Thacker & Co. Ltd. — Annual Report 2023

May 25, 2023

251h May, 2023

The Manager, Corporate Relationship Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai —400 001.

Ref: Scrip Code- 509945

Dear Sir/Ma'am,

Sub: Outcome of Board Meeting

Pursuant to Regulation 30, read with Part A of Schedule Ill and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have enclosed the following statements for the Quarter and Financial Year ended 31st March, 2023, which were approved and taken on record by the Board of Directors at their meeting held on 25th May, 2023.

• (a) Statement of Standalone and Consolidated Audited Financial Results for the quarter and year ended 31st March, 2023 along with the Auditors Report.
• (b) Statement of Assets and Liabilities for the period ended 31st March, 2023.
• (c) No dividend was recommended by the Board of Directors for the year 2022-2023. The Date of ensuing 145' Annual General Meeting of the Company and Book Closure Dates will be informed separately.
• (d) Declaration pursuant to Regulation 33(3)(d) as amended by the SEBI (Listing Obligations and Disclosure Requirements)(Amendment) Regulations, 2016.

The meeting commenced at 03:45 P.M. and concluded at 04:15. P.M.

Regd. Off.: Bhogilal Hargovindas Building, Mezzanine Fl.18/20,K.Dubhash Marg, Mumbai-400001, India Corporate Office: Jatia Chambers, 60 Dr. V.B.Gandhi Marg, Mumbai-400001, India Tel: 91-22-43553333, Web-Site: www.thacker.co.in , E-mail: thacker@thacker.co.in CIN No. : L21098MH1878PLC000033 GST No. : 27AAACT3200A1Z7

THACKER AND COMPANY LIMITED

CIN: L21098MH1878PLC000033 Regd. Office : Bhogilal Hargovindas Building, Mezzanine Floor, 18/20, K. Dubash Marg, Mumbai 400 001 Tel. No.: 91-22-43553333 E-Mail: thacker@thacker.co.in Website: www.thacker.co.in

Statement of Standalone and Consolidated Audited Financial Results for the Quarter and Year ended 31st March, 2023

