Date: May 19, 2023

Corporate Relationship Department	Listing Department
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza, C-1 Block G
Dalal Street	Bandra Kurla Complex, Bandra (E)
Mumbai -400001	Mumbai-400051
Scrip Code: 532947	Symbol: IRB

Sub: Outcome of the Meeting of the Board of Directors held on May 19, 2023

Dear Sir / Madam,

Please note that the Board of Directors of the Company at its meeting held on May 19, 2023 has approved Audited Consolidated & Standalone Financial Results for the quarter and year ended March 31, 2023. A copy of the results along with the Auditor's Report is enclosed herewith. A declaration regarding Unmodified Opinion with respect to Annual Audited Financial Results for the year ended on March 31, 2023 is enclosed.

The Board of Directors has approved payment of 2 nd Interim dividend of Rs. 0.075/- per share of face value of Rs. 1/- each (@7.5% of face value of share) for financial year 2022-23. The record date for the purpose of payment of dividend is Monday, May 29, 2023. The Interim dividend shall be paid within stipulated timelines as prescribed under law.

Please refer website of the Company (www.irb.co.in) for copy of the Corporate Presentation under Investor Relation Section of the website of the Company.

Further, Board has noted the re-assignment of roles for Mr. Amitabh Murarka – Chief Revenue Officer of the Company as additional role of Deputy CEO and Mr. Rajpaul S. Sharma – Head – Project Monitoring & Evaluation as additional role of Deputy CEO.

Further to our disclosure dated April 27, 2023, the Board of Directors have approved investment/subscription into IRB Golconda Expressway Private Limited incorporated for the implementation of the project of Tolling, Operation, Maintenance & Transfer (TOT) of Nehru Outer Ring Road (from Km 0+000 to Km 158+000) in Hyderabad, Telangana ("the Project") awarded to the Company. The share capital of IRB Golconda Expressway Private Limited is Rs. 5,00,000/- divided into 50,000 Equity shares of Rs. 10/- each.

The Board Meeting commenced at 12.30 pm and concluded at 3.20 pm.

You are requested to kindly take a note of the same.

For IRB Infrastructure Developers Limited

Mehul Patel Company Secretary MEHULKUMA R NATWARLAL PATEL Digitally signed by MEHULKUMAR NATWARLAL PATEL DN: c=IN, o=PERSONAL, pseudonym=cf6f98a1738b458cb30ea8402eeab326, 64ea6f9ea45f7ffdd0e48dc, postalCode=400607,

Date: May 19, 2023

Corporate Relationship Department	Listing Department
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza, C-l Block G
Dalal Street	Bandra Kurla Complex, Bandra (E)
Mumbai - 400001	Mumbai - 400051
Scrip Code: 532947	Symbol: IRB

Dear SirlMadam,

Re - Scrip Code 532947; Symbol: IRB

Sub - Declaration pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

Pursuant to provisions of Regulation 33(3)(d) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we hereby declare and confinn that Auditor's Report on Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and year ended March 31, 2023 issued by the Joint Statutory Auditors of the Company are unmodified.

For IRB Infrastructure Developers Limited

Virendra D. Mhaiskar Chairman & Managing Director

Gokhale ft Sathe Chartered Accountants 304/308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 43484242 Fax + 91 (22) 43484241

M S K A ft Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 22 6831 1600

Independent Auditor's Report on Consolidated Audited Annual Financial Results of the Group pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended

To the Board of Directors of IRB Infrastructure Developers Limited

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the accompanying statement of Consolidated annual financial results of IRB Infrastructure Developers Limited (hereinafter referred to as the 'Holding Company') and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), and its joint ventures for the year ended March 31, 2023, ('the Statement') attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial results of the subsidiaries and joint ventures as were audited by other auditors, the aforesaid Statement:

(i) includes the annual financial results of Holding Company and the entities listed in Annexure 1 to this report;

(ii) is presented in accordance with the requirements of the Listing Regulations in this regard; and

(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (lithe Act") read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group and its joint ventures for the year ended March 31, 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and of its joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Consolidated financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

Gokhale & Sathe Chartered Accountants 304/308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 43484242 Fax + 91 (22) 4348 4241

M S K A & Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 22 6831 1600

We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management and Board of Directors' Responsibilities for the Consolidated Financial Results

This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of this Statement that gives a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its joint ventures in accordance with the recognition and measurement principles laid down in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India and in compliance with the Listing Regulations. The respective Board of Directors of the companies included in the Group and its joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and of its joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its jOint ventures are responsible for assessing the ability of each company included in the Group and of its joint ventures to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate each such companies included in the Group and of its joint ventures or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for overseeing the financial reporting process of each company included in the Group and of its joint ventures.

