Subros Ltd. — Interim / Quarterly Report 2021

Oct 22, 2021

SUBSE/NSE/2021-22

October 22, 2021

The Manager, Listing Department, National Stock Exchange of India Ltd., 'Exchange Plaza' C-1 , Block G, Bandra-Kurla Complex, Sandra (E), Mumbai-400 051. Security ID: SUBROS

Dy. General Manager, Department of Corporate Services, BSE LIMITED, First Floor, P.J. Towers, Dalal Street, Fort, Mumbai - 400001. Security ID: 517168

Dear Sir/Madam,

Sub: Outcome of Board Meeting

Pursuant to Regulation 30 and other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following:

• (1) Unaudited financial results (standalone and consolidated) for the quarter and half year ended 30th September, 2021, duly approved by the Board of Directors in its Meeting held on 22nd October, 2021 (Annexure-A) ;
• (2) Limited Review Report (standalone & consolidated) issued by M/s Price Waterhouse Chartered Accountants LLP, Statutory Auditors (Annexure - B);
• (3) Presentation to be shar^ed with the analyst / institutional investors in respect of the above said unaudited financial results for the quarter and half year ended 30th September, 2021 (Annexure-C);

The Board Meeting commenced at 11.30 a.m. and concluded at 1.50 p.m.

Kindly take the same on your record.

Thanking you,

Y ully, Fo S LIMITED

Rakesh Arora Company Secretary

;l;os LIMITED :C_..... "

Corporate & Registered Office: LGF. World Trade Centre, Barokhombo Lone, New Delhi 110001 (Indio). Tel: 23414946-49 1 Fax: 0112341494:

Nolda Office: B- 188, Phase- II, Noido 201304. Dlstt: Gautam Budh Nogor (U.P.) Tel: +91 1202562226, 24601351 Fax: +91 120 2562783 Website: www.subros.com I CIN: L7 4899DL 1985PLC020134

Price Waterhouse Chartered Accountants LLP

Review Report

T_o

The Board of Directors Subros Limited LGF. World Trade Centre. Barakhamba Lane, New Delhi - 110001

• 1. We have reviewed the standalone unaudited financial results of Subros Limited (the "Company") for the quarter and six months ended September 30, 2021 which are included in the accompanying Statement of unaudited standalone financial results for the quarter and six months ended September 30, 2021, the unaudited standalone Statement of Assets and Liabilities as on that date and the unaudited standalone Statement of Cash Flows for the six months ended on that date (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing" Regulations, 2015"), which has been initialled by us for identification purposes. The Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.
• We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410. $\mathcal{P}$ . "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement.
• 1. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
• $\overline{5}$ . We draw your attention to Note 4 to the standalone unaudited financial results, which describes the management's assessment of the impact of outbreak of Coronavirus (Covid-19) on the business operations of the Company. The management believes that no adjustments, other than those already considered, are required in the standalone unaudited financial results, however, in view of the highly uncertain economic environment, a definitive assessment of the impact on subsequent periods is highly dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP Eirm Registration Number: 012754N/N500016

Rajib Chatterjee Partner Membership Number 057134 UDIN: 21057134AAAAAAY1796

Place: Gurugram Date: October 22, 2021

Price Waterhouse Chartered Accountants LLP, Building No. 8, 8th Floor, Tower - B, DLF Cyber City, Gurugram - 122 002 T: +91 (124) 4620000, F: +91 (124) 4620620

Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001)
with effect from July 25, 2014. Post its conversion to number before conversion was 012754N)

GUAROS LIMITED REGO. OFFICE : LOF, WORLD TRADE CENTRE, BARAKHAMBA LANE, NEW DELHI-110001 CIN :- L740990L1985PLC020134; Tel: 011-23414946 Fax: 011-23414945

website:www.subros.com ; email:rekesh.arora@subros.com

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2021

			Quarter ended		Six months ended	IRs. In takhs) Year ended
55 Nö.	Particulars	September 30, 2021 (UNAUDITED)	June 30, 2021 (UNAUDITED)	September 30, 2020 (URAUDITED)	September 30, 2021 (UNAUDITED)	September 30, 2020 (UNAUDITED)	March 31, 2021 (AUDITED)
$\mathbf{I}$	Revenue from operations	52.948	48,045	45,810	1,00,993	53.187	1,79,565
	Il Other Income	238	482	3T	720	481	1,031
Ш	Total Revenue (I = II)	53,186	48,527	46,187	1,01,713	53,668	1,80,596
$\mathbb{N}$	Expenses
	a) Cost of materials consumed	39,426	35,416	32,782	74,842	37,505	1,30,355
	b) Changes in inventories of finished goods and work- In progress	(656)	(363)	(1,045)	(1,019)	(660)	(1, 340)
	c) Employee benefits expense	5,678	5,507	4,417	11,185	8,237	18,752
	d) Finance costs	351	279	555	630	1,036	1,625
	e) Depreciation and amortization expense	2,589	2,385	2,375	4,974	4,305	9,211
	f) Other expenses	5.031	4,806	4,309	9.837	5,744	16,421
	Total expenses (IV)	52,419	48,030	43,393	1,00,449	56,167	1,75,024
	Profit/(Loss) before tax (III - IV)	767	497	2,794	1,264	(2, 499)	5,572
	VI Tax expense
	(a) Current Tax	121	96	×	217		816
	(b) Deferred Tax	134	90	1,021	224	(1,869)	86
	VII Profit/(Loss) for the period/year (V - VI)	512	311	1,773	823	(630)	4,670
	VIII Other Comprehensive Income Items that will not be reclassified to profit or loss (a) Gain/(Loss) on remeasurements of post employment benefit obligations	(60)	65	167	5	84	143
	(b) income tax relating to above	21	(23)	(50)	$ 2\rangle$	(29)	(50)
	Other Comprehensive income for the period/year (net of tax) (a+b).	(39)	$\mathbf{Q}$	109	$\overline{\mathbf{3}}$	55	91
IX	Total Comprehensive income for the period/year (VII) $+$ VIII)	473	353	1,882	826	(575)	4,763
x	Paid-up equity share capital	1.305	1.305	1,305	1.305	1,305	1,305
D.	Face value of share (Rs.)	$\overline{2}$	2	$\mathbf{z}$	$\overline{2}$	$\overline{2}$	$\mathbf{z}$
	XII Earnings per share (of Rs, 2 each) (not annualized)
	Basic	0.78	0.48	2.72	1.26	(0.97)	7.16
	Diluted	0.70	0.48	2.72	1.26	(0.97)	7.16

