Sunteck Realty Ltd — Interim / Quarterly Report 2022

Jul 30, 2021

Sunteck Realty Ltd.

SRL/SE/23/21-22

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 05 1 Scrip Code: SUNTECK

Date: 30111 July, 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 i.e. 30th July, 202 1 inter alia transacted the fo llowing business:

1. Approved the Unaudited Standalone and Consolidated Financial Results for the quarter ended 30111 June, 2021.

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 201 5 (SEBI LODR), we enclose herewith the copy of Unaudited Financial Results (Standalone and Consolidated) for the quarter ended 30111 June, 202 1 along with Limited Review Report thereon.

20.00 p.m. 21.30 p.m. The meeting of the Board of Directors commenced at ___ and concluded at ___ _

This is for your information and records.

For Sunteck Realty Limited

Encl: a/a

SUNTECK REALTY LIMITED

Regd, Office: 5th Floor, Sunteck Centre, 37~ 40 Subhash Road, VIie Parle (East), Mumbai 400057 CIN:L32100MH1981PLC025346 website:www.sunteckindia,com, Email :cosec@sunteckind!a.c0m

Quarter endodYear endedPartlculars31 March30 June31 MarchSr.30 June2021202120202021No.UnauditedUnauditedUnauditedAuditedRestated(Refer note 7)tRefer note 511Income9,273.7519,109.375,497.47(a) Revenue from operations337.87357.71822.95(b) Other income19,467.086,320.429,611.62Total income (a+b)Expenses213,659.322,284.598,702.1623,965.94(a) Cost of constructlon and development(4,545.68)(2,268.38)(27.56)12,540.29(b) Changes In inventories ofworkfn•progress andfinished pr_operties{c) Employee benefits expense1,323.561,041.48931.723,821.861,753.792,198.321,771.848,463.60(d) Finance costs132.55143.60126.71520.35(e) Depreciation and amortisation expense3,147.601,732.51750.507,366.43(f) Other expenses17,477.41Total expenses (a+b+ctd+e+f)9,116.946,264.2856,678.47Proflt/(los.s) before share of profit /{loss) of joint ventures1494.681,989.6756.146,405.763-,.e·xceptlonal Hem and.tax (1-2)(136.09)51.40Share of profit /(loss) of joint ventures(48.95)34.264358.592,041.077.195Profitl(toss) before exceptional item and tax (3+4)6,440.02--603.50603,50Exceptional item expense (Refer·note 8)67Proflt/(loss) before tax (5•6)358.591,437.577.195,836.528Tax expense/(credit)109.05(120.63)355.82(a) Current income tax1,026.89(b) Deferred lncome tax(53.34)517.31(40.14)615.5655.71396.68315.681,642.45302.8B1,040.89(308.49)4,194.079Proflt/(loss) for the period/ year (7-S)10 OthPr comprehensive ln_cQme/(loss)(a) Items not to be reclsslfled subsequently to profit or loss.'/,-,<(9.73)• Gainl(ioss) on fair value of defined benefit plans as4.33(2.26)16.13per actualal valuation" Gain/(_loss) on fair value of equily instruments0.8310.200.7310.94¥ Income tax relating -to above items2.74(3.57)0.47(7.53)(b) ltE:ms to be_ reclssifi_ed _subsequently to profit or loss Translalian exchange gaJn I (loss) relating to foreign24.10232.8536.70(478.97)operations_Other comprehe.nlv lncome/(foss) for the period/ year, net of tax226,6935,6435.06(459.43)Total comprehensive income/(loss) for _the period/ year1 net 9f ta;x529 571,075.95(272.85)3,734.6411(9 + iO)Net profiU(loss) attributable toOwner's of-the parent302.881,040.89(308.49)4,194.07-Non" controlling interestOther.comprehensive Jncome/(Joss) for the period attrlbutable toOvmer's of the parent226.6935.0635,64(459.43)---Non~ control!lng InterestTotal comprehensive lncome/(loss) for the period attributable to· Owner's of the parent529.571,075.95(272.85)3,734.64-Non~ contro!Hng interest12 Paid up equity share capital (Face value of, 1 each)1,403.941,403.941,403.721,403.94--13 Other equlty (excluding revaluation reserves)2,75,821. 1514 Earnings/ (loss) per share {not .annualised) (Face value of l 1 each)(a) Basic EPS (in 'l0.220.74(0,22)2.9B(b)Dlluted EPS.(io ')0.220.74(0.22)2.97	A. STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2021		, In lakhs except earnings per share data
				61,386.48
				1,697.75
				63,084.23
See accompanying notes to the un~udited consolidated financial results··-

