EDCL HOUSE

~r i\\~ DEVELOPMENT ~~

l A, E L G I N R 0 A D KOLKATA 700 020 TEL : 033-4041-1983 I 1990 FAX : 033 - 2290 3298 e-mail : edclcol@edclgroup.com website : www.edc lgroup.com COMPANY LTD.

Ref: EDCL/SE/Comp./2019-20/045

Date : 11th February, 2020

1. The Manager, Department of Corporate Services BSE Limited, Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai - 400 001

Dear Sir,

C IN ' : L85ll OKA 1995PLCO 17003

2. The Secretary, National Stock Exchange of India Ltd. "Exchange Plaza", Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051

Ref : Compliance with Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Sub : Outcome of Board Meeting Un - audited Financial Results for the quarter and nine months ended on 31st December, 2019

Please be informed that the Board of Directors of the Company at its meetng held 11th

February, 2020 inter-alia, have approved and taken on record the Un - audited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended on 31st December, 2019.

A copy of the said Results along with Limited Review Reports thereon, which has been taken on record are attached herewith.

The Board meeting commenced at 03:00P.M. and concluded at 06:30P.M.

Kindly incorporate the same in your records.

Thanking you,

Yours faithfully,

for Energy Development Company Limited ~ Enelgy Developmen~ompany Llmitea

J..-..;h~¢ (,biv.~· J fcompa.ny Secretary)

Vijayshree Binnani (Company Secretary)

End: as above

REGISTERED OFFICE : VILL. HULUGUNDA, TALUKA SOMAWARPET, DIST. KODAGU. KARNATAKA - 571 233

~. ALPS & CO.

CHARTERED ACCOUNTANTS

Independent Auditors' Review Report

The Board of Directors Energy Development Company Limited

310, TOOl CHAMBERS 2, Lalbazar Street. Kolkata - 700 001

Phone : 2230 5621 , 4005 1458

1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results of Energy Development Company Limited ("the Company") for the quarter and nine months ended on December 31, 2019 ("the Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended ("Listing Regulations 2015"), which has been initialed by us for identification purposes.

2. 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 the Indian Accounting Standard 34 "Interim Financial Reporting" ("'nd 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 issue a report on the Statement based on our review.

3. 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 the 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. Attention is drawn to Note 7 regarding investments and loans aggregating to Rs. 2,881.19 Lakhs in Arunachal Pradesh and Uttarakhand Undertaking transferred pursuant to the agreement therein and consideration of Rs. 4,994.52 lakhs recoverable in this respect. In view of the uncertainty regardin g implementation of the projects and fulfilment of the conditions precedent to the agreement impairment in the value thereof and consideration amount recoverable, is presently not ascertainable and as such cannot be commented upon by us. The aforesaid matter was also subject matter of qualification in our audit opinion on the standalone financial results for the year ended March 31, 2019.

·-

5. Based on our review conducted as above, we report that, except to the effects of the matters as given in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanyingStatement read with notes thereon, prepared in accordance with aforesaid

Indian Accounting Standards and other recognized accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in

terms of the Regulation 33 of the SEBl ListingRegulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Kolkata Date: 11th February, 2020

For A L P S & Co.

Chartered Accountants

Firm's ICAI (~on No.:313132E

~ "' A. K. KHETAWAT Partner

Membership No.: 052751 UDIN No. 20052751AAAAA01621

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c) Tr•diJl• 2.691.01 2.691.01 l.IR2J11 2.692.01 2.fR!.01 2.69207

d) UNIIocotod I ,400.00 17,b77.30 J7.90oi.~6 17,400.00 1i.90t».'*b 17,291.00

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o1 St'gmt"nt U 1billllts

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Notes to the Sbnd:~lone Unaudited Flnand.ll Results:

1. The above standalone uniludited financial results for the quarter and nine months ended December 31, 2019 were reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meetings held on f ebruary 11, 2020. The statutory auditors have

carried out a limited review on the above fimmcial results for the quarter and nine months ended December 31,2019.

