PTC India Ltd — Interim / Quarterly Report 2021

Aug 11, 2021

Independent Auditors' Review Report on Standalone Unaudited Financial Results for the Quarter ended June 30, 2021 of PTC India Limited To The Board of Directors

PTC India Limited

We have reviewed the accompanying Statement of Unaudited Standalone Financial Results and Notes to the Statement of Standalone Unaudited Financial Results of PTC India Limited ("the Company") for the Quarter ended June 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 Regulation').

This Statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial reporting" (Ind AS 34), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to issue a report 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 financial statements are 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 would become aware of all 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 come to our attention that causes us to believe that the accompanying statement of Unaudited Standalone Financial Results read with notes thereon, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other recognized accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation including the manner in which it is to be disclosed, or that it contains any material misstatement.

For K G Somani & Co LLP Chartered Accountants Firm Reg. No: 006591N/N500377

(Vinod Somani) Partner Place: New Delhi Membership No: 085277 21085277AAAAAG200 VINOD SOMANI Digitally signed by VINOD SOMANI Date: 2021.08.11 12:58:36 +05'30'

Date: 11th August, 2021 UDIN:

PTe INDIA LIMITED

Registered Office:2nd Floor, NBCC Tower, 15 Bhikaji Cama Place New Delhi - 110 066 (CIN : L40105DL1999PLC099328) Tel: 011- 41659500, 41595100, 46484200, Fax: 011-41659144, E-mail: info@ptcindia.com Website: www.ptcindia.com STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021

(Figures in ~ Lakhs. unless otherwise indicated)

Quarter endedParticularsS. No.30.06.202131.03.202130.06.2020Audited (Refer(Un-audited)(Un-audited)Note No.8)Revenue from operations1	Year ended31.03.2021Audited16.48.47647 .85316.96,3292.874
Revenue from operationsa4.56.9813.32.8624.23.375
Other operating revenue (Refer Note No. 3 & 4)b5.14226.4072.863
Total revenue from operations (Refer Note No.6)4,62,1233,59,2694,26,238
Other Income229435282
Total Income (1+2)34,62,2053,59,5634.26,590	16.99.203
4Expenses
aPurchases4.47.1713.24.8934.14.395	16.05.286
Operating expenses (Refer Note No. 3 & 4)b1.60714.304340	18.756
Employee benefit expensesc1.3281.2241.036	4.536
Finance costsd548947588	2.781
Depreciation and amortization expensese758158	279
fOther expenses1.1181.4721.045	4.982
Total expenses4,51,8473,42,9214,17,462	16,36,620
Profit before exceptional items and tax (3-4)510,35816,6429,128	62,583
Exceptional items - Income/(Expense)6(6.026)--	(6.026)
Profit Before Tax (5+6)710,35810,6169.128	56.557
Tax expenses8
Current taxa2.7474.3132.430	15.763
Deferred tax expenditure/ (income)b(76)(32)(69)	(231)
Net Profit for the period (7-8)97.6876,3356.767	41.025
10Other comprehensive incomeItems that will not be reclassified to profit or loss(i) Remeasurements of post- employment benefit11711obligations- Income/(Expense)-Income tax relating to remeasurements of post-(4)(3)-employment benefit	56(14)
(ii) Changes in fair value of FVOCI equityinstrument-29-	29
Other comprehensive income I (Expense), net of tax1428	71
11Total comprehensive income for the period (9+10)7,6886,3776.775	41.096
Paid-up equity share capital1229.60129.60129.601	29.601
(Face value of '{ 10 per share)
Other equity (excluding revaluation reserves)13	3.40.613
(As per audited balance sheet)
14Earnings per share
(Not annualized)('{)
aBasic2.142.602.29	13.86
bDiluted2.602.142.29. .Million Units of electriCity Sold22.91116.27918.918	13.8680.042

See accompanying notes to the financial results

Notes:

