DATE: October 20, 2016 REF.: PIL/DVN/L-298/2016-17 ‘Company Code-PRATIND Security Code No. : 522205 National Stock Exchange of India Ltd. Bombay Stock Exchange Limited Exchange Plaza, 5th Floor,Plot No. C/I, G | Phiroze Jeejeebhoy Towers, 25th Floor, Block, Bandra-Kurla Complex, Bandra | Dalal Street, Mumbai - 400 001 (East), Mumbai - 400 051 Fax: 022 — 2659 8237 / 38 Fax:022- 22723 121/3719/2037/2039/204 1/2061 Sub.: Submission of Unaudited Financial Results along with Limited Review Report Dear Sir / Madam, Please find enclosed Unaudited Financial Results along with Limited Review Report for the second quarter and half year ended 30" September, 2016 for your records. ‘Thanking you, Yours faithfully, FOR PRAJ INDUSTRIES LIMITED DATTATRAYA NIMBOLKAR, COMPANY SECRETARY Encl: As above a Praj Industries Limited Regd. Office :"Praj Tower, S. No. 274 & 275/2, Bhumkar Chowk-Hinjewadi Road, Hinjewadi, Pune 411087. Ph: 91 20 71802000 / 22941000, £491 2022941299 @:info@praj net w : wwwepraj.net CIN: L27101PN1985°L.C038031RTT TATED Rea TMNIDEH Cea a gt of THAT OWE eNO. I 82180, un cS NWA ROAD ANAT 7 P |oNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2016, PREPARED IN COMPLIANCE| WITH THE INDIAN ACCOUNTING STANDARDS (IND AS) ess erores een per share dan) ari oar de Tear date ‘eur ends No ‘BWSepiener] 30 remes py ie] con eal ae [2 ce bine tae] taut at eee tam] om [2 ramet ence Oimermeas on} nor (oem to] Se wou wa] ae fo Detnti as cal [Omron et an] aes ‘astra ie} a | corm Jo trent vous] aa S Fewes Oinesmene wo] amas (Tatts sae] ae (Ghat een tons an] tas ism er oan a] fo Sram too] am [0 otercu ance ssn ian eats a | att aR sua} ae OT AND RTS Equity os Bayar sa] ase [ote oy cou] ano a aa a Ra TR see eat Secouaias noe at =o wt | ae uasares 0 | Xevewretttis lo Pari — ou J reson 9 aaa is | curetsi fcr nero ne) ust (ota pi vss] an {ipa iti ra] ts Oter eens ae| as [2 Peven tba “tae Toa oa zni| aot ar a TRL A ARETE ae 7 4 P20 a4Reconciliation of equity a previously reported under Indian GAAP to Ind AS. Particulars Tow Consalated No. ‘Asat No._|30Sepicber 2015] 31 March 3006 1 ApriaOis @ [Bally as por Indian GAAP S83 661.39 ‘637.00 hind AS adjustments: (8) |Impact on retsined earnings Proposed dividend t . - 3460 {change in parents ownership interest that does ot result in change in contol 2 106) 1.06} - | Amortsation of goodwill arising en consolation 3 428 9132 : [stare based payment trnsctions - Employee Stock Option Plan (ESOP) ‘ a2) 98} 236 [air valuation ofnvesimert in mtu funds 5 407 5.70 365 |Contact revenue - combining of contracts 6 G80) os] 34 lothers 8 35) 131 095 [Deferred nx impact on above Ind AS adjutant 5 232 2) 261 [Total impact on retained earnings 135 8D Boer © [Impact on other components of eauity [share based payment reserve 4 423 398 236 [Total impact on other components of equly 33 598, 236 Dp [impact on salty G70) em Bae B) [Maultvas per nd ASTD) aes ei wae Reconciliation of profit os previously reported under Indian GAAP to ind AS pees merores Se Fartoulars Note ‘Comsaidated No. No. | Quarter ended] Tal'year ended | — Vear ended ‘30 September 2015] 30 September 2015| 31 March 2016 (A) [Ret profit as por Indian GAAP 475 3.95 Ons (B) find AS najustments ‘Amortization of goodwill arising on consolation 3 223 428 932 ‘Conyac revenue - combining of contracts 6 03) 468 136 ‘Share based payment transactions - Employee Stock Option Plan (ESOP) 4 036) ast) aan Fir valuation of investment in mutual fide 3 (035) 02 208 Actuarial gan lot on post-employnentdfined benefit plans 7 114 046 oon Otters 8 as) 6.20) 036 Deferred tax impact on above ind AS ajustients ° 038 (04) 270 “Total Ind AS adjustments 026 37 12.90 (Gy [Net prot for the period ns por In AS (ATH) 31 RE 3 (©) | Otter comprehensive income ost of dered tex) 7,10 0.49) ous 068 By [otal comprehensive income a per Ind AS (OD) ass a0 BwANNEXURE A...CONTD... EXPLANATION (RECONCILIATION) OF TRANSITION TO INDIAN ACCOUNTING STANDARDS (IND AS) Notes: 1 Under Indian GAAP, dividend proposed afer the date of the financial statements but prior to the approval of fnanil statements considered as an adjusting ‘ven, and a provision