Murudeshwar Ceramics Ltd. — Annual Report 2023

May 29, 2023

MCL: SEC: MAY: 2023 DATE: 29.05.2023

To, To, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Bandra Kurla Complex, Floor 25, P J) Towers, Bandra (East), MUMBAI 400 051, Dalal Street, MUMBAI 400 001, Stock Code: MURUDCERA.EQ. Stock Code: 515037

Dear Sir/ Madam,

Sub.: Outcome of the Board Meeting held today, on May 29, 2023.

In terms of Regulations 30, and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company has considered and approved the following items at their meeting held today, on May 29, 2023:

• i. Audited (Standalone and Consolidated) Financial Results/ Statements for the quarter and year ended March 31, 2023 along with the Auditor's Report given by the Statutory Auditors of the Company. The copies of the same are enclosed herewith.
• ii. Recommended a final dividend of Rs. 0.50 per equity share for the financial year ended March 31, 2023.

The dividend recommended by the Board is subject to the approval of the shareholders at the ensuing 40% Annual General Meeting (AGM) of the Company, and will be paid within 30 days of its declaration at the said AGM of the Company.

Declaration of Unmodified Opinion:

In compliance with Regulation 33(1) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare that the Statutory Auditors of the Company, K G Rao & Co. (F.R.N: 0104635) has issued Audit Report with Unmodified Opinion on the Audited (Standalone and Consolidated) Financial Results/ Statements of the Company for the quarter and year ended March 31, 2023.

Board Meeting Start time: 11:30 a.m. and end time: 01:25 p.m.

Thanking you.

For Murudeshwar Ceramics Li

Ashok Kumar Company Secretary and Compliance Officer KUMAR Digitally signed by ASHOK KUMAR Date: 2023.05.29 13:27:05 +05'30'

Enclosed.: As Above

An ISO 9001-2008 Certified Company

Bengaluru - 560001 India. Ph : 080 - 42897000, 25584181 GSTN : 29AABCM2526R 177 E-mail : corporate_office@naveentile.com, mclblore@naveentile.com CIN : L26914KA1983PLCO05401

CERAMIC & VITRIFIED TILES

Naveen Complex, 7th Floor, 14, M.G. Road,

Chartered Accountants \

Independent Auditor's Report

To the Members of Murudeshwar Ceramics Limited

Report on the Audit of Standalone Ind AS Financial Statement

Opinion

We have audited the accompanying standalone annual financial results of Murudeshwar Ceramics Limited (hereinafter referred to as the ''Company™) for the year ended 31 March 2023, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 read with Regulation 63(2) 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, the aforesaid standalone annual financial results:

a. are presented in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Listing Regulations in this regard; and

b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Ind AS financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone Ind AS financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone Annual Financial Statements.

¥lanagement's Responsibility for the Standalone Ind AS financial statements

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 read with Regulation 63(2) of the Listing Regulations

This responsibility also includes maintenance of adequate accounting records in accordance wit the provisions of the Act for safeguarding of the assets of the Company and for preventing and

BANGALORE - MANGALORE

No.15, Ist Floor, 3rd Cross, Sampige Road, Malleshwaram, Bangalore 560003, Mobile-3844487454, email - cakrishnaraj.in@gmail.com

K.G. Rao & Co. @AN

Chartered Accountants !

detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Management's Responsibility for the Standalone Ind AS financial statements(continued) In preparing the standalone Ind AS financial statements, management and Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Board of Directors is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS financial statements Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor'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 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 these standalone Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• o Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 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 understanding of internal control relevant 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 standalone Ind AS financial statements in place and the operating effectiveness of such controls.
• o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• e Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists

BANGALORE - MANGALORE

K.G. Rao & Co. \

related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concer. 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 standalone Ind AS financial statements 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 auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

e Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 Matters

The standalone annual financial results include the results for the quarter ended 31 March 2023 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For K G Rae & Co. Chartered Accountants Firm Registratio mber - 010463S

Krishnaraj Partner (Membership Number - 217422)

UDIN - 23217422BGRVHU6428

Place: Bengaluru Date: 29.05.2023

BANGALORE - MANGALORE

No.15, Ist Foor, 3rd Cross, Sampige Road, Malleshwaram, Bangalore 560003, Mobile-9844487454, email - cakrishnaraj.in@gmail.com

TH MURUDESHWAR BVA CERAMICS LTD.

