SPML Infra Limited

29th June, 2021

To, National Stock Exchange Exchange Plaza, Plot No. C/ 1, G Block, Sandra (E), Mumbai-400051

(NSE Scrip Code: SPMLINFRA)

BSE Limited Phirozc Jeejeebhoy Towers Dalal Street, Mumbai-400001

(BSE Scrip Code: 500402)

Sub: Outcome of Board Meeting

Dear Sirs,

With reference to the captioned subject and in terms of the Regulation ³⁰ of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we would like to inform you that Board of Directors of the Company in its Meeting held on 29th June, 2021, interalia, has considered and approved the Audited Standalone and Consolidated Financial Results of the Company for the 4th quarter and year ended 31st March, ²⁰²¹ along with the Auditor's Report thereon and statement of Impact of Audit Qualifications in Annexure-l.

Kindly take the above on record.

Thanking you,

Company Secretary

SPML INFllA LIMITED 22, Camac Street, Block-A, 3rd Floor, Kolkata· 700 016 Ph: +91 33 4009 1200/234/247 E-mail: [email protected] I Website: www.spml.co.in CIN: L40106DL1981PLC012228

Regd. Office: F-27/2, Okhla Industrial Area, Phase-II New uelht-riooso ISO ⁹⁰⁰¹ :20! ⁵

SPML INFRA LIMITED Registered Office: F-2712, Okhla Industrial Area, Phase- II, New Delhi- 110020 Tel: +91-0124-3944555; Fax- +91-0124-3983201 Website: www.spml.co.in; Email: [email protected] CIN: L40106DL 1981 PLC012228

Statement of Standalone Financial Results for the quarter and year ended 31st March, ²⁰²¹ (Rs. In Lakhs)

Particulars	3 months ended 31/03/2021	3 months ended 31/12/2020	3 months ended 31/03/2020	Year ended 31/03/2021	Year ended 31/03/2020
	Unaudited IRefer Note 111	Unaudited	Unaudited Note 11 l rRefer	Audited	Audited
1. Revenue
from Operations a. Revenue	18,897.87	26,419.15	22,680.86	61,539.17	82,424.28
b. Other Income (Reier note 9)	1,072.01	1,199.68	3,086.66	4,319.15	10,118.43
Total Income	19,969.88	27,618.83	25,767.52	65,858.32	92,542.71

2. Expenses
a. Materials consumed and other construction expenses	15,450.86	23,954.41	15,848.69	48,605.07	63,684.94
b. Employee Benefits Expense	723.85	665.00	1,016.66	2,580.80	4,219.59
c. Finance Costs (Reier note 6)	111.67	(2,736.24)	3,360.24	6,840.53	14,655.45
d. Depreciation and Amortization Expenses	126.31	132.52	227.00	542.98	562.13
e. Other Expenses (Refer note 10)	5,638.99	961.85	5,838.35	7,928.08	9,644.53
Total Expenses	22,051.68	22,977.54	26,290.95	66,497.46	92,766.65
3. Profit I (Loss) before tax from continuing operations (1-2)	(2,081.80)	4,641.29	(523.43)	(639.14)	(223.93)

4. Tax Expense of continuing operations
a. Current Tax b. Deferred Tax			96.04		259.15
	(418.33)	385.27	(710.84)	(598.18)	(342.66)
5. ProflU(Loss) after Tax from	(418.33)	385.27	(614.80)	(598.18)	(83.51)
continuing operatlons(3-4)	(1,663.47)	4,256.02	91.37	(40.96)	(140.43)
6. Profit I (Loss) before tax from	(1,859.56)
discontinued operatlons(Refer Note 4)		(6,796.50)		(10,676.46)	382.22
7. Tax Expense of discontinued
operations a. Current Tax
b. Deferred Tax

B.ProfiU(Loss) after Tax from
operations (6-7) discontinued	(1,859.56)	(6,796.50)		(10,676.46)	382.22
9. Total Profit I (Loss) before tax for the period (3 + 6)	(3941.36)	(2155.21)	(523.43)	(11315.60)	156.29
10. Total Tax Expense for the period (4+7)
a. Current Tax
			96.04		259.15
b. Deferred Tax	(418.33)	385.27	(710.84)	(598.18)	(342.66)
	(418.33)	385.27	(614.80)	(598.18)	(83.51)
ProflU(Loss) after Tax for the perlod(9-10) 11. Total	(3,523.03)	(2,540.48)	91.37	(10,717.42)	241.79
12. Other Comprehensive (Expense) Income/ Items not lo be reclassified subsequently lo Profit or Loss (net of tax)
• Gain/(Loss) on fair value of defined benefit plans	(1.36)	(17.88)	58.89	26.18
• Gain/(Loss) on fair value of equity instruments measured at FVOCI	(556.40)		380.97	(556.40)	77.05 380.97

Comprehensive lncome/(Expense) Total Other	(557.75)	(17.88)	439.86	(530.21)	458.01
Comprehensive lncome/(Expense) 13. Total for the per)od (5,6)
	(4,080.78)	(2,558.36)	531.23	(11,247.63)	699.81
14. Paid-up Equity Share Capital (par value of Rs. 2/- each)	819.45	819.45	819.45	819.45	810.45

15. Other Equity (excluding revaluation reserves)				26,576.22	37,823.86
Earnings per Equity share 16. (i) Earnings per Equity share for continuing operations (Basic and Diluted) (in Rupees) '(not annualized) (par value· 2 each)	(4.54)	11.61	0.25	(0.11)	(0.38)
(ii)Earnings per Equityshare for discontinued operations (Basic and Diluted) (in Rupees) '(not annualized) (par value· 2 each)	(5.07)	(18.54)		(29.13)	1.04
(ii)Earnings per Equity share for continuing and discontinued operations (Basic and Diluted ) (In Rupees) '(not annualized) (par value · 2 each)	""'	(6.93) ?	0.25	(29.24)	0.66
A"'J · 1 F?? ?and? r Chairman_J Dated: 29th June 2021 .':!1

? ..

SPML INFRA LIMITED Registered Office: F-27/2, Okhla Industrial Area, Phase- 11,New Delhi- 110020 Tel: +91-0124-3944555; Fax- +91-0124-3983201 Website: www.spmi.co.in; Email: [email protected] CIN: L40106DL1981PLC012228

Standalone Statement of Assets and Liabilities as at 31st March, 2021

		Rs. In Lakhs
Particulars	As at March 31,	As at March 31,
	2021	2020
	Audited	Audited
ASSETS Non-Current Assets
(a) Property, Equipment Plant and	9,649.35
(b) Right of Use Assets	68.16	9,999.59 252.26
(c) intangibleAssets	20.51	20.65
(d) Financial Assets
- Investments	10,273.65	12,798.86
- Trade Receivables	10,614.71	29,683.34
- Loans	13,487.62	13,200.93
- Other Bank Balances	1,382.52	4,440.34
- Other Financial Assets	304.39	363.84
(e) Deferred Tax Assets	11,405.20	10,566.58
(f) Other Non-Current Assets	30,909.66	29.145.42
	88,115.77	1, 10,471.81
Current Assets
(a) Inventories Assets	7,123.60	6,273.73
(b) Financial - Trade Receivables
- Cash and Cash Equivalents	39,222.51 3,797.47	33,912.90 1,927.63
- Other Bank Balances	1,970.74	1,358.97
- Other Financial Assets	99,523.22	1,04,895.44
(c) Other Current Assets	11,244.05	10,522.12
	1,62,881.59	1,58,890.79

