The Phoenix Mills Ltd. - Interim / Quarterly Report 2022

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax : (022) 3001 6601 CIN No. : L17100MH1905PLC000200

November 1, 2021

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra East, Mumbai- 400 001 Mumbai- 400051

Security code: 503100 Symbol: PHOENIXLTD

Dear Sir(s),

Sub: Outcome of the Board Meeting‐ Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021

Further to our intimation dated October 25, 2021 and pursuant to Regulation 30, 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”), we wish to inform you that the Board of Directors of The Phoenix Mills Limited (“Company”) at its meeting held today viz. Monday, November 1, 2021, have considered and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended on September 30, 2021.

Accordingly, we are submitting herewith the Unaudited Standalone and Consolidated Financial Results along with the Limited Review Report thereon issued by our Statutory Auditors M/s. D T S & Associates LLP, Chartered Accountants, for the quarter and half year ended September 30, 2021.

The meeting of the Board of Directors of the Company commenced at 4.30 p.m. (IST) and concluded at 8.20 p.m. (IST)

The intimation along with the aforesaid Financial Results and Limited Review Report are also being uploaded on the Company’s website at https://www.thephoenixmills.com.

You are requested to take the aforesaid information on record.

Thanking you,

Yours Faithfully,

For The Phoenix Mills Limited Gajendra Digitally signed by Gajendra Mewara Mewara Date: 2021.11.01 20:25:40 +05'30' Gajendra Mewara Company Secretary

Enclosures: As above

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9 Fax : (022) 2493 8388 E-mail : [email protected] www.thephoenixmills.com

Chartered Accountants

D T S & Associates LLP

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

Review Report to, The Board of Directors

The Phoenix Mills Limited

We have reviewed the accompanying statement of unaudited standalone financial results of The Phoenix Mills Limited (the 'Company') for the quarter ended 30[th ] September, 2021 and year to date from April 01, 2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
This 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, (Ind AS 34) "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of person 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 Standard on Auditing 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.
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 aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued there under and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Listing Regulation, including the manner in which it is to be disclosed, or that it contains any material misstatement.

==> picture [87 x 87] intentionally omitted <==

REGO. OFFICE: SUIT#1306-1307, LODHA SUPREMUS, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400 013. PHONE: +91 22 4945 4050 FAX: +91 22 4945 4010

CORP. OFFICE: 1105, RAHEJA CENTRE, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI - 400 021. Dl-l()t-.11=• +01 ")") Ll07l 'JlOI, Wl='R· \A/IA/IA/ rite::, ;n

D T S & Associates LLP Chartered Accountants

We draw attention to Note 6 of the Statement, which describes the company's management evaluation of impact of Covid-19 pandemic on the future business operations and future cash flows of the Company and it's consequential effects on the carrying value of assets as at 30[th ] September, 2021. The Management has made a best estimate of the revenue recoverable for the half year ended 30th September, 2021 on the basis stated in the said Note. In view of uncertain economic conditions arising out of pandemic, the management's evaluation of impact on subsequent periods and of amounts of revenue recognised during the period is highly dependent upon conditions as they evolve. Our opinion is not modified in respect of this matter.

For D T S & Associates LLP

Chartered Accountants

g;st ca n No. 142412W / W100595J , � � As�� Partner Membership No. 132639 Place: Mumbai Date: 1 st November, 2021 UDIN: 21132639AAAAFT9336

Continuation Sheet... ..

THE PHOENIX MILLS LIMITED

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR ENDED 30TH SEPTEMBER, 2021 Regd. Office:- 462, Senapatl Bapat Marg, Lower Parel, Mumbai - 400013 Tel: (022) 24964307/ 08/ 09 E-mail: [email protected]:www.thephoenixmills.com

		( H, Lakhs)	( H, Lakhs)	( H, Lakhs)

PARTICULRS Thne Months Ended On Six Months Ended On Year Ended Sr. No. 30-09-2021 30-06-221 30--2020 30-09-2021 30-9-2020 31-3-2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1Income Nat Sales / Income from Operations 5,983.52 3,929.0 4,489.9 9,912.5 8,50.47 24,918.0 Other Incme (Refer Nole - 4) 1,488.36 3,53.72 905.22 5,030.08 1,391.08 29,75.64 Total Income from Operations 7,489.88 7,472.71 5,395.20 14,942.84 9,897.55 64,674.73 2Expenditure a) (Increase)/ Decrease in Stock in Trade/ork in Progress b) Cost of Materials Consumed c) Employee Benefts Expnss 590.36 400.12 26.03 990.48 484.28 1,268.42 d) Financ Cost 1,554.8 1,5.57 1,70.6 3,121.43 3,638.92 6,241.10 e) Electricty Expenses 391.84 272.95 378.8 84.79 537.68 1,80.67 I) Depreciation and Amorisation Expnses 712.17 682.81 1,153.71 1,394.98 2,304.68 4,237.51 g) Other Exenses 2,412.46 1,69.41 1,802.74 4,01.87 2,752.13 9,497.93 Total Expenditur 5,1 .69 4,571.88 5,299.9 10,233.55 9,717.69 23,049.63 3Proft before Exceptional Items 1,606.19 2,9 .90 95.28 4,709.09 179.86 31,625.10 4 5 6 7 8 9 10 11 12 Exceptonal Item (Refer Note - 5) 20,887.24 20,87.24 Proft from ordinar activities befor tax 1,808.19 23,788.14 95.26 25,596.33 179.86 31,625.10 Tax expense 270.07 317.31 23.81 57.38 31.09 2,399.37 Net Proft Afer Tax for the perod from continuing oper1tlon1 1,538.12 23,470.83 71.45 25,08.15 148.77 2,25.73 Othe Comprehensive Income (after lax) 39.51 39.37 18.05 78.88 29.49 18.44 Total Comprehensive Income (afer txH) (7+8) 1,577.63 23,510.20 89.50 25,087.83 178.26 29,244.17 Paid-up equity share cpital (Fa Value f2-per share) 3,439.59 3,437.82 3,433.67 3,439.59 3,433.67 3,437.42 Other Equity 4. 19,742.44 Basic EPS (not annualised) (f) 0.89 13.65 0.04 14.55 0.09 17.76 Dluted EPS(nt annualise\ m 0.90 13.83 0.04 14.52 0.09 17.72	PARTICULRS	Thne Months Ended On Six Months Ended On		Year Ended
		30-06-221 30--2020 30-09-2021 30-9-2020		31-3-2021
			Unaudited Audited 8,50.47 24,918.0 1,391.08 29,75.64 9,897.55 64,674.73 484.28 1,268.42 3,638.92 6,241.10 537.68 1,80.67 2,304.68 4,237.51 2,752.13 9,497.93 9,717.69 23,049.63 179.86 31,625.10 179.86 31,625.10 31.09 2,399.37 148.77 2,25.73 29.49 18.44 178.26 29,244.17 3,433.67 3,437.42 4. 19,742.44 0.09 17.76 0.09 17.72

