Voltas Ltd. — Interim / Quarterly Report 2021

Aug 6, 2021

6th August, 2021

BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001

National Stock Exchange of India Limited Listing Department Exchange Plaza Bandra-Kurla Complex Bandra (East), Mumbai 400 051

Dear Sir.

Sub: Unaudited financial results for the quarter ended $30th$ June, $2021$ – Publication thereof.

We take reference to our letter dated 26th July, 2021 on the above subject and wish to inform that at the Board Meeting held today, the Board considered the Unaudited Financial Results of the Company (Stand-alone as well as Consolidated), including Segment Reporting for the quarter ended 30th June, 2021 and approved the same. Pursuant to Regulation 33 of the Listing Regulations, the Unaudited Financial Results (Stand-alone and Consolidated) including Press Release on Consolidated Financial Results are sent herewith, for your information and records. The Meeting of the Board of Directors commenced at 9.30 a.m. and concluded at 11.50 a.m.

1. The Statutory Auditors have conducted 'Limited Review' of the Financial Results (Stand-alone and Consolidated) and their reports are enclosed.

2. The Unaudited Financial Results (Stand-alone and Consolidated) would be uploaded on Company's website www.voltas.com.

Thanking you,

Yours faithfully. VOLTAS LIMITED

llestra

V. P. Malhotra Vice President - Taxation, Legal & Company Secretary

Encl.

VOLTAS LIMITED

Corporate Management Office Registered Office Voltas House 'A' Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033 India Tel 91 22 66656251 66656258 Fax 91 22 66656311 e-mail vpmalhotra@voltas.com website www.voltas.com Corporate Identity Number L29308MH1954PLC009371

A TATA Enterprise

Key Highlights of Voltas' Consolidated Financial Results

	Q1Q1FY 2021-22FY 2020-21
	Rs. Crores	Rs. Crores
Total Income	1860	1364
Profit before tax	168	108
Profit after tax	122	82

6th August, 2021 Mumbai: The Board of Directors of Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, today announced the Consolidated Financial Results (including the Consolidated Segment Report) for the quarter ended 30th June, 2021.

The Group's operations and financial results for the quarter ended 30th June, 2021 have been impacted due to outbreak of second wave of COVID-19 pandemic during the peak season because of lockdowns and restricted operational hours even after easing of state-wide lockdowns. Nevertheless, the business activities were resumed gradually following the relaxations and directives issued by various State Governments as well as Local Authorities in India and other countries where the Group has business operations, albeit with constraints of workforce and free accessibility to the project sites.

The Group has considered the possible impact of COVID-19 pandemic on its operations, liquidity position and recoverability of its asset balances as at 30th June, 2021 based on the internal and external information up to the date of approval of these financial results. The impact of COVID-19 may be different from that estimated as at the date of approval of these financial results and management will continue to monitor any material changes arising due to the impact of this pandemic on financial and operational performance of the Group and take necessary measures to address the situation.

Consolidated Results for the quarter ended 30th June, 2021:

The Consolidated Total Income for the quarter ended 30th June, 2021 was higher by 36% at Rs. 1860 crores as compared to Rs. 1364 crores in the corresponding quarter last year. Profit before tax (PBT) was higher by 56%, at Rs. 168 crores as compared to Rs. 108 crores in the corresponding quarter last year. Net Profit (after tax) has increased by 49%, at Rs. 122 crores as compared to Rs. 82 crores in the corresponding quarter last year. Earnings per Share (Face Value per share of Re. 1) (not annualized) as at June 30, 2021 was Rs. 3.68 compared to Rs. 2.45 last year.

Consolidated Segment Results for the quarter ended 30th June, 2021:

Unitary Cooling Products for Comfort and Commercial use: Given the smaller window available during the quarter, upon easing of the lockdowns, the Unitary Cooling Products business made good recovery and achieved overall volume growth of 10%. Voltas continues to be the market leader and is at No.1 position in ACs with exit market share of 26.7% as of June 2021. On back of the volume growth, Gross Segment Revenue increased by 19% and was at Rs. 963 crores as compared to Rs. 811 crores in the corresponding quarter last year. Segment Result was at Rs. 118 crores as compared to Rs. 114 crores in the corresponding quarter last year, given the customer centric sales promotional expenses incurred during the current quarter.

