Bombay Stock Exchange Limited Nov 16, 2019 Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Sir/Madam, Ref: Scrip code: 530431 Sub: Submission of copies of newspaper publications under Regulation 47 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to the provisions of Regulation 47(1) of SEBI (LODR) Regulations, 2015; please find attached newspaper publications regarding unaudited financial results for the quarter and half year ended September 30, 2019.

(i) English : Business Standard (ii) Kannada : e- Sanje

Request to kindly take the same on record and oblige. Thanking you, Yours faithfully, For ADOR FONTECH LIMITED

Geetha D Company Secretary

14 >

MUMBAI | FRIDAY, 15 NOVEMBER 2019

To get your copy, contact your newspaper vendor, call us on 1800-11-4300 (toll-free) or e-mail us at: order@bsmail.in

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NATIONALISM & INTERDEPENDENCE

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2019

ADOR FONTECH LIMITEDBelview 7 Haudin Road Bengaluru 560 042 CIN: L31909KA1974PLC020010 T: 080 25596045E: investorservice@adorfon.com; www.adorfon.com

Sl No.

Particulars

ConsolidatedStandalone (`. in lakhs) (`. in lakhs)

31.03.19 31.03.1930.09.18 30.09.1830.09.19 30.09.1930.09.19 30.09.1930.06.19 30.06.1930.09.18 30.09.18

Quarter ended Quarter endedHalf year ended Half year ended Year endedYear ended

1 Total income from operations (net) 5027 4469 4916 9496 9182 18723 5071 4519 4974 9590 9287 18934

2 Net Profit/(Loss) for the period 650 465 587 1115 1029 2007 554 392 530 946 895 1629(before tax exceptional and/or extraordinary items)

3 Net Profit/(Loss) for the period before tax 650 465 587 1115 1029 2007 554 392 530 946 895 1629(after exceptional and/or extraordinary items)

4 Net Profit/(Loss) for the period after tax, 477 325 471 802 781 1382 381 252 414 633 647 1099(after exceptional and/or extraordinary items)

5 Total comprehensive income for the period 492 341 478 833 798 1440 396 268 421 664 664 1158(comprising profit/(loss) for the period (after tax)and other comprehensive income (after tax)

6 Equity share capital 700 350 350 700 350 350 700 350 350 700 350 350

7 Reserves (excluding revaluation reserves) as shown 10865 10103in the Audited Balance Sheet of the previous year

8 Earnings per share (of Rs.2/- each)(for continuing and discontinued operations)

Basic 1.4 1.9 2.7 2.3 4.5 7.9 1.1 1.4 2.4 1.8 3.7 6.3

Diluted 1.4 1.9 2.7 2.3 4.5 7.9 1.1 1.4 2.4 1.8 3.7 6.3

Notes:(i) This statement has been prepared in accordance with the Companies (Indian Accounting

Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

(ii) In terms of para 12 of Ind-AS-108, the Company views its business operations in a holistic manner and hence segment reporting is not applicable.

(iii) The Company's bonus issue was duly completed during the quarter and the consequent increase in share capital has been factored in the books of accounts and in the calculation of EPS for the quarter/half year ended September 2019.

(iv) To the extent of increase in share capital, EPS is not comparable as regards the current quarter/half year viz-a-viz the previous year's data.

(v) Prior period items have been re-grouped whereever necessary to facilitate comparison.

(vi) The consolidated financial results comprise Ador Fontech Limited and its wholly owned subsidiary 3D Future Technologies Private Limited.

(vii) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 13,2019.

(viii) The Statutory Auditors have carried out a limited review of the financial statements for the quarter and half year ended Sept 30,2019.

