Puravankara Limited — Capital/Financing Update 2021

Nov 12, 2021

12.11.2021

To
The General Manager – DCS,	The Manager,
Listing Operations-Corporate Services Dept.	Listing Department,
BSE Ltd.	National Stock Exchange of India Ltd.,
1st Floor, New Trading Ring, Rotunda	Exchange Plaza, 5th Floor, Plot No. C/1, G
Building, 'P J. Towers, Dalal Street, Fort,	Block, Bandra-Kurla Complex, Bandra (E),
Mumbai 400 001.	Mumbai 400 051
corp.relations@bseindia.com	cc_nse@nse.co.in
Stock Code: 532891	Stock Code: PURVA

Dear Sir/ Madam,

Sub: Outcome of Board Meeting held on November 12, 2021 Ref: Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

We wish to inform you that the following was the outcome of the Board Meeting of Puravankara Limited held today:

1. Un-Audited Financial Results for the quarter and half year ended September 30, 2021

The Board of Directors approved the Consolidated and Standalone – un-Audited Financial Results for the quarter and half year ended September 30, 2021 as reviewed and recommended by the Audit Committee at its meeting held today.

In this connection please find attached herewith:

• a) The Un-audited Consolidated Financial Results and Limited Review Report issued by M/s S.R Batliboi & Associates LLP, Chartered Accountants, Statutory Auditors, for the Quarter and half year ended September 30, 2021.
• b) The Un-audited Standalone Financial Results and Limited Review Report issued by M/s S.R Batliboi & Associates LLP Chartered Accountants, Statutory Auditors, for the Quarter and half year ended September 30, 2021.

2. Approval for investment in Propmart Technologies Limited (PTL)

Puravankara Limited (PL) proposes to acquire additional 52% of shareholding in its associate company Propmart Technologies Limited for a token consideration of Rs.1,00,000/- and consequently PTL will become a subsidiary of PL. The following are the further details:

1. Name of the target entity, details in brief such as size, turnover etc.	Name: PROPMART TECHNOLOGIES LIMITED Authorised Capital: 110,00,000 equity shares of Rs. 10 each aggregating to Rs. 11,00,00,000/- Paid up Capital: 71,11,399 equity shares of Rs.10 each aggregating to Rs. 7,11,13,990/-
2. Whether the acquisition would fall within related party transaction(s) and	Turnover: Rs.2.75 crores YES
whether the promoter/ promoter group/ group companies have any interest in the entity being acquired?	YES

PURAVANKARA LIMITED

Registered Office: #130/1, Ulsoor Road, Bengaluru- 560 042 Tel:+91 80 2559 9000 / 4343 9999 Fax: +91 80 2559 9350 Email: info@puravankara.com URL: www.puravankara.com CIN: L45200KA1986PLC051571 AN ISO 9001 COMPANY

	If yes, nature of interest and details thereof and whether the same is done at "arms length".	52.89% of share capital is held by the Promoter Group which will be acquired by the Company. PTL is in the real estate marketing business which is complementary to the Company's business. Based on their projected earnings, PTL's shares have been valued at Rs.104.00 per share based on Discounted Future Cash flow of the company. However, the Promoters are transferring their share at a token amount of Rs.1,00,000.00 for 37,61,110 equity shares of rs.10.00 each as the current book value of the company is negative due to past losses. The business prospects of PTL are very positive which is reflected in its fair value assessed by independent valuers.
	3. Industry to which the entity being acquired belongs	Real Estate Activities
	4. Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity);	Propmart Technologies Limited is currently an associate of the Company and consequent to this acquisition, PTL will become a subsidiary of PL PTL's business is complementary to the business of the company and PTL has bright future in its business.
	5. Brief details of any governmental or regulatory approvals required for the acquisition;	Not Applicable
	6. Indicative time period for completion of the acquisition	Within 120 working days
	7. Nature of consideration - whether cash consideration or share swap and details of the same	Cash consideration
	8. Cost of acquisition or the price at which the shares are acquired	Token amount of Rs.1,00,000/-
	9. Percentage of shareholding / control acquired and / or	Particulars	No. of shares	Current shareholding
	number of shares acquired;	Proposed to be acquired	37,61,010	52.89%
		Shares Held by the Company	15,00,000	32.83%
		Resultant shareholding on acquisition	52,61,010	85.72%
10.	Brief background about the entity acquired in terms of	Date on incorporation: 24/04/2000		Rs. In crores
	products/line of business acquired, date of incorporation,	2020-21 2019-20	2.75 3.35
	history of last 3 years turnover,	2018-19	3.52
	country in which the acquired entity has presence; and any other significant information;	The Company is engaged in the business of property marketing/agency services and other activities and plotted development. Propmart Technologies Limited is currently an associate of the Company
11	Creditors, Debtors, Turnover, Assets	Particulars		Assets (Rs. In Crores)

PURAVANKARA LIMITED

Plotted Development project at chennai	5.47
All other current assets	0.87
TOTAL	6.34
Loan from PHL plus accrued interest	35.05
All other liabilities	1.87
Equity capital	7.11
Past Losses	-37.69
TOTAL	6.34

3. Re-appointment of M/s. JKS& Co., Company Secretaries as the Secretarial Auditor of the Company for the Financial Year 2021-2022

The Board of Directors have re-appointed current secretarial auditor, M/s. JKS & Co., Company Secretaries as the Secretarial Auditor of the Company for the Financial Year 2021-2022 Brief Profile: "JKS & Co., Company Secretaries was formed in Bangalore in May, 2015 and registered with the Institute of Company Secretaries of India. JKS & Co. is a multi-disciplinary firm of Practicing Company Secretaries which offers solutions to comply with plethora of legislations. The firm studies any complex situation at grass root (or cause) level, studies through intense research and offers sustainable solution which is optimum, effective and acceptable to the clients. The founding partners of the firm are CS Jayagopal V., CS Karthick V. and CS Sumana Rao. Collectively, they bring in rich and diverse experience."

