PSP Projects Limited

I PSP L • , ' ¢.u!" PSP Projects Limited ISO 9001 : 2015, 14001 : 2015, 45001 : 2018 Certified Company

Ref No: PSPPROJECT/SE/86/24-25

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

February 07, 2025

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. February 07, 2025, have approved the Unaudited Standalone & Consolidated Financial Results as per the Indian Accounting Standards (IND AS) for the quarter and Nine Month ended December 31, 2024.

The board meeting was commenced at 11:00 A.M. and concluded at 12.55 PM.

We are enclosing herewith the Financial Results for the quarter and Nine Month ended December 31, 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 44..&Re4. Kenan Patel '') & r Company Secretary Compiia :er Encl.: As above

'PSP House', Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, Iscon - Ambali Road, Ahmedabad, Gujarat - 380 058. India. Phone: 079 -2693 6200, 2693 6300, 2693 6400] Fax No.: 079 -2693 6500 ] Email: [email protected] [ URL: www.pspprojects.com CIN: L45201GJ2008PLC054863

Kantilal Patel & 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, Navarangpura Ahmedabad - 380 009.

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 December 31, 2024, and year to date from April 01, 2024 to December 31, 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 Company's Management is responsible for the preparation ofthe 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.
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.

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Prakash B. Sheth & Co. Chartered Accountants

Kantilal Patel & Co. Chartered Accountants

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 #a sLPA7, Jinal A. Patel 0'<-K Partner <( "c' K PcH s us e'' ) P O Membership No.: 153599 ?( CouABeGasieteu. ditorSola, sah ium ) ' O a Place: Ahmedabad ' is. s as,8 2,,'3eooso,J Date: February 7, 2025 ¢ o cc0 sz-" S UDIN: 25153599BMJLOK3233

For Prakash B. Sheth & Co.

Chartered Accountants ICAI Firm registration number: 108069W

P&

Prakash B. Sheth

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Proprietor Membership No.: 036831 Place: Ahmedabad Date: February 07, 2025 UDIN: 25036831 BMIKYW4877

PSP Projects Limited Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC0S4868 Website: www.pspprojects.com

(i) Statement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2024

							(Rsin Lakhs)
			Quarter ended		Nine Monthsended		Year Ended
Sr. No.	Pariculars	31.12.2024 (Unaudited)	30.09.2024 (Unaudited)	31.122023 (Unaudited)	31.12.2024 (Unaudited)	31122023 (Unaudited)	31.03.2024 (Audited)
1	Income
	Revenue fromOperations	62,320.94	57808.75	69,661.92	1,81,318.89	1,81,332.80	2,46,24980
	OtherIncome	377.69	457.19	654.20	1,211.18	1,827.78	2,426.48
	Total Income	62,698.63	58,265.94	70,316.12	1,82530.07	1,83,160.58	2,48,676.28
2	Expenses
	Cost of Materials Consumed	20,57332	19,61059	24,868.54	57,137.87	71,583.74	93,560.14
	Changes inInventories of Finshed Goods and Work-In-Progress	1,911.32	(205061)	(4,34923)	2,143.66	(10,695.16)	(16,917.83)
	Construction Expenses	31,99808	32,64601	37,773.06	95,00795	8811203	1,26677.43
	Employee Benefits Expense	3,33290	3,049.48	3,375.23	9,64417	9,150.10	12,505.08
	FinanceCosts	1,024.06	1,058.13	1,52672	3,39886	3,680.31	5,08232
	Depreciationand Amorisation Expense	1,873.65	1,792.80	1,872.59	5,34030	4,493.12	6,486.80
	Other Expenses	96928	669.42	851.35	2,621.42	2,20032	4,261.14
	TotalExpenses	61,682.61	56,77582	65,918.26	1,75,29423	1,68,524.46	2,31655.08
3	Profit/(Loss) Before Tax and Exceptional Item (1-2)	1,016.02	1,49012	4,397.86	7,23584	14,636.12	17,021.20
4	ExceptionalGain/(Loss)(net of tax)
s	Profit/(Loss)Before Tax and after Exceptional Item (3-4)	1,016.02	1,490.12	4,397.86	7,235.8	14,636.12	17,021.20
6	TaxExpenses
	CurrentTax	455.6	535.71	1,330.79	2,422.82	4,105.05	5,246.35
	DeferedTax	(47.12)	(16036)	(18478)	(337.46)	(333.70)	(61506)
	Total Tax Expenses	408.34	375.35	1,146.01	2,085.36	3,771.35	4,631.29
7	Profit/(Loss) for the Period (5-6)	607.68	1,114.7	3,251.85	5,150.48	10,864.77	12,389.91
8	Other Comprehensive Income/(Loss) (0CI)
	(i)Items thatwilnotberecassified to Profit orLoss
	-Remeasurement (expenses) /incomeofDefinedbeneft plans{net	(2.38)	(2.39)	2.30	(715)	690	(953)
	oftax)
	TotalOther ComprehensiveIncome/(Loss)fr the Period	(238)	(2.39)	2.30	(.15)	6.90	(9.53)
9	TotalComprehensiveIncome/(Loss) for thePeriod (7+8)	605.30	1,11238	3,254.15	5,143.33	10,871.67	12,380.38
10	Paid-up Equity Share Capital - FaceValue Rs 10/-each	3,964.18	3,96418	3,60000	3,964.18	360000	3,600.00
11	Other Equity excluding Revaluation Reserves						87,862.92
12	EaringsPerShareofRs10/-each(inRs.)
	(not annualised for quarers)
	(Basic)	1.4	2.83	903	1.07	3018	34.42
	(Diluted)	1.4	283	9.03	1307	3018	34.42
	(See accompanying notes tothe Standalone Financial Results)

