Hubtown Limited — Interim / Quarterly Report 2022

Nov 13, 2021

Regd. Office; Hubtown Seasons, CTS NO. 469-A, 0pp. Jain Temple. R. K. Chemburkar Marg, Chembur (East), Mumbai-400071 Tel.:+91-22-2626 5000 • Fax:+91-22-2526 5099 • www.hubtown.co.in. • CIN:L45200MH1989PLC050688

November 13, 2021

To,

BSE Limited	National Stock Exchange of India Limited
The Corporate Relationship Department	The Listing Department
1®* Floor, P.J. Towers, Dalai Street	Exchange Plaza, Bandra Kuria Complex
Fort, Mumbai - 400 001	Bandra (East),
	Mumbai -400 051
Scrip Code: 532799	Symbol: HUBTOWN

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on November 13. 2021 - Intimation under j Regulation 30 of the Securities and Exchange Board of India (SEBl) (Listing | Obligations and Disclosure Reguirements) Regulations. 2015 f

Financials:

We write to Inform you that at the meeting of the Board of Directors of the Company held today i.e. November 13, 2021, the Board has approved and taken on record the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2021, which have been subjected to limited review by the Statutory Auditors of the Company, in terms of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBl Listing Regulations).

Copies of the said results along with the Limited Review Reports issued by the Statutory Auditors of the Company are annexed hereto and the same are being uploaded on the website of the Company i.e. www.hubtown.co.in. The Unaudited Financial Results are also being published in the newspapers, in the format prescribed under Regulation 47(1) (b) of the SEBl Listing Regulations.

Please note that in terms of Hubtown Code of Conduct for Prohibition of Insider Trading, the window for trading in shares of the Company by its employees and Directors will open on November 16, 2021.

Approval for the execution of Share Purchase Agreement:

Pursuant to Para (A) (1) (ii) (a) of Part A of Schedule III of the SEBl Listing Regulations, read with SEBl Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, we write to inform you that the Board of Directors at their meeting held on November 13, 2021, pursuant to the Settlement Agreement executed with Nederlandse Financierings-Maatschappij Voor Ontwikkelinglanden N. V. (FMO), Vinca Developer Private Limited and others, has approved the execution of Share Purchase Agreement to acquire 9,994 equity shares of the face value of Rs. 10/- each per share aggregating Rs. 99,940/- (Rupees Ninety Nine Thousand Nine Hundred Forty only), in the share capital of Rubix Trading Private Limited (Rubix) constituting 99.94% of the share capital of Rubix, as per the details given in the prescribed format enclosed hereto as Annexure -1.

Regd. Office: Hubtown Seasons. GTS NO. 469-A, 0pp. Jain Temple, R. K. Chemburkar Marg, Chembur (East), Mumbai-400071 Tel.:+91-22-2526 5000 • Fax:+91-22-2526 5099 • www.hubtown.co.in. • CiN:L45200MH1989PLC050688

After acquisition of the aforesaid shares, Rubix will become a subsidiary of the Company.

The meeting of the Board of Directors commenced at 8:00 p.m. and concluded at 10:00 p.m.

You are requested to take the above information on record.

Thanking you,

Yours faithfully, For Hubtown Limited

Sadariand Lad Company Secretary

End.: a/a

Regd. Office: Hubtown Seasons, GTS NO. 469-A, 0pp. Jain Temple, R. K. Chemburkar Marg, Chembur (East), Mumbal-400071 Tel.:+91-22-2526 5000 • Fax:+91-22-2526 5099 ■ www.hubtown.co.in. • GIN:L45200MH1989PLC050688

ANNEXURE-1

Disclosure Pursuant to Regulation 30 read with Para A (1) of Part A of Schedule III to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

a)	Name of the target entity, details in brief suchas size, turnover etc.;	Rubix Trading Private Limited is aCompanyundertheincorporatedprovisions of the Companies Act, 1956,having its Registered Office in Mumbai,Maharashtra.Capital details;-Authorised Share Capital: Rs.1,G0,000/-divided into 10,000 Equity Shares ofRs.10/- each.Paid-up Share Capitai: Rs.1,00,000/-divided into 10,000 Equity Shares of Rs.10/- each.Turnover: Nil (as per the AuditedFinanciai Statements for the Financial
		Year ended March 31, 2021)
b)	Whether the acquisition would fallwithinrelated party transaction(s) and whether thepromoter/ promoter group/ group companieshave any interest in the entity being acquired?If yes, nature of interest and details thereof andwhether the same is done at "arm's length";	i) Equity Shares of Rubix TradingPrivate Limited is- currently held byVincaDeveloperPrivateLimited(Vinca) and the Company is acquiringthese shares from Vinca.ii) Vinca, being an associate of theCompany, is a related party of theCompany under Section 2 (76) of theCompanies Act, 2013 (the Act).iii) The Promoter / Promoter group /group companies do not have anyinterest in the entity being acquired.iv) The said transaction is in the OrdinaryCourse of Business and the Companyhas obtained approval of Audit &CommitteeandCompliancetheBoard of Directors at their meetingheld on November 13, 2021 for thesame.
c)	the entity being acquiredIndustry to whichbelongs;	Trading
d)	Objects and effects of acquisition (including butnot limited to, disclosure of reasons foracquisition of target entity, if its business isoutside the main line of business of the listedentity;	After acquisition of shares, Rubix TradingPrivate Limited became a subsidiary ofthe Company.

