Deloitte aa Haskins & Sells LLP Serge ak Blok EP a GP Sector Sat Lake Electrons Complex kokata-100 081 (West Bengal inca Tel: #91 3366121 1000 Fax +91 3366121 1001 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE. FINANCIAL RESULTS ‘TO THE BOARD OF DIRECTORS OF HALDIA PETROCHEMICALS LIMITED 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Haldia Petrochemicals Limited (“the Company"), for the quarter and half year ended September 30, 2022 ("the Statement”), being submitted by the Company pursuant to the requirement of Raguilatinn 52 of the SEAT (J isting Obligations and Disclosure Reauirements) Regulations, 2015, as amended. 2. This Statement, which is the responsibilty of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” ("Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, Issued by the Institute of Chartered Accountants of India ICAI). A review of interim ninancial information Consists Uf taking iniguilies, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. ased on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation S2 of the SEBI (Listing Obligations ‘and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 14. hice: Indabyls-naree Centre, ogee 3 2nd Hr, Senapa dapat Marg tlnintone Roaa (West), Mumba-400 O13, PaeaSent, ail ent Rsion ua As 87 sacdaasaillas iDeloitte Haskins & SellsLLP- 5. We draw attention to note 3 to the Standalone Financial Results relating to recognition of government incentives aggregating to Rs. 960.93 Million and Rs. 1,981.29 Million during the quarter and half year ended September 30, 2022 respectively (Rs 12,828.69 milion recognised upto September 30, 2022) under the West Bengal Incentive Scheme 1999 that is pending formulation of the related rules etc. by the Government of West Bengal on Implementation of the Goods and Service Tax Laws. As stated in the said note, the Management has recognised incentive benefits to the extent of SGST collected and paid till 30th September 2022, as per the terms of the shareholder agreement dated 11th September, 2014 to which the Government of West Bengal Is a party, after re-assessment of the reasonability of ultimate recovery of such benefits based on developments till date as mentioned therein. Our opinion is not modified in respect of this matter. Our conclusion on the Statement is not modified in respect of this matter. For DELOITTE HASKINS & SELLS LLP Chartered Accountar (Firm's Registration No. 117368W/W-1009{8) (Membership No. 054110) KOLKATA, November 11, 2022 UDIN NO: 22054110BCWAGK9435,w Prrrererrrrer {Scr STATON TNGALAESATEOR GUSTER NO HAE YEAR NEED GETEMBER 232 eT Tapered [ees lz — sae [ied Ger] | baleen a tel | ee linens Team eect | tere [ee | emer [a Fa a pat saan] cose] sme] mar] acemes| sssen becncs meoe| “ee etee| tee) eee “Steel == mous | nats | —maoe] aes amr aie ee Frccrcmsscnnnad mans sei | ‘mpein| sioea| semen b aceasenton 5 caz| man =e pcareuicemceaialaiwuanil| nics aoen| seat anes] a el nit ae fel oen| aan! cee bed Depend Anorste Eoee geve| mece| aette| casa ee eer ees] tes] earl ae ae a ee ee | ee] eee sfica terest niet) | pec] tous] ec] nome bey) teamaa 1 creates ero é 2 3 rom tonitaecape aac Eada] — pow — Sec] — terres fama] “osen| tery] ostao] tea] tae oscars ‘o| cae] ‘usd el Se bos joe) epee see 1 [rca rte pred / ur 84 beat sto) — es — St a Fae emacen es ee Ts VT ——T a eo{ set Ss ——"seet Sst peer ks zo] gaol gos] use] 04s|__ oso] 2 [irsonpiease imi memeiorse —| — Walt} —Tasesa] — anes} nd —ansay— mata ate tar eso ea ama | — Tame] sem] Team] — aap] see] IRE rae 1a oe tata aia Re q aa] sae | akan pCa Roe Tae Va 5] aa} ea] 58) as} ee a saree eae eee ae ita = See ee Shee ee emer a fe aera — a ee ee cometary —— set — pn oo Pieters oe a a ieee cS —(Re in million) eat 80th Reet 31st March September 2022 2022 (@) Property, Plant and Equipment 7,100.02 7a.733.31 (©) Capital Workin-Progress 2,681.00 6.77210 (0) Right-of Use Accet= 226aa.a7 22,781.00 (2) Other intangibie Assets 36,157.13 29,499.16 (@) Intangibles under development 