5415462025-01-012025-03-315415462025-03-315415462024-03-315415462024-04-012025-03-315415462025-01-012025-03-31in-capmkt:OtherExpenses1Member5415462025-01-012025-03-31in-capmkt:OtherExpenses2Member5415462024-04-012025-03-31in-capmkt:OtherExpenses1Member5415462024-04-012025-03-31in-capmkt:OtherExpenses2Member5415462025-01-012025-03-31ItemsThatWillBeReclassifiedToProfitAndLoss15415462024-04-012025-03-31ItemsThatWillBeReclassifiedToProfitAndLoss15415462025-01-012025-03-31AuditorDomain15415462025-01-012025-03-31in-capmkt:AuditedMember5415462025-03-31in-capmkt:AuditedMember5415462025-01-012025-03-31in-capmkt:AdjustedMember5415462025-03-31in-capmkt:AdjustedMember5415462025-01-012025-03-31AuditQualification15415462025-01-012025-03-31AuditQualification25415462025-01-012025-03-31AuditQualification35415462025-01-012025-03-31AuditQualification45415462025-01-012025-03-31AuditQualification5iso4217:INRiso4217:INRxbrli:shares541546GAYAHWSNOTLISTEDINE287Z01012GAYATRI HIGHWAYS LIMITEDMain BoardEquity2024-04-012025-03-312025-05-272025-05-03INRLakhsQuarterlyFourth quarterSingle segmentConstruction, invest, operations and maintenance of roads, highways, vehicle bridges and tunnels and toll roads on BOT, BOOT, BOLT, EPC basis or in any manner2025-05-2712:32:002025-05-2717:10:00trueCash Flow IndirectStatement on impact of audit qualification2025-01-012025-03-31AuditedConsolidated11800000806800019868000000829000377320001480003175800070467000-505990000-505990000000-505990001337936300001337936300014425900013473023000-12910001347173200013473023000013471732000047930400020.390.3955.8355.8356.2256.22Refer the published results available in BSE and NSE for full details.2024-04-012025-03-31AuditedConsolidated56902000201764000258666000000113300015093000066900010298100025571300029530000295300000002953000112542270000112542270003240300011289583000-1291000112882920001128958300001128829200004793040002-67387040000.140.1446.9646.9647.147.1Operating & Maintenance Expenses13016000Other expenses18742000Operating & Maintenance Expenses53598000Other expenses49383000869000030900000000914336000000914336000009155140000023128000203730000026421700073580380007849113000108710001837100078783550001207761000010001630000479304000-6738704000-62594000000-6259400000303537500000003035375000109370000056607520008707064000117466300003279000032790000632785200075353050001843300022800000755396600000162610300001000163000022745200000-16806000099159230000021120000147930000-2170866200006690000024250000000211110000000112853390000017492020001752155000000239300001749762000000000000000000000000000000000-32403000-32403000000000000000161430200000-1614302000103057000010305700010067300020373000000Remeasurements of the defined benefit plans-1291000-1291000Remeasurements of the defined benefit plans-1291000-129100000-1291000-1291000AuditedQualified opinionM/s. PRSV & Co LLPtrue2027-09-30258666000258666000255713000370393000112882920001078755600047.145.011000163000096155740001626103000016375710000-6259400000-6760136000The Holding Company has written back Zero Interest Sub-ordinate Loan (ZISL) payable to Gayatri Projects Limited (GPL) of Rs. 17,887.51 Lakhs during the financial year 2022-23 which has been subject to confirmation from GPL. In the absence of balance confirmation, we are unable to comment upon the aforesaid write back and the carrying value of the payable as at 31 March 2025 or any adjustments required to and the consequent impact if any, on the financial statements had the confirmation been received from the GPL. Further, the Company did not get the confirmation of loan balance from GPL for non-interest-bearing loan amount due to them of Rs. 7,403.47 as GPL is under IBC.Qualified opinionRepetitiveNot ApplicableThe Management is not in a position to quantify the impact of audit qualification at this point of time.As per the terms of the MOU dated 20.03.2019 between the parties, the ZISL is no more payable to Gayatri Projects Limited and hence the company has written back the ZISL. Management is unable to estimate the impact due to the non-confirmation of balances by GPL. The management further informed that GPL is in NCLT under IBC.No further commentsThe Holding Company has defaulted in repayment of outstanding term loan of Rs. 3,822.65 Lakhs and outstanding accumulated interest of Rs. 1,193.21 Lakhs (Interest was recognized in the financial statements till 31 March 2023) payable to IL&FS Financial Services Limited. The company has been calculating and recognizing interest only on the defaulted principle of 3,822.65 Lakhs as per the existing loan agreement since the Company has not received balance confirmation from the said lender. In the absence of balance confirmation, we are unable to comment on the carrying value of term loan principle and outstanding interest as at 31 March 2025 or any adjustment required to and the consequent impact if any on the financial statements had the confirmations been received from the lender.Qualified opinionRepetitiveNot ApplicableThe Management is not in a position to quantify the impact of audit qualification at this point of time.Management is unable to estimate the impact due to the Company has requested for confirmation of balances and is yet to be received.No further commentsThe Holding Company did not provide interest on the outstanding term loan of Rs. 3,822.65 Lakhs due to IL&FS Financial Services Limited for the period 01 April 2023 to 31 March 2025. The Companys records indicate that, had management provided interest for the period 01 April 2023 to 31 March 2025, the cumulative loss and the corresponding liability would have been increased by Rs. 1,146.80 Lakhs and total equity would have been reduced by Rs. 1,146.80 Lakhs calculated on interest of 15% p.a.Qualified opinionRepetitiveThe Lender has already claimed the amounts from the