III~IACIIAL FUTURISTICCOI~IUNICATIONS LI)IITEO Uesd Offic SEI Ciromcs ComplcxChJmbsgh11 Sobn-173213 ( HnnJ clul Pbull~deshJ Te l t middot9 17gt) ~306-l- F~ ~0( 9 11792) 23 1902 E-mJil i tereuntlmiddot-ghrclcom

~bsht wnmiddothrclcorn I Corporal~ hJc-ntily Number (CfJ L6420011119S7PLC007466 STATt~ I ET OF UNA UD ITED STM(I)ALO-iEA-iO CO-iSOLIDATpound0 f i NANCIAL RESULTS fO il Tllf FI RST QU IlTER f2 WEO 30TII J UNE l 0 19

51 No

ru1icutan

1CO~IE

Reven ue from Opeations

Other Income

Tot~l l11come

II EXPENSES Cost of rnueriJIslsln 1ces cons umed Pvrduses ofstockmiddottn-mdc Chln~e an anveruorl~ oirin1shed yoods tk middottn pro~rcss nd stock-in tr3dc

Employee bcndits expcnss fmance costs Ocpretlltton ~nd Amomiltion epcnscs Other rrxptns~ Tol~l E~pcn~tS

Ill lrofit (lou) be(ore ccreptional iren1s ~nd lu I- ll)

JV Sture or nt pro1iti orJOint v~ncurcs Jccounlcd for usm~

(QUIIY m~thod

V Profic (ton) berore ucrptiun~licems uuJ tu (111+ 1

It Profic (Lou)IJerorctn(V-VI)

VIII Tu upense

Current Tax Dctrrcd TJ~ (mcludiny MAT ctcdit tdJUSinhnli)

IX r10fit I (loss) ancr lts ror rhc pe1middotiod rrom conriuuin~ opc1-lion~ (VII- VIII)

X Ocher COIUJl~hc-nsimiddote Income

Items thlt _II not b~ recbssifi~d to profit or los~ fmom~ ttltt on 3bo lo 1 1~m

lhnbulls thu w1ll be rceus11i~d co ptotit or loss Othe-r comprchcnsin~ iiiCOIUC ror the perioll arcc-r cu

XI Tolll (OIUJlrehensigtmiddote inCOIUt ror tht J~trioll (IX+XJ

XII lro fit ucribu11ble to

0ncn ofth~ Parent Nonmiddottontrollbullng intercsts

XIII Tot-1COniJJreh ensit income tllributable co

0mers of lh~ PJrcnl Nonmiddotcontrollang interestS

XIV laillmiddotup Equicy Share Ctpiall (face vdu~ of Re llshyuch)

XV Othu Equiry

XVI E-nlins rer Shtrt (ftce value or Re IImiddot uch) -8JSic

Oilul~

( m Cmrbull middot( ulh~nbulllt OUImiddotcl

~ru lllnn Three months

cndtd Pbullmiddotccctlin~

thrte months ended

lOch June 2019 Jlu Mar-ch 2019

linmiddotAudiced AuiJiced

1006 1

us 1 0~96

560 S l

H172 )6 88

592 22amp-s 5 ss

J7Jl 10608

13588

1)588

IJSSS

1055 159

89J~

13 (0)9)

08~

90 18

128 aa

070 070

109~ 68 J1J9

I IJ7 17

609 26

JJ7Sl (~6 ~01

5105 1855 J 79

78 13

I OS291

S-1 6

S-t6

SJ6

1961

li 16

5U9

6 18

(O U)

(OOJI 602

5751

0-12

0-10

Conmiddot~pondiue Previous Yur Three months chrcr monctu cmJed cndcd cbullbulldcd in the prtbullious )t-

Prcccdin lhrlaquo months

ended

Correspondin Prtious Yenr thru monchs endetJ ~udell in che

previous year

lOih June DIS J lsi ~larch JOth Junt 019 list )larch lOth June DIS list ~bnh 20191019 019

Un~Audiced AuditCd Un-Audited Un-Auditnf Uo-Audiled

IOJ ISJ ~98

103651

i~S 7J t~J ~

(71 ) 6 1

~0 86

I 5 I~ JSS

2S 79

966J7

701-1

70 1-1

70 1~

1~ 67

1111

HJ6

()07)

101

(U61

-12JO

12JC)a

OJ-l 0 3-

1amp21

26S 29

IJOi J9 109

17691 77 9~

17 S2 168~0

- IJamp7

907-1

907-1

907-1

6)08 JI 6J

1 8~03

558 (0 )6)

(OOJI 5 19

1892

12744

13 16 IJ

I~S

IJ6

l l-127)

63 1 1 )190~

61~ 16 HJJQ 9 6-1

6 16lt1

~7 6S

S76 ~ S OS

IIIJI

IS7i0

(OJ31

157J7

157J7

Jl J-1 ~ 91

1171

100

(0 J91

061

11773

110 39 673

11105

668

12S4-I

086

086

121 547

JS 62 15109

68965 J~6 JO (5 7 SJI

~S II 2860

S -IS

7906

115267

9SA2

060

990

9902

199J

1)16

659 2

S9J

(O IJ)