(ix) Detailed results can be accessed from the following web linkBSE: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f71e617f-c552-4e84-b39d-1abb3dbdd0ed.pdfADFL:http://www.adorfon.com/assets/Sep_2019.pdf

For Ador Fontech LimitedMumbai A T MalkaniNov 13,2019 Chairman

Unaudited UnauditedUnauditedAuditedUnaudited Unaudited Audited Unaudited Unaudited Unaudited AuditedAudited

BENGALURU | FRIDAY, 15 NOVEMBER 2019BRANDWORLD 15. <

ANEESH PHADNISMumbai, 14 November

J etPrivilege, the loyaltyprogramme of nowdefunctJetAirways,hasa

new brand identity. The pro-gramme has been christenedas InterMilesandnewtierben-efits (based on frequency andclass of travel) added for itsmembers in a bid to delinkitself from the airline’s belea-guered past.

OnThursday,JPPLunveiledits new brand name and freshmembershipcampaigntogrowits base. The name InterMilesreflectsthechangedreality,saidJPPL managing directorManishDureja.

The attempt to ring-fencethe loyalty programme fromthe crisis that Brand Jet founditself in began early, soon afterthe airline shut operations inApril. Jet Privilege PrivateLimited, the companymanag-ingtheloyaltyprogramme,wasquick toassure itsninemillionplusmembers that their mileswere intact. But bigger chal-lenge was to keep the pro-gramme relevant as around45per cent of all mile accrualshappened on Jet Airwaysflights. It tied up with portalEaseMyTrip and launched abrandcampaigninJuneprom-ising earning and redemptionof miles on airlines and hotelsacross the world. Dureja saidthe company engaged withconsultancy firm Interbrand,carried out field research andtook member feedback beforedevising anew identity.

AccordingtoAshishMishra,managing director ofInterbrandIndia,thenewnamesignals a shift and a step up in

business model,from an anchor airlineprogramme to abouquet offer-ing covering all travel touchpoints—hospitality,retail,din-ing amongothers. Loyalty pro-grammesrecogniseandrewardmemberswith a set of benefitsdepending upon number oftransactionsandpointscollect-ed. The platinum, gold and sil-ver tiers of JetPrivelege havebeenretainedandthetierstatusprotected for members underthe new brand. A new red tierhas been introduced for thosecollecting10,000milesinayearand will provide free seatselection for the member.Additionally miles earnedacross all platforms will becounted for tier status. Earlieronlymilesearnedonair ticketswerebeingconsidered.

JetPrivilegestartedoutafre-quent flyer programme for JetAirways in 1994 and was thefirst such airline loyalty pro-gramme in the country. Theprogrammewasspunoff intoaseparate company and Etihadpickedup50.1percentstake in2014. Jet Airways owns theremainder and had its stampontheprogrammestructuretillitshutdown.Forinstance,JPPL

couldsellmileagepointstoJet’sairlinepartnersonly.This con-dition was waived and nowthrough its partnership withEaseMyTrip the programmeoffersearningandredemptionacross airlines.

“Wehaveseenredemptionstakingplaceonsomanydiffer-ent sectors. One customer opt-edforrewardticketfromOsakainJapantoanotherdestination.JetAirwaysdidnotflytoJapanand thiswasnotpossible earli-er,”Dureja said. “Wehave sim-plified the programme, itsbrand structure andenhancedthevaluepropositionformem-bers,” he added.

Brand and loyalty expertsdiffer. “Merechangeinnameisnotenough.InterMilesremainsa travel oriented loyalty pro-gramme. Its target groupremains the same that of anyother airline loyalty pro-gramme. The challenge forInterMiles is to keep its pro-gramme attractive enough foritsmembers to ensure sticki-

ness,” said Brian Almeida,founder of consultingfirmStrategicCaravan

On ThursdayLufthansa alsoannouncedchanges inloyalty programmesimplifying the process

of accumulating points andrewards. The airline’s SouthAsia director George Ettiyilsaid the Indian customersstand tobenefit fromchangesin theprogramme.

Tofightcompetitionintheloyaltyspace,InterMileswouldhave to enhance its offering.Members feel theprogrammelost value post Jet collapse.“Redemption of miles hasbecome more expensive sincethedemiseofJetAirwaysasit islinked with available fares onother airlines now. Earlier abusinessclassseatonMumbai-Delhi sectorwasavailablewith17,000milesandnowitrequires60,000miles. I believe the val-ue ofmiles is 1/5 ofwhat itwasearlier for frequent flyers,”saidAjay Awtaney, who runs a fre-quent traveller website LivefromaLounge.

