M. H. DALAL & ASSOCIATES C H ARTERED ACCOUNTANTS

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1 M. H. DALAL & ASSOCIATES C H ARTERED ACCOUNTANTS 301/308, Balaji D arshan, Tilak R oad, Santacruz (W ), M um bai Phone : : E-m ail: m hdalal@ gm ail.com W ebsite: w w w.dalalgroup.in Independent Auditor's Review Report on Standalone Q uarterly Financial Results of the Com pany Pursuant to the Regulation 33 and Regulation 52 of the SEBI (listing O bligations and Disclosure Requirem ents) Regulations, To The Board of Directors of Hubtow n lim ited 1. W e have review ed the accom panying statem ent of unaudited standalone financial results ('S tatem ent') of the H U B T O W N LIM IT E D ('the C om pany') for the quarter ended 3 0 t h June, being subm itted by the C om pany pursuant to the requirem ents of R egulation 33 and R egulation 52 of the S E B I (Listing O bligations and D isclosure R equirem ents) R egulations, , w hich has been initialed by us for identification purposes. T his statem ent is the responsibility of the C om pany's M anagem ent and has been approved by the B oard of D irectors. O ur responsibility is to issue a report on the S tatem ent based on our review. 2. W e conducted our review in accordance w ith the S tandard on R eview E ngagem ent (S R E) , "R eview of Interim F inancial Inform ation P erform ed by the Independent A uditor of the E ntity" issued by the Institute of C hartered A ccountants of India. T his S tandard requires that w e plan and perform the review to obtain m oderate assurance as to w hether the statem ents are free of m aterial m isstatem ent. A review is lim ited prim arily to inquiries of com pany personnel and analytical procedures applied to financial data and thus provide less assl:lrance than an audit. W e have not perform ed an audit and accordingly, w e do not express an audit opinion. 3. W e draw attention to N ote no. 8 of the standalone financial results, regarding nonreceipt of financial results of three of its partnerships/ AO P's for the quarter ended 30 t h 'June, H ow ever, the C om pany is of the opinion that the aggregate of the review ed quarterly financial results of such partnership firm s are not expected to have any m aterial im pact on the quarterly financial results of the C om pany. O ur review report is not m odified in respect of this m atter. 4. a) A s stated in N ote 10 to the standalone financial result of the C om pany for the quarter ended 3 0 t h June , w ith regards the C om pany not having provided for Interest am ounting to ~ l, L(j{4s ~,ertain Inte~r-c; & ~~te deposits in current quarter. " c : : / ~ 0 Q C, I C ': > \ R T E R E D ~ ~ \, i " 'C O I o r -.-., 'o F : :. -< \... _. ; 1, '" \ 1 f~ I, \ \. OJ/! '- / : 1

2 th August 13, 2018 M.H. DALAL & ASSOCIATES CHARTERED ACCOUNTANTS Consequent to above, finance cost for the quarter ended 30 th June, 2018 has been understated by ~1, Lakhs resulting in a consequential increase in the profit for the quarter ended 30th June, (b) A s stated in N ote 11 to the standalone financial result of the C om pany for the quarter ended 30 th June, 2018 with regards the com pany not having recognized finance Incom e from D eep D iscount bond held in one of its Joint V enture entities. C onsequently, F inance Incom e and profit for the period has been understated by ~ Lakhs. 5. T he com parative unaudited standalone financial results of the C om pany for the quarter ended June 30, 2017 has been review ed by the predecessor auditor of the C om pany w ho had expressed an unm odified opinion thereon as per their report dated A ugust 10, 2017 and w hich has been furnished to us by the C om pany's M anagem ent and has been relied upon by us for the purpose of our review of the unaudited standalone financial results. O ur opinion is not m odified in respect of this m atter. 