January 25, 202 1

Corporate Relationship Department,	Listing Department,
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza, Col Block G
Dalal Street, Mumbai- 400001 ,	Bandra Kurla Complex, Bandra (E),
	Mumba i - 40005 I

Dear Sir/Madam,

Ref: Scrip Code 532947; Symbol: lRB

Subject: Condensed Financial Statements of the Company

Dear Sir/Madam,

Please find attached the unaud ited condensed consol idated and standalone interim financial statements of the Company.

Please note that the Board of Directors of the Company al its meeti ng held on J,'lI1uary 25, 2021 has approved the above.

We request you to kindly take this on record and consider the above in accordance with Regulation 30 of the Securities and Exc hange Board of Ind ia (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Thanking you,

Yours faithfully,

FN ,tructurc Developers Limited

Mehul Patel Company Secretary

B SR& Co. LLP

Chartered Accountants 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai 400 063 . Telephone + 91 (22) 6257 1000 Fax + 91 (22) 6257 1010

Gokhale & Sathe

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

Independent Auditors' Report

To the 1Vlembers of

IRB Infrastructure Developers Limited

Report on the Review of the Condensed Consolidated Interim Financial Statements

I ntroductiol1

We have joiJltly reviewed the accompanying condensed consolidated interim financial statements of !1(13 Infrastructure Developers Limited ("the Parent") and its subsidiaries (the Parent and its sllhsidiarics rO:~Gther referred to as "the Group"), and its share of the net (loss) after tax and tctal C( Iinprehensi ve loss (If its joint ventures for the nine months period ended 31 December 2020, which cl.lJ1ipr;"C of the c()Jlcl':Jl~cd cOlisolidated balance sheet as at 31 December 2020 and the condensed C( I:ls(Jli ~b te.: ^lstatement of profit and loss and other comprehensive income, the conde1Jsed cC>ll..;olidated statement of changes in equity and the condensed consolidated statement of cashtlows fer the period (11~~J1 ended and notes to the condensed consolidated financial statements including ,1 Sllllllnary of the significant accounting policies and other explanatory information (together reterred to 8'1 'consolidat.ed interim financial information'). Management is responsible for the preparation and fair presenlMion orthis consolidated interim financial information in accordance with the Indian Accounting St311dnrd 34 "Interim Financial Reporting" (lnd AS 34) prescribed under Section 133 of Ihe COlllpanie', Act :20 13, and other accollnting principles generally accepted in India. OlJr responsibiiity is to express a conclusion on this consolidated interim financial information based on our revIew.

Scope ufreviefv

We conducted oLII' joillt revi ew of the cOllso lidaled interim financial information in accordance with the Standard 011 Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Indep endent Auditor of the Entity", issued by the Institute of Chaltered Accountants of India. A review of consol idakd interim financial information consists of making inquiries, primarily of persons responsible for financi al and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable LIS to obtain assurance that we would become aware of all significant matters that might be iclentified in an audit. Accordingly, we do not express an audit opinion.

The co n~olida c;d inte rim financial information includes the results of the entities as stated in

Report on the Review of the Condensed Consolidated Interim Financial Statements (Continued)

Conclusion

Based on our joint reView, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information is not prepared, in all material respects, in accordance with the Ind AS 34 and other accounting principles generally accepted in India.

Other Matters

I.We did not review the condensed interim financial statements of 12 (twelve) subsidiaries included in the consolidated interim financial information, whose results reflect total assets of Rs. 273,718.60 millions (before consolidation adjustments) as at 31 December 2020 and total revenues ofRs. 27,501.70 millions (before consolidation adjustments), total net profit after tax ofRs. 1,417.70 millions (before consolidation adjustments) and total comprehensive income of Rs. 1,400.1 0 millions (before consolidation adjustments) for the period from 1 April 2020 to 31 December 2020, and cash outflows (net) of Rs. 160.97 millions for the period from 1 April 2020 to 31 December 2020, as considered in the consolidated interim financial information. The consolidated interim financial information also includes the Group's share of net profit after tax of Rs. 0.7 millions (before consolidation adjustments) and total comprehensive income of Rs. 0.7 millions (before consolidation adjustments) for the period from I April 2020 to 31 December 2020, respectively, as considered in the consolidated interim financial information, in respect of olle joint venture, whose condensed interim financial statements have not been reviewed by us. These condensed interim financial statements have been reviewed by the other auditors whose reports have been furnished to by management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and ajoint venture, is based solely on the report of other auditors and the procedures performed by us as stated in the scope of review paragraph.

Our conclusion on the consolidated interim financial information is not modified in respect of the above matter.

The consolidated interim financial information reflects total assets of Rs. 106,760.10 millions (before consolidation adjustments) as at 31 December 2020 and total revenues ofRs. 12,668.50 millions (before consolidation adjustments), total net loss after tax of Rs. 653.50 millions (before consolidation adjustments) and total comprehensive loss ofRs. 653.50 millions (before consolidation adjustments) of 5 (five) subsidiaries for the period from I April 2020 to 31 December 2020, and cash inflows (net) ofRs. 66.43 millions for the period from 1 April 2020 to 31 December 2020, as considered in the consolidated interim financial information which has been reviewed by Gokhale and Sathe, Chartered Accountants, one of the joint auditors of the Parent. The consolidated interim financial information also includes the Group's share of net loss after tax of Rs. 1,368.2 millions and total comprehensive loss of Rs. 1,368.2 millions for the period from 1 April 2020 to 31 December 2020, as considered in the consolidated interim

Report on the Review of the Condensed Consolidated Interim Financial Statements (Continued)

1. The consolidated interim financial information reflects total assets of Rs. 29,154.02 millions (before consolidation adjustments) as at 31 December 2020 and total revenues of Rs. 37.50 millions (before consolidation adjustments), total net profit after tax of Rs. 715.40 millions (before consolidation adjustments) and total comprehensive income ofRs. 7 I 5.48 millions (before consolidation adjustments) of2 (two) subsidiaries for the period from 1 April 2020 to 31 December 2020, and cash outflows (net) of Rs. 12.24 millions for the period from ] April 2020 to 31 December 2020, as considered in the consolidated interim financial information which has been reviewed by B S R & Co. LLP, Chartered Accountants, one of the joint auditors of the Parent.
1. The consolidated interim financial information includes 1 (one) subsidiary which has not been reviewed, whose condensed interim financial statements reflects total assets of Rs. NIL millions as at 31 December 2020 and total revenues of Rs NIL millions, total net loss after tax of Rs. NIL millions and total comprehensive loss of Rs. NIL millions, for the period from 1 April 2020 to 31 December 2020, and cash outflows (net) of Rs. NIL millions for the period from 1 April 2020 to 31 December 2020, as considered in the consolidated interim financial information. According to the information and explanations given to us by the management, this condensed interim financial statements is not material to the Group.

Our conclusion on the consolidated interim financial information is not modified in respect of the above matter.

For and on behalf of BSR&Co.LLP Partner Membership number: 105149 UDIN:21105149AAAAAQ6232

Mumbai

25 January 2021

For and on behalf of Gokhale & Sathe Chartered Accountants Firm's Registration No: 103264W

Jayant Gokhale

Partner Membership number: 033767 UDIN: 2J033767AAAAAIl926 Mumbai 25 January 2021

BSR& Co. LLP

Chartered Accountants

Annexure I

List of subsidiaries included in the condensed consolidated interim financial statements of IRE Infrastructure Developers Limited

Sr No Name of Entity Relationship IRE Ahmedabad Vadodara Super Express Tollway Private Limited Subsidiary Modern Road Makers Private Limited 2 Subsidiary Mhaiskar Infrastructure Private Limited Subsidiary 3 4 ideal Road Builders Private Limited Subsidiary IRB Kolhapur Integrated Road Development Company Private Limited 5 Subsidiary IRB Goa Tollway Private Limited 6 Subsidiary 7 ATR Infrastructure Developers Limited Subsidiary IRB Sindhudurg Airport Private Limited Subsidiary 8 Aryan Toll Road Private Limited Subsidiary 9










Aryan Infrastructure Investments Private Limited Subsidiary 10
1 J Thane Ghodbunder Toll Road Private Limited Subsidiary
IRB MP Expressway Private Limited (formerly known as NKT Road and Subsidiary 12 Toll Private Limited)
Aryan Hospitality Private Limited Subsidiary 13
14 IRB Infrastructure Private Limited Subsidiary
Modern Estate - Partnership Firm (dissolved with effect from 23 November Subsidiary 15 2(20)
MRM Mining Private Limited J6 Subsidiary
VK I Expressway Private Limited Subsidiary 17
IRB PP Project Private Limited (formerly known as Zozila Tunnel Project Subsidiary 18 Private Limited)
iRB PS Highway Private Limited (formerly known as MRM Highways Subsidiary 19 Private Limited)
20 ay Private Limited (with effect from 14 August 2020) Subsidiary

BSR&Co.LLP

Chartered Accountants

Annexure I (Continued)

List of Joint Ventures included in the condensed consolidated interim financial statements of IRB Infrastructure Developers Limited

SrNo I 2	Name of Entity MMK Toll Road Private Limited IRB Infrastructure Trust	Relationship Joint Venture Joint Venture
	Subsidiaries of IRB Infrastructure Trust
" 111 IV V VI VII VIII IX	AE Tollway Limited Yedeshi Aurangabad Tollway Limited IRB Westcoast Tollway Limited Kaithal Tollway Limited Solapur Yedeshi Tollway Limited CG Tollway Limited Udaipur Tollway Limited Kishangarh Gulabpura Tollway Limited IRE Hapur Moradabad Tollway Limited	Joint Venture Joint Venture Joint Venture Joint Venture Joint Venture Joint Venture Joint Venture Joint Venture Joint Venture

IRB Inrrastructure De\'c1o[lel's Limited Condensed Consolidated Balance sheet as at December 31,2020

			(Rs on m,IlLOJl.<)
	Notes	Dccembcl" 31,2020 (Unaudited)	March 31, 2020 (Audited)
ASSETS
Non- ""'tnt tUttiS
Property. Plant and Equipment		1,33000	1,535 12
Capital work-ill-progress		42022	36060
		96,52
Right-of-use asset			11720
Goodwill on consolidation		7804	7804
Other Intangible assets		271,172 29	274,974.74
Intangible assets under deveJopemenl		5,20031	3,669.71
Financial assets
i) Investments		44,00654	41,33054
ii) Loans		8336	77 38
iii) Other financial assets		32,359 17	30,93662
Dererred tax assets (net)		85240	596.80
Other non-current assets		29.79	28.88
		355,628.64	353,705.63
Current assets
Inventories		3,455. 18	3,313 55
Financial assets
i) Investments		2,637.88	128.01
ii) Trade receivables		2,854.44	4,407 58
jii) Cash and cash equivalents		978.73	4,42871
iv) Bank balance other than (iii) above		18,314.15	18,278 34
v) Loans		2,780.89	158.18
vi) Other financial assets		10,468,24	10,195.12
Current tax assets (net)		603.90	40308
Other current assets		6.976.09	3,863.38
		49,069.50	45,175.95
TOTAL ASSETS		404,698.14	398,881.58
EQUITY AND LIABILITIES
Equity
Equity share capital		3,514,50	3,514.50
Other equity		63,296.36	63,31429
		66.810.86	66,828.79
Liabilities
Non~current liabilities
Financial liabilities
i) Bcrrowings		140,38935	64,58071
jj) Lease liabilities		13 68	7670
iii) Other financial liabilities		133,76858	138,883.02
Provisions		375,99	393.86
Deferred tax liabilities (net)		2701	27.01
		274,574.61	203,961.30
Current liabilities
Financial liabilities
i) Borrowings		20,618.66	20,659.87
Ii) Lease iiabiiiti('s		84.74	49.69
iii) Trade payables
a) total outstanding dues of micro enterprises and sma11 enterprises		785.34	1,138.26
b) total outstanding dues of creditors other than micro enterprises and small enterprises		4,213.15	6,302.02
iv) Other financial liabilities		30,582.78	89,84308
Other current liabilities		6,567.61	9,24854
Provisions		167.77	123.60
Current tax liabilities (net)		292.62	726.43
		63,312.67	128,091.49
TOTAL LIABILITIES		337.887.28	332,052.79
TOTAL EQUITY AND LIABILITIES		404,698.14	398,881.58

Sumntlu), of signlficnnt 8cC' ountin~ policies The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

Chartered Accountanls 1CAI Firm Registration Number : 103264W Place: Mumbai Date: January 25,2021 For and on behalf of the Board of Directors of IRB Inrrastructurc Developers Limited C~:1!l98I'LCI159<>7 ~ ~~.~\~ Virendrn D. Mhaiskar Company Secretary Membership No.: A14302 Place : Mumbai Date: January 25, 2021 Deepali V. Mhaiskar Whole Time Director DIN: 00309884 Rushabh ~~ R. G.ndhi Chief Financial Officer Membership No.: I 42334

IRB Infrastructure Developers Limited Condensed Consolidated Statement of Profit and Loss for the period from April 01 2020 to December 31,2020

			IRs in millions)
	Notes	2020 to December 31, 2020 (Unaudited)	For the period April 01, For the period April 01, 2019 to December 31, 2019 (Unaudited)
Income
Revenue from operations		36,927.82	52,677.68
Other income		1,443.40	1,446.06
Total income		38.371.22	54,123.74
Expenses
Cost of material consumed		2,103.85	3,518.36
Road work and site expenses		12,666.25	21,062.77
Employee benefits expenses		2,100.85	2,198.38
Finance costs		12,413.35	11,539.68
Depreciation and amortisation expenses		4,042.92	3,629.50
Other expenses		2,531.21	2,733.23
Total expenses		35,858.43	44,681.92
Profit before share of profit I (loss) from joint ventures and tax		2,512.79	9,441.82
Share of (loss) from joint ventures (net)		(1 ,367.53)
Profit before tax		1,145.26	9,441.82
Tax expenses	5
Current tax (including earlier periods Rs. 0,48 millions; (December 31,2019: Rs. 5.66 millions»		1,309.83	3,521.40
Deferred tax (credit) I charges		(361.41)	255.03
Total tax expenses		948.42	3,776.43
Profit for the period		196.84	5,665.39
Other comprehensive iDcome
Items that will Dot he subsequently reclassified to profit or loss:
(a) Mark to market gain/(loss) on fair value measurement of investments
(b) Re-measurement (loss) on defined benefit plans		1,560.23 (23.72)	(83342)
Tax on above		5.97	(16.90) 4.25
Other compreheDsive income/(loss) for the period, net of tax		1,542.48	(846.07)

Total comprehensive income for the period, Det of tax		1,739.32	4,819.32
Profit frr tbe period attributable to :
Owners of the Company		196.84	5,665.39
Non-controlling interests
Otber Comprehensive income attributable to :
Owners of the Company		1,542.48	(846.07)
Non-controlting interests
Total CompreheDsive income attributable to:
Owners of the Company		1,739.32	4,819.32
Non-controlling illterests

EarniDgs per equity share (ofRs 10 each)	6
Basic		0.55·	16.12·
Diluted		0.55·	16.12"
• not annualised

Summary of significant accounting policies

The accompanyiog notes are an integral part of the unaudited condensed consolidated interim fmancial statements.

As per our report of even date. ForB SR& Co. LLP

For Gokhale & Sathe Chartered Accountants ICAI Finn Registration Number: 103264W

Partner Membership No.: 033767

Place: Mumbai Date: January 25, 2021

For and on behalf of the Board of Directors of IRB Infrastructure Developers Limited CIN : L65910MH1998PLC115967

