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 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 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



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 1997390000 7039550000
Other income 139460000 557560000
Total income 2136850000 7597110000
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 75330000 294350000
(e) Finance costs 699810000 3353860000
(f) Depreciation, depletion and amortisation expense 297370000 1176290000
(f) Other Expenses
1 Sub-contract charges and Operating Expenses 382650000 1711620000
2 Other expenses 305180000 698560000
Total other expenses 687830000 2410180000
Total expenses 1760340000 7234680000
3 Total profit before exceptional items and tax 376510000 362430000
4 Exceptional items -966960000 -464650000
5 Total profit before tax -590450000 -102220000
6 Tax expense
7 Current tax 105430000 298220000
8 Deferred tax 21840000 -57880000
9 Total tax expenses 127270000 240340000
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 -717720000 -342560000
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 -717720000 -342560000
17 Other comprehensive income net of taxes -1270000 -1270000
18 Total Comprehensive Income for the period -718990000 -343830000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent -860000000 -749840000
Total profit or loss, attributable to non-controlling interests 142280000 407270000
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent -860700000 -750540000
Total comprehensive income for the period attributable to owners of parent non-controlling interests 141710000 406700000
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 -2.44 -2.13
Diluted earnings (loss) per share from continuing operations -2.44 -2.13
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 -2.44 -2.13
Diluted earnings (loss) per share from continuing and discontinued operations -2.44 -2.13
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 2610000
Capital work-in-progress 0
Investment property 9410000
Goodwill 265300000
Other intangible assets 865180000
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 409730000
Trade receivables, non-current 6596860000
Loans, non-current 1320390000
Other non-current financial assets 1720000
Total non-current financial assets 8328700000
Deferred tax assets (net) 0
Other non-current assets 4620000
Total non-current assets 9475820000
2 Current assets
Inventories 0
Current financial asset
Current investments 0
Trade receivables, current 451230000
Cash and cash equivalents 283770000
Bank balance other than cash and cash equivalents 174700000
Loans, current 1634960000
Other current financial assets 24530910000
Total current financial assets 27075570000
Current tax assets (net) 96930000
Other current assets 2136200000
Total current assets 29308700000
3 Non-current assets classified as held for sale 13615540000
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 52400060000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 3522250000
Other equity -8976310000
Total equity attributable to owners of parent -5454060000
Non controlling interest -218180000
Total equity -5672240000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 6419690000
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
Total non-current financial liabilities 6419690000
Provisions, non-current 7720000
Deferred tax liabilities (net) 100280000
Deferred government grants, Non-current 0
Other non-current liabilities 0
Total non-current liabilities 6527690000
Current liabilities
Current financial liabilities
Borrowings, current 25637770000
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 1288780000
Total Trade payable 1300980000
Other current financial liabilities 10944950000
Total current financial liabilities 37883700000
Other current liabilities 123390000
Provisions, current 703070000
Current tax liabilities (Net) 115490000
Deferred government grants, Current 0
Total current liabilities 38825650000
3 Liabilities directly associated with assets in disposal group classified as held for sale 12718960000
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 58072300000
Total equity and liabilites 52400060000
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 1270000 1270000
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 -1270000 -1270000



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 -102220000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 3200150000
Adjustments for decrease (increase) in inventories 0
Adjustments for decrease (increase) in trade receivables, current 918990000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 456490000
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 1894340000
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current -66410000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities -34110000
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 1176290000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current -52480000
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current -1377350000
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 51140000
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 531610000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 6596380000
Net cash flows from (used in) operations 6494160000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 433840000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 6060320000
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 128990000
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 -2861390000
Net cash flows from (used in) investing activities -2990380000
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 -854040000
Repayments of borrowings 2298620000
Payments of lease liabilities 0
Dividends paid 0
Interest paid 0
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -3152660000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -82720000
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 -82720000
Cash and cash equivalents cash flow statement at beginning of period 366490000
