Vipul Limited

Vipul TechSquare Golf-Course Road, Sector-43 Gurgaon - 122 009 Tel: -91-124-4065500 Fax: 91-124-406 1000 E-mail: [email protected] www.vipulgroup.in

Ref.	No.VIPUl/SECjFY2020-2lj••<br>	February12,2021
	TheSecretary	TheManager(Listing)I
	BSELimited,(EquityScripCode:511726)	NationalStockExchangeofIndiaLimited,I
	CorporateRelationshipDepartment,	(EquityScripCode:VIPULLTD)I
	At:1ST Floor,NewTradingRing,Rotunda	ExchangePlaza,BandraKurlaComplex,'I'
	Building,PhirozeJeejeebhoyTowers,	Bandra,Mumbai-400051
	DalalStreet,Fort,Mumbai-400001I	!

Sub: Outcome of Board Meeting held on Friday, February 12, 2021 and Unaudited Financial Results for the 3RD Quarter and Nine-Months ended December 31, 2020 (Standalone and Consolidated)

Dear Sir(s),

Thisin continuation our letters no. Ref. No. VIPUl/SECjFY2020-2lj2016 dated February 01,2021, pursuant to the provisions of Regulations 30 and 33 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), the Board of Directors of the Company at its meeting held today i.e. Friday, February 12, 2021through audio visual means of communication has considered and approved, inter alia, the Unaudited Financial Results for the 3RD Quarter and nine-Months Ended on December 31,2020.

A copy of the aforesaid Results along-with the Limited Review Report of the Statutory Auditor ofthe Company, as required under Regulation 33of the Listing Regulations, is enclosed herewith.

The Board meeting commenced at 12:30p.m. and concluded at 17.30p.m.

You are requested to take the above information on record and bring the same to the notice of all concerned.

VIPUL LIMITED

Regd. Office : - Unit No 201, C-50, Malviya Nagar, New Delhi-110017

Unaudited Standalone Financial Results for the quarter/nine months ended 31st December, 2020

							(Rs. in Lakhs)
	SL.No. PARTICULARS	FOR THE QUARTER ENDED			FOR THE NINE MONTHS		FOR THE
						ENDED	YEAR ENDED

		31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020

		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
I.	Revenue from Operations	133.29	1,605.31	2,616.12	1,912.09	14,105.51	16,097.32
$\mathbf{u}$	Other Income	273.71	204.42	1,720.16	604.08	1,976.29	2,446.15

Ш	Total Revenue (I+II)	407.00	1,809.73	4.336.28	2,516.17	16,081.80	18,543.47
IV
	ExpensesCost of Materials Consumed	2,054.98	2,798.97	4.692.54	7.474.93	15,451.34	20,222.34
	Purchase of stock-in-trade
	Change in inventories in finished
	goods,stock in trade and work in	(78.96)	(214.43)	(1,669.16)	(2,654.13)	(2,823.44)	(3,720.70)
	progress
	Employees benefits expense	217.41	155.31	358.39	607.57	1,106.37	1,430.41
	Finance Costs	589.62	759.00	702.37	2,095.44	2.121.68	2,909.71
	Depreciation and amortisation	13.31	13,48	19.69	39.93	59.69	80.01
	expense				333.69
	Other ExpensesTotal Expenses	87.992,884.35	171.40	250.77	7.897.43	617.2716,532.91	729.2921,651.06
			3,683.73	4,354.60
v	Profit/(Loss) before exceptional andextraordinary items and Tax (III-IV)	(2, 477.35)	(1, 874.00)	(18.32)	(5,381.26)	(451.11)	(3, 107.59)
VI	Exceptional items		$\blacksquare$	٠	$\blacksquare$	$\blacksquare$	۰
VII	Profit/(Loss) before extraordinary
	items and tax (V-VI)	(2, 477.35)	(1,874.00)	(18.32)	(5,381.26)	(451.11)	(3, 107.59)
VIII	Extraordinary Items
IX	Profit before Tax (VII-VIII)	(2, 477.35)	(1, 874.00)	(18.32)	(5,381.26)	(451.11)	(3, 107.59)
x	Tax Expense:
	1. Current Tax/ Earlier year adjustmer	$\blacksquare$				٠
	2. Deferred TaxProfit/(Loss) for the period from	(627.92)	(487.31)	(47.63)	(1, 350.04)	267.05	(364.59)
XI	continuing operations (IX-X)	(1,849.43)	(1,386.69)	29.31	(4.031.22)	(718.16)	(2.743.01)
XII	Profit/(Loss) from discontinuing
	operations	$\bullet$	٠	٠	$\bullet$	٠
XIII	Tax Expense of discontinuing
	operations					$\blacksquare$
XIV	Profit/(Loss) from discontinuing
	operations (after tax)-(XII-XIII)
XV	Profit/(Loss) for the period (XI+XIV)	(1.849.43)	(1, 386.69)	29.31	(4,031.22)	(718.16)	(2,743.01)
	Other Comprehensive Income
	A. (i) Items that will not bereclassified to profit or loss						(50.61)
	(ii) income tax relating to items that
	will not be reclassified to profit or	$\bullet$					(17.68)
	loss
XVI	B. (i) Items that will be reclassified
	to profit or loss	٠	$\blacksquare$	۰	$\overline{\phantom{a}}$	۰
	(ii) income tax relating to items thatwill be reclassified to profit or loss			$\bullet$	$\bullet$
XVII	Total Comprehensive Income for theperiod (XV+XVI) Comprising Profit(Loss) and Other ComprehensiveIncome for the period )	(1, 849.43)	(1,386.69)	29.31	(4,031.22)	(718.16)	(2, 775.93)
XVIII	Earnings per equity share
	1.Basic	(1.54)	(1.16)	0.02	(3.36)	(0.60)	(2.29)
	2.Diluted	(1.54)	(1.16)	0.02	(3.36)	(0.60)	(2.29)

