63 moons technologies : Financial Performance for the Q4 FY 23

63 _

moons

63 moons technologies limited

Regd. Office: Shakti Towers-ll,J,4th Floor,766, Anna Salai, Thousand Lights,

Chenna i - 600002.

CIN - L29142TN1988PLC015586

1. STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

("'In lakhs, except per equity share data)

Sr.			1Juarter ended				Year Ended
No.	PARTICULARS	31.03.2023		31.12.2022			31.03.2022		31.03.2023						31.03.2022
	Audited•		Unaudited		Audited•		Audited			Audited
	Income
1	Operating Income						3,826.90		27,248.18				14,435.21
	a) Revenue from Opera tions	10,716 .75	8,837.01
	b) Other Operating Income	0.30	0.30		1.10		1.20				3 .61
2	Other Income (net)	3,276.80	2,202.60			1,769.37		10,241.36				6 669.89
				11,039.91		5,597.37
3	Total Income (1+2)	13 993.85				37,490 .74			21,108.71

4 Expenses

								a) Employee benefits expense											3,318.52		3,187 .68		2,614 .69	12,304 .16		10,573 .27
								b) Legal and professional charges								900.11		1,044 .68		1,480.73	4,497 .58		5,870.64
								c) Depreciation and amortisation expense							332.24		303.37		269.35	1,187.26		1,207.37
								d) Fina nce costs														17.57		17.92			9 .96	54 .47		39.31
								e) Other expenses													1 556.27		1 305.04						1 266.54	5 174.63		4 503 .72
							Total expenses														6 124.71		5 858.69					5 641.27	23,218.10		22,194 .31
																																						14 272.64
			5				Profit/ (Loss) before Exceptional Items (3-4)						7.869.14		5 181.22		(43 .90			(1 085.60)
		6				Exceptional Items													(4 886.55)		(500.00		(500.00		(7 386.551	(5 208.281
			7				Profit / (Loss) before tax (5+6)											2,982.59		4 ,681 .22		(543 .90)		6,886.09		(6,293.88)
			8				Tax expense/ (credit)												2,475 .94		1 701.24		30.79	4 110.68		(159 .57)
		9				Net Profit/ (Loss) for the period (7-8)								506.65		2,979 .98		(574 .691	2,775.41		(6,134.31)
		10				Other Comprehensive Income												34 .88		(11.98		154 .64	(138.511	93.61
		11				Total Comprehensive Income (9+10)								541.53		2,968.00			(420.05)	2,636.90		(6,040.70)
		12				Paid-up eQultv share capital (Face value f	2/- per share)		921.57		921.57			921.57	921.57		921.57
		13				Reserves excludi nl! reva Iua tion reserves																					2 60 734 .88		2 58 097.98
			14 Earnings per share (Face Value f 2/- per share)
							Basic / DIiuted	(~)	(not annual ised)								1.10		6.47				(1.25)	6.02		(13 .31)
							*Refer Note 13
		Statement of standalone assets and liabilities																											(tin lakhs)
			SR														As at				Asat	SR					PARTICULARS								Asat		Asat
								PARTICULARS					31.03.2023				31.03.2022										31.03.2023		31.03.2022
			No														No
																Audited				Audited																			Audited		Audited
							ASSETS																	EQUITY AND LIABILmES
		1				Non-wrrent assets								20,469.48				20,923.99				Equity													921 .57		921.57
					Property, Plant and Equipment										l		Equity Share capital
		2				Right of use a ssets								4 28.01			26.25		2		Other Equity													2,60,734.88		2,58,097.98
		3				Investment Property							10,238.73			10,448.80				Total Equity															2,61,656A5		2,59,019.55
		4				Other Intangible assets							207.47			319.18
		5				EiDilDtlill &u~ls																	LIABILmES
							(ii	Investments									64,901.21			67,065.82				Non-<11rrent llabllltles
							(ii)	Loans									10.68			16.86		l		EiDiDClil Uibili ties
							(iii) Other Financi al Assets						26,539.83			11,570.94				Other fina nci al liabilities						484 .26		455.28
		6				Deferred tax Assets (net)							4,721.93			8 ,399.73		2		Lease Uabl ll tles					259 .17		13.08
		7
					Other non·current assets							7,180.12			9,910.33		3		Provisions												1,097.28		658.58
						Total Non-<11rrent assets							1,34,697 .46			1,28,681.90				Total Non-airrent llabllitles						1,840.71		1,126.94
							Current assets
			l				EiDilDtial 6lsW																	Current llabilltles
							(i)	Investments									11,312 .94			23,136.30		l		Eioaa,ial Uabiliti~
							(ii)	Trade receivables							915.31			597.68				(i) Trade payables :
							(iii) Cash and cash equivalents						5 ,686.54			2,469.43					Due to micro and small enterprises				92.08		35.29
						(iv) Bank Balances other than (iii) above					1,19,533.40			1,08,094 .74					Due to others						220.39		195 .04
						(v)	Loans									509.66			514 .76				(ii) Other financi al liabili ties						8,034.22		8,084 .10
						(vi) Other Financial Assets						4,222.70			3,438 .88		2		Lease Liabil ities						161 .02		14 .87
		2			Current tax assets (net)							3,270.51		1,729.60		3		Other cu rrent l iabilities						10,751.36		2,525.57
		3			Other current assets	~,~s				3 066.87		3,021 .12		4		Provisions												459.16		683.05
					Total a.irrent assets			1.48 517.93				1A3 002 .51			Total a.,rrent liabilities						19 718.23		11 537.92
									I"'""'..:4- , ~r'J'~"''"o	I) ;_;													I&~fci~~ ;.1)
					Total assets		/.	. -.;,.~A,		2 83 215.39		2 71684.41				Total equity and llabllltles					2 83 215.39		2,71,684.41
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Standalone Cash Flow Statement:-

