PSP Projects Limited — Annual Report 2021

Jun 18, 2021

PSP Projects Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018

Certified Company

Ref No: PSPPROJECT/SE/11/21-22

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

June 18, 2021

Listing Department National Stock Exchangeof India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 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:

• Results

• 1. Approved[and][took] on[record][the] Audited Financial (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 companyfor the

• *.. financial year ended March 31, 2021, which shall be paid subject to the approvalof the shareholders at the ensuing 13" Annual General Meeting of the company;

• Approved re-appointment[of] M/s.[Manubhai][&][Shah] LLP, Chartered Accountants as the Internal Auditors of the companyfor the 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Persons and immediate relatives of Designated Persons” and[“Code] of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive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 |

® PSP Projects Ltd. ISO 9001Se: 2015, 14001 : 2015, 45001 : 2018 Certified Company

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

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.

‘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 |

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, 100 ft. Ring Road, Satellite, Ahmedabad[—] 380 051. 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:

• is

• a. presented in accordance with the requirements of Regulation 33 and 52of 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 havefulfilled our

other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics.

Webelieve that the audit evidence obtained byusis sufficient and appropriate to provide a basis for our audit opinion.

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

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 opinionis not modified in respect of this matter.

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

The Statement has been prepared onthe 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 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 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 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 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 onomic decisions of users taken on thebasis of the Statement.

FH AHMEDABAD

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

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. Wealso: Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to thoserisks, 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 onthe audit evidence obtained to up

the 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 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.

Wealso 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. aeAPpi A T&y

WY na % aS/S{AH AD} at 3 u 24 ESj £ Os OD)cosy

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

Other Matter

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

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

R. C.Srtt

Jinal A. Patel

Partner

Membership[No.:][153599]

Place: Anmedabad

Date: June 18, 2021

UDIN: 21153599AAAAES5525 *.

Riddhi P. Sheth

Proprietor 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 (Rs. in Lakhs) Quarter ended Year Ended Sr. No. Particulars 31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020 (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Refer Note 8) (Refer Note 8)

1 Income Revenue from Operations 50,072.64 39,015.86 45,639.70 1,24,086.24 1,49,925.77 Other Income 381.54 379.90 741.03 1,692.09 2,477.53 Total Income 50,454.18 39,395.76 46,380.73 1,25,778.33 1,52,403.30

Z Expenses Cost of Materials Consumed 14,561.13 14,195.42 14,773.76 39,813.29 52,665.93

Changes in Inventories of Work-in-Progress 691.04 (185.42) 802.16 (236.52) 839.41 Construction Expenses 26,751.32 18,476.36 23,017.90 64,442.68 70,042.26 Employee Benefits Expense 1,421.79 1,369.25 1,582.04 5,089.37 5,944.04 Finance Costs 455.26 301.39 417.02 1,469.12 1,463.80 Depreciation and Amortisation Expense 676.21 643.92 761.64 2,563.76 2,669.17 Other Expenses 441.12 467.46 412.00 1,496.09 1,336.50 Total Expenses 44,997.87 35,268.38 41,766.52 1,14,637.79 1,34,961.11 3 Profit/(Loss) Before Tax and Exceptional Item (1-2) 5,456.31 4,127.38 4,614.21 11,140.54 17,442.19 4 _|Exceptional Gain/(Loss)(net of tax) (Refer Note 7) - (274.11) - (274.11) -

5 Profit/(Loss) Before Tax and after Exceptional Item (3-4) 5,456.31 3,853.27 4,614.21 10,866.43 17,442.19 6 |Tax Expenses Current Tax 1,449.37 1,140.54 1,270.77 3,035.25 4,608.22 Deferred Tax (61.65) (79.10) (83.16) (247.86) (92.06) Total Tax Expenses 1,387.72 1,061.44 1,187.61 2,787.39 4,516.16

7 Profit/(Loss) for the Period (5-6) 4,068.59 2,791.83 3,426.60 8,079.04 12,926.03 8 {Other Comprehensive Income/(Loss) (OCI)

(i) Items that will not be reclassified to Profit or Loss

• Remeasurement expensesof Defined benefit plans (net of tax) ae (3.26) (ELSE) aes (13.14)

Total Other Comprehensive Income (Loss) for the Period 18.99 (3.26) (11.58) 9.22 (13.14) / 9 _|Total Comprehensive Income/(Loss) for the Period (7+8) 4,087.58 2,788.57 3,415.02 8,088.26 12,912.89 10 |Paid-up Equity Share Capital - Face Value Rs 10/- each 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 11 |Other Equity excluding Revaluation Reserves - - - 50,199.27 42,111.01 12 Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised )

(Basic) 11.30 7.75 9.52 22.44 35.91 (Diluted) 11.30 La5 9.52 22.44 35.91 (See accompanying notes to the Standalone Financial Results) SIGNED FOR IDENTIFICATION BY KUG \& KANTILAL PATEL & Co. ,

(ii) Audited Standalone Statement of Assets & Liabilities

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

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

iii	) Audited Standalone Statement of Cash Flows forthe year ended on March	31, 2021
			(Rs. in Lakhs)
	: Particulars	Year ended	Year ended
A	Cashflow from operatingactivities	March 31, 2021	March 31, 2020
	Profit before tax Adjustmentsfor: Finance costs	10,866.43 822.06	17,442.19 682.24
	Depreciation and amortisation expense Expected credit loss allowance	2,563.76 34.14	2,669.17 33.00
	Provision For Loss on Impairment of Loan	214.95	s
	Provision For Loss on Impairmentof Investment	274.11	-
	Dividend Interest Income Loss/ (Gain) on sale of Property, Plant & Equipment(Net) Operating Profit before working capital changes	- (1,677.81) 28.70 13,126.34	(3.16) (2,198.03) - 18,625.41
	Movementsin working capital:
	(Increase) / Decrease in Inventories (Increase) / Decreasein trade receivable (Increase)/ Decrease in other assets Increase / (Decrease) in trade payables Increase / (Decrease)in otherliabilities Increase / (Decrease)in provisions	762.44 162.12 2,109.51 3,991.06 (10,719.61) 78.74	(2,183.18) (8,175.84) (11,378.45) 5,830.78 4,683.18 64.97
	Cash generated from operations: Direct taxes paid (net) Net cash generated/(used) from operatingactivities (A)	9,510.60 (2,427.62) 7,082.98	7,466.87 (5,562.98) 1,903.89
B	Cash flowsfrom investing 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) (Purchase)/ Proceedsof term deposits (Net)	9.01 6,819.50	0.93 345.79
	Loan given to Subsidiary(Net) Purchase of sharesof subsidiary/Section 8 company	(37.91) (2.30)	(365.18) -
	Dividend received	-	3.16
	Interest received Net cash generated/(used) in Investingactivities (B)	1,677.81 539.34	2,198.03 (1,124.58)
C	Cashflow from financingactivities :
	Proceeds from/ (Repayment) of non-current borrowings	629.18	493.74
	Proceeds from/ (Repayment) of current borrowings Dividend and dividendtax paid Interest paid Net cash generated/(used) in Financing activities (C)	(17.42) - (822.06) (210.30)	4,365.66 (4,339.99) (682.24) (162.83)
	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS[(A)+ (B) + (C)] Add: Cash and cash equivalents as at beginning ofthe year Cash and Cash Equivalents as at the end ofthe year	7,412.02 4,121.16 11,533.18	616.48 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.

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SIGNED FOR IDENTIFICATION
BY
PAG | ge», :
KANTILAL PATEL & co.
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(iv) Notes to Financial Results

v)	Notest	o Financial Results
Sr.	No	Note
		The above financial results have been prepared in accordance with the Indian
		Accounting Standards (Ind AS) notified under Section 133 of the CompaniesAct,
		2013, read together with the Companies (Indian Accounting Standards) Rules, 2015
		(as amended).
		The Audit Committee has reviewed, and the Board of Directors has approved the aboveresults andits release at their respective meetings held on June 18, 2021.
		The Companyhasconsideredthe possible effects that may result from the pandemic
		relating to COVID-19 on the carrying amounts of Property, Plant and Equipment,
		Investments, Inventories, Receivables and other current assets. In developing the
		assumptions relating to the possible future uncertainties in the global economic
		conditions because of this pandemic, the Company as at the date of approval of
		these financial results has used internal and external sources on the expected future
		performance of the Company. The Company has performedsensitivity analysis on
		the assumptions used and based on current estimates, expects that the carrying
		amountof these assets will be recovered. The impact of COVID-19 on the Company's
		financial results may differ from that estimated as at the date of approval of these
		financial results.
		The Board of Directors at its meeting held on June 18, 2021, has proposeda final
		dividend ofRs. 4.00 per equity share. The sameis subject to shareholders’ approval
		in the Annual General Meeting.
		The Code on Social Security, 2020 (‘Code’) has been notified in the Official Gazette
		of India on September 29, 2020, which could impact the contributions of the
		Company towards certain employment benefits. The effective date from which
		changesare applicableisyet to be notified and the rules are yetto be framed. Impact,
		if any, of the changewill be assessed and accountedin the periodof notification of
		the relevant provisions.
		Pursuant to the approval from the Board of Directors on November 09, 2020, the
		Companyhas acquired the remaining 26% stake (13,00,000 Equity shares) in its 74%
		subsidiary viz PSP Projects & Proactive Constructions Private Limited (‘PPPC’), for a
		considerationof Rs. 1,30,000/-.
		Pursuant to the said transaction, PSP Projects & Proactive Constructions Private
		Limited is now a wholly owned subsidiary (100%) ofthe Company.
		Exceptional item (net of tax) during the year ended on March 31, 2021, represents
		impairment of investment in PSP Projects & Proactive Constructions Private Limited
		amounting to Rs. 274.11 lakhs.
		SIGNED FOR IDENTIFICATION BY KPAG 1, KANTILAL PATEL & CO.

The figures for the current quarter ended March 31, 2021 and quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and March 31, 2020, respectively and published year[to][date] figures up to[third] quarter ended[December] 31, 2020 and December 31, 2019, respectively which were subjected to limited review.

The figures for the corresponding previous period have been re-grouped/reclassified wherever necessary, to make them comparable.

For and on behaJfof)the Board

(Prahaladbhai$_Pate Chairman, Managing Director[&] CEO DIN : 00037633

Ahmedabad, June 18, 2021

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SIGNED FOR IDENTIFICATION BY
1h [le] (8 a
KANTILAL PATEL & CO.
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;
1 159123\o
FAN: 140190W :
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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, 100 ft. Ring Road, Satellite, Ahmedabad — 380 051. 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”) andits 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 Projects Inc.

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 ended March 31, 2021. year

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

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 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 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 ofits 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 andis free 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.

In preparing the Statement, the respective Board of Directors of the companies included in the ~.Group[and] ofits joint venture are responsible for assessing the ability of the Group and ofits

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 of Dire:

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

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 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 wholeis 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 exists. Misstatements can arise from fraud or error and are considered it 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 bythe 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 andits joint venture to cease to continue as a going concern.

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

• 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 andits 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.

Wealso 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.

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 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 byits 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 been audited by its independent auditor. LOS9Sree hm / as FRN O J / |Ne xNite ‘ "ivo =)4 eee[BoE]

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

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 asit 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 byus 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] onthat 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

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

R.P-Fterl

Jinal A. Patel

Partner

• (AHMEDABAD)) * }) Membership[No.:][153599] a% J& x Place: Anmedabad PyeOrscosGS

Date: June 18, 2021

UDIN: 21153599AAAAEU4190

Riddhi P. Sheth

Proprietor

Membership[No.:][159123]

Place: Ahmedabad

FI : ed | Date: June 18, 2021 \ AHMEDABAD! & 78 UDIN: 21159123AAAAAN4564 |LN a

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 Consolidated Financial Results for the quarter and year ended March 31, 2021 (Rs. in Lakhs) Quarter ended Year Ended Sr. Particulars 31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020 No. (Unaudited) (Unaudited)| (Unaudited) (Audited) (Audited) (Refer Note 7) (Refer Note 7)

1 |Income Revenue from Operations 50,072.64 39,015.86 45,639.70 1,24,086.24 1,49,925.93 Other Income 363.42 374.81 748.48 1,665.78 2,416.63 Total Income 50,436.06 39,390.67 46,388.18 1,25,752.02 1,52,342.56

2 |Expenses Cost of Materials Consumed 14,561.13 14,195.42 14,773.76 39,813.29 52,665.93

Changes in Inventories of Work-in-Progress 691.04 (185.42) 802.16 (236.52) 839.41 Construction Expenses 26,751.32 18,476.36 23,017.41 64,442.86 70,044.68 Employee Benefits Expense 1,421.79 1,369.25 1,583.43 5,089.71 5,948.66 Finance Costs 459.88 292.21 427.37 1,500.79 1,505.58 Depreciation and Amortisation Expense 676.21 643.92 761.71 2,563.76 2,669.55 Other Expenses 344.87 675.52 368.76 1,483.23 1,344.08 Total Expenses 44,906.24 35,467.26 41,734.60 1,14,657.12 1,35,017.89

3 |Profit/(Loss) Before Tax & share of profit / (loss) from Joint Venture (1 - 5,529.82 3,923.41 4,653.58 11,094.90 17,324.67 2) 4 |Tax Expenses Current Tax 1,449.37 1,140.56 1,270.77 3,035.26 4,608.22 Deferred Tax (126.79) (72.21) (81.60) (276.93) (103.73) Total Tax Expenses 1,322.58 1,068.35 1,189.17 2,758.33 4,504.49

5 |Profit/(Loss) for the Period Before shareof profit / (loss) from Joint 4,207.24 2,855.06 3,464.41 8,336.57 12,820.18 Venture (3 - 4)

6 |Share of profit / (loss) from Joint Venture (Net) (33.66) 15.60 (55.24) (241.94) 10.74 7 |Net profit/(Loss) after tax and sharein profit/(loss) of Joint ventures 4,173.58 2,870.66 3,409.17 8,094.63 12,830.92 (5+6) 8 |Other Comprehensive Income (Loss) (OCI)

(i) Items that will not be reclassified/ to Profit or Loss

• Remeasurement expenses of Defined benefit plans (net of tax) 18.99 (3.26) (11.58) 9.22 (13.14)

(ii) Items that will be reclassified to Profit or Loss of-tax)Exchange difference arising on translation of foreign subsidiary (net (2.69) 0.71 (1.69) 0.56 (7.03) Total Other Comprehensive Income / (Loss) for the Period 16.30 (2.55) (13.27) 9.78 (20.17) 9 |Total Comprehensive Income/(Loss) for the Period (7+8) 4,189.88 2,868.11 3,395.90 8,104.41 12,810.75 Profit/(Loss) for the year attributable to:

• Owners of the company 4,173.58 2,916.53 3,410.28 8,152.65 12,847.61

• Non-controlling Interest - (45.87) (1.11) (58.02) (16.69) Other comprehensive income/(Loss) for the year attributable to:

• Owners of the company 16.30 (2.55) (13.27) 9.78 (20.17)

• Non-controlling Interest ss é 4 - - Total comprehensive income/(Loss) for the year attributable to:

• Owners of the company 4,189.88 2,913.98 3,397.01 8,162.43 12,827.44

• Non-controlling Interest - (45.87) (1.11) (58.02) (16.69)

10 Paid-up Equity Share Capital - Face Value Rs 10/- each 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00

11 Other Equity excluding Revaluation Reserves 49,989.95 41,818.16 12 |Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised )

(Basic) 11.60 8.11 9.48 22.65 35.69 (Diluted) 11.60 8.11 9.48 22.65 35.69 (see accompanying notes to the Consolidated Financial Results) SIGNED FOR IDE NTIFICATION BY KG 19%). OQ KANTILAL PATEL & CO. M.NO.:FRN: 140190W159123\',}MEDABAD/ ¢

(ii) Audited Consolidated Statementof Assets & Liabilities

(Rs. in Lakhs)

	Particul areas				Asat March 31, 2021	Asat March 31, 2021	As at March 31, 2020	As at March 31, 2020	As at March 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
	(i) Investments					66.68			65.68
	(ii) Loans					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
	(i) Trade receivables					22,653.74		23,517.51
	(ii) Cash and cash equivalents					11,560.36			4,132.33
	(iii) Bank Balances otherthan(ii)			above		11,342.34		15,552.17
	(iv) Loans					554.50			691.04
	(v) Other Financial Assets					10,698.57		12,828.44
	(c) Other Current Assets					3,536.69			3,407.33
	(d) Current Tax Assets (Net)					-			94.87
	Total Current Assets Total Assets					69,267.11 99,132.57		69,907.04 96,294.49
EQUITY AND LIABILITIES
(1)	Equity
	(a) Equity Share Capital					3,600.00			3,600.00
	(b) Other Equity					49,989.95		41,818.16
	Equity attributable to owners 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
	Total Non-Current Liabilities					357.38			443.50
(3)	CurrentLiabilities
	(a) Financial Liabilities
	(i) Borrowings					7,095.33			7,321.32
	(ii) Trade Payables
	- Total outstanding dues of micro			enterprises and
	small enterprises					1,014.65			757.37
	- Total outstanding dues of creditors other than
	micro enterprises and	small enterprises				24,973.76		20,923.29
	(iii) Other Financial Liabilities					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 CurrentLiabilities					45,185.24		50,364.15
						45,542.62		50,807.65
						99,132.57
		a SIGNED FOR IDENTIFICATION				BY
				Pho 18%			/m.t0	FRN: 14 * OQ = |
							Sp,
			KANTILA! PATEL		& CO,

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

iii)	Audited Consolidated Statement of Cash Flowsforthe year ended on March	31, 2021
			(Rs. in Lakhs)
	Particulars	Year ended	Year ended
		March 31, 2021	March 31, 2020
A	Cashflowfrom operatingactivities
	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
	Movementsin working capital:
	(Increase)/ Decrease in Inventories	762.44	(2,183.18)
	(Increase)/ Decreasein trade receivable	583.45	(8,762.00)
	(Increase)/ Decreasein other assets	2/122:56	(11,101.11)
	Increase / (Decrease) in trade payables	3,939.27	5,809.11
	Increase / (Decrease) in otherliabilities	(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
	Paymentfor Property, Plant and Equipment(PPE), Intangible assets & CWIP	(7,926.77)	(3,307.32)
	Proceedsfrom sale of Property, Plant and Equipment (PPE)	9.01	2.44
	(Purchase)/Proceedsonsale of current investments (Net)		(7.83)
	(Purchase)/ Proceeds of term deposits (Net) Purchaseof shares of subsidiary/Section 8 company	6,819.50 (2.30)	345.79 -
	Dividend received	-	3.16
	Interest received	1,620.04	2,165.53
	Net cash generated/(used)in Investing activities (B)	519.48	(798.23)
C	Cash flow from financingactivities: Proceeds from/ (Repayment) of non-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)in Financingactivities (C)	(438.39)	(175.11)
	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS[(A) + (B) + (C)]	7,428.03	577.51
	Add: Cash and cash equivalents asat beginning ofthe year	4,132.33	3,554.82
	Cash and Cash Equivalentsasat the end ofthe 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.

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SIGNED FOR
IDENTIFICATION BY
19 [Dy] , 2 ND
LG
YR
KANTILAL PATEL & Co. (UNG,Xe159123\ 6
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(iv) Notes to Financial Results

v) Not	es to Financial Results
Sr.No.	Note
1	The abovefinancial results have been prepared in accordancewith the Indian Accounting Standards
	(Ind AS) notified under Section 133 of the Companies Act, 2013, read together with the Companies
	(Indian Accounting Standards) Rules, 2015 (as amended).
	The Audit Committee has reviewed, and the Board of Directors of holding company has approved the above results andits release at their respective meetings held on June 18, 2021.
	The Group has considered the possible effects that may result from the pandemic relating to COVID-
	19 on the carrying amounts of Property, Plant and Equipment, Investments, Inventories, Receivables
	and othercurrentassets. In developing the assumptionsrelating to the possible future uncertainties in
	the global economic conditions because of this pandemic, the Group as at the date of approval of
	thesefinancial results has used internal and external sources on the expected future performance of
	the Group. The Group has performedsensitivity analysis onthe assumptions used and based on current
	estimates, expects that the carrying amountoftheseassets will be recovered. The impact of COVID-19
	on the Group's financial results may differ from that estimated as at the date of approval of these
	financial results.
	The Board of Directors of the Holding Companyatits meeting held on June 18, 2021, has proposed a final dividendof Rs. 4.00 per equity share. The same is subject to shareholders’ approvalin the Annual
	General Meeting
	The Code on Social Security, 2020 (‘Code') has been notified in the Official Gazette of India on
	September29, 2020, which could impact the contributions of the Group towards certain employment
	benefits. The effective date from which changesare applicable is yet to be notified and the rules are
	yet to be framed. Impact, if any, of the change will be assessed and accounted in the period of
	notification ofthe relevant provisions.
	The Group is primarily engaged in one business segment viz. construction/project activities, as
	determined by the chief decision maker in accordance with Ind AS 108, Operating Segments. Further,
	the operations of the Company is predominately domiciled in India and therefore there are no
	reportable geographical segment.
	Thefigures for the current quarter ended March 31, 2021 and quarter ended March 31, 2020 are the
	balancing figures between the audited figures in respect of thefull financial year ended March 31, 2021
	and March 31, 2020, respectively and published year to date figures up to third quarter ended
	December31, 2020 and December31, 2019, respectively which were subjected to limited review.
	SIGNED FOR IDENTIFICATION BY
	LLG
	KANTILAL PATEL & Co.

The figures for the corresponding previous period have been re-grouped/re-classified wherever necessary,[to][make][them] comparable. The standalone financial results of the Company the quarter and the year ended March 31, 2021 are available on the Company's website (URL: www.pspprojects.com) Key[Standalone] financials information[is] given below: {Rs. In Lakhs) Quarter ended Year ended 31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020 Particulars (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Refer Note 8) (Refer Note 8) Total Income 50,454.18 39,395.76 46,380.73 1,25,778.33 1,52,403.30 Piet Gerare lay ane 5,456.31 4,127.38 4,614.21 11,140.54 17,442.19 Exceptional Item PSE BEtOre Tex En 5,456.31 3,853.27 4,614.21 10,866.43 17,442.19 after Exceptional Item Net Profit 4,068.59 2,791.83 3,426.60 8,079.04 12,926.03 Other Comprehensive 18.99 (3.26) (11.58) 9.22 (13.14) ‘aesnieillees Toral Comprenenene 4,087.58 2,788.57 3,415.02 8,088.26 12,912.89 Income For and on be N\of the Board (Prahalad ) Chairman, Managing Director[&][CEO] DIN : 00037633 Ahmedabad, June 18, 2021 SIGNED FOR IDENTIFICATION BY 189%. le KANTILAL PATEL & CO.