Regi$tered Office:

"Maithri"
132, Cathedral Road,
Chennai 600 086.
India.

Tel: 91 442811 2472

Fax: 91 442811 2449
URL : www.rane.co.in

CIN: l35999TN1936PlC002202

Rane Holdings Limited

RHL12015-16

February 09,2016

I BSE Limited (BSE)

Listing Department

National Stock Exchange of India Limited

(NSE)

Exchange Plaza, 5th Floor, Plot NO.CI1, 'G'

Block,

Bandra Kurla Complex, Bandra (E),

Mumbai - 400 051.

Code: RANEHOLDIN

Corporate Relationship Department,

1st Floor, New Trading Ring, PJ
Towers,
Dalal Street, Mumbai 400 001

Code No. 505800

Dear Sirs,

Sub: Decisions taken at the board meeting held today viz. February 09, 2016
Ref: Our letter dated December 10, 2015 intimating the board meeting date for
considering standalone and consolidated unaudited financial results for the
quarter and nine months ended December 31, 2015
The Board of Directors have approved the standalone and consolidated un-audited financial
results of the Company, for the quarter and nine months ended December 31, 2015, as
reviewed by the audit committee at their respective meeting(s) held today.
The standalone and consolidated un-audited financial results of the Company for the quarter
and nine months ended December 31, 2015 is enclosed herewith along with the Limited
Review Report issued by Mis. Deloitte Haskins and Sells, Chartered Accountants, Statutory
Auditors (Regulation 33).
The extract of the consolidated un-audited financial results will be published in newspapers,
i.e., 'Business Standard' and 'Dlnamani' in the format prescribed (Regulation 47). A
press release for the above results is also enclosed (Regulation 30).
We request you to take the above on record and note the compliance under above referred
regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Kindly acknowledge receipt.

---<;)

I'NfjU~",ancial results

of the Company for the quarter and nine

"

RAHE HOIJ)ItjGS UMm:o

c-.u.....".~~

W
-:C-J,'J:i@

...... 0 - ; lIotmtlr.... QI,~" "-',ca....t~IIlI_

....... C ............

Statament or S'lalldalonel Consollchqd UnllUdlc.cs FlII'I.nelal Result. for the 0IAitw and Nine monltls ended Docember 31 20'S

?art I

.Ii""_

P._...

a.._endocI
31.12..2011

1~ &nE-0lM frnm ()pt.~tion.

(01 NetSOlQ / ln",,,,,,,,,m _ftS(NololadooGv1y)

fbI DOOdond In.....
le) OInorOpo/Olinolo""...
TOIOII.._ "...... _ _.lnoIl
Z.~M"

'
~ .so
1,10$.99
1.217-"

~
oI.~.

('l Cost"'m_oon...

IO.ouo,l

u....._

.
1,2&358
',273.49

2.U1.tn

(d) Em _ _.. hpon.

288.04
21.7:1

11l) ln~S_ uP.......

. 920
1<3,29
Zl4,6(
741.!O

{hI Oth<r.,..,n"",
ToblIEz".n...

:.:'!:!.(~~~::~OtMrhllrno.

e, Olhltlooom.

_
1,>40.116
3,654.08

_
889Jl5
3.-'93
4,01....

',tK1<

8NO!-""* ((\..osII1"")1~poii!d(I.!".)

' , '..

14.SIw1!bl P_ / ( l o 3 S ) o I _

2,......

-483.5'
2,1t15A4

'7. ;:=~~~:'!.",)

_'ng_

~n.38

'.838,29

2.28'~

3,10.23

-.-.S1}

24.511

7087

108.06

'31.79

43...3

77.5lJ
173115
,

0.25
_.l19

151 !Sol
3.50
2755
12 ,
2388.00
.