TOTAL ASSETS	2,50,997.36	2,69,362.60

LIABILITIES EQUITY AND
Equity
(a) Equity Share Capital	819.45	819.45
(b) Other Equity	26,576.22	37,823.86
Total Equity	27,395.67	38,643.31

Liabilities
Non-Current Liabilities
(a) Financial Liabilities
- Borrowings	63,055.44	65,098.36
- Trade Payables
Outstanding - Total Dues of Micro Enterprises and Small Enterprises - Total Outstanding Dues of Creditors other than
Micro Enterprises and Small Enterprises	5,242.15	9,475.04
- Other Financial Liabilities	4,987.02	6,157.35
(b) Provisions	297.19	314.22
	73,581.80	81,044.97
Current Liabilities
(a) Financial Liabilities
- Borrowings	1,15,028.86	81,473.17
- Trade Payables
- Total Outstanding Dues of Micro Enterprises Small Enterprises and	58.22	92.03
- Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises	26,835.83	48,340.09

- Other Financial Liabilities	6,237.42	17,619.00
(b) Other Current Liabilities (c) Provisions	1,690.78	1,938.32
	168.80	211.71
TOTAL LIABILITIES	1,50,019.90 2,23,601.70	1,49,674.32 2,30,719.29
TOTAL EQUITY AND LIABILTIES	2,50,997.36	2,69,362.60
		on behalf of Board of
Date: 29th June,2021

Place: Kolkata

SPML INFRA LIMITED Registered Office: F-27/2, Okhla Industrial Area, Phase- ii, New Delhi- 110020 Tel: +91-0124-3944555; Fax- +91-0124-3983201 Website: www.spml.co.ln; Email: [email protected] CIN: L40106DL 1981PLC012228

Audited Standalone Statement of Cash flow for the year ended 31st March, 2021

			Rs in Lakhs
	Particulars	For the Year Ended	For the Year Ended
		31st March 2021	2020 31st March
		Audited	Audited
A.	CASH FLOWS FROM OPERATING ACTIVITIES
	Profit I (Loss) before from continuing tax operations	(639.14)	(223.93)
	I (Loss) before Profit tax from discontinued operations	(10,676.46)	382.22
	Total Profit I (Loss) before tax	(11,315.60)	158.29
	Adjustments for:
	Depreciation and Amortisation expenses	542.98	562.13
	Interest Expenses	4,496.33	10,461.12
	Commission income	(202.09)	(550.90)
	Sundry Balances written off	656.28	1.755.69
	ECL on loans	722.69	240.55
	of investment Impairment in equity shares of subsidiaries and associates	1,716.51	2,193.79
	in preference ECL on investment shares		368.00
	Impairment of investment in equity shares of company through profit and fair valued loss		168.96
	ECL charge /(reversal) Trade Receivable on	263.37	(2,118.42)
	Profit on sale of property plant and equipment		1.29
	Liabilities longer required written back no	(2,352.08)	(4,692.01)
	Interest Income	(1,567.99)	(2,414.75)
	Operating Profit before Working Capital changes	(7,039.60)	6,133.74
	Adjustment for:
	payables Increase in trade	(23,418.88)	(15,283.88)
	lncrease/(decrease) in provisions	(590.15)	381.68
	Increase in other current liabilities	(13,278.69)	(957.92)
	(increase) Decrease/ in trade receivables	15,444.53	(3,977.40)
	Decrease/ (increase) in inventories	(849.87)	(809.59)
	Increase in loans and advances	(965.58)	257.23
	Increase in other current assets	2,866.16	1,385.98
	Cash generated/(used) from operations	(27,832.09)	(12,870.16)
	(net of refunds) Taxes Paid	628.89	(460.65)
	from Net Cash Operating Activities	(27,203.20)	(13,330.81)
B.	CASH FLOWS FROM INVESTING ACTIVITIES
	Purchase of PPE including capital work in progress	175.16	(88.81)
	from sale Proceeds of PPE	4.46	4.60
	Deposits encashed/ Fixed (invested)	123.27	6,338.13
	Loans (given) I repayment received	(111.26)	249.13
	Interest received	1,322.63	1,322.63
	Net Cash generated/(used) in Investing Activities	1,514.26	7,825.68
C.	CASH FLOWS FROM FINANCING ACTIVITIES
	Net movement in Long Term Borrowings	(1.131.43)	(1,178.46)
	Net movement in Short Borrowings Term	33,555.68	18,670.72
	paid Interest	(4,865.47)	(10,805.94)
	Net Cash generated/(used) in Financing Activities	27,558.78	6,686.32
D.	Exchange differences translation of foreign subsidiaries on
	Net lncrease/(Decrease) in Cash & Cash Equivalents	1,869.84	1,181.19
	Cash & Cash Equivalents at the beginning of the year	1,927.63	746.44
	Cash & Cash at the end of the year	3,797.47	1,927.63
	Equivalents

Place: Kolkata Date :29th June,2021

Notes to the Statement of Standalone Financial Results

1. The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at their respective meetings held on zs" June, 2021. The statutory auditors of the company have audited the said results for the year ended 31st March, 2021.
1. The outbreak of COVID-19 pandemic has disrupted regular business operations of the Company due to the lock down restrictions and other emergency measures imposed by the Central and State Governments from time to time, because of interruption in the project activities, supply chain disruption, human resource availability constraints etc. The business operations have recommenced on ^a lower scale post relaxation of lockdowns as compared to pre-pandemic levels. The management has evaluated the possible impact of known events, upto the date of approval of these financial results, arising from COVI D-19 pandemic on the carrying value of the assets and liabilities as at 31st March, ²⁰²¹ and has concluded that no material adjustments are required currently at this stage, except for matters as mentioned in Note nos. 4 and 10 herein below. However, there exists some uncertainty in relation to the future impact of COVID-19 pandemic on the Company and, accordingly, the actual impact in the future may be different from those presently estimated. The Company will continue to monitor any material change to the future economic conditions and consequential impact on the financial results.
1. The company has been facing financial crisis since last few financial years and with effect from the previous financial year, the Company has defaulted in payment of its dues to the financial creditors ( mainly to banks/financial institutions, hereinafter referred to as "Lenders") and accordingly, the borrowing facilities of the company with the Lenders are irregular as on 31st March, 2021. The Company is in the process of formulating ^a resolution plan with Lenders, which is at an advanced stage of discussions after protracted negotiations and completion of various processes. , The proposed resolution plan has been forwarded for the Independent Credit Evaluation (ICE) of External Credit Rating Agencies for obtaining RP4 rating, which is necessary and essential for the approval of the resolution plan. Considering the above progress in implementation of ^a sustainable resolution plan together with positive future growth outlook, the management is confident of improving the overall financials of the Company. The company's financials are further likely to improve with expected realization of various contingent assets in the form of arbitration awards and claims which have been considered as part of the resolution plan. Accordingly, the Company's Board of Directors considers it appropriate to prepare these financial results on ^a going concern basis.
1. Operations of the Trading segment had virtually ceased since January, 2020 onwards, primarily because the Company decided to focus on its core activities i.e infrastructure development. The management was continuously assessing the realisability of the non moving debtors/ advances to creditors of the segment due to the impact of COVI D-19 . Accordingly, the Board of Directors of the Company, at it's meeting held on iz" February, 2021, accorded it's consent towards closure of the Trading Segment of the Company w.e.f the financial year ended 31st March, 2021. Consequentially, during the quarter ended 31st March, 2021, in respect of the Trading segment, the Company has written off all the balances appearing in the books of account (non-m ing debtors and creditors). The Company is now operating in ^a single segment viz. EPC.

