PSP Projects Limited — Annual Report 2024

May 24, 2024

I PSP L • ' T %i" PS P Projects Limited ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company

Ref No: PSPPROJECT/19/24-25

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

May 24, 2024

Listing Department

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

Dear Sir /Madam,

Subject: 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, the board of directors, at their meeting held today i.e. May 24, 2024, have inter- alia:

1. Approved and took on record the Audited Standalone and Consolidated Financial Results as per Indian Accounting Standards (IND AS) alongwith the Audit Report with Unmodified Opinion for the quarter and year ended March 31, 2024;

2. Approved and took on record the Audited Standalone and Consolidated Financial Statements as per Indian Accounting Standards (Ind AS) alongwith the Audit Report for the year ended March 31, 2024;

3. Approved re-appointment of M/s. Manubhai & Shah LLP, Chartered Accountants as the Internal Auditors of the company for the financial year. 2024-25. The details of Internal Auditors as required under SEBI Circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015 are given as Annexure A to this disclosure;

4. Not recommended final dividend for the financial year ended March 31, 2024.

Further, we also confirm that the Joint Statutory Auditors of the Company have issued Audit Reports with unmodified opinion on the Audited Standalone and Consolidated Financial Results the quarter and year ended March 31, 2024.

The board meeting commenced at 11:30 A.M. and concluded at 12:55 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 at www.pspprojects.com.

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'PSP House', Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, scon - Ambali Road, Ahmedabad, Gujarat - 380 058. India. Phone: 079 - 2693 6200, 2693 6300, 293 6400] Fax No.: G73-26593 6500 ] Email: info@pspprojects com [ URL: www.pspprojects com CIN: L45201G42008PLC054863

y PSP ' L • . I t au PSP Projects Limited ISO 9001: 2015, 14001 : 2015, 45001: 2018 Certified Company

This is for your information and record.

Thanking You,

Yours faithfully,

For PSP Projects Lim

_@lea,SAK Kenan Patel Company Secretary and Compliance officer

Encl: As Above

'PSP House', Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, Iscon - Ambali Road, Ahmedabad, Gujarat - 380 058. India. Phone: 079-2693 6200, 2693 6300, 2693 6400 ] Fax No.: 079-2893 6500 ] Email: info@pspprojects.com ] URL: www.pspprojects com CIN: L45201G42008PL0054868

Kantilal Patel & Co. Chartered Accountants "KPC House", Besides High Court Auditorium Gate, Sola, Ahmedabad - 380 060.

Prakash B. Sheth & Co. Chartered Accountants 212-213 Pratibha-1, 8/h. Sakar-1, Opp. Gandhigram Railway Station, Navarangpur Ahmedabad -- 380 009.

Independent Auditors' Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company pursuant to Regulation 33 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 3 1 , 2024 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "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 of the Listing Regulations i 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 3 1 , 2024.

Basis for Opinion

We conducted our audit of the Statement 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 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 ICAl's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

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Kantilal Patel & Co. Chartered Accountants

Prakash B. Sheth & Co. Chartered Accountants

Management and Board of Directors' 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 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement, that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the 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 of Directors 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 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 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 in the circumstances. Under section 143(3)(i) of the Act, we are also res onsible for ! '

Prakash B. Sheth & Co. Chartered Accountants

Kantilal Patel & Co. Chartered Accountants

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 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 controls 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, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures in respect of full financial year ended March 31, 2024 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. Our opinion on the Statement is not modified in respect of this matter.

For M/s. Kantilal Patel & Co. For M/s. Prakash B. Sheth & Co. Chartered Accountants Chartered Accountants Firm Registration Number: 104744W Firm Registration Number: 108069W . , �.PAT[( 8 - f � ' $$ c o . . Jinal A. Patel / s o akash B. Sheth /%.. P r Partner [k ] , ·or Proprietor Membership Number. 1 5 3 5 9 9\ , " ~ M embership Number 036831 Place: Ahmedabad . l a c e : 'g,, 'P Ahmedabad '(DACC Date: May 24, 2024 Date: May 24, 2024 UDIN: 24153599BKDKGR3421 UDIN: 24036831 BK 20 AEBX79

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Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :l45201GJ2008PLC054868 Website: www.pspprojects.com

PSP Projects limited

(i) Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2024

						(Rs	in Lakhs)
			Quarterended		Year	Ended
Sr. No.	Particulars	3103.2024	31.12.2023	31.03.2023	3103.2024	31.03.2023
		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
		(Refer Note 5)		(Refer Note 5)
1	Income
	Revenue from Operations	64917.00	69,66192	72,741.00	2,46,249.80	1,92,664.91
	OtherIncome	598.70	654.20	666.48	2,426.48		2,709.6
	TotalIncome	65,515.70	70,316.12	73,407.48	2,48,676.28	1,95,37447
2	Expenses
	Costof Materials Consumed	21,976.40	24,868.54	22,71609	93,560.14	59,9416
	ChangesinInventories ofFinshed Goods and Work-In-Progress	(6,22267)	(4349.23)	(11593)	(16,91783)	(2,207.15)
	ConstructionExpenses	38,565.40	37,773.06	38,589.44	1,26,677.43	1,00,470.38
	Employee Benefits Expense	3,35498	3,37523	2,569.76	12,505.08		9,345.15
	Finance Costs	1,402.01	1,526.72	918.80	5,082.32		3,195.94
	Deprecation and Amorisation Expense	1,993.68	1,872.59	1,237.59	6,486.80		4,000.52
	OtherExpenses	2,06082	8515	1,216.61	4,261.14		2,613.56
	TotalExpenses	63,130.62	65,918.26	67,132.36	2,31,655.08	1,77,36016
3	Profit/(Loss) Before Taxand Exceptional Item (1-2)	2,385.08	4,397.86	6,275.12	17,021.20	18,014.31
4	ExceptionalGain/(Loss)(net of tax)			-			-
5	Profit/(Loss) BeforeTax andafter ExceptionalItem (3-4)	2,385.08	4,397.86	6,275.12	17,021.20	18,014.31
6	TaxExpenses
	CurrentTax	1,141.30	1,33079	1,829.24	5,24635		4,99128
	Deferred Tax	(281.36)	(184.78)	(18518)	(615.06)		(278.79)
	TotalTax Expenses	859.94	1,146.01	1,64.06	4,631.29		4,712.49
7	Proft/(Loss) forthePeriod (5-6)	1,525.14	3,25185	4,631.06	12,389.91	13,30182
8	OtherComprehensiveIncome/(Loss)(OCI)
	(i) Itemsthat winotbereclassifedto Profit orLoss
	-Remeasurement (expenses) /incomeofDefined beneftplans (net	(16.43)	2.30	2.29	(9.53)		9.20
	of tax)
	Total Other Comprehensive Income / (Loss) for the Period	(16.43)	2.30	2.29	(9.53)		9.20
9	TotalComprehensive lncome/(Loss)frthePeriod (7+8)	1,508.71	3,25415	4,633.35	12,380.38	13,311.02
10	Paid-up Equity Share Capital-Face Value Rs 10/- each	3,60000	3,600.00	3,60000	3,600.00		3,60000
11	Other Equity excludingRevaluation Reserves	-			87,862.92	76382.54
12	Earnings Per Snare ot Rs10/-each[InRs.)
	(notannualised frquarters)
	(Basic)	4.24	9.03	12.86	34.42		3695
	(Diluted)	4.24	9.03	12.86	34.42		36.95

(See accompanying notes to the Standalone Financial Results)

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SIGNED FOR IDENTIFICATTON SY 24% KANTILAL PATEL & CO.

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(ii) Audited Standalone Balance sheet as at March 31, 2024

(i) Audited Standalone Balancesheet as at March 31,2024
		{Rs.in Lakhs)
	Asat	As at
Pariculars	March 31, 2024	March 31, 2023
	{Audited)	{Audited)
ASSETS
(1) Noncurrent Assets
{a)Prperty, Plant and Equipment	32,075.21	23,840.57
(b) Captal Work-In-Prgress	288.08	1,77350
(c)Intangible Assets	107.90	18.87
(d)Financial Assets
(i)Investments	71.68	7.68
{ii)Loans
{iii) OtherFinancialAssets	15,548.75	20,50571
(e)Deferred TaxAsset{Net)	1,831.43	1,216.36
{f) OtherNon CurentAssets	682.7	72422
Total Non-Current Assets	50,605.77	48,250.91
(2) Current Assets
(a)Inventories	31,602.59	15,163.55
{b) FinancialAssets
{i)Trade receivables	33,509.62	43,20.92
(ii)Cash andcashequivalents	11,11388	9,38451
{iii)Bank Balances other than{i)above	11,399.23	14,824.89
{iv) Loans	349.15	435.22
(v) OtherFinancial Assets	50,914.67	29,66148
(c) OtherCurentAssets	12,625.42	1,800.22
(d)Current Tax Assets{Net)	124.00	680.04
Total Current Assets	1,51,638.56	1,27,370.83
Tota I Assets	2 02 244.33	17562174
EQUIT AND LABILTIES
(1) Equity
{a)EquityShaeCapital	3,600.00	3,60000
{b) OtherEquity	87,862.92	76,382.54
Total Equity	91,46292	79,98254
LABILIES
(2)Non-Current labities
(a)FinancialLabilities
(i)Borrowings	4,169.92	3,805.81
(b)Provisions	266.3	21.79
Total Non-Current Labities	4,36.35	4,019.60
(3) Current Labilities
(a)Financial labilities
(i)Borrowings	41,339.09	10,692.32
{ii) TradePayables
-Totaloutstandingdues ofmiro
enterprisesandsmallenterprises	1,791.56	2,342.74
-Totaloutstanding dues of creditors other	39,792.89	34,414.9
thanmicro enterprisesandsmall enterprises
(iii)OtherFinancialLabilities	2,439.07	5,970.18
(b) OtherCurentLabilities	20,668.30	38,0714
(c) Provisions	314.15	128.63
{d) CurentTaxLabilities {Net)
Total Current Labities	1,06,345.06	91,619.60
TotalLabities	1,10,781.41	95,639.20
Total Equity and Labities	2 02 244.33	175.621.74

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SIGNED FOR IDENTIFICATION BY et¢ 2uh,

KANTILAL"ze CO.

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(iii) Audited Statement of Standalone Cash Flows for the year ended March 31, 2024

			(Rs. in Lakhs)
		Yearended	Year ended
	Partiulars	March 31, 2024	March 31, 2023
		(Audited)	(Audited)
A	Cash fow fom operating activities:
	Prft befretax	17,021.20	18,01431
	Adjustments fr :
	Finance costs	3,18808	1,57775
	Deprecationandamortisation expense	6,486.80	4,000.52
	Expected creditloss alowance	790.19	256.74
	ReversalfrImpairmentof Loan		(20.00)
	DividendIncome	(3.16)	(3.16)
	Interest Income	(2,34439)	(2,400.83)
	Loss/(Gain)onsaleof Propery,Plantand Equipment (Net)	(3672)	(83.46)
	Operating Proft befre working capital changes	25,102.00	21,16187
	Movements in working capital:
	(Increase)/Decreasein Inventories	(16,439.04)	(7,098.64)
	(Increase)/ Decreaseintrade receivable	9,12111	(12,99.74)
	(Increase)/ Decreaseinother assets	(23,569.16)	(19,346.67)
	Increase / (Decrease)intradepayables	7,538.89	7,0160
	Increase/(Decrease)in otherliabilities	(19,95.5)	20,18209
	Increase /(Decrease)in provisions	225.43	183.26
	Cash generated/ (used) fomoperations:	(17,986.22)	9,983.77
	Direct taxespaid (net)	(4,687.11)	(5,67515)
	Net cash generated/(used) fom operating activities (A)	(22673.33)	4,308.62
B	Cashfows fom investing activities:
	Paymentfr Prpery, Plantand Equipment(PPE),Intangibleassets and Capital Work-in-Progress	(14,19432)	(7,97495)
	Prceedsfom saleof Prperty, Plant andEquipment (PPE)	76.82	94.58
	(Purchase)/Prceedsoftermdeposits (Net)	9,149.85	338.95
	Loan (to)/repaid bySubsidiaries	100.00	300.00
	Dividend received	3.16	3.16
	Interest received	2,344.39	2,40083
	Net cashgenerated/(used) inInvestingactivities(B)	(2,520.10)	(4,837.3)
C	Cash fow fom fnancng activities:
	Proceedsfom/ (Repayment) of non-currentborrwings	2,50449	3,663.88
	Proceedsfom/ (Repayment)of current borrwings	28,506.39	868.56
	Dividend paid	(900.00)	(180000)
	Interestpaid	(3,18808)	(1,57775)
	Net cashgenerated/(used) in Financng activities(C	26,922.80	1,154.69
	NETINCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS [(A)+ (B)+(C]	1,729.37	625.88
	Add:Cash and cashequivalents as at beginning of the year	9,384.51	8,758.63
	Cashand Cash Equivalents as at the end of theyear	1,11.88	9,384.51

Note: The above Statement of 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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• tu BY

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KANTILAL PATEL & CO.
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PSP Projects Limited Registered Office : PSP House, Opp. Celesta Courtyard, lscon-Ambli Road, Ahmedabad - 380 058 CIN :l45201GJ2008PLC0S4868 Website: www.pspprojects.com

(iv) Notes to Standalone Financial Results

Sr.	Note
No.
1	The abovefnancial results of theCompanyhave been reviewedby theAudit Committee and
	apprved bytheBoard of Directorsof theCompany intheir respectivemeetings heldon May
	24, 2024.
	The fnancial results are prepared inaccordance with theIndian Accounting Standards("Ind
	AS"),as applicableandguidelines issued by theSecurities and Exchange Boardof India("SEI").
	The Ind AS are prescribedundersection 1 of the Act read with Rule 3of the Companies(Indian
	AccountingStandards) Rules, 2015, and theCompanies {IndianAccounting Standards)
	(Amendment)Rules,2016.
2	The Company isprimarilyengaged inonebusinesssegmentviz.cnstruction/prjectactivities,
	asdeterminedby thechief decisionmaker inaccrdancewith Ind AS18, OperatingSegments.
3	The Codeon Socal Security,2020 ('Code') has been notifed intheOfcialGazette of India on
	September 29,2020, whichcouldimpact the contributions of theCompany towards certain
	employment benefts. The efectivedate fom whichchanges areapplicableisyet to be notified
	and the rules areyet to be famed. Impact, ifany,of thechangewil be assessedand accunted
	intheperiodof notifcation of therelevant prvisions.
4	As on March31, 2024, the Companyhas outstanding assets valuedat apprximately Rs141
	Crres, fom contractualtransactions with SDB Diamond Bourse (the "Party"). This incudes
	trade receivables of Rs46crres,Unbiled Revenueof Rs53crres, and retention of Rs 42 crres.
	As on May 15, 2024, an out-of-courtsettlement hasbeen reached between Companyand Party.
	The Company is optimistic about recovering the afrementionedamountsfom the Party.
5	The fgures fr the current quarterended March 31,2024 and quarterended March 31, 2023
	arethe balancingfgures between the audited fgures in respect of the ful fnancialyearended
	March 31,2024and March 31, 2023,respectivelyand publishedyear todate fgures up to third
	quarterended December31,2023and December31,2022, respectivelywhich weresubjected
	to limited review.
6	Eventsafter reporting period:
	TheCompany hasIssued36,1,791 Equityshares offce valueRs.10 eacataissuepriceof
	Rs.670.00Perequityshare pursuant toQualifedInstitutionsPlacement (QP) underthe
	prvisionsof ChapterVIofthe Securitiesand ExchangeBoardof India(Issueor Capital and
	Discosure Requirements) Regulations, 2018,asamended(the "SEBI ICDR Regulations"),and
	section42and62 of the CompaniesAct,201, readwith rules madethereunder,each
	as amended. Thepromoter's shareholding hasdecreasedfrom 66.22%to60.14%pursuant to
	theQIPissue.

For and on behalf of the Board

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(PrhaladbhaiS.Ra\el) Chairman, Managing Director & CEO DIN : 00037633

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$I@WED FOR IDENT[CATT~NBY
e/& 2, l
I KANTILAL PATEL & CO
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Ahmedabad, May 24, 2024

Kantilal Patel & Co. Chartered Accountants "KPC House", Besides High Court Auditorium Gate, Sola, Ahmedabad -- 380 060.

Prakash B. Sheth & Co. Chartered Accountants 212-213 Pratibha-I, B/h. Sakar-I, Opp. Gandhigram Railway Station, Navarangpura Ahmedabad - 380 009.

Independent Auditors' Report on the Quarterly and Year to Date Audited Consolidated Financial Results of the Holding Company pursuant to Regulation 33 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 subsidiary (the Holding Company and its subsidiary together referred to as the "Group") and its joint venture for the quarter and for the year ended March 31, 2024. (the "Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 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 joint auditors on separate audited financial statements/financial results/financial information of the subsidiary and the joint venture, the Statement:

1. includes the results of the following entities:

Subsidiary

PSP Projects & Proactive Constructions Private Limited.

Joint Venture

• GDCL and PSP Joint Venture.

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

• iii . 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, consolidated other comprehensive income, and other financial information of the Group for the quarter and for the year ended March 31, 20 24.

Basis for Opinion

c nducted our audit of the Statement in accordance (S )=a, s (''We o with the Standards on Auditing [' specified under Section 143(10) of the Companies Act, 2013, as amended (the "Act") • {s)}? 24l( @;--? <?PED ACG

Prakash 8. Sheth & Co. Chartered Accountants

Kantilal Patel & Co. Chartered Accountants

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 !CAi'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.

Management and Board of Directors' Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the annual consolidated financial statements. The Management and the Board of Directors of the Holding Company are 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 1 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 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 Group 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 are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

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

The respective Board of Directors of the companies included in the Group and of its joint venture are also responsible for overseeing the financial reporting process of the Group and of its joint venture.

Auditors' Responsibilities for the Audit of the Consolidated Financial Results

Objectives are to the Statement is U' obtain reasonable assurance about whether as a whole g-f e s from material misstatement, whether due to fraud or error, and to issue an Auditors' report t �cludes our opinion. Reasonable assurance is a high level of assurance bu � {AHMED� �J1 le 8,,- $ eocc0

;.

Prakash B. Sheth & Co. Chartered Accountants

Kantilal Patel & Co. Chartered Accountants

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 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 Holding 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 Group 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 audited by joint auditors, such joint auditors remain responsible

• �,.PA i for the direction, supervision and performance of the audits carried out by them. We remain N7 · = � % :{dos';) S3 , 9,,-$ so Acco

ie

Kantilal Patel & Co. Chartered Accountants

Prakash B. Sheth & Co. Chartered Accountants

solely responsible for our audit opinion. Our responsibilities in this regard are further described in paragraphs (1) and (2) of the "Other Matter(s)" 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 Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matter(s)

• (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 1,796.97 lakh as at March 31, 2024, total revenue (before consolidation adjustments) of INR 2,120.73 lakh and INR 5,127.45 lakh, total net profit after tax (before consolidation adjustments) of INR 27.07 lakh and total net loss after tax (before consolidation adjustments) of INR 92.64 lakh, total comprehensive profit of INR 27.07 lakh and total comprehensive expense of INR 92.64 lakh for the quarter and year ended on that date, respectively, and net cash inflows of INR 170.11 lakh for the year ended on that date, as considered in the Statement.

• (b) 1 (one) joint venture, whose financial statements include the Group's share of net loss of INR 55.84 lakh and INR 48.53 lakh for the quarter and year ended on that date, respectively, as considered in the Statement.

Our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of the subsidiary and joint venture is based solely on the reports of one of the joint auditors and the procedure performed by us as stated in paragraph above. Our opinion on the Statement is not modified in respect of this matter.

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Kantilal Patel & Co. Chartered Accountants

Prakash B. Sheth & Co. Chartered Accountants

• (2) The Statement includes the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures in respect of full financial year ended March 31, 2024 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. Our opinion on the statement is not modified in respect of this matter.

For M/s. Kantilal Patel & Co. Chartered Accountants Firm Registration Number: 104744W

a£ Jina! A. Patel

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Partner

Membership Number: 153599 Place: Ahmedabad Date: May 24, 2024 UDIN: 24153599BKDKGS2890

For M/s. Prakash B. Sheth & Co. Chartered Accountants

Firm Registration Number: 108069W

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Prakash B. Sheth

Proprietor

Membership Number: 036831 Place: Ahmedabad Date: May 24, 2024 UDIN:24036831BKAEBZ9861

PSP Projects Limited

Registered Office : PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L4S201GJ2008PLCOS4868 Website : www.pspprojects.com

• (i) Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2024

						(Rs in Lakhs)
			Quarterended		Yearended
Sr. No.	Particulars	31.03.2024 (Unaudited) (Refer Note 5)	31.12.2023 (Unaudited)	31.032023 (Unaudited) (Refer Note 5)	31.03.2024 (Audited)	31.03.2023 (Audited)
1	Income
	Revenuefrom Operations	66,775.86	70,47501	72,958.44	2,5057885	1,93,78060
	OtherIncome	607.20	643.30	67035	2421.67	250009
	Total Income	67,383.06	71,11831	73,628.79	2,53,00052	1,96,280.69
2	Expenses
	Cost of Materials Consumed	22827.98	25,13032	22,74194	95,885.04	60,27745
	Changes inInventores of Work-in-Progress	(624792)	(4,349.23)	(13400)	(16,92503)	(212615)
	ConstructionExpenses	39,580.81	38,506.43	38,724.19	1,28,80477	1,00,932.68
	Employee Benefits Expense	3,354.98	3,37524	2,569.76	12,50508	9,345.15
	Finance Costs	1,02.1	1,526.73	91880	5,082.44	3,195.97
	Depreciation andAmorisation Expense	1,993.68	1,87.60	1,237.59	6,486.80	4,0 52
	OtherExpenses	1994.32	851.82	964.32	4215.47	2345.09
	TotalExpenses	6905.95	66,913.91	67,022.60	2,36054.57	1,77,970.71
3	Profit/(Loss) Before Tax &share ofprofit /(loss) from Joint Venture	2,477.11	4,204.40	6,606.19	16,945.95	18,309.98
	(1-2)
4	TaxExpenses
	Current Tax	1,141.30	1,330.79	1,829.23	5,24635	4,99128
	MATCreditEntitlement			72.18		7.1
	DeferredTax	(27224	(23305	(171.41	(64620	(217.60
	TotalTax Expenses	869.06	1,097.74	1,73000	4,600.15	4845.86
5	Prft(Loss) fr the PeriodBefore share ofproft/(loss)fomJointVenture (3­	1,608.05	3,106.66	4,876.19	12,345.80	13,46412
	4)
6	Share ofprofit / (loss) from Joint Venture (Net)	(55.84)	1.66	(276.38)	(48.53)	(270.00)
7	Net proft/(loss) afertax and share in profit/(loss) of Joint ventures (5+6)	1,55221	3,10832	4,599.81	12,297.27	13,194.12
8	OtherComprehensiveIncome / (Loss) (0CI)
	(i) Itemsthat willnot be reclassifiedtoProfit orLoss
	-Remeasurement(expenses/income ofDefined benefit plans (netoftax)	(1643)	2.0	29	(9.53)	9.20
	TotalOtherComprehensive Income /(loss) for thePeriod	(16.43)	2.30	229	(953)	9.20
9	TotalComprehensiveIncome/(Loss) forthe Period (7+8)	1,535.78	3,110.62	4,60210	12,287.74	13,203.32
	Proft/(Loss)forthe yearattributableto:
	-Owners of the company	1,552.21	3,10832	4,59981	12,29727	13,194.12
	-Non-controllingInterest
	Othercomprehensive income/(Loss) fortheyear attributableto:
	-Owners ofthe company	(16.43)	2.30	29	(9.53)	9.20
	- Non-controllingInterest
	Totalcomprehensiveincome/(Loss) fortheyearattributableto:
	-Owners of the company	1,535.78	3,11062	4,602.10	12,287.74	13203.32
	-Non-controlling Interest
10	Paid-up EquityShare Capital- Face ValueRs10/-each	3,600.0	3,60 0	3,60000	3,60000	360000
1	Other Equityexcluding RevaluationReserves				87,88699	76,99.25
1	EarningsPerShare of Rs10/-each (in Rs.)
	(not annualised for quarters)
	(Basic)	431	8.63	12.78	34.16	3665
	(Diluted)	4.31	8.63	12.78	34.16	3665
	(see accompanyingnotes to the ConsolidatedFinancial Results)

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SIGNED FOR IDENTIFICATION BY I 4, 24/4 KANTILAL PATEL 2 CO. l

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(ii) Audited Consolidated Statement of Assets and Liabilities as at March 31, 2024

(i)Aud	ited Consolidated State	ment of	Assetsand La	bities asat March 31, 2	024
						{Rs.in Lakhs)
					Asat	As at
	Pariculars				March 31, 2024	March 31, 2023
					{Audited)	(Audited)
ASSETS
(1)	Non current Assets
	{a) Prpery, Plant andEquipment				32,075.21	23,840.57
	(b) CapitalWork-In-Progress				288.08	1,77350
	(c)Intangibe Assets				107.90	18.87
	(d) Financial Assets
	(i)Investments				66.68	66.68
	{i)Loans
	(iii)Other FinancialAssets				15,549.23	20,50589
	{e) Defered Tax Asset {Net)				1,93861	1,29241
	{fl OtherNonCurent Assets				68272	74.22
	Total Non-Current Assets				50,708.43	48,322.14
(2)	Current Assets
	(a)Inventories				31,78311	15,312.26
	(b) FinancialAssets
	(i) Trade receivables				34,211.86	43,38665
	(ii)Cash and cashequivalents				11,310.18	9,410.70
	{iii)BankBalancesother than		{ii) above		11,399.23	14,82489
	{iv)Loans				349.15	335.22
	()Other FinancalAssets				50,834.23	29,66168
	(c)OtherCurrent Assets				12,954.51	14,606.24
	(d) CurrentTax Assets (Net)				124.00	680.04
	Total Current Assets				1,52,966.27	1,28,217.68
	Tota I Assets				2,03,674.70	1,76,53982
EQUIT	ANDLABILTIES
(1)	Equity
	{a)EquityShare Capital				3,600.00	3,600.00
	(b)OterEquity				87,886.99	76,49925
	Equity atributable to owners ofHolding Company				91,486.99	80,099.25
	Non-Controlling Interests
	Total Equity				91,86.99	80,099.25
	LABILTIES
(2)	Non-Current liabiities
	(a) FinancialLabilities
	(i) Borrowings				4,169.92	3,805.81
	{b)Prvisions				266.43	213.79
	Total Non-Current Labilities				4,436.35	4,019.60
(3)	Current Labilties
	(a) Financal Labilities
	(i)Borrowings				41,339.09	10,692.32
	{ii) Trade Payables
	-Totaloutstanding	duesof	micro enterprises
	andsmallenterprises				1,808.98	2,35884
	-Totaloutstanding	duesof	creditorsother than
	micro enterprises	andsmal enterprises			40,19420	34,472.72
	(iii) Other FinancalLabilities				2,43907	5,97018
	{bl Other CurentLabilities				21,655.87	38,798.28
	(c)Provisions				314.15	128.63
	{diCurentTax Labilities{Net)
	TotalCurrent Labities				1,07,75136	92,420.97
	Totallabiities				1,12,187.71	96,440.57
	Total Equity and Liabilities				2,03,674.70	1,76,53982
			7767[bNTTFC~T~NY
			jet¢	2/
		l	KANTLAPATEL&CO

(iii) Audited Consolidated Statement of Cash Flows for the year ended March 31, 2024

i)	Audited Consolidated Statement of Cash Flows fr the year ended March31,2024
			(Rs. in Lakhs)
		Year ended	Year ended
	Particulars	March31,2024	March 31, 2023
		(Audited)	(Audited)
A	Cashfow fomoperating activities:
	Proft befretax	16,897.42	18,039.98
	Adjustments fr:
	Financecosts	3,188.08	1,57 5
	Depreciationand amortisation expense	6,86.80	4,000.52
	Expected creditloss allowance	790.19	256.74
	Dividendincome	(3.16)	(3.16)
	Interest Income	(2,339.57)	(2,39136)
	Los/ (Gain) onsaleofProperty, Plantand Equipment(Net)	(36.72)	(83.46)
	OperatingProft befre working capitalchanges	24,983.04	21,397.01
	Movements in workingcapital:
	(Increase)/ Decrease in Inventories	(16,470.85)	(7,127.43)
	(Increase)/ Decrease in tradereceivable	8,384.60	(12,542.68)
	(Increase)/ Decreaseinother assets	(23,707.82)	(19,23881)
	Increase /(Decrease) in tradepayables	8,579.22	6,714.66
	Increase / (Decrease) inotherlabilities	(19,70492)	20,816.92
	Increase / (Decrease) in prvisions	225.43	183.26
	Cash generated fomoperations:	(17,71.30)	10,20293
	Direct taxes paid (net)	(4,687.1)	(5,675.15)
	Net cashgenerated/(used) fomoperatingactivities(A)	(22,398.41)	4,527.78
B	Cashfows fominvestingactivities:
	Payment frProperty, Plantand Equipment(PPE),IntangibleassetsandCapital Work-in-Prgress	(14,19432)	(7,97495)
	Prceeds fomsaleof Prperty, Plantand Equipment (PPE)	76.83	94.8
	(Purchase) / Proceedsofterm deposits (Net)	9,14985	413.92
	Dividend received	3.16	3.16
	Interest received	2,339.57	2,391.36
	Netcashgenerated/(used) inInvesting activities (B)	(2,624.91)	(5,071.93)
C	Cash flow fom fnancng activities:
	Proceeds frm/ (Repayment)of non-current borrwings	2,504.9	3,663.88
	Prceeds fom/ (Repayment)of current borrowings	28,506.39	868.56
	Dividend paid	(900.00)	(1,800.00)
	Interestpaid	(3,18808)	(1,57.75)
	Netcashgenerated/(used) in Financng activities (C)	26,92280	1,154.69
	NET INCREASE/(DECREASE)IN CASHAND CASH EQUIVALENTS [(A)+ (B)+(C)]	1,899.8	610.54
	Add: Cashand cash equivalents as atbeginning of theyear	9,410.70	8,800.16
	Cashand Cash Equivalents as at the end of theyear	11,310.18	9,10.70

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

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·D FOR IDENTIFICATION BY
et 4
KANTILAL PATEL & CO.
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PSP Projects Limited Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC054868 Website: www.pspprojects.com

{iv) Notes to Consolidated Financial Results

	{iv) Notes to Consolidated Financal Results
Sr.	Note
No.
1	The above consolidatedfnancal results of the Holding Company have beenreviewed bythe Audit
	Committee andapprved bythe Boardof DirectorsoftheHolding Company intheir respective
	meetings heldon May 24, 2024.
	The consolidatedfnancial results arepreparedin accordancewith the IndianAccunting Standards
	("Ind AS"),asapplicable andguidelnesissued by the Securities and Exchange Board of India ("SEBI"),
	The Ind ASareprescribedunder section 1 oftheAct read with Rule 3 of the Companies (Indian
	Accounting Standards) Rules, 2015, and theCompanies (IndianAccunting Standards) (Amendment)
	Rules,2016.The said fnancial results representtheresults of PSP Projects Limited ("the Holding
	Company"), its subsidiaries(together referred to as "theGroup" and itssharein resultsof joint
	ventures which havebeen prepared inaccordance with Ind-AS110 -"Consolidated Financial
	Statement" and Ind AS 28-"InvestmentinAssociates and Joint Ventures").
2	The Grup is primarily engaged inonebusiness segmentviz. cnstruction/prject activities, as
	determined by thechief decision maker in accrdance with Ind AS108, Operating Segments. Further,
	the operations of the Group is predominately domiciled in India and therefrethere are no
	reportable geographicalsegment.
3	The Code onSocial Security, 2020 ('Code') hasbeen notifed intheOfcal Gazete of India on
	September 29,2020,which culd impact thecntributions of the Grup towards certain
	employment benefts.The efectivedatefom which changes are applicable is yet to be notifed and
	the rulesare yet to befamed.Impact,if any,of the change wilbe assessedand accunted in the
	period of notifcation of therelevant prvisions.
4	As onMarch 31,2024,the Holding Company has outstandingassetsvaluedat apprximatelyRs 141
	Crres, fomcontractual transactionswithSDB Diamond Bourse(the"Party"). This incudestrade
	receivables ofRs 46crores,Unbilled Revenue of Rs53 crores,and retention of Rs42crores.
	As onMay 15, 2024,an out-of-curt settlement hasbeen reached betweenHolding Companyand
	Party. The Companyis optimistic about recvering the afrementionedamountsfom theParty.
5	The fguresfr the currentquarterendedMarch31,2024andquarter endedMarch 31, 2023are
	the balancingfguresbetween the audited fgures in respect ofthe full fnancialyear endedMarch
	31, 2024andMarch 31, 2023,respectivelyand published year todate fgures up to thirdquarter
	endedDecember 31,2023andDecember 31,2022,respectively which weresubjected to limited
	review.
6	Events after reporting period;
	TheHoldingCompany hasIssued36,41,791Equity sharesoffce valueRs.10each at an issueprice
	of Rs.670.00 Per equitysharepursuant toQualified InstitutionsPlacement (QP) underthe
	prvisionsof Chapter VI of the Securities and ExchangeBoard of India(Issue or Capital and
	DiscosureRequirements) Regulations, 2018,as amended (the"SEIICDRRegulations")and
	section 42 and 62 of the CompaniesAct, 201, read with rulesmade thereunder, each
	as amended.Thepromoter's shareholding has decreasedfrom 66.22%to60.14%pursuant to the
	QIP issue.

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SIGNED FOR IDENTIFICATION BY

lid 2 h4 KANTILAL PATEL & CO.

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

Sr. Note

No.

7 The standalone financial results of the Holding Company for the quarter and year ended March 31, 2024 are available on the Company's website (URL: www.pspprojects.com) Key Standalone financials information is given below:

					Rs. InLakhs	Rs. InLakhs
			Quarterended		Year ended
	Pariculars	31.03.2024 (Unaudited)	31.12.2023 (Unaudited)	31.03.2023 (Unaudited)	31.03.2024 (Audited)	31.03.2023 (Audited)
		Refer Note5		Refer Note 5
Total Income		65,515.70	70,31612	73,407.8	2,48,676.28	1,95,374.47
ProftBefre	Tax and Exceptional Item	2,38S.08	4,397.86	6,27512	17,021.20	18,014.31
Prft Befre	Taxand afer ExceptionalItem	2,385.08	4,397.86	6,27512	17,02120	18,014.31
Net Proft		1,525.14	3,25185	4,631.06	12,389.91	1,30182
Other ComprehensiveIncome/(Loss)		(16.43)	2.30	2.29	(953)	9.20
TotalComprehensiveIncome		1,508.71	3,254.15	4,63335	12,380.38	1,31.02

For and on behalf of ,) 9 ·D FORTE[TIE\CATIONS 1l% 2, (Prahaladbhai5. Patel) Chairman, Managing Director & CEO KANTILAL PATEL & CO. DIN : 00037633

Ahmedabad, May 24, 2024

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