IRB Infrastructure Developers Limited — Interim / Quarterly Report 2022

Aug 10, 2021

Corporate Office : 3rd Floor, IRS Complex, Choooivcli Form, Chondivoli Village, Andhen tEl, Mumboi - 400 On. Tel: 91 _ 22 _ 6640 4220 / 4880 4200· Fox: 91 - 22 - 2857 3441· e-moil: inio@irb.co.in.www.irb.co.in O N ; l6591OMHl998PLC11 5967

August 10, 2021

To,
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza, C-I Block G
Dalal Street, Mumbai- 40000 I.	Bandra Kurla Complex, Bandra (E), Mumbai.

Dear Sir/Madam,

Re - Scrip Code 532947; Symbol: IRB

Sub _ Outcome of the Meeting of the Board of Directors held on August to, 2021.

Please note that the Board of Directors of the Company at its meeti ng held Oil August 10, 2021 has approved Un-audited Consolidated & Standalone Financial Results for the quartl:r ended June 30, 2021.

A copy of the results along with the Limited Review Report is enclosed herewitl'.

A copy of Corporate Presentation has been made available under Investor Re lation Section of the website of the Company Cwww.irb_co.in).

Please note that the meeti ng of the Board of Directors commenced at 2_00 p.m. and concluded at 4.05 p_m_

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

For IRB Infrastructure Developers Limited

r ~ Secretary

Comp<lny

Gokhale & Sathe Chartered Accountants 308/309, Udyog Mandir No. I 7·C, Bhagoji Keel Marg, Mahim, Mumbai 400 0 16. Telephone + 9 1 (22) 4348 4242 Fax + 9 1 (22) 4348 424 1

BSR& Co. LLP Chartered Accountants J41h Floor, Central B Wing and North eWing. Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai 400 063 Telephone + 91 (22)43455300 Fax + 91 (22) 4345 5399

Limited Review Report on Unaudited Quarterly Consolidated Financial Results oflRB Infrastructure Developers Limited under Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Di rectors of IRE Infrastructure Developers Limited

• I. We have jointly rev iewed the accompanyi ng Statement of unaudited consolidated fi nancial results of IRB Infrastructure Developers Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net (loss) after ta.x and total comprehensive loss of its joint ventures for the quarter ended 30 June 2021 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disc losure Requ irements) Regulations, 2015, as amended (' Listing Regu lati ons').
• 1. This Statement, which is the responsibi lity of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance wi th the recognition and measurement principles laid down in Indian Accounting Standard 34 "Illterim Financial Reporting"(" lnd AS 34"), prescribOO undcr Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regu lation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our joim review.
• 1. We conducted our joint review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 10 "Review 0/ Interim Financial In/ormation Peifonned by the IndepelldenJ Auditor a/the Entity ", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting mailers, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does IlJt enable us to obtai n assurance that we wou ld become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an aud it opinion.

We also performed proced ures in accordance with the circular issued by the SEBI under Regu lation 33 (8) of the Listing Regulations, to the extent applicabl e.

1. The Statement incl udes the results of the entities as stated in Annexure I.

Limited Review Report on Unaudited Quarterly Consolidated Financial Results of lRB Infrastructure Developers Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Co/llbrued)

• 1. Attention is drawn to the Fact that the figures For the 3 mooths ended 31 March 2021 as reported in the:e financial results are the balancing figures between audited figures in respect of the fu ll prev ious financial year and the published year to date figures up to the third quarter of the previous financia l year. The figures up to the end of the third quarter of previous financ ial year had only been reviewed and not subjected to audit.
• 1. Based on our joint review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to beli eve that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indim Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Reg ulations, incl uding the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial information of 15 (fifteen) subsidiaries included in the Statement, whose interim financial infonnationresultsrefl cct total revenues ofRs 132,964 Iakhs(before consolidation adjustments), total net profit after tax of Rs 14, 149 lakhs (before consolidatia1 adjustments) and total comprehensive income of Rs 14, 120 lakhs (before consolidation adjustments) for the quarter ended 30 June 2021 , as considered in the consolidated unaudited financial results. The unaudited consolidated financial results also includes the Group's share of net profit after tax of Rs 0.6lakhs and total comprehensi ve income of Rs 0.6 lak hs for the quarter ended 30 June 2021, as considered in the Statement, in respect of one joint venture, whose interim financial information has not been reviewed by us. These interim financial information have been reviewed by other auditors whose reports have been fu rnished to us by the management and 01.1" conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsid iaries and a joint venture, is based solely on the report of other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matter.

