SPML Infra Limited — Interim / Quarterly Report 2021

Aug 17, 2021

12th August, 2021

To, National Stock Exchange Exchange Plaza, Plot No. C/1, G Block, Bandra (E), Mumbai-400051 (NSE Scrip Code: SPMLINFRA)

BSE Limited Phiroze 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 12th August, 2021, interalia, has considered and approved the following:

• 1. The Unaudited Standalone and Consolidated Financial Results of the Company for the 1st quarter ended 30th June, 2021 along with the Limited Review Report of Statutory Auditors thereon.
• 1. Convening 40th Annual General Meeting (AGM) of the Company on Wednesday, the 29th day of September, 2021.
• 1. Pursuant to the provisions of Section 91 of the Companies Act, 2013 and Regulation 42 of the SEBI (Listings Obligations and Disclosures Requirements) Regulations, 2015 the Register of Members and Share Transfer Books of the Company will remain close from Thursday, 23rd day of September, 2021 to Wednesday, 29th day of September, 2021 (both days inclusive) for taking record of the Members of the Company for the purpose of 40th Annual General Meeting of the Company scheduled to be held on 29th September, 2021.

Kindly take the above on record. Thanking you,

For SPML Infra Limited

Swati Agarwal Company Secretary

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: info@spml.co.in CIN: L40106DL 1981 PLC012228

Statement of Standalone Financial Results for the quarter ended 30th June, ²⁰²¹ (Rs. in Lakhs)

Particulars	3 months ended 30/06/2021	3 months ended 31/03/2021	3 months ended	Year ended 31/03/2021
	Unaudited	Unaudited	Unaudited	Audited
1. Revenue		!Refer 11 l note
a. Revenue from Operations	18,302.46	16,697.67	6,926.03	61,539.17
b. Other Income (Refer note 9)	1,090.29	1,072.01	509.05	4,319.15
Total Income	19,392.75	19,969.68	9,435.08	65,858.32
2. Expenses
a. Materials consumed and other construction expenses	16,056.55	15,450.66	5,895.76	48,605.07
b. Employee Benefits Expense	691.50	723.85	621.60	2,560.60
c. Finance Costs (Refer note 5)	273.52	111.67	4,466.06	6,640.53
d. Depreciation and Amortization Expenses	109.67	126.31	148.46	542.96
e. Other Expenses (Refer note 10)	3,044.64	5,636.99	748.11	7,926.06
Total Expenses	20,175.88	22,051.68	11,900.24	66,497.46
I (Loss) before 3. Profit tax from continuing operations (1-2)	(783.13)	(2,081.80)	(2,465.16)	(639.14)
4. Tax Expense or continuing operations
a. Current Tax	-		-
b. Deferred Tax	(532.05)	(418.33)	(370.14)	(596.16)
	(532.05)	(416.33)	(370.14)	(598.18)
5. Profiti(Loss) after Tax from continuing operations(3-4)	(251.08)	(1,663.47)	(2,095.02)	(40.96)
6. Profit I (Loss) before tax from discontinued operations		(1,859.56)	(1,010.20)	(10,676.46)
7. Tax Expense operations or discontinued
a. Current Tax			-	-
b. Deferred Tax		-	-	-
			-	-
8.Profiti(Loss) after Tax from discontinued operations (6-7)		(1,859.56)	(1,010.20)	(10,676.46)
Profit I (Loss) before 9. Total tax for the period (3 + 6)	(783.13)	(3941.36)	(3475.36)	(11315.60)
10. Total Tax Expense for the period (4+7)
a. Current Tax	-
b. Deferred Tax	(532.05)	(418.33)	(370.14)	(596.16)
	(532.05)	(418.33)
			(370.14)	(598.16)
Profiti(Loss) 11. Total after Tax for the period(9·10)	(251.06)	(3,523.03)	(3,105.22)	(10,717.42)
12. Other Comprehensive Income/ (Expense) Items not to be reclassified subsequently to Profit or Loss (net of tax)
- Gain/(Loss) on fair value of defined benefit plans
• Gain/(Loss) on fair value of equity instruments measured at FVOCI	30.72	(1.36) (556.40)	17.62	26.18 (556.40)
lncome/(Expense) Total Other Comprehensive	30.72	(557.75)	17.62	(530.21)
13. Total Comprehensive lncome/(Expense) for the period (11+12)	(220.36)	(4,080.78)	(3,087.60)	(11,247.63)
14. Paid-up Equity Share Capital (par value of Rs. 2f. each)	819.45	619.45	819.45	619.45
Equity (excluding revaluation 15. Other reserves)	-			26,576.22
16. Earnings per Equity share
(i) Earnings per Equity share for continuing operations (Basic and Diluted) (in Rupees) "(not annualized) (par value Rs. 2/- each)	(0.69) •	(4.54) •	(5.71) •	(0.11)
(ii) Earnings per Equity share for discontinued operations (Basic and Diluted) (In Rupees) "(not annualized) (par value Rs. 2/- each)		(5.07) '	(2.76) '	(29.13)
(iii)Earnings per Equity share for continuing and discontinued operations (Basic and Diluted ) (in Rupees) '(not annualized) (par value Rs. 2/- each)	(0.69) '	(9.61) '	(8.47) '	(29.24)

nd S0thl Chairman

Notes to the Statement of Standalone Financial Results

• 1. The above unaudited 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 12th August, 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 COVID-19 pandemic on the carrying value of the assets and liabilities as at 30th June, ²⁰²¹ and has concluded that no material adjustments are required currently at this stage, except for matters as mentioned in Note no. 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 financial year 2019-20, the Company is in default relating to 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 30th June, 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 ('resolution plan'). The proposed resolution plan has been forwarded for the Independent Credit Evaluation (ICE)of External Credit Rating Agencies for obtaining RP4 or better 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 ofthe 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.