Notes: 1 The above Standalone Unaudiled Financial Results of the Company fo, the quarter and haW year ended 30th Septerr.ber, 2021 have been reviewed by the AudH Committee end approved by the Board of Directors at their respective me tings held on 01 st November, 2021. The Statutory Auditors of the Company have conducted a "Limited R� of the above Standalone Unaudited Financial Results. 2 The company has Issued 1,08,250 Equity Shores under the ESOP scheme at an exercise price of Rs. 333.90/- per equHy share (induding premium of Rs. 331.90 per equity share), durtng the half year ended 30th September, 2021.

3 Tho Board of Directors approved Iha Scheme of Amalgamation ('Scheme") under section 230 to 232 of the Companies Act, 2013 for merger of Phoenix HospitalHy Company Privale Limited ("PHCPL"), a subsidiary company with the Company from the Appointed Dale 1st April, 2019. The effect of the merger would be accounled fo, after the Scheme is approved by National Company Law Tribunal ("NCL r') and other authortties. The Companies have filed their respectiv petitions befo,e the Hon'ble NCLT saeking Its approval for the propcsed merger, which are pending for final heartng by the Hon' ble NCL T. 4 Other income for the Financial Year 2020-21 inciudes profit on sale of Property Plant & Equipment (certain corrvnercial units and certain parcels of undivided share In land) aggregating to f 24,731.47 Lakhs to wholly owned subsideries. 5 E>c pUonal item for the quarter ended 30th June, 2021 refers to the profit on sale of partial Investments In two subsidiaries (Offbeat Developers Private Limited and Vamona Developers Private Limited), whilst relalniig control thereon.

6 In preparation of these financial results, the Company has taken Into account intemal and external sources of information to assess possibte Impacts of the pandemic, Including but not Wmlted to assessment of liquidity and going coricem, racoverabta values or its financial and non-financial assets. The Company has also assessed the potentlal Impact of Covid• 19 on the carrying value of property. plant & equipment, trade receivables, and other current assets appearing in the resutts of the Company. In devMOping the assumptions and estimates retating to the future uncertainties in !he economic condittons because of this pandemic, the Company as at the date of approval of results and based on current estimates, expects to recover the carrying amounts of the assets lnduding trade receivables as at 30.09.2021. Considering the evolving nature of the pandemic, Its actual impact In future could be different from that estimated as at the date of approval of these financial results. The Company will continue to ciosaly monitor uncertainUes arising out of material changes to the future economic conditions.

The Mall operations for the haW year ended 30.09.2021 have be n Impacted by the Lod<downs enforced owing to the COVID -19 Pandemic. The Management has recognised the revenues from Man operations for the hatf year ended 30.09.2021 on a conservative basis considering concessions/reliefs on rentals from its retailers/ Licensees. owing to which the said results and performance are not indicative/illustrative of lhe revenue and p&rfonnance for the enUre Flnanclat Year.

7 Tho Company Is predominantly engaged In the business of property and relaled services, whose resulls era reviewed regularly by chief operating decision maker for making decis;ons about resource allocation and performance assessment. As such , there are no separate reporting segments as per lnd·AS108.
8 The figures for the cocresponding previous period have be redassified/ regrouped, whe,ever necessary lo make them comparable with the corrent period.

