National Stock Exchange of lndia Ltd. Exchange Plaza C-1, Block G Bandra Kurla Complex, Bandra (E) Mumbai - 400 051

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

Through: NEAPS Through: BSE Listing Centre

Dear Sir/Madam,

Subject: Outcome of the Meeting of the Board of Directors pursuant to SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

NSE Scrip Code : ELGIEQUIP / BSE Scrip Code : 522074

The Board of Directors of the Company at its meeting held today have inter-alia taken on record and approved / recommended the following:

1. Approved the Audited Standalone Financial Results and Consolidated Financial Results of the Company and its Subsidiaries for the quarter and financial year ended March 31, 2024. Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2024, along with the Statutory

Auditors' Report are enclosed as Annexure 1. A copy of the communication being released to the Press in this regard is also attached.

We hereby declare that the Statutory Auditors of the Company, Price Waterhouse Chartered Accountants LLP, have in their reports, issued an unmodified opinion on the Audited Standalone and Consolidated Financial Results for the financial year ended March 31, 2024.

1. Recommended for the approval of the shareholders, a final dividend of Rs. 2/- per equity share of Re.1/- each for the financial year ended March 31, 2024. The said dividend, if declared and approved by the shareholders at the forthcoming Annual General Meeting ("AGM"), shall be paid on or before August 29, 2024, to the shareholders whose name stands on the Register of Members and as beneficial owners with the depositories as on Wednesday, July 24, 2024.

• 1. Approved the closure of the Register of Members and Share Transfer Books of the Company from Thursday, July 25, 2024, to Wednesday, July 31, 2024 (both days inclusive) for the purpose of determining the eligibility of the equity shareholders for the dividend, if approved by the shareholders.
• 1. Approved convening of the 64th Annual General Meeting of the Shareholders of the Company on Wednesday, July 31, 2024, through video conference.
• 1. Based on the recommendation of the Nomination and Remuneration Committee and the approval of Audit Committee, the Board of Directors have approved the appointment of Mrs. Devika Sathyanarayana (ICSI Membership Number: F11323) as the Company Secretary and Compliance Officer of the Company with effect from May 27, 2024.

Consequent to the said appointment, Ms. Vaishnavi P M will cease to act as the Compliance Officer of the Company with effect from May 27, 2024.

1. Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors have recommended the appointment of Mr. Suman Kumar Das (DIN: 07500784), Mr. K. Srinivasan (DIN: 06662916) and Mr. Srinivasan Ravindran (DIN: 05259775) as Independent Directors of the Company for period five (5) years with effect from the conclusion of 64th Annual General Meeting of the Company on July 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting.

Further, Mr. Suman Kumar Das, Mr. K. Srinivasan and Mr. Srinivasan Ravindran are not debarred from holding the office of Director by virtue of any order of the SEBI or any other statutory authority under any laws.

1. Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors have recommended the re-appointment of Mrs. Aruna Thangaraj (DIN: 07444726) as an Independent Director for a second term of five (5) years with effect from August 2, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting.

Further, Mrs. Aruna Thangaraj is not debarred from holding the office of Director by virtue of any order of the SEBI or any other statutory authority under any laws.

The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, in respect of Item Nos. 5, 6 & 7 are enclosed

as Annexure 2. 8. Taken note of cessation of Mr. Ganesh Devaraj (DIN: 00005238), Mr. Balakrishnan Vijayakumar (DIN: 00015583) and Mr. Ramprasad Mathrubutham (DIN: 00004275) as Independent Directors of the Company with effect from the close of business hours on August 1, 2024, upon completion of their second term as Independent Directors.

The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, in respect of the same is enclosed as Annexure 3.

• 1. Approved the appointment of M/s. MDS & Associates LLP, Company Secretaries as the Secretarial Auditors of the Company for the financial year 2024-25.
• 1. Approved the appointment of M/s. STR & Associates, Cost Accountants as the Cost Auditors of the Company for the financial year 2024-25.

The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, in respect of the Item Nos. 9 & 10 is enclosed as Annexure 4.

1. Approved the divestment of entire stake held by the Company's wholly owned subsidiary, Elgi Compressors USA Inc (Elgi USA), in its Joint Venture CS Industrial Services LLC, USA, to the existing joint venture partners.

