Shalby Limited — Annual Report 2021

Jun 1, 2021

June 1,2021

The Listing Department National Stock Exchange of India Ltd Mumbai 400 051.

Scrip Code : SHALBY Through : https://www.connect2nse.com/LISTING/

Sub: Clarification for Financial Results Ref: 1. Quick results submitted to Exchange on 05-May-2021 2. Email received on 31" May 2021 from NEAPS

Dear Sir/ Madam,

With reference to your above referred email, we would like to inform that there was an inadvertent typographical error in the heading of the Balance Sheet as at 31 March '21. The correct heading should be read as "As at 31 Marl21 -Audited" instead of ""As at 31 Marl21 - Unaudited".

We have rectified the said error and have replaced the revised page duly signed by ohl Chairman and Managing Director and by our Auditors.

You are requested to take the same on your records.

Thanking you,

Yours sincerely For Shalby Ltd.

Tushar Shah AVP 81 Company Secretary Mem. No. FCS-7216

Shalby Limited

May 4,2021

The Listing Department National Stock Exchange of India Ltd Mumbai 400 051.

Scrip Code : SHALBY Scrip Code: 540797 Through : httus:llwww.connect2nse.com/LlSTlNG~ Through : http:fllistin~.bseindia.com

Corporate Sewice Department BSE Limited Mumbai 400 001.

Sub: Outcome of the Board Meeting - disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 ("the SEBl LODR")

Dear Sir / Madam,

With reference to captioned subject and pursuant to provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that at the meeting of Board of Directors of the Company held today i.e. on May 5,2021, which commenced at 3:00 p.m. and concluded at 4:15 p.m., have considered and approved, inter-olio, the following:

• 1. Audited Financial results (standalone and consolidated) for the quarter and year ended March 31, 2021 together with Auditors Report with unmodified opinion thereon and Boards' Report and other matter connected thereto. The said Audited Financial Results along with Auditors' Report and declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 as amended and in compliance with SEBI Circular CIR/CFD/ CMD/56/2016 dated May 26,2016 are annexed herewith. The above audited financial results were reviewed by Audit Committee at its meeting held just prior to the Board of Directors meeting held today i.e. May 5,2021.
• 1. Recommended to the members a final dividend of T 1.00 (i.e. 10%) per equity share of 7 lo/- each. The final dividend amount will be paid subject to approval of shareholders in the ensuing 17~~ Annual General meeting of the Company.
• 1. Mr. Tushar Shah, Company Secretary of the Company is authorized to intimate to Stock Exchanges about Book Closure, Cut-off dates, Place, time and date of Annual Meeting for financial year 2020-21.

You are requested to take the same on your record.

Thanking you,

Yours sincerely Fghalqtt!d

Tushar Shah AVP & Company Secretary Mem. No: FCS-7216

Encl.: as above

May 5,2021

The Listing Department National Stock Exchange of India Ltd Mumbai 400 051.

Scrip Code : SHALBY Scrip Code: 540797 Through : hrtps://www.connect2nse.com/LlSTING/ Through : http://listing.bseindia.com

Corporate Service Department BSE Limited Mumbai 400 001.

Sub : Declaration pursuant to Regulation 33(3)(d) of SEBI(Listing Obligations and Disclosure Requirements), Regulations 2015

Dear Sir / Madam,

I, Prahlad Rai Inani, Chief Financial Officer of Shalby Limited hereby declare that the Statutory Auditors of the Company, MIS. T R Chadha & Co., Chartered Accountants (Firm Registration no. 006711N\N500028) have issued an Audit Report with unmodified opinion on Audited Standalone and Consolidated Financial Results of the Company for the financial year ended March 31,2021.

This declaration is given pursuant to Regulation 33(3)(d) of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

We request you to kindly take the same on your recwds.

Yours sincerely For Shalby

Chief Fifiancial Officer

Shalby Limited

Regd. Office: Opp. Karnavati Club, Sarkhej Gandhinagar Highway, Near Prahlad Nagar Garden, Ahmedabad - 380 015, Gujarat, India

Phone: +91 79 40203000, Fax:+91 79 40203120

E-mail: companysecretary@shalby.in Website: www.shalby.org CIN: L85110GJ2004PLC044667

Statement of audited Standalone Financial results for the Quarter and Year Ended 31st March, 2021

