August 12,2021

BSE Limited	National Stock Exchange of lndia Ltd.
The Corporate Relationship Dept,	Exchange Plaza,
1st Floor, Phiroze Jeejeebhoy Towers,	Bandra-Kurla Complex,
Dalal Street,	Bandra (East),
Mumbai-400 001.	Mumbai-400 051.
Scrip Code - 5001 85	Scrip Code - HCC

Dear Sir,

Sub: Unaudited Financial Results for the quarter ended June 30. 2021

As per Regulation 33 of the Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2021 along with the Limited Review Reports thereon submitted by the Statutory Auditors, which were approved and taken on record by the Board of Directors of the Company at its meeting held today i.e. August 12, 2021.

The meeting of the Board of Directors of the Company commenced at 2.30 p.m. and concluded at 4.00 p.m.

A copy of the press release is also enclosed herewith.

We request you to kindly take the above on your record.

Thanking you,

Yours faithfully, For Hin stan Construction Company Ltd. f

Vithal P. Company Secretary

Enclosed: As above.

HCC Q1 FY22 Consolidated Net Profit at 180 cr

HCC Standalone Revenues up by 120% y-o-y driven by improved execution

Mumbai: August 12, 2021: HCC reported consolidated net profit of Rs 179.9 crore in Q1 FY22, as against loss of Rs 409.3 crore in Q1 FY21. The consolidated revenue was Rs 2,503.3 crore in Q1 FY22 against Rs 1,689.8 crore in Q1 FY21.

The Company has sustained its operations momentum despite the devastating COVlD second wave and registered standalone revenues of Rs 1,018.3 crore in Q1 FY22, , compared with Rs 462.3 crore in Q1 FY21, registering y-o-y growth of 120%. EBITDA was Rs 172.1 crore in Q1 FY22, compared to Rs 114.9 crore in Q1 FY21. EBITDA margins were at 17%.

HCC, in a joint venture, has been awarded a contract worth Rs 1,147 crore by Chennai Metro Rail Limited. The total order book stood at Rs 17,575 crore by June 30, 2021.

Financial highlights - HCC unaudited standalone results

Total Revenue of Rs 1018.3 crore in Q1 FY22 versus Rs 462.3 crore in Q1 FY21
Net loss of Rs 43.2 crore in Q1 FY22 versus Net loss of Rs 217.4 crore in Q1 FY21
EBITDA margins at 17% in Q1 FY22 compared to 25% in Q1 FY21
The order book stood at Rs 17,575 crore

Approvals from Lenders are well underway for HCC's debt resolution plan, which will substantially deleverage the Company and place it on a strong growth footing. Funds related to the recently concluded NH34 BOT conciliations were received by the respective SPVs from NHAl during this quarter; the onward release of funds to HCC Group companies is expected shortly.

Performance of HCC subsidiaries:

Steiner AG: Steiner AG reported revenues of CHF 185.9 million (Rs 1,473 crore) in Q1 FY22 as compared to CHF 155.4 million (Rs 1,217 crore) in Q1 FY21 and a profit of CHF 0.5 million (Rs 4 crore) in Q1 FY22 as compared to a net loss of CHF 20.9 million (Rs 164 crore) in the Q1 FY21. The Company secured fresh orders worth CHF 237.3 million (Rs 1,881 crore). The order book stood at CHF 1.33 billion (Rs 10,543 crore) at the end of Q1 FY22. In addition to this, the Company has secured orders for CHF 50 million (Rs 396 crore), where contracts are yet to be signed.

HCC Concessions Ltd.: Baharampore-Farakka Highways Ltd registered a turnover off 42.3 crore in Q1 FY22 vs f 24.3 crore in Q1 FY21, a y-o-y increase of 74% mainly attributable to the COVID-19 lockdown imposed in Q1 FY21. Turnover of Q1 FY22 has also been impacted by the restrictions imposed due to the second wave of COVID-19. With the

completion of an additional stretch, BFHL's toll rates have been enhanced by -20% from May 14,2021, onwards.

About HCC:

HCC is a business group of global scale developing and building responsible infrastructure through next practices. With an engineering heritage of nearly 100 years, HCC has executed a majority of India's landmark infrastructure projects, having constructed 27% of India's Hydro Power generation and 60% of lndia's Nuclear Power generation capacities, over 3,960 lane km of Expressways and Highways, more than 360 km of complex Tunnelling and 383 Bridges. Today, HCC Ltd. selves the infrastructure sectors of Transportation, Power and Water. The HCC Group, with a group turnover of Rs 8,335 crore, comprises HCC Ltd., HCC Infrastructure Co. Ltd., and Steiner AG in Switzerland.

For further information:

Sandeep Sawant Hindustan Construction Com~anv Ltd (w +91 22 2575 1000, Mobile: +9l 98339 92874 Email: [email protected]

Walker Chandiok &Co LLP

Walker Chandlok & Co LLP

11th Floor, Tower 11, One International Center, S B Marg, Prabhadevl (W). Mumbai - 400013 MaharashIra, lndia T+912266262699 F +9l 22 6626 2601

lndependent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Comoanv . . Pursuant to the Reoulation 33 of the SEBl lListlno Oblloations and Disclosure Reoulrementsl Regulations, 2015 (as amen&d)

To the Board of Directors of Hindustan Construction Company Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Hindustan Construction Company Limited and its joint operations (together referred to as 'the Company') (Refer Annexure 1 for the list of joint operations included in the Statement) for the quarter ended 30 June 2021, being submitted bv the Companv pursuant to the reauirements of Regulation 33 of the SEBl (Listing obligations and m is closure ~e~irements) Regulations, 2015 (as amended), including relevant circulars issued bv the SEBl from time to time. Attention is drawn to tne fact that the Note 3 to the Statement regarding 'total balance value ofwork on hand as at 30 June 202lS, as included in the Statement has been approved by the Board of Directors but has not been subjected to audit or review.
1. The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been ~reDared in accordance with the recognition and measurement Drinci~les laid down in lndian ~ccounting ~iandard 34, Interim Financial ~e~o&n~ ('lnd AS 347, prescribed under Section 133 of the Comoanies Act. 2013 f'the Act'). and other accountina ~rincioles aenerallv acce~ted in lndia and is in compliance with the'preseniation aid disclosure requirem;tits of kegiation 3j of the SEBl (Listing Obligations and Disclosure Requirements) Regulations. 2015 (as amended), including relevant circulars issued by the SEBl from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of lndia. A review of interim lnancial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying anaivtical and other review orocedures. A review is substantiallv less in scoDe than an audit conducted in accdrdance with the standards on Auditing specified under seciion 143(10)'of the Act, 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.

Page 1 of 6

CDardhnhh WalkelChandlok ⁸Co LLP Is wl%wed with llrnllsd IlabilitywlVI IdanRuUon ofhcslh Beng\$wu.Chd~uh,CDannsl,Gurugrsm,Hydenbad,Koni,KdXala,Mumbai.N~wN, Nddsuld Rlne numbeiMCZOB5 and her I& registered om- d L41, Connsughl Clw. Outer Clmls, Nw Oeihl, 1lWOl. lndla

1. As stated in:
(i) Note 6 to the accompanying Statement, the Company has accounted for managerial remuneration oaidl oavable to Whole Time Directors (inciudina Chairman and Manaaina Director) of the Com~anv aggre'gahg ? 30.57 crore for the financial yeariended 31 March 202j aid 31 arch 2020, arid fir the quarter ended 30 June 2021, in excess of the limits prescribed under Section 197 of the Act, in respect of which approvals from the shareholders have been obtained as prescribed, however prior approval from the lenders of the Company in accordance with Section 197 has not been obtained by the Company.

Our audit report dated 23 June 2021 and review report dated 27 August 2020 on the standalone financial results of the Company for the year ended 31 March 2021 and for the quarter ended 30 June 2020, respectively, were also qualified in respect of this matter.

(ii) Note 7 to the accompanying Statement, the Company's current borrowings and other current financial liabilities as at 30 June 2021 include balances amounting to t 34.97 crore and t 625.34 crore, respectively, in respect of which confirmations1 statements from the respective banks1 lenders have not been provided to us by the management of the Company. Further, in respect of certain loans while the principal balances have been confirmed from the confirmationsl statements issued by banks I lenders, the interest accrued amounting to t 181.24 crore has not been confirmed by the banksl lenders. Further, confirmations1 statements from banks have not been received for balances with banks included under cash and cash equivalents and earmarked balances1 deposits with banks included under bank balances other than cash and cash equivalents, as at 30 June 2021 amounting to t 0.89 crore and 8 16.93 crore respectively. In the absence of such confirmations1 statements from the banksl lenders or sufficient and appropriate alternate audit evidence, we are unable to comment on the adjustments and changes in classification of balances in accordance with the principles of lnd AS 1, Presentation of financial statements, if any, that may be required to the carrying value of the aforementioned balances in the accompanying Statement.

(iii) Note 10 to the accompanying Statement, the Company has recognised net deferred tax assets amounting to f 739.28 crore outstanding as at 30 June 2021. on account of carried forward unused tax losses, unused tax credits and other taxable temporary differences which are continued to be recognised by the Company on the basis of expected availability of future taxable profits for utilization of such deferred tax assets. However, in view of the continued losses incurred by the Company, uncertainty with respect to outcome of the resolution plan and the impact of COViD-19 on business operations, we are unable to obtain sufficient appropriate audit evidence with respect to the current projections prepared by the management and therefore, are unable to comment on any adjustments that may be required to the carlying value of aforesaid net deferred tax assets as at 30 June 2021.

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Hindustan Construction Company Llmited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

(iv) Note 12 to the accompanying Statement, the Company had written back a loss provision aggregating f 331.40 crore during the year ended 31 March 2020. which was earlier recognised by the Company during the year end& 31 March 2019 in cognizance of the assignment of beneficial interests1 rights in a porlfolio of identified arbitration awards and claims based on a non-binding term sheet with a consortium of investors along with a letter of commitment, due to cancellation of the said proposed transaction. However, such write-back is inconsistent with the continued intent of the Company to sell/ assign the arbitration awards and ciaims of the Company to other potential investors as evidenced in the proposed resolution plan with lenders. Pending the finalization of the proposed resolution plan with lenders. we are unable to comment on the extent of loss provision required to be provided for in the financial results as at 30 June 2021.