(OOJ I 577

71 6

6263 J 30

12744

0 50 0 50

1088)0

SJ I 1093 6 1

56ampA2 tJ I S (7~AJI

09 1619 S 6S

JS27

IOOS

7J07

(0 10)

7297

7297

IJ 67

I I II

~7 1

(3 191

I 0 1

(~18)

~50 1

~6()1

I IS

~3 90

11 ~

1219-1

Ol7 0 31

Audiccd

J7J7 79

~696

~78~75

252)22 loll 6 56

(7911

199 76 9 186

26 97 I SS 91

3J9J8

(0091

3J92

33929

6l ~I

J 162

lJl26

~ 92 (0J6)

(0 0)1

~ SJ

J679

2 1971

135

22-60

1219

12744

13 027

Cont

177

17S

unouditcd ConsoHdotcd n~mmt win rcbullmiddotrnur rsults osscts aud tiobilitics foomiddot the forst qubullo1rrrndrd JOth Jnnr 019 (Rs in Crorc unless othlfISC illhmiddotcH

St Pu1icul1n Cnn liobtbull d

ito T hr-te monlhi Pr-eceding Cor-responding rremiddotious Velr ended rhree n1onthi lhree months ended

ended tnded in the premiddotious yetr

JOth June 2019 J lsr ~brch JOII1 Juue 0 1S Jhl lu-ch 2019 019

lin-udil td Un-Autlitetl Un-Audited Audi ted

Segnu~nt Rcmiddotenue

l Tck-com ProduCIS 3618~ 3lOSO - 23 135166

b Turnkey ConlrJcU Jnd Scrv1cts 98089 s~~ 7 8~607 3]86 13

c 01hrs

Total I J~27J 1 bull 15-17 IOSSJO ~7J779

Less lrH cr semampnt rcvenu

Rr tf1UC rronl OllerUiOil$ IJJ7J 115-1 7 I OSSJO ~7J779

StfUttH Ruulls poundrorc (Lou) berore cu uuJ interest

(ronl eCh nment

3 Tchcom rroduc ts 5-18~ ~7 SS 26 ~1 168 50

b Turnkey CotnrlCI$ and Services 1~7 53 1276 6~ S7 ~S2AO

c Others (00 11

To r~~I ISJS 120JI 888~ H089

Leu 1 Interest 768 ~s 60 16 )9 9136

11 Other un-lllocsblc upcndnurc net ofT obull1 3 51 0 9-1 S- 1ii Un-alloablc 1ncome (J Ill (1181) (I l l) IS 501

Toll Profit bcrore Tu 157J7 990 7297 JJ929

Scement r ltcctc J Tdecon1 Producu 1157 71 101191 Sl6 38 ltH91

b T umkey Contracts Jnd Sctviccs 5209-l ISOS 39 1 ~6) 79 1305 )9

c Others DJ~ 031 037 0 31

d Un-~llocucd ~9907 JS) 72 ~93 3 IS 72

Torl bull178obull JJO~JJ 81A7 JJOJJ

bull Segment liabililiet

J Tclccon1 Products )S -1 2 45965 J9 26 amp39 65

b Tumkcy ContrJClS 31ld ScrvictS 1506 18 86588 1~9 s S65SS

c OthN

d Un-1 llocatltd j1SA7 5~709 ~7676 5H09

Tocal 618 87 1816 161887 1316

Notes 1 Th Lb01 Ln-Aud bullhd Sundllonc amp Consolidued fin1nciJI Resu lts oi the Comp~ny lOr the first qUlncr ended JOth June 2019 hJC bLin reviewed and r~Xommcndcd by the Audit Comm iutlt omd

appromiddoted by che Doud ofDirectors ofthe Compln) Jl itr meetin~ held o n lOth July 019

2 The Jbovc Resutu Jre in cobullnpliV~CC With th lndim Accounting Sundud (lnd -S) li prcscribd under sCIIOI Ill of the Compm ics Acl 01J rad With ComplniCS (lndi3n Account in~ Sllntb rd)

Rules ~0 15 u uncndcd rrom lime 10 hme

The Audbulltors h3 C conducted l inuhd t- tew of the 1foresu d rin~nci31 rcsuhs for- the quJrter ndc1 JOth Junl 019 Consgfidued figurs for the comspondm~ q~ncr ended lOth June 201 S lnd

prcccdin~ ClUJ ncr ended J lsc ~brch 1019 u reponed in these coni ol idlred fin~nciJI r-suhs hlC been lpptOcd b)bull the Comp~nyi Boud ofDirectors but hlvc 1101 been subjCIcd 10 review