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THE PHOENIX MILLS LIMITED

STATEMENT OF STANDALONE CASH FLOWS FOR THE SIX MONTH ENDED 30TH SEPTEMBER, 2021

Six Month ended 30th September 2021 4,709.08 1,39.9 153.43 3,121.43 (2,709.6) . 67.42 33.88 (1,625.02) . 1399.28) 37.20 4,748.28 (30.94) (715.6) (746.5) 3,999.74 (459.47) 3 5.27 (f In Lakhs) Six Month ended 30t September 2020 179.86 2,30.68 (23.96) 3,63.92 (1,192.68) (2.63) 16.30 183.80 (0.03) 2.20 (173.27) 4,753.35 4,933.21 (2,630.19) 3,433.57 803.38 5,738.59 (39.08) 5 387.51	Six Month ended 30th September 2021 4,709.08 1,39.9 153.43 3,121.43 (2,709.6) . 67.42 33.88 (1,625.02) . 1399.28) 37.20 4,748.28 (30.94) (715.6) (746.5) 3,999.74 (459.47) 3 5.27 (f In Lakhs) Six Month ended 30t September 2020 179.86 2,30.68 (23.96) 3,63.92 (1,192.68) (2.63) 16.30 183.80 (0.03) 2.20 (173.27) 4,753.35 4,933.21 (2,630.19) 3,433.57 803.38 5,738.59 (39.08) 5 387.51	Six Month ended 30th September 2021 4,709.08 1,39.9 153.43 3,121.43 (2,709.6) . 67.42 33.88 (1,625.02) . 1399.28) 37.20 4,748.28 (30.94) (715.6) (746.5) 3,999.74 (459.47) 3 5.27 (f In Lakhs) Six Month ended 30t September 2020 179.86 2,30.68 (23.96) 3,63.92 (1,192.68) (2.63) 16.30 183.80 (0.03) 2.20 (173.27) 4,753.35 4,933.21 (2,630.19) 3,433.57 803.38 5,738.59 (39.08) 5 387.51	Six Month ended 30th September 2021 4,709.08 1,39.9 153.43 3,121.43 (2,709.6) . 67.42 33.88 (1,625.02) . 1399.28) 37.20 4,748.28 (30.94) (715.6) (746.5) 3,999.74 (459.47) 3 5.27 (f In Lakhs) Six Month ended 30t September 2020 179.86 2,30.68 (23.96) 3,63.92 (1,192.68) (2.63) 16.30 183.80 (0.03) 2.20 (173.27) 4,753.35 4,933.21 (2,630.19) 3,433.57 803.38 5,738.59 (39.08) 5 387.51

			5 387.51
12,07.55 31,312.38 (81,25.0) 31,248.78 (1,07.11) 3,403.49 (2,393.00) 29,712.00 (72,484.31) 35,880.90 (1,058.10) 3,721.45 1,625.02 19 320.95) 361.45 (7,523.23) (7,116.01) 16,386.0 (9.62) (1,829.12) (1,720.07) 11 450.60 17 231.28 - 8,182.31 h�� 961.03		(475.87) (9,49.96) (57,50.00) 18,007.85 (1,03.32) .. (42,431.33) 3,573.33 (4,50.0) . . 238.27 0.03 193 651.00) 1,0,686.27 (13,38.6) (1,059.03) (4,612.95) (9.18) (1,175.45) . 88 40.98 217.49 383.00 600.49
	19 320.95)

	11 450.60		88 40.98
			217.49 383.00 600.49
({::) * �

THE PHOENIX MILLS LIMITED

STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2021

			� in Lakhs
	Paricular		Asal 30th September 2021 Asal 31st March 2021
			Unaudited Audited
	ASSETS Non-urrent Assets a) Propery, Plant And Equipment b) Capital Wor-In-Progress c) Other Intangible Assets d) Financial Assets i) Investments ii) Loans iii) Other Financial Assets e) Deferred Tax Assets (Net) f) Other Non-Current Assets 2 Current Assets a) Financial Assets i) Investment ii) Trade Receivables iii) Cash And Cash Equivalents (A) iv) Bank Balanc Other Than (Iii) Above v) Loans vi) Other Financial Assets b) Current Tax Assets (Net) c) Other Current Assets (B) TOTAL ASSETS (A + B) EQUIT AND LIABILITIES Equit a) Equity Share Capital b) Other Equity (A} Llabllltles 2 Non-Current Llabllitles a) Financial Liabilities i) Borrowings ii) Other Financial Liabilities b) Provisions c) other Non-Current Liabilities (B) 3 Current Llabllltles i) Borrowings ii) Trade Payables (a) Total Outstanding Dues Of Micro Enterprises And Small Enterprises; (b) Total Outstanding Dues Of Creditors Othet Than Micro Enterprises And Small Enterprises; iii) Other Financial Liabilities b) Provisions c) Other Current Liabilities (C) TOTAL EQUIT AND LIABILITIES(A+B+C)		45,016.35 8,347.35 2.52 3,33,918.74 10,230.25 4,414.01 930.60 902.06 4 03 761.88 56,400.05 9,432.59 951.03 6,199.84 13,959.00 46,438.74 4,297.34 1,148.88 1 38,827.47 39,727.52 1,090.31 3.32 2,80, 191. 74 10,530.25 4,414.01 897.98 910.41 3 37 765.5 8,237.99 4,799.61 8,182.31 33,518.84 44,971.37 73,684.92 4,457.87 650.42 1,78,503.33
			5 42 589.35 3,439.59 4,43,790.14 4,47,229.73 39,191.34 5,093.23 203.59 240.72 44,728.88 31,118.13 41.40 1,402.19 12,437.08 8.49 5,623.45 50 630.74 5,42,589.35 5 16 268.87 3,437.42 4,19,742.44 4 23 179.86 46,416.55 3,014.68 163.06 897.27 50 491.56 21,775.27 63.47 1,615.70 13,613.34 8.49 5,521.18 42,597.45 5, 16,268.87 For and on behalf of Board of directors Shishir Shrlvastava (Managing Director)
		TOTAL EQUIT AND LIABILITIES(A+B+C)
Place: Mumbai Dated: 1st, November 2021

Chartered Accountants

D TS � Associates LLP

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

Review Report to The Board of Directors The Phoenix Mills Limited

I. We have reviewed the accompanying statement of Unaudited Consolidated Financial Results of The Phoenix Mills Limited (''the Parent"), and its' subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its associates for the quarter ended 30[th ] September, 2021 and year to date 1 [st ] April, 2021 to 30[th ] September, 2021 ("the Statement") attached herewith, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended(the "Listing Regulations").
This statement which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued there under and the accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
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 oflndia. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether Statement is free of material misstatements. 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 Standards on Auditing 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 Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, to the extent applicable.