Regd. Office: Hubtown Seasons, CTS NO. 469-A, 0pp. Jain Temple, R. K. Chemburkar Marg, Chembur (East), Mumbai-400071 Tel.;+91-22-2526 5000 • Fax:+91-22-2526 5099 • www.hubtown.co.ln. • CIN:L45200MH1989PLC050688

e)	Brief details of any governmental or regulatoryapprovals required for the acquisition;	Not Applicable
f)	Indicative time, period for completion of theacquisition:	By March 31, 2022
g)	Nature of consideration - whether cashconsideration or share swap and details of thesame;	Cash Consideration
h)	Cost of acquisition or the price at which theshares are acquired;	Rs. 10/- per sharesTotal: Rs. 99,940/- (Rupees Ninety NineThousand Nine Hundred Forty only)
i)	Percentage of shareholding / control acquiredand / or number of shares acquired;	99.94% of the Shareholding9,994 Equity Shares acquired
j)	Brief background about the entity acquired interms of products/line of business acquired,	Name: Rubix Trading Private Limited
	date of incorporation, history of last 3 yearsturnover, country in which the acquired entity	Date of incorporation: May 13, 2009.
	has presence and any other significant	Product/line of business: Trading
	information (in brief);	Last 3 years turnover: Nil
		Country: India
		Any other significant information: None

JBTM0 ASSOCIATES LLP

I Chartered Accountants

Independent Auditor's-Review Report on the Unaudited Standalone Quarterly Financial Results and Year to date results of Company pursuant to the Regulation 33 of SEBI (Listing Obligations and ■ Disclosures Requirements) Regulations/ 2015

TO/

The Board of Directors

Hubtown limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of the HUBTOWN LIMITED ('the Company') for the quarter ended September 30, 2021 and year to date results for the period 01 April 2021 to 30 September 2021'/ ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations/ 2015 (the "Regulation"), read with SEBI Circular no. CIR/GFp/CMDl/44/2019 dated March 29,201? (the "Circular").

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "interim Financial Reporting" ("Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in .India. Our fesponsibliity is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the institute of Chartered Accountants of India. A review of interim financial information consists of making enquiries, preliminary of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review Is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under Section 143 (10) of the Companies Act, 2013, 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.

4. Basis of Qualified Opinion

a) As Stated in Note 12 to the standalone financial result of the company for the quarter and, half year ended 30th September, 2021, with regards the Company not having provided for interest amounting to Rs 10,087.78 lakfis and Rs 20,066.67 lakhs respectively on certain Inter-corporate deposits and advances in current quarter. Consequently, to above, finance cost for the quarter and half year ended 30th September 2021 has .been understated by Rs 10,087.78 Lakhs and Rs 20,066.67 Lakhs respectively resulting in a consequential decrease in the loss for the quarter and half year ended 30th September, 2021.

b) AS Stated in Note 13 to the standalone financial result of the Company for the Half year ended SO'' September, 2021 with regards the company not having recognized finance income from Deep D.scount September, 2021 and half year ended BO'" September, 2021 is understated by Rs 9,278.93 lakh and Rs 18,557,85 lakhs respectively. Further loss for the quarter and half year ended is overstated to that

5 Based on our review conducted, except for the impact on the results of the matter ''"bribed in para 4 above, nothing has come to our attention that causes us to believe that the Requirements ) regulations, 2015 1 as amended ), including the manner m wh.ch ,t ,s be that it contains any material misstatement.

1. We draw attention to:

a) Note no 9 of the standalone financial results, regarding non-receipt of financial results of one of its conclusion is not modified in respect of this matter.

For J B T M & Associates LLP Firm Registration No.: W100365

Partner

IVIenibership No.: 168889 uDiN;-fi!iiM2MM30ep Mumbai, November 13, 2021

1'