Notes to the unaudited consolidated financial results for the quarter ended 30 June 2021

• 1 Suntack Really Limited ("the Company" or "the Holding Company") and its subsidiaries are together referred to as 'the Group' in the following notes. The unqudited consolidated financial results (results) have been prepared in eccordance 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 30 July 2021.
• 2 In case of Holding Company, other non-current financial assets as at 30 June 2021 include ₹ 1,402.73 lakhs, representing emount 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 lilegal 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 arbitretion 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 legel opinion, Management is confident of recovering the aforesaid dues and therefore, no provision has been considered necessary at this stage. Further, considering the as the financial statements from the partnership firm are not available. Since thare 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.
• Non-current investments in joint ventures and non-current foans as at 30 June 2021 include ₹ 13,646.36 lakhs and ₹ 3,916.81 lakhs respectively, representing amount receivable from GGICO Sunteck Limited (GGICO), a joint venture company, acquired through wholly owned subsidiary, Suntack Lifestyle Limited (SLL), which is in the business of development of real-estate project in Dubal, 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 stetutory approvals for commencing the construction ectivity as specified in the Joint Venture Agreement (JVA). During the year previous year, the other JV partner has 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 vanture 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 Juna 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 yalue of the assets and liabilities as at 30 June 2021. However, there exists significant estimation uncertainty in relation to the future impact of COVID-19 pandemic on the Group and, accordingly, the sclual 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 and its joint ventures 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 criterie to recognise revenue over the period of time towards satisfaction of performance obligation, reassessing the contracts for accounting under principal varsus agent consideration and accounting for joint development arrangamants as specified in Ind-AS 115 - 'Revenue from Contract with Customers', Management behaves 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 transterring of control of property promised to the customers on completion of the projects. Purther, pursuant to a clanification 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 and its joint ventures has excluded such borrowing costs relating to the post-launch poriod 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 evaluated various matters under litigations 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 ventures has restated the financial results for the comparative period, in accordance with the regulrements of Ind-AS B - 'Accounting Policies, Changes in Accounting Estimates and Errors', The impacts of aforesaid restatements are as follows:

Impact on unaudited consolidated financial results		₹ in lakhs except earnings per share data
Particulars		For the quarterended 30 June 2020
Revenue from operations		(574.95)
Cost of construction and development		(847.11)
Finance cost (not invantorised) .		878.76
Other expenses		(19.00)
Profit/(loss) before share of profit /(loss) of joint ventures and tax		(587,60)
Share of profit /(loss) of joint ventures		(63.23)
Profit/(loss) before tax		(650.83)
Tax expense		(35.96)
Profit/(loss) for the period		(614.87)
Total comprehensive income/(loss) for the period, net of tax-		(614.87)
Basic earnings / (loss) per share (in ₹) (not annualised)		(0.44)
Diluted earnings / (lpss) per share (in ₹) (not annualised)		(0.44)
Himmed in honolists inscriptive dependent.	and a company of the company

6 The Group's primary business seament is reflected based on principal business activities carried on by the Group. As per Ind AS 10B, the Group operates in one reportable business segment i.e. construction and development of real astate projects.

7 The figures for the quarter ended 31 March 2021 represent the balancing figures between audited figures in respect of the full finencial year and those published till the third quarter of the financial year, which were subjected to a limited review by statutory auditors.

Exceptional item for the querter and year onded 31 March 2021 represents balance written off in respect of trade receivables amounting to Y 603.50 lakhs as considered no longer recovarable

9 Previous period's/ year figures have been regrouped / rearranged, wherever considered necessery other than restatement impacts as stated in note 5 above.

