PDS LIMITED — Interim / Quarterly Report 2021

Feb 12, 2021

DocuSign Envelope ID: 91697CD1-B2CB-4A92-B38D-FBD64A47D836

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DocuSign Envelope ID: 91697CD1-B2CB-4A92-B38D-FBD64A47D836

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Walker Chandiok & Co LLP 5th Floor, No.65/2, Block “A”, Bagmane Tridib, Bagmane Tech Park, C V Raman Nagar, Bengaluru 560093 T +91 80 4243 0700 F +91 80 4126 1228

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

To the Board of Directors of PDS Multinational Fashions Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results (‘the Statement’) of PDS Multinational Fashions Limited (‘the Company’) for the quarter ended 31 December 2020 and the year to date results for the period 1 April 2020 to 31 December 2020, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.

2. The 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 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. 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. 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 the Standards on Auditing specified under Section 143(10) of the Act, 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.

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

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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 Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013 Digitally signed by Aasheesh Aasheesh Arjun Singh Date: 2021.02.12 Arjun Singh 13:10:10 +05'30' Aasheesh Arjun Singh Partner Membership No. 210122 UDIN: 21210122AAAAAL6777

Bengaluru 12 February 2021

Chartered Accountants

DocuSign Envelope ID: 91697CD1-B2CB-4A92-B38D-FBD64A47D836

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Walker Chandiok & Co LLP 5th Floor, No.65/2, Block “A”, Bagmane Tridib, Bagmane Tech Park, C V Raman Nagar, Bengaluru 560093

T +91 80 4243 0700 F +91 80 4126 1228

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

To the Board of Directors of PDS Multinational Fashions Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results (‘the Statement’) of PDS Multinational Fashions Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), its associates and joint ventures (refer Annexure 1 for the list of subsidiaries, associates and joint ventures included in the Statement) for the quarter ended 31 December 2020 and the consolidated year to date results for the period 1 April 2020 to 31 December 2020, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.

2. This Statement, which is the responsibility of the Holding Company’s management and approved by the Holding 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 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. 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. 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 the Standards on Auditing specified under Section 143(10) of the Act, 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 CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

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1. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of other auditors referred to in paragraph 6 below , nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

2. We draw attention to Note 4 of the accompanying Statement which describes the uncertainties and impact of COVID-19 pandemic on the Group’s operations and results as assessed by the management of the Holding Company. The impact of the pandemic on the Group’s operations significantly depends on future events. Our conclusion is not modified in respect of this matter.

3. We did not review the interim financial statements/ financial information/ financial results of 45 subsidiaries included in the Statement, whose financial information reflects total revenues of₹ 83,506.40 lakhs and ₹ 232,142.52 lakhs, total net profit after tax of ₹ 1,884.53 lakhs and ₹ 2,961.01 lakhs, total comprehensive income of ₹ 1,968.96 lakhs and ₹ 2,704.02 lakhs, for the quarter and nine month period ended on 31 December 2020, respectively, as considered in the Statement. The Statement also includes the Group’s share of net loss after tax of ₹ 34.77 lakhs and ₹ 347.04 lakhs and total comprehensive loss of ₹ 34.77 lakhs and ₹ 347.04 lakhs, for the quarter and nine month period ended on 31 December 2020, respectively, as considered in the Statement, in respect of 2 associates and 4 joint ventures, whose interim financial statements/ financial information have not been reviewed by us. These interim financial statements/ financial information/ financial results have been reviewed by other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries/ associates/ joint ventures is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Further, these subsidiaries/ associates/ joint ventures are located outside India, whose interim financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under auditing standards applicable in their respective countries. The Holding Company’s management has converted the financial statements of such subsidiaries/ associates/ joint ventures 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 Holding Company’s management. Our conclusion, in so far as it relates to the balances and affairs of these subsidiaries/ associates/ joint ventures is based on the review report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us.

Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement includes the interim financial statements/ financial information/ financial results of 11 subsidiaries, which have not been reviewed by their auditors, whose interim financial statements/ financial information/ financial results reflect total revenues of ₹ 871.66 lakhs and ₹ 3,216.55 lakhs, net profit/(loss) after tax of ₹ 32.72 lakhs and (₹8.07) lakhs, total comprehensive income/(loss) of ₹ 32.72 lakhs and (₹ 8.07) lakhs for the quarter and nine month period ended 31 December 2020 respectively, as considered in the Statement. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries are based solely on such unreviewed interim financial statements / financial information/ financial results certified by the management of respective entities. According to the information and explanations given to us by the management, these interim financial statements/ financial information/ financial results are not material to the Group.

Chartered Accountants

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Our conclusion is not modified in respect of this matter with respect to our reliance on the financial statements/ information/ results certified by the management of the respective entities and provided to us by the Holding Company’s management.

For Walker Chandiok & Co LLP

Chartered Accountants Firm Registration No: 001076N/N500013

Aasheesh Digitally signed by Aasheesh Arjun Singh Arjun Singh Date: 2021.02.12 13:11:03 +05'30'

Aasheesh Arjun Singh

Partner Membership No. 210122 UDIN: 21210122AAAAAM6505

Bengaluru 12 February 2021

Chartered Accountants

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Annexure 1 List of entities included in the Statement

Subsidiaries

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Sl.No Name of entity
Technocian Fashions Private Limited
1
2 Multinational Textile Group Limited
3 Casa Forma Limited
4 Global Textiles Group Limited
5 Techno Design HK Limited
6 Techno Design USA LLC
7 Multinational OSG Services Bangladesh Private Limited
PDS Smart Fabric Tech Limited (Formerly known as Funky Brands Company Limited and
8 Fullhouse Manufacturing Limited)
9 Techno Design GmBH
10 Poetic Brands Limited
11 360 Notch Limited
12 Razamtaaz Limited
13 Krayons Sourcing Limited
14 Design Arc Asia Limited
15 Nor Lanka Manufacturing Limited
16 Design Arc Europe Limited
17 Kleider Sourcing Hong Kong Limited
18 Kleider Sourcing Limited, Bangladesh
19 Rising Asia Star Hong Kong Co., Limited
20 PDS Tailoring Limited (Formerly known as Nor India Manufacturing Company Limited)
21 Spring Near East Manufacturing Company Limited
22 Clover Collections Limited
23 F.X. Import Company Limited
24 Poetic Knitwear Limited
25 Pacific Logistics Limited
26 Nor Lanka Colombo Manufacturing Limited
27 Nor Europe Manufacturing S.L
28 Pro Trusted Med Tech Limited (Formerly known as FX Import Hong Kong Limited)
29 Multitech Venture Limited
30 Progress Manufacturing Group Limited
31 Progress Apparels (Bangladesh) Limited
32 Green Apparel Industries Limited
33 Grupo Sourcing Limited
34 JJ Star Industrial Limited
35 Twins Asia Limited
36 Nor Lanka Progress (Private) Limited
37 Blueprint Design Limited
38 Design Arc UK Limited
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Chartered Accountants

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Sl.No Name of entity
39 Grupo Sourcing Limited, Bangladesh
40 Fareast Vogue Limited
41 PDS Far-east Limited
42 Kindred Brands Limited
43 Styleberry Limited
44 PDS Global Investments Limited
45 Green Smart Shirts Limited
46 PDS Far East USA, Inc.
47 Smart Notch Industrial Limited
48 Apex Black Limited (formerly known as Fabric & Trims Limited)
49 Casa Collective Limited (Formerly known as Sourcing East West Limited)
50 Smart Notch (Shanghai) Limited
51 Jcraft Array Limited
52 Kindred Fashions Limited
53 Recovered Clothing Limited
54 PDS Ventures Limited
55 Design Arc FZCO
56 Spring Near East FZCO
57 Kleider Sourcing FZCO
58 Twins Asia FZCO
59 Techno Sourcing BD Limited
60 PDS Asia Star Corporation Limited
61 Simple Approach Limited
62 Zamira Fashions Limited Zhongshan
63 PG Group Limited
64 Poeticgem International Limited
65 Poeticgem Limited
66 PDS Trading (Shanghai) Company Limited
67 Simple Approach (Canada) Limited
68 Zamira Denim Lab Limited (formerly known as 6 Degrees Manufacturing Limited)
69 PG Home Group Limited
70 PG Shanghai Manufacturer Co. Ltd
71 PG Home Group SPA
72 Zamira Fashions Limited
73 Norwest Industries Limited
74 Clover Collections FZCO
75 LilyandSid Ltd
76 PDS H2GO Glove Manufacturing Limited
77 DIZBI Private Limited
78 PDS Smart Fabric Tech (UK) Limited
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Chartered Accountants

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Associates

Sl.No	Name of the entity
1	Atterley.com Holdings Limited
2	GWD EnterprisesLimited

Joint Ventures

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Sl.No Name of the entity
1 Digital Ecom Techno Private Limited
2 Sourcing Solutions Limited
3 Redwood Internet Ventures Limited
4 Digital Internet Technologies Limited
5 Sourcing Solutions Europe BVBA
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Chartered Accountants

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PDS Multinational Fashions Limited
(CIN:L18101KA2011PLC094125)
Regd. Office:"758 & 759", 2nd Floor, 19th Main, Sector 2, HSR Layout, Bengaluru, Karnataka - 560102
Tel : 080-67653000, Website : www.pdsmultinational.com , E-mail : investors@pdsmultinational.com
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020
( in lakhs)
Consolidated Standalone
Quarter Quarter Quarter Nine months Year Quarter Quarter Quarter Nine months Year
Sl.
Particulars ended ended ended ended ended ended ended ended ended ended
No.
31 December 2020 30 September 2020 31 December 2019 31 December 2020 31 December 2019 31 March 2020 31 December 2020 30 September 2020 31 December 2019 31 December 2020 31 December 2019 31 March 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
I Revenue from operations 162,583.50 185,551.11 143,657.56 444,801.57 464,397.11 664,803.92 1,615.48 980.22 1,060.27 3,137.14 2,965.30 4,112.43
II Other income 659.13 982.82 1,615.40 2,746.31 3,395.46 2,652.37 58.26 10.49 30.12 163.08 88.69 75.14
III Total income 163,242.63 186,533.93 145,272.96 447,547.88 467,792.57 667,456.29 1,673.74 990.71 1,090.39 3,300.22 3,053.99 4,187.57
IV Expenses
a) Cost of material consumed 14,606.26 18,521.57 6,733.29 40,792.66 28,001.39 34,759.63 - - - - - -
b) Purchase of stock in trade 118,796.31 137,322.96 118,099.73 334,249.72 367,229.32 525,148.42 769.43 376.63 - 1,146.06 -
c) Changes in inventories of finished goods, work in progress (464.90) 5,219.58 (5,161.75) (545.53) (7,171.91) (4,977.59) - - - - - -
and stock in trade
d) Employee benefits expense 9,153.21 10,189.59 10,757.11 26,823.47 31,818.99 43,595.86 379.62 248.62 639.18 942.04 1,675.64 2,255.68
e) Finance costs 493.69 514.44 758.70 2,052.55 2,307.11 4,927.46 40.88 41.86 42.69 121.48 132.61 174.44
f) Depreciation and amortization expense 1,591.36 1,598.20 1,737.15 4,742.41 3,538.27 5,220.05 58.96 84.77 64.23 207.76 189.79 253.98
g) Other expenses 12,850.90 10,755.76 11,016.38 30,184.57 37,114.58 47,681.79 220.20 121.00 273.04 460.69 755.86 1,086.12
Total expenses 157,026.83 184,122.10 143,940.61 438,299.85 462,837.75 656,355.62 1,469.09 872.88 1,019.14 2,878.03 2,753.90 3,770.22
V
Profit from operations before exceptional items and taxes 6,215.80 2,411.83 1,332.35 9,248.03 4,954.82 11,100.67 204.65 117.83 71.25 422.19 300.09 417.35
VI Share of profit/(loss) of associates and joint ventures (34.78) (89.36) 3.52 (347.04) (190.23) (690.14) - - - - - -
VII Exceptional items (refer note 3) - - - (1,357.02) - - - - - -
VIII Profit before tax 6,181.02 2,322.47 1,335.87 8,900.99 4,764.59 9,053.51 204.65 117.83 71.25 422.19 300.09 417.35
IX Tax expense (refer note 8)
a. Current tax 308.59 494.56 135.66 986.19 205.53 809.63 45.14 17.55 82.94 81.17 82.94 -
b. Deferred tax 7.95 5.99 56.14 17.23 28.84 136.23 6.47 10.58 58.40 25.86 25.80 149.85
Total tax expense 316.54 500.55 191.80 1,003.42 234.37 945.86 51.61 28.13 141.34 107.03 108.74 149.85
X Profit/(loss) for the period/year 5,864.48 1,821.92 1,144.07 7,897.57 4,530.22 8,107.65 153.04 89.70 (70.09) 315.16 191.35 267.50
XI Other comprehensive income/ (loss) for the period/year
(a) Items that will not be reclassified to profit or loss - - (0.09) - (0.27) - - - (0.09) - (0.27) (7.28)
(b) Income tax relating to items that will not be reclassified to
profit or loss - - 0.02 - 0.07 - - - 0.02 - 0.07 1.83
(c) Items that will be reclassified to profit or loss 31.27 (1,215.71) 949.03 (1,211.16) 2,659.05 5,264.80 - - - - - -
(d) Income tax relating to items that will be reclassified to profit
or loss ( ) - - - - - - - - - - - -
period/year 31.27 (1,215.71) 948.96 (1,211.16) 2,658.85 5,264.80 - - (0.07) - (0.20) (5.45)
XII Total comprehensive income for the period/year 5,895.75 606.21 2,093.03 6,686.41 7,189.07 13,372.45 153.04 89.70 (70.16) 315.16 191.15 262.05
XIII Profit/(loss) for the period/year attributable to
- Owners of the Company 3,308.17 (405.98) 1,043.73 2,399.67 2,911.06 4,602.03 - - - - - -
- Non-controlling interest 2,556.31 2,227.90 100.34 5,497.90 1,619.16 3,505.62 - - - - - -
Other comprehensive income/(loss) for the period/year
XIV attributable to
- Owners of the Company 123.72 (1,124.74) 789.76 (1,006.71) 2,411.98 5,190.76 - - - - - -
- Non-controlling interest (92.45) (90.97) 159.20 (204.45) 246.87 74.04 - - - - - -
Total comprehensive income/ (loss) for the period/year
XV attributable to
- Owners of the Company 3,431.89 (1,530.72) 1,833.49 1,392.96 5,323.04 9,792.79 - - - - - -
- Non-controlling interest 2,463.86 2,136.93 259.54 5,293.45 1,866.03 3,579.66 - - - - - -
XVI Other equity - - - - - 53,264.18 - - - - - 8,502.25
XVII Paid-up equity share capital 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67 2,604.67
(Face value of 10 each)
XVIII Earnings/(loss) per share (in )
(of 10 each) (not annualised):
(a) Basic 12.70 (1.56) 4.01 9.21 11.18 17.67 0.59 0.34 (0.27) 1.21 0.73 1.03
(b) Diluted 12.70 (1.56) 4.01 9.21 11.18 17.67 0.59 0.34 (0.27) 1.21 0.73 1.03
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DocuSign Envelope ID: 91697CD1-B2CB-4A92-B38D-FBD64A47D836

PDS Multinational Fashions Limited

(CIN:L18101KA2011PLC094125)

Regd. Office:"758 & 759", 2nd Floor, 19th Main, Sector 2, HSR Layout, Bengaluru, Karnataka - 560102

Tel : 080-67653000, Website : www.pdsmultinational.com , E-mail : investors@pdsmultinational.com

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STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020

Notes :

• 1 The above results were reviewed and recommended to the Board of Directors by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on 12 February 2021 and have been reviewed by the Statutory Auditor.

• 2 The above financial results have 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 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.

• 3 During the previous year, the Group had impaired goodwill pertaining to two subsidiaries of 1,357.02 lakhs. Such impairment has been considered as an exceptional item in the previous year.

• 4 The spread of Covid-19 has severely impacted businesses around the globe. Group’s business was affected significantly during last week of March 2020 and April 2020 with shipments coming to a halt and offices shutting down. The Group has resumed it business activities by reopening its factories and offices in phased manner in line with the guideline issued by the government authorities of respective countries. However, any increase in business is dependent on the various government decisions to further lock down or re-open the respective economies where the Group operates.

The Group has assessed the impact of this pandemic on its business operations and has considered relevant internal business projections, cash flows, and external information available up to the date of approval of these financial results. In determination of the recoverability and carrying value of its assets comprising property, plant and equipment, goodwill, other intangible assets and investments, based on the above, the Group expects to recover the carrying value of these assets. The impact of this pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the Group’s financial results, which may differ from that considered as at the date of approval of these financial results. The Group will continue to closely monitor any material changes arising of future economic conditions and impact on its business and believes that it has sufficient funds to operate for the next twelve months.

• 5 The standalone operations of the Company falls primarily under two segments: trading of ready to wear apparels and corporate and sourcing support services which is considered to be the reportable segments by the Management. The Group has identified operating segments for the consolidated operationon the basis of business operations viz Sourcing, Manufacturing and others. (Refer Annexure- I: Segment Information).

• 6 During the period ended 31 December 2020, the Group has acquired 53% of the equity share capital of Dizbi Private Limited, a subsidiary of the Company and has incorporated Techno Design USA LLC with 55% equity interest and PDS H2GO Glove Manufacturing Limited with 51% equity interest; both of them being Step Down subsidiaries of the Company. 7 On 1 February 2021, the Group has acquired 75% of the equity share capital of Norlanka Brands Private Limited, a subsidiary of the Company.

• 8 The Company has decided to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Act, 2019 during the quarter ended 31 December 2019. Accordingly, the Company had recognised provision for income tax for the quarter ended and nine months ended 31 December 2019 and remeasured its deferred tax liabilities (net) as at 31 March 2019basis at the rates prescribed in the said section. The full impact of these changes has been recognised in the Statement of Profit and Loss for the quarter ended 31 December 2019. Consequently, the Company has derecognised the Minimum Alternate Tax (MAT) credit entitlement of 82.94 lakhs during the quarter ended December 31, 2019. Accordingly, tax expense for the quarter and nine months ended 31 December 2020 are not comparable with quarter and nine months ended 31 December 2019.

• 9 The Board of Directors of the Company has appointed Mr. Sanjay Kumar Jain as Chief Executive Officer and Key Managerial Personnel (KMP) of the Company effective from 15 January 2021. Mr. Omprakash Makam Suryanarayana has resigned as Chief Executive Officer of the Company on 14 January 2021 and continues his association as Group Chief Operating Officer with effect from 15 January 2021.

• 10 The unaudited quarterly financial results of the Group and the Company for the quarter ended and nine months ended 31 December 2020 are available on the Company's website (www.pdsmultinational.com) and on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com).

• 11 Previous period figures have been re-grouped/ reclassified wherever necessary, to match current period classification.

Place : Bengaluru Date : 12 February 2021

For and on behalf of the Board of Directors (Pallak Seth) Vice Chairman and Director DIN: 00003040

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DocuSign Envelope ID: 91697CD1-B2CB-4A92-B38D-FBD64A47D836

PDS Multinational Fashions Limited Regd. Office:"758 & 759", 2nd Floor, 19th Main, Sector 2, HSR Layout, Bengaluru, Karnataka - 560102 (CIN:L18101KA2011PLC094125) , Tel : 080-67653000, Website : www.pdsmultinational.com , E-mail : investors@pdsmultinational.com

(Annexure-I)

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Reporting of Segment wise Revenue, Results, Assets and Liabilities (Consolidated)

Reportable - Business segment	Quarter ended	%	Quarter ended	%	Quarter ended	%	Nine months ended	%	Nine months ended	%	Year ended	%
	31 December 2020		30 September 2020		31 December 2019		31 December 2020		31 December 2019		31 March 2020
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
Segment revenue
Sourcing	157,827.49	95.76	182,145.09	96.18	137,887.13	95.20	434,301.10	95.70	449,193.61	95.92	639,671.08	95.31
Manufacturing	6,791.76	4.12	7,050.98	3.72	6,953.49	4.80	18,960.89	4.18	19,068.79	4.07	30,998.23	4.62
Others (refer note below)	195.24	0.12	183.74	0.10	0.30	0.00	552.94	0.12	20.09	0.00	484.91	0.07
Total (net)	164,814.49	100.00	189,379.81	100.00	144,840.92	100.00	453,814.93	100.00	468,282.49	100.00	671,154.22	100.00
Less: Inter-segment revenue	2,230.99	-	3,828.70	-	1,183.36	-	9,013.36	-	3,885.38	-	6,350.30	-
Net segment revenue	162,583.50	100.00	185,551.11	100.00	143,657.56	100.00	444,801.57	100.00	464,397.11	100.00	664,803.92	100.00
Segment results
Profit /(loss) before tax (refer note
below)
Sourcing	9,681.67	155.76	5,991.53	248.42	2,497.92	187.48	18,449.60	199.50	9,059.23	182.84	16,418.25	168.50
Manufacturing	(3,151.51)	(50.70)	(4,002.54)	(165.95)	(811.12)	(60.88)	(9,245.70)	(99.97)	(3,650.35)	(73.67)	(5,724.44)	(58.75)
Others	(221.21)	(3.56)	353.08	14.64	(338.28)	(25.39)	124.97	1.35	(390.13)	(7.87)	(821.35)	(8.43)
Less: Inter-segment profit/(loss)	(93.15)	(1.50)	69.76	2.89	(16.17)	(1.21)	(80.84)	(0.87)	(63.93)	(1.29)	(128.81)	(1.32)
Segment operating profit (incl. other	6,215.80	100.00	2,411.83	100.00	1,332.35	100.00	9,248.03	100.00	4,954.82	100.00	9,743.65	100.00
income)
Share of profit/(loss) of associates and joint	(34.78)		(89.36)		3.52		(347.04)		(190.23)		(690.14)
ventures
Less: Tax expenses (including deferred	316.54		500.55		191.80		1,003.42		234.37		945.86
tax)
Profit for the period/ year	5,864.48	100.00	1,821.92	100.00	1,144.07	100.00	7,897.57	100.00	4,530.22	100.00	8,107.65	100.00
Segment assets
Sourcing	154,523.30	71.32	176,863.76	75.42	137,471.22	70.00	154,523.30	71.32	137,471.22	70.00	173,480.99	74.00
Manufacturing	41,160.93	19.00	37,970.36	16.19	43,753.16	22.28	41,160.93	19.00	43,753.16	22.28	44,744.87	19.09
Others	20,977.56	9.68	19,664.43	8.39	15,174.89	7.73	20,977.56	9.68	15,174.89	7.73	16,209.79	6.91
Total	216,661.79	100.00	234,498.55	100.00	196,399.27	100.00	216,661.79	100.00	196,399.27	100.00	234,435.65	100.00
Segment liabilities
Sourcing	120,238.60	79.00	143,867.78	82.68	103,613.59	74.60	120,238.60	79.00	103,613.59	74.60	135,834.93	78.37
Manufacturing	22,739.60	14.94	20,267.06	11.65	26,862.71	19.34	22,739.60	14.94	26,862.71	19.34	28,788.96	16.61
Others	9,223.46	6.06	9,874.03	5.67	8,408.72	6.05	9,223.46	6.06	8,408.72	6.05	8,696.86	5.02
Total	152,201.66	100.00	174,008.87	100.00	138,885.02	100.00	152,201.66	100.00	138,885.02	100.00	173,320.75	100.00
Other material items included in net
profit/ (loss) before tax
Depreciation and amortisation expenses	1,591.36	-	1,598.20	-	1,737.15	-	4,742.41	-	3,538.27	-	5,220.05	-
Note:

The management has identified and allocated finance cost and certain other revenues to the respective segment results in the quarter and nine months ended 31 December 2020. The erstwhile segment results for the comparative quarter / nine months / annual periods have been conformed to current allocation.

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