Bagari a & Co LLP Mishra Rajiv Kamal & Ass ociates

Chartered Accountants Chartered Accountants

701 Stanford, S V Road, 221 B, City Centre 570,
Andheri West, Mumbai - 400058 MG Road, Indore- 452001,
Maharashtra, India. Madhya Pradesh , India.

INDEPENDENT AUDITOR'S REVIEW REPORT

To t he Board of Directors
8alaji Pho sphates limited

1. We have reviewed the acco m panying sta tement of unaudited standalone financial results of
Ba laji Ph os pha t es limited ("the Company") for the half year ended September 30, 2024
('the statement') attached herewith, being submitted by the Company pursuant to the
requirements of Regulation 33 of the SESI (list ing, Obligations and Disclosure requirements)
Regulations, 2015 as amended.

This Statement, which ;s the responsibility of the Company's Management and approved by
the Company's Board of Directors, has been prepared in accordance VJith 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, and
other accounting principles generally accepted in India. Ou r responsibility is to express a
conclusion on the Statement based on o u r review.

2. We conducted our review in accordance with the Standard on Review Engagement (SRE)
2410, "Review of Interim Financial Information Performed by the Independent Auditor of toe-
Entity" issued by the Institute of Chartered Accounta nts of India . This standard requ ires that
we plan and perform the review to obtain moderate assu rance as to w~ether the financ ia l
statements are free of material misstatement. A review of interim financia l information
consists of making inquiries, primarily of persons respons ible for financia l and accounting
matte rs, and applying ana lytica l a nd other review procedures. A review is substantially less
in scope than an audit : eonducted in accordance with Standards on Auditing and
consequently does not enable us to obtain assurance that we would become aware of a ll
significant matters that might be identified in an aud it. Accordingly, we do not express an
audit opinion.

3. Based on our review condl.!cted as above, noth ing has come to our atte ntion that caus!?"s us
to believe that the accompanying statement of u na udited fina n cial results prepared in
accordance with app licable Indian Accou nt ing Standards (INO AS) and o ther reccgni::ed
accounting practices and policies, has not disclosed the information required to boO' d j"clo~e d
in terms of Regulation 33 of the SEal (listing Obligations and OisclOS~lre Req~l irO;!rn~nts )
Regulations, 2015, read with circu lar issued from t ime to time. including the m3nn<:' r in
which it is to be disclosed, or that it contains any mate rial misstatement.

r
/ Bagaria & Co LLP
Chartered Accountants
Mishra
Associates
Rajiv

Chartered Accountants
Kamal &

Other Matters

4. The comparative interim financial information for the period ended September 30, 2023,
incl ude d in these interim results have not been subjected to any audit or review and have
been solely based on informati on approved by the management.

5, The Statement includes the results for the half year ended Ma rch 31, 2024 being the
balancing figure between audited figures in respect of the full financial year ended Ma rch
31,2024 and unaudited figures of half year ended on September 30, 2023 as approved by
management.

Our opi nion o n the Statement is not modified in respect of this matter,

For Bagaria & Co LLP For Mishra Rajiv Kama l & Associates
Chartered Accountants
FRN.: 006752C

Vinay Somani Akshaya Kumar Sambhar

Partner Partner
Membership No.: 143503 Membership No. : 071628
UDIN: 25143503BMIBMC4135 UDIN: 25071628BMMKJK4365
Place: Mumbai Place: Indore
Date: March 31, 2025 Date: ·March 31, 2025
 0.00 0.01

BAlAJI PHOSPHATES LIMITED

(Formerly known as Bala)1 Phosphates Private limited)
Statement of Unaudited Standalone Assets Ind Liabilities IS at September 30, 2024
(I N: U241BM P1996PL(06 7394
(AmounlJ In Lokhf)

Aut Aut
Partltulars September 30, 2024 Mlrch 31, 20lA
(Unaudited) (Audited)

