Nelco Ltd — Interim / Quarterly Report 2021

Jul 30, 2021

30th July 2021

Rotunda Building, Bandra (East) P.J. Towers, Fort, Mumbai – 400 051 Mumbai – 400 001

BSE Limited National Stock Exchange of India Limited Corporate Relationship Dept 5th floor, Exchange Plaza, Plot No.C-1 1st Floor, New Trading Ring, Block "G" Bandra Kurla Complex

BSE Code : 504112 NSE Code : Nelco EQ

Dear Sirs,

Sub: Outcome of Board Meeting Unaudited Financial Results & Limited Review Report for the Quarter ended 30th June 2021

Further to our letter dated 21st July 2021, we are submitting: -

• 1. Unaudited Standalone Financial Results for the quarter ended 30th June 2021 along with the Limited Review Report by the Statutory Auditors.
• 1. Unaudited Consolidated Financial Results for the quarter ended 30th June 2021 along with the Limited Review Report by the Statutory Auditors.

Both the above have been approved by the Board of Directors at its meeting held on 30th July 2021 which commenced at 3.00 p.m. and concluded at 7.55 p.m.

The said Results along with the Unaudited Standalone Financial Results will be available on Company's website www.nelco.in

The Company will publish the Unaudited Consolidated Financial Results in the prescribed format.

Please take the aforesaid on record.

Thanking you

Yours faithfully, NELCO Limited

Girish V. Kirkinde Company Secretary & Head legal

Encl: As above.

Nelco Limited, EL-6, Electronics Zone, MIDC, Mahape, Navi Mumbai - 400 710, India. Tel: +91 22 6791 8728, 6739 9100 Fax: +91 22 6791 8787 Web: www.nelco.in CIN No.L32200MH1940PLC003164; Email ID:-services@nelco.in

E>K>/D/dZ'͘K&&/͗Ͳ>Ͳϲ͕dd/Eh^dZ/>Z͕D/͕>dZKE/KE͕D,W͕Es/DhD/ͲϰϬϬϳϭϬ͕/E͗>ϯϮϮϬϬD,ϭϵϰϬW>ϬϬϯϭϲϰ

