MSTC Limited — Interim / Quarterly Report 2021

Feb 11, 2021

225C, A.J.C BOSE ROAD, KOLKATA - 700 020, INDIA PHONE: 91-33-2290-0964, 2287-9627 / 7557 / 0568 FAX: 2287-8547/2290-7211/2281-3089, 2287-4915(ERO) website: www.mstcindia.co.in • www.mstcecommerce.com

MSTC/CS/SE/215

11th February, 2021

• 1. The Dy.Manager (Listing) BSE Limited PhirozeJeejeebhoy Towers, Dalal Street, Mumbai 400 023. (Scrip Code: 542597)
• 1. The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, BandraKurla Complex Bandra (E), Mumbai 400 051 (Scrip Code: MSTCLTD)

Dear Sirs,

Sub: Financial Results for the Quarter and Nine Months ended 31st December, 2020 -Outcome of Board Meeting

Pursuant to Regulation 33 read with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Un-audited Financial Results (Standalone and Consolidated) along with Limited Review Report issued by the Auditor of the Company for the Quarter and Nine Months ended 31st December, 2020, as approved by the Board of Directors at the meeting held today i.e. 11th February 2021 at Kolkata through Video Conferencing.

The Board Meeting commenced at 14:00 hrs and concluded at 18:40 hrs.

This is for your information and records.

Thanking you,

Yours faithfully,

For MSTC Limited

(Ajay Kumar Rai) Company Secretary & Compliance Officer

"हिंदी में पत्र का स्वागत है तथा प्रत्युत्तर शीघ्र दिया जाएगा।" e-commerce certified as ISO/IEC 27001:2013 & ISO 9001:2015 • CMMI Level 3 Appraised

S. GHOSE & CO LLP CHARTERED ACCOUNTANTS

11, OLD POST OFFICE STREET KOLKATA-700 001 Phone: 2231-1995 / 1996 / 1997 Fax: 91-033-2248-5167 Email: sghose1943@gmail.com Website: www.sghosecafirmllp.com

The Board of Directors MSTC Limited Kolkata - 700020

Limited Review Report on the Unaudited Standalone Financial Results of the Company for the quarter and nine months ended 31st December 2020, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results of MSTC Limited (the "Company") for the quarter and nine months ended 31st December, 2020 ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). These statements are the responsibility of the Company's Management and have been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.

2. We conducted our review of the statement in accordance with the Standard on Review Engagement (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.

3. Based on our review conducted as above, nothing has come to our notice that causes us to believe that the accompanying statement of Unaudited Standalone Financial Results prepared in accordance with the applicable Indian Accounting Standards (Ind-AS) 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 as amended including the manner in which it is to disclosed, or that it contains any material misstatement.

Emphasis of Matter

• 1. Without qualifying our opinion, we draw attention to the following:
• a) Management's evaluation of COVID 19 impact on the performance of the company. (Refer Note $No$ 4)

