Tilaknagar Industries Ltd — Interim / Quarterly Report 2025

Aug 12, 2024

==> picture [111 x 82] intentionally omitted <==

August 12, 2024

To,

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 Scrip Code : 507205

To,

National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051

Symbol : TI

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

Dear Sir/Madam,

The Board at its Meeting today i.e. Monday, August 12, 2024, has inter-alia considered and approved the following matters:

1. Unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter ended June 30, 2024, along with the limited review reports thereon submitted by M/s. Harshil Shah & Company, Statutory Auditors of the Company which are enclosed herewith pursuant to the provisions of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. Allotment of 1,51,320 (One lakh fifty one thousand three hundred and twenty) equity shares having face value of Rs. 10/- each under various ESOPs schemes of the Company to employees of the Company pursuant to exercise of the options granted to employees.

The application for listing and trading approval of the Stock Exchange(s) for the equity shares allotted as mentioned above shall be made in due course.

Consequent upon the above allotment of equity shares, the paid-up equity share capital of the Company stands increased as follows:

Sr. No.	Particulars	No. of Equity Shares	Amount (in Rs.)
1.	Existing paid-up Equity Share Capital	19,28,05,054	1,92,80,50,540
2.	Post Allotment paid-up Equity Share capital	19,29,56,374	1,92,95,63,740

==> picture [450 x 65] intentionally omitted <==

==> picture [111 x 82] intentionally omitted <==

The Meeting of the Board commenced at 12:23 P.M. and concluded at 5:40 P.M.

The outcome of the Board Meeting shall also be available on the website of the Company i.e. www.tilind.com

Kindly take the same on your record.

For Tilaknagar Industries Ltd.

MINUZEER Digitally signed by MINUZEER YAZDI YAZDI BAMBOAT BAMBOAT Date: 2024.08.12 17:46:42 +05'30' Minuzeer Bamboat Company Secretary and Compliance Officer M. No. 73014 Encl: a/a

==> picture [450 x 65] intentionally omitted <==

Harshil Shah & Company Chartered Accountants

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

To the Board of Directors of Tilaknagar Industries Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results of Tilaknagar Industries Limited (hereinafter referred to as the “Holding Company”) and its subsidiaries and Associate (collectively referred to as “the Group”) for the quarter ended June 30, 2024 (“Consolidated Statement”), being submitted by the Holding Company pursuant to the requirements of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

2. This Consolidated 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 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Consolidated Statement based on our review.

3. We conducted our review of the Consolidated 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 financial statements are 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 Listing Regulations to the extent applicable.

1. This Consolidated Statement includes the results of Holding Company and its following Subsidiaries and Associate:

==> picture [116 x 72] intentionally omitted <==

Holding Company

113, Dimple Arcade ,Thakur Complex, Kandivali (e) Mumbai-101, info@caharshilshah.com Contact No :- 022 401 39 401

Harshil Shah & Company Chartered Accountants

	Harshil Shah & Chartered Acc
1	Tilaknagar Industries Ltd
	Subsidiaries:
1	Prag Distillery (P) Ltd
2	Vahni Distilleries Pvt. Ltd
3	Punjab Expo Breweries Pvt. Ltd
4	Shivprabha Sugars Ltd
	Associate:
1	Mason & Summers Marketing Services Pvt. Ltd

1. Attention is invited to Note No. 5 of the Consolidated Statement where by The Holding Company has not carried out impairment assessment of one of the ENA plants as required by Indian Accounting Standard (Ind AS 36) ‘Impairment of Assets’ though there is an indication of impairment.

2. Based on our review conducted and procedures performed as stated in paragraph 3 above, except for the possible effects of the matters described in paragraph 5 above and based on the consideration of the review report of the other auditors referred to in paragraph 8 below and, nothing has come to our attention that causes us to believe that the accompanying Consolidated Statement prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India 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.

3. We draw attention to Note no. 7 of the consolidated statement, describing the Search operations carried out by the Income tax authorities at certain premises of the Company in February 2024. Pending the outcome of the search proceedings, the consequent impact on the financial results for the quarter ended June 30, 2024, if any, is currently not ascertainable.