		Standalone Consolidated								(Rs. in lakhs, unless otherwise stated)
	Particulars		Quarter Ended		Year ended			Quarter Ended			Year ended
		31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022	31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
$\mathbf{1}$	Income from operation
a	Net sales / income from operations	49.60	49.17	48.16	210.98	204.67	55.72	54.37	182.49	292.44	538.84
b	Other Operating Income	50.40	49.98	114.34	270.27	301.78	55.90	53.64	117.17	342.24	318.12
	Total Income from operations (net) [1a + 1b]	100.00	99.15	162.50	481.25	506.45	111.62	108.01	299.66	634.68	856.96
$\overline{\mathbf{2}}$	Expenses
a	Purchases of stock-in-trade	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	٠	$\overline{a}$	$\overline{\phantom{a}}$	0.01	$\omega$	71.60	33.08	219.40
b	Changes in inventories of stock in trade	$\overline{a}$		۰	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	3.92	0.95	23.10	20.81	(10.03)
$\mathbf c$	Employee benefits expense	2.93	2.42	2.76	10.44	10.54	3.03	2.42	9.23	11.81	20.96
$\epsilon$	Depreciation and amortisation expense	38.87	38.87	43.06	155.49	172.40	39.92	39.93	43.62	160.30	174.61
	Finance cost	0.06	0.01	0.04	0.17	0.22	0.34	0.29	0.21	1.43	1.07
g	Other expenses	7.64	8.55	7.58	32.67	31.36	7.82	11.45	23.75	49.05	96.12
3	Expenses [sum of (a) to (g)] Profit/(Loss) before Tax (1-2)	49.50 50.50	49.85	53.44 109.06	198.77	214.52	55.04	55.04	171.51	276.48	502.13
4	Tax expense	9.26	49.30 9.01	7.30	282.48 57.25	291.93	56.58	52.97	128.15	358.20	354.83
	Net Profit from Ordinary Activities After Tax (3-					46.72	10.90	11.12	12.11	76.31	62.10
5	4)	41.24	40.29	101.76	225.23	245.21	45.68	41.85	116.04
6	Extraordinary Items				$\overline{a}$			$\overline{a}$		281.89	292.73
$\overline{7}$	Net Profit for the period (5+6)	41.24	40.29	101.76	225.23	245.21	45.68	41.85	116.04	281.89	292.73
8	Share of profit / (loss) of associates						183.57	188.59	119.65	968.99	643.77
	Net profit after taxes and share of profit / (loss)
9	of associates (7+8)	41.24	40.29	101.76	225.23	245.21	229.25	230.44	235.69	1,250.88	936.50
10	Other comprehensive income
	- Changes in fair value of FVOCI equity
	instruments	86.19	(1.26)	(28.48)	149.20	150.96	120.75	(1.77)	(39.90)	209.01	211.48
	-Share of changes in fair value of FVOCI equity
	instrument from associate					×.	(143.49)	116.05	24.73	(29.57)	231.96
	- Remeasurements of post-employment benefit oligations					÷
	- Share of Remeasurements of post-employment
	benefit obligations from associate
	Other comprehensive income for the period	86.19	(1.26)	(28.48)	149.20	150.96	(22.74)	114.28	(15.17)	179.44	443.44
11	Total comprehensive income for the period
	$(9+10)$	127.43	39.03	73.28	374.43	396.17	206.51	344.72	220.52	1,430.32	1,379.94
12	Paid up Equity Share Capital (face value Re. 1 per
	share)	10.88	10.88	10.88	10.88	10.88	10.88	10.88	10.88	10.88	10.88
	Reserves excluding Revaluation reserves as per
	audited balance sheet of previous accounting year
		$\overline{\phantom{a}}$	٠	$\overline{a}$	2,025.90	1,651.47				9,920.70	8,490.39
	Earnings Per Share (EPS) (not annualised):
	(Basic & Diluted)	3.79	3.70
		3.79	3.70	9.35	20.70	22.54	21.07	21.18	21.66	114.98	86.08
				9.35	20.70	22.54	21.07	21.18	21.66	114.98	86.08

	Segment Reporting for the Consolidated Audited Financial Results for Quarter and Year ended 31st March, 2023
			Standalone					Consolidated	(Rs. in lakhs, unless otherwise stated)
Particulars		Quarter Ended			Year ended		Quarter Ended		Year ended
	31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022	31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
Seament Revenue
a. Investment & Finance	12.58	12.03	72.66	119.07	133.70	12.58	12.03	72.66	119.07	133.70
b. Business Centre	87.42	87.12	89.84	362.18	371.37	87.42	87.12	89.84	362.18	371.37
c. Trading Business
-Scanners & related Products		٠				11.62	8.86	137.16	153.43	349.01
-Others
d. Other Unallocables				$\overline{a}$	1.38					1.38
Net Sales/Revenue from Operation	100.00	99.15	162.50	481.25	506.45	111.62	108.01	299.66	634.68	855.46
Segment Results $\mathbf{2}$
Profit before Interest & Tax
a. Investment & Finance	8.57	8.12	68.75	103.74	118.67	8.57	8.12	68.75	103.74	118.67
b. Business Centre	44.61	44.66	44.23	192.09	186.45	44.61	44.66	44.23	192.09	186,45
c. Trading Business
-Scanners & related Products		٠		٠		6.37	3.67	19.26	76.97	63.75
-Others	(0.72)	(0.75)	(0.60)	(2.75)	(2.21)	(0.72)	(0.75)	(0.60)	(2.75)	(2.21)
d.Add/Less: Other Unallocables	(1.90)	(2.73)	(3.28)	(10.42)	(10.76)	(1.90)	(2.73)	(3.28)	(10.42)	(10.76)
Total Segment Result	50.56	49.30	109.10	282.66	292.15	56.93	52.97	128.36	359.63	355.90
Less : e) Interest / finance cost	0.06	0.01	0.04	0.17	0.22	0.35	0.02	0.21	1.43	1.07
Total Profit/ (Loss) Before Tax	50.50	49.29	109.06	282.49	291.93	56.58	52.95	128.15	358.20	354.83
Capital Employed з
(Segment Assets-Segment Liabilities)
a. Investment & Finance	1,839.27	1,815.08	1,457.25	1,839.27	1,457.25	9,465.10	9,364.60	8,082.17	9,465.10	8,082.17
b. Business Centre	1,613.50	1,567.29	1,776.35	1,613.50	1,776.35	1,611.82	1,567.29	1,776.35	1,611.82	1,776.35
c. Trading Business
-Scanners & related Products						270.65	266.21	213.99	270.65	213.99
-Others	24.69	7.48	26.24	24.69	26.24	24.69	7.48	26.24	24.69	26.24
d. Unallocated	(5.11)	(7.21)	(11.06)	(5.11)	(11.06)	(5.11)	(7.21)	(11.06)	(5.11)	(11.06)
Total Capital Employed	3,472.35	3,382.64	3,248.78	3,472.35	3,248.78	11,367.15	11,198.37	10,087.69	11,367.15	10,087.69