3.268.40

lI!US

1,737.15
!lM.53

~~

'.-In

331.83

. 1.a2.~

:I:l8.8:l

.2.19!-~

3.52

2,388.DO

-.,e
,,837.84

3,26''''0
878.13
2,S92..27

,1.!l37M

~ _. ~

, ,otQ2.n

i31.n

2.197 55

1.937.8'

1,Q7711

!,.n.Ta

1,427.78

1.421,78

1,427.18

t:...,.~iltm.(nol.""..IMdlI:"".IJIIt
~

.. R>.l

Ilomotncto-n_d)\AtNUdOtR&)

~~~~

/c~~r:
~. . ~

Ig,

(U.Z1)
'214A3
2.76$.>3
87135
1l!4,21
10,B04.20

C2~7.98)
-484.~6

1,26. 77

.',2695~
1 ~

_
)

t.4U.71I
26,878.42

1.421.78

....

ondo~

>.n..

31 .1 U015
~

49,114A~
'
1!OO,01
...."0.

1.09.-.15
.
2,295.96
1.71,111.71

29,31''''''
lS5.3li

(1,547.27)
7 ,t1OQ..2a
2.004.)0
621.88
'47.41
9.28&.D'

. .-

1,51.11197Q

2.~1

2.17.91 977
3.1.B.00

1,$.........

Ut.OUJ17

97.891112
'.'70.93

18.750. n

'.22. 55 2'

1,oIIl3.Dl

1,9<111.63

(2,OIlUll

(1 ,755.67)

2.,405....
'190 10
1,047.118
4BS.0fI
51,l1li2.87

2O.W.72

(1 .33US)
30.7,. SO
10,se....
1.914.1'

6.865.2'

' .~Q.50

431.33
2.997.90

1,..,"O.n

7n .'.

'2.072.0'
""".51.041

q,RU7

" .,.... ...

2,141.7 1

2.1 45.&4

1.1/10.72

. 455.112

_ ,19

572.58

l ,fBI ,iII

1,8!11.62

2;1.' 63

3,_JIO

2.1tIlAO

t19712

10.107.2'

13 .77US

1,121>.1.
2:1<13.11

1.104 21

3$1.07
OSlO.c:;
'

3,211 ,35
6 .ai... .

9.'6028

1,<3099
7.tl8104
2.S12.27

5.-.n

(11"'1)
6,ns.n
1,7&5,05
4,991 .73

4,17382
lS.>3111O
' ,71 223
g.ti2l.Bl

5,;14O('~~l

.~~
.

6;t!1!3
" .79
179.98
, ,00 B.OO
1.421.70

1.B14.18
(4'.89)

1,561.30
28:3.52

1~7e

'~.:r~
....,

tt.s>a ,62

4.~11.97

9.~}~
.

(2OVOJ
1,'02.99

!1.11am

',362.~

';l74.31

1.4V.T8

1,421,18

, ..21.78

1.4277B
52.979 76

(2."'.71)

(mru!

1.0!I4.~

:><Xl

VJ12

2.31

15.31

13.57

'8.'6

7.!III

71JG

U1

30..';6

29.901

,9.69

2.02

9o.It2

2.Y

15.39

'3.51

1. IS

7S6

7.08

1.01

3050

29.94

' .69

2.02

8.112

~7

U.3!l

1:1.57

1e.18

7.tII!

7.00

81)1

30.58

298>1

".69

III]'

_ut

ii7

,:ug

13.5/

le.18

7',.

7l.'!1

!.OI

30.56

29M

......

.,~ ,~
LtA- ~.:

~ CHE

31.11,;!O\4
11.03.21)' 5
... _
_

_.. . tho._ ......... y.,

b.tllAIIt..l

S7,ltUl

(7SS," )
1,577JlO
7.7.m
810.OJ

1,750.23

2.'"2.27' .1 38."

18. R . _ Olduting Rev_ R-.... .. P'" ""Ionce

shoot of pnsvtous
IIU Earring. po< ..... 01 R>.1Q1....,,_

18.L~. po,.....ot R.. ,01- .." atlltr..non&wly

sas.a.

l ,ooe1
2 "002.11

t...m

2S82l!

S3.""5.~

2.15512
m.S7
2.1.7.55
_

125 .6

...~

6. ' 95.70
2.71lUl
55000
',58 .9
10,&05,88
&4,17Ul

~6/l

"

16. -t:#PIoIItI~
Not Pro<t I (La..)...
lilt,
"'''', .molly
Inla,.....
"d
)or._....
(13.
, 4 "5)

,2ll t17
311 .08
8,8.39
701.'11
UZ2.2tI

p~
~ 3 9902
~'_'"
.

t28.98
_.211
"' , . ' " .

Uio7
S9106

',D6$.7~

2
96. . ..
._.
. SO

~1H'

~ ......st

821.!l1
92.28
:IS4.88

an n

(7~.)5)

464.24

7425

6.E_ _ _ " " , _ "

.~ ..

e9.153.1 2

32.l4>.!W

21.113
l "S'4to

417.~

9. Pro11I1 (l_) _~_s"""""1.. r,.!I)

10. lox.........
1!. NolPrc& l. (lc""_ 0r0fNry~.tlltrl.,9: '~l
12. E>nc<dlnory _ (nelGtIoi<'_1

858.lO
86 68

,0&.33
124.35
171. 10
r<1A7

u""_

~'38

281).57
:10.11

...... 2<1,

_
56,181).'5
1. 3 2 V S .
4,5Oe.,.
-..11$
1,IIlA1
",14.....

1,7"-81

. Ana:lcecoJb

ProftI I ~) _ onln.,._

750.26

...._

:tI.'UI,U

lUO
'.
' 91 ~

7. buaofmo ExoopttonaJ n.... 15 . 8).....r ft..."" .,.,...

:!$S.OS