4. Approval of the issue of fully secured, unlisted, rated, non-convertible debentures via private placement and matters related thereto

The following are the terms of issue of Unlisted, Rated, Secured, Non-Convertible Debentures aggregating to Rs 180 Crores.

• i. Size of the issue Rs 180 Crores in one or more tranches
• ii. Listing: Unlisted
• iii. Description: Unlisted, Rated, Secured, Non-Convertible Debentures
• iv. Tenure of the instrument and date of allotment and date of maturity: 54 months from the date of investment
• v. Coupon/interest offered, schedule of payment of coupon/interest and principal: 11.2% p.a and repayable in 30 equal monthly instalments starting from 25th month from the date of first disbursement of the facility
• vi. Charge/security, if any, proposed to be created:
• First exclusive charge by way of Registration of Equitable Mortgage on Borrower's share of building constructed/ to be constructed of the project "Marina One" i.e. Block 01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11 & 12 with saleable area of 32,04,101 sq.ft. (unsold area of 21,82,164 sq ft.) along with Borrower's share of undivided share of land including the rights, title and interest thereon out of the total project land of 6.7548 hectares located at Survey No.843 of Ernakulam Village, Kanayannur Taluk, Ernakulam district, Kochi, Kerala;
• First exclusive charge by way of hypothecation/ charge of all the rights, title and interest of the Borrower in the co-ownership agreement, agreement to sell and all such other documents that have been executed in relation to the project conferring right on the Borrower;
• vii. Special right/ interest/ privileges attached to the instrument and changes thereof: Nil

5. Approval to alter the objects clause of the Memorandum of Association of the company

Subject to the approval of the members, the Board has approved and recommended the alteration in the objects clause of the Memorandum of Association of the company to include the words 'to act as sponsors of real-estate fund', in clause III(A)(1) of the objects clause in the Memorandum of Association of the Company

PURAVANKARA LIMITED

The Board meeting commenced at 2.15 p.m and concluded at 4.20 p.m

We request you to take the same on record.

Thanking you

For Puravankara Limited D Bindu Digitally signed by D Bindu DN: c=IN, o=Personal, 2.5.4.20=d405520a9a2f1ae7ec610a986eba5247bc163995c 05d9449cfda8cd92f79a14e, postalCode=560038, st=Karnataka, serialNumber=b8e187f9d70b45657e74376b128dd7c22c4 33c80ccd10263a2d578fc36bcda68, cn=D Bindu Date: 2021.11.12 16:20:38 +05'30'

Bindu D Company Secretary

PURAVANKARA LIMITED

Chartered Accountants

12th Floor "UB City" Canberra Block No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel: +91 80 6648 9000

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

Review Report to The Board of Directors Puravankara Limited

• I, We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Puravankara Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter ended September 30, 2021 and year to date from April 1, 2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"),
• 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, (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.
• 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 No. CIR/CFD/CMD1I44/20 19 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 results of the following entities:
• i. Puravankara Limited
• II. Provident Housing Limited
• 1. Starworth Infrastructure & Construction Limited
• IV. Welworth Lanka (Private) Limited
• v. Welworth Lanka Holding Private Limited
• vi. Nile developers Private Limited
• vii. Vaigai Developers Private Limited
• viii. Centurions Housing and Constructions Private Limited
• ix. Melmont Construction Private Limited
• x. Purva Realities Private Limited
• xi. Purva Star Properties Private Limited

S.R. Batlibol & Associates LLP, a Limited Liability Partnersntp with LLP Identity No. AAB-4295 Regd. Office: 22, Camac Street, Block 'B', 3rd Floor. Kolkata-700 016

Chartered Accountants

• xii. Purva Sapphire Land Private Limited
• xiii. Purva Ruby Properties Private Limited
• xiv. Grand Hills developments Private Limited
• xv. Prudential Housing and Infrastructure Development Limited
• xvi. T-Hills Private Limited (Formerly Jaganmata Property Developers Private Limited)
• xvii. Varishtha Property Developers Private Limited
• XVlll. Purva Property Services Private Limited
• XIX. Purva Oak Private Limited
• xx. Purvaland Private Limited
• XXI. Provident Meryta Private Limited Provident Cedar Private Limited
• XXII. IBID Home Private Limited
• xxiii. xxiv. Devas Global Services LLP
• xxv. D.V.lnfrhomes Pvt. Ltd.
• xxvi. Keppel Puravankara Development Private Limited
• xxvii. Propmart Technologies Limited
• xxviii. Sobha Puravankara Aviation Private Limited
• xxix. Pune Projects LLP
• xxx. Purva Good Earth Properties Private Limited
• XXXI. Whitefield Ventures
• XXXII. Purva Woodworks Private Limited
• xxxiii. PURVACOM
• xxxiv. Vagishwari Land Developers Private Limited (up to June 10,2021)
• xxxv. Purva Asset Management Private Limited (formerly, Map Capital Advisors Private Limited)
• 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 other auditors referred to in paragraph 7 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 manner in which it is to be disclosed, or that it contains any material misstatement.

6. Emphasis of Matter paragraph

We draw attention to the following notes to the accompanying financial results:

(i) Note 07 in connection with an ongoing litigation with its customer. Pending resolution of the litigation and based on legal opinion obtained by the management, no provision has been made towards the customer's counter-claims and the underlying receivable and inventory are classified as good and recoverable in the accompanying financial results.

(ii) Note 08 in connection with certain ongoing property related legal proceedings in the holding and subsidiary companies. Pending resolution of the legal proceedings and based on legal opinions obtained by the management, no provision has been made towards any claims and the underlying recoverables, deposits and advances are classified as good and recoverable in the accompanying financial results.

(iii) Note 09 in connection with the management's evaluation of Covid-19 impact on the business operations and cash flows of the Group. In view of the uncertain economic conditions, the

Chartered Accountants

management's evaluation of the impact on the subsequent periods is highly dependent upon conditions as they evolve.

Our conclusion on the Statement is not modified in respect of the above matters.