“With Jet ceasing opera-tionstheavailabilityofbusinessclass inventory reduced over-all in domestic market as onlytwo airlines operate with busi-nesscabins. Insuchascenario,it was natural we will not getthe seats at priceswe hadwithJetAirways.However,wehavemanaged to offer better valueproposition toourmembers ineconomy class wheremajorityof redemptions happen,”Dureja said.

JetPrivilege loses the jet,gains a new identity

“The newname InterMiles

reflects the changefrom an anchor airline

programme to a bouquetoffering covering all traveltouch points — hospitality,retail, dining, among others”

ASHISH MISHRAMD, Interbrand India

Thedefunctairline’sloyaltyprogrammerebrandsitself,calls itself InterMilesandgetsanewlogoasit lookstolivedownitspast

Theold logo (left) had theJetAirways colours andname,butthenewone (right) dropsboth

‘We take 50 planesa year...’Thechallengeofrunningabigairlinewithoutmuchroomtodictatepricehasstartedpinching.Isn’tit?If you are talking about the recent results,costs did spike but I can assure you thatthisistemporary.Theriseinemployeecostis again for our future preparedness. Wewereneckandneckwithdemandandsup-ply. But thatwas a chokehold on our deci-sion making. We wanted to get rid of it.Insteadoftraining25captainsamonth,wearetraining50.Sothis trainingbubblewasabigpart of cost increase and it goes awayby June. The second one was due to theextension of lease period of older aircraftwhichwill be over by 2022. So the drag onnumbers is temporary.

But going forward will you have enoughmaturedroutestooperateprofitably?What is surprising is how soon the routeshavematured.Weare surprisedhowgoodcities like Gorakhpur, Raipur, Jodhpurwouldhavesomuchtrafficdemand.Samegoesfortheinternationalroutestoo.That’swhy my enthusiasm for growth is in facthigher. We used to take 40 aircraft a year,nowwearetaking50,andIstillsayweneedmore.

Istheeconomicslowdownscaringyou?Thegrowthisthere.Wewillmaintainacer-tainrateofgrowthandtheeconomywillbegoing up anddown through that. But thathardlyimpactsourplan.Wecantakethese

littlehitseasily.Wearegeneratingsomuchfree cash. The slowdown is really not anissue forus.

Youaresittingonahugepileofcash.Sothatshouldhavedrivenyourambitionhigher.But,what’snext?Grow, grow and grow. We want to grow atabout25percent.Halfofthegrowthwillgodomestic and another half international.

Asforinternational,Jetleftalotofwhitespace.Withalargedomesticfeed,youwereideallysuitedtotakeadvantageofthis.Whydon’tweseethataggressionfromIndiGo?Wehavelookedatthepotentialoflonghaulroutes.SayMumbai-London.Wecangoalleconomybutthat’sabadidea.So,weneeda business class but where do we get thebusiness class traffic? The business classtrafficontheseroutesaremostlyfromout-side India.

Banks jittery...In view of the impending crisis, the RBI isplanningamakeoverof the inter-creditorsagreement (ICA) so that it clears the log-jam in resolution of bad assets due to bot-tlenecks.TheRBI is lookingat the feasibil-ityofweavingtheICArightfromthestartofarelationshipwithinconsortiumsandmul-tiple bankingarrangements of aborrower.This is to ensure that there is visibility onwhat needs to be done when an accountdefaultsor facesdifficulty.

In its circular, theRBI had said the res-olution plan for borrowers would bedeemed to be “implemented” only if theborrowerwasnotindefaultwithanyofthelendersason180thdayfromtheendofthe

review period. Any subsequentdefault shall be treated as a freshdefault, triggering a fresh review,thecentralbankhadsaid.

Voda Idea...Earnings before interest, tax,depreciation, and amortisation(Ebitda)forthequarterdecreasedto ~3,347 crore, a sequentialdecline of 8.3 per cent becauselowerrevenuewaspartiallyoffsetby continued cost synergy reali-sation. The subscriber baseslippedby another 9milliondur-ingthequarterto311.1millionwithaverage revenue per user (ARPU)at ~107compared to ~108 inQ1.

