Regd.Office: Indiabulis FinanceCentre. Tower 3.27" - 32"' Floor, Senapati Bapat Marg. Elphinstone Road(West).Mumbai - 400 013. Mallaraslltra. India.

(LLPIdentification No.AAB-8737)

Place: AhmedabadDate: November 12, 2020

Hardik SutariaPartner

(Membership No.116642)(UDIN: 20116642AAAACL6361)

For DELOITTEHASKINS& SELLSLLP

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to ourattention that causes us to believe that the accompanying Statement, prepared inaccordance with the recognition and measurement principles laid down in the aforesaidIndian Accounting Standard and other accounting principles generally accepted in India, hasnot disclosed the information required to be disclosed in terms of Regulation 52 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, includingthe manner in which it is to be disclosed, or that it contains any material misstatement.

3. We conducted our review of the Statement in accordance with the Standard on ReviewEngagements (SRE) 2410 'Review of Interim Financial Information Performed by theIndependent Auditor of the Entity', issued by the Institute of Chartered Accountants of India(ICAI). A review of interim financial information consists of making inquiries, primarily ofthe Company's personnel responsible for financial and accounting matters, and applyinganalytical and other review procedures. A review is substantially less in scope than an auditconducted in accordance with Standards on Auditing specified under section 143(10) of theCompanies Act, 2013 and consequently does not enable us to obtain assurance that wewould become aware of all significant matters that might be identified in an audit.Accordingly, we do not express an audit opinion.

2. This Statement, which is the responsibility of the Company's Management and approved bythe Company's Board of Directors, has been prepared in accordance with the recognitionand measurement principles laid down in the Indian Accounting Standard 34 "InterimFinancial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act,2013 read with relevant rules issued thereunder and other accounting principles generallyaccepted in India. Our responsibility is to express a conclusion on the Statement based onour review.

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Resultsof MONTECARLOLIMITED ("the Company"), which includes 18 joint operations consolidatedon a proportionate basis for the half year ended September 30, 2020 ("the Statement"),being submitted by the Company pursuant to the requirement of Regulation 52 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

TO THE BOARD OF DIRECTORS OFMONTECARLOLIMITED

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONEFINANCIAL RESULTS

Tel: +91 79 6682 7300Fax:+91 7966827400

Chartered Accountants19th floor. Shapath-VS.G.HighwayAhmedabad - 380 015Gujarat. India

DeloitteHaskins & Sells LLP

_~~oyt +91 7926 'v '?'" (@ mclindia.com ctm Montecarlo Limited~ +91 79264084« m mail@mciindia.com Montecarlo House:

+91 7971999300/301 SindhuBhavan Road, Bodakdev,Ahmedabad - 380058,Gujarat, India.CIN : U40300GJ1995PLC025082

Details of Secured Non-Convertible Debentures are as follows:

INE034U07040 July 30,2021 February 1, 2021 -

NA July31, 2020July 31, 2020 I July 31, 2020

Next due dates

• Not Annuolised

Principal I InterestINE034U07032INE034U07040

ISINno.Previous due dates

17,658.256,374.022,185.36

(44.71) 36.92 47.28 ,

15.47 (12.78) (16.36)

(29.24) 24.14 30.922,214.60 6,349.88 17,627.338,550.00 8,550.00 8,550.002,700.00 5,400.00 5,400.00

2.56 7.45 20.65- -

93,561.60 80,064.12 91,347.000.18 0.37 0.300.66 1.83 2.494.74 5.46 7.73

8 Total other comprehensive (income)/ loss (Net of taxes)9 Total comprehensive Income for the period / year

Paid up Equity Share Capital (Face value of ~ 10 each)Paid up Debt CapitalEarnings per equity share (Face value of~ 10 each)Basicand Diluted'Debenture Redemption ReserveNetworth (Refer note 10)Debt Equity Ratio (Refer note 10)Debt Service Coverage Ratio' (Refer note 10)Interest Service Coverage Ratio' (Refer note 10)