The Statement includes the results of the following entities:

List of Subsidiaries:

==> picture [89 x 91] intentionally omitted <==

liance Spaces Private Limited; AJyssum Developers Private Limited; Big Apple Real Estate ivate Limited; Bellona Hospitality Services Limited; Blackwood Developers Private mited; Butala Farm Lands Private Limited; Destiny Retail Mall Developers Private Limited ormerly Known as Destiny Hospitality Services Private Limited); Enhance Holdings

E: SUIT#1306-1307, LODHA SUPREMUS, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400 013. PHONE: +91 22 4945 4050 FAX: +91 22 4945 4010

CORP. OFFICE: 1105, RAHEJA CENTRE, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI - 400 021. PHONF· +Q1 77 &QT'.! 71Q,!, WJ:"R• \A/\A/\AI rlt-r-'3 ;,_

D T S &:, Associates LLP Chartered Accountants

Private limited; Gangetic Developers Private Limited; Graceworks Reality and Leisure Private Limited; Insight Mall Developers Private Limited (Formerly Known as Insight Hotels and Leisures Private Limited); Island Star Mall Developers Private Limited; Market City Management Private Limited; Market City Resources Private Limited; Mindstone Mall Developers Private Limited; Mugwort Land Holdings Private Limited; Offbeat Developers Private Limited; Palladium Constructions Private Limited; Pallazzio Hotels and Leisure Limited; Phoenix Hospitality Company Private Limited; Pinnacle Real Estate Development Private Limited; Plutocrat Commercial Real Estate Private Limited(Fonnerly Known as Plutocrat Assets & Capital Management Private Limited); Rentcierge Developers Private Limited[; ] Sangam lnfrabuild Corporation Private Limited; Sparkle One Mall Developers Private Limited; Sparkle Two Mall Developers Private Limited; Savannah Phoenix Private Limited; SGH Realty LLP; True value lnfrabuild LLP; Upal Developers Private Limited and Vamona Developers Private Limited.

List of Associates:

Classic Housing Pro[j] ects Private Limited; Classic Mall Development Company Limited; Columbus Investment Advisory Private Limited; Mirabel Entertainment Private Limited and Starboard Hotels Private Limited.

(a[) ] We did not review the interim financial results and other financial information in respect of twenty eight subsidiaries whose interim financial results/information reflects, total assets of Rs. 9,20,521.07 Lakhs, total revenues of Rs. 22,449.36 Lakhs and Rs. 34,864.14 Lakhs, total net profit/(loss) after tax of Rs. 1,910.28 Lakhs and Rs. (2,260.71) Lakhs and total comprehensive income/(loss) of Rs. 2,151.84 Lakhs and Rs. (183.09) Lakhs for the quarter ended 30[th ] September, 2021 and for the period from 1[st ] April, 2021 to 30[th ] September, 2021, respectively and net cash inflow of Rs. 4,323.47 Lakhs for the period from 1st April, 2021 to 30th September, 2021, and the interim financial results and other information of two associates in which the share of profit/(loss) after tax of the group (including other comprehensive income) is Rs. 33.15 Lakhs and Rs. 31.66 Lakhs for the quarter ended 30[th ] September, 2021 and for the period from 1[st ] April, 2021 to 30[th ] September, 2021, respectively. These interim financial results and other financial information have been reviewed by other auditors, whose reports have been furnished to us by the management of the Company and our conclusion in so far as it relates to the affairs of such subsidiaries and associates is based solely on the report of other auditors.

(b[)] The Statement includes interim financial results and other financial information in respect of one associate in which the share of Loss of the group is Rs. 7.00 Lakhs for the quarter ended 30[th ] September, 2021 and for the period from 1[st ] April, 2021 to 30[th ] September, 2021, which are certified by the management. According to the information and explanation given to us by the management, these interim financial results and other financial information are not material to the Group. Our conclusion is not modified in respect of these above matters.

Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred in paragraph 5 above nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with recognition

and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with the relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Listing Regulations, �SSOc/ including the manner in which it is to be disclosed, or that it contains any material ") �,...�---..... �o> isstatement. i( M ' ai'\ ) �* ,...',..c. ' ) '? � � '. �' .,/ �'6 .I ?.!:' &rted Acco�[(;i. ]

Continuation Sheet. ....

D T S Associates LLP &:, Chartered Accountants

We draw attention to Note 5 of the Statement, which describes the company's management evaluation of impact of Covid 19 pandemic on the future business operations and it's consequential effects on the carrying value of assets as on 30[th ] September, 2021. The Management has made a best estimate of the revenue recoverable for the half year ended 30[th ] September, 2021 on the basis stated in the said Note. In view of uncertain economic conditions arising out of pandemic, the management's evaluation of impact on subsequent periods and of amounts of revenue recognised during the period is highly dependent upon conditions as they evolve. Our opinion is not modified in respect of this matter.

