 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 financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
• 1. In preparing the Statement, the respective Board of Directors of the companies included in the Group, are responsible for assessing the ability of the Group, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors/ management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
• 1. The respective Board of Directors/ management of the companies included in the Group, are responsible for overseeing the financial reporting process of the companies included in the Group.

Auditor's Responsibilities for the Audit of the Statement

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 Standards on Auditing, specified under section 143(10) of the Act, 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 this Statement.
• 1. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the 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 ability of the Group, 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 Statement or, if such di.sclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the 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.
• 1. We communicate with those charged with governance of the Holding Company, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
• 1. 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.
• 1. We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matters

1. We did not audit the annual financial results of three subsidiaries included in the Statement, whose financial information reflects total assets of~ 1,333 lakh as at 31 March 2021 , total revenues of~ 319 lakh, total net loss after tax of (~137 lakh), total comprehensive loss of ~ (137 lakh), and cash outflows (net) of 29 lakh for the year ended on that date, as considered in the Statement. These annual financial results have been audited by other auditors whose audit reports have been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the audit reports of such other auditors, and the procedures performed by us as stated in paragraph 1 O above.

Further, of these subsidiaries, two subsidiaries, are located outside India, whose annual financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries, and which have been audited by other auditor under standard of auditing applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, in so far as it relates to the balances and affairs of these subsidiaries, is based on the audit report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

. '

Our opinion is not modified in respect of this with respect to our reliance on the work done by and the reports of the other auditors.

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

1. The Statement includes the consolidated annual financial results for the quarter ended 31 March 2021 , being the balancing figures between the audited consolidated figures in respect of the full financial year and the published unaudited year-to-date consolidated figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

'v~{~. ,, /

Rohit Arora Partner Membership No. 504774 UDIN: 21504774AAAAEP2020

Place: New Delhi Date: 29 June 2021

Regd. Office: 5190, Lahori Gate, Dellii-110006, CIN: L01111DL1993PLC052845, Email: invcstor@krblindia.com, website: www.krblrice.com, Tel.: +91-11-23968328, Fax: +91-11-23968327

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

(Rs. in lakh except as stated otherwise)

.... .

. I

Year endedQuarter ended
S.No.	Particulars	31-03-2021	31-12-2020	31-03-2020	31-03.2021 I	31-03-2020
		Refer note 12	(Unaudited)	Refer note 12		(Audited)
1.	Income
(a)	Revenue from operations	97,397	1,12,069	1,06,250	3,99,188	4,49,902
(b)	Other income	292	778	941	2,268	2,251
	Total income	97,689	1,12,847	1,07,191	4,01,456	4,52,153
2.	Expenses
(a)	Cost of materials consumed	92,496	86,375	74,835	3,14,515	3,03,592
(b)	Purchase of stock-iu-tradc	4	437	174	681	1,212
(c)	Changes in inventories of finished goods,	(26,849)	(6,863)	(1,699)	(39,300)	17,395
(d)	work-in-progress and stock-in-tradeEmployee benefits expenses	2,534	2,369	2,278	9,221	8,562
(e)	Finance costs	751	455	1,848	2,359	6,244
(f)	Depreciation and amortisation expense	1,810	1,806	1,803	7,195	7,288
(g}	Other expenses	8,301	8,828	7,851	31,849	32,105
	Total ei]>enses	79,047	93,407	87,090	3,26,520	3,76,398
3.	Profit before tax (1-2)	18,642	19,440	20,101	74,936	75,755
4.	Tax expense
(a)	Current tax	5,087	5,108	5,438	19,824	20,021
(b)	Deferred tax charge	(253)	(197)	(305)	(779)	(85)
	Total tax expense	4,834	4,911	5,133	19,045	19;936
5.	Profit after tax (3-4)	13,808	14,529	14,968	55,891	55,819
6.	Other comprehensive income
(a)	Items that will not be reclasified to profit or loss	107	(57)	(229)	(66)	(224)
(b)	Income tax relating to items that will not bereclasified to profit or loss *	(27)	15	60	18	59
(c)	Items that will be reclasified to profit or loss	26	(160)	(767)	888	(744)
(d)	Income tax relating to items that will be redasifiedto profit or loss	(10)	39	223	(244)	224
	Total other comprehensive (loss)/ income	96	(163)	(713)	596	(685)
7.	Total comprehensive income (5+6)	13,904	14,366	14,255	56,487	55,134
(a)	Net profit attributed to:
	Owner of the Holding Company	13,808	14,529	14,968	55,891	55,818
	Non controlling interest*	0	0	0	0	1
(b)	Other comprehensive income attributed to:
	Owner of the Holding Company	96	(163)	(713)	596	(685)
	Non controlling interest *	0	0	0	0	0
8.	Paid-up equity share capital (face value of Re.1 / -each)	2,354	2,354	2,354	2,354	2,354
9.	Other equity				3,66,897	3,10,410
10.	Earnings per equity share ("EPS") (face valueof Re.1/· each) (EPS for the quarter notannualized)
(a)	Basic	5.87	6.17	6.36	23.74	23.71
(b)	Diluted	5.87	6.17	6.36	23.74	,.3"71 7'__ 5

