Modern Engineering & Projects Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2023

The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on Aug 10, 2023. The statutory auditors of the Company have reviewed the financial results for the quarter ended June 30th, 2023 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Previous year/period figures have been regrouped/reclassified wherever necessary.

In the above results, "Other Income" for the current year includes cost sharing received from "MEIPDL-MCL-JV", a Joint venture of Company of Rs.232.48 lakhs.

The Company has entered into Joint Venture agreement for construction of roads, MEPIDL-MCL-JV (The Joint Venture), this is classified as Joint Operations under the accounting standard for the company, which required the company to follow equity method. The financial information include Joint Operation mentioned above in the financial statements of the Company whose financial statements/financial information reflect total assets of Rs. 1945.67 Lakh (without intercompany elimination) as of June 30, 2023, total revenue of Rs. 1912.07 Lakh (without intercompany elimination) and total profit before tax (net) of Rs. 176.13 Lakh (without intercompany elimination) for the quarter ended on that date, as considered in the financial statements.

The Company has entered into Joint Venture agreement for "Khopoli Underground Sewerage Scheme", Aquatech-MEPL-JV (The Joint Venture), this is classified as Joint Operations under the accounting standard for the company, which required the company to follow equity method. The financial information include Joint Operation mentioned above in the financial statements of the Company whose financial statements/financial information reflect total assets of Rs. Nil Lakh (without intercompany elimination) as of June 30, 2023, total revenue of Rs. Nil Lakh (without intercompany elimination) and total profit before tax (net) of Rs. Nil Lakh (without intercompany elimination) for the quarter ended on that date, as considered in the financial
statements.

The Company had not recognised its interest (74%) in assets, liabilities, revenues and expenses, relating to joint operation in Qtr 1 of Financial year 2022-23.