Walchandnagar Industries Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2022

1. The above financial results have been prepared in accordance with Indian Accounting Standard as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standard) Rules, 2015 and the Companies (Indian Accounting Standard) Amendment Rules, 2016.



2. The above Financial Results have been reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at its meeting held on 13th February , 2023.



3. The company is engaged in segments namely Heavy Engineering, Foundry and Machine shop and Others. These segments have been reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker.



4. Inventory includes work in progress of Rs. 2194.21 Lakhs in respect of orders which have been cancelled / put on hold. The Company is of the opinion that no provision is required to be made , as this stock will be either liquidated or diverted to other projects.



5. The Company has declared ESOP scheme for eligible employee in the F.Y. 2020-21 for which the company received approval from BSE and NSE in the month of June/July

2021. Till March 2022 none of eligible employee excercised their rights under the scheme. During the current financial year, the employee have started excercising such

option. During the quarter, the company has recognized expense of Rs. 79.68 lakh under "Employee Benefit Expenses".



6. The Board of Directors of the Company in its Meeting held on 21st October, 2022 considered and approved the allotment of Shares as per the details given below:

i) Issue of 32,10,000 Equity Shares at Rs. 60 per equity share to Assets Care & Reconstruction Enterprise limited ( acting in its capacity as trustee of ACRE-120 trust), Non-

Promoter, towards conversion/ appropriation of part of its existing debt owed to it by the Company.

ii) Issue of 46,00,000 Equity Shares at Rs. 60 per equity share to Promoters/Promoters Group Entities towards conversion/appropriation of part of the debt owed to them by

the Company.



7. Figures for the previous periods have been regrouped/reclassified where necessary, to confirm to the current period classification.