Electro-Mechanical Projects and Services: The Segment has reported higher revenue of Rs. 688 crores as compared to Rs. 412 crores in the corresponding quarter last year, an increase of 67%. Segment profit was Rs. 31 crores as compared to loss of Rs. 44 crores last year, a positive swing of Rs 75 crores. Improvement in Revenue and Result was due to good progress made on execution of certain on-going projects.

Engineering Products and Services: Segment Revenue and Result for the quarter almost doubled and was higher at Rs. 115 crores and Rs. 38 crores as compared to Rs. 48 crores and Rs. 20 crores, respectively in the corresponding quarter last year.

Issued by:

Ms. Vaishali Desai Ms. Richa Seth (Mobile: 9930143531) Head - Corporate Communications Account Director Voltas Limited Adfactors PR Vaishalidesai@voltas.com Richa.seth@adfactorspr.com

29 Senapati Bapat Marg Tel: +91 2263193000

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 Voltas Limited

• 1. We have reviewed the accompanyIng Statement of Unaudited Consolidated Financial Results of Voltas Limited (the "Holding Company") and its subsidiaries (the Holding Company and its sUbsidiaries together referred to as "the Group"), its associates and joint ventures 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 th'e Holding Company's Management and approved by the Holdln'g Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd 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 Inst,itute 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/CMDl/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.

Nature of relatronsnip' " -', Name--of',e'ntlt'
	Universal MEP Projects & Engineering Services Limited (formerly'
	known as Rohini Industrial Electricals Limited)
	Auto Alrcon (India) Limited
	Voltas Netherlands B.V.
Subsidiaries	Weathermaker LImIted
	Saudi Ensas Company for Enqineering Services WLL
	Voltas Qatar WLL
	Lalbuksh Voltas Enaineering Services and Trading LLC
	Voltas Oman LLC
	Voltbek Home Appliances Private LImited
	Voltas Water SolutIons Private Limited
Joint Ventures	Universal Voltas LLC
	Olavan Voltas Contractino Companv LLC

1. The Statement includes the results of the following entities'

-'; " " C & co l-CP, a Um,''''' UobHal' P.""",,,;; with llP Ideotlly No. ME-" 18 R.gd_ Ollie< : 22. C"macSt,,;,, mOe, '8' ,rtl Floor. Kol"la'700 OH;

Voltas Limited Page 2 of 2

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Associates	Naba Diganta Water Management Limited
	Terrot Gmbh

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 s-tatement, 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 B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

per Dolphy D'Souza Partner Membership No.: 038730 UDIN: 21038730AAAABF7560 Place: Mumbai Date: August 06, 2021

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Registered Office : Voltas House 'A', Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai 400 033.CIN : L29308MH1954PLC009371 Tel: 91-22-66656 666 Fax: 91-22-66656 231Website : www.voltas.com

Statement of Unaudited Consolidated Financial Results for the quarter ended 30th June, 2021

