IRB Infrastructure Developers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017

1. The Company is engaged in the business of road infrastructure development. The Company secures contracts by submitting bids in response to tenders, in terms of which it is required to form Special Purpose Vehicle (“SPV”) companies to execute the awarded projects. These are its subsidiary companies. As at March 31, 2017, it has 14 operational Built Operate Transfer (“BOT”) projects. In so conducting its business, its revenues include income from road infrastructure projects, dividends from its subsidiaries / mutual funds and income.

2. The Company adopted Indian Accounting Standards ("Ind AS") and accordingly the financial results for all periods presented have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. The date of transition to Ind AS is April 1, 2015. The impact of transition has been accounted for in opening reserves and the comparative period results have been restated accordingly.

3. As permitted by paragraph 4 of Ind AS 108, “Operating Segments”, notified under section 133 of the Companies Act, 2013, read together with the relevant rules issued thereunder, if a single financial report contains both consolidated financial statements and the separate financial statements of the parent, segment information need to be presented only on the basis of the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment wise revenue results and capital employed are given in consolidated financial results.

4. The figures of the quarter ended March 31, 2017 and March 31, 2016 are the balancing figure between audited figures of the full financial year ended March 31, 2017 and March 31, 2016 and the unaudited published year to date figures (which were subjected to Limited review by the statutory auditors) upto 3rd quarter of the respective financial years.

5. The audited results for the year ended March 31, 2017 have been reviewed by the Audit Committee at their meeting held on May 30, 2017 and thereafter approved by the Board of Directors at their meeting held on May 30, 2017.

6. Reconciliation between financial results with those previously reported under previous (“GAAP"): (For Table, kindly refer Corporate Announcements on www.bseindia.com)

7. Reconciliation of the Equity with those reported under previous ('GAAP’) is as under: (For Table, kindly refer Corporate Announcements on www.bseindia.com)

8. The Company is the ‘Sponsor' of IRB InvIT Fund (“the Trust”), an Infrastructure Investment Trust registered with SEBI under InvIT Regulations, 2014, as amended. Subsequent to year end, the IRB Group has successfully transferred the investments in six subsidiary companies (IRB Surat Dahisar Tollway Private Limited, IRB Talegaon Amrawati Tollway Private Limited, IDAA Infrastructure Private Limited, IRB Tumkur Chitradurga Tollway Private Limited, IRB Jaipur Deoli Tollway Private Limited and MVR Infrastructure and Tollways Private Limited) for a total consideration of Rs. 117.596.48 lakhs. Pursuant to initial public issue, Company holds 15% units in IRB InvIT Fund. Considering above, the investments are classified as asset held for sale in accordance with Ind AS 105 - Non Current Assets Held for Sale and Discontinuing Operations.

9. For the financial year 2016-17, the Board of Directors at its meeting held on January 25, 2017 and on May 30, 2017 has declared interim dividend of Rs. 2/- and Rs. 3/- respectively, per equity share of face value of Rs. 10 each.

10. Previous period / years’ figures have been regrouped and / or reclassified wherever necessary.

Virendra D. Mhaiskar
Chairman and Managing Director