5. Based on our review conducted as above and consideration of the review report of the other auditor referred to in paragraph 8 below, except for the possible effects of the matters described in previous section, nothing has come to our attention that causes us to believe that the accompanying Statement, oreoared in accordance with the recognition and measurement principles laid down in ind AS 34, pre'scribed under Section 133 of the ~ct,and other accounting principles generally accepted in India, has not disclosed the information reauired to be disclosed in accordance with the requirements of Regulation 33 of the SEBi (Listing 0biigaioPs and Disclosure Requirements) ~e~uiations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

Material Uncertainty on Going Concern

We draw attention to Note 9 of the accompanying Statement which indicates that the Company has incurred a net loss oft 43.21 crore during the quarter ended 30 June 2021 and. as of that date, the Company's accumulated losses amounts to f 2,375.61 cmre which have resulted in substantial erosion of net worth of the Company. As further disclosed in the aforesaid note, the Company has continued to default in repayment of principal and interest in respect of its borrowings and has overdue operational creditors outstanding as at 30 June 2021. Certain operational creditors have aiso applied to the National Comoanv Law Tribunal CNCLT') for the debt resolution under the insolvency and Bank~pt~~ Code, 2016, which h&e not been admitted by the NCLT for further proceedings as of the date of this ieport. The above factors . ... tooether with uncertainties relatino to the imoact of the onaoina COVID-19 Oandemic on the o~eratibns-of the Company as described in Note 8 to the accompany in^ statement, indicate that a material uncertainty exists thatmay cast significant doubt on the Company's ability to continue as a going concem. However. based on onaoina - - discussion/ negotiations with the lenders, including lenders of an erstwhile subsidia6, for restructuring of loans which &e subject to their internal approvalb, revised business plans and other mitioatino factors - - as mentioned in the Note 9, management is of the view that going concem basis of accounting is appropriate for preparation of the acc~mpanying Statement. Our opinion is not modified in respect of this matter.

Emphasis of Matters

1. We draw attention to:
(i) Note 8 to the accompanying Statement, which describes the effects of uncertainties relating to COViD-19 pandemic outbreak on the Company's operations and management% evaluation of its impact on the accompanying Statement as at the reporting date, the extent of which is significantly dependent on future developments.

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-in m.luru, ~hsnd&~h.~hannai.airugnm, HWabad.Kod1. Kdkala,Mumbal, Na Wh1,NMandRlne numberMCZ085 and ha8 Its nglrlend

ChuURxllimounlanb Walker Chandlok k Co LLP 1% regbtered wlh llmlbd llabllltyvlh IdanUAEsUon OM- at L41, ConnaughlCD~~~, Oubr Circle, New Dslhl, IlWOI, lndls

Hindustan Construction Company Limlted

Independent Audltor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

(ii) Note4 to the accompanying Statement, regarding uncertainties relating to recoverability of Company's non-current investment (including deemed investment) in a subsidiary company, HCC Infrastructure Company Limited ('HICL'). aggregating f 1,571.65 crore as at 30 June 2021. The consolidated net-worth of the aforesaid subsidiary is fully eroded; however, based on certain estimates and other factors, including subsidialy's future business plans, growth prospects, valuation report from an independent valuer, future contractual considerations receivable from a joint venture of HICL sold during the previous year, expected outcome of the arbitrationl litigations and legal advice in respect of certain claims, as described in the said note, management believes that the realizable amount is higher than the carrying value of the non-current investment due to which this is considered as good and recoverable.
(iii) Note 5 to the accompanying Statement, regarding uncertainties relating to recoverability of unbilled work-in-oroaress (other current assets) and trade receivables (included under assets of a dis~osal group h;ld For sal;) amounting to f 850146 crore and f 280.63 &ore, respectively, as at 30 June 2021, which represent various receivables in respect of projects closed1 substantially closed1 suspended. Further. current trade receivables as at 30 June 2021 includes f 2,742.29 crore, representing favourable arbitration awards (including interest thereon) which have subsequently been challenged bv the clients in courts. The aforementioned receivables are ~resentlv under various stages of negotiations/ discussions/ arbitration1 litigation with clients. ~ased on the current progress ii each case/ related legal opinions, management is of the view that the aforementioned receivables are fully recoverable.
(iv) Note 13 to the accompanying Statement regarding delays in payment of foreign currency trade payables against the supply of goods and payment of foreign currency capital vendors against the supply of equipment aggregating B 38.69 crore and f 3.37 cmre respectively. that are outstanding as at 30 June 2021 fora period beyond the timelines stipulated in FED Master Direction No. 1712016-17, under the Foreign Exchange Management Act, 1999. The management of the Company is in the Drocess of retlularisina these defaults bv filing necessaw applications with the appropriate authority .. . ior condonation of such delays. The management is of the hew that the penalties, if any, which may be levied for these contraventions is currentlv unascertainable and is not ex~ected to be material to the accompanying Statement. ~ccordingl~,.the accompanying ~tatemeni does not include any consequential adjustments with respect to such delays1 defaults.

Our conclusion is not modified in respect of the above matters.

8. We did not review the interim financial statements of one (1) joint operation, whose interim financial statements reflects revenues of f 41.20 crore, net profit afler tax off 0.47 crore and total comprehensive income off 0.47 cmre forthe quarter ended 30 June 2021, as considered in the accompanying Statement. This interim financial statements has been reviewed by other auditor whose report has been furnished to us bv the manaaement, and our conclusion in so far as it relates to the amounts and disclosures included in respect of this joint operation is based solely on the review report of such other auditor, and the procedures performed by us as stated in paragraph 3 above.

Further, interim financial information of above joint operation has been prepared in accordance with accountina princi~les generally accepted in India, including accounting standards issued by the ICAI. The . - ~om~an~~'mana~ement has~converted the financial information ofsuch joint o~eration~in accordance with lnd AS. We have reviewed these conversion adiustments made bv the Companv's management. Our opinion on the Statement, in so far it relates to the amounts and disclosures includedin respect of this joint operation is solely based on report of the other auditor and the conversion adjustments prepared by the Company's management and reviewed by us.

Our conclusion is not modified in resDect of this matter with respect to our reliance on the work done by

Page 4 of 6

OMmr hBangduru.Uland~uh,Cham~i,Gurugmm.Hyd~abd,Kodi, Kdkah, Mumbai,NaDdl, Ndad Pvns numberMC9085 ~nd has ik legislered

ChmIsrdAomunlmla Walker Chandlok 6 Co LLP is regislered wlVl limited liablllty win ldenmsation om- a1 L-41, CannaughlClrms, Ovler Clrd~ Nw DBlhl. 11WD1, lndia

Hindustan Construction Company Limited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Reguirements) Requiations, 2015 (as amended)

The Statement also includes the interim financial statements/ financial information/ financial results of $\mathbf{q}$ six (6) joint operations, which have not been reviewed/ audited by their auditor, whose interim financial statements/ financial information/ financial results reflects total revenue of ₹ 0.06 crore, net loss after tax of ₹0.39 crore and total comprehensive loss of ₹0.39 crore for the quarter ended 30 June 2021, and have been furnished to us by the Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these joint operations, are based solely on such unaudited/ unreviewed interim financial statements/ financial information/ financial results. According to the information and explanations given to us by the management, these interim financial statements/ financial information/ financial results are not material to the Company.

Our conclusion is not modified in respect of this matter with respect to our reliance on the financial statements/ information/ results certified by the Board of Directors.

For Walker Chandiok & Co LLP Chartered Accountants No:001076N/N500013 Firm Registration

garwal Rakesh R

Partner Membership No:109632

UDIN:21109632AAAAKL6058

Place: Mumbai Date: 12 August 2021

Page 5 of 6

$d$

Walker Chandiok & Co LLP is registered with limited liability with identification
number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer
Circle, New Delhi, 110001, India

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Hlndustan Construction Company Limited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obllgations and Disclosure Requirements) Regulations, 2015 (as amended)

Annexure 1

List of joint operations included in the Statement

Sr. No.	Name of the entity
1.	Kumagai-Skanska-HCC-itochu Group
2.	HCC-L & T Puruiia Joint Venture
3.	Alpine - Samsung - HCC Joint Venture
4.	Alpine - HCC Joint Venture
5.	HCC Samsung Joint Venture CC 34
6.	Nathpa Jhakri Joint Venture
7.	HCC- HDC Joint Venture

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~nhhpduu.Chnnd~pm,Chsnnai.Guruplam.Hyd~~bbd,Koohi, Kdbb, Munbai, NewDalhi.Nddamd Pvna numbslA4C-2085 end her IV, registered

				7 in crore except earnings per share data
			Quarter ended
Sr. No,	Psrtlculan	30 June 2021	31 March 2021	30 June 2020	31 March 2021
		Unaudited	Unaudited Refer Note l4	Unaudited	Audited
1	lncome
	(a) lnwme from operations
	(b) Other income
	Total income (a+b)
	Expenses
	(a) Cost of materials consumed
	(b) Subcontracting expenses
	(C) Construction expenses
	(d) Employee benefits expanse
	(e) Finance costs
	(0 Depreciation and amortisation expense
	(g) Olher expenses
	Total expenses (a+b+c+d+e+f+g)
	Loss before exceptional items and tax (1-2)
	Exceptional ilems - Gain1 (Loss) (Refer note 11)
5	Loss before lax (3+4)
6	Taxexpense
	(a) Curmnl tax
	(b) Defemd tax

	Loss for the period1 year (5.6)
	Other comprehenslve lncome
	(a) ltems not to be reclassified subsequently to profit or loss (net of tax) - Galnl (loss) on fair value of defined benefit plans as per actuarial valuation
	- Galnl (loss) on fair value of equity instruments
	(b) Items to be reclarsined subsequently to pront or loss
	Other comprehensive lncome for the perlodl year, net of tax (a+b)
	Total comprehensive 1066 for the perlodl year, net of tax (7+8)
	10 Paid up equily share capital (Face value of t 1 each)
	11 Olher equity (excluding revaluation reserves)
	I Earnings1 (Loss) per share (Face value oft 1 each)
	(a) Basic EPS (not annualised) (in t)	(0.29)	(0.60)	(1.44)	(3.74)
	(b) Diluted EPS (not annualised) (in t)	(0.29)	(0.60)	(1.44)	(3.74)
	See accompanying notes to the slandalone unaudited financial results

