Linde India Limited — Interim / Quarterly Report 2021

Nov 12, 2021

Making our world more productive

Sect/101

·12 November 2021

To,	To,
The Manager [NSE NEAPS]	The General Manager [BSE Listing Centre]
Listing Department	Department of Corporate Services
National Stock Exchange of India Ltd.,	BSE Limited
Exchange Plaza, s1h Floor,	New Trading Ring, Rotunda Building, 151 Floor,
Plot No. C/1, G-Block,	P J Towers, r1rtlrtl StrPPt,
Bandra Kurla Complex, Bandra (E),	Fort,
Mumbai -400051	Mumbai -400 001

Dear Sir/Madam,

Outcome of Board Meeting - Unaudited Standalone and Consolidated Financial Results of the Company for the third quarter and nine months ended 30 September 2021

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith a pdf copy of the Unaudited Standalone and Consolidated Financial Results of the Company for the third quarter and nine months ended 30 September 2021, which were considered and approved at a meeting of the Board of Directors of the Company held today. A copy of the 'Review Report' of the Auditors is also enclosed.

The meeting of the Board of Directors of the Company commenced at 3:30 P.M. and concluded at 6:25 P.M.

Thanking you,

;:~

~ Di rector - Corporate Affairs and Company Secretary

Encl: as above

Reyiste1ed Offile Linde India Limited Oxygen House. P4 3 Taratala Road Ko lkata 700 088, India (IN I 40/00WR 191 'lPI mo.~ 184

Phone +91 33 6602 1600 Fax +9 1 33 2401 4206 customercare lg in@linde com ~ lh, J

Linde India Limited Regd Office 'Oxygen House' P43 Taratala Road, Kolkata 700 088, India CIN L40200WB1935PLC008184 Phone +91 33 6602 1600 Fax +91 33 2401 4206 contact.lg.in@linde.com www.linde.in

Statement of Standalone Financial Results for the quarter and nine months ended 30 September 2021

						(Rs Million)
	Three months ended	Three months ended	Three months ended	Nine months ended	Nine months ended	Year ended
	30 September	30 June	30 September	30 September	30 September	31 December
Particulars	2021	2021	2020	2021	2020	2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1 Revenue from operations	5,072.18	5, 191.66	3,702.95	14,678.07	9,956.91	14,711.24
2. Other income	107.27	183.18	106.81	331.93	301 .i3	326.39
3. Total income (1 +2)	s, 179.45	5,374.84	3,809.76	15,010.00	10,258.14	15,037.63
4. Expenses
a) Cost of materials consumed	945.55	423.15	294.83	1,958.47	1,021.85	1,712.64
b) Purchase of stock-in-trade	633.11	980.21	475.53	2,294.64	1,030.08	1,785.99
c) Changes In Inventories of finished goods and stock-In-trade(including contract work-in-progress)	(17 .79}	84.46	53.60	(85.58}	31.28	(39.98}
d) Employee benefits expense	134.76	130.54	152.60	355.57	580.62	687 .83
e) Finance Costs	6.93	6.95	6.85	20.89	55 .97	62.43
f) Depreciation and amortisation expenses	449.66	450.00	431.32	1,351.14	1,287.57	1,760.00
g) Power and fuel	1,018.73	1,057.14	953.51	3,024.81	2,508.11	3,470.15
h) Contract job expenses	65.38	67.67	79.00	243.68	353.26	505.98
i) Freight and transport	323.68	428.98	304.61	1,020.96	791.73	1, 106.03
j) Other expenses	666.28	657.64	520.45	1,880.22	1, 190.95	1,734.14
Total expenses (4)	4,226.29	4,286-74	3,272.30	12,064.80	8,851.42	12,785.21
5. Profit before tax and exceptional items (3-4)	953.1 6	1,088.10	537.46	2,945.20	1,406.72	2,252.42
6. Exceptional Items				2,944.26		111.48
7. Profit before tax (5+6)	953.16	1,088.10	537.46	5,889.46	1,406.72	2,363.90
8. Tax Expense:
a) Current tax	175.46	186.36	211 .42	1,029.79	495.13	397.71
b) Deferred tax	154.06	196.27	(21 .18)	504.46	(20.86)	410.84
9. Profit for the year/period (7-8)	623.64	705.47	347.22	4,355.21	932.45	1,555.35
10. Other Comprehensive Income
A.(i) Items that will not be reclassified to profit or loss	(0.02)	2.60	0.72	21.18	(0.28)	(26.06)
(ii) Income tax relating to items that will not be reclassified toprofit or loss	(0.33)	(1.26)	(0.98)	(8.06)	(0.70)	9.11
B.(i) Items that will be reclassified to profit or loss
(ii) Income tax relating to items that will be reclassified to profitor loss
11 . Total comprehensive income for the year /period {9+ 10)	623.29	706.81	346.96	4,368.33	931.47	1,538.40
12. Paid up equity share capital (Face value Rs.10/- each)	852.84	852.84	852.84	852.84	852.84	852.84
13. Other Equity						21,184.36
14. Earnings Per Share (EPS) (of Rs.10/- each):
Basic and Diluted (not annualised) in Rs.	7.31	8.27	4.07	51 .07	10.93	18.24

