Lumax Auto Technologies Ltd. — Annual Report 2020

Jun 18, 2020

LATL:CS:BM:2020-21

BSE Limited Listing Compliance Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

National Stock Exchange of India Limited Listing Compliance Department Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra (E), Mumbai - 400051

Company Code : 532796

Company Code : LUMAXTECH

Subject: Outcome of Board Meeting held on Wednesday, 17th June, 2020

Dear Sir/Ma'am,

Pursuant to the provisions ofRegulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "the Listing Regulations"), we are pleased to inform you that the Board of Directors, at their meeting held today i.e. Wednesday, 17th June, 2020 through video conferencing, has inter-alia, considered and approved the following matters:

1. Standalone and Consolidated Audited Financial Results for the 4th Quarter and Financial Vear ended 31st March, 2020 as recommended by the Audit Committee. The Standalone and Consolidated Audited Financial Results and Auditors Report of Statutory Auditors i.e. S.R. Batliboi & Co. LLP are enclosed herewith as per Regulation 33 of the Listing Regulations.

As per Regulation 33(3)(d) of the Listing Regulations, the Auditors have given Unmodified Opinion on the Audited Financial Results of the Company for the year ended 3!51March, 2020 and the declaration to that effect is also enclosed.

• 1. Approved the continuation of directorship of Mr. Kanchan Kumar Gandhi (DIN: 08165876) Non-Executive and Independent Director for the present term, pursuant to the Regulation 17(1A) of the Listing Regulations and recommended the same for the approval of Shareholders.
• 1. Approved the remuneration being paid to Mr. Deepak Jain (DIN: 00004972), Non-Executive Director pursuant to the Regulation 17(6)(ca) of the Listing Regulations and recommended the same for the approval of Shareholders.
• 1. Approved the fees or compensation payable to Mr. D. K. Jain (DIN: 00085848) Executive Chairman pursuant to the Regulation 17(6)(e) of the Listing Regulations and recommended the same for the approval of Shareholders.
• 1. Approved the fees or compensation payable to Mr. Anmol Jain (DIN: 00004993), Managing Director pursuant to the Regulation 17(6)(e) of the Listing Regulations and recommended the same for the approval of Shareholders.
• 1. Convening of 39th Annual General Meeting of the Company on Friday, 28th August, 2020 for the Financial Vear ended 3!51March, 2020.
• 1. Recommended the Final Dividend@ Rs. 3/- per equity share of Rs. 2/- each for the Financial Year 2019- 20 for approval of Shareholders at the ensuing Annual General Meeting of the Company. The recommended dividend includes an interim dividend of Rs. 2/- per equity share declared on 19th Februa,v,2020. ~ _.Jo•~A% {g_

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Luma,c Auto Technolosles limited * ::,

Regd. Office: T +9111 4985 7832 ~ o" 2nd Floor, Harbans Bhawan-11, E shares@lumaxma ll.com Cl// '3~ .., -' Commercia l Complex, Nangal Raya, z

O New Delhi - 110046, India

0

· .wn s DK JAIN

www.lumaxworld.in GROUP

1. Approved to close the Register of Members and Share Transfer Books of the Company from Friday, 21st August, 2020 to Friday, 28th August, 2020 (both days inclusive) for the purpose of Annual General Meeting & for payment of Dividend for the Financial Year ended 31st March, 2020.

The Meeting of Board of Directors commenced at 12:45 P.M. and concluded at 05:20 P.M.

The above information shall also be made available on the website of the Company at www.lumaxworld.in/lumaxautotech.

You are requested to kindly take the above information in your records.

Thanking you,

Yours faithfully, **~ 0 TECHNOLOGIES LIMITED**

ANIL TYAGI * · COMPANY SECRETARY M.NO. A-16825 . ..OlY/

Encl.: as above

LATL:CS:BM:2020-21

Date: 17.06.2020

BSE Limited Listing Compliance Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

National Stock Exchange of India Limited Listing Compliance Department Exchange Plaza, C-1 Block G, Sandra Kurla Complex, Sandra (E), Mumbai - 400051

Company Code : 532796

Company Code : LUMAXTECH

Subject: Declaration in terms of Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Ma'am,

In terms of the second proviso to Regulation 33{31{d) of the Securities and Exchange Board of India {Listing Obligations and Disclosure Requirements) Regulations, 2015, we declare that M/s S.R. Batliboi & Co. LLP, Statutory Auditors of the Company have provided the Audit Reports with unmodified opinion for the Audited Financial Results {Standalone and Consolidated) of the Company for the Financial Vear ended 31st March, 2020.

You are requested to kindly take the above information in your records.

Thanking you,

ASHISH ~ DUBEY CHIEF FINANCIAL OFFICER

?>-f... Aut ~~ . · ...., * ..00 ~'UJ!l s

j Lumax Auto Technolo1les Limited ...

~ Regd. Office: T +91 11 498 5 7832 ~2nd Floor, Harbans Bhawan-11, E shares@lumaxmall.com ~ Commercial Complex.. Nangal Raya, z DK JAIN

O New Delhi - 110046, India www.lumaxworld.in GROUP

Lumax Auto Technologies Limited

(Ra. In I.Ilk/I$ unlNB othelWIH star.ct)

