The Promise The Conviction The Faith in THE ABILITY The Potential

of Purpose to Grow Our Future TO ACCELERATE for Progress

Directors’ Report

To
The Shareholders,

Your Directors have the pleasure of presenting the 36th Annual Report on the business and operations of the Company,
together with the audited results for the financial year ended March 31, 2022.

(` in crore)

Standalone Consolidated
Valuation technique used
Fiscal 2022 Fiscal 2021 Fiscal 2022 Fiscal 2021
Total income 941.38 630.65 1381.65 1056.57
Profit before tax 307.18 (14.04) 285.78 (2.16)
Profit after tax/ Total Profit for the year 166.07 (9.71) 147.56 (3.94)
Total Comprehensive Income 166.44 (10.96) 146.04 (5.35)

FINANCIAL PERFORMANCE is a substantial lag in the revenue recognition. Although the

The standalone revenues of the Company stood at `941.38 sale is confirmed and customer advance is collected and
crores compared to `630.65 crores in the previous fiscal. construction is substantially completed, revenue cannot
Correspondingly, the company has earned income (after tax) be recognised. Further, as and when the Company incurs
of `166.07crores for the year 2021-22 as against loss (after any sales and marketing expenses, the same would have
tax) of `9.71 crores in the previous fiscal. to be accounted as a period cost. The Company has huge
marketing expenses and in the financial year 2021-22 also,
Taking into account the revenues and performance of the
the Company has incurred sales and marketing expenses
subsidiaries of the Company, consolidated revenues of
which have been recognised as a period cost.
the Company stood at `1381.65 crores, as compared to
`1056.57 crores in the previous fiscal, showing an increase of The numbers for revenue and losses for the Company on a
30.77%. Total consolidated profit after tax for the year stood standalone and consolidated basis reflect the aforementioned
at `147.56, compared to loss after tax of `3.94 crore in the recognition of revenue on the basis of accounting standards.
previous fiscal.
The Company is planning to have an even spread of projects
The Company is in the business of real estate development with different completion dates to enable continuous delivery
and sale. The Company is following IND AS 115 for recognition of projects throughout the period. As there have been delays
of revenue. Accordingly, the revenue can be recognised only in obtaining the sanction of project plans and due to market
when, apart from other related conditions, the house/unit is conditions, few of the projects had to be deferred temporarily.
delivered to the customer. The development and delivery of The Company has launched plotted development projects
homes/units takes substantial time – often of three to five as they have a shorter time cycle and will enable improved/
years and hence the revenue in respect of such projects timely revenue recognition.
can be recognised only upon such completion. Thus, there

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The productivity of the Company is growing, though In line with the aforesaid dividend policy and in line with
revenue recognition is delayed. Due to COVID-19 and the results of the Company, the Board has recommended
various other uncertainties in the economy, the productivity Dividend of `5.00/- per Equity Share (100% on the paid up
and profits in absolute measurable terms in the near future share of `5.00 each), on 23,71,49,686 Equity Shares, for the
are unascertainable. In the long term, these imbalances financial year ended March 31, 2022, to all the Shareholders,
are expected to wane off as collections are growing aggregating to `118,57,48,430/- subject to the approval of
at a steady pace. the same by the shareholders at the Annual General Meeting
(AGM) of the Company. The said dividend is 71.4% of the
profit after tax for the year 2021-22. The following is the
OPERATIONAL PERFORMANCE
financial implication of the dividend.
Puravankara Limited achieved 3.52 msft (including 1.55 msft
on standalone basis) of sales during FY 22 despite significant
Dividend per Total Dividend
challenges due to the COVID pandemic. Sales value increased No. of paid up shares
share (Rs.) (Rs. crore)
by 9% year on year basis to `2407 crore compared to `2202 23,71,49,686 5.00/- 118.57
crore during the last financial year. We accelerated our digital
initiatives, which include an exclusive digital launch of two https://www.puravankara.com/backend/
projects and online booking. During the year, six projects assets/uploads/investors_reports/
were launched -PalmVista, Provident Equinox, Provident d2fe959c777dc8cc755e79b34eefc2e7.pdf
Winworth, Purva South Bay, Tivoli Hills and Tree Haven.

Further, the company witnessed an increase in homebuyers TRANSFER TO RESERVES

with interest in larger homes, better amenities and projects Pursuant to Section 123 of the Companies Act, 2013, there
that are well designed, driving consumers to consider is no proposal to transfer any amount to the General Reserve.
Puravankara and Provident, both, known to offer these
features. The resilient demand of residential units, including
residential plots motivated us to have a healthy launch DETAILS OF ADEQUACY OF INTERNAL
pipeline for FY23 with a new vertical Purva Land for plotted FINANCIAL CONTROLS (IFC)
development projects. We are fully poised to capture the Pursuant to Section 134(5)(e), your Company has a proper
upcoming recovery in real estate sector with our full-fledged and adequate system of internal financial controls (IFC) in
experience and capabilities. place to ensure that all transactions are authorized, recorded
and reported correctly, and assets are safeguarded and
protected against loss from unauthorized use or disposition
DIVIDEND and smooth functioning of its business. The processes
Your Board approved a dividend policy of the Company at and the systems are reviewed constantly and changed to
its meeting held on August 6, 2013. The said dividend policy address the changing regulatory and business environment.
indicates that the Company shall endeavour to pay 33.33% The control systems provide a reasonable assurance of
of the Profit after Tax (PAT) earned by the Company during recording the transactions of its operations in all material
each financial year, with regard to the business exigencies aspects and of providing protection against misuse or loss
and general economic outlook for distribution as dividend of Company’s assets. In addition, there are a wide variety
to shareholders. of operational controls and fraud risk controls, covering the
entire spectrum of IFC.