Our conclusion is not modified in respect of this matter.

1. a. We did not review the interim financial statements/ information of 4 subsidiaries included in the consolidated whose Ind AS financial statements include

==> picture [102 x 72] intentionally omitted <==

113, Dimple Arcade ,Thakur Complex, Kandivali (e) Mumbai-101, info@caharshilshah.com Contact No :- 022 401 39 401

Harshil Shah & Company Chartered Accountants

total revenue of Rs. 285.46 lakhs and total loss of Rs.28.48 lakhs including other comprehensive income for the quarter ended June 30, 2024 as considered in the consolidated financial results. This interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management, and our conclusion on the Consolidated statement insofar as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedure performed by us as stated above. Our conclusion is not modified in respect of the above matter.

b. The Consolidated statement also include Group’s share of loss/ profit Rs. Nil for the quarter ended June 30, 2024 as considered in the Consolidated statement in respect of 1 Associate whose financial results have not been audited by us. The Financial information of the Associate is not available and the Group has provided its share of loss to the extent of the Investment. According to the information and explanation given to us by the management this financial information is not material to the Group.

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

For Harshil Shah & Company Chartered Accountants ICAI Firm Reg. No. 141179W Harshil Shah Partner Membership No. 124146

Place: Mumbai Date: August 12, 2024 ICAI UDIN: 24124146BKEXNW2291

113, Dimple Arcade ,Thakur Complex, Kandivali (e) Mumbai-101, info@caharshilshah.com Contact No :- 022 401 39 401

TILAKNAGAR INDUSTRIES LTD. (CIN: L15420PN1933PLC133303)

Corporate Office: 3rd Floor, Industrial Assurance Building, Churchgate, Mumbai, Maharashtra - 400 020 Regd.Office : P.O. Tilaknagar, Tal. Shrirampur, Dist. Ahmednagar, Maharashtra - 413 720 Email: investor@tilind.com; Website: www.tilind.com; Phone: +91 22 22831716/18; Fax: +91 22 22046904