12 November 2021 Kolkata

Linde India Limited

Regd Office 'Oxygen House' P43 Taratala Road, Kolkata 700 088, India CIN L40200WB 1935PLC008184 Phone +91 33 6602 1600 Fa x +91332401 4206 contact.lg.in@! in de.com www.linde.in

Segment wise Standalone Revenue, Results, Assets and Liabilities for the quarter and nine months ended 30 September 2021

						(Rs. Million)
Particulars	Three months ended30 September2021(Unaudited)	Three months ended30 June2021(Unaudited)	Three months ended30 September2020(Unaudited)	Nine months ended30 September2021(Unaudited)	Nine months ended30 September2020(Unaudited)	Year ended31 December2020(Audited)
1. Segment revenue
a. Gases and rel ated products	4, 187.18	4,457.90	3,186.73	12,451.16	!l,309.42	12,000.79
b. Project engineering	887.43	756.91	621 .84	2,276.90	1,778.90	2,854.95
Tutal	5,074.61	5,214.81	3,808.57	14,728.06	10,088.32	14,855.74
Less : Inter segment revenue	2.43	23.15	105.62	49.99	131.41	144.50
Revenue from oper;itions	5,072.111	5,191 .66	3,702.95	14 6711.07	9 956.91	14 711 .24
2. Segment results
a. Gases and related products	974.72	1,015.96	523.41	2,853.83	1,429.10	2, 152.91
b. Project engineering	74.34	64.49	54.09	208.88	201 .22	387.31
Total seqment profit before interest,tax and exceptional item	1,049.06	1,080.45	577.50	3,062.71	1,630.32	2,540.22
Less : i) Finance Costs	6.93	6.95	6.85	20.89	55.97	62.43
ii) Other unallocable expenditure(net of unallocable income)	88.97	(14.60)	33.19	96.62	167.63	225.37
Profit before tax and exceptional items	953.16	1,088.10	537.46	2,945.20	1,406.72	2,252.42
Exceptional Items				2, 944.26		111.48
Profit before tax	953.16	1,088.10	537.46	5,889.46	1,406.72	2,363.90
Tax Expense	329.52	382.63	190.24	1,534.25	474.27	808.55
Profit for the year/period	623.64	705.47	347.22	4,355.21	932.45	1,555.35
3. Segment Assets
a. Gases and related products#	24, 940.75	25,090.71	25,943.22	24,940.75	25, 943.22	25,328.31
b. Project engineering	3, 168.56	3, 156.30	2,646.52	3, 168.56	2,646.52	2,716.94
c. Unallocated#	9,772.87	8,321.74	2,496.30	9,772.87	2,496.30	4,404.72
Total seqment assets	37,882.18	36,568.75	31,086.04	37,882.18	31,086.04	32,449.97
4. Segment Liabilities
a. Gases and related products	6,044.59	5, 933.32	4,388.34	6,044.59	4,388.34	5,528.55
b. Project engineering	1,832.36	1,511 .53	1, 952.34	1,832.36	1, 952.34	1,691 .66
c. Unallocated	3,855.56	3,597.55	3,315.07	3,855.56	3,315.07	3, 192.56
Total segment liabilities	11,732.51	11,042.40	9,655.75	11,732.51	9,655.75	10,412.77

Notes:

The primary segment for the Company is the Business Segment and it has two such segments which are as follows:

a. Gases and Related Products: Comprises manufacture and sale of industrial, medical and special gases as well as related products.

b. Project Engineering: Comprises sale of cryogenic and non cryogenic air separation plants and projects.

