Standalone Balance Sheet
as at March 31, 2024
(H in crore)
Particulars Notes March 31, 2024 March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment 3 28.38 3.81
Capital work-in-progress 3 5.32 46.49
Intangible assets 4 49.09 -
Intangible assets under development 4 2.06 -
Right of use assets 5 137.11 3.62
Financial assets
Investments 6 74,423.56 47,404.58
Loans 7 2,160.04 1,371.62
Other financial assets 8 191.81 37.16
Income tax assets (net) 9 37.24 27.45
Deferred tax assets (net) 19 102.87 107.28
Other non-current assets 10 39.06 21.25
77,176.54 49,023.26
Current assets
Inventories 11 2.40 -
Financial assets
Investments 6 67.12 445.45
Trade receivables 12 143.42 96.69
Cash and cash equivalents 13(a) 30.84 2,498.56
Bank balances other than cash and cash equivalents 13(b) 9.86 9.87
Loans 7 237.44 147.82
Other financial assets 8 121.86 275.90
Other current assets 10 81.30 50.46
694.24 3,524.75
Total assets 77,870.78 52,548.01
EQUITY AND LIABILITIES
Equity
Equity share capital 14 603.59 603.59
Equity share capital pending issuance 14 341.06 341.06
Other equity 15 52,693.72 33,394.68
Total equity 53,638.37 34,339.33
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 16 7,506.46 4,427.82
Lease liabilities 42 126.52 3.71
Other financial liabilities 17 1,084.13 275.50
Provisions 18 1.64 5.15
Deferred tax liabilities (net) 19 14,980.28 9,205.95
Other non current liabilities 21 0.15 20.67
23,699.18 13,938.80
Current liabilities
Financial liabilities
Borrowings 16 181.42 3,303.38
Lease liabilities 42 19.00 0.07
Trade payables 20
(a) Total outstanding dues of micro enterprises and small enterprises 17.88 6.16
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises 83.54 112.20
Other financial liabilities 17 166.67 762.91
Other current liabilities 21 52.13 75.29
Provisions 18 12.59 9.87
533.23 4,269.88
Total liabilities 24,232.41 18,208.68
Total equity and liabilities 77,870.78 52,548.01
Summary of material accounting policy information 2.2
The accompanying notes are an integral part of the standalone financial statements
This is the standalone balance sheet referred to in our report of even date
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Anamitra Das G. M. Rao Grandhi Kiran Kumar
Partner Chairman Managing Director and Chief Executive Officer
Membership number: 062191 DIN: 00574243 DIN: 00061669
Saurabh Chawla Venkat Ramana Tangirala
Chief Financial Officer Company Secretary
Membership Number: A13979
Place: New Delhi Place: New Delhi
Date: August 13, 2024 Date: August 13, 2024
284 28th Annual Report 2023-24
Corporate Statutory Financial Notice
Overview Reports Statements
Standalone Statement of Profit and Loss
for the year ended March 31, 2024
(H in crore)
For the year ended For the year ended
Particulars Notes
March 31, 2024 March 31, 2023
Income
Revenue from operations 22 822.17 623.25
Other income 23 14.87 220.22
Total income 837.04 843.47
Expenses
Revenue share paid/payable to concessionaire grantors 94.09 3.09
Cost of improvement to concession assets 49.93 -
Purchases of stock in trade 24 4.86 4.68
Changes in inventories of stock in trade 25 (2.40) -
Sub-contracting expenses 104.25 81.38
Employee benefits expense 26 82.38 56.19
Other expenses 29 141.85 227.00
Total expenses 474.96 372.34
Earnings before finance cost, tax, depreciation and amortisation expenses (EBITDA) 362.08 471.13
and exceptional items
Finance costs 27 881.84 1,007.63
Depreciation and amortisation expense 28 12.75 2.14
Loss before exceptional items and tax (532.51) (538.64)
Exceptional items loss (net) 30 (4.80) (645.77)
Loss before tax (537.31) (1,184.41)
Tax expense 31
Current tax 0.15 (1.83)
Deferred tax 4.41 (0.02)
Total tax expense 4.56 (1.85)
Loss for the year (541.87) (1,182.56)
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement gain/ (loss) on defined benefit plans 0.05 (0.61)
Income tax effect 0.01 0.10
Total 0.06 (0.51)
Changes in fair value of equity investments at fair value through other comprehensive 25,617.18 22,827.98
income ('FVTOCI')
Income tax effect of these items (5,774.32) (5,012.53)
Total 19,842.86 17,815.45
Total other comprehensive income for the year, net of tax 19,842.92 17,814.94
Total comprehensive income for the year 19,301.05 16,632.38
Earnings per equity share 32
Basic (per equity share of H 1 each) (0.57) (1.25)
Diluted (per equity share of H 1 each) (0.57) (1.25)
Summary of material accounting policy information 2.2
The accompanying notes are an integral part of the standalone financial statements
This is the standalone statement of profit and loss referred to in our report of even date
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Anamitra Das G. M. Rao Grandhi Kiran Kumar
Partner Chairman Managing Director and Chief Executive Officer
Membership number: 062191 DIN: 00574243 DIN: 00061669