Other comprehensive (income)/ lossItems that will not be reclassified to profit or lossRemeasurements of defined benefit plansIncome tax related to items that will not be reclassified to profitor loss

7 Profit for the Period / Year

4,496.253,625.70

1,661.751,574.30

9,610.07

609.71614.78

3,409.85

6 Tax expense- Current Tax- Deferred Tax

25,780.205 Profit Before Tax (3-4)

(2,558.52)4 Exceptional item (Refer note 5)

9,610.073,409.85 23,221.683 Profit Before Exceptional Item and Tax (1-2)

2,71,354.731,28,497.3987,363.55

2,34,134.55525.65

14,701.447,321.597,194.997,476.51

2,94,576.41

2,93,992.49583.92

Audited(Rs. In lakh)

1,09,767.87222.79

7,183.093,664.763,439.824,219.06

1,38,107.46

71,014.0099.55

6,671.913,147.534,071.372,359.19

90,773.40

2 ExpensesConstruction ExpensesChange in inventoriesEmployee Benefits ExpenseFinance costsDepreciation and Amortization ExpenseOther ExpensesTotal Expenses

March 31, 2020

1,37,820.80286.66

89,929.11844.29

1 RevenueRevenue from OperationsOther incomeTotal Income

ParticularsSr no.

Unaudited(Rs. In lakh)

September 30, 2019

Unaudited(Rs. In lakh)

September 30, 2020

Year endedHalf year ended

MONTECARLOBORN TO ACHiEVE

Montecarlo LimitedStatement of Standalone Unaudited Financial Results For Half Year Ended September 30, 2020

~rO\~~ffm~®\gJ~~\lY~

As at September 30, As at March 31,

Particulars2020 2020

(Rs. In lakh) [Rs, In lakh)

Unaudited Audited

I. ASSETS1 Non-current assets

(a) Property, plant and equipment 43,103.47 45,377.88(b) Capital work in progress 608.72 1,518.96(c) Intangible assets 1,247.83 1,342.44(d) Financial Assets

(i) Investments 21,478.04 15,653.10(ii) Other Non-current financial assets 3,008.70 2,762.25

(e) Deferred tax assets (net) 174.65(f) Other non-current assets 3,725.20 2,697.47

Total Non-current assets 73,171.96 69,526.75

2 Current assets(a) Inventories 17,892.94 18,044.38

(b) Financial Assets(i) Other Investments 20.40

(i) Trade receivables 22,736.76 36,218.91(ii) Cash and cash equivalents 5,533.76 12,983.26(iii) Bank balances other than (ii) above 1,388.62 1,406.44(iv) Other current financial assets 16,991.39 19,339.22

(c) Current tax assets (Net) 3,599.66 6,147.88(d) Other current assets 81,489.75 78,930.95

Total Current assets 1,49,653.28 1,73,071.04

TOTALASSETS 2,22,825.24 2,42,597.79

II. EQUITY AND LIABILITIES1 Equity

(a) Equityshare capital 8,550.00 8,550.00(b) Other Equity 85,011.60 82,797.00

Total Equity 93,561.60 91,347.00

2 liabilitiesNon-current liabilities(a) FinancialLiabilities

(i) Longterm borrowings 8,538.97 13,228.34(ii) Other non-current financial liabilities 10,327.91 11,862.38

(b) Long-termprovisions 709.50 645.02(c) Other non-current liabilities 7,420.81 6,778.88(d) Deferred tax liability(net) 455.61 -

Total Non-current liabilities 27,452.80 32,514.62

Current liabilities(a) FinancialLiabilities

(i) Short term borrowings 107.02 5,829.59(ii) Trade payables

-total outstanding dues of micro enterprises and small 144.43 83.28enterprises-total outstanding dues of creditors other than micro 50,970.26 52,553.43enterprises and small enterprises

(iii) Other current financial liabilities 22,347.64 23,271.28(b) Short term provisions 454.28 463.66(c) Other current liabilities 27,787.21 36,534.93

