Bharat Forge Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2023

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on August 09, 2023.
2. Exceptional items in the standalone and consolidated financial results for the quarter ended June 30, 2022 and March 31, 2023 and year ended March 31, 2023 are towards expenses in relation to Voluntary Retirement Scheme (VRS) declared by the Company for its employees in April 2022, July 2022 and January 2023 and employee separation costs for certain overseas subsidiaries.Exceptional items in the standalone financial results for the quarter ended March 31, 2023 includes INR 2.82 million loss on transfer of investment in Aeron Systems Private Limited and for year ended March 31,2023 INR 39.99 million net surplus on transfer of investment in Analogic Controls India Limited to Kalyani Strategic systems and the resultant reversal of impairment provision. This has no impact on consolidated financial results.
3. On January 13, 2023, the Company declared a Voluntary Retirement Scheme( VRS) for its employees at Mundhwa Plant, which is extended up to August 31, 2023.
4. The figures pertaining to quarter ended March 31, 2023 are the derived figures between the audited amounts for the year ended March 31, 2023 and unaudited amounts published for the nine months ended December 31, 2022.
5. On July 27, 2023, J S Auto Cast Foundry India Private limited ("JS Auto"), step-down subsidiary of the Company has entered into Power Purchase Agreement and Share Purchase Agreement for aquiring 26% stake in Ratnakar Energy Private Limited ("REPL") amounting to INR 13 million for the purchase of solar power under a group captive scheme as per the Electircity Act, 2003 and applicable rules there under.
6. On December 31, 2022, J S Auto Cast Foundry India Private limited ("JS Auto"), step-down subsidiary of the Company, has entered into Business Transfer Agreement with Indo Shell Mould limited ("ISML") for acquiring their SEZ Unit in SIPCOT, Erode which supplies fully machined critical castings to marquee customers in the automotive industry. The closing of the transaction completed on July 1, 2023 at a consideration of INR 550 million.