Saurabh Chawla Venkat Ramana Tangirala
Chief Financial Officer Company Secretary
Membership Number: A13979
Place: New Delhi Place: New Delhi
Date: August 13, 2024 Date: August 13, 2024
28th Annual Report 2023-24 285
Standalone Statement of Cash Flows
for the year ended March 31, 2024
(H in crore)
Particulars March 31, 2024 March 31, 2023
Cash flow from operating activities
Loss before tax (537.31) (1,184.41)
(537.31) (1,184.41)
Adjustments for
Depreciation and amortisation expense 12.75 2.14
Fair value (gain) on financial instruments at fair value through profit and loss (10.24) (3.16)
Exceptional items 4.80 645.77
Provision for doubtful debts and loans 0.30 0.25
Loss/(gain) on account of foreign exchange fluctuation (unrealised) 2.44 (184.11)
Gain on disposal of assets (net) - (0.21)
Provision/ liabilities no longer required, written back (9.25) (3.95)
Provision reversal against contingent assets - (9.28)
Deferred income on financial assets carried at fair value through profit and Loss (1.52) (0.63)
Profit on sale of current investments (20.09) (6.86)
Finance income (including finance income on finance asset measured at amortised cost) (162.21) (293.88)
Finance costs 881.84 1,007.63
Operating profit/ (loss) before working capital changes 161.51 (30.70)
Working capital adjustments
Change in inventories (2.40) -
Change in trade receivables (48.22) (17.45)
Change in other financial assets 61.03 (93.52)
Change in other assets (49.89) 41.21
Change in trade payables (14.72) 45.86
Change in other financial liabilities (46.10) (43.62)
Change in provisions (0.71) (1.08)
Change in other liabilities (43.65) 31.56
Cash from/(used) in operations 16.85 (67.74)
Income tax (paid)/ refund (net) (9.94) 69.50
Net cash flow generated from operating activities 6.91 1.76
Cash flow from investing activities
Purchase of property, plant and equipment (net of sale and including capital work-in- (39.84) (41.28)
progress)
Additional investment in equity shares of subsidiaries and joint venture (1,217.27) (205.32)
Investment in compulsorily convertible debentures of subsidiaries - (100.00)
Investment in optionally convertible preference shares (0.10) (0.10)
Purchase of current investments (3,907.39) (1,584.58)
Sale of current investments 4,306.58 1,158.87
Redemption of investment in optionally convertible debentures 100.00 1,073.60
Purchase of non-current investments (including advances paid) - (15.00)
Advance consideration received against investment 300.00 100.00
Purchase consideration for other Investments (8.00) -
Movement in bank deposit (having original maturity of more than three month) (net) 0.01 5.02
Loans given to group companies (1,207.27) (607.07)
Loans repaid by group companies 317.56 368.06
Interest received 79.99 57.29
Net cash flow (used in)/ generated from investing activities (1,275.73) 209.49
286 28th Annual Report 2023-24
Corporate Statutory Financial Notice
Overview Reports Statements
Standalone Statement of Cash Flows
for the year ended March 31, 2024
(H in crore)
Particulars March 31, 2024 March 31, 2023
Cash flow from financing activities
Proceeds from non-current borrowings 5,000.00 4,421.77
Repayment of non-current borrowings (including current maturities) (5,062.10) (1,427.90)
Repayment of working capital facility - (50.00)
Processing fees paid (78.83) (145.91)
Repayment of interest on lease liabilities (1.00) (0.52)
Repayment of principal on lease liabilities (2.64) (0.36)
Finance costs paid (1,016.56) (685.43)
Net cash flow (used in)/ generated from financing activities (1,161.13) 2,111.65
Net (decrease)/ increase in cash and cash equivalents (2,429.95) 2,322.90
Cash and cash equivalents at the beginning of the year 2,460.57 137.67
Cash and cash equivalents at the end of the year 30.62 2,460.57
(H in crore)
Particulars March 31, 2024 March 31, 2023
Component of cash and cash equivalents
Cash on hand 0.14 0.01
Cheques on hand - 11.45
Balances with banks: -
– On current accounts 25.80 97.55
Deposits with original maturity of less than three months 4.90 2,389.55
30.84 2,498.56
Less: Cash credit and overdraft from bank (0.22) (37.99)
30.62 2,460.57
Summary of material accounting policy information 2.2
The accompanying notes are an integral part of the standalone financial statements
This is the standalone statement of cash flows referred to in our report of even date
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Anamitra Das G. M. Rao Grandhi Kiran Kumar
Partner Chairman Managing Director and Chief Executive Officer
Membership number: 062191 DIN: 00574243 DIN: 00061669
Saurabh Chawla Venkat Ramana Tangirala
Chief Financial Officer Company Secretary
Membership Number: A13979
Place: New Delhi Place: New Delhi
Date: August 13, 2024 Date: August 13, 2024
28th Annual Report 2023-24 287