VireDdra D. Mhaiskar Chainnan & Managing Director DIN: 00183554

Company Secretary Membership No.: A 14302

Place: Mumbai Date: January 25, 2021

Deepali V. Mhaiskar Whole Time Director DIN: 00309884

~~~ .

Rushabh R. Gandhi Chief Financial Officer Membership NO.:142334

Condensed Consolidated Statement of cbanges in Equity for the period {rom April 01, 2020 to December 31, 2020

	(Rs in millions)
December 31, 2020 (Unaudited)	March 31,2020 (Audited)

a. Equity Share Capital

Equity shares of Rs. 10 each issued, subscribed and fully paid At the beginning and end of the period 351,450,000 (March 31,2020: 351,450,000)

3,514.50

b. Other Equity

		Owners of the Company
	Reserves and surplus			Items or Other comprehensive income (OCI)
	Securities Premium	Capital Reserve	General reserve	Retained earnings	Mark to market (losses) I gain on fair value measurement of investments	Re-measuremcnt of net defined benerit plans (net of taxes)	Total
As at March 31, 2019	14,060.09	1,269.18	1,946.12	45,170.05	(2,761.96	(46.48)	59,637.00
Transfer to retained earnings	-	-	-	(46.48)		46.48	-
Profit for the period	-	-	-	5,665.39		-	5,665.39
Other comprehensive (loss) for the period	-	-	-	(1265\	(833.42	·	(846.07
Total comprehensive income for the period (net of tax)	-	-	·	5,606.26	(833.42)	46.48	4,819.32
Tax on dividend on equity shares	-		-	(50.15\		-	(50.15
As at December 31, 2019	14,060.09	1,269.18	1,946.12	50,726.16	(3,595.38	·	64,406.17
As at March 31, 2020	14,060.09	1,269.18	1,946.12	52,262.46	(6,223.56	·	63.314.29
Profit for the period	-	-	·	196.84	-	-	196.84
Other comprehensive income/Closs) for the period	-		-	(I 7.75	1,560.23		1,542.48
Total comprehensive income for the period (net or tax)	-	-	·	179.09	1,560.23	-	1,739.32
Dividend on equity shares		-	-	(1,757.25)	-	-	(1,757.25)
Tax on dividend on equity shares	-	-	-		-	·	-
As at December 31, 2020	14,060.09	1,269.18	1,946.12	50,684.30	(4,663.33	-	63,296.36

Summary of slglliricanl .etounting pollel.'

The accompanying notes are an integral part of the unaudited condensed consolldated interim financial statements

Chartered Accountants ICAI Firm Registration Number. 103264W

Membership No.: 033767

Place: Mumbai Dale: January 25, 2021

For and on behalf of the Board of Directors of IRB Infrastructure Developers Limited

Company Secretary Membership No.: A14302

Place: Mumbai Date: January 25, 2021

CP:1II998PLC115967 ~"\J.,...,....L--::.'c...-

Deepali V. Mhaiskar Whole Time Director DIN: 00309884

~'i Chief Financial Officer

Membership No.: 142334

IRB Infrastructure Developers Limited Condensed Consolidated Statement of Cash Flows for the period from April 01, 2020 to December 31, 2020

		(Rs in millions)
Particulars	For the period April 01, 2020 to December 31,2020 (Unaudited)	For the period April 01, 2019 to December 31,2019 (Unaudited)

Cash flow from operating activities
Profit before tax	1,145.26	9,441.82
Adjustments:
Depreciation and amortisation	4,042.92	3,629.50
Resurfacing expenses	l37.61	(390.46)
Net (gain) on sale of property, plant and equipment	(4.05)	(6.96)
Fair value gain on mutual funds	(67.33)	(2.09)
Share ofloss from joint ventures	1,367.53
Net (gain) on sale of current investment	(6.56)	(41.17)
Extinguishment of premium liability	(834.95)
Finance costs	12,413.35	11,539.68
Interest income	(1,183.97)	(1,335.75)
Other non operative income	(119.88)	(59.48)
Dividend income on current investments		(0.59)
	16,889.93	22,774.50
Movement in working capital:
(Decrease )lIn crease in trade payables	(2,441.79)	4,280.l3
(Decrease) in provisions	(9.18)	(18.67)
(Decrease)!Increase in other financial liabilities	(200.52)	1,278.49
(Decrease )!Increase in other liabilities	(2,680.92)	1,959.61
Decrease!(Increase) in trade receivables	1,553.14	(27.71)
(Increase )lDecrease in inventories	(141.63)	1,149.38
Decrease in loans	51.62	378.00
(Increase) in other fmancial assets	(2,516.73)	(2,485.76)
(Increase) in other assets	(3,112.71)	(1,244.12)
Cash generated from operations
	7,391.21	28,043.85
Taxes paid (net) Net cash flows generated fry;!! opel ating activities	(1,838.66) (A) __ ~5,55:_.5_5 _____	(2,996.77)
		,0 7. 8
Cash flows from investing activities Addition to intangible assets including intangible assets under development and capital advances	(67,567.55)	(35,096.46)
Purchase of property, plant and equipment	(78.30)	(336.81)
Proceeds from sale of property, plant and equipment	10.08	12.15
Proceeds from sale of non-current investments	120.49	222.87
Investment in joint venture	(2,603.81)
Loan given to joint ventures	(2,680.31)
Other recoverable! advance towards subscription of units in joint venture
	(2,544.40)
Receipt of other recoverable! advance towards subscription of units	3,4l3.14
Investment in current investments (net)	(2,435.99)	(215.00)
Investment in ! proceeds from maturity of bank deposits (having original	(36.73)	9.28
maturity of more than three months) (net)
Interest received	1,l36.30	1,530.64
Dividend received		0.59
Net cash flows (used in) investing activities	(B) ____ 3,26	.0 8)~ ____ 33 87 .7~4)
Cash flows from financing activities
Proceeds from non-current borrowings	84,921.45	33,659.35
Repayment of non-current borrowings	(8,514.98)	(7,708.75)
Repayment of current borrowings (net)	(41.21)	(2,928.61)
Payment oflease liabilities (net)	(36.96)	(35.20)
Finance cost paid	(10,304.67)	(11,032.30)
Dividend paid on equity shares	(1,757.25)
Tax on equity dividend paid		(50.15)
Net cash flows generated from financing activities	(C) __ 64 26 .3 8 _____ 1~,9	4.34_

	(3,448.15)	3,078.68
	4,374.21
	926.06

IRB Infrastructure Developers Limited Condensed Consolidated Statement of Cash Flows for the period from April 01, 2020 to December 31,2020

		eRs in millions)
Particulars	For the period April 01, 2020 to December 31, 2020 (Unaudited)	For the period April 01,2019 to December 31, 2019 (Unaudited)

Components of cash and cash equivalents
Balances with scheduled banks:
- Trust, retention and other escrow accounts	12.51	106.71
- Current accounts	409.58	5,249.02
- In deposit accounts with original maturity less than 3 months	378.62	324.61
Cash on hand	178.02	172.66
Less: Book overdraft	(52.67)	(50.06)
Total cash and cash equivalents	926.06	5,802.94
Debt reconciliation statement in accordance with Ind AS 7
Opening balance as at April I, 2020
Long term borrowings	55,396.42	142,051.04
Short term borrowings	20,659.87	13,115.38
Movements
(a) Cash flows
Long term borrowings	76,406.47	25,950.60
Short term borrowings	(41.21)	(2,928.61)
(b) Foreign exchange movement
Long term borrowings		343.25
Short term borrowings
(c) Non cash changes (effective rate of interest accrued and unpaid moratorium interest converted into borrowings)
Long term bonowings	706.30
Short term borrowings
(d) Clo~ing bal,nce as at December 31,2020
Long term borrowings	132,509.19	168,344.89
Short term borrowings		10,186.77
	20,618.66

Summary of significant accounting policies (refer note 3)

The accompanying notes are an integral part of unaudited condensed consolidated interim financial statements.

Notes:

I. All figures in bracket are outflow.

Taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities.
The condensed consolidated cash flow statement has been prepared under Indirect Method as per lnd AS 7 "Statement of Cash Flows".

For B S R & Co. LLP

As per our report of even date

For Gokhale & Sathe Chartered Accountants ICAI Firm Registration Number: 103264W

Place: Mumbai Date: January 25, 2021

For and on behalf of the Board of Directors of IRB Infrastructure Developers Limited CIN : L65910MH1998PLC1l5967

Virendra D. Mhaiskar Chairman & Managing Director DIN: 00183554

Aj, P. Dcsh.mukh 1;;;;=

Mehul N. Patel Company Secretary Membership No.: A14302

Place: Mumbai Date: January 25, 2021

Deepali V. Mhaiskar Whole Time Director DIN: 00309884

y-:; f?~ R. Gandhi

Rushabh Chief Financial Officer Membership NO.:142334

Notes to the Unaudited Condensed Consolidated Interim financial statements for the period from April 01, 2020 to December 31, 2020

1. Corporate Information

IRB Infrastructure Developers Limited ("the Company") is a Public Company domiciled in India and is incorporated under the provision of the Companies Act (the 'Act') applicable in India. Its shares are listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The registered office is located at 1101, Hiranandani Knowledge Park, 11th Floor, Technology Street, Hill Side Avenue, Opp Hiranandani Hospital, Powai, Mumbai - 400 076, Maharashtra.

2. Basis of preparation

A. Purpose

These unaudited condensed consolidated interim financial statements which comprise the condensed cons::>lidated balance sheet as at December 31, 2020, the condensed consolidated statement of profit and loss (including other comprehensive income), the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the period from April 1, 2020 to December 31, 2020 and a summary of the significant accounting policies and other explanatory information (together herein after referred to as "unaudited condensed consolidated interim financial statements " have been prepared in accordance with the principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India. These unaudited condensed consolidated interim financial statements for the period from April 1, 2020 to December 31, 2020 have been prepared for the Company solely in connection with the proposed issuance of INR denominated Non-Convertible Debentures (referred to as "INR NCDs") to a Mauritian Foreign Portfo:io Illvestor under Voluntary Retention Route as prrscribtd by the Reserve Bank of India which in tum will issue USD denominated bonds (referred to as "FPI Bonds") to be listed on Singapore Exchange Securities Trading Limited (SGXST) and its inclusion in the Offering Memorandum of the Company and the Mauritian Foreign Portfolio Investor.

These unaudited condensed consolidated interim financial statements are not the statutory accounts for the purpose of any statutory compliances or for regulatory requirements in any jurisdiction.

The unaudited condensed consolidated interim financial statements of the Company for the period from April I, 2020 to December 31, 2020 were approved by the Board of Directors and authorised for issue on January 25,2021."

B. Statement of compliance

These unaudited condensed consolidated interim financial statements compnse of unaudited condensed interim financial statements of IRB Infrastructure Developers Limited and its subsidiaries (collectively, "the Group") and its joint ventures for the period from April 1, 2020 to December 31,2020.

These unaudited condensed consolidated interim financial statements for the period from April I, 2020 to December 31, 2020 have been prepared in accordance with Accounting Standard Ind AS 34. The unaudited condensed consolidated interim financial statements do not include all the notes of the type normally included in the annual financial statements. Accordingly, these unaudited condensed consolidated interim financial statements are to be read in conjunction with the statutory consolidated financial statements for the year ended March 31, 2020.

Notes to the Unaudited Condensed Consolidated Interim financial statements for the period from April 01, 2020 to December 31, 2020

3. Summary of significant accounting policies

3.01 Current income tax

Current income tax assets and liability have been determined based on management's estimate of the weighted average effective annual income tax rate expected for the full financial year as required under Ind AS 34.

3.02 Standards issued but not yet effective

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from January 01, 2021.

3.03 Newly incorporated subsidi~ry included in the unandited condensed consolidated interim financial statements during the period from April 1, 2020 to December 31, 2020

These unaudited condensed consolidated interim financial statements comprise of unaudited condensed interim financial statements of a newly incorporated entity during the period i.e. VM7 Expressway Private Limited (with effect from 14 August 2020) wherein the Company holds 100% of its's shareholding.

(Rs in millions)

Note 4 : Borrowings

Carryinl: amount secured Long-term borrowings as at Deccmbcr 31 , 2020 (Unaudited)	Amount
Opening balance as on April 01, 2020 (Gross of una mortised transaction cost)	71,498.62
Taken/issued du ring the period
(a) Term Loan:
- Project loans for SPVs	58,897.87
- Equipment finance	23.58
- General purpose borrowings	6,000.00
(b) Secured Redeemable non-convertible debentures (NCD):
- Listed NCD 12,500 of face value ofRs. 1,000,000 each	12,500.00
- Unlisted NCD 75,000 of face value of Rs. 100,000 each	7,500.00
Repayments during the period
(a) Term Loan
- Project loans for SPVs	(2,975.95)
- Equipment finance	(210.53)
- General purpose borrowings	(5,281.74)
(b) Secured Redeemable non-convertible debentures	(46.76)
Other:
Effective interest rate accrued on non-convertible debentures	(325 .37)
Unpaid moratorium interest converted into borrowing	1,031.67
Deferred Premium Obligation accrual (unsecured)	2,595.19
Closing balance as on December 31, 2020 (Gross of una mortised transaction cost)	151,206.58
Less: Closing balance of una mortised transac'ion co~ as at December 31 , 2020	(1,209.51)
	149,997.07
Closing balallc,: as on I'ecember 31, 2020 (net of una mortised transaction cost) (Refer note (a) below)
Note a:
Non Current borrowings in financial liabilities	140,389.35
Current maturities grouped in other financial liabilities	9,607.72
	149,997.07
Interest rate for borrowings taken during the period
Project loans for SPVs carries interest rates which varies from 8.40% to 9.60% p.a.
Equipment finance carries interest rates which varies from 9.80% p.a. to 13.00% p.a.
General purpose borrowings carries interest rates which varies from 8.70% p.a. to 12.00% p.a.
Secured redeemable Non-convertible debentures carries interest rates which varies from 9.25% - 10.00% p.a.

Repayment scbedule for borrowings taken during tbe period

Project Loans for SPVs will be matured during the period January, 2021 to February, 2035. Equipment finance borrowings will be matured during the period January, 2021 to September,2025 General purpose borrowings will be matured during the period from January, 2021 to March 2029. Secured redeemable non-convertible debentures will be matured during the period from January, 2021 to June, 2025.

Deferred Premium Obligation

National Highways Authority ofIndia has approved deferment of premium obligation which carries interest rate @ 2% above the RBI bank rate. Bank guarantee has been provided to NHAI. The repayment is in accordance with the cash surplus accruing to the SPY over the concession period (by FY 2035).

Unpaid moratorium interest converted into borrowing

As per RBI's Statement on Developmental and Regulatory Policies issued on March 27, 2020 and subsequently on May 22, 2020, the Company and its certain subsidiaries have availed the relief provided by its' lenders by way of moratorium on certain principal repayments. The unpaid interest during the moratorium period has been converted into borrowings.

IRB Infrastructure Developers Limited Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31,2020 Note 4 : Borrowings (Continued)

CRlTying amount ccurcd { unStc.ured ' borl'-Ierm borrowin~s as:1I December 31, 2020 (Unaudited)	Amount
Opening balance as on April 01, 2020	20,659.87
Taken during the period
- Short term loans from banks	466.61
Repayments during the period
From Banks (Secured)
- Overdraft and Cash credit I working capital demand loan (net)	(507.82)
Closing balance as on December 31,2020	20,618.66

Interest rate and repayments schedule on borrowings taken/repaid during the period

a. Secured against fixed deposits which are repayable on demand, interest rate varies from 3.80% to 5.75%.

b. Unsecured loan from related parties is repayable on demand.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 5 : Income tax

Effective tax rate

Reconciliation of tax expenses and the accounting of profit multiplied by Indian Domestic tax rate for nine months ended December 31, 2020 and December 31,2019 are:

		(Rs in millions)
	For the period April	For the period
	01,2020 to	April 01, 2019 to
	December 31, 2020	December 31, 2019
	(Unaudited)	(Unaudited)
Profit before share of (loss) from joint ventures and tax	2,512.79	9,441.82
Statutory tax rate	34.94%	34.94%
Expected income tax at India's statutory rate	878.07	3,299.35
Effect of income that is exempt from taxation		(0.21)
Effect of expenses that are not deductible in determining taxable profit	89.15	34.08
Effect of unused tax losses and tax offsets not recognised as deferred tax assets	438.28	1,283.oI
Effect of income chargeable at a lower rate	(306.08)	(902.23)
Difference in tax rate on Minimum Alternate Tax compared to normal tax rates	(167.03)	5.66
Others	15.55	51.11
Adjustments recognised in the current period in relation to the current tax of prior periods	0.48	5.66
Income tax expense reported in the condensed consolidated statement of profit and loss	948.42	3,776.43

37.74%

40.00%

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 6 : Earnings per share (EPS)

The following reflects the income and share data used in the basic and diluted EPS computations:

		(Rs in millions)
	December 31, 2020	December 31,
	(Unaudited)	2019 (Unaudited)

Profit attributable to equity holders for basic earnings (Rs in millions)	196,84	5,665.39
Weighted average number of equity shares	351,450,000	351,450,000
Face value per share (Amount in Rs,)	10.00	10,00
Basic earning per share •	0.55	16,12
Diluted earning per share *	0.55	16.12
* Not annualised

Note 7 : Commitment and Contingencies

a. Capital commitments and other commitments

The Group has commitments related to further investment as sponsor's contribution (share capital and subordinated debt) to the projects in the following joint venture ;

		(Rs in millions)
	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)
IRE Infrastructure Trust (refer note (i) below)	3,218.67	4,953.48
Total	3,218.67	4,953.48

(i) During the previous period, the Group had transferred its nine subsidiaries to IRE Infrastructure Trust (Trust). However, based on the sponsor support agreement entered by the Company with the lenders of the erstwhile subsidiaries, the Group continues to be liable for the balance equity commitment to the extent of 51 %.

ii) The Group has entered into agreements with IRE InvlT Fund (Tenure - 10 years or completion of concession period whichever is earlier) and IRE Infrastructure Trust (Tenure - 10 years), to provide toll operations and management services.

b. Contingent lia bilities Contingent liabilities not prolided fOI"

		(Rs in millions)
	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)
Guarantees and counter guarantees on behalf of joint ventures given by the Group	460.00	872.83
Bank guarantees towards bids/tenders/authorities/etc	5,052.40	1,822.30
Total	5,512.40	2,695.13

i) Future cash outflows, if any, in respect of above are determinable only on receipt of judge men tide cis ions pending at various forums/authorities.

ii) The Group's pending litigations comprise of claims against the Group primarily by the commuters and regulators. The Group has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required. The Group has not provided for or disclosed contingent liabilities for matters considered as remote for pending litigations / public litigations (PIL) / claims wherein the management is confident, based on the internal legal assessment and advice of its lawyers that these litigations would not result into any liabilities. The Group does not expect the outcome of these proceedings to have a material adverse effect on the unaudited condensed consol idated interim financial statements.

iii). The Group has provided corporate guarantee to the lenders of the joint ventures companies to make good the shortfall, if any, between the secured obligations of the joint ventures companies and the termination payment received from the Authority in the event of termination of the Concession Agreement. As on December 31, 2020, since the termination clause has neither triggered nor expected to trigger in the foreseeable future for any of the joint venture companies, the said liability is considered as remote.

iv). The Group has no tax litigations in the current and previous period.

c. Litigation stamp duty matter

Mhaiskar Infrastructure Private Limited CMIPL') had vide order dated September 9, 2005 received a demand from the Government of Maharashtra of Rs. 275.40 millions in respect of stamp duty on the agreement dated August 4, 2004 entered into between Maharashtra State Road Developers Corporation Limited (MSRDC), MIPL and the Government ofMaharashtra for right to collect tolls/fees, the cost of which has been provided and capitalised during the earlier years.

