eee GTL INFRASTRUCTURE LIMITED Registered Office: Global Vision ES II, 3rd Floor, MIDC, TTC Industrial Area, Mahape, Navi Mumbai- 400 710, Maharashtra, India.

Tel: +91 22 6829 3500 I Fax: +91 6829 3545 I Website: www.gtlinfra.com I CIN-L74210MH2004PLC144367 INFRASTRUCTURE

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 in Lakhs except Share Data

Particulars

For the Quarter ended March 31,

2021

For the Quarter ended December 31,

2020

For the Quarter ended March 31,

2020

For the Year ended March 31,

2021

For the Year ended March 31,

2020 Refer Note No.15 Unaudited Unaudited Audited Audited

INCOME : Revenue from Operations 37,141 34,888 36,946 1,40,968 1,41,694 Other Income 1,748 283 603 3,916 2,029 Total Income 38,889 35,171 37,549 1,44,884 1,43,723 EXPENSES: Infrastructure Operation & Maintenance Cost 23,297 21,465 20,895 87,103 86,436 Employee Benefits Expense 1,808 1,383 2,019 6,142 6,141 Finance Costs 16,934 16,806 17,468 66,312 66,222 Depreciation and Amortization Expenses 12,998 13,567 14,891 54,718 63,444 Bad Debts and Provision for Trade Receivables and Advances (723) 647 3,044 433 5,236 Exchange Differences (Net) (484) (163) 3,275 (1,554) 3,306 Other Expenses (Refer Note No. 8) 16,450 2,228 3,078 21,919 14,346 Total Expenses 70,280 55,933 64,670 2,35,073 2,45,131 PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (31,391) (20,762) (27,121) (90,189) (1,01,408) Exceptional Item (Refer Note No. 9) 36,888 - 84,946 36,888 84,946 PROFITftLOSS) BEFORE TAX (68,279) (20,762) (1,12,067) (I,27,077) (1,86,354) Tax Expenses - - PROFITftLOSS) FOR THE PERIODNEAR (68,279) (20,762) (1,12,067) (I,27,077) (1 ,86,354) Other Comprehensive Income (A) Items that will not be reclassified to Profit or Loss

Remeasurement of the defined benefit plans (14) 14 (38) 52 26 (B) Items that will be reclassified to Profit or Loss Total Other Comprehensive Income 14 (14) 38 (52) (26) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR (68,265) (20,776) (1,12,029) (1,27,129) (1,86,380)

Paid -up equity share capital (Face value off 10 each) 12,49,659 12,40,696 12,31,910 12,49,659 12,31,910

Other Equity excluding Revaluation Reserves (13,78,369) (12,51,240)

Earnings Per Equity Share off 10 each Basic (0.54) (0.16) (0.88) (1.00) (1.46) Diluted (0.54) (0.16) (0.88) (1.00) (1.46)

Notes: 1. The above results have been reviewed by the AuditCommittee and taken on record by the Board of Directors at their meeting held on June 03, 2021. 2. The details of allotmentof Equity Shaw on exercise of option by FCCB Holders are as under.

Particulars No. of bonds No. of Shares issued / to be issued on conversion

B1 B2 fla B1 B2

As at January 1, 2021 51,348 72,928 12,811 33,44,73,683 47,50,42,781 8,34,49,060

Bonds converted during the Quarter - 13,760 - - 8,96,30,713 -

As at March 31, 2021 51,348 59,168 12,811 33,44,73,683 38,54,12,068 8,34,49,060

Bonds converted from April 1, 2621 511 date - - - - - -

As at June 3, 2021 51,348 59,168 12,811 33,44,73,683 38,54,12,068 8,34,49,060

3. The Hon'ble Supreme Court of India held that telecom tower is exigible to Properly Tax and States can levy properly tax on the same. The matter being dill sub judice with respeot of the component of Properly Tax, non-receiptof demand notices for majority of he towers of the Company and the Company's right to recover properly tax from certain customers, the Company is unable to quantify actual properly tax amount payable. The provision will be considered as and when the matter is resolved. In aspect of the above, the auditore have issued modified reports for the quarter &Year ended March 31, 2021 and also the reports on the financial statements of earlier years.

