STOCK. EXG/ AG/ 2021-22 26" May, 2022 The Corporate Relationship The Listing Department Listing Department Department National Stock Exchange of The Calcutta Stock BSE Limited, India Limited Exchange Ltd. 1" Floor, Exchange Plaza, 5" Floor, 7 Lyons Range, Phiroze Jeejeebhoy Towers, Plot No.-C/1, ‘G’ Block, Kolkata-700001 Dalal Street, Bandra- Kurla Complex, Mumbai - 400001 Bandra (E) ‘Mumbai ~ 400051 Scrip Code : 509480 Scrip Code: BERGEPAINT © Scrip Code : 12529 Dear Sirs, ‘Sub: Outcome of Board Meeting [Pursuant to SEBI (Listing Obligations and Disclosure Requiremenis) Regulations, 2015] Kindly note that the Board of Directors of the Company at their meeting held today, have inter-alia, considered and approved the following: a) Audited standalone and consolidated financial results of the Company for the quarter and financial year ended 31* March, 2022; b) Recommendation for payment of dividend of Rs.3.10 (310%) per equity share of the face value of Re.I/- each fully paid-up for the financial year 2021-22 subject to approval of the shareholders at the 98" Annual General Meeting. Accordingly, kindly find enclosed the following:- a) Audited standalone and consolidated financial results of the Company for the quarter and financial year ended 31st March, 2022; b) Auditor's Report in respect of the audited standalone and consolidated financial results of the Company for the quarter and financial year ended 31% March, 2022. The reports contain ‘unmodified opinion on the aforesaid results in terms of second proviso to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time; ©) The Press Release on the financial results of the Company for the quarter and financial year ended 31st March, 2022. ‘The Company will be holding Investors’ Call which has been scheduled on 30™ May, 2022 at 4 p.m. ‘The presentation, if any made during the cail, will be uploaded on the website of the Company i.e. tipsvAvwww berserpaints.com. BERGER PAINTS INDIA LIMITED ‘Berger House, 128, Park Stet Kolkata -700 017, Phone: 228 6724-28, 2229 605-05, Fax: 91-35-2249 $0997, we. bergerpaits.com (GN -LSt4S4WB1929°LCOEETSY, al: consumeroedbock@bergerindla.com‘The Board Meeting commenced at 12.30 p.m and ended at 4.40 p.m. The above information is also available on Company's website https://www.bergerpaints.com This is for your information and records. Thanking you, Yours faithfully, ForBERGER PAINTS INDIA LIMITED Encl: as above = ~ “BERGER PAINTS INDIA LISTED "~*~ =~ ‘Berger House, 120, ark Stee Kolkata -7000:7, Phono: 2229 9724-2, 2229 605-06, Fan: 81-33-2249 900919728, ww bergerpals com ‘GN LS1434WB1923°L.CCOA7S2, E-mal:consumeroudbackG@berpeinlacomoe S.R. BATLIBOI & Co. LLP Sifters Gearon Renee ters o81 3361344000 Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors of Berger Paints India Limited Report on the audit of the Standalone Financial Results Opinion We have audited the accompanying statement of quarterly and year to date standalone financial results of Berger Paints India Limited (the "Company’) for the quarter ended March 31, 2022 and for the year ended March 31, 2022 ("Statement’), attached herewith, being ‘submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations’). In our opinion and to the best of our information and according to the explanations given to us, the Statement is presented in accordance with the requirements of the Listing Regulations in this regard; and ji. gives a true and fair view in conformity with the applicable accounting standards and ‘other accounting principles generally accepted in India, of the net profit and other ‘comprehensive income and other financial information of the Company for the quarter ended March 31, 2022 and for the year ended March 31, 2022, Basis for Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (‘the Act’). Our responsibilities under those Standards are further described in the “Auditor's Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethicalS.R. BATLIBOI & Co. LLP Chortered Accountants responsibilities in accordance with tiese requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion Management's Responsibilities for the Standalone Financial Results The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. This responsibilty also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. ‘The Board of Directors are ‘also responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities for the Audit of the Standalone Financial Results Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.S.R. BATLIBOI & Co. LLP Chartered Accountants As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: + Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. © Obtain an understanding of internal control relevant to the audit in order to design audit, procedures that are appropriate in