1, in lakhs)

Particulars

A . Cash flow from operating activities

Profit I (Loss) before tax

Adjustments for:

Depreciat ion and amortisat ion expense

Gain on fair valuation of fina ncial a ssets a t fair value t hrough profit or loss

Impairment/ allowance for expected credit loss on debentures

Less: Reversal of allowance for expect ed credit loss - debentures

Provisions/ liabilities no longer required ....-itten back

Allowance for expected credit loss on investment In subsidiaries

Ailo.....ance for credit loss on loans to subsidiaries made earlier

'Mittenback

Bad debts/ advances 'Mittenoff (net of provision held)

Provision for doubtful trade receiva bles/ advances

Finance costs

Interest Income

Op erating p r o fit/ ( loss ) before work ing capital change s C hanges In work ing capital :

Adjustments for:

Trade receivables . loans, other financial assets and other assets

Trade payables, other financial liabilit ies, other liabilities and provision

Ca s h used In operations
Net Income Tax paid
Net c ash flow from operating activities	(A)

B . Cash f low f rom Inve sting a ctivities

Capital expenditure on Property, plant and equipment and other Intangible assets including capital advances Purchase of stake in subsidiaries

Proceeds from subsidiaries under liquidation Purchase of Financial assets - others Proceeds from sale of Financial assets - others Loans repaid by subsidiary companies

Bank deposits not considered as Cash and cash equivalents

- Placed
- Matured
Interest income
Cash flow f rom Investi ng a c t iv it ies
Income tax paid (net of refund)
Net c a s h flow f rom Investi ng a c t ivitie s	(B )
C . Cash flow from financ ing activit ie s
Repayment of lease liabilities - Principal
- Interest
N et cash u sed In fi nancing a c t ivit ies	(C )

N et Inc rease In cash and cash e qu ivalent s (A + B + C )

Cash and cash equivalent s (opening balance)

Cash and cash equivalents (closlnq balance)

Yea r ended 31 .03 . 2023

6 , 886 . 09

1. ,187 .26 (536.8 1 )

14,344.83

(10,208.28)

3,500.00
(250.00)
36.22
99.22
54	.47
(8,671	.01)	(444.10)
(198	.98)		6 ,44 1. 99
8 ,290	.96	8 ,091 .98

14,533 . 97

14,533 . 97

(455.69) (3 ,507 .50)