Gokhale & Sathe Chartered Accountants 304/308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 4348 4242 Fax + 91 (22) 4348 4241

M S K A & Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 226831 1600

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material iJ, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and of its joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and of its joint ventures to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that ---'iChieves fair presentation.

Gokhale a Sathe Chartered Accountants 304/308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 43484242 Fax + 91 (22) 43484241

M 5 K A a Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 226831 1600

• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group and of its joint ventures to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

The Statement includes the audited financial results of 16 (sixteen) subsidiaries, whose financial statements reflect total assets of Rs: 28,50,021 lakhs (before consolidation adjustments) as at March 31, 2023, total revenue of Rs. 5,41,746 lakhs (before cons<?lidation adjustments), total net profit after tax of Rs. 48,309 lakhs (before consolidation adjustments), total comprehensive income of Rs. 48,408 lakhs (before consolidation adjustments) and net cash flow of Rs. 4,850 lakhs for the year ended as on date, as considered in the Statement, which have been audited by their respective independent auditors. The Statement also includes the Group's share of net loss after tax of Rs. 68 lakhs and total comprehensive loss of Rs. 67 lakhs for the year ended March 31, 2023 in respect of one joint venture, whose financial statements have been audited by its independent auditor. The independent auditors reports on financial statements of these entities have been furnished to us and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

Our opinion is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the respective independent auditors.

Gokhale & Sathe Chartered Accountants 3041308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 43484242 Fax + 91 (22) 4348 4241

M S K A & Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 226831 1600

The Statement includes total assets of Rs. 7,98,632 lakhs (before consolidation adjustments) as at March 31, 2023, total revenues of Rs. 2,16,472 lakhs (before consolidation adjustments), net profit after tax of Rs. 10,557 lakhs (before consolidation adjustments) and total comprehensive income of Rs. 10,560 lakhs (before consolidation adjustments) and net cash flow of Rs. 662 lakhs for the year ended as on date, of 5 (five)' subsidiaries as considered in the Statement, which have been audited by Gokhale & Sathe, Chartered Accountants, one of the joint auditor of the Holding Company. The Statement also includes the Group's share of net loss of Rs. 10,634 lakhs and total other comprehensive loss of Rs. 10,634 lakhs for the year ended March 31, 2023, as considered in the Statement in respect of 2 (two) joint ventures whose financial statements have been audited by Gokhale ft Sathe, Chartered Accountants, one of the joint auditor of the Holding Company.

Our opinion is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other joint auditor.

The Statement for the quarter and year ended March 31, 2022, were audited jointly by B S R ft Co. LLP, Chartered Accountants and Gokhale ft Sathe, Chartered Accountants whose report dated May 17, 2022 expressed an unmodified opinion on those Statement.

Our opinion is not modified in respect of the above matter.

The Statement includes the results for the quarter ended March 31, 2023 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" which were subject to limited review by us.

Our opinion is not modified in respect of the above matter.

For Gokhale ft Sathe Chartered Accountants ~?'trat;on No.103264W

Chin maya Deval Membership No.: 148652 UDIN: 23148652BGSVCI2503

Mumbai 19 May 2023

For M S K A ft Associates Chartered Accountants ICAI Firm Registration No.1 05047W

Siddharth Iyer Membership No.: 116084 UDIN: 23116084BGYONJ3418

Mumbai 19 May 2023

Gokhale & Sathe Chartered Accountants 304/308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 4348 4242 Fax + 91 (22) 43484241

M S K A & Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 226831 1600

Annexure 1

List of subsidiaries included in the consolidated financial statement of IRB Infrastructure Developers Limited:

