M.M.Forgings Ltd. — Regulatory Filings 2021

Nov 8, 2021

M M FORGINGS LIMITED

SVK TOWERS, A 24/25, THIRU VI KA INDUSTRIAL ESTATE, GUINDY, CHENNAI- 32 Phone: 91-44-71601000 E-Mail: corporate@mmforgings.com CIN L511 02TN 1946PLCOO 1473

Date: 08 November 2021
The Deputy General Manager	National Stock Exchange of India Ltd
Corporate Relationship Department.	'Exchange Plaza', Bandra - Kurla Complex,
Bombay Stock Exchange Limited,	Bandra ( E), Murnbai - 400051
Rotunda Building, PJ.Towers,
First Floor, New Trading Wing, Dalal Street,
MUMBAI --400 001

Dear Sirs,

Ref.: NSE: security code- MMFL -EO; BSE : Security Code -522241 Sub.: Outcome of Board Meeting

• I. This is to inform that the Board of Directors, inter alia, approved the un-audited financial results (Standalone & Consolidated) of the Company for the quarter and half year ended 30 September 2021 as recommended by the Audit Committee at their respective meeting(s) held today, 08 November 2021.
• 1. Please find enclosed the following, which was approved by the Board of Directors and signed by Shri. Vidyashankar Krishnan, Vice Chairman and Managing Director:
• 2.1 Un-audited financial results (Standalone & Consolidated) of the Company for the quarter aand Six months ended 30 September 2021.
• 2.2 Unaudited Cash Flow Statement, both Standalone and Consolidated, for the Six Months ended 30th September, 2021;
• 2.3 Unaudited Balance Sheet, both Standalone and Consolidated, as at 30th September, 2021;
• 2.4 Limited Review Report on both Standalone & Consolidated on the aforesaid results issued by Mis GRNK & Co., Chartered Accountant, Statutory Auditor. (Regulation 33).
• 1. The un-audited financial results (standalone & consolidated) will be uploaded on the website of the company at www.mmforgings.com and stock exchanges at www.bseindla.com and www.nseindia.com (Regulation 46).
• 1. The Results will be published in the newspapers in terms of Regulation 47 (I)(b) of SEBI (LODR) Regulations, 2015.
• 1. The meeting of the Board of Directors commenced at ^t '7. ~Hrs (IST) . 16.45 Hrs (1ST) and concluded at
• 1. We request you to take the above on record and note the compliance under above referred regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Thanking you,

Yours faithfully,

For M M FORGINGS UMITED ~ J. Sumathl Company Secretary Enclosed: as abo~No:8821

M/S GRNK & CO CHARTERED ACCOUNTANTS Phone: 0431 4012931

26/5, Ganapathy Colony, Thiruvanaikoil Post. Trichy - 620005

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON STAND ALONE FINANCIAL RESULTS OF M M FORGINGS LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, AS AMENDED

To The Board of Directors M M Forgings Limited,

Dear Sirs.

Re: Limited Review Report of the Unaudited Financial Results for the quarter ended $30^th$ September. 2021 and year to date from 1st April 2021 to 30th September, 2021

We have reviewed the accompanying statement of unaudited financial results of M M FORGINGS LIMITED for the quarter ended 30 September 2021. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors in their meeting held on 8th November 2021. Our responsibility is to issue a report on these financial statements based on our review.

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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Due to covid-19, the uncertainties and the management's assessment of the financial impact due to lockdowns and other restrictions and conditions related to the COVID-19 pandemic situation, for which a definitive assessment of the impact in the subsequent period is highly dependent upon circumstances as they evolve.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For GRNK & CO CHARTERED ACCOUNTANTS Firm Registration No. 016847S M.No: 21557 26/5 AKILA LANDS G.R. NARESH KUMAR T.V. KOIL UDIN: 21215577AAAAFC3639 RICHY-S PARTNER $(Membership No. 215577)$

Date: 08.11.2021 Place: Tiruchirapalli

CIN: L51102TN1946PLC001473 website: www.mmforgings.com

CORPORATE OFFICE: SVK TOWERS, 8TH FLOOR, A25 INDUSTRIAL ESTATE, GUINDY, CHENNAI - 600 032. INDIA.