Place: Kolkata Date: 11.02.2021

For S Ghose & Co LLP Chartered Accountants FRN-302184E/E300007

Ranjan Kr Paul

CARanjan Kumar Paul Partner M.No.060084 UDIN:21060084AAAAAAF7079

CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088

Email: cosec@mstcindia.co.in

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DEC 2020

		STANDALONE
SI No.	Particulars		Results for theQuarter ended		Results for theNine Month ended	Results for theYear ended
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
		31st Dec 2020	31st Dec 2019	30th Sept 2020	31st Dec 2020	31st Dec 2019	31st March 2020
$\mathbf{1}$	Income
	(a) Revenue from operations	653.47	1,900.82	1,313.41	2,302.66	7,613.05	8,307.08
	(b) Other income	22.00	72.48	114.73	142.65	214.63	615.00
	TOTAL INCOME (a+b)	675.47	1,973.30	1,428.14	2,445.31	7,827.68	8,922.08
$\overline{2}$	EXPENSES
	(a) Purchases of stock-in-trade	G.	1,119.64	672.36	672.36	5,582.20	5,663.12
	(b) Employee benefits expenses	152.12	169.82	179.83	504.66	502.33	711.54
	(c) Finance costs	15.44	62.92	15.56	54.03	223.88	274.56
	(d) Depreciation and amortisation expenses	6.21	3.54	7.35	20.83	11.41	20,35
	(e) Other expenses
	(i) Provisions and Write Off	295.62	89.22	26.96	348.41	89.22	713.90
	(ii) Others	46.01	57.75	42.32	173.96	187.73	243.70
	TOTAL EXPENSES (a+b+c+d+e)	515.40	1,502.89	944.38	1,774.25	6,596.77	7.627.17
3	Profit/(Loss) before tax (1-2)	160.07	470.41	483.76	671.06	1,230.91	1,294.91
$\overline{\mathbf{4}}$
	Tax expenses:		105.45		174.18	268.57	238.24
	(a) Current tax	79.04		89.10
	(b) Deferred tax	77.85	69,11	54,75	151.26	170.74	304.64
	Total Tax Expense (a+b)	156.89	174.56	143.85	325.44	439.31	542.88
5	PROFIT/(LOSS) FOR THE PERIOD (3-4)	3.18	295.85	339.91	345.62	791.60	752.03
6	OTHER COMPREHENSIVE INCOME
	Items that will not be reclassified subsequently to profit or loss
	(a) Remeasurements of the net defined benefit plans	(21.11)	(10.40)	(0.82)	(40.53)	(14.10)	(51.73)
	(b) Tax on above	7.38	3.70	0.29	12.61	4.10	17.18
	OTHER COMPREHENSIVE INCOME FOR THE PERIOD (a+b)	(13.73)	(6.70)	(0.53)	(27.92)	(10.00)	(34.55)
$\overline{7}$	TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (5+6).	(10.55)	.289.15	339.38	.317.70	781.60	717.48
8	Paid up Equity Share Capital (Face value Re. 10 per share)	704.00	704.00	704.00	704.00	704.00	704.00
9	Other Equity				$\overline{\phantom{a}}$		2.094.31
10	Earnings per equity share (Face value of Re. 10 each)
	Basic (in Rs.) (* not annualised)	$*0.05$	*4.20	*4.83	$*4.91$	$*11.24$	10.68
	Diluted (in Rs.) (* not annualised)$C$ $TC$	$*0.05$	*4.20	*4.83	$*4.91$	$*11.24$	10.68

GHOSE

ESTO

Chat

Sesonnal

C. Bose

(Rs in Millions)

Subrata sarker $: 7943$ KOLKATA

$\mathcal{C}_{\mathbb{C}}$

CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088 Email: cosec@mstcindia.co.in

SEGMENT WISE REVENUE & RESULTS

(Rs in Millions)

	STANDALONE
Particulars		Results for the Quarter Ended		Results for the Nine Month Ended	Results for theYear ended
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	31st Dec 2020	31st Dec 2019	30th Sept 2020	31st Dec 2020	31st Dec 2019	31st March 2020
Segment Revenue
- Marketing	85.91	1,320.58	771.10	973.22	6,254.22	6,463.57
- E-Commerce	588.30	591.17	556.22	1,369.16	1,509.71	2,019.99
- Others (unallocated)	1.26	61.55	100.82	102.93	63.75	438.52
Total Segment Revenue	675.47	1,973.30	1,428.14	2,445.31	7,827.68	8,922.08
Segment Profit/(Loss) Before Tax
- Marketing	(237.60)	43.52	54.54	(114.65)	343.78	168.42
- E-Commerce	505.58	588.24	549.69	1.273.48	1,495.42	1,995.28
- Others (unallocated)	(107.91)	(161.35)	(120.47)	(487.77)	(608.29)	(868.79)
Total Segment Profit/(Loss) Before Tax	160.07	470.41	483.76	671.06	1,230.91	1,294.91
Tax Expense	156.89	174.56	143.85	325.44	439.31	542.88
Total Segment Profit/(Loss) After Tax	3.18	295.85	339.91	345.62	791.60	752.03

Note -1) In terms of IndAS 108 the Company has identified Marketing and E-Commerce as its two Primary Reportable Business Segments. There is no Secondary Segment. Note -2) Assets and liabilities used in the Company's business are not identified to any of the reportable segments, as these are used interchangably between the segments. Hence the Management believes, that it is currently not practicable to provide segment disclosure related to assets and liabilities.