		Relationship with
Sr No	Name of Entity	holding company
1	IRB Ahmedabad Vadodara Super Express Tollway Private Limited	Subsidiary
1	Modern Road Makers Private Limited	Subsidiary
3	Mhaiskar Infrastructure Private Limited	Subsidiary
4	Ideal Road Builders Private Limited	Subsidiary
5	IRB Kolhapur Integrated Road Development Company Private Limited	Subsidiary
6	IRB Goa Tollway Private Limited	Subsidiary
7	ATR Infrastructure Private Limited	Subsidiary
8	IRB Sindhudurg Airport Private Limited	Subsidiary
9	Aryan Toll Road Private Limited	Subsidiary
10	Aryan Infrastructure Investments Private Limited	Subsidiary
11	Thane Ghodbunder Toll Road Private Limited	Subsidiary
11	IRB MP Expressway Private Limited	Subsidiary
13	Aryan Hospitality Private Limited	Subsidiary
14	IRB Infrastructure Private Limited	Subsidiary
15	MRM Mining Private Limited	Subsidiary
16	VK1 Expressway Private Limited (up to 11 October 1011)	Subsidiary
17	VM7 Expressway Private Limited	Subsidiary
18	GE1 Expressway Private Limited	Subsidiary
19	IRB PS Highway Private Limited	Subsidiary
20	Palshit Dankuni Tollway Private Limited (up to 1 April 1011)	Subsidiary
11	Pathankot Mandi Highway Private Limited	Subsidiary
11	Chittoor Thachur Highway Private Limited	Subsidiary
13	Meerut Budaun Expressway Limited (up to 14 October 1011)	Subsidiary
14	Samakhiyali Tollway Private Limited	Subsidiary

Gokhale Et Sathe Chartered Accountants 304/308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400016. Telephone + 91 (22) 43484242 Fax + 91 (22) 4348 4241

M S K A Et Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 22 6831 1600

Annexure 1 (Continued)

List of Joint Ventures included in the consolidated financial statement of IRB Infrastructure Developers Limited:

Sr No	Name of Entity	Relationship with
1	MMK Toll Road Private Limited	holding companyJoint Venture
2	IRB Infrastructure Trust	Joint Venture
3	Meerut Budaun Expressway Limited (w.e.f. 15 October 2022)	Joint Venture
	Subsidiaries of IRB Infrastructure Trust
1	AE Tollway Limited	Joint Venture
2	Yedeshi Aurangabad Tollway Limited	Joint Venture
3	IRB Westcoast Tollway Limited	Joint Venture
4	Kaithal Tollway Limited	Joint Venture
5	Sola pur Yedeshi Tollway Limited	Joint Venture
6	CG Tollway Limited	Joint Venture
7	Udaipur Tollway Limited	Joint Venture
8	Kishangarh Gulabpura Tollway Limited	Joint Venture
9	IRB Hapur Moradabad Tollway Limited	Joint Venture
10	Palshit Dankuni Tollway Private Limited (w.e.f. 2 April 2022)	Joint Venture

Corporate Office:

3rd Floor, IRB Complex, Chondivoli Form, Chondivoli Villoge, Andheri (E), Mumboi - 400 072. Tel: 91 - 22 - 66404220/48804200· Fox: 91 - 22 - 2857 3441. e-moil: [email protected]. www.irb.co.in CIN: L6591OMHl998PLC115967

