IRB Infrastructure Developers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019

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 (“subsidiary companies”) to execute the awarded projects. As at March 31, 2019, the Company has 16 road infrastructure projects. In so conducting its business, its revenues include income from road infrastructure projects, dividends from its subsidiaries / mutual funds and other income.

2. As permitted by paragraph 4 of Indian Accounting Standard (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.

3. The audited results for the year ended March 31, 2019 have been reviewed by the Audit Committee at their meeting held on May 28, 2019 and thereafter approved by the Board of Directors at their meeting held on May 28, 2019. The joint statutory auditors have expressed an unqualified audit opinion.

4. The figures of the quarter ended March 31, 2019 and the corresponding quarter ended in the previous year as reported in this financial results are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Also, the figures upto the third quarter had only been reviewed and not subjected to audit.

5. The Employee benefits expense for the quarter ended March 31, 2019 includes reversal of commission payable to directors of Rs. 1,800 lakhs, based on the final approval by the Nomination and Remuneration Committee.

6. In accordance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, the Statutory Auditors of the Company have carried out annual audit of the above results.

7. Effective April 1, 2018, the Company has adopted Ind AS 115 ‘Revenue from contracts with customers’- Based on the assessment done by management, there is no material impact on the revenue recognised during the quarters/year.

8. The MCA vide notification dated October 11, 2018 has amended Schedule III to the Companies Act, 2013 in respect of certain disclosures. The Company has incorporated appropriate changes in the above results.

9. The results of the Company are available for investors at www.irb.co.in, www.nseindia.com and www.bseindia.com.

Virendra D. Mhaiskar
Chairman and Managing Director