Suprajit Engineering Ltd. — Regulatory Filings 2021

Aug 11, 2021

Registered &. Corporate Office : #100 & l 01, Bommasandra Industrial Area, Bengaluru - 560 099. Tel: +91-80-43421 l 00, Fax: +91-80-27833279 E-mail: info@suprajit.com Web : http://www.suprajit.com Corporate Identity Number (CIN) : L29199KA l 985PLC006934

August 11, 2021

BSE Limited Department of Corporate Services P. J. Towers, 25th Floor, Dalal Street, Mumbai- 400 001 Ref: 532509

National Stock Exchange of India Ltd Exchange Plaza, C-1, Block-G, Bandra Kurla Complex, Bandra (E) Mumbai- 400 051 Ref: SUPRAJIT

Dear Sirs,

Sub: Outcome of the Board Meeting and Results

As informed vide our letter dated August 02, 2021, please be informed that the Board of Directors of the Company met today and inter-alia approved the un-audited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2021; a copy of the financial results along with copy of Limited Review Report are enclosed herewith.

The Meeting commenced at 3.00 p.m and concluded at 5.40 p.m.

Please treat the above as compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Thanking you

Yours faithfully

For Suprajit Engineering Limited

~C\l;

Medappa l o~da J CFO & Company Secretary

Encl: as above

SUPRAJIT ENGINEERING LIMITED Regd Office: No. 100 & 101, Bommasandra Industrial Area, Bengaluru-560 099. Website - www.suprajit.com, email - info@suprajit.com
CIN - L29199KA1985PLC006934 Statement of Unaudited Standalone Financial Results for the Quarter ended June 30, 2021
					(Rs. in million)
			Quarter ended	Standalone	Year Ended
	Particulars	June 30, 2021	March 31, 2021	June 30, 2020	March 31, 2021
		(Unaudited)	(Audited)*	(Unaudited)	(Audited)
	Revenue from operations	2,090.77	3,467.59	874.74	11,122.75
H	Other income	90.30	146.82	30.90	361.32
Ш	Total income (I+II)	2,181.07	3,614.41	905.64	11,484.07
$\mathsf{IV}$	Expenses
	Cost of materials consumed	1,289.00	2.267.70	572.80	7,169.83
	Purchases of stock-in-trade	0.90	23.07	1.87	48.23
	Changes in inventories of finished goods, work-in-	(33.96)	(103.77)	(16.11)	(201.54)
	progress and stock-in-trade	344.20	445.54	267.20	1,551.82
	Employee benefits expense Finance costs	31.55	11.48	33.62	115.79
	Depreciation and amortization expense	62.18	62.05	54.80	240.28
	Other expenses	171.41	252.51	126.57	748.60
	Total expenses	1,865.28	2,958.58	1,040.75	9,673.01
V	Profit/ (loss) before tax (III-IV)	315.79	655.83	(135.11)	1,811.06
VI	Tax expense/ (credit) (net):
	Current tax	74.08	147.66	13.99	410.55
	Deferred tax charge/(credit)	(4.46)	4.95	(54.34)	6.34
	Current tax relating to earlier periods		14.96		14.96
	Total tax expenses/ (credit) (net)	69.62	167.57	(40.35)	431.85
VII	Profit/ (loss) for the period (V-VI)	246.17	488.26	(94.76)	1,379.21
	VIII Other comprehensive income/ (loss), net of taxes
	Items that will not be reclassified to profit or loss
	Re-measurement gain/(loss) on defined benefit plan	(0.25)	4.84	(4.47)	0.35
		(0.25)	4.84	(4.47)	0.35
IX.	Total comprehensive income/ (loss) for the period (VII+VIII)	245.92	493.10	(99.23)	1,379.56
x.	Paid-up equity share capital (Face value: Re.1/- each)	138.37	139.87	139.87	139.87
XI	Other equity				8,975.35
XII	Earnings/ (loss) per share (Face value: Re.1/- each) (in Rs.) (Not annualised in case of interim periods)
	Basic and Diluted	1.77	3.49	(0.68)	9.86