#Balance as at 30 September 2021, 30 June 2021, 30 September 2020 and 31 December 2020 include assets classified as "Asset held for sale" amounting to Rs. 214.40 Million,

Rs. 214.40 Million, Rs. 196.29 Million and Rs. 196.29 Million respectively.

~~1: ·iv . Y ~ Managing Director

DIN : 08456907

12 November2021 Kolkata

Notes:

(i) The financial results and segment results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the company held on 12 November 2021. The limited review for the quarter ended 30 September 2021, as required under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, has been completed by the Statutory Auditors.

(ii) The Company's request for an extension of the 'Hold Separate Arrangement' for its 'Belloxy Divestment Business' for the remaining tenure of the Gas Supply Agreement i.e. up to 14 November 2021 was approved by the Competition Commission of lndill with direction to Linde to complete the divestment at the earliest.

(iii) The Company has taken into account all available information for assessing possible impact of COVID-19 on various elements of Its financial results. The Management believes that there is no material impact on the recoverabil ity of carrying value of its assets.

' -·-·'K bh ··· . . ')JO - A IJlt Banerjee

Managing Director DIN : 08456907

12 November 2021 Kolkata

Linde India Limited

Regd Office 'Oxygen House' P43 Taratala Road, Kolkata 700 088, India CIN L40200WB1935PLC008184 Phone +91 33 6602 1600 Fax +91 33 2401 4206 contact.lg.in@linde.com www.linde.in

Statement of Consolidated Financial Results for the quarter and nine months ended 30 September 2021

	Three months ended	Three months ended	Three months ended	Nine months ended	Nine months ended	Year ended
	30 September	30 June	30 September	30 September	30 September	31 December
P11rtirnl11r~	2021	2021	2020	2021	2020	2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1. Revenue from operations	5,072.18	5,191.66	3,702.95	14,678.07	9,956.91	14,711 .24
2. Other income	107.27	183.18	106.81	331 .93	301 .23	326.39
3. Total income (1+2)	5, 179.45	5,374.84	3,809.76	15,010.00	10,258.14	15,037.63
4. Expenses
a) Cost of materials consumed	945.55	423.15	294.83	1,958.47	1,021.85	1,712.64
b) Purchase of stock-in-trade	633.11	980.2 1	475.53	2,294.64	1,030.08	1,785.99
c) Changes in inventories of finished goods and stock-in-trade(including contract work-in-progress)	(17.79)	84.46	53.60	(85.58)	31.28	(39.98)
d) Employee benefits expense	134.76	130.54	152.60	355.57	580.62	687.83
e) Finance Costs	6.93	6.95	6.85	20.89	55.97	62.43
f) Depreciation and amortisation expenses	449.66	450.00	431 .32	1,351 .14	1,287.57	1,760.00
g) Power and fuel	1,018.73	1,057.14	953.51	3,024.81	2,508.11	3,470.15
h) Contract job expenses	65.38	67.67	79.00	243.68	353.26	505.98
i) Freight and transport	323.68	428.98	304.61	1,020.96	791 .73	1,106.03
j) Other expenses	666.28	657.64	520.45	1,880.22	1,190.95	1,734.14
Total expenses (4)	4,226.29	4,286.74	3,272.30	12,064.80	8,851.42	12,785.21
5. Share of profit of Joint venture	12.89	19.48	7.44	38.67	10.54	17.04
6. Profit before tax and exceptional items (3-4+5)	966.05	1,107.58	544.90	2,983.87	1,417.26	2,269.46
7. Exceptional Items				2,944.26		17.11
8. Profit before tax (6+ 7)	966.05	1, 107.58	544.90	5,928.13	1,417.26	2,286.57
9. Tax Expense:
a) Current tax	175.46	186.36	211 .42	1,029.79	495.13	397.71
b) Deferred tax	154.06	196.27	(21.18)	504.46	(20.86)	377.87
10. Profit for the year/period (8-9)	636.53	724.95	354.66	4,393.88	942.99	1,510.99
11 . Other Comprehensive Income
A.(i) Items that will not be reclassified to profit or loss	(0.02)	2.60	0.72	21 .18	(0.28)	(26.06)
(ii) Income tax relating to items that will not be reclassifiedto profit or loss	(0.33)	(1 .26)	(0.98)	(8.06)	(0.70)	9.11
B.(i) Items that will be reclassified to profit or loss
(ii) Income tax relating to items that will be reclassified toprofit or loss
c.(i) Share of Other comprehensive income of joint Venture						(0.70)
(ii) Income tax relating to items that will not be reclassifiedto profit or loss						0.24
12. Total comprehensive income for the year/period (10+11)	636.18	726.29	354.40	4,407.00	942.01	1,493.58
13. Paid up equity share capital (Face value Rs.1 0/- each)14. Other Equity	852.84	852.84	852.84	852.84	852.84	852.8421,490.25
15. Earnings Per Share (EPS) (of Rs.10/- each):Basic and Diluted (not annualised) in Rs.	7.46	8.50	4.16	51.52	11 .06	17.72