The Joint Venture Partners have expressed their interest to buyout the investment of Elgi Compressors USA Inc (Elgi USA) in CS Industrial Services LLC as per the terms of the operating agreement. The formalities under the operating agreement and the actual closure are expected to be completed by June 30, 2024. As per the terms of the operating agreement, post divestment of Elgi USA's stake, CS Industrial Services LLC shall be the exclusive distributor to sell, maintain and service ELGi branded oil flooded rotary screw category products for a period of five years.

The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, are enclosed is Annexure 5. 12. Approved a project to create necessary infrastructure for expanding our

manufacturing facilities at Kinathukadavu, Coimbatore. This will result in capacity addition for production of air compressors and delivery of parts. In Phase I of the project, DPSAC (Diesel Powered Screw Air Compressor) and GSC (Global Support Center) capacities will be enhanced. The Phase I of the project is expected to be completed by end of FY 2025-26 and the estimated cost is Rs. 254.70 Crores.

The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-Pod- /P/CIR/2023/123 dated July 13, 2023, are enclosed in Annexure 6. The meeting commenced at 02.45 PM and concluded at 06.15 PM.

The above information will be made available on the Company's website www.elgi.com

This is for your information and records.

Thanking you,

Yours faithfully, For ELGI EQUIPMENTS LIMITED

INDRANIL SEN CHIEF FINANCIAL OFFICER Encl.: a/a

Standalone Statement of Financial Results for the quarter and year ended March 31, 2024

Place: Coimbatore Date: May 27, 2024 For and on behalf of the Board of Directors

Jairam Varadaraj Managing Director

Notes:

Place: Coimbatore Date: May 27, 2024 For and on behalf of the Board of Directors

WW Jairam Varadaraj Managing Director

Standalone Statement of Assets and Liabilities as at March 31, 2024

(Rs. in Millions)

Place: Coimbatore Date: May 27, 2024

For and on behalf of the Board of Directors

ann Jairam Varadaraj Managing Director

ELGI EQUIPMENTS LIMITED
Trichy Road, Singanallur, Coimbatore - 641005, Tamilnadu, India
T : +91 422 2589 555, ^W :www.elgi.com, ^{Toll - free No} : 1800-425-3544 / 1800 203 3544 , ^CIN : L29120TZ1960PLC000351

For and on behalf of the Board of Directors

5.02

'unul Jairam Varadaraj Managing Director

$11.64$

Place: Coimbatore Date: May 27, 2024

Non-cash financing and investing activities

-Acquisition/Modification of right-of-use assets

ELGI EQUIPMENTS LIMITED
Trichy Road, Singanallur, Coimbatore - 641005, Tamilnadu, India
T : +91 422 2589 555, ^W :www.elgi.com, Toll - free No : 1800-425-3544 / 1800 203 3544 , ^CIN : L29120TZ1960PLC000351

PriceWaterhouse CharteredAccountantsLLP

INDEPENDENTAUDITORS'REPORT

ToTheBoardofDirectorsofElgiEquipmentsLimited

Reporton theAuditofStandaloneFinancialResults

• i. We have audited the standalone statement of financial results of Elgi Equipments Limited (hereinafter referred to as 'the Company") [in which areincluded results ofa trust and two jointly controlled entities (representingjointoperationsconsolidatedona proportionatebasis)j forthe year ended March3i. 4 andtheStandalone Statement ofAssets and Liabilities and the Standalone Statement of Cash Flows as atand forthe year ended on that date (together referred to as the "Standalone Financial Results"), attached herewith, being submitted by the Companypursuant to the requirement ofRegulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, zoos, as amended (the "Listing Regulations") which has been initialled by us for identification purposes.
• z. In our opinion and tothebestofour information and accordingtothe explanations giventous and basedon theconsideration ofreports of other auditors on separate audited financial statements of the trust and two joint operations (refer notes tothe Standalone Financial Results), the aforesaid Stdr1â alone Financial Results:
• (i) are presented inaccordance withthe requirements ofRegulation 3s ofthe Listing Regulations inthis regard; an6
• (ii) givea true and fair view inconformity with the recognition and measurement principles laid downintheapplicable accounting standards prescribed under Section '33 ofthe Companies Act,z°!3bthe "Act') and other accounting principles generally accepted in India, of the net profit and othercomprehensiveincomeandotherfinancial information oftheCompany,itsjoint operations and trust, for the yearendedMarch3*,2024 and theStandaloneStatementofAssets and Liabilities and the StandaloneStatementofCashFlowsasatand fortheyearendedonthat date.

