200 500 Imo Result 20230215

e
Mercantile
T :+491 (44) 40432205
E : admin@mercantileventures.co.in
W: www.mercantileventures.co.in
14-02-2023
Department of Corporate Affairs

BSE Limited
PJ Towers
Dalal Street, Fort,
Mumbai- 400 001.
Dear Sir,
Sub: Outcome of Board Meeting

Ref: SCRIP: 538942
Pursuant to Schedule Ill under Regulation 30 of SEBI (Listing Obligation and

Disclosure Requirements), 2015, we wish to inform that at the meeting of the Board
of Directors held today (14-02-2023), the Directors have inter-alia approved the
Unaudited Standalone and Consolidated Financial Results of the Company for the
quarter and nine months ended 31 December, 2022 as recommended by the Audit
Committee along with the Limited Review Report of Auditors pursuant to Regulation
33 of SEBI (LODR) Regulations, 2015.
The Meeting commenced at 2.45 PM and concluded by 3.10 PM.
We have enclosed the Unaudited Standalone and Consolidated Financial Results of the
Company for the quarter & nine months ended 31 December, 2022 along with the Limited
review report from Statutory Auditors.
Kindly take on record of the above disclosure.
Thanking you,
Yours Truly,
For Mercantile Ventures Limi
EN Hangaswami
Whole-time Director
DIN No. 06463753
Encl: As above.
Mercantile Ventures Limited

(CIN-L65 191TN 1985PLC037309)
Registered Office : 88 Mount Road, Guindy, Chennai - 600 032 India
GIN: L65191TN1985PLC037309
Regd. Office: No.88, Mount Road, Guindy, Chennai - 600 032.
Statement of unaudited Standalone financial results for the Quarter and Nine months ended 31/12/2022
(Rs. in Lakhs)
SI. Particulars Standalone
No. Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Quarter ended Quarter ended Quarter ended Nine months ended Nine months ended Year
31/12/2022 30/09/2022 31/12/2021 31/12/2022 31/12/2021 Ended
31/03/2022
1 Income
Income from Operations 565.30 478.86 351.25 1,469.74 1,083.42 1,461.36
Other Income 254.35 109.90 226.70 532.99 562.50 748.31
Total income 819.65 588.76 577.95 2,002.73 1,645.92 2,209.67
2 Expenses
Cost of services 387.46 309.78 208.92 959.86 645.60 880.71
Employee benefit expense 28.91 28.39 27.36 86.92 80.79 109.98
Finance costs 6.70 5.88 4.88 19.33 15.48 21.28
Depreciation and amortisation expense 23.81 23.80 23.80 71.42 71.40 95.23
Other expenses 72.85 53.66 47.39 189.20 156.78 220.35
Total Expenses 519.73 421.51 312.35 1,326.73 970.05 1,327.55
3 Profit/ (Loss) from operations before exceptional items (1-2) 299.92 167.25 265.60 676.00 675.87 882.12
4 Exceptional ltems-Expenditure/(lncome)
5 Profit/(Loss) from ordinary activities before tax (3 +4) 299.92 167.25 265.60 676.00 675.87 882.12
6 Tax Expense - Current Tax 67.58 51.45 73.69 181.37 195.52 259.21
- Deferred Tax 7.91 (9.62) (6.84) (11.23) (15.78) (24.81)
7 Net Profit from Ordinary Activities after Tax (5-6) 224.43 125.42 198.75 505.86 496.13 647.72
8 Extraordinary items (Net of tax expenses)
9 Net Profit/(Loss) for the period (7+8) 224.43 125.42 198.75 505.86 496.13 647.72
10 Share of profit/(loss) from LLP/Partnership Firms (1.35) (1.36) (2.62) (4.02) (8.19) 279.26
11 Net Profit/(Loss) for the period(9+10) 223.08 124.06 196.13 501.84 487.94 926.98
12 Other Comprehensive Income 53.00 180.24 (503.44) (427.96) 1,434.06 1,470.70
13 Total Comprehensive Income for the Period(11+12) 276.08 304.30 (307.31) 73.88 1,922.00 2,397.68
14 Paid-up equity share capital (Face value of Rs.10/- each) 11,191.82 11,191.82 11191.82 11,191.82 11,191.82 11,191.82
15 Earnings per Share(inRs) 0.20 0.11 0.18 0.45 0.44 0.58 ]_= 7,,y
L..- __._
Basic and diluted(not annualised forheauanters)
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CIN: L65191TN1985PLC037309
Statement of segment wise unaudited standalone financial results for the quarter and Nine months ended 31-12-2022
(Rs. in lakhs)
Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Quarter ended Quarter ended Quarter ended Nine months ended Nine months ended Year
31/12/2022 30/09/2022 31/12/2021 31/12/2022 31/12/2021 Ended
31/03/2022
1.Segment Revenue
a)Rent and Maintenance of immovable properties 171.18 169.41 141.07 508.83 451.15 601.25
b)Manpower Services 394.12 309.45 210.18 960.91 632.27 860.11
c)lncome from investment activities 254.35 109.90 226.70 532.99 523.50 709.31
d)Unallocable Income 39.00
Jo
39.00
Income from operations 819.65 588.76 577.95 2,002.73 1,645.92 2,209.67
2.5egment Results:
Profit before tax and interest
For each segment
c)lnvestment activity 254.36 109.90 226.70 533.00 523.50 709.30
Total 363.52 221.71 309.34 859.21 795.91 1,075.05
Finance cost 6.70 5.88 4.88 19.33 15.48 21.28
Other net unallocable (income)/expenses 56.90 48.58 38.86 163.88 104.56 171.65
Profit before tax 299.92 167.25 265.60 676.00 675.87 882.12
Tax expense 75.49 41.83 66.85 170.14 179.74 234.40
Profit after tax 224.43 125.42 198.75 505.86 496.13 647.72
3.Segment Assets
a)Rent and Maintenance of immovable properties 6,318.36 6,342.16 6,357.98 6,318.36 6,357.98 6,419.42
c)lnvestment activity 22,137.20 22,976.42 22,915.13 22,137.20 22,915.13 22,915.53
c)Unallocated 3,633.54 3,137.99 2,702.55 3,633.54 2,702.55 3,241.26
Total assets 32,320.44 32,652.04 32,122.23 32,320.44 32,122.23 32,700.75
4.Segment Liabilities
c)Unallocated 658.72 1,278.73 1,101.24 658.72 1,101.24 1,165.39
Total Liabilities 1,144.62 1,752.31 1,495.08 1,144.62 1,495.98 1,598.81
Telephone: +91- 44- 4043 2205/09, E-mail: admin@mercantileventures.co.in,

web - www.mercantileventures.co.in
CIN: L65191TN1985PLC037309
Notes:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings,
held on 14 February, 2023 and has been subjected to a limited review by the statutory auditors of the company.
2. The figures for the previous periods have been regrouped/reclassified wherever considered necessary.
By Order of the Board
Place: Chennai
N Rangaswami
Date: 14 February, 2023
le Time Director
DIN - 06463753

web - www .mercantileventures.co.in
\ : VENKATESH & CO
\ Chartered Accountants
Limited Review Report on Quarterly Standalone Financial Results of Mercantile Ventures

Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015
Review Report to the Board of Directors,

We have reviewed the accompanying statement of unaudited standalone financial results of Mercantile
Ventures Limited (‘the Company’) for the quarter ended 31% December 2022. This statement, is the
responsibility of the Company’s Management and has been approved by the Board of Directors, has been
prepared in accordance with the applicable Indian Accounting Standards (Ind AS) specified under Section 133
of the Companies Act, 2013. Our Responsibility is to issue a report on these financial statements based on
our review.
We conducted our review of the statement 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 results are free of material misstatements. A review is
limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and
thus provides less assurance than an audit. We have not performed an audit and 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 applicable
Indian Accounting Standards (“Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with
relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the
information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any
material misstatement.
For Venkatesh & Co