MIPL had vide order dated March 12, 2008 received demand from Chief Controlling Revenue Authority Maharashtra State, Pune of Rs.49.57 millions in respect of penalty on said stamp duty. MIPL has filed a Writ Petition No.3000 of 2008 in the Bombay High Court for quashing the said order on the grounds that the said order is in violation of the provisions of Bombay Motor Vehicles Act and also in violation of the concession agreement between the Government ofIndia and MSRDC.

The Writ Petition came up for admission on April 28, 2008 and the Hon'ble Court was pleased to admit the said Writ Petition and has directed the Petitioner to deposit 50% of the demand with the Collector of Stamps (Enforcement I) within eight weeks from the said Order dated April 28, 2008 and has directed the Registrar to seek direction from the Chief Justice of Bombay High Court for deciding as to whether the matter should be referred to a larger bench. Considering the facts and circumstances of the case and law, MIPL has made a provision ofRs. 275.40 millions in books ofnccounls and paid 50% of the amount Rs.137.70 millions under protest on June 19,2008. Further, based on the legal opinion obtained by MIPL, the management is of the view that 1 55; iii! of penalty demanded by the authorities, becoming a liability, is remote.

Notes to thc Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 8 : Fair Values

The canying values offinancials instruments of the Group are reasonable and approximations affair values.

				(Rs in millions)
		Carrying amount	Fair Value
	December 31,	March 31, 2020	December 31, 2020	March 31, 2020
	2020 (Unaudited)	(Audited)	(Unaudited)	(Audited)
Financial assets
Financial assets measured at amortised cost
Loans	2,864.25	235.56	2,86425	235.56
Other Financial assets	9,896.04	41,131.74	9,896.04	41,131.74
Financial >lsscls"mcasured at f3lfvaluc throuSh ,(ntemcn! OCProlil & Loss
Investments (Quoted)	2,638.17	128.27	2,638.17	128.27
Other Financial assets	32,931.37		32,931.37
Finnncial nssetfi measured at fnir value through olher compNhcnsive income
Investments (Quoted)	8,477.50	2,374.18	3,813.88	2,374.18
Investments (Unquoted)	6.25	6.25	6.25	6.25
Financial assets measured at amortised cost
Investments (Unquoted)	0.17	0.17	0.17	0,17
Trade receivables	2,854.44	4,407.58	2,854.44	4,407.58
Cash and cash equivalents	978.73	4,428.71	978.73	4,428,71
Othpr Bank balances	18,314.15	18,278.34	18,314.15	18,278.34
Financial liabilities
Financial liabilities measured"at amortis"d cost
Trade payables	4,998.49	7,44Ci.28	4,998.49	7,440.28
Borrowings (net of unamortised transaction cost)	170,615.73	91,810.93	170,615.73	91,810.93
Lease liabilities	98.42	126.39	98.42	126.39
Other financial liabilities	154,743.65	222,155.75	154,743.65	222,155.75

The management assessed that the fair value of cash and cash equivalents, trade receivables, trade payables, borrowings, bank overdrafts and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The discount for lack of marketability represents the amounts that the Group has determined that market participants would take into account when pricing the investments.

Note 9 : Fair Value Hierarchy

All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.

Level I: Quoted (unadjusted) price in active market for identical assets or liabilities

Level 2: Valuation technique for which the lowest level input that has a significant effect on the fair value measurement are observed, either directly or indirectly

Level 3: Valuation technique for which the lowest level input has a significant effect on the fair value measurement is not based on observable market data.

Quantitative disclosures fair value measurement hierarchy for financial instruments as at De",c.;;;em=b.;;;er;..;3;;..1;..:,..;;2",0.;;;2.;;.0;..: _--:::-:-_-:-_____ --:---:-_:-:-:: ___ "7"(R:..;;:.s.;.;in.;...;.;rn;.;.il;.;.h:.::·o"'n"'s):.....

	As on	Fair value measurement at end of the reporting year using
	December 31, 2020 (Unaudited)	Levell	Level 2	Level 3
Assets
Investments (Quoted)	6,452.05	6,452.05
Investments (Unquoted) •	6.42			6.42
Other financial assets'·	32,931.37			32,931.37
Liabilities
Lease liabilities •••	98.42			98.42

Quantitative disclosures fair value measurement hierarchy for financial instruments as at Ma:.:r.:::ch::...:.3.:.I'L2::.:0:..:2:..:0..:. : ___ -=:-:---,,-_______ --:--:--:-__ -.-"CR=s .::inc:...:.:m:.:il:.:h:..: · o:.::n",s):.....

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 9 : Fair Value Hierarchy (Colltillued)

There have been no transfers between levels durin!! the oeriod.

"The fair value in respect of the unquoted equity investments can not be reliably estimated and hence the same is valued at cost.

··The fair value measurements for the Receivable from IRE Infrastructure Trust (Trust') have been categorised as Level 3 fair values based on the inputs to the valuation teclmiques used. The fair valuation is determined based on present value of projected cash flows and risk free discount rates. The significant unobservable inputs used are (a) applying probability for percentage of amount that will be collected against the claims raised / to be raised with customers including the timing of collection (over a period of three years) with weights being assigned to different probability scenarios; and (b) discount rate applied to determine present value is 9.5%.

Sensitivity: Higher probability by 10% and lower discount rate by 0.5% will increase the fair value by 5,590.25 million. Lower probability by 10% and higher discount rate by 0.5% will reduce fair value by 5,282.11 million.

There were no significant inter-relationship between unobservable inputs that materially affects fair value.

Fair value movement for Receivable from Trust is as under:

Particulars	(Rs in millions)
Opening balance of receivables as on March 31,2020	34,688.21
Less: Receipt of deferred consideration	(1,793.54)
Add: Adjustment on account of interest unwinding	36.70
Closing balance of receivables as on Deccmber 31, 2020	32,931.37

"''''''Lease liabilities

The sensitivity analysis below have been determined based on reasonably possible changes of the discounting rate occurring at the end of the reporting year, while holding all other assumptions constant.

If the discounting rate is 50 basis point higher (lower), the impact on profit or loss would be decreased by Rs. 0.05 millions (increased by Rs. 0.05 millions).

Note 10 : Liquidity risk

Liquidity risk is the risk that the Group may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Group's objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Group closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including debt and overdraft from banks at an optimised cost .

. The table below summarises the maturity profile of the Group's financial liabilities based on contractual undiscounted payments:

				(Rs in millions)
Carrying amt	Total	~s than 1 year	1 to 5 years	> 5 years
151,206.58	178,347.08	15,698.29	98,598.72	64,050.07
20,618.66	21,087.90	21,087.90
98.42	98.42	84.74	13.68
154,743.65	154,743.66	20,975.07	36,694.40	97,074.19
4.998.49	4,998.49	4,998.49
331,665.80	359.275.55	62,844.49	135,306.80	161,124.26
				>' 5 ~cllrs
71,471.95	76,322.56	8,205.85	21,329.32	46,787.39
20,659.87	20,659.87	20,659.87
126.39	126.39	49.69	76.70
222,155.75	222,155.75	83,272.73	31 ,260.90	107,622.12
7,440.28	7,440.28	7.440.28
321,854.24	326.704.85	119,628.42	52.666.92	154.409.51
	CRrrl'ing nOli	TolDI	LC\$s thnn J l:cnr	1105 yenrs

The Group has sufficient level of cash and bank balances, including higbly marketable debt investments to meet the financial liabilities over the next twelve months. Moreover, the Group has maintained adequate sources of financing including debt tie up with banks/ financial institutions and overdraft facility from banks in respect of committed capital and operational outflows.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to Decemher 31, 2020

Note 11 : Dividend distribution made

		(Rs in millions)
	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)
Final dividend for the period ended December 31, 2020 Rs. 5/- per share	1,757.25
Dividend distribution tax		50.15
Total	1,757.25	50.15

Note 12 : Details of specific projects

During the period ended December 31,2020, the Group has paid/accrued Rs. Nil millions (December 31,2019 Rs. 703.26 millions) as Revenue Share to National Highways Authority of India ("NHAI") out of its toll collection in accordance with the Concession Agreements entered with NHAI. Income from Operations in the financials for the above periods is net off the above Revenue Share to NHAI.

Note 13 : Intra-group turnover and profits on BOT construction contracts

The BOT contracts are governed by Service concession agreements with government authorities (grantor). Under these agreements, the operator does not own the road, but gets "toll collection rights" against the construction services incurred. Since the construction revenue earned by the operator is considered as exchanged with the grantor against toll collection rights, profit from such contracts is considered as realised.

Accordingly, BOT contracts awarded to group companies (operator), where work is subcontracted to fellow subsidiaries, the intra group transactions on BOT contracts and the profits arising thereon are taken as realised and not eliminated for consolidation under Ind AS 110 "Consolidated financial statement"

The revenue and profit in respect of these transactions during the period is Rs. Nil millions (December 31,2019: Rs. 24,498.73 millions) and Rs. Nil millions (December 31, 2019 : Rs. 7,283.68 millions) respectively. The relevant projects were transferred to joint venture during the perivous period, therefore, the revenue and profit is nil during the current period.

IRB Infrastructure Developers Limited Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31,2020

Note 14: Related Party Disclosure

Description of relationship	Names of related parties
Joint venturesl Entities controlled by Joint ventures	MMK Toll Road Private Limited (w.e.f February 26, 2020)
(Only with whom there have been transactions during the period or there was balance outstanding at the period end)	IRE Inrrastructllre Trust (w.e.f February 26, 2020)
	Subsidiaries of the Joint Venture - IRB Infrastructure Trust
	IRE Westcoast Tollway Limited (w.e.f February 26, 2020)
	Solapur Yedeshi Tollway Limited (w.e.f February 26, 2020)
	Yedeshi Allrangabad Tollway Limited (w.e.f February 26, 2020)
	IRE Hapur Moradabad Tollway Limited (w.e.f February 26, 2020)
	AE Tollway Limited (w.e.f. February 26, 2020)
	Udaipur Tollway Limited (w.e.f February 26,2020)
	CG Tollway Limited (w.e.f February 26, 2020)
	Kishangarh GlIlabpura Tollway Limited (w.e.f February 26, 2020) Kaithal Tollway Limited (w.e.f February 26, 2020)
Enterprises owned or significantly influenced by key management	Mhaiskar Ventures Private Limited (Formerly known as Ideal Soft Tech Park
personnel or their relatives (Enterprises) (Only with whom there have	Private Limited)
been transactions during the period or there was balance outstanding at the period end)	V. D. Mhaiskar (HUF)
	VCR Toll Services Private Limited
	MEP Infrastructure Developers Limited
	SDM Ventures Private Limited DSM Projects Private Limited
	Loch Fynne Ltd
	Ideal Toll and Inrrastructure Private Limited
	IRE Charitable Foundation
Key Management Personnel	Mr. Virendra D . Mhaiskar, Chairman and Managing Director
(Only with whom there have been transactions during the period or there	Mr. Sudhir Rao Hashing, Joint Managing Direclor
was balance outstanding at the period end)	Mr. Mukeshlal Gupta, Joint Managing Director
	Mrs. Deepali V. Mhaiskar, Whole time Dire"lOr
	Mr. Chandrashekhar S. Kaptan, Ind'_"endeni Director
	Mr. Sunil H. Talati, Independent Director Mr. Sandeep Shah, Independent Director
	Mr. Sunil Tandon, Independent Director (upto May 28,2019)
	Mrs. Heena H. Raja, Independent Director
	Mr. Ajay P. Deshmukh, Chief Executive Officer (Inrrastructure)
	Mr. Dhananjay K. Joshi, Chief Executive Officer (Corporate Affairs, Reality and
	Airport) (upto 10 February, 2020)
	Mr. Anil D. Yadav, Group Chief Financial Officer (w.e.f July 17,2020)
	Mr. Anil D. Yadav, Chief Financial Officer (upto July 16,2020)
	Mr. Rushabh Gandhi, Chief Financial Officer (w.e.f July 17,2020)
	Mr. Mehul N. Patel, Company Secretary

d) Relatives of Key Management Personnel (Only with whom there have been transaction during the period I there was balance outstanding at the period end)

Late Dattatraya P. Mhaiskar (Father of Mr. Virendra D. Mhaiskar) (upto January 3,2018)

Mrs. Sudha Dattatraya Mhaiskar (Mother ofMr. Virendra D. Mhaiskar)

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31,2020

Note 14 : Related Party Disclosure:

II.	Rclnl~d PurtyTr:lll~:l['c lo ll .s:						(Rs in millions)
Sr. No.	Particulars		Joint Ventures I Entities Key Management Personnel I Enterprises owned or signilicantly influenced by controlled by Joint Ventures Relatives of Key Management key management personnel or Personnel their relatives
		31112/2020	31112/2019	3111212020	31112/2019	31112/2020	31/1212U19
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

I	Dividend paid	998.90	-	-	-	15.78	-
	Virendra D. Mhaiskar	-		-	-	4.62	-
	Late Datlatraya P. Mhaiskar	-	-	-	-	2.50
	Sudha D. Mhaiskar Deepali V. Mhaiskar	- -	-	- -	- -	0.48 8.07	-
	Ajay P. Deshmukh	-	-	-	-	0.06	-
	Mukeshlal Gupta		-	-	-	0.05
	V. D. Mhaiskar (HUF)	0.01	-	-	-	-
	SDM Ventures Private Limited	0.90	-	-	-	-	-
	DSM Proiects Private Limited	0.90	-	-	-	-	-
	Mhaiskar Ventures Private Limited Ideal Toll and Infrastructure Private Limited	997.08 0.01	-	- -	- -	- -

2	Director sitting rees	·	-	-	-	2.54	3.02
	Virendra D. Mhaiskar	-	-	-	-	0.11	0.03
	Deepali V. Mhaiskar	·		-	-	0.05	0.03
	Ajay P. Deshmukh	·	-	-	-	0.18	0.31
	Sudhir Rao Hoshing Anil D. Yadav	- ·	- -	- -	- -	0.03 0.02	0.18 0.09
	Rushabh Gandhi	·		-	-	0.01
	Dhananjav K. Joshi	·	-	-	-	-	0.35
	Mukeshlal Gupta	-	-	-		0.05	0.16
	Sunil H Talati	·	-	-		0.48	0.28
	Sunil Tandan Chandrashekhar S. Kaplan	·	-	· -	· -	·	0.a7
	Sandeep Shah	· -	-	-		0.56 0.74	0.72 0.48
	11ccna Ruin	·				0.31	0.32
3	ReulUner-dtion aid	·	-	·	-	202.76	239.80
	Virendra D. Mhaiskar	·	-	-	-	52.22	57.92
	Deepali V. Mhaiskar	-	-	·		38.68	42.65
	Sudhir Rao Hoshing.	-	·	·		33.37	29.80
	Mukeshlal Gupta	-	-	-	-	31.84	25.48
	Dhananjay K. loshi	· -	-	-	-	-	8.35
	Ajav P. Deshmukh AnilD. Yadav	-	· -	· -		17.58 21.50	63.36 7.95
	Rushabh Gandhi	-	-	·	-	2.00	-
	Mehul N. Patel	·	-	-	-	5.57	4.29

4	Rent paid Virendra D Mhaiskar	-	- -	-	-	2.05 1.62	-
	Deepa Ii V Mhaiskar	· ·	-	· ·	· -	0.43

5	Donation given	1.75	5.68	-	-	-	-
	IRB Charitable Foundation	1.75	5.68	·	-	-	-
6	Contract revenue	·	-	12,067.79	·	-	-
	IRB Westcoast Tollway Limited	-	-	1,154.43	-	-	-
	Yedeshi Aurangabad Tollway Limited	·	·	394.43	-	-	·
	Kaithal Tollway Limited	·	-	28.89		-
	AE Tollway Limited	·	·	940.38	-	-	·
	Udaipur Tollway Limited	-	-	485.14	-	-	-
	CG Tollway Limited	· -	·	383.91	-	-
	Kishangarh Gulabpura Tollway Limited IRB Hapur Moradabad Tollway Limited	·	· ·	1,416.08 7,264.53	·	· ·

7	Qperation and maintenance revenue	-	·	l,228.52		·	-
	JRB Westcoast Tollway Limited	·	·	152.29	·	·	·
	Yedeshi Au:rarJg~bad Toll.wav L.imited	·	·	142.68		-
	Solapur Yedeshi TollwayLimited	-	·	103.06	·
	KaitbaJ Tollwav Limited	-	·	117.58
	AE Tollway Limited Udaipur TollwayLimited	· ·	· -	217.15 124.51	·	·	·
	CG Tollway Limited	·	·	181.23	·
	Kishangarh Gulabl'ura.Tol.lway. Limited		·	138.23		·
	I.RB Hap."r Moradabad ToliwayLimited		·	51.79	·	·

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31,2020

Note 14 : Related Party Disclosure:

II.	Related l':lrt)' Transactions						(lU in millions}
Sr. No.	Particulars		Enterprises owned or significantly influenced by key management personnel or their relatives	Joint Ventures I Entities controlled by Joint Ventures		Personnel	Key Management Personnel / Relatives of Key Management
		31112/2020 (Unaudited)	3111212019 (Unaudited)	31112/2020 (Unaudited)	31112/2019 (Unaudited)	31112/2020 (Unaudited)	31112/2019 (Unaudited)
8	Otber recoverable! advance towards subscription of units (given)	-	-	2,544.40	-	-	-
	[RB Infrastructure Trust	-	-	2.544.40	-
9	Other recoverable! advance towards subscription of units (received)	-	-	3,413.14	-	-	-
	IRB Infrastructure Trust	-	-	3.413.14	-	-
10	Deferred consideration received	-	-	1,792.36	-	-	-
	IRB Infrastructure Trust	-	-	1,792.36	-	-	-
II	Trading sales	-	-		-	-	-
	IRB Hapur Moradabad Tollway Limited	-	-	1,000.55 1,000.55		-	-

12	Expenses incurred on bebalf of (reimbursement)	-	-	5.71	-	-	-
	Yedeshi Aurangabad Tollwav Limited Kaithal Tollway Limited	· ·	- -	0.1] 1.72	-	- ·	-
	AE Tollway Limited	·	-	3.88	·	-

13	Interest unwinding on loan given IRB Infrastructure Trust	·	-	36.70 36.70	-	- -	-
		·
14	Investment - Units allotment	-	-	2,603.81	-	-	-
	IRB Infrastru.·ture Trust	·	-	2,603.81	-	-	-
15	Guarantees cancelled	-	-	412.83	-	-	-
	Ycdcshi Aur:tn~lnI d 'follw";, 1.imitcd	-		37.83		-
	- [RB Hapur Moradabad Tollway Limiled	-	-	375.00	-		-
16	Short term loan giYen	-	-	2,680.31	-	-	-
	Yedeshi Aurangabad Tollway Limited	-	-	167.90		-	-
	So[apur Yedeshi Tollway Limited	-	-	90.82	-	-	-
	Udaipur Tollway Limited [RB Infrastructure Trust	- -	-	219.09 2,202.50	-	- -	- -

17	General advance received	-	-	1,730.43	·	-	-
	K.itha[ Tollway Limited AE Tollway Limited	- -	-	1.21 17.89	-	- -	- -
	Udaipur Tollway Limited	-		1[9.85		-	-
	CG Tollway Limited	-	-	84.68	-	-	-
	Kishangarth Gu[abpura Tollway Limited IRB Hapur Moradabad Tollway Limited	- -	- -	47.76		- -	- -
				1.459.04	-
18	Unsecured loans repaid	·	-	l.IS	·	-	-
	IRB Westcoast Tollway Limited	-		1.18		-	-
19	Retention and held-up amount during the period	-	-	10.08	-	·	-
	IRB Westcoast Tollway Limited	-		3.81	-	-	-
	Yedeshi Aurangabad Tollway Limited			0.13		·	-
	AE Tollway Limited	-	-	6.14	-	-	-
20	Retention and held-up amount release during the period	-		47.37	-	-	-
	Yedeshi Aurangabad Tollway Limited			15.12	-	-	-
	[RB Westcoast Tollway Limited		-	30.07	·	-	-
	Kaitha[ Tollway Limited	-	-	2.18	-	-	-
21	Purchase of material / assets	27.99	-	-	-	·	-
	Loch Fynne Ltd	27.99	-		-		-

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to Decemher 31, 2020

Note 14 : Related Party Disclosure:

III. Related Parly Balances

Sr. No.	Particulars		Enterprises owned or Joint Venturesl Entities Key Management signilicantly influenced by key controlled by Joint Personnel I Relatives of Ventures management personnel or their Key Management relatives Personnel				(Rs In million<)
		31112/2020 (Unaudited)	31103/2020 (Audited)	3111212020 (Unaudited)	31103/2020 (Audited)	3111212020 (Unaudited)	31103/2020 (Audited)
1	Loan taken	13.67	13.67	-	1.17	-	-
	VCR Toll Services Private Limited	13.67	13.67	-	-	-	-
	!RB Westcoast Tollway Limited	-	-	·	1.17	-	-
2	Other payables	·	-	-	-	12.64	-
	Virendra D. Mhaiskar	-		-	·	4.06	-
	Deepali V. Mhaiskar	·	·	-	·	2.40	-
	Mukesh1al Gupta	·	·	·	-	1.65	-
	Sudhir Rao Hoshing	-		-	·	2.02	·
	Ajay P. Deshmukh	·	-	·	·	0.54	-
	Ani!O. Yadav	-	-	·	·	1.38	- -
	Rushabh Gandhi, ChiefFinancia! Officer (w.e.f July 17,2020) Mehu! N. Patel	· ·	· ·	· -	· ·	0.24 0.35	-
3	Other receivable	·	·	33,121.15	34,870.74	-	-
	Kaitha! Tollway Limited	-		1.72	·	-	-
	AE Tollway Limited	-		25.40	21.52	-	-
	Udaipur Tollway Limited	·	-	20.60	20.60	-	-
	MMK Toll Road Private Limited	-		2.37	0.88	-	-
	IRB Hapur Moradabad Tollway Limited	-	-	14.45	14.45	-	-
	Yedeshi Aurangabad Tollway Limited	-	·	125.24	125.08	-	-
	IRB Infrastructure Trust	·	-	32,931.37	34.688.21	-	-
_i-	Other recoverable	·	-	-	869.00	-	·
	r Rl3 Infrp,t-ucture Trust	·	-	·	869.00	-	-
5	Advance e,iven	-	-	l3.!>7	-	-	-
	AE Tollway Limited	·	-	13.57	·	·	-
6	Director sitting fees payable	·	-	-	-	1.34	0.31
	Virendra D. Mhaiskar	·	·	·	·	0.98	0.01
	Oeepali V. Mhaiskar	·	·	-	·	0.01	0.01
	Ajay P. Deshmukh	·	-	·	·	0.13	0.03
-	Ohananjay K. Joshi	·	·	·	·	-	0.04
	Sudhir Rao Hoshing	·	-	-	-	0.02	0.01
	Chandrashekhar S. Kaplan	·	-	·	·	·	0.12
	Mukeshlal Gupta	- -	·	·	·	0.02	0.04
	HeenaRaja		- -	·	-	0.02	0.01
	Ani! Yadav Rushabh Gandhi	· -	·	· ·	· -	0.02 0.00	O.oJ -
	Sandeep Shah	-	-	·	·	0.14	0.03
7	Sbort term loan given	0.25	·	2,680.57	-	·	·
	IRB Charitable Foundation	0.25	-	·	-	·	-
	Udaipur Tollwav Limited	-	·	219.09	·	-	-
	Solapur Yedeshi Tollway Limited	·	-	90.82	·	·	·
	Yedeshi Aurangabad Tollway Limited		-	167.90	·	·	-
	IRB Infrastructure Trust	·	·	2,202.76	·	·	·
8	Trade receivables	·	-	1.704.96	2,546.50	-	·
	IRB Westcoast Tollway Limited	·	·	246.76	155.71	·	·
	Yedeshi Aurangabad Tollway Limited	-	·	680.48	725.69	·	·
	SolapurYedeshi Tollway Limited	-	-	182.78	317.88	·	-
	Kaithal Tollway Limited	·	·	30.58	2.81	·	·
	AE Tollway Limited	-	-	172.09	247.34	·	·
	Udaipur Tollway Limited	-	·	6.52	20.85	-	·
	CG Tollwav Limited	·	·	81.52	316.oJ	·	·
	Kishangarh Gulabpura Tollway Limited	-	-	·	233.98	·	·
	IRB Hapur Moradabad Tollway Limited	-	-	304.23	526.23	·	·

IRB Infrastructure Developers Limited Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to Decemher 31,2020

Note 14 : Related Party Disclosure:

Ill. Related Party Balances

							CR. In milliQn\$l
Sr. No.	Particulars		Enterprises owned or Key Management significantly innuenced by key controlled by Joint Personnel I Relatives of management personnel or (heir Key Management Ventures relatives Personnel		Joint Venturesl Entities
