CREST VENTURES LIMITED — Interim / Quarterly Report 2021

Feb 13, 2021

Ref: CVL/SE/2020-21 13" February, 2021

Ref: CVL/SE/2020-21	13" February, 2021
To,	To,
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,Dalal Street, Mumbai	Exchange Plaza, Bandra Kurla Complex,Bandra (East), Mumbai
- 400 001.	- 400 051.Symbol: CREST
Scrip Code: 511413ISIN: INE559D01011	Series: EQ

Dear Sir/Madam,

SUB: OUTCOME OF THE BOARD MEETING PURSUANT TO REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 HELD ON 13!" FEBRUARY, 2021.

In continuation to our letter dated 6" February, 2021 and pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the Statement of Un-audited Financial Results (Standalone and Consolidated) together with the copy of Limited Review Report of the Auditors of the Company for the quarter and nine months ended on 31*' December, 2020, duly reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company, at its meeting held on Saturday, 13" February, 2021.

The meeting of the Board of Directors of the Company commenced at 3:25 p.m. and concluded at 4:10 p.m.

Further, the extracts of the results shall be published in the newspaper in compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Kindly take the above information on your records.

Thanking you.

Yours faithfully, For Crest Ventures Limited

Namita Bapna Company Secretary Encl.: a/a

Pathak HIi_.bD. Associates LLY Chartered Accountants

Independent Auditors Review Report

To, The Board of Directors of CREST VENTURES LIMITED

• We have reviewed the accompanying statement of unaudited standalone financial results of CREST VENTURES LIMITED ("the Company") for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("the Listing Regulations").
• The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules thereafter and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statements is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
  • We draw attention to Note 3 of the Statement, which describes the Company's management evaluation of impact of Covid 19 pandemic on the future business operations and future cash flows of the Company and its consequential effects on the carrying value of assets as on December 31, 2020. The management has made a best estimate of the revenue recoverable for the quarter ended December 31, 2020 on the basis stated in the said Note. In view of uncertain economic conditions arising out of pandemic, the management's evaluation of impact on subsequent periods and of amounts of revenue recognised during the period is highly dependent upon conditions as they evolve. Our conclusion on the Statement is not modified in respect of these matters.
  • Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement prepared in accordance with the recognition and measurement principles laid down in applicable Indian Accounting Standards ('ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in ee ee

ies tf

SS ED AC! LaF

Head Office: 814-915, Tuistan! Chambers, 212, Nariman Point, Mumbai - 400 021, India. Tel: + 91 22 3022 #6508 Fa + YER URL: wew,phd.Ind.in fe - i a aa Rp

India, has not disclosed the information required to be disclosed in terms of Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For PATHAK H D & ASSOCIATES LLP Chartered Accountants Firm Registration No. 107783W/W100593

Dehwioet_

Ashutosh Jethlia Partner Membership No.: 136007 UDIN: 21136007AAAAEE9940 Place: Mumbai Date: February 13, 2021

Head Office: 814-615, Tulsian! Chambers, 212, Nariman Point, Mumbal - 400 021, India. Tel: + 91 22 3022 8608 Fax + 01 22 3022 8509. UAL: weew. phd. Ind.in

Pathak FI_.D. Axrissociates rie Chartered Accountants

Independent Auditors Review Report

To, The Board of Directors of CREST VENTURES LIMITED

• We have reviewed the accompanying statement of unaudited consolidated financial results of CREST VENTURES LIMITED ("Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures, for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 ("the Statement") attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("the Listing Regulations").
• The Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules thereafter and other accounting principles generally accepted in india. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Subsidiary Escort Developers Private Limited Subsidiary

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, to the extent applicable

The Statement includes the results of the following entities:-

Name of the Entity	Relationship
Crest Finserv Limited	Subsidiary
Crest Capital and Investment Private Limited	Subsidiary
Intime Spectrum Tradecom Private Limited	Subsidiary
Crest Residency Private Limited

Head Office: 814-815, Tstan! Chambers, 212, Nariman Point, Mumbal - 400 021, India. Tel: + 81 22 3022 8608 Fax + 91 29-00 Wei: URL: ww phd.Ind.in a a S\