Hindustan ConstrvcNon Co Ltd

Hitwon House. LBS Marg. Vikhroli IWestl. Murnbai - 400 083, India Tel : t91 22 2575 1000 Fax : +Dl 22 2577 7588 CiN : L45200MH1926PLC001228

Notes:

1 These standalone unaudlled financial resulla of Hindustan ConstructIan Company Llmlled (he 'Company' or 'HCC') have been prepared to comply In all material respects wih the Indian Accounllng Standards rind AS') as prescribed underSsdlan 133 of lhs Companies Acl 2013 (Ihe Acr) read with Companies (Indian Accounllng Standards) Rules as amended fmm time to time.There results have been reviewed and recommended to the Board of Directors by the Audit Camminee 01 the Company and subsequently approved by lhs Board of Direolors of lhe Company althstrespsclive meslings held on 12August2021.
2 The Company is engaged In a single business segmsntvir. 'Engineering and Construction", which is substantially seasonal in oharacler. Further, Ihe Company's mmarglns In the quarterly resulls vary based on the accrual of cosl and rewgnltion 01 lnwme In dlferenl quarten due to nature of its business, receipl 01 swards1 claims or events which lead lo revialon in cost to completion. Due lo lhis rearon, quanerlv resulls may vary and I may no1 be indicative of annual resulls.
3 The lola1 balance value olwok on hand as a1 30 June 2021 is t 17.575 crore (31 March 2021: 1 17,914 cmre)
4 The Company. as a130 June 2021, has noncurrent invesbnenls amounllng la 1 1.571.65 cmre in lb subsldlary. HCC lnlrastruoture Company Limited (HICC) which is holding 85.45% In HCC Concessions Limited (HCL'I having Build. Operate and T~ewlar (BOT) SPVs under Hs Md. HlCL has inoutred slgnincsnt losses and the cansolldated net-worth as a130 June 2021 has bsen fully eroded. However, the net-worth of HlCL does not reoresent ils true market value as the value of the underlvinn invesbnentol assets. baaed on valuelion report of an lnde~sndsnl valuer. I ^Prignllicani.y ltlgher F~rUler. punuanlto me aharo purchase agreemint for sale ola BOT SPV by HCL d.ring ills plevloLs war. hCL conlin .er to remaon enl~lled lo ils share of ploceeoo lram Denlemsnl wfth hrlAl, an ea!n.oa cansfderal.0n ello roya ly repmSenl#np reven IR snaro lrom ihs BOT SPV over ~once~slone oerio(l. whicn are esl mated to be rlon ficanllr material Also. one 01 Ihe s,olld arv 01 HCL has rlalmo aaa nrl Is I I customer mainly in respecl olcost over-run arising due to clienl caused dsiarj and termination of contracts which are under arbitratlonfiiligaiion~ I *here n managirnent has bssn ega y aavlrod inat It has good case on merits. Therelare. borod on cenaln sslomates of 1~h.m oJrlnesr plans. groem PIOSPBC~S. vslual<on repori lrom an .ndependeni valuer. I.l~re considorallon lrom lne ontlty sold ao nsll as wnsroering iha conlracl~al tonab. tv. eWeCbG outcome of aro balmnr hl!4aIms and wal advm .o res~ccl d cenam claims. the man~oemonl beheves lhel tho !ealtzable I I amountit H~CL is higherthan lhs carrying valie 01 ihe noncurrent inveslme"ts due to whloh these are considered as good and fully rswuerabls.
5 Unbllled wok-in-progress (Other current assets) and currenl trade receivables include t 850.46 cmre and t 260.63 crare. rsspedively. ^Ioulstandlno as al 30 June 2021 reoresentlna recsivableo fmm customers based on lhs terms and conditions ImDllcil in the contracts and oher I recelvable; In respecl of closedl s&psndedprojecls. Further, lrade recelvables (included underaesets of a dlspoial gmup held for sale) as a130 June 2021 Includes recelvables d 7 2.742.29 crore (net of advances oft 2.847.14 cmre), reprelenting olalms awarded In arbilratian, inoluding interest ihsreon, in favour of the Company whloh have bsen challenged by the curlamers in higher wurts. These sfaremenlloned recslvables are mainly in resoed d cost over-run atisinn due lo Elism mused delays, suspenriorl 01 pmleus, devlaUon in design and change in scope of wok I lor ancn company r al various stage; 01 nogoi~ai~onl a rcusslon with lhe cllenls or under arolralianl liugaion Canr d& ng ihs .conlraclual IenaDllIly progress of nepollallons I olscussiof~sl arbltrallonl lollgal ons and as .egal v adulred lhl certaln wnlatllioc.~ mansn. Be management is con6dsnt of recovery of lhere receivables.
6 P~rsuanl la lhe wnfirmation lrom exlemal agoncyan wmpllance ol candllans lsld out by Monilonn Commillea 01 fenders. Iho Companydunng Ins qusner ended 31 March 2021 had adjusted the excess managed81 remLnerai.on lor lhe Rnanclsl year 2013-14 agalnst ino remunerataon amwed but 001 palo for the Rnancal war 201415. and also lhe exrsss mmunerallon accrued an0 paid lor Rnanca year 2015-16 %lands approved.

Further in accordanca wilh secwo 197 ol (he A. subbot la Sohadub V b the Aot, the Company was required lo obtain apprwal for excess managerial remunsralfon 01 Chainan and Managlng Dlreclor ('CMO') and Whole Time Direclor (WTD') in the general mseling along wilh prior appmval lrom banks/ public financial inslllulions and non-canvertible debenlure holders (together referred as 'lenders') since lhs Company had defaulted in he payment 01 dues lo lenders. The Company has ablalned appmvals vide special resolulions R ils ~hareholde?~ meeting held an 26 September 2019 for remuneration of CMD and Whole Time Director for the period 1 April 2019 lo 31 March 2022, to bs givsn effect lo. only posl receipt of the approval of lenden. However, be requklle approval from lenders are sllll awalied which the Company expecls to obtain along olde implemenlation 01 the resolullon plan. Pending receipt of lendsn appmvals, managerial remuneration continue lo be accruedl pald by lhe Comoanv . . as detailed below:

Flnanclal Yeanl Period	Remunsrallon accrued	Remuneratlolon paid	Remuneration as per pre~crlbed llrnlt	Excess remunemllon accrued1 pald	(7 inororek Excess remunaration paid held in trust
	(a)	ibl	(cl	id==-cl	Is-b-01
2019-20	13.57	3.75		13.57	3.75
2020-21	13.50	1.44		13.50	1:44
Quartor ended 30 June 2021	3.M	0.45		3.50	0.45
Tola1	30.57	5.64		30.57	5.64

In absence 01 the reqpquislle appmval from lenders for remuneratbn accrued1 pald to CMDl WTD lor !he aforemenlioned qearsl perlod. the sialutow auditors reoort is modifled in resoeel of lhls mane,.

Non-current borrowings, current borrowings, other non-current financial liabilities and other current financial liabilities as at 30 June 2021 include balances amounting to Nil (31 March 2021: Nil and 30 June 2020: ₹ 234.12 Crore), ₹ 34.97 crore (31 March 2021: ₹ 2.10 Crore and 30 June 2020: ₹
32.87 Crore), Nil (31 March 2021: Nil and 30 June 2020: ₹ 605.35 Crore) and ₹ 361.69 Crore), respectively, in respect of which confirmations/ statements from the respective banks/ lenders have not been received. Further, in confirmed the principal outstanding, the accrued interest aggregating ₹ 181.24 crore and 30 June 2020: ₹ 15.257.28 Crore), while the lenders have
confirmed the principal outstanding, the accrued interest aggregating ₹ 181 penal charges on these borrowings based on the latest communication available from the respective lenders at the interest rate specified in the agreement. The Company's management believes that amount payable on settlement will not exceed the liability provided in books in respect of these borrowings. Further, for balances with banks (included under cash and cash equivalents) and earmarked balances/ fixed deposits, included under bank balances other than cash and cash equivalents as at 30 June 2021 include balances amounting to ₹0.89 crore (31 March 2021: ₹2.10 crore and 30 June
2020: ₹2.60 Crore) and ₹16.93 crore (31 March 2021: ₹10.91 crore and 30 June 2020: confirmation/ statements from banks have not been received inspite of incessant efforts by Company's management. Statutory auditors report is modified in respect of this matter. The outbreak of COVID-19 had disrupted regular business operations of the Company due to the lock down restrictions and other emergency measures imposed by the Government from time to time. The operations of the Company have started recovering from the economic slowdown
caused by COVID-19 pandemic and reaching normalcy. The management has taken into accoun date of the approval of these financial results, arising from COVID-19 pandemic on the carrying value of the assets and liabilities as at 30 June 2021. While the Company continues to closely monitor the impact of COVID-19 pandemic, there exists uncertainty in estimating the future impact of COVID-19 pandemic on the Company and, accordingly, the actual impact in the future may be different from those presently estimated. The Company has incurred net loss of ₹ 43.21 crore during the quarter ended 30 June 2021 and as of that date has accumulated losses aggregating 9 ₹ 2,375.61 crore, which has resulted in substantial erosion of its net worth. The Company also continues to default on payment to lenders along with overdue to operational creditors. Certain operational creditors have applied before the National Company Law Tribunal ('NCLT') for the debt
resolution under the Insolvency and Bankcruptcy Code, 2016, none of which has been disrupted business operations of the Company during the period and there continues to exist uncertainty with respect to the pandemic on Company's operations. The above factors indicate that events or conditions exist, which may cast significant doubt on the entity's ability to continue as a going concern As at 30 June 2021, the Company has received and accounted favorable arbitration awards (including interest thereon) aggregating ₹ 2,742.29 crore A and Data Care of advance 8, 2,847.14 crore). Further, the Company has also lodged claims aggregating 8,9,580.58 crore on its customers which are presently
at various stages of negotiation/ listossion/ arbitration/ litiga at values as or negotiation of debts of an erstwhile subsidiary, whose liabilities were taken over by the Company in earlier years at settlement value basis the settlement terms entered between the Company and lenders. Pursuant to the resolution plan, economic and beneficial interest of a portion of the aforesaid arbitration awards and claims of the Company along with liabilities, represented by debt and accrued interest, will be transferred to a wholly owned subsidiary of the Company. The res subject to final approval by their respective Board/ Committees. During the current quarter, the Board of Directors and shareholders of the Company have approved the aforementioned resolution plan at their respective meetings held on 27 May 2021 and 29 June 2021. Consequently, the aformentioned assets and liabilities, to the extent identified, of the Company proposed resolution plan have been classified as a disposal group held for sale as at 30 June 2021. Based on the expectation of the implementation of the resolution plan with lenders as well as the underlying strength of the Company's business plans and future growth outlook as assessed, the management is confident of improving the credit profile of the Company, including through time bound monetisation of assets including arbitration awards, claims and other assets which would result in it being able to meet its obligations in due
bound monetisation of assets including arbitration awards, claims and ot course of time. Accordingly, the Management considers it appropriate to prepare these financial results on a going concern basis On 20 September 2019, vide the Taxation Laws (Amendment) Ordinance 2019, the Government of India inserted Section 115BAA in the Income Tax $10$ Act, 1961 which provides domestic companies a non-reversible option to pay corporate tax at reduced rates effective 1 April 2019 subject to certain
Act, 1961 which provides domestic companies a non-reversible option to pay recognised, is still evaluating and has not yet elected to exercise the option permitted under section 115BAA. In view of the above, there is no impact of the new tax rate on the standalone financial results for the current period. As at 30 June 2021, the Company continues to recognize net deferred tax assets amounting to ₹ 739.28 crore (31 March 2021: ₹ 715.99 crore and 30 June 2020: ₹ 557.81 Crore) on account of carried forward unused tax losses, unused tax credits and other taxable temporary differences. Based on the expected profits from the unexecuted orders on hand/ future projects, outcome of the ongoing discussion with lenders for restructuring of loans and expected settlement of claims/ arbitration awards with customers, the Company's management is confident that sufficient future taxable findome will be available against which such deferred tax assets will be realized. Statutory auditors report is modified in respect of this matter