2. The generation of electricity, through the Company's Hydcl and Wind Power Projects, is seasonal in nature. Information relating to the quarter ended December 31, 2019, December 31, 2018 and March 31, 2019 are given herein below:

Tot.1l generation and sales Period Quarter ended Twelve months ended Yeuended

31.12.2019 31.12.2018 31.12.2019 31.12.2018 31.03.2019

Million Units 1217 8.21 29.10 35.88 34.82

Sale Value (Rs. in lakhs)

417.49 308.07 904.62 1290.19 1257.17

During the quarter, generation of power through one of the Hydel Power Project has been lower and for the period of nine months ended December 31 2019 generation has been lower due to poor/ low monsoon as compared to corresponding quarter and period of nine months of the preceding year. Further, there has been a downward trend in the rates of sale of power. Consequently, the performance of the company has been affected.

3. Cost of materials consumed represents steel, cement and other construction materials utilized for construction activities.

4. Other expenses for the current quarter are net of Rs 129.15 Jakhs on account of reversal of Joss

being no longer required on fair valuation of financial instruments.

5. Effective April 1, 2019, the Company has applied lnd AS 116 "Leases" using the cumulative effect method and hence the comparative information is not restated. The adoption of the standard did not have any material impact on the fmandal results of the Company.

6. The Company's business segment comprises of: a. Generating Division- Generation and Sale of electricity;

b. Contract Division - Construction, development, implementation, operation and maintenance of projects and consultancies; and

c. Trading Division- Trading of power equipment's, metals etc.

7. a. In terms of an agreement dated 9th November, 2015, for transfer of 76% of the Company's

investment in various erstwhile wholly owned subsidiaries undertaking hyde! power plants in the State of Arunachal Pradesh and Uttarakhand having aggregate capacity of 660

MW approximately (herein referred to as Arunachal Pradesh and Uttarakhand Undertaking respectively), to another strategic investor, investment of Rs. 2,200.03 Lakhs as on 31st December, 2019 representing 24% and 51% of the equity in Arunachal Pradesh and Uttarakhand undertaking respectively and 24% in preference shares have been

continued to be held by the company. These being investment in subsidiaries/associates and also long term and strategic in nature, have been carried at cost. Evaluation of

I i

impairment in U1e value of investment as given herein above and loans of Rs. 681.16 Lakhs

outstanding from the aforesaid subsidiaries/associates, pending completion of the project have not been carried out,

b. Sale consideration of Rs. 4994.52 Lakhs pertaining to Arunachal Pradesh undertaking pending fulfilment of conditions and approvills etc. in terms of the agreement, considered

recoverable and is included under Other Financial Assets (Current).

8. In pursuance to Section 115BAA of the Income Tax Act, 1961 announced by Government of India through Taxation L1ws (Amendment) Ordinance, 2019, company has an irrevocable

option of shifting to a lower tax rate <~long with consequent reduction in certain tax incentives including lapse of the accumulated MAT credit. The company has not exercised this option for current period and continues to recognize tl1e taxes on income for the quarter and nine

monilis ended December 31,2019 as per the applicable provisions.

9. Previous period's figures have been regrouped/ rearranged, wherever considered necessary.

Place: Kolkata

Date: February 11, 2020

For Energy Development Company Ltd

Vinod~ (Executive Director)

DIN: 02879206

··ALPS & CO. CHARTERED ACCOUNTANTS

Independent Auditors' Review Report

To the Board of Directors of Energy Development Company Limited

310, TODI CHAMBERS 2, Lalbazar Street. Kolkata- 700 001

Phone : 2230 5621, 4005 1458

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Resultstogether with notes thereon of Energy Develop ment Company Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit/0oss) after tax and total comprehensive income j loss of its associate for the quarter and nine months ended December 31, 2019 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Ob ligations and Disclosure Requirements) Regulations,

2015, as amended (SEBI Listing Regulation 2015) being initialled by us for identification purpose.Attention is drawn to the fact that the consolidated figures for the corresponding quarter and nine months ended December 31, 2018 as reported in these financial results have

been approved by the Parent's Board of Directors but have not been subjected to review.

2. 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 "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 issue a report 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 financial statements are free from 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 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. Attention is drawn to Note 7 regarding investments and loans aggregating to Rs.1,819.54

Lakhs in Arunachal Pradesh Undertaking transferred pursuant to the agreement therein and consideration of Rs. 4,994.52 Lakhs recoverable in this respect and in view of the uncertainty

regarding implementation of the projects and fulfilment of the conditions precedent to the

agreement impairment in the value thereof and consideration amount recoverable, is presently not ascertainable and as such cannot be commented upon by us. The aforesaid

matter was alsosubject matter of qualification in our audit opinion on the consolidated financial results for the year ended March 31, 2019.

