SPML Infra Limited — Interim / Quarterly Report 2021

Feb 12, 2021

12'" February, 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 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 in the Meeting held on 12'" February, 2021, interalia, has considered and approved the following:

• 1. Approved the Un-audited Standalone and Consolidated Financial Results of the Company for the third quarter and nine months ended 315' December, ²⁰²⁰ along with the Limited Review Report of Statutory Auditors thereon.
• 1. Agenda on Issuance of Equity Shares to Promoters on Preferential basis being postponed for further discussion.

Kindly take the above on record.

Thanking you,

SPML INFRA LIMITED

22, Camac Street, Block-A, 3rd Floor, Kolkata- ^{700 016} Ph: +91 ^{33 4009 1200} I Fax: +91 ³³ 4009 ¹³⁰³ E-mail: info@spml.co.in I Website: www.spml.co.in CJN: L40106DL1981PLC012228

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 Standalone Financial Results for the quarter and nine months ended 31st December, ²⁰²⁰

					(	La kh s} in Rs.
	onth ende d 3 m s	onth ende d 3 m s	3 m onth ende d s	onth ende d 9 m s	onth ende d 9 m s	Yea nded r e
Part icul ars	31/1 2/20 20	30/0 9/20 20	31/1 2/20 19	31/1 2/20 20	31/1 2/20 19	31/0 3/20 20
	udit ed Una	Una udit ed	udit ed Una	Una udit ed	Una udit ed	Aud ited
1. R even ue						97,1 90.2 6
Ope rati from a. R ons even ue	26,4 19.1 5	7,29 6.12	23,1 89.9 2	42,6 41.3 0	76,4 56.1 2 5 08 5.04	10 118.4 3
8) (Re fer b. O ther Inco note me	1 1 99.6 8	1 53 8.41	3 3 33.0 0 522. 92	3 24 7.14 45 888. 44	81 541. 16	1 07 308. 69
Tota l I ncom e	618 .83 27	8 8 34.5 3	26
2.Ex pen ses					36.2 5	63,6 84.9 4
ion ed and othe onst ruct r c a. M ateri als con sum expe nses	23,9 54.4 1	3,30 4.02	17,9 85.9 9	33,1 54.2 1	47,8 14,3 83.7 6	14,3 83.7 6
Goo ds urch of T rade d b. P ase	-	-	3,00 9.72 974. 88	- 1,85 6.95	3,20 2.93	4,21 9.59
Exp Bene fits c. E mpl ense oye e	665. 00	570. 15	3,90 4.03	6,72 8.86	11,2 95.2 1	14,6 55.4 5
(Re fer 5) d. F inan Cost note s ce	(2,7 36.2 4)	4,97 9.04 135. 67	109. 78	416 .67	335. 13	562. 13
Amo rtiza tion Exp ciat ion and e. D ense s epre	132. 52 7 75 8.35	1 58 9.33	1 44 0.90	105. 99 11	3 80 6.18	9 64 4.53
9) (Re fer f. O ther Exp note ense s Tota	29 774. 04	10 578. 21	27 425. 30	53 262. 68	80 859. 46	1 07 150.4 0
l E xpe nse s
(1-2 ) Tax 3. P rofi t/(L oss) befo re	12 1 55.2 11	43.6 81 11 7	1902 .381	17 3 74.2 41	681. 70	158. 29
4. T Exp ax ense			(11 8.73 )	-	163. 10	259. 15
a. C Tax t urren	385. 27	- 1194 .98)	748. 46	(179 .851	368. 18	/342 .661
b. D efer red Tax	385. 27	1194 .981	629. 73	1179 .851	531. 28	183. 511
(3-4 ) Tax Pro fit/( Los s) alter 5. N et	12 5 40.4 81	11 5 48.7 01	11 5 32.1 11	(719 4.39 1	150. 42	241. 80
(Ex se) Inco me/ Com preh ive 6. O ther pen ens
of t ax) (net sub tly to P rofrt or L edas sifie d oss Item to b seq uen not e r s				27.5 4	18.1 5	77.0 4
bene frt plan of d efine d fair valu ain/ s G (Lo ss) e on -	(17 .88)	27.8 0	(6.5 3)	-	-	380. 97
d at F VOC I quit y in fair valu of e strum ents mea sure G ain/ (Lo ss) e on -	-	-	-
lnco me/ (Ex se) Com preh ive Tota l O ther pen ens	(17 .88)	27.8 0	(6.5 3)	27.5 4	18.1 5	458 .01
the	12 5 58.3 61	11 5 20.9 01	11 5 38.6 41	1716 6.85 1	168. 57	699. 81
for peri od (5-6 ) preh ive lnco me/ (Lo ss) otal Com 7. T ens				819. 45	819. 45	819. 45
of R 2/- each ) Cap ital - (p valu Equ ity Shar s. aid- ar e 8. P e up	819. 45	819. 45	819. 45			37,8 23.8 6
ity Equ 9. O ther
valu of R 2/- each ) ity share (par Ear ning e s. 10. equ s per						0.66
(in Rs. ) Basi & D ilute d c	(6.9 3)	(4.2 3) • •	(4.1 8)	(19 .63) •	0.41
lize d) *(no t an nua

Place: Kolkata

DIN: 00464390 '? ,??Li4l Fo, ?liD? Su nl:lSe? _., ? ? ?