7. Other Matter

The accompanying Statement of quarterly and year to date unaudited consolidated financial results include the financial results and other financial information in respect of:

• 23 subsidiaries, whose unaudited interim financial results include Group's share of total assets of Rs. 640.49 crores as at September 30, 2021, Group's share of total revenues of Rs. 7.22 crores and Rs. 12.90 crores, Group' share of total net profitJ(loss) after tax ofRs. 0.17 crores and Rs. (0.21) crores and Group's share of total comprehensive income ofRs. 0.17 crores and Rs. (0.21) crores, for the quarter ended September 30, 2021 and for the period from April I, 2021 to September 30,2021 respectively, and net cash inflows ofRs. 3.23 crores for the period April I, 2021 to September 30, 2021, as considered in the Statement, whose financial results and other financial information have been reviewed by other auditors.
• 4 associates and I joint venture, whose unaudited interim fmancial results include Group's share of net loss of Rs. 0.78 crores and Rs. 1.68 crores and Group's share of total comprehensive loss of Rs. 0.78 crores and Rs. 1.68 crores for the quarter ended September 30, 2021 and for the period from April I, 2021 to September 30, 2021 respectively, as considered in the Statement, whose financial results and other financial information have been reviewed by other auditors.

The reports of such other auditors on the unaudited interim fmancial results and other financial information of these entities 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 entities, is based solely on the reports of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matter.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration nwnber: 101049W/E300004

Digitally signed by ADARSH RANKA Date: 2021.11.12 14:59:09 +05'30'

per Adarsh Ranka Partner Membership No.: 209567

UDIN: 21209567AAAAHA8858

Place: Bengaluru, India Date: November 12,2021

PURAVANKARA L1MrrED Corporate Identity Number (CIN): L45200KA1986PLC051571 Regd. Office: No. 130/1, Ulsoor Road, Bengaluru - 560042, India Phone: +91-80-43439999 Fax: +91-80-2559 9350 Email: investors@puravankara.com Website: http://www.puravankaracom

Statement or Unaudited Consolidated Finansia' Results for the qUlner and six months ended September 30. lO2l

							(Rs. in Crores
51.	Particulars	Quarter ended	Precedi ng Quarter	Corresponding		Year to dale figures Year to date figures	Previous Year
No.		30.09.2021	ended 30.06.2021	Quarter ended	for the current	for the preceding	ended
		[Unaudited]	[Unaudited]	30.09.2020	period ended	period ended	31.03.2021
				[Unaudited]	30.09.2021	30.09.2020	[Audited]
					[Unaudited]	[Unaudited]
	I Income
	(a) Revenue from operations	255.53	180.99	211.82	436.52	394.17	960.71
	(b) Other income	16.62	360.62	8.25	377.24	16.43	93.10
	Total income	272.15	541.61	220.07	813.76	410.60	1,053.81
	2 Expenses (a) Sub-contractor cost
	(b) Cost of raw materials and components consumed	141.3 I 22.47	102.59 12.90	63.69 13.51	243.90 35.37	110.41 18.44	346.35 48.16
	(c) Land purchase cost	28.08	9.16	78.55	37.24	142.78	333.77
	(d) (Increase)! decrease in inventories of	(104.35)	(68.54)	(80.41)	(172.89)	(131.61)	(335.25)
	stock of flats, land stock and work-in-progress
	(e) Employee benefits expense (I) Finance cost	33.84	31.11	24.52	64.95	52.73	112.71
	(g) Depreciation and amortization expense	81.06	87.20	87.86	168.26	171.78	356.87
	(h) Other expenses	4.47 46.73	4.82 68.16	5.29 39.65	9.29 114.89	10.48	2038
	Total expenses	253.61	247.40	232.66	501.01	70.25 445.26	171.23 1,054.22
	3 Protitl(loss) before share of protitl(loss) of associates and joint ventures	13.54	294.21	(12.59)	312.75	(34.66)	(0.41)
	4 Share of profit/(Ioss) of associates and joint ventures (net of tax)	(0.78)	(0.90)	(0.88)	(1.68)	(1.66)	(2.48)
	5 Protitl(loss) before tax (3+4)	17.76	293.31	(13.47)	311.07	(36.32)
							(2.89)
	6 Tax expense
	(i) Current tax chargel(credit) (ii) Deferred tax chargel(credit)	2.00	35.93	0.10	37.93	0.25	2.15
	Total	3.63 5.63	103.24 139.17	(3.76) (3.66)	106.87	(9.83)	(0.37)
					144.80	(9.58)	1.78
	7 Net protitl(loss) for the period (5-6)	12.13	154.14	(9.81)	166.27	(26.74)	(4.67)
	8 Other comprehensive income
	(i) Items that will not be reclassified to profit and loss (ii) Income tax relating to items that will not be	(0.78) 0.19	0.83	0.01	0.05	0.31	(2.17)
	reclassified to profit and loss		(0.22)		.0.03	(0.11)	0.76
	Total	(0.59)	0.61	0.01	0.02	0.20	(1.41)
	9 Total Comprehensive Income rcr the period
	(Comprising Net profit fer the period and Other Comprehensive Income Ier the period (7+8»)	1l.54	154.75	(9.80)	166.29	(26.54)	(6.08)
	Attributable to :
	Owners of the parent	11.54
	Non-controlling interests		154.75	(9.80)	166.29	(26.54)	(6.08)
	Of the Total Comprehensive Income above,
	Profit for the year attributable to:
	Owners of the parent	12.13	154.14	(9.81)	166.27	(26.74)	(4.67)
	Non-controlling interests
	Of the Total Comprehensive Income above,
	Other Comprehensive income attributable to:
	Owners of the parent	(0.59)	0.61	0.01	0.02	0.20	(1.41)
	Non-controlling interests		-
	9(i) Earnings per share (before extraordinary items)
	(of Rs. 51- each) (not annualised):
	a) Basic (in Rs.)	0.51	6.50	(0.41)	7.01	(1.13)	(0.20)
	b) Diluted (in Rs.)	0.51	6.50	(0.41)	7.01	(1.13)	(0.20)
	9(ii ) Earnings per share (after extraordinary items)
	(of Rs. 51- each) (not annualised):
	a) Basic (in Rs.)	0.51	6.50	(0.41)	7.01	(1.13)	(0.20)
	b) Diluted (in Rs.)	0.51	6.50	(0.41)	7.01	(1.13)	(0.20)
	10 Paid-up equity share capital	118.58	118.58	118.58	118.58	118.58	118.58
	(Face value ofRs. 51- each)
	II Other equity (excluding Non-controlling interests) as
	per the balance sheet						1,789.19