4. During the Year ended March 31, 2021, Edelweiss Asset Reconstructbn Company ("EARC") has, without the consent of the Company, debited a total amount of 35,600 lakhs from the TRA account on varbus dates. In the absence of company's consent for such debit, the Company has provided the interest on borrowings after adjusting this amount in principal. The Company has raised objections to such withdrawalsoff 35,600 lakhs from the TRA account in light of Status quo issued by Hon'ble Supreme Court of India by their order dated March 6, 2020 and pending onmpliance of Interim Award dated December 17, 2019 passed by Arbitral Tribunal in the arbitration of GTL Limited and Company on GTL's claims., Hon'ble Delhi High Court in an appeal, filed against the said Interim Award by EARC, held by its Judgment dated November 18, 2020, while partially modifying the said Interim Award, that, monies subject to the said Interim Award are required to be held and earmarked in TRA Account maintained and controlled by Company's lenders and the said deposit shall remain subject to further orders to be passed by the teamed Akita! Tribunal. After the said Judgment dated November 18 2020, a Clarification Application was filed by EARC and the same was dismissed being misconceived. EARC has now filed a Review Petitbn and the same is pending before Delhi High Court for adjudication.

5. (a) As of March 31, 2021, 79.34% of Indian Rupee Debt off 322,625 Lakhs have been assigned in favour of Edelweiss Asset Reconstruction Company ("EARL) acting in its capacity as Trustee of EARC Tmst-SC 338 vide assignment agreement executed in favour of EARC. The Company is contesting and pursuing legal proceedings to enforce Reserve Bank of India's Master Circular on 'Prudential Norris on Income Recognition, Assets Classification and Provisioning Pertaining to Advances dated July 1, 2015 CIRAC") clause 6.4 (d) (i) against remaining lenders before the Hon'ble Supreme Court. Pursuant to the same, the Company has not obtained balance onnfirmatbns from these lenders.

(b) One of the remaining secured lenders, referred in note no. 5 (a) above, allegedly claiming f 64,638 Lakhs has filed proceedings before the National Company Law Tribunal (the "NCLI') under Insolvency and Bankruptcy Code 2016 which has not been admitted so far.

(c) The Hon'ble Supreme Court vide its order dated March 6, 2020 issued a notice and directed the lenders to maintain status quo in the abovementbned matters against which an application for early healing and vacation of Status quo order has been filed by one of the lenders.

6. The Company lost substantial number of tenancies in last few years, due to various events which were beyond management control, such as shutdown / mit of major telecom operators namely Aircel Group, Reliance Communications and Tata Tee, Business combination of Vodafone & Idea, Telenor & Aide!, recent AG R developments etc. These developments have resulted in reduction in the revenue and esmings muffing in erosion of Company's net worth and provision for impairment of properly, plant and equipment.. Further the Company has received notices of recall of loans from EARC and IDBI Bank claiming alleged default in terms of Master Restructuring Agreement dated December 31, 2011. The Company has strongly refuted the claims. Simultaneously, the Company is also discussing with Lenders the proposed realignment of debt. The Company is optimistic that the proposed realignment of debt with Lenders in accordance with cash flows will be concluded in near future. In addition to the above, various resource optimization initiatives under taken by the Company, can lead to stabilization and revival. Therefore, the Company continues to prepare the books of account on Going Concem basis. Further, the Company also continues to pursue contractual claims of approx.ff 15, 22,356 lakhs from varbus operators in respect of premature exits by them in the lock in period.

7. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and past-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effecttye.

8. Shut down/exit of 12-14 telecom operators resulted into abandonment of more than 14,000 towers of the Company by them, making such towers unoccupied and loss of revenue towards the Infrastructure Provisioning Fees/ Rental on such towers. In view of above, the rentals to landlords for those sites remained unpaid. During the year ended March 31, 2021, disgruntled landowners / miscreant dismantled 1171 out of the above unoccupied sites. This has resulted into a loss of f 14,428 Lakhs &ff 16,314 Lakhs for the quarter and year ended March 31, 2021 respectively which is included in other expenses in the above results. The Company has initiated process of intimation to police, legal actbns against the landbrds and lodging of the insurance claims.

