THE BOMBAY DYEING AND MANUFACTURING COMPANY LTD.

Neville House, J. N. Heredia Marg, Ballard Estate, Mumbai-400 001

CIN : L17120MH1879PLC000037
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023
(₹ in crore)
Standalone Consolidated

Quarter Ended Year Ended Quarter Ended Year Ended

Particulars
December 31, December 31,
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
2022 2022
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
(Unaudited) (Unaudited)

I Revenue from Operations 670.17 651.97 598.01 2,673.73 2,000.92 670.17 651.97 598.01 2,673.73 2,000.92
II Other Income 20.58 6.29 10.15 102.40 105.30 20.58 6.29 10.15 102.40 105.30
III Total Income (I + II) 690.75 658.26 608.16 2,776.13 2,106.22 690.75 658.26 608.16 2,776.13 2,106.22

IV Expenses:
a. Cost of Materials Consumed 286.63 306.05 302.71 1,291.28 1,171.37 286.63 306.05 302.71 1,291.28 1,171.37
b. Purchase of Stock-in-trade 5.60 7.06 1.06 32.82 4.58 5.60 7.06 1.06 32.82 4.58
c. Changes in inventories of Finished Goods, Stock-in-trade
and Work-in-progress [Refer Note 3] 324.79 152.68 78.90 741.66 176.13 324.79 152.68 78.90 741.66 176.13
d. Employee Benefits Expense 15.76 17.51 13.72 69.04 62.72 15.76 17.51 13.72 69.04 62.72
e. Finance Costs 134.92 138.64 109.14 522.95 524.00 134.92 138.64 109.14 522.95 524.00
f. Depreciation, Amortisation and Impairment Expense 9.40 7.98 7.92 33.28 32.78 9.40 7.98 7.92 33.28 32.78
g. Other Expenses 132.72 128.89 131.63 573.62 435.98 132.72 128.89 131.63 573.62 435.98
Total expenses (IV) 909.82 758.81 645.08 3,264.65 2,407.56 909.82 758.81 645.08 3,264.65 2,407.56

V Profit / (Loss) before share of profit / (loss) of Associates and

exceptional items (219.07) (100.55) (36.92) (488.52) (301.34) (219.07) (100.55) (36.92) (488.52) (301.34)

VI Share of profit / (loss) of Associates 0.03 0.04 (0.02) 0.14 0.11

VII Profit / (Loss) before exceptional items and tax ( V + VI) (219.07) (100.55) (36.92) (488.52) (301.34) (219.04) (100.51) (36.94) (488.38) (301.23)

VIII Exceptional items (Net) [Refer Note 6] - - (0.45) - (233.03) - - (0.45) - (233.03)

IX Profit / (Loss) before tax (VII + VIII) (219.07) (100.55) (37.37) (488.52) (534.37) (219.04) (100.51) (37.39) (488.38) (534.26)

X Tax Expense:
i. Current Tax - - - - - - - - - -
ii. Deferred Tax [Refer Note 5] 27.06 - 4.14 27.89 (74.14) 27.06 - 4.14 27.89 (74.14)
iii. (Excess) / Short provision of tax of earlier years - 0.22 0.19 0.22 - - 0.22 0.19 0.22
Total Tax Expense 27.06 - 4.36 28.08 (73.92) 27.06 - 4.36 28.08 (73.92)

XI Profit / (Loss) for the period from continuing operations after tax
(IX - X) (246.13) (100.55) (41.73) (516.60) (460.45) (246.10) (100.51) (41.75) (516.46) (460.34)

XII Profit / (Loss) for the period from discontinued operations 0.01 (0.27) 0.01 (0.25) 0.02

XIII Tax expense of discontinued operations - - - - -

Profit / (Loss) for the period from discontinued operations after

XIV
tax (XII - XIII) 0.01 (0.27) 0.01 (0.25) 0.02

XV Profit / (Loss) for the period after tax (XI + XIV) (246.13) (100.55) (41.73) (516.60) (460.45) (246.09) (100.78) (41.74) (516.71) (460.32)