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

Segment wise Revenue, Results, Assets and Liabilities for the quarter and nine months ended 31st December,2020

(Rs. in Lakhs)

SI. no.	I PAR TIC ULA RS	3 m onth s I ende d	3 m onth end ed s 30/0 9/20 20	3 m onth end ed s 31/1 2/20 19	9 m onth s end ed	9 m onth s ende d	Yea ende d r
		31/1 2/20 20			31/1 2/20 20	31/1 2/20 19	31/0 3/20 20
		Una udit ed	Una udit ed	udit ed Una	Una udit ed	Una udit ed	Aud ited
1	!Se ent (gr ) gm oss reven ue	I
	a) Con ctio stru n	26, 419 .15	7,2 96. 12	20, 120 .00	42, 641 .30	61,6 90. 14	82, 424 .28
	b) Tra din g	-	-	3,06 9.92	-	14,7 65. 98	14,7 65. 98
	al Tot Inco me	26, 419 .15	7,2 12 96.	23, 189 .92	42, 641 .30	76, 456 .12	97, 190 .26
2	!Se ent lts ( Pro fit I ( Lo ss) befo and inte t) gm resu re tax res
	a) Con ctio stru n	1,90 4.6 4	4,24 5.76	2,6 32. 52	8,17 1.52	9,5 58. 40	14,4 31. 52
	b) Tra din g	( 96. 09) 6,7	{ 1,0 10.4 0)	60.1 9	{ 8,8 16. 90)	382 .22	382 .22
	al Tot	{ 4, 891 .45 )	3,2 35. 36	2,6 92. 71	( 645 .38 )	40. 62 9,9	14,8 13.7 4
	i Fina Cos ts nce	2,73 6.24	( 4,9 79. 04)	{ 3, 601 .63 )	{ 28. 86) 6,7	( 9,2 40. 77)	( 14, 655 .45 )
	ii Una lloc able end itur off unal loca ble inco net exp e me	-	-	-	-	-	-
	l fit/ los befo Tota ( s) taxe re s pro	( 2,1 55. 21)	( 1,74 3.6 8)	( 908 .92 )	( 7,3 74. 24)	699. 85	158. 29
	I
3	Ass nt ets seg me
	a) ctio Con stru n	2,6 2,2 48. 81	2,4 9,5 55. 18	2,60 .27 ,997	2,62 ,248 .81	2,6 0,9 27 97.	2,5 5,5 10.0 3
	Tra din b) g	2,5 78. 68	13,8 48.2 8	14,2 72. 83	2,5 78. 68	14,2 72. 83	13,8 52.5 7
	c) Una lloc ated	-	-	-	-	-	-
	Tot al Seg Ass nt ets me	2,6 4,8 27. 49	2,6 3,4 03. 46	2,7 5,2 70. 10	2,6 4,8 27. 49	2,7 5,2 70. 10	2,6 9,3 62. 60
4	!Se Liab iliti ent gm es
	a) Con ctio stru n	2,3 3, 122. 42	2, 1 4,44 5.60	2,03 ,876 .88	2,33 , 1 22.4 2	2,0 3,87 6.8 8	2, 1 5,6 52. 44
	din Tra b) g	228 .63	14,9 23.0 4	33, 281 .16	228 .63	33, 281 .16	15,0 66.8 6
	c) lloc ated Una
	Seg Tota l Liab iliti nt me es	2,3 3,3 51. 05	2,2 9,3 68. 64	2,3 7, 158. 04	2,3 3,3 51. 05	2,37 ,158 .04	2,3 0,7 19.3 0

Notes to Statement of Standalone Financial Results:-

• 1. The above unaudited financial 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 iz" February, 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 and during the quarter ended 31st December, 2020, the Company's operations recovered further from the economic slowdown caused by the Covid-19 pandemic. 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 December, 2020 and has concluded that no material adjustments are required currently at this stage except for certain assets in the Trading segment, as mentioned in Note no. ⁹ 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 It is facing working capital constraints and its borrowal facilities are irregular with financial creditors as at 31st December, 2020. The Company is in the process of formulating ^a resolution plan with such creditors, which is at an advanced stage of discussion. Based on the expectation of the implementation of the resolution plan, underlying strength of the Company's business plans and future growth outlook as assessed, the management is confident of improving the credit profile of the Company, including through monetisation of its assets including arbitration awards, claims etc. which would result in it being able to meet its obligations in due course of time. Accordingly, the Company's Board of Directors considers it appropriate to prepare these financial results on ^a going concern basis.
• 1. Interest on YTM basis amounting to Rs. 1,415.56 lakhs and Rs. 4,147.39 lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ 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 company has proposed to restructure these OCDs along with the current Resolution Plan which is at an advanced stage of discussion with the lenders. 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, ²⁰²⁰ and the Limited Review Reports for the quarter ended so" June, ²⁰²⁰ and for the quarter and six months ended 301h September, ²⁰²⁰ were similarly modified in respect of this matter.

