Sunteck Realty Ltd.

SRL/SE/51/21-22

The Manager, Listing Department

National Stock Exchange of India Ltd Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex Bandra (East), Mumbai- 400 051 Scrip Code: SUNTECK

Date: 11 ¹¹¹November, 2021

The Secretary, Listing Department, Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai - 400 001 Scrip Code: 512179

Sub: Outcome of Board Meeting

Sir,

This is to inform you that the Board of Directors at their meeting held today r.e. 11th November, 2021 inter alia transacted the following business:

I. Approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September, 2021.

Pursuant to Regulation 33 of SEBl (Listing Obligations and Disclosure Requirements) Regulations 2015 (SEBI LODR), we enclose herewith the copy of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended 30th September, 2021 along with Limited Review Report thereon.

On the recommendations of the Nomination & Remuneration Committee, the Board has, inter alia, approved the appointment of Mr. V. P. Shetty (DIN: 00021773) as an Independent Director (Additional Director) with effect from 11 ¹¹¹November, 2021, subject to approval of shareholders of the Company for a term of up to 5 consecutive years effective from 11 ¹ hNovember, 2021.

A brief profile of Mr. V. P. Shetty is enclosed.

In accordance with the circular issued by Stock Exchanges dated 20th June, 2018, we hereby confirm that Mr. V. P. Shetty is not debarred from holding office as a Director of the Company, by virtue of any SEBI Order or any other such authority.

The meeting of the Board of Directors commenced at ___ and cone! uded at ___ _ 7.00 p.m. 9.45 p.m.

This is for your information and records.

F � ntcck R�alty Li:�

Rachana mgarajia Company Secretary Encl: a/a

5th Floor, Sunteck Centre, 37-40 Subhash Road, VIie Pane (East), Mumbai 400 057. Tel ; +91 22 4287 7800 Fax : +91 22 4287 7890 Website : www.sunteckindia.com CIN • L32100MH1981PLC025346

. Sunteck Realty Ltd. Sunteck)l

Brief Profile

Name of Director	Mr. V. P. Shctty
DIN	00021773
Date	11 th November, 2021
Category	Non-executive Independent Director
Term of Appointment	Appointed as an Independent director for a term of 5 years
Profile	Mr. V P Shetty has had an illustrious Banking career spanning almost four decades. He has worked in various positions in four major nationalised banks. He has worked as Chairman and Managing Director in UCO Bank, Canara Bank and IDBI Bank. He was also Chairman of Indian Banks' Association. Mr. Shetty is an authority in commercial banking, Mergers & Acquisitions in Banking, Corporate Governance and Turnaround Management especially in Public Sector. Mr. Shetty was also a Recipient of "Banker of the Year - 2003" Award from the Business Standard Group in recognition of successful turnaround of UCO Bank. Mr. Shetty has also served on the Boards of Life Insurance Corporation of India, Export-Import Bank of India, Infrastructure Development Finance Company Ltd., National Insurance Company Ltd., and General Insurance Corporation of India. He was a Member of Governing Council of Banking Codes and Standards Board of India (BCSBI) and was on Board of LIC Golden Jubilee Foundation. p Mr. Shetty of JM V presently the Chairman Financial Asset IS Reconstruction Company Limited, JM Financial Asset Management Limited, JM Financial Products Limited and JM Financial Home Loans Limited.
Change in Director	Appointment of Director
Reason for Change
Disclosure of relationships	Nil
between directors inter se

SUNTECK REAL TY LIMITED

Regd. Office: 5th Floor, Sunteck Centre, 37- 40 Subhash Road, Vile Parle (East), Mumbai 400057 CIN:L32100MH1g81 PLC025346

website:www.sunteckindia.com, Email :[email protected]