ƚĞŵ	Ĩ ƚƐĨ ; ŬŚ ƐͿ ^ƚĂ ƐŽů ŝĚĂ ƚĞĚ hŶ Ěŝƚ ĞĚ &ŝ ŶĐŝ Ăů ZĞ ƐƵů ƚŚĞ ĚĞ Ě: Ğϯ Ϭ͕ ϮϬ Ϯϭ ZƐ͘ /Ŷ >Ă ƚŽ Ăƌƚ ĞŶ ŽŶ ĂƵ ŶĂ Žƌ ƋƵ Ğƌ ĞŶ ƵŶ
		ŶƚŚ ŶĚ ĞĚ ϯ DŽ ƐĞ	ĚŝŶ ƚŚƐ Wƌ ϯD ĞĐĞ ŽŶ Ő	ŶĚ ŝŶŐ Ž ϯ ƌƌĞ ƐƉŽ	ŝŽƵ Wƌ Ğǀ ƐLJ ĞĂ ƌ
^ƌ͘ EŽ ͘	ƵůĂ WĂ ƌƚŝĐ ƌƐ	ϯϬ ͘Ϭϲ ͘ϮϬ Ϯϭ	ĚĞ Ěϯ ϭ͘Ϭ ϯ͘Ϯ ϬϮ ϭ ĞŶ	DŽ ŶƚŚ ŶĚ ĞĚ ƐĞ	ĚĞ Ěϯ ϭ͘Ϭ ϯ͘Ϯ ϬϮ ϭ ĞŶ
				ϯϬ ͘ϲ͘ ϮϬ ϮϬ
		Ěŝƚ ĞĚ hŶ ĂƵ	Ěŝƚ ĞĚ hŶ ĂƵ	Ěŝƚ ĞĚ hŶ ĂƵ	Ěŝƚ ĞĚ Ƶ
			; ĨĞƌ ϱͿ ZĞ ƚĞ ŶŽ
ϭ	/ŶĐ Žŵ Ğ
	ĂͿ ĞĨ KƉ ƚŝŽ /ŶĐ Žŵ ƌŽŵ ĞƌĂ ŶƐ	Ϭ ϱ͕ ϱϭ	ϲ͕ ϰϴ ϯ	ϵϱ Ϯ ϰ͕	ϮϮ͕ ϲϭ Ϯ
	ďͿ ŚĞ Kƚ ƌ/Ŷ ĐŽŵ Ğ	ϭϱ Ϯ	ϴϯ	ϴϬ	Ϯϴϰ
	ƚĂů Ğ; ďͿ dŽ /Ŷ ĐŽŵ Ăн	ϱ͕ ϲϲ Ϯ	ϲ͕ ϱϲ ϲ	ϱ͕ Ϭϯ Ϯ	ϮϮ͕ ϴϵ ϲ
Ϯ	džƉ ĞŶ ƐĞƐ
	ĂͿ ƌĐŚ ŽĨ ĐŬͲ ŝŶ ĂĚ WƵ ƐƚŽ Ͳƚƌ ĂƐĞ Ğ	ϴϬ ϲ	ϵ ϵϮ	ϰϮ ϱ	Ϯ͕ ϴϴ ϵ
	ďͿ Ś ŽĨ ĐŬͲ ĚĞ ŝŶ /Ŷǀ ŝĞƐ ŝŶͲ ƚŽƌ ƐƚŽ ƚƌĂ ĂŶŐ ĞƐ ĞŶ	; ϳͿ ϯϯ	ϭϳ ϭ	; ϬͿ Ϯϭ	; Ϳ ϴϲ
	ĐͿ ůŽLJ ŶĞĨ ŝƚƐ ŵ Ğ džƉ Ɖ ĞĞ ĞŶ ƐĞ	ϴϳ ϲ	ϵϰ ϲ	ϴϵ ϭ	ϯ͕ ϰϭ ϭ
	ĚͿ &ŝŶ Ž Ɛƚ ĂŶ ĐĞ	ϭϴ Ϯ	ϭϵϮ	Ϯϵϰ	ϵϱ ϯ
	ĞͿ ŶĚ Ğ ĐŝĂ ƚŝŽ ŝnjĂ ƚŝŽ Žƌƚ ƉƌĞ ŶĂ Ăŵ ŶĞ džƉĞ ŶƐĞ	ϱϳ ϭ	ϱϴ ϵ	Ϭ ϱϰ	Ϯ͕ Ϯϯ Ϭ
	ĨͿ dƌĂ ĚĞ ƌ ŚĂ ŶƐƉ ŽŶ ƌŐĞ Ɛ	ϭ͕ ϯϴ ϴ	ϭ͕ ϯϬ ϱ	ϭ͕ ϰϰ ϲ	ϱ͕ ϰϵ ϯ
	Ϳ ŚĞ Kƚ Ő ƌĞ džƉĞ ŶƐĞ Ɛ	ϭ͕ ϱϲ ϰ	ϭ͕ ϴϬ ϰ	ϭ͕ ϯϵ ϳ	ϲ͕ ϰϭ ϴ
