Action Construction Equipment : Financial Results Q4FY23

Action Construction Equipment Limited

Corporate & Registered Office

Dudhola Link Road, Dudhola, Distt. Palwal-121102, Haryana, India

Date: May 30, 2023
To,
The Manager Listing	The Manager Listing
BSE Limited	National Stock Exchange of India Ltd.
5th Floor, P.J. Towers,	Exchange Plaza, Bandra Kurla Complex,
Dalal Street,	Bandra (E),
Mumbai-400001	Mumbai-400051
Scrip Code: 532762	CM Quote: ACE

Subject: Outcome of Board Meeting in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

Pursuant to the Regulation 33 and Regulation 30 read with Para A of Part A of schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that the Board of Directors in its meeting held on Tuesday, May 30, 2023 has approved the following items:

1. Audited financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2023.
2. Recommended the Dividend @ 50% i.e. Rs. 1.00 per equity share of Rs.2 each for the financial year 2022-23 subject to approval of the shareholders at the ensuing Annual General Meeting.

Please find enclosed herewith the following:

1. Audited Financial Results (Standalone and Consolidated) for the quarter and year ended 31st March, 2023.
2. Auditors' Report on the Audited Financial Results-Standalone and Consolidated.
3. Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016 w.r.t. Audit Report with unmodified opinion.

We further wish to inform that the Board Meeting held today commenced at 5:00 p.m. and concluded at 8:10 p.m.

This is for your information and record please.

Thanking You.

For Action Construction Equipment Limited

ANIL KUMAR

Digitally signed by ANIL KUMAR Date: 2023.05.30 20:18:01 +05'30'

Anil Kumar

Company Secretary & Compliance Officer

Corporate Office: Phone: [phone] (50 Lines), Fax: [phone],E-mail:[e-mail]

Mktg. H.Q.: 4th Floor, Pinnacle, Surajkund, Faridabad, NCR-121009, Phone: [phone] (100 Lines), Fax: [phone], Email: marketing@ace-

cranes.com Customer Care No.:1800 1800 004 (Toll Free), CIN: L74899HR1995PLC053860, Website: www.ace-cranes.com

Action Construction Equipment Limited

CIN : L74899HR1995PLC053860

Registered office: Dudhola Link Road, Dudhola, District Palwal, Haryana - 121102, India

Ph.: 01275-280111 (50 lines), Fax: [phone].E-mail:[e-mail], Web: www.ace-cranes.com

Statement of Audited Financial Results for the quarter and year ended 31 March 2023

(Rs. in lakhs, except per share data)