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

Name of the Subsidiaries 1. Ayyappa Hydro Power Limited 2. EDCL Power Projects Limited 3. Eastern Ramganga Valley Hydel Projects Company Private Limited 4. Sarju Valley Hydel Projects Company Private Limited 5. EDCL Arunachal Hydro Project Private Limited

Name of the Associate 1. Arunachal Hydro Power Limited

6. The consolidated unaudited financial results include the financial results of two subsidiaries which have not been reviewed by their auctitors, whose financial resultsinclude total revenue of Rs.O.OO Lakhs and Rs 0.00 Lakhs, total net loss after tax of Rs.82.87 Lakhs and Rs 141.20 Lakhs and total comprehensive loss of Rs. 82.87 Lakhs and Rs 141.20 Lakhs for the quarter and nine months ended December 31, 2019 respectively as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's Share of net profit after tax of Rs. 164.35 Lakhs and Rs. 0.00 Lakhs and Total comprehensive income of Rs. 164.35 Lakhs and Rs.O.OO Lakhs for the quarter and nine months ended December 31, 2019 respectively, as considered in the consolidated unaudited financial

results, in respect of one associate, based on their financial results which have not been

reviewed by their auditors.These unaudited financial statements and other unaudited financial information have been approved and furnished to us by the management. According to the information and explanations given to us by the Parent's Management, these financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For A L P S & Co. Chartered Accountants

FITm'~ation No313!32E

Place: Kolkata A. K. KHETAWAT

Date: 11th February, 2020 Partner

Membership No.: 052751

UDIN No. 20052751AAAAAP3362

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• <Ant-r•ttn' 01\'uaon 94).111 1,07.1.12 1.663.2) 2.SOV.71 J.l9.l.'l0 ).tl7.19 b Conrt;&('t 01\'it:IOI'\ 32.30 2H2 ll0.94 ~.9) n .11 c Trtduu: RC\'Hlue ftOII'I Orcn tioru f7S.31 IA9U4 U6.llJ 2.4&0.U UIOJU :uJOi

2 Stpt'.nt Rn• Jtt Prolh/flou) bdore tu &nd tln.ance colts from euh ttpent • )(Arwr•rin,e Orvision 1.(!24.51 100.()6 1,5&4.7} l.ll7.h 1.9\9.lS Ul5.17 b Contnct Dtva.aon Sl fl5.6.4) )6.99) 121 S'll 911.59) 127. c Tr6d&n~ 0.31 10.95 I 0

Total rrofllfllou) Y$2.07 '74.42 I,.SII.OS l.IOS..S6 1.1:7.61 t.l'l6.11

lAta: •J fuw.nce C'Ollt Sl7'19 447.47 .&05.!6 U6090 1.443.02 l,m.57

u OUwt ~lJc:labW nPf"'d•tw~ nrt ot u.-....llclabie' tneonw 36 . tu 516.87 l2U7 50UI 4400'1 ~B7

o u.l ""filfllou) lid on: T u 16.98 ()19.91) JI7..Sl IM7.rn ISS ..SOl IUlS.llJI

3 SrP\f'ftt Asst1t •lGrMr•hn« DrvtJion 21.1>36.'16 IUAI.It 2J.t7SI<S 21,63690 ll.l75.&a tU16.1)

b Conrr .ct OtvU'tOn t ,l96.n J.2.14.'H 1.211.36 t.l 'll> n 1,2$1.36 l.l72.J2

c "lr•dll\g 2M2.1l7 2.1>9U2 2.6'12.07 2.•92.117 2.b9l.U7 2.692.01

d UNikK'•tcd 11.5/ii.IR IIUJI!I..&a 7.600.91 8.561.11 7.600.91 17.ti6.36

Tot.aJ S rpn«"nt A.u~U ~0116.93 ~900.00 ~750.21 ~0$&.93 ~7S0.2l )U06M

4 St~mrnt Ll•bllltln

• ntrdll12. Division 17.102 tlt! 18,691.56 l o,)Y),S7 17.1112.113 16.395.37 18.50'ln

b Conn •ct Dn•bk:Jon Y7U W 1.111>).12 'l'fl.J~ 91\I.W 'HJ..l'l U)Jll'#

kl Tr.d'"« .. 7lli'U Ull) ~11.S7 ~"' 4l'S.S7 480.o:7

d u ... tJoc.,td U7S.3~ S.97S.02 6.5)2.91 6.97S . .W Ul2,91 6.714.36

Tol&l Stgmtnt Llabititln 2S.Sl7.11 2h,UUJ 14.400.74 25..S%7.11 H.400.74 24?0S.U

Notes to the Consolld;~tcd Un;~udlted Fln:mcial Results:

1. The above consolidated unaudited financial results for the quarter and nine months ended

December 31, 2019 were reviewed by the Audit Committee and thereafter approved by the

Board of Directors at U\t!ir meetings held on February 11, 2020. The statutory auditors have

carried out a limited review on the nbovc finnncinl results for the quarter and nJne month.s ended December 31, 2019.

2. The consolidated unaudited financial results include the results of its subsidiaries and also Its share of net profit/ (loss) after tax, other comprclwnsivc income and total comprehensive income/(loss) of its associate company.

3. The generation of electricity, through the Company's Hyde! and Wind Power Projects, is

seasonal in nature. Information relating to the quarter ended December 31, 2019, December 31,

2018 and March 31,2019 are given herein below:

Period

Million Units

Sales Value (Rs. ln

lakhs

Total eneration and sales

Quarter ended

31.12.2019 31.122018

27.06 43.58

943.11 1663.25

Year ended

31.03.2019

91.26

3417.19

During the quarter, generation of power through one of the Hyde! Power Project has been lower and for the period of nine months ended December 312019 generation has been lower due to poor/ low monsoon as compared to corresponding quarter and period of nine months

of the preceding year. Further, there has been a downward trend in the rates of sale of power.

Consequently, the performance of the company has been affected.

4. Cost of materials consumed represents steel, cement and other construction materials utilized for construction activities. Other expenses for the current quarter are net of Rs 129.15 lak.hs on account of reversal of loss on fair valuation of financial instruments recognized in

preceding quarter.

5. Effective April 1, 2019, the Company has applied lnd AS 116 "Leases" using the cumulative

effect method and hence the comparative information is not restated. The adoption of the

standard d id not have any material impact on the financial results of the Company.

6. The Company's business segment comprises of:

7.

~

a. Generating Division - Generation and Sale of ekoctricity; b. Contract Division - Construction, development, implementation, operation and

maintenance of projects and consultancies; and c. Trading Division- Trading of power equipment's, metals etc.

a. In terms of an agreement dated 9th November, 2015, for transfer of 76% of the Company's

investment in various erstwhile wholly owned subsidiaries undertaking hydel power

plants in the State of Arunachal Pradesh and Uttarakhand having aggregate capacity of 660

MW approximately (herein referred to as Arunachal Pradesh and Uttarakhand

Undertaking respectively), to another strategic investor, investment of Rs. 1,230.83 Lakhs

as on 31st December, 2019 representing 24% of the equity in Arunachal Pradesh have been

continued to be held by the company. These being investment in associate and also long

term and strategic in nilture, have been carried at cost. Evaluation of Impairment in the value of investment as given herein above and loans of Rs. 588.71 Lakhs outstanding from

the aforesaid associate, pending completion of the project have not been carried out

b. Sale consideration of Rs. 4994.52 Lakhs pertaining to Arunachal Pradesh undertaking

pending (ulfL!ment of conditions and ilpprovals etc. in terms o( the agreement, considered

recoverilble and is included under Other Finilncial Assets (Current).

8. Share of loss of associate being in excess of the carrying value of Investment amounting toRs. 1<H.3S iakhs has not been recognized and has been adjusted during the quarter.

9. In pursuance to Section 115BAA of the Income Tax Act, 1961 announced by Government of

India through Taxation Laws (Amendment) Ordinance, 2019, company has an irrevocable

option of shifting to a lower tax rate along with consequent reduction in certain tax incentives including lapse of the accumulated MAT credit. The company has not exercised this option

for current period and continues to recognize the taxes on income for the quarter and nine months ended December 31,2019 as per the applicable provisions.

10. Previous period's figures have been regrouped/ rearranged, wherever considered nec-essary.

Place: Kolkata

Date: February 11, 2020

For Energy Development Company Ltd

(Executive Director)

DIN: 02879206