		Quarter ended		, In lakhs except earnlnt s Der share data Half Year ended		Year ended
Sr.	Particulars	30 September	30 June	30 September 2020	30 September	30 September 2020	31 March 2021
No.		2021 Unaudited	2021 Unaudited	Unaudited	2021 Unaudited	Unaudited	Audited
				Restated		Restated
				(Refer note Sl		/Refer note 51
1	Income
	(a) Revenue from operations	13,631 .56	9,273.75	14,702.82	22,905.31	20,200.29	61 ,386.48
	(b) Other income	609.90	337.87	530.76	947.77	1,353.71	1,697.75
	Total Income	14,241.46	9,611.62	15,233.58	23,853.08	21,554.00	63,084.23
2	Expenses
	(a) Cost of construction and development	31,791 .34	8,702.16	3,801 .51	40.493.50	6,086.10	23,965.94
	(b) Changes in inventories of work-in-progress and finished properties	(26,133.78)	(4,545.68)	5,372.92	(30,679.46)	5,345.36	12,540.29
	(c) Employee benefits expense	1,300.87	1,323.56	757.56	2,624.43	1,689.28	3,821.86
	(d) Finance costs	1,799.67	1,771.84	2,089.08	3,571 .51	4,287.40	8.463.60
	(e) Depreciation and amortisation expense	161.17	132.55	128.28	293.72	254.99	520.35
	(f) Other expenses	3,023.26	1,732.51	1,815.83	4,755.77	2,566.33	7,366.43
	Total expenses	11 ,942.53	9,116.94	13,965.18	21,059.47	20,229.46	56,678.47
3	Profit before tax and share of profit /(loss) of joint ventures (1-2)	2,298.93	494.68	1,268.40	2,793.61	1,324.54	6,405.76
4	Share of profit /(loss) of joint ventures	(161.08)	(136.09)	(82.27)	(297.17)	(131.22)	34.26
5	Profit before exceptional item and tax (3+4)	2,137.85	358.59	1,186.13	2,496.44	1,193.32	6,440.02
6	Exceptional item expense (Refer note 8)	-	-	-	-	-	603.50
7	Profit before tax (5-6)	2,137.85	358.59	1,186.13	2,496.44	1,193.32	5,836.52
8	Tax expense/(credit)
	(a) Current income tax	457.43	109.05	476.15	566.48	831.97	1,026.89
	(b) Deferred income tax	154.83	(53.34)	(422.02)	101.49	(462.25)	615.56
9	Profit for the period/ year (7-3)	612.26 1,525.59	55.71 302.88	54.13 1,132.00	667.97 1,828.47	369.72 823.60	1 642.45 4,194.07
	10 Other comprehensive income/(loss)
	(a) Items not to be reclassified subsequently to profit or loss
	- Gain/(loss) on fair value of defined benefit plans as per actuarial valuation	(9.73)	(9.73)	6.98	(19.46)	4.72	16.13
	- Gain/(loss) on fair value of equity instruments	(0.31)	0.83	(0.40)	0.52	0.33	10.94
	- Income tax relating to above items	2.87	2.74	(2.24)	5.61	(1 .77)	(7.53)
	(b) Items to be reclassified subsequently to profit or loss - Translation exchange gain / (loss) relating to foreign
	operations	6.54	232.85	(400.12)	239.39	(363.42)	(478.97)
	Other comprehensive lncome/(loss) for the period/ year, net of tax	(0.63)	226.69	(395.78)	226.06	(360.14)	(459.43)
	11 Total comprehensive income for the period/ year, net of tax (9 + 10)	1,524.96	529.57	736.22	2,054.53	463.46	3,734.64
	Net profit/(loss) attributable to Ownefs of the parent	1,525.59	302.88	1,132.00	1,828.47	823.60	4 ,194.07
	Non- controlling interest	-	-			-	-
	Other comprehensive lncome/(loss) for the period/ year attributable to
	Ownef s of the parent	(0.63)	226.69	(395.78)	226.06	(360.14)	(459.43)
	Non- controlling interest	-	-	-		-	-
	Total comprehensive income/(loss) for the period/ year attributable to
	Ownefs of the parent Non- controlling interest	1,524.96	529.57 -	736.22	2,054.53	463.46	3,734.64
				-		-	-
	12 Paid up equity share capital (Face value oft 1 each)	1,403.94	1,403.94	1,403.72	1.403.72	1,403.72	1,403.94
	13 Other equity (excluding revaluation reserves)						275,821.15
	14 Earnings / (loss) per share (not annualised) (Face value of t 1 each)
	(a) Basic EPS (in ~)	1.09	0.22	0.81	1.30	0.59	2.98
	(b) Diluted EPS (int)	1.09	0.22	0.81	1.30	0.59	2.98
	See accompanying notes to the unaudited consolidated financial

results

d ~ }\_ o~. ,., ,, ., JI

B. CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		"in lakhsl
	As at	As at
Particulars	30 September 2021	31 March 2021
	Unaudited	Audited

ASSETS
Non-current assets
Property, plant and equipment	4,560.3g	3,341.g2
Capital work in progress		929.08
Investment properties	1,g26.36	1,942.62
Intangible assets	7.31	7.60
Intangible assets under development	46.25	28.00
Financial assets
Investments	22,539.81	22,655.08
Loans	3,918.11	3,869.54
Other financial assets	1,730.74	1,645.60
Deferred tax assets (net)	3,265.45	3,314.38
Income tax assets (net)	1,275.26	1,236.2g
Other non-current assets	378.68	60.52
Total non current assets	39,648.36	39,030.63

Current assets		261.446.04
Inventories	379,958.58
Financial assets
Investments	2,883.18	3,151.56
Trade receivables	27,375.48	33,515.98
Cash and cash equivalents	3,889.52 4,008.50	5,159.61 4,745.54
Other bank balances
Loans	8,221.36 17,6gg_s8	7,044.8g
Other financial assets	34.545.42	14,618.46 37,014.06
Other current assets	478,581 .62	366,696.14
Total current assets TOT AL ASSETS	518,229.98	405,726.77

EQUITY ANO LIABILITIES
Equity
Equity share capital	1,403.94	1.403.94
Other equity Equity attributable to owners of the parent	276,399.15 277,803.09	275,821.15 277,225.09
Non-controlling interest	-	-
Total equity	277,803.09	277,225.09

Liabilities
Non-current liabilities Financial liabilities
Borrowings	45,094.42	55,196.54
Other financial liabilities	322.15	338.87
Provisions	146.50	128.95
Deferred tax liabilities (net)	80.96	34.01
Other non current liabilities	41.43	31 .03
Total non current liabilities	45 685.46	55,729.40

Current liabilities
Financial liabilities
Borrowings	22,174.27	13,593.41
Trade payables
- Total outstanding dues of Micro Enterprises and Small Enterprises	1,247.01	1.233.25
- Total outstanding dues of creditors other than Micro Enterprises and Small Enterprise	15,465.57	17,039.26
Other financial liabilities Other current liabilities	3,243.09 151,911.93	1,964.94 38,378.83
Provisions	294.03	224.57
Current tax liabilities (net)	405.53	338.02