Gokhale & Sathe Chartered Accollntants

Limited Review Report on Unaudited Quarterly Consolidated Financial Results of IRB Infrastructure Developers Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (COIl/billed)

• 1. The unaudited consolidated financial results refl ect total revenues of Rs 44,512 lakhs (before consolidalion adjustments), total net loss after tax of Rs 4,125 lakhs (before consolidation adjustments) and total comprehensive loss of Rs 4,125 lakhs (before consolidation adjustments) of 5 (five) subsidiaries for the quarter ended 3D June 2021 , as considered in the unaudited consolidatoo financial results which has been reviewed by Gokhale & Sathe, Chartered Accountants, one of the joint auditors of the Parent. The unaudited consolidated financial results also includes the Group's share of net loss after tax of Rs 3,396 1akhs and total comprehensive loss of Rs 3.396 1akhs for the quarter ended 30 June 2021, as considered in the Statement, in respect of one joint venture, whose interim information has been reviewed by Gokhale & Sathe, Chartered Accountants, one of the joint auditors of the Parent.
• 1. The unaudited consolidated financial resu lts reflect total revenue of Rs Nil (before consol idatioo adjustments), total net profit after tax of Rs 861 [akhs (before consolidation adjustments) and total comprehensi ve income of Rs 86 1 lakhs (before consolidation adjustments) of I (one) subsidiary, for the quarter ended 30 June 202 1, as considered in the Statement which has been reviewed by B S R & Co. LLP, Chartered Accountants, one of the joint auditors of the Parent.

For Gokhale & Sathe Chartered Accountants Firm's Registration No: 103264 W

Chinmaya Deval Paf1ner Membership No. 148652 ICAI UDlN: 211486S2AAAAMN977S

Murnbai 10 August 2021

For BSR &0>. LLP Chartered ACCOllll/allts Finn 's Registration No: -72

'7

GodboJc Pa_ MembershipNo. 105 149 ICAI UDIN:21IOSI49AAAAEQISS6

Mumbai 10 August 202 1

Gokhale & Sathe

Chartered A ccaul1tal1ts

BSR & Co. LLP Chartered Accountal1ts

Ann exure I

List of subsidiaries included in the consolidated financial results oflRB Infrastructure Developers Limited

Sr No	Name of Entity	Relationship
I	IRB Ahmedabad Vadodara Super Express Tollway Private Limited	Subsidiary
2	Modern Road Makers Private Limited	Subsidiary
3	Mhaiskar Infrastructure Pri vate Limited	Subsidiary
4	Ideal Road Builders Private Limited	Subsidiary
5	IRS Kolhapur Integrated Road Development Company Private Limited	Subsidiary
6	IRS Goa Tollway Private Limited	Subsidiary
7	ATR Infrastructure Private Limited	Subsidiary
8	I RB Si ndhudurg Airport Private Limited	Subsidiary
9	Aryan Toll Road Private Limited	Subsidiary
10	Aryan Infrastructure Investments Private Limited	Subsidiary
II	ll1ane Ghodbunder Toll Road Private Limited	Subsidiary
12	IRS MP Expressway Private Limited (formerly known as NKT Road andToll Private Limited)	Subsidiary
13	Aryan Hospitality P'ri vate Limited	Subsidiary
14	IRS Infrastructure Private Limited	Subsidiary
15	MRM Mining Private Limited	Subsidiary
16	VKJ Expressway Private Limited	Subsidiary
17	IRS PP Project Private Limited (formerly known as Zozila Tunnel ProjectPrivate Limited)	Subsid iary
18	IRS PS Highway Private Limited (formerly known as MRM HighwaysPrivate Limited)	Subsidiary
19	VM7 Expressway Private Limited	Subsidiary
20	Palsit Dankuni Tollway Private Limited (with effect from 15 April 2021)	Subsidiary
2 1	Pathankot Mandi Highway Private Limited (with effect from 23 April 202	sid ar~

