PSP Projects Limited — Interim / Quarterly Report 2025

Oct 25, 2024

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PSP Projects Limited ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company

Ref No: PSPPROJECT /SE/65/24-25

Corporate Relations Department BSE Limited Floor 25, P.J. Towers, Dalal Street, Mumbai- 400 001 Scrip code: 540544

October 25, 2024

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 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that the Board of Directors of the Company at their meeting held today i.e. October 25, 2024, have approved the Unaudited Standalone & Consolidated Financial Results as per the Indian Accounting Standards (IND AS) for the quarter and half year ended September 30, 2024.

The board meeting was commenced at 11:00 AM. and concluded at 2.02 PM.

We are enclosing herewith the Financial Results for the quarter and half year ended September 30, 2024 for your information and record. The same will be made available on the Company's website at www.pspprojects.com.

Kindly take the above on your record.

Thanking You,

For PSP Projects Limited cr% 4@el. ? Kenan Patel \ /8, & ce O Company Secretary Complian ffi c e r . --

Encl.: As above

'PSP House', Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, Iscon - Ambali Road, Ahmadabad, Gujarat - 380 058. India Phone: 079 - 2693 6200, 2693 6300, 2693 6400 I Fax No.: 079 - 2693 6500 I Email: info@pspprojects.com URL: www.pspprojects.com CIN:L45201GJ2008PLC054868

Kantilal atel & Co. Chartered Accountants "KPC House", Besides High Court Auditorium Gate, Sola, Ahmedabad - 380 060.

Prakash B. Sheth & Co. Chartered Accountants 212-213 Pratibha-I, B/h. Sakar-I, Opp. Gandhigram Railway Station, Navrangpura, Ahmedabad - 380 009.

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

To

The Board of Directors of PSP Projects Limited.

1. We have reviewed the accompanying statement of unaudited standalone financial results of PSP Projects Limited (the 'Company') for the quarter ended September 30, 2024 and year to date from April 01, 2024 to September 30, 2024 (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. The Company's Management is responsible for the preparation of the Statement 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 and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. 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 analyticai 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.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the 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.

For Kantilal Patel & Co.

Chartered Accountants

ICAI Firm registration number: 104744W

2 Jinal A. Patel

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Partner

Membership No.: 153599 Place: Ahmedabad

Date: October 25, 2024 UDIN: 24153599BKDKNP4998

For Prakash B. Sheth & Co.

Chartered Accountants ICAI Firm registration number: 108069W

pg

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Prakash B. Sheth

Proprietor

Membership No.: 036831 Place: Ahmedabad

Date: October 25, 2024 UDIN: 24036831 BKAEEQ97

Registered Office: PSP House, Opp. Celesta Courtyard, lscon-Ambli Road, Ahmedabad - 380 058 CIN :l45201GJ2008PLC054868 Website : www.pspprojects.com

PSP Projects limited

(I) Statement of Unaudited Standalone Financial Results for the quarter and six months ended September 30, 2024