		Hubtown Limited
		ON : L45200MH1989PLC050688
	Registered Office; Hubtown Seasons, CTS No. 469-A, 0pp. Jain Temple. R. K. Chemburkar Marg, Chembur (East), Mumbai 400071	Phone : + 91 22 2526 5000; Fax: + 91 22 2526 5099
	E-mail: investorcell@hubtown.co.in ; Website: www.hubtown.co.in
	Statement of Unaudited Standalone Financial Results for the Quarter and Half year ended September 30,2021
Sr.	Particulars		Quarter%nded			Half year ended	Year ended
No.		30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	a. Revenue from Ooeratlons	3,117	2,169	1,484	5.286	4,854	24.406
	b. Other income	.446	427	1,400	873	2.071	4.653
	Total Income (a+b)	3,563	2,596	2,884	6,159	6,925	29,059
2	Expenses
	a. Cost of construction and development	4.466	2.219	666	6.685•	1.585	6.051
	b. Purchases of stock-in-trade	19	53	3	72	3	11
	c. Changes in inventories of work-in-progress, finished •
	properties and FSI
		(3,406)	(1.443)	(1.994)	(4.849)	(3,608)	7,187
	d. Empiovee benefits exoense	207	126	153	333	237	577
	e. Finance costs	1.679	1,423	1.794	3.002	3.557	6,089
	Depreciation and amortisation expensef.	41	105	78	146	155	294
	q. Advances and other debit balances written off	47	619	1.233	666	1.240	1,574
	h. Provision for Doubtful Advances/ Debts	772	-	_	772		4,757
	i. Loss on account of Dimunution in the value of inventoryj. Loss on account of NRV of incomplete project		•				5.044
	k. Loss on account of NRV of Finished proiect		-			2,515
	1. Reduction in value of rights sold in earlier years	--	-	1,413		1,413
	m. Other expenses			10,500	_	10,500	10.500
	Total Expenses (a+b+c+d+e+f+g+h+l+j+k+l+m)	581	306	1.378	887	1,837	2.748
3	Profit/d.o.ss) before exceptional Item and Tax (1-2)	4,306	3,408	15,223	7,714	19,435	44,832
4	Add/(Less): Exceptional items (net of tax expense)	(743)-	(812)	(12,339)	(1,555)	(12,510)	(15,774)
5	Profit/(Loss) before Tax (3+/-4)	(743)	(812)	(12,339)
6	Tax Expense / (Credit)				(1,555)	(12,510)	(15,774)
	(Add)/Less:
	a. Current Tax	-	-	(479)		(217)
	b. Deferred Tax Charge/(Credit)	(206)	899	(3)	693	160	241
	c. Short / (Excess) provision for taxation in earlier year				-
			-	415		415	(415)
	Total Tax expenses fa+/-b+/-c)	(206)	899	(67)	693	358	(174)
7	Net Profit / (Loss) for the period 15+l-S)	(537)	(1,711)	(12,272)	(2,248)	(12,868)	(15,600)
8	Other comprehensive income, net of tax	359			359		(121)
9	Total Comprehensive lncome/(Loss) (7+8)	(178)	(1.711)	(12,272)	(1,889)	(12,868)	(15.721)
10	Paid-up Equity Share Capital - Face Value ? 10 each	7,274	7,274	7,274	7,274	7,274	7,274
11	Other Equity (excluding revaluation reserve)						144,500
12	Earning per Share (EPS) of Rs.10 each (notannualised)
	Basic EPS (Rs.)	(0.74)	(2.35)	(16.87)	(3.09)	(16.71)	(21.45)
	Diluted EPS (Rs.)	(0.74)	(2.36)	(16.87)	(3.09)	(16.71)	(21.45)

HUBTOWN LIMITED

Registered Office; Hubtown Seasons, CIS No. 469-A, 0pp. Jain Temple, R. K. Chemburkar Marg, Chembur Phone ; +91 22 25265000 Fax : +91 22 25265099

E-mail: investorcell@hubtown.co.in ; Website : www.hubtown.co.in

Statement of Unaudited Standalone Assets and Liabilities as at September 30, 2021

			(Rs. in Lakhs)
	Particulars	As at30.09.2021Unaudited	As at31.03.2021Audited
A	ASSETS
1	Non-current Assets
	(a) Property, plant and equipment	134	159
	(b) Investment Property	3,557	3,609
	(c) Intangible assets	153	3
	(d) Financial Assets
	(i) Investments	138,695	138,704
	(ii) Trade Receivables	-	-
	(ill) Loans	713	678
	(iv) Other Financial Assets	729	375
	Current Tax Assets(e)	851	805
	Deferred Tax Assets (net)(f)	1,366	2,059
	(g) Other Non-current Assets	1,714	2,900
	Sub-total - Non-current Assets	147,912	149,292
II	Current Assets	127,237	122,400
	(a) Inventories	-	-
	(b) Financial Assets(i) Investments	1,200	1,200
	(ii) Trade Receivables	17,296	18,978
	(iii) Cash and cash equivalents	932	913
	(iv) Bank balances other than (iii) above	69	388
	(v) Loans	2,858	2,949
	(vi) Other Financial Assets	71,729	68,540
	(c) Other Current Assets	13,919	12,245
	Sub-total - Current Assets	235,240	227,613
	TOTAL ASSETS (l+ll)	383,152	376,905
B	EQUITY AND LIABILITIES
1	Equity
	(a) Equity share capital	7,274	7,274
	(b) Other equity	142,661	144,550
	TOTAL EQUITY	149,935	151,824
	Liabilities
II	(i) Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	2,513	2,850
	(ii) Other financial liabilities	3,953	4,156
	(b)Provisions	310	203
	Sub-total - Non-current Liabilities	6,776	7,209
	(ii) Current liabilities
	(a) Financial liabilities
	(i) Borrowings	25,26112,868	24,66913,129
	(ii) Trade payables	120,626	121,149
	(iii) Other financial liabilities	67,608	58,318
	(b) Other current liabilities	78	607
	(c) ProvisionsSub-total - Current Liabilities	226,441	217,872
	TOTAL LIABILITIES (i+il)	233,217	225,081
	TOTAL EQUITY AND LIABILITIES (l+ll)	383,152	376,905

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021.

NOTES:

• 1. The above financial results, which have been subjected to limited review by the Auditors of the Company as required under Regulation 33 of the SEE! (Listing Obligations and Disclosure Requirements) Regulations, 2015, were reviewed by the Audit and Compliance Committee of Directors and subsequently approved and taken on record by the Board of Directors of the Company In its meeting held on November 13, 2021.
• 1. The above financial results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) Amendment Rules, 2016.
• 1. The figures for the quarter ended September 30, 2021 are the balancing figures between the unaudited figures In respect of the half year ended September 30, 2021 and the published figures for the quarter ended June 30, 2021 of the financial year 2021-2022.
• 1. Given the nature of real estate business, the profit / losses do not necessarily accrue evenly over the period and as such, the results of a quarter / year may not be representative of the profits / losses for the period.
• 1. As the Company's business activity fails within a single primary business segment viz. "Real Estate Development", the disclosure requirements as per IND AS - 108 'Operating Segments' are not applicable.
• 1. Costs of the projects are based on the management's estimate of the cost to be incurred upto the completion of the project, which Is reviewed periodically.
• 1. The 'Incomplete Projects' of the Company included in inventories are under various stages of development and are expected to have a net realizable value greater than their cost.
• 1. The Company has advanced certain amounts to entities in which it has business interest with a view to participate in the earnings of the Projects being implemented by the recipient entities and hence the Company has not charged any interest on these advances. Considering the nature of the businesses in which these entities operate, the amounts so advanced are considered to be repayable on call / demand as the recovery period of such amounts so advanced are not measurable precisely.
• 1. Income from operations includes share of profit / (loss) (net) from partnership firms, AOPs as stated hereunder:

(Rs. in lakhs)

Particulars	Three months enc ed				Six Mon hs ended
	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020
i) Audited	—	—	—	—	—
ii) ManagementReviewed(Refer footnote)	(16.14)	(0.10)	(12.93)	(16.24)	(13)

Footnotes:

The results of partnership firms, AOPs for the quarter ended September 30, 2021 are prepared and compiled by the Management of such firms and have been reviewed by the Management of Hubtown Limited.

The Company has not received the financial results for one of Its Partnerships and one its joint Venture / AOPs for the quarter ended September 30, 2021. However, the Company is of the opinion that the aggregate of the reviewed quarterly financial results of such partnership firm is not expected to have any material impact on the quarterly financial results of the Company.

• 1. Loans and advances, other receivables, debtors and creditors are subject to confirmations and are considered payable / realizable, as the case may be.
• 1. The Company has not provided interest amounting to Rs. 10,087.78 lakhs on certain inter-corporate-deposits and advances during the quarter ended September 30. 2021 Rs. (20.066.77 lakhs for the half year ended September 30. 2021). The Company is in process of re-negotiating the terms / waiver of interest by respective lenders.
• 1. The Company has not recognized finance income during the quarter ended September 30, 2021 amounting to Rs. 9,278.93 lakhs (Rs. 18,557.85 lakhs for six months ended September 30, 2021) from Deep Discount Bonds held In one of its joint venture entities as the terms of the said Bonds relating to tenure of the Bonds and redemption premium are under negotiation with the Issuer.
• 1. Previous period figures have been regrouped / reclassified / restated wherever necessary to conform to the current period's classification.

For and on behalf of the Board

Place: Mumbai \Vi wyomesjn M. Shah Date: November 13.2021 \ ^managing Director DIN: 00009596

HUBTOWN LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH, 2021
		For theyear ended	(^ In lakhs)For the year ended
	Particulars	30th Sept2021	30thScpt2020CO
	lA] CASH FLOW FROM OPERATING ACTIVITIES
	Frofit/(Loss) before tax	(1,555.01)	(12,509.68)
	Adjustments for:
	Interest Expenses	A,962.08991.13	2,321.561,190.17
	Interest expenses on finanrial liabilities measured at fair value	. 34.92	. 6.42
	Interest expense on account of Right to useShare of Profit / (Loss] from investment in partnership firms and JVs	16.24	(13.35)
	CProfit)/Loss on sale of Investments (Net)	-	(791.67)
	Depreciation/Amortisation/Impairment of Property, Plant and Equipments and	72.50	130.10
	Intangible Assets
	Depreciation on lease assets	73.51	25.57
	Unwinding of Interest free loans	(27.08)	(23.87)
	Provision for Doubtful Receivables/Advances/Sundry balances written off	58.60(26.04)	1,649.96
	(Profit)/Loss on sale of Property, Plant and Equipments (Net)	(0.76)	(19.01)
	Provision no longer required	(54.28)	(811.87)
	Interest incomeRemeasurement of the nerdefined benefit liablliW / asset	(358.77) (
	Bad Debts	607.84^	-
	Provision/Advances/Sundry Balances written back	650.00t	(410.00)
	Provision for Doubtful Debts	121.65	163.37
	Revaluation of Mutual fund	(0.07);	(0.08)
	Interest write back
	Interest income on financial liabilities measured at fair value	(680.68)	(1,227.08)
	Provision for diminution in investment written back	(24.15) <br>— 0.02	0.34^
	Unrealised foreign exchange (galn)/loss (Net)	(14.15)	(45.75)
	Unwinding of security depositsInvestment written off
	Investment written off on account of merger
	Sundry credit balances appropriated	(44.96)
	Property, Plant and Equipments written off/discarded
	Diminution in value of Inventories
	Reduction in value of rights sold in earlier years		10,500.00
	Interest on income on Investment at fair value		127.32
	Operating Profit/(Loss) before changes in working capital	1,794.55
	Adjustment for fIncreasol /Decrease In Operating Assets
	Adjustments for decrease (increase) in inventories	(4,836.64)	(161.68)
	Adjustments for decrease (increase) in trade'receivables, current	1,681.33	(7,017.38)
	Adjustments for decrease (Increase) in other current assets	(1,673.30)	(1,607.72)
	Adjustments for decrease (increase) in other non-current assets	323.54	(749.65)
	Adjustments for other financial assets, non-current	(353.14)	194.00
	Adjustments for other financial assets, current	(3,840.13)	(18,353.17)
	Adjustment for Tncrease/fPecrease^ in Oneratine Liabilities		(8,167.88)
	Adjustments for increase (decrease) in trade payables, cuirent	138.419,289.93	8,024.54
	Adjustments for increase (decrease) in other current liabilities	(529.01)	50.58
	Adjustments for provisions, currentAdjustments for provisions, non-current	107.49
	Adjustments for odier financial liabilities, current	(523.26)	5,915.92
	Adjustments for other financial liabilities, non-current	(202.96)	(1,136.57)
	Cash flow from operations after changes in working capital	1,376.82	(22,881.70)
	Net Direct Taxes (Paid)/Refunded	(45.57)1,331.25	423.51(22,458.19)
	Net Cash Flow from/fused in) Operating Activities[Bl CASH FLOW FROM INVESTING ACTIVITIES
	Cash flows from losing control of subsidiaries or other businesses		29,208.14
	Other cash receipts from sales of equity or debt instruments of odier entities		111.32
	Other cash payments to acquire equity or debt instruments of other entities	9.27	(446.74)
	Other cash receipts from sales of interests in joint ventures		282.40
	Other cash payments to acquire interests in joint ventures
	Proceeds from sales of property, plant and equipment	^0.04	78.62
	Purchase of property, plant and equipment	(4.75)	(854.27)
	Cash advances and loans received back from related parties	19.25	(5,247.32)3,389.48
	Cash advances and loans made to other parties	70.71
	Cash receipts from repayment of advances and loans made to other partiesInterest received	54.28	811.87
	Bank Balances not considered as Cash and Cash Equivalents	171.38	43.73
	Net Cash Flow from/(used in) Investing Activities	360.18	27,377.25