• 1 The financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended).
• 2 The above financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 11, 2021 and have been limited reviewed by the Statutory Auditors of the Company.
• 3 In accordance with the accounting policy, the surcharge recoverable on late! non-payment of dues by customers is recognized when no significant uncertainty as to measurability or collectability exist. Correspondingly surcharge liabilities on late! nonpayments to the suppliers, in view of the matching concept. is not being recognized in the accounts. The estimated liability in this regard, however is lower than the company 's claims from its sundry debtors.
• 4 The company has recognized surcharge income of 'f 4238 Lakhs during the quarter (for the corresponding quarter ended june 30, 2020, 'f 2356 Lakhs) from sundry debtors on amounts overdue on sale of power which has been included in "Other Operating Revenue". Correspondingly surcharge expense of 'f 1419 Lakhs during the quarter (for the corresponding quarter ended june 30, 2020, 'f 277 Lakhs) paid! payable to Sundry Creditors has been included in "Operating expenses".
• 5 The Company is engaged principally in the business of trading of electricity, which is an essential service as emphasized by the Ministry of Power, Government of India. The second wave of the Covid-19 pandemic has affected most parts of the country and many states have imposed lockdown and associated restrictions. These cond itions also impact the operations and cash collections of the Distribution Companies (Discoms), who are the principal customers of the Company. Therefore, the company, depending on the collections from the Discoms, may continue to evaluate its ' cash management practices which may impact the prompt payment rebate income for a limited period .

As the pandemic conditions have gradually been improving, the demand for electricity is steadily recovering and during the quarter ended june 30, 2021 the volume of traded electricity by the Company has also improved.

The Company has considered all possible factors of the Covid-19 pandemic and their impact relating to its business environment. Based on current estimates, the Company expects that the carrying amount of its assets will not deteriorate, and will be recoverable in full. However, the assessment of the pandemic's impact is a continuing process, given the uncertainties associated with its nature, occurrences and duration.

The longer term outcomes and impact of the Covid-19 pandemic on the Company's business in subsequent periods is also dependent on overall economic conditions as they evolve. The Management will continue to monitor ariy material changes to future economic conditions and the impacts thereof on the Company, if any.

• 6 Total revenue from operation of the company includes sale of electricity and service (consultancy).
• 7 The company is in the business of power and all other activities revolve around it, as such there is no separate reportable segment in respect of standalone results.
• 8 The figures of quarter ended March 31, 2021 are the balancing figures between audited figures in respect of the FY 2020-21 and the unaudited published figures upto the third quarter ended December 31, 2020.
• 9 The figures for the previous periods! year are re-classified ! re-grouped, wherever necessary.

~~: Chairman & Managing Director J

Place: New Deihl Date: August 11, 2021

Independent Auditors' Review Report on Consolidated Unaudited Financial Results for the Quarter ended June 30, 2021 of PTC India Limited

To The Board of Directors PTC India Limited.

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of PTC India Limited ("Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its associates for the Quarter ended June 30, 2021 ("the Statement"), being submitted by the holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulation")
• 1. 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 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. 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 would 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 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Sr.No.	Name of Company	Relations
a.	PTC India Financial Services Limited (PFS)	Subsidiary
b.	PTC Energy Limited (PEL)	Subsidiary
c.	Pranurja Solutions Ltd.	Associate
d.	Krishna Godavari Power Utilities Limited*	Associate
e.	RS India Wind Energy Private Limited*	Associate

1. The Statement includes the results of the following entities:

K G Somani & Co LLP

CHARTERED ACCOUNTANTS (Formerly K G Somani & Co)

f.	Varam Bio Energy Private Limited*	Associate
g.	RS India Global Energy Limited*	Associate

* Financial statements/ financial results/ financial information of these associates were not made available for consolidation. The Group had fully impaired the value of investment in these associates in earlier periods.

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, we report that nothing has come to our attention that causes us to believe that the accompanying Statement read with notes thereon and paragraph 6 below, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw your attention to Note no 8(ii) to the Statement regarding financial business of the Group as reported by one of the Subsidiary Companies "PTC India Financial Services Ltd" which explains the uncertainties and the management' assessment of the impact, due to the lock downs and other restrictions/ conditions related to COVID-19 pandemic situation, on Group's Operations relating to financial business, financial performance and position as at and for the quarter ended June 30, 2021, including measurement of expected credit loss (ECL) allowance on loans (financial assets) and assessment of the liquidity position based upon expected cash flows from/to borrowers/lenders, availability of high quality liquid assets and undrawn committed lines of credit from banks/ financial institutions to meet its financial obligations in future. The extent of Covid-19 impact on the Group's results will depend on future developments of the financial business, which are uncertain at this stage.

Our conclusion is not modified in respect of this matter.