Notes:

1 The above financial results were reviewed by the Audit Committee at their meeting held on October 21, 2021 and subsequently approved by the Board of Directors at their meeting held on October 22, 2021

2 The financial results of the Company have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards ("IND AS") as notified under the Companies (indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

3 The Company's operations comprise of only one segment i.e. Thermal products. Hence, no further information is required to be given in respect of segment.

4 The second wave of Covid-19 pandemic has created economic disruption throughout the country. The Company's operations have been adversely impacted due to the consequent
lockdown due to which the operations were suspended

The Company has considered the possible effects that may result from COVID-19 in the preparation of these standalone financial results for the six months ended September 30, 2021. While assessing the carrying value of its assets and liabilities, the Company has considered internal and external information available, and based on such information and assessment, has concluded that no further ad continue to closely monitor any material changes to future economic conditions.

3 In financial year 2019-20, the tax laws were amended, providing an option to pay tax at 22% plus applicable surcharge and cess ("New Rate") effective April 1, 2019, with a condition that the Comparent of future taxable p

4 Pursuant to amendment in Schedule III to the Companies Act, 2013 by Ministry of Corporate Affairs vide its notification dated March 24, 2021, the comparative figures as disclosed
In these results have been regrouped / re

Place : New Delhi Dated : October 22, 2021

For and on behalf of the Board of Directors $\mathcal{O}\text{SO}$ SUBROS LIMITED Shrewalls Sun 倉 SHILADHA SURI CHAIRPERSON & MANAGING DIRECTOR

SUBROS LIMITED

REGO, OFFICE: LGF, WORLD TRADE CENTRE, BARAKHAMBA LANE, NEW DELHI-110001
CIN:-L74899DL1985PLC020134; Website:www.subros.com ; Email:rakesh.arora@subros.com

Tel: 011-23414946 Fax: 011-23414945

		(Rs. In lakhs)
Particulars	As at September 30, 2021 (UNAUDITED)	As at March 31, 2021 (AUDITED)
ASSETS
Non-current assets
Property, plant and equipment	57,070	59,517
Right of use assets	1,950	2,030
Capital work-in-progress	3,438	1,344
Intangible assets	12,082	12,945
Intangible assets under development	4,403	4,017
Investments in joint venture	177	177
Financial assets
1) Investment	300	300
II) Loans	25	17
(ii) Other financial assets	911	850
Non-current tax assets (net)	344	68
Other non-current assets	181	488
Total non-current assets	80,881	81,753
Current assets
Inventories	31,872	28,141
Financial assets
i) Trade receivables ii) Cash and cash equivalents	14,847 595	20,427 3,276
fii) Bank balance other than (fi) above	8,692	8,640
fv) Loans	44	50
v) Other financial assets	118	296
Other current assets	2,721	2,312
Total current assets	58,889	63,142
TOTAL ASSETS	1,39,770	1,44,895
EQUITY AND LIABILITIES
Equity
Equity share capital	1,305	1,305
Other equity	78,538	78,167
Total equity	79,843	79,472
LIABILITIES
Non-current ilabilities
Financial liabilities
- Borrowings	1,916	2.497
- Lease liabilities	796	792
Deferred tax ilabilities (net)	2,000	1,774
Provisions	1,172	1,109
Total non-current liabilities	5,884	6,172
Current Habilities Financial liabilities
i) Borrowings II) Lease liabilities	1,161	1,754
III) Trade payables	63	129
- Total outstanding dues of micro enterprises and small enterprises	215	170
- Total outstanding dues of creditors other than micro enterprises
and small enterprises	45,924	51,301
Iv) Other financial liabilities	3,272	2,681
Contract liabilities	833	532
Other current liabilities	1,858	2,010
Provisions	717	674
Total current liabilities	54,043	59,251
TOTAL LIABILITIES	59,927	65,423
TOTAL EQUITY AND LIABILITIES	1,39,770	1,44,895

SUBROS LIMITED REGD. OFFICE : LGF, WORLD TRADE CENTRE, BARAKHAMBA LANE, NEW DELHI-110001 CIN :- L74899DL1985PLC020134; Tel: 011-23414946 Fax: 011-23414945 website:www.subros.com ; email:rakesh.arora@subros.com