Total current liabilities	194,741.43	72,772.28

See accompanying notes to the unaudited consolidated financial results

Particulars
	Half Year ended	Half Year ended
	30 September 2021	30 September 2020
	Unaudited	Unaudited
CASH FLOW FROM OPERATING ACTIVITIES:
Profit before tax	2,496.44	1,193.32
Adjustments for:
Depreciation and amortisation expenses	293.72	254.99
Share-based payments to employees	101.86	29.34
Interest income	(876.52)	(1,353.71)
Finance costs	3,571.51	4,287.40
Sundry balances written off (net)	7.56
Excess provision written back	(164.83)
Provision for expected credit loss		65.00
Share of profit of joint ventures	297.17	131.22
Unrealised foreign exchange loss / (gain), including foreign currency translation	223.42	(363.42)
Operating profit before working capital changes	5,950.33	4,244.14
Adjustments for:
(Increase)/ decrease in inventories	(118,512.54)	5,684.86
Decrease/ (Increase) in trade receivables	6,292.33	(5,148.80)
Decrease/ (increase) in loans, other financial assets, other non-current and current assets	460.26	(15,666.11)
(Decrease)/ increase in trade payables Increase in other financial liabilities, provisions and other current and non-current liabilities	(1,522.82) 113,212.27	1,288.00 11,100.77
Cash flows generated from operations	5,879.83	1,502.86
Direct taxes paid (net)	(537.94)	(1,736.97)
Net cash flow generated from/ (used in) operating activities - [A)	5,341 .89	(234.11)
CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment, investment property and intangible assets (including capital work in progress, capital advance, payable for capital goods and intangible assets under development)	(911 .60)	(190.78)
Proceeds from sale of property, plant and equipmenl		275.12
Infusion of capital in LLPs (net)	(181 .38)
Proceeds on redemption of debentures	268.38
Interest received	991 .18 (1 ,940.76)	1,346.36 471.93
Loans (given to)/ repayment of joint ventures (net) Net cash flow (used in)/ generated from investing activities - [BJ	(1,774.18)	1,902.63

CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings	10,935.00	33,052.89
Repayment of long-term borrowings Repayments of current borrowings (net)	(9,582.72) (2,873.54)	(6,110.19)
		(29,483.19)
Finance cost paid Net cash flow used in financing activities - [CJ	(3,316.54) (4,837.80)	(4,454.32) (6,994.81)
Net decrease In cash and cash equivalents • [A+B+C]	(1,270.09)	(5,326.30)
Cash and cash equivalents at the beginning of the year	5,1 59.61	8,323.39
Cash and cash equivalents at the end of the year	3,889.52	2,997.09
	As at 30 September 2021	As at 30 September 2020
Component of cash and cash equivalents :
Cash on hand	327.84	324.24
Balances with banks :
in current accounts	2,370.55	1,217.92
in term deposits with original maturity of less than three months	1,191.13	1,454.93

Flows.

Notes to the unaudited consolidated financial results for the quarter and half year ended 30 September 2021

Sunteck Realty Limited ("the Company" or "the Holding Company") and its subsidiaries are together referred to as 'the Group' in the following notes. The unaudited consolidated financial results ('results') have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended), as prescribed under Section 133 of the Companies Act 2013. The above results were reviewed by Audit Committee and approved by Board of Directors at their respective meetings held on 11 November 2021.
2 In case of Holding Company, other non-current financial assets as at 30 September 2021 include ~ 1,402.73 lakhs, representing amount receivable from a partnership firm ('Firm') in which the Holding Company was associated as a partner till 6 October 2020, which is presently under dispute with respect to alleged illegal sale of the firm's assets by the other partner. which was considered as a joint venture of the Holding Company. The Holding Company had received arbitration award dated 4 May 2018 in its favour in respect of this matter which has been further challenged by the other partner in Bombay High Court, which has neither been admitted as yet nor any stay granted against the award. Basis the status of the case, favourable arbitration award and legal opinion, Management is confident of recovering the aforesaid dues and therefore, no provision has been considered necessary at this stage. Further, considering the dispute, the Holding Company has not accounted for its share of profits or losses for the period from 2015 till 6 October 2020, as the financial statements from the partnership firm are not available. Since there were no operations in the partnership firm since 2015, Management does not expect the impact of such share of profits or losses, not accounted, to be material.
3 Non-current investments in joint ventures and non-current loans as at 30 September 2021 include~ 13,651.09 lakhs and~ 3,918.11 lakhs respectively, representing amount receivable from GGICO Sunteck Limited (GGICO), a joint venture company, acquired through wholly owned subsidiary, Sunteck Lifestyle Limited (SLL), which is in the business of development of real-estate project in Dubai. Development of the project undertaken by joint venture has been delayed on account of certain disputes with the other joint venture partner. SLL has obtained favourable order from the court of Dubai International Finance Centre against the claim made by other joint venture partner for termination of joint venture. Further, SLL has initiated arbitration before London Court of International Arbitration (LCIA) during previous period against the other partner alleging that the other partner has not obtained necessary regulatory and statutory approvals for commencing the construction activity as specified in the Joint Venture Agreement (JVA). During the previous year, the other JV partner has also initiated the arbitration before LCIA against SLL and the Holding Company alleging non-compliance of certain conditions of the JVA and seeking termination of the joint venture. Both the arbitrations have been admitted and arbitrator has also been appointed and the arbitration proceedings have also commenced. Basis legal opinion, the management is of the view that such claims are not tenable against the Holding Company and SLL. Further, considering the dispute, the Holding Company has accounted for its share of profits or losses in GGICO based on the unaudited financial statements certified by the management. Further, based on estimated future business results once the project resumes and considering the contractual tenability, present status of negotiation / discussion / arbitration / litigations which includes claims due from the joint venture partner if the joint venture is dissolved, Management believes that the realisable amount of Investment in joint venture is higher than the carrying value of the non-current investments and non-current loans due to which these are considered as good and recoverable as at 30 September 2021 .
4 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 Government from time to time. Although the business operations have recommenced post relaxation of lockdowns, the Group remains watchful of the potential impact pursuant to the second wave of the pandemic on resuming normal business operations on a continuous basis. The Group has also adopted measures to curb the spread of infection in order to protect the health of its employees and ensures business continuity with minimal disruption. Management has taken into account the possible impacts of known events, upto the date of the approval of these unaudited consolidated financial results, arising from COVID-19 pandemic on its operations and the carrying value of the assets and liabilities as at 30 September 2021 . However, there exists significant estimation 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 Group will continue to monitor any material change to the future economic conditions and consequential impact on the unaudited consolidated financial results.
5 During the year ended 31 March 2021 , the Group had changed the method of revenue recognition from percentage of completion method to completed contract method in respect of certain real-estate projects pursuant to re-assessment of certain criteria to recognise revenue over the period of time towards satisfaction of performance obligation, reassessing the contracts for accounting under principal versus agent consideration and accounting for joint development arrangements as specified in Ind-AS 115 - 'Revenue from Contract with Customers'. Management believes that considering the contractual terms, in respect of certain projects, an enforceable rights to payment does not arise until the development of the project is completed and therefore it would be more accurate on a comparative basis to recognise the revenue on transferring of control of property promised to the customers on completion of the projects. Further, pursuant to a clarification issued by International Accounting Standards Board ('IASB') in relation to borrowing costs on real-estate projects where revenue is recognised on percentage of completion basis, the Group had excluded such borrowing costs relating to the post-launch period from its estimates of the balance cost to completion, and the same are now recognised as finance cost in the Statement of Profit and Loss. Further the Group and its joint ventures evaluated various matters under litigation in accordance with Ind-AS- 37, Provisions, Contingent Liabilities and Contingent Assets and accounted the liabilities or made disclosure with respect to contingent liability, as the case may be.