)

Gokhale & Sathe

Chartered A ccounrants

BS R& Co. LLP Chartered AccQll1ltants

Annexure I (COIltinued)

List of Joint Ventures included in the consolidated financial results of IRB InFrastructure Developers Limited

SrNo	Name of Entity	Relationship
I	MMK Toll Road Private Limited	Joint Venture
2	IRB Infrastructure Trust	Joi nt Venture
	Subsidiaries of IRB Infrastructure Trust
	AE Tollway Limited	Joint Venture
2	Yedeshi Aurangabad Tol lway Limited	Joint Venture
J	IRB Westcoast Tollway Limited	Joint Venture
4	Kaithal Tollway Limited	l oint Venture
5	Solapur Yedeshi Tollway Limited	Joint Venture
6	CG Tollway Limited	Joint Venture
7	Udaipur Tollway Lim ited	Joi nt Venture
8	Kishangarh Gulabpura Tollway Limited	Joint Venture
9	IRS Hapur Moradabad Tollway Limited	Joi nt Venture

Corporate Office:

3rd Floor, IRB Complex, OW;lIldivali Form, Chondivali Villoge, Andheri (E), Mumboi ' 400 on Tel: 91 ·22, 66404220 / 4880 4200· Fox: 91 ,22 ,28573441. e,mo.l: iflfo@irb.co.in. www.irb.co.in ClN : l6591 OMHl998PlCl 1 5967

IRS Infrastruu ure Developers Limited

Part I: Statement of Consolidated Fi nancia l Results (or the quarter ended June 30, 202 1

		(RS. in Lakhs except earn in :5 per share data
	Puticulars		Quarter ended		Year ended
S •.No.		30.06,2021(Unaudited)	31.03,2021(Audited)(Refer Note' 3l	30.06.2020(Unaudited)	31.03.2021(Audited)
I	Income
	a) Revenue from operationsb) Other income	162,572. 194,476. 19	160,584.724,455 .98	102,229.965. 11 6.44	529,862.9618889.96
	Total Income «a)+(b»	167048.38	165040.70	107 46.40	548,752.92
2	Ex penses
	oJ Cost of material consumed	14,6 12.22	18,869.00	2,837.5 2	39,907.46
	b) Road work and site expenses	62,5 15.31	49,6 16.57	34,286.25	176,279.04
	c) Employce benefits expense (Refer note 6)	7,960.66	5,177. 14	7,411.37	26,1&5.61
	d) Finance costsll	46,150.76	45,1 10.82	36,556.15	169,244.3 1
	e) Depreciation and amonisalion expense	13,639.7 1	11,741.22	8,438.49	58, 110.42
	I) Other expenses	1.494.80	10,912.54	9,935.61	36,224.6 1
	Total Expenses «28) to (21)	152,973.46	147,427.29	99,466.05	506,011.51
3	Profit before tn and share of profit / (loss)of joint venturu	14,074.92	11,613.41	7,880.35	42,741.41
	(1,-(2)Profit / (Loss) from Joint Ventures		(2.904 .23)	(7.58526)	(16.579.561
45	Profit before tax (3) + (4)	(3.395.5 "10,679.41	14,709. 18	295.09	26,161.85
6	Tn: expenses
	Currcnt tax
	Deferred ta'<	~.7347;"3.246.05	562.83;:52'i~ ~	(? 4J8 .~2 129.50	i8.62l~~4,176.91
	Total tax ex penses	3488.74	4962.78	3308,79	14446.95
7	Prolit after tax (5) - (6)	7,190.67	9,746.40	(3,013.70)	11,714.90
8	Other comprehensive income not to bereclassified to statement or profit and lossin subseq uent period/ year:Mark to market gain / (losses) on fair value	2.78 1.1 5	12. 153.63	13,[45.57	27,755. 88
	measurement of il\'cstmenlS (net of tax)
	Re-measurement ofgain/(Iosses) on definedbenefit plans (net of tax)	(27.86)	68. 19	(59. 17)	( 109.32)
,	Other comprehensive income/(Ioss) for theperiod / yea r, net oftn	2,753.29	12,221.82	13,086.40	27,646.56
	Total comprehensive income/([oss) for theperiod (7) + (8)Attributable to:	9,943.96	21 ,968.2Z	10,072.70	39,361 .46
	Equity holdersNon-controlling interest	9,943 .96-	21,968.22-	10,072 .70-	39,361.46-
10	Paid-up equity share capital (face value - Rs.10 per share)	35,145.00	35.[45.00	35,145.00	35,1 45.00
	Other equity	-	-	-	654,931.83
"12	Earnings per share (of Rs. I 0 each) boasic anddiluted~' iRs.) ('not annualisedl	2.05-	2.77-	(0.86)'	3.33