Chartered Accountants
FRN tee
f A C
1 f
A. Dasaraty V
Partner
M.No :026336
Place: Chennai
Date: 14/02/2023
UDIN: 23026336BGULCD1162
“SRI RANGA” New No.151, Mambalam High Road, T.Nagar, Chennai - 600 017.
Telefax : 2814 4763/64/65/66 Email : venkateshandco@gmail.com
CIN: L65191TN1985PLC037309
Statement of unaudited Consolidated financial results for the quarter and Nine months ended 31/12/2022
(Rs. in Lakhs)
sI. Particulars Consolidated
No. Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Quarter ended Quarter ended Quarter ended Nine months Nine months Year
31/12/2022 30/09/2022 31/12/2021 ended ended Ended
31/12/2022 31/12/2021 31/03/2022
1 Income
Income from Operations 1,246.81 1,123.86 941.14 3,408.92 2,730.01 3,703.75
Other Income 260.40 116.24 214.61 550.37 526.81 1,631.55
Total income 1,507.21 1,240.10 1,155.75 3,959.29 3,256.82 5,335.30
2 Expenses
Cost of services 377.01 312.09 215.47 948.74 643.46 875.63
Employee benefit expense 678.05 616.09 530.79 1,880.32 1,556.64 2,156.34
Finance costs 24.41 23.29 26.95 71.38 80.33 108.01
Depreciation and amortisation expense 24.38 24.26 24.82 72.92 74.18 99.01
Other expenses 97.37 81.14 101.68 276.66 294.36 451.24
Total Expenses 1,201.22 1,056.87 899.71 3,250.02 2,648.97 3,690.23
3 Profit/ (loss) from operations before exceptional items (1-2) 305.99 183.23 256.04 709.27 607.85 1,645.07
4 Exceptional ltems-Expenditure/(lncome) - -
so
- -
5 Profit/(Loss) from ordinary activities before tax (3 + 4) 305.99 183.23 256.04 709.27 607.85 1,645.07
6 Tax Expense -Current Tax 74.81 60.86 83.20 207.37 225.14 287.81
- Deferred Tax 3.50 (13.94) (12.34) (24.17) (31.79) 208.87
7 Net Profit from Ordinary Activities after Tax (5-6) 227.68 136.31 185.18 526.07 414.50 1,148.39
8 Extraordinary items (Net of tax expenses) - - - , a
9 Net Profit/(Loss) for the period (7+8) 227.68 136.31 185.18 526.07 414.50 1,148.39
10 Share of profit/(loss) from LLP/Partnership Firms (1.35) (1.36) (2.62) (4.02) (8.19) 279.26
11 Share of profit/(loss) from associate - 79.39 135.49 66.40 128.85 211.80
12 Net Profit/(Loss) for the period (10+11) 226.33 214.34 318.05 588.45 535.16 1,639.45
13 Minority Interest (18.35) (17.14) (41.55) (57.16) (151.52) 489.64
14 Net Profit/(loss) for the period (12+13) 244.68 231.48 359.60 645.61 686.68 1,149.81
15 Other Comprehensive Income 53.00 180.24 (503.44) (427.96) (5,193.64) 1,470.70
16 Total Comprehensive Income for the Period(ll+l2) 297.68 411.72 (143.84) 217.65 (4,506.96) 2,620.51
17 Paid-up equity share capital {Face value of Rs.10/- each) 11,191.82 11,191.82 11,191.82 11,191.82 11,191.82 11,191.82
18 Earnings per Share (in Rs) 0.22 0.14 0.20 0.52 0.51 0.59
Basic and diluted (not annualised for the quarters)
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Telephone: +91 - 44- 4043 2205/09, E-mail: admin@mercantileventures.co.in,
CIN: L65191TN1985PLC037309
Regd. Office: No.88, Mount Road, Guindy, Chennai - 600 032
Statement of segment wise unaudited consolidated financial results for the quarter and Nine months ended 31-12-2022
'(Rs. in lakhs)
Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Quarter ended Quarter ended Quarter ended Nine months Nine months Year
31/12/2022 30/09/2022 31/12/2021 ended ended Ended
31/12/2022 31/12/2021 31/03/2022
1.Segment Revenue
b) Manpower Services 394.12 309.45 210.18 960.91 632.27 860.11
c)Security Services 679.70 643.18 588.11 1,933.75 1,643.90 2,237.88
Others
d)lnvestment Activities 260.39 116.25 214.61 550.37 487.81 665.35
e)Unallocated Income 0.24 0.24 0.20 0.69 39.58 967.02
Income from operations 1,507.21 1,240.10 1,155.75 3,959.29 3,256.82 5,335.30
2.Segment Results:
Profit before tax and interest
For each segment
c)Security Services 35.01 44,74 70.25 125.52 148.03 165.22
d)lnvestment Activities 260.39 116.25 214.61 550.37 487.81 665.35
Total 429.55 274.38 378.00 1,042.83 935.66 1,235.56
Finance cost 24.41 23.29 26.95 71.38 80.33 108.01
Other net unallocable (income)/expenses 99.14 67.85 95.01 262.17 247.48 (517.52)
Profit before tax 305.99 183.23 256.04 709.27 607.85 1,645.07
Tax expense 78.31 46.92 70.86 183.20 193.35 496.68
Profit after tax 227.68 136.31 185.18 526.07 414.50 1,148.39
Share of profit from LLP (1.36) (1.36) (2.62) (4.02) (8.19) 279.26
Share of profit from associate - 79.39 135.49 66.40 128.85 211.80
Minority interest (18.35) (17.14) (41.55) (57.16) (151.52) 489.64
Profit after tax 244.68 231.48 359.60 645.61 686.68 1,149.81
3.Segment Assets
a)Rent and Maintenance of immovable properties 6379.25 6,401.18 6,357.98 6,379.25 6,357.98 6,423.77
c)lnvestment Activities 22,077.73 22,936.15 22,810.21 22,077.73 22,810.21 23,698.02
d)Security Services 473.73 467.36 440.68 473.73 440.68 447.61
d)Unallocated 6678.19 6,088.09 5,640.04 6,678.19 5,640.04 5,339.25
Tota I assets 35840.24 36,088.25 35395.48 35,840.24 35,395.48 36,033.19
4.Segment Liabilities
c)Security Services 72.95 65.87 73.59 72.95 73.59 65.70
d)Unallocated 1,244.03 1,809.12 1,607.20 1,244.03 1,607.20 1,714.37
Total Liabilities 1,802.89 2,348.58 2,075.53 1,802.89

CIN: L65191TN1985PLC037309
Notes:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings, held on 14
February, 2023 and has been subjected to a limited review by the statutory auditors of the company.
2. As per the Business Transfer Agreement entered into by National Trust Housing Finance Limited (NATRUST), Associate, in December 2022 for
the transfer of its Housing Finance Business, the total comprehensive income earned for the period from 01-10-2022 onwards would accrue
to the purchaser. Hence, the share of profit from NATRUST for 3rd quarter of the financial year has not been considered in the consolidated
accounts.
3. The figures for the previous periods have been regrouped/reclassified wherever considered necessary.
By Order of the Board

For Mercantile Ventures Limited
.
Place: Chennai
Date: 14 February, 2023 % #I
N Rangaswami
ole Time Director
DIN - 06463753
\#ut R9®
--......._... ---
,

VENKATESH & CO
Independent Auditor’s Report on consolidated unaudited quarterly to date financial

results of the company Pursuant to the regulation 33 of the SEBI (Listing Obligations and
disclosure requirements) regulations, 2015
To the board of directors

Mercantile ventures limited
We have reviewed the accompanying Statement of Consolidated Financial Results of Mercantile

Ventures Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred
to as “the Group”) and its share of the net profit after tax and total comprehensive income / loss of
its associates for the quarter ended 315t December, 2022 and for the period from 1% April 2022
to 31% December 2022 (‘the Statement”), being submitted by the Parent pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended. Attention is drawn to the fact that the consolidated figures for the
corresponding quarter ended 31" December 2021 and corresponding period from 18 April 2021
to 31%t December 2021 as reported in these financial results have been approved by the Parent's
Board of Directors, but have not been subjected to audit/review.
This Statement, which is the responsibility of the Parent’s Management and approved by the Parent's
Board of Directors, has been compiled from the related consolidated financial statements which has
been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of
the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended (“Ind AS”), and other accounting principles generally accepted in India. Our responsibility is
to express an opinion on the Statement based on our review of such consolidated financial
statements.
We conducted our review of the statement 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 results are free of
material misstatements. A review is limited primarily to inquiries of Company personnel and analytical
procedures applied to financial data and thus provides less assurance than an audit. We have not
performed an audit and 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.
The Statement includes the results of the following entities:
1. 13 Security Private Limited — Subsidiary
India Radiators Limited — Subsidiary
DWN
Cuningham Ventures Private Limited — Subsidiary

Sahoj Ventures Private Limited — Subsidiary
Willingdon Ventures Private Limited — Subsidiary
NOW
Chitaranjan Developers LLP — Subsidiary

National Trust Housing Finance Limited — Associate
_ Based on our review conducted and procedures performed as stated in paragraph above and based
a: ‘on the consideration of the review reports of the branch auditors and other auditors referred
_ \\\_to\in\ paragraph below, nothing has come to our attention that causes us to believe that the
alten
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VENKATESH & CO
laid down in the aforesaid Indian Accounting Standard and other accounting
principles 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)
Regulations, 2015,
as amended, including the manner in which it is to be disclosed, or that it
contains any material |
misstatement.
The consolidated financial results also include the Group’s share of net profit
/ (Loss) of Rs. Nil and
total comprehensive income/ (Loss) of Rs. Nil Lakhs for the Quarter ended
31" Dec, 2022 and Rs
include the Group's share of net profit/ (Loss) of Rs. 66.40 Lakhs and total
comprehensive income/
(Loss) of Rs. 66.40 Lakhs for the period ended 30" Sep, 2022, in the consolida
ted financial results,
in respect of M/s. National Trust Housing Finance Limited, (Associate), whose financial
statements / financial information have not been reviewed by us (Refer Note
2 of the Statement),
These financial statements / financial-information have been reviewed

by other auditors whose
reports have been furnished to us by the Management and our opinion on the
consolidated financial
results, in so far as it relates to the amounts and disclosures included
in respect of these, associates,
is based solely on the reports of the other auditors and the procedures performe
d by us as stated in
paragraph mentioned above.
For Venkatesh & Co

FRN 004636S <E
mr
CY
3 \
CA. Dasaraty V
Partner
M.No :026336
Place: Chennai
Date: 14/02/2023
UDIN: 23026336BGULCE7363
“SRI RANGA’, New No.151, Mambalam High Road, T.Nagar, Chennai - 600 017.
Telefax : 2814 4763/64/65
/66 Email : venkateshandco@gmail.com
General information about company
Scrip code 538942

NSE Symbol
MSEI Symbol
ISIN* INE689O01013
MERCANTILE VENTURES
Name of company
LIMITED
Type of company
Class of security Equity
Date of start of financial year 01-04-2022
Date of end of financial year 31-03-2023
Date of board meeting when results were approved 14-02-2023
Date on which prior intimation of the meeting for considering financial results was informed to the
06-02-2023
exchange
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Quarter Third quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 14-02-2023 02:45
End date and time of board meeting 14-02-2023 03:10
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable
Financial Results �Ind-AS

3 months/ 6 months ended Year to date figures for current period
Particulars
(dd-mm-yyyy) ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2022 01-04-2022
B Date of end of reporting period 31-12-2022 31-12-2022
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
Part Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6
I months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 565.3 1469.74
Other income 254.35 532.99
Total income 819.65 2002.73
2 Expenses
(a) Cost of materials consumed 387.46 959.86
(b) Purchases of stock-in-trade 0 0
Changes in inventories of finished goods, work-in-
(c) 0 0
progress and stock-in-trade
(d) Employee benefit expense 28.91 86.92
(e) Finance costs 6.7 19.33
(f) Depreciation, depletion and amortisation expense 23.81 71.42
(f) Other Expenses
1 Other expenses 72.85 189.2
10
Total other expenses 72.85 189.2
Total expenses 519.73 1326.73
3 months/ 6 months ended Year to date figures for current

