Corporate Office: Unit No. 804, 8th Floor, A Wing, One BKC, Plot C- 66,

G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051

Tel. No.: +91 22 6600 0700 Fax No.: +91 22 6600 0777

PIPELINE INFRASTRUCTURE LIMITED

(Formerly known as Pipeline Infrastructure Private Limited)

CIN: U60300MH2018PLC308292

Registered Office: Unit No. 703, 7th Floor, Tower 3, Equinox Business Park, Off BKC, L.B.S. Marg, Kurla (W), Mumbai, MH - 400070, IN

Tel No.: +91 22 6210 4100 Fax No.: +91 22 6210 4150 Email: compliance@pipelineinfra.com Website: www.pipelineinfra.com

Date: November 10, 2020

BSE Limited Listing Department, 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai - 400001

Sub.: Submission of un-audited financial results for Pipeline Infrastructure Limited (formerly known as Pipeline Infrastructure Private Limited) (“Company”) for the half year ended September 30, 2020 under Regulation 52 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")

Ref.: 64,520 - 8.9508% Secured, Rated, Listed, Redeemable Non-convertible Debentures (“NCDs”) in the denomination of Rs. 10,00,000 each aggregating to Rs. 6,452 Crores, issued by the Company on April 23, 2019 and listed with BSE Limited w.e.f. April 26, 2019 (SCRIP Code: 958751)

Dear Sir,

Pursuant to Regulation 52 of the SEBI Listing Regulations, we wish to inform that the Board of Directors of the Company at its Meeting held on Tuesday, November 10, 2020 have approved the unaudited financial results of the Company for the half year ended September 30, 2020 (“Financial Results”).

In this regard, please find enclosed herewith the following:

Financial Results; and

Limited Review Report issued by the Statutory Auditors of the Company on the Financial Results.

We request you to kindly take the above on record.

Thanking you,

For Pipeline Infrastructure Limited (formerly known as Pipeline Infrastructure Private Limited)

_________________ Puja Tandon Company Secretary ACS 21937

CC: IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballord Estate, Mumbai - 400 001

Sr.

No.

1 2

3 4

(a)

(b) (c) (d)

(e)

(f)

5

6

7

8 (a)i

Pipeline Infrastructure limited (Formerly Pipeline Infrastructure Private Limited)

Registered Office : Unit No. 703, 7'11 Floor, Tower 3, Equinox Business Park,

Off BKC, L.B.S. Marg, Kurla (W), Mumbai, Maharashtra- 400070, India

Phone : 022-6210 4100, Email : compliance@pipelineinfra.com,

CIN : U60300MH2018PLC308292, Website: www.pipelineinfra.com

STATEMENT OF UNAUDITED FINANCIAl RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020

( h Rs. in Crore, except per s are data Particulars Six months Six months Year ended

ended ended March

September September 31,2020

30,2020 30,2019

Unaudited Unaudited Audited INCOME Revenue from Operations 913.90 1,067.66 2.407.14 other Income 11.24 16.89 32.95 Total Income (1+2) 925.14 1,084.55 2,440.09 EXPENSES Employee Benefits Expense 12.84 6.34 20.13 Finance Costs 646.83 608.61 1,209.17 Depreciation and Amortisation Expense 417.88 434.56 831.38 Transmission Charges 317.78 388.72 867.58

Fair value loss on Non Covertible Debentures measured at FVTPL 153.28 - 1,817.74 Other Expenses 97.83 144.91 255.46 Total Expenses 1,646.44 1,583.14 5,001.46 Loss before tax (3-4) (721.30) (498.59) (2,561.37) Tax Expense Current Tax - - -Deferred Tax - - -Total Tax Expense - - -Net Loss for the Period (5-6) (121.30) (498.59) (2,561.37) Other Comprehensive Income (OCI)

Item that will not be reclassified to Statement of Profit and Loss (0.02) 0.04 0.18 li Income tax relating to items that will not be reclassified to Statement of - - -

Profit and Loss (b) i Item that will be reclassified to Statement of Profit and Loss - - -

ii Income tax relating to items that will be reclassified to Statement of - - -Profit and loss Other Comprehensive Income (0.02) 0.04 0.18

9 Total Comprehensive Loss for the Period (7+8) (721.32) (498.55) (2,561.19} 10 Earnings per Equity Share of face value of Rs. 10/- each

- Basic (in Rupees) (109.70) (75.83) (389.57) - Diluted (in Rupees) (109.70) (75.83) (389.57)

11 Paid-up Equity Share Capital of Rs. 10/- each 50.00 50.00 50.00 12 Other Equity (Other than Revaluation Reserve) 1,043.57 13 Net Worth (Refer Note 12) 372.03 3,156.10 1,093.32 14 Paid-up Debt Capital 14,181.06 12,876.40 14,264.33