includes notional interest accrued on deferred payment of acquisition cost ofconces5ion arrangemcnt in SPY as per [NO AS 109 amounting to Rs. 1.753 .01 lakhs (quaner ended March 3 1,2021: Rs. 2.859.25 lakhs, quaner ended June 30, 2020: Rs. 4,638.7 1 lakhs) for the quaner ended June 30. 202 1 and Rs. 14.494.04 lakhs for year ended March 31 , 2021 .

S""'''""P':;;~~~~the unaudited consolidated financial results

Registered Oll";el: I

IR8 Infrastructure Developers Limited

Pa ri II: Report on Con solidated Segment Ren nue, Segment Results and Capilal Employed for the quarter ended June 30, 2021

	Quarter ended			(Rs. in lakhs)Year ended
Particulars	30.06.2021(Unaudited)	31.03.2021(Audited)(Refer Note 3)	30.06.2020(Unaudited)	31.03.2021(Audited)
1. Segment Revenue
a. BOT/TOT Projects	37,407.04	46,469.81	26,243.42	155,940.01
b. Construction	124,647.71	113,893.16	75,543.00	372,549.79
c. Unallocated corporate	517.44	221.75	443.54	1,373.16
Total	162,572.19	160,584.72	102,229.96	529,862.96
Less : Inter segment revenue
Revenue from Operations	162,572.19	160,584.72	102,229.96	529,862.96
2. Segment Results
a. BOT/TOT Projects	20,419.96	25,370.81	15,524.81	85,362.84
b. Construction	36,591.75	35,127.11	29,481.41	118,174.12
c. Unallocated corporate	196.93	17.29	45.61	(26.30)
Total	57,208.64	60,515.21	45,051.83	203,510.66
Less: InterestOther un-allocable income net off un-	(46,750.76)	(50, 808.15)	(36, 153.68)	(169, 244, 31)
allocable expenditure	3,617.04	7,906.35	(1,017.80)	8,475.06
Profit / (Loss) from Joint Ventures (net)	(3,395.51)	(2,904.23)	(7,585.26)	(16, 579.56)
3. Profit before tax	10,679.41	14,709.18	295.09	26,161.85
Segment Assets
a. BOT / TOT Projects	2,642,995.38	2,663,287.22	2,710,432.26	2,663,287.22
b. Construction	699,125.05	627,683.61	615,422.62	627,683.61
c. Unallocated corporate	790,393.75	826,393.60	711,085.77	826,393.60
Total (A)	4,132,514.18	4,117,364.43	4,036,940.65	4,117,364.43
Segment Liabilities
a. BOT / TOT Projects	1,276,517.58	1,306,158.54	1,448,415.05	1,306,158.54
b. Construction	156,437.93	158, 177.83	250,990.75	158,177.83
c. Unallocated corporate	2,000,074.84	1,962,951.23	1,659,174.31	1,962,951.23
Total (B)	3,433,030.35	3,427,287.60	3,358,580.11	3,427,287.60
Total $(A) - (B)$	699,483.83	690,076.83	678,360.54	690,076.83

a) The Segment reporting of the Group and its joint ventures has been prepared in accordance with Indian Accounting Standard 108 "Operating Segment" (Ind AS 108).