Guarantor M/s.Gayatri Projects Limited. Further the lender has already submitted the claim to NCLT under IBC, 2016 against the Guarantor namely M/s.Gayatri Projects Limited and NCLT has admitted and appointed CIRP. As the matter is under dispute, the Company did not provide interest for the said period.Not ApplicableNot ApplicableNo further commentsa. The Holding Company has advanced loans including interest till 31 March 2025 of Rs. 2,642.17 lakhs. Further it has to receive an amount of Rs.83.52 lakhs towards receivable for deputation. All these amounts aggregate to Rs. 2,725.69 lakhs in Cyberabad Expressways Limited (CEL), a jointly controlled entity. <br></br> As per the audited financial statements of the CEL as on 31 March 2025, the negative net worth stood at 11,513.94 lakhs. Consequent to the erosion in the net worth of CEL, the exposure of the Company to the extent of 2,725.69 lakhs is required to be impaired fully. IndAS 36 requires the company to provide for impairment in the value of investments and other financial assets by providing for the amount of impairment in the Profit & Loss Account. <br></br> b. The Holding Company has invested Rs. 2,429.51 lakhs (including accumulated share of profit as per equity method Rs. 848.15 lakhs) as equity (50% share in equity) and Rs. 20.88 lakhs towards receivable for deputation aggregating to Rs. 2,450.39 lakhs in Hyderabad Expressways Limited (HEL), a jointly controlled entity. <br></br> As per the audited financial statements of the HEL as on 31 March 2025, the positive net worth stood at Rs. 7,745.55 lakhs including a loan of Rs. 5,114.52 lakhs advanced to CEL. As per the above paragraph, CEL has a negative net-worth of Rs. 11,513.95 lakhs as on 31 March 2025. Continuing for the reasons stated in the above paragraph, the loan advanced by HEL is in our opinion, doubtful of recovery resulting in reduction of net-worth of HEL to Rs. 2,631.03 lakhs. The Company owns 50% of the equity share capital of HEL and hence the Company share of net-worth in HEL works out to Rs. 1,315.52 lakhs vis--vis the exposure of Rs. 2,450.39 lakhs. This result in impairment to an extent of Rs. 1,134.87 lakhs from out of the investments made in HEL and Receivables due. Ind AS 36 requires the company to provide for this impairment in the value of investments and other financial assets by providing for the amount of impairment in the Profit & Loss Account. <br></br> Since the holding company has not impaired the cost of investments, debentures, loans granted to jointly controlled entities and trade receivables to an extent of Rs. 2,725.69 lakhs to CEL and Rs.1,134.87 lakhs to HEL in its books, the Loss for the year and other Comprehensive Income are understated by the said amount. The Other Equity in the balance sheet is overstated by Rs. 3,860.56 lakhs. Our conclusion on the statement is qualified in respect of the above matters. <br></br> Qualified opinionWhether appeared first timeThere is an income receivable by Cyberabad Expressways Limited (CEL) due from the Government of Telangana/HGCL/HMDA. The company has won the case in Arbitration, Commercial court and two additional cases in Honble High Court of Telangana. Eventhough Section 37 petition is pending in Honble High Court of Telangana, the company is insisting the payment of dues through an Executive Petition in Commercial Court which is pending. The Company further informed that it is confident of winning the case and receive the amount of Rs. 400 Crores (approx.) from the Government of Telangana/HGCL/HMDA. But as there is still an opportunity to the government to further escalate the case in higher legal forums like High Court or Supreme Court, CEL, a Jointly controlled Entity, has not recognized the income as the receipt of funds is contingent in nature. Accordingly, the management has not impaired its cost of investments, loans and receivables from CEL and also from HEL.Not ApplicableNot ApplicableNo further commentsWe were informed that the Holding Company did not receive the audited financial statements of Indore Dewas Tollways Limited (IDTL), which is a material subsidiary of the Holding Company for the quarter and year ended 31 March 2025 for the reasons stated there under. We were informed that the honble NCLT bench at Hyderabad had admitted IDTL into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 (as amended) and appointed Interim Resolution Professional (IRP). Further, a liquidator has been appointed for liquidation of IDTL. In this regard, we were informed that the Holding Company has compiled the financials results of IDTL for the year ended 31 March 2025 that were included in the statement by adopting the following procedure. <br></br> <br></br> For the period 01st April 2023 to 30th October 2023, based on books of accounts and for the period 31st October 2023 to 31st March 2025, as nil transactions. <br></br> <br></br> In the absence of the consolidation of subsidiary for the full year, we are unable to determine the effects on the consolidated financial statements of the failure to consolidate the subsidiary for the full year.Qualified opinionRepetitiveNot ApplicableNot ApplicableThe honble NCLT bench at Hyderabad had admitted IDTL into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 (as amended) and appointed Interim Resolution Professional (IRP) with effect from 31st October, 2023. We have pursued the IRP of IDTL to provide the annual accounts for the financial year 2023-24, but we have not received any information or response from him. Hence we have prepared the consolidated accounts based on the available information from 1st April 2023 to 30th October 2023. Further a liquidator has been appointed for liquidation of IDTL.No further commentsK.G.NaiduP.K.SahooM.V.Narasimha RaoY.VenkateswarluHyderabad2025-05-27