Orient Electric Limited — Audit Report / Information 2021

May 12, 2021

May 12, 2021

Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Trading Symbol: ORIENTELEC

Department of Corporate Services -Listing BSE Limited Phiroze JeeJeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 541301

Sub.: Outcome of the Board Meeting held on Wednesday, May 12, 2021

Dear Sir / Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), we hereby wish to inform you that the Board of Directors of the Company at their meeting held today, i.e. May 12, 2021, inter-alia, considered and:

1. Approved the Audited Financial Results of the Company for the quarter and year ended March 31, 2021.

Pursuant to Regulation 33 of the Listing Regulations, copy of the aforesaid Audited Financial Results of the Company, alongwith Audit Report of the Statutory Auditors' thereon is enclosed herewith. It is hereby further confirmed that the Statutory Auditors' have issued the Audit Report on the aforesaid Audited Financial Results with unmodified opinion. Aforesaid Audited Financial Results will also be available on the website of the Company, www.orientelectric.com.

• 1. Convening of 5 th Annual General Meeting (AGM) of the shareholders of the Company on Thursday, July 29, 2021.
• 1. Recommended a final dividend of Re. 1.25 (@125%) per equity share of face value of Re. 1 each for the financial year ended March 31, 2021, which is subject to approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company, making a total dividend of Rs. 2 (@200%) per equity share of Re. 1 each for the financial year 2020-21, including interim dividend of Re. 0.75 (@75%) per equity share declared earlier during the financial year 2020-21.

1. Approved the closure of the Register of Members and Share Transfer Books of the Company, pursuant to Regulation 42 of Listing Regulations, from Friday, July 23, 2021 to Thursday, July 29, 2021 (both days inclusive) for the purpose of 5 th AGM and determining entitlement of the members of the final dividend (if declared at the AGM).

The Board of Directors' meeting commenced at 4:00 PM and concluded at 5:50 PM.

You are requested take the above information and enclosed documents on your record.

Thanking you, Yours Sincerely,

For Orient Electric Limited

HITESH KUMAR JAIN Digitally signed by HITESH KUMAR JAIN Date: 2021.05.12 18:05:58 +05'30'

Hitesh Kumar Jain Company Secretary Encl.: as above

S.R. BATLIBOI & Co. LLP Golf View Corporate Tower - B Chartered Accountants Gurugram - 122 002, Haryana, India

2nd & 3rd Floor Sector - 42, Sector Road Tel: +91 124 681 6000

Independent Auditor's Report on the Quarterly and Year to Date Audited 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 Orient Electric Limited

Report on the audit of the Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date f i nancial results of Orient Electric Limited ( the "Company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• 1. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• 1. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Results" section of our :report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofl ndia together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled o ur other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 5 to the accompanying Ind AS financial :results, which describes the uncertainties and management's assessment of the impact of COVID-19 pandemic on the Company's operations, cash flows and recoverability of current and non-current assets of the Company, which is highly dependent on future economic developments and circumstances as they evolve. Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Financial Results

The Statement has been prepared on the basis of the annual financial statements. The Board of Dire of the Company are responsible for the preparation and presentation of the Statement that gives a tru and fair view of the net profit and other comprehensive loss of the Company and other financial

S.R. BAruB01 & Co. LLP Chartered Accountants

information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 the Statement.

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

• Identify and assess the risks of material misstatement of the Statement, 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 financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. 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 financial results 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 auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

S.R. BATLIBOI & Co. LLP Chartered Accountants

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 Matter

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under _the Listing Regulations.

For S.R. BATLIBOI & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005

Partne a ._ Membership No.: 501396 UDIN: 21501396AAAAAT1398 Place: Faridabad Date: May 12, 2021

		CER BIRLA CROITE

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[Regd, Office: Unit Vill, Plot 7, Bhornager, Bhubaneswar - 751012 (Odiaha)] Tel:(0674)2396930. (2392947, Fax(0674) 2396364, E-mail:investor@or/entelectric.com CIN: L311000R2016PLC025892

Statement of Financial Results for the Quarter and Year ended March 31, 2021
------------------------------------------------------------------------------	--	--