	ƚĂů dŽ dž ƉĞ ŶƐĞ Ɛ	ϱ͕ Ϭϱ Ϭ	ϱ͕ ϵϯ ϲ	ϰ͕ ϳϴ ϯ	Ϯϭ͕ ϯϬ ϴ
ϯ	; Ϳ WƌŽ Ĩŝƚ ďĞ ĨŽƌ ƚŝŽ ůŝƚ Ěƚ ϭͲϮ ĞĞ džĐĞ Ɖ ŶĂ Ğŵ ĂŶ Ădž	ϲ ϭϮ	ϲϯ Ϭ	Ϯϰ ϵ	ϭ͕ ϱϴ ϴ
ϰ	dĂ džĞ džƉ ĞŶ ƐĞ
	ĂͿ Ƶ dĂdž Ŷƚ ƌƌĞ	Ϯϭ ϲ	Ϯϵ ϯ	ϱϲ	ϱϵ ϳ
	ďͿ ĨĞƌ ƌĞĚ dž; Ϳ Ğ dĂ ŶĞƚ	; Ϳ ϰϮ	; ϭͿ ϭϭ	ϵ	; ϱͿ Ϯϰ
ϱ	ƌŽĨ ŝƚĨ ƚŚĞ ĚͬLJ ƌ; Ϳ EĞ ƚW ƌŝŽ ϯͲϰ Žƌ ƉĞ ĞĂ	ϰϯ ϴ	ϰϴ ϰ	ϭϴϰ	Ϯϯ ϲ ϭ͕
ϲ	Ğͬ Kƚ ŚĞ ƌ ŚĞ ŶƐŝ /ŶĐ
	;Ğdž ƐͿ Žŵ ƉƌĞ ǀĞ Žŵ ƉĞ ŶƐĞ ƚŚ ůůŶ ďĞ ůĂƐ ƐŝĨŝ ĞĚ Ĩŝƚ /ƚĞ ǁŝ WƌŽ >ŽƐ Ăƚ Žƚ ƚŽ ŵƐ ƌĞĐ Žƌ Ɛ͗
	Ɛ;Ŷ Ϳ ŽĨ ůŽLJ ďĞ ŶĞĨ ŝƚŽ ďůŝŐ Ăƚŝ ŽĨ Z Ŷƚ ƐƚĞ Ŷƚ Ğƚ ƚĂdž Ğŵ ĞĂƐ ƵƌĞ ŵĞ ƉŽ ŵƉ ŵĞ ŽŶ	; Ϳ ϲϰ	ϭϴ	; ϳͿ	Ϯϴ
ϳ	ͬLJĞ ƚĂů ƌĞŚ ĨŽ ƌƚŚ ŽĚ ; ϲͿ dŽ Ž Ɛŝǀ Ğ/ Ğƌŝ ϱн ŵƉ ĞŶ ŶĐŽ ŵĞ ĞƉ Ăƌ	ϯϳ ϰ	ϰ ϲϲ	ϭϳϳ	ϭ͕ Ϯϲ ϰ
ϴ	ϬͬͲ WĂŝ ĚƵ ŝƚLJ ƐŚĂ ŝƚĂ ů; ĨĂĐ ĂůƵ ĐŚͿ ĞZ Ɛ͘ϭ ƉĞ ƋƵ ƌĞ ĐĂƉ Ğǀ ĞĂ	Ϯ͕ Ϯϴ Ϯ	Ϯ͕ Ϯϴ Ϯ	Ϯ͕ Ϯϴ Ϯ	Ϯ͕ Ϯϴ Ϯ
ϵ	Kƚ ŚĞ ƌ ŝƚLJ ƋƵ				ϱ͕ ϯϭ ϵ
ϭϬ	ŚĂ ; Ě ŝůƵ ƚĞĚ Ϳ ; ĂůƵ ϬͬͲ ĐŚͿ ;Ŷ ĂůŝƐ ĞĚ Ϳ Ăƌ ŶŝŶ WĞ ƌ^ Ă ƐŝĐ &ĂĐ ĞZ Ɛ͘ϭ Žƚ ŐƐ ƌĞ ĂŶ Ğǀ ĞĂ ĂŶ ŶƵ	ϭ͘ϵ Ϯ	ϭ͘ϵ ϲ	Ϭ͘ϴ ϭ	ϱ͘ϰ Ϯ
ϭϭ	ŝǀ ŝĚĞ ŶĚ ŚĂ ; ĂůƵ ĂĐŚ Ϳ WĞ ƌ^ WĂ ƌs ĞZ Ɛϭ ϬĞ ƌĞ
	Ăů ŝǀŝĚ ĚŽ ^Ś Ɛ; ZƐͿ &ŝŶ Ŷ ŝƚLJ ŝŶ ĞŶ ƋƵ ĂƌĞ	Ͳ	Ͳ	Ͳ	ϭ͘Ϯ Ϭ
	ƚĂů ŝĚĞ ŶĚ ; йͿ dŽ Ƌ Ƶŝƚ ŝǀ ŶƚĂ LJ ƉĞ ƌĐĞ ŐĞ	Ͳ	Ͳ	Ͳ	ϭϮ