Interest on YTM basis amounting to Rs. 1457.58 lakhs for the quarter ended 30th June,2021 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 . Statutory Auditors' Limited Review Report is modified in respect of this matter by way of ^a qualification. The Audit Report for the year ended 31st March, ²⁰²¹ and the Limited Review Report for the quarter ended 30th June, ²⁰²⁰ 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 ofthe 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. 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 and 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 Lenders have been classified as irregular and sub-standard. Consequently, wef pt 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. 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 ( 3pt October, ²⁰¹⁹ has been proposed as the cut-off date for the implementation of the resolution plan), which is under active consideration. Hence, the company is not recognizing any interest liability on the fund based borrowing facilities from the Lenders, in the books of accounts, with effect from 1st November, 2019. Accordingly, based on the expectation of imminent approval and implementation of the resolution plan, interest expense of Rs.4, 795.98 lakhs on the said borrowings has not been recognized for the quarter ended 30th June, 2021. 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' Limited Review Report for the quarter ended 30th June, 2021 is modified in respect of the aforesaid non-recognition of interest liability, by way of ^a qualification. The Audit Report for the year ended 31st March, ²⁰²¹ was similarly modified in respect of this matter. Further, on the aforesaid grounds, in respect of other borrowings including those from certain related parties ( i.e. borrowing other than from 'Lenders'), the company has written back Rs.463.74 lakhs representing liability towards interest expense upto 31st March, ²⁰²¹ and has also not recognized interest expense of Rs182.98 lakhs for the quarter ended 30th June, 2021. Statutory Auditors' Limited Review Report for the quarter ended 30th June, ²⁰²¹ is modified in respect of the aforesaid write back/non-recognition of interest liability/expense, by way of ^a qualification.

difficulties being faced by the Company, as detailed in Note ³ herein above, it has not been able continue providing required financial support which they have asked for subsequently for developing the projects. Consequently and coupled with various other reasons specific to each such subsidiary, joint venture and associate and the general economic conditions,, their financials have been adversely impacted over ^a period of time. Based on the assessment of financials etc. of these companies and as per the provisions of Ind AS, the Company has been providing for expected credit losses in respect of the loans given to them alongwith accrued interest. In view of the aforesaid circumstances and considering the probability that the Company will collect the interest to which it is entitled to, the Company has, with effect from 1st April, 2021, postponed recognition of income from interest on such unsecured loans given to certain subsidiaries, joint ventures and associates which are impaired fully/partially by way of expected credit losses as per the provisions of Ind AS. The amount of such interest not recognized for the quarter ended 30th June, 2021 is Rs135.47 lakhs. The interest income would be considered as revenue, as per the provisions of Ind AS, in the period in which there is certainty of it's collection/it is ultimately collected. Notwithstanding the aforesaid, the Company always has the right to recover the entire outstanding loan along with interest accrued thereon.

• 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 30th June ²⁰²¹ of Rs. 8,147.98 lakhs and Rs. 1042.44 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 Limited Review 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 Report for the quarter ended 30th June, ²⁰²⁰ were similarly modified in respect of this matter.
• 1. The Company has certain trade and other receivables of Rs. 40,522.78 lakhs as at 30th June, ²⁰²¹ backed by arbitration awards pronounced in its favour over the years. Further, the Company has recognised interest income of Rs. 682.96 lakhs during the quarter ended 30th June, ²⁰²¹ 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.

Other Income includes the following for the quarter ended 30th June, 2021: a) Rs. 280.86 lakhs relating to write back of certain credit balances of operational creditors, barred by the laws of limitation and not yet claimed by them

b) Rs 463.74 lakhs relating to writeback of interest liability upto 3i5t March, ²⁰²¹ in respect of certain borrowings from parties other than 'Lenders', as per Note ⁵ above.

• 1. Other Expenses includes the following for the quarter ended 30th June, 2021:
• a) Rs. 1989.34 lakhs relating to expected credit losses on certain loans including accrued interest advanced by the Company to certain subsidiaries, joint ventures and associates, for the reasons as mentioned in Note 6 hereinabove.
• b) Rs.200.96 lakhs 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 are the balancing figures between the audited figures for the year ended on that date and the published, unaudited yearto-date figures upto the end of 3rd quarter of that financial year.
• 1. Previous period's figures have been regrouped /rearranged wherever considered necessary, to make them comparable with those of the current period.