S. No.	Particulars			Standalone					Consolidated
			Quarter ended		Year ended		Quarter ended		Year ended
		31 March 2023	31 December 2022	31 March 2022	31 March 2023	31 March 2022	31 March 2023	31 December 2022	31 March 2022	31 March 2023	31 March 2022
		Audited	Unaudited	Audited	Audited	Audited	Audited	Unaudited	Audited	Audited		Audited
		(Refer Note 1)		(Restated)*		(Restated)*	(Refer Note 1)		(Restated)*			(Restated)*
				(Refer Note 1)					(Refer Note 1)
1	Income
	Revenue from operations	61,279	55,530	51,136	2,15,799	1,63,034	61,384	55,633	51,059	2,15,968		1,62,958
	Other income	776	503	404	2,224	1,079	312	768	403	4,112		1,078
	Total income	62,055	56,033	51,540	2,18,023	1,64,113	61,696	56,401	51,462	2,20,080		1,64,036
2	Expenses
	Cost of materials consumed	44,809	40,953	39,074	1,57,836	1,19,045	44,908	41,043	39,022	1,57,995		1,18,987
	Purchase of stock-in-trade	-	-	74	-	251	-	-	74	-		251
	Changes in inventories of finished goods, stock-in-trade and work-in-progress	(2,829)	(1,527)	(1,013)	(4,387)	(2,127)	(2,882)	(1,527)	(1,013)	(4,440)		(2,127)
	Employee benefits expense	2,622	2,645	2,058	9,843	8,445	2,660	2,683	2,081	9,976		8,481
	Finance costs	337	311	289	1,024	950	338	313	290	1,029		952
	Impairment losses on financial assets	1,776	412	211	2,188	372	1,776	412	211	2,188		372
	Depreciation and amortisation expense	491	429	391	1,766	1,528	499	438	402	1,800		1,541
	Other expenses	7,566	6,783	5,945	27,837	21,815	7,593	6,836	5,962	28,157		21,849
	Total expenses	54,772	50,006	47,029	1,96,107	1,50,279	54,892	50,198	47,029	1,96,705		1,50,306
3	Profit before tax (1-2)	7,283	6,027	4,511	21,916	13,834	6,804	6,203	4,433	23,375		13,730
4	Tax expense
	Current tax	2,352	1,383	1,120	5,774	3,471	2,358	1,416	1,121	6,093		3,476
	Deferred tax	(268)	173	(211)	22	(228)	(269)	117	(229)	(17)		(246)
	Total tax expense	2,084	1,556	909	5,796	3,243	2,089	1,533	892	6,076		3,230
5	Profit for the year (3-4)	5,199	4,471	3,602	16,120	10,591	4,715	4,670	3,541	17,299		10,500
6	Other comprehensive income / (loss) for the period/year (net of tax)
	Items that will not be reclassified to profit or loss (net of tax)	3	-	(35)	3	(35)	3	-	(35)	3		(35)
	Items that will be reclassified to profit or loss (net of tax)	-	-	-	-	-	(1)	-	8	(1)		8
7	Total comprehensive income for the period/year (5+6)	5,202	4,471	3,567	16,123	10,556	4,717	4,670	3,514	17,301		10,473
8	Profit / (loss) for the year attributable to:
	(a) Owners of the Company	-	-	-	-	-	4,765	4,649	3,542	17,161		10,502
	(b) Non-controlling interests	-	-	-	-	-	(50)	21	(1)	138		(2)
9	Other comprehensive income / (loss) for the period/year attributable to:
	(a) Owners of the Company	-	-	-	-	-	2	-	(27)	2		(27)
	(b) Non-controlling interests	-	-	-	-	-	-	-	-	-		-
10	Total comprehensive income / (loss) for the period/year attributable to:
	(a) Owners of the Company	-	-	-	-	-	4,767	4,649	3,515	17,163		10,475
	(b) Non-controlling interests	-	-	-	-	-	(50)	21	(1)	138		(2)
11	Paid up equity share capital (face value of Rs. 2 each, fully paid)	2,382	2,382	2,382	2,382	2,382	2,382	2,382	2,382	2,382		2,382
12	Other equity as shown in the audited balance sheet as at				88,535	73,127				89,474		73,027
13	Earnings per share (fully paid up equity share of Rs. 2 each) (refer note 3)
	a) Basic earnings per share	4.37	3.75	3.02	13.54	9.10	4.00	3.90	2.97	14.41		9.02
	b) Diluted earnings per share	4.37	3.75	3.02	13.54	9.10	4.00	3.90	2.97	14.41		9.02
									Action Construction Equipment Limited
										VIJAY	Digitally signed by
*Refer Note 11									VIJAY AGARWAL
								AGARWAL20:13:13 +05'30'
												Date: 2023.05.30

Vijay Agarwal

Chairman & Managing Director

Notes to the Statement of audited financial results for the quarter and year ended 31 March 2023:

1. The above audited standalone and consolidated financial results for the quarter and year ended 31 March 2023 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 30 May 2023. The Statutory Auditors of the Action Construction Equipment Limited ("Company") have conducted audit of these results in terms of Regulation 33 and Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time and have issued an unmodified audit opinion.
   The figures for the quarter ended 31 March 2023 and 31 March 2022, are balancing figures between the audited figures for the year ended 31 March 2023 and 31 March 2022 and the published unaudited year-to-date figures for nine months ended 31 December 2022 and 31 December 2021 respectively. The results for the corresponding period have been reviewed and the corresponding year has been audited by a firm other than B S R & Co. LLP.
2. The audited standalone and consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ("Ind AS‟) prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.
3. Earnings per share is not annualised for the quarter ended 31 March 2023, 31 December 2022 and 31 March 2022.
4. The Board of Directors at its meeting held on 23 May 2022, had recommended a final dividend @ 30% i.e. Rs. 0.60 per equity share, which has been approved by shareholders in Annual General Meeting held on 20 September 2022. The same has been paid during the year ended 31 March 2023.
5. The Board of Directors at its meeting held on 30 May 2023, has recommended a final dividend @ 50% i.e. Rs. 1.00 per equity share. The dates of the book closure for the entitlement of such final dividend and Annual General Meeting shall be decided and informed in due course of time.
6. The financial information / financial results of following entities have been consolidated with the financial results of the Company, hereinafter refer to as "the Group":

Subsidiaries	Country
SC Forma SA	Romania
Crane Kraft India Private Limited	India
Namo Metals (Partnership Firm)	India

1. During the year ended 31 March 2023, the Company has made following investment in subsidiary company:
2. 1. Rs 240 lakhs in equity shares of Crane Kraft India Private Limited (wholly owned subsidiary)
3. Subsequent to the year end, the Company has formed Action Construction Equipment Limited Employees Welfare Trust on 27 April 2023.
4. The certificate of Chairman and Managing Director (CMD) and Chief Financial Officer (CFO) in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of the above results has been placed before the Board of Directors of the Company.