the circumstances. Under Section 143(3)i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. ‘+ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. ‘* Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal contro! that we identify during our audit, We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.Chartered Accountante | SR.BATUBOI&CO.LLP Other Matter | The Statement includes the results for the quarter ended March 31, boxe being the balancing figure between the audited figures in respect of the full nancial year ended March 31, 2022 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations. | For S.R. BATLIBOI & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005 GQarnona Basson per Bhaswar Sarkar Partner Membership No.: 055596 UDIN: 22055596AJQMUI7629 Place: Kolkata Date: May 26, 2022BERGER PAINTS INDIA LIMITED. ‘CIN: L51434W81923P1C004783 [STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022 Rs in crores Far ie guar eae, Tortbeyenr ended fFrwo [Porters Taso 312.2081 Tae Siasaon[ su0s0m “uted 7 Radited 7 a (iefornore 2) | __Unouted {oer Note 2) bacsuad ae fs) Revenve from operations agi783 2ase24 aro] 770093 sont fo) Orbe income 1697, nase 2128 6312 $57 otsincome T3630 tao Taiz) 7a0e0s ‘sore 2 |espenses ls) cont otters contumed 125383 iasios aaaass| 450420 3057.94 fo) Purenateof tockin-irade ‘W967 wer 7a ‘0140 seaen [fs excemereresnvenee ots ect, sate ad esa a pad ‘gata dese te) Emoloye beneis expense sexe sos 08s «0038 san te} Finance costs 174 nn 939 293 a2 IN. Oeprecition nd amortstion expense 576 939 ae ars 16.22 a) omer expenses 32509 37058 3300] sn 1433.7 Hote expense Tera7 Ter Essie | —@ 720.6 5380 3 Jrrott etre exceptional em andton (4-2) 28) 73535} FSET EC TAT aaa 4 |eseepiona! tem freternote 3) 480] (p40o] 5 |orottbetore ta (a) Te F550 25233005 aiase 5 lroverpense Jewett sae na erat 081 24058 082 in 036 Gan] (275) Bese Tet erst BE 780 7 Iecertt tore pentedts6) Ta ae Ta Tams ro 1 lomercomprehensive income ott be elsif to proft or los in Jubvequent periods :)Re-measurement gains on defines boneft oblgatons ase on ae 10 02 Jvtncome taxon above (920 1035 (os 028 (oox} [Tota ether comprehensive Income aot be reclssfedt profit erissin aie 045 16 oa oor subsequent periods 9 |rotatcomsrenensive income for the pied (78) a7 re Tae Tame a 10" [Rap eat sharecapad a wa war wis wae (sce vaue of 3 ech) H_[omeréauiy Tae Tie a2 [earings per save fal We 7 each ator excenional tem net afr a) Basictamount ine) 209" an 205 rm 236 0) ovate amount ia WR) 200" a 205" m2 236 23 [taringspershat of Re.) }eachafter exceptional tem net ofa I} Basie famount inn) 209" um 199 am 701 (Dives faaunt in WR) 209" 2a 90" Ln. 701, * Netanrualsed ‘See accompanying notes othe Rani esuhsa eqany ane nee Hoarowings (ou eavty ADDITIONAL INFORMATION FURSUANT TO REGULATION 52{4) OF SECURITIES AND EXCHANGE BOARD OF INDIA /USTING OBLIGATIONS AMO DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, AS AMENDED AS AT AND FOR THE QUARTER AND exter overage ato THOME ie of ter taes deprecition nd aration + Finance cst? Henan cst Lease payers (xclung Shr tom eas et Freres save coverage re mer et rote ser aes «deprecation nd snariaian Fines cst Fee cst ape redemption eevee Gore) Se sof Tal cxrng er shre afer ecepoonl ten net foe (OP) caren (Covent ase/Corenhabines) 7 _[oebestreesemotion rxene SS a a eet worth 5 per Companies A 2023) RS NCTE) Tae TE TT Tae Tam Fang ar debt wating cpt nme) [oy Cant ease OUT (eon Ras Caen UTE iting mai (ing bat intra, Tax ad Exceptional kam es Other com / Revenue from operons] Foes ne ereeei Ft se rT | * [3 oerret a Oa ne pa pe ane map) eee deci) Joss cote woacours recat ata (008 [ceterstnover Revenue om operaton/avrape Wade recewabes) oa oH1 Te above rests have been prepared in ace Stan ce wt) clan Accounting Standards (nd AS noted under section 133 of the Companies Act, 2015 read together with zhe Companies (adn Accounting 485) Rues, 2025, as mended. These ests, 2 reviewed by the Aug Contig, Were zpprved ad taken on fectd by the Board of Drecirs ats macing held on My 26,2022 2) The urs forthe ast queers are the balancing igures Between the aed gues in respect ofthe ful financial yar upto 3st March an the unaucteepubshed yar to date iures up to Ist December which were subject omit review. 