For and on behalf of Board of Directors of SPML Infra Limited

Place: Kolkata Date: 121h August, 2021

88 Middleton Street, 6A Geetanjali l<olkata 700071. India T. +91 33 2229 8936 / 6758 I 3237 / 4473 E. kol ka ta@ma heshwaria ssocl ates.com www.maheshwariassociates.com

LIMITED REVIEW REPORT TO THE BOARD OF DIRECTORS, SPML INFRA LIMITED

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of SPML Infra Limited nhe Company"). for the quarter ended 30m June. ²⁰²¹ ("the Statemenr), being submitted by the Company pursuant to the requirements of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. mcluding relevant circulars issued by the SEBI from time to time.
• 1. The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors. has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "lnterim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013 ("the Act") and other accounting principles generally accepted in India. Our responsibility is to express ^a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India This standard requires that we plan and perform the rev,ew to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act. and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion

Basis for Qualified Conclusion

• 1. As stated in:
• (i) Note no. ⁴ to the Statement, interest on YTM basis amounting to Rs. 1,457.58 lakhs for the quarter ended 30th June, ²⁰²¹ 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 recognised, the finance costs, loss before tax, loss after tax and total comprehensive expense would have been impacted to the extent of the aforesaid amount for the quarter ended 30tn June. 2021 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 30th June. 2021. The Auditor's Report for the year ended 31st March.2021 and the Limited Review Report for the quarter ended 301h June, 2020 were also qualified ^m respect of this matter.

Mumbai: 304f, B Wing Sumlt Sdmarth Arcade Tatya Tope CHS, Aarny Road, Goreg.ion lWe,t), Mumbai -400104 T. ,91 9152105868 E mumbale,maneshwarlassoclJteuom

Chennal Old No 28, New No. 11, Rukmanl Street. West Mambalam Chennal- 600033 T 044 4281 2598 E. chennai/Qlmahf'?hwariassoc1ate?.com

Ci\ MAHESHWARI & ASSOCIATES

88 Middleton Street. 6A Geetanjah Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 / 4473 E. ko lkata@ma heshwa ria ssoc Iates.com www.maheshwariassociates.com

Chartered Accountants

• (ii) Note no. ⁵ to the Statement, interest expense of Rs. 4,795.98 rakhs on the Company's borrowings from certain financial creditors {banks & financial institutions) has not been recognized for the quarter ended 301h June, 2021. This is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109: Financial Instruments. Had the aforesaid interest expense been recognised, the finance costs. loss before tax, loss after tax and total comprehensive expense would have been impacted to the extent of the aforesaid amount for the quarter ended 30th June, 2021. The Auditor's Report for the year ended 31st March,2021 was also qualified in respect of this matter. Further. Rs. ^{463 74} lakhs representing liability upto 31st March, 2021, towards interest expense on the Company's borrowings from financial creditors (other than banks and financial institutions), has been written back during the quarter ended 30th June, ²⁰²¹ and interest expense of Rs. 182.98 lakhs on such borrowings has not been recognized for the quarter ended 30th June, 2021. This is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Jnd 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 would have been impacted to the extent of the aforesaid amounts for the quarter ended 301hJune, 2021.
• (iii) Note no. ⁷ to the Statement, regarding the Company's trade receivables {net of ECL) and inventories as at 301h June, ²⁰²¹ of Rs. 8,147.98 lakhs and Rs 1,042.44 lakhs respectively, relating to certain projects 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 Report for the year ended 31st March,2021 and the Limited Review Report for the quarter ended 30th June, ²⁰²⁰ were also qualified in respect of this matter.
• 1. Based on our review conducted as above, except for the effects ^I possible effects of the matters as stated in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard ³⁴ and other accounting principles generally accepted in India. has not disclosed the information required to be disclosed in terms of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which 1t is to be disclosed or that it contains any material misstatement.

Emphasis of Matters

1. We draw attention to:

Note no. ² to the Statement, which describes the effects of uncertafnties 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 reporting date, the extent of which is significantly dependent on future developments.

BangalorP "Park Plaza• Hr5t Floor, No.1, Park Road (Off. InfantryRoad), Tasker Town. B.ingalore- S600Sl r. +916041242S45 E..ban9alore1,nm;iheshwa1f.is?tl.i1escom

Mumbai· 304F, ⁸ Wing, Sumu Samnnh Au.:dde, Tdt)'J Tope CHS. Aarey Road, Gori,;idon IWestl, MumbJI -400104 T. +919152105868 E..mumbai1J•maheshwc11iassoc1.iteuom

Cl\ MAHESHWARI & ASSOCIATES

Chartered Accountants

• (ii) Note no. 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 301h June. 2021. Based on ongoing discussion with such creditors for formulation of ^a resolution plan and other mitigating factors as mentioned in the aforesaid Note no. 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 no. ⁶ to the Statement, regarding postponement of recognition of income from interest on unsecured loans given to certain subsidiaries, joint ventures and associates which are impaired fully/partially by way of expected credit losses.
• (iv) Note no. ⁸ to the Statement, regarding uncertainties relating to the recoverability of certain trade & other receivables as at 301t1June, ²⁰²¹ and recognition of interest income thereon, arising out of arbitration awards pronounced in favour of the Company.
• (v) Note no. ⁹ to the Statement, regarding write back of Rs 280.86 lakhs in respect of certain credit balances and writeback of Rs. 463.74 lakhs in respect of interest liability, during the quarter ended 30th June,2021.
• (vi) Note no. ¹⁰ to the Statement, regarding material items in "Other Expenses" pertaining to expected credit losses on loans given by the Company and provisions against advances to vendors.

