Nitiraj Engineers Limited — Interim / Quarterly Report 2022

Aug 15, 2021

• · Electronic Weighing Scales & Systems
• · Electronic Currency Counting Machines
• · Electronic Fare Meters
• · Home Automation

CIN: L31909MH1999PLC119231 ISO 9001:2015 COMPANY

CORPORATE OFFICE:

BEHIND GURUDWARA, DHULE - 424 001.(M.S.) INDIA TEL: +91 - 2562 - 239080, 239046, 239331 E-mail : response@nitiraj.net Web Site : www.nitiraj.net

Date: - 14/08/2021

To The Manager Listing & Compliance Department, National Stock Exchange of India limited Exchange Plaza, 5Th Floor, Plot No C/1. G Block, Bandra-Kurla Complex, Bandra. Mumbai-400051

Company ID: NITIRAI

ISIN: INE439T01012

SUB:- Outcome of Board Meeting-under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulaions, 2015 as amended from time to time.

Dear Sir /madam

Pursuant to Regulation 30 & 33 of the SEBI(Listing Obligations and disclosure Requirements) Regulations, 2015("Listing Regulations"), we wish to inform you that the Meeting of the Board of Directors of the company was held on Saturday, 14th August, 2021 at 5.30 PM and concluded at 6.15 PM through video conferencing (VC). The Board of directors of the company has considered and, either noted or approved the followings along with other routine businesses:-

1. Approved the Unaudited financial Results of the company for the quarter ended 30th June, 2021, and taken on record the limited Review Report of the statutory Auditors on Unaudited Financial Results of the company for the quarter ended 30th June 2021;

Further, in accordance with the applicable provisions of the SEBI (Prohibition Of Insider Trading) Regulations, and as per Company code for prohibition of insider trading, the "Trading Window" for dealing in equity shares of the company shall remain closed till 48 hours after the declaration of Unaudited quarterly Financial Results of the company to the stock exchange.

You are requested to please take on record the aforesaid information for your reference, records and for further needful.

Thanking You, Yours Faithfully,

FOR NITIRAJ ENGINEERS LIMITED Chart

RAJESH RAGHUNATH BHATWAL Managing Director 00547575

REGD.OFFICE: 306 A, BHABHA BLDG., N. M. JOSHI MARG, DELISLE ROAD MUMBAI - 400 011 (M.S.) 2: (022) 23094161 Walter Schultzeit als Statement and an

					* BRANGH UPPIGES *
CHHATTISGARHAmbikapurHilaspur	401606 Raigarh :	222508 Raipur	4045448231140	MAHARASHTRAAhmednagar: 9168648056AkolaAurangabad : 9372833300	nospistNashik.2422857Pune	22171792316875Parbhani: 91688804059607970209	ORRISSABalangir : 093388855852224641Berhampur:states and the state of the company of the	JeyporeSambalpur 1 2541598	251572
				BuidhanaOhule	244854240623

• · Electronic Weighing Scales & Systems
• · Electronic Currency Counting Machines
• · Electronic Fare Meters
• · Home Automation

CIN: L31909MH1999PLC119231 ISO 9001: 2015 COMPANY

CORPORATE OFFICE:

BEHIND GURUDWARA, DHULE - 424 001.(M.S.) INDIA TEL: +91 - 2562 - 239080, 239046, 239331 E-mail : response@nitiraj.net Web Site : www.nitiraj.net

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2021

					$(Rs$ Lacs)
			Year ended
SI.No.	Particulars	June31,2021	March31,2021	June31,2020	March31,2021
		(Unaudited)	(Not subjected toreview/audit)	(Not subjected toreview/audit)	(Audited)
$\mathbf{1}$	INCOME
(a)	Revenue from operations	498.91	1,519.04	707.25	5,339.79
(b)	Other income	5.97	13.70	7.93	23.36
	Total Income (I)	504.88	1,532.74	715.18	5,363.15
$\overline{\mathbf{z}}$	EXPENSES				×.
(a)	Cost of materials consumed	534.27	796.50	293.27	2,809.95
(b)	Changes in inventories of finished goods andwork-In-process	(350.23)	(5.38)	127.51	42.46
(c)	Employee benefits expense	108.35	176.08	102.63	529.84
(d)	Finance costs	7.82	4.44	15.47	28.28
(e)	Depreciation and amortization expense	72.03	78.83	74.88	309.31
(f)	Other expenses	173.60	384.99	152.76	1,146.36
	Total Expenses (II)	545.83	1,435.47	766.51	4,866.19
3	Profit/(loss) before tax $(I) - (II)$	(40.96)	97.27	(51.33)	496.96
4	Tax expense:
(a)	Current tax		29.66	×.	137.24
(b)	Deferred tax	(1.45)	(2.23)	(0.29)	(4.08)
	Total Tax Expenses	(1.45)	27.43	(0.29)	133.16
5	Profit/(loss) for the quarter/year	(39.51)	69.84	(51.05)	363.80
6	Other Comprehensive Income
	A. Other Comprehensive income not to be reclassified toprofit and loss in subsequent periods:
	Remeasurement of gains (losses) on defined benefitplans	2:12	2.12	2.12	8.47
	Income tax effect	(0.53)	(0.53)	(0.53)	(2.13)
	B. Other Comprehensive income to be reclassified toprofit and loss in subsequent periods:	¥	u,	Ξ	×.
	Total other comprehensive income/(loss) for thequarter/year, net of tax	1.58	1.58	1.58	6.34
	Total comprehensive income for the quarter/year,net of tax	(37.92)	71.42	(49.46)	370.14