'0.10
".Q7
15&.00
ZM.H

_ltd
3""1.2G11

'7!e1l

S ."d
ProllI
('-""l/tl>nl ordt1.,.itMio.sbdo"'tIlanco......
Excopfonllltln'(H4)

15.

1,1 112. '"

1,'12.1>

Qua~._

"""nclaty..,

11.1:ug.~
"""_

H.t:UOIJ

{o)Oep_
n ""d . ._ " , , _ _ _
{fj P_lcllargoo

3.

-_.nded
".IUOI(

(C\=:="=~':'G~

(b) Pu1ch...

c:o.,.... Okt

-17

~cco#'
-

-(..OLD/A/Q

Ij~*)
0::

.
-

..

Q\

"MAITHRI" (.,
132

~'Q

l'- \.

VNAI_60(
~

RAHE HOLDINGS UMITEO

Wu.i#

011 U&...1Wft1iN'~

fIIt:--..-...-...-...-,o.n...I .....

..... CHIIIII : IIAlnt.. f1J"e.a....

bov. " "- ---.. " ' -.ty""... .

ftt4 . .

S-.nent at Stanclllianel ConSOlidllted U neudlt~d FinMalll RaIlull3 for tile Quart'"' Ind Nina months Incled December 3t, 2Ot5

1. Th

d~ Com ~I1le . - ilP.n>Wd b)' th. 8oo!d..,DI'.c:D"..t"'... ""'*"'""'""""" halOon_...y0f. 2015 _ _ D..n ....;.clod .. _ _ bo':t'oo .lftJlD<yalld.....
(-...y"""'"hI Group1. .....goo! p~",ny .. m...urac:umg 1If""""""",, lor Ill. ~""D"" i'lduoIrt. moI",..1ho ourcmollw , , _

'11."" ......... _
..... -.....on _Y"'~

2. ThO C>m"""y to.... ~.t_nta I'l...m!d_, JObt\lOllllRll ond .......

ro.-......I4p,,""t_ h>I!.a Gm<J p.

I. Th.COnsol<w,o:.FI'...'.,R..... ""'p"'""III _ _ .",M 2t . AS2SIAS21_loll:.CUPlIIYIIId .. S"_ _ _.._

.. ,..., ..Emlp_ .."" ...... -.IOd_mu/l>_a.~~:

(a)Prcrllanaa1a"'IondIlyRanoEn;nov.mI.Jd.r.l(REVl.l" ~_IIY. Rs.2;'r.i1.ll3~1ot1l1. _ _ nlt"'Duemt... ~ . :zo,~_Rs ~45&.Sa _"',,"_ _' _ 31 .2D1S.

~)&;ro _ _ -"Rd''''''''''t6cllont(VRSI_bo''''~'''''''P_ _
(l)R-ru-)~tFWU ~_. h"_In_nlafR~.2'U211Ufto"'''''nile _ _ o-u.r ~t . 2D1 5 O!ldR>. m .g.cllll<hs fl><tI'rnr""kdMortII'I . 201S

~ /lEVI. hntr~ &'l1C!o,-"OfI!>.2(I .ea"'l!a 1o! ... qUor... ...,odOOooni_~n . 2015. 1!s. _ .t(
~ dtO Se~30, 2015.,.,j I\:LUlDSn_tIr "'" _ _ ."d"'o-rntr< . ~t, 1OU.

lII)_'TlIW$lsoM;~P"I.L",. (RTSSl. jotII:......... _

. _rxu.ed"'OIlIIINoIRs..UtloittAlotl!to _ _ _ _ _ St, 2QIS.II"I.OQ/oldl'!O<"q.Ma-lQd"~Hr:lO.2ll15anc1.r..1.1'S_1Irr""'nIn. mon""enoo<l~

_f!ir... ..

" . ~ JI5. Dum; ... ~)_, RT$Shu~lnom_oI'lIUlolIlItlor"'. _"'-_1io:'3, , 2I!1I.l\Ul ."'_\llrIhl_" _ _ldo.:..n, .,.~'.2Dl ' ..d~~n l _"""'YO"_. dlllRll", 20t~ .
~Y) - . NSKSlMmvs,....,.p.,~ LlII (RUSS) .jo/J11ve.... """IJOI'I'. _ ......... ".OlGII1Ia1R..'.3IIlojNlorll)t ~~~Sl,2015. Rc.2.51lal1,,,...... quo_"- SO~ 3C,2D15 ..d ~1.5( laI/II.foI"" l

"'' ' '10<'' __

--IIM:tl,t,

1011. 0 ""'111110 ~l'U'. R/IS!,.. _

u =aWlt 01 ~3UJIII
00C>0mlI0'~.2014.R ..87.6I_!orlllO nIoo _ _ 0'=..,21,201..... R .IO4SIUIro ....... ~._ ~t.n:!I31.201 3 .
) _ cblm ~ ~lIIojo" _
R'WSS --~n; Ie Ito. ns.23 !ei:Ilo _ _
:1015 _ ._ _ InrreQllof prwucbduq 1111 '""""" yow.

(~RNSShad _ _ "'l:IItlJntallb 27.!1aIdt.>IIIl<It"".QQ....... _ _ pnMoImlorwt.onoryftcaJ of~<Iodumg J..r""' ynr .nded_ 31 ,2015 .

"""'p'''''.

I1I",I"...-.1e<! Oea!mber31.

~. CCrteclddKI flS llM ftrlM qua.rtm. lEfl1fw Oen:snber ~t , 2015. SDpt!lnlbef30, 2015 fNS nne monlhstnlbd OI!!CI!!I'T\b!( :U, 20'\ 50 hOoidt h:t.c"...r.~ to ~ Kar Mobles L..i"rlliad..~Vt" .tnttg,1\1IecI 'fIith REVl pLnUant \0 OieSch:er1e oIAmatglr.'I.ltiJn wB'l.ft'l!d fT"co AorI1 , 201 ' .