			Quarter ended		(Rs. in Lakhs except earnings per share data)Year ended
No.	Sr. Particulars	31.03.2023(Audited)(refer note 5)	31.12.2022(Unaudited)	31.03.2022(Audited)(refer note 5)	31.03.2023(Audited)	31.03.2022(Audited)
1	Income
	a) Revenue from operations	1,61,997.72	1,51,413.83	1,43,362.21	6,40,164.07	5,80,370.00
	b) Other income	7.893.62	5604.70	24.910.56	30 16728	55.1 74.55
	Total Income «a)+(b»	169,891.34	1,57,018.53	168,272.77	6,70,331.35	6,35,544.55
2	Expenses
	a) Cost of material cQnsumed	11 ,08029	7,536.80	14,056.79	41 ,875.57	47,012.53
	b) Road work and site expenses	59,669.27	52,207.16	48,927.01	2,07,673.01	1,90,838.25
	c) Employee benefits expense	8,153.07	9,785.93	7,506.44	34,616.15	28,732.14
	d) Finance costs#	37,327.72'	36,713.86	39,901.51	1,51,462.74	1,89,06229
	e) Depreciation and wnortisation expense	22,212.58	21,503.1 0	18;885.53	83,211.91	68,276.93
	f) Other expenses	7 222.43	7,425.87	8.713.34	33095.98	34,037.54
	Total Expenses «2a) to (2f)	] 45665.36	1,35,172.72	1 37.990.62	5 5] 935.36,	557 959.68
3	Profit before tax and share of profit I (loss)	24,225.98	21,845.81	30,282.]5	1,18,395 99	77,584.87
	of joint ventures (1) - (2)
4	(Loss) from Joint Ventures	(3676.17)	(1,247.47)	(6,042.46'	(10700.86	(22,621.52
5	Profit before tax (3) + (4)	20,549.81	20,598.34	24,239.69	1,07,695.13	54,963.35
6	Tax expenses
	Current tax	4,102.55	4,206.93	502.43	25,001.78	17,819.67
	Deferred tax	3432.03	2,255.50	6,286.79	10692.1 9	1 003.76
	Total tax expenses	7534.58	6462.43	6,789.22	35693.97	18823.43
7	Profit after tax (5) - (6)	13,015.23	14,135.91	17,450.47	72,001.16	36,139.92
8	Other comprehensive income not to be
	reclassified to statement of profit and lossin subsequent period I year:
	Mark to market gain I (loss) on filir val ue	l,575.99	6,665.49	(1,103.19)	16,825.96	2,447.41
	measurement of investments (net of tax)
	, Re-measurement of gain I (loss) on de.finedbenefit plans (net of tax)	11828	127.54	(139.60)	125.66	(223.1 7)
	Other comprebensive income! (loss) for tbe	1,694.27	6,793.03	(1,242.79)	16,951.62	2,22424
	period I year, net of tax
9	Total comprehensive income for the periodI year (7) + (8)	14,709.50	20,.928.94	16,207.68	88,952.78	38,364.16
	Attributable to:
	Equity holders	14,709.50	20.928.94	16,207.68	88,952.78	38,364.16
	Non-controlling interest	-	-	-	-	-
		60,390.00	60,3 90.00	60,390.00	60,390.00	60,390.00
	10 Paid-up equity share capital (filce value - Re.1 per share)
	11 Other equity				12,77,499.97	1l,96,174.13
	12 Earnings per share (of Re.l each) basic anddiluted - (Rs.) (*not annualised)	0.22*	0.23·	0.29'	1.19	0.87

If includes notional interest accrued on deferred payment of acquisition cost of concession arrangement in SPV as per IND AS 109 amounting to Rs. 75.661akhs (Quarter ended December 31, 2022: Rs. 116.01Iakhs, Quarter ended March 31 2022: 1,193.66Iakhs) for the quarter ended March 31, 2023 and Rs. 422.43 lakhs (year ended },farch 31, 2022: Rs. 6,491.21Iakhs) for year ended March 31, 2023.

See accompanying notes to the Audited consolidated financial results

Registered Office: 1101, Hironondoni Knowledge Pork, 1 t Floor, Technolgy Street, Hill Side Avenue, Opp. Hironondoni Hospitol, Powoi, Mumbai _ 400 076 Tel: 91-22-6733 6400 / 40536400· Fax: 91-22-4053 6699 • e-mail: info®irb.co.in. www.irb.co.in

Part - II: Consolidated Balance Sheet as at March 31, 2023

		(Rs. in Lakhs)
	As at	As at
Particulars	31.03.2023	31.03.2022
	(Audited)	(Audited)
ASSETS
Non-current assets
Property, plant and equipment	93,488.53	94,584.59
Capital work in progress	753.58	2,675.55
Right to use asset	761.31	1,158.28
Goodwill on consolidation	780.42	780.42
Other Intangible assets	25,52,980.35	26,30,586.18
Intangible assets under development		3,577.32
Financial assets
i) Investments
a. investment injoint-ventures	4,31,886.55	3,95,251.12
b. other investments	62,636.93	48,821.33
ii) Trade receivables	13,417.24	59,988.54
iii) Other fmancial assets	4,17,011.14	4,93,221.42
Deferred tax assets	6,366.08	12,890.88
	25.83
Other non-current assets		381.04
Total non-current assets (A)	35.80,107.96	37,43,916.67
Current assets
Inventories	29,900.11	31,745.89
Financial assets
i) Investments	19,569.90	46,349.85
ii) Trade receivables	1,63,523.09	99,354.69
iii) Cash and cash equivalents	30,056.00	5,297.48
iv) Bank balances other than (iii) above	2,11,657.94	1,69,087.08
v) Loans	61,760.36	41,796.13
vi) Other fmancial assets	61,408.69	26,910.99
Current tax assets (net)	1,225.73	8,166.12
Other current assets	1,17,408.23	84,037.07
Total current assets (B)	6,96,510.05	5,12,745.30
TOTAL ASSETS (A+B)	42,76,618.01	42,56,661.97