BasisforOpinion

1. We conductedourauditin accordancewiththeStandards on Auditing (SAs) specified undersection *43(10) of the Act and other applicable authoritative pronouncements issued by the Institute of CharteredAccountants ofIndia. Our responsibilitiesunderthoseStandards arefurther described in the 'Auditors' Responsibilities for the Audit ofthe Standalone Financial Results' section of our report. We are independent oftheCompanyinaccordance with theCode ofEthics issued by the Institute of CharteredAccountants ofIndiatogether withtheethical requirements thatare relevant to our audit ofthe financial statements undertheprovisions of the Act and the Rules thereunder, and we havefulfilled our other ethical responsibilities in accordance withthese requirements and theCodeofEthics. We believethatthe audit evidence obtainedby us and other auditors intermsof their reports referred to in 'Other Matter' paragraphbelow, is sufficient and appropriate to provide a basisforour opinion.

INDfPENDANTAUDITORS'REPORT TotheBoardofDirectors or Elgi Equipments Limited Reporton theAuditofStandalone Financial Results Pagez o1q

BoardofDirectors' Responsibilitiesfor the StandaloneFinancialResults

• q. These Standalone Financial Results have been prepared on the basis of the standalone annual financial statements. The Company's Board ofDirectors are responsible for the preparation and presentation oftheseStandaloneFinancial Resultsthatgivea trueand fairviewofthenetprofit and other comprehensive income and other financial information ofthe Company andtheStandalone StatementofAssets and Liabilities and the Standalone Statement ofCashFlows inaccordancewith the recognition and measurement principles laid dovm inIndian Accounting Standard prescribed under Sectioni33 °*theAct read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Board ofDirectors of the Companyareresponsible for maintenance otadequate accounting records in accordancewith theprovisions ofthe Act forsafeguarding ofthe ascents of the Companyandforpreventingand detecting fraudsand otherirregularities; selection and application of appropriate accounting policies; making judgments and ec.timates that are reasonable and prudent; and the design, implementation and maintenance ofadequate internal flnanrial controls that were operating effectively for ensuring accuracy and completeness ofthe accounting records, relevant to the preparation and presentation ofthe standalone financial statements that givea true and fair viewand arefree from material misstatement, whether due tofraud or error, which have beenusedforthepurposeofpreparation ofthe StandaloneFinancial Resultsby the Directors ofthe Company, asaforesaid.
• s In preparing the Standalone Financial Results, the Board of Directors of the Company are responsible for assessing the ability of the Companytocontinue asa going concern, disclosing, as applicable, matters related to goingconcern and usingthegoing concernbasis ofaccounting unless the Board ofDirectors either intends to liquidate the Company ortocease operations, or has no realistic alternative but to do so.
• 1. The BoardofDirectors ofthe Companyareresponsibleforoverseeingthefinancial reportingprocess ofthe Company.