Fréching = Subrata sarkar GaBarnisal Kolkata-20 Mose

Notes:

• I) The above results for the quarter ancl n ine months ended 3 I " December 2020 have been prepared in accordance with Indian Accoutlting Standards ('lnd AS') notified under Section 133 of the Companies Act,20l3 read togethcl u,ith the Companies (lndian Accounting Standards) Rules, 20l5 (as amended) and have been rcvierved by the Audit Committee and approved by the Board of Directors in their respective nrcctinss held on llth February 2021 .The statutory auditor has reviewed the results as requilecl urrtlcl regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulatiurrs 2015 (SEBI (LODR)) as amended.
• 1. Section ll5BAA of the Inconre Tax Act, l96l provides domestic companies with an option to opt for lower tax rates, providecl they do not claim certain deductions. The Company has not opted for lower tax rate and has consiclcrcd the rate as per the earlier provisions for the purpose of these results.
• 1. There were no exceptional itenls clLrring tlre quarter and nine months ended 31" December 2020.
• 1. COViD l9 pandemic and lockclown ¡rrotocols have led to severe disruptions during the period, in particular, during first quarter. Bcirru, arr E commerce service provider, on infrastructure and facility front MSTC was ready to ¡rrovicle the services. However, at recipient end there rvere disruptions, affecting both the tunrover and the profit during the repofting period. Therefore, the performance of the Company fbr ¡rcr iocl is not comparable with corresponding period or any period of previous year.
• 1. Other expenses for the period inclLrtlc contlibution to PM Cares Fund of Rs. 50 million.
• 1. Figures ofthe previous period/year lravc been regrouped/reclassified/rearranged to conform to the classification of current period/year'. u'herever necessary.

In terms of our report of even date For S. Ghose & Co LLP Chartered Accountcnts FRN: 302184E/E300007

U

CA Ranjan Kumar Paul CHAIR Parlner M.No.:060084

S.K.Gupta) (r)rN - 08643406)

b¿*er-ot"'^.-lo\

(S.K. Barnwal) ,1DI)1. ( ; I..N ERA L MANAGER I.I,.lNCE & ACCOUNTS

For and on behalf of the Board of Directors of MSTC LIMITED

( u"brra*"-d q rlc-o"^-

(Subrata Sarkar) DIRECTOR FINANCE & CFO (DrN - 8290021)

Place: Kolkata Date: ll'h February 2021

S. GHOSE & CO I CHARTERED ACCOUNTANTS

11, OLD POST OFFICE STREET KOLKATA-700 001 Phone: 2231-1995 / 1996 / 1997 Fax: 91-033-2248-5167 Email: sghose1943@gmail.com Website: www.sghosecafirmllp.com

The Board of Directors MSTC Limited Kolkata 700020

Limited Review Report on the Unaudited Consolidated Financial Results of the Company for the quarter and nine months ended 31st December 2020, Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of MSTC Limited ("the Parent") and considered financial statements of its subsidiary (the Parent and its subsidiary together referred to as "the Group"), and proportionate share of net profit after tax and total comprehensive income for the quarter and share of net loss after tax and total comprehensive loss for the nine months ended 31st December 2020 of its Joint Venture, reviewed by other auditors, ("the Statement") being submitted by the parent company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

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 Ind AS 34 "Interim Financial Reporting", 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.

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. 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.

4. The Statement includes the results of the following entities:

Subsidiary - Ferro Scrap Nigam Limited. Joint Venture - Mahindra MSTC Recycling Private Limited.

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our notice 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 Standards (IND-AS) 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,

Emphasis of Matter

• 1. Without qualifying our opinion, we draw attention to the following:
  • a) Management's evaluation of COVID 19 impact on the performance of the company. (Refer Note No 5)

1. Interim financial results of the subsidiary M/s Ferro Scrap Nigam Limited reviewed by other auditor, and included in the unaudited consolidated financial results, and their interim financial results reflect total revenues of Rs. 975.85 millions, total net profit after tax of Rs. 107.75 million and total comprehensive income of Rs. 81.49 millions for quarter ended 31st December 2020 and total revenues of Rs. 2479.87 millions, total net profit after tax of Rs. 138.19 million and total comprehensive income of Rs. 68.94 millions for nine months ended 31st December 2020.