F'g urn1l3r tl'lc WUi ~ MA('CtI 31. 2015 n:iJQe11Ollll! f!!faf1'l8 ~ ftl,eo Itoft LlrrittarllW,..-iod Ard1 , 20"4 to Marttl.31 . 2015. Hence ttr. m~ 1M 118 qu.llfAMlinl montmencltd DlteetftbwrSt2DI5 m noto:m'4)IJ'atrl!5 vrl'htle .ii uIU f'ct Iha~ n'nk1 c man". enO'ed Oi oemtll!r 31 ,2014.
$, Pre"-bJs pel10d figure:. hw& bt l!:tJ re~Ql'trl d ......... nec:es::Al'J' ~Q)I'\tonn Ie ~ nt yal"C I pGrio{fs daIrttcd" nId.)Qs\,IrWI. 1M ~ br !hl quar1M ended W J'jrMI.anhl. onl1od ~31,2Q1~ are nal ccm~~a.rrt: apondin g prollfous p"!!'riIJd dJe to ~
tHt\iDntd In Noh! S abovl!.

1.1'l1c. C~ ~ h.a o pf.e ~ till puI:i:In conao:!'dated flf'*dill ruub TM .I~ne fn,t;,dal ~t',6.,...-..IIb:.I ~ Camplny. Wlb:sllo. VIZ.. . ......... rane.coJn 81113 m ttl. w.b.-a of ese (www..bse~ndDl com ) and NSE ['WftI.nnml.a..co m).

&. Kay 5loJ\d-ofoltO _ Hnf"rmatlo. III III- _

.........

l otl' tncome
PfO!iI bofo", 'ai( -

P'JtIft1 aftIr ln.

"

Q_,_4

".rGcWW1

~1.tUlll5

..-". ,

'

~.'04

1,217.5:1

, :~~:

:n.u,all
,= :\
.15
l1~

1:0102.112

HI,. mo::t'lO omIO!I

'1 .1

llI1'

>l 12.2014

UltOlllb4

'.In.1S
463.99

33DJl3

'-'11
2.755.12
2,'101.55

4"ua

.......

fin,.no\&t ...... ,

31.03.2111

5,!e2.(Q

2~ eB.OO

3.2SB.'~

1 937 86

2.6n.17

..

It

.,
Rlne

cn.11IUIl

~ 09 201t

IJmIId
l~

&1Il~ '. ~1rrNn

Chartered Accountant'

Deloltte
Haskins & Sells

MV N lIam.n. T _

52, Ilenkatnlr.Vlnallo.d
T N.g.r. Chenn.! 600 017
Tel .9, (44)6688 5000
FIx: +91 (44)6688 SOSO

INDEPENDENT AUDITORS' REVIEW REPORT

TO THE BOARD OF DIRECTORS OF

RANE HOLDINGS LIMITED

I. We have reviewed the accompanying Statement of Standalone Unaudited Financial

Results of RANE HOLDINGS LIMITED ("the Company"),and Consolidated
Unaudited Financial Results of the Company and its subsidiaries (the Company and its
subsidiaries together referred to as "the Group"), its jointly controlled entities and its
share of the profitl(loss) of its associates for thcQuarter and Nine Months ended
31 December 2015 ("the Statement"), being submitted by the Company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 20 IS. This Statement which is the responsibility of the
Company's Management and approved by the Board of Directors, has been prepared in
accordance with the recognition and measurement principles laid down in Accounting
Standard for Interim Financial RepOlting (AS 25), prescribed under Section 133 of tile
Companies Act, 2013 read with releva"t rules issued thereunder and other accollnting
principles generally accepted in India. Our responsibility 'is to issue a report on the
Statement based on our review.
'
2. We conducted ollr review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial Infonnation Performed by the
Independent Auditor of the Entity", issued by the Institute of Chaltered Accountants of
India. This Standard requires that we plan and pelform the review to obtain moderate
assurance as to whether the Statement is free of material misstatement. A review is
limited primarily to inquiries of Company personnel and analytical procedures applied to
financial data and thus provides less assurance than an audit. We have not performed an
audit and, accordingly, we do not express an audit opinion.
3. The Statement includes the results of the following entities

--

Name of the Company

Relationshie

Rane (Madras) Limited