()	Statement of Unaudited Standalone Financial Results fr the quarter a	nd six months	ended Septembe	r 30, 2024
							(Rs.inLkhs)
			Quarer ended		Half year	ended	Year Ended
Sr. No.	Particulars	30.09.2024 (Unaudited)	30.06.2024 (Unaudited)	30.09.2023 (Unaudited)	30.09.2024 (Unaudited)	30.0.2023 (Unaudited)	31.032024 (Audited)
1	Income
	Revenue fom Operations	57,80875	61,18920	60,74.85	1,18,997.95	1,11,67088	2,46,24980
	Other Income	457.19	37630	60313	83349	117358	2426.48
	Total Income	58,265.94	61,565.50	61,31798	1,19,831.44	1,12,84.46	248,676.28
2	Expenses
	Cost of Materials Consumed	19,61.59	16,95396	26,479.41	36,56455	46,15.20	9356014
	Changes in Inventories of Finshed Goods and Work-In-Progress	(205061)	228295	(5,416.59)	23234	(6,345.93)	(16,91783)
	ConstructionExpenses	32,64601	30,363.86	28,80000	63,009.87	50,338.97	126677.43
	EmployeeBenefts Expense	3,09.8	3,261.79	2,95612	631127	5,774.87	12,505.08
	Finance Costs	1,058.13	1,316.67	1,245.17	2,374.80	2,153.9	5,08232
	Deprecation and AmorisationExpense	1,7928	1,67385	1,43586	3,46665	2,620.53	6,486.8
	Other Expenses	669.2	98272	52174	165214	1,348.97	4,2614
	Total Expenses	56,775.82	56,835.80	56021.71	1,13,611.62	1,02,606.20	2,31,655.08
3	Profit/(Lss) Before Tax and ExceptionalItem (1-2)	1,49012	4,729.70	5,296.27	6,219.82	10,23.26	17,02120
4	ExceptionalGain/(Loss)(net of tax)	-		.		.	.
5	Proft/(Loss) Before Tax and aferExceptionalItem (3-4)	1,490.12	4,729.70	5,296.27	6,21982	10238.26	17,02120
6	Tax Expenses
	CurrentTax	535.71	1,43165	1,36589	196736	2,74.26	5,24635
	DeferredTax	(16036)	(12997	(1023)	(290.33)	(14892)	(61506)
	Total TaxExpenses	375.35	1,301.68	1,355.66	1677.03	2,625.34	4,63.29
7	Profit/(Loss) for the Perod (5-6)	1,14.7	3,428.02	3,90.61	4,542.79	7,612.92	12,389.91
8	OtherComprehensive lncome/(Loss)(OCI)
	(i) Itemsthatwilnot be recassifed to Proft or Loss
	-Remeasurement(expenses)/income ofDefned beneftplans (net	(2.39)	(238)	230	(4.77)	4.60	(9.53)
	of tax)
	TotalOtherComprehensiveIncome/(Loss)fr the Perio	(2.39)	(2.38)	2.30	(4.77)	4.6	(9.53)
9	TotalComprehensive lncome/(Lss) fr thePeriod (7+8)	1,11238	3,425.6	3942.91	4,538.02	7617.52	1238038
10	Paid-upEquityShareCapital - Face ValueRs 10/- each	3,96418	3,96418	3,60000	3,96418	3,600.00	3,60000
1	Other EquityexcudingRevaluation Reseres	-	-	-	-		87,86292
12	Earings PerShare ofR10/- each (in Rs.)
	(not annualised frquarers)
	(Basic)	283	8.70	195	1153	21.15	34.42
	(Diuted)	283	8.70	10.95	1153	21.15	34.42
	(See accompanyingnotesto theStandaloneFinancialResults)

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IDENTIFICATION BY �� , ... "' r,, -\6¢ y0?& 4> [2 KANTILA PATEL & CO.

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(ii) Unaudited Standalone Statement of Assets and Liabilities as at September 30, 2024

(ii)Unaudited Standalone Statement of Assets and Labities as	at September 30, 2024
		(Rs. in Lakhs)
	As at	As at
Pariulars	September 30, 2024	March 31, 2024
	(Unadited]	(Audited]
ASSETS
(1) Non current Assets
(a) Propery, Plant and Equipment	31,504.97	32,075.21
(b) Capta Work-In-Prgress	62.00	288.08
(c) Intangible Assets	12167	17.90
(d) Financial Assets
(i) Investments	7168	7168
(ii) Loans
(iii) Other Financial Assets	18,78196	15,548.75
(e) Deferred Tax Asset (Net)	2,121.76	1,831.43
(f) Other Non Current Assets	439.	682.7
Total Non-Current Assets	53,103.48	50,605.7
(2) Current Assets
(a) Inventories	33,63124	31,602.9
(b) Financal Assets
(i) Trade receivables	47,115.22	33,509.62
(ii) Cash and cash equivalents	16,580.97	11,13.88
(iii)Bank Balances other than (ii) above	1,150.94	11,399.23
(iv) Loans	252.1	349.15
(v) Oher Financial Assets	57,761.04	50,914.67
(c) Other Current Assets	1,957.24	12,625.2
(d) Current Tax Assets (Net)	558.1	124.00
Total Current Assets	1,79,006.91	1,51638.56
TotaIAssets	2,32,110.39	2,02244.33
EQUITY AND LABILTIES
(1) Equity
(a) Equity Share Capital	3,964.18	3,600.00
(b) Other Equity	1,15,824.34	87,86292
Total Equit	1,19,788.52	91,462.92
LABILTIES
(2) Non-Current liabities
(a) Financal Labilities
(i) Borrowings	2,785.55	4,169.92
(b) Prvisions	467.79	266.43
Total Non-Current Labities	3,253.34	4,436.35
(3) Current Labities
(a) Financial Labilities
(i) Borrowings	24,592.22	41,339.09
(i)Trade Payables
- Total outstanding dues of mir
enterprises and smal enterprises	2,1149	1,9156
-Total outstanding dues of creditors other	45,962.44	39,792.89
than micro enterprises and smal enterprises
(i) Other Financal Labilities	3,218.86	2,43907
(b) Other Current Labilties	32,77.33	20,668.30
(c) Provsions	166.19	314.15
(d) Current Tax Labilities (Net)
Total Current Liabites	1,09,068.53	1,06,345.06
Total Labilities	1,12,321.87	1,10,78141
Total Equit and Labities	2,32,110.39	2,02,24.33