Particulars	Standalone
	Quarter ended				Half Year ended
~ in lakbs)	30-09-2021	30-06-2021	30-09-2020	30-09-2021	30-09-2020	31-03-2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1. Income from Operations
Net Sales / Income from Operations	25419.56	23443.70	14023.66	48863.26	21316.87	71146.75
2. Other Income
(a) Other Operating Income	710.09	493.33	704.16	1203.42	1050.69	1418.03
(b) Other Income	499.20	446.11	457.30	945.31	1261.22	2159.18
3. Total income from Operations (net)	26628.85	24383.14	15185.12	51011.99	23628.78	74723.96
4. Expenses
(a) Cost of Materials consumed	10938.34	11275.64	7235.26	22213.98	10132.91	33152.49
(b) Changes in inventories of finished	1420.95	(465.04)	(182.98)	955.91	945.47	1541.83
goods, work-in-progress
(c) Employee benefits expense	2641.79	2624.28	1493.92	5266.07	2649.66	7649.65
(d) Finance Costs	720.49	654.35	844.94	1374.84	1542.40	3122.28
(e) Depreciation and amortisation expense	1500.00	1500.00	1300.00	3000.00	2600.00	5673.25
(f) Power and Fuel	2035.84	2073.59	1573.47	4109.43	2370.47	6961.19
(g) Other expenses	4324.46	4086.57	2104.91	8411.03	3066.83	11130.19
Total Expenses	23581-87	21749.39	14369.52	45331.26	23307.74	69230.88
5. Profit / (Loss) before exceptional and	3046.98	2633.75	815.60	5680.73	321.04	5493.08
extraordinary items and tax (3-4)
6. Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.03
7. Profit / (Loss) before extraordinary items	3046.98	2633.75	815.60	5680.73	321.04	5493.11
and tax (5-6)
8. Extraordinary items	0.00	0.00	0.00	0.00	0.00	0.00
9. Profit / (Loss) before tax (7 ±-8)	3046.98	2633.75	815.60	5680.73	321.04	5493.11
IO.Tax expense	275.00	250.00	175.00	525.00	175.00	832.36
II.Net Profit /(Loss) from ordinary activities	2,771.98	2,383.75	640.60	5,155.73	146.04	4,660.75
12.0ther Comprehensive Income /	0.00	0.00	0.00	0.00	0.00	0.00
13.Net Profit /(Loss) after Comprehensive	2,771.98	2,383.75	640.60	5,155.73	146.04	4,660.75
14. Extraordinary items (net of tax expense)	0.00	0.00	0.00	0.00	0.00	0.00
15. Net Profit / (Loss) for the period (13 ± 14)	2771.98	2383.75	640.60	5155.73	146.04	4660.75
16. Paid-up equity share capital	2414.08	2414.08	2414.08	2414.08	2414.08	2414.08
(Face Value of the Share shall be	10.00	10.00	10.00	\0.00	\0.00	\0.00
17. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting						47,622.17
year
18. Earnings Per Share (a) Basic ~	11.48	9.87	2.65	21.36	0.60	19.31
(b) Diluted ~	11.48	9.87	2.65	21.36	0.60	19.31
1. The financial results were reviewed by the Audit Committee and approved by the

Board of Directors at their meeting held on Nov 08, 2021.

1. The Statutory Auditors have expressed an unmodified opinion on the aforesaid results.

2. Figures have been regrouped wherever necessary.

3. The Company is engaged in only one segment.

For MM FORGINGS LIMITED k.~,J-~

VID~HANKAR KRISHNAN Vice Chairman and Managing Director

CORPORATE OFFICE: SVK TOWERS, 8TH FLOOR, A25 INDUSTRIAL ESTATE, GUINDY, CHENNAI - 600 032. INDIA.