Email: shares@lumaxmallcom, CIN: L31909DL 1981 PLC349793

			Quarter ended		Yearendlld
Sr. No.	Particulars	31.03.2020(Audited)•	31.12.2019(Unaudited)!R-•tedl	31.03.2019(Audited)/Rta••"'	31.03.2020(Audited)	31,03.2019(Audited)IRR&t••·"'
	continuing operations
1	Income from operations
	Revenue from contracts with customers	21 ,679.87	24,263.35	23,594.28	94,236.07	95,764.60
	Other Income	940.41	385.94	518.58	2,717.95	2,317.35
	Total Income	22,620.28	24,649.29	24,112.86	96,954.02	98,081 .95
2	Expenses					-
	a) Cost of raw materials, components and moulds consumed	11,257.80	12,634.54	11 ,544.59	50,228.88	51 ,566.42
	b) Purchases of traded goods	4,290.84	4,158.55	4,169.27	15,484.12	14,761.23
	c) Decrease/(tncrease) In Inventories of finished goods, work-In-progress
	and traded goods	(402.99)	24.88	918.15	(542.28)	476.98
	d) Employee benefits expense	2,333.54	2,483.64	2,287.95	9,592.30	9,736.73
	e) Finance Costs	175.50	189.40	108.07	713.98	259.90
	f) Depreciation and amortisation expense	649.40	688.37	662.54	2,694.69	2,244.69
	g) Other expenses	3,470.07	2,878.86	3,095.58	12,657.28	11 ,843.56
	Total expenses	21,774.16	23,058.24	22,786.15	90,828.87	80,889.51
3	Profit before exceptional Items and tall from continuing operation (1 ·2)	846.12	1,591 .05	1,326.71	6,125.05	7,192.44
4	Tax Expenses
	Current tax	207.13	483.72	435.64	1,549.71	2,340.31
	Adjustment of tax relating to earlier years	-	(37.67)	(0.04)	(40.17)	25.25
	Deferred tax	12.67	(83.82)	63.13	(511.87)	135.41
s	Net Profit for the period / year from continuing operations	626.32	1,226.82	827.98	5,127.38	4,691 .47
6	Discontinued operations (refer note • 4)
	Proftt before tax for the period I year from Discontinued operations			247.56	948.58	1,758.42
	Tax expense of Discontinued Operations	-	-	84.00	123.29	492.42
	Profit for the period / year from Dlacontlnued operations			163.56	825.29	1,266.00
7	Profit for the period / year (5+61	626.32	1,228.82	991.54	5,952.67	5,957.47
8	Other Comprehenslw Income
	Other Comprehensive Income not to be reclassified to statement of profit and loss insubsequent period -
	Re-measurement loss on defined benefits plans	(33.15)	(7.06)	(64.93)	(54.31 )	(28.84)
	Income tax effect	7.78	1.47	22.68	13.67	10.07
	(Loss) I Gain on FVTOCI equity securities	(2,287.25)	217.62	735.76	(5,113.50)	(1 ,879.81 )
	Income tax effect	(42.79)	-	(147.33)	48.84	154.70
9	Total comprehensive lncome/(loss) for the period/ year (net of tall)	(1 729.08	1 440.85	1 537.72	847.37	4 213.59
10	Earnings par share (Rs. per share of face value of R&. 2 each )
	Earnings per share for Continuing operation (In Rs.) :
	Basic & Diluted	0.92	1.80	1.21	7.52	6.88
	Eamlngs per share for Discontinued operation (In Rs.) :
	Basic & DIiuted			0.24	1.21	1.86
	Earnings per share for Continuing and Discontinued operation: (In Rs.) ;
	Basic & Diluted	0.92	1.80	1.45	8.73	8.74

S. No.	Particulars	As At31.03.2020(Audited)	As At31,03,2019(Audited)(Restated)
$\mathbf{I}$	ASSETS
	Non-current assets
	Property, Plant and Equipment	20,342.65	20,430.76
	Capital work-in-progress	113.05	205.11
	Investment property	1,815.92	1,873.33
	Right-to-use asset	2,141.78
	Other Intangible assets	133.71	95.25
	Investment in jointly controlled entities	6,211.22	5,240.76
	Financial Assets
	Investments	5,014.16	10,127.67
	Loans	471.16	444.26
	Other financial assets	150.00	5.00
	Income Tax Assets (net)	78.99
			231.62
	Other non-current assets	1,357.91	643.84
	Assets held for sale		366.22
	Sub-Total Non-Current assets (A)	37,830.55	39,663.82
	Current assets
	Inventories	3,963.97	3,263.52
	Financial Assets
	Investments	1,130.70	1,851.10
	Loans	47.85	13.46
	Trade receivables	16,484.89	22,728.07
	Cash and cash equivalents	3,114.93	1,389.90
	Other bank balances	4,516.05	2,371.65
	Other financial assets	271.87	117.69
	Other current assets	1,354.82	854.01
	Assets Held for Sales	366.22	3,999.44
	Sub-Total Current assets (B)	31,251.30	36,588.84
	Total Assets (A+B)	69,081.85	76,252.66
	EQUITY & LIABILITIES
	Equity Share capital	1,363.15	1,363.15
	Other equity	40,066.57	43,229.28
	Total equity (A)	41,429.72	44,592.43
	Non-current liabilities
	Financial liabilities
	Borrowings	11.62	32.72
	Provisions	$\overline{\phantom{a}}$	258.44
	Deferred tax liabilities (net)	1,237.74	1,812.12
	Other non-current liabilities
	Sub-total non-current liabilities (B)	1,856.653,106.01	2,103.28
	Current liabilities
	Financial Liabilities
	Borrowings	6,500.00
	Trade payables
	- total outstanding dues of micro and small enterprises	651.22
	- total outstanding dues of creditors other than micro and small enterprises	11,611.46
	Other current financial liabilities	1,896.45
	Provisions
		1,037.19
	Other current liabilities	2,849.80
	Sub-total current liabilities (C)	24,546.12	5,015.302,527.2916,346.932,896.60513.962,256.8729,556.95

$\hat{z}$

Disclosure of standalone Statement of Cash Flows as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the year endedMarch 31, 2020:

	Year Ended	Year Ended
Particulars	March 31, 2020(Audited)	March 31, 2019(Audited)(Restated)
Cash Flow from Operating Activities
Profit before tax from continuing operations	6,125.05	7,192.44
Profit before tax from discontinued operations	948.58	1,758.42
Non-cash adjustments:
Adjustment to reconcile profit before tax to net cash flows
Depreciation of property, plant and equipment	2,282.40	2,281.34
Amortisation of intangible assets	354.88	45.93
Depreciation on investment properties	57.41	57.41
(Profit)/Loss on sale of Property, plant and equipment	(16.51)	(37.71)
Dividend Income	(760.70)	(407.90)
Liabilities/ provisions no longer required, written back	(191.77)	(46.58)
Provision for doubtful debt	76,42	15.45
Outstanding Balance written off	177.36	$\bullet$
Unrealised exchange (gain)/loss	23.55	(19.51)
Rent income	(453.55)
Interest income	(295.68)	(145.23)
Interest expenses	713.98	259.90
Loss/(Gain) on investment in mutual fund	103.00	(124.00)
Operating profit before working capital changes	9,144.42	10,829.96
Movements in working capital:
Decrease/(Increase) in trade receivables	6,166.76	1,777.13
Increase in financial assets	(312.76)	(136.28)
Increase in other assets	(1,538.47)	271.33
Increase in inventories	(700.45)	(810.36)
(Decrease)/Increase in trade payable and other payable	(6, 443.31)	(4, 472.49)
Increase in current liabilities, provisions, financial liability	(481.87)	627.33
Cash generated from operations	5,834.31	8,086.62
Direct taxes paid	(1, 334.04)	(2,872.07)
Net cash generated from operating activities (A)	4,500.27	5,214.55
Cash flows from investing activities
Purchase of fixed assets (including capital in progress and capital	(710.01)	(3,667.11)
advances)
Proceeds from sale of property plant and equipment	2,230.39	58.98
Dividend Income	760.70	407.90
Investments in subsidiary and Joint ventures	(970.45)	(3,733.51)
Purchase of current investments	814.98	(315.48)
Realised (Gain)/Loss on investment in mutual fund	(197.58)	65.49
(Investment in)/Proceeds from maturity of bank deposits	(2, 144.40)	(1, 364.67)
Rent received	453.55
Interest received	247.98	154.39
Net cash used in investing activities (B)	485.16	(8, 394.01)
Cash flows from financing activities
Proceeds/ (Repayment) from long term borrowings (net)	(21.10)	(22.55)
Proceeds/ (Repayments of) from short term borrowing (net)	1,484.70	5,015.30
Dividend paid (including tax thereon)	(4,010.01)	(1, 584.33)
Interest paid	(713.98)	(259.90)
Net cash generating/(used in) from financing activities (C)	(3,260.40)	3,148.52
Net Increase in cash and cash equivalents $(A + B + C)$	1,725.03	(30.94)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year	1,389.903,114.93	1,420.841,389.90
Components of cash and cash equivalentsCash on hand	3.67	4.96
Balance with banks
- On current accounts	2,879.02	622.62
- On cash credit account		4.63
- Deposits with original maturity of less than three months	232.23	757.68
Total cash and cash equivalents	3,114.93	1,389.90

NotM:

1. These financial results have been prepared in accordance with Indian Accounting Standards (Ind. AS) as prescribed under Section 133 of the Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter.

2. The above standalone financial results of Lumax Auto Technologies Limited ('the Company'), have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on June 17, 2020, The statutory auditors of the Company have conducted Audit of these standalone financial resuks pursuant to regulation 33 of SEBI (Listing Obligation and Disdosures Requirements) Regulations, 2015. The auditors have expressed an unqua[ified opinion along with emphasis of matter paragraph on the above resuks.

3. The Company has received approval tram the National Company Law Tribunal (NCLT) on October 31 , 2019 (filed with Registrar of Companies on November 08, 2019) In respect of Scheme of Amalgamation in accordance with Section 230 to 232 of the Companies Act 2013, among the Company and its Subsidiary Lumax DK Auto Industries Limited ("LDK"). Appointed date as per Scheme is April 01. 2018 and accordingly, the Company has given effect of the Scheme in these financial resuls in accordance with the Scheme and applied principles of Appendix C to lnd•AS-103 • 'Business Combinations of entities under Common Control' w.e.f Aprl 01 , 2018. The impact of the merger has been considered in the standalone financial results of the Company for the year ending March 31 , 2019 and quarter ended December 31 , 2019 and March 31, 2019. Further March 31 , 2019 of LDK was audited by another firm of Chartered Accountants.

4. The details of discontinued operation which was carried in the previous year are as below.

		Quarter ended			Year ended
	31.03.2020fAudltedl	31.12.20111/Unaudited\	31.03.2019fAudltedl	31.03.2020/Audtt""n	31.03.2019/Audited\
A. Total Income			3,190.60		17,160.97
B. Total Expenses			2,943.04		15,402.55
C. Profit Before Tax (A·B)			247.56	948.58	1,758.42

1. The Company's business activity falls within a single business segment i.e. manufacturing and trading of Automotive Components and therefore, segment reporting in tenms of Ind-AS 108 on Segmental Reporting Is not applicable.

2. Pursuant to The Taxation Laws (Amendment) Ordinance, 2019 issued, the tax rates have changed with effect from April 1, 2019, and the company plans to pay tax at reduced rate. Consequent to this, the Company has already recomputed provi&ipn for income tax for the six months ended September 30, 2019 and accordingly, remeasured its deferred tax basis rates prescribed in the said ordinance. Accordingly ,the impact of the same has already been charged to the statement of profit and loss during the quarter ended September 30, 2019.

3. The Company has adopted IND AS 116, leases effective reporting period beginning Ap~ 01 , 2019 and applied the standard to Its leases using modified retrospective approach. Accordingly, previous period infonmatlon has not been restated.

4. World Health Organisation (WHO) declared outbreak of Coronavirus Disease (COVID-19) a global pandemic on March 11, 2020. Consequent to this, Government of India declared lockdown on March 23, 2020 and the Company temporarily . suspended the operations in alt the units of the Company in compfiance with the lockdown instructions issued by the Central and State Governments. COVID-19 has impacted the normal business operations of the Company by way of interruption in production, supply chain disruption, unavailability of personnel, closure / lock down of production facilities etc. during the lock-<lown period which has been extended till May 17, 2020, However, production and supply of goods has commenced during the month of April and May 2020 on various dates at al the manufacturing locations of the Company.

The Company has made detailed assessment of Its liquidlty position for the next year and the recoverability and carrying value of its assets comprising property, plant and equipment, intangible assets, right of use assets, investments, inventory end trade receivables. Based on current Indicators of future economic conditions, the Company expects to recover the ca,rying amount of these assets. The situation is changing rapidly giving rise to inherent uncertainty around the extent and timing of the potential future Impact of the COVID·19 which may be different ltom that estimated as at the date of approval of these standalone financial results. The Company will continue to closely monitor any material changes arising of future economic conditions and impact on Its business.

