Integrated Filing — IndAS



General information about company
Scrip Code 532710
NSE Symbol SADBHAV
MSEI Symbol NOTLISTED
ISIN INE226H01026
Name of company SADBHAV ENGINEERING 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 29-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 The segment reporting is in accordance with its internal financial reports derived from SAP system which is reviewed by Chief Operating Decision Maker (CODM). Consequently, the Company has considered business as whole as a single operating segment in accordance with Indian Accounting Standard (‘Ind AS’) 108.
Start date and time of board meeting 29-May-2025   21:00:00
End date and time of board meeting 29-May-2025   23:00:00
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 2897751000 10364453000
Other income 305733000 960573000
Total income 3203484000 11325026000
2 Expenses
(a) Cost of materials consumed 13961000 38235000
(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 111253000 474891000
(e) Finance costs 1054112000 4574043000
(f) Depreciation, depletion and amortisation expense 318145000 1270218000
(f) Other Expenses
1 Construction Expenses 1316818000 4408745000
2 Other expenses 541898000 1272376000
Total other expenses 1858716000 5681121000
Total expenses 3356187000 12038508000
3 Total profit before exceptional items and tax -152703000 -713482000
4 Exceptional items -975439000 -210247000
5 Total profit before tax -1128142000 -923729000
6 Tax expense
7 Current tax 105430000 298220000
8 Deferred tax 419763000 435027000
9 Total tax expenses 525193000 733247000
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 -1653335000 -1656976000
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 -1653335000 -1656976000
17 Other comprehensive income net of taxes 1836000 -2437000
18 Total Comprehensive Income for the period -1651499000 -1659413000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent -1545705000 -1894780000
Total profit or loss, attributable to non-controlling interests -107630000 237804000
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 2048000 -2225000
Total comprehensive income for the period attributable to owners of parent non-controlling interests -212000 -212000
21 Details of equity share capital
Paid-up equity share capital 171571000 171571000
Face value of equity share capital 1 1
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 -9.01 -11.04
Diluted earnings (loss) per share from continuing operations -9.01 -11.04
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 -9.01 -11.04
Diluted earnings (loss) per share from continuing and discontinued operations -9.01 -11.04
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 222803000
Capital work-in-progress 42656000
Investment property 9410000
Goodwill 265300000
Other intangible assets 872816000
Intangible assets under development 0
Biological assets other than bearer plants
Investments accounted for using equity method
Non-current financial assets
Non-current investments 12073000
Trade receivables, non-current 316110000
Loans, non-current 2060000
Other non-current financial assets 10822876000
Total non-current financial assets 11153119000
Deferred tax assets (net) 605927000
Other non-current assets 104551000
Total non-current assets 13276582000
2 Current assets
Inventories 36414000
Current financial asset
Current investments 0
Trade receivables, current 1940119000
Cash and cash equivalents 430961000
Bank balance other than cash and cash equivalents 207029000
Loans, current 198075000
Other current financial assets 25491079000
Total current financial assets 28267263000
Current tax assets (net) 324313000
Other current assets 11242852000
Total current assets 39870842000
3 Non-current assets classified as held for sale 13615540000
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 66762964000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 171571000
Other equity -2583383000
Total equity attributable to owners of parent -2411812000
Non controlling interest 342253000
Total equity -2069559000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 7441415000
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 50490000
Total non-current financial liabilities 7491905000
Provisions, non-current 7720000
Deferred tax liabilities (net) 310860000
Deferred government grants, Non-current 0
Other non-current liabilities 2906000
Total non-current liabilities 7813391000
Current liabilities
Current financial liabilities
Borrowings, current 30326392000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 70793000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 4286073000
Total Trade payable 4356866000
Other current financial liabilities 12245301000
Total current financial liabilities 46928559000
Other current liabilities 405867000
Provisions, current 850246000
Current tax liabilities (Net) 115490000
Deferred government grants, Current 0
Total current liabilities 48300162000
3 Liabilities directly associated with assets in disposal group classified as held for sale 12718970000
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 68832523000
Total equity and liabilites 66762964000
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 -1836000 2437000
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 1836000 -2437000