068 P U R AVA N K A R A L I M I T E D
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 The Promise The Conviction The Faith in THE ABILITY The Potential
of Purpose to Grow Our Future TO ACCELERATE for Progress

The existing IFC and their adequacy are frequently reviewed its directors to be Independent Directors. The Board has one
and improved upon to meet the changing business half of its Directors in the category of Independent Directors
environment. The internal auditors periodically review the in terms of Regulation 17 of the Securities Exchange Board
internal control systems, policies and procedures for their of India (Listing Obligations and Disclosure Requirements)
adequacy, effectiveness, and continuous operation for Regulations, 2015, as amended, (hereinafter referred to as
addressing risk management and mitigation strategies. ‘Listing Regulations’).

In terms of the provisions of the Companies Act, 2013 and

SHARE CAPITAL Regulation 17 of the Listing Regulations the Board shall be
The paid-up equity share capital remained unchanged at comprised with at least one woman director.
`118.58 crore as on March 31, 2022. There were no public
Prof. Shailaja Jha (DIN: 09060618) was appointed as NEID
issues, rights issues, bonus issues or preferential issues, etc.
on February 11, 2021 and Mr. Kulumani Gopalratnam
during the year.
Krishnamurthy (DIN: 00012579) was appointed as NEID on
The Company has not issued any shares with differential June 25, 2021 by the Board of Directors, for a term of five years
voting rights, sweat equity shares, nor has it granted and the shareholders approved the same at the 35th AGM.
any stock options.
On account of demise of Mr. Pradeep Guha (DIN: 00180427),
he ceased to be Independent Director of the Company with
DEBENTURES effect from August 21, 2021.
During the year your Company issued 1800, Secured,
On the recommendation of the Nomination & Remuneration
Unlisted, Redeemable, Non-Convertible Debentures
Committee, Mr. Sanjeeb Chaudhuri, ‘Non-Executive
aggregating to `180 crores, the same are outstanding as on
Independent Director (NEID) was appointed by the Board
the date of this report.
of Directors in the capacity of Additional Director with
During the year, the Company has fully redeemed 1000 effect from November 12, 2021. The members have
unlisted, unrated, secured, redeemable non-convertible approved his appointment vide special resolution dated
debentures (“NCDs”) aggregating to `100 crores of December 29, 2021.
different series.
The limit of remuneration (in the form of commission) payable
to the NEID will be approved by the shareholders at the said
FIXED DEPOSITS AGM and the Board of Directors of the Company have been
During the year, your Company did not invite nor accept any empowered to decide the annual remuneration payable,
fixed deposits from the public and as such, there existed no subject to the said limit.
outstanding principal or interest obligations for fixed deposits
According to Section 149(13) of the Companies Act, 2013, the
as on the Balance Sheet date.
Independent Directors shall not be liable to retire by rotation.

All the continuing Non-Executive Independent Directors

DIRECTORS AND KEY MANAGERIAL
have submitted the Declaration of Independence, pursuant
PERSONNEL (KMP)
to Section 149(7) of the Companies Act, 2013, stating that
Pursuant to Section 149(4) of the Companies Act, 2013,
they meet the criteria of independence as per Section 149(6)
every listed company is required to have at least one-third of

Annual Report 2021-22

P U R AVA N K A R A L I M I T E D
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of the said Companies Act, 2013 and Regulation 25 of the annual performance evaluation of its own performance, its
Listing Regulations. Committees and the Directors individually. The details are
stated in the Corporate Governance section of this report.
The conditions relating to appointment of a Non-Executive
Independent Director specified in the Companies Act, 2013 The formal annual evaluation of the performance of the
and the rules made thereunder and the Listing Regulations Board, its committees, individual and independent Directors
have been complied with. based on the criteria approved by the Nomination and
Remuneration Committee was undertaken by the Board.
TheWhole-time Directors, Mr. Ravi Puravankara, Mr. Ashish Ravi
As per the prescribed mechanism the performance evaluation
Puravankara, Mr. Nani R. Choksey, Mr. Abhishek Nirankar
of Independent Directors by the entire Board of Directors was
Kapoor, are liable to retire by rotation. In line with this
undertaken in the absence of the Director being evaluated.
requirement, Mr. Ravi Puravankara and Mr. Abhishek Nirankar
Kapoor, Whole-time Directors of the Company, are liable to The Board placed on record the satisfactory performance of
retire by rotation at the forthcoming Annual General Meeting the Directors, the Board and its Committees.
and being eligible for re-appointment offers themselves for
reappointment as Directors. The Board has recommended
MEETINGS OF THE BOARD
their reappointment.
A minimum of four meetings of the Board of Directors are
Mr. Ashish Ravi Puravankara (DIN: 00504524) resigned as the required to be held during a year in line with the requirement
Chief Executive Officer of the Company on August 13, 2021. under the Listing Regulations and the interval between any
two meetings shall not exceed 120 days.
Mr. Abhishek Nirankar Kapoor (DIN: 03456820) was
appointed as Additional Director in the capacity of Executive However, the mandatory requirement of holding meetings
Director, on the Board of Directors of the Company for a of the Board of Directors of the companies i.e., within the
period of 5 years and the shareholders approved the same intervals provided in section 173 of the Companies Act, 2013
at the 35th AGM. (CA13) 120 days has been complied with.