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IGNED IDEN1IF/C#TT~N el%, 2s' % KANTILAL PATEL & CO

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(iii) Unaudited Standalone Statement of Cash Flows for the half year ended September 30, 2024

			(Rs.inLakhs)
		Half year ended	Half year ended
	Pariculars	September30, 2024	September30, 2023
		(Unudited)	(Unudited)
A	Cash flow fom operating activities:
	Prft befre tax	6,21982	10,238.26
	Adjustments fr :
	Finance costs	1,79189	1,245.48
	Depreciation and amorisation expense	3,66.65	2,620.53
	Expected credit loss allowance	475.92	358.73
	Dividend Income	(316)	(3.16)
	Interest Income	(822.54)	(1,148.96)
	Loss/ (Gain) on sale of Proper, Plant and Equipment (PPE) (Net)	(711)	174
	Operating Proft befre working capital changes	11,12147	13,312.62
	Movements in working capital:
	(Increase)/ Decrease in Inventories	(202865)	(9,193.29)
	(Increase)/ Decrease in trade receivable	(1408152)	(2,997.08)
	(Increase)/ Decrease in other assets	(9,56104)	(15,97175)
	Increase / (Decrease) in trade payables	7,397.22	3,10.50
	Increase / (Decrease) in other labilities	1274282	(8,76182)
	Increase / (Decrease) in prvisions	47.03	97.7
	Cash generated/ (used) fom operations:	5,637.33	(20,383.35)
	Direct taxes paid (net)	(2,39989)	(1,905.00)
	Net cash generated/(used) fom operating acivities (A)	3,237.44	(22,28835)
B	Cash fows fom investing activities:
	Payment fr Propery, Plant and Equipment (PPE), Intangible assets and Capital Work-in-Progress	(2,337.28)	(7,942.98)
	Proceeds fom sale of Propery, Plant and Equipment (PPE)	9.86	0.85
	(Purchase) / Proceeds of term deposits (Net)	(233.08)	1,664.47
	Loan (to)/repaid by Subsidiaries	1 .00	100.00
	Dividend received	3.16	3.16
	Interest received	822.54	1,148.96
	Net cash generated/(used)inInvesting activities (B)	(1,63480)	(5,025.54)
C	Cash flow from fnancng acivities:
	Proceeds fom/ (Repayment) of non-current borrwings	(1,384.37)	1,03135
	Proceeds fom/ (Repayment) of current borrwings	(16,746.87)	24,453.58
	Proceeds fom Issuance of Shares in Qualifed Institutional Pacement (QP) (Net)	23,787.58
	Dividend paid		(900.00)
	Interest paid	(1,79189)	(1,245.48)
	Net cash generated/(used) in Financng activities(C	3,864.45	23,339.45
	NE INCREASE/(DECREASE) IN CSH AND CASH EQUIVALENTS [A)+ (B)+(C]	5,467.09	(3,974.4)
	Add: Cash and cash equivalents as at beginning of the period	11,113.88	9,38.51
	Cash and Cash Equivalents as at the end of theperiod	16,580.97	5,410.07

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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ST@E5Fon IDENTIFICATION BY
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KANTILAL PATEL & CO.
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PSP Projects Limited

Registered Office : PSP House, Opp. Celesta Courtyard, lscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC054868 Website: www.pspprojects.com

(iv) Notes to Standalone 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 Company in their respective meetings held on October 25, 2024.