6. B ased on our review conducted as above, except for the im pact on the results of the m atter described in paragraph 4 above, nothing has com e to our attention that causes us to believe that the accom panying statem ent prepared in accordance w ith applicable Indian A ccounting S tandards specified under section 133 of the C om panies A ct, 2013 and SEBI Circulars CIR/CFD/CM D/15/2015 dated 30 Novem ber 2015 and C IR/C F D/F A C/62/2016 dated 5 July 2016, and other recognized accounting practices and policies, has not disclosed the inform ation required to be disclosed in term s of R egulation 33 of the S E B I (Listing O bligations and D isclosure R equirem ents) R egulations, 2015, including the m anner in w hich it is to be disclosed, or that it contains any m aterial m isstatem ent. F or M.H. Dalal & Associates F irm R egistration N o.: W CharteredAcyant' U-?~. \ Devang Dalal Partner M em bership No.: M um bai

3 .' H U B T O W N L IM IT E D C IN : L M H P L C R e g iste re d O ffice : 'P la za P a n ch sh e e l', 'A ' W in g, 5 th F lo o r, H u g h e s R o a d, B e h in d D h a ra m P a la ce, G ra n t R o a d (W e st), M u m b a i P h o n e : ; ; F a x: E -m a il: in ve sto rce ll@ h u b to w n.co.in ; W e b site : w w w.h u b to w n.co.in S ta te m e n t o f U n a u d ite d S ta n d a lo n e F in a n cia l R e su lts fo r th e Q u a rte r e n d e d Ju n e 3 0, (~ in L a kh s)1 Q u a rte r e n d e d Y e a r e n d e d P a rticu la rs In co m e U n a u d ite d U n a u d ite d U n a u d ite d A u d ite d. a. R e ve n u e fro m O p e ra tio n s (R e fe r N o te Ell. 8, , , ,4 8 1 b. O th e r In co m e 2, , ,0 4 0 T o ta l In co m e (a + b ) , E xp e n se s 3 a. C o st o f co n stru ctio n a n d d e ve lo p m e n t 2, , ,7 2 6 b. P u rch a se s o f sto ck-in -tra d e c. C h a n g e s in in ve n to rie s o f w o rk-in -p ro g re ss, fin ish e d p ro p e rtie s a n d F S I (9 5 5 ) (3,4 0 3 ) (3,7 3 1 ) d. E m p lo ye e b e n e fits e xp e n se ,4 9 9 e. F in a n ce co sts 7, , , ,2 7 7 f. D e p re cia tio n a n d a m o rtisa tio n e xp e n se Ig. P ro visio n fo r d o u b tfu l d e b ts h. L e g a l a n d P ro fe ssio n a l fe e s i. R a te s a n d T a xe s (1 1 4 \ A d va n ce s a n d o th e r d e b it b a la n ce s w ritte n o ff ,0 8 7 k. C a n ce lla tio n fo r co m p e n sa tio n rig h ts in p ro je ct ,4 5 3 I. In ve stm e n t w rite o ff m. O th e r e ~ e n se s , ,5 0 4 T o ta l E xp e n se s (a + b + c+ d + e + f+ Q + h + i+ l.+ k+ l+ m ) P ro fit/c L o ss) b e fo re E xce p tio n a l Ite m a n d T a x C 1-2 ) , (4,5 9 6 ) , A d d /(L e ss) : E xce p tio n a l Ite m (n e t o f ta x e xp e n se ) P ro fit/c L o ss) b e fo re T a x C3+/-4) C 4, T a x E xp e n se I (C re d it) ,4 4 2 (A d d )/L e ss : a. C u rre n t T a x b. D e fe rre d T a x C h a rg e I (C re d it) c. S h o rt I (E xce ss) p ro vis io n fo r ta xa tio n in e a rlie r ye a r T o ta l T a x e xp e n se (a+l-b+l-c) 7 N e t P ro fit/c L o ss) fo r th e p e rio d C5+1.6) 8 O th e r C o m p re h e n sive In co m e (n e t o f ta x) (1,0 1 0 ) (1,3 7 6 ) (8 1 4 ) (2,2 3 4 ) (2 1 2 ) 4 0 (2,3 6 2 ) ,6 5 4 T o ~ a l O th e r.c o m p re h e n sive Incomel (L o ss) ) - (1 4 ) P a id -u p E q U ity S h a re C a p ita l- F a ce V a lu e ~ 1 0 e a ch 4 0 ( ) O th e r e q u ity (e xclu d in g re va lu a tio n re se rve ) E a rn in ~ s P e r E q u ity S h a re o f ~ 1 0 e a ch (n o t a n n u a lise d 1 6 8,2 1 4 ~ (B a S IC ) ~ (D ilu te d ) (3.2 5 ) (3.2 5 )