					(₹ in crores)
Sr.No.		Quarter ended30.06.2021(Unaudited)	Quarter ended31.03.2021(Audited)(Refer note 6)	Quarter ended30.06.2020(Unaudited)	Year ended31.03.2021(Audited)
1.	Income
	Income from Operationsa.	1766.59	2,627.84	1270.76	7456.55
	b.Other operating income	18.61	23.82	26.18	99.23
	Revenue from operations $(a + b)$C.	1785.20	2651.66	1296.94	7555.78
	d.Other income	74.97	31.58	67.40	188.86
	Total income $(c + d)$е.	1860.17	2683.24	1364.34	7744.64
$\overline{2}$	ExpensesConsumption of materials, cost of jobs and servicesa.b.Purchase of stock-in-tradeChanges in inventories of finished goods, stock-in-trade and work-in-c.	879.38363.3344.94	1,336.66593.9042.95	389,56373.47145.20	3436.901862.26279.30
	progressd.Employee benefits expensesFinance costse.f.Depreciation and amortisation expenses	147.443.508.61	146.3110.428.87	157.416.728.22	601.6826.1533.89
	Other expensesg.	214.33	201.11	164.55	734.28
	Total expenses $[2(a)$ to $2(g)]$	1661.53	2340.22	1245.13	6974.46
3.	Profit before share of profit / (loss) of joint ventures and associates and$tax(1 - 2)$	198.64	343.02	119.21	770.18
4.	Share of profit / (loss) of joint ventures and associates	(30.57)	(22.17)	(11.68)	(60.97)
5.	Profit before tax $(3 + 4)$	168.07	320.85	107.53	709.21
6.	Tax expenseCurrent Taxa.b.Deferred TaxTotal tax expenses	50.54(4.91)45.63	85.60(3.47)82.13	28.61(2.85)25.76	192.13(11.71)180.42
7.	Net profit for the period (5 - 6)	122.44	238.72	81.77	528.79
8.	Other comprehensive income(A) (i) Items that are not to be reclassified to profit and loss(ii) Income tax on items that are not to be reclassified to profit and loss(B) (i) Items that will be reclassified to profit and lossOther comprehensive income (Net of tax) $(A + B)$	(22.17)3.682.46(16.03)	189.20(17.75)0.35171.80	36.10(0.46)0.3235.96	347.58(21.68)(4.65)321.25
9.	Total comprehensive income for the period $(7 + 8)$	106.41	410.52	117.73	850.04
.10.	Net Profit for the period attributable to:- Owners of the Company- Non controlling interest	121.800.64	237.730.99	81.150.62	525.143.65
11.	Other comprehensive income for the period attributable to:- Owners of the Company- Non controlling interest	(16.43)0.40	171.260.54	35.900.06	321.86(0.61)
.12.	Total comprehensive income for the period attributable to:- Owners of the Company- Non controlling interest	105.371.04	408.991.53	117.050.68	847.003.04
13.	Paid-up equity share capital(Face value ₹1/- each)	33.08	33.08	33.08	33.08
14.	Other equity				4960.27
15.	Basic and Diluted Earnings per share (₹) (* not annualised)	"3.68"	$*7.18$	$*2.45$	15.87

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Consolidated Segmentwise Revenue, Results, Assets and Liabilities

				(₹in crores)
	Quarterended30.06.2021(Unaudited)	Quarterended31.03.2021(Audited)(Refer note5 & 6)	Quarterended30.06.2020(Unaudited)(Refer note 5)	Yearended31.03.2021(Audited) (Refer)note 5)
1.Segment Revenue
a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )	963.11	1654.69	811.32	4218.46
b) Segment - B (Electro - Mechanical Projects and Services)	688.42	875.47	411.83	2878.60
c) Segment - C (Engineering Products and Services)	115.06	97.68	47.61	359.49
Income from Operations	1766.59	2627.84	1270.76	7456.55
2. Segment Results
a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )	118.03	260.99	113.95	583.70
b) Segment - B (Electro - Mechanical Projects and Services)	30.58	56.58	(43.67)	27.01
c) Segment - C (Engineering Products and Services)	37.88	33.80	19.67	114.31
Total	186.49	351.37	89.95	725.02
Less : i. Finance cost	3.50	10.42	6.72	26.15
ii. Other unallocable expenditure net of unallocable income	14.92	20.10	(24.30)	(10.34)
Profit before tax	168.07	320.85	107.53	709.21
Segment Assets3.a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )	1881.19	2155.02	2125.55	2155.02
b) Segment - B (Electro - Mechanical Projects and Services)	2653.97	2540.36	2481.53	2540.36
c) Segment - C (Engineering Products and Services)	127.61	127.12	114.48	127.12
d) Unallocated	3671.95	3832.98	3061.91	3832.98
Total Segment Assets	8334.72	8655.48	7783.47	8655.48
Segment Liabilities4.a) Segment - A (Unitary Cooling Products for Comfort and Commercial use)	1046.86	1362.93	1163.50	1362.93
b) Segment - B (Electro - Mechanical Projects and Services)	1482.11	1662.58	1559.46	1662.58
c) Segment - C (Engineering Products and Services)	80.64	82.30	46.10	82.30
d) Unallocated	588.86	518.22	580.80	518.22
Total Segment Liabilities	3198.47	3626.03	3349.86	3626.03