Notes:

1. The above Unaudited Financial Results (Standalone and Consolidated) for the quarter/nine months ended 31.12.2020 which does not include the financial data of Vipul SEZ Developers Private Limited & its subsidiaries, have been reviewed by the Audit Committee and on their recommendation have been approved by the Board of Directors at their respective meetings held on February 12, 2021 through audio visual means of communication. Further in accordance with the requirements under Regulation 33 of the SEBI (LODR) Regulations, 2015, the statutory auditors have carried out limited review report for the 3rd quarter and nine months ended December 31, 2020 and the report has been approved by the Board.
1. The Company's main business is real estate. The Companies business activities as reviewed by the Board of Directors/Audit Committee, falls within a single operating segment viz "Real Estate", as per IND AS 108 Operating Segment, hence segment disclosures have not been given. Further, the operations of the Company are domiciled in India and therefore there are no reportable geographical segment.
The outbreak of Corona Virus (COVID-19) pandemic globally and in India is causing significant disturbance $3.$ and slowdown of economic activity. Due to the lockdown announced by the Government of India, the Company's operations were suspended/slowed down during the lockdown period. The operations and economic activities have gradually resumed with requisite precautions and expected to return to normalcy in due course of time. The Company has taken account the possible impact of COVID-19 in preparation of the financial results, including its assessment of liquidity position and recoverable value of its assets based on internal and external information up to the date of approval of these financial results and current indicators of future economic conditions. The Company will continue to closely observe the evolving scenario and take into account any future development arising out of the same.
PNB Housing Finance Ltd has initiated legal proceedings against the company under the provisions of Section 13 (2) and 13(4) of the SARFAESI Act and under Rule 8 of Security Interest (enforcement) Rules, 2002. The Company is duly contesting the matter disputing the notice(s) issued by them in this regard, and presently, the matter is presently, sub-judice.

Due to overall sluggishness in the Indian economy and slump in the Real Estate Industry, there have been delays in the financial covenants in payment of principle as well as interest to certain secured lenders in the current period. The Company is in the process of regularizing such delays.

1. The above results have been prepared in accordance with recognitions and measurements principles laid down in Ind AS prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 as amended and other accounting principles generally accepted in India.
1. During the quarter, M/s. Vipul Lavanya Developers Limited has ceased to be wholly owned subsidiary of the Company consequent upon disposal of 49% stake of the investments held by the Company.
1. The Company has not provided interest on advance received from customers as negotiations for settlement of the same in under progress and it will be done before the year end finalization of accounts.
1. The previous financial period/year figures have been regrouped / re-arranged wherever necessary to conform to this period's classification.
1. These results will be made available on the Company's website vizwww.vipulgroup.in and websites of BSE Limited and National Stock Exchange of India Limited viz, www.bseindia.com and www.nseindia.com

Date: February 12, 2021 Place: Gurugram

mit Beriwala Managing Director &

Chief Executive Officer

Ref: SA/J/V/42R

Limited Review Report

To The Board of Directors VIPUL LIMITED

1. We have reviewed the accompanying statement of unaudited standalone financial results of VIPUL LIMITED ("the Company"), for the quarter and nine months ended December 31, 2020.
1. This Statement, which is the responsibility of the Company's Management and has been approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to issue a report on these standalone financial statements based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are 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.
1. We refer to Note 7 to the financial results which relates to non-provisioning to interest on advances received from customers. The Company is in the process of renegotiating the contracts with the customers and has accordingly not accounted for interest of such advances received. The impact thereof on the loss for the quarter is currently not ascertainable.

5. Emphasis of Matter

We draw attention to the following:

i. The Company has not deposited statutory dues of Goods and Services Tax, Income Tax deducted at Source and Provident Fund relating to the period 1st April, 2020 to 31st December, 2020.
ii. Note 3 to the financial results which describes the uncertainties and the impact of Covid- 19 pandemic on the company's operations and results as assessed by the management. The impact of these uncertainties on the company's operations is dependent on future developments.
iii. Note 4 to the financial results which states that PNB Housing Finance Ltd has initiated legal proceedings against the company which is being contested by the Company and the matter is currently sub-judice. It also states that there have been breaches in repayment of loans and the measures initiated by the Company to address these.

Our conclusion is not modified in respect of these matters.