Pathak Hi_bD. Associates LLYP Chartered Accountants

	*
PathakHi_bD.	AssociatesLLYP
Classic Mall Development Company Limited	Chartered Accountantsaa Associate
eeStarboard Hotels Private Limited	Associate
____ Ramayana Realtors Private Limited	eeAssociate_
Classic Housing Projects Private Limited	Associate
Tamarind Global Services Private Limited	aAssociate
TBOF Foods Private Limited	Associate (w.e.f. February 05,2020)

(a) We did not review the interim financial results and other financial information in respect of two subsidiaries whose interim financial results/information reflects total revenues of Rs. 696.40 Lakhs and Rs. 2,105.13 Lakhs, total net profit/ (loss) after tax of Rs. 144.21 Lakhs and Rs. 361.30 Lakhs and total comprehensive Income of Rs. 117.40 Lakhs and Rs. 339.16 Lakhs for the quarter ended December 31, 2020 and for the period from April 01, 2020 to December 31, 2020 respectively and the interim financial results and other information of three associates in which the share of profit / (loss) after tax of the group (including other comprehensive income) is Rs. 626.91 Lakhs and Rs. 654.88 Lakhs for the quarter ended December 31, 2020 and for the period from April 01, 2020 to December 31, 2020 respectively. These interim financial results and other financial information have been reviewed by other auditors, whose reports have been furnished to us by the management of the Company and our conclusion in so far as it relates to the affairs of such subsidiaries and associates is based solely on the report of other auditors. Our conclusion is not modified in respect of these matters.

(b) The Statement includes financial results/statements and other information of two associates in which share of profit / (loss} of the Group (including other comprehensive income) is Rs. 6.49 Lakhs and (Rs. 10.20 Lakhs) for the quarter ended December 31, 2020 and for the period from April 01, 2020 to December 31, 2020 respectively and one joint venture which total profit after tax of Rs. Nil and Rs. Nil for the quarter ended December 31, 2020 and for the period from April 01, 2020 to December 31, 2020 respectively, which is certified by the management. According to the information and explanation given to us by the management, these financial results/statements and other information is not material to the group.

• We draw attention to Note 3 of the Statement, which describes the Group's management evaluation of impact of Covid-19 pandemic on the future business operations and future cash flows of the Group and its consequential effects on the carrying value of assets as on December 31, 2020. The Management has made a best estimate of the revenue recoverable for the quarter ended December 31, 2020 on the basis stated in the said Note. In view of uncertain economic conditions arising out of pandemic, the management's evaluation of impact on subsequent periods and of amounts of revenue recognised during the period is highly dependent upon conditions as they evolve. Our conclusion on the Statements is not modified in respect of this matter.
• Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred in paragraph 5 above nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with the relevant rules issued there under and other accounting principles generally accepted in India, has not disclosed the information rn

Head Offica: 814-915, Tulskanl Chambers, 212, Nariman Point, Mumbai - 400 021, India. Fel: + 91 22 3022 4508 Fac + 91 22 3022 URL: www. phd.Ind.in

' .

disclosed in terms of Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For PATHAK H D & ASSOCIATES LLP

Chartered Accountants Firm Registration No. 107783W/W100593

Debunioet_

Ashutosh Jethlia Partner Membership No.: 136007 UDIN: 21136007AAAAED7 228 Place: Mumbai Date: February 13, 2021

Head Office: $14-915, Tulsianl Chambers, 212, Nariman Point, Mumbal - 400 021, India. Tel: + 91 22 3022 8608 Fanc +91 22 3022 8509. UAL: ww. phd Ind.in