Statement of Assets and Liabilities as at 31st March, 2023
			(Rs. in lakhs, unless otherwise stated)
PARTICULARS	STANDALONE		CONSOLIDATED
	31.03.2023	31.03.2022	31.03.2023	31.03.2022
	(Audited)	(Audited)	(Audited)	(Audited)
ASSETS
Non-current assets
a. Property, plant and equipment	1,720.97	1876.46	1,723.29	1,883.51
b. Right-of-use assets	-	-	8.10	-
c. Intangible Assets	-	-	-	-
e. Financial assets
i. Investments	1,282.06	1,020.82	8,906.21	7,645.75
f. Deferred tax assets (net)	5.26	5.25	7.10	7.33
e. Income tax assets (net)	0.15	-	0.80	-
Total non-current assets	3,008.44	2,902.53	10,645.50	9,536.59
Current assets
a. Inventories	7.48	7.48	9.38	30.19
b. Financial assets
i. Investments	-	118.82	-	118.82
ii. Trade receivables	-	-	3.20	77.69
iii. Cash and cash equivalents	0.77	56.89	59.71	229.67
iv. Bank balances other than (iii) above	56.00	56.00	65.00	56.00
v. Loans	469.00	200.00	656.00	200.00
iv. Other financial assets	33.34	6.08	41.52	6.55
c. Other current assets	3.33	3.36	4.77	7.43
Total current assets	569.92	448.63	839.58	726.35
TOTAL ASSETS	3,578.36	3,351.16	11,485.08	10,262.94
EQUITY AND LIABILITIES
a. Equity
Equity share capital	10.88	10.88	10.88	10.88
b. Other equity
Reserves and surplus	3,015.64	2,941.27	10,533.18	9,433.16
Other Reserves	445.83	296.63	823.09	643.65
Total equity	3,472.35	3,248.78	11,367.15	10,087.69
LIABILITIES
Non-current liabilities
a. Financial Liabilities
- Lease Liabilities	-	-	4.40	-
b. Employee benefit obligations	-	-	-	-
c. Deferred tax liabilities	- -	- -	- -	- -
d. Other non current liabilities	-
Total non-current liabilities Current liabilities		-	4.40	-
a. Financial liabilities
i. Borrowing	5.65	1.03	5.65	1.03
ii. Trade payables	-	-	-	-
- Dues to micro and small enterprises	-	-	-	0.15
- Dues other than micro and	5.03	5.05	6.25	65.40
small enterprises
- Dues to related parties	-	-	-	-
ii. Lease Liabilities	-	-	4.04	-
iii. Other financial liabilities	0.07	0.07	0.07	0.06
b. Provisions	-	-	-	-
c. Income Tax liabilities (net)	-	1.06	-	4.64
d. Employee benefit obligations	0.39	0.19	0.39	0.19
e. Other current liabilities	94.87	94.98	97.13	103.78
Total current liabilities	106.01	102.38	113.53	175.25
Total liabilities	106.01	102.38	117.93	175.25
TOTAL EQUITY & LIABILITIES	3,578.36	3,351.16	11,485.08	10,262.94