J The -llocmcnt Comn1in (Wunttts of che Blaquoltrd of lJbullrectors of the Comptny ll ats mectlllgS held ongtlh -pnl 201Q Jnd 9th Aprd ~019 hu m1dc lllolntcl1 of SOSJH 1nd J791667 equ al)

slur~ olthc iace l luc orRc J nch Jil premium oi Ri IS pltr equity sh3rc respcclimiddotcly to the wltfJnt holder consltqu~mt upon ((crcbullse ofhbulli n~hts for conversion of2rrtnlS tnto cquil) shucs lpon ~llotmml oi1h~e cquil)middot shlrcs the p3id up equity share CJplll l of the Compmiddotmy has mcrcucd rrom Rs 121Jl 7719Jf- (RuplaquoS One Hundred Tenty Seven Crore Forty Three Llkh Sccnty Semiddotcn

ThowJnd One ~l undrd Nmcty Four Only) comprising of I 7-37119J equ ity slurcs of1hc fau valuc o( R~ llmiddot ach to Rs I1Smiddotll771941- (Rupees One Hundred Twenty Eishc Crorc Fony nu-e llkh Scmiddotent y Semiddotcn ThouSlnd One Hundrcd Nintt) f our OnlyI comprisins of 1SJl7119J cqult) shlrcs of the flee l luc ofRc J ach

S The Coniohdudl fi~ncill resul ts (or 1he qumer ended lOth Junebull 019 ncludcs the results of the fol lowms enmu~s

J HimJchJI Futuristic Communicauons Ltd (UFCL)

b HTL Ltd ( Subsidibullry) c Moneu f1Rl1Ce ~1 l1ltf ( Subsidiuy)

d Polixcl Security Systems p_ Ltd (Subsidiary)

c HFCL AdV3nce Systcnu Pvt Ltd (Subsidiary)

r DrsonV3C HFCL lndi1 P vt lid (Jointly controll~-d e1uity 1

RoddcfPvt Ltd (subsidi1ry wd l l OS2019)

6 Durin~ the qu3ncr under review chc Company has Jcquircd conttolling i llke or 9QJo m RJddcf rriv3 tc Linucd (Rddcf) hwing its rcsishtcd oflicc Jt C-131 k C-116 2nd A ~bin RGld recn)l 2bullbulld

St1ge Pccn)ltl fnduscrial Area 83nstlorc -S600SS 113 1o1al consideruion otRs90000- th ereby m3kin~ itJ subsidiary ofch~ Comp3ny wcJ 15th M1y 20 19 R3ddefshJII undentlce dcvclopnunl o

new producu in the field ordcrencc surveillance Jnd telccom industry for the Company

Th e Group hJs ldopcd lnd AS 116- Leues etTcctia from 1st April 019 usin~ the cunwlltivc eO~I method Th adoption of the sWldard docs not h~ vc ~ny mJictill impacc on the rin~ncia l rcsu iiS

or the Group

8 The f1ur--s of the preceding qiLlncr endld J i st 1tllrch 1019 were rhe b1bncins ligures bclwttn the audited fiyurcs for lhe full finJnci1 l rar ended 31st ~IJrch 2019 3nd the published year 10 d3re

figuros up to th ird qull1trofthu ti~ncial yur

9 The fi)ufes ofth e prcvioui pe~iods hamiddotc lx-en re-g rouped r~middotJrranged whciCCr cons1dcrcd ntcltSsuy

rtc middot New Delhi Dgtte lOth July ~019

_oy~~r I~~bullhcndrn NgthgtU)

~bnJting Direccor DIN 0005~898

~middot

S Bhandari amp Co Oswal Sun il amp Company Cl1artered Accountants Cha1terecl Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi - 11 0 002

Independent Auditors Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

To the Board of Directors of Himachal Futuristic Communications Limited

We have reviewed the accompanying statement of unaudited standalone financial results (the statement) of Himachal Futuristic Communications Limited (the Company) for the quarter ended June 30 2019 being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended) including relevant circulars issued by the SEBI from time to time The Statement is the responsibility of the Companys Management and has been approved by the Companys Board of Directors Our responsibility is to issue a report on the Statement based on our review of the Statement which has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (lnd AS 34) specified under Section 133 of the Companies Act 2013 read with relevant rules issues thereunder and other accounting principles generally accepted in India and in Compliance with regulation 33 of the Listing Regulation

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

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 the recognition and measurement principles laid down in the applicable Indian accounting standards (lnd AS) specified under Section 133 of the Companies Act 2013 read with relevant rules issued there under and other recognised accounting practices and policies 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) Regulati ons 2015 (as amended) including the manner in which it is to be disclosed or that it contains any material misstatement

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Place New Delhi Date July 10 2019

S Bhandari amp Co Oswa Sunil amp Company Cha1tered Accountants Chartered Accountants P-7 Tilak IVlarg C Scheme 71 Daryaganj Jaipur- 302 005 New De lhi - 110 002

Independent Auditors Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

To the Board of Directors of Himachal Futuristic Communications Limited

1 We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results (the Statement) of Himachal Futuristic Communications Limited (the Parent) and its subsidiaries (the Parent and its subsidiaries together referred to as the Group) and its share of the net loss after tax and total comprehensive loss of its jointly controlled entity for the quarter ended June 30 2019 being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obliga tions and Disclosure Requirements) Regulations 2015 as amended Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended June 30 2018 and preceding quarter ended March 31 2019 as reported in these consolidated financial results have been approved by the Parents Board of Directors but have not been subjected to review