www.hccindia.com

Exceptional items		Year ended
	30 June 2021	31 March 2021	30 June 2020	31 March 2021
Gain/ (loss) on settlement with a customer		52.80	(242.37)	(274.03)
Total gain/ (loss)		52.80	(242.37)	(274.03)

12 During the year ended 31 March 2019, the Company had recognized a provision of ₹ 331.40 crore pursuant to the signing of a non-binding term sheet with a consortium of investors along with a letter of commitment, for an assignment of the beneficial interest in portfolio of identified arbitration awards and claims ('specified assets') for an aggregate consideration of ₹ 1,750 crore. The said provision continued thereafter in view of mutual extension of the said transaction till 31 December 2019. In the absence of any further extension, the Company decided to cancel this proposed transaction, which had been reported to and confirmed by statutory auditors. Pursuant to the cancellation of the aforesaid transaction, the provision of ₹ 331.40 crore, related to specified assets, recognized earlier was written back during the year ended 31 March 2020. Statutory auditors report is modified in respect of reversal of aforesaid provision.

13 Trade payables and liability for capital goods (under other current financial liabilities) as at 30 June 2021 includes ₹ 38.69 crore and ₹ 3.37 crore, riade provided by the respectively, to particle situated outside India. These balances are pending for settlement due to financial difficulties presently being faced by the respectively, to parties situated outside India. that may be levied, is not ascertainable but expected not to be material to the standalone financial results, and accordingly, the standalone financial results do not include any adjustments that may arise due to such delay/ default.
Figures for the quarter ended 31 March 2021 are the balancing figures between the audited financial statements for the year ended on that date $14$ and the year to date figures for the nine month ended 31 December 2020.
15 Figures for the previous quarters/ year have been regrouped/ rearranged, wherever considered necessary.

onstru for Hindustan Construction Company Limited Hincon House L.B.S. Road, Ajit Gulabchand Vikhroli (W) Chairman & Managing Director $m$ bai-8²

Mumbai, Dated: 12 August 2021

www.hccindia.com

Walker Chandlok (L Co LLP

11th Floor, Tower ll. One International Center, S B Marg. Prabhadevi (W). Mumbal - 400013 Maharashtra, lndia T+912266262699 F+912266262601

lndependent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Hindustan Construction Company Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Hindustan Construction Company Limlted ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), its associates, joint ventures and joint o~erations (refer Annexure 1 for the list of subsidiaries, associates, ioint ventures and ioint o~erations included in the statement) for the quarter ended 30 June 2021, being submitted by the ~oldi"~ company pursuant to the reouirements of Reoulation 33 of the SEBl (Listina Obliaations and Disclosure Reouirements) Reaulations. ~ ~.~ ~ ~ ~~ , - 265 (as amended), inlluding relevant circulars issued byihe SEBl from time to time:
1. This Statement, which is the res~onsibility of the Hoidina Company's manaaement and approved by the Holding ~om~any's Board of directon..has been in accordance with the recognition. and measurement orincioles laid down in Indian Acwuntina Standard 34, Interim Financial Re~ortina I'ind AS 34'). prescribed under sehion 133 of the Companies Act. 2613 ('the ~ct'),and other accounting principies accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBl from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of lndia. A review of interim financial information consists of making inauiries. ~rimarilv . of Dersons res~onsible for financial and accounting matters, and applying analytical and . ... other re;ibw procedures. A review is substantially less in scope than in audit conducted in accordance with the Standards on Auditina soecified under section 143(10) of the Act, and conseauentlv, does not enable us to obtain assurance that we would become aware of alisignificant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the SEW Circular CIRICFOICMD1/44/2019 dated 29 March 2019 issued by the SEBl under Regulation 33 (8) of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Page 1 of 7

Ohr mB~dw,Chmdb~,Chennsl.Guruprsm.Hld~abad,Kochi, Kdkala.Mumbri.NaDrlM, NddauldRne numbsrAAC-ZOBSsnd has IBregiaBred

UlnrlsradAomntvlts WnlkerChnndlok& Co LLP b reglstsred win limited ltsblllty wllh IdenRcaUon OBEB elL41, Connaught Cirws. Outsr Cirdo, NauOelhi. IIWOI, India

1. As stated in:
(i) Note 7 to the accompanying Statement, the Holding Company has accounted for managerial remuneration paid1 payable to Whole Time Directors (including Chairman and Managing Director) of the Holding Company aggregating t 30.57 crore for the financial years ended 31 March 2020 and 31 March 2021 and for the quarter ended 30 June 2021, in excess of the limits prescribed under Section 197 of the Act, in respect of which approvals from the shareholders have been obtained, however prior approval from the lenders of the Holding Company in accordance with Section 197 has not been obtained by the Holding Company.

Our audit report dated 23 June 2021 and review report dated 27 August 2020 on the consolidated financial results for the vear ended 31 March 2021 and for the auarter ended 30 June 2020, respectivelv, were also qualified in re&ect of this matter.

fii) . . Note 9 to the accompanying Statement, the Holding Company's current borrowings and other current financial liabilities as at 30 ine 2021 include balances amounting to f 34.97 croreand t 625.34 crore, resoectivelv. in resoect of which confirmations1 statements from the respective banks1 lenders have not bedn provi&d to u; by the management of the Holding Company. Furthe;, in respect of certain loans while the orincioal balances ~.~7-~~--~-~ ~-~ have ~ been confirmed from the confirmations1 statements issued bv banks1 lenders, the interest accrued amounting to t 181.24 crore has not been confirmed by the banksllenders. Further. conf~nationsl statements from banks have not been received for balances with banks included under cash and cash eauivalents and earmarked balances1 deposits with banks included under bank balances other than cash and cash equivalents as at 30 June 2021 amounting to t 0.89 crore and C 16.93 crore, respectively. In the absence of such confirmations1 statements from the banks I lenders or sufficient and appropriate alternate audit evidence, we are unable to comment on the adjustments and changes in classification of balances in accordance with the principles of lnd AS 1, Presentation of financial statements. if any, that may be required to the carlying value of the aforementioned balances in the accompanying Statement.

Our audit report dated 23 June 2021 and review report dated 27 August 2020 on the consolidated financial results for the year ended 31 March 2021 and for the quarter ended 30 June 2020, respectively, were also qualified in respect of this matter.

(iii) Note 12 to the accompanying Statement, the Holding Company had written back a loss provision aggregating t 331.40 crore during the year ended 31 March 2020, which was earlier recognised by the Holding Company during the year ended 31 March 2019 in cognizance of the assignment of beneficial interests1 rights in a porlfolio of identified arbitration awards and claims based on a non-binding term sheet with a con~ortium of investors along with a letter of commitment, due to cancellation of the said proposed transaction. However, such write-back is inconsistent with the continued intent of the Holding Company to sell1 assign the arbitration awards and claims of the Holding Company to other potential investors as evidenced in the proposed resolution plan with lenders. Pending the finalization of the proposed resolution plan with lenders, we are unable to comment on the extent of loss provision required to be provided for in the consolidated financial results as at 30 June 2021.

Our audit report dated 23 June 2021 and review report dated 27 August 2020 on the consolidated financial results for the year ended 31 March 2021 and for the quarter ended 30 June 2020. respectively. were also qualified in respect of this matter.

Page 2 of 7

OMca~inBngduru,Chsod~ah.Ulsnnal.D~pmn.Hydaabad,Kochi, Kdkab, Munbsl.NewWN,NddsndRlns number AAC-2OB5and has I& wlstered

m~bredhnhla W~IkerChsndlok6Co UP Is rsglrlsred wlU1 llmlbd liability viih IdsnMicalion onla alL4I. C~nne~ghlCIrw~, Omr Circle, New Llelhi, IlWOI, lndls

Hindustan Construction Comoanv Limited independent Auditor's ~eview ~eport on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

(iv) Note 6 to the accompanying Statement, the Holding Company has recognised deferred tax assets (net) amounting to t 739.28 crore outstanding as at 30 June 2021, on account of carried forward unused tax losses, unused tax credits and other taxable temporary differences, which are continued to be recognised by the Holding Company on the basis of expected availability of future taxable profits for utilization of such deferred tax assets. However, in view of the continued losses incurred by the Holding Company, uncertainty with respect to the outcome of resolution plan and the impact of COVID-19 on business operations, we ari unable to obtain sufficient appropriate audit evidence with respect to the current projections prepared by the management and therefore, are unable to comment on any adjustments that may be required to the carrying value of aforesaid deferred tax assets as at 30 June 2021.