* Rounded off to zero

Regd. Office: 5190, Lahori Gate, Delhi-110006, CIN: L01111DL1993PLC052845, Email: investor@krblindia.com, website: www.krblrice.com, Tel.: +91-11-23968328, Fax: +91-11-23968327

NOTES TO THE STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

1. Operating Segments Disclosure as per Ind AS 108 'Operating Segments":

		(Rs. in lakh except as stated otherwise)
		Year endedQuarter ended
S.No.	Particulars	31-03-2021	31-12-2020	31-03-2020		31-03-2021 I 31-03-2020
		Refer note 12	(Unaudited)	Refer note 12		(Audited)
1.	Segment revenue		1,10,180	1,03,978	3,89,892	4,37,893
(a)	Agri	95,614	4,087	4,230	17,986	20,151
(b)	Energy	4,18299,796	1,14,267	1,08,208	4,07,878	4,58,044
	Total segment revenueInter segment revenue - Energy	(2,399)	(2,198)	(1,958)	(8,690)	(8,142)
	Netse1Z01entrevenue	97,397	1,12,069	1,06,250	3,99,188	4,49,902
2.	Segment results
(a)	Agri	18,849	16,951	21,000	72,195	74,325
(b)	Energy	664	3,049	1,004	5,513	7,854
	Total segment results (before finance costs	19,513	20,000	22,004	77,708	82,179
	and tax)
	Less: Finance costs	713	411	1,778	2,167	5,911
	Less: Other unallocable expenditures	158	149	125	605	513
	(net of unallocable incomes)
	Total profit before tax	18,642	19,440	20,101	74,936	75,755
3.	Segment assets
(a)	Agri	4,00,562	4,14,093	3,76,357	4,00,562	3,76,357
(b)	EnergyTotal se1m1ent assets	62,2214,62,783	63,2534,77,346	65,9344,42,291	62,2214,62,783	65;9344,42,291
4.	Segment liabilities
(a)	Agri	47,133	54,501	63,446	47,133	63,446
(b)	Energy	2,303	2,729	3,775	2,303	3,775
(c)	Unallocable	44,008	64,680	62,217	44,008	62,217
	Total seizment liabilities	93,444	1,21,910	1,29,438	93,444	1,29,438
	Segment n:yeoue - QeQg,a12lli~al
	ioforroatiQo:
(a)	Agri
	India	60,836	59,869	54,668	2,00,225	2,29,396
	Rest of the world	34,778	50,311	49,310	1,89,667	2,08,497
	Sub-total (a)	95,614	1,10,180	1,03,978	3,89,892	4,37,893
(b)	Energy
	India	4,182	4,075	4,230	17,974	20,151
	Rest of the world	-	12	-	12	-
	Sub-total (b)	4,182	4,087	4,230	17,986	20,151
	Total (a)+(b)	99,796	1,14,267	1,08,208	4,07,878	4,58,044
	Inter-segment revenue - Energy	(2,399)	(2,198)	(1,958)	(8,690)	(8,142)
	Total	97,397	1,12,069	1,06,250	3,99,188	4,49,902

