The Phoenix Mills Ltd. — Interim / Quarterly Report 2022

Aug 6, 2021

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t. �_. THE PHOENIX MILLS LIMITED ,p"

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.: L 17100MH1905PLC000200

August 06, 2021

National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex, Bandra East, Mumbai- 400051

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai- 400 001

~~Secu~~ ri ~~t code: 503100~~

~~Symbol: PHOEN~~ I ~~XLTD~~

Dear Sir(s),

Sub: ~~Outcome of the Board Meeting~~ - ~~Unaud~~ i ~~ted Standalone and Consolidated~~ Fin ~~ancal Results of the Company fr the quarter ended June 30, 2021~~

Further to our intimation dated July 29, 2021 and pursuant to Regulation 30, 33 and other applicable provision 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. Friday, August 06, 2021, have considered and approved Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2021.

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

The meeting of the Board of Directors of the Company commenced at 4:30 p.m. (1ST) and concluded at 7.00 p.m. (1ST)

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

You are requested to take the aforesaid information on record.

Thanking you,

Yours Faithfully, For The Phoenix Mills Limited Gajendra Mewara Company Secretary

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 : info[@] thephoenixmills.com • www.thephoenixmills.com

Char tered Accountant s

D T S � Associates LLP

LIMITED REVIEW REPORT

To,

The Board of Directors The Phoenix Mills Limited

LIMITED REVIEW REPORT ON THE UNAUDITED STANDALONE RESULTS OF THE PHOENIX MILLS LIMITED FOR THE QUARTER ENDED 30th JUNE, 2021

1. We have reviewed the accompanying statement of unaudited standalone financial results of The Phoenix Mills Limited (the 'Company') for the quarter ended 30th June, 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").

2. 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 & measurement principles laid down in the 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 thereafter and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with 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.

4. 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 on 30th June, 2021. The Management has made a best estimate of the revenue recoverable for the quarter ended 30th June, 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 conclusion on the Statement is not modified in respect of these matters.

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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. PHONE: +91 22 4973 2396 WEB: www.dtsa.in

D T S & Associates LLP Chartered Accountants

5. 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 applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For D TS & Associates LLP Chartered Accountants (Firm Registration No. 142412W/W100595)

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Ashish G. Mistry Partner Membership No. 132639 UDIN: 21132639AAAADM3400

Place: Mumbai Date: 6th August, 2021

Continuation Sheet. ....

