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Murudeshwar Ceramics Ltd. Interim / Quarterly Report 2022
62002_rns_2021-08-13_de253f8c-8519-4a74-b286-8847dce5dde2.pdf
Interim / Quarterly Report
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a A MURUDESHWAR BV CERAMICS LTD.
Nave@" Complex, 7th Floor, 14, M.G. Road, Bengaluru - 560001 India. Ph : 080 - 42897000, 25534181 E-mail: [email protected], [email protected]
sli, NAVSEN CERAMIC & vITR IFIED TILES
GSTN : 29AABCM2526R12Z CIN : L26914KA1983PLC005401
Date: 13.08.2021
MCL: SEC: AUG: 2021
To, National Stock Exchange of India Limited, xchange Plaza, Bandra Kurla Complex, Bandra (East), MUMBAI 400 051, Stock Code: MURUDCERA.EQ
To, BSE Limited, Floor 25, PJ Towers, Dalal Strect, MUMBAI 400 001, Stock Code: 515037
Dear Sir/ Madam,
Sub.; Outcome of the Board Meeting held today 13.08.2021. Ref.: Regulations 30/ 33 of SEBI (Listing Obligations and Disclosure requirements) Regulation, 2015.
This is to inform you that the Board of Directors of the Company has, inter alia, considered and approved the following items at their meeting held today, on August 13, 2021:
- {i} Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2021;
- (ii) Limited Review Report given by the Statutory Auditors of the Company on Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2021;
- (iii) | Appointment of Shri Satish Rama Shetty Vice Chairman and Managing Director as the Chairman and Managing Director (CMD) w.e.f. 13.08.2021.
We have herein under enclosed the above said Unaudited Standalone and Consolidated Financial Results along with the Limited Review Report as given by the Statutory Auditors of the Company.
Board Meeting Start time: 12:00 p.m. and end time: 01:30 p.m.
This is for your information, records and dissemination.
Thanking you.
For Murudeshwar CeramiésLimiteds.. SP 8 |
Satish Rama Shetty & % eS Chairman & Managing SE DIN: 00037526
Enclosed.: As Above
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| Particular 8Income | 3 months | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| ended | months endedPreceding 3 | 3 months endedCorresponding | year endedprevious | EMPLOVED FOR THE FIRST QUARTER ENDED 30.05.2SEGMENT WISE REVENUE, RESULTS AND CAPITAL | ENDED 30.06.2021 | ||||
| 10-06-21 | 31-03-21 | (30/06/2020) in | $31 - 03 - 21$ | 3 monthsended | months endedPreceding 3 | 3 months endedCorresponding | year endedprevious | ||
| the previous | 30-06-21 | 31-03-21 | (30/06/2020) in | $31 - 03 - 21$ | |||||
| (Unaudited) | (Audited) | (Unaudited) | (Audited) | Particulars | (Unaudited) | (Audited) | the previous year(Umudited) | (Audied) | |
| Revenue from operations | 1,712.32 | 2,860.42 | 884.47 | 8,048.95 | Segment Revenue (Income) | ||||
| Other Income | 7.94 | 00.08 | 3.72 | 126.24 | (Net Sales / Income from each segment) | ||||
| Total IncomeExpenses | 1,720.26 | 2,960.50 | 888.19 | 8,175.19 | Sale of Products$\overline{r}$ | 1,225.32 | 1,805.76 | 884.47 | 5,935,29 |
| (a) Cost of materials consumed | 358.49 | 443.96 | 358.78 | 1,625,12 | Sale of Services$\overline{\mathbf{r}}$ | 487.00 | 1,054.66 | 2,113.66 | |
| (b) Purchases for Trading / Stock Transfer | 250.07 | 493.56 | 174.71 | 1,451,25 | Total Segment Revenue | 1,712.32 | 2,860.42 | 884.47 | 8,048.95 |
| (c) Changes in inventories of finished goods, | Less : Inter segment revenue | ||||||||