I-SPEC

HOSPITALS

		(₹ in Million except per share data)Year EndedQuarter Ended
Sr.
No.	Particulars	31/03/2021	31/03/2020	31/12/2020	31/03/2021	31/03/2020
		Refer note (3)	Reviewed	Refer note (3)	(Audited)	(Audited)
	Income
I	Revenue from Operations	1,416.76	1,055.11	1,292.99	4,186.69	4,838.86
П	Other Income	22.88	105.26	24.01	96.16	177.42
Ш	Total Income (I+II)	1,439.64	1,160.37	1,317.00	4,282.85	5,016.28
IV	Expenses
	Operative Expenses	792.33	675.48	716.03	2,330.63	2,814.59
	Purchase of stock in trade	19.84	23.20	21.42	68.47	112.59
	Changes in Inventories	2.53	(0.78)	(0.36)	5.15	4.28
	Employee benefits expense	167.95	160.85	160.49	557.38	652.45
	Finance Costs	7.51	16.99	9.00	35.84	63.58
	Depreciation and amortisation expenses	93.64	89.98	92.18	366.66	358.61
	Other Expenses	111.16	172.46	96.30	363.80	439.90
V	Total Expenses (IV)	1,194.96	1,138.18	1,095.06	3,727.93	4,446.00
	Profit / (loss) before exceptional items and tax (III-IV)	244.68	22.19	221.94	554.92	570.28
VI	Exceptional Items
VII	Profit / (Loss) before tax (V+VI)	244.68	22.19	221.94	554.92	570.28
VIII	Tax Expense:
	(1) Current Tax	41.06	10.80	39.21	95.80	106.52
	(2) Adjustment of earlier years	11.72	16.43	0.00	(17.74)	16.39
	(3) MAT Credit entitlement	(36.54)	8.72	(34.53)	(76.72)	(71.95)
	(4) Deferred Tax	118.12	154.86	53.93	124.77	239.61
IX	Profit/(Loss) for the period from continuing
	operations (VII-VIII)	110.32	(168.62)	163.33	428.81	279.71
X	Profit/(Loss) from discontinued operations	۷		$\overline{a}$
X 1	Tax expenses of discontinued operations	$\overline{a}$	н.
XII	Profit/(Loss) from discontinued operations (after tax) (X-
	XI)	×	$\frac{1}{2} \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac$
XIII	Profit/(Loss) for the period (IX+XII)	110.32	(168.62)	163.33	428.81	279.71
XIV	Other Comprehensive Income
	A. (i) Items that will not be reclassified to profit or loss	2.28	(0.59)	0.06	2.48	0.26
	(ii) Income tax relating to items that will not be reclassified
	to profit or loss	(0.76)	0.16	(0.02)	(0.83)	(0.09)
	B. (i) Items that will be reclassified to profit or loss	$\overline{a}$
	(ii) Income tax relating to items that will be re classified to
	profit or loss	$\overline{\phantom{a}}$
XV	Total Comprehensive Income for the period (XIII+XIV)
	Comprising Profit (Loss) and Other Comprehensive	111.84	(169.05)	163.37	430.46	279.88
	Income for the period)
XVI	Paid-up Equity Share Capital (Face value of ₹10/- each)	1,080.10	1,080.10	1,080.10	1,080.10	1,080.10
	XVII Reserve excluding revaluation reserves as per balance				7,416.39	7,057.84
	sheet of previous accounting year
	XVIII Earnings per equity share ₹10/- each (for Continuing
	operation):
	(1) Basic	1.02	(1.56)	1.51	3.97	2.59
	(2) Diluted	1.02	(1.56)	1.51	3.97	2.59
	XIX Earnings per equity (for discontinued operation)DH/
	$(1)$ BasicREG(2) Diluted			÷.
	OUTFILLY= (AIMEDABAD) PL

Notes to the Audited Standalone Financial Results for the Quarter and Year ended March 31, 2021

• 1. The above financial results for the quarter and year ended March 31, 2021 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the company at their respective meetings held on May 05.2021. The Statutory Auditors of the Company have expressed unmodified opinion on the aforesaid results.
• 1. 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 and relevant amendment thereafter.
• 1. The figures for quarter ended March 31, 2021 and March 31, 2020 are balancing figures between the audited figures of the full financial year and the reviewed year to date figure upto the third quarter of the relevant financial year.
• 1. The company is mainly engaged in the business of setting up and managing hospitals and medical diagnostics services which constitutes a single business segment. These activities are mainly conducted only in one geographical segment viz, India. Therefore, the disclosure requirement under the Ind-AS 108 "Operating Segments" are not applicable.
• 1. The Company has made detailed assessment of its liquidity position and recoverability of carrying amount of financial and nonfinancial assets and concluded that there is no material adjustments required in the financial results for the quarter & year ended March 31, 2021. Management believes that it has considered all the possible impact of known events arising from COVID-19 pandemic in the preparation of financial results for the quarter & year ended March 31, 2021. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The Company will continue to monitor any material changes to future economic conditions.
• 1. We confirm that we are not a Large Corporate as per applicability criteria given under SEBI circular no. SEBI/HO/ DDHS/CIR/P/2018/144 dated November 26, 2018.
• 1. The Board of Directors in their meeting held on May 05, 2021 has recommended a final dividend of ₹1.00 (i.e. 10%) Per equity share subject to the approval of shareholders in the ensuing Annual General meeting.
• 1. Figures of the previous quarter / year to date have been regrouped, wherever necessary to make it comparable.

For Shalby Limited

am Shah

Chairman and Managing Director DIN: 00011653

Shalby Limited Standalone Balance Sheet Patt II

Particulars
ASSETS
Noncurrent assets
Properly. Plant and Equipment
Right of Use Assets
Capital work-in progress
Goodwill
Intangible Assets
Intangible assets under development
Financial Assets
Investments
Other Finanaal Assets
Income Tax Assets (Net)
Other non current assets	323.12 1	325.03
Total Noncurrent assets	7,350.58 11	7.407.07
/current assets
Inventories
Financial assets
Investments
Trade Receivables
Cash and Cash Equivalents
Other Bank Balances
Other Financial Assets		-.
Other Current Assets	70.00	55.97
Assets held for sale	131.92	131.92
Total Current assets	2,773.13	2,406.50
Total Assets	10,123.73	9,813.57
EQUIN AND LIABILITIES		-
Equity
Equity Share Capital
Other Equity	I	I
Total Equity	8,496.51 1	8,137.94
Liabilities
INonsurrent Liabilities
Financial Liabilities
Borrowings
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-current LiabilitiesTotal Noncurrent Liabilities	192.94I802.35 1	154.33843.19
	I	I
l~urrent liabilities	1
Financial Liabilities
'-Total Outstanding dues to Micro Enterprise &Small Enterprise		-
'-Total Outstanding dues to Other than Micro
Enterprise &Small Enterprise		603.35
Other Financial Liabilities		168.56
Other Current liabilities

.

