PSP Projects Limited — Interim / Quarterly Report 2022

Oct 27, 2021

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6 | psp L pale? port PSP Projects Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company

Ref No: PSPPROJECT/SE/69/21-22

Corporate[Relations] Department BSE Limited

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

October 27, 2021

Listing Department

National Stock Exchangeof 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 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with reference to the captioned subject, we hereby inform that at a meeting of the board of directors of the company held todayi.e. October 27, 2021, besides other subjects, the Unaudited Financial Results (Standalone and Consolidated) as per[the][Indian][Accounting][Standards][(Ind][AS)][for][the] quarter[and] half year[ended][September] ~ 30, 2021 were approved and taken[on] record. The board meeting commenced at 11:30 A.M. and concluded at 12:50 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[above] on your record.

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Thanking [You,]
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For [PSP] Projects [Limited]
.£ f . © 4
Tt
Stachary
Company Secretary [&] Compliance [Officer]
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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

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 the Company pursuant to Regulation 33 of the SEBI (Listing Obligations[and][Disclosure] Requirements) Regulations, 2015, as amended.

To

The Board of Directors of

PSP Projects Limited.

1. We have reviewed the accompanying statement of unaudited standalone financial results of PSP Projects Limited (the ‘Company’) for the quarter ended September 30, 2021 and year to date from April 01, 2021 to September 30, 2021 (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 Company's Management and approved by the Company'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.

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

1. Based on our review conducted as above, nothing has cometo our attention that causes us to 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 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][which] it is to be disclosed, or that it contains any material misstatement.

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

—Ts fees

Jinal A. Patel

Partner

Membership[No.:][153599]

Place: Ahmedabad

Date: October 27, 2021

UDIN: 21153599AAAAHM9354

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

ROEM

Riddhi P. Sheth

Proprietor Membership[No.:][159123]

p M.NO.: 159123\6 RN: 140190W]}[=]

Place: Anmedabad

Date: October 27, 2021

UDIN: 21159123AAAABG9150

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com

(i) Statement of unaudited Standalone Financial Results for the period ended September 30, 2021 (Rs. in Lakhs) Quarter ended Half year ended Year Ended

Sr. No. Particulars 30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 |Income

Revenue from Operations 39,044.08 31,735.58 24,308.56 70,779.66 34,997.74 1,24,086.24 Other Income 461.83 379.30 451.61 841.13 930.65 1,692.09 Total Income 39,505.91 32,114.88 24,760.17 71,620.79 35,928.39 1,25,778.33

2 Expenses Cost of Materials Consumed 12,553.85 10,304.42 7,465.40 22,858.27 11,056.74 39,813.29

Changes in Inventories of Work-in-Progress 392.95 (399.85) (390.39) (6.90) (742.14) (236.52) Construction Expenses 18,549.75 15,873.19 13,076.62 34,422.94 19,215.00 64,442.68 Employee Benefits Expense 1,551.34 1,518.77 1,328.57 3,070.11 2,298.33 5,089.37 Finance Costs 376.48 341.03 423.28 7A7S1 712.47 1,469.12 Depreciation and Amortisation Expense 703.04 541.91 627.05 1,244.95 1,243.63 2,563.76 Other Expenses 524.08 498.92 375.94 1,023.00 587.51 1,496.09 Total Expenses 34,651.49 28,678.39 22,906.47 63,329.88 34,371.54 1,14,637.79 3 |Profit/(Loss) Before Tax and Exceptional Item (1-2) 4,854.42 3,436.49 1,853.70 8,290.91 1,556.85 11,140.54 4 {Exceptional Gain/(Loss)(net of tax) = - - - - (274.11)

5 |Profit/(Loss) Before Tax and after Exceptional Item (3-4) 4,854.42 3,436.49 1,853.70 8,290.91 1,556.85 10,866.43 6 Tax Expenses Current Tax 1,253.66 972.99 445.34 2,226.65 445.34 3,035.25 Deferred Tax (58.26) (45.27) (32.07) (103.53) (107.11) (247.86) Total Tax Expenses 1,195.40 927.72 413.27 2,123.12 338.23 2,787.39

7 Profit/(Loss) for the Period (5-6) 3,659.02 2,508.77 1,440.43 6,167.79 1,218.62 8,079.04 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] 231 2.30 (3.25) 4.61 (6.51) 9.22 tax) Total Other Comprehensive Income (Loss) for the Period 2.31 2.30 (3.25) 4.61 (6.51) 9.22 / 9 |Total Comprehensive Income/(Loss) for the Period (7+8) 3,661.33 2,511.07 1,437.18 6,172.40 1,212.11 8,088.26 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 - - - - - 50,199.27 12 {Earnings Per Share of Rs 10/each (in Rs.) (Not Annualised)

(Basic) 10.16 6.97 4.01 17:13 3.39 22.44 (Diluted) 10.16 6.97 4.01 17:13 3.39 22.44 (See accompanying notes to the Standalone Financial Results) SIGNED IDENTIFICATION BY [Xf OFbo 24['] % M.NO.:F RN:[140190W] 159123 *x AHMEDABAD

KANTILAL PATEL & CO.

(ii) Unaudited Standalone Statement of Assets & Liabilities as at September 30, 2021

(ii)	Unaudited Standalone Statement ofAssets & Liabil	ities as at September 30, 2021
				(Rs.	in Lakhs)
			As at
	Particulars	September30, 2021 March		31,	2021
		(Unaudited)	(Audited)
ASSETS
(1)	Non current Assets
	(a) Property, Plant and Equipment	14,540.77			11,494.34
	(b) Capital Work-In-Progress	6,130.70			4,164.72
	(c) Other Intangible Assets	106.62			124.34
	(d) Financial Assets
	(i) Investments	78.37			78.37
	(ii) Loans	3,382.71			2,574.55
	(iii) Other Financial Assets	11,284.43			9,922.36
	(e) Deferred Tax Asset (Net)	1,022.57			919.04
	(f) Other Non Current Assets	214.99			646.72
	Total Non-Current Assets	36,761.16			29,924.44
(2)	Current Assets
	(a) Inventories	8,558.43			8,920.91
	(b) Financial Assets
	(i) Trade receivables	35,422.13			22,203.74
	(ii) Cash and cash equivalents	9,855.56			11,533.18
	(iii) Bank Balances other than(ii) above	9,653.86			11,342.34
	(iv) Loans	860.04			854.50
	(v) Other Financial Assets	13,693.43			10,722.39
	(c) Other Current Assets	8,236.47			3,536.57
	(d) Current Tax Assets (Net)	-			-
	Total Current Assets	86,279.92			69,113.63
	Total Assets	1,23,041.08			99,038.07
EQUITY AND LIABILITIES
(1)	Equity
	(a) Equity Share Capital	3,600.00			3,600.00
	(b) Other Equity	54,931.67			50,199.27
	Total Equity	58,531.67			53,799.27
	LIABILITIES
(2)	Non-Currentliabilities
	(a) Financial Liabilities
	(i) Borrowings	2,309.65			278.33
	(b) Provisions	135.74			79.05
	Total Non-CurrentLiabilities	2,445.39			357.38
(3)	CurrentLiabilities
	(a) Financial Liabilities
	(i) Borrowings	16,234.53			7,817.96
	(ii) Trade Payables
	- Total outstanding dues of micro
	enterprises and small enterprises - Total outstanding duesof creditors other	748.04			1,014.65
	than micro enterprises and small
	enterprises	23,715.12			24,973.75
	(iii) Other Financial Liabilities	2,890.97			1,825.17
	(b) Other Current Liabilities	17,222.53			8,457.11
	(c) Provisions	124.73			99.94
	(d) Current Tax Liabilities (Net)	1,128.10			692.84
	Total CurrentLiabilities Total Liabilities Total Equity and Liabilities	62,064.02 S. SUBS. 44,881.42 64,509.41(2 1,23,041.08 /2 “745,238.80 159123\°99,038.07

KANTILAL PATEL & CO.

(iii) Unaudited Standalone Statement of Cash Flowsfor the half year ended September 30, 2021

iii)	Unaudited Standalone Statement of Cash F	lowsfor the halfyear ended	September30, 2021
				(Rs. in Lakhs)
			Half year ended	Half year ended
	Particulars		September 30, 2021	September30, 2020
			(Unaudited)	(Unaudited)
A	Cash flow from operating activities
	Profit before tax		8,290.91	1,556.85
	Adjustmentsfor: Finance costs		244.51	358.63
	Depreciation and amortisation expense		1,244.95	1,243.63
	Expected credit loss allowance		64.29	-
	Dividend Income		(3.16)	=
	Interest Income		(716.31)	(918.47)
	Loss/ (Gain) on sale of Property, Plant & Equipment(Net)		4.87	-
	Operating Profit before working capital changes		9,130.06	2,240.64
	Movements in workingcapital:
	(Increase) / Decrease in Inventories		362.48	319.94
	(Increase) / Decrease in trade receivable		(13,282.68)	3,112.70
	(Increase) / Decrease in otherassets		(1,593.15)	2,026.02
	Increase / (Decrease) in trade payables		(6,998.71)	(3,856.35)
	Increase / (Decrease)in otherliabilities		9,725.54	(9,574.25)
	Increase / (Decrease) in provisions		86.09	53.28
	Cash generated from operations:		(2,570.37)	(5,678.02)
	Directtaxes paid (net)		(1,791.39)	(707.38)
	Net cash generated/(used) from operating activities (A)		(4,361.76)	(6,385.40)
B	Cashflowsfrom investing activities
	Paymnerit for Property, Plant and Equipment (PPE), Intangible assets & Capital Work-in-Progress		(5,732.95)	(3,587.54)
	Proceeds from sale of Property, Plant and Equipment (PPE)		16.91	-
	(Purchase) / Proceeds ofterm deposits (Net)		(274.51)	10,298.00
	Loan (to)/repaid by Subsidiaries		(808.16)	317.82
	Dividend income		3.16	-
	Interest income		716.31	918.47
	Net cash generated/(used)in Investing activities	(B)	(6,079.24)	7,946.75
C	Cashflowfrom financingactivities: Proceeds from / (Repayment) of non-current borrowings		2,392.18	(121.25)
	Proceeds from / (Repayment) of current borrowings		8,055.71	4,257.92
	Dividend paid		(1,440.00)	-
	Interest paid		(244.51)	(358.63)
	Net cash generated/(used) in Financing activities (C)		8,763.38	3,778.04
	NET INCREASE/(DECREASE) IN CASH AND CASH	EQUIVALENTS[(A)+ (B) + (C)]	(1,677.62)	5,339.39
	Add: Cash andcash equivalents as at beginning of the period		11,533.18	4,121.16
	Cash and Cash Equivalents as at the end of the period		9,855.56	9,460.55

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] lee 27°[Fai] (te KANTILAL PATEL[&] CO.

Ofv.no.:[159123\'0] FRN: 140190W *x AHMEDABADY OF |

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

Sr. Note No.

1 The above financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Companyin their respective meetings held on October 27, 2021. 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.

The spread of COVID-19 has impacted business around the globe. The Company has made an assessment of recoverability of the Company’s assets such as Trade receivables, unbilled revenue, and Inventories,

specifically considering the ongoing COVID-19 pandemic, the Company has considered internal and external information upto the date of approval of these standalone financial results. Based on the current indicators of future economic conditions, the Company expects to recover the carrying amountof these assets.

The impact of COVID-19 remains uncertain and may be different from what we have estimated as of the date of approval of these standalone financial results and the Company will continue to closely monitor any[material] changes to[future][economic] conditions. The Company 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. The[Code] on Social Security, 2020 ('Code') has been notified in the Official Gazette of India on September 29, 2020, which could impact the contributions of the Company towards certain employment benefits.

The effective date from which changes are applicable is yet to be notified and the rules are yet to be framed. Impact,if any, of the change will be assessed and accounted in the period of notification of the relevant provisions.

Previous period figures have been regrouped/rearranged, wherever necessary, to correspond to current

period’s presentation.

For and on behalf of the Board

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( Praha ladbivat )
Chairman, Managing Director [&] CEO
DIN : 00037633
Ahmedabad, October 27, 2021
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SIGNED FOR IDENTIFICATION BY
KP
LG, -7 'Yo,
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 Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To

The Board of Directors of PSP Projects Limited.

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’) and its joint venture for the quarter ended September 30, 2021 and year to date from April 01, 2021 to September 30, 2021 (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 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.

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[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.

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.

Riddhi P. Sheth & Co. Chartered Accountants

Kantilal Patel & 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 6 below, 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 relevant rules issued thereunder 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 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.

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

2. (a) 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information include total assets of INR 657.74 lakh as at September 30, 2021, total revenue of Nil and Nil, total net loss after tax of INR 10.02 and INR 19.48 lakh, total comprehensive[loss][after] tax of[INR][10.02][lakh] and[INR][19.48] lakh, for the quarter ended September 30, 2021 and the period ended on that date, respectively, and net cash outflow of INR 1.35 lakh for the period from April 01, 2021 to September 30, 2021, 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 profit of INR 6.66 lakh and INR 18.25 lakh and Group's share of total comprehensive income of INR 6.66 lakh and INR 18.25 lakh for the quarter ended September 30, 2021 and for the period ended on that date, respectively, as[considered][in][the] Statement[whose][unaudited][interim][financial] results[and] other unaudited financial information have been reviewed byits independent auditor.

Riddhi P. Sheth & Co. Chartered Accountants

Kantilal Patel & Co. Chartered Accountants

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 asit relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed byus are as stated in paragraph 3 above.

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 include total assets of INR 3,355.00 lakh as at September 30, 2021, total revenue of INR 50.90 lakh and INR 96.56 lakh, total net loss after tax of INR 10.24 lakh and INR 18.68 lakh, total comprehensive loss of INR 10.24 lakh and INR 18.68 lakh for the quarter ended September 30, 2021 and the period ended on that date, respectively, and net cash inflow of[INR][1.26] lakh for the period from April 01, 2021 to September 30, 2021, 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] sofar 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 Management[of][the] Holding Company, the unaudited interim financial results and other unaudited financial information referred to in paragraphs 6 and 7 above are 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

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

Feld JinalA.[Patel]

Partner

Membership[No.:][153599] Place: Anmedabad

Date: October 27, 2021

UDIN: 21153599AAAAHN2037

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‘Ss
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R .G- Aer,

RiddhiP.P. Sheth UN. Proprietor ‘3 iia! Membership[No.:][159123]

RiddhiP.P. Sheth

Place: Ahmedabad

Date: October 27, 2021

UDIN: 21159123AAAABH4641

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com (i) Statement of unaudited consolidated Financial Results for the period ended September 30, 2021 (Rs. in Lakhs) Quarter ended Half year ended Year Ended

Sr. Particulars 30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 No. (Unaudited) |(Unaudited)| (Unaudited) (Unaudited) (Unaudited) (Audited)

1 {Income

Revenue from Operations 39,044.08 31,735.58 24,308.56 70,779.66 34,997.74 1,24,086.24 Other Income 438.58 353.41 457.05 791.99 944.23 1,665.78 Total Income 39,482.66 32,088.99 24,765.61 71,571.65 35,941.97 1,25,752.02

2 Cost|Expensesof Materials Consumed 12,553.85 10,304.42 7,465.40 22,858.27 11,056.74 39,813.29.

Changes in Inventories of Work-in-Progress 392.95 (399.85) (390.39) (6.90) (742.14) (236.52) Construction Expenses 18,549.75 15,873.19 13,076.80 34,422.94 19,215.18 64,442.86 Employee Benefits Expense 1,551.33. 1,518.78 1,328.57 3,070.11 2,298.67 5,089.71 Finance Costs 380.54 345.09 449.99 725.63 748.70 1,500.79 Depreciation and Amortisation Expense 703.04 541.91 . 627.05 1,244.95 1,243.63 2,563.76 Other Expenses 525.54 500.21 267.78 1,025.75 479.52 1,483.23 Total Expenses 34,657.00 28,683.75 22,825.20 63,340.75 34,300.30 1,14,657.12

3 |Profit/(Loss) Before Tax & shareof profit / (loss) from Joint Venture (1 + 4,825.66 3,405.24 1,940.41 * 8,230.90 1,641.67 11,094.90 2) 4 |Tax Expenses Current Tax 1,253.66 972.99 445.33 2,226.65 445.33 3,035.26 Deferred Tax (61.78) (48.59) (31.81) (110.37) (77.93) (276.93) Total Tax Expenses 1,191.88 924.40 413.52 2,116.28 367.40 2,758.33

5 |Profit/(Loss) for the Period Before share of profit / (loss) from Joint 3,633.78 2,480.84 1,526.89 6,114.62 1,274.27 8,336.57

Venture (3 - 4) 6 |Share of profit / (loss) from Joint Venture (Net) 5.47 10,01 (125,55) 15.48 (223.88) (241,94) 7 |Net profit/(Loss) after tax and share in profit/(loss) of Joint ventures 3,639.25 2,490.85 1,401.34 6,130.10 1,050.39 8,094.63 (5+6) 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) 2.31 2.30 (3.25) 4.61 (6.51) 9.22

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

• Exchange difference arising on translation of foreign subsidiary (net (0.23) (1.77) 2.64 (2.00) 2.54 0.56 of tax) Total Other Comprehensive Income (Loss) for the Period 2.08 0.53 (0.61) 2.61 (3.97) 9.78 / 9 |Total Comprehensive Income/(Loss) for the Period (7+8) 3,641.33 2,491.38 1,400.73 6,132.71 1,046.42 8,104.41 Profit/(Loss) for the year attributable to:

• Owners of the company 3,639.25 2,490.85 1,406.96 6,130.10 1,062.54 8,152.65

• Non-controlling Interest - - (5.62) - (12.15) (58.02) Other comprehensive income/(Loss) for the year attributable to:

• Owners of the company 2.08 0.53 (0.61) 2.61 (3.97) 9.78

• Non-controlling Interest - . : = - - Total comprehensive income/(Loss) for the year attributable to:

• Owners of the company 3,641.33 2,491.38 1,406.35 6,132.71 1,058.57 8,162.43

• Non-controlling Interest - - (5.62) - (12.15) (58.02) 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 - - i : . 49,989.95 12 |Earnings Per Share of Rs 10/- each (in Rs.) (Not Annualised ) (Basic) 10.11 6.92 3.91 17.03 2.95 22.65

(Diluted) 10.11 6.92 3.91 17.03 2.95 22.65 (see accompanying notes to the Consolidated Financial Results) SIGNED FOR IDENTIFICATION BY

ReLG 27'Y,

KANTILAL PATEL & CO. st

(ii) Unaudited Consolidated Statement of Assets & Liabilities as at September 30, 2021

(ii) U	naudited Consolidated Statement of Assets & Liabilities as at	September 30, 2021
					(Rs. in Lakhs)
		As at		Asat
	Particulars	September30, 2021		March	31, 2021
		(Unaudited)		(Audited)
ASSETS
(1)	Non current Assets
	(a) Property, Plant and Equipment	14,540.78			11,494.34
	(b) Capital Work-In-Progress	6,130.70			4,164.72
	(c) Other Intangible Assets	106.63			124.34
	(d) Financial Assets
	(i) Investments	66.68			66.68
	(ii) Loans	3,089.43			2,472.98
	(iii) Other Financial Assets	11,284.60			9,922.54
	(e) Deferred Tax Asset (Net)	1,084.03			973.14
	(f) Other Non Current Assets	214.98			646.72
	Total Non-Current Assets	36,517.83			29,865.46
(2)	Current Assets
	(a) Inventories	8,558.42			8,920.91
	(b) Financial Assets
	(i) Trade receivables	35,872.14			22,653.74
	(ii) Cash and cash equivalents	9,882.65			11,560.36
(iii) Bank Balances other than(ii) above 9,653.86 11,342.34 (iv) Loans 560.04 554.50 (v) Other Financial Assets 13,843.95 10,698.57 (c) Other Current Assets 8,236.94 3,536.69 Total Current Assets 86,608.00 69,267.11 Total Assets 1,23,125.83 99,132.57 EQUITY AND LIABILITIES (1) Equity (a) Equity Share Capital 3,600.00 3,600.00 (b) Other Equity 54,682.66 49,989.95 Total Equity 58,282.66 53,589.95 LIABILITIES (2) Non-Currentliabilities (a) Financial Liabilities {i) Borrowings 2,310.66 278.33 (b) Provisions 135.74 79.05 Total Non-CurrentLiabilities 2,446.40 357.38 (3) CurrentLiabilities (a) Financial Liabilities (i) Borrowings 16,550.56 8,108.41 (ii) Trade Payables - Total outstanding dues of micro enterprises and small enterprises 748.04 1,014.65 - Total outstanding dues of creditors other than micro enterprises and small enterprises 23,715.12 24,973.76 (iii) Other Financial Liabilities 2,891.35 1,825.42 (b) Other Current Liabilities 17,232.30 8,465.02 (c) Provisions 131.30 105.14 (d) Current Tax Liabilities (Net) 1,128.10 692.84 Total CurrentLiabilities 62,396.77 45,185.24 Total Liabilities 64,843.17 <a 45,542.62 Total Equity and Liabilities 123,125.83g SX 99,132.57 : ro Mi 159123) SIGNED FOR IDENTIFICATION BY el FR 130190W fv iO 3 HMconta ea,2 ee, KANTILAL PATEL & CO.

(iii) Unaudited Consolidated Statement of Cash Flowsfor the half year ended September 30, 2021

iii)	Unaudited Consolidated Statement of Cash Flowsforthe half year ended Se	ptember30, 2021
			(Rs. in Lakhs)
	Particulars	Half year ended September30, 2021	Halfyear ended September30, 2020
		(Unaudited)	(Unaudited)
A	Cashflow from operating activities
	Profit before tax	8,246.38	1,419.55
	Adjustmentsfor: Finance costs	252.57	388.74
	Depreciation and amortisation expense	1,244.95	1,243.63
	Expectedcredit loss allowance	64.29	-
	Dividend income Interest Income	(3.16) (685.42)	- (914.34)
	Loss/ (Gain) on sale of Property, Plant & Equipment (Net)	4.87	-
	Operating Profit before working capital changes	9,124.48	2,137.58
	Movementsin workingcapital: (Increase) / Decreasein Inventories	362.49	319.94
	(Increase) / Decreasein trade receivable (Increase) / Decreasein other assets	(13,282.69) (2,382.25)	3,199.94 2,602.29
	Increase / (Decrease) in trade payables	(6,998.72)	(3,876.01)
	Increase / (Decrease)in otherliabilities	9,727.60	(9,559.43)
	Increase / (Decrease) in provisions	82.85	23.84
	Cash generated from operations:	(3,366.24)	(5,151.85)
	Direct taxes paid (net)	(1,791.39)	(632.50)
	Net cash generated/(used) from operatingactivities (A)	(5,157.63)	(5,784.35)
B_	Cashflows from investing activities
	Paymentfor Property, Plant and Equipment(PPE), Intangible assets & CWIP	(5,732.95)	(3,587.53)
	Proceeds from sale of Property, Plant and Equipment (PPE)	16.91	-
	(Purchase) / Proceeds of term deposits (Net)	(274.51)	10,298.00
	Dividend Income	3.16	-
	Interest Income	685.42	914.34
	Net cash generated/(used) in Investing activities (B)	(5,301.97)	7,624.81
C	Cashflow from financing activities: Proceeds from/ (Repayment) of non-current borrowings	2,393.19	(97.69)
	Proceeds from/ (Repayment) of current borrowings	8,081.29	4,129.95
	Dividend paid	(1,440.00)	-
	Interest paid	(252.57)	(388.74)
	Net cash generated/(used) in Financing activities (C)	8,781.91	3,643.52
	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS[(A) + (B) + (C)]	(1,677.69)	5,483.98
	Add: Cash and cash equivalents as at beginning ofthe period	11,560.36	4,132.33
	Cash and Cash Equivalents as at the end ofthe period	9,882.67	9,616.31

SIGNED FOR IDENTIFICATION BY eee 2t'Vr, 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

Sr. Note No.

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 on October 27, 2021.

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 has impacted business around the globe. The Group has made an assessment of recoverability of the Group’s assets such as Trade receivables, unbilled revenue, and Inventories, specifically considering the ongoing COVID-19 pandemic, the Group has considered internal and external information up to the date of approval of these consolidated financial results. Based on the current indicators of future economic conditions, the Group expects to recover the carrying amount of these assets. The impact of COVID-19 remains uncertain and may be different from what we have estimated as of the date of approval of these consolidated financial results and the Group will continue to closely monitor any material changes to future economic conditions. The Groupis 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[Group] is predominately domiciled[in] India and therefore there are

no reportable geographical segment. The[Code] on Social Security, 2020 ('Code') has been notified in the Official Gazette of India on September 29, 2020, which could impact the contributions of the Group towards certain employment benefits.[The] effective date from which changes are applicable is yet to be notified

and the rules are yet to be framed. Impact, if any, of the change will be assessed and accounted

in the period of notification of the relevant provisions. Previous period figures have been regrouped/rearranged, wherever necessary, to correspond to current period’s presentation. | BY SIGNED[FOR] LGaon)[27][Su]

, \at[MEDABAD] £) KANTILAL[PATEL][&] CO Ye[Nii] cae ae jsRED ACO”J

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

CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com

The standalone financial results of the Company for the period ended September 30, 2021 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 Particulars

30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

Teka neors

39,505.91 32,114.88 24,760.17 71,620.79 35,928.39 1,25,778.33 Profit Before Tax and Exceptional Item 4,854.42 3,436.49 1,853.70 8,290.91 1,556.85 11,140.54 Profit Before Tax and after Exceptional Item 4,854.42 3,436.49 1,853.70 8,290.91 1,556.85 10,866.43 Bennet 3,659.02 2,508.77 1,440.43 6,167.79 1,218.62 8,079.04 Other Comprehensive Income/(Loss) 2.31 2.30 (3.25) 4.61 (6.51) 9.22

Total Comprehensive ieee 3,661.33 2,511.07 1,437.18 6,172.40 1,212.11 8,088.26 For and on behalf of the Board (Prahal ) Chairman, Managing Director[&][CEO] DIN : 00037633 Ahmedabad, October 27, 2021