UNAUDITED STANDALONE STATEMENT OF CASH FIOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021		(Rs. In Lakhs)
	STANDALONE
		Six months Ended
Particulars	Suptember 30, 2021 September 30, 2020 (UNAUDITED)	(UNAUDITED)
Cash flow from operating activities
Profit/(loss) before tax	1.264	(2, 499)
Adjustments for: Depreciation and amortization expense	4.974	4,305
Net loss on disposal of property, plant and equipment	34
Interest income on financial assets at amortized cost and others	(200)	(268)
Finance costs	630	1.036
Unrealized foreign currency loss (net)	502	173
Dividend income classified as investing cash flows	(30)
Fair value changes on derivatives	(426)	513
Operating profit before working capital changes	6,740	3,261
Adjustments for Changes in working capital:
(Increase)/ Decrease in loans (non-current)	(8)	4
(Increase)/ Decrease in other financial assets (non-current)	(61)	34
(Increase)/ Decrease in inventories	(3,731)	(686)
(Increase)/ Decrease in trade receivables	5.580	5,810 4
(Increase)/ Decrease in loans (current) (increase)/ Decrease in bank balances other than cash and cash equivalents	5 (51)	12
(increase)/ Decrease in other financial assets (current)	17	49
(Increase)/ Decrease in other current assets	(408)	. (710)
Increase/ (Decrease) in non-current provisions	68	45
Increase/ (Decrease) in trade payables	(5,886)	(4.135)
Increase/ (Decrease) in contract liabilities	300	(15)
Increase/ (Decrease) in other financial tiabilities (current) Increase/ (Decrease) in other current liabilities	1.597 (152)	153 1.245
Increase/ (Decrease) in current provisions	43	36
Cash generated from operations Income tax paid (net)	4.053 (492)	5.107
Net cash inflow from operating activities	3,561	(278) 4,829
Cash flow from investing activities
Payments for property, plant and equipment, capital work-in-progress, intangible assets and intangible assets under development	(4, 430)	(2, 794)
Proceeds from sale of property, plant and equipment	19	15
Dividend received from joint venture	38
Interest received	362	547
Net cash (outflow) from investing activities	(4.011)	(2.232)
Cash flow from financing activities
Proceeds from long term borrowings	٠	1,500
Repayment of long term borrowings	(1, 112)	(1,625)
Principal element of lease payment	(62)	(48)
Repayment of short term borrowings		(382)
Interest paid	(600)	(964)
Dividend paid Net cash (outflow) from financing activities	(457) (2, 231)	(522) (2,041)
Net increase / (decrease) in cash and cash equivalents	(2,681)	556
Cash and cash equivalents at the beginning of the period	3,276	437
Cash and cash equivalents at the end of the period	595	993
Cash and cash equivalents as per above comprise of the following:
Cash on hand	$\overline{7}$	10
Balance with banks	588	983
	595	993

Note:

a) The above statement of cash flows has been prepared under the "Indirect Method" as set out in the Indian Accounting Standard 7 "
Statement of cash flows".

b) Figures in brackets indicate cash outflow

Price Waterhouse Chartered Accountants LLP

Review Report

T_o

The Board of Directors Subros Limited LGF, World Trade Centre, Barakhamba Lane, New Delhi - 110001

• Ť. We have reviewed the consolidated unaudited financial results of Subros Limited (the "Company") and its share of the net profit after tax and total comprehensive income of its joint venture (refer Note 4 on the Statement) for the quarter and six months ended September 30, 2021 which are included in the accompanying Statement of unaudited consolidated financial results for the quarter and six months ended September 30, 2021, the unaudited consolidated Statement of Assets and Liabilities as on that date and the unaudited consolidated Statement of Cash Flows for the six months ended on that date (the "Statement"). The Statement is being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialled by us for identification purposes.
• 1. This Statement, which is the responsibility of the Company's Management and has been approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagements 3. (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• The Statement includes the results of the following entities: $\overline{4}$ . Subros Limited, the Company Denso Subros Thermal Engineering Centre India Private Limited, a joint venture
• Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has 5. come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Price Waterhouse Chartered Accountants LLP, Building No. 8, 8th Floor, Tower - B, DLF Cyber City, Gurugram - 122 002 T: $+91$ (124) 4620000, F: $+91$ (124) 4620620

Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

• 1. We draw your attention to Note 5 to the consolidated unaudited financial results, which describes the management's assessment of the impact of outbreak of Coronavirus (Covid-19) on the business operations of the Company and its joint venture. The management believes that no adjustments, other than those already considered, are required in the consolidated unaudited financial results, however, in view of the highly uncertain economic environment, a definitive assessment of the impact on subsequent periods is highly dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.
• We did not review the interim financial results of a joint venture included in the consolidated unaudited 7. financial results which includes the Company's share of net profit after tax of Rs. 21 Lakhs and Rs. 45 Lakhs and total comprehensive income of Rs. 21 Lakhs and Rs. 45 Lakhs for the quarter ended September 30, 2021 and for the period from April 1, 2021 to September 30, 2021, respectively, in respect of the joint venture. The financial results of the joint venture have not been reviewed by its auditors but certified by the management. According to the information and explanations given to us by the Management, these interim financial results are not material to the Company.

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

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Rajib Chatterjee Partner Membership Number 057134 UDIN: 21057134AAAAAAZ4642

