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<xbrli:xbrl xmlns:in-bse-fin="http://www.bseindia.com/xbrl/fin/2018-03-31/in-bse-fin" xmlns:in-bse-fin-roles="http://www.bseindia.com/xbrl/fin/2018-03-31/in-bse-fin-roles" xmlns:in-bse-fin-ent="http://www.bseindia.com/xbrl/fin/2018-03-31/in-bse-fin/in-bse-fin-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-bse-fin-types="http://www.bseindia.com/xbrl/fin/2018-03-31/in-bse-fin-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="Ind-AS_entry_point_2018-03-31.xsd"/><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/bse-fin/ScripCode">542206</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2018-10-01</xbrli:startDate><xbrli:endDate>2018-12-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="FourD"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/bse-fin/ScripCode">542206</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2018-04-01</xbrli:startDate><xbrli:endDate>2018-12-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/bse-fin/ScripCode">542206</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2018-10-01</xbrli:startDate><xbrli:endDate>2018-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-bse-fin:DetailsOfOtherExpensesAxis">in-bse-fin:OtherExpenses1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="FourExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/bse-fin/ScripCode">542206</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2018-04-01</xbrli:startDate><xbrli:endDate>2018-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-bse-fin:DetailsOfOtherExpensesAxis">in-bse-fin:OtherExpenses1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit><in-bse-fin:ScripCode contextRef="OneD">542206</in-bse-fin:ScripCode><in-bse-fin:MSEISymbol contextRef="OneD">BTSYN</in-bse-fin:MSEISymbol><in-bse-fin:ISIN contextRef="OneD">INE139E01028</in-bse-fin:ISIN><in-bse-fin:NameOfTheCompany contextRef="OneD">B.T. Syndicate Ltd</in-bse-fin:NameOfTheCompany><in-bse-fin:ClassOfSecurity contextRef="OneD">Equity</in-bse-fin:ClassOfSecurity><in-bse-fin:DateOfStartOfFinancialYear contextRef="OneD">2018-04-01</in-bse-fin:DateOfStartOfFinancialYear><in-bse-fin:DateOfEndOfFinancialYear contextRef="OneD">2019-03-31</in-bse-fin:DateOfEndOfFinancialYear><in-bse-fin:DateOfBoardMeetingWhenFinancialResultsWereApproved contextRef="OneD">2019-02-14</in-bse-fin:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-bse-fin:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2019-02-06</in-bse-fin:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange><in-bse-fin:DescriptionOfPresentationCurrency contextRef="OneD">INR</in-bse-fin:DescriptionOfPresentationCurrency><in-bse-fin:LevelOfRoundingUsedInFinancialStatements contextRef="OneD">Lakhs</in-bse-fin:LevelOfRoundingUsedInFinancialStatements><in-bse-fin:ReportingQuarter contextRef="OneD">Third quarter</in-bse-fin:ReportingQuarter><in-bse-fin:IsCompanyReportingMultisegmentOrSingleSegment contextRef="OneD">Single segment</in-bse-fin:IsCompanyReportingMultisegmentOrSingleSegment><in-bse-fin:DescriptionOfSingleSegment contextRef="OneD">Leather goods and travel accessories</in-bse-fin:DescriptionOfSingleSegment><in-bse-fin:DateOfStartOfBoardMeeting contextRef="OneD">2019-02-14</in-bse-fin:DateOfStartOfBoardMeeting><in-bse-fin:StartTimeOfBoardMeeting contextRef="OneD">15:30:00</in-bse-fin:StartTimeOfBoardMeeting><in-bse-fin:DateOfEndOfBoardMeeting contextRef="OneD">2019-02-14</in-bse-fin:DateOfEndOfBoardMeeting><in-bse-fin:EndTimeOfBoardMeeting contextRef="OneD">18:22:00</in-bse-fin:EndTimeOfBoardMeeting><in-bse-fin:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-bse-fin:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification><in-bse-fin:DateOfStartOfReportingPeriod 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decimals="-5">0</in-bse-fin:OtherComprehensiveIncomeNetOfTaxes><in-bse-fin:ComprehensiveIncomeForThePeriod contextRef="OneD" unitRef="INR" decimals="-3">5098000</in-bse-fin:ComprehensiveIncomeForThePeriod><in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent contextRef="OneD" unitRef="INR" decimals="-5">0</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent><in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests contextRef="OneD" unitRef="INR" decimals="-5">0</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests><in-bse-fin:PaidUpValueOfEquityShareCapital contextRef="OneD" unitRef="INR" decimals="-4">57050000</in-bse-fin:PaidUpValueOfEquityShareCapital><in-bse-fin:FaceValueOfEquityShareCapital contextRef="OneD" unitRef="INRPerShare" decimals="INF">1</in-bse-fin:FaceValueOfEquityShareCapital><in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.08</in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations><in-bse-fin:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.08</in-bse-fin:DilutedEarningsLossPerShareFromContinuingOperations><in-bse-fin:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.08</in-bse-fin:BasicEarningsLossPerShareFromDiscontinuedOperations><in-bse-fin:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.08</in-bse-fin:DilutedEarningsLossPerShareFromDiscontinuedOperations><in-bse-fin:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.16</in-bse-fin:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-bse-fin:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.16</in-bse-fin:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-bse-fin:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">(1)    Above financial results have been reviewed and recommended by the Audit Committee and  approved by the Board of Directors at their respective meetings held on 14th February, 2019. Statutory Auditors have carried out a limited review of these financial results and their report is unqualified. &lt;BR&gt; 
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(2)    The financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. &lt;BR&gt; 
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(3)    The Company is engaged in the business of "Leather goods and travel accessories" and has only one reportable segment in accordance with Ind AS 108 "Operating Segments". &lt;BR&gt; 
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(4)    As per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has opted to publish quarterly unaudited standalone results. &lt;BR&gt; 
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