EŽƚĞƐ͗Ͳ

ϭdŚĞŽŵƉĂŶLJǀŝĚĞŝƚƐůĞƚƚĞƌĚĂƚĞĚ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳŝŶĨŽƌŵĞĚƚŚĞƐƚŽĐŬĞdžĐŚĂŶŐĞĂďŽƵƚƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŽ

;ŝͿ ƚƌĂŶƐĨĞƌ ďLJ ǁĂLJ ŽĨ ƐůƵŵƉ ƐĂůĞ ŽŶ ^Ă ŐŽŝŶŐ ĐŽŶĐĞƌŶ ďĂƐŝƐ͕ ĨŽƌ ^Ă ůƵŵƉ ƐƵŵ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŽ ŝƚƐ ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJ͕ EĞůĐŽ EĞƚǁŽƌŬ WƌŽĚƵĐƚƐ >ƚĚ ;EEW>Ϳ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ

;ĂͿ/ŶƚĞŐƌĂƚĞĚ^ĞĐƵƌŝƚLJĂŶĚ^ƵƌǀĞŝůůĂŶĐĞ^ŽůƵƚŝŽŶ;Ζ/^^^ΖͿďƵƐŝŶĞƐƐĂŶĚ

;ďͿ sĞƌLJ ^ŵĂůů ƉĞƌƚƵƌĞ dĞƌŵŝŶĂůƐ ;Ηs^dΗͿ ŚĂƌĚǁĂƌĞ ďƵƐŝŶĞƐƐ ĂŶĚ ĂůůŝĞĚ ƐĞƌǀŝĐĞƐ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ŶĞƚǁŽƌŬ ŵĂŶĂŐĞŵĞŶƚ͕ ƉƌŽũĞĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƐĞƌǀŝĐĞƐ͕ƚƵƌŶŬĞLJƐŽůƵƚŝŽŶƐĨŽƌƐĂƚĞůůŝƚĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐLJƐƚĞŵƐ͕ĂŶĚĐŽͲůŽĐĂƚŝŽŶƐĞƌǀŝĐĞƐƚŽĐƵƐƚŽŵĞƌƐŽƚŚĞƌƚŚĂŶdĂƚĂŶĞƚ^ĞƌǀŝĐĞƐ>ƚĚ;dE^>Ϳ͖ĂŶĚ

;ŝŝͿƚŚĞĂŵĂůŐĂŵĂƚŝŽŶŽĨdE^>ǁŝƚŚƚŚĞŽŵƉĂŶLJ͕ƚŚƌŽƵŐŚĂĐŽŵƉŽƐŝƚĞƐĐŚĞŵĞŽĨƌƌĂŶŐĞŵĞŶƚĂŶĚŵĂůŐĂŵĂƚŝŽŶ;WƌŽƉŽƐĞĚ^ĐŚĞŵĞͿ͘

dŚĞ WƌŽƉŽƐĞĚ ^ĐŚĞŵĞ ŚĂƐ ďĞĞŶ ĂƉƉƌŽǀĞĚ ďLJ EĂƚŝŽŶĂů ŽŵƉĂŶLJ >Ăǁ dƌŝďƵŶĂů ;͚E>d͛Ϳ ŽŶ EŽǀĞŵďĞƌ Ϯ͕ ϮϬϭϴ͘ ƵƌŝŶŐ ƚŚĞ ƋƵĂƌƚĞƌ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƌĞĐĞŝǀĞĚ ĂƉƉƌŽǀĂů ĨƌŽŵ ĞƉĂƌƚŵĞŶƚŽĨdĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ;ŽdͿŽŶ:ƵŶĞϵ͕ϮϬϮϭ͘

^ŝŶĐĞ͕ ƚŚĞ ĂďŽǀĞ ƌĞŽƌŐĂŶŝƐĂƚŝŽŶ ŝƐ ďĞƚǁĞĞŶ ƚŚĞ ŽŵƉĂŶLJ ;ŚŽůĚŝŶŐ ĐŽŵƉĂŶLJͿ ĂŶĚ ŝƚƐ ƚǁŽ ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ƚŚŝƐ ŚĂƐ ŶŽ ŝŵƉůŝĐĂƚŝŽŶ ŽŶ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂůŽŶŐ ǁŝƚŚ ŝƚƐ ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌŝĞƐ

;	ZƐ͘	/Ŷ	>Ă	ŬŚ	ƐͿ
---	-----	----	----	----	----	--

Ϯ	ŶĚ ĂůŽ &ŝŶ ĐŝĂ ůĚĞ ƚĂŝ ůƐ ^ƚĂ ŶĞ ĂŶ	ƚŚƐ ĚĞ Ě ϯD ŽŶ ĞŶ ϯϬ ͘Ϭϲ ͘ϮϬ Ϯϭ	ĐĞĚ ŝŶŐ ŶƚŚ WƌĞ ϯ DŽ Ɛ ĚĞ Ěϯ ϭ͘Ϭ ϯ͘Ϯ ϬϮ ϭ ĞŶ	ŶĚ ŝŶŐ Ž ϯ ƌƌĞ ƐƉŽ ŶƚŚ ŶĚ ĞĚ DŽ ƐĞ ϯϬ ͘ϲ͘ ϮϬ ϮϬ	ǀŝŽ WƌĞ ƵƐ LJĞ Ăƌ ĚĞ Ěϯ ϭ͘Ϭ ϯ͘Ϯ ϬϮ ϭ ĞŶ
		Ěŝƚ ĞĚ hŶ ĂƵ	Ěŝƚ ĞĚ hŶ ĂƵ	Ěŝƚ ĞĚ hŶ ĂƵ	Ěŝƚ ĞĚ Ƶ
			; ZĞĨ ϱͿ ƚĞ Ğƌ ŶŽ
	ĞĨ /ŶĐ Ž Ŷƚŝ ŝŶŐ KƉ ƚŝŽ Žŵ ƌŽŵ ŶƵ ĞƌĂ ŶƐ	ϱ ϯ͕ ϰϭ	ϴ ϯ͕ ϰϱ	ϭ ϯ͕ ϯϴ	ϭϯ͕ ϭϭϯ
	Ĩŝƚ ďĞ ĨŽƌ Ě ĚK WƌŽ Ğd Ž Ŷƚŝ ŝŶŐ ŝƐĐ ƚŝŶ ŝŽŶ ƌĂƚ ĂdžͲ ŶƵ ĂŶ ŽŶ ƵĞ ƉĞ Ɛ	ϵ ϱϱ	ϲ ϲϮ	Ϯϰ ϳ	ϭ͕ ϱϴ ϵ
	WƌŽ Ĩŝƚ ĂĨ dĂ Ž Ŷƚŝ ŝŶŐ Ě ŝƐĐ ƚŝŶ ĚK ŝŽŶ ƚĞƌ ƌĂƚ džͲ ŶƵ ĂŶ ŽŶ ƵĞ ƉĞ Ɛ	ϴ ϯϵ	ϰ ϰϰ	ϭϴ Ϯ	ϭ͕ Ϯϯ ϳ
	ƚĂů ƌĞŚ ŶĚ ĚK dŽ Ž Ɛŝǀ Ğ/ Ͳ ƚŝŶ ƵŝŶ ŝƐ ƚŝŶ ŝŽŶ ƌĂƚ ŵƉ ĞŶ ŶĐŽ ŵĞ ŽŶ ŐĂ ĐŽŶ ƵĞ ƉĞ Ɛ	ϰ ϯϯ	Ϯ ϰϲ	ϭϳϱ	ϭ͕ Ϯϲ ϱ