CRESTSSCREST VENTURES LIMITEDSTATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020(@ in Lakhs)STANDALONEa ParticularsQuarter endedNine months endedYear ended31.12.2020 30.09.202031.12.201931.12.202031.12.201931.03.2020UnauditedUnauditedUnauditedUnauditedUnauditedAudited[INCOME1 Revenue from Operationsa- Interest income551.02528.34$11.201,621.811,440.671,951.10- Net gain on fair value changes0.690.521.0413.3513.88-34.1940.82125.59176.25233.28- License fees57.01- Real estate and related services70.3774.69$19.44240.711,043.261,301.35Total Revenue from Operations644.37655.581,088.341,989.152,673.533,499.61 Other Income1.751.751.74b--644.37Total Income from Operations655.581,090.091,989.152,675.283,501.35 Expenses2 266.64240.74259.21750.49 Finance Costs747,42976.68a_ Cost of Construction and Development1,295.621,295.6214.535.528.98b Changes in inventories of finished goods, work-in-progress & stock-in-trade(1,295.62)172.30(1,295.62)168.83163.28c- Net loss on derecognition of financial instruments under cost category23.8323.83-d_=" Employee Benefit Expenses43.80128.1740.4981.69243,44312.58e54.08[Depreciation & Amortisation Expenses53.14159.79139.4348.35194.57fg_ Share of loss from limited liability partnership887.18842.711,743.0440.83142.2391,33h_ Other Expenses333.99113.0842.11188.95546.75809.62Total Expenses1,219.19796.853,115.482,020.912,586.421,364.78 Profit / (Loss) from operations before Exceptional Items & Tax (1 - 2)(709.20)293.24654.37(574.82)(1,126.33)914.933 Exceptional Items4--:-:-293.24 Profit / (Loss) after Exceptional Items and before tax (3 - 4)(709.20)(574.82)(1,126.33)654.37914,935 Tax Expenses669.0262.32100.35215.00262,74352.49 Current Taxa20.75 Deferred Tax(16.121(26.51)0.15(16.47)(37.71)b_7_ Net Profit / (Loss) after tax(5 - 6)_ (762.10)192.74408.10(657.89)(1,324.82)600.15 Other Comprehensive Income8a_ ltems that will not be reclassified to profit or loss (net of tax)-Acturial gain / (loss) on post retirement benefit plans1.091.103.28(0.35)(1.05)4.38394.11-Net gain / (loss) on equity instruments designated at FVTOCI209.86145.92(121.10)(3.89)(64.49)- b_ ltems that will be reclassified to profit or loss {net of tax)----:Income397.39Total Other Comprehensive210.95147.02(4.24)(65.54)(116.72) Total Comprehensive Income (7 + 8)(551.15)(510.87)188.50(917.43)342.56483.43392,844.98 Paid-up equity share capitat (Face Value %10/- each)2,844.982,844.982,844.982,844.982,844.981030,397.79 Other Equity11---:12 Earning per share (EPS) (Face Value of %10/- each)0.68Basic (in)211(2.68)(4.62)(2.31)1,43Diluted (in @)(2.68)(2.31)0.68(4.62)1.432.11

CREST VENTURES LIMITED

		=
		CREST
CREST VENTURES LIMITEDSTANDALONE SEGMENT REVENUE, SEGMENT RESULTS, SEGMENT ASSETS & SEGMENT LIABILITIES
			STANDALONE			(@ in Lakhs)
Particulars		Quarter ended		Nine months ended		Year ended
	31.12.2020Unaudited	30.09.2020Unaudited	31.12.2019Unaudited	31.12.2020Unaudited	31.12.2019Unaudited	31.03.2020Audited
Segment RevenueInvesting & Financial Activities	551.01	528.87	511.89	1,622.85	1,454.02	1,964.98
Real Estate & Related Activities	104.57	115.50	578.20	366.30	1,221.26	1,536.37
OthersTotal	-655.58	-644,37	-1,090.09	-1,989.15	-2,675.28	-3,501.35
Segment ResultsInvesting & Financial Activities	(630.50)	(474.30)	168.60	(900.15)	497.29	759.75
Real Estate & Related Activities	(74.17)	(95.93)	132.29	(195.28)	179.31	189.07
Others	-	{0.03)	(4.30)	(16.87)	{12.92}	(16.88)
TotalLess: Unallocated Expenses (Net of Unallocated Income)	(704.67)4.53	(570.26)4.56	296.593.35	(1,112.30)14.03	663.689.31	931.9417.01
Total Profit Before Tax	(709.20)	(574.82)	293.24	(1,126.33)	654.37	914.93
Segment Assets
Investing & Financial Activities	37,350.10	37,517.17	37,218.94	37,350.10	37,218.94	37,496.24
Real Estate & Related Activities	6,297.83	5,089.54	5,335.31	6,297.83	5,335.31	5,179.08
Others		:	-	-	-	-
UnallocableTotal	986.7144,634.64	1,038.4843,645.19	1,202.5343,756.78	986.7144,634.64	1,202.5343,756.78	1,171.0243,846.34
Segment Liabilities
Investing & Financial Activities	11,560.20	9,968.40	9,637.26	11,560.20	9,637.26	9,599.61
Real Estate & Related Activities	632.21	683.43	693.13	632.21	693.13	684.20
OthersUnallocable	-259.14	-259.11	-341.26	-259.14	-341.26	-319.76