Statement of Assets and Liabilities as at		Unaudited	Audited
ASSETS		30-09-2021	31-03-2021
Non-current assets
(a) Fixed Assets		65776.40	63497.94
(b) Goodwill on consolidation
(b) Non-current investments		488.44	488.44
(c) Deferred tax assets (net)
(c) Long-term loans and advances		10559.15	10052.00
(d) Other non-current assets		2066.74	1668.51
Sub-total- Non-current assets		78890.73	75706.89
Current assets
(a) Current Investments
(a) Inventories		13362.65	16859.66
(b) Trade receivables		10520.21	12166.58
(c) Cash and cash equivalents		21647.77	18602.38
(d) Restricted Bank Accounts		89.20	103.75
(e) Short-term loans and advances		2168.70	2858.70
(f) Other current assets		12.61	0.00
Sub-total - Current assets		47801.14	50591.07
TOTAL - ASSETS		126691.87	126297.96
B.EQUITY AND LIABILITIES
Shareholders Funds
(a) Share Capital		2414.08	2414.08
(b) Reserves and Surpluses		52777.88	47622.17
Sub-total - Sbarebolders' funds		55191.96	50036.25
Non-current liabilities
(a) Long-term borrowings		34715.48	29732.03
(b) Deferred tax liabilities (net)		3238.27	3088.27
(c) Other long-term liabilities		341.61	304.81
(d) Long-term provisions
Sub-total - Non-current liabilities		38295.36	33125.11
Current liabilities (a) Short-term borrowings		19916.30	23502.49
(b) Trade payables		8889.86	9799.04
(c) Other current liabilities		4398.40	8379.99
(d) short-term provisions		0.00	1455.09
Sub-total - Current liabilities		33204.56 126691.87	43136.61 126297.96
TOTAL - EQUITY AND LIABILITIES		For and on behalf	of the Board
Date : Nov 08, 2021		Vidyashankar	Krishnan
Place: Chennai	Vice Chairman and Managing Director

For MM FORGINGS LIMITED ~~~~N

Vice Chairman and Managing Director

M/S GRNK & CO CHARTERED ACCOUNTANTS Phone: 0431 4012931

26/5, Ganapathy Colony, Thiruvanaikoil Post, Trichy - 620005

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON CONSOLIDATED FINANCIAL RESULTS PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, AS AMENDED

To The Board of Directors M M Forgings Limited, Chennai

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of M M FORGINGS LIMITED("the Parent") and its subsidiaries (the Parent and its subsidiary, DVS Industries Private Limited, for the quarter ended 30 September 2021, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
• $\overline{2}$ . This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• $\overline{3}$ . 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. A review of interim financial information consists of making inquiries, primarily of persons 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 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.

Due to covid-19, the uncertainties and the management's assessment of the financial impact due to lock-downs andother restrictions and conditions related to the COVID-19 pandemic situation, for which a definitive assessment of the impact in the subsequent period is highly dependent upon circumstances as theyevolve.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

The Statement includes the results of the following entities: a. MM Forgings Limited (Parent) b. DVS Industries Private Limited) - Subsidiary Company

5.

4.

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 of unaudited financial results, 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 GRNK&CO CHARTERED ACCOUNTANTS Firm Registration No. 016847S

G.R. NARESH KUMAR PARTNER UDIN: 21215577AAAAFB4717 (Membership Npo. 215577)

Date: 08.11.2021 Place: Tiruchirapalli

CORPORATE OFFICE: SVK TOWERS, 8TH FLOOR, A25 INDUSTRIAL ESTATE, GUINDY, CHENNAI - 600 032. INDIA.

