WeP Solutions Limited ,@ , Regd. Office: Basappa Complex, 40/1-A, Lavelle Road, Bangalore - 560 001 .,, ' ~--~ .

CIN : L72200KA1995PLC025617 ~p

Audited Statement of Sta ndalone Financial Results for the Quarter and Year e nded March 31 , 2018

Rs in L:akhs

Standalone

Quarter Ended Yea r Ended

Part icula rs Mar 31, 2018 Dec 31, 2017 Mar 31, 2017 Mar 31, 2018 Mar 31, 2017

Aud ited Unaudited Audited Audited A udited

1. Income from Operations a. Net Sales/Income from Operations 1,892.82 2,035.00 1,964.62 7,980.06 8,000.01 b. Other Operating Income 2.13 0. 15 0.85 3.68 4.61

Total Revenue from Operations 1,894.95 2,035.1 5 1,965.47 7,983.74 8,004.62 c. Other Income 22.77 22.02 66.06 88,89 94.43 Total Income from Ooerationsfnet) 1 917.72 2 057.17 2 031.53 B 072.63 B 099.05 2. Expenses a. Cost of Material consumed 591.66 725.07 622.10 2,487.68 2,843.57 b. Purchases of stock-in-trade (net of capitali sation) (119.70) 262.45 194.68 947.12 795.86 c. Changes in inventories of finished goods. work in progress and stock in trade 332.54 (42.58) 184.11 316.91 448.90

d. Employees bene fit s expense 292.03 288.24 229.43 1,120.76 974.25 e. Finance Costs 25.13 29.04 21.64 94.36 119.51 f. Depreciation and amor1isation expense 254.61 235.62 222.09 936.76 774.04 o. Other exoenses 467.92 521.53 411.76 1 966.79 1 996.54 Tota l Exoenses 1 844.19 2 019.37 1 B85.B1 7 B70.3B 7 952.67

3. Profit before except iona l items (1-2) 73,53 37.BO 145.72 202.25 146.3B 4. Exceptional items 5. Profit before tax (3-4) 73.53 37.80 145.72 202.25 146.38 6. Tax expense

a. Current Tax 72.19 (5.86) 72.19 b. Deferred Tax (52.43) 12.50 55.48 (9.87) 49.17

7. Net Profit for the period (5-6) 53,77 25,30 96.10 139.93 97.21 8. Other Comprehensive Income (net of tax) 0.89 1,38 0.89 1.38 9. Tota l Comprehensive Income for the Period (7+8) 54.66 25.30 97.4B 140.82 98,59 10. Paid-up equity share capital ((Face Va lue of Rs. 10/- per share) 2,512.32 2,512.32 2,508.03 2,512.32 2,508.03 11. Earnings Per Share (EPS) (of Rs.10/- each) (not annualised)(in Rs.) (a) Basic 0,21 0.10 0.41 0.56 0.42 'b) Diluted 0.21 0.10 0.41 0.54 0.41 Notes:

1.) The above Financial Resulls of the Company were reviewed by the Audit CommiUee and approved by the Board of Directors al its meeting held on May 19, 2018.

2.) The Statement has been prepared in accordance with the Companies ( Indian Accouting Standards) Rules 2015 (lnd AS}, prescribed under Section 133 of the Companies Act, 2013 and other recognised accounling practices and policies, lo the extent applicable. Beginning 1st April 2017, the Company has, for the first time, adopted Ind AS with a transition dale of 1st April 2016.

3.) Revenue from operations for the quar1er and the year ended 31 March 2018 are not comparable with Revenue from Operations of the quarter and the year ended 31 March 2017, as the quarter and the year ended 31 March 2017 include amount of excise duty which is not included for the quarter ended 31 December 2017 and 31 March 2018 and In part of the year ended 31 March 2018 post implementation of the Goods and Services tax (GST).

4.) The figures for the quarter ended March 31, 2018 and March 31, 2017 are the balancing figures between the audited figures in respect or the full financial year and the year to date figures upto the third quarter for the respective years .