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

Kama@heta

Kamal Khetan Chairman and Managing Director (DIN: 00017527)

Date: 30 July 2021 Place: Mumbai

SUNTECK REALTY LIMITED

Regd. Office: 51h Floor, Sunleck Centre, 37-40 Subhash Road, Vile Parle (East), Mumbai 400057 CIN:L32100MH1981PLC025346 webslte:www.sunteckind!a,c_om, Email :cosec@sunteckfndla.com

A. STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2021, In lakhs except earnings per share data
		Quarter ended			Year ended
Sr.		30 June2021	31 March2021	30 June2020	31 March2021
	No. Particulars	Unaudited	Unaudited	Unaudited	Audited
			(Refer note 7)	RestatedrRefer note 51
1	Income
	(a) Revenue from operations	4,743.88	6,479.92	2,049.44	31,390.09·
	(b) Other income	240.47	427.12	402.28	2,529.08
	Total Income	4,984.35	6,907.04	2,451.72	33,919.17
2	Expenses
	(a) Cost of construction and development ·	3,771.67	4,359.34	571.97	9,533:30
	(b) Changes in inventories of work-in-progress andfinished properties	(1,582.80)	(796.21)	160.39	9,231.37
	(c) Employee benefits expense	606,12	510.30	5) 3.52	1,772.08
	(d) Finance costs	1,002.56	901.01	1,272.39	4,866.63
	(e) Depreciation and amortisation expense	78.98	83.75	78.16	313.93
	(f) Other expenses	991.41	1,620.37	223.13	3,130.40
	Total expenses	4,867.94	6,678,56	2,819.56	28,847.71
3	Profll/(loss) before exceptional Item and tax (1-2)	116.41	228,48	(367.84)	5,071.46
4	Exceplional ilern expense (Refer note 8)		603,50		603.50
5	Profil/(loss) before tax (3•4)	116.41	(375.02)	(367,84)	4,467.96
6	Tax expense/(credll)
	(a) Current income tax		(115.55)	68.61	697.09
	(b) Deferred incorne tax	(13.49)	81.26	13.11	(13.31)
		(13,49)	(34.29)	81,72	683,78
7	Profil/(loss) for the period/ year (5-6)	129,90	(340,73)	(449,56)	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 peractuarial valuation	{5.09)	4.21	(5,95)	3.97
	- Gain/(loss) on fair value of equity instruments	0.20	12.22	0,05	12.34
	- Income tax relating to above Items	1.46	(4.08)	1.73	(4.02)
	Other comprehensive income/(loss) for the period/ year,net of tax	(3.43)	12.35	(4.17)	12,29
9	Total comprehensive income/(loss) for the period/ year,net of tax (7 + 8)	126.47	(328,38)	(453,73)	3,796.47
10	Paid up equity share capital (Face value oft 1 each)	1,463.94	1,463.94	1,463.72	1,463.94
11	Other equity {excluding revaluation reserves)				1,92,751.91
12	Earnings/ (loss) per share (not annualised) (Face value of~
	1 each)(a) Basic EPS (in')	0.09	(0.23)	(0,31)	2.59
	(b) Diluted EPS (inf)	0.09	(0,23)	(0,31)	2.59
	See accompanying notes to the unaudited standalonefinancial results

Noles to the unaudited standalone flnancUd rnsults for the quarter ended 30 Juno 2021