	(Rs. in Lacs except EPS)	(Rs. in Lacs except EPS)	(Rs. in Lacs except EPS)	(Rs. in Lacs except EPS)	(Rs. in Lacs except EPS)
	Statement of Consolidated Unaudited Financial Results for the Quarter ended June 30, 2024
	Particulars	Quarter ended			Year ended
		30.06.2024 Unaudited	31.03.2024 Audited	30.06.2023 Unaudited	31.03.2024 Audited
I	Revenue from operations	66,486.14	77,055.76	63,997.76	2,95,826.04
II	Other Income	174.02	405.98	116.69	1,413.82
III	Total Income(I + II)	66,660.16	77,461.74	64,114.45	2,97,239.86
IV	Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, stock-in-trade and work-in-progress (d) Excise duty (e) Employee benefits expense (f) Finance costs (g) Depreciation and amortization expense (h)Other expenses	16,762.85 - (978.29) 35,169.82 1,310.14 416.30 772.69 9,198.05	18,237.81 - 239.32 41,177.57 1,540.89 492.85 784.11 11,037.32	15,020.48 - 78.83 33,587.99 1,004.56 601.85 780.59 10,465.42	69,219.72 - 1,661.33 1,56,430.74 4,684.05 2,673.93 3,189.32 45,285.40
	Total expenses	62,651.56	73,509.87	61,539.72	2,83,144.49
V	Profit/(Loss) before exceptional items and tax(III-IV)	4,008.60	3,951.87	2,574.73	14,095.37
VI	Exceptional items( Net) ( Refer Note No. 6)	-	(806.72)		(294.27)
VII	Profit/(Loss) Before Tax(V+/-VI)	4,008.60	3,145.15	2,574.73	13,801.10
VIII	Tax Expense
	(a)Current tax	-	-	-	-
	(b)Taxes for Earlier Years	-	-		-
	(c)Deferred tax	-	-	-	-
	Total tax expense	-	-	-	-
IX	Profit/(Loss) for theperiod before share of Profit/(Loss) of associate(VII-VIII)	4,008.60	3,145.15	2,574.73	13,801.10
X	Share of Profit/(Loss) of associate	-	-	-	-
XI	Profit/(Loss) for theperiod(IX+X)	4,008.60	3,145.15	2,574.73	13,801.10
XII	Other Comprehensive Income/(Loss)
	(a)Items that will not be reclassified to Profit & Loss
	(i)Remeasurementgain /(loss)in respect of the defined benefitplans	(5.01)	12.52	(10.85)	(20.04)
	(ii)Tax on above	-	-	-	-
	(b)Items that will be reclassified to Profit & Loss	-	-	-	-
	Total Other Comprehensive Income/(Loss) for theperiod[(a) +(b)]	(5.01)	12.52	(10.85)	(20.04)
XIII	Total Comprehensive Income/(Loss) for theperiod(XI+XII)	4,003.59	3,157.67	2,563.88	13,781.06
XIV	Profit/Loss for theperiod attributable to
	(a)Owners of the Company	4,008.60	3,145.15	2,574.73	13,801.10
	(b)Non-ControllingInterests	-	-	-	-
XV	Other Comprehensive Income/(Loss) for theperiod attributable to
	(a)Owners of the Company	(5.01)	12.52	(10.85)	(20.04)
	(b)Non-ControllingInterests	-	-	-	-
XVI	Total Comprehensive Income/(Loss) for theperiod attributable to
	(a)Owners of the Company	4,003.59	3,157.67	2,563.88	13,781.06
	(b)Non-ControllingInterests			-	-
**XVII **	Paid-up Equity Share Capital(Face value of Rs. 10/-per Share)	19,280.51	19,273.04	19,146.64	19,273.04
**XVIII **	Other Equity asper Balance Sheet				46,115.72
XIX	Earnings Per Equity Share of Rs. 10 /- each (not annualized) (a) Basic (Rs.) (b)Diluted(Rs.)	2.08 2.06	1.65 1.63	1.37 1.35	7.23 7.16

Notes :

• 1 The above consolidated results have been reviewed by the Audit Committee and approved by the Board of Directors at its Meeting held on August 12, 2024. The Statutory Auditors have expressed qualified conculsion.

• 2 The above results have been prepared in accordance with Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

• 3 The above results have been prepared by the Company in accordance with IND-AS 110: Consolidated Financial Statements and IND-AS 28: Accounting for Investments in Associate in Consolidated Financial Statements prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.

• 4 The Group is predominantly engaged in the business of manufacture and sale of Indian Made Foreign Liquor (IMFL) and its related products, which constitute a single business segment as per IND-AS 108: Operating Segments. Accordingly, disclosure in accordance with the provisions of Circular issued by the SEBI on July 05, 2016 is not applicable.

• 5 The Parent Company expects to restart the grain distillery plant post incurring of relevant capital expenditure. In view of this, the management believes that there is no impairment in value of its ENA Plant and hence the recoverable amount of the ENA Plant is not required to be estimated.

6 Exceptional Items in the year ended March 31, 2024 includes :

6	Exceptional Items in the year ended March 31, 2024 includes :	Income /
		(Expenses) Rs in
		lacs
a	During the quarter ended September 30, 2023, the Company has made a pre-payment of the Restructured debt of Edelweiss Asset Reconstruction Company	512.45
	(EARC) acting as trustee of EARC Trust SC 241. Accordingly, the total Restructured debt of Rs. 17,622 lacs as on June 30, 2023 of EARC Trust SC 241 now stands
	reduced to Rs. Nil. Consequent to the above prepayment, the corresponding Balance debt of EARC Trust SC 241 of Rs. 362.45 lacs has been waived by EARC and
	has been written back by the Company along with a discount of Rs 150 lacs on the Restructured debt received from EARC at the time of pre-payment. The Company
	has now completely repaid the Restructured debt of all the three EARC Trusts i.e EARC Trust SC 233, EARC Trust SC 241 and EARC Trust SC 269 as per the
	Master Restructuring Agreement (MRA) dated February 06, 2020 and stands discharged of all liabilities, dues, demands or claims in respect of the Restructured
	Facilities.
b	During the quarter and year ended March 31, 2024, Prag Distillery (P) Ltd (Prag), a wholly owned subsidiary, has written off Trade Receivables of Rs. 586.55 lacs	-806.72
	and Earnest Money Deposit of Rs 182.05 lacs receivable from Andhra Pradesh Beverage Corporation Ltd.( the Corporation) and other receivables of Rs 38.12 lacs .
	Total expenses in exceptional Items ( Net) in the year ended March 31, 2024	-294.27