			THE PHOENIX MILLS LIMITED
			STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021
			Regd. Office:- 462, Senapatl Bapat Marg, Lower Parel, Mumbai - 400013
			Tel : (022) 24964307/ 08/ 09 E-mail : lnfo@thephoenlxmllls.com Website : w.thephoenlxmllls.com
			Il In Lakhs I
	Sr. No.		PARTICULARS Three Months Ended On Year Ended
			30-6-2021 31-3-2021 30-6-2020 31-03-2021
			Unaudited Audited Unaudited Audited
			!Refer !ote 81
	1		Income
			Net Sales / Income from Operations 3,929.04 8,352.33 4,016.49 24,918.09
			Other Income (Refer Note no.4) 3,543.72 1,360.58 485.86 29,756.64
			Total Income from Operations 7,472.76 9,712.91 4,502.35 6,674.73
	2		Expenditure
			a) (Increase)/ Decrease in Stock in Trade/Work in Progress . . . -
			b) Cost of Materials Consumed . - - -
			c) Employee Benefits Expenses 400.12 363.57 220.25 1,268.42
			d) Finance Cost 1,566.57 1,269.57 1,938.26 6,241.10
			e) Electricity Expenses 272.95 639.09 158.88 1,804.67 f) Depreciation and Amorisation Expenses 682.81 909.11 1,150.97 4,237.51
			g) Other Expenses 1,649.41 4,350.75 949.39 9,497.93
			Total Expenditure 4,571.86 7,532.09 4,417.75 23,049.63
	3		Profit before Exceptional Items 2,900.90 2,180.82 84.60 31,626.10
	4		Exceptional Item (Refer Note No. 5) 20,887.24 . .
	5		Profit from ordinar activities before tax 23,788.14 2,180.82 84.60 31,625.10
	6		Tax expense 317.31 1,381.57 7.28 2,399.37
	7 8		Net Profit Afer Tax for the period from continuing operations 23,470.83 799.25 77.32 29,225.73 Other Comprehensive Income (afer tax) 39,37 (49.88) 11.44 18.44
	9		Total Comprehensive Income (afer taxes) (7+8) 23,610.20 749.37 88.76 29,244.17
	10		Paid-up equity share capital (Face Value f 2/- per share) 3,437.82 3,437.42 3,069.30 3,437.42
	11		Other Equity 4,19,742.44
	12		Basic EPS (not annualised) (f) 13.65 0.24 0.05 17.76
			DIiuted EPS (not annualised) (f) 13.63 0.24 0.05 17.72
			Note:
	1		The above Standalone Unaudited Financial Results of the Company for the quarer ended 30th June, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 6th August, 2021. The Statutor Auditors of the Company
			have conducted a "Limited Review" of the above Standalone Unaudited Financial Results.
	2		The company has Issued 20,000 Equity Shares under the ESOP scheme at an exercise price of Rs. 333.90/- per equity share (Including premium of Rs. 331.90 per equity share), during the quarer ended 30th June, 2021.
	3		The Board of Directors approved the Scheme of Amalgamation ('Scheme") under section 230 to 232 of the Companies Act, 2013 for merger of Phoenix Hospitality Company Private Limited ("PHCPL"), a subsidiar company with the Company from the Appointed Date 1st April, 2019. The effect of the merger would be accounted for afer the Scheme Is approved by National Company Law Tribunal ("NCL T ) and other authorities. The Companies have fled their respective petitions before the Hon'ble NCL T seeking its approval for the proposed merger, which are pending for
			hearing by the Hon' ble NCL T
	4		Other Income for the Financial Year 202021 Includes proft on sale of Propery Plant & Equlpment (cerain commercial units and cerain parcels of
			undivided share in land) aggregating_to,_24,731.47 Lakhs to wholly owned subsidarles.
	5		Exceptional item for the quarer ended 30th June, 2021 refers to the profit on sale of parial Investments In two subsidiaries (Ofeat Developers
			Private Limited and Vamona Developers Private Limited), whilst retaining control thereon.
	6		In preparation of these financial results, the Company has taken Into account Interal and external sources of Information to assess possible
			Impacts of the pandemic, Including but not limited to assessment of llquldlty and going concern, recoverable values of Its financial and non-financial
			assets.
			The Company has also assessed the potential Impact of Covld-19 on the carrying value of propery, plant & equipment. trade receivables, and other curent assets appearing In the results of the Company. In developing the assumptions and estimates relating to the future uncerainties in the economic conditions because of this pandemic, the Company as at the date of approval of results and based on curent estimates, expects to recover the caring amounts of the assets Including trade receivables as at 30.06.2021. 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 closely monitor uncerainties arising out of material changes to the future economic conditions.
			The Mall operations for the Quarter have been impacted by the Lockdowns enforced owing to the COVID -19 Pandemic. The Management has recognised the revenues from Mall operations for the quarter on a conserative basis considering concessions/reliefs on rentals from Its retailers/ Licensees, owing to which the said results and perforance are not indicative/illustrative of the revenue and perforance for the entire Financial
	7		Year. The Company is predominantly engaged In the business of property and related serices, whose results are reviewed regularly by chief operating decision maker for making decisions about resource allocation and perormance assessment. As such , there are no separate reporting segments
			as per lnd-AS108.
	6		The figures for the quarer ended 31st March, 2021 are the balancing figures beteen the audited figures in respect of the III financial year and the published year-todate figures up to the third quarer of the said financial year, which were subject to limited review by the Statutory Auditors.
			��:� rt-�, " ( �;?�� t1 '< <1 OlJ, ),· -_ ), c• . ,, -� Place : Mumbai l~·,.tl 't (J ) Dated; 6th Auoust. 20�.fOO �. For and on behalf of the Board of Director o ,i __ tP �IIJJ�f (� . . a o r Shrlvastava ��, Ma >Nino Director � .A ~~-~~

