Excel Industries Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2023

1. The standalone unaudited financial results for the quarter ended June 30, 2023 were reviewed by the Audit Committee and approved by the Board of Directors of Excel Industries Limited ('the Company') at their meetings held on August 11, 2023. These financial results have been subjected to limited review by the statutory auditors of the Company.

2. The figures for the quarter ended March 31, 2023 were arrived at as difference between audited figures in respect of the full financial year ended March 31, 2023 and unaudited figurs upto nine months ended December 31, 2022. Figures for nine month ended December 31, 2022, were subjected to limited review by the statutory auditors.

3. The Company and M/s Reliable Infra were jointly awarded a project by Rajkot Municipal Corporation to design, build, own, operate and maintain the Construction & Demolition (C&D) waste management system in Rajkot for a period of 20 years. Pursuant to this, during the quarter ended June 30, 2023, the Company has incorporated a subsidiary, Excel Rajkot C&D Waste Recycling Private Limited as a special purpose vehicle for execution of this project.

4. The Company had given closure notice of Municipal Solid Waste (MSW) processing plant to Ahmedabad Municipal Corporation effective from October 1, 2023. Accordingly, the Company had recognized impairment loss of Rs. 65.23 lakhs on property, plant and equipment and inventory write off of Rs. 60.57 lakhs pertaining to its Environment and Biotech segment for the quarter and year ended March 31, 2023.