		31112/2020 (Unaudited)	31103/2020 (Audited)	31112/2020 (Unaudited)	31103/2020 (Audited)	31112/2020 (Unaudited)	31103/2020 (Audited)

9	Mobilisation advance received	·	~	610.62	1,170.47		-
	IRB Westcoast Tollway Limited	-		230.42	428.24	-	-
	AE Tollway Limited		-		72.37	-	-
	Udaipur Tollway Limited		-	77.71	116.95	-
	CG Tollway Limited	~	·	97.11	124.05	·	· -
	Kishangarh Gulabpura Tollway Limited IRB Hapur Moradabad Tollway Limited		·	205.38	395.19 33.67	- -

10	Guarantee margin payable Solapur Yedeshi Tollway Limited	-	- ·	0.54 0.54	0.54 0.54		·

11	Advance from customers	·		1,825.38	2,025.22		·
	lRB Hapur Moradabad Tollway Limited		-	1.668.14	2.025.00	-	-
	CG Tollway Limited			82.62	-
	Udaipur Tollway Limited		-	26.86	-	-	-
	Kishangarh Gulabpura Tollway Limited	-	-	47.76		-	·
	IRB Westeoast Tollway Limited		-	-	0.22	-	-
12	Retention money receivable	-	-	266.05	182.85	-	-
	Yedeshi Aurangabad Tollway Limited	-	-	23.39	23.27	-	-
	AE Tollwav Limited	-	-	113.18	80.95	·	·
	IRB Westeoast Tollway Limited	-	-	40.26	61.08	-	-
	Solapur Yedeshi Tollway Limited	-	·	2.18	2.18	-	-
	-- -- "i ~lDl Tollway Limited			2.55	2.34	-	·
	CG Tollway Limited		-	45.36	0.32 I	-	- ,
	Udaipur Tollway Limited	-	-	39.13	12.71	·	·
13	Guarantees 2iven	-		460.00	872.83	-	-
	Yedeshi Aurangabad Tollway Limited	-		-	37.83	-	-
	AE Tollwav Limited	-	-	460.00	460.00	-	-
	IRB Hapur Moradabad Tollway Limited			-	375.00	-	-
14	Contract liabilities	-	-	-	1,108.50	-	-
	AE Tollway Limited	·	·		97.40
	IRB Westeoast Tollway Limited	-		-	11.10
	Udaipur Tollwav Limited	-			1.000.00	-	-
15	Cootract assets	-	-	3,317.82	259.14	-	-
	Yedeshi Aurangabad Tollwav Limited	-	-	0.06	16.68	-	-
	Udaipur Tollway Limited	-	·	52.04	52.88
	CG Tollway Limited	-	-	64.33	64.28	-
	Kishangarh Gulabpura Tollway Limited	-		46.94	34.84	-	-
	IRB Hapur Moradabad Tollway Limited	-		3,154.45	90.46
16	Trade payables	56.04	·	-	-	-	-
	Loch Fynne Limited	56.04

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 15 : Segment Information:

a) The Group has identified business segments in accordance with Indian Accounting Standard 108 "Operating Segment" notified under section 133 of the Companies Act 2013, read together with relevant roles issued thereunder.
b) l1,e Group has identified two business segments viz, Built, Operate and Transfer (,BOr) / Toll Operate and Transfer (TOT') and Construction as reportable segments. The business segments of the Group comprise of the following:

Segment

BOT/ TOT Projects
Construction
c) Perfonnance is measured based on segment results (before tax), as included in the internal management reports that are reviewed by the Board of Directors. Segment results is used to measure performance as management believes that such infonnation is more relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Segment results (before tax) differs from consolidated profit before tax in that it excludes unallocated corporate expenses, other income, unallocated finance expenses and share ofloss from joint venture, as these items are not allocated to individual segments.
d) The Group's activities are restricted within India and hence no separate geographical segment disclosure is considered necessary.
e) Segment Revenue, Segment Results, Segment Assets and Segment Liabi~ties include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.
f) Assets and Liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

Details of Business Segment information is "f(:Sellted below:								CRs in millions)
		BOT/ TOT Projects	Construction			Unallocated cor~orate	Total
Particula rs	December 2020	December 2019	December 2020 (Unaudited)	December 2019	December 2020	(Unaudited)	December 2019 December 2020 December 2019 (Unaudited)	(Unaudited)
	(Unnudih!d)	{Unnudited}		(Unaudited)	(Unaudited)
REVENUE
Total external revenue	10,947.02	13,687.51	25,865.66	38,831.06	115.14	159.11	36,927.82	52,677.68
Inter se!l!!!ent revenue
Total Revenue (netl	10,947.02	13,687.51	25,865.66	38,831.06	115.14	159.11	36,927.82	52,677.68
RESULT
Segment Results	5,999.20	8,597.78	8,304.70	11,288.44	(4.36)	67.19	14,299.54	19,953.41
Unallocated corporate expenses							(816.79)	(417.97)
Operating Profit							13,482.75	19,535.44
Other Income Unallocated financial expenses							1,443.40	1,446.06
Profit Before Exceptional items and Tax							(12,413.36)	(11,539 .G8)
Share of loss from joint ventures							2,512.79 (1,367.53)	9,441.82
Profit Before Tax							1,145.26	9,441.82
Less: Current Tax							1,309.83	3,521.40
Less: Deferred Tax							(361.41)	255.03
Profit after tax and before non-controlling interest							196.84	5,665.39
Less: Non-controlling interests
Profit for the period							196.84	5,665.39
OTHER INFORMATION
Segment assets	266,387.63	365,710.59	62,116.13	51,449.96	76,194.39	33,540.12	404,698.15	450,700.67
Segment liabilities	140,310.44	159,159.16	18,637.38	24,736.11	178,939.47	198,884.74	337,887.29	382,780.01
Capital expenditure incurred	67,567.55	34,429.66	78.30	666.80			67,645.85	35,096.46
Depreciation and Amortisation	3,809.49	3,325.38	214.(;9	282.46	18.74	21.66	4,042.92	3,629.50

Footnotes:-

I Unallocated corporate assets includes current and non-current investments, goodwill, deferred tax assets, cash and bank halances and advance payment of income tax.
2 Unallocated corporate liabilities includes long term borrowings, short term borrowings, current maturities of long term borrowing, deferred tax liability and provision for taxation.
3 Unallocated corporate expenses under segment revenue and segment results includes Real Estate Development, Windmill (Sale of electricity generated by windmill), Hospitality and Airport Infrastructure.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01,2020 to December 31,2020

Note 16: Disclosure pursuant to Appendix - A to Ind AS 11 - "Service Concession Arrangements" (,SCA')

During the period, the Company has obtained below mentioned Hybrid Annuity Project:

(il	Name of Concessionaire	VM7 Expressway Private Limited
(ii)	Description of the arrangement:	Construction of Eight Lane Access Controlled Expressway From Km 190.000 to KM 217.50 orYadodara Mumbai Expressway (Gandeva to Ena section) in the state of Gujarat on Hybrid Annuity Mode (HAM) basis.
(iii)	Significant terms of the arrangement:
	Period of concession:	17 years from Appointed date
	Start of concession period under concession agreement (Appointed date)	Appointed date awaited
	End of concession period under concession agreement
	Remuneration:	Annuity, interest and O&M
	Investment grant from concession grantor:	Yes
	Investment return to grantor at end of concession:	Yes
	Investment and renewal obligations:	No
	Repricing dates:	Half yearly for O&M
	Basis upon which re-pricing or re-negotiation is determined:	Inflation price index as defined in Concession Agreement
(iv)	Financial assets :
	a) Current (Rs. in millions)	-
	b) Non-current (Rs. in millions)	-

Note:

In HAM projects, revenue is received / receivable as under:

(i) 40% of the total bid project cost with adjustment relating to Price Index Multiple, shall be due and payable to the Group in 5 equal installments during the construction period in accordance with the provisions of the ~CA.

'.il) The remaining bid project cost, with adjustment relating to Price Index Multiple, shpl! be due and payable in 30 bi-annual installments commencing from the 180th day of COD in accordance with the provision ofthe SCA.

(iii) Interest shall be due and receivable on the reducing balance of Completion Cost at an interest rate equal to the applicable Bank Rate plus 3%. Such interest shan be due and receivable bi-annually along with each installment specified in of SCA.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 17 : Contract revenue

(a) Disaggregation of revenue from contracts with customers

The Group believes that the infonnation provided below for Revenue from Operations, is sufficient to meet the disclosure objectives with respect to disaggregation of revenue under Ind AS 115, Revenue from Contracts with Customers and also refer note (b).

		(Rs. in millions)
Particulars		December 31, 2020 December 31, 2019
	(Unaudited)	(Unaudited)
Contract revenue (refer note b below)	24,865.11	38,010.05
Income arising out of toll collection (net) (refer note b below)	10,055.29	13,510.51
Trading sales	1,000.55	821.01
Sale of electricity	67.92	77.87
Other operating revenue	938.95	258.24
	36,927.82	52,677.68

Reconciliation of revenue as per Ind AS 115 (b)

Particulars	December 31, 2020 December 31,2019
	(Unaudited)	(Unaudited)
Contract revenue
- Construction revenue (road construction)	22,184.76	36,387.69
- Operation and maintenance revenue	2,680.35	1,622.36
Total	24,865.11	38.010.05
Income arising out of toll collection
Revenue total collected	10,055.29	14,213.77
Less: Payment as revenue share		703.26

Total

10,055.29 13,510.51

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 18 : Disclosure on Ind-AS 116 Leases

Effective April I, 2019, the Group has adopted Ind AS 116 'Leases', applied to all leases contracts existing on April I, 2019 using the prospective method with the transition option to recognise Right-To-Use asset (ROU) at an amount equal to the lease liability.

In Condensed Consolidated Statement of profit and loss for the current period, the nature of expenses in respect of operating leases has changed from lease rent in previous periods to depreciation cost for the right-to-use asset and finance costs for interest accrued on lease liability.

The effect of depreciation and interest related to Right Of Use Asset and Lease Liability are reflected in the Condensed Consilidated Statement of Profit and Loss under the heading "Depreciation and Amortisation Expense" and "Finance costs" respectively.

Following are tbe changes in the carrying value ofrigbt of use assets for tbe period ended December 31, 2020:

		(Rs. in millions)
	December 31, 2020 (Unaudited)	Marcb 31, 2020 (Audited)
Balance as on period/year	117.20
Additions		158.56
Depreciation	(20.68)	(41.36)
Balance at tbe end oftbe period /year	96.52	117.20

The following is the break-up of current and non-current lease liabilities as of December 31, 2020:

		(Rs. in millions)
	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)
Lease liabilities - current	84.74	49.69
Lease liabilities - non- current	13.68	76.70
	98.42	126.39

The following is the movement in lease liabilities for the period ended December 31, 2020 and December 31, 2019:

		(Rs. in millions)
	April 01, 2020 to	April 01, 2019 to
	December 31, 2020 (Unaudited)	December 31, 2019 (Unaudited)

O:,ening balance	126.39
A,;ditions during the year		158.56
Interest charged	8.99	11.68
Payments made	(36.96)	(35.20)
Closing balance	98.42	135.04

Impact of adoption ofInd AS 116 for the period ended December 31, 2020 and December 31, 2019 is as follows:

		(Rs. in millions)
	April 01, 2020 to	April 01, 2019 to
	December 31, 2020	December 31, 2019
	(Unaudited)	(Unaudited)
Decrease in Other expenses by	(36.96)	(35.20)
Increase in Finance cost by	8.99	11.68
Increase in Depreciation by	20.68	31.02
Net Impact on tbe Statement of Profit and Loss	(7.29)	7.50

Rental expense recorded for short-term leases / Variable lease / low-value leases was Rs. 33.32 millions (December 31, 2019 : Rs. 27.86 millions) for the period ended December 31, 2020.

Maturity analysis

					(Rs. in mill ions)
	Total	Less than 1 year	Between 1 and 3 years	More tban 3 years	Weighted average effective interest rate %
March 31, 2020 Lease liabilities	126.39	49.69	76.70
December 31,2020 Lease liabilities	98.52	84.74	13.68		10.50%

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 19 : Interest in joint ventures:

The Group has 51 % interest in IRB Infrastructure Trust (Trust) and MMK Toll Road Private Limited (MMK) and has joint control over the said entities. The Group's interest in the unaudited condensed consolidated interim financial statements of Trust and the unaudited condensed standalone interim financial statements ofMMK is accounted for using the equity method in the unaudited condensed consolidated interim financial statements.

Summarised financial information of the joint ventures, based on its Ind AS financial statements, and reconciliation with the carrying amount of the investment in the unaudited condensed consolidated interim financial statements are set out below:

Summarised Balance Sheet as at December 31, 2020:

				(Rs in millions)
	December 31, 2020		March 31. 2020
Particulars	Trust	MMK	Trust	MMK
Non-current assets including intangible assets	215.166.37	0.19	213,951.40	0.10
Current assets including cash and cash equivalents	6,905.05	116.31	6,125.43	115.09
Non-current liabilities including borrowings	( 115.294.59)	(2.38)	(91.379.72)	(2.18)
Current liabilities including trade payables	(28,188.15)	(12.22)	(52,427.36)	(10.85)
Equity	78,588.68	101.90	76,269.75	102.16
Proportion of Group's ownership	51%	51%	51%	51%
Carryiog amouot of investment	40,080.23	51.97	38,897.58	52.10

Summarised statement of profit aod loss of the following entities:

				(Rs in millions)
	December 31. 2020		Marcb 31, 2020
Particulars	Trust	MMK	Trust	MMK
Total income	7,509.03	26.06	2.566.86	31.53
Road work and site expenses	(2,956.00)	-	(2,048.44)	(1.92)
Depreciation and amortisation expenses	(871.97)	-	(123.48)	-
Employee benefit expenses	-	(19.90)		(15.88)
Finance costs	(6.149.47)	-	(659.36)	-
Investment manager fees	(24.73)	-	(26.92)	-
Other expenses	(139.64)	(4.83)	(26.75)	(11.04)
Tax expenses	(49.98)	-	5.34	(0.57)
(Loss) I Profit for the period	(2.682.76)	1.33	(312.75)	2.12
Proportion of ownership interest	51%	51%	51%	51%
Sbare of loss I (profit)	(1.368.21)	0.68	(159.50)	1.08

G ro u,I's sbare of ConlingcntliabiJities

		December 31. 2020		March 31, 2020
Particulars	Trust	I MMK	I Trust	MMK
Contin!1.entliabilities	-	- I	- I	-

IRB Infrastructure Developers Limited Notes to the Uuaudited Condeused Consolidated Interim Fiuancial Statemeuts for the period April 01, 2020 to December 31,2020

Note 20 : Subsequent events

There are no subsequent events which require disclosure or adjustment subsequent to the balance sheet date.

As per our report of even date ForB S R& Co. LLP

Chartered Accountants ICAI Firm Registration Number: 103264W

Place: Mumbai Date: January 25, 2021

For and on behalf ofthe Board of Directors of IRB Infrastructure Developers Limited CIN: L6591OMHI998PLCI 15967

Virendra D. Mhaiskar DeepaJi V. Mhaiskar Chairman & Managing Directo Whole Time Director DIN: 0 83554 DIN: 00309884

Company Secretary Membership No_: A14302

Place: Mumhai Date: January 25, 2021

^t~ '''bh R. Gandhi

Chief Financial Officer Membership NO.:142334

BSR&Co. LLP

Chartered Accountants 14th Floor, Central B Wing and North C Wing, Nesco [T Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai 400 063 .. Telephone + 91 (22) 6257 1000 Fax +91(22)62571010

Gokhale & Sathe

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

Independent Auditors' Report

To the Board of Directors of

IRB Infrastructure Developers Limited

Report on the Review of the Condensed Standalone Interim Financial Statements

Introduction

We have jointly reviewed the accompanying condensed standalone interim financial statements of IRB Infrastructure Developers Limited ("the Company") for the nine months period ended 31 December 2020. which comprise of tile (;ondensed standalone balance sheet as at 31 December 2020 and 11le cundensed standalune statement of profit and loss and other comprebensi ve income, Lhe condellsed ~wll(lalone statement of changes in equity and the condensed standalone statement of cashtloW's 1 ur lhe period then ended and Ilt'tes to the condensed standalone tinaneial statements including a summal ~ of the sigllil~cant accounting policies and other explanatory information (together reterred to as 'standalone interim tinancial information'). Management is responsible 1~)I ' Ihe pl'eparJlion ~lIld I~tir presentation oj' this standalolle interim financial information in accordance witll the Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34) prescribed und(;l' Section 133 of the Companies Act, 2013, and other accounting principles gCllcrally accepted in India. Our responsibility is to express a conclusion 011 this standalone interim financial information based on our review.

Scope of review

We conducted our joint review of the standalone interim financial information in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of' India. A review of standalone interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in aecordallce with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. c rdi;:; we do oot express an audit opinioo.

Report on the Review of the Condensed Standalone Interim Financial Statements (Continued)

Conclusion

Based on our joint review, nothing has come to our attention that causes us to believe that the accompanying standalone interim financial information is not prepared, in all material respects, in accordance with the lnd AS 34 and other accounting,Principles generally accepted in India.

For and on behalf of BSR&Co.LLP Chartered Accountants Firm's Registration No: 101248W/W- 10 Q22 Partner Membership number: UDIN : 21 105149AAAAAP8409 For and on behalf of Gokhale & Sathe Jayant Gokhale Partner Membership number: 033767 UDIN : 21033767AAAAAH7734

Mumbai 25 January 2021

Condensed Standalo:Jc Ilalance Shcct as at 31 Decemuer 2020

			(Rs in millions)
	Notes	31 December 2020 (lInaucJit dl	31 March 2020 (Aud itcrl)
I Assets
(1) Non-current assets
a Financial assets
i) Investments		85,96249	64,372.25
iii) Other financial assets		22,245.37	24,906.73
b. Deferred tax assets (net)		6.92	8.66
c Other non-current assets		2570	25.70
		108,240.48	89,313.34
(2) Current assets
a Financial assets
i) Investments		13724	12801
ii) Trade receivables		2,983.33	2,385.21
iii) Cash and cash equivalents		113.93	3,457.04
iv) Bank balance other than (iii) above		9,313.31	9,100.90
v) Loans		7,031.00	4,443.59
vi) Other financial assets		7,587.78	7,599.14
b. Current tax assets (net)		491 S5	137.62
c. Other current assets		13.640.67	11 ,630.37
		41 ,2911.81	38.881,118
Total Assets		149,539,29	128.195.2.2
Equity and Liabilities
Equity
a Equity share capital		3,514.50	3,514.50
b. Other equity		23.793.59	22.144.50
		27,308,09	25,659.00
Liauilities
(1) Non-current liabilities
a. Financial liabilities
i) Borrowings	4	33,335.31	14,730.21
b. Provisions		25.57	25,19
		33,360,88	14,755.40
Current Ii~! ". :cs (2)
a. Financialliabilities
i) Borrowings	4	57,589.28	60,266.20
ii) Trade payables
a) total outstanding dues of micro enterprises and small enterprises			0.02
b) total outstanding dues of creditors other than micro and small enterprises		9,069.36	6,296.88
iii) Other financialliabilitles		13,0')2.72	14,331.22
b. Other current liabilities		9,197.79	6,872.19
c. Provisions		11.17	14.31
		88.870.32	87,780.82
Total Equity and Liabilitie:;		149,539.29	1211.195.22
Summary of Si llllificHnIIlCC()lInttll!l policies	3

The accompanying notes are an integral part of these unaudited condensed standalone interim financial statements

As per our report of even date.

For B S R & Co. LLP For Gokhale & Sathe Chartered Accountants lCAI Firm Rcgj tl'l1 tion Number : IOJ264W ...... ::::::=~;;.-- Place: Mumbai Date: 25 Janua,y 2021 For and on behalf of the Board of Directors of Virendra D. Mhaiskar Chainnan & Managins Director DIN: 0 83554 :;:;;;- Company Sec, eta,y Membership No.:A14302 Place: Mumbai Date: 25 J anllary 2021 Deepali V. Mhaiskar Director DIN: 00309884 Chief Financial Officer Membership No.: 142334

IRB Inf"oslTuc!u"e Developers Limited

Condensed Standalone Statement of Profit and Loss for the period from I April 2020 to 31 December 2020

			{Rs. in millions)
	Notes	For Ihe period from	For Ihe period from
		1 April 2020 to	1 April 2019 to
		31 December 2020	31 December 2019
		(Unaudited)	(Unaudited)

Income
Revenue from operations		21,347.90	30,381.45
Other income		2.528.89	1,340.29 31,721 ,'4
Total Income		231 876.79
Expenses
(a) Cost oftraded goods			686.27
(b) Contract and site expense		17,306.58	24,79623
(c) Employee benefits expense		473.23	555.15
(d) Finance costs		3,431.35	2,140.51
(e) Other expenses		780.57	633.85
Total Expenses		21,991.73	18,812.01
Profit before tax		1,885.06	2,909.73
Tax expenses
(I) Current tax (including earlier years Rs 0.48 million (31 December 20 I 9:		37.27	686.66
Rs 5.66 millIons)
(2) Deferred tax charge		173	1.79
Total Tax Expenses		39.00	688.45
Profit for the period		1,846.06	2,221,28
Other comprehensive income /(Ioss)
Item that will not be reclassified to profit or loss:
(a) Mark to market gain/(Ioss) on fair value measurement ofinvestments		1,560.23	(833.42)
(b) Re-measurement gain on defined benefit plans		0.07	1.16
(c) Tax on above		(0.02)	(0.03)
Other comprehensive incomelOoss) for the period (net of taxes)		1,560.28	(KU.29)
Total comprehensive income for Ihe period		3.406.34	1,388.99
Earnin!!. per equity share (ofRs 10 each)	6
(I) Basic		S.15·	6.32·