Particulars
(dd-mm-yyyy) period ended (dd-mm-yyyy)
3 Total profit before exceptional items and tax 299.92 676
4 Exceptional items 0 0
5 Total profit before tax 299.92 676
7 Tax expense
8 Current tax 67.58 181.37
9 Deferred tax 7.91 -11.23
10 Total tax expenses 75.49 170.14
Net movement in regulatory deferral account balances related to
11 0 0
profit or loss and the related deferred tax movement
14 Net Profit Loss for the period from continuing operations 224.43 505.86
15 Profit (loss) from discontinued operations before tax 0 0
16 Tax expense of discontinued operations 0 0
17 Net profit (loss) from discontinued operation after tax 0 0
Share of profit (loss) of associates and joint ventures accounted
19 -1.35 -4.02
for using equity method
21 Total profit (loss) for period 223.08 501.84
3 months/ 6 month ended (dd- Year to date figures for current period
Particulars
mm-yyyy) ended (dd-mm-yyyy)
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Effect of measuring invetments at fair value 53 -427.96
Total Amount of items that will not be reclassified to
53 -427.96
profit and loss
Income tax relating to items that will not be
2 0 0
reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to
profit and loss
Income tax relating to items that will be reclassified
4 0 0
to profit or loss
5 Total Other comprehensive income 53 -427.96

Particulars
23 Total Comprehensive Income for the period 276.08 73.88
24 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
25 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners
276.08 73.88
of parent
Total comprehensive income for the period attributable to
0 0
owners of parent non-controlling interests
26 Details of equity share capital
Paid-up equity share capital 11191.82 11191.82
Face value of equity share capital 10 10
27 Details of debt securities
28 Reserves excluding revaluation reserve
29 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.201 0.452
Diluted earnings (loss) per share from continuing operations 0.201 0.452
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and
0.201 0.452
discontinued operations
Diluted earnings (loss) per share from continuing and
0.201 0.452
30 Debt equity ratio
31 Debt service coverage ratio
32 Interest service coverage ratio
33 Disclosure of notes on financial results
Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
3 months/ 6 month ended (dd- Year to date figures for current period ended
Particulars
mm-yyyy) (dd-mm-yyyy)
Date of start of reporting period 01-10-2022 01-04-2022
Date of end of reporting period 31-12-2022 31-12-2022
Whether accounts are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Rent and Maintenance of immovable properties 171.18 508.83
2 Manpower Services 394.12 960.91
3 Income from investment activities 254.35 532.99
4 Unallocable Income 0 0
Total Segment Revenue 819.65 2002.73
Less: Inter segment revenue
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
3 Income from investment activities 254.36 533
Total Profit before tax 363.52 859.21
i. Finance cost 6.7 19.33
ii. Other Unallocable Expenditure net off
56.9 163.88
Unallocable income
Profit before tax 299.92 676
3 (Segment Asset - Segment Liabilities)
Segment Asset
3 Income from investment activities 22137.2 22137.2
Total Segment Asset 28686.9 28686.9
Un-allocable Assets 3633.536 3633.536
Net Segment Asset 32320.436 32320.436
4 Segment Liabilities
Segment Liabilities
3 Income from investment activities 0 0
Total Segment Liabilities 485.9 485.9
Un-allocable Liabilities 658.72 658.72
Net Segment Liabilities 1144.62 1144.62
Disclosure of notes on segments
General information about company
Scrip code 538942

NSE Symbol
MSEI Symbol
ISIN* INE689O01013
MERCANTILE VENTURES
Name of company
LIMITED
Type of company
Class of security Equity
Date of start of financial year 01-04-2022
Date of end of financial year 31-03-2023
Date of board meeting when results were approved 14-02-2023
Date on which prior intimation of the meeting for considering financial results was informed to the
06-02-2023
exchange
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Quarter Third quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 14-02-2023 02:45
End date and time of board meeting 14-02-2023 03:10
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable

3 months/ 6 months ended (dd- Year to date figures for current period
Particulars
mm-yyyy) ended (dd-mm-yyyy)
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Other income 260.4 550.37
Total income 1507.21 3959.29
2 Expenses
(a) Cost of materials consumed 377.01 948.74
(b) Purchases of stock-in-trade 0 0
Changes in inventories of finished goods, work-in-
(c) 0 0
progress and stock-in-trade
(d) Employee benefit expense 678.05 1880.32
(e) Finance costs 24.41 71.38
(f) Depreciation, depletion and amortisation expense 24.379 72.92
(f) Other Expenses
1 Other expenses 97.37 276.66
10
Total other expenses 97.37 276.66
Total expenses 1201.219 3250.02
3 months/ 6 months ended Year to date figures for current

Particulars
(dd-mm-yyyy) period ended (dd-mm-yyyy)
3 Total profit before exceptional items and tax 305.991 709.27
4 Exceptional items 0 0
5 Total profit before tax 305.991 709.27
7 Tax expense
8 Current tax 74.81 207.37
9 Deferred tax 3.5 -24.17
10 Total tax expenses 78.31 183.2
Net movement in regulatory deferral account balances related to
11 0 0
profit or loss and the related deferred tax movement
14 Net Profit Loss for the period from continuing operations 227.681 526.07
15 Profit (loss) from discontinued operations before tax 0 0
16 Tax expense of discontinued operations 0 0
17 Net profit (loss) from discontinued operation after tax 0 0
Share of profit (loss) of associates and joint ventures accounted
19 -1.35 62.38
for using equity method
21 Total profit (loss) for period 226.331 588.45
22 Other comprehensive income net of taxes 53 -427.96

Particulars
23 Total Comprehensive Income for the period 279.331 160.49
24 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 244.68 645.61
Total profit or loss, attributable to non-controlling interests -18.35 -57.16
25 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners
297.68 217.65
of parent
Total comprehensive income for the period attributable to
-18.35 -57.16
owners of parent non-controlling interests
26 Details of equity share capital
Paid-up equity share capital 11191.82 11191.82
Face value of equity share capital 10 10
27 Details of debt securities
28 Reserves excluding revaluation reserve
29 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.22 0.521
Diluted earnings (loss) per share from continuing operations 0.22 0.521
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued
0 0
operations
ii Earnings per equity share
Basic earnings (loss) per share from continuing and
0.22 0.521
Diluted earnings (loss) per share from continuing and
0.22 0.521
30 Debt equity ratio
31 Debt service coverage ratio
32 Interest service coverage ratio
33 Disclosure of notes on financial results
Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
3 months/ 6 month ended (dd- Year to date figures for current period ended
Particulars
mm-yyyy) (dd-mm-yyyy)
Date of start of reporting period 01-10-2022 01-04-2022
Date of end of reporting period 31-12-2022 31-12-2022
Whether accounts are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
3 Security Services 679.7 1933.75
4 Others 0 0
5 Investment Activities 260.39 550.37
6 Unallocated Income 0.24 0.69
Total Segment Revenue 1507.21 3959.29
Less: Inter segment revenue
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
4 Others 0 0
6 Unallocated Income 0 0
Total Profit before tax 429.55 1042.83
i. Finance cost 24.41 71.38
ii. Other Unallocable Expenditure net off
99.14 262.17
Unallocable income
Profit before tax 306 709.28
3 (Segment Asset - Segment Liabilities)
Segment Asset
4 Others 0 0
Total Segment Asset 29162.05 29162.05
Un-allocable Assets 6678.19 6678.19
Net Segment Asset 35840.24 35840.24
4 Segment Liabilities
Segment Liabilities
4 Others 0 0
5 Investment Activities 0 0
Total Segment Liabilities 558.86 558.86
Un-allocable Liabilities 1244.03 1244.03
Net Segment Liabilities 1802.89 1802.89
Disclosure of notes on segments
T +91 22 2414 2776 • 2102, Floor - 21st Plot - 62, Kesar Equinox,
F +91 22 2414 4454 Sir Bharchandra Road, Hindu Colony, Dadar (E), Mumbai - 400014,
E: investorrelations@mepinfra.com W: www.mepinfracorn ON: L45200MH2002PLC136779
MEPIDL/OUT/2022-23/614
15th February, 2023
Listing Department, Corporate Relationship Department

National Stock Exchange of India Limited The BSE Limited
Exchange Plaza, C-1 Block G, Phiroze Jeejeebhoy Towers,
Bandra Kuria Complex, Bandra (E), Dalai Street,
Mumbai -400 051 Mumbai: 400001
Fax No. 022-26598237/38 Fax No. 022-22723121/3027/2039/2061
Scrip Symbol - MEP Security Code - 539126
Dear Sir/ Madam,
Sub: Outcome of the Board Meeting held on Tuesday, 14th February, 2023
Time of Commencement of the Board Meeting 1 0 V•M•
Time of Conclusion of the Board Meeting 03 ..50 f''' VI
In continuation of our letter dated 6th February, 2023, pursuant to Regulation 30 and Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI
(LODR) Regulations") we wish to inform you that the Board of Directors of the Company at its
meeting concluded today inter alia, has considered and approved the Un-Audited (Standalone &
Consolidated) Financial Results for the Quarter and Nine months ended 31St December, 2022
along with the Limited Review Report.
The Results are being uploaded on the Company's website viz.www.mepinfra.com and further the
results will be published in the newspapers in terms of Regulation 47 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 in due course.
In terms of 'Code of Conduct for Prevention of Insider Trading' framed pursuant to the SEBI
(Prohibition of Insider Trading) Regulations, 2015, (as amended), the trading window for dealing
in securities of the Company will open 48 hours after the announcement of the results.
We request to take the aforesaid communication on record and arrange to bring this to the notice
of all concerned.
Thanking You,
Yours faithfully,
For MEP INFRASTRUCTURE DEVELOPERS LIMITED
VIKRAM MUKADAM
COMPANY SECRETARY & COMPLIANCE OFFICER
End.: a/a
INFRASTRUCTURE
DEVELOPERS LTD.
& Co
== =
3rd & 4th Floor, Vaastu Darshan,
B' wing, Above Central Bank of India,
Azad Road, Andheri (East).
Mumbai - 400 069.
Tel. 022 - 6191 9293 222 / 200
Fax 022 - 2684 2221 16191 9256
E-mail : admin@gmj.co.in
info©gmj.co.in
Independent Auditor's Limited Review Report on Unaudited Quarterly and Year-to-date

Standalone Financial Results of MEP Infrastructure Developers Limited pursuant to the
regulation 33 of the SERI (Listing Obligations and Disclosure Requirements) Regulations,
2015
To The Board of Directors MEP Infrastructure Developers Limited
1. We have reviewed the accompanying statement of unaudited standalone financial results of

MEP Infrastructure Developers Limited ("the Company") for the quarter ended December 31,
2022 ("the Statement") and year to date from April 1, 2022 to December 31, 2022, being
submitted by the company pursuant to requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 as amended ("Listing
Regulations") read with circular (Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019)
issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, to the extent applicable.
2. This statement is the responsibility of the Company's management and has been approved by
the Company's 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' 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 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.
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 company personnel and analytical procedure applied to financial data
and thus provides less assurance than an audit. We have not performed an audit and
accordingly, we do not express an audit opinion.
4. Basis for Modified Conclusion
a) The Company has carried gross investment in 3 subsidiaries amounting to Rs.