1. Interest on YTM basis amounting to Rs. 1,413.20 lakhs and Rs. 5,560.59 lakhs for the quarter and year ended 31st March,2021 respectively has not been provided on Optionally Convertible Debentures (OCDs) issued to Lenders under S4A scheme, as the same is not payable until maturity of such OCDs. However, the current resolution plan which is under consideration entails revision in the terms of these OCDs . The. Statutory Auditors report is modified in respect of this matter by way of ^a qualification. The Audit Report for the year ended 31st March, ²⁰²⁰ and the Limited Review Reports for the first three quarters of FY 2020-21 were similarly modified in respect of this matter.
1. The operations of the company have suffered in the last few years mainly due to general economic slowdown as well as various actions and inactions by various Government bodies I authorities, including factors beyond the control of the Company or its management. The major clients I customers of the Company are government bodies wherein the monies of the company are stuck since long and for which the claims of the Company are pending. Th8 situation has been further aggravated with the non-release of sanctioned working capital credit facilities including Bank Guarantee limits, alongwith levy of excess margin & charges by some of the Lenders as against the agreed terms of sanction by them. Due to the mismatch in the cash flows, the Company has not been able to service its debts or meet the payment obligations to the Lenders. Hence, the accounts of the Company with the Banks have been classified as irregular and sub - standard .. Consequently, wef 1st November, 2019, majority of the Lenders ceased charging interest on loans to the Company, in their books of account, as per RBl's prudential norms, although the Company continued to provide for the interest liability in its books of account upto so" September, 2020, on accrual basis .. In the on-going resolution with the Lenders, the Company has proposed issuance of ^a separate instrument towards the unpaid interest upto the cut-off date which is under active consideration and hence the company is not recognizing any interest liability on the fund based borrowing facilities in the books of accounts as on 31st March, 2021. Accordingly, based on the expectation of imminent approval and implementation of the resolution plan, during the quarter ended 31st December, 2020, the Company has written back Rs. 10,093.03 lakhs representing liability towards interest expense on its borrowings from Lenders, for the period from 1st November, ²⁰¹⁹ to so" September, 2020. Further, interest expense of Rs.3, 785.69 lakhs and Rs. 4,806.88 on the said borrowings have not been recognized for the quarters ended 31st December, ²⁰²⁰ and 31st March, ²⁰²¹ respectively. Effect of the resolution plan would be provided in the financial statements of the Company as and when the plan is finally approved and implemented by the lenders. Statutory Auditors report is modified in respect of the aforesaid writeback and non-recognition of interest liability, by way of ^a qualification. The Limited Review Report for the quarter and nine months ended 31st December, ²⁰²⁰ was similarly modified in respect of this matter.
1. Clients of the Company had foreclosed certain projects/contracts which are presently under arbitration/litigation proceedings. The management, based on the facts of the cases, is confident to recover ^I realise the trade receivables and inventories as at 31st March, ²⁰²¹ of Rs. 8,017.29 lakhs and Rs. 1,120.38 lakhs respectively, related to the aforesaid projects/contracts. The Statutory Auditors have expressed their inability to comment upon the recoverability/realisability of the aforesaid amounts and their audit report is modified in respect of this matter by way of ^a qualification. The Audit Report for the year ended 31st March, 2020 and the Limited Review Reports for the first three quarters of FY 2020-21 were similarly modified in respect of this matter.

1. The Company has certain trade and other receivables of Rs. 39,839.82 lakhs as at 31st March, 2021 backed by arbitration awards pronounced in its favour over the years. Further, the Company has recognised interest income of Rs. 669.89 lakhs and Rs 2,644.38 lakhs during the quarter and year ended 31st March, ²⁰²¹ respectively on such arbitration awards. Against these awards, the customers have preferred appeals in the jurisdictional courts and the legal proceedings are going on. Pending the outcome of the said legal proceedings, the above amounts are being treated as fully realisable as based on the facts of the respective case, the management is confident that the final outcome of the legal proceedings would be in its favour.
1. Other Income includes Rs. 315.27 lakhs and Rs. 2,118.18 lakhs for the quarter and year ended 31st March,2021 respectively relating to write back of certain credit balances of operational creditors, barred by the laws of limitation and not yet claimed by them.
1. Other Expenses includes the following:
a) Rs. 2439.20 lakhs for the quarter and year ended 31st March,2021 relating to impairment of certain equity investments and expected credit losses on certain loans advanced by the Company.
b) Rs.1175.81 lakhs for the quarter and year ended 31st March,2021 relating to provision made towards certain vendor advances on ^a conservative basis, as these are old balances and the management feels that the realisability of the same has further been impacted during to the ongoing COVID-19 situation.
1. Figures for the quarters ended 31st March, ²⁰²¹ and 31st March, ²⁰²⁰ are the balancing figures between the audited figures for the year ended on that date and the published, unaudited year-to-date figures upto the end of 3rctquarter of the respective financial year.
1. Previous period's figures have been regrouped /rearranged wherever considered necessary, to make them comparable with those of the current period.

Date : Kolkata Date : zs" June, ²⁰²¹

88 Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 / 6758 / 3237 / 4473 E. [email protected] www.maheshwariassociates.com

Chartered Accountants

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF SPML INFRA LIMITED

Report on the Audit of the Standalone Financial Results

Qualified Opinion

We have audited the accompanying Standalone Financial Results ("the Statement") of SPML Infra Limited ("the Company"), for the year ended 31st March, 2021, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including relevant circulars issued by the SEBI from time to time ( "Listing Regulations" ).

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors as referred to in the Other Matters section of our report below, the Statement:

(i) presents financial results in accordance with the requirements of Regulation ³³ of the Listing Regulations, except for the effects I possible effects of the matters described in the Basis for Qualified Opinion section of our report below; and
(ii) gives ^a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act, ²⁰¹³ ("the Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the standalone net loss and otner comprehensive expense and other financial information of the Company for the year ended on 31st March, ²⁰²¹ except for the effects ^I possible effects of the matters described in the Basis for Qualified Opinion section of our report below.

Basis for Qualified Opinion

As stated in:

a. Note ⁵ to the Statement, interest on YTM basis amounting to Rs. 1,413.20 lakhs and Rs. 5,560.59 lakhs for the quarter and year ended 31st March, ²⁰²¹ respectively was not provided on Optionally Convertible Debentures (OCDs) issued to lenders under S4A scheme, which is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109: Financial Instruments. Had such interest expense been recognized, the finance costs, loss before tax, loss after tax And total comprehensive expense would have been higher by the aforesaid amounts, for the quarter and year ended 31st March, ²⁰²¹ respectively. Further, since the issue of OCDs, the total liability not provided for in respect of such interest on YTM basis is Rs. 17,287.29 lakhs as at 31st March, 2021. The Auditor's Report for the ?ear ended 31st March, ²⁰²⁰ and the Limited Review Reports for the quarters ended 301hJune, ³⁰¹ September and 31st December, ²⁰²⁰ wer lso qualified in respect of this matter.

Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker Town, Bangalore - 560051 T. +91 80 4124 ²⁵⁴⁵ E. [email protected]

Mumbai: 304F, ^B Wing, Sum it Samarth Arcade, Tatya Tope CHS, Aarey Road, Goregaon (West), Mumbai - ⁴⁰⁰¹⁰⁴ T. +91 9152105868 [email protected]

8B Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 E. [email protected] www.maheshwariassociates.com

Chartered Accountants

b. Note ⁶ to the Statement, Rs.10,093.03 lakhs representing liability towards interest expense on the Company's borrowings from financial creditors, for the period from 1st November, ²⁰¹⁹ to 301h September, 2020, has been written back during the quarter ended 31st December, 2020.Further, interest expense of Rs. 3,785.69 lakhs and Rs.4806.88 lakhs on the said borrowings have not been recognized for the quarters ended 31st December, ²⁰²⁰ and 31st March, ²⁰²¹ respectively. This is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109: Financial Instruments. Had the aforesaid liability towards interest expense not been written back and the aforesaid interest expense been recognised, the finance costs, loss before tax, loss after tax and total comprehensive expense for the quarter and year ended 31st March, ²⁰²¹ would have been higher by Rs.4,806.88 lakhs. and Rs. 18,685.60 lakhs respectively. The Limited Review Report for the quarter ended 31st December, ²⁰²⁰ was also qualified in respect of this matter.
c. Note ⁷ to the Statement, regarding the Company's trade receivables (net of ECL) and inventories as at 31st March, ²⁰²¹ of Rs. 8,017.29 lakhs and Rs.1,120.38 lakhs respectively, relating to certain projects foreclosed by clients and where the claims are presently under arbitration/ litigation proceedings. Pending the ultimate outcome of these matters (fate of which is presently unascertainable), we are unable to comment on the recoverability thereof. The Auditor's Re?ortfor the year ended 31st March, ²⁰²⁰ and the Limited Review Reports for the quarters ended ³⁰¹ June, 301hSeptember and 31st December, ²⁰²⁰ were also qualified in respect of this matter.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide ^a basis for our qualified opinion.

Emphasis of Matters

We draw attention to the following notes to the Statement:

(i) Note ² to the Statement, which describes the effects of uncertainties relating to COVID-19 pandemic outbreak on the Company's operations and management's evaluation of its impact on the accompanying Statement as at the balance sheet date, the extent of which is significantly dependent on future developments.
(ii) Note ³ to the Statement which indicates that the Company has defaulted in payment of dues to financial creditors, it is facing working capital constraints and its borrowal facilities are irregular with certain financial creditors as at 31s1 March, 2021. Based on ongoing discussion with such creditors for formulation of ^a resolution plan and other mitigating factors as mentioned in the aforesaid Note 3, the Company's Board of Directors is of the view that going concern basis of accounting is appropriate for preparation of the accompanying Statement
(iii) Note ⁴ to the Statement, regarding closure of Trading Segment by the Company.

Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker Town, Bangalore - ⁵⁶⁰⁰⁵¹ T. +91 ⁸⁰ ⁴¹²⁴ 2545 [email protected]

Mumbai: 304F, B Wing, Sumit Samarth Arcade, Tatya Tope CHS, Aarey Road, Goregaon (West), Mumbai-400104 T. +91 9152105868 [email protected]

Chartered Accountants

(iv) Note ⁸ to the Statement, regarding uncertainties relating to the recoverability of certain trade & other receivables as at 31st March, ²⁰²¹ and recognition of interest income thereon, arising out of arbitration awards pronounced in favour of the Company.
(v) Note ⁹ to the Statement, regarding write back of Rs. 315.27 lakhs and Rs. 2,118.18 lakhs in respect of certain credit balances, during the quarter and year ended 31st March, ²⁰²⁰ respectively.
(vi) Note ¹⁰ to the Statement, regarding material items in "Other Expenses" pertaining to impairment on equity investments/expected credit loss on loans given by the Company/provisions against advances to vendors.

Our report on the Statement is not modified in respect of these matters.

Responsibilities of Management and Those Charged with Governance for the Statement

This Statement has been prepared on the basis of the related annual Standalone Financial Statements of the Company and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives ^a true and fair view of the net loss and other comprehensive income and other financial information of the Company in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under section ¹³³ of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation ³³ of the Listing Regulations This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives ^a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to continue as ^a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether the Statement as ^a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is ^a high level of assurance, but is not ^a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect ^a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually, or in the aggregate, they could reasonably be expected to influen decisions of users taken on the basis of this Statement.

Bangalore: "Park Plaza" First Floor, No. 1, Park Road (Off. Infantry Road), Tasker Town, Bangalore - 5600s'r- T. +91 804124 2545 [email protected]

Mumbai: 304F, ^B Wing, Sumit Samarth Arcade, Tatya Tope CHS, Aarey Road, Goregaon (West), Mumbai - ⁴⁰⁰¹⁰⁴ T. +91 9152105868 [email protected]

As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide ^a basis for our opinion. The risk of not detecting ^a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether ^a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as ^a going concern. If we conclude that ^a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as ^a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in ^a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with ^a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and otner matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

a. We did not audit the financial statements ^I financial information of ³ (three) joint operations included in the accompanying Statement, whose financial statements ^I financial information reflect total assets of Rs. 117.29 lakhs as at 31st March, 2021, total revenues of Rs. Nil and total net profit after tax of Rs. 1.28 lakhs for the year ended on that date, as considered in the accompanying Statement. These financial statements ^I financial information have been audited by other auditors whose reports have been furnished to us by the Company's management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the audit reports of such other auditors and on the procedures performed by us as stated in the section Auditor's Responsibilities for the Audit of the Statem nt hereinabove.

Bangalore: "Park Plaza" First Floor, No.1, Park Road {Off.Infantry Road), Tasker Town, Bangalore - ⁵⁶⁰⁰⁵¹ T. +91 80 4124 2545 [email protected]

Mumbai: 304F, ^B Wing, Sumit Samarth Arcade, Tatya Tope CHS, Aarey Road, Goregaon {West), Mumbai - ⁴⁰⁰¹⁰⁴ T. +91 9152105868 [email protected]

88 Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 E. [email protected] www.maheshwariassociates.com

Chartered Accountants

b. We did not audit the financial statements ^I financial information of ⁴ (four) joint operations included in the accompanying Statement, whose financial statements I financial information reflect total assets of Rs. 4,982.76 lakhs as at 31st March, 2021, total revenues of Rs. 4,151.86 lakhs and total net loss after tax of Rs. 70.12 lakhs for the year ended on that date, as considered in the accompanying Statement. These financial statements ^I financial information are unaudited and have been furnished to us by the Company's management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on such un-audited financial statements/financial information. In our opinion and according to the information and explanations given to us by the Company's management, these financial statements I financial information are not material to the Statement.
c. Owing to non-availability of financial statements/financial information/financial results of ² (two) joint operations, the same were not included in the Statement. According to the information and explanations given to us by the Company's management, such financial statements/financial information/financial results are not material to the Statement.
d. The Statement includes the standalone financial results for the quarter ended 31st March, 2021, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to limited review by us.

Our opinion is not modified in respect of these matters.

