Salzer Electronics Ltd. — Annual Report 2023

May 24, 2023

To

BSE Limited Exchange Plaza, C-1, Block G, | Floor, New Trading Ring, BandraKurla Complex, Rotunda Building, Bandra (E),Mumbai — 400 051 P.J.Towers, Dalal Street, Tel :+91 22 26598235/36, 26598346 Fort, Mumbai - 400 001. Fax : +91 22 26598237/38

THE CORPORATE RELATIONSHIP DEPT M/s. National Stock Exchange of India Ltd.,

SCRIP CODE: 517059 Symbol: SALZERELEC

Dear Sir,

Sub : Outcome of the Board Meeting held on May 24, 2023 Ref : Our letter dated May 15, 2023

We wish to inform in pursuance of Regulation 30 & 33 read with Schedule III of SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015 that our Board of Directors at their meeting held today, May 24, 2023 considered and transacted, inter-alia, the following :

e) Approved the Audited standalone as well as Consolidated Financial Results for the Fourth quarter and year ended March 31, 2023.

We would also confirm that the Statutory Auditors of the company has issued Unmodified Opinion on the Standalone and Consolidated financial results,

A copy of both Standalone and consolidated Financial Results will be uploaded in the Company's website www.salzergroup.net .

Further, Pursuant to Regulation 47 of SEBI LODR Regulations, an extract of the aforesaid financial results in the manner prescribed under the SEBI Listing Regulations will be published in English and Tamil newspapers within time stipulated

f) Recommended a Dividend of Rs.2.20 per equity share of Rs.10/- each for the financial year ended March 31, 2023.

SALZER ELECTRONICS LTD. —— | bad —| CIN : L03210TZ1985PLC001535

• g) Approved the Schedule of the 38" Annual General Meeting of the Company for the financial year 2022-23, be held on September 09, 2023.
• h) Approved the Record Date on August 25, 2023 for the purpose of Dividend payment and 38" Annual General Meeting for the Financial year 2022-23
• i) Approved, subject to the confirmation of the shareholders, the re-appointment of Mr.P.Ramachandran (DIN: 01043572) as Whole Time Director for another term of five year effective from September 26, 2023.

The Meeting commenced at 11.30 a.m and closed at 2.00 p.m

May kindly be acknowledged the receipt and disseminate the same.

Thanking you

Yours faithfully For SALZER ELECTRONICS LTD

SANKARAN BASKARASUB RAMANIAN

S.BASKARASUBRAMANIAN DIRECTOR (CORPORATE AFFAIRS) & COMPANY SECRETARY (DIN :00003152 & FCS:4605)

Encl : As above

Statement of Standalone Audited Financial Results for the Fourth Quarter and year ended March 31, 2023

	ELECTRONICS SALZER CIN : L03210TZ1985PLC001535	LTD.			—t— Pad —
	Statement of Standalone Audited Financial Results for the Fourth Quarter and year ended March 31, 2023				Rs. In Lacs except for per share data
			Quarter ended		Year ended
	Particulars	31-03-2023	31-12-2022	31-03-2022	31-03-2023	31-03-2022
	Income	vee vows	Un-Audited —_ Audited		Audited	Audited
a.	{Revenue From Operations	29,511.83	23994.68	22,802.03	1,01,308.11	78,363.30
b.	Other Income Total Income	19.03 29,530.86	47.56 24,042.24	34.67 22,836.70	137.26 1,01,445.37	217.88 78,581.18
Il	EXPENSES
a. b.	Cost of materials consumed Changes in inventories of finished goods,work-	23,719.87 -26.97	18840.08] -457.97	17,769.96 785.51	81,827.82 -1,964.41	63,764.67 -1,585.42
c.	in-progress and stock-in-trade Employee benefit expenses	989.77	858.85	860.37	3,514.73	2,939.99
d.	Finance Cost	765.25	666.18	501.94	2,605.69	1,980.54
e.	Depreciation and amortisation expense Other expenses	408.12 2,499.38	407.34 2379.42	405.26 2,097.41	1,611.38 8,815.90	1,600.59 6,865.93
f.	TOTAL EXPENSES	28,355.43	22,693.90	22,420.45	96,411.12	75,566.30
II] IV.	]PROFIT BEFORE EXCEPTIONAL ITEMS AND Exceptional items	1,175.43	1,348.34	416.25 -	5,034.25 0	3,014.88}
V_	{PROFIT BEFORE TAX	1,175.43	1,348.34	416.25	5,034.25	3,014.88
a. VI	Current Tax PROFIT AFTER TAX	279.82 895.61	381.07 967.27	33.66 382.59	1398.07 3,636.18	-766.77 2,248.11
VIL	}OTHER COMPREHENSIVE INCOME
VIII	Items that will not be reclassified to profit or loss	-91.94	30.50	11.39	-15.94	25.19
IX	TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	803.67	997.77	393.98	3,620.24	2,273.30
X	Paid up share capital - equity shares of Rs.10/-	1,618.27	1,598.27	1,598.27	1,618.27	1,598.27
XI	each Reserves and Surplus (Other Equity)	-	-	-	38,523.12	33,384.31
XI _	EARNINGS PER SHARE
a. b.	- Basic after exceptional items (in Rs.) - Diluted after exceptional items (in Rs.)	5.60 5.07	6.05 6.01	2.39 2.39	22.74 20.58	14.07 14.07
						For Salzer Electronics Limited
					er
	Date : May 24, 2023 Place : Coimbatore					D RAJESHKUMAR JOINT MANAGING DIRECTOR
						CHIEF FINANCIAL OFFICER
						(DIN: 00003131)

er

Samichettipalayam, Coimbatore - 641 047, India. Phone : + + 91 422 4233600 Fax: + +91 422 2692170 E-mail : salzer@salzergroup.com Website : www.salzergroup.com