Based on our review conducted as above and subject to the matters mentioned in paragraph 4, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For JSUS & Associates, Chartered Accountants (Registration number: 329784E)

(J. Sil )

th February, 2021 (Membership Number 012723) UDIN: 21012723AAAAAG9122

Place : Gurugram Partner Date : 12

VIPUL LIMITED

Regd. Office : - Unit No 201, C-50, Malviya Nagar, New Delhi-110017Consolidated Unaudited Financial Results for the quarter/nine months ended 31st December, 2020

(Rs. in Lakhs)

	SL.No. Particulars	FOR THE QUARTER ENDED			FOR THE NINE MONTHS		FOR THE YEAR
		31.12.202030.09.202031.12.2019		ENDED31.12.201931.12.2020		ENDED31.03.2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
I.	Revenue from Operations	203.18	1,623.32	2,737.58	2,042.17	15,476.62	17,647.07
$\mathbf{I}$	Other income	277.38	205.59	1,723.94	611.87	1,987.80	2,459.49

ш	Total Revenue (I+II)	480.56	1,828.91	4,461.52	2,654.04	17,464.42	20,106.56

1V	Expenses
	Cost of Materials Consumed	2,121.77	2,824.67	5,703.58	7.584.29	16,659.32	22,881.79
	Purchase of stock-in-trade
	Change in inventories in finished
	goods, stock in trade and work in	(78.04)	(213.84)	(2,559.58)	(2,652.49)	(2,826.72)	(5,070.48)
		244.52	179.85	419.75	670.12	1,294.87	1,666.59
	Employees benefits expenseFinance Costs	791.07	834.87	882.42	2,452.63	2,416.25	3,225.83

	Depreciation and amortisation expense	88.96	89.95	105.34	266.88	316.63	422.60
	Other Expenses	99.95	177.54	295.72	354.66	686.36	783.89
	Total Expenses	3,268.23	3,893.04	4,847.23	8,676.09	18,546.71	23,910.22
	Profit/(Loss) before share of profit from
v	Associated and Tax (III-IV)	(2,787.67)	(2,064.13)	(385.71)	(6,022.05)	(1,082.29)	(3,803.66)
						3.44	4.78
vı	Profit/(Loss) of share from Associates	1.19	1.20	1.15	3.58
	Profit/(Loss) before extraordinary			(384.56)	(6,018.47)	(1,078.85)	(3,798.89)
VII	items and tax (V-VI)	(2,786.48)	(2,062.93)
VIII	Extraordinary Items
IX	Profit before Tax (VII-VIII)	(2,786.48)	(2,062.93)	(384.56)	(6,018.47)	(1,078.85)	(3,798.89)
x	Tax Expense:
	1. Current Tax/ Earlier vear adjustment		$\bullet$	(U.O6)			0.20
	2. Deferred Tax	(628.10)	(487.13)	(55.65)	(1,350.04)	157.89	(364.43)
XI	Profit/(Loss) for the period from	(2, 158.38)	(1,575.80)	(328.85)	(4,668.43)	(1, 236.74)	(3,434.66)
	continuing operations (IX-X)
XII	Profit/(Loss) from discontinuing
	operations				٠
XIII	Tax Expense of discontinuing
	operations
XIV	Profit/(Loss) from discontinuing
XV	operations (after tax)-(XII-XIII)Profit/(Loss) for the period (XI+XIV)	(2, 158.38)	(1,575.80)	(328.85)	(4.668.45)	(1, 236.74)	(3,434.66)
	Other Comprehensive Income
	A. (i) Items that will not be reclassified
	to profit or loss			۰	$\overline{\phantom{a}}$		(51.16)
	(ii) Income tax relating to items that
	will not be reclassified to profit or						(17.83)
	loss
XVI	B. (i) Items that will be reclassified to
	profit or loss

	(ii) Income tax relating to items that
	will be reclassified to profit or loss

	Total Comprehensive Income for theperiod (XV+XVI) Comprising Profit
XVII		(2, 158.38)	(1, 575.80)	(328.85)	(4,668.43)	(1,236.74)	(3,467.99)
	(Loss) and Other ComprehensiveIncome for the period )

	Net Profit attributable to:
	a) Owners of the Company	(2, 158.36)	(1, 575.78)	(328.85)	(4,668.41)	(1, 236.72)	(3,467.97)
	b) Non-Controlling Interest	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
	Other Comprehensive Income attributable to						$\bullet$
	a) Owners of the Company		$\bullet$	٠		$\blacksquare$٠	$\overline{\phantom{a}}$
	b) Non-Controlling Interest	٠	$\blacksquare$	$\overline{\phantom{a}}$
	Total Comprehensive Income attributable to :						(3,467.97)
	a) Owners of the Company	(2, 158.38)(0.02)	(1,575.78)	(328.85)	(4,668.41)(0.02)	(1, 236.72)(0.02)	(0.02)
	b) Non-Controlling Interest		(0.02)	(0.02)
XVIII	Earnings per equity share
	1.Basic	(1.80)	(1.31)	(0.27)	(3.89)	(1.03)	(2.86)
	2.Diluted	(1.80)	(1.31)	(0.27)	(3.89)	(1.03)	(2.86)

$\ddot{\phantom{a}}$