For Mahesh ari & Associates Chartered Ac ou tants FRN: 311008

\ CA. Bijay Murmuria Partner Membership No. : 055788

UDIN: 21055788AAAAAY5407

Place: Kolkata Date: zs" June, ²⁰²¹

Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker Town, Bangalore - ⁵⁶⁰⁰⁵¹ T. +91 ⁸⁰ ⁴¹²⁴ 2545 [email protected]

Mumbai: 304F, B Wing, Sum it Samarth Arcade, Tatya Tope CHS, Aarey Road, Goregaon (West), Mumbai - ⁴⁰⁰¹⁰⁴ T. +91 9152105868 [email protected]

ANNEXURE-1

Statement Impact of Audit Modification (for audit on with modified opinion) report submitted along
with Annual Audited Financial Results (Standalone) -

Audited	Figures (as reported before adjusting for qualifications) (Rs. In lakhs) 65,858.32 66,497.46 (639.14) (29.24) 2,50,997.36 2,23,601.70 27,395.67	Adjusted Figures (audited figures after adjusting for qualifications) (Rs. In lakhs) 55,765.29 76,447.79 (20,682.50) (83.93) 2,50,997.36 2,44,062.20 27,121.23











	separately):
Auditor's	qualification the standalone on	financial results -
As stated a)	in : Note 5 to the standalone YTM basis amounting to 5,560.59 lakhs for the March, 2021 respectively Optionally Convertible lenders under S4A accordance with the Borrowing Costs read Instruments. Had such recognized, the finance after total tax and have been by the higher quarter and ended year respectively. Further, since liabilitynot total provided YTM basis is Rs 17287.29 on 2021. The Auditor's Report March, 2020 and the Limited 301hJune, quarters ended December, 2020 also were matter.	financial results, interest on Rs. 1,413.20 lakhs and Rs. 31st quarter and ended year provided not was on Debentures (OCDs) issued to scheme, which is in not requirements of Ind AS 23: with Ind AS 109:Financial interest been expense costs, loss before tax, loss comprehensive would expense aforesaid amounts, for the 31st March, 2021 the issue OCDs, of the for in respect of such interest lakhs at 31st March, as for the ended 31st year Review Reports for the so" 31st September and qualified in respect of this financial
	interest the expense on financial creditors Rs. 1st November, period from 2020, has been written 31st December, 2020.	results regarding Company's borrowings from 10,093.03 lakhs lakhs, for the so" September, 2019 to during the quarter ended Further, interest of expense
	b)	Note 6 the to standalone back

	Rs.3,785.69 lakhs 4806.88 and Rs. the said on borrowings have been not recognized for the quarters 31st December, 31st ended 2020 and March, 2021 respectively. This is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109: Financial Instruments. Had the aforesaid liability towards interest been not written expense back and the aforesaid interest been expense recognised, the finance costs, before loss loss tax, after tax and total comprehensive for the expense and quarter ended 31st March, 2021 would have year been higher by Rs. 4806.88 Rs. and 18685.60 respectively. The Limited Review Report for the 31st December, ended quarter 2020 also qualified was in respect of this matter.
	c) Note 7 to the standalone financial results, regarding the Company's trade receivables (net ECL) and of 31st March, inventories at 2021 of Rs. 8,017.29 as lakhs and Rs.1, 120.38 lakhs respectively, relating to certain projects foreclosed by clients in earlier years and where the claims presently under arbitration/ are litigation proceedings. Pending the ultimate outcome of these (fate matters of which is presently unascertainable), unable to comment the we are on recoverability thereof. The Auditor's Report for the March, 2020 ended 31st and the Limited Review year so" 30th Reports for the quarters June, ended 31st September December, and 2020 also were qualified in respect of this matter.
of Audit Type Modification : (Qualified I Disclaimer Opinion	Qualified Opinion.
of qualification Frequency : (Whether appeared first time/ I since repetitive how long continuing)	Qualification (a) : Repetitive Qualification (b) : Appeared first time Qualification (c) : Repetitive
Qualification(s) For Audit where the impact is quantified by the auditor, Management's Views:	a) for No provision interest of YTM account amounting on 5,560.59 lakhs has been Rs. made during the to year Optionally Convertible Debentures (OCDs) issued on to lenders under SPML 54A Scheme the management as believes that the is not payable until of maturity same such OCD. b) Interest company's borrowings from expense on financial creditors amounting to Rs. 10,093.03 lakhs has been written back during the Further, interest year. of Rs.3,785.69 lakhs and Rs. 4806.88 expense the on said borrowings have not been recognized for the 31st December, 31st March, quarters ended 2020 and 2021 respectively because of the ongoing resolution with the Lenders regarding their dues with the Company, the Company has proposed issuance of a separate instrument the towards unpaid interest upto the cut-off date which is under active consideration and hence the is not recoonizino company anv
	of Opinion I Adverse Opinion)

e.	For where (i)	Qualification(s) Audit impact the is not quantified by the auditor: Management's estimation the on impact of audit qualification:	interest liability on fund the based borrowing facilities 31st March, in the books of accounts 2021. as on Effect of the resolution plan would be provided in the financial of Company statements the Parent and as plan is finally approved when the implemented and by the lenders. The Statutory Auditors have expressed their inability to recoverability/realisability the of certain trade comment upon (net ECL) and receivables of inventories amounting Rs. to 31st respectively 8017.29 lakhs and Rs.1,120.38 lakhs at as March, 2021 in of with certain respect contracts customers, which under arbitration. are The based facts of the the and management, past on cases precedence is confident I realize the above to amounts. recover
	(ii)	If management is unable impact, estimate the to for the reasons same:	Not applicable.
	(iii)	Auditors' Comments on (i) or (ii) above:	Included in details of Auditor's qualification stated above.

SPML INFRA LIMITED Registered Office: F-27/2, Okhla Industrial Area, Phase- II, New Delhi-110020 Tel: +91-0124-3944555; Fax- +91-0124-3983201 Website: www.spml.co.ln; Email: [email protected] CIN: L40106DL 1981PLC012228

Statement of Consolidated Financial Results for the quarter and year ended 31st March, 2021

					In Lakhs Rs
Particulars	3 months ended 31/03/2021	3 months ended 31/12/2020	3 months ended 31/03/2020	Year ended 31/03/2021	Year ended 31/03/2020
	Unaudited Refer Note 13	Unaudited	Unaudited 13 Refer Note	Audited	Audited
1. Revenue
from Operations a. Revenue	21,142.29	30,920.89	35,586.03	68,285.34 6,377.41	1, 70,647.73 10,866.24
(refer note 11 ) b. Other Income Total Income	3 359.51 24 501.80	1,146.15 32 067.04	4,210.23 39 796.26	74 662.75	1 81 513.97

2. Expenses
and Other Construction Expenses Consumed a.Materials Goods b. Purchase of Traded	17,675.37	28,456.18	16,316.77 11,494.94	55,331.35	70,733.33 76,033.86
Expense c. Employee Benefits	734.65	677.91	1,360.39	2,622.25	5,356.27
d. Finance Cost (refer note 7)	27.86	(2995.15)	4,213.50	6,695.13	15,692.41
e. Depreciation and Amortization Expenses	130.18	134.96	321. 74	555.90	1,118.07
(refer note 12) f. Other Expenses Expenses Total	8 001.29 26 569.35	1 227.02 27 500.92	5,326.43 39 033.77	10,566.60 75 771.23	10,514.43 1 79 d46.37