Statement or Unaudited Consoljdated Financial Results (or the quarter and six monlhs ended September 30,2021

Notes:

• The above consolidated financial results of Puravankara Limited ('the Company') have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 12.11.2021. The statutory auditors of the Company have carried out a limited review on the above consolidated financial results of the Company for the quarter and six months ended September 30, 2021.
• The consolidated statement of assets and liabilities are as below:

		(Rs. in Crores
	As at	Asat
Particulars	30.09.2021	31.03.2021
	[Unauditedl	fAuditedl
A ASSETS
I Non-Current Assets
(a) Property, plant and equipment	56.61	66.73
(b) Investment property	33.18	33.37
(c) Intangible assets	10.36	11.28
(d) Financial assets
(i) Investments	140.76	137.99
(ii) Loans	14.52	19.25
(iii) Other financial assets	348.02	355.55
(e) Deferred tax assets (net)
	138.50	243.79
(I) Assets for current tax (net)	27.80	45.99
(g) Other non-current assets	127.80	147.02
Sub-total- Non Current Assets	897.55	1,060.97
2 Current Assets
(a) Inventories	6,451.34	6,406.60
(b) Financial assets
(i) Trade receivables	223.90	306.45
(ii) Cash and cash equivalents	285.18	159.60
(iii) Bank balances other than (ii) above
	4.53	4.30
(iv) Loans	93.65	84.11
(v) Other financial assets	46.90	52.27
(c) Other current assets	289.47	367.63
Sub-total - Current Assets	7,394.97	7,380.96
TOTAL ASSETS	8,292.52	8,441.93
B EQUITY
(a) Equity share capital	118.58	118.58
(b) Other equity attributable to:
(i) Owners of the parent company	1,955.25	1,789.19
(ii) Non-controlling interest	1.20	1.20
Sub-total - Equity	2,075.03	1,908.97
C LIAB ILITIES
1 Non-Current Liabilities
(a) Financial liabilities
(i) Borrowings	557.53	542.02
(ii) Lease liabilities	3.30	6.16
(iii) Other financial liabilities	18.41	18.36
(b) Provisions	10.62	11.60
(c) Other non current liabilities	13.59	20.18
Sub-total- Non Current Liabilities	603.45	598.32
2 Current Liabilities
(a) Financial liabilities
(i) Borrowings	1,977.31	2,279.27
(ii) Lease liabilities	7.07	7.18
(iii) Trade payables
a) total outstanding dues of micro enterprises	8.54	8.39
and small enterprises
b) total outstanding dues of creditors other	457.44	548.44
than micro enterprises and small enterprises
(iii) Other financial liabilities	22.12	32.37
(b) Other current liabilities	3,125.71	3,047.86
(c) Provisions	14.52	10.43
(d) Current tax liabilities (net)	1.33	0.70
Sub-total - Current Liabilities	5,614.04	5934.64
TOTAL EQUITY AND LIABILITIES	8,292.52	8,441.93

Statement of Unaudited ConsoHdate:d Financial Results for the: quarte:r and !iiI months e:nde:d Septe:mbe:r 30. 2021

The consolidated statement of cash flows are as below:

			(Rs. in Crores
		Half Year Ended
			Year to date figures Year to date figures
		for the current	for the preceding
	Particulars	period ended	period ended
		30.09.2021	30.09.2020
		[Unaudited]	[Unaudited]
A.	Cash now from operating activities
	Profit/(Loss) before tax	311.07	(36.32)
	Adjustments to reconcile profit after tax to net cash
	flows
	Share of loss from investment in associates and joint	1.68	1.66
	ventures
	Depreciation and amortization expense	9.29	10.48
	Liabilities no longer required written-back	(3.31)	(0.90)
	Loss on sale of property, plant and equipment	0.96	0.01
	Fi nance cost	168.26	171.78
	Gain arising on loss of control in subsidiary	(352.53)
	Interest income	(6.16	(10.16
	Operating profit before working capital changes Working capital adjustments:	129.26	136.55
	(Increase)! decrease in trade receivables	82.55	40.32
	(Increase)! decrease in inventories	(175.85)	(128.63)
	Oecreasel(increase) in loans		(2.90)
	Decreasel(increase) in other financial assets	2.29	(1.30)
	Decreasel(increase) in other assets	87.71	(23.23)
	Increase! (decrease) in trade payables	(87.55)	18.25
	Increase! (decrease) in other financial liabilities	(t3.91)	(22.48)
	Increase! (decrease) in other liabilities	80.88	18.49
	Increase! (Decrease) in provisions	26.12	2.41
	Cash (used in)! received from operations Income tax paid (net)	131.50	37.48
	Net cash nows (used in)!from operating activities	(20.75 110.75	14.86 52.34
B.	Cash nows from investing activities
	Purchase of property, plant and equipment (including capital work in progress and capital advances)	(1.42)	(009)
	Purchase of intangible assets		(0.29)
	Proceeds from sale of property, plant and equipment Investments made in joint venture and associates	3.37	0.14
	Proceeds on loss of control in subsidiary	(3.70) 483.62
	Loans given to associates and joint ventures	(0.54)	(0.54)
	Investment in bank deposits (original maturity of more	0.39	(9.24)
	than three months)
	Redemption of bank deposits (original maturity of		7.53
	more than three months)
	Interest received	2.02	4.54
	Net cash flows from! (used in) investing activities	483.74	2.05
C.	Cash nows from financing activities
	Proceeds from secured term loans	581.36	206.43
	Repayment of secured term loans	(770.95)	(131.44)
	Proceeds from unsecured loan	28.48
	Repayment of unsecured loan	(100.86)	(0.41)
	Payment of lease liabilities	(3.63)	(5.29)
	Finance cost paid Net cash (used in)!from financing activities	(168.7'	. (77.93
		434.34	(8.64
	Net (decreaseyincrease in cash and cash equivalents	160.t5	45.75
	(A + B + C) Cash and cash equivalents at the beginning of the perioc
	Cash and cash equivalents at the end of the period	24.97 185.12	(30.19
			15.56
	Components of cash and cash equivalents
	Cash and cash equivalents as per balance sheet	285.18	135.28
	Less: Cash credit facilities from banks	(100.06	(119.72
	Cash and cash equivalents reported in cash now	185.12	15.56

