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PSP Projects Limited — Earnings Release 2024
Feb 9, 2024
61476_rns_2024-02-09_0504166b-09a7-417d-929d-fb8fe0776603.pdf
Earnings Release
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1 v 'BP~ pSP Projects Limited , ISO 9001 : 2015, 14001 : 2015,45001 : 2018 Certified Company
l
PSP
Ref No: PSPPROJECT/SE/79/23-24 Corporate Relations Department BSE Limited Floor 25, P.}.Towers, Dalal Street, Mumbai- 400 001 Scrip code: 540544 Dear Sir/Madam,
February 9, 2024
,
Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400051 Scrip Symbol: PSPPRO}ECT
Subject: Outcome of Board meeting
Pursuant to Regulation 30, 33 and other applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with reference to our earlier intimation vide ref. no. PSPPROJECT/SE/77 /23-24 dated February 01, 2024, we hereby inform that, the board of directors, at their meeting held today i.e. February 9, 2024, have inter-alia:
-
- Approved Unaudited Standalone & Consolidated Financial Results as per Indian Accounting Standards (Ind AS) for the quarter and nine months ended December 31, 2023;
-
- Approved raising of funds and to create, offer, issue, and allot such number of equity shares having face value of Rs. 10 each of the Company ("Equity Shares") and/or equity linked instruments, including further public offer, rights issue, American Depository Receipts/Global Depository Receipts, Foreign Currency Convertible Bonds, non-convertible debt instruments along with warrants, fully convertible debentures, partly convertible debentures, and/or any other securities convertible into equity shares (including warrants or otherwise), by way of Qualified Institutions Placement, debt issue, preferential issue, or any other permissible mode or combinations thereof, in one or more tranches, for an aggregate amount not exceeding Rs. 300 crores, in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018, as amended, ("SEBI ICDR Regulations"] and all other applicable laws, as may be considered appropriate, subject to shareholders' approval and government / regulatory / statutory and any other approvals and requirements, as applicable; and
-
- Approved to conduct Postal Ballot process for approval of members of the company for proposed Resolution.
The board meeting commenced at 11:30 and concluded at 12:25 P.M.
~
o~E.cr&

We are enclosing herewith the Financial Results for the quarter and nine months ended December 31, 2023 for your information and record. The same will be made available on the Company's website at www.pspprojects.com.
Kindly take the above on your record.
Thanking You,
Yours faithfully,
'PSP House', Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, Iscon - Ambali Road, Ahmedabad, Gujarat - 380 058. India. Phone: 079 - 2693 6200, 2693 6300, 2693 6400 I Fax No.: 079 - 2693 6500 I Email: [email protected] I URL: www.pspprojects.com CIN: L45201GJ2008PLC054868
Kantilal Patel & Co. Chartered Accountants "KPC House", Besides High Court Auditorium Gate, Sola, Ahmedabad - 380 060.
Prakash B. Sheth & Co. Chartered Accountants 212-213 Pratibha-I, B/h. Sakar-I, Opp. Gandhigram Railway Station, Navarangpura Ahmedabad - 380 009.
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
To
The Board of Directors of PSP Projects Limited.
-
- We have reviewed the accompanying statement of unaudited standalone financial results of PSPProjects Limited (the 'Company') for the quarter ended December 31, 2023, and year to date from April 01, 2023 to December 31, 2023 (the 'Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SESI(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations').
-
- The Statement which is the responsibility of the Company's Management and approved by the Company's Soard 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 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 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 could become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an

- 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 the applicable Indian Accounting Standards (Tnd 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 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For Kantilal Patel & Co. Chartered Accountants ICAI Firm registration number: 104744W

~el Partner Membership No.: 153599 Place: Ahmedabad Date: February 9, 2024 UDIN: 24153599BKDKEB3464

For Prakash B. Sheth & Co. Chartered Accountants ICAI Firm registration number: 106089W
Prakash B. Sheth Proprietor Membership No.: 036831 Place:Ahmedabad Date: February 09, 2024 UDIN: 24036831BKAEAH2474