Note:

Segment 'A' is seasonal in nature with sales generally being highest in the first quarter.

Statement of Unaudited Consolidated Financial Results for the quarter ended 30th June, 2021

í

	$(5$ in crores)
Notes:1)	These results have been reviewed by the Board Audit Committee at its Meeting held on 5th August, 2021 and approved by the Board of Directors at itsMeeting held on 6th August, 2021.
2)	The Group has considered the possible impact of COVID-19 pandemic on its operations, liquidity position and recoverability of its asset balances at 30thJune, 2021 based on the internal and external information upto the date of approval of these financial results. The impact of COVID-19 may be differentfrom that estimated as at the date of approval of these financial results and management will continue to monitor any material changes arising due tothe impact of this pandemic on financial and operational performance of the Group and take necessary measures to address the situation.
3)	The Code on Social Security, 2020 ('Code') has been notified in the Official Gazette in September 2020 which could impact the contribution by theGroup towards certain employment benefits. The effective date from which the changes and rules would become applicable is yet to be notified. Impactof the changes will be assessed and accounted in the relevant period of notification of relevant provisions.
4)	The Board of Directors of Voltas Limited ('Parent Company') at its meeting held on 12th February, 2021, have approved the transfer of domestic B2Bbusinesses of the Parent Company relating to Projects business comprising Mechanical Electrical and Plumbing (MEP)/ Heating, Ventilation and Air-Conditioning (HVAC) and Water projects. Mining and Construction Equipment (M&CE) business and Textile Machinery Division (TMD) business to itswholly owned subsidiary viz. Universal MEP Projects & Engineering Services Limited ('UMPESL') (formerly Rohini Industrial Electricals Limited) byslump sale through a Business Transfer Agreement ('BTA'). The Parent Company has executed the BTA on 24th March 2021 and the transaction isexpected to be consummated by end of September 2021 or such other date as may be mutually agreed between the Parent Company and UMPESL.
5)	Effective 1st April, 2021, the Group has re-organised Commercial Air-conditioner (CAC) and Customer care business from Segment - B (Electro -Mechanical Projects and Services ) to Segment - A ( Unitary Cooling Products for Comfort and Commercial use ) to align with business objectives andaccordingly, segment information for comparative periods have been restated in the above financial results.
6)	Figures of the quarter ended 31st March, 2021 are the balancing figures between audited figures in respect of the full financial year and the year to datefigures upto the third quarter of the relevant financial year which were subjected to limited review by Auditors.
7)	The Statutory Auditors of the Company have conducted a "Limited Review" of the aforesaid financial results.
	For and on behalf of the Board of Directors
	Pradeep BakshiManaging Director & CEO
	Mumbai, 6th August, 2021

12th Floor. The Ruby 29 Senapall B,apal Marg Dadar (West) Mumbai - 400 026. India Te!- +91 22 6$" 'J (lO(!()

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 Voltas limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Voltas 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").
• 1. 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, ([nd 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 generaJly 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.
• 1. Based on our review conducted as 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 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 B C & CO LLP Chartered Accountants ICAI firm registration number: 324982E/E300003

per Dolphy D'Souza Partner Membership No.: 038730 UDIN: 21038730AAAABE5618 Place; Mumbai Date: August 06, 2021

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Registered Office : Voltas House 'A', Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbal 400 033. CIN: L29308MH1954PLC009371 Tel: 91-22-66656 666 Fax: 91-22-66656 231