• ϯĂƐĞĚŽŶĞǀĂůƵĂƚŝŽŶŽĨŬĞLJĨŝŶĂŶĐŝĂůƉĂƌĂŵĞƚĞƌƐ͕ƚŚĞŽŵƉĂŶLJďĞůŝĞǀĞƐƚŚĂƚŝƚŽƉĞƌĂƚĞƐŝŶŽŶůLJŽŶĞƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚŝ͘Ğ͘EĞƚǁŽƌŬ^LJƐƚĞŵƐĂŶĚĂĐĐŽƌĚŝŶŐůLJƚŚĞĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐĂƌĞƌĞƉŽƌƚĞĚĂƐƐŝŶŐůĞƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚ͘
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• $\overline{7}$ The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
• 8 Previous period / year figures have been re-grouped or reclassified, to conform to such current period's classification
• 9 The Unaudited Standalone and Consolidated financial results for the quarter ended June 30, 2021, of the Company are available on the Company's website 'www.nelco.in', Bombay Stock Exchange's website "www.bseindia.com" and National Stock Exchange's website "www.nseindia.com".
• The above results have been prepared in accordance with Indian Accounting Standards ('IND AS') notified under Section 133 of the Companies Act 2013, read together with 10 the Companies (Indian Accounting standard) Rules, 2015 and have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on July 30, 2021.

For Nelco Limited

R.R.Bhinge Chairman DIN: - 00036557

Place :- Mumbai Date:- July 30, 2021

S.R. BATLIBOL& ASSOCIATES LLP Chartered Accountants

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Nelco Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Nelco Limited (the "Holding Company" or "the Company") and its subsidiary (the Holding Company and its subsidiary together referred to as "the Group") for the quarter ended June 30, 2020 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, 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 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. 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 is free of material misstatement. 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 No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the following subsidiary: Nelco Network Products Limited
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

• 1. We draw your attention to the following
• a) Note 4 to the financial results regarding the input tax credit balances under the Cenvat/Service tax/Sales tax considered fully recoverable by the management and no provision made against the same in the books based on the legal advice obtained respect to Company's claim to carry forward these balances on transition to Goods and Services Tax (GST) for future set-off against GST payable. Our conclusion is not modified in respect of these matters
• 1. The comparative consolidated financial information of the Company for the quarter June 30, 2020 were reviewed by the predecessor auditor who expressed an unmodified opinion on financial information for the quarter June 30, 2020 on July 31, 2020.

For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004 - → ← ← ← ← ← ← ← ← ← ← ← ← ← ← ← ← ← ← VINEET

per Vineet Kedia Partner Membership No.: 212230 UDIN: 21212230AAAACL5635

Place: Mumbai Date: July 30, 2021

NELCO LIMITED

REGD. OFFICE :- EL-6, TTC INDUSTRIAL AREA, MIDC, ELECTRONIC ZONE, MAHAPE, NAVI MUMBAI - 400 710, CIN: L32200MH1940PLC003164

