United Drilling Tools Ltd. — Interim / Quarterly Report 2022

Jul 29, 2021

R.S.Dani & Co.

Chartered Accountants Kothari Complex, Near GPO, Bhilwara (Raj) 311001 Mobile No. 09351358292 Email - rsdcbhl@gmail.com

INDEPENDENT AUDITORT'S LIMITED REVIEW REPORT ON THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2021

The Board of Directors United Drilling Tools Limited

• 1. We have reviewed the unaudited consolidated financial results of United Drilling Tools Limited (the "Parent"), its subsidiaries (the parent and its subsidiaries hereinafter referred to as the "Group"), (refer Note 7 on the Statement) for the quarter ended June 30, 2021 which are included in the accompanying Statement of unaudited consolidated financial results for the quarter ended June 30, 2021 (the "Statement"). The Statement is being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations"), as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and has been approved by the Parent's Board of Directots, 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.
• 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, primary 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.
• 1. 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: (a) United Drilling Tools Ltd. (Parent) (b) P Mittal Manufacturing Private Limited (wholly owned subsidiary). 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 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.

R.S.Dani & Co. Chartered Accountants Kothari Complex, Near GPO, Bhilwara (Raj) 311001 Mobile No. 09351358292 Email - rsdcbhl@gmail.com

The consolidated unaudited financial results includes the interim financial information of one 5. subsidiary which have not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. 57.66 lacs, total net profit after tax of Rs. 13.33 lacs and total comprehensive income of Rs. Nil for the quarter ended June 30, 2021, as considered in the consolidated unaudited financial results. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter.

For R S Dani & Co. Chartered Accountants (FRN 000243C)

(ASHOK MANGAL) Partner (M.No.071714)

Place : Noida Dated: 24th July, 2021