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

Other Matters

1. (i) We did not review the financial statements I financial information ^I financial results of ³ (three) joint operations included in the accompanying Statement, whose financial statements ^I financial information /financial results reflect total revenue of Rs.312.45 lakhs, total net loss of Rs.6.98 lak.hs and total comprehensive loss of Rs.6.98 lakhs for the quarter ended 30th June, 2021, as considered in the accompanying Statement. These financial statements ^I financial information/financial results are un-reviewed/unaudited and have been furnished to us by the Company's management and our conclusion on the Statement. in so far as lt relates to the amounts and disclosures included in respect of these joint operations, is based solely on such management certified financial statements/financial information/financial results. According to the information and explanations given to us by the Company's management. these financial statements/financial information /financial results are not material to the Statement.

Our report on the Statement is not modified in respect of this matter.

Bdngalore· 'Park Plaza· First Floor, fllo.1, Park Road (Off lnfdntry Road.I. Tasker Town, Bangalorl.' - ⁵⁶⁰⁰⁵¹ 1 HII 80 4124 2545 E. b,mgalorev- milhl.'slw,arlassoclate?.com

IJ!umba1: 304F. ^B Wing Sumlt ?dmarth Arcade, Tatya Tope CHS, Aarf'Y Rend. Goregdon !We?t), Mumbai - ⁴⁰⁰¹⁰⁴ T. +91 91 S2 IOS868 E. mumb.tl?•m,1he?hwaria,'i0Clatt>s.com

Cher111.tl: Old No 28, New No. 11, flukrn,m, Street. West Mamba lam. Chennar- 600033 T. 044 4281 2598 E..chennaio,, maheshwarl,moclates.com

8B Middleton Street. 6A Geetanjali Kolkata 700071, India T. 1-913322298936/6758/3237/4473 E. kolkata@maheshwariassociates.com www.maheshwariassociates.com

(ii) Owing to non-availability of interim financial statements/financial information/financial results of ⁶ (six) 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 interim financial statements/financial information/financial results are not material to the Statement.

Our report on the Statement is not modified in respect of this matter.

CA. Bijay Murmuria Partner Membership No. : 055788

UOIN : 21055788AAAABS5057

Place: Kolkata Date: 12th August, 2021

Bangalore; P.!rk Plaza" Flm Floor, No. I, Park Road (Off Infantry llo.Jd),Tasker Town, Bangalore· ⁵⁶⁰⁰⁵¹ T +91804124 ²⁵⁴⁵ E. bangalor(!1;_;:mahes'1wariassociaws.con,

Mumbai: 304F, ^B Wing, Sumit Sarnarth Arcdde, Tatyil Tope CHS, Adrey Road, Goregaon (West!, Mumbai· ⁴⁰⁰¹⁰⁴ T. +91 9152105868 E mumbal,:@.lmdheshw<'trlarnxlates.com

Chennal: Ole No 28, New No. 11. Rukmanl Street, We?t Mambal;im Chenn.11 • ⁶⁰⁰⁰³³ T. 044 4281 2598 E. chennal,?maheshwariassoc.1atc:s.?om

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: info@spml.co.in CIN: L40106DL1981PLC012228

Statement of Consolidated Unaudited Financial Results for the Quarter ended 30th June, 2021