EQUITY AND LIABILITIES
Equity
Equity share capital	60,390.00	60,390.00
Other equity	12,77,499.97	11,96,174.13
Total equity (A)	13,37,889.97	12,56,564.13
Liabilities
Non-current liabilities
Financial liabilities
i) Borrowings	14,24,769.93	15,47,471.80
ii) Lease liabilities	454.88	850.64
iii) Other fmancialliabilities	10,64,902.64	11,20,639.92
Provisions	5,375.21	5,204.30
Deferred tax liabilities	12,738.16	8,536.99
	38.84	29,656.35
	25,08,279.66	27,12,360.00


	2,49,198.78	1,21,054.95

	395.77	349.25

	4,192.03	5,145.89
	46,031.30	33,026.53
	83,675.32	1,07,173.01
	46,374.41	18,248.06
	343.85	757.99
	236.92	1,9.82.16
		:I,!7 7J7.8~
		30,00,097.84
		42,56,661.97

Part 111- Audited Consolidated Statement or cash flows ror the year ended March 31, 2023

Particulars		For the year ended3.03.2023	For the year ended3.03.2022
Cash flows from operating activities
Profit before tax		107,695 13	54,96335
Adjustments to reconcile before tax to net cash flows:
Depreciation and amortisation		83,211.91	68,176.93
Resurfacing expenses		2.282.62	577.43
Net (gain) on sale of property. planl and equipmenl		(1 ,25193)	(115.22)
Fair value (gain) on mUlual funds		(1,24742)	(841 13)
Gain on fair value measurement of other receivables		(5,60527)	(21 ,61309)
Share of loss (net) from joinl ventures		10,700.86	22,621.52
Net (gain) on sale of current investment		(458.32)	(73672)
Loss on sale on non current investment		187,57
Extinguishmenl of premium liability			(2,46413)
Allowance for credit impaired			64 1.04
Finance costs		151,462,74	189,06229
Interest income		(20,375.97)	(29,403.87)
Other non operating income			(1 ,971.06)
		326,601.92	278,997,34
Operating profit berore working capital changes
Increase/(Decrease) in trade payables		14, 119.25	(33,268.88)
(Decrease)/lncrease in provisions		(2,357.57)	1.687,28
(Decrease) I Increase in other financialliabililies		(5,907.76)	5,239,10
Increase/(Decrease) in other liabililies		12.961.02	(8,90650)
(lncrease) in trade receivables		(17,597.10)	(83,170.69)
Decrease in inventories		1.845.78
			421.31
Decrease I (lncrease) in loans		278,39	(1059)
(Increase) in other financial assels		(88,647.79)	(57,446.34)
(lncrease) in other assets		(44,686.93)	(47,501.36)
Cash generated from operations		196,609.21	56,040.67
Taxes paid (net)		(20,196.41)	(19,629.44)
Net cash flows generated from operating activities	(A)	176,412,80	36,411.23
Cash flows from investing activitiesAddition to intangible assels including intangible assets under development and		(38, 140.62)	(114,22766)
capital advances
Purchase of property, planl and equipment		(4.949.00)	(24,730.35)
Proceeds from sale of property, plant and equipment		2,076.26	1,523.90
Proceeds/redemptions from sale of non-current investments		3,012.91	3,336.85
Consideration received on sale of subsidiary (nel )		34,181.88
Investment in joint venture		(46,63026)	(19,463.30)
Loan given to joint ventures		(23.527.75)	(47,590.00)

Loan repaid by joint ventures		3,285.13	48,288.30
Proceeds from sale/(purchase) of current investment (net)		28,409.94	( \3,546.07)
(Investment in)/proceeds from maturity of bank deposits		(42,577.26)	(543.77)
(having original maturity of more Ihan three months) (net)
Interest received		19,824.02	11,608.88
Net cash flows (used in) investing activities	(8)	(65,034.75)	(155,343.22)
Cash flows from financing activities
Proceeds from non-current borrowings		129,750.23	79,343 15
Proceeds from issue of non-convertibJe debentures			35,00000
Repayment of non-convertible debentures		(10.58740)	(162,10000)
Repayment of non-current borrowings		( 150,830.89)	(166,53930)
(Repayment)/proceeds of current borrowings (net)		76,414.07	(89,012,86)
Proceeds from Issue of Equity Share Capital (net of issue expenses)			528,669 18
Payment oflease liabilities		(455.49)	(433.80)
Finance cost paid		(122,79207)	(166,069.89)
Dividend paid on equity shares		(7,548.75)
Net cash flows rrom I (used in) financing aClivities		(C) ________ ~~~ (86,050.30) ________ ~~~ 58,856.48
Net incl'ease I (decrease) in cash and cash equivalents (A+B+C)		25,32775	(60,07551 )
Cash and cash equivalents al the beginning of the year		4,72825	64,803,76
Cash and cash equivalents at the end of the year		30,056,00	4,728.25
Components of cash and cash equivalentsBalances with scheduled banks:
. Trust, retention and other escrow accounts		1.44251	68089
		23.118.67	2,464.55
			1,00781
		4.391 60
		1,10322	1,14422