156 9.45 (8 Financial Assets investments as,s00.14 41,962.42 WW Losne ize9.33 1303.27 {li Other Financial assets ioss.63 5.55 (g) Income Tax assets (Net) isse'so asa (h) Other Non-Current Assets 3/376.83 a2iaa6.a3 ‘Total Non - Current Assets (1) 351,285.72 3e1497.21 (a) Inventories 16,274.60 19,075.46 (0) Financial Asset U)tnvesuments 25,333.96 24,484.96 (i) Trade Recelvables 5,469.05 3.084.907 Gi) Cash and Cash Equivalents ‘e72.86 288753 {iv) Bank balances other than (iti) above = “484.00 WW) toans 102.09 (w Other Financial Assets 609.79, [c) Other Current Ascote 5,094.36, ‘Total Current Aseets (1) Sscsace TOTAL ASSETS (tei) 73658185 equity ANo Last equry (a) Equity Share Copit 26,879.39 16,879.29 (0) Other Eau 2,46,975.29 1.51,010.99 ‘Total equity (mn) 2:63,854.68 1.67,890.38 20,922.38 25,020.33 {i Other Financial Lak 36.43 35.27 (0) Provisions 219.39 232.39 [(c) Deferred Tax Liabilities (Net) 312,823.29 34.72.72 (a) Other Non-Current Liebilities 2/003.97 2,842.69 (9) Financial Liabilities () Borrowings 33,208.13 9.493.68 (tease Liabitities 39.97 31.59 (Trade Payables Dues of Micro Enterprises and Small Enterprises 21.06 69.10 Dues of creditors other than Micro Enterprises and 1875.85 Gv) Other Financial Liabilities 2457.51 (o) Provisions 22.88 (2) Other Current Liabilities 2,386.84 ‘Total Current Liabilit 26,047.37 TOTAL EQUITY AND LIABILITIES ( 33658185[UNAUDITED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED BOTH SEPTEMBER 2028 (82 in milion) re September 2022 | september 2023 oes before tax (5,960.05) (044.29) Depreciation and amortisation expense yanssz 7998.18 [Accrued Benefits under Government incentive schemes cssr29] 2075.76] Lables / provisions no longer required, written back (5.0) (o.03] Interest Income eorned on Financial Aceete that are not designated st 373.20] 207.05} {airvalue through Profit or Loss Gan anaehc oh evenoneras 270.60} (00.29 [Mot (gen) / toss on forelgn currency tansactions ané translation aaas98 t0298 "Wet (gain) / loss orsing on financial aerate meneured 2¢FVTPL (aren (93.30 Dividend income (271.08) 2427] Finance Coste 122608 1295.14 Operating Profit before Working Capital changes: ‘958.09 ea6.1s ‘changes In working eaoital Becreaze /t Other assets (9873 (2058.25) Decrease rane) inte "00.85 (621659) ities (27249 apss.1s cash generated (01679) 3.23607 Netincome Taxes paid (211.56] (son.6a) "Net cashflow generated from / (used In) operating stiites (A) 22827] Basia 18 Cash low from Investing activites Payments for ropery, Plant and Equipment, Intangible, ete (as0.7] (5.29095) dernalion of reestrer 8 Subeidlry (230.63) (a2s9] Purchase of current investments (2,495.23 (20.448.28 fnrcheee o senearert rearinai (Gases) (675.67 Proceeds from sale / maturity of curent investments szenss 3320.74 Invasive lobe dascalis (2,000.00) ‘397 35) Repayment of Laan by Related Paros 075 Interest cones a7 255.03, [Net cash used in investing activities (8) (aai23a] B77 43} Repayment of tong term Borrowings (23,608.09) (2592.78) Proceats Reon Set erm iareoetoes "6/6022 2295230 10.474.2) (aso. Peyment of Lease Liabilities (384.63) [Net cath generated from / (used in) financing activities (C) (256.03) ‘Det inereave / (deereass) In Cash Equivalents (+5°¢) 708.02) [Cash and Cath Equivalents atthe Beginning ofthe Year fsa23 F Cash and Cash Equivalents at the End of the Year (OE) 521 a ‘For the half year | For the half year forte septombar022_| september 2023 ‘Components of cash and cash equivalents: — ne nro Balances wi Bak wast s0e20 anaes eras we xchange Diferances 20 ssa]UNAUDITED SEGMENT-WISE - REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALE YEAR ENDED. ‘30TH SEPTEMBER 2022 (sin mitton ‘Guar ended Year ended 3h tt Sptamber aes September |0vhJune 2022] 2021 aim 2022 (eter ots 8) Unaudited | Unaudited | Unoustes Tae segment Revere 3) fetrochemiale winze| azossse| 2219661| sogcaas| as2com| aaraiess 5) others E 3000 7224 ‘ons0| _acasa| aaa fetal Revenue from apesatlans sani | —Bossie|—aasriaz| waarrse|aesnve8 | himzese