Integrated Filing — IndAS



General information about company
Scrip Code 540700
NSE Symbol BRNL
MSEI Symbol NOTLISTED
ISIN INE727S01012
Name of company BHARAT ROAD NETWORK LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 13-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 06-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Single Segment operation
Start date and time of board meeting 13-May-2025   16:00:00
End date and time of board meeting 13-May-2025   18:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 472622000 2742863000
Other income 59781000 2057195000
Total income 532403000 4800058000
2 Expenses
(a) Cost of materials consumed 0 0
(b) Purchases of stock-in-trade 0 0
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0 0
(d) Employee benefit expense 16882000 60072000
(e) Finance costs 11798000 541413000
(f) Depreciation, depletion and amortisation expense 179308000 741438000
(f) Other Expenses
1 EPC COST 0 559037000
2 NHAI PREMIUM 0 107752000
3 OTHER EXPENCES 403263000 1450038000
Total other expenses 403263000 2116827000
Total expenses 611251000 3459750000
3 Total profit before exceptional items and tax -78848000 1340308000
4 Exceptional items 0 0
5 Total profit before tax -78848000 1340308000
6 Tax expense
7 Current tax -7166000 0
8 Deferred tax -444000 -20972000
9 Total tax expenses -7610000 -20972000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations -71238000 1361280000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0 0
16 Total profit (loss) for period -71238000 1361280000
17 Other comprehensive income net of taxes 7913000 8087000
18 Total Comprehensive Income for the period -63325000 1369367000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent -47516000 1411160000
Total profit or loss, attributable to non-controlling interests -13722000 -49880000
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent -41684000 1417166000
Total comprehensive income for the period attributable to owners of parent non-controlling interests -11641000 -47799000
21 Details of equity share capital
Paid-up equity share capital 839500000 839500000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 0
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -0.85 16.22
Diluted earnings (loss) per share from continuing operations -0.85 16.22
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -0.85 16.22
Diluted earnings (loss) per share from continuing and discontinued operations -0.85 16.22
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 9476000
Capital work-in-progress 0
Investment property 485000
Goodwill 250623000
Other intangible assets 5516252000
Intangible assets under development 13086000
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 982437000
Trade receivables, non-current 0
Loans, non-current 0
Other non-current financial assets 2065299000
Total non-current financial assets 3047736000
Deferred tax assets (net) 471517000
Other non-current assets 24466000
Total non-current assets 9333641000
2 Current assets
Inventories 0
Current financial asset
Current investments 176981000
Trade receivables, current 9390000
Cash and cash equivalents 37272000
Bank balance other than cash and cash equivalents 2015237000
Loans, current 485220000
Other current financial assets 2139454000
Total current financial assets 4863554000
Current tax assets (net) 39600000
Other current assets 108809000
Total current assets 5011963000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 14345604000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 839500000
Other equity 2467949000
Total equity attributable to owners of parent 3307449000
Non controlling interest 913520000
Total equity 4220969000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 1707314000
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other non-current financial liabilities 707734000
Total non-current financial liabilities 2415048000
Provisions, non-current 1419654000
Deferred tax liabilities (net) 0
Deferred government grants, Non-current 0
Other non-current liabilities 0
Total non-current liabilities 3834702000
Current liabilities
Current financial liabilities
Borrowings, current 2635773000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 33491000
Total Trade payable 33491000
Other current financial liabilities 3614774000
Total current financial liabilities 6284038000
Other current liabilities 5283000
Provisions, current 612000
Current tax liabilities (Net) 0
Deferred government grants, Current 0
Total current liabilities 6289933000
3 Liabilities directly associated with assets in disposal group classified as held for sale 0
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 10124635000
Total equity and liabilites 14345604000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss -7883000 -8116000
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss -30000 29000
5 Total Other comprehensive income 7913000 8087000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1340308000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 541413000
Adjustments for decrease (increase) in inventories 0
Adjustments for decrease (increase) in trade receivables, current -12512000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 0
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 0
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities 0
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 741438000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 0
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 0
Adjustments for interest income 0
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) -23969000
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow 0
Other adjustments to reconcile profit (loss) -32317000
Other adjustments for non-cash items 38960000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 1253013000
Net cash flows from (used in) operations 2593321000
Dividends received 0
Interest paid 156231000
Interest received 0
Income taxes paid (refund) 9844000
Other inflows (outflows) of cash -1713260000
Net cash flows from (used in) operating activities 713986000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 0
Purchase of property, plant and equipment 521588000
Proceeds from sales of investment property 0
Purchase of investment property 0
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 0
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 115603000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 3273000
Net cash flows from (used in) investing activities -402712000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 532482000
Repayments of borrowings 1152942000
Payments of lease liabilities 0
Dividends paid 0
Interest paid 61061000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -681521000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -370247000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents -215453000
Net increase (decrease) in cash and cash equivalents -585700000
Cash and cash equivalents cash flow statement at beginning of period 622972000
Cash and cash equivalents cash flow statement at end of period 37272000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 S S Kothari Mehta & Co. LLP Yes 31-Aug-2025


