The Phoenix Mills Ltd. — Interim / Quarterly Report 2021

Feb 12, 2021

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�t� THE PHOENIX MILLS LIMITED 'Y"

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 GIN No.: L 17100MH1905PLC000200

February 12, 2021

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

SecuTity code: 503100 Symbol: PHOENIXL TD

Dear Sir(s),

Sub: Outcome of the Board Meeting- Unaudited Standalone and Consolidated Financial Results ofthe Company fr the third qu�rer and nine months ended December 31, 2020

Further to our intimation dated February 04, 2020 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 their meeting held today viz. Friday, February 12, 2021, have considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the third quarter and nine months ended December 31, 2020.

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 third quarter and nine months ended December 31, 2020.

The meeting of the Board of Directors of the Company commenced at 4:00 p.m. and concluded at 7.45 p.m.

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

You are requested to take the aforesaid information on your record.

Thanking you,

Yours Faithfully, For The Phoenix Mills Limited

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Gajendra Mewara Company Secretary Encl:- As above

Regd. Office : The Phoenix Mills Ltd., 462 Senapali Bapat Marg, Lower Parel, Mumbai 400 013. .• T�I : (022) 2496 4307 / 8 / 9 • Fax : (022) 2493 8388 E-mail : info@thephoenixmills.com • www.thephoen1xm1lls.com

Chartered Accountants

D T S & Associates LLP

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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 AND NINE MONTHS ENDED 31[st ] DECEMBER, 2020

1. We have reviewed the accompanying statement of unaudited standalone financial results of The Phoenix Mills Limited (the 'Company') for the quarter ended December 31, 2020 and year to date from 1st April, 2020 to 31st December, 2020 (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 preparation of the Statement 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, read with the circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review.

3. 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 is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. 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') specifies under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued there under and other recognised accounting practices and policies 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.

5. 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 31st Dec, 2020. The Management has made a best estimate of the revenue recoverable for the nine months period ended 31st Dec., 2020 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

(Firm Registration No. 142412W /W100595)

C Partner Membership No. 132639 Place: Mumbai Date: li[h ] February, 2021 UDIN: 21132639AAAAAO4656

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

THE PHOENIX MILLS LIMITED

STANDALONE UNAUDITED FINANCIAL RES UL TS FOR THE QUARTER /NINE MONTHS ENDED 31 ST DECEMBER, 2020

Regd. Office :- 462, Senapati Bapat Marg, Lower Pare!, Mumbai - 400013 Tel : (022) 24964307/ 08/ 09 E-mail : info@thephoenixmills.com Website : www.thephoenixmills.com

(fin Lakhs)

	PARTICULARS	Three	MonthsEnded On		Nine Months	Ended On	Year Ended
Sr. No.		31-12-2020	30-09-2020	31-12-2019	31-12-2020	31-12-2019	31-03-2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	Net Sales / Income from Operations	8,059.29	4,489.98	11,985.54	16,565.76	34,621.02	44,442.68
	Other Income (Refer note4)	27,004.98	905.22	548.68	28,396.06	3,878.05	4,248.30
	Total Income from Operations	35,064.27	5,395.20	12,534.22	44,961.82	38,499.07	48,690.98
2	Expenditure
	a) (Increase)/ Decrease in Stock in Trade/Work in Progress	-		-	-	-	-
	b) Cost of Materials Consumed	-		-	-	-	-
	c) Employee Benefits Expenses	420.57	264.03	1,012.29	904.85	1,996.39	2.�37.85
	d) Finance Cost	1,332.61	1,700.66	1,958.14	4,971.53	5,666.48	7,57?.72
	e) Electricity Expenses	627.90	378.80	1,134.49	1,165.58	3,539.78	4,387.77
	f) Depreciation and Amortisation Expenses	1,023.72	1,153.71	1,087.17	3,328.40	3,197.22	4,631.06
	g) Other Expenses	2,395.05	1,802.74	3,208.49	5,147.18	8,802.36	11,800.37
	Total Expenditure	5,799.85	5,299.94	8,400.58	15,517.54	23,202.23	30,734.77
3	Profit before Exceptional items	29,264.42	95.26	4,133.64	29,444.28	15,296.84	17,956.21
4	Exceptional Item	-	-		-	(125.16)	(125.16)
5	Profit from ordinary activities before tax	29,264.42	95.26	4,133.64	29,444.28	15,171.68	17,831.05
6	Tax expense	986.71	23.81	822.89	1,017.80	2.429.20	3,074.97
7	Net Profit After Tax for the period from continuing operations	28,277.71	71.45	3,310.75	28,426.48	12,742.48	14,756.08
8	Other Comprehensive Income (after tax)	38.83	18.05	(13.42)	68.32	(46.85)	(183.07)
9	Total Comprehensive Income (after taxes) (7+8)	28,316.54	89.50	3,297.33	28,494.80	12,695.63	14,573.01
10	Paid-up equity share capital (Face Value � 2/- per share)	3,435.55	3,433.67	3,067.99	3.435.55	3,067.99	3,069.25
11	Other Equity						2,81,743.18
12	Basic EPS (not annualised) (�)	17.43	0.04	2.16	17.52	8.31	9.62
	Diluted EPS (not annualised) (�)	17.39	0.04	2.15	17.48	8.29	9.60

