Menon Bearings Ltd — Interim / Quarterly Report 2022

Jul 23, 2021

MENON BEARINGS LIMITED

23rd July, 2021 MENON BEARINGS

To, The Manager - DCS BSELimited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Scrip Code: 523828

To,

The Manager - Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai-400051 Symbol: MENONBE

Dear Sir,

Subject: Outcome of Board Meeting held today i.e. Friday, 23rd July, 2021,

"'-dee' 'yt?~§~~RoB<30of theSEBl (Listing Obligations and Disclosure Requirements) *,L* ,<<"<PITs,015({IBisting ReguIations'); wewish to inform you that the Board of Directors of the C;:Qll,lpanyat its" meeting held today i.e. 23rd July, 2021, inter-alia, considered the following matters:

1. Approved the Un-Audited Financial Results of the Company for the quarter ended 30th JUne, 2021 prepared in accordance with Indian Accounting Standards (IND AS) as prescdbedunder Companies (Indian Accounting Standard) Rules, 2015.

PurSuant to the provisions of Regulation 33 of the Listing Regulations, we enclose herewith the following:

• a) Un-Audited Financial Results for the quarter ended 30th June, 2021;
• b) Limited Review Report on said results received from Statutory Auditors of the Company.

The meeting of the Board of Directors commenced at 11:00 a.m. and concluded at 12.05 p.m.

REGD. OF.FICE & WORKS: MIDC, GOKUL SHIRGAON, KOLHAPUR - 416 234. INDIA Phones: + 91 231 2672279/533/487 Fax: + 912312672278

E-mail: admin@menonbearings.in Visit us at : http://www.menonbearings.in CIN: L29130PN1991 PLC062352

MENON BEARINGS LIMITED

Kindly take the above inyour record.

Thanking you,

Yours faithfully

For Menon Bearings Limited

.

N eha Harolikar Company Secretary & Compliance Officer Membership No: A40901

REGD. OF.FICE & WORKS: MIDC, GOKUL SHIRGAON, KOLHAPUR - 416234. INDIA Phones: + 91 231 2672279/533/487 Fax: + 91 2312672278

E-mail: admin@menonbearings.in Visit us at : http://www.menonbearings.in CIN: L29130PN1991PLC062352

MENON BEARINGS LIMITED

CIN: L29130PN1991PLC062352

Regd. Office: G-1, MIDC, Gakul Shirgaan, Kolhapur, Maharashtra - 416234. Phone No.: 91-231-2672279/533/487; Fax: 91-231~2672278,

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2021

	Expense		180.71	197.87	748.37
	(f) Other Expenses
	(i) OperatingExpenses		372.15	776.35	2,678.69
	(ii) OtherExpenses_		186.93	332.91	1,038.02
	ExpenditureTohlJ(a+b+c+d+e+f)			3,922.05	12,602.92
	&ExceptionalTax		276.24	832.86	2,487.17
				832.86	2,487.17
	Tax Expenses
	i) Income Tax			146.04	565.00
	ii) DeferredTax			42.17	42.17
7	Net Profitafter tax(5-6)		212.47	644.65

8	OtherComprehensiveIncome
	Items that will not be
	reclassifiedto Profit or loss
	gains/i) Re-measurerrient
	(Losses) on defined benefit plans	10.95	1.52	(9.23)	11.64
	(Net of Tax)
	TotalOtherComprehensive			(9.23)	11.64
				635.42	1,891.64
				560.40	560.40
				1.15	3.35
				1.15	3.35

.....~; r; ,., V.\ ..

Notes:-

• 1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 23.07.2021 and limited review of the same has been carried out by the Statutory Auditors of the Company.
• 1. During the period under review, the ·Company has shown excellent performance across all busiIless parameters as compared to corresponding quarter of last year as below:-

Sr.No.	Particulars	Q-12021-22	Q-12020-21(Rs. inCr.)	% Increase
			21.88	115%
			2.12
5.			0.38

• .:In spite of slow pick up in CV Segment, .the Company has been able to achieve its sa1~Staig~~:Wifuaddition.ofnew.<:ustolIlerslike.Japanese OEM Mayekawa.·.etc. & exportstoYSr\_ & Africa &.also due toalargebase.of Customers.' Exports during the quarter.increasedby 43% over. corresponding quarter of the last year.
• 1. In addition to existing exports, Indian Tractor & Agriculture market, as and when Commercial Vehicle OEM's pick up,allsegments such as brakes, transmission etc. which are showing signs of improvement, MBL is ready to meet the demand with the existing installed capacity.
• 1. From the existing capacity of 4 Million pieces per month, the Company plans to add another 1 Million pieces per month considering the new business in pipeline,' the Capex envisaged for the same is to the tune of Rs. 10-12 Crores.
• 1. The Company is investing in new technologies like PTFE (PolyTetraFluoroEthylene) coating for critical parts which will cater to new segments and business for nonengine parts.
• 1. Effective from 01.04.2019, the Companyhas adopted IND-AS 116 on Leases using Modified Retrospective Transition Method. The adoption of this standard did not have any material impact on above financial results.

• 1. The Company's business activity falls within a single primary segment i.e. Auto Components & Engineering parts thereof.
• 1. The figures have been re-grouped/ re-arranged/ re-classified/re-worked wherever necessary to conform to the current year accounting treatment.
• 1. The figures for quarter ended 31.03.2021 are balancing figures between the audited figures in respect of the .full financial year upto 31.03.2021 and unaudited year-to-date figures upto31.12.2020.

~ Nitin Menon. Executive Chairman DIN: 00692754 .