9. Considering the cunent situation of telecom scenario mentioned in note 6, the Company carried out an impairment test of its property, plant and equipment in accordance with the Indian Accounting Standards (Ind AS) 36 -1 mpaiiment of Assets' and an impairment loss off 36,888 Lakhs has been recognized for the quarter and year ended March 31, 2021 (preibus yearff 40,946 Lakhs) and the same has been disclosed as excepdonal item in the above mutts.

10.Mr. Milind Naik, Whole Time Director of theCompany retired during the yearend was reappointed on January 20, 2021. Approvalof shareholders is awaited towards his managerial remuneration. 11.The outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Ministry of Home Affairs notified telecommunicatbn

services including telecom infrastructure services among the essential services which continued to operate during lock down. The passive infrastructure as well as active telecom operations are actively engaged in fuffilling the surge in demand arising out of the choice exercised by almost all industries to conduct their operations remotely. The current 'second wave° that has significantly increased the number of cases in India has resulted in operational challenges in carrying out field work due to regional / local restrictions in areas with significant number of COVID-19 cases. The Company is hying its best to keep the customer focus / network uptime humming. The Company continues to closely monitor the development and possible effects that may result from the current pandemic, on its financial conditbn, liquidity & operations and it is actively working to minimize the impactof this unprecedented situation.

12.The Company is predominantly in the business of providing 'Telecom Towers"on shared basisand assuch thereare noseparate reportablesegments. TheCompany's operadonsare currently in India. 13. The Statement of assets and Liabilities is as under: (Z in Lakhs)

Sr. No. Particulars

As At March 31, 2021

(Audited)

As At March 31, 2020

(Audited)

ASSETS 1 Non-Current Assets

(a) Property, Plant and Equipment 4,91,614 5,84,906 (b) Right-of-use assets 56,674 58,408 (c) Capital work-in-progress 2,750 3,138 (c Investment Property 3,169 3,238 (e) Other Intangible Assets 1 18 (f) Financial Assets

() Investments - - (ii) Other Bank Balances 2 2 (iii) Loans 7,914 8,679

(g) Other Non-current Taxes 915 120 (h) Other Non-current Assets 1,756 2,032

Total - Non-Current Assets 5,64,795 6,60,541

(Z in Lakhs)

Sr. No. Particulars

As At March 31, 2021

(Audited)

As At March 31, 2020

(Audited)

2 Current Assets (a) Inventories 367 260 (b) Financial Assets

() Investments 6,306 6,010 (ii) Trade Receivables 10,544 7,941 (b) Cash and Cash Equivalents 43,685 21,861 (iv) Bank Balances other than (ii) above 217 29,370 (v) Loans 2,247 1,568 (vi) Others 5,749 7,513

(c) Current Tax Assets (Net) 465 992 (d) Other Current Assets 10,291 6,961

Total - Current Assets 79,871 82,476 TOTAL ASSETS 6,44,666 7,43,017

EQUITY AND LIABILITIES 1 EQUITY

(a) Equity Share Capital 12,49,659 12,31,910 (b) Other Equity (13,78,369) (12,51,240)

Total - Equity (1,28,710) (19,330) 2 LIABILITIES

(I) Non-Current Liabilities (a) Financial Liabilities

(0 Borrowings - - (ii) Lease Liabilities 52,188 51,392 (iii) Other Financial Liabilities 4,422 6,294

(b) Provisions 5,147 6,025 (c) Other non-current Liabilities 1,587 1,957

Total - Non-Current Liabilities 63,344 65,668 (II) Current Liabilities

(a) Financial Liabilities () Trade Payables -total outstanding dues of micro enterprises

and small enterprises 107 35 -total outstanding dues of creditors other

than micro enterprises and small enterprises 1,888 1,603 (ii) Lease Liabilities 21,727 16,736 (iii) Others Financial Liablities 6,71,818 6,64,303