9, During the current quarter, Lum ax Japp Allied Technologies Private Limited (subsidiary company) started its commercial production at Manesar on February 27, 2020

1 o. The Board of Directors have recommended a dividend of f 3/· per equity share (31 March 201'9: f 3/· per equity share) for the financial year 2019-20 subject to approval of the shareholders. The recommended dlvldend includes an interim dividend off 2/· per equity share declared ori February 19, 2020.

1. • The figures of the last quarter are the balancing figures between the audited figures in respect of the ful financial year up to March 31 , 2020 and the unaudited published year-to-date figures up to December 31 , 2019 (read with note 3 above), being the date of the end date of third quarter of the financial year which were subjected to a limited review.

2. With the regard to the binding offer issued for acquisition of auto component busineS$ with OK Play Group, the company due to pandemic situation and extended lockdowns disrupting business continuity, the proposed acquisition Is being put on hold pending for further review and appropriate decision In future.

3. In respect of one ol the property which was to be sold above the cost for which the company has entered Into an agreement during the year, the management based on discussions Is of the view that considering the present situation the transaction shal be reviewed both from timing and value perspective and thus have been carried at cost in the books of accounts.

4. With respect to the fact that the negotiation for acquiring the balance stake tram the JV partner, Gil Austem in respect of Lumax GIII-Austem Auto Technologies Private Limited is in advance stage, the management is hopeful for favorable outcome and thus the company does not foresee any material impainment in this regard due to going concern of the JV Company I.e. Lumax Gil-Austem Auto Technologies Private Limited.

5. The above financial resub are avaRable on the Company's website www,lumaxwor1d.in,1ymaxautotech and also on the websites ol NSE (www.nseindia.com) and BSE (www.bseindla.com)

For and on behaH of the Board of Dlm:ton

DK Jain Chairman

Place : New Delhi Date: June 17, 2020

S.R. BATLIBOI & Co. LLP

Chartered Accountants

4th r loor, Of free 405 World Mark· 2, Asset No. 8 IGI Airport Hospitality District, Aerocity New Delhi· 110 037, India

Tel : ➔ 91 11 4681 9500 Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone 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 Di rectors of Lumax Auto Technologies Limited

Report on the audit of the Standalone Financial Results

Opinion

We have aud ited the accompanying statement of quarterly and year to date standalone financia l results of Lumax Auto Technologies Limited (the "Company") for the quarter ended March 3 1, 2020 and for the year ended March 31, 2020("Statement"), attached herewith, bei ng submitted by the Company pursuant to the requirement of Regul ation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• 1. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• 1. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financ ial information of the Company for the quarter ended March 3 1, 2020 and for the year ended March 3 1, 2020.

Basis for Opinion

We conducted our aud it in accordance with the Standards on Auditing (SAs) specifi ed under section 143( 10) of the Companies Act, 201 3, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Aud it of the Standalone Fi nancial Results" section of our repo11. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Cha rtered Accountants of India together with the ethical requ irements that are re levant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fu lfil led our other ethica l responsibilities in accordance with these req uirements and the Code of Ethics. We believe that the audit evidence obta ined by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 8 to the financia l resu lts, which describes the unce11ainties arising due to Covid-19 pandemic on the Company's operations and estimates as assessed by the management. Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual fi nanc ial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive loss of the Compat)y..a~ other financ ial information in accordance with the applicable accounting standards prescrib~ ij)leJ-..._cf, ·on 133 of the Act read with relevant rules issued thereunder and other accoun tin g pri · r;s ge1ifi;a y

S.R. BArL1B01 & Co. LLP

Chartered Accountants

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 the design, implementation and maintenance of adequate internal fi nancial 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 give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ab ility to continue as a going concern, disclosing, as appl icable, matters related to go ing 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.

The Board of Directors are also responsib le for overseeing the Company's financia l reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

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 aud itor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs wi ll 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 infl uence the economic decisions of users taken on the basis of the Statement.

As patt of an audit in accordance with SAs, we exercise professional judgment and maintain professiona l 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 ev idence 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 resu lting from error, as fraud may invo lve collusion, forgery, intentiona l omissions, misrepresentations, or the override of internal control.
• Obtain an understand ing of internal control re levant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conc lude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material unce1tainty 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 financial results 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 aud itor's repo1t. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Eval uate 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.

S .. BArL1B01 & Co. L

Chartered Accountants

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

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

Other Matter

The Statement includes the results for the qua1ier ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter of the current financial year (read with note 3 of the Statement), which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP Chatiered Accountants ICAI Firm Registration Number: 301003E/E300005

per Vikas Meh~3/' Patiner 1/

Membership No.: 094421

UDIN: 20094421 AAAACP I 059

Place: New Delhi Date: June 17, 2020

Lumax Auto Technologies Limited

Regd. Office : 2nd Floor, Harbans Bhawan-1I, Commercial Complex, Nangal Raya, New Delhi-110046 Website:www.lumaxwork:l.in/1umaxautotech Tel: +9111 49857832 Email: shares@lurnaxmail.com, CIN: L31II09DL1981PLC349793