23} nth previous yar, exceptional tm cprernts impairment of Re 14.99 crores recogniad in quarter and year andad March 3, 2023 towards crying vale of investment in wally awe subs, Serger Paints Cyprus Limite (BFC) on acount of business and ca oes incre by the ultimate wholly owned eubeidry Berger Pants Oversee inte (20) due to downturn in Rutan esanomy. Tae quantum of ‘rowsion was recagnsed on the bas of managemants assessment recoverable amount based on fa vlumafultnate wal ame aubior atte £2) During the your, the Carnpan’s business operations were intial impacted due to COM-19 pandemic and consequent lockdowns. Whi the pandense situation hes imgroved siifcantiy in the at rna months cf the current year, the Company clsely monitoring the nceraintls aring tem continuing CQVID-9 pander an has taken Int cnsieration peuible lfc of such pnd or preparation of hese finan su, ncuang assessment of Fecveraiy of Ks sets Rated onthe Interna and extemal information cto the date of appro f the rests he Company wil alo conte o cetor any materi Impoet of fture economic eondtont. 5 the company is engages inthe business of manufacturing pans in na, Thete are no repertale segments) othe than Pins, which singly or the aearezate avail for separate daconue ae pe rovlens ofthe relevant ind AS 108 “operating segments The Management does not belee chat the Ifermaton about segments which are nok reportable under Ind AS would De welt he users ofthese rani 6) Ducng the year ene! March 31, 2022, the Compensation and Nomination ans Remuneration Cmte alotted! 28.452 easy shares of Re each uly pat the elnble emrloyees on ther exercise of het ‘pfions ante to them under Enployee Stok Option Flan, 2018 Folewing completion fal necessary formals, th aforesac equ shares were credited othe elie employees acount On arr 12,7022 ‘so ring the yer the Compersaton and Nomiazton and Remuneration Gammntiee granted 75,910 Stace Options of Re 3/-each ful aid Ub the elle empla}ees purist to Employee Stock Option Fla 7) The indian Paciamant has approved the Code on Soria Secunty, 2026 (he Cod whl, inter al, desl with employee Benafis during employment ard ost employment. The Cade has been publiched inthe ‘Gazette of inca. Tha etfective gate of the Code is yet tbe nted and the ries fer quanti the feancalepact ae aso Yet a be ied. new of ths, the impacto he change, Hany willbe aeeced and ‘eognied past notation of te relevant prosions 18) The Board of Deters have recommended iene oR 3.10 (310% er equity share of Re, 1/-each othe nani yer ended March 31 2022 whichis subject to approval of shareholders. 9) The queso previous perodshave been regrouped, wherever requed, Pace Kokats ‘Dated My 26,2022 By order of the Bose of Drectrs BERGER PAINTS INDIA LIMITED Rogistores ofc crit Roy Berger House, ‘Managing Director & CEO) 129 Farkret, Kolata 700017 DIN 03830068BERGER PAINTS INDIA LIMITED [AUDITED STANDALONE BALANCE SHEET AS AT MARCH 31, 2022 Asin crores Rudined ‘audited. ‘Asat ‘asat Particuars arch 31, 2022 March 31, 2021 lasers Inon-current assets Property, plant and equipment 1263.64 119493 capital work-in-progress ‘568.87 97.60 tangle assets 9.26 639 right-of use assets 371.82 300.27 Financial assets (a) avestments e142 55.87 (e) Loans 1096 lc} Other financial assets 35.86 5238 income tax assets (net) 53.81 2801 fother non-current assets 57.42 47.37 3,103.06 2782.82, lcurrent assets Inventories 214997 11,498.00 Financial assets la) nvestments 62.75 201.82 lo) Trade receivables, e388 838.61 le Cash and cash equivalents 65.98 5068 (c) Bank balances other than fe above 14030 247.87 fe) ovner financat assets 65.08, 93.27 Jother current assets 202.58 326.03 3522.84, 3085.26. [rota assets 1,525.90 5,368. equity ano Liasiuies leauiry Eauity share capital 9733 973 jother equity 3,666.16 3302.48 [Totat equity 3,763.89 3279.62, Juanes INon-currentlabilitles Jeianciat abies le) Borrowings (ai) Lease abies 208.68 182.43 to) otner financial Eabiities 774 5343, Provisions 3.98 3.68 loeterred tax tables (net) 23.18 26.38 Jother non-curcentliailities 231 232 346.69 7268.24 « feurrent ebities Financial abies la) Borrowings 515.56 [ai ease Habaties 6969 (oy Teade payabies ') Total outstanding dus of micro enterprises and small enterprises 6443 5693 i) Total outstanding dues of creditors other than micro enterprises and small 1620.65 1,352.23 enterprises fe) Other Fngnetot ste 303.40 99.06 Jother current abilities 74.86 6691 Provisions 271 |current tax abies (net) 38.01 2515.32 rota wabites 2362.01, {rota equity and Nabilites 5,625.50BERGER PAINTS DUA UNITED [STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED MARC 31,2022 fu crores ericson JA. cash tows rom operating aces: Profit tore an ‘Ajuserents to reconcte profit fore tactonet cash ws Depreciation and aartsation expense (Canifois on sae/ducad of rape plant ad equipment Share based payment enployet ‘Sune balances writen ack ‘ain neat terrain of eaves Corporate guarantee income Impsonet often eubsdary (Refer Note 2) Unreales foagrexerange (nase, Netgoin on sate mutual und investrets measured a FVTPL, Faraive gan on matalfndinvortment mearirea st VIPL Diddend income ‘Operating prof before working optal changes ajusimerts for Incremein wade payates Increase other baci bites Increnaein ether tbe Incresetéecreae in provsons