XVI Other Comprehensive Income

A i. Items that will not be reclassified to profit or loss
- Net (loss)/gain on Investments in equity shares
designated as FVTOCI (including that on sale of equity
shares) (18.51) (5.82) (104.31) (0.64) (106.36) (18.51) (5.82) (104.31) (0.64) (106.36)
- Actuarial (loss)/gain on defined benefit obligation 0.79 0.27 0.24 1.47 3.36 0.79 0.27 0.24 1.47 3.36
ii. Income tax relating to above 0.37 - (0.06) 0.57 0.94 0.37 - (0.06) 0.57 0.94
iii. Share of Other Comprehensive Income of Associates
(net of tax) - - - (0.11) (0.02)
B i. Items that will be reclassified to profit or loss
- Exchange differences on translation of discontinued
operations - (0.01) - * - * - *
Total Other Comprehensive Income (17.35) (5.55) (104.13) 1.40 (102.06) (17.35) (5.56) (104.13) 1.29 (102.08)

XVII Total Comprehensive Income for the period (XV + XVI) (263.48) (106.10) (145.86) (515.20) (562.51) (263.44) (106.34) (145.87) (515.42) (562.40)
* denotes amount less than ₹ 1 lakh
 (₹ in crore)
Standalone Consolidated

Quarter Ended Year Ended Quarter Ended Year Ended

Particulars
December 31, December 31,
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
2022 2022
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
(Unaudited) (Unaudited)

i Net Profit / (Loss) attributable to :

a. Owners of the Company (246.13) (100.55) (41.73) (516.60) (460.45) (246.09) (100.77) (41.74) (516.70) (460.32)
b. Non-Controlling interests - * (0.01) - * (0.01) - *
ii Other Comprehensive Income attributable to :
a. Owners of the Company (17.35) (5.55) (104.13) 1.40 (102.06) (17.35) (5.56) (104.13) 1.29 (102.08)
b. Non-Controlling interests - * - * - * - * - *
iii Total Comprehensive Income attributable to :
a. Owners of the Company (263.48) (106.10) (145.86) (515.20) (562.51) (263.44) (106.33) (145.87) (515.41) (562.40)
b. Non-Controlling interests - * (0.01) - * (0.01) - *

XVIII Paid up Equity Share capital (Face Value ₹ 2 each) 41.31 41.31 41.31 41.31 41.31 41.31 41.31 41.31 41.31 41.31

XIX Other Equity (1,314.95) (799.75) (1,287.36) (771.94)

XX Earnings per equity share of ₹ 2 each (for continuing operations)

Basic (in ₹) (11.92) (4.87) (2.02) (25.01) (22.29) (11.92) (4.87) (2.02) (25.01) (22.29)
Diluted (in ₹) (11.92) (4.87) (2.02) (25.01) (22.29) (11.92) (4.87) (2.02) (25.01) (22.29)

XXI Earnings per equity share of ₹ 2 each (for discontinued

operations)
Basic (in ₹) - # (0.01) - # (0.01) - #
Diluted (in ₹) - # (0.01) - # (0.01) - #

XXII Earnings per equity share of ₹ 2 each (for continuing and

discontinued operations)
Basic (in ₹) (11.92) (4.87) (2.02) (25.01) (22.29) (11.92) (4.88) (2.02) (25.02) (22.29)
Diluted (in ₹) (11.92) (4.87) (2.02) (25.01) (22.29) (11.92) (4.88) (2.02) (25.02) (22.29)
* denotes amount less than ₹ 1 lakh
# denotes that amount is negligible
 THE BOMBAY DYEING AND MANUFACTURING COMPANY LTD.
Neville House, J. N. Heredia Marg, Ballard Estate, Mumbai-400 001
CIN : L17120MH1879PLC000037
SEGMENT WISE REVENUE, RESULTS AND SEGMENT ASSETS AND LIABILITIES
(₹ in crore)
Standalone Consolidated

Quarter Ended Year Ended Quarter Ended Year Ended

Particulars
December 31, December 31,
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
2022 2022
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
(Unaudited) (Unaudited)