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

Description of ActivitySegment
BOT/TOT Projects	Operation and maintenance of roadways
Construction	Development and maintenance of roads

NOTES:

I. Consolidalion and Segment Repo rting:

a. Pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requircmcnis) Regulations. 201S, the Company and its joint venlures has opted 10 publish only the consolidated segments.

IRB Infrastructure Developers Limited ('the Company') and its subsidiaries (together, 'the Group') and its joint ventures have identified business segments in accordance with Indian Accounting Standard J 08 "Operating Segment" notified under section 133 of the Companies Act 20 13, read together with relevant rules issued thereunder. Accordingly, the Group has identified ' ..... 0 business segmcniS viz., Built. Operate and Transfer (,BOr) I Toll, Operate and Transfer (,TOr) i.e. Operation and maintenance of roads and Development and maintenance of roads i.e. Construction as reportable segments.

• b. Investors can view the results of the Group and its joint ventures on the Company's website (www.irb.co.in) or on the websites of aSE (www.bseindjncom)orNSE (www.n ~jndia com).
• c. The above published consolidated financial results have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015.
• 1. In accordance with Regulat ion 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 20 15, the joint statutory audito rs of the Company have carried out audit of the above results.
• 1. The figures of the quarter ended March 3 1, 202 1 and the corresponding quarter ended in the previous year as reported in this financial results are the balancing figures between the audited figures in respect of the full financia l year and the published year to date figures uplo the end of the third quarter of the relevant fi nancial year.
• 1. The unaudited results fo r the quarter ended June 30, 202 1 have been reviewed by the Audit Committee at their meeting held on August 10, 202 1 and thereafter approved by the Board of Directors at their meeting held on August 10, 202 1. The joint statutory auditors have expressed an unqualified review opinion.

				(Rs. in Inkhs)
		Year ended
Particul ars	30.06.2021(Una udited)	31 .03.2021(Audited)	30.06.2020(Unaudited)	31.03,2021(Audited)
rationsRevenue from 0	72.498.66	6 1,548.46	62,825.9 1	275,027.41
Profit before tax	884 .63	1,4 14. 16	2,289.34	20,264.82
Profit for the period/year	655.24	390.22	1,662.68	18,850.88

1. Key numbers of standalone financial results of the Company for the quarter ended June 30, 2021 arc as under:·

2. During the previous year, the Company had accrued Ihe commission payable to Directors as per the generally accepted accounting principles. Based on the fina l approval by the Nomination and Remuneration Committee on 27 May 2021 , the Company had revcrsed comm ission payable to directors of Rs. I, 125.00 lakhs.

7. Note on Covid- 19

The management has made an assessment of impact on business and financial risks on account o r CQV ID· 19 and has also considered the possible effects that may result from the second wave of COV ID 19 pandemic. ConSidering that the Group is in the business of toll collections and construction & maintenance of roads, which is considered under Essential Service, the management believes that the impact of this outbreak on the business and financia l position of the Group is not significant. On the basis of the assessment done by the management the carrying amounts of assets are recoverable and the Group shall be able to meet its liabilities as and when they fall due. lbe impact of the Co'id·19 pandemic on future business operation of the Group may be different from that estimated as at the date of approval of these fi nancial results and the Group will cominue to closely monitor any material changes 10 future economic conditions.

fo"or IRB Infrastructure Developers Limited

~'"

Virendra D. Mha iskar Chairman and Managing Director

Place: Mumbai Date: August 10. 2021

Gokhale & Sathe Chartered Accountants 308/309, Udyog MandirNo.l , 7-C, Bhagoji Keel Marg, Mahim, Mumbai 400 016. Telephone + 91 (22) 4348 4242 Fax +9 1 (22)43484241