CASH FLOW FROM FINANCING ACTIVITIES
inProceeds from borrowings	1,961.05
	(1,882.62)	'(2,892.49)
Repa5ments of borrowings	(1,927.16)	(2,327.99)
Net Cash Flow from/fused inl Financing Activities	(1,848.73)	(5,220.48)
Net Increase/ (Decrease) In Cash and Cash Equivalents	(157.30)	(301.42)
Cash & Cash Equivalents at beginning of period (see Note 1)	(1,156.00)	(675.11)
Cash and Cash Equivalents at end of period (see Note 1)	(1,313.30)	(976.53)
1Cash and Cash equivalents comprise of:
Cash on Hands	12.14	21.72
Balance with Banks	919.46	905.52
Bank OD	(2,244.89)	(1,903.77)
Cash and Cash equivalents	(1,313.30)	(976.53)
Effect of Unrealised foreign exchange fgain)/loss (Net)
rash and fash eouivalents as restated	(1,313.30)	(976.53)
2 Figuresofthepreviousyearhavebeenregrouped/reclassified	■	(U.UUJ

JBTM0 ASSOCIATES LLP I Chartered Accountants

Independent Auditor's Review Report on the Unaudited Consolidated quarterly financial results and year to date results of the Company pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (as amended)

To, The Board of Directors Hubtown Limited

1. We have reviewed the accompanying staterrient of unaudited Consolidated financial results ('the Statement') of the:HUBTOWN LIMITED ('the Parent') and it's Subsidiaries (the Parent Company and Its subsidiaries together referred to 'the Group') attached herewith for the half year ended September 30, 2021, being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and'Disclosure Requirements) Regulations, 2015 (as amended), Including relevant circulars issued by the SEBI from time to time.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared In accordance with the accounting principles laid down in Indian Accounting Standard 34 "Interirri Financial Reporting.' ("Ihd AS 34"), prescribed under Section 133 of the Companies Act, 2013, (' the Act'), read with relevant rules Issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial information Performed bythe Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of Interim financial Information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143 (10) of the Companies Act, 2013 and consequently does hot enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circuiarissued by theSEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4. Basis of Qualified Opinion

a) As-Stated in Note 8 to the Consolidated financial result of the company for the quarter and half year ended 30th September, 2021, with regards the Company not having provided for interest amounting to Rs. 10087.78 lakhs for the Quarter and Rs. 20066.77 Lakhs for the half year ended 30-09-2021 on certain Inter-corporate deposits arid advances in current quarter. Consequently, to above, finance cost for the quarter and half year ended 30th September, 2021 has been understated by Rs. 10087.78 Lakhs and Rs. 20066.77 Lakhs respectively resulting in a consequential decrease in the loss for the quarter and half year ended 30th September, 2021.

^ b) As Stated in Note 9 to the Consolidated financial result of the Company for the Half year ended 30'" ■i September, 2021 with regards the company not having recognized finance Income from Deep Discount 1 Bond held in one of its Joint Venture entities. Consequently, Finance income for the quarter ended SO'" ■| September, 2021 and half year ended 30'" September, 2021 is understated by Rs, 9278.93 lakhs and Rs. I 18557.85 lakhs respectively. Further loss for the quarter and half year ended is overstated to that extend.

5.^ Based on our review conducted, except for the impact on the results of the matter described in j paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying statement prepared in accordance with the recognition and measurement principles laid down in Ind As 34, prescribed under Section 133 of the Companies Act,2013, the SEBI circular and other accounting principles generally accepted In India, has not disclosed the Information required to be disclosed In accordance with the requirements of Regulation 33 of the SEBI (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.