fRs. In Lakhs unlna othwwfs• stahorll

	Statement of Consolidated audited / un-<1udited financial results for the yqr and quarter ended March 31 , 2020
			Quarter ended			Year ended
			31.12.20111	31.03.2019		31 .03.2019
Sr. No.	Particulars	31.03.2020	(Unaudited)	{Audited)	31.03.2020	(Audited)
		(Audited) *	!Restated)	!Restated I	{Audited)	!Restated\
	Continuing Operations
	Income from operations
	Revenue from contracts with customers	27,274.39	28,699.92	30,1 40.30	114,091 .38	118,697.87
	Other income	652.45	542.57	240.41	1 810.15	1,395.34
	Total Income	27,928.84	211 ,242.49	30,380.71	116,801.53	120,0113.21
2	Expenses
	a) Cost of raw materials, components and moulds consumed	14,737.45	15,025.46	15,035.47	62,070.27	65,158.63
	b) Purchases of traded goods	4,147.95(450.12)	4,286.31137.10	4,180.281,060.18	15,484.12(315.60)	14,TT2.24494.70
	c) Changes In inventories of finished goods, work-In-progressand traded goods
	d) Employee benefits expense	3,201 .10	3,474.28	3,034.83	13,4TT.81	13,229.47
	e) Finance Cost	242.45	255.92	138.19	956.24	317.87
	f) Depreciation and amortisation expen	828.20	873.75	788.73	3,450.92	2,706.58
	g) other expenses	4,174.94	3,389.87	4,218.90	14,279.39	14,026.38
	Total expense•	28 881 .97	27 442.89	28488.58	109 403.15	110 705.87
3	Profit befor• share of joint ventures exceptionafiterns and tax from continuing	1,044.87	1,799.80	1,824.13	6,498.38	8,387.34
	operations ( 1- 2)
4	Share of loss of joint ventures	{16.19)	{8.11)	(5.00)	(30.10)	(25.44)
5	Profit before exceptional items and tax from continuing operations { 3 + 4 )	1,028.88	1,781.88	1,8111.13	8,488.28	8,381 .110
67	Exceptional ItemsProfit before tax from Continuing Operation• {5+t)	1,028.88	1,791.611	(74.03)1,846.10	8,488.28	(603.11)8,758,711
8	Tax Expenses
	Current Tax	297.56	567.44	535.08	1,988.12	2,976.59
	Adjustment of tax relating to earlier periods		(48.98)	3 .32	(50.01)	9.77
	Deferred Tax	107.53	(57 .78)	141 .41	(570.27)	149.38
9	Net Profit for the period / year from continuing operations	823.59	1,331.01	1,185.211	5,100.44	5,823.05
10	D11contlnued Operations {Refer Note 4)Profit before tax from Discontinued Operations			247.56	948.58	1,758.42
	Tax expenff of Diecontinued Operations			84.00	123.29	492.42
	Profit for IM pMiod / year from Discontinued operations			183.158	825.29	1,288.00
11	Profit for the period / year {9+10)	623.59	1,331.01	1,328.85	5,925.73	6,889.06
12	Other Comprehensive Income {net of taxes)
	other Comprehensive Income not to be reclassified to the statement of profit and loss in
	subsequent years
	Re-measurement loss on defined benefits plans	(21 .41)	(3.46)	(29.36)	(29.14)	(9 .34)
	Income tax effect{Loss) / Gain on FVTOCI equity securities	2.96	1.79	12.76	7.24	4.56
	Income tax effect	(2,287.25)(42.76\	217.62	735.76(147.33)	(5,113.50)48.87	(1,879.81 )154.70
		{2,348.46)	215.95	571.83	{5,086.53)	{1,729.88)
	Total Comprehensive Income for the period / year comprising Net Profit for the period/
	year and other Compr•Mnsive Income (11+12)	(1,724.87)	1,548.98	1,900.88	839.20	5,158.16
1 S	Profit attributable to:
	a) Owners of Lumax Auto Technologies Limited
	- Proftt for the Period/year from Continuing operations	807.33	1,181.22	1,058.70	4,978.80	5,322.78
	- Profit for the Period/year from Discontinued operations			163.&6	825.29	1,266.00
		607.33	1,161.22	1,222.26	5,803.89	8,588.78
	b) Non- controling interests
	- Profit for the Period/year from Continuing operations	18.28	1611.79	106.59	121.84	300.27
	- Profit for the Period/year from Discontlnued operations
		18.28	189.79	108.611	121.84	300.27
	c) Total Profit attributable to: (a+b)
	- Profit for the Period/year from Continuing operations	823.59	1,331 .01	1,165.29	5,100.44	5,823.06
	- Profit for the Period/year from Discontinued operations			183.58	825.29	1,288.00
		623.59	1,331.01	1,328.85	5,925.73	6,889.05
14	Other comprehensive Income/ (Loss) attributable to:
	a) OWners of Lumax Auto Technologies Limited
	- Other comprehensive income/Qoss) fol the Period/year from Continuing operations	(2,351.12)	214.511	1589.44	{6,093.40)	(1 ,734.82)
	- Other comprehensive income/(loss) for the Period/year from Discontinued operations
		{2,381.12)	214.59	15811.44	{5,093.40)	{1,734.821
	b) Non- controlling interests			2.39	6.87	4.93
	- other comprehensive income/(loss) for the Period/year from Continuing operations- Other comprehensive income/{loss) for the Period/yeer from Discontinued operations	2.18	1.38
		2.68	1.38	2.39	6.87	4.93
	c) Total other comprehensive income to Non- controlling interests (a+b)
	- Other comprehensive lncome/(loss) for the Period/year from Continuing operations	{2,348.48)	216.116	571.83	{6,088.53)	{1 ,729.89'.
	• Other comprehensive income/{ioss) for the Period/year from Discontinued operations
		(2,348.46	215.95	571.83	{5 088.113	11 729.89

