NCC Limited — Interim / Quarterly Report 2019

Nov 13, 2018

Ref : NCCVUAFR/Sep-18/Reg 30&33/2018

November 13 2018

The Sec.etary National Stock Exchange ol lndia Ltd 5m Floor, Exchange Plaza, Bandra - Kurla Complex, Bandra (E), MUMBAI .500 051. Fax No:022 - 2659 8237 / 38

The Secretary Bombay Stock Exchange Ltd, 1't Floor, New Trading R ng Rotunda Building, P J Towers Dalal Street, Fort MUMBAT-400001. F ax : 022-22722037 139

Dear Si(s)

Sub: lntimation under ReSulations 30 & 33 of the Securities and Ex.hange Board of lndia (Listing ObliSations and Disclosure Requirements) Regulations,2015, as amended regarding the outcome of Eoard Meeting held on 13th November,2o18.

Rel : Sc.ip Code. BSE-500294 & NSE- NCC

ln compliance with Regulation 33 & 30 of the SEBI (Listing Obligations and Oisclosure Requirements), Regulations, 2015, we are enclosing herewith the Un-Audited Financaal Results for the Second Quarter and Half Year ended 3Oh September,2olS (gtandalone & consolidated) which have been reviewed by the Audit Committee at its meeting held on 12s November,2o18 and approved by the Board at its meeting held today i.e., 13rh November, 2018 and also the Limited Review Report furnished by the Statutory Auditors of the Company. We are also foMarding herewith the press release being issued in this connection The meeting of the Board of Directors of the Company commenced at 10.00 a m and concluded at 1.30 p.m

We would request you to please take on record the above and host the same on your website tor dissemination to the public

Kindly acknowledge the receipt.

Thanking you,

Yours faithfully

For NCC LIMITED.

,,"H6.tan** Company Secretary & EVP (L) Encl : As above

								CIN: L72200TG1990PLC011146	NCC Limited
	STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2018														Registered Office: NCC HOUSE, Madhapur, Hyderabad-500 081, Tel: 040-23268888, Fax: 040-23125555, email: ncc.ho@nccltd.in Website: www.ncclimited.comSTATEMENT OF UNAUDIT
													(₹ in Crores)
			Quarter ended		STANDALONEHalf year ended		Year ended		Quarter ended		CONSOLIDATED	Half year ended	Year ended	SI	Particulars
Sl no	Particulars	30.09.18	30.06.18	30.09.17	30.09.18	30.09.17	31.03.18	30.09.18	30.06.18	30.09.17Unaudited	30.09.18	30.09.17Unaudited	31.03.18	no$\Lambda$	ASSETS
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited	Unaudited	Unaudited	(Refer note 2)	Unaudited	(Refer note 2)	Audited
-1	Incomea) Revenue from Operations	3104.81	2359.60	1300.12	5464.41	3313.85	7559.33	3242.76	2513.13	1503.97	5755.89	3707.90	8390.64		Non - current assetsProperty, plant and equipment
	b) Other Income	33.07	29.54	42.24	62.61	63.11	115.83	19.17	17.68	32.76	36.85	48.50	101.36		Capital work in progress
	Total Income	3137.88	2389.14	1342.36	5527.02	3376.96	7675.16	3261.93	2530.81	1536.73	5792.7	3756.40	8492.00		Investment property
$\overline{2}$	Expensesa) Cost of materials consumed	1326.85	899.45	429.82	2226.30	1035.18	2935.28	1347.38	937.38	488.17	2284.70	1145.1	3162.22		Investment property under constructionGood will
	b) Changes in inventories of work in progress			(42.82)		121.13	(158.74)	5.74	(5.08)	(45.22)	0.66	110.23	(107.02)		Other intangible assets
	c) Construction expenses	216.47	183.68	134.35	400.15	384.58	767.90	218.77	205.33	173.34	424.10	468.63	928.24		Financial assets
	d) Sub-Contractor work billsc) Employee benefits expense	1019.42	846.49	527.73	1865.91	1215.72	2586.61	1073.00	888.22	582.40	1961.22	1329.85	2798.61		a) Investments in Associates
	f) Finance costs	107.78108.16	97.39101.56	85.7988.76	205.17209.72	167.33174.88	364.11378.94	121.21125.67	114.23119.84	108.70107.11	235.44245.51	214.07215.37	453.32459.56		b) Other Investmentsc) Loans
	g) Depreciation and amortisation expenses	35.72	34.33	29.04	70.05	56.59	117.47	47.71	45.82	44.27	93.53	87.40	171.51		d) Trade Receivables
	h) Other expenses	69.20	64.83	40.90	134.03	94.58	209.29	75.80	64.46	51.24	140.26	115.03	275.88		c) Other financial assets
$\overline{\mathbf{3}}$	Total ExpensesProfit from operations before exceptional items and tax (1-2)	2883.60254.28	2227.73161.41	1293.5748.79	5111.33415.69	3249.99126.97	7200.86474.30	3015.28246.65	2370.20160.61	1510.0126.72	5385.48407.26	3685.7270.68	8142.32349.68		Deferred tax assets (Net)
-4	Exceptional Items (net) (Refer note 6)	(47.50)		(58.98)	(47.50)	(46.56)	(106.56)	(40.00)		(58.99)	(40.00)	(46.57)	(124.08)		Non Current tax assets (Net)Other non current assets
5	Share of (Loss) of Associates							(1.62)	(1.76)	(0.98)	(3.38)	(2.58)	(6.71)
$\epsilon$	Profit / (Loss) before tax (3+4+5)	206.78	161.41	(10.19)	368.19	80.41	367.74	205.03	158.85	(33.25)	363.88	21.53	218.89		Total non - current assets
7	Tax expensea) Current tax	81.55	65.54		147.09										Current assets
	b) Deferred tax	(0.42)	(7.80)	(26.34)(4.15)	(8.22)	6.85(10.17)	96.86(15.92)	81.900.58	65.70(9.01)	(26.27)(4.09)	147.60(8.43)	7.01(10.87)	99.36(19.20)		InventoriesFinancial assets
	Total tax expense	81.13	57.74	(30.49)	138.87	(3.32)	80.94	82.48	56.69	(30.36)	139.17	(3.86)	80.16		a) Other Investments
	Net Profit / (Loss) after tax (6-7)	125.65	103.67	20.30	229.32	83.73	286.80	122.55	102.16	(2.89)	224.71	25.39	138.73		b) Trade receivables
	Attributable to:Shareholders of the Company														c) Cash and cash equivalents
	Non-Controlling interests							122.510.04	102.72(0.56)	(3.01)0.12	225.23(0.52)	24.860.53	168.63(29.90)		d) Bank balances other than abovec) Loans
9	Other comprehensive income / (loss)														f) Other financial assets
	Items that will not be reclassified to profit or loss														Current tax assets (Net)
	a) Remeasurements of the defined benefit plansb) Share of other comprehensive income in Associates	(0.83)	(0.75)	(0.38)	(1.58)	(0.77)	(3.01)	(0.83)	(0.75)	(0.39)	(1.58)	(0.78)	(2.89)		Other current assetsTotal Current assets
	c) Income tax relating to items that will not be reclassified to profit or loss	0.29	0.26	0.13	0.55	0.27	1.05	0.29	$\blacksquare$0.26	0.13	0.55	0.27	(0.01)1.01		Total assets
	Items that may be reclassified to profit or loss
	a) Exchange differences on translation of foreign operations	0.38	0.45	0.07	0.83	0.05	(0.02)	1.12	14.00	1.84	15.12	5.26	7.12		B EQUITY AND LIABILITIES
	b) Income tax relating to items that may be reclassified to profit or loss	(0.13)(0.29)	(0.16)(0.20)	(0.02)(0.20)	(0.29)(0.49)	(0.02)	0.01	(0.13)	(0.16)	(0.02)	(0.29)	(0.01)	0.01		Equity
10	Total comprehensive income (8+9)	125.36	103.47	20.10	228.83	(0.47)83.26	(1.97)284.83	0.45123,00	13.35115.51	1.56(1.33)	13.80238.51	4.7430.13	5.24143.97		Equity share capitalOther equity
	Attributable to:														Equity attributable to shareholders of the compa
	Shareholders of the Company							122.96	116.07	(1.45)	239.03	29.60	173.86		Non-Controlling Interests
	Non-Controlling interests							0.04	(0.56)	0.12	(0.52)	0.53	(29.89)		Total Equity
-1112	Paid up Equity Share Capital (Face Value ₹ 2/- per Share)Other Equity (excluding Revaluation Reserves) as shown in the Audited	120.13	120.13	111.19	120.13	111.19	120.13	120.13	120.13	111.19	120.13	111.19	120.13		Liabilities
	Balance Sheet of the previous year						4121.52						3962.39		Non-current liabilitiesFinancial liabilities
13	Earnings Per Share (of ₹2/- each) for the period (not annualised)														a) Borrowings
Notes:	Basic and Diluted	2.09	1.73	0.37	3.82	1.51	5.09	2.04	1.71	(0.05)	3.75	0.45	2.99		b) Trade PayablesProvisions
	The above results have been reviewed by the Audit Committee at its meeting held on November 12, 2018 and approved by the Board of Directors of the Company at its meeting held on November 13, 2018.														Other non current liabilities
$\overline{\mathbf{2}}$	The Statutory Auditors have carried out limited review of the Unaudited Standalone and Consolidated financial results for the quarter and half year ended September 30, 2018. The Company has availed the option to submit the														Total non-current liabilities
	results from the quarter ended June 30, 2018 onwards. The comparable figures of the consolidated financial results for the quarter and half year ended September 30, 2017 have not been audited or reviewed by the statutory aprepared by Management based on the books of account including financial results/information of the material components reviewed by the respective auditors. Management has exercised necessary due diligence to ensure that t														Current liabilities
	financial results for the comparable periods provide a true and fair view of the Company's affairs.														Financial liabilitiesa) Borrowings
	The Company's operations primarily consists of Construction / Project activities and there are no other reportable segments under Ind AS 108 "Operating Segments".														b) Trade payables:
	Consequent to the introduction of Goods and Services Tax (GST) with effect from July 1, 2017, Central Excise, Value Added Tax (VAT), Service Tax etc. have been replaced by GST. In accordance with Indian Accounting Standard														Dues to micro & small enterprises
	of the Companies Act, 2013, GST is not included in Revenue from operations in post GST periods. Therefore, Revenue from operations for the half year ended September 30, 2018 is not comparable with the corresponding period														Dues other than micro & small enterpc) Other financial liabilities
5	During the quarter, the Company has issued and allotted 92,00,000 Convertible Warrants at a price of ₹ 119.37 per Warrant on Preferential basis to the promoters of the Company, entiting it for the subscription of equivalen														Provisions
	of ₹ 2/- each (at a premium of ₹ 117.37 per share) as per the provisions of Chapter VII of the SEBI ICDR Regulations. The Company has received the upfront payment of 25% of total consideration as per the said regulations.														Current tax liabilities (net)
															Other current liabilities
$\epsilon$	(a) In Standalone Financials, exceptional item of ₹47.50 crores for second quarter and half year ended September 30, 2018 comprise of ₹40.00 crores towards adverse arbitration award in respect of a project undertaken by an														Total current liabilities
	company and ₹ 7.50 crores towards non-recoverability of advances from overseas subsidiaries.
	(b) In Consolidated Financials, exceptional item of ₹ 40.00 crores for the second quarter and half year ended September 30, 2018 is towards adverse arbitration award in respect of a project undertaken by an overseas subsid														Total liabilities
÷,
	The new accounting standard Ind AS 115 (Revenue from Contracts with Customers) is effective from April 1, 2018. The Company has chosen to apply the modified retrospective approach and hence it has changed its income recognline with Ind AS 115 and the impact of the same on the financial results for the quarter and half year ended September 30, 2018 is not material. Under modified retrospective approach, the comparatives for the previous perito be restated and hence are not comparable with the current period.														Total equity and liabilities
													Lim i
			O18ASS
		$B_{\mathcal{A}}$	CHARTERED
	Place: HyderabadDate: 13.11.2018	$\alpha$ഗ	ACCOUNTANTS	চ								Q erap

$\mathbf{I}$

ITED ASSETS AND LIABILITIES(₹ in Crores)CONSOLIDATEDSTANDALONE30.09.1830.09.1831.03.1831.03.18UnauditedUnauditedAuditedAudited1079.641009.43832.68747.8342.0144.7323.2622.93192.92128.18123.4558.6568.1068.1018.8513.051.321.581.321.58202.03257.5745.11111.29246.99247.82911.639124539.40500.89487.2738.67199.96209.92199.50183.3093.28301.19308.1481.43179.25199.33190.90187.4746.1545.2044.0043.1648.0747.70298.12290.172876.842931.982770.643097.511366.882830.44462.221695.56124.11114.070.000.005806.284969.445363.954505.6459.1294.5076.0679.8054.8041.6317.926.7768.6561.61143.61145.17157.58158.61147.48120.6663.9861.9857.3756.692845.341334.123030.601323.897923.7310767.389637.739117.6912215.2010800.5713699.3612408.37120.13120.13120.13120.134305.894121.524161.033962.394426.024241.654281.164082.52296.34300.254241.654577.504426.02118.54398.44211.09434.67124.31128.93125.18128.5015.1815.1057.6249.53132.25705.15354.77257.95753.471286.901045.091696.671441.411.010.921.013585.294036.423387.274215.87erprises191.31347.77307.91149.4531.4528.8132.1229.5337.7537.721849.601689.432037.207434.416300.978368.397789.186558.929121.8612215.2010800.5713699.36
	ipany
			4382.77
			132.00
			0.92
			0.03
			1955.36
			7320.45
			8025.60
			12408.37

By order of the Board for NCC Limited $\sqrt{ }$

ARRET

PRESS REI.EASE

Stondolohel Second Quo ar

NCC Limited [NCC] reported o loiol income ot I 3137.88 Crore (including olher income) for the 2nd quorter ot'the curent yeor os ogoinsl 41342.36 Crore in lhe coresponding quorler ol lhe provious yeor, resulting o giowlh ol 134%. Ihe Compony hos reported on EBIDTA ol (365.09 Crore ond o Nel Proit ot1125,65 Crore (]5 ogoinsl {124.35 Crore ond 120.30 Crore repoded respeclively in lhe coresponding quorter ol the previous yeor. The compony hos posled on EPS of 12.09 for 2nd quorter os ogoinsl {0.37 in lhe conesponding quorler of lhe previous yeor. The nel profit increosed by 5 times over the conesponding quorler ol the previous yeor.

Slx monlh. p.rlod

The compony hos reported o lotol income ot 15527,02 Crore tor lhe six months pedod of lho cunenl yeor os ogoinsl13376.96 Crore in the coresponding six months pedod of the previous yeor. The compony hos reporled on EBIDTA of ?632.85 Crora ond Nel Prof,l ot 4229.32 Crore for the six monlhs pedod ended 30th September, 2018 os ogoinsl 1295.33 Crore ond 183.73 Crore reporled respeclively in lhe conesponding period of the previous yeor. The compony hos posted on EPS ol {3.82 for lhe six monlhs pedod os ogoinst t1.51 in lhe coresponding six months of lho previous yeor.

Contolldqlod:

Sccond Quorter

On consolidotion bosis, the Compony hos reporled o lumover of 13261.93 Crore for lhe 2nd quorter of the cunent yeor os ogoinst tI536.73 Cro.e in the coresponding quorter of the previous yeor, resulting on lncreore ol ll2%. Ihe Compony hos reporied on EBIDIA o, 1400,86 Crore ond o Nel Profit of {122.55 crore os ogoinsl t145.34 Crore ond net loss of 12.89 Crore respectivev in lhe conesponding quorler of the previous yeor.

Slx moirlhs perlod:

Ihe Compony hos .eporled o tumover ot ?5792.74 Cror. for lhe six monlhs ol the cuneni yeor os ogoinsl {3756.40 Crore in fhe corresponding six months of the previous yeor. EBIDTA ol 1709.45 Crore ond Nat Piofil ol 1224.71 Cro.a for the holl yeor ended 30th September, 2018 os ogoinsl t324.95crore ond 125,39 Crore reported respectively in lhe conesponding six monlhs pedod of lhe previous yeor.

ln lhe fi61 six monlhs period of lhe cunent yeor, the compony hos secured ordeE oggregoting <8359 Cro.. ond lhe Compony hos given odiustmenl lo on exlenl of t1039 Crore for lhe old orders which ore cunenlly nol moving octively on occounl of vorious reosons. With this, the Order Eook ot NCCL slood ol 132955 Crore os ol the end of second quorter.

fo. NCc tlmlled

Ploce: Hydorobod Dote:13.11.2018

A<A'E C I A.IANGA RAJU MANAGING DIRECIOR

S.R. BATUBOL& ASSOCIATES LLP

Chartered Accountants

Oval Office, 18, iLabs Centre Hitech City, MadhapurHyderabad - 500 081, India Tel: +91 40 6141 6000

Review Report to The Board of Directors NCC Limited

• We have reviewed the accompanying statement of unaudited standalone Ind AS financial 1. results of NCC Limited (the 'Company') for the quarter ended September 30, 2018 and year to date from April 01, 2018 to September 30, 2018 (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/FAC/62/2016 dated July 5, 2016 ('the Circular').
• The preparation of the Statement in accordance with the recognition and measurement $\overline{2}$ . principles laid down in Indian Accounting Standard 34, (Ind AS) 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review in accordance with the Standard on Review Engagements $\overline{3}$ . (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 is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• $4.$ 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 applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004

November 13, 2018

S.R. BATLIBOL& ASSOCIATES LLP

Chartered Accountants

Oval Office, 18, iLabs Centre Hitech City, MadhapurHyderabad - 500 081, India Tel: +91 40 6141 6000

Review Report to The Board of Directors NCC Limited

• 1. We have reviewed the accompanying statement of unaudited consolidated Ind AS financial results of NCC Limited (the 'Company') comprising its subsidiaries (together referred to as 'the Group') and associates for the quarter ended September 30, 2018 and year to date from April 01, 2018 to September 30, 2018 (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/FAC/62/2016 dated July 5, 2016 ('the Circular').
• 1. The preparation of the Statement 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 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to issue express a conclusion on the Statement based on our review.
• 1. The statement includes results of the entities as referred to in Annexure I.
• 1. We conducted our review 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 is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. We did not review the financial results and other financial information, in respect of 43 subsidiaries and 2 branches, whose interim financial results include total assets of Rs 3,591.11 crores as at September 30, 2018, net asset of Rs. 855.17 crores as at September 30, 2018 and total revenues of Rs 140.22 crores and Rs 294.69 crores for the quarter and the period ended on that date respectively and the interim financial results of 5 associates which reflects group's share of net loss of Rs. 1.62 crores and Rs. 3.38 crores for the quarter and the period ended on September 30, 2018. These interim financial results and other financial information have been reviewed by other auditors whose reports have been furnished to us by the management. Our conclusion, in so far as it relates to the affairs of such subsidiaries, branches and associates is based solely on the report of other auditors. Our conclusion is not modified in respect of this matter.

Of the above 1 branch and 4 subsidiaries are located outside India whose interim financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective

S.R. BATLIBOL& ASSOCIATES LLP

Chartered Accountants

countries. The Company's management has converted the financial results of such subsidiaries and branch located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries and branch located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Company and reviewed by us.

• 1. Based on our review conducted as above and based on the consideration of the reports of other auditors referred in paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited consolidated Ind AS financial results prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The statement includes the consolidated financial results and other financial information for the quarters ended September 30, 2017 and year to date from April 01, 2017 to September 30, 2017 which have not been audited or reviewed and has been prepared by the management from the books of account. Our conclusion is not modified in respect of this matter.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants ICAI Firm registration number: 101049W/E300004

Place of Signature: Hyderabad Date: November 13, 2018

S.R. BATLIBOI & ASSOCIATES LLP

Annexure I

SI No.	Name of the Entity
Subsidiaries
1	AKHS Homes Private Limited
$\overline{c}$	Al Mubarakia Contracting Co.L.L.C.
3	Aster Rail Private Limited
$\overline{4}$	CSVS Property Developers Private Limited
5	Dhatri Developers & Projects Private Limited
6	JIC Homes Private Limited
7	Kedarnath Real Estates Private Limited
8	Liquidity Limited (Merged with "NCC Infrastructure Holdings Mauritius
	Pte.Limited" w.e.f. July 01, 2018)
9	M A Property Developers Private Limited
10	Mallelavanam Property Developers Private Limited
11	Nagarjuna Construction Co.Ltd & Partners L.L.C.
12	Nagarjuna Construction Company International L.L.C.
13	Nagarjuna Contracting Co. L.L.C.
14	Nagarjuna Suites Private Limited
15	Nandyala Real Estates Private Limited
16	NCC Infra Limited
17	NCC Infrastructure Holdings Limited
18
19	NCC Infrastructure Holdings Mauritius Pte.LimitedNCC International Convention Centre Limited
20	NCC Oil & Gas Limited
21	NCC Urban Homes Private Limited
22	NCC Urban Infrastructure Limited
23	NCC Urban Meadows Private Limited
24	NCC Urban Ventures Private Limited
2526	NCC Urban Villas Private LimitedNCC Vizag Urban Infrastructure Limited
27	NCC WLL
28	NCCA International Kuwait General Contracts Company LLC
29	NJC Avenues Private Limited
30	OB Infrastructure Limited
31	Pachhwara Coal Mining Private Limited
32	Patnitop Ropeway & Resorts Limited
33	PRG Estates Private Limited
34	Samashti Gas Energy Limited
35	Savitra Agri Industrial Park Private Limited
36	Siripada Homes Private Limited
37	Sradha Real Estates Private Limited
38	Sri Raga Nivas Property Developers Private Limited
3940	Sri Raga Nivas Ventures Private LimitedSushanthi Housing Private Limited

S.R. BATLIBOI & ASSOCIATES LLP

SI No.	Name of the Entity
42	Sushruta Real Estates Private Limited
43	Talaipalli Coal Mining Private Limited
44	Thrilekya Real Estates Private Limited.
45	Vaidehi Avenues Limited
46	Vara Infrastructure Private Limited
47	Varma Infrastructure Private Limited
48	Vera Avenues Private Limited
49	VSN Property Developers Private Limited
Associates
	Apollonius Coal and Energy Pte. Limited
$\overline{2}$	Brindavan Infrastructure Company Limited
3	Ekana Sportz City Private Limited
$\overline{4}$	Himalayan Green Energy Private Limited
5	Nagarjuna Facilities Management Services L.L.C.
6	Paschal Form Work (India) Private Limited
7	Pondicherry Tindivanam Tollway Limited
8	Tellapur Technocity (Mauritius)
9	Tellapur Technocity Private Limited
10	Varaprada Real Estates Private Limited