KERNEX2024-04-012024-06-30 KERNEX2024-04-012024-06-30in-bse-fin:OneOperatingExpenses01Member KERNEX2024-04-012024-06-30in-bse-fin:OneOperatingExpenses02Member KERNEX2024-04-012024-06-30in-bse-fin:OneOperatingExpenses03Member KERNEX2024-06-30 iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 532686 KERNEX NOTLISTED Kernex Microsystems (India) Limited Equity 2024-04-01 2025-03-31 2024-07-31 2024-07-28 INR Lakhs First quarter 16:10:00 20:55:00 2024-07-31 2024-07-31 Not applicable Single segment Safety Systems for Railways 2024-04-01 2024-06-30 Unaudited Standalone 286770000.00 4564000.00 291333000.00 168205000.00 0.00 -13203000.00 34683000.00 9819000.00 6292000.00 46697000.00 252493000.00 38840000.00 0.00 38840000.00 0.00 -1350000.00 -1350000.00 0.00 40189000.00 0.00 0.00 0.00 0.00 40189000.00 0.00 40189000.00 40190000.00 0.00 167594000.00 10 2.40 2.40 0.00 0.00 2.40 2.40 Notes to the Standalone financial statements 1. The above statement of Unaudited Standalone Financial Results of Kernex Microsystems (India) Limited ( the company ) which have been prepared in accordance with the Indian Accounting Standards ( Ind AS ) prescribed udder section 133 of the companies act, 2013 ( the act ) read with relevant rules issued thereunder, other accounting generally accepted in India and guidelines issued by the Securities Exchange Board of India ( SEBI ) were reviewed and recommended by the Audit Committee; are considered and approved by the Board of Directors in their meeting held on July 31, 2024. These results are as per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. 2. The Company Operates on one reportable Segment. i.e Safety Systems for Railways and hence segment reporting as per Ind AS-108 is not applicable.3. The auditors of the company qualified their report that impairment of Rs 1460.80 Lakhs has not been provided in the standalone financial statements as required under IND AS 36 (Impairment of assets) towards (a) complete erosion of net worth of Avant-Garde Infosystems, Inc i.e. AGI (100% wholly owned foreign subsidiary imported in sourcing of electronic components) and thus investment made in that company of Rs 1275.97 lakhs amounts impaired fully.(b) Non provision for accumulated losses for share of TCAS JV for an amount of Rs 184.83 Lakhs. (TCAS-JV is a Joint Venture in which company has 80% share of profits/losses engaged in execution of railway projects, by way of impairment of investment of Rs 8 lakhs and Rs 176.83 lakhs from loan and advances and receivables. The company management is of opinion that the 100% subsidiary (AGI) being a cost centre provides synergy in securing procurement efficiency and therefore it's impairment cannot be assessed independent at the present. IND AS-36 stipulates that one of the criteria for assessing impairment can be determined by assessing whether the carrying amount of the net assets of the company exceed the market capitalisation. Considering this factor, the company’s market capitalisation is far higher and no impairment is required on this account. In so far as the losses in TCAS JV, the management is confident that it is temporary and the ongoing project in the TCAS JV would eventually result in net surplus.4. The company's assessment of recoverability and impairment of the following financial assets has been included by the auditors under Emphasis of matter . The Management is of the view that these assets are good and recoverable and consequently no a. Trade receivables from customers Rs 1682.59 lakhs (Including a related party of Rs.319.18 (Previous year Rs. 532.46 lakhs) net of Expected credit loss (ECL) provision. b. Minium alternative tax credit (MAT) Credit receivable is Rs 122.56 Lakhs. (Previous year Rs 122.56 lakhs). c. Margin money deposits with banks of Rs.1508.60 Lakhs (Previous year Rs 1492.03 Lakhs) secured for customer guarantees of Rs 2161.71 lakhs (Previous Year Rs 2090.97 Lakhs) under arbitration/negotiation 5. The Results for the quarter ended June 30, 2024 are also available on websites of BSE Limited, National Stock Exchange Limited and on the company's website.6. Figures for previous periods have been regrouped/rearranged, wherever considered necessary, inline with the current period presentation. Amount transferred to capital expenditure -10338000.00 Other Expenses 17690000.00 Project Execution Expenses 39344000.00