The above Financial Results of the Company for the quarter and nine months ended 31st December, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 12th February, 2021. 2 The company has issued 93,865 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 quarter ended 31st December, 2020. 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 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 National Company Law Tribunal ("NCL T") and other authorities.

4 Other income for the current quarter includes profit on sale of Property Plant & Equipment (certain commercial units and certain parcels of undivided share in land) aggregating to � 25,315.46 Lakhs to wholly owned subsidaries.

5 In preparation of these results, the Company has taken into account internal and external sources of information to assess possible impacts of the pandemic, including but not limited to assessment of liquidity and going concern, recoverable values of its financial and non-financial assets.

For recognition of revenues from mall operations, management has considered certain concessions/relief on rentals extended to its retailers/licensees for the period of lockdown as well as some further period considering the extended impact of the pandemic. Such concessions are determined based on discussions concluded with retailers/licensees on case to case basis. Where discussions are ongoing, the revenue is accrued considering the management estimate of most likely agreeable amounts of concession based on its ongoing discussions and the relationship with the retailers / licensee.

Based on the current estimates, the management expects to recover the carrying amounts of the assets including the revenue recognized during the nine months period ended 31st December, 2020. 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 uncertainties arising of material changes to the future economic conditions.

6 Considering the impact of concessions given in lease rentals and other recoveries during the quarter ended 31st December, 2020, the above results and performance for the quarter is not representative of revenue and performance for the entire year.

7 The Company is predominantly engaged in the business of property and related services, whose results are reviewed regularly by chief operating decision maker for making decisions about resource allocation and performance assessment. As such , there are no separate reporting segments as per Ind-AS 108.

8 The figures for the corresponding previous periods have been restated/regrouped, wherever necessary, to make them comparable with the current periods.

Dated: 12th February, 2021 Mumbai

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Fo nd pn behalf of the Board of DirectoJJi--.
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D TS & 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 AND NINE MONTHS ENDED 31[st ] DECEMBER, 2020

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 31st December, 2020 and for the period from 1st April,2020 to 31st December, 2020 ("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").

1. 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.

2. 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 of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, to the extent applicable.

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

List of Subsidiaries:

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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

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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(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) The accompanying Statement includes interim financial results and other financial information of one subsidiary which reflects, total revenue of Rs. 3,844.03 Lakhs and Rs. 8,607.68 Lakhs, total net profit/(loss) after tax of Rs. 846.42 Lakhs and Rs. 1,219.72 Lakhs (including other comprehensive income) for the quarter ended 31st December, 2020, and for the period from 1st April, 2020 to 31st December, 2020, respectively, which have been reviewed by us jointly with another auditor.

(b) 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. 18,019.21 Lakhs and Rs. 35,277.95 Lakhs, total net profit/(loss) after tax of Rs. 1,946.63 Lakhs and Rs. (6,735.20) Lakhs and total comprehensive income/(loss) of Rs. 1,215.67 Lakhs and Rs. 1,890.03 Lakhs for the quarter ended 31st December,2020 and for the period from 1st April, 2020 to 31st December, 2020, 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. (9.54) Lakhs and Rs. 35.70 Lakhs for the quarter ended 31st December, 2020 and for the period from I st April, 2020 to 31st December, 2020, 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.

(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 and Rs. Nil Lakhs for the quarter ended 31st December, 2020 and for the period from 1st April, 2020 to 31st December, 2020, respectively, 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.

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

2. 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 31st Dec., 2020. The Management has made a best estimate of the revenue recoverable for

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Continuation Sheet... ..

D T S & Associates Chartered Accountants

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the nine months ended 31st Dec., 2020 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

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Chartered Accountants
(Firm Registration No. 142412W/W100595)
" <
rtner
Membership No. 132639
�stry
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Place: Mumbai Date: It[h ] February, 2021 ODIN: 21132639AAAAAQ6883

Continuation Sheet... ..