a7esas] —asorsoi] ——(95ss]]_(as7692)) 23203), (narosel i ro 1653 ase 2232 (0233 rasan] sass] (saase]] arise] Gos.70) (amrasl les: Finance Cost orses ‘ssnae sesso | 422608] 12953] 236861 1p Other Uatoeable Income (et) 556] aorse| sas] "s7038| Laeos5] sanz 13) Exceptional ams (Refer Note) f = 2 5.03325) [roe / (ose) before Tax eaman|—seas7| ——(s7a]| essen] ean] 4.25.08 1) Petrochemicals asgona| 692507] 16488995] asgon.ar| xeassees| 16232337 5) others 5 008 : 006 : 2) Unolocbte marsca| _ro7n35| _cs0110| _morsea| _oo20110| asses otal Ast ‘oess | —24000186| 2386111] —z38aoaes| —Zs300113| —ZsesbLes 3) Fetrochemisle asesras| 23ssa98| 217905] asearas|—atars03| a9asze1 5) Unstostie| sssenoe| Sooenes| s7sos2s| sseaoe| azsou2s| _apasese tal tables ‘7aas0a1 | 7373581] 6399326 | —mu,25021 | 64983 26] —a981.07 5} "Petrochemicals representing polymer and chemlal businesses 1) Other vepesening trading actosNoTEs: 4. The aforesaid standalone financial results for the quarter and half year ended 30th September, 2022, have been prepared in accordance with Indian Accounting Standards (Ind ASs) notified under the Companies (Indian Accounting Standards) Mules, 2019, #5 amencea. 2. The Company has issued on 29th June 2022, Secured, Redeemable Non-Convertible Debentures (CDs) of Re 500 crores in two series- Series 1 and Series 2 of Rs 250 crores each having average ‘maturity of above 5 years on private placement basis. Such funds were raised for part financing of capex activities and augmenting resources for future growth projects. The NCDs were subsequently sted on 8SE on Sth July, 2022. ‘The Debentures together with interest, fees, commission, costs, expenses and all other monies and secured obligations whatsoever are secured by pari passu first charge on the Company's moveable (excluding current assets) and immoveable properties, present and future, ‘The Company has accordingly prepared these standalone financial results for the quarter and half ‘year ended 30th September 2022 for the purpose of compliance with Regulation 52 (2) of the SEB! (Usting Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), which has been subjected to Limited Review by the Statutory Auditors. 2 The Company had availed benefits under the West Bengal Incentive Scheme 1999 for a period of 12, ‘years which ended on 29th May 2022, with 2 portion of the incentive (based on overall value limit) remaining unutilised as on that date amounting to Rs 43,806 million. Later, in accordance with a decision taken In the 32nd meeting of the Standing Committee on Industry, Infrastructure and Employment, Government of West Bengal held on 29th May 2014 followed by the tripartite share Purchase Anreement (SPA) between the Government of West Bengal (GoWB), the promoters of the Company and the Company dated 11th September, 2014, 73% of the above unutllized incentives, were restored to the Company with effect from 1st January 2016 for a period of 19 years with stipulation that in the event of Introduction of Goods and Service Tax (GST), the incentives would bbe payable to the extent the tax accrues to the State Government. Post implementation of GST w.e.f. 1st July, 2027, the Company is yet to receive any incentive ‘remission under the aforesaid scheme / agreement. Since there was no response from the GoW8, during the year 2019-2020. As on date of this financi tribunal is over. tnformation, hearings before the arbitration In view of the fulfilment of the conditions of SPA and based on a legal opinion taken and in conformity with accrual basis of accounting, the Company continues to recognize income under the said incentive scheme effective 1st July, 2017 based on SGST deposited. Accordingly an amount of [Re 4,981.29 million (September 20, 2021: Re 2,075.76 million) has been recognised as incame during the half year ended 30th September, 2022. The accumulated recoverable balance of Rs 12,828.69, mnillion (since Ast July 2037 till 30th September 2022) being shown under Other Non-Currant Assets inthe Balance Sheet. 