The unaudited consolidated financial results also include the Group's share of net profit after tax of Rs. 0.54 million and total Comprehensive income of Rs. 0.59 millions for quarter ended 31st December 2020 and net loss after tax of Rs. 12.46 million and total Comprehensive loss of Rs. 12.31 millions for nine months ended 31st December 2020 in respect of Joint Venture M/s Mahindra MSTC Recycling Private Limited which are reviewed by other auditor.

These interim financial results have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these Subsidiary and Joint Venture, is based solely on the reports of the other auditors, and the procedures performed by us as stated in paragraph 3 above, our conclusion on the Statement is not modified in respect of the

Place: Mumbai Date: 11.02.2021

For S Ghose & Co LLP Chartered Accountants FRN-302184E/E300007

Kanian K Paul

CARanjan Kumar Paul Partner M.No.060084 UDIN: 21060084AAAAAAG5115

CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088 Email: cosec@mstcindia.co.in

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31ST DEC 2020

CONSOLIDATED Results for the SINo. Particulars Results for the Quarter ended Results for the Nine Month Ended year ended Unaudited Unaudited Unaudited Audited Unaudited Unaudited 31st Dec 2019 31st Dec 2020 31st Dec 2019 30th Sept 2020 31st Dec 2020 31st March 2020 Income $\mathbf{1}$ (a) Revenue from operations 1,580,40 2,850.00 2.094.52 4,692.85 10,375.54 12,313,99 (b) Other income 70.87 98.28 35.50 132.13 280,95 645.99 2,948.28 4,824.98 12,959.98 TOTAL INCOME (a+b) 1,651.27 2,130.02 10,656.49 $\overline{2}$ EXPENSES 122.61 1,247.98 781.07 965.30 5.943.75 6.151.98 (a) Purchases of stock-in-trade (b) Employee benefits expenses 428.36 416,77 427.83 1,271.93 1,280.29 1.828.05 233.52 (c) Finance costs 15.44 68.20 15,56 56,58 287.22 47,15 40.34 48.19 143.27 118.36 166.15 (d) Depreciation and amortisation expenses (e) Other expenses (i) Provisions and Write Off 307.38 89.22 12.25 360.17 89.22 761.35 (ii) Others 426.26 520.83 390.28 1.255.93 1,500.94 2.070.86 2,383.34 4,053.18 11,265.61 TOTAL EXPENSES (a+b+c+d+e) 1,347.20 1,675.18 9,166.08 Profit/(Loss) before share of profit/(loss) of Joint Ventures and tax (1-2) 304.07 564.94 454.84 771.80 1,490.41 1,694.37 $\overline{\mathbf{3}}$ $\overline{4}$ Share of profit/(loss) of Joint Ventures 0.54 $(6.44)$ $(4.69)$ $(12.46)$ $(26.00)$ $(26.94)$ 558.50 759.34 1,667.43 5 Profit/(Loss) before tax (3+4) 304.61 450.15 1,464.41 6 Tax expenses: 101.66 111.27 239.80 324.16 361.75 (a) Current tax 107.49 (b) Deferred tax 85.66 117.81 51.32 148.21 217.17 335.54 193.15 219.47 162.59 388.01 541.33 697.29 Total Tax Expense (a+b) PROFIT/(LOSS) FOR THE PERIOD (5-6) 339.03 287.56 371.33 923.08 970.14 $\overline{7}$ 111.46 $8$ OTHER COMPREHENSIVE INCOME Items that will not be reclassified subsequently to profit or loss (a) Remeasurements of the net defined benefit plans $(56, 20)$ $(13.56)$ 12.40 $(133.07)$ $(75.74)$ $(136.96)$ 16.21 35.90 19.61 38.63 (b) Tax on above $(1.22)$ $(3.04)$ $0.05$ $(0.03)$ $0.05$ $0.15$ (c) Share of Other Comprehensive Income of Joint Venture $(0.09)$ $0.20$ OTHER COMPREHENSIVE INCOME FOR THE PERIOD (a+b+c) $(39.94)$ $(14.81)$ $9.41$ $(97.02)$ $(56.22)$ $(98.13)$ $\overline{9}$ TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (7+8) 71.52 324.22 296.97 274.31 866.86 872.01 10 704.00 704.00 704.00 Paid up Equity Share Capital (Face value Re. 10 per share) 704.00 704.00 704.00 4,035.22 11 Other Equity 12 Earnings per equity share (Face value of Re. 10 each) Basic (in Rs.) (* not annualised) *1.58 *4.82 $*4.08$ $*5.27$ $*13.11$ 13.78 $LI$ C. $*1.58$ *4.82 *4.08 $*5.27$ *13.11 13.78 Diluted (in Rs.) (* not annualised)