THE PHOENIX MILLS LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31st DECEMBER,2020 Regd. Office:- 462, Senapati Bapat Marg, Lower Parel, Mumbai - 400013

Tel: (022) 24964307/ 08/ 09 E-mail: info@thephoenixmills.comWebsite:www.thephoenixmills.com

(f In Lakhs)

								(f In Lakhs)
Sr.	PARTICULARS		Th¥oo Mnn•h• ln.lo,	on		Ilno Mnnl lo ln.o. on		Vo,¥ J�A�r
No.		31/12/2020	30/09/2020		31/12/2019	31/12/2020	31/12/2019	31/03/2020
		Unaudited	Unaudited		Unaudited	Unaudited	Unaudited	Audited
	Income from Operation
	Net Sales_I_Income from ooerations	33.783.62	21.491.11		51.178.95	68,745.46	154,189.96	1.94,113.71
	Other Income	1.511.65	1,444.59		1.327.54	4.269.15	4,810.66	5.850.05
	Total Income from Operations	35,295.27	22,935.70		52,506.49	73,014.61	1,59 ,000.62	1,99,963.76
	Expenditure
	a) (Increase)/ Decrease in Stock in Trade/Work in Progress	1.647.09	1.714.56		1.232.27	3.163.03	8,874.17	8,184.65
	b) Cost of Materials Consumed/ Construction Related Costs	1,105.26	209.77		1,996.43	1,432.73	9,121.39	11,402.14
	c) EmPlovee Benefits Exoenses	3.742.70	2,277.20		5.212.63	8,056.47	13.016.48	16,553.00
	d) Finance Costs	8,569.71	9,446.45		8,889.71	26.709.56	26.379.15	34,781.74
	e) Electrici tv Ex oenses	2.964.64	2.108.64		3.902.85	5,969.82	12,647.79	15,684.49
	fl Deoreciation and Amortisation Exoenses	5,306.10	5.412.49		5,143.78	15.742.84	15,307.53	20,762.15
	g) Other Exoenses	8.442.58	6,013.76		12.903.02	18,047.17	34,247.72	45,574.91
	Total Expenditure	31.778.08	27,182.87		39,280.69	79,121.62	1,19,594.23	1,52,943.08
3	Profit before Exceptional Items	3.517.19	(4,247.17)		13,225.80	(6,107.01)	39,406.39	47,020.68
4	Exceotional Item						776.61	776.61
5	Profit from Ordinarv Activities before Tax	3,517.19	(4,247.17)		13,225.80	(6,107.01)	40,183.00	47,797.29
6	Tax Exoense /Refer note no. 7)	/2.494.96)	/248.79)		3,577.11	(3,069.48)	9,420.59	12,209.15
7	Net Profit/(loss) After Tax for the period	6,012.15	(3,998.38)		9,648.69	(3,037.53)	30,762.41	35,588.14
	Add//Less): Share in Profits //Loss) of Associates	609.16	173.30		1.070.43	632.12	2,804.30	3,261.66
	Net Profit(loss) After Tax&Share in Profits /(Loss) of	6,621.31	(3,825.08)		10,719.12	(2,405.41)	33,566.71	38,849.80
9	Other Comorehensive Income /Net of Tax)	1.254.49	78.65		315.98	1.958.34	/1,975.70)	(5,212.16)
10	Total Comprehensive Income after Taxes	7,875.80	(3,746.43)		11,035.10	**(447.07) **	31,591.01	33,637.64
11	Net Profit attributable to
	a) Owners of the Comoanv	6.542.36	/3.590.78)		9.185.ll	/1.289.49)	28,803.68	33.473.l l
	b) Non controlling interest	78.95	/234.30)		1.534.01	/1.115.92)	4,763.03	5,376.69
12	Other comprehensive income attributable to
	a) Owners of the Comoanv	1.254.49	78.65		317.14	1.958.34	(1.974.54)	/5.218.57)
	b) Non controlling interest				/1.16)		/1.16)	6.41
13	Total comprehensive income attributable to
	a) Owners of the Comoanv	7,796.85	**(3,512.13) **		9,502.25	668.85	26,829.14	28,254.54
	b) Non controlling interest	78.95	(234.30)		1,532.85	**(1,115.92) **	4,761.87	5,383.10
14	Paid-uo eauitv share caoital /Face Value Rs.2/- oer share)	3.435.55	3433.67		3067.99	3.435.55	3.067.99	3.069.25
15	Other Eauitv							3.67.768.78
	Earing Per Share
16	Basic EPS (not annualised) (Rs.)	4.18	(2.21)		5.99	(0.79)	18.78	21.82
17	Diluted EPS (not annualised) (Rs.)	4.17	(2.21)		5.97	(0.79)	18.73	21.77

Notes: 1 The above Financial Results of the Group have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on 12th February, 2021.

2 The Company has issued 93,865 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 quarter ended 31st December, 2020.

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 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 National Company Law Tribunal ("NCLT") and other authorities.

4 Based on the results & the financial information regularly reviewed by chief operating decision maker for making decisions about the resource allocation & performance assessment, the group has on consolidated basis identified two reportable segments viz Property & related services and Hospitality services as per Ind As 108. The Segment information is as per Annexure "A".