2 This Statement which is the responsibility of the Parents Management and approved by the Parents Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (lnd AS 34) prescribed under Section 133 of the Companies Act 2013 read with relevant rules issued the reunder and other accounting principles generally accepted in India and in Compliance with regu lation 33 of the Listing Regulation Our responsibility is to issue a report on the Statemen t based on our review of the Statement

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 consequentl y 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 Subsidiaries namely HTL Ltd Poli xel Security Systems Pvt Ltd Raddef Private Limited Moneta Finance Pvt Ltd and HFCL Advance Systems Pvt Ltd and jointly controlled entity namely Dragon Wave HFCL India Pvt Ltd

5 Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 and 7 below and management certified separate interim financial informationfina ncial results refer red to in paragraph 8 below 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 Indian Accounting Standard and other accounting principles generally accep ted in India has not disclosed the information required to be disclosed in terms of Regu lation 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

S Bhandari amp Co Oswal Sunil amp Company Chartered Accountants CJartered Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi- 110 002

6 We did not review the interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect total revenues of Rs16870 Crore total net profit after tax of Rs 2597 Crore and total comprehensive income of Rs 2578 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results These interim financial information I financial resu lts have been reviewed by other auditors whose reports have been furnished to us by the Management and ou r conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above

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

7 The interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect tota l revenues of Rs1294 Crore total net profit after tax of Rs 230 Crore and total comprehensive income of Rs 226 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financ ia l results have been reviewed by one of the joint auditors of the parent co mpa ny and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such joint audi tor

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

8 We did not review the interim financial information I financial results of one subsidiar y included in the consolidated unaudited financial results whose interim financial information f inancial resul ts reflect total revenue of Rs Nil total net loss after tax of Rs 016 Crore and total comprehensi ve loss of Rs 016 Crore for the quarter ended June 30 2019 as considered in the consolidated unaud ited fi nancial results The consolidated unaudited financial results also includes the Groups share of net loss after tax of Rs 065 Crore and total comprehensive loss of Rs 066 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results in respe ct of one jointly controlled entity based on their interim financial information financial results which have not been rev iewed by their auditors These interim financial results are un-reviewed and have been furnished to us by the management and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of this subsidiary and jointly controll ed entity and our report in terms of Regulation 33 (read with regulation 63) of the SEBI (Listing Ob ligation and Disclosure Requirements) Regulations 2015 read with SEBI circular in so far it rela tes to the aforesaid subsidia ry and jointly controlled entity are based solely on such un-reviewed financial information In our opinion and according to the information and explanations given to us by the Management these interim financial information I financial results are not material to the Group

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

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Partner Membership Nomiddot 5135 UDIN 19513504AAAABH1676

Place New Delhi Date July 10 2019

unouditcd ConsoHdotcd n~mmt win rcbullmiddotrnur rsults osscts aud tiobilitics foomiddot the forst qubullo1rrrndrd JOth Jnnr 019 (Rs in Crorc unless othlfISC illhmiddotcH

St Pu1icul1n Cnn liobtbull d

ito T hr-te monlhi Pr-eceding Cor-responding rremiddotious Velr ended rhree n1onthi lhree months ended

ended tnded in the premiddotious yetr

JOth June 2019 J lsr ~brch JOII1 Juue 0 1S Jhl lu-ch 2019 019

lin-udil td Un-Autlitetl Un-Audited Audi ted

Segnu~nt Rcmiddotenue

l Tck-com ProduCIS 3618~ 3lOSO - 23 135166

b Turnkey ConlrJcU Jnd Scrv1cts 98089 s~~ 7 8~607 3]86 13

c 01hrs

Total I J~27J 1 bull 15-17 IOSSJO ~7J779

Less lrH cr semampnt rcvenu

Rr tf1UC rronl OllerUiOil$ IJJ7J 115-1 7 I OSSJO ~7J779

StfUttH Ruulls poundrorc (Lou) berore cu uuJ interest

(ronl eCh nment

3 Tchcom rroduc ts 5-18~ ~7 SS 26 ~1 168 50

b Turnkey CotnrlCI$ and Services 1~7 53 1276 6~ S7 ~S2AO

c Others (00 11

To r~~I ISJS 120JI 888~ H089

Leu 1 Interest 768 ~s 60 16 )9 9136

11 Other un-lllocsblc upcndnurc net ofT obull1 3 51 0 9-1 S- 1ii Un-alloablc 1ncome (J Ill (1181) (I l l) IS 501

Toll Profit bcrore Tu 157J7 990 7297 JJ929

Scement r ltcctc J Tdecon1 Producu 1157 71 101191 Sl6 38 ltH91

b T umkey Contracts Jnd Sctviccs 5209-l ISOS 39 1 ~6) 79 1305 )9

c Others DJ~ 031 037 0 31

d Un-~llocucd ~9907 JS) 72 ~93 3 IS 72

Torl bull178obull JJO~JJ 81A7 JJOJJ

bull Segment liabililiet

J Tclccon1 Products )S -1 2 45965 J9 26 amp39 65

b Tumkcy ContrJClS 31ld ScrvictS 1506 18 86588 1~9 s S65SS

c OthN

d Un-1 llocatltd j1SA7 5~709 ~7676 5H09

Tocal 618 87 1816 161887 1316

Notes 1 Th Lb01 Ln-Aud bullhd Sundllonc amp Consolidued fin1nciJI Resu lts oi the Comp~ny lOr the first qUlncr ended JOth June 2019 hJC bLin reviewed and r~Xommcndcd by the Audit Comm iutlt omd

appromiddoted by che Doud ofDirectors ofthe Compln) Jl itr meetin~ held o n lOth July 019