1. We did not review the financial results of 11 subsidiaries, whose financial information reflect (before inter-company elimination) total assets Rs. 1,12,085.18 Lakhs as at 30'" September, 2021 total revenue of Rs. 437.56 lakhs, total net profit after tax of Rs. -306.45 lakhs, total comprehensive Profit of Rs. -306.45 lakhs, as considered in the statement. The result also includes Group's share in net'proflt/(loss) (including other comprehensive income) of Rs. 202.54 lakhs for the half year ended 30*" September, 2021, as considered In statement, in respect of 7 Joint Ventures whose financial results have not been reviewed by us. Further we also did not review the financial results of 4 associate, whose aggregate share of net profit/ (loss) amounting to Rs.40.52 Lakhs are also included in the Statement. These financial results are management reviewed and have been furnished to us by the management and our opinion on the statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, and our report in terms of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulation 2015, read with SEBI Circulars CIR/CFD/CMp/15/2015 dated 30*" November 2015 and CIR/CFDlFAC/62/2016 dated 5'" July, 2016 in so far as it relates to the aforesaid subsidiaries, associates and joint ventures are based soleiy on such unaudited financial results.

Our Conclusion on the consolidated financial results is not qualified in respect of the above matter,

/

HUBTOWN LIMITED GIN; L4S200MH198gPLC050683

Registered Office: 'Hubtown Seasons, GTS No. 469-A, 0pp. Jain Temple, R.K. Ghemburkar Marg,Ghembur (East), Mumbal - 400 071

Phone: +91 22 25265000: Fax: +91 22 25265099

E-mail: !nvestorcell@hubtown.co.in; Website: www.hubtown.co.in

«5»9»oniAn» nf I inaiirtttftri rnncnllrfatftri Financial Resulte for the Quarter and Half Year ended Seotember 30. 2021

							(て in Lakhs)
			Quarter ended		Half Year ended		Year ended
	Particulars	30.09.2021	30.06.2021 30.09.2020		30.09.2021	30.09.2020	31.03.2021
			Unaudited Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	(Income
	a. Revenue from Operations	3,191	2,394	1,653	5,585	6,505	26,608
	b. Other Income	491	510	1,415	1.001	2,109	4,598
	Total Income (a+b)	3,682	2,904	3,068	6,586	8,614	31,206
	2 Expenses
	a. Cost of construction and development	14,268	3,048	964	17,316	2,029	9,941
	b. Purchases of stock-in-trade	13	111	12	124	12.	131
	c. Changes in inventories of work-in-progress finished
	properties and FSI	(13,495)	(2, 311)	(2,539)	(15, 806)	(4.020)	370
	d. Employee benefits expense	351	$\overline{252}$	162	603	364	910
	e. Finance costs	1,681	1.626	2.028	3,307	3,804	10,510
	Depreciation and amortisation expense	59	$\overline{122}$	99	181	186	364
	g. Provision for doubtful Debts and Advance	772	-	÷.	772Ţ	$\overline{\phantom{a}}$	557
	h. Loss on account of diminution in value of inventory	$\blacksquare$				$\overline{\phantom{0}}$	5.044
	i. Advance and other debit balances written off	48	619	1,233	667	1,24010,500	1,574
	Reduction in value of rights sold in earlier year	$\blacksquare$	ूर	10,500	- 1	2,515	10,500
	k. Loss on account of NRV of Incomplete Project	Ξ.	$\blacksquare$Ţ	1.413	$\qquad \qquad \blacksquare$$\blacksquare$	1,413	$\bullet$$\blacksquare$
	I. Loss on account of NRV of Finished Project	$\bullet$870			1,285	2,078	4,282
	m. Other expenses		415	1,587		20,121	44.183
	Total Expenses (a+b+c+d+e+f+g+h+i+j+k+l+m)	4,567	3,882	15,459	8,449
	Profit/(Loss) from operation before Exceptional Item and	(885)	(978)	(12, 391)	(1,863)	(11,507)	(12, 977)
3	Tax (1-2)
4	Add/(Less) : Exceptional Item (net of tax expense)	$\blacksquare$(885)	$\bullet$(978)	(12, 391)	(1, 863)	(11, 507)	(12, 977)
5	Profit/(Loss) before Tax (3+/-4)Tax Expense / (Credit)
6	(Add)/Less:
	a. Current Tax	$\blacksquare$	$\blacksquare$	(45)	$\overline{\phantom{a}}$	298	168
	b. Deferred Tax Charge / (Credit)	(208)	899	(324)	691	(161)	241
	c. Short / (Excess) provision for taxation in earlier year			(415)	$\blacksquare$	(415)	(415)
	Total Tax expense (a+/-b+/-c)	(208)	899	(784)	691	(278)	(6)
7	Net Profit/(Loss) for the period (5+/-6)	(677)	(1, 877)	(11,607)	(2, 554)	(11,229)	(12, 971)
		111	86	1,234			815
	8 Share of Profit/(Loss) of Associates and Joint Venture (net)				197	1.246
9	Goodwill on acquisition / consolidation adjusted	$\blacksquare$	$\blacksquare$	$\blacksquare$	Ŧ	$\overline{(5)}$	(5)
	10 Share of Profit/(Loss) after tax and share of Associates
	and Joint Venture	(565)	(1,791)	(10, 373)	(2, 357)	(9,988)	(12, 161)
11 I	Other comprehensive income (net of tax)	359			359		(128)
	12 Total comprehensive Income/(Loss) (9+/-10)$\bullet$	(207)	(1,791)	(10, 373)	(1, 998)	(9,988)	(12, 289)
	13 Net Profit/(Loss) attributable to:
	Owners of the Parent	(526)	(1.755)	(10, 368)	(2, 281)	(9,967)	(12,048)
	Non-controlling interest	(40)	(36)	(5)	(76)	(21)	(113)
	14 Other comprehensive income attributable to:
	Owners of the Parent	359			359	$\bullet$	(128)
	Non-controlling interest	$\blacksquare$	$\blacksquare$	٠	$\qquad \qquad \blacksquare$	$\blacksquare$	$\blacksquare$
	15 Total comprehensive income attributable to:
	Owners of the Parent	(167)	(1, 755)	(10, 368)	(1, 922)	(9, 967)	(12, 176)
	Non-controlling interest	(40)	(36)	(5)	(76)	(21)	(113)
	16 Paid-up Equity Share Capital - Face Value ? 10 each	7,274	7,274'	7,274	7,274	7,274	7,274
$\overline{17}$	Other Equity (Excluding Revaluation Reserve)						133,905
18	Earning per Share (EPS) of < 10 each (not annualised)
	Basic EPS (₹)	(0.78)	(2.46)	(14.26)	(3.24)	(13.73)	(16.72)
	Diluted EPS (7)	(0.78)	(2.46)	(14.26)	(3.24)	(13.73)	(16.72)