15 Debenture Redemption Reserve (Refer Note 7) - - -16 Debt Equity Ratio [Refer Note ll(a)J 38.09 4.08 13.04 17 Debt Service Coverage Ratio (DSCR) [Refer Note ll(b)] (0.10) 0.02 (0.17) 18 Interest Service Coverage Ratio (ISCR) (Refer Note lllc)) (0.12) 0.18 (1.12)

Pipeline Infrastructure Limited (Formerly Pipeline Infrastructure Private Limited)

Registered Office : Unit No. 703, i~ Floor, Tower 3, Equinox Business Park,

Off BKC, L.B.S. Marg, Kurla (W), Mumbai, Maharashtra - 400070, India Phone : 022-6210 4100, Email ~ compliance@plpelineinfra.com,

CIN : U60300MH2018PLC308292, Website: www.pipelineinfra.com

UNAUDITED BALANCE SHEET AS AT SEPTEMBER 30, 2020

Particulars As at

September 30, 2020

Unaudited

ASSETS Non-Current Assets Property, Plant and Equipment 13,627.67 Capital Work-in-Progress 21.31 Goodwill 282.00 Intangible Assets 1,396.17 Financial Assets

Other Non-Current Financial Assets 7.20 Total Non-Current Assets 15,334.35 Current Assets Inventories 112.57 Financial Assets

Investments 358.58 Trade Receivables 82.40 Cash and Cash Equivalents 2.01 Other Bank Balances 3.54 Other Financial Assets 2.97

Current Tax Assets 133.91 Other Current Assets 127.08 Total Current Assets 823.06 Total Assets 16,157.41

EQUITY & LIABILITIES Equity Equity Share Capital 50.00 Other Equity 322.27 Total Equity 372.27 Liabilities Non-Current Liabilities Financial Liabilities

Borrowings 13,939.73 Other Financial Liabilities 30.97

Deferred Tax liabilities (Net) . Other Non-Current Liabilities 1,145.28 Total Non-Current Liabilities 15,115.98 Current Liabilities Financial Liabilities

Trade Payables

Micro, Small and Medium Enterprises 2,84 Others 395.11

Other Financial Liabilities 245.26 Other Current liabilities 25 .. 06 Provisions 0.89 Total Current Liabilities 669.16 Total Liabilities 15,785.14 Total Equity and Liabilities 16,157.41

D1-1s ~... ... f

(Rs. In Cror ·l As at

March 31,2020

Audited

13,972.46

13.25 282.00

1,430.97

6.45 15,705.13

114.78

302.53 111.95

13.89 3.34

67.68 104.20 143.33 861.70

16,566.83

50.00 1,043.57 1,093.57

14,002.64

5.30

-676.24

14,684.18

0.55

492.00 261.69

34.00 0.84

789.08 15,473.26 16,566.83

Pipeline Infrastructure limited (Formerly Pipeline Infrastructure Private limited)

Notes to Financial Results of Pipeline Infrastructure Limited

1 The financial results have been prepared in accordance with the Indian Accounting Standards ("IND AS") prescribed

under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and also read with Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified and other

accounting principles generally accepted in India. The above results have been reviewed by the Audit Committee and

subsequently approved by the Board of Directors at their respective meetings held on November 10, 2020. The

Statutory Auditors of the Company have carried out a limited Review of the results for the six months ended

September 30, 2020.

2 Credit ratings of "CRISIL AAAIStable" from CRISIL Limited and "CARE AAAIStable" from CARE Ratings limited, obtained by the Company for its listed Non-Convertible Debentures issued on April 23, 2019, have been re-affirmed during

financial year 2020-21. As on date, there is no revision in the credit ratings.

3 The Company's activities comprise of transportation of natural gas through pipeline in certain states in India. Based on

the guiding principles given in lnd AS 108 on "Segment Reporting", since this activity falls within a single business and

geographical segment, segment- wise position of business and its operations is not applicable to the Company.

4 Details of Secured, Unlisted, Redeemable Non- Convertible Debentures ('Unlisted NCDs') issued on March 22, 2019 are

as follows:

Sr. Previous Due Date Next Due Date

No. Principal Interest Principal Interest Redemption Interest

Amount (Rs. In Crore)

(Rs.ln Crore)

1 AprillS, 2020 AprillS, 2020 Aprill5, 2021 April 15, 2021 105.10 715.97 The amount of principal repayment and interest due on April 15, 2021 has been partly paid by September 30, 2020 as

below:

Principal: Rs. 107.41 Crore Interest: Rs. 357.39 Crore The face value of 6,49,80,000 Unlisted NCDs was reduced from Rs. 1000 each to Rs. 938.01 each as on September 30,

2020 (Rs. 954.55 as on March 31, 1020}, in lieu of principal repayment.