	(All amounts in Rupees Crores, unless otherwise stated)
SI.		Quarter endedYear ended
No.	Particulars	31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1	Income
	(a) Revenue from Operations	801.71	618.34	563.14	2.032.60	2.061.82
	(b) Other Income	3.99	0.68	1.46	6.27	4.09
	Total Income (a+b)	805.70	619.02	564.60	2.038.87	2.065.91
$\overline{\mathbf{z}}$	Expenses
	(a) Cost of raw materials and components consumed	316.13	194,54	197.85	655.20	773.22
	(b) Purchase of traded goods	286.79	232.24	175.74	731.07	670.13
	(c) Changes in inventories of finished goods, work-in-progress and traded goods	(25.40)	(0.33)	17.60	34.68	(34.00)
	(d) Employee Benefits Expense	47.74	46.51	49.57	179.17	198.48
	(e) Finance Costs	5.39	4.59	7.68	20.73	26.12
	(f) Depreciation and Amortisation Expense	10.93	10.64	10.56	43.15	40.12
	(g) Other Expenses	79.64	61.19	57.18	212.97	277.57
	Total Expenses	721.22	549.58	516.18	1,876.97	1,951.64
3	Profit/(Loss) before Tax (1-2)	84.48	69.44	46.42	161.90	114.27
$\blacktriangleleft$	Income Tax expenses
	a) Current Tax	22.41	18.50	13.86	46.92	37.36
	b) Deferred Tax charged (charge/(credit))	(0.60)	(1.00)	(1.22)	(4.76)42.16	(1.71)35.65
	Total Tax Expenses	21.81	17.50	12.6435.78	119.74	78.62
56	Profit/(Loss) for the period (3-4)Other comprehensive income not to be reclassified toProfit and Loss in subsequent periods	62.67	51.94
	Re-Measurement gain/(losses) on defined benefit Plans	(0.42)	(0.03)	0.35	(0.53)	(0.15)
	Income Tax effect ((charge Vcredit)	0.10	0.01	(0.09)	0.13	0.04
	Other comprehensive income/(loss) (net of tax)	(0.32)	(0.02)	0.26	(0.40)	(0.11)
7	Total comprehensive income/(loss) for the period (5+6)	62.35	51.92	36.04	119.34	78.51
8	Paid-up equity share capital (Face value per share: Re.1/-	21.22	21.22	21.22	21.22	21.22
Ω	Other Equity excluding revaluation reserve as per theaudited balance sheet				434.44	338.17
10	Earning per Equity Share of face value of Re.1/- each(Not Annualised for quarter ended)
	Basic EPS (in Rs.)	2.95	2.45	1.69	5.64	3.71
	Diluted EDC (in De )	2 gal	2.44	1.68	5.63	3.70

Enclosed accompanying Statement of Assets and Liabilities and Cash Flow Statement

Notes:

• The above financial results of the Company were reviewed by the Audit Committee and taken on record by the Board of 1 Directors of the Company at their respective meetings held on May 12, 2021.
• 2 These financial results have been prepared in accordance with Indian Accounting Standards (IND-AS) as prescribed under section 133 of Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 (as amended).
• 3 As per IND AS 108 Operating segments, the Company has two reportable segments namely Electrical Consumer Durables and Lighting & Switchgear. The financial information for these segments are accompanying the financial results as per IND AS 108 - Operating Segments.
• 4 The Board of Directors at their meeting held on May 12, 2021 recommended a final dividend of Re.1.25 (@ 125%) per equity share of Re.1 each of the Company, making a total dividend of Rs. 2 (@ 200%) per equity share of Re.1 each for the financial year 2020-21, including interim dividend of Re. 0.75 (@ 75%) per equity share declared earlier during the financial year 2020-21. Final Dividend is subject to the approval of the shareholders.
• 5 The global pandemic outbreak had impacted the Company's business in early part of the financial year 2020-2021. However, the Company has been able to recover the business in course of the year. Basis the current year results and best estimates of revenue, expenses and current assets, as on the date of reporting, the Company does not anticipate any material impact on the recoverability of the carrying value of its assets. The management has also estimated future cash flows for the Company and believes that there is no impact on its ability to continue as going concern and meeting its liabilities as and when they fall due. However, considering the unpredictability of the pandemic and inherent uncertainty on the potential future impact of the COVID 19 pandemic, the Company's financial statements may differ from that estimated as on the date of approval of these financial results.
• 6 The figures for the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of full financial year upto March 31, 2021 and unaudited published year to date figures upto December 31, 2020, being the date of the end of the third querter of the financial year which were subjected to limited review.
• 7 Previous quarter/ period ended/ year ended figures have been regrouped/restated wherever neces.sary.