		Qe
		CREST
	CREST VENTURES LIMITEDSTATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020
							(TinLakhs)
Sr.	No Particulars	31.12.2020	Quarter ended30.09.2020	CONSOLIDATED31.12.2019	Nine months ended31.12.2020	31.12.2019	Year ended31.03.2020
1	[INCOME	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
a	Revenue from Operations- Interest income- Net gain on derecognition of financial instruments under cost category	629.40*	596.05-	572.10-	1,827.78-	1,594.29237,18	2,179.33237.18
	- Net gain on fair value changes- Dividend income	9.41:	{3.28):	17.49:	40.89	72.09	59.860.62
	- Income from securities trading- License fees- Real estate and related services	119.5834.1970.37	109.2440,8274.69	61.2857.01525.69	285.88125.59240.71	85,73176.251,049.51	173.24233,281,307.60
b	- Brokerage and related servicesTotal Revenue from Operations[Other income	492.401,355.35{0.02}	538.701,356.22(0.72)	573.691,807.26(21.04)	1,582.774,103.621.72	1,784.504,999.5582.46	2,473,056,664.1693.67
2	Total Income from Operations[Expenses	1,355.33	1,355.50	1,786.22	4,105.34	5,082.01	6,757.83
bc¢	a__ Finance Costs[Cost of Construction and Development Changes in inventories of finished goods, work-in-progress & stock-in-trade	270.721,295.62{1,295.62}	245.71	270.575.52172,30	765.301,295.62(1,295.62)	768.568.98168,83	1,007.5414.53163,28
d_e	Employee Benefit Expenses[Depreciation & Amortisation Expensesf Share of loss from limited liability partnership	380.3373.48887.18	406.1877.64618.25	348.7772.1852.97	1,190.85233.251,530.28	1,107.30213.31179,60	1,531.72292.35348.35
g	Other ExpensesTotal Expenses	250.491,867.20	173.751,521.53	482,251,404.56	794.664514.34	1,339.773,786.35	1,892.895,250.66
345	Profit / (Loss) fram operations before Exceptional Items & Tax (1 - 2) Exceptional Items[Profit / (Loss) after Exceptional Items and before tax (3 - 4)	{511.87}_(511.87)	(166.03)-(166.03)	381.66381.66	(409.00)-(409.00	1,295.66:1,295.66	1,507.17=1,507.17
6a	Tax Expenses Current Taxb_ Deferred Tax	112.8119.13}	115.43823.20	111,10{1.30)	346,33£22.20}	389.46(25,63)	524.44(42.47)
8	7__ Net Profit / (Loss) after tax{5 - 6) Add: Share of Profit / (Loss) of Associates Net Profit / (Loss) after tax and Share of Profit / (Loss) from Associates (7 + 8)	(615.55)691.5976.04	(304.71)(0.75)(305.46)	271.861,189.501,461.36	(733.13)779.4846.35	931.832,941,893,873.72	1,025.20_3,494,134,519.33
9	10 Other Comprehensive Incomea__ ltems that will not be reclassified to profit or loss (met of tax}
b	-Actuarial gain / (loss) on post retirement benefit plans~ Net gain / (loss) on equity instruments designated at FVTOCI[stems that will be reclassified to profit or loss (net of tax)	(25.72)209.86-	9.00145,92:	{2.65}(3.89)	(18.86)394.11=	{8.06}(64,49}:	(8,64)(121.10)-
	Total Other Comprehensive Income11 Total Comprehensive Income {9 + 10)12. Net Profit attributable to :	184.14260.18	154.921150.54)	{6.54)1,454.82	375.25421.60	(72.55)3,801.17	(129.74)4,389.59
	Owners of parentNon-controlling interests13 Other Comprehensive Income attributable to :	76.04-	(305.46)-	1,461.36	46.35=	3,884.72(11,00)	4,530.33(11,00)
	Owners of parentNon-controlling interests	1284.14"	154.92-	{6.54}	375.25«	(72.51)(0.04)	(129.70){0.04}
14	Total Comprehensive Income attributable to :Owners of parentNon-controlling interests	260.13"	(150,54)-	1,454,82	421.60-	3,812.21(11.04)	4,400.63(11.04)
	15 Paid-up equity share capital (Face Value 710/- each)16 Other Equity	2,844.98-	2,844.98-	2,844.98-	2,844.98-	2,844.98-	2,844.9854,290.92
	17 Earning per share (EPS) (Face Value of 710/- each}Basic {in @}Diluted {in %)	0.270.27					15.8915,89