1. We did not review the interim financial statements / financial information / financial results of two subsidiaries included in the consolidated unaudited financial results, whose interim financial statements / financial information / financial results reflect total revenue of Rs.33794 lakhs, total net profit after tax of Rs. 5925 lakhs and total comprehensive income of Rs. 7189 lakhs for the quarter ended June 30, 2021, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's share of net profit after tax of Rs. 5 lakhs and total comprehensive income of Rs. 5 lakhs for the quarter ended June 30, 2021, as considered in the consolidated unaudited financial results, in respect of 1 associate, whose interim financial statements / financial information/ financial results have not been reviewed by us. These interim financial statements / financial information / financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

The consolidated Unaudited financial results include the Group's share of net profit of Rs. Nil for the quarter ended June 30, 2021 as considered in the consolidated financial K G Somani & Co LLP

CHARTERED ACCOUNTANTS (Formerly K G Somani & Co)

results, in respect of 4 associates as referred to in paragraph 4 above, whose financial results for the quarter ended June 30, 2021 are not available with the Group. The Group had fully impaired the value of investment in these associates in earlier periods. Hence, there is no impact of the results of these associates on the consolidated financial results.

Our conclusion on the Statement in respect of our reliance on work performed and reports submitted by the other auditors on the financial results/ financial information of Subsidiaries and Associate and other matters as stated above is not modified.

For K G Somani & Co LLP

Chartered Accountants Firm Reg. No:006591N/N500377

VINOD SOMANI Digitally signed by VINOD SOMANI Date: 2021.08.11 12:57:59 +05'30'

(Vinod Somani) Partner Membership No:085277 UDIN: 21085277AAAAAH7549

Place: New Delhi Date: 11th August 2021

PTC INDIA LIMITED

Registered Office:2nd floor, NBCC Tower, IS Bhllcaji Cama Place New Deihl - 110 066 (ON: L40105DL1999PLC09932B) Tel: Oll- 41659500, 41595100, 464B4200, Fal(: 01l-41659144, E-mail: info@ptcindia .comWebsite: www.ptciodia.com STATEMENT Of UNAUDITED CDNSOUDATED FINANCIAL RESULTS fOR THE QUARTER ENDED JUNE 30, 2021

ConsolidatedQuarter endedYear endedS. No. Particulars30.06.202131.03.202130.06.202031.03.2021Audited (Refer(Un-audited)(Un-audited)AuditedNote No. 10)Revenue from operations1Revenue from operations (Refer Note No.4)a4,B7,8404,58,92417,79,6093.62.740Other operating revenue (Refer Note No.5 & 6)b8.01028.9184,15454,941Total revenue from operations4,95,8503,91,6584,63.07818.34.5501492Other Income9411,0502.816Total Income (1+2)4,95,99933,92.5994,64.12818.37.3664ExpensesaPurchases4,47,1713,24,8934,14,39516,05, 286Impairment of financial instrumentb1,83010,6914,05822,947Operating expenses (Refer Note NO.5 & 6)c22,2502.55915,1791,205Employee benefit expensesd1.8371,77 11,4946,540finance costse20.2822l.S3024,75692,135fDepreciation and amortization el(penses2,4992.5 112.48610.001Other expensesg2,6811.5321.5578.278Total el(penses4,77,7103,79,2564,49,95117.67,437,5Profit before el(ceptional Items and tal( (3-4)13,34318.28914.17769.929Exceptional items Income/(Expense)(2.065)(2.065)Protlt Before Share of Profit/CLoss) of Associates and Tax,718.28911,27814,17767.864(5+6)Share of Profit f (Loss) of Associates(8)5112Protlt Before Tax (7+B)918,29411,28914,17967,85610Tal( expenses (Refer Note No IS)aCurrent tal(17,6164.6664,7652,430Deferred tax expenditurel (income)111,5471,7434,478bNet Profit for the period (9-10)1113,6174.97745,76210.00612Other comprehensive incomeItems that will not be reclassified to profit or lossa(i) Remeasurements of post-employment benefit1732BobligationsIncome tax relilting to remeasurements of post)6)(4)(18)employment benefit(ii) Changes in fair value of fVOCI equity instrument(646)1.517(646)Income tax relating of FVOCI to equity investmentUS(265)118Items that will be reclassified to profit or lossbChange in cash flow hedge reserve16(194)(75)33Income tax relating to cash flow hedge reserve(4)(37)(75)68Other comprehensive income, net of tax (a+bl(1l6)(548)1.265(585)13Total comprehensive Income for the period (1l+12)14.8824,4299,89045,17714Profit is attributable to:Owners of the parent12,0206,85644,8669.07689'Non-controlling interests9301.597(1.879)Other comprehensIve Income Is attrIbutable to:15Owners of the parent823(341)(355)(73)Non-controlling interests442(207)(43)(230)16Total comprehensive Income is attributable to:Owners of the parent44.5ll12,8436.5159,00366'Non-controltil19 interests2.039(2,086)88717Paid-up equity share capitat29.60129,60129.60129,601(face value of f 10 per share)__:if'81"Other eqUity (excluding revaluation reserve 1Q\p-18II,.,!/4.12,400(As per audited balance sheet)C 'c19(,)Earnings per sharet'1't-(Not annualized)(t)tJ_a4.063.072.3215. 168aslc~N4.06bDiluted2.323.0715.16?Million Units of electricity Sold23.07380,53616.36919,064-;:See accompanying notes to the financial results				(Figures in" Lakhs unless otherwise indicate <l)< th=""></l)<>