(b) Other Current Liabilities 7,810 7,934 (c) Provisions 6,682 6,068

Total - Current Liabilities 7,10,032 6,96,679 TOTAL EQUITY AND LIABILITIES 6,44,666 7,43,017

14. Statement of Cash Flows (Z in Lakhs)

Particulars

For the Year Ended

March 31, 2021 (Audited)

For the Year Ended

March 31, 2020 (Audited)

CASH FLOW FROM OPERATING ACTIVITIES Net Prof t/(Loss) before tax as per Statement of Profit and Loss (1,27,077) (1,86,354) ADJUSTED FOR Depreciation and amortization expenses 54,718 63,444 Loss on Dismantling/Sale/Retirement of Fixed Assets (Net) 15,790 1,013 Interest Income (274) (1,019) Finance Costs 66,312 66,222 Extinguishment of liabilities (2,347) Foreign Exchange (Gain)/Loss (Net) (1,554) 3,306 Difference on measurement of financial instrument at fair value through Profit & Loss (297) (99) Profit on sale of Investments (509) Exceptional Items 36,888 84,946 Balances Written off (Net of Provision written back) (5,507) 240 Provision for Trade Receivables and Energy Recoverables 5,940 4,996 Miscellaneous Income on Asset Retirement Obligation (ARO) & Lease (176) (248) Miscellaneous Income on reversal of eerier provision for tax (309) Prepaid Rent amortization 55 573 Advance revenue on deposits (750) (831) OPERATING PROFIT BEFORE WORKING CAPITAL CHANGE 41,412 35,680 ADJUSTMENTS FOR Trade and Other Receivables (4,463) 4,747 Inventories (107) 51 Trade and Other Payables 5,018 513 CASH GENERATED FROM OPERATIONS 41,860 40,991 Taxes paid/refund received (Net) 41 2,623 NET CASH FLOW GENERATED FROM OPERATING ACTIVITIES 41,901 43,614 CASH FLOW FROM INVESTING ACTIVITES Purchase of PPE and Capital Work-in -Progress (CWIP) (5,354) (5,432) Proceeds from disposal of PPE & CWIP 1,156 2,427 Purchase of Investments (1,28,210) Sale of Gwent Investments - 1,23,871 Interest Received 217 945 NET CASH FLOW USED IN INVESTING ACTIVITIES (3,981) (6,399) CASH FLOW FROM FINANCING ACTIVITIES Repayment of Long-Term-Borrowings (35,600) - Interest and Finance charges Paid (129) (24) Payment towards prindpal portion of lease liability (5,916) (5,603) Payment towards interest portion of lease liability (3,603) (3,776) Other Bank Balances towards statutory demands under dispute and other commitments etc. 29,116 (12,585) Fked Deposits with Banks pledged as Margin Money, Debt Service Reserve Account and others 36 (8) NET CASH USED IN FINANCING ACTIVITIES (16,096) (21,996) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 21,824 15,219

Cash and Cash Equivalents (Opening Balance) 21,861 6,642 Cash and Cash Equivalents (Closing Balance) 43,685 21,861

15.The figures for the conesponding previous period /year have been regrouped/rearranged wherever necessary, to make them comparable. The figures fo the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the financial year.

For GTL Infrastructure Limited

Date : June 3, 2021

Milind Naik Place : Mumbai

Whole Time Director

Note: The full format of the Financial results for Quarter and Year ended March 31, 2021 along with Independent Auditors Review Report is available on the websites of the stock exchange(s) at www.nseindia.com Avnaw.bseindia.com and theCompanyatwww.calinfrazom

Modified opinion of the Auditor - As mentioned in Note No.3 to the statement, the Hon'ble Supreme Court of India held that °Mobile Telecommunication Tower" is a building and State can levy property tax on the same. Pending petitions of the Company before the appropriate Courts, non-receipt of demand notices for property tax in respect of majority of the Telecommunication Towers and also due to Company's right to recover such property tax amount from certain cestomers, the company is unable to quantify the amount of property tax to be home by it and accordingly has not made any provision for the same. We are unable to quantify the amount of the property tax, if any, to be accounted forand its consequential effects on the statement.