I (Loss) before of Profit I (Loss) of Associates & Joint share 3, Profit operations (1-2) & Tax from continuing Ventures	(2067.55)	4,566.12	762.49	(1108,48)	2,065.60
4. Tax Expense of continuing operations
a. Current Tax	3.11	2.84 463.84	25.68 170.17	5.95 /458.68	553.53 899.70
b. Deferred Tax	(356.23) 353.12)	466.68	195.65	/452.73	1 453.23
of profit I (loss) of Associates and 5. Profit /(loss) before share operations(3-4) Joint Ventures from continuing	(1714.43)	4,099.44	566.64	(655.75)	612.37
Share of profit I (loss) of Associates and Joint Ventures	(902.27)	(28.40)	(446.03)	(443.48)	(388.82)
Non . controlling interest	(55.97)	16.46	(370.00)	(54.98)	(53.36)
	2560.73)	4054.58	490.61	11044.25	276.91
(Loss) after Tax from continuing operations 6. Profit/
discontinued operations tax from 7. Profit I (Loss) before	(1859.56)	(6796.50)		(10676.46)	362.22
of discontinued operations 8. Tax Expense a. Current Tax
Tax b. Deferred

after Tax from discontinued operations (7-81 9. Profit/ (Loss)	(1859.56)	(6796.50)		(10676.46)	382.22
10. Total Profit I (Loss) before tax	(4773.41)	(2275.24)	686.46	(12173.44)	2,112.36
Tax Expense for the period (4+8) 11. Total
Tax a. Current Tax	3.11 1356.23\	2.84 463.84	25.68 170.17	5.95 1458.68	553.53 899.70
b. Deferred	1353.12\	466.68	195.85	1452.73	1453.23
12. Total Net Profit/ (Loss) after Tax	(4420.29)	(2741.92)	490.61	(11720.71)	659.13

Comprehensive Income/ (Expense) 13. Other not to be reclassified subsequently to Profit or Loss (net of tax) Items
benefit plans of defined - Gain/(Loss) on fair value	2.01	(17.88)	46.63	29.54	66.09
measured at FVOCI of equity instruments - Gain/(Loss) on fair value Comprehensive Income I (Expense) Other	1538.77\ 536.76)	117.88\	383.88 430.51	1538.77 1509.22	383.88 449.97
Total
for the period (6+7) Income/ (Loss) 14. Total Comprehensive	(4957.05\	12759.80\	921.12	112229.93)	1109.10
equity share capital (par value of Rs 2/- each) 15. Paid-up	819.45	819.45	819.45	819.45	819.45
16. Other Eouitv fexcludina revaluation reserves\				25.385.73	37,612.15
per equity share of Rs 2/- each) 17. Earnings (par value
per Equity share 18. Earnings for continuing operations (Basic and (i) Earnings per Equity share ·(not annualized) · 2 each) Diluted } (in Rupees) (par value	(6.99) •	11.06 *	1.34 *	(2.85)	0.76
for discontinued operations (Basic and (ii) Earnings per Equity share '(not annualized} (par value · 2 each) ) (in Rupees) Diluted	(5.07) *	(18.54) •	0.00"	(29.13)	1.04
for continuing and discontinued (ii) Earnings per Equity share ) (in Rupees) *(not annualized) (par operations (Basic and Diluted value · 2 each)	(12.06) • (\	(7.48) •	1.34 *	(31.98)	1.80

^l Q;t; /. ?\& ^V-? '""?t?'"' Dated: 29th June, ²⁰²¹ '-.C ..

Registered Office: F-2712, Okhla Industrial Area, Phase- II, New Delhi-110020 Tel: +91-0124-3944555; Fax- +91-0124-3983201

Website: www.spml.co.in; Email: [email protected] CIN: L40106DL 1981 PLC012228

Consolidated Statement of Assets and Liabilities as at 31st March, 2021

		Rs. In Lakhs
Particulars	31, As at March 2021	As at March 31, 2020
	Audited	Audited
ASSETS
Non-Current Assets
and Equipment (a) Property, Plant	10,037.86	10,399.76
in Progress (b) Capital Work	5,634.72	5,634.72
(c) Right of Use Assets	68.16	252.26
(d) Intangible Assets	1,571.42	1,567.92
Property (e) Investment
(f) Financial Assets - Investments	6,984.74	9,474.44
Receivables - Trade	12.316.46	29.683.34
- Loans	9,447.19	9,739.81
Financial Assets - Other	1,701.49	4,818.29
(g) Non Current Tax Assets	4,833.87	5,462.76
(h) Deferred Tax Assets	9,995.02	9,284.67 29,004.00
(i) Other Non-Current Assets	31,977.37 94,568.30	1, 15,321.97

Current Assets
(a) Inventories {b) Financial Assets	7,123.60	6,273.73
- Investments		2,442.32
Receivables - Trade	46,062.56	46,773.80
and Cash Equivalents - Cash	3,965.48	2,027.98
Balances - Other Bank	1,970.74 494.07	1,358.97 514.97
- Loans - Other Financial Assets	99,542.82	1,05,694.27
(c) Current Tax Assets	432.58	499.44
(d) Other Current Assets	17,888.15	18,940.42
	1,77,480.00	1,84,525.90
ASSETS TOTAL	2,72,048.30	2,99,847.87
AND LIABILITIES EQUITY
Equity
(a) Equity Share Capital	819.45	819.45
(b) Other Equity
to Owners Equity Attributable of the Parent	25,385.73	37,612.15
Non-Controlling Interests	1,528.61	1,583.58
Total Equity	27,733.79	40,015.18
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
- Borrowinos - Trade Payables Enterprises and Small Enterprises - Total Outstanding Dues of Micro	65,033.49	67,349.31
than Micro Enterprises and Small Enterprises - Total Outstanding Dues of Creditors other	5,242.15	9,475.04
- Other Financial Liabilities	4,945.80	6,116.13
(b) Provisions	307.70	329.70
	75,529.14	83,270.18
Liabilities Current
(a) Financial liabilities
- Borrowings Payables - Trade	1,16,257.26	82,084.67
Outstanding Dues of Micro Enterprises and Small Enterprises - Total	58.22	92.03
Outstanding Dues than Micro Enterprises Enterprises - Total of Creditors other and Small	38,572.94	62,969.29
- Other Financial Liabilities	11.203.01	25,181.02
(b) Other Current liabilities	2,524.90	6,023.54
(c) Provisions	168.80 0.24	211.72 0.24
(d) Current Tax Liability	1,68,785.37	1,76,562.51
LIABILITIES TOTAL	2,44,314.51	2,59,832.69
EQUITY AND LIABILITIES TOTAL	2,72,048.30	2,99,847 .87
		Infra Ltd.