10 The audited financial results of the Company for the quarter and year ended 31 March 2023 have been filed with BSE and NSE and are also available on Company's website "www.ace-cranes.com". The key financial information for the quarter and year ended 31 March 2023 are as under:

			Standalone
Particulars		Quarter ended		Year ended
31 March 2023	31 December 2022	31 March 2022	31 March 2023		31 March 2022
	Audited	Unaudited	Audited	Audited		Audited
Revenue from operations	61,279	55,530	51,136	2,15,799		1,63,034
Profit before tax	7,283	6,027	4,511	21,916		13,834
Profit after tax	5,199	4,471	3,602	16,120		10,591
Total comprehensive income	5,202	4,471	3,567	16,123		10,556

VIJAY AGARWAL

Digitally signed by

VIJAY AGARWAL Date: 2023.05.30 20:13:55 +05'30'

Notes to the Statement of audited financial results for the quarter and year ended 31 March 2023:

			Consolidated
Particulars		Quarter ended		Year ended
31 March 2023	31 December 2022	31 March 2022	31 March 2023		31 March 2022
	Audited	Unaudited	Audited	Audited		Audited
Revenue from operations	61,384	55,633	51,059	2,15,968		1,62,958
Profit before tax	6,804	6,203	4,433	23,375		13,730
Profit after tax	4,715	4,670	3,541	17,299		10,500
Total comprehensive income	4,717	4,670	3,514	17,301		10,473

11 In the current year, management has identified certain prior period errors in classification of property, plant and equipment, right-of-use assets, investments, loans, other current and non-current financial assets, other current and non-current tax assets, other current assets, borrowings, trade payables, other current financial liabilities, other expenses and impairment losses on financial assets in the audited standalone and consolidated financial results for the year ended 31 March 2022. These errors have been corrected by restating each of the affected financial results line items as at 31 March 2022 in accordance with Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors". The following table summarises the impacts on the standalone and consolidated financial results:

(a) Balance Sheet items:

						(Rs. in lakhs)
		Standalone			Consolidated
Particulars	Previously reported	Adjustments	As restated	Previously reported	Adjustments	As restated
amount as at		31 March 2022	amount as at		31 March 2022
	31 March 2022			31 March 2022
Assets
Non-current assets
Property, plant and equipment	42,812	(101)	42,711	43,727	(174)	43,553
Right-of-use assets	-	101	101	-	174	174
Financial assets
Investments	7,572	1,143	8,715	6,878	1,142	8,020
Other financial assets	1,651	(32)	1,619	1,658	(32)	1,626
Other tax assets (net)	-	36	36	-	37	37
Current assets
Financial assets
Investments	11,047	(1,143)	9,904	11,047	(1,143)	9,904
Loans	-	78	78	-	78	78
Other financial assets	298	(100)	198	299	(100)	199
Other tax assets (Net)	36	(36)	-	37	(37)	-
Other current assets	6,353	54	6,407	6,405	54	6,458
Liabilities
Current liabilities
Financial liabilities
Borrowings	760	2,164	2,924	760	2,164	2,924
Trade payables (Total outstanding dues of	35,222	5,166	40,388	35,236	5,166	40,402
creditors other than micro enterprises and
small enterprises)
Other financial liabilities	9,218	(7,330)	1,887	9,446	(7,330)	2,116

VIJAY AGARWAL

Digitally signed by

VIJAY AGARWAL Date: 2023.05.30 20:14:11 +05'30'

Notes to the Statement of audited financial results for the quarter and year ended 31 March 2023:

(b) Statement of Profit and Loss items:

							(Rs. in lakhs)
		Standalone				Consolidated
Particulars	Previously reported	Adjustments		As restated for the year	Previously reported	Adjustments	As restated for the year
amount for the year ended 31			ended	amount for the year ended		ended
	March 2022			31 March 2022	31 March 2022		31 March 2022
Impairment losses on financial assets	-		372	372	-	372	372
Other expenses	22,187		(372)	21,815	22,221	(372)	21,849

1. Statement of Cash Flows and all related disclosures for the year ended 31 March 2022 (comparative period), have been restated, where applicable.

Action Construction Equipment Limited

VIJAY AGARWAL

Digitally signed by

VIJAY AGARWAL Date: 2023.05.30 20:14:26 +05'30'

Vijay Agarwal Chairman & Managing Director