Sta tem	of nda lon dit ed ial ults fo r th ded Sta e U Fin Res Ju 30, 20 21 ent ter nau anc e q uar en ne		(Rs in Lak hs)
Sr. No	rtic ula Pa rs	3 M hs end ed ont 30. 06. 202 1	ced ing 3 M hs Pre ont end ed 31. 03. 202 1	Cor din g 3 res pon Mo nth nde d s e 30. 6.2 020	evi nde d Pr Ye ous ar e 31. 03. 202 1
		aud ited Un	aud ited Un	aud ited Un	dit ed Au
			(Re fer 1 & 7) te no	(Re fer 1) te no	(Re fer 1) te no
A	Con tin uin g O atio per ns
1	Inc om e
	a) I fro m O atio nco me per ns	3,4 15	3,4 58	3,3 81	13, 112
	b) O the r In com e	138	69	36	141
	al I (a+ b) Tot nco me	3,5 53	3,5 27	3,4 17	13, 253
2	Exp ens es
	a) O atin per g e xpe nse s	1,8 43	1,7 48	884 1,	81 7,1
	a) E loy efit Ben s Ex mp ee pen se	554	530	500	1,8 99
	b) F ina Co st nce	61	76	145	438
	c) D nd eci atio izat ion ort epr n a am ex pen se	213	198	194	799
	d) S ub Con ctin g E tra xpe nse s	63	38	25	129
	e) O the r ex pen ses	376	417	361	1,5 48
	Tot al E xpe nse s	3,1 10	3,0 07	3,1 09	11, 994
3	fit bef fro inu ing tio (1-2 ) Pro tax ont ore m c op era ns	443	520	308	1,2 59
4	Tax ex pen se
	a) C Ta ent urr x	140	123	56	346
	b) D efe d T ( Re fer ) te 2 rre ax no	(8 )	113	9	(21 )
5	ofit fro inu ing Op tio (3-4 ) Net Pr m C ont era ns	311	284	243	934
B	ued ( Re fer 1) Dis tin Op tio te con era ns no
6	fit bef fro m d ued Pro isco ntin tio tax ore op era ns	116	106	(61 )	330
7	f di ntin ued tio Tax Ex pen se o sco op era ns
	a) C Ta ent urr x	55	170	-	251
	b) D efe d T ( Re fer ) te 2 rre ax no	(26 )	(22 4)	-	(22 4)
8	ofit fro isco nti d O atio (6-7 ) Net Pr m D nue per ns	87	160	(61 )	303
9	ofit fo r th d/y (5+ 8) Net Pr erio e p ear	398	444	182	1,2 37
10	e/( Oth er C hen siv e In es) om pre com exp ens
	s th ill n ot b cla ssif ied fit inu ing tio (ne t of ) Item at w to Pro Los s- C ont Op tax e re or era ns	(7 2)	7	(2 )	13
	(ne ) Item s th ill n ot b cla ssif ied Pro fit Los s- D isco ntin ued Op tio t of at w to tax e re or era ns	8	11	(5 )	15
	e/( Oth er C hen siv es) e In om pre com exp ens	(64 )	18	(7 )	28
11	d/ al C hen siv e fo r th erio r (9 ) Tot e In +10 om pre com e p yea	334	462	175	1,2 65
12	( fa 0/- ch) Pai d u qui har api tal alu e R s.1 ty s p e e c ce v ea	228 2	228 2	2,2 82	2,2 82
13	Oth er E qui ty				5,3 29
14	Sh (B nd Dilu ted ) (Fa lue /-e ach ) (no lise d) Ear nin Per asi Va Rs . 10 t an gs are c a ce nua
	inu ing tio Fro m C ont Op era ns	1.3 6	1.2 4	1.0 6	4.0 9
	Fro m D isco ntin ued Op tio era ns	0.3 8	0.7 0	-0. 27	1.3 3
	d D ued Fro m C inu ing isco ntin Op tio ont an era ns	1.7 4	1.9 4	0.7 9	5.4 2
15	Div ide nd Sh ( P lue ch ) Per Va Rs 10 are ar ea
	Fin al D ivid end uity Sh s ( in R s) Eq on are	-	-	-	1.2 0
	(% ) Tot al E qui ty D ivid end nta pe rce ge	-	-	-	12

Notes : -

1The Company vide its letter dated September 1, 2017 informed the stock exchange about the approval of the Board of Directors to

(i) transfer by way of slump sale on a going concern basis, for a lump sum consideration to its wholly owned subsidiary, Nelco Network Products Ltd (NNPL) of the following : (a) Integrated Security and Surveillance Solution ('ISSS') business and

(b) Very Small Aperture Terminals ("VSAT") hardware business and allied services consisting of network management, project management, infrastructure services, turnkey solutions for satellite communication systems, and co-location services to customers other than Tatanet Services Ltd (TNSL); and (ii) the amalgamation of TNSL with the Company, through a composite scheme of Arrangement and Amalgamation (Proposed Scheme).

The Proposed Scheme has been approved by National Company Law Tribunal ('NCLT') on November 2, 2018. During the quarter the Company has received approval from Department of Telecommunications (DoT) on June 9, 2021 on Proposed Scheme. Pursuant to approval, the Proposed Scheme has been accounted for as follows: •DisconƟnued operaƟons has been transferred to NNPL in accordance with IND AS 105. Considering the materiality and convenience reason, demerger impact is given from June 1, 2021; and

•TNSL merger has been accounted in accordance with Appendix C of IND AS 103 "Business CombinaƟon" and accordingly, results of all the previous periods have been restated by including results of the Transferor Company from the beginning of the previous year i.e. April 1, 2020.