Regd. Office: 5190, Labor! Gate, Delhi-110006, CIN: L01111DL199JPLCOS2845, Email: investor@krblindia.com, webaitc: www.krblrice.com, Tel.: +91-11-23968328, Fax: +91-11-23968327

NOTES TO THE STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

2 Conaolidatcd Statement of Aneta and Liabilities

.,

	Particulars	31-03-2021	31-03-2020
		{Audited)	(Audited)
A.	ASSETS
1.	Non-current a11ets	87,169	88,740
	(a) Property, plant and equipment	891	1,214
	(b) Capital work-in-progress
	(c) Right of use assets	6,469	8,138
	(cl) Investment property	877	908
	(e) Goodwill	16
	(I) Other intangible assets	143	143
	(g) Intangible assets under development	16
	(h) Financial assets
	(i) Loans	1,051	929
	(ii) Other financial assets	32
	I (i) Other non-current assets	25,562	24,973
	Sub total non-current assets	1,22,226	1,25,075
2.	Current assets
	(a) Inventories	2,96,421	2,85,242
	(b) Financial assets
	(i) Investments	1,889	584
	(ii) T mde receivables	20,129	23,020
	(iii) Cash and cash equivalents	15,942	1,443
	(iv) Bank balances other than (iii) above	244	3,812
	(v) Loans	1,140
	(vi) Other financial assets	1,793	1,157
	(c) Other current assets	2,999	1,936
	Sub total current assets	3,40,557	3,17,216
	TOTAL ASSETS	4,62,783	4,42,291
B.	EQUITY AND LIABILITIES
1.	Equity
	(a) Equity share capital	2,354	2,354
	(b) Other equity	3,66,897	3,10,410
	Equity attributable to the owners of the Holding Company	3,69,251	3,12,764
	Non-controlling interest	88
	Sub total shareholder's fund	3,69,339	3,12,853
	Liabilities
2.	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	597	1,957
	(ii) Lease liabilities	5,324	6,965
	(b) Provisions	874	733
	(c) Deferred tax liabilities (net)	13,809	14,588
	Sub total non-current liabilities	20,604	24,243
3.	Current liabilities
	(a) Financial liabilities
	(i) Borrowings	28,839	46,270
	(ii) Trade payables
	- Total outstanding due to micro enterprises and small enterprises	698	439
	- Total outstanding dues of creditors other than micro enterprises	21,208	37,917
	and small enterprises
	(iii) Lease liabilities	828
	(iv) Other financial liabilities		615
		16,856	16,081
	(b) Other current liabilities	2,688	2,066
	( c) Provisions	419	493
	(cl) Current tax liabilities (net)	1,304	1,314
	Sub total current liabilities	72,8404,62,783 ,/-	1,05,195c
	TOTAL EQUITY AND LIABILITIES		· · ! . ;-~,,_4,42,291

. •"\I\ (~, ?4,,., \ ~: v

Regd. Office: 5190, Lahori Gate, Delbi-110006, CIN: L01111DL1993PLCOS284S, Email: investor@krblindia.com, website: www.krblrice.com, Tel.: +91-11-23968328, Fax: +91-11-23968327 NOTES TO THE STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

3. Consolidated Statement of Cash Flow

(Rs. in lakh except as stated otherwise)

.. '

