Power Mech Projects Limited — Annual Report 2021

Jun 17, 2021

Date:17.06.2021

To The Corporate Relations Department BSE Limited, Dalal Street, PJ Towers, MUMBAI-400001

To National Stock Exchange of India Ltd Exchange Plaza, Bandra Kurla Complex, Bandra (E), MUMBAI-400051

Dear Sir/Madam,

Sub: Outcome of Board Meeting under Regulation 30 & 33 of SEBI (LODR) Regulations, 2015

Ref: BSE Scrip Code: 539302, NSE Symbol: POWERMECH

With reference to the above mentioned subject, please note that the Board of Directors in their meeting commenced at 01.00 PM and concluded at 2.50 PM have inter-alia transacted the following items of business:

1. Approved the audited standalone financial results for the fourth quarter and financial year ended 31.03.2021- enclosed

2. Approved the audited consolidated financial results for the fourth quarter and financial year ended 31.03.2021 - enclosed

3. Took note of the Auditor's reports forming part of the audited standalone and consolidated financials for the fourth quarter and financial year ended 31.03.2021- enclosed

4. Declaration with regard to unmodified opinion pursuant to Regulation 33(3)(d) of SEBI Listing Regulations, 2015.

POWER MECH PROJECTS LIMITED JAS-ANZ AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY

Regd. & Corporate Office : Piol No. 77, Jubilee Enclave,Opp. Hilex, Madhapur, Hyderabad.500081 Telangana, India M45709HlN CIN: L74140TG1999PLC032156

-l~- .:...--_ " !_---_; ..

Phone : 040-30444444 Fax: 040-30444400 E-mail: info@powermech.net Website: www.powermechprojecls.com

5.Re-appointed Ms.Lasya Yerramneni as an Independent Director of the Company for a period of 5 years, subject to the approval of the members at the ensuing annual general meeting brief profile enclosed

This is for your information and records. Regards, For Power Mech Projects Limited

~

Mohith Kumar Khandelwal Company Secretary Encl:A1a

JAS-ANZ AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY POWER MECH PROJECTSLIMITED

Regd. & Corporate Office: Plot No. 77, Jubilee Enclove,Opp. Hitex,

Madhapur, Hyderabad-500081 Telangana, India CIN : L74140TG 1999PLC032156

F P ax hone 040-30444400 E-mail: info@powermech.net ~' 'I, Website: www.powermechprojects.com .;;.;,

Information pertaining to the re-appointment of Ms.Lasya Yerramneni as an Independent Director.

Name of the Appointee	Ms.Lasya Yerramneni
Date of re-appointmenton theBoard	27-06.2021(effective date)
Qualification,ExperienceandExpertise	ShehasdoneherPostGraduateProgrammein ManagementFrom IndianSchool of Business,MS in ElectricalandComputerEngineeringfromUniversityof Texas, Austin
Relationshipbetween directors	SheisnotrelatedwithanyoftheDirectors on the Board.

Pursuant to the directions dated 14 June 2018 issued by SEBI to the stock exchanges and based on the declarations received, we hereby inform that Ms.Lasya Yerramneni is not debarred from holding the Office of Director by virtue of any order passed by SEBI or any other such authority and therefore, she is not disqualified to be appointed as Director of the Company.

POWER MECH PROJECTS LIMITED JAS-ANZ AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY

Regd. & Corporate OHlce : PlotNo. 77, JubileeEnclave,Opp. Hilex, Modhapur, Hyderabad-S00081 Telangana, India M457091c..1 CIN: L74140TG1999PLC0321S6

Fax: 040-30444400 .~ ..

(Rs..in II1ns)

POWER MECH PROJECTSLIMITED

Registered & Corporate Office: Plot No.77, Jubilee Enclave, Madhapur, Hyderabad - 500 081, Telangana. CIN: L74140TG1999PLC032156, Email-info@powermech.net. Website: www.powermechprojects.com

Statement of Standalone financial results for the Quarter and Year Ended March 31,2021

		Quarterended		Year ended
SI. No.	Particulars	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		Audited(Refer Note. 4)	Unaudited	Audited(Refer Note. 4)	Auditeu	Audited
I	Income
	(a) Revenue from operations	7,301.51	4,653.19	5,482.16	17,544.06	20,445.54
	(b) Other income	102.09	79.66	44.69	201.48	91.13
	Totalincome	7,403.60	4,732.85	5,526.85	17,745.54	20,536.67
II	Expenses
	(a) Cost of materials consumed	1.111.93	615.64	867.56	2,497.14	2,974.22
	(b) (Increascj/Decrease in inventories of finishedgoods, stock-in-tradeand work-in-progress					(120.62)
	(c) Contract execution expenses	2.35	103.63	(74.23)	46.22
	(d) Employee benefits expense	4.508.93	2.872.02	],255.07	11,347.20	11,829.52
		875.28	751 15	812.81	2.953.08	3,052.76
	(e) Finance coSb	20803	188.44	222.90	778.84	717.93
	(I) Depreciauon and amorusation expense	82.20	82.54	87.84	332.15	36147
	(g) Other expenses	81.13	57.96	82.46	247.96	240.51
	Total expenses	6.869.85	4.671.38	5.254.41	18,202.59	19.055.79
III	before exceptionalitems and tax (I-II)Profit/(Loss)	533.75	61.47	272.44	(457.05)	1,480.88
IV	Except ional items	-	-	-	-	-
V	"rof1t/(Loss)before tax (III-IV)	533.75	61.47	272.44	(457.05)	1,480.88
VI	Tax expense
	(a) Current tax	20.00	-	72.25	20.00	397.70
	(b) Deferred tax charge/{credit)	123.14	16.19	(22.10)	(131.0 I)	(23.46)
	tax expenseTotal	143.14	16.19	50.15	(111.0 I)	374.24
VII	Profit/CLoss) for the year after tax (V-VI)	390.61	45.28	222.29	(346.0")	1.106.6"
VIII	Othercomprehensiveincome
	Items that will not be reclassified to profit or loss
	(a) Rerneasuremcnts of the defined employee benefit plans	10.74	1.00	8.18	13.74	9.68
	(b) Changes in fuir value of equity instruments	(0.43)	0.51	(0.09)	0.16	(0.08)
	Total Other comprehensiveincome	10.31	1.51	8.09	13.90	9.60
IX	incnme/tloss]Total comprehensive(VII+VIII)	400.92	46.79	230.38	(332.14)	1,116.24
X	Paid-up equity share capital (Face value Rs.l 0/· each)	147.11	147.11	147.11	147.11	147.11
XI	Reserves (excluding revaluation reserves) as per Balance Sheet
					8,366.69	8,713.54
XII	Earnings per share (of Rs.I 0/- each) (for the year - notannualised)
	- Basic and Diluted	26.55	3.0R	15.1I	(23.52)	75.23

AN ISO 9001, ISO 14001 & OH5A5 18001 CERTIFIEDCOMPANY POWER MECH PROJECTS LIMITED

Madhap Te C Pl R I o eg N langa t N : d o . L . n & u 74 o r 77 , , Cor 1 , 4 J H I 0 u n p b yde T d i o G199 i l o ee rate rabad-En 9 cl PLC0321 O 5 a 00081 ffice ve, Opp . 56

Phone :040-30444444 Fox : 040-30444400 E-mail: info@powermech.nel Websile : www.powermechprojects.com Hitex, ~fiil\

POWER MECH PROJECTSLIMITED

Registered & Corporate Office: Plot No.77, Jubilee Enclave, Madhapur, Hyderabad· 500 081, Telangana. CIN: L74140TG1999PLC0321S6, Email ·info@powermech.net. Website: www.powermechprojects.com

	Statement of Consolidated financial results for the Quarter and Year Ended March 31, 2021
--	-------------------------------------------------------------------------------------------	--	--

			Quarterended	(R. in Mns)Year ended
		31.03.2021	31.12.2020	31.03.21120	31.03.2021	31.03.2020
I.N	Particulars	Audited	Unaudited	Audited	Audilrd	Audited
		(Rdr!'Note, 4)		(Rcftr~ole.4)
I	Income
	(a) Revenue from operations	7.551.94	5.084 94	5.945.63	18.84085	21.64679
	(b) Other income	4731	94.24	34.15	163.39	93.42
	Total income	7,599.25	5,179.IR	5,9811.38	19,004.24	21,740.21
II	Expenses
	(a) COSI of materials consumed	1.13470	655.14	%4 25	2.64044	3.239.06
	(b) (Increase)IDecreasein inventories of fimshedgoods. stock-rn-trade and work-in-progress
	(c) Contract execuuon expenses	(1.38)	10994	(77.43)	62.00	(119.68)
	(d) Employee bene fils expense	4.635.12	3.22946	3.467.14	12.237.10	12.301 81
		95 LI 5	809 70	861.57	3.22235	3.24788
	(c) Finance COSIS	213.%	18989	22827	79252	74057
	(f) Deprecianon and amortisation expense	8989	88.55	9434	35766	394.19
	(g) Other expenses	8703	60.45	7917	260.21	270.27
	Total expenses	7,111).47	5.143.13	5,617.31	19,572.28	20.07~.1 0
III	Prnlil/(Loss)before Share of ProfioJ(Lo. ) frum Join! venture,
	items and I"X(1.11)cxceprional	488.78	36.05	363.07	(568.04)	1.666.11
	IV Share of Profil/( Loss) from JOIIII venrurc/Associere	ILl9	680	(0.05)	(30.91)	15.70
V	items and II" (1I1·IV)f'rolil/(Loss)before exceptional	499.97	42.85	363.02	(598.95)	1.681.81
'1	Excepnonal items
	,11 !'rolil/(Loss)before In('·'1)	~99.97	42.85	363.02	(598.95)	1.681.81
	VIII '1ax expense
	(a) Current tax	19.84	071	71 81	21.49	400.10
	(b) Deferred tax churgel(crcdit)	120.30	10.62	[24,21 )	( 133.79)	(25.30)
	(c) MAT Credn enurlemcm	(1.01)			(1.01)
	Total tax expense	139.13	11.33	47.60	(113.31)	374.80
	for the year .nerla. (V11.VIII)IX ProlioJ(Loss)	360.8-1	31.52	31sA2	(~5.CH)	1.307.0 I
X	Other comprehensiveincome
	ltems that will 1101be reclassified 10 profit or loss
	(a) Remeasurememsof the defined employee benefit plans	10.74	1.00	882	13.74	10.32
	(b) Equity mstruments through other comprehensive
	income	(0.431	o SI	(0,09)	0.16	(0.08)
	Items that 1"111be reclassified 10 profit or loss
	(a) Exchange fluctuations on revaluauon of foreignoperauons	(S.06)	317	14.22	(690)	18.18
	Total Other comprehensiveincome	5.2S	4.78	22.95	7.00	28.42
XI	Tural comprehensiveincome/(Ioss)(IX+X)	366.09	36.30	338.37	(478.64)	1.335.43
	Prolil/(Loss)for the year before other comprehensive.income
	Auributable lO	360.84	31.52	315.42	(485.64)	1,307.01
	Equity share holders of the parent
	Non-controlling interest	356.60	31.32	313.51	(455.95)	1,312.75
		4.24	0.2(1	1.91	(29.69)	(5.74)
	Tutal comprehensiveincome/(Ioss)for HIe yea r
		366.09	36.30	338.37	(478.64)	1,335.43
	Attributable 10
	Equity share holders of the parent	361.68	36.59	332.89	(~47.74)	1.335.87
	Non-controlhng interest	4.41	(0.29)	5.48	(30.90)	(0.44)
	XII Paid-up equity share capital (Face value Rs 10/· each)	147.11	147 II	147.11	147.11	147.11
	XIII Reserves (cxctuding revaluation reserves) as per Balance Sheet					9,364.73
					8.902.28
XIV	Earnings per share (of RS.IO/· each) (for the year- not annualised)
	. Basic and DIluted	24.24	2.13	2131	(3100)	8924

POWER MECH PROJECTS LIMITED AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY

Regd.& Corporate Office: Plot No. 77, Jubilee Enclove, Opp. Hitex, Madhapur, Hyderabad-S00081 Telangana, Indio

M4 CIN: L74140TG1999PLC0321S6 5709101N

Phone : 040·30444444 Fox : 040·30444400 E·mail : info@powermech.net Website: www.powermechprojects.com

wmAID

Notes:

• I These financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on June 17,2021. These results are as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 20 I5 as amended. The statutory auditors have carried out an audit of these results for the quarter and year ended March 31, 2021 and have issued an unmodified opinion on these results.
• 2 The group predominently operates only in construction and maintenance activities and there are no reportable segments under Indian Accounung Standard (Ind AS) ·108.
• 3 The Ministry of Home Affairs vide order no. 40-3/2020-DM-I(A) dated March 24, 2020 announced a nationwide lockdown as a measure to contain the spread ofCOVID·19 which was declared a global pandemic by theWorld Health Organisation. Owing to the lockdown, the operations of the Company were impacted due to shutting down of majority of sites. The lockdown was released in a graded manner in May 2020 and the Company has resumed operations in a phased manner as per directives issued by the Government and is closely monitoring the impact of the pandemic on all aspects of its business. The Company IStaking appropriate measures to ensure the safety and well-being of all its employees and ensuring full compliance WIththe directives issued by the Government in this regard.

The lockdown as imposed has impacted significanlty the company's operations and financial results during part of the year However, the company during the quarter ended 31.03.2021 had recovered from the economic effects caused by shutdown because of Covid - 19 pandemic and works at major sites are progressing well. Hence, the results for the current quarter are therefore not comparable with those for the previous quarters.

Though the company recovered from the economic effects, the company continue to monitor the possible effects which may further result from the second wave of Covid- 19pandemic on the carrying amounts of property, plant and equipment, receivables and retentions, advances to vendors and other assets.

• 4 The figures tor the current quarter and quarter ended March 31, 2021 are balancing figure between the audited ligures for the full financial year ended March 31. 2021 and March 31. 2020, respectively. and the published year to date ligures upto third quarter ended December 31,2020 and December 31.2019. respectively.
• 5 Figures for the previous periods have been regrouped and reclassified wherever necessary to conf

Hydcrabad June 17,2021

Chairman and Managing Director

JASANZ r6--"-"'-' , , , , Ii: : w_: __, __ ,_ , , , L·__·t·_···l. M45709101N

AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY POWER MECH PROJECTS LIMITED

T Cl M R P e lot e adn N la gd N n . ga ap o. 77 l7 & 4140 no ur, Corporat , , J H Ind u TG1999 y bi d ia lee er e a En bad-5000 PL Off clave,Opp C ic 0 e: 32156 81 . Hitex, Website: www.powermechprojects.com Phone : 040-30444444 Fax: 040-30444400

	Statement	of Assets and Liabilities			(Rs.in Mns)
		Standalone(Audited)		Consolidated	(Audited)
51.No.	Particulars	as at		as at
		31-03-21	31-03-20	31-03-21	31-03-20
	ASSETS
1	Non-CurrentAssets
(a)	Property,Plant and Equipment	1,377.98	1,461.91	1,649.52	1,761.05
(b)	Right-of-useassets	53.00	72.01	71.62	90.88
(c)	Capital Work-in-progress	52.84	25.61	53.09	26.01
(d)	IntangibleAssets	2.26	2.79	25.57	26.31
	Financial Assets
(e)	(i) Investments	138.82	138.66	298.17	328.91
	(ii) Other financial assets	2.741.38	2,657.40	2,573.38	2,849.18
(f)		201.97	70.97	215.55	81.76
	Deferred Tax Asset (Net)	21.32	19.07	21.32	19.07
(g)	Other Non-currentAssets			4,908.22	5,183.17
	Total Non-Currentassets	4,589.57	4,448.42
2	CurrentAssets
(a)	Inventories	1,068.05	1,152.32	1,146.78	1,263.27
(b)	Financial Assets
	(i) Investments	23.58		23.58
	(ii) Trade Receivables	4,865.05	4.678.66	5,335.03	5,417.14
	(iii) Cash and cash equivalents	120.86	241.07	137.53	296.52
	(iv) Other bank balances	501.01	445.76	506.94	454.41
	(v) Loans	305.63	499.48	57.26	52.26
	(vi) Other financial assets	5,111.10	5,289.07	5,635.69	5,745.49
(c)	Other Current assets	4,396.87	4.754.02	4,490.72	4,854.96
(d)	Current tax assets (Net)	332.22	71.83	367.32	126.82
	Total Currentassets	16,724.37	17,132.21	17,700.85	18,210.87
	TotalAssets	21,313.94	21,580.63	22,609.07	23,394.04
1(a)(b)	EquityEquity Share CapitalOther EqUity	147.118,366.69	147.118,713.54	147.118,902.28	147.119,364.73
2	Non-Controlllng Interests			35.12	80.88
		8,513.80	8,860.65	9,084.51	9,592.72
	Liabilities
3	Non-currentliabilities
(a)	Financial Liabilities
	(i) Long-termborrowings	158.46	296.39	158.65	296.39
	(ii) Lease liabilities	27.31	45.37	27.31	45.37
	(iii) Other financial liabilities	715.93	608.29	716.31	610.32
(b)	Provisions	43.15	36.46	49.23	37.03
(c)	Other non-currentliabilities	103.76	63.75	229.76	63.75
	Total non-currentliabilities	1,048.61	1,050.26	1,181.26	1,052.86
4	Currentliabilities
(a)	Financial Liabilities
	(i) Short-termborrowings	4,535.35	4,176.55	4,535.35	4,256.02
	(ii) Lease liabilities	25.35	24.26	25.35	24.26
	(iii) Trade payables
	a) Total outstandingdues of micro enterprisesand
	small enterprises	1.14	3.47	1.14	3.47
	b) Total outstandingdues of Creditors other than
	micro enterprisesand small enterprises	4,868.96	5,212.09	5,124.73	5,775.30
	(iv) Other financial liabilities	1,313.04	1,508.43	1,554.71	1,766.88
		995.90	735.68	1,088.92	912.35
(b)(c)	Other currentliabilities	11.79	9.24	13.10	10.18
	ProviSionsTotal currentliabilities	11,751.53	11,669.72	12,343.30	12,748.46
	Total Liabilities	12,800.14	12,719.98	13,524.56	13,801.32
	TotalEquityand Liabilities	21,313.94	21,580.63	22,609.07	23,394.04

POWER MECH PROJECTS LIMITED JAS-ANZ AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY

Regd. & Corporate Office: PlotNo. 77, JubileeEnclave, Opp.Hitex, Madhapur, Hyderabad-500081 Telonqcno, Indio M4570910IN CIN: L74140TG1999PLC032156

Phone : 040-30444444 Fax: 040-30444400 E-mail: info@powermech.net Website: www.powermechprojects.com

	Particulars
I.	CASHFLOWFROMOPERATINGACTIVITIES
	Profit before tax		(457.05	1,480.89	(598.95)	1,681.81
	Add/Less:Adjustments for:
	Depreciation		332.15	361.47	357.66	394.19
	FCTRMovement				(6.90)	18.18
	Interest and Financecharges		778.64	710.13	792.32	740.57
	Interest on Income Tax		0.20	7.80	0.20	7.80
	Losson sale of assets		3.37	0.58	3.57	0.73
	Fairvalue gain on current investments				(1.08)
	Net lossarising on financial assetsmeasuredat FVTPL			(0.86)	(0.52)	0.86
	Interest Income				(65.23)(1.17)
	Amortisation of Deferred Government grants
	Profit on sale of assets				(4.63)
	Dividend income
	Remeasurement benefits on defined benefit Plans/Obligations
	considered in Other ComprehensiveIncome		13.74	9.68	13.74
	Shareof Profit/(Ioss) in Joint Venture				30.91
	Operating profit before working capital changes		491.58	2,496_58	519.92
	Movements in Working Capital
	Adjustments for (increase)/decreasein operating assets:
	- Trade Receivables			(792.95)	82.61
	- Inventories			(359.71)	116.49
	- Other Assets			(2,618.30)	952.58
	Adjustments for increase/(decrease)in operating liabilities:				(652.90)
	- Trade Payables
	- Other Liabilitiesand Provisions
	Cashgenerated from operations
	Less:Direct taxes paidNet cash from/(used in) Operating activities	(A)
II.	CASHFLOWFROMINVESTINGACTIVITIESPurchaseof fixed assets/Capitalwork In progress
	Proceedsfrom saleof fixed assets
	Investment in equity shares of Subsidiarycompany
	Investment In Mutual Funds
	Margin money deposits with banksand other balances
	Dividend received
	Interest received
	Net cash from/(used in) Investing activities	(8)
	Proceedsfrom/(Repayment of) borrowings
	Interest and Financecharges paid
	LeaseRent Paid
	Dividendsand dividend tax paid
	Net cashfrom/(used in) financing activities	( C)
	Net Increase/(Decrease) in cashand cash equivalents	(A+8+C)		103.53
	Cashand cash equivalents at the beginning of the period			137.54
	Cashand cash equivalents at the end of the period			241.07
	Net Increase/(Decrease) in cashand cashequivalents			103.53

POWER MECH PROJECTS LIMITED JAS-ANZ AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY

Plot No. 77, Jubilee Enclave, Opp. Hitex, Madhapur, Hydcrabad-500081 Telangana, India

CIN: L74140TG1999PlC032156

Phone : 040-30444444 Fax: 040-30444400 E-mail: info@powermech.net Website: www.powermechprojects.com

Date:17.06.2021

To The Corporate Relations Department SSE Limited, Dalal Street, PJ Towers, MUMSAI-400001

To National Stock Exchange of India Ltd Exchange Plaza, Sandra Kurla Complex, Sandra (E), MUMBAI-400051

Dear Sir/Madam,

Sub: Declaration for Unmodified opinion pursuant to Regulation 33(3)(d) of SEBI Listing Regulations, 2015

Ref: BSE Scrip Code: 539302, NSE Symbol: POWERMECH

We hereby declare that the Audit Report issued by M/s.K S Rao & Co., Chartered Accountants, Statutory Auditors on the Standalone and Consolidated Results for the year ended 31.03.2021 is with unmodified opinion.

This declaration is issued in compliance of Regulation 33(3) (d) of the SESI (LODR) Regulations, 2015 as amended vide its circular nO.CIR/CFD/CMD/56/2016 dated 27.05.2016.

This is for your information and records.

S.KISHORE BABU CHAIRMAN & MANAGING DIRECTOR DIN:00971313

AN ISO 9001. ISO 14001 & OHSAS 18001 CERTIFIED COMPANY POWER MECH PROJECTSLIMITED

Regd. & Corporate Office : PlotNo. 77, JubileeEnclave,Opp. Hitex, Madhopur, Hyderabad-500081 Telangana, India M4S709101N CIN: L74140TG1999PLC032156

Fax: 040-30444400 ... It: E-mail: info@powermech.net • , 'h ... Website: www.powermechprojects.com

HYDERABAD,VIJAYAWADA,CHENNAIAND BANGALORE

#54·19·4B, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800,7382655516 -

Management's Responsibilities for the Standalone financial results

This Statement which includes the Standalone financial results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance.The Standalone financial results for the quarter and year ended March 31, 2021 has been compiled from the related audited financial statements. This responsibility includes the preparation and presentation of the Standalone financial results for the quarterand year ended March 31, 2021 that give a true and fair view of the net profit/(loss) and other comprehensive Income/(Ioss) and other financial information in accordance with the recognition and measurement principles laid down inthe Indian AccountingStandards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation anJ~~===

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section

143(10) of the Companies Act, 2013 (lithe Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (lithe ICAI") together with the ethical requirements that are relevant to our audit of the Standalone financial results for the Quarter and year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAl's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

We have audited the accompanying Standalone financial results for the Quarter ended March, 2021 (refer 'Other Matters' section below) and Financial Results for the Year ended March 31, 2021, of POWER MECH PROJECTSLIMITED ("the Company"), ("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").

• a) are presented in accordance with the requirements of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
• b) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net Profit/(Ioss) and total comprehensive Income/(Ioss) and other financial information of the Company for the Quarter and year ended March, 2021.

In our opinion and to the best of our information and according to the explanations given to us, the Standalone financial results for the Quarter and year ended March 31, 2021:

Report on the audit of the Standalone financial results

Opinion

TOTHE BOARDOFDIRECTORSOF POWER MECH PROJECTSLIMITED

INDEPENDENAUT DITORS'REPORTONAUDITOFSTANDALONEQUARTERLYANDANNUALFINANCIALRESULTS

K.S. RI-\O ~ Co

HVDERABAD, VIJAVAWADA, CHENNAI AND BANGALORE

#54-19-4B, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800,7382655516 -

• Identify and assessthe risks of material misstatement of the Annual Standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonablenessof disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone financial results, including the disclosures, and whether the Standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Auditors Responsibilities for the Audit of the Standalone financial results for the quarter and year ended March 31, 2021

Our objectives are to obtain reasonable assuranceabout whether the Standalone financial results for the quarter andyear ended March 31, 2021 as a whole isfree from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users ta ken on the basis of this Standalone financial results.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

In preparing the Standalone financial results, the Board of Directors are responsible for assessingthe Company's ability, to continue asa going concern, dlscloslng, asapplicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

presentation of the Standalone financial results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

K.S. Rr\O ~ Co

HYDERABAD,VIJAYAWADA,CHENNAIAND BANGALORE

#54-19·48, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800,7382655516 - manchinellagopikrishna@yahoo.co.uk - www.ksrao.ln

Partner Membership No. 235528

Place: Vljayawada

Date: 17.06.2021 UDIN: 21235528AAAABS9894 For K.S.Rao& Co

The Statement includes the results for the Quarter ended March 31, 2021 being the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the standalone results is not modified in respect of this matter.

Other Matters

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

K.S. R.J\O & Co CHAnTI:RCO ACCOUNTA"TS

#54·19·4B, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800, 7382655516 • •

HYDERABAD,VIJAYAWADA,CHENNAIAND BANGALORE

(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit/(Ioss) and total comprehensive Income/(Ioss) and other, financial information of the Company for the year ended 31st March, 2021. .

ii} are presented in accordance with the requirements of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

Name of the entity	Relationship
Hydro Magus Private Limited	Subsidiary (Indian)
Power Mech Industri Private Limited	Wholly Owned Subsidiary (Indian)
Power Mech BSCPLConsortium Private Limited	Subsidiary (Indian)
Power Mech SSAStructures (P) Limited	Wholly Owned Subsidiary (Indian)
Aashm Avenues (P) Limited	Wholly Owned Subsidiary (Indian)
Power Mech EnvironmentalProtectionPrivate Limited	Wholly Owned Subsidiary (Indian)
Power Mech Projects LLC	Subsidiary (Foreign)
Power Mech Projects (BR)FZE	Wholly Owned Subsidiary (Foreign)
PMPL- Khilari JV (AOP)	Joint Venture (India)
PMPL- STSJV (AOP)	Joint Venture (India)
PMPl-ACPl JV (AOP)	Joint Venture (India)
PMPL - SRCINFRAJV	Joint Venture (India)
PMPL - BRCCINFRAJV	Joint Venture (India)
GTA Power Mech Nigeria Limited	Joint Venture (Foreign)
GTA power Mech DMCC	Joint Venture (Foreign)
GTA Power Mech FZE	Subsidiary of JV (foreign)
Mas Power Mech Arabia	Associate (Foreign)

We have audited the accompanying Consolidated Financial Results for the Quarter ended 31st March, 2021(refer 'Other Matters' section below) and Financial Results for the Year ended March 31, 2021, of POWER MECH PROJECTSLIMITED (lithe Parent") and its Subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit/(Ioss) after tax and total comprehensive income/floss] from its Joint venture and associate for the year ended 31st March, 2021, ("the Statement"), 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").

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of other auditors on separate audited financial statements of Subsidiaries, associate and Joint ventures referred to in Other matters section below and unaudited financial statements submitted by the management in case of those entities which are unaudited, the Consolidated annual financial results for the year ended March 31, 2021:

i) Includes the results of the Parent and the following

Opinion

Report on the Audit of the Consolidated Annual financial results

TOTHE BOARDOFDIRECTORSOF POWER MECH PROJECTSLIMITED

INDEPENDENTAUDITORSREPORTONAUDITO ' FCONSOLIDATEDQUARTERLYANDANNUALFINANCIALRESULTS

CHAP-CReo ACCOUNTA""'S

K.S. &\0 & Co

•

HYDERABAD,VIJAYAWADA,CHENNAIAND BANGALORE

#54-19·4B, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800,7382655516·

Our objectives are to obtain reasonable assurance about whether the Consolidated financial results for the Quarter and Year ended March 31, 2021 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will .alwavs detect a material misstatement when it exists. Misstatements can arise from fraud or error a:nd ~~~

Auditor's Responsibilities for the Audit of the Consolidated financial results for the Quarter and Year ended March 31, 2021

Management's Responsibilities for the Statement

This Statement which includes the Consolidated financial results is the responsibility of the Parents Board of Directors and has been approved by them for the issuance. The Consolidated financial results for the year ended March 31, 2021 have been compiled from the related audited and unaudited consolidatedfinancial statements. This responsibility includes the preparation and presentation of the Consolidated financial results for the Quarter and Year ended March 31, 2021 that give a true and fair view of the net proflt/Iloss) and other comprehensive income/(Ioss} and other financial information of the Group induding its associateandjoint venture in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the listing Regulations. The respective board of directors of the companies included in the group and its associate and joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of this consolidated financial results by the directors of the parent, as aforesaid.

In preparing the Consolidated annual financial results, the respective Board of Directors of the companies in the group and its associate and joint venture are responsible for assessing the Company's ability, to continue asa going concern, disclosing, asapplicable, matters related to going concern and using the going concern basis of accounting unless the ~Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies in the group and its associate and joint venture are responsible for overseeing the financial reporting process of the group and of its associate and joint venture.

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Group, its associate and joint venture in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (lithe ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated financial results for the Quarter and Year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Opinion

C11Po n TC Reo Po ceo U NT A ~ j::;

K.S. RJ\O ~ Co

#54-19-48, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800,7382655516 - - www.ksrao.in

HYDERABAD,VIJAYAWADA,CHENNAIAND BANGALORE

We communicate with those charged with governance of the parent and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit. . ~~~

• Evaluate the overall presentation, structure and content of the Annual Consolidated financial results, including the disclosures, and whether the Annual Consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the listing regulations to the extent applicable .
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone financial results of the entities within the group and its associate and joint venture to express an opinion on the Annual Consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated financial results of which we are the independent auditors. For the other entities included in the Annual Consolidated financial results which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Identify and assessthe risks of material misstatement of the QatErl{ andAnnual Consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate and joint venture to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

considered material if, individually orin the aggregate, they could reasonably be expected to influence the economic decisions of users ta ken on the basis of this Consolidated financial results.

Ct.An-CREO ACCOUNTA"TS K.S.RAO & Co

#54-19-48, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800,7382655516 - - www.ksrao.in HYDERABAD,VIJAYAWADA,CHENNAIAND BANGALORE

c) (i) The financial results also includes total assets of Rs. 688.75 Mn as at 31st march, 2021, total revenues of Rs. 103.01 Mn and Rs.372.03 Mn for the quarter and year ended 31st March, 2021 respectively, total net profit after tax of Rs. 9.60 mn and Rs. 2.52 Mn for the quarter and year ended 31st March, 2021 respectively and total comprehensive income of Rs. 9.60 mn and Rs. 2.52 mn for the quarter and year r ended 31st March, 2021 respectively of 5 Indian subsidiary companies which have been audited ==:=~~ other auditors.

Also, the Consolidated financial results includes groups share of net loss after tax of Rs. 6.82 mn and net profit after tax of Rs. 49.48 mn for the quarter and year ending 31st March, 2021 and total comprehensive loss of Rs. 6.82 mn and total comprehensive income of Rs. 49.48 mn for the quarter and year ended 31st March, 2021 in respect of 1 overseas Joint Venture which was audited by their auditor.

(ii) The consolidated financial results also includes groups share of net profit of Rs. Nil and Rs.0.02 mn for the quarter and year ended 31st March, 2021 respectively and total comprehensive income of Rs. Nil and Rs. 0.02 mn for the quarter and year ended 31st March, 2021 respectively as considered in consolidated financial results in respect of 1 overseas joint venture which have not been audited by their auditors.

Also, the consolidated financial results includes total assets of Rs. 327.40 mn as at 31st March, 2021 and total revenues of Rs. 207.75 mn and Rs. 1,230.17 mn for the quarter and year ended 31st March,

2021 respectively, total profit after tax of Rs. 11.11 mn and Rs. 93.56 mn for the quarter and year ended 31st March, 2021 respectively and total comprehensive income of Rs.5.45 mn and Rs.90.72 mn for the quarter and year ended 31st March, 2021 respectively of 1 overseas subsidiary which was audited by other auditor.

Other Matters

• a) The consolidated financial results includes the financial results of 2 overseas subsidiary and 2 overseas Joint Ventures of which financial statements of 1 subsidiary and 1 Joint Venture have not been audited by their auditors. These results also includes financial results of 5 Indian subsidiary companies and 5 Indian Joint Ventures which have been audited by other auditors. Also, these Consolidated financial results includes the financials results of 1 foreign associate whose financial statements have not been audited by their auditors.
• b) {i} The Consolidated financial results includes total assets of Rs. 117.33 mn as at 31st March, 2021 and total revenues of Rs. 32.92 mn and Rs. 65.23 mn for the quarter and year ended 31st March, 2021 respectively, total profit after tax of Rs. 11.79 mn and loss after tax of Rs. 96.83 mn for the quarter and year ended 31st March, 2021 respectively and total comprehensive income of Rs. 12.39 mn and total comprehensive loss of Rs. 100.89 mn for the quarter and year ended 31st March, 2021 respectively of 1 overseas subsidiary which have not been audited by their auditors.

We also performed procedures in accordance with the circular issued by the SESIunder Regulation 33(8) of the listing regulations, 2015, as amended, to the extent applicable.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

K.S.RAO & Co

,

HYDERABAD, VIJAYAWADA, CHENNA. AND BANGALORE

#54-19-48, Ground Floor, 2nd Lane, Jayaprakash Nagar, Vijayawada - 520 008 8985000800,7382655516 - manchinellagopikrishna@yahoo.co.uk - www.ksrao.in . 1

GopiKrishna Chowdary Manchin Partner' Membership No. 235528

Place: Vljayawada Date: 17.06.2021 UDIN: 21235528AAAABR2118 .,

For K.S.Rao& Co Chartered Accountants (Firm's Registration No.

• The Statement includes the results for the Quarter ended March 31, 2021 being the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

In respect of subsidiaries, associates and joint ventures which are located outside India, the annual financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries, and which have been audited by other auditors and in respect of unaudited financial statements, prepared and certified by the management under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such companies located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and Joint ventures is based on the audit report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us. Our opinion is not modified in respect of this matter .

Our report on the Statement is not modified in respect of the above matters with respect to our reliance on the financial statements and financial information certified by the board of directors.

These unaudited financial statements in respect of 1 overseas subsidiary, 1overseas Joint Venture and 1 overseas associate have been furnished to us by the management and our opinion on the statement in so far as it related to the amounts and disclosures is based solely on such unaudited financial statements. In our opinion and according to the information and explanations furnished to us by the board of directors, these financial information are not material to the group.

• (ii) The financial results also includes groups share of net profit after tax of Rs. 5.74 mn and Rs. 7.88 mn for the quarter and year ended 31st March, 2021 respectively and total comprehensive income of Rs. 5.74 and total comprehensive income of Rs. 7.88 mn for the quarter and year ended 31st March, 2021 respectively of 4 Indian Joint Ventures which have been audited by other auditors.
• d) These financial results also includes groups share of net profit after tax of Rs. 12.27 mn and net loss after tax of Rs. 88.29 mn for the quarter and year ended 31st March, 2021 respectively and total comprehensive income of Rs. 12.27 mn and total comprehensive loss of Rs. 88.29 mn for the quarter and year ended 31st March, 2021 respectivelyof 1 foreign associate which has not been audited by other auditors.

K.S. Rt\O & Co

•