•

D T S � Associates LLP

Chartered Accountants

LIMITED REVIEW REPORT

To, The Board of Directors The Phoenix Mills Limited

LIMITED REVIEW REPORT ON THE UNAUDITED CONSOLIDATED RESULTS OF THE PHOENIX MILLS LIMITED FOR THE QUARTER ENDED 30[th ] June, 2021.

1. 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 ] June, 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").

2. 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, (Ind 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.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether 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 oflndia under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, to the extent applicable. �[=] �

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REGD. 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. PHONE: +91 22 4973 2396 WEB: www.dtsa.in

D T S & Associates LLP Chartered Accountants

1. The Statement includes the results of the following entities:

List of Subsidiaries:

Alliance Spaces Private Limited; Alyssum Developers Private Limited; Big Apple Real Estate Private Limited; Bellona Hospitality Services Limited; Blackwood Developers Private Limited; Butala Farm Lands Private Limited; Destiny Retail Mall Developers Private Limited (Formerly Known as Destiny Hospitality Services Private Limited); Enhance Holdings 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 Developer 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(Formerly Known as Plutocrat Assets & Capital Management Private Limited); Rentcierge Developers Private Limited; Sangam Infrabuild Corporation Private Limited; Sparkle One Mall Developers Private Limited; Sparkle Two Mall Developers Private Limited; Savannah Phoenix Private Limited; SGH Realty LLP; True value Infrabuild LLP; Upal Developers Private Limited and Vamona Developers Private Limited.

List of Associates:

Classic Housing Projects Private Limited; Classic Mall Development Company Limited; Columbus Investment Advisory Private Limited; Mirabel Entertainment Private Limited and Starboard Hotels Private Limited.

1. (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 revenues of Rs. 12,414.79 Lakhs, total net profit/(loss) after tax of Rs. (4,170.99) Lakhs and total comprehensive income/(loss) of Rs. (2,334.90) Lakhs for the quarter ended 30th June,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. (1.49) Lakhs for the quarter ended 30th June,2021. 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.

(c) 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. Nil Lakhs for the quarter ended 30[th ] June, 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.

• 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

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based

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Continuation Sheet... ..

Chartered Accountants

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, including the manner in which it is to be disclosed, or that it contains any material misstatement.

1. 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 it's consequential effects on the carrying value of assets as on 30th June, 2021. The Management has made a best estimate of the revenue recoverable for the quarter ended 30th June, 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 � Reg:s�ion No. 142412W /Wl00595) �•t� Partner Membership No. 132639

Place: Mumbai Date: 6[th ] August, 2021

ODIN: 21132639AAAADN2334

Continuation Sheet.. ...