Atnrease) naan, depots and other frac assets Ainereare) moter act (inreaeedacrest nace rece, {scree} ininvertaes {aah generated from operations ‘ec ave pai net retuns) "et ath ows frm operating acts (8) (ash ows rom vesting activities: Purchase cf reper plant 2nd aqupment and ntangl assets nung cptal Workin rDgess Proceeds rom si of Property, lat and equipment and angle ait Investment in jit verre and eutidries ‘Advance oe hare appeaton maney pening aotment Proceed: tom seo eurertivesiments Purchase ofcurentinvestment roves ram maturity offued depesi with bake Invest fed depots wth lt Divdend recived Net ah own sed iniverting active (8) lc. cosh lows rom francig actives: Process fom isuarce of eauty share capital Other shart term boroning taken Repaymere of eher shor term boraulngs Payment of ppl portion of ease lies Interest pid Dindend paid Net cash few used in ranclng ates (C) Netinerease inch an cas equivalents (A) Gach and cath equtalnts ea he begining of they Cash and cash equbalerts a at end the Yar Components of cash and cash equates aT 31032002 seam ara 2.006.198 ones 55] ‘wor 336 299 451 (2254 onl ‘oss sol #0 233} saa} ‘earl wx} B23] aan Boal 4233] sn ass] 11329] Ta Tana esas asras| an 7 338 2ax0) 220) 3a ua] 7723] 236] esa 303 cana] ssas7] 132175] "79876 1133 ess) Pres Sieg er cnaas seas} 00 O88 e535] or39} (ae : (ea30] 223.6] 2a 16744 STE (sal sal soxaco 24000 2sss.oa] (1460 29) ‘v236] (asn 35] (335) * Figures arte with (a blow the rounding ont doped bythe ComptSR. Batuigot & Co. LLP Sider Gacy hited Recent inte 709 016 ms veo 336136400 Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 2 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To The Board of Directors of Berger Paints India Limited Report on the audit of the Consolidated Financial Results Qualified Opinion We have audited the accompanying statement of quarterly and year to date consolidated financial results of Berger Paints India Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group’) and its joint ventures for the quarter ended March 31, 2022 and for the year ended March 31, 2022 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations") Except for the possible effects of the matter described in the "Basis for Qualified Opinion” paragraph below, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements! financial results / financial information of the subsidiaries and joint ventures, the Statement: i, includes the results of the following entities Entity _ ‘| Relationship SBL Speciality Coating Private Limited (Formerly known as | Subsidiary Saboo Coatings Private Limited) He Beepee Coatings Private Limited Subsidiary Berger Jenson & Nicholson (Nepal) Private Limited Subsidiary Berger Hesse Wood Coatings Private Limited ! Subsidiary : STP Limited | Subsidiary Berger Rock Paints Private Limited Subsidiary Lusako Trading Limited Subsidiary 7S.R. BATLIBOI & Co. LLP Chortered Accountants Entity Relationship Bolix S.A. (100% Subsidiary of Lusako Trading Limited) ‘Step-down subsidiary Build-Trade sp. 2.0.0. (100% Subsidiary of Bolix S.A.) Step-down subsidiary Soltherm External Insulations Limited (100% Subsidiary of | Step-down subsidiary Bolix S.A.) Bolix UKRAINA sp. 2.0.0. (99% Subsidiary of Bolix S.A.) | Step-down subsidi iary Soltherm Insolations Thermique Exterieure SAS (100% | Step-down subsidiary Subsidiary of Bolix S.A.) Surefire Management Services Ltd (Joint Venture of Bolix | Step down Joint Venture SA) Berger Paints (Cyprus) Limited Subsidiary Berger Paints Overseas Limited [100% Subsidiary of | Step-down subsidiary Berger Paints (Cyprus) Limited] Berger Becker Coatings Private Limited Joint Venture Berger Nippon Paint Automotive Coatings Private Limited | Joint Venture ji, are presented in accordance with the requirements of the Listing Regulations in this regard; and iii, gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2022 and for the year ended March 31, 2022. Basis for Qualified Opinion The accompanying Statement include unaudited financial results and other unaudited financial information in respect of eight (8) subsidiaries, whose total revenues of Rs 337. 