AZAD ay

Date: 11.11.24

To, To,
_ The Listing Department The Listing Department
_ BSE Limited National Stock Exchange of India Ltd.
Department of Corporate Affairs Exchange Plaza, Plot No. C/1, G Block
_ Phiroze Jeejeebhoy Towers Bandra-Kurla Complex,
_ Dalal Street Bandra (E)
_ Mumbai - 400 001 Mumbai - 400 051

Dear Sir/Madam,

Subject : Outcome of the 04/2024-25 Board Meeting held on November 11, 2024.
Reference : ISIN - INEO21J01035; Scrip Id-544061; Scrip Code-AZAD

With reference and further to the intimation of Board Meeting dated November 05, 2024, we
hereby inform you that in the 04/2024-25 meeting of Board of Directors of the Company, duly
convened and held on Monday, November 11, 2024 at the registered office of the Company
situated at “90/C,90/D, Phase 1 I.D.A, Jeedimetla, Hyderabad, Telangana, India, 500055” that
commenced at 03:30 PM (i.e. 1530 Hours) and concluded at 05:30 PM (i.e. 1730 Hours), the
Board of Directors has inter alia transacted the following businesses:

e considered and approved the Standalone and Consolidated Un-audited Financial Results of
the Company for the 2"4 quarter and half year ended on 30" September, 2024;
e Other business arising out of the above business and incidental and ancillary to the
Company’s business.

This is for your information and record.

Thanking you,

Yours truly,

For Azad Engineering Limited

Ful Kumar Digitally signed by

Ful Kumar Gautam

Gautam Date: 2024.11.11

17:36:38 +05'30'

Ful Kumar Gautam

(Company Secretary & Compliance Officer)
Membership No.: A49550

AZAD E N G I N E E RI N G LI M IT Oo
D Registered Office Address: 90/C, 90/D, Phase-1, LD.A.
Jeedimetla, Hyderabad, Telangana-500 055, India.
Kian Bele
AB Sa aaAccredited & o© CIN NO: U74210TG1983PLC004132 | Tel: 040-23097007
SF eames
2015 Ser eSrp GSTIN: 36AAECA9452H1Z] Email: cs @azad.in
MPR
CS -2409 - 1001 Website: www.azad.in
 MSKA & Associates {Ate Manenra
Tity Comper
Telangana, Hyderabad 500072, INDIA
Chartered Accountants

Independent Auditor’s Review Report on Standalone unaudited financial results of Azad Engineering
Limited (formerly known as Azad engineering Private Limited) for the quarter and year to date pursuant
to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended.
To The Board of Directors of Azad Engineering Limited (formerly known as Azad engineering Private
Limited)

1. We have reviewed the accompanying statement of standalone unaudited financial results of Azad
Engineering Limited (formerly known as Azad engineering Private Limited) (hereinafter referred to as
‘the Company’) for the quarter ended September 30, 2024 and the year to-date results for the period
from April 01, 2024 to September 30, 2024 (‘the Statement’) attached herewith, being submitted by
the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘the
Regulations’).
2. This Statement, which is the responsibility of the Company’s Management and has been approved by
the Company’s Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34 ‘Interim Financial Reporting’,
prescribed under Section 133 of the Companies Act, 2013 (‘the Act’) read with relevant rules issued
thereunder (‘Ind AS 34’) and other recognised accounting principles generally accepted in India and is
in compliance with the Regulations. 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. A review of interim financial
information consists of making inquiries, primarily of persons 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 Act 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. Based 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 Ind AS 34 and other recognised accounting principles generally
accepted in India has not disclosed the information required to be disclosed in terms of the Regulations,
including the manner in which it is to be disclosed, or that it contains any material misstatement.

