PSP Projects Limited — Annual Report 2021

Jun 18, 2021

Ref No: PSPPROJECT/SE/11/21-22 June 18, 2021

Corporate Relations Department Listing Department

BSE Limited National Stock Exchangeof India Limited Floor 25, PJ. 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

Pursuant to Regulation 30, 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. June 18, 2021, 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 March 31,2021;
• 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, 2021; >
• Recommended a final dividend of % 4.00/- per equity share of the company for the *.. financial year ended March 31, 2021, which shall be paid subject to the approvalofthe shareholdersatthe ensuing 13" Annual General Meeting of the company;
• Approved re-appointment of M/s. Manubhai & Shah LLP, Chartered Accountants as the Internal Auditors ofthe companyforthe financial year 2021-22;
• Reviewed and amended the "Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons and immediate relatives of Designated Persons" and "Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information".

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

The board meeting commenced at 12:00 P.M. and concluded at 1:30 P.M.

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

Further note thatthe Joint Statutory Auditors of the Company have issued Audit Reports with unmodified opinion in this regard, reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Companyat their respective meetings held on June 18, 2021

Kindly take the above on your record.

Thanking You,

For PSP Projects Limited

Encl:As above.

Kantilal Patel & Co. Riddhi P. Sheth & Co. Chartered Accountants Chartered Accountants

202, "Paritosh", Riverfront, 9, Shyam Shivam Bungalows, Nr. Shikar Flats, Usmanpura, 100 ft. Ring Road, Satellite, Ahmedabad — 380 013. Ahmedabad — 380 051. Tel: + 91 79 2755 1333 Tel: + 91 79 2676 3020

Independent Auditors' Report on the Quarterly and Year to Date Standalone Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.

To The Board of Directors of PSP Projects Limited.

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date Standalone Financial Results of PSP Projects Limited (the "Company"), for the quarter and for the year ended March 31, 2021 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and 52 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, the Statement:

• 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 quarter and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs") specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditors' Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's CodeofEthics. Webelieve that the audit evidence obtained by usis sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of matter

Wedraw attention to Note 3 to the Statement, which describes the management's assessment of the impact of the outbreak of COVID-19 on the business Operations of the Company. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periods is highly dependent upon circumstances as they evolve.

Our opinion is not modified in respect of this matter.

Management and Board ofDirector's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Management and the Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit, other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 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 orerror.

In preparing the Statement, the Management and the Board of Directors are 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 Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors' Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole free from is 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 reasonably be expected to influence the onomic decisions of users taken on thebasis 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 appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with referenceto 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 by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our 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 Company to cease to continue as a going concern. aS/S{AH AD} 3 j )24 ES
  • 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 those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Other Matter

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect offull financial year ended March 31, 2021 and the 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.

Chartered Accountants Chartered Accountants

Jinal A. Patel Riddhi P. Sheth Partner Proprietor Membership No.: 153599 Place: Anmedabad Date: June 18, 2021 UDIN: 21153599AAAAES5525 *.

For Kantilal Patel & Co. For Riddhi P. Sheth & Co.

ICAI Firm registration number: 104744W ICAI Firm registration number: 140190W

R. C.Srtt

Membership No.: 159123 Place: Anmedabad Date: June 18, 2021 UDIN: 21159123AAAAAL1444

PSP Projects Limited Registered Office : PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com

(i) Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2021

Sr. No.	Registered Office : PSP House, Opp. Celesta Courtyard,CIN :L45201GJ2008PLC054868 Website :(i) Statement of Audited Standalone Financial Results forthe quarterParticulars	PSP Projectsand year31.03.2021(Unaudited)(Refer Note 8)	www.pspprojects.comended March 31,Quarter ended31.12.2020(Unaudited)	Iscon-Ambli Road, Ahmedabad - 380 058202131.03.2020(Unaudited)(Refer Note 8)	31.03.2021(Audited)	(Rs. in Lakhs)Year Ended31.03.2020(Audited)
1	IncomeRevenue from OperationsOther IncomeTotal Income	50,072.64381.5450,454.18	39,015.86379.9039,395.76	45,639.70741.0346,380.73	1,24,086.241,692.091,25,778.33	1,49,925.772,477.531,52,403.30
	ExpensesCost of MaterialsConsumedChanges inInventories of Work-in-ProgressConstructionExpenses	14,561.13691.0426,751.32	14,195.42(185.42)18,476.36	14,773.76802.1623,017.90	39,813.29(236.52)64,442.68	52,665.93839.4170,042.26
	Employee Benefits ExpenseFinance CostsDepreciation and AmortisationExpenseOther ExpensesTotal Expenses	1,421.79455.26676.21441.1244,997.87	1,369.25301.39643.92467.4635,268.38	1,582.04417.02761.64412.0041,766.52	5,089.371,469.122,563.761,496.091,14,637.79	5,944.041,463.802,669.171,336.501,34,961.11
3	Before Tax and ExceptionalItemProfit/(Loss)(1-2)Gain/(Loss)(netof tax) (Refer Note 7)_ Exceptional	5,456.31-	4,127.38(274.11)	4,614.21-	11,140.54(274.11)	17,442.19
	Before Tax and after Exceptional Item (3-4)Profit/(Loss) Tax ExpensesCurrent Tax	5,456.311,449.37	3,853.271,140.54	4,614.211,270.77	10,866.433,035.25	17,442.194,608.22
	Deferred TaxTotal Tax ExpensesProfit/(Loss) for the Period (5-6)	(61.65)1,387.724,068.59	(79.10)1,061.442,791.83	(83.16)1,187.613,426.60	(247.86)2,787.398,079.04	(92.06)4,516.1612,926.03
	{Other Comprehensive Income/(Loss)(OCI)(i) Items that will not be reclassified toProfit or Loss- Remeasurement expensesofDefined benefit plans (net of tax)	ae	(3.26)	(ELSE)	aes	(13.14)
10	/Total Other Comprehensive(Loss) for the PeriodIncome_ Total Comprehensive Income/(Loss) for the Period (7+8) Paid-up Equity Share Capital - Face Value Rs 10/-each	18.994,087.583,600.00	(3.26)2,788.573,600.00	(11.58)3,415.023,600.00	9.228,088.263,600.00	(13.14)12,912.893,600.00
1112	Other Equity excluding RevaluationReservesEarnings Per Share of Rs 10/- each (in Rs.) (Not Annualised )(Basic)(Diluted)	-11.3011.30	-7.75La5	-9.529.52	50,199.2722.4422.44	42,111.0135.9135.91
	KUGKANTILAL PATEL	,&&Co.

(ii) Audited Standalone Statement of Assets & Liabilities

		(Rs. in Lakhs)
	As at	Asat
Particulars	March 31, 2021	March 31, 2020
	(Audited)	(Audited)
ASSETS
Non current Assets(1)
(a) Property, Plant andEquipment	11,494.34	10,645.34
(b) CapitalWork-In-Progress	4,164.72	-
(c) Other IntangibleAssets	124.34	143.66
(d) Financial Assets
Investments(i)	78.37	442.37
Loans{ii)	2,574.55
(iii) Other Financial Assets		2,751.59
(e) Deferred Tax Asset (Net)	9,922.36	11,916.56
(f) Other Non CurrentAssets	919.04	578.99
TotalNon-CurrentAssets	646.72	251.35
	29,924.44	26,729.86
Current Assets
(2)
Inventories(a)	8,920.91	9,683.35
(b) Financial Assets
Tradereceivables(i)	22,203.74	22,400.00
(ii) Cash and cash equivalents	11,533.18	4,121.16
Bank Balances other than (ii)(iii)above	11,342.34	15,552,17
Loans(iv)	854.50	1,191.04
{v) Other Financial Assets	10,722.39	12,843.37
(c) Other Current Assets	3,536.57	3,407.33
Total Current Assets	69,113.63
Total Assets	99,038.07	69,198.42
		95,928.28
EQUITY AND LIABILITIES
(1)Equity
(a) Equity Share Capital	3,600.00	3,600.00
(b) Other Equity	50,199.27	42,111.01
Total Equity	53,799.27	45,711.01
LIABILITIES
Non-Current liabilities(2)
(a) Financial Liabilities
{i) Borrowings	278.33	403.69
(b) Provisions	79.05	39.81
Total Non-Current Liabilities	357.38	443.50
Current Liabilities(3)
(a) Financial Liabilities
(i) Borrowings	6,804.88
(ii) Trade Payables		6,822.30
- Total outstandingdues of micro
enterprises and small enterprises
duesof- Total outstandingcreditors other	1,014.65	757.37
than micro enterprisesand small
enterprises	24,973.75	20,871.50
(iii) Other Financial Liabilities	2,838.25	2,053.75
(b) Other Current Liabilities	8,457.11	19,113.98
(c) Provisions	99.94	69.66
(d) Current Tax Liabilities (Net)	692.84	85.21
Total Current Liabilities	44,881.42	49,773.77
Total Liabilities	45,238.80	50,217.27
:3	=99,038.07	95;928,28_
		—
STGNED FOR	IDENTIFICATIONBY	LS
'CGY	6	sj /M.NO.: 159123)
KPA	Y{	FRN: 140190W%\AHMEDABAD/
		==
KANTILAL PATEL
	& CO.

(iii) Audited Standalone Statement of Cash Flows for the year ended on March 31, 2021

		(Rs. in Lakhs)
:Particulars	Year ended	Year ended
	March 31, 2021	March 31, 2020
Cash flowfrom operating activitiesA
Profit before tax	10,866.43	17,442.19
Adjustmentsfor:
Finance costs	822.06	682.24
Depreciation and amortisationexpense	2,563.76	2,669.17
Expected credit loss allowance	34.14	33.00
Provision For Loss on Impairmentof Loan	214.95	s
Impairment ofProvision For Loss onInvestment	274.11	-
Dividend	-	(3.16)
Interest Income	(1,677.81)	(2,198.03)
Loss /(Gain) on sale of Property,Plant & Equipment (Net)	28.70	-
Operating Profit before workingcapital changes	13,126.34	18,625.41
Movementsinworking capital:
(Increase) /Decrease in Inventories	762.44	(2,183.18)
Decrease in(Increase) /trade receivable	162.12	(8,175.84)
(Increase) /Decrease in other assets	2,109.51	(11,378.45)
Increase /(Decrease) in trade payables	3,991.06	5,830.78
(Decrease) inIncrease /other liabilities	(10,719.61)	4,683.18
Increase /(Decrease) inprovisions	78.74	64.97
Cash generatedfrom operations:	9,510.60	7,466.87
Direct taxes paid (net)	(2,427.62)	(5,562.98)
Net cash generated/(used)from operating activities(A)	7,082.98	1,903.89
B Cash flows frominvesting activities
Eepenenie for Property,Plant and Equipment (PPE),Intangible assets &
Capital Work-in-Progress	(7,926.77)	(3,307.31)
Proceeds from sale of Property,Plant and Equipment(PPE)
Proceeds of(Purchase) /term deposits (Net)	9.01	0.93
Loan given to Subsidiary(Net)	6,819.50	345.79
Purchase of sharesofsubsidiary /	(37.91)	(365.18)
Section 8 companyDividend received	(2.30)	-
Interest received	-	3.16
Net cash generated/(used)	1,677.81	2,198.03
in Investing activities(B)	539.34	(1,124.58)
C Cash flowfrom financing activities:
Proceeds from /(Repayment) ofnon-current borrowings	629.18	493.74
Proceeds from /(Repayment) of current borrowings	(17.42)	4,365.66
Dividend and dividend taxpaid	-	(4,339.99)
Interest paid	(822.06)	(682.24)
generated/(used) inNet cashFinancing activities(C)	(210.30)	(162.83)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS [(A)+(B) + (C)]
Add: Cash and cash equivalentsas at beginning of the year	7,412.02	616.48
Cash and Cash Equivalentsas at the end of the year	4,121.1611,533.18	3,504.68
		4,121.16

Note : The above Statementof cash flows has been prepared under the 'Indirect method' as set out in the Ind AS - 7 Statement of Cash Flows.

SIGNED FOR IDENTIFICATIONPAG	BYge», :
KANTILAL PATEL	& co.

(iv) Notes to Financial Results

Sr. No	Note
	aboveThefinancialresultshavebeenaccordancepreparedwiththeinIndianStandardsunderAccountingnotifiedof theCompanies Act,Section(Ind133AS)2013, read togetherwith theCompanies (IndianRules, 2015AccountingStandards)(as amended).
	The AuditCommitteehasand theof Directorsreviewed,has approvedtheBoardand itsabove resultstheirrelease atrespectivemeetings held onJune 18, 2021.
	theThe Companyhasconsideredpossible effects thatmay result from thepandemictoon therelatingCOVID-19amountsof Property,carryingPlant andEquipment,Investments,ReceivablesotherInventories,andcurrenttheassets.Indevelopingassumptionstothefuturerelatinguncertaintiesin thepossibleeconomicglobalconditionsbecauseof thistheas at thedatepandemic,of approvalofCompanythesefinancial resultshas usedinternal and externalsources on theexpected futureof theperformanceCompany. Thehasperformed sensitivityCompanyanalysis ontheusedbasedassumptionsandthatthecurrentestimates,onexpectscarryingamountofwillthese assetsbe recovered. The impactof COVID-19 ontheCompany'sfinancialresults maydiffer from thatestimatedas at thedateof approvalof thesefinancial results.
	The Board of Directors atproposed a finalits meetingheld onJune18, 2021, hasisofRs.dividend4.00 perequity share. The samesubject toshareholders'approvalin theAnnual GeneralMeeting.
	The Code onSocial Security,2020 ('Code')has beennotified in theOfficialGazetteofIndiaSeptemberwhichon2020,couldthecontributionsthe29,ofimpacttowardscertainCompanybenefits.employmentTheeffectivedatefromwhichapplicable ischanges aretobe notified andtherules areyetyet tobe framed. Impact,accounted inperiod ofchangewillof thebe assessedif any,andthenotification oftherelevantprovisions.
	Pursuanttothefrom theBoard of Directors onapprovalNovember09, 2020, theCompany hasacquired theremaining 26% stake (13,00,000Equity shares) in its 74%subsidiary viz PSP Projects& ProactiveConstructionsPrivatefor aLimited('PPPC'),consideration ofRs. 1,30,000/-.Pursuanttothesaidtransaction,PSPProactive&ConstructionsPrivateProjectsLimited is nowa wholly owned(100%) of thesubsidiaryCompany.
	item (netof tax)during theExceptionalyear endedon March 31,2021, representsof investmentimpairmentin PSP Projects& ProactiveConstructionsPrivate Limitedtolakhs.amountingRs. 274.11

SIGNED FOR IDENTIFICATION BY KPAG 1, KANTILAL PATEL & CO.

The figuresfor thecurrentendedMarch 31,endedquarterand quarterMarch2021
figures in respectofthe31, 2020 arefigures betweentheauditedthebalancingfull
financial yearendedMarch 31, 2021and March 31,and2020, respectivelypublished
dateyear toDecember 31,tothird quarterendedDecember 31,figures up2020 and
which were2019, respectivelysubjected tolimitedreview.
fortheThefigureshavebeencorrespondingpreviousperiodre-grouped/reclassified wherevernecessary, tomake themcomparable.

For and on behaJfof)the Board

(Prahaladbhai$_Pate

Chairman, Managing Director & CEO DIN : 00037633 Ahmedabad,June 18, 2021

SIGNED FOR IDENTIFICATION BY ; 1h le (8 a KANTILAL PATEL & CO.

202, "Paritosh", Riverfront, 9, Shyam Shivam Bungalows, Nr. Shikar Flats, Usmanpura, 100 ft. Ring Road, Satellite, Tel: + 91 79 2755 1333 Tel: + 91 79 2676 3020

Independent Auditors' Report on the Quarterly and Year to Date Consolidated Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.

To The Board of Directors of PSP Projects Limited.

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date Consolidated Financial Results of PSP Projects Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as the "Group") and its joint venture for the quarter ended March 31, 2021 for the quarter and for the year ended March 31, 2021. (the "Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and 52 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 ProjectsInc.

Joint Venture

• GDCL and PSP Joint Venture
• li. is presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulationsin this regard; and
• ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the consolidated net profit, other comprehensive income, and other financial information of the Group for the quarter and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditors' Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group and its 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 have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to Note 3 to the Statement, which describes the management's assessment of the impact of the outbreak of COVID-19 on the business operations of the Company. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periods is highly dependent upon circumstances as they evolve.

Our opinion is not modified in respect of this matter.

Management and Board of Director's Responsibilities for the 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 Statement that gives a 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 under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 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 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 isfree from material misstatement, whether due to fraud or error, which have been used for the purposeof preparation of the Statement by the Board of Directors of the Holding Company, as aforesaid.

~.Group and of its joint venture are responsible for assessing the ability of the Group and ofits In preparing the Statement, the respective Board of Directors of the companies included in the int venture to continue as a going concern, disclosing, as applicable, matters related to ern and using the going concern basis of accounting unless the respective Board ofDire:

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 and ofitsjoint venture are also responsible for overseeing the financial reporting process of the Group and ofits joint venture.

Auditors' Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement 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 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 thatis sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we 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 by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our 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 of the entities within the Group and its joint venture to express an opinion on the Statement. We are responsible for the direction, supervision and 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 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 responsibilities in 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 scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

We also 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 Matter

• (1) The accompanying Statement includes the audited financial statements/financial results/financial information of:
  • (a) 1 (one) subsidiary, whose financial statements reflects total assets (before consolidation adjustments) of INR 651.89 lakh as at March 31, 2021, total revenue (before consolidation adjustments) of INR 0.06 lakh and INR 41.17 lakh, total net profit after tax (before consolidation adjustments) of INR 65.77 lakh and net loss after tax of INR 204.11 lakh, total comprehensive income of INR 65.77 lakh and total comprehensive loss of INR 204.11 lakh for the quarter and year ended on that date, respectively, and net cash inflows of INR 0.72 lakh for the year ended on that date, as considered in the Statement, which has been audited by its independent auditor.
  • (6) 1 (one) joint venture, whose financial statements include the Group's share of net loss of INR 25.73 lakh for the quarter ended March 31, 2021 and the Group's share of net loss of INR 46.28 lakh the year ended March 31, 2021, as considered in the Statement, which-has LOS9hm / as | been audited by its independent auditor. Sree

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The independent auditors' 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 entities, is based solely on the report of such auditor and the procedures performed by us are as stated in paragraph above.

(2) The Statement includes the unaudited financial statements/financial results/financial information of 1 (one) subsidiary, whose financial statements reflects total assets (before consolidation adjustments) of INR 2,640.07 lakh as at March 31, 2021, total revenue (before consolidation adjustments) of INR 39.20 lakh and INR 186.25 lakh, total net loss after tax (before consolidation adjustments) of INR 14.34 lakh and INR 215.23 lakh for the quarter and year ended on that date, respectively, and net cash inflows of INR 15.30 lakh 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 asit relates to the amounts and disclosures included in respect of this entity, is based solely on such unaudited financial 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/financial results/financial information 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 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, 2021 being the balancing figures between the audited figures in respect of full financial year ended March 31, 2021 and the 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. Chartered Accountants ICAI Firm registration number: 104744W

Jinal A. Patel Partner Membership No.: 153599 % J& Place: Anmedabad Pye Ors GS cos Date: June 18, 2021 UDIN: 21153599AAAAEU4190

For Riddhi P. Sheth & Co. Chartered Accountants ICAI Firm registration number: 140190W

R.P-Fterl

Riddhi P. Sheth Proprietor Membership No.: 159123 Place: Ahmedabad Date: June 18, 2021 \ UDIN: 21159123AAAAAN4564 LN a

PSP Projects Limited

(i) Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021

]No.(Unaudited)(Unaudited) (Unaudited)(Audited)(Audited)(Refer Note 7)(Refer Note 7) Income1Revenue from Operations50,072.6439,015.8645,639.701,24,086.241,49,925.93Other Income363.42374.81748.481,665.782,416.63Total Income50,436.0639,390.6746,388.181,25,752.021,52,342.562 ExpensesCost of Materials Consumed14,561.1314,195.4214,773.7639,813.29Changes inInventories of Work-in-Progress691.04(185.42)802.16(236.52)Construction Expenses26,751.3218,476.3623,017.4164,442.86Employee Benefits Expense1,421.791,369.251,583.435,089.71Finance Costs459.88292.21427.371,500.79Depreciation and Amortisation Expense676.21643.92761.712,563.76Other Expenses344.87675.52368.761,483.23Total Expenses44,906.2435,467.2641,734.601,14,657.12 Profit/(Loss) Before Tax & share of profit /(loss) from Joint Venture (135,529.823,923.41-4,653.5811,094.902)4 Tax ExpensesCurrent Tax1,449.371,140.561,270.773,035.26Deferred Tax(126.79)(72.21)(81.60)(276.93)Total Tax Expenses1,322.581,068.351,189.172,758.33profit / Profit/(Loss) for the Period Before shareof5(loss) from Joint4,207.242,855.063,464.418,336.57Venture (3 - 4) Share of profit /(loss) from Joint Venture (Net)6(33.66)15.60(55.24)(241.94) Net profit/(Loss) after tax and share in7profit/(loss) of Joint ventures4,173.582,870.663,409.178,094.6312,830.92(5+6)/ Other Comprehensive Income8(Loss) (OCI)(i) Items that will not be reclassified to Profit or Lossexpenses ofRemeasurementDefined benefit plans (net of tax)-18.99(3.26)(11.58)9.22(ii) Items that will be reclassified to Profit or Loss- Exchange difference arising on translation of foreign subsidiary (net0.71(2.69)(1.69)0.56of tax)Total Other Comprehensive Income / (Loss) for the Period16.30(2.55)(13.27)9.789 Total Comprehensive Income/(Loss) for the Period (7+8)4,189.882,868.113,395.908,104.4112,810.75Profit/(Loss) for the year attributable to:- Owners of the company4,173.582,916.533,410.288,152.6512,847.61- Non-controlling Interest(45.87)(1.11)-(58.02)Other comprehensive income/(Loss) forthe year attributable to:- Owners of the company16.30(2.55)(13.27)9.78- Non-controlling Interestéss-4-Total comprehensive income/(Loss) for the year attributable to:- Owners of the company4,189.882,913.983,397.018,162.4312,827.44- Non-controlling Interest(45.87)(1.11)-(58.02)3,600.003,600.0010Paid-up Equity Share Capital - Face Value Rs 10/- each3,600.003,600.003,600.0011 Other Equity excluding Revaluation Reserves49,989.9541,818.16 Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised )12(Basic)11.608.119.4822.6535.69(Diluted)11.608.119.4822.6535.69(see accompanying notes to the Consolidated Financial Results)
52,665.93839.4170,044.685,948.661,505.582,669.551,344.081,35,017.8917,324.674,608.22(103.73)4,504.4912,820.1810.74(13.14)(7.03)(20.17)(16.69)(20.17)(16.69)
SIGNED FORIDE NTIFICATIONBYKG19%).OQM.NO.: 159123',KANTILAL PATEL& CO.FRN: 140190W}-MEDABAD/¢

(ii) Audited Consolidated Statementof Assets & Liabilities

(Rs. in Lakhs)

Sp,

	areasParticul	As atMarch 31, 2021	As atMarch 31, 2020
	ASSETS
(1)	Non current Assets
	(a) Property, Plant and Equipment	11,494.34	10,645.34
	(b) Capital Work-In-Progress	4,164.72	-
	(c) Other Intangible Assets	124.34	143.66
	(d) Financial Assets
	Investments(i)	66.68	65.68
	Loans(ii)	2,472.98	2,668.28
	(iii) Other Financial Assets	9,922.54	11,916.74
	(e) Deferred Tax Asset (Net)	973.14	696.40
	(f) Other Non Current Assets	646.72	251.35
	Total Non-Current Assets	29,865.46	26,387.45
(2)	Current Assets
	(a) Inventories	8,920.91	9,683.35
	(b) Financial Assets
	Trade receivables(i)	22,653.74	23,517.51
	(ii) Cash and cash equivalents	11,560.36	4,132.33
	Bank Balances other than (ii)above(iii)	11,342.34
	Loans(iv)	554.50	15,552.17
	Other Financial Assets(v)	10,698.57	691.04
	(c) Other Current Assets		12,828.44
	(d) Current Tax Assets (Net)	3,536.69	3,407.33
	Total Current Assets	-	94.87
	Total Assets	69,267.11	69,907.04
		99,132.57	96,294.49
(1)	EQUITY AND LIABILITIESEquity
	(a) Equity Share Capital	3,600.00	3,600.00
	(b) Other Equity	49,989.95	41,818.16
	Equity attributable toowners of Holding Company	53,589.95	45,418.16
	Non-Controlling Interests	-	68.68
	Total Equity	53,589.95	45,486.84
	LIABILITIES
(2)	Non-Current liabilities
	(a) Financial Liabilities
	(i) Borrowings	278.33	403.69
	(b) Provisions	79.05	39.81
	TotalNon-Current Liabilities	357.38	443.50
(3)	Current Liabilities(a) Financial Liabilities
	(i) Borrowings	7,095.33	7,321.32
	(ii) Trade Payables
	- Total outstandingdues of micro enterprisesand
	small enterprises	1,014.65	757.37
	- Total outstandingdues of creditors other than
	micro enterprises and smallenterprises	24,973.76	20,923.29
	(iii) Other FinancialLiabilities	2,838.50	2,056.46
	(b) Other CurrentLiabilities	8,465.02	19,115.70
	(c) Provisions	105.14	104.80
	(d) Current Tax Liabilities (Net)	692.84	85.21
	Total Current Liabilities	45,185.24	50,364.15
		45,542.62	50,807.65
		99,132.57
	a
	SIGNED FORPho	IDENTIFICATION BY18%	/m.t014FRN:*OQ= \

KANTILA! PATEL & CO,

(iii) Audited Consolidated Statement of Cash Flows for the year ended on March 31, 2021

		(Rs. in Lakhs)
Particulars	Year ended	Year ended
	March 31, 2021	March 31, 2020
Cash flowfrom operating activitiesA
Profit before tax	10,852.96	17,335.41
Adjustmentsfor:
Finance costs	841.58	711.92
Depreciation and amortisation expense	2,563.76	2,669.55
Expected credit loss allowance	34.14	33.00
Bad debts	246.18	-
Dividend	-	(3.16)
Interest Income	(1,620.04)	(2,165.53)
Loss /(Gain) on sale of Property, Plant & Equipment(Net)	28.70	0.01
Operating Profit before working capital changes	12,947.28	18,581.20
Movementsinworking capital:
(Increase) /Decrease in Inventories	762.44	(2,183.18)
Decrease in(Increase) /trade receivable	583.45	(8,762.00)
Decrease in(Increase) /other assets	2/122:56	(11,101.11)
Increase /(Decrease) in trade payables	3,939.27	5,809.11
Increase /(Decrease) in other liabilities	(10,714.88)	4,677.94
Increase /(Decrease) in provisions	39.58	79.60
Cash generated from operations:	9,679.70	7,101.56
Direct taxes paid (net)	(2,332.76)	(5,550.71)
Net cash generated/(used) from operating activities (A)	7,346.94	1,550.85
B Cash flows from investing activities
PaymentforProperty, Plant and Equipment (PPE),Intangible assets & CWIP	(7,926.77)	(3,307.32)
Proceeds fromsale of Property,Plant and Equipment (PPE)	9.01	2.44
(Purchase)/Proceeds on saleof current investments (Net)		(7.83)
(Purchase) /Proceeds of term deposits (Net)	6,819.50	345.79
Purchaseofshares of subsidiary /Section 8 company	(2.30)	-
Dividend received	-	3.16
Interest received	1,620.04	2,165.53
Net cash generated/(used) inInvesting activities (B)	519.48	(798.23)
C Cash flow from financing activities:
Proceeds from /(Repayment) ofnon-current borrowings	629.18	493.74
Proceeds from /(Repayment) of current borrowings	(225.99)	4,383.06
Dividend and dividend tax paid	-	(4,339.99)
Interest paid	(841.58)	(711.92)
Net cash generated/(used) inFinancing activities(C)	(438.39)	(175.11)
INCREASE/(DECREASE) INCASH AND CASH EQUIVALENTS [(A)NET+ (B) + (C)]	7,428.03	577.51
Add: Cash and cash equivalents as at beginning of the year	4,132.33	3,554.82
Cash and Cash Equivalents asat the end of the year	11,560.36	4,132.33

Note : The above Statementof cash flows has been prepared under the 'Indirect method' as set out in the Ind AS - 7 Statement of Cash Flows.

SIGNED FOR IDENTIFICATION BY LG 19 Dy , 2 ND YRXe159123\ KANTILAL 6

(iv) Notes to Financial Results

Sr.No.	Note
1	The above financialaccordance withresultshavebeenthepreparedinIndian AccountingStandardsnotifiedunder133 of the(Ind AS)SectionAct, 2013, readwith theCompaniestogetherCompanies(Indian AccountingRules, 2015 (asStandards)amended).
	The AuditCommitteehas reviewed,and theBoard of Directors of holdinghas approvedthecompanyresults and itsabovetheirrelease atheld onJune 18, 2021.respective meetings
	The Grouphas consideredtheeffects thatmay result from thepossiblerelating topandemicCOVIDthe19 oncarrying amountsof Property,Plant andEquipment,Investments,ReceivablesInventories,assets.and other currentdeveloping thetheInassumptions relatingtopossible future uncertaintiesintheeconomicconditionsbecauseglobalof thistheGroup as at thedatepandemic,of approvalofthese financialresults has usedinternalandexternalsources on thefuture performanceexpectedoftheGroup. The Grouphas performedanalysis on thesensitivityused and basedassumptionson currentexpects thattheamount oftheseestimates,willassetsbe recovered. The impactcarryingof COVID-19on thefinancialresultsmay differ from thatestimatedGroup'sthedateas atof approvalof thesefinancial results.
	Holding Company atitsThe Board of Directors of theheld onJune 18,meeting2021, has proposedadividend ofapproval infinalRs. 4.00 perequity share. The sametotheis subjectshareholders'AnnualGeneralMeeting
	TheCodeSocial2020beenonhastheSecurity,notified('Code')OfficialGazetteofinIndiaonSeptember 29,2020, which couldimpact thecontributionsof theGroup towardscertain employmentarebenefits. The effective datefrom which changestobe notified and theapplicableis yetrules areyet tobeframed.of theif any,be assessedImpact,changeandaccountedtheofwillinperiodnotification of therelevantprovisions.
	TheisGroupprimarilyengagedonebusinessinviz.segmentconstruction/projectactivities,asdeterminedby thechief decisionmaker in accordancewith Ind AS 108,OperatingFurther,Segments.theof theoperationsdomiciledthereforeCompanyispredominatelyandthereinIndiaarenoreportablegeographicalsegment.
	The figuresfor thecurrentendedMarch 31,endedquarter2021and quarterMarch 31,2020 aretheof the fullbalancing figures betweentheauditedfigures in respectfinancial yearendedMarch 31,2021andMarch2020,and31,year todaterespectivelypublishedtothirdendedfiguresquarterupDecember 31,December 31,2020 andrespectively which were2019,subjectedtolimited review.
	SIGNED FORIDENTIFICATION BY SLLGy2LG 2//m.NO.: 1591232'140190W¥{ FRN:

KANTILAL PATEL & Co.

¥{ FRN: 140190W 2 \Q \AHMEDABAD/ ©

8$\overline{9}$	The figures for the corresponding previous period have been re-grouped/re-classified wherevernecessary, to make them comparable.The standalone financial results of the Company the quarter and the year ended March 31, 2021 areavailable on the Company's website (URL: www.pspprojects.com)Key Standalone financials information is given below:
	Particulars	31.03.2021(Unaudited)(Refer Note 8)	Quarter ended31.12.2020(Unaudited)	31.03.2020(Unaudited)(Refer Note 8)	Year ended31.03.2021(Audited)	(Rs. In Lakhs)31.03.2020(Audited)
	Total IncomeProfit Before Tax andExceptional ItemProfit Before Tax and	50,454.185,456.315,456.31	39,395.764,127.383,853.27	46,380.734,614.214,614.21	1,25,778.3311,140.5410,866.43	1,52,403.3017,442.1917,442.19
	after Exceptional ItemNet ProfitOtherComprehensiveIncome/(Loss)TotalComprehensive	4,068.5918.99	2,791.83(3.26)	3,426.60(11.58)	8,079.049.22	12,926.03(13.14)

SIGNED FOR IDENTIFICATION BY le 189%. KANTILAL PATEL & CO.