SALZER ELECTRONICS LTD. SS

Notes forming part of above STANDALONE results

• i) The above Audited financial results were duly reviewed by the Audit Committee at its meeting held on May 24, 2023, and were taken on record and approved by the Board of Directors at their meeting held on May 24, 2023.
• ii) The Company operates in only one segment viz., Electrical installation products.
• iii) The Board recommended Dividend at the rate of 22% i.e Rs.2.20 per equity share of Rs.10/- each for the financial year 2022-23 and the Dividend, if approved by the shareholders, shall be payable to all eligible members whose names appearing in the Register of Members on the record date
• iv) During the year, the Company allotted 17,00,000 Convertible Share warrants on preferential basis on December 13,2022 in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulation 2015 at an issue price of Rs.278.50 per share to the Bodies Corporate of the Promoters. The allotted warrants are convertible into equity within 18 months from the date of issue.
• v) During the fourth quarter under review, 2,00,000 equity shares were allotted upon conversion of warrants exercised by warrant subscribers and thereby the paid up share capital of the Company increased from Rs.15,98,27,370 comprising 1,59,82,737 equity shares of Rs.10/- each to 16,18,27,370 comprising of 1,61,82,737 equity shares of Rs.10/- each.
• vi) During the year the Company made following investments,
  • a) Acquired 1,57,500 equity shares of Rs. 10/- each for total value of Rs.15.75 Lakhs in Salzer EV Infra Private Limited (wholly owned subsidiary of the Company).
  • b) Acquired 2,40,000 equity shares of Rs.10/- for a total value of Rs.24.00 Lakhs in Salzer Kostad EV Charges Private Limited (Associate Company).
• vii) During the year, the Company sold 1% of its holdings in its Subsidiary Company Kaycee Industries Limited.
• viii) Basic Earnings per share and Diluted Earnings per Share have been prepared in accordance with IND AS 33 and presented on the expanded capital prevailing on the relevant date.
• ix) The Figures for the quarter ended March 31, 2023 are the balancing figures between the audited figures in respect of the full financial years and the published year to date figures upto the third quarter of the Financial year;
• x) Comparative figures have been regrouped / reclassified wherever necessary to confirm to current period's presentation.

For SALZER ELECTRONICS LIMITED

Coimbatore - 641 047. yrow'> D RAJESHKUMAR May 24, 2023 JOINT MANAGING DIRECTOR CHIEF FINANCIAL OFFICER (DIN:00003126)

Samichettipalayam, Coimbatore - 641 047, India. . Phone : + + 91 422 4233600 Fax: ++ 91 422 2692170 ISO 900 "ie PnnUnY! 5 E-mail : salzer@salzergroup.com Website : www.salzergroup.com

STANDALONE AUDITED STATEMENT OF THE ASSETS AND LIABLITIES AS AT 31.03.2023

SALZER ELECTRONICS LTD.		—— ad —
CIN : LO3210TZ1985PLC001535
STANDALONE AUDITED STATEMENT OF THE ASSETS AND LIABLITIES AS AT 31.03.2023
Particulars ASSETS	3/31/2023	3/31/2022 Rs. In Lacs
1 Non-current Assets
(a) Property, Plant and Equipment (b) Capital Work in progress	22692.82 63.10	21057.24 77.70
(c) Investment Property (d) Intangible Assets	0.77 358.73	0.77 386.37
(e) Financial Assets i. Investments	1762.55	1745.47
ii. Trade Receivables iii. Others	934.66 592.06	1162.73 1183.25
(f)] Other Non-Current Assets Total Non-Current Assets	493.95 26,898.64	501.51 26115.04
2 Current Assets (a) Inventories	27005.03	22370.11
(b)} Financial Assets i. Investments	422.80	310.06
ii. Trade Receivables :	27562.66	20851.87
iii, Cash and Cash equivalents iv. Other Bank balances	603.08 661.96	128.22 675.60
v. Loans vi. Others	1020.63 42.70	1058.04 34.82
(c)}Other Current Assets Total Current Assets	3415.81 60734.67	2634.96 48063.68
TOTAL ASSETS	87,633.31	74178.72
EQUITY AND LIABILITIES EQUITY
Equity Share Capital (a) Instruments entirely equity in Nautre - Non Cumulative 5% Covertible (b)	1,618.27 0.00	1,598.27 0.00
Preference shares Other Equity (b)	38671.12	33548.24
Total Equity LIABILITIES	40,289.39	35146.51
1 Non-current Liabilities Financial Liabilities
(a) i. Borrowings	778.06	1240.68
Provisions (b) Deferred tax liabilites (net) (c)	16.19 2223.53	0 1960.56
Total Non-current Liabilites 2 Current Liabilities	3017.78	3201.24
(a) Financial Liabilities
i. Borrowings ii. Trade Payables	26477.32 10957.54	23540.29 7376.55
iii. Others }Other Current Liabilites	484.18 6187.23	485.89 4258.71
(b) Provisions (c)	219.87	169.53
Current Tax Liabilities (Net) (d) Total Current Liabilites TOTAL EQUITY AND LIABILITIES	0 44326.14 87,633.31	0 35830.97 74178.72
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5 : + + 91 422 4233600 Phone 4a iSO 9001 E-mail : salzer@salzergroup.com BRK Rn Registered a ih} ia	Samichettipalayam, Coimbatore - 641 047, India. Fax :++91 422 2692170°: Website : www.salzergroup.com

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SALZER ELECTRONICS LTD. —t— | ad —|