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 1 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 The Company is primarily engaged in one business segment viz. construction/project activities, as determined by the chief decision maker in accordance with Ind AS 108, Operating Segments. 3 The Company has filed Writ Petition (Civil) for the Project "Construction of Residential Building of PAC Mahila Batallion, Badaun, Uttar Pradesh" to quash and set aside the termination order. The Company does not foresee any material financial implication of the same.

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For and on behalf of the Board SI G = n rt IDENTIFICATION BY
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KANTILAL PATEL & CO.
(Prahaladbhai S. Patel)
Chairman, Managing Director & CE
DIN : 00037633
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Ahmedabad, October 25, 2024

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Prakash B. Sheth & Co. Chartered Accountants 212-213 Pratibha-I, B/h. Sakar-I, Opp. Gandhigram Railway Station, Navrangpura, Ahmedabad - 380 009.

Kantilal Patel & Co. Chartered Accountants "KPC House", Besides High Court Auditorium Gate, Sola, Ahmedabad - 380 060.

Independent Auditor's Review Report on the Quarterly 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') and its subsidiaries (the Holding Company and its subsidiaries together referred to as the 'Group') and its joint venture for the quarter ended September 30, 2024 and year to date from April 01, 2024 to September 30, 2024 (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').

• The Holding Company's Management is responsible for the preparation of the Statement 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 and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we could become aware 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/CMD1/44/2019 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.

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

List of Subsidiary

• PSP Projects & Proactive Constructions Private Limited

?( " ' . 'HMEDA8AD )! ' ¢ ( ) 9 '

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Prakash B. Sheth & Co. Chartered Accountants

Kantilal Patel & Co. Chartered Accountants

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 one of the joint auditors referred to in paragraph 5 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 did not jointly review the interim financial results of:

2. (a) 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information include total assets (before consolidation adjustments) of INR 1,648.26 lakh as at September 30, 2024, total revenue of INR 920.66 lakh and 2,332.02 lakh, total net loss after tax of INR 93.04 lakh and total net loss after tax of INR 52.62 lakh, total comprehensive loss of INR 93.04 lakh and total comprehensive loss of INR 52.62 lakh, for the quarter ended and period ended on September 30, 2024, respectively, and net cash inflow of INR 4.77 lakh for the period from April 01, 2024 to September 30, 2024, as considered in the Statement.

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 0.27 lakh and INR 0.55 lakh and Group's share of total comprehencive loss of INR 0.27 lakh and INR 0.55 lakh for the quarter ended and for the period ended on September 30, 2024 respectively, as considered in the Statement.

These interim financial results have been reviewed by one of the joint auditors and other joint auditor has placed reliance on the same. Our conclusion on the Statement is not modified in respect of the above matter.

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 paragraphs 5 above are not material to the Group.

For Kantilal Patel & Co.

Chartered Accountants

ICAI Firm registration number: 104744W

LPATs Y acme\g Jinal A. Patel ? ( B e si d e s High ) O Partner Membership No.: 153599 o f ( A n c c ab a det{s, Court#uitorium{ Gate, Sola, ,G 9 Place: Ahmedabad @e cc9

Date: October 25, 2024

UDIN: 24153599BKDKNQ4313

For Prakash B. Sheth & Co.