Shalby Limited

$\sqrt{3}$ $\frac{1}{4}$

Standalone Cash Flow Statement

Particulars		Year ended as on31st Mar'21	Year ended as on31st Mar'20
		Audited	Audited
A. Cash flow from Operating Activities
Net Profit before Tax as per Statement of Profit & Loss		554.91	570.29
Adjustments for
Depreciation and amortisation		366.66	358.61
Finance cost		35.84	63.58
Interest Income
- on fixed deposits with Bank		(51.22)	(50.10)
Gain on Sale of Investment		(1.70)	(10.69)
Loss/gain on sale of property plant & equipment (net)		9.55	1.04
Provision for doubtful debts		2.18	46.65
Sundry balances written off		6.20	9.84
Sundry balances written back			(50.71)
Operating profit before working capital changes		922.42	938.51
Adjustments for
(Increase) / Decrease in Inventories		(51.81)	(21.13)
(Increase) / Decrease in Trade receivables		51.36	(158.15)
(Increase) / Decrease in Other Non Current Financial Assets		(1.14)	1.99
(Increase) / Decrease in Other Current Financial Asset		(79.30)	33.38
(Increase) / Decrease in Other Non Current Asset		1.89	(5.72)
(Increase) / Decrease in Other Current Assets		(14.03)	(33.99)
Increase / (Decrease) in Trade Payables		(7.31)	65.95
Increase / (Decrease) in Provisions		4.16	2.31
Increase / (Decrease) in Other Non Current Financial Liabilities		(1.07)	0.14
Increase / (Decrease) in Other Non Current Liabilities		38.60	35.49
Increase / (Decrease) in Other Current Financial Liabilities		21.21	(78.56)
Increase / (Decrease) in Other Current Liabilities		31.92	(9.17)
Cash generated from operations		916.90	771.05
Direct taxes Refund / (Paid)		(92.43)	(200.17)
Net Cash from / (Used in) Operating Activities	[A]	824.47	570.88
B. Cash flow from Investing Activities
Purchase of Property, Plant and Equipment		(265.05)	(197.71)
Payment for Purchase of Investments		(172.30)	(2, 259.41)
Proceeds from Sale of Investments		280.48	2,082.81
Investment in Bank Deposit		(466.67)	(0.53)
Interest Received		48.19	52.07
Net Cash from / (Used in) Investing Activities	[B]	(575.35)	(322.77)
C. Cash flow from financing activities
Repayment of Borrowing- non current		(181.84)	(93.26)
Proceeds from borrowing			7.20
Interest Paid		(37.39)	(63.81)
Dividend Paid		(54.01)	(65.11)
Net Cash flow from Financial Activities	[C]	(273.24)	(214.98)
Net Increase / (Decrease) in Cash & Cash Equivalents$[A+B+C]$		(24.12)	33.13
Opening balance of Cash and Cash Equivalents		84.36	51.24
Closing balance of Cash and Cash Equivalents		60.23	84.37
Components of Cash and Cash Equivalent	DHACO
Balances with scheduled banks		50.54	79.50
Fixed Deposits with maturity less than 3 months	REG. NO.
Cash in handTotal	006711N/고	9.69	4.86
	N500028	60.23	84.37

Independent Auditor's Report on the Q~I%erly and Year to Date Audited Standalone Financial Results of the company Pursuant to the Regulations 33 and SZ of the SEBI (Listing Obligations and Disclosure Requirements] Regulations, 2015, as amended

To THE BOARD OF DIRECTORS OF SIIALBY LIMITED

Opinion

We have audited the accompanying statement of standalone financial results of Shalby Limited ["the Company'), for the three months and year ended March 31,2021 ["the Statement"), being submitted by the company pursuant to the requirements of regulation 33 of the SIB1 [Listing Ohli~tion 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.

• a. are presented in accordance with requirements of regulation 33 of the SEBl citing Obligations and Disclosure Requirement] Regulations, 2015, as amended; and
• b. 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, other comprehensive income and other fmancial information of the company for the quarter and year ended March 31,2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing [SAsJ specified under section 143(10] of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditof s 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 @CAIJ together with the independence requirements that are relevmt to our audit of the standalone financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled ow other ethical responsibilities in accordance with these requirements and the ICAl's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our -.. 2:: +inion on the standalone financial results.

Management's Responsibility for the Standalone Financial Results

The Company's Board of Directors is responsible for the matters stated in seaion 134[5) of the Act, with respect to the preparation of these standalone financial results that dve - a true and fair --.

	T R Chadha EL Co., a partnership frrm mnverlad into TR Chadha & Co UP(Anmited Uabllily partnership with LLP ldentliloation No.-)with effed fmm 28th Dmber, 2015
Ahmedabad Bmch	:MI, 3d Floor, lndraprssth Corporate. Opp. Shell Petrol Pump. Anandnagart?&,PrshladAhmadabad480 015. Tele. : 07468~71697.0794800 4897 Email : ahfnedabad@chad
Read Offfw	:Suite No-114 2nd Floor, Gobind Manoion, H Block, Connaught Circus, New Dam1 - 110 00Tele. : 011 41513059141513169
Head Ofiiw	:830, Connaught Place, Mi& Building, New DslhEIlO 001. Eman: defhi@trchadhamm
Bmchw It	: 4MUMEW 4 HYDERABM 4 PUNE *CHENNAI 4 BENGALURU **TIRUPATIGURWI~

view of the fihancial position, financial perfosmance, total comprehensive income, chdnges in equity and cash flows uf the Company in accordance with the accounting principles generally accepted in India. This responsibility arso hdudes maintenance of adequate accounting records in accordance with the provisions of the Act for safegaading of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and applicatian of appropriate accounting policies; mrtking judgments and estimates that am reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls. that were operating effectively fm ensuring the accurpcy and completeness of the accounting records, relevant to tke peparation and presentation of the standalone fimial results that give a true and fair view and are free from material misstatement, whether due to hud or error.

In preparing the standalone financial results, managmerit is responsible for assessing the Company's abiliiy to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountiag unless management either intends to liquidate the Company or to cease operatfOns, or has no reahtic alternative but to do so.

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

Anditor's Responsibilities for the Audit of the standalone Finandal Resnlts

Our objectives are to obtain reasonable assurance about whether the standalone 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 a high level of assurance, but is not a guarantee that an audit conducted in arcordance with Us will always detect a material misstatement when It exists. Misstatements can arise from fraud or error and are considered material if, indivictually or in the aggcegate, they could reasombly be expecked to influence the econbmic decisions af users taken on the basis of these standalone financial Results.