I ASSETS
Non-oJrrent lIssets
Property. Plant and Equipment 590.74 589.51
Financial Assets
Investments 790.12 790.12
Other Non-current Assets 37.80 37.80
Total Non current assets 1,418.66 1,417.43
Current assets
2,471.80 2.797.88
Inventories
Finaneal Assets
3.774.11 2.844.09
Trade Receivables
7.00 6.92
Cash and Cash Equivalents
152.70 145.90
Other Balances with Banks
273.35 643.32
loans
205.29 210.93
Other Financial Assets
339.15 226.64
Other Current Assets
Total current assets 7,223.40 6,875.68

TOTALASSETS~=====-~8~64~2~.06~==~~==~8~29=3=.~119
II EQUITY AND UABIUTIES
Equity
1,783.71 1,783.71
Equity Share capital
1975.58 1566.84
Other Equity
Total Equity 3,759.29 3,350.55

Labirrties
Non-allTent liabilities
Financial Uabilities
581.41 677.06
Borrowings
Provisions 3.21 3.13
Deferred Tax Uabilities (Net) 14.19 19.34
Total Non current liabilitIes 598.81 699.53
Current rill bUities
Finanoal [jabilities
Borrowings 2,825.29 2.594.04
Trade Payables
-Total outstanding dues of micro enterprises and small enterprises 118.45 33.20
-Total outstanding dues of creditors other than micro enterprises and small enterprises 667.66 823.60
Other Financial [jabilities 24.93 16.33
Other Current Uabilities 303.11 393.16
8.28 176.12
Provisions
Current Tax Uabilities (Net) 336.24 206.58
Total current liabilities 4,283.96 4,243.03

Total liabilities 4,882.n 4,942.56

TOTAL EQUITY AND LIABIlITIES 8642.06 8,293.11

See accompanYing notes to the finanCIal results

o.~ Scanned with OKEN Scanner

 / r BAWl PHOSPHATES lIM/rED
(Form~rlv known II B.,.},
Photph"~t Prlv,'e lImlledl
",11
Statl!ml!nl of UnaudIted Standalonl! Flnane/al Result for Ihe VI!" Ended September 30, 1024
CIN :U24123MP1996PlC067394

Sr. No. PartIculars (.Ammmlt /" £n khJ)

I Iiall Vear En ded ",IIVu,En ded ",II V,,, En ded Yea, ended
Sep JO, 2014 M.rth Jl, 2014 Sep 30, 10U "".,U , 1014
Un.udlted Un.udlled Un.udlled Audited
I tNCOME
Revenue from Operations
5.07 3.62 3,51 6.25 8,302.1S 11.81 B.1Ia
Other Income
191 .23 3.83 4.86 8.69
TOTAL INCOME 5,264 .85 J,520 .08 8,107 .01 11,827JYJ
II EXPENSES
a. CO$! of M,ten.ls Consumed 2,768.91 3.365.13 5,275.21 8.640.34
b. Purchue of Traded Goods 0.00 0.00 0.00
c. Ch.nges In Inventories of Finished Roods .nd Work In Progress 749.26 ·1,224.38 1, 203.51 ·20.86
d. Employees benefits e~penses 130.88 81 .75 63.29 145.04
e . Fin,nce Cost 163.95 154.23 141.26 296.50
f. Depreciation .nd amortization I!~penses 42.73 41.31 40.57 81.88
g. Other Expenses 872.95 1,054 .83 905.37 1.960.19
TOTAL EXPENSES 4,728.68 3,472.87 7,630.21 11,103.09

III Profit / (loss I ~fore ~.ceptlon.'and extraordinary Items .nd tax (1·111 536.17 47.21 676.80 724.00
IV exceptional Items
V Profit/(lossl ~fore extraordln.ry Items and tax (III ·IVI 536.17 47.21 676.80 724.00
VI Extraordinary Items
VII PROm BEFORE TAX rv· VII 536.17 47.21 676.10 724.00

VIII TAX EXPENSE

a. Current Tax 132.59 9.83 200.98 210.81
b. Defemed Tax ·S.IS 7.66 ·14.55 (6.891
c. Excess/Short Provision of Earlier Year Tax
TOTAl TAX EXPENSE 127.44 17.49 186A3 203.92