(2) Diluted		S.25·	6,32·
• not annualiscd

..fu!!!"rimy nf ~lgnln clJ lll nC<!o'ln(iJIH. pnli ic~ ~ The ac;ompanyinj( notes are an inte)(fal part ofthese unaudited condensed standalone iulelinl fmancial slatements

As per our report of even date.

For and on behalf of the Board of Directors of IRB Infrastructure Developers Limited

Virendra D. Mhaiskar

'c: 1U Company Secretary Membership No.:AI4302

C~1998PLC115967 ~..y'""",,~\~,

Deepali V, Mhal.kar Director DIN: 00309884

~ Financial Officer

rte.:lldlli Chief Membership No.:142334

. f, ,:1

Condensed Standalone Statement of Changes in Equity for the period from 1 April 2020 to 31 December 2020

	. Rs. in millions)
31 December 2020	31 March 2020
'Unaudited)	(Audited)

a. Equity Share Capital

Equity shares of Rs. 10 each issued, subscribed and fully paid At the beginning and end of the period 351,450,000 (March 31, 2020 : 351,450,000)

3,514.50

b. Other Equity

	Reserves and surplus			Items of Other comprehensive income(OCI)		Total
	Securities Premium	General reserve	Retained earnings	Mark to Market (Loss) on Fair Value Re-measurement of Investments	Re-measurement (loss of net defined benefit plans
As at March 31, 2019	14,060.09	743.16	10,775.14	(2.761.96)	(3.71)	22,812.72
Transfer to retained earnings			(3.71)		3.71
Profit for the period		٠	2,221,28		۰	2,221.28
Other comprehensive (loss) for the period (net of tax)		$\omega$	1.13	(833.42)	w.	(83229)
Total comprehensive income/(loss) for the period		۰	2,218.70	(833.42)	3.71	1,388.99
As at 31 December 2019	14.060.09	743.16	12,993.84	(3, 595, 38)		24, 201. 71
As at March 31, 2020	14,060.09	743.16	13,564.81	(6, 223, 56)		22,144.50
Profit for the period			1,846.06			1,846.06
Other comprehensive income for the period (net of tax)			0.05	1,560.23		.560.28
Total comprehensive income for the period		٠	1,846.11	1,560.23	۰	3,406.34
Dividend on equity shares			(1, 757.25)			(1,757.25)
As at 31 December 2020	14,060.09	743.16	13,653.67	(4, 663, 33)		23,793.59

Summary of significant accounting policies (refer note 3)
The accompanying notes are an integral part of these unaudied condensed standalone interim financial statements

Deepali V. Mhaiskar

Director DIN: 00309884

Rushabh R. Gandhi Chief Financial Officer
Membership No.:142334

IRB In(nstrudure Developers Limited

Condensed Standalone Statement or Cuh nows ror the period rrom 1 April 1020 to 31 December 1010

		For the period rrom I April 2020 10 31 December 2020 (U""udited)	(Rs in millions) For the period from I April 2019 to 31 December 2019 I nnuditctl)
Cash now from operRting activities
Profit before tal.		1,885.tkI	2,909.73
Adjustments:
Net gain on sale of current investments			(423)
Gain on current investments at fair value through profit or loss		(9.26)	(1.46)
FinBllce costs Interest income		3.431.35 (762.30)	2,140.51
Dividend income from long tenn investment in subsidiaries		(1,75733)	(1,090.10) (243.94)
Dividend income on current invesbnents			(0.56)
Movement in workine; capital:		2,787.52	3,709.95
Decrease/(Increase) in loans		3048	(29.05)
(Increase)IDecrcase in trade receivables		(598.12)	960.09
Decreasel(lncreasc) in other financial assets		1,809.09	(53.85)
(Increase) in other assets		(2,01030)	(7.884.00)
Increase/(Decrease) in trade payables		2,772.46	(1,663.47)
(Decrease)IIncrease in other financial liabilities (Decrease) in provisions		(3,919.91) (270)	16504 (2.32)
Incrcase/(Decrcase) in other liabilities		2325.60	(1 ,298.26)
Cash generated/(used ror) rrom operations		3,194.12	(6,095.90)
Taxes paid (net)		(391.19)	(1 ,25016)
Net cash flows aenerated/(uJed jn) fTom oper8lin~ activities	(A)	2,H01.93	0,346.06)
Cash flows from investing activities
Invesbncnt in subsidiaries		(17,546.70)	(9,47547)
Investment in ioint·venture		(2,603 81)
Proceeds from sale of non~current invesbncnts		12052	22249
Invesbnent in current investments Proceeds from sale of current invesbnents			(20.00) 23.67
Investment in bank deposits		(508.76)	(1.102.58)
(having original maturity of more than three months)
Proceeds from maturity of bank deposits		297.28	1,082.96
(havin~ original maturity of more than three months)
Other recoverable/advance towards subscription of units in joint venture		(2,544.40)
Receipt of other recoverable/advance towards subscription of units		3.41314
Loan given to ioint·ventures		(2,68031)
Loan given to subsidiary companies		(44728)	(11,03242)
Repayments received for loans given to subsidiary companies		50970	5,053 51
[nterest received Dividend received from subsidiary companies		757.19	1,164.31
Dividend received on other investments		1,757.33	243.94 0.56

Net cash nows (used in) (rom investina activiCies	(H)	(19,476,101	(1.1.839.03)
Cash flow from financinl activities
Proceeds from long·term borrowings		6,00000	11,050.00
Repaymenl of long-Ierm borrowings		(5,281.74)	(5,501.93)
Proceeds from issue of non~convertible debentures		20,000.00	14,00000
Repayment of currenl borrowings (net)		(524.75)	(2,970.82)
Loan taken from subsidiary companies		6,781.53	23,155.51
Loan repayment to subsidiary companies		(8,933.70)	(11,929.10)
Finance cost paid Dividend paid on equity shares		(2,954.03) (1,757.25)	(2,29688)
Net cash flows aenerated from financing activities	(C)	13,330.06	1~,506.78
Net (decr ••• e)/increase in ca.h and ca.h equivalent. (A+B-tC)		13.343.111	011.69
Cash and ca.h equivalents at the be~inninK or Ih. period		3,457.04	91.81
Cash and cash equivalents at the end of the period		113.93	4,413.50
Reconciliation of cash and cash equivalents as per cash now statements
Cash and cash equivalents		113.93	4.413.50
Balance as per statement of cash nows		113.93	4,4/3.50

Condensed Standalone Statement of Cash flows for the period from 1 April 2020 to 31 December 2020

	For the period from 1 April 2020 to 31 December 2020 (Unaudited)	(Rs. in millions) For the period from 1 April 2019 to 31 December 2019 (Unaudited)
Components of Cash and Cash Equivalents
Balances with Banks
On current accounts	59.63	4,405.22
On deposit accounts	46.04
Cash on hand	8 2 6	8.28
Total Cash and cash equivalents	113.93	4,413.50

Summary of significant accounting policies (refer note 3)
The accompanying notes are an integral part of these unaudited condensed standalone interim financial statements

Notes:

All figures in bracket are outflow.
2. Taxes paid (net) are treated as arising from operating activities and are not bifurcated between investing and financing activities.
3. The condensed standalone cash flow statement
Debt reconciliation statement in accordance with Ind AS 7

	1 April 2020	Cash Flows		Non cash changes	31 December 2020
		Receipts	Payments	(Effective interest rate accrued on debentures and moratorium period interest)
Short term borrowings	60.266.20	6,781.53	(9.458.45)	۰	57,589.28
Long term borrowings	20,383.35	26,000.00	(5, 281, 74)	28.87	41,072.74
Total	80,649.55	32,781.53	(14,740.19)	28.87	98,662.02

	1 April 2019	Cash Flows		Non cash changes	31 December 2019
		Receipts	Payments	(Effective interest rate) accrued on debentures)
Short term borrowings	29.294.43	23.155.51	(14.899.92)		37,550.02
Long term borro TIMES	16,893.23	25,050.00	(5,501,93)	(5986)	36,381.44
Total	1,187.66	48,205.51	(20, 401, 85)	(59, 86)	73.931.46

As per our report of even date

For B S R & Co, LLP For and on behalf of the Board of Directors of $\&$ $C_{0}$ IRB Infrastructure Developers Limited $\widetilde{\mathcal{P}}$ Chartered Acco mt ther: 101248W/W-100022 Ċ Tath Floor
Central B Wing
Resco IT Parks,
Nessen Texter,
Western Express Highway
Coregaon (East),
Mumbai - 400 063 IOAI Firm Regist pn Nuj 1 L65910MH1998PLC115967 $\pi$ A DVM Deepali V. Mhaiskar Virendra D. Mhaiskar
Chairman & Managing Director Aniruddha Go Director Partner Members ip No 105149 DIN₂99183554 DIN: 00309884 $\frac{1}{2}$ 写 Rushabh R. Gandhi $\overline{\nu}$ For Gokhale & Sathe Ajay I Chartered Accountants Deshmukh $\star$ ICAI Firm Registration Number: 103264W Chief Financial Officer
Membership No.:142334 ecutive Officer Olymon 1 8 $S_A$ Anyant Gokhale
Plantier
Membership No.: 033767 Mehul N. Patel MUMBAI Company Secretary ICTURA Membership No.: A14302 $\mathbf{Place}:\mathbf{Mumbai}$ Place : Mumbai MUMI Date: 25 January 2021 Date: 25 January 2021 $N_0$ 10 REDA

$\cdot$ _a

Notes to the Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

1. Corporate Information

IRB Infrastructure Developers Limited ("the Company") is a public company domiciled in India and is incorporated under the provision of the Companies Act applicable in India. Its equity shares are listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The registered office is located at Office No. 1101, 11th floor, Hiranandani Knowledge Park, Technology Street, Hill Side Avenue, Opp. Hiranandani Hospital, Powai, Mumbai - 400076, Maharashtra. The Company is engaged in carrying out construction works in accordance with EPC contract, providing operation and maintenance services and undertakes trading activities mainly with its subsidiaries and joint ventures.

2. Basis of preparation

A. Purpose

These unaudited condensed standalone interim financial statements which comprise the condensed standalone balance sheet as at December 31, 2020, the condensed standalone statement of profit and loss (including other comprehensive income), the condensed standalone statement of changes in equity and the condensed standalone statement of cash flows for the period from April 1, 2020 to December 31,2020 and a summary of the significant accounting policies and other explanatory information (together herein after referred to as "unaudited condensed standalone interim financial statements" have been prepared in accordance with the principles laid down in Indian Accounting Standard 34 ' Interim Financial Reporting" ("lnd AS 34 '), prescribed under Section J 33 of the Companies Act, 2013 (the Act^l ) and other accounting principles generally accepted in India. These unaudited condensed standalorie interim financial statements for the period from April 1, 2020 to December 31, 2020 have been prepared for the Company solely in connection with the proposed issuance of INR denominated Non-Convertible Debentures (referred to as "INR NCDs") to a Mauritian Foreign Portfolio Investor under Voluntary Retention Route as prescribed by the Reserve Bank of India which in turn will issue USD denominated bonds (referred to as "FPI Bonds") to be listed on Singapore Exchange Securities Trading Limited (SGXST) and its inclusion in the Offering Memorandum of the Company and the Mauritian Foreign Portfolio Investor.

These unaudited condensed standalone interim financial statements are not the statutory accounts for the purpose of any statutory compliances or for regulatory requirements in any jurisdiction.

The unaudited condensed standalone interim financial statements of the Company for the period from April 1, 2020 to December 31,2020 were approved by the Board of Directors and authorised for issue on January 25, 2021."

B. Statement of compliance

These unaudited condensed standalone interim financial statements for the period from April 1, 2020 to December 31, 2020 have been prepared in accordance with Accounting Standard Ind AS 34. The unaudited condensed standalone interim financial statements do not include all the notes of the type normally included in the annual financial statements. Accordingly, these unaudited condensed standalone interim financial statements are to be read in conjunction with the statutory standalone financial statements for the year ended March 31,2020.

Notes to the Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

2. Basis of preparation (Continued)

B. Statement of compliance (Continued)

The accounting policies adopted are consistent with those of the previous financial year ended 31 March 2020 and the corresponding interim reporting period, except for the estimation of income tax (see Note 3.01) and the adoption of new and amended standard, ifany, as set out in Note 3 below.

3. Summary of significant accounting policies

3.01 Current income tax

3.02 Standards issued but yet not effective:

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards. There is no st;~h notification which would have been applicable from January 1,2021.

IRB In(rastructure Developers Limited Notes to Unaudited Condensed Standalone Interim Financial Statements RS at December 3], 2020

Note: 4 : Borrowings	(Rs in millions)
A •• , D«.ntbor 31,2020
C:lrfoying, amount secured Long-term bOt'fowing.s as at 31 Oc.ctl1llu!r 2020 (1JuAtHlitctl)	Amounl
Opcnlllg balance as on 01 April 2020 (Gross or u, mortised 1,= I,on east)	20,383.35
Taken/issued durin~ the period (a) Term loan from Banks and Financial Institutions (secured)	6,000.00
(b) Secured Redeemable non-convertible debentures (NCO):
- Lsted NCO 12,500 of face value of Rs. 1,000,000 each	12,50000
- Unlisted NCO 75,000 offace value ofRs 100,000 each	7,500.00
Repayments durin£ the period
Term loan from Banks (secured)	(5,28L74)
Other:
Unpaid moratorium interest converted into borrowing Effective interest rate accrued on non-convertible debentures	296.50 (325.37)
Closinl balance as on December 31, 2020 (Gross ofunRmortised transaction cost)	41,072.74
Less: Closing balance of una mortised transaction cost as at December 31 , 2020	(214.48)
Closing balance as on December 31, 2020 (net of un an torti sed transaction cost) (Rder note (a) below)	40,858.26
Nole(a)
Non Current borrowings in financial liabilities	33,33531
Current matwities grouped in other financial liabilities	7.522.95 40,858.26

Interest rate fOi borrowin2s taken/issued durin2 the period

Indian rupee tenn loan from banks and financial institutions carries interest rates which varies from 8 70 % p a to 1200010 p a Securtd redeemable Non~onvertible debentures carries interest ratts which varies from 9.25% - 10 ()(flo p a

Rtpayment schedule for borrowin~s taken durin~ the p ~riod

Term Loans from bank and financial institutions will be matured durillg the period from Janua!)', 202 J to Miu-~h, 2029. Secured redeemable non-convertible debentures will be matured during the period from Janua!)', 2021 10 June, 2025

Unpaid moratorium interest converted into borrowin~

As per RBI's Statement on Developmental and Regulatory Policies issued on March 27, 2020 and subsequently on May 22, 2020, the Company have availed the relief provided by its' lenders by way of moratorium on certain principal repayments The Wlpaid interest during the moratoriwn period has been cOllverted into borrowings

Currying DUlOUUI Shorl· I('ym borrowings liS al Dc('cmbt'r 31, 2020 OJnftCiditt:dl	• ccured	Un"ccured	TOI.1
Opelling b~ nn' < on 0 I April 2020	7,48t ~4	52,784.76	60,26620
Taken during the period
Short-term loan from related parties		6,78153	6,781.53
Repayments durin& the period
Short·leom loan from Banks (net)	(524.75)		(52475)
Short-term loan from related parties		(8,933.70)	(8,933.70)
CI.sina balance as on 31 December 2010	6,956.69	50,632.59	51,589.28

Interest rate and repayments schedule on borrowinls taken/repaid during the period

a. Short-term loan from Bank (Bank Overdraft) : Secured against fixed deposits which are repayable on demand, interest rate varies from 3 80% to 5.75%

b. Unsecured loan from related parties is interest free and repayable on demand.

Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 5 : Income tax

Reconciliation of tax expenses and the accounting of profit multiplied by Indian Domestic tax rate for nine months ended December 31, 2020 and December 31, 2019 are:

ALL	For the period from 1 April 2020 to 31 December 2020 (Unaudited)	For the period from 1 April 2019 to 31 December 2019 (Unaudited)
Reconciliation of tax expense and accounting profit
Profit before tax	1,885.06	2,909.73
Statutory tax rate	25.17%	25.17%
Tax at statutory rate	474.43	732.32
Expenses not deductible in determining taxable profits	7.33	9.15
Dividend allowable as deduction	(442.28)	2.71
Income exempt from taxation		(61.39)
	39.48	682.79
Adjustments recognised in the current period in relation to the current tax of prior periods	(0.48)	5.66
Income tax expense reported in the condensed standalone statement of profit and loss	39.00	688.45

Note 6 : Earnings per share (EPS)

		(Rs. in millions)
	For the period from 1 April 2020 to 31 December 2020 (Unaudited)	For the period from 1 April 2019 to 31 December 2019 (Unaudited)
Profit after tax attributable to equity shareholders (Rs million)	1,846.06	2,221.28
Weighted average number of equity shares in calculating basic EPS and diluted	351,450,000	351,450,000
Face value per share (in Rs.)	10.00	10.00
Basic and Diluted earnings per share	$5.25*$	$6.32*$
* not annualized

Note 7: Commitm:nts an I Contingencies

a. Commitments subsidiaries:

The Company has commitments rela.ed to furth.ir investment as sponsor's contribution (share capital and subordinated debt) to the projects in the following

	Sr. No. Particulars	31 December 2020 (Unaudited)	31 March 2020 (Audited)
a.	VKI Expressway Private Limited	369.27	1,045.00
b.	IRB Infrastucture Trust	3,218.67	4,953,48
c.	IRB MP Expressway Private Limited (formerly known NKT Road & Toll Private Limited)		14,044.75
	VM7 Expressway Private Limited	252.95
	Total	3,840.89	20,043.23

b. Contingent liabilities (to the extent not provided for)

			(Rs. in millions)
	Sr. No. Particulars	31 December 2020	31 March 2020
		(Unaudited)	(Audited)
(i)	Amount outstanding in respect of guarantees given by the Company to banks for loans to	6,847.63	6,662.68
	subsidiary (also refer note ii below)
(i)	Guarantees given to others for subsidiary	4,162.80	5,096.38
(iii)	Guarantees and counter guarantees on behalf of subsidiaries given by the Company	2,893.40	3,096.09
(iv)	Guarantees and counter guarantees on behalf of joint ventures given by the Company	460.00	872.83
(iv)	Bank guarantees towards bids/tenders/ etc	663.10	667.90
	Total	15.026.93	16.395.88

Notes

i. The Company does not expect any outflow of economic resources in respect of the above and therefore no provision is made in respect thereof.

ii. The Company has provided corporate guarantee to the lenders of the subsidiary companies and joint ventures to make good the shortfall, if any, between the secured obligations of the subsidiary companies and joint ventures and the termination payment received from the Authority in the event of termination of the Concession Agreement. As on 31 December 2020, since the termination clause has neither triggered nor expected to trigger in the foreseeable future for any of the subsidiary and joint venture, the said liability is considered as remote.

iii. The Company's pending litigations comprise of claims against the Company primarily by the commuters. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed contingent liabilities where applicable, in its unaudited condensed standalone interim financial statements. The Company has not provided for or disclosed contingent liabilities for matters considered as remote for pending lidgations/public litigations(PLL)/claims the commuters wherein the management is confident, based on the intern outcome of these proceedings to have a material adverse effect on the unaudited condensed standalone interim financial statements.

iv. The Company has no tax litigations in the current period and previous period.

W Park4 Nesco Center Western Express Highway Goregaan (East) lumbar - 400 01 k

IRB Infrastructure Developers Limited Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 8 : Fair values disclosure

The carrying values of financials instruments of the Company are reasonable and approximations of fair values.

				(Rs. in millions)
	Carrying amount			Fair Value
	31 December 2020 (Unaudited)	31 March 2020 (Audited)	31 December 2020 (Unaudited)	31 March 2020 (Audited)
Financial assets
Financial assets measured at amortised cost
Investments (unquoted)	0.02	0.02	0.02	0.02
Trade receivable	2,983.33	2,385.21	2,983.33	2,385.21
Cash and cash equivalents	113.93	3,457.04	113.93	3,457.04
Other bank balances	9,313,31	9,100.90	9,313.31	9,100.90
Loans	7.031.00	4,443.59	7,031.00	4,443.59
Other financial assets	473,04	32,505.87	473.04	32,505.87
Financial assets measured at fair value through
Statement of Profit & Loss
Investments (quoted)	137.53	128.27	137.53	128.27
Other financial assets	29,360.11		29,360.11
Financial assets measured at fair value through
Other comprehensive income
Investments (quoted)	8,477.50	8,598.00	3,813.88	2,374.44
Investments (unquoted)	5.55	٠	5.55
Financial liabilities
Financial liabilities measured at amortised cost
Borrowings (net of unamortised transaction cost)	98,447.54	80,422.44	98,447.54	80,422.44
Trade payables	9,069.36	6,296.90	9,069.36	6,296.90
Other financial liabilities	5,479.77	8.905.19	5,479.77	8,905.19

The management assessed that cash and cash equivalents, trade receivables, loans, other financial assets, trade payables, borrowings, bank overdrafts and other financial liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.

The discount for lack of marketability represents the amounts that the Company has determined that market participants would take into account when pricing the investments.