10,270.61

250.00

(2 ,43,624.44)

2.17,208.20 7,7 4 8 .53

(12 , 110. 29)

917 .87

(11 , 192 . 42)

(98 .36)

(26.07)

1124 .431

3 , 217 . 12 5.496.60 8 ,713.72

Year ended 31.03 . 2022

(6,293.88)

1 ,207.37 (45 6. 73)

2,7 08.28

(70.32)
2,500.00
21.09
73.85
3 9 .31
(5.407.32)	615 .53
	(5,678.35)
1 ,063.05
(8 9 4 .15)	168.90
	(5,509.45)
	-
	(5,509.45)
	(979.53)
	(4,602 .85)
	814 .32
	(5,287 .82)
	11,323 .55
	(1 .19,392 .49)
	1 ,18,781.33
	5,7 4 2 .85
	6 ,399 .36
	465 .38
	6 ,864 .74
	(19.64)
	(4 .90)
	(24.54
	1 ,330 .75
	4,165 .85
	5,496.60

Standalone Other Income consists of:

(~ in lakhs)

Partlrulars

1. Change in fair valuation of Investments
2. Interest Income
3. Other s (net)

Quarter ended

Year Ended

31.03.2023	31.12.2022	31.03 .2022	31.03.2023		31.03.2022
1 63	.47	151.14	59.4 0	536.8 1	4 56 .73
2,856	.30	1,796	.4	6	1 ,462.90	8 ,6 71.02	5,407 .31
25 7 .03	255	.0	0	247.07	1 ,03 3.53	8 05.85
3,276.80	2,202 .60	1,769.37	10,241 .36	6,669.89

Standalone exceptional items cons:						(~ in lakhs)
Partlrulars		Quarter ended			Year	Ended
31 .03.2023	31.12.2022	31.03 .2022	31.03.2023	31 .03.2022
(a) Expected credit loss on investment in subsi diaries (net)	(1 ,000.00)	(500.00)	(500.00)	(3,500.00)	(2 ,500.00)
(b) Impairment / Allowance for expect ed credit loss on	(4,136.55)			(4,136.55)	(2 ,708.28)
debentures
(c) Reversal of credit loss on l oa n given to subsi di ary	25 0 .00
		(4,886.55)	(500.00)	(500.00)

2

B. STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

It In lakhs except per eaultv share data]

Quarter Ended

Year Month Ended

Sr.	PARTICULARS	31.03 .2023	31 .12.2022	31.03.2022 31.03 .2023	31.03.2022
No.			Audited•	Unaudited	Audited•	Audited	Audited
1	Operating Income •
	a) Revenue from Operations	11,150.85	9,313.97	4,219.21	28,967.78	15,976.50
	b) Other Operating Income	9.25	9 .79	10.81	39.04	49 .93
2	Other Income (net]		3 475.76	2 623 .14	1 908.54	11170.06	6 960.07
3	Total Income (1+2)	14 635.86	11946.90	6138 .56	40176.88	22 986 .50