2 The Jbovc Resutu Jre in cobullnpliV~CC With th lndim Accounting Sundud (lnd -S) li prcscribd under sCIIOI Ill of the Compm ics Acl 01J rad With ComplniCS (lndi3n Account in~ Sllntb rd)

Rules ~0 15 u uncndcd rrom lime 10 hme

The Audbulltors h3 C conducted l inuhd t- tew of the 1foresu d rin~nci31 rcsuhs for- the quJrter ndc1 JOth Junl 019 Consgfidued figurs for the comspondm~ q~ncr ended lOth June 201 S lnd

prcccdin~ ClUJ ncr ended J lsc ~brch 1019 u reponed in these coni ol idlred fin~nciJI r-suhs hlC been lpptOcd b)bull the Comp~nyi Boud ofDirectors but hlvc 1101 been subjCIcd 10 review

J The -llocmcnt Comn1in (Wunttts of che Blaquoltrd of lJbullrectors of the Comptny ll ats mectlllgS held ongtlh -pnl 201Q Jnd 9th Aprd ~019 hu m1dc lllolntcl1 of SOSJH 1nd J791667 equ al)

slur~ olthc iace l luc orRc J nch Jil premium oi Ri IS pltr equity sh3rc respcclimiddotcly to the wltfJnt holder consltqu~mt upon ((crcbullse ofhbulli n~hts for conversion of2rrtnlS tnto cquil) shucs lpon ~llotmml oi1h~e cquil)middot shlrcs the p3id up equity share CJplll l of the Compmiddotmy has mcrcucd rrom Rs 121Jl 7719Jf- (RuplaquoS One Hundred Tenty Seven Crore Forty Three Llkh Sccnty Semiddotcn

ThowJnd One ~l undrd Nmcty Four Only) comprising of I 7-37119J equ ity slurcs of1hc fau valuc o( R~ llmiddot ach to Rs I1Smiddotll771941- (Rupees One Hundred Twenty Eishc Crorc Fony nu-e llkh Scmiddotent y Semiddotcn ThouSlnd One Hundrcd Nintt) f our OnlyI comprisins of 1SJl7119J cqult) shlrcs of the flee l luc ofRc J ach

S The Coniohdudl fi~ncill resul ts (or 1he qumer ended lOth Junebull 019 ncludcs the results of the fol lowms enmu~s

J HimJchJI Futuristic Communicauons Ltd (UFCL)

b HTL Ltd ( Subsidibullry) c Moneu f1Rl1Ce ~1 l1ltf ( Subsidiuy)

d Polixcl Security Systems p_ Ltd (Subsidiary)

c HFCL AdV3nce Systcnu Pvt Ltd (Subsidiary)

r DrsonV3C HFCL lndi1 P vt lid (Jointly controll~-d e1uity 1

RoddcfPvt Ltd (subsidi1ry wd l l OS2019)

6 Durin~ the qu3ncr under review chc Company has Jcquircd conttolling i llke or 9QJo m RJddcf rriv3 tc Linucd (Rddcf) hwing its rcsishtcd oflicc Jt C-131 k C-116 2nd A ~bin RGld recn)l 2bullbulld

St1ge Pccn)ltl fnduscrial Area 83nstlorc -S600SS 113 1o1al consideruion otRs90000- th ereby m3kin~ itJ subsidiary ofch~ Comp3ny wcJ 15th M1y 20 19 R3ddefshJII undentlce dcvclopnunl o

new producu in the field ordcrencc surveillance Jnd telccom industry for the Company

Th e Group hJs ldopcd lnd AS 116- Leues etTcctia from 1st April 019 usin~ the cunwlltivc eO~I method Th adoption of the sWldard docs not h~ vc ~ny mJictill impacc on the rin~ncia l rcsu iiS

or the Group

8 The f1ur--s of the preceding qiLlncr endld J i st 1tllrch 1019 were rhe b1bncins ligures bclwttn the audited fiyurcs for lhe full finJnci1 l rar ended 31st ~IJrch 2019 3nd the published year 10 d3re

figuros up to th ird qull1trofthu ti~ncial yur

9 The fi)ufes ofth e prcvioui pe~iods hamiddotc lx-en re-g rouped r~middotJrranged whciCCr cons1dcrcd ntcltSsuy

rtc middot New Delhi Dgtte lOth July ~019

_oy~~r I~~bullhcndrn NgthgtU)