• 7 The Income-Tax authorities ('the department') had conducted search activity during the month of February 2024 at some of the premises, plants and residences of Director of the Parent Company. The Company extended full cooperation to the Income-tax officials during the search and provided required details, clarifications, and documents. As on the date of issuance of these Quarter ended financial results, the Company has not received any written communication from the department regarding the outcome of the search, therefore, the consequent impact on the Quarter ended June 30, 2024 financial results, if any, is not ascertainable.

The Management, after considering all available records and facts known to it, is of the view that there is no material adverse impact on the financial position of the Company and no material adjustments are required to these financial results for the quarter ended June 30, 2024 in this regard.

• 8 The Revenue from operations for the quarter ended June 30, 2024 is inclusive of MVAT and CST subsidy of Rs.556.39 lacs pursuant to the grant of Mega Project Status under Package Scheme of Incentives, 2007 by the Government of Maharashtra vide its eligibility certificate dated April 11, 2012.

• 9 The Standalone and Consolidated unaudited financial results of the Company for the quarter ended June 30, 2024 are available on the Company’s website (www.tilind.com) and on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com).

• 10 The figures for the quarter ended March 31 , 2024 are the balancing figures between the audited figures for the year ended March 31 , 2024 and year to date figures upto Decmeber 31 , 2023 which were subject to limited review by the statutory Auditors.

• 11 The previous period figures have been regrouped and reclassified wherever necessary.

On behalf of the Board For Tilaknagar Industries Ltd. AMIT Digitally signed by DAHANUKA AMIT DAHANUKAR Date: 2024.08.12 R 17:45:13 +05'30'

Amit Dahanukar

Place: Mumbai Date : August 12 , 2024

Chairman & Managing Director DIN: 00305636

Harshil Shah & Company Chartered Accountants

==> picture [42 x 29] intentionally omitted <==

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

To the Board of Directors of Tilaknagar Industries Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Tilaknagar Industries Limited (“the Company”) for the quarter ended June 30, 2024 (“the Statement”), being submitted by the company pursuant to the requirement of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

2. This Statement, which is the responsibility of the Company's management and 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, 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.

3. 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 is limited primarily to inquiries of company personnel and an analytical procedure 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.

4. The Company has not carried out impairment analysis of one of the ENA plants as required by Indian Accounting Standard (Ind AS 36) ‘Impairment of Assets’ though there is an indication of impairment. Reference is invited to Note no.4 of the standalone statement.

5. The above matter was also qualified in our report on the audited financial results for the quarter and year ended March 31, 2024.

6. Based on our review conducted and procedures performed as stated above, except for the possible effects of the matter described in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other recognised accounting practices and policies generally accepted in India has not disclosed the information required to be disclosed

==> picture [87 x 62] intentionally omitted <==

113, Dimple Arcade ,Thakur Complex, Kandivali (e) Mumbai-101, info@caharshilshah.com Contact No :- 022 401 39 401

==> picture [42 x 29] intentionally omitted <==

Harshil Shah & Company Chartered Accountants

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.

1. We draw attention to Note no 6 of the Standalone Statement, describing the Search operations carried out by the Income tax authorities at certain premises of the Company in February 2024. Pending completion of the search proceedings, the consequent impact on the financial results for the quarter ended June 30, 2024, if any, is currently not ascertainable.

Our conclusion is not modified in respect of this matter.