						Statement of Standalone Audited Financial Resulls for the Quarter and Year ended March 31, 2023TT
Particulars		3 months 3 months	Preceding Corresponding Year to date Year to dale 3 months ended	figures for figures for		EMPLOYED FOR THE QUARTER AND YEAR ENDED ON 31.03.2023			SEGMENTWISE REVENUE, RESULTS AND CAPITAL
	31.03.2023)ended	31.12.2022ended	in the previous31.03.2022year	period ended year ended31.03.2023 31.03.2022	current the previous		3 months 3monthsended	ended	Preceding Corresponding Year to date Year lo date 3 months ended in the previous	figures for	figures for
	(Audited)		(Unaudited) (Unaudited)	(Audited)	(Audited)	Particulars	31.03.3023 31.12.2022		year	current	the previous
Incomefi									31.03.2022	31.03.2023 31.03.2022period ended year ended
Revenue from operationsOther Income	£,715.0776.32	4,385.08	3,729.30		17,240.68 1229163		{Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
Total Income	5,791.38	4,394.409.31	74.823,804.12	17,340.79 12,433.21100.11	141.58	Segment Revenue (Income)
Expensesfe						(Net Sales / Income from each segment)Sale of Producls	3,692.44
(a) Cost of materials consumed	1,285.82	843,76	893.78	3,889.67	2,639.52 2	Sale of Services	2,022.63	1,604.482,780.61	2,731.07988 23	11,654.705,585.98	8,237.47
(¢} Changes in inventories of finished goeds,(b) Purchases for Trading / Stock Transfer	(419.13)317.88	244.34	315.50	1,204.31	1,339.13	Total Segment Revenue	5715.07	4,385.09	3,729.30	17,240.68	4,054.2212,291.63
work-in-progress and stock-in-trade	-	222.88-	(431.09)-	(675.27)	(572.14)	Less: Inter segmenl revenue	-
(d) Employee benefits expense	1,091.36	624.05	440.97	2,515.14	1,544.37	Revenue from operations	5,715.07	4,385.09	3,728.30	17,240.68	12,291.63
(1) Depreciation. depletion and amortisation expense(€) Finance costs	406.70337.48	288.91	402.40	1,336.41	1,329.75
(g) Other Expenses		260,79	297.87	1,109.70	1,027.53
1. Power and Fuel
2. Production consumables	1,684.4962.85	1,067.2431.61	1,172.8435.11	4,727.22 163.52	2,720.19103.18
3, Repairs & Maintenance and Civil Contract	200.01	157.25	78.45	497.68	349.76
	294.71	229.15	164.79	941.23	66759 ] 2	Segment Result
6. Other Expenditure	76.13168.55	80.19187.30	73.85148.74	294.79602.32	633.24279.01	Profit (+) /Loss (-) before tax & Interestfrom each segment
Total other expenses	2,486.74	173274	1.673.78	7,223.76	4,752.97	Sale of Products
Total expenses	5506.85	4217.46	3,593.19		16,603.72 12,061.13 2	[Sale of Services	90.28125.01	88.1684.98	105.29 39.66	378.42280.51	122.15169,36
Total profit before exceptional items and tax	284.54	176.893	210.93	737.07	372.08	Total Profit before tax	215.29	173.14	144.95	658.93	291.51
Exceptional items.	-					I. Finance Cost
Total profit before tax2 =F [0 Jo Tax expense	284.54	176.93	210.93	737.07	372.08
						ii. Other Unallocable Expenditure
Current lax	58.20	30.04	(27.38)	120.83	=	net off unallocable income	(69.25)	(3.78)	(65.98)	(78.14)	(80.57)
Prior Peried Tax	-	-	-	-
Deferred taxMAT Credit	76.77120.83	--	157.38-	76.77	157.38
Total {ax expenses	14.14			120.83	-
Net Profit / Loss for the period from continuing operations	270.40	30.04146.89	79.12131.81	76.77660.30	157.38214.70	Profit before Tax	284.54	176.92	210.93	737.07	372.08
Profit (loss) from discontinued operations before taxrea	-	-
Tax expense of discontinued operations	-	-	-	=	=
Net profit (loss) from discontinued operation after tax	-
Total profil (loss) for periodE]	270.40	146.89	78.12	660.30	214.70
o = Other comprehensive income
(a) (i) Items that will not be reclassified to profit & loss'- Remeasurement of defined benefit plans	(57.48)	-	76.55	(57.48)	76.55	3 [Capital Employed(Segment Assets)
Income Tax relating to items that will not be classifie	-	-	-			[Sale of Producls1	48,517.83 41,430.36		44,453.23
Remeasurement of defined benefit plans	14.94	-	(19.90)	14.94	{19.80)	Sale of Services	2,421.70	999.89	2,998.36	2,421.7048,517.83	2,998.3644,453.23
& loss(b) (i) tems that may be reclassified to profit	-	-	-	-	-	Unailocable Assetsom	3,091.68	7,067.14	161.61	3,091.68	161.61
(if) Income Tax on items that may be reclassified to prof	-	-	-	-	-	Total capital employed	54,031.21 49,497.38		4761320	54,031.21	47,613.20
Total Other Comprehensive income net of taxes	(42.54)		56.7	(42.54)	56.65	(Segment Liabilities)					\
Total Comprehensive income for the period11 [Details of equity share capital	227.86	146.89	136.77	617.76	271.35	Sale of Products	14,745.46 13,712.44		10,838.75	14,745.46	10,836.75
Paid-up equily share capital	5,768.53	5,769.53				Sale of ServicesoN ®	1143.70 [	2,811.81	1,257.28	1,143.70	1,257.28
Face value of equity share capital			5,233.91	5,769.53	5233.91	Unallocable Assets	38,142.05 3297312		35,519.17	38,142.05	3551817
	10.00	10.00	10.00	10.00	10.00	Total capital employed 54,031.21 49,497.33			47,613.20	54,031.21	47,613.20

Nurudeshwar Ceramics Limited

Audited Financial Results .. 31.03.2023 Contd..