Chartered Accountants ICAI Firm registration number: 108069W

g p

Prakash B. Sheth

Proprietor

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• Membership No.: 036831

Place: Ahmedabad

• Date: October 25, 2024

• UDIN: 24036831 BKAEER5059

PSP Projects Limited

Registered Office : PSP House, Opp. Celesta Courtyard, lscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC054868 Website : www.pspprojects.com

(ii Statement of Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2024

							(Rs.inLakhs)
Sr No.	Pariulars	30.0.2024 (Unaudited)	Quarter ended 30.06.2024 (Unaudited)	3009.2023 (Unaudited)	Half Year 3009.2024 (Unaudited)	ended 30.09.2023 (Unaudited)	Year ended 31.03.2024 (Audited)
1	Income
	Revenue fom Operations	58,59.62	62,306.21	61965.31	1,20,90283	113,327.98	2,50,578.85
	Other Income	45719	378.78	605.04	835.97	11717	2.2167
	Total Income	59,053.81	62684.99	62,57035	1,21,73880	1,14,499.15	2530 52
2	Expenses
	Cost of Materials Consumed	19,688.58	17,386.67	27,003.22	37,075.25	47,926.74	95,885.04
	Changes in Inventories of Work-in-Prgress	(1,8314)	202580	(4,743.30)	194.66	(6,32788)	(1692503)
	Construcion Expenses	33,259.11	31,25196	28,967.58	64,51107	50,717.53	1,28804.77
	EmployeeBenefts Expense	3,049.8	3,26179	2,956.1	6,31127	5,74.86	12,505.08
	Finance Costs	1,058.14	131669	1245.19	2,374.83	2,15361	5,08244
	Depreciationand AmorisationExpense	1,792.80	1,67385	1,43585	3,466.65	2,620.52	6,48680
	Other Expenses	670.80	98422	5317	1,65502	1 369.33	425.47
	Total Expenses	57,687.7	57,900.98	57,396.35	1,15,588.75	1,04,234.71	2,36,05457
3	Profit/(Loss) Before Tax&shareofproft/(loss)fromJointVenture(1-2)	1,366.04	4784.01	5,174.00	6150.05	10,264.44	16,945.95
4	TaxExpenses
	Current Tax	535.71	1,431.65	1,36589	1,967.36	2,74.26	5,246.35
	DeferredTax	(191.67)	(11636l	140.051	(308031	(14091)	(646.20)
	Total Tax Expenses	34.0	1,315.29	1,32584	1,65933	2,633.35	4600.15
5	Proft/(Loss) for the PeriodBefre share of proft/(loss)fromJointVenture (3-4)	1,022.00	3,468.72	3,848.16	4,490.72	7,631.09	12,345.80
6	Share of proft/ (oss) fomJointVenture(Net)	(0.27)	(028)	3.81	(055)	565	(48.53)
7	Net profit/(loss) aftertaxand share inproft(loss)ofJointventures (5+6)	1,021.73	3468.44	3851.97	4,490.17	7,636.74	12297.27
8	OtherComprehensiveIncome/(Loss)(OCI)
	(i)Items that wilnot be recassifed to Prft orLoss
	- Remeasurement(expenses)/income of Defned beneft plans(net oftax)	(239)	(2.38)	2.30	(4.77)	4.60	(9.53)
	TotalOtherComprehensiveIncome/(Loss)fr the Period	(239)	(2.38)	2.30	(477)	460	(953)
9	TotalComprehensive lncome/Loss)fr thePeriod (7+8)	1,019.34	3,466.06	3,85427	4485.40	7,6134	12,287.74
	Proft/(Loss) fortheyear atributable to:
	- Ownersof the company	1,02173	3,46844	3,851.97	4,490.17	7,636.74	12,29727
	- Non-controllingInterest		-	-	-	-	-
	Othercomprehensive income/(Loss) for theyear atributable to:
	- Ownersof the company	(2.39)	(238)	230	(4.7)	4.60	(9.53)
	- Non-controllingInterest		-	-	-	-	-
	Totalcomprehensive income/Loss)fr theyearatributable to:
	- Ownersofthecompany	1,019.34	3,46606	3,854.27	4,85.40	7,641.34	12,28774
	- Non-controllingInterest		-		-
10	Paid-up Equity Share Capital - Face Value Rs 10/- each	3,964.18	3,964.18	3,600.00	3,964.18	3,60000	3,600.00
11	OtherEquityexcudingRevaluationReserves		-				87,886.99
12	Earings Per Share ofRs 10/-each(in Rs.)
	(notannualsed forquarers)
	(Basic)	2.60	8.80	1.70	1140	211	3416
	(Dluted)	2.60	8.80	1.70	11.0	2121	34.16
	(see accompanyingnotestothe ConsoldatedFinancial Results)

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S I G I ! T FOR IDENTIFICATION 0!e 25'%%4 KANTILAL PATEL & CO.