THE PHOENIX MILLS LIMITED STATEMEN OF UNAUDITED CONSOLIDATID FINANCIAL RESULTS FOR lE QUARTER ENDED 30th JUNE,2021 Regd. Office :a 462, Senaoatl Bapat Mari Lower Parel, Mumbai• 4013	THE PHOENIX MILLS LIMITED STATEMEN OF UNAUDITED CONSOLIDATID FINANCIAL RESULTS FOR lE QUARTER ENDED 30th JUNE,2021 Regd. Office :a 462, Senaoatl Bapat Mari Lower Parel, Mumbai• 4013
Sr, No. I 2 a 4s 6 7 8 9 10 11 12 13 14 15 16 17 Nntt/' 1 Tel: (0212496307/ 08/ 0 E-mail: lnf-htphoenlxmill,.com Webolte: www.lhephoenlxmlllo.com '' I• I •khol rAIITICIJI.AJS ~~-~~ ~~".~~..... -- •-·•··· "'""""21 '11>120ll ,nm**1Jff1"21**\ **UmrnJlled**\ **Audited**\ **Unaudited**\ **Audll,d**\ **(Note&> Income from Oocrallon Net Sales / Income from ooerations 20.425.97 38.583.82 13,470.73 1.07.329.28 Other Incme 1.210.22 4.959.40 1.312.91 9,228.55 Total Income from Ooerations 21.636.19 43.543.2 14,783.6 1.16. 7.83 Expenditure al (Increase)/ Decrease in Stock in Trade/Work in Proeress 733.37 1.20.41 1198.621 4.369.4 b) Cot of Materials Consumed/ Construction Related Costs 989.31 1,8 .58 117.70 3,321.31 c\ Emolove Bcneffls Exocnses 3.303.86 3,196.27 2.036.57 11.252.74 dl Finance Costs 7.23.07 8,071.87 8.693.4 34.781.43 el EletrlcUv Exoenses 1.691.80 2.759.58 896.5 8,729.40 f) Doreciation and Amortisation Exoense 4.807.15 5,20.6 5,024.25 20.943.50 a) Other Exocnscs 6.06.73 12.19.39 3.59.83 3.27.5 Total Exoenditure 2'.852.29 34.513.76 20.16.67 1.13.63S.38 Profit/ (LoH) before ExceDtlonal Items (3.216.101 9,629.46 (5.37.031 2.92.45 Exceotlonal Item Profit/ (LOH) from Ordinarv Activities before Tax 13.216.10> 9.029.(6 (5.37.031 2.9245 Tax Exoense 261.48 2.61.49 1325.73) (47.91 NOi rrofllllo"> After Tax for lhe period (3,47.581 6,427.97 (5,061.30) 3,9.44 Addlll.ssl: Share in Profils 111.oss) of Assoates 182.50 751.77 115.3) 1,383.89 Ntl Profil/(lo"lAfter Tax & Share In Profits/(Loss) of (,,25.0) 7,179.74 IS,201,61 4,74.33 Anocla,u Olhcr Cu,o�honsjv� Income(Netof Tax) 1.98.11 1.35.31 625.20 3.263.65 Total Comorehensive Income after Taxes n.386-971 8,485.05 14.576.44> 8,037.98 Nt�P,oflt / (Loul alhlbutablt lo .,Owocn or the Comoanv 12.620,181 6.55.27 14.241.071 5.26.78 Ul Non controlline interest (674.91 629.47 190.57) (48A1 Olhcr comorthansh•e income attributable to 11l Owners of the Comoanv 1.93.75 1.294.86 625.20 3.253.2U bl Non controlline interest 4.3 10.45 10.45 TUli como�hinsliincome attributable to 1\ Owners of the Comoanv 1716.431 7.85.13 13.618.871 8.13.98 bl Non controlline interet 1670.Sll 639.92 (96.57) 1476.01 Paid-uo cuitv share caoital (Face Value Rs.2/- oer share) 3.437.82 337.42 39. 3,437.42 Otlwr Eouitv 4.85.037.82 f.Amlni Per Share Basic EPS (not annualised) (Rs.) (1.52) 3,99 (2.76) 3.20 Dlute EP (not anrunlls'1) (l<s.) (t.52) 3.98 (.76) 3.19 Tw abve Financial lcullt of lhe Group for th quarter ended 3th June, 2021 how bn reviewe by th Audit Conunlltc and approved by the Hrd bl
Sr, No. I 2 a 4s 6 7 8 9 10 11 12 13 14 15 16 17 Nntt/' 1 rAIITICIJI.AJS Income from Oocrallon Net Sales / Income from ooerations Other Incme Total Income from Ooerations Expenditure al (Increase)/ Decrease in Stock in Trade/Work in Proeress b) Cot of Materials Consumed/ Construction Related Costs c\ Emolove Bcneffls Exocnses dl Finance Costs el EletrlcUv Exoenses f) Doreciation and Amortisation Exoense a) Other Exocnscs Total Exoenditure Profit/ (LoH) before ExceDtlonal Items Exceotlonal Item Profit/ (LOH) from Ordinarv Activities before Tax Tax Exoense NOi rrofllllo"> After Tax for lhe period Addlll.ssl: Share in Profils 111.oss) of Assoates Ntl Profil/(lo"lAfter Tax & Share In Profits/(Loss) o Anocla,u Olhcr Cu,o�honsjv� Income(Netof Tax) Total Comorehensive Income after Taxes Nt�P,oflt / (Loul alhlbutablt lo .,Owocn or the Comoanv Ul Non controlline interest Olhcr comorthansh•e income attributable to 11l Owners of the Comoanv bl Non controlline interest TUli como�hinsliincome attributable to 1\ Owners of the Comoanv bl Non controlline interet Paid-uo cuitv share caoital (Face Value Rs.2/- oer share) Otlwr Eouitv f.Amlni Per Share Basic EPS (not annualised) (Rs.) Dlute EP (not anrunlls'1) (l<s.) Tw abve Financial lcullt of lhe Group for th quarter ended