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 4800058000 5390703000
2 Total Expenditure 3459750000 4504648000
3 Net Profit/(Loss) 1340308000 886055000
4 Earnings Per Share 16.22 11.95
5 Total Assets 14345604000 14548390000
6 Total Liabilities 10124635000 11003376000
7 Net Worth 3307449000 2650493000


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block
Textual Information(1) nDetails of Audit Qualification: ni.The Holding Company has not recognized interest on Rs. 7,000 lakhs from July 01, 2019 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2025 has been understated by Rs. 220.07 lakhs and profit before tax of the Group for the year ended March 31, 2025 has been overstated by Rs. 892.50 lakhs and the current liabilities as at March 31, 2025 has been understated by Rs. 5,137.38 lakhs. n nii.The Holding Company has not recognized interest on Rs. 19,357.73 lakhs from July 01, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2025 has been understated by Rs. 996.86 lakhs and profit before tax of the Group for the year ended March 31, 2025 has been overstated by Rs. 2,919.57 lakhs and the current liabilities as at March 31, 2025 has been understated by Rs. 2,919.57 lakhs. n niii.Guruvayoor Infrastructure Private Limited (GIPL), a subsidiary of the Holding Company, has not recognized interest on Rs. 9,766.18 lakhs from October 01, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2025 has been understated by Rs. 361.23 lakhs and profit before tax of the Group for the year ended March 31, 2025 has been overstated by Rs. 730.46 lakhs and the current liabilities as at March 31, 2025 has been understated by Rs. 730.46 lakhs. n niv.Solapur Tollways Private Limited (STPL), a subsidiary of the Holding Company till December 20, 2024, has not recognized interest on borrowings availed by STPL from July 1, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, finance cost for the year ended March 31, 2025 has been understated by Rs. 5,906.45 lakhs and Gain on cessation of control on Subsidiary for the year ended March 31, 2025 has been understated by Rs. 5,906.45 lakhs. Due to this, impact on the profit before tax for the year ended March 31, 2025 is Nil. As the Holding Company ceased control over STPL w.e.f December 20, 2024, there is no impact for the quarter ended March 31, 2025. n
Textual Information(2) For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: ni. The Company had received an amount of Rs.7,000 lakhs from IL&FS group-IL & FS Financial Services Ltd. (IL & FS) in the FY 2016-17. The Company also has a receivable of Rs 11,419 lakhs from IL & FS group -IL & FS Transportation Networks Limited (ITNL). nPursuant to the directions passed by Honble National Company Law Appellate Tribunal, at New Delhi for restructuring the IL&FS group, all the entities belonging to the group are treated as a single entity and not restructured separately. n nThe Company, as such, has put on hold the Interest and Principal payment since September 30, 2018. The Company has not provided Interest from July 01, 2019 onwards, pending the settlement of dispute. An application has been filed against the Company by IL & FS before the Hon'ble National Company Law Tribunal (NCLT), Kolkata claiming their dues , against which the Company has initiated appropriate measures for set off of this payable and recovery of the balance amount. n nii. The Company has availed financial assistance from one of the Lenders amounting to Rs. 19,357.73 lakhs and the same was repayable on March 31, 2025. Total interest accrued in books of accounts amounts to Rs. 12,015.55 lakhs till June 30, 2024. Interest amounting to Rs. 2,919.57 lakhs have not been provided from July 01, 2024 onwards. Company has defaulted in repayment of principal and interest due on March 31, 2025. The Company is currently in discussions with the lender regarding the potential restructuring / resolution of this financial support. The Company is hopeful of a positive outcome in this regard. Considering these, interest has not been recognised from July 01, 2024 onwards and repayments have been put on hold. n niii. In case of Subsidiary Company, Guruvayoor Infrastructure Pvt. Ltd. (GIPL) has availed financial assistance from one of the Lenders and is currently in discussion with them regarding the potential restructuring of this financial support. GIPL is hopeful of a positive outcome in this regard. Considering this development, interest amounting to Rs 730.46 Lakhs has not been provided from October 01,2024 onwards. n niv. Solapur Tollways Private Limited (STPL) has received a notice from Union Bank of India, Lead banker from the Consortium of Senior Lenders / Bankers on February 02, 2024, regarding a petition filed under section 7 of Insolvency and Bankruptcy Code, 2016 ('IBC') before the Honble National Company Law Tribunal - Kolkata Bench (NCLT-Kolkata), alleging default in payment of dues and seeking initiation of Corporate Insolvency Resolution Process (CIRP) against STPL. Similar petition by Srei Equipment Finance Limited, who has provided Sponsor debt under the Sponsor Support Undertaking to the Senior Lenders is pending before NCLT-Kolkata, citing default in payment of their dues. As such, STPL has not recognised interest on Borrowings from July 01, 2024 onwards. Pursuant to initiation of CIRP, vide NCLT-Kolkata Order dated December 20, 2024, STPL ceased to be a subsidiary of the Company. n n
Textual Information(3) NA
Textual Information(4) NA
Textual Information(5) NA


Signatories detail
Name of CEO / Managing director Bajrang Kumar Choudhary
Name of CFO Manisha Chandalia
Name of audit committee chairman Santanu Ray
Name of statutory auditor S S Kothari Mehta & Co. LLP
Name of other signatory, if any, with designation NA
Place Kolkata
Date 13-May-2025