	Statement of Standalone Audited Financial Results for the Quarter and Year ended March 31, 2023
	Particulars	3 months 3 months31.03.2023]ended	31.12.2022ended	Preceding Corresponding Year to date Year to date 3 months ended in the previous31.03.2022year	31.03.2023 31.03.2022period ended year endedfigures for figures for	current the previous
			(Audited) (Unaudited)	(Unaudited)	(Audited)	(Audited)
12	Reserves excluding Revaluation Reserve	29,274.86	2831857	28,318.67	29,274.66	2831967
13	Debenture Redemption Reserve
	14 Earnings per share
	i_ Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	0.40	0.25	0.25	1.08	0.49
	Diluted earnings (loss) per share from continuing operation:	0.38	0.25	0.24	1.03	0.47
	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations		-	-		=
	Diluted earnings (less) per share from discontinued operations		-	=		-
	Earnings per equity share
	Basic earnings (loss) per share from continuing anddiscontinued operations	0.40	0.25	0.25	1.08	0.49
	Diluted earnings (loss) per share fram continuing andcontinued operations	0.38	0.25	0.24	1.03	0.47

NOTES

1 The above results for the quarter/year ended on 31st March, 2023 have been audited by the Statutory Auditer of the company and reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 29.05.2023 The Company has adopted Indian Accounting Standards (IND AS) notified by the Ministry of Corporate Affairs w.e.f. 1st April, 2017 3 The figures for the corresponding period / previous year have been re-grouped / re-arranged wherever necessary to make them comparable,

~

By Order of the Board of Directors

Place : Bengaluru Date : 29.05.2023

Satish R Shetty Chairman & Managing Director

DIN : 00037526

For MURUDESHWAR CERAMICS LIMITED

HY MURUDESHWA BCERAMICS LTD. R

Regd. Office : 604/B, Murudeshwar Bhavan, Gokul Road, Hubli - 580 030

Ph: (0836) 2331615-18 ; Fax : (0836) 4252583 ; E-mail : mclho@naveentile.com ; web : www.naveentile.com CIN : L26914KA1983PLC005401

		As at	As at
		(current year end)	(previous year end)
		31.03.2023	31.03.2022
	ASSETS
1	Non-current assets
0)	Fixed Assets
	Tangible assets	29,660.63	29,759.48
	Intangible assets
	Capital work-in-progress	7,832.96	606.65
	Intangible assets under development
(ii)	Non-current investments	923.52	923.52
(iii)	[Deferred tax assets (net)	>	=
(iv)	Non-Financial Assets	200.50	238.54
(v)	Other non-current assets	65.70	46.85
	Total Non Current assets	38,683.31	31,575.04
2	Current Assets
	Current investments		-
	Inventories	11,799.76	11,213.73
	Trade receivables	1,646.19	2,208.76
	Cash and Cash equivalents	11.95	10.77
	Bank Balance other than cash and cash equivalents	161.84	593.88
	Short-term loans and advances	-	-
	Other current assets	1,728.16	2,023.15
	Total Current Assets	15,347.90	16,050.29
	TOTAL ASSETS	54,031.21	47,625.33
	EQUITY AND LIABILITIES
1	Shareholders' funds
	Share Capitala)	5,769.53	5,494.79
	Reserves and surplusb)	29,164.88	28,319.67
	Money received against share warrantsc)	401.85	123.63
	Total Equity	35,336.26	33:938.09
	[Non-current liabilities
3	Long-term borrowings	5,448.44	1,592.41
	Deferred tax liabilies (net)	1,500.63	1,544.68
	Trade Payables
	Lease Liabilities	-227.60	-172.66
	Total Non-current Liabilities	7,176.67	3,309.75
	[Current liabilities
4	Short-term borrowings	6,362.23	6,511.29
	Trade payables
	Total outstanding dues of micro enterprises and(A)
	small enterprises	11.91	18.04
	Total outstanding dues of creditors other than micro(B)
	enterprises and small enterprises	2,742.09	1,967.05
	Other current liabilities	2,213.04	1,803.44
	Short-term provisions	189.01	77.67
	Total Current Liabilities	11,518.28	10,377.49
	TOTAL - EQUITY AND LIABILITIES	54,031.21	50,935.08

STATEMENT OF ASSETS AND LIABILITIES STANDALONE

1. The above results for the quarter/year ended on 31st March, 2023 have been audited by the Statutory Auditor of the company and reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 29.05.2023

the audited figures in respect of the full financial year and the year to date figures upto the period ended December 31, 2022 and December 31, 2021.

