Embassy Developments Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

The standalone financial results of Indiabulls Real Estate Limited ('IBREL' or 'the Company') for the quarter and year ended 31 March 2021 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 23 April 2021. These standalone financial results have been audited by the Statutory Auditors of the Company.



The standalone financial results are prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) as specified in Section 133 of the Companies Act, 2013.

Figures for the quarters ended 31 March 2021 and 31 March 2020 represent the balancing figures between the audited figures for the full financial year and published reviewed year to date figures upto third quarter of the respective financial year.



"During second quarter of the year, the Board of Directors of the Company had considered and approved the proposal of merger of NAM Estates Private Limited (""NAM Estates"") and Embassy One Commercial Property Development Private Limited (""NAM Opco"") both Embassy group entities with the Company (""Amalgamation""). The proposed Amalgamation will be achieved through a cashless composite scheme of amalgamation of NAM Estates and NAM Opco into the Company, in accordance with Section 230-232 of the Companies Act, 2013 read with the rules framed thereunder, as amended, and the Securities and Exchange Board of India circular no. CFD/DIL3/CIR/2017/21 dated 10 March 2017, as amended and other applicable regulations and provisions, subject to necessary statutory and other approvals (""Scheme""). Upon effectiveness of the Scheme, IBREL will issue its equity shares, in accordance with the approved share swap ratios, to the shareholders of NAM Estates and NAM Opco, which will include Embassy promoter and promoter entities, Embassy institutional investors and other shareholders. For the proposed Amalgamation and arriving to share swap ratio, IBREL is valued at Rs 92.50 per share.



During the quarter, the Scheme has been granted approval by Competition Commission of India (""CCI"") and SEBI/Stock exchanges. "



The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which are under active consideration by the Ministry. Based on an initial assessment by the Company, the additional impact on Provident Fund contributions by the Company is not expected to be material, whereas, the likely additional impact on Gratuity liability/ contributions by the Company could be material. The Company will complete their evaluation once the subject rules are notified and will give appropriate impact in the financial results in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.



The pandemic of Corona Virus (COVID-19) has caused unprecedented havoc to the economic activity all around the Globe. The complete lock down announced on 24 March 2020 by the Government of India brought the wheels of economic activity to a grinding halt. The operations are slowly and gradually resuming and expected to reach pre – COVID 19 level in due course of time. The Company is continuously and closely observing the unfolding situation and will continue to do so. The Company has considered the possible impact of COVID-19 in preparing the financial results including the recoverable value of its assets and its liquidity position based on internal and external information upto the date of approval of these financial results.

Previous period/year numbers have been regrouped/reclassified wherever considered necessary.





Compliance pursuant to the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015



(a) Details of Credit Rating

(i) CARE and Informerics has reaffirmed the following Ratings

Non-convertible debenture issue of Rs. 12,000 lakhs IVR AA - and CARE A



(ii) Brickwork and CARE has reaffirmed the following Ratings

Non-convertible debenture issue of Rs. 22,500 lakhs IVR AA, BWR AA - and CARE A +



(iii) Infomerics has assigned the following Ratings

Non-convertible debenture issue of Rs. 500 lakhs IVR AA-



Particulars As at 31 March 2021

(b) Asset cover available As per Note 1 below

(c) "Debt equity ratio

(Total Debt/Equity)" 0.08

(d) Previous due dates for the payment of interest/repayment of principal of non-convertible debentures As per Note 2 below

(e) Next due date for the payment of interest/principal along with the amount of interest of non-convertible debentures As per Note 2 below

(f) "Debt service coverage ratio

[(Earnings before interest and tax)]/[(Interest expense for the year) + (Principal repayments of long-term borrowings during the year)]" 0.01

(g) "Interest service coverage ratio

(Earnings before interest and tax/Interest expense for the year)" 0.13

(h) Net worth (In Rs. lakhs) 632,200.31

(i) Debenture Redemption Reserve (In Rs. lakhs) 27,062.50

(j) Net profit after tax (In Rs. lakhs) (13,962.58)

(k) Earnings per share (In Rs.) (3.09)



Note 1 The listed non convertible debentures of the Company aggregating Rs.39,500 lakhs as at 31 March 2021 are secured by way of first mortgage/charge on the Company and its subsidiaries properties and asset cover thereof exceeds 100% of the principal amount of the said debentures.

Note 2

S. No. ISIN No. Previous Due Date of Interest Payment Interest has been paid or not Next Date of Interest Payment Previous Date of Principal Payment Next Date of Principal Payment Credit Rating

1 INE069I07298 29-Jun-20 Yes 29-Jun-21 NA 29-Apr-22 IVR AA , CARE A+ and BWR AA -

2 INE069I07306 08-Jul-20 Yes 07-Jul-21 NA 06-May-22 IVR AA , CARE A+ and BWR AA -

3 INE069I07314 10-Jul-20 Yes 12-Jul-21 NA 12-May-22 IVR AA , CARE A+ and BWR AA -

4 INE069I07322 20-Jul-20 Yes 18-Jul-21 NA 18-May-22 IVR AA , CARE A+ and BWR AA -

5 INE069I07330 17-Aug-20 Yes 16-Aug-21 NA 16-Jun-22 IVR AA , CARE A+ and BWR AA -

6 INE069I07355 09-Sep-20 Yes 11-Sep-21 NA 08-Jul-22 IVR AA , CARE A+ and BWR AA -

7 INE069I07348 07-Sep-20 Yes 07-Sep-21 NA 07-Jul-22 IVR AA , CARE A+ and BWR AA -

8 INE069I07405 29-Mar-21 Yes 25-Jun-21 NA 27-Jun-21 IVR AA- CARE A

9 INE069I07421 NA NA 12-Nov-21 NA 12-Nov-21 IVR AA-



Note 3 There is no material deviation in the use of the proceeds of issue of non convertible debts from the objects stated in the respective offer documents.