As part of an audit in accordance with SAs, we exercise pmfessional judgment and maintain prafessional skepticdm throughout the audit We also:

• Identify and assew the risks of mate& misstatement of the standalone financial results, whether due to fraud or error, desip and perhrm audit procedures responsive to those risks, and obtain audit evidence that is sufficjent andappropriate to provide a basis for our opinion. The risk bf not detecting a material misstatement resulting from fraud is higher than for one resulting fmm error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, OF the override of internal control.
• Obtain an understanding of fntmal control relevant to the audit in order to desi audit procedures that ape appropriate in the circumstances. Under secclon 143(3](i] of the Acr, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness ofsuch controh,.. . y ;; f. 2 ' ,.

	;@o'.T ItChadha 6 Co., a parlnershb fom converted into^ ~~hadb 6.G LW4f,j?'KiG,c ,hng6,,,il ?''(AllmRBd partnershlpwith UPIdentlffcatinr No.W-3926)wllh -from2&hDemnber,201/
~hmedabad ~hc	:301, 3d Flaor, lndraprasth Corporate, Opp. Shell Pehl Pump. Anandnagar Road, ~rehIah& -1j0 23 'hAhmedabad380 015. TL : OM171097,OUm 4897 Emall: 8hmedabad@chadha.~~9en
OR1wRe	:Suite No-Ilk 2nd Floor, Wind Mansion. H Block, Connaught Circus, New Oelhi- 110Mli.TL. : 011 41513058141513169
Head me4	:6-30, Connaught Place, KuWa Building, New Delhl-110 001. hall : delhi@lnh&am

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit ewidence obtained, whether a material unwrtainty &ts related to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern lfwe conclude that a material uncertahiy exists, we are required to draw attention in our auditar's report Fo the related disclosures in the statements or, if such disclosures are inadequate, to modify our opinion, Our conclusions are bd onthe 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 ovemll presentation, smcture and conteng of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlybg transactions and events in a manner that achieves fair presentation.

~ateridiw is the mamiixcde - of mistatements in the standalone financial results that. individuallv < in aggregate, mahs it probable that the economic &&ions of a reasonably knowledgeable user of the standalone financial results may be influemed. We ~oasider quantitative materiatity and qualitative factor% in ti] Naming the scope of OW a&it work and in &alaathg the results if our work; and (ii) to evaluate the effett of my identifled misstatements in the standalone financial results.

We communicate with those cbarged with governawe regarding, among other matters, the pIanned scope and thing of the audit and significant audit hdkmgs, induding any significant deficiencies ininternal control that we identify during our audit.

We also provide those charged with governance with a statemmt that we have complied with relevant ethicrtl requirements regarding independence, and to cemmunfcate with them all relationships and other matters that may reasonably be thought to bear an our independence, and where applicable, related safeguards.

From ,Be. matters communicated with those charged with gowernanm, we determine those matters that we,re of most significance in the audit of the standalone Bnanciil results of the -current perind and are therefare the key audit matters. We .describe bese matters h our auditar'sreport unless law or regulation precludes public: disclosure about the matter or when,in ememely rare circumstances, we determine that a matts should not be communicated in our report b=causp the adverse €onsequences of daing so would reasonably be expected to outweigh the public interest benefits ofsnch cmnmunication. >-..-- - ~. c. z., . ~. - , . .::.x>,,. -,.

(A limited	~~TR~&CO~~&ipRnnmnuertedintoTRB.CaLLPpartnetshlp wZm UP IdwlUfWen No. AAF39ZB)w#h efleot fmm 28th Decambef,.2015
bhmednhd Branch	:361. .3d Flow, lndrapwth CRoad,0pp:Shell Pabl Pump,Ahmedabad480 01'5. Tele: 079.88171697: 0794800 4897 Eman :Oeahm~~dha.wnr
	: Suite No-1142nd Floor, Qoblnd Mansion. H Bbdc. ConnaugM Clrcw. New Mi - 110 001.Teb. : 011 41513059 141513168
Ru(l mce	:E-SQ, Cannaught Ph, Wak Building. New DeIrtf-qlO 00f. Emall :delhlmcom
meh her at	:4 (URGAOI *+ MUMBAI + HYDBW~AD 4 PUNE 4 CHENNAI + BENWURUTIRUPATI

CHARTERED ACCOUNTANTS

Other Matters

c-- T R CHADHA b CO LLP The Standalone financial results include the results for the quarter ended March 31,2021 being the balancing fignre between the audited figure in respect of the full financial Year and the published unaudited year to date figures up to the third quarter of the current financial year which subject to limited review by us.

Our report on the statement is not modifled in respect ofthii matter.

For T R Chadha & Co LLP Firm's Ree. No-: 006711N \ N500028

. .

Membership No - 135556

Place: Ahmedabad Date05/05/2021 mm I 36hhhh~~41

	TR Chadha 8 Co., a partnership firm mnver$d into T R Chadha 8 Co LLP(A limitad llablllly pamership with LLP Idenfitcation No. AAF-3926) with eflect fmm 28th December. 2015
-Ahmedabad Branch	:M1,3d Floor, lndraprasth Corporate, Opp. Shell Petml Purnp.Anandnagar Road. Pmhlndnagar.~hmedabad-380 015. Tele. : 079-66171697,079-4800 4897 Emell :ahmedabad@bhdha.mm
Regd	:Cim,Suk No-llA, 2nd Floor, Gobind Mansion, H Block, ConnaughtNew Delhl- 110 001.:Tele.011 41513059 141513169
Head ~CI	:630, Connaught Place. Kuthiala Bullding, New Dalhi-110 001. Eman : delhi@trchadhawm
Bnnottw at	: 4 MIMBAI 4 HYLIERABAD O PUNE 4 CtlENNAI 9 BENWRU 9 GURGAOII OTIRUPATI

Shalby Limited

Regd. Office : Opp. Karnavati Club, Sarkhej Gandhinagar Highway, Near Prahlad Nagar Garden, Ahmedabad - 380 015, Gujarat, India Phone: +91 79 40203000, Fax:+91 79 40203120

E-mail: companysecretary@shalby.in Website: www.shalby.org CIN: L85110GJ2004PLC044667

E AL -SPEC HOSPITALS

Statement of Audited Consolidated Financial results for the Quarter and Year ended 31st March, 2021

Ï.