• The unaudited standalone financial results or Sunteck Realty Umlled ('SRL' or 'the Company') have been prepare(! in accordance with tha recognition and measurement principles of applicable Indian Accounhng Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 (a$ amended), as prescribed vnder Section 133 of the Compania.s Act 2013. The unaudited standalone financial results were revlowed and recommended by the Audit Commillee ane1 were thereafter approved by the Board or Directors al their respective rnea1ings held on 30 July 2021.
• 2 Other non-curr1;1nt financial assets as at 30 June 2021 include t 1,402.73 lakhs, representing amount receivable frofll a partnership firm ('Firm'} In Which the Company was associated as a partner 1HI 6 October 2020 which Is presently under dispute with respect lo alleged illegal sale of the firm's assets by the other partner, The Company had received arbUralion award dated 4 May 2018 In !ts favour in respect of this matler which has been further challenged by the o,ther partner ln Bombay High Cowt, which has neither been admitted as yet nor any stay granted against tho award. Basis the sta!us of the cese, f1woorable arbitration award and legal opinion, Management is confident of recovering tho aforesaid dues and therefore, no provlalon has been consiClerod necossary at thls slage. Further, considering ttla dispute, the Company has not accounted for !ls share of proflls or losses for the period from 2015 llll 6 Oclober 2020 as the financial s1atements from tllo partnership firm aro not ava!fable, Sinco thorn are no operations ln the partnership firm since 2015, Management does not expect the !mpaci of such sha,e of profits or losses, not accounted. to be material,
• 3 Non-currant Investments as at 30 June 2021 lnclude , 25,864.38 lakhs representing lnveslment In Its wholly owned subsidiary, Suntack Ufesty!e lntemauonal Private Limited (SLIPL), which had further acquired 50% sh13re in joint venture compony, GGICO Suntcck Limilod {GGJCO), through its wholly owned subs!dl1.1ry, Sunteck Lifestyle Limited (SLL), ror development of rea1-estale project fr; Duba!. Further, the Company's other non-current financial assets include receivable from SLL amounting to I! 760.89 lakhs. SLL has Incurred losses during initial years and net•worlh has been par\lally eroded. Development of the project undertaken by GG!CO has been delayed on nccount of certain disputes with the other joint venlure partner. SLL has obtained favourable order from the court of Dubai lnlernational Finance Centre against the claim made by other joint ventwe partner tor termination of joint venture. Further, SLL has in!fiated arbilra!lon before London Court of fntarnatiorm! Arbitration (LCIA) during previous period against the other partner, alleging that other partner has not obtained necessary tegulatory and statutory .ipprova1s for commencing the construction activity as specified in the Joint Venture Agreemenl (JVA), During lhe previous year, the other JV partner has also initia1ed arbitration beforo LCIA against SLL and the Company alleging non-compliance of certain conditions of the JVA and seeking tetmlna\ion of the jolnl venture. Both the arbitrations have been admitted and arbitrator has also been appointed and the arbitration proceedings have also commencect Basis legal opinion, the management is of the view that such claims are not I enable against tho Comp.any and $LL Further, based on estimated future business results once the project resumos and considering the contractual tenabilrty, present status of negotiation/ dlscussion I arbitration I UtlgaUons which includes claims due from tile joint venture partner if the joint venture is dissolved, Management believes that th<: realisable amount ot investment in subsldlarles i's higher than lhtt carrying value of the non-current investmants and other non-current financial assets due to which these are c<:msidered as good arid recoverable as at 30 June 1021,
• 4 Tho outbreak of COVI0-19 pandemic has disrupted regular bus!hess operaUoM of tho Company due to tha lock down reslrictions and other emergency measures imposed by the Government from time to tlme, Although th9 business operations have rac:ommenced post relaxallon of !ockdowns, the Company remains watChful of the potenUat impact pursuant to tho Gocond wavo Qf tho p1.1nclem1c on rusum!ng normal businos"s opor.:;iUone on a continuous basis. The Comp,my has also adopted measures to curb the spread of Infection In order to protect the health of lls employees and ensures business continuity with rninlmal disruption, Management has taken lnto account the poss!ble Impacts or known events, upto the date of tho approval of these unaudited standalone flnanc!al results, arising from COVID-19 pandemic on lts operations and the carrying value of the assets and Uabilitios as at 30 June 2021. However, there exists s!gntflcant estiml'lt!on uncertainty in relation to tha future impact of COVID-19 pandemlc on the Company and, accordingly, the actual Impact In the future may be different from those presently esUmated, The Company w!U continue to monilor any material Ghange to the future 'economic coflditlons and co·nsequen!lal Impact on the u11aucli!ed standa!one,financlal resuUs,
• $ During the year ended 31 March 2021, the Company had i:hangod Ow mothod or raven_l.lO racogniUon from parcentage of completion method to completad contract method in respect of certain rea!•eSlate projects pLJrsuant to re-assessment of certain crJti;ria to recognise revenue over the period or ume towards satisfaction of performance obligation, re•assassfng the conlraCt for accounting under principal versus agent consideraticm and acoounling for joint development 1Hrangemenls as spedfied in Ind-AS 115 - 'Revenue from Contract with Customers'. Management believes that considering !ha contractual terms, in respect ot certain projects, an anforceabla rights to payment does not arise until the development of the projocl Is completed and therefore lt would M more accurate on a comparative basis to recognise the revenue QI\ transferring of control of property promised to the c\1slomers <'.In compleUon of !hi:! projects. FurU)er, pursoan.l to a clarification Issued by lntornationat Accounting Standards Board ('IASB') in retaUon to borrowing costs on roal-ostato proJi;icts where revenue ls recognised on percentage of completion basls, the Company has excluded :such borrowing cosW relating to the post-launch period from its estimates of the balaflce cost to completion, and the same are now recognised as finance cost in th& Slatemonl of Profit and loss, Further, the Company re-evaluated various m;;i:tters under Jiligation Jn ac9ordanco with Ind-AS~ 37, Provisions, Contingont Liabilillas and Contlngent.A&sels and accounted the: Habilities.