'C

	(Rs. in Iakhs, unless otherwise stated)
Particulars	As at	As at
	31 .03.2023	31 .03.2022
A. CASH FLOW FROM OPERATING ACTIVITIES:
Profit / (Loss) before Extraordinary Items & Tax	282.48	291.93
Add I (Less) Adjustments for:
Depreciation and amortisation expense	15549	172.40
Rental income & Licence Fees	(197.12)	(191.38)
Amortisation of Revaluation reserve	(150.86)	(166.70)
Dividend income	(76.71)	(51.65)
Operating profit before working capital changes	13.28	54.60
Add/(Less) Adjustments for:
(Increase) / decrease in Trade & Current Asset	(296.38)	(195.03)
(Increase) I decrease in Inventories	-	-
Increase! (decrease) in Current Liabilities	(1 00)	(6.19)
Cash Generated from/(Used in)Operations	(284.10)	(146.62)
Direct Taxes Paid / (Refund)	(57.26)	(46.75)
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES [A]	(341.36)	(193.37)
B. CASH FLOW FROM INVESTING ACTIVITIES:
(Purchase) of Investment	(524.54) -	271.50
Sale of Investment	531.32	209.64
Deposit with Banks with Maturity More than 3 Months	- -	56.00
Rental Income	197.12	191.38
Dividend Income	76.71	51.65
Profit on sale of Investment	-	-
NET CASH GENERATED FROM I (USED IN) INVESTING ACTIVITIES: [B]	280.61	125.17
C. CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Intercorporate deposit	4.63	-
Repayment of Intercorporate deposit	-	-
NET CASH GENERATED FROM /(USED IN) FINANCING ACTIVITIES: [C]	4.63	-
Net increase in Cash and Cash equivalents [A+B+C]	(56.12)	(68.20)
Cash and Cash Equivalents At The Beginning Of The Year	56.89	125.09
Cash And Cash Equivalents At The End Of The Year	0.77	56.88

		(Rs. in lakhs, unless otherwise stated)
	Particulars	As at	As at
		31 .03.2023	31 .03.2022
A.	CASH FLOW FROM OPERATING ACTIVITIES:
	Profit I (Loss) before Extraordinary Items & Tax	358.20	354.83
	Add I (Less) Adjustments for:	160.30
	Depreciation and amortisation expense	(197.12)	174.61 (191.38)
	Rental income & Licence Fees	(150.86)	(166.70)
	Amortisation of Revaluation reserve	(81.21)	(54.35)
	Dividend income
	Profit on sale of Motor Car	(0.63)	-
	Interest component on right to use of assets Provision for Exchange rate difference	1.09 -	- -
	Operating profit before working capital changes	89.77	117.02
	Add/(Less) Adjustments for:
	(Increase)! decrease in Trade & Current Asset	(414.62)	(170.03)
	(Increase) I decrease in Inventories	20.81	(10.03)
	Increase I (decrease) in Current Liabilities	(61.95)	(28.51)
	Cash Generated from/(Used in)Operations	(365.99)	(91.55)
	Direct Taxes Paid / (Refund)	(76.08)	(61.97)
	NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES [A]	(442.07)	(153.53)
B.	CASH FLOW FROM INVESTING ACTIVITIES:
	(Purchase) I Sale of Fixed Assets	4.60	(0.41)
	(Purchase) of Investment	(524.55)	(271.50)
	Sale of Investment	531,32	209.64
	Deposit with Banks with Maturity More than 3 Months	(9.00)	(56.00)
	Payment for acquiring right of use assets	(12.15)	-
	Rental Income	197.12	191.38
	Dividend Income	81.21	54.35
	Profit on sale of Investment	-	-
	NET CASH GENERATED FROM I (USED IN) INVESTING ACTIVITIES: [B]	268.55	127.46
C.	CASH FLOW FROM FINANCING ACTIVITIES:
	Proceeds from Intercorporate deposit	4.63	-
	Repayment of Intercorporate deposit	-	-
	Interest component on right to use of assets	(1.09)	-
	NET CASH GENERATED FROM /(USED IN) FINANCING ACTIVITIES: [C]	3.54	-
	Net increase in Cash and Cash equivalents [A+B+C]	(169.98)	(26.07)
	Cash and Cash Equivalents At The Beginning Of The Year	229.67	255.74