Part I	(₹ in Million except per share data)
Sr.			Quarter ended		Year ended
No.	Particulars	31/03/2021	31/03/2020	31/12/2020	31/03/2021	31/03/2020
		Refer note(3)	Reviewed	Refer note(3)	(Audited)	(Audited)
	Income
I.	Revenue from Operations	1,450.41	1,088.84	1,317.95	4,308.96	4,868.50
П	Other Income	21.37	101.11	22.58	90.62	173.71
Ш	Total Income (I+II)	1,471.78	1,189.96	1,340.53	4,399.58	5,042.21
IV	Expenses
	Operative Expenses	767.65	604.40	626.58	2,149.22	2,424.03
	Purchase of stock in trade	73.76	129.38	133.68	342.97	528.00
	Changes in inventories	5.60	(4.64)	(14.35)	4.03	1.27
	Employee benefits expense	174.05	161.46	164.62	569.57	654.96
	Finance Costs	7.58	16.99	9.00	36.19	63.58
	Depreciation and amortisation expenses	93.73	90.37	92.59	367.95	360.20
	Other Expenses	119.36	173.11	99.86	379.10	442.91
	Total Expenses (IV)	1,241.73	1,171.07	1,111.98	3,849.03	4,474.95
$\mathsf{V}$	Profit / (loss) before exceptional items and tax (III-IV)	230.05	18.89	228.55	550.55	567.27
VI	Exceptional Items	230.05			550.55
VII	Profit / (Loss) before tax (V+VI)		18.89	228.55		567.27
VIII	Tax Expense:(1) Current Tax	39.16	9.94	40.99	96.87	107.82
	(2) Adjustment of earlier years	11.96	16.43		(17.51)	16.41
	(3) MAT Credit entitlement	(36.54)	8.72	(34.53)	(76.72)	(71.95)
	(4) Deferred Tax	117.70	154.85	53.91	124.29	239.13
	Profit / (Loss) for the period from continuing operations (VII-				423.62
IX	VIII)	97.77	(171.05)	168.18		275.86
X	Profit / (Loss) from discontinued operations	$\sim$	$\overline{\phantom{a}}$	$\overline{a}$
XI	Tax expenses of discontinued operations	۷
XII	Profit / (Loss) from discontinued operations (after tax)$(X-XI)$		×,			÷
XIII	Profit/(Loss) for the period (IX+XII)	97.77	(171.05)	168.18	423.62	275.86
XIV	Other Comprehensive Income
	A. (i) Items that will not be reclassified to profit or loss	2.26	(0.59)	0.06	2.45	0.26
	(ii) Income tax relating to items that will not be reclassified to
	profit or loss	(0.76)	0.16	(0.02)	(0.82)	(0.09)
	B. (i) Items that will be reclassified to profit or loss
	(ii) Income tax relating to items that will be re classified to		$\overline{\phantom{a}}$
	profit or loss
	Total Comprehensive Income for the period (XIII+XIV)
XV	Comprising Profit (Loss) and Other Comprehensive Income for	99.27	(171.48)	168.22	425.25	276.03
	the period)
	XVI Profit for the year attributable to
	Shareholders of the Company	98.07(0.30)	(171.04)	168.20	423.96	275.87
XVII	Non-Controlling InterestOther comprehensive income attributable to		(0.01)	(0.02)	(0.34)	(0.01)
	Shareholders of the Company	1.50	(0.43)	0.04	1.63	0.17
	Non-Controlling Interest
XVIII	Total comprehensive income for the year attributable to
	Shareholders of the Company	99.57	(171.47)	168.24	425.59	276.04
	Non-Controlling Interest	(0.30)	(0.01)	(0.02)	(0.34)	(0.01)
XIX	Paid-up Equity Share Capital (Face value of ₹10/- each)	1,080.10	1,080.10	1,080.10	1,080.10	1,080.10
	Reserve excluding revaluation reserves as per balance sheet of
XX	previous accounting year				7,266.49	6,911.58
	Earnings per equity share ₹10/- each (for Continuing
XXI	operation):OHA & C
	$(1)$ Basic	0.91	(1.58)	1.56	3.92	2.55
	REG. NO.(2) Diluted	0.91	(1.58)	1.56	3.92	2.55
	AHMED ABAD$\overline{a}$XXII Earnings per equity (for discontinued operation)τñ
	N500028(1) Basic		ä,
	(2) Diluted

ally

Notes to the Audited Consolidated Financial Results for the Quarter and Year Ended March 31, 2021

• 1. The above consolidated financial results for the quarter and Year ended March 31, 2021 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the company at their respective meetings held on May 05,2021. The Statutory Auditors of the Company have expressed unmodified opinion on the aforesaid results.
• 1. These consolidated 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 and relevant amendment thereafter.
• 1. The figures for quarter ended March 31, 2021 and March 31, 2020 are balancing figures between the audited figures of the full financial year and the reviewed year to date figure upto the third quarter of the relevant financial year.
• 1. The consolidated financial result includes the results of the Company and 8 Subsidiary companies. The company together with its subsidiaries is herein referred to as the "Group".
• 1. The Group is mainly engaged in the business of setting up and managing hospitals and medical diagnostics services which constitutes a single business segment. These activities are mainly conducted only in one geographical segment viz, India. Therefore, the disclosure requirement under the Ind-AS 108 "Operating Segments" are not applicable.
• 1. Financial statements of one of the Subsidiary company, i.e. Vrundavan Shalby Hospitals Limited has been prepared on the assumption that the said subsidiary company is no longer a going concern in view of the resolution passed by the Board of Directors of such subsidiary company on January 9, 2018 resolving to cease the business operations with immediate effect at both the hospitals located at Mapusa and Panjim since the same is financially not viable.
• 1. We confirm that we are not a Large Corporate as per applicability criteria given under SEBI circular no. SEBI/HO/ DDHS/CIR/P/2018/144 dated November 26, 2018.
• 1. The Group has made detailed assessment of its liquidity position and recoverability of carrying amount of financial and nonfinancial assets and concluded that there is no material adjustments required in the financial results for the quarter & year ended March 31, 2021. Management believes that it has considered all the possible impact of known events arising from COVID-19 pandemic in the preparation of financial results for the quarter & year ended March 31, 2021. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The Group will continue to monitor any material changes to future economic conditions.
• 1. The Board of Directors in their meeting held on May 05, 2021 has recommended a final dividend of ₹1.00 (i.e. 10%) Per equity share subject to the approval of shareholders in the ensuing Annual General meeting.
• 1. Figures of the previous quarter / year to date have been regrouped, wherever necessary to make it comparable.