For Harshil Shah & Company Chartered Accountants ICAI Firm Reg. No. 141179W

Harshil Shah

Partner Membership No.124146

Place: Mumbai Date: August 12, 2024 ICAI UDIN: 24124146BKEXNV2217

113, Dimple Arcade ,Thakur Complex, Kandivali (e) Mumbai-101, info@caharshilshah.com Contact No :- 022 401 39 401

TILAKNAGAR INDUSTRIES LTD. (CIN: L15420PN1933PLC133303)

Corporate Office: 3rd Floor, Industrial Assurance Building, Churchgate, Mumbai, Maharashtra - 400 020 Regd.Office : P.O. Tilaknagar, Tal. Shrirampur, Dist. Ahmednagar, Maharashtra - 413 720 Email: investor@tilind.com; Website: www.tilind.com; Phone: +91 22 22831716/18; Fax: +91 22 22046904

	(Rs. in Lacs except EPS)
	Statement of Standalone Unaudited Financial Results for theQuarter ended June 30, 2024
	Particulars	Quarter ended			Year ended
		30.06.2024 Unaudited	31.03.2024 Audited	30.06.2023 Unaudited	31.03.2024 Audited
I	Revenue from Operations	66,476.20	77,055.76	63,997.76	2,95,826.04
II	Other Income	186.74	316.20	110.28	1,368.09
III	Total Income(I + II)	66,662.94	77,371.96	64,108.04	2,97,194.13
IV	Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, stock-in-trade and work-in-progress (d) Excise duty (e) Employee benefits expense (f) Finance costs (g) Depreciation and amortization expense (h)Other expenses	16,762.85 - (978.29) 35,169.82 1,222.58 416.30 733.04 9,302.22	18,237.81 - 239.32 41,177.57 1,453.75 492.85 745.33 10,617.68	15,020.48 - 78.83 33,587.99 932.77 601.85 743.63 10,940.18	69,219.72 - 1,661.33 1,56,430.74 4,380.88 2,673.93 3,036.44 45,191.29
	Total Expenses	62,628.52	72,964.31	61,905.73	2,82,594.33
V	Profit/(Loss) Before Exceptional Items And Tax(III-IV)	4,034.42	4,407.65	2,202.31	14,599.80
VI	Exceptional Items(Net) (Refer Note No 5)	-	(539.37)	-	(26.92)
**VII **	Profit/(Loss) Before Tax(V+/-VI)	4,034.42	3,868.28	2,202.31	14,572.88
**VIII **	Tax Expense
	(a)Current tax	-	-	-	-
	(b)Taxes for Earlier Years	-	-	-	-
	(c)Deferred tax	-	-	-	-
	Total Tax Expense	-	-	-	-
IX	Profit/(Loss) For The Period(VII-VIII)	4,034.42	3,868.28	2,202.31	14,572.88
X	Other Comprehensive Income/(Loss)
	(a)Items that will not be reclassified to Profit & Loss
	(i)Remeasurementgain /(loss)in respect of the defined benefitplans	(2.07)	15.28	(7.85)	(8.27)
	(ii)Tax on remeasurementgain /(loss)in respect of defined benefitplans	-	-	-	-
	(b)Items that will be reclassified to Profit & Loss	-	-	-	-
	Total Other Comprehensive Income/(Loss) For The Period[(a) +(b)]	(2.07)	15.28	(7.85)	(8.27)
XI	Total Comprehensive Income/(Loss) For The Period(IX+X)	4,032.35	3,883.56	2,194.46	14,564.61
**XII **	Paid-up Equity Share Capital(Face value of Rs. 10/-per Share)	19,280.51	19,273.04	19,146.64	19,273.04
**XIII **	Other Equity asper Balance Sheet				47,167.04
**XIV **	Earnings Per Equity Share of Rs. 10 /- Each (not annualized) (a) Basic (Rs.) (b)Diluted(Rs.)	2.09 2.07	2.02 2.00	1.17 1.16	7.63 7.56

Notes :

• 1 The above standalone results have been reviewed by the Audit Committee and approved by the Board of Directors at its Meeting held on August 12, 2024. The Statutory Auditors have expressed qualified opinion.