For D TS & Associates LLP Chartered Accountants (�? No. 142412W/W!00595 Ashish G. Mistry Partner Membership No. 132639

Place: Mumbai Date: I[st ] November, 2021 21132639AAAAFU2961 UDIN:

Continuation Sheet. ....

THE PHOENIX MILLS LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESUt TS FOR THE OU ARTER AND HALF YEAR ENDED 30th SEPT R,2021 Re�d. Office:- 462. Senapati Bao.at M.ir2, Lower Puel. Mumbai - 400013 Tel (022) 2496007/ 08/ 09 E-nuil: info,i:,thephoenixmilb.com Website: www.thephoenixmills.com

									_1,_In �11�\|
s,.	PARTICULARS			·-··-o			c,.	Inn	"··- r...
No.
			Unaudited	Uniudited		Unaudited	Unaudited	Unaudited	Audited
	lncome from Ooeration
	Net Sales/ Income fr(lm oocratons Other lnwmc		37,130.83 1.591.02	20.425.97 1.210.22		21.491.11 1.444.59	57.556.8 2.001.24	34,961.84 2.757.5	1.07.329.2f 9.228.55
	Total Incnme from Ooerations		38.721.85	21.636.19		22.935.70	60.358,04	37.719.34	1.16.557.83
	Expenditure
	a1 nncrcascl/ D reaS in Stock in Trade/Work in Proercss b) Cost of Materials Consumed/ Construction Rcla!L>d Costs d Emolovce Benefits Exocnses d) Finance Costs cl Electricitv Exocnscs n Deoreciation and Amortisation Eoenses el Other Exocnss Total Enendite Profit/ (lnql before Exceotional Items		629.60 2.Jn.52 4.178.33 7.523.29 2.655.66 4,763.27 8.668.49 30.71.16 7930.69	733.37 989.31 3.86 7.23.07 ].691.80 4.807.15 609.73 24.852.29 (3.216.lOI		1.714.5 20.n 2.2n.20 9.446.45 2.108.64 5.412.49 6,013.76 27.182.87 14.247.17	1..2.97 3,31.RJ 7.4R2.19 14.753.36 4.37.46 9.570.42 14,765.22 55.643.45 4.714.59	1.515.94 327.47 4.313.n 18.139.85 3.05.18 10.43.74 9.64.59 47.343.54 (9,624.201	4.369.44 3,321.31 11.252.74 34.781.43 8.729.40 20.943.50 30,237.56 1.13.635.38 2.922.45
	Exceotional Item
7	Profit/ (lossl from Ordinrv Activities before Tax Tax Exoens (Rcfur note• 6l Net Profit/Uoss) After Tax for the period		7.930.69 1.614.92 6,315.77	(3.216.lOl 261.48 (3,477.58)		{4.247.17 (248.79) (3,98.38)	4.714.59 1.876.40 2.88.19	(9,62420) (574.521 (9,049.6)	2.922.45 (467.99) 3,390.44
	Add/(Lessl: Share in Profts /<ssl of Associates		207.97	182.50		173.30	390.47	22.96	1.89
	Net Profit/(lo,sl After Tax & Share	in Profits /(l.oss) of	6,523.74	(3,295.08)		(3,825.08)	3,228.66	(9,026.72)	4,774.33
	Associates
9	Other Comorehcnsive Income fNet of Taxi		279.62	1.908.11		78.65	2.187.73	703.85	3.263.65
IO	Total Comorehenslve Income after Tues		6.83.36	11.386.97)		(3.746.431	5.416.39	f8.322.87l	8.037.98
11	' Net Profit/ (Lossl attribubble to al Owners of the Comoanv bl Non controUin( interest		5.�47.94 575.80	(2,620.181 (674.901		13.590.78\ (234.31	3,327.76 (99.lOl	0.831.851 (1.194.87)	5.26.78 (416.45)
12	Othtr comorehensive income attributable tn al Owners or the Comoanv bl Non controlline interest		28.18 (6.56	1.93.75 4.3		78.65	2.189.93 (2.20)	703.85	3.253.20 10.45
13	TotaI comor�hensive income attributable	to
	al Owners of the Comoanv b\ Non controlline interest		6.24.12 569.24	1716.43) f670.54l		(3.512.13) (24.30)	5.517.69 (101.30)	(7.128.01 11.194.87	8.513.98 (476.01
14	Paid-uo L>outv share caoital ff ace Value Rs.2/ or share\|	343959	3437.82		3433.67	3.439.59	3.433.67	3.437.42
15	Other Eouitv								4.85,037.82
16	Earnine Per Share Basic EP (not annualisd) (Rs.)		3.46	(1.52)		(2.21)	1.9	(4.97)	3.20
17	Diluted EPS (not annualised) (Rs.)		3.45	(1.52)		(2.21)	1.93	(4.97)	3.19

N"'••· I The above Financial Results o! n.•spcctive meetings held on Isl November, 2021. The Statutory Auditors 1.lf the Croup have conduct...>d a ·Limited Review the Croup for the quarter and haU year ended 30th September, 2021 have been reviewed by the Audit Committ<!e and approved by the Board of Directors al their M of the a bow Consolildah .. >d Unaudited Financial Results.