For MS KA & Associates

Chartered Accountants
ICAI Firm Registration No.105047W

a
Ananthakrishnan Govindan
Partner
Membership No.:205226
UDIN: 24205226BKEAPE8666

Place: Hyderabad
Date: November 11, 2024

Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: +91 22 6238 0519
Ahmedabad | Bengaluru | Chennai { Goa | Gurugram | Hyderabad | Kochi | Kolkata | Mumbai | Pune www.mska.in
 Azad Engineering Limited [formerly known as Azad Engineering Private Limited]
*
CIN: U74210TG1983PLC004132
Registered office address: 90/C,90/D, Phase 11.D.A, Jeedimetla, Hyderabad,
Telangana, Indla, 500055
Statement of standalone unaudited financial results for the quarter and half
year ended September 30, 2024
{All amounts are in Rs Mn]
Quarter ended Half year ended
S.No |Particutars Year ended
September 30, 2024 | June 30, 2024 September 30, 2023 September 30, 2024 | September 30,2023 | March 31, 2024
[Unaudited] [Unaudited] [Refer Note 4] [Unaudited] [Refer Note 4] [Audited]
|Income:
| | Revenue from operations
1,114.12 984.03 828.37 2,098.21
It | Other income 1,587.47 3,407.71
16.99 6.12 106.36 23.11
Hl | Total income (I+i1) 107.83 319.93
1,131.11 990.21 934.73 2,121.32 1,695.30 3,727.64
IV | Expenses:
Cost of materials consumed
252.84 168.93 172.46 421.77
Changes in inventories of finished goods and work-in-progress 289.63 667.63
(92.92) (15.72) (51.29) (108.64)
Employee benefit expense (90.64) (207.41)
219.21 204.39 182.90 423.60
Finance costs 337.66 742.65
48,51 32.82 117.34 81.33
Depreciation and amortisation expense 218.59 472.65
66.98 60.15 50.73 127.13
Other expenses 98.43 205.30
337.13 295.98 261.45 633.11
Total expenses §25.88 1,038.96
831.75 746.55 733.59 1,578.30
V__ | Profit before tax for the perlod/year (III-1V) 1,379.55 2,919.78
299.36 243.66 201.14 543.02
Vi | Tax expenses 315.75 807.86
Current tax
82.61 66.69 35.01 149.30
Deferred tax 55,23 146.21
6.05 5.67 (28.36) 11.72
Total tax expense {7.95) 75.85
88.66 72.36 6.65 161.02
VH_ | Profit for the period/year (V-V1I) 47.28 222.06
210.70 171.30 194.49 382.00
Vill | Other comprehensive Income/(loss) (net of taxes) 268.47 585.80

Remeasurement gains / (tosses) on defined benefit plans

(6.08) 1.65 (4.69) (4.43)
Tax relatingto above items (3.23) (3.58)
1.77 (0.48) 0.94 1.29
Totat other comprehensive income/(loss) for the period/year (0.15) 1.04
(4.31) 1.17 (3.75) {3.14)
IX | Total comprehensive income for the perlod/year (VI1+Vill) (3.38) (2.54)
206.39 172.47 190.74 378.86 265.09 583.26
X | Paid up equity share capital (Face value Rs 2/- each fully paid up)
118.23 118.23 99.11 118.23
Xi | Reserves excluding revaluation reserve 99.11 118.23
Xil_| Earnings per equity share (Face value Rs 2/- each fully paid up) 6,332.83
(1) Basic (in Rs)*
3.56 2.90 3.92 6.46
(2) Diluted (in Rs)* 5.42 11.20
3.56 2.90 3.92 6.46
* Not annualised 5.42 11.20
* ss * *
\See accompanying notes to the standalone unaudited financial results *
 Azad Engineering Limited [Formerly Azad Engineering Private Limited]
CIN: U74210TG1983PLC004132
Statement of Standalone Assets and Liabilities
[Atl amounts are in Rs Mn]

As at September 30,2024 As at March 31, 2024

ParTleOtars (Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 2,630.01 2,545.41
Right-of-use assets 140.46 27.33
Capital work-in-progress 568.45 454.34
Financial assets
(i) Investments 0.20 -
{ii} Other financial assets 410.13 246.92
Other non-current assets 1,172.66 479.71
Total non-current assets 4,921.91 3,753.71
Current assets
Inventories 1,538.18 1,329.63
Financial assets
(i) Trade receivables 2,261.98 1,699.53
(ii) Cash and cash equivalents 320.26 281.86
(iii) Bank balances other than (ii) above 39.46 307.32
(iv) Other financial assets 1.54 -
Other current assets 631.51 598.74
Total current assets 4,792.93 4,217.08
Total assets 9,714.84 7,970.79
EQUITY AND LIABILITIES
Equity
Equity share capital . 118,23 118.23
Other equity 6,711.69 6,332.83
Total equity
6,829.92 6,451.06
LIABILITIES
Non-current liabilities
Financial tabilities
(i) Borrowings 953.49 271.13
(ia) Lease liabilities 119.58 20.05
Provisions 44.67 36.08
Deferred tax liabilities (net) 237.71 210.68
Total non-current liabilities 1,355.45 537.94
Current liabilities
Financiat liabilities
(i) Borrowings 529.56 100.44
{ia) Lease liabilities 18.48 2.71
(ii) Trade payables
(a) total outstanding dues of micro and smail enterprises 221.50 208.62
(b) total Sutseariglig dues of creditors other than micro and 305.71 290.49
small enterprises
(ii!) Other financial liabilities 174.82 118.63
Provisions 7.09 4.26
Other current liabilities 172.56 228.72
Current tax liabilities (net) $9.75 27,92
Total current liabilities 1,529.47 981.79
Total liabilities 2,884.92 1,519.73
Total equ ity and liabilities 9,714.84 7,970.79
 Azad Engineering Limited (Formerly Azad Engineering Private Limited)
(CIN : U74210TG1983PLC004132}
Statement of Standalone Cashflows
[Alt amounts are in Rs Mn]
Half Year Ended Half Year Ended
Particulars September 30,2024 September 30, 2023
(Unaudited) (Refer Note 4)
A. Cash flow from operating activities
Profit before tax 543.02 315.75
Adjustments for:
Depreciation and amortisation expense 127.13 98.43
Finance costs 81.33 218.59
Gain on derecognition of financial tiabilities (2.00)
Net unrealized foreign exchange gain (5.59) 1.76
Provision for credit impaired trade receivable 23.70 3.96
Interest income (14.47) (3.09)
Profit on sale of property plant and equipment - (42.00)
Gain on sale of investment in subsidiary
- (56.03)
Operating cash flows before working capital changes 753.12 537.37
Changes in working capital
Adjustments for (increase) / decrease in operating assets:
Trade receivables (580.56) (152.66)
Inventories (208.55) (195.98)
Other financial assets (8.60) (14.37)
Other current assets (32.77) (149.05)
Adjustments for increase / (decrease) in operating liabilities:
Trade payables 28.10 (65.52)
Other financial liabilities 180.92 40.37
Provisions
11.42 10.05
Other liabilities
(60.59) (5.70)
Cash generated from / (used in} operations
82.49 14.51
Income taxes paid (net of refund)
(60.87) (72.00)
Net cash flow used in operating activities A 21.62 (57.49)
B. Cash flows from investing activities
Purchase of PRORAMY: plant and equipment (including capital work in (1,124.88) (243.67)
progress and capital advances)
Loans & advances given
(169.27) :
Proceeds from sale of property plant and equipment
- 42,02
Investment in subsidiaries
(0.20) -
Proceeds from sale of investment in subsidiaries
- 118.86
Deposits (placed)/ matured with banks & others
273.92 188.51
interest received 14.47 3.09
Net cash flow used in Investing activities B (1,005.94) 108.81
C. Cash flow from financing activities
Proceeds from issue of equity shares
- 5
Proceeds from/(repayment) of tong term borrowings (net) 682.36 (134,12)
Principal paid on tease liabilities
(9.43} {5.59}
Interest paid on tease liabilities (6.04) -
Proceeds from/(repayment) of short term borrowings (net) 429.12 314.83
Interest (paid)/Received
(73.29) (218.59)
Net cash flow from financing activities Cc 1,022.72 (43.47)
Net increase in cash and cash equivalents A+B+C 38.40 7.85
Cash and cash equivalents at the beginning of the year 281.86 193.93
Cash and cash equivalents at the end of the period 320.26 201.78
 Notes:
The Standalone unaudited Financial Results for the quarter and half year ended September
30, 2024 have been reviewed and recommended by the Audit Committee and approved by
the Board of Directors at their meetings
held on November 11, 2024. The statutory auditors have carried out limited review of these Standatone
Financial Results and have issued an unmodified report on these results.
The above results have been prepared in accordance with the Indian Accounting Standard
(Ind AS)- 34 "Interim Financial Reporting’ as prescribed under Section 133 of the Companies
Act, 2013, read with the Companies
(Indian Accounting Standards} Rules, 2015, as amended.
The Company has completed an Initial Public Offer ("IPO") of 14,122,108 Equity Shares at
the face vatue of Rs 2/- each at an issue price of Rs 524/- Per Equity share, comprising a fresh
issue of 4,580,151 shares.
Rs. 2,227.49 Mn have been received in the Escrow account (net off estimated offer expenses
Rs 172.51 Mn) from proceeds of fresh issue of equity shares. Full amount of Rs. 2,227.49
company’s account. Further, the fund raised from Offer for sale were remitted to the selling Mn have been transferred to the
shareholders (net off estimated offer expenses borne / to be borne by the selting shareholders).
The utilisation of the net proceeds
is summarised as below:

[Ail amounts are in Rs Mn]

Object of the issue as per prospectus Amount to be utilised as per Utilisation up Unutilised amount up to
Prospectus September 30, 2024 September
30, 2024
Towards funding of
603.95 277.53 326.42
Repayment/prepayment, in part or full, of certain of the borrowings availed by the Company*
1,381.88 1,357.10 24.78
General corporate purposes**
241.66 420.00 {178.34)
Total
2,227.48 2,054.63 172.86
*The balance of 24.78 Mn will be utilised by the company for repayment of the balance debts.
**The Company has utilised Rs. 420.00 Mn towards General Corporate Purpose as against
the amount of Rs. 241.66 Mn as estimated and stated in the prospectus. The excess utilisation
estimated for the capital expenditure. However, these amounts are within the limits of 25% of Rs.178.34 Mn is from the proceeds
of gross proceeds of fresh Issue as set out in the Prospectus as per the requirements of
SEBI ICDR Regulations.

The figures for the quarter ended June 30, 2023 were audited by us for the purpose of inclusion of financlal
statements in the Draft
Red Herring Prospectus and for the halt year ended September 30, 2023 were audited by us
>

for the purpose of inclusion of financial statements In Prospectus of the Company. Figures
for the quarter ended September 30, 2023 is the balancing figures between the above two audited
periods.
The operations of the Company predominantly relate to the manufacture and sale of high precession
an

and OEM components. As such there is only one primary reportable segment as per Ind AS
108 “Operating Segments".

By the order of the board

For Azad Engineering Limited (Formerty known as Azad Engineering Private Limited)

Rakesh Chopdar
Place: Hyderabad
Chairman and CEO
Date : November 11, 2024
DIN: 01795599
 . 1101/B, Manjeera Trinity Corporate
SSOCI a tes JNTU-Hitech City Road, Kukatpally
Telangana, Hyderabad 500072, INDIA
Chartered Accountants

Independent Auditor’s Review Report on consolidated unaudited financial results of Azad Engineering
Limited (Formerly known as Azad Engineering Private Limited) for the quarter and year to date pursuant
to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended.

To the Board of Directors of Azad Engineering Limited (Formerly known as Azad Engineering Private
Limited)

1. We have reviewed the accompanying Statement of consolidated unaudited financial results of Azad
Engineering Limited (Formerly known as Azad Engineering Private Limited) (hereinafter referred to as
‘the Holding Company’), its subsidiaries, (the Holding Company and its subsidiaries together referred to
as the ‘Group’) for the quarter ended September 30, 2024 and the year to-date results for the period
from April 01, 2024 to September 30, 2024 (‘the Statement’) attached herewith, being submitted by the
Holding Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘the Regulations’).

2. This Statement, which is the responsibility of the Holding Company’s Management and approved by the
Holding Company’s Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34 ‘Interim Financial Reporting’
prescribed under Section 133 of the Companies Act, 2013 (‘the Act’) read with relevant rules issued
thereunder (‘Ind AS 34’) and other recognised accounting principles generally accepted in India and is in
compliance with the Regulations. 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. A review of interim financial information consists of
making inquiries, primarily of persons 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 Act 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.

We also performed procedures in accordance with the circular issued by the Securities and Exchange
Board of India under Regulation 33 (8) of the Regulations, to the extent applicable.

4. This Statement includes the results of the Holding Company and the following entities:

Sr. No Name of the Entity Relationship with the Holding Company

1 Azad VTC Private Limited Subsidiary

2 Azad Prime Private Limited Subsidiary

Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: +91 22 6238 0519
Ahmedabad | Bengaluru | Chennai | Goa | Gurugram | Hyderabad | Kochi [| Kolkata | Mumbai | Pune www. mska.in
 MSKA & Associates
Chartered Accountants

2. Based on our review conducted and procedures performed 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 Ind AS 34 and other recognised accounting
principles generally accepted in India has not disclosed the information required to be disclosed in terms
of the Regulations, including the manner in which it is to be disclosed, or that it contains any material
misstatement.

For MS KA & Associates

Chartered Accountants
ICAI Firm Registration No.105047W

Cyr
Ananthakrishnan Govindan
Partner
Membership No.: 205226
UDIN: 24205226BKEAPF3715

Place: Hyderabad
Date: November 11, 2024

Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: +91 22 6238 0519
Ahmedabad | Bengaluru | Chennai | Goa | Gurugram | Hyderabad | Kochi | Kolkata | Mumbai | Pune www.mska.in
 Azad Engineering Limited [formerly known as Azad Engineering Private Limited]
CIN: U74210TG1983PLC004132
Registered office address: 90/C,90/D, Phase 11.D.A, Jeedimetla, Hyderabad, Telangana, India, 500055
Statement of consolidated unaudited financial resutts for the quarter and half year ended September
30, 2024
[All amounts are in Rs Mn]
Quarter ended Half year ended Year ened
5.No [Particulars September 30, 2024 June 30, 2024 September 30,2023 | September 30,2024 | September 20, 2023 | March 31,2024
[Unaudited] [Unaudited] [Refer Note 5] [Unaudited] [Refer Note 5] [Audited]
Income:
| Revenue from operations 1,115.35 984.09 828.37 2,099.44 1,587.47 3,407.71
Il | Other income 15.28 6.12 106.41 21.40 107.88 319.93
It | Totatincome (FI) 1,130.63 990.21 934.78 2,120.84 1,695.35 3,727.64

IV | Expenses:
Cost of materials consumed 255.39 168.93 172.46 424.32 289.63 667.63
Changes In Inventories of finished goods and work-in-progress {96.94) (15.72) (51.29) {112.66} (90.64) {207.41}
Employee benefit expense 222.25 204.39 182.90 426.64 337.66 742.65
Finance costs 48.71 32.82 417.35 81.53 218.60 472.65
Depreciation and amortisation expense 67.65 60.15 50.73 127.80 98.43 205.30
Other expenses 336.06 296.08 261.16 632.14 525.53 1,038.96
Total expenses 833.22 746.65 733.31 1,579.78 1,379.21 2,919.78
V_ | Profit before tax tor the pertod/year (III-IV) 297,51 243.56 201.47 §41.07 316.14 807.86
VI | Tax expenses
Current tax 82.64 66.66 34.98 149.30 $5.20 146.21
Deferred tax 6.05 5.67 (28.36) 11.72 (7.95) 75.85
Total tax expense 88.69 72.33 6.62 461.02 47.25 222.06
VII | Profit for the period/year (V-VI) 208.82 171.23 194.85 380,05 268.89 585.80
Atiributable to
Shareholders of the Company 210.09 171.23 194.85 381.32 268.89 585.80
Non controlling Interest (1.27) - - (1.27) - -
Vill: | Other comprehensive Income/{loss) (net of taxes)
Remeasurement gains / (losses) on defined benefit plans (6.08) 1.65 (3.75) {4.43} {3.23} (3.58)
Tax relating to above items 1.77 (0.48) - 1,29 {0.15} 1.04
Total ether comprehensive income/(loss) for the perlod/year {4.31} 1.17 (3.75) (3.14) {3.38) (2.54)
1X | Total comprehensive income for the period/year (VIl+Vill} 204.51 172.40 191.16 376.91 265.51 583.26
Attributable to
Shareholders of the Company 205.78 172.40 191.10 378.18 265.51 583.26
Non controlling Interest (1.27) - - (1.27) - -
X | Paid up equity share capital (Face value Rs 2/- each fully paidup) 118.23 118.23 99.11 118.23 99.11 118.23
XI | Reserves excluding revaluation reserve 6,332.40
XIl_ | Earnings per equity share (Face value Rs 2/- each fully paidup)
(1) Basic (in Rs)* 3.55 2.90 3.93 6.45 5.43 11.20
(2) Diluted (in Rs)* 3.55 2.90 3.93 6.45 5.43 11.20
* Not annualised f * * * *
See accompanying notes to the conslodated unaudited financial results
 Azad Engineering Limited [Formerly Azad Engineering Private Limited]
CIN: U74210TG1983PLC004132
Consolidated Statement of Assets and Liabilities
[All amounts are in Rs Mn]
As at September 30,2024 As at March 31, 2024
Particulars (Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 2,649.67 2,545.41
Right-of-use assets 149.20 27.33
Capital work-in-progress 568.45 454.34
Financial assets
(ii) Other financial assets 258.60 246.92
Other non-current assets 1,300.49 479,71
Total non-current assets 4,926.41 3,753.71
Current assets
Inventories 1,542.20 1,329.63
Financial assets
(i) Trade receivables 2,262.59 1,699.53
(ii) Cash and cash equivalents 321.34 281.86
(iii) Bank balances other than (ii) above 39.46 307.32
(iv) Other financial assets 0.02 -
Other current assets 636.77 598.74
Total current assets 4,802.38 4,217.08
Total assets 9,728.79 7,970.79
EQUITY AND LIABILITIES
Equity
Equity share capital 118.23 118.23
Other equity 6,710.58 6,332.40
Attitubutable to owners of the parent 6,828.81 6,450.63
Non controlling interest (NCI) (1.08) -
Total equity 6,827.73 6,450.63
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 953.49 271.13
(ia) Lease liabilities 126.56 20.05
Provisions 44,67 36.08
Deferred tax liabilities (net) 237,71 210.68
Total non-current liabilities 1,362.43 537.94
Current liabilities
Financial liabilities
(i) Borrowings 529.56 100.44
(ia) Lease liabilities 20.46 2.71
(ii) Trade payables
(a) total outstanding dues of micro and small enterprises 221.50 208.62
(b) total outstanding dues of creditors other than
micro and smail enterprises 311.00
{iii} Other financial liabilities 174.82
Provisions 7.09
Other current liabilities 174.45
Current tax liabilities (net) 99.75
Ae, \SS Fetal current llabilities 1,538.63
(Sy TéxaNiabilities 2,901.06
| =(\ derat Total Equity and liabilities 9,728.79
YN7Qp &cy
Wed Acc
 Azad Engineering Limited (Formerly Azad Engineering Private Limited)
(CIN : U74210TG1983PLC004132)
Consolidated Statement of Cash Flows
[All amounts are in Rs Mn]
Half Year Ended Half Year Ended
Particulars September 30, 2024 September 30, 2023
(Unaudited) (Refer note 5)
A. Cash tlow from operating activities
Profit before tax 541.07 316.14
Adjustments for :
Depreciation and amortisation expense 127.80 98.43
Finance costs 81.53 218.60
Gain on derecognition of financial liabitities (2.00) :
Net unrealized foreign exchange gain {5.59} 1.76
Provision for credit impaired trade receivable 23.70 3.96
Interest income (14.47) (3.09)
Profit on sale of property plant and equipment - (42.00)
Gain on sale of investment in subsidiary - (56.08)
Operating cash flows before working capital changes 752.04 537.72
Changes in working capital
Adjustments for (increase) / decrease In operating assets:
Trade receivables (681.17) (152.66)
Inventories (212.57) (195.98)
Other financial assets (7.08) (19.33)
Other current assets (38.03) (149.04)
Adjustments for increase/ (decrease) in operating liabilities:
Trade payables 32,96 (56.00)
Other financial liabilities 189,88 17.17
Provisions 11.42 10.14
Other liabilities (58.70) (5.87)
Cash generated from / (used in) operations 88.75 (13.85)
Income taxes paid {net of refund) (60.87) (72.00)
Net cash flow used in operating activities A 27.88 (85.85)
8. Cash flows from investing activities
Purchase of property, plant and equipment (inctuding capital work in (1,281.76) (213.36)
progres and capital advances)
Loans & advances given (17.75) -
Proceeds from sale of property plant and equipment - 42.02
Proceeds from sale of investment in subsidiaries - 118.86
Deposits (placed)/ matured with banks 273.93 188.51
Interest recelved 14.47 3.09
Net cash flow used in Investing activities B (1,011.11) 139,12
C. Cash flow from financing activities
Proceeds from issue of equity shares 0.19 -
Proceeds from/(repayment) of long term borrowings (net) 682.36 (136.19)
Principal paid on tease liabilities (9.43) (5.59)
Interest paid on lease abilities (6.04) -
Proceeds from/{repayment) of short term borrowings (net) 429.12 314.83
Interest (paid}/Received (73.49) (218.60)
Net cash flow from financing activities Cc 1,022.71 (45.55)
Net increase in cash and cash equivalents A+B+C 39.48 7.72
Cash and cash equivalents at the beginning of the year 281.86 194.06
Cash and cash equivalents at the end of the period 321.34 201.78
 Notes:
The Consolidated unaudited Financial Results for the quarter and half year ended September 30, 2024 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their
meetings held on Novernber 11, 2024. The statutory auditors have carried out limited review of these Consolidated unaudited Financial Results and have issued an unmodified report on these results.

The consolidated unaudited financial results include results of the following subsidiaries:
Sno [Name of the subsidiary |retationship
1 Azad VTC Private Limited Subsidiary
ii Azad Prime Private Limited Subsidiary

The above results have been prepared in accordance with the Indian Accounting Standard (Ind AS)- 34 “Interim Financiat Reporting" as prescribed under Section 133 of the Companies Act, 2013, read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended.

The Company has completed an initial Public Offer ("IPO") of 14,122,108 Equity Shares at the face value of Rs 2/- each at an issue price of Rs 524/- per Equity share, comprising a fresh issue of 4,580,151 shares.
Rs. 2,227.49 Mn have been received in the Escrow account {net off estimated offer expenses Rs 172.51 Mn) from proceeds of fresh issue of equity shares. Full amount of Rs. 2,227.49 Mn have been transferred to the
company's account. Further, the fund raised from Offer for sale were remitted to the selling shareholders (net off estimated offer expenses borne / to be borne by the selling shareholders). The utilisation of the net
proceeds s summarised as below:

[AU ts are in Rs Mnj

Amount to be utilised as per Utilisation up Unutilised amount up to

Object of the Issue as per prospectus prospectus September 30, 2024 September 30, 2024

Towards 603.95 277.53 326.42

Repayment/prepayment, in part or full, of certain of the borrowings availed by the Company” 41,381.88 1,357.10 24.78
General corporate purposes ** 241.66 420.00 (178.34)
Totat 2,227.49 2,054.63 172.86
*The balance of 24,78 mn will be utilised by the campany for repayment of the balance debts.
**The Campany has utilised Rs. 420.00 Mn towards General Corporate Purpose as against the amount of Rs, 241.66 Mn as estimated and stated in the prospectus. The excess utilisation of Rs.178.34 Mn is from the
proceeds estimated for the capital expenditure. However, these amounts are within the Umits of 25% of grass proceeds of fresh Issue as set out in the prospectus as per the requirements of SEBLICDR Regulations.

The figures for the quarter ended June 30, 2023 were audited by us for the puropose of Inclusion of financiat statements In the Draft Red Herring Prospectus and for the half year ended September 30, 2023 were audited
by us for the purpose of inclusion of financial statements in Prospectus of the Company. Figures for the quarter ended September 30, 2023 is the balancing figures between the above two audited periods.

The operations of the Company predominantly retate to the manufacture and sale of high precession and OEM components. As such there is only one primary reportable segment as per Ind AS 108 “Operating
Segments”.

The Company, during its board and shareholders’ meetings held on September 14, 2023 and September 15, 2023 respectively, approved the sale of investment in subsidiaries (Swastik Coaters Pvt Ltd and Rauland
Chemicals Pvt Ltd) to Mr. Rakesh Chopdar(Chairman and CEQ). Consequently, these companies are no longer subsidiaries. Accordingly, the consolidated results of quarter and half year ended September 30, 2024 are
not comparable with the quarter and half year ended September 30, 2023 and year ended March 31, 2024.

Azad VTC Private Limited a wholly owned subsidiary was Incorporated In the first quarter of FY 2024-25 with an objective to engage in the business of coatings. Pursuant to the Asset Purchase Agreement dated 09 May
2024, the company acquired certain assets during the current quarter, Further, pursuant to the Share holder agreement (SHA) dated May 0S, 2024 the company issued 9,608 shares to Mr Ravi Kumar at face value of
Rs. 10/- each. Consequently, the revised shareholding stands at 51% by Azad Engineering Limited and 49% by Mr. Ravi Kumar. As per the terms of the SHA Azad Engineering limited has a call option to purchase the
shares held by Mr, Ravi Kumar.
Accordingly the consolidated results for the quarter and half year ended September 30, 2024, are not comparable with the quarter and half year ended September 30, 2023 and year ended March 31, 2024

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 for smalt and modular reactors {SMRs)
The Azad Prime Private Limited a wholly owned subsidiary was incorporated in the first quarter af FY 2024-25 with an objective to engage in the business of producing components
acquire certain assets. The
for the nuclear energy sector, In the current quarter, Azad Prime Private Limited has enetered into a Asset Purchase Agreement dated July 25, 2024 with Leo Primecomp Private Limited to
to be completed by foruth quarter of FY 2024-25. The company issued 9,608 shares to Lea Primecomp Private Limited at face value of Rs. 10/- each in terms of the
asset purchase Is in progress and expected
Sharehotders Agreement dated July 25, 2024. Consequently, the revised shareholding stands at 51% by Azad Engineering Limited and 49% by Leo Primecomp Private Limited.
ended March 31, 2024
Accordingly the consolidated results of quarter and half year ended September 30, 2024, are not comparable with the quarter and half year ended September 30, 2023 and year
By the order of the board
For Azad Engineering Limited (Formerly known as Azad Engineering Private Limited}

Rakesh Chopdar
Place: Hyderabad Chairman and CEO
Date : November 11, 2024 OIN: 01795599