Place: Gurugram Date: October 22, 2021

	REGO. OFFICE: LGF, WORLD TRADE CENTRE, BARAKHAMBA LANE, NEW DELHI-110001 CDI :- L74899DL1985PLC02B134; Tel: 011-23414946 Fax: 011-13414945 website:www.sidros.com ; enulirakesh.arora@subros.com
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SDI MONTHS ENDED SEPTEMBER 30, 2021
							(Rs. In Lakhs)
			Quarter ended		Six manths ended		Year ended
s. 脳	Particulars	September 30, 2021 (UNAUDITED)	June 10, 1021 (UKAUDITED)	September 30, 2020 (UNAUDITED)	September 10, 2021 (UNAUDITED)	September 30, 2020 (UNAUDITED)	March 31, 2021 LAUDITED!
т.	Revenue from operations	52,948	48,048 482	46,810	1,00,993 682	53,187 481	1,79,565 1,031
M	Uther Income	200	48,527	377 46,187	1,01,675	53,668	1,80,596
m	Total Revenue (I + II) IV Expenses	53,148
	a) Cost of materials consumed	39,426	35,416	32,782	74,842	37,505	1,30,355
	b) Changes in inventories of finished goods and work-in progress	(656)	(363)	(1,045)	(1,019)	(660)	(1,340)
	c) Employee benefits expense	5,678	5,507	4,417	11,185	8,237	18,752
	d) Finance costs	351	279	555	630	1,036	1,625
	e) Depreciation and amortization expense	2,589	2,385	2,375	4,974	4,305	9,211
	f) Other expenses	5,031	4,806	4,309	9.837	5,744	16,421
	Total expenses (IV)	52,419	48,030	43,393	1,00,449	56.167	1,75,024
v	Share of profits/(losses) of Joint Venture accounted for using borthern vilupe	21	24		45		68
	VI (Profit/(Loss) before tax (III - IV = V)	750	521	2,794	1,271	(2,498)	5,640
	VII Tax expense
	(a) Current Tax	121	96		217		816
	(b) Deferred Tax	134 495	90 335	1,021 1,773	224 830	(1, 869) (629)	86 4,738
	VIII Profit/(Loss) for the period/year (VI - VII) IX Other Comprehensive Income
	items that will not be reclassified to profit or loss
	(a) Gain/(Loss) on remeasurements of post employment benefit obligations	(60)	65	167	5	84	143
	(b) Share of other comprehensive income of Joint Venture accounted for using equity method			$\overline{a}$	×		$\mathbf{1}$
	(c) Income tax relating to above	21	(23)	(53)	(2)	(29)	(50)
	Other Comprehensive Income for the period/year (net of tax) $(a+b+c)$	(39)	42	109	э	55	94
x	Total Comprehensive Income for the period/year (VIII + DC)	456	177	1,882	833	(574)	4,832
	XI Paid-up equity share capital	1,305	1,305	1,305	1,305	1,305	1,305
	XII Face value of share (Rs.)	$\overline{2}$	$\overline{2}$	$\overline{a}$	$\overline{2}$	$\overline{2}$	$\overline{a}$
	XIII Earnings per share (of Rs. 2 each) (not annualized)
	Basic	0.76	0.51	2.72	1.27	(0.96)	7.26
	Diluted	0.76	0.51	2.72	1.27	(0.96)	7.26

SUBROS LIMITED

Notes:

The above financial results were reviewed by the Audit Committee at their meeting held on October 21, 2021 and subsequently approved by the Board of Directors at their meeting held on
October 22, 2021.

2 The consolidated financial results of the Company and its joint venture have been prepared in accordance with the recognition and measurement principles of indian Accounting Standards
(IND AS') as notified under the Comp

3 The company and its joint venture's operations comprise of only one segment i.e. Thermal products. Hence, no further information is required to be given in respect of segment.

4 The consolidated financial results include the results of the following entity namely, Subros Limited (Company) and Denso Subros Thermal Engineering Centre India Private Limited (Joint Venture).

5 The second wave of Covid-19 pandemic has created economic disruption throughout the country. The Company and its joint venture's operations have been adversely impacted due to the consequent locidown due to which the ope

The Company and its joint venture have considered the possible effects that may result from COVID-19 in the preparation of these consolidated financial results for the six months ended
September 30, 2021. While assessing t and its joint venture will continue to closely monitor any material changes to future economic conditions,

6 In financial year 2019-20, the tax laws were amonded, providing an option to pay tax at 22% plus applicable surcharge and com ("New Rate") effective April 1, 2019, with a condition that the Company will need to surrender specified deductions / incentives.
Based on the assessment of future taxable profits, the Company decided to continue with the rate of 30% plus applicable surcharge and cess until the Minimum

asset balance is utilised and opt for the New Rate thereafter. The Company re-measured its deferred tax balances accordingly.

7 Pursuant to amendment in Schedule III to the Companies Act, 2013 by Ministry of Corporate Affairs vide its notification dated March 24, 2021, the comparative figures as disclosed in these reatis have been regrouped / rec

Place: New Delhi Dated: October 22, 2021

For and on behalf of the Board of Directors of ROS SUBROS LIMITED Threndla X SHRADHA SURI CHAIRPERSON & MANAGING DIRECTOR