				Rs. In Lakhs
Particulars	3 months ended 30/06/2021	3 months ended 31/03/2021	3 months ended 30/06/2020	Year ended 31/03/2021
	Unaudited	Unaudited !Refer 131 Note	Unaudited	Audited
1. Revenue
Operations from a. Revenue (refer note b. Other Income 10)	18,530.69 1,124.88	21,142.29 3,359.51	8,926.03 403.60	68,285.34 6,377.41
Total Income	19 655.57	24 501.80	9 329.63	74 662.75
2.Expenses
Consumed and Other Construction Expenses a.Materials	16,276.29	17,675.37	5,895.78	55,331.35
b. Employee Benefits Expense	700.18	734.65	629.54	2,622.25
Cost (refer note 6) c. Finance	312.40	27.86	4,583.91	6,695.13
d. Depreciation and Amortization Expenses	112.48	130.18	151.79 755.98	555.90 10,566.60
(refer note 11) e. Other Expenses Total Expenses	2,958.77 20 360.12	8,001.29 26 569.35	12 017.00	75 771.23
I (Loss) before share of Profit I (Loss) of Associates & Joint 3. Profit & Tax from continuing operations (1-2) Ventures	(704.55)	(2067.55)	(2687.37)	(1108.48)
4. Tax Expense of continuing operations
a. Current Tax		3.11		5.95
b. Deferred Tax	(451.33) (451.33)	(356.23) 1353.121	(370.73) -,370.73)	(458.68) (452.73
of profit I (loss) of Associates and /(loss) before share 5. Profit continuing operations(3-4) Joint Ventures from	(253.22)	(1714.43)	(2316.64)	(655.75)
of profit I (loss) of Associates and Joint Ventures Share	66.93	(902.27)	135.51	(443.48)
Non - controlling interest	(0.91)	(55.97)	(7.58)	(54.98)
after Tax from continuing operations (Loss) 6. Profit/	(185.381	12560.731	12173.551	(1044.25
7. Profit I (Loss) before tax from discontinued operations		(1859.56)	(1010.20)	(10676.46)
operations 8. Tax Expense of discontinued a. Current Tax
b. Deferred Tax
9. Profit/ (Loss) after operations (7-8) Tax from discontinued		(1859.56)	(1010.20)	(10676.46)
I (Loss) before 10. Total Profit tax	(636.71)	(4773.41)	(3554.48)	(12173.44)
for the period (4+8) Tax Expense 11. Total
a. Current Tax		3.11		5.95
b. Deferred Tax	(451.33) (451.33)	/356.23) (353.12)	(370.73) (370.73)	(458.68) (452.73
(Loss) after Tax 12. Total Net Profit/	(185.38)	(4420.29)	(3183.75)	(11720.71)
Comprehensive Income/ (Expense) 13. Other subsequently to Profit or Loss (net of tax) not to be reclassified Items
of defined benefit plans - Gain/(Loss) on fair value	30.72	2.01	17.62	29.54
of equity instruments at FVOCI - Gain/(Loss) on fair value measured		1538.771		/538.77)
Comprehensive Income I (Expense) Total Other	30.72	1536.761	17.62	(509.22)
Income I (Loss) for the period (12+13) Comprehensive 14. Total	(154.66)	(4957.05)	13166.13)	(12229.931
capital (par value of Rs 2/- each) equity share 15. Paid-up	819.45	819.45	819.45	819.45
16. Other Equity (excluding revaluation reserves)				25,385.73
(par value of Rs 2/- each)
17. Earnings per equity share
18. Earnings per Equity share (i) Earnings per Equity share for continuing operations (Basic and '(not annualized) (par value Rs 2/- each) ) (inRupees) Diluted	(0.51)'	(6.99) '	(5.93)'	(2.85)
(ii) Earnings per Equity share for discontinued operations (Basic and ) (in Rupees) '(not annualized) (par value Rs 2/- each) Diluted	0.00'	(5.07) •	(2.76) '	(29.13)
(ii) Earnings per Equity share for continuing and discontinued operations (Basic and Diluted ) (in Rupees) '(not annualized) (par value Rs 2/- each)	(0.51) •	(12.06) '	(8.69)'	(31.98)

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: info@spml.co.in CIN: L40106DL 1981PLC012228

Un-Audited Consolidated Segment wise Revenue, Results, Assets and Liabilities for the Quarter ended 30th June, ²⁰²¹

					Rs In Lakhs
SL.	PARTICULARS	3 months ended 30/06/2021	3 months ended 31/03/2021	3 months ended 30/06/2020	Year ended 31/03/2021
		Unaudited	Unaudited	Unaudited	Audited
1	Segment (Gross) Revenue
	a) Construction	18,302.47	20,954.67	8,926.03	68,097.72
	b) Hydro Power Generation
	c) Waste Management
	d) Trading
	e) Others	228.22	187.62		187.62
	from Operations Revenue	18 530.69	21 142.29	8 926.03	68 285.34
2	Segment Results (Profit I (Loss) Before Tax and Interest)
	a) Construction	(397.58)	(1,551.76)	866.40	6,168.39
	b) Hydro Power Generation			12.29
	c) Waste Management	16.36	(890.93)	15.77	(843.38)
	d) Trading		(1,859.56)		(10,676.46)
	e) Others	(10.93)	403.00	(8.12)	261.64
	Total	(392.15)	(3,899.25)	886.34	(5,08\$.81)
	i. Finance Costs	(312.40)	(27.86)	(4,583.91)	(6,695.13)
	Expenditure Net off Unallocable Income ii. Unallocable	-
	Total Profit/(loss) before share of Profit/(loss) of Associates and Joint Ventures and Tax	(704.55)	(3,927.11)	(3,697.57)	(11,784.94)
3	Segment Assets
	a) Construction	257,035.33	245,189.93	252,422.75	245,189.93
	b) Hydro Power Generation	7,008.82	7,008.82	7,008.82	7,008.82
	c) Waste Management	6,159.88	6,080.03	9,053.00	6,080.03
	d) Trading		-	13,862.58	-
	e) Others	14,067.56	13,769.52	15,993.66	13,769.52
	f) Unallocated
	Total Segment Assets	284,271.59	272,048.30	298 340.82	272 048.30
4	Segment Liabilities
	a) Construction	235,092.12	223,028.27	220,447.43	223,028.27
	b) Hydro Power Generation	3,429.37	3,429.37	3,429.37	3,429.37
	c) Waste Management	2,333.70	2,332.03	4,498.89	2,332.03
	d) Trading			15,080.23	-
	e) Others	15,838.18	15.524.84	18,043.40	15,524.84
	f) Unallocated		-
	Total SeQment Liabilities	256,693.37	244 314.51	261,499.32	244 314.51