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(ii) Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2024

(i)Unaudited Consoldated Statement of Assets and Labilit	ies as at September 30, 2	024
		(Rs. in Lakhs)
	Asat	As at
Particulars	September 30, 2024	March 31, 2024
	(Unaudited)	(Audited)
ASSETS
(1) Non current Assets
(a) Property, Plant and Equipment	31,50497	32,075.21
(b) Capta Work-In-Progress	62.00	288.08
(c) Intangibe Assets	12167	17.90
(d) Financial Assets
(i) Investments	66.68	66.68
(ii) Loans
(iii) Other Financial Assets	18,782.44	15,549.23
(e) Deferred Tax Asset (Net)	2,246.68	1,938.61
(f) Other Non Current Assets	439.	682.7
Total Non-Current Assets	53,223.88	50,708.43
(2) Current Assets
(a) Inventories	33,82359	31,783.11
(b) Financial Assets
(i) Trade receivables	47,259.12	34,21186
(ii) Cash and cash equivalents	16,78204	1,31.18
(iii) Bank Balances other than (i) above	11,15094	1,399.23
(iv) Loans	25213	349.15
(v) Other Financial Assets	58,304.52	50,834.23
(c) Other Current Assets	12,39930	12,954.51
(d) Current Tax Assets (Net)	558.1	124.00
Total Current Assets	1,80,529.77	1,52,966.27
Total Assets	2,33,75365	2,03,674.70
EQUIT AND LABILTIES
(1)Equity
(a) Equit Share Capital	3,964.18	3,600.00
(b) Other Equity	1,15,795.84	87,886.99
Equity attributable to owners of Holding Company	1,19,760.02	91,86.99
Non-Controlng Interests
Total Equity	1,19,760.02	91,486.99
LABILTES
(2) Non-Current labities
(a) Financial Labilties
(i) Borrowings	2,78555	4,169.92
(b) Prvisions	467.79	266.43
Total Non-Current Labities	3,253.34	4,436.35
(3) Current Labities
(a) Financal Labilties
(i) Borrowings	24,59222	41,339.09
(ii) Trade Payables
- Total outstanding dues of micr enterprises
and small enterprises	2,42672	1,808.98
-Total outstanding dues of creditors other than
micro enterprises and small enterprises	46,22212	40,194.20
(i) Oher Financial Labiities	3,252.61	2,439.07
(b) Other Current Labilities	34,080.43	21,655.87
(c) Provsons	166.19	314.15
Total Current Labities	1,10,740.29	1,07,75136
Total Labities	1,13,993.63	1,12,187.71
Total Equity and Labities	233,753.65	2,03,67470

SIG I FOR IDENTIFICATION BY zcr 0¢ 2s'%4

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KANTILAL PATEL & CO.

(iii) Unaudited Consolidated Statement of Cash Flows for the half year ended September 30, 2024

