Integrated Filing — IndAS



General information about company
Scrip Code 541546
NSE Symbol GAYAHWS
MSEI Symbol NOTLISTED
ISIN INE287Z01012
Name of company GAYATRI HIGHWAYS 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 27-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 03-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 Construction, invest, operations and maintenance of roads, highways, vehicle bridges and tunnels and toll roads on BOT, BOOT, BOLT, EPC basis or in any manner
Start date and time of board meeting 27-May-2025   12:32:00
End date and time of board meeting 27-May-2025   17:10:00
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 11800000 56902000
Other income 8068000 201764000
Total income 19868000 258666000
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 829000 1133000
(e) Finance costs 37732000 150930000
(f) Depreciation, depletion and amortisation expense 148000 669000
(f) Other Expenses
1 Operating & Maintenance Expenses 13016000 53598000
2 Other expenses 18742000 49383000
Total other expenses 31758000 102981000
Total expenses 70467000 255713000
3 Total profit before exceptional items and tax -50599000 2953000
4 Exceptional items 0 0
5 Total profit before tax -50599000 2953000
6 Tax expense
7 Current tax 0 0
8 Deferred tax 0 0
9 Total tax expenses 0 0
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 -50599000 2953000
12 Profit (loss) from discontinued operations before tax 13379363000 11254227000
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 13379363000 11254227000
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 144259000 32403000
16 Total profit (loss) for period 13473023000 11289583000
17 Other comprehensive income net of taxes -1291000 -1291000
18 Total Comprehensive Income for the period 13471732000 11288292000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 13473023000 11289583000
Total profit or loss, attributable to non-controlling interests 0 0
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 13471732000 11288292000
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0 0
21 Details of equity share capital
Paid-up equity share capital 479304000 479304000
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve -6738704000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.39 0.14
Diluted earnings (loss) per share from continuing operations 0.39 0.14
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 55.83 46.96
Diluted earnings (loss) per share from discontinued operations 55.83 46.96
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 56.22 47.1
Diluted earnings (loss) per share from continuing and discontinued operations 56.22 47.1
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results
Textual Information(1) Refer the published results available in BSE and NSE for full details.



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 869000
Capital work-in-progress 0
Investment property 309000
Goodwill 0
Other intangible assets 0
Intangible assets under development 0
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 914336000
Trade receivables, non-current 0
Loans, non-current 0
Other non-current financial assets 0
Total non-current financial assets 914336000
Deferred tax assets (net) 0
Other non-current assets 0
Total non-current assets 915514000
2 Current assets
Inventories 0
Current financial asset
Current investments 0
Trade receivables, current 23128000
Cash and cash equivalents 203730000
Bank balance other than cash and cash equivalents 0
Loans, current 264217000
Other current financial assets 7358038000
Total current financial assets 7849113000
Current tax assets (net) 10871000
Other current assets 18371000
Total current assets 7878355000
3 Non-current assets classified as held for sale 1207761000
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 10001630000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 479304000
Other equity -6738704000
Total equity attributable to owners of parent -6259400000
Non controlling interest 0
Total equity -6259400000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 3035375000
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 0
Total non-current financial liabilities 3035375000
Provisions, non-current 10937000
Deferred tax liabilities (net) 0
Deferred government grants, Non-current 0
Other non-current liabilities 5660752000
Total non-current liabilities 8707064000
Current liabilities
Current financial liabilities
Borrowings, current 1174663000
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 32790000
Total Trade payable 32790000
Other current financial liabilities 6327852000
Total current financial liabilities 7535305000
Other current liabilities 18433000
Provisions, current 228000
Current tax liabilities (Net) 0
Deferred government grants, Current 0
Total current liabilities 7553966000
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 16261030000
Total equity and liabilites 10001630000
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 0 0
3 Amount of items that will be reclassified to profit and loss
1 Remeasurements of the defined benefit plans -1291000 -1291000
Total Amount of items that will be reclassified to profit and loss -1291000 -1291000
4 Income tax relating to items that will be reclassified to profit or loss 0 0
5 Total Other comprehensive income -1291000 -1291000



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 2953000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 2274520000
Adjustments for decrease (increase) in inventories 0
Adjustments for decrease (increase) in trade receivables, current -16806000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 9915923000
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 2112000
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 14793000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities -21708662000
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 669000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 2425000
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 21111000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
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) 11285339000
Other adjustments for non-cash items 0
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 1749202000
Net cash flows from (used in) operations 1752155000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 2393000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 1749762000
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 0
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 0
Income taxes paid (refund) 0
Other inflows (outflows) of cash -32403000
Net cash flows from (used in) investing activities -32403000
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 0
Repayments of borrowings 0
Payments of lease liabilities 0
Dividends paid 0
Interest paid 1614302000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -1614302000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 103057000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0
Net increase (decrease) in cash and cash equivalents 103057000
Cash and cash equivalents cash flow statement at beginning of period 100673000
Cash and cash equivalents cash flow statement at end of period 203730000