6,704.57 Lakhs in equity shares and preference shares. In the absence of impairment
analysis by an independent valuation expert we are unable to obtain sufficient
appropriate audit evidence and are unable to comment on the management estimate
for net realizable value / value in use of Rs. 6,704.57 Lakhs carried in these standalone
Ind AS financial results.
C0
Ctiortereti Accountants
b) As depicted in Note 7 to the standalone Ind AS financial results, the Company has
entered into share purchase agreements to divest its entire shareholding in 4 jointly
controlled entities at carrying value of Rs. 19,161.19 Lakhs, as the projects in these
entities were harmoniously substituted. As per the Share Purchase Agreement, the
entire transaction of share transfer was to be completed on or before December 31,
2022. However, the said transaction has not been concluded till the date of results.
In view of the above, there exists uncertainty, as on date, regarding concluding of

these transactions. However, adjustments in reduction on account of fair value, if any,
of these investments, have not been carried out by the management in light of the
share purchase agreements entered into as mentioned above.
Further, the Company has also given certain loans and advances to these 4 jointly
controlled entities aggregating to Rs. 1,298.42 Lakhs which are outstanding since long.
There exists uncertainty with respect to recoverability of the said loans and advances.
5. Modified Conclusion:
Based on our review conducted as above, except for the effect of the matters described in the
basis for modified conclusion paragraph above, nothing has come to our attention that causes
us to believe that accompanying statement of standalone unaudited financial results,
prepared in accordance with the applicable accounting standards and other recognized
accounting practices and policies, has not disclosed the information required to be disclosed
in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any
material misstatement.
6. Emphasis of Matter
a) We draw attention to Note 4 to the standalone Ind AS financial results, which states that
considering the long term business outlook and future growth plans of the MEP Group,
Management is of the opinion that the losses in subsidiary and jointly controlled entities
namely MEP Chennai Bypass Toll Road Private Limited, MEP Sanjose Mahuva Kagavadar
Private Limited , MEP Sanjose Talaja Mahuva Road Private Limited, MEP Longjian VTR Road
Private Limited, Rideema Toll Private Limited and MEP RGSL Toll Bridge Private Limited are
temporary in nature and overall going concern of the business is not adversely affected. In
view of the above, there is no diminution in the value of investments amounting to Rs.
17,212.51 Lakhs and are fully recoverable.
picted in Note 10 to the standalone Ind AS financial results, the company has given
tion advance, advance to suppliers, security deposit and loan amounting to Rs.
Lakhs, Rs. 4,045.25 Lakhs, Rs. 6,727.77 Lakhs and Rs. 2,998.81 Lakhs respectively
ich majority of the balances are outstanding for a long time. The management is
about recovery of these outstanding amounts.
f2P-----1-18r Co
Charte►ed Accountants
out of which majority of the balances are outstanding for a long time. The management is
confident about recovery of these outstanding amounts.
c) We draw attention to Note 11 to the standalone Ind AS financial results, which states that
total Claims receivables as on December 31, 2022 amounting to Rs. 10,944.08 lakhs (including
SDMC & COVID Claims net of impairment) represent various claims filed by company with
various authorities based on the contractual provisions of the agreements, which are
outstanding since long. The company is confident about recovery of these claims recognized.
d) We draw attention to Note 9 to the standalone Ind AS financial results, which states that the
company has initiated the process of shareholder's approval regarding dilution of investment
upto 51% in its wholly owned subsidiary, viz. MEP Infrastructure Private Limited, hence the
said investment is classified as held for sale.
Our conclusion is not modified in respect of these matters.
7. The comparative financial information of the Company for the quarter and period ended 31st
December, 2021 and for the year ended 31st March, 2022, prepared in accordance with Ind
AS, included in this Statement has been reviewed audited, as applicable, by the predecessor
auditors. The reports of the predecessor auditors on these comparative financial information
dated February 14, 2022 and May 28, 2022 respectively, expressed an unmodified opinion, as
applicable. Our conclusion on the Statement is also unmodified in respect of above matter.
For GMJ & Co

FRN: 103429W
CA Madhu Jain
Partner
Membership No.: 155537
uDiN: 2.1555 3ii;c1wq gr\p-kcgi
Place: Mumbai
Date: February 14, 2023
MEP INFRASTRUCTURE DEVELOPERS LIMITED
Registered Office: 2102, Floor- 21st, Plot-62,Kesar Equinox, Sir Bhalctiandra Road, Hindu Colony, Dadar (E), Mumbai -400014 Web site : www mcpinfra corn
ClEN:L45200MH2002PLC136779
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2022
Part I-Statement of Standalone Unaudited Financial Results for the Quarter and Nine months Ended 31st December 2022
(Rs. In Lakhs except Earning per Share)
Sr Quarter Ended Nine Months Year Ended Year Ended
Particulars
No. 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Income
a) Revenue from operations ..ILAC)1 "" ,:11-- 4:4:•• ....••Hi.
b) Other income
Total income 2,067.27 1,067.12 5,167.92 4,780.58 18,748.17 22,267.18
2 Expenses
a) Cost of materials consumed/ Construction expenses - 35.10 644.18 268.58 4,013.20 4,911.76
b)Operating and Maintenance expenses 179.37 388.93 525.46 1,545.18 3,588.86 5,382.01
c) Employee benefits expense 406.81 292.21 563.49 1,233.69 2,227.42 2,908.96
d) Finance costs 891.49 906.73 787,66 2,917.89 3,043.82 4,238.31
e) Depreciation and amortisation expense (Refer Note (3)) 190.19 189.74 1,957 41 659.08 6,370.57 8,209.55
t) Other expenses (Refer Note (8)) 693.75 926.60 853.50 4,299.00 2,541.13 5,371,60
Total expenses 2,361.61 2,739.31 5,331.70 10,923.42 21,785.00 31,022.19
3 Profit/(loss) before exceptional items and Tax (1-2) (294.34) (1,672.19) (163.78) (6,142.84) (3,036.83) (8,755.01)
4 Exceptional Items - - - - 4,399.31
5 Profit/(loss) from ordinary activities before tax (3-4) (294.34) (1,672.19) (163.78) (6,142.84) (3,036.83) (4,355.70)
6 Tax expense
a) Current tax - - - - - -
b) Deferred tax 11.27 0 72 8.58 23.63 130.93 197.35
7 Net Profit/(loss) from ordinary activities after tax (5-6) (305.61) (1,672.91) (172.36) (6,166,47) (3,167,76) (4,553.05)
8 Other Comprehensive Income (OCI)
(i) Items that will not be reclassified to profit or loss
a) Remeasurement of defined benefit obligations 49.74 49.73 (6.83) 149,21 (20_48) 198.95
b) Income tax relating to above items that will not be
(12.51) (12.52) 1.71 (37.55) 5 15 (50.07)
reclassified to profit or loss
Other comprehensive income/(loss) for the year (net of
37.23 37.21 (5.12) 111.66 (15.33) 148.88
taxes)
9 Total Comprehensive Income (268.38) (1,635.70) (177.48) (6,054.81) (3,183.09) (4,404.17)
10 18,344.61 18,344.61 18,344.61 18,344 61 1.8,344.61 18,344.61
Paid-up equity share capital (Face value of Rs.10/- per share)
Reserves excluding Revaluation Reserves as at Balance Sheet
11 date - 22,046.42
- - - -
12 Basic and Diluted Earnings Per Share (EPS) (Face value of Rs. (0.17) (0.91) (0.09) (3.36) (1.73) (2.48)
10 /- each)
(not annualised for quarters)
(See accompanyinn notes to the financial results)
Notes to the Standalone Unaudited financial results for the Quarter and Nine Months Ended 31 December 2022:
1) The Standalone Unaudited Financial Statements for the Quarter and Nine Months Ended 31 December 2022, have been reviewed and recommended
by the Audit Committee and approved and taken on record by the Board of Directors at their respective meetings held on 14 February 2023. The
Statutory Auditor has expressed an modified audit opinion thereon.
2) The Standalone Unaudited Financial Statements are prepared in accordance with the Accounting Standards specified under Section 133 of the
Companies Act, 2013 and the rules made thereunder and in the format as prescribed under Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial information presented above is extracted from and is
harmonized to conform with the Unaudited Financial Statements.
3) The depreciation and amortisation expenses includes amortisation of toll collection rights amounting Rs. Nil and Rs. 91.67 lakhs for the Quarter and
Nine Months Ended 31 December 2022 respectively (Rs. 1,581.14 lakhs and Rs. 5,217.50 lakhs for the Quarter and Nine Months Ended 31
December 2021).
4) Considering the Long term business outlook and future growth plans of the MEP Group, the Management is of the opinion that due to Harmonious
Substitution of the concessionaire in a subsidiary Company (i.e.) MEP Infra Consultants Private Limited (formerly known as MEP Longjian VTR
Private Limited) and the losses in subsidiaries/jointly controlled entities companies namely MEP Chennai Bypass Toll Road Private Limited, MEP
Sanjose Mahuva Kagavadar Road Private Limited, MEP Sanjose Talaja Mahuva Road Private Limited, Rideema Toll Private Limited, MEP RGSL
Toll Bridge Private Limited, are temporary in nature and overall going concern of the business is not adversely affected. In view of the above, there
is no diminution in the value of Investment and advances given are fully recoverable.
5) The Company had recognized the claim amounting to Rs. 7,491.94 lakhs with South Delhi Municipal Corporation (SDMC) on actual basis
pertaining to the half year ended 30th September 2019 with respect to revenue loss on account of passing of commercial vehicles through free lanes
at 13 major border entry points of Delhi. The SDMC constituted a committee to quantify the claims and give its recommendations. The high level
committee and the Commissioner SDMC, didn't recommend the claims. The Company approached Hon'ble High Court of New Delhi for relief. The
Hon'ble Court vide its order dated 06 November 2020 has directed the Company to collect and deposit 92.50% of the Collection keeping 7.50% for
O&M. The Company's writ petition was disposed of by Single bench of Hon'ble high court of Delhi on 09 April 2021, with a direction that civil
court should be approached for adjudication of disputes. The project was handed over to SDMC on 10 April 2021. Aggrieved by the order of the
Single bench, in the matters as mentioned above, the Company has filed an appeal in the Division Bench of Hon'ble High Court of Delhi. While
SDMC has made claim of Rs. 3.36.597.01 lakhs against which the company has claimed Rs. 4,83,805.68 lakhs, and the same is yet to be
adjudicated. The SDMC had sent recovery notices of disputed dues which are yet to be adjudicated. The same has been challenged by the Company
in Hon'ble Supreme Court of India, vide a special leave petition. The matter is sub judice and the Company is confident about recovery of its claims
recognized.
6) Two of the jointly controlled entities have handed over their highway construction projects on account of disputes with National Highways
Authority of India (NHAI) on 17th February 2021. The dispute with NHAI was challenged by the jointly controlled entities vide writ petition before
the division bench of Hon'ble Court of New Delhi. The Hon'ble High Court, vide its Order dated 25th May 2021, has directed NHAI to resolve the
issues between both the parties under Conciliation. The Concessionaire has submitted their Statement of Claims to the Conciliation Committee of
Independent Experts (CCJE) on 11.10.2021. Seven meetings of the CCIE have already been held along with NHAI and date for the next meeting is
scheduled on 27 February 2023.
7) Two of the jointly controlled entities have executed an endorsement agreement with National Highways Authority of India (NHAI) and lenders for
harmoniously substituting the concessionaire with nominated Companies. In two of the jointly controlled entities substitution of the concessionaire
was carried out with the nominated companies. Subsequent to Harmonious Substitution/Substitution, as mentioned above, the Company has entered
to Share Purchase Agreements to divest its entire holding in these Four Companies and hence the carrying value of Rs. 19161.19 lakhs, is fully
recoverable.
8) The other expenses includes impairment of investments/provision for doubtful debts/advances/claims of Rs. 1,906.87 lakhs for the nine months
Ended 31 December 2022 and Rs. Nil for the nine months ended 31 December 2021.
9) The company had initiated the process of shareholder's approval regarding dilution of investment upto 51% in it's wholly owned subsidiary. viz.
MEP Infrastructure Private Limited, hence the said investment is classified as held for sale and corresponding disclosures arc made accordingly.
10) Security Deposit, Mobilization advance, Advance to supplier and Loan including interest receivable to two parties amounting Rs. 6,727.77 Lakhs,
Rs. 20,419.81 Lakhs, Rs. 4,045.24 Lakhs and Rs. 2998.81 Lakhs respectively. The Company is confident about recovery of these outstanding
amounts.
11) Total Claims receivables as on December 31, 2022 amounting Rs.11,505.98 lakhs represent various claims filed by company with various authorities
based on the contractual provisions of the agreements. The Company is confident about recovery of these claims recognized.
12) Figures relating to the previous period have been regrouped / rearranged, wherever necessary, to make them comparable with those of the current
period.
For and on behalf of the Board of Directors of