Statement of Unaudited COD\$oHdated Financial Rqylts for the Quarter and six months ended September 30. 2021

• During the quarter ended September 30, 2021, the Company has acquired Purva Asset Management Private Limited (formerly, Map Capital Advisors Private Limited) as its subsidiary.
• The Group's business activity falls within a single reportable segment, i.e., rea] estate development. Hence, there are no additional disclosures to be provided under Ind-AS 108- Segment information with respect to the single reportable segment. Further, the Group is domiciled in India and does not have significant foreign operations.
• During the quarter ended June 30, 2021, the Company has lost control of a subsidiary Vagishwari Land Developers Private Limited on June 10, 2021 and consequently, the Company has derecognised the assets and liabilities of such subsidiary from the consolidated balance sheet. The resultant gain (including the investment sale consideration) of Rs.353 crores associated with the loss of control of such subsidiary has been recognised and accounted under Other Income.
• The Group had initiated legal proceedings against its customer for recovery of receivables of Rs.15 crores, inventories of Rs.1 crore and customer's counter claim thereon, which is currently pending before the Commercial Court. Pending resolution of the aforesaid litigation, no provision has been made towards the customer's counter-claims and the underlying receivables and other assets are classified as good and recoverable in the accompanying financial results based on the legal opinion obtained by the management and management's evaluation of the ultimate outcome of the litigation.
• The Group is subject to legal proceedings for obtaining clear and marketable tittle for certain properties wherein the Group has outstanding deposits and advances of RS.89 crores. Further, the Group has RS.l1 crores recoverable from parties, which are subject to ongoing legal proceedings. Pending resolution of the aforesaid legal proceedings, no provision has been made towards any claims and the underlying recoverable, deposits and advances are classified as good and recoverable in the accompanying financial results based on the legal evaluation by the management of the ultimate outcome of the legal proceedings.
• The outbreak of Covid-19 pandemic globally and in India has caused significant disturbance and slowdown of economic activities. Due to the lockdown announced by the Government, the Group's operations were slowed down/suspended and accordingly the consolidated financial results for the quarter and six month ended September 30, 2021 are adversly impacted.

The Group has considered the possible effects that may result from the CaVID-19 pandemic on the carrying value of assets [including property, plant and equipment, investment property, investments, inventories, loans, land advance/deposits and receivables]. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Group, as at the date of approval of these financial results has used internal and external sources of information to assess the expected future performance of the Group. The Group has performed sensitivity analysis on the assumptions used and based on the current estimates, the Group expects that the carrying amount of these assets as at period end, are fully recoverable. The management has estimated the future cash flows for the Group with the possible effects that may result from the COVID-19 pandemic and does not foresee any adverse impact on realising its assets and in meeting its liabilities as and when they fall due. The actual impact of the COVID-19 pandemic may be different from that estimated as at the date of approval of these financial results.

Further, the Group's management has also made a detailed assessment of the progress of construction work on its ongoing projects during the period of lockdown and has concluded that the same was only a temporary slowdown in activities and has accordingly inventorised the borrowing costs incurred in accordance with Ind AS 23.

The outbreak of Covid-19 has impacted construction operations and project completion timelines of certain ongoing customer contracts of a wholly-owned subsidiary (WOS). The was is carrying construction work in progress as at September 30, 2021 and having regard to the WOS's ongoing discussions with its customers towards the construction work, the was is confident of billing the same in the ensuing quarters. Further, the WOS has also initiated proceedings with its customer for extension of certain projects' completion timeline and waiver of liquidated damages thereon amounting to Rs.20 crores. Pending resolution of the aforesaid matter, no provision has been made towards such liquidated damages in the accompanying financial results based on the terms of the customer contracts and impact of Covid-19 pandemic.

The Group will continue to closely observe the evolving scenario and take into account any future developments arising out of the same.

10 The Taxation Laws (Amendment) Ordinance, 2019 ('the Ordinance') provides an option to domestic companies to pay income-tax at a lower rate of25.17%, ifit opts for not availing of certain specified exemptions or incentives. The Company has made an assessment of the impact of the Ordinance and has decided to opt for the lower tax rate of 25.17% from the financial year beginning April 01, 2021. Consequently, the Company has measured the current and deferred taxes from the normal rate of 34.94% to the lower rate of 25.17% and the tax expense for the quarter and six month ended September 30,2021 is higher by Rs. Nil and RS.67.90 crores respectively.

II Figures for Unaudited standalone financial results of the Company for the quarter and six months ended 30.09.2021 are as follows:						(Rs. in Crores
Particulars	Quarter ended 30.09.2021 (Unaudited]	Preceding Quarter ended 30.06.2021 (Unaudited]	Corresponding Quarter ended 30.09.2020 (Unaudited]	for the current period ended 30.Q9.2021 (Unaudited]	Year to date figures Year to date figures for the preceding period ended 30.09.2020 (Unaudited]	Previous Year ended 31.03.2021 [Audited]
Revenue from operations	121.93	424.06	147.22	545.99	288.26	563.95
Profit before tax	2.93	310.31	(16.67)	313.24	(32.43)	(14.04)
Profit after tax	1.99	167.32	(11.46	169.31	(21.62	(9.71

The standalone financial results for the quarter and SIX months ended 30.09.2021 can be viewed on the Company website http.llwww.puravankara.com and also be viewed on the website of NSE and BSE.