5 Details of Secured, Rated, listed, Redeemable Non- Convertible Debentures (Listed NCDs) issued on April 23, 2019 are

as follows:

Sr. Previous Due Date Next Due Date

No. Principal Interest Principal Interest Redemption Interest

Amount (Rs. In Crore)

(Rs.ln Crore)

1 - September 30, 2020 March 22, 2024 December 31, 1020 6,451.00 145.17

Interest due on September 30, 2010 has been paid on due date.

6 The listed NCOs are secured by way of first charge I to be secured by way of mortgage and the Unlisted NCDs are

secured by way of second charge I to be secured by way of mortgage on the company's certain properties and the asset

cover thereof exceeds hundred percent of the principal amount of the said debentures. The security perfection for

mortgage creation is in process.

....,w

(___ ..

Pipeline Infrastructure Umited (Formerly Pipeline Infrastructure Private Limited)

Notes to Financial Results of Pipeline Infrastructure limited

7 Debenture Redemption Reserve (ORR) is not required to be created in view of the loss incurred by the Company during

the current period. Also as per MCA Notification GSR574(E) dated August 16, 2019, Debenture Redemption Reserve

(ORR) is not required to be created since the Company is a debt fisted entity.

8 Details of Outstanding Unlisted Redeemable Preference Shares (RPS)

Sr. Particulars As at September 30, 2020 As at March 31, 2020

No. No. ofRPS Amount No. ofRPS Amount

(Rs. in Crore) i(Rs. in Cror~} 1 0% Redeemable Preference 5,00,00,000 50.00 5,00,00,000 50.00

Shares

9 The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown

of economic activity. The Company has considered internal and external information while finalising estimates in

relation to its financial statement up to the date of approval of financial statements by the Board of Directors and has

not identified any material impact on the carrying value of assets, liabilities or provisions. However, the impact

assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and durations. Due to

the nature of the pandemic, the Company will continue to monitor development and shall take appropriate actions as

appropriate, based on any material changes in the future economic conditions.

10 The previous period/ year figures have been regrouped wherever necessary to make them comparable with those of

current period.

11 Formulae for computation of ratios are as follows: (a) Debt-Equity Ratio: Total Debt

Equity

- Total Debt represents Non Current Borrowings, Curr~nt Borrowings and Current maturities of long Term Debt

- Equity includes Equity Share Capital and Other Equity

(b) Debt Service Coverage Ratio (DSCR): Earnings before Interest and Tax

(Interest Expense+ Principal Repayment of Borrowings)

- Principal Repayment of Borrowings includes redemption of Non-Convertible Debentures on April 23, 2019 of Rs.

6,452.00 Crore. Had this not been considered, DSCR would have been 0.16 for the six months ended September

30, 2019 and (0.90) for the year ended March 31, 2020.

(c) Interest Service Coverage Ratio (ISCR): Earnings before Interest and Tax

Interest Expense

12 Net Worth: Total Equity excluding other comprehensive income.

D HS L-L...f

Date : November 10, 2020 Place : Mumbal

For Pipeline Infrastructure Limited

(Formerly Pipeline Infrastructure Private Limited)

Mlhir Nerurkar Chairperson of the Board DIN : 02038842

Akhll Mehrotra Chief Executive Officer PAN: ADNPMS006E

Chaturvedi and Shah LLP Chartered Accountants 714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai- 400 021 Tel.: +91 22 30218500 Fax: +9122 30218595

Deloitte Haskins & Sells LLP Chartered Accountants One International Center Tower 3, 27th- 32nd Floor,

Senapati Bapat Marg, Elphinstone Road (West) Mumbai- 400 013 Maharashtra, India. Tel: +91 22 6185 4000 Fax: +91 22 6185 4001

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE UNAUDITED FINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 52 OF THE SEBI (LISTING OBLIGATION & DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AS AMENDED.

TO THE BOARD OF DIRECTORS OF PIPELINE INFRASTRUCTURE LIMITED

1. We have reviewed the accompanying Statement of Unaudited Financial Results of Pipeline Infrastructure Limited ("the Company") for the six months 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 modified from time to time.

2. This Statement, which is the responsibility of the Company's Management and 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" ("Ind AS 34"), 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 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 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 specified under section 143(10) of the Companies Act, 2013 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.

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in accordance with the recognition and measurement principles 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 52 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.

For Chaturvedi & Shah LLP Chartered Accountants (Registration No. 101720W/W100355)

c_S.o~ Sandesh Ladha Partner Membership No. 047841 UDIN: 20047841AAAQZA3869

Mumbai, November 10, 2020

For Deloitte Haskins & Sells LLP Chartered Accountants

(RegistrationNo.117366W/W100018)

Rupen K. Bhatt Partner

Membership No. 046930 UDIN: 20046930AAAAHA8172