2 3	Ol"t" at lheir respeclive melings held on 6th August, 2021. l111 company ha Issued 20,0 Equity Shares under lhe ESP scheme at an exercise price of Rs. 333.9/· per euily share (Including premium of Rs. 331.90 pr l'Ully shore), during the quarter ended 30th June, 2021. Th� Board of Diectors npr,rovc the Scheme of Amalgamation {HSchem'} under sction 23 to 23'2 or the Companies Act, 1013 for merger of r·1«"l) HO$pltn ty Company Prvate Limited ("rHCrL "), o subsidiar company with the Company from the Appointe Date lsl Aprl, 2019. Te effect of the n,ir�L' would b accounted for after the Scheme Is approve by National Company Lw Tribunal ("NCLT'1 and other authorities. The Companies have flk." their respective petilions bfore the Hon'ble NCLT seking Its approval for the proposed merger, which an, pending for hearing by the Hon' hie NCLT.
4 5 6 7 Dring lho quarler, lhe Company h,15 dilute 26.4% of ils h�ldln& In Jin.' subsidiaries by primary l"uan,e from subsidiaries (Offeat Owlopr, Prlvalu Lhnitud. Vamona Dvelopers Private Limited and Graceworks Realty and Leisure Private Urtited) ns wcll as by seondary sale of aubsidtnric invctrtumll held by lhe Company. Tho Company has also dUuted 31.03% of II• lotal holding In anolher subsidiary (Mindslone Mall Dveloprs rrivate Llmlled), by primar Issuance of ouJty sho and compulsorily convertible debnture (CCD) from the subsidiary. The group has relained ils conlrol ove< thes subsidiarie posl the abve dllutibn. llose on the results & the fnancial infonnation regularly reviewed by chief oprating deision maker for making deisions abut the reourcelloutlo& pcrb'mnn� assessment, the group has on consolidated basis identifed two reportable segments viz Properly & related services ond Hospitality services M pr Ind As 108. The Segment information is as per Annexure "A•. In preparatfon of thL' ffnnndnl reults, the Group hns taken into account Internal om' external source of infnrm1tkn to asse p ible impacts ur the plmdl"nic, including but not limited to asse ment of Uquidily and golng concer, recoverable values of Us financal and non-financial assets. TI1c Group has also asse ed the potential impacl of Covid-19 o lhe carrying value of property, plant & euipment, trade receivables, and other currir,t 11s�t apparing In lhe results of the Company. In developing the assumptions and estimates relating to the future uncertainties In thu cconQ conditins bcauG of ths pandemic, the Group os at the date of approval of results and based on curent estimates, expcts to recover lhe canlng amounts of Um nsc1 lncluding trade receivables os at 30.0.2021. Considering the evolving natwe of the pandemic, its actual impact In future could b different from thni oslimoh.-d as at the date of approval of these fnancial reults. The Group will continue to closely monJtor uncertaintie arising out of material changes lo iho fuluro L"<•Cl c conditions. To Mall operations for the Quarter have bn impacted by the Lkdowns enforl owing to the COVlD -19 Pandemic. Te Management has rtwf15d lht revenues from Mall operations for the quarter on n conservative basis considering concessions/reUcfs on rentals from its retailers/ Licenses, owing to which the said results and perfrance are not lndicative/iUustratlvc of the revenue and prformance for the entire Financial Year. 11\a Operations at lhe resldentlal development proect have witnesse limHed impact of lockdown. The project continues to M.' sigificant buying interest os ovldawwd from site visits from cuslomers and channel parlners. !Th« hotel industry continues to lmpacted by the Covid-19 pandemic. There were substantial restrictions dwlng the quarter on account of sond WDY! l�1ding to lower rcwnucl fom roms, banquet & restaurants. Mt1 creit balance of 41•rtain s1ibldl.rks whch were wrltlcn off duril'\the Financal )2l9-20 on account of the decision to opt tt,r th� new lncome •� rcgi al that lime, have now bn reinstated in the respective subsidiaries dung lhe Financal yeor 2020.21 basd on lhe Tax Audit Reports file.
8 T,u CCJu fr lhe quarter ondod 3 Isl March, 2021 ore the bol•ncing fgure btwen lhe audited ffsu" i respct of the fuU nnancinl year and tho puhlish« year-tonte fgures up to the third quarter of the said financial year, which were subjet to limited review by the Slatutory Auditors. - -�A . t"; ��,� Q, ' ,� ,( / )� Mumbai I9 \ .i )� Dated : 6th August,221 I � )i ~~I~~ - . -..,,,. '�1 l� for �n1 a{ lho Board of Dln,<om ( o :, :// . �'� Clllli ,J 0 �\ Q �) ) !h1"l1l, Shd;utan ~~.~~ Managing Director
,,� ... �; 0,r,n>1f�..· . ~~. ~~