Auditors'Responsibilitiesforthe AuditoftheStandaloneFinancialResults

• 1. Our objectives are to obtain reasonable assurance about whethertheStandalone Financial Results asa whole arefree from material misstatement, whether due tofraud or error, and to issue an auditors' reportthatincludes our opinion. Reasonable assurance isa highlevel of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detecta material misstatement when it exists. MiS6tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of userstaken on thebasis aIthese StandaloneFinancial Results.
• 1. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticismthroughouttheaudit. We also:
• Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to providea basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, orthe override ofinternal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthatare appropriate inthe circumstances.Under5ection'43(3J (i) Of the Act, we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls withreference tofinancial statements inplaceand the operating effectiveness of suchcontrols. (Refer paragraph isbelow)
• Evaluate the appropriateness ofaccounting policies usedand thereasonableness ofaccounting estimates and related disclosures madebytheBoardofDirectors.
• Conclude on the appropriateness ofthe Board ofDirectors use of the going concern basis of accounting and, based on theaudit evidence obtained, whethera material uncertainty exists related to events or conditions thatmay cast significant doubton theability of the Companyto continue asa going concern. Ifwe concludethata material uncertainty exists, we are required to drawattention in our auditors' report to the related disclosures in the Standalone Financial Results or, ifsuclr disclosures are inadequate, tomodify ouropinion. Our conclusions arebased ontheaudit evidence obtainedup tothedate ofour auditors' report. However,future events or conditions may cause theCompanytoceasetocontinue asa goingconcern.
• Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlyingtransactions and events ina mannerthat achieves fair presentation.
• Obtainsufficient appropriateauditevidenceregardingthefinancial informationoftheCompany andits trust and jointly controlled entities (representing joint operations consolidated ona proportionate basis) to express an opinion on the Standalone Financial Results. We are responsible for the direction, supervision and performance of the audit of the financial statements ofthe Companyofwhichwe aretheindependent auditors. For the trust and jointly controlled entities (representing joint operations consolidated on a proportionate basis) included inthe Standalone Financial Results, which havebeen audited by other auditors, such other auditors remain responsible forthe direction, supervision and performance oftheaudits carried out by them.We remainsolelyresponsibleforour auditopinion.
• g. We communicate with those charged with governance otthe Company regarding, among other matters, the planned scope and timing ot the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those chargedwithgovernancewitha statementthatwe havecompliedwithrelevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonablybe thoughttobearon ourindependence, and whereapplicable, related safeguards.

OtherMatter

io. We didnotauditthe financial statements ofa trust and two jointly controlled entities (representing jointoperations consolidatedona proportionate basis) includedintheStandaloneFinancial Results ofthe Company,whosefinancial statements reflect total assets ofRs 4**43 illion and net assets of Rs. 119.88 million as at March3*.co4 andtotal revenues ofRs.Nil, total net profit of Rs. 1.i6 million and total comprehensive incomeofRs.i.i6 million forthe year endedMarch3 i, *4,^a f! d cash outflows (net) of ns.31.gg million for the year ended on March3i, zoaq. These financial statements havebeen audited by other auditors whose reports havebeenfurnished to us,and our opinioninsofarasit relatesto the amountsanddisclosures includedinrespectofthe aforesaidtrust and jointlycontrolled entities (representingjointoperations consolidated ona proportionatebasis), isbasedsolely on the reports ofsuchotherauditors.

Our opinion on theStandaloneFinancial Results is not modified inrespect ofthe abovematterwith respect toour reliance on the workdone andthereports ofthe otherauditors.

• 1. The StandaloneFinancialResultsincludetheresults forthe quarterendedMarch3i, zozqbeingthe balancingfigures betweentheaudited figures in respect ofthe full financial year and thepublished unauditedyeartodatefigures up to the thirdquarter ofthe currentfinancial year, whichareneither subject tolimited reviewnor auditedby us.
• The StandaloneFinancial Resultsdealtwithby this reporthas beenpreparedfortheexpresspurpose offiling with stockexchanges on whichtheCompany's shares arelisted. Theseresults are basedon and should be read withthe audited standalone financial statements ofthe Companyfortheyear endedMarch31,oozeonwhichwe issued an unmodified audit opinionvide our report dated May °7› 84

For PriceWaterhouseCharteredAccountantsLLP FirmRegistration Number: ois754N/N5ooo i6

Partner Membership Number:

Place: Coimbatore Date: May •7. °‹

Consolidated Statement of Financial Results for the quarter and year ended March 31, 2024

(Rs in Millions, except per equity share data)

For and on behalf of the Board of Directors

'WWW Jairam Varadaraj Managing Director

Place: Coimbatore Date: May 27, 2024

Notes:

'UMM Jairam Varddaraj

ELGI EQUIPMENTS LIMITED

Place: Coimbatore

Date: May 27, 2024

N AAC-500

Chennai

$\star$

$\star$

Trichy Road, Singanallur, Coimbatore - 641005, Tamilnadu, India
Trichy Road, Singanallur, Coimbatore - 641005, Tamilnadu, India
T : +91 422 2589 555, W :www.elgi.com, Toll - free No : 1800-425-3544 / 1800 203 3544 , CIN :

For and on behalf of the Board of Directors

375-55

72.92

585.87

11,039.92 12,098.46

28,209.26

Chartered Acc $\mathcal{L}_{\mathcal{A}}$ Place: Coimbatore NSOO! Date: May 27, 2024 ÷ Ŕ Chennai