IX PRom AmR TAX (VII· VillI 408.73 29.72 490.37 520.08

X OTHER COMPREHENSIVE INCOME (NET OF TAXI

Itenu thit will not be recl~ssified to profit or loss
• .Gain/(Loss) on remusurement of defined benefit plans 0 .01 -0.15 -0.15 -0.30
b. Equity Instruments through OCI
c. Income tox re"'ted to items that will not be reclassified to Profit and loss 0.00 0 .04 0.04 0.07
TOTAL OTHER COMPREHENSIVE INCOME (NET OF TAX) 0.01 (0.11) (0.11) (0.23)

XI TOTAl COMPREHENSIVE INCOME FOR THE PERIOO (IX + X) 408.74 29.61 490.26 519.15

XII EOUITY
Equity Share ,",pita' 1783.71 1783.71 1783.71 1.783.71
Other Equity 1975.58 1,968.56 1.537.25 1.566.84

XIII EARNING PER SHARE· BASIC AND DILUTED (Not Annual/sedl

i) Basic (Rs.) 2.29 0.17 2.75 2.91
iilD i/uted (Rs.) 2.29 0.17 2.75 2.91
(F.ce v.lue of Re. 10 eochl

St-e .ccomp .in yin , notes to I he f in onCl.1 results

0; Scanned with OKEN Scanner

 r BAWl PHOSPHATES LIMITED
Statement of unau~'~:;~~'Y ~n~wn as BalaJI Phosphates Private Limited)
an a one Cash Flow for the Half year ended September 30, 2024
CIN :U24123MP1996PLC067394

Particulars (Amoun ts In Lokhs)

Half Year ended Year ended
September 30, 2024 March 31, 2024
A. (Unaudited) (Audited)
Cash flow from operating activities
Net Profit before tax
536.17 724.00
Adjustments to reconcife profit before tax to net cash flows:
Depreciation and amortisation
42.73 81.88
Interest Expenses
163.95 296.50
Net unrealised foreign exchange loss! (ga in)
liabilities no longer required written back
- 2.56
(144.25) -
Provision for gratuity 0.59 0.84
Provision for Expected Credit Losses 9.39 2.03
Operating profit before working capital changes 608.58 1107.81
Working capital adjustments:
Decrease! (Increase) in other financial assets 375.61 -642.36
Decrease! (Increase) in trade receivables -939.41 -203.08
Decrease! (Increase) in other current assets -112.51 565.01
Decrease! (Increase) in other Non Current Assets 0.00 -37.80
Decrease! (Increase) in Inventories 470.32 1147.74
(Decrease)! Increase in trade payables -70.69 -917.16
(Decrease)/ Increase in Other financial liabilities 8.60 10.67
(Decrease)/ Increase in other current liabilities -90.05 -1372.02
(Decrease)/ Increase in provisions -168.33 174.72
(Decrease)! Increase in provisions 82.12 (166.47)
Net income tax paid -2.93 -213.35
Net cash generated from operating activities 79.19 -379.82
B. Cash flow from investing activities
Purchase of property, plant and equipment -43.95 -75.55
Proceeds from sale of property, plant and equipmeoll t 0.00 0.86
Net cash used for investing activities (43.95) (74.69)
c. Cash flow from financing activities
Increase/ (Decrease) in Borrowings 135.59 706.50
Interest paid (163.95) -296.50
Net cash generated from financing activities -28.36 410.00

Net increase! (decrease) in cash or cash equivalents (A+B+C) 6.88 -44.51

Cash and cash equivalents at beginning of period / year 152.83 197.34
Cash and cash equivalents at end of period / year 159.71 152.83
See accompanyIng notes to the finanCial results

a~ Scanned with OKEN Scanner

\ 8agaria & Co LLP
Chartered Accountants
Mishra Raj iv Kamal & Associates
Chartered Accountants
701 Stanford, S V Road , 221 B, City Centre 570,
Andheri West, Mumbai - 400 058 MG Road, Indore· 452001,
Maharashtra, India . Madhya Pradesh, India.

INDEPENDENT AUDITOR'S REVIEW REPORT

To the Board of Directors

Balaji Phosphates Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results

of Balaji Phosphates limited ("t he Holding Company") and its subsidiary (together referred to
as "the Group") for the half year ended September 30, 2024 ('the statement') attached
herewith, being submitted by t he Holding Company pursuant to the requirements of
Regulat ion 33 of the SEBI (Listing, Obligations and Disclosure requirements) Regulations, 2015
('Ust ing regulations') as amended.

