PSP Projects Limited — Annual Report 2019

May 27, 2019

TPSP EM, 6M“ PSP Projects Ltd. ISO 9001 :2015, 14001 :2015, 45001 :2018 Certified Company

RefNo:PSPPROIECT/SE/09/19-20

Corporate Relations Department BSE Limited

Floor 25, P.]. Towers,

Dalal Street, Mumbai-400 001 Scrip[code: ] 540544

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May 27, 2019

Listing Department

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Scrip Symbol: PSPPROIECT

Dear Sir/Madam,

Subject: Outcome ofBoard meeting

Pursuant to Regulation 33 and other related regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with reference to the captioned subject, we hereby[inform] that[in] the board meeting held today[i.e.] May 27, 2019 at the registered office of the company, besides other subjects, the following items of business were transacted by the board:

Financial Results and Dividend

1. Approved and took on record the Audited Financial Results as per Indian Accounting Standards (Ind AS) for the Quarter (Standalone) and year (Standalone and Consolidated) ended March 31, 2019;

2. Approved and took on record the Audited Financial Statements (Standalone and Consolidated) as per Indian Accounting Standards (Ind AS) for the year ended March 31, 2019;

3. Recommended a final dividend of i 5.00/— per equity share of the company for the financial year ended March 31, 2019, which shall be paid subject to the approval of the shareholdersat the ensuing 11th Annual General Meeting of the company;

Others

«

,

• 4.7 Approved re-appointment of M/s. Manubhai & Shah LLP, Chartered Accountants as the Internal Auditors of the company for the financial year 2019-20.

The board meeting commenced at 11:30 AM. and concluded at 12:30 PM.

We are enclosing herewith the financial results for your information and record. The same will be made available on the Company’swebsite: www.pspprojects.com.

Thanking You,

For PSP Projects Limited fl Mitta[i] Christachary // ‘PSP House’, Opp. Celesta Courtyard, Opp:ry[Lane][of] VikramnagarColony,[ISCON][-Ambali][Road,Ahmedabad-380][058.] Phone : 079 — 2693 6200, 2693 6300, 2693 6400 1 Fax No. : 079 - 2693 6500 | Email : info@pspprojects.com | URL : www,pspprojects.com CIN[:] L45201GJ2008PL0054868

® PSP | M aw“ PSP Projects Ltd. ISO 9001 : 2015, 14001 :2015, 45001 :2018 Certified Company

May 27, 2019

Corporate[Relations] Department BSE Limited Floor 25, PJ. Towers, Dalal Street, Mumbai- 400 001 Scrip[code:] 540544

Listing Department

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai[—] 400 051 Scrip Symbol: PSPPROJECT

Dear Sir/ Madam,

Subject: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Declaration

l, Prahaladbhai Patel, Managing Directorand CEO of PSP Projects Limited, hereby declare that, the Joint Statutory Auditors of the Company have issued an Audit Report with an unmodified opinion on the Annual Financial Statements (Standalone & Consolidated) of the Company for the year ended March 31, 2019.

This Declaration is in compliance to Regulation 33(3) ((1) ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016 vide notification SEBI/ LAD-NRO/GN/2016-17/001 dated May 25,2016.

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For P P Pro cts Limited
M
Prahaladbhal a el
Managing Director and [CEO]
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‘PSP House’, Opp. Celesta Courtyard, Opp. Lane[of] VikramnagarColony,[ISCON][-Amba|i Road,Ahmedabad-380][058.] Phone : O79 - 2693 6200, 2693 6300, 2693 6400[|] Fax No.[:] 079 - 2693 6500[|][Email] : info@pspprojects.com | URL : www.pspprojects.com CIN[:] L45201GJ2008PL0054868

Kantilal Patel 8:[Co.] Chartered Accountants 202, "Paritosh",[Riverfront,] Usmanpura, Ahmedabad[—] 380[013.] Tel: + 91 79 2755[1333]

Riddhi P. Sheth[8!][ Co.] Chartered Accountants 9, Shyam[Shivam][Bungalows,][Nr.][Shikhar][ Flats,] 100 ft. Ring[Road,][Satellite,] Ahmedabad — 380 051. Tel: + 91 79 2676 3020

Auditors'pursuant Report[to][the] onRegulation[Quarterly][Financial][33] of[Results] the SEBI[and] (Listing[Year][to][Date] Obligations[Results][of][and][the] Disclosure[Company][as][ amended.] Requirements) Regulations,[ 2015,]

To The Board of Directors[of] PSP Projects[Limited]

1. We have audited the accompanying[statement][ of quarterly][standalone][financial][results][of][PSP] Projects[Limited][(the]['Company')][for][the][quarter][and][year][ended] March 31,[2019] (the 'Statement‘),[attached] herewith, being submitted by[the] Company pursuant to the requirement[of][Regulation][33][of][ the][SEBI][(Listing][Obligations][and][Disclosure][Requirements)] Regulations, 2015, as amended (the ’Regulation’), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated[July][5,][2016][(the][‘Circular’).][The][standalone][Ind][AS][financial] results for the quarter[and] year[ended][March][31,][2019,][have][been][prepared][on][the][basis][of] the standalone[lnd][AS][financial][results][for][ the][nine][month][period][ended][December][31,][2018,] the audited[annual][standalone] Ind AS financial statements as at[and][for][the] year[ended] March 31, 2019, and the[relevant] requirements[of][ the][Regulation and][the][Circular,][which][are] the responsibility[of][ the] Company's[management][ and][have][been][approved][by][the][Board][of] Directors of the Company.[Our][responsibility][is][to][express][an][opinion][on][these][standalone] financial results based on our[review][of][ the][standalone][financial][results][for][the][nine][month] period[ended][December][31,][2018,][which][was][prepared][in][accordance][with][the][recognition] and measurement principles[laid][down][in][Indian][Accounting][Standard][(lnd][AS)][34][Interim] Financial Reporting, specified[under][Section][133][of][the][Companies][Act,][2013,][read][with] relevant rules[issued][thereunder][ and][other][ accounting][principles generally][accepted][in][lndia;] our[audit][of][ the][annual][standalone][Ind][AS][financial][statements][ as][at][and][for][ the][ year][ended] March 31, 2019; and the[relevant] requirements[of the][Regulation and][ the][Circular.]

2. We conducted our[audit][in][accordance][with][the][auditing][standards][generally][accepted] in India. Those standards require that we plan[and][perform][the][audit][to][obtain][reasonable] assurance[about][whether][the][financial][results][are][free][of][material][misstatements.][An][audit] includes examining, on a test[basis,][evidence][supporting][the][amounts][disclosed][as][financial] results. An audit also[includes] assessing[the][accounting][principles][used][and][significant] estimates made by management.[We][believe][ that][our][audit][provides][a][reasonable][basis][for] our opinion.

3. In our opinion and to the best[of] our[information][and][according][to][the][ explanations][given][to] us,[these][ quarterly standalone][financial][results][ as][well][as][ the][ year to][date][ results:]

4. (i) are presented in accordance with the requirements[of][the] Regulation[read][with][the] Circular,[in] this regard:[and]

5. (ii) give a true and[fair][view][of] the[total] comprehensive[income][(comprising of][net][profit][and] other comprehensive income)[and][other][financial][information][for][ the][quarter][ended][and] year[ended][March][31,][2019.]

rther, read[with ] paragraph 1 above, we report that the figures for the quarter ended[March] ,[2019,][represent][the][derived][figures][between][the][ audited][figures][in][respect][of][ the][ financia] g: -r ended[March] 31,[2019,][and][ the][published][year-to—date][figures up][to][December][31,][2011.0][M,"] F 0

Kantilal Patel[8!][Co.] Chartered Accountants 202,[“Paritosh”,][Riverfront,] Usmanpura, Ahmedabad[—] 380[013.] Tel: + 91 79 2755[1333]

Riddhi P. Sheth[& Co.]

Chartered Accountants

9, Shyam[Shivam][Bungalows,][Nr.][Shikhar][ Flats,] 100 ft. Ring Road,[Satellite,] Ahmedabad — 380 051. Tel: + 91 79 2676 3020

subjectedbeing[the] to[date] a[of][limited][the] endreviewof theas[third][stated] quarterin paragraph[of][the][current] 1 above,[financial] as required[year,][which] under[were] the Regulation[and][the][Circular.]

1. The comparative[financial][information][of][ the][ Company for][ the][quarter][and][year][ended][March] 31, 2018,[included][in][these][financial][results,][have][been][audited][by][ the][predecessor][auditor.] The report of the predecessor[auditor][on][these][ comparative][financial][information][dated][May] 10, 2018, expressed an[unmodified][opinion.]

For Kantilal Patel[8: Co.]

Chartered Accountants

ICAI Firm registration number:[104744W]

Jinal A. Patel

Partner Membership[No.:][153599]

Place: Ahmedabad Date: May 27,2019

For Riddhi[P.Sheth][8t][ Co.]

Chartered Accountants

lCAI Firm registration number:[14019OW]

new Riddhi P. Sheth Proprietor Membership[No.:][159123]

Place: Ahmedabad

Date: May 27,2019

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Riddhi P. Sheth[8L][ Co.]

Kantilal Patel 8:[Co.]

Chartered Accountants

Chartered Accountants 202, "Paritosh",[Riverfront,] Usmanpura, Ahmedabad — 380 013. Tel: + 91 79 2755[1333]

9, Shyam[Shivam][Bungalows,][Nr.][Shikhar][Flats,] 100 ft. Ring[Road,][Satellite,] Ahmedabad — 380 051. Tel: + 91 79 2676 3020

[Financial][Results][pursuant][ to][ Regulation][ 33][ of][ the] Auditors' Report on[Consolidated][ Annual]

[as amended.]

SEBI (Listing Obligations[and][Disclosure][Requirements) Regulations,][2015,]

To The Board of Directors[of] PSP Projects[Limited]

• [consolidated][financial results of][PSP][Projects]

• 1. We have[audited][the][ accompanying][ statement][ of] Limited (the ‘Parent') comprising[its][subsidiaries][(the][Parent][and][its][subsidiaries][together] referred to as the 'Group'),[and][its][share][of profit of][ itsjoint][ venture][for][ the][ year ended][March] 31, 2019 (the['Statement‘), attached][herewith, being][submitted][by][the][Parent][pursuant][to][the] requirementRegulations,[of] 2015,[Regulation] as amended[33][of][ the][SEBI] (the[(Listing] 'Regulation‘),[Obligations] read[and] with[Disclosure] SEBI[Requirements)] Circular No. ClR/CFD/FAC/62/2016[dated][July][5,][2016][(the]['Circular').][The][Statement][has][been][prepared] from the related[financial][statements][for][the][year][ended][March][31,][2019,][which][are][the] responsibility[of][ the][Parent's][management][and][have][been][approved][by][ the][Board][of Directors] of the Parent. Our responsibility[is][to] express[an][opinion][on][ the][ Statement][based][on][our][audit] of the[consolidated][annual][financial][statements][ as][at][and][for][ the][ year][ended][March][31,][2019,] prepared[in][accordance][with][the][recognition][and][measurement][principles][laid][down][in][the] Indian Accounting[Standards][(Ind][AS)][specified under][Section][133][of][ the][ Companies][ Act,][2013,] and other accounting principles[generally accepted][in][India;][and][the][ relevant][requirements][of] the Regulation[and][ the][ Circular.]

• We conducted our[audit][in][accordance][with][the][ auditing][standards][generally accepted][in][India.] Those standards require[that][we][plan][and][perform][the][audit][to][obtain][reasonable][assurance] about whether[the][disclosures][in][the][Statement][are][free][of][material][misstatements.][An][audit] includes examining, on a test[basis,][evidence][supporting][the][amounts][disclosed][in][the] Statement.[An][audit][also][includes][assessing][the][accounting][principles][used][and][significant] estimates made by management.[We believe][ that][ our audit][provides][a][reasonable][basis for our] opinion.

• We did not audit the[financial][statements][of][ ajoint][ venture][included][in][ the][ consolidated][annual] financial results, whose[financial][statements][reflect total][assets][of][ IE.][3078.90][ lakh][as at][March] 31, 2019,[and][total] revenue[of][Rs.][5542.16][lakh][for][ the][ year][ ended on that][date,][as][considered] in the consolidated[annual][financial][results.][These][annual][financial][statements][and][other] financial information have[been][audited][by][other][auditor][whose][report][ has][been][furnished][to] us,[and] our[opinion][on][ the][consolidated][annual][financial][results, to][ the][ extent][they][have][been] derived from such[annual][financial][statements][is][based][solely][on][the][report][of][such][other] auditor.

Our opinion on the[Statement][is][not][modified][in][respect][of][ the][ above][matters][with][respect][to] our[reliance ] on[the][ work][ done][ and][ the][ reports][of other][auditor]

1. We did not audit the[financial][statements][of][1][subsidiary][included][in][the][Statement,][whose] financial statements reflect[total][assets][of][ Rs.][1,459.73][lakh][as][at][March][31,][2019,][as][well][as][ total] revenue[of][Rs.][1056.46][lakh][for][ the][ year][ended][on][that][date,][as][considered][in][ the][S] -'

Kantilal Patel 8:[Co.] Chartered Accountants 202,["Paritosh",][ Riverfront,] Usmanpura, Ahmedabad — 380 013. Tel: + 91 79 2755[1333]

Riddhi P. Sheth[8!.][ Co.] Chartered Accountants 9, Shyam[Shivam][Bungalows,][Nr.][Shikhar][ Flats,] 100 ft. Ring[Road,][Satellite,] Ahmedabad — 380 051. Tel: + 91 79 2676[3020]

The Statement[also][includes the][Group's][share][of][profit][after][tax][of][Rs.][9.08][lakh][for][ the][year] endedfinancialonstatements[March][31,][have not][2019,][as][considered][been][audited][in][ the][by][ us.][ Statement,][ These][ financial][in][respect][statements][of][1][ joint][have been][ venture,][audited][whose] opinionby[other] on[auditors][the][Statement,][whose][reports][in][so][far][have][as][it][been][relates][furnished][to][the][amounts][to][us][by][and][the][disclosures][Management][included][and][our][in] respect[of this subsidiary and joint][venture.][is][ based][solelyon][ the][ reports][of][ the other][ auditors.]

Our opinion on[the][ Statement][is][not][modified][in][respect][of][ the][ above][matters][with][respect][to] our[reliance on][the][ work][ done][ and][ the][ reports][of][ other][ auditor]

1. The Statement[includes][the][unaudited][financial][statements][of] 1 subsidiary, whose financial statements[reflect total][assets][of][Rs.][2352.59][lakh][as][at][March][31,][2019,][total][revenue][of][Rs.] 143.46 lakh, total net[loss][after tax][of][Rs.][17.27][lakh,][for the][year][ended][on][March][31,][2019,][as] considered in the Statement.[These][financial][statements][are][unaudited][and][have][been] furnished to us by the Management[and][our opinion on][ the][ Statement,][in][so far][ as][it][relates to] the amounts[and][disclosures][included][in][respect][of][this][subsidiary,][is][based][solely][on][such] unaudited financial statements. In our opinion and according[to][the][information][and] explanations given[to][us][by][ the][management][of][ the][Parent,][ these][ financial][statements][ are][not] material to the Group.

Our opinion on the[Statement][is][not][modified][in][respect][of][ the][ above][matters][with][respect][to] our[reliance ] on[the][ financial][ statements][ certified][ by][ the][ Management.]

1. 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][financial] statements[of subsidiaries][and joint][venture][as][aforesaid,][ these][ consolidated][annual][financial] results :

2. (i) include the annual[financial][results of][ the][Parents][St][ the][ entities][mentioned][in][paragraph][7] below;

3. (ii) are presented[in][accordance][with][ the][ requirements][of][ the][ Regulation read][ with][ the][ Circular,] in this regard; and

4. (iii) give a true[and][fair][view][of the][consolidated][net][profit,][other][ comprehensive][income][and][March][31,][2019.]

5. other financial[information of][ the][ Group for][ the] year[ended]

6. The Statement[includes] the[results of][ the][ following entities] :

List of subsidiaries:

—

—

• PSP Projects[81] Proactive Constructions[Private][Limited]

• PSP Projects inc.

List of Joint ventures:

—

• GDCL[8L] PSP Joint Venture.

M,No.:159123 S FRN: taoxsow -.

Riddhi P. Sheth[8:][ Co.] Chartered Accountants

Kantilal Patel[8t Co.] Chartered Accountants 202, "Paritosh",[Riverfront,] Usmanpura, Ahmedabad -[380][013.] Tel: + 91 79 2755[1333]

9, Shyam[Shivam][Bungalows,][Nr.][Shikhar][ Flats,] 100 ft. Ring[Road,][Satellite,] Ahmedabad — 380 051. Tel: + 91 79 2676[3020]

1. Theincludedcomparative[in] these[financial results, have been][financial][information][of][the][audited][Company][by][ the][for][ predecessor][ the][year][ended][auditor.][March][ The][31,][report][2018,][of] the predecessor[auditor][on][these][comparative] financial information[dated][May][10,][2018,] expressed[an][unmodified][opinion.]

For Kantilal Patel[ &][Co.]

Chartered Accountants lCAl Firm registration[number:][104744W]

‘

/,.

Jinal A. Patel Partner Membership[No.:][153599]

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Place: Ahmedabad PA
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Date: May [27,] [2019] r'Paritosh"
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For Riddhi P.Sheth[ 81][ Co.]

Chartered Accountants

ICAI Firm registration[number:][140190W]

(x.[(Ye/9025i]

Riddhi p. Sheth

Proprietor Membership[No.:][159123]

Place: Ahmedabad Date: May[27,][2019]

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M.N0.:159123 [‘3]
FRN: [140190W] -
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P5P Projects Limited Registered[Office][:][PSP] House, Opp. Celeste Courtyard, lscon-Ambli Road, Ahmedabad[-] 380 054 CIN :L45201612008PLC054868 Website : www.pspprojects.com

Statement of AuditedFinancial Results for the year ended March 31, 2019

				Statemen	t of Audit	edFinancial Results	for the year en	dedMarch 31,	2019
												(Rs. in Lakhs)
							Standalone				Consolidated
‘	9h "°'		Particulars			Quarter ended			Yearended		Year	ended
						31.03.2019	31.12.2018	31.03.2018	31.03.2019	31.03.2018	31.03.2019	31.03.2018
						(Note 5)	(Unaudited)	(Note 5)	(Audited)	(Audited)	(Audited)	(Audited)
	1	Income
		Revenue from Operations				33,825.56	26,108.91	26,367.69	1,04,401.25	72,983.03	105,040.66	75,164.69
		OtherIncome				663.17	482.79	585.10	2,297.84	1,847.56	2 283.92	1,872.20
		Total income				34,488.73	26,591.70	26,952.79	1,06,699.09	74,830.59	1,07,324.58	77,036.89
	2	Expenses
		CostofMaterials Consumed				13,305.19	10,557.26	9,283.91	43,071.43	28,073.28	43,369.90	29,963.28
		Changes in inventoriesofWork-in-Progress				(597.31)	(836.32)	(367.17)	(1,791.48)	(1,025.42)	(1,791.48)	(1,025.42)
		Construction Expenses				14,625.30	11,430.25	12,680.48	42,915.74	32,076.01	43,272.51	32,019.83
		Employee Benefts Expense				1,167.07	1,073.47	849.51	4,317.82	2,861.33	4,321.26	2,861.55
		Finance Costs				317.89	225.34	296.92	916.05	870.09	967.39	929.73
		Depreciation and Amortisatlon Expense				742.09	620.57	428.62	2,422.90	1,117.50	2,430.17	1,147.86
		OtherExpenses				337.52	214.79	291.98	993.29	869.64	1 012.33	895.34
		Total Expenses				29,897.75	23,285.36	23,466.25	92,845.75	64,842.43	93,582.08	66,792.17
	3	ProftBeforeTax (1-2)				4,590.98	3,306.34	3,486.54	13,853.34	9,988.16	13,742.50	10,244.72
	4	Tax Expenses						‘
		CurrentTax				1,692.66	1,218.02	1,185.38	5,143.16	3,578.43	5,143.15	3,634.68
		Earlieryeartax				«	-	0.45	-	0.45	(313.44)	0.45
		MAT Credit Entitlement				-	-	-	-	-	-	(56.25)
		Deferred Tax				(114.67)	(57.93)	4.23	(313.44)	(27.31)	(8.22)	65.95
		Total Tax Expense				1,577.99	1,160.04	1,190.06	4,829.72	3,551.57	4,821.49	3,644.83
	5	Profit for the Period (3 - 4)				3 012.99	2,146.30	2,296.48	9,023.62	6,436.59	§,_9_21.01	6,599.89
	6	Other Comprehensiveincome(OCI)
		(i) Items that will not bereclassifed to Profitor Loss
		- Remeasurementexpensesof Defned beneftplans (net			oftax)	(8'71)	2‘20	3-82	(110)	8.82	(2,10)	8.82
		(ii)itemsthat will be reclassifed to Proft orLoss
		- Net fair value gain on investmentindebt instrumentsthrough OCI(net oftax) - Exchange differencearising on translationofforeign subsidiary (net oftax)				_	_	(2.35)	_	(11.71)	. (2.13)	(11.71) (0,39)
		Total Other ComprehensiveIncome forthe Period				(8.71)	2.20	6.46	(2.10)	(2.89)	(4.23)	(3.28)
	7	Total ComprehensiveIncome		for the Period (5 +6)		3,004.28	2,148.50	2,302.94	9,021.52	6,433.70	8,916.78	6,596.61
		Profit forthe year attributable to:
		~Owners ofthe company				-	-	-	-	-	8,943.20	6,552.41
		- Non-controlling Interest				-	-	-	-	-	(22.19)	47.48
		Other comprehensiveincomefor the year attributable to:
		- Owners of the company				-	-	-	-	-	(4.23)	(3.28)
		- Non—controiiingInterest				-	-	-	-	-	-	-
		Total comprehensiveincomefor the year attributahl'eto:
		-Owners ofthe company				—	-	-	-	-	8,938.97	6,549.13
		—Non-controlling Interest				‘ -	-	-	-	-	(22.19)	47.48
	8	Paid-up Equity Share‘Capital	- Face Value Rs 10/- each			3,600.00	3,600.00	3,600.00	3,600.00	3,600.00	3,600.00	3,600.00
	9	Earnings Per ShareofRs10/-		each(in Rs.) (Not Annualised	)
		(Basic)				8.37	5.96	6.47	25.07	18.45	24.84	18.78
		(Diluted)				8.37	5.96	6.47	25.07	18.45	24.84	18.78

_

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SIGNED FOR [IDENTIFICATION] [BY]
2575/17
F
KANTILAft PW 9. co.
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PSP Projects[Limited] Registered[Office][:][PSP][ House, Opp. Celesta][Courtyard,][lscon-AmbliRoad, Ahmedabad][-][ 380 054] CIN[:L45201612008PLC054868] thsite[:][ www.pspprojects.com]

,

Notes:

[by][ the][ Board] 1. The above[financialresults reviewed][ by][ the][ Audit][ Committee and approved] of Directors[of] the company[in][ their][ respective][meetings][held on][May][27,][2019.] 2. These financial[results][have][been][prepared] in accordance[with][Indian][Accounting]

[with] Standards ('lnd[AS’)] prescribed[under][section][133][of][ the][ Companies][ Act,][ 2013 read] releVant rules[issued][ thereunder][ and][in][terms][ of][ the][Regulation][33][of][ the][SEBI][(Listing] Obligation[and][Disclosures][Requirements)][Regulations,][ 2015][(the][”Listing][ Regulations"),] as[modified][ by Circular][dated][July][5,][2016.]

The Ministry of Corporate[Affairs][(MCA),][on][28][March][2018,][notified][lnd][AS][115] "Revenue from Contracts[with Customers“][ as][part][of][ the][ companies][(lndian][Accounting] Standards)[Amendment][Rules,][2018.][The][new][standard] is effective for accounting periods[beginning][on][or][after][1][April,][2018.][The][Company][has][applied][modified] retrospective approach[in][adopting][the][new][standard][and][accordingly,][there][were][no] significant adjustment[required][to][the][retained][earnings][as][at][April][1,][2018.][Also][ the] application of[Ind][AS][115][did][not][have] any[significant][impact][on][recognition][and] measurement[of][ revenue][and][related][items][in][ the][ financial results.]

The[Company][is][primarily][engaged][in][construction][ /][project][activities and][accordingly] . this[is] the only primary reportable segment[as][per][Ind][AS][108] —— Operating Segment.

The figures for the quarter[ended][March][31,][2019 and][ the][ corresponding][ quarter][ ended]

in the previous year as reported[in][attached][standalone][financial][results][are][the] balancing figures[between][the][audited][figures][in][respect][of][ full][financial year][and][the] published[standalone] year[to][date][figures][up][to][the][end][of][ the][third][quarter][of][ the] financialyear.

The Board of Directors[recommended][a][ final][dividend of][ Rs][ 5.00 per equity share][of][ face] value of Rs 10 each.

Figures relating to previous quarter/ year[have been][regrouped/][rearranged,][whenever] necessary to[make][ them][ comparable][to][current][period’s figures.]

1. In line with the requirements of Regulation[33][and][52][(4)][of][Listing][Regulations,][ the] results for the quarter and year[ended][March][31,][2019][are][available on][ the][website][of] ' .mfiflED¢®qu$W§M¢gfltgy RL:www.QspQroiects.com)

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A KANTltAL We. 9.9:...

9. Statement of Assets and Liabilities as at March 31, 2019

	9.Statement ofAssets and Liabilities as at March31, 20	19
						(Rs.inLakhs)
			Standalone		Consolidated
	Pamw'a"		Asat 31.03.2019	31.03.1018	Asat 31.03.2019	31.03.2018
			(Audited)	(Audited)	(Audited)	(Audited)
	ASSETS
	(1) Noncurrent Assets
	(a)Property,Plant and Equipment		10,212.88	7,630.60 ’	10,214.79	7,735.64
	(b) Capital Work-in-Progress		-	176.31	-	176.31
	(c)otherintangible Assets		103.65	72.22	103.64	72.47
	(d) Financial Assets
	(i) investments		442.37	442.37	49.59	65.68
	(ii) Loans		2,386.41	1,853.64	2,282.31	1,794.78
	(iii)OtherFinancial Assets		5,887.77	5,874.15	5,887.95	6,391.06
	(e) Deferred Tax Asset (Net)		486.93	184.26	592.13	279.73
	(f)OtherNonCurrentAssets		211.77	963.45	211.77	963.45
	TotalNon-CurrentAssets		19,731.78	17,197.00	19,342.18	17,479.12
	(2) CurrentAssets
	(a) Inventories	‘	7,500.17	3,354.79	7,500.17	3,381.26
	(0) Financial Assets
	(i) Investments		-	1,511.78	-	1,511.78
	(ii) Tradereceivables		14,257.16	11,620.34	14,788.52	12,346.31
	(iii) Cash and cash equivalents		3,504.68	6,145.90	3,554.82	6,162.42
	(iv) Bank Balances other than (iii)above		18,665.61	16,178.12	18,665.61	16,632.66
	(v) Loans		1,578.28	415.42	1,078.28	417.83
	(VI) OtherFinancial Assets		4,938.80	1,619.25	5,576.34	1,619.25
	(c) OtherCurrentAssets		2,875.08	340.23	2,883.47	342.38
	(d)CurrentTax Assets (Net)		-	-	102.69	79.60
	TotalCurrentAssets		53,319.78	41,185.83	54,149.90	42,493.49
	TotalAssets		73,051.56	58,382.83	73,492.08	59,972.61
	EQUITY ANDLIABILITIES
	(1) Equity
	(a) EquityShareCapital		3,600.00	3,600.00	3,600.00	3,600.00
	(b)OtherEquity		33,538.11	26,666.42	33,330.71	26,541.23
	Equityattributable to ownersofHolding Company		37,138.11	30,266.42	36,930.71	30,141.23
	Non—controllinginterests		-	-	85.37	107.56
	TotalEquity		37,138.11	30,266.42	37,016.08	30,248.79
	”ABILITIES
	(2) Non-Currentliabilities
	(a) Financial Liabilities
	(i) Borrowings		40.87	168.49	[40.87	168.49
	(b) Provisions		-	-	-	-
	Total Non-CurrentLiabilities		40.87	168.49	40.87	168.49
	(3) CurrentLiabilities
	(a) Financial Liabilities
	(i) Borrowings		2,456.64	1,780.06	2,938.27	2,640.95
	(ii)TradePayables
	-Total outstandingdues ofmicro enterprises and small enterprises		7523	_	75.23	‘
	-Total outstandingdues ofcreditorsother than micro enterprises andsmall enterprises		15,765.40	12,123.93	15,838.86	12,716.59
	(iii)OtherFinancial Liabilines		1,172.19	815.03	1,172.27	819.00
A.	(b)Other CurrentLiabilities		15,331.79	12,502.53	15,339.17	12,650.82
	(c) Provisions		31.36	52.98	31.36	59.58
	(d)CurrentTax Liahilities-(Net)		1,039.97	668.39	1,039.97	668.39
	Total CurrentLiabilities Total Liabilities		35,872.58 35,913.45	27,947.92 28,116.41	36,435.13 36,476.00	29,555.33 29,723.82
	TotalEquity and Liabilities		73 051.56	58 382.83	73 492.08	59 972.61
			SlGNED FOR lDENTlFlCATlON			BY
	DIN :00037633 Ahmedahad,May 27, 2019		W9: 2		- S ? ”a

SlGNED[FOR] lDENTlFlCATlON BY - W9: S 2[?] ”a i 3mm 00,] m.