Hubtown Limited — Interim / Quarterly Report 2021

Feb 12, 2021

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

February 12,2021

National Stock Exchange of India Limited
The Listing Department
Exchange Plaza, Bandra Kurla Complex
Bandra (East), Mumbai - 400 051
Symbol: HUBTOWN

Dear Sir / Madam,

Sub: Outcome of the Board Meeting held on February 12. 2021

Financials:

We write to inform you that at the meeting of the Board of Directors of the Company held today i.e. February 12, 2021, the Board has approved and taken on record the Unaudited Standalone and Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2020, which have been subjected to limited review by the Statutory Auditors of the Company, in terms of Regulation 33 of the SEBI (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 is annexed hereto and the same are being uploaded on the website of the Company i.e. www.hubtown.co.in. The Unaudited Consolidated Financial Results are also being published in the newspapers, in the format prescribed under Regulation 47(1) (b) of the SEBI 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 February 15, 2021.

The meeting of the Board of Directors commenced at 1:00 p.m. and concluded at 3:30 p.m.

You are requested to take the above information on record.

Thanking you.

Yours faithfully. For Hubtown Limited Sao^and Lad Company Secretary End.: a/a

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

JBTM図 ASSOCIATES LLP Chartered Accountants

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 December 31, 2020 and year to date results for the period 01 April 2020 to 31 December 2020, ("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/CFD/CMD1/44/2019 dated March 29, 2019 (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 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 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 maters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Attention is drawn to the fact that the figures for the quarter ended December 31, 2019, time months ended December 31, 2019 and the year ended March 31, 2020 included in the statement are based on previously issued standalone financial results or standalone financials statements that are reviewed/audited by predecessor Auditor.

1. Basis of Qualified Opinion

a. As Stated in Note No. 10 to the standalone Financial result of the company for the quarter and nine month ended 31st December, 2020 with regards the company not having provided for interest amounting to Rs. 8918.74 Lakhs on certain inter-corporate deposits, advances and

debentures in current quarter. Consequent to nbove, finance cost for the quarter and nine months ended 31^'' December. 2020 has been understated by Rs. 8918.74 Lakhs and Rs. 24996.45 Lakhs respectively resulting in consequent decrease in the loss for the quarter and nine month ended 31" December, 2020 to that extent,

b. As Slated in Note No. 11 to the standalone financial result of the company for the quarter and nine month ended 31" December, 2020 with regards the company not having recognized finance inccme from deep discount bonds held in one of is joint venture Gntities. Consequently, finance income for the quarter and nine months ended 31" December, 2020 is understated by Rs. 7797.42 Lakhs and Rs. 23392.25 Lakhs respectively. Further fosses for the quarter and nine moni.hs ended 31" December, 2020 are overstated to that extent.

1. Based on our review conducted as above, except for the impact on the results on the matter described in para 4 above, nothing has come to our attention that cause us to believe thai the accompanying statement prepared in accordance with Indian Accounting Standards specified in section 133 of the companies Act, 2013 and SEBI circulars CIR/CFO/CfVlD/15/2015 dated SO'" November, 2016 and CIR/CFD/FAC/62/2016 dated 5'" July, 2016 and other recognized accounting policies and policies has not disclosed the Information required to be disclosed in teims of Regulation 33 of the SE8i (Listing Obligations and Disclosure requirements) Regulations 2015, including the manner in v,/hich it is to be disclosed or that it may contain material n>issiaiemcm.