For Shalby Limited

Dr. Vikram Shah Chairman and Managing Director DIN: 00011653

Place: Ahmedabad Date: 05/05/2021

	Part II	(₹ in Million)
	Particulars	As at 31 Mar'21	As at 31 Mar'20
		Audited	Audited
	ASSETS
	Non-current assets
	Property, Plant and Equipment	6,362.42	6,568.48
	Right of Use Assets	96.86	47.35
	Capital work-in progress	39.94	30.24
	Goodwill	101.55	101.55
	Intangible Assets	34.73	7.40
	Intangible assets under development	35.25	33.69
	Financial Assets
	Investments	1.10	1.10
	Other Financial Assets	101.99	54.39
	Income Tax Assets (Net)	156.26	159.83
	Other non current assets	324.30	325.02
	Total Non-current assets	7,254.40	7,329.05
	Current assets
	InventoriesFinancial assets	230.47	152.24
	Investments	155.22	278.78
	Trade Receivables	878.30	948.55
	Cash and Cash Equivalents	64.81	84.60
	Other Bank Balances	770.92	202.73
	Other Financial Assets	470.27	542.10
	Other Current Assets	75.74	60.76
	Assets held for sale	66.08	67.50
	Total Current assets	2,711.81	2,337.26
	Total Assets	9,966.21	9,666.32
	EQUITY AND LIABILITIES
	Equity
	Equity Share Capital	1,080.00	1,080.10
	Other Equity	7,266.49	6,911.58
	Total Equity attributable to owners of the Parent	8,346.49	7,991.68
	Company
	Non-Controlling Interest	0.16	0.50
	Total Equity	8,346.65	7,992.18
	Liabilities
	Non-current Liabilities
	Financial Liabilities
	Borrowings	355.00	486.73
	Other Financial Liabilities	5.02	6.10
	Provisions	21.24	16.61
	Deferred Tax Liabilities (Net)	227.85	177.90
	Other Non-current Liabilities	192.93	154.33
	Total Non-current Liabilities	802.04	841.67
	Current liabilities
	Financial Liabilities
	Trade Payables
	'- Total Outstanding dues to Micro Enterprise &
	Small Enterprise
	'- Total Outstanding dues to Other than Micro
	Enterprise & Small Enterprise	575.65	601.55
	Other Financial Liabilities	138.71	168.68
	Provisions	5.70	7.25
oHAe	Current tax liabilities(Net)
	Other Current liabilities	97.02	54.30
REG. NO	Current tax liabilities
006711N	Total Current Liabilities	817.10	831.78	ARMEDABALCD.
齿	Liabilities directly associated with assets classified as			U.
N500028
ERED	held for sale	0.41	0.69

athy

Shalby Limited

Shalby Limited

REG. NO. 006711N

EREDAD P.

Consolidated Cash Flow Statement

		(रैं in Million)
Particulars	Year Ended March	Year Ended March31, 2020
	31, 2021Audited	Audited
A. Cash flow from operating activities
Profit / (Loss) for the year before taxation	550.55	567.27
Adjustments for
Depreciation and amortisation	367.95	360.20
Finance cost	36.19	63.58
Interest Income	(52.30)	(51.52)
Net Gain on Mutual Fund \ Shares	(1.70)	(10.69)
Provision for Bad & Doubtful Debts	2.74	46.65
Loss/(gain) on sale of property plant & equipment (net)	15.73	1.02
Sundry Debit balance w/off	7.20	10.13
Sundry balances written back (Net)	(0.12)	(50.73)
Operating profit before working capital changes	926.24	935.91
Adjustments for
Decrease / (Increase) in Inventories	(52.93)	(24.14)
Decrease / (Increase) in Trade receivables	83.89	(190.58)
Decrease / (Increase) in Other Non current financial assets	(2.15)	1.96
Decrease / (Increase) in Other current financial asset	(76.41)	36.04
Decrease / (Increase) in Other non current asset	0.72	(5.73)
Decrease / (Increase) in Other current assets	(10.19)	(38.46)
Increase / (Decrease) in Trade Payables	(33.27)	89.53
Increase / (Decrease) in Provisions	4.76	2.35
Increase / (Decrease) in Other Non current financial liabilities	(1.08)	0.15
Increase / (Decrease) in Other Non current liabilities	38.60	35.49
Increase / (Decrease) in Other current financial liabilities	14.91	(78.48)
Increase / (Decrease) in Other current liabilities	41.49	(8.70)
Cash generated from operations	934.58	755.34
Direct taxes Refund/(paid)	(91.10)	(201.60)
[A]Net Cash from Operating Activities	843.49	553.74
B. Cash flow from investing activities
Purchase of fixed property, plant and equipment	(265.60)	(197.69)
Proceeds from Sale of Investments	280.48	2,082.81
Payment for purchase of investments (Net)	(155.22)	(2, 243.15)
Acquisition of Subsidiary	(10.49)
Investment in Bank deposits	(468.14)	(0.17)
Interest received	49.27	51.52
[B]Net Cash from / (used in) investing activities	(569.70)	(306.68)
C. Cash flow from financing activities
Repayment of Borrowing- non current	(201.83)	(93.27)
Proceeds from borrowing		7.20
Interest paid	(37.74)	(63.82)
Dividend paid to Company's shareholders	(54.01)	(65.10)
[C]Net cash flow from financial activities	(293.58)	(214.99)
Net Increase/(Decrease) in cash & cash equivalents [A+B+C]	(19.78)	32.08
Cash and cash equivalents opening	84.63	52.56
Cash and cash equivalents closing	64.85	84.63
Components of Cash and Cash Equivalent
Balances with scheduled banks	55.10	79.69
Fixed Deposits with maturity less than 3 months
Cash in hand	9.75	4.91
Cash and cash equivalents classified as held for sale		0.03
Total	64.85	84.63

AHMEDAB

Independent Audftor's Report on the Quarterly and Year to Date Audited Consolidated Financial Results of the company Pursuant to the Regulations 33 and 52 of the SEE1 (Ilsting Obligations and Disclosure Requirements) Regulations, 2015, as amended.