1. Segment Revenue
(net sales/income from each segment)

a. Real Estate 289.15 248.06 140.60 952.92 430.76 289.15 248.06 140.60 952.92 430.76

b. Polyester 371.87 392.92 455.52 1,670.48 1,548.45 371.87 392.92 455.52 1,670.48 1,548.45

c. Retail / Textile 9.15 10.99 1.89 50.33 21.71 9.15 10.99 1.89 50.33 21.71
Net Sales/Income from Operations 670.17 651.97 598.01 2,673.73 2,000.92 670.17 651.97 598.01 2,673.73 2,000.92

2. Segment Results - Profit/ (Loss) before Exceptional items

a. Real Estate [Refer Note 3] (96.72) 55.96 41.42 41.15 144.68 (96.72) 55.96 41.42 41.15 144.68

b. Polyester 20.50 (11.42) 37.51 14.59 39.12 20.50 (11.42) 37.51 14.59 39.12

c. Retail / Textile (0.39) 1.94 (1.50) 6.28 2.20 (0.39) 1.94 (1.50) 6.28 2.20

Total (76.61) 46.48 77.43 62.02 186.00 (76.61) 46.48 77.43 62.02 186.00

Less: i. Finance Costs (other than Interest on Lease Liability) (134.92) (138.64) (108.90) (522.95) (523.64) (134.92) (138.64) (108.90) (522.95) (523.64)

Less:
ii. Other unallocable expenditure net of unallocable income (7.54) (8.39) (5.45) (27.59) 36.30 (7.54) (8.39) (5.45) (27.59) 36.30
iii. Exceptional items-Real Estate (Net) [Refer Note 6] - - (0.45) - (233.03) - - (0.45) - (233.03)

iv. Share of profit/(loss) of associates 0.03 0.04 (0.02) 0.14 0.11

Profit / (Loss) before tax from continuing operations (219.07) (100.55) (37.37) (488.52) (534.37) (219.04) (100.51) (37.39) (488.38) (534.26)

Profit / (Loss) before tax from discontinued operations 0.01 (0.27) 0.01 (0.25) 0.02

Total Profit / (Loss) before Tax (219.07) (100.55) (37.37) (488.52) (534.37) (219.03) (100.78) (37.38) (488.63) (534.24)

3. Segment Assets

a. Real Estate 1,338.09 1,726.60 2,174.30 1,338.09 2,174.30 1,338.09 1,726.60 2,174.30 1,338.09 2,174.30

b. Polyester 615.54 628.95 658.40 615.54 658.40 615.54 628.95 658.40 615.54 658.40

c. Retail / Textile 3.35 2.97 4.37 3.35 4.37 3.35 2.97 4.37 3.35 4.37

d. Textile Discontinued Operations (Foreign Subsidiary) 0.97 0.97 1.20 0.97 1.20

e. Unallocated 1,035.10 1,155.21 1,391.53 1,035.10 1,391.53 1,036.08 1,156.16 1,392.48 1,036.08 1,392.48
Total 2,992.08 3,513.73 4,228.60 2,992.08 4,228.60 2,994.03 3,515.65 4,230.75 2,994.03 4,230.75

4 Segment Liabilities

a. Real Estate 405.79 489.64 765.99 405.79 765.99 405.79 489.64 765.99 405.79 765.99

b. Polyester 373.04 396.17 334.85 373.04 334.85 373.04 396.17 334.85 373.04 334.85

c. Retail / Textile 10.83 7.87 12.14 10.83 12.14 10.83 7.87 12.14 10.83 12.14

d. Textile Discontinued Operations (Foreign Subsidiary) 0.93 0.93 0.91 0.93 0.91

e. Unallocated 3,476.06 3,630.21 3,874.06 3,476.06 3,874.06 3,476.06 3,630.21 3,874.06 3,476.06 3,874.06
Total 4,265.72 4,523.89 4,987.04 4,265.72 4,987.04 4,266.65 4,524.82 4,987.95 4,266.65 4,987.95
Net Capital Employed (3-4) (1,273.64) (1,010.16) (758.44) (1,273.64) (758.44) (1,272.62) (1,009.17) (757.20) (1,272.62) (757.20)
 THE BOMBAY DYEING AND MANUFACTURING COMPANY LTD.
Neville House, J. N.Heredia Marg, Ballard Estate, Mumbai-400 001
CIN : L17120MH1879PLC000037
STATEMENT OF ASSETS AND LIABILITIES