			(Rs. in Lakhs)
		Half year ended	Half year ended
	Pariculars	September30, 2024	September30, 2023
		(Unaudited)	(Unaudited)
A	Cash flow fom operating activities:
	Proft befre tax	6,149.50	10,270.09
	Adjustments fr :
	Finance costs	1,79189	1,245.48
	Depreciation and amorisation expense	3,66.65	2,620.2
	Expected credit loss allowance	475.92	358.73
	Dividend income	(3.16)	(3.16)
	Interest Income	(82502)	(1,144.58)
	Loss/ (Gain) on sale of Property, Plant and Equipment (PPE) (Net)	(7.11)	174
	Operating Profit befre working capital changes	11,048.67	13,348.82
	Movements in working capital:
	(Increase)/ Decrease in Inventories	(2,04048)	(9,202.62)
	(Increase)/ Decrease in trade receivable	(13,523.18)	(3,45256)
	(Increase) / Decrease in other assets	(10,204.10)	(16,264.68)
	Increase / (Decrease) in trade payables	7,259.61	3,844.52
	Increase / (Decrease) in other liabilities	13,15210	(8,62899)
	Increase / (Decrease) in provisions	47.03	97.7
	Cash generated fom operations:	5,739.65	(20,258.04)
	Direct taxes paid (net)	(2,399.89)	(1,90500)
	Net cash generated/(used) fom operating acivities (A)	3,339.76	(22,16304)
B	Cash flows from investing activities:
	Payment fr Propery, Plant and Equipment (PPE), Intangible assets and Capital Work-in-Progress	(2337.28)	(7,94298)
	Prceeds fom sale of Prperty, Plant and Equipment (PPE)	9.83	0.85
	(Purchase)/ Proceeds of term deposits (Net)	(23308)	1,664.47
	Dividend received	3.16	3.16
	Interest received	825.02	1,144.58
	Net cash generated/(used) in Investing actvities (B)	(1,73235)	(5,12992)
C	Cash fow fom fnancng activities:
	Proceeds fom/ (Repayment) of non-current borrowings	(3,406.59)	1,03135
	Prceeds fom/ (Repayment) of current borrowings	(14,74.65)	24,53.8
	Proceeds fom Issuance of Shares in Qualifed Institutional Placement (QIP) (Net)	23,787.58
	Dividend paid		(90000)
	Interest paid	(1,791.89)	(1,245.48)
	Net cash generated/(used) in Financng activities(C	3,86.45	23,339.45
	NE INCREASE/(DECREASE} IN CASH AND CASH EQUIVALENTS [A)+ (B)+(C)]	5,7.86	(3,953.51)
	Add: Cash and cash equivalents as at beginning of the period	11310.18	9,410.70
	Cash and Cash Equivalents as at the end of theperiod	16,782.04	5,457.19

Note: The above Cash Flow Statement has been prepared under the 'Indirect method' as set out in the Ind A S - 7 Statement of Cash Flow.

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SIC FOR IDENTIFICATION BY el 25%, 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

(iv) Notes to Consolidated Financial Results

Sr. Note No.

1 The above consolidated financial results of the Holding Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Holding Company in their respective meetings held on October 25, 2024.

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 1 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 Holding 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").

2

3

The Group is primarily engaged in one business segment viz. construction/project activities, as determined by the chief decision maker in accordance with Ind AS 108, Operating Segments. Further, the operations of the Group is predominately domiciled in India and therefore there are no reportable geographical segment.

The Holding Company has filed Writ Petition (Civil) for the Project "Construction of Residential Building of PAC Mahila Batallion, Badaun, Uttar Pradesh" to quash and set aside the termination order. The Holding Company does not foresee any material financial implication of the same.

4 The standalone financial results of the Holding Company for the quarter and half year ended September 30, 2024 are available on the Company's website (URL: www.pspprojects.com) Key Standalone financials information is given below:

										Rs. In Lkhs
						Quarer ended		Half year	ended	Year
										ended
	Particulars				30.09.2024	30.06.2024	30.09.2023	30.09.2024	30.09.2023	3103.2024
					(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Total	Income				58,265.94	6156550	61,31798	1,19,83144	1,1284446	2,48,67628
Profit Item	Befre Tax	and	Exceptional		1,49012	4,72970	5,296.27	6,219.82	10,23826	17,021.20
Proft Befre Exceptional Item		Tax	and	afer	1,490.12	4,729.70	5,296.27	6,219.82	10,238.26	17,02120
Net Proft					1,114.77	3,42802	3,94.61	4,542.79	7,61292	12,38991
Other Comprehensive lncome/(Loss)					(2.39)	(238)	2.30	(4.7)	4.60	(953)
Total	Comprehensive Income				1,112.38	3,425.64	3,94291	4,538.02	7617.52	12,380.38

For and on behalf of the Board ==

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Chairman, Managing Director
DIN : 00037633
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Ahmedabad, October 25, 2024