5407002025-01-012025-03-315407002025-03-315407002024-03-315407002024-04-012025-03-315407002025-01-012025-03-31in-capmkt:OtherExpenses1Member5407002025-01-012025-03-31in-capmkt:OtherExpenses2Member5407002025-01-012025-03-31in-capmkt:OtherExpenses3Member5407002024-04-012025-03-31in-capmkt:OtherExpenses1Member5407002024-04-012025-03-31in-capmkt:OtherExpenses2Member5407002024-04-012025-03-31in-capmkt:OtherExpenses3Member5407002025-01-012025-03-31AuditorDomain15407002025-01-012025-03-31in-capmkt:AuditedMember5407002025-03-31in-capmkt:AuditedMember5407002025-01-012025-03-31in-capmkt:AdjustedMember5407002025-03-31in-capmkt:AdjustedMember5407002025-01-012025-03-31AuditQualification1iso4217:INRiso4217:INRxbrli:shares540700BRNLNOTLISTEDINE727S01012BHARAT ROAD NETWORK LIMITEDMain BoardEquity2024-04-012025-03-312025-05-132025-05-06INRLakhsQuarterlyFourth quarterSingle segmentSingle Segment operation2025-05-1316:00:002025-05-1318:30:00trueCash Flow IndirectStatement on impact of audit qualification2025-01-012025-03-31AuditedConsolidated472622000597810005324030000001688200011798000179308000403263000611251000-788480000-78848000-7166000-444000-76100000-712380000000-712380007913000-63325000-47516000-13722000-41684000-1164100083950000010-0.85-0.8500-0.85-0.852024-04-012025-03-31AuditedConsolidated27428630002057195000480005800000060072000541413000741438000211682700034597500001340308000013403080000-20972000-209720000136128000000001361280000808700013693670001411160000-498800001417166000-4779900083950000010016.2216.220016.2216.22EPC COST0NHAI PREMIUM0OTHER EXPENCES403263000EPC COST559037000NHAI PREMIUM107752000OTHER EXPENCES1450038000947600004850002506230005516252000130860000098243700000206529900030477360004715170002446600093336410000176981000939000037272000201523700048522000021394540004863554000396000001088090005011963000001434560400083950000024679490003307449000913520000422096900017073140000007077340002415048000141965400000038347020002635773000033491000334910003614774000628403800052830006120000062899330000010124635000143456040005414130000-125120000000000000741438000000000000-2396900000-3231700038960000012530130002593321000015623100009844000-171326000071398600000000000052158800000000000000000000011560300003273000-402712000000000005324820001152942000006106100000-681521000-370247000-215453000-58570000062297200037272000-7883000-8116000-300002900079130008087000AuditedQualified opinionS S Kothari Mehta & Co. LLPtrue2025-08-314800058000539070300034597500004504648000134030800088605500016.2211.951434560400014548390000101246350001100337600033074490002650493000 <br></br> Details of Audit Qualification: <br></br> i.The Holding Company has not recognized interest on Rs. 7,000 lakhs from July 01, 2019 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2025 has been understated by Rs. 220.07 lakhs and profit before tax of the Group for the year ended March 31, 2025 has been overstated by Rs. 892.50 lakhs and the current liabilities as at March 31, 2025 has been understated by Rs. 5,137.38 lakhs. <br></br> <br></br> ii.The Holding Company has not recognized interest on Rs. 19,357.73 lakhs from July 01, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2025 has been understated by Rs. 996.86 lakhs and profit before tax of the Group for the year ended March 31, 2025 has been overstated by Rs. 2,919.57 lakhs and the current liabilities as at March 31, 2025 has been understated by Rs. 2,919.57 lakhs. <br></br> <br></br> iii.Guruvayoor Infrastructure Private Limited (GIPL), a subsidiary of the Holding Company, has not recognized interest on Rs. 9,766.18 lakhs from October 01, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, loss before tax of the Group for the quarter ended March 31, 2025 has been understated by Rs. 361.23 lakhs and profit before tax of the Group for the year ended March 31, 2025 has been overstated by Rs. 730.46 lakhs and the current liabilities as at March 31, 2025 has been understated by Rs. 730.46 lakhs. <br></br> <br></br> iv.Solapur Tollways Private Limited (STPL), a