Integrated Filing — IndAS



General information about company
Scrip Code 539346
NSE Symbol SADBHIN
MSEI Symbol NA
ISIN INE764L01010
Name of company SADBHAV INFRASTRUCTURE PROJECT 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 20-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
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 INFRASTRUCTURE
Start date and time of board meeting 27-May-2025   21:00:00
End date and time of board meeting 27-May-2025   23:55:00
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
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 2025-02-12
Indicate Company website link for updated RPT policy of the Company www.sadbhaveng.com
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
Not Applicable



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 Standalone Standalone
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 0 0
Other income 27940000 116860000
Total income 27940000 116860000
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 18080000 81060000
(e) Finance costs 182860000 704170000
(f) Depreciation, depletion and amortisation expense 40000 180000
(f) Other Expenses
1 Sub-contractor charges & Operating Expenses 420000 25860000
2 Other expenses 133980000 197820000
Total other expenses 134400000 223680000
Total expenses 335380000 1009090000
3 Total profit before exceptional items and tax -307440000 -892230000
4 Exceptional items -1000000000 -488690000
5 Total profit before tax -1307440000 -1380920000
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 -1307440000 -1380920000
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 -1307440000 -1380920000
17 Other comprehensive income net of taxes -110000 -110000
18 Total Comprehensive Income for the period -1307550000 -1381030000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 3522250000 3522250000
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 -3.71 -3.92
Diluted earnings (loss) per share from continuing operations -3.71 -3.92
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 -3.71 -3.92
Diluted earnings (loss) per share from continuing and discontinued operations -3.71 -3.92
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 Standalone
Assets
1 Non-current assets
Property, plant and equipment 580000
Capital work-in-progress 0
Investment property 2880000
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 10686110000
Trade receivables, non-current 0
Loans, non-current 2060000
Other non-current financial assets 0
Total non-current financial assets 10688170000
Deferred tax assets (net) 0
Other non-current assets 4620000
Total non-current assets 10696250000
2 Current assets
Inventories 0
Current financial asset
Current investments 0
Trade receivables, current 252450000
Cash and cash equivalents 31970000
Bank balance other than cash and cash equivalents 22700000
Loans, current 175970000
Other current financial assets 540230000
Total current financial assets 1023320000
Current tax assets (net) 11260000
Other current assets 233440000
Total current assets 1268020000
3 Non-current assets classified as held for sale 1307230000
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 13271500000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 3522250000
Other equity 2637440000
Total equity attributable to owners of parent 6159690000
Non controlling interest
Total equity 6159690000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 1911990000
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 1911990000
Provisions, non-current 7720000
Deferred tax liabilities (net) 0
Deferred government grants, Non-current 0
Other non-current liabilities 0
Total non-current liabilities 1919710000
Current liabilities
Current financial liabilities
Borrowings, current 4114960000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 12200000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 182290000
Total Trade payable 194490000
Other current financial liabilities 834370000
Total current financial liabilities 5143820000
Other current liabilities 40190000
Provisions, current 8090000
Current tax liabilities (Net) 0
Deferred government grants, Current 0
Total current liabilities 5192100000
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 7111810000
Total equity and liabilites 13271500000
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 Standalone Standalone
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 Standalone Standalone
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 110000 110000
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 0 0
5 Total Other comprehensive income -110000 -110000



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 Standalone
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax -1380920000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 704170000
Adjustments for decrease (increase) in inventories 0
Adjustments for decrease (increase) in trade receivables, current 127600000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets -5460000
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current -46310000
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current -110180000
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 180000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current -871900000
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current -359470000
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 600000
Adjustments for interest income 112570000
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) 0
Other adjustments for non-cash items 487310000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) -187230000
Net cash flows from (used in) operations -1568150000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) -8650000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities -1559500000
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 600000
Interest received 111890000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 1735860000
Net cash flows from (used in) investing activities 1848350000
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 218760000
Repayments of borrowings -57380000
Payments of lease liabilities 0
Dividends paid 0
Interest paid 703030000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -426890000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -138040000
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 -138040000
Cash and cash equivalents cash flow statement at beginning of period 170010000
Cash and cash equivalents cash flow statement at end of period 31970000





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 G D G & Associates LLP Yes 31-Mar-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 116860000 116860000
2 Total Expenditure 1009090000 1009090000
3 Net Profit/(Loss) -1380920000 -1380920000
4 Earnings Per Share -3.92 -3.92
5 Total Assets 13271490000 13271490000
6 Total Liabilities 7111810000 7111810000
7 Net Worth 6159680000 6159680000


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)