2 The company has issut?d 1,08,250 Equity Sharc-s under the ESOP scheme at an exercise price of Rs. 333.90/· per equity share (mduding premium of Rs. 331 .90 per equ.ily share), during the hall year ended 30th September, 2021.
3 The Boord of Directors approved the Scheme of Amalgamation ('"Scheme") under section 230 to 232 of the Companies Ad, 2013 for merger of Phoenix Hospitality Company Private Limited ("l'HCPL"), a subsidiary company with the Company from the Appointed Date 1st April, 2019, The effect of the merger would be accounted for after the Scheme is approved by Nalional Compo"y U'lw Tribw,ol ("NCLT•) c11h.l ,:,tl,t:1 uuU,u,ilit� 11,c- Cu11LiJt 1it:� ltovi: Clh:tl lhd1 it:�J.Jl,�livt: j.>l'!llluH!. lJcfrnL• !ht: I lu11'i.Jll.' NCLT �'l.! l..t � II!. 0µµ1t1YJl rw till-' µrupoS1.[1] t.1 m�rgc,r, �'l'\ICl'I al'!'.! pending for final hearing by the Hon' ble NCLT.

Based on the results & the financial information regularly reviewed by chief operating decision maker for making decisions about th� res rre aUucation & performance assessment, the group has on consoLidatecl basis identified two reportable segments viz Property & rt>lated services and Hc,spitality services as per Ind As 108. The Segment information is as per Annexurc -A-.

5 In preparation ol lhese financial results, the Group has taken info account intemal and external sources of information to assess possible impacts of the pandemic, including but nol limiled 10 assessment of liquidity and going concern, recoverable values of its financial and non-financial as.sets. ThL' Group has also assessed the potential impact of Covid-19 on the carrying value or property, plant & equipment, trade receivables, and other current assets appearing in the results of th,:, Company. In developing the assumptions and estimall'S relating lo the future uncertainties in the economic conditions because of this pandemic, the Croup as at the date nf approval of results and based on current estimates, expects to recover the carrying amuunls of the assets including trade receivables as at 30.09.2021. Considering the evolving nature of !ht? pandemic, its actual impact in future could be- different from that estimated as at the date of approval of thcsc financial resuJls. The Croup will continue to closdy monitor uncertainties arising out of matt?rial changes to lhc future economic c:onditions.

Group's Mall opi.•ratiuns for the half year ended 30.()9.2021 haw bt.•cn impacted by 1he Lod:downs enforced owing to the COVID •19 Pandemic. Th!! Management has n ..-coi:;niscd thr revenues from Mall operations for the half year ended 30.09.2021 on a conscrvativl! basis considering concessions/reliefs on rent. s from its retailers/ Licensees. owing to which the said results and performance arc not indicativ('/illustrative oJ the revenue and performance for the entire Financial Year.

The Operations at the residential developmt?nt projt.-ct have witnessed limited impact of lockduwn. The project continues to St.'C significant buying interest as evidcnred from site visits from customt?rs and channel partners.

The hotel industry continues to impacted by the Covid-19 pandemic. Then? were substantial restrictions during the half year ended 30th September, 2021 on account of second wave leading to lower revenues from rooms, banquL't &- restaurants.

MAT credit balana:,of certain 9ub3tdwric.! wh.ich were wrillt'n nff during th!? fin.and.al ye.ar 2019-20..:in 0LLuwll uf th"" JL°USivi1 luuyl fu1 tl,c m:w l. 1..vme (d.11 1c�11� .ti lhdl titnc. hav1;.• now b1.><.•n reinstated in the respective subsidiaries during lhe Financial year 2020-21 based on the Tax Audi! Reports filed.

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7 The figures for tht? corresponding previous �riod have been reclassified/ regrouped, wherever necessary to m.:ike them comparable wilh lhe current period.
Mumhai
Dated: 1st November, 2021
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The Phoenix Mills Limited

Consolidated Cash Flow Statement for the Period ended 30th September, 2021

|Paricular
ACASH FLOWS FROM OPERATING ACTIVITIES
Net Profit before tax as per the Statement of Profit or
Adjustments for
Depreciation
(Profil)/Loss on Assets sold/discarded
Unrealised foreign exchange loss/(gain)
Balances in Debtors/Advances writen off
Provision for Doubtful Debts and Advances
Employee stock option expenses
Interest Expenses
Interest Income
Dividend Income
Profit on sale of Investments
Net gain/(Loss) arising on financial assets measured at FVTPL
Balances written back
Operating Cash flow before working capital changes
Adjustment for Working Capital changes
Trade and other Receivables
Inventories|Paricular
ACASH FLOWS FROM OPERATING ACTIVITIES
Net Profit before tax as per the Statement of Profit or
Adjustments for
Depreciation
(Profil)/Loss on Assets sold/discarded
Unrealised foreign exchange loss/(gain)
Balances in Debtors/Advances writen off
Provision for Doubtful Debts and Advances
Employee stock option expenses
Interest Expenses
Interest Income
Dividend Income
Profit on sale of Investments
Net gain/(Loss) arising on financial assets measured at FVTPL
Balances written back
Operating Cash flow before working capital changes
Adjustment for Working Capital changes
Trade and other Receivables
Inventories|Paricular
ACASH FLOWS FROM OPERATING ACTIVITIES
Net Profit before tax as per the Statement of Profit or
Adjustments for
Depreciation
(Profil)/Loss on Assets sold/discarded
Unrealised foreign exchange loss/(gain)
Balances in Debtors/Advances writen off
Provision for Doubtful Debts and Advances
Employee stock option expenses
Interest Expenses
Interest Income
Dividend Income
Profit on sale of Investments
Net gain/(Loss) arising on financial assets measured at FVTPL
Balances written back
Operating Cash flow before working capital changes
Adjustment for Working Capital changes
Trade and other Receivables
Inventories|rt In I ��'<|rt In I ��'<|
|---|---|---|---|---|
||||As at 30th Sentember, 2021
Unaudited
4,714.59
9,570.42
2.82
10.08
135.86
387.00
320.22
14,753.36
(1,703.37)
(22.05)
(815.49)
36.27
(62.24)