Date: May 12, 2021 Place: New Delhi

Rakesh Khanna Managing Director & CEO Page 1 of 4

alf of the Board Sctric Limited

TRIC

ORIENT ELECTRIC LIMITED [Read, Office: Unit VIII, Plot 7, Bholnagar, Bhuban swar - 751012 (Odishal) Tel:(067 4)2396930 /2392947, Fax(0674) 2396364, E-mail.investor@orientelectric.com CIN: L31100OR2016PLC025892

Segment wise Revenue, Results, Assets and Liabilities for the Quarter and Year ended March 31, 2021.

					(All amounts in Rupaus Crores, unless otherwise stated)
$\overline{\mathsf{S} \mathsf{L}}$			Quarter ended			Year ended
No.	Particulars	31-Mar-21	31-Dec-20	31-Mar-20	$31-Mar-21$	31-Mar-20
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1	Segment Revenue:
	a) Electrical Consumer Durables	645 60	460.45	454.50	1,513.88	1.491.64
	b) Lighting & Switchgear	156.11	157.89	108.64	518.72	570.18
	Total	801.71	618.34	563.14	2.032.60	2,061.82
	Less : Inter segment revenue
	Net sales/income from operations	801.71	618.34	563.14	2.032.60	2,061.82
$\mathbf{2}$
	Segment Results (Profit (+)/Loss(-) before
	interest & tax from each segment) :
	a) Electrical Consumer Durables	92.64	68.48	71.64	205.20	181.75
	b) Lighting & Switchgear	22.50	23.04	12.30	69.23	59.66
	Total	115.14	91.52	83.94	274.43	241.41
	Less:
	(i) Finance costs (un-allocated)	5.18	4.28	7.37	19.72	24.83
	(ii) Other un-allocable expenditure
	net of un-allocable income	25.48	17.80	28.15	92.81	102.31
	Profit/(Loss) Before Tax	B4.48	69.44	48.42	161.90	114.27
$\overline{3}$	Segment Assets:
	a) Electrical Consumer Durables	535.18	472.32	514.28	535.18	514.28
	b) Lighting & Switchgear	264.09	258.43	330.23	264.09	330 23
	c) Unaliocated	363.09	269.07	115.93	363.09	115.93
	तिली	1.162.36	999.82	960.44	1.162.36	960.44
$\blacksquare$	Segment Liabilities:
	a) Electrical Consumer Durables	436.18	356.91	298.39	436.18	298.39
	b) Lighting & Sultchgeer	190.58	160.65	138.97	190.58	138.97
	c) Unallocated	79.94	73.96	163.69	79.94	163.69
	Total	706.78	501.52	601.05	706.70	601.05

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Statement of Financial Results for the quarter and year ended March 31, 2021