Text Block
Textual Information(1) 1.tWe draw attention to Note 4 and Note 5 to the accompanying Audited Standalone Financial Results with respect to investments in (including subordinate debt), loan & advances to and trade and other receivables aggregating to INR 8,043.28 million with respect to Rohtak Panipat Tollway Private Limited and Rohtak Hissar Tollway Private Limited, subsidiaries of the Company. Both the subsidiaries have issued notice of termination of concession agreement to National Highway Authority of India (NHAI) on account of Force Majeure Event as per concession agreement. As explained in the said note, the Company has carried out impairment assessment of investment in these subsidiaries considering the expected payment arising out of aforesaid termination and other claims filed with NHAI and based on the above assessment, management has concluded that no impairment / adjustment to the carrying value of the investments (including subordinate debt) and loan & advances, trade and other receivables is necessary as at March 31, 2025. nWe have not been able to corroborate the managements contention of realising the carrying value of investments (including subordinate debt), loans and advances, trade and other receivables related to both subsidiaries aggregating to INR 8,043.28 million as at March 31, 2025 . nAccordingly, we are unable to comment on the appropriateness of the carrying value of such investments (including subordinate debt), loans and advances, trade and other receivables and their consequential impact on the financial results and financial position of the Company as at and for the quarter and year ended on March 31, 2025 . nOur Audit Opinion on the financial statements for the year ended on March 31, 2024 and review conclusion on financial results for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024 were also qualified in respect of this matter. n
Textual Information(2) NOT QUANTIFIED
Textual Information(3) Impact is not quantified by Auditors
Textual Information(4) NOT APPLICABLE
Textual Information(5) NA
Textual Information(6) We draw attention to Note No. 7 of the accompanying Standalone Financial Results with respect to Sadbhav Rudrapur Highway Limited (Concessionaire or SRHL), a subsidiary of the Company, in which case, NHAI in the month of January 2024, at the request of the Company has given in principal approval for harmonious substitution of the concessionaire. The Company is in the process of compliance of the conditions prescribed by NHAI for substitution. As explained in the said note, the management has carried out impairment assessment of Investment (including subordinate debt) and other receivables in this subsidiary duly considering the expected payment arising out of aforesaid substitution and based on the above assessment, the management has concluded that no impairment / adjustment to the carrying value of Investment (including subordinate debt) and other receivables aggregating to INR 1,198.03 million is considered necessary as at March 31, 2025 . nHowever, we have not been able to corroborate the managements contention of realizing the carrying value of Investment (including subordinate debt) and other receivables balances aggregating to INR 1,198.03 million as at March 31, 2025. n nAccordingly, we are unable to comment on the appropriateness of the carrying value of Investment (including subordinate debt) and other receivables and their consequential impact on the financial results and financial position of the Company for the quarter and year ended on March 31, 2025 . n nOur Audit Opinion on the financial statements for the year ended on March 31, 2024 and review conclusion on financial results for the quarter ended on June 30, 2024, September 30, 2024 and December 31, 2024 were also qualified in respect of this matter n
Textual Information(7) : Impact is not quantified by Auditors
Textual Information(8) Impact is not quantified by Auditors
Textual Information(9) NOT APPLICABLE
Textual Information(10) NA


Signatories detail
Name of CEO / Managing director NA
Name of CFO JATIN THAKKAR
Name of audit committee chairman SHEFALI MANOJBHAI PATEL
Name of statutory auditor MITTALI DAKWALA
Name of other signatory, if any, with designation SHASHIN PATEL - EXECUTIVE CHAIRMAN
Place AHMEDABAD
Date 27-May-2025


Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 Rohtak Hissar Tollway Private Limited Sadbhav Engineering Limited Ultimate Holding Loan 10800000000 No Remarks 0 262480000 262480000
2 Sadbhav Udaipur Highway Private Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services 7793000000 No Remarks 14530000 185480000 170950000
3 Sadbhav Udaipur Highway Private Limited Sadbhav Engineering Limited Ultimate Holding Loan 1377700000 No Remarks 0 291330000 291330000
4 Sadbhav Udaipur Highway Private Limited Sadbhav Engineering Limited Ultimate Holding Interest received 1377700000 No Remarks 0 62040000 62040000
5 Sadbhav Infra Solutions Private Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services 706500000 No Remarks 60000 420000 480000
6 Ahmedabad Ring Road Infrastructure Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services 2156200000 No Remarks 468090000 0 50460000
7 Ahmedabad Ring Road Infrastructure Limited Sadbhav Engineering Limited Ultimate Holding Loan 2156200000 No Remarks 353150000 3100570000 3356020000
8 Rohtak Panipat Tollway Private Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services 9500000000 No Remarks 0 615270000 615270000
9 Rohtak Panipat Tollway Private Limited Sadbhav Engineering Limited Ultimate Holding Loan 2000000000 No Remarks 0 1462410000 1462410000
10 Sadbhav Rudrapur Highway Limited Sadbhav Engineering Limited Ultimate Holding Loan 500000000 No Remarks 1760000 147400000 149160000
11 Sadbhav Rudrapur Highway Limited Sadbhav Engineering Limited Ultimate Holding Any other transaction Balances of Payables 6030000000 No Remarks 0 288360000 288360000
12 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services 1202000000 No Remarks 0 17900000 17540000
13 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Loan 1202000000 No Remarks -94290000 2507360000 2413070000
14 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Interest paid 1202000000 No Remarks 131070000 138760000 269830000
Total value of transaction during the reporting period 874370000