Mr. Abhishek Nirankar Kapoor was appointed as the Chief According to Regulation 17(2), the maximum time gap
Executive Officer and the Chief Financial Officer of the between any two Board Meetings cannot be more than 120
Company on August 13, 2021. days, which has been complied with and seven meetings of
the Board of Directors were held during the year. For further
Ms. Bindu D. continues in office as the Company Secretary
details, please refer to the report on Corporate Governance
& as Compliance Officer of the Company, under the
forming part of this Annual Report.
Listing Regulations.
The recommendations and suggestions of the Audit
Committee were duly considered and accepted by the Board
PERFORMANCE EVALUATION
of Directors. There were no instances of non-acceptance of
The criteria for performance evaluation of Independent
any recommendations.
Directors, Board, Committees and other individual
Directors includes criteria for performance evaluation of the The Board of Directors confirm that the secretarial standards
non-Executive Directors and Executive Directors. Pursuant to have been complied with in respect of all meetings held
the provisions of the Companies Act, 2013 and Regulation during the year.
25 of the Listing Regulations, the Board has carried out the

070 P U R AVA N K A R A L I M I T E D
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 The Promise The Conviction The Faith in THE ABILITY The Potential
of Purpose to Grow Our Future TO ACCELERATE for Progress

POLICIES 7. Risk management policy

Policies as required to be formulated under the Listing h t t p s : / / w w . p u r a v a n k a r a . c o m /
Regulations, have been adopted by the Company. backend/assets/uploads/investors_
The following policies have been placed on the website of reports/1b1250e43727e6f75b168082da0acf9d.pdf
your Company and can be accessed at www.puravankara.
com/investors under the tab Policies. 8. Whistle Blower Policy
https://www.puravankara.com/backend/
1. Code of conduct for prevention of insider trading assets/uploads/investors_reports/
https://www.puravankara.com/CodeofConduct/CODE%20 a9d6776bbb5c7aa68d396c28260c0ab6.pdf
OF%20CONDUCT%20FOR%20PREVENTION%20OF%20
INSIDER%20TRADING%20(2).pdf 9. Dividend Policy:
https://www.puravankara.com/backend/
2. Code of practices and procedures for fair disclosure assets/uploads/investors_reports/
of UPSI (Unpublished Price Sensitive Information). d2fe959c777dc8cc755e79b34eefc2e7.pdf
https://www.puravankara.com/CodeofConduct/CODE%20
OF%20PRACTICES%20AND%20PROCEDURES%20
DIRECTORS’ RESPONSIBILITY STATEMENT
F O R % 2 0 FA I R % 2 0 D I S C LO S U R E % 2 0 O F % 2 0
Pursuant to Section 134(5) of the Companies Act, 2013, your
UNPUBLISHED%20PRIC....pdf
Directors hereby confirm that:

3. Policy for determining material subsidiaries a) in preparation of the annual accounts the applicable
https://www.puravankara.com/backend/ accounting standards have been followed;
assets/uploads/investors_reports/
b) the Directors have selected such accounting policies
ffbd2de7ef26a9e0446199833722ed4b.pdf
and applied them consistently and made judgments
and estimates that are reasonable and prudent so as
4. Policy on materiality of related party transactions
to give a true and fair view of the state of affairs of the
https://www.puravankara.com/backend/
Company at the year ended March 31, 2022 and of the
assets/uploads/investors_reports/
profit/loss of the Company for that period;
ffbd2de7ef26a9e0446199833722ed4b.pdf
c) the Directors have taken proper and sufficient care for
5. Policy for corporate social responsibility the maintenance of adequate accounting records in
h t t p s : / / w w . p u r a v a n k a r a . c o m / accordance with the provisions of the Companies Act,
backend/assets/uploads/investors_ 2013, for safeguarding the assets of the Company
reports/8c7121b2b88ddd400dd23a74deb1a834.pdf and for preventing and detecting fraud and other
irregularities;
6. Nomination & remuneration policy including criteria
d) 
the annual accounts of the Company have been
for making payment to Directors (Non-Executive and
prepared on a ‘going concern’ basis;
Executive) and senior management personnel.
h t t p s : / / w w w. p u rava n ka ra .c o m / F i n a n c i a l s / e) the Directors have laid down internal financial controls
NOMINATIONANDREMUNERATION.pdf to be followed by the company and that such internal

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P U R AVA N K A R A L I M I T E D
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 financial controls are adequate and were operating AUDITORS & AUDITORS’ REPORT
effectively; and Statutory Auditors
M/s. S R Batliboi & Associates LLP, Chartered Accountants,
f) the Directors have devised proper systems to ensure
FRN 101049W/ E300004, were appointed by the members,
compliance with the provisions of all applicable
as Statutory Auditors of the Company for a period of five years
laws and that such systems were adequate and
from the conclusion of the 31st AGM held on August 29,
operating effectively.
2017 till the conclusion of 36th AGM.