| work-in-progress and stock-in-trade | (263.80) | (56.40) | 253.11 | (60.1) | Revenue from operations | 1,712.32 | 2,860.42 | 884.47 | 8,848.95 |
| (d) Employee benefits expense | 333.87 | 349.14 | 264.66 | 1,217,67 | |||||
| (e) Finance costs | 265.03 | 502.13 | 322.14 | 1,592.60 | |||||
| (f) Depreciation, depletion and amortisation expense | 240.41 | 299,27 | 242.70 | 1,024.97 | |||||
| (g) Other Expenses | |||||||||
| 1 Power and Fuel | 382.95 | 360,95 | 157 26 | 1,385.96 | |||||
| 2, Production consumables3, Repairs & Maintenance and Civil Contract | 65.27 | 18,83 | 6.97 | 86.90 | |||||
| 38.88 | 72.81 | 32.37 | 275.08 | ||||||
| 4, Selling Expenses5, Travelling Expenses | 92.34 | 66,72 | 47.87 | 424.87 | Segment Result | ||||
| 20.69 | 68.77 | 53.03 | 253.85 | Profil (+) / Loss (-) before tax & interest from each segment | |||||
| Total other expenses6. Other Expenditure | 83.89684.02 | 12.24800,32 | 8732384.62 | 432.682,859.34 | Sale of Products$\overline{\phantom{0}}$ | (186.31) | 12,05 | (1, 116.45) | (1,800.27) |
| Total expenses | 1,868.09 | 2,832.00 | 2,000.92 | 9,769.86 | Sale of Services$\overline{c}$ | 34.75 | 44.41 | 121.84 | |
| Total profit before exceptional items and tax | (147.83) | 128,50 | (1, 112.73) | (1.594.67) | Total Profit before tax | (151, 56) | 56.46 | (1, 116.45) | (1,678,43) |
| Exceptional items | |||||||||
| Total profit before tax | (147.83) | 28.50 | (1, 112.73) | (1,594.67 | Finance cost÷ | ||||
| Tax expense | |||||||||
| Current tax | ۷ | ٠ | Other Unallocable Expenditure net off$\equiv$ | ||||||
| Prior period tax | ٠ | × | Unallocable income | (3.73) | (72.04) | (3.72) | (83, 76) | ||
| Deferred lax | × | (412.18) | Ŧ) | (412.18) | |||||
| MAT Credit | 4.97 | ۷ | 4.97 | Profit before Tax | (147.83) | 128.50 | (1, 112, 73) | (1.594.67) | |
| Total tax expenses | (40721) | (407.21) | |||||||
| Net Profit / Loss for the period from continuing operations | (147.83) | 535.71 | (1, 112.73) | (1, 187.46) | |||||
| Profit (loss) from discontinued operations before tax | |||||||||
| Tax expense of discontinued operations | œ. | ||||||||
| Net profit (loss) from discontinued operation after tax | |||||||||
| Total profit (loss) for period | (147.83) | 535.71 | (1, 112.73) | (1, 187.46) | |||||
| Other comprehensive income | |||||||||
| (a) (i) litems that will not be reclassified to profit & loss | (32, 13) | Capital Employed(Segment Assets) | |||||||
| '- Remeasurement of defined benefit plans | 32, 13 | Sale of Products | 43,847.53 | 44,419.77 | 45,350,18 | 44,419.77 | |||
| (ii) Income Tax relating to items that will not be classified to profit & loss- Remeasurement of defined benefit plans | 8.35 | 8.35 | Sale of Services$\overline{\mathbf{z}}$ | 2,601.28 | 2,642.15 | 1,735.94 | 2,642.15 | ||
| (b) (i) Ilems that may be reclassified to profit & loss | Unallocable Assetsल | 1,608.40 | 139,02 | 165.43 | 139.02 | ||||
| (ii) Income Tax on items that may be reclassified to profit & loss | Total capital employed | 48,057.21 | 47,200 94 | 47,251.55 | 47,200.94 | ||||
| Total Other Comprehensive income net of taxes | (23, 78) | (23.78) | (Segment Liabilities) | ||||||
| Total Comprehensive income for the period | (147.83) | 511.93 | (1, 112.73) | (1, 211.24) | Sale of Products | 10,888.76 | 11,289.92 | 11,543.30 | 11,289.92 |
| Details of equity share capital | Sale of Services$\overline{N}$ | 1,130.83 | 1,182.25 | 1,150.00 | 1,182.25 | ||||