Note 9 : Fair Value Hierarchy

Level 1: Quoted price in active markets

Level 2: Significant observable inputs Level 3: Significant unobservable inputs

Quantitative disclosures fair value measurement hierarchy for financial instruments as at 31 December 2020:

				(Rs. in millions)
	31 December 2020		Fair value measurement at the end of the reporting period using
	(Unaudited)	Level 1	Level 2	Level 3
Financials assets
Investments in equity and other instruments (Quoted)	3,814.17	3,814.17
Investments in equity instruments (Unquoted)*	5.57		œ	5.57
Investments in Mutual Funds (Quoted)	137.24	137.24
Other financial assets	29,360.11			29,360.11

Ouantitative disclosures fair value measurement hierarchy for financial instruments as at 31 March 2020.

				TRS In millions)
	31 March 2020	Fair value measurement at the end of the reporting period using
	(Audited)	Level 1	_evel 2	Level 3
Financials assets
Investments in other equity instruments (Ouoted)	2.374.44	2.374.44
Investments in equity instruments (Unquoted)*	5.57			5.57
Investments in Mutual Funds (Ouoted)	128.01	128.01

There have been no transfers between levels during the period.

* The fair value in respect of the unquoted equity investments cannot be relicably estimated and hence the same is valued at cost.

** The fair value measurements for the Receivable from IRB Infrastructure Trust ('Trust') have been categorised as Level 3 fair values based on the inputs to the valuation techniques used. The fair valuation is determined based on present value of projected cash flows and risk free discount rates. The significant unobservable inputs used are (a) applying probability for percentage of amount that will be collected against the claims raised / to be raised with customers including the timing of collection (over a period of three years) with weights being assigned to different probability scenarios; and (b) discount rate applied to determine present value is 9.5%

Sensitivity: Higher probability by 10% and lower discount rate by 0.5% will increase the fair value by 4,886.41 million. Lower probability by 10% and higher discount rate by 0.5% will reduce fair value by 4,617.08 million.

There were no significant inter-relationship between unobservable inputs that materially affects fair value

Fair value movement for Receivable from Trust is as under

Particulars	(Rs in millions)
Opening balance of receivables as on March 31, 2020	31.152.47
Less: Receipt of deferred consideration	(1.792.36)
[Closing balance of receivables as on December 31, 2020]	29.360.111

Notes to Unaudited Condensed Standalone Interim Financial Statements for the p<liod from April I, 2020 to December 31 , 2020

Note 10 : Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses TI,e Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash and coilateral requirements. TI,e Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources offinancing including debt and overdlaft from banks at an optimised cost.

The table below summarises the maturity profile of the Company's financial liabilities based on contractual undiscounted payments:

					(R, inmiltiOM)
A. al31 December 2020 !Unauditedl	Carrvine amount	Total	Loss than I p~liod	1-5 I,molls	More than 5 1eriods
Financial Liabilities
Long-ternl borrowings - Gross of una mortised transaction	41,072.74	56,89495	12,458,47	40,724.36	3,71 2 12
cost
Short-tern. bon'owings	57,589.28	58,058.52	58,058.52	-	-
Trade payables	9,069.36	9,069.36	9,069.36	-	-
Other financial liabilities	5479.77	5479.77	5479.77	-	-
Total financial liabilities	113211.15	129502.59	85066.12	40 724.36	3712.12

A. al31 March 2020 (Auditedl	Curryin.e HinDU'"	Total	Loss than 1 nerlod	1-5 periods	More Ihan 5 periods
Financial Liabilities
Long-term borrowings - Gross of un amortised transaction	20,383.35	25,428.96	7,162.75	14,494.17	3,772.04
cost
Short-tenn borl'owin!\s	60,266.20	60,734.40	60,734.40	0	0
Trade payables	6,296.90	6,296.90	6,296.90	0	0
Olher financial liabilities	9006.34	8.905. 12	8905,12	0	0
Total financialUabililies	95 952.79	101.365.38	83 099.17	14494.17	3772,04

The Company has sufficient level of cash and bank balances, including highly marketable debt investments to meet the financial liabilities over the next twelve months. The Company also has the ability to transfer excess cash flows generated in its subsidiaries by way of short term loans. Moreover, the Company has maintained adequate sources of financing including debt tie up Witll banks! financial institutions and overdraft facility fi'om banks in respect of committed capital and operational cash flows.

Note 11 : Dividend Distibution made

		.1RA. ill mIllions)
	For the period from	For the period from
	1 April 2020 to	1 April 2019 to
	31 Dec"mbor 2020	31 December 2019
	udl' .dl (l	tTln. "d".dl

flnnl dividend ror Ih. po do ended DeccnIDor 3 1 2020 Rs. 5/· ,cr shure</th	I 757.25	0	I 757.25	0
Total	1757.25	0

Note 12 : Disclosure as per Ind AS 115

(al Disamegation of revenue fiom contracts witl. customers

The Company believes that the informa·ion provided under Note (b) below, Revenue from Operations, is sufficient to meet the disclosure objectives with respect to disaggregation of revenue under Ind AS I 15, Reve:,ue from Contracts with Customers.

(bl Reconciliation of revenue as per [nd AS 115

		IR.<. ill Il.llliolls)
Particulars	For the period from 1 April 2020 to 31 December 2020 ((Jnaudit.dl	For the period fron. 1 April 2019 to 31 December 2019 (IIn. "di,.,1I
Income from works con~acts	18,215.42	28,299.74
Ol,crulioll and maintainance	3,132.48	1,326.81
Trnd ll~ , lcs	0	754.90
Total	.21. 347.90	30.381.45

JRB Infrastructure Developers Limited Notes 10 Unaudiled Condensed Standalone Inlerim Financial Slal.ments for the p..-iod f.-om April 1, 2020 to December 31, 2020

Note 13 : Relaled party disclosures

AI N:tm« ofrollll.d Jarli"~ 'IOd (\o\$<lriulioll ufrclnlion. hi, .

Description of relationship	Names of relaled parties
Subsidiaries	Aryan Toll Road Private Limited
	ATR Infrastructure Private Limited
	Ideal Road Builders Private Limited
	IRB Infrastruclure Private Limited
	Mhaiskar Inf. astructure Private Limited
	Modem Road Makers Private Limited
	Thane Ghodbunder Toll Road Private Limited
	Aryan Infrastructure Investments Private Limited
	IRB MP Expressway Private Limited (formerly knOll'IJ NKT Road & Toll Privale Limited)
	IRB Kolhapur Intewated Road Development Company Private Limited
	Aryan Hospitality Private Limited
	IRB SindhudUi J( Airport Private Limited
	IRB Goa Tollway Private Limited
	MRM Mining Private Limited
	IRB Ahmedabad Vadodara Super Express Tollway Private Limited IRB PP Project Private Limited
	IRB PS Hillhway Private Linlited
	VKI Expressway Private Limited
	VM7 Expressway Private Limited (lV.eor. 1-1 AuS(Usl 2020)
	Modem Estate (Uplo 23 November 2020)
Joint-ventures	MMK Toll Road I'rivntc Limited ( eor. February 26. 2020)
	IRB Infrastructure Trust (,eor. February 26, 2020)
	Subsidiaries of Ihe Joim Venlure -IRE InfraslruclUre Trusl
	IRB Westcoast Tollway Limited (w.e.f February 26. 2020)
	Solapur Vedeshi Tollway Limited (w.eor. February 26.2020)
	Vedeshi Aurangabad Tollway Limited (w.e(. February 26,2020)
	IRB Hapur Moradabad Tollway Limited (11' •• (. February 26, 2020)
	AE Tollway Limited (w" or. Febnlary 26, 2020) Udaip'lT Tollway Limited (1I'.e(. Feb"ua,y 26, 2020)
	CG Tcllway Lil:.ited (lV. eor. February 26, 2020)
	Kishangarh Gul,"pura TollWay Limited (w" or. Febnlary 26,2020)
	Kaitllal Tollway Limiled (1I'.e(. February 26, 2020)
Key Manajlement Personnel	Mr. Virendra D. Mhaiskar, Chairman and Managin", Director
	Mr. Sudhir Rao Hoshin"" Joint Managing Director
	Mr. Mukeshlal Gupta, Joint Managinll Director
	Mrs. Deepall V. Mhaiskar, Whole Time Director
	Mr. Chandrashekhar S. Kaplan, Independent Director
	Mr. Sandeep Shah, Independenl Director
	Mr. Sunil H. Talali, Independent Director Mrs. Heena R~ja, Independent Directo!
	Mr. Sunil Tandon, Independent Director (lipiD 28 May 2019)
	Mr. Ajay P. Deshmukh, Chief Executive Officer (infrastructure)
	Mr. Dhananjay K Joshi, Chief Executive Officer (Corporate Affairs, Reality and Airport) (UpiO 10 F.bruary 2020)

	Mr. Anil D. Vadav, Group Chief Financial Officer (w.ef July 17, 2020)
	Mr. Anil D. Vadav, Chief Financial Officer (UpIO July 16. 2020)
	Mr. Rushabh R. Gandhi, Chief Finance Officer (w. e(. July 17, 2020) Mr. Mehlll N. Patel Company Secretary
Relatives of Key Management Personnel (Only witl, whom	Late Datlatraya P. Mhaiskar (FaU,er of Mr. Virendea D. Mhaiskar) (uplo 3 January. 2018)
there have been transaction during the period /period and	Mrs. Sudha Datlatraya Mhaiskar (Motller of Mr. Virendra D. Mhaiskar)
there was balance outstanding at the period/period end)
	EnlcrJlriscs Owned or significantly influenced by key Mhaiskar Ventures Private Limited (Formerly kllown as Ideal Soft Tech Park Privale Limited)

mruUlgcmout personnel or tl,eir relatives (Only with whom MEP Infrastructure Developers Limited

tl.trl: have been transaction during the period /period and O'CI. was balance outstanding at the period/period end)

IRB Infrastructure Developers Limited
Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures
A) Related party transactions

Sr. No.	Particulars		Subsidiaries	Joint-venture			Key Management Personnel	Relatives of Key Management Personnel			Enterprises Owned or significantly influenced by key management personnel or their relatives
		Period Ended December 31, 2020	Period Ended December 31, 2019 December 31, 2020	Period Ended	Period Ended December 31, 2019	Period Ended December 31, 2020	Period Ended December 31, 2019 December 31, 2020	Period Ended	Period Ended Decumber 31, 2019	Period Ended December 31, 2020	Period Ended December 31, 2019
$\mathbf{I}$	Contract revenue (road construction) (including Ind AS 115 Adjustment)
	IRB Westcoast Tollway Limited	$\overline{a}$	426 25	1,058.68	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\sim$	Ψ	$\sim$	$\sim$
	Yedeshi Aurangabad Limited	$\mathbf{r}$		391.59	÷.	$\mathbf{z}$ :	$\sim$	¥.	$\overline{\phantom{a}}$	$\bullet$	$\bullet$
	IRB MP Expressway Private Limited (fornierly NKT Road & Toll Private Limited)	1,331.29		$\sim$	$\ddot{\phantom{1}}$	$\mathcal{M}$ .	÷.	$\sim$	$\bullet$	$\overline{a}$	$\overline{a}$
	Solapur Yedeshi Tollway Limited	$\bullet$ .	26.08	$\overline{a}$	$\cdot$	$\sim$	$\mathcal{L}$	×	$\ddot{\phantom{1}}$	÷.	$\overline{\phantom{a}}$
	AE Tollway Limited	$\sim$	2.318.59	628.94	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\star$	$\sim$	$\sim$	$\ddot{\phantom{1}}$
	Uchipur Tollway Limited	$\overline{\phantom{a}}$	5,162.18	238.56	$\bullet$	$\ddot{\phantom{1}}$	$\sim$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\ddotsc$	$\blacksquare$
	CG Tellway Limited	$\overline{\phantom{a}}$	6,045.43	164.41	$\sim$	$\overline{a}$	$\bullet$	$\sim$	$\sim$	$\sim$	$\omega$ .
	Kishangarth Gulabpura Tollway Limited	$\overline{\phantom{a}}$	4,315.28	1,416.08	$\sim$	$\epsilon$	$\tilde{\phantom{a}}$	$\overline{\phantom{a}}$	$\blacksquare$	$\cdot$	$\bar{\star}$
	VK1 Expressivav Private Limited	5:721.46	3,796.88	$\bullet$	$\sim$	$\sim$	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\ddot{\phantom{1}}$	$\Delta$
	IRB Hapur Moradabad Tollway Limited	$\overline{\phantom{a}}$	6,209.05	7,264.41	$\cdot$	$\Delta$	$\sim$	$\mathcal{L}$	$\tilde{\phantom{a}}$	$\sim$	$\omega$
	Total	7,852.75	28,299.74	11,162.67	$\sim$	$\sim$	$\sim$	w.	$\omega$	$\blacksquare$	$\ddot{\phantom{1}}$
$\overline{2}$	Trading sales
	IRB Hapur Moradabad Tollway Limited	$\mathbf{r}$	754.90	$\sim$	$\frac{1}{2}$	×.	$\sim$	$\sim$	$\sim$	$\overline{a}$	$\ddot{\phantom{a}}$
	Total	$\sim$	754.90	$\overline{\phantom{a}}$	$\overline{a}$	$\bullet$	$\overline{a}$	÷	$\overline{a}$	$\overline{\phantom{a}}$	$\frac{1}{2}$

3	Operation and maintenance revenue (excluding GST)
	IRB Westcoast Tollway Limited	$\sim$	$\bullet^+$	152.29	$\sim$	$\sim$	$\overline{\phantom{a}}$	÷.	$\sim$	$\sim$	$\omega^-$
	Yedeshi Aurangabad Limited	٠	$\overline{\phantom{a}}$	142.68	$\overline{\phantom{a}}$	$\mathbf{z}$	$\sim$	÷	$\sim$	$\frac{1}{2}$	$\frac{1}{2}$
	IRB MP Expressivay Private Limited (formerly NKT Road & Toll Private Limited)	380.13	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\sim$	$\mathbf{a}$	$\frac{1}{2}$	$\ddot{}$	$\sim$	$\ddot{\phantom{1}}$
	IRB Ahmedabad Vadodara Super Express Tollway Private Limited	71.99	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\ddot{\phantom{0}}$	$\sim$	$\cdot$	$\overline{\phantom{a}}$	145	z.
	Solaran Yedeshi Tollway Limited	$\pm$	$\sim$	103.06	$\sim$	$\bullet$	$\sim$	$\sim$	$\overline{a}$	$\sim$	$\overline{\phantom{a}}$
	Kaithal Tollway Limited	$\ddot{\phantom{0}}$	$\overline{a}$	117.58	$\sim$	$\mathcal{L}^{\mathcal{L}}$	$\frac{1}{2}$	$\frac{1}{2}$	$\sim$	$\sim$	$\omega$
	AE Tellway Limited	$\Delta$	÷.	217.15	$\omega$ .	¥.	$\omega$	÷	$\cdot$	÷	$\overline{\phantom{a}}$
	Udaipur Tollway Limited	$\ddot{ }$	$\bullet$	124.51	$\overline{\phantom{a}}$	$\frac{1}{2}$	$\ddot{ }$	$\overline{\phantom{a}}$	$\sim$	$\sim$	¥
	CG Tollway Limited	$\overline{\phantom{a}}$	$\bullet$	181.23	$\sim$	$\overline{\phantom{a}}$	$\ddot{ }$	$\sim$	$\tilde{\mathcal{L}}$ .	$\mathcal{L}$	$\mathcal{L}_{\mathcal{C}}$
	Kishangarth Gulabpura Tollway Limited	$\bullet$	$\sim$	138.23	$\overline{\phantom{a}}$	$\frac{1}{2}$	$\sim$	$\sim$	$\sim$	$\sim$	$\overline{\phantom{a}}$
	IRB Hapur Moradabad Tollway Limited	$\overline{\phantom{a}}$	$\frac{1}{2}$	\$1.79	$\sim$	$\overline{\mathbf{e}}$ .	$\sim$	$\sim$	$\ddot{}$	$\star$	$\overline{\phantom{a}}$
	Total	452.12	$\omega$	1,228.52	$\sim$	$\blacksquare$	۷	$\bullet$	$\omega$	$\frac{1}{2}$	¥.

$\frac{4}{3}$	Cort of Material Consumed
	Modern Road Makers Private Limited	$\ddot{ }$	686.27	$\sim$	$\overline{a}$	$\overline{\phantom{a}}$	$\overline{a}$	$\overline{\phantom{a}}$	$\Delta$	$\frac{1}{2}$	u.
	Total	٠	686,27	$\bullet$	$\overline{\phantom{a}}$	÷.	÷	$\sim$	$\omega$	۰.	$\overline{\phantom{a}}$

5	Interest on debentures
	Modern Road Makers Private Limited	$\overline{a}$	39.95	$\omega$	$\sim$	W.	w	ч.	$\overline{a}$	×.	$\sim$
	Mhaiskar Infrastructure Private Limited	×	$\tilde{\phantom{a}}$	$\bullet$ .	$\sim$	$\overline{\phantom{a}}$	$\ddot{\phantom{0}}$	۰	×.	$\sim$	$\ddot{\phantom{1}}$
	Total	$\sim$	39.95	$\sim$	$\ddot{}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\sim$	$\frac{1}{2}$	$\overline{a}$

6	Dividend income on long term investment.
	Modern Road Makers Private Limited MMK Toll Road Private Limited	1,757.33 $\overline{\phantom{a}}$	$\ddot{\phantom{1}}$ $\overline{a}$	٠. $\sim$	$\sim$ $\omega$	$\bullet$ ÷	÷ $\sim$	÷ ä.	$\sim$ $\sim$	$\sim$ $\omega$ .	$\sim$ $\ddot{\phantom{1}}$
	Total	1,757.33		$\overline{\phantom{a}}$	$\tilde{\phantom{a}}$	$\omega$	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\sim$	$\bullet$	$\frac{1}{2}$

$\tau$	Interest Income on Advance Paid
	Modern Road Makers Private Limited	$\bullet$	15.73	$\sim$	$\overline{a}$	٠.	$\overline{\phantom{a}}$	٠	$\sim$	a.	$\sim$
	Total	¥.	15.73	۰	$\overline{\phantom{a}}$	$\blacksquare$	$\sim$	$\overline{\phantom{a}}$	÷	$\omega$	$\blacksquare$
	61.0
$\bf x$	Contract and site expenses
	Modern Road Makers Private Limited 4:11	14,998.89	22,385.21	$\overline{a}$	$\sim$	$\sim$	$\sim$	$\ddot{\phantom{1}}$	×	$\ddot{\phantom{1}}$	$\cdot$
	Total $\sqrt{}$ Control R hne ond.	14,998.89	22,385.21	$\blacksquare$	÷.	÷	$\sim$	¥.	$\sim$	٠	$\overline{a}$

$\infty$

CTURE RAS MUMBA

Notes to Unaudited Condensed Standalone Interim Financial Statements for the neriod from Anril 1, 2020 to December 31, 2020

Note 13 : Related party disclosures A) Related party transactions

(Ra. in millions) Subsidiaries Joint-ve. ture Key Management Personnel Relatives of Key Management Enterprises Owned or significantly Personnel Influenced by key management personnel or their relatives Sr. Particulars $N₀$ Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended December 31, 2020 December 31, 2019 | December 31, 2020 | December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 9 Operation and maintenance expenses $\overline{z}$ Modern Road Makers Private Limited 2,300.18 1.194 23 $\overline{\mathbf{z}}$ ×. $\sim$ $\sim$ Total 2,300.18 $1.194.23$ ÷ $\sim$ $\overline{a}$ Signal $\overline{a}$ n. × 10 Remuneration Mr. Virenska D. Mhaiskar $52.22$ $57.92$ ÷ τ $\overline{\phantom{a}}$ Mrs Doepali V. Mhaiskar 38.68 42.65 $\cdot$ $\overline{\phantom{a}}$ ÷ ä. $\sim$ $\sim$ -Mr. Sudhir Rao Hoshing 33.37 29.80 œ ÷ $\sim$ Section $\sim$ $\ddot{\phantom{1}}$ $\overline{a}$ Mr. Dhananiav K. Joshi $\overline{\phantom{a}}$ $\ddot{\phantom{1}}$ $\sim$ $\sim$ 835 $\sim$ 74 $\overline{a}$ Mr. Aiav P.Deshmach $17.58$ 63.36 ÷ ÷ T T. τ π Mr. Anil D. Yaday τ τ 21.50 $7.95$ τ ۰. ÷ œ. Mr. Rushabh R. Gandhi τ π $200$ $\ddot{\phantom{0}}$ $\sim$ $\mathcal{L}{\mathbf{m}}$ $\sim$ $\rightarrow$ ÷ 52 Mr. Mehul N. Patel $5.57$ $4.29$ ÷ call. ÷ $\mathcal{L}{\mathbf{a}}$ . $\sim$ w. $\sim$ Total 72. $\sim$ 170.92 214.32 $\sim$ ÷ $\sim$ 11 Director sittings fees paid (excluding GST/service tax) Mr. C S Kaptan $0.56$ $0.56$ $\overline{\phantom{a}}$ Mr Sandorn Shah $0.54$ $0.36$ . $\overline{a}$ τ ÷. $\ddot{\phantom{1}}$ $\sim$ $\sim$ -20 Mr. Smil H Talati -2 a. . -21 $0.48$ $0.28$ $\sim$ ÷ ÷ Mr. Sunil Tandan τ $0.07$ $\sim$ $\sim$ $\overline{\phantom{a}}$ Mrs Heena Raia $0.30$ $0.20$ T τ Ŧ $\tilde{\phantom{a}}$ $\sim$ ъ. Total 1.88 1.47 $\sim$ $\overline{a}$ $\overline{\mathcal{L}}$ $\overline{\mathcal{L}}$ $\overline{\phantom{a}}$ $\Delta\mathbf{r}$ . $\sim$ $\sim$ 12 Dividend paid Mr. V.D.Manskar $4.62$ Mrs D.V.Mhaiskar τ τ τ ÷ $8.07$ τ T $\overline{a}$ × Mr. D.P.Mhaiskar 150 $\mathcal{L}_{\mathbf{m}}$ $\ddot{\phantom{0}}$ ÷ -57 $\sim$ R ÷ ÷ Mrs. Sudha Dattatray Mhaiskar $\sim$ ÷ $\overline{\phantom{a}}$ ÷ $\sim$ ÷. $0.48$ $\sim$ $\overline{a}$ Mhaiskar Ventures Private Limited ÷. ÷ Ţ. τ τ T. T. 997.08 Ŧ. ч. V.D.Mhaiskar (HUF) $\overline{\mathcal{L}}$ $0.01$ $\sim$ . $\overline{\phantom{a}}$ ÷ $\sim$ ¥ $\overline{\phantom{a}}$ Ideal Toll and Infrastructure Private Limited $0.01$ ä. V τ $\overline{\phantom{a}}$ τ ×, $\sim$ Mr MI Gords $0.05$ -21 $\sim$ $\bullet$ $\sim$ $\sim$ ÷ × $\sim$ o. $0⁰$ Mr. A.P.Deshmuich ÷ ÷ -29 $\sim$ u. T. $\sim$ z. $0.90$ SDM Ventures Private Limited ß. $\sim$ × $\sim$ π. ÷ $\overline{a}$ $\overline{a}$ a pro DSM Projects Private Limited ÷ $0.90$ $\mathbf{r}$ u. $\sim$ $\overline{\phantom{a}}$ $\sim$ Total ÷ Ξ ÷ $12.81$ τ 2.98 τ 998.89 13 Interest Expense on Advance Received VK1 Expressway Private Limited $7.74$ $\sim$ 12 $\sim$ $\bullet$ $\overline{\phantom{a}}$ $\omega$ $\sim$ $\bullet$ $7.74$ 高 Total $\frac{1}{2}$ $\overline{\phantom{a}}$ $\bullet$ $\overline{\phantom{a}}$ $\overline{\phantom{a}}$ $\overline{\phantom{a}}$ $\overline{\phantom{a}}$ 14 Subordinated debt (interest free) given
IRB MP Expressival Private Limited (formerly NKT Road & Toll Private Limited) 13,222.64 . t $\overline{\phantom{a}}$ AE Tollway Limited 340.77 $\sim$ $\sim$ $\blacksquare$ $\overline{\phantom{a}}$ 972.00 Udaipur Tollway Limited ×. $\omega$ $\sim$ i. $\sim$ $\frac{1,295.00}{777.25}$ CG Tollway Limited - 2 $\sim$ $\overline{\phantom{a}}$ × in 1999. $\omega$ $\sim$ $\sim$ $\sim$ Kishangarth Gulabpura Tollway Limited 15 妥 -57 Sept. ÷ - 1 - 1 $\sim$ VK1 Expressway Private Limited 675.73 Ψ v 72 ×. IRB Hupur Moradsbad Tollway Limited 3,538.63 τ τ 淳 Tetal 13,898.37 $6,923.65$ τ τ τ τ τ ÷ $15$ Nan-convertible debentures issued i ti sii Modern Road Makers Private Limited 7,000.00 Marth P.U $\overline{\phantom{a}}$ ÷. $\bullet$ $\sim$ $\sim$ Total $7,000.00$ T. $\overline{\phantom{a}}$ $\overline{\phantom{a}}$ Barca IT Oash

JCTURE RA_S MUMBAI

Notes to Unaudited Condensed Standalone Interim Financial Statements for the neriod from April 1, 2020 to December 31, 2020

Weslern Express Highway. Coregaon (East). Mumbai - 400 063 $\frac{1}{2}$

Note 13 : Related party disclosures A) Related party transactions