璃

DE

SUBROS LIMITED
REGO. OFFICE: LGF, WORLD TRADE CENTRE, BARAKHAMBA LANE, NEW DELHI-110001 CIN :- L74899DL1985PLC020134; Website:www.subros.com ; Email:rakesh.arora@subros.com
Tel: 011-23414946 Fax: 011-23414945
UNAUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Rs. In lakhs)
Particulars	As at September 30, 2021 (UNAUDITED)	As at March 31, 2021 (AUDITED)
ASSETS
Non-current assets
Property, plant and equipment	57,070	59,517
Right of use assets	1,950	2,030
Capital work-in-progress	3,438	1,344
Intangible assets	12,082	12,945
Intangible assets under development	4,403 221	4,017
Investment accounted for using the equity method Financial assets		214
i) Investment	300	300
ii) Loans	25	17
111) Other financial assets	911	850
Non-current tax assets (net)	344	68
Other non-current assets	181	488
Total non-current assets	80.925	81,790
Current assets
Inventories	31,872	28,141
Financial assets
1) Trade receivables	14,847	20,427
II) Cash and cash equivalents fli) Bank balance other than (ii) above	595 8,692	3,276 8,640
fv) Loans	44	50
v) Other financial assets	118	296
Other current assets	2,721	2,312
Total current assets	58,889	63,142
TOTAL ASSETS	1,39,814	1,44,932
EQUITY AND LIABILITIES
Equity
Equity share capital	1,305	1,305
Other equity	78,584	78,207
Total equity LIABILITIES	79,889	79,512
Non-current Habilities
inancial liabilities
- Borrowings	1,916	2,497
- Lease liabilities	796	792
Deferred tax liabilities (net)	1,998	1,771
Provisions	1,172	1,109
Total non-current liabilities	5,882	6,169
Current liabilities
Financial liabilities
1) Borrowings	1,161	1,754
11) Lease tiabilities	63	129
(ii) Trade payables - Total outstanding dues of micro enterprises and small enterprises	215	170
- Total outstanding dues of creditors other than micro enterprises
and small enterprises	45,924	51,301
iv) Other financial liabilities	3,272	2,681
Contract liabilities	833	532
Other current liabilities	1,858	2,010
Provisions	717	674
Total current liabilities	54,043	59,251
TOTAL LIABILITIES	59,925	65,420
TOTAL EQUITY AND LIABILITIES	1,39,814	1,44,932

CIN :- L74899DL1985PLC020134; Tel: 011-23414946 Fax: 011-23414945 website:www.subros.com ; email:rakesh.arora@subros.com
UNAUDITED CONSOLIDATED STATEMENT OF CASH FIOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021
		(Rs. In Lakhs)
		CONSOLIDATED Six muntin Ended
Particulars	September 30,
	2021 (UNAUDITED)	September 20, 2020 (UNAUDITED)
Cash flow from operating activities
Profit/(loss) before tax	1,271	(2, 498)
Adjustments for:
Depreciation and amortization expense	4,974	4,305
Net loss on disposal of property, plant and equipment	34
Interest income on financial assets at amortized cost and others	(200)	(268)
Finance costs	630	1,036
Unrealized foreign currency loss (net)	502	173 513
Fair value changes on derivatives Share of net profit of joint venture accounted for using equity method	(426) (45)	(1)
Operating profit before working capital changes	6,740	3,261
Adjustments for Changes in working capital:
(Increase)/ Decrease in loans (non-current)	(8)
(increase)/ Decrease in other financial assets (non-current)	(61)	34
(Increase)/ Decrease in inventories	(3,731)	(686)
(increase)/ Decrease in trade receivables	5,580	5,810
(Increase)/ Decrease in loans (current)	5	4
(increase)/ Decrease in bank balances other than cash and cash equivalents	(51) 17	12 49
(increase)/ Decrease in other financial assets (current) (Increase)/ Decrease in other current assets	(408)	(710)
Increase/ (Decrease) in non-current provisions	68	45
Increase/ (Decrease) in trade payables	(5, 886)	(4, 135)
Increase/ (Decrease) in contract ilabilities	300	(15)
Increase/ (Decrease) in other financial liabilities (current)	1,597	153
Increase/ (Decrease) in other current liabilities	(152)	1,245
Increase/ (Decrease) in current provisions	43	36
Cash generated from operations	4,053	5,107
Income tax paid (net)	(492)	(278)
Net cash inflow from operating activities	3.561	4.829
Cash flow from investing activities
Payments for property, plant and equipment, capital work-in-progress, intangible assets and intangible assets under development	(4, 430)	(2, 794)
Proceeds from sale of property, plant and equipment	19	15
Dividend received from joint venture	38
Interest received	362	547
Net cash (outflow) from investing activities	(4, 011)	(2, 232)
Cash flow from financing activities
Proceeds from long term borrowings	٠	1,500
Repayment of long term borrowings	(1, 112)	(1,625)
Principal element of lease payment	(62)	(48)
Repayment of short term borrowings Interest paid	(600)	(382) (964)
Dividend paid	(457)	(522)
Net cash (outflow) from financing activities	(2, 231)	(2,041)
Net increase / (decrease) in cash and cash equivalents	(2,681)	556
Cash and cash equivalents at the beginning of the period	3,276	437
Cash and cash equivalents at the end of the period	595	993
Cash and cash equivalents as per above comprise of the following:
Cash on hand	$\overline{r}$	10
Balance with banks	538	983
	595	993

Note:

a) The above statement of cash flows has been prepi
Statement of cash flows'. or the "I out in the i dian Accounting Standard 7 ud u

ï

D

b) Figures in brackets indicate cash outflow

Financial Results Quarter 2, FY 2021-22

Presentation

SAFEHARBOUR

This presentation might contain forward looking statements which involve ^a number of risks, uncertainties and other factors that could cause the actual results to differ materially from those in the forward looking statements statements. The Company undertakes no obligation to update these to reflect the events or circumstances thereof. Secondly, these statements should be understood in conjunction with the risks the comp y an faces.

Financial Results &Highlights for the Quarter

ResultsAnalysis ‐ HY 1 FY 2021‐22 v/s HY 1 FY 2020‐21

ResultsAnalysis ‐ Q2 FY 2021‐22 v/s Q2 FY 2020‐21

Results Analysis Q2 FY 2021 22 v/s Q1 FY 2021 22 ‐‐‐

Way Forward

Highlights – Financial Performance

• • Overall Revenue growth by 16% in Quarter 2 FY 2021‐22 from Quarter 2 FY 2020‐21. However EBIDTA is lowered by 35% and PBT is lower by 73% over corresponding quarter of last year.
• • The second wave of Covid‐19 pandemic has created economic disruption throughout the country. The Company's operations has been adversely impacted due to the consequent lockdown due to which the operations were suspended for part of the quarter ended 30th June, 2021. Therefore, results for the half year are not comparable with the previous half year.