Current Tax Liabilities (Net)

Total equity and liabilities

Other current liabilities Total current liabilities
Total liabilities

aw Jairam Varadaraj Managing Director

$314.15$

228.31

572.80

10,211.07

11,304.05 25,015.60

ELGI EQUIPMENTS LIMITED

Provisions

Trichy Road, Singanallur, Coimbatore - 641005, Tamilnadu, India T: +91 422 2589 555, W:www.elgi.com, Toll - free No: 1800-425-3544 / 1800 203 3544, CIN: L29120TZ1960PLC000351

Consolidated Statement of Cash Flows for the year ended March 31, 2024

(Rs. in Millions)

For and on behalf of the Board of Directors

WWW

Jairam Varafaraj

Managing Director

use Chartered Acc $AAC-500$ R. Rich IN Place: Coimbatore E v3 Date: May 27, 2024 H5300¹ $\pm$

ELGI EQUIPMENTS LIMITED Chennai $\tilde{~}$ Trichy Road, Singanallur, Coimbatore - 641005, Tamilnadu, India

T:+91 422 2589 555, W :www.elgi.com, Toll - free No : 1800-425-3544 / 1800 203 3544 , CIN : L29120TZ1960PLC000351

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITORS' REPORT

To the Board of Directors of Elgi Equipments Limited

Report on the Audit of Consolidated Financial Results

Opinion

• We have audited the consolidated statement of financial results of Elgi Equipments Limited $1$ . (hereinafter referred to as the 'Holding Company') which includes a trust, joint operations and the subsidiaries (Holding company, its trust, joint operations and subsidiaries together referred to as 'the Group') and its joint ventures (Refer note 5 to the Consolidated Statement of Financial Results) for the year ended March 31, 2024 and the Consolidated Statement of Assets and Liabilities and the Consolidated Statement of Cash Flows as at and for the year ended on that date (together referred to in as 'Consolidated Financial Results'), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations') which has been initialled by us for identification purposes.
• In our opinion and to the best of our information and according to the explanations given to us, $\overline{2}$ . and based on the consideration of the reports of the other auditors on separate/consolidated financial statements / financial information of the subsidiaries, trust, joint operations and joint venture, other than the unaudited financial statements of a joint venture as certified by the Management, the aforesaid Consolidated Financial Results:
• (i) includes the annual financial results of the following entities: (also refer note 5 to the Consolidated Financial Results)

Subsidiaries

• Elgi Compressor USA Inc., its subsidiaries and its jointly controlled entities i.
• PT Elgi Equipments Indonesia ij.
• iii. ATS Elgi Limited
• $iv$ Adison Precision Instruments Manufacturing Company Limited
• Ergo Design Private Limited v.
• Elgi Gulf FZE. and its subsidiary vi.
• Elgi Compressors Do Brazil Imp. E. Exp. LTDA vii.
• Elgi Equipments Australia Pty Ltd. viii.
• Industrial Air Compressors Pty Ltd. and its subsidiaries ix.
• X.
• Elgi Compressors Italy S.R.L (formerly known as "Elgi Compressors Europe $S.R.L"$ xi. Rotair SPA
• Elgi Compressors Europe S.R.L (formerly known as "Elgi Compressors Belgium xii. S.P.R.L") and its subsidiaries xiii.
• Elgi Compressors (M) SDN. BHD.

Trust

Elgi Equipments Limited Employee Stock Option Trust i.

Price Waterhouse Chartered Accountants LLP, 7th & 10th Floor, Menon Eternity, No. 165, Section Re Chennai - 600 018 T: +91 (44) 42285000 / 42285200, F: +91 (44) 42285100

Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi - 110002

Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25, 2014. Post its conversion to P

INDEPENDENT AUDITORS' REPORT To the Board of Directors of Elgi Equipments Limited Report on the Audit of Consolidated Financial Results Page 2 of 5