CIN : L03210TZ1985PLC001535

ALZER ELECTRONICS LTD. :L03210TZ1985PLC001535			Salze
	STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31.03.2023
	Period Ending		Period Ending
	31.03.2023 Amount in Rs.(Lacs)		31.03.2022 Amount in Rs.(Lacs)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit after tax Adjustments for:		3,636.19		2,273.32
Tax Expenses Depreciation	1,398.07 1,611.38		758.30 1,600.59
Interest Income	$-40.81$		$-34.79$
Finance Costs (Gain)/Loss on Foreign Exchange Fluctuatic	2,605.69 0.00		1,980.54 $-83.99$
Dividend Income (Profit) / Loss on sale of Investments	$-27.48$ $-38.97$		20.98 $-43.52$
(Profit) / Loss on sale of Fixed Assets	$-0.25$
			$-1.50$
Fair valuation of investments	$-6.44$ 44.49		$-18.99$ 0.00
Impairment on Goodwill Other Non Operating Income	$-27.16$		$-32.63$
Other Comprehensive Income Operating Profit before working capital changes	27.73	5,546.27 9,182.46	$-14.68$	4,130.30 6,403.62
Add: Adjustments for working capital changes Inventories	$-4,634.93$		$-4,632.58$
Trade and other receivables	$-6,642.85$		$-2,316.69$
Trade and other Payables Other Liabilities	3,580.99 1,955.45	$-5,741.33$	1,492.96 $-1,445.05$	$-6,901.35$
Cash generated from operations Direct tax paid		3,441.12 $-1,135.09$		$-497.74$ $-902.80$
Net cash from operating activities		2,306.03		$-1,400.54$
B. INVESTING ACTIVITIES:
Investments in Fixed assets (Net)	$-3,263.84$		$-1,993.53$
Increase/ Decrease in Capital Work in Prog Non Operating Income	14.60 27.16		56.93 32.63
Profit/ (Loss) on sale of Investments	38.97 $-112.74$		43.52 61.11
Sale/(Investment) in Mutual Funds and Equ Proceeds from Sale of Investments	23.30		27.60
Profit/ (Loss) on Sale of Fixed assets Investment in subsidiary/Associate	0.25 $-39.75$		1.50 0.00
Other Non Current Investments	0.00		$-18.99$ $-20.98$
Dividend Income Interest Income	27.48 40.81	$-3,243.75$	34.79	$-1,775.42$

Samichettipalayam, Coimbatore - 641 047, India. ea 8064 Phone : + + 91 422 4233600 Fax: + + 91 422 2692170 Registered p avi, E-mail : salzer@salzergroup.com Website : www.salzergroup.com

Ne

SALZER ELECTRONICS LTD. —— | ad —|

SALZER ELECTRONICS L038210TZ1985PLC001535 CIN :	LTD.		——
STANDALONE CASH FLOW		STATEMENT FOR THE YEAR ENDED 31.03.2023		ad —
	— i PeriodEnding		Period Ending _
	—-31,03.2023 Amount in Rs.(Lacs)		31.03.2022 - Amount in Rs.(Lacs)
C. FINANCING ACTIVITIES:
Proceeds from Short Term Borrowings i -	2,937.03		5,212.41
Money received against share warrants Increase in Share capital	1,253.32; / 200.000		0.00 0.00
Increase in Share Premium Long Term Borrowings - Receipts	537.000 462.62		0.00, 0.00,
Repayment of non current liabilities	7.57	-	-386.00°
Interest and finance Charges Gain/(Loss) on Foreign Exchange Fluctuatic	-2,605.69. 0.00		-1,980.54 83.99
Dividend and dividend tax paid 7 cence	-287.68 —	1,398.93	0.00	2,929.86
Net cash from financing activities		1,398.93		2,929.86
Net increase in cash and cash equivalents (A+B+C)	7	461.21		-246.10
Add : Opening Cash and Cash Equivalents		803.82 1,265.03		1,049.92 803.82
Closing Cash balance —_	_	1,265.03		803.82
	ee —

Samichettipalayam, Coimbatore - 641 047, India. Phone : + + 91 422 4233600 Fax : + +91 422 2692170 E-mail : salzer@salzergroup.com Website : www.salzergroup.com iSO 9001

J D S ASSOCIATES CHARTERED ACCOUNTANTS

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company pursuant to the Regulations 33 and ⁵²of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

INDEPENDENT AUDITOR'S REPORT

TO THE BOARDOF DIRECTORS OF SALZER ELECTRONICS LIMITED

Report on the audit of Standalone Financial Results

Opinion

• 1. We have audited the accompanying standalone quarterly financial results of Salzer Electronics Limited ("the Company") for the quarter ended March 31, ²⁰²³ and the year to date results for the period from April 01, 2022 to March 31, 2023, 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 ("Listing Regulations"). Regulations, 2015, as amended ("the Listing Regulations').
• 1. In our opinion and to the best of our information and according to the explanations given to us, these Standalone Financial Results
• i. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
• ii. Give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, comprehensive income and other financial information of the Company quarter and year ended March 31, 2023..

embership No. 027133 | Membership No. 028346 Membership No. 208150 Membership No. 208792 Mainbershio No 734722

254, Gandhiji Road 1st Floor, Jewel Complex 8/36, LRG Lay-out, Sth Street | 7.A, Sri Nagar, Behind Sungam 2 ij ERODE - 638 001. 642 (Old # 324) Raja Street ABT Road, Karuvampalayam Raannia uram - ee ae Tet -:0424-2269599 COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 eet ne sel geaz7 zynaa | Tol 0422 2304731, 2390882 Tel : 0421 - 4322843 Tel : 0422 - 2312899 Yel: OR24-2289509 ; . Cell : 99444 57928 Cell : 98942 88807 Cell : 98430 80753 Cell : 98844 28681 E: casaminathan@yahoo.co.in} E : bjayaramca@yahoo.co.in | E : kplatha1995@gmail.com E : jfrankca@gmail.com ' ^E