(₹ in crore)
Standalone Consolidated

Particulars As at As at As at As at
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
(Audited) (Audited) (Audited) (Audited)

A ASSETS
1 Non-current Assets
Property, Plant and Equipment and Intangible Assets
a. Property, Plant and Equipment 436.49 462.53 436.49 462.53
b. Capital Work-in-progress 0.31 0.13 0.31 0.13
c. Right-of-Use Assets 0.32 0.33 0.32 0.33
d. Investment Property 5.18 3.45 5.18 3.45
e. Other Intangible Assets 0.23 0.14 0.23 0.14
f. Intangible assets under Develpoment - 0.03 - 0.03
g. Financial Assets
i. Investments 193.27 366.30 194.25 367.25
ii. Loans - - - -
iii. Others 19.82 22.77 19.82 22.77
h. Deferred Tax Assets (Net) 615.74 643.06 615.74 643.06
i. Other Non-current Assets 119.31 110.80 119.31 110.80
Sub-total-Non-current Assets 1,390.67 1,609.54 1,391.65 1,610.49

2 Current Assets
a. Inventories 1,098.07 1,814.53 1,098.07 1,814.53
b. Financial Assets
i. Trade Receivables 266.65 294.90 266.65 294.90
ii. Cash and Cash Equivalents 132.60 414.86 133.57 416.06
iii. Bank Balances other than (ii) above 51.92 52.14 51.92 52.14
iv. Loans 0.05 0.05 0.05 0.05
v. Others 3.44 4.13 3.44 4.13
c. Other Current Assets 48.68 38.45 48.68 38.45
Sub-total-Current Assets 1,601.41 2,619.06 1,602.38 2,620.26
Total - Assets 2,992.08 4,228.60 2,994.03 4,230.75

B EQUITY AND LIABILITIES

1 EQUITY
a. Equity Share Capital 41.31 41.31 41.31 41.31
b. Other Equity (1,314.95) (799.75) (1,287.36) (771.94)
c. Non-controlling Interests (26.57) (26.57)
Total - Equity (1,273.64) (758.44) (1,272.62) (757.20)
2 LIABILITIES
Non-current Liabilities
a. Financial Liabilities
i. Borrowings 2,699.40 3,149.63 2,699.40 3,149.63
ii. Other Financial Liabilities - 11.32 - 11.32
b. Provisions 11.20 11.97 11.20 11.97
Sub-total-Non-current Liabilities 2,710.60 3,172.92 2,710.60 3,172.92
Current Liabilities
a. Financial Liabilities
i. Borrowings 942.64 1,292.12 942.64 1,292.12
ii. Lease Liabilities - - - -
iii. Trade Payables
A. total outstanding dues of Small enterprises and Micro enterprises 29.59 17.68 29.59 17.68
B. total outstanding dues of creditors other than Small
enterprises and Micro enterprises 333.44 317.61 333.44 317.61
iv. Other Financial Liabilities 153.89 83.40 154.82 84.31
b. Other Current Liabilities 92.39 100.16 92.39 100.16
c. Provisions 3.17 3.15 3.17 3.15
Sub-total-Current Liabilities 1,555.12 1,814.12 1,556.05 1,815.03
Total - Equity and Liabilities 2,992.08 4,228.60 2,994.03 4,230.75
 THE BOMBAY DYEING AND MANUFACTURING COMPANY LTD.
Neville House, J. N.Heredia Marg, Ballard Estate, Mumbai-400 001
CIN : L17120MH1879PLC000037
(₹ in crore)
Standalone Consolidated
Particulars Year Ended Year Ended Year Ended Year Ended
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
A. Cash Flow from Operating Activities:
Profit / (Loss) before Tax (after Exceptional Item) (488.52) (534.37) (488.52) (534.37)
Profit / (Loss) before Tax from Discontinued Operations (0.25) 0.02
Adjustments for :
Depreciation and Amortisation Expense 33.27 32.78 33.27 32.78
Unrealised Foreign exchange loss/(gain) (Net) (0.60) 0.73 (0.58) 0.73
Excess provisions written back (79.43) (16.72) (79.43) (16.72)
Provision for doubtful debts / advances 44.08 2.21 44.08 2.21
Gain on remeasurement of Liability Component of Preference Shares (1.47) - (1.47) -
Interest Income (9.40) (6.43) (9.42) (6.45)
Loss/(Profit) on sale / discard of Property, Plant and Equipment (2.86) 1.26 (2.86) 1.26
Reversal of Sales and provisons of Real Estate Development Activity - 233.03 233.03
Dividend Income (0.52) (0.57) (0.52) (0.57)
Net Gain on Lease modification/surrender - (1.06) (1.06)
Finance Costs 522.95 523.99 522.95 523.99
Operating Profit / (Loss) before Working Capital Changes 17.50 234.85 17.25 234.85
Working Capital Changes:
(Increase) / decrease in Inventories 716.46 228.62 716.46 228.62
(Increase) / decrease in Trade Receivables (15.34) 124.52 (15.34) 124.52
(Increase) / decrease in Other Current and Non-current Financial Assets 4.37 10.93 4.37 10.93
(Increase) / decrease in Other Current and Non-current Assets (6.87) 18.30 (6.87) 18.30
Increase / (decrease) in Trade Payables 27.72 (49.27) 27.72 (49.27)
Increase / (decrease) in Other Current and Non-current Financial Liabilities 58.70 (25.19) 58.70 (25.19)
Increase / (decrease) in Other Current and Non-current Liabilities (7.76) (24.62) (7.76) (24.62)
Increase / (decrease) in Current and Non-current Provisions 78.68 14.50 78.68 14.50
Cash Generated / (Used) from Operations 873.46 532.64 873.21 532.64
Income Taxes paid (net) (12.41) (10.27) (12.41) (10.27)
Net Cash Generated / (Used) from Operating Activities (A) 861.05 522.37 860.80 522.37