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GTL INFRASTRUCTURE LIMITED Registered Office: Global Vision ES II, 3rd Floor, MIDC,'TTC Industrial Area, Mahape, Navi Mumbai- 400 710, Maharashtra, India.

Tel: +91 22 6829 3500 I Fax: +916829 3545 I Website: www.gtlinfra.com I CIN-L74210MH2004PLC144367 INFRASTRUCTURE

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 T In Lakhs except Share Data

Particulars

For the Quarter ended March 31,

2021

For the Quarter ended December 31,

2020

For the Quarter ended March 81,

2020

For theYear ended March 81,

2021

For the Year ended March 31,

2020 Refer Note No.15 Unaudited Unaudited Audited Audited

INCOME : Revenue from Operations 37,141 34,888 36,948 1,40,988 1,41,694 Other income 1,748 283 803 3,916 2,029 Total Income 38,889 35,171 37,549 1,44,884 1,43,723 EXPENSES: infrastructure Operation & Maintenance Coat 23,297 21,485 20,895 87,103 86,436 Employee Benefits Expense 1,808 1,883 2,019 6,142 6,141 Finance Costs 18,934 18,806 17,468 66,312 66,222 Depreciation and Amortization Expenses 12,998 13,567 14,891 54,718 63,444 Bad Debts and Provision for Trade Receivables and Advances (723) 847 3,044 433 5,236 Exchange Differences (Net) (484) (163) 3,275 (1,554) 3,306 Other Expenses (Refer Note Na 8) 18,450 2,228 3,078 21,919 14,348 Total Expenses 70,280 55,983 64,670 2,35,073 2,45,131 PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (31,391) (20,782) (27,121) (90,189) (1,01,408) Exceptional Item (Refer Note No. 9) 38,888 . 84,948 86,888 84,948 PROFTT/(LOSS) BEFORE TAX (68,279) (20,762) (1 ,12,087) (1,27,077) (1,86,354) Tax Expenses . . .

PROFTT/(LOSS) FOR THE PERIOD/YEAR (88,279) (20,762) (1,12,067) (1,27,077) (1,88,354) Other Comprehensive Income (A) Items that will not be reclassified to Profit or Loss

Remeasurement of the defined benefit plans (14) 14 (38) 52 26 (B) Items that will be reclassified to Profit or Loss Total Other Comprehensive Income 14 (14) 38 (52) (26) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR (68,988) (20,776) (1,12,029) (1,27,129) (1,88,380) Paid -up equity share capital (Face value of T 10 each) 12,49,659 12,40,896 12,31,910 12,49,659 12,31,910 Other Equity excluding Revaluation Reserves (13,78,369) (12,51,240) Earnings Per Equity Share of T 10 each Basic (0.54) (0.16) (0.88) (1.00) (1.46) Diluted (0.54) (0.18) (0.88) (1.00) (1.48)

Notes: 1. The above results have been reviewed bythe Audit Committee and taken on record bythe Board of Directors attheir meeting held on June 03, 2021. 2. The details of effotment of Equity Sheds on exercise of option by FCCB Holders are as under

Particulate No. of bonds No. of Shares issued / to be Issued on conversion

B1 B2 B3 81 B2

As at January 1, 2021 51,348 72,928 12,811 33,44,73,883 47,50,42,781 8,34,49,060

Bonds converted during the Quarter 13,760 8,96,30,713 As at March 31, 2021 51,348 59,188 12,811 33,44,73,883 38,54,12,088 8,34,49,080

Bonds converted from April 1, 2021011 date

As at June 3, 2021 51,348 59,168 12,811 33,44,73,683 38,54,12,068 8,34,49,060

3. The Hon'bie Supreme Court of India held that telecom tows is redgible to Properly Tex and States can levy property taxon the same. The matter being still sub judise with respect of the component of ProperlyTax, non-receipt of demand notices for majority of the towers of the Company and the Company's right to reoever propertytexfrom certain customers, the Company is unable to quantify actual property tax amount payable. The provision will be considered as and when the matter is resolved. In respect of the above, the auditor/s have issued modified reports for the quarter &Year ended March 31,2021 and also the reports on the financial statements of eadieryears.