• 2 The above results have been prepared in accordance with Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

• 3 The Company is predominantly engaged in the business of manufacture and sale of Indian Made Foreign Liquor (IMFL) and its related products, which constitute a single business segment as per IND-AS 108: Operating Segments. Accordingly, disclosure in accordance with the provisions of Circular issued by the SEBI on July 05, 2016 is not applicable.

• 4 The Company expects to restart the grain distillery plant post incurring of relevant capital expenditure. In view of this, the management believes that there is no impairment in value of its ENA Plant and hence the recoverable amount of the ENA Plant is not required to be estimated.

Income /

5 Exceptional Items in the year ended March 31, 2024 includes :

(Expenses) Rs

in lacs

• a During the quarter ended September 30, 2023, the Company has made a pre-payment of the Restructured debt of Edelweiss Asset Reconstruction 512.45 Company (EARC) acting as trustee of EARC Trust SC 241. Accordingly, the total Restructured debt of Rs. 17,622 lacs as on June 30, 2023 of EARC Trust SC 241 now stands reduced to Rs. Nil. Consequent to the above prepayment, the corresponding Balance debt of EARC Trust SC 241 of Rs. 362.45 lacs has been waived by EARC and has been written back by the Company along with a discount of Rs 150 lacs on the Restructured debt received from EARC at the time of pre-payment. The Company has now completely repaid the Restructured debt of all the three EARC Trusts i.e EARC Trust SC 233, EARC Trust SC 241 and EARC Trust SC 269 as per the Master Restructuring Agreement (MRA) dated February 06, 2020 and stands discharged of all liabilities, dues, demands or claims in respect of the Restructured Facilities.

• b During the quarter and year ended March 31, 2024, the Company has written off loans and advances given to its wholly owned subsidiaries i.e.Prag -539.37 Distilleries (P) Ltd of Rs 10,250.33 lacs and PunjabExpo Breweries Private Limited of Rs 3,936.30 lacs. Consequent to the reversal of earlier year provision for loans and advances to its wholly owned subsidiaries of Rs 9,760.72 lacs of Prag Distilleries (P) Ltd and Punjab Expo Breweries Private Limited of Rs 3,886.54 lacs and including the write off in the current year, net impact of Rs 539.37 lacs has been disclosed under exceptional item in the financial results as an expense for the quarter and year ended March 31, 2024.

Total expenses in exceptional Items (Net) in the year ended March 31, 2024

-26.92

• 6 The Income-Tax authorities ('the department') had conducted search activity during the month of February 2024 at some of the premises, plants and residences of Director of the Company. The Company extended full cooperation to the Income-tax officials during the search and provided required details, clarifications, and documents. As on the date of issuance of these Quarter ended financial results, the Company has not received any written communication from the department regarding the outcome of the search, therefore, the consequent impact on the Quarter ended June 30, 2024 financial results, if any, is not ascertainable.

• The Management, after considering all available records and facts known to it, is of the view that there is no material adverse impact on the financial position of the Company and no material adjustments are required to these financial results for the quarter ended June 30, 2024 in this regard.

• 7 The Revenue from operations for the quarter ended June 30, 2024 is inclusive of MVAT and CST subsidy of Rs.556.39 lacs pursuant to the grant of Mega Project Status under Package Scheme of Incentives, 2007 by the Government of Maharashtra vide its eligibility certificate dated April 11, 2012.

• 8 The figures for the quarter ended March 31 , 2024 are the balancing figures between the audited figures for the year ended March 31 , 2024 and year to date figures upto Decmeber 31 , 2023 which were subject to limited review by the statutory Auditors.

• 9 The previous period figures have been regrouped and reclassified wherever necessary.

Place: Mumbai Date : August 12 , 2024

On behalf of the Board For Tilaknagar Industries Ltd. AMIT Digitally signed by DAHANUKA AMIT DAHANUKAR Date: 2024.08.12 R 17:45:47 +05'30' Amit Dahanukar Chairman & Managing Director DIN: 00305636