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S.N.Dhawan & CO LLP Chaitered Accountants

Limited Review Report on Unaudited Standalone Financial Results

To the Board of Directors of

Parsvnath Developers Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Parsvnath Developers Limited (the Company”) for the quarter ended 30 June, 2020 (“the Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (“the SEBI")__ (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement which is the responsibility of the Company’s Management and 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 Cthe Act”) read with relevant Rules issued thereunder; and other accounting principles generally accepted in India. Our responsibility is to issue 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 is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides 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 the aforesaid Ind AS and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. Emphasis of Matters

We draw attention to the following matters:

(i) The Company has incurred cash loss during the current quarter and previous quarters/years and there have been delays/defaults in payment of principal and interest on borrowings, statutory liabilities, salaries to employees and payment of other dues by the Company. As informed to us, the Company is exploring alternative source of finance including sale of non-core assets to overcome this liquidity shortage, and therefore management of the Company is of the opinion that no adverse impact is anticipated on future operations of the Company.

421, li Floor

Udyog Vihar, Phase IV $.N, Dhi & Co LLP is registered with limited liability with 7

. jawan oO 1s registered wi imited liability wit Gurugram 122016, Haryana identification number AAH - 1125 and its ragistered office Tel: +91 124 481 4444 at 0-74, Malcha Marg, New Delhi - 110021, India

(ii) The Company has recognised Deferred Tax Assets of Rs. 16,788.37 lakhs till 30 June, 2020. Based on the management assumptions, future business plans and planned sale of some identified assets, management is certain about realisation of these assets in coming years.

Our opinion is not modified in respect of these matters.

For $.N. Dhawan & Co LLP

Chartered Accountants

Firm Registration No.: OCOO50N/N500045

O

Vinesh Jain

Partner

Membership No.: 087701

UDIN No.: 20087701AAAAFO7772

Place: Delhi

Date: 11 September, 2020

S.N.Dhawan & CO LLP Chartered Accountants

Limited Review Report on Unaudited Consolidated Financial Results

To the Board of Directors of Parsvnath Developers Limited

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Parsvnath Developers Limited (“the Holding Company”) and _ its subsidiaries (the holding company and its subsidiaries together referred to as “the Group”), and its share of the net loss after tax and total comprehensive loss of its associates and jointly controlled entities for the quarter ended 30 June, 2020 (“the Statement”), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (“the SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This 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 taid down in Indian Accounting Standard 34 “Interim Financial Reporting’ (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, 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.

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. 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 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4. The Statement includes the results of the entities as given in ‘Annexure’ to this report

5. Based on our review conducted and procedures performed as stated in paragraph 3 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 aforesaid Ind AS and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. Emphasis of Matters

We draw attention to the following matters:

(i) The group has incurred cash loss during the current quarter and previous quarters and there have been delays/defaults in payment of principal and interest on borrowings, statutory liabilities, salaries to employees and payment of other dues by the group. As informed to us, the group is exploring alternative source of finance including sale of non-core assets to overcome this liquidity shortage, and therefore management of the Company is of the opinion that no adverse impact is

421, Il Floor

Udyog Vihar, Phase IV Gurugram - 122016, Haryana Tel: +91 124 481 4444

S.N. Dhawan & Co LLP is registered with limited liability with

identification number AAH - 1125 and its registered office

at D-74, Maicha Marg, New Delhi - 110021, india

(ii) The group has recognised Deferred Tax Assets uptill 30 June, 2020 of Rs.

25,344.92 lakhs. Based on the management assumptions, future business plans

and planned sale of some identified assets, management of the holding

company is certain about realisation of these assets in coming years.

Our opinion is not modified in respect of these matters.