The company proposes to re-appoint the Statutory Auditors

BOARD TRAINING, FAMILIARISATION
for a further tenure of 5 years till the conclusion of 41st AGM
PROGRAMME
to be held in the year 2027.
With a view to familiarise the Directors including Independent
directors of the Company of their roles, rights, responsibilities M/s. S R Batliboi & Associates LLP, Chartered Accountants,
in the Company, nature of the industry in which the Company have expressed their consent for re-appointment and to
operates, business model of the Company, etc., and as continue for a further period of 5 years as Statutory Auditors
required under Listing Regulation 25(7), the Company has of the company. They further stated that their appointment
held various familiarisation programmes throughout the year as Statutory Auditors of the Company, would be within
on an ongoing basis. the prescribed limits under Section 141(3) (g) of the
Companies Act, 2013. In this connection, the Company has
The Executive Directors also have one-on-one discussion
received from M/s R Batliboi & Associates LLP, Chartered
with the Directors on a regular basis. In addition, the
Accountants, a consent letter to the effect that they are
Senior Management of the Company interacts regularly
eligible for re-appointment and their appointment, if made
with the Directors, both individually and collectively.
would be within the prescribed limits under Section 141 of
The above initiatives help the Directors to understand and
the Companies Act, 2013.
keep themselves updated about the Company, its business
and the regulatory framework in which the Company The Statutory Auditors have expressed an unmodified opinion
operates and equip themselves to effectively fulfill their role in their Consolidated Auditors’ Report and the Standalone
as Directors of the Company. Some of the familiarisation Auditors’ Report in respect of the audited financial statements
programmes carried out during the year include: for the financial year ended March 31, 2022.

1. 
Various presentations made by business heads of the With regard to the Emphasis of Matter stated in the Statutory
Company from time to time on different functions and areas. Report, as part of the notes to the financial statements, the
Board of Directors state that with regard to:
2. Deliberations were held and the Directors were updated
from time to time on major developments in the areas of
Covid-19 pandemic:
the Companies Act, 2013, and the Listing Regulations.
The outbreak of Covid-19 pandemic globally and in India
The details of the familiarisation programmes are also placed has caused significant disturbance and slowdown of
on the Company’s website: www.puravankara.com/investors economic activities. Due to the lockdown announced by the
Government, the Group’s operations were slowed down/
suspended and accordingly the consolidated financial results
for the year ended March 31, 2022 are adversely impacted.

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 The Promise The Conviction The Faith in THE ABILITY The Potential
of Purpose to Grow Our Future TO ACCELERATE for Progress

The Group has considered the possible effects that may in the accompanying financial results based on the terms of
result from the COVID-19 pandemic on the carrying value of the customer contracts and impact of Covid-19 pandemic.
assets [including property, plant and equipment, investment
The Group will continue to closely observe the evolving
property, investments, inventories, loans, land advance/
scenario and take into account any future developments
deposits and receivables]. In developing the assumptions
arising out of the same.
relating to the possible future uncertainties in the economic
conditions because of this pandemic, the Group, as at the
b) Litigation 1:
date of approval of these financial results has used internal
The Group had initiated legal proceedings against its
and external sources of information to assess the expected
customer for recovery of receivables of `15 crores,
future performance of the Group. The Group has performed
inventories of `1 crore and customer’s counter claim
sensitivity analysis on the assumptions used and based on
thereon, which is currently pending before the High
the current estimates, the Group expects that the carrying
Court. Pending resolution of the aforesaid litigation,
amount of these assets as at period end, are fully recoverable.
no provision has been made towards the customer’s
The management has estimated the future cash flows for
counter-claims and the underlying receivables and
the Group with the possible effects that may result from
other assets are classified as good and recoverable
the COVID-19 pandemic and does not foresee any adverse
in the accompanying financial results based on the
impact on realising its assets and in meeting its liabilities as
legal opinion obtained by the management and
and when they fall due. The actual impact of the COVID-19
management’s evaluation of the ultimate outcome of
pandemic may be different from that estimated as at the date
the litigation.
of approval of these financial results.

Further, the Group’s management has also made a detailed c) Litigation 2:

assessment of the progress of construction work on its The Group is subject to legal proceedings for obtaining
ongoing projects during the period of lockdown and has clear and marketable tittle for certain properties
concluded that the same was only a temporary slowdown wherein the Group has outstanding deposits and
in activities and has accordingly inventorised the borrowing advances of `113 crores. Further, the Group has
costs incurred in accordance with Ind AS 23. `11 crores recoverable from parties and claims from
government authorities of `6 crores, which are subject
The outbreak of Covid-19 has impacted construction
to ongoing legal proceedings. Further, in relation to
operations and project completion timelines of certain
certain property previously owned by the Group, an
ongoing customer contracts of a wholly-owned subsidiary
individual has initiated legal proceedings claiming title
(WOS). The WOS is carrying construction work in progress as
over such property, which is disputed by the Group.
at March 31, 2022 and having regard to the WOS’s ongoing
Pending resolution of the aforesaid legal proceedings,
discussions with its customers towards the construction
no provision has been made towards any claims and
work, the WOS is confident of billing the same in the ensuing
the underlying recoverable, deposits and advances are
quarters. Further, the WOS has also initiated proceedings
classified as good and recoverable in the accompanying
with its customer for extension of certain projects’ completion
financial results based on the legal evaluation by
timeline and waiver of liquidated damages thereon amounting
the management of the ultimate outcome of the
to `12 crores. Pending resolution of the aforesaid matter, no
legal proceedings.
provision has been made towards such liquidated damages

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All the matters emphasized by the Statutory Auditor The Board has advised the Management to ensure measures
are explained in the notes to the financial statements as to avoid lapses.
mentioned above and the same is self-explanatory.
Pursuant to Regulation 24A, material unlisted subsidiaries
incorporated in India shall undertake a secretarial audit.
COST AUDITORS The same has been complied with. The Secretarial Audit
The Board appointed M/s. GNV & Associates, Cost & Report of the unlisted material subsidiary for the financial
Management Accountants; for conducting the audit of year ended March 31, 2022 is attached herewith marked as
cost records of the Company for the financial year ended Annexure IA to this Report.
2021-22. There are no qualifications or adverse remarks in
the Cost Audit Report which require any explanation from the
PARTICULARS OF INVESTMENTS MADE,
Board of Directors.
LOANS GIVEN, GUARANTEES GIVEN AND
The Board has re-appointed M/s. GNV & Associates, Cost & SECURITIES PROVIDED
Management Accountants for conducting the audit of cost Particulars of investments made, loans given, guarantees
records for the financial year 2022-23. The Notice convening given and securities provided are disclosed in Note 6 and 7 to
the 36th Annual General Meeting contains the proposal the standalone financial statement of the Company.
of remuneration payable to the Cost Auditors during the
period 2022-23.
CONTRACTS AND ARRANGEMENTS WITH
RELATED PARTIES
SECRETARIAL AUDITORS All contracts/arrangements/transactions entered into by the
The Board appointed M/s JKS & Co., Company Secretaries to Company during the financial year ended March 31, 2022
conduct the secretarial audit of the Company for the financial with related parties were in the ordinary course of business
year 2021-22. The Secretarial Audit Report for the financial and on an arms length basis. During the year, the Company
year ended March 31, 2022 is attached herewith marked as did not enter into any new contracts/arrangements/
Annexure I to this Report. In connection with the observations transactions with related parties which could be considered
in the said report, the Board of Directors state that : material in accordance with the Company’s policy pertaining
to the materiality of related party transactions. A statement to
• The Company’s management was able to inform NSE
the effect is attached herewith as Annexure II Form AOC-2.
on time. However, BSE could not be informed, inspite of
several attempts, due to technical issue. The details of related party transactions form part of note no.
40 of the Standalone Financial Statements of the Company.
• The inclusion of the agenda item was extremely crucial
for the company. The Management was able to obtain The policy on materiality of related party transactions
requisite clearances in the matter on 11.11.2021 and dealing with related party transactions as
and were unable to ensure availability of directors approved by the Board may be accessed on the
on an immediate next date and the matter could not following weblink of the Company’s website: https://
be deferred. As such, this item was included in the www.puravankara.com/backend/assets/uploads/investors_
meeting in the best interest of the Company, though at reports/1b1250e43727e6f75b168082da0acf9d.pdf
shorter notice. The lapse in 1 day prior intimation was
not intentional.

074 P U R AVA N K A R A L I M I T E D
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 The Promise The Conviction The Faith in THE ABILITY The Potential
of Purpose to Grow Our Future TO ACCELERATE for Progress

CONSOLIDATED FINANCIAL STATEMENTS During the year, the Company acquired Purva Asset
The Consolidated Financial Statements of the Company, Management Private Limited (formerly, MAP Capital
pursuant to Section 129(3) of the Companies Act, 2013 and Advisors Private Limited) as a wholly-owned subsidiary of the
Regulation 33 and Regulation 34 of the Listing Regulations Company w.e.f. August 04, 2021.
and prepared in accordance with the Indian Accounting
Vagishwari Land Developers Private Limited ceased to be a
Standards (IndAS) prescribed by the Institute of Chartered
subsidiary of the Company w.e.f. June 10, 2021.
Accountants of India, forms part of this Annual Report.
Vaigai Developers Private Limited ceased to be a subsidiary
The Indian Accounting Standards (IndAS) were notified by
of the Company w.e.f. November 09, 2021.
the Ministry of Corporate Affairs (MCA), vide its notification in
the official gazette on February 16, 2015, applicable to certain Nile Developers Private Limited ceased to be a subsidiary of
classes of companies. IndAS has replaced the existing Indian the Company w.e.f. November 10, 2021.
GAAP prescribed under section 133 of the Companies Act,
Propmart Technologies Limited became a subsidiary of the
2013 read with rule 7 of the Companies Accounts Rules, 2014.
Company w.e.f. March 31, 2022.
Your Company, its subsidiaries have adopted IndAS with
Details of other entities which became/ceased to be
effect from April 1, 2016 pursuant to the notification by the
the Company’s subsidiaries, joint ventures or associate
Ministry of Corporate Affairs on February 16, 2015 notifying
companies are specified in Annexure III.
the Companies (Indian Accounting Standard) Rules, 2015.

