National Stock Exchange ofIndia L1m1ted . BSE Limited Symbol— SHRIRAMEPC ' Exchange Plaza, 5th Floor, Plot No. C/l, G Block, BandraKurla Complex Dalai Street, Band1a (East), Mumbai - 400 051 .1 Mumbai -

_ Scrip Code - 532945 . Phiroze Jee'jeebhoy Towers 400 001

February 07, 2019

Dear Sir / Madam

SUB: Outcome oftheBoar.(1M ietmg held today (07——02--2019) for consideration and approval of the Consolldated'lUnaudited Financial Results for the quarter and nine months ended 31St December 2018— Reg.

Pursuant to RegulatiOn 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the following are the outcome ofthe Board Meeting: -

Consolidated Un-audited F1nanc1al Results for the qua1ter and nine months ended 31St December 20 l8

111.1 The Boa1d had approved the 11naudited financial results (Consolidated) f01 the quarte1 and nine months ended 31St Decembe1 2018 that has been lecommended by the AuditCommittee held today and the Extract of the detailed f01mat of the FmanCIal Results f0] the quarter and nine months ended 31St December 201'8, to be filed with the Stock Exchanges pursuant to Regulation 33 oftheSEBIi (Listing and Othe1 Disclosure Requirements) Regulations,2015 (Quick Results) fo1 Publication along with the unaudited financial results qua1te111 an(1-11ine months ended 31St Decembe1 2018 a1e being forwarded f01 your 1nfo1mation and records.

Reconstitution of Risk Management Committee1n accordance with the latest amendment of SEBI (Listing Obligations and DisclosuIe Requi1ements based on Ma1ket Capitalization as on Malch 31,2019.

We would also be sending you the copylofthe advertisementas soon as it is published in the newspapers, for your records

o 1 11 .111

Kindly take the same on record.

Thanking you,

Yours faithfully -.' 1. For Shriram Limited

H Vice President & _

Company Secretary. '1 1

_ Enc1l.: a.a.

. Shriram EPC Limited

ist Floor 'Rajah AnnamalaI BUIidIng No. 18/3, Rukmani LakshmIpathI Road Egmore, Chennai— 600 008. India'. Ph:+91 44 4900 5555. Fax: +91 44 4900 5599/4269 2155 Regd. Office. 4th Floor. 'SigapiAchiBuiIding' No 18/3, RukmaniLakshmipathi Road, Egmore, Chennai- 600 008 F'h +91 44 4901 5678 Fax: +91 44 4901 5655 E-mail: info@shrirame'pc. com website. www.shriramepc. com CIN: L74210TN2000PL0045167

Shriram EPC Limited
Registered Office: 4th Floor, Sigappi Achi Building,
Door No. 18 / 3, Rukmani Lakshmipathi Salai (Marshalls Road), Egmore, Chennai - 600008.
	www.shriramepc.com
	CIN: L74210TN2000PLC045167
	Extract of Consolidated Unaudited Financial Results for the Quarter and Nine months ended 31 December 2018
		Rs lakhs
	Particulars		Quarter Ended		Nine months Ended	Year Ended
		31.12.2018	30.09.2018	31.12.2017	31.12.2018	31.12.2017	31.03.2018
		Un Audited	Un Audited	Un Audited	Un Audited	Un Audited	Audited
$\mathbf{1}$	Total Income from Operations (Net)	32,448.39	27,980.72	27,869.06	76,008.81	75.766.39	93,422.49
$\overline{2}$	Profit for the period (before Tax, Exceptional and/orExtraordinary items)	1,150.02	1,175.88	1,954.28	3,175.34	3.786.29	1,141.21
3	Profit /(Loss) for the period after tax (after Exceptionaland/or Extraordinary items)	138.84	2.053.36	1,510.42	2,743.36	3.262.85	(209.50)
4	Total Comprehensive Income for the period [Comprising]Profit / (Loss) for the period (after tax) and OtherComprehensive Income (after tax)]	115.03	2,054.41	1,536.00	2.760.26	3,293.09	(153.16)
5	Equity Share Capital (Face value of Rs 10/-each)	97,152,90	97,152.90	97,152.90	97,152.90	97.152.90	97,152.90
6	Earnings Per Share (of Rs. 10/- each)
	(a) Basic	0.01	0.21	0.16	0.28	0.34	(0.02)
	(b) Diluted	0.01	0.21	0.16	0.28	0.34	(0.02)