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 -923729000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 4574043000
Adjustments for decrease (increase) in inventories 26106000
Adjustments for decrease (increase) in trade receivables, current -6702000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets -270101000
Adjustments for decrease (increase) in other non-current assets 43660000
Adjustments for other financial assets, non-current 3368000
Adjustments for other financial assets, current 2508600000
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 354504000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities -705508000
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense -1270218000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 67310000
Adjustments for other financial liabilities, current -12409000
Adjustments for other financial liabilities, non-current -1774440000
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 0
Adjustments for interest income 204302000
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 0
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 3333911000
Net cash flows from (used in) operations 2410182000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 233581000
Other inflows (outflows) of cash 820693000
Net cash flows from (used in) operating activities 2997294000
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 277760000
Purchase of property, plant and equipment -5139000
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 204302000
Income taxes paid (refund) 0
Other inflows (outflows) of cash -165024000
Net cash flows from (used in) investing activities 322177000
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 1487515000
Repayments of borrowings 2019128000
Payments of lease liabilities 4800000
Dividends paid 0
Interest paid 2537227000
Income taxes paid (refund) 0
Other inflows (outflows) of cash -227451000
Net cash flows from (used in) financing activities -3301091000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 18380000
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 18380000
Cash and cash equivalents cash flow statement at beginning of period 412581000
Cash and cash equivalents cash flow statement at end of period 430961000





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 Manubhai & Shah 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 11325026000 11325026000
2 Total Expenditure 12038508000 12038508000
3 Net Profit/(Loss) -1656976000 -1656976000
4 Earnings Per Share -11.04 -11.04
5 Total Assets 66762964000 66762964000
6 Total Liabilities 68832523000 68832523000
7 Net Worth -2069559000 -2069559000


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)


