AIA Engineering Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2024

Notes:

(i) The above audited standalone financial results for the quarter and year ended 31 March 2024 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on 14 May 2024. The statutory auditors have expressed an unmodified opinion.

(ii) The audited 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) Board of Directors recommends Dividend of Rs. 16/- (800%) per Equity Share of Rs. 2/- each amounting to Rs. 15,091.26 lakhs for the financial year 2023-24.

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

(v) During the year ended 31 March 2024, the Company along with its subsidiary, Vega Industries (Middle East) FZC, UAE, (“VEGA ME”) has acquired 100% shares of Vega Industries Peru Limited (“Vega Peru”) on 01 August 2023 (in the ratio of 1% by the Company and 99% by VEGA ME) for a total consideration of USD 1,000. Vega Peru is a newly incorporated company in Peru which shall be engaged in trading of goods manufactured by the Company. The Company along with VEGA ME has further invested USD 99,000 (in the ratio of 1% by the Company and 99% by VEGA ME) in Vega Peru on 15 November 2023.

(vi) During the year ended 31 March 2024, the Company has made an Initial Public Announcement on 13 December 2023, intending to acquire all the equity shares of its Subsidiary Company i.e. Welcast Steels Limited (“WSL”) that are held by public shareholders and consequently voluntarily delist the equity shares of WSL from BSE Limited. The aforesaid voluntary delisting of equity shares has been approved by the Board of Directors of WSL on 18 December 2023 and by the shareholders of WSL on 20 January 2024. The in principal approval has been received from BSE Limited on 26 April, 2024 and Bidding Window was opend from 7 May, 2024 to 13 May, 2024. As the Post Delisting Offer Shareholding of the Company has not exceeded 90% of the total issued equity shares of WSL, the Delisting Offer is deemed to be unseccessful in terms of Regulation 21 of the SEBI Delisting Regulations.

(vii) Subsequent to 31 March 2024, the Company and Vega Industries Ltd., USA ("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.

(viii) Figures of the quarter ended 31 March 2024 and 31 March 2023 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 audited Standalone Statement of Assets and Liabilities.

(x) Refer Annexure-II for audited Standalone Statement of Cash Flows.