- Cunent accounts- In deposit accounts with odginal maturity less than 3 monthsCash on handLess: Book ovetdraftTotal cash and cash equivalents		30,056.00	(569,22)4,728.25

Part IV: Report on Consolidated Segment Revenue, Segment Results and Capital Employed for the quarter and year ended March 31, 2023

					(Rs. in Inkhs)
		Quarter ended	Year ended
Particulars	31.03.2023(Audited)	31.12.2022(Unaudited)	31.03.2022(Audited)	31.03.2023(Audited)	31.03.2022(Audited)
. L Segment Revenue
a. BOT! TOT Projects	52,156.67	53,274.03	48,606.06	2,04,326.70	1,78,748.39
b. Construction	1,09,402.16	97,758.63	94,268.16	4,33,817.73	3,99,588.94
c. Unallocated co!porate	438.89	381.17	487.99	2,019.64	2,032.67
ToW	1,61,997.72	1,51,413.83	1,43,362.21	6,40,164.07	5,80,370.00
LClis : Inter segment revenue	-		-	-	-
Reve.nu. from Operations	1,61,997.72	1,51,413.83	1,43,362.21	6,40,164.07	5,80,370.00
2. Segment Results
a. BOTITOT Projects	27,248.92	28,876.86	26,244.00	1,09,493.45	96,855.83
b. Construction	27,455.75	26,505.33	24,232.84	1,37,335.99	1,21,214.13
c. Unallocated co!porate	(226.78)	(558.15)	(549.09)	(1,379.79)	(236.45)
Total	54,477.89	54,824.04	49,927.75	2,45,449.65	2,17,833.51
Less: Interest	(37,327.7?)	(36,713 .86)	(39,901.51)	(1,51,462.74)	(1,89,062.29)
Other un-allocable income net off un-allocable expenditure	7,075.81	3,735.63	20,255.90	-24,409.08	48,813.65
(Loss) from Joint Ventures	(3,676.17)	(1,247.47)	(6,042.45)	(10,700.86)	(22,621.52)
. 3. Profit before tax	20,549.81	20,598.34.	24,239.69	1,07,695.13	54,963.35
Segment Assets
a BOT! TOT Projects-	24,52,020.63	24,65,146.77	25,17,510.77	24,52,021).6:3	25,17,510.77
b . Construction	9,56,551.29	9,25,502.83	9,47,734.08	9,56,551.29	9,47,734.08
c. Unallocated co!porate	8,68,046.09	8,66,216.46	7,91,417.12	8,68,046.09	7,91,417.12
ToW (A)	42,76,618.01' .	42,56,866.06	42,56,661.97	42,76,618.01	42,56,661.97
Segment Liabilities
a. BOT! TOT Projects	11,22,399.56	11,40,850.56	11,96,503.56	11,22,399.56	11,96,503.56
b. Construction	1,28,727.31\	1,16,263.52	1,23,091.69	1,28,727.38	1,23,091.69
c. Unallocated coIpOrate	16,87,601.10	16,76,571.49	16;80,502.59	16,87,601.10	16,80,502.59
Total (B)	29,38,728.04	29,33,685.57	30,00,097.84	29,38,728.04	30,00,097.84
Toral (A) - (B)	13,37,889.97	13,23,180.49	12,56,564.13	13,37,889.97	12,56,564.13

a) The Segment reportiog of the Group has been prepared in accordance with Indian Accounting Standard 108 "Operating Segment" (lnd As 108).

b) The business segments of the Group and its joint ventures comprise of the following:

Segment	Description of ActiYlly
BOT! TOT Projects	Opcmtion md maintenance of roads
Construction	Development and maintenance of roads

c) Pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has opted to publish only the consolidaled segments.