• 1. As the company was facing severe financial crisis it was unable to meet its financial obligations and hence its accounts were categorized as NPA by the Lead Bank and certain financial creditors. Consequently, wef 1st November, 2019(cutoff date of the proposed resolution) majority of the lenders ceased charging interest on loans to the Company as per RBl's prudential norms, although the Company continued to provide for the interest liability in its books of accounts upto so" September, 2020, on accrual basis. As mentioned in Note no. ³ above, the resolution plan with the lenders is progressing satisfactorily, is at an advanced stage of fruition and is soon expected to be approved with retrospective effect from 1st November, ²⁰¹⁹ (cutoff date of 31st October, 2019 has been proposed for the implementation of the resolution plan). Accordingly, based on the expectation of imminent approval and implementation of the resolution plan, the Company has written back Rs. 10,093.03 lakhs representing liability towards interest expense on its borrowings from financial creditors, for the period from 1st November, ²⁰¹⁹ to so" September, 2020. Further, interest expense of Rs.3,785.69 lakhs on the said borrowings has not been recognized for the quarter ended 31st December, 2020. Effect of the resolution plan would be provided in the financial statements of the Company as and when the plan is finally approved by the lenders.
• 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 December, ²⁰²⁰ of Rs.6,435.69 lakhs and Rs.1,042.44 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 Reports for the quarter ended so" June, ²⁰²⁰ and for the quarter and six months ended so" September, ²⁰²⁰ were similarly modified in respect of this matter.
• 1. The Company has certain trade and other receivables of Rs.39,169.92 lakhs as at 31st December, 2020 backed by arbitration awards pronounced in its favour over the years. Further, the Company has recognised interest income of Rs. 667.99 lakhs and Rs.1,974.48 lakhs during the quarter ended 31st December, ²⁰²⁰ and nine months ended on that date 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. 797.87 lakhs and Rs. 1,803.03 lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ 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. Operations of the Trading segment have virtually ceased since January, 2020 onwards, primarily due to working capital constraints and the impact of COVID-19. The Company is continuously assessing the realisability of the non-moving debtors/ advances to creditors of the segment. Accordingly, during the quarter ended 31st December, 2020, in respect of the Trading segment, it has written off various old balances of Rs.6, 796.10 lakhs (net off ECL provision of Rs. 2,020.80 lakhs) included in Other Expenses.

• 1. The Code on Social Security, ²⁰²⁰ ("Code") relating to employee benefits during employment and post-employment received Presidential assent in September, 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not yet been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the financial results when the relevant Rules/Schemes are notified.
• 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: iz" February, ²⁰²¹

88 Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 F. +91 33 2226 4140, 2265 5830 E. kolkata@maheshwariassociates.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 ("the Company"), for the quarter and nine months ended 31st December, ²⁰²⁰ ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, relevant including circulars issued by the SEBI from time to time.
• 1. The Statement, which is the Company's responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the measurement recognition and prescribed under principles Section laid down in Indian Accounting Standard ³⁴ "Interim Financial Reporting", 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 review to obtain moderate assurance as to whether the Statement is free of material misstatement. ^A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. ^A review is substantially less in scope than an audit conducted in accordance with 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. 1,415.56 lakhs and Rs. 4,147.39 lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ 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 recognised, the finance costs, profit before tax, profit after tax and total comprehensive income would have been impacted to the extent of the aforesaid amounts for the quarter and nine months ended 31st December, ²⁰²⁰ respectively. Further, since the issue of OCDs, the total liabilitynot provided for in respect of such interest on YTM basis is Rs.15,874.09 lakhs as at 31st December, 2020. The Auditor's Report for the year ended 31st March,2020 and the Limited Review Reports for the quarter ended 301hJune, ²⁰²⁰ and for the quarter and six months ended so" September, ²⁰²⁰ were also qualified in respect of this matter.

Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker To?n,Ba?galore- 560051, India T. +91 80 4124 2545 F. +91 80 4124 2547 E.bangalore@maheshwanassoc1ates.com

0\ MAHESHWARI & ASSOCIATES Chartered Accountants

88 Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 F. +91 33 2226 4140, 2265 5830 E. kolkata@maheshwariassociates.com www.maheshwariassociates.com

• (ii) Note no. ⁵ to the Statement, Rs. 10,093.03 lakhs lakhs representing liability towards interest expense on the Company's borrowings from financial ²⁰¹⁹ to so" creditors, for the period from 1st November, 2020. Further, September, 2020, has been written back during the quarter ended 31st December, interest expense of Rs. 3,785.69 lakhs on the said borrowings has not been recognized for the quarter ended 31st December, 2020. This is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109: Financial aforesaid Instruments. Had the liability towards interest expense not been written back and the aforesaid interest expense been recognised, the finance costs, profit before tax, profit after tax and total comprehensive income would have been impacted to the extent of the aforesaid amounts for the quarter and nine months ended 31st December, ²⁰²⁰ respectively.
• (iii) Note no. ⁶ to the Statement, regarding the Company's trade receivables inventories (net of ECL) and as at 31st December, ²⁰²⁰ of Rs. 6,435.69 lakhs and Rs.1,042.44 lakhs respectively, relating to certain projects foreclosed by clients in earlier years and where the claims are under arbitration/ presently which litigation proceedings. Pending the ultimate outcome of these matters (fate of is presently unascertainable), we are unable to comment on the Auditor's recoverability thereof. The Report for the year ended 31st March,2020 and the Limited Review Reports for the quarter ended so" June, ²⁰²⁰ and for the quarter and six months ended so" September, ²⁰²⁰ were also qualified in respect of this matter.
• 1. stated Based on our review conducted as above, except for the effects ^I possible effects of the matters as in paragraph ⁴ above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the laid down in recognition and measurement principles the aforesaid Indian Accounting Standard ³⁴ and other accepted in India, has accounting principles generally not disclosed the information of the required to be disclosed in terms of Regulation ³³ SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed or that it contains any material misstatement.