		(All amountl In Rupees Crores, un ess otherwise stated)
PARTICULARS	As at Mar 31, 2021(Audited)	As at March 31, 2020(Audited)
I) ASSETS
1)NON-CURRENT ASSETS
a) Property, plant and equipment	129.84	129.56
b) Capital work-in-progress	2.61	3.46
c) Intangible assets	14.33	6.25
d) Intangible assets under development	8.70	6.85
e) Right of use asset	41.72	54.19
f) Financial assets
(i) Trade receivables	28.61	25.16
(ii) Other financial assets	9.46	7.45
g) Deferred tax asset	26.29	21.40
h) Other non current assets	4.41	5.75
(A)	265.97	260.07
11) CURRENT ASSETS	249.16	286.50
a) Inventories
b) Financial assets	355.18	363.73
(i) Trade receivables	140.06	7.06
(ii) Cash and cash equivalents	117.49	0.42
(iii) Bank balances other than (ii) above(iv) Other financial assets	0.88	1.00
c) Current tax assets	3.32	8.84
d) Other current assets	30.30	32.82
(B)	896.39	700.37
(A)+(B)TOTAL ASSETS	1,162.36	960.44
EQUITY AND LIABILITIES
EQUITY
a) Equity Share Capital	21.22	21.22
b) Other Equity	434.44	338.17
(C )TOTAL EQUITY	455.66	359.39
LIABILITIES
NON-CURRENT LIABILITIES
a) Financial Liabilities
(i) Borrowings	1.74	-
(ii) Lease liabilities	32.79	43.03
b) Long term provisions	13.69	17.08
c) Other non current liabilities	8.92	10.48
(D)	57.14	70.59
CURRENT LIABILITIES
a) Financial Liabilities
(i) Borrowings	13.53	94.70
(ii) Lease llabilltJes	13.35	13.65
(iii) Trade Payables
dues of micro, small and medium enterprises-	88.32	34.29
dues of other than micro, smaN and medium enterprises-	430.81	296.19
(vi) Other current financial liablllties	33.70	38.23
b) Short term provisions	40.31	29.33
c) Other current liabilities
d) Current tax liabiliUes	29.54	24.07
(E)	649.56	530.46
TOTAL LIABILITIES (F)L'0i01 ��.(D)+(E)	706, 79-	601,05, .J -. I'
'/,.,�TOTAL EQUITY AND LIABILITIES1,. '-(C)+(F)	1, 162.;J& '	960.44,

..........

Statement of Financial Results for the quarter and year ended March 31, 2021

	For the yearendedMar 31, 2021(Audited)	For the yearendedMar 31, 2020(Audited)
(A) OPERATING ACTIVITIES:
Profit before tax
Adjustments to reconcile profit before tax to net cash flows :	161.90	11427
Depreciation and amortisation expense
Finance costs	43.15	40.12
Loss on sale of property, plant & equipment (net)	20.73	26.12
Bad debts / advances written off (net of reversals)	0.28	0.270.66
Provision for warranty claims (net)	0.21	29.96
Provision for doubtful debts & advances	20.45	7.45
Unspent liabilities and unclaimed balances written back	1.54
Employee stock option expenses	(1.70)3.45	(1.05)3.72
Fair valuation impact of security deposit (net)		(0.20)
Interest income	(0.20)	(1.72)
Unrealised exchange (gain) loss	(2.62)0.35	0.11
Operating profit before working capital changes	247.54	219.71
Working capital adjustments :
Increase/(Decrease) in trade payables	190.17	(20.05)
Increase/(Decrease) in financial liabilities	(0.30)	3.13
Increase/(Decrease) in non financial liabilities	3.91	10.10
Increase/(Decrease) in provisions	(13.39)	(23.19)
(Increase)/Decrease in inventories	37.34	(22.54)
(Increase) Oecrease in trade receivables	3.12	8.13
(Increase) Decrease in financial assets	(1.29)	(0.29)
(Increase)/Decrease in non financial assets	1.58	2.46
Cash generated from operations	468.68	177.46
Income tax paid	(41.40)	(48.22)
Net cash flow from operating activities	427.28	129.24
(B) INVESTING ACTIVITIES:
Purchase of property, plant and equipment and intangibles (includingwork in progress and capital advances)	(35.91)	(52.64)
Proceeds from sale of property, plant and equipment	0.05	0.47
Proceeds/(Payments) for/to term deposits with banks	(116.99)	(0.37)
Interest received	2.22	1.71
NET CASH FLOWS FROM/ (USED) IN INVESTING ACTIVITIES	(150.63)	(50.83)
(C) FINANCING ACTIVITIES:
Repayment of long term borrowings	(2.07)	(31.45)
Repayment of principal portion of lease liabilities	(12.87)	(10.89)
Repayment of short term borrowings (net)	(81.17)	(5.24)
Finance cost paid	(21.02)	(25.86)
Dividends paid (including dividend distribution tax)	(26.52)	(29.42)
NET CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES	(143.65)	(102.86)
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS (A+B+C)	133.00	(24.45)
Cash & Cash Equivalents at the beginning of the year	7.06	31.51
Cash & Cash Equivalents at the end of the year	140.06	7.06

Notes:

i) The above Cash flow statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard-7, "Statement of Cash Flows".

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