1RB lnJi;!struclUre Developers Limited ('lbe Company') and its subsidiuries (together, 'th.e Group') have id""tified business segments in accordance with IndillIl Accounting Standard 108 "Operating Segment" notified under section 133 oflbe Comp:Plies ACl20!3, read together with relevant rules issued thereunder. Accordingly, the Group has identified two business segments viz, Buill, Operate and Transfer ('BOT')! Toll, Operate and Transfer ('TOr) i.e. Operation and maintenance ofro8ds and Construction i.e. Development and m3intenance of roads as reportable segments.

NOTES:

Consolidation Reporting:

I. Investors can view the unaudited results of the Group and its joint ventures on the Company's website (www.irb.co.in) or on the websites ofBSE (www,bseindia com) or NSE (www.nselndia.com).

2.The above published audited consolidated financial results have been prepared in accordance with the recognition and measurement principles ofInd AS notified under the Companies (Indian Accounting Standards) Rules, 2015.

In accordance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, the Joint Statutory Auditors ofthe Company have carried out annual audit of the above results.
The audited results for the year ended March 31, 2023 have been reviewed by the Audit Committee at their meeting held on May 19, 2023 and thereafter approved by the Board of Directors at their meeting held on May 19, 2023. The joint statutory auditors have expressed an unqualified audit opinion.
The figures of the quarter ended March 31, 2023 and the corresponding quarter ended in the previous year as reported in this financial results are the balancing figures between the audited figur sin respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Also, the figures upto the third quarter had only been reviewed and not subjected to audit.

6.The Company has maintained requisite security cover of outstanding Principal and interest accrued by way of floating charge on book debts and other unencumbered assets of the Company on its listed Secured Non-Convertible Debentures as at March 31, 2023 which is more than the requisite coverage of 1.25 times 11 .75 times as applicable.

Key numbers of standalone financial results of the Company for the quarter and year ended March 31, 2023 are as under:-

					(Rs. in lakhs)
		Quarter ended		Year ended
-Particulars	31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
Revenue from operations	1,06,391.22	94,218.16	78,228.57	4.16.043.87	2,59,968.21
Profit for the period !year before tax	7,704.27	6,769.34	40,923.79	45,928.60	42,990.86
Profit for the periodlyear after tax	5,578.97	6,337.30	30,393.50	37,226.34	31,979.16

8. Additional disclosures as per Clause 52(4) and aause 54 of Securities aud Exchange Board Of India (Listing Obligations aud
Disclosures Requirements) Regulations, 2015:

Particula rs	Quarter endedYear ended
	31.03.2023(Audited)(refer note 5)	31.12.2022(Unaudited)	31.03.2022(Audited)(refer note S)	31.03.2023(Audited)	31.03.2022(Audited)
1. Debt - Equity ratio (refer note a)	0.99: 1	1.00: 1	1.09 : 1	0.99: I	1.09: 1
2. Adjusted Debt - Equity ratio (refer note b)	0.75: 1	0.77: 1	0.88 : I	0.75: 1	0.88: 1
3. Interest coverage ratio (no. of times)(refer note c)	2.76	2.67	2.60	2.79	2.01
4. Current ratio (in times) (refer note d)	1.62	1.69	1.78	1.62	1.78
5. Adjusted Current ratio (in times)(refer note e)	3.84	4.17	3.08	3.84	3.08
6. Long term debt to working capital(refer note f)	3.11	3.10	4.54	3.11	4.54
7. Adjusted Long term debt to working capital(refer note g)	2.30	2.37	3.78	2.30	3.78
8. Current liability ratio (in %) (refer note h)	15%	13%	10%	15o/q	10%
9. Adjusted Current liability ratio (in %)(refer note i)	6%	5%	6%	6%	6%
10. Total debts to total assets ratio (in times)(refer note j)	0.31	0.31	0.32	0.31	0.32
11. Debtor turnover (refer note k)	2.75	2.68	3.07	2.86	4.25
12. Inventory turnover ratio (refer note J)	1.51	1.02	1.81	1.36	1.47
13. Operating margin (in %) (refer note m)	47%	49%	45%	50%	48%
14. Net profit margin (in %) (refer note n)	8%	9%	12%	11%	6%
15. Outstanding redeemable preference shares-	Nil	Nil	Nil	Nil	Nil
16. Caoital redemption reserve	Nil	Nil	Nil	Nil	Nil
17. Debenture redemption reserve	Nil	Nil	Nil	Nil	Nil
18. Networth (Rs. in Lakhs) (refer note 0)	13,37,889.97	13,23,180.49	12,56564.13	13,37.889.97	12,56,564.13
19. Net profit after tax (Rs. in Lakhs)	13,015.23	14,135.91	17,450.47	72,001.16	36, 139.92	--=
20. Earning per share basic and diluted (notnnnuillioud unugpl yeW" ended Mar~h ;'1, ::tOJ,and year ended March 31,2022)	Rs. O.22	Rs. 0.23	Rs.0.29	Rs. 1.l9	Rs. 0.8~t(I	~E.VElOA~r-'~
21 . Debt Service Coverage Ratio (DSCR)(no. of times) (refer note p)	1.89	1.82	0.48	1.99		U~I)
22. Bad debts to accounts receivable (in %)(Bad Debts I Average Trade Receivable)	Nil	Nil	Nil	Nil	Nil	cP~~.1~~