/ H 1 2 0 2 1‐ 2 2 H 1 2 0 2 0‐ 2 1 v s				Q 2 2 0 2 1‐ 2 2 v	/ Q 2 2 0 2 0‐ 2 s	1	/ Q 2 2 0 2 1‐ 2 2 Q 1 2 0 2 1‐ 2 2 v s
	Am t ( ou n d h * In ica Gr to t r ow ) Rs in Cr s			d In ica to r	h * Am Gr t t ou n ow ( ) Rs in Cr s		d In ica to r	Am t ou n ( ) Rs in Cr s	h Gr t ow
	Re ve nu es	1 0 0 9. 9 3	9 0 %	Re ve nu es	5 2 9. 4 8	1 6 %	Re ve nu es	5 2 9. 4 8	1 0 %
E	B I D T A	6 8. 6 9	1 4 2 %	E B I D T A	3 7. 0 7	‐3 5 %	E B I D T A	3 7. 0 7	1 7 %
P	( be fo l ) B T io t re ex ce p na	1 2. 6 4	5 1 1 %	( be fo l ) P B T io t re ex ce p na	7. 6 7	‐7 3 %	( be fo l ) P B T io t re ex ce p na	7. 6 7	5 4 %
P	B T ( fte l ) io t a r e xc ep na	1 2. 6 4	1 5 1 %	P B T ( fte l ) io t a r e xc ep na	7. 6 7	‐7 3 %	P B T ( fte l ) io t a r e xc ep na	7. 6 7	5 4 %
P	A T	8. 2 3	2 3 1 %	P A T	5. 1 2	‐7 1 %	P A T	5. 1 2	5 6 %

d In ica to r	Am t ou n ( ) Rs in Cr s	h * Gr t ow
Re ve nu es	5 2 9. 4 8	1 0 %
E B I D T A	3 7. 0 7	1 7 %
( be fo l ) P B T io t re ex ce p na	7. 6 7	5 4 %
P B T ( fte io l ) t a r e xc ep na	7. 6 7	5 4 %
P A T	5. 1 2	5 6 %

4

StandaloneResults For Quarter & Period Ending 30.09.2021 Amt

inLacs

		Qu art En de d er		S ix Mo nt hs	Ye En de d ar
PA RT I C UL AR S	3 0. 0 9. 20 21	3 0. 0 6. 20 21	3 0. 0 9. 20 20	3 0. 0 9. 20 21	3 0. 0 9. 20 20	3 1.0 3. 20 21
Ne t Sa les	5 2, 8 8 1	47 97 9 ,	45 77 3 ,	1, 0 0, 8 6 0	5 3, 14 5	1, 79 3 3 3 ,
Ot he Op tin Inc r era g om e	67	6 6	37	13 3	42	23 2
Re fro Op ion at ve nu e m er	5 2, 9 48	48 0 45 ,	45 8 10 ,	1, 0 0, 9 9 3	5 3, 18 7	1, 79 5 65 ,
Ot he r In co me	23 8	48 2	37 7	72 0	48 1	1, 0 3 1
To ta l In co me	5 3, 18 6	48 5 27 ,	46 18 7 ,	1, 0 1, 71 3	5 3, 6 67	1, 8 0, 5 9 6
Ra Ma ter ia l Co d ns um e w	3 8, 77 0	35 05 3 ,	3 1, 73 7	73 8 23 ,	3 6, 8 45	1, 29 0 15 ,
T To t l l M Ma i l ia l c % % N Ne Sa S l les ta t ter t t t to t t os	73 % . 3 1	73 % . 0 6	6 9 % . 3 4	73 % . 19	6 9 % . 3 3	71 % . 9 4
Sta f f Co st	5, 67 8	5, 5 07	4, 41 7	11 18 5 ,	8, 23 7	18 75 2 ,
Sta f f c t % to Ne t Sa les os	10 .74 %	11 .48 %	9. 65 %	11 .0 9 %	15 .5 0 %	10 .46 %
Ot he r E xp	5, 0 3 1	4, 8 0 6	4, 3 0 9	9, 8 37	5, 74 4	16 42 1 ,
Ot he r E % to Ne t Sa les xp s.	9.5 1 %	10 .0 2 %	9. 41 %	9.7 5 %	10 .8 1 %	9. 16 %
EB ID TA	3, 70 7	3, 16 1	5, 72 3	6, 8 6 9	2, 8 42	16 40 8 ,
% Ne Sa les to t	7 0 % . 1	6 5 % . 9	12 % . 0 5	6 % . 8 1	% . 35 5	9 % . 15
De iat ion d Am ort isa tio p rec an n e xp	2, 5 8 9	2, 3 85	2, 37 5	4, 97 4	4, 3 05	9, 21 1
De iat ion % to Ne t Sa les p rec	4.9 0 %	4.9 7 %	5. 19 %	4.9 3 %	8. 10 %	5. 14 %
Int st ere	35 1	27 9	55 5	6 3 0	1, 0 3 6	1, 6 25
Int % Ne Sa les st st to t ere co	0. 6 6 %	0.5 8 %	1.2 1 %	0. 6 2 %	1.9 % 5	0. 9 1 %
fit / ( ) Ne t Pr Lo o ss	76 7	49 7	2, 79 4	1, 26 4	( ) 2, 49 9	5, 57 2
% to Ne t Sa les	1.4 5 %	1.0 4 %	6. 10 %	1.2 5 %	-4. 70 %	3. 11 %
( ) Cu nt Ta a rre x	12 1	9 6	-	21 7	-	8 16
( b ) De fer d Ta re x	13 4	9 0	1, 0 21	22 4	( 1, 8 6 9 )	8 6
To ta l T ax	25 5	18 6	1, 0 21	44 1	( ) 1, 8 6 9	9 0 2
Ta % to PB T x a s	3 3. 28 %	37 .3 9 %	3 6.5 6 %	3 4.8 8 %	74 .78 %	16 .19 %
Ne t Pr fit fte r T / ( Lo ) o a ax ss	5 12	3 11	1, 77 3	8 23	( 6 3 0 )	4, 67 0
% Ne Sa les to t	0. 97 %	0. 65 %	3. 87 %	0. 8 2 %	-1 .19 %	2.6 0 %
Ot Co ( f ta ) he he ive In t o r mp re ns co me ne x	( ) 3 9	42	10 9	3	55	9 3
To l Co he ive In ta mp re ns co me	47 3	35 3	1, 8 8 2	8 26	( ) 57 5	4, 76 3
% to Ne t Sa les	0. 8 9 %	0.7 4 %	4. 11 %	0. 8 2 %	-1 .0 8 %	2.6 6 %
EP S	0.7 8	0. 48	2.7 2	1.2 6	( 0. 97 )	7. 16 5