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[7 5FOR IDEN1Inc»now BY % ts KANTILAL PATEL & CO.

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

(ii) 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 February 7, 2025.

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 a Section 9 Petition, bearing Registration No. 118/2024, before the Hon'ble Commercial Court, Lucknow, against the Respondents, namely the Superintendent Engineer, Bareilly, and others, concerning the project "Construction of Residential Building of PAC Mahila Battalion, Badaun, Uttar Pradesh." In this petition, the Company has requested the Hon'ble Court to maintain the status quo of the contract terms and grant interim relief against the termination of the contract. The matter is currently sub-judice.

While the hearing and judgment in the aforesaid matter are pending, the Respondents have encashed the Mobilization Bank Guarantees amounting to 24.60 crores and the Performance Bank Guarantees amounting to 8.02 crores. This encashment occurred after the quarter ended on December 31, 2024, but before the publication of these financial results.

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----- Start of picture text -----

For and on behalf of
Chairman, Managing Director & CEO
DIN : 00037633
Ahmedabad, February 7, 2025
ANTILAL PATEL 2 CO.
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Kantilal Patel & 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, Navarangpura Ahmedabad - 380 009.

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.

We have reviewed the accompanying statement of unaudited consolidated financial results of PSP Projects Limited (the 'Holding Company') and its subsidiary (the Holding Company and its subsidiary together referred to as the 'Group') and its joint venture for the quarter ended December 31, 2024 and year to date from April 01, 2024 to December 31, 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

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a« (7aR\ b e 3 g2 108069W 0ABAD Z? ·:i: ) h/ < 4s27

Kantilal Patel & Co. Chartered Accountants

Prakash B. Sheth & Co. Chartered Accountants

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/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.

The Statement includes the interim financial results of the following entities

Subsidiary

PSP Projects & Proactive Constructions Private Limited

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 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 1 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.

The Statement includes the unaudited interim financial results and other unaudited financial information of:
(a) 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information include total revenue of INR 913.73 lakh and INR 3,245.75 lakh (before consolidation adjustments), total net loss after tax of INR 102.38 lakh and INR 155.00 lakh (before consolidation adjustments), total comprehensive loss (before consolidation adjustments) of INR 102.38 lakh and INR 155.00 lakh for the quarter ended December 31, 2024, and for the period from April 01, 2024 to December 31, 2024, respectively, as considered in the Statement, which has been reviewed by its independent auditor.

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(b) 1 (one) joint venture, whose unaudited interim financial results and other unaudited financial information include Group's share of net loss of INR 153.13 lakh and INR 153.68 lakh and Group's share of total comprehencive loss of INR 153.13 lakh and INR 153. !

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Prakash B. Sheth & Co. Chartered Accountants

Kantilal Patel & Co. Chartered Accountants

for the quarter ended December 31, 2024, and for the period from April 01, 2024 to December 31, 2024, respectively, as considered in the Statement, which has been reviewed by its independent auditor.

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.

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

r J�l

r l LPA7s G _, f Partner ( 'KPC House O Place: Ahmedabad Membership No.: 153599 @ ¢f(}Court#uitosesshGaandte, aSion baolra, d ) um ' { o 'o $ Date: February 7, 2025 eEe{¢ o cc0 UDIN: 25153599BMJLOL7490

For Prakash B. Sheth & Co.