	Note:

1 The above is an extract of the detailed format of the Unaudited Consolidated Financial Results for the Quarter and Nine months ended 3lst December 2018, filed with the Stock Exchanges pursuant to Regulation 33 of the SEBI ( Listing and Other Disclosure Requirements) Regulations,2015.The full format of the unaudited Consolidated Results are available on the Stock Exchange websites (www.bseindia.com and www.meindia.com) and onCompany's website at www.5hriramepc.com.

2 The above results for the Quarter and Nine Months ended December 31, 2018 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held onFebruary 7, 2019.

3 The Standalone Results as on December 31, 2018 are hereunder:

	Rs lakhs
	Ouarter Ended			Nine months Ended	Year Ended
	31.12.2018	30.09.2018	31.12.2017	31.12.2018	31.12.2017	31.03.2018
Total Income from Operations	19.768.76	14,328.92	19.532.94	46,893.54	56.346.76	72,037.43
Profit for the period (before Tax, Exceptional and/orExtraordinary items)	1.154.54	1,079.94	1.282.48	3,057.41	1.512.40	2,425.90
Profit for the period after tax (after Exceptional and/orExtraordinary items)	147.19	1,960.12	838.62	2,632.94	988.96	1,076.09
Total Comprehensive Income for the period [ComprisingProfit for the period (after tax) and Other ComprehensiveIncome (after tax)]	123.38	1,961.17	864.20	2,649.84	1,019.20	1,132.43

Place :Chennai Date : 07.02.2019

Shrlram EPC LImIted

ist Floor, 'Rajah Annamalai Building', No.18/3, Rukmani Lakshmipathi Road, Egmore. Chennai - 600 008. India. Ph : +91 44 4900 5555, Fax : +91 44 4900 5599 / 4269 2155 Regd. Office : 4th Floor, 'SigapiAchi Building', No.18/3, Rukmani Lakshmipathi Road, Egmore, Chennai — 600 008. Ph : +91 44 4901 5678 Fax : +91 44 4901 5655 nvmomma" E-mail : [email protected], website : www.shriramepc.com CIN : L74210TN2000PLC045167

5th Floor, Main Building, Guna Complex, New No. 443 & 445, Old No. 304 & 305, Mount Road, Teynampet, Chennai 600018, INDIA

Limited Review Report

Review Report to The Board of Directors of Sh'riram EPC Limited

We have reviewed the accompanying statement of Standalone Unaudited Financial Results of SHRIRAM EPC LIMITED ('the Company') for the quarter ended December 31, 2018 and the year to date results for the period April 01, 2018 to December 31, 2018 ('the Statement'), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 (Listing Regulations).

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 thereunder and other recognized accounting practices and policies generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

Weconducted our review in accordance with the Standard on.Review Engagement (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 is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
Basis for Qualified Conclusion:

Our review report on the statement for the quarter ended September 30, 2018 and year to date results for the period April 01, 2018 to September 30, 2018 was qualified in respect of the matter stated below:

Long term Loans and advances include Rs 3,815.40 lakhs (December 31, 2017: Rs. 3,557.20 Lakhs) (including interest accrued up to March 31,2016) and other trade receivables include net amount of Rs 318.75 lakhs (December 31, 2017: Rs. 297.18 Lakhs), due from related party. Due to unavailability of sufficient appropriate audit evidence to corroborate management's assessment of recoverability of the above said amounts and as these are outstanding for more than three years, we are unable to comment on the recoverability of the same. No provision with respect to the same is made in the books of accounts for the quarter ended December 31,2018. (Refer Note 02 - Notes to results)

Based on our review conducted as stated in paragraph .2 above, subject to the effects of our observations given in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results which are 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 thereunder and other recognized accounting practices and policies 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. /