Financial Results &Highlights for the Quarter

ResultsAnalysis ‐ HY 1 FY 2021‐22 v/s HY 1 FY 2020‐21

ResultsAnalysis ‐ Q2 FY 2021‐22 v/s Q2 FY 2020‐21

R lt A li Q2 FY 2021 22 / Q1 FY 2021 22 ResultsAnalysis ‐ ‐v/s ‐

Way Forward

6

HY1 FY 2021‐22 v/s HY 1 FY 2020‐21

•Results are not comparable from HY1 2020‐21 due to Major lockdown in Quarter 1 of FY 2020‐21

7

Key Indicators for HY 1 FY 2021‐22 v/s HY 1 FY 2020‐21

d I i t n c a o r s	H Y 1 F Y 2 0 2 0‐ 2 1	H Y 1 F Y 2	0 2 1‐ 2 2	h C a n g e	S t t a u s	Ke As ts y y p p ec :
le N S t e a s	5 5 3 1. 4	1 0 0	8. 6 0	5 4 7 7. 1		le h be f o br k f Sa is t t • s g ro ca us e o ea o w u de d bs C O V I D‐ 1 9 ic t
he O In t r c o m e	4. 8 1	7. 2	0	2. 3 9		p an m an su eq ue n lo k do d by he t c w n an no un ce f d fo he Go In ia t t
l M ia C t t a e r o s	6 6 9 9. 3 3 3 3 % %	7 7 3 3. 1 1	9 9 % %	3 3. 8 8 6 6		j ve rn m en o r m a or d f Q 1 2 0 2 0‐ 2 1. io p er o
lo Em C t p e e o s y	5. 5 1 0 %	1 1. 0	9 %	‐4 4 1		de d du Op io in t • er a ns w er e su sp en r g
he O Ex t r p e ns e s	1 0. 8 1 %	9. 7	5 %	‐1 0 6		bo lo k do d. io a ve c w n p er
O O E B I D T A p p.	5 5. 5 5 3 3 % %	6 6. 8 8	1 1 % %	1 1. 4 4 6 6		M fa in io tu t • an c r g op er a ns er e u w d ha in in re su m e a p se m an ne r
F C in t a nc e o s	1. 9 5 %	0. 6	2 %	‐1 3 3		da h he d f he i ir iv t t t t ac co r nc e w ec es o f d Go In ia t o ve rn m en
D ia io t e p re c n	8. 1 0 %	4. 9	3 %	‐3 1 7		M S R d du is in in in to • cr ea se e cr ea se
P B T ( ( b b f fo l l ) ) io i t t e re ex c e p na	‐4 4 7 7 0 0 % %	1 1. 2 2	5 5 % %	5 5. 9 9 5 5		Co d Co k & i in Pa in ty ta t, m m o n er co s c g , h h l l d d d du F Fr ig i D D i ie t t, t t e co s se co s an p ro c
( f l ) P B T io t t a e r ex c e p na	‐4 0 % 7	1. 2	5 %	5. 9 5		ix m
A P T	‐1 1 9 %	0. 8	2 %	2. 0 1	
Po i iv t   s e	de M ia io te t o ra – v ar n	5 % to  up	Ne iv t g a	ia io t e – va r n ex ce e	d 5 in % g

• • Sales growth is because of outbreak of COVID‐19 pandemic and subsequent lockdown announced by the Government of India for the major period of Q1 2020‐21.
• • Operations were suspended during above lockdown period.
• • Manufacturing operations were resumed in ^a phase manner in accordance with the directives of theGovernment of India.
• • MSR is increased due to increase inCommodity, Container cost, Packing & F ih Di l d d mix.