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 M/s. PRSV & Co LLP Yes 30-Sep-2027


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 258666000 258666000
2 Total Expenditure 255713000 370393000
3 Net Profit/(Loss) 11288292000 10787556000
4 Earnings Per Share 47.1 45.01
5 Total Assets 10001630000 9615574000
6 Total Liabilities 16261030000 16375710000
7 Net Worth -6259400000 -6760136000


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)
2 Textual Information(6) Qualified opinion Repetitive Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Repetitive Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)
4 Textual Information(16) Qualified opinion Whether appeared first time Textual Information(17) Textual Information(18) Textual Information(19) Textual Information(20)
5 Textual Information(21) Qualified opinion Repetitive Textual Information(22) Textual Information(23) Textual Information(24) Textual Information(25)


Text Block
Textual Information(1) The Holding Company has written back Zero Interest Sub-ordinate Loan (ZISL) payable to Gayatri Projects Limited (GPL) of Rs. 17,887.51 Lakhs during the financial year 2022-23 which has been subject to confirmation from GPL. In the absence of balance confirmation, we are unable to comment upon the aforesaid write back and the carrying value of the payable as at 31 March 2025 or any adjustments required to and the consequent impact if any, on the financial statements had the confirmation been received from the GPL. Further, the Company did not get the confirmation of loan balance from GPL for non-interest-bearing loan amount due to them of Rs. 7,403.47 as GPL is under IBC.
Textual Information(2) Not Applicable
Textual Information(3) The Management is not in a position to quantify the impact of audit qualification at this point of time.
Textual Information(4) As per the terms of the MOU dated 20.03.2019 between the parties, the ZISL is no more payable to Gayatri Projects Limited and hence the company has written back the ZISL. Management is unable to estimate the impact due to the non-confirmation of balances by GPL. The management further informed that GPL is in NCLT under IBC.
Textual Information(5) No further comments
Textual Information(6) The Holding Company has defaulted in repayment of outstanding term loan of Rs. 3,822.65 Lakhs and outstanding accumulated interest of Rs. 1,193.21 Lakhs (Interest was recognized in the financial statements till 31 March 2023) payable to IL&FS Financial Services Limited. The company has been calculating and recognizing interest only on the defaulted principle of 3,822.65 Lakhs as per the existing loan agreement since the Company has not received balance confirmation from the said lender. In the absence of balance confirmation, we are unable to comment on the carrying value of term loan principle and outstanding interest as at 31 March 2025 or any adjustment required to and the consequent impact if any on the financial statements had the confirmations been received from the lender.
Textual Information(7) Not Applicable
Textual Information(8) The Management is not in a position to quantify the impact of audit qualification at this point of time.
Textual Information(9) Management is unable to estimate the impact due to the Company has requested for confirmation of balances and is yet to be received.
Textual Information(10) No further comments
Textual Information(11) The Holding Company did not provide interest on the outstanding term loan of Rs. 3,822.65 Lakhs due to IL&FS Financial Services Limited for the period 01 April 2023 to 31 March 2025. The Companys records indicate that, had management provided interest for the period 01 April 2023 to 31 March 2025, the cumulative loss and the corresponding liability would have been increased by Rs. 1,146.80 Lakhs and total equity would have been reduced by Rs. 1,146.80 Lakhs calculated on interest of 15% p.a.
Textual Information(12) The Lender has already claimed the amounts from the Guarantor M/s.Gayatri Projects Limited. Further the lender has already submitted the claim to NCLT under IBC, 2016 against the Guarantor namely M/s.Gayatri Projects Limited and NCLT has admitted and appointed CIRP. As the matter is under dispute, the Company did not provide interest for the said period.
Textual Information(13) Not Applicable
Textual Information(14) Not Applicable
Textual Information(15) No further comments