Particulars	Consolidated
		Quarter ended		Half Year ended	Year ended
~ in lakbs)	30-09-2021	30-06-2021	30-09-2020	30-09-2021	30-09-2020	31-03-2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
I. Income from Operations
Net Sales / Income from Operations	26605.51	24174.31	14348.16	50779.82	21796.28	72995.40
2. Other Income
(a) Other Operating Income	710.09	493.33	704.16	1203.42	1050.69	1418.03
(b) Other Income	385.35	335.23	354.72	720.58	1058.88	1769.47
3. Total income from Operations (net)	27700.95	25002.87	15407.04	52703.82	23905.85	76182.90
4. Expenses
(a) Cost of Materials consumed	11237.17	11578.71	7011.82	22815.88	9670.36	32722.90
(b) Changes in inventories of finished	1563.56	(745.90)	(180.77)	817.66	983.02	1588.94
goods, work-in-progress
(c) Employee benefits expense	2878.74	2845.82	1659.59	5724.56	2893.69	8316.13
(d) Finance Costs	720.48	654.36	845.97	1374.84	1751.95	3122.28
(e) Depreciation and amortisation expense	1664.63	1664.25	1464.19	3328.88	2928.37	6336.05
(f) Power and Fuel	2101.31	2140.14	1636.70	4241.45	2465.08	7206.93
(g) Other expenses	4607.83	4325.72	2252.81	8933.55	3294.52	11844.87
Total Expenses	24773.72	22463.10	14690.31	47236.82	23986.99	71138.10
5. Profit / (Loss) before exceptional and	2927.23	2539.77	716.73	5467.00	(81.14)	5044.80
extraordinary items and tax (3-4)
6. Exceptional Items	0.00	0.00	0.00	0.00	0.00	173.06
7. Profit / (Loss) before extraordinary items	2927.23	2539.77	716.73	5467.00	(81.14)	5217.86
and tax (5-6)
8. Extraordinary items	0.00	0.00	0.00	'0.00	0.00	0.00
9. Profit! (Loss) before tax (7 ±8)	2927.23	2539.77	716.73	5467.00	(81.14)	5217.86
IO.Tax expense	275.00	250.00	175.00	525.00	175.00	547.14
II.Net Profit /(Loss) from ordinary activities	2,652.23	2,289.77	541.73	4,942.00	-256.14	4,670.72
12.0ther Comprehensive Income /	0.00	0.00	0.00	0.00	0.00	0.00
13.Net Profit /(Loss) after Comprehensive	2,652.23	2,289.77	541.73	4,942.00	-256.14	4,670.72
14. Extraordinary items (net of tax expense)	0.00	0.00	0.00	0.00	0.00	0.00
15. Net Profit / (Loss) for the period (13 ± 14)	2652.23	2289.77	541.73	4942.00	(256.14)	4670.72
16. Paid-up equity share capital	2414.08	2414.08	2414.08	2414.08	2414.08	2414.08
(Face Value of the Share shall be	10.00	10.00	10.00	10.00	io.oo	10.00
17. Reserve excluding Revaluation Reserves						46302.05
as per balance sheet of previous accounting
year (		9.49		20.47	(1.06)	19.35
18. Earnings Per Share (a) Basic (	10.99	9.49	2.24	20.47	(1.06)
(b) Diluted	10.99		2.24			19.35

I. The financial results were reviewed by the Audit Committee and approved by the

Board of Directors at their meeting held on Nov 08, 2021.

1. The Statutory Auditors have expressed an unmodified opinion on the aforesaid results.

2. Figures have been regrouped wherever necessary.

3. The Company is engaged in only one segment.

For MM FORGINGS LIMITED ~ VIDY. SHANK aAR ~

KRISHNAN Vice Cha rman and Managing Director

CORPORATE OFFICE: SVK TOWERS, 8TH FLOOR,

A25 INDUSTRIAL ESTATE, GUINDY, CHENNAI - 600 032. INDIA.

Statement of Assets and Liabilities as at	Unaudited	Audited
ASSETS	30-09-2021	31-03-2021
Non-current assets
(a) Fixed Assets	71247.83	69290.23
(b) Goodwill on consolidation
(b) Non-current investments	329.14	329.14
(c) Deferred tax assets (net)
(c) Long-term loans and advances	2000.57	1803.64
(d) Other non-current assets	2805.85	2206.18
Sub-total - Non-current assets	76383.39	73629.19
Current assets
(a) Current Investments
(a) Inventories	14443.52	17890.41
(b) Trade receivables	11719.23	13313.14
(c) Cash and cash equivalents	21775.76	18683.26
(d) Restricted Bank Accounts	89.20	103.75
(e) Short-term loans and advances	2270.03	2928.39
(f) Other current assets	12.61	0.00
Sub-total - Current assets	50310.35	52918.95
TOTAL - ASSETS	126693.74	126548.14
B.EQUITY AND LIABILITIES
Shareholders Funds
(a) Share Capital	2414.08	2414.08
(b) Reserves and Surpluses	51255.71	46302.05
Sub-total - Shareholders' funds Non-current liabilities	53669.79	48716.13
(a) Long-term borrowings	34715.48	29732.03
(b) Deferred tax liabilities (net)	2953.05	2803.05
(c) Other long-term liabilities	346.81	310.01
(d) Long-term provisions
Sub-total - Non-current liabilities	38015.34	32845.09
Current liabilities
(a) Short-term borrowings	19916.30	23502.49
(b) Trade payables	10693.92	11649.36
(c) Other current liabilities	4398.40	8379.99
(d) short-term provisions	0.00	1455.09
Sub-total- Current liabilities	35008.62	44986.93
TOTAL - EQUITY AND LIABILITIES	126693.74	126548.15
	For and on behalf	ofthe Board
Date : Nov 08, 2021	Vidyashankar	Krishnan
Place: Chennai	Vice Chairman and Managing Director

For MM FORGINGS LIMITED fj\J~J,~ C1b~~ANKAR KRISHNAN Vice Chairman and Managing Director

CORPORATE OFFICE: SVK TOWERS, 8TH FLOOR,

A25 INDUSTRIAL ESTATE, GUINDY, CHENNAI - 600 032. INDIA.