4 S T A N D A L O N E U N A U D IT E D F IN A N C IA L R E S U L T S F O R T H E Q U A R T E R E N D E D J U N E 3 0, N O T E S : T h e a b o v e re s u lts, w h ic h h a v e b e e n s u b je c te d to lim ite d re v ie w b y th e A u d ito rs o f th e C o m p a n y a s re q u ire d u n d e r R e g u la tio n 3 3 o f th e S E B I (L is tin g O b lig a tio n s a n d D is c lo s u re R e q u ire m e n ts ) R e g u la tio n s, , w e re re v ie w e d b y th e A u d it a n d C o m p lia n c e C o m m itte e o f D ire c to rs a n d s u b s e q u e n tly a p p ro v e d a n d ta k e n o n re c o rd b y th e B o a rd o f D ire c to rs o f th e C o m p a n y in its m e e tin g h e ld o n A u g u s t 1 3, T h e a b o v e fin a n c ia l re s u lts a re in a c c o rd a n c e w ith th e In d ia n A c c o u n tin g S ta n d a rd s (In d A S ) a s p re s c rib e d u n d e r S e c tio n o f th e C o m p a n ie s A c t, re a d w ith R u le 3 o f th e C o m p a n ie s (In d ia n A c c o u n tin g S ta n d a rd s ) R u le s, a n d th e C o m p a n ie s (In d ia n A c c o u n tin g S ta n d a rd s ) A m e n d m e n t R u le s, T h e fig u re s fo r th e q u a rte r e n d e d M a rc h 3 1, a re th e b a la n c in g fig u re s b e tw e e n th e a u d ite d fig u re s in re s p e c t o f th e fu ll fin a n c ia l y e a r a n d th e p u b lis h e d y e a r to d a te fig u re s u p to th e th ird q u a rte r o f th e fin a n c ia l y e a r G iv e n th e n a tu re o f re a l e s ta te b u s in e s s, th e p ro fit f lo s s e s d o n o t n e c e s s a rily a c c ru e e v e n ly o v e r th e p e rio d a n d a s s u c h, th e re s u lts o f a q u a rte r f y e a r m a y n o t b e re p re s e n ta tiv e o f th e p ro fits flo s s e s fo r th e p e rio d. 5. A s th e C o m p a n y 's b u s in e s s a c tiv ity fa lls w ith in a s in g le p rim a ry b u s in e s s s e g m e n t v iz. "R e a l E s ta te D e v e lo p m e n t", th e d is c lo s u re re q u ire m e n ts a s p e r IN D A S 'O p e ra tin g S e g m e n ts ' a re n o t a p p lic a b le. 6. In d A S R e v e n u e fro m C o n tra c ts w ith C u s to m e rs, m a n d a to ry fo r re p o rtin g p e rio d s b e g in n in g o n o r a fte r A p ril 1, , re p la c e s e x is tin g re v e n u e re c o g n itio n re q u ire m e n ts. T h e a p p lic a tio n o f In d A S h a s im p a c te d th e C o m p a n y 's a c c o u n tin g fo r re c o g n itio n o f re v e n u e fro m re a l e s ta te p ro je c ts. T h e C o m p a n y h a s a p p lie d th e m o d ifie d re tro s p e c tiv e a p p ro a c h to c o n tra c ts th a t w e re n o t c o m p le te d a s o f A p ril 1, a n d h a s g iv e n im p a c t o f In d A S a p p lic a tio n b y d e b it to re ta in e d e a rn in g s a s a t th e s a id d a te b y ~ L a k h s (n e t o f ta x ) p e rta in in g to re c o g n itio n o f re v e n u e b a s e d o n s a tis fa c tio n o f p e rfo rm a n c e o b lig a tio n a t a p o in t in tim e. A c c o rd in g ly, th e fig u re s fo r th e c o m p a ra tiv e p re v io u s p e rio d s h a v e n o t b e e n re s ta te d a n d h e n c e th e c u rre n t p e rio d fig u re s a re n o t c o m p a ra b le w ith p re v io u s p e rio d fig u re s. D u e to th e a p p lic a tio n o f In d A S fo r th e p e rio d e n d e d J u n e 3 0, , re v e n u e fro m o p e ra tio n s is h ig h e r b y ~ L a k h s a n d n e t p ro fit a fte r ta x is h ig h e r b y ~ L a k h s, th a n w h a t it w o u ld h a v e b e e n if re p la c e d s ta n d a rd s w e re a p p lic a b le. S im ila rly, th e b a s ic E P S fo r th e c u rre n t p e rio d is h ig h e r b y ~ p e r s h a re a n d d ilu te d E P S fo r th e p e rio d is h ig h e r b y, p e r s h a re. 7. T h e C o m p a n y h a s n o t c h a rg e d in te re s t o n a d v a n c e s g iv e n to v a rio u s g ro u p e n titie s d e v e lo p in g re a l e s ta te p ro je c ts, in w h ic h th e C o m p a n y h a s a b u s in e s s in te re s t.. 8. In c o m e fro m o p e ra tio n s in c lu d e s s h a re o f p ro fit f (lo s s ) (n e t) fro m p a rtn e rs h ip firm s, A O P s a s s ta te d h e re u n d e r: (~ in la k h s P a rtic u la rs T h re e m o n th s e n d e d j) R e v ie w e d ii) M a n a g e m e n t R e v ie w e d (R e fe r fo o tn o te ) F o o tn o te s : T h e re s u lts o f p a rtn e rs h ip firm s, A O P s fo r th e q u a rte r e n d e d 3 0 th J u n e, a re p re p a re d a n d c o m p ile d b y th e M a n a g e m e n t o f s u c h firm s a n d h a v e b e e n re v ie w e d b y th e M a n a g e m e n t o f H u b to w n L im ite d.