Website : www.voltas.com e-mail : shareservices@voltas.com

Statement of Unaudited Standalone Financial Results for the quarter ended 30th June, 2021

						(₹ in crores)
Sr.No.			Quarter ended30.06.2021(Unaudited)	Quarter ended31.03.2021(Audited)(Refer note 7)	Quarter ended30.06.2020(Unaudited)	Year ended31.03.2021(Audited)
1.		Income
	a.	Income from Operations	1437.00	2204.02	1160.71	6251.65
	b.	Other operating income	24.81	29.92	34.29	126.32
	C.	Revenue from operations $(a + b)$	1461.81	2233.94	1195.00	6377.97
	d.	Other income	48.45	33.06	70.37	219.96
	e.	Total income $(c + d)$	1510.26	2267.00	1265.37	6597.93
2.		Expenses
	a.	Consumption of materials, cost of jobs and services	664.35	1044.86	345.05	2617.72
	b.	Purchase of stock-in-trade	363.33	593.90	373.47	1862.26
	c.	Changes in inventories of finished goods, stock-in-trade and work-in-progress	44.94	42.95	144.98	279.25
	d.	Employee benefits expenses	112.42	112.62	123.56	465.44
	е.	Finance costs	1.38	8.53	4.63	19.10
	f.	Depreciation and amortisation expenses	7.46	7.46	7.30	29.83
	g.	Other expenses	141.23	168.32	127.33	590.91
		Total expenses $[2(a)$ to $2(g)]$	1335.11	1978.64	1126.32	5864.51
3.		Profit before tax $(1 + 2)$	175.15	288.36	139.05	733.42
4.		Tax expense
	a.	Current Tax	41.09	77.56	29.90	176.48
	b.	Deferred Tax	(1.27)	(3.79)	(4.69)	(13.36)
		Total tax expenses	39.82	73.77	25.21	163.12
5		Net profit for the period $(3 - 4)$	135.33	214.59	113.84	570.30
6.		Other comprehensive income
		(i) Items that are not to be reclassified to profit and loss	(22.19)	191.26	36.09	350.05
		(ii) Income tax on items that are not to be reclassified to profit and loss	3.68	(17.69)	(0.46)	(21.62)
		Other comprehensive income (Net of tax) $(i + ii)$	(18.51)	173.57	35.63	328.43
7.		Total comprehensive income for the period $(5 + 6)$	116.82	388.16	149.47	898.73
8.		Paid-up equity share capital(Face value ₹1/- each)	33.08	33.08	33.08	33.08
9.		Other equity				4951.62
10.		Basic and Diluted Earnings per share (₹) (*not annualised)	$*4.09$	$*6.49$	$*3.44$	17.24

j.

Standalone Segmentwise Revenue, Results, Assets and Liabilities

				(そin crores)
	Quarterended30.06.2021(Unaudited)	Quarterended31.03.2021(Audited)(Refer note 68, 7)	Quarterended30.06.2020(Unaudited)(Refer note 6)	Yearended31.03.2021(Audited)(Refer note 6)
1. Segment Revenue	963.11	1654.69	811.32
a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )				4218.46
b) Segment - B (Electro - Mechanical Projects and Services)	358.83	451.65	301.78	1673.70
c) Segment - C (Engineering Products and Services)	115.06	97.68	47.61	359.49
Income from Operations	1437.00	2204.02	1160.71	6251.65
2. Segment Results
a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )	118.03	260.99	113.95	583.70
b) Segment - B (Electro - Mechanical Projects and Services)	3.17	(1.98)	(30.30)	(49.01)
c) Segment - C (Engineering Products and Services)	37.88	33.80	19.67	114.31
Total	159.08	292.81	103.32	649.00
Less : i. Finance cost	1.38	8.53	4.63	19.10
ii. Other unallocable expenditure net of unallocable income	(17.45)	(4.08)	(40.36)	(103.52)
Profit before tax	175.15	288.36	139.05	733.42
Segment Assets3.a ) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )	1881.19	2155.02	2125.55	2155.02
b) Segment - B (Electro - Mechanical Projects and Services)	1591.14	1607.46	1831.15	1607.46
c) Segment - C (Engineering Products and Services)	127.61	127.12	114.48	127.12
d) Unallocated	4034.66	4087.20	3252.65	4087.20
Total Segment Assets	7634.60	7976.80	7323.83	7976.80
Segment Liabilities4.a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use )	1046.86	1362.93	1163.50	1362.93
b) Segment - B (Electro - Mechanical Projects and Services)	1053.51	1191.84	1300.10	1191.84
c) Segment - C (Engineering Products and Services)	80.64	82.30	46.10	82.30
d) Unallocated	352.07	355.03	446.33	355.03
Total Segment Liabilities	2533.08	2992.10	2956.03	2992.10