Consolidated segment wise information

(Figures in 'I' lakhs)

			Quarter ended		Year ended
SI. No.	Particulars	30.06. 2021	31.03.2021	30.06.2020	31.03.2021
		(Un-audit ed)	Audited	(Un-audited)	Audited
1	Segment Revenue
	Power	4,70,907	3,65.477	4,34.348	17,24.710
	Investment	24,943	26.985	29,545	1,11,243
	Unallocated		137	235	1.413
	Tot al	'"4,95,999	3,92,599	4,64,128	18,37,366
2	Segment Result
	Power	12,849	16,210	10,280	62.281
	Investment	5,890	(2,003)	4,235	8,899
	Unallocated	(445)	(2.918)	(336)	(3.324)
	Profit before tax	18,294	11,289	14,179	67,856
	3 (.) Segment Assets
	Power	10.40,850	8.56.985	11.76.279	8.56.985
	Investment	10.47,319	11,05,811	10,84,600	11,05,811
	Unallocated	63.523	1,03,994	1,07,655	1,03,994
	Total	21.51,692	20,66,790	23,68.534	20,66,790
(b )	Segment liabilities
	Power	7.44,551	6,09,173	9,14,016	6,09,173
	Investment	8.74.259	9,39,124	9,50,987	9,39,124
	Unallocated	1.738	2,331	523	2,331
	Total	16.20.548	15,50,628	18,65,526	15,50,628

1 The conSOlidated financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under section 133 of the Companies Act. 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended),

2 The above consolidated financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on AU9ust 11, 2021 and the limited review of the same have been carried out by the Statutory Auditors of the Company.

3 Segments:· The Group is in the business of power and investment.

4 Revenue from operation of the Group inCludes sale of electricity and interest income from loan financingfdebenture.

5 In accordance with the accounting policy, the surcharge recoverable on late! non-payment of dues by customers is recognized when no significant uncertainty as to measurability or collectability exist. Correspondingly surcharge liabilities on latel nonpayments to the suppliers, in view of the matching concept. is not being recognized in the accounts. The estimated liability in this regard. however is lower than the Group's claims from its sundry debtors,

6 The Group has recognized surcharge income of f 4238 Lakhs during the quarter (for the corresponding quarter ended June 30, 2020, ~ 2356 Lakhs) from sundry debtors on amounts overdue on sale of power which has been included in 'Other Operating Revenue". Correspondingly surcharge expense of (1419 Lak.hs during the quarter (for the corresponding quarter ended June 30, 2020, ~ 277 Lakhs) paid I payable to Sundry Creditors has been included in ' Operating expenses".

7 il The subsidiary and associate companies considered in the C(Jnsolidated Financial Results are as follows

a) Subsidiary Companies	Ownership (%)
1. PTC Energy LImited~:;:/\ . U,tj; l'	100.00
/2. PTC India Financial services limited,	6<.99<;<br>0
()n'"Cb) Associate Companies	,
lI. Pranurja Solutions Limited0-~	/:C22.62

Ii) The financial statements of four associate companies are not available with the Group viz; R.5. India Wind Energy Private Limited. Varam 8io Energy Private limited, Krishna Godavari Power Utilities limited and R.5. India Global Energy limited. However, the Group had fully impaired the value of investments in these associates in earlier periods. Hence, there is no impact of the results of these Associates on the consolidate<! financial results.