PSP Projects limited
Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :l45201GJ2008PlC054868 Website: www.pspprojects.com
(i) Statement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2023
| (Rs in lakhs) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Quarter ended |
Nine months | Year Ended | ||||||
| Sr. No. | Particulars | 31.12.2023 | 30.09.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.03.2023 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||
| 1 | Income | |||||||
| Revenue from Operations |
69,661.92 | 60,714.85 | 49,739.28 | 1,81,332.80 | 1,19,923.91 | 1,92,664.91 | ||
| Other Income |
654.20 | 603.13 | 648.03 | 1,827.78 | 2,043.08 | 2,709.56 | ||
| Total Income | 70,316.12 | 61,317.98 | 50,387.31 | 1,83,160.58 | 1,21,966.99 | 1,95,374.47 | ||
| 2 | Expenses | |||||||
| Cost of Materials Consumed |
24,868.54 | 26,479.41 | 15,345.15 | 71,583.74 | 37,225.67 | 59,941.76 | ||
| Changes in Inventories of Finshed Goods and Work-In-Progress |
(4,349.23) | (5,416.59) | 1,536.17 | (10,695.16) | (2,091.22) | (2,207.15) | ||
| Construction Expenses |
37,773.06 | 28,800.00 | 23,997.64 | 88,112.03 | 61,880.94 | 1,00,470.38 | ||
| Employee Benefits Expense |
3,375.23 | 2,956.12 | 2,347.58 | 9,150.10 | 6,775.39 | 9,345.15 | ||
| Finance Costs |
1,526.72 | 1,245.17 | 1,012.81 | 3,680.31 | 2,277.14 | 3,195.94 | ||
| Depreciation and Amortisation Expense |
1,872.59 | 1,435.86 | 984.69 | 4,493.12 | 2,762.93 | 4,000.52 | ||
| Other Expenses |
851.35 | 521.74 | 347.88 | 2,200.32 | 1,396.95 | 2,613.56 | ||
| Total Expenses | 65,918.26 | 56,021.71 | 45,571.92 | 1,68,524.46 | 1,10,227.80 | 1,77,360.16 | ||
| 3 | Profit/(loss) Before Tax and Exceptional Item (1-2) |
4,397.86 | 5,296.27 | 4,815.39 | 14,636.12 | 11,739.19 | 18,014.31 | |
| 4 | Exceptional Gain/(Lossl(net of tax) |
- | - | |||||
| 5 | Profit/(loss) Before Tax and after Exceptional Item (3-4) |
4,397.86 | 5,296.27 | 4,815.39 | 14,636.12 | 11,739.19 | 18,014.31 | |
| 6 | Tax Expenses | |||||||
| Current Tax |
1,330.79 | 1,365.89 | 1,305.57 | 4,105.05 | 3,162.04 | 4,991.28 | ||
| Deferred Tax |
(184.78) | (10.23) | (19.68) | (333.70) | (93.61) | (278.79) | ||
| Total Tax Expenses | 1,146.01 | 1,355.66 | 1,285.89 | 3,771.35 | 3,068.43 | 4,712.49 | ||
| 7 | Profit/(loss) for the Period (5-6) |
3,251.85 | 3,940.61 | 3,529.50 | 10,864.77 | 8,670.76 | 13,301.82 | |
| 8 | Other Comprehensive Income/(Loss) (OCI) |
|||||||
| (i) Items that will not be reclassified to Profit or loss |
||||||||
| - Remeasurement expenses of Defined benefit plans (net of tax) |
2.30 | 2.30 | 2.31 | 6.90 | 6.91 | 9.20 | ||
| Total Other Comprehensive Income / (LOSS) for the Period |
2.30 | 2.30 | 2.31 | 6.90 | 6.91 | 9.20 | ||
| 9 | Total Comprehensive Income/(loss) for the Period (7+8) |
3,254.15 | 3,942.91 | 3,531.81 | 10,871.67 | 8,677.67 | 13,311.02 | |
| 10 | Paid-up Equity Share Capital - Face Value Rs 10/- each |
3,600.00 | 3,600.00 | 3,600.00 | 3,600.00 | 3,600.00 | 3,600.00 | |
| 11 12 |
Other Equity excluding Revaluation Reserves Per Share or Ils lU/- each 1111Ils.1 earrungs (not annualised for quarters) |
- | - | 76,382.54 | ||||
| (Basic) | 9.03 | 10.95 | 9.81 | 30.18 | 24.09 | 36.95 | ||
| (Diluted) | 9.03 | 10.95 | 9.81 | 30.18 | 24.09 | 36.95 |
(See accompanying notes to the Standalone FinanCIal Results)