BSR& Co. LLP Chartered Accountant.: 14th Fl oor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway, Goregaon (East), Mumbai 400 063 Telephone + 91 (22) 4345 5300 Fax + 91 (22) 4345 5399

Limited Review Report on Unaudited Quarterly Standalone Financial Results of mB Infrastructure Developers Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Reguiations,20IS

To the Board of Directors of lRB Infrastructure Developers Limited

• I. We have jointly reviewed the accompanying Statement of the unaudited standalone financial resullS of IRB Infrastructure Developers Limited ('the Company') for the quarter ended 30 June 202 1 (' the Statement').
• 1. 111is Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance withthe recognition and measurement principl es laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 20 13, and other accounting principles generally accepted in India and in compliance with Regulati on 33 of the Listing Regulations. Our responsi bi lity is to issue a report on the Statement based on our joint review.
• 1. We cond ucted our joint rev iew of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Inrerim FinanciallnformQtion Performed by the IntiepelldenJ A IIdilOr ojthe Entity " issued by the I nstitute of Chartered Accountants of I ndia. This standard requ ires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel am analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Attention is drawn to the fact that the fi gures for the 3 months ended 31 March 2021 as reported in the:e financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The tlgures up to the end o f the third quarter of previous financia l year had only been rev i nd not subjected to audit.

Gokhale & Sathe Chartered Accountants

BS R& Co, LLP Chartered Accountants

Limited Review Report on Unaudited Quarterly Standalone Fina ncial Resul1s of IRB Infrastructure Developers Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requiremen1s) Regulations, 201S (COI/tilmetP

1. Based on our joint review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statcment, prepared in accordance with applicable accounti ng standards and ow rccognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulatim;" 20 15 includi ng the manner in which it is to be disclosed, or that it contains any materi al misstatement.

For Gokhale& Sathe Chartered Accountants Firm's Registration No: 103264W

QI}!

Chin maya Deva l Pattller Membership No. 148652 ICAI UDIN: 21 148652AAAAMM7869

Mumbai 10 August 202 1

For BS R& 0" LLP Chartered Accountants Finn's Registration No: 10 ~~I!;N-li2

ry.

God bole Panner Membcrship No. 105 149 ICAI UDIN: 21105 149AAAAEP8878

Mumbai 10 August 2021

Corporate Office:

3rd Floor, IRB Complex, Chondivoli Form, Chondivoli Village, Andhe,i (E), Mumooi - 400on Tel: 91 - 22 - 6640 4220! 4880 4200· Fax: 91 ·22 . 2857 3441. e·mail: info®irb.co.in. www.irb.co, in ClN : l65910MH1998PlC115967

IRS Infrastructu re Developers Limited

Part -I: Statement of Standalone Unaudited Financial Results for the Quarter ended June 30, 2021

Particulars
		(Unaudited)(Audited)		(U naudited)	Year ended31.03.2021(Audited)
	Revenue from operations	72,498.66			2,75,027.41
	Other income	1.15			3 1,978.37
	Tota l income
2	Expenses
	(a) Contract and site expense	57,125.95	50,426.22	49,621.47	2,23 ,492.02
	(b) Employee benefits expense	1,562.28	(472.41)	1,712.44	4,259.90
	(c) Finance costs	17,51 1.28	14,879.73	7,616.88	49,193.17
	(d) Other expenses	1	.19		9,795.87
	Total expenses (2a to 2d)
3	Profit before tax (1)-(2)	884.63	1,414.1
4	Tax expenses
	Current tax	297.93	98.86	618.07
	Deferred tax		925.08	8.59
	Tota l Tax expenses	229.39	1,023.94	626.66
5	Profit for the period / year (3)· (4)	655.24	390.22	1,662.68
6	Other comprehensive income notto be reclassified to profit or lossin subsequent period/year:
	- Mark to market gains/ (losses) onfa ir value measurement ofinvestments (net of tax)	2,781.15	12,153.63	13,145.57
	• Re-measurement gains! (losses) ondefined benefit plans (net of lax)	1.09	3.48	0. 16
	Other ComprehensiveIncome/(Ioss)
7	Total Comprehensive Income forthe period I year (5) + (6)	3,437,48
8	Paid-up equity share capital(face value · Rs. 10 per share)	35,145.00	35, 145 .00	35,145.00
9	Other equity
10	Earn ings per share (of Rs. 10 each)Basic and diluted - (Rs.) ("nolannualised)	0.19*	0.11 *	0.47*

