PSP Projects Limited — Interim / Quarterly Report 2020

Oct 22, 2019

PSP | Y eae PSP Projects Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company

ef No: PSPPROJECT/SE/66/19-20

Corporate[Relations] Department BSE Limited

Floor 25, P.J. Towers, Dalal Street, Mumbai- 400 001 Scrip[code:] 540544

October 22, 2019

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 - Regulation 30, 33 and other applicable Regulations[of] the[SEBI] (Listing Obligations and[Disclosure] Requirements) Regulations, 2015.

With referenceto the captioned subject, we hereby inform you thatin the board meeting held todayi.e. October 22, 2019 at the registered office of the company, besides other matters, the following items[of][business] were transacted by[the][board:]

1. Approved[and] took on record[the] Limitedly[Reviewed] (Unaudited)[Financial][Results] (Standalone[&] Consolidated) as per[Indian] Accounting Standards (Ind AS) for the quarter[and][half] year[ended][September] 30,[2019.]

2. Approved raising[of][funds] in aggregate up to[Rs.] 300 Crore only (Rupees[Three] Hundred andFifty crore only) by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other permissible[mode] or[combinations] thereof as may[be] decided, subject to approval[of] the shareholders and receipt of other regulatory/statutory approvals. For the

-purposeof giving[effect of][ the] same,[the][Board][has][formed][a][Committee][of the][Board] to[decide,] inter alia, the terms and conditions of the proposed[fund] raising.

1. Approved appointment[of][Mr.] Sagar[Prahladbhai] Patel (DIN: 07168126) as an Additional Director (Executive) of the company witheffect from October 22, 2019 and as an Executive[Director][of][ the] company[with][effect][from][November] 1,[2019][for] a period[of] five (consecutive) years subject[to] approval of[the][shareholders.]

2. 4, Approved appointmentof[Mrs.][Zarna][Pratik][Patel][(DIN:][0008580937)] as an[Additional] Director and Non- Executive Independent Director of the company with effect[from] October 22,[2019][for] a period[of][five] (consecutive) years subject[to] approval of[the] shareholders.

Phone : 079 - 2693 6200, 2693 6300, 2693[6400] Fax No.[:] 079 - 2693[6500] Email : info@pspprojects.com | URLS jects.com CIN : L45201GJ2008PLC054868 | |

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

for proposed Resolution(s).

he board meeting commencedat 11:00 A.M. and concluded at 1:45 P.M.

‘Weare enclosing herewith the Limitedly Reviewed (Unaudited) (Standalone & Consolidated) financial results for the quarter and half year ended September 30, 2019 for your information and record.

The same will be[made] available on the Company’s website: www.pspprojects.com.

Kindly[take][the][above] on yourrecord.

Thanking[You,]

For PSP Projects Limited

Mittali Christachary

Company Secretary

-Encl.: As mentioned 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 | |

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

Kantilal Patel & Co. Chartered Accountants 202, "Paritosh", Riverfront, Usmanpura, Ahmedabad — 380 013. Tel: + 91 79 2755 1333

Independent Auditor's Review Report on the Quarterly and Year to Date unaudited standalone financial results of PSP Projects Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board Directors of of

PSP Projects Limited

• We have reviewed the accompanying statement of unaudited standalone financial results of PSP Projects Limited (the ‘Company’) for the quarter ended September 30, 2019, and the year to date from April 01, 2019, to September[30,] 2019 (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’). Attention is drawn to the fact that the standalone statement of cash flows for the corresponding period from April 01, 2018, to September 30, 2018, as reported in the Statement have been approved bythe Boardof Directors of the Company, but have not been subjectedto review.

• This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid downin Indian Accounting Standard 34 (Ind AS 34), ‘Interim Financial Reporting’ prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting

• principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we could become aware ofall significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

• Based on our review conducted as above, nothing has cometo our attention that causes usto believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally acceptedin India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains material any

• misstatement.

For Kantilal Patel & Co.

For Riddhi P. Sheth & Co.

Chartered Accountants

Chartered Accountants

ICAI Firm registration number:104744W

registration number:104744W ICAI Firm registration number:140190W urePATE, Reet Jinal A. Patel = Riddhi P. Sheth Partner Ss*Fea( Gos 2 Proprietor Membership[No.:] 153599 NO ( (River Front) a Membership[No.:] 159123 Place : Anmedabad [380013] waeJE Place : Ahmedabad Date : October 22, 2019 oeeooo Date : October 22, 2019

UDIN: 19153599AAAAFY4206

UDIN: 19159123AAAAAV8989

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2019 (Rs. in Lakhs) " Quarter ended Half year ended Year ended Ro . Particulars (Unaudited)30.09.2019 (Unaudited)30.06.2019 |(Unaudited)|30.09.2018 (Unaudited)30.09.2019 (Unaudited)30.09.2018 31.03.2019(Audited)

1 |Income Revenue from Operations 31,252.09 30,727.34 20,994.88 61,979.43 44,466.78 1,04,401.25 Other Income 685.54 518.96 543.17 1,204.50 1,151.88 2,297.84 Total income 31,937.63 31,246.30 21,538.05 63,183.93 45,618.66 1,06,699.09

2 |Expenses Cost of Materials Consumed 12,363.52 11,523.18 8,482.77 23,886.70 19,208.98 43,071.43

Changes in Inventories of Work-in-Progress (2,741.49) (36.29)} (1,262.99) (2,777.78) (357.85) (1,791.48) Construction Expenses 15,525.62 13,255.96 9,529.66 28,781.58 16,860.19 42,915.74 Employee Benefits Expense 1,460.69 1,378.73 1,077.80 2,839.42 2,077.28 4,317.82 Finance Costs 366.68 275.51 227.19 642.19 372.82 916.05 Depreciation and Amortisation Expense 620.85 588.33 578.90 1,209.18 1,060.24 2,422.90 Other Expenses 318.23 337.75 229.85 655.98 440.97 993.29 Total Expenses 27,914.10 27,323.17 18,863.18 $5,237.27 39,662.63 92,845.75 3 |Profit Before Tax (1 - 2) 4,023.53 3,923.13 2,674.87 7,946.66 5,956.03 13,853.34 4 |Tax Expenses Current Tax 659.77 1,449.25 1,071.02 2,109.02 2,232.48 5,143.16 (Excess)/Short provision for current tax of earlier years - - - - - - Deferred Tax 91.56 (78.59) (152.04) 12.97 (140.79) (313.44) Total Tax Expenses 751.33 1,370.66 918.98 2,121.99 2,091.69 4,829.72 5 |Profit for the Period (3 - 4) 3,272.20 2,552.47 1,755.89 5,824.67 3,864.34 9,023.62 6 |Other Comprehensive Income (OCI) (i) Items that will not be reclassified to Profit or Loss

• Remeasurement expenses of Defined benefit plans (net of tax) (0.52) (0.52) 4.41 (1.04) 4.41 (2.10)

(ii) tems that will be reclassified to Profit or Loss - Netfair value gain on investmentin debt instruments through OCI (net - 3 25.53 7 - ‘ of tax)

Total Other Comprehensive Income for the Period (0.52) (0.52) 29.94 (1.04) 4.41 (2.10) 7 |Total Comprehensive Incomefor the Period (5 + 6) 3,271.68 2,551.95 1,785.83 5,823.63 3,868.75 9,021.52 8 |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 3,600.00 9 |Other Equity excluding Revaluation Reserves as at March 31st, 2019 - - - - : 33,538.11 10 |Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised (Basic) ) 9.09 7.09 4.88 16.18 10.74 25.07 (Diluted) 9.09 7.09 4.88 16.18 10.74 25.07 FOR IDENTIFICATION BY lin} i>[O/][ 19] : KANTILAL PATEL & CO.

PSP Projects Limited

Registered OfficeCIN: PSP:L45201GJ2008PLC054868House, Opp. Celesta Courtyard,Website:Iscon-Ambliwww.pspprojects.comRoad, Ahmedabad- 380 054

Notes:

• The above unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the companyin their respective meetings held on October 22, 2019.

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

Circular datedRequirements)July 5, 2016. TheseRegulations,results have2015 been(the subjected“Listing Regulations”),to limited reviewas modifiedby the Jointby Statutory Auditors.

• The Companyis primarily engagedin construction / project activities and accordinglythis 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’s figures.

• With effect from April 1, 2019, the Company has adopted Ind AS 116 — Leases using the modified retrospective approach. The adoption ofthis standard does not have material any

• impact on these financial results.

In line with the requirements of Regulation 33 and 52 (4) of Listing Regulations, the results for the quarter ended September 30, 2019 are available on the website of BSE Limited (URL: www.bseindia.com) ,[National] Stock Exchange ofIndia Limited (URL: www.nseindia.com) and on company’s website (URL: Www.pspprojects.com)

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7 Unaudited Standalone Balance sheet as at September 30, 2019

Un	audited Standalone Bala	nce sheet a	s at September 30, 201	9
					(Rs. in Lakhs)
				Asat	As at
	Particulars			Sept30, 2019	March 31, 2019
				(Unaudited)	(Audited)
ASSETS
(1)	Non current Assets
	(a) Property, Plant and Equipment			9,876.82	10,212.88
	(b) Capital Work-In-Progress			94.80	-
	(c) Other Intangible Assets			107.06	103.65
	(d) Financial Assets
	(i) Investments			442.37	442.37
	(ii) Loans			2,580.00	2,386.41
	(iii) Other Financial Assets			10,002.53	5,887.77
	(e) Deferred Tax Asset (Net)			473.96	486.93
	(f) Other Non Current Assets			43.87	211.77
	Total Non-Current Assets			23,621.41	19,731.78
(2)	Current Assets
	(a) Inventories			11,591.00	7,500.17
	(b) Financial Assets
	(i) Trade receivables			16,571.30	14,257.16
	(ii) Cash and cash equivalents			13,708.15	3,504.68
	(iii) Bank Balances other than(ii)		above	8,476.71	18,665.61
	(iv) Loans			1,623.55	1,578.28
	(v) Other Financial Assets			6,211.36	4,938.80
	(c) Other Current Assets			3,627.30	2,875.08
	(d) Current Tax Assets (Net)			76.30	-
	Total Current Assets			61,885.67	53,319.78
	Total Assets			85,507.08	73,051.56
EQUITY AND LIABILITIES
(1)	Equity
	(a) Equity Share Capital			3,600.00	3,600.00
	(b) Other Equity			37,191.74	33,538.11
	Total Equity			40,791.74	37,138.11
	LIABILITIES
(2)	Non-Currentliabilities
	(a) Financial Liabilities
	(i) Borrowings			21.78	40.87
	Total Non-CurrentLiabilities			21.78	40.87
(3)	Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings			6,998.07	2,456.64
	(ii) Trade Payables
	- Total outstanding dues of micro		enterprises and
	small enterprises - Total outstanding duesof creditors other than			490.48	75.23
	micro enterprises and small enterprises			16,857.64	15,765.40
	(iii) Other Financial Liabilities			3,331.24	1,172.19
	(b) Other Current Liabilities			16,944.61	15,331.79
	{c) Provisions			71.52	31.36
	(d) Current Tax Liabilities (Net)			-	1,039.97
	Total Current Liabilities			44,693.56	35,872.58
	TotalLiabilities Total Equit d iit eee Pee FOR		IDENTIFICATION SY	44,715.34 85,507.08	35,913.45 4 2
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		KANTILAL PATEL & CO.

8 Unaudited Stadalone Statement of Cash Flowsfor the half year ended on September 30, 2019

8	Unaudited Stadalone Statement ofCash Flowsforthe half year ended	on September30, 2019
			(Rs. in Lakhs)
	; Palnaeahs	Halfyear ended on	Halfyear ended on
A	Cashflow from operatingactivities	Sept 30, 2019	Sept 30, 2018
	Profit before tax Adjustmentsfor: Finance costs Depreciation and amortisation expense Expected credit loss allowance Dividend	7,946.66 304.79 1,209.18 15.00	5,956.03 144.65 1,060,24 30.00
	Interest Income	(3.16)	(3.61)
	Loss/ (Gain) on sale of Property, Plant & Equipment(Net) Operating Profit before working capital changes	(1,101.18) - 8,371.29	(935.89) (0.19) 6,251.23
	Movements in workingcapital: (Increase) / Decrease in Inventories (Increase) / Decrease in trade receivable (Increase) / Decrease in other assets Increase / (Decrease)in trade payables Increase / (Decrease)in other liabilities Increase / (Decrease) in provisions Cash generated from operations: Direct taxespaid (net) Net cash generated/(used) from operatingactivities (A)	(4,090.83) (2,329.14) (3,837.53) 1,047.73 1,544.70 39.12 745.34 (3,225.29) (2,479.95)	(2,016.07) (2,323.51) (3,409.19) (356.24) 3,679.33 (13.17) 1,812.38 (2,399.47) (587.09)
B	Cash flows from investing activities
	Paymentfor Property, Plant and Equipment (PPE), Intangible assets & CWIP Proceeds from sale of Property, Plant and Equipment (PPE) (Purchase)/Proceeds onsale ofcurrent investments (Net) Purchase ofterm deposits (Net) Loan given to Subsidiary Dividend received	(663.63) 0.18 - 8,288.64 (193.59)	(2,525.52) 0.52 1,376.86 4,401.58 (214.03)
	Interest received	3.16	3.61
	Net cash generated/(used)in Investing activities (B)	1,101.18 8,535.94	973.75 4,016.77
C	Cash flow from financing activities :
	Proceeds from/ (Repayment) of non-current borrowings Proceeds from/ (Repayment) of current borrowings Dividend anddividendtax paid Interest paid Net cash generated/(used)in Financing activities (Cc)	(89.16) 4,541.43 - (304.79) 4,147.48	(110.65) 486.33 (2,170.00) (144.65) (1,938.97)
	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS[(A) + (B) + (c)] Add: Cash and cash equivalents asat beginning ofthe period Cash and Cash Equivalentsas at the end oftheperiod	10,203.47 3,504.68 13,708.15	1,490.71 6,273.89 7,764.60

ofNote Cash: TheFlows.above Statement of cash flows has been prepared under the ‘Indirect method! as set out in the Ind AS - 7 Statement

For and on behalf ofthe Board ofDirectors

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/OICNED FOR
IDENTIFICATION
BY
caterratratadbhaiS-Patet—Managing Director & CEO j |oyva G 2 f= 7
DIN: 00037633 ,
Ahmedabad, October 22, 2019
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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 Auditor's Review Report on the Quarterly and Year to Date unaudited consolidated financial results of PSP Projects Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors of

PSP Projects Limited

• Wehave reviewed the accompanying statement of unaudited consolidated financial results of PSP Projects Limited (the ‘Parent’) and its subsidiaries (the Parent and its subsidiaries together referred to as the ‘Group’), and its share of net profit after tax and total comprehensive income of its joint venture for the quarter ended September 30, 2019, and year to date from April 1, 2019, to September 30, 2019 (the ‘Statement’), attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the ‘Listing Regulations’).

• This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles[laid] down in

• Indian Accounting Standard 34, (Ind AS 34) ‘Interim Financial Reporting’ prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted[in] India. Our responsibility is to express a conclusion on the Statement based on our review.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we could become aware ofall significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion

Wealso performed procedures in accordance with Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019, issued by the Securities and Exchange Board ofIndia under Regulation 33(8) of the Listing Regulations, to the extent applicable.

The Statement includes the results of the following entities:

ement includes the results ofthe followingentities:
Nameofthe Entity	Relationship
PSP Projects & Proactive Constructions Private Limited	Subsidiary
PSP ProjectsInc. GDCL & PSP Joint Venture	Wholly Owned Foreign Subsidiary Joint Venture

Based on our review conducted and procedures performedas stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles[laid] down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in whichit is to be disclosed, or thatit

f Te,

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KUL 0 Las[at] Sef Cre c Ae

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

lakh and Rs. 41.87 lakh, and total comprehensive loss of 23.61 lakh and Rs. 41.87 lakh for the quarter ended September 30, 2019, and for the period for April 1, 2019, to September 30, 2019, respectively and net cash outflows of Rs. 2.07 lakh for the period from April 1, 2019, to September 30, 2019, as considered in the Statement, and other financial information which reflects Group's share of net profit after tax of Rs. 55.47 lakh and Rs. 47.17 lakh, and total comprehensive income of Rs. 55.47 lakh and Rs. 47.17 lakh for the quarter ended September 30, 2019, and for the period from April 1, 2019, to September 30, 2019, respectively as consideredin the Statement, in respect of one joint venture, whose interim financial results and other financial information have not been reviewed by us. These interim financial results and other financial information have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion 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 the other auditors and the procedures performed byus as stated

in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matters.

• The Statement includes the interim financial results and other financial information of one subsidiary which have not been reviewed by their auditors, whose interim financial results reflect total revenues of Rs. 46.97 lakh and Rs. 87.74 lakh, total net loss after tax of Rs. 2.41 lakh and Rs. 8.56 lakh and total comprehensive loss of Rs. 2.41 lakh and Rs. 8.56 lakh for the quarter ended September 30, 2019, and for the period from April 1, 2019, to September 30, 2019, respectively and net cash outflows of Rs. 40.16 lakh for the period from April 1, 2019, to September 30, 2019, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matters.

• Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended September 30, 2018, and year to date from April 1, 2018, to September 30, 2018, and the statement of cash flows for the corresponding period from April 01, 2018, to September 30, 2018, as reported in the Statement, have been approved by the Parent's Board of Directors, but have not been subjected to review. Our conclusion on the Statement is not modified in respect of the above matters.

For Kantilal Patel & Co.

Chartered Accountants ICAI Firm registration number:104744W

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Membership [No.:] 153599 + (River Poona
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UDIN: 19153599AAAAFZ7520

For Riddhi P. Sheth & Co. Chartered Accountants

ICAI Firm registration number:140190W

RCH

Riddhi P. Sheth

Proprietor Membership[No.:] 159123 Place : Ahmedabad Date : October 22, 2019

UDIN: 19159123AAAAAW3366

INO.: 159123\0\ FRN:[140190"] AHMEDABAD, |

PSP Projects Limited Registered Office : PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad- 380 058 CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2019 (Rs. in Lakhs) Sr Quarter ended Half year ended Year ended No. Particulars 30.09.2019 30.06.2019 30.09.2018 30.09.2019 30.09.2018 31.03.2019 ; (Unaudited) (Unaudited) | (Unaudited) | (Unaudited) (Unaudited) (Audited) 1 [Income Revenue from Operations 31,211.32 30,768.27 21,206.14 61,979.59 45,028.18 1,05,040.66 Other Income 713.11 464.23 573.93 1,177.34 1,157.04 2,283.92 Total Income 31,924.43 31,232.50} 21,780.07 63,156.93 46,185.22 1,07,324.58 2 {Expenses Cost of Materials Consumed 12,364.41 11,522.29 8,572.60 23,886.70 19,536.35 43,369.90 Changesin Inventories of Work-in-Progress (2,741.49) (36.29)} (1,262.98)} (2,777.78) (357.85) (1,791.48) Construction Expenses 15,526.46 13,257.25 9,695.04} 28,783.71 17,092.06 43,272.51 Employee Benefits Expense 1,461.74 1,379.84 1,078.64 2,841.58 2,078.96 4,321.26 Finance Costs 377.28 286.28 239.87 663.56 400.10 967.39 Depreciation and Amortisation Expense 620.96 588.43 580.36 1,209.39 1,064.58 2,430.17 Other Expenses 319.42 341.87 237.20 661.29 451.16 1,012.33 Total Expenses 27,928.78 27,339.67 19,140.73 55,268.45 40,265.36 93,582.08 3 |Profit Before Tax (1 - 2) 3,995.65 3,892.83 2,639.34 7,888.48 5,919.86 13,742.50 4 {Tax Expenses Current Tax 659.77 1,449.25 1,071.02 2,109.02 2,232.48 5,143.15 (Excess)/Short provision for current tax of earlier years - - - - - (313.44) Deferred Tax 89.70 (84.48) (160.41) 5.22 (148.21) (8.22) Total Tax Expenses 749.47 1,364.77 910.61 2,114.24 2,084.27 4,821.49 5 |Profit for the Period (3 - 4) 3,246.18 2,528.06 1,728.73 5,774.24 3,835.59 8,921.01 6 |Other Comprehensive Income (OCI) (i) Items that will not be reclassified to Profit or Loss - Remeasurement expenses of Defined benefit plans (net of tax) (0.52) (0.52) 4.41 (1.04) 4.41 (2.10) (ii) Items that will be reclassified to Profit or Loss - Exchange difference arising on translation of foreign subsidiary (net of 0.96 0.32 4.31 1.27 3.74 (2.13) tax) Total Other Comprehensive Income for the Period 0.44 (0.20) 8.72 0.23 8.15 (4.23) 7 |Total Comprehensive Income for the Period (5 + 6) 3,246.62 2,527.86 1,737.45 5,774.47 3,843.73 8,916.78 Profit for the year attributable to: - Ownersof the company 3,252.32 2,532.81 1,734.38 5,785.13 3,841.14 8,943.20 - Non-controlling Interest (6.14) (4.75) (5.65) (10.89) (5.55) (22.19) Other comprehensive income for the year attributable to: - Owners of the company 0.44 (0.20) 8.72 0.23 8.15 (4.23) - Non-controlling Interest - - - - - - Total comprehensive income for the year attributable to: - Owners of the company 3,252.75 2,532.60 1,743.10 5,785.36 3,849.29 8,938.97 - Non-controlling Interest (6.14) (4.75) (5.65) (10.89) (5.55) (22.19) 8 |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 3,600.00 9 |Other Equity excluding Revaluation Reservesas at 31st March, 2019 * - - 33,330.71 10 Earnings[Per] Share of Rs 10/- each (in Rs.) (Not Annualised[}] (Basic) 9.03 7.04 5.85 16.07 10.67 24.84 (Diluted) 9.03 7.04 5.85 16.07 10.67 24,84 SIGNEDi FOR IDENTIFICATION BY S“Dh/ y, 22°ry > \ 0 fis kG KANTILAL PATEL & CO.

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com Notes: The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the companyin their respective meetings[held] on October 22, 2019.

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 consolidated financial results for the quarter ended September 30, 2018 were not subjected to ‘limited review' by the Joint Statutory Auditors of the company and are prepared by the management. The Companyis primarily engaged in construction / project activities and accordingly this is the only primary reportable segment as per Ind AS 108 — Operating Segment.

With effect from April 1, 2019, the Group has adopted Ind AS 116 — Leases using the

modified retrospective approach. The adoption of this standard does not have any material impact on[these] financial results. The Company reports consolidated financial results on quarterly basis as per Regulation 33

of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, The specified items of the standalone financial results of the Company for the quarter September, 2019 are given below: (Rs. in Lakhs) Quarter ended Half year ended Year ended Particulars 30.09.2019 30.06.2019 30.09.2018 30.09.2019 30.09.2018 31.03.2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) from Revenue continuing operations 5,952.09 30,727.34 20,994.88 61,979.43 44,466.78 1,04,401.25

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continuing operations ee 3,923.13 2,674.87 7,946.66 5,956.03 13,853.34

Netcontinuingprofitoperationsafter tax from| 559990 aseza7 1,755.89 5,824.67 3,864.34 9,023.62 Net profit after tax from discontinued operations . 7 _ ; - 7 Other Comprehensive

Inconel tical tebe tad (0.52) (0.52) 29.94 (1.04) 4.41 (2.10) Income 3,271.68 2,551.95 1,785.83 5,823.63 3,868.75 9,021.52 Figures relating to previous quarter/ half year have been regrouped / rearranged, whenever necessary[to][make][them] comparable to current period’s figures.

In line with the requirements of Regulation 33 and 52 (4) of Listing Regulations, the results a

for the quarter ended June 30, 2019 are available on the website of BSE Limited (URL: Eoin |[SIGNED][FOR][ IDENTIFICATION] BY ea wh 1

IPaiskG 22" lis etueaecceneeeitent

KANTILAL PATFI & en

9 Unaudited Consolidated Balance sheet as at September 30, 2019

					(Rs. in Lakhs)
				As at	Asat
	Particulars			Sept 30, 2019	March 31, 2019
				(Unaudited)	(Audited)
ASSETS
(1)	Non current Assets
	(a) Property, Plant and Equipment			9,878.50	10,214.79
	(b) Capital Work-In-Progress			94.80	-
	(c) Other Intangible Assets			107.06	103.65
	(d) Financial Assets
	(i) Investments			65.68	65.68
	(ii) Loans			2,508.96	2,282.31
	(iii) Other Financial Assets			10,002.71	5,887.95
	(e) Deferred Tax Asset (Net)			585.58	592.13
	(f) Other Non Current Assets			43.87	211.77
	Total Non-Current Assets			23,287.16	19,358.28
(2)	Current Assets
	(a) Inventories			11,591.00	7,500.17
	(b) Financial Assets
	(i) Trade receivables			17,178.71	14,788.52
	(ii) Cash and cash equivalents			13,716.41	3,554.82
	{iii) Bank Balances other than (ii) above			8,476.71	18,665.61
	(iv) Loans			1,123.55	1,078.28
	(v) Other Financial Assets			6,719.63	5,576.34
	(c) Other Current Assets			3,671.49	2,883.46
	(d) Current Tax Assets (Net)			180.45	102.69
	Total Current Assets Total Assets			62,657.95 85,945.11	54,149.89 73,508.17
EQUITY AND LIABILITIES
(1)	Equity
	(a) Equity Share Capital			3,600.00	3,600.00
	(b) Other Equity			36,943.25	33,330.71
	Equity attributable to owners of Holding	Company		40,543.25	36,930.71
	Non- Controlling Interest			74.48	85.37
	Total Equity			40,617.73	37,016.08
	LIABILITIES
(2)	Non-Currentliabilities
	(a) FinancialLiabilities
	{i) Borrowings			21.78	40.87
	Total Non-CurrentLiabilities			21.78	40.87
(3)	Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings			7,507.68	2,938.27
	(ii) Trade Payables
	- Total outstanding dues of micro enterprises and
	small enterprises - Total outstanding duesofcreditors other than			490.48	75.23
	micro enterprises and small enterprises			16,931.51	15,838.86
	(iii) Other Financial Liabilities			3,331.38	1,172.27
	(b) Other CurrentLiabilities			16,952.96	15,339.17
	(c) Provisions			91.59	47.45
(d) Current Tax Liabilities (Net) Total Current Liabilities alLiabilities (SIG JEDFOR Equity and Liabilities		IUEN	jir	- 45,305.60 VATION B¥#B.327.38 85,945.11	1,039.97 24512s JE 36,492(08/" / 73,508.17 2-—

CO.

10 Unaudited Consolidated Statement of Cash Flowsfor the half year ended on September 30, 2019

10	Unaudited Consolidated Statement ofCa	sh Flowsfor the halfyear ende	d on September30, 2	019
				(Rs. in Lakhs)
	Ene		Halfyearendedon Sept 30, 2019	Halfyear ended on Sept 30, 2018
A	Cashflowfrom operating activities
	Profit before tax		7,888.26	5,923.70
	Adjustmentsfor: Finance costs		319.98	173.94
	Depreciation and amortisation expense		1,209.39	1,064.58
	Expected credit loss allowance		15.00	30.00
	Dividend		(3.16)	(3.61)
	Interest Income		(988.16)	(926.23)
	Loss/ (Gain) on sale of Property, Plant & Equipment (Net)		0.00	(0.23)
	Operating Profit before working capital changes		8,441.31	6,262.15
	Movementsin working capital:
	(Increase) / Decreasein Inventories (Increase) / Decreaseintrade receivable		(4,090.83) (2,405.19)	(1,996.19) (2,117.33)
	(Increase) / Decrease in other assets		(3,972.18)	(3,325.18)
	Increase / (Decrease)in trade payables		1,048.14	(554.21)
	Increase / (Decrease)in other liabilities		1,545.73	3,536.38
	Increase / (Decrease) in provisions		43.10	(9.56)
	Cash generated from operations:		610.08	1,796.06
	Direct taxes paid (net)		(3,225.29)	(2,426.24)
	Net cash generated/(used) from operating activities (A)		(2,615.21)	(630.18)
B	Cash flows from investing activities
	Paymentfor Property, Plant and Equipment (PPE), Intangible assets & CWIP		(663.63)	(2,526.11)
	Proceedsfrom sale of Property, Plant and Equipment(PPE)		0.20	80.86
	(Purchase)/Proceeds onsale ofcurrent investments (Net)		-	1,376.86
	Purchase of term deposits (Net)		8,288.64	4,401.58
	Dividend received		3.16	3.61
	Interest received		988.16	964.09
	Net cash generated/(used)in Investing activities (B)		8,616.53	4,300.89
C	Cash flow from financing activities :
	Proceeds from/ (Repayment) of non-current	borrowings	(89.16)	(110.65)
	Proceeds from/ (Repayment) of current borrowings		4,569.41	268.73
	Dividend anddividend tax paid		-	(2,170.00)
	Interest paid		(319.98)	(173.94)
	Net cash generated/(used)in Financingactivities (C)		4,160.27	(2,185.86)
	NET INCREASE/(DECREASE) IN CASH AND CASH Add: Cash andcash equivalents asat beginning	EQUIVALENTS[(A) + (B) + (C)] of the period	10,161.59 3,554.82	1,484.85 6,290.42
	Cash and Cash Equivalents asat theend ofthe	period	13,716.41	7,775.27

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.

| SIGNED FOR IDENTIFICATIONNBY] svatChairman, Managing Director & CEO | LG 22'% DIN: 00037633 KANTILAL PATEL & CO, Ahmedabad, October 22, 2019