HUBTOWN LIMITED
	GIN: L45200MH1989PLC050688
	Registered Office: 'Hubtown Seasons, CIS No. 469-A, 0pp. Jain Temple, R.K. Chemburkar Marg.Chembur
	(East), Mumbai - 400 071
	Phone : +91 22 25265000 ;	Fax: +91 22 25265099
	E-mail; investorcell@hubtown.co.in ; Website ; www.hubtown.co.in
	Statement of Unaudited Consolidated Assets and Liabilities as at September 30, 2021
			(? in Lakhs)
		As at	As at
	Particulars	30.09.2021	31.03.2021
		Unaudited	Audited
A	ASSETS
	Non-current Assets
I	(a) Property, plant and equipment	2,324	2,379
	(b) Capital work-in-progress	1,667	1,665
	(c) Investment Property	3,559	3,614
	(d) Goodwill on consolidation	957	957
	(e) Other Intangible assets	170	19
	(f) Financial Assets
	(i) Investments	125,436	125,250
	(ii) Loans and Advances	15,564	15,528
	(iii) Other Financial Assets	802	449
	(g) Current Tax Assets	1,247	1,187
	(h) Deferred Tax Assets (net)	1,371	2,062
	(i) Other Non-current Assets	1,984	3,170
	Sub-total - Non-current Assets	155,081	156,280
II	Current Assets	191,839	175,939
	(a) inventories(b) Financial Assets
	(i) Investments	52	72
	(ii) Trade Receivables	18,950	18,522
	(iii) Cash and cash equivalents	6,839	4,635
	(iv) Bank balances other than (iii) above	1,448	1,616
	(v) Loans and Advances	9,777	9,888
	(vl) Other Financial Assets	62.364	60,526
	(c) Other Current Assets	17,260	15,178
	Sub-total - Current Assets	308,529	286,376
	TOTAL ASSETS (l+ll)	463,610	442,656
B	EQUITY AND LIABILITIES
I	Equity
	(a) Equity share capital	7,274	7,274
	(b) Other equity	131,983139,257	133,905141,179
	Equity attributable to ownersNon-controlling interest '	2,013	2,089
	TOTAL EQUITY	141,270	143,268
II	Liabilities
	(1) Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	22,635	28.216
	(il) Other financial liabilities	7,694	7,792
	(b) Provisions	348	204
	(c) Deferred Tax Liabilities (Net)	7	7
	Sub-total - Non-current Liabilities	30,684	36,219
	(ii) Current liabilities
	(a) Financial liabilities		24,835
	(i) Borrowings	25,42718,063	18,837
	(ii) Trade payables(iii) Other financial liabilities	161,501	144,060
	(b) Other current liabilities	86,544	74,788
	(c) Provisions	102	630
	(d) Current Tax Liabilities	19	19
	263,169291,656Sub-total - Current Liabilities
	TOTAL LIABILITIES (i+ii)	322,340	299,388
	TOTAL EQUITY AND LIABILITIES (l+ll)	^*^3,610	442,656

n

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

NOTES:

• 1. The above financial results, which have been subjected to limited review by the Auditors of the Company as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, were reviewed by the Audit and Compliance Committee of Directors and subsequently approved and taken on record by the Board of Directors of the Company in its meeting held on November 13, 2021.
• 1. Given the nature of real estate business, the profit / losses do not necessarily accrue evenly over the period and as such, the results of a quarter / year may not be representative of the profits / losses for the period.
• 1. The figures for the quarter ended September 30, 2021 are the balancing figures between the unaudited figures in respect of the half year ended September 30, 2021 and the published figures for the quarter ended Jun 30, 2021 of the financial year 2021-2022.
• 1. As the Group's business activity fails within a single primary business segment viz. "Real Estate Development", the disclosure requirements as per IND AS - 108 'Operating Segments' are not applicable.
• 1. Costs of the projects are based on the management's estimate of the cost to be incurred upto the completion of the project, which is reviewed periodically.
• 1. The 'incomplete Projects' of the Company included in inventories are under various stages of development and are expected to have a net realizable value greater than their cost.

						(Rs. in lakhs)
Sr.	Particulars		Quarter ended		Half Year	Year
No.					ended	ended
		30.09.2021	30.06.2021	30.09.2020	30.09.2021	31.03.2021
1.	Total income*	3,563	2,596	2,884	6,159	29,059
2.	Profit / (Loss)	(743)	(812)	(12,339)	(1.555)	(15,774)
	before Tax
3.	Profit / (Loss)	(537)	(1,711)	(12,272)	(2.248)	(15,600)
	after Tax
4.	Total	(178)	(1,711)	(12,272)	(1,889)	(15,721)
	Comprehensive
	Income / (Loss)

Key Information on Unaudited Quarterly Standalone Financial Results :

* - includes Income from operations and other income.