(Rs. in millions) Subsidiaries Joint-venture Key Management Personnel Relatives of Key Management Enterprises Owned or significantly Personnel influenced by key management personnel or their relatives $\mathbf{c}r$ Particulars No. Period Ended Period Ended Period Ended Per' of Ended Period Ended Period Ended Period Ended Period Ended Period Ended Period Ended ecember 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 December 31, 2020 $\frac{1}{2}$ corrected condition December 31, 2020 December 31, 2019 16 Current loans (payable on demand and interest free) given IRB Westcoast Tollway Limited 3,191.38 $\sim$ $\sim$ $\sim$ ÷ Vedechi Attrangulust Limited 772.95 167.90 $\sim$ $\sim$ $\sim$ $\sim$ ÷ $\sim$ W. 31 153,38 Ideal Road Builders Private Limited $\sim$ $\overline{\phantom{a}}$ × 72 -52 當 Aryan Infrastructure Investments Private Limited $0.44$ τ ÷. V. ÷. IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited) 164 49 $\overline{a}$ $\overline{\phantom{a}}$ . k. ÷ ï, ÷ ı. × IRB Kolhapur Integrated Read Development Company Private Limited 49.23 $\mathbf{a}^{\mathbf{y}}$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\overline{a}$ τ 8.39 Arvan Hospitality Private Limited $155.19$ $\sim$ $\epsilon$ $\overline{\phantom{a}}$ ¥ $\overline{\phantom{a}}$ RB Sindhudurg Airport Private Limited 38.10 $57.23$ $\overline{\cdot}$ Ŧ. τ $\overline{\phantom{a}}$ τ RB Goa Tollway Private Limited Τ 831.46 g. ¥. $\sim$ $\overline{a}$ $\ddot{\phantom{1}}$ o an ÷. ÷ IRB PS Highway Private Limited $0.50$ $1.83$ $\sim$ ÷. T. $\sim$ 727 50 -27 × IRB Ahmedabad Vadodara Super Express Tollway Private Limited $\sim$ 517.35 τ ÷. E. τ n. ÷. ÷. S MRM Mining Private Limited (formerly J. J. Patel Infrastructural and Engineering Private 27.97 ÷. v $\overline{\phantom{a}}$ ÷. ÷ $\overline{\mathcal{L}}$ $\sim$ T. $\overline{\phantom{a}}$ funited). 353.00 Solapur Yedeshi Tollway Limited 90.82 τ. ÷ τ $\overline{\mathcal{L}}$ $\overline{\phantom{a}}$ Kaithal Tollway Limited T 409.36 τ G. τ $\overline{\phantom{a}}$ $\sim$ $\sim$ AE Tollway Limited 2.196.28 × -1 $\sim$ $\overline{\phantom{a}}$ $\overline{a}$ $\overline{a}$ $\Delta$ × IRB Infrastructure Private Limited $13.03$ ×. $\sim$ $\overline{a}$ $\sim$ $\Delta$ iz. $\sim$ × $\overline{a}$ 0.50 IRB PP Projects Private Limited $17.48$ $\mathcal{L}{\mathbf{a}}$ ÷ ¥. $\mathcal{L}{\mathbf{a}}$ ÷. s. $\omega$ $\omega{\rm c}$ Lidaipor Tollway Limited 230191 219.09 -22 ≂ VK1 Expressway Private Limited 52.51 $93.12$ $\sim$ ÷ ÷ ÷ Τ . IRB Hapur Moradabad Tollway Limited $70.62$ ä. Φ $\omega$ $\sim$ ç. $\sim$ $\sim$ $\overline{\phantom{a}}$ VM7 Expressway Private Limited $1.00$ $\overline{a}$ ÷ $\sim$ $\sim$ $\overline{a}$ $\sim$ $\cdot$ ¥. ÷ 11,032,42 447.28 2.680.31 Total ÷ ÷ |第1 ÷ 17 Subordinated debt (interest free) repayment received TRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited) 222.89 $\sim$ $\overline{\phantom{a}}$ ÷ × ä, $\ddot{\phantom{a}}$ $\blacksquare$ $\overline{\phantom{a}}$ IRB Hapar Moradabad Tollway Limited 1,205.00 $\sim$ $\sim$ $\mathcal{L}$ $\frac{1}{2}$ - 1 $\sim$ $\sim$ $\sim$ $\sim$ Tutal 222.89 1,935.57 τ τ τ τ τ 18 Current loans (navable on demand and interest free) repayment received Ideal Road Builders Private Limited 228.21 1.258 10 ್ಮ $\overline{\phantom{a}}$ $\sim$ $\tilde{\phantom{a}}$ Arvan Infrastructure Investments Private Limited $0.02$ w. IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited) 164.48 . ¥ ÷, ÷ $\overline{\phantom{a}}$ IRB Kolhapur Integrated Road Development Company Private Limited $\overline{2}$ $\sim$ $\sim$ $\sim$ Tal. $\ddot{\phantom{1}}$ Aryan Hospitality Private Limited $0.18$ s. $\sim$ $\overline{\phantom{a}}$ $\overline{\phantom{a}}$ IRB Sindhudurg Airport Private Limited τ $0.20$ τ $\sim$ $\sim$ × 851 22 IRB Goa Tollway Private Limited z. $\cdot$ $\overline{\phantom{a}}$ ×. $0.66$ IRB PS Highway Private Limited $\omega$ . $\Delta^+$ ×. $\omega$ ÷ IRB Ahmedahad Vadodara Super Express Tollway Private Limited $45.48$ ಾ ÷ $\cdot$ $\sim$ × 264 06 Solarar Yedeshi Tollway Limited $\geq$ ÷. $\overline{\phantom{a}}$ ÷ G. Kaithal Tollway Limited ×. $\mathbf{r}$ ٠ $C_{\sigma}$ IRB Infrastructure Private Limited 19.65 τ ÷ τ ÷, 11 r u. $0.85$ IRB PP Projects Private Limited $\frac{1}{2}$ ÷ $\sim$ $\sim$ ä. ×. ≻≭ा 06137.0 Udsipur Tollway Limited τ $\sim$ ÷ ×. $\overline{a}$ VK1 Expressway Private Limited 70.00 64.71 $\overline{\mathcal{L}}$ $\overline{\phantom{a}}$ ÷ ÷ IRB Hapur Meradabad Tollway Limited $\sim$ 11 211.09 ा т. $\overline{\phantom{a}}$ $\geq$ 509.70 $5.053.51$ Total Har M. IT Paths Nesco Center,

Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures

a) Related party transactions

Sr. No.	Particulars		Subsidiaries		Joint-venture		Key Management Personnel	Relatives of Key Management Personnel		Enterprises Owned or significantly influenced by key management personnel or their relatives
		Period Ended	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended	Period Eaded	Period Ended	Period Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 December 31, 2020 December 31, 2020 December 31, 2020 De	Period Ended
19	Carrert loans (payable on demand and interest free) taken
	Modern Foad Makers Private Limited	6.297.56	15,715.07	$\sim$		$\sim$		$\sim$		$\sim$
	Mhaiskar Infrastructure Private Limited	25.60	2,578.87	$\omega$		$\omega$		$\overline{a}$		$\overline{\phantom{a}}$
	Arvan To I Road Private Limited	0.76	5.39	$\epsilon$		$\sim$		$\overline{a}$		$\ddot{}$
	ATR Ir frastructure Private Limited	226.47	203.46	$\sim$		$\sim$		$\overline{\phantom{a}}$		$\bullet$
	Thane Ghodbunder Toll Road Private Limited	188.24	315.37	$\omega$		$\overline{\phantom{a}}$		$\overline{a}$		$\ddot{\phantom{1}}$
	[RB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	$\overline{\phantom{a}}$	$\sim$	in 19		$\bullet$		$\sim$		$\pi$
	IRB Kolluque Integrated Road Development Company Private Limited	213	$\ddot{\phantom{1}}$	$\sim$		$\sim$		$\bullet$		$\overline{a}$
	IRB Goa Tollway Private Limited	$\sim$	831.66	$\sim$		$\bullet$		$\sim$		$\ddot{\phantom{1}}$
	MRM Mining Private Limited (formerly J. J. Patel Infrastructural and Engineering Private Limited)	40.77	1,401.00	$\sim$		$\tilde{\phantom{a}}$				$\omega$
	IRB Infrastructure Private Limited	$\sim$	84.69	s.		$\sim$		$\mathbb{R}$		$\sim$
	Total	6,781.53	23,155.51	$\overline{\phantom{a}}$		$\blacksquare$		$\overline{\phantom{a}}$		$\frac{1}{2}$
20	Current loans (payable on demand and interest free) repayment
	Modern Foad Makers Private Limited	8.008.32	1,230.52	$\sim$		$\omega$		$\sim$
	Mhaiskar Infrastructure Private Limited	188.26	7,055.00	$\sim$		$\sim$		$\sim$		$\sim$
	Arvan To I Road Private Limited	3.98	9.88	$\sim$		$\overline{\phantom{a}}$		$\epsilon$		$\sum_{i=1}^{n}$
	ATR Ir frastructure Private Limited	164.95	3.00	$\ddot{\phantom{1}}$		$\overline{a}$		$\sim$		s.
	Thane Ghodbunder Toll Road Private Limited IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	1.80 197.36	40.00 21130	w. $\bullet$		$\omega$ $\blacksquare$		÷. $\alpha$		$\frac{1}{2}$ ÷
	IRB Kolhapur Integrated Road Development Company Private Limited	300.24	129.30	$\sim$		$\bullet$		$\sim$		$\sim$
	IRB Goa Tollway Private Limited	0.64	0.35	$\sim$		ä,		$\sim$		$\mathcal{L}$
	MRM Mining Private Limited (formerly J. J. Patel Infrastructural and Engineering Private Limited)	68.15	1,415.36	$\bullet$		$\overline{\phantom{a}}$		$\sim$		$\sim$
	IRB Infrastructure Private Limited	$\bullet$	79.49	$\sim$		$\overline{\phantom{a}}$
	Total	8,933,70	11,929.11	$\bullet$ .		٠		$\sim$		$\bullet$
21	Share application money given and equity share allotment
	IRB Westcoast Tollway Limited	$\overline{\phantom{a}}$	112.15	$\sim$		¥,	×.	÷	$\overline{\Delta}{}^{\pm}$	-25
	Yedeshi Aurangabad Limited	$\bullet$	223.24	$\bullet$ .	$\sim$	w.	$\scriptstyle\star$	$\omega$	$\frac{1}{2}$ .	$\sim$	U.
	Aryan Infrastructure Investments Private Limited	844.12
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	2,945.00	$\sim$	$\sim$	$\sim$	٠	$\alpha$	$\sim$	÷	$\overline{\phantom{a}}$
	Kaithal Tollway Limited	$\sim$	538.67	$\sim$	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\sim$	11-
	Udaipur Tollway Limited	$\sim$	571.82	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\sim$	w.	$\overline{\mathcal{L}}$	$\sim$	W
	CG To Iway Limited Kishan zarth Gulabpura Tollway Limited	$\sim$ $\sim$	610.50 466.50	$\sim$ $\ddot{\phantom{0}}$	$\sim$ ÷	$\sim$ $\sim$	$\overline{a}$ c.	$\omega$ . ÷	$\frac{1}{2}$ ×	$\sim$ $\tilde{m}$	11 $\cdot$
	IRB Heper Moradabad Tollway Limited	$\sim$	1,894.50	$\omega$	$\tilde{\phantom{a}}$	٠	$\overline{\phantom{a}}$	$\alpha$	ä.	$\omega$	×
	V247 Expressway Private Limited	0.50
	Total	3,789.62	4,417,38	$\sim$	$\overline{\phantom{a}}$	$\star$	$\overline{a}$	$\sim$ .	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\bullet$

22	Acquisition of equity shares Ideal Road Builders Private Limited	81.61	70.00				÷	$\sim$	ä.	×.	$\sim$
	Total	81.61	78,00	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$	$\omega_{\perp}$	$\sim$	$\sim$

	23 Bonus shares received			AN
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)*	500.00	$\sim$	$\sim$ ာ $\Phi$	MUMBAL $\mathbf{r}$	$\sim$	×.	$\omega$	$\sim$	$\omega$	$\bar{a}$
	^® The sub-isdiary has issued 5 million bonus shares having face value of Rs 100 each			귀 $\frac{\partial}{\partial f_{\mu}}$	CZ.

Central Wing and

Rotch C Wing

Nexte C Wing

Nexte C Centre,

Nextern Express Highway

Goregnon (East)

Mumbar - 400 063

PUMBAY

IRB Infrastructure Developers Limited
Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures
A) Related party transactions

								(Rs. in millions)
Sr.	Particulars		Subsidiaries	Relatives of Key Management Enterprises Owned or significantly Key Management Personnel Joint-venture influenced by key management Personnel personnel or their relatives
No.		Period Ended December 31, 2020	Period Ended December 31, 2019	Period Ended December 31, 2020	Perio I Ended December 31, 2019	Period Ended December 31, 2020	Period Ended December 31, 2019 December 31, 2020	Period Ended	Period Ended December 31, 2019	Period Ended December 31, 2020	Period Ended December 31, 2019

24	Expenses incurred on behalf of (reimbursement)
	Modern Road Makers Private Limited	$\sim$	14.16	$\sim$		$\sim$		$\overline{\phantom{a}}$		$\overline{a}$
	Yedeshi Aurangabad Limited	$\sim$	81.99	0.11		$\sim$		×		$\mathbf{x}$ .
	Mhaiskar Infrastructure Private Limited	$\sim$	0.11	$\sim$		$\rightarrow$		÷.		$\bullet$
	Thane Ghodbunder Toll Road Private Limited	$\ddot{\phantom{1}}$	8.40	$\ddot{\phantom{1}}$		$\mathbf{r}$ .		$\bullet$		$\sim$
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	11.00	$\ddot{\phantom{1}}$	$\sim$		$\overline{\phantom{a}}$		$\omega$		÷.
	IRB Goa Tollway Private Limited	9.56	¥.	$\overline{a}$		$\sim$		$\omega$		$\cdot$
	IRB PS Highway Private Limited	0.01	$\sim$	$\overline{\phantom{a}}$				$\bullet$		$\sim$
	Kaithal Tollway Limited	$\cdot$	$\sim$	1.72		S.		$\omega$		$\sim$
	AE Tollway Limited	$\sim$	21.02	3.88		$\mathcal{L}_{\mathcal{L}}$		$\sim$		$\sim$
	Kishangarth Gulabpuru Tollway Limited	$\overline{\phantom{a}}$	7.66	$\sim$		$\sim$		$\overline{a}$		$\sim$
	VK1 Expressivav Private Limited	$\sim$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$		$\ddot{\phantom{1}}$		$\sim$		÷.
	IRB Hapur Moradabad Tollway Limited	$\Delta$	143.88	$\sim$		$\ddot{\phantom{1}}$		$\sim$		$\ddot{\phantom{1}}$
	Total	20.57	277.22	5.71		۰		$\overline{\phantom{a}}$		$\overline{\phantom{a}}$
25	Guarantee (Bank) margin repaid
	Mhaisiar Infrastructure Private Limited	7.53	$\cdot$		$\sim$	$\overline{a}$	$\overline{\phantom{a}}$	$\ddot{\phantom{0}}$	$\sim$	$\sim$	$\frac{1}{2}$
	Kishangarth Gulabpura Tollway Limited	$\sim$	41.37	$\sim$	$\sim$	$\ddot{\phantom{1}}$	$\mathcal{L}_{\mathcal{L}}$	$\sim$	$\sim$	$\sim$	$\mathcal{L}^{\mathcal{L}}$
	VK1 Expressway Private Limited	60.94	$\sim$	÷	÷.	$\mathcal{L}_{\mathcal{A}}$	×	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{a}$
	Total	68.47	41.37	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	۰	٠	$\overline{\phantom{a}}$		$\overline{a}$
26	Mobilitation & Additional Mobilitation Advance received
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	3.473.79	$\sim$	$\sim$	$\cdot$	٠.	$\sim$	$\sim$	$\ddot{ }$	$\sim$	$\omega$
	VK1 Expressivav Private Limited	$\star$	918.42	$\ddot{}$	$\sim$	÷.	$\ddot{\phantom{1}}$	$\sim$	$\sim$	$\sim$	$\overline{\phantom{a}}$
	IRB Hapur Moradabad Tollway Limited	$\frac{1}{2}$	1,000.00	$\sim$	$\sim$	$\frac{1}{2}$	$\sim$	$\ddot{}$	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\overline{a}$
	Total	3,473.79	1,918.42	$\sim$	$\sim$	$\overline{a}$	٠	$\frac{1}{2}$	$\overline{\phantom{a}}$	S.	$\ddot{\phantom{1}}$
27	General advance received
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	1,785.28	$\ddot{\phantom{0}}$	$\sim$	$\sim$	$\overline{a}$	$\sim$	$\Delta$	$\sim$	35	$\sim$
	Kaithal Tollway Limited	$\sim$	$\bullet$	1.21	$\sim$	$\omega$ .	×.	$\rightarrow$	$\sim$	$\sim$	$\ddot{\phantom{a}}$
	AE Tollway Limited	¥.	$\ddot{\phantom{1}}$	17.89	$\sim$	$\omega$	$\overline{\phantom{a}}$	×.	$\sim$	÷	$\sim$
	Udainar Tellway Limited	$\ddot{\phantom{1}}$	$\ddot{\phantom{0}}$	119.85	$\ddot{\phantom{1}}$	$\overline{a}$	$\sim$	$\alpha$	$\ddot{\phantom{1}}$	$\omega_{\rm{c}}$	$\omega$
	CG Tollway Limited	$\overline{a}$	$\ddot{\phantom{1}}$	84.68	$\sim$	$\frac{1}{2}$	$\omega$	$\ddot{\phantom{1}}$	$\sim$	$\ddot{\phantom{1}}$	$\sim$
	Kishangarth Gulabpura Tollway Limited	$\sim$	$\sim$	47.76	$\sim$	$\omega$	$\overline{\phantom{a}}$	$\overline{a}$	$\ddot{\phantom{1}}$	$\star$	$\alpha$
	VK1 Expressivav Private Limited	757	403.81	$\ddot{\phantom{1}}$	$\sim$	$\omega_{\rm c}$	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$
	IRB Hapur Moradabad Tollway Limited	$\overline{a}$	2.025.00	1.459.04	$\sim$	$\mathcal{L}_{\mathcal{L}}$	$\overline{\phantom{a}}$	$\sim$	$\ddotsc$	$\overline{a}$	$\overline{a}$
	Total	1,792.85	2,428.81	1,730.43	$\mathbf{a}$ :	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\bullet$ :	۰	$\sim$	$\overline{a}$

28	Retention Money Released (Paid)										$\sim$
	Modern Road Makers Private Limited Total	10,627.50 10.62750	i.	$\sim$	$\overline{\phantom{a}}$	$\sim$	$\tilde{\phantom{a}}$	$\sim$	ν	÷.
				. .		$\sim$	i.	2	$\overline{a}$

IRB Infrastructure Developers Limited
Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures
A) Related party transactions

			Subsidiaries		Joint-venture	Key Management Personnel			Relatives of Key Management	(Rs. in millions) Enterprises Owned or significantly
Sr.	Particulars								Personnel		Influenced by key management personnel or their relatives
No.		Period Ended December 31, 2020	Period Ended December 31, 2019	Period Ended December 31, 2020	Period Ended December 31, 2019	Period Ended	Period Ended December 31, 2020 December 31, 2019	Period Ended December 31, 2020	Period Ended December 31, 2019	Period Ended December 31, 2020	Period Ended December 31, 2019
29	Other recoverable/ advance towards subscription of units (given)
	IRB Infrastructure Trust	$\sim$	$\overline{\phantom{a}}$	2,544.40	$\overline{a}$	$\overline{\phantom{a}}$	$\sim$	$\bullet$	$\ddot{\phantom{1}}$	$\sim$	$\sim$
	Total	$\overline{\phantom{a}}$	$\mathbf{r}$	2,544.40	$\tilde{\phantom{a}}$	$\ddot{\phantom{1}}$	$\overline{a}$	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\sim$	$\sim$

30	Deferred consideration towards sale of rubridiaries
	IRB Infrastructure Trust	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\ddot{}$	$\sim$		$\sim$	$\sim$	$\sim$	$\sim$
	Total	$\overline{\phantom{a}}$	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\sim$	٠	$\frac{1}{2}$	÷	$\overline{a}$	$\bullet$ .

31	Investment - Units allotment
	IRB Infrastructure Trust Total	w. $\sim$	A. $\overline{\phantom{a}}$	2,603.81 2,603.B1	$\sim$ $\ddot{\phantom{1}}$	÷. $\sim$	× $\sim$	$\sim$ $\sim$	$\sim$ $\ddot{\phantom{1}}$	$\sim$	$\sim$
										$\overline{a}$	$\overline{\phantom{a}}$
32	Deferred consideration received
	IRB Infrastructure Trust	$\bullet$	$\mathbf{r}$ .	1,792.36	$\bullet$	$\bullet$	$\overline{\phantom{a}}$	$\bullet$	$\cdot$	$\sim$	$\sim$
	Total	$\ddot{\phantom{0}}$	$\overline{a}$	1,792.36	$\overline{\phantom{a}}$	۰	٠	Ψ	÷.	$\sim$	$\sim$

33	Other recoverable/ advance towards subscription of units (received)
	IRB Infrastructure Trust	$\sim$	$\bullet$	3,413.14	$\sim$	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\ddot{ }$	$\sim$	$\bullet$
	Tutal	$\ddot{\phantom{1}}$	$\sim$	3,413.14	$\overline{\phantom{a}}$	$\sim$	$\omega$	÷.	$\overline{\phantom{a}}$	$\sim$ .	$\bullet$
34	Guarantees Given
	Yedeshi Aurungahad Limited	$\sim$	$\omega^-$	$\overline{\phantom{a}}$	$\sim$	$\sim$	$\sim$	$\sim$	$\omega$ .	$\sim$	$\ddot{ }$
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	×.	$\frac{1}{2}$	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\sim$	$\ddot{}$	$\sim$	$\sim$	÷.
	IRB Sindhudurg Airport Private Limited	-	٠.	$\sim$	$\overline{a}$	$\Delta$	$\omega^{\pm}$	$\omega$	÷	GC.	$\frac{1}{2}$
	JRB Goa Tollway Private Limited	334.00	1.50	÷.	$\sim$	$\sim$	$\frac{1}{2}$	$\overline{a}$	$\overline{\phantom{a}}$	$\sim$	$\sim$
	AE Tollway Limited	÷.	¥.	e.	$\overline{a}$	œ.	$\sim$	$\sim$	$\overline{a}$	$\sim$	¥.
	IRB Hapur Moradabad Tollway Limited	$\ddot{\phantom{a}}$	$\overline{a}$	$\epsilon$	$\sim$	÷	¥.	÷.	$\sim$	$\sim$	$\ddot{\phantom{1}}$
	VM7 Expressway Private Limited	526.50	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\sim$	$\sim$	$\overline{a}$	$\cdot$	$\star$	$\overline{\phantom{a}}$
	Total	860.50	1.50	$\cdot$	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\sim$	÷.

36	Guarantees Cancelled Modern Road Makers Private Limited	748.63	$\overline{a}$	$\sim$	$\sim$	÷	¥	$\overline{a}$	$\rightarrow$	$\sim$	$\overline{\phantom{a}}$
	Yedeshi Aurangubad Limited	$\sim$	46.59	3783	a.	$\sim$	$\sim$	$\sim$	$\sim$ 1	$\sim$	$\ddot{\phantom{0}}$
	Ideal Road Builders Private Limited	105.49	23.60	$\sim$	$\bullet$	$\overline{\mathbf{r}}$	$^\star$	$\sim$	$\ddot{\phantom{0}}$	$\ddot{\phantom{0}}$	÷
	Mhaiskar Infrastructure Private Limited	150.50	$\mathbf{a}$	$\sim$	$\sim$	×.	Φ	a.	$\sim$	e.	C.
	Arvan Toll Road Private Limited	7.20	$\sim$	CALL .	$\sim$	$\sim$	$\omega$	4	$\ddot{\phantom{1}}$	$\sim$	$\ddot{\phantom{a}}$
	Thane Ghodbunder Toll Road Private Limited	a.	113.10	$\cdot$	$\sim$	$\sim$	$\bullet$	$\sim$	$\bullet$ .	$\sim$	$\omega$
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	800.00	$\overline{a}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{a}$	÷	$\mathbf{a}$	$\sim$	$\mathcal{L}^{\pm}$	÷.
	IRB Kolhapur Integrated Road Development Company Private Limited	$\ddot{\phantom{0}}$	250.00	$\sim$	$\sim$	$\ddot{ }$	$\sim$	$\sim$	$\sim$	$\ddot{\phantom{0}}$	$\sim$
	IRB Goa Tollway Private Limited	$\omega_{\rm c}$ $\frac{1}{2}$	374.10	$\overline{\phantom{a}}$ $\overline{a}$	$\sim$ : $\sim$	$\sim$ $\sim$	$\overline{\phantom{a}}$ W.	$\sim$ œ.	$\overline{a}$ $\sim$	$\sim$ $\sim$	$\Delta$ $\frac{1}{2}$
	IRB PS Highway Private Limited IRB PP Projects Private Limited	$\frac{1}{2}$	1,084.50 648.00	$\overline{a}$	$\bullet$	$\frac{1}{2}$	$\ddot{ }$	$\sim$	$\sim$	$\sim$	$\ddot{\phantom{1}}$
	VK1 Expressway Private Limited	$\bullet$ .	197.30	$\cdot$	$\mathcal{L}$	$\bullet$	$\bullet$	$\bullet$	$\overline{\phantom{a}}$	$\mathcal{L}$	÷.
	IRB Hapta Moradabad Tollway Limited	$\sim$	$\sim$	37500	$\cdot$	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$
	Total	1.811.82	2,737.19	112.83	$\overline{a}$	÷.	Ψ	٠	$\blacksquare$	$\rightarrow$	۰

$\sim$

$\overline{\phantom{a}}$

$\sim$

Car

Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures

B) Related party outstanding balances

											(Rs. in millions)
Sr. No.	Particulars	Subsidiaries		Joint-venture		Key Management Personnel		Relatives of Key Management Personnel		Enterprises Owned or significantly influenced by key management personnel or their relatives
		December 30,	March 31.	December 30.	March 31,	December 30,	March 31,	December 30,	March 31,	December 30,	March 31.
		2020	2020	2020	2020	2020	2020	2020	2020	2020	2020
$\blacksquare$
	Subordinated debt (interest free) given IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	13,135.00	185.25		٠
				٠		$\bullet$	$\overline{\phantom{a}}$	٠	٠	٠	$\sim$
	IRB Goa Tollway Private Limited	1,173,11	1,173,11	۰.	$\cdot$	ing a	$\omega$	$\sim$	$\sim$	$\sim$	$\frac{1}{2}$
	IRB Ahmedabad Vadodara Super Express Tollway Private Limited	9.031.40	9.031.40	$\overline{a}$	÷.	$\sim$	$\ddot{\phantom{1}}$	$\overline{a}$	$\sim$	$\sim$	$\sim$
	VK1 Expressway Private Limited	855.73	180.00	$\sim$	×.	$\sim$	$\sim$	$\omega$	$\sim$	$\ddot{ }$	$\omega$
	Total	24,245.24	10,569.76	×.	$\blacksquare$	$\ddot{\phantom{1}}$	¥.	$\overline{\phantom{a}}$	$\ddot{}$	$\sim$	$\sim$
$\mathbf{z}$	Short-term demand loans (interest free) given
	Yedeshi Aurangabad Limited	÷.	÷	167.90	$\ddot{\phantom{a}}$	$\sim$	¥.	$\overline{\phantom{a}}$	×	$\sim$	$\sim$
	Ideal Road Builders Private Limited	1.120.08	1,194.91	$\sim$	$\sim$	$\sim$	- 1	÷	$\sim$	$\sim$	$\sim$
	Aryan Infrastructure Investments Private Limited	0.42	$\overline{\phantom{a}}$	$\overline{a}$	$\omega$ :	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\frac{1}{2}$	$\sim$	$\ddot{\phantom{0}}$
	Aryan Hospitality Private Limited	627.82	619.43	$\overline{a}$	$\ddot{ }$	$\sim$	$\mathcal{L}_{\mathcal{C}}$	$\cdot$	$\sim$	$\bullet$ .	$\ddot{\phantom{1}}$
	IRB Sindhudurg Airport Private Limited	297.03	258.93	$\overline{a}$	$\sim$	$\mathcal{L}$	$\bullet$	$\mathbf{r}_\mathrm{c}$	$\sim$	$\bullet$	$\bullet$
	IRB PS Highway Private Limited	171.46	171.62	$\ddot{\phantom{1}}$	×.	$\sim$	$\omega$	$\omega$	$\bullet$	$\ddot{\phantom{0}}$	$\overline{\phantom{a}}$
	IRB Ahmedabad Vadodara Super Express Tollway Private Limited	1,801.93	1.847.41	$\sim$	$\frac{1}{2}$	$\ddot{\phantom{0}}$	$\omega$	$\ddot{\phantom{0}}$	×.	$\ddot{\phantom{a}}$	$\sim$
	MRM Mining Private Limited (formerly J. J. Patel Infrastructural and Engineering Private Limited)	27.97	×.	÷	$\bullet$	$\omega$	$\sim$	$\overline{\phantom{a}}$	$\bullet$	$\mathcal{L}_{\mathcal{A}}$	$\sim$
	Solapur Yedeshi Tollway Limited	$\sim$	$\sim$	90.82	$\sim$	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\sim$	$\mathcal{L}$ .	$\ddot{ }$
	IRB PP Projects Private Limited	106.78	107.13	$\sim$	$\sim$	$\sim$	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\omega$ .	$\sim$	$\omega$