NOTES:

The Company is engaged in the busi ness of road infrastructure development and its operation & maintenances. The Company secures contracts by submitting bids in response to tenders, in terms of which it is required form Special Purpose Vehicle ("SPV") compan ies ("subsidiary companies") to execute the awarded projects. In so conductmg liS busmess, its revenues mclude inco road infrastructure proJ ects, diVl Sfrom Its subsldlanes/ mutual funds and other income. Q0"CIO.De . .... o "'\1' '

-& 'S)iJS ** .. ... .v .,~ _ - \ Registered Office: 11 01, H,ronondo .... Knowledge Po""', 11 Floor, Techoolgy Street, HII nue, ,ronandam Hosp,lol, Pawoi, Mumoo, . 400 076 Tel 91-22·67336400!40536400·Fo~ 91-22-4053 Yo , rb co ,nowww ,rbcom .-

• 1. As permitted by paragraph 4 of Indian Accounting Standard (Ind AS) 108, "Operating Segments", notified under Section 133 of the Companies Act, 2013, read together with the relevant ru les issued thereunder, if a single fi nanc ial report contains both consolidated financial statements and the separate financial statements of the parent, segment in formation need to be presented only on the basis of the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment wise revenue results and capital employed are given in consolidated financial results.
• 1. The unaudited results for the quarter ended June 30, 2021 have been reviewed by the Audit Committee at their meeting held on August 10, 2021 and thereafter approved by the Board of Directors at their meeting held on August 10,2021. The joint statutory auditors have expressed an unqualified review opinion.
• 1. The figures of the quarter ended March 3 I, 2021 and the corresponding quarter ended in the previous year as reported in this financial results are the balancing figures between the audited fi gures in respect of the full financial year and the published year to date figures upto the end of the th ird quarter of the relevant financial year. Also, the figures upto the third quarter had only been reviewed and not subjected to audit.
• 1. The Employee benefits expense for the quarter ended March 31, 2021 includes reversal of commission payable to directors of Rs. 1,125.00 lakhs, based on the final approval by the Nomination and Remuneration Committee.
• 1. Non-convertible debentures (NCO)

The Company has maintained requisite fu ll asset cover by way of noating charge on book debts and other unencumbered assets of the Company on all its Secured Non-Convertible Debentures as at June 30, 2021.

1. Note on Covid-19

The management has made an assessmenl of impact on business and financial risks on account of COVID-19, and has also considered the possible effects that may result from the second wave of COVID I9 pandemic. Considering that the Company is in the business of construction & maintenance of roads which is considered under Essential Service, the management believes that the impact of this outbreak on the business and financial position of the Company is not significant. On the basis of the assessment done by the management the carrying amounts of assets are recoverable and the Company shall be ab le to meet its liabilities as and when they fall due. The impact of the Covid- 19 pandemic on future business operation of the Company may be different from thai estimated as at the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic cond itions.

1. In accordance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requ irement) Regulations, 2015, the Joi nt Statutory Auditors of the Company have carried out limited review of the above results.

The results of the Company are available for investors ai, www.irb.co.in. www. nseindia.com and www.bseindia.com.