Particulars		For the year ended31-03-2021	For the year ended31-03-2020
		(Audited)	(Audited)
A	Cash flow from operating activities	74,936	75,755
	Profit before tax
	Adjustment for :	7,195	7,288
	Depreciation and amortisation expenses	14	(6)
	Loss/(profit) on sale of property, plant and equipment	(33)	(167)
	Unrealised foreign exchange (net)	(1,046)	124
	Net (gain)/ loss on redemption and fair valuation of investments	245	130
	Balances credit impaired
	Liabilities/provisions no longer required, written back	(67)	(45)
	Gain on modification/termination oflease	(86)	-
	Finance costs	2,359	6,244
	Interest income	(443)	(709)
	Dividend income	(41)	(38)
	Operating profit before working capital changes	83,033	88,576
	Adjustments for working capital changes :
	Increase in financial and other assets	(2,744)	(15,147)
	(Increase)/ decrease in inventories	(11,179)	27,697
	Decrease in trade receivables	2,652	16,795
	(Decrease)/increase in trade payables	(16,384)	16,022
	Increase in liabilities and provisions	3,055	6,002
	Cash generated from oper11.tions	58,433	1,39,945
	Income tax paid (net)	(20,0601	(18,757)
	Net cash flow from operating activities (A)	38,373	1,21,181!.
B	Cash flow from investing acrivities
	Purchase of property, plant and equipment and intangible assets 1	(4,142)	(4,266)
	Sale of property, plant and equipment	49	1,229
	Sale proceeds from investments	87,896	90,058
	Purchase of investments	(88,155)	(90,000)
	Movement from deposits (net)	2,774	(2,938)
	Interest received	370	526
	Dividend income	41	38
	Net cash used in investing activities (B)	(1,167)	(5,353)
	c Cash flow from financing activities
	Repayment oflong term borrowings	(1,360)	(1,367)
	Repayment ofleasc liabilities	(738)	• (564)
	Movement in short term borrowings (net)	(16,585)	(92,732)
	Finance cost paid	(3,248)	(5,895)
	Dividend paid	(776)	(11,695)
	Dividend distribution tax paid	-	(2,564'
	Net cash used in financing activities (C)	(22,707)	(1,14,817)
	D Net increase in cash and cash equivalents during the year (A+B+C)	14,499	1,018
		1,443	425
	Cash and cash equivalents-opening balanceCash and cash equivalents at the year end	15,942	1,443
	E Cash and cash equivalents
	Cash in hand	43	72
	Balances with banks	15,899	1,371
		15,942	1,443

Notes

1. Net of movement in capital work-in-progress and capital advances.

2. 111e above cash flow statement has been prepared under the 'indirect method' as set our in Ind AS 7, 'Statement of cash flows'.

. Jr(". :

KRBL LIMITED

Regd. Office: 5190, Lahori Gate, Delhi-110006, CIN: L01111DL1993PLCOS284S, Email: inve1tor@krblindia.com, weboile: www.krblrice.com,

. : • Tel.: +91·11-23968328, Fax: +91-11-23968327

NOTES fo'rfl1fs11i'tEMENT OF AUDITED CONSOLIDATED'FINANCIAL RESULTS. FOR tHE QUARTER AND YEAR ENDED 31 MARCH 2021 ':..-

• 4 The above consolidated financial results of KRBL Limited ("the Company"} h:wc been reviewed b)• the Audit Commincc and rippcovcd by the Board of Directors at their rcspccti'c meetings held on 29 June 2021 and have been audited by the statutory auditors of the Companr.
• 5 111e financial results ha.•e been prepared in accordance with the Indian Accounting Standards (Ind AS') notified u1)der the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, specified in Section 133 of the Companies Act, 2013.
• 6 During the year ended 31 March 2019, the Compan)' had rccei'ed demand notices under section 153A/143(3) of d1)'.l,?S?':'e-tax Act, 1961, with respect to assessment years 2010-11 to 2016- 17, amounting to Rs. 75,744 lacs and interest thereon Rs. 51,176 lacs, which were contested by the managcment':ili~J.1:' :('Ap11ca s), New Delhi. During the )'Car ended 31 March 2020, err (Appeals) had granted partial relief on certain matters in favor of the Companr, ,·idc order dated 11 March 2020, and ccirrcspandingly, income tax demand had been reduced by Rs. 69,612 lacs and interest thereon by Rs. 47,424 lacs.