CONSOLIDATED SEGMENT REVENUE, SEGMENT RESULTS, SEGMENT ASSETS & SEGMENT LIABILITIES

		CREST
CONSOLIDATEDSEGMENT REVENUE, SEGMENT RESULTS, SEGMENT		ASSETS & SEGMENT LIABILITIES	CONSOLIDATED
Particulars	31.12.2020Unaudited	Quarter ended30.09.2020Unaudited	31.12.2019Unaudited	Nine months ended31.12.2020Unaudited	31.12.2019Unaudited
Segment RevenueInvesting & Financial Activities	763.10	701.80	635.26	2,161.04	1,984.05
Broking & Related Activities	487.68	538.19	$80.18	1,578.00	1,863.54
Real Estate & Related ActivitiesOthers	104.55	115.51-	584.45(13.67)	366.30-	1,227.516.91
TotalLess: Inter Segment Revenue	1,355.33	1,355.50	1,786.22	4,105.34	5,082.01
Net Sales/Income From Operations	1,355.33	=1,355.50	1,786.22	=4,105.34	=5,082.01
Segment ResultsInvesting & Financial Activities	(464.53)	(122.22)	245.53	(284.72)	908.54
Broking & Related Activities	35.01	60.87	23.80	110.56,	222.16
Real Estate & Related ActivitiesOthers	(78.91)	(100.69)	133.76(17.80)	(218.26)(3.55)	180.55(6.01)
Total	(508.43)	(162.04)	385.29	(395.97)	1,305.24
Less: Unallocated Expenses (Net of Unallocated Income)Total Profit Before Tax	3.44(511.87)	3.99(166.03)	3.63381.66	13.03(409.00)	9.581,295.66
Segment AssetsInvesting & Financial Activities	61,987.55	61,404.70	60,032.29	61,987.55	60,032.29
Broking & Related Activities	892.85	840.075,113.76	913.285,368.70	892.856,319.32	913.285,368.70
Real Estate & Related Activities	6,319.32
Others	-	-		=
Unallocable	1,262.63	1,311.91	1,451.91	1,262.63	1,451.91
TotalSegment Liabilities	70,462.35	68,670.44	67,766.18	70,462.35	67,766.18
Investing & Financial Activities	11,607.84	10,015.76	9,689.06	11,607.84	9,689.06
	477.40632.60	480.55684.07	462.72693.32	477.40632.60	462.72693.32
Broking & Related ActivitiesReal Estate & Related ActivitiesOthersUnallocable	-329.20	334.90	-381.83	-329.20	-381.83

and other current assets.economic conditions.
			For Crest Ventures Limited,Vijay Choraria
Place: MumbaiDate : February 13, 2021			Managing Director[DIN: 00021446]
	Notes:Noapplicable.eS)	Requirements), Regulations 2015.	<>CREST1 The above financial results have been reviewed by the Audit Committee and on its recommendation have been approved by the Boardof Directors at its meeting held on 13° February, 2021 pursuant to Regulation 33 of SEBI (Listing Obligation and DisclosureThis Unaudited Financial Results has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extentThe Group's operations have been impacted by the COVID-19 pandemic induced lockdowns. In preparation of these results, the Grouphas taken into account internal and external sources of information to assess possible impacts of the pandemic, including but notlimited to assessment of liquidity and going concern, recoverable values of its financial and non-financial assets. It has also assessedthe potential impact of COVID-19 on the carrying value of property, plant and equipment, inventories, investments, trade receivablesFor recognition of revenue for the nine months ended 31st December, 2020, management has considered certain concessions/reliefon rentals extended to its licensees for the period of lockdown as well as some further period considering the extended impact of thepandemic. Such concessions are determined based on discussions concluded with licensees on case to case basis. Based on currentestimates, management expects to recover the carrying amounts of the assets that include the revenue recognized during the quarter.Considering the evolving nature of the pandemic, its actual impact in future could be different from that estimated as at the date ofapproval of these financial results. The Group will continue to closely monitor uncertainties arising of material changes to the futurefp Considering the impact of concessions given in license fees and other recoveries during the nine months ended 31st December, 2020,the above results and performance for the nine months is not representative of revenue and performance for the entire year.wn Previous quarter / year's figures have been regrouped / reclassified, wherever considered necessary.

Vijay Choraria