| Paid-up equily share capital | 5,233.91 | 5,233,91 | 4.758.17 | 5,233.91 | Unallocable Liabilities | 36,037.6248,057.21 | 34,728.7747,200,94 | 34,558.25 | $\frac{34.72B.77}{47,200.94}$ |
| Face value of equity share capital | 10.00 | 10.00 | 10,00 | 10.00 | Total capital employedarca pala | 47,251.55 |
Murudeshwar Ceramics Limited
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| (₹ in lakhs except per share data) | |||||
|---|---|---|---|---|---|
| Statement of Standalone Unaudited Financial Results for the First Quarter ended 30.06.2021 | |||||
| Particulars | 3 months30-06-21ended | months endedPreceding 3$31 - 00 - 21$ | 3 months ended$(30/06/2020)$ inCarrespondingthe previousğ | bepue reak31-03-21DIGANDIES | |
| (Unaudited) | (Audited) | (Unaudited) | (Audited) | ||
| 뎐 | Reserves excluding Revaluation Reserves | 27,838.29 | 27,838.29 | 28,671.41 | 27,838,29 |
| ä | Debenture Redemption Reserve | ||||
| 14 Earnings per share | |||||
| ii. Earnings per equity share for continuing operations | |||||
| Basic earnings (loss) per share from continuing operations | (0.28) | 105 | (2.34) | (2.48) | |
| Diluled earnings (loss) per share from continuing operations | (0.26) | 1.02 | (2.34) | (2.42) | |
| II. Earnings per equity share for discontinued operations | |||||
| Basic earnings (toss) per share from discontinued operations | |||||
| Diluted earnings (loss) per share from discontinued operations | X | ||||
| iii.Earnings per equity share | |||||
| Basic earnings (loss) per share from continuing anddiscontinued operations | (0.28) | 1.05 | (2.34) | (2,48) | |
| Diluted earnings (loss) per share from continuing anddiscontinued operations | (0.26) | 1.02 | (2.34) | (2.42) |
1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 13.08.2021.
Due to COVID-19 and consequent lockdown by the State Governments, the company suspended the operations in itsmanufacturing units. The lockdown and the temporary restrictions have impacted the normal business operations of $\tilde{\boldsymbol{\alpha}}$
3 Pravious year figures are re-grouped / re-classified, wherever necessary.
Place : BengaluruDate : 13.08.2021
By order of the Board of DirectorsFor Murudeshwar Cenamics Ltd.The Corolly Corollary $\blacksquare$
CENTER
Satish R ShettyVice Chairman & Managing DirectorDIN : 00037526
MICS)
HISAD
Independent Auditor's Review Report on Unaudited Quarterly and Year to Date Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
To,
The Board of Directors of Murudeshwar Ceramics Limited,
-
- We have reviewed the accompanying statement of Standalone Unaudited Financial Results (the Statements) of Murudeshwar Ceramics Limited for the period ended June 30, 2021 being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended ('the Regulation"), including relevant circulars issued by SEBI from time to time ("the Circulars").
-
- This Stalement is the responsibility of the Company's Management and has becn approved by the Board of Directors of the Company. The Statement has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34), "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 ('the Act'), as amended read with relevant rules issued thereunder, the Circulars and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement 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 Statement 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.
