c ESCORTS

November 2, 2019

BSE Limited National Stock Exchange of India Delhi Stock Exchange Phiroze Jeejeebhoy Limited Limited Towers, Dalal Street, Exchange Plaza, Bandra Kurla DSE House, 3/1, Mumbai-400 051 Complex, Bandra East, Mumbai - Asaf Ali Road,

400051 New Delhi - 110002 BSE-500495

DSE -00012 NSE - ESCORTS

Subject: Outcome of the Board Meeting of Escorts Limited pursuant to Regulation 30 & Unaudited Financial Results (Provisional) pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please note that the Board in its meeting held today i.e. November 2, 2019 has approved the following items:

1. Financial Results: Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended September 30, 2019 and Limited Review Report thereon .

2. Change in Key Managerial Personnel & Compliance Officer: Acceptance of Resignation of Mr. Ajay Sharma, Group General Counsel & Company Secretary and Compliance Officer w.e.f. close of working hours on November 30, 2019 and appointment of Mr. Satyendra Chauhan, Chief General Manager as the Compliance Officer w .e.f. December 1, 2019

3. Re-appointment of Whole-time Director: a. Re-appointment of Ms. Nitasha Nanda as Whole-time Director for a period of 5

years, subject to the approval of the shareholders through Postal Ballot. b. Approval for payment of remuneration to Ms. Nitasha Nanda for a period of 5

years, subject to the approval of the shareholders through Postal Ballot. 4. Postal Ballot: Approval for Issuance of Postal Ballot Notice

Please find enclosed herewith the following:

1. Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended September 30, 2019;

2. Limited Review Report; 3. Press Release;

~I ESCORTS LIMITED

Corporate Secretarial & Law Registered Office : 15/5, Mathura Road, Faridabad - 12 1 003 , Haryana , India

Phone : +91 - 129-2250222, Fax : +91 -129-2250060 ,. - ..

We further wish to inform you that the Board Meeting held today commenced at I I • $[°'"""and concluded at I : \ S PW"\ .

Kindly take the same on record .

Thanking you .

Yours faithfully, F.or Escorts Limited

Ajay Sharma Group General Counsel & Company Secretary

Encl: A/a

-...

c Escorts l..imlted

Statement of S~lone Unaudited Fl~ni:ial Rew~ for tile quarter afld s.ix mon~ ended Santember 30. 2019

Ptutt<:ufam

I-"""""""from opemlions Oll1er illllOme

TO!al!-Expenses

O><;tot.-!lall< """""""!!! P\<mnases l)fsfo<:k.irM!ade Cllw)ges m 1.-lo!leo otftnishe<I Q<JO!ls, __ .,._,.,...and stoctc,:Jn-.t:rade

emPIOYW l>eneffls _...,

F"""""'~

~'""""'""'"""-Oiiier"""""'""" T- eJ!P$ll9e$

Pn:lljtfnlllt contlt\Ul!lg 0~11$ - ~ il"'18 and-~ rtems(!9fetn<Jte2)

Pn!lltftom -1ill\llng C!P911111ons - tax ifaittll<pe"""

Cumonl'tax

Delem!d !al< (lJ!edi!lld!arge

rr-i""'""""""" Notptofil ffam Cllllllnuing opemlcns--

Profit from dj$C0!1!lnue<I ~ befm> lW!

Tax-of<li--~

Net profll from dlaCo!l!inu!ld -"'- aftettilx ~pr0fittor111e petio<1

.Olllef·-~-ttems !Mtwill not be re<lillsslfied to pmllt and toss NM d'tanges:Jn. fa:ir val~ of ttqt,tlty in$1'.r!J~ earned at fair \ialue thR:>ugn - COO>l'(e!ui>nsM> income

R._temenlll of defined emplo¥ee benefit plens

lllcome la>Melolinq ll> items !hat Will not be- to profll j)f.-Totaj othfM ·cmnpreheosf\ie income

TO!al comprelHlnslve In-

Eaminp per $liar<! (!Ot COlltilllrill9 Operation) tif Rs. 10 eacb :

~·l-!JGJ ~JOiM..i!Ra.i &rnlngs per wre {lbr d-11111<1 opetal!on) ot Rs. to

""""' {al !laoic (Ra)

il>l !Jllullld {RI> l Eaml!lgs !)Ill' !!hare (for d-nued & continuing operallon) o1Rs.111eacll:

(;1)-(Rli.)

O>) DillJ!ed. (Rs.)

Patdup equity share capital, equity share of, 'f tQI .. each

•Olllerea-

~_.

'Mo-ended P-ng3-• ~11113 Frir-th&' six montm. ended

31)..1l9.18

-lie<!

Ul23.8e

21.00 1,1144.91

869.05 ...

10422

(l!&.19)

125.33

335

26.00

154.14

U27.0ll ..

HT .. et

(9.22}

1011.lill

11l61

(14.52)

4.09 t04.611

i04.611

(!106)

(27~)

0.311

I~;""'

(02,16

875

8:75

8.15

81;>

12258

- lllOlltbe etldO<I IJ> the pnwloua-ye&f

~ta

~· 31)..1l9.19

UJIOV!jlled l.lno""1led unawtt!ld

1.42297 1.398.36 2,741).BS

1Ml) 2212. irU5 1,431>.6:1' t,420.411 2.784.58

.7~l)7. 1,00414 1;&18'12

7.752 1011.lll! t81.74

15$.12 (16Hl9) 8893 12257 113J:!4 247.90

51!6 3J36 ll,71

2411 21.411 !;011

t711,21l 15300 351.aa

1.at~ US8.21 2.tl87.ll$

12lU4 tM.27 247Jl5

' (!1.22)

429,14 1$4J11 231.81

42.88 52.98 61.49

{123) (135) (1!i75)

4HS5 51!f.; ;4a74 l'U!I 102.114 192.119

0.15 (l.(j§

(t10

!17,411 102.74 1$2.otc

(l'l.00) (0.04) (0:.17)

0.27 (275)

O.l)l IQ.Oil) 0.40

ID.QBI 0.14 ,,,_,

""1 ... 102.88 1119.Sf

7.32 8.$1 16.07

732. 8.59 16.(Jl

O.ll1

Q.()i

732 860 1607

1.32 aao 1601

1.:<.iS!! 1Z1.IJ8 12251j

SIGNED FQJ( IDENTIFICATION

PURPOSES

ao.4J9.18

llrutudlted

2.90964

3910

2.948.74

!2,ll21)1(!

197.32

(250.72)

234.!0

8.?a 42!li5

SSiiJS

2.&lll.39

aa&.¥

.

338.311

tll4.35

579

11U4 l?22.2t

1119 0.6(1

1,23

22&.44

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IU3

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1860

16,80

0.10

0.10

!!HO

18.7!1

1Z1Jll!

l"!:S, lfl \<itoJG$

For Ille-ended

31~111

Au\!ited

6,lll636

1!0Jl5 6,21721

4;046.:!ll

403.99

(203.62)

47174

111411

<!1>37

750.65

~-92

710.28

10.!H

72Ull

19alilS

38.89

237.02 -· 1119

0.66

1.23

484.91

400.

(174)

5.13

aa ••

411411

40.46

(110

il10

<lll58

40.58

122.51l

2ll00,28

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b) Oblr--%--11) flwentoflell --------- -·--------·--·-- - __ _bj__ ______________________________________ _

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O}Ballrlililllp lll!Tllllll> ....... (!')-...-.....-'*--..--......... (b)T<lllll-*fl_ot.......,,dhor_"*"'> ___ W

-~ {ll}-llitolllilll-11) ... _ ......

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T

SIGNED F.o( IDENTIFICATION

PURPOSES

c Escorts Umited

Unaudited standalone statement of cash flow for tile six months ended September 30, 2019

A Cash flow from operating acttvitles

Profit before tax from Continuing operations Discontinued operations Profit before talt lnelud"1g discontinued opeJatlons Adjustments for: Depreciation and amortisation expenu

Bad debts and advances written off, aftowanoe for doubtful trade receivable, write backs & others (net) Interest expense Interest lllCQme Gain on disposal of property, plant and equipment (net) Gain on sale of investmen1$ (net) Galn on investments carried at fair val14e through profit or loss (net) Share based payment to employees Unrealised foreign eX!lhange lOS$ Operating profit before working caP!tal changes

Movement In working capital Inventories Trade receivables Other financial assets Other assets Trade Pli!Ylilble$ OtherfinancialUabilities Other liabilities Ca5h from I (used in) operating activitle& postworkfng capUal change!J !noome tax paid (net) Net cash from I (used In) operating~ {A}

B Ca5h flows from Investing. actiVllies Purchase of prapert:y, plant and equipment (ineludlng capital advances) sale of property, ptam and eQl.lipment Purchase of intangible~ Investment in subsidiaries and equity shares of other companies Proceeds on maturity of current investment (net) Bank deposit (having original maturity Qf more than 3 months) Interest received Net cash (used in) I from Investing. acttvltles (8)

C CaSh flOWs from financing actiVllies Repayment of long term borrowings Proceodsl(repayment) from ehort term borrowings (net) Interest paid Repayment of lease liabffity DMdend and tax thereon pald Net cash {used In} t from financing aA;tlvltles (C)

Decrease in ca.Sh and ca.Sh equivatenl's (A+B+C) Cash and ca.Sh equivalenl's at the beginning of tl1e period Exchange differenoe on translation. of foreign currency ca.Sh and ca.Sh equivalents Cash and. cash equtvalellts at the end Of the period

SIGNED FOR/ IDENTIFICATi6N

PURPOSES

Rs. In Ct'OfeS Silt months emf.ad

30Sep2Qt9 3Q$ep.2Q18

Unaudited UnaUdlted

237.83 333.35 . 1.89

237.83 335.24

50. 11 42.05 7.31 2.01

8.36 5.11 (20Ae) {16.74)

(0.39} (0.83) (1.08) (tt52)

(1227) (6.44) 2.45 Ct80 0.85 0.42

272.71 355.fO

71.52 (340.63) 87.68 (161.31}

(24.56) 3.61 28.67 (1107.)

(4tt29) 80.76 (17.37) {18.28)

4A7 629 376.83 (189.43) (74.15} (76.84} 302..«8 (26&..27}

(96.27) (67.85) 1.24 5.02

(3,64} {7.03} (1.60) (1.3.39) 1.07 70.42

- 2310 15.25 1c3.53

{88.95) 23.80

(743) (29.88} (19064} 190.71

{7.72) (3.91) (1.42) .

(26 (22.82} (233 134.10

(19.50) {108.37} 8580 148.74 (Q.62) 0.36 lis.68 40,.73

--...,_. ____ ......,~,.,, .... qllllflorondllilt_.....,...,..__2011

11$111""""' --,.......,._ -.•- • l'ertllnbllllilllfluJtlllild ,,,,.,. __

a - - ___ lit ..

No. -- -· -- - - - - -t ......,.._ a)AIJI~,...... 11911& 1,Clll2.0il 1,Q43.M 2,087.1111 2.2.2!l.54 4.743$7

~)--~ - 212.211 lMll.l!!I 413.18 495.!lfl 1.1154.111

C)ReillllY~ 128.74 111till 111&.98 244.114 194.ll1 394.ll7 <l)- o.62 U4 - 1.t8 . 4.25

T- t,llZl.88 t,tlUl' .... 2,741.113 -Ill 9,1-

~~--------~ -----·----- ·------·---··- ---·---------- --·----~...,.,--- -·---··-------..-- ----- -----·- ----·-------... _.._ ... ·-- i _ _.. ·- ,.,...,.. ··-"" ..._

2 llilgmOnt-

aJA!Jlmodinory~ 1!12J50 11$.!17 1!13.45 Z!l.47 320.09 68llAS II}--....- 8.39 5.38 1.112 10.75 1.71 3181

'llRlllilllV...,_ 24.21 23All 21.111 41.83 43,46 78.312

d)Ml>~fl'O'blll(,,_,.,,._..., - - 0.111 - 1.88 ue TOia) IU.to Ml'.8f 1JU1 .. 3'13.14 m11

._, -Finonce- 3.1111 5.8& 3.811 9.71 ll71! 1848

-~-l-nola2) 9.22 - - 9.22 - (10.91

-Ollw.........,.,,_.... 10.34 12;911 18.29 Z'l2ll 31.17 SUI! (Netat--

TClllprolll-tu 1llbl -· ........ ....... -- moe i ~-a).l!Qli-*""'f,._ 2,llll3.l!fl 2.741.80 Z7'8.li4 ~ 2.7811J14 2.1174.82

!»~...,,._ 414;<1(! - 4111M - 418.411 4211$

c)-,~ 21111.51 2!111.1111 :ioua 85f :ma-ta 214611

llllll*llll!lilllillY,._(cllccnllrul4~ 0:10 l.14 0.6! o:ro o.e1 1.10

a)- ""'"'" 1""""· 1324.11 1""4' 1-:w 138U9

, ..... ........ .......... ·-· L7A28. ·-.. 4 .......,._ a)AIJI~ prodllcls 1,24:l.94 l.fllf.05 1.aaoM 1.242.94 l.aarul? l.<lllUll bl_,....,_ 2113.81 24ll.34 ~ 253Jl1 281!.l)li 277.ofl

C)Rallley ........ 99.76 101.77 10IU!l 99\75 100.18 ao:m 1.11/lllolllCilllry,._(~~ 7.10 1.511 7.15 7.10 7.1S us

"'- 1211.48 - -.'I'll 1211.<111 2154.18 202.94

y,...1 ....... ·-,. ·-- 1.nut ·-- UMJlll _, f _____ .,. .... ______ .... ___ !of ... ___ ......,_ ... _ .. _.,, ... """""" .... -.-..

-2.il01$.

2 itl.:'!.!!.'::.":~~=====---==--:=."C..r.-:::.-:.:::r..:::.=-..:===--=-..:--"'lls 3 ______ , ___ ,le>_ ... ___ _

. ::::::::..:.::.;:.-....:=:o~:io:=-..:..-:.=::-..=:::..~M.~$-------

SIGNEDF~ IDENTIFICATIO

PURPOSES

Walker Chandiok &.Co LLP

Walker Chandlok & Co LLP (Formerly Walker, Chandiok & Co) L-41 Connaught Circus New Delhi 110001 India

T +9111 4278 7070 F +91 11 4278 7071

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Escorts Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results (the 'Statement') of Escorts Limited (the 'Company') for the quarter ended 30 September 2019 and the year to date results for the period 1 April 2019 to 30 September 2019, 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), including relevant circulars issued by the Securities and Exchange Board of India ('SEBI') from time to time. Attention is drawn to the fact that the cash flow figures for the corresponding six months period ended 30 September 2018 have been approved by the Company's Board of Directors, but have not been subjected to audit or review.

2. The Statement, which is the responsibility 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 Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016, (hereinafter referred to as the 'SEBI Circular'), 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. 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 the 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.

Chartered Accountants

Offices in Bengaluru, Chandigarh Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India

Walker Chandiok &_Co LLP

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of Escorts Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd)

4. Based on our review conducted as 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, prescribed under Section 133 of the Act, the SEBI Circular, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 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.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

~(.f~t~~· c,~DIO-t Siddharth Talwar 'Def"\ Partner * * Membership No. 512752 ~ ~

UDIN: f 9(/2-'tS2-AAflALO:L~ lj : c-~A~'f

Place: Faridabad Date: 2 November 2019

Chartered Accountants

statement Qf C:Oll$Ollllllted Unaudited l'lnam;llll Ruu!W fl:lr lllt quarter <111<1 SIX m9'ltb11 ended seotember ao, 201~ Portlwli> ..

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-laxl'i!ldnglO_ ll!af,..l>O!b&-IOpn>lltorioso

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TO!al-~"""'""' Totat~rehenwtve. inc-Oma

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21.44 17.93 25115

1.JlH.71 1,Amt38 1,438.48

87:$~1 7t)1"73 1,o:t~H~l

104.22 775'! 10a:l8

(Sli,!l\21 l\;5.32 (161.48)

127:80 12492 HS.51!

405 6.24 ua '.1614 24.75 21.85

llllt87 1&2.00 19tl&7

1~ "*°" 1,2811.611

t1!L54 129.34 152.10

11l-7lll M2 '0.01)

114,84 129.311 lliVll

19.2.Zl 10fl.Sa 1211.36 ·-n

18.61 42.&8 5291 (14.53! (1.18) (128)

4J)6 41.70 31.!i!I 10U4 87 •• fOMtr

0.15

0.05 ' 0.10

101.54 87,56. fOUAI

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<2.75] 0.27

Q.39 il01 \009)

(!>Zlj (0.43) 0.5'!

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1QU4 8774 10151

(l>.2Q) (0.08\ {Ch3it

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99.llS 8723 10l!J$

!l120) (0.08) (0.31}

11.115 IG.23 11.82

H,85 10.23. 1t62

0,01

O.ol

nu 10.23 1183

11..85 lll.23 ll.a<t

tZ2.!5& 122.58 122:.56

SIGNEDFQt< IDENTIFICATION

PURPOSES

For th& etw mortthe eltded

~o ~ - RefW:t:l«:U:3

2.77422 2.941.52

39.37 43.61

2.813.llB 2,-.13

1$31,64 2JJ38~64

1.81.74 1!1732 5ll40 (250.74)

252c7Z 23891

10,29 781i 5149 42.Jl9

372.43 378.22 2.5611:11 ........

244:88 3tt24

ll>B/lj l0.09!

244.21! 332;{6

{9.1?\

·234.911 m,,q

61.49 104.35 liSJ'i} 6.16

43.7& Hl.11 ,_ ;111,00

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066 l.2'3

1911.20 Zl'l.27

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(215) 027

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(0.65) 0.22

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186.41$ msi

100.48 =n (026) !OM1

(;>HJ 0.34

ll01

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22.08 25.82

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b)~eqlll~ ;!IJ0.911 21:uo 2'19.illl 41&18 «15.!lll t•.07

c) Rallwayeql.lf!lments 1211.7'1 116.10 105.ll!l 244.114 194.01 lj!M;OY

dl~ 2.7?! 4M 1.«I 7.21 3.77 11;.lllil --·----·-...

------·----~---------·----------·--------·- --------- . •·····-

Tolal t,ll38.7l' ........ 1,412111 2,'1'1111.22 2,11412.QS· ..... Lese:lnlllrll!Ofll10lll- - - 0.11 . OS BB&

•...-it- ,,.,.,.n , ....... .... ,,., ............ .. ....... ,._..,, 2 ---IUlllll:

al AP~~ 1111.l'l' 1111.M 153.39 22U'I a:l'l.77 !lllllll4 b)~eq~ a• , .. 1.82 111.15 7.71 111.61 c)Rallliwt¥~ 24.21 213'82 21.111 41.83 -~ 1U2

d)Aullt<lllClllaly"""""""~--} . l!.111 1.811 .. t.-

T<lllll tat.at 1411.12 fl'tst 2111"19 374.111! ... Les:

·Fina-- .... ~

6.24 iUlll 10.211 7.115 11lS4

-~fteme(8nollt2J 9.22 . 9,22 . {5..6tll

• QlberllllSlfacable~ 12"18 ~ 19.88 25.70 3:2.llil $l41 (Neid-~

TQlalpmllt-lall. , ........ - ........ .....,.. *""" . N.tl

3 ~...-

a)Agri machin81y~ 2.889.Q! 2;m.e7 2.801'.18 2;11811.02- 2.807.18 S,005211

b) ~ eq'""""'* 414.-0 402.85 41ll.49 414."40. 4111.491 4211.54

c) Rel!Wareqit~ 2551 ;!SS.Ill l!Q&.1$ 2flll..ll1 Dl.18 ll:l4.$

d)-·~--(d~~ CU!) • '1.14 0.11 0.10. Q.81 1.1.Q

a)~ V"'"~· 1 ........ 1011.llll 1 O<llL18 '""t.f§ 1llllRM

.... _ ... ... -.... ........ u &lltf,,. ........... .. -.... 4 lllOQaleftt~

a) AQI! maclllnalypmd!J$ 1,2114.48 ,,1116.Bf 1,se.ao 1,...., 1,3411.0Q MSUlt

b)~equipmell!s 2l1&a1 246.34 215.0I! :!11&31 286.1111 711'1.f!S

c) Ralfwaitequipment& 911.78 'I.GUI' 1111116 ••• 100.111 8(1.71)

dl'!ulo~PRl<IU*~~ 7.10 7.68 7.1S 1.111 7.111 1.li8

•)~ .. .... ... 1li5.Qfl _ ...

""""" - t-"' .......... 2'!12JMl2 . ......... 4-· MlllM _, 1 --~-----......--llmonll!s-~llO.l111111----llfl»Allill~-~--Gfthcb!odl»~atlf&i-.g_..,_.,

20f9. I.

2 ~ll!9•1HIO\ll)Gflla~-o.ttilllllll_.andAllX _____ llll.;lillf914"'11p1111111sl!l""4\lil~1111'1Jlnlll..._of~llllill!llllilhc~-~o!Rs!l.J;I-..... Ytlr--.:i>M.1D19._.t __ ....,.._.,~---li>Nlllllt/ .. _-~IOllT~00>• ........ lioollill.

3 Tlle .... fll .. Clllllllillllll----.... ~--andtllll-mdl\1!$1!11t1•11112litll'-llllenljllfti.WlllJyW~-d,._,.,lllJt,_lidl>IMll~fl>-«-4 TlleEl'Ulp111aJlidopllllflnilMftf~ ..... 1.!if!!l._lllH1ClllflldilV1lolillllllllllY4~J\M'liMCA!itfbe.~(---~-~1flUlln(lll1lllllfied~ --~<t•-•na1-.. ll!lllOIWfllllllol«rtlll!IRlfltollh!lai"'11 ............ - ...... 30,:ao!fS.

5 """""""""*~--...... ,~---........ II>----SIGNED FO,J{'

IDENTIFICATION _PURPOSES

-IJlnllild ""'I""' ....... -~

"'°'""'~ .......... --..-~ ffllllM_OlllN, _____ ~-111-"-·-~= ut s

Ra in er.-.-.. Portlcu!o111 Corulol!dated

Aaat A•at

-.:?019 at..o\1-201&

Unaudltod Audltod ASSeT8

l No.n.cummt t19$8la •i "'-1\l,-amequ1pmen1 l,6'.,17,59 1<593,11 bl CllP!1ai-*l- 88,32 :: CJlrM!Sfmellt-1¥ 21>85 4)~- ;$,06 ii: •linlll!l!llbi!>--~ 21!59 ll ----lorusmg-- 34,47 85,15 91Flnll!1CIOI-m- L6S ($1 (ii)loolls 8114 !W1 ~tax-(net\ t44 tZI 1l'leMte !rut assets intMJ :30,04 1738 Olher-·- 98,Z! 96,Jj

TQtat f\MM!Utntnt aaa«ts 2-033.llG !~

2 Cummt-• a}~ 79121 85742 b} Rnamcral asset:& Ill- 41618 403,81 !ii)T!'J)lje~ 8\'lU6 931 qi; (ff!)Clllih<l!l!lctl!lf!~ 61U4 noo liVJSoti<"81allCe&oftlerltlan!lffl- 1®,87 19(1.25 Mloans ;$,45 5,03 t>llJOlher-- 15,53 14,!l!;

Cl Olheramnt ...... 270.83 :3QC)Jl2 Total eumiint aeeets Z97~• z·-04

3 fton..cummt UMta~P Mldfor•kt ~'~ Totlll- 3'9

EQUITYANl:U.IABILITIES 1 liqutty

•)~-·- 122,511 122511 bl Other equity u1a_54 2""1>,Sj

T.n.1ofequityo!lhe_,of1119 potent ~-Z! ~813.A

--COnll<llllng- 5,36 5,64 Total$11WIY 2.84Ull 2.871l13

2 _........,_"_ a)F--

(i)B<lrl'owlng$ 27,2£ a,53 (UJOlher-lllbiltles !&91; 17,;16

b)- z1,111 25,111 el ~l!ll< .. bllties!netl 36,98 SUIT

di Other--.. 1\,38 maa Tutal oon<Wrflont O~billilee 122.20 110,38

a CummtUIU!Ulllee •l~-

\!)il<lm>1lllllgs 1$,$ :.1£923 ltt!Tl'Odo~ (eJTotal~-Q!fritro_and __ 1&84 32,98 (bJT-Ola!~'*""of""'4t<n""1efltlanmlcr0~- U7tl41 t21516

-~-(iH)Olherllrlen<'Jlll- 127.88 148,!ID b) Olher""""'tliOl>lifies !33,33 1$'t97 C) l'rQ\'iSi<ln$ 1Zt86 120,04 d) cmentla•--l {l,ff) l),;O

Total cumtnt ilabll- 1115!lll1 191&!111,

Tollll-·'""arulllOl!lllaa 1,

c a.orts lJll*d

Unaudiflld ~ Catll fk>W Stalament rormeetx mon11$eneled S8pfiamtier30. 2011

A Catll ftW flom operdnSJ advJlles Profit .... tax flOm

______ Q<1r1tl1'!Ylrut~.----··---·----·-···------·-­Oisoorllimled operation PIOfit t:lefore tax lnclUdlAg dlllcontlnued operations AdJualments for: ~and amortisallon expen$e

Bad~ and advam:e$ written Clff, allowanee for dOubUi.11 trade ~.written backa & othet's (net)

lntereet..,.. lnlereat income ShaA! of Ion of equity accounted investmema Gain Ol!I -- of property, plant and equipment {llet) Share baaed payment to employees Gain Oft Stille of lnvestmel'llll (net) Gain on~~ at fair valUe through profit or ms (net} Unrealilled fc:lftllgn exchange Ion Operdlqf~llefllleW81'fdna capltal~

MovemeM In WOJ'ldn9 capita! ~ Trade receMlble other finAc:lal assets Oltler assets TuKle~ Olher fimlnolal ll$llllie& other lfatliliitls and pmlslons Catll Mtml (used In).....-~ fM*~CllQil(talcrtanps Income talc paid (mlt) Netcaaltfnitn I {llsed-ln) eperatlq ....... (A)

B cash ftWs fmm• lmlelllng adVllles ~of property, plant and equipment(~ capital adVaACes) Sale of~ plant and equipment ~of intangible assets Investment In joint venture ~on~ ofetmnt investment (net) Bankdopltllllt (haW!s original l!'ffllurilY of more 1han S mon1hs) lnlereat reeeWed Netaaalt {llsed ltJ I flom In tmteslnfl aolYfes (llQ

c Catll tklilRbm ~aotiVllfes Repayment Cl tong "1m "1el'f'OWiAt$ ~epavment) from shortterm ~ (l'let) Interest pGIGt ~of leau llallllKy Dividend and talctbereon paid Net aaalt. (u:sect In) I flom IJllulclng ac:IMtfes (C}

Decrease In cash and cash equMilenfs (A+l+C) Cath and ClilSh equivallmfs af tbe beginning of 1be period Exchange dlffeMnce on tralt$latlOn of foreign~ cash and GaSh equlvalents casb andcasb equlvafenla atttae end of Ile pedOd

SIGNEDFOJ( IDENTIFICATION

PURPOSES

- -·---·-- --332;15-

uw

51.4$ 42.89 7.31 1.78

((16.-4$} 1.39

(8.64)

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP (Formerly Walker, Chandiok & Co) L-41 Connaught Circus New Delhi 110001 India

T +91 11 4278 7070 F +91 11 4278 7071

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Escorts Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Escorts Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), its associate and joint ventures (refer Annexure 1 for the list of subsidiaries, associate and joint ventures included in the Statement) for the quarter ended 30 September 2019 and the consolidated year to date results for the period 1 April 2019 to 30 September 2019, 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), including relevant circulars issued by the Securities and Exchange Board of India ('SEBI') from time to time. Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended 30 September 2018 and the corresponding period from 1 April 2018 to 30 September 2018, as reported in the Statement have been approved by the Holding Company's Board of Directors, but have not been subjected to audit or review.

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 ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as 'the SEBI Circular), and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

Chanered Accountant&

Offices in Bengaluru, Chandigarh Chennai, Gurgaon. Hyderabad, Kolkala, Mumbai, New Delhi, Naida and Puna

Walker Chandiok & Co LLP is regislered wilh limited liability wilh identification number AAC-2085 and ils regislered office at L-41 Connaughl Circus, New Delhi, 110001 , India

Walker Chandiok &.Co LLP

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 the 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 SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review report of the other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, the SEBI Circular and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 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.

5. We did not review the financial results of one subsidiary included in the Statement, whose financial information reflects total assets of~ 4.86 crores as at 30 September 2019, and total revenues of~ 0.06 crores and ~ 0.06 crores, total net loss of~ 0.05 crores and total net profit of ~ 0. 07 crores, total comprehensive loss of ~ 0.10 crores and total comprehendsive income of ~ 0.01 crores, for the quarter and six months period ended on 30 September 2019, respectively, and cash outflows (net) of~ 0.01 crores for the period ended 30 September 2019, as considered in the Statement. These financial results have been reviewed by other auditors whose review report has been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the review report of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter.

6. The Statement includes the interim financial information of five subsidiaries, which have not been reviewed/audited by their auditors, whose interim financial information reflect total assets of~ 113.16 crores as at 30 September 2019, and total revenues of~ 20.46 crores and ~ 45.60 crores, total net loss of ~ 2.50 crores and ~ 2.92 crores, total comprehensive loss of ~ 2.51 crores and ~ 3.57 crores, for the quarter and six months period ended on 30 September 2019, respectively, and cash outflows of~ 4.23 crores for the period ended 30 September 2019, as considered in the Statement.and have been furnished to us by the Holding Company's management. The Statement also includes the Group's share of net loss after tax of ~ 0.66 crores and ~ 0.68 crores and total comprehensive loss of ~ 0.66 crores and ~ 0.68 crores for the quarter and six months period ended 30 September 2019, respectively, in respect of one associate and three joint ventures, based on their interim financial information, which have not been reviewed/audited by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), read with SEBI Circular, in so far as it relates to the aforesaid subsidiaries, associate and joint ventures, are based solely on such unreviewed/unaudited interim financial

Chartered Accountants

Walker Chandiok &_Co LLP

information. According to the information and explanations given to us by the management, these interim financial information are not mateirial to the Group.

Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

/(}CJ\..~~~ c,~DIO.t (i'(} rirrD ~If c0 S1ddharth Talwar ~ ~ Partner ~ * Membership No. 512752 ~

UDIN: 1.9~!2.~5'2..AA ~A c.f kQ ~~t:oA-;//' Place : Faridabad Date: 2 November 2019

Charte"'d Accountanlll

Walker Chandiok &..Co LLP

Annexure 1

List of entities included in the Statement

Subsidiaries: 1. Escorts Securities Limited 2. Farmtrac Tractors Europe Sp. Z.o.o. 3. Escorts Crop Solutions Limited 4. Baba Chadaneswar Agri Services LLP (dissolved on 22 March 2019) 5. Pancha Sakha Agri Services LLP (dissolved on 22 March 2019) 6. Jay Jagannath Agri Services LLP (dissolved on 22 March 2019) 7. Revanpalli Raytu Sangam Agri Services LLP (dissolved on 22 March 2019) 8. Haritha Raithu Mithra Agri Services LLP (dissolved on 22 March 2019) 9. Escorts Finance Limited 10. Escorts Benefit and Welfare Trust 11. Escorts Benefit Trust

Associate: 1. Escorts Consumer Credit Limited

Joint venture: 1. Adico Escorts Agri Equipment Private Limited 2. Tadano Escorts India Private Limited 3. Escorts Kubota India Private Limited

Chartered Accountants