Cash and cash equivalents cash flow statement at end of period 283770000





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 7597110000 7597110000
2 Total Expenditure 7234680000 7234680000
3 Net Profit/(Loss) -342560000 -342560000
4 Earnings Per Share -2.13 -2.13
5 Total Assets 52400060000 52400060000
6 Total Liabilities 58072300000 58072300000
7 Net Worth -5672240000 -5672240000


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 Repetitive 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)
6 Textual Information(26) Qualified opinion Repetitive Textual Information(27) Textual Information(28) Textual Information(29) Textual Information(30)
7 Textual Information(31) Qualified opinion Repetitive Textual Information(32) Textual Information(33) Textual Information(34) Textual Information(35)


Text Block
Textual Information(1) As detailed in Note No. 6 & Note 7 to the accompanying Consolidated Financial Results, with respect to Rohtak Panipat Tollway Private Limited RPTPL and Rohtak Hissar Tollway Private Limited RHTPL, subsidiaries of the Group in which interest on deferred premium obligation and interest on rupee term loan from banks and financial institutions as well as unsecured loans from Group companies have not been accounted considering the fact that both subsidiaries have issued termination notices and lenders of both subsidiaries have classified all the secured borrowings as non-performing assets. This has resulted in the understatement of finance cost and the related interest liability and corresponding understatement of losses, amount of which is unascertained. Further financial statement of RPTPL and RHTPL are prepared on non-going concern basis. n nThe auditors of RPTPL and RHTPL have expressed qualified opinion on the financial statements for the year ended March 31, 2025 and March 31, 2024, as well as qualified review conclusion on financial results for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024 in respect of this matter. n
Textual Information(2) NA
Textual Information(3) One of the subsidiary of the Group namely Rohtak Panipat Tollways Private Limited (RPTPL) has issued the termination notice on July 27, 2021, to National Highway Authority of India (NHAI) by exercising the criteria of Event of Defaults under the concession agreement. Since the project of the Company has been terminated, the management of RPTPL is of the view that going concern assumption for preparation of accounts is not appropriate and accounts have been drawn accordingly on non-going concern basis. n nThe management of RPTPL has lodged a total claim amounting to INR 19,379.20 Million relating to termination payment, Force Majeure Costs due to Force Majeure event of Farmers Agitation, COVID-19, & Demonetization, and NPV of extension entitled due to Force Majeure event of Farmers agitation and Covid 19 .The NHAI had lodged its counter Claims amounting to INR 6,227.00 Million. The Company had submitted its reply on such counter claims The Arbitral proceedings for the same are completed and the Arbitral Award is declared on 23.01.2025 unanimously, except for Counter Claim of NHAI regarding Premium that one Ld. Arbitrator has rejected it completely. As on the date of the said Majority award, the net awarded amount after deducting all dues of NHAI including Premium works out to INR 10,805.45 Million (principal of INR 7,796.31 Million and interest of INR 3,009.14 Million). n nThe Arbitration matter of Competing Road was referred to Arbitration. In the said matter, the majority award 1.tOne of the subsidiary of the Group namely Rohtak Panipat Tollways Private Limited (RPTPL) has issued the termination notice on July 27, 2021, to National Highway Authority of India (NHAI) by exercising the criteria of Event of Defaults under the concession agreement. Since the project of the Company has been terminated, the management of RPTPL is of the view that going concern assumption for preparation of accounts is not appropriate and accounts have been drawn accordingly on non-going concern basis. n nThe management of RPTPL has lodged a total claim amounting to INR 19,379.20 Million relating to termination payment, Force Majeure Costs due to Force Majeure event of Farmers Agitation, COVID-19, & Demonetization, and NPV of extension entitled due to Force Majeure event of Farmers agitation and Covid 19 .The NHAI had lodged its counter Claims amounting to INR 6,227.00 Million. The Company had submitted its reply on such counter claims The Arbitral proceedings for the same are completed and the Arbitral Award is declared on 23.01.2025 unanimously, except for Counter Claim of NHAI regarding Premium that one Ld. Arbitrator has rejected it completely. As on the date of the said Majority award, the net awarded amount after deducting all dues of NHAI including Premium works out to INR 10,805.45 Million (principal of INR 7,796.31 Million and interest of INR 3,009.14 Million). n nThe Arbitration matter of Competing Road was referred to Arbitration. In the said matter, the majority award was passed on May 30, 2023 in favour of NHAI setting aside claims of Company and Minority Award dated 05.06.2023 in favour of Company amounting to INR 8,509.80 Million. The Company has challenged the Majority Award dated 30.05.2023 and filed a petition under Section 34 of Arbitration & Conciliation Act 1996 before the Hon'ble Delhi High Court to set aside the Majority Award dated 30.05.2023. The same is sub-judice before Hon'ble Delhi High Court. n nThe dispute of Claim for Additional Cost on account of ban of quarrying of stone and loss of Toll collection due to delayed issuance of Provisional Certificate was referred to Arbitration. A unanimous Award dated 06.10.2017 by Arbitral Tribunal was awarded in favour of Company amounting to INR 890.20 Million (amount inclusive of costs & interest pendente lite). This Award was challenged by NHAI under Section 34 before the Delhi High Court. The Delhi High Court in its Judgment dated 16.02.2023, the value of award