Notes:

• 1. The above financial results were reviewed and recommended by the Audit Committee and taken on record by the Board of Directors held 25th May 2023.
• The Limited Review under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 has been carried $2.$ out by the Statutory Auditors.
• The consolidated financials results include results of :- $3.$

Name	Relationship
Fujisan Technologies Limited	Subsidiary Company
AMJ Land Holdings Limited	Associate Company
Pudumjee Paper Products Limited	Associate Company

The figures for the previous period have been recast/ regrouped wherever necessary to confirm to current period's presentations. 4.

Place: Mumbai Date: 25th May 2023 For Thacker and Company Limited Arun Kumar Jatia (Director)

P R AGARWAL & AWASTHI

CHARTERED ACCOUNTANTS

REGD. OFFICE: 42, GOPAL BHAVAN, 199, PRINCESS STREET, MUMBAI - 400 002. PHONE : ²²⁰93908 • FAX 022-220 89133 E-mail info@pawanca.com URL: www.pawanca.com

Independent Auditor's Report

To The Board of Directors of Thacker and Company Limited

Report on the audit of the Standalone Financial Results

Opinion

• We have audited the accompanying statement of standalone financial results of Thacker and Company Limited ("the Company") for the quarter ended 31 March 2023 and the year to date results for the period from 1 April 2022 to 31 March 2023 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Statement:
• 2.1. are presented in accordance with the requirements of the Listing Regulations in this regard; and
• 2.2. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards ("Ind AS") and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial informatio1 or the quarter ended 31 March 2023 and the year to date results for the period from 1 April 2022 to 31 March 2023.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ("SA") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor'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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion.

Management's responsibilities for the Standalone Financial Results

• 1. The Statement has been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financiai controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
• 1. In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
• 1. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

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

• 1. Our objectives are to obtain reasonable assurance about whether the Statement is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud Or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
• 1. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• 8.1 Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher' than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• 8.2 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of standalone financial statements on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
• 8.3 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• 8.4 Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• 8.5 Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• 1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
• 1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For and on behalf of For P. R. Agarwal & Awasthi Chartered Accountants Firm Registration No. 117940W PAWAN KR Digitally signed by PAWAN KR AGARWAL AGARWAL

CA Pawan KR. Agarwal (Partner) Membership No. 34147

1JDIN: 23034147BGX1AS3173

Place: Mumbai Date: 25-05-2023

P R ACARWAL&AWASTH1

CHARTERED ACCOUNTANTS

REGD. OFFICE 42, GOPAL BHAVAN, 199, PRINCESS STREET, MUMBAI - 400 002. PHONE: 220 93908 FAX: 022-220 89133 E-mail:info@pawanca.com URL: www.pawanca.com

Independent Auditor's Report

10 The Board of Directors of Thacker and Company Limited

Report on the Audit of the Consolidated Financial Results

Opinion

• 1. We have audited the accompanying statement of consolidated financial results of Thacker and Company Limited ("the Holding Company" ) and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter ended 31 March 2023 and the year to date results for the period from 1 April 2022 to 31 March 2023 ('the Statement'), 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 ("Listing Regulations").
• 1. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of the other auditors on separate audited financial statements of the subsidiaries and associates, the aforesaid Statement
• 2.1 includes the results of the following entities;