Jayant D. Mhaiskar
Chairman & Managing Director
DIN: 00716351
Place : Mumbai
Date : 14 February 2023
Part II - Standalone Segmental Reporting (Rs in Lakhs)
Report on Unaudited Standalone Financia Segment Revenue and Segment Results for the Quarter and Nine Months Ended 31 December 2022
Quarter Ended Nine Months Ended Year Ended
Sr no. Particulars 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Segment Revenue
Toll Collection, Operation & Maintenance 1,588.20 689.33 2,589.10 3,302.60 9,339.71 12,511.37
Construction 0.00 80.30 2,053.44 638.99 6,821.42 6,906.17
Total 1,588.20 769.63 4.642.54 3.941.59 16,161.13 19.417.54
2 Segment result
Toll Collection, Operation & Maintenance 542.80 (624.67) (1,060.68) (1,653.21) (3,840.52) (6,936.34)
Construction (266.43) (266.72) 1,232.70 (494.81) 1,282.08 (586.52)
Less: Unallocated Corporate expenses - - - - -
Total 276.37 (891.39) 172.02 (2,148.02) (2,558.44) (7,522.86)
Less: Interest (796.89) (827.49) (791.59) (2,663.38) (2,736.89) (3,676.49)

Other Un-allocable Income net off
226.18 46.69 455.79 (1,331.44) 2,258.50 2,444.34
unallocable expenses/income
Exceptional Items - - - - - 4,399.31
Total Profit/(loss) before Tax (294.34) (1.672.19) (163.78) (6,142.84) (3,036.83) (4355.70)
Other Information
3 Segment assets
Toll Collection, Operation & Maintenance 1,04,576.79 1,03,003.27 1,08,786.92 1,04,576.79 1,08,786.92 1,05,523.48
Construction 67,202.45 67,857.72 1,08,257.93 67,202.45 1,08,257.93 71,086.11
Unallocated assets - - - - -
Total Assets 1,71,779.24 1,70.860.99 2,17,044.85 1.71,779.24 2.17.044.85 1.76.609.59
4 Segment liabilities
Toll Collection, Operation & Maintenance 89,278.16 87,380.56 83,536.47 89,278.16 83,536.47 84,165.25
Construction 48,164.88 48,875.83 91,896.26 48,164.88 91,896.26 52,053.31
Unallocated liabilities - - -
Total Liabilities 1,37,443.04 1,36,256.39 1,75,432.73 137,443.04 1,75,432.73 1.36.218.56
MEP Infrastructure Developers Limited ("the Company") have identified business segments in accordance with Indian Accounting Standard 108 "Operating
Segment" notified under section 133 of Companies Act 2013, read together with relevant rules issued thereunder. Accordingly, the Company has identified
two business segments as mentioned below:
1.Toll Collection, Operation & Maintenance

2. Construction
& Co
3rd & 4th Floor, Vaastu Darshan,
'6' wing, Above Central Bank of India,
Azad Road, Andheri (East).
Mumbai 400 069
Tel. 022 - 6191 9293 /222 / 200
Fax : 022 - 2684 2221 / 6191 9256
E-mail admin@gmj.coin
info©grnj coin
Independent Auditor's Limited Review Report on Unaudited quarterly and Year-to-date

Consolidated financial results of MEP Infrastructure Developers Limited pursuant to the
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015
To The Board of Directors MEP Infrastructure Developers Limited
1. We have reviewed the accompanying statement of unaudited consolidated financial results

of MEP infrastructure Developers Limited ("the P arent"), its subsidiaries and (the Parent, its
subsidiaries and its associates together referred to as "the Group") and its share of the net
profit / (loss) after tax and total comprehensive income / (loss) of its associates and joint
ventures for the quarter ended December 31, 2022 and for the period from April 1, 2022 to
December 31, 2022 ("the statement"), being submitted by the Parent pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("Listing Regulations") read with circular (Circular No.
CIR/CFD/CMD1/44/2019 dated March 29, 2019) issued by the SEBI under Regulation 33 (8)
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, to the extent applicable.
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, and
other accounting principles generally accepted in India. Our responsibility is to express a
conclusion on the statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagemerits (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.
Page 1 of 7
==
fik Co
4. Basis for Modified Conclusion
a) The holding company has carried gross investment in 3 subsidiaries amounting to

Rs. 6,704.57 Lakhs in equity shares and preference shares. In the absence of
impairment analysis by an independent valuation expert we are unable to obtain
sufficient appropriate audit evidence and are unable to comment on the
management estimate for net realizable value / value in use of Rs. 6,704.57
Lakhs carried in these standalone Ind AS financial results.
b) As stated in Note 7 to the standalone Ind AS financial results, the holding

company has entered into share purchase agreements to divest its entire
shareholding in 4 jointly controlled entities at carrying value of Rs. 19,161.19
Lakhs, as the projects in these entities were harmoniously substituted. As per the
Share Purchase Agreement, the entire transaction of share transfer was to be
completed on or before December 31, 2022. However, the said transaction has
not been concluded till the date of results.
In view of the above, there exists uncertainty, as on date, regarding concluding