Total Current liabilities 1,01,810.84 1,18,736.17

Total liabilities 1,29,263.64 1,51,250.79TOTALEQUITYANDLIABILITIES 2,22,825.24 2,42,597.79

Notes:1. Statement of Standalone Unaudited Assets and Liabilities as at September 30, 2020 is as follows:

8. On September 20, 2019, vide Taxation law (Amendment) Ordinance, 2019, the Government of India insertedsection 115BBAin the IncomeTaxAct, 1961,which provides domestic companies a non-reversible option to paycorporate tax at reduced rates effective April 1, 2019, subject to certain conditions. However, the Company hada brought forward credit of MAT as on April 1, 2019. Hence the Company has chosen to continue with the

7. The dates of implementation of the 'Code on Wages, 2019', 'Code on Social Security, 2020' and the'Occupational Safety, Health and Working Conditions Code 2020' are yet to be notified the Government. TheCompany will assess the possible impact of the same and give effect in the financial results when theRules/Schemesthereunder are notified.

6. Operations during the half year continued to be impacted by ongoing Covid-19 pandemic. Overall execution ofthe projects gathered momentum, however the recovery has been gradual and partial. Accordingly, the resultsfor the current half year are not comparable with the corresponding half year of the previous year. Basedoninformation available up to date, the Company expects to recover the carrying value of its assets.

5. Montecarlo Limited ("MCl") held 23%equity sharesof Bijapur Hungund Tollway Private Limited ("BHTPl") andthe balance 77%was held by Sadbhav Infrastructure Project Limited ("SIPl"). SIPl entered into definitive sharepurchase agreement (lithe SIPl SPA") dated July 1, 2019 with Indinfravit Trust ("Investor") for sale of entireequity shares (100%) of BHTPl, subject to necessary regulatory approvals, lender's consent, other customaryapprovals and upon satisfaction of conditions precedent as mentioned in the agreement. In terms of the SIPlSPA,one of the condition precedent to closing of the transaction required SIPl to acquire the entire holding ofMCl in BHTPl so as to facilitate the transfer of 100%of the equity share capital of BHTPl to the Investor. TheBoard of Directors of MCl had approved this stake sale in its meeting held on May 17, 2019. Subsequently MClhad entered into a share purchase agreement ("the agreement") dated January 29, 2020 with SIPl, SadbhavEngineering Limited and BHTPl for sale of its entire holding in BHTPl for a consideration of Rs.4,880.61 lakh.The profit on the disposal of investments is presented as exceptional items in the Statement of Profit and lossfor the year ended March 31, 2020.

4. The Debentures of the Company is rated as "IND A+" by the domestic agency 'India Ratings' (a Fitch GroupCompany).

3. The listed Non-convertible Debentures ofthe Company aggregating to Rs.2,700 lakhs ason September 30,2020are secured by way of first ranking exclusive charge by way of hypothecations on the construction equipment,

vehicles and other movable assets of the Company and further secured by personal guarantees of Directors, theasset cover thereof exceeds hundred percent of the principal amount of the said debentures.

2. The above Statement of standalone unaudited financial results was reviewed by the Audit Committee andapproved by the Board of Directors of the Company at their respective meetings held on November 12, 2020.

Mrunal K. PatelJt. Managing Director

DIN: 00025525

For and on behalf of Board of Directors

Place:AhmedabadDate: November 12, 2020

(1) Interest Service Coverage Ratio = Earnings" before Interest on borrowings and tax / Interest Expenseonborrowings.(2) Debt Service CoverageRatio = Earnings" before Interest on long term debt and Tax/ (Interest expense onlong term debt + Principal repayment of LongTerm Debt during the period)/I. Includes other income(3) Debt Equity ratio = Total Borrowing / Total Equity## Total equity includes all reservesand surplus(4) Net worth = Paidequity capital + Other equity

10. The Ratios have been computed as per below:

9. On September 26,2019, the Company has filed draft prospectus for an Initial Public Offering (IPO) with Securities

and Exchange Board of India (SEBI), on which final observations were issued by SEBIon January 28,2020.