As at 30th Seotember, 2020
Unaudited
(9,624.20)
10,436.74
18.08
-
3.07
471.23
-
18,139.85
(2,363.78)
(0.03)
(251.47)
(26 68)
(5.71)||
||||22 612.88
27,327.47
(17,541.58)
184334
26 421.30
16,797.10
(10,356.22)
1515.94||
|
Trade and other Pavables
Cash generated from Operations
Direct Taxes Paid|||,.
1 241.55
,
11 832.71)||
||||114 456.69'
12,870.78
11 320.63\
(10 672.99]
6,124.11
3 506.19||
|Net Cash from OoeratinQ Activities
A
BCASH FLOWS FROM INVESTING ACTIVITIES
Purchases of Propery, Plant & Equipments & CWIP
Sale of Property, Plant & Equipments
Inter Corporate Deposits & Loans (placed)/refunded (Net)
Investment made in Term Deposits
Purchase of Mutual Funds/Bonds/NCO
Sale of Mutual Funds
Interest Received
Dividend Received|||11 550.15
(78,542.24)
3,021.17
(1,881 95]
16,530.15
(1,43, 171.66)
73,348.04
1,925.32
22.05
9 630.30
(15,014.57)
1.78
(472.28)
(43,138.89)
(76,559.80)
48,130.87
2,098.18
0.03||
|Net Cash nener,ter from/lu<ed inl lnva�•inn Adiv'"f�
B
CCASH FLOWS FROM FINANCING A<I IVI II1S
Net Proceeds from issue of Equity shares at
Share Premium (Net of Issue Expenses)
Movement in long term borrowings(Net)
Short term loans availed / (repaid )(Net)
Interest paid
Share Application Money received
Additional capital Withdrawal (by Minorities)
Proceeds from Minorities
|||11 28 749.121
361.45
(4,700.18)
(14,212.06)
(14,736.10)
(9.62)
(166.11)
1,48,247.62
|
(84 954.681
1,08,436.03
3,925.98
(24,006.22)
(14,281.17)
(9.18)
-
4,500.00|
||Dividend paid (including tax on Dividend)||(1,720.07)
-||
|D|Net Cash generated from/(used in) Financing Activities
C||1,13,064.93
78,565.44||
||Net lncreasel(Decreasel in Cash and Cash EQuivalents
A+B+C ||14 134.041
3 241.06||
||Cash andCash eQuivalents at the beQinninQ of the vear||13 279.06
12 933.41||
||
Cash and Cash eQuivalents at the end of the Period
Notes:-
1 Components of cash and cash equivalents:
Cash on hand
Balance with scheduled bank||9 145.02
41.41
9 103.61
9 145.02
16 174.47
47.52
16 126.95
16 174.47||
|||||16 174.47|

Place : Mumbai Dated: 1st November 2021

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For and on behalf of th

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The Phoenix Mills Limited Statement of Consolidated Assets and Liabilities as at 30th September, 2021

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(Rs In Lakhs)
As al As at
STNO. Particulars 30th September, 2021 31st March, 2021
Unaudited Audited
ASSETS
1 Non-current assets
Propertv, plant and eouipment 7,26,383.58 6,89,965.84
Capital work-in-progress 1.53. 134.13 1.27,396.51
Other Intangible assets 136.05 160.26
Intangible assets under development - 3.50
Goodwill on consolidation 37,106.93 37,106.93
Financial assets
- Investments 48,107.47 47,494.86
-Loan 339.20 630.25
-Other 12,882.39 11.791.05
Deferred tax assets (Net) 12,517.29 12,366.01
Other non-current assets 15 435.19 16 883.18
(A) 10 06 042.23 9 43 798.39
2 Current assets
Inventories 74,973.74 76,817.08
Financial assets
- Investments 82,416.20 9,906.55
- Trade and other receivables 48,267.46 32,371.32
- Cash and cash eouivalents 9,145.02 13,279.06
- Bank Balance other than above 21,577.49 38,107.64
-Loans 3,677.41 1,504.41
-Other 13,219.77 12,198.99
Current Tax Assets (net) 7,012.57 7,203.74
Other current assets 10 554.70 10 318.12
(B) 2 70 844.36 2 01 706.91
TOTAL (A +B) 12 76 886.59 1145 505.30
3 Equitv and Liabilities
Equitv
Eauitv Share capital 3,439.59 3,437.42
Other eauitv 5,60,518.95 4,85,037.82
Eauitv attributable to the owners 5,63,958.54 4,88,475.24
Non-controlling interest 2,08.849 .28 1.31.903.10
(A) 7 72 807.82 6 20 378.34
Liabilities
4 Non-current liabilities
Financial liabilities
- Borrowings 2,96,909.66 3,01,609.83
- Trade Pavables - -
-Other financial liabilities 14,133.89 12,864.21
Provisions 1,078.39 1,168.26
Deferred tax liabilities (Net) 228.18 212.26
Other non-current liabilities 2 618.40 2 932.40
(B) 314 968.52 3 18 786.96
5 Current liabilities
Financial liabilities
- Borrowings 90,441.01 1,04,653.08
- Trade Pavables 9,211.48 9,279.40
-Other financial liabilities 56.720.37 61,096.15
Provisions 13,462.74 12,180.99
Other current liabilities 18,735.29 19,127.24
Current tax Liabilities (net) 539.36 3.14
(C) 1 89 110.25 2 06 340.00
TOTAL (A+B+Cl 12 76 886.59 1145 505.30
Place: Mumbai
Dated: 1st November, 2021
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Annexure "A"