Pursuant to the impact of aforesaid changes, the Group and its Joint venture had restated the financial results for the comparative periods, in accordance with the requirements of Ind-AS 8 - 'Accounting Policies, Changes in Accounting Estimates and Errors'. The impacts of aforesaid restatements are as follows:

mpact on unau di te d conso rd I ate d statement o fP ro fi It an dl oss	, in lakhs except earnings per s h d are ata
Particulars	For the quarter ended 30 September 2020	For the half year ended JO September 2020
Revenue from operations	428.20	588.72
Cost of construction and development	(768.74)	(918.71)
Other expenses	-	(4.77)
(Loss) before tax and share of profit /(loss) of joint ventures	(340.54)	(334.77)
(Loss) before tax	(340.54)	(334.77)
Tax expense - deferred tax	(85.04)	(82.91)
(Loss) for the year	(255.50)	(251.86)
Total comprehensive (loss) for the year, net of tax	(255.50)	(251.86)
Basic earnings / (loss) per share	(0.18)	(0.18)
Diluted earnings/ (loss) per share	(0.18)	(0.18)

6 The Group's primary business segment is reflected based on principal business activities carried on by the Group. As per Ind AS 108, the Group operates in one reportable business segment i.e. construction and development of real estate projects.
7 On 2 November 2021 , the Holding Company had subscribed to 10,000 equity shares (100% stake) in a newly incorporated Company, Sunteck Lifespace Private Limited for an aggregate amount of, 1 lakh.
8 Exceptional item for the year ended 31 March 2021 represents balance written off in respect of trade receivables amounting to , 603.50 lakhs as considered no longer recoverable.
9 On 1 November 2021 , the Holding Company through its wholly owned subsidiary, Mithra Buildcon LLP, has acquired 100% Equity Shares and Compulsory Convertible Debentures, representing 100% on a fully diluted basis of lndustele Property Private Limited for an aggregate consideration of, 5,851 lakhs.
10 Previous period's figures have been regrouped / rearranged, wherever considered necessary other than restatement impacts as stated in note 5 above. ~-- /y <\

r. ~nd on-::lf.:~~of Directors of Sunteck Realty Limited

Chairman and Managing Director (DIN: 00017527)

;!} Kamal Khetan

Date: 11 November 2021 Place: Mumbai

SUNTECK REAL TY LIMITED

Re9d. Office: 5th Floor, Sunteck Centre, 37-40 Subhash Road, Vile Parle (East), Mumbai 400057 CIN:L32100MH1981PLC025346 website:www.sunteckindia.com, Email :[email protected]

						, in lakhs except earnings per share data
			Quarter ended			Half Year ended	Year ended
	Sr. Particulars	30 September 2021	30 June 2021	2020	30 September 30 September 30 September 2021	2020	31 March 2021
No.		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
				Restated (Refer note Sl		Restated <refer 5)<="" note="" th="">
1	Income
	(a) Revenue from operations	4,876.14	4,743.88	10,890.86	9,620.02	12,940.30	31,390.09
	(b) Other income (Refer note 9)	384.89	240.47	1,868.21	625.36	2,270.49	2,529.08
	Total income	5,261.03	4,984.35	12,759.07	10,245.38	15,210.79	33,919.17
2	Expenses
	(a) Cost of construction and development	6,441.24	3,771.67	1,888.41	10,212.91	2,460.38	9,533.30
	(b) Changes in inventories of work-in-progress and finished properties	(4,61 1.03)	(1,582.80)	5,537.02	(6,193.83)	5,697.41	9,231.37
	(c) Employee benefits expense	574.17	606.12	324.77	1,180.29	838.29	1,772.08
	(d) Finance costs	1,073.53	1,002.56	1,198.61	2,076.09	2,471.00	4,866.63
	(e) Depreciation and amortisation expense	93.27	78.98	78.94	172.25	157.10	313.93
	(f) Other expenses	1,183.61	991.41	844.19	2,175.02	1,067.32	3,130.40
	Total expenses	4,754.79	4,867.94	9,871.94	9,622.73	12,691.50	28,847.71
3	Profit before exceptional item and tax (1-2)	506.24	116.41	2,887.13	622.65	2,519.29	5,071.46
4	Exceptional item expense (Refer note 8)	-	-	-	-	-	603.50
5	Profit before tax (3-4)	506.24	116.41	2,887.13	622.65	2,519.29	4,467.96
6	Tax expense/(credlt)
	(a) Current tax	64.69	-	455.92	64.69	524.53	697.09
	(b) Deferred tax	(23.44)	(13.49)	(447.44)	(36.93)	(434.33)	(13.31)
		41.25	(13.49)	8.48	27.76	90.20	683.78
7	Profit for the period/ year (5-6)	464.99	129.90	2,878.65	594.89	2,429.09	3,784.18
8	Other comprehensive lncome/(loss)
	(a) Items not to be reclassified subsequently to profit or loss
	- Gain/(loss) on fair value of defined benefit plans as per actuarial valuation	(5.10)	(5.09)	2.59	(10.19)	(3.36)	3.97
	- Gain/(loss) on fair value of equity instruments	(0.08)	0.20	0.15	0.12	0.20	12.34
	- Income tax relating to above items	1.50	1.46	(0.76)	2.96	0.97	(4.02)
	(b) Items to be reclassified subsequently to profit or loss	-	-	-	-	-	-
	Other comprehensive income/(loss) for the period/ year, net of tax	(3.68)	(3.43)	1.98	(7.11)	(2.19)	12.29
9	Total comprehensive income for the period/ year, net of tax (7 + 8)	461.31	126.47	2,880.63	587.78	2,426.90	3,796.47
	10 Paid up equity share capital (Face value of, 1 each)	1,463.94	1,463.94	1,463.72	1,463.94	1,463.72	1,463.94
11	Other equity (excluding revaluation reserves)						192,751.91
	12 Earnings per share (not annualised) (Face value of~ 1 each)
	(a) Basic EPS (in ')	0.32	0.09	1.97	0.41	1.66	2.59
	(b) Diluted EPS (in')	0.32	0.09	1.97	0.41	1.66	2.59
	See accompanying notes to the unaudited standalone financial results