4. During the Year ended March 31, 2021, EdekveLss Asset Reconstruction Company rEAFIC1 has, without the consent of the Company, debited a dal amount of T 35,600181de from the TRA account on various dates. In the absence of company's consent forsuch debit, the Company has provided the interest on borrowings after adjusting this amount in principal. The Company has raised objec.dons to such withdrawals of T 35,600 laits from the TRA account in light of Status quo issued by Hon'bie Supreme Court of India by their order dated March 8,2020 and pending compliance of interim Award dated December 17,2019 passed byArbitral Tribunal in the arbitration of GTL Limited and Company on GTL's claims., Hon'bie Delhi High Courtin an appeal, filed against the said interim Award by EARC, held by its Judgment dated November 18,2020, while partially modifying the said interim Award, that, monies subjectto the said Interim Award are required to be held and earmarked in TRA Account maintained and controlled by Company's lenders and the said deposit shall remain subject to further orders to be passed by the learned Arbitral Tribunal. After the said Judgment dated November 18 2020, a Clarification Application was filed by EARC and the same was dismissed being misconceived. EARC has now filed a Review Petition and the same is pending before Delhi High Courtfor adjudication.

5. (a) As of March 31, 2021, 79.34% of Indian Rupee Debt of= 322,625 Lakhs have been assigned In favour of Edelweiss Asset Reconstruction Company (TARO) acting in its capacity as Trustee of EARC Trust-SC 338 vide assignment agreement executed in favour of EARC. The Company is contesting and pursuing legal proceedings to enforce Reserve Bank of India's Master Circular on "Prudential Norms on income Recognition, Assets Classification and Provisioning Pertaining to Advances' dated July 1, 2015 (1RAC') clause 6.4 (d) (14 against remaining lenders before the Hon'ble Supreme Court. Pursuant to the same, the Company has not obtained balance confirmations from these lenders.

(b) One of the remaining secured lenders, referred in note no. 5 (a) above, allegedly claiming T 84,638 Laths has filed proceedings before the National Company Law Tribunal (the "NCLT') under insolvency and Bankruptcy Code 2016 which has not been admitted eater.

(c) The Hon'ble Supreme Court vide Its order dated March 6, 2020 issued a notice and directed the lenders to maintain status quo In the abovementioned matters against which an application for early hearing and vacdon of Status quo order has been filed by one of the lenders.

6. The Company lost substantial number of tenancies in lest few yews, due to various events which were beyond management control, such as shutdown /exit of major telecom operators namely Adel Group, Reliance Communications and Tata Tele, Business combination of Vodafone & Idea, Teienor & Artel, recent AGR developments eta. These developments have resulted in reduction in the revenue and earnings resulting in erosion of Companys net worth and provision for impairment of property, plant and equipment.. Further the Company has received notices of recall of from EARC and IDBI Bank claiming alleged default in terms of Master Restructuring Agreement dated Decanter 31, 2011. The Company has strongly refuted the claims. Simultaneously, the Company is also discussing wit Lenders the proposed realignment of debt. The Company is optimistic that the proposed realignment of debt with Lenders in accordance with cash flows will be concluded in near future. In addition to the above, various resource optimization initiatives under taken by the Company, can lead to stabilization and revival. Therefore, the Company continues to prepare the books of account on Going Concern bask Further, the Company also continues to pursue contractual claims of approx. T 15, 22,358 lads from various operators in respect of premature exits bythem in the lock in period.

7. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impactin the period the Code becomes effective.

8. Shut down/erdt of 12-14 telecom operators resulted Into abandonment of more than 14,000 towers of the Company by them, maldng such towers unoccupied and loss of revenue towards the infrastructure Provisioning Fees/ Rental on such towers. In view of above, the rentals to landlords for those sites remained unpaid. During the year ended March 31, 2021, disgruntled landowners / miscreants dismanted 1171 out of the above unoccupied sites. This has resulted into a loss of T 14,428 Lakhs &=16,314 Lads for the quarter and year ended March 31, 2021 respectively which is Included in otherapencas in the above results. The Company has infilated process of Intimation to police, legal actions against the landlords and lodging of the insurance claims.