1. We draw attention to the following matters in the Notes to the unaudited standalone finafiial results:
- a) With reference to Note no 03 re rding dues amounting to Rs 7,383.60 lakhs (December 31, 2017: Rs. 6,985.98 Lakhs) in respect of project which is stalled due to statutory delays faced by the customer. As the customer has put in efforts to identify alternate options to complete the project, management is of the view that it will be able to realize such dues.
- b) With reference to Note no 04 (a), during the period, advances receivable from an associate company and its subsidiary amounting to Rs. 29,702.65 Lakhs has been sold to the Company's Investing party for a total consideration of Rs. 25,000/Lakhs along with rights attached to it. Pursuant to this transaction the Company has recorded an amount of Rs. 4,702.65 Lakhs as loss which has been disclosed as exceptional item. Consequently, the unexpired provision for expected credit loss on the above, as at December 31, 2018 amounting to Rs 48,311.30 lakhs is charged off and disclosed as an exceptional item in the Statement of Profit and Loss. Our report is not modified in respect of these matters. /

For MSKA & Associates / Chartered Accountants ICAI Firm Registration No.105047W

W/ . K)

Geetha Jeyakumar / Partner Membership No.: 029409 /

Place: Chennai Date: February 07, 2019 /

5th Floor, Main Building, Guna Complex, New No. 443 & 445, Old No. 304 & 305, Mount Road, Teynampet, . Chennai 600018, INDIA

Limited Review Report

Review Report to The Board of Directors of Shriram EPC Limited

We have reviewed the accompanying statement of Consolidated unaudited.financial results of SHRIRAM EPC LIMITED ('the Holding Company') and its subsidiary (the Holding Company and its subsidiary together referred to as "the Group"), its associate for the quarter ended December 31 , 2018 and the year to date results for the period April 01,2018 to December 31,2018 ('the Statement'), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 (Listing Regulations).

This Statement, which is the responsibility of the Company's Management and has been 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 'lnterim Financial Reporting' (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies generally accepted in India. Our responsibility is to issue a report on the Statement based on our review. -

1. We conducted our review in accordance with the Standard on Review Engagement (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 is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
1. Basis for Qualified Conclusion:

Based on our review conducted as stated in paragraph 2 above, subject to the effects of our observations given in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited consolidated financial results which are prepared in

Bengaluru [Chennai | Hyderabad | Kolkata I Mumbai | New Delhi-Gurugram l Pune www.mska.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 thereunder and other recognized accounting practices and policies 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.

1. We did not review the financial results of the subsidiary included in the consolidated quarterly financial results and consolidated year to date results, whose consolidated financial results reflect total revenue of Rs.32,293.34 Lakhs and Rs.13,606.90 Lakhs for the nine months ended and quarter ended December 31, 2018 respectively, total profit/(loss) after tax of Rs. 110.41 Lakhs and (8.35) Lakhs for the nine months and quarter ended December 31,2018 respectively. These interim financial results have been reviewed by other auditor whose report has been furnished to us, and our opinion on the quarterly financial results and the year to date results, to the extent they have been derived from such Interim financial results is based solely on the report of such other auditor.
1. In respect of the associate, Haldia Coke and Chemicals Private Limited, as the group's share of losses in the associate has exceeded the cost of investment in the earlier year, loss for the quarter and nine months ended December 31, 2018 has not been considered in these consolidated financial results.
1. We draw attention to the following matters in the Notes to the unaudited consolidated financial results:
- a) With reference to Note no 03 regarding dues amounting to Rs 7,383.60 lakhs (December 31, 2017: Rs. 6,985.98 Lakhs) in respect of project which is stalled due to statutory delays faced by the customer. As the customer has put in efforts to identify alternate options to complete the project, management is of the view that it will be able to realize such dues.
- b) With reference to Note no 04 (a), during the period, advances receivable from an associate company and its subsidiary amounting to Rs. 29,702.65 Lakhs has been sold to the Company's Investing party for a total consideration of Rs. 25,000 Lakhs along with rights attached to it. Pursuant to this transaction the Company has recorded an amount of Rs. 4,702.65 Lakhs as loss which has been disclosed as exceptional item. Consequently, the unexpired provision for expected credit loss on the above, as at December 31, 2018 amounting to Rs 48,311.30 lakhs is charged off and disclosed as an exceptional item in the Statement of Profit and Loss.

Our report is not modified in respect of these matters.