Date: 12th August, 2021 Place: Kolkata

Notes to the 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 unaudited consolidated results of the Company have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at their respective meetings held on 12th August, 2021.
• 1. The outbreak of COVID-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 30th June, ²⁰²¹ and has concluded that no material adjustments are required currently at this stage, except for matters as mentioned in Note no. ¹¹ herein below. 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 consolidated financial results.
• 1. The Parent Company has been facing financial crisis since last few financial years and with effect from the financial year 2019-20, the Parent Company is in deafult relating to 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 30th June, 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 ('resolution plan'). The proposed resolution plan has been forwarded for the Independent Credit Evaluation (ICE) of External Credit Rating Agencies for obtaining RP4 or better 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 consolidated financial results on ^a going concern basis.

• 1. Interest on YTM basis amounting to Rs. 1457.58 lakhs for the quarter ended 30th June,2021 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. Statutory Auditors' Limited Review Report is modified in respect of this matter by way of ^a qualification. The Audit Report for the year ended 3pt March, ²⁰²¹ and the Limited Review Report for the quarter ended 30th June, ²⁰²⁰ 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 and 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 Lenders have been classified as irregular and sub - standard. Consequently, wef pt 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. 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 ( 31st October, ²⁰¹⁹ has been proposed as the cut-off date for the implementation of the resolution plan), which is under active consideration. Hence, the Parent Company is not recognizing any interest liability on the fund based borrowing facilities from the Lenders, in the books of accounts, with effect from 1st November, 2019. Accordingly, based on the expectation of imminent approval and implementation of the resolution plan, interest expense of Rs.4,795.98 lakhs on the said borrowings has not been recognized for the quarter ended 30th June, 2021. 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' Limited Review Report for the quarter ended 30th June, ²⁰²¹ is modified in respect of the aforesaid non-recognition

of interest liability, by way of ^a qualification. The Audit Report for the year ended 31st March, ²⁰²¹ 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 / realise the trade receivables and inventories as at 30th June ²⁰²¹ of Rs. 8,147.98 lakhs and Rs. 1042.44 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 Limited Review 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 Report for the quarter ended 30th June, ²⁰²⁰ 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, ³ (three) Joint Ventures and ¹ (one) Associate Company for the quarter ended 30th June, 2021. However, in their absence, the consolidated financial results for the quarter ended 30th June, ²⁰²¹ have been prepared without considering the financial impact of the financial statements I financial information/financial results of the said such companies. Further, the management has assessed that such financial statements/financial information/financial results are not material to the overall consolidated financial results for quarter ended 30th June, 2021.
• 1. The Parent Company has certain trade and other receivables of Rs. 40,522.78 lakhs as at 30th June, ²⁰²¹ backed by arbitration awards pronounced in its favour over the years. Further, the Parent Company has recognised interest income of Rs. 682.96 lakhs during the quarter ended 30th June, ²⁰²¹ 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. 280.86 lakhs for the quarter ended 30th June, ²⁰²¹ 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.200.96 lakhs for the quarter ended 30th June,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 are the balancing figures between the audited figures for the year ended on that date and the published, unaudited year-todate figures upto the end of 3rd quarter of that financial year.
• 1. Previous period's figures have been regrouped /rearranged wherever considered necessary, to make them comparable with those of the current period.

Place : Kolkata Date: 121h August, 2021

DIN: 00464390

SPML Infra Limited

For and on behalf of Board of Directors of

88 Middleton Street, 6A Geetanjali Kolkata 700071, India T. 91 33 2229 8936 I 6758 I 3237 I 4473 E. kol ka ta@m ^a heshwari associates.com www.maheshwariassooates.com

LIMITED REVIEW REPORT TO THE BOARD OF DIRECTORS, SPML INFRA LIMITED

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated F1nanc1al Results of SPML Infra Limited ("the Parent") and ,ts subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter ended 30th June ²⁰²¹ ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listmq Obligations and Disclosure Requirements) Regulations, 2015, as amended including relevant circulars issued by the SEBI from time to time.
• 1. This Statement. which is the responsibility of the Parent's Management (the 'Management') and approved by the Parent's Board of Directors, has been prepared ^m accordance with the recognition and measurement principles laid down in Indian Accounting Standard ³⁴ "Interim Financ,af Reporting , prescnbed under Section 133 or the Companies Act, 2013 rthe Act") and other accounting principles generally accepted ^m India. Our responsibility is to express ^a conclusion on the Statement based on our re\'iew
• 3 We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, 'Revtev« of Interim Financiar Information Pettottnea by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India This standard requires that we olan and perform the review to obtain moderate assurance as lo whether the Statement ts free of material misstatement A review of intenm financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently. does not enable us to obtain assurance that we would become aware of all significant matters that might be idenutlec ^m an audit Accordingly, we do not express an audit opinion.
• 1. The Statement includes the results of the entities as given in the Annexure to this report