Emphasis of Matters

• 1. We draw attention to:
• (i) Note no. ² to the Statement, which describes the effects of uncertainties pandemic outbreak relating to COVID-19 accompanying Statement on the Company's operations and management's evaluation of its impact on the as at the reporting date, the extent of which is future developments. significantlydependent on
• (ii) financial Note no. ³ to the Statement which indicates that the Company has defaulted in payment of dues to financial creditors, creditors it is facing working capital constraints and its borrowal facilities are irregular with formulation of as at 31st December, 2020. Based on ongoing discussion with such creditors for 3, the Company's ^a resolution Board plan and other mitigating factors as mentioned in the aforesaid Note no. of Directors is of the view that going concern basis of appropriate for accounting is preparation of the accompanying Statement.

?Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker To?n,Ba?galore- 560051, In ra T. +91 ^{80 4124 2545} F. +91 ^{80 4124 2547} E.bangalore@maheshwanassoc1ates.com

88 Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 F. +91 33 2226 4140, 2265 5830 E. kolkata@maheshwariassociates.com www.maheshwariassociates.com

• (iv) Note no. ⁸ to the Statement, respect of certain regarding write back of Rs. 797.87 lakhs and Rs, 1803.03 lakhs in respectively. credit balances, during the quarter and nine months ended 31st December, ²⁰²⁰
• (v) Note no. ⁹ to the Statement, moving debtors/advances regarding certain write-offs in the Trading segment relating to non- to creditors.

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 operations results of ⁶ (six) joint included in the accompanying Statement, whose financial statements ^I financial information /financial results reflect total net revenues of Rs.1,460.34 lakhs and Rs.2, 779.14 lakhs, total loss of Rs.1.21 lakhs and Rs. 70.76 lakhs and total Rs.70.76 comprehensive loss of Rs.1.21 lakhs and lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ considered respectively, as in the accompanying Statement. These financial statements ^I financial information/financial Company's results are un-reviewed/unaudited and have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these 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.

(ii) Owing to non-availability of interim financial statements/financial information/financial (three) joint results of ³ and explanations operations, the same were not included in the Statement. According to the information statements/financial given to us by the Company's management, such interim 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

UDIN: 21055788AAAAAl6180

Place: Kolkata Date: 12th February, ²⁰²¹

Bangalore: "Park Plaza" First Floor, No. l, Park Road (Off. Infantry Road), Tasker To?n,Ba?galore- 560051, India T. +91 ^{80 4124 2545} F. +91 ^{80 4124 2547} E.bangalore@maheshwanassooates.com

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: info@spml.co.in CIN: L40106DL1981PLC012228

Statement of Consolidated Unaudited Financial Results for the quarter and Nine Months ended 31st December, ²⁰²⁰