For MSKA & Associates Chartered Accountants ICAI Firm Registration No.105047W

Geetha Jeyakumar Partner Membership No.: 029409

Place: Chennai Date: February 07, 2019

Shriram EPC Limited Registered Office: 4TH Floor, Sigappi Achi Building, Door No. 18/3, Rukhmini Lakshmipathi Salai (Marshalls Road), Egmore, Chennai - 600008. www.shriramepc.com

Statement of Consolidated Unaudited Financial Results for the Quarter and Nine months Ended December 31, 2018.

	(in ? lakhs, except per equity share data)'
			Quarter Ended		Nine Months Ended	Year Ended
SNo	Particulars	31.12.2018	30.09.2018	31.12.2017	31.12.2018	31.12.2017	31.03.2018
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited

1	Revenue from operations	31,531.20	26,803.88	26,130.07	71,322.56	68,783.03	82,886.63
	Other Income	917.19	1,176.84	1,738.99	4,686.25	6,983.36	10,535.86
	Total Income from Operations	32,448.39	27,980.72	27,869.06	76,008.81	75,766.39	93,422.49

2	Expenses

	(a) Cost of Materials ,Erection,
	Construction & Operation Expenses	24,844.47	19,074.70	20,589.92	53,512.15	57,154.58	66,641.97
	(b) Changes in inventories of finished
	goods, work-in-progress and stock-in
	trade	462.62	(159.99)	(621.12)	351.23	(863.45)	48.39
	(c) Employee benefits expense	1,565.55	1,350.28	1,097,35	4,153.51	3,315,67	4,838.49
	(d) Finance Costs	2,103.47	2,922.88	2,942.92	7,453.04	8,106.33	10,373.24
	(e) Depreciation and amortisation ex	142.08	140.47	140.92	423.04	422.51	585.76
	(f) Other expenses	2,180.18	3,476.50	1,764.79	6,940.50	3,844.46	9,793.43
	Total expenses-	31,298.37	26,804.84	25,914.78	72,833.47	71,980.10	92,281.28

	Profit before exceptional items and tax
3	(1-2)	1,150.02	1,175.88	1,954.28	3,175.34	3,786.29	1,141.21
4	Refer Note No 4	(806.35)	346.38	-	(459.97)	-	-
	Exceptional items -
		343.67	1,522.26	1,954.28	2,715.37	3,786.29	1,141.21
5	Profit before tax (3 +4)
	Tax Expense / (Benefit)	204.83		443.86		523.44
6			(531.10)		(27.99)		1,350.71
	Profit/ (Loss) for the period (5 -	138.84
7	6)		2,053.36	1,510.42	2,743.36	3,262.85	(209.50)
			1.05	25.58	16.90	30.24	56.34
3	Other comprehensive income (OCI)	(23.81)
			1.05	25.58	16.90	30.24	56.34
	Total Other comprehensive income	(23.81)

9	Total comprehensive income for the	115.03		1,536.00	2,760.26	3,293.09	(153.16)
	period (7+8)Paid-up equity share capital (Face value		2,054.41
10	Rs. 10 each)	97,152.90	97,152.90	97,152.90	97,152.90	97,152.90	97,152.90

	Other Equity						25,812.11
11

	Earnings per share (of Rs 10/— each) (not
12	annualised):				0.28	0.34
	(a) Basic	0.01	0.21	0.16	0.28	0.34	(0.02)
	(b) Diluted	0.01	0.21	0.16			(0.02)

	See accompanying notes to the financial results

Shriram EPC Limited

1st Floor, 'Rajah Annamalai Building', No.18/3. Rukmani Lakshmipathi Road. Egmore, Chennai - 600 008. India. Ph : +91 44 4900 5555, Fax : +91 44 4900 5599 / 4269 2155 Regd. Office : 4th Floor, 'Sigapi Achi Building', No.18/3, Rukmani Lakshmipathi Road. Egmore, Chennai - 600 008. Ph : +91 44 4901 5678 Fax : +91 44 4901 5655 TVIsogcmumnm E-mail : [email protected], website : www.shriramepc.com CIN : L7421OTN2000PLC045167

Notes:

The Consolidated results for the Quarter and Nine months ended December 31, 2018 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 7, 2019 and have been subjected to limited review by the Statutory Auditor of the Company. The unaudited consolidated financial results are prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.
Financial Assets Loans (Non Current) include Rs. 3,815.40 Lakhs (December 31, 2017: Rs. 3,557.20 Lakhs) (including interest accrued up to March 31, 2016), and Other Trade Receivables under "Other Non Current Financial Assets" include net amount of Rs. 318.75 Lakhs (December 31, 2017: Rs. 297.18 Lakhs), due from Leitwind Shriram Manufacturing Pvt Limited (LSML) (a related party). As part of the Corporate Debt Restructuring (CDR) package entered into by LSML with its bankers, the dues to the Company is subordinated to the dues to Bankers and hence expected to be recovered before March 2030. Considering the extended repayment period and future business potential for Wind Energy Business, the management is confident of realizing the dues. The auditors have qualified this matter in their report for the quarter and nine months ended December 31, 2018.
The Company entered into a contract to construct Ammonia plant for Bharath Coal and Chemicals Limited (BCCL) (related party). The project is stalled due to delay in statutory approvals. The total exposure in this project recorded under Unbilled Revenue and Contract Work In Progress is Rs. 7,383.60 Lakhs (December 31, 2017: Rs. 6,985.98 Lakhs). Considering BCCL's efforts in identifying alternate options to complete the project, the management is of the view that BCCL will be in a position to complete the Ammonia Plant project and thereby the Company will be able to realize these amounts in full.

4. Exceptional Items

4(a) During the period, advances receivable from an associate company and its subsidiary amounting to Rs. 29,702.65 Lakhs has been sold to the Company's Investing party for a total consideration of Rs. 25,000 Lakhs along with rights attached to it. Pursuant to this transaction the Company has recorded an amount of Rs. 4,702.65 Lakhs as loss which has been disclosed as exceptional item. Consequently, the unexpired provision for expected credit loss on the above, as at December 31, 2018 amounting to Rs 48,311.30 lakhs is charged off and disclosed as an exceptional item in the Statement of Profit and Loss.

4(b) During the period, the Company had entered into settlement agreement with M/s ACRE (an Asset Reconstruction Company) who had bought company's exposure to DB5 bank aggregating to Rs 17,374.11 lakhs as on May 31,2018, at Rs 18,000 Lakhs. The dues are to be settled over a period of seven years ending 2025 on deferred payment basis without interest.The Present value of the amount payable to ACRE as on the date of agreement is Rs. 10,725.08 Lakhs and the resultant gain of Rs. 6,649.03 Lakhs has been disclosed as an exceptional item in the Statement of Profit and Loss.

4(c)During the quarter, the Company has made a provision of Rs. 806.35 lakhs towards settlement with a vendor for payment of Rs. 2,765 Lakhs over a period of three years ending 2021 on deferred payment 'basis without interest and classified under exceptional item (Net of resultant gain of Rs. 358.65 lakhs on discounting of the amounts payable and a provision of Rs. 1,600 lakhs made in earlier quarters).

The Government of India introduced the Goods & Service Tax (GSI') with effect from July 01, 2017. Accordingly in compliance with Indian Accounting Standard (Ind AS) 18 - 'Revenue', Revenue from operations for the quarter ended March 31, 2018 is presented Net of GST. Revenue from Operations for the nine months ended December 31, 2017 and year ended March 31, 2018 includes Excise Duty.
The Company is engaged in the sole activity of carrying on the business of "Engineering and Procurement Contracts" (EPC) and therefore, has only one reportable segment in accordance with Ind AS 108 "Operating Segments". Hence no separate segment reporting is applicable to the Company.
Ind AS -' 115 Revenue from Contracts with Customers, has been recently introduced effective April 01, 2018 and its application did not have any significant impact on recognition and measurement of revenue and related items in the financial results including the retained earnings as at April 01, 2018.
Previous period figures have been regrouped / reclassified to be in conformity with current period's classification/disclosu e, wherever necessary.