4 The aforesaid standalone financial results, balance shest and cash flow statement have been reviewed by the Audit Committee on November 10, 2022 and subsequently taken on record by the Board of Directors of the Company at its meeting held on November 11, 2022. 5 Exceptional Items in previous year ended March 31, 2022 represents reversal of provision of entry tox for earlier years of Re 5,823.25 million [being the principal of Rs 2,450.38 million (for the ‘timancial years 2012-13 to 2017-18) and interest of Rs 3,382.87 million (for the financial years 2012-13, +0 2020-21) (Re 2,794.85 million post tax) during the year ended March 31, 2022. This has been done pursuant to West Bengal Taxation Tribunal (WET) judgement and legal opinions obtained in support of managements reassessment of such provisions. 6 The figures for the quarter ended September 30, 2022 have been derived on the basis of difference between figures for half year ended September 20, 2022 and for quarter ended June 30, 2022 both subjected to limited review. Figures for quarter and half year ended September 30, 2021 were however not subjected to limited review. cont7 other income includes net loss on foreign currency transactions and translation of Rs $40.37 million land Rs 1,485.77 million for the quarter and half year ended 20th September, 2022 respectively (a= Sgainst profit of Re 4.23 million and lose of Re 82.64 suilion for the corresponding Guat f Yeer ended 30th September. 2021 respectively) and net ain arising on financial abilities Gotignated a: st FVTBL of Re 89.22 million and Re 300.3 million for the quarter and hall year ended 20th September, 2022 respectively (as agains! lore of Re 0.40 million and Re 42-18 million for the. corresponding quarter and half year ended 30th September, 2021 respectively). 8 Three new wholly owned subsidiaries namely HPL Industrial Parks Limited (HIPL), HPL Industrial Estates Limited (HIEL) and Adplue Chemicals and Polymers Private Limited (Adpius) were Incorporated on 23st January, 2022, ath February, 2022 and Lath September, 2022 respectively. Investment in Equity ahares of Re Oi milion in MIDL and Wick were made by the Company on A7%h May 2022 Further, an investment in Equity Shares of Re 10 million in Adplus was mage by the Company subsequently on 14th October, 2022. There are no activities or transactions roporting period in WIPL and Adplus. 9 The Company now being # debt listed Company Is requi standalone results to the stock exchenge pursuent to Regulation 32(3) of SEBI LODR Re ‘and accordingly figures for the quarter andad june 20, 2021, quarter endeo september 30, 2021 and half year ended September 20,2023 Included in the statement are ss compiled by the management which has not Bean subject £0 limited review / audit. Management has exercized necesrary due Citigence to ensure that the financial results for the quarter ended June 30, 2021. September 30, ‘year ended September 30, 2021 to provide a true and fair view of the Company's The word "Unaudited implies figures subjected to limited review except for the quarter / half year x for computation of ratios are a5 follows: 1 [Debt equityratio rota babe [retar equi [Repayments mage curing the [veer for tong term loans Exceptional tems) 3 |intarent service coverage ratio [Farnings available Tor a servicing “(Earnings be‘ore| Interest, Depreciation ano| uttacm Debiie Wark [Leng term oan leurent assets “current [ead Debts te Account necelvabla|®ad Debts [average Account Receivable (2 feeereat Habitar Basie areant UsBIRISz frotar usbilitiee Fr taLAssaia ——]¥stal Debts fretatasscts [3 trade tecalvables iumaverraiie [Net Credit Sales erage Accounts Recelable i0-finvantonvturnovar- ratio [cost of soads Sold (or Salsa} [average Invent 11 [Operating Margin (%) JEsIOTA (Exclucing [Revenue from Operations Jexcepticnal items) (a2 Inset brotit Margin 50 profit after Tax [Revenue from Operations Forand on behalf of the Board of Diragtore Whole-time Director & Chief Executive Officer