BHABHA BLDG., N. M. JOSHI MARG, DELISLE ROAD MUMBAI - 400 011 (M.S.) } (022) 23094161 REGD, OFFICE See

CHHATTISGARH				MAHARASHTRA
Ambikapur :	222508 Raipur		4045448	Ahmednagar: 91686480
Bilaspur		401606 Raigarh	231140	Akola	24228
				Aurangabad: 93728333
				Buidhana	2448

	+ BRANCH OFFICES +
AHARASHTRA

Dhule

68648056	Jalgaon	2217179
2422857	Nashik	2316875
72833300		Parbhani: 9168880405
244854	Pune	9607970209
240623

ORRISSA

Balangir : 09338885585 Bertrampur : 2224641

Jeypore : 251572 Sambalpor: 2541598

SI.No.		Quarter Ended		Year ended
	Particulars	June31,2021	March31,2021	June31,2020	March31,2021
		(Unaudited)	(Not subjected toreview/audit)	(Not subjected toreview/audit)	(Audited)
7	Paid up Equity Share Capital(Face value Rs 10/- each.)	102.51	102.51	102.51	102.51
8	Basic and Diluted earnings per share (INR)	(0.39)	0.68	(0.50)	3.55

Notes to financial results:

• 1. The statements have been reviewed by the Audit Committee and approved by the Board at their respective meeting held on 14th August, 2021. The Auditors of the Company have carried out a Limited Review of the above financials results for the quarter ended 30th June, 2021 in the terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requierments) Regulations, 2015.
• 1. This statements have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. Beginning 1st April, 2021, the Company has for the first time adopted Ind AS with a transition date of 1st April, 2020.
• 1. The Company is primarily engagement in the business of manufactuing Industrial electrical equipment, which in terms of Ind AS 108, on 'Operating Segment', constitues a single operating segment.
• 1. The Ind AS compliant corresponding figures in the previous quarter have not been subjected to review/audit, which has been presented solely based on the information However, the Company's management has exercised neccesary due dilligence to ensure that such financial results provide a true and fair view of its affairs.
• 1. The outbreak of Corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Company's operations and revenue during the period were impacted due to COVID-19. However, it has no further significant impact with respect to COVID 19 pandemic during the current quarter.
• 1. The reconciliation of reported standalone net profit in accordance with Indian GAAP to total comprehensive income in accordance with Ind As is given below:

		(Rs Lacs)
$Sl$ .no.	Particulars	Year Ended 31stMarch 2021
	Net Profit as per Indian GAAP	363,52
	Add/(Less):-
(a)	Impact of recognition of government grants	1.18
(b)	Impact of recognistion of leased assets as per Ind AS 116	(2.74)
(c)	Fair valuation of financial instruments	0.43
(d)	Actuarial (gain)/loss on employee benefits recognised in OCI	(5.36)
(e)	Allowance for expected credit loss	1.84
(f)	Deferred tax	(4.73)
(g)	Others	9.66
	Net Profit as per Ind AS	363.80
	Other, comprehensive income, net of income tax	6.34
	Total comprehensive income for the period	370.14

For Nitiral Engineers Limited

(Rajesh R. Bhatwal) Managing Director Din No.00547575

• · Electronic Weighing Scales & Systems
• · Electronic Currency Counting Machines
• · Electronic Fare Meters
• · Home Automation

CIN: L31909MH1999PLC119231 ISO 9001: 2015 COMPANY

CORPORATE OFFICE:

BEHIND GURUDWARA, DHULE - 424 001 (M.S.) INDIA TEL.: +91-2562-239080, 239046, 239331 E-mail : response@nitiraj.net Web Site : www.nitiraj.net