Our audit report dated 23 June 2021 and review report dated 27 August 2020 on the consolidated financial results for the vear ended 31 March 2021 and for the auarter ended 30 June 2020. respectivel~. were also qualified in respect of this matter

Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraphs 8 and 9 below, except for the oossible effects of the matters described in previous sections, nothing has come to our attention that cauies us to believe that the accompanying statement, prepared in accordance with the recognition and ~ measurement orincioles laid ---~ -~~ ~ ~.~ ~. down in ind AS 34. prescribed under Section 133 of the Act, and other accounting . . principles generally accepted in india, has not disclosed the information required to be disclosed in accordan& with the requirements of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

Material Uncertainty on Going Concern

We draw attention to Note 6 to the accompanying Statement, which indicates that the Group as at 30 June 2021 has accumulated losses aggregating f 4,039.05 cmre which have resulted in complete erosion of net worth of the Gmu~ and its current liabilities exceeded its current assets bv t 344.69 cmre as on that date. As further discloseh in aforesaid note, the Holding Company has continued to default in repayment of principal and interest in respect of its borrowings and has overdue operational creditors outstanding as at 30 June 2021. Certain operational creditors have also applied to the National Company Law Tribunal ('NCLT') forthe debt resolution underthe insolvency and Bankruptcy Code, 2016, which have not been admitted by the NCLT for further ~roceedin~s a of the date of this report. The above factors, together with uncertainties relating to the impsct of the ongoing COVID-19 on the operations of the G~U~ as described in Note 4 to the Statement. indicate that a material uncertaintv exists that mav cast sianificant doubt on the Group's ability to continue As a going concern. However, based on ongoing discussi~n with the lenders of ~olding Company and lenders of an erstwhile subsidiary of the Group, for restructuring of loans which are subject to their internal approvals, revised business plans and other mitigating factors as mentioned in the Note 8, management is of the view that going concern basis of accounting is appropriate for preparation of the accompanying Statement.

The component auditors of ten (10) subsidiaries, one (1) foreign subsidiary group {comprising of six (6) step-down subsidiaries, four (4) associates and two (2) joint ventures) and two (2) joint ventures have also reported material uncertainty relating to going concern in their review reports on the respective standalone1 consolidated financial results1 information of such companies I gmup as at and for the quarter ended 30 June 2021. Further, the component auditor of one (I) subsidiary has issued an adverse opinin with respect to use of the going concern basis of accounting in the financial results. Our conclusion is not modified in respect of this matter

Page 3 of 7

o~ca~i~~an~d~a, chmd~iuh,Chand.Guru~rm.Hydsmbsd.Kahi,Kd~~,Mumbai, NsuWU,Noi(andPuns numbarMC-2085 and has Its regirlorad

Chuleredhnlnls Walker Chandia6 Co UP is rrglslared With limited liabllltywlIh IdenUR~aUon ofrim olL41. Connaught Chur, Outer Ckle, New Delhl. 1lCOOl. Indla

1. We draw attention to:
(i) Note 4 to the accompanying Statement, which describes the effects of uncertainties relating to COVID-19 pandemic outbreak on the Group's operations and management's evaluation of its impact on the accompanying Statement as at the reporting date, the extent of which is significantly dependent on future developments.
(ii) Note 2 to the accompanying Statement, regarding uncertainties relating to recoverability of unbiiied . .. wor6-in-progress (other current assets) and current trade receivables belonging to the Holding Company amounting to t 850.46 crore and f 280.63 crore, respectively, as at 30 June 2021. which represent various claims rahed in the earlier years in respect of projects closed1 substantially closed1 suspended. Further, trade receivables (included under assets of a disposal group held for sale) as at 30 June 2021 includes t 2.742.29 crore, representing favourabie arbitration awards (including interest thereon) which have subsequently been challenged by the clients in courts. The aforementioned receivables are presently under various staaes of neaotiationsl arbitration1 litigation with clients. Based on the current progress in each case1 related legal opinions, management isof the view that the aforementioned receivables are fully recoverable.
(iii) Note 3 to the accompanying Statement, regarding Group's non-current investments in HCC Concessions Limited ('HCL'), a Joint Venture Company of HCC Infrastructure Company Limited ('HICL'), a wholly owned subsidiary of the Hoiding Company. aggregating t 616.30 cmre as at 30 June 2021. The consolidated net-worth of the aforesaid ioint venture, has been partially eroded; however, based on certain estimates and other factors, including the joint venture's future business plans, growth prospects, valuation report fmm an indeoendent valuer. future contractual consideration receivable for a ioint venture of HICL sold during the and expected outcome of the negotiation1 discussion1 arbitrationliitigations and legal advice in respect of certain ciaims, as described in the said note, management believes that the realizable amount is higher than the carlying value of the non-current investments due to which this is considered as good and recoverable.
(iv) Note 13 to the accompanying Statement, regarding delays in payment of foreign currency trade payabies against the supply of goods and payment of foreign currency capital vendors against the supply of equipment aggregating f 38.69 crore and f 3.37 cmre, respectiveiy, that are outstanding as at 30 June 2021, for a period beyond the timelines stipulated in FED Master Direction No. 1712016-17, under the Foreion Exchanae Manaaement Act, 1999. The management of the Holding Company is in the process of reguiaising thesedefaults-by filing necessary applications with the appropriate authority for condonation of -~ such -~ -~~ deiavs. ~ ~~~ ,- The manaaement is of the view that the ~enaities, if anv, which mav be levied for these ~ contraventions is currenti; unascertainabie and is not expected to bematerial ti the accompanying consolidated financial results. Accordingly, the accompanying consolidated financiai results does not include any consequential adj~stments with respect to such delays1 defaults.
(v) Note 5 to the accompanying Statement, pertaining to matter on which following emphasis of matter has been inciuded in the review report dated 10 August 2021 on the financiai results of HREL Real Estate Limited, a subsidialy of the Hoiding Company, issued by an independent firm of Chartered Accountants, which is relevant to our opinion on the consolidated financial results of the Group, and reproduced by us as under:

"Note XX to the accompanying financiai statements of the Company, the Company had provided coroorate ...-. ouarantees --~-~~-~~ ~~ ~ ~ and ~ out ootions aaareaatina --- - f 5.467.90 . cmre 1Previot.s Year: f 5.764.70 crore) to the lenders of its erstwhiie subsidiaries, Lavasa Corporation ~im'ted (LCL) and ~iras~aon ~siets Maintenance Limited (WAML) in respect of amounts borrowed by these entities. LCL and WAML were admitted under the Corporate insolvency and Resolution Process (CiRP) in accordance with the Insolvency and Bankruptcy Code, 2016 (IBC) dated 30 August 2018 and 20 December2018, respectiveiy

Page 4 of 7

ChrlardkwnUIII Walker Chsndiok 6Co LLP Is roglrlered wlm limlted llabllllywim Idellcation ow in ~eng~~ru,~hanl~~h.~h~msi.~umg~m,~yderrb.d,~ah~,~dk~la,~umbai, ~n~ri~,~dd~;uld mns numberMCZOffisnd has its wlslered omce atL41, Connaught Ckur, Ouwr Cuds. New Delhi. IlWOI. India

Hindustan Constructlon Comaanv . - Limited Independent Auditor's Revlew Report on Consolidated Unaudited Quarterly Flnanclal Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

and Resolution Professionals (RP) were been appointed by the Committee of Creditors (CoC) of the lenders of respective companies. The lenders, to whom these corporate guarantees and put options were furnished, have filed their claims with Resolution Professional and have also invoked the corporate guarantee1 put options issued by the Company. The National Company Law Tribunal. Mumbai Bench vide its order dated 26 February 2020, have approved the request of lenders of LCL and WAML to consolidate LCL, WAML and Dasve Convention Centre Limited (a subsidiary of LCL) and thereby get better valuation on liquidation. The Resolution Professional is in the process of formulating a resolution plan including identifying potential resolution applicant. The liability of the Company shall be determined once the debts due to these lenders are settled by Resolution Professional upon completion of the IBC process. Pending the outcome of the resolution process, no provision has been made in the financial statements by the management stating that the impact, if any is currently unascertainable."

(vi) Notes 14 and 15 to the accompanying Statement on following emphasis of matters included in the review report on the financial results of Raiganj Dalkhola Highways Limited, a subsidiary of the joint venture of the Holding Company, issued by an independent firm of Chartered Accountants, vide their report dated 11 August 2021, on matters which are relevant to our conclusion on the consolidated financial results of the Group, and reproduced by us as under:

"Note XX of notes to accounts, National Highways Authority of India (NHAI) has sewed notice of termination of contract to the Company vide letter dated 31 March 2017 due to delay in re-start of work at project. Forthe reasons mentioned in the note, as the Company is confident of full recovery of its claims of? 367 crore made before the arbitration for wrong full termination of the project. In view of this the cost incurred by the Company till 31 March 2017 appearing under receivable from NHAI amounting to 8 177.42 crore is considered fully recoverable by the management."

"Note XX and XX of notes to accounts, the Company had taken term loans from consortium of banks and financial institution. The Company borrowings have been classified as non-performing assets by the lenders due to defaults in payment of related dues. Balances of outstanding borrowings from the lenders including interest thereon as recorded in books of accounts of Company are unconfirmed (except Yes Bank)."

Our conclusion is not modified in respect of the above matters.

