AIA Engineering Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2024

Notes:

(i) The above unaudited standalone financial results for the quarter ended 30 June 2024 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on 12 August 2024. These unaudited standalone financial results have been subjected to Limited review by the statutory auditors of the Company. The statutory auditors have expressed an unmodified conclusion.

(ii) The unaudited standalone financial results are prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended.

(iii) The Company has only one reportable primary business segment as per IND AS 108 - "Operating Segments", i.e., Manufacturing of High Chrome Mill Internals.

(iv) Subsequent to the end of the quarter, Vega Industries (Middle East) FZC, UAE, (“VEGA ME”), a wholly owned subsidiary of the Company, has incorporated a wholly owned Step-down Subsidiary Vega Middle East (DFTZ) FZE (“VEGA ME DFTZ”) in UAE on 2 July, 2024 for a total consideration of AED 25,000. Vega ME DFTZ is a newly incorporated company in UAE which shall be engaged in trading of goods manufactured by the Company.

(v) During the quarter ended 30 June 2024, the Company and Vega Industries Limited - U.S.A.(“VEGA USA”) have received a notice from the United States International Trade Commission, seeking some information from the Company and VEGA USA, in relation to the investigations around alleged dumping and subsidizing of certain grinding media from India based on complaint filed by Magotteux Inc. The Company and VEGA USA are in the process of taking the required steps for defending the matter in due course.

(vi) On 7 August 2024, the Board of Directors of the Company have approved a proposal for buyback of a up to 10,00,000 fully paid-up Equity Shares of face value of Rs. 2/- each, representing 1.06% of the total number of equity shares of the Company, at a price of up to Rs. 5,000 per share for an aggregate consideration not exceeding Rs. 500 crores (excluding transaction cost and any expenses incurred or to be incurred for the Buyback) representing 7.92% and 7.51% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone financial statements and audited consolidated financial statements of the Company for the year ended on 31 March 2024, respectively.

The Company is in the process of taking subsequent steps as per the applicable regulatory requirements and accordingly the financial results for the quarter ended 30 June 2024 do not contain any impact of the above.

(vii) Figures of the quarter ended 31 March 2024 as reported in these unaudited standalone financial results are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the previous financial year. Also, the figures up to the end of third quarter of the previous financial year had only been reviewed and not subjected to audit.