4 Expenses

						a) Employee benefits expense									4,323.81			4,265.77			3,528.51		16,493.24	13,014.92
						b) Finance costs									21.54			18.09			12.08		63.15	47.30
						c) Legal and professional charges									1,790.63			1,623.76			2,362.03		7,102.22	8,037.08
						d) Depreciation and amortisation expense						1,424.07			323.57			280.19		2,338.98	1,248.90
						el Other expenses									2 223.23			1 951.39			1896.91		8 087.94	6 637.78
						Total expenses									9 783.28			8 182.58			8 079.72		34 085.53	28 985.98
			5		Profit/ llossl before Exceptional Items /3-4)						4,852.58			3,764.32			(1 941.16'	6,091.35	(5,999.48)
			6		Exceptiona l items							(4 136.55]		-			1 332 .87		(4 136.55	(1 375.41'
		7		Profit I llossl before tax /5+6)									716.03			3 764.32			(608 .29)	1 954 .80	(7 374.89]
		8		Tax expense									2 473.23			1 711 .31			252 .63		4 136.16	62.96
		9		Net Profit/ (loss) after taxes (7-8)							(1 757.20)		2,053.01			(860 .92)	(2 18136)	(7 437.85)
		10		Share of profit/ {Loss) of Associate									{852.66			{91.26			1057.23		(483.01)	1871.00
		11		Minoritv Interest									(232.09			(236.77			(249.51)	(1 033.49)	{249.Sll
		12	Net Profit/ {loss) after taxes, minority Interest and share of		(2,377.77'			2 198.52			445.81		(1 630.88)	IS 317 .351
						profit of associates (9+10-11)
			13		Other Comprehensive Income									59.98			(11.99'			98.69		{123 .06)	37.66
			14		Total Comprehensive Income 112+13)				(2,317.79'			2 186.53			544.50		(1,753 .94)	(5 279 .69)
			15		Paid-up eauitv share capital (Face value~ 2/- per share)				921.57			921.57			921.57		92 1.57	921.57
			16		Reserves excludi ng revaluation reserves																		3 10 579 .27	3 08 720.70
			17		Earnings per share (Face Value~ 2/- per share)
						Basic/ Diluted(~) (non annulised)									(5.16)		4.77			0.97		(3.54)	(11.54)
			*Refer note 13
			Statement of Consolidated Assets and Liabilities																				(tin lakhs)
			SR							As at		As at	SR													As at	As at
							PARTICULARS		31.03.2023			31.03.2022							PARTICULARS		31.03 .2023	31.03.2022
			No												No
											Audited		Audited																Audited	Audited
					ASSETS												EQUITY AND LIABILITTES
					Non-current assets										Equity										921.57	921.57
			1		Property, Plant and Equipment	20,702.51	21,170.25	1		Equity Share capital
			2		Capital work-in-progress	33.92				2		Other Equity					3,10,579.27	3,08,720.70
			3		Right to use Assets	428.01	26.25		3		Non-controlling interests					{2 450.13)	(1 917.97)
			4		Investment Properties	10,238.73	10,448.80				Total Equity					3 09 050.72	3 07 724.30
			5		Other Intangible assets	7,304.51	6,510.30				LIABILITTES
			6		Eioaocial Assets										Non-current llabllltles
						i) Investments	52,079.34	58,026.97		1		Financial Uabilities
						ii ) Loans	10.68	16.86					i) Lease liability for asset on rent		259.17	13.08
						iii) Other Financial Assets	39,463 .08	23,926.01					ii) Other financial liabil ities		484.26	455.28
			7		Deferred tax assets	4,752 .42	8,431.74		2		Provisions										1,276.73	819.14
			8		Other non-current as sets	10 685 .88	13 293.60		3		Other long term liabilities					10.05	20.31
					Total Non-current assets	145 699 .07	141850.78					Total Non-current llabllltles					2 030.21	1 307 .82
					Current assets										Current llabllltles
			1		Eioaocial Assets							1		Eioaocial Uabilities
						i) Investments	13,692.00	21,622 .43					i) Lease liability for asset on rent		161.02	14.87
						ii) Trade receivables	4,413.15	4,038.91					ii) Trade payables
						iii) Cash and cash equivalents	21,168.91	23,201.47					Due to micro and small enterprise		122.45	35.86
						iv) Bank Ba lances other than (iii) abo	1,22,586.80	1,09,360.86					Due to others					2,254.62	2,890.70
						v) Loans	385.18	468.95					iii) Other financial liabilities		18,701.80	18,611.02
						vi) Other Fi nancial Assets	27,814.52		27,278.65		2		Provisions										615.42	891.76
			2		Current Tax Assets (Net)	3,390.10	1,816.39		3		CurrentTax liabi lities					0.51	-
			3		Other current assets	7 435.54		7 194.97		4		Other current lia bilities					13 648.53	5 357.09
					-otal current assets	2 00 886.20		194 982.63																	35.504.35	27 801.30
										Total current llabllitles
ti~V													E0~~ ; ·I
	9,,.,a ''011lt'otat..assets	3 46 585.27		3 36.833.41					Total equity and "					3 46 585.27	336,833.41
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				:I