. -

Note:

a.Debt - Equity ratio : Total Debt (excluding deferred premium obligation) divided by Equity

b.Adjusted Debt - Equity ratio: Total Debt (excluding deferred premium obligation) - Cash and Bank Balances - Fixed Deposits - Liquid Investments - investment in IRB Invit Fund divided by Equity

c.Interest coverage ratio (no. of times) : Profit before interest and depreciation and amortisation expenses divided by interest expense (net of moratorium interest, interest cost on unwinding and amortisation of transaction cost)

d.Current ratio (in times) : Current Assets I Current liabilities

e.Adjusted Current ratio (in times): Current Assets I Current liabilities excluding Current borrowings

[Long term debt to working capital : Non<urrent borrowings + Current maturities of Long term borrowings divided by net working capital

g.Adjusted Long term debt to working capital: Non-current borrowings + Current maturities of Long term borrowings divided by net working capital excluding Current borrowings

h.Current liability ratio (in %) : Current liabilities I Total liabilities

i.Adjusted Current liability ratio (in %) : Current liabilities excluding current Borrowings I Total liabilities

j.TotaI debts to total assets ratio (in times) : (Short term debt + Long term debt) divided by Total assets

k.Debtor turnover : Revenue from operation I Average (Trade receivable and contract assets) * No. of days

I.Inventory turnover : Cost of material consumed I Average Inventory * No. of days

m.Operating margin (in %) : profit before interest, tax, depreciation and exceptional item less Other income divided by Revenue from operation

n.Net profit margin (in %) : profit after tax I Revenue from operation

o.Networth (Rs. in Lakhs) as per section 2(57) of the Companies Act, 2013

p.Debt Service Coverage Ratio (DSCR) (no. of times) : Profit before interest and exceptional item divided by Interest expense (net of moratorium interest and amortisation of transaction cost) together with repayments oflong term debt during the period (netted off to the extent oflong term loans availed during the same period for the repayment).

During the previous year, the repayment of long-term loan and Non<onvertibe debenture aggregating to Rs.2,~3,759.20 lakhs has been paid out of preferential issue made by the Company in December, 2021 .

9.The Board of Directors at its meeting held on January 4,2023, recommended the sub-division of the Ordinary (equity) Shares offace value Rs.l 01- each into Ordinary (equity) Shares of face value of Re. 1/- each. The Company had fixed February 22, 2023, as the record date for the purpose ofsub-division of Ordinary (equity) Shares.

The basic and diluted EPS for the prior periods of consolidated financial results have been restated considering the face value of Re.1 leach in accordance with Ind AS 33 - "Earnings per Share".

10.The Board of Directors at its meeting held on May 19, 2023 has proposed 2nd interim dividend ofRs. 0.075 per equity share.

For IRB Infrastructure Developers Limited

--P~

. Virendra D. Mbaiskar Chairman and Managing Director

Place: Mumbai Date: May 19, 2023

Gokhale & Sathe Chartered Accountants 304/308/309, Udyog Mandir No.1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 4348 4242 Fax + 91 (22) 4348 4241

M S K A & Associates Chartered Accountants 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, India Tel: +91 226831 1600

Independent Auditor's Report on Standalone Audited Annual Financial Results of the Company pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended

To the Board of Directors of IRB Infrastructure Developers Limited

Report on the Audit of Standalone Financial Results