8. We did not review the interim financial statements1 financial information of eighteen (18) subsidiaries included in the Statement whose financial information (before eliminating intra-group transactions) reflects total revenues of 8 1,445.06 crore, total net profitafler tax of ? 4.64 crore, total comprehensive loss of 8 6.12 crore for the quarter ended on 30 June 2021, respectively, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of ? 4.12 crore and total comprehensive income of ? 4.12 crore for the quarter ended on 30 June 2021, respectively, as considered in the Statement, in respect of three (3) associates and six (6) joint ventures, whose interim financial statements1 financial information1 financial results have not been reviewed bv us. These interim financial statements1 financial information have been reviewed by other auditors whose reiiew reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in resoect of these subsidiaries, associates and joint ventures is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

Page 5 of 7

~~~.~in~sng~luru, Chad~uh,Chmlui,mru~rsm, Hydaabsd,Koohi, Kdlula.Munb~l.NaIXIN,NMandRne numbsrA4C-2085srd has Ib replrlersd

Chu\$rd*aounlmle Walker Chandiok 6 Co LLP la reQlslered

Hindustan Construction Comoanv . . Limited independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBi (Llsting Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

We did not review the interim financiai information of one (I) joint operation, whose interim financiai statements reflects ~- ~--~~ revenues ~ ~ ~ ~ of t 41.20 crore. net profit after tax of f 0.47 crore, totai comprehensive income of t 0.47 crore for the quarter ended 30 ~une 2021, respectiveiy, as considered in the accbmpanying Statement. This interim financiai statements has been reviewed by other auditor whose review report has been furnished to us by the management,

The interim financiai information of the above joint operation has been prepared in accordance with accounting principles generally accepted in india, including accounting standards issued by the iCAi. The Hoiding Company's management has converted the financiai information of such joint operation in accordance with lnd AS. We have reviewed these conversion adjustments made by the Hoiding Company's management. Our conciusion on the accompanying Statement. /n so far as it reiates to the amounts and disclosures included in resoect of this ioint ooeration is soieiv based on report of the other auditor, the conversion adjustments pre'pared by th;~oidin~ Company's management and reviewed by us, and the procedures by us as stated in paragraph 3 above.

Our conciusion is not modified in respect of this matter with respect to our reiiance on the work done by and the reports of the other auditor.

The Statement includes the interim financiai statementsl information of six (6) subsidiaries, which have not been reviewed1 audited by their auditors, whose interim financiai statementsl information (before eliminating intra-group transactions) reflect total revenues of f 2.21 crore, net ioss after tax of f 2.93 crore, totai comprehensive ioss of t 4.46 crore for the quarter ended 30 June 2021 respectiveiy. as considered in the statement. The Statement aiso includes the Group's share of totai revenues oft 0.06 crore, net ioss after tax off 0.39 crore. totai ~~In~rehen~iVe ioss off 0.39 cmre for the auarter ended 30 June 2021. respectiveiy. in respect of six (6) joint operations, based on their interim financial statementsl financiai information,which have not been reviewed1 audited by their auditors, and have been furnished to us by the Hoiding Company's management.

The Statement aiso includes the Group's share of net profit after tax oft 0.36 crore, and totai comprehensive income oft 0.36 crore for the quarter ended on 30 June 2021, respectiveiy. in respect of one (I) associate. based on their interim financial statements, which have not been reviewed1 audited by its auditor, and have been furnished to us by the Hoiding Company's management.

Our conclusion on the Statement, in so far as it reiates to the amounts and disclosures included in respect of these subsidiaries, associate and joint operations, are based solely on such unaudited1 unreviewed interim financiai statements1 financiai information. According to the information and explanations given to us by the management, these interim financiai statementsl financiai information are not material to the Group. Our conciusion is not modified in respect of this matter with respect to our reiiance on the financial statementsl information ce fied by the Board of Directors. A

Partner Membership No:109632

Place: Mumbai Date: 12 August 2021

Page 6 of 7

oW8in ~duru,Chandbuh,Chsnn~l.Ouru~rsm.H~ab.d,K~i,Kdlrl~, Mumbsi.NaDeiN. NddsuldRlna nurnberUIC-2085 and hesitrmglstcred

Hindustan Construction Company Limited

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Annexure 1

List of entities included in the Statement

Subsidiary Companies
HCC Construction Limited	HCC Aviation Limited
Western Securities Limited	Steiner AG
HREL Real Estate Limited	Dhule Palesner Operations & Maintenance Limited
Panchkutir Developers Limited	HCC Power Limited
HCC Mauritius Enterprises Limited	HCC Realty Limited
Highbar Technologies Limited	HCC Operation and Maintenance Limited
HCC Infrastructure Company Limited	HCC Energy Limited
HCC Mauritius Investments Limited	Steiner Promotions et Participations SA
HRL Township Developers Limited	Steiner (Deutschland) GmbH
HRL (Thane) Real Estate Limited	$VM + ST AG$
Nashik Township Developers Limited	Steiner Leman SAS
Maan Township Developers Limited	Steiner India Limited
Manufakt8048 AG	Prolific Resolution Private Limited (w.e.f. 8 March 2021)
Powai Real Estate Developer Limited

Associates
Highbar Technocrat Limited	Projektentwicklungsges.Parking Kunstmuseum AG
	(upto 31 March 2021)
Evostate AG	Evostate Immobillen AG
MCR Managing Corp. Real Estate

Joint Venture / Joint Operations
HCC Concessions Limited	Kumagai-Skanska-HCC-Itochu Group
Narmada Bridge Tollways Limited	HCC-L&T Purulia Joint Venture
Badarpur Faridabad Tollways Limited	Alpine - Samsung - HCC Joint Venture
Farakka-Raiganj Highways Limited 22 (upto	Alpine - HCC Joint Venture
September 2020)
Baharampore-Farakka Highways Limited	HCC Samsung Joint Venture CC 34
Raiganj-Dalkhola Highways Limited	ARGE Prime Tower, Zürich

Werkarena Basel AG

Page 7 of 7

Charlered Accountants

$\mathbb{Q}$

Nathpa Jhakri Joint Venture
HCC- HDC Joint Venture

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

	STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2021
				₹ in crore except earnings per share data
			Quarter ended 31 March 2021	30 June 2020	Year ended 31 March 2021
Sr. No.	Particulars	30 June 2021	Unaudited
		Unaudited	(Refer note 16)	Unaudited	Audited
$\mathbf{1}$	Income
	(a) Income from operations	2,453.94	2,354.18	1,677.61	8,248.42
	(b) Other income	49.35	44.20	12.21	86.57
	Total income (a+b)	2,503.29	2,398.38	1,689.82	8,334.99
$\overline{c}$	Expenses
	(a) Cost of construction materials consumed	163.73	205.74	60.93	525.57
	(b) Subcontracting expenses	1,785.81	1,648.38	1,344.12	5,834.87
	(c) Changes in inventories	(16.60)	(11.59)	(4.00)	(16.51)
	(d) Construction expenses	75.50	94.75	35.11	260.76
	(e) Employee benefits expense	226.97	253.84	225.16	954.85
	(f) Finance costs	247.75	329.99	222.42	1,001.06
	(g) Depreciation and amortisation expense	35.72	32.84	31.24	135.51
	(h) Other expenses	60.17	64.53	74.62	297.64
	Total expenses (a+b+c+d+e+f+g+h)	2,579.05	2,618.48	1,989.60	8,993.75
3	Loss before exceptional items, share of profit / loss of associates and joint ventures, and tax (1-2)	(75.76)	(220.10)	(299.78)	(658.76)
4	Exceptional items - Gain/ (Loss) (Refer note 10)		52.80	(242.37)	(274.03)
5	Loss before share of profit / loss of associates and joint ventures and tax $(3+4)$	(75.76)	(167.30)	(542.15)	(932.79)
6	Share of profit / (loss) of associates and joint ventures (net) (Refer note 11)	230.65	291.43	(16.52)	65.44
7	Profit / (Loss) before tax (5+6)	154.89	124.13	(558.67)	(867.35)
8	Tax expense / (credit)
	(a) Current tax	1.70	(1.19)	1.53	8.96
	(b) Deferred tax	(26.79) (25.09)	(31.96) (33.15)	(150.94) (149.41)	(266.29) (257.33)
9	Profit / (Loss) for the period (7-8)	179.98	157.28	(409.26)	(610.02)
10	Other comprehensive income / (loss)
	(a) Items not to be reclassified subsequently to profit or loss (net of tax)
	- Gain / (Loss) on fair value of defined benefit plans - Gain / (Loss) on fair value of equity instruments	0.33 4.98	37.05 (2.00)	(0.79) 1.56	24.96 5.70
	(b) Items to be reclassified subsequently to profit or loss
	- Translation gain / (loss) relating to foreign operations	(4.32)	4.21	18.23	28.27
	Other comprehensive income / (loss) for the period, net of tax (a+b)	0.99	39.26	19.00	58.93
11	Total comprehensive income / (loss) for the period, net of tax (9+10)	180.97	196.54	(390.26)	(551.09)
	Net profit / (loss) attributable to:
	Owners of the parent	179.98	157.28	(409.26)	(610.02)
	Non - controlling interest	(0.00)	0.00	0.00	0.00
	Other comprehensive income / (loss) for the period attributable to: Owners of the parent	0.99	39.26	19.00	58.93
	Non - controlling interest	$(0.00)^*$	0.00'	0.00'	$0.00*$
	Total comprehensive income / (loss) for the period attributable to:		196.54	(390.26)	(551.09)
	Owners of the parent Non - controlling interest	180.97 $(0.00)^*$	0.00'	$0.00*$	$0.00*$
12	Paid up equity share capital (Face value of ₹ 1 each)	151.31	151.31	151.31	151.31
13	Other equity (excluding revaluation reserves)				(1,468.90)
14	Earnings/ (Loss) per share (Face value of ₹ 1 each)
	(a) Basic EPS (not annualised) (in ₹)	1.19	1.04	(2.70)	(4.03)
	(b) Diluted EPS (not annualised) (in ₹)	1.19	1.04	(2.70)	(4.03)
	represents amount less than ₹ 1 lakh				R CHANDIOK &
	See accompanying notes to the consolidated unaudited financial results
	Hindustan Construction Co Ltd		onstruc
	Hincon House,			γк 웊	MUMBAI
	LBS Marg, Vikhroli (West), Mumbai - 400 083, India		Hincon House, B.S. Road
	Tel: +91 22 2575 1000 Fax: +91 22 2577 7568		Vikhroli (SV)	REDACCOU	ww.ffccintra.com
	CIN: L45200MH1926PLC001228
			Mumbai

$\frac{d}{dt}$

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Notes:

Hindustan Construction Company Limited (the 'Holding Company') and its subsidiaries are together referred to as 'the Group' in the following notes. These consolidated $\mathbf{A}$ financial results have been prepared to comply in all material respects with the Indian Accounting Standards ('Ind AS') as prescribed under Section 133 of the Companies Act, 2013 (the Act) read with Companies (Indian Accounting Standards) Rules as amended from time to time. The above consolidated financial results have been reviewed and recommended to the Board of Directors by the Audit Committee of the Holding Company and subsequently approved by the Board of Directors of the Holding Company at their respective meetings held on 12 August 2021.