	Sr. No. 1 Name of Entity	Relationship
1.	I Fujisan Technologies Limited	Subsidiary Company
2.	AMJ Land Holdings Limited	Associate Company
3.	I Pudumjee Paper Products Limited	I Associate Company

• 2.2 is presented in accordance with the requirements of the Listing Regulations; and
• 2.3 gives.a true and fair view, in conformity with the applicable Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India, of the consolidated net profit, other comprehensive income and other financial information of the Group for the quarter ended 31 March 2023 and the year to date results for the period from 1 April 2022 to 31 March 2023.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ("SA") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs 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 Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

• 1. The Statement has been prepared on the basis of the consolidated annual financial statements. The 1-biding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and loss and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Ind AS prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
• 1. In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of each company and the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Company and the Group or to cease operations, or has no realistic alternative but to do so.
• 1. The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

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

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
• 1. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professionaiskepticism throughout the audit. We also:
• 8.1 Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• 8.2 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of consolidated financial statements on whether the Group has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
• 8.3 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Board of Directors.
• 8,4 Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• 8.5 Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• 8.6 Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
• 1. We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
• 1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
• 1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

1. The Statement includes the audited financial results of two Associate Companies which are audited by another auditors, Statement details of which are as under:

One Associate company included in the statement whose result reflect consolidated revenue of Rs. 1,400.87 Lakhs and Rs. 3,949.08 Lakhs, consolidated net profit after tax of Rs. 166.13 Lakhs and Rs. 708.93 Lakhs, and consolidated total comprehensive income of Rs. (794.18) Lakhs and Rs. 553.97 Lakhs for the quarter and Year ended Mar 31, 2023 respectively as considered in the Statement These financial results have been reviewed by the other auditors whose reports have been furnished to us by the Management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these associate company, is based solely on the reports of such other auditors and the procedures performed by US.

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

Further, another Associate company included in the statement whose result reflect revenue of Rs. 18,469 Lakhs and Rs. 76,717 Lakhs, net profit after tax of Rs. 1,075 Laths and Rs. 5,940 Lakhs, and total comprehensive income of Rs. 1,127 Lakhs and Rs. 5,903 Laths for the quarter and Year ended March 31, 2023 respectively, These financial results have been reviewed by the other auditors whose reports have been furnished to us by the Management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these associate company, is based solely on the reports of such other auditors and the procedures performed by us.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done by other auditors and the Financial Results certified by the Management.

For and on behalf of For P. R. Agarwal & Awasthi Chartered Accountants Firm Registration No. 117940W

CA Pawan KR. Agarwal (Partner) Membership No. 34147

UDIN: 23034147BGX1AT5481

Place: Mumbai Date: 25-05-2023

25th May, 2023

The Manager, Corporate Relationship Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai —400 001.

Ref: Scrip Code- 509945

Sub: Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015 as amended vide the SEBI (LODR) (Amendment) Regulations, 2016.

DECLARATION

In compliance of Regulation 33 (3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by the SEBI (Listing Obligations And Disclosure Requirements) (Amendment) Regulations, 2016, we hereby declare that the Statutory Auditors, M/s. P. R. Agarwal & Awasthi, Chartered Accountants (FRN: 117940W) have issued Audit Report(s) with unmodified opinion on Standalone and Consolidated Audited Financial Results for the quarter and year ended on 31 March, 2023.

Please take the same on record.

Thanking you,

Yours faithfully,

For, Thacker Arjd Company

RajuRiA\dhia Manager and Chief Financial

Regd. Off.: Bhogdal Hargovindas Building, Mezzanine F1.18/20,K.Dubhash Marg, Mumbai-400001, India Corporate Office: Jatia Chambers, 60 Dr. V.B.Gandhi Marg, Mumbai-400001, India Tel: 91-22-43553333, Web-Site: www.thecker.co.in , E-mail: thacker©thacker.co.in CIN No. : L21098MH1878PLC000033 GST No. : 27AAACT3200A1Z7