T. SAMINATHAN Ab. é JAYARAM K.P. .P. LAT LATHA J. FRANKLIN DAVID rf { , BSc, FCA, B.Com. FCA., DISA, M.Com., F.C.A., DISA, M.Com., F.CA., ae 7 ae : kssathishkumar@yahoo.co yahoo.co.in

J D S ASSOCIATES CHARTERED ACCOUNTANTS

Basis for Opinion

1. 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 "Auditors' Responsibilities for the Audit of the Standalone 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 of India together with the ethical requirements that are relevant to our audit of the Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Standalone Financial Results

1. The Statements have been prepared based on the Standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statements that give a true and fair view of the net profit, other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down under applicable Indian 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 Regulations 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 judgements and estimates that are reasonable and prudent; and the design, ^r implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness ^o accounting records, relevant to the preparation and presentation Statements that give a true and fair view and are free from aiérial misstatement, whether due to fraud or error

	ae			-
T. SAMINATHAN ~	JAYARAM B.	K.P. P. LATHA	J. FRANKLIN DAVID K	SATE
B.Sc., F.C.A.,	B.Com., F.C.A., D.I.S.A.,	M.Com., F.C.A., D.L.S.A.,	M.Com., F.C.A.,	= ee ms

254, Gandhiji Road 1st Floor, ; Jewel Complex 8/36, LRG Lay-out, Sth Street 7-A, i ij : ERODE - 638 001. 642 (Old # 324) Raja Street | ABT Road, Karuvampalayam lie eeecmon: Tel : 0424-2269599 COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 ee eae cel geaoy oyaaa | 1170422 2304731, 2390882 | Tel 0421 - 4322643 Tel : 0422 - 2312899 oe é . Cell : 99444 57928 Cell : 98942 88807 Cell : 98430 80753 Cell : 98844 28681

B.Sc., F.C.A., B.Com., F.C.A., D.I.S.A., M.Com., F.C.A., D.L.S.A., M.Com., F.C.A., ms ee =

E : casaminathan@yahoo.co.in| E : bjayaramca@yahoo.co.in E : kplatha1995@gmail.com E: jfrankca@gmail.com

Membership No. 027133 | Membership No. 028346 Membership No. 208150 Membership No. 208792 idenibersiap No 234722

E : kssathishkumar@yahoo.co.in

JDS ASSOCIATES CHARTERED ACCOUNTANTS

• 1. In preparing the Statements, 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.
• 1. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of Standalone Financial Results

• 1. Our objectives are to obtain reasonable assurance about whether the Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatement 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 this basis of these Statements.
• 1. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also
• ^>Identify and assess the risks of material misstatement of the Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit .evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting ^a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissi misrepresentations, or the override of internal control.

T. SAMINATHAN VB ? JAYARAM K.P. sP; LATHA J. FRANKLIN DAVID

254, Gandhiji Road 1st Floor, Jewel Complex 8/36, LRG Lay-out, Sth Street : casaminathan@yahoo.co.in} E : biayaramca@yahoo.co.in

B.Sc., FC.A., B.Com., F.C.A., D.I.S.A., M.Com., F.C.A., D.LS.A., M.Com., F.C.A., aes al Membership No. 027133 | Membership No. 028346 Membership No. 208150 Membership No. 208792 Memibership No 934722

| : kplathai995@gmail.com E: jfrankca@gmail.com

ERODE - 638 004. 642 (Old # 324) Raja Street | ABT Road, Karuvampalayam - 'aoe ee oe Tel - 0424-2269599 COIMBATORE - 641 001. TIRUPUR - 641 604 " COIMBATORE - 641 045 ee sel setor araag | 110422 2304731, 2300862 | Tel 0421 - 4322843 Tel : 0422 - 2312899 ie Soames - 3 Cell : 99444 57928 Cell : 98942 88807 Cell : 98430 80753 Cell : 98844 28681 E : kssathishkumar@yahoo.co.in |

J DS ASSOCIATES CHARTERED ACCOUNTANTS

• Obtain an understanding of internal controls 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 management's 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 ability of the Company 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 statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation

• 1. 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.
• 1. We also provide those charged with governance with a statement that we have

We 9.	with communicate planned the matters, any including findings, during our audit.	with charged those timing of and scope deficiencies significant	regarding, governance significant and the audit control that we internal in	other among audit identify
We 10.	provide those also	governance with charged	statement that a with	we have
T. SAMINATHAN BSc, FCA,	VB. JAYARAM B.Com., FCA, DISA, Membership No. 027133 Membership No. 028346	K.P. LATHA M.Com.,FC.A,, DISA, Membership No. 208150	J. FRANKLIN DAVID K. M.Com., F.C.A., Membership No. 208792	AR > Membership No 34722
254, Gandhiji Road ERODE - 638 001. Tals ase-oaeneen sel 9eao7 o7aaq ; E : casaminathan@yahoo.co.in]	1st Floor, Jewel Complex ; COIMBATORE - 641 001. 110422 2304731, 2390882 Cell : 99444 57928 E : biayaramca@yahoo.co.in	8/36, LRG Lay-oul, Sth Street 7.4, Sri 642 (Old # 324) Raja Street ABT Road, Karuvampalayam TIRUPUR - 641 604 Tel 0421 - 432084 Cell : 98942 88807 E : kplatha1995@gmail.com	-A, StiN wea COIMBATORE - 641 045 Tel : 0422 - 2312899 Cell : 98430 80753 E: jfrankca@gmail.com	i ae eae — + Sage Cell : 98844 28681 E : kssathishkumar@yahoo.co.in

J DS ASSOCIATES CHARTERED ACCOUNTANTS

be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

1. The Statements include the results for the Quarter ended March 31, 2023, being the balancing figure between audited figures in respect of the full financial year ended March 31, 2023 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review by us, as required under the Listing Regulations.