Subsidiary
-Subsidiary .

Rane Brake LiningLiinited

Rane Engine Valve Limited

Subsidia~
Subsidiary
Rane Holdings Amel:ica hJc.
Raile TRW Steerin0stems Private Limited .__ .l2i!~S;ontl'olled Enti!X
Raile NSK Steering Systems Private Limited . Jointly Controlled Entity
Jointly ContrQlled Entity
JM~ Rane Marketi~jt!=.~llited
: Associate
SasMos HETTechnologies Limited
"~-.-'
.
"-''''-
Fokker Elmo SasMos Interconnection Systems Subsidiary of all Associate

Limited

,"'",""

"
--~,~~

m_~'~"'_""~'

4. We did not review the interim financial results of three subsidiaries and one jointly
control/ed entity included in the consolidated financial results, whose interim financial
results reflect total revenues of Rs.28.349 lacs and Rs.83,497 lacs for the Quarter and
Nine Months ended 31 December 20 IS, respectively, and total profit after tax of

DeJoltte
Haskins If Sells

Rs.234.60 lacs and Rs.2,147.07 lacs for the Quarter and Nine Months ended
31 December 1015, respectively, as considered in the consolidated financial reslllts. The
consolidated financial resu Its also includes the Group's share of profil/( loss) after tax of
Rs.15.82 [acs and Rs.(53.66) lacs for the Quarter and Nine Months ended
31 December 2015, respectively, as considered in (he consolidated financial results, in
respect of one associate, whose interim financial results have not been reviewed by us.
These interim financial results have been reviewed by other auditors whose reports have
been furnished to LIS by the Management and our report on the Statement, in so far as it
relates to the amounts and disclosures included in respect of these subsidiaries, jointly
controlled entity and associate, is based solely on the reports of the other auditors.
5. The consolidated financial results includes the interim financial results of one jointly
controlled entity which have not been reviewed by their auditors, whose interim financial
results reflect total revenue of Rs.80 1.31 lacs and Rs.2.145.22 lacs for the Quarter and
Nine Months ended 3 I December 20 J5, respectively, and total proHt after tax of
Rs.16.43 lacs and Rs.38.34 lacs for the Quarter and Nine Months ended
31 December 2015, respectively, as considered in the consolidated financial results.
These interim financial results have been certified by the Management of the jointly
controlled entity and our repOIi on the statement, in so far as it relates to the amounts
included in respect of this jointly controlled entity, is based solely on such certified
interim financial results for the Quarter and Nine months ended 31 December 2015. Any
adjustments to these interim financial results for the Quarter and Nine month~ ended
J I December 2015 could have consequential effects on the attached st<ltement, to the
extent it relates to the consolidated unaudited Financial Results. However, the size of this
jointly controlled entity in the context of the group is not material. Our report is 110t
qualified in respect of this matter.
.
6. Based on our review conducted as stated above and based on' the consideration of the
reports of the other auditors referred to in paragraph 4 above and having regard to our