5 D a te : A u g u st 1 3, T h e C o m p a n y h a s n o t re ce ive d th e fin a n cia l re su lts fo r 3 o f its p a rtn e rsh ip s/ A O P s fo r th e q u a rte r e n d e d Ju n e 3 0, H o w e ve r, th e C o m p a n y is o f th e o p in io n th a t th e a g g re g a te o f th e re vie w e d q u a rte rly fin a n cia l re su lts o f su ch p a rtn e rsh ip firm s a n d A O P s a re n o t e xp e cte d to h a ve a n y m a te ria l im p a ct o n th e q u a rte rly fin a n cia l re su lts o f th e C o m p a n y. 9. W ith re sp e ct to A u d ito rs' q u a lifica tio n in th e ir re p o rt o n th e F in a n cia l S ta te m e n ts fo r th e ye a r e n d e d M a rch 3 1, re g a rd in g : '-(a ) T h e C o m p a n y n o t h a vin g p ro vid e d in te re st a m o u n tin g to ~ 4, la kh s o n ce rta in in te r-co rp o ra te d e p o sits, in clu d in g re ve rsa l o f in te re st a m o u n tin g to ~ la kh s p ro vid e d in a q u a rte r e n d e d 3 1 st D e ce m b e r, , a s th e C o m p a n y is in th e p ro ce ss o f re -n e g o tia tin g th e te rm s / w a ive r o f in te re st b y re sp e ctive le n d e rs. (b ) T h e C o m p a n y n o t h a vin g re co g n ize d fin a n ce in co m e fro m D e e p D isco u n t B o n d s a m o u n tin g to ~ ' 1 8, la kh s h e ld in o n e o f its jo in t ve n tu re e n titie s a s th e te rm s o f th e sa id B o n d s re la tin g to te n u re o f th e B o n d s a n d re d e m p tio n p re m iu m a re u n d e r n e g o tia tio n w ith th e Issu e r T h e C o m p a n y h a s n o t p ro vid e d in te re st a m o u n tin g to ~ 1, la kh s o n ce rta in in te r- co rp o ra te d e p o sits d u rin g th e q u a rte r e n d e d 3 0 th Ju n e, a s th e C o m p a n y is in th e p ro ce ss o f re -n e g o tia tin g th e te rm s / w a ive r o f in te re st b y re sp e ctive le n d e rs T h e C o m p a n y h a s n o t re co g n ize d fin a n ce in co m e d u rin g th e q u a rte r e n d e d 3 0 th Ju n e, a m o u n tin g to ~ 4, Ia kh s fro m D e e p D isco u n t B q n d s h e ld in o n e o f its jo in t ve n tu re e n titie s a s th e te rm s o f th e sa id B o n d s re la tin g to te n u re o f th e B o n d s a n d re d e m p tio n p re m iu m a re u n d e r n e g o tia tio n w ith th e Issu e r T h e C o m p a n y is in th e p ro ce ss o f n e g o tia tin g fo r se ttle m e n t / re d e m p tio n o f th e N o n C o n ve rtib le D e b e n tu re a n d in te re st th e re o n F ig u re s fo r th e p re vio u s p e rio d h a ve b e e n re g ro u p e d I re cla ssifie d to co n fo rm to th e fig u re s o f th e cu rre n t p e rio d. V Y O ~ Managing Director DIN: P la ce : M u m b a i'