Place: Chennai

Date : February 7, 2019 ging Director & CEO /

Shriram EPC Limited

1st Floor, 'Rajah Annamalai Building'. No.18/3, Rukmani Lakshmipathi Road, Egmore, Chennai - 600 008. India. Ph : +91 44 4900 5555, Fax : +91 44 4900 5599 / 4269 2155 Regd. Office : 4th Floor. 'SigapiAchi Building', No.18/3. Rukmani Lakshmipathi Road, 1-Uv Egmore, Chennai — 600 008. Ph : +91 44 4901 5678 Fax : +91 44 4901 5655 isosomcmuiznm E-mail : [email protected], website : www.shriramepc.com CIN : L74210TN2000PLCO45167

Shriram EPC Limited
Registered Office: 4th Floor, Sigappi Achi Building,
Door No. 18/3, Rukhmini Lakshmipathi Salai (Marshalls Road), Egmore, Chennai -600008
Website: www.shriramepc.com
Statement of Standalone Unaudited Financial Results for the Quarter and Nine Months Ended December 31, 2018
						(in ? lakhs, except per equity share data)
	'	Quarter Ended				Nine Months ended
S No	Particulars	31.12.2018	30.09.2018	31.12.2017	31.12.2018	31.12.2017	31.03.2018
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income					'
	(a) Revenue from operations	18,853.60	13,152.86	17,794.81	42,210.09	49,365.13	61,504.33
	(b) Other Income	915.16	1,176.06	1,738.13	4,683.45	6,981.63	10,533.10
	Total Income	19,768.76	14,328.92	19,532.94	46,893.54	56,346.76	72,037.43

2	Expenses
	(a) Cost of Materials ,Erection, Construction & Operation
	Expenses	13,284.61	8,246.48	13,211.97	28,790.26	40,518.36	47,916.68
	(b) Changes in inventories of finished goods, work-in	462 62	98	2	51.25
	progress and stock-in-trade		(1 9.5)~	(6 1.1 )2	3	(864.02)	48.39
	(C) Employee benefits expense	1,442. 59,	1,238.95	984.75	3,835.94	3,126.88	4,577.23
	(d) Finance Costs	2,127.30	2,922.88	2,387.53	7,476.86	6,923.79	10,350.66
	(e) Depreciation and amortisation expense	140.27	138.91	140.46	413.45	421.80	584.14
	(f) Other expenses	1,156.83	861.74	2,146.87	2,963.37	4,707.55	6,134.43
	Total expenses	18,614.22	13,248.98	18,250.46	43,836.13	54,834.36	69,611.53

3	Profit before exceptional items and tax (1 -2)	1,154, 54	1,079.94	1,232,423	3,057.41	1,512.401	2,425.90
				-		'	'
4	Exceptional Items -Refer Note no 4	(806.35)	346.38		(459.97)

5	Profit before tax (3 + 4)	348.19	1,426.32	1,282.48	2,597.44	1,512.40	2,425.90
'6	Tax Expense I (Benefit)	201.00		443.86		523.44
			(533.80)		(35.50)		1,349.81
7	'P—froit for the period(5 -6)	147.19	1,960.12	838.62	2,632.94	988.96	1,076.09

8	Other comprehensive income (OCI)	(23.81)	1.05	25.58	16.90	30.24	56.34
9	Total comprehensive income for the period (7+8)	123.38	1,961.17	864.20	2,649.84	1,019.20	1,132.43

10	Paid-up equity share capital (Face value f10 each)	97,152.90	97,152.90	97,152.90	97,152.90	97,152.90	97,152.90
11	Other Equity	-	-	—	-	-	25,779.23

12	Earnings per share (of Rs 10/- each) (not annualised):
	(a) Basic	0.050.05	0.20	0.09	0.27	0.10	0.12
	(b) Diluted		0.20	0.09	0.27	0.10	0.12
	See accompanying notes to the financial results

Shrlram EPC Limited

1st Floor, 'Rajah Annamalai Building', No.18/3, Rukmani Lakshmipathi Road, Egmore. Chennai - 600 008. India. Ph : +91 44 4900 5555, Fax : +91 44 4900 5599 / 4269 2155 Regd. Office : 4th Floor, 'Sigapi Achi Building', No.18/3, Rukmani Lakshmipathi Road, Egmore, Chennai - 600 008. Ph : +91 44 4901 5678 Fax : +91 44 4901 5655 E-mail : [email protected]. website : www.shriramepc.com CIN : L74210TN2000PLC045167

Notes:

The Standalone results for the quarter and Nine Months ended December 31, 2018 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 7, 2019 and have been subjected to limited review by the Statutory Auditor of the Company. The unaudited standalone financial results are prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.
Financial Assets Loans (Non Current) include Rs. 3,815.40 Lakhs (December 31 , 2017: Rs. 3,557.20 Lakhs) (including interest accrued up to March 31, 2016), and Other Trade Receivables under "Other Non Current Financial Assets" include net amount of Rs. 318.75 Lakhs (December 31, 2017: Rs. 297.18 Lakhs), due from Leitwind Shriram Manufacturing Pvt Limited (LSML) (a related party). As part of the Corporate Debt Restructuring (CDR) package entered into by LSML with its bankers, the dues to the Company is subordinated to the dues to Bankers and hence expected to be recovered before March 2030. Considering the extended repayment period and future business potential for Wind Energy Business, the management is confident of realizing the dues. The auditors have qualified this matter in their report for the quarter and nine months ended December 31, 2018.
The Company entered into a contract to construct Ammonia plant for Bharath Coal and Chemicals Limited (BCCL) (related party). The project is stalled due to delay in statutory approvals. The total exposure in this project recorded under Unbilled Revenue and Contract Work In Progress is Rs. 7,383.60 Lakhs (December 31, 2017: Rs. 6,985.98 Lakhs). Considering BCCL's efforts in identifying alternate options to complete the project, the management is of the view that BCCL will be in a position to complete the Ammonia Plant project and thereby the Company will be able to realize these amounts in full.

4. Exceptional Items

4(b) During the period, the Company had entered into settlement agreement with M/s ACRE (an Asset Reconstruction Company) who had bought company's exposure to DBS bank aggregating to Rs 17,374.11 lakhs as on May 31,2018, at Rs 18,000 Lakhs. The dues are to be settled over a period of seven years ending 2025 on deferred payment basis without interest.The Present value of the amount payable to ACRE as on the date of agreement is Rs. 10,725.08 Lakhs and the resultant gain of Rs. 6,649.03 Lakhs has been disclosed as an exceptional item in the Statement of Profit and Loss.

4(c)During the quarter, the Company has made a provision of Rs. 806.35 lakhs towards settlement with a vendor for payment of Rs. 2,765 Lakhs over a iperiod of three years ending 2021 on deferred payment basis without interest and classified under exceptional item (Net of resultant gain of Rs. 358.65 lakhs on discounting of the amounts payable and a provision of Rs. 1,600 lakhs made in earlier quarters).

The Government of India introduced the Goods & Service Tax (GST) with effect from July 01, 2017. Accordingly in compliance with Indian AccountingL Standard (Ind AS) 18 - 'Revenue', Revenue from operations for the quarter ended March 31, 2018 is presented Net of GST. Revenue from Operations for the nine months ended December 31 , 2017 and year ended March 31, 2018 includes Excise Duty.
The Company is engaged in the sole activity of carrying on the business of "Engineering and Procurement Contracts" (EPC) and therefore, has only one reportable segment in accordance with Ind AS 108 "Operating Segments". Hence no separate segment reporting is applicable to the Company.
Ind AS - 115 Revenue from Contracts with Customers, has been recently introduced effective April 01, 2018 and its application did not have any significant impact on recognition and measurement of revenue and related items in the financial results including the retained earnings as at April 01, 2018.
Previous period figures have been regrouped / reclassified to be in conformity with current period's classificationldisclosure, wherever necessary.

Place : Chennai

Shriramflpc Engineering the future

Shrrram EPC errted

1st Floor, 'Rajah Annamalai Building', No.18/3, Rukmani Lakshmipathi Road, Egmore, Chennai - 600 008. India. Ph : +91 44 4900 5555, Fax: +91 44 4900 5599/4269 2155 Regd. Office : 4th Floor. 'SigapiAchi Building', No.18/3. Rukmani Lakshmipaihi Road, Egmore, Chennai - 600 008. Ph : +91 44 4901 5678 Fax : +91 44 4901 5655 TV E-maiI : [email protected], website : www.shriramepc.com CIN : L74210TN2000PLCO45167

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SEPC LIMITED Interim / Quarterly Report 2019