Prestige Estates Projects Limited — Interim / Quarterly Report 2020

Jan 24, 2020

Date: January 24, 2020

To
The General Manager	The Manager
Dept. of Corporate Services	Dept of Corporate Services
National Stock Exchange	of India BSE Limited
Limited	Regd. Office: Floor 25, P J Towers
Bandra Kurla Complex	Dalal Street
Bandra (E)	Mumbai - 400 001
Mumbai-400051
Scrip Code: PRESTIGE	Scrip Code: 533274

Dear Sir/Madam

Sub: Outcome of the Board Meeting held on January 24, 2020.

This is to inform that the Board of Directors of Prestige Estates Projects Limited at their meeting held today, i.e. Friday, January 24, 2020 have approved the following:

1. Un-audited Financial Results and Limited Review Report (both Standalone and Consolidated) for the quarter ended December 31, 2019 as per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In this connection, please find enclosed herewith:

• a. Un- audited Standalone Financial Results along with Cash Flow Statement and Limited Review Report for the quarter ended December 31, 2019
• b. Un- audited Consolidated Financial Results along with Cash Flow Statement and Limited Review Report for the quarter ended December 31, 2019

2. Allotment of 1,34,41,654 Equity shares of Rs. 10 each to GAMNAT Pte. Ltd on a preferential basis:

Further to our intimation dated January 14, 2020, in relation to execution of an investment agreement dated January 13, 2020 between Prestige Estates Projects Limited (the "Company") and GAMNAT Pte. Ltd, a Category I Foreign Portfolio Investor registered with the SEBI ("Investor"), and pursuant to receipt of approval of the members of the Company at the Extraordinary General Meeting held on January 16, 2020 and Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we wish to inform you that the Board of Directors of the Company has allotted 1,34,41,654 equity shares of Rs. 10 each of the Company to the Investor, on a preferential allotment basis, at a price of Rs.325 per equity share (which includes a premium of Rs. 315 per equity share).

Consequently, with effect from 24th January, 2020 the issued, subscribed and paid up equity share capital of the Company stands increased to Rs. 388,44,16,5, e vo. sting .- /3 of 38,84,41,654 equity shares of Rs. 10 each. t

41Bangalore (f1.1 3 141560 001 --i, +7- "•;,, / stlgec ctions," ',.- -ft ' Prestige Estates Projects Ltd., Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : properties@prestigeconstructions.co CIN : L07010KA1997PLCO22322

The aforementioned equity shares allotted to the Investor rank pan passu with the existing equity shares of the Company.

This intimation is being made in compliance with Regulations 33 & 30 read with Schedule III and other applicable regulations of the SEBI Listing Regulations, as amended from time to time, and SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 and other applicable circulars issued by SEBI.

The Board Meeting Commenced at 11.30 AM and concluded at 7.00 PM.

Thanking You.

Yours sincerely For Prestige Estates Projecp:-FWAd Ir ngailore

•• - 560 00 I Irf ac . Chairman and Managing Dir DIN:00209022

Encl: a/ a.

PRESTIGE ESTATES PROJECTS UNITED RECD OFFICE: PRESTIGE FALCON TOWER NO.19, BRUNTON ROAD BANGALORE 560025 ON: 107010KA1997PLCO22322

Statement of Consolidated Unaudited Finandals Results for the quarter and nine months ended 31 December 2019

							Rs. In Million)
		Quarter ended			Nine months ended		Year ended I
	Particulars	31-Dec-19	30-Sep-19	31-Dec-18		31-Dec-19 31-Dec-18 31-Mar-19
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited) j (Unaudited)		(Audited)
	1 Income from Ups rotors
	Revenue from operations	26,809	19,229	10,535	61,425	31,891	51,719
	Other income	154	398	255	839	972	1,122
	Total Income from operations (net)	26,963	19,627	10,790	62,264	32,863	52,841
2	Expenses
	(Increase)/ decrease in inventory	9,592	2,193	(935)	13,830	(12,924)	(14,938)
	Contractor cost	4,863	3,943	2,991	12,267	10,401	16,852
	Purchase of materials	524	735	1,254	2,164	3,513	4,988
	Purchase of completed units		18	271	127	271	1,027
	Land cost	953	2,823	119	3,949	10,974	13,944
	Rental expenses	26	15	724	46	2,127	2,858
	Facility management expense	706	657	219	1,854	784	1,228
	Rates and taxes	249	460	332	1,163	1,014	2,640
	Employee benefits expense	1,239	1,103	1,023	3,349	2,918	3,986
	finance costs	2,602	2,640	1,792	7,649	5,245	7,228
	Depreciation and amortization expense	1,655	1,609	870	4,896	2,211	3,229
	Other expenses	1.469	1.183	1,100	4,112	3.154	4,596
	Total expenses	23,878	17.379	9.760	55,406	29.688	47,638 I
3	Profit before exceptional kerns (1-2)	3,085	2,248	1,030	6,858	3.175	5,203
4	Exceptional items				380	894	894
5	Profit before Share of profit from jointly controlled	3,085		1,030	7,238	4,069	6,097
	entities/ associatim (3+4)		2,248
6	Share of profit from jointly controlled entities/	31	52	63	128	232	307
	associates (net of tax)
7	Profit before tax (5+6)	3.116	2,300	1,093	7,3661	4,301	6,404
8	Tax expense (net)
	Current tax	705	295	411	1,642	1,158	1,714
	Deferred tax	247	433	8	749 i	143	271
		952	728	419	2,381 I	1,301	1,985
9	Net Profit for the period/ insar (7-8)	2,164	1,572	674	4075 I	3,000	4,419
10	interneOther Can
	Items that we not be recycled to profit or loss
	itemeasurements of the defined benefit liabilities /		1	8		4
	(asset) (net of tam)				(11		(11)
11	Total COMpt,d1C/1511 Income for the period/ year	2,164	1,573	682	4974	3,004	4,408
	[Comprising Profit for the period (after tax) and
	Other Cootpreheus;ve inaarrm (after tax)) (9+10)
12	Profit for the period/year adributa We to
	Snarenvirrers of the Lompany	1,618	1,106	581	3,877	2,765	4,156
	Non contraries interests	546	466	93	1,098	235	263
13	IA/ter ocroptertensive income for the period/ year
	attributable tcc
	Shareholders of the Company		1	S		4	(11)
	Non controlling interests				(1)
14	Total comprehensive broom for the period/ year
	attftutable to
	Shareholders of the Company	1,618	1,107	589	3,876	2,769	4,145
	Non controlling interests	546	466	93	1,098	235	263
15	Paid-up equity share capital (Face Value of the Share	3,750	3,750	3,750	3,750	3,750	3,750
	FU.10 each)
16	Earnings Per Share'
	a; Basic	431	7_95	1_55	10.34	7.37	11.08
	Ui Diluted	4.31	2.95	1.55	10.34	7.37	11.08
	See accompanying note to financial results

* Not annualised for quarter

PRESTIGE ESTATES PROJECTS UMrTED

REGD OFFICE: PRESTIGE FALCON TOWER NO.19, BRUNTON ROAD BANGALORE 560025

CIN: L07010KA1997PLCO22322

Statement of Consolidated Unaudited Financials Results for the quarter and nine months ended 31 December 2019

Notes to financial results

• 1 The above unaudited results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 24 January 2020.
• 2 The statutory auditors have carried out limited review of the above results.

3 Segment information

The chief operating decision maker of the Company reviews the operations of the Group as a real estate development activity and letting out/ operating of developed properties, which is considered to be the only reportable segment by the management.

4 The Company had entered into a registered Joint Development Agreement (JDA) with a certain land owner (the "Land Owner Company") to develop a residential project ("the Project'). Under the said JDA, the Company acquired development rights over a certain parcel of land of the Land Owner Company and in exchange was required to provide the Land Owner Company identified developed units with a certain specified built-up area (the 'Land Owner Company's share"). The Company had also incurred Transferrable Development Rights (TDR's) of Rs 881 Million which are recoverable from the Land Owner Company along with an interest of 12% per annum, from the sale of units from the residential project belonging to the Land Owner Company.

As at 31 December 2019, gross receivables due from the Land Owner Company towards TOR'S aggregate to RS 923 Million. The Land Owner Company has been ordered to be wound up by the Hon'ble High Court of Judicature during the year ended 31 March 2017. The land owner Company has challenged the court order, the legal proceedings of which is pending with the Judicature.

Considering the rights of the Company under the JDA, the status of development achieved so far in the Project; the plans for completion of the Project; the Escrow arrangement with the Company, Land Owner Company and the Lender of the land Owner Company (to whom the Land Owner Company's share of developed units have been mortgaged), which provides for manner of recovery of TDR dues; the fact that the Company needs to be a confirming party for registering the sale deed for the underlying units of the Land Owner Company; and that the handing over formalities of the underlying units are yet to be completed, the Company expects to recover the above gross dues towards TDR's and has accordingly classified them as good and recoverable in the financial results.

5 During the quarter ended 30 September 2019, the Company received judgement from the I lonlile Supreme Court of India, quashing earlier order of Hor?ble Fish Court of Madras which had set aside a demand raised by the Chennai Metropolitan Development Authority against the Company pertaining to revised charges on account of Premium Floor Space Index amounting to Rs. 908 million in relation to a residential project under Joint Development Agreement. Subsequent to the judgement, the Company is evaluating legal and other remedies.

Based on the advice of the independent legal counsel, management of the Company believes that the Company has rights under the Joint Development Agreement to recover such additional charges on account of Premium Floor SParn from the :and owner and is currently in discussions with the lane owner. Considering ti:e rights of the Company for recovery of the above charges ircm the land owner under the terms of the Joint development Arerement, no ,3djustment has been made in connection with the said demand in the accompanying financial results.

6 During the nine months ended 31 December 2019. the Group has acquired further 51% stake in Prestige Hyderabad Retail Ventures Private limited _Ucirrnet as Bat* Realtors Private Limited), 90% stake in Prestige Garden Estates Private limited, 50% stake in Bamboo Betel and Global Centre-Metri)-Private-timited-and 28.99% ;n DB (BXC) Realtors P•dva.te limited ft,- a corir- 1 areoi.m.g to 9.5-3,640 maim, F.s.2.1"El Fis.433million and Rs_501 million respectively.

Further during the nine iikintlis ended 31 December 2019 the group has entered into an investment agreement resulting in loss of control in Apex Realty Management Private Limited and Apex Realty Ventures LLP.

Post 31 December 2019, the Company has acquired directly/ indirectly 50% stake in ickhurdwasa DB Realty UP.

7 The figures of standalone financial results are as follow

						(Rs. ki
	Quarter ended			Ni 7a months ended		Year ended
Particulars	31-Dec-19I	30-Sep-19	31-Dec-111	31-Dec-19	31-Dee-I8	31-Mar-19
	(Unaudited) I	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Total Income from operations (net)	10,427 1i	7,338	5,451	25,1152	17,055	25,793
Profit before Tax	6551	1,300	642	2,1190	1,594	2,980
Profit after Tax	724	1,521	520	3,046	1,516	2,892

The standalone unaudited financial results for the quarter and nine months ended 31 December 2019 cart be viewed on the Company's website wwwpreRterchstructions.comand can also be viewed on the website of NSE and BSE.

8 On 30 March 2019, MCA notified Ind AS 116 Leases and it replaces Ind AS 17 Leases, induding appendices thereto. Ind AS 116 is effective for annual periods beginning on or after 1 April 2019. Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under Ind AS 17.

PRESTIGE ESTATES PROJECTS UMITED REGD OFFICE: PRESTIGE FALCON TOWER NO.19, BRUNTON ROAD BANGALORE 560025 . • ON:1070101 97P13-02m2

Statement of Consolidated Unaudited Financials itimults for the quarter and nine months ended 31 December 203.9

The Group has applied the modified retrospective approach given in pars C8(b)(ii) to ongoing leases as of 1 April 2019. Accordingly the comparatives have not been restated and hence current period results are not comparable with previous period figures. Due to the application of Ind AS 116 for the nine months ended 31 December 2019, profit before tax is lower by Rs.562 million and Net profit after tax is lower by fts365 million, vis-a-vis the amounts if replaced standard9were applicable. The basic and diluted EPS for the period would have been Rs.1L31 instead of Rs.1034 per share.

• 9 During the year ended 31 March 2019 the group has presented facility management expenses net of recoveries of Rs.917 million in accordance with the requirements under Ind AS 115 Revenue from Contracts with Customers. The previously submitted results for the quarter and nine months 31 December 2018 have been restated by the management to give effect to the aforesaid adjustment The adjustment does not have any impact on the net profit of the Group.
• 10 On January 16, 2020, the Company at the Extra Ordinary General meeting has taken approval from its shareholder for issuance of 13,441,654 equity shares at a price of Rs325 per equity share, on a preferential basis to an investor. Subsequently the Company has received subscription money amounting to Rs.4,369 million pursuant to which the Company has allotted the equity shares to the investor on January 24, 2020. The Company is in the process of obtaining final listing and trading approval for the said allotment.
• 11 Previous periods figures have been reclassified to confirm with the current periods classification, wherever applicable.

On behalf of Board of 0" ors

Mb zack Chairman and Man • ging Director

Place: Bangalore Date: 24 January, 2020

SR. BATLIBOI & ASSOCIATES LLP 12th Floor

"UB City" Canberra Block Chartered Accountants No. 24, Vittal MaIlya Road Bengaluru - 560 001, India Tel : +91 80 6648 9000

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

Review Report to The Board of Directors Prestige Estates Projects Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Prestige Estates Projects Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associate and jointly controlled entities for the quarter ended December 31, 2019 and year to date from April 1, 2019 to December 31, 2019 (the "Statement") attached herewith, 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 (the "Listing Regulations").
• 1. 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, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 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 information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

SI.No	Name of the entities
A	Parent Company
I	Prestige Estates Projects Limited
B	Subsidiaries
I	Albert Properties
2	Avyakth Cold Storages Private Limited
3	Cessna Garden Developers Private Limited
4	Dashanya Tech Parkz Private Limited
5	Dollars Hotel & Resorts Private Limited

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

S.R. BATLIBOI & ASSOCIATES 11,

Chartered Accountants

SiNo	Name of the entities
6	Eden Investments & Estates
7	Flicker Projects Private Limited
8	Prestige Exora Business Parks Limited
9	ICB[ (India) Private Limited
10	K2K Infrastructure (India) Private Limited
II	Morph
12	Northland Holding Company Private Limited
13	Prestige AAA Investments
14	Prestige Alta Vista Holdings
15	Prestige Amusements Private Limited
16	Prestige Bidadi Holdings Private Limited
17	Prestige Builders and Developers Private Limited
18	Prestige Construction Ventures Private Limited
19	Prestige Falcon Realty Ventures Private Limited (formerly known as PrestigeFalcon Retail Ventures Private Limited)
20	Prestige Garden Constructions Private Limited
21	Prestige Garden Estates Private Limited (w.e.f. August 01, 2019)
22	Prestige Garden Resorts Private Limited
23	Prestige Habitat Ventures
24	Prestige Hi-tech Projects
25	Prestige Hospitality Ventures Limited
26	Prestige Interiors
27	Prestige Kammanahalli Investments
28	Prestige Leisure Resorts Private Limited
29	Prestige Mall Management Private Limited
30	Prestige Mangalore Retail Ventures Private Limited
31	Prestige Mysore Retail Ventures Private Limited
32	Prestige Nottinghill Investments
33	Prestige Office Ventures
34	Prestige OMR Ventures
35	Prestige Ozone Properties
36	Prestige Property Management & Services
37	Prestige Pallavaram Ventures
38	Prestige Retail Ventures Limited
39	Prestige Shantiniketan Leisures Private Limited
40	Prestige Southcity Holdings
41	Prestige Sunrise Investments
42	Prestige Valley View Estates LLP
43	Prestige Whitefield Developers
44	Prestige Whitefield Investment and Developers LLP
45	PSN Property Management and Services
46	Sai Chakra Hotels Private Limited

SR. BATE1801 & ASSOCIATES LLP

Chartered Accountants

Sl.No	Name of the entities
47	Silver Oak Projects
48	Prestige Sterling Infraprojects Private Limited
49	The QS Company
50	Village-De-Nandi Private Limited
51	Villaland Developers LLP
52	West Palm Developments LLP
53	Prestige Hyderabad Retail Ventures Private Limited (formerly known as BabjiRealtors Private Limited) (w.e.f. April 01, 2019, was a jointly controlled entity tillMarch 31, 2019)
C	Jointly Controlled entities
1	Apex Realty Management Private Limited(w.e.f. July 02, 2019, was a subsidiary till July 01, 2019)
2	Apex Realty Ventures LLP (formerly known as Apex Realty Ventures)(w.e.f. July 02, 2019, was a subsidiary till July 01, 2019)
3	Prestige City Properties
4	Prestige Projects Private Limited
5	Prestige Realty Ventures
6	Silverline Estates
7	Thomsun Realtors Private Limited
8	Vijaya Productions Private Limited
9	Bamboo Hotels and Global Centre (Delhi) Private Limited (w.e.f. October l, 2019)
10	DB (BKC) Realtors Private Limited (w.e.f. November 18, 2019)
D	Associate
1	City Properties Maintenance Company Bangalore Limited

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 8 and 9 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (And AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to Note 4 to the Statement, where in it is stated, that the Holding Company has gross receivables of Rs. 923 million from a Land Owner, against whom winding up petitions has been ordered by the Hon'ble High Court of Judicature. Pending resolution of the litigation against the land owner, these receivables are classified as recoverable by the Holding Company based on rights under a Joint Development Agreement. Our conclusion on the Statement is not modified in respect of this matter.

SR. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

• 1. We draw attention to Note 5 to the Statement, in connection with the judgement by the Hon'ble Supreme Court of India with respect to demand raised by the Chennai Metropolitan Development Authority against the Holding Company. Considering the rights of the Holding Company under the Joint Development Agreement, no adjustment has been made in connection with the said demand in the accompanying financial results. Our conclusion on the Statement is not modified in respect of this matter.
• 1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information of 49 subsidiaries, whose interim financial results reflect Group's share of total revenues of Rs. 12,304 million and Rs. 24,588 million, Group's share of total net profit/(loss) after tax of Rs. 1,950 million and Rs. 2,938 million, Group's share of total comprehensive income/(loss) of Rs_ 1,950 million and Rs_ 2,937 million, for the quarter ended December 31, 2019 and for the period from April 1, 2019 to December 31, 2019, respectively, as considered in the Statement, which have been reviewed by their respective independent auditors. The Statement also includes the Group's share of net profit/(loss) after tax of Rs. 57 million and Rs. 170 million and total comprehensive income/(loss) of Rs. 57 million and Rs. 170 million, for the quarter ended December 31, 2019 and for the period from April 1, 2019 to December 31, 2019, respectively, as considered in the Statement, in respect of 8 jointly controlled entities, whose interim financial results have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and jointly controlled entities is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.
• 1. The accompanying Statement of unaudited consolidated financial results includes the Group's share of net profit/(loss) after tax of Rs. (22) million and Rs. (11) million and total comprehensive income/(loss) of Rs_ (22) million and Rs. (11) million, for the quarter ended December 31, 2019 and for the period from April 1, 2019 to December 31, 2019, respectively, as considered in the Statement, in respect of 2 jointly controlled entities and an associate, based on their interim financial results which have not been reviewed by their auditors. These unaudited interim financial results and other unaudited financial information have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these jointly controlled entities and an associate, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

S.R. BAT111301 & ASSOCIATES LLP

Chartered Accountants

Our conclusion on the Statement in respect of matters stated in pars 8 and 9 is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management.

For S.R. BATLIBOI & SOCIATES LLP Chartered Accoun ICAI Firm regist• ion number: 101049W/E300004

h Ranka rtner Membership No.: 209567

UD1N: 20209567AAAAAH8043

Place: Bengaluru, India Date: January 24, 2020

PRESTIGE ESTATES PROJECTS LIMITED REGD OFFICE: PRESTIGE FALCON TOWER NO.19, BRUNTON ROAD BANGALORE 560025 1".- 71.-1144: CIN: L07010KA1997PLCO22322

Statement of Standalone Unaudited Financials Results for the quarter and nine months ended 31 December 2019

SI	Particulars	Quarter ended			Nine months ended		(Rs. In Million)Year ended
No		31-Dec-191	30-Sep-19	31-Dec-18	31-Dec-19	31-Dec-18	31-Mar-19
		(Unaudited) i (Unaudited)		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	1 Income from Operations
	Revenue from Operations	10,197	6,375	5,081	24,295	15,887	24,411
	Other Income	230	963	370	1.557	1,168	1.382
	Total Income from operations (net)	1.0.427	7.338	5.451	nsra	17.055	25.793
	2 Expenses
	(Increase)/ decrease in inventory	1,625	(842)	(1,463)	1,452	(8,404)	(14,051)
	Con tracto r cost	3,008	2,586	2,149	7,942	6,424	10,588
	Purchase of material	413	487	600	1,319	1,756	2,460
	Purchase of completed units		18	271	127	271	996
	Land cost	874	24	82	1.071	6,113	9,043
	Rental expenses	99	101	769	292	2,263	3,032
	Facdity management expense	206	224	167	555	380	680
	Rates and taxes	120	332	146	621	529	1.693
	Employee benefits expense	571	498	478	1.486	1.373	1,873
	Finance costs	1,534	1,389	1,060	4,330	3,080	4,188
	Depreciation and amortisation expense	799	762	155	2,321	458	635
	Other expenses	523	459	395	1,446	1,218	1.676
	Total expenses	9,772	6,038	4,809	22.962	15.461	22,813
3	Profit before exceptional items (1-2)	655	1,300	642	2,890	1.594	2,980
	4 Exceptional items
5	Profit before tax (3+4)	655	1,300	642	2.890	1.594	2,980
6	Tax expense (net)
	Current tax			20	20	60	105
	Deferred tax	(69)	(221)	102 i	(176)	18	(17)
		(69)i	(221)	122 1	(156)	78	as
7	Net Profit for the period/ year (5-6)	724	1,521	520 !	3.046	1.516	2,892
8	Other Cornpreimnsive income
	Items that wil not be recycled in profit or loss
	Remeasurernents of the defined benefitTrhiCKies / (asset) (net of tax)						(1)
	Toni Comprehensive Income for the period/ year	724	1,521	520	3.046	1.516	2,891
	(Comprising Profit far the period (after tax) andOther Comprehensive Income (after tax)] (7+8)
	10 Paid-up equity share capital (Face Yale of the ShareRs.10/- each)	2,760	3,750	3,750	3,7913	3.150	3)50
it	Earnings Per Share'
	a) Basic	L93	4.06	1.39	812	4,04	7.71
	hi Diluted	L93	4.06	1.39	8.1.2	4.04	7.71
	See actompanyins notes to finar4at results

Not annualie.ri for the rtf2_4.

PRESTIGE ESTATES PROJECTS LIMITED

REGD OFFICE: PRESTIGE FALCON TOWER NO.19, BRUNTON ROAD BANGALORE 560025

CIN: L07010KA1997PLCO22322

Statement of Standalone Unaudited Financials Results for the quarter and nine months ended 31 December 2019

Notes to financial results

• 1 The above unaudited results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 24 January 2020.
• 2 The statutory auditors have carried out limited review of the above results.

3 Segment information

The chief operating decision maker of the Company reviews the operations of the Company as a real estate development activity and letting out/operating of developed properties, which is considered to be the only reportable segment by the management.

4 The Company had entered into a registered Joint Development Agreement (JDA) with a certain land owner (the 'Land Owner Company") to develop a residential project ('the Project"). Under the said JDA, the Company acquired development rights over a certain parcel of land of the Land Owner Company and in exchange was required to provide the Land Owner Company identified developed units with a certain specified built-up area (the "Land Owner Company's share"). The Company had also incurred Transferrable Development Rights (TDB's) of Rs 881 Milian which are recoverable from the Land Owner Company along with an interest of 12% per annum, from the sale of units from the residential project belonging to the Land Owner Company.

As at 31 December 2019, gross receivables due from the Land Owner Company towards TDB's aggregate to Rs 923 Million. The Land Owner Company has been ordered to be wound up by the Hon'ble High Court of Judicature during the year ended 31 March 2017. The land owner Company has challenged the court order, the legal proceedings of which is pending with the Judicature

Considering the rights of the Company under the JDA, the status of development achieved so far in the Project the plans for completion of the Project, the Escrow arrangement with the Company, Land Owner Company and the Lender of the Land Owner Company (to whom the Land Owner Company's share of developed units have been mortgaged), which provides for manner of recovery of MR dues; the fact that the Company needs to be a confirming party for registering the sale deed for the underlying units of the Land Owner Company; and that the handing over formalities of the underlying units are yet to be completed, the Company expects to recover the above gross dues towards TDB's and has accordingly classified them as good and recoverable in the financial results.

5 During the quarter ended 30 September 2019, the Company received judgement from the Nonlife Supreme Court of India, quashing earlier order of Hon'ble High Coat of Madras which had set aside a demand raised by the Chen tal Metropolitan Development Authority against the Company pertaining to revised charges on account of Premium Floor Space Index amounting to Rs. 908 mann in relation to a residential project under Joint Development Agreement Subsequent to the judgement, the Company is evaluating legal and other remedies.

Based on the advice of the independent legal counsel, management of the Company believes that the Company has rights under the Joint Development Agreement to recover such additional charges on account of Premium Floor Space from the land owner an,: :117i.2:itly in discussions the land owner. Considering the rights of the Company for recovery of the above charges from the land owner under the terms of the loan Development Agreement, no adjustment has been made in connection with the said demand in the accompanying financial results

6 During the nine months ended 31 December 2019, the Company has acquired directly/ y/ indirectly further 51% stake in Prestige Hyderabad Retail Ventures Private Limited (formerly known as Babji Realtors Private Limited), 90% stake in Prestige Garden Estates Private Limbed, 50% stake in Bamboo Hotel and Global Centre (Delhi) Private Limited, 28.99% stake in De (BKC) Realtors Private Limited for a corssideratkin amounting to Its.3,640 miion, Rs.2,119 Rs433rrelllionand-fts501-milion re-Tective.

Post 31 December 2019, the Company has acquired directly/ indirectly 50% stake in Lokhandwala DB Realty LLP.

7 On 30 March 2019, MCA notified Ind AS 116 Leases and it replaces Ind AS 17 Leases, including appendices thereto. Ind AS 116 is effective for annual periods beginning on or after 1 April 2019. Ind A5116 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under Ind AS 17.

The Company has applied the modified reef ospecnve approach given in pare C8(b)(6) to ongoing leases as of 1 April 2019. Aozonfriegly the comparatives have not been restated and hence current quarter results are not comparable with previous period figures. Due to the application of Ind AS 116 for the nine months ended 31 December 2019, profit before tax is lower by Fts.524 million and Net profit after tax is lower by Rs.341 maim, vis-a-vis the amounts if replaced standards were applicable. The basic and diluted EPS for the period would have been Rs.9.03 instead of Rs.8.12 per share.

PRESTIGE ESTATES PROJECTS WAITED

REGD OFFICE: PRESTIGE FALCON TOWER NO.19, BRUNTON ROAD BANGALORE 560025

CIN: L07010ICA1997PLCO22322

Statement of Standalone Unaudited Financials Results forthe quarter and nine months ended 31 December 2019

• 8 On January 16, 2020, the Company at the Extra Ordinary General meeting has taken approval From its shareholder for issuance of 13,441,654 equity shares at a price of Rs.325 per equity share, on a preferential basis to an investor. Subsequently the Company has received subscription money amounting to Rs.4,369 million pursuant to which the Company has allotted the equity shares to the investor on January 24, 2020. The Company is in the process of obtaining Final listing and trading approval for the said allotment.
• 9 Previous period's figures have been reclassified to confirm with the current period's classification, wherever applicable.

On belsalf of Boa of rectors

Irian Ras. cfc

Chairman and Managing Director

Place: Bangalore Date: 24 January 2020

S.R. BATLIBOI & ASSOCIATES LLP 12th Floor

"UB City" Canberra Block Chartered Accountants No. 24, Vittal Mallya Road Bengaluru - 560 001, India

Tel : +91 80 6648 9000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Prestige Estates Projects Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Prestige Estates Projects Limited (the "Company") for the quarter ended December 31, 2019 and year to date from April 1, 2019 to December 31, 2019 (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").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 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 information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above and based on the consideration of the review reports of other auditors of the partnership entities referred to in paragraph 7 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 the aforesaid Indian Accounting Standards (-Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to Note 4 to the Statement, where in it is stated, that the Company has gross receivables of Rs. 923 million from a Land Owner, against whom winding up petitions has been ordered by the Hon'ble High Court of Judicature. Pending resolution of litigation against the land owner, these receivables are classified as recoverable by the Company based on rights under a Joint Development Agreement. Our conclusion on the Statement is not modified in respect of this matter.

SR. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

• 6. We draw attention to Note 5 to the Statemcnt, in connection with the judgement by the Hon' ble Supreme Court of India with respect to demand raised by the Chennai Metropolitan Development Authority against the Company. Considering the rights of the Company under the Joint Development Agreement. no adjustment has been made in connection with the said demand in the accompanying financial results. Our conclusion on the Statement is not modified in respect of this matter.
• 7. The accompanying Statement includes the Company's share of net profit after tax of Rs. 773 million and Rs. 1,621 million and total comprehensive income of Rs. 773 million and Rs_ 1,621 million for the quarter ended December 31, 2019 and for the period ended on that date respectively, as considered in the Statement, in respect of 26 partnership entities, whose interim financial results and other financial information have been reviewed by their respective auditors, whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these partnership entities, is based solely on the reports of such other auditors. Our conclusion on the Statement is not modified in respect of this matter.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accou is ICAI Firm re stration number: 101049W/E300004

darsh Ranka artner Membership No.: 209567

UDIN: 20209567AAAAAG3738

Place: Bengaluru, India Date: January 24, 2020