5 The Group's operations have been impacted by the Covid 19 pandemic induced lockdowns announced by the Government. The Group's operations, which were suspended during the lockdown period, have gradually resumed with requisite precautions. In preparation of these results, the Group has taken into account internal and external sources of information to assess possible impacts of the pandemic, including but not limited to assessment of liquidity and going concern, recoverable values of its financial and non-financial assets.

For recognition of revenues from mall operations, the management has considered certain concessions/relief on rentals extended to its retailers/licensees for the period of lockdown as well as some further period considering the extended impact of the pandemic. Such concessions are determined based on discussions concluded with retailers/licensees on case to case basis. Where discussions are ongoing, the revenue is accrued considering the management estimate of most likely agreeable amounts of concession based on its ongoing discussions and the relationship with the retailers /licensee.

The Operations at the residential development project have witnessed limited impact of lockdown. The project continues to see significant buying interest as evidenced from site visits from customers and channel partners.

The Group's hotel operations have resumed during the second quarter in a phased manner and the demand for its services is expected to pick up albeit at a slower pace.

Based on current estimates, the management expects to recover the carrying amounts of the assets including the revenue recognized during the nine months period. 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 Group will continue to closely monitor uncertainties arising of material changes to the future economic conditions.

6 Considering the impact of concessions given in lease rentals and other recoveries during the quarter ended 31.st Decemeber, 2020, the above results and performance for the quarter is not representative of revenue and performance for the entire year.

---

MAT credit balances of certain subsidiaries which were written off during the previous financial year on account of the decision to opt for the new income tax regime at that time, have now been reinstated in the respective subsidiaries during the current quarter based on the Tax Audit Report filed.

// � ,, .., �'.. r f:!;Js ""\'-[� � ] � 'ft ,f ;.,/ Dated: 12th Februarv 2021 Mumbai ( �( MG�nb. ai ): �. :.::, . 0:":I '-.., .,;,./ ../ ,..-...,'i:t )-��_ �....., , The figures for the correspondin�v�§t r�ave been restated/regrouped, wherever necessary, to make them comparable with the current periods.

Annexure "A"

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

Particulars Segment Revenue Property & Related Services Hospitality Services TOTAL Segment Result Profit Before Tax & Interest Property & Related Services Hospitality Services Profit from operations before Other Income, Finance Costs and Exceptional Other Icome Profit from ordinary activities before Finance Costs and exceptional items Finance Costs Profit Before Tax&Exceptional Items Add/(Less): Exceptional Items Profit Before Tax Segment Assets Property & Related Services Hospitality Services Unallocated Total Segment Assets Segment Liabilities Property & Related Services Hospitality Services Unallocated Three Months Ended On 31/12/2020 30/09/2020 31/12/2019 Unaudited Unaudited Unaudited 31,001.27 20,414.66 40,242.44 2,782.36 1,076.45 10,936.51 33,783.63 21,491.11 51,178.95 12,002.81 5,913.17 18,073.85 (1,427.56) (2,158.48) 2,714.12 10,575.25 3,754.69 20,787.97 1,511.65 1,444.59 1,327.54 12,086.90 5,199.28 22,115.51 8,569.71 9,446.45 8,889.71 3,517.19 (4,247.17) 13,225.80 3,517.19 (4,247.17) 13,225.80 8,55,310.12 8,64,528.81 7,97,552.94 1,04,396.77 99,712.11 1,09,388.40 1,77,922.43 1,76,899.85 1,38,638.44 11,37,629.32 11,41,140.77 10,45,579.78 4,41,138.74 4,59,418.68 4,70,375.67 84,623.19 78,114.38 78,786.52 220.07 211.40 68.14 5,25,982.00 5,37,744.46 5,49,230.33 (? In Lakhs) Nine Months Ended on Year Ended on 31/12/2020 31/12/2019 31/03/2020 Unaudited Unaudited Audited 64,083.57 1,27,957.08 1,59,116.87 4,661.89 26,232.88 34,996.84 68,745.46 1,54,189.96 1,94,113.71 22,375.01 57,105.59 70,391.14 (6,041.61) 3,869.29 5,561.23 16,333.40 60,974.88 75,952.37 4,269.15 4,810.66 5,850.05 20,602.55 65,785.54 81,802.42 26,709.56 26,379.15 34,781.74 (6,107.01) 39,406.39 47,020.68 776.61 776.61 (6,107.01) 40,183.00 47,797.29 8,55,310.12 7,97,552.94 8,20,060.69 1,04,396.77 1,09,388.40 1,07,333.18 1,77,922.43 1,38,638.44 1,27,342.79 11,37,629.32 10,45,579.78 10,54,736.66 4,41,138.74 4,70,375.67 4,80,332.27 84,623.19 78,786.52 75,390.99 220.07 68.14 296.27 5,25,982.00 5,49,230.33 5,56,019.53

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