The Company had ftlcd further appeals before Hon'ble Income-tax Appellate Tribunal (ITAT), New Delhi on 18 June 2020 for remaining matters sustained by CIT (Appeals) in respect of income tax demand of Rs. 6,132 lacs and interest thereupan of Rs. 3,752 lacs. 'Ole Company had already paid Rs. 21,900 lacs, under protest.

The Income-tax department has also fdcd appeals in Hon'ble Income Tax Appellant Tribunal, New Delhi in respect of the matters allowed by CIT (Appeals) for appeals filed by the Companr. However, a copy of appeal had not been received by rhc company, in respect of said filing by the deparnnent.

The management, based on legal assessment, is confident diat it has a favo.rable case and the remaining clcmand shall also be deleted at the ITAT le1•cl.

Further, the Companr has recei,•ed penal!)• orders under section 271(1) (c)/ 271AAD (1) for AY 2010-11 to 2016-17 on the matters sustained by CIT (Appeals) of amounting to Rs.1 I, 896 lacs. 'J11c company had ftled appeals before CIT (Appeals) i!' n;i~ct ~f s_uch penal!)• orders on 24th March, 2021. ,

However, Hon'ble Income Tax Appellant Tribunru vide its·ordci dated 12th March, 2021 has granted interim relief till 12 May 2021, which has been extended till 16 July 2021, to die Company agajnst recovery of such demand. .

The audito[s of the Company have invited attention to the aforementioned issue in their audit report for the quarter and year ended 31 March 2021.

7 A portion of land parcels and building thereupon, situated at Dituri, Punjab was attached br the Enforcement Directorate ("ED") 'idc its order dated 3 Julr 2019, to the extent of value of Rs. 1,532 lacs in connection with a money laundering im·cstigation. ·

The Holding Compani· fded an appeal against the aforemenrioned order with Appell ate Tribunal, PMLA, New Delhi, C'Appellate Tribunal") who ,·ide its order dated 17 January 2020, had restored the possession of the attached land on interim basis in favour of the Holding Com pan)'· However, aforcstiid 'l~-¥hl~~nt would continue till the conclusion of the matter. Against the order of the Appellate Tribunal, ED had ftled an appeal before the Hon'ble High Court of Delhi, which is' p.!n'llmg fot hearing.

TI1e Holding Company fJcd an application before the Hon'blc High Court of Delhi for restoration of passcssion of the land in favour of the Holding Companr in accordance with the order dated I 7 Januaiy 2020 passed by the Appellate Tribunal. The High Court ' ·ide its order dated 2.1 October 2020 has allowed the Holding Company to take phrsical possession of the said land parcels and building thereupon for specified purpose against the deposit of Rs. 1,113 lacs, (deposited on 5 November 2020), as an interim relief until conclusion of the aforesaid matter, without prejudice to the rights and contention~ of the parties to be decided jn the appeal. 111e management based upon the legal assessments, is confident that it has a favourable case and the said attachment shall be vacated.

'llte auditors of the Company have invited attention to the aforementioned issue in their audit report for the quarter and year ended 31 March 2021.