-

		Consolidated Cash Flow Statement																(t in lakhs)
		P a rtlcula r es							Year Ended			Year Ended
								31.03.2023	31 .03 . 2022
											Audited					Aud it e d
		A . Cash flow f r om operating a ct ivities							1 , 954. 80		(7,374.89)
		Profit/ (Loss) before tax
		Adjustments f o r:														1 ,248.90
		Depreciation and amortisation expense							2,338.98
		lmpal rment /a ll owa n ee for expected credit l oss on deben tur es (net)	4,136.55		2,708.28
		Gain on Fair Va l uation of Financial Assets							(599.25)		(513 .82)
		Gain on deemed disposal of Investments In Associates								-		(1,332.87)
		Bad trade receivables/ advances written off (net of provision held)	190. 55						126. 70
		Provision/ liabilities no longer required written back												-						(77 .56)
		Dividend Income							(43 . 16)						(0.44)
		Finance costs							63 . 15						47 .30
		Exchange rate fluctuations- loss												-						0.45
		Interest Income							(9,365 .46)		(5 , 670 .50)
		O pe r ating profit before working capital ch a nges							(1, 323 .84)		(10,838 .45)
		Changes In workin g capita!:
		A djust m e n ts f o r:
		Trade receivable, loans , other financial assets and other assets			413.14		1,371.27
		Trade payables , other financia l liabl ltles, other liabilities and provisions	7 995.46		( 670.59)
		Cash used In operations							7 , 084.76		(10, 137 .78)
		Net Income Tax p ai d							(13 .52)						(41 .92)
		N et cash f low f rom ope rati ng a ctivities							7 ,071.24		(10, 179 .70)
		B. Cash flow fro m Investing a ct iv it ies
		Capital expenditure on Property, plant and equipment and other Intangible	(1 , 965 . 26)		(2,647 .20)
		assets Including capital advances
		Purchase of Financial assets - others							(38.45)		(6,044 .27)
		Proceeds from sale of Financial assets - others							10,270.61		12,412 . 63
																-
		Proceeds from subsidiaries under liquidation												814 .32
		Decrease/ (Increase) in fixed deposit with banks							(12,288 .99)	(3 , 382 .90)
		Interest Income							8,059 .50	5,888.88
		Divi dend Income							43 . 16						0.44
		Cash used In Invest ing activi t ies							4 ,080.56	7,041 .91
		Net Income tax paid							917.87	455 .33
		N e t cash u se d In Invest in g a ctivities							4,998 .43	7,497 .24
		C . Cash flow from finan cing a ct iv it ie s
		Proceeds from Issue of share capital In Subsidarles							1,999 .86	8,100 .00
		Lease Payment							(107 .88 )						(19 . 64)
		Cash ge n e r a t e d from/ (use d In) fin a n cin g activ it ies							1 ,891.98	8 ,080.36
		N et In crease / (decrease) In cash a nd cash e quiva le nts (A+ B-+C)			13,961.65	5,397 .90
		Cash and cash equivalents (opening balance)							32,949 .58	27,55 1 .69
		Cash and cash equivalents (closing balance)							46,9 11.23	32,949 .59
Consolidated Other Income consists of:																			(t In lakhs)
		Particulars						Quarter Ended								Year Month Ended
							31.03.2023	31.12.2022	31 .03 .2022						31.03 .2022
						31.03.2023
		(a) Change in fair valuation of Investments		181.82	170.21		74 .42				599.25		513.82
		(b) Interest Income		3,079.41	1,972.29		1,568.04				9,365.46		5,670.50
		(c) Others (net)		214.53	480.64		266 .08				1205.35		775 .75
					3,475 .76	2 623 .14		1 908.54			11,170.06		6,960.07
Consolidated Exceptional Item consists of:																			(t In lakhs)
		Particulars						Quarter Ended								Year Month Ended
			31.03.2023		3 1.12.2022
							31.03.2022				31.03 .2023			31 .03.2022
		(a) lmpairement / Allowance for expected credit los s on
		debentures		(4,136.55)	-		-				(4,136.55)		(2,708 .28)
		(b) Gain on deemed disposal of Investments in Associates		-		-		1 332.87				-			1 332.87
					(4,136.55)	-		1,332 .87			(4,136.55)		(1 375 .41'