~bnJting Direccor DIN 0005~898

~middot

S Bhandari amp Co Oswal Sun il amp Company Cl1artered Accountants Cha1terecl Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi - 11 0 002

Independent Auditors Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

To the Board of Directors of Himachal Futuristic Communications Limited

We have reviewed the accompanying statement of unaudited standalone financial results (the statement) of Himachal Futuristic Communications Limited (the Company) for the quarter ended June 30 2019 being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended) including relevant circulars issued by the SEBI from time to time The Statement is the responsibility of the Companys Management and has been approved by the Companys Board of Directors Our responsibility is to issue a report on the Statement based on our review of the Statement which has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (lnd AS 34) specified under Section 133 of the Companies Act 2013 read with relevant rules issues thereunder and other accounting principles generally accepted in India and in Compliance with regulation 33 of the Listing Regulation

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

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 the recognition and measurement principles laid down in the applicable Indian accounting standards (lnd AS) specified under Section 133 of the Companies Act 2013 read with relevant rules issued there under and other recognised accounting practices and policies 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) Regulati ons 2015 (as amended) including the manner in which it is to be disclosed or that it contains any material misstatement

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Place New Delhi Date July 10 2019

S Bhandari amp Co Oswa Sunil amp Company Cha1tered Accountants Chartered Accountants P-7 Tilak IVlarg C Scheme 71 Daryaganj Jaipur- 302 005 New De lhi - 110 002

Independent Auditors Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

To the Board of Directors of Himachal Futuristic Communications Limited

1 We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results (the Statement) of Himachal Futuristic Communications Limited (the Parent) and its subsidiaries (the Parent and its subsidiaries together referred to as the Group) and its share of the net loss after tax and total comprehensive loss of its jointly controlled entity for the quarter ended June 30 2019 being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obliga tions and Disclosure Requirements) Regulations 2015 as amended Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended June 30 2018 and preceding quarter ended March 31 2019 as reported in these consolidated financial results have been approved by the Parents Board of Directors but have not been subjected to review

2 This Statement which is the responsibility of the Parents Management and approved by the Parents Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (lnd AS 34) prescribed under Section 133 of the Companies Act 2013 read with relevant rules issued the reunder and other accounting principles generally accepted in India and in Compliance with regu lation 33 of the Listing Regulation Our responsibility is to issue a report on the Statemen t based on our review of the Statement

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 consequentl y 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 Subsidiaries namely HTL Ltd Poli xel Security Systems Pvt Ltd Raddef Private Limited Moneta Finance Pvt Ltd and HFCL Advance Systems Pvt Ltd and jointly controlled entity namely Dragon Wave HFCL India Pvt Ltd

5 Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 and 7 below and management certified separate interim financial informationfina ncial results refer red to in paragraph 8 below 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 Indian Accounting Standard and other accounting principles generally accep ted in India has not disclosed the information required to be disclosed in terms of Regu lation 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

S Bhandari amp Co Oswal Sunil amp Company Chartered Accountants CJartered Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi- 110 002

6 We did not review the interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect total revenues of Rs16870 Crore total net profit after tax of Rs 2597 Crore and total comprehensive income of Rs 2578 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results These interim financial information I financial resu lts have been reviewed by other auditors whose reports have been furnished to us by the Management and ou r conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above

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

7 The interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect tota l revenues of Rs1294 Crore total net profit after tax of Rs 230 Crore and total comprehensive income of Rs 226 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financ ia l results have been reviewed by one of the joint auditors of the parent co mpa ny and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such joint audi tor

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

8 We did not review the interim financial information I financial results of one subsidiar y included in the consolidated unaudited financial results whose interim financial information f inancial resul ts reflect total revenue of Rs Nil total net loss after tax of Rs 016 Crore and total comprehensi ve loss of Rs 016 Crore for the quarter ended June 30 2019 as considered in the consolidated unaud ited fi nancial results The consolidated unaudited financial results also includes the Groups share of net loss after tax of Rs 065 Crore and total comprehensive loss of Rs 066 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results in respe ct of one jointly controlled entity based on their interim financial information financial results which have not been rev iewed by their auditors These interim financial results are un-reviewed and have been furnished to us by the management and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of this subsidiary and jointly controll ed entity and our report in terms of Regulation 33 (read with regulation 63) of the SEBI (Listing Ob ligation and Disclosure Requirements) Regulations 2015 read with SEBI circular in so far it rela tes to the aforesaid subsidia ry and jointly controlled entity are based solely on such un-reviewed financial information In our opinion and according to the information and explanations given to us by the Management these interim financial information I financial results are not material to the Group

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

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Partner Membership Nomiddot 5135 UDIN 19513504AAAABH1676

Place New Delhi Date July 10 2019

S Bhandari amp Co Oswal Sun il amp Company Cl1artered Accountants Cha1terecl Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi - 11 0 002

Independent Auditors Review Report on Standalone Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