Text Block
Textual Information(1) As detailed in the Note No 10 of the accompanying Consolidated Financial Results, with respect to the Company regarding expected recoverability of Contract Assets amounting to Rs 35,019.32 lakhs outstanding as at March 31, 2025, relating to closed, substantially closed, or suspended projects, are considered fully recoverable by the Company within one year, based on ongoing negotiations, arbitration/litigation proceedings, and legal advice. These have been classified under Other Current Assets n nWe have expressed qualified opinion on the standalone financial results for the year ended on March 31, 2025 as we were unable to obtain sufficient appropriate audit evidence to substantiate the significant judgments and estimates made by the management in relation to the expected recoverability of these contract assets within a period of one year. n nAccordingly, we are unable to determine whether any adjustments are required to the carrying value of the said contract assets and the consequential impact, if any, on the standalone financial position and results of the Company as at and for the quarter and year ended March 31, 2025 n
Textual Information(2) NA
Textual Information(3) Contract Assets of Rs. 35019.32 lakhs and other non-current financial assets of Rs. 14789.09 outstanding as at March 31, 2025 which represents various claims raised on the Clients based on the terms and conditions implicit in the Engineering, Procurement & Construction Contracts/Mining Contract in respect of closed suspendedunder construction projects. These claims are mainly in respect of cost over run arising due to suspension of works, client caused delays, changes in the scope of work, deviation in design and other factors for which Company is at various stages of negotiation discussion with the clients or under Arbitration litigation. On the basis of the contractual tenability, progress of negotiations discussions arbitration litigations legal opinions, the Management is of the view that these receivables are recoverable. n nThe statutory auditors have expressed qualified opinion on financial results for the quarter and year ended March 31, 2025 in respect of above Contract Assets of Rs. 35019.32 lakhs n
Textual Information(4) NA
Textual Information(5) NA
Textual Information(6) As detailed in Note Nos. 4 & 5 to the accompanying Consolidated Financial Results, with respect to Rohtak Panipat Tollway Private Limited RPTPL and Rohtak Hisar Tollway Private Limited RHTPL, step down subsidiaries of the Group in which interest on rupee term loan from banks and financial institutions have not been accounted considering the fact that both subsidiaries have issued termination notices and lenders of both step down 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(7) NA
Textual Information(8) One of the step down 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 Rs. 193792 lakhs 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 Rs. 62270 lakhs. 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 Rs. 108054.50 lakhs principal of Rs. 77963.10 lakhs and interest of Rs. 30091.40 lakhs 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 Rs. 85098 lakhs. 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 Rs. 89020 lakhs 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 Rs. 12119 lakhs. 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 Rs. 2034 lakhs. The interest on delayed payment is awarded at 7.4 percent simple interest, as on 15.10.2023 works out to Rs. 2479 lakhs. 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 Rs. 6500 lakhs. Also, RPTPL 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 except one lender 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 RPTPL in favour of NARCL and NARCL acting in its capacity as trustee of NARCL Trust. n nDuring the quarter ended March 31, 2023, RPTPL has reversed interest of Rs. 10269.40 lakhs provided during the earlier period considering the fact that the project of RPTPL has been terminated and lenders have classified loans as Non Performing Assets. n nDuring the year ended March 31, 2025 and March 31, 2024 , RPTPL has not accounted for interest on Rupee Term Loan from banks and financial institutions as well as loan from group Company since the lenders of RPTPL has classified borrowing as NPA and financial statements are prepared on non going concern basis, for which the statutory auditors of RPTPL have expressed qualified opinion on financial statements in this regards. n nNotice 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 Rs. 192871 lakhs 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 Covid19. The NHAI had lodged its Counter Claims amounting to Rs. 3,6658 lakhs. 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 nDuring the quarter ended on March 31, 2023, RHTPL has reversed interest of Rs. 12280.90 lakhs provided during the earlier period considering the fact that the project of RHTPL has been terminated and lenders have classified loans as Non Performing Assets NPA. n nDuring the year ended March 31, 2025 and March 31, 2024, RHTPL has not accounted for interest on Rupee Term Loan from banks and financial institutions as well as loan from group Company since the lenders of RHTPL has classified borrowing as NPA and financial statements are prepared on non-going concern basis, for which the statutory auditors of RHTPL have expressed qualified opinion on the financial statements in this regards n
Textual Information(9) NA
Textual Information(10) NA
Textual Information(11) The Holding Company has not complied with the requirements of Section 203 of the Companies Act, 2013 read with the applicable rules framed thereunder due to the non-appointment of Chief Financial Officer CFO with effect from April 8, 2024. n nWe have expressed qualified opinion on the standalone financial results of the Holding Company for the quarter and year ended on March 31, 2025. The financial impact of this non-compliance is not ascertainable. n
Textual Information(12) NA
Textual Information(13) Company took note of the same and discussed to comply with the same
Textual Information(14) NA
Textual Information(15) NA
Textual Information(16) As detailed in Note No 3.8 to the accompanying consolidated financial results, with reference to request of the Sadbhav Udaipur Highway Limited SUDHL, a step-down subsidiary company 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. As mentioned in the said note, no adjustment to the carrying value of assets and liabilities have been made in the financial statements of SUDHL. Owing to the uncertainty of the outcome of substitution proceeding and lack of other alternate audit evidence, we are unable to comment about adjustments that may be required to the carrying value of assets and liabilities and their consequential impact on the financial position of the Company as at March 31, 2025 n nWe 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 n
Textual Information(17) NA
Textual Information(18) In case of Sadbhav Udaipur Highway Limited SUDHL or concessionaire, a step down 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 MS 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 substition 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
Textual Information(19) NA
Textual Information(20) NA
Textual Information(21) As detailed in Note No 13 to the accompanying statement, tax credits amounting to Rs 16,050.10 lakhs are included in the consolidated Balance sheet under the Other Current Assets in respect of following step-down subsidiaries.The management is confident about the utilization of the credit as mentioned in Note no 13 to the accompanying statement. n nHowever, at present the Company does not have any business activity nor are we informed about the management plan for taking up other activity. In view of this, we are unable to comment about the utilization of tax credits in foreseeable future. n nIn respect of SVHL and SBGHPL we have qualified our audit opinion on 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. n nThe auditors of SJRRPL and SKEPL have qualified their audit opinion on 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 n n
Textual Information(22) NA
Textual Information(23) GST tax credit receivables amounting to Rs. 16050.10 lakhs 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. The statutory auditors of respective step down subsidiary Companies have expressed qualified opinion on the financial results for the quarter and year ended March 31, 2025 vide their independent audit report
Textual Information(24) NA
Textual Information(25) NA


Signatories detail
Name of CEO / Managing director SHASHIN PATEL
Name of CFO NA
Name of audit committee chairman SHEFALI MANOJBHAI PATEL
Name of statutory auditor Manubhai and Shah LLP
Name of other signatory, if any, with designation Devansh Gandhi, Partner
Place AHMEDABAD
Date 29-May-2025