* Refer note 6

For Suprait Engineering Limited $\mathcal{N}$ Railth Kurndr Rail ¥ $\mathbf{A}$

	Notes:
$\mathbf{1}$	The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on August 11, 2021.
$\overline{2}$	The standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as lamended.
$\mathbf{3}$	The Company is engaged in the business of manufacturing and selling of automotive and other components, which are monitored as a single segment by the chief operating decision maker, accordingly, these, in the context of Ind AS 108 on operating segments reporting are considered to constitute one segment and hence the Company has not made any additional segment disclosure.
4	The full impact of COVID-19 still remains uncertain and could be different from the estimates considered while preparing these standalone financial results. The Company will continue to closely monitor any material changes to future economic conditions.
5	On February 10, 2021, the Board of Directors approved a proposal to Buy-back up to 1,500,000 fully paid equity shares of Re. 1 each (representing 1.07% of paid-up equity share capital) from the shareholders of the Company on a proportionate basis through tender offer, at a price of Rs. 320 per fully paid-up equity share for an aggregate amount not exceeding Rs. 480 million in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder. The buy-back completed on May 12, 2021.
6	The figures for the quarter ended March 31, 2021 is the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures for the nine months ended December 31, 2020, which were subjected to limited review.
	For and on behalf of the Board of Directors
	XAJITH/KUMAR RAI Place: Bengaluru
	Chairman Date: August 11, 2021 IDIN-01160327)

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		SUPRAJIT ENGINEERING LIMITED
	Regd Office: No. 100 & 101, Bommasandra Industrial Area, Bengaluru-560 099. Website - www.suprajit.com, email - info@suprajit.com
		CIN - L29199KA1985PLC006934
	Statement of Unaudited Consolidated Financial Results for the Quarter ended June 30, 2021
					(Rs. in million)
				Consolidated
			Quarter ended		Year ended
	Particulars	June 30, 2021	March 31, 2021	June 30, 2020	March 31, 2021
		(Unaudited)	(Audited)*	(Unaudited)	(Audited)
	Revenue from operations	3,616.18	5,129.74	1,774.68	16,408.55
Ш	Other income	66.10	121.94	57.79	335.92
Ш	Total income (I+II)	3,682.28	5,251.68	1,832.47	16,744.47
IV	Expenses Cost of materials consumed	1,926.64	2,957.49	913.62	9,398.29
	Purchases of stock-in-trade	85.28	58.79	78.46	283.35
	Changes in inventories of finished goods, work-in-	(10.52)	(3.71)	(5.28)	(134.46)
	progress and stock-in-trade
	Employee benefits expense	778.49 47.29	874.37 27.74	595.67 55.11	3,083.45 192.18
	Finance costs Depreciation and amortization expense	143.43	142.93	137.59	567.57
	Other expenses	344.06	425.78	240.51	1,410.71
	Total expenses	3,314.67	4,483.39	2,015.68	14,801.09
V	Profit/ (loss) before exceptional items and tax expenses (III-IV)	367.61	768.29	(183.21)	1,943.38
VI	Exceptional Item (Refer Note 5)	161.21
VII	Profit/ (loss) before tax expenses (V+VI)	528.82	768.29	(183.21)	1,943.38
VIII	Tax expense/ (credit) (net):
	Current tax	117.41	156.36	29.89	503.04
	Deferred tax charge/ (credit) Current tax relating to earlier periods	(20.23)	21.85 14.95	(68.01)	(1.71) 14.95
	Total tax expenses/ (credit) (net)	97.18	193.16	(38.12)	516.28
IX.	Profit/ (loss) for the period (VII-VIII)	431.64	575.13	(145.09)	1,427.10
x	Other comprehensive income/ (loss), net of taxes
А	Items that will not be reclassified to profit or loss
	Re-measurement gain/(loss) on defined benefit plan	0.03	5.18	(4.49)	0.62
В	Items that will be reclassified to profit or loss
	Net exchange differences on translation of foreign	38.41	(6.74)	11.62	7.01
	operations Net change in fair value of Hedging instrument	0.81	1.18	0.79	5.53
		39.25	(0.38)	7.92	13.16
XI	Total comprehensive income/ (loss) for the period	470.89	574.75	(137.17)	1,440.26
	$ (IX+X) $
XII	Paid-up equity share capital (Face value: Re.1/- each)	138.37	139.87	139.87	139.87
XIII	Other equity				9,757.24
	XIV Earnings/ (loss) per share (Face value: Re.1/- each) (in
	Rs.) (Not annualised in case of interim periods)
	Basic and Diluted	3.10	4.11	(1.04)	10.20