Jointly controlled entities

• Elgi Sauer Compressors Limited (Joint Venture) $\mathbf{i}$ .
• Industrial Air Solutions LLP (Joint Venture) ii.
• iii. L.G. Balakrishnan & Bros (Joint Operations)
• iv. Elgi Services (Joint Operations)
• are presented in accordance with the requirements of Regulation 33 of the Listing $(ii)$ Regulations in this regard; and
• give a true and fair view, in conformity with the recognition and measurement principles $(iii)$ laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act"), and other accounting principles generally accepted in India, of net profit and comprehensive income and other financial information of the Group and its joint ventures for the year ended March 31, 2024 and the Consolidated Statement of Assets and Liabilities and the Consolidated Statement of Cash Flows as at and for the year ended on that date.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditors' Responsibilities for the Audit of the Consolidated Financial Results' section of our report. We are independent of the Group and its joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in subparagraph 11 to 13 the 'Other Matters' paragraph below, other than the unaudited financial statements as certified by the management and referred to in sub-paragraph 14 of the 'Other Matters' section below is sufficient and appropriate to provide a basis for our opinion.

Board of Directors' Responsibilities for the Consolidated Financial Results

These Consolidated Financial Results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these Consolidated Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its joint ventures and the Consolidated Statement of Assets and Liabilities and the Consolidated Statement of Cash Flows in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Results by the Directors of the Holding Company, as aforesaid.

• 1. In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for assessing the ability of the Group and of its joint ventures to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board Directors either intends to liquidate the Group and its joint ventures or to cease operations, or has no realistic alternative but to do so.
• The respective Board of Directors of the companies included in the Group and of its joint 6. ventures are responsible for overseeing the financial reporting process the Group and of its joint ventures.

Auditors' Responsibilities for the Audit of the Consolidated Financial Results

• Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and issue an auditors' report that includes our opinion. Reasonable assurance is a high level assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.
• 1. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 16 below).
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as going concern.
• Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

INDEPENDENT AUDITORS' REPORT To the Board of Directors of Elgi Equipments Limited Report on the Audit of Consolidated Financial Results Page 4 of 5

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its joint ventures to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
• 1. We communicate with those charged with governance of the Holding Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
• 1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations as amended, to the extent applicable.

Other Matters

• 1. We did not audit the financial statements of a trust and two jointly controlled entities (representing joint operations consolidated on a proportionate basis) included in the financial results of the Holding Company, whose financial statements reflect total assets of Rs. 421.43 million and net assets of Rs. 119.88 million as at March 31, 2024 and total revenues of Rs. Nil, total net profit of Rs. 1.16 million and total comprehensive income of Rs. 1.16 million for the year ended March 31, 2024, and cash outflows (net) of Rs. 31.99 million for the year ended on March 31, 2024. These financial statements have been audited by other auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of the aforesaid trust and jointly controlled entities (representing joint operations consolidated on a proportionate basis), is based solely on the reports of such other auditors.
• 1. We did not audit the financial statements / financial information of twelve subsidiaries (including their relevant step-down subsidiaries and joint ventures) included in the Consolidated Financial Results, whose financial statements results reflect total assets of Rs. 14,784.08 million and net assets of Rs. 2,811.55 million as at March 31, 2024, total revenues of Rs. 16,749.78 million, total net profit after tax of Rs. 8.07 million and total comprehensive income of Rs. 10.50 million for the year ended March 31, 2024 and cash inflows (net) of Rs. 58.09 million for the year ended March 31, 2024, as considered in the Consolidated Financial Results. The Consolidated Financial Results also include the Group's share of net profit after tax of Rs. 10.72 million and total comprehensive income of Rs. 10.72 million for the year ended March 31, 2024 as considered in the Consolidated Financial Results, in respect of one joint venture, whose financial statements have not been audited by us. These financial statements/financial information have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint venture, is based solely on the reports of the other auditors who issued their unmodified opinion and the procedures performed by us as stated in paragraph 10 above.