Textual Information(16) a.tThe Holding Company has advanced loans including interest till 31 March 2025 of Rs. 2,642.17 lakhs. Further it has to receive an amount of Rs.83.52 lakhs towards receivable for deputation. All these amounts aggregate to Rs. 2,725.69 lakhs in Cyberabad Expressways Limited (CEL), a jointly controlled entity. nAs per the audited financial statements of the CEL as on 31 March 2025, the negative net worth stood at 11,513.94 lakhs. Consequent to the erosion in the net worth of CEL, the exposure of the Company to the extent of 2,725.69 lakhs is required to be impaired fully. IndAS 36 requires the company to provide for impairment in the value of investments and other financial assets by providing for the amount of impairment in the Profit & Loss Account. nb.tThe Holding Company has invested Rs. 2,429.51 lakhs (including accumulated share of profit as per equity method Rs. 848.15 lakhs) as equity (50% share in equity) and Rs. 20.88 lakhs towards receivable for deputation aggregating to Rs. 2,450.39 lakhs in Hyderabad Expressways Limited (HEL), a jointly controlled entity. nAs per the audited financial statements of the HEL as on 31 March 2025, the positive net worth stood at Rs. 7,745.55 lakhs including a loan of Rs. 5,114.52 lakhs advanced to CEL. As per the above paragraph, CEL has a negative net-worth of Rs. 11,513.95 lakhs as on 31 March 2025. Continuing for the reasons stated in the above paragraph, the loan advanced by HEL is in our opinion, doubtful of recovery resulting in reduction of net-worth of HEL to Rs. 2,631.03 lakhs. The Company owns 50% of the equity share capital of HEL and hence the Company share of net-worth in HEL works out to Rs. 1,315.52 lakhs vis--vis the exposure of Rs. 2,450.39 lakhs. This result in impairment to an extent of Rs. 1,134.87 lakhs from out of the investments made in HEL and Receivables due. Ind AS 36 requires the company to provide for this impairment in the value of investments and other financial assets by providing for the amount of impairment in the Profit & Loss Account. nSince the holding company has not impaired the cost of investments, debentures, loans granted to jointly controlled entities and trade receivables to an extent of Rs. 2,725.69 lakhs to CEL and Rs.1,134.87 lakhs to HEL in its books, the Loss for the year and other Comprehensive Income are understated by the said amount. The Other Equity in the balance sheet is overstated by Rs. 3,860.56 lakhs. Our conclusion on the statement is qualified in respect of the above matters. n
Textual Information(17) There is an income receivable by Cyberabad Expressways Limited (CEL) due from the Government of Telangana/HGCL/HMDA. The company has won the case in Arbitration, Commercial court and two additional cases in Honble High Court of Telangana. Eventhough Section 37 petition is pending in Honble High Court of Telangana, the company is insisting the payment of dues through an Executive Petition in Commercial Court which is pending. The Company further informed that it is confident of winning the case and receive the amount of Rs. 400 Crores (approx.) from the Government of Telangana/HGCL/HMDA. But as there is still an opportunity to the government to further escalate the case in higher legal forums like High Court or Supreme Court, CEL, a Jointly controlled Entity, has not recognized the income as the receipt of funds is contingent in nature. Accordingly, the management has not impaired its cost of investments, loans and receivables from CEL and also from HEL.
Textual Information(18) Not Applicable
Textual Information(19) Not Applicable
Textual Information(20) No further comments
Textual Information(21) We were informed that the Holding Company did not receive the audited financial statements of Indore Dewas Tollways Limited (IDTL), which is a material subsidiary of the Holding Company for the quarter and year ended 31 March 2025 for the reasons stated there under. We were informed that the honble NCLT bench at Hyderabad had admitted IDTL into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 (as amended) and appointed Interim Resolution Professional (IRP). Further, a liquidator has been appointed for liquidation of IDTL. In this regard, we were informed that the Holding Company has compiled the financials results of IDTL for the year ended 31 March 2025 that were included in the statement by adopting the following procedure. n nFor the period 01st April 2023 to 30th October 2023, based on books of accounts and for the period 31st October 2023 to 31st March 2025, as nil transactions. n nIn the absence of the consolidation of subsidiary for the full year, we are unable to determine the effects on the consolidated financial statements of the failure to consolidate the subsidiary for the full year.
Textual Information(22) Not Applicable
Textual Information(23) Not Applicable
Textual Information(24) The honble NCLT bench at Hyderabad had admitted IDTL into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 (as amended) and appointed Interim Resolution Professional (IRP) with effect from 31st October, 2023. We have pursued the IRP of IDTL to provide the annual accounts for the financial year 2023-24, but we have not received any information or response from him. Hence we have prepared the consolidated accounts based on the available information from 1st April 2023 to 30th October 2023. Further a liquidator has been appointed for liquidation of IDTL.
Textual Information(25) No further comments


Signatories detail
Name of CEO / Managing director K.G.Naidu
Name of CFO P.K.Sahoo
Name of audit committee chairman M.V.Narasimha Rao
Name of statutory auditor Y.Venkateswarlu
Name of other signatory, if any, with designation
Place Hyderabad
Date 27-May-2025