KANTILAL PATEL e't CO.

PSP Projects Limited
Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC054868 Website: www.pspprojects.com
(ii) Notes to Standalone Financial Results
| Sr. | Note |
|---|---|
| No. | |
| 1 | The above financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on February 9, 2024. |
| The financial results are prepared in accordance with the Indian Accounting Standards (Tnd AS"), as applicable and guidelines issued by the Securities and Exchange Board of India (USEBI"). The Ind AS are prescribed under section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. |
|
| 2 | The Company is primarily engaged in one business segment viz. construction/project activities, as determined by the chief decision maker in accordance with Ind AS 108, Operating Segments. |
| 3 | The Code on Social Security, 2020 ('Code') has been notified in the .Official Gazette of India on September 29, 2020, which could impact the contributions of the Company towards certain employment benefits. The effective date from which changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of the change will be assessed and accounted in the period of notification of the relevant provisions. |
| 4 | As on December 31, 2023, the Company has outstanding assets valued at approximately Rs 141 Crores, from contractual transactions with SDB Diamond Bourse (the "Party"). This includes trade receivables of Rs46 crores, Unbilled Revenue of Rs53 crores, and retention of Rs42 crores. The Company has taken legal action by filing a Commercial Civil Case before the Hon'ble District Court in Surat, Gujarat, against the Party. The legal proceedings encompass a range of claims, meticulously outlining the services rendered and work performed for the Party. The total value of the claims presented by the Company exceeds the outstanding assets recorded in the books. The Company is optimistic about recovering the aforementioned amounts from the Party. |
(Prahaladbhai S:.~It@f'-'----:'
Chairman, Managing Director & CEO DIN: 00037633 Ahmedabad, February 9, 2024


Kantilal Patel & Co. Chartered Accountants "KPC House", Besides High Court Auditorium Gate, Sola, Ahmedabad - 380 060.
Prakash B. Sheth & Co. Chartered Accountants 212-213 Pratibha-I, B/h. Sakar-I, Opp. Gandhigram Railway Station, Navarangpura Ahmedabad - 380 009.
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
To
The Board of Directors of PSP Projects Limited.
-
- We have reviewed the accompanying statement of unaudited consolidated financial results of PSP Projects Limited (the 'Holding Company') and its subsidiary (the Holding Company and its subsidiary together referred to as the 'Group') and its joint venture for the quarter ended December 31, 2023 and year to date from April 01, 2023 to December 31, 2023 (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').
-
- The Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (lnd 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 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 could become aware of all

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDI/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
- The Statement includes the interim financial results of the following entities
Subsidiary
PSPProjects & Proactive Constructions Private Limited
Joint Venture
GDCL and PSPJoint Venture
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 to in paragraph 5 below, 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 aforesaid 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 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
- The Statement includes the unaudited interim financial results and other unaudited financial information of:
- (a) 1 (one) subsidiary, whose unaudited interim financial results and other unaudited financial information include total revenue of INR 948.28 lakh and 3,006.72 lakh (before consolidation adjustments), total net loss after tax of INR 143.53 lakh and INR 119.71 lakh (before consolidation adjustments), total comprehensive expense (before consolidation adjustments) of INR 143.53 lakh and 119.71 lakh for the quarter ended December 31, 2023 and for the period from April 1, 2023 to December 31, 2023, respectively, as considered in the Statement.
- (b) 1 (one) joint venture, whose unaudited interim financial results and other unaudited financial information include Group's share of net profit of INR 1.67 lakh and 7.31 lakh and Group's share of total comprehensive income of INR 1.67 lakh and ;.31 lakh for the