Chartered Accountants ICAI Firm registration number: 108069W pg

Prakash B. Sheth

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Proprietor Membership No.: 036831 Place: Ahmedabad Date: February 07, 2025 UDIN: 25036831 BMIKYX2449

PSP Projects Limited Registered Office : PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L452016)2008PLC054868 Website : www.pspprojects.com

(i) Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2024

(i)	Statement of Unaudited Consolidated FinancalResults fr the quarer and nine mo	nthsended D	ecember31,20	24
							(Rs inLakhs)
Sr. No.	Pariculars	31.12.2024	Quarerended 30.092024	31122023	Nine months ended 31.122024 31.122023		Year ended 31.03.2024
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1	Income
	Revenue from Operations	63,02101	58,59662	70,47501	1,83,923.84	1,83,802.99	2,50,578.85
	Other Income	37.69	457.19	643.30	121.66	181447	2421.67
	TotalIncome	63,398.70	59,053.81	71,11831	1,85,137.50	1,85,617.46	2,53,000.52
2	Expenses
	Costof MateralsConsumed	20,841.92	19,68858	25,13032	57,917.17	73,057.06	95,88504
	Changes inInventoresof Work-in-Progress	1,974.25	(1,831.14)	(4,349.23)	2,16891	(10,677.11)	(16,92503)
	Construction Expenses	32,50210	33,259.11	38,506.43	97,013.17	89,223.96	1,28,80477
	Employee Benefts Expense	3,33290	3,049.48	3,375.24	9,644.17	9,150.10	12,50508
	Finance Costs	102406	1,058.14	1,526.73	3,39889	3,68034	5,082.44
	Depreciationand Amortisation Expense	1,873.65	1,792.80	1,872.60	5,34030	4,493.12	6,486.80
	OtherExpenses	817.47	670.80	85182	2472.49	2221.15	4215.47
	TotalExpenses	62,366.35	57,687.77	66,91391	1,77,955.10	1,71,14862	2,36,054.57
3	Profit/(Loss) Before Tax&share of profit /(loss) from Joint venture (1-2)	1,032.35	1,366.04	4,204.40	7,182.40	14,468.84	16,945.95
4	Tax Expenses
	Current Tax	455.46	535.71	1330.79	2,42282	4,10505	5,246.35
	DeferredTax	(8155	(191.67)	(23305	(38958	(37396	(646.20)
	TotalTax Expenses	373.91	344.04	1,097.74	2,033.24	3,731.09	4,600.15
s	Profit/(Loss) forthePeriodBefre share ofprf/(loss)fomJointVenture (3-4)	658.44	1,022.00	3,106.66	5,149.16	10,737.75	12,345.80
6	Share of profit / (loss) from Joint Venture (Net)	(153.13)	(0.27)	1.66	(153.68)	7.31	(48.53)
7	Net profit/(loss)afertax and sharein profit/(loss) ofJoint ventures (5+6)	505.31	1,02173	3,10832	4,995.48	10,745.06	12,297.27
8	OtherComprehensiveIncome /(Loss) (0CI)
	(i)Items that willnotbereclassifiedto ProfitorLoss
	- Remeasurement (expenses)/income of Defned benefit plans (netof tax)	(238)	(239)	2.30	(7.15)	690	(953)
	TotalOher ComprehensiveIncome/ (Loss)fr the Period	(2.38)	(2.39)	2.30	(7.15)	6.90	(9.53)
9	TotalComprehensiveIncome/(Loss) forthe Period (7+8)	50293	1,019.34	3,110.62	4,988.33	10,751.96	12,287.74
	Prft/(Loss)fr the yearatributable to:
	-Owners of thecompany	505.31	1,021.73	3,108.32	4,99548	10,745.06	12,297.27
	-Non-controllingInterest
	Othercomprehensive income/(Loss) forthe year attributabe to:
	- Owners of the company	(238)	(239)	2.30	(7.15)	690	(953)
	-Non-controlling Interest	.	.			.
	Totalcomprehensive income/(Loss] for theyear attributable to:
	-Owners of the company	50293	1,019.34	3,11062	4,988.33	10,75196	12,287.74
	-Non-controllingInterest	.					.
10	Paid-up EquityShare Capital-Face Value Rs10/- each	3,964.18	3,96418	3,600.00	3,964.18	3,60000	3,600.00
11	Other Equity excluding Revaluation Reseres						87,886.99
12	Earnings PerShareof Rs10/-each(in Rs.)
	(not annualisedfor quarers)
	(Basic)	1.28	2.60	8.63	1268	2985	34.16
	(Diluted)	1.28	260	863	1268	29.85	34.16

(see accompanying notes to the Consolidated Financial Results)

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[S i FoRiENiricntfov8? je8% % KANTILAL PATEL & CO.

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