- 4, Based on our review conducted as above, nothing has come to our attention that cause us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ("Ind AS") specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circulars, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Chartered Accountants ICAI FIRM REG NO: ~~" 0104638 A KRISHNARAJ K: Place : Bengaluru Partner seal Date : 13.08.2021 Membership No: 217422 UDIN: 2 21749272. ARAACA GY Y 2
For K.G. Rao & Co.
BANGALORE
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(₹ in lakhs except per share data) Regd. Office : 604/B, Murudeshwar Bhavan, Gokul Road, Hubli - 580 030 Ph : (0836) 231615-16 : 0894 252583 ; E-mail : [email protected] ; web : www.naveentile.com CIN : L26914KA1983PLC006401Regd. Office : 604/B, Murud
| Statement of Conoslidated Unaudited Financial Results for the First Quarter ended 30.06.2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 3 monthsended | months ended$\overline{ }$Preceding | 3 months endedCorresponding | year endedprevious | EMPLOYED FOR THE FIRST QUARTER ENDED 30.06.2021SEGMENT WISE REVENUE, RESULTS AND CAPITAL | |||||
| Particulars | 30-06-21 | $3103-21$ | the previous year(30/06/2020) in | 31-03-21 | 3 monthsended | months endedPreceding 3 | 3 months endedCorresponding | year endedprevious | |
| (Unaudited) | (Audited) | (Unaudited) | (Audited) | 30-06-21 | $31 - 03 - 21$ | (30/06/2020) in | 31-03-21 | ||
| Income | 2,860.42 | 8,048.95 | Particulars | (Unaudited) | (Audited) | live previous year(Unaudited) | (Audited) | ||
| Revenue from operationsOlher Income | 7.941,712.32 | 100.08 | 3.72884.47 | 126.24 | |||||
| Total Income | 1,720.26 | 2,960.50 | 688.19 | 8,175,19 | Segment Revenue (Income)÷ | ||||
| ExpensesN | (Net Sales / Income from each segment) | ||||||||
| (a) Cost of materials consumed | 358.49 | 13.964 | 35878 | 1,625.12 | 884.47 | 5,935.29 | |||
| (b) Purchases for Trading / Stock Transfer | 250.07 | 493,58 | 174.71 | 1,451.25 | Sale of ProductsSale of Services$\overline{\phantom{a}}$ | 487.001,225.32 | 1,805.761,054.66 | 2,113.66 | |
| (c) Changes in inventories of finished goods, | (263.80) | (56, 40) | 253.11 | (1.09) | Total Segment Revenue | 1,712.32 | 2,860.42 | 884.47 | 8,048.95 |
| work-in-progress and stock-in-trade(d) Employee benefils expense | 333,87 | 349.14 | 264.66 | 1,217.67 | Less : Inter segment revenue | ||||
| (e) Finance costs | 265.03 | 502.13 | 322.14 | 1,592.60 | Revenue from operations | 1,712.32 | 2,860.42 | 884.47 | 8,048.95 |
| (f) Depredation, depletion and amortisation expense. | 240.41 | 299,27 | 242.70 | 1,024.97 | |||||
| (g) Other Expenses | |||||||||
| 1. Power and Fuel | 382.9565,27 | 360,9518,83 | 157,266.97 | 96.901,385.96 | |||||
| 3. Repairs & Maintenance and Civil Contract2 Production consumables | 38.88 | 72.81 | 32.37 | 275.08 | |||||
| Selling Expenses | 92.34 | 166,72 | 47,87 | 424.87 | |||||
| Travelling Expenses$+ 1600$ | 20.69 | 68.77 | 53.03 | 253.85 | |||||
| Other Expenditure | 63.89 | 112.24 | 87.32 | 432.68 | Segment Result$\overline{N}$ | ||||
| Total other expenses | 684.02 | 800.32 | 384.62 | 2,859.34 | Profit (+) ( Less (-) belore lax & interest from each segment | ||||
| Total expenses | 1,868.09 | 2,832.00 | 2,000.92 | 9,769.86 | (1, 116.45) | (1,800,27) | |||
| Total profit before exceptional items and taxø | (147.83) | 128.50 | (1, 112, 73) | (1,594.67) | Sale of Products╤ | (186.31) | 12,0544.41 | 121.84 | |
| Exceptional items$\Rightarrow$ | Total Profit before taxSale of Services$\overline{\mathbf{c}}$ | (151, 56)34.75 | 56,46 | (1, 116.45) | (1,678,43) | ||||
| Total profit before taxu) | (147.83) | 128.50 | (1, 112.73) | (1,594.67) | |||||
| Tax expensew | Finance cost | ||||||||