quarter ended December 31,2023 and for the period from April 1,2023 to December 31, 2023, respectively, as considered in the Statement.
These interim financial results have been reviewed by one of the joint auditors and other joint auditor has placed reliance on the same. Our conclusion on the Statement is not modified in respect of the above matter.
- According to the information and explanations given to us by the Management of the Holding Company, the unaudited interim financial results and other unaudited financial information referred to in paragraphs 5 above are not material to the Group.
For Kantilal Patel & Co.
Chartered Accountants ICAI Firm registration number: 104744W

Jinal A. Patel Partner Membership No.: 153599 Place: Ahmedabad Date: February 9, 2024 UDIN: 24153599BKDKEC6612

For Prakash B. Sheth & Co. Chartered Accountants ICAI Firm registration number: 106089W
Prakash B. Sheth Proprietor Membership No.: 036831 Place: Ahmedabad Date: February 09, 2024 UDIN: 24036831 BKAEAI5883

PSP Projects limited
Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 (IN :L45201GJ2008PLC054868 Website: www.pspprojects.com
(i) Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2023
| (Rs in Lakhs) | |||||||
|---|---|---|---|---|---|---|---|
| Sr. | Quarter ended |
Nine months ended | Year ended | ||||
| No. | Particulars | 31.12.2023 | 30.09.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.03.2023 |
| (Unaudited) | (Unaudited) | (Unaudited) | IUnauditedl | IUnaudited) | (Audited) | ||
| 1 | Income | ||||||
| Revenue from Operations | 70,475.01 | 61,965.31 | 50,015.70 | 1,83,802.99 | 1,20,822.16 | 1,93,780.60 | |
| Other lncorne | 643.30 | 605.04 | 643.37 | 1 814.47 | 1 829.74 | 2 500.09 | |
| Total Income | 71,118.31 | 62,570.35 | 50,659.07 | 1,85,617.46 | 1,22,651.90 | 1,96,280.69 | |
| 2 | Expenses | ||||||
| Cost of Materials Consumed | 25,130.32 | 27,003.22 | 15,405.45 | 73,057.06 | 37,535.51 | 60,277.45 | |
| Changes in Inventories of Work-in-Progress |
(4,349.23) | (4,743.30) | 1,536.17 | (10,677.11) | (1,992.15) | (2,126.15) | |
| Construction Expenses |
38,506.43 | 28,967.58 | 24,205.96 | 89,223.96 | 62,191.19 | 1,00,915.38 | |
| Employee Benefits Expense | 3,375.24 | 2,956.11 | 2,347.58 | 9,150.10 | 6,775.39 | 9,345.15 | |
| Finance Costs | 1,526.73 | 1,245.19 | 1,012.82 | 3,680.34 | 2,277.17 | 3,195.97 | |
| Depreciation and Amortisation Expense |
1,872.60 | 1,435.85 | 984.69 | 4,493.12 | 2,762.93 | 4,000.52 | |
| Other Expenses | 851.82 | 531.70 57,396.35 |
341.41 | 2221.15 | 1398.07 | 2362.39 1,77,970.71 |
|
| Total Expenses | 66,913.91 | 45,834.08 | 1,71,148.62 | 1,10,948.11 | |||