						(Rs . In Lak hs)
Parti cular s	onth ende d 3 m s 31/1 2/20 20	3 m onth ende d s 30/09 /202 0	3 m onth ende d s 31/12 /201 9	9 m onth ende d s 31/1 2/20 20	9 m onth ende d s 31/12 /201 9	Year ende d 31/03 /202 0
	udit ed Una	udit ed Una	dited Unau	dited Unau	dited Unau	Aud ited
1. R even ue
Ope ratio a. R from even ue ns	30,9 20.8 9	7,29 6.13	40,6 58.1 2	47,1 43.0 5	1,37 ,008 .43	1,70 ,647 .73
b. O ther (ref 10) Incom ote e er n	1,14 6.15	1,46 8.15	3,28 2.86	3,01 7.90	4,70 9.28	10,8 66.2 4
Tota l I ncom e	32,0 67.0 4	8,76 4.28	43,9 40.9 8	50,1 60.9 5	1,41 ,717 .71	1,81 ,513 .97
2.E xpe nse s
r C ion Exp a.Ma teria ls Con d and Othe onst ruct sume ense s	28,4 56.1 8	3,30 4.02	20,7 22.3 7	37,6 55.9 8	54,4 16.5 6	70,7 33.3 3
urch of T rade d Goo ds b. P ase			16,9 10.2 1	-	64,5 38.9 2	76,0 33.8 6
c. E mpl e B enef Exp rts oye ens e	677. 91	580. 16	1,13 0.75	1,88 7.61	3,99 5.88	5,35 6.27
Cost (refe 6) d. F inan ote ce r n	(2,9 95.1 5)	5,07 8.50	4,10 0.05	7.26 6,66	11,4 78.9 1	15,6 92.4 1
ciat ion and Amo rtiza tion e. D Exp epre ense s	134. 96	138. 97	294. 86	425.7 2	796. 33	1,11 8.07
f. O ther Exp (refe 11) ote r n ense s	8,02 3.52	1,59 2.51	1,65 2.9 2	11,3 82.2 1	4,80 5.78	10,1 32.2 1
Tota l E xpe nses	297. 42 34	10 6 94.16	44,8 11.1 6	58 018. 78	1400 32.3 8	1 79 066. 15
of P rofit I (L oss) of A iates & J oint 3. P rofit I (L oss) befor share ssoc e (1-2 ) & T Vent ax ures	(2,2 30.3 8)	(1,9 29.8 8)	(87 0.18 )	(785 7.83 )	1,68 5.33	2,44 7.82
4. T Exp ax ense
a. C Tax nt urre	2.84		(86 .26)	2.84	527. 85	553. 53
b. D eferr ed Tax	463. 84	1195 .57) -	670.0 3	1102 .45)	729. 52	899. 70
	466. 68	1195 .571	583. 77	(99. 61)	1,25 7.37	1,45 3.23
5. N Prof it /(lo ss) befo share of p rofi (los s) of A ssoci and t I ates et re Join Vent (3-4 ) t ures	(2,6 97.0 6) ---	(1,7 34.3 1)	(1,4 53.9 5)	(7,7 58.2 2)	427. 96	994.5 9
Join Shar of p rofi t I ( loss ) of Asso ciate and t V entur e s es	(28 .40)	351.6 8	13.1 8	458. 79	57.2 2	(38 8.82 )
inter Non lling est ntro - co	16.4 6	(7.8 8)	(66. 96)	1.00	316. 66	(53. 36)
(Lo ss) Prof iU after Tax 6. N et	(2,7 41.9 2)	(1,3 74.7 5)	J! 373 .81)	(7,3 00.4 3)	168. 52	659. 13
Inco me/ (Ex se) 7. O ther Com preh ensi pen ve (net of t ax) to P rofit or L Item to b class ified subs ntly oss s not e re eque
of d efine d bene fit plan G ain/ (Lo ss) fair valu e s on - sured at F VOC I quit y in G ain/ (Lo ss) fair valu of e strum ents mea e on -	(17. 88)	27.7 9	(6.2 8)	27.5 4	19.4 6	66.0 9 383. 88
I (E ) Tota l O ther Com preh ensi Incom e xpe nse ve	117. 881	27.7 9	(6.2 8)	27.5 4	19.4 6	449.9 7
peri od (6+7 ) otal preh ensi for the 8. T Com Inco I (L oss) ve me	12,7 59.8 0)	(1,3 46.9 6)	(1,3 80.0 9)	(7,2 72.8 9)	187. 98	1109 .10
aid- ity shar ital (par valu of R s 2 /- e ach) 9. P e e up equ cap	819. 45	819. 45	819. 45	819. 45	819. 45	819. 45
10. Othe Eaui tv r						37.6 12.1 5
of h) valu Rs 2/- 11. Ear ning ity share (par eac e s equ per
EPS lize d)" (in Rs.) (No Basic & D iluted t an nua	(7.4 8) •	(3.7 5) •	(3.7 5) •	(19. 92) •	0.46 •

Dated: 12th February, 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: info@spml.co.in CIN: l40106Dl1981PLC012228

Unaudited Consolidated Segment wise Revenue, Results, Assets and liabilities for the Quarter and Nine Months ended 31st December, ²⁰²⁰

							(Rs Lak hs! . In
SL	PAR TICU LAR S	3 m onth ende d s 31/12 /202 0	I 3 m ende d onths 30/09 /202 0	I 3 m onth ende d s 31/1 2/20 19	I 9 m onth ende d s 31/1 2/20 20	I 9 m onth ende d s 31/12 /201 9	Year ende d 31/03 /202 0
		Unau dited	Unau dited	Unau dited	Unau dited	Unau dited	Aud ited
1	ISe Reve (Gr oss) nt gme nue
	a) C ion onst ruct	30,9 20.8 9	7,29 6.13	22,7 29.5 1	47,1 43.0 5	67,8 61. 16	89,2 01.3 5
	b) H ydr o Po Gen erati wer on			483. 73		2,03 4.47	2,10 0.23
	c) W Ma aste nt nag eme			0.00		103. 88	34.1 4
	d) T radi ng ther			17,4 30.2 9		66,6 14.1 2	78,5 10.8 2
	e) O s			14.5 9		394. 80	801. 19
	Reve from Ope ratio nue ns	30,9 20.8 9	7,29 6.13	40,6 58. 12	47, 143 .05	1,37 ,008 .43	1,70 ,647 .73
2	ISe nt Resu lts (Pro fit I (L oss) Befo Tax and Inte ) gme rest re
	a) C uctio onstr n	3,75 8.63	3,09 5.11	3.31 4.87	7,72 0.13	10,7 48.9 6	14,2 99.3 8
	b) H Gen erati ydro Pow er on		(12. 29)	(173 .40)		1,08 4.73	1,84 4.05
	c) W aste Man ent agem	16.27	15.51	(206 .44)	47.55	(145 .18)	566. 99
	d) T radi ng	(8,8 16.9 0)		293. 93	(8,8 16.9 0)	1,53 9.72	1,32 0.58
	e) O ther s	(18 3.5 31	50.29	0.91	(141 .35)	(63. 99)	109. 23
	Tota l	(5,2 25.5 3)	3,14 8.62	3,22 9.87	(1,1 90.5 7)	13,1 64.2 4	18,1 40.2 3
	i. Fi Cost nanc e s	2,99 5.15	(5,0 78.5 0)	(4.1 00.0 5)	(6,6 67.2 6)	(11, 478 .91)	(15 ,692 .41)
	ii. U nallo cable Exp end itur e N ff U nallo cable Incom et o e
	l fit/( loss ) Tota Pro befor share of P rofit /(los s) of A ssoci and ates e Join Vent and Tax t ures	(2,2 30.3 8)	(1,9 29.8 8)	(870 .18)	(7,8 57.8 3)	1,68 5.33	2,44 7.82
3	(Se nt Asse gme ts
	a) C uctio onstr n	2,58 ,731 .90	2,46 ,369 .61	2,53 ,682 .19	2,58 ,731 .90	2,53 ,682 .19	2,53 ,925 . 76
	Gen erati b) H ydro Powe on r	7,00 8.82	7,00 8.82	26,9 53.3 4	7,00 8.82	26,9 53.3 4	7,00 8.82
	c) W aste Ma nt nag eme	9,04 4.70	9,03 6.28	6,18 1.00	9,04 4.70	6,18 1.00	9,05 1.45
	d) T radi ng	2,57 8.68	13,8 48.2 8	47,7 09.0 1	2,57 8.68	47,7 09.0 1	13,8 52.5 7
	e) O ther s	15,9 08.8 7	16,0 03.2 8	2,55 6.97	15,9 08.8 7	2,55 6.97	16,0 09.2 7
	f) U nallo cated
	Tota l S ent Asse ts egm	2,93 ,272 .97	2,9 2,2 66. 27	3,37 ,082 .51	2,93 ,272 .97	3,37 ,082 .51	2,99 ,847 .87
4	(Se ent liabi lities gm
	a) C uctio onstr n	2,34 ,437 .37	2, 15 ,759 .49	2,09 ,675 .55	2,34 ,437 .37	2,09 ,675 .55	2,18 ,929 .33
	b) H ydro Pow Gene ratio er n	3,42 9.37	3,42 9.37	8,09 1.62	3,42 9.37	8,09 1.62	3,42 9.37
	c) W Man aste ent agem	4,38 4.97	4,62 4.24	4,26 3.14	4,38 4.97	4,26 3.14	4,38 6.70
	d) T radi ng	228. 63	14,9 23.0 4	64,4 39.4 6	228. 63	64,4 39.4 6	15,0 66.8 6
	e) O thers	18,0 45.8 6	18,0 43.5 0	2,59 6.20	18,0 45.8 6	2,59 6.20	18,0 20.4 3
	f) U nallo cated
	Seg Tota l liabil ities t men	2,60 ,526 .20	2,!i 6,77 9.64	2,89 ,065 .97	2,60 ,526 .20	2,11 9,06 5.97