The accounting policies as set out in note 2 to the financial

STATEMENT RELATING TO SUBSIDIARIES AND
statements have been applied in preparing the financial
THEIR FINANCIAL STATEMENTS
statements for the year ended March 31, 2022.
Information regarding each subsidiary, pertaining to capital,
reserves, total assets, total liabilities, details of investment,
SUBSIDIARIES turnover, profit before taxation, provision for taxation, profit
The Company has 24 subsidiary companies (including four after taxation/ loss, etc. are attached herewith as Annexure IV
step-down subsidiaries in India and a step-down subsidiary (i.e. Form AOC-1).
in Sri Lanka) out of which 22 companies are in India and two
Your Directors hereby inform you that the audited annual
are overseas. Of these, Provident Housing Limited, unlisted
accounts and related information of the subsidiaries will be
Indian Company is a material subsidiary as defined under the
available for inspection on any working day during business
Listing Regulations.
hours at the registered office of the Company.
Pursuant to Regulation 24 of the Listing Regulations, at least
In accordance with the provisions of Sections 136 of the
one Independent Director on the Board of the Company shall
Companies Act, 2013, the annual financial statements and
be a Director on the Board of Directors of an unlisted material
the related documents of the subsidiary companies of the
subsidiary. Mr. Anup S. Sanmukh, Independent Director on
Company are placed on the Company’s website and may be
the Board of the Company is also a member of the Board
accessed on the following weblink of the Company’s website
of Provident Housing Limited, which is an unlisted material
under the tab Financials, sub-tab Subsidiary Financials
subsidiary. None of the other subsidiaries are unlisted
2021-2022: https://www.puravankara.com/investors
material subsidiaries.

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MATERIAL CHANGES AND COMMITMENTS to address the huge demand-supply gap in the industry.
There have been no material changes and commitments Accordingly, the Company is constantly upgrading its
affecting the financial position of the Company which technology to reduce costs, improve quality and achieve
have occurred between the end of the financial year of the economies of scale.
Company to which the Balance Sheet relates and the date of
As one of the known top brands, we will lead as early
this Report except the below mentioned transaction:
technology adopters by partnering with tech giants and
The Company was allotted 79,50,000 bonus shares by each startups & experiment digital innovations keeping customer
of the wholly owned subsidiaries, Starworth Infrastructure experience at center to take the brand value to next level.
& Construction Limited (“SICL”) and in Provident Housing This will enable us to counter competition, rising prices,
Limited (“PHL”) on account of capitalization of reserves. meet increasing customer expectations, achieved an end-to-
end digital transformation keeping efficiency and customer
During May 2022, the Company was allotted 47,72,047 equity
engagement at the helm which is the need of the hour.
shares in Bangalore Tower Private Limited, the resulting
Company on account of Demerger of Keppel Puravankara Energy: The Company is in the business of property
Development Private Limited, the Demerged Company. development and does not require large quantities of energy.
However, wherever possible energy saving measures are
The Company sold 47,72,047 equity shares held in Bangalore
undertaken across all projects. The details are stated in the
Tower Private Limited (“BTPL”), an associate of the Company,
Business Responsibility Report which forms part of this
at `235.266 aggregating to `112.27 crores on 27.06.2022,
Directors’ Report.
consequently, BTPL has ceased to be an associate of the
Company during June 2022. Foreign exchange: Foreign exchange earned during the
year ended March 31, 2022, stood at `1.51 crores while the
The Board has approved a scheme of Employee Stock
expenditure stood at `10.89 crores.
Option Plan 2022 subject to approval of the members at
the forthcoming Annual General Meeting and such other
approvals as may be required. RISK MANAGEMENT POLICY
Information on the development and implementation of a risk
management policy for the Company including identification
ENERGY, TECHNOLOGY ABSORPTION AND
therein of elements of risk which in the opinion of the Board
FOREIGN EXCHANGE
may threaten the existence of the Company is given in the
Information in accordance with the provisions of Section 134
Management Discussion and Analysis section.
(3) (m) of the Companies Act, 2013, read with Rule 8 of the
Companies (Accounts) Rules, 2014, regarding conservation
of energy, technology absorption and foreign exchange CORPORATE SOCIAL RESPONSIBILITY (CSR)
earnings and outgo: According to Section 135 of the Companies Act, 2013, read
together with Companies (Corporate Social Responsibility
Technology absorption: Your Company firmly believes that
Policy) Rules, 2014 and revised Schedule VII to the said Act
adoption and use of technology is a fundamental business
which came into effect from April 1, 2014, all companies
requirement for carrying out business effectively and
having net worth of `500 crore or more, or turnover of `1,000
efficiently. While the industry is labor intensive, mechanisation
crore or more or a net profit of `5 crore or more during
of development through technological innovations is the way
the immediately preceding financial year are required to