$\frac{1}{2}$ * Refer note 7

$\ddot{\phantom{0}}$

For Supraint Engineering Limited $\mathbf{v}=\mathbf{r}$ ١ K Alith Kumar Rai

Notes:
$\mathbf{1}$	The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on August 11, 2021.
$\overline{2}$	The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as lamended.
3	The Group is engaged in the business of manufacturing and selling of automotive and other components, which are monitored as a single segment by the chief operating decision maker, accordingly, these, in the context of Ind AS 108 on operating segments reporting are considered to constitute one segment and hence the Company has not made any additional segment disclosure.
4	The full impact of COVID-19 still remains uncertain and could be different from the estimates considered while preparing these consolidated financial results. The Group will continue to closely monitor any material changes to future economic conditions.
5	The US Federal government in the wake of COVID-19 pandemic provided support to business through Paycheck Protection Program (PPP). Wescon Controls LLC (Wescon), a wholly owned subsidiary obtained a benefit under this scheme for USD 2.16 Million (₹ 158.98 Million) during May 2020. This loan is eligible for forgiveness on fulfilment of certain conditions. Wescon had applied for forgiveness and application was pending with Small Business Administration, United States government agency for review and approval. During the quarter ended June 30, 2021, Wescon has obtained complete waiver of the loan amount and accordingly the loan and interest accrued thereon has been recognised by the group as an exceptional item.
6	On February 10, 2021, the Board of Directors approved a proposal to Buy-back up to 1,500,000 fully paid equity shares of Re. 1 each (representing 1.07% of paid-up equity share capital) from the shareholders of the Company on a proportionate basis through tender offer, at a price of Rs. 320 per fully paid-up equity share for an aggregate amount not exceeding Rs. 480 million in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder. The buy-back completed on May 12, 2021.
$\overline{7}$	The figures for the quarter ended March 31, 2021 is the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures for the nine months ended December 31, 2020, which were subjected to limited review.
	For and on behalf of the Board of Directors
	AJITH KUMAR RAI Place: Bengaluru Chairman
	Date: August 11, 2021 (DIN - 01160327)

Chartered Accountants

12th Floor "UB City" Canberra Block
No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel: +91 80 6648 9000

Independent Auditor's Review Report on the Quarterly Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Suprajit Engineering Limited

• We have reviewed the accompanying statement of unaudited standalone financial results of $1.$ Suprajit Engineering Limited (the "Company") for the quarter ended June 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• This Statement, which is the responsibility of the Company's Management and approved by $\overline{2}$ . the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder 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 $\overline{3}$ . Engagements (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.
• Based on our review conducted as above, nothing has come to our attention that causes us to $\overline{4}$ . believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004

$29N$ per Rajeev K imar

Partner Membership No.: 213803

Unique Document Identification Number (UDIN): 21213803AAAADT9395

Place: Bengaluru Date: August 11, 2021 Chartered Accountants

12th Floor "UB City" Canberra Block
No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel: +91 80 6648 9000

Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Suprajit Engineering Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Suprajit Engineering Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter ended June 30, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (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 No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the Holding Company and its following subsidiaries:
• a. Suprajit Automotive Private Limited
• b. Suprajit Europe Limited
• c. Suprajit USA Inc.
• d. Wescon Controls LLC
• e. Trifa Lamps Germany GmbH
• f. Luxlite Lamp SARL

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004

per Rajeey Kumar

Partner Membership No.: 213803

Unique Document Identification Number (UDIN): 21213803AAAADU1259

Place: Bengaluru Date: August 11, 2021