PSP Projects Limited — Interim / Quarterly Report 2021

Nov 9, 2020

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

Certified Company

Corporate[Relations] Department BSE Limited. ° bo

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

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[in][the][board] meeting[held] today[i.e.][November][09,][2020,][besides] other ~~ subjects, 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,[2020.]

• 2.' Approved[and][recommended] to[the][members] of[the][Company] for[their][ approval][by] way ofa[“special][resolution,][the][alteration’][in][the][objects][clause][and] liability[clause][of][the] Memorandum[of] Association (“MOA”) of the Companyin conformity with the provisions

• Ae of the Companies Act, 2013.

‘

1. Approved to conduct[Postal][Ballot] process[for] approval[of][members][of][ the][company] for “. proposed[Resolution.]

The board commenced at 11:00[A.M.] and[concluded] 12:30[P.M.]

meeting at

Weare enclosing herewith the Limitedly Reviewed (Unaudited) (Standalone[&][ Consolidated)] financial[results] for the quarter[and][half] year[ended] September[30,][2020][for] your[information] and record. Further, the[intimation] about[“Amendments][to][memorandum][and] articles[of][ association] oflisted entity, in brief’ required under Regulation 30 read with Part A of the Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,[2015][will][be][shared] separately[once] it[is] approved by[the][Members.]

The samewill be made available on the Company’s website: www.pspprojects.com.

‘PSP House’, Opp. Celesta Courtyard, Opp. Lane[of] Vikramnagar Colony, ISCON - Ambali Road,[Ahmedabad-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 Projects Ltd.

ISO 9001 : 2015, 14001 : 2015, 45001 : 2018

ittali Christacharyee Company Secretary and Compliance Officer

Encl.: As above

x She

‘PSP House’, Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, ISCON -[Ambali] Road,[Ahmedabad-380] 058. Phone : 079 - 2693 6200, 2693 6300, 2693 6400 | Fax No.: 079 - 2693 6500 | Email : info@pspprojects.com | URL : www.pspprojects.com CIN : L45201GJ2008PLC054868

Kantilal Patel & Co.

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

Riddhi P. Sheth & Co. Chartered Accountants

9, Shyam Shivam Bungalows, Nr. Shikar Flats,

100ft. Ring Road, Satellite, Ahmedabad — 380 051. Tel: + 91 79 2676 3020

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company pursuant to the Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,as amended.

Review report to

The Board ofDirectors

PSP Projects Limited

1. We have reviewed the SEBIsubmitteddatePSP Projects(Listingfrom byAprilLimitedObligationsthe1, Company2020(theaccompanyingtoand‘Company’) pursuantSeptemberDisclosurefortostatement30,thethe2020quarterrequirementsof(theunauditedended‘Statement’),ofSeptemberRegulationsstandaloneattached30,financial332020herewith,andand52resultsyearofbeingthetoof Requirements) Regulations, 2015, as amended (the

‘Listing Regulations’).

1. FinancialtheThismeasurementCompany'sStatement,principlesBoardwhichofis Directors,laidthe responsibilitydownhasin beenIndianofpreparedtheAccountingCompany'sin accordanceStandardManagementwith34 (IndtheandASrecognitionapproved34), ‘Interimandby Reporting’, prescribed under Section 133 of the

Ourreadaccepted review.within relevantIndia. Ourrulesresponsibilityissued thereunderis to expressanda otherconclusionCompaniesaccountingon theAct,Statementprinciples2013, as amended,basedgenerallyon

1. We conducted our review of the Statement in accordance with the Standard on Review toThisEngagementsIndependentwhetherstandardtheAuditorrequires(SRE)Statementof2410,thattheweisEntity’‘Reviewfreeplan issuedofandofmaterialperformInterimby themisstatement.theInstituteFinancialreviewoftoInformationCharteredobtainA reviewmoderateAccountantsofPerformedinterimassurancefinancialofbyIndia.theas information consists of making inquiries, primarily of persons responsible for financial and auditandsubstantiallyaccountingsignificantconsequentlyopinion.mattersmatters,less[in] doesthatscopeandnotmightthanapplyingenablebean auditidentifiedus analyticalto conductedobtainin anandassuranceinaudit.otheraccordanceAccordingly,thatreviewwewithcouldprocedures.weStandardsbecomedo notAonawareexpressreviewAuditingofallanis

2. toBasedbelieveon ourthatreviewthe conducted as above, nothing has cometo our attention that causes us accompanying Statement, prepared in accordance with the

and measurement principles laid down in the aforesaid Indian Accounting Standardsrecognition(‘Ind AS') specified under Section 133 of the rules issued thereunder and other Companies Act, 2013, as amended, read with relevant disclosed the information required accountingto be disclosedprinciplesin termsgenerallyof Regulationaccepted 33in ofIndia,the hasListingnot Regulations, including the manner in which it is to be disclosed, or that it contains material misstatement. any

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 conclusion is not modified in respect of this matter.

For Kantilal Patel & Co.

Chartered Accountants

ICAI Firm registration number: 104744W

HO [tsb4

Jinal A. Patel

Partner

Membership[No.:] 153599 Place: Ahmedabad

Date: November 9, 2020 UDIN: 20153599AAAAJK5569

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

R.6. £de4l

Riddhi P. Sheth Coa

Proprietor (sy Membership[No.:] 159123 er

Place: Ahmedabad mi \e,

Date: November9, 2020

UDIN: 20159123AAAABB1552

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com

(i) Statement of unaudited Standalone Financial Results for the period ended September 30, 2020 (Rs. in Lakhs) 5 Quarter ended Half year ended Year Ended = Particulars 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020

. (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 |Income Revenue from Operations 24,308.56 10,689.18 31,252.09 34,997.74 61,979.43 1,49,925.77 Other Income 451.61 479.04 685.54 930.65 1,204.50 2,477.53 Total Income 24,760.17 11,168.22 31,937.63 35,928.39 63,183.93 1,52,403.30 2 {Expenses Cost of Materials Consumed 7,465.40 3,591.34] 12,363.52 11,056.74 23,886.70 52,665.93

Changesin Inventories of Work-in-Progress (390.39) (351.75) (2,741.49) (742.14) (2,777.78) 839.41 Construction Expenses 13,076.62 6,138.38] 15,525.62 19,215.00 28,781.58 70,042.26 Employee Benefits Expense 1,328.57 969.76 1,460.69 2,298.33 2,839.42 5,944.04 Finance Costs 423.28 289.19 366.68 712.47 642.19 1,463.80 Depreciation and Amortisation Expense 627.05 616.58 620.85 1,243.63 1,209.18 2,669.17 Other Expenses 375.94 211.57 318.23 587.51 655.98 1,336.50 Total Expenses 22,906.47 11,465.07 27,914.10 34,371.54 55,237.27 1,34,961.11

3 |Profit/(Loss) Before Tax (1 - 2) 1,853.70 (296.85) 4,023.53 1,556.85 7,946.66 17,442.19 4 |Tax Expenses Current Tax 445.34 - 659.77 445.34 2,109.02 4,608.22 Deferred Tax (32.07) (75.04) 91.56 (107.11) 12.97 (92.06) Total Tax Expenses 413.27 (75.04) 751.33 338.23 2,121.99 4,516.16

5 |Profit/(Loss) for the Period (3 - 4) 1,440.43 (221.81) 3,272.20 1,218.62 5,824.67 12,926.03 6 |Other Comprehensive Income/(Loss) (OCI)

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

• Remeasurement expenses of Defined benefit plans (net of (3.25) (3.26) (0.52) (6.51) (1.04) (13.14) tax) Total Other Comprehensive Income (Loss) for the Period (3.25) (3.26) (0.52) (6.51) (1.04) (13.14) / Total Comprehensive Income/(Loss) for the Period (5 + 6) 1,437.18 (225.07) 3,271.68 1,212.11 5,823.63 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 3,600.00 3,600.00 Other Equity excluding Revaluation Reserves as at March 31, - - - - - 42,111.01 2020 10 Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised (Basic) ) 4.01 (0.62) 9.09 3.39 16.18 35.91

(Diluted) 4.01 (0.62) 9.09 3.39 16.18 35.91 (See accompanying notesto the Financial Results) SIGNED FOR BY \ 1,

IC}iféPree ( 7 1 © R KANTILAL PATEL & CO.

(ii) Unaudited Standalone Statementof Assets & Liabilities as at September30, 2020 (Rs. in Lakhs) As at As at Particulars Sept 30, 2020 March 31, 2020 (Unaudited) (Audited) ASSETS (1) Non current Assets

(a) Property, Plant and Equipment 12,676.44 10,645.34 (b) Capital Work-In-Progress 592.43 - (c) Other Intangible Assets 133.22 143.66 (d) Financial Assets

(i) Investments 442.37 442.37

(ii) Loans 2,433.77 2,751.59

(iii) Other Financial Assets 8,397.43 11,916.56 (e) Deferred Tax Asset (Net) 686.11 578.99

(f) Other Non Current Assets 487.08 251.35 Total Non-Current Assets 25,848.85 26,729.86 (2) Current Assets

(a) Inventories 9,363.41 9,683.35 (b) Financial Assets

(i) Trade receivables 19,287.30 22,400.00 (ii) Cash and cash equivalents 9,460.55 4,121.16 (iii) Bank Balances other than (ii) above 9,294.68 15,552.17

(iv) Loans 1,024.46 1,191.04

(v) Other Financial Assets 10,338.00 12,843.37 (c) Other Current Assets 3,851.56 3,407.33 (d) Current Tax Assets (Net) 176.83 - Total Current Assets 62,796.79 69,198.42 Total Assets 88,645.64 95,928.28 EQUITY AND LIABILITIES

(1) Equity (a) Equity Share Capital 3,600.00 3,600.00 (b) Other Equity 43,323.12 42,111.01 Total Equity 46,923.12 45,711.01 LIABILITIES (2) Non-Current liabilities (a) Financial Liabilities

(i) Borrowings 329.56 403.69

(b) Provisions 69.78 39.81 Total Non-Current Liabilities 399.34 443.50 (3) Current Liabilities (a) Financial Liabilities

(i) Borrowings 11,056.66 6,822.30

(ii) Trade Payables - Total outstanding dues of micro enterprises and small enterprises 255.12 757.37 - Total outstanding duesof creditors other than micro enterprises and small enterprises 17,819.62 20,871.50

(iii) Other Financial Liabilities 2,346.28 2,053.75 (b) Other Current Liabilities 9,746.02 19,113.98

(c) Provisions 99.48 69.66

(d) Current[Tax] Liabilities (Net) - 85.21 Total Current Liabilities 41,323.18 49,773.77 Total Liabilities 41,722.52 50,217.27 Total Equity and Liabilities —< 88,645.64 95,928.28 SIGNED FOR IDEN#ASGATOAS) KG ‘| "he KANTILAL PATEL & CO.

(iii) Unaudited Standalone Statement of Cash Flowsfor the half year ended on September 30, 2020

iii)	Unaudited Standalone Statement of Cash Flowsfor the halfyear ende	d on September 30, 2	020
			(Rs. in Lakhs)
	Particulars	Half year endedon	Half year ended on
A	Cash flow from operatingactivities	Sept 30, 2020	Sept 30, 2019
	Profit before tax Adjustmentsfor: Finance costs	1,556.85 358.63	7,946.66 304.79
	Depreciation and amortisation expense Expected credit loss allowance	1,243.63 -	1,209.18 15.00
	Dividend Interest Income Operating Profit before working capital changes	- (918.47) 2,240.64	(3.16) (1,101.18) 8,371.29
	Movementsin workingcapital: (Increase) / Decreasein Inventories (Increase)/ Decreasein trade receivable (Increase)/ Decreasein other assets Increase / (Decrease) in trade payables Increase / (Decrease) in otherliabilities Increase / (Decrease) in provisions	319.94 3,112.70 2,026.02 (3,856.35) (9,574.25) 53.28	(4,090.83) (2,329.14) (3,837.53) 1,047.73 1,544.70 39.12
	Cash generated from operations: Direct taxes paid (net) Net cash generated/(used) from operatingactivities (A)	(5,678.02) (707.38) (6,385.40)	745.34 (3,225.29) (2,479.95)
B	Cashflowsfrom investingactivities
	Paymentfor Property, Plant and Equipment (PPE), Intangible assets & CWIP Proceedsfrom sale of Property, Plant and Equipment (PPE)	(3,587.54) -	(663.63) 0.18
	(Purchase) / Proceeds ofterm deposits (Net) Loangiven to Subsidiary Dividend received	10,298.00 317.82 .	8,288.64 (193.59) 3.16
	Interest received Net cash generated/(used)in Investing activities (B)	918.47 7,946.75	1,101.18 8,535.94
C	Cashflow from financingactivities: Proceeds from/ (Repayment) of non-current borrowings Proceeds from/ (Repayment) of current borrowings Interest paid Net cash generated/(used) in Financing activities (C)	(97.69) 4,234.36 (358.63) 3,778.04	(89.16) 4,541.43 (304.79) 4,147.48
	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS[(A)+ (B) + (C)] Add: Cash and cash equivalents as at beginning ofthe period Cash and Cash Equivalents as at the end of the period	5,339.39 4,121.16 9,460.55	10,203.47 3,504.68 13,708.15

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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SIGNED FOR IDENTIFICATION BY
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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

(iv) Notes to Financial Results

1 The above 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 on November 9, 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 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.

2 Operations during the quarter continued to be impacted by measures to contain Covid-19 pandemic. Execution of projects gathered momentum, though recovery has been gradual and progressive. Accordingly, the results for the quarter are not comparable with those for the previous quarter and corresponding quarter[of][the] previous year.[The] Company[has] made

assessment of recoverability of the Company’s assets such as Trade receivables, unbilled revenue, and Inventories, using reasonably 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 mightbe different from that estimated as at the date of approval of these financial results. The Companywill continue to closely monitor changesto future economic conditions.

3 The Companyis 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. 4 The Indian Parliament has recently approved the Code on Social Security, 2020. This has also

received the consent of the Hon’ble President of India. The Code when implemented will impact the contributions by the Company towards benefits such as Provident Fund, Gratuity etc. The effective date(s) of implementation of this Code is yet to be notified. In view of this, any financial impact due to the change[will] be assessed and accounted forin the period of notification.

5 Previous period figures have been regrouped/rearranged, wherever necessary, to correspond to current period’s presentation.

For and on behalf[of] the Board of Directors

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Prahaladbhai S. Patel
Chairman, Managing Director [&] CEO “4
— ‘Fp
DIN: 00037633 ec
Ahmedabad, [November] 9, 2020
SIGNED FOR IDENTIFICATION BY
is £ lf “| M2
KANTILAL PATEL & CO.
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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 the Holding Company pursuantto the Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Review report to The Board of Directors

PSP Projects Limited.

1. Wehave reviewed the accompanying statement of unaudited consolidated financial results of PSP Projects Limited (the ‘Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as the ‘Group’) andits joint venture for the quarter ended September 30, 2020 and year to date from April 1, 2020 to September 30, 2020 (the ‘Statement’), attached herewith, being submitted by the Company pursuant to the requirements of Regulations 33 and 52 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.

3. 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

4. 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 of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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, to the extent applicable.

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

1. The Statement includesthe 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 3 above, nothing has come to 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 the relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulations 33 and 52 of the Listing Regulations, including the manner in 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 periods is highly dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.

2. The accompanying Statement includes the unaudited interim financial results and other unaudited financial information of: (a) 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information include total assets of INR 1,168.59 lakh as at September 30, 2020, total revenue of INR 0.38 lakh and INR 26.35 lakh,total net loss after tax of INR 21.63 lakh and INR 46.73 lakh, total comprehensive loss after tax of INR 21.63 lakh and INR 46.73 lakh for the quarter ended September 30, 2020 andthe six month period ended on that date respectively, and net cash inflow of INR 0.80 lakh for the period from April 1, 2020 to September 30, 2020, as considered in the Statement, which has been reviewed by its independent auditor.

3. (b) 1 (one) joint venture, whose unaudited interim financial results and other unaudited financial information include Group's share of net loss of INR 40.94 lakh and INR 37.23 lakh and Group's share of total comprehensive loss of INR 40.94 lakh and INR 37.23 lakh for the quarter ended September 30, 2020 and for thesix month period ended on that date respectively, as considered in the Statement whose unaudited interim financial results and other unaudited financial information have been reviewed by its independent puditor. aA ~ : \

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

The independent auditor's reports 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 the subsidiary and joint venture,[is] based solely on the report of such auditors and the procedures performed by

us are as stated in paragraph 3 above.

• (c) 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 include total assets of INR 2,314.32 lakh as at September 30, 2020, total revenue of INR 48.35 lakh and INR 109.99 lakh, total net loss after tax of INR 88.85 lakh and INR 192.85 lakh,total comprehensive loss of INR 88.85 lakh and INR 192.85 lakh for the quarter ended September 30, 2020 and the six month period ended on that date respectively, and net cash inflow of INR 143.78 lakh for the period[from] April 1, 2020 to September 30, 2020, as considered in the Statement.

The unaudited interim financial results and other unaudited financial information has been approved by 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.

1. According to the information and explanations given to us by the Management of the Holding Company, the unaudited interim financial results and other unaudited financial information referred to in paragraph (c) above are not material to the Group.

Our conclusion on the Statementis 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

Pete

Jinal A. Patel

Partner

Membership[No.:] 153599

Place: Ahmedabad

Date: November 9, 2020 UDIN: 20153599AAAAJL6481

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W Re. rt

Riddhi P. Sheth ro Proprietor Membership[No.:] 159123 Place: Ahmedabad

Date: November9, 2020 UDIN: 20159123AAAABC9415

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com

(i) Statement of Unaudited Consolidated Financial Results for the period ended September 30, 2020 (Rs. in Lakhs) Sr Quarter ended Half year ended Year Ended Particulars No. 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 (Unaudited) (Unaudited) | (Unaudited) | (Unaudited) (Unaudited) {Audited) 1 |Income Revenue from Operations 24,308.56 10,689.18 31,211.32 34,997.74 61,979.59 1,49,925.93 Other Income 457.05 487.18 657.63 944.23 1,130.17 2,416.63 Total Income 24,765.61 11,176.36 31,868.95 35,941.97 63,109.76 1,52,342.56

2 |Expenses Cost of Materials Consumed 7,465.40 3,591.34 12,364.41 11,056.74 23,886.70 52,665.93

Changes in Inventories of Work-in-Progress (390.39) (351.75)} (2,741.49) (742.14)| (2,777.78) 839.41 Construction Expenses 13,076.80 6,138.38 15,526.46 19,215.18 28,783.71 70,044.68 Employee Benefits Expense 1,328.57 970.10 1,461.74 2,298.67 2,841.58 5,948.66 Finance Costs 449,99 298.71 377.28 748.70 663.56 1,505.58 Depreciation and Amortisation Expense 627.05 616.58 620.96 1,243.63 1,209.39 2,669.55 Other Expenses 267.78 211.74 318.37 479.52 657.60 1,344.08 Total Expenses 22,825.20 11,475.10 27,927.73 34,300.30 55,264.76 1,35,017.89

3 |Profit/(Loss) Before Tax & share ofprofit / (loss) from Joint Venture (1 - 2) 1,940.41 (298.74) 3,941.22 1,641.67 7,845.00 17,324.67 4 |Tax Expenses Current Tax 445,33 - 659.77 445.33 2,109.02 4,608.22 Deferred Tax

(31.81) (46.12) 89.70 (77.93) 5.22 (103.73) Total Tax Expenses 413.52 (46.12) 749.47 367.40 2,114.24 4,504.49

5 |Profit/(Loss) for the Period Before share of profit / (loss) from Joint 1,526.89 (252.62) 3,191.75 1,274.27 5,730.76 12,820.18 Venture (3 - 4) 6 {Share of profit / (loss) from Joint Venture (Net) (125.55) (98.33) 54.43 (223.88) 43.48 10.74 7 |Net profit/(Loss) after tax and sharein profit/(loss) of Joint ventures 1,401.34 (350.95) 3,246.18 1,050.39 5,774.24 12,830.92 8 |Other Comprehensive Income (Loss) (OCI)

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

• Remeasurement expenses of Defined benefit plans (net of tax) (3.25) (3.26) (0.52) (6.51) (1.04) (13.14)

(ii) tems that will be reclassified to Profit or Loss

• Exchange difference arising on translation of foreign subsidiary (net of 2.64 (0.10) 0.96 2.54 1.27 (7.03) tax) —Total Other Comprehensive Income / (Loss) for the Period (0.61) (3.36) 0.44 (3.97) 0.23 (20.17) 9 |Total Comprehensive Income/(Loss) for the Period (7+8) 1,400.73 (354.31) 3,246.62 1,046.42 5,774.47 12,810.75 Profit/(Loss) for the year attributableto:

• Owners of the company 1,406.96 (344.42) 3,252.32 1,062.54 5,785.13 12,847.61

• Non-controlling Interest (5.62) (6.53) (6.14) (12.15) (10.89) (16.69) Other comprehensive income/(Loss) for the year attributable to:

• Owners of the company (0.61) (3.36) 0.44 (3.97) 0.23 (20.17) TotalNon-controllingcomprehensiveInterestincome/(Loss) for the year attributable to: - - - - - -

• Owners of the company 1,406.35 (347.78) 3,252.76 1,058.57 5,785.36 12,827.44

• Non-controlling Interest (5.62) (6.53) (6.14) (12.15) (10.89) (16.69) 10 |Paid-up Equity Share Capital - Face Value Rs 10/- each 3,600.00 3,600.00} 3,600.00} 3,600.00} 3,600.00 3,600.00

11 |Other Equity excluding Revaluation Reserves 2 : = 7 = 41,818.16 12 |Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised ) (Basic) 3.91 (0.96) 9.03 2.95 16.07 35.69 (Diluted) 3.91 (0.96) 9.03 2.95 16.07 35.69 (see accompanying notes to the Financial Results) SIGNED FOR IDENTIFICATION BY ISLCFBp 4 &f ¢ } |[{] j/[Qe] < 4 Y. TE i\ R KANTILAL PATEL & CO.

(ii) Unaudited Consolidated Statementof Assets & Liabilities as at September 30, 2020

(i	i) Un	audited Consolidated Sta	tementofAssets & Liabilities as	at September 30, 2020
					(Rs.	in Lakhs)
				As at	As at
		Particulars		Sept 30, 2020	March 31,	2020
				(Unaudited)	(Audited)
		ASSETS
	(1)	Non-current Assets
		(a) Property, Plant and Equipment		12,676.44	10,645.34
		(b) Capital Work-in-Progress		592.43		-
		(c) Other Intangible Assets		133.22		143.66
		(d) Financial Assets
		(i) Investments		65.68		65.68
		(ii) Loans		2,084.33		2,668.28
		(iii) Other Financial Assets		8,397.61	11,916.74
		(e) Deferred Tax Asset (Net)		775.411		696.40
		(f) Other Non-current Assets		487.08		251.35
		Total Non-current Assets		25,211.90	26,387.45
	(2)	Current Assets
		(a) Inventories		9,363.41		9,683.35
		(b) Financial Assets
		(i) Investments		-		-
		(i) Trade receivables		20,317.57	23,517.51
		(ii) Cash and Cash Equivalents		9,616.31	4,132.33
		(iii) Bank Balances other than(ii) above		9,294.68	15,552.17
		(iv) Loans		524.45		691.04
		(v) Other Financial Assets		10,329.71	12,828.44
		(c) Other Current Assets		3,851.61		3,407.33
		(d) Current Tax Assets		196.83		94.87
		Total Current Assets		63,494.57	69,907.04
		Total Assets		88,706.47	96,294.49
		EQUITY AND LIABILITIES
	(1)	Equity
		(a) Equity Share Capital		3,600.00		3,600.00
		(b) Other Equity		42,876.73	41,818.16
		Equity attributable to owners of Holding Company		46,476.73	45,418.16
		Non-Controlling Interests		56.53		68.68
		Total Equity		46,533.26	45,486.84
		LIABILITIES
	(2)	Non-current Liabilities
		(a) Financial Liabilities
		(i) Borrowings		329.56		403.69
		(b) Provisions		69.78		39.81
		Total Non-currentLiabilities		399.34		443.50
	(3)	CurrentLiabilities
		(a) Financial Liabilities
		(i) Borrowings		11,451.27		7,321.32
		(ii) Trade Payables
		- Total outstanding dues of micro enterprises and small enterprises -Petal outstanding duesof creditors other than micro enterprises and small enterprises		255.12 17,851.75	757.37 20,923.29
		(iii) Other Financial Liabilities		2,346.35		2,056.46
		(b) Other Current Liabilities		9,764.20	19,115.70
		(c) Provisions		105.18		104.80
		(d) Current Tax Liabilities		-		85.21
		Total CurrentLiabilities		41,773.87	50,364.15
		Total Liabilities		42,173.21	50,807.65
		Total Equity andLiabilities		88,706.47	96,294.49
SIGNED FOR IDENTIFICATION ele WY,			BY.			&
KANTILAL PATEL & CO.

(iii) Unaudited Consolidated Statement of Cash[Flows] for the Half year ended September 30, 2020

iii)	Unaudited Consolidated Statement of Cash Flowsfor the Halfyear ended	September30, 2020
			(Rs. in Lakhs)
	: Particulars	Halfyear Ended	Halfyear Ended
		Sept 30, 2020	Sept 30, 2019
A	Cash flow from operatingactivities
	Profit before tax	1,419.55	7,888.26
	Adjustmentsfor: Finance costs	388.74	319.98
	Depreciation and amortisation expense	1,243.63	1,209.39
	Expected credit loss allowance	-	15.00
	Dividend	-	(3.16)
	Interest Income	(914.34)	(988.16)
	Operating Profit before working capital changes	2,137.58	8,441.31
	Movementsin working capital:
	(Increase) / Decrease in Inventories	319.94	(4,090.83)
	(Increase) / Decrease in Trade Receivable	3,199.94	(2,405.19)
	(Increase) / Decrease in Other Assets	2,602.29	(3,972.18)
	Increase / (Decrease) in Trade Payables	(3,876.01)	1,048.14
	Increase / (Decrease) in OtherLiabilities	(9,559.43)	1,545.73
	Increase / (Decrease)in Provisions	23.84	43.10
	Cash generated from operations: Direct taxes paid (net)	(5,151.85) (632.50)	610.08 (3,225.29)
	Net cash generated from operatingactivities (A)	(5,784.35)	(2,615.21)
B	Cash flowsfrom investing activities
	Paymentfor Property, Plant and Equipment(PPE), Intangible assets & CWIP	(3,587.53)	(663.63)
	Proceedsfrom sale of Property, Plant and Equipment(PPE) (Purchase)/Proceedsofterm deposits (Net)	- 10,298.00	0.20 8,288.64
	Dividend received	-	3.16
	Interest received	914.34	988.16
	Net cash (used)in Investing activities (B)	7,624.81	8,616.53
C	Cashflow from financing activities :
	Proceeds from/ (Repayment) of Non-current Borrowings	(97.69)	(89.16)
	Proceeds from/ (Repayment) of Current Borrowings	4,129.95	4,569.41
	Interest paid	(388.74)	(319.98)
	Net cash (used)infinancing activities (C)	3,643.52	4,160.27
	NET INCREASE IN CASH AND CASH EQUIVALENTS [(A)+ (B) + (C)]	5,483.98	10,161.59
	Add:Cash and Cash Equivalents as at beginning of the period	4,132.33	3,554.82
	Cash and Cash Equivalentsas at end of the period	9,616.31	13,716.41

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 IDENTIFICATION BY KreCo Gy, KANTILAL PATEL & CO.

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

(iv) Notes to Financial Results

The above consolidated financial results of the Group have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held[November] 9, 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” andits 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”). Operations during the quarter continued to be impacted by measures to contain Covid-19 pandemic. Execution of projects gathered momentum, though recovery has been gradual and progressive. Accordingly, the results for the quarter are not comparable with those for the previous quarter and corresponding quarter of the previous year. The Group has made assessment of recoverability of the Group’s assets such as Trade receivables, unbilled revenue, and Inventories, using reasonably 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 bythe 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 Indian Parliament has recently approved the Code on Social Security, 2020. This has also received the consent of the Hon’ble President of India. The Code when implemented will impact the contributions by the Holding Company towards benefits such as Provident Fund, Gratuity etc. The effective date(s) of implementation of this Code is yet to be notified. In view of this, any financial impact due to the change will be assessed and accounted for in the period of notification. Previous period figures have been regrouped/rearranged, wherever necessary, to correspond to current period’s presentation.

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SIGNED FOR IDENTIFICATION [BY]
|? k [Cy] "| Uy.
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

6 The standalone financial results of the Company for the period ended September30, 2020 are[available] on the Company’s[website][(URL:] www.pspprojects.com) Key Standalone financials[information] is given below: (Rs. in Lakhs) Quarter ended Half year ended Year ended 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total Income 24,760.17 11,168.22 31,937.63 35,928.39 63,183.93 1,52,403.30 Profit/(Loss) before tax 1,853.70 (296.85) 4,023.53 1,556.85 7,946.66 17,442.19 Net Profit/(Loss) 1,440.43 (221.81) 3,272.20 1,218.62 5,824.67 12,926.03 Other Comprehensive (3.25) (3.26) (0.52) (6.51) (1.04) (13.14) ineome/(Loss)

Tata), SOpiPiaistisve 1,437.18 (225.07) 3,271.68 4,212.11 5,823.63 12,912.89 Income/(Loss)

For and on behalf of the Board of Directors a Prahaladbhai S. Patel Chairman, Managing Director[&][CEO] e : x

DIN: 00037633 NG ° cco Ahmedabad,[November] 9, 2020 SIGNED FOR IDENTIFICATION By] LG KANTILAL PATEL4& CO.