1. The previous quarters figures and Segment Reports have been re-grouped / rearranged wherever necessary according to revised Regulation 33 of SEBI (LODR) Regulations 2015.

Place : Bengaluru Date : 29.05.2023

w= Fora <& 2D For MURUDESHWAR CERAMICS LIMITED Z. < /)] SATISH R SHETTY Chairman & Managing Director DIN 00037526

FOR THE PERIOD FROM APRIL 2022 TO MARCH - 2023 MURUDESHWAR CERAMICS LIMITED STANDALONE CASH FLOW STATEMENT ANNEXED TO BALANCE SHEET

			(Rupees in lakhs)
	2022-23			2021-22
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net profit before tax & extra - ordinary items	660.30		214.70
Adjustments for:			B
Net Profit/{Loss) of the Associate
Depreciation	1,109.70		965.10
Interest Paid	1,017.82		987.39
Rent Received	(12.23)		(11.83)
Loss on Sale of Fixed Assets	-		16.85
Profit on Sale of Assets	-		(40.24)
Interest Income on Investments	(21.25)		(19.90)
Dividend received	(63.30)		(63.30)
Provision for taxation	-		=
Remeasurement of defined benefit plans	(42.54)		56.65
Operating profit before working capital changes	2,648.50		2,105.42
Adjustments for:
Increase/(Decrease) in Long Term Liability	10.88		168.09
Decrease / (Increase) in Inventories	(586.03)		(764.17)
Decrease / (Increase) in Trade receivables	562.57		955.90
Increase / (decrease) in Trade Payables	862.48		(131.17)
Decrease/(Increase) in Short term loans & advances			=
Decrease/{Increase) in Other Current Assets	326.75		(252.60)
Decrease/(Increase) in Long Term Loans & Advances	19.18		495.03
Increase / (decrease) in Other Current Liabilities	409.60		(128.14)
Increase / (decrease) in Short Term Provisions	111.34		12.41
Cash generated from operations	4,365.26		248077
Taxes paid	{124.80)		(97.73)
Cash flow before extra - ordinary item
Net Cash from Operating Activities		14,240.46		2,363.04
8. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed	(8,237.15)		(936.31)
Sale of fixed assets	-		124.29
Interest received	21.25		19.90
Dividend received	63.30		63.30
Rent received	12.23		11.83
Investments	0.00		{533.21)
Net cash flow from investing activities		A8140.37)		(1,250.21)
C. CASH FLOW FROM FINANCING ACTIVITIES
Long term Borrowings repaid	3,856.03		121.49
Short Term Borrowings repaid	(149.59)		(335.85)
Proceeds from Issue of Share Capital	494.53		470.99
Issue of Share Warrants	278.22		(117.75)
IND AS Transetion Resurve	7.66		(0.07)
Change in reserve	-
Interest paid	(992.02)		(973.39)
Interest on Lease Liabilities	(25.79)		(14.00)
Net cash used in Financial activities		3,469.05		(848.58)
NET INCREASE IN CASH AND CASH EQUIVALENTS		(430.86)		264.25
CASH AND CASH EQUIVALENTS AS ON 31.03.2022		6504.65		340.40
CASH AND CASH EQUIVALENTS AS ON 31.03.2023		173.79		604.65

NCPTES TO THE CASH FLOW STATEMENTCASH AND CASH EQUIVALENT:
Cashand cash equivalents consists of cash on hand and balances with Banks and Investments in money marketinstfuments. Cash and cash equivalents included in the cash flow statement comprise the following BalanceSheet amounts.
		2021-22	2020-21
Cashon hand and balances with banks	Total	173.79	604.65
Short Term investments		bd	=
Cashand cash equivalents effect of changes in Exchange rates		5	-
Cashand cash equivalents as restatedEE		173.79	604.65
In terms of our report attached		For and on behalf of the Board of Directors
For K.G.RAO & Co.		MURUDESHWAR CERAMICS LIMITED
Chartered Accountants	= SN
ICAI FIRM REGN. No.: 0104635	)73 BRAI==]!Co7[ZYmg2SS	=sams R sHETTYChairman & Managing Director(DIN 00037526)
Place: Bengaluru
Date : 29.05.2023

K.G. Rao & Co. CA

Chartered Accountants 1

Independent Auditor's Report

To the Members of Murudeshwar Ceramics Limited

Report on the Audit of Consolidated Ind AS Financial Statement

Opinion

1. We have audited the accompanying Statement of Consolidated Financial Results of Murudeshwar Ceramics Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group'") and its share of the net profit/(loss) after tax and total comprehensive income / loss of its associates and joint ventures for the year ended 31 March 2023 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended 3 Ist March 2023, as reported in these financial results have been approved by the Parent's Board of Directors.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been compiled from the related consolidated financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("Ind AS"), and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such consolidated financial statements.