			Quarter Ended		(RS Lacs)
			Year ended
SI.No.	Particulars	June31,2021	March31,2021	June31,2020	March31,2021
		(Unaudited)	(Not subjected toreview/audit)	(Not subjected toreview/audit)	(Audited)
1	INCOME
(a)	Revenue from operations	498.91	1,519.04	707.25	5,339.79
(b)	Other income	5.97	13.70	7.93	23.36
	Total Income (I)	504.88	1,532.74	715.18	5,363.15
$\mathbf{z}$	EXPENSES
(a)	Cost of materials consumed	534,27	796.50	293.27	2,809.95
(b)	Changes in inventories of finished goods andwork-in-process	(350.23)	(5.38)	127.51	42.46
(c)	Employee benefits expense	108.35	176.08	102.63	529.84
(d)	Finance costs	7.82	4.44	15.47	28.28
(e)	Depreciation and amortization expense	72.03	78.83	74.88	309.31
(f)	Other expenses	173.60	384.99	152.76	1,146.36
	Total Expenses (II)	545.83	1,435.47	766.51	4,866.19
3	Profit before share of net profit/(loss) of anassociate and tax (I-II)	(40.96)	97.27	(51.33)	496.96
	Share of net profit/(loss) of an associates accounted forusing the equity method	(1.59)	(4.02)	(0.72)	(9.49)
4	Profit/(loss) before tax	(42.55)	93.25	(52.06)	487.47
5	Tax expense:
(a)	Current tax		29.66		137.24
(b)	Deferred tax	(1.45)	(2.23)	(0.29)	(4.08)
	Total Tax Expenses	(1.45)	27.43	(0.29)	133.16
6	Profit/(loss) for the quarter/year	(41.10)	65.82	(51.77)	354.31
$\overline{ }$	Other Comprehensive Income
	A. Other Comprehensive income not to be reclassifiedto profit and loss in subsequent periods:
	Remeasurement of gains (losses) on defined benefitplans	2.12	2.12	2.12	8.47
	Income tax effect	(0.53)	(0.53)	(0.53)	(2.13)
	B. Other Comprehensive income to be reclassified toprofit and loss in subsequent periods:	۰	٠	¥	۰
	Total other comprehensive income/(loss) for thequarter/year, net of tax	1.58	1.58	1.58	6.34
	Total comprehensive income for thequarter/year, net of tax	(39.52)	67.40	(50.19)	360.65

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2021

	REGD, OFFICE : 306 A, BHABHA BLDG, N. M. JOSHI MARG, DELISLE ROAD MUMBAI - 400 011 (M.S.) $ : (022) 23094161

Ambikapur

Bilaspur

OWHATTISGARH

222508 Raipur : 4045448 401606 Raigarh : 231140

MAHARASHTRA

Ahmednagar: 9168648056 Akola $2422857$ Aurangabad: 9372833300 Buidhana : 244854 240623 Ohule

-BRANCH OFFICES -

Jaigaon : 2217179 Nashik : 2316875 Parbhani: 9168880405 Pune : 9607970209

ORRISSA

Balangir: 09338885585 Berhampur: 2224641

$251572$ Jeypare Sambalpur: 2541598

SI.No.		Quarter Ended		Year ended
	Particulars	June31,2021	March31,2021	June31,2020	March31,2021
		(Unaudited)	(Not subjected toreview/audit)	(Not subjected toreview/audit)	(Audited)
8	Paid up Equity Share Capital(Face value Rs 10/- each.)	102.51	102.51	102.51	102.51
-59	Basic and Diluted earnings per share (INR)	(0.40)	0.64	(0.51)	3.46

Notes to financial results:

• 1. The statements have been reviewed by the Audit Committee and approved by the Board at their respective meeting held on 14th August, 2021. The Auditors of the Company have carried out a Limited Review of the above financials results for the quarter ended 30th June, 2021 in the terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requierments) Requlations.2015.
• 1. This statements have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. Beginning 1st April, 2021, the Company has for the first time adopted Ind AS with a transition date of 1st April.2020.
• 1. The Group is primarily engagement in the business of manufactuing Industrial electrical equipment, which in terms of Ind AS 108, on 'Operating Segment', constitues a single operating segment.
• 1. The Ind AS compliant corresponding figures in the previous quarter have not been subjected to review/audit. However, the Group's management has exercised neccesary due dilligence to ensure that such financial results provide a true and fair view of its affairs.
• 1. The outbreak of Corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group's operations and revenue during the period were impacted due to COVID-19. However, it has no further significant impact with respect to COVID 19 pandemic during the current quarter.
• 1. The reconciliation of reported consolidated net profit in accordance with Indian GAAP to total comprehensive income in accordance with Ind AS is given below:

		(Rs Lacs)
Sl.no.	Particulars	Year Ended 31stMarch 2021
	Net Profit as per Indian GAAP	354.03
	Add/(Less):-
(a)	Impact of recognition of government grants	1.18
(b)	Impact of recognistion of leased assets as per Ind AS 116	(2.74)
(c)	Fair valuation of financial instruments	0.43
(d)	Actuarial (gain)/loss on employee benefits recognised in OCI	(5.36)
(e)	Allowance for expected credit loss	1.84
(f)	Deferred tax	(4.73)
(g)	Others	9.66
	Net Profit as per Ind AS	354.31
	Other, comprehensive income, net of income tax	6.34
	Total comprehensive income for the period	360.65

or Nitiraj Engineers Limited (Rajesh R. Bhatwal)

Managing Director Din No.00547575

Mumbal 14th August, 2021

Limited Review Report on quarterly and year to date unaudited Consolidated Ind AS Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2O15, as amended

'r-l

Review Report to The Board of Directors Nitiraj Engineers Limited

P.D.DALAL & Cd::.