for dividend is recognise in the fancal statements ofthe peiod to which te dividend relates, Under Ind AS, dividers decaration considered asa non-ajustng event and provision for dividend is recognised only inte period when the dividend is approved bythe shareholders in annual eral meeting, 2 Under Indian GAAP, purchase consideration paid in excess of book valve of net assets acquired for ational ownership interest in subsidiary is reaogrised at ‘Boodwil. Under Ind AS, changes in pares ownership interest in subsidiary tat doesnot result in a change of control are accounted frat equity tansctions (eansactons baween sharcholéers). 13 Under Indian GAAP the groups amertsed goodwill arising on consoldation over the period of 10 years. Under Ind AS, good is not amortized bt ted for impaient. 4 Under Indian GAAP, the group uses intrinsic value approach to measure the cost of share bated payments. Under this approach ifthe exersite prise for enployee stock option ie nt les tan the market rie ofthe underlying shares on the date of the gant no Sompenition cs it receded, Under Ind AS, costs of sar bused ‘pymonts are recorded based onthe fir value of employee stock option Under this approach, the inatrumet weuld ave a valu even if the exercise price sequal to thomarket price ofthe underlying shares onthe date of a. ‘5 Under Indian GAAP, current investments in mutual funds are measured t cos or net realisable value, whichever is lowe. Under Ind. AS, investments in mutual funds are clesified as Fie valve through profit or los and are moasured at fir value teach reporting date. The subsequent changes in the fir vale of auch investmeets are recognised in statement of profit and los. 6 Under Indian GAAP, there is no sposifc guidance with respect to combining of contac for revenue recogiton in consolidated financial statements. In AS requires combining of contacts, ifthe group of contracts are closely related and nogtated asa single package; the contacts re performed concurrently rin continous sequence, Accordingly, percentage of completion methed i applied on combined conics for determining conslidated revenue 7 Under Indian GAAP, actuarial grins and lose and retum en pin assets on post-employment defined benef plans are recognised immediatly in satmnt of profit and loss. Unde Ind AS, measurements which comprise of actuarial gins and losses, return on plan assets nd changes in be effect of ese eling if any, ‘wth respet to pos-employment defined benefit pans are recognised immedintly in other comprehensive income (OCD, Further, remeasurements recognised in (OCI areneverresasiied to statement of profit and los (©) Under indian GAAP, the premium or the dicount on foreign exchange forward derivative contract related to undelyng recvables and payables are amotsed cover the period ofthe contracts, In case of feign exchange forward derivative contracts entered into at highly prebubl fits transactions fim comment, mark to market losses (guns are ignored), i any, ae recognised inthe statement of profit and loss at the reporting date. Under Ind AS, all tho foreign exchange forward derivative contracts are recorded at fir value with te subsequent changes in fir value recognise in the same of profit an loss (©) Under indian GAAP, intrettee lease security deposits paid are reported at their transaction values, Under Ind AS, interests security deposits are measured a ‘ie value on inital reeogiton and at amortized cost on subrequentresoniton The dleence bur ween the transaction value and fit value of theless depo at inal recogiton treated ax propid renal. This arnount is ecognived in statement of prot and loss ona straight ine bass over the lease tr. (© Under indian GAAP, there is no specific guidance for contracts tht involve leases of and. Under Ind AS, ease of land i recorined ts operating o finance lease as er definition an classification criteria sated in standard on leases. Accordingly, as onthe date of ranston the lease of land ave been classified as operating / Finance lease a the ots maybe 9 Under indian GAAP, deferred taxes are recognised using income statment approach. reflecting the tnx effets of timing difrences betwoen accountng income and txabl income forthe piod. Under Ind AS, deferred taxes ace reoognised using balance sheet approach i. refletng the ax fos of temporary ferences ‘between the euryngamounis of wes and lables fr fnansal repeting purposes and the amu used fo exon purposes using the income ax aes acted ‘or substartivly enacted at reporting date. Also deferred taxes are recognised on account ofthe above mentioned changes. 