18 crores, total net profit after tax of Rs 16.54 crores and total comprehensive income of Rs 16.64 crores for the nine months ended December 31, 2021 as well as the Group's share of net loss after tax and total comprehensive loss of Rs. 2.49 crores and Rs. 2.49 crores respectively for that period in respect of 2 joint venture entities have been considered for deriving the consolidated financial results and other financial information of the Group and its joint ventures for the quarter ended March 31, 2022. The aforesaid financial results had not been subjected to audit or review by us or by other auditors and had been compiled, approved and furnished to us by the management. Consequently, we are unable to comment on the financial impact, if any, 0 the consolidated financial results and other financial information of the Group for the quarigS.R. BATLIBOI & Co. LLP Chartered Accountants ended March 31, 2022, had the financial results and other financial information of the said subsidiaries/joint venture entities for the nine months ended December 31, 2021 been audited or reviewed. Our review report for the quarter ended December 31, 2021 and year to date from April 1, 2021 to December 31, 2021 was modified in connection with the above matter relating to unreviewed J unaudited subsidiaries and joint venture entities. We conducted our audit in accordance with the Standards on Auditing (SAS), as specified under Section 143(10) of the Companies Act, 2013, as amended (‘the Act"). Our responsibilities under those Standards are further described in the “Auditor's Responsibilities for the Audit of the Consolidated Financial Results’ section of our report. We are independent of the Group and its joint ventures in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter paragraph below, is sufficient and appropriate to provide a basis for our qualified opinion Management's Responsibilities for the Consolidated Financial Results The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its joint ventures in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.J S.R. BATLIBOI & Co. LLP Chartered Accountants In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for assessing the ability of the Group and of its, joint ventures to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of aécounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group and of its joint ventures are also responsible for overseeing the financial reporting process of the Group and of its joint ventures. Auditor's Responsibilities for the Audit of the Consolidated Financial Results Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, Under Section 143(3)(i) of the Act, ‘we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. + Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. ‘* Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of tl Group and itsS.R. BATLIBOI& Co. LLP Chartered Accountants uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as a going concem, * Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation. * Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its joint ventures of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the Circular No. CIRICFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable. Other Matters 1. The accompanying Statement includes the audited financial results/statements and ‘other financial information, in respect of: * Fourteen (14) subsidiaries (including six (6) step-down subsidiaries, whose financial results/statements reflect total assets of Rs 1,408.96 crores as at March 31, 2022, total revenues of Rs 1,101.68 crores, total net profit after tax of Rs. 95.61 crores and total comprehensive income of Rs. 95.39 crores for the year ended on that date, and net cash outflow of Rs. 8.19 crores for the year ended March 31, 2022, as considered in the Statement which have been audited by their resp independent auditors.S.R. BATLIBOI & Co. LLP Chartered Accountants * — Three (3) joint ventures (including one (1) joint venture included in the consolidated financial statements of a step-down subsidiary), whose financial results/statements include Group's share of net profit after tax of Rs. 3.86 crores and Group's share of total comprehensive income of Rs. 3.90 crores for the year ended on March 31, 2022, as considered in the Statement whose financial results/financial statements, other financial information have been audited by independent auditors of those joint ventures and by the independent auditor of that step down subsidiary respectively. The independent auditor's report on the financial statements/financial results/financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above. Certain of these subsidiaries and the joint venture of a step down subsidiary are located outside India whose financial results/financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results / financial statements of such subsidiaries (including the joint venture of the step down subsidiary) located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries and the joint venture of the step down subsidiary located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us. ‘Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors. 2, The accompanying Statement includes unaudited consolidated, wherever applicable, financial results and other unaudited financial information of six (6) subsidiaries (including five step-down subsidiaries), whose financial results reflect total