• The Company has not provided interest amounting to Rs. 10,087.78 lakhs on certain inter corporate deposits and advances for the quarter ended September 30, 2021 (Rs. 20,066.77 lakhs for half year ended September 30, 2021). The Company is in process of re-negotiating the terms / waiver of interest by respective lenders.
• The Company has not recognized finance income amounting to Rs. 9,278.93 lakhs during the quarter ended September 30, 2021 (Rs. 18,557.85 lakhs for six months ended September 30, 2021) from Deep Discount Bonds held in one of its joint venture entities as the terms of the said Bonds relating to tenure of the Bonds and redemption premium are under negotiation with the Issuer.
• 1. Previous period figures have been regrouped / reclassified / restated wherever necessary to conform to the current period.

For and on behalf of the Board

Vyomesh'M. Shah Managing Director DIN:00009596

Place: Mumbal

Date: November 13, 2021

HUBTOWN LIMITED

CIN: L45200MH1989PLC050688 Registered Office: 'Hubtown Seasons. CIS No. 469-A. 0pp. Jain Temple, R.K. Chemburkar Marg, Chembur (East), Mumbal - 400 071

Phone ; +91 22 25265000 ; Fax : +91 22 25265099

E-mail: investorcell@hubtowri.co.in ; Website : www.hubtown.co.in

	For the period ended For the period ended
Particulars	30 Sept, 2021	30 Sept, 2020
[A] CASH FLOW FROM OPERATING ACTIVITIES	(1,863)	(11,507)
Profit/(Loss) before tax
Adjustments for:
Depreciation/Amortisation/Impairment of Property, Plant and Equipments and Intangible	181	185
Assets	(689)	(1,227)
Interest income on financial assets / liabilities measured at fair value
' Interest income	(51)	(850)
Interest Expenses	2,282	2,614
Interest expense on financial liablities measured at fair value	991	1,190
Gain on Investments measured at FVTPL	(2)	-
Advance written off recovered	-	(5)
Provision for Doubtful Receivables/Advances/Sundry balances written off	667	1,240
Provision/Advances/Sundry Balances written back	-	(126)
Loss on account for diminution In value of Inventories	-	3,928
Provision for doubtful debts	772	573
(Profit)/Loss on sale of Property, Plant and Equipments (Net)	(26)	(8)
Interest expense on account of Right to use	35	-
Share of Profit / (Loss) from investment in partnership firms and JVs	16	(447)
Unwinding of financial asset	(27)	(24)
Reduction in value of rights sold In earlier years	-	10,500
Operating Profit/(Loss) before changes In working capital	2,286	6,036
Adjustment for (lncrease}/Decrease in Operating Assets
	(15,900)	(4,504)
Adjustments for decrease (increase) in inventories	(1,095)	(16,612)
Adjustments for decrease (increase) in trade receivables, current		(1,659)
Adjustments for decrease (increase) in other current assets	(2,854)
Adjustments for decrease (increase) in other non-current assets	1,186	(750)
Adjustments for other financial assets, non-current	(350)	194
Adjustments for other financial assets, current	(1,817)	(23,305)
Adjustment for lncrease/(Decrease) in Operating Liabilities
Adjustments for increase (decrease) in trade payables, current	(774)	1,940
Adjustments for increase (decrease) in other current liabilities	11,419	7,996
Adjustments for provisions, current	(25)	52
Adjustments for other financial liabilities, current	6,756	3,096
Adjustments for other financial liabilities, non-current	(98)	(1,124)
Cash flow from operations after changes In working capital	(1,266)	(28,640)
Net Direct Taxes (Paid)/Refunded	(60)	716
Net Cash Flow from/(used In) Operating Activities	(1,326)	(27,924)
CASH FLOW FROM INVESTING AQIVITIES
Other cash receipts from sales of equity or debt instruments of other entities	14	28,794
Proceeds from sales of property, plant and equipment	3	-
Purchase of property, plant and equipment	-	(167)
Cash advances and loans made to other parties	-	(3,323)
Cash receipts from repayment of advances and loans made to other parties	102	-
	30	1,668
Interest received	168	(684)
Bank Balances not considered as Cash and Cash Equivalents	317	26,288
Net Cash Flow from/(used In) Investing Activities
[C] CASH FLOW FROM FINANCING AOIVITIES	6,220	10,191
Proceeds from borrowings		(2,892)
Repayments of borrowings	(1,882)
Interest paid	(1,301)	(723)
Net Cash Flow from/(used In) Financing Activities	3,037	6,576
Net Increase/ (Decrease) in Cash and Cash Equivalents	2,028	4,940
Cash & Cash Equivalents at beginning of period (see Note 1)	2,566	2,898
Cash and Cash Equivalents at end of period (see Note 1)	4,594	7,838

1 Cash and Cash equivalents comprise of:
Cash on Hands	32	50
Balance with Banks	2,139	7,707
Short-term investment	4,668	81
Cash and Cash equivalents	6,839	7,838
Less; Cash credit facilities	(2,245)	-
Cash and Cash equivalents as restated	4,594	7,838
2 Figures of the previous year have been regrouped / reclassified wherever necessary.