Managing Director DIN : 08456907

12 November 2021 Kolkata

Linde India Limited Regd Office 'Oxygen House' P43 Taratala Road, Kolkata 700 088, India CIN L40200WB1935PLC008184 Phone +91 33 6602 1600 Fax +91 33 2401 4206 contact.lg.in@linde.com www.linde.in

Seament wise Consolidated Revenue, Results, Assets and Liabilities for the auarter and nine months ended 30 September 2021

						(Rs. Million)
Particulars	Three months ended30 September	Three months ended30 June	Three months ended30 September	Nine months ended30 September	Nine months ended30 September	Year ended31 December
	2021(Unaudited}	2021(Unaudited}	2020(Unaudited}	2021(Unaudited}	2020(Unaudited)	2020(Audited)
1. Segment revenue
a. Gases and related products	4,187.18	4,457.90	3,186.73	12,451 .16	8,309.42	12,000.79
b. Project engineering	887.43	756.91	621 .84	2,276.90	1,778.90	2,854.95
Total	5,074.61	5,214.81	3,808.57	14,728.06	10,088.32	14,855.74
Less : Inter segment revenue	2.43	23.15	105.62	49.99	131.41	144.50
Revenue from ooerations	5 072.18	5 191.66	3 702.95	14 678.07	9 956.91	14 711 .24
2. Segment results
a. Gases and related products	974.72	1,015.96	523.41	2,853.83	1,429.10	2,152.91
b. Project engineering	74.34	64.49	54.09	208.88	201.22	387.31
Total segment profit before interest,tax and exceptional item	1,049.06	1,080.45	577.50	3,062.71	1,630.32	2,540.22
Less : i) Finance Costs	6.93	6.95	6.85	20.89	55.97	62.43
ii) Other unallocable expenditure(net of unallocable income)	88.97	(14.60)	33.19	96.62	167.63	225.37
Add : Share of profit from joint venture	12.89	19.48	7.44	38.67	10.54	17.04
Profit before tax and exceotional items	966.05	1,107.58	544.90	2,983.87	1,417.26	2,269.46
Exceptional Items				2,944.26		17.11
Profit before tax	966.05	1,107.58	544.90	5,928.13	1,417.26	2,286.57
Tax Expense	329.52	382.63	190.24	1,534.25	474.27	775.58
Profit for the year /period	636.53	724.95	354.66	4 393.88	942.99	1 510.99
3. Segment Assets
a. Gases and related products#	24,940.75	25,090.71	2S,943.22	24,940.75	25,943.22	25,328.31
b. Project engineering	3, 168.56	3,156.30	2,646.52	3, 168.56	2,646.52	2,716.94
c. Unallocated#	10,084.21	8,620.19	2,857.54	10,084.21	2,857.54	4,677.39
Total segment assets	38, 193.52	36,867.20	31,447.28	38, 193.52	31,447.28	32,722.64
4. Segment Liabilities
a. Gases and related products	6,044.59	5,933.32	4,388.34	6,044.59	4,388.34	5,528.55
b. Project engineering	1,832.36	1,511.53	1,952.34	1,832.36	1,952.34	1,691 .66
c. Unallocated	3,822.32	3,564.31	3,315.07	3,822.32	3,315.07	3, 159.34
Total seqment liabilities	11,699.27	11,009.16	9,655.75	11,699.27	9,655.75	10,379.55