payable by NHAI to RPTPL as on 15.10.2023 works out to INR 1,211.9 Millions. NHAI had challenged the said award under Section 37 before Division Bench of Delhi High Court. The said matter is now withdrawn by NHAI on account of ongoing Vivad se Vishwas II settlement proposal . n nNHAI had claimed on RPTPL a claim on account of negative FRL which was referred to Arbitration. The Majority Award on 31.10.2020 by Tribunal was in favour of NHAI amounting to INR 203.40 Million. The interest on delayed payment is awarded at 7.4% simple interest, as on 15.10.2023 works out to INR 247.90 Million. The dissenting note by the Minority of the Tribunal had stated to reject the claim of NHAI. The Company has challenged the said Majority Award under Section 34 before the Delhi High Court, which is sub-judice. The Company had challenged the said Majority Award under Section 34 before the Delhi High Court. n nThe Arbitration Award dated 06.10.2017 and Arbitration Award dated 31.10.2020 has been settled through Settlement Agreement dated 20.03.2025 under Vivad se Vishwas II Scheme of Govt. of India for the net settlement amount of about INR. 650 millions n n2. One of the subsidiary of the group namely Rohtak Hissar Tollways Private Limited RHTPL has issued the termination notice on August 27, 2021, to NHAI by exercising the criteria of Event of Defaults under the concession agreement. Since the project of the Company has been terminated, the management of RHTPL is of the view that going concern assumption for preparation of accounts is not appropriate and accounts have been drawn accordingly on non-going concern basis. n nIn this regard the management of RHTPL has lodged total claim amounting to INR 19,287.10 Million relating to termination payment, Force Majeure Costs due to Force Majeure event of Farmers Agitation, COVID-19, and Demonetization, and NPV of extension entitled due to Force Majeure event of Farmers agitation and Covid19. The NHAI had lodged its Counter Claims amounting to INR 3,665.80 Million. The Company had submitted its reply on such counter claims. The Arbitral proceedings for the same are currently ongoing. The current stage of arbitral proceeding is of Arguments which are ongoing. n nAlso, RHTPL has received intimation letter dated April 08, 2024 from National Asset Reconstruction Company Limited NARCL intimating that the deed of assignment dated March 22, 2024 under the provisions of Section 5 of the SARFASI Act, the consortium of lenders have assigned transferred the outstanding debt financial assets alongwith underline securities interest, pledged of shares, guarantees, receivables etc charge for such financial assistance granted to RHTPL in favour of NARCL and NARCL acting in its capacity as trustee of NARCL Trust n
Textual Information(4) Not Applicable
Textual Information(5) NA
Textual Information(6) As detailed in Note No. 12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Jodhpur Ring Road Private Limited SJRRPL, subsidiary of the Group in which Tax credit receivables are carried in the Balance sheet at INR 152.12 Million under Other Current assets. However, during financial year 2024-2025, the SJRRPL does not have any business activity nor are we informed about the management plan for taking up other business activity. n nOur audit opinion on financial statements of SJRRPL for the year ended on March 31, 2025 and March 31, 2024 as well as our review conclusion on the 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(7) NA
Textual Information(8) GST tax credit receivables amounting to INR 152.12 Million are included in the consolidated books of accounts as at March 31, 2025 in respect of following subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit.
Textual Information(9) Not Applicable
Textual Information(10) NA
Textual Information(11) As detailed in Note No. 12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Bangalore Highway Private Limited SBGHPL, subsidiary of the Group in which Tax credit receivables are carried in the Balance sheet at INR 420.65 Million under the Other Current assets. However, during financial year 2024-2025, SBGHPL does not have any business activity nor are we informed about the management plan for taking up other business activity. n nThe auditors of SBGHPL have expressed qualified opinion on the financial statements of SBGHPL for the year ended March 31, 2025 and March 31, 2024, as well as qualified review conclusion on financial results for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024 mentioning that they are unable to comment about the utilization of tax credits in foreseeable future. n
Textual Information(12) NA
Textual Information(13) GST tax credit receivables amounting to INR 420.65 Million are included in the consolidated books of accounts as at March 31, 2025 in respect of following subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit.
Textual Information(14) Not Applicable
Textual Information(15) NA
Textual Information(16) As detailed in Note No. 12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Vidarbha Highway Limited SVHL, subsidiary of the Group in which Tax credit receivables are carried in the Balance sheet at INR 504.71 Million under the Other Current assets. However, during financial year 2024-2025, the SVHPL does not have any business activity nor are we informed about the management plan for taking up other business activity. n nThe auditors of SVHL have expressed qualified opinion on the financial statements for the year ended March 31, 2025 and March 31, 2024, as well as qualified review conclusion on financial results for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024 mentioning that they are unable to comment about the utilization of tax credits in foreseeable future. n
Textual Information(17) NA
Textual Information(18) GST tax credit receivables amounting to INR 504.71 Million are included in the consolidated books of accounts as at March 31, 2025 in respect of following subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit.