B. Cash Flow from Investing Activities:

Purchase of Property, Plant and Equipment (9.38) (11.20) (9.38) (11.20)
Proceeds from disposal of Property, Plant and Equipment 3.40 0.34 3.40 0.34
Proceeds from Sale of Non-current Investments 172.39 - 172.39 -
Dividend received from Non-current Investments 0.52 0.57 0.52 0.57
Deposit under lien and in Escrow accounts 3.17 (7.93) 3.17 (7.93)
Earmarked Balances with Banks (1.73) 18.80 (1.73) 18.80
Interest received 8.74 5.40 8.76 5.42
Net Cash Generated / (Used) from Investing Activities (B) 177.11 5.98 177.13 6.00

C. Cash Flow from Financing Activities:

Repayment of Non-current Borrowings (including Current Maturities of Long-term (957.68) (1,859.08) (957.68) (1,859.08)
Borrowings)
Repayment of Current Borrowings - (350.00) - (350.00)
Proceeds from Non-current Borrowings - 2,499.00 - 2,499.00
Proceeds from Inter-corporate Deposits 612.60 717.60 612.60 717.60
Repayment of Matured Inter-corporate Deposits (453.80) (678.75) (453.80) (678.75)
Proceeds from Demand Loan, Cash Credit Facilities, Bills Discounted 164.00 20.00 164.00 20.00
Repayment of Demand Loan, Cash Credit Facilities, Bills Discounted (164.00) (20.00) (164.00) (20.00)
Finance Costs paid (521.54) (595.48) (521.54) (595.48)
Payment of Principal portion of the Lease Liabilities - (1.41) - (1.41)
Payment of Interest portion of the Lease Liabilities - (0.12) - (0.12)
Net Cash Generated / (Used) from Financing Activities (C) (1,320.42) (268.24) (1,320.42) (268.24)

Net (Decrease) / Increase in Cash and Cash Equivalents [A + B + C] (282.26) 260.11 (282.49) 260.13

Add: Cash and Cash Equivalents at the Beginning of the Year 414.86 154.75 416.06 155.93
Cash and Cash Equivalents at the End of the Year 132.60 414.86 133.57 416.06
Net (Decrease) / Increase in Cash and Cash Equivalents (282.26) 260.11 (282.49) 260.13
 THE BOMBAY DYEING AND MANUFACTURING COMPANY LTD.
Neville House, J. N. Heredia Marg, Ballard Estate, Mumbai-400 001

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023
NOTES -

1. The above results which are published have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on May 4, 2023. The financial results of the
Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles
generally accepted in India. The figures for the last quarter of the current year and previous year as reported in these financial results are balancing figures between the audited figures of the financial year and published year to date figures
upto the end of the third quarter of the relevant financial year, which were subjected to limited review.