comments in paragraph 5 above, nothing has come to our attention that causes liS to
believe that the accompanying Statement, prepared ill accordance with the aforesaid
Accounting Standards and other accounting principles generally accepted in India, has not
disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, including the
manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS

Chcnnai, 9 February 2016

Rane Holdings Limited

2015 - 2016 - Q III Press Release
Highlights of Consolidated Financials for the quarter ended December 31, 2015:

Sales & Operating Income at RS.568.41 Crores

EBIDTA at RS.58.93 Crores
Profit After Tax at Rs.11.36 Crores

Rane Holdings Limited, (NSE Code: RANEHOLDIN, BSE Code: 505800), holding company of Rane
Group and one of the leading Auto Component manufacturing group in the country, announced its
Unaudited Consolidated financial results today for the quarter ended December 31, 2015. The
Company registered a Consolidated Sales & Operating Income of Rs. 568.41 Crores for the current
quarter as against Rs. 497.14 Crores for the same quarter of the previous year
During the third quarter (Oct'15 to Dec'15), the Passenger Vehicles segment achieved a moderate
growth over the same period last year mostly driven by Utility Vehicles. In the Commercial Vehicle
segment, Medium & Heavy Commercial Vehicles (M&HCV) and Light Commercial Vehicles (LCV)
segments continued to register a robust growth while Small Commercial Vehicle (SCV) segment
remained negative over the same period last year. The Two-wheeler segment registered a marginal
growth whereas three-wheeler continued to decline over the same period last year. The Farm Tractor
segment continued to remain sluggish as compared to the corresponding period of the previous year.
The summary of financial performance is given below:
(Rs. Crores)

QIII

Nine Months Ended

2015-2016**
2014-2015

2015-2016**

2014-2015

568.41

497.14

1,719.82

1,536.16

PBT(before Exceptional items)

20.02

16.14

65.30

68.96

Exceptional [(Expenses)lIncomej items"

(0.46)

14.31

(1.19)

Profit I (Loss) before Tax

17.54

15.68

79.61

67.77

Profit I (Loss) After Tax

11.36

11.43

43.63

42.74

Sales and Operating Income

* Exceptional items include:

a) Profit on sale of land by Rane Engine Valve Limited (REVL), a subsidiary company, of Rs.27.54 crores
for the nine months ended December 31, 2015
b) Expenditure towards Voluntary Retirement Scheme (VRS) incurred at some of the group companies
amounting to Rs. 2.48 crores for the quarter ended December 31, 2015 and Rs. 13.23 crores for the nine
months ended December 31, 2015. For the quarterl nine months ended December 31, 2014 the
expenditure towards VRS were Rs.0.46 crores and Rs. 1.19 crores respectively.

** Figures for the quarter/nine months ended 2015-16 include those relating to erstwhile Kar Mobiles
Limited (KML), which was amalgamated with our subsidiary company REVL, pursuant to the Scheme of
Amalgamation with effect from April 1,2014. The results for the quarter/nine month ended 2014-15 are
not comparable with the figures for the quarter/nine months ended 2015-16,since the figures for the
quarterl nine months ended 2014-15 includes KML's share of profit as an associate.