3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act 2013. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Parent's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Parents interna! financial control with reference to the Statement. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

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.

We believe that the audit evidence obtained by us and the audit evidence obtained by kd branch auditors and other auditors in terms of their reports referred to in paragraph 6 below, is su aD \ appropriate to provide a basis for our audit opinion. hl & CN

BANGALORE - MANGALORE

No.15, Ist Floor, 3rd Cross, Sampige Road, Malleshwaram, Bangalore 560003, Mobile-98444874! Ne cakrishnaraj.in@gmail.com

K.G.R ao & Co. @A

Chartered Accountants h

1. 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 financial statements and the other financial information of branches and joint operations of the Group, subsidiaries, associates and joint ventures referred to in paragraph 6 below, the Statement:

includes the results of the following entities: Associate Entity - RNS Power Limited;

is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

gives a true and fair view in conformity with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated total comprehensive income (comprising of net [profit/loss] and other comprehensive income/ loss) and other financial information of the Group for the year ended 31 March 2023.

We did not audit the financial statements / financial information of RNS Power Limited Associate Entity included in the consolidated financial results, whose financial statements / financial information reflect total assets of Rs. 0 as at 31 March, 2023, total revenues of Rs. 0, total net profit / (loss) after tax of Rs. 25.45, total comprehensive income/ loss of Rs.0 and cash flows (net) of Rs. 25.45 for the year ended on that date, as considered in the consolidated financial results.

The consolidated financial results also include the Group's share of net profit/loss of Rs. 643.21 and total comprehensive income/ (loss) of Rs. (42.54) for the year ended 31 March, 2023, as considered in the consolidated financial results, in respect of | associate and 0 joint ventures, whose financial statements / financial information have not been audited by us. This financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our opinion on the Statement is not modified in respect of the above matters

1. The consolidated financial results includes the unaudited financial statements/ financial information of RNS Power Limited Associate Entity, whose financial statements/ financial information reflect total assets of Rs. 0 as at 31 March, 2023, total revenue of Rs. 0, total net profit/(loss) after tax of Rs. 25.45, total comprehensive income/ loss of Rs. 0 and cash flows of Rs. 25.45 for the year ended on that date, as considered in the consolidated financial results. The consolidated financial results also include the Group's share of net profit/(loss) after tax of Rs. 643.21 and total comprehensive income of Rs. (42.54) for the year ended 3 1st March, 2023, as considered in the consolidated financial results, in respect of 1 associate and 0 joint ventures, whose financial statements / financial information have not been audited by us. This financial statements/ financial information are unaudited and have been fumished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, is based solely on such unaudi

BANGALORE - MANGALORE

No.15, Ist Floor, 3rd Cross, Sampige Road, Malleshwaram, Bangalore 560003, Mobile-9844487454, cakrishnaraj.in@gmail.com

K.G. Rao & Co. OA

Chartered Accountants

explanations given to us by the Management, this financial statements / financial information are not material to the Group.

Our opinion on the Statement is not modified in respect of the above matter

1. The Statement includes the results for the quarter ended 31 March 2023 being the balancing figure between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For K G Rao & Co. Chartered Accountants Firm Registration Number - 010463S

Krishnaraj K

Partner (Membership Number - 217422) UDIN - 23217422BGRVHV4687

Place: Bengaluru Date: 29.05.2023

BANGA - R

No.5, Ist Floor, 3rd Cross, Sampige Road, Malleshwaram, Bangalore 560003, Mobile-9844487454, email -

cakrishnara)in@gmail com

Vi Regd. Office : §04/B, Murudeshwar Bhavan, Gokul Raad, HUBLI - 580 030 Ph : {0B36} 2331615-18 ; Fax : (0836) MURUDESHWAR CERAMICS LTD. 4252583, E-ma metho@naveentile.com ; web : www.naveentile.com CIN : L26914KA198IPLC005401

