Nila Spaces Ltd — Interim / Quarterly Report 2022

Aug 10, 2021

NSL/CS/2021/41 Date: August 10, 2021

_®

N N LA

To,

The Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001

S P A C E S LIMITED

To,

The Listing Department National Stock Exchange of India Limited Exchange Plaza, C/1, G Block, Bandra-Kurla Complex, Bandra(E), Mumbai - 400 051

____ j

Scrip Code: 542231

Scrip Symbol: NILASPACES

Dear Sir,

Subject: Outcome ofthe Board Meeting dated August 10. 2021

Ref: Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015

This is to submit that the meeting of the Board of Directors of Nila Spaces Limited was held on Tuesday, August 10, 2021 at the registered office whereat the Board has considered and approved the Unaudited Standalone & Consolidated Financial Results for the first quarter ended on June 30, 2021.

Copy of the Unaudited Standalone & Consolidated Financial Results along with the Limited Review Report of the Statutory Auditor are enclosed herewith.

The meeting commenced today at 11:00 a.m. and concluded at ol: o$,,'1.which may please be noted.

Thanking you, Yours faithfully,

Ms. Gopi Dave

Company Secretary Membership No.: A46865

Encl: aja

NILA SPACES LIMITED

Regel. Office: 1" Floor, Sambhaav House. Opp. Chief .J ustice's Bungalow, Bodakdev, Ahmedabad- 380015 Phone : 079-40036817, Fax : 079-30126371 , Website: www.nilaspaces.com, Email: secretarial@nilaspaces.com CIN : L451 OOG.J2000PLC083204

Standalone Statement of Audited Profit and Loss Statement of Standalone Un-audited Financial Result for the quarter ended 30 June 2021

					(~ in lalihs except EPS)
Sr.	Particula•·s	For the Quarter Ended			For the Year Ended
No		30 June 2021	31 March 2021	30 June 2020	31 March 2021
		(Unaudited)	(Audited)	(Unaudited)	(Audited)
	1 Revenue !"rom operations	13936	1174.29	493 .95	4512.40
	2 Other income	162.91	154.59	136.74	605.88
	3 Total income (1+2)	302.27	1,328.88	630.69	5,118.28
4	Expenses
	(a) Cost of materials consumed and project expenses	9.29	1731.67	426.73	3105.94
	(b) Changes in inventories of building materiaL. land and work inprogress	51.54	( 462.25)	(1 42.67)	514.74
	(c) Employee bene1its expenses	34.93	46.47	17.88	142.95
	(d) Finance costs	22.49	56.13	83.19	426 .94
	(e) Depreciation and amortisation expenses	4.27	4 04	3.91	15.90
	( 1) Other expenses	59.21	194.83	61.90	554.30
	Total expenses	181.73	1,570.89	450.94	4,760.77
5	Pro11t before tax	120.54	(242.01)	179.75	357.51
	6 Tax expense
	(a) Current tax (net)	2305	(40.40)	28.48	59.67
	(b) Mat cred it entitlement	(132)	51.96	(28.48)	(48.11)
	(c) Short i (excess) provision of income tax for earlier yea rs	-	-	-	0. 10
	(d) Deferred tax charue I (credit) (net)	3.16	5.13	14.40	316.59
	Total tax expenses	24.89	16.69	14.40	328.25
7	Profit for the period (5-6)	95.65	(258.70	165.35	29.26
	8 Other comorch ensive income (net of tax)
	r(a) items th at will not be reclassitled subsequentl y to protlt or loss	0.83	5.06	(058)	3.3 1
!	j(h) Income tax related to items that will not be reclassifi ed subsequentlyto oro11t or loss	(023)	(1.4 1}	0.16	(0.92)
	Total other comprehensive income	0.60	3.65	(0.42)	2.39
9	Total com prch cnsivc income (7+8)	96.25	(255.05)	164.93	31.65
	10 '(a) Paid-up equity share capital (face value: (I per share)	3,938.89	3,938.89	3,938.89	3,938.89
	.(b) Other equity				8,635.60
	!! i Earnings per sh:1re ( tace value of (I each )
	. (a) Basic (( )	0.02	(0 07)	0.04	0.01
	(b) Diluted(()	0.02	(0 07)	0.04	0.01
		(Not annualized)	(Not an nualized)	(Not annualized)	(Annualized)

See accompanying notes to the Standalone A udited Fin ancial Results See accompanying notes to Standalone Unaudited Financial Results

By Order of the Board of Directors

0?CA~ . AnandBJ> Managing Director DIN: 07272892

FRN S. Da awala) Partner M. No. 134475 102511W/W100298

Place: Ahmedabad Date: 10 August 2021 Notes

I	These results has been prepared in accordance with the IND AS notified under the Companies (Indian Accounting
	Standard) Rules 2015 as amended from time to time .
2	The above Standalone Financial Results have been reviewed by the Audit Committee and subsequently approved by theBoard of Directors at their meetings held on I 0 August 2021. The statutory auditors of the company have conducted auditof these financial results in terms of Regulation 33 of SEBI (Listing obligations and disclosure requirements) Regulation,2015 and have issued unmodified audit report on the same.
3	Due to outbreak of COVID-19 globally and in India, the Company's management had initially made assessment ofimpact on business and financial risks on account of this pandemic. The current "second wave" of COYID-19 pandemichas significantly increased the impact of outbreak. The management has assessed the impact of this pandemic on therecoverability of the carrying amounts of inventories, tangible assets, intangible assets, trade receivables, investments andother financial assets as at 30 June 2021 using various internal and external information available.However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its natureand duration and the company continues to monitor the changes in future economic conditions. The management believesthat no adjustments, other than those already made, are required in the financial results, however, in view of the variouspreventive measures, restrictions etc. and highly uncertain economic environment, a definitive assessment of the impacton the subsequent periods is highly dependent upon circumstances as they evolve. The actual impact ofCOVID-19 on thecompany's financial statement may differ from that estimated. The Company will recognise the said impact in thefinan c ia l statement in the year in which the said liabilities will accrue and arise.
4	The entire operations of the Company constitute a single segment i.e. " Construction and Development of Building for,sale and other Real Estate activities" as per Ind AS I 08 " Operating Segments" specified under Section 133 of theCompanies Act 2013.
5	The Figures for the quarter ended 3 I March 2021 are the balancing figures between aud ited figures in res'pect of the fullfinancial year and for the period upto the end of third qua1ier ofFY 2020-21 which was subject to limited review.
6	Previous periods figures have been regrouped/rearranged/rec.lassified whenever necessary

(Parth S. Dadawala) Partner M. No. 134475 FRN 102511W/W100298

·V '(\ I Dhirubhai Shah & Co LLP

CHARTERED ACCOUNTANTS

4th Floor, Aditya .Building, Near Sardar Patel Seva Samaj, Mithakhali Six Roads, Ellisbridge, Ahmedabad 380006.

Limited review report on Interim Unaudited Quarterly Standalone Financial Results and Year to date Resu.lts of NilaSpaces Limitedpursuant toRegulatibn33ofSEBI (Listing Obligations and Disclosures Requirements) Regulation, 2015 (as amended)

To, Board ofDirectors of NilaSpaces Limited

rA

• 1. We have reviewed the accompanying Statement of interim unaudited standalone financial. results ("the statement") of Nita. Spaces Limited (the 'Company') for the quarter ended 30th June 2021, being submitted by the Company pursuant to · the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'), includ)ng · relevant circulars issued by the SEBI from time to time . .
• 1. The statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("lnd AS 34"), prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of ·companies (Indian Accounting Standards) Rules, 2015 and SEBI circulars CIR/CFD/FAC/62/2016 dated July 5, 2016 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in' accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of 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 reporting consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical procedures and other review procedures. A review .is substantially less in scope than an audit conducted in accordance with Standard 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.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statemnt, prepared in accordance with q.pp · a .le accounting standards and other· recognised actounting practices laid down in ·· ~· .. ...:"· '· ~· .. aforesaid Indian Accounting Standard (lnd-AS) specified under Section 1 :n ~ SHAlf <I Companies Act,' 2013 as amended, read with relevant rules issued thereunder a er 'b accounting principles generally accepted in India, has not disclosed the inf

Phone: (079) 2640 3325/26 I Website: www.dbsgroup.in I E-ly'\ail : info@dbsgr

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 draw your attention to Note 3 to the Statement, which ·describes the management's assessment of the impact of the outbreak of Coronavirus (COVID-19) pandemic on the business operations of the company. The management believes that no adjustments, other than those already made, are required in the financial results. however, in view of the various preventive measures, restrictions etc. and highly uncertain economic environment, a definitive assessment of the impact on the subsequent pe.riods is highly dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.

,4 ;. . 1

Date: 10.08.2021 Place: Ahmedabad

NILA SPACES LIMITED

RegLi Office: I 51 Floor, Sambhaav House, Opp. ChiefJustice's Bungalow, Bodakdev, Ahmedabad- 380015 Phone 079-40036817, Fax : 079-30126371 , Website wvvw.nilaspaces.com, Email secretarial@nilaspaces.com CIN · L45100GJ2000PLC083204

Consolidated Statement of Audited Profit and Loss Statement of Consolidated Un-audited Financial Result for the quarter ended 30 June 2021

					(~ in Ia khs exec pt EPS)
	Particulars	For the Quarter Ended			For the Year Ended
Sr.'o		30 June 2021	31 March 2021	30 June 2020	31 March 2021
		(Unaudited)	(Audited)	(Unaudited)	(Audited)
I	Revenue from operations	139.36	1174.29	493.95	451 2.40
2	Other income	104.38	87.63	69 04	33433
3	Total income (1+2)	243.74	1,261.92	562.99	4,846.73
4	Expenses
	(a) Cost of materials consumed and project expenses	9.29	1731.67	426.73	3105.94
	(b) Changes in inventories of building material, land and work in progress	51.54	(462 .25)	(142 67)	514.74
	(c) Emplovee benefits expenses	34.93	46.47	17.88	142.95
	(d) Finance costs	22.49	56.13	83.19	426. 94
	(e) Depreciation and amortisation expenses	4.27	4.04	391	15.90
	(t) Other expenses	59.21	194.83	61.90	55430
	Total expenses	181.73	1,570.89	450.94	4 760.77
5	Pro lit before share in profit of J oint vcnture,associates & tax (3-4)	62.01	(308.97)	112.05	85.96
G	Sharc ·in profit ofjoint venture & associates (net of tax)	(0.80)	(8.03)	1.11	(7.24)
7	Profit before tax (5+6)	61.21	(317.00)	113.16	78.72
8	Tax expense
	(a) Current tax (net)	9.59	(87 84)	28.78	12.28
	(b) Mat credit entitl ement	(778)	87.79	(2848)	.•(1228;
	(c) Short I (excess) provision of income tax for earlier years	-	-		0.10
	(d) Deterred tax charge I (credit) (net)	3.16	5.13	14.40	316.59
	Total tax expenses	4.97	5.08	14.70	316.69
9	Profit for the period (7-8)	56.24	(322.08)	98.46	(237.97)
10	Other comprehensive income (net of tax)
	1(a) Items that will not be reclassified subsequently to protlt or loss	0.83	5.06	(223)	3.31
	(b) Income tax related to items that will not be reclassified subsequently toprofit or I oss	(0.23)	(1.4 I)	0.67	(0 92)
	Total other comprehensive income	0.60	3.65	(1.56)	2.39
11	Total wmprchcnsivc income (9+10)	56.84	(318.43)	96.90	(235.58)
12	'(I per share)(a) Pa1d-up equity share capital (face value	3,938.89	3,938.89	3,938.89	3,938.89
	(b) Other equity				7,894.83
13	Earnin"S per share (tace value of '(I each)
	(a) Basic('()	0.0 1	(0 08)	0.02	(0 06)
	(b) Diluted('()	0.01	(0 08)	0.02	(0.06)
	I	(Not annualized)	(Not annualized)	(Not annualized)	(Annualized)

See accompanying notes to the Consolidated Audited Financial Results See accompanying notes to Consolidated Unaudited Financial Results

By Order of the Board of Directors

~ts<~~~~.--. (Parth S. Dadawala) Partner M. No. 134475 FRN 102511W/W100298

Phtce : Ahmedabad Date: IO Augw;t 2021

Notes
I	These results has been prepared in accordance with the IND AS notified under the Companies (Indian Accounting Standard)Rules 2015 as amended from time to time.
2	The above Consolidated Financial Results have been reviewed by the Audit Committee and subsequently approved by theBoard of Directors at their meetings held on 10 August 202 I. The statutory auditors of the company have conducted audit ofthese financial results in terms ofRegulation 33 ofSEBl (Listing obl igations and disclosure requirements) Regulation, 2015and have issued unmodified audit report on the same.
')_)	Due to outbreak of COVID-19 globally and in India, the Group's management had initially made assessment of impact onbusiness. and financial risks on account of this pandemic. The current "second wave" of COVID-19 pandemic hassignificantly increased the impact of outbreak. The management has assessed the impact of this pandemic on therecoverability of the carrying amounts of inventories, tangible assets, intangible assets, trade receivables, investments andother financial assets as at 30 June 2021 using various internal and external information available.
I	However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature andduration and the group continues to monitor the changes in future economic conditions. The management believes that noadjustments, other than those already made , are required in the financial results, however, in view of the various preventivemeasures, restrictions etc. and highly uncertain economic environment, a definitive assessment of the impact on thesubsequent periods is highly dependent upon circumstances as they evolve. The actual impact of COVID-19 on the group'sfinancial statement may differ from that estimated. The Company will recognise the said impact in the financ ial statement inthe year in which the said liabilities will accrue and arise.
4	The entire operations of the group constitute a single segment i.e. " Construction and Development of Building; for sale andother Real Estate activities" as per lnd AS I 08 " Operating Segments" spec ified under Section 133 of the Gompan ies Act201 3.
5	The Figures for the quarter ended 31 March 2021 are the balancing figures between audited figures in respect of the fullfinancial year and for the period up to the end of third quarter of FY 2020-21 which was subject to limited review.
6	Figures have been regrouped/rearranged/reclassified whenever necessary.

(Parth s. Dadawala) Partner M. No. 134475 FRN 102511W/W100298

.. I Dhirubhai Shah & Co llP

CHARTERED ACCOUNTANTS

4th Floor, Aditya Bui lding, Near Sardar Patel Seva Samaj, Mithakhali Six Roads, Ellisbridge, Ahmedabad 3~0006.

Limited review report on Interim Una~dited Quarterly Consolidated Financial Results under Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulation, 2015

To,

I .

Board ofDirectors of NilaSpaces Limited·

• · 1. We have reviewed the accompanying Statement of Interim unaudited consolidated financial results ("the Statement") of Nila Spaces Limited ("the Parent"), its joint venture and associate company (together referred to as "the Group"), for the quarter ended 30th June 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 ('Listing Regulations') inCluding relevant circulars issued by the SEBI from time to time . . . ...
• 1. This Statement,. which is the respo·nsibility 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 "Interim Financial Reporting" ("lnd AS 34"), prescribed under Section 133. of the Companies Act, 2013, , read with relevant rulesissued · thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of 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) 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 SEBI circular CIFICFDICMD114412019 dated 29th March, 2019 issued by SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

4. The Statement includes the results of the following entities:

Entity	Relationship
Nila Projects· LLP	Joint Venture
Megacity Cinemall Pvt Ltd	Associate

Phone : (079) 2640 3325/26 1 Website : www.dbsgroup.in E-Mail : info@dbsgroup.in

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 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 afor!?said Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw your attention to Note 3 to the Statel}lent, which describes the management's assessment of the impact of the outbreak of Coronavirus (COVID-19) pandemic on the business operations of the group. The management believes that no adjustments, other than those already made, are required in the financial results, however, in view of the various preventive measures, restrictions etc. and highly uncertain economic environment, a definitive assessment of the impact on the subsequent periods is highly dependent up6n circumstances as they evolve. Our conclusion is not modified in respect of this matter. ·
• 1. The Statement includes financial r~sult of a joint venture and an associate company which reflects group's share of net profit I (loss) after tax of Rs(O. 80) lakhs and total. comprehensive income of Rs. (0.80) lakhs· for the quarter ended 30th June 2021, as considered in the consolidated unaudited financial results, in respect of one associate and one joint venture, based on their interim financial information, which. are certified by the management. These financial statements are unaudited and have . 4 been certified by the management and our opinion on the statement, in so f;Br it relates to the · amount and disclosures in respect of joint venture and associate, is based on solely on such unaudited financial statements. According to the information and explanations given to us by the management, this financial informationare not material to the Group.

Our opinion on the consolidated financial results is not modified in respect to our reliance on the financial information certified by the management.

Date: 10.08.2021 Place: Ahmedabad

For Dhirubhai Shah & Co. LLP

Partner M. No.: 134475 UDIN:21134475AAAART3433