8 Impact of covid-19

i) Power

a) Power Trading

The Parent Company Le. PTC India Limited (PTe) is engaged principally in the business of trading of electricity. which is an essential service as emphasized by the Ministry of Power, Government of India. The second wave of the Covid-I9 pandemic has affected most parts of the country and many states have imposed lockdown and associated restrictions. These conditions also impact the operations and cash coUections of the Distribution Companies (Discoms). who are the principal customers of the Parent Company. Therefore, Parent Company, depending on the collections from the Oiscoms. may continue to evaluate its cash management practices which may impact the prompt payment rebate income for a limited period,

As the p<lndemic conditions have gradually been improving, the dem<lnd for electricity is steadily recovering and during the qU<lrter ended June 30. 2021 the volume of traded electricity by the Parent Company has also improved.

The Parent Company has considered all possible factors of the Covid-19 pandemic and their impact relating to its bUSiness environment. Based on current estimates. the Parent Company expects that the carrying amount of its assets will not deteriorate, and wi ll be recoverable in full. However. the assessment of the pandemic 's impact is a continuing process, given the uncertainties associated with its nature. occurrences and duration.

The longer term outcomes and impact of the Covid-I9 pandemic on the Parent Company's business in subsequent periods is also dependent on overall economic conditions as they evolve. The Management will continue to monitor any material changes to future economic conditions and the impacts thereof on the Company, if any.

b) Wind Power Genertltion

The subsidiary company i.e. PTC Energy limited (PEL) Is engaged in generation of wind energy (renewable energy) and Ministry of New & Renewable Energy (MNRE) had clarified the Must Run Status to Renewable Energy Project.

The second wave of the Covid-19 pandemic has affected most parts of the Country and many states have imposed lockdown and associated restrictions. PEL has considered all possible factors of the Covid-19 pandemic and their impact relating to its business environment. Based on current estimates. PEL expects that the carrying amount of its assets will not deteriorate, and wi ll be recoverable in full. However, the assessment of the pandemic's impact is a continuing process, given the uncertainties associated with its nature. occurrences and duration.

The longer term outcomes and impact of the Covid-I9 pandemic on the PEL's business in subsequent periods is also dependent on overall economic conditions as they evolve. The Management will continue to monitor ,lOy mMeri,,1 ch"nges to future eCOnOmiC conditions and the impacts thereof on the PEL, if any.

ii) financing Business

The subsidiary company i.e. PTC India financial Services limited (PfS) is a NBfC company.

COVID-19, a global pandemic has affected the world economy including India leading to significant decline in economic activity and volatility in the financial markets. Government announced various relief packages to support alt segment. During the quarter ended June 30, 2021, India experienced a ·second wave" ofCOVID-19, including a significant surge of COVID·I9 cases following the discovery of mutant coronavirus variants in the country. PfS does not foresee any significant concern in case of borrowers where projects have been commissionedf completed and have must run status. However, it would be difficult to assess the impact on borrower's ability to service the debt where projects are under construction considering construction activities halted due to lockdown restriction. However respective Govt. Authorities have issued the circulars for aJlowing extension in SCaD. The overall growth of PfS business during the quarter has been impacted due to various factors including lockdown situation in country as activities related to clearances, land acquisition for newfunder construction projects specifically in renewable and road sectors.

PFS has maintained sufficient liquidity in form of High Ouality Liquid Assets (HOLA) and undrawn lines of credit to meet its financial obligation in near future.

In assessing the recoverability of loans and advances. PFS has considered internal and external sources of information (i.e. valuation report, one time settlement (OTS) proposal, asset value as per latest available financials with appropriate haircut as per ECl policy). further. management overlay, wherever appropriate and approved by the Audit Committee, has been applied to reflect the current estimate of future recoverable values. PFS expects to recover the net carrying value of these assets, basis assessment of facts and Eel methodOlogy which factors in future economic conditions as well. However, the eventU<l1 outcome of impact of COVID -19 may be different from those estimated as on the date of approval of these financial results and PFS will continue to monitor any material changes to the future economic conditions.

• 9 Other comprehensive income includes profit (net of tall) amounting to ~ 146 lakhs by selling 3536003 nos. of equity shares of Mfs Patel Engineering limited which were acquired by PTC India Financial Services limited as a part of one time settlement of loan of MIs Dirang Energy Pvt. ltd.
• 10 The figures of quarter ended March 31, 2021 are the balancing figures between aUdited figures in respect of the FY 2020·21 and the unaudited published figures upto the third quarter ended December 31, 2020.
• 11 The figures for the previous periods I year are re-classified I re·grouped, wherever necessary.

Place: New Delhi Date: August 11, 2021

Chairman & Managing Director