		"In lakhsl
Particulars	As at 30 September 2021	As at 31 March 2021
	Unaudited	Audited
ASSETS
Non-current assets
Property, plant and equipment	3,181.72	2,399.68
Capital work in progress	-	929.08
Investment property	1,718.68	1,731.97
Intangible assets	5.36	5.03
Intangible assets under development	46.25	28.00
Financial assets
Investments	165,102.80	169,124.62
Other financial assets	2,196.92	2,187.05
Deferred tax assets (net)	1,757.56	1,717.67
Income tax assets (net)	373.52	384.04
Total non current assets	174,382.81	178,507.14
Current assets
Inventories Financial assets	34,320.88	28,078.03
Investments	2,883.17	3,151.55
Trade receivables	7,737.24	9,733.59
Cash and cash equivalents	1,870.20	2,678.83
Other bank balances	52.36	3,256.85
Loans	25,838.42	18,014.74
Other financial assets	4,093.48	4,222.26
Other current assets	18.487.11	16,164.11
Total current assets	95 282.86	85,299.96
TOTAL ASSETS	269,665.67	263 807.10
EQUITY AND LIABILITIES
Equity
Equity share capital Other equity	1,463.94 191 ,818.20	1.463.94 192,751 .91
Total equity	193,282.14	194,215.85

Liabilities
Non-current liabilities Financial liabilities
Borrowings	21 ,538.89	27.463.91
Other financial liabilities	241 .14	259.48
Provisions	81 .24	66.22
Other non current liabilities	4 1.43	31.03
Total non current llabllltles	21,902.70	27,820.64
Current liabilities
Financial liabilities
Borrowings	19,155.05	11,288.83
Trade payables
- Total outstanding dues of Micro Enterprises and Small Enterprises	557.81	686.53
- Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	6,567.97	6,781 .69
Other financial liabilities Other current liabilities	2,777.48	1,632.95
Provisions	25,273.48 149.04	21,007.38 124.38
Current tax liabilities (net)	-	248.85
Total current liabilities	54480.83	41 770.61
Total liabilities	76,383.53	69 591 .25

See accompanying notes to the unaudited standalone financial results

C. STANDALONE STATEMENT OF CASH FLOW		(' in lakhs)
Particulars	Half Year ended	Half Year ended
	30 September 2021	30 September 2020
	Unaudited	Unaudited
CASH FLOW FROM OPERATING ACTIVITIES:
Profit before tax	622.65	2,519.29
Adjustments for:
Depreciation and amortisation expenses	172.25	157.10
Share-based (reversal) /payments to employees	(2.75)	25.76
Dividend income	(10.31)	(1,456.00)
Interest income	(606.82)	(814.49)
Finance costs	2,076.09	2,470.99
Share of (profit)/ loss from LLPs/ partnership firms	(210.43)	500.68
Excess provision written back	(5.46)
Sundry balances written off (net)	7.56
Provision for expected credit loss		15.00
Unrealised foreign exchange (gain)	(15.97)
Operating profit before working capital changes	2,026.81	3,418.33
Adjustments for:
(Increase)/ decrease in inventories	(6,242.85)	5,880.21
Decrease/ (increase) in trade receivables	1,988.79	(4,911.37)
Decrease/ (increase) in loans, other financial assets, other non-current and current assets	1,820.41	(8,685.75)
(Decrease)/ increase in trade payables	(336.98)	1,160.98
Increase in other financial liabilities, provisions and other current and non-current liabilities	3,863.10	6,862.30
Cash flows generated from operations	3,119.28	3,724.70
Direct taxes paid (net)	(303.02)	(516.49)
Net cash flow generated from operating activities - (AJ	2,816.26	3,208.21
CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment, investment property and intangible assets (including capital work in progress, capital advance, payable for capital goods and intangible assets under development)	(30.53)	(111.17)
Investment in subsidiaries	(179.13)	(179.24)
(Infusion)/ withdrawal of capital from LLPs (net)	4,411.50	(491.20)
Proceeds from sale of investment		3,262.18
Receipts on redemption of debentures	268.38
Dividend received	10.31
Interest received	507.92	826.30
Loans (given to)/ repayment from subsidiaries and joint ventures (net)	(8,588.97)	5,351.79
Net cash flow (used In)/ generated from investing activities - [BJ	(3,600.52)	8,658.66
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from long term borrowings	1,300.00	2,101.62
Repayment of long term borrowings	(463.69)	(6,128.08)
Proceeds/ (Repayments) of current borrowings (net)	1,104.88	(5,574.37)
Finance cost paid	(1,965.56)	(2,637.55)
Net cash flow used in financing activities - [CJ	(24.37)	(12,238.38)
Net decrease in cash and cash equivalents - [A+B+CJ	(808.63)	(371.51)
Cash and cash equivalents at the beginning of the year	2.678.83	2,165.14
Cash and cash equivalents at the end of the year	1,870.20	1,793.63
	As at 30 Seotember 2021	As at 30 Seotember 2020
Component of cash and cash equivalents
Cash on hand	10.02	9.95
Balances with banks :
in current accounts	794.02	703.68
Term deposits with original maturity of less than three months	1,066.16	1,080.00
	1,870.20	1,793.63
The standalone cash flow statement has been prepared under the "Indirect method" as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows.