Dated: 29th June, 2021
Place: Kolkata

SPML INFRA LIMITED Registered Office: F-27 /2, Okhla Industrial Area, Phase- II, New Delhi- 110020 Tel: +91-0124-3944555; Fax- +91-0124-3983201 Website: www.spml.co.in; Email: [email protected] CIN: l401060L1981PLC012228

Audited Consolidated statement of cash flows for the half year ended 31st March 2021

		Rs. In lakhs
Particulars	For the Year Ended	For the Year Ended
	March 2021 31st	31st March 2020
	Audited	Audited

FROM OPERATING ACTIVITIES A. CASH FLOWS
Profit before share of Profit I (Loss) of Associates & Joint Ventures & Tax from continuing operations	(1,108.48)	2,065.60
Profit I (Loss) before tax from discontinuing operations	(10,676.46)	382.22
of Profit Total Profit before share I (Loss) of Associates & Joint Ventures & Tax	(11,784.94)	2,447.82
Adjustments for:
Depreciation and Amortisation expenses	555.90	1,118.07
Interest Expenses	6,673.75	15,663.38
Sundry Balances written off	11,240.75	2,046.36
for doubtful debts Provision	5,693.64	1,105.89
Profit on sale of property plant and equipment		2.00
no longer required written Liabilities back	(4,400.42)	(5,311.76)
Interest Income Operating Working Capital changes Profit before	1 092.77 6,885.91	1 667.35 15,404.41
Adjustment for:
in trade payables Increase	(24,262.62)	(28,330.66)
lncrease/(decrease) in provisions	(629.12)	178.91
lncrease/(decrease) in other liabilities current	(16,936.51)	(2,650.13)
lncrease/(decrease) in trade receivables	3,587.24	14,313.49
Decrease/ (increase) in inventories	(849.87)	388.41
lncrease/(decrease) in loans and advances	1,109.66	(5,923.05)
Increase in other current assets	424.50	6,931.07
generated operations Cash from	(30,670.81)	312.45
Paid (net of refunds) Taxes	438.13	575.81
Operating Net Cash from Activities	(30,232.68)	(263.36)
INVESTING B. CASH FLOWS FROM ACTIVITIES
Purchase of PPE
including capital work in progress Proceeds from sale of PPE	(33.32) 256.55	(476.74)
Fixed Deposits encashed I (invested)	2,445.58	16,392.56 8,984.18
Sale I (purchase) of non-current investments:	4,932.01	5,260.93
Loans (given) I repayment received	353.92	(3,716.07)
Interest received	1 127.87	1 729.14
in Investing Activities Net Cash used	9,082.61	28,174.00

C. CASH FLOWS FROM FINANCING ACTIVITIES
in Minority Interest Movement	(384.99)	(19,616.01)
in Long Term Borrowings Net movement	(2,684.31)	(2,020.91)
Borrowings Net movement in Short Term	34,172.59	10,223.01
paid Interest	8 015.72	15,896.50
in Financing Net Cash used Activities	23,087.57	(27,310.41
Exchange differences of foreign subsidiaries D. translation on		(2,257.66)
in Cash & Cash Net lncrease/(Decrease) Equivalents	1,937.50	(1,657.43)
Cash & Cash Equivalents at the beginning of the year	2,027.98	3,685 41
Cash & Cash Equivalents at the end of the year	3,965.48	2,027.98

SPML INFRA LIMITED Registered Office: F-27/2, Okhla Industrial Area, Phase- 11,New Delhi-110020 Tel: +91-0124-3944555; Fax- +91-0124-3983201 Website: www.spml.co.in; Email: [email protected] CIN: L40106DL 1981PLC012228

Audited Consolidated Segment wise Revenue, Results, Assets and Liabilities for the Quarter and Year ended 31st March, 2021

						Rs. In Lakhs
SL.	PARTICULARS	3 months ended 31/03/2021	3 months ended 31/1212020	ended 31/03/2020 3 months	ended Year 31103/2021	Year ended 31/03/2020
		Unaudited	Unaudited	Unaudited	Audited	Audited

1	Segment Revenue (Gross)
	a) Construction	20,954.67	30,920.89	21,729.40	68,097.72	89,201.35
	Generation b) Hydro Power			1,152.10		2,100.23
	c) Waste Management			231.20		34.14
	d) Trading			12,053.27		78,510.82
	e) Others	187.62		420.06	187.62	801.19
	Revenue from Operations	21,142.29	30 920.89	35,586.03	68,285.34	1,70,647 .73

2	Tax and Interest) Segment Results (Profit I (Loss) Before
	a) Construction	(1,551.76)	3,758.63	3,550.41	6,168.39	14,299.38
	Generation b) Hydro Power			759.32		1,844.05
	c) Waste Management	(890.93)	16.27	712.16	(843.38)	566.99
	d) Trading	(1,859.56)	(8,816.90)	(219.14)	(10,676.46)	1,320.58
	o) Others	403.00	(183.53\	173.23	261.64	109.23
	Total	(3,899.25)	(5,225.53)	4,975.99	(5,089.81)	18,140.23
	Costs i. Finance	(27.86)	2,995.15	(4,213.50)	(6,695.13)	(15,692.41)
	Net off Unallocable Income ii. Unallocable Expenditure
	Profit/(loss) before share of Profitl(loss) of Associates and Joint Total Ventures and Tax	(3,927.11)	(2,230.38)	762.49	(11,784.94)	2,447.82

3	Segment Assets
	a) Construction	2,45, 189.93	2,58,731.90	2,53,925. 76	2,45,189.93	2,53,925. 76
	b) Hydro Power Generation	7,008.82	7,008.82	7,008.82	7,008.82	7,008.82
	c) Waste Management	6,080.03	9,044.70	9,051.45	6,080.03	9,051.45
	d) Trading		2,578.68	13,852.57		13,852.57
	e) Others	13,769.52	15,908.87	16,009.27	13,769.52	16,009.27
	I) Unallocated
	Total Segment Assets	2,72,048.30	2,93,272.97	2,99,847.87	2,72,048.30	2,99,847.87

4	Segment Liabilities
	a) Construction	2,23,028.27	2,34,437.37	2, 18,929.33	2,23,028.27	2, 18,929.33
	Generation b) Hydro Power	3,429.37	3,429.37	3,429.37	3,429.37	3,429.37
	c) Waste Management	2,332.03	4,384.97	4,386.70	2,332.03	4,386.70
	d) Trading		228.63	15,066.86		15,066.86
	e) Others	15,524.84	18,045.86	18,020.43	15,524.84	18,020.43
	I) Unallocated
	Total Segment Liabilities	2.44,314.51	2,60,526.20	2,59,832.69	2,44,314.51	2,59,832.69