5.) Previous year's figures have been regrouped/rearranged wherever necessary.

6.) Reconciliation between financial results as reported under erstwhile Indian GAAP and Ind AS are summarised as below:

a) Profit Reconc iliation Rs in Lakhs

Particulars Quarter ended Year ended

Ma r 31 2017 Mar 31 2017

Net Profit for the period under erstwhile Indian GAAP 96.37 121 .18 Less: i) Impact of fair value accountino on share based oavments exoenses 10.76 5,67 ii) Deferment of oortion of Revenue for the extended warrantv oblioations 3.50 38.28 iii) Advance Rental amount exoensed off conseauent to fair va luation of Rental Oeoosits 1.49 6.55 iv) Actuarial Gains/losses recoonised in Other Comorehensive income 2.06 2.06

17.81 52.56

Add v) Interest income on rental deposits conseQuent to fair va luation of Rental Deoosits 1.41 6.22 vi) Deferred Tax imoact on adoption of Ind AS Standards (1.03) 4,94 vii) lmoact of Exchanae rate variation (0.26) 0.01 vim Warrantv Provision restatement oaln due to revenue deferment 17.42 17.42

17.54 28.59

Net Profit as per Ind AS 96.10 97.21

b) Equity Reconci liation

Rs in Lakhs

Particulars Year ended

Mar 31 2017 EQuitv as per previous Indian GAAP 4,233.89

L¥'cc.·--/ Add I (Less) : Adiustments on transition to Ind AS Warrantv crovision restatement 17.42 Deferred tax imoacl 8.12 Revenue Deferment for extended warrantv obliaations rJB.30) Fair Valuation or Deoosits imoact (0,33)

~utio~ Eauitv as oer Ind AS 4 220.B0 I:.--...:..• .J , t:0:·, - Q. 3 ~I IJJ ~ I a> Bangalore -· I

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7.) During the year lhe Company has started a new segment of business namely, Digital Services. Accordingly, the Segment report hereunder includes a new segment for which comparatives do not exist for the corresponding previous period.

Rs in Lakhs 8.) Segment wise Revenue, Results and Capital Employed under Regulalion 33 of lhe SEBI (LODR) Regulations 2015 - (Standalone)

Particu lars Quarter Ended Yea r Ended Mar 31, 2018 Dec 31, 2017 Mar 31 , 2017 Mar 31, 2018 Ma r 31, 2017

Audited Unaudited Audited Audited Audited

1. Segment Revenue a. Printer Business 778.06 996.34 911.30 3.774.67 4,008.38 b. MPS Business 1,108.98 1,032.53 ~ ,054. 17 4 , 190.67 3 ,996.24 c. Dig11al Services 7.91 6.28 18.40 Net Sales / Income from Operations 1,894.95 2,035.15 1,965.47 7,983.74 8,004.62 2. Segment Results a. Prin te r Business 34.07 66.70 (0.96) 154.30 (334.34) b. MPS Business 107.69 64.90 168.32 385.02 600.23 c. Digital Services (43.10) (64.76) (242.71) Tota l 98.66 66 .84 167.36 296.61 265.89 Less: Interest 25.13 29.04 21.64 94.36 119.51 Tota l Profit Before Tax 73,53 37.80 145.72 202.25 146.38 3. Capita l Employed ' a. Prinler Business 1,057.11 1,050.89 1,045.46 1,057. 11 1,045.46 b. MPS Business 3,799.62 4,057.23 3,533.39 3,799.62 3,533.39 c. Digital Services 498.55 508.38 498.55 Total 5,355.28 5,616.50 4,578.85 5,355.28 4,578.85 a. The segment wise revenue, resu lts and capital employed figures relate to the respective amounts directly identifiable to each of the segments.