revenues of Rs. 479.51 crores, total net profit after tax of Rs.55.75 crores and total comprehensive income of Rs 55.75 crores, for the period from April 1, 2021 to December 31, 2021, which had been reviewed by their respective auditors, The Statement also includes the Group's share of net profit after tax of Rs. 1.11 crores and total comprehensive income of Rs. 1.11 crores, for the period from April 1, 2021 to December 31, 2021, in respect of oneS.R. BATLIBOI & Co. LLP ‘Chartered Accountants (1) joint venture, whose financial results had been included in the consolidated financial information of a step-down subsidiary which had been reviewed by that subsidiary's auditors. The independent auditor's reports on financial results of these entities were furnished to us by the management and our conclusion for the period from April 1, 2021 to December 31, 2021, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and the joint venture of the step down subsidiary was based solely on the report of such auditors. ‘Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors. 3. The Statement includes the results for the quarter ended March 31, 2022 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2022 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations. For §.R. BATLIBO! & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005 GQBrncre Sto fe =| per Bhaswar Sarkar Partner Membership No.: 055596 UDIN: 22055596AJQMXY3268 Place: Kolkata Date : May 26, 2022BERGER PAINTS INDIA UMAITED ‘an: Ls24aawa1923P1co04793 STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 33, 2022, Jocter2 meters | peecneren |__ Aestet EoeondNaal a) eesti soon ness asan aoe eosin] ems ls) oerrmome ‘ou we 820 ‘xi sa [ncn ctrtetcnsmed se20} sens ama! sos [Gh rcs ctenées yah taeoe tet Dae sears le) frneeraee wert once gon. ngyendtded onde as] ose ea] en] la) Cater tents nese tana ; a aie i) scream numer, ae se | Pets a [pate ae tt ees and 912) ei Sra “aus cr mr 4 [sareerry teste vas 24 tas2 o sas] ‘ssa 5 [rote toe tn oe eee rt mu Ta at locred echoed 282 re as i it > er meter pe 5.6 a pao ae [as Ta 1 oreramareenve nome rt ered greftartet nnasque ged |\ternenrenen painserondinecbeet oto | ow oo en] as] mares ene keri te recedes austen ete 39 tas9| ass] cn os | srretoter compere nae ht Vertue et ot) aoe | eos on oat + [oer compresesie comet ered to pars neque peo lndargeaienrnron vant oenopetsans neal snsoal 2) oxo} ae 10 frouteer competent ncameto 9) at ma FA a oa 11 fret conpebendre cme forte ped 30) aa HE aa ae Ta 12 Jrattorne good rebaatin: torenalng mee ioanl a5 ‘| (00 13 [owe compete eame/on te per ata te | unenat ox Conse ose ‘sos ao ss oremtatog hee az ines (sey i Be Tse se Bs Nanesrtog ee 230 oa 2 7 fan ar aa a3 ara as wi [cee eb. u-eua) 2 [Enang ers ots.) fa soc temast am 2a] aie] ra by oan aH del nie ar ger mateguh ae ooh rung from oe he. Seemcigunfngrne iat tsa aiiltls SO (Kou) wD , <4‘00cMONAL INFORMATION PURSUANT TO REGULATION S24 OF SECURITIES AND EXCHANGE BOARD OF INDIA USING OBLIGATIONS ANO DISCLOSURE REQUREMENTS) REGULATIONS, 205, AS AMENDED ASAT ANDOR THE QUARTER AND ‘ean ewoeo wanci 3,222 sno. artes som surat 0321 az sosz0 1 paraan ae eimeT om am a a7 or Jscrowings eal eau FT Poestserace overage ato TOOT Ta Ta Ta a 7 st raft ser tae + dereiion and amortization + France cont laonce cost + Leese payers erlang hn] fermen ert Iron reste rma a ERT m7] Wr Ta ae an ir Pott ter torr» dopceaion nd aeration «Financ cot Eman cot 7 _[eussoncing redeemable preference stares fuanttyandvalee) Tor Ropecave] Nope] tan ptesoe] wor otzabe] Wop 3 oapratederation rare fei Goce oc oc | Ta oc TE Pebentre cersion rare Tetnapieane] vor ropmee] Wor pire] wot pater] tet Roar 7 _etwent nape Companies Aa, 2055) eww Cores) aad aad Tao 3s 33708 Yeo ater tae tet rth othe pera Ra Cre a Ta sa Te Ta 3 [earings pershare et of a ina) Ta 7a Ts oH TH TO errant ate (Cores Curene abies) i ual ar ve oe Tale term det wae ant [ee Tong Term GO To waTTmE GAT OTE TOT COTE BaTTET | TH] TE Tay 7 Te hon carenteasenosiy)/Cuevem assets Caer Ube) TE cere any ai name) Current abies Toa Rs) oar om oar oF Tar 5 [roa soto roal aes fn eve earowinge/ Tol ase) oF os om oF] ur 7 ce ae a ae Tae Jcoertngraran (0) Esming before intern, Tox and kepionaitenles Other incre / Revenue kom operation) BE fRet ror rar (et prot or he pee / verve om operons S007 3a 305) a 3 FE Poses ta eccouns recat rao (| ad dt Average rade rece) a ce Orr on 78 T7__[oesons enor fever For cpratoni average wae romney 17 cM Ta 7 zg 7 Tare Tar TAT ar Tar [rvertonyurorer (oa of good ld Manufacng expenses) / avers nveniores of godseerste ns: Onentnr ahh tintin ee 2) bung e ya he croup bases opens wey npc ue toCOVED pane an nsec. ie eerie stuton Ms imme giant elt meso eset et the ip ema ene es ey, Tse a arpa sagt) chr