Dated: 12th February, ²⁰²¹

No.: 00464390

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 unaudited consolidated financial 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 tz" February, 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 and during the quarter ended 31st December, 2020, the Group's operations recovered further from the economic slowdown caused by the Covid-19 pandemic .. 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 31st December, ²⁰²⁰ and has concluded that no material adjustments are required currently at this stage except for certain assets in the Trading segment of the Parent Company, as mentioned in Note no. 1 O 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 financial results.
• 1. The Parent Company was facing severe financial crisis since last few years and with effect from the previous financial year, the Parent Company has defaulted in payment of its dues to the financial creditors. It is facing working capital constraints and its borrowal facilities are irregular with financial creditors as at 31st December, 2020. The Parent Company is in the process of formulating ^a resolution plan with such creditors, which is at an advanced stage of discussion. Based on the expectation of the implementation of the resolution plan, underlying strength of the Parent Company's business plans and future growth outlook as assessed, the management is confident of improving the credit profile of the Parent Company, including through monetisation of its assets including arbitration awards, claims etc. which would result in it being able to meet its obligations in due course of time. Accordingly, the Parent Company's Board of Directors considers it appropriate to prepare these financial results on ^a going concern basis.
• 1. Interest on YTM basis amounting to Rs. 1,415.56 lakhs and Rs. 4,147.39 lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ 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 company has proposed to restructure these OCDs along with the current Resolution Plan which is at an advanced stage of discussion with the lenders. 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, 2020 and the Limited Review Reports for the quarter ended so" June, ²⁰²⁰ and for the quarter and six months ended so" September, ²⁰²⁰ were similarly modified in respect of this matter.