9. The Audited Statement of Assels & liabilities as at March 31 , 2018

Rs in Lakhs Statement of Assets & Liabilities as at March 31, 2018

As at Mar 31, As at Mar 31 ,

Parti culars 2018 2017

ASSETS (1) Non-current assets (a) Property, Plant and Equipment 3,206.84 3,056.04 (b) Capital work-in-progress 2.85 19.38 {c) Other Intangible assets 72.30 26.88 (d) Financial Assets

i. lnveslments 492.52 81 .00 ii. Loans 100.00

iii. Other financial assets 116.05 115.27 (e) Deferred tax assets (nel) 165.20 155.34 (f) Other non-current assets 460.28 438.06

4,516.04 3,991.97 (2) Current assets (a) Inventories 1,176.46 1,339.23 (b) Financial Asse ts

i. Trade receivables 1,295.00 1,178.35 ii. Cash and cash equivalenls 0.40 1.14

iii. Bank balances other than (ii) above 15.18 15.73 iv. Other financial assets 13.70 14.03

(c) Other current assets 176.21 101.90 2,676.95 2,650.38

Tota l Assets 7,192.99 6,642.35

EQUITY AND LIABILITIES

(3) EQUITY (a) Equity Share capital 2,512.32 2,508.03 (b) Other Equity

i. Reserves & Surplus 1,927.14 1,712.77 ii. Other reserves 150.00

4,589.46 4,220.80 LIABILI TIES (4) Non-current liabilit ies (a) Provisions 102.60 139.73

102.60 139.73 (5) Current liabilities (a) Financial Liabilities

Lev~-i. Borrowings 765.84 358,06 ii. Trade payables 1,054.17 1,177.85

m. Other financial liabilities 518.37 549. 77 (b) Other current liabilities 144.46 150.73 (c) Provisions 18.09 45.41 I -

2,500.93 2,281 .82

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Total Equity and Liabi lities 7,192.99 6,642.35 0 ,S' Q. (..

a> Ban2alor~ ~-1 ~ or WaP ol tt;;t mitad

Place: Bengaluru ~ ~ Ra Agarwal Date : May 19, 2018 Ch~ a n & Ma ing Directo r

WeP Solutions Limited Regd. Office : Basappa Complex, 40/1 ~A, Lavelle Road, Bangalore - 560 001

C IN : L72200 KA1995PLC0 25617

Audited Statement of Consolidated Financial Results f or the Quarter and Year ended March 31, 2018

Consolidated

Rs in Lakhs

Quarter Ended Year ended

Partic ulars Ma r 31, 201 8 Dec 31, 2017 Mar 31 , 2017 Mar 31, 2018 Ma r 31, 2017

Audited Unaudited Audited Audited Audited

1. Income from Operations a. Net Sales/Income from Operations 1,922.59 2,067. 12 1.972.85 8.069.01 8,054.56

b. Other Operating Income 2.13 0.14 0.85 3.68 4.61

Total Revenue from Operations 1,924.72 2,067.26 1,973.70 8,072.69 8,059 .17

c. Other Income 15.51 17.36 63.54 68.20 86.79

Tola! Income from Onerati ons lnetl 1 940.23 2 084.62 2 037.24 8 140.89 8 145 .96

2. Ex pe nses a. Cost or Materia l consumed 590.97 724.96 621.35 2,486.23 2,84 1.88

b. Purchases of stock-in-trade (net of capitalisation) (118.18) 260.93 194.69 947.12 795.87

c. Changes in inventories of finish ed goods, work in progress and stock in lrade 332.96 (42.89) 184.11 316.69 448.90

d. Employees benefits expense 371.66 367.77 234.47 1.355.27 1,023.65

e. Finance Costs 25.20 29,05 21.66 94.61 119.63

I. Depreciation and amortisation expense 261.86 242.25 227.81 962.68 798.34

g. Other expenses 520.87 569.43 424.08 2,156.03 2,051.84

Tota l Exoenses 1 986.34 2 151.52 1 908.17 8 318.63 8 080.1 1

3. Profil/(Loss) befo re exceptional i tems (1 -2 ) (45.11) (66 .90) 129.07 (177.74) 65.85

4 . Exceptional items 5. Profi t /(Loss) before tax (3-4) (45.11 ) (66.90) 129.07 (177.74) 65.85