Textual Information(19) Not Applicable
Textual Information(20) NA
Textual Information(21) As detailed in Note No.12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Nainital Highway Limited SNHL, subsidiary of the Group in which realisability of GST Input tax credit receivables of INR 118.57 Million in other current assets. The management has contention that no adjustment required to be made in the carrying value of GST Input tax receivable as at March 31, 2025. n nThe auditors of SNHL have expressed qualified opinion on the financial statements of SNHL for the year ended March 31, 2025 and March 31, 2024 mentioning that they are unable to comment about the utilization of tax credits in foreseeable future. n
Textual Information(22) NA
Textual Information(23) GST tax credit receivables amounting to INR 118.57 Million are included in the consolidated books of accounts as at March 31, 2025 in respect of following subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit
Textual Information(24) Not Applicable
Textual Information(25) NA
Textual Information(26) As detailed in Note No. 12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Kim Expressway Private Limited SKEPL, subsidiary of the Group in which realisability of GST Input tax credit receivables of INR 408.96 Million in other current assets. The subsidiary is currently engaged only in the maintenance activities which limits its ability to utilise the accumulated GST Input Credit. In view of nature of operation and absence of taxable output supplies , there exists a significant uncertainty regarding the recoverability of the said GST credit. However the management has contention that no adjustment required to be made in the carrying value of GST Input tax receivable as at March 31, 2025. n nThe auditors of SKEPL have expressed qualified opinion on the financial statements of SKEPL for the year ended March 31, 2025 and March 31, 2024, as well as qualified review conclusion on financial results for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024 mentioning that they are unable to comment about the utilization of tax credits in foreseeable future. n
Textual Information(27) NA
Textual Information(28) GST tax credit receivables amounting to INR 408.96 Million are included in the consolidated books of accounts as at March 31, 2025 in respect of following subsidiaries . The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit. n n
Textual Information(29) Not Applicable
Textual Information(30) NA
Textual Information(31) As detailed in Note No. 3.8 to the Consolidated Financial Results in respect of Sadbhav Udaipur Highway Limited Concessionaire or SUDHL, subsidiary of the Group in which case National Highway Authority of India NHAI vide its letter dated December 27, 2023 has given In-Principal approval for harmonious substitution of concessionaire. The management has not made any adjustment to the carrying value of assets and liabilities and their consequential impact on the financial position of the Company as at March 31, 2025 and the financial statements are prepared on going concern basis. n nThe auditors of SUDHL have expressed qualified opinion on the financial statement of SUDHL for the year ended March 31, 2025 and March 31, 2024, as well as qualified review conclusion on financial results for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024 mentioning about the uncertainty of outcome of harmonious substitution proceedings and lack of other alternate audit evidence.
Textual Information(32) NA
Textual Information(33) In case of Sadbhav Udaipur Highway Limited SUDHL or concessionaire, subsidiary of the group which is engaged in construction, operation and maintenance of infrastructure project under concession agreement with National Highways Authorities of India NHAI, the project work has been completed and the subsidiary has received the Commercial Operation Date COD from NHAI dated July 19, 2024. n nHowever, SUDHL has requested the NHAI & Lenders to allow harmonious substitution in terms of the NHAI Policy circular through a nominated company namely M/S Gawar Construction Limited Nominated Company and the Lenders Representative to give its consent for allowing harmonious substitution of the SUDHL. n nThe NHAI vide its letter dt December 27, 2023, conveyed its InPrinciple approval for substitution of Original Concessionaire with a new special purpose vehicle to be incorporated by the Nominated Company subject to certain conditions and final approval from the NHAI. Since the conditions precedent to the harmonious substitution are under compliance, no adjustment to the carrying value of assets and liabilities related to this project have been made in these consolidated financial results, for which the statutory auditors of SUDHL have expressed qualified opinion of the financial statements for the year ended March 31, 2025 and March 31, 2024. n nThe Company has entered into Definative agreement dated March 12, 2025 with Gawar Construction Limited during the quarter ended March 31, 2025 for harmonious substitution of the project. The Final approval of the NHAI is still pending. However the Company has provided for 1,000 Millions in the books of accounts and disclosed as an exceptional item in the audited consolidated financial results for the quarter and year ended March 31, 2025. n
Textual Information(34) Not Applicable
Textual Information(35) 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