PSP Projects Limited — Interim / Quarterly Report 2021

Aug 5, 2020

® _] T psp | ses ® gud PSP Projects Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company Ref No: PSPPROJECT/SE/31/20-21 August 5, 2020 CorporateBSE Limited[Relations] Department ListingNationalDepartmentStock Exchangeof India; Limited Floor 25, P.J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai- 400001 Bandra (East), Mumbai- 400 051 Scrip code: 540544 Scrip Symbol: PSPPROJECT Dear Sir/Madam, Subject: Outcomeof Board meeting Pursuantto Regulation 30, 33 and other related regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with reference to the captioned subject, we hereby[inform] that[in] the board meeting held todayi.e. August 5, 2020, besides other subjects, the following itemsof business were transacted bythe 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 ended June 30, 2020. 2. Approved re-appointment of Rohit S. Dudhela, (COP: 7396) Practicing Company Secretaries,[Anmedabad] asthe Secretarial Auditor of the company for thefinancial year 2020-21. 3. Approved re-appointment of[Ms.] Pooja P. Patel (DIN: 07168083) as the Whole-time Director designated as Executive Director of the company for further term of five years * effective from September1, 2020, subject to the approval of the membersofthe company at the ensuing 12" Annual General Meeting of the company. 4.[The][Twelfth] (12")[Annual][General] Meeting[of] the membersof the companyis scheduled ‘to be held on Friday, September 18, 2020 through Video Conferencing/Other Audio Visual means. 5. Approved constitution of Risk Management committee of the company, comprising of the following directors: Sr.no. Name[of] Director Category of Director Designation in the _ ~_committee 1. Mr. Prahaladbhai S. Patel Chairman, Managing Chairman Director & CEO 2. Mr. Sagar P. Patel Executive Director Member 3. Mrs. ZaranaP. Patel Non-Executive Member Independent Director 4. Mr. Chirag N. Shah Non-Executive Member Independent Director ‘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

® — PSP | PSP Projectspale?Ltd.foot ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company 6. Reviewed and amended the Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons[and] immediate[relatives][of] Designated[Persons.] 7. Mrs. Shilpaben P. Patel, Whole-time Director of the company tendered her resignation from the directorship of the company citing personal reasons with effect from close of business hours of August 5, 2020 and the samehas been accepted bythe board. 8. Approved re-constitution of the Corporate[Social] Responsibility (CSR) committee by inducting[Ms.] Pooja[P.] Patel,[Executive] Director of the companyin place of[Mrs.] Shilpaben P. Patel who tendered her resignation from the directorship of the company. Post reconstitution, the composition of the CSR committee is as underSr.no. Nameof Director Category of Director Designation in the committee 1. Mr. Sandeep H. Shah Non-Executive Chairperson Independent Director a: Ms. PoojaP.Patel Executive Director Member 3. Mr. Prahaladbhai S. Patel Chairman, Managing Member Director & CEO The board meeting commenced at 11:00 A.M. and concluded at 12:30 P.M. Weare enclosing herewith the financial results for your information and record. The same will be.made available on the Company’s website: www.pspprojects.com. Kindly take the aboveon your record. Thanking You, For PSPProjectsA Limited ( i DeChristachary Encl: As above. ‘PSP House’, Opp. Celesta Courtyard, Opp. Lane[of] Vikramnagar Colony, ISCON -[Ambali] Road, Anmedabad-380 058. Phone : 079 - 2693 6200, 2693 6300, 2693[6400] Fax No.[:] 079 - 2693 6500 | Email : info@pspprojects.com | URL : www.pspprojects.com CIN : L45201GJ2008PLC054868 |

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

RiddhiP. 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 Unaudited Standalone Financial Results of the Company pursuantto the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To

The Board of Directors 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 June 30, 2020 (the ‘Statement’, attachedRegulation herewith,33 of thebeingSEBI submitted(Listing Obligationsby the Companyand DisclosurepursuantRequirements)to the requirementRegulations,of 2015, as amended (the ‘Listing Regulations’).

• theThis Company'sStatement, Boardwhich ofisDirectors,the responsibilityhas beenofpreparedthe Company'sin accordanceManagementwith theandrecognitionapprovedandby measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34), ‘Interim

• acceptedFinancialread withReporting’,in relevantIndia. OurprescribedrulesresponsibilityissuedunderthereunderisSectionto express133andaof otherconclusionthe Companiesaccountingon theAct,Statementprinciples2013, as amended,basedgenerallyon 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 ofIndia.

• toThiswhetherstandardtherequiresStatementthat weis freeplan ofandmaterialperform misstatement.the review to obtainA reviewmoderateof interimassurancefinancialas information consists of making inquiries, primarily of persons responsible for financial and

• accounting matters, and applying analytical and other review procedures. A review is andsubstantiallyconsequentlyless indoesscopenotthanenablean auditusto conductedobtain assurancein accordancethat we withcouldStandardsbecome onawareAuditingofall auditsignificantopinion.matters that might be identified in an audit. Accordingly, we do not express an

• toBasedbelieveon ourthat reviewthe accompanyingconducted as Statement,above, nothingpreparedhas comein accordanceto our attentionwith thethat causes us and measurement principles laid down in the applicable Indian Accounting Standardsrecognition(‘Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rulesdisclosedissuedthethereunderinformationandrequiredother accountingto be disclosed principlesin termsgenerallyof Regulationacceptedin33 India,of the hasListingnot Regulations, including the manner in which it is to be disclosed, or that it contains

• VL[PA] aterial misstatement. any

• SALONS *° (AHMEDABAD) * } Afa

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

1. We draw attention to Note 2 to the Statement, which describes the management's assessment of the impact of the outbreak of COVID-19 on the business Operations of the Company. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periods is highly dependent upon circumstances as they evolve.

Our conclusionis not modified in respect of this matter.

For Kantilal Patel & Co.

Chartered Accountants

ICAI Firm registration number: 104744W

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

Jinal A. Patel .[PA][ TEN] Riddhia. ReLH P. Partner eS[] Membership[No.:] 153599 embership Place: Ahmedabad ay ics Place: Date: August 5, 2020 peesRED acc Date:

P. Sheth

embership[No.:] 159123

Place: Ahmedabad

Date: August 5, 2020

UDIN: 20153599AAAAGT4342

UDIN: 20159123AAAAAN6837

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 Standalone Financial Results for the period ended June 30, 2020

	Sta	tementof unaudited Standa	loneFinancial Results	forthe period ended Ju	ne 30, 2020
						(Rs. in Lakhs)
Sr. No.	Particulars		30.06.2020 (Unaudited)	Quarter ended 31.03.2020 (Note 4)	30.06.2019 (Unaudited)	Year Ended 31.03.2020 (Audited)
				(Unaudited)
1		Income
	Revenue from Operations Other Income Total Income		10,689.18 479.04 11,168.22	45,639.70 741.03 46,380.73	30,727.34 518.96 31,246.30	1,49,925.77 2,477.53 1,52,403.30
2		Expenses
	Cost of Materials Consumed Changesin Inventories of Work-in-Progress		3,591.34 (351.75)	14,773.76 802.16	11,523.18 (36.29)	52,665.93 839.41
	Construction Expenses Employee Benefits Expense Finance Costs Depreciation and Amortisation Expense Other Expenses Total Expenses		6,138.38 969.76 289.19 616.58 zi57 11,465.07	23,017.90 1,582.04 417.02 761.64 412.00 41,766.52	13,255.96 1,378.73 278.51 588.33 337.75 27,323.17	70,042.26 5,944.04 1,463.80 2,669.17 1,336.50 1,34,961.11
3		Profit/(Loss) Before Tax (1 - 2)		(296.85)	4,614.21	3,923.13
4		Tax Expenses
	Current Tax Deferred Tax		- (75.04)	1,270.77 (83.16)	1,449.25 (78.59)	4,608.22 (92.06)
	Total Tax Expenses		(75.04)	1,187.61	1,370.66	4,516.16
5		Profit/(Loss) forthe Period (3 - 4)		(221.81)	3,426.60	2,552.47
6		Other Comprehensive Income/(Loss)	(OCI)
	(i) Items that will not be reclassified to	Profit or Loss
	- Remeasurement expensesof Defined benefit plans (net of tax) Total Other Comprehensive Income/ (Loss) forthe Period		(3.26) (3.26)	(11.58) (11.58)	(0.52) (0.52)	(13.14) (13.14)
	Total Comprehensive Income/(Loss) for the Period (5 + 6)		(225.07)	3,415.02	2,551.95	12,912.89
	Paid-up Equity Share Capital - Face Value Rs 10/- each		3,600.00	3,600.00	3,600.00	3,600.00
	Other Equity excluding Revaluation Reserves as at 31st March, 2020		-	-	-	42,111.01
10		Earnings Per Share of Rs 10/- each(in (Basic)	Rs.) (Not Annualised)	(0.62)	9.52	7.09
	(Diluted)		(0.62)	9.52	7.09	35.91
	(See accompanying notes to the Financial Results

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| [SIGNED] [FOR] IDENTIFICATION BY
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_KANTILAL PATEL 8.c0.
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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

	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.
	The abovefinancial results ofthe Company havebeen reviewed by the Audit Committee and approved by the Board ofDirectors ofthe Companyin their respective meetings held on August 5, 2020. The financial results are prepared in accordance with the Indian Accounting Standards (“Ind AS”), as applicable and guidelines issued by the Securities and Exchange BoardofIndia (“SEBI”). The Ind AS are prescribed undersection 133ofthe Act read with Rule 3 ofthe Companies(Indian Accounting Standards) Rules, 2015, and the Companies(Indian Accounting Standards) (Amendment) Rules, 2016. The lockdownimposedto contain the spread of COVID 19 Pandemic have adversely affected Company’s operations andfinancial results for the quarter ended June 30, 2020. The operations have gradually resumed since June 20, with requisite precautions with limited availability of workforce and disrupted supply chain. The results for the quarter are therefore not comparable with those for the previous quarter.
	The Company has madeassessment of recoverability ofthe Company’s assets such as Trade receivables, unbilled revenue, and Inventories, using reasonability available information, estimates and judgements and has concluded that there are no material adjustments required in the interim financial results. However, the impact assessment of COVID-19 is a continuous process, giventhe uncertainties associated with its duration and nature. The impact thereof might be different from that estimated asat the date of approval of these financial results. The Company will continue to closely monitor changes to future economic conditions.
	The Companyis primarily engaged in one business segment viz. construction/project activities, as determinedby the chief decision makerin accordance with Ind AS 108, Operating Segments. The figures for the quarter ended March 31, 2020are the balancing figures between audited figures in respectofthe full financial year up to March 31, 2020 and unaudited published year-to-date figures up to December31, 2019, being the date ofthe end ofthe third quarterof the financial year which were subjected to limited review.
	Previous period figures have been regrouped/rearranged, wherever necessary, to correspondto current period’s presentation.

For and on behalf of the Board

(Prgh el) ray Chairman, Managing Director[&][CEO] DIN : 00037633

Ahmedabad, August 5, 2020

Sama es D FOR IDENTIFICATION BY] BPG Se | |___KANTILAL PATEL g CO.

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 Unaudited Consolidated Financial Results of the Company pursuantto the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To

The Board of Directors of PSP Projects Limited.

1. We have reviewed the accompanying statement of unaudited consolidated financial results of PSP Projects Limited (the ‘Holding Company’) andits subsidiaries (the Holding Company and its subsidiaries together referred to as the ‘Group’) andits joint venture for the quarter ended June 30, 2020 (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’).

2. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding 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.

1. 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 ofIndia. 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 usto obtain assurance that we could become aware ofall

auditsignificantopinion.matters that might be identified in an audit. Accordingly, we do not express an

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 ofIndia under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

1. The Statement includes the interim financial results of the following entities

List of Subsidiaries

• PSP Projects & Proactive Constructions Private Limited

• PSP Projects Inc.

Joint Venture

—

GDCL and PSP Joint Venture

Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph[7] below, nothing has cometo our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles[laid][down] in the aforesaid 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 accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the mannerin[which] it is to be disclosed, or that it contains any material misstatement.

1. We draw attention to Note 2 to the Statement, which describes the Holding Company's Management's assessment of the impact of the outbreak of COVID-19 on the business Operations of the Group. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periodsis highly dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.

2. The Statement includes the unaudited interim financial results and other unaudited financial information of:

3. (a) 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information reflects total revenue (before consolidation adjustments) of INR 25.97 lakh and total net loss after tax (before consolidation adjustments) of INR 25.10 lakh and total comprehensive loss (before consolidation adjustments) of INR 25.10 for the quarter ended June 30, 2020, as considered in the Statement, which has been reviewed by[its] independent auditor.

4. (b) 1 (one) joint venture, whose unaudited interim financial results and other unaudited financial information include the Group's share of net profit of INR 3.71 lakh for the quarter ended June 30, 2020 as considered in the Statement, which has been reviewed by its independent auditor.

The independent auditor's report on the unaudited interim financial results and other unaudited financial information of these entities have been furnished to us by the

Management of the Holding Company and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on

Ne report of such auditors and the procedures performed byus areas stated in para ove.

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

1. The Statement includes the unaudited interim financial results and other unaudited financial information of 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information reflects total total revenue (before consolidation adjustments)[of][INR][61.64][lakh,] total net loss after tax (before consolidation adjustments) of INR 104.00 lakh, total comprehensive loss (before consolidation adjustments) of INR 104 lakh for the quarter ended June 30, 2020, as considered in the Statement. These unaudited interim financial results and other unaudited financial information has been approved and furnished to us by the Management of the Holding Company and our conclusion on the Statement, in so[far] as[it] relates to the amounts and disclosures included[in] respect of this entity, is based solely on such unaudited interim financial results and other unaudited financial information.

2. According to the information and explanations given to us by the Managementof the Holding Company, the unaudited interim financial results and other unaudited financial information referred to in paragraphs 6 and 7 aboveare not material to the Group. Our conclusion on the Statement is not modified in respect of the above matters with respect to our[reliance] on the work done and the reports of the other auditors and the unaudited interim financial results and other unaudited financial information certified by the Management of the Holding Company.

For Kantilal Patel & Co.

Chartered Accountants

ICAI Firm registration number: 104744W

peefies GPRD, Jinal[A.] Patel CSS[O] Partner S¢( Usmanpura ) 7 Front) )[] Membership[No.:][153599] SO380ve380 0 1318 2S, Place: Ahmedabad Date: August 5, 2020 SpeeREDnoes “§

UDIN: 20153599AAAAGU2839

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

ROU

Riddhi P. Sheth

Proprietor Membership[No.:] 159123

Place: Ahmedabad

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HMEDABAD
»
&S
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Date: August 5, 2020

UDIN: 20159123AAAAA06613

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com Statementof Unaudited Consolidated Financial Results for the period ended June 30, 2020 (Rs. in Lakhs) Sr. Quarter ended year[Ended] No. Particulars 30.06.2020 31.03.2020 30.06.2019 31.03.2020 (Unaudited) (Note 4) (Unaudited) (Audited) (Unaudited) 1 |Income

RevenueOther Income from Operations 10,689.18 45,639.70 30,768.27 1,49,925.93 Total Income 487.18 748.48 464.23 2,416.63 11,176.36 46,388.18 31,232.50 1,52,342.56 2 |Expenses

Cost of Materials Consumed

Changesin Inventories of Work-in-Progress 3,591.34(351.75) 14,773.76802.16 11,522.29(36.29) 52,665.93839.41 FinanceEmployeeConstructionCostsBenefitsExpensesExpense 6,138.38970.10 23,017.411,583.43 13,257.251,379.84 70,044.685,948.66 TotalOtherDepreciationExpensesExpensesand Amortisation Expense 211.74298.71616.58 427.37368.76761.71 588.43330.92286.28 1,344.082,669.551,505.58 11,475.10 41,734.60 27,328.72 1,35,017.89

3 |Profit/(Loss) Before Tax & shareofprofit / (loss) from Joint Venture (1-2) (298.74) 4,653.58 3,903.78 17,324.67 4 |Tax Expenses DeferredCurrent TaxTax - 1,270.77 1,449.25 4,608.22 (46.12) (81.60) (84.48) (103.73) Total Tax Expenses (46.12) 1,189.17 1,364.77 4,504.49 5 Venture|Profit/(Loss)(3 - 4)for the Period Before share ofprofit / (loss) from Joint (252.62) 3,464.41 2,539.01 12,820.18 6 |Shareof profit / (loss) from Joint Venture (Net) (98.33) (55.24) (10.95) 10.74 7 |Net profit/(Loss) after tax and sharein profit/(loss) of Joint ventures (350.95) 3,409.17 2,528.06 12,830.92 8 |Other Comprehensive Income (Loss) (OC!)

(i) tems that will not be reclassified/ to Profit or Loss tax)(ii)-~ ExchangeItemsRemeasurement thatdifferencewill be expensesreclassifiedarising ofonto[Defined] translationProfit benefitor Lossof foreignplans (netsubsidiaryoftax) (net of (0.10)(3.26) (11.58)(1.69) (0.52)0.32 (13.14)7 Total Other Comprehensive Income/ (Loss) for the Period (3.36) (13.27) (0.20) (13.14) 9 |Total Comprehensive Income/(Loss) for the Period (7+8) (354.31) 3,395.90 2,527.86 12,817.78 Profit/(Loss) for the year attributable to: --OtherOwnersNon-controllingcomprehensiveof the companyInterestincome/(Loss) for the year attributable to: (344.42)(6.53) 3,410.28(1.11) 2,532.81(4.75)12,847.61(16.69) Total-OwnersNon-controllingcomprehensiveof the companyInterestincome/(Loss) for the year attributable to: (3.36)(13:27)(0.20)(13.14)-

-- OwnersNon-controllingof the companyInterest (347.78)(6.53) 3,397.01(1.11) 2,532.61(4.75) 12,834.47(16.69) 10 |Paid-up Equity Share Capital - Face Value Rs 10/- each 3,600.00 3,600.00 3,600.00 3,600.00

11 Other Equity excluding Revaluation Reserves 2 = 41,818.16 12 |Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised (Basic)(Diluted) ) (0.96) 9.48 7.04 35.69

(0.96) 9.48 7.04 35.69 (see accompanying notes to the Financial Results) =D FC D FOR IDENTIFICATION | BY] | R&B So f= KANTILAL PATEL & CO.

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

Note

The above consolidated financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held August 5, 2020.

The consolidated financial results are prepared in accordance with the Indian Accounting Standards (“Ind AS”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The said financial results represent the results of PSP Projects Limited (“the Company”), its subsidiaries (together referred to as “the Group” and its share in results of joint ventures which have been prepared in accordance with Ind-AS 110 — “Consolidated Financial Statement” and Ind AS 28 — “Investment in

Associates and Joint Ventures”).

The spread of COVID 19 Pandemic have adversely affected Group’s operations and financial results for the quarter ended June 30, 2020. The Group operations have gradually resumed since June 20, with requisite precautions with limited availability of workforce and disrupted supply chain. The results for the quarter are therefore not comparable with those for the

previous quarter.

The Group has made assessment of recoverability of the Group’s assets such as Trade receivables, unbilled revenue, and Inventories, using reasonability available information, estimates and judgements and has concluded that there are no material adjustments required[in] the interim financial results. However, the impact assessment of COVID-19 is a continuous process, given the uncertainties associated with its duration and nature. The impact thereof might be different from that estimated as at the date of approval of these financial results. The Group will continue to closely monitor changes to future economic conditions.

The Group is primarily engaged in one business segment viz. construction/project activities, as determined by the chief decision maker in accordance with Ind AS 108, Operating Segments. Further, the operations of the Company is predominately domiciled in India and therefore there are no reportable geographical segment. The figures for the quarter ended March 31, 2020are the balancing figures between audited figures[in] respect of the full financial year up to March 31, 2020 and unaudited published year-to-date figures up to December 31, 2019, being the date of the end ofthe third quarter of the financial year which were subjected to limited review. Previous period figures have been regrouped/rearranged, wherever necessary, to correspond to current period’s presentation. [[SIGNED][FOR] IDENTIFICATION BY ra || IP?26G i See 1 i KANTILAL PATEL & CO.

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

6 The standalone financial results of the Company for the quarter ended June 30, 2020 are available on the Company’s website (URL: www.pspprojects.com) Key Standalone financials information is given below:

Particulars Quarter ended Year Ended June 30, 2020 March 31, 2020 June 30, 2019 March 31, 2020 (Unaudited) (Note 4) (Unaudited) (Audited) (Unaudited) OtherTotalTotalNetProfit/(Loss) Profit/(Loss)IncomeComprehensiveComprehensivebefore taxIncome/(loss)Income/(loss) 11,168.22(225.07)(221.81)(296.85)(3.26) 46,380.733,415.023,426.604,614.21(11.58) 31,246.302,551.952,552.473,923.13(0.52) 1,52,403.3012,912.8912,926.0317,442.19(13.14) Chairman, ManagingDirector &CEO DIN : 00037633 Ahmedabad, August 5, 2020 SIGNED FOR | IDEN] IFiCATION BY]

KPA G 5[She] KANTILAL PATEL CO. @