| Current tax | ۰ | y, | |||||||
| Prior period tax | ¥ | (2, 18) | (412.18) | Other Unallocable Expenditure net off× | |||||
| Deferred taxMAT Credit | ¥ | 4.97Ξ | ä, | 4.97 | Unallocable income | (3.73) | (72.04) | (3.72) | (83, 76) |
| Total tax expenses | (407.27) | (407.21) | |||||||
| Net Profit / Loss for the period from continuing operationsN | (147.83) | 535,71 | (1, 112.73) | (1, 187, 46) | Profit before Tax | (147.83) | 128.50 | (1, 112, 73) | (1.594.67 |
| Profit (loss) from discontinued operations before laxœ | |||||||||
| Tax expense of discontinued operations | |||||||||
| Net profit (loss) from discontinued operation after tax | |||||||||
| Total profit (loss) for periodo | (147.83) | 35.71ió, | (1, 112.73) | (1, 187.46) | |||||
| Share of Profit (Loss) of Associates Accounted for usingŞ | |||||||||
| Equity Method | 2.40 | 535.71 | (1112.73) | (1187.46) | |||||
| Total profit (loss) for periodOther comprehensive incomeF | (145.43) | ||||||||
| (a) (i) liems that will not be reclassified to profit & loss | Capital Employedø | ||||||||
| '- Remeasurement of defined benefit plans | ×, | 32(13) | (32.13) | (Segment Assets) | |||||
| (ii) Income Tax relating to items that will not be classified to profit & loss | Sale of Products | 43,847.53 | 44,419.77 | 45,350.18 | 44,419.77 | ||||
| - Remeasurement of defined benefit plans | 8,35 | 8.35 | Sale of Services$\overline{\mathbf{r}}$ | 2,601.28 | 2,642.15 | 1,735.94165.43 | 2,642.15139,02 | ||
| (b) (i) liems that may be reclassified to profit & loss | Unallocable Assetsᢛ | 1,608.40 | 139.02 | ||||||
| (ii) Income Tax on items that may be reclassified to profit & loss | Total capital employed | 48,057.21 | 47,200.94 | 47,251.55 | 47,200.94 | ||||
| Total Other Comprehensive income net of taxes | 23.78) | (23.78) | (Segment Liabilities) | ||||||
| Total Comprehensive income for the penod | (145.43) | 11.93in, | (1, 112.73) | (1,211.24) | Sale of Products↽ | 10,888.76 | 1,182,2511,289,92 | 1,150.0011,543.30 | 11,289.92 |
| 12 Details of equity share capital | 5,233.91 | 5,233.91 | 4,758,17 | 5,233.91 | Unallocable Liabilities2 Sale of Services3 Unallocable Liab | 1,130.8336,037.62 | 34,728.77 | 34,558,25 | 1.182.2534,728.77 |
| Paid-up equity share capital | 10,00 | 10.00 | Total capital employed | 48,057.21 | 47,200.94 | 47,251.55 | 47,200.94 | ||
| Face value of equity share capital | 10.00 | 10.00 |
| Financial Results 30.06.2021 Contd | (Rs. Lakhs except per share) | ||||
|---|---|---|---|---|---|
| DESCRIPTION CONSCITENCES ON A SERVICE CONSCIOUS DESCRIPTION OF SERVICE CONSTRUCT CONSTRUCTION | |||||
| 3 months | Preceding 3 | Corresponding | Breword | ||
| ended | months ended | 3 months ended | year ended | ||
| Particulars | 30-06-21 | $31 - 03 - 21$ | (30/06/2020) inthe previousyear | $31 - 03 - 21$ | |
| (Unaudited) | (Auctiod) | (Unaudited) | (Audited) | ||
| e | Reserves excluding Revaluation Reserves | 27,838.29 | 27,838.29 | 28.671.41 | 27,838,29 |
| $\frac{4}{3}$ | Debenture Redemption Reserve | ||||
| 46 | Earnings per share | ||||
| Earnings per equity share for continuing operations | |||||
| Basic earnings (loss) per share from continuing operations | (0.28) | 1.05 | (2.34) | (2.45) | |
| Diluted earnings (loss) per share from continuing operations | (0.26) | 1.02 | (2.34) | (2.42) | |
| II. Earnings per equity share for discontinued operations | |||||
| Basic earnings (loss) per share from discontinued operations | ř | P. | ¥ | ||
| Diluted earnings (loss) per share from discontinued operations | ۱ | ||||
| iii.Earnings per equity share | |||||
| Basic earnings (loss) per share from continuing and | |||||
| discontinued operations | (0.20) | $\frac{8}{2}$ | (234) | (2.48) | |