$\frac{1}{2}$

Charle

BeBoochuril

$J. C. Bo5$

Subrata sarta

(Rs in Millions)

ESTO : 1943 KOLKATA Accountered K Paul

$\Phi$

CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088 Email: cosec@mstcindia.co.in

SEGMENT WISE REVENUE & RESULTS

(Rs in Millions)

	CONSOLIDATED
Particulars		Results for the Quarter Ended		Results for the Nine Month Ended	Results for theYear ended
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	31st Dec 2020	31st Dec 2019	30th Sept 2020	31st Dec 2020	31st Dec 2019	31st March 2020
Segment Revenue
- Marketing	85.91	1.320.58	771.10	973.22	6.254.22	6,463.57
- E-Commerce	588.25	591.07	556.19	1,368.98	1,509.60	2,019.72
- Others (unallocated)	1.26	61.55	0.80	2.91	63.75	377.82
- Scrap Recovery & Allied Jobs	975.85	975.08	801.93	2.479.87	2,828.92	4.098.87
Total Segment Revenue	1,651.27	2,948.28	2,130.02	4.824.98	10,656.49	12,959.98
Segment Profit/(Loss) Before Tax
- Marketing	(237.60)	43.52	54.54	(114.65)	343.78	168.42
- E-Commerce	505.53	588.14	549.66	1.273.30	1,495.31	1.995.01
- Others (unallocated)	(107.38)	(167.79)	(225.17)	(600.25)	(634.29)	(956.34)
- Scrap Recovery & Allied Jobs	144,06	94.63	71.12	200.94	259.61	460.34
Total Segment Profit/(Loss) Before Tax	304.61	558.50	450.15	759.34	1,464.41	1,667.43
Tax Expense	193.15	219.47	162.59	388.01	541.33	697.29
Total Segment Profit/(Loss) After Tax	111.46	339.03	287.56	371.33	923.08	970.14

Note -1) In terms of IndAS 108 the Group has identified Marketing, E-Commerce and Scrap Recovery & Allied Jobs as its three Primary Reportable Business Segments. There is no Secondary Segment.

Note -2) Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangably between the segments. Hence the Management believes, that it is currently not practicable to provide segment disclosure related to assets and liabilities.

Subratabartan GHOSE & Geborard (# Kolkata-20) $\sqrt{\varepsilon_{\mathcal{ST}_D}}$ : 1943) * Cha KOLKATA $C.$ $B_0$ $c$ Toujan Kn Paul

Notes:

• I) The above results for the quarter anrl n inc months ended 3 l'r December 2020 have been prepared in accordance with Indian Accourrting Standards ('lnd AS') notified under Section 133 of the Companies Act, 20 l3 read togethcr u ith the Companies (lndian Accounting Standards) Rules, 2015 (as amended) and have been levieucd by the Auclit Committee and approved by the Board of Directors in their respective nreetirìgs hcld on I lth February 2021 .The statutory auditor has reviewed the results as required under lcgul¿rtion 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (SI:UI (LODR)) as amended.
• 1. Section ll5BAA of the Income'l-ax Âct, l96l provides domestic companies with an option to opt for lower tax rates, providecl thcy rkr not claim certain deductions. The Holding Company has not opted for lower tax rate and has currsiclcred the rate as per the earlier provisions for the purpose of these results.
• 1. The consolidated results include srrbsicliary namely Ferro Scrap Nigam Limited and share of net profìUloss after tax and total conrplclrersive incorne/loss of joint venture namely Mahindra MSTC
• Recycling Private Limited. 4) There were no exceptional items clrrriu.u,. the quarter and nine months ended 3l" December 2020.
• 1. COVID-19 pandemic and locl<clorvn ¡rrotocols have led to severe disruptions during the period, in particular, during first quarter. Bcing arr E, commerce service provider, on infrastructure and tàcility front the Holding Company (MSTC) rvas ready to provide the services. However, at recipient end there were disruptions, affecting both the tumover and the profit during the reporting period. Therefore, the performance ol' the I lolding Company for the period is not comparable with corresponding period or any periocl of 'previous year. In case of the Subsidiary Company (FSNL), the operational revenue for nine montlls cntlccl 3lst December 2020 has decreased vis a vis nine months ended 3lst December 2019.
• 1. Other expenses for the period incluclc contlibution to PM Cares Fund of Rs. 100 million.
• 1. Figures of the previous period/yea¡' huvc been regrouped/reclassified/rearranged to conform to the classification of current period/year. rvhelever necessary.