• 8 l11e Company's Joint Man.aging Director, Mr. Anoop Kumar Gupta lud been detained and released on bail by ll1e Enforcement Directorate CED) with regard to the invcstig.uion under the Prevention of Money Laundering Act, 2002, for alleged involvemcnr in Agusla~tcStL1nd case, pursuant ro cite order of Special Judge, Rouse A\•cnuc Courts <lated 30 Janmuy 2021 and dated 05 April 2021, rcspccci\•cly. ED vide thelc criminal complaint <heed 30 March 2021 1has made certain allegations against the Company. KRBL DMCC (a subsidi.aC)• of KRBL Limited) -and Mr. Anoop Kumar Gupu. As per criminal complaint £Jed it is alleged that M/s Rawasi Al Klialcej Gene12J Trading I.LC ('RAKGT) h"5 received proceeds of crime of USO 24.62 million in Agusr.Westland e>sc during the period 2008-2010 which in tum has been ttansfcrred to KRBL Limited through KR.BL DMCC. Basis the :lffidavit filed by Balsharaf Group (one of the Customer of the Con1pan>•) in the Hon'blc High Court of Delhi in the said matter, the amount of USO 24.62 million Jias been rcccil'ed by Jlalsharaf Group from RAKGT. l'ur>uant to this. ED lllld attached 1,43,33,221 shares of llalsharaf Group held in KRJlL Limited. TI1c management of the Compan)' has taken 111 opinion from an indcpcndenr legal counsel and on the basis of the same is of the ,•icw that since the investigation is s1ill ongoing no adverse opinion c"n be drawn. TI1e Board of Di.rectors of the Company h~wc appointed an fodepcndenr professional finn to fC-lew the aforesaid allegat1ons, by undertaking steps as ncccss.1cy. in order to assess impact of aforcs:tid matter, i( any, on the consolidated fin.1ncial statements and control environment of 1hc Comp:\ny. Pending the ongoing investigation on 1he abcwc mauer, no adjmtmcnr has been made in the consolidated financial statements of the Compan)'· 111e management of the Company is confident that the above stated nrattc( \•i.11 .bc rcsoh·cd soon. ·n1c auditors o( the Company have qualified to the aforementioned issue in their audit report for the quarter and pcricxl ended 31 farch 2021.
• 9 'lbe lndlan Parliament has approved the Code on Social Sccurit)•. 2020 u•hich is expected to impact the contributions by the Company towards Pro\•idcnt Fund and Gratuity. 'll\c effccti'\•e date from which the changes arc applicable Is )'Ct to be notified and the final rules arc ycr to be (nmcd. 'I11c Company will carry out an C\•aluarion of the impaCI and record the s:unc in the fi111nc~1I Shtcments in the pericxl in \Vhich the Code becomes cffccti\•e and tl1e related rules are published.
• 10 1l1e outbreak of Cororuvirus (Co,·id-19) has severally impacted bu~Uless globall}' including India. Since the na.turc of business pcrfonncd by tl1c Compan)' falls under the ~sen1ia lcategory, the Comi>al)' cominued to operare its m.anufacruring f.acilities and disrribute its products in accordance with the prescribed guidelines. Though 1hece have been some operational difficulties due to lock down imposed in various regions, the impact on o\•erall operations have not been significant. Further, the m,1nagcmcnt of the Company h:is also :\Sscssed the impact o f the situation on the capital. profiral>ility, liquidity positions etc. giving due consideration to the internal and external factors, and based on its assessment, the pandemic doesn't ha,•c an)' m.1teri.1I impact on the stamfolone fin.1 ncial statements of the Comp:rny. Further. 011 :\ccoum of continued spread of COVID-19 in the country, the Compan)' has m.1de timel)' and re<1uisite changes in business model during the )'Car. The Company is continuously monitoring the siruation arising on account of COVID-19 and will m.akc appropriate action re<1uircd, if any.
• 11 ·nte llo•rd of Directors of the Company in their meeting held on 29 June 2021 lm·e recommended a foul dividend of Rs. 3.50 (350%) per paid up equity sh•rc of Re.1/- each, aggregating to Rs. 8239 Lacs for the founci.al year ended 31 Mar~h 2021, subject to approval of slureholders in the eosuiog Annual General Meeting of the Company.
• 12 Amounts for the quarters ended 31 March 2021 and 31 March 2020 arc the balancing amounts between audited amounts for the foll financial )'Car and the published )'l!lr to date amounts upto third quuter of the respective financia.1 year. which were subjected to limited review.
• 13 '[be figures for the corresponding pre,·ious periods/year ha,·c been regrouped/reclassified, wherc\•cr necessary, ro nu1ke them comparable.