INDEPENDENT AUDITORS' REPORT To the Board of Directors of Elgi Equipments Limited Report on the Audit of Consolidated Financial Results Page 5 of 5

• 1. Of the entities mentioned in sub-paragraph 12 above, the financial statements of three subsidiaries, located outside India, included in the consolidated financial statements, which constitute total assets of Rs. 1,502.22 million and net assets of Rs. 1,254.59 million as at March 31, 2024, total revenue of Rs. 167.93 million, net profit after tax of Rs. 142.06 million for the year ended March 31, 2024 and total comprehensive income (comprising of profit and other comprehensive income) of Rs. 142.43 million for the year ended March 31, 2024 and cash inflows (net) amounting to Rs. 2.72 million for the year ended March 31, 2024, have been prepared in accordance with accounting principles generally accepted in their respective countries and have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Company's management has converted the financial statements of such subsidiaries located outside India from the accounting principles generally accepted in their country to the accounting principles generally accepted in India. We have audited these conversion adjustments made by the Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India, is based on the reports of other auditors and the conversion adjustments prepared by the management of the Company and audited by us.
• 1. The consolidated financial results also includes the Group's share of net profit after tax of Rs. 34.77 million and total comprehensive income of Rs. 32.20 million for the year ended March 31, 2024, as considered in the consolidated financial results, in respect of one joint venture, whose financial statements have not been audited by us. These financial statements are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of the aforesaid joint venture, is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group.

Our opinion on the Consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements certified by the Management.

• 1. The Consolidated Financial Results include the results for the quarter ended March 31, 2024, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.
• 1. The Consolidated Financial Results dealt with by this report have been prepared for the express purpose of filing with stock exchange on which the Company's shares are listed. These results are based on and should be read with the audited consolidated financial statements of the group and joint ventures, for the year ended March 31, 2024 on which we have issued an unmodified audit opinion vide our report dated May 27, 2024.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Baskar Papmerselvam

Partner Membership Number: 213126
UDIN: 24213126BKFVQC1814

Place: Coimbatore Date: May 27, 2024

Place: Coimbatore Date: May 27, 2024

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For and on behalf of the Board of Directors

ant Jairam Varadaraj

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Presr Release - 27th Mav.2024

Eloi Equipments Limited - Fourth Ouarter & FY 2023-24Results

Elgi Equipments Ltd, manufacturer ofAirCompressors, announced theresults for the fourth quarter and forthe financial year ended 31st l1arch, 2024. Consolidated sales forthe fourth Quarter was Rs.866 Crores as against Rs.836 Crores in the corresponding quarter in 2022- 23.Consolidated sales forthe whole financial yearwas Rs.3218 Crores. Consolidated PAT for the quarter was Rs.76.3 Crores, compared toRs.92.6 Crores in the same period in 2022-23 (excluding extraordinary income). Consolidated PAT forthe financial yearwas Rs.311.9 Crore, compared toRs.293.3 Crores in 2022-23 (excluding extraordinary income}).

The standalone sales forwholefinancial yearwas Rs.1843Crores compared toRs.1757Crores in 2022-23. The standalone PAT for the fourth quarter was Rs.92.6 Crores compared to Rs.80.6 Crores inthe same period in2022-23. The standalone PAT forthe yearwas Rs.322.2 Crores compared toRs.272.5 Crores in2022-23.

India and, Middle East delivered strong growth and profitability. The Australian businessg rew and we could achieve marginal improvements inother South East Asian markets. The US operations have recovered fromthesetbacks caused by theERP implementation. Europegrew despite softening of demand.

Theautomotive business grew on theback ofa strong automotive sector growth as well as expansion ofopportunities in recycling of automobiles.

The Board recommended a dividend of Re per share ( 0%} for approval of the shareholders. The Board also approveda capital expenditure of Rs 254.70 Crsforcreating necessary infrastructure for enhancing production capacity, amongst others.

OutloOkfOPQ-1, FY 2O24-25

TheCompany will continue tog row in all markets it is present in, and the profitability is expected to be good. The automotive business is expected to grow intandem with the industry.

For Elgi Equipments Limited

Indranil Sen ChiefFinancial Officer

Disclosure as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, for Item No. 5, 6 & 7.

ELGI EQUIPMENTS LIMITED

Registered Office : Elgi Industrial Complex III, Trichy Road, Singanallur, Coimbatore - 641005, Tamilnadu, India T +91 422 2589 555, E [email protected], W www.elgi.com, TOLL-FREE NO: 1800-425-3544 | 1800-203-3544 CIN: L29120TZ1960PLC000351

Brief Profile of Mrs. Devika Sathyanarayana

Devika is a qualified Company Secretary and additionally holds the qualification of Insolvency Professional. She has 22 years of experience in the Corporate Secretarial function.

She believes in philanthropy and participates in several such activities. She strongly believes in contributing to the Society.

