AIA Engineering Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2022

Notes:

(i) The above audited standalone financial results for the quarter and year ended 31 March 2022 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on 25 May 2022. The statutory auditors have expressed an unmodified opinion.

(ii) The audited standalone financial results are prepared in accordance with the 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) Board of Directors recommends Dividend of Rs. 9/- (450%) per Equity Share of Rs. 2/- each amounting to Rs. 8,488.83 lakhs for the year 2021-22.

(iv) The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

(v) Pursuant to RBI circular RBI/2021-22/180 dated March 8, 2022, Government of India has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit (‘Scheme’). The extension takes effect from October 1, 2021 and ends on March 31, 2024. Accordingly, finance cost for the quarter ended March 31, 2022 includes a credit of Rs. 129.40 lakhs, out of which Rs. 109.22 lakhs pertains to the period October 1, 2021 to December 31, 2021 as a result of this retrospective extension.

(vi) The Company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of these standalone financial results including the recoverability of carrying amounts of financial and non- financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company has, at the date of approval of these standalone financial results, used internal and external sources of information and expects that the carrying amount of these assets will be recovered. Having reviewed the underlying information, management believes the impact of the pandemic may not be significant. The actual outcome of these assumptions and estimates may vary in future due to the impact of the pandemic.

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

(viii) Figures of the quarter ended 31 March 2022 and 31 March 2021 are the balancing figures between audited figures in respect of the full financial year and year to date figures up to the third quarter of the relevant financial year. Also the figures up to the end of third quarter had only been reviewed and not subject to audit.

(ix) Refer Annexure-I for standalone statement of assets and liabilities.

(x) Refer Annexure-II for standalone statement of cash flows.

(xi) Figures for the previous period have been regrouped, reclassified and restated wherever necessary to make them comparable with the current period's figures.