This Statement, which is the responsibility of the Parent's Management and approved by the
Parent's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Ind ian Accounting Standard 34 "Interi m Financial
Reporting" (lND AS "34"), prescribed under Section 133 of the Companies Act, 2013, and
othe r accounting principles generally accepted in Ind ia. Our responsibility is to express a
conclusion on the Statement based on our review.

2. We conducted our review 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. This Standard requires that
we plan and perform the review to obtain moderate assurance as to whet her the financial
statements are free of material misstatement. 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 and consequently
does not enable us to obtain assurance ' that we wou ld become aware of all significant
matters that might be identified in an audit. According ly, we do not express an audit opinion .

3. We are not required to pe rfo rm procedures (as there is no significant materia l Sllbsidiary
which in aggregate represents at least eighty percent of each of th e consolidated revenue,
assets and profits) in accordance with the Circular Issued by the Secu rities Exchange Board of
India (SEBI) under Regula tio n 33(8) of t he listing Regulations.

4. The Statement includes the results of the follOWing entitles:

1) BaJaji Phosphates limited . Holding Company

2) Jyoti Weighing Systems Private LImited.· Subsidiary Company
 / Bagaria & Co LLP
Chartered Accountants
Mishra
Associates
Rajiv Kama l &

/ Chartered Accountants

S. Based on our review conducted as above, nothing has come to our <lttcntion that causes us to
believe that the accompanying Statement of unaudited consolidated fina ncia l results
prepared in accordance with, applicable Indian Accou nting Standard (I NO AS) and othe;
recognized accounting pract ices and pol ic ies has not disclosed the information required to be
disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirem ents) Regulations, 2015, read with Circu lars issued from time to time induding the
manner in which it is to be disclosed, or that it contains any material misstatement.

6. We did not review the interim financia l results of a subs id iary included in the consolidated
unaudited financial results, whose inte rim finan cia l results reflect total assets of Rs. 823.15 ;
Lakhs as at September 30,2024, tota l revenues of Rs. 1,170.45 Lakhs and net profit and tota l
comprehen sive income of Rs. 25.56 Lakhs for the half year ended September 30, 2024, and
net cash inflow of Rs. 7.69 Lakl1s as at Septembe r 30, 2024 as considered in the consolidated ,
unaudited financial results respectively. These interim financial results have been reviewed
by othe r auditor whose review report have been furn ished to us by the Holding Compan'i.s
;
management and our conclusion on the Statement, in so far as it relates to the amounts and
disclosures included in respect of these subsidiary, is based solely on the report of the ether ,
auditor.
Our conclusion is not modjfied. in respect ofthis matter.

Othe r Matters

7. The comparative interim financial informat ion for the period ended September 30, 2023,
included in these interim results have not been subjected to any audit or review a nd have .,,
been solely based on information approved by the ma nagement.

8. The Statement incl udes the results for the half year ended March 31, 2024 be ir:g tho:
balancing figure between audited figures in respect of the fuU financial year ended March
31,2024 and unaudited figures of half year ended o n September 30, 2023.

Our opinion on the Statement is not modified in respe ct of th is matte r.

Fo r Bagaria & Co llP For Mlshra RaJiv K;)mal & Associat!:'!!>

Cha rte red Account<ln ts
fRN .: 00675 2C

Partner
MembershIp No.: 143503 Membe rship No.: 07 1623
UDIN: 2 51 43503 ~MI~M D9022 UDIN: 2507 16280MMKU3 l07
Place: Mumba i Place: Indore
Date: March 31, 2025 Date: March 31, 2025
 BAlAll PHOSPHATES LIMITED
(Formerly known as Balajl Phosphates Private Limited)
Statement of Unaudited Consolidated Assets and Liabilities as at September 30, 2024
ClN:U24123MP1996PLC067394
(Amounts In Lokhs)

Aut Aut
Particulan September 30, 2024 March 31, 2024
(Unaudited) (Audited)