• 1. As the Parent Company was facing severe financial crisis it was unable to meet its financial obligations and hence its accounts were categorized as NPA by the Lead Bank and certain financial creditors. Consequently, wef 1st November, 2019, such financial creditors, ceased charging interest on the loans to the Parent Company as per the RBl's prudential norms although the Parent Company continued to provide for the interest liability in it's books of accounts upto so" September, 2020, on accrual basis. As mentioned in Note no. ⁴ above, the resolution plan with the financial creditors is progressing satisfactorily, is at an advanced stage of fruition and is soon expected to be approved with retrospective effect from 1st November, ²⁰¹⁹ (cutoff date of 31st October, ²⁰¹⁹ has been proposed for the implementation of the resolution plan). Accordingly, based on the expectation of imminent approval and implementation of the resolution plan, the Parent Company has written back Rs. 10,093.03 lakhs representing liability towards interest expense on its borrowings from financial creditors, for the period from 1st November, ²⁰¹⁹ to so" September, 2020. Further, interest expense of Rs. 3,785.69 lakhs on the said borrowings has not been recognized for the quarter ended 31st December, 2020. Effect of the resolution plan would be provided in the financial statements of the Parent Company as and when the plan is finally approved by the financial creditors.
• 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 31st December, 2020 of Rs.6,435.69 lakhs and Rs.1,042.44 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 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 Reports for the quarter ended so" June, ²⁰²⁰ and for the quarter and six months ended 30th September, 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 ³ (three) Joint Venture Companies, namely Aurangabad City Water UtilityCo. Ltd., Gurha Thermal Power Co. Ltd. and Malviya Nagar Water Services Pvt. Ltd. for the quarter and nine months ended 31st December, 2020. However, in their absence, the consolidated financial results for the quarter and nine months ended 31st December, ²⁰²⁰ have been prepared without considering the financial impact of the financial statements I financial information/financial results of the said three joint ventures. Further, the management has assessed that such financial statements/financial information/financial results are not material to the overall consolidated financial results for quarter and nine months ended 31st December, 2020.
• 1. The Parent Company has certain trade and other receivables of Rs.39, 169.92 lakhs as at 31st December, ²⁰²⁰ backed by arbitration awards pronounced in its favour over the years. Further, the Parent Company has recognised interest income of Rs.667.99 lakhs and Rs.1,974.48 lakhs during the quarter ended 31st December, ²⁰²⁰ and nine months ended on that date 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. 797.87 lakhs and Rs. 1,803.03 lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ 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. Operations of the Trading segment of the Parent Company have virtually ceased since January ²⁰²⁰ onwards, primarily due to working capital constraints and the impact of COVID-19. The Parent Company is continuously assessing the realisability of the non-moving debtors/ advances to creditors of the segment. Accordingly, during the quarter ended 31st December, 2020, in respect of the Trading segment, it has written off various old balances of Rs.6, 796.10 lakhs (net of ECL provision of Rs.2,020.80 lakhs) included in Other Expenses.
• 1. The Code on Social Security, ²⁰²⁰ ("Code") relating to employee benefits during employment and post-employment received Presidential assent in September, 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not yet been notified. The Parent Company will assess the impact of the Code when it comes into effect and will record any related impact in the consolidated financial results when the relevant Rules/Schemes are notified.
• 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: iz" February, ²⁰²¹

⁸⁸ Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 F. +91 33 2226 4140, 2265 5830 E. kolkata@maheshwariassociates.com www. ma heshwa riassociates.com

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

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of SPML Infra Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter and nine months ended 31st December, ²⁰²⁰ ("the Statement"), being submitted by the Parent pursuant to the requirements 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.
• 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 in accordance with the recognition and measurement principles laid down in Indian Accounting Standard ³⁴ "Interim 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 review to obtain moderate assurance as to whether the Statement is free of material misstatement. ^A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. ^A review is substantially less in scope than an audit conducted in accordance with 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.
• 1. The Statement includes the results of the entities as given in the Annexure to this report.

Basis for Qualified Conclusion

• 1. As stated in :
• a) Note ⁵ to the Statement, interest on YTM basis amounting to Rs. 1,415.56 lakhs and Rs. 4,147.39 lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ respectively was not provided on Optionally Convertible 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, profit before tax, profit after tax and total comprehensive income would have been impacted to the extent of the aforesaid amounts for the quarter and nine months ended 31st December, ²⁰²⁰ respectively. Further, since the issue of OCDs, the total liabilitynot provided for in respect of such interest on YTM basis is ,,-.--;:--.... Rs.15,874.09 lakhs as at ³¹⁵¹December, 2020.The Auditor's Report for the year ended 31st March, ,:, &.Assoc. ?'b ^h /?? ²⁰²⁰ and the Limited Review Reports for the quarter ended ³⁰¹ June, ²⁰²⁰ and for the quarter and six ^l "'_?_'jmonths ? ended 301hSeptember, ²⁰²⁰ were also qualified in respect of this matter. vss _, ? l' c::

Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker Town, Bangalore- 560051, India T. +91 ^{80 4124 2545} F. +91 ^{80 4124 2547} E.bangalore@maheshwariassociates.com

Mumbai: 10/77, Unnat Nagar 3, off MG Road, Goregaon (West), Mumbai - 400104, India T. +91 ^{91521 05868} E.mumbai@maheshwariassociates.com

MAHESHWARI & ASSOCIATES

Chartered Accountants

⁸⁸ Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 ^{33 2229 8936} I ⁶⁷⁵⁸ I ³²³⁷ I ⁴⁴⁷³ F. +91 ³³ 2226 4140, 2265 5830 E. kolkata@maheshwariassociates.com www.maheshwariassociates.com

• b) Note no. ⁶ to the Statement, Rs. 10,093.03 lakhs representing liability towards interest expense on the Parent's borrowings from financial creditors, for the period from 1st November, ²⁰¹⁹ to so" September, 2020, has been written back during the quarter ended 31st December, 2020. Further, interest expense of Rs. 3,785.69 lakhs on the said borrowings has not been recognized for the quarter ended 31st December, 2020. 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, profit before tax, profit after tax and total comprehensive income would have been impacted to the extent of the aforesaid amounts for the quarter and nine months ended 31st December, ²⁰²⁰ respectively.
• c) Note ⁷ to the Statement, regarding the Parent's trade receivables (net of ECL) and inventories as at 31st December, ²⁰²⁰ of Rs. 6,435.69 lakhs and Rs.1,042.44 lakhs respectively, relating to certain projects foreclosed by clients in earlier years 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 Report for the year ended 31st March, ²⁰²⁰ and the Limited Review Reports for the quarter ended so" June, ²⁰²⁰ and for the quarter and six months ended 30th September, 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 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 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 it is 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 COVI 0-19 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 is 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, it is facing working capital constraints and its borrowal facilities are irregular with financial creditors as at 31st December, 2020. 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 accounting is appropriate for preparation of the accompanying Statement.
• c) Note ⁸ to the Statement, regarding unavailability of financial statements/ financial information/financial results of ³ (three) Joint Venture Companies, namely Aurangabad City Water UtilityCo. Ltd., Gurha ?\ ? Thermal Power Co. Ltd. and Malviya Nagar Water Services Pvt. Ltd. for the quarter and nine months "?'toended 31st December, 2020. According to the information and explanations given to us by the I( \ a\a ? management, the financial statements/financial information/financial results of the said joint ventures * -fl1arenot material to the Statement. \? ? o'rtsredc<fS

Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker Town, Bangalore - 560051, India T. +91 ^{80 4124 2545} F. +91 ^{80 4124 2547} E.bangalore@maheshwariassociates.com

⁸⁸ Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 F. +91 33 2226 4140, 2265 5830 E. kolkata@maheshwariassociates.com www.maheshwariassociates.com

• d) Note ⁹ to the Statement, regarding uncertainties relating to the recoverability of certain trade & other receivables as at 31st December, ²⁰²⁰ and recognition of interest income thereon, arising out of arbitration awards pronounced in favour of the Parent.
• e) Note ¹⁰ to the Statement, regarding write back of Rs. 797.87 lakhs and Rs, 1803.03 lakhs by the Parent in respect of certain credit balances, during the quarter and nine months ended 31st December, ²⁰²⁰ respectively.
• f) Note ¹¹ to the Statement, regarding certain write-offs in the Parent's Trading segment relating to non- moving debtors/advances to creditors.

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

Other Matters

1. We did not review the financial statements ^I financial information/ financial results of 9(nine) subsidiaries for the quarter ended 31st December, ²⁰²⁰ included in the Statement, whose financial statements ^I financial information/financial results reflect total revenues of Rs.4, 714.35 lakhs and Rs.4,869.52 lakhs, total net loss after tax of Rs.39.08 lakhs and Rs.496.29 lakhs and total comprehensive loss of Rs.39.08 lakhs and Rs.496.29 lakhs, for the quarter and nine months ended 31st December, ²⁰²⁰ respectively. The Statement also includes the Group's share of net loss after tax of Rs.261.51 lakhs and net loss after tax of Rs. 307.19 lakhs and total comprehensive loss of Rs. 261.07 lakhs and total comprehensive loss of Rs.307.72 lakhs for the quarter and nine months ended 31st December, ²⁰²⁰ respectively in respect of 10(ten) associates and 2(two) joint ventures , whose financial statements/financial information/financial results have not been reviewed by us. These financial statements/ financial information/financial results are unreviewed/unaudited and have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures is based solely on such unreviewed/unaudited, management certified financial statements ^I financial information /financial 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 certified financial statements ^I financial information /financial results are not material to the Statement.

Our ^r ort on the Statement is not modified in respect of this matter.

CA. Bijay Murmuria Partner Membership No. 055788 UDIN : 21055788AAAAAJ1751

Place : Kolkata Date : iz" February, ²⁰²¹

Bangalore: "Park Plaza" First Floor, No.1, Park Road (Off. Infantry Road), Tasker Town, Bangalore - 560051, India T. +91 ^{80 4124 2545} F. +91 ^{80 4124 2547} E.bangalore@maheshwariassociates.com

MAHESHWARI & ASSOCIATES

Chartered Accountants

0\

⁸⁸ Middleton Street, 6A Geetanjali Kolkata 700071, India T. +91 33 2229 8936 I 6758 I 3237 I 4473 F. +91 33 2226 4140, 2265 5830 E. kol kata@ma heshwa riassociates.com www.maheshwariassociates.com

Annexure to the Limited Review Report on the Consolidated Financial Results

List of entities whose financial results are included in the Statement

Subsidiaries

• 1. Allahabad Waste Processing Co. Ltd.
• 1. Bhagalpur ElectricityDistribution Co. Pvt. Ltd. 3. Doon Valley Waste Management Private Ltd. 4. Madurai Municipal Waste Processing Co. Pvt. Ltd. 5. Mathura Nagar Waste Processing Co. Ltd.
• 1. Mizoram Infrastructure Development Company Ltd. (Applied for strike-off on October 19, 2020) 7. SPML Infrastructure Ltd.
• 1. SPML Utilities Ltd.
• 1. SPMLIL-Amrutha Constructions Pvt. Ltd.

Associates

• 1. Awa Power Company Pvt. Ltd.
• 1. Bhilwara Jaipur Toll Road Pvt. Ltd.
• 1. Binwa Power Company Pvt. Ltd.
• 1. Delhi Waste Management Ltd.
• 1. IQU Power Company Pvt. Ltd.
• 1. Neoga! Power Company Pvt. Ltd.
• 1. Sanmati Infra Developers (P) Ltd.
• 1. SPML Bhiwandi Water Supply Infra Ltd.
• 1. SPML Bhiwandi Water Supply Management Ltd. 10. SPML Energy Ltd.
• 1. Subhash Kabini Power Corporation Ltd.

Joint Ventures

• 1. Hydro-CompEnterprises (India) Ltd.
• 1. MW Water UtilityPvt. Ltd.