Pursuant lo the Impact of aroresald changes, the Company has restated the financial results fO( the comparative period, in accordance with the requirements of Ind-AS 8 • 'Accounting Polic!os, Chor19ot. in Accounting E'.stimati)s and Erroro'. Th:o impactc of aforesaid restatements aro as follows;

lmnact on unaudited standalone financial results	Particulars	t' in lakhs except oam!nas ner share data	For the quarterended 30 June:2020
Revenue from opera1ions			(310,37)
Cost of constructlpn and d_evelopment			(129.65)
Finance cost (not !rwenlorlsad)			255.18
Other expenses			(11.37)
Profit/ (loss) be{ore tax
Tax expense			(424.53)
Profit/ (loss) for the period			4.99
Total e-0mprehensive profit I (loss) for the period			(429.52)
Basic an~ diluted eamlnos / /loss\ oershare /Inn (no! annuallsod)			(429.52)
(figures in brackets roprosent decrease)			fQ,29

6 The Company's primary buslnes.s segment Is reflected based on principal business activities carried on by the Company, As per Ind AS 108, the Comp;iny opera!es in one reportable business segment i.e. construcJion and development of real estale projects,

• 7 The figures for the quarter ended 31 March 2021 represent the balancing figures between audited figures i'n respect of the full financial year and lhOse published till tho third quarter of the financlal year, which were subjoctod to a limite_d review by tho statutory auditors.
• 8 Exceptional item to, the quarter and 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 Previous period's/ year figures have beon regrouped/ rearranged, wherever considered necessary other than ~estotement Impacts as staled Jn note 5 ~bove,

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

. Kamal Kh&tan Chairman and Mana~ing Olrector

(DIN: 00017527)

Walker Chandiok & Co LLP

11th Floor, Tower 11, One International Center, SB Marg, Prabhadevi 0N), Mumbai - 400013 Maharashtra, lndia T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuantto 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 its joint ventures (refer Annexure. 1 for the list of subsidiaries and joint ventures included in the Statement) for the quarter ended 30 June 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

Chimred Accountants

Offices In Bonga).Ku, Chandig!rll, Chonnal, Gtru'1"am, Hyd8fabad, Koehl, Kolkata, Mumbal, New Doll, Nolda and Pune

Walker Chen,diok & Co LLP is registered with limited liability with Identification number AAC-2085 and has Its registered office at l-41, Connaughl Clrous, Outer Circle, New Deihl, 110001, India

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

• 4. 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 June 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 June 2021.
  • ii. Note 3 to the accompanying Statement, regarding the Group's non-current investments and non-current loans aggregating ~ 13,646.36 lakhs and ~ 3,916.81 lakhs respectively, as at 30 June 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 June 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 June 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

C-h«tered Accooolants

Offices In Bengaklu, Cllandigati, Chennal, Gurugram, Hyderab~d, Koehl, Kole.ala, M.Jmbai, New Datil, Nolda md Pun&

Walker Chandiok & Co LLP is registered · with limited liability with Identification number AAC-2085 and has !Is registered office at L-41, Connought Circus, Outer Circle, New Delhi, 110001, India

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

• 1. We did not review the interim financial results/ financial information of seventeen (17) subsidiaries included in the Statement, whose financial information (before eliminating intra-group transactions) reflects total revenues of~ 1,530.86 lakhs, total net profit after tax of~ 186.66 lakhs and total comprehensive income of , 1,342.88 lakhs (total comprehensive income , 152.69 lakhs after eliminating inter-company transactions) for the quarter ended 30 June 2021, as considered in the Statement. The Statement also includes the Group's share of net loss after tax of , 0.11 lakhs and total comprehensive loss of , 0.11 lakhs for the quarter ended 30 June 2021, as considered in the Statement, in respect of two (2) joint ventures, whose interim financial results/ financial information have not been reviewed by us. These interim financial results/ financial information 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 reports 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.
• 1. The Statement includes the Group's share of net profit after tax of Nil and total comprehensive income of Nil for the quarter ended 30 June 2021, in respect of one (1) joint venture, based on its interim financial information, which have not been reviewed by its 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 venture, 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 are 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.
• 1. The review of unaudited consolidated quarterly financial results for the period ended 30 June 2020 included in the Statement was carried out and reported by Mis Lodha and Co., Chartered Accountants who have expressed an unmodified conclusion vide their review report dated 28 July 2020 whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013