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constitute a Corporate Social Responsibility (CSR) Committee Puravankara strongly believes that corporates have a
of the Board of Directors comprising three or more directors, special and continuing responsibility towards the society.
with at least one of them being an Independent Director. The Group focuses on creating a sustainable impact on the
The Company has complied with the requirement. development of communities through initiatives in education,
health and safety, civic amenities as well as the environment.
The corporate social responsibility framework, approved by
The philanthropic and CSR initiatives of the Group over the
the Board of Directors, and under the direct involvement
past decade are a proof of this belief. It has strengthened its
of our senior management, establishes the foundations for
internal processes and established long-lasting partnerships
responsible activity and socio-economic development of
with various organizations in doing so. The impact of the CSR
underprivileged and vulnerable communities. Through the
initiative of the Company is outlined herein below:
framework, Puravankara conducts its CSR activities that are
comprehensive and promise sustainable action with the Rainwater harvesting: An initiative in rainwater harvesting
adoption of a long-term view in decision making and constant (RWH) whereby 6 open wells were dug, 3 recharge wells
innovation, which contributes as much as possible to the made, 4 wells were rejuvenated and this enabled
sustainable development of communities. This commitment
• 
Reduction in the withdrawal of groundwater and
provides added value to the Company and to its stakeholders
reduced hiring of water tankers for Gardening / other
and positively influences the reputation and credibility of our
office purposes.
business. The Company’s major CSR initiatives comprise
sponsoring education of the needy and the deserving, • Reduction in flooding due to rainwater.
enhancing civic beautification and promoting interest in the
• Improvement of the aquifer levels - Recharge wells
arts, culture and sports.
wherein a precast concrete ring lined structure, typically
Further, the Company’s initiatives also include maintenance a meter or 1.5 meters in diameter and of depth of 3
of roads, parks, fire stations and a war memorial, apart from to 8 meters is used and the recharge well helps water
extending financial support to schools and creches for run-off from rooftops, paved areas and roads, filters it
children of unskilled labourers. The Company also ensures and sends it underground to increase the water table.
welfare for seniors living in old-age homes in Bengaluru. Unlike a conventional well which taps into the aquifer,
the recharge well sends water into the aquifer.
It is essential that the Company remains an active welcomed
member of the community and that our contributions to Scholarship program: Scholarships were provided to
society are shared and valued. The Company subscribes to students pursuing Graduation from Pune, Chennai,
and actively pursues positive social outcomes, while working and Goa. The scholarship covers the tuition and
diligently to use scale and socio-economic reach to effect non-tuition fees. This has
meaningful transformation within the communities, the
• benefited 102 students in 2021-22
Company operates in. Importantly, the permit to conduct
our business is premised on the Company’s ability to • benefited 166 students from 2019-20 to 2021-22
demonstrate its commitment to create true significant and
Health: The contribution has helped in providing a large
sustainable value for all stakeholders and to practice sound
ration bundle, supplements, in-meals, hot meals, and fruits
environmental stewardship.
for a month to approx. 80 children affected by cancer.

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Educational Infrastructure: The contribution has helped in Remuneration policy may be accessed on the following
improving the infrastructure of a school run by an NGO. weblink: https://www.puravankara.com/Financials/
NOMINATIONANDREMUNERATION.pdf
Support extended to the Mentally Challenged: The
contribution has supported about 166 children challenged
by intellectual or developmental ability, by sponsoring BUSINESS RESPONSIBILITY REPORTING
training, for one year, at a special school educating children As per clause (f) of sub regulation (2) of regulation 34 of
with special needs within the age group of 4-16 years. Listing Regulations, the annual report of the top one thousand
listed entities based on market capitalization (calculated
Maintenance of Medians and Park: This has enabled in
as on March 31 of every financial year) shall contain a
improving the Civic beautification and greenery throughout
Business Responsibility Report describing the initiatives
the year, improving the aquifer levels, increase in joggers/
taken by the listed entity from an environmental, social and
walkers/ health enthusiasts/ cyclists on the cycle track median.
governance perspective, in the format as specified by the
The report on CSR activities is attached herewith as SEBI. Your company is ranked 655 amongst the listed entities
Annexure V. on the basis of market capitalization as on March 31, 2022.
The Business Responsibility Report is attached herewith
as Annexure VII.
ANNUAL RETURN
The annual return of the Company, pursuant to Section 92
of the Companies Act, 2013 is accessible on the link https:// CORPORATE GOVERNANCE
www. puravankara.com/investors A separate section on Corporate Governance and a
certificate from a practising Company Secretary, regarding
the compliance of the conditions of Corporate Governance
PARTICULARS OF EMPLOYEES AND RELATED
as stipulated under Regulation 34, read with Schedule V of
DISCLOSURES
the Listing Regulations forms part of this Annual Report.
The statement containing particulars of employees, including
ratio of remuneration to Directors, among others, as required The aforementioned certificate from a practising Company
under Section 197(12) of the Companies Act, 2013, read Secretary is attached herewith as Annexure VIII.
with Rule 5 of Companies (Appointment and Remuneration
of Managerial Personnel), Rules, 2014 are attached herewith
MANAGEMENT DISCUSSION AND ANALYSIS
as Annexure VI to this Report.
A separate section on the Management Discussion and
Analysis as stipulated under Regulation 34 of the Listing
REMUNERATION POLICY AND CRITERIA FOR Regulations forms part of this Annual Report.
MATTERS REQUIRED UNDER SECTION 178
The Board, as per the recommendation of the Nomination
CREDIT RATING
& Remuneration Committee, has framed a Nomination &
During July 2021, the Rating Committee of ICRA has upgraded
Remuneration policy, providing: (a) criteria for determining
the previous rating and assigned a long-term rating of [ICRA]
qualifications, positive attributes and independence of
A- and outlook has been revised to Stable from Positive and
Directors and (b) a policy on remuneration for Directors, Key
has upgraded the previous short term rating to [ICRA] A2+ for
Managerial Personnel and other employees. The detailed
`3,000 crore bank facilities of the Company.