7. Other Matter

This statement includes the financial results of fifty one subsidiaries and one joint

venture, included in the consolidated financial results, whose financial results reflect

total revenues of Rs. 89.58 lakhs, total profit after tax of Rs. 3.68 lakhs, total

comprehensive income of Rs. 3.68 lakhs for the quarter ended 30 June, 2020, as

considered in the consolidated financial results. The consolidated financial results also

include the Group’s share of net profit of Rs. 0.11 lakhs for the quarter ended 30 June,

2020, as considered in the consolidated financial results, in respect of two associates.

These financial results have not been reviewed by their auditors and are solely based on management certified financial results. According to the information and explanations

given to us by the Management, these financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter with respect to our reliance on the management certified financial results.

For S.N. Dhawan & Co LLP

Chartered Accountants

Firm Registration No.: OOOOS50N/N500045

o

Vinesh Jain

Partner

Membership No.: 087701

UDIN No.: 20087701 AAAAFP3810

Place: Delhi Date: 11 September, 2020

ANNEXURE

Annexure to the Limited Review Report on Unaudited Consolidated Financial

Results of Parsvnath Developers Limited for the quarter ended 30 June, 2020

Subsidiary Companies

we OnourRwre

Bee

a)

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DN moe

OOMNAMDAWDNESHONGDATAONASGESNSFUHRORESOSNUAAEROER

Parsynath Infra Limited

Parsvnath Film City Limited

Parsynath Landmark Developers Private Limited

Parsvnath Hotels Limited

PDL Assets Limited

Parsvnath Estate Developers Private Limited

Parsvnath Promoters And Developers Private Limited

Parsvnath Hessa Developers Private Limited

Parsvnath Buildwell Private Limited

Paravnath Realty Ventures Limited

Parsvnath Realcon Private Limited

Parsvnath Rail Land Project Private Limited

. Jarul Promoters and Developers Private Limited

Suksma Buildtech Private Limited

Parsvnath MIDC Pharma SEZ Private Limited

Vasavi PDL Ventures Private Limited

Parsvnath HB Projects Private Limited

Farhad Realtors Private Limited

Parsvnath Developers Pte. Ltd

. Snigdha Buildwell Private Limited

Evergreen Realtors Private Limited

. Generous Buildwell Private Limited

. Aahna Realtors Private Limited

. Afra Infrastructure Private Limited

. Anubhav Buildwell Private Limited

. Arctic Buildwell Private Limited

. Arunachal Infrastructure Private Limited

. Bae Buildwell Private Limited

Bakul Infrastructure Private Limited

Banita Buildcon Private Limited

Bliss Infrastructure Private Limited

Brinly Properties Private Limited

Coral Buildwell Private Limited

. Dae Realtors Private Limited

Dai Real Estates Private Limited

Dhiren Real Estates Private Limited

Elixir Infrastructure Private Limited

Emerald Buildwell Private Limited

. Gem Buildwell Private Limited

. Himsagar Infrastructure Private Limited

. Izna Realcon Private Limited

. Jaguar Buildweil Private Limited

. Label Real Estates Private Limited

. Lakshya Realtors Private Limited

LSD Realcon Private Limited

Mirage Buildwell Private Limited

Navneet Realtors Private Limited

Neelgagan Realtors Private Limited

New Hind Enterprises Private Limited

. Oni Projects Private Limited

51.

52.

53.

54.

55.

56.

57.

58.

59,

60.

61.

62.

63.

64,

65.

Paavan Buildcon Private Limited

Perpetual Infrastructure Private Limited

Prosperity Infrastructures Private Limited

Rangoli Infrastructure Private Limited

Samiksha Realtors Private Limited

Sapphire Buildtech Private Limited

Silversteet Infrastructure Private Limited

Spearhead Realtors Private Limited

Springdale Realtors Private Limited

Stupendous Buildtech Private Limited

Sumeru Developers Private Limited

Trishla Realtors Private Limited

Vital Buildwell Private Limited

Yamuna Buildwell Private Limited

Vardaan Buildtech Private Limited

Joint Venture

1. Ratan Parsvnath Developers (AOP)

Associates

1. Amazon India Limited

2. Homelife Real Estate Private Limited