Notes to the unaudited standalone financial results for the quarter and half year ended 30 September 2021

The unaudited standalone financial results of Sunteck Realty Limited ('SRL' or 'the Company') have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended), as prescribed under Section 133 of the Companies Act 2013. The unaudited standalone financial results were reviewed and recommended by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on 11 November 2021.
2 Other non-current financial assets as at 30 September 2021 include , 1,402.73 lakhs, representing amount receivable from a partnership firm ('Firm') in which the Company was associated as a partner till 6 October 2020 which is presently under dispute with respect to alleged illegal sale of the firm's assets by the other partner. The Company had received arbitration award dated 4 May 2018 in its favour in respect of this matter which has been further challenged by the other partner in Bombay High Court, which has neither been admitted as yet nor any stay granted against the award. Basis the status of the case, favourable arbitration award and legal opinion, Management is confident of recovering the aforesaid dues and therefore, no provision has been considered necessary at this stage. Further, considering the dispute, the Company has not accounted for its share of profits or losses for the period from 2015 till 6 October 2020 as the financial statements from the partnership firm are not available. Since there are no operations in the partnership firm since 2015, Management does not expect the impact of such share of profits or losses, not accounted, to be material.
3 Non-current investments as at 30 September 2021 include t 25,976.02 lakhs representing investment in its wholly owned subsidiary, Sunteck Lifestyle International Private Limited (SLIPL), which had further acquired 50% share in joint venture company, GGICO Sunteck Limited (GGICO), through its wholly owned subsidiary, Sunteck Lifestyle Limited (SLL), for development of real-estate project in Dubai. Further, the Company's other non-current financial assets include receivable from SLL amounting to t 761.20 lakhs. SLL has incurred losses during initial years and net-worth has been partially eroded. Development of the project undertaken by GGICO has been delayed on account of certain disputes with the other joint venture partner. SLL has obtained favourable order from the court of Dubai International Finance Centre against the claim made by other joint venture partner for termination of joint venture. Further, SLL has initiated arbitration before London Court of International Arbitration (LCIA) during previous period against the other partner, alleging that other partner has not obtained necessary regulatory and statutory approvals for commencing the construction activity as specified in the Joint Venture Agreement (JVA). During the previous year, the other JV partner has also initiated arbitration before LCIA against SLL and the Company alleging non-compliance of certain conditions of the JVA and seeking termination of the joint venture. Both the arbitrations have been admitted and arbitrator has also been appointed and the arbitration proceedings have also commenced. Basis legal opinion, the management is of the view that such claims are not tenable against the Company and SLL. Further, based on estimated future business results once the project resumes and considering the contractual tenability, present status of negotiation / discussion I arbitration / litigations which includes claims due from the joint venture partner if the joint venture is dissolved, Management believes that the realisable amount of investment in subsidiaries is higher than the carrying value of the non-current investments and other non-current financial assets due to which these are considered as good and recoverable as at 30 September 2021 .
4 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 Government from time to time. Although the business operations have recommenced post relaxation of lockdowns, the Company remains watchful of the potential impact pursuant to the second wave of the pandemic on resuming normal business operations on a continuous basis. The Company has also adopted measures to curb the spread of infection in order to protect the health of its employees and ensures business continuity with minimal disruption. Management has taken into account the possible impacts of known events, upto the date of the approval of these unaudited standalone financial results, arising from COVID-19 pandemic on its operations and the carrying value of the assets and liabilities as at 30 September 2021. However, there exists significant estimation 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 unaudited standalone financial results.
5 During the year ended 31 March 2021 , the Company had re-assessed the contract for accounting under principal versus agent consideration and accounting for joint development arrangements as specified in Ind-AS 115 - 'Revenue from Contract with Customers'. Further, the Company re-evaluated various matters under litigation in accordance with Ind-AS- 37, Provisions, Contingent Liabilities and Contingent Assets and accounted the liabilities.