TO THE BOARD OF DIRECTORS OF SHALBY LIMITED

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of Shalby Limited ["the Parent") and its subsidiaries [the Parent and its subsidiaries together referred to as "the Croup") for the three months and year ended 31 March, 2021 ("the Statement"). being submitted by the Parent 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:

• a. indudes the results of the following subsidiaries entities:
  • 8 Shalby (Kenya) Limited
  • Vrundavan Shalby Hospitals Limited
  • Yogeshwar Healthcare Limited
  • Shalby International Limited (Earlier known as Shalby Pune Limited)
  • =Griffin Mediquip LLP [Earlier known as Shalby Orthopedic LLP)
  • Shalby Mumbai Hospitals Private Limited
  • Mars Medical Devices Lited
  • Slaney Healthcare Private Limited
• b. is presented in accordance with requirements of regulation 33 of the SEBI [Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended; and
• c. gives a true and fair view in conformity with the a9,dicable accounting standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the group forthe quarter and year ended March 31,2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speciEed under section 143[10) of the Compiinies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the consolidated financial results section of our report We are independent of the Company in accordance with the Code of - + %

	T R Chadha & Co a partnership fmn mnverted into T R Chadha & Co UP(A limited lability pwtnenrhlp with UP IdentMmtion No.AW-3826) wlth effect from 28th December. 201
Ahmedabad Branch	:301, 3Td Floor, lndrapraslh Cotprate: Opp Shell Petrol Pump. Anandnagar Road,Ahmedabad-380 015. Tele. : 07986171697.0784800 4897 Email :allmedabad
Read Office	:Suite N*114 2nd floor, &bind Mansion, H Block, Connaught Cims, New DelhiTele. : 011 41513058 141513189
Hmad OfAce	: 530, Connaught Place, Kulhiala Building. New Delhl-I10 WI. Emsll : delhi@trChedha.com
Branohm at	: + MUMBAI + HYDERABAD + PUNE * CHENNAI 9 BENGALURU + GURGA0I.I+ TIRUPATI

Ethics issued by the Institute of Chartered Accountants of lndfa (EX0 together with the independence requirements that are relevant to our audit of the consolidated financial resulu under the provisions ofthe Aa and the Rules thereunder, and we have fuM1ed our other etbical responsibilities in accordance with these requirements and the IWs Cade of Ethics. We believe that the audit evkience we have abtained is sdicient and appropriate to pr& a basis for- our audit opinion on the consolidated financial results.

Emphasis oFMattr

a. We draw your attention to Note 6 of the Consolidated financial results, with regard to preparation of the 'tnd AS 5mcial statements of one of the Subsidiary company i.e. Vrundavan Shalby Hospitals Limibd ("such subsidiary companjr") on the assumption that tbe such subsidiary company is no longer a going concern m view of the resolution passed by the Board ofDiemrs of such subsidiary company on January 09,2018 resolving to cease the business operatinns with immediate effect at both the hospitals located at Mapusa and Panjh shce the same is financially not viable.

Our Opinionis not modified in respect of &&matters.

Managemenfs Responsibflityfor the Consolidated Finandal Results

The Company's Board of Directors is responsible for the matters stated in section 134(53 of the Act, with respect to the preparation of these consolidated financial resub that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting prinaiples generally accepted in India This responsibI11ty also includes malnmnance of adequate accaunting wmrds in accordance with the provisbns of the Act for safeguarding of the assets of the Cnmpanp and fcr preventing and detecting frauds and other irregulwWties; selection and application of appropriate accounting policies; mahg judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, rele~ to the preparation and presentation of the consolidated hancial resuks that @ve a me and fairview and are he frommaterialmisstateme~1t, whether due to fraud or error.

In preparing the consolidated financial results, management is respunsible for assessing the Company's ability to m~tinue as a going cmcern, disclosing as applicable, mtters related to going concern and using the going concern basis of accounting unless management either fntends toliquidate the Compalry or to cease operations, or has no realistic alternative but to do m.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the fInandal reparting process ofthe Group.

	T R Chadha & Co., a partnership firm converted intoT R Chadha & fi UP(A llrnlted Ilablllty partnership with UP IdentlRoaBon No. AAF-)with effect from 26th D~carnber, 20t5:
-dBrsnd~	:301,3d Floor, lndrnprasth Corporate. Opp. GheU Petml Pump, Anamgar Road. PAhmedabad-380 015. Tele. : 079-66171897,010-4800 4897 Emeil :ehmedabad
ltwOffice	:Suite NB.l1&2nd Row, Gobind Mansion. H Block. Connaught Cbs, New Delhl - 110 001.Tde. : OTl41513059/4.2513189
Head ORice	::530, Cormaught Place, Kuthlala Building. Naw DelhC110 MI. Ernalldelh@hFhadha.m
Branchmat	:9 MUMBAI O HYDERABAD 4 PUN€ 9 CHENNAI 3 BENGALURU O GURGAOLI eTIRUPATI

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

Our objectives are to obtain reasonable assurance about whether the consolidated 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 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 these consolidated financial Results.