Devika joins Elgi from V Sreedharan & Associates – Company Secretaries, Bangalore. She worked in this firm as a Partner for a period of 8 years. As a Partner, she handled compliance and secretarial matters for companies like Wipro, Syngene, Happiest Minds, Kia, ADC Ltd etc. Prior to this, she has had corporate experience of over 15 years with companies like Stumpp, Schuele, Plexion Technologies (subsidiary of Mahindra).

She is currently the Vice Chairman of the Managing Committee of Bangalore ICSI chapter. Additionally, she is also a guest speaker at ICSI and at various other colleges and institutions in India and she is currently a Non-Executive Director on the Board of Subex Technologies Limited. Devika also held the position of Chairperson for Women Empowerment under the Rotary Club, Bangalore.

Brief Profile of Mr. Suman Kumar Das

Suman is a retired senior executive with 35 years of experience as a business leader and CFO.

Holding a Bachelor's degree in Commerce, he is also an associate member of the Institute of Chartered Accountants of India and completed the CS course from the Institute of Company Secretaries of India.

His career journey includes donning roles such as Internal Auditor at Apollo Tyres and Manager, Management Accounting at Smith Kline Beecham Ltd.

Notably, he spent 30 years with Eli Lilly and Company, showcasing his vast expertise in finance, global capability centers, and strategic planning. As Managing Director, he oversaw the holistic well-being of the company and scaled a global capability center in Bengaluru.

With extensive international experience, he has led multinational teams, focusing on financial outcomes, compliance, and fostering innovation while promoting diversity and inclusion.

Brief Profile of Mr. K Srinivasan

Srinivasan is a Fellow of the Institute of Chartered Accountants of India and also has a Bachelor's degree in Chemistry from the University of Madras. He has also passed the Certified Information Systems Auditor (CISA) examination.

He worked with PricewaterhouseCoopers ("PwC") for over 30 years including 23 years in Dubai and two years in Muscat. Srini was a senior Assurance Partner in Dubai/India and had been the audit engagement leader on a number of large/complex clients in different industries/sectors including banking, engineering and construction, manufacturing and oil and gas. Srini has also managed assignments in Azerbaijan, Bahrain, Egypt, Saudi Arabia, UK and USA.

He has successfully led the large IFRS conversion project for the national oil and gas company of Saudi Arabia and the IFRS conversion strategy and impact analysis for the national telecom company of the United Arab Emirates. He has also successfully led a team to produce a comprehensive VAT Audit Manual for Dubai Customs Authority on behalf of the Dubai Government.

He was the PwC Middle East IFRS ACS (Accounting Consulting Services) Leader from 2005 to 2013. He was also a member of the PwC Audit Risk and Quality Management function in the Middle East. He returned to PwC India in April 2013 and was the Regional Assurance Leader for South, and Office Managing Partner of its Chennai office.

Brief Profile of Mr. Srinivasan Ravindran

Ravindran is a Graduate of Madras University and PGDM from Indian Institute of Management Calcutta with specialisation in Finance.

He has over 20 years of experience in Finance, Treasury, Corporate Planning and M&A in large Indian and Multinational Corporations. Started career in Associated Cement Companies Limited. Handled Treasury, Project Finance, M&A, Financial Planning and fund raising for the Company. Was also the CFO for an ACC-Siemens Joint Venture in the electronics component industry.

His last position held was Director Finance, Regional Office Far East, Novo Nordisk A/S. heading the Finance, Accounting, Legal and IT functions for Novo Nordisk Affiliates in India, Korea, Taiwan , Thailand , Singapore , Malaysia, Bangladesh , Vietnam , Philippines etc.

Since 2008, he has been an Independent Advisor in the areas of mergers and acquisitions, financial structuring, organisational structures and strategic planning.

Also been an independent director on the Board of Igarashi Motors Limited during the period 2013-2014. Currently a director on the Board of EcoEdu Consultants Private Limited.

Disclosure as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, for Item No. 8.

Disclosure as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, for Item Nos. 9 & 10.

Disclosure as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, for Item No. 11.

Disclosure as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023, for Item No. 12.

*GSC- Global support center

**DPSAC- Diesel Powered Screw Air Compressor

SKUs – Stock Keeping Unit