RAKE SH ' Digitally signed by ' RAKESH RAMAWATAR RAMAWATAR ~GARWAL AGARWAL Date,2021.07.30 21 :02:09 +05'30'

Rakesh R. Agarwal Partner Membership No:109632

UDIN:21109632AAAAKD5881

Place: Mumbai Date: 30 July 2021

Page3of4

Chartered Accountants

Offices In Bengalru, Chandigirh, Chennal, Gurugram, Hyderabad, Koehl, Kollata, MJmbai, New Delli, Nolda ood Pune

Walker Chandiok & Co LLP ls registered with 1/mited liability with identification number AAC-2085 and has lls registered offico ot L-41, CoMaught Circus, Outer Circie, New Delhi, 110001, India

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

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 Infraprojects Private Limited
Sunteck Property Holdings Private Limited	Sunteck Real Estates Private Limited
Sunteck Realty Holdings Private Limited	Sunteck Infraprojects Private Limited
Clarissa Facility Management LLP	Mithra Buildcon LLP
Sunteck Lifestyle Limited (UAE)	Magnate Industries LLP
Sunteck Lifestyle International PrivateLimited	Sunteck Lifestyle Management JLT (UAE)
(Mauritius)
Shivay Brokers Private Limited (w.e.f. 19 November
2020)

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

This space has been intentionally left blank

Page 4 of 4

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennal, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Nolda and Pune

Walker Chandick & Co LLP is registeredwith limited liability with identificationnumber AAC-2085 and has its registeredoffice at L-41, Connaught Circus, OuterCircle, New Delhi, 110001, India

Walker Chandlok & Co LLP

11th Floor, Tower JI, One International Center, S B Marg, Prabhadevl (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 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 June 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 Js 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.

Page 1 of 3

Chirter&d Acoounlallts

Office&!n Songakiru, Chandiglfh, Chennal, Gi.rui,am, Hyderabad, Koehl, Kolkata, MJmbal, New Delli, Nolda and Pune

Walker Chandiok & Co LLP Is registered with limited !iablllty with idenlificaUon number MC-2085 and has !ts reglstered offioo ct l•41, Connaught Circus, Outer Circle, New Delhi, 110001, India

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

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 i!' 1,402.73 lakhs as at 30 June 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 profiU(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 profiU(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 June 2021.
  • (ii) Note 3 to the accompanying Statement, regarding the Company's non-current investments as at 30 June 2021 include investments of i!' 25,864.38 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 i!' 760.89 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 June 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 June 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.

Page 2 of3

Chwtered Accountants

Off()llsln Bongak.ru, Chandlglfh, Channal, Gurugr001, Hyderabad, Koehl, KoJ11rt11, MJmbal, NawDelll, Nokia 111d Pune

Walker Chandiok & Co LLP Is reglstered with limited liability with Identification number AAC-2085 and has Its registered office at L-41, Connaught Circus, Outer Circie, New Delhi, 110001, India

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

1. The review of standalone unaudited quarterly financial results for the period ended 30 June 2020 included in the Statement was carried out and reported by Mis Lodha and Co., Chartered Accountants who have expressed an unmodified conclusion vide their review report dated 28 July 2020, whose review report has been furnished to us and which has been relied upon by us for the purpose of our review of the Statement.

Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013

RAKESH RAMAWATAR AGARWAL Dig!tatly signed by RAKESH RAMAv\o'.ATAR AGARWAL D'ilte:' 2021.07.30 21 :02:34 +05'30'

Rakesh R. Agarwal Partner Membership No: 109632

UDIN:21109632AAAAKC8873

Place: Mumbai Date: 30 July 2021

Page 3 of 3

Chirt&red Accountants

Offices In 8e!l11aklu, ChandJg!rn, Chennai, Gurugr1¥11, Hyderabad, Koehl, Kolata, M.imbal, New Delli, Nolde ood Puns

Walker Chandiok & Co LLP Is registered with limited liability with ldenlificatlon number AAC-2085 and has lts registered office at L-41, ConnaughtCircua, Outer Circle, New Delhi, 110001, India