For JDS ASSOCIATES Chartered Accountants FRN :008735S (B.JAYARAM) Partner Memb.No : 028346

BALASU BR Digitally signed by BALASUBRAMANIA AMANIAM ™iayaram Date: 2023.05.24 JAYARAM. 13:00:44 +05'30'

Date : May 24,2023 UDIN: 23028346BGRPNU8829

Cell

254, Gandhiji Road 1st Floor, Jewel Complex 8/36, LRG Lay-out, 5th Street | 7-a, Sri Nagar, Behind S i ERODE - 638 001. 642 (Old # 324) Raja Street | ABT Road, Karuvampalayam |' Ramanathapuram an ae Tel : 0424-2269599 COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 ey eee . . : 98427 27344 = 'cn Cell: "teas "a z ell : . : meet ae. alae, coast

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T. SAMINATH oe AN Rag hee : ee J. eee DAVID | K.S. SATHISHKUMAR Membership No. 027133 | Membership No. 028346 Membership No. 208150 Membership No. 208792 Mesnbership ce oe E = casaminathan@yahoo.co.in} E : bjayaramca@yahoo.co.in | ©: kplatha1995@gmail.com E : "niteaGereds jfrankca@gmail.com E : kssathishkumar@yahoo.co.in alee

ELECTRONICS SALZER	LTD.			Salzer
CIN: L03210TZ1985PLC001535
Statement of Consolidated Audited Financial Results for the Fourth Quarter and year ended March 31, 2023
					Rs. In Lacs
	3/31/2023	Quarter ending 12/31/2022]	3/31/2022	Year ending 3/31/2023	3/31/2022
	Ref. Note No. ii	Unaudited	Audited	Audited	Audited
INCOME /Revenue From Operations	30,273.04	24,559.77
Other Income	32.82	62.32	23,886.90 52.82	1,03,708.68 170.11	80,354.15 247.61
TOTAL INCOME EXPENSES	30,305.86	24,622.09	23,939.72	1,03,878.79	80,601.76
Cost of materials consumed	24,008.99	19,033.07	18,465.97	82,694.88	63,934.25
Changes in inventories of finished goods and work-in-progress Employee benefit expenses	27.74 1,078.02	-464.67	816.37	-1,978.92	-917.53
Finance Cost	768.51	969.44 666.85	962.34 503.60	3,936.54 2,611.89	3,359.63 1,987.65
Depreciation and amortisation expense Other expenses	433.39 2,691.01	415.56	412.68	1,660.37	1,633.48
TOTAL EXPENSES	29,007.66	2,531.90 23,152.15	2,251.36 23,412.32	9,465.99 98,390.75	7,353.53 77,351.01
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX Exceptional items	1,298.20	1,469.94	527.40	5,488.04	3,250.75
Covid provision for inventory and receivables @ Kaycee	0.00	0.00	0.00	0.00	0.00
{Prior Period expenses PROFIT BEFORE TAX	0.00	1.52	0.00	1.52	0.00
Tax Expense	1,298.20 -313.43	1,471.46 -419.11	527.40 -70.19	5,489.56 1,527.68	3,250.75 -830.30
VII PROFIT AFTER TAX	984.77	1,052.35	457.21	3,961.88	2,420.45
	961.44	1,031.00 21.35	324.15 133.06	3,870.50 91.38	2,259.32 161.15
Attributable to Owners of the Company (Holding Co) IX Attributable to Non-controlling Interest	23.33
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss TOTAL OTHER COMPREHENSIVE INCOME FOR THE PERIOD	-89.72 895.05	30.83 1,083.18	16.33 473.54	-13.39 3,948.49	30.13
1 Attributable to Owners of the Company (Holding Co) 2 Attributable to Non-controlling Interest	871.06	1,061.82	339.25	3,860.16	2,450.58 2,288.21
Share Capital (Equity Shares of Rs.10/- each)	23.99 1,618.27	21.36 1,598.27	134.29 1,598.27	88.33 1,618.27	162.38 1,598.27
Reserves and Surplus (Annualized)				39,152.82	33,791.00
XIV EARNINGS PER SHARE Basic after exceptional items (in Rs.)	6.01	6.45	2.03	24.21	14.14
b Diluted after exceptional items (in Rs.)	5.44	6.42	2.03	21.90	14.14
				For Salzer Electronics Limited
Date : May 24, 2023				wor mM
Place : Coimbatore				JOINT MANAGING DIRECTOR	D RAJESHKUMAR
				CHIEF FINANCIAL OFFICER	(DIN: 00003131)

mM wor Date : May 24, 2023 D RAJESHKUMAR Place : Coimbatore JOINT MANAGING DIRECTOR

Gy Samichettipalayam, Coimbatore - 641 047, India. Phone : + + 91 422 4233600 Fax: + +91 422 2692170 E-mail : salzer@salzergroup.com Website : www.salzergroup.com

SALZER ELECTRONICS LTD. —+— | ad —|

CIN : L0O3210TZ1985PLC001535

Notes forming part of above CONSOLIDATED results

• i) The above audited financial results were duly reviewed by the Audit Committee at its meeting held on May 24, 2023 and were taken on record and approved by the Board of Directors at their meeting held on May 24, 2023 along with the Audit report issued by the Statutory Auditor on Financial Results;
• ii) The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial years, which were subjected to limited review. Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification.; For SALZER ELECTRONICS LIMITED yr

Coimbatore - 641 047. D RAJESHKUMAR May 24, 2023 JOINT MANAGING DIRECTOR CHIEF FINANCIAL OFFICER (DIN:00003126)

Samichettipalayam, Coimbatore - 641 047, India. Phone : + + 91 422 4233600 Fax: ++ 91 422 2692170 ISO 9001 5 . PTIRRCLE pee E-mail : salzer@salzergroup.com Website : www.salzergroup.com

SALZER ELECTRONICS LTD.