| 3 | Before Tax & share of profit / (loss) from Joint Venture Profit/(Loss) |
4,204.40 | 5,174.00 | 4,824.99 | 14,468.84 | 11,703.79 | 18,309.98 |
| (1- 2) | |||||||
| 4 | Tax Expenses | ||||||
| Current Tax | 1,330.79 | 1,365.89 | 1,305,56 | 4,105.05 | 3,162.05 | 4,991.28 | |
| MAT Credit Entitlement | - | 72.18 | |||||
| Deferred Tax | 1233.05 | 140.05) | (13.39 | (373.96 | (46,19 | (217.60) | |
| Total Tax Expenses | 1,097.74 | 1,325.84 | 1,292.17 | 3,731.09 | 3,115.86 | 4,845.86 | |
| for the Period Before share of profit I (loss) from Joint | 3,106.66 | 3,848.16 | 3,532.82 | 10,737.75 | 8,587.93 | 13,464.12 | |
| 5 | Profit/(Loss) | ||||||
| Venture (3 - 4) |
|||||||
| 6 | Share of profit / (loss) from Joint Venture (Net) |
1.66 | 3.81 | 3.19 | 7.31 | 6.38 | (270.00) |
| 7 | Net profit/(loss) after tax and share in profit/(Ioss) of Joint ventures |
3,108.32 | 3,851.97 | 3,536.01 | 10,745.06 | 8,594.31 | 13,194.12 |
| (5+6) | |||||||
| 8 | Income I (Loss) (OCI) Other Comprehensive |
||||||
| (i) Items that will not be reclassified to Profit or Loss |
|||||||
| - Remeasurement expenses of Defined benefit plans (net of tax) |
2.30 | 2.30 | 2.30 | 6.90 | 6.91 | 9.20 | |
| (ii) Items that will be reclassified to Profit or Loss | |||||||
| - Exchange difference arising on translation of foreign subsidiary (net of |
- | - | |||||
| tax) | |||||||
| Income I (Loss) for the Period Total Other Comprehensive |
2.30 | 2.30 | 2.30 | 6.90 | 6.91 | 9.20 | |
| 9 | Total Comprehensive Income/(Loss) for the Period (7+8) |
3,110.62 | 3,854.27 | 3,538.31 | 10,751.96 | 8,601.22 | 13,203.32 |
| Profit/(Loss) for the year attributable to: |
|||||||
| - Owners ofthe company | 3,108.32 | 3,851.97 | 3,536.01 | 10,745.06 | 8,594.31 | 13,194.12 | |
| - Non-controlllng lnterest | - | ||||||
| Other comprehensive income/(Loss) for the year attributable to: |
|||||||
| - Own ers of the com pany | 2.30 | 2.30 | 2.30 | 6.90 | 6.91 | 9.20 | |
| - Non-controlling tnterest |
- | ||||||
| Total comprehensive income/(Loss) for the year attributable to: |
|||||||
| - Owners of the company | 3,110.62 | 3,854.27 | 3,538.31 | 10,751.96 | 8,601.22 | 13,203.32 | |
| - Non-controlling Interest |
- | ||||||
| 10 Paid-up Equity Share Capital- Face Value Rs 10/- each |
3,600.00 | 3,600.00 | 3,600.00 | 3,600.00 | 3,600.00 | 3,600.00 | |
| 11 Other Equity excluding Revaluation Reserves |
- | 76,499.25 | |||||
| 12 Earnings Per Share of Rs 10/- each (in Rs.) | |||||||
| (not annualised for quarters) |
|||||||
| (Basic) | 8.63 | 10.70 | 9,82 | 29.85 | 23.87 | 36.65 | |
| (Diluted) | 8.63 | 10.70 | 9.82 | 29.85 | 23.87 | 36.65 |
(see accompanying notes to the Consolidated Financial Results)

