sign in sign up
<<
Home , Ircon International, Setu Bharatam

CONTENTS

Board of Director………………………………………………………………………………………………...... 3 Chