PSP Projects Limited — Interim / Quarterly Report 2021

Jan 27, 2021

es Ty 7[1.][°] PSP[Projects] Ltd. ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company

Ref No: PSPPROJECT/SE/89/20-21

Corporate[Relations] Department BSE Limited

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

January 27, 2021

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

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[today] i.e. January 27, 2021, besides other subjects, the following items of business weretransacted 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][nine][months][ended][December] 31,[2020.]

2. Approved to incorporate a wholly owned subsidiary under the provisions of Section 8 of the Companies Act, 2013.

The board meeting commenced at 11:00 A.M. and concluded at 12:00 P.M.

We are enclosing herewith the Limitedly Reviewed (Unaudited) (Standalone & Consolidated)[financial] results for the quarter and nine months ended December 31, 2020 for information and record. your

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

Kindly take the above on yourrecord.

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Thanking You,
For PSP Projects Limited
7
ee
a—--
Mittali Christachary
Company [Secretary and][ Compliance] [Officer]
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Encli.: 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

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 Standalone Financial Results of the Company pursuantto the Regulation 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

• he We have reviewed the accompanying statement of unaudited standalone financial results of PSP Projects Limited (the ‘Company’) for the quarter ended December 31, 2020 and the year to date[from] April 01, 2020 to December 31, 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’).

• This Statement, which is the responsibility of the Company's Management and approved by the Company's Boardof 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 relevantrules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Institute of Chartered Accountants of India.

• This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially[less][in] scope than an audit conducted[in] accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we could become awareofall significant matters that might be identified[in] an audit. Accordingly, we do not express an audit opinion.

• Based on our review conducted as above, nothing has cometo our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurementprinciples 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 mannerin[which] it[is] to be disclosed, or that it contains any material misstatement.

• We draw attention to Note 2 of the Statement, which describes the management's assessment of the impact of the outbreak of COVID-19 on the business operations and of recoverability

• the assets of the Company.

ur conclusion[is] not[modified][in] respect[of][ this] matter.

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

For Kantilal Patel & Co.

Chartered Accountants

ICAI Firm registration number: 104744W

j

Jinal A. Patel

Partner

Membership[No.:][153599] Place: Anmedabad Date: January 27, 2021 UDIN: 21153599AAAABW2397

For Riddhi P. Sheth & Co.

Chartered Accountants

ICAI Firm registration number: 140190W

R. Sta

Riddhi P. Sheth

Proprietor Membership[No.:][159123] Place: Ahmedabad

Date: January 27, 2021

UDIN: 21159123AAAAAA7417

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

CIN :L45201GJ2008PLCO54868 Website : www.pspprojects.com

(i) Statement of unaudited Standalone Financial Results for the period ended December 31, 2020 (Rs.[in] Lakhs) Quarter ended Nine months ended Year Ended Sr. No. Particulars 31.12.2020 30.09.2020 31.12.2019 31.12.2020 31.12.2019 31.03.2020 (Unaudited)| (Unaudited) | (Unaudited) | (Unaudited) (Unaudited) (Audited)

1 |Income Revenue from Operations 39,015.86 24,308.56 42,306.64 74,013.60 1,04,286.07 1,49,925.77 Other Income 379.90 451.61 577.08 1,310.55 1,781.58 2,477.53 Total Income 39,395.76 24,760.17 42,883.72 75,324.15| 1,06,067.65 1,52,403.30 2 |Expenses Cost of Materials Consumed 14,195.42 7,465.40 14,005.47 25,252.16 37,892.17 52,665.93

Changesin Inventories of Work-in-Progress (185.42) (390.39) 2,815.03 (927.56) 37.25 839.41 Construction Expenses 18,476.36 13,076.62 18,242.78 37,691.36 47,024.36 70,042.26 Employee Benefits Expense 1,369.25 1,328.57 1,522.58 3,667.58 4,362.00 5,944.04 Finance Costs 301.39 423.28 404.59 1,013.86 1,046.78 1,463.80 Depreciation and Amortisation Expense 643.92 627.05 698.35 1,887.55 1,907.53 2,669.17 Other Expenses 467.46 375.94 313.60 1,054.97 969.58 1,336.50 Total Expenses 35,268.38 22,906.47 38,002.40} 69,639.92 93,239.67 1,34,961.11 3 _|Profit Before Tax and Exceptional Item (1-2) 4,127.38 1,853.70 4,881.32 5,684.23 12,827.98 17,442.19 4 {Exceptional Gain/(Loss)(net of tax) (Refer Note 3) (274.11) - - (274.11) - :

5 Profit/(Loss) Before Tax and after Exceptional Item (3-4) 3,853.27 1,853.70 4,881.32 5,410.12 12,827.98 17,442.19 6 |Tax Expenses Current Tax 1,140.54 445.34 1,228.42 1,585.88 3,337.44 4,608.22 TotalDeferredTax TaxExpenses 1,061.44(79.10) 413.27(32.07) 1,206.55(21.87) 1,399.67(186.21) 3,328.54(8.90) 4,516.16(92.06) 7 |Profit/(Loss) for the Period (5-6) 2,791.83 1,440.43 3,674.77 4,010.45 9,499.44 12,926.03 8 |Other Comprehensive Income/(Loss) (OCI)

(i) Items thatwill not be reclassified to Profit or Loss

• Remeasurement expenses of Defined benefit plans (net of (3.26) (3.25) (0.52) (9.77) (1.56) (13.14) tax) Total Other Comprehensive Income (Loss) for the Period (3.26) (3.25) (0.52) (9.77) (1.56) (13.14) / 9 |Total Comprehensive Income/(Loss) for the Period (7+8) 2,788.57 1,437.18 3,674.25 4,000.68 9,497.88 12,912.89 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

1112 |OtherEarningsEquityPer Shareexcludingof RsRevaluation10/- each Reserves(in Rs.) (Not Annualised ) - - - - - 42,111.01

(Basic) 7.75 4.01 10.21 11.14 26.39 35.91 (Diluted) 7.75 4.01 10.21 11.14 26.39 35.91

(See accompanying notesto the Financial Results) SIGNED FOR IDENTIFICATION BY ILE 27'/2, 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 (ii)[Notes] to Financial Results

1 The above financial results of the Company have been reviewed and recommended by the Audit Committee and approved by the Boardof Directors of the Companyin their respective meetings held on January 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 ofthe Companies (Indian Accounting Standards) Rules, 2015, and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The aforesaid unaudited standalone financial results have been subjected to limited review by joint statutory auditors of the Company.

2 During the quarter, the Company’s operations recovered further from the economic slowdown caused by the COVID-19 pandemic. 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 might be different from that estimated as at the date of approval of these financial results. The Company will continue to closely monitor changes to future economic conditions.

3 Exceptional item (net of tax) during the quarter ended December 31, 2020 represents impairmentof investmentin PSP Projects & Proactive Constructions Private Limited amounting to[Rs] 274.11 lakhs. 4 The Companyis primarily engaged in one business segmentviz. construction/project activities, as determined by the chief decision maker in accordance with Ind AS 108, Operating Segments.

5 The Indian Parli a ment has approved the Code on Social Security, 2020 which would impact the Pcontributions by the Company towards Providen t Fund and Gratuity. The Ministry of Labour andl

Employment has released draft rules for the Code on Social S e curity, 2020 on November 13,

2020 and[has] invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified andwill give appropriate impact in its financial statements in the period in which, the

said code becomes effective including the related rules framed thereunder to determine the financial impact are published.

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

For and on b of the Board of Directors S SIGNED FOR IDENTIFICATION BY k[4D] 2 T(r Prahaladbhai KANTILAL PATEL & CO . ark Chairman, Managing Director

DIN: 00037633 Ahmedabad, January 27, 2021

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 Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Review report to

The Board of Directors

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 December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 (the ‘Statement'’), attached herewith, being submitted by the Company pursuantto the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ‘Listing Regulations’). (the

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.

Wealso 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 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 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 of the Statement, which describes the Holding Company's Management's assessment of the impact of the outbreak of COVID-19 on the business operations and recoverability of assets of the Group.

Our conclusion is not modified in respect of this matter.

1. The accompanying Statement includes the unaudited interim financial results and other unaudited financial informationof:

2. (a) 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information include total revenue of INR 14.76 lakh and INR 41.11 lakh, total net loss after tax of[INR] 223.15 lakh and[INR][269.88] lakh, total comprehensive loss after tax of INR 223.15 lakh and INR 269.88 lakh for the quarter ended December 31, 2020 and the period ended on that date respectively, as considered[in] the Statement,[which] has been reviewed byits 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 16.67 lakh and net loss of INR 20.56 lakh and Group's share of total comprehensive income of INR 16.67 lakh and total comprehensive loss of INR 20.56 lakh for the quarter ended December 31, 2020 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.

The independent auditor's reports on the unaudited interim financial results and other

unauditedfinancial information of these entities have been furnished to us by the Management

»f the Holding Company and our conclusion on the Statement, in so far asit relates‘to[the?] {ey fi

Kantilal Patel & Co. Chartered Accountants

Riddhi P. Sheth & Co. Chartered Accountants

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 byusare 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 revenue of INR 37.06 lakh and INR 147.05 lakh, total net loss after tax of INR 8.04 lakh and INR 200.89 lakh, total comprehensive loss of INR 8.04 lakh and INR 200.89 lakh for the quarter ended December 31, 2020 and the period ended on that date respectively, as considered[in] the Statement.

The 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.

• 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

&. @ Ste

Partner

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

Date: January 27, 2021

UDIN: 21153599AAAABX2150

Riddhi P. Sheth

ae Proprietor Membership[No.:][159123] { FRN Place: Ahmedabad EDABA > Date: January 27, 2021 ateas[S]

UDIN: 21159123AAAAAB3226

PSP Projects Limited Registered OfficeCIN: PSP:L45201GJ2008PLC054868House, Opp. Celesta Courtyard,Website:Iscon-Ambliwww.pspprojects.comRoad, Ahmedabad - 380 058

(i) Statement of Unaudited Consolidated Financial Results for the period ended December 31, 2020 (Rs. in Lakhs) ieSr Particulars 31.12.2020 Quarter30.09.2020ended 31.12.2019 31.12.2020]Nine months31.12.2019ended Year31.03.2020Ended

{ Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 |Income Revenue from Operations Other Income 39,015.86 24,308.56] 42,306.64 74,013.60 1,04,286.23 1,49,925.93 Total Income 374.81 457.05 542.90 1,302.36 1,675.64 2,416.63 39,390.67 24,765.61] 42,849.54 75,315.96 1,05,961.87 1,52,342.56

2 |Expenses

Cost of Materials Consumed

ChangesConstruction in InventoriesExpenses of Work-in-Progress 14,195.41(185.42) 7,465.40(390.39) 14,005.47}2,815.03 25,252.15(927.56) 37,892.1737.25 52,665.93839.41 Employee Benefits Expense 18,476.36 13,076.80] 18,243.56 37,691.54 47,027.27 70,044.68 Finance Costs 1,369.25 1,328.57 1,523.65 3,667.92 4,365.23 5,948.66 TotalOtherDepreciationExpensesExpensesand Amortisation Expense 675.53643.92292.21 267.78627.05449.99 321.54698.45414.65 1,138.371,040.911,887.55 1,907.841,078.21982.83 1,344.082,669.551,505.58 35,467.26 22,825.20] 38,022.35 69,750.88 93,290.80 1,35,017.89

3 (1-2)|Profit/(Loss) Before Tax & share of profit / (loss) from Joint Venture 3,923.41 1,940.41 4,827.19 5,565.08 12,671.07 17,324.67 4 |Tax Expenses Current Tax Deferred Tax 1,140.56 445.33 1,228.42 1,585.89 3,337.44 4,608.22 (72.21) (31.81) (27.35) (150.14) (22.13) (103.73) Total Tax Expenses

1,068.35 413.52 1,201.07 1,435.75 3,315.31 4,504.49

5 Venture|Profit/(Loss)(3 - 4)for the Period Before share of profit / (loss) from Joint 2,855.06 1,526.89 3,626.12 4,129.33 9,355.76 12,820.18 6 {Shareof profit / (loss) from Joint Venture (Net) 15.60 (125.55) 21.40 (208.28) 66.00 10.74 7 |Net profit/(Loss) after tax and share in profit/(loss) of Joint ventures 2,870.66 1,401.34 3,647.52 3,921.05 9,421.76 12,830.92

8 Other Comprehensive income / (Loss) (OCI)

(i) Items that will not be reclassified to Profit or Loss (ii) ~-Items(netRemeasurementExchangethatof tax) differencewill be reclassifiedexpensesarisingoftoonDefinedProfittranslationorbenefitLossof foreignplans (netsubsidiaryof tax) (3.26)0.71 (3.25)2.64 (0.52)(2.98) (9.77)3.25 (1.56)(1.29) (13.14)(7.03)

Total Other Comprehensive Income / (Loss) for the Period (2.55) (0.61) (3.50) (6.52) (2.85) (20.17) 9 |Total Comprehensive Income/(Loss) for the Period (7+8) 2,868.11 1,400.73 3,644.02 3,914.53 9,418.91 12,810.75

Profit/(Loss) for the year attributable to: -- OwnersNon-controllingof the companyInterest 2,916.53 1,406.96 3,652.22 3,979.07 9,437.34 12,847.61 Other comprehensive income/(Loss) for the year attributable to: (45.87) (5.62) (4.70) (58.02) (15.58) (16.69) -TotalOwnersNon-controllingcomprehensiveof the companyInterestincome/(Loss) for the year attributable to: (2.55)(0.61)(3.50)(6.52)(2.85)(20.17)-OwnersNon-controllingof the companyInterest 2,913.98 1,406.35 3,648.72 3,972.55 9,434.49 12,827.44 (45.87) (5.62) (4.70) (58.02) (15.58) (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 1211 OtherEarningsEquityPer Share ofexcludingRs Revaluation10/each (inReservesRs.) (Not Annualised ) : : : = : 41,818.16 (Basic) (Diluted) 8.11 3.91 10.15 11.05 26.21 35.69 (see accompanying notes to the Financial Results) 3.91 10.15 11.05 26.21 35.69 SIGNED FOR IDENTIFICATION BY cue © 2 1/2, 4™ KANTILAL PATEL & CO.

PSP Projects Limited Registered OfficeCIN: PSP:L45201GJ2008PLC054868House, Opp. Celesta Courtyard,Website Iscon-Ambli: www.pspprojects.comRoad, Ahmedabad- 380 058

(ii) Notes to Financial Results

The above consolidated financial results of the Group have been reviewed and recommended by the Audit Committee and approved by the Board ofDirectors of the Companyin their respective meetings held January 27, 2021. The consolidated financial results are prepared in accordance with the Indian | Standards Accounting of India (“SEBI”).(“Ind AS”),The Indas applicableAS are prescribedand guidelinesunder sectionissued by133 theof theSecuritiesAct readandwithExchangeRule 3 of theBoard Companies (Indian Accounting Standards) Rules, 2015, and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The said financial results represent the results of PSP shareProjectsin resultsLimited of joint(“the Company”),ventures whichits subsidiarieshave been(togetherprepared referredin accordance.withto as “the Group”Ind-AS and110its “Consolidated Financial Statement” and Ind AS 28 - “Investment in Associates and Joint - Ventures”). Thestatutoryaforesaidauditorsunauditedof the HoldingconsolidatedCompany.financial results have been subjected to limited review by joint estimatessuchinterimtheDuringCOVID-19as thefinancialTradeandquarter,pandemic.judgementsreceivables,results.the Group’sHowever,TheandunbilledGrouphasoperationstheconcludedrevenue,hasimpactmaderecoveredandthat thereassessmentassessmentInventories,furtherofareofnoCOVID-19fromusingrecoverabilitymaterialthereasonablyeconomicis adjustmentsa continuousof theavailableslowdownCompany’srequiredinformation,causedassetsin theby thatmonitorthe uncertaintiesestimatedchangesastoassociatedatfuturethe dateeconomicwithofitsapprovaldurationconditions.of theseandfinancialnature. Theresults.impactThethereofGroup willmightcontinuebe differentprocess,to closelygivenfrom The Groupis primarily engaged in one business segment viz. construction/project activities, as determinedFurther, the byoperationsthe chief ofdecisionthe Companymakerinis accordancepredominately with domiciledInd AS 108,inOperating Segments.India and therefore there are no reportable geographical segment. ThecontributionsIndian Parliamentby the Grouphas approvedtowards theProvidentCode onFundSocialand Security,Gratuity.2020The whichMinistrywouldof Labourimpact andthe GrouphasEmploymentinvitedwill suggestionshasassess releasedthe impactfromdraftstakeholdersandrulesitsforevaluationthewhichCodeareononceSocialunderthe activeSecurity,subjectconsideration2020rules onareNovembernotifiedby the andMinistry.13, 2020will Theand appropriate impactin its financial statements in the period in which, the said code becomeseffectivegive including the related rules framed thereunder to determine the financial impactare published. toPreviouscurrentperiodperiod’sfigurespresentation.have been regrouped/rearranged, wherever necessary, to correspond

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SIGNED FOR IDENTIFICATION BY
270 e e. [SHES]
(2,
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 Companyfor the period ended December 31, 2020 are available on the Company’s website (URL: www.pspprojects.com) Key Standalone financials information is given below: (Rs. in Lakhs) Quarter ended Nine months ended Year ended 31.12.2020 30.09.2020 31.12.2019 31.12.2020 31.12.2019 31.03.2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total Incomea 39,395.76 24,760.17 42,883.72 75,324.15 1,06,067.65 1,52,403.30 en[cemare][tei] ae Exceptional Item 4,127.38 1,853.70 4,881.32 5,684.23 12,827.98 17,442.19 Profit Before Tax and after Exceptional Item 3,853.27 1,853.70 4,881.32 5,410.12 12,827.98 17,442.19 Net Profit 2,791.83 1,440.43 3,674.77 4,010.45 9,499.44 12,926.03 Other Comprehensive wctinaiiiccs) (3.26) (3.25) (0.52) (9.77) (1.56) (13.14) Total Comprehensive Income 2,788.57 1,437.18 3,674.25 4,000.68 9,497.88 12,912.89

For and on behalf of the Boar

iz —~< BY <s hOfLGny7 See2 ¢[7] ( SHE.

a Rae KANTILAL PATEL & CO. ey te wy ! /S/ Chairman, Managing Director & CEO

DIN: 00037633 Sanco” Ahmedabad, January 27, 2021