Unbilled work-in-progress (Other current assets), and current trade receivables include ₹ 850.46 crore and ₹ 280.63 crore, respectively, outstanding as at 30 June 2021 $\overline{2}$ representing receivables from customers of the Holding Company, based on the terms and conditions implicit in the contracts and other receivables in respect of closed/ substantially closed/ suspended projects. Further, current trade receivables (included under assets of a disposal group held for sale) as at 30 June 2021 also include ₹ 2.742.29 crore (net of advances of ₹ 2.847.14 crore), representing claims awarded in arbitration, including interest thereon, in favour of the Holding Company which have been challenged by the customers in higher courts. These aforementioned receivables are mainly in respect of cost over-run arising due to client caused delays, suspension of projects, deviation in design and change in scope of work; for which Holding Company is at various stages of negotiation/ discussion with the clients or under arbitration/ litioation. Considering the contractual tenability, progress of negotiations/ discussions/ arbitration/ litioations and as legally advised in certain contentious
The Group, as at 30 June 2021, has a non-current investments amounting to ₹ 616.30 crore in its joint venture, HCC Concessions Limited ('HCL'), having various Build, $\overline{3}$ Operate and Transfer (BOT) SPVs under its fold. While consolidated net-worth of HCL as at 30 June 2021 has been partially eroded, however, the net-worth of HCL does not represent its true market value as the value of the underlying investments/ assets, based on valuation report of an independent valuer, is significantly higher.
Further, pursuant to the share purchase agreement fo significantly material. Also, one of its entity has claims against its customer mainly in respect of cost-overrun arising due to client caused delays and termination of contracts which are under arbitration/ litigation wherein management has been legally advised that it has good case on merits. Therefore, based on certain estimates of future business plans, growth prospects, future consideration from the entity sold as well as considering the contractual tenability and expected outcome of arbitration/ litigations, the management believes that the realizable amount of HCL is higher than the carrying value of the non-current investments due to which these are considered as good and fully recoverable.
The outbreak of COVID-19 had disrupted regular business operations of the Group due to the lock down restrictions and other emergency measures imposed by the $\overline{4}$ Government from time to time. The operations of the Group have started recovering from the economic slowdown caused by COVID-19 pandemic and reaching normalcy. The Group management has taken into account the possible impacts of known events, upto the date of the approval of these financial results, arising from COVID-19 pandemic on the carrying value of the assets and liabilities as at 30 June 2021. While the Group continues to closely monitor the impact of COVID-19 pandemic, there exists uncertainty in estimating the future impact of COVID-19 pandemic on the Group and, accordingly, the actual impact in the future may be different from those presently estimated.
HREL Real Estate Limited ('HREL'), a subsidiary company, has provided corporate guarantees and put options to the lenders of its erstwhile subsidiaries, Lavasa 5 Corporation Limited ('LCL') and Warasgaon Assets Maintenance Limited ('WAML') in respect of amounts borrowed by these subsidiaries, the aggregate liability in respect of which as at 30 June 2021 stands at ₹ 5,467.90 crore.

LCL and WAML have been admitted under the Corporate Insolvency and Resolution Process ('CIRP') in accordance with the Insolvency and Bankruptcy Code, 2016 (IBC) dated 30 August 2018 and 20 December 2018, respectively, and Resolution Professionals ('RP') have been appointed by the Committee of Creditors (CoC) of the lenders of respective companies. The lenders, to whom these corporate guarantees and put options were furnished, have filed their claims with RP which is presently under the IBC process and have also invoked the corporate guarantee/ put options issued by the HREL. The National Company Law Tribunal, Mumbai Bench vide its order dated 26 February 2020, have approved the request of lenders of LCL and WAML to consolidate LCL, WAML and Dasve Convention Centre Limited (a subsidiary of LCL) and thereby get better valuation on liquidation. RP is in the process of formulating a resolution plan including identifying potential resolution applicant. The liability of HREL shall be determined once the debts due to these lenders are settled by RP upon completion of the IBC process. Pending the outcome of the resolution process, no provision has been considered necessary in the consolidated financial results as at and for the quarter ended 30 June 2021, as impact, if any, is currently unascertainable.

On 20 September 2019, vide the Taxation Laws (Amendment) Ordinance 2019, the Government of India inserted Section 115BAA in the Income Tax Act, 1961 which 6 provides domestic companies a non-reversible option to pay corporate tax at reduced rates effective 1 April 2019 subject to certain conditions. However, the Holding
Provides domestic companies a non-reversible option to pa has not yet elected to exercise the option permitted under section 115BAA. In view of the above, there is no impact of the new tax rate on the consolidated financial results.

As at 30 June 2021, the Holding Company continues to recognize net deferred tax assets amounting to ₹ 739.28 crore (31 March 2021: ₹ 715.99 crore and 30 June 2020: 557.81 crore) on account of carried forward unused tax losses, unused tax credits and other taxable temporary differences. Based on the expected profits from the unexecuted orders on hand/ future projects, outcome of the ongoing discussion with lenders for restructuring of loans and expected settlement of claims/ arbitration awards with customers, the Holding Company's management is confident that sufficient future taxable income will be available against which such deferred tax assets will be realized. Statutory auditors review report is modified in respect of this matter.

www.hccindia.com

$\mathbf{r}$

Pursuant to the confirmation from external agency on compliance of conditions laid out by Monitoring Committee of lenders, the Holding Company during the quarter ended 31 March 2021 had adjusted the excess managerial remuneration for the financial year 2013-14 against the remuneration accrued but not paid for the financial year 2014-15, and also the excess remuneration accrued and paid for financial year 2015-16 for stands approved.

Further in accordance with section 197 of the Companies Act, 2013 subject to Schedule V to Companies Act, 2013, the Holding Company was required to obtain approval for excess managerial remuneration of Chairman and Managing Director ('CMD') and Whole Time Director ('WTD') in the general meeting along with prior approval from banks/ public financial institutions and non-convertible debenture holders (together referred as 'lenders') since the Holding Company had defaulted in the payment of dues to lenders. The Holding Company has obtained approvals vide special resolutions in its shareholder's meeting held on 26 September 2019 for remuneration of CMD and WTD for the period 1 April 2019 to 31 March 2022, to be given effect to, only post receipt of the approval of lenders. However, the requisite approval from lenders are still availed which the Holding Company expects to be obtained along side implementation of the resolution plan. Pending receipt of lenders approval non-renders are sum-
remuneration continue to be accrued/ paid by the Holding C

Financial Years/ Period	Remuneration accrued	Remuneration paid	Remuneration as per prescribed limit	Excess remuneration accrued / paid	Excess remuneration paid held in trust
		(b)	(c)	$(d = a - c)$	$(e = b - c)$
2019-20	13.57	3.75		13.57	3.75
2020-21	13.50	1.44		13.50	1.44
Quarter ended 30 June 2021	3.50	0.45		3.50	0.45
Total	30.57	5.64		30.57	5.64

In absence of any requisite approval from lenders for remuneration payable to CMD/ WTD for the aforementioned years/ period, statutory auditors review report is modified in respect of this matter

As at 30 June 2021. the Group has accumulated losses aggregating ₹ 4,039.05 crore which has resulted in full erosion of its net worth and its current liabilities exceeded its $\mathbf{R}$ current assets by ₹ 344.69 crore. The Holding Company also continues to default on payment to lenders along with overdue to operational creditors. Certain operational
creditors of the Holding Company have applied before th 2016, none of which has been admitted so far. Further, the COVID-19 pandemic has also disrupted business operations of the Group during the period and there continues to exist uncertainty with respect to the pandemic on Group's operations.

Further, in respect of Steiner AG, a material foreign subsidiary group, there are uncertainties consequent to impact of COVID-19 including its impact on budget and liquidity planning as well as uncertainties related to the pending renewal of syndicate revolving guarantee facility agreement which are expiring on 31 August 2021. There are also events or conditions existing in other group entities, which cast significant doubt on the ability of the these entities to continue to as going concern. The above factors indicate that events or conditions exist, which may cast significant doubt on the Group's ability to continue as a going concern.

As at 30 June 2021, the Holding Company has received and accounted favorable arbitration awards (including interest thereon) aggregating ₹ 2,742.29 crore (net of advance ? 2,847.14 crore). Further, the Holding Company has also lodged claims aggregating ? 9,580.58 crore on its customers which are presently at various states of negotiation/ discussion/ arbitration/ litigation. The Holding Company is in advanced stages of completing a resolution plan with its lenders, including resolution of debt of an restations associated in the contract of the Holding Company in earlier years at settlement value basis the settlement terms entered between the Holding Company in earlier years at settlement value basis the settlement ter Company and lenders. Pursuant to the resolution plan, economic and beneficial interest of a portion of the aforesaid arbitration awards and claims of the Holding Company along with liabilities, represented by debt and accrued interest, will be transferred to a wholly owned subsidiary of the Holding Company. The resolution plan has received an in-principal approval from majority lenders and is subject to final approval by their respective Board/ Committees.

During the current quarter, the Board of Directors and shareholders of the Company have approved the aforementioned resolution plan at their respective meetings held on 27 May 2021 and 29 June 2021. Consequently, the aforementioned assets and liabilities, to the extent identified, of the Holding Company proposed to be transferred to the wholly owned subsidiary as part of the resolution plan have been classified as a disposal group held for sale as at 30 June 2021.