han "a wh gy of ean Gl fr mute Scene pt een fhe rete Sopa aga“ he steps rnd Swish atthe aval ha ana aerate 1 Troup ene nh mare of manning pe ae ig hyn andes ue, 202, open a eminent Seminar Comme ed 28.62 tyro een ly oats he elghieamye: on tha erect three anid tam nder Erie Ste tn Han, 266 Fotown compe of al eso fmt, esos se wee ceed othe sigh anges union eu 12,202 gh eye Canpenttnan taminon ah eminentan armas ne 75910 Opto eh ‘uy peut tee pe ui Elo c Ostn Pah 206 hen are sapped on SoS, 202 {he Cae] WH, ea eth anpote ens cing ample. a post enpeen The Cle hs San pubs Gated The ete tel hse ob tes ‘henietorunathg te fe Inge seston vw te helms on ang fanned and ened pantera the roe owas 2)" ada ec hn recoded re (8108) pr ees sae anther nach ered Mah 3.2022 hh sic appr fsb the eel eos priv ban epmepd te aid tyode: ate ay 262022BERGER PAINTS INDIA LIMITED AUDITED CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2022 Rs. in Crores ‘usited ‘Audited Particulars ‘March 33,2022 | March 31, 2023, lassers INon-current assets Property, plant and equipment 1473.38 3403.81 Icapital workin-progress 0551 106.75| Icoodwit 275.36! 287 63] locner intangible assets 18.08 245 Rightof-Use Assets 2280. 3433 Investments injoint ventures 447.06: 145.9 Financial assets a) nvestments* 0.00] 0.00] (0) other Financial assets 949 $5.89 Defer tax assets (net) 47 341 Income tax asses (net) sea 3093 lother non-current assets 66.86 27.63 Tiss24 aa. lcurrent assets Inventories 2315.83 1,616.13 Fivanciat assets a) vestments 9727 20978 (o) Trade receivables 1,083.68) 1919.72 fc} cash and cash equivalents 103.30! 13622 (2) Bank balances other than (¢) above 202s 303.39, (e) Other financial assets + 6665 86.85 lother curent assets 221.04 134.24 057.42 3,506.33, [rota assets 7,212.66 5,921.05, EQUITY AND LABILITIES equity Equity share capital 9743 9733 lotner equity 3,823.36 3279.74 quay attributable to equity holders ofthe parent 3,926.99 3,376.87 INon-contaling interest 247 7.06 [Total Equity 3334.16 3353.93 luabinies Inon-current Liabilities Financial abilities 2) Borrowings 9x3 165.65, {ai Lease iaotties 27046 193.24 fe) ober Financia abies 768 $8.77 Provisions asi 1091 Deferred tax abilities net) 52.85 53.35 [other nan-current abilities 4a 456 67 ac.a8 Financial abies (2) Borrowings ‘se.t0 20992 (ai) Lease tables 75.44 64.95 (e) 1ade payobtes i) Total outstanding dues of micr enterprises and small enterpises 66.7 62.68 1) Tota outstanding dues of exeltors other than micro enterprises and 1,736.18. 1434.76 |smatt enterprises (other financial abies 18835 143.60 Jother curcent abilities 98.06 37.62 Provisions 4a 4328 Income tax Liabites (net) 38.07 383, 2172 2050.64, [rota iaitties 3.27850 2837.2 [TOTAL EQUITY AND LIABILITIES 212.66 5,921.05 * Figures marked with") ae below the rounding of norm adopted by the group.lieRGeR PAINTS INDIA LIMITED ‘CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2022 as crores Tasted Particulars aueazm | suoszo2 JA. Cash flows from operating activities: Profitbefore tax 12229 978.62 Adjustments to reconcile profit before tax to net cashflows : Depreciation and amortisation expense 22651 aias Gain on early termination of leases (1.26) (2.09) [Profiti/ios on sale/discard of Property, plant and equipment and intangioe assets (6.73) (oor) Sundry Balances writen back («su ‘ Share based payments to employees 5.56 290 Foreign Currency Translation 5.75) 490 Unrealsed foreign exchange (gain)/loss gz (259) Net gain onsale of mutual fund investments (690 (672) Fair value gain on mutual fund investments (0.90) G33] ‘Share of (Profit/oss in joint ventures (86 561 Finance costs 5072 4410 Imerest income 20.16] (6.32) Operating profit before working capital changes 7355.76 721622 Adjustments for : Increase in trade pavables 31383 432.68 Inerease/(Decrease) in other financial Wabities 231 (75) Increase in other lables 6.81 3428 (Qecrease} in provisions sal 6.23] (Oecrease| in loans, deposits and other financial assets (332) (29550) (Increase)/decrease in other assets 86.77] 51.81 (inerease) in trade receivables 23.6] (205.61) (inerease) in inventories (638.70) 237.60) Cash generated from operations ‘865.72 7,088.22 Direct taxes pad (net of refunds) (238.22) (252.46) Net cash flows from operating activities (A) 566.50 733.76 lb. cash tows from investing activites: Peery Purchase of Property plant and equipment and intangible assets including capital work in progress 74.02) 136.03) Proceeds from sale of Property plant and equipment and intangible assets 14aa 133 Investment in ont venture (13.60) Proceeds rom sale of curcent investments 1192.99 869.09 Purchase of curent investments 12,062.69] (89.53) Proceeds from maturity of fixed deposits with banks 405.22 1549.58 Investment in fixed deposits with banks (322.47 2,898.86) Oivicend