	Total comprehensive income attributable to: (13+14)
	a) Owners of Lumax Auto Technologies Limitedb) Non- controlling Interests	(1,743.79)18.92	1,375.81171.15	1,791 :70 ·108.98	710.49128.71	4 ,853.96305.20
18	Earnings per share (Rs. per share of face value of Rs. 2 each)
	Earnings per share for continuing operation: (In Rs.) :Basic & Diluted ( in Rs.)	0.89	1.70	1.55	7.30	7.81
	Earnings per share for Discontinued operation: (in Rs.) :
	Basic & Diluted ( in Rs.)			0.24	1.21	1.86
	Earnings per share for Continuing and Discontinued operation: (In Rs.) :
	Basic & Diluted ( in Rs.)	0.89	1.70	1.79	8.52	9.87
	Key Standalone Financial Information
1	Revenue from contracts with customers	21 ,679.87	24,283.35	23,594.28	94,236.07	95,764.60
23	Profit Before Tax from Continuing operationsProfit Before Tax from Discontinued operations	846.12	1,691 .05	1,326.71	8,125.06	7,192.44
4	Total Comprehensive Income I (LOS$) for the periodlyeer	(1 ,729.09)	1,440.85	247.6411,537.72	948.58847.37	1,758.424 ,213.59
	statement of Assets and Uabilities
					As at	As at
	s. No. Particulars				31 .03.2020	31.03.2019(Audited)
					(Audited)	(Restated)
I	ASSETS
	Non-current assets
	Property. Pt ant and Equipment				30,742.38	28,720.06
	Capital work-in-progressInvestment property				2,074.02	2,225.06
	Right-to-use asset				1,815.922,733.67	1,873.33
	Goodwill				16.64	16.64
	Other Intangible assets				195.12	135.89
	Investment in jointly controlied entities				75.17	45.82
	Financial Assets
	Investments				5,014.16	10,127.67
	Loans				581 .11	487.43
	Other financial assets				150.00	5.00
	Income Tax Assets (net)				322.02	273.79
	Other non-current assets				1,660.04	1,119.78
	Demred tax nsets (net) ·				98.92	169.33
	Assets held for saleSub-Total Non.Current assets (A)				45480.17	366.22455'8.02
	Current assets
	Inventories				6,442.61	5,951 .34
	Financial AssetsLoans				81 .32	94.58
	Investments				1,1 30.70	1,851 .10
	Trade receivables				19,2TT.49	27,754.79
	Cash and cash equivalents				3,695.78	2,600.86
	Other bank balances				6,686.05	3,048.12
	Other financial assets				195.30	124.58 :
	Other current assets				2,793.82	2,041 .05
	Assets Held for Sales				366.22	3,999.45
	Sub-Total Current assets (B)				40149.27	47 486.87
	Total Assets (A+B)				81129.44	113031.89
II	EQUITY & LIABILITIES
	Equity share capital				1,363.15	1,363.15
	Other equity				43 252.61	46651 .19
	Equity attributable to equity holders of the parent (A)				44,815.76	48,014.34
	Non-controlling interests (B)				4,214.07	4,231.41
	Total Equity (A+B)				48 829.83	52 245.711
	Non-current liabilities
	Financlal llabllltles
					1,876.23	822.75
					545.55	806.31
	BorrowingsProvt&lons
	Other non current liabillties				2,135.46
	Deferred tax liabiilties (net)				1 372.26
	Sub-«llal n <m'l<urrent (cl<="" llabitltles="" td="">5,729.50</m'l				5,729.50
	Current liabilities
	Financial Liabilities
	Borrowings				7,152.41
	Tracie payables				885.97
	• total outstanding dues of micro and small enterprises• total outstanding dues of creditors other than micro and small enterprises				14,853.38
	Other current financial llablltties				3,916.15
	Provisions				1,188.27
	Other current liabiltties	-			3,573.93
	0Current Tax Liabilltles (net)	(¥-
	Sub-total current llabiHties (0)E:	~			31 570.11	2 067.813,196.875,819.812,576.6021 ,315.944,036.74831.152,687.0222.0137 089.27
	I·-Total Equity and Uablllties (A+B C+O)	-,,. Il/lL/2t::::			86129.44	93 031.88

~ o" -~ o/ou4-:i0'>-

Disclosure of Consolidated Statement of Cash Flows as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2016 for the year ended March 31,

2020:

	Year Ended	v r&ndad
Particulars	March31, 2020(Audit.ad)	March 31, 2011(Audit.ad)(Re-)
Cash Flow from Operating Actlvttiff
Profit before tax from continuing _.tions	6,468.26	8,758.79
Profit bafore tax from discontinued operations	948.58	1,756.42
Non-cash adjustments:Adjustment to reconcile proftt -.1ax to net cash flows
Depreciation of property, plant and equipment	2,422.72	2,974.51
Amortisation of intangible asset$	970.76	149.25
Depreciation on investment properties	57.41	57.41
(Prof~)/loss on sale of Property, plant and equipment	(16.25)	(39.15)
Dividend Income	(282.13)	(120.75)
Liabilities/ provision$ nc longer required, written back	(197 .63)	(79.20)
Share of losa of a joint venture	30.10	25.44
Provision for doubtful debt	105.10	14.32
OUtstanding Balance written off	56.77	166.72
Unrealised exchange (gain)/loss	42.08	(34.37)
Rent income	(202.31)
Interest Income	(445.65)	(199.99)
Interest expenses	956.24	317.67
Unrealised lo6s / (gain) on investment in mutual fund	103.00	(124.00)
~Operating profit before wortdng capltlll changes	11 ,0111-0I	13,121.27
In working capltlll :
Decrease/(lncrease) In trade receivables	6,330.12	266.26
Increase in financial assets	(213.24)	(484.01)
Increase in other assets	(1 ,495.97)	(532.67)
Increase in inventories	(491 .27)	(1 ,016.06)
(Decrease)/lncrease in trade payable and other payable	(10,689.23)	(3,102.95)
Increase In current liabilies. p!O\lisions, financial liabll	3,152.16	500.13
Cash generallld from operations	1907,18
Direct taxes paid	(1 ,985.49)	9 275.97(3,647.75)
cash gene,-from operating activities (A)-	7,122.19	6,128.22
Cash flows from Investing activities
Purchase of foxed assel$ (Including capital in progress and capital advances)	(3,545.21)	(9,199.19)
Proceeds from sale of property plant and equipment	2,238.91	84.94
Non • Controlling Interest	326.00	897.96
Dividend Received	282.13	120.75
lnvestmenta in subsidiary and Joint ventures	(59.48)	(12.39)
Redemption/ (purchase) r:I mutual fund	814.98	(315.46)
Realised (Gain)/I068 on investment in mutual fund	(197.56)	65.46
(Investment in)/Proceeds from maturity ot bank deposits	(3,617.93)	(1 ,410.14)
Acquisition ot subsidiary from Joint venture		690.87
Rent received	202.31
Interest received	362.74	164.40
Net cnh used In Investing ecllvlllu (Bl	(3,183.11)	(8,812.80)
Cash flows from flnanclng activities
Prooeeds/ (Repayment) from iong term borrowings (net)	853.49	75.96
Prooeeds/ (Repr,yments ol) from short term borrowing (net)	1,332.60	5,819.61
	(4,580.43)	(1 ,926.57)
DMdend paid (lnc!Uding tax thereon)
interest paid	(938.84)	(317.87)
cash (used ln)lgenerntd from flnanclng ac:tivltles (C)-	(3,$34.18)	3,e&U&
Net Increase In cnh and cnh equlva- (A + I + C)	1,094.90	366.77
cash and cash equivalents at the beginning of the year	2,600.86	2,234.09 I
Cash and cash equivalents at the end ot the year	3,886.71	2,eoo.ae I
Components ot cash and cash equivalents
Cashon hand	10.59	7.22
Balance with banks
• On current accounts	3,138.94	1,281 .32
- On cash credit account		4.63
• Deposits with original maturity of less than three months	546.23	1,307.69

Notes:

1 . These consolidated financial results have been pr81)8red in accordance with Indian Accounting Standards (Ind • AS) as prescribed under Section 133 of the Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter.

