SML/SEC/EXCH 121h November, 2021

Dear Sir,

Outcome of Board Meeting- Regulation 30 and 33 of SEBI (LODR) Regulations, 2015

This is to inform you that the Board of Directors of the Company at the meeting held today i.e 121 hNovember, 2021 (Friday) have approved the Unaudited Financial Results of the Company for the second quarter and half-year ended on 30th September, 2021 .

Copies of un-audited Financial Results along with Limited Review Report from the Company's Statutory Auditors are enclosed here~ith .

The Board Meeting commenced at 9.30 AM. and concluded at 12:05 PM.

You are requested to kindly take note of the above information on your records.

Yours faithfully For SML ISUZU LIMITED

.

(PARVESH MADAN) Company Secretary & Compliance Officer [email protected] ACS-31266

SML ISUZU Limited

Corporate Office : 204-205, Sector 34-A, Chandigarh -160135 +91172 2647700-10 F +91172 2615111

Regd. Office & Works:

Village: Asron, Distt. Shahid Bhagat Singh Nagar(Nawanshahar) Punjab -144533 r +911881 270255 F +911881 270223 W www.smlisuzu.com CIN L50101PB1983PLC005516

SML ISUZU LIMITED

Regd. Office : Village As ron, Dis tt. Shahid Bhagat Singh Nagar (Nawans hahr) - 144 533, Punjab

GIN : L50101PB1983PLC005516, Website: www.smlisuzu.com, Email id: [email protected], T: 91 1881 270255, F: 911881 270223

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2021

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Statement of Assets and Liabilities as at 30 September 2021

STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2021

1. The above "Statement of Cash flows" has been prepared as per the Indirect method as set out in Indian Accounting Standard-7, "Statement of Cash Flows".

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Notes:

• The Company is primarily engaged in the business of manufacturing of commercial vehicles and related components which constitutes a single business segment and accordingly, disclosure requirements of Ind AS 108, 'Operating Segments' are not required to be given. As defined in Ind AS 108. the Chief Operating Decision Maker (CODM), i.e. the Board of Directors, evaluates the performance of the Company and allocates resources based on the analysis of the various performance indicators of the Company as a single unit. ·
• 2 The above unaudited results were reviewed by the Audit Committee on 11 November 2021 and approved by the Board of Directors in their meeting held on 12 November 2021. The unaudited results for the current period, have been subjected to limited review by the Statutory Auditors of the Company. The unmodified review report of the Statutory Auditors is being filed with the BSE Limited and National Stock Exchange of India Limited. For more details on the unaudited results, visit 'disclosure' section of our website at www.smlisuzu.com and 'Financial Results' in 'Corporates' section of www.nseindia.com and www.bseindia.com.
• 3 The above financial results have been prepared in accordance with 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 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
• 4 The Company's business activities were significantly impacted during the quarter and half year ended 30 September 2021 as a result of Covid-19 pandemic, resulting in loss before tax of Rs. 63. 07 crores. However, the accompanying financial results have been prepared on a going concern basis as management expects that the Company should be able to continue as a going concern for a foreseeable future in view of its strong net worth, established technical excellence and operational systems as well as identified future course of actions which management considers to be realistic and feasible such as to protect revenues, cut costs. manage working capital balances, manage liquidity by deferring dividends, manage non compulsory capital expenditures etc. Hence, despite various uncertainties, in view of its management and the Board of Directors, the Company will be able to meet its financial obligations in the foreseeable future based on the above actions, continued support from various stakeholders including its promoter group and through availability of financing from lenders as may be required to sustain its operations on a going concern basis and wil l be able to discharge its liabilities and realise the carrying amount of its assets as on 30 September 2021 .
• 5 The second wave of Covid-19 in April 2021 had significantly increased the number of Covid cases in India, resulting in re-imposition of localised lockdowns I restrictions in various states. The Company's operations were suspended I slowed down during the lockdown period and were gradually resumed subsequently with requisite precautions. The operations are expected to return to normalcy in due course of time. The Company has considered the impact of Covid-19 pandemic on its business operations and financial position while preparing these financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company has, as at the date of approval of the financial results. considered internal and external information for making this evaluation. The Company has also assessed the impact of this whole situation on its capital and financial resources, profitability, liquidity position, internal financial reporting and controls etc. However. the impact assessment of Covid-19 is a continuing process given the uncertainties associated with its nature and duration, and the actual impact on these financial results may differ from that estimated as at the date of approval of these financial results.

The auditors have given an emphasis on matter in their review report.

• 6 The Code on Social Security, 2020 ('Code') relating to employee benefits. during employment and post-employment benefits. has received the Presidential assent in September 2020. This Code has been published in the Gazette of India. However, the effective date from which the changes are applicable is yet to be notified. The Company will evaluate the impact of the Code and wil l give appropriate impact in the financial results in the period in which the Code becomes effective.
• 7 The CEO and CFO have certified these results under Regulation 33(2) of SEBI (LODR) Regulations, 2015.
• 8 Previous period figures have been re-grouped I re-classified wherever necessary, to conform to current period's classification in order to comply with the requirements of the amended Schedule Ill to the Companies Act. 2013 effective 1 April 2021 .

For and on behalf of the Board of Directors

Place: Chandigarh Date: 12 November 2021

(Junya Yamanishi) Managing Director & CEO DIN: 09174162

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Walker Chandiok & Co LLP B-406A, 4th Floor L&T Elante Office Building, Industrial Area Phase I, Chandigarh - 160 002 India

T +91 172 433 8000 F +91 172 433 8005

Independent Auditor's Review Report on Unaudited Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of SML Isuzu Limited

• 1. We have reviewed the accompanying statement of unaudited financial results ('the Statement') of SML Isuzu Limited ('the Company') for the quarter ended 30 September 2021 and the year to date results for the period 1 April 2021 to 30 September 2021 , being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
• 1. The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with 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 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement 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. 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 the Standards on Auditing specified under section 143(10) of the Act, and consequently , does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion .

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad , Kechi, Kotkata, Mumbai, New Delhi. Naida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L4 1 Connaught Circus, New Delhi, 110001. India

Walker Chandiok &..Co LLP

• 1. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to Note 4 and 5 to the accompanying statement, which describes the uncertainties relating to Covid-19 pandemic and management's evaluation of its impact on the Company's operations and the accompanying Statement as at 30 September 2021 , the impact of which is significantly dependent on future operations. Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

Sandeep Mehta Partner

Place: Chandigarh Date: 12 November 2021