Basis for Qualified Conclusion

• 5 As slated in .
• a) Note 5 to the Statement, interest on YTM basis amounting to Rs 1457 58 lakhs for the quarter ended 30th June 2021 was not provided on Optionally Convertibfe Debentures (OCDs) issued to lenders under S4A scheme by the Parent. 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 recognised, the finance costs, loss before tax, loss after tax and total comprehensive expense would have been impacted to the extent of the aforesaid amount for the quarter ended 30th June, 2021 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 30th June, 2021. The Auditor's Report for the year ended 31st March ²⁰²¹ and tne L1m1ted Review Report for the quarter ended 30t11June. ²⁰²⁰ were also quahfied ^m respect of this matter.

Bangalore; ·Park Pl.ua· First Floer, No.1, Park Ro.id (Off. lnfan1ryRoad I. Tasker Town. 8<111galore-⁵⁶⁰⁰⁵¹ T. +91 80 4124 2545 E.bangalore,@1maheshwariassoc:.rates.com

Mumbai; 304F, ^B Wing, Sum,t Sam.irth Arcade Tatya Tope CHS, Aarey Road, C:,oregaon (West). Mumbai - 400l? T. +91 915210S868 E. mumbal@mahc-ihWdriassocia1es.c:om

(henna,: Old No. 28, New No 11, Rullman! Street. We?t Mambalam, Chennal- 600033 T. 044 4281 2598 E.chenn111@mo1he?hwari;nsoclates.com

MAHESHWARI & ASSOCIATES Chartered Accountants

BB Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 / 6758 / 3237 / 4473 E. kolkata@mahe!>hwanassociates.com www.maheshwariassociates.com

• b) Note no.6 to the Statement, interest expense of Rs. 4795.98 lakhs on the Parent's borrowings from certain financial creditors (banks & financial institutions) has not been recognized for the quarter ended 30th June, ²⁰²¹ This is not in accordance with the requirements of Ind AS ²³ Borrowing Costs read wrt.h Ind AS 109 Financial Instruments. Had the aforesaid interest expense been recognised. the finance costs, loss before ta.x, loss after tax and total comprehensive expense would have been impacted to the extent of lhe aforesaid amount for the quarter ended 30'h June 2021 The Auditor's Report for the year ended 3151March, ²⁰²¹ was also qualified in respect of this matter.
• c) Note 7 to the Statement, regarding the Parent's trade receivables (net of ECL) and inventories as at 30111June, ²⁰²¹ of Rs. 8,147.98 lakhs and Rs. 1,042.44 lakhs respectively, retaLng to certain projects 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 Report for the year ended 31st March, 2021 and the Lnmted Review Report for the quarter ended 301hJune. ²⁰²⁰ were also ouauneo in respect of this matter
• 6 Based on our review conducted as above, except for the effects I possible effects of the matters as stated in paragraph ⁵ above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down ^m the aforesard Indian Accounting Standard 34 and other accounting principles generally accepted ln India has not disclosed the information required to be disclosed in terms of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including the manner in which rt ls to be disclosed or that it contains any material misstatement.

Emphasis of Matters

• 1. We draw attention to:
• a) Note ³ to the Statement. which describes the effects of uncertainties relating to COVID-19 pandemic outbreak on the Group's operations and the evaluation by the Parent's management of its impact on the accompanying Statement as at the reporting date, the extent of which rs significantly dependent on future developments.
• b) Note 4 to the Statement. which indicates that the Parent has defaulted in payment of dues to its financial creditors. tl rs facing work111gcapital constraints and its borrowal facilities are irregular with certain financial creditors as at 301hJune. 2021. Based on ongoing discussion with such creditors for formulation of ^a resolution plan and other mitigating factors as mentioned in the aforesaid Note ⁴ the Parent's Board of Directors is of the view that going concern basis of accountrnq rs appropnate tor preparation of the accompanying Statement.
• c) Nole 8 to the Statement regarding unavailability of financial statements/ financial mformauon/financial results of 2(two) subsidiaries, ³ (three) Joint ventures and ¹(one) associate company for the quarter ended 30111June, 2021. According to the information and explanations given to us by the management. such unavailable financial statements/financial information/financial results are not material to the Statement

Bang.i!ore: "Park Plaza" First rloor No.1, PMk Road !Off InfantryRoad), Tasker Town, B,mgatore - S.b0051 T. t91 B04124254S E. bangalore@mahe!>hwariaswciatescom

Mumboi: 304F, ^B Wing, Sum1t Samarth Arude, T;itya Tope CHS, Aarey Road, Goregaon (West), Mumbai. ⁴⁰⁰¹⁰⁴ T +91 9152105868 E. mumbai@maheshwariassoc:IAll!!>.Com

Chenn?1:0ld No. 28, New No. 11. Rukmani Street, West Mambalam. Chennal - 600033 T. ()44 4281 2598 E.c;hennal@n1aheshwdri.1??oc1ates.com

• d) Note ⁹ to the Statement, regarding uncertainties relating to the recoverability of certain trade & other receivables as at 301nJune, ²⁰²¹ and recognition of interest income thereon, arising out of arbitrauon awards pronounced in favour of the Parent.
• e) Note ¹⁰ to the Statement, regarding write back or Rs. 280.86 lakhs by the Parent in respect of certain credit balances, during the quarter ended 30th June, ²⁰²¹
• f) Note ¹¹ to the Statement, regarding provision of Rs. 200.96.lakhs made by the Parent against certain old advances to vendors.