cecered trom Joint Venture 27 382 Interest received 2283 14.43 Net cash flows used in investing activities (8) (21.29) (656.70) c. cash flows from financing activities: Proceeds rom issuance of equly share capital ™ * oa} Net movement in cash credit 620 (26.0 Repayment of long term borrowings (ass.22) (73.0) Proceeds from short term borrowings 3,108.10 41,456.72 Aepayment of short term borrowings (2666.13 (2,508 52) Payment of lease tabiliies 57 (75.28) Interest paid (221 (2825) Dividend paid (27195) (29.13) Net cash flow used in financing activities (C) (78.33) ai.76) [Net increase in cash and cash equivalents [AvB4C) 2.92] 37.30 ‘Cash and cash equivalents as atthe beginning of the year 336.22 78.92 {Cash and cash equivalents. as at end ofthe year 103.30 736.22 ‘Components of cash and cash equivalents Balances with banks! On current accounts = Deposits with orginal maturity of ess than three months CCheques/ drafts on hand Cath on hand Total cash and cash equivalents Figures marked with (*) are below the roundir go norm adopted byte POU,BERGER PAINTS INDIA LIMITED (CIN : L51434WB1923PLC004793) Registered Office: Berger House, 129 Park Strect, Kolkata - 700017 Phone Nos, : 033 2249 9724-28; Fax No.: 033 22277288 Email - consumerfeedback@bergerindia.com Website : www.bergerpaints.com Financial Results for the year and quarter ended 31° March, 2022 Highlights of the Consolidated Quarterly Results: a, Revenue from Operations for the quarter ended 31st March, 2022 was Rs. 2,187.51 crores as against Rs. 2,026.09 crores in the corresponding quarter of the last financial year, representing an increase of 7.97% over the corresponding period of last financial year. b. EBIDTA (excluding other income) for the quarter ended 31" March, 2022 was Rs. 346.44 crores as against Rs. 335.57 crores in the corresponding quarter of the last financial year, representing an increase of 3.24% over the corresponding period of last financial year. cc. Net Profit for quarter ended 31* March, 2022 was Rs. 220.29 crores as against Rs, 208.60 crores in the corresponding quarter of the last financial year, representing an increase of 5.60% over the corresponding period of last financial year. Highlights of the St a. Revenue from Operations for the quarter ended 31% March, 2022 was Rs. 1,927.83 crores as against Rs. 1,797.04 erores in the corresponding quarter of the last financial year, representing an increase of 7.28% over the corresponding period of last financial year. b. EBIDTA (excluding other income) for the quarter ended 31st March, 2022 was Rs. 314.16 crores as against Rs. 302.68 crores in the corresponding quarter of the last financial year, representing an increase of 3.79% over the corresponding period of last financial year. ©. Net Profit for the quarter ended 31st March, 2021, was Rs. 202.69 crores, as against Rs. 184.69 ‘crores recorded in the corresponding quarter of the last financial year, representing an increase of 9.75% over the corresponding period of last financial year. Highlights of the Consolidated Yearly Rest a, Revenue from Operations for the year ended 31” March, 2022 was Rs. 8,761.78 crores as against Rs, 6,817.59 crores in the corresponding financial year, representing an increase of 28.52% over the corresponding period of last financial year. b. EBIDTA (excluding other income) for the year ended 31" March, 2022 was Rs. 1,331.07 crores as against Rs. 1,187.98 crores in the corresponding financial year, representing an increase of 12.04% over the corresponding period of last financial year. ¢. Net Profit for the year ended 31* March, 2022 was Rs 832.95 crores as against Rs, 719.72 crores in the corresponding last financial year, representing an increase of 15.73% over the corresponding period of last financial year.Highlights of the Standalone Yearly Results a. Revenue from Operations for the year ended 31% March, 2022 was Rs. 7,740.93 crores as against Rs, 6,021.41 crores in the corresponding financial year, representing an increase of 28.56% over the corresponding period of last financial year. b. EBIDTA (excluding other income) for the year ended 31* March, 2022 was Rs. 1,182.53 crores as against Rs. 1,096.95 crores in the corresponding last financial year, representing an increase of 7.80% over the corresponding period of last financial year. . Net Profit for the financial year ended 31" March, 2022 was Rs. 749.86 crores as against Rs. 680.78 crores recorded in the previous financial year, representing an increase of 10.15% over the corresponding period of last financial year. The Board recommended dividend of Rs. 3.10 (310%) per equity share of Re.1/- each for the financial year ended 31 March, 2022. For and on behalf of BERGER PAINTS INDIA LIMITED Vice President & Shmpany Secretary Dated: 26" May, 2022