In terms of our report of even date For S. Ghose & Co LLP Chartered Accountqnts FRN: 302184F,/F,309007 KZ.-1 *-, V,, (o^'(

CA [iÁnjan Kumar Paul Partner M.No.: 060084

Place: Kolkata Date: I lth February,202[

C' HAI RMAA (' I,"I I,\IANAG ING DIRECTOR (r)tN - ()8643406) Á t U/3-"-^t '''-'

(S.K. Barnwal) ADDL. (;t NERAL MANAGER l; I t|, L\t(' E & ACCOUNTS

For and on behalf of the Board of Directors of MSTC LIMITED

Su-bfi"f*3 o'ç{an-

(Subrata Sarkar) DIRECTOR FINANCE & C'FO (DrN - 82e002t)

CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088 Email: cosec@mstcindia.co.in

EXTRACT OF THE STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31ST DEC 2020

								(RS. In Million)
	STANDALONE						CONSOLIDATED
Particulars	3 Months	3 Months	3 Months	9 Months	9 Months		3 Months	3 Months	3 Months	9 Months	9 Months
	Ended	Ended	Ended	Ended	Ended	Year Ended	Ended	Ended	Ended	Ended	Ended
	31.12.2020	31.12.2019	30.09.2020	31.12.2020	31.12.2019	31.03.2020	31.12.2020	31.12.2019	30.09.2020			Year Ended
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)				31.12.2020	31.12.2019	31.03.2020
Total Income from Operations	675.47	1,973.30					(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Net Profit / (Loss) for the period before Tax			1,428.14	2,445.31	7,827.68	8,922.08	1,651.27	2,948.28	2,130.02	4,824.98	10,656.49	12,959.98
	160.07	470.41	483.76	671.06	1,230.91	1,294.91	304.61	558.50	450.15	759.34	1,464.41	1,667.43
Net Profit / (Loss) for the period after tax	3.18	295.85	339.91	345.62	791.60	752.03	111.46	339.03	287.56	371.33	923.08
Total Comprehensive Income for the period [Comprising												970.14
Net Profit / (Loss) for the period (after tax) and Other
Comprehensive Income (after tax)]	(10.55)	289.15	339.38	317.70	781.60	717.48	71.52	324.22	296.97	274.31
Paid Up Equity Share Capital (Face Value Rs. 10/-)	704.00	704.00	704.00	704.00	704.00	704.00					866.86	872.01
Other Equity		$\sim$					704.00	704.00	704.00	704.00	704.00	704.00
Earnings Per Share (of Rs.10/- each)			Section	$\sim$		2,094.31						4,035.22
Basic (* not annualised)	$*0.05$	$*4.20$	$*4.83$	$*4.91$	$*11.24$	10.68	$*1.58$	$*4.82$	$*4.08$	$*5.27$	$*13.11$	13.78
Diluted (* not annualised)	$*0.05$	$*4.20$	$*4.83$	$*4.91$	$*11.24$	10.68	$*1.58$	*4.82	$*4.08$	$*5.27$	$*13.11$	13.78

Notes:

The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 11th Feb, 2021.

The above is an extract of the detailed format of quarter and nine month ended 31st Dec 2020 financial results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements the quarter and nine month ended financial results are available on the Stock Exchange website www.bseindia.com, www.nseindia.com and is also available on Company's website i.e. www.mstcindia.co.in

There were no exceptional items during the quarter and nine month ended 31st Dec 2020.

Figures for the previous periods have been regrouped/reclassified, wherever necessary to confirm to the current periods classifications.

Registered Office: 225-C, A.J.C.Bose Road Kolkata - 700 020 Place : Kolkata Date: 11th Feb, 2021

For & on behalf of the Board of Directors

(S.K.Gupta) Chairman cum Managing Director DIN: 08643406

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