Pursuant to the impact of aforesaid changes, the Company has restated the financial results for the comparative period, in accordance with the requirements of Ind-AS 8 - 'Accounting Policies, Changes in Accounting Estimates and Errors'. The impacts of aforesaid restatements are as follows:

Im act on unaudited standalone statement of rofit and loss
Particulars	For the quarter ended 30 September 2020	For the half year ended 30 September 2020
Revenue from operations	254.52	485.18
Cost of construction and development	(237.73)	(451 .24)
Profit before tax	16.79	33.94
Deferred tax	4.90	9.89
Profit for the period	11 .89	24.05
Total comprehensive profit for the period	11 .89	24.05
Basic and diluted earnings per share	0.01	0.02

6 The Company's primary business segment is reflected based on principal business activities carried on by the Company. As per Ind AS 108, the Company operates in one reportable business segment i.e. construction and development of real estate projects.
7 On 2 November 2021 , the Company had subscribed to 10,000 equity shares (100% stake) in a newly incorporated company, Sunteck Lifespace Private Limited for an aggregate amount of~ 1 lakh.
8 Exceptional item for the year ended 31 March 2021 represents balance written off in respect of trade receivables amounting to ~ 603.50 lakhs as considered no longer recoverable.
9 During the quarter and half year ended 30 September 2020, the Company had received dividend income from one of its subsidiary company aggregating t 1,456.00 lakhs included in 'Other Income' in the financials results.
10 On 1 November 2021 , the Company through its wholly owned subsidiary, Mithra Buildcon LLP, has acquired 100% Equity Shares and Compulsory Convertible Debentures, representing 100% on a fully diluted basis of lndustele Property Private Limited for an aggregate consideration of~ 5,851 lakhs.
11 Previous period's/ year figures have been regrouped/ rearranged, wherever considered necessary other than restatement impacts as stated in note 5 above.

For and on behalf of Board of Directors of Sunteck Realty Limited

Chairman and Managing Director (DIN: 00017527)

~ Kamal Khetan

Date: 11 November 2021 Place: Mumbai

Walker Chandiok & Co LLP

11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

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

To the Board of Directors of Sunteck Realty Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Sunteck Realty Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), and joint ventures (refer Annexure 1 for the list of subsidiaries and joint ventures included in the Statement) for the quarter ended 30 September 2021 and the consolidated year to date results for the period 1 April 2021 to 30 September 2021, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
1. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure 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. 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. 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.

We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Page 1 of 4

Chartered Accountants

Sunteck Realty Limited

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

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements 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.
1. We draw attention to:
i. Note 2 to the accompanying Statement which describes the uncertainties relating to recoverability of the Holding Company's other non-current financial assets aggregating ₹ 1,402.73 lakhs as at 30 September 2021 from a partnership firm ('firm'), in which the Holding Company was associated as a partner till 6 October 2020. On account of certain disputes with the other partner of the firm, the Holding Company had initiated arbitration proceedings against the other partner which was decided in favour of the Holding Company on 4 May 2018, but has been challenged by the other partner before the Bombay High Court. Further, as described in the said note, the financial statements of the firm are not available with the Holding Company and therefore, the Holding Company's share of profit/(loss) for the period from 2015 till 6 October 2020 has not been accounted by the management for preparation of the Statement, however the management is of the view that the impact of such share of profit/(loss) would not be material to the accompanying Statement since there are no operations in the partnership firm during the aforesaid period. Basis the favourable arbitration award and the legal opinion obtained, the management believes that the aforesaid balances are fully recoverable and hence, no provision for impairment is required to be recognised in respect of such balances as at 30 September 2021.
ii. Note 3 to the accompanying Statement, regarding the Group's non-current investments and non-current loans aggregating ₹ 13,651.09 lakhs and ₹ 3,918.11 lakhs respectively, as at 30 September 2021 recoverable from GGICO Sunteck Limited (GGICO), a joint venture (JV) company. The Holding Company has acquired 50% share in GGICO, through its wholly owned step-down subsidiary, Sunteck Lifestyle Limited (SLL), for development of real-estate project in Dubai, the execution of which has been delayed. Development of the project by GGICO has been delayed on account of certain disputes with the other JV partner and SLL has initiated arbitration in previous period against the other partner which is currently pending before London Court of International Arbitration (LCIA). Further, during the previous year, the other JV partner has also initiated the arbitration proceedings before LCIA against the Holding Company and SLL, which has been admitted by LCIA. Further, as described in the said note, the Holding Company has accounted for its share of profits / (losses) in GGICO based on the unaudited financial statements available with the management. The management believes that the profit accounted from such JV is not expected to be material. Based on the legal opinion and other factors as described in the aforesaid note, the management is of the view that the aforesaid non-current investments and other non-current loans as at 30 September 2021 are fully recoverable and the claims raised by the joint venture partner are not tenable.
iii. Note 4 to the accompanying Statement, which describes the uncertainties relating to the outbreak COVID-19 pandemic and management evaluation of its impact on the Group's operations and on the accompanying Statement of the Group as at 30 September 2021, the extent of which is significantly dependent on future developments.
iv. Note 5 to the accompanying Statement, regarding the restatement of comparative financial information of the Group and its joint ventures, in accordance with the principles of Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors on account of various adjustments, reclassifications and corrections of errors, which are further described in the aforesaid note.

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

Page 2 of 4

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Sunteck Realty Limited

We did not review the interim financial information/ financial results of seventeen (17) subsidiaries included in the Statement, whose financial information (before eliminating intra-group transactions and balances) reflects total assets of ₹ 304,109.42 lakhs as at 30 September 2021, total revenues of ₹ 710.09 lakhs and ₹ 2,240.95 lakhs, total net profit /(loss) after tax of ₹ (169.54) lakhs and ₹ 17.15 lakhs, total comprehensive income of ₹ 11,125.01 lakhs and ₹ 12,467.92 lakhs (total comprehensive loss ₹ 434.42 lakhs and ₹ 281.73 lakhs after eliminating inter-company transactions) for the quarter and six - month period ended on 30 September 2021, respectively, and cash flows outflow of ₹ 516.49 lakhs for the period ended 30 September 2021, as considered in the Statement. The Statement also includes the Group's share of net loss after tax of ₹ 0.04 lakhs and ₹ 0.15 lakhs and total comprehensive loss of ₹ 0.04 lakhs and ₹ 0.15 lakhs for the quarter and six-months period ended on 30 September 2021, respectively, as considered in the Statement, in respect of two (2) joint ventures, whose interim financial information/ financial results have not been reviewed by us. These interim financial information/ financial results have been reviewed by other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures is based solely on the review report of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

The Statement also includes the Group's share of net profit after tax of Nil and Nil, and total comprehensive income of Nil and Nil for the quarter and six-months period ended on 30 September 2021 respectively, in respect of one (1) joint venture, based on their interim financial information, which have not been reviewed by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this joint ventures, is based solely on such unaudited/unreviewed interim financial information. According to the information and explanations given to us by the management, these interim financial information is not material to the Group.

Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the Board of Directors.

For Walker Chandiok & Co LLP

Chartered Accountants Firm Registration No:001076N/N500013

RAKESH RAMAWATAR AGARWAL Digitally signed by RAKESH RAMAWATAR AGARWAL Date: 2021.11.11

Rakesh R. Agarwal 21:25:54 +05'30'

Partner Membership No:109632

UDIN:21109632AAAARY2256

Place: Mumbai Date: 11 November 2021

Page 3 of 4

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants

Sunteck Realty Limited

Annexure 1

List of entities included in the Statement

Subsidiary Companies
Skystar Buildcon Private Limited	Starlight Systems Private Limited
Starlight Systems (I) LLP	Sahrish Constructions Private Limited
Satguru Corporate Services Private Limited	Starteck Lifestyle Private Limited
Satguru Infocorp Services Private Limited	Advaith lnfraprojects Private Limited
Sunteck Property Holdings Private Limited	Sunteck Real Estates Private Limited
Sunteck Realty Holdings Private Limited	Sunteck lnfraprojects Private Limited
Clarissa Facility Management LLP	Mithra Buildcon LLP
Sunteck Lifestyle Limited (UAE)	Magnate Industries LLP
Sunteck Lifestyle International Private Limited	Sunteck Lifestyle Management DMCC
(Mauritius)
Shivay Brokers Private Limited (w.e.f. 19 November
2020)

Joint Ventures
Piramal Sunteck Realty Private Limited	Uniworth Realty LLP
Nariman Infrastructure LLP
GGICO Sunteck Limited (UAE)

This space has been intentionally left blank

Page 4 of 4

Walker Chandiok & Co LLP

11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

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

To the Board of Directors of Sunteck Realty Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Sunteck Realty Limited ('the Company') for the quarter ended 30 September 2021 and the year to date results for the period 1 April 2021 to 30 September 2021, being submitted by the Company 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. 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, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure 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. 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. 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. Based on our review conducted as 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 Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements 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.

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Emphasis of Matters

1. We draw attention to:
(i) Note 2 to the accompanying Statement regarding uncertainties relating to recoverability of 'other non-current financial assets' aggregating ₹ 1,402.73 lakhs as at 30 September 2021 from a partnership firm ('firm'), in which the Company was associated as a partner till 6 October 2020. On account of certain disputes with the other partner of the firm, the Company had initiated arbitration proceedings against the other partner which was decided in favour of the Company on 4 May 2018 but has been challenged by the other partner before the Bombay High Court. Further, as described in the said note, the financial statements of the firm are not available with the Company and therefore, the Company's share of profit/(loss) for the period from 2015 till 6 October 2020 has not been accounted by the management for preparation of the Statement, however the management is of the view that the impact of such share of profit/(loss) would not be material to the accompanying Statement since there are no operations in the partnership firm during the aforesaid period. Basis the favourable arbitration award and the legal opinion obtained, the management believes that the aforesaid balances are fully recoverable and hence, no provision for impairment is required to be recognised in respect of such balances as at 30 September 2021.
(ii) Note 3 to the accompanying Statement, regarding the Company's non-current investments as at 30 September 2021 include investments of ₹ 25,976.02 lakhs in Sunteck Lifestyle International Private Limited (SLIPL), a subsidiary. SLIPL, had further acquired 50% share in joint venture (JV) company, GGICO Sunteck Limited (GGICO), through its wholly owned subsidiary, Sunteck Lifestyle Limited (SLL), for development of real-estate project in Dubai. Further, the Company's other non-current financial assets include receivables from SLL aggregating ₹ 761.20 lakhs. SLL has incurred losses and net-worth has been partially eroded. Development of the project by GGICO has been delayed on account of certain disputes with the other JV partner and SLL has initiated arbitration in previous period against the other partner which is currently pending before London Court of International Arbitration (LCIA). Further, during the previous year, the other JV partner has also initiated the arbitration proceedings before LCIA against the Company and SLL, which has been admitted by LCIA as further explained in the management note. Based on the legal opinion and other factors as described in the aforesaid note, the management is of the view that the aforesaid non-current investments and other non-current financial assets as at 30 September 2021 are fully recoverable and the claims raised by the JV partner are not tenable.
(iii) Note 4 to the accompanying Statement, which describes the uncertainties relating to the outbreak COVID-19 pandemic and management evaluation of its impact on the Company's operations and on the accompanying Statement of the Company as at 30 September 2021, the extent of which is significantly dependent on future developments.
(iv) Note 5 to the accompanying Statement, regarding the restatement of comparative financial information of the Company, in accordance with the principles of Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors on account of various adjustments, reclassifications and corrections of errors, which are further described in the aforesaid note.

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

For Walker Chandiok & Co LLP

Chartered Accountants Firm Registration No:001076N/N500013

RAKESH RAMAWATAR AGARWAL

Digitally signed by RAKESH RAMAWATAR AGARWAL Date: 2021.11.11 21:25:07 +05'30'

Rakesh R. Agarwal Partner Membership No:109632

UDIN:21109632AAAARX5570

Place: Mumbai Date: 11 November 2021 Page 1 of 2

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Chartered Accountants

AI assistant

Sunteck Realty Ltd Board/Management Information 2021

62284_rns_2021-11-11_694fc84e-058b-403e-8094-b4b8dca6781d.pdf

Sunteck Realty Ltd.

Sub: Outcome of Board Meeting