Chartered Accau ntants

1. We have reviewed the accompanying statement of Consolidated Unaudited Financial Results of NitirajEngineers Limited ("the Parent") and its associate (the Parent and its associate together referred to as "the Group"), 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, 20L5, as amended (the "Listing Regulations")

2.This Statement, which !s the responsibility of the Parent's Management and approved by the Parents Board of Directorshas 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 rutes issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3.We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24L0, Review of Interim Financiat 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 performthe 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 responsibte for financiat 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.

4.The Statement includes results of the Parent Company- NitirajEngineers Limitedand its associatecompany - Hyper Drive Information Technologies private Lim ited

5.The accompanying unaudited consolidated financial resutts includes unaudited interim financial results and other unaudited financial information in respect of its associate which have been approved and furnished to us by the management. Our conclusion on the Statement is not modified in respect of the above matter.

1. Based on our review conducted and procedures performed as stated paragraph 3 above,nothing has come to our attention that causes us to believ that the accompanying Statement, prepared in accordance with recognition a

P.D.DALAL & Co.

Chartered Accountants ......

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 attention to following matters:

• a) Note 2 to the statement which states that the Parent Company has adopted Ind AS for the financial year commencing from April 1, 2021, and accordingly, the Statements has been prepared by the Parent Company's Management in compliance with the Ind AS.
• b) We were neither engaged nor have we reviewed, and accordingly, we do not express any conclusion on the results in the Statement for the quarter ended June 30, 2020 and March 31, 2021. As set out in Note 4 to the Statement, these figures have been furnished by the Parent Company's Management.

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

For P.D.Dalal & Co. Chartered Accountants ICAI Firm Registration No.102047W

Fakara

(Aashish S. Kakaria) Partner Membership No.102915 UDIN: 21102915AAAAFK9864

Mumbai 14th August, 2021

Limited Review Report on quarterly and year to date unaudited Standatone Ind AS Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disctosure Requirements) Re!utations , 2O15, as amended

Review Report to The Board of Directors Nitiraj Engineers Limited

P.D.DALAL & Cci"j'

Chartered Accou ntants

1.We have reviewed the accompanying statement of standatone unaudited financial results of Nitiraj Engineers Ltd ("the Company") for the quarter ended June 30, TOZL (the, "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regutations, 20L5, as amended (the ',Listing Regulationsi').

1. This Statement, which is the responsibitity of the Company's Management and approved by the Company's Board of Directorshas 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 retevant rutes issued thereunder and other accounting principles generalty accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24!0, "Review of Interim Financiat Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we ptan and perfom 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 financiat and accounting matters, and applying analytical and other review procedures. A review is substantially tess 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 al! significant matters that might be identified in an audit. Accordingiy, *. do not express an audit opinion

4' 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 principtes laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under section 133 of the comr.",* o.i, 2013as amended, read with retevant rules issued thereunder and oilre.lc;;;il;; ^F;a^;-l^ principles generatly -^---ll accepted in India, has not disclosed the informatiion required to be disclosed in terms of the Listing Regulations, including af," ..nu"n", in which it i to be disclosed, or that it contains any materiat misstatement.

7

r\

lro)

1. We draw attention to following matters:

P.D.DALAL & Co.

Chartered Accountants Chartered Accountants

• a) Note 2 to the statement which states that the Company has adopted Ind AS for the financial year commencing from April 1, 2021, and accordingly, the Statements has been prepared by the Company's Management in compliance with the Ind AS.
• b) We were neither engaged nor have we reviewed, and accordingly, we do not express any conclusion on the results in the Statement for the quarter ended June 30, 2020 and March 31, 2021. As set out in Note 4 to the Statement, these figures have been furnished by the Management.

Our conclusion on the statement is not modified in respect of the above matter.

For P.D.Dalal& Co. Chartered Accountants ICAI Firm Registration No.102047W

calaria

(Aashish S. Kakaria) Partner Membership No.102915 UDIN: 21102915AAAAFJ6458

Mumbai 14th August, 2021

102, B Wing, Lake Florence, Phasel, Adi Shankaracharya Marg, Powai, Mumbai-400076 Maharashtra India Email: auditpdd@gmail.com