Results are not comparable from HY1 2020‐21 due to Major lockdown in Quarter 1 of FY 2020‐21

Financial Results &Highlights for the Quarter

ResultsAnalysis ‐ HY 1 FY 2021‐22 v/s HY 1 FY 2020‐21

ResultsAnalysis ‐ Q2 FY 2021‐22 v/s Q2 FY 2020‐21

R lt A li Q2 FY 2021 22 / Q1 FY 2021 22 ResultsAnalysis ‐ ‐v/s ‐

Way Forward

Q2 FY 2021‐22 v/s Q2 FY 2020‐21

revenue

PBT (before exceptional) realization as against 6.10% 27941000 767 15002000250030000500Q2 FY 2020‐21 Q2 FY 2021‐22

EBIDTA

10

at 1.45%

Key Indicators Q2 FY 2021‐22 v/s Q2 FY 2020‐21

d I i t n c a o r s	Q 2 F Y 2 0 2 0‐ 2 1	Q 2 F Y 2 0 2 1‐ 2 2	h C a n g e	S t t a u s
S le N t e a s	5 3 4 7. 7	5 2 8. 8 1	1. 0 8 7	
he O In t r c o m e	3. 7 7	2. 3 8	‐1 3 9	
l M ia C t t a e r o s	6 9. 3 4 %	7 3. 3 1 %	3. 9 7	
lo C Em t p y e e o s	9. 6 5 %	1 0. % 7 4	1. 0 9	
he O Ex t r p e ns e s	9. 4 1 %	5 9. 1 %	0. 1 0	
O O E B I D T A p.	5 5 1 1 2 2. 0 0 % %	7 7. 0 0 1 1 % %	‐5 5 4 4 9 9	
C F in t a nc e o s	1. 2 1 %	0. 6 6 %	‐0 5 5	
D ia io t e p re c n	5. 1 9 %	4. 9 0 %	‐0 2 9	
( b fo l ) P B T io t e re ex c e p na	6. 1 0 %	5 1. 4 %	5 ‐4 6	
( f l ) P B T io t t a e r ex c e p na	6. 1 0 %	1. 4 5 %	‐4 6 5	
P A T	3. 8 7 %	0. 9 7 %	‐2 9 0	

• • Other income is reduced due tosettlement / reinstatement of Foreign liabilities.
• MSR i i d d i i is increaseddue to increase inCommodity, Container cost, Packing & Freight cost, Diesel cost and product mix.
• Employee cost in increased due to ^{p y} annual increase ^given to employees wef 1s^t Apr‐²¹
• • EBIDTA & PBT is lower due to high MSR and increase on overheads

Positive Moderate – variation upto 5% Negative – variation exceeding 5%

Financial Results &Highlights for the Quarter

ResultsAnalysis ‐ HY 1 FY 2021‐22 v/s HY 1 FY 2020‐21

ResultsAnalysis ‐ Q2 FY 2021‐22 v/s Q2 FY 2020‐21

R lt A li Q2 FY 2021 22 / Q1 FY 2021 22 ResultsAnalysis ‐ ‐v/s ‐

Way Forward

Q2 FY 2021‐22 v/s Q1 FY 2021‐22

revenue

growth of 10%

previous Qtr

EBIDTA

(before exceptional) realization at 1.45% against 1.04%

PAT

PAT realization at 0.97%as against ‐

Key Indicators Q2 FY 2021‐22 v/s Q1 FY 2021‐22

d I i t n c a o r s	Q Q 1 F Y 2 0 2 1‐ 2 2	Q Q 2 F Y 2 0 2 1‐ 2 2	h C a n g g e	S t t a u s	Ke As ts y p ec :
le N S t e a s	4 7 9. 7 9	5 2 8. 8 1	4 9. 0 2		•
O he In t r c o m e	4. 8 2	2. 3 8	‐2 4 4	
l M ia C t t a e r o s	7 7 3 3. 0 0 6 6 % %	7 7 3 3. 3 3 1 1 % %	5 5 0 0. 2 2		l l M M i ia te • a r co
lo Em C t p y e e o s	1 1. 4 8 %	1 0. 7 4 %	‐0 7 4	
O he Ex t r p e ns e s	1 0. 0 2 %	9. 5 1 %	‐0 5 1		•
O E B I D T A p.	5 6. 9 %	7. 0 1 %	0. 4 2	
F in C t a nc e o s	5 0. 8 %	0. 6 6 %	0. 0 8	
D ia io t e p re c n	4. 9 7 %	4. 9 0 %	‐0 0 7	
( b fo l ) P B T io t e re ex c e p na	1. 0 4 %	5 1. 4 %	0. 4 1	
( f l ) P B T io t t a e r ex c e p na	1. 0 4 %	5 1. 4 %	0. 4 1	
P A T	0. 6 5 %	0. 9 7 %	0. 3 2	
de 5 d 5 Po i iv M ia io % Ne iv ia io in % t te t to t t    s e o ra – v ar n up g a e – va r n ex ce e g

• • Other income is reduced due tosettlement/reinstatement of Foreign liabilities.
• M il i li h l hi h d• Materialcost is slightly higher due to product mix.
• • Finance cost is higher due to increase in interest on usancebecause of adverse currency ymovement.

Financial Results &Highlights for the Quarter

ResultsAnalysis ‐ HY 1 FY 2021‐22 v/s HY 1 FY 2020‐21

ResultsAnalysis ‐ Q2 FY 2021‐22 v/s Q2 FY 2020‐21

R lt A li Q2 FY 2021 22 / Q1 FY 2021 22 ResultsAnalysis ‐ ‐v/s ‐

Way Forward

COVID‐19

Due to the spread of COVID‐19, ^a global pandemic, the operations of the Company were impacted and all manufacturing plants and offices were shutdown following ^a nationwide lockdown imposed by the Government of India. The Company has resumed manufacturing operations in ^a phased manner in accordance with the directives of the Government of India.

The Company has evaluated adverse impact of this pandemic on its business operations and financial positions positions. There was major revenue loss due to COVID‐19 & operations were suspended during initial period of quarter 1, 21. However, we are confident that future projections will mitigate the gap to some extent.

However, the impact assessment of COVID‐19 is ^a continuing process given the uncertainties associated with its nature and duration and accordingly the impact may be different from that estimated as at the date of approval of these financial results.

The Company will continue to monitor any material changes in the future economic conditions.

ThankYou

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