Note:

S

Segment 'A' is seasonal in nature with sales generally being highest in the first quarter.

Statement of Unaudited Standalone Financial Results for the quarter ended 30th June, 2021

In crores

	NOTES:

• NOTES :- 1) These resuHs have been reviewed by the Board Audit Committee at its Meeting held on 5th August, 2021 and approved by the Board of Directoo; at its Meeting held on 6th August, 2021.
• 1. The Company has coosidered the po$$ible impact of COVlD-19 pandemic on its operations, liquidity position and r8C0varability of its asset balances at 30th June, 2021 based on the internal and external infom1ation lIPiO the date of approval of these financial results. The impact of COVlD-19 may be differeot from that estimated as at the dala of approval of these financial resu~s and managelTlE!f1t will continue to manito!" any material changes arising due to the impact of this pandemic on financial and opertItionaI performance of the Company lind take necessary meesulea to address the situSI",",
• 1. Pursuant to the Scheme of Merger (1he Scheme'). as approved by the National Company Law Tribunal, Mumbai, on 11th September, 2020, Universal Comfort Products lim~ed. a wholly owned subsidiary company, has bean merged with the Company effective the appointed dete of 1st April, 2019. ConseQuently, effect 01 the Merger have been considered in the above finaocial results in accordance with Ind AS 103 - 'Business Combinations' and financial results tor quarter ended 30th June, 2020 presented have been restated
• 1. The Code on Social Security, 2020 rCode') has been notified in the Official Gazette in September 2020 which could impact the contribution by the Company towards certain employment benefits, The effective date from which the changes aod rules would become 8ppicable is yet to be notified. Impact of the changes will be assessed and accounled in the relevant period of notification of relevant provisions,
• 1. The Board of Directors of the Company at its meeting held on 12th Febn.Jary, 2021 , have approved the transfer of domestic B2B businesses of the Company relating to projects business comprising Mechanical Electrical and Plumbing (MEP)! Heating, Ventilation and Air-Cond~ioning (HVAC) and Water projects, Mining aod Construction Equipmet'1t (M&CEJ business and Textile Machinery Division (TMD) business to its wholly owned S<.Ibsidiary viz. Universal MEP Projects & Engineering Services Limited rUMPESL') (fQrmer1y Rahilli Industrial Electricals Umited) by slump sale through a Business Transfer Agreement ('BTA' ). The Company has elleo.rted the BTA on 24th March 2021 and the transaction is expected to be consummated by end of September 2021 or such other date as may be mutually agreed betwgen the Company and UMPESL
• 1. Effective 1st April, 2021, !he Company has (9-<lrganised Commercial Air-COn<mioner (CAC) and Customer care bus<ness from Segment B ( Eiedro-Mechanical projects aod Servicas I to Segment - A ( Unitary Cooling Products for Comfort and Commercial use ) to align with business objectives and accordingly, segment information for comparative periods have been restated in the above financial results
• 1. Figures olthe quarter ended 31st March, 2021 are the balancing ligures between audited figures in respect of the full financial year and the year to date figures upto the third ql.l8rter of the relevant financial year which were S<.Ibjected to limited review by Aud~()($.
• 1. The Statutory Audit()($ of the Company have conducted a "limited Review" of the aforesaid financial results.

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Mumbai 6th ust 2021