							(fInLakhs)
		Three Months Ended On			Six Months	Ended on	Year Ended on
Sr.No.	Particulars
		30/09/2021	30/06/2021	30/09/2020	30/09/2021	30/09/2020	31/03/2021
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
A	Segment Revenue
	Property&Related Services Hospitality Servces	33,679.25 3,451.58	18,911.22 1,514.75	20,414.66 1,076.45	52,590.47 4,966.33	33,082.31 1,879.53	99,673.19 7,656.09
	TOTAL	37,130.83	20,425.97	21,491.11	57,556.80	34,961.84	1,07,329.28
B	Segment Result
1	Profit Before Tax&Interest
	Property&Related Services	14,294.08	5,993.91	5,913.17	20,287.99	10,372.20	36,530.65
	Hospitality Services	(431.12)	(3,190.16)	(2,158.48)	(3,621.28)	(4,614.05)	·(8,055.32)
	Profit from operations before
2	Other Income, Finance Costs and Exceptional	13,862.96	2,803.75	3,754.69	16,666.71	5,758.15	28,475.33
	items
3	Other Income	1,591.02	1,210.22	1,444.59	2,801.24	2,757.50	9,228.55
4	Profit from ordinary activities before Finance Costs and exceptional items	15,453.98	4,013.97	5,199.28	19,467.95	8,515.65	37,703.88
5	Finance Costs	7,523.29	7,230.07	9,446.45	14,753.36	18,139.85	34,781.43
6	Profit/ (Loss) Before Tax & Exceptional Items	7,930.69	(3,216.10)	(4,247.17)	4,714.59	(9,624.20)	2,922.45
7	Add/(Less): Exceptonal Items	-	-	-	-	-	-
8	Profit/ (Loss) Before Tax	7,930.69	(3,216.10)	(4,247.17)	4,714.59	(9,624.20)	2,922.45
C	Segent Assets
	Property&Related Services	10,33,031.62	9,84,830.97	8,64,528.81	10,33,031.62	8,64,528.81	8,88,232.97
	Hospitality Services	98,308.14	99,144.29	99,712.11	98,308.14	99,712.11	96,291.52
	Unallocated	1,45,546.83	1,71,062.57	1,76,899.85	1,45,546.83	1,76,899.85	1,60,980.81
	Total Segment Assets	12,76,886.59	12,55,037.83	11,41,140.77	12,76,886.59	11,41,140.77	11,45,505.30
D	Segment Liabilities PrnpPrty / RPlatPr SPrvi,Ps	4,20,.9'7. l 7	4,2.,,'29.91	4,.'9,41R.68	4,20,957.17	4.59,.18.68	4,42,R0R.97
	Hospitality Services	82,354.08	81,782.35	78,114.38	82,354.08	78,114.38	82,102.61
	Unallocated	767.52	232.05	211.40	767.52	211.40	215.38
Total Segent Liabilities		5,04,078.77	5,05,544.31	5,37,744.46	5,04,078.77	5,37,744.46	5,25,126.96

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The Phoenix Mills Ltd. Interim / Quarterly Report 2022

60675_rns_2021-11-01_1e1e37cb-1ad3-4ebd-ac17-463e268aef7e.pdf

Sub: Outcome of the Board Meeting‐ Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021

D T S & Associates LLP

Review Report to, The Board of Directors

The Phoenix Mills Limited

For D T S & Associates LLP

THE PHOENIX MILLS LIMITED

THE PHOENIX MILLS LIMITED

STATEMENT OF STANDALONE CASH FLOWS FOR THE SIX MONTH ENDED 30TH SEPTEMBER, 2021

THE PHOENIX MILLS LIMITED

D TS � Associates LLP

Review Report to The Board of Directors The Phoenix Mills Limited

List of Subsidiaries:

List of Associates:

THE PHOENIX MILLS LIMITED

The Phoenix Mills Limited

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The Phoenix Mills Ltd. — Interim / Quarterly Report 2022

60675_rns_2021-11-01_1e1e37cb-1ad3-4ebd-ac17-463e268aef7e.pdf

Sub: Outcome of the Board Meeting‐ Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021

D T S & Associates LLP

Review Report to, The Board of Directors

The Phoenix Mills Limited

For D T S & Associates LLP

THE PHOENIX MILLS LIMITED

THE PHOENIX MILLS LIMITED

STATEMENT OF STANDALONE CASH FLOWS FOR THE SIX MONTH ENDED 30TH SEPTEMBER, 2021

THE PHOENIX MILLS LIMITED

D TS � Associates LLP

Review Report to The Board of Directors The Phoenix Mills Limited

List of Subsidiaries:

List of Associates:

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