Our report on the Statement rs not modified In respect of these matters.

Other Matters

1. We did not review the financial statements ^I financial information/ financial results of 7(seven) subsidiaries for the quarter ended 30th June, 2021, included in the Statement, whose financial statements I ftnancial information/financial results reflect total revenues of Rs.228.20 lakhs. total net loss atler tax of Rs 25. ⁹⁴ lakhs and total comprehensive expense of Rs. ^{25 94} lakhs. for the quarter ended 3oth June. ²⁰²¹ The Statement also includes the Group's share of net profit after lax of Rs ⁷⁵ 18 lakhs and total comprehensive expense of Rs. 75.86 lakhs for the quarter ended 30th June. 2021 in respect of 10(ten) associates and 2(two) joint ventures, whose financial statements ^I financial informatron/financial results have not been reviewed by us. These financial statements ^I financial information ^I financial results are unreviewed ^I unaudited and have been furrushed to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of Lhese subsidiaries. associates and joint ventures rs based solely on sucn unreviewed I unaudited, management certified financial statements I financial information lfinancial results In our opinion and according to the information and explanations given to us by the Parent's Board of Directors, these unaudited and management c.ertified financial statements I financial mtorrnauon /financial results are not material to the Statement

Our report on the Statement is not modified i:, respect of thls matter.

CA. Bijay Murmurla Partner Membership No. 055788

Date · 12thAugust, ²⁰²¹

Place Kolkata

UDIN : 21055788AAAABV5981

Bangalore:'Park Pl.iz.1' First Floer, No. I, Park Road (Off. lnf?ntryRoadJ, Tasker Town, Bangalore - ⁵⁶⁰⁰⁵¹ T. +91804124 2545 E.bangalore@-maheshwarld?soc1at!'s.com

Momba1: 304F, ^B Wing, Sumtt Sam.irth Arcdcfe, Tatya Tope CHS, Aarey Rodd, Goregaon (West), Mumb,n-400104 T. 191 9152105668 E m?mbaie•maheshw,ul,mor;iatescom

Ch,.nnat· Old No. 28. New No, It, R11kmanl Sneet. West Mambalam, Chennat - 600033 T. 044 4281 1598 E. chenoal,.-,irndht!Yiwarlas!iOCiates.com

(7\ MAHESHWARI & ASSOCIATES

Chartered Accountants

Annexure to the Limited Review Report on the Consolidated Financial Results

List of entities whose financial results are fncluded in the Statement

Subsidiaries

• 1 Allahabad Waste Processing Co. Ltd.
• 2 Doon Valley Waste Management Pnvate Ltd
• 3 Madurai Municipal Waste Processing Co. Pvt ltd.
• 4 Mathura Nagar Waste Processing Co Ltd.
• 5 SPML Infrastructure Ltd
• 1. SPML Utilities Ltd
• 1. SPMLIL-Amrutha Constructions Pvt. Ltd.

Associates

• 1 Awa Powor Company Pvt. Ltd.
• 2 Binwa Power Company Pvt. ltd
• 3 Delhi Waste Management Ltd
• 1. IOU Power Company Pvt Ltd
• S Neogal Power Company Pvt. Ltd.
• 1. Sanmati Infra Developers (P) Ltd.
• 7 SPML Bhiwandi Water Supply Infra Ltd.
• 1. SPML Bhiwandi Water Supply Management Ltd.
• 1. SPML Energy Ltd.
• 10 Subhash Kabirn Power Corporation Ltd.

Joint V_entures

• Hydro-Comp Enlerpnses (India) Ltd.
• 2 MW Water UtilityPvt. Ltd

8.mg.ilore. "Park Plaza· r,m Floor. No. I. Part Road (Off lr1fantryAoad), Tasker Town. B.:ir1g.r.lore- ⁵⁶⁰⁰⁵¹ T. +91 80 4124 2545 E. bJng.ilore@maheshwariassooatM.com

Mumbai: 304F. ^B Wing, Surnrt Samarth Am,ide, Talya Top? CHS, Aarey Road. Cioregaon (West), Mumbai- ⁴⁰⁰¹⁰⁴ T.+91 9152105868 f. mumbal@m,1heshwarlassodatescom

Chenna1· Old No. 28, New No. 11, Rukmanl Stred, West Mambalam, Chennal ⁶⁰⁰⁰³³ T 044 4281 2598 f.chennal@mo1heshwarlas?od11tes.com