Notes:

The primary segment for the Company is the Business Segment and it has two such segments which are as follows:

a. Gases and Related Products : Comprises manufacture and sale of industrial, medical and special gases as well as related products.

b. Project Engineering: Comprises sale of cryogenic and non cryogenic air separation plants and projects.

#Balance as at 30 September 2021, 30 June 2021, 30 September 2020 and 31 December 2020 include assets classified as "Asset held for sale" amounting to Rs . 470.73 Million, Rs. 470.73 Million, Rs. 546.99 Million and Rs. 452.61 Million respectively.

~~ Managing Director

DIN: 08456907

Kolkata 12 November 2021

Deloitte Haskins Ir Sells LLP

Chartered Accountants 13th & 14th tloors Building-Omega Bengal Intelligent Park Block-EP & GP, Sector-V Salt Lake Electronics Complex Kolkata-700 091 West Bengal, India

Tel: +91 336 612 1000 lax: +91 336 612 1001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF LINDE INDIA LIMITED

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of LINDE INDIA LIMITED ("the Company"), for the quarter and nine months ended September 30, 2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian /\ccounting 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 express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement 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 (!CAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143( 10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, Including the manner In which it is to be disclosed, or that it contains any material misstatement.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

ABHIJIT ~~g~:: lignod by BANDYOPA BANDYOPADHYAY DHYA Y ;1;.',j ,~~ ~o~~~~

Abhijit Bandyopadhyay (Partner) UDIN: 21054785AAAAHB7066

Place: Kolkata Date: November 12, 2021

Regd, Office: One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. (LLP Identification No AAB-8737)

Deloitte Haskins & Sells LLP

Chartered Accountants 13th & 14th floors Building-Omega Bengal Intelligent Park Block-EP & GP, Sector-V Salt Lake Electronics Complex Kolkata-700 091 West Bengal, India

Tel: +91 336 612 1000 Fax: +91 336 612 1001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF LINDE INDIA LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of LINDE INDIA LIMITED ("the Parent") and its share of the net profit after tax and total comprehensive income of its joint ventures for the quarter and nine months ended September 30, 2021 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. 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 express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement 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 (!CAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. The Statement includes the results of the following entities:
  • a. Linde India Limited (Parent Company)
  • b. Bellary Oxygen Company Private Limited (Joint Venture) and
  • c. Linde South Asia Services Private Limited (formerly LSAS Services Private Limited) (Joint Venture)
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The consolidated unaudited financial results Includes the Parent's share of profit after tax of Rs. 12.89 million and Rs. 38.67 million for the quarter and nine months ended September 30, 2021 respectively and total comprehensive income of Rs. 12.89 million and Rs. 38.67 million for the quarter and nine months ended September 30, 2021 respectively, as considered in the

Regd Office: One International Center, Tower 3, 32nd Floor, Senapati Ba pat Marg, Elphinstone Road (West). Mumbai-400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

Deloitte Haskins• Sells LLP

Statement, in respect of two joint ventures, based on their financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information results certified by the Management.

For Deloitte Haskins II Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

ABHIJIT	Digitally signed byABHIJIT
BANDYOP	81\NDYOPl\OHYAY
ADHYAY	Date:W21.11.1217:13:30 +-05'30'

Abhijit Bandyopadhyay (Partner) (Membership No. 054785) UDIN: 21054785AAAAHC9774

Place: Kolkata Date: November 12, 2021