of these transactions. However, adjustments in reduction on account of fair
value, if any, of these investments, have not been carried out by the
management of the holding company in light of the share purchase agreements
entered into as mentioned above.
Further, the holding company has also given certain loans and advances to these
4 jointly controlled entities aggregating to Rs. 1,298.42 Lakhs which are
outstanding since long. There exists uncertainty with respect to recoverability of
the said loans and advances.
Due to collective impacts of above events, we are unable to evaluate the effect
of impairment / diminution in the value, if any, in respect of these investments
and loans and the impact of the same on the consolidated Ind AS financial
results.
c) During the period under review, one of the Subsidiary Company has given
advances to various vendors aggregating to Rs. 2,410.15 Lakhs and also has
received advances aggregating to Rs. 164.38 Lakhs from various vendors.
However, no sufficient information, adequate documents substantiating their
services, documents in compliance of KYC formalities of the Vendors, were provided to
us. Hence, we are unable to comment upon the rationale for the acceptance as well
as providing of these advances and its possible impact, if any, on the consolidated Ind
AS financial results.
Page 2 of 7
PO; 2.-14 & C
5. Modified Conclusion
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 branch auditors and other auditors referred
to in paragraph 8 below, except for the effect of the matters described in the basis for modified
conclusion paragraph above, nothing has come to our attention that causes us to believe that
accompanying statement of standalone unaudited financial results, prepared in accordance with
the applicable accounting standards and other recognized accounting practices and policies, has
not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in
which it is to be disclosed, or that it contains any material misstatement.
6. Emphasis of Matter
a. We draw attention to Note 4 to the Standalone Ind AS financial results, which states that
considering the long term business outlook and future growth plans of the MEP Group,
management is of the opinion that the losses in subsidiary and jointly controlled entities
namely MEP Chennai Bypass Toll Road Private Limited, MEP Sanjose Mahuva Kagavadar
Private Limited , MEP Sanjose Talaja Mahuva Road Private Limited, MEP Longjian VTR Road
Private Limited, Rideema Toll Private Limited and MEP RGSL Toll Bridge Private Limited are
temporary in nature and overall going concern of the business is not adversely affected. In
view of the above, there is no diminution in the value of investments amounting to Rs.
17,212.51 Lakhs and are fully recoverable.
b. We draw attention to Note 15 to the Consolidated Ind AS financial results, which states
that total claims receivables as on December 31, 2022 amounting to Rs. 87,686.85 lakhs
(including SDMC & COVID Claims net of impairment) represent various claims filed by
company with various authorities based on the contractual provisions of the agreements,
which are outstanding since long. The company is confident about recovery of these claims
recognized.
c. We draw attention to Note 14 to the consolidated Ind AS financial results, which states that
the group has given mobilization advance, advance to suppliers, security deposit and loan
amounting to Rs. 35,614.43 Lakhs, Rs. 4,045.25 Lakhs, Rs. 6,727.77 Lakhs and Rs. 2,998.81
Lakhs respectively respectively out of which majority of the balances are outstanding for a
long time. The management is confident about recovery of these outstanding amounts.
d. We draw attention to Note 13 to the consolidated Ind AS financial results, which states
that one of the subsidiary has given loan to a related party amounting to Rs. 58,976.20
Lakhs (including Ind AS Adjustment) interest accrued upto September 2020, which is
outstanding since long. The management is confident about recovery of these outstanding
amount.
Page 3 of 7
LI - C
e. We draw attention to Note 8 to the consolidated Ind AS financial results, which states that
the company has initiated the process of shareholder's approval regarding dilution of
investment upto 51% in its wholly owned subsidiary, viz MEP Infrastructure Private Limited,
hence the said investment is classified as held for sale.
f. In one of the subsidiary company, Cash & Cash equivalents amounting to Rs. 1,012.76
Lakhs could not be confirmed in view of absence of verification and statements.
g. We draw attention to Note 5 to the consolidated End AS financial results, where it is

mentioned that one of the subsidiary company has preferred claims with National Highway
Authority of India (the Authority), aggregating to Rs. 33,973.75 lakhs plus interest thereon on
account of Toll Evasion and Force Majeure issues arising from non-compliance of the Concession
Agreement by Authority. However, the Company's subsidiary has not recognized the claims in the
financial statements pending final approval from the Authority. Also, the Subsidiary Company has not
recognized contractual obligations to pay to the Authority, a sum of Rs. 13,123.19 lakhs for the period
from November 1, 2014 to April 08, 2016. The approval by NHAI of the claims made by the company,
based on the assessment of the Independent Engineer appointed by it, is pending and hence no
provision for the unpaid amount is considered necessary till December 2022.
Our conclusion is not modified in respect of these matters.
7. Other Matters
1.
a. We have reviewed the interim financial information of 4 subsidiaries included in
the statement, whose interim financial information reflects total revenue of Rs.
33,951.94 Lakhs and Rs. 11,457.74 Lakhs, total net profit / (loss) after tax of Rs.
(1,213.83) Lakhs and Rs. (429.66) Lakhs and total comprehensive income of Rs.
(1,208.45) Lakhs and Rs. (413.53) Lakhs for the quarter ended December 31,
2022 and for the period from April 1, 2022 to December 31, 2022 respectively.
We have reviewed the interim financial information of 6 jointly controlled

entities included in the statement, whose interim financial information reflects
total share of net profit / (loss) after tax of Rs. (109.28) Lakhs and Rs. (2,749.40)
Lakhs and total share of comprehensive income of Rs. (109.28) Lakhs and Rs.
(2,749.40) Lakhs for the quarter ended December 31, 2022 and for the period
from April 1, 2022 to December 31, 2022 respectively.
b. We did not review the interim financial information of 20 subsidiaries included in

3,240.00 Lakhs and Rs. 25,643.38 Lakhs, total net profit / (loss) after tax of Rs.
(3,700.97) Lakhs and Rs. (6,998.88) Lakhs and total comprehensive income /
(loss) of Rs. (3,698.04) Lakhs and Rs. (6,995.95) Lakhs for the quarter ended
December 31, 2022 and for the period from April 1, 2022 to December 31, 2022
respectively,
Page 4 of 7
m•-&-A110-5—E & C
We did not review the interim financial information of 1 associate included in

the statement, whose interim financial information reflects total share of net
profit / (loss) after tax of Rs. Nil Lakhs and Rs. Nil Lakhs and total share
comprehensive income / (loss) of Rs. Nil Lakhs and Rs. Nil Lakhs for the quarter
ended December 31, 2022 and for the period from April 1, 2022 to December 31,
2022 respectively.
The interim financial information of these above subsidiaries and associates have
been reviewed by their respective independent auditors. The independent
auditors' reports on financial information of these subsidiaries have been
furnished to us by the Management and our 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 report of such auditors and the procedures
performed by us are as stated in Annexure A.
c. We did not review the interim financial information of 1 subsidiary included in

Nil Lakhs and Rs. Nil Lakhs, total net profit / (loss) after tax of Rs. Nil Lakhs and
Rs. Nil Lakhs and total comprehensive income / (loss) of Rs. Nil Lakhs and Rs. Nil
Lakhs for the quarter ended December 31, 2022 and for the period from April 1,
2022 to December 31, 2022 respectively.
We did not review the interim financial information of 2 jointly controlled

entities included in the statement, whose interim financial information reflects
total share of net profit / (loss) after tax of Rs. Nil Lakhs and Rs. Nil Lakhs and
total share of comprehensive profit / (loss) of Rs. Nil Lakhs and Rs. Nil Lakhs for
the quarter ended 31 December, 2022 and for the period April 1, 2022 to
December 31, 2022 respectively.
These unaudited financial information have been furnished to us by the Board of

Directors and our conclusion on the Consolidated Financial Results, in so far as it
relates to the amounts and disclosures included in respect of the above
subsidiary and 2 jointly controlled entities is based solely on such unaudited
financial information. In our opinion and according to the information and
explanations given to us by the Board of Directors, these interim financial
information are not material to the Group.
Our conclusion on the Consolidated Financial Results is not modified in respect

of the above matters with respect to our reliance on the work done and the
reports of the other auditors and the Financial Results / financial information
certified by the Board of Directors.
2. The comparative financial information of the Company for the quarter and period
ended 31st December, 2021 and for the year ended 31st March, 2022, prepared in
accordance with Ind AS, included in this Statement has been reviewed / audited, as
applicable, by the predecessor auditors. The reports of the predecessor auditors on
this comparative financial information dated February 14, 2022 and May 28, 2022
Page 5 of 7
cm, Co
wsezr...0 ,12.
respectively, expressed an unmodified opinion, as applicable. Our conclusion on the

Statement is also unmodified in respect of above matter.
For GMJ & Co

FRN: 103429W
CA Madhu Jain
Partner
Membership No.: 155537
UDIN: 55; 37 (161 W 0 6,(;72.-
Place: Mumbai
Date: February 14,2023
Page 6 of 7
r:w-at-1-15 4 CO
Annexure 'A' to the Review Report on the Consolidated Financial Results of MEP Infrastructure
Developers Limited:
_,.
Sr. No Subsidiaries Reviewed ..,... Reviewed By
1 MEP Infrastructure Private Limited GM] & Co
2 Rideema Toll Private Limited GM] & Co
3 Raima Ventures Private Limited GMJ & Co
4 MEP Foundation GMJ & Co
5 MEP Nagzari Toll Road Private Limited Gokhale & Sathe
6 MEP IRDP Solapur Toll Road Private Limited Gokhale & Sathe
7 MEP Tormato Private Limited Gokhale & Sathe
8 MEP Roads & Bridges Private Limited Gokhale & Sathe
9 Mhaiskar Toll Road Private Limited Gokhale & Sathe
10 MEP Toll & Infrastructure Private Limited Gokhale & Sathe
11 MEP Infraprojects Private Limited Gokhale & Sathe
12 MEP Longjian ACR Private Limited Gokhale & Sathe
13 MEP Longjian CLR Private Limited Gokhale & Sathe
MEP Infra Constructions Private Limited Gokhale & Sathe
14
(Formerly known as MEP Longjian VTR Private Limited)
15 MEP Longjian LWR Private Limited Gokhale & Sathe
16 MEP Longjian VTR Private Limited Gokhale & Sathe
17 MEP RGSL Toll Bridge Private Limited G.D. Apte & Co
18 MEP Hyderabad Bangalore Toll Road Private Limited G.D. Apte & Co
19 Raima Toll Road Private Limited G.D. Apte & Co
20 MEP Highway Solutions Private Limited G.D. Apte & Co
21 MEP Chennai Bypass Toll Road Private Limited G.D. Apte & Co
Bhalaji Toll Road Private Limited G.D. Apte & Co
22
(Formerly known as Baramati Tollways Private Ltd)
23 Rideema Toll Bridge Private Limited (upto 31st May 2021) G.D. Apte & Co
24 Raima Toll & Infrastructure Private Limited G.D. Apte & Co
25 MEP Enterprises, LLC Management Reviewed
Sr. No.Ais
' Joint Ventures & Associates Reviewed -- - I
1 MEP Nagpur Ring Road 1Private Limited GMJ & Co
2 MEP Sanjose Nagpur Ring Road 2 Private Limited GMJ & Co
3 MEP Sanjose Arawali Kante Road Private Limited GMJ & Co
4 MEP Sanjose Kante Waked Road Private Limited GMJ & Co
5 MEP Sanjose Talaja Mahuva Road Private Limited GMJ & Co
6 MEP Sanjose Mahuva Kagavadar Road Private Limited GMJ & Co
7 KVM Technology Solutions Private Limited Gokhale & Sathe
Sr. No. Joint Ventures Unreviewed Reviewed By.
1 SMYR Corporation, LLP Management Reviewed
2 Ozone Land MEP Solapur Ring Road Pvt Limited Management Reviewed
Page 7 of 7
RegistennlOfficei 2102, Floor- 21:4, Plo4-62,Kesar Equinox, Sir13holcbandra Road, Hindu Colony, Miler (E), Mumbai -400014 Web site : way niepidr. <Ann
C11,
1145200MH2002PLC136779
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2022
Part 1-Statement of Consolidated Unaudited Financial Results for the Quarter and Nine months ended 31st December 2022
(Rs. In Lalths except Earning per Share)
Quarter Ended Nine Months Ended Year Ended
Sr
Particulars
No. 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 3L03.2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Income
a) Revenue from operations 248 51 8,108 51 23,96765 23,384 05 73,356 56 96,737 14
h) Other income 576 60 313 34 327 03 1,270 29 2,879 29 3,474 88
Total income 825.11 8.421.85 24,294.68 2445434 '76,235_85 1;00,212_02
2 Expenses
a) Cost of materials consumed / Construction expenses - 35 10 644 18 268 58 4,013 20 4,911 76
b)Operating and Maintenance expenses 1,856.52 6,673 65 5,029 88 18,126 01 17,998 60 24,843 70
c) Employee benefits expenses 465 80 658 62 1,157,80 1,978 57 4,015 33 5,354 95
d) Finance cost 1,492,84 1,94760 6,86231 6,04594 21,503 16 28,886 16
e) Depreciation and amortisation expenses (Refer Note 4) 207.51 1,94941 6,268.73 6,157.43 18,702 15 25,60429
1) Other expenses 2,452 26 1,940 55 2,222 33 8,574.42 6,523 94 11,256. 50
Total expenses 6.474.93 13204.93 22.185.23 41.150.95 72,756.38 100,857.36
3 Profit/ ( Loss) before exceptional items, share profit / (loss) of
(5,649.82) (4,733.01k 2,109.45 (16,496.61) 3,479.47 (64534)
associates & Mint ventures and tax (1-7 k
4 Exceptional Item • - - - (97.23) 4.302.05
5 Share ofProfit/( Loss) of associate/ Joint Venture (43133) (667 71) (2,046.50) (2.767 08) (5,309.60) (20,900.58)
6 Profit / (Loss) before tax (34-4+5) (6.081.15) (5.450.79) 62.95 (19,263.69) (202736) (17,249,81)
7 Tax Expenses
(1) Current lax (38 42) 30 76 172 77 11 67 492 70 646.70
(1) Deferred tax 12 12 4 27 1,164 25 25 50 3,668 98 4,649,96
8 Net Profit / (Loss) after Tax (6 - 7) from continuing operations (6,054.85) (5.485.82) (1.274.07) (19.300.86) (6,289.04) (22,546-.53)
Profit or (loss) from discontinued operations (Subsidiary / Joint