10 Under Indian GAAP, foreign exchange diferences arising on teslation of romintgral foreign oporetions are recognised icc in Foreign currency tranlation «ierenc reer. Under Ind AS, foreign exchange difrencs ising on translation of foreign operations whose fuetional curceny is diferent fom ht of & patent are recognised in “Other comprehensive income’ and are accunulatd as part of Foreign currency transation diference reserve Such difrnces ate ‘eclasfed fom equity to statement of prefit and loss en disposal ofthe nt investment.M/s P. G. BHAGWAT HEAD OFFICE CHARTERED ACCOUNTANTS: suites 101 - 102, Orchard Dr. Pai Marg, Baner, Pune - 411045, Tel.(O} : 020 - 27290774, 2729172, 27291773 Fax 020 - 27290774 Email: pobhagwat@veni.com Web : www ogbhagwatca.com imited Review Report To the Board of Directors, Praj Industries Limited. We have reviewed the accompanying statement of consolidated unaudited financial results ("the Statement”) of Praj Industries Limited and its Subsidiaries (collectively known as the Group) for the period ended 30" September 2016, attached herewith. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review. We conducted our review in accordance with the Standard on Review Engagement (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. We did not review the financial results of four subsidiaries which reflect total assets of Rs. 187.55 Mn. as at 30" September 2016 and total revenues of Rs, 20.65 Mn. for three months then ended, the company’s share of such assets and revenues being Rs. 187.55 Mn. and Rs. 20.65 Mn. respectively. The results of these subsidiaries are based on the financial results of these entities as certified by the management which are neither audited nor have been subjected to a Limited Review. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards i.e, Ind AS prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder 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 and SEB! circular dated 5" July 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement. For M/s P. G. Bhagwat Chartered Accountants Firm Registration No. 101118W jemean deep Raa artner Membership No, 047235 Place: Pune Date: 20" October 2016 BRANCHES : MUMBAI e DHARWAD # HUBL! BELGAUM « KOLHAPURi pray |xceouninc staNDARDS AND AS) % Taras Gere loo fod, ~| — Ase! Rater —stiesi Tear oa ma a a Hi Space snocrarede 5) Chg iv ate ude, were aan] ot as} on) | wa] 4 Sastoe ts pee un ne Prd ox en nea =) Dement s naiten eee ‘So sor on oes teen 2130 1 Bacon eo cn} ass} aas| as] (21) iss} 2) Ear dayennaee en os oe fe fos see ft Danas am sit st aia a ain | Pit a) Amann eve ene a con an we m8 wa iis 3 | tri oma cn ete) ne ws an war noe 7 : el aia 11 | ato som dy actin tere 0) oa vn oe vat oa onsen annem 2 [Start ree 3 aa as E 3 az 1 hea wi be recut 9 proc s(n 8) wor} om ora) ox] ow) 008 Mam a wit ie ert ‘i ar esheets a aa os rom or TE] Taal empties Tomer ep TOT] 7 = 7 a we (Comping po ut sed wer em eve rn apa a aerate) we sa or wa as 19 an] BOCES ect st at a tn ose en] ost 1 os. so Dea EPS ce wie Re. 26 pr ae) (tre ex] or oe ost a0 os 6s i, BE ce a We, 2 pe se (Aart os] ose wr an 1 os ae ‘BES (eae Re 7 or a) Ate wt oS] ose owe ost 10] ost ae 1 Mac tae pe scrim in Aco Ssh AS) i de Compania Acorn Ss) Rls, 213 prigi cdg st ‘oS em ayn ni sey li eco mel nu oe a i erin 2 hee Sp 05 ee 9 mb 45 yt a Mh Hine en pin itl eed nt A pn 4 Theives yt tt Conic seedy Bo ef Deo tng halon 2b 2016, 4 Tcanen pnt ny noe ep ec md Pgs Ere 5 Dunne quel Sete 206 Cu el 091 ot seta employer nl Sak Option Pn frais[aorren STANDALONE FRANGIALRISULTS FOR WHE QUARTER AND TALF VEAR ENDED 3) SEPTENRN Zhe, PREPARED IN COMPLIANCE WHT TE NDIA] [secounesrannanos Nb