“Thesubscriberchurncontin-ues to improve, reaching 3.5 percent in Q2FY20 compared to 3.7percentinQ1FY20and7.2percentin Q4FY19. During the quarter,gross subscriber additions havealsoincreasedduringthequarter,”said thecompany.

The company’s gross debt forthe quarter was ~1.173 trillion,includingdeferredspectrumpay-mentobligationsof ~89,170crore,excluding lease liabilities. Cashandcashequivalentswere~15,390crore and net debt ~1.019 trillion.

The firmsounded cautious on its abili-ty to runoperations, given the large liabili-ties onaccount of the adverseAGRruling.

Consumerspending...According to the annual report of theMinistry of Statistics and ProgrammeImplementation, the reportwas supposedtobe released inJune2019.

Theperiodinwhichthesurveywascon-ductedcoincidedwiththeimplementationof thegoodsandservices tax (GST).Also, itcameafewmonthsafter thegovernment’sdemonetisationmove.

“In the last five decades at least, therehasneverbeenaperiod thatconsumptionexpenditureinrealtermshasdeclined.Thisdataclearlyshowsthatpovertylevelswouldhave gone up substantially. A back of theenvelope calculation would suggest thatthe percentage of population in povertywouldhavegoneupbyat least 10percent-age points,” Himanshu, associate profes-soratJawaharlalNehruUniversity'sCentrefor Economic Studies and Planning, said.

Himanshu said the last time the NSOshowedafall inconsumptioninreal termswas in 1972-73 due to a global oil crisis.Before that, in the mid-1960s, consump-tion fell due toadomestic foodcrisis.

Themostworrying trend in the2017-18report,accordingtoexperts, isadipinfoodconsumption for the first time indecades,implying worsening malnutrition in thecountry. On average, rural people spent~580onamonthlybasisonfoodin2017-18,almost a 10per cent fall from~643 in2011-12 (both inreal terms).Urbanpeoplespent~946 each in 2017-18, compared to ~943 in2011-12, reflectingmutedgrowth.

“It’s a real concern from the point ofviewofwelfareof thepeople.A fall in foodspending,especiallyinvillages,showsthatmalnutritionhasincreased.Itwouldbefairtosaythatpovertymusthaveincreasedsig-nificantly,” former Planning CommissionMemberAbhijit Sensaid.

Invillages,peoplecuttheirexpenditureonall fooditems,exceptonmilkandrelat-edproducts.Infact,acrossIndia, includingin cities, people drastically reduced theirexpensesonessentialcookingitemssuchasedibleoil, salt, sugarandspices.

The spendingonnon-food items, suchasdurablegoods,clothing,education,andrent,sawadeclineby7.6percentin2017-18in rural parts and an increase by 3.8 percent in urban areas, compared to 2011-12.

Sensaid that since therewasa time lagof sixyearsbetweenthe twodata setspro-duced by the NSO (between 2011-12 and2017-18), it is unclear when a dip in con-sumptionexpendituremighthavebegun.

Economic commentators and indus-try watchers have been attributing afalling economic growth to a lack ofdemand. India’s gross domestic product(GDP) growth fell to 6.8 per cent in 2018-19compared to7.2per cent in2017-18and6.8 per cent in 2016-17. In April-June thisyear, the GDP growth stood at a six-yearlowof5percentand is likely tobearound4 per cent in the second quarter of thisfinancial year.

> FROM PAGE 1

SOLUTION TO #2895 VVeerryy EEaassyy::

Solutiontomorrow

HOW TO PLAYFill in the grid sothat every row,every columnand every 3x3box containsthe digits 1 to 9

> BS SUDOKU # 2896

STATEMENTOF UNAUDITED FINANCIAL RESULTS FOR THEQUARTER AND HALFYEAR ENDED SEPTEMBER 30, 2019

ADOR FONTECH LIMITEDBelview 7 Haudin Road Bengaluru 560 042CIN: L31909KA1974PLC020010 T: 080 25596045E: investorservice@adorfon.com; www.adorfon.com

SlNo.