subsidiary of the Holding Company till December 20, 2024, has not recognized interest on borrowings availed by STPL from July 1, 2024 onwards which is not in compliance of Ind AS 1 Presentation of Financial Statements read with Ind AS 109 Financial Instruments. Due to this, finance cost for the year ended March 31, 2025 has been understated by Rs. 5,906.45 lakhs and Gain on cessation of control on Subsidiary for the year ended March 31, 2025 has been understated by Rs. 5,906.45 lakhs. Due to this, impact on the profit before tax for the year ended March 31, 2025 is Nil. As the Holding Company ceased control over STPL w.e.f December 20, 2024, there is no impact for the quarter ended March 31, 2025. <br></br> Qualified opinionRepetitiveFor Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: <br></br> i. The Company had received an amount of Rs.7,000 lakhs from IL&FS group-IL & FS Financial Services Ltd. (IL & FS) in the FY 2016-17. The Company also has a receivable of Rs 11,419 lakhs from IL & FS group -IL & FS Transportation Networks Limited (ITNL). <br></br> Pursuant to the directions passed by Honble National Company Law Appellate Tribunal, at New Delhi for restructuring the IL&FS group, all the entities belonging to the group are treated as a single entity and not restructured separately. <br></br> <br></br> The Company, as such, has put on hold the Interest and Principal payment since September 30, 2018. The Company has not provided Interest from July 01, 2019 onwards, pending the settlement of dispute. An application has been filed against the Company by IL & FS before the Hon'ble National Company Law Tribunal (NCLT), Kolkata claiming their dues , against which the Company has initiated appropriate measures for set off of this payable and recovery of the balance amount. <br></br> <br></br> ii. The Company has availed financial assistance from one of the Lenders amounting to Rs. 19,357.73 lakhs and the same was repayable on March 31, 2025. Total interest accrued in books of accounts amounts to Rs. 12,015.55 lakhs till June 30, 2024. Interest amounting to Rs. 2,919.57 lakhs have not been provided from July 01, 2024 onwards. Company has defaulted in repayment of principal and interest due on March 31, 2025. The Company is currently in discussions with the lender regarding the potential restructuring / resolution of this financial support. The Company is hopeful of a positive outcome in this regard. Considering these, interest has not been recognised from July 01, 2024 onwards and repayments have been put on hold. <br></br> <br></br> iii. In case of Subsidiary Company, Guruvayoor Infrastructure Pvt. Ltd. (GIPL) has availed financial assistance from one of the Lenders and is currently in discussion with them regarding the potential restructuring of this financial support. GIPL is hopeful of a positive outcome in this regard. Considering this development, interest amounting to Rs 730.46 Lakhs has not been provided from October 01,2024 onwards. <br></br> <br></br> iv. Solapur Tollways Private Limited (STPL) has received a notice from Union Bank of India, Lead banker from the Consortium of Senior Lenders / Bankers on February 02, 2024, regarding a petition filed under section 7 of Insolvency and Bankruptcy Code, 2016 ('IBC') before the Honble National Company Law Tribunal - Kolkata Bench (NCLT-Kolkata), alleging default in payment of dues and seeking initiation of Corporate Insolvency Resolution Process (CIRP) against STPL. Similar petition by Srei Equipment Finance Limited, who has provided Sponsor debt under the Sponsor Support Undertaking to the Senior Lenders is pending before NCLT-Kolkata, citing default in payment of their dues. As such, STPL has not recognised interest on Borrowings from July 01, 2024 onwards. Pursuant to initiation of CIRP, vide NCLT-Kolkata Order dated December 20, 2024, STPL ceased to be a subsidiary of the Company. <br></br> <br></br> NANANABajrang Kumar ChoudharyManisha ChandaliaSantanu RayS S Kothari Mehta & Co. LLPNAKolkata2025-05-13