Statement on Impact of Audit Qualifications submitted along with Annual Consolidated Audited Financial results of KRBL Limited

	S.No.	Particulars	Audited Figures (asreported beforeadjusting forqualifications)	(Rs. In Lakh)Adjusted Figures(audited figuresafter adjusting forqualifications)
I.	1.2.3.4.5.6.	Turnover I Total incomeTotal ExpenditureNet ProfiU(Loss)Earnings Per ShareTotal AssetsTotal Liabilities	401,456326,52055,89123.74462,78393,444	Not ascertainable
	7.8.	Net WorthAny other financial item(s) (as feltappropriate by the manaqement)	369,251None
	<fl:< td="">Details of Audit Qualification: In respect of KRBL Limited ('the Company')As stated in Note 8 of the consolidated financial results, the Company's JointManaging Director Mr. Anoop Kumar Gupta had been detained and released onbailbytheEnforcementinvestigation under the Prevention of Money Laundering Act, 2002, for allegedinvolvement in AgustaWestland case, pursuant to the order of Special Judge,Rouse Avenue Courts dated 30 January 2021respectively. ED vide their criminal complaint dated 30 March 2021 has madecertain allegations against the Company, KRBL DMCC (a subsidiary of theCompany) and Mr. Anoop Kumar Gupta. The Board of Directors of the Companyhave appointed an independent professional firm to review the aforesaidallegations, by undertaking steps as necessary, in order to assess impact ofaforesaid matter, if any, on the consolidated financial results and controlenvironment of the Company. Pending the ongoing investigation on the abovematter, we are unable to comment on any adjustment that may be required tothe accompanying consolidated financial results of the Company.Directorate('ED')withregardtoanongoingand dated 5 April 2021,</fl:<>	Details of Audit Qualification: In respect of KRBL Limited ('the Company')As stated in Note 8 of the consolidated financial results, the Company's JointManaging Director Mr. Anoop Kumar Gupta had been detained and released onbailbytheEnforcementinvestigation under the Prevention of Money Laundering Act, 2002, for allegedinvolvement in AgustaWestland case, pursuant to the order of Special Judge,Rouse Avenue Courts dated 30 January 2021respectively. ED vide their criminal complaint dated 30 March 2021 has madecertain allegations against the Company, KRBL DMCC (a subsidiary of theCompany) and Mr. Anoop Kumar Gupta. The Board of Directors of the Companyhave appointed an independent professional firm to review the aforesaidallegations, by undertaking steps as necessary, in order to assess impact ofaforesaid matter, if any, on the consolidated financial results and controlenvironment of the Company. Pending the ongoing investigation on the abovematter, we are unable to comment on any adjustment that may be required tothe accompanying consolidated financial results of the Company.	Directorate('ED')with	regardtoanongoingand dated 5 April 2021,
	'9.	Type of Audit Qualification:Qualified Opinion
	d.	CJ:. Frequency of qualification:Appearing for the First timeFor Audit Qualification(s) where the impact is quantified by the auditor,

·P For Audit Qualification(s) where the Impact is not quantified by the auditor:(iv) Management's estimation on the impact of audit qualification:
Unable to estimate
(v) If management is unable to estimate the impact, reasons for the same:
The management of the Company has taken an opinion from an independentlegal counsel and on the basis of the same is of the view that since theaforesaid investigation is still ongoing, no adverse opinion can be drawn. TheBoardof Directorsof theCompanyhaveappointedanindependentprofessional firm to review the aforesaid allegations, by undertaking steps asnecessary, in order to assess impact of aforesaid matter, if any, on theconsolidated financial results and control environment of the Company.
(vi) Auditors' Comments on (i) or (ii) above:
Since the matter is still under the investigation stage, we are unable todetermine whether any adjustment is required along with the consequentialimpact, if any, on the accompanying Consolidated Financial Results of the

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Company.

For and on behalf of the Board of Directors

Place : New Delhi Date : 29 June 2021

Anumar . lA lit M ttal

Chairman and Mana ing Director DIN-00030 00

Dev~~~iJarwal Chairman- udit Committee DIN-0 754542

Place : Noida Date: 29 June 2021

',..""' '-"- Vi -t- Li ~ Rakesh Mehrotra

j • j

Chief Financial Officer ~4366