PSP Projects Limited — Annual Report 2020

Jun 9, 2020

. ® _| Tt psp | ® ie gud PSP Projects Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company Ref No: PSPPROJECT/SE/16/20-21 June 09, 2020 Corporate[Relations] Department Listing Department BSE Limited National Stock Exchangeof India Limited Floor 25, P.J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai- 400 001 Bandra (East), Mumbai - 400 051 Scrip code: 540544 Scrip Symbol: PSPPROJECT Dear Sir/Madam, Subject: Outcome of Board meeting Pursuantto Regulation 30, 33 and other related regulationsof the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with reference to the captioned subject, we herebyinform that in the board meeting held todayi.e. June 09, a0ze, besides other subjects, the following items of business were transacted by the board: 1. Approved and took on record the Audited Financial Results (Standalone and Consolidated) as per Indian Accounting Standards (Ind AS) for the quarter and year ended March31, 2020; 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, 2020; * 3. Approved re-appointment of M/s. Manubhai & Shah LLP, (FRN:106041W/W100136) Chartered Accountants as the Internal Auditors of the the financial - companyfor year 2020-21; ‘Ae ApprovedPractising Costre-appointmentAccountants,[of] AhmedabadM/s. K.VastheMelwaniCost Auditors& Associates,of the (FRN: 100497)for the company financial year 2020-21; 5. Approved reconstitution of the Stakeholders’ Relationship committee. Post reconstitution, the composition of the Stakeholders’ Relationship committee is as - under-_Sr.no. Nameof Director Category of Director Designation in the committee 1. Mr. Chirag H. Shah Independent Director Chairman 2. Mr. SagarP. Patel Executive Director Member 3. Ms. Pooja P. Patel Executive Director Member ‘PSP House’, Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, ISCON - Ambali Road, Anmedabad-380 058. Phone 079 - 2693 6200, 2693 6300, 2693 6400 | Fax No.: 079 - 2693 6500 | Email : info@pspprojects.com | URL : www.pspprojects.com CIN ::L45201GJ2008PLC054868

.

_@® Tes? PSP Projects Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company

The board meeting commenced at 12:00 P.M. and concluded at 1:45 P.M.

Weare enclosing herewith the financial results for your information and record. The same will be made available on the Company’s website: Www.pspprojects.com.

Kindly take the above on your record.

Thanking You,

For PSP Projects “Limited 2 =—" Mittali Christatfiary — Company Secretary & Compliance Officer

Encl: As above.

‘PSP House’, Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony,[ISCON][-][Ambali] Road,[Anmedabad-380][058.] Phone : 079 - 2693 6200, 2693 6300, 2693 6400 | Fax No.: 079 - 2693 6500 | Email : info@pspprojects.com | URL : www.pspprojects.com CIN : L45201GJ2008PLC054868

. ® _| ™ Tese gud PSP Projects Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company |

June 09, 2020

Corporate Relations Department BSE Limited Floor 25, P.J. 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

I, Prahaladbhai Patel, Managing Director and CEO of PSP Projects Limited, hereby declare that, the Joint Statutory Auditors of the Company have issued an Independent Audit Report with an unmodified opinion on the Annual Financial Statements (Standalone[&] Consolidated) of the Company for the year ended March 31, 2020.

This Declaration is in compliance to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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For PSP projec Limited
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‘PSP House’, Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, ISCON[-][Ambali] Road,[Anmedabad-380][058.] Phone : 079 - 2693 6200, 2693 6300, 2693 6400 | Fax No.: 079 - 2693 6500 | Email : info@pspprojects.com | URL : www.pspprojects.com CIN : L45201GJ2008PLC054868

RiddhiP. Sheth & Co. Chartered[Accountants] 9, Shyam[Shivam] Bungalows, Nr. Shikar Flats, 100 ft: Ring Road, Satellite, Ahmedabad -[380] 051. Tek + 91 79-2676 3020

Kantilal Patel & Co. Chartered Accountants 202, “Paritosh", Riverfront, Usmanpura, Ahmedabad — 380 013.

Tel: + 91 79 2755 1333

Independent Auditors’ Report

To

The Board of Directors of PSP Projects Limited.

Report onthe audit of the annual standalone financial results

Opinion

We have audited the accompanying statement of year to date annual standalone financial results of PSP Projects Limited (the: "Company", for the year ended March[31,] 2020 (the “Statement’), attached herewith, being submitted by the Company pursuant tothe requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure. Requirements) Regulations, 2015, as amended (the “Listing[Regulations’).]

theIn ourStatement:opinion and to the best of our information. and. according to the explanations| given to us,

• a. is presented in accordance with the.requirements of Regulation 33 and 52 of the Listing Regulations in this regard; and.

• b. gives a true[and][fair.][view][in] conformity with the applicable accounting standards and[other] accounting principles generally accepted[in][India,][of] the net profit, other comprehensive income, and other financial information of the Company for the year ended March 31, 2020:

Basis for Opinion

We conducted our audit of the Statementin accordance with the Standards on Auditing .[("SAs’)] specified under Section 143(10) of. the Companies Act,[2013,] as[amended] (“the Act”). Our: responsibilities under those Standards are further described iin[the][“Auditors'][Responsibilities][for] the Audit of the annual[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[(ICAL)] together with the[ethical] requirements that are relevant to our audit of the financial statements under. the provisions[of] the Act and the Rules thereunder, and[we] have fulfilled our otherethical. 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.

Emphasis of Matter

We draw attention to Note 3 to the Statement, as regards the Boardof Directors’ evaluation of sw,[COVID-19][impact][on][the][future][performance][of][the.][Company.][Our][opinion][is][ not][modified][ in] EAE< respect of this matter. 2 4 if iY9\, i (= /[\%] (oanA By

Kantilal Patel & Co. Chartered Accountants

RiddhiP.Sheth.[&] Co. Chartered Accountants

Management's Responsibilities for the annual standalone financial results

The Statement has been prepared onthebasis of the annual standalone financial statements. The Board of Directors ofthe Company is responsible: for thepreparation[and] presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the i Company and[other] financial[information] in accordance. with the applicable accounting standards i prescribed under[section][133-of] the[Act] read with[relevant.][ rules][issued] thereunder and other accounting principles generally acceptedin India[and] in compliance[with][Regulation][33-and][52][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.][and][presentation:][of] the Statement,[that] give a true[and] fair view[and] is[free] from material misstatement, whether due to[fraud] or error.

In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going[concern] basis of accounting unless[the] Board of[Directors] either intends to liquidate the Companyorto[cease] operations,or[has] no realistic[alternative][but] to[do][so.]

The Board of Directors is also responsible for overseeing the financial reporting process of the Company:

Auditors’ Responsibilities for the Audit of the annual standalone financial results

Our objectives are to[obtain] reasonable assurance about whether the Statemerit as a[whole] is free from material. misstatement, whether due to fraud or error, and to issue an Auditors’ 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 teasonably be expected to[influence] the. économic decisions of users taken on the basis of the Statement.

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

• dentify and assess[the][risks][of][material] misstatement[of][the] Statement,[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] mayinvolve collusion,[forgery,][intentional][emissions;][misrepresentations,] or the override of internal control.

Shere Kye Obtain an understanding of internal control relevant[to][the][audit][in][order ] to. desig[(asc] aL procedures that are appropriate[in][the][circumstances,] Under section[143(3)(i)] of the ‘Ver[AGt|] aye\ARMEDABAD/[170190W][|] -,& 1S -are also responsible for expressing our opinion on whether the Company. has ad te / = Lee acco

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Kantilal[Patel] & Co. Riddhi P. Sheth& Co. Chartered Accountants Chartered Accountants internal financial controls with reference to financial statements in place and. the operating effectiveness of such controls. ~ Evaluate the appropriateness . of accounting. policies used and the reasonableness[of] accounting estimates and related disclosures madeby the[Board] ofDirectors. = Conclude.[on] the appropriateness[of] the Boardof Directors’ useof[the] going concern basis[of] accounting and,. based. onthe audit evidence. obtained, whether a material uncertainty exists related to events or ‘conditions that may cast significantdoubt on the abilityof the Company to continue as a. going: concern.[if] we conclude that a.material uncertainty éxists, we are required to draw attention[in] our Auditors’. report[to] the related disclosures in the Statement: i or,[if] such disclosures are inadequate, to[modify] our. opinion.[Our] conclusions are based on the audit evidence obtained up tothe date of our Auditors’ 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 Statement, including[the] disclosures, and whether the Statement represents[the] underlying transactions and. events in a.manner[that] achieves fair presentation, We communicate with thase charged with governance. regarding, among other matters, the planned scope and timingof the.audit and significant audit findings, including any significant deficiencies in internal control. that we identify during our audit. Wealso provide. those. chargedwith governance with a statement that we have complied with relevant ethical. requirements[regarding.] independence,[and.] to communicate with them all andrelationshipswhere applicable,[and] otherrelatedmatterssafeguards. that may reasonably. be thought to.[bear][on] our[independence,] Other[Matters] The Statement includes the results. for the quarter ended March 31, 2020. being the balancing figures betweenthe audited figures in respect of[full] financialyear[ended March][31,] 2020 and[the] published unaudited. year-to--date figures up. to.the third. quarter of[the] current financial year, which were subjected toa limited review. by[us,][as] required under the Listing[Regulations.] For Kantilal Patel & Co. For RiddhiP, Sheth & Co. Chartered Accountants Chartered Accountants ICAI Firm registration number: abate ICAI Firm registrationOe, Bey @ 28 number: 140190W ce as see bye fh ee.PAY, R. e-3Stkt Jinala[teA.[A][4] Patel =aaronoF?iitiaei"[S] Riddhi. P. Sheth; Ke,~~ SHES C. Usmarsua * Wy Partner A-E-©[iRive:][tion)] } Proprietoriin Q/u.o.:Q/ NNe[159123\S] MembershipPlace: Ahmedabad[No.:][153599] Saco! ) MembershipPlace: Ahmedabad[No.;][159123] *,a2F, FRN:\AHMEDABAD/[140190W] f»= Penaig Date: June 9, 2020 cy| Date:June 9, 2020: ee UDIN: 201 53599AAAAEUS809 UDIN: 201 59123AAAAAE3512

PSP Projects Limited Registered Office : PSP House, Opp. Celesta Courtyard, iscon-Ambli Road, Ahmedabad - 380 058

CIN :145201G)2008PLCO54868 Website : www. pspprojects.com Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2020 In Lakhs)

|| Sr. Particulars || 31.03.2020 -_Quarter31.12.2019ended 31.03.2019 a31.03.2020ER.Yerended 31.03.2019 |

Now (Unaudited) Unaudited} (Unaudited) (Audited) {Audited) |

| = {Refer Note No.7) (Refer Note No.7). |. | i[Income] : |[Revenue][from][Operations] 45,639.70 42,306.64: 33,825.56 1,49,925,77 104,401.25 |[Other][income] i 741.03 577.08 663.17 2,477.53 || 2,297.84 ‘Total[Income] 46,380.73 42,883.72 34,488.73 | 1,52,403.30 | 106,659.09 } j } j | 2

2 Expenses | || ; Cost of Materials Consumed 14,773.76 14,005.47 13,305.19 52,665.93 43,071.43 Changes[in][Inventories][of] Work-in-Progress $02.16 2,815.03 (597.31) 839.41 (1,791.48) Construction Expenses 23,017.90 18,242.78 14,625.30|| 70,042.26 42,915.74 [zmslove[Benefits][Expense] 1,582.04 1,522.58 1,167.07 5,964.04 |4,317.82 Finance Costs 417.02 404.55 317.89 1,463.80 916.05 Depreciation and Amertisation Expense 761.64 698.35 742.09 2,669.17 2,422.90 Other Expenses 412.00. _ 313.60 337.52 1336.50 | 993.29 Total Expenses $1,766.52 38,002.40 29,897.75 1,34,961.11 | 92,845.75). | 3 Profit Before Tax (1 - 2) 4,614.21 4,881.32 4,590.98 17,442.19 13,853.34. 4 {Tax Expenses Current Tax 1,270.77: 1,228.42 1,692.66 4,608.22 §,143.16 Deferred Tax {83.16) (21.87) (114.67) (92.05) (323.44) ({Excess}/Short provision for current tax of earlier years ol « * a - Total Tax Expenses 1,187.61 1,206.55 4,577.99 4,516.16 4,829.72

| |

5 Profit for the Period (3 - 4} 3,426.60 | 3,674.77 3,012.99 12,926.03 | 9,023.62 6 Other Comprehensive Income/(Loss) (OCt)

(i) tems that will not be reclassified to Profit or Loss tax}Remeasurement expenses of Defined benefit plans (net of {11.58} ] (0.52) (8.71) (13.14) (2.10)

{ii) tems that will be reclassified to Profit ar Loss

~ Net fair value gain on investment In debt instruments through - - “ # “

OCI (net of tax} . Total Other Comprehensive income / (Loss) for the Period / (12.58) (0.52} (8.71) (13.14) (2.20) Year 7 #|Totali Comprehensive Income for the Period / Year (5 + 6) 3,415.02. 3,674.25 3,004.28 42,912.89 9,021.52

& |Paid-up Equity Share Capital - Face Value[As] 10/- each 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 9 Other Equity excluding Revaluation Reserves - = = 42,111.01 33,538.11

10 Earnings Per Share of Rs 10/- each {in Rs.) (Not Annualised }

{Basic}(Diluted)— 9.529.52 10.2110.21 8.373.37 35.9135.91 25.0725.07

SIGNED FOR IDENTIFICATION BY] ois 1th is\78 TP/2oee M.NO.:[159123] S FRN:[140190W] ~~ KANTILAL PATEL & CO, AHMEDABAD. «

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lt	Audited Standalone Statementof Assets &	Audited Standalone Statementof Assets &	Liabllities		{Rs. in Lakhs)
				As at	Asat
	Particulars			March 31, 2020	March 31, 2019
				(Audited)	{Audited}
	ASSETS
	{1) Non current Assets
	(a) Property, Plant and	Equipment		10,645.34	10,212.88
	{b) Capital Work-In-Progress			-	-
	(c) Other Intangible Assets			143.66	103.65
	(d)} Financial Assets
	(i) Investments			442,37	442.37
	(ii) Loans			2,751.59	2,386.41
	(iif) Other Financial Assets			11,916.56	5,887.77
	(e) Deferred Tax Asset (Net}			578.99	4286.93
	(f) OtherNon CurrentAssets			251.35	211.77
	Total Non-Current Assets			26,729.36	19,731.78
	{2) Current Assets
	(a) Inventories			9,683.35	7,500.17
	(b) Financial Assets
	(i) Tradereceivables			22,400.00	14,257.16
	(ii) Cash and cash equivalents			4,121.16	3,504.68
	(iii) Bank Balances otherthan (Ii)above			15,552.17	18,665.61
	{iv} Loans			1,191.04	1,578.28
	(v) Other Financial Assets			12,843.37	4,938.80
	(c) Other Current Assets			3,407.33	2,875.08
	(d) Current Tax Assets (Net)				-
	Total Current Assets			69,198.42	53,319.78
	Total Assets			..... 95,928.28	73,051.56
	EQUITY ANDLIABILITIES
	(1) Equity
	(a) Equity Share Capita!			3,600.00	3,600.00
	(b) Other Equity			42,111.01	33,538.11
	Total Equity			45,711.01	37,138.11
	LIABILITIES
	(2) Non-Currentliabilities
	{a} Financial Liabilities
	(i) Borrowings			403.69	40.87
	(b} Provisions			39.81	-
	Total Non-CurrentLiabilities			443.50	40.87
	(3) Current Liabilities
	{a) FinancialLiabilities
	(i} Borrowings			6,822.30	2,456.64
	(ii) Trade Payables
	-Total outstanding dues of micro enterprises and
	small enterprises - Total outstanding duesof creditors other than			757.37	75.23
	micro enterprises and	smail enterprises		20,871.50	15,765.40
	(iii) Other FinancialLiabilities			2,053.75	1,172.15
	(b) Other Current Liabilities			19,113.98	15,331.79
	(c} Provisions			69.66	31.36
	(d} Current Tax Liabilities	(Net)		85.21	1,039.97
	Total Current Liabilities			49,773.77	35,872.58
	Total Liabilities Total Equity and Liabilities stn t : ECP, [SIGNED FOR IDENTIFICATION BY)			50,217.27	95,928.28
	Kis@			Teo20
		KANTILAL PATEL	&CO.

PSP Projects Limited

HI. Statement of Standalone Cash Flowsfor the year ended on March 31, 2020

HI	. Statement of Standalone Cash Flowsforthe yea	r	ended on March 31	,	2020
					:	—				(Rs, In Lakhs}
					Year	ended				Yearended
	Particulars				March 31, 2020					March31, 2019
A	Cashflowfrom operating activities				(Audited)					(Audited)
	Profit before tax					17,442.19				13,853.34
	Adjustments for :
	Finance costs					682.24				445,85
	Depreciation and amortisation expense					2,669.17				2,422.90
	Expected credit toss allowance					33.00:				87.67
	Dividend					(3.16)				(3.61)
	Interest Income Loss/ (Gain) on sale of Property, Plant & Equipment Operating Profit before working capital changes	(Net)			;	{2,198.03) St. 18,625.41				(2,111.44) 50.26 14,744.97
	Movements in working capital:
	{Increase}/ Decrease in Inventories					(2,183.18)				(4,145.38)
	(Increase)/ Decrease in trade receivable					(8,175.84)				(2,724.49)
	(increase)/ Decrease in other assets					(11,378.45)				(5,894.53)
	Increase / (Decrease] in trade payables					5,830.78				2,526.66
	Increase / (Decrease) in otherliabilities					4,683.18				3,057.83
	Increase / (Decrease) in provisions					64.97.				(23.72}
	Cash generated from operations: Direct taxes paid (net)				_	7,466.87 (5,562.98)				—..	_., 7,544.29 (4,771.58) .
	Net cash generated/(used) from operating activities {A}					1,903.89				2,769.71
8	Cash flowsfrom investing activities
	Paymentfor Property, Plant and Equipment (PPE), Intangible assets & CWIP					(3,307.31)				(3,943.19)
	Proceeds from sale of Property, Plant and Equipment	(PPE)				0.93				0.93
	(Purchase)/Preceeds on sale of current investments	(Net)				“				1,376.86
	Purchase ofterm deposits (Net)					345.79				(2,439.72)
	Loan givento Subsidiary					(365,18)				(532.77)
	Dividend received					3.16				3.61
	Interest received					2,193.03				2,149.30
	Net cash generated/(used) In investing activities (B)					(1,124.58)				(3,384.98)
€	Cashflow from financing activities :
	Proceeds from/ (Repayment) of non-current borrowings					493.74				(214.68)
	Proceeds from/ (Repayment) of current borrowings					4,365.66				676.58
	Dividend and dividend tax paid					(4,339.99)				(2,170.00)
	Interest paid					(682.24)				(445.85)	-
	Net cash generated/(used) in Financingactivities {C)					162.83)				(2,253.95)
	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS [(A) + (6) + (C)] Add: Cashand cash equivalents asat beginning ofthe period Cash and CashEquivalents asat the end oftheperiod For andon the Board of Directors				a G16.48 3,504.68 "4,121.16		.	©		(2,769.22). 6,273.90 3,504.68
			.
					SIGNED FOR IDENTIFICATION					BY].
	Chairman, ManagingDirector & CEO
	DIN: 00037633				KANTILAL PATEL & CO.
	Ahmedabad, June 09, 2020

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PSP Projects Limited Registered Office :[PSP] House, Opp. Celesta Courtyard, [scon-Ambli Road, Ahmedabad - 380 054 CIN :L45201G)J2008PLCO54868 Website : www.pspprojects.com

‘Sr. -[Note] No. | The above financial results of the Company havebeen reviewed bythe Audit Committee and approved. by the Board of Directors of the Company in their respective meetings held on June 9, 2020 (through | ‘video conferencing).

| The financial results are prepared in accordance with the indian Accounting Standards (“Ind AS”), as applicable and guidelines issued by the Securities and Exchange Board of india (“SEBI”). The Ind AS are | »|-prescribed under section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards)

Rules, 2015, and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. \

| The Company has adopted Ind AS 116, “Leases”, effective April 1, 2019 using the modifi ed retrospective method[In] respect[of] its leases. The adoption of this standard does not have any material impact on the financial result. ‘| The outbreak of COVID-19[nandeMie][globally][ andi][in][india][i] is causing[significant][disturbance] and[slowdown] !

_aberenerynetetet of economic activity. COVID-19 has significantly impacted business operations of the Company, from the

last fortnight of March 2020 by. way of disruption in construction activities, supply chain disruption, unavailability of labour, etc. Partial resumption of construction activities have commenced at some project sites[in] April 2020 and the Company expects to be near normal in business by Q2[FY] 2020-21. |[The][Company][has][made][detailed][assessment] ofit’s liquidity position for the next year and the |

| recoverability of the Company's assets such as Trade receivables, Unbilled revenue, Investments, Inventories, Advances, etc as at the Balance Sheet date, using reasonably available information, estimates|. and judgements, and has determined none of these balances requires a material adjustment to their carrying[value.][The] impact of[COVID-19] may be different from that estimated at the date of approval of ' theseThe financialCompanyhasresultselectedand totheexerciseCompanythewilloptioncontinuepermittedto closelyundermonitor thesection 115BAAdevelopments.of the income Tax Act | - 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019. Accordingly, the Company has recognised tax expenses for the year ended March 31, 2020 and re-measuredits deferred tax assets basis the rate prescribed in the said section. Profit for the period is lower by INR 164.51 lakhs due to |[recognised][ upto][March][31,][2019.] [5 _The[remeasurement] Company is[of] primarily[ deferred tax assets] engaged in one business segment viz. construction/project activities, as 6 __, The[determined] Boardof[by] theDirectors[ chiefdecision] has declared[maker] and[in] paid[accordance] an interim[ with] dividend[Ind][AS][108,] of INR[Operating] S/- (i.e 50%[Segments.] offace value) per equity share[of][face][value] of[INR] 10[for] the year ended March 31, 2020, pursuant to its board meeting| held on[March] 14,[2020.] Nofinal dividend is recommendedbythe Board of Directors... The: figures for the last quarter are the balancing figures between audited figures in respect of the[fi] full i

financial year up to March 31, 2020 and unaudited published year-to-date figures up to December 31, 2019, being the date of the end of the third quarterof the financial year which were subjected to limited |[review.]

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Previous periodfi [iaure] [s] [have] [been] [regrouped/rearranged,] [wherever] [necessary,] [to ] correspond to [current] [|]
| [period's] [presentation.]
Board
Far,
fs [SIGNED] [FOR] IDENTIFICATIO
’
ronal [cis] \sLoa [~] Mat t=
ee oO)!
XiNise~ [-L_KANTILAL] [PATEL] [&][ C0.]
DIN : 00037633 Ay
Ahmedabad, June 9, 2020
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Kantilal Patel & 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,] Shikar Flats, 700[ft.][Ring][Road,] Satellite, Ahmedabad ~ 380.051. Tel: + 94 73 2676 3020

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independent Auditors’. Report

To

The Board of Directors of

PSP Projects Limited.

Report on the audit of the annual. consolidated financial results

Opinion

We have audited the accompanying statement of year to date annual consolidated financial results of PSP: Projects Limited (the “Halding Company") and its subsidiaries (the - Holding Company and its subsidiaries together referred to as the, “Group") and[its] joint»venture for the year[ended.] March 31, 2020 (the “Statement’), attached herewith, being submitted by the Company pursuant to the requirement of Regulation[33] and[$2] 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 the other auditors on separate audited financial statements/financial results/financial information of the. subsidiaries and the joint venture, the Statement.

• i. includes the results of the following entities:

List of Subsidiaries

• ~ PSP. Projects. & Proactive Constructions Private Limited

• PSP Projects'inc.

Joint Venture

• ~ GDCL and PSP Joint Venture

• i, iS presented[in] accordance[with] the. of: Regulation 33 and[52][of][the] Listing Regulations in this regard; and ern f: i

• ii. gives a true and[fair] view[in] conformity[with] the applicable accounting standards[and] other accounting principles. generally. accepted in[Andia,] of the consolidated net’ profit,[other] comprehensive income,[and] other[financial] information of the Group for the year ended March 31, 2020.

Basis for Opinion

PATS LEPAR‘ Conk asponsibilities under those Standards are further described in[the] “auditorsfesponsbil[fe] %¥aeC LYS ; : PPMEDREAD[*] 46 os[ms]

Kantilal[Patel][&] Co. Chartered Accountants

RiddhiP. Sheth&Co. Chartered Accountants

the Audit of the annual consolidated financial results” section of our report. We are independent of the Group andits joint venture in accordance[with] the Code of Ethics issued by the institute of Chartered Accountants of: india ICAI") together. with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we havefulfilled our other[ethical] responsibilities jin-accordance with these requirements and the ICAl's Code of Ethics. We believe that the audit evidence obtained. by us is suffi cient and appropriate to provide a basis[for] our audit opinion.

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Emphasis of Matter

We draw attention to Note 3 to.the Statement, as regards the Board of Directors’ evaluation of

COVID-19 impact on[the] future performance of the Company. Our opinion. is not modified in respectof[this] matter.

Board of Directors’ Responsibilities for the annual consolidated financial results

The Statement has been prepared on.the basis of the annual consolidated financial statements. The Board[of][Directors] of the Holding Company[is] responsible .[for][the] preparation and presentation[of] the Statementthat givesa true and fair view of.the consolidated net profit[and] other comprehensive income[of] the Group including. its joint venture in accordance with the. applicable accounting[standards] prescribed[section] 133 of the Act[read][with][relevant][rules]

issued thereunder[and] other accounting principles§[under] generally accepted iin India and in compliance with Regulation 33 and 52 of the Listing Regulations, The respective Board of Directors of the companies included in the[Group] and[of] its joint,venture are[also] responsible for[maintenance][of] adequate accounting recordsin[“accordance.] with. theprovisions of.[the:][ Act] for safeguarding: the assets of the Companyand 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 Statement, that give

a true and fair view andis free[from] material misstatement, whether due[to.] fraud or error,[which]

have been used[for] the purpose of preparation[of ] the Statement by the Boardof Directors of the Holding Company,[aforesaid.]

[as] 4

In preparing the Statement, the respective Boardof Directors. of the companies. included: in the Group[and] ofitsjoint venture are[responsible][for] assessingthe ability,[of,] the[Group][and] of its joint venture to[continue] as a going concern, disclosing, as applicable,[matters][related][to][going] concern andusing the going concern basis of[accounting] unless[the] respective Board[of] Directors either intends. to liquidate the Group[or] to cease operations, or has-no[realistic:][alternative][but] to do so.

The respective Board of Directors of the companies included in the Group andofits joint venture are[also] responsible for overseeing[the][financial] reporting process[of] the[Group][and][of] its[joint] SH venture. Xe. SHEDS GEIR 2SREMne fa : of) ERN: tah aan) ei[foo][LOT.] , \AHMEDABAD 2 - (xMEDABAD} WN AY

Bh. ree « |

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Kantilal Patel & Co.

Chartered Accountants

RiddhiP. Sheth &Co. Chartered Accountants

Auditors’ Responsibilities forthe Audit of the annual consolidatedfinancial results

Our objectives are to.obtain reasqnable assurance about whether the Statement as a whale is free from material misstatement, whether due to fraud or error, andtoissue an Auditors’ report that includes our. opinion. Reasonable. assurance js a high level of assurance butis not a guarantee that an audit conducted in accordance with SAs[will-][always:] detect a material misstatement whenit[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 taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain

professional scepticism throughout the[audit.] We[also:]

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence[that] is sufficient and appropriateto provide a basis for our opinion. The risk of not detecting a[material][misstatement][resulting][from] fraud jis higher than for one resulting from error, as fraud. may invoive collusion, forgery, intentional amissions, misrepresentations, or the override of internal control: —_ oe

• ~ Obtain an understanding of internal control relevant to the audit.in order to design audit procedures that are appropriate.[in] the circumstances,[Under] section of theAct, we 143)

• are[also][responsible. ] for. expressing our[opinion] on.whether[the][Company][has:] adequate internal. financial controls with reference to financial: statements in place and[the] operating effectiveness of such controls.

• ~ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates[and][related][disclosures] made bythe Board[of] Directors.

• ~ Conclude on the appropriateness ofthe Board of Directors’ useof 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:[Auditors’] 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 Auditors’ ‘report: However,[future] events or conditions may cause[the] Group and its joint[venture][to] cease to continue as a going concern.

• Evaluate the: overall. presentation, structure and. content of the Statement, including the disclosures,[and.] whether the[Statement][represents][the][underlying][transactions][and][events][in] a manner that achieves[fair] presentation.

~ Obtain sufficient appropriate[audit][evidence] regarding[the] financial statements/financial _results/financial information. ofthe entities. within the Group andits joint venture to express. SHES an[opinion.][on][the.][Statement.] We. are. responsible. for: the direction, supervisio Soe bog UK FRN: 140190W]ai © \AHMEDABAD o |eo

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth[&] Co. Chartered Accountants

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performance[of] the audit of the financial information[of] such[entities] included in the Statement of which we are the independent auditors. For, the other entities included in the. Statement, which’ have . been audited by 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. Our responsibilitiesiin this regard are further described in paragraphs (1) and (2) of the "Other Matters” section of our report. | We communicate. with. those charged.[with] governance.[of] the Holding. Company regarding, among[other][matters,][the][planned] scopei[‘and][ timing] of[the][audit] and significant[audit ] findings, _ including any significant deficiencies in internal control thatwe identify during our audit. |

We also provide those charged with governanceofthe Holding Company with a statement that we have. complied with relevant ethical requirements: tegarding: 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,

Wealso performed procedures in accordance with the Circular No CIR/CFD/CMDI/44/2019 dated

March 29, 2019, . issued by. the SEBI. under. Regulation.[33(8)] of the Listing Regulations,[as”]

amended, to the extent applicable.

Other Matters

• (1) The Statement includes the audited financial statements/financial results/financial information of:

• (a) 1. (one} subsidiary, whosefinancial statements reflects total assets (before consolidation adjustments) of INR. 1,358.71 lakh as.[at’] March 31,.[2020,] total: ‘revenue (before consolidation adjustments), of[INR] 24.55. lakh and total net[loss] after tax (before consolidation adjustments)[of][INR] 64.20[lakh][ and] net[cash] outflows[of][INR] 7.27[fakh][for] the year ended on that date, as[considered] iin the Statement, which has: been audited by its independent auditor.

• fb) 1 fone) joint venture, whose financial statements include the Group’ s share ofnet loss of INR 45,09. lakh[for] the quarter[ended] March 31, 2020 and.the Group’s share[of][net][profit] of INR.[28] AI lakh the year ended[March][31,] 2020, as considered iin the Statement,[“which] has been audited by its independent auditor.

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The independent auditor's report. on the financial statements: of these entities have been.

furnished to us by the Management of[the. ] Holding Company[and.] our[opinion] on the Statement, in so far as it relates to the.amounts and disclosures included in[respect][of][these] i entities, is[based] solely[on] the report of[such][auditor] and[the] procedures[performed] by[us][are.] as stated[in][ the] paragraph[above,]

(2)[The] Statement includes the: unaudited. financial statements/financial resuits/financial information -of ip {ane) subsidiary, whose financial. statements: reflects total assets (before?SHE? RIES consolidation adjustments)adjustments) ofof[INR] INR2783.173.96 20. lakhslakhs.[as] atand Marchtotal[31,] net’[2020,] loss.[total] afterrevenuetax (before:(beforeRet140% Se[7][Na] *[onsolidation] .x (ici) N 2g)

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Kantilal Patel & Co. Chartered Accountants

Riddhi[P.] Sheth & Co. Chartered Accountants

consolidation adjustments) of 30.97 lakhs and net cashoutflows of INR 37.77 lakhs for the year[ended:] on that date, as considered.[in] the.[Statement.][These] unaudited financial statements/financial[results/financial][information][has] been approved[and][furnished ] to[us.] by the Management of the Holding Company[and] our opinion on the Statement, in-so far as. it relates to the amounts and disclosures includedin respect[‘of] this entity, is based solely on such unaudited fi nancial statements/financial: results/financial information. In our ‘opinion, and according to the information and. explanations given to us by the. Management. of the Holding Company,[‘these][financial][statements/fi][ nancial] results/financial information are not material to the Group. Our opinian onthe Statementis not modified[in] respect of the above matters with respect to our reliance on the work.[done] and the ‘reports of the other auditors and. the financial. statements/financial results/financial information certified by the Management. of the Holding Company. The Statement includes the results for the. quarter ended March 31, 2019 which have been approved[by] the Holding,[Company's][Board] of Directors, but have not been[subjected] to[review.] Our report is not modified in respect of this matter. The Statement includes the results for the quarter ended March 31, 2020 being[the] balancing figures[between][the][ audited][figures] in respectof[full][financial] year ended March 31, 2020 and the i published - unaudited year-to-date figures up to the third quarter[‘of] the current financial year, which were subjected to a limited review by us; as required under the[Listing] Regulations. For Kantilal Patel & Co. For Riddhi[P.] Sheth & Co. Chartered Accountants Chartered Accountants ICAI Firm registration number: 104744W ICAI Firm registration number: 140190W ns 2 or: RBH AB[PATS] | JinalfkA. Patel Parton RiddhiP. Sheth SrFai40[A] PartnerMembership No.: 153599 | © C:© umaRiverFrony. \oy[*] Membership[Proprietor.] No.: 159123 ‘ [Ahmedabad] Place: Ahmedabad Place: Ahmedabad eee[360013] / Date: June 9, 2020 Date:[June:9,][2020] Reo UDIN: 20153599AAAAEV9007 Poe UDIN: 20159123AAAAAF4998 ¢..\

PSP Projects Limited Registered[Office][:][PSP] House, Opp. Celesta Courtyard, Iscon-Ambil Road, Ahmedabad - 380 058

CIN :£45201G/2008PLC054868 Website : www.pspprojects.com Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2020 (Rs.[In] Lakhs)»

| | Year ended “|

| Se: actheulaiee 31.03.2020 __«~[[Quarterentied] 88122019 «=| 32.03.2019 31.03.2020 31.03.2019 No. |. (Unaudited) (Unaudited) (Unaudited) (Audited) {Audited} : ||(Rafer Note No.8) | {Refer Note No.8) || ——— Income el | Revenue from Operations 45,639.70 42,306.64. 33,855.90 |:| 1,49,925,93 105,040.66

|| [Total|Other Incometncome 748.4846,288,18 _.537.97.42,844.61 605.2934,461.19 |[|...] 1,52,342.562,416.63 a4,07,315.52_2.274,85

| 2..|Expenses | | |Cost of Materials Consumed 14,773.76 14,005.47 13,299.61 |52,665.93 43,368.50 Changes[in] Inventories of Work-in-Progress 802,16 2,815.03 (597.31) 839.41 (1,791.48) Construction Expenses | 23,017.41 18,243.57 14,638.93 | 70,044.68 43,272.51 | Employee Senefits Expense 1,583.43 1,523.65 1,167.99 ‘ 5,948.66 4,321.26 | Finanee Costs 427.37 414.65 327.83 1,505.58 967,39 Depreciation[and] Amortisation Expense W617i 698.45 743.52 || 2,669.55 2,430.17 Other Expenses 378,92 © 322.54 338.71 | a 1361.75 21.012.33 | Total Expenses 41,744.76 38,022,35 29,915.28 | 1,35,035,S6. 93,582.08 At Profit Before Tax & share of profit / loss} from Joint Venture (4 - 2) 4,643.42. 4,822.26 4,541.91 17,307.00 18,733.43

_ :=| Tax(Exeess)/Short|Current|DeferredExpensesTaxTax provision for current tax of earlier years 4,270,77(81.60:oo 1,228.42ood(27.35) 1,692.66(123.85)a.° 4,608.22(103.73)= 5,143.15(313.44)(8.22) |

-/ Total Tax Expenses 4,289.17 1,20L,07 1,568.81.: 4,504.49 4,321.49 | Profit for the Period Befora share of profit / {loss) from Joint Venture (3- i 3,454.25 : 3,621.19 2,973.10 12,802.51 8,911,594 4} 4

: 6 Share of profit / (loss) from Joint Venture (Net) (45.08)7 |[|.] 26.33 9.07 28.44 9.07

[7:] |Other Comprehensive income / {toss} (OCI) | (i) tems that will not be reclassified.to Profit or Loss | |

• Remeasurement expenses of Defined henefit plans (net of tax) (42.58) (0.52) (8.712) (13.14) | (2.10)

~ Income tax expenses relating to Items that will be reclassifled to profit or[floss] }

(Hi) tems that will be reclassified to Prafit or Loss

~ Exchange difference arising on translation[of] foreign subsidiary {net of (1,69) (2.98) (0.51) (2.13) ta) | Total Other Comprehensive inceme / (Loss) for the Period / Year {13.27} t- (3.50) (9.22) (13.14) {4.23} Total Comprehensive Income for the Perfod / Year (5 + 6 + 7} 3,395.90 3,644.02 |. 2,972.95 12,817.78 8,916.78 Profit for the year attributable to: | - Owners af the company 3,420.28 3,652.22 2,989.60 12,847.62 | 8,943.20 | ___ |-Nofi-controdling Interest (1.11) (4.70) (7.43) |. (16.69)| (22,19).

_| Other comprehensive[income][for] the year[attributable] to: |

_ Owners of the company (23.27)| (3.50) (9.22)}, (13.14)| (4.2a)|,

© Total|. Non-controlfingcomprehensiveInterestIncame for the year attributable to: - . “| " | |- Owners of the company 3,397.01 3,648.72 |. 2,980.37 22,834.47 8,938.97

| = Non-controlling[Interest] (4.22) (4.70)| (7.43) (16.69) (22.19) | 9° |Pald-up Equity Shave Capital - Face Value Rs 10/- each SROO0 3500.00 A000 2500.09|| eee

10.| Other Equity[excluding] Revaluation[Reserves] > a 41,818.16 |. 33,330.71 |:

|.-11.| Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised ) (Basic) 9.48 10.15 8.30 35.69 24.84 Diluted) 9.48 10.15 8.30 35.69 24,34 SIGNED[FOR] IDENTIFICATION BY][|]

Kc Foi _KANTILAL PATEL & CO.

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Audited Consolidated Statement of Assets & Liabilities

	Audited ConsolidatedStatem	entof Assets & Liabilitie	s
					(Rs. In Lakhs)
			Asat		Asat
	Particulars		March 31, 2620	March		31, 2019
			{Unaudited)		(Audited)
ASSETS
(1) Non current Assets
	(a) Property, Plant and Equipment		10,645.34			10,214.79
	(b) Capital Work-In-Progress		-			=
	(c} Other Intangible Assets		143.66			103.65
	{d} Financial Assets
	(i) Investments		65.68			65.68
	(ii) Loans		2,668.28			2,282.31
	(iti) Other Financial Assets		11,916.74			5,887.95
	(e) Deferred Tax Asset (Net)		696.40			592.13
	(f) Other Non Current Assets		. 251.35		_.	2UL.77
	Total Non-Current Assets		(26,387.45		19,358.28
{2) Current Assets
	(a) Inventories		9,683.35			7,500.17
	{b)Financial
	(i} Investments		-			-
	(i) Trade receivables		23,517.51			14,788,52
	(ii) Cash and cash equivatents		4,132.33			3,554.82
Assets (iii) Bank Balances otherthan (it) above 15,552.17 18,665.61 (iv) Loans 691.04 1,078.28 (v) OtherFinancial Assets 12,828.44 5,576.34 (c)Other Current Assets 3,407.33 2,883.46 (d) Current Tax Assets (Net} 94.87 102.69 Total Current Assets 69,907.04 - 54,149.89. Total Assets 96,294.49 73,508.17 . EQUITY AND LIABILITIES (1) Equity (a) Equity Share Capital 3,600.00 3,600.00 (b) Other Equity _ 41,818.16 33,330.71 Equity attributabletoowners of Holding Company 45,418.16 36,930.71
	Non- Controlling Interest		68.68			85.37.
	Total Equity		45,486.84			37,016.08
	LIABILITIES
{2}	Non-Current liabifities
	(a) Financial Liabilities
	(i) Borrowings		403.69			40.87
	{b) Provisions		39.81			-
	Total Non-Current Liabilities		443.50			40.87
(3).	Current Liabilities
	(a) Financial Liabilities
	{i} Borrowings		7,321.32			2,938.27
	(ii) Trade Payables
	-Total outstanding dues of micro enterprises and
	small enterprises -Total outstanding duesof creditors other than		757.37			75.23	BY
	micro enterprises and small eriterprises		20,923.29		15,838.86			Co.
	(iii) Other Financial Liabilities (b) Other Current Liabllities		2,056.46 19,115.70		1,172.27 15,339.17		IDENTIFICATION	&
	(c) Provisions		104.20			47,45		PATEL
	(d) Current Tax Llabllities (Net) Total Current Liabilities TotalLiabilities Total Equity and Liabilities	eng, JEGIEC	85,21 _————1, 039.97 $0,364.15“ °: >-46451.22- 50,807.65 /o, 36,402) 96,294.49 [= ™ 73,5087				. SIGNED FOR ‘SiG _	KANTILAL

PSP PROJECTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE[YEAR] ENGED MARCH 32, 2020

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	SEettaeee					Year March	ended 31, 2020	Year March	Year March	ended 31, 2019	ended 31, 2019
A	Cash flow from operating activities										:
	Profit before tax						17,335.43				13,742.50
	Adjustments for :
	Finance. costs						711.92				491.05
	Depreciation and amortisatian expense						2,669.57				2,430.17
	Expected credit loss allowance						33.00				87.67
	Dividend						{3.16)				(3.61)
	Interest Income						(2,165.53)				(2,097.51)
	Loss/ (Gain) on sale of Property, Plant & Equipment (Net)					.	0.01.		;		. 49.90
	Operating Profit before working capital changes				:	“~	18,583.24	—			14,700.17
	Movements In working capital: (increase) / Decreasein Inventories						(2,183.18)				{4,118,91)
	(increase)/ Decrease in Trade Receivable						(8,762.00)				(2,529.38)
	{increase}/ Decrease in OtherAssets						(11,101.11)				(6,044.27)
	increase/ (Decrease) in Trade Payables						5,809.11				2,012.74
	Increase/ (Decrease) in Other Liablfities						4,677.94				2,912.68
	Increase/ (Decrease) in Provisions						79.60				{14.23)
B	Cashgeneratedfromoperations: Directtaxes pald (net) Netcash generated from operating activities Cash flows from investing activities	(A)				7,101.60. (5,550.75) 1550.85		.		.		6,918.30. (4,794.66) 2,123.64
	Payment for Property, Plant and Equipment	{PPE}, Intangible assets	& CWIP				(3,307.32)				(3,944.05)
	Proceeds from sale of Praperty, Plant and Equipment (PPE)						2.44				98.60
	(Purchase)/Proceeds on sale of non-current	investments (Net)					-				(2.13)
	{Purchase)/Praceeds on sale of current investments (Net)						(7.83)				1,413.55
	Purchase ofterm deposits (Net)						345.79				(2,985.18)
	Dividend received .						3.16				3.61
	interest received			/			2,165.53				2,135.37
	Netcash (used) In Investing activities (B)						(798.23)				(2,280.83)
C	Cashflowfrom financing activities :
	Proceeds from/ (Repayment} of Non-current Borrowings						493.74				(214.68)
	Proceeds from/ (Repayment) of Current Borrowings						4,383.06				297.32
	Dividend and dividend tax paid						{4,339.99}				(2,270.00)
	Interest paid						(711.92)				(491.05)
	Net cash (used) in financing activities (C}						(175.11)				(2,578.41)
	NET INCREASEIN CASH AND CASH EQUIVALENTS [(A) + (B) + (C)]						577.51				(2,735.60)
	Add: Cash and Cash Equivalents as at beginning of the year						3,554.82				6,290.42.
	Cash and Cash E ents asat end of theyear		A	—		“4,132.33				'	3,554.82
	~:.

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_
[SIGNED
FOR IDENTIFICATION BY]
:
Lg {es :
KANTILAL PATEL & CO.
+ \aHM
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PSP Projects Limited Registered Office :[PSP] House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 054

CIN :L45201G/2008PLC054868 Website : wunw.pspprojects.com

| Sr. Note '1 ‘The above consolidated financial results of the Company have been reviewed by the Audit

| Committee and approved by the Board of Directors of the Companyin their respective meetings | ,

| held on June 9, 2020 (through video conferencing). The consolidated financial results are prepared in accordance with the indian Accounting Standards | (“Ind AS”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under section 133 of the Act read with Rule 3 of the Companies (Indian | Accounting Standards) Rules, 2015, and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016.[The] said financial results represent the results of PSP Projects Limited (“the Company”), its subsidiaries (together referred to as “the Group” and its share in results of joint ventures which

have been prepared in accordance with Ind-AS 110 - “Consolidated Financial Statement’ and Ind | 2 TheAS—[Group][28] Group“investment[has] adopted[in] Associates[indAS][116,][and] “Leases”,[Joint] Ventures”).[effective] April[4,][2019] using[the] modifiedretrospective[-]

methodin respect of its leases. The adoption of this standard does not have any material impact on |

a the financial resuit. [3 ||[The] slowdown[outbreak] of economic[of][COVID-19] activity.[pandemic] The Group’sgloballymanagementandin[India] believes[is][‘causing] whilesignificant COVID-19[disturbance] may adverselyand |

impact on the business[in] the short term, it does not anticipate material medium to long term risk | to the business prospects. The Group has made detailed assessmentof it’s liquidity position for the next year and the recoverability of Group’s assets such as Trade- receivables, Unbilled revenue, investments, inventories, Advances, etc as at the Balance Sheet date, using reasonably available information, |[estimates] and judgements, and has determined none of these balances requires material |. adjustments to their carrying value. The impact of COVID-19 may be different from that estimated __| theat thedevelopments.date of approval of these financial results and the Company will continue to closely monitor | 4 The Group has elected to exercise[the] option permitted[under] section V1S5BAA of theIncome Tax| Act - 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019. Accordingly, the Group has recognised tax expenses for the year ended March 31, 2020 and re-measured its deferred tax assets basis the rate prescribed[in] the said section. Profit for the period is lower by INR 164.51 | | lakhs due to remeasurement of deferredtax assets recognised upto March 31, 2019. wi! || ThedeterminedGroupisbyprimarilythe chiefengageddecisionin makeronebusinessin accordancesegment withviz. Indconstruction/projectAS 108, Operatingactivities,Segments. as , |[Further,][the][operations of the][Company] is[predominately][domiciled][in][India][and][therefore][there][are] _ho[reportable][geographical][segment.] 6 The Board of Directors of the Parent __Company has declared[and] paid aninterimdividend of[INR] Sf |

{i.e 50% of face value) per equity share of face value of INR 10 for the| year ended March 31, 2020, pursuant to[its][board] meeting[held] on[March] 14,[2020.] No final dividend is recommended bythe | _____|7 |[Board] Thereview[consolidated][of] by[Directors.] the JointfinancialStatutoryresultsAuditorsfor ofthethequarterCompanyendedand Marchare prepared31, 2019,by thewereManagementnot subjected to |1||| The figures for thelast quarter are[‘the] balancing figures between auditedfiigures in respect of the RN:| .NO.!full140190W[159123] financial31,*% year[2019,] up[being] to Marchthewie31, Prod|2020 andA unauditedi wepublished year-to-datefinancial’y SADfigures SENTATIONup to—s atec

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_KANTILAL PATEL & CO; (|A“ xen[need]

PSP Projects Limited Registered[Office] :[PSP] House, Opp. Celesta Courtyard,[Iscon-Ambli] Road,[Ahmedabad][-][ 380][ 054]

CIN :L45201GJ2008PLCO54868 Website : www.pspprojects.com

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|
Previous period figures have been regrouped/rearranged, wherever necessary, to correspondto
|| Thecurrentstandaloneperiod’s financial resultspresentation. of the Company the quarter and the year ended March 31, 2020 i
| are available on the Company's website (URL: www.pspprojects.com) |
Key Standalone financials information is given below:
| {Rs. [In] Lakhs} Quarter ended : Marchees31,2020 5| Marchri31,2019 : ||
‘PartiuiarsMarch 31,2020es |” December 31, “March 31,2019 {Audited} (Audited)
| (ReferNote6) 2079. :“| [(Refer] [Note] [6}.] | |
|| | TotalincomeProfitheforetaxa 46,380.731D 42,883.72488132| 34,488.73«4,590.98~ 17,442.191,52,403.30 | 1,06,699.0913,853.34sd||
|“NetOther [Profit/loss)] Comprehensive 48,426.60.(11.58). | 3,674.77(6.52) | 3,012.99(8.72) || 12,926.03(13.14} 9,023.62. |(2.10):
Total Comprehensive = [a] Omen"3,415.02 [geste] emeemcmcie3,674.25tn tN1° ° 3,004.28ee eS12,912.89 | 9,021. [52] |
income/{ioss)
[atc
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For and on behdif [of] the Board
manana
Chairman, ManagingcyDirector & [CEO] RonNf7. $k"
DIN : 00037633
Ahmedabad, June 9, 2020
SIGNED FOR IDENTIFICATION BY] | |
tas cy
ie
KANTILAL PATEL & CO.
i
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