9 737.20 1,057.80 - 3,360 23 - -
Venture held for sale) [Refer note 8] i
Tax Expenses of discontinued operations (Subsidiary / Joint Venture
10 13847 (108.24) - (17639} - -
twirl for sale)
Profit or (loss) from discontinued operations (Subsidiary I John
11 875.67 949.56 3,183.84 -
Venture held for sale) after tax (9-10)
12 Profit or (loss) for the period (8+11) (5,179.18) (4,536.26) (1,274.07) (16,117.02) (6,289.04) (22,546.53)
13 Daher Comprehensive Income (OCI)

(i) Items that will not be reclassified to profit or loss
a} Remeasurement of defined benefit obligations 59.85 55 94 (5.33) 173.69 (17. 48) 231.60
Lik Income tax relating to above items that will not he reclassified to
(1431) (14 33) 1 46 (42 97) 0 80 (60,90)
want or loss
c1 Equity accounted investees - share of 00 - - - 193 15.32
(ii) Items that will be reclassified to profit or loss
a) Exchange differences in translating financial statements of (otetun
operations
Total Comprehensive Income 45.54 41.61 (437) 130.72 (14.75) 186.02
14 Total Comprehensive Income for the period (12 + 13) (5,133.64) (4,494.65) (1,278.44) (15,986.311) 16,303.791 (27.360.51)
Net Profit I(loss) attributable to:

a) Owners of the Company (4,933 071 (4,510.36) (1,218 50) (15,81610) (5,868.18) (22.05830)
b) Non-Controlling interest (245 51) (25.00) (55 57) (300,92) (420,86) (438.23)
Profit / (loss) for the period (5.1.79.18) (4.536.26) (1.274.07) (16,117.02) (6,289.04) (22,546.53)
Other Comprehensive Income a thitubale to:

a) Owners of the Company 45 54 41 61 (4 37) 130 72 '(14 75) 186 02
b) Non-Controlling Interest - - - - - -
Other Comprehensive Income for the period 45.54 41.61 (4.37) 130.72 (14.75) 186.02
Total Comprehensive Income attsitubale to

a) Owners of the Company (4,888.13) (4,461375) (1=2.87) (15,685 38) (5.832.93)1 (21,872,28)
b) Non-Con1rol Iing Interest (245 51) (25.90) (55.57) (300 92) (420 86) (488.23)
Total Comprehensive Income for the period (5,13344) (4,494.65) (1,270.44) (15,986.30) (6,303.79) (2230151)
15 Paid-up equity share capital (Face value of Rs 101- per share) 18,344 61 18,344 61 18,344.61 18,344 61 18,344 61 18,344 61
16 Reserves excluding Revaluation Reserves as at Balance Sheet date - . (29,75Q 06)

17 Basic and Diluted Earnings Per Share (of Rs 101- each)
Continuine Operations
Basic and Diluted Eamines Per Share (3 30) (2 991 (0,591 (10 52) (3 43) (1229)
Discontinued operations (Subsidiary / Joint Venture held for sale)
Basic and Diluted Eamines Per Share 0 48 0 52 - 1 74 - -