1. The above Consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on June 17, 2020. Audit under regulation 33 of SEBI (Listing Obligation and Diectosures Requirements) Regulations, 2015 has been carried out by the Statutory Auditor of the group. The auditors have expressed an unquallfled opinion along with emphasis of matter paragraph on the above results.

2. The Holding company has received approval from the National Company Law Tribunal (NCL T) on Oc;tober 31 , 2019 (filed with Registrar of Companies on November 08, 2019) In respect of Scheme of Amalgamation in accordance with Section 230 to 232 of the Companies Act 2013, among the Holding Company and its Subsidiary Lumax OK Auto Industries Limited iLDK"). Appointed date as per Scheme is April 01 , 2018 and accordingly, the Holding Company has given effect of the Scheme in these financial results in accordance with the Scheme and applied principles of Appendix C to Ind-AS· 103 • 'Business Combinations of entities under Common Control' w .e.f April 01 , 2018. Further March 31, 2019 of LOK was audited by another firm of Chartered Accountants.

3. The details of discontinued operation· which was carried in the previous vear are as below.

	Quarter ended			Yeart.d
	31 .03.2020(Audited)*	31.12.2019(Unaudited)	31.03.2011(Audited)	31.03.2020(Audited)	31.03.2019(Audited)
A. Total IncomeB. Total ExpenHS			3,190.602,943.04		17,160.9715,402.55
C. Profit Before Tax (A·B)			247.56	948.58	1,758.42

1. The Group business activity falls within a single business segment i.e. manufacturing and trading of Automotive Components and therefore, segment reporting in terms of Ind-AS 108 on Segmental Reporting is not applicable.

2. Pursuant to The Taxation Laws (Amendment) Ordinance, 2019 issued. the tax rates have changed with effect from April 1, 2019, and the Holding company and three of its subsidiaries i.e. Lumax Comaglia Auto Technologies Private Limited, Lumax Management Services Private Limited and Lumax Mannoh Allied Technologies Limited plans to pay lax at reduced rate and impact of the same has already been considered.

3. The group has adopted IND AS 116, leases effective reporting period beginning April 01 , 2019 and applied the standard to its leases using modified retrospective approach. Accordingly, previous period Information has nd bMr'I restated.

4. World H•llh Organisation (WHO) declared outbreak of Coronavirus OiMaSe (COVI0-19) • global pandemic on March 11 , 2020. Consequent to this, Government of India declared lockdown on March 23, 2020 and the group temporarily suspended the operations in all the units of the Group in compliance with the locl!down instruction$ ls$Ued by the Central and State Govemments. COVI0-19 has impacted the normal business operations of the Group by way of interruption In production, supply chain disruption, unavailability of personnel, closure / lock down of production fac!Uties etc. during the lock-down period which has been eldended till May 17, 2020. However, production and supply of goods has commenced during the month of April and May 2020 on various dates at all the manufacturing locations of the Group.

The Group haa made ~iled asessment of Its liquidity position for the next year and the recoverability and carrying value of its assets comprising property, plant and equipment, intangible assets, right to use assets, investments, in/enlory and trade receivables. Based on current indicators of Mura economic conditions, the Group expects to recover the carrying amount of these assets. The situation is <:hanging rapidly giving rise to inherent uncertainty around the extent and timing of the potential future impact of the COVI0-19 which may be different from that estimated as at the date of approval of these standalone financial results. The Group will continue to closely monitor any material <:hanges arising of Mure economic conditions and impact on its business.

1. During the current quarter, Lumax Jopp Allied Technologies Private Limited (subsidiary company) started its commercial production at Manesar on February 27, 2020

2. The Board of Directors have recommended a dividend of f 31- per equity share (31 March 2019: f 31- per equity share) for the financial year 2019-20 subject to approval of the shareholders. The recommended dividend includes an interim dividend off 2/· per equity share declared on•Februery 19, 2020.

11 . • The figures of the last quarter are the balancing figures between the aud~ed figures in respect of the full financial year up to March 31 , 2020 and the unaudited published year-to-date figures up to December 31, 2019 (read with note 3 above), being the date of the end date of third quarter of the financial year which were subjected to a llmlted review.

1. With regard to the binding offer issued for acquisition ct auto component business with OK Play Group, the Holding Company due to pandemic situation and extended lockdowns disrupting business continuity, the proposed acquisition is being put on hold pending for further review and appropriate decision in future.

2. In respect one of the property which was to be sold above the cos1 for which the Holding Company has entered into an agreement during the year, the management based on discussions is of the view that considering the present situation Iha transaction shall be reviewed both from timing and value perspective and thus have been carried at cost in the books of accounts.

3. With respect to the fact that the negotiation for acquiring the balance stake from the JV partner, Gill Auslam in respect of Lumax Gill-Austen Auto Technologies Private Limited is in advance stage, the management is hopeful for favourable outcome and thus the Holding Company does not foresee any material impairment in this regard due to going concern of the JV Company i.e. Lumax Gill-Auslam Auto Technologies Private Limited.

