PSP Projects Limited — Interim / Quarterly Report 2019

Nov 5, 2018

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Ref No: PSPPROIECT/SE/86/18-19 November 05, 2018

Corporate Relations Department Listing Department

BSE Limited National Stock Exchange ofIndia Limited Floor 25, PJ. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai- 400 001 Bandra (East), Mumbai — 400 051 Scrip code: 540544 Scrip Symbol: PSPPROIECT

Dear Sir/Madam,

Subject: Outcome ofBoard meeting

With reference to the captioned subject, we hereby informthat in the board meeting held today i.e. November 05, 2018 at the registered office of the company, besides other subjects, the board approved and took on record the Limited Reviewed (Unaudited) Financial Results (Standalone) as per Indian Accounting Standards (lnd AS) for the quarter and halfyear ended September 30, 2018.

The board meeting commencedat 11:00 AM. and concluded at 12:00 PM

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

ThankingYou,

For PSP Projects Limited

' /// Mitta 1 Christachary , Company Secretary

Encl: As'mentioned above.

Kantilal Patel & Co. RiddhiP. Sheth & Co. CharteredAccountants CharteredAccountants Ahmedabad —— 380 013. Ahmedabad —— 380 051. Tel: + 91 79 27551333 Tel: + 91 79 2676 3020

202, "Paritosh", Riverfront, 9, Shyam Shivam Bungalows,Nr. Shikhar Flats, Usmanpura, 100 ft. Ring Road, Satellite,

Limited Review Report

Review Report to The Board of Directors PSP ProjectsLimited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of PSP Projects Limited (the "Company") for the quarter ended September 30, 2018, and year to date from April 01, 2018, to September 30, 2018 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Regulation"), read with SEBI Circular No. CIR/CFD/FAC/62/2016dated July 05, 2016 (the "Circular").
• 1. The preparation ofthe Statementin accordancewith the recognition and measurement principleslaid down in Indian AccountingStandard 34, (Ind AS 34) "InterimFinancialReporting"prescribed under Section 133 of the Companies Act, 2013, read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the Circular, is the responsibility of the Company's management and has been approved by the Board of Directors ofthe Company. Our responsibility is to express a conclusionon the Statementbased on our review.
• 1. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, 'Review ofInterimFinancialInformationPerformed by the IndependentAuditor ofthe Entity' issued by the Institute of Chartered AccountantsofIndia. This standard requiresthat we plan and performthe review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principleslaid down in the applicable Indian AccountingStandards ('Ind AS') specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accountingpractices and policies has not disclosedthe informationrequired to be disclosedin terms of the Regulation read with the Circular, including the manner in which it is to be disclosed, or that it contains any materialmisstatement.
• 1. The Ind AS financial results of the Company for the previous quarter ended June 30, 2018, and comparative Ind AS financial information for the quarter ended June 30, 2018, and year to date from April 01, 2017, to September 30, 2017, were reviewed by the predecessor auditor who expressed an unmodified opinion on those financial information on August 09, 2018, and the Ind AS financial statementsofthe Companyfor the year ended March 31, 2018, were auditedby the predecessor auditor who expressed an unmodified opinion on those financial statements on May 10, 2018. Our report is not modified in respect ofthis matter.

For KantilalPatel & Co For RiddhiP. Sheth & Co. ICAI Firm registrationnumber: 104744W ICAI Firm registrationnumber: 140190W CharteredAccountants CharteredAccountants

Partner MembershipNo.: 153599

Place: Ahmedabad Date: November 05, 2018

o Proprietor MembershipNo.: 159123

Place: Ahmedabad Date: November 05, 2018

PSP Projects Limited

CIN :L45201612008PLC054868Website : www.pspprojects.com Registered Office : PSP House, Opp. Celesta Courtyard, Iscon-Ambii Roaci, Ahmedabad — 380 054

Statement of Standalone Unaudited FinancialResults for the Quarterand Six months ended September30, 2018

	(Rs. in Lakhs)
Sr	Quarterended			Six months ended			Year ended
o.N	Particulars	30.09.2018	30.06.2018	30.09.2017	30.09.2018	30.09.2017	31.03.2018
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1	Income
	Revenue from Operations	20,994.88	23,471.90	13,955.29	44,466.78	29,535.36	72,983.03
	Other income	543.17	608.71	518.62	1,151.88	929.19	1,836.53
	Total Income	21,538.05	24,080.61	14,473.91	45,618.66	30,464.55	74,819.56
2
	ExpensesCost of materials consumed	8,482.77	10,726.21
	Changes in inventories of work-in-progress	(1,262.99)	905.14	5,692.43479.46	19,208.98(357.85)	13,129.55(241.84)	28,073.28
							(1,025.42)
	Subcontracting ExpensesConstruction Expenses	3,756.44	2,449.25	1,654.43	6,205.69	3,316.68	12,287.59
		5,713.22	4,821.28999.48	3,228.01673.19	10,534.50	7,342.75	19,788.42
	Employee benefits expenseFinance costs	1,077.80227.19	145.63	201.06	2,077.28372.82	1,272.11337.44	2,861.33870.09
	Depreciation and amortisation expense	578.90	481.34	228.47	1,060.24	412.33	1,117.50
	Other expenses-	289.85	271.12	363.75	560.97	861.37	858.61
	Total Expenses	18,863.18	20,799.45	12,520.80	39,662.63	26,430.39	64,831.40
3	Profit before Tax (1 - 2)	2,674.87	3,281.16	1,953.11	5,956.03	4,034.16	9,988.16
4	Tax expense
	Current Tax	1,071.02	1,161.46	696.47	2,232.48	1,422.74	3,578.43
	Earlier yeartax	-	-	—	~	-	0.45
	Deferred Tax	(152.04)	11.25	(9.62)	(140.79)	(10.91)	(27.31)
	Total TaxExpense	918.98	1,172.71	686.85	2,091.69	1,411.83	3,551.57
5	Profit for the Period (3 - 4)	1,755.89	2,108.45	1,266.26	3,864.34	2,622.33	6,436.59
6	Other Comprehensive Income (OCI)
	(i) Items that will not be reclassifiedto profit orloss (net	4.41	-	0.33	4.41	(8.36)	8.82
	of tax)
	(i) Items that will be reclassified to profit orloss (net of	25-53	(ZS-53)	(0-12)	'	2-89	(11-71)
	tax)
	Total Other Comprehensive Income for the period	29.94	(25.53)	0.21	4.41	(5.47)	(2.89)
7	Total Comprehensive Income for the period(5 + 6)	1,785.83	2,082.92	1,266.47	3,868.75	2,616.86	6,433.70
	each
8	Paid-up Equity Share Capital - Face Value Rs'10/-	3,600.00	3,600.00	3,600.00	3,600.00	3,600.00	3,600.00
9	Earnings Per Share of Rs 10/- each (in Rs.)
	(Basic)	4.88	5.86	3.46	10.74	7.73	18.45
	(Diluted)	4.88	5.86	3.46	10.74	7.73	18.45

w SiGNED FOR iDENTiFiCATiON BY KANTiLAL PATEL & CO.

PSP Projects Limited

Registered Office : PSP House, Opp. Celesta Courtyard, lscon-AmbliRoad, Ahmedabad - 380 054 CIN :L45201612008PLC054868 Website : www.pspprojects.com

Notes:

• The above standalone unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the company in their respective meetings held on November 05, 2018. The Statutory Auditors have carried out limited review of the standalone financial result for the quarter ended September 30, 2018.
• These financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and in terms of the Regulation 33 of the SEBI (Listing Obligation and Disclosures Requirements) Regulations, 2015 (the "Listing Regulations"), as modified by Circular dated July 5, 2016.
• The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115 "Revenue from Contracts with Customers" as part of the companies (Indian Accounting Standards) Amendment Rules, 2018. The new standard is effective for accounting periods beginning on or after 1 April, 2018. The Company has applied modified retrospective approach in adopting the new standard and accordingly, there were no significant adjustment required to the retained earnings as at April 1, 2018. Also the application of Ind AS 115 did not have any significant impact on [recognition and measurement of revenue and related items in the financial results.
• The Company is primarily engaged in construction / project activities and accordingly this is the only primary reportable segment as per Ind AS 108 — Operating Segment.
• Figures relating to previous quarter/ year have been regrouped / rearranged, whenever necessary to make them comparable to current period'sfigures.
• In line with the requirements of Regulation 33 and 52 (4) of Listing Regulations, the results for the quarter ended September 30, 2018 are available on the website of BSE Limited (URL: www.bseindia.com) , National Stock Exchange of India Limited (URL: www.nseindia.com) and on company's website (URL: www.9599roiectscom)

SIGNED FOR IDENTIFICATION BY

KANTILAL PATEL & CO.

31—71"

Statement of Assets & Liabilities $\overline{7}$

	(Rs. in Lakhs)
Particulars	As at	As at
	Sept 30, 2018	March 31, 2018
ASSETS
Non current Assets
(a) Property, Plant and Equipment	9,875.59	7,630.60
(b) Capital Work-In-Progress		176.31
(c) Other Intangible Assets	77.32	72.22
(d) Financial Assets
(i) Investments	773.42	767.63
(ii) Loans	2,067.67	1,853.64
(iii) Other Financial Assets	2,970.48	5,548.89
(e) Deferred Tax Asset (Net)	314.29	184.26
(f) Other Non Current Assets	338.40	963.45
Total non-current assets	16,417.17	17,197.00
Current assets
(a) Inventories	5,370.86	3,354.79
(b) Financial Assets
(i) Investments		1,511.78
(ii) Trade receivables	13,913.85	11,620.34
(iii) Cash and cash equivalents	7,764.60	6,145.90
(iv) Bank Balances other than (iii) above	13,240.62	16,178.12
(v) Loans	1,846.11	573.18
(vi) Other Financial Assets	4,666.40	1,619.25
(c) Other Current Assets	1,352.05	340.23
Total current assets	48,154.49	41,343.59
Total Assets	64,571.66	58,540.59
EQUITY AND LIABILITIES
Equity
(a) Equity Share capital	3,600.00	3,600.00
(b) Other Equity	28,385.33	26,666.42
Total Equity	31,985.33	30,266.42
LIABILITIES
Non-Current liabilities
(a) Financial Liabilities
(i) Borrowings	79.33	168.49
Total non-current liabilities	79.33	168.49
Current liabilities
(a) Financial Liabilities
(i) Borrowings	2,266.39	1,780.06
(ii) Trade payables	12,735.74	12,128.93
(iii) Other Financial Liabilities	3,556.14	815.03
(b) Other current liabilities	13,411.93	12,660.29
(c) Provisions	35.40	52.98
(d) Current Tax Liabilities (Net)	501.40	668.39
Total current liabilities	32,507.00	28,105.68
Total Liabilities	32,586.33	28,274.17
Total Equity and Liabilities	64,571.66	58,540.59

For and on behalf of the Board

$47$

(Prahaladbhai S. Patel) Chairman, Managing Director & CEO DIN: 00037633 Ahmedabad, November 05, 2018

SH

ED ACCO