f(ANTILAL PATEL & CO_. _ SIG1!ED FOR IDENTIFiCATION BY lJ) [b C112 tl

PSP Projects Limited Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC054868 Website: www.pspprojects.com
(ii) Notes to Consolidated Financial Results
| Sr. | Note |
|---|---|
| No. | |
| 1 | The above consolidated financial results of the Holding Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Holding Company in their respective 9, 2024. meetings held on February The consolidated financial results are prepared in accordance with the Indian Accounting Standards ("Ind AS"), as applicable and guidelines issued by the Securities and Exchange Board of India ("SEBI"). The Ind AS are prescribed under section 133 of the Act read with Rule 3 of the 2015, Companies (Indian Accounting Standards) Rules, and the Companies (Indian Accounting 2016. Standards) (Amendment) Rules, The said financial results represent the results of PSP Projects Limited (lithe Holding Company"), its subsidiaries (together referred to as lithe Group" and its share in results of joint ventures which have been prepared in accordance with Ind-AS 110 - 28 - "Consolidated Financial Statement" and Ind AS "Investment in Associates and Joint Ventures"). |
| 2 | The Group is primarily engaged in one business segment viz. construction/project activities, as Ind AS 108, determined by the chief decision maker in accordance with Operating Segments. Further, the operations of the Group is predominately domiciled in lndia and therefore there are no reportable geographical segment. |
| 3 | 2020 The Code on Social Security, ('Code') has been notified in the Official Gazette of India on 29) 2020, September which could impact the contributions of the Group towards certain employment benefits. The effective date from which changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of the change will be assessed and accounted in the period of notification of the relevant provisions. |
| 4 | 31, 2023) As on December the Holding Company has outstanding assets valued at approximately Rs 141 Crores, from contractual transactions with SOB Diamond Bourse (the "Party"). This includes of Rs46 Revenue of Rs53 of Rs42 trade receivables crores, Unbilled crores, and retention crores. The Holding Company has taken legal action by filing a Commercial Civil Case before the Hon'ble District Court in Surat, Gujarat, against the Party. The legal proceedings encompass a range of claims, meticulously outlining the services rendered and work performed for the Party. The total value of the claims presented by the Company exceeds the outstanding assets recorded in the books. The Holding Company is optimistic about recovering the aforementioned amounts from the Party. |

SIGi lED FOR IDEN-tIFICATION BY ,~gee g%4
I<ANTILAL PATEL & CO.

PSP Projects Limited
Registered Office: PSP House, Opp. Celesta Courtyard, Iscon-Ambli Road, Ahmedabad - 380 058 CIN :L45201GJ2008PLC054868 Website: www.pspprojects.com
| Sr. No. |
Note | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| S | The standalone financial results of the Holding Company for the quarter and nine months ended December 31,2023 are available on the Company's website (URL: www.pspprojects.com) Key Standalone financials information is given below: |
||||||||
| Quarter ended | Nine months ended | Rs.ln Lakhs Year ended |
|||||||
| Particulars | 31.12.2023 (Unaudited) |
30.09.2023 (Unaudited) |
31.12.2022 (Unaudited) |
31.12.2023 (Unaudited) |
31.12.2022 (Unaudited) |
31.03.2023 (Audited) |
|||
| Total Income | 70,316.12 | 61,317.98 | 50,387.31 | 1,83,160.58 | 1,21,966.99 | 1,95,374.47 | |||
| Profit Before Tax and ExceptionaI Item |
4,397.86 | 5,296.27 | 4,815.39 | 14,636.12 | 11,739.19 | 18,014.31 | |||
| Profit Before Tax and after Exceptional Item |
4,397.86 | 5,296.27 | 4,815.39 | 14,636.12 | 11,739.19 | 18,014.31 | |||
| Net Profit | 3,251.85 | 3,940.61 | 3,529.50 | 10,864.77 | 8,670.76 | 13,301.82 | |||
| Other Comprehensive Income/(Loss) | 2.30 | 2.30 | 2.31 | 6.90 | 6.91 | 9.20 | |||
| Total Comprehensive Income | 3,254.15 | 3,942.91 | 3,531.81 | 10,871.67 | 8,677.67 | 13,311.02 |
Ahmedabad, February 9, 2024 KANTILAL PATEL & CO.