6, Tax expense a. Current Tax 72.19 (5.86) 72.19

b. Deferred Tax (75.86) (14.46) 48.71 (102.67) 26.88

7. Net ProfiU(Loss) for t he period (5-6) (41 .44) (52.44) 86.22 (147.26) 38.97

8. Other Comprehensive Income (net of tax ) 0.57 1.38 0.57 1.38

9. Total Comprehensive Income for the Period (7+8) (40.87) (52.44) 87.60 (146.69) 40.35

1 D. Paid-up equity share capital ((Face Value of Rs. 10/- per share) 2 ,512.32 2,512.32 2,508.03 2.512.32 2,508.03

11. Earn ings Per Share (EPS) (of Rs.10/- each) (not annualised) (in Rs.) (a) Basic (0.17) (0.21) 0.37 (0.59) 0.17

(b) Diluted (0.16) /0.21) 0.37 10.57\ 0. 17

Notes: 1.) The above Financia l Resu lts of the Company were reviewed by the Audit Committee and approved by the Board of Directors al its meeting held on May 19, 2018.

2.) The Statement has been prepared in accordance wilh the Companies ( Indian Accouting Standards) Rules 2015 (Ind AS). prescribed under Section 133 of th e Companies Act , 2013 and other recognised accounting practices and policies, to lhe extent applicable. Beginning 1st April 2017, the Company has. for the first time, adopted lnd AS with a transition date of 1st Apri l 2016.

3.) Revenue from operations for the quarter and lhe year ended 31 March 2018 are not comparable with Revenue from Operations or the quarter and lhe year ended 31 March 2017. as lhe quarter and the year ended 31 March 2017 Include amount of excise duly which Is not included for the quarter ended 31 December 2017 and 31 March 2018 and In part of the year ended 31 March 2018 post implementation of the Goods and Services tax (GST).

4.) The figures forthe quarter ended March 31, 20HI and March 31, 2017 are the balancing fig ures between the audited figures In respect of the full financia l yea r and the year to dale figures upto the third quarter for the respective years.

5.) Previous year's figures have been regrouped/rearranged wherever necessary

6,) Reconcil iation between financia l results as reported under erstwhile Ind ian GAAP and Ind AS are summarised as below:

a) Profit Reconciliation

Rs In Lakhs

Part iculars Quarter ended Year ended

Mar 31 2017 Mar 31 2017

Net ProfiUfl oss l for the oeriod under erstwhile Indian GAAP 40.04 27.95

Less : i\ Deferment of nortion of Revenue for the extended warrantv oblinati ons 3.50 38.30 ii) Fair va lue accoutino of Share based oavments 0.99 7.35 iii) Advance Rental amount exoensed off consenuent to fair valuation of Rental Denosits 1.43 6.55 iv\ Actuaria l Gains/losses recoonised in Other Comnrehensive income 2.06 2.06

7.98 54.26

Add vl Interest Income on rental deoosits consenuent to fair va luation of Rental Denosits 1.34 6.22 vi) lmoact ol Exchanae rate va riation /0.27) 0.00 vii\ Delerred Tax imnact on adonlion of Ind AS Standards 35.43 41.40 viii) Warranlv Provision restatement oa in due to revenue deferment 17.42 17.42 ix\ Deoreciatlon on PPE and lntannible assets 0.24 0.24

54.16 65.28

Net ProfiUllossl as oer Ind AS 86.22 38.97

b) Equity Reconciliation Rs in Lakhs

Part icu lars Year ended Mar 31 2017

EQuitv as oer orevious Ind ian GAAP 4.108.99

Add / !Less\ : Ad"ustments on transition to Ind AS Warrantv nrovislon restatement 17.41 Deoreciation on PPE and lnlanoible assets 0.24 Deferred tax imoact 44.57 Revenue Deferment for extended warranlv oblk1ations (38.30 Fair Valuation of Deoosits imoact 10.33

Eauitv as oer Ind AS 4 132.58

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7.) During the year lhe company has started a new segment of business namely, Digital Services. Accordingly, the Segment report hereunder includes a new segmenl.