Based on the expectation of the implementation of the resolution plan with lenders of Holding Company as well as the underlying strength of the Group's business plans and future growth outlook as assessed, the management is confident of improving the credit profile of the Group, including through time-bound monetisation of assets including arbitration awards, claims and other assets which would result in it being able to meet its obligations in due course of time. Accordingly, the Management considers it appropriate to prepare these financial results on a going concern basis.

$\frac{1}{2}$ can be a more called the contract who can be a mounting to $\frac{3}{2}$ 0.89 crore (31 March 2021; 7 2.10 crore and 30 June 2020; 7 2.60 crore) and 7 16.93 crore (31 March 2021; 8 2.10 crore and 30 June 2020; 7 2.6 March 2021: ₹ 10.91 crore and 30 June 2020: ₹ 2.83 crore), respectively, in respect of which confirmation/ statements from banks have not been received inspite of incessant efforts by Holding Company's management. Statutory auditors review report is modified in respect of this matter.

Exceptional Items		Year ended
	30 June 2021	31 March 2021	30 June 2020	March 2021
Gain/(Loss) on settlement with customer		52.80	(242.37)	(274.03)
Total gain / (loss)		52.80	(242.37)	(274.03)

www.hccindia.com

On 22 September 2020, HCC Concessions Limited ('HCL'), a joint venture of the Holding Company, completed the 100% stake sale of its subsidiary Farakka Raigani Highway Limited (FRHL') to Cube Highways II Pte. Ltd. ("Cube'). Pursuant to settlement with NHAI, the condition precedents for release of holdback considerations stood fulfilled and accordingly HCL recognised the hold back receivable aggregating ₹ 217.06 crore during the quarter ended 31 March 2021. Further during the current quarter, the condition precedents related to HCL's share of proceeds from above settlement with NHAI and royalty income from FRHL have been fulfilled and uncertainties towards estimation and realisability of the aforementioned receivables no longer exist. Accordingly, HCL has recognised the receivables aggregating ₹ 354.54 crore during the current quarter ended 30 June 2021.
12 During the year ended 31 March 2019, the Holding Company had recognized a provision of ₹ 331.40 crore pursuant to the signing of a non-binding term sheet with a consortium of investors along with a letter of commitment, for an assignment of the beneficial interest in portfolio of identified arbitration awards and claims ('specified assels') for an aggregale consideration of ₹ 1,750 crore. The said provision continued thereafter in view of mutual extension of the said transaction till 31 December 2019. In the absence of any further extension, the Holding Company decided to cancel this proposed transaction, which had been reported to and confirmed by statutory auditors. Pursuant to the cancellation of the aforesaid transaction, the provision of ₹ 331.40 crore, related to specified assets, recognized earlier has been written back during the year ended 31 March 2020. Statutory auditors review report is modified in respect of reversal of aforesaid provision
Trade payables and liability for capital goods (under other current financial liabilities) of the Holding Company as at 30 June 2021 includes payable of ₹ 38.69 crore and ₹ $13$ 3.37 crore, respectively, to parties situated outside India. These balances are pending for settlement due to financial difficulties presently being faced by the Holding Company and have resulted in delay in remittance of payments beyond the timeline stipulated by the FED Master Direction No. 17/2016-17, under the Foreign Exchange Management Act, 1999. The Holding Company is in the process of regularising these defaults by filing necessary applications with the appropriate authority for condonation of delay. Pending conclusion of the aforesaid matters, the amount of penalty, if any, that may be levied, is not ascertainable but expected not to be material to the standalone financial results, and accordingly, the consolidated financial results do not include any adjustments that may arise due to such delay/ default.
Delay in acquisition of land of more than seven years in Raiganj Dalkhola Highways Limited ('RDHL'), a subsidiary of HCL, resulted in a substantial increase of project 14 cost. The inability of the lenders consortium to fund the cost overrun in the absence of extended benefits in the event of termination from NHAI has led to the issuance of termination notice by NHAI vide letter dated 31 March 2017. RDHL has filed claim for ₹ 367 crore as a termination payment and for ₹ 852 crore as losses on account of contractors dues before arbitration tribunal as the requisite land to carry out the desired work was not made available by NHAI. Based on the legal advice obtained in this respect, the Group's management is confident of recovering the amount from NHAI and HCL's exposure in RDHL is considered to be fully recoverable.
15 Non-current borrowings and other current financial liabilities (including current maturities of long-term borrowings) of RDHL, as at 30 June 2021 includes ₹ 47.39 crore and ₹ 63.86 crore, respectively in respect of which, in the absence of confirmation from the lenders/ bankers, RDHL has provided for interest and other penal charges based on the latest communication available from the lenders/ bankers at the interest rate specified in the agreements. RHDL's management believes that amount payable on settlement will not exceed the liability provided in books in respect of these borrowings. Further, the classification of these borrowings into current and noncurrent is based on the original maturity terms as stated in the agreements with the lenders/ bankers.
16 Figures for the quarter ended 31 March 2021 are the balancing figures between the audited consolidated financial statements for the year ended on that date and the unaudited consolidated published year to date figures upto the nine months period ended 31 December 2020.
17 Figures for the previous quarters/year have been regrouped/rearranged, wherever considered necessary.

atruch ADUS noon. B.S. Rood CANOBA HA Animpe

Mumbai, Dated : 12 August 2021

CHANDIOA LAVONA D ACCOU for Hindustan Construction Company Limited

Ajit Gulabchand Chairman & Managing Director

	UNAUDITED CONSOLIDATED SEGMENT-WISE REVENUE, PROFIT AND LOSS, ASSETS AND LIABILITIES				(7 in)
	Quarter ended
		30 June 2021	31 March 2021	30 June 2020	Year ended 31 March 2021
Sr	Particulars	Unaudited	Unaudited	Unaudited	Audited
No.
			Refer note 16
$\mathbf{1}$	Segment revenue
	Engineering and construction	2,446.76	2,351.61	1,664.27	8,212.11
	Infrastructure	5.45	5.45	11.22	35.11
	Real estate	0.01	ü	a,	$\omega$ .
	Others	2.21	4.75	2.86	10.53
	Less: Inter segment revenue	(0.49)	(7.63)	(0.74)	(9.33)
	Total	2.453.94	2,354.18	1,677.61	8,248.42

$\overline{c}$	Segment results		104.08	(81.76)	313.14
	Engineering and construction	161.42	1.03	0.74	10.91
	Infrastructure	6.93		1.09
	Real estate	(0.01)	(2.36)		(0.12)
	Others	(0.49)	(0.37)	0.22	(1.48)
	Less: Unallocable expenditure (net of unallocable income)	(243.61)	(322.48)	(220.07)	(981.21)
	Profit / (Loss) before exceptional items, share of profit / (loss) of associates and joint ventures, and tax	(75.76)	(220.10)	(299.78)	(658.76)
	Exceptional items- Gain/ (Loss)
	- Engineering and construction	$\blacksquare$	52.80	(242.37)	(274.03)
	Profit / (Loss) before share of profit / loss of associates and		(167.30)	(542.15)	(932.79)
	joint ventures and tax	(75.76)
		As at	As at	As at
		30 June 2021	31 March 2021	30 June 2020
		Unaudited	Audited	Unaudited
3	Segment assets
	- Engineering and construction	11,283.72	11.356.88	10,791.50
	- Infrastructure	45.64	47.12	84.76
	- Real estate	41.58	39.28	41.67
	- Others	24.16	22.41	27.10
	- Unallocable assets	1,588.97	1,313.31	1,258.57
		12,984.07	12,779.00	12,203.60

4	Segment liabilities	7,583.58	7,731.86	7.930.07
	- Engineering and construction	271.67	273.36	205.36
	- Infrastructure	56.88	56.88	58.56
	- Real estate	9.21	7.06	8.98
	- Others	6,198.37	6,027.43	5,153.22
	- Unallocable liabilities	14,119.71	14,096.59	13,356.19

$\mathbb{Q}$

www.hccindia.com

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Hindustan Construction Co. Ltd. Interim / Quarterly Report 2021

61640_rns_2021-08-12_c4156cdf-e863-4f08-a039-5145656aa66b.pdf

August 12,2021

Sub: Unaudited Financial Results for the quarter ended June 30. 2021

HCC Q1 FY22 Consolidated Net Profit at 180 cr

Financial highlights - HCC unaudited standalone results

Performance of HCC subsidiaries:

About HCC:

For further information:

Walker Chandiok &Co LLP

Hindustan Construction Company Llmited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Material Uncertainty on Going Concern

Emphasis of Matters

Hindustan Construction Company Limlted

Hindustan Construction Company Limited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Reguirements) Requiations, 2015 (as amended)

UDIN:21109632AAAAKL6058

Annexure 1

List of joint operations included in the Statement

Hindustan ConstrvcNon Co Ltd

Notes:

Hindustan Construction Comoanv Limited independent Auditor's ~eview ~eport on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Material Uncertainty on Going Concern

Hindustan Constructlon Comaanv . - Limited Independent Auditor's Revlew Report on Consolidated Unaudited Quarterly Flnanclal Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Hindustan Construction Company Limited

Annexure 1

List of entities included in the Statement

Charlered Accountants

Notes:

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Hindustan Construction Co. Ltd. — Interim / Quarterly Report 2021

61640_rns_2021-08-12_c4156cdf-e863-4f08-a039-5145656aa66b.pdf

August 12,2021

Sub: Unaudited Financial Results for the quarter ended June 30. 2021

HCC Q1 FY22 Consolidated Net Profit at 180 cr

Financial highlights - HCC unaudited standalone results

Performance of HCC subsidiaries:

About HCC:

For further information:

Walker Chandiok &Co LLP

Hindustan Construction Company Llmited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Material Uncertainty on Going Concern

Emphasis of Matters

Hindustan Construction Company Limlted

Hindustan Construction Company Limited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Reguirements) Requiations, 2015 (as amended)

UDIN:21109632AAAAKL6058

Annexure 1

List of joint operations included in the Statement

Hindustan ConstrvcNon Co Ltd

Notes:

Hindustan Construction Comoanv Limited independent Auditor's ~eview ~eport on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Material Uncertainty on Going Concern

Hindustan Constructlon Comaanv . - Limited Independent Auditor's Revlew Report on Consolidated Unaudited Quarterly Flnanclal Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Hindustan Construction Company Limited

Annexure 1

List of entities included in the Statement

Charlered Accountants

Notes:

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Hindustan Construction Co. Ltd. Interim / Quarterly Report 2021