For and on behalf of the Board of Directors of Puravankara Limited

CHOKSEY ::--=-=:

NANI RUSI :::::-.:~.:: :

Nani.R.Choksey Vice-Chairman & Whole-time Director DIN: 00504555

Bengaluru, India November 12, 2021

Chartered Accountants

12th Floor "UB City" Canberra Block No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel: +91 806648 9000

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

Review Report to The Board of Directors Puravankara Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Puravankara Limited (the "Company") which includes its 4 partnership entities for the quarter ended September 30, 2021 and year to date from April 1,2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd 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.
• 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.
• 1. Based on our review conducted as above and based on the consideration of the review reports of other auditors of the partnership entities 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 the 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 manner in which it is to be disclosed, or that it contains any material misstatement.

5. Emphasis of Matter

We draw attention to the following notes to the accompanying financial results:

S.R. BatJiboi & Associates LLP. a limited Liability Partnership with LLP Identity No. AAB·4295 Regd. Office: 22. Camac Street. Block 'B', 3rd Floor. Kolkata·70001S

Chartered Accountants

• i) Note 07 in connection with the wholly-owned subsidiary being subject to an ongoing litigation with its customer. Pending resolution of the litigation and based on legal opinion obtained by the management, no provision has been made towards the resulting impact of customer's counter-claims on the subsidiary in the accompanying financial results.
• ii) Note 08 in connection with certain ongoing property related legal proceedings in the Company. Pending resolution of the legal proceedings and based on legal opinions obtained by the management, no provision has been made towards any claims and the underlying recoverable, deposits and advances are classified as good and recoverable in the accompanying fmancial results.
• iii) Note 09 in connection with the management's evaluation of Covid-19 impact on the business operations and cash flows of the Company. In view of the uncertain economic conditions, the management's evaluation of the impact on the subsequent periods is highly dependent upon conditions as they evolve.

Our conclusion on the Statement is not modified in respect of the above matters.

6. Other Matter

The accompanying Statement of quarterly unaudited standalone fmancial results include the financial results and other financial information in respect of 4 partnership entities, whose fmancial results include the Company's share of net loss after tax ofRs. 0.17 crore and Rs. 0.47 crore for the quarter ended September 30, 2021 and for the period from April 1, 2021 to September 30, 2021 as considered in the Statement, whose financial results and other financial information have been reviewed by other auditors.

The reports of such other auditors on fmancial results and other financial information of these partnership entities 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 partnership entities, is based solely on the reports of such other auditors.

Our conclusion on the Statement is not modified in respect of the above matter.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAl Firm registration number: 101049W/E300004

A D A RS H Digitally signed by ADARSH RANKA RANKA Date: 2021.11.12 14:57:09 +05'30'

per Adarsh Ranka Partner Membership No.: 209567

UDIN: 21209567AAAAGZ1047

Place: Bengaluru, India Date: November 12,2021

PURA V ANKARA LIMITED Corporate Identity Number (CIN): L45200KAI986PLC051571 Regd. Office: No. 130/1, Ulsoor Road, Bengaluru - 560042, India

Phone: +91-80-43439999 Fax: +91-80-2559 9350 Email: investors@puravankara.com Website: http://www.puravankara.com

Statement or Unaudited Standalone Financial Result, (or the: quarter and six month, ended September 30 2021

							(Rs. in Crores)
SL	Particulars	Quarter ended	Preceding Quarter	Corresponding	Year to date	Year to date	Previous Year
No.		30092021	ended 30.06.2021	Quarter ended	figures for the	figures for the	ended
		[Unaudited]	[Unaudited]	30.09.2020	current period	preceding period	31032021
				[Unaudited]	ended 30.09.2021	ended 30.09.2020	[Audited]
					[Unaudited]	[Unaudited]
I	Income
	(a) Revenue from operations	12193	424.06	147.22	545.99	288.26	563.95
	(b) Other income	8.80	156.30	6.23	165.10	11.78	66.70
	Total income	130.73	580.36	153.45	711.09	300.04	630.65
2	Expenses
	(a) Sub-contractor cost	83.78	37.75	2107	121.53	53.28	14108
	(b) Cost of raw materials and components consumed	0.78	0.15	4.32	0.93	6.75	8.92
	(c) Land purchase cost	0.37	9.16		9.53	6423	67.28
	(d) (Increase)/ decrease in inventories of	(46.38)	86.47	36.23	40.09	(3.77)	(17.51)
	stock of flats, land stock and work-in-progress
	(e) Employee benefits expense	2100	18.65	15.85	39.65	33.20	70.36
	(I) Finance cost	45.11	52.15	64.82	97.26	128.49	252.42
	(g) Depreciation and amortization expense	2.42	2.47	2.90	4.89	5.81	11.18
	(h) Other expenses	20.72	63.25	24.93	83.97	44.48	110.96
	Total expenses	127.80	270.05	170.12	397.85	332.47	644.69
3	Profit/(Ioss) before tax (1-2)	2.93	310.31	(16.67)	313.24	(32.43)	(14.04)
4	Tax expense
	(i) Current tax charge/(credit)	0.30	35.30		35.60
	(ii) Deferred tax charge/(credit)	0.64	107.69	(521)	108.33	(10 81)	(4.33)
	Total	0.94	142.99	(5.21)	143.93	(10.81)	(4.33)
	5 Net profit/(Ioss) for the period (3-4)	1.99	167.32	(11.46)	169.31	(21.62)	(9.71)
6	Other comprehensive income
	(i) Items that will not be reclassified to profit and loss	(0.50)	0.68	(0.06)	0.18	0.25	(1.92)
	(ii) Income tax relating to items that will not be	O. I3	(0.17)	0.02	(0.04)	(0.09)	0.67
	reclassified to profit and loss Total	(0.37)	0.51	(0.04)	0.14	0.16	(1.25)
7	Total Comprehensive Income (or the period IComprising Net profit (or the period and Other Comprehensive Income (5+6))	1.62	167.83	(11.50)	169.45	(21.46)	(10.96)
	8(i) Earnings per share (before extraordinary items)
	(ofRs. 5/- each) (not annualised):
	a) Basic (in Rs.)	0.08	7.06	(0048)	7.14	(0.91)	(0041)
	b) Diluted (in Rs.)	0.08	7.06	(0048)	7.14	(0.91)	(0.41)
	8(ii) Earnings per share (after extraordinary items)
	(ofRs. 5/- each) (not annualised):
	a) Basic (in Rs.) b) Diluted (in Rs.)	0.08 0.08	7.06 7.06	(0.48) (0.48)	7.14 7.14	(0.91) (0.91)	(0.41) (0.41)
9	Paid-up equity share capital	118.58	118.58	118.58	118.58	118.58	118.58
	(Face value of'Rs, 5/· each)
	10 Other equity as per the balance sheet						1,520.91