Rs in Lakhs

8. Segment wise Revenue , Results and Capital Employed under Regulation 33 of the SEBI (LODR) Regu lations 2015 - Consolidated

Particulars Quarter Ended Year Ended

Mar 31 , 2018 Dec 31, 201 7 Mar 31 , 2017 Mar 31, 2018 Mar 31, 2017

Audit ed Unaudited Audited Audited Audited

1. Segment Revenue a. Printer Bllsiness 775.26 993.43 911 .30 3,765.28 4,008.38 b. MPS Business 1,108.97 1,032.53 1,054.17 4,190.66 3,996.24 c. Digital Services 40.49 41.30 8.23 11 6.75 54.55

Net Sales/ Income from Operations 1,924.72 2,067.26 1,973.70 8,072.69 8,059.17

2. Segment Resulls a. Printer Business 34.07 66.70 (0.96) 154.30 (334.34) b. MPS Business 107.69 64.91 165,77 382.74 592.33 c. Digital Services (161.67) (169.46) (14 .08) (620.17) (72.51) Tota l (19 .91) (37.85) 150.73 (83 .1 3) 185.48 Less: Interest 25.20 29.05 21.66 94.61 11 9.63 Total Profit Before Tax (45 .11 ) (66.90) 129.07 (177.74) 65.85 l . Capital Employed a. Prrnter Business 1,057.12 1,050.89 1,045.46 1.057,1 2 1,045.46 b. MPS Business 3,794.98 4,057.23 3,352.39 3.794.96 3,352.39 c. Digital Services 123.67 227.94 92.79 123.67 92.79 Tota l 4,975.77 5,336.06 4,490.64 4,975.77 4,490.64 a. The segmcnl wise revenue. results and capital employed figures relate lo th e respective amounts direct ly identiliable l o each of the segments.

9. The Audited Statement of Assets & Liabilities as at March 31. 2016 Rs in Lakhs

As at Mar 31, As at Mar 31,

Particulars 2018 2017

ASSETS

{1) Non-current assets (a) Property, Plant and Equipment 3,234.00 3,061.45 (b) Capital work-in-progress 2.96 19.38 {c) Other Intangible assets 94.25 66.50 (d) Financial Assets

i. Other financial assets 120.63 116.76 (e) Deferred tax assets (net) 294.57 191.79 (f) other non-current assets 466.41 440.92

4 212.82 3,896.80 (2) Current assets (a) Inventories 1,176.68 1,339.23 (b) Flnanclal Assets

ii. Trade rece ivables 1,324.98 1,183.92 iii. Cash and cash equivalents 4. 16 16.07 Iv.Bank balances other than (iii) above 15.18 15.72 v. Oth er financial assets 13,70 14.03

(c) Other current assets 190.1 2 104.80 2,724.82 2,675.77

Tota l Assets 6,937.64 6,572.57

EQUITY AND LIABILITIES

(1) EQUITY (a) Equ ity Share capital 2,512.32 2,508.02 (b) Olhe r Equily

I. Reserves & Surplus 1,547.62 1,624.56 ii. Others 150.00

4,209.94 4,132.58 LIABILITIES (2) Non-current liabilities (a) Provisions 126.65 141.22

126.85 141.22 (3) Current liabilities (a) Financial liabilities

i. Borrowings 765.63 358.06

L°'f~·-il. Trade payables 1,037.08 1,177.85 rn. Other financial l iabil ities 554.41 557.97

(b) Other current liabllities 224.34 159.36 (c) Provisions 19.19 45.53

2,600.85 2,298.77 -. ~utionlS' Total Eauitv and Liabilities 6,937.64 6,572.57

e· Q. 3 I a> Ban~alor&>1 ,~ ,_tn,,•d 3- (Z)

Place: Bengaluru \. R~Xt"'•I Date : May 19, 2018 C an & Mana Director

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