				( akh s) Rs in L
ticu lars Par	2 M hs e nde d ont	ced ing 3 M hs Pre ont	Cor din g 3 nth Mo res pon s	vio Pre Yea us r
	31. 05. 202 1	end ed 31. 03. 202 1	end ed 30. 6.2 020	end ed 31. 03. 202 1
	aud ited Un	aud ited Un	aud ited Un	dite d Au
	( Ref bov e) not er e a	( Ref ) e 7 not er
e f Op tio inc lud ing her inc Inc ot om rom era ns om e	1,4 19	3,0 42	1,6 14	9,6 57
Exp ens es	1,3 03	2,9 36	1,6 75	9,3 27
fit bef Pro Ta ore x	6 11	106	( 61)	330
Tax Ex pen se
a) Cu nt T rre ax	55	170	-	25 1
b) Def ed Tax err	( 26)	( ) 224	-	( ) 224

• 2Deferred tax credit has been reclassified from continued operations to discontinued operations during the quarter and year ended March 31, 2021. Deferred tax pertaining to discontinued operations has been recognised under tax expense of discontinued operations.
• 3As a part of transition to Goods Services Tax (GST) in June 2017, the Company carried forward the Cenvat/Service tax/Sales tax input credit balance of Rs 31 Lakhs as on June 30, 2021 for future set-off against GST payable. However, due to technical glitch on the GSTN portal, the Company could not file the Tran 1 Form within the prescribed period including the extended filing period. A writ petition filed by the Company in the Hon'ble High Court of Bombay for allowing the carry forward of the input credit balances was dismissed vide its order dated March 20,2020. Thereby the petition and the claim of the Company of Rs. 31 Lakhs was disallowed. The Company has filed Special Leave Petition in Hon'ble Supreme Court and which is admitted by Supreme Court. Similar writ petition filed by subsidiary which merged with the Company for claim of Rs. 85 Lakhs with Hon'ble High Court of Bombay is pending for hearing. In view of the multiple judgements by various High Courts in India on this matter which supports the Company's claim and based on the advice received from independent legal counsel, the Company expects to recover this input credit balance. In view of this, no provision has been made in the books of account against the recoverability of these balances.
• 4Based on evaluation of key financial parameters, the Company believes that it operates in only one reportable segment i.e. Network Systems and accordingly the financial results are reported as single reportable segment.
• 5For the financial year ended March 31, 2021, the Company has paid a final dividend of Rs. 1.20 (12%) per equity share which was recommended by the Board and approved by shareholders at the Annual General Meeting of the Company held on June 22, 2021.

• 6The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
• 7The figures for the last quarter results are the balancing figures between the audited figures in respect of the full financial year and published year to date figures upto the third quarter of the respective financial year.
• 8As stated in note 1, previous period / year figures have been re-grouped or reclassified, to conform to such current period's classification.
• 9The above results have been prepared in accordance with Indian Accounting Standards ('IND AS') notified under Section 133 of the Companies Act 2013, read together with the Companies (Indian Accounting standard) Rules, 2015 and have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on July 30, 2021.

For Nelco LimitedR.R.Bhinge

ChairmanDIN :- 00036557

Place :- MumbaiDate :- July 30, 2021

S.R. BATLIBOL& ASSOCIATES LLP Chartered Accountants

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Nelco Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Nelco Limited (the "Company") for the quarter ended June 30, 2021 (the "Statement") attached herewith, 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 "Listing Regulations").
• 1. 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, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. 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 is free of material misstatement. 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.
• 1. Based on our review conducted as above, 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 Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw your attention to the following:
• a) Note 3 to the financial results regarding the input tax credit balances under the Cenvat/Service tax/Sales tax considered fully recoverable by the management and no provision made against the same in the books based on the legal advice obtained with respect to Company's claim to carry forward these balances on transition to Goods and Services Tax (GST) for future set-off against GST payable.

Our conclusion is not modified in respect of these matters

S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants

1. The comparative standalone financial information of the Company for the quarter June 30, 2020 were reviewed by the predecessor auditor who expressed an unmodified opinion on financial information for the quarter June 30, 2020 on July 31, 2020.

MUMBAI

For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004

VINEET Bigitally signed by VINEET KEDIA, c=IN,

KEDIA $\sum_{\text{RISL} \text{in}}$ $\sum_{\text{RISL} \text{in}}$ 2201.07.30 18:59:10

Place: Mumbai Date: July 30, 2021