For IRB INFRASTRUCTURE DEVELOPERS LIMITED

p~

Virend ra D. Mhaiskar Chairman and Managing Director

Place: Mumbai Dale: August 10, 2021

Press Release:

Promising Start to FY22 for IRB Infra; Company posts Q1FY22 PAT at Rs.72 Crs, Consolidated Income at Rs.1,670 Crs

• Achieved full COD for Udaipur Shamlaji BOT Project that ups the user fee by 55%; thus, increased toll collection for the Asset
• Completed fund raise of Rs.381.63 Crs for IRB Infrastructure Trust, the Private InvIT, by way of Right Issue
• Won arbitration award of Rs.252.25 Crs plus interest for Pathankot Amritsar project towards time and cost overrun suffered
• NHAI approves cash compensation and extension in Concession period for toll loss due to farmers' agitation in line with Concession Agreement

Mumbai, August 10, 2021: IRB Infrastructure Developers Ltd., India's one of the leading and largest integrated highway infrastructure developers today announced its Q1FY22 Financial Results, in a Board Meeting, held at Mumbai.

Financial Highlights:

Particulars(Financials impacted byPandemic)	Q1FY22**(In Crs)	Q1FY21*(In Crs)
Total Income	1,670	1,073
EBITDA	745	529
Profit Before Tax	141	79
PAT before share of JV	106	46
Share of Profit(Loss)from JV	(34)	(76)
PAT after share of JV	72	(30)
Cash Profit	242	206

*The numbers have been impacted by the 1st wave of COVID-19 Pandemic and Nationwide Lockdown **The numbers have been impacted by the 2nd wave of COVID-19 Pandemic and Partial Lockdown

The numbers have a clear reflection of impact of nation-wide lockdown in Q1FY21 resulting out of the first wave of COVID-19 Pandemic and partial lockdown and restricted business activities in Q1FY22 as well on account of COVID-19 second wave. Recovery in toll collections and construction activity has been strong with easing economic activity.

Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, "We continue to tread ahead and overcome challenges posed by the pandemic. Q1FY22 was impacted due to COVID-19 second wave in April and May, albeit at softer level than the first. Strong resilience has been visible June onwards, with a pick-up in economic activities; and we now look forward to a better and stronger FY22."

He further said, "We also raised Rs 382cr via right issue for our Private InvIT; achieved full COD for Udaipur – Shamlaji BOT Project in Rajasthan; won arbitration award as the EPC Contractor for Pathankot Amritsar project; and received clarity on cash compensation and extension for projects suffering from Farmer's agitation – all in all, we are marching ahead firmly and strongly on the growth path."

The highlights of business performance for Q1FY22 are:

• Raised Rs.381.63 Crs for its Private InvIT by way of Rights Issue.
• Achieved full COD for Udaipur Shamlaji BOT project in Rajasthan that made the Company eligible for recovering user fees at full rate; thus, increasing the same by 55%.
• Won arbitration claim of Rs.252.25 Crs plus interest for Pathankot Amritsar project towards time and cost overrun suffered on account of reasons not attributable to EPC Contractor.
• NHAI approves cash compensation and extension in Concession period for toll loss due to farmers' agitation in line with Concession Agreement
• The FASTag penetration for IRB Group crossed 92%; with strong push for a 100% conversion to FASTag by the Government.
• Significant improvement in construction pace with eased lockdowns.
• Company also facilitated Vaccination for its more than 60% frontline workers.

About IRB Infrastructure Developers Ltd:

IRB Infrastructure Developers Ltd (IRB) is India's largest integrated private toll roads and highways infrastructure developer in India, with an asset base of over Rs.54,000 Crs. in 10 States across the parent company and two InvITs.

The Company has strong track record of constructing over 12,975 lane Kms pan India in 3 decades and has an ability to construct over 400 to 500 Kms in a year.

It has approx. 20% share in India's prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.

At present, IRB Group's portfolio (including Private and Public InvIT) has 23 projects that include 19 BOT, 1 TOT and 3 HAM projects.

For further details, please contact:

Vivek Devasthali, Head – Corporate Communications, 99300 80099, vivek.devasthali@irb.co.in

Siddharth Kumar, Sr. Account Director, Adfactors PR, 99029 29187, Siddharth.kumar@adfactorspr.com