To the Board of Directors of Himachal Futuristic Communications Limited

We have reviewed the accompanying statement of unaudited standalone financial results (the statement) of Himachal Futuristic Communications Limited (the Company) for the quarter ended June 30 2019 being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended) including relevant circulars issued by the SEBI from time to time The Statement is the responsibility of the Companys Management and has been approved by the Companys Board of Directors Our responsibility is to issue a report on the Statement based on our review of the Statement which has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (lnd AS 34) specified under Section 133 of the Companies Act 2013 read with relevant rules issues thereunder and other accounting principles generally accepted in India and in Compliance with regulation 33 of the Listing Regulation

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

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 the recognition and measurement principles laid down in the applicable Indian accounting standards (lnd AS) specified under Section 133 of the Companies Act 2013 read with relevant rules issued there under and other recognised accounting practices and policies 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) Regulati ons 2015 (as amended) including the manner in which it is to be disclosed or that it contains any material misstatement

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Place New Delhi Date July 10 2019

S Bhandari amp Co Oswa Sunil amp Company Cha1tered Accountants Chartered Accountants P-7 Tilak IVlarg C Scheme 71 Daryaganj Jaipur- 302 005 New De lhi - 110 002

Independent Auditors Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

To the Board of Directors of Himachal Futuristic Communications Limited

1 We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results (the Statement) of Himachal Futuristic Communications Limited (the Parent) and its subsidiaries (the Parent and its subsidiaries together referred to as the Group) and its share of the net loss after tax and total comprehensive loss of its jointly controlled entity for the quarter ended June 30 2019 being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obliga tions and Disclosure Requirements) Regulations 2015 as amended Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended June 30 2018 and preceding quarter ended March 31 2019 as reported in these consolidated financial results have been approved by the Parents Board of Directors but have not been subjected to review

2 This Statement which is the responsibility of the Parents Management and approved by the Parents Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (lnd AS 34) prescribed under Section 133 of the Companies Act 2013 read with relevant rules issued the reunder and other accounting principles generally accepted in India and in Compliance with regu lation 33 of the Listing Regulation Our responsibility is to issue a report on the Statemen t based on our review of the Statement

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 consequentl y 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 Subsidiaries namely HTL Ltd Poli xel Security Systems Pvt Ltd Raddef Private Limited Moneta Finance Pvt Ltd and HFCL Advance Systems Pvt Ltd and jointly controlled entity namely Dragon Wave HFCL India Pvt Ltd

5 Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 and 7 below and management certified separate interim financial informationfina ncial results refer red to in paragraph 8 below 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 Indian Accounting Standard and other accounting principles generally accep ted in India has not disclosed the information required to be disclosed in terms of Regu lation 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

S Bhandari amp Co Oswal Sunil amp Company Chartered Accountants CJartered Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi- 110 002

6 We did not review the interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect total revenues of Rs16870 Crore total net profit after tax of Rs 2597 Crore and total comprehensive income of Rs 2578 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results These interim financial information I financial resu lts have been reviewed by other auditors whose reports have been furnished to us by the Management and ou r conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above

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

7 The interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect tota l revenues of Rs1294 Crore total net profit after tax of Rs 230 Crore and total comprehensive income of Rs 226 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financ ia l results have been reviewed by one of the joint auditors of the parent co mpa ny and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such joint audi tor

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

8 We did not review the interim financial information I financial results of one subsidiar y included in the consolidated unaudited financial results whose interim financial information f inancial resul ts reflect total revenue of Rs Nil total net loss after tax of Rs 016 Crore and total comprehensi ve loss of Rs 016 Crore for the quarter ended June 30 2019 as considered in the consolidated unaud ited fi nancial results The consolidated unaudited financial results also includes the Groups share of net loss after tax of Rs 065 Crore and total comprehensive loss of Rs 066 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results in respe ct of one jointly controlled entity based on their interim financial information financial results which have not been rev iewed by their auditors These interim financial results are un-reviewed and have been furnished to us by the management and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of this subsidiary and jointly controll ed entity and our report in terms of Regulation 33 (read with regulation 63) of the SEBI (Listing Ob ligation and Disclosure Requirements) Regulations 2015 read with SEBI circular in so far it rela tes to the aforesaid subsidia ry and jointly controlled entity are based solely on such un-reviewed financial information In our opinion and according to the information and explanations given to us by the Management these interim financial information I financial results are not material to the Group

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

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Partner Membership Nomiddot 5135 UDIN 19513504AAAABH1676

Place New Delhi Date July 10 2019

S Bhandari amp Co Oswa Sunil amp Company Cha1tered Accountants Chartered Accountants P-7 Tilak IVlarg C Scheme 71 Daryaganj Jaipur- 302 005 New De lhi - 110 002

Independent Auditors Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

To the Board of Directors of Himachal Futuristic Communications Limited

1 We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results (the Statement) of Himachal Futuristic Communications Limited (the Parent) and its subsidiaries (the Parent and its subsidiaries together referred to as the Group) and its share of the net loss after tax and total comprehensive loss of its jointly controlled entity for the quarter ended June 30 2019 being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obliga tions and Disclosure Requirements) Regulations 2015 as amended Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended June 30 2018 and preceding quarter ended March 31 2019 as reported in these consolidated financial results have been approved by the Parents Board of Directors but have not been subjected to review

2 This Statement which is the responsibility of the Parents Management and approved by the Parents Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (lnd AS 34) prescribed under Section 133 of the Companies Act 2013 read with relevant rules issued the reunder and other accounting principles generally accepted in India and in Compliance with regu lation 33 of the Listing Regulation Our responsibility is to issue a report on the Statemen t based on our review of the Statement

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 consequentl y 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 Subsidiaries namely HTL Ltd Poli xel Security Systems Pvt Ltd Raddef Private Limited Moneta Finance Pvt Ltd and HFCL Advance Systems Pvt Ltd and jointly controlled entity namely Dragon Wave HFCL India Pvt Ltd

5 Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 and 7 below and management certified separate interim financial informationfina ncial results refer red to in paragraph 8 below 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 Indian Accounting Standard and other accounting principles generally accep ted in India has not disclosed the information required to be disclosed in terms of Regu lation 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

S Bhandari amp Co Oswal Sunil amp Company Chartered Accountants CJartered Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi- 110 002

6 We did not review the interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect total revenues of Rs16870 Crore total net profit after tax of Rs 2597 Crore and total comprehensive income of Rs 2578 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results These interim financial information I financial resu lts have been reviewed by other auditors whose reports have been furnished to us by the Management and ou r conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above

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

7 The interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect tota l revenues of Rs1294 Crore total net profit after tax of Rs 230 Crore and total comprehensive income of Rs 226 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financ ia l results have been reviewed by one of the joint auditors of the parent co mpa ny and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such joint audi tor

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

8 We did not review the interim financial information I financial results of one subsidiar y included in the consolidated unaudited financial results whose interim financial information f inancial resul ts reflect total revenue of Rs Nil total net loss after tax of Rs 016 Crore and total comprehensi ve loss of Rs 016 Crore for the quarter ended June 30 2019 as considered in the consolidated unaud ited fi nancial results The consolidated unaudited financial results also includes the Groups share of net loss after tax of Rs 065 Crore and total comprehensive loss of Rs 066 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results in respe ct of one jointly controlled entity based on their interim financial information financial results which have not been rev iewed by their auditors These interim financial results are un-reviewed and have been furnished to us by the management and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of this subsidiary and jointly controll ed entity and our report in terms of Regulation 33 (read with regulation 63) of the SEBI (Listing Ob ligation and Disclosure Requirements) Regulations 2015 read with SEBI circular in so far it rela tes to the aforesaid subsidia ry and jointly controlled entity are based solely on such un-reviewed financial information In our opinion and according to the information and explanations given to us by the Management these interim financial information I financial results are not material to the Group

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

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Partner Membership Nomiddot 5135 UDIN 19513504AAAABH1676

Place New Delhi Date July 10 2019

S Bhandari amp Co Oswal Sunil amp Company Chartered Accountants CJartered Accountants P-7 Tilak Marg C Scheme 71 Daryaganj Jaipur - 302 005 New Delhi- 110 002

6 We did not review the interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect total revenues of Rs16870 Crore total net profit after tax of Rs 2597 Crore and total comprehensive income of Rs 2578 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results These interim financial information I financial resu lts have been reviewed by other auditors whose reports have been furnished to us by the Management and ou r conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above

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

7 The interim financial information I financial results of two subsidiaries included in the consolidated unaudited financial results whose interim financial information I financial results reflect tota l revenues of Rs1294 Crore total net profit after tax of Rs 230 Crore and total comprehensive income of Rs 226 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financ ia l results have been reviewed by one of the joint auditors of the parent co mpa ny and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such joint audi tor

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

8 We did not review the interim financial information I financial results of one subsidiar y included in the consolidated unaudited financial results whose interim financial information f inancial resul ts reflect total revenue of Rs Nil total net loss after tax of Rs 016 Crore and total comprehensi ve loss of Rs 016 Crore for the quarter ended June 30 2019 as considered in the consolidated unaud ited fi nancial results The consolidated unaudited financial results also includes the Groups share of net loss after tax of Rs 065 Crore and total comprehensive loss of Rs 066 Crore for the quarter ended June 30 2019 as considered in the consolidated unaudited financial results in respe ct of one jointly controlled entity based on their interim financial information financial results which have not been rev iewed by their auditors These interim financial results are un-reviewed and have been furnished to us by the management and our opinion on the consolidated unaudited financial results in so far as it relates to the amounts and disclosures included in respect of this subsidiary and jointly controll ed entity and our report in terms of Regulation 33 (read with regulation 63) of the SEBI (Listing Ob ligation and Disclosure Requirements) Regulations 2015 read with SEBI circular in so far it rela tes to the aforesaid subsidia ry and jointly controlled entity are based solely on such un-reviewed financial information In our opinion and according to the information and explanations given to us by the Management these interim financial information I financial results are not material to the Group

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

For S BHANDARI amp CO For OSWAL SUNIL amp COMPANY Chartered Accountants

Partner Membership Nomiddot 5135 UDIN 19513504AAAABH1676

Place New Delhi Date July 10 2019