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 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 resWg from fraud is higher than for one resulting From error, as baud 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)0) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system 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 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 diiclosures in the statements or, ifd disclosures are inadequate, to modify our opinion. Ow conclusions are based on the audit evidence obtained up to the date of our auditor's reDort However. -, future events or conditions may cause the Company to cease to continue as a eoine -. .. concern . '~ 7%. y': ,, p, 4 '? .; :..,.;no .$v,

	T R Chadha 8 Co a partnership firm converted into T R Chadha 8 Co UP(A limited iiabillty patlmrship with UP Identification No.A4F-3926) with effed from Ulth Dacamber, 2015
Ahmedabad Bmch	:301, 3"1 Floor, lndraprasth Corporate, Opp. Shell Petrol Pump, Anandnagar Road, f+ahhdnagar,Ahmadabad380 015. Tele. : 07488171697,0744800 4897 Enail: ahmedabad@irchedha.eam
	: Sune No-11A, 2nd floor. Gobind Mansion,H Block, C~~aught Circus, New Ddhi - 110 001.Tele. : 011 41513059 141513169
Head Offfee	:8-30, CMvlsugM Pk. Kuthiala BuNdlng. NewDelhi-110 001. Email : delhl@bchadha.com
Branches at	:4 MUMBAI + HYDERABAD + PUNE + CHENNAI 4 BENWRU .O GUROAO1.I 4TIRUPATI

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

Materiality is the magnftude of misstatements in the consolidated Anancial results that, individually or in aggregate. makes it probable that the economic decisions of a reasonably larowledgable user of the consolidated financial results may be inffuenced. We consider quantitative materiality and qualitative factors in (i) pJanning the scope of our audit work and in evaluating the results of our work and [ii) to evaluate the effect of any identified misstatements in the consolidated financial results.

We communicate wffh those charged with ppernance regarding among other matters, the planned scope and timing of the audit and simcant audit findings, including any signfioant deficiencies in internal control tbat weidentify during our audit

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding Mependence, and to communicate with them all relationships and ather matters that may reasonably be thought to bear on our independence, and where applicable, mlated safeguards. From the matters ~ommunicated with those charged with governance, we determine those matters Chat were of most significance in the audit of the consolidated financial results of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circums8tnces, we determine that a matter should not: be communicated in our report becausethe adverse consequences of aoing so would reasonably be expected to outweigh the public interest benefits of such communication

Other Matters

• a. The accompanying Statement includes the audited hancial rt?sults \ statements and other information in respect of 7 subsfdiaries whose financial results \ information reflects total assets of C 250.07 Million as at March 31, 2021, total revenues of ? 85.53 Million and ? 376.40 Mion, total net Profit \ (LososSJ after trul of ? (12.88) Million and P (5.77) Million, total cmprehensive income f (12.90) Million and 9 (5.79) Million for the quarter and year ended on March 31, 2021 respectively, and net cash inflow of? 2.35 Million for the year ended Mitrch 31,23121 as considered in the statement which have been audited by us.
• b. We did not audit the financial results \ statements and other financial information, in respect of 1 subsidiary, whose financial information reflects total assets of C 0.67 Millton as at March 31,2021, and total revenues of? 0.00 Million and T 0.00 Million, total net Profit \ boss] after tax of B (0.48) Million and B (2.29) Million. total comprehensive income T (0.48) Million and (1.29) for the quarter and year ended March 31,2021

	~~firm wnvmkd into T RChadha & Co UPT R Chadha & Co., a
	(~mnited liatrlaty tamership with UP ldenWicaUlon No. MF4W) with alieet from 281h DeamW 206
Ahmedabad Bmch	:3M, &FloorI lndrapraeih Corpanfte, Opp. She8 Petrol PumpAhmedabad-380 015. TeIe. : 07968171697.07&48QO 4897
Md Offlea	:SuiIe No-Ilk 2nd Roor, Gobind Mansion, H Blork. CrmnaugM Cirms, New DeVli - 110 Wf.: 011 41513059 141513188T&
HscldORka	:8.30, GonnaugM PLaa Wials BuRdin& New Delhl-IIOOM. Emall :deltri-.wm
Brmchas at	: +MUMEAI 4 HMERABAO *PUNE + CHENNAI 9 BENGALURU 4 GURW +TIRUPATI

inflow oft 0.07 Million for the year ended March 31, 2021 considered in the financial statement.

These financial results \ statements and other financial information have been audited \ reviewed by the other auditor whose report has been furnished to us by the Management and our opinion and conclusion on the consolidated financial statements in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the reports of the other auditors and the procedures performed by us as stated under Auditor's responsibilities section above. In our opinion and according to the information and explanations given to us by the management, these financial statements \ financial information \ financial results are not material to the Group.

Our opinion on the consolidated financial results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

c. The Consolidated financial results include the results for the quarter ended March 31,2021 being the balancing figure between the audited figure in respect of the full financial year ended March 31,2021 and the published unaudited year to date figures up to the end of the third quarter of the current hancial year which were subject to limited review by us, as required under the Listing Regulations.

Our conclusion is not modified in respect of the ahove matters.

For T R Chadha & Co LLP Firm's Reg. No-: 006711N \ N500028 Chartered Accountants

Membership No - 135556

Place: Ahmedabad Date: 05/0~/2021 mm 2\ \3=hf?R4b! 13g

--	T R Chadha 6 Co a partnership 6nn rmver$d IntoT R Chadha 6 Co UP(A limited liabilily partnership with LLP IdentWcalbn No. AN-3926) with effedfrom 28th Decembr, 2015
	:
AJmdabad Bmoh	901, 3nl Floar, lndraprasth Corporate. @p. Shell Petml Pump, hdnagar Road, Ptahhdnagsr,mabad-3W 016. Tela : 079-6617f697,0784900 4897 Enwll :ahmedabad@trchadha.wm
	: SuiNc-TI& 2nd Floor, Gobind Mansion, H BIG&, Connaught C[rars. New Delhl - 110 001.:011 41513059 141513169Tale.
Head WOIR~	:8.30, Connaught Place, KuUdala BuUdlng. New DdhhMIO 001. EmaH : delhl@Whdhe.COm
BmnCner at	: 4(t BENWW + GURGAOId 4TIRUPATlMUMBAI 4 HYDERABAO *PUN€ 4 CW