E-mail : melho@naveentile.com ; web : www.naveentile.com CIN : L26314KA1983PLCO0S401 Statement of Consolidated Audited Financial Results for the Quarter and Year ended on March 31, 202] 3 months Particulars ended Preceding 3 months ended Corresponding 3 months ended in the previous| Year to date | Year lo dale] figures far current figures for the previous) SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED ON 31.03.2023 31.03.2023 31.12.2022 year 31.03 2022 period ended 31.03.2023 year ended 31.03.2032 (Audited) (Unaudited) {Audiled) (Audited) (Audited) Income Revenue from operations 5,715.07 Other Income 78.32 4,385 09 3,729.30 74 82 7,240.68 100,11 12,291.63 141.58 Particulars 3 months ended 31.03.3023 Preceding 3 months ended 31122022 Corresponding] [3 months ended in the previous year 31.03 2022 Year to date figures for current period ended 31.03.3023 Year to date figures for | lhe previous year ended 31.03.2022 (Audited) (Unaudited) (Audiied) (Audited) {Aurided) Total Incoma| 5,791.38 3.80412 17,340.79 12.433 21 Nel Sales / Income from each segment, o) Expenses (a) Cosl of malenals consumed 1.28582 (b) Purchases for Trading / Slack Transfer 317.88 (c) Changes in inventories of finished goods, (419.13) work-in-progress and stock-in-lrade - (d) Employee benefils expense 1,091.36 (e) Finance costs 406.70 (f) Depreciation, depletion and amonlisalion expense 337.48 893.76 315.50 (431.09) 440.97 402 40 297.87 3.809.67 1,204.31 (675.27) 2,515.14 1,336.41 1,108.70 2,638.62 1,339.13 (572.14) 1,544 37 1,329.75 1,027.53 Sale of Products Sale of Safvices 3,692.44 2,022.63 2,780.61 1,604.48 2,731.07 £98.23 11,654.70 5565.98 8,237.41 4,054 22 Total Segment Ravenue 5,715.07 4,385.09 3,729.30 17,240.68 12,291.63 Less: Inter segment revenue Revenue from operations 5,715.07 4,385 08 3,729.30 17,240.68 12,291.63 |[g) Other Expenses 1. Power and Fuel 1,684.49 2 Produclion consumables 62.85 3, Repairs & Maintenance and Contract 200,01 4. Selling Expenses 294.71 5 Travelling Expenses 76.13 6. Other Expenditure 168.55 1,067 24 ale 157.25 22915 BC.19 167.30 117284 35.11 78.45 164.79 73.85 148.74 i | 163.52 497.68 941.23 291.79 602,32 272019 103.18 349.76 B67 59 279.01 63324 / Segment Result Profit (+) /Loss (-) before tax & interest from each segment Total ether expenses] 2,486.74 1,732.74 1,673.78 7,223.76 4,752.97 Total expenses| 5,506.85 4.217.46 3,593.19 16,603.72 12,061.13 Sale of Products Sale of Services 125.01 90.28 88.16 84.98 705.29 | 30.66 7842] 280.51 122.15 169.36 Total profit before exceptional items and tax 284.54 176.93 210.93 737.07 372.08 Total Profit before tax 215.29 173.14 144 95 £58.93 291.51 Exceplional items 0 Total profil before 1ax 284.54 176.93 210 93 737.07 372.08 © |=|n]o Tax expense Current tax 58.20 120.83 Prior Periad Tax - 3004 (27.36) Delerred lax 76.77 76.77 MAT Credit 120.83 157.38 120.83 i. Finance Cost Other Unallocable Expenditure net off unallocable income (69.25) (3.78) (65.98) (78.14) (80.57) MAT Credit Reversed - Total tax expenses 14.14 76.77 Profit before Tax 284.54 176.92 210.83 737.07 372.08 660.30 Nel Profit / Loss for ihe period from conlinuing operalions 270.40 Profil {less) from disconlinued operalions before tax - Tax expense of disconlinued operations - Nel profit {loss} from discontinued operalicn after jax] Total profil (loss) for period 270.40 79.12 Share of profit {loss) of associates accounted for using equity method (8.82), 0.76 (108.85) Totai profit (loss) for period 261.58 147.65 (29.73) 214.70 Capital Employed Other comprehensive income (Segment Asseis) (a) (1) lems thal will not be reclassified to profil & loss Remeasurement of defined benefil plans (57.48) (il) Income Tax relating to ilems thal will not be classified lo profit & - Remeasurement of defined benefit plans 14.94 {b) (i} Items thal may be reclassified lo profil & loss - {il} Income Tax on lems thal may be rociassified to profil & loss 76.55 (19.90) {57.48) 14.94 76.55 (19.90) Sale of Products Sale of Services Unallocable Assels AB.517.83 2,421.70 3,159.19 41,430.36 999 89 7,067.14 #945323 2,998 36 181.61 48,517.83 2,421.70 3,159.19 Total capital employed 54,088.72 49.497 38 47.813.20 54,088.72 44,454.23 2,998.36 16161 7,200 04 {Segment Liab Total Other Comprehensive income net of taxes (42.54) (42.54) 56.65 Total Comprehensive income for the period 219.04 147.65 26.92 643,21 271.35 Sale of Products Sale of Services Unaliocable Assets 14,745.46 1,143.70 38,209.56 13.712.44 2,811.81 32,873.12 10,836.75 1257.28 3551917 14,745.48 10,838.75 1,257.28 3551917

Face value of equity share capilal 10.00 | 10.00 | 10.00 | 10.00 | 10.00

Details of equity share capital R= Talal ~~ capital employed 54,088.72 49.497 38 47.613 20 54,088.72 47,200.94 Paid-up oquity share capital 5,769.53 | 5,769.53 | 5.23391 | 5.76950 | 5.233.891

Murudeshwar Ceramics Limited

Audited Financial Results .. 31.03.2023 Contd..