4

Consolidated Segment -wise Revenue and results:-									(fin lakhs)
Sr.	Particulars		Quarter Ended			Year Month Ended
No.		31.03.2023		31.12.2022		31 .03.2022		31.03.2023		31.03 .20 22
1	Segment Revenue :
	STP Technologies/ Solutions	11,161.23		9,323.44		4,133 .96		28,646.37		15,686.39
	Others	29.93		40.90		138 .05		510.58		509.83
	Total	11,191.16		9,364.34		4,272.01		29,156.95		16,196.22
	Less: Inter seRment Revenue	31.06		40.58		41.99		150.13		169.79
	Net Sales /Income From Ooerations	11160 .10		9 323.76		4 230 .02		29 006 .82		16 026 .43
2	Segment Results :
	STP Technologies/ Solutions	6,639.70		5,058,03		1,288. 78		11,954.98		4,806.35
	Others	(2 329.46)		(687.87)		(885 .22'	(4 517.57		(2 650 .33
	Total	4,310.24		4,370.16		403.56		7,437.41		2,156.02
	Less: Eliminations	(384.73		(30.78		(30.75)	(511 .20		(64.50'
	Net Segment Results	4,694.97		4,400.94		434.3 1		7,948 .61		2,220.52
	Less: Finance Cost	21.54		18.09		12.08		63.15		47 .30
	Add : Unallocable Income	3,475.74	~	2,623 .17		1,908.54		11,170.05 i,,	6,960 .08
	Less: Unallocable Expenses	3,296 .59	3,241 .70		4,271.93		12,964.16		15,132 .78
	Add: Exceotional Item	(4 136.55		.		1 332 .87		(4 136.55)		(1 375.41)
	Profit/ (loss) before tax	716.03		3 764.32		(608 .29)	1954.80		(7 374.891

1. Segments have been identified in accordance w ith the Ind AS 17 "Segment Reporting" considering the organization structure and the return/risk profiles of the business.
2. STP Technologies / Solutions segment represents straight through processing solutions and includes an integrated mix of various products, projects and activities incidental thereto. Other segment represents trading, procurement, process management, risk consultancy activities, Shared Business Support Services, IT Infrastructure Sharing, NBFC related activities and internet telecommunication services.
3. Due to diversified nature of business, significant assets are interchangeably used between segments and the management believes that it is currently not practicable to provide segment disclosure relating to capital employed since a meaningful segregation is not possible.

Notes:

1. These above financial results have been reviewed and recommended by the Audit Committee. The same have been approved by the Board of Directors of the Company at its meeting held on May 24, 2023 .
2. The Company had investments of ~ 20,000 Lakhs (face value) Secured Redeemable, Non- Convertible Debentures of Dewan Housing Finance Corporation Ltd (DHFL) which were rated AAA by the rating agencies and secured by way of floating charge on receivables. In earlier year, after default by DHFL, RBI filed corporate insolvency resolution process (CIRP) against DHFL in NCLT, Mumbai. As a result of CIRP process, the Company has received payout of~ 4,395 .28 lakhs and 6.75% Non-convertible Debentures of Piramal Capital & Housing Finance Ltd (PCHFL) amounting to~ 5,287 .82 lakhs during the previous year. Without prejudice to its rights, the Company has made necessary provisions in the books of accounts during the previous year and earlier years and continue to pursue legal remedies available to recover its dues. The Company is also pursuing its application filed for the recoveries of avoidance applications filed by DHFL Administrator which should be for the sole benefit of the creditors of DHFL. The application was rejected by National Company Law Tribunal (NCLT) but was allowed by National Company Law Appellate Tribunal (NCLAT) and directed that the Resolution Plan be sent back to Committee of Creditors for

reconsideration. The application is pending at Hon'bleSupreme Court which has granted stay on the ~_order of NCLAT. Subsequent to the approval to resolution plan, shares of DHFL have been delisted, the

2~C,-· equity share capital of DHFL existing at that time and held by shareholders of DHFL has been ittnti -~ ancelled and extinguished; and upon completion of capital reduction, P

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