5327802022-07-012022-09-305327802022-09-305327802022-03-315327802022-04-012022-09-305327802022-07-012022-09-30in-bse-fin:OtherExpenses1Member5327802022-07-012022-09-30in-bse-fin:OtherExpenses2Member5327802022-07-012022-09-30in-bse-fin:OtherExpenses3Member5327802022-04-012022-09-30in-bse-fin:OtherExpenses1Member5327802022-04-012022-09-30in-bse-fin:OtherExpenses2Member5327802022-04-012022-09-30in-bse-fin:OtherExpenses3Member5327802022-07-012022-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15327802022-04-012022-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares532780PARSVNATHNOTLISTEDINE561H01026PARSVNATH DEVELOPERS LIMITEDEquity2022-04-012023-03-312022-11-142022-11-05INRLakhsHalf yearlySingle segmentReal Estate Activities2022-11-1414:00:002022-11-1417:30:00trueCash Flow IndirectNot applicable2022-07-012022-09-30UnauditedStandalone20578700092220002150090007410000144337000304310003483050007762000111377000642953000-4279440000-4279440000000-4279440000000-427944000-397000-4283410000021759060005-0.98-0.9800-0.98-0.98Notes: <BR> <BR> 1. The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 14 November, 2022. The Statutory Auditors have also carried out a Limited Review of the unaudited results for the quarter ended 30 September, 2022. <BR> <BR> 2.As the Company has only one operating segment, disclosure under Ind AS 108 on "Operating Segments" is not applicable. <BR> <BR> 3. The Company has incurred cash losses during the current and previous years. Due to continued recession in the real estate sector owing to slow down in demand, the Company is facing tight liquidity situation as a result of which there have been delays/defaults in payment of principal and interest on borrowings, statutory liabilities, salaries to employees and other dues. Also, the Company continues to face lack of adequate sources of finance to fund execution and completion of its ongoing projects resulting in delayed realisation from its customers and lower availability of funds to discharge its liabilities. The company is continuously exploring alternate sources of finance, including sale of non-core assets to generate adequate cash inflows for meeting these obligations and to overcome this liquidity crunch. In the opinion of the Management, no adverse impact is anticipated on future operations of the company. <BR> <BR> 4. The Company has recognised deferred tax assets on its unabsorbed depreciation and business losses carried forward till financial year 2019-20. The Company has executed flat / plot sale agreements with the customers against which the Company has also received advances. Revenue in respect of such sale agreements will get recognised in future years on completion of projects. Based on these sale agreements, the Company has certainty as on the date of the balance sheet, that there will be sufficient taxable income available to realise such assets in the near future. Accordingly, the Company has created deferred tax assets on its carried forward unabsorbed depreciation and business losses. The company is also planning to sell some of its identified assets. <BR> <BR> 5. In case of one of BOT project, construction activities had to be suspended as per the instructions of the DMRC. Consequently, the construction activities could not be restarted due to DMRC’s inability to provide necessary clarifications regarding FAR availability on the property development area and final approved revised layout plan from MCD. The Company has invoked the Arbitration clause under the concession agreement and the proceedings are in final stage. On the basis of legal advice received, the management is of the opinion that Company has a favourable case and has considered the intangible assets under development of Rs. 13928.95 lakhs as on 30.09.2022 as fully recoverable. <BR> <BR> 6. The Subsidiary Company was awarded a Project for development of residential project at Sarai Rohilla, Delhi ('the Project') by Rail Land Development Authority (RLDA). Due to disputes regarding the Development Agreement, the Development Agreement got terminated and the Company invoked arbitration clause in the Development Agreement for recovery of amounts paid to RLDA together with interest theron as well as for recompense for losses and damages, etc. <BR> <BR> Based on the legal advice received, the claim of Rs. 6,442.62 lakhs from RLDA is considered good and recoverable and reflected under 'Other Non-Current financial assets.' <BR> <BR> 7. The Company had entered into a Development Agreement (DA) with Chandigarh Housing Board (CHB) for the development of an integrated project (‘the project’) at Chandigarh. Owing to various factors, disputes had arisen between the Company and CHB. Consequently, the Company had invoked the arbitration clause in the DA. Hon’ble Sole Arbitrator had pronounced the award in January, 2015 which was accepted by the Company and the CHB. Pursuant to the arbitration award, the project was discontinued and surrendered to CHB. Subsequent to the acceptance and implementation of the award, it was noticed that due to a computational error in the award, the awarded amount was deficient by approximately Rs. 14,602.00 lakhs. The matter is decided against the company by Hon’ble Sole Arbitrator and Additional District Judge cum MACT, Chandigarh. The matter is now pending before the Hon’ble Punjab & Haryana High Court at Chandigarh and the proceedings are going on. Pending decision of the Hon’ble Punjab & Haryana High Court,based on the legal advice received, the management is hopeful for recovery and the amount of Rs. 14,047 lakhs (net of tax deducted at source) has been shown as recoverable and included under 'Other Non-Current financial assets. <BR> <BR> 8. The Company had given an advance of Rs. 4,850.14 lakhs to one of its subsidiaries viz., Parsvnath Film City Limited (PFCL) for execution of Multimedia-cum-Film-City Project at Chandigarh. PFCL had deposited Rs. 4,775.00 lakhs with ‘Chandigarh Administration’ (CA) for acquiring development rights in respect of a plot of land admeasuring 30 acres from CA, under Development Agreement dated 2 March, 2007 for development of a “Multimedia-cum-Film City” Complex. Since CA could not handover the possession of the said land to PFCL, PFCL invoked the arbitration clause for seeking refund of the allotment money paid along with compensation, cost incurred and interest thereon. The Arbitral Panel had decided the matter in favour of PFCL and awarded refund of Rs. 4,919.00 lakhs along with interest. Subsequently, the CA filed a petition before the Additional District Judge at Chandigarh for setting aside the award which was dismissed by the Hon’ble Additional District Judge. In the meantime, CA filed an appeal before the Punjab and Haryana High Court at Chandigarh against the orders of the ADJ, Chandigarh pertaining to the Award of Arbitral Tribunal. The Hon’ble High Court decided that CA is entitled to cumulatively claim/recover an amount of Rs. 8,746.60 lakhs from PFCL due to failure to develop the site and adhere to the terms of the agreements. PFCL has filed a Special Leave Petition (SLP) before the Hon’ble Supreme Court of India which has since been admitted and notice has been issued to the Opposite Party. CA has also filed a Special Leave Petition before the Hon’ble Supreme Court for allowing the counter claims made by them and both the matters have been tagged together and the matters are listed before the Ld. Registrar for completion of pleadings. Considering the above and based on legal advise received, the management is hopeful for recovery and the amount of Rs. 4825 Lakhs has been shown as recoverable and included under 'Other Non-Current financial assets.' <BR> <BR> 9. The Company has approached one of its lender for One Time Settlement (OTS) of all dues and received a letter on basis of which the interest of Rs. 37.60 Crores for the period from January 2022 to September 2022 has not been provided considering letter by lender is legally enforceable for implementation of OTS though the formal documentation and approval is yet to be in place. <BR> <BR> 10. Figures for the previous quarter / period have been regrouped, wherever necessary, for the purpose of comparison.2022-04-012022-09-30UnauditedStandalone5094690001713600052660500012892000047542500061426000688733000172670003152440001570987000-10443820000-10443820000000-10443820000000-104438200083000-10442990000021759060005-2.4-2.400-2.4-2.4Cost of land / development rights24843000Contract Cost, Labour and other charges9035000Other Expenses77499000Cost of land / development rights129830000Contract Cost, Labour and other charges19420000Other Expenses1659940002949000014071000002877710001392895000001257151500001324068000165205400015547637000162578200016530630002065080700022751731000026910210003924500061510100090687700022402400044762680000466594500031893944000005254475100021759060007013326000918923200091892320004426728000052859300049553210003208100000438700005031272000885377000059261660006244225000210241610001729921500087100000383242470004335551900052544751000Notes : <BR> <BR> 1. Other Intangible assets of Rs.2,877.71 Lakhs include 'Right of use assets' of Rs. 1,288.99 Lakhs. <BR> 2. Other non-current assets of Rs. 16,530.63 Lakhs include Tax Assets (Net) of Rs. 1,599.79 Lakhs. <BR> 3. Other Current Assets of Rs.46,659.45 Lakhs include Assets held for sale of Rs. 41,554.83 Lakhs. <BR> 4. Other non-current financial liabilities of Rs.5,285.93 Lakhs include Lease Liability of Rs. 1,204.30 Lakhs. <BR> 5. Other financial liabilities of Rs.62,442.25 Lakhs include Lease Liability of Rs. 16.65 Lakhs. 76758900080862500069254000032507000632380001391026000-13952140000-2614210000659141000-10937000172670000-7000-1371000461249000-335090000016727000000-80670002641000002545284000150090200000014397000-222900014842760000000000025500078920000208410000000000000000000184110000-96113000-1061800000000000010000000393283000000102225900000-1405542000-274460000-274460006669100039245000Items that will not be reclassified to Profit or Loss-397000-397000Items that will not be reclassified to Profit or Loss83000830000000