CIN : L03210TZ1985PLC001535

	ASSETS
	Non-current Assets	23,452.23
	Plant and	63.10
	Work in Ca	0.77
	Investment	91
	Intangible Assets
	Financial Assets
	i. Investments
	ii. Trade Receivables
	iii, Others
	Other Non-Current Assets
	Non-Current Assets
2	Assets
		.09 27
	Assets
	Investments	422.80
	. Trade Receivables	28,726.53
	i. Cash and Cash equivalents	727.93
	. Other Bank balances	0.90
		70
	. Loans	42.70
	. Others	3,447.51
	Current Assets	781.16
	'otal Current Assets	47
	AL ASSETS
	AND LIABILITIES
		618.27
	Share	39,152.82
	attributable to the Owners of the	40,771.09
	Non interest	554.60
		69
	otal
	Liabilities
	Liabilities
	Borrowi
	Lease Liabilities
	tax liabilites
	Non-Current Liabilities
	otal Non-current Liabilites
	Liabilities
	Financial Liabilities
	1:
	ii. Trade
	iv. Lease liabilities
	iii, Others
	Other Current Liabilites
	Provisions
	Current Tax Liabilities
	otal Current Liabilites
	AND LIABILITIES 'AL
		RY

y Samichettipalayam, Coimbatore - 641 047, India. Phone : + + 91 422 4233600 Fax: + + 91 422 2692170 Registered BQ, E-mail : salzer@salzergroup.com Website : www.salzergroup.com

SALZER ELECTRONICS LTD. S—laoer

SALZER ELECTRONICS LTD.
CIN: L03210TZ1985PLC001535			Excess Consider (1980) DEALERS BROKENSERVERS
	CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31.03.2023
	Period Ending		Period Ending
	31.03.2023		31.03.2022
	Amount in Rs.(Lacs)		Amount in Rs.(Lacs)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit after tax and		3961.86		2450.60
Adjustments for: Tax Expenses	1527.68		820.15
Depreciation	1660.37		1633.48
Interest Income Finance Costs	(57.01) 2611.89		(50.05) 1987.65
(Gain)/Loss on Foreign Exchange Fluctuations (net) Dividend Income	7.51 (3.72)		(83.99)
Impairment of Goodwill
	43.82		(6.74) 0.00
	(38.97) (0.25)		(43.52)
(Profit) / Loss on sale of Investments (Profit) / Loss on sale of Fixed Assets Fair valuation of investments	(6.44)		(3.13) (18.99)
Other Non Operating Income Other Comprehensive Income	(69.90) 24.33	5699.33	0.00 (19.61)
Operating Profit before working capital changes		9661.19
Add: Adjustments for working capital changes Inventories	(4681.94)		(4599.21)
	(6860.71) 3476.16		(1818.16) 936.59
	2169.77	(5896.73)	(1433.70)
		3764.46
		(1252.24)
Trade and other receivables Trade and other Payables Other Liabilities Cash generated from operations Direct tax paid Net cash from operating activities		2512.22		4215.24 6665.83 (6914.48) $-248.65$ (975.01) $-1223.66$
B. INVESTING ACTIVITIES:
	0.00		0.00
	(3780.57)		(1955.51)
	0.00 69.90		0.00 61.11
	0.25 38.97		38.69 0.00
Investment in subsidiary including goodwill Investments in Fixed assets (Net) Proceeds from Sale of Fixed assets Non Operating Income Proceeds from sale of Fixed assets Profit/ (Loss) on Sale of Investment Investmen in Mutual Funds and Equitites (Net)	(112.74)		43.52
Purchase / Sale of Investments Post acquisition profit from subsidiary	(6.69) 0.00		0.00 129.22
Dividend Received Interest Received	3.72		6.74
Other Non Current Investments	57.01 0.00	(3730.14)	50.05 17.99	(1608.18)
Net cash used in investing activities		(3730.14)		(1608.18)

Samichettipalayam, Coimbatore - 641 047, India. & vy, Phone : + + 91 422 4233600 Fax: ++ 91 422 2692170 ETTSCITE facet E-mail : salzer@salzergroup.com Website : www.salzergroup.com

SALZER ELECTRONICS LTD. S—laaeer

Period Ending 31.03.2022 Amount in Rs.(Lacs) 5212.42
0.00
0.00 0.00
(290.60) (386.00)
(1987.65) 83.99
(19.04) 2613.13
2613.13
(218.71)
1393.30 1174.58
1174.58

Samichettipalayam, Coimbatore - 641 047, India. Nv, Phone : + +91 422 4233600 Fax: ++ 91 422 2692170 ane E-mail : salzer@salzergroup.com Website : www.salzergroup.com

J DS ASSOCIATES CHARTERED ACCOUNTANTS

Independent Auditor's Report on the annual consolidated financial results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF SALZER ELECTRONICS LIMITED