... Continuing Operations / Discontinued operations (Subsidiary /
Illh faint Venture held far cap)
Basic and Diluted amines Per Share (2 82) (2.47) (0.69) (8 Irk) (3 43) (12 20)
ntli (npt annualised for quarters)
* (Ste ftceinlipdriVing Dole lc. the linail ci.11 results)
19 J
Notes to the Consolidated unaudited financial results for the Quarter and Nine Months ended 31 December 2022
1) The Consolidated Un-Audited Financial Statements for the Quarter and Nine Months period ended 31 December 2022, have been reviewed and
recommended by the Audit Committee and approved and taken on record by the Board of Directors at their respective meetings held on 14 February
2023. The Statutory Auditors have carried out the limited review of the Financial Results for the Quarter and Nine Months period Ended 31
December 2022 and expressed a modified audit opinion thereon.
2) The Consolidated Un-Audited Financial Statements are prepared in accordance with the Accounting Standards specified under Section 133 of the
Companies Act, 2013 and the rules made thereunder and in the format as prescribed under Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial information presented above is extracted from and is
harmonized to conform with the Un-Audited Financial Statements.
3) The Consolidated Un-Audited Financial Results of the Company are available on Company's website i.e. www.mepinfra.com and also on the
website of National Stock Exchange of India Limited, www.nseindia.com and the BSE Limited, www.bseindia.com, where the shares of the
Company are listed.
4) The depreciation and amortisation expenses includes amortisation of toll collection rights amounting Rs 5,723.33 lakhs for the quarter ended 31
December 2022 (Rs 17,318.84 lakhs for the Nine Months period ended 31 December 2021).
5) One of the Company's subsidiary company has preferred claims with the Authority, aggregating Rs. 33,973.75 lakhs plus interest on account of
Toll Evasion and Force Majeure issues arising from non-compliance of the Concession Agreement by Authority. The Company's subsidiary has not
recognised the claims in the financial statements pending final approval from Authority. Under the orders of the Hon'ble High Court of Delhi, both
the Company and Authority were directed to amicably settle the disputes. As a part of the amicable settlement, Independent Engineer has evaluated
the claims made by the Company from time to time. However, final settlement on the same is yet to conclude. The estimated loss during the
corresponding period as assessed by the Independent Engineer appointed by the Authority is much higher than the claims submitted to Authority.
Hence, the Company's subsidiary has not recognised amount payable to Authority aggregating Rs Nil for the quarter and Nine Months period ended
31 December 2022 (Rs Nil for the quarter and Nine Months period ended 31 December 2021) in addition to the sum of Rs 13,123.19 lakhs for the
period from 01 November 2014 to 8 April 2016. As part of the settlement, the Company, has handed over the Project Facilities and the Toll Plaza's
to the NHAI from April 09, 2016. The Settlement of claims will be dealt as per the provisions of the Concession Agreement, and the matter is
currently under arbitration. Both the parties have submitted the claims and the counter claims. As per the Arbitral Tribunal order dated 21st January
2023, both parties have agreed for the segregation of the claims into two different proceedings to ensure that the revival of the claim does not affect
the award to be pronounced in favour of the subsidiary. Both the parties agree to the extension of arbitration proceeding for the purpose of
publication of award for the period of six months i.e. 28 August 2023. and based on the consensus between both there parties ,the claims and counter
claims were segregated.
6) The Company had recognized the claim amounting to Rs. 7,491.94 lakhs with South Delhi Municipal Corporation (SDMC) on actual basis
pertaining to the half year ended 30th September 2019 with respect to revenue loss on account of passing of commercial vehicles through free lanes
at 13 major border entry points of Delhi. The SDMC constituted a committee to quantify the claims and give its recommendations. The high level
committee and the Commissioner SDMC, didn't recommend the claims. The Company approached Hon'ble High Court of New Delhi for relief. The
Hon'ble Court vide its order dated 06 November 2020 has directed the Company to collect and deposit 92.50% of the Collection keeping 7.50% for
O&M. The Company's writ petition was disposed of by Single bench of Hon'ble high court of Delhi on 09 April 2021, with a direction that civil
court should be approached for adjudication of disputes. The project was handed over to SDMC on 10 April 2021. Aggrieved by the order of the
Single bench, in the matters as mentioned above, the Company has filed an appeal in the Division Bench of Hon'ble High Court of Delhi. While
SDMC has made claim of Rs. 3.36.597.01 lakhs against which the company has claimed Rs. 4,83,805.68 lakhs, and the same is yet to be
adjudicated. The SDMC had sent recovery notices of disputed dues which are yet to be adjudicated. The same were challenged by the Company in
I lon'ble Supreme Court of India, vide a special leave petition. The matter is sub judice and the Company is confident about recovery of its claims
recognized.
7) Two of the jointly controlled entities have handed over their highway construction projects on account of disputes with National Highways
Authority of India (NHAI) on 17 February 2021. The dispute with NHAI was challenged by the jointly controlled entities vide writ petition before
the division bench of Hon'ble Court of New Delhi. The Hon'ble High Court, vide its Order dated 25 May 2021, has directed NHAI to resolve the
issues between both the parties under Conciliation. The Concessionaire has submitted their Statement of Claims to the Conciliation Committee of
Independent Experts (CCIE) on 11.10.2021. Seven meetings of the CCIE have already been held along with NHAI and date for the next meeting is
scheduled on 27 February 2023.
8) The company had initiated the process of shareholder's approval regarding dilution of investment upto 51% in it's wholly owned subsidiary. viz.
MEP Infrastructure Private Limited, hence the said investment is classified as held for sale and corresponding disclosures are made accordingly.
9) Two of the jointly controlled entities have executed an endorsement agreement with National Highways Authority of India (NHAI) and lenders for
harmoniously substituting the concessionaire with nominated Companies. In two of the jointly controlled entities substitution of the concessionaire
was carried out with the nominated companies. Subsequent to Harmonious Substitution/Substitution, as mentioned above, the Company has entered
to Share Purchase Agreements to divest its entire holding in these Four Companies and hence the carrying value of Rs. 19161.19 lakhs, is fully
recoverable.
10) The other expenses includes impairment of investments/provision for doubtful debts/advances/claims of Rs. 5,387.06 lakhs for the Nine Months
period ended 31 December 2022 and Rs. Nil for the Nine Months period ended 31 December 2021.
11) The Toll collection activity of one of the subsidiary of the Company was suspended by authority on 27 February 2019. Subsequently on 27 May
2019 the authority unilaterally issued termination notice. Aggrieved by the decision of the authority, the subsidiary Company filed a petition before
the Arbitral Tribunal. The Subsidiary Company received arbitral award on 14 October 2022. The said award contained certain
computational/clerical/typographical errors, against which the Subsidiary Company and NHAI filed an applications under section 33 of the
Arbitration and Conciliation Act, 1996 for correction of the same and is awaiting the outcome. In the meanwhile NHAI has also filed an application
under section 34 of Arbitration and Conciliation Act, 1996 with Hon'ble High court of Delhi and same is yet to be heard.
12) Considering the Long term business outlook and future growth plans of the MEP Group, the Management is of the opinion that due to Harmonious
Substitution of the concessionaire in a subsidiary Company (i e ) MEP Infra Consultants Private Limited (formerly known as MEP Longjian VTR
Private Limited) and the losses in subsidiaries/jointly controlled entities companies namely MEP Chennai Bypass Toll Road Private Limited, MEP
Sanjose Mahuva Kagavadar Road Private Limited, MEP Sanjose Talaja Mahuva Road Private Limited, Rideema Toll Private Limited, MEP RGSL
Toll Bridge Private Limited are temporary in nature and overall going concern of the business is not adversely affected. In view of the above, there is
no diminution in the value of Investment and advances given are fully recoverable.
13) One of the Subsidiary Company has given loans and advances including interest accrued to related parties amounting Rs.58,976.20 Lakhs (inclusive
of IndAS adjustment).The company is confident about recovery of these outstanding amounts.
14) Deposit, Mobilization advance, Advance to supplier and Loan including interest receivable to 2 parties amounting to Rs. 6,727.77 Lakhs, Rs.
35,614.43 Lakhs, Rs. 4,045.25 Lakhs and 2,998.81 Lakhs respectively. The Company is confident about recovery of these outstanding amounts.
15) Total Claims receivables as on 31 December 2022 amounting to Rs. 87,686.85 lakhs (including one of the subsidiary considered under held for sale)
represent various claims filed by company with various authorities based on the contractual provisions of the agreements. The company is confident
about recovery of these claims recognized.
16) Figures relating to the previous period have been regrouped / rearranged, wherever necessary, to make them comparable with those of the current
period.
For and on behalf of the Board of Directors of
Jayant D. Mhaiska r
Chairman & Managing Director
DIN: 00716351
Place : Mumbai
Date : 14 February 2023
Part - II - Consolidated - Segment Reporting
Report on Consolidated Financial Segment Revenue and Segment Results for the quarter and Nine months ended 31st December 2022
(Rs in Lakhs)
Quarter Ended Nine Month Ended Year Ended
Sr no. Particulars 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 3L03.2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Segment Revenue
Toll Collection and Operation & Maintenance 248.51 8,028.22 21914.21 22.745.06 66.535.14 89,830.98
Construction 8030 2.053.44 638.99 6_821.42 6,906.16
Total 248.51 8,108.52 23,967.65 23 84.05 73 356.56 96,737.14
2 Segment result
Toll Collection and Operation & Maintenance ( 404 9) (2,554.12) 8.076,23 (7,600 31) 22,460.5I 29,041.18
Construction (281.34) (310.691 1.355.43 (623.12) 1_120.44 (890.42)
Total (3,68 7 ) (2,864.81) 9,431.67 (8,22 4 ) 23 580 95 28,150.76
Less: Interest (1,488 97) (1,842.18) (7,052 71) (5.791.43) (21,182.26) (28,243 09)
other Un-allocable Income net off unallocable
expenes (475.12) (76.08) (269.51) (2.481.75) 1,080.78 (553.01)
Exceptional Item - - (97.23) 4,302.05
Profit / (toss) from discontinued operations 737.20 1.057.80 3.360.23 -
Share of Profit/( Loss) of associate/ Joint
Venture (431.33) (667.71) (2_046.50) (2,767.08) (5,509.60) (20,906.58)
Total Profit / (Loss) before Tax (5,343.95) (4,392.99) 62.95 (15 903 46) (2,127.36) -(17,249.87)
1,,
Other inform ion
Segment assets
Toll Collection and Operation & Maintenance 2,83,043.65 2.86,781.8 3,14,042.36 2,81043.65 3,14,042.36 3,23 477 57
Construction 66,576.00 67,32 50 1,04,513.06 66.576 00 1.04.513.06 52,103.48
Unallocated assets - - ..
Total Assets 3,49,619.65 3,54,110.34 4,18.555.42 3.49,619.65 4.18.555.42 3.75.581.05
4 Segment liabilities
'Toll Collection and Operation Maintenance 3,26,297.07 3,24,904.39 3,19,461.38 326,297.07 3_19_461.38 3_32.227.57
Construction 49,932 56 50.682.34 93.660 96 49_932.56 93,660 96 53,977.21
Unallocated liabilities - - -
Total Liabilities 3,76,229.63 3,75,586.7 4 13 122.34 3,76,229.63 4.13 122 34 3,86.204.78
MEP Infrastructure Developers Limited ("the Company") and its subsidiaries (together, 'the Group') have identified business segments in
accordance with Indian Accounting Standard 108 "Operating Segment" notified under section 133 of Companies Act 2013, read together with
relevant rules issued thereunder. Accordingly, the Group has identified two business segments as mentioned below;
1. Toll Collection and Operation & Maintenance

2. Construction

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e

Department of Corporate Affairs

Sub: Outcome of Board Meeting

Pursuant to Schedule Ill under Regulation 30 of SEBI (Listing Obligation and

The Meeting commenced at 2.45 PM and concluded by 3.10 PM.

Kindly take on record of the above disclosure.

Mercantile Ventures Limited

Telephone: +91- 44- 4043 2205/09, E-mail: admin@mercantileventures.co.in,

By Order of the Board

Telephone: +91- 44- 4043 2205/09, E-mail: admin@mercantileventures.co.in,

Limited Review Report on Quarterly Standalone Financial Results of Mercantile Ventures

Review Report to the Board of Directors,

For Venkatesh & Co

Telephone: +91- 44- 4043 2205/09, E-mail: admin@mercantileventures.co.in,

By Order of the Board

Telephone: +91- 44- 4043 2205/09, E-mail: admin@mercantileventures.co.in,

Independent Auditor’s Report on consolidated unaudited quarterly to date financial

To the board of directors

We have reviewed the accompanying Statement of Consolidated Financial Results of Mercantile

Cuningham Ventures Private Limited — Subsidiary

Chitaranjan Developers LLP — Subsidiary

These financial statements / financial-information have been reviewed

For Venkatesh & Co

Scrip code 538942

Financial Results �Ind-AS

Financial Results �Ind-AS

3 months/ 6 months ended Year to date figures for current

Financial Results �Ind-AS

Financial Results �Ind-AS

3 months/ 6 months ended Year to date figures for current period

Scrip code 538942

Financial Results �Ind-AS

Financial Results �Ind-AS

3 months/ 6 months ended Year to date figures for current

Financial Results �Ind-AS

Listing Department, Corporate Relationship Department

Dear Sir/ Madam,

Independent Auditor's Limited Review Report on Unaudited Quarterly and Year-to-date

To The Board of Directors MEP Infrastructure Developers Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of

4. Basis for Modified Conclusion

a) The Company has carried gross investment in 3 subsidiaries amounting to Rs.

In view of the above, there exists uncertainty, as on date, regarding concluding of

Our conclusion is not modified in respect of these matters.

For GMJ & Co

uDiN: 2.1555 3ii;c1wq gr\p-kcgi

Total income 2,067.27 1,067.12 5,167.92 4,780.58 18,748.17 22,267.18

For and on behalf of the Board of Directors of

Total 1,588.20 769.63 4.642.54 3.941.59 16,161.13 19.417.54

Total 276.37 (891.39) 172.02 (2,148.02) (2,558.44) (7,522.86)

Less: Interest (796.89) (827.49) (791.59) (2,663.38) (2,736.89) (3,676.49)

1.Toll Collection, Operation & Maintenance

Independent Auditor's Limited Review Report on Unaudited quarterly and Year-to-date

To The Board of Directors MEP Infrastructure Developers Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results

4. Basis for Modified Conclusion

a) The holding company has carried gross investment in 3 subsidiaries amounting to

b) As stated in Note 7 to the standalone Ind AS financial results, the holding

In view of the above, there exists uncertainty, as on date, regarding concluding

g. We draw attention to Note 5 to the consolidated End AS financial results, where it is

Our conclusion is not modified in respect of these matters.

We have reviewed the interim financial information of 6 jointly controlled

b. We did not review the interim financial information of 20 subsidiaries included in