	Udaipur Tollway Limited	$\sim$	$\sim$	219.09	$\sim$	$\ddot{\phantom{1}}$	$\sim$	×.	٠	$\ddot{\phantom{1}}$	$\sim$
	VK1 Expressway Private Limited	148.58	166.07	$\ddot{\phantom{1}}$	$\ddot{\phantom{1}}$	$\sim$	$\bullet$	÷.	$\sim$	$\frac{1}{2}$ .	$\frac{1}{2}$
	VM7 Expressway Private Limited	1.00	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\sim$	$\bullet$	$\mathbf{u}$	A.	$\sim$
	IRB Infrastructure Trust	$\overline{\phantom{a}}$	۰	2,202.76	$\overline{\phantom{a}}$	$\frac{1}{2}$	$\sim$	٠		$\omega$	$\overline{a}$
	Total	4,303.07	4,365.50	2,680.57	$\overline{\phantom{a}}$	$\overline{a}$	$\sim$	$\overline{a}$	$\omega$	$\sim$	$\overline{a}$
$\overline{\mathbf{3}}$	Advance given
	Modern Road Makers Private Limited	7,977.49	7,457.64	$\overline{a}$	۰	÷.	×.	$\sim$		$\bullet$	$\sim$
	Total	7,977.49	7,457.64	÷	$\sim$	$\sim$	$\sim$	$\blacksquare$	۰	$\ddot{}$	$\sim$
$\overline{a}$	Mobilisation advance given
	Modern Road Makers Private Limited	2,193.00	3,325.92	$\overline{\phantom{a}}$	$\blacksquare$	$\sim$	$\bullet$	$\blacksquare$	$\overline{a}$	$\sim$	20
	Total	2,193.00	3,325.92	$\overline{\phantom{a}}$	$\sim$	$\ddot{\phantom{1}}$	$\bullet$	$\sim 1$	٠	$\ddot{\phantom{0}}$	$\sim$
$\sim$	Trade receivables
	IRB Westcoast Tollway Limited	$\sim$	۰	244.43	155.71	$\sim$	$\frac{1}{2}$	$\sim$	$\sim$	$\omega$	$\leq$
	Yedeshi Aurangabad Limited	$\sim$	$\sim$	674.60	719.81	$\sim$	$\overline{\phantom{a}}$	÷	$\blacksquare$	C.	$\sim$
	IRB Ahmedabad Vadodara Super Express Tollway Private Limited	79.55	$\sim$	$\sim$	$\ddot{\phantom{0}}$	$\omega$	$\sim$	ä.	$\overline{a}$	$\sim$	$\sim$
	Solapur Yedeshi Tollway Limited	$\sim$	۰	132.58	243.68	$\sim$	$\blacksquare$	$\frac{1}{2}$	$\overline{\phantom{a}}$	$\sim$	$\sim$
	Kaithal Tollway Limited	$\overline{a}$	$\blacksquare$	29.65	2.52	$\sim$	$\blacksquare$	¥.	$\mathbf{a}$	$\sim$	$\blacksquare$
	AE Tollway Limited	$\blacksquare$	÷.	146.77	2.97	$\sim$	$\omega$	¥.	$\overline{\phantom{a}}$	$\sim$	$\omega$ .
	Udaipur Tollway Limited	$\omega$	a.	$\sim$	18.73	$\sim$	$\sim$	¥.	$\sim$	$\sim$	$\sim$
	CG Tollway Limited	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	311.25	$\sim$	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\overline{a}$	$\sim$
	Kishangarth Gulabpura Tollway Limited	$\sim$	$\sim$ ä.	$\blacksquare$	233.98 u.	$\sim$	$\blacksquare$	$\omega$	$\tilde{\phantom{a}}$ ÷.	$\overline{\phantom{a}}$ $\overline{\phantom{a}}$	$\sim$ $\sim$
	VK1 Expressway Private Linux	1,675.73 $\sim$	$\omega$	٠ $\overline{a}$	526.23	$\sim$ $\omega_{\rm c}$	$\overline{a}$	۰ $\sim$	$\blacksquare$	$\overline{\phantom{a}}$	$\sim$
		1,755.28	$\overline{a}$	1.228.03	2,214.88	$\sim$	$\overline{\phantom{a}}$	$\overline{a}$	$\overline{\phantom{a}}$	$\frac{1}{2}$	a.

$\left(\begin{array}{c} \texttt{Central} \texttt{Wing and}\ \texttt{North C Wang} \ \texttt{Metaor IT} \texttt{Prick} \ \texttt{Mean Center} \ \texttt{Risen Express Hayway} \ \texttt{Goregano (Eas1)} \ \texttt{Mumpai - 400 063} \end{array}\right)$ ۰O $\frac{1}{2K}$

MUMB $\alpha$

Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures

B) Related party outstanding balances

Sr. No.	Particulars	Subsidiaries		Joint-venture		Key Management Personnel		Relatives of Key Management Personnel		(Rs. in millions) Enterprises Owned or significantly influenced by key management personnel or their relatives
		December 30. 2020	March 31, 2020	December 30. 2020	March 31, 2020	December 30. 2020	March 31, 2020	December 30, 2020	March 31. 2020	December 30, 2020	March 31, 2020

6	Other receivable
	Yedeshi Aurangabad Limited	$\sim$	125.10	125.20	$\overline{\phantom{a}}$	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\sim$	$\omega$ .	$\sim$
	Ideal Road Builders Private Limited	2.09	2.09	$\overline{\phantom{a}}$	۰.	$\ddot{}$	$\bullet$	$\sim$	w.	$\sim$	$\sim$
	Thane Ghodbunder Toll Road Private Limited	4.16	4.16	$\sim$		$\sim$	$\sim$	$\sim$	₽	$\sim$	٠.
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	733	39.04	٠	$\overline{\phantom{a}}$	$\sim$	$\sim$	÷	×.	÷.	$\sim$
	MMK Toll Road Private Limited	$\overline{\phantom{a}}$	1.50	1.50	$\ddot{\phantom{a}}$	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\sim$ -	$\sim$	$\sim$
	IRB Sindhudurg Airport Private Limited	0.01	0.01	$\ddot{\phantom{1}}$	$\ddot{\phantom{1}}$	$\bullet$	$\sim$	$\bullet$	$\mathcal{L}_{\mathcal{C}}$	$\overline{a}$	$\overline{\phantom{a}}$
	IRB Goa Tollway Private Limited	9.56	$\overline{a}$	$\sim$	$\bullet$	$\sim$	$\overline{a}$	œ.	$\ddot{\phantom{1}}$	$\sim$	A.
	IRB PS Highway Private Limited	18.29	18.28	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$	$\frac{1}{2}$	$\bullet$
	Kaithal Tollway Limited	$\sim$	$\overline{a}$	1.72	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	si.	$\sim$	$\ddot{\phantom{1}}$	w.	$\sim$
	AE Tollway Limited	٠.	$\overline{a}$	25.40	21.52	$\frac{1}{2}$	$\bullet$	$\bullet$	$\sim$	$\sim$	$\bullet$
	IRB PP Projects Private Limited	5.74	5.74	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\ddot{=}$	$\sim$	$\bullet$ .	×.	$\overline{\phantom{a}}$
	Udaipur Tollway Limited	$\overline{a}$	$\overline{a}$	.0.60	20.60	$\sim$	$\sim$	$\bullet$ .	$\bullet$ :	$\ddot{\phantom{0}}$	$\sim$
	VK1 Expressway Private Limited	6.91	26.45	$\sim$	$\bullet$	$\bullet$	$\bullet$	$\sim$	$\bullet$	×.	$\sim$
	IRB Hapur Moradabad Tollway Limited	$\overline{a}$	$\sim$	3.80	3.80	$\ddot{\phantom{1}}$	$\bullet$	$\sim$	$\sim$	$\sim$	¥.
	IRB Infrastructure Trust	$\ddot{\phantom{1}}$	$\sim$	29,360.11	32.037.96	$\bullet$	$\cdot$	×.	÷.	e.	÷
	Total	54.09	222.37	29.538.33	32,083.88	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\overline{a}$	$\bullet$ .	$\frac{1}{2}$	$\overline{\phantom{a}}$

$\overline{7}$	Contract Assets
	Yedeshi Aurangabad Limited	$\sim$	16.68	0.06	16.68	$\sim$	$\bullet$	$\sim$	÷.	20	×
	Udaiour Tollway Limited	$\sim$	52.88	52.04	52.88	$\overline{\phantom{a}}$	$\hat{\phantom{a}}$	$\tilde{\mathbf{m}}$ :	a.	28	$\mathcal{L}_{\mathcal{C}}$
	CG Tollway Limited	$\sim$	64.28	64.33	64.28	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\sim$	$\sim$	$\sim$ .	$\omega_{\rm c}$
	Kishangarth Gulabpura Tollway Limited	$\overline{\phantom{a}}$	34.84	46.94	34.84	$\overline{\phantom{a}}$	×	$\frac{1}{2}$	A.	¥.	w.
	VK1 Expressway Private Limited	$\blacksquare$	494.16	$\sim$	$\sim$	$\overline{a}$	$\ddot{}$	$\sim$	¥.	w.	$\omega$ :
	IRB Hapur Moradabad Tollway Limited	$\omega$ .	90.46	3,154.45	90.46	÷	$\sim$	a)	w.	ш.	¥.
	Total	У.	753.30	3,317.82	259.14	$\sim$	$\sim$	×,	$\sim$	٠	×.

8	Short-term loans from subsidiary
	Modern Road Makers Private Limited	35,814.02	37,524.78	$\sim$	$\overline{\phantom{a}}$	$\blacksquare$	$\sim$	÷	÷.	$\overline{\phantom{a}}$	٠
	Mhaiskar Infrastructure Private Limited	9,203.38	9,366.04	÷.	$\overline{a}$	$\sim$	$\overline{a}$	$\blacksquare$	$\ddot{\phantom{1}}$	$\sim$	¥.
	Arvan Toll Road Private Limited	1,693.71	1,696.94	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\ddot{\phantom{0}}$	÷.	×.	$\overline{\phantom{a}}$	$\ddot{\phantom{a}}$
	ATR Infrastructure Private Limited	2,086.64	2,025.12	$\sim$	$\overline{\phantom{a}}$	٠	$\sim$	$\overline{\phantom{a}}$	×.	$\ddot{\bullet}$	$\hat{\mathbf{z}}$
	Thane Ghodbunder Toll Road Private Limited	678.95	492.51	$\sim$	$\blacksquare$	$\cdot$	$\sim$	٠.	¥.	÷	÷.
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	ъ.	197.36	$\ddot{}$		٠	$\bullet$	$\blacksquare$	¥	٠	÷.
	IRB Kolhapur Integrated Road Development Company Private Limited	333.91	632.01	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\ddot{\phantom{0}}$	$\omega$	$\sim$	$\overline{a}$	$\sim$
	IRB Goa Tollway Private Limited	816.78	817.42	$\overline{a}$	$\bullet$ :	$\overline{\phantom{a}}$	$\mathcal{L}^{\mathcal{L}}$	$\overline{\phantom{a}}$	÷	÷.	g,
	MRM Mining Private Limited (formerly J. J. Patel Infrastructural and Engineering Private Limited)	$\ddot{}$	27.38	$\overline{a}$	۰	$\overline{\phantom{a}}$	÷.	٠	÷	÷	×
	IRB Infrastructure Private Limited	5.20	5.20	$\sim$ .	۰	$\sim$	$\sim$	$\omega$	$\frac{1}{2}$	×.	$\sim$
	Total	50.632.59	52.784.76	۰.	×.		÷	÷		÷.	×.

$\geq$

$-$

$\mathcal{A}$

$C_0$ $\mathbb{R}$ ∽ Čer NB Wing and March C Wing

Nesto IT Park4,

Nesto IT Park4,

Nesto Center,

Western Express Highway

Govegaon (East)

Mumbai - 400 063 $\star$

Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures

B) Related party outstanding balances

											(Rs in millions)
Sr. No.	Particulars	Subsidiaries		Joint-venture		Key Management Personnel		Relatives of Key Management Personnel		Enterprises Owned or significantly influenced by key management personnel or their relatives
		December 30,	March 31,	December 30,	March 31,	December 30.	March 31,	December 30,	March 31,	December 30,	March 31,
		2020	2020	2020	2020	2020	2020	2020	2020	2020	2020
9
	Mobilisation advance from customer (subsidiaries) IRB Westcoast Tollway Limited		$\sim$	230.42	428.24
	AE Tollway Limited	$\sim$ $\overline{\phantom{a}}$	$\sim$	$\sim$	72.37	٠ ٠.	$\sim$ $\overline{\phantom{a}}$	$\bullet$ : $\sim$ .	$\overline{\phantom{a}}$ $\overline{\phantom{a}}$	$\overline{\phantom{a}}$ $\sim$	$\overline{\phantom{a}}$ $\sim$
	Udaipur Tollway Limited	$\sim$	$\overline{\phantom{a}}$	77.71	116.95	$\ddot{\phantom{0}}$	$\sim$	$\tilde{\phantom{a}}$	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$
	CG Tollway Limited	$\overline{a}$	$\overline{\phantom{a}}$	97.11	124.04	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\overline{\phantom{a}}$	$\omega$	$\sim$
	Kishangarth Gulabpura Tollway Limited	$\cdot$	$\overline{\phantom{a}}$	205.38	395.19	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\sim$	$\mathcal{L}_{\mathcal{C}}$
	VK1 Expressway Private Limited	772.76	1,532.25	$\sim$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	٠	÷.	$\tilde{\bullet}$	÷	$\ddot{\phantom{1}}$
	IRB Hapur Moradabad Tollway Limited	$\cdot$	$\overline{\phantom{a}}$	$\sim$	33.67	$\sim$	$\sim$	$\mathcal{L}$	$\omega$	$\sim$	$\tilde{\phantom{a}}$
	Total	772.76	1,532.25	610.62	1.170.46	$\ddot{\phantom{a}}$	$\sim$ .	$\sim$	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$

	11 Guarantee margin payable
	Mhaiskar Infrastructure Private Limited	$\ddot{\phantom{1}}$	7.53	$\overline{\phantom{a}}$	$\sim$	20	$\bullet$ .	$\blacksquare$	$\sim$	$\bullet$ .	$\bullet$
	Thane Ghodbunder Toll Road Private Limited	5.21	5.21	$\sim$	$\overline{a}$	S.	$\omega$	$\overline{\phantom{a}}$	$\blacksquare$	$\bullet$	$\cdot$
	IRB Kolhapur Integrated Road Development Company Private Limited	12.50	12.50	$\sim$	$\sim$	$\sim$	$\sim$ $^{\prime}$	$\sim$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\ddot{\phantom{0}}$
	Solapur Yedeshi Tollway Limited	$\overline{\phantom{a}}$	$\sim$	0.54	0.54	$\sim$	$\cdot$	$\sim$	$\bullet$ :	$\sim$	$\sim$
	VK1 Expressway Private Limited Total	$\overline{a}$ 17.71	60.94 86.18	$\sim$ 0.54	$\sim$ 0.54	$\bullet$ $\sim$	$\omega$ $\ddot{\phantom{1}}$	$\star$ . ٠	۰	$\sim$	×. $\overline{a}$
									$\overline{\phantom{a}}$	$\sim$
	12 Retention money payable
	Modern Road Makers Private Limited	4,568.55	8,610.00	$\bullet$	٠	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	×	$\overline{\phantom{a}}$	÷
	Total	4.568.55	8,610.00	$\sim$	$\sim$	$\ddot{\phantom{1}}$	$\sim$	$\overline{a}$	$\blacksquare$	$\bar{\phantom{a}}$	$\bullet$ :

13	Advance from customers
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	4,108.47	$\overline{\phantom{a}}$	$\cdot$	$\overline{\phantom{a}}$	$\bullet$	$\blacksquare$	$\sim$	÷	¥	$\frac{1}{2}$
	IRB Goa Tollway Private Limited	1,411.78	1,411.78	$\ddot{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	£.	$\sim$	$\ddot{\phantom{1}}$	$\omega_{\rm c}$	$\frac{1}{2}$
	Udaipur Tollway Limited	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	26.86	$\sim$	ω.	$\ddot{\phantom{1}}$	$\mathbf{E}^{\prime}$	$\frac{1}{2}$	×.	$\mathbf{x}$ .
	CG Tollway Limited	$\sim$	$\bullet$ .	7.20	$\overline{\phantom{a}}$	$\sim$	$\sim$	$\mathcal{L}_{\mathcal{L}}$	$\omega$	÷	$\sim$
	Kishangarth Gulabpura Tollway Limited	$\bullet$	$\omega$ .	47.76	$\sim$	$\sim$	$\omega$	$\frac{1}{2}$	$\mathbf{u}$ :	$\sim$	$\overline{\phantom{a}}$
	VK1 Expressway Private Limited	231.33	412.72	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	w.	$\sim$	$\sim$	$\sim$	$\sim$	$\overline{a}$
	IRB Hapur Moradabad Tollway Limited	$\sim$	$\overline{a}$	1,668.14	2,025.00	$\omega_{\rm c}$	$\sim$	$\sim$	÷	$\sim$	$\ddot{\phantom{1}}$
	Total	5,751.58	1,824.50	1,749.96	2,025,00	$\sim$	$\bullet$	$\overline{\phantom{a}}$	$\bullet^\circ$	$\star$	$\overline{\phantom{a}}$
	14 Trade payable
	Modern Road Makers Private Limited	6,467.61	6,272.63	$\sim$	$\overline{\phantom{a}}$	$\sim$	$\sim$	$\omega_{\rm c}$	$\blacksquare$	$\tilde{\phantom{a}}$	$\sim$
	Total	6,467.61	6,272.63	$\ddot{\phantom{1}}$	$\blacksquare$	$\bullet$	$\bullet$ .	٠	$\sim$	$\sim$	х.

	15 Other payables
	Mr. VD Mhaiskar	$\overline{\phantom{a}}$	$\sim$	$\sim$	$\bullet$ .	3.10	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$
	Mrs. D V Mhaiskar	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\sim$	$\blacksquare$	2.40	$\frac{1}{2}$	$\sim$	в	$\sim$	$\sim$
	Mr. Sudhir Rao Hoshing	$\ddot{\phantom{1}}$	$\sim$	$\overline{\phantom{a}}$	÷.	2.02	¥.	÷	W.	V.	$\omega$
	Mr. A.P.Deshmukh	$\omega$ .	$\sim$	$\sim$	$\sim$	0.54	$\omega$	$\bullet$	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$
	υ Mr. Anil D. Yadav	$\sim$	$\bullet$	$\bullet$	٠.	1.38	$\overline{\phantom{a}}$	$\sim$	$\tilde{\phantom{a}}$	$\hat{\phantom{a}}$	$\overline{\phantom{a}}$
	Mr. Rushabh R. Gandhi ⌒ ويمس	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{a}$	$\omega$	0.24	a. $\sim$	÷. $\frac{1}{2}$	$\hat{\mathbf{u}}$	$\overline{\phantom{a}}$	$\sim$ $\overline{a}$
	Mr. Mehul N. Patel 43 $G_{1}$	$\overline{a}$	$\overline{\phantom{a}}$	$\overline{a}$	$\sim$	0.35 10.03	3	$\blacksquare$	$\omega$ $\blacksquare$	$\infty$ $\sim$	$\bullet$
	Total ∾	$\bullet$	$\ddot{\phantom{1}}$	$\ddot{\phantom{0}}$	$\sim$		$\sim$

ientuli B Wing and
!NorthC Wing Neszo (ITiHatiot) INesco(Denter Waterni Expensivitishmay 漱

TURE RAS MUMBA

Notes to Unaudited Condensed Standalone Interim Financial Statements for the period from April 1, 2020 to December 31, 2020

Note 13 : Related party disclosures

B) Related party outstanding balances

Sr. No.	Particulars	Subsidiaries		Joint-venture		Key Management Personnel		Relatives of Key Management Personnel		(Rs. in millions) Enterprises Owned or significantly influenced by key management personnel or their relatives
		December 30. 2020	March 31, 2020	December 30, 2020	March 31, 2020	December 30, 2020	March 31, 2020	December 30, 2020	March 31, 2020	December 30, 2020	March 31, 2020
16	Other recoverable / advance towards subscription of units
	IRB Infrastructure Trust	$\sim$	$\mathcal{L}$ .	$\bullet$	869.00	$\sim$	$\sim$ .	$\sim$	$\sim$	$\sim$	$\mathbf{m}$ .
	Total	$\bullet$	$\sim$	۰	869.00		$\ddot{}$	÷	۰	$\frac{1}{2}$	÷.
	Guarantees given
	Modern Road Makers Private Limited	11,010.43	11,759.06	۰	$\overline{\phantom{a}}$	Card	$\ddot{\phantom{1}}$		$\ddot{\phantom{1}}$	$\bullet$	$\sim$
	Yedeshi Aurangabad Limited	$\cdot$	$\overline{\phantom{a}}$	$\sim$	37.83	÷.	$\sim$	÷	$\sim$	$\sim$	$\sim$
	Ideal Road Builders Private Limited	0.50	105.99	÷	$\sim$	$\sim$	$\sim$	÷	۰	÷	$\overline{\phantom{a}}$
	Mhaiskar Infrastructure Private Limited	٠.	150.50	٠	$\sim$	Ξ.	$\sim$	÷	$\overline{\phantom{a}}$	÷	$\sim$
	Aryan Toll Road Private Limited	$\sim$	7.20	÷	$\sim$	÷	$\frac{1}{2}$	$\sim$	$\overline{ }$	$\cdot$	$\sim$
	ATR Infrastructure Private Limited	8.90	8.90	$\sim$	÷	×.	$\sim$		$\sim$	$\overline{\phantom{a}}$	$\sim$
	IRB MP Expressway Private Limited (formerly NKT Road & Toll Private Limited)	1,481.00	2,281.00	$\sim$	$\sim$		$\sim$	$\cdot$	۰	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$
	IRB Sindhudurg Airport Private Limited	2.50	2.50	÷	٠	$\sim$	$\sim$	$\overline{\phantom{a}}$	$\sim$	$\rightarrow$	$\sim$
	IRB Goa Tollway Private Limited	874.00	540.00	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\sim$ .	$\sim$	$\cdot$	$\overline{\phantom{a}}$	$\bullet$	$\sim$
	IRB PS Highway Private Limited		$\sim$	٠	$\equiv$	$\sim$	$\sim$	. .	۰	$\overline{\phantom{a}}$	$\sim$
	AE Tollway Limited	÷	$\sim$	460.00	460.00	$-$	$\bullet$	$\sim$	$\cdot$	$\sim$	$\sim$
	IRB Hapur Moradabad Tollway Limited	$\sim$	$\overline{a}$	$\sim$	375.00	$\sim$ .	$\ddot{\phantom{1}}$	$\overline{\phantom{a}}$	$\blacksquare$	$\overline{\phantom{a}}$	$\rightarrow$
	VM7 Expressway Private Limited	526.50	$\sim$		$\sim$	$\cdot$	$\,$	$\sim$	-	$\sim$	$\sim$
	Total	13,903.83	14,855.15	460.00	872.83			×	$\blacksquare$	۰	$\sim$

IRB Infrastructure Developers Limited Notes to Unaudited Condensed Standalone Interim Financial Statements for Ihe period from April 1, 2020 to December 31, 2020

Note 14 : Subsequent events

There are no subsequent events which require disclosure or .djuslment subsequent to the balance sheet date.

AI assistant

IRB Infrastructure Developers Limited — Interim / Quarterly Report 2021

62323_rns_2021-01-25_e90656dd-d16a-40c6-a172-749983756fee.pdf

Ref: Scrip Code 532947; Symbol: lRB

Subject: Condensed Financial Statements of the Company

B SR& Co. LLP

Gokhale & Sathe

Independent Auditors' Report

To the 1Vlembers of

IRB Infrastructure Developers Limited

Report on the Review of the Condensed Consolidated Interim Financial Statements

I ntroductiol1

Scope ufreviefv

Report on the Review of the Condensed Consolidated Interim Financial Statements (Continued)

Conclusion

Other Matters

Report on the Review of the Condensed Consolidated Interim Financial Statements (Continued)

BSR& Co. LLP

Chartered Accountants

Annexure I

BSR&Co.LLP

Annexure I (Continued)

IRB Inrrastructure De\'c1o[lel's Limited Condensed Consolidated Balance sheet as at December 31,2020

IRB Infrastructure Developers Limited Condensed Consolidated Statement of Profit and Loss for the period from April 01 2020 to December 31,2020

a. Equity Share Capital

b. Other Equity

IRB Infrastructure Developers Limited Condensed Consolidated Statement of Cash Flows for the period from April 01, 2020 to December 31, 2020

IRB Infrastructure Developers Limited Condensed Consolidated Statement of Cash Flows for the period from April 01, 2020 to December 31,2020

Notes:

Notes to the Unaudited Condensed Consolidated Interim financial statements for the period from April 01, 2020 to December 31, 2020

1. Corporate Information

2. Basis of preparation

A. Purpose

B. Statement of compliance

3. Summary of significant accounting policies

3.01 Current income tax

3.02 Standards issued but not yet effective

3.03 Newly incorporated subsidi~ry included in the unandited condensed consolidated interim financial statements during the period from April 1, 2020 to December 31, 2020

Note 4 : Borrowings

Repayment scbedule for borrowings taken during tbe period

Deferred Premium Obligation

Unpaid moratorium interest converted into borrowing

IRB Infrastructure Developers Limited Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31,2020 Note 4 : Borrowings (Continued)

Interest rate and repayments schedule on borrowings taken/repaid during the period

Note 5 : Income tax

Note 6 : Earnings per share (EPS)

Note 7 : Commitment and Contingencies

a. Capital commitments and other commitments

b. Contingent lia bilities Contingent liabilities not prolided fOI"

c. Litigation stamp duty matter

Note 8 : Fair Values

Note 9 : Fair Value Hierarchy

Note 9 : Fair Value Hierarchy (Colltillued)

Note 10 : Liquidity risk

Note 11 : Dividend distribution made

Note 12 : Details of specific projects

Note 13 : Intra-group turnover and profits on BOT construction contracts

IRB Infrastructure Developers Limited Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31,2020

Note 14: Related Party Disclosure

III. Related Parly Balances

Ill. Related Party Balances

Note 15 : Segment Information:

During the period, the Company has obtained below mentioned Hybrid Annuity Project:

Note:

(a) Disaggregation of revenue from contracts with customers

Note 18 : Disclosure on Ind-AS 116 Leases

Following are tbe changes in the carrying value ofrigbt of use assets for tbe period ended December 31, 2020:

The following is the break-up of current and non-current lease liabilities as of December 31, 2020:

The following is the movement in lease liabilities for the period ended December 31, 2020 and December 31, 2019:

Impact of adoption ofInd AS 116 for the period ended December 31, 2020 and December 31, 2019 is as follows:

Maturity analysis

Notes to the Unaudited Condensed Consolidated Interim Financial Statements for the period April 01, 2020 to December 31, 2020

Note 19 : Interest in joint ventures:

Summarised Balance Sheet as at December 31, 2020:

Summarised statement of profit aod loss of the following entities:

G ro u,I's sbare of ConlingcntliabiJities

IRB Infrastructure Developers Limited Notes to the Uuaudited Condeused Consolidated Interim Fiuancial Statemeuts for the period April 01, 2020 to December 31,2020

Note 20 : Subsequent events

BSR&Co. LLP

Gokhale & Sathe

IRB Infrastructure Developers Limited Interim / Quarterly Report 2021

Note 13 : Related party disclosures
A) Related party transactions

Note 13 : Related party disclosures
A) Related party transactions