9. Considering the current situation of telecom scenario mentioned in note 8, the Company carded out an impairment test of its properly, plant and equipment in accordance with the Indian Accounting Standards (Ind AS) 38 - 'impairment of Assets' and an impairment loss oil' 36,888 Lads has been recognized for the quarter and year ended March 31, 2021 (previous year T 40,946 Lads) and the same has been disclosed as exceptional item in the above results.

10.Mr. Milind Nalk, Whole Time Director of the Company retired during the year and was reappointed on January 20, 2021. Approval of shareholders is awaked towards his managerial remuneration. 11.The outbreak of corona virus (COVID-19) pandemic globally and in India is causing signifleant disturbanse and slowdown of economic activity. The Ministry of Home Affairs notified telecommunication

services including telecom infrastructure services among the essential services which continued to operate during look down. The passive infrastructure as well as active telecom operations are actively engaged in fulfilling the surge in demand arising out of the choice exercised by almost all industries to conduct their operations remotely. The current 'second wave' that has significantly increased the number of cases in India has resulted in operational challenges in carrying out field work due to regional / local restrictions in areas with significant number of COVID-19 cases. The Company is trying its best to keep the customer focus / network uptime humming. The Company continues to closely monitor the development and possible effects that may result from the current pandemic, on its financial condition, liquidity&operations and it is actively wortng to minimize the impact of this unprecedented situa'don.

12.The Company is predominantly in the businessof providing 'Telecom Towers' on shared basisand as such thereare noseparate reportable segments. The Company's operationsare currently in India 13. The Statement of assets and Liabilities !sea under. (Tin Lakhs)

Sr. No. Particulars

As At March 31, 2021

(Audited)

As At March 31, 2020

(Audited)

ASSETS 1 Non-Current Assets

(a) Property, Plant and Equipment 4,91,614 5,84,906 (b) Right-of-use assets 56,674 58,408 (c) Capital work-in-progress 2,750 3,138 (d) Investment Property 3,169 3,238 (e) Other Intangible Assets 1 18 (f) Financial Assets

(I) investments - - (H) Other Bank Balances 2 2 (Hi) Loans 7,914 8,679

(g) Other Non-current Taxes 915 120 (h) Other Non-current Assets 1,756 2,032

Total - Non-Current Assets 5,64,795 6,60,541

(T In Lakhs)

Sr. No. Particulars

As At March 31, 2021

(Audited)

As At March 31, 2020

(Audited)

2 Current Assets (a) Inventories 367 260 (b) Financial Assets

(I) Investments 8,306 6,010 (ii) Trade Receivables 10,544 7,941 (iii) Cash and Cash Equivalents 43,685 21,861 (iv) Bank Balances other than OM above 217 29,370 (v) Loans 2,247 1,568 (vi) Others 5,749 7,513

(c) Current Tax Assets (Net) 465 992 (d) Other Current Assets 10,291 6,961

Total - Current Assets 79,1171 82,476 TOTAL ASSETS 6,44,666 7,43,017

EQUITY AND LIABILITIES 1 EQUITY

(a) Equity Share Capital 12,49,659 12,31,910 (b) Other Equity (13,78,369) (12,51,240)

Total - Equity (1,28,710) (19,330) 2 LIABILITIES

(I) Non-Current Liabliftles (a) Financial Liabilities

(I) Borrowings - - (II) Lease Liabilities 52,188 51,392 OM Other Financial Liabilities 4,422 6,294

(b) Provisions 5,147 6,025 (c) Other non-current Liabilities 1,587 1,957

Total - Non-Current Liabilities 63,944 65,668 (II) Current LiabiMies

(a) Financial Liabilities (I) Trade Payables - total outstanding dues of micro enterprises

and small enterprises 107 35 - total outstanding dues of creditors other

than micro enterprises and small enterprises 1,888 1,603 (H) Lease Liabilities 21,727 16,736 (Hi) Others Financial Liablities 8,71,818 6,64,303