Report on the audit of the Consolidated Financial Results

Opinion

• 1. We have audited the accompanying consolidated annual financial results of Salzer Electronics Limited (hereinafter referred to as the 'Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), and its associates for the quarter and year ended March 31, 2023 (' Statement'), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
• .In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements /financial results/ financial information of the subsidiaries and associates, the aforesaid consolidated annual financial results:
• a. includes the financial results of the following entities
• i. Salzer EV Infra Private Limited Wholly owned Subsidiary,
• li. | Kaycee Industries Limited Subsidiary,
• ii. Salzer Emarch Electromobility Private Limited Step Down Subsidiary
• iv. Salzer Kostad EV Charges Private Limited Associate Company
• are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and

Membership No. 027133 | Membership No. 028346 Membership No. 208150 Membership No. 208792 Membership No. 234722 a 642 (Old # 324) Raja ok ABT Road, Karuvampalayam Ramanathapuram ERODE - 638 001.

ii 1st Floor, Jewel Complex 8/36, LRG Lay-out, Sth Street | 7-A, Sri Nagar, Behind Sungam 254, Gandhiji Road ee COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 Tel - 0424-2269599 Tel : 0424-2269599 | Tey - 0429 - 2304731, 2390882 Tel : 0421 - 4322843 Tel : 0422 - 2312899 si cain Cell : 98427 27344 Cell : 99444 57928 Cell : 98942 88807 Cell : 98430 80753 ell : E : casaminathan@yahoo.co.in] E: bjayaramca@yahoo.co.in | E:: kplatha1995@gmail.com E: jfrankca@gmail.com E : kssathishkumar@yahoo.co.in

T. SAMINATHAN B. JAYARAM K.P. LATHA J. FRANKLIN DAVID | K.S. SATHISHKUMAR "BSc, FCA, B.Com., F.C.A., D.LS.A., M.Com., F.C.A., D.LS.A., M.Com., F.C.A., M.Com., FCA.,

c. give a true and fair view in conformity with the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group and its associates, for the quarter and year ended March 31, 2023,

J D S ASSOCIATES

CHARTERED ACCOUNTANTS

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143 (10) of the Companies Act, 2013("Act"). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results" section of our report. We are independent of the Group and its associates in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other matter" Paragraph below, is sufficient and appropriate to provide a basis for our opinion

Board of Director's Responsibilities for the Consolidated Annual Financial Results

1. These consolidated annual financial results have been prepared based on the consolidated annual financial statements. The Holding Company's Board of directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates in accordance with the Indian 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 the Regulations 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of 6 associates are responsible for maintenance of adequate accounting recordé"4 accordance with the provisions of the Act for safeguarding of the assets df Group and its associates and for preventing and detecting frauds and | irregularities; selection and application of appropriate accounting policies;

M mbershi No 027133 Membership No. 028346 Membership No. 208150 Membership No. 208792 lem p e

' age a F.C.A., D.I.S.A., M.Com., F.C.A., D.1.S.A., M.Com., F.C.A, mahie oe ieee

' Floor, Jewel Complex 8/36, LRG Lay-out, Sth Street | 7-a, Sri Nagar, Behind Sungam 254, Gandhiji Road a ee 642 (ON 4324) Raja Street | ABT Road, Karuvampalayam Ramanathapuram ERODE - 638 001. a eee COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 ir and naan cot sperrzrve , |" CU2 are Zam? | a cmocenm" | Car anoeoss | Cas ae lames Sameer E :kplatha1995@gmail.com E : jfrankca@gmail.com E : kssathishkumar@yahoo.co.in E : casaminathan@yahoo.co.in] E : biayaramca@yahoo.co.in

. JAYARAM K.P. LATHA J. FRANKLIN DAVID | K.S. SATHISHKUMAR Lg

J D S ASSOCIATES CHARTERED ACCOUNTANTS

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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Directors of the Holding Company, as aforesaid..

• 1. In preparing the consolidated annual financial results, the respective Board of Directors of the companies included in the Group and of its associates are responsible for assessing the ability of the Group and its associates to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so..
• 1. The respective Board of Directors of the companies included in the Group and of its associates are responsible.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

1. Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

ERODE = 638 00". COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 Tel - 0424-2269599 Tel: 0424-2269598 | Tel :0422 - 2304731, 2390882 | 'Tel : 0421 - 4322843 Tel : 0422 - 2312899 Saar Cell : 98427 27344 , "Cell: 99444 57928 Cell : 98942 88807 Cell : 98430 80753 ell:

B.Sc.,F.CA., B.Com., F.C.A., D.LS.A., M.Com., F.C.A., D.LS.A., M.Com., F.C.A., M.Com., ) F.C.A.,

T. SAMINATHAN B. JAYARAM K.P. LATHA J. FRANKLIN DAVID | K.S. SATHISHKUMAR | Membership No. 027133 | Membership No. 028346 Membership No. 208150 Membership No. 208792 Membership No. 234722 a ij 1st Floor, Jewel Complex 8/36, LRG Lay-out, . Sth Street | 7-A, "A, Sri Sri Nagar, Behind i , Sungam 254 Gandhiji Road 642 (Old # 324) Raja Sree ABT Road, Karuvampalayam Ramanathapuram ERODE - 638 001. E : casaminathan@yahoo.co.in] E : biayaramca@yahoo.co.in | E: kplathai995@gmail.com E: jfrankca@gmail.com E : kssathishkumar@yahoo.co.in

J DS ASSOCIATES CHARTERED ACCOUNTANTS

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

• Identify and assess the risks of material misstatement of the consolidated annual financial results, 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.
• Vv 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 ability of the Group and its associates 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 consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to date of audit report. However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.