6, We draw attention tb

a. Note No. 8 of the standalone financial results, regarding non-receipt of financial result of one ol nr. Partnersfiips/ AOP's for the nine-month, ended 31" December, 2020. However, the company is of the opinion that the aggregate of the reviewed nine-monlh financial results of such parinersiup firms are not expected to have any material impact on the nine monthly financial results oi the company. Our conclusion is not modified to that extent

For J B T M & Associates LLP Firm Registration No.: W1003^ Chartered Accountants

'OhA

Partner

UDIN .31

Dhnirya Bhuta Membership No.: 1GS889^§^^^^

Mumba), February 12,2021

		HUBTOWN LIMITED
		CIN: L45200MH1989PLC050688
	Registered Office: Hubtown Seasons, CTS No. 469-A, Opp. 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 Standalone Financial Results for the Quarter and Nine Months ended December 31, 2020
							(₹ in Lakhs)
	Particulars		Quarter ended			Nine Months ended	Year ended
(No		31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
$\mathbf{1}$	ilncome
	a. Revenue from Operations	4,096	1,484	11,080	8,950	22,205	25,221
	b. Other Income	1,432	1,400	(157)	3,504	2,316	3,615
	Total Income (a+b)	5,528	2,884	10,923	12,454	24,521	28,836
2	Expenses
	a. Cost of construction and development	2,835	665	3,379	4,420	9,249	12,556
	b. Purchases of stock-in-trade	(1)	3	62	3	362	472
	c. Changes in inventories of work-in-progress	1,114	(1,994)	(4,366)	(2, 494)	(13, 487)	(17, 169)
	finished properties and FSI
	d. Employee benefits expense	197	153	361	434	1.072	1,558
	e. Finance costs	1,548	1,794	1,341	5,105	11,739	13.872
	f. Depreciation and amortisation expense	75	78	85	231	318	395
	g. Advances and other debit balances written off	(2)	1,233		1,238		1 2 3 5
	h. Provision for doubtful advances/debts	353	$\blacksquare$	÷.	353	3,725	6,674
	i. Loss on account of NRV of incomplete project	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	2,515	$\blacksquare$	$\overline{\phantom{a}}$
	Loss on account of NRV of Finished Properties	$\overline{\phantom{a}}$	1,413	$\overline{\phantom{a}}$	1,413	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$
	k. Reduction in value of rights sold in earlier years		10,500		10,500
	I. Impairment of Inventory on dissolution of Partnershi	$\blacksquare$		8,389	$\sim$	8,389	8 3 8 9
	m. Other expenses	452	1,378	824	2,288	3,819	4,709
	Total Expenses (a+b+c+d+e+f+g+h+i+j+k+l+m)	6,571	15,223	10,075	26,006	25,186	32,691
	Profit/(Loss) before Exceptional Item and Tax (1-	(1,043)	(12, 339)	848	(13, 552)	(665)	(3, 855)
3	l2)
4	Add/(Less): Exceptional Item (net of tax expense)
5	Profit/(Loss) before Tax (3+/-4)	(1,043)	(12, 339)	848	(13, 552)	(665)	(3, 855)
6	Tax Expense / (Credit)
	(Add)/Less:
	a. Current Tax	217	(479)	(252)		115	252
	b. Deferred Tax Charge / (Credit)	(73)	(3)	3,425	87	3,090	1,840
	c. Short / (Excess) provision for taxation in earlier yea		$\overline{415}$		$\overline{415}$
	Total Tax expense (a+/-b+/-c)	144	(67)	3,173	502	3,205	2,092
7	Net Profit/(Loss) for the period (5+/-6)	(899)	(12, 272)	(2, 325)	(13,050)	(3,870)	(5, 947)
8	Other comprehensive income (net of tax)					60	60.
9
	Total Other Comprehensive income / (Loss) (7+8)	(899)	(12, 272)	(2, 325)	(13,050)	(3,810)	(5, 887)
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)						160,270
$12 ,$	Earning per Share (EPS) of ₹10 each (not annualised)
	Basic EPS (₹)	(1.24)	(16.87)	(3.20)	(17.94)	(5.32)	(8.18)
	Diluted EPS (ぎ)	(1.24)	(16.87)	(3.20)	(17.94)	(5.32)	(8.18)

l,

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,2020

NOTES:

• 1. The above results, which have been subjected to limited review by the Auditors of the Company as required under Regulation 33 of the SEBl (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 February 12,2021.
• 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. 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 I nine months may not be representative of the profits / losses for the period.
• 1. As the Company's business activity falls 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 enced	Nine Mon hs ended
	31.12.2020	31.12.2019	30.09.2020	31.12.2020	31.12.2019
i) Reviewed	—	—	—	—	—
li) ManagementReviewed(Refer footnote)	(0.07)	104	(12.93)	(13.42)	50

Footnotes:

The results of partnership firms, AOPs for the quarter ended December 31, 2020 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 of its joint venture/ AOPs for the quarter ended December 31, 2020. However, the Company is of the opinion that the aggregate of the reviewed quarterly financial results of such partnership firms .joint ventures/ AOPs are 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.8,918.74 lakhs for the quarter ended December 31, 2020 and Rs 24,996.45 lakhs for nine months ended December 31, 2020. 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 December 31, 2020 amounting to Rs. 7,797.42 lakhs {Rs. 23,392.25 lakhs for nine month ended December 31, 2020) 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. The Pandemic and the lockdown imposed to" flatten the curve of infection spread have caused an unprecedented and a massive impact on the entire economy and business operations. The Company has considered the possible effects that may result from.the pandemic relating to COVID -19 on the recoverability of lease rentals. The Company on the basis of Internal assessment has made a provision of Rs.363.71 lakhs towards recoverability of revenue from lease rentals.
• 1. Figures for the previous period have been regrouped I reclassified to conform to the figures of the current period.

For and on behalf of the Board

\ Vyome^h M. Shah Managing Director DIN: 00009596

Place: Mumbai

Date; February 12,2021

ASSOCIATES LLP f 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 SEBl (Listing Obligations and Disclosures Requirements) Regulations, 2015 (as amended)

To,

The Board of Directors

Hubtown Limited

1. We have reviewed the accompanying statement 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 nine months ended 31, 2020, being submitted by the Parent pursuartt to the requirements of Regulation 33 of the SE lusting Obligations and Disclosure Requirements] Regulations, 2015 (as amended), including relevant Circulars issued by the SEBl 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 n lan Accounting Standard SH "interim Financial Reporting." ("Ind AS 34"), prescribed under Sertion 133 of the Companies Act, 2013, {' the Act'), read with relevant rules Issued thereunder ?nd other accounting principles generally accepted In India. Our responsibility is to express a conclusion on the Statement based on our review.

3 VVC conducted our review of the Statement in accordance with the Standard on Review Engasentents (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor ol the Entily" iasued by the Institute of Chartered Accountants of India. A review or Interim financial iniormation consists of makins inquiries, primarily of persons responsible for ^ matters, and appiyine analytical and other review procedures. A than an audit conducted in accordance with Standards on Auditing specified under section MS (10) J 11; companies Act, 2013 and consequently does not enable us to obtain assurance t at we would become aware of all signiilcant matters that might be identified in an audit Accordingly, we do . express an audit opinion.

Attention is drawn to the fact that the figures for the quarter ended December 31, 2019 nine months ended December 31, 2019 and the year ended March 31, 2020 included in the previously issued standalone financial results or standalone financials statements i L'viewed/Dudiied by predecessor Auditor.

we also pcriormed procedures in accordance with the circular issued by the SEBl under RSEMlation 33 iS) of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to Kxleni applicable.

4, This result includes the results of followinc entities:

Subsidiary Companies

I3T RA-I-..J 1 J •» 1--: yir\f\

• I. AkrulF Safeguard Systems Private Limited
• ii. Dlvintti Project Private Limited
• iii. Gujarat TC6 Biotech Limited
• iv. Citygold Education Research Limited
• . V. Sanas Developers Private Limited
  • vi. Varna Housing Limited
  • vii. Vega Developers Private Limited
  • viii. Yami Buildcon Private Limited
  • Ix. Citywood Builders Private Limited
  • X. Vishal Tecimo Commerce Limited
  • XI. Joyncst Premises Private Limited

Associate Companies

• i. Vlnca Developers Private Limited
• li. Shubhsidhhi Builders Private Limited
• iii. Whilebud Developers Limited
• iv. Giraffe Developers Private Liniited

Joint Venture nnd Partnership Firms / AOP

• i. Hubtown Bus Terminal (Adajan) Private Limited
• II. Hubtow.'n Bus Terminal (Ahmedabad) Private Limited
• iii. Hublov;n Bus Terminal (Mehsana) Private Limited
• fv. Hubiown Bus Terminal (Vadodara) Private Limited
• V, Joyous Housing Limited
• vi. Rare Townships Private Limited
• vii. Sunsueam City Private Limited
• viii. Twenty Five South Realty Limited (formerly known as Hoary Realty Limited)

b. Basis ot Opinion

• a. As Stared in Note No. 7 to the consolidated Financial result of the company for the quarier and nine month ended 31"-' December, 2020 with regards ifie company not having provided for interest amounting to Rs. 8918.74 Lakhs on certain inter-corporate deposits, advances and debentures in current quarter. Consequent to above, finance cost for the .quarter and nine months ended 31^' December, 2020 has been understated by Rs. S91S.74 Lakhs and Rs. 24996.45 Lakhs respectively resulting in consequent decrease In the loss for the quarter and nine month ended 31" December, 2020 to that extent.
• b. As stated in Note No. 8 to the consolidated financial result of the company for the quarter and nine month ended 31" December, 2020 with regards tlie company not having recogni£ed finance income from deep discount bonds held in one of its joint venture entities. ConsequeniJy, finance income for the quarter and nine months, ended 31" December, 2020 is undcrstaied by Rs. 7797,42 Lakhs and Rs. 23392.25 Lakhs respectively. Further losses for the quarter and nine months ended 31" December, 2020 are overstated to that extent.

6, Based on our review conducted and upon consideration of the review reports of the other auditors Inferred to in para 7 below, except for the Impact on the results of the matter described in para 5 above

nothing has come to our attentton that causes us to believe that the accompanying statements are piepared in accordance v/ith the applicable Indian Accounting Standards specitied under section 133 of the Companies Act, 2013 and SEBl circulars CIR/CFD/CMD/15/2015 dated 30'^ November, 20JS and ClR/crD/FAC/62/2016 dated 05^' July 2016 and other recognized accounting practices and policies has not disclosed the Infonnation required to be disclosed in terms of regulation 33 of the SEBI (Listing Obligations and disclosure requirements ) Regulations, 2015, including the manner in which it is to be disclosed or that it contains any Material Misstatement.

1. We did not review the interim financial results of 3 subsidiaries whose financial statements (before eliminating intercompany balances).reflect total revenue of Rs. 232.50 Lakhs. Total Net Profit after tax o( -S5.84 Lakhs and total comprehensive profit/ (Loss) of Rs.-SS.S'I Lakhs for the nine months ended 31'' Oecernber, 2020, considered in ihe statement. These financial results have been reviev./ed bv other auditors whose report has been furnished to us by the management. Our conclusion on the consolidated financial results in so far as it relates to the amounts and disclosures Included in respect ol ihese subsidiaries are based only on the review of such other auditor and the procedure performed by us as stated in para 3 above,

6' . We did not review the financial results of 8 subsidiaries whose financial information reflect (before uiicr-company elimination) total revenue of Rs. 812.61 lakhs, total net profit after tax or Its. -738.63 lakhs and total comprehensive profit/ (loss) of Rs. -738.63 lakhs for the nine months ended Oecernber 31, 2020. as considered in the statement. The result also includes the Group's share of net profit /(loss) (incluclrng oiher comprehensive Income) of Rs. 1,166.83 lakhs for"the nine months ended 31'^ December. 2020. as considered in the statement in respect of 8 joint ventures, whoso financial resuhs have not been reviewed by us, further we also did not review the financial results of 4 associates whose* aggregate share of net profit / (loss) amounting to Rs. 12.78 lakhs are also included In tiie staten>ern ihesc financial results are management reviewed and have been furnisiied to us by the maruigcmeoi and our opinion on the statement, in so far as it relates to the amcsunts and disclosures inciiided in respect of these subsidiaries, associates and joinfventure and our report in terms of Regulation 33 of trie SEBl (Listing Obligations and Disclosure Requirements) Regulations .7015, read with 5EBi Circulars ClR/CFD/CMD/15/2015 dated 30" November, 2015 and CIR/CrD/FAC/62/2D15 dated July, 2016 in so far as it relates to the aforesaid subsidiaries associates and joint venlures are based solely on the unaudited financial results.

Our conclusion on the consolidated financial results is not qualified in respect of the above matters stated in para 7 and 8 above

For J B T M &, Associates LLP Firm Registration No.: WlOO Chartered Accountants

0 Dhuirya Bhuta Partner Membership No,: 158889^

UDIN Mumbal, February 12,2021

oCCO'J^

HUBTOWN LIMITED

CIN; 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: investorceli@hublown.co.in ; Website : www.hubtown.co.in

Statement of Unaudited Consolidated Financial Results for the Quarter and Nine months ended December 31, 2020

	(? in Lakhs)
	Nine months endedQuarter ended						Year ended
	Particulars	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	a. Revenue from Operations	4,191	1,653	9,850	10,696	23,127	27,273
	b. Other Income	1,483	1,415	(121)	3,592	2,448	3,845
	Total Income (a+b)	5.674	3.068	9,729	14,288	25.575	31,118
2	Expenses
	a. Cost of construction and development	4,246	964	3,890	6,274	11.015	15,064
	b. Purchases of stock-in-trade	9	12	107	21	464	663
	c. Changes in inventories of work-in-progress finished
	properties and FSI	(3,343)	(2.539)	(5,492)	(7,363)	(15,285)	(20,314)
	d. Employee benefits expense	284	162	575	649	1,729	2.404
	e. Finance costs	4,525	2.028	1,345	8,329	11,750	13,894
	f. Depreciation and amortisation expense	93	99	98	279	347	437
	q. Provision for doubtful debts	353	-	-	353	3,725	6,674
	h. Irhpairment of Inventory on dissolution of Partnership firm	-	-	8,389	-	8,389	8,389
	i. Loss on account of NRV of Incomplete Project	-	-	-	2,515	-	-
	i. Loss on account of NRV of Finished Properties	-	1,413	-	1,413	-	-
	k. Advances and other debit balances written off	(2)	1,233	-	1,238	-	-
	I.Reduction in value of rights sold in earlier years	-	10,500	-	10,500	• -	-
	m. Other expenses	1,515	1,587	1,119	3,593	4,109	6,813
	Total Expenses (a+b+c+d+e+f+q+h+i+i+k+H	7.680	15.459	10,031	27.801	26,243	34,024
	Profit/(Loss) from operation before Exceptional Item and
3	Tax M-21	(2,006)	(12,391)	(301)	(13,513)	(668)	(2,906)
4	Add/(Less): Exceptional Item (net of tax expense)	-	-		-	-	-
5	Profit/(Loss) before Tax (3+/-4)	(2,006)	(12,391)	(301)	(13.513)	(668)	(2,906)
6	Tax Expense / (Credit)
	(Add)/Less:
	a. Current Tax	217	45	267	(81)	(116)	(299)
	b. Deferred Tax Charge / (Credit)	(72)	324	(3,425)	89	(3,054)	(1.428)
	c. Short / (Excess) provision for taxation in earlier year	-	415	-	415	-	-
	Total Tax expense (a+/-b+/-c)	145	784	(3,158)	423	(3,170)	(1,727)
7		(1.861)	(11,607)	(3,459)	(13,090)	(3,838)	(4,633)
	Net Profit/fLoss) for the oeriod f5+/-6)
8	Share of Profit/(Loss) of Associates and Joint Venture (net)	(88)	1,234	(598)	1,158	(1.025)	(1.429)
9	Goodwill on acquisition / consolidation adjusted		(0)	-	(5)	-	-
	10 Net Profit/(Loss) after tax and share of Associates and
	Joint Venture	(1,949)	(10,373)	(4.057)	(11,937)	(4,863)	(6,062)
11	Other comprehensive income (net of tax)	-	-	3	-	62	70
	1? Total comprehensive Income/fLoss) (9+/-10)	(1.949)	(10,373)	(4.054)	(11.937)	(4,801)	(5.992)
	13 Net Profit/(Loss) attributable to:
		(1.927)	(10,368)	(3,560)	(11,894)	(4.348)	(6,074)
	- Owners of the Parent	(22)	(5)	(497)	(43)	(515)	12
	- Non-controllinq interest
	14 Other comprehensive income attributable to :
	- Owners of the Parent	-	-	3	-	62	70
	- Non-controlling interest	-	-	-	-	-	-
	15 Total comprehensive income attributable to:
	- Owners of the Parent	(1,927)	(10,368)	(3,557)	(11,894)	(4,286)	(6,004)
	- Non-controlling interest	(22)	(5)	(497)	(43)	(515)	12
	16 Paid-up Equity Share Capital - Face Value ? 10 each	7,274	7,274	7,274	7,274	7,274	7,274
	17 Other Equity (Excluding Revaluation Reserve)						145,965
	18 Earnlnq per Share (EPS) of? 10 each (not annuaiised)
	Basic EPS (?)	(2.68)	(14.26)	(5.58)	(16.41)	(6.69)	(8.33)
	Diluted EPS (?)	(2.68)	(14.26)	(5.58)	(16.41)	(6.69)	(8.33)

1-. UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,2020

NOTES:

• 1. T he 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, February 12, 2021.
• Given the nature of real estate business, the profit I losses do not necessarily accrue evenly over the period and as such, the results of a quarter I nine months may not be representative of the profits I losses for the period.
• 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.

							(Rs. in lakhs)
Sr.No.	Particulars	Quarter Ended			Nine Months ended	Yearended
		31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
1.	Total income*	5,528	2,884	10,923	12,454	24,521	28,836
2.	Profit / (Loss)before Tax	(1043)	(12,339)	848	(13552)	(665)	(3,855)
3.	Profit / (Loss)after Tax	(899)	(12,272)	(2.325)	(130,50)	(3.870)	(5,947)
4.	TotalComprehensiveincome / (Loss)	(899)	(12,272)	(2.325)	(13,050)	(3.810)	(5,887)

1. Key information on Unaudited Quarterly Standalone Financial Results:

* - includes income from operations and other income.

• 1. The Company has not provided interest amounting to Rs. 8,918.74 lakhs for the quarter ended December 31, 2020 and Rs. 24,996.45 lakhs for nine months ended December 31, 2020. The company is in process of re-negotiating the terms I waiver of interest by respective lenders.
• The Company has not recognized finance income during the quarter ended December 31,2020 amounting to Rs. 7,797.42 lakhs (Rs. 23,392.25 lakhs for nine months ended December 31, 2020) 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. The Pandemic and the iockdown imposed to flatten the curve of infection spread have caused an unprecedented and a massive impact on the entire economy and business operations. The Company has considered the possible effects that may result from the pandemic relating to COVID -19 on the recoverability of lease rentals. The Company on the basis of internal assessment has made a provision of Rs. 363.71 lakhs towards recoverability of revenue from lease rentals.
• 1. Figures for the previous period have been regrouped I reclasslfied to conform to the figures of the current period.

Place; Mumbai Date: February 12,2021

Vyomesh M. Shah Managing Director DIN: 00009596