Statement of Unaudited Standalone Financial RauUs for tbe quader and ~il month, ended SeQJembct 30. 2021

Notes :

• The above standalone financial results of Puravankara Limited (the Company') have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 12.11.2021. The statutory auditors of the Company have carried out a limited review on the above standalone financial results of the Company for the quarter and six months ended September 30, 2021.
• The standalone statement of assets and liabilities are as below:

		(Rs. in Crores
	As at	As at
Particulars	30.09.2021	31.03.2021
	[U naudited]	[Audited]
A ASSETS
I Non-Current Assets
(a) Property, plant and equipment	23.37	27.94
(b) Investment property	33.18	33.37
(c) Intangible assets	1.72	2.13
(d) Financial assets
(i) Investments	74.12	70.33
(ii) Loans	330.19	306.18
(iii) Other financial assets	202.46	213.98
(e) Deferred tax assets (net)	85.56	193.93
(1) Assets for current tax (net)	23.35	40.46
(g) Other non-current assets	105.88
Sub-total - Non Current Assets		102.16
	879.83	990,48
2 Current Assets
(a) Inventories	4,017.21	4,057.34
(b) Financial assets
(i) Trade receivables	90.88	162.84
(ii) Cash and cash equivalents	220.28	94.09
(iii) Bank balances other than (ii) above	4.01	3.79
(iv) Loans	88.31	78.92
(v) Other financial assets	23.09	29.59
(c) Other current assets	183.42	249.97
Sub-total - Current Assets	4,627.20	4,676.54
TOTAL ASSETS	5,507.03
		5,667.02
B EQUITY
(8) Equity share capital	118.58
(b) Other equity		118.58
	1,690.35	1,520.91
Sub-total - Equity	1,808.93	1,639.49
C LIABILITIES
I Non-Current Liabilities
(a) Financial liabilities
(i) Borrowings	62.13	79.66
(ii) Lease liabilities	1.71	4.22
(iii) Other financial liabilities	17.86	18.10
(b) Provisions	5.29	5.62
Sub-total- Non Current Liabilities	86.99	107.60
2 Current Liabilities
(a) Financial liabilities
(i) Borrowings	1,484.33	1,770.68
(ii) Lease liabilities	5.06	5.72
(iii) Trade payables
a) total outstanding dues of micro enterprises	8.27	8.15
and small enterprises
b) total outstanding dues of creditors other	254.72	359.26
than micro enterprises and small enterprises
(iv) Other financial liabilities	20.93	32.97
(b) Other current liabilities	1,829.40	1,738.66
(c) Provisions	8.40	4.49
Sub-total - Current Liabilities	3,611.11	3,919.93
TOTAL EQUITY AND LIABILITIES	5,507.03	5,667.02

Statement of Unaudited Standalone Financial Results for the quarter and six months ended September 30. 2021

The standalone statement of cash flows are as below:

		(Rs. in Crores
	Year to date	Year to date
	figures for the	figures for the
Particulars	current period	preceding period
	ended 30.09.2021	ended 30.09.2020
	[Unaudited]	[Unaudited]
A. Cash now from operating activities
Profitl(Loss) before tax	313.24	(32.43)
Adjustments to reconcile profit after tax to net cash flows:
Depreciation and amortization expense	4.89	5.81
Fi nancial guarantee income	(0.56)	(0.56)
Liabilities no longer required written-back	(3.31)	(0.90)
Profit on sale of investment	(149.99)
Lossl(profit) on sale of property, plant and equipment	0.96	(0.01)
Share in loss of partnership firm investments (post tax)	(0.47)	(0.22)
Finance cost	97.26	128.49
Interest income	(2.45	(7.50
Operating profit before working capital changes	259.57	92.68
Working capital adjustments:
(Increase)ldecrease in trade receivables	71.96	2302
(Increase)! decrease in inventories	40.13	(2.43)
(Increase)! decrease in loans		0.40
(Increase)! decrease in other financial assets	2.64	1.14
(Increase)! decrease in other assets	65.08	(67.13)
Increasel (decrease) in trade payables	(97.46)	49.14
Increase! (decrease) in other financial liabilities	(15.45)	(4.40)
Increase/ (decrease) in other liabilities	88.02	(0.28)
Increase! (decrease) in provisions	17.12	0.70
Cash (used in)! received from operations	431.61	92.84
Income tax paid (net)	(1851	5.22
Net cash flews (used in)lfrom operating activities	413.10	98.06
B. Cash flows from investing activities
Purchase of property, plant and equipment	(0.38)	(0.06)
(including capital work in progress and capital advances)
Purchase of intangible assets		(0.01)
Proceeds from sale of property, plant and equipment, investment propertie	0.02	0.01
Investments made in subsidiaries, associates and joint ventures Proceeds from sale of shares of subsidiary	(3.80) 149.99	(0.01)
Loans given to subsidiaries, associates and joint ventures	(105.23)	(78.06)
Loans repaid by subsidiaries, associates and joint ventures	73.03	74.58
Investment in bank deposits (original maturity of more than 3 months)	(0.21)	(8.56)
Redemption of bank deposits (original maturity of more than 3 months)		7.53
Interest received	0.69	1.15
Net cash flows from! (used in) investing activities	114.11	3.43
C. Cash flows from financing activities
Proceeds from secured term loans	297.71	107.54
Repayment of secured term loans	(497.83)	(116.55)
Proceeds from unsecured term loans	25.00
Repayment of unsecured term loans	(91.00)
Loans taken from related parties	4.43	12.84
Loans repaid to related parties Payment of lease liabilities	(8.71) (3.63)	(6.45) (4.16)
	(9127	(4884
Finance cost paid Net cash (used in)/from financing activities	365.30	(55.62
Net (decrease)!increase in cash and cash equivalents (A + B + C)	161.91	3901
Cash and cash equivalents at the beginning of the period	(15.04	(27.33
Cash and cash equivalents at the end of the period	146.87	11.68
Components of cash and cash equivalents
Cash and cash equivalents as per balance sheet	220.28	94.59
Less: Cash credit and other facilities from banks	(73.41	(82.91
Cash and cash equivalents reported in cash flow statement	146.87	11.68