Annexure "A"

Sr.No. A B 1 2 3 4 5 6 7 8 C D

Particulars Segent Revenue Property&Related Services Hospitality Services TOTAL Segent Result Profit Before Tax & Interest Property & Related Services Hospitality Services Profit from operations before Other Income, Finance Costs and Exceptional Other Income Profit from ordinary activities before Finance Costs and exceptional items Finance Costs ProfitI(Loss) Before Tax&Exceptional Items Add/(Less): Exceptional Items Profit / (Loss) Before Tax Segent Assets Property & Related Services Hospitality Services Unallocated Total Segent Assets Segment Liabilities Property & Related Services Hospitality Services Unallocated Total SegmenlLiabilities Three Months Ended On 30/06/2021 31/03/2021 30/06/2020 Unaudited Audited Unaudited 18,911.22 1,514.75 20,425.97 5,993.91 (3,190.16) 2,803.75 1,210.22 4,013.97 7,230.07 (3,216.10) (3,216.10) 9,84,830.97 99,144.29 1,71,062.57 12,55,037.83 4,23,529.91 81,782.35 232.05 5,05,544.31 35,589.62 2,994.20 38,583.82 14,155.63 (2,013.70) 12,141.93 4,959.40 17,101.33 8,071.87 9,029.46 9,029.46 8,88,232.97 96,291.52 1,60,980.81 11,45,505.30 4,42,808.97 82,102.61 215.38 5,25,126.96 12,667.65 803.08 13,470.73 4,459.03 (2,455.57) 2,003.46 1,312.91 3,316.37 8,693.40 (5,377.03) (5,377.03) 8,17,405.02 1,04,643.79 1,46,539.97 10,68,588.78 4,97,994.48 76,162.53 248.80 5,74,405.81 ff In Lakhs) Year Ended on 31/03/2021 Audited 99,673.19 7,656.09 1,07,329.28 36,530.65 (8,055.32) 28,475.33 9,228.55 37,703.88 34,781.43 2,922.45 2,922.45 8,88,232.97 96,291.52 1,60,980.81 11,45,505.30 4,42,808.97 82,102.61 215.38 5,25,126.96

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