4. The above financial results are available on the Company's website www,lumaxwortd jn/jumaxautotech and also on the websites of NSE (www.nseindia.com) and BSE (www.bseindia.com)

Place : New Delhi Date : June 17, 2020

For and on behalf of the Board of Directors ,/1 L __ l f.1----' c~ DK Jain Chairman

S.R. BATLIBOI & CO. LLP

Chartered Accountants

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4th Floor, Office 405 World Mark - 2, Asset No. 8 IGI Airport Hospitality District, AerocityNew Delhi - 110 037, India

46819500 $+0111$

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

T0 The Board of Directors of Lumax Auto Technologies Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Lumax Auto Technologies Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its joint ventures for the quarter ended March 31, 2020 and for the year ended March 31, 2020 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

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 the other auditors on separate audited financial results of the subsidiaries, joint ventures, the Statement:

1.	Lumax Auto Technologies Limited
	Subsidiary Companies
2.	Lumax Mannoh Allied Technologies Limited
3.	Lumax Integrated Ventures Private Limited
4.	Lumax Cornaglia Auto Technologies Private Limited
5	Lumax Management Services Private Limited
6.	Lumax Gill-Austem Auto Technologies Private Limited¥,
7.	Lumax FAE Technologies Private Limited
8.	Lumax JOPP Allied Technologies Private Limited
9.	Lumax Yokowo Technologies Private Limited
	Joint Venture entity
10	Lumax Ituran Telematics Private Limited
	Joint Venture entity of Lumax Integrated Ventures Private limited
11.	Sipal Engineering Private Limited

i. includes the results of the following entities;

• 1. are presented in accordance with the requirements of the Listing Regulations in this regard; and
• 1. gives a true and fair view in conformity with the applicabl e accounting standards, and other accounting principles general ly accepted in India, of the consolidated net profit and other comprehensive loss and other financial information of the Group for the quarter ended March 3 I, 2020 and for the year ended March 3 l , 2020.

Basis for Opinion

We cond ucted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143( I 0) of the Compan ies Act, 20 13, as amended ("the Act"). Our responsibilities under those Standards are further descri bed in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group, its joint ventures in accordance with the 'Code of Eth ics' issued by the Institute of Chartered Accountants of India together with the eth ical requirements that are relevant to our audit of the fi nancial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethica l responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph be low, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 8 to the financial results, which describes the uncertainties arising due to Covid-19 pandemic on the Group and its joint venture operations and estimates as assessed by the management. Our op inion is not modified in respect of this matter.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the conso li dated ann ua l financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive loss and other financi al information of the Group including its joint ventures in accordance with the app licable accounting standards prescri bed under section 133 of the Act read with relevant ru les issued thereu nder and other accounti ng principles generally accepted in India and in compliance with Regu lation 33 of the Listi ng Regulations. The respective Board of Directors of the companies included in the Group and of its joint ventures are responsi ble for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguard ing of the assets of the Group and joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accou nting po licies; making judgments and estimates that are reasonable and prudent; and the design, implementation and mai ntenance of adequate internal financial controls, that were operating effective ly fo r ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fra ud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesa id.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its j oint ventures are responsible for assessing the ability of the Group and of its joint ventures to continue as a going concern , disc losi ng, as applicable, matters re lated to going concern and using the goi ng concern basis of accounting unless the respective Board of Directors either intends te'Ria:i/ the Group or to cease operations, or has no realistic alternative but to do so. ~~'/"~---,,~o Q)( ""\ .....

S.R. BATI.IBOI & Co. LLP

Chartered Accountants

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

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

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 inc ludes our opinion . Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and ma intain 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 ev idence 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 understand ing of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section I 43(3)(i) of the Act, we are also responsible for expressi ng our opin ion on whether the company has adequate interna l financial contro ls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting po licies used and the reasonableness of accounting estimates and re lated d isc losures made by the Board of Directors.
• Conc lude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit ev idence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the abil ity of the Group and its joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit ev idence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and joint ventures to cease to continue as a going concern.
• Eva luate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underly ing transactions and events in a manner that achieves fa ir presentation.
• Obtain sufficient appropriate audit evidence regarding the financia l results/financial information of the entities within the Group and joint ventures of which we are the independent auditors to express an opi nion on the Statement. We are responsible for the direction, supervision and performance of the audit of the fi nanc ial 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 aud ited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timi ng of the aud it and sign ificant audit fi ndings, incl uding any significant defici encies in internal control that we identify during our audit. We also provide tho,s.o-c1J • with governance with a statement that we have complied with relevant ethical requirr!!· '?",~'l"e<ij_.., ing

S.R. BArL1B01 & Co. LLP

Chartered Accountants

independence, and to communicate with them all re lationships and other matters that may reasonably be thought to bear on our independence, and whe re applicable, related safeguards.

We also perfo rmed procedures in accordance with the Circular No. CIR/CFD/CMD l/44/20 19 dated March 29, 20 19 issued by the Securities Exchange Board of Ind ia under Regul ation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanymg Statement incl udes the aud ited financ ial results/statements and other fi nancial information, in respect of:

• Six subsid iaries, whose fi nanc ial resu lts inc lude total assets of Rs 18,768.54 lakhs as at Ma rch 3 I, 2020, tota l revenues of Rs. 4,682 .62 lakhs and Rs. 17,964.47 and tota l net profit after tax of Rs. 19 1.29 lakhs and Rs.324 .90 lakhs, tota l comprehensive income of Rs. 197.46 lakhs and Rs. 338.38 lakhs, for the qua11er and the year ended on that date respective ly, and net cash outflows of Rs. 629 .69 lakhs for the year ended March 3 I, 2020, as conside red in the Statement which have been audited by the ir respective independent auditors.
• One j o int venture and one joint venture of one of the subsidiary Company, whose financial results include Group 's share of net loss of Rs. 16.1 9 lakhs and Rs. 30.10 lakhs and Group 's share of total comprehensive loss of Rs. Rs. 16. 19 lakhs and Rs. 30.10 lakhs for the qua11er and for the year ended March 3 1, 2020 respective ly, as considered in the Statement whose financial results, other financial information have been audited by their respective independent auditors.

The independent aud itor's repori on the financia l results of these entities have been fu rn ished to us by the Management and our op inion on the Statement in so far as it relates to the amounts and disclosures incl uded in respect of these subsidiari es, joint ventures is based sole ly on the reports of such aud itors and the procedures performed by us as stated in paragraph above.

Our opi nion on the Statement is not mod ified in respect of the above matters with respect to our re liance on the work done and the reports of the other aud itors and the Fi nancia l results ceriified by the Management.

S.R. BATUBOI & Co. LL

Chartered Accountants

The Statement includes the results for the quarter ended March 3 I, 2020 being the balancing figures between the audited figures in respect of the full financial year ended March 3 I, 2020 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year (read with note 3 of the Statement), which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP

Chartered Accountants ICAI Fkm Re~::~er: 301003 E/E300005

per Vikas Mehra 1/

Pa11ner Membership No.: 09442 I

U DIN: 2009442 I AAAACR84 I 8

Place: New Delhi Date: June 17, 2020