CASH FLOW STATEMENT FOR COMPANIES OTHER THAN FINANCE COMPANIES
Name of the Company M M FORGINGS LIMITED	Standalone			Consolidated
Cash Flow Statement for the year ended 30th Sep 2021		~ in Lakhs		~ in Lakhs
Particulars		For the half year ended		For the Year ended		For the half year ended	For the Year ended
		30 Sep 2021		31 Mar 2021		30 Sep 2021		31 Mar 2021
A. Cash flow from operating activities
Net Profit I (Loss)before extraordinary items and tax		5,680.73		5,493.08		5,467.00		5,217.84
Adjustments for:
Depreciation and amortisation	3.000.00		5,673.25		3,328.88		6,336.05
(Profit) I Loss on sale I write off of assets	0.00		-0.03		0.00		-173.09
Finance costs	1,374.84		3,122.28		1,374.84		3,122.28
Interest income	-244.93		-443.18		-244.93		-444.87
Dividend income	-544.38		-1,357.55		-544.38		-1,357.55
		3,585.53		6,994.77		3,914.41		7,482.82
Profit I (Loss) before working capital changes Operating		9,266.26		12,487.85		9,381.41		12,700.66
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories	3,497.02		-3,787.07		3,446.90		-4,301.25
Trade receivables	1,646.38		-10,920.36		1,593.92		-11,238.60
Short-term loans and advances	690.00		-494.34		658.36		-371.99
Long-term loans and advances	-192.13 1.84		232.48		-192.13		232.48
Other current assets Other non-current assets			-2.30		1.84		-2.30
Adjustments for increasel(decrease) in operating liabilities	-398.23		371.16		-284.65		-551.25
Trade payables	-909.22		2,835.82		-955.413		4,109.51
Other current liabilities	-3,981.59		831.61		-3,986.65		848.10
Other long-term liabilities	36.80		13.31		36.80		13.31
		390.87		-10,919.69		318.91		-11,261.99
Cash generated from operations		9,657.13		1,568.16		9,385.30		2,121.73
Net income tax (paid) I refunds		-375.00		-545.11		-371.08		-545.11
Net cash flow from I (used in) operating activities (A)		9,282.13		1,023.05		9,014.22		1,576.62
B. Cash flow from investing activities
Capital expenditure on fixed assets, induding capital		-5,278.30		-3,009.17		-5,278.30		-3,187.90
Proceeds from sale of fixed assets		0.00		0.03		0.00		244.62
Long Term Investments Interest received		0.00 244.93		0.00		0.00		0.00
Dividend received		544.38		443.18 1,357.55		244.93 544.38		444.87 1,357.55
Net cash flow from I (used in) investing activities (B)		4,488,99		-1,208.41		4,488.99		-1,140.86
C. Cash flow from financing activities
Proceeds from long-term borrowings( Net)		0.00		2,000.00		000		2,000.00
Repayment of long-term borrowings(Net)		4,983.39		-5,737.97		4,983.39		-5,737.97
Advance to Subsidiary Company Net increase I (decrease)		-315.02		683.06		-0.00		0.00
in working capital borrowings Finance cost		-3,586.19 -1,374.84		7,838.23 -3,122.28		-3,586.19 -1,374.84		7,838.23 -3,122.28
Interim Dividend I Tax on Dividend		0.00				0.00		0.00
Dividends paid		-1,207.04				-1,207.04		0.00
Tax on dividend		-248.05		-210.89		-248.05		-210.89
Net cash flow from I (used in) financing activities (C)		-1,747.75		1,450.15		-1,432.73		767.09
and cash equ " alents OAre, Not increaseqdecrease) '" cash		3045.39		1264.79		3092.50		1202,85
Cash and cash equivalents at the beginning of the year		18,602.38		17,337.59		18,683.26		17,480.39
Cash and cash equivalents at the end of the year		21647.77		18602.38		21775.76		18683.26
		3045.38		1264.79		3092,50		1202.85

For MM FORGINGS LIMITED ~V.9S~N Vice c~~~an and Managing Director

•