| Diluted earnings (loss) per share from continuing anddiscontinued operations | (0.26) | 1.02 | (2.34) | (2.42) |
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1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 13.08.2021.2 Due to COVID-19 and consequent lockdown by the State Governments, the group suspended t
underlying financial results for the quarter by way of supply chain disruption, unavailability of personnel, closure/lock down of productionfacilities, retail outlets of dealers etc.Previous year figures are re-grouped / manufacturing units. The lockdown and the temporary restrictions have impacted the normal business operations of the group and the
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Piace : BengaluruDate : 13.08.2021
For Murudeshwar Ceramics Ltd. Javoe
By order of the Board of Directors
Satish R SheityVise Chairman & Managing DirectorDIN : 00037528
1x \ 7 lal Vk Me < / 4 ANGALOF
a,
Independent Auditor's Review Report on Unaudited Quarterly and Year to Date Consolidated Financial Results of Murudeshwar Ceramics Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
To,
The Board of Directors of Murudeshwar Ceramics Limited,
We have reviewed the accompanying statement of unaudited consolidated financial results ("the Statement') of Murudeshwar Ceramics Limited ("the Company") and its share of the net profit after tax and total comprehensive income of its associates for the quarter ended June 30, 2021 and year to date results for the period from April 01, 2021 to June 31, 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Regulation"), including relevant circulars issued by SEBI from time to time ("the Circulars').
This Statement, which is the responsibility of the Company's Management and approved by the Company'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, as amended read with relevant rules issued thereunder, the Circulars and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement 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. 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 specified under section 143(10) of the Companies Act 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.
The Statement includes the results of the following associate:
(a) RNS Power Limited.
Based on our review conducted and procedures performed as stated in above paragraph and based on the consideration of the review reports of the other auditors referred to in below paragraph, nothing has come to our attention 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 Standard (ind AS) prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevafit riiles j issued thereunder and other accounting principles generally accepted in India, has not dis¢losed the \ > =i
K.G. Rao & Co. O Chartered Accountants
information required to be disclosed in terms of the Regulation, read with the Circulars, including the manner in which be disclosed, or that it contains any material misstatement.
The accompanying statement include the Company's share of net profit after tax of Rs 2.4 Lakhs and total comprehensive income of Rs Nil for the quarter ended June 30, 2021, as considered in the accompanying statement, in respect of one associate, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose reports 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 associates, 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 Statements is not modified in respect of this matter.
For K.G. Rao & Co. Chartered Accountants ICAI FIRM REG NO: V |}
KRISHNARADK: >" Place ; Bengaluru Partner a Date : 13.08.2021 Membership No: 217422 UDIN:21217422 AA AACA 6442
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