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Marathon Nextgen Realty Ltd Interim / Quarterly Report 2021

Aug 26, 2020

60508_rns_2020-08-26_0917b92e-c5ab-4a2c-bfd2-79bc85e4868c.pdf

Interim / Quarterly Report

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MARATHON NEXTGEN REALTY LIMITED

Regd. Off.: Marathon Futurex, N.M. Joshi Marg, Lower Parel, Mumbai 400 013 Tel.: +91-22-6724 8484 Fax: +91-22-6772 8408 CIN: L65990MH1978PLC020080 E-mail: [email protected] Website: www.marathonnextgen.com


August 26, 2020 To

The BSE Limited The NSE Limited Dept. of Corporate Services Listing Department P. J. Towers, Dalal Street BKC, Bandra (E) Mumbai 400 001 Mumbai 400 051 Scrip Code: 503101 Symbol: MARATHON

Sub: Un-Audited Financial Results - First Quarter ended on June 30, 2020- Reg. 33 of SEBI (LODR) Regulations, 2015

Dear Sirs,

In compliance with the provisions of Regulation 33 of SEBI (LODR) Regulations, 2015, please find enclosed the Un-Audited Financial Results (Standalone and Consolidated) - First Quarter ended on June 30, 2020 as approved by the Board of Directors at its meeting held on August 26, 2020 alongwith the Limited Review Report.

Kindly take the same on your record.

Commencement Time: 4.40 p.m. Concluded Time: 6.35 p.m. Yours faithfully,

For Marathon Nextgen Realty Limited

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K. S. Raghavan Company Secretary & Compliance Officer

Encl:. as above

CHARTERED ACCOUNTANTS

R A J E N D R A & C O.

1311 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel: 22 85 5770 Fax: 22 83 4243 E-mail:[email protected]

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

Review Report To The Board of Directors Marathon Nextgen Realty Limited

  1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Marathon Nextgen Realty Limited (the "Parent”) which includes its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and joint ventures for the quarter ended June 30, 2020 (the "Statement'') attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Regulations”), as amended, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016 (“the Circular”).

  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 recognition and measurement principles laid down in Indian Accounting Standard 34. (Ind AS 34) “Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules 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 by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and performed the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

  1. The statement includes the result of following entities:
Sr No. Name of entity Relationship
1 Marathon Nextgen RealtyLimited Holding Company
2 Marathon Nextgen Townships Private Limited Wholly owned subsidiary
3 Terrapolis Assets Private Limited Wholly owned subsidiary
4 SanvoResortsPrivateLimited Subsidiary
5 Columbia Chrome (India) Private Limited Joint Venture
6 Swayam Realtors &TradersLLP Joint Venture

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R A J E N D R A & C O.

CHARTERED ACCOUNTANTS

1311 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel: 22 85 5770 Fax: 22 83 4243 E-mail:[email protected]

  1. Attention is drawn to the fact that the figures for the quarter ended March 31, 2020 as reported in this Statement are the balancing figures between audited figures in respect of full previous financial year and the published year to date figures up to the end of third quarter of the previous financial year. The figures up to the end of third quarter of the previous financial year had only been reviewed and not subject to audit.

  2. a) The Statement also includes financial results of two subsidiaries, whose financial information reflects total revenues of Rs. 24.46 Lakhs, total net loss after tax and total comprehensive income of Rs. 218.35 Lakhs for the quarter ended June 30, 2020 and Group's share of net loss (including other comprehensive income) of Rs. 0.02 Lakhs for the quarter ended June 30, 2020, as considered in the Statement, in respect of one joint venture, whose financial statements have not been reviewed by us. These financial statements have been reviewed by other auditors whose reports 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 entities, are based solely on the report of the other auditors.

  3. b) The Statement also includes Group’s share of net profit (including other comprehensive income) of Rs. 38.18 Lakhs for the quarter ended June 30, 2020, as considered in the Statement, in respect of one joint venture, whose financial statement is certified by the Management. Our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the Joint venture, is based solely on the Management certified accounts.

Our Opinion is not modified in respect of these above maters.

  1. Based on our review conducted as stated 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 the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5thJuly, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Rajendra & Co.

Chartered Accountants Firm Registration No 108355W

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Akshay R. Shah

Partner

Membership No.103316 Mumbai UDIN: 20103316AAAADA1817 Date: August 26, 2020

MARATHON NEXTGEN REALTY LIMITED

Regd.Office : Marathon Futurex, N.M. Joshi Marg, Lower Parel (West), Mumbai 400 013.

CIN - L65990MH1978PLC020080

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020

|||(**. in Lakhs - Except EPS)**|**(**. in Lakhs - Except EPS)|(**. in Lakhs - Except EPS)**|**(**. in Lakhs - Except EPS)|
|---|---|---|---|---|---|
||Particulars|Consolidated Quarter Ended|||Consolidated
Year Ended|
|||30 June 2020|31 March 2020|30 June 2019|31 March 2020|
|||Un-Audited|Un-Audited|Un-Audited|Audited|
|1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19|Revenue from operations
Other income
Total Income (1+2)
Expenses:
(a) Property development expenses
(b) Changes in inventories
(c) Employee benefits expense
(d) Finance costs
(e) Depreciation
(f) Other expenses
Total expenses
Profit/(loss) before exceptional items and tax (3-4)
Exceptional Items
Profit/(Loss) before tax (5-6)
Tax expense:
(a) Current tax
(b) Deferred tax
(c) Excess/Short provision of earlier year
Total tax expense
Profit/(Loss) for the period (7-8)
Share of Profit/(loss) of Joint Ventures
Net Profit/(loss) for the period (9+10)
Other Comprehensive Income(OCI)
(a) Items that will not be reclassified to profit or loss
(b) Income tax relating to items that will not be reclassified to
profit or loss
Total Other Comprehensive Income
Total Comprehensive Income for the period (11+12)
Profit for the year attributable to:
(i) Owners of the Company
(ii) Non-controlling interest
Other Comprehensive Income for the year attributable to:
(i) Owners of the Company
(ii) Non-controlling interest
Total Comprehensive Income for the year attributable to:
(i) Owners of the Company
(ii) Non-controlling interest
Paid-up equity share capital
Earnings per equity share (Face value of
```
. 5/- each)
Basic and Diluted
Other Equity (Excluding Revaluation Reserve)|5,867.22
270.52|4,194.64
(1,244.66)|6,043.15
643.90|24,113.22
830.12|
|||6,137.74|2,949.98|6,687.05|24,943.34|
|||1,486.34
2,023.77
113.90
1,027.99
78.84
113.02|5,151.23
(3,107.93)
135.20
932.48
153.25
1,093.56|3,014.86
1,050.87
318.25
901.28
132.00
316.33|12,888.27
1,535.31
1,118.66
4,102.00
567.70
2,137.89|
|||4,843.86|4,357.79|5,733.59|22,349.83|
|||1,293.89
-|(1,407.81)
-|953.46
-|2,593.51
-|
|||1,293.89|(1,407.81)|953.46|2,593.51|
|||319.52
(170.18)
-|(356.00)
141.12
-|305.07
(21.52)
(0.35)|637.00
(100.64)
(0.35)|
|||149.34|(214.88)|283.19|536.01|
|||1,144.55|(1,192.93)|670.26|2,057.50|
|||38.16|88.98|150.91|436.90|
|||1,182.71|(1,103.95)|821.17|2,494.40|
|||(5.15)

1.46|(11.78)
3.36|(3.85)
(0.17)|(21.97)
6.18|
|||(3.69)|(8.42)|(4.02)|(15.79)|
|||1,179.01|(1,112.38)|817.16|2,478.61|
|||1,136.55
46.16|(630.23)
(473.71)|674.33
146.84|2,408.01
86.39|
|||1,182.71|(1,103.95)|821.17|2,494.40|
|||(3.62)
(0.07)|(7.94)
(0.48)|(3.64)
(0.38)|(14.44)
(1.35)|
|||(3.69)|(8.42)|(4.02)|(15.79)|
|||1,132.92
46.09|(638.18)
(474.19)|670.70
146.46|2,393.57
85.04|
|||1,179.01|(1,112.38)|817.16|2,478.61|
|||2,300.00|2,300.00|2,300.00|2,300.00|
|||2.47|(1.37)|1.47|5.23
57,025.17|

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Note

  • 1 The unaudited financial results, after review by the Audit Committee, have been approved and taken on record by the Board of Directors at its meeting held on August 26, 2020. The Statutory Auditors of the Company have carried out a "Limited Review" of the results for the quarter ended June 30, 2020 in terms of Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements ) Regulation, 2015.

  • 2 The unaudited financial results are prepared in accordance with the principles of Indian Accounting Standard(Ind AS) as notified under the Companies (Indian Accounting Standard) Rules 2015 specified in Section 133 of the Companies Act, 2013.

  • 3 The figures for the quarter ended March 31, 2020 are the balancing figure between the audited figures for the respective full financial year and the unaudited result published for the nine months ended December 31, 2019.

  • 4 Based on the “management approach” as defined in Ind AS 108 – Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Group’s performance and allocates resources based on an analysis of various performance indicators of business segment/s in which the company operates. The Group is primarily engaged in the business of real estate development which the Management and CODM recognise as the sole business segment. Hence, disclosure of segment-wise information is not required and accordingly not provided.

  • 5 Provision for taxes for the quarter ended June 30 ,2020 is after availing Minimum Alternate Tax Credit of ``` . 59.07 Lakhs. 6 The share of Profit for the quarter ended June 30, 2020 from the Swyam in which Company is partner is accounted on the basis of accounts approved by the management.

  • 7 The Group is actively monitoring the impact of the global health pandemic on its financial condition, liquidity, operations, suppliers, industry, and workforce. The operations of the Group were impacted due to the stoppage of work at its project sites and corporate office following the nationwide lockdown by the Government of India on March 23, 2020. The various sites were impacted due to the lockdown for different periods of time, depending on their location and local regulations. Through this quarter, the Group has resumed its operations in a phased manner as per the directives issued by the Government of India and local authorities. The Group has used the principles of prudence in applying judgments, estimates and assumptions based on current assessments. In assessing the recoverability of assets such as inventories, financial assets and other assets, based on current indicators of future economic conditions, the Group expects to recover the carrying amounts of its assets. The extent to which COVID-19 impacts the operations will depend on future ~~developments which remain uncertain.~~

  • 8 Figures for the previous period are reclassified/re-arranged/re-grouped, wherever necessary.

Place : Mumbai Date : August 26, 2020

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For MARATHON NEXTGEN REALTY LTD CHETAN R SHAH CHAIRMAN AND MANAGING DIRECTOR

R A J E N D R A & C O. CHARTERED ACCOUNTANTS

1311 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel: 22 85 5770 Fax: 22 83 4243 E-mail:[email protected]

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

Review Report To The Board of Directors Marathon Nextgen Realty Limited

  1. We have reviewed the accompanying statement of unaudited standalone financial results of Marathon Nextgen Realty Limited (the "Company") for the quarter ended June 30, 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, as amended (the "Listing Regulations''), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016 (“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, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, 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 by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

  4. Attention is drawn to the fact that the figures for the quarter ended March 31, 2020 as reported in this Statement are the balancing figures between audited figures in respect of full previous financial year and the published year to date figures up to the end of third quarter of the previous financial year. The figures up to the end of third quarter of the previous financial year had only been reviewed and not subject to audit.

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R A J E N D R A & C O. CHARTERED ACCOUNTANTS

1311 Dalamal Tower 211 Nariman Point Mumbai 400021 Tel: 22 85 5770 Fax: 22 83 4243 E-mail:[email protected]

  1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5[th] July, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement

For Rajendra & Co. Chartered Accountants

Firm Registration No 108355W

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Akshay R. Shah Partner Membership No.103316 Mumbai UDIN: 20103316AAAACZ2980 Date: August 26, 2020

MARATHON NEXTGEN REALTY LIMITED

Regd.Office : Marathon Futurex, N.M. Joshi Marg, Lower Parel (West), Mumbai 400 013.

CIN - L65990MH1978PLC020080

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020

|||(**. in lakhs - Except Equity share data)**|**(**. in lakhs - Except Equity share data)|(**. in lakhs - Except Equity share data)**|**(**. in lakhs - Except Equity share data)|
|---|---|---|---|---|---|
|Particulars||Standalone
Quarter Ended|||Standalone
Year Ended|
|||30June 2020|31 March 2020|30June 2019|31 March 2020|
|||Un-Audited|Un-Audited|Un-Audited|Audited|
|1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16|Revenue from operations
Other income
Total Income (1+2)
Expenses:
(a) Property development expenses
(b) Changes in inventories of finished goods, work-in-progress
and stock-in-trade
(c) Employee benefits expense
(d) Finance costs
(e) Depreciation and Amortisation
(f) Other expenses
Total expenses
Profit/(loss) before exceptional items and tax (3-4)
Exceptional Items
Profit/(Loss) before tax (5-6)
Tax expense:
(a) Current tax
(b) Deferred tax
(c) Excess/Short provision of earlier year
Total tax expense
Profit/(Loss) for the period (7-8)
Share of Profit/(loss) of Joint Ventures
Net Profit/(loss) for the period (9+10)
Other Comprehensive Income(OCI)
(a) Items that will not be reclassified to profit or loss
(b) Income tax relating to items that will not be reclassified to
profit or loss
Total Other Comprehensive Income
Total Comprehensive Income for the period (11+12)
Paid-up equity share capital
Other equity
Earnings per equity share (Face value of Rs. 5/- each)
Basic and Diluted|1,479.24
289.76|1,597.13
289.21|1,484.59
232.24|8,127.00
1,121.72|
|||1,769.00|1,886.34|1,716.83|9,248.72|
|||500.84

(500.84)
55.82
718.88
68.29
99.97|809.72
(809.72)
72.03
637.42
127.64
324.62|493.22
(493.22)
179.12
718.68
103.18
171.52|2,155.61
(999.05)
627.76
2,866.34
455.74
1,016.22|
|||942.96|1,161.71|1,172.50|6,122.62|
|||826.04
-|724.63
-|544.33
-|3,126.10
-|
|||826.04
144.00
(167.97)
-|724.63
125.00
135.42
-|544.33
116.25
(18.02)
(0.35)|3,126.10
537.00
(96.31)
(0.35)|
|||(23.97)|260.42|97.88|440.35|
|||850.01|464.21|446.45|2,685.75|
|||437.10|-|754.73|754.73|
|||1,287.12|464.21|1,201.18|3,440.47|
|||(4.12)
1.20|(9.85)
2.87|(2.21)
(0.64)|(16.49)
4.80|
|||(2.92)|(6.98)|(2.86)|(11.69)|
|||1,284.20
2,300.00
2.80|457.23
2,300.00
1.01|1,198.32
2,300.00
2.61|3,428.78
2,300.00
60,809.67
7.48|

Note

  • 1 The unaudited financial results, after review by the Audit Committee, have been approved and taken on record by the Board of Directors at its meeting held on August 26, 2020. The Statutory Auditors of the Company have carried out a "Limited Review" of the results for the quarter ended June 30, 2020 in terms of Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements ) Regulation, 2015.

  • 2 The unaudited financial results are prepared in accordance with the principles of Indian Accounting Standard(Ind AS) as notified under the Companies (Indian Accounting Standard) Rules 2015 specified in Section 133 of the Companies Act, 2013.

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  • 3 Provision for current tax for the quarter ended June 30, 2020 is after utilising MAT credit of ``` . 59.07 Lakhs.

  • 4 The figures for the quarter ended March 31, 2020 are the balancing figure between the audited figures for the respective full financial year and the unaudited result published for the nine months ended December 31, 2019

  • 5 Based on the “management approach” as defined in Ind AS 108 – Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company’s performance and allocates resources based on an analysis of various performance indicators of business segment/s in which the company operates. The Company is primarily engaged in the business of real estate development which the Management and CODM recognise as the sole business segment. Hence, disclosure of segment-wise information is not required and accordingly not provided.

  • 6 During this quarter company has recognised ``` .437.10 Lakhs share of profit for the year ended March 31,2020 from LLP where company is partner as right to receive is established.

  • 7 The Company is actively monitoring the impact of the global health pandemic on its financial condition, liquidity, operations, suppliers, industry, and workforce. The operations of the Company were impacted due to the stoppage of work at its project sites and corporate office following the nationwide lockdown by the Government of India on March 23, 2020. The various sites were impacted due to the lockdown for different periods of time, depending on their location and local regulations. Through this quarter, the Company has resumed its operations in a phased manner as per the directives issued by the Government of India and local authorities. The Company has used the principles of prudence in applying judgments, estimates and assumptions based on current assessments. In assessing the recoverability of assets such as inventories, financial assets and other assets, based on current indicators of future economic conditions, the Company expects to recover the carrying amounts of its assets. The extent to which COVID-19 impacts the operations will depend on future developments which remain uncertain.

  • 8 Figures for the previous period are reclassified/re-arranged/re-grouped, wherever necessary.

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Place : Mumbai Date : August 26, 2020

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For MARATHON NEXTGEN REALTY LTD

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CHETAN R SHAH CHAIRMAN AND MANAGING DIRECTOR