(b) Other Current Liabilities 7,810 7,934 (c) Provisions 6,682 8,088

Total - Current Liabilities 7,10,032 6,96,679 TOTAL EQUITY AND LIABILITIES 6,44,666 7,43,017

14. Statement of Cash Flows (T In Laths

Particulars Particula For the Year

Ended Ended 31, 2021

(Audited)

For the Year Ended

Much 31, 2020 (Audited)

CASH FLOW FROM OPERATING ACTIVMES Net Prof W(Loss) before tax as per Statement of Profit and Loss (1,27,077) (1,86,354) ADJUSTED FOR Depreciation and amortization expenses 54,718 83,444 Loss on Dismantling/Sale/Retirement of Fixed Assets (Net) 15,790 1,013 Interest income (274) (1,019) Finance Costs 66,312 66,222 Extinguishment of liabilities (2,347) Foreign Exchange (Gain)/Loss (Net) (1,554) 3,306 Difference on measurement of financial instruments at fair value through Profit & Loss (297) (99) Profit on sae of investments (509) Exceptional Items 38,888 84,946 Balances Written off (Net of Provision written back) (5,507) 240 Provision for Trade Receivables and Energy Recoverables 5,940 4,996 Miscellaneous Income on Asset Retirement Obligation (ARO) & Lease (176) (248) Miscellaneous Income on reversal of earlier provision for tax (309) Prepaid Rent amortization 55 573 Advance revenue on deposits (750) (831) OPERATING PRO' BEFORE WORKING CAPITAL CHANGE 41,412 35,880 ADJUSTMENTS FOR Trade and Other Receivables (4,483) 4,747 Inventories (107) 51 Trade and Other Payables 5,018 513 CASH GENERATED FROM OPERATIONS 41,860 40,991 Taxes paldfrefund received (Net) 41 2,623 NET CASH FLOW GENERATED FROM OPERATING ACTIVITIES 41,901 43,814 CASH FLOW FROM INVESTING ACTIWTES Purchase of PPE and Capital Work-in -Progress (CWIP) (5,354) (5,432) Proceeds from disposal of PPE & CWIP 1,158 2,427 Purchase of investments (1,28,210) Sale of Current Investments - 1,23,871 Interest Received 217 945 NET CASH FLOW USED IN INVESTING ACTIVITIES (8,981) (8,899) CASH FLOW FROM FINANCING ACTIVITIES Repayment of Long-Term-Borrowings (35,800) - interest and Finance charges Paid (129) (24) Payment towards principal portion of lease liability (5,918) (5,603) Payment towards Interest portion of lease liability (3,603) (3,776) Other Bank Balances towards statutory demands under dispute and other commitments et. 29,116 (12,585) Axed Deposits with Banks pledged as Margin Money, Debt Service Reserve Account and others 36 (8) NET CASH USED IN FINANCING ACTIVITIES (16,096) (21,996) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 21,824 15,219 Cash and Cash Equivalents (Opening Balance) 21,881 8,842 Cash and Cash Equivalents (Closing Balance) 43,685 21,861

15.The figures for the corresponding previous period /year have been regrouped/rearranged wherever necessary, to make them comparable. The figures fo the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the financial year.

For GTL infrastructure Limited

Date : June 3, 2021

Milind Nalk Place : Mumbai

Whole Time Director

Note: The hill format of the Financial results for Quarter and Year ended March 81, 2021 along with independent Auditors Review Report le available on the websitee of the stock exchange(s)atwww.nsaindla.com& mandtheCompanyatlywe.aginfracom

Modified opinion of the Auditor - As mentioned in Note No.3 to the statement, the Hon'ble Supreme Court of India held that MobileTelecommunication Tower is a building and State can levy properly tax on the same. Pending petitions of the Company before the appropriate Courts, non-recelpt of demand notices for properly tax in respect of majority of the Telecommunication Towers and also due to Company's right to recover such property tax amount from certain customers, the company is unable to quantify the amount of property tax to be home by it and accordingly has not made any provision for the same. We are unable to quantifythe amourn of the propertytax, if any, to be accounted for and its consequential effects on the statement.