Omaxe Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

1. The above results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their respective meetings held on 29th July, 2020. The financial results for the quarter and year ended March 31, 2020 have been audited by the Statutory Auditors of the Company.

2. The figures for last quarter of current and previous years are the balancing figures between the audited figures in financial year and the published figures for nine months ended for respective years.

3. The standalone and consolidated financial results have been prepared in accordance with the principle and procedurfes of Indian Accounting Standards (“Ind AS”) as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013.

4. In terms of Ind AS 110 - Consolidated Financial Statements. 150 companies under control of group and two wholly owned subsidiary companies whose financial statements reflect total revenue (including other income) of Rs. 1.70 crore and Rs; 7.78 crore for the quarter and year ended March 31, 2020 respectively, total profit/(loss) after tax of Rs. 0.00 crore and Rs. (0.24) crore for the quarter and year ended March 31, 2020 respectively and total assets of Rs. 83.86 crore as at March 31, 2020 have been considered in the consolidated financial results. The financial results of these companies have been reported by their management and given effect in ponsolidated financial results based on financial statements as certified.

5. In line with the provisions of Ind AS 108 - Operating Segments and on the basis of review of operations being done by the management of the company, the operations of the group falls under real estate business, which is considered to be the only reportable segment by the management.

6. Effective 1st April, 2019, The Company has adopted Ind AS 116 “Leases” and applied the same to all lease contracts existing on 1st April, 2019 using modified retrospective method and has taken the cumulative adjustments to Retained Earnings bn the date of initial application. Accordingly, the Comparative figures of previous periods have not been restated. The adoption of new sjtandard has resulted in recognition of Right of Use and lease liability on transition date i.e. 1st April, 2019.

7. Pursuant to the Taxation Law (Amendment) Ordinance, 2019 (“Ordinance") issued by Ministry of Law and Justice (Legislative Department) on September 20, 2019 which is effective April 1, 2019, domestic companies have the option to pay corporate income tax at a rate of 22% plus applicable surcharge and cess (“New Tax Rate”) subject to certain conditions. As at March 31, 2020, The Group has exercised the option to adopt lower tax rate in all entities barring three companies including holding Company as per the ppovisions/conditions defined in the newly inserted Section 115BAA in the Income Tax Act, 1961, consequently the Group) has applied e lower income tax rates on current as well as on the deferred tax assets / liabilities to the extent these are expected to be realized or 'settled in the future period when the Company may be subjected to lower tax rate. This has resulted in reversal of net deferred tax asset amounting to Rs. 122.91 crores. the full impact of the lower rate of tax has been taken in the quarter and year ended March 31, 2020

8. Based on management's own assessment of impact of the outbreak of COVID 19 on business operations of the company, the management of the company have concluded that no adjustments are required to be made in the financial statement as it does not impact current financial year.