DI No. 00464390 .. Q.:D'/;;? AhJ and Se1hl Chairman

Dated: 29th June, 2021 Place: Kolkata

Notes to Statement of Consolidated Financial Results:-

1. SPML Infra Ltd. (the 'Parent Company') and its subsidiaries are together referred to as 'the Group' in the following notes.
1. The above consolidated results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Parent Company at their respective meetings held on zs" June, 2021. The statutory auditors of the Parent Company have audited the said results for the year ended 31st March, 2021.
1. The outbreak of COVI D-19 pandemic has disrupted regular business operations of the Group due to the lock down restrictions and other emergency measures imposed by the Central and State Governments from time to time, because of interruption in the project activities, supply chain disruption, human resource availability constraints etc. The business operations have recommenced on ^a lower scale post relaxation of lockdowns as compared to pre-pandemic levels. The management of the Parent Company has evaluated the possible impact of known events, upto the date of approval of these consolidated financial results, arising from COVID-¹⁹ pandemic on the carrying value of the assets and liabilities as at 31st March, ²⁰²¹ and has concluded that no material adjustments are required currently at this stage except for matters as mentioned in Note nos. ⁵ and ¹² hereinbelow. However, there exists some uncertainty in relation to the future impact of COVID-19 pandemic on the Group and, accordingly, the actual impact in the future may be different from those presently estimated. The Parent Company will continue to monitor any material change to the future economic conditions and consequential impact on the financial results.
1. The Parent Company has been facing financial crisis since last few financial years and with effect from the previous financial year, the Parent has defaulted in payment of its dues to the financial creditors ( mainly to banks/financial institutions, hereinafter referred to as "Lenders") and accordingly, the borrowing facilities of the Parent Company with the Lenders are irregular as on 31st March, 2021. The Parent Company is in the process of formulating ^a resolution plan with Lenders, which is at an advanced stage of discussions after protracted negotiations and completion of various processes. , The proposed resolution plan has been forwarded for the Independent Credit Evaluation (ICE) of External Credit Rating Agencies for obtaining RP4 rating, which is necessary and essential for the approval of the resolution plan. Considering the above progress in implementation of ^a sustainable resolution plan together with positive future growth outlook, the management is confident of improving the overall financials of the Parent Company. The Parent's financials are further likely to improve with expected realization of various contingent assets in the form of arbitration awards and claims which have been considered as part of the resolution plan. Accordingly, the Parent Company's Board of Directors considers it appropriate to prepare these financial results on ^a going concern basis.
1. Operations of the Parent Company's Trading segment had virtually ceased since January, 2020 onwards, primarily because it decided to focus on its core activities i.e infrastructure development . The management was continuously assessing the realisability of the non moving debtors/ advances to creditors of the segment due to the impact of COVID-19 . Accordingly, the Board of Directors of the Parent Company, at it's meeting held on ¹ z" February, 2021, accorded it's consent towards closure of the Trading Segment of the Company w.e.f the financial year ended 31st March, 2021. Consequentially, during the quarter ended 31st March, 2021, in respect of the Trading segment, the Parent Company has written off all the balances appearing in the books of ccount (non-moving debtors and creditors).

1. Interest on YTM basis amounting to Rs. 1413.20 lakhs and Rs. 5560.59 lakhs for the quarter and year ended 31st March,2021 respectively has not been provided on Optionally Convertible Debentures (OCDs) issued to Lenders under S4A scheme by the Parent Company, as the same is not payable until maturity of such OCDs. However, the current resolution plan which is under consideration entails revision in the terms of these OCDs . The Statutory Auditors report is modified in respect of this matter by way of ^a qualification. The Audit Report for the year ended 31st March, ²⁰²⁰ and the Limited Review Reports for the first three quarters of FY 2020-21 were similarly modified in respect of this matter.
1. The operations of the Group have suffered in the last few years mainly due to general economic slowdown as well as various actions and inactions by various Government bodies I authorities, including factors beyond the control of the Group or its management. The major clients I customers of the Group are government bodies wherein the monies of the Group are stuck since long and for which the claims of the Group are pending. The situation has been further aggravated with the non-release of sanctioned working capital credit facilities including Bank Guarantee limits, alongwith levy of excess margin & charges by some of the Lenders as against the agreed terms of sanction by them. Due to the mismatch in the cash flows, the Parent Company has not been able to service its debts or meet the payment obligations to the Lenders. Hence, the accounts of the Parent Company with the Banks have been classified as irregular and sub - standard .. Consequently, wef 1st November, 2019, majority of the Lenders ceased charging interest on loans to the Parent Company, in their books of account, as per RBl's prudential norms, although the Parent continued to provide for the interest liability in its books of account upto so" September, 2020, on accrual basis .. In the on-going resolution with the Lenders, the Parent Company has proposed issuance of ^a separate instrument towards the unpaid interest upto the cut-off date which is under active consideration and hence the company is not recognizing any interest liability on the fund based borrowing facilities in the books of accounts as on 31st March, 2021. Accordingly, based on the expectation of imminent approval and implementation of the resolution plan, during the quarter ended 31st December, 2020, the Parent Company had written back Rs. 10,093.03 lakhs representing liability towards interest expense on its borrowings from Lenders, for the period from 1st November, ²⁰¹⁹ to so" September, 2020. Further, interest expense of Rs.3,785.69 lakhs and Rs.4806.88 on the said borrowings have not been recognized for the quarters ended 31st December, ²⁰²⁰ and 31st March, ²⁰²¹ respectively. Effect of the resolution plan would be provided in the financial statements of the Parent Company as and when the plan is finally approved and implemented by the lenders. Statutory Auditors report is modified in respect of the aforesaid writeback and non-recognition of interest liability, by way of ^a qualification. The Limited Review Report for the quarter and nine months ended 31st December, ²⁰²⁰ was similarly modified in respect of this matter.
1. Clients of the Parent Company had foreclosed certain projects/contracts which are presently under arbitration/litigation proceedings. The management, based on the facts of the cases, is confident to recover ^I realise the trade receivables and inventories as at 31st March, ²⁰²¹ of Rs.8017.29 lakhs and Rs.1, 120.38 lakhs respectively, related to the aforesaid projects I contracts. The Statutory Auditors have expressed their inability to comment upon the recoverability/realisability of the aforesaid amounts and their audit report is modified in respect of this matter by way of ^a qualification. The Audit Report for the year ended 31st March, 2020 and the Limited Review Reports for the first three quarters of FY 2020-21 were similarly modified in respect of this matter.

1. The Parent Company made all the efforts to obtain the requisite financial statements I financial information I financial results of 2(two) subsidiaries and 2 (two) Joint Venture Companies, for the quarter and year ended 31st March, 2021. However, in their absence, the consolidated financial results for the quarter and year ended 31st March, ²⁰²¹ have been prepared without considering the financial impact of such financial statements I financial information/financial results. Further, the management has assessed that such financial statements/financial information/financial results are not material to the overall consolidated financial results for the quarter and year ended 31st March, 2021.
1. The Parent Company has certain trade and other receivables of Rs.39839.82 lakhs as at 31st March, ²⁰²¹ backed by arbitration awards pronounced in its favour over the years. Further, the Parent Company has recognised interest income of Rs.669.89 lakhs and Rs.2644.38 lakhs during the quarter and year ended 31st March, ²⁰²¹ respectively on such arbitration awards. Against these awards, the customers have preferred appeals in the jurisdictional courts and the legal proceedings are going on. Pending the outcome of the said legal proceedings, the above amounts are being treated as fully realisable as based on the facts of the respective case, the management is confident that the final outcome of the legal proceedings would be in its favour.
1. Other Income includes Rs. 315.271akhs and Rs. 2,118.1 Slakhs for the quarter and year ended 31st March,2021 respectively relating to write back of certain credit balances of operational creditors by the Parent Company, barred by the laws of limitation and not yet claimed by them.
1. Other Expenses includes Rs.1175. ⁸¹ lakhs for the quarter and year ended 31st March, ²⁰²¹ relating to provision made by the Parent Company towards certain vendor advances on ^a conservative basis, as these are old balances and the management feels that the realisability of the same has further been impacted during to the ongoing COVID-19 situation.
1. Figures for the quarters ended 31st March, ²⁰²¹ and 31st March, ²⁰²⁰ are the balancing figures between the audited figures for the year ended on that date and the published, unaudited year-to-date figures upto the end of 3rdquarter of the respective financial year.
1. Previous period's figures have been regrouped /rearranged wherever considered necessary, to make them comparable with those of the current period.

Date : Kolkata Date: zs" June, ²⁰²¹

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