Particulars

ConsolidatedStandalone (`. in lakhs) (`. in lakhs)

31.03.19 31.03.1930.09.18 30.09.1830.09.19 30.09.1930.09.19 30.09.1930.06.19 30.06.1930.09.18 30.09.18

Quarter ended Quarter endedHalf year ended Half year ended Year endedYear ended

1 Total income from operations (net) 5027 4469 4916 9496 9182 18723 5071 4519 4974 9590 9287 18934

2 Net Profit/(Loss) for the period 650 465 587 1115 1029 2007 554 392 530 946 895 1629(before tax exceptional and/or extraordinary items)

3 Net Profit/(Loss) for the period before tax 650 465 587 1115 1029 2007 554 392 530 946 895 1629(after exceptional and/or extraordinary items)

4 Net Profit/(Loss) for the period after tax, 477 325 471 802 781 1382 381 252 414 633 647 1099(after exceptional and/or extraordinary items)

5 Total comprehensive income for the period 492 341 478 833 798 1440 396 268 421 664 664 1158(comprising profit/(loss) for the period (after tax)and other comprehensive income (after tax)

6 Equity share capital 700 350 350 700 350 350 700 350 350 700 350 350

7 Reserves (excluding revaluation reserves) as shown 10865 10103in the Audited Balance Sheet of the previous year

8 Earnings per share (of Rs.2/- each)(for continuing and discontinued operations)

Basic 1.4 1.9 2.7 2.3 4.5 7.9 1.1 1.4 2.4 1.8 3.7 6.3

Diluted 1.4 1.9 2.7 2.3 4.5 7.9 1.1 1.4 2.4 1.8 3.7 6.3

Notes:(i) This statement has been prepared in accordance with the Companies (Indian Accounting

Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013and other recognised accounting practices and policies to the extent applicable.

(ii) In terms of para 12 of Ind-AS-108, the Company views its business operations in a holisticmanner and hence segment reporting is not applicable.

(iii) The Company's bonus issue was duly completed during the quarter and the consequentincrease in share capital has been factored in the books of accounts and in the calculation ofEPS for the quarter/half year ended September 2019.

(iv) To the extent of increase in share capital, EPS is not comparable as regards the currentquarter/half year viz-a-viz the previous year's data.

(v) Prior period items have been re-groupedwhereever necessary to facilitate comparison.

(vi) The consolidated financial results comprise Ador Fontech Limited and its wholly ownedsubsidiary 3D FutureTechnologies Private Limited.

(vii) The above results have been reviewed by theAudit Committee and approved by the Board ofDirectors at theirmeeting held onNovember 13,2019.

(viii) The Statutory Auditors have carried out a limited review of the financial statements for thequarter and half year ended Sept 30,2019.

(ix) Detailed results can be accessed from the followingweb linkBSE: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f71e617f-c552-4e84-b39d-1abb3dbdd0ed.pdfADFL:http://www.adorfon.com/assets/Sep_2019.pdf

For Ador Fontech LimitedMumbai ATMalkaniNov 13,2019 Chairman

Unaudited UnauditedUnauditedAuditedUnaudited Unaudited Audited Unaudited Unaudited Unaudited AuditedAudited

To get your copy, contact your newspaper vendor, call us on 1800-11-4300 (toll-free) or e-mail us at: order@bsmail.in

Thiem, Zverev, Medvedevand Tsitsipas — an eyeon Gen Next at theATP Tour Finals

R E A D Y , F I N A L L Y ?

Economist Nitin Desai analyses what ails nations today and offers a prescription for the future

ChandrakantSompura, the archi-tect who hasdesigned the blue-print of a Ram templeat Ayodhya

T E M P L ES P E C I A L I S T

He hasn’t writtena decent song inyears, but EltonJohn has writtena great book

E L T O N O NS O N G

C O V E R

NATIONALISM & INTERDEPENDENCE