I ASSETS
Non-current assets
Property, Plant and Equ ipment 622.74 612 .95
Intangible Assets 539.18 539.18
Other Non·current Assets 37.80 37.80
Total Non current assets 1,199.72 1,199.93
Current assets
Inventories 2,898.15 3,147.76
Financial Assets
Trade Receivables 4,020.86 3,105.16
Cash and Cash Equivalents 16.27 19.05
Other Balances with Banks 211 .04 203.35
loans 235 .35 643.32
Other Financial Assets 225.42 230.52
Other Current Assets 437.41 299.26
Total current assets 8,044.50 7,648A2

TOTAL ASSETSF=====9~244;;:;.:
. 2~2=F=~_~8~,~84~8:;;;.3~S
/I EQUITY AND lIABllmES
Equity
Equity Share Capital 1,783 .71 1,783.71
Other Equity 2,150.75 1,716.53
Non-controlling Interests 0.09 0.08
Total Equity 3,934.55 3,500.32
liabilities
Non-current liabilities
Financtalliabilities
Borrowings 607.87 693.72
Provisions 3.23 3.13
Deferred Tax liabilities /Net) 8.26 12.76
Total Non current liabilities 619.36 709,61
Current liabilities
Financial liabilities
Borrowings 2,817.35 2,628.38
Trade Payables
. Total outstanding dues of micro enterprises and small enterprises 231.15 66.05
-Total outstanding dues of creditors other than micro enterprises and small enterprises 731 .13 912.11
Other financial liabilities 88.35 101.43
Other Current liabilities 470.64 541.21
Provisions 8.38 176.12
Current Tax liabilities /Net) 343.31 213.12
Total current liabilities 4,690.31 4,638.42

Total liabilities 5,309.67 5,348.03

TOTAL EQUITY AND LIABILITIES 9244.22 8,848.35

See accompanv'ng notes to the flnancral results

o.~ Scanned with OKEN Scanner

 BAWl PHOSPHATES LIMITED
(Formerly known as BIII)I Phosphltes Prlvlte limited I
Statement of Unludlted Consolldlted Flnlnclll Result for the Half Year Ended September 30, 2024
CIN :U24123MPI996PLC067394
(Amount, In Lokh,
Sr. No. hnlcvll" Hall Yelr Ended HIlI Year Ended 11111 Yelr Ended Year Ende d
Sep 30, 2024 Mirth H , 2024 Sep 30,2023 Mar H,2024
Unaudited Unaudited Unludlted Audited
I INCOME
Ft~yenue from Operltlons 6,244.06 5,536.28 9,618.34 15,154.63
Other Income 191.70 6.04 7.35 13.39
TOTAL INCOME 6,435.76 5,542.33 9,625.69 15,168.02
II EXPENSES
I . Cost of Mlterials Consumed 3,519 .26 4,638.89 6,131.24 10,770.14
b. Purthlse of T",ded Goods 106.34 0.00 106.34
c. Cllnt!s In Inventories of Fin ished goods and Worle In Proeress 693.16 -1,199.17 1,180.60 -18.56
d. Employt'es benefits e xpenses 384.07 408.56 367.54 776.09
t . FinlnC'e Cost 171.36 155.46 146.32 301.78
f. DeprKiation and lmortlntlon expenns 44.15 42 .73 41 .99 84.73
C. Other Expenses 1049.82 1,264.63 1,046.28 2,310.91
TOTAL EXPENSES 5,161.82 5,417.45 8,91).97 14,331.43
III Profit I (loss ) before exception.'and extl"ilordinary Items and tax (1· 11) S73.94 124.88 711.73 836.59
N Ex~pt ionalltems

V Profit/lloss) before ext",ordlnlry Itemslnd tox (III - IV) 573.94 124.88 711.73 836.59
VI Extrloro inary items
VII PROFIT BEFORE TAX (V - VI) 573.94 124.11 711.73 836.59

VIII TAX EXPENSE

I . CUl'Tf!nt Tn 144.24 28.59 209.15 237.74
b. Deferred Tn -4.S1 8.35 -13.55 -5.19
t. Excess/Short Provision of Earlier Yelr Tu 0.00 0.00 0.00 0.00
TOTAl TAX EXPENSE 139.7) 36.95 195.60 232.55