T. SAMINATHAN B.Sc., F.C.A., Membership No. 027133

254, Gandhiji Road ERODE - 638 001. Tel : 0424-2269599 Cell : 98427 27344 E : casaminathan@yahoo.co

B. JAYARAM K.P. LATHA J. FRANKLIN DAVID | K.S. SATHISHKUMAR B.Com., F.C.A., D.I.S.A., M.Com., F.C.A., D.L.S.A., M.Com., F.C.A., M.Com., FCA., Membership No. 028346 Membership No. 208150 Membership No. 208792 Membership No. ²³⁴⁷²² 1st Floor, Jewel Complex 8/36, LRG Lay-out, Sth Street | 7-A, Sri Nagar, Behind Sungam 254, Gandhiji Road 642 (Old # 324) Raja Street | ABT Road, pil oa Ramanathapuram ERODE - 638 001. COIMBATORE - 641 001. TIRUPUR - 64 COIMBATORE - 641 045 Tel - 0424-2269599 Tel : 0422 - 2304731, 2390882 Tel : 0421 - 4322843 - Tel: 0422 - 2312899 cea nasaa tones Cell : 99444 57928 Cell : 98942 88807 Cell : 98430 80753 e . in] E: bjayaramca@yahoo.co.in | E : kplatha1995@gmail.com E : jfrankca@gmail.com E : kssathishkumar@yahoo.co..in

J DS ASSOCIATES CHARTERED ACCOUNTANTS

» Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• » Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and _ its associates to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated annual financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
• 1. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors 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.
• 1. . 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.
• 1. We also performed procedures in accordance with the circular issued by the SEB] under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

T. SAMINATHAN B. JAYARAM K.P. LATHA J. FRANKLIN DAVID | K.S. SATHISHKUMAR _ B.Sc., F.C.A., B.Com., F.C.A., D.LS.A., M.Com., F.C.A., D.LS.A., M.Com., F.C.A., M.Com., FCA,

Membership No. 027133 | Membership No, 028346 Membership No. 208150 Membership No. 208792 Membership No. 234722 254, Gandhiji Road 1st Floor, Jewel Complex 8/36, LRG Lay-out, Sth Street | 7-A, Sri Nagar, Behind Sungam 254, Gandhiji Road ERODE 638 001 642 (Old # 324) Raja Street | A®BT Road, Karuvampalayam Ramanathapuram ERODE - 638 004. . : COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 Tel - 0424-2269599 Tel: 0424-2269599 | Tel : 0422 - 2904731, 2390882 | 'Tel : 0421 - 4322843 Tel : 0422 - 2312899 erate Cell : 98427 27344, Cell : 99444 57928 Cell : 98942 88807 Cell : 98430 80753 Cell: 9 E : casaminathan@yahoo.co.in| E : biayaramca@yahoo.co.in | ©: kplatha1995@gmail.com E: jfrankca@gmail.com E : kssathishkumar@yahoo.co..in

J D S ASSOCIATES CHARTERED ACCOUNTANTS

Other Matters

The consolidated Financial Results includes the audited Financial Results of the subsidiary, whose financial information reflect Group's total assets of Rs.3068.94 Lakhs as at March 31, 2023, Group's total revenue of Rs. 4,234.17 Lakhs and total net profit after tax of Rs.349.43 Lakhs and Rs. 89.11 Lakhs for the quarter ended March 31, 2023, as considered in the consolidated Financial Results, which have been audited by their respective independent auditors. The independent auditors' reports on Financial Results/financial information of the subsidiary have been furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures includedrespect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

• 1. Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/financial information certified by the Board of Directors.
• 1. The Statement includes consolidated results for the Quarter ended March 31, 2023, being the balancing figure between audited figures in respect of the full financial year ended March 31, 2023 and the published year to date figures up to the third quarter of the current financial year, which were subject to limited review by us, as required under the Listing Regulations

For JDS ASSOCIATES Chartered Accountants " FRN :008735S BALASUBRA Digitally signed by

BALASUBRAMANIAM MANIAM JAYARAM Date: 2023.05.24 JAYARAM 13:01:20 +05'30'

(B.JAYARAM) Partner Memb.No : 028346 Date : May 24,2023 Place ; Coimbatore -641001 UDIN : 23028346BGRPNV8933

E : casaminathan@yahoo.co.in| E:bjayaramca@yahoo.co.in | ©: kplatha1995@gmail.com E : jfrankca@gmail.com E : kssathishkumar@yahoo.co.in

254, Gandhiji Road 1st Floor, Jewe! Complex 8/36, LRG Lay-out, Sth Street | 7. Sri , ' ' -A, Sri Nagar, B iji ERODE - 638 001. 642 (Old # 324) Raja Street ABT Road, Karuvampalayam hawteoen pai ch a) = GaAs COIMBATORE - 641 001. TIRUPUR - 641 604 COIMBATORE - 641 045 Sete ei-optor pyaag | Tl 0422- 2304731, 2300882 Tel : 0421 - 4322843 Tel : 0422 - 2312899 Tel : O2hgeCE i

B.Se., F.C.A., B.Com., F.C.A., D.I.S.A., M.Com., F.C.A., D.1.S.A., : M.Com., F.C.A., M.Com., F.C.A. Membership No. 027133 | Membership No. 028346 Membership No. 208150 Membership No. 208792 Membership No. 234722 : Cell : 99444 57928 Cell : 98942 88807 Cell : 98430 80753 Cell : 98844 28681

T. SAMINATHAN B. JAYARAM K.P. LATHA J. FRANKLIN DAVID | K.S. SATHISHKUMAR