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SHARES UNDER COMPULSORY and Procedures for Fair Disclosure of Unpublished Price
DEMATERIALISATION: Sensitive Information and the same is placed on the website
The Company’s equity shares are compulsorily tradable of your Company.
in electronic form. As on March 31, 2022, 0.0000006% of
the Company’s total paid-up equity capital representing
STATUTORY DISCLOSURES
162 shares (five shareholders) is in physical form and the
Your Directors state that:
remaining shares i.e. 23,71,49,524 (99.9999994%) are in
electronic form. a) No disclosure or reporting is required in respect of the
following items as there were no transactions on these
In view of the numerous advantages offered by the depository
items during the year under review:
system, the members holding shares in physical form are
advised to avail of the facility of de-materialisation. 1. Neither the Managing Director nor the Whole-time
Directors of the Company receive any remuneration
With effect from April 1, 2019, requests for effecting transfer
or commission from any of its subsidiaries.
of securities shall not be processed unless the securities are
held in the dematerialized form with a depository. To provide 2. 
No significant or material orders were passed
for the future transmission or transposition of securities, by the Regulators or Courts or Tribunals which
the Company has advised that the shares held in physical impact the ‘going concern’ status and Company’s
mode be held in demat/ electronic mode by converting it operations in future.
into demat mode.
b) 
In compliance with the requirements of ‘Prevention,
Prohibition and Redressal of Sexual Harassment of
Particulars Number of shares %
Women at Workplace Act, 2013’, introduced by the
DEMAT 23,71,49,524 99.9999994%
Government of India, which came into effect from
PHYSICAL 162 0.0000006%
TOTAL 23,71,49,686 100%
December 9, 2013, the Company has adopted a ‘Policy
to provide Protection Against Sexual Harassment of
During the year 2021-22, 1,814 shares, belonging to 33 Women in Workplace’, which has been displayed on
shareholders, in respect of which dividend had not been the website of the Company and an Internal Complaints
claimed by the shareholders for seven consecutive years Committee has been constituted and functions duly.
or more, were transferred to the Investor Education and The status of complaints is as follows:
Protection Fund. The details are provided on the website 
a. 
number of complaints filed during the
of the Company. financial year- NIL

b. 
number of complaints disposed-off during the
INSIDER TRADING REGULATIONS financial year – NIL
SEBI had brought in a new regulation named as SEBI
(Prohibition of Insider Trading Regulation) 2015, in place c. number of complaints pending as on end of the
of SEBI Insider Trading Regulations, 1992. Pursuant to the financial year – NIL
new regulation, your Company has a Code of Conduct
for Prevention of Insider Trading & Code of Practices

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There are no frauds reported by auditors under sub-section vendors and shareholders during the financial year.
(12) of section 143 and there are no frauds which are Your Directors would also like to once again place on
reportable to the Central Government. record their appreciation to the employees across levels,
who through their dedication, cooperation, support and
Maintenance of cost records as specified by the Central
intelligence have enabled the Company to move towards
Government under sub-section (1) of section 148 of
achieving its corporate objectives.
the Companies Act, 2013, is required by the Company
and accordingly such accounts and records are made For and on behalf of the Board of Directors
and maintained.
Ashish Ravi Puravankara Nani R. Choksey
Managing Director Vice-Chairman
ACKNOWLEDGEMENTS DIN: 00504524 DIN: 00504555
Your Directors express their grateful appreciation for the
assistance and co-operation received from the financial Bengaluru Bengaluru
institutions, banks, governmental authorities, customers, August 11, 2022 August 11, 2022

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ANNEXURE I

SECRETARIAL AUDIT REPORT

To,
The Members
Puravankara Limited,
No.130/1, Ulsoor Road,
Bengaluru – 560042

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices we followed provide a reasonable basis
for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations
and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is responsibility of
management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the further viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

For JKS & Co.

Company Secretaries

Karthick V.
Partner
Membership No. ACS – 11910
Place : Bengaluru C.P. No. – 4680
Date : August 10, 2022 Firm Unique No. P2015KR040800
UDIN : A011910D000775079 PR – 1143/2021

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