IX PROFIT AfTER TAX (VII- VIII) 04.21 .7_93 516.13 604.04

X OTHER CDMPREHENSNE INCOME (NET OF TAXI

Items tnlt will not be redusifled to profit or loss
I . Gl in/(Loss) on rt'me~surement of defined benefit p l ~n s O.ol .(l_15 .(l.15 .(l.30
b. EClu tty Instruments throue:h 00 0.00 0.00 0.00 0.00
c. lncome U Xrelated to items that will not be reclusified to Profit and loss 0.00 0.04 0.04 0.07
TOTAl OTHER COMPREHENSIVE INCOME (NET OF TAX) 0.01 (0.11) (0.11) (0_23)

Xl TOTAl CDMPREHENSNE INCOME FOR THE PERIOD (IX + X) 434.22 17.12 516.02 603.81
Attributoble to
Owners of the parent 434.22 87.78 516.01 603.79
Non-ccntrollinc interests 0.01 0.01 0.01 0.02

XII EQUllY
EQUity sn.re Copltol 1,783.71 1,783.71 1,783.71 1,783.71
Other EQUity 2,150.84 2,092.46 1,628.80 1,716.61

XIII EARNING PER SHARE - BASIC AND DILUTED (Not AnnuIII.ed)

2.43 0.49 2.89 3.39
i) 8.SK: (Rs .)
2.43 0.49 2.89 3.39
'i) D,luted (Rs.)
(flee Yllue of Re . 10 tim)

Qj Scanned with OKEN Scanner

 BAlAlI I'HOSPllA TES LIMITED
(Formerly known as Dala)1Phosphates Private limit ed)
Stat~ment of Unludit~d Consolidated Cash flow for the Half vear ended Septemb~r 30, 2024
CIN:U24123MP1 99GPLCOG7394
(Amounts In Lokhs)
Particulars Half Year ~nded Yurended
September 30, 2024 March 31, 2024
IUnaudltedl IAuditedl
A. Cash flow from operating actlvilies
Net Profit before tax 573.95 836.59
AdjustmentJ to reconcile profit before tOJ( to net cosh flows :
Depreciation and amortisation 44.15 84.73
Interest Expenses 171.36 301.78
Net unrealised foreign exchange loss/ (gain) - 2.72
liabilities no longer required written back (144.25) 2.37
Provision for gratuity 0.71 0.84
Provision for Expected Credit Losses 9.25 1.07
Operating profit before working capital changes 655.17 1230.10
Working capital adjustments :
Decrease/ (Increase) in other financial assets 413.07 (643.79)
Decrease/ (Increase) in trade receivables -924.95 (106.72)
Decrease/ (Increase) in other current assets -138.15 518.66
Deerease/ (Increase) in other Non Current Assets 0.00 (37.80)
Decrease/ (Increase) in Inventories 249.61 1058.96
(Decrease)/ Increase in trade payables 128.36 (971.80)
(Decrease)/ Increase in Other finanCial liabilities -13.08 32.58
(Decrease)/ Increase in other current liabilities -70.56 (1354.69)
(Decrease)/ Increase in provisions -168.33 161.59
Cash generated from operations 131.14 (112.91)
Net income tax pa id -14.05 '235.19
Net cash generated from operating activities 117.09 -348.10
B. Cash flow from investing activities
Purchase of property, plant and equipment -43 .95 (88.32)
Proceeds from sale of property, plant and equipment - 0.86
Net cash used for investing activities (43.95 /87.46)
C- Cash flow from fimlncing activities
Increase/ (Decrease) in Borrowings 103.12 690.61
Interest paid -171.36 -301.78
Net cash generated from finanCing activities -68.24 388.83

Net increasel (decrease) in cash or cash equivalents (A+B+C) 4.90 -46.73

Cash and cash equivalents at beginning of period / year 222.41 269.14
Cash and cash equivalents at end of period / year 227.31 222.41
See accompanying notes to the fonanclal results

Q~ Scanned w ith OKEN Scan ner