Statement of Unaudited Standalone Financial Results (or the quarter and six mOQths ended SepJember 30 2021

• During the quarter ended September 30,2021, the Company has acquired Purva Asset Management Private Limited (formerly, Map Capital Advisors Private Limited) as its subsidiary.
• The Company's business activity falls within a single reportable segment, i.e., real estate development. Hence, there are no additional disclosures to be provided under Ind-AS 108 - Segment information with respect to the single reportable segment. Further, the Company is domiciled in India and does not have significant foreign operations.
• During the quarter ended June 30, 2021, the Company has sold its land inventory to its subsidiary Vagishwari Land Developers Private Limited for a consideration of Rs.350 crores which has been accounted under Revenue from operations. Subsequently, the Company has sold its investments in the aforementioned subsidiary on June 10,2021 to a third party for a consideration of Rs. 150 crores and the resulting gain has been accounted under Other Income. The results for the six month ended September 30, 2021 include the net profit (net of tax expense) arising on the above transactions.
• A wholly-owned subsidiary of the Company had initiated legal proceedings against its customer for recovery of receivables of Rs.15 crores, inventories of Rs.1 crore and customer's counter claim thereon, which is currently pending before the Commercial Court. Pending resolution of the aforesaid litigation, no provision has been made towards the resulting impact of customer's counter-claims on the subsidiary in the accompanying financial results based on the legal opinion obtained by the management and the management's evaluation of the ultimate outcome of the litigation.
• The Company is subject to legal proceedings for obtaining clear and marketable tittle for certain properties wherein the Company has outstanding deposits and advances of Rs. 79 crores. Further, the Company has Rs. 3 crore recoverable from parties, which are subject to ongoing legal proceedings. Pending resolution of the aforesaid legal proceedings, no provision has been made towards any claims and the underlying recoverable, deposits and advances are classified as good and recoverable in the accompanying financial results based on the legal evaluation by the management of the ultimate outcome of the legal proceedings.
• The outbreak of Covid-19 pandemic globally and in India has caused significant disturbance and slowdown of economic activities. Consequently, the Company's operations were slowed down/suspended and accordingly the standalone financial results for the quarter and six ended September 3D, 2021 are adversly impacted.

The Company has considered the possible effects that may result from the COVID-19 pandemic on the carrying value of assets [including property, plant and equipment, investment property, investments. inventories, loans, land advance/deposits and receivables]. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Company, as at the date of approval of these financial results has used internal and external sources ofinfonnation to assess the expected future performance of the Company. The Company has performed sensitivity analysis on the assumptions used and based on the current estimates, the Company expects that the carrying amount of these assets as at period end, are fully recoverable. The management has estimated the future cash flows for the Company with the possible effects that may result from the caVID-19 pandemic and does not foresee any adverse impact on realising its assets and in meeting its liabilities as and when they fall due. The actual impact of the COVID-19 pandemic may be different from that estimated as at the date of approval of these financial results.

Further, the Company's management has also made a detailed assessment of the progress of construction work on its ongoing projects during the period of lockdown and has concluded that the same was only a temporary slowdown in activities and has accordingly inventorised the borrowing costs incurred in accordance with Ind AS 23.

The outbreak of Covid-19 has impacted construction operations and project completion timelines of certain ongoing customer contracts of a wholly-owned subsidiary (WOS). The was is carrying construction work in progress as at September 30.2021 and having regard to the was's ongoing discussions with its customers towards the construction work, the WOS is confident of billing the same in the ensuing quarters. Further, the WOS has also initiated proceedings with its customer for extension of certain projects' completion timeline and waiver of liquidated damages thereon amounting to Rs.20 crores. Pending resolution of the aforesaid matter, no provision has been made towards such liquidated damages in the accompanying financial results based on the terms of the customer contracts and impact of Covid-19 pandemic.

The Company will continue to closely observe the evolving scenario and take into account any future developments arising out of the same.

10 The Taxation Laws (Amendment) Ordinance, 2019 ('the Ordinance') provides an option to domestic companies to pay income-tax at a lower rate of25.17%, if it opts for not availing of certain specified exemptions or incentives. The Company has made an assessment of the impact of the Ordinance and has decided to opt for the lower tax rate of 25.17% from the financial year beginning April 01, 2021. Consequently, the Company has measured the current and deferred taxes from the normal rate of 34.94% to the lower rate of 25.17% and the tax expense for the quarter and six month ended September 30, 2021 is higher by Rs. Nil and Rs.67.90 crores respectively

For and on behalf of the Board of Directors of Puravankara Limited CHOKSEY ::E:'-=::"'7: NANI RUSI g:3."';:;-

Nani.R.Choksey Vice-Chairman & Whole-time Director DIN: 00504555

Bengaluru, India November 12, 2021