as)--“cONTD. fh | crt mre 35 oe [i owen 2 2 ty Date to) Sa 43) |) Omareceen ae 12 sass | caret ane vemos ace (eines son ines (iptatereti sono aaa (cables “on 3 (stam 58 104 (ome 22 a ey Carns ed ar 36 SET Ta aa QU A TASTES ay J eye cp wet 2 00 | Ranseetitig fo Penttce Gomi ou on fy monn sat 13 | caret lo Pee (0 nteponn i) va]pes coe) sna Partesie wa 7 No. | isenera0E [Stace | — Lae aia Ts CR ‘an ‘saT tise (0) [impacto eine rigs Jena 1 . ‘i ao] [het pment ranssone- plone Sesh Option Pin | 2 x] 69] 30] Joswa 5 ass] us| on ceretecingct on hv ad AS atts ‘ 100, oa) 29] [ott impacl on ened aos 05] 0 363 Doerr OS En a 3H Eheim aa os rary Recnlation sri vin oid wader nian GAAP AS ee ace s-.na ate 1D Foam tartar cal | vars TA Riper GRA Sent Seat jt] [nas aansenas [etal ptr Empl Sk Opon Pan | 2 cos on] ca] fn antenna ual ede 3 teas} oa 2 [ara remo ponnlyet dedbenpie | 4 "2 0s ccs] = 5 05] aa] ca Detrdtsington stove AS cue 6 ‘oor a exo} ula AS i aa] rer Sanaa TSH, a om aa ©) | coercing name (nt eet) ‘ or] ax] oor Galea TS = a = 1 Ulltindis OMAP, vie eon afer he ee of hel eee pre pp asl seme i cent ane os da nose end reg ih aul aes pero lh ied, Un fd AS, ‘Eide tela come ats naradunny eet sd oso Rr ded npn ote pd when ed red ty Srabrdoleate wna pre men 2 Und ten GAD, ompny neni ab apesh 9 mete ato es ayes Under is roth eee fcr epee pon tat at matty he nding rs nth ae ee rn compro ot eae Baettslat tone ste bd paens ne ced ard ow fre epee sot aoe Use i oeh Me stune Sesion retro ec thems ef rey stro a a 5s Uke ean GAAP. crt vesnets a mal is mae acon et bev, chee ona, Undr nd AS, een ets hedaman peng Gat The ee ‘rg a ofuh iene ae egnte nen of ad ae 4+ Unter tnin AA, acti is and aed ston ln aon poset eid an plan a cage iy in Svc f ftaliee: Une AS eon sh supe if ai psa nae eon pn ste a cane ‘feasting say, wth pesto ponerse led beet pe te copies mmettly nee nore me {Och rte rmsronens earl Octo ee eid wake opr ts, (Gy Une iad GAAP rami he Sout cn ei change ad eae cnc a ng cbs nl pen Ue onotel rete pedo he contest aco eg banged Srv ecw iy eae ‘tharos ie crest mh mae meee pared ey, rece! he ener ro a es ‘i hii hn ra es cc ot a bn (0) Un edan GAAP inten lee ey ena eat a son wales, Unk Ind AS, ness ey dee ‘nae tars or cpio nt said ot negocio Mau nese pst toeputon ed m popes male Th nou sped se ft nd as 8 ‘gine ver te (6) Unt GAAP ri sie ue conta nae of nd Us Id AS, oe of nied at perig nn en pr ceo nearness om ee sung ene fon aod oan i pein fina hea (@) Ure ton OMAP na oases sve by pron bbl ft i i eopied a Caniget ill: Under nd AS opros trea pom etd fiance! Tye oe! rae onal ad apt engron The we oe ‘usm rove fom be inf tl ee fom sda. The ove of he pn a see fom te SSbeluy ure off sexo, Face ere sea ov ter othe ace wing ice ae tnd. 16 Under tun GAAP, dtr sw epi ng nome ste poche eect fing ene ve ‘nn tone wen pe rn et a gd ing sh tp resin ue in tm ome tid ray oc a peng dn defense eae on aM/s P. G. BHAGWAT HEAD OFFICE CHARTERED ACCOUNTANTS utes 101-102, Orehara Dr. Pai Marg, Baner, Pune - 411045, ol.(O) : 020 - 27290771, 27291772, 27291773 Fax : 020 - 27280774 Email: pgbhagwat@vsni.com Web : www pgbhagwatca.com Limited Review Report To the Board of Directors, Praj Industries Limited. We have reviewed the accompanying statement of unaudited financial results (“the Statement”) of Praj Industries Limited for the period ended 30" September 2026, attached herewith. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review. We conducted our review in accordance with the Standard on Review Engagement (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 maderate 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, Based on our review conducted as above, 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 i.e. Ind AS prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder 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 and SEB! circular dated 5 July 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement. For M/s P. G. Bhagwat Chartered Accountants Firm Registration No.: 101118W lembership No.: 047235 Place: Pune Date: 20" October 2016 BRANCHES : MUMBA ¢ DHARWAD e HUBLI e BELGAUM # KOLHAPUR