2 a. In terms of Ind AS 115 on "Revenue from Contract with Customers", Revenue from present real estate project of ICC Towers is recognised ‘at a point in time’, that is, upon receipt of Occupancy Certificate. Occupancy Certificate for the first
phase, second phase and third phase was received during the year ended March 31, 2019, March 31, 2020 and March 31, 2022, respectively. Revenue includes net income arising on cancellation of contracts on non-fulfilment of payment
terms by customers, if any.

2 b. Since the nature of real estate activities being carried out by the Company is such that profits/ losses from transactions of such activities, do not necessarily accrue evenly over the year, results of a quarter may not be representative of
profits / losses for the year.

3. Changes in inventories of Finished Goods, Stock-in-trade and Work-in-progress is arrived at after write down of inventories to net realisable value by ₹ 146.96 crores and ₹ 147.25 crores during the quarter and year ended March 31, 2023,
respectively.

4. Other expenses include Provision against Goods and Service Tax of ₹ 3.28 crores and ₹ 33.58 crores respectively for the quarter and year ended March 31, 2023, receivable on account of cancellation of services.

5. Deferred tax assets on unused tax losses for the year have not been recognised and deferred tax assets to the extent hitherto recognised on unused tax losses upto March 31, 2022 are continued. Section 115BAA in the Income-tax Act, 1961
provides an option to the Company for paying Income Tax at reduced rates as per the provisions/conditions defined in the said section. While the Company is continuing to provide and consider the payment of income tax at the old rates,
deferred tax assets and liabilities are measured at the reduced rates at which such deferred tax assets/liabilities are expected to be realised or settled.

6. Exceptional items for the year ended March 31, 2022, represent the net impact of reversal of revenue of ₹101.77 crores and provision made on receivables of ₹131.26 crores, in view of litigated matters pertaining to Real Estate. Of the said
provision, sum of ₹2.34 crores and ₹63.34 crores (net of interest paid on settlement of cases) during the quarter and year ended March 31, 2023, respectively, is written back and included in Other Income as also in Segment results of Real
Estate.

7. Foreign Subsidiary, PT Five Star Textile Indonesia (PTFS) is included in consolidated results and consolidated segment assets and consolidated segment liabilities, which is classified as a discontinued operation in accordance with Ind AS
105 in 'Non-Current Assets Held for Sale and Discontinued Operations'.

8. The Securities and Exchange Board of India (SEBI) has issued an order dated October 21, 2022 pursuant to a show cause notice dated June 11, 2021. The SEBI order makes certain observations inter alia on alleged inflation of revenue and
profits by the Company in Financial Statements for the period from FY 2011-12 to 2017-18 and non-disclosure of material transaction, on the basis of SEBI’s interpretation of MoUs executed by the Company with Scal Services Limited. The
SEBI order, inter alia , imposes penalty of ₹ 2.25 Crore on the Company, restrains the Company from accessing securities market for a period of 2 years, imposes penalties and restrictions on two of its present directors from accessing /
being associated with securities market, including being a Director and Key Managerial Personnel of any listed entity, for a period of one year.

The SEBI Order also categorically and positively finds that there was no diversion or misutilization or siphoning of assets of the Company, and no unfair gain was made or loss inflicted by reason of the violation alleged. The Company
states that the Financial Statements from FY 2011-12 to FY 2017-18 were validly prepared, reviewed by the Audit Committee, approved by the Board, reported without any qualification by the Statutory Auditors and adopted by the
Shareholders in each of the relevant years. The Company is firm in its view that all transactions were entirely legitimate and in compliance with law and applicable Accounting Standards.

The Company has filed an appeal with Securities Appellate Tribunal (SAT) against the aforesaid Order of SEBI and has obtained a stay on operation of the said matter. The hearing on the subject matter is underway and the final order will
be issued post conclusion of hearings in due course.

FOR THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED

NUSLI N. WADIA
Mumbai: May 4, 2023 CHAIRMAN
(DIN-00015731)