	Statement of Consolidated Unaudited Financial Results for the Quarter and Year ended on March 31, 2022
	Particulars	ended	31.03.2023 31.12.2022ended	3 months 3 months (3 months endedin the previousPreceding Corresponding 31.03.2022year	Year to date Year to dale 31.03.2023 31.03.2022period ended year endedfigures forcurrent	the previousfigures for
				(Audited) (Unaudited) (Unaudited)	{Audited)	Audited)
12	Reserves excluding Revaluation Reserve] 29.274.66 28,316.67			28,318.67		2027466 2831967
13	Debenture Redemption Reserve
	14 Earnings per share
	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operalions	0.38	026	0.05	1.13	0.49
	Diluled earnings (loss) per share from conlinuing operations	0.37	0.26	0.05	1.07	0.47
	il_iEamnings per equity share for discontinued operations					-
	Diluted eamings (loss) per share from discontinued operationsBasic aamings (loss) per share from discontinued operations		-	-		-=
	Earnings per equity share
	Basic eamings (loss) per share from continuing and discontinued operations	0.38	0.26	0.05	1.13	049
	Giluted earnings (loss) per share from conlinuing anddiszontinued operations	0.37	0.26	0.05	1.07	047
	NOTES

The above results for the quarter/year ended on 31st March, 2023 have been audited by the Stalulory Auditor of the company and reviewed by Ihe Audit Commitee and approved by the Board of Directors in their meeting held on 29 05 2023 The Company has adopled Indian Accounting Standards (IND AS) notified by the Ministry of Carporate Affairs w.e.f 1st April, 2017 The Company has acquired 237200 equity shares of RNS Power Limited (RNSPL) during the FY 2021-22 and present holding of the company crossed the 20% in RNSPL and thus RNSPL become an associate company in terms of section 2(6) of the companies Act, 2013 and pursuant to section 129(3} of the Companies Act, 2013 where a compuny has one or more assoclote company, it shall, in eddition to financial statements provided under sub-section (2) of section 128, prepare consafidated financiol statement of the company. Hence, the tansolidated financiol Statements has been prepared in the books of the company with RNSPL The figures for the corresponding period / previous year have been re- eta rE gged wherever necessary to make them comparable A ME CBN 7 "X 1 - i:

~ m -

[a 4S By Order of Ihe Board of Direclors For MURUDESHWARLCERAMICS LIMITED Satish R Shetty Chairman & Managing Director DIN : 00037526

lace | Bes Iru 3 A) i fi aio] 5

Regd. Office : 804/B, Murudeshwar Bhavan, Gokul Road, Hubli - 580 030 Ph : {0836) 2331615-18 ; Fax : (0836) 4252583 ; E-mail : mclho@naveentile.com ; web : www.naveentile.com CIN : L26914KA1983PLC005401

		As at	As at
	Standalone / Consolidated	current year end	(previous year end)
	Statement of Assets and Liabilities	31.03.2023	31.03.2022
	ASSETS
	Non-current assets
1	Fixed Assets
(iy	Tangible assets	29,660.63	29,759.48
	Intangible assets
	Capital work-in-progress	7,832.96	606.65
	Intangible assets under development
(ii)	[Non-current investments	991.03	923.52
(iy	Deferred tax assets (net)	=	=
(iv)	Non-Financial Assets	200.50	238.54
(v)	Other non-current assets	65.70	46.85
	Total Non Current assets	38,750.82	31,575.04
2	Current Assets
	Current investments		-
	Inventories	11,799.76	11,213.73
	Trade receivables	1,646.19	2,208.76
	Cash and Cash equivalents	10.76	10.77
	Bank Balance other than cash and cash equivalents	163.03	593.88
	Short-term loans and advances	-	-
	Other current assets	1,728.16	2,023.15
	Total Current Assets	15,347.90	16,050.29
	TOTAL ASSETS	54,098.72	47,625.33
	EQUITY AND LIABILITIES
1	Shareholders' funds
	Share Capitala)	5,769.53	5,494.79
	Reserves and surplusb)	29,232.38	28,319.67
	Money received against share warrantsc)	401.85	123.63
	Total Equity	35,403.76	33,938.09
2	Non-current liabilities
3	Long-term borrowings	5,448.44	1,692.41
	Deferred tax liabilies (net)	1,500.63	1,544.68
	Trade Payables
	Lease Liabilities	-227.60	-172.66
	Total Non Current Liabilities	7,176.67	3,309.75
4	Current liabilities
	Short-term borrowings	6,362.23	6,511.29
	Trade payables
	Total outstanding dues of micro enterprises and(A)
	small enterprises	11.91	18.04
	Total outstanding dues of creditors other than microB)
	enterprises and small enterprises	2,742.09	1,967.05
	Other current liabilities	2,213.04	1,803.44
	Short-term provisions	189.01	77.67
	Total Current Liabilities	11,518.28	10,377.49
	TOTAL - EQUITY AND LIABILITIES	54,098.72	47,625.33

STATEMENT OF ASSETS AND LIABILITIES - CONSOLIDATED

1. The above results for the quarter/year ended on 31st March, 2023 have been audited by the Statutory Auditor of the company and reviewed by the Audit Committee and approved by the Board af Directors in their meeting held on 29.05.2023

2. The Figrues for the last quarter ended March 31, 2023 and March 31, 2022 are the balancing figures between the audited figures respect of the full financial year and the year to date figures upto the period ended December 31, 2022 and December 31, 202

3. The previous quarters figures and Segment Reports have been re-grouped / rearranged wherever necessary according to revised Regulation 33 of SEBI (LODR) Regulations 2015. = >

Place : Bengaluru > Date : 29.05.2023 5

For MURUDESHWAR CERAMICS LIMITED

SATISH R SHETTY Chairman & Managing Director DIN 00037526

MURUDESHWAR CERAMICS LIMITED CONSOLIDATED CASH FLOW STATEMENT ANNEXED TQ BALANCE SHEET FOR THE PERIOD FOR APRIL 2022 TO MARCH - 2023

{Rupees in lacks)

	2022-23		2021-22
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net profit before tax & extra - ordinary items	660.30		214.70
Adjustments lor:
Met Profi/ (Loss) of the Associate	25.45		(48.95)
Depreciation	1,109.70		965.10
interest Paid	1,017.82		987.29
Rant Recenved	{12.23)		(11.83)
Lass on Sale of Fixed Assets			16.85
Profit on Sale of Assets	«		(40.29)
Interest Income on Investments	{21.25)		(19.90)
Dividend receivedProvision for taxation	(63.30)		(63.30)
Remeasurement of defined benefit plans	3(42.54)		356.65
Operating profit before working capital changes	2,673.94		2,056.47
Adjustments for:
Increase/(Decrease) in Lang Term Liability	10.88		168.09
Decrease / (Increase) in Inventories	(sB6.03)		(764.17)
Decrease / {increase} in Trade recelvables	562.57		956.90
Increase / (decrease) in Trade Payables	862.48		(131.17)
Decrease/(Increase) in Short term loans & advances
Decrease/(Incresse) in Qther Current Assets	326.75		(252.60)
Decreasef{Increase) in Long Term Loans & Advances	19.18		495.03
Increase / [decrease] in Other Current Liabilities	409 50		(128.15)
Increase / {decrease) in Short Term Provisions	111.34		12.41
Cash generated from operations	4,380.71		2,411.82
Taxes paid	{124.80)		(97.73}
Cash flow before extra - ordinary item
Net Cash from Operating Activities		4,265.91		2,314.09)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed	18,237.15)		(936.30)
Sale of fined avsets	-		124.30
Interest received	21.25		19.50
Dividend received	62.30		63.30
Rent received	12.23		11.83
Investments	(25.45)		(575.29)
Net cash flow from investing activities		(8.165 82)by		(1,202.26)
C. CASH FLOW FROM FINANCING ACTIVITIES
Long term Barrowings repaid	3,856.03		121.29
Short Term Borrowings repaid	(149,59)		(335.85)
Praceads from Issue of Share Capital	494.53		470.98
Issue of Share Warrants	278.22		(117.75)
IND AS Transetion Resurve	7.56		(0.07)
Change in reserve	-		91.01
Interest paid	(992.02)		{973.39)
Interest on Lease Liahilities	(25.79)		{14.00)
Net cash used in Financial activities		3,489.05		(757.58)
NET INCREASE IN CASH AND CASH EQUIVALENTS		{430.86)		264.25
CASH AND CASH EQUIVALENTS AS ON 31.03.2021		604.85		340.40
GASH AND CASH EQUIVALENTS AS ON 31.03.2022		173.79		604.65
[NOTES TO THE CASH FLOW STATEMENT(CASH AND CASH EQUIVALENT:Cash and cash equivalents consists of cash on hand and balances with Banks and Investments in money marketinstruments, Cash and cash equivalentsin the cash flowSheet amounts.	comprise the	Balance
				2021-22
(Cash on hand and balances with banks		173.79		604.65
Short Term investments				-
Cash and cash equivalents effect of changes in Exchange rates		-
Cash and cash equivalents as restated		173.79		604.65
in terms of our report attsched	For and on behalf of the Board of Directors
For K.G.RAO & Co.	MURUDESHWAR CERAMICS LIMITED
Chartered AccountantsICAI FIRM REGN. No ; 010463S	1SATISH R SHETTY	SRP. 5
	Chairman & Managing Director
Place : Bengaluru Date© 29.05.2023	{DIN 00037526)