Frick India Limited Unlisted Shares

Financial Report Summary

Frick India Limited, an ISO 9001:2015 certified company, has released its unaudited financial results for the quarter and nine months ended December 31, 2023. The results were reviewed by the Audit Committee and approved by the Board of Directors on February 14, 2024, and have undergone a limited review by the company's statutory auditors.

Financial Performance:

• Revenue: Revenue from operations for the quarter ended December 31, 2023, was ₹12,245.50 lakhs, compared to ₹10,314.67 lakhs for the quarter ended September 30, 2023, and ₹10,009.17 lakhs for the quarter ended December 31, 2022. Total income for the quarter was ₹12,548.30 lakhs. Revenue from operations for the nine months ended December 31, 2023, was ₹32,991.13 lakhs, compared to ₹23,456.70 lakhs for the nine months ended December 31, 2022.
• Expenses: Total expenses for the quarter ended December 31, 2023, amounted to ₹11,211.33 lakhs, which included ₹7,702.04 lakhs in the cost of materials consumed and ₹1,501.15 lakhs in employee benefits expenses.
• Profitability: Profit before tax for the quarter was ₹1,336.97 lakhs. Profit after tax for the period was ₹998.95 lakhs. For the nine months ended December 31, 2023, the profit after tax was ₹2,891.92 lakhs.
• Earnings Per Share (EPS): The basic and diluted EPS for the quarter ended December 31, 2023, not annualized, stood at ₹166.49 per share.

Other Comprehensive Income:

• Total other comprehensive income for the period was negative ₹5.69 lakhs.

Equity:

• Paid-up Equity Share Capital (Face value of Rs. 10/- each): ₹60.00 Lakhs.

Operational Overview:

• The company is primarily involved in the manufacture, supply, and execution of Industrial Refrigeration and Air conditioning systems, constituting a single reportable segment.

Karvy Stock Broking Limited (KSBL) Matter:

• The company is still pursuing the recovery of ₹186.82 lakhs worth of equity shares and ₹24.76 lakhs in bank balance that were pledged by Karvy Stock Broking Limited (KSBL) without the company's knowledge. A complaint/claim has been filed with SEBI against KSBL and NSE for the return of securities and refund of the deposit amount, with the management believing the amount is fully recoverable.

Compliance with SEBI Regulations:

• Frick India Limited has also submitted an intimation under Regulation 32 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Regulations), 2015, confirming that the company has not engaged in any public issue, rights issue, preferential issue, or QIP during the Third Quarter and Nine Months ended on December 31, 2023.

Auditor's Review:

• Lodha & Co LLP, Chartered Accountants, conducted an independent auditor's review of the unaudited financial results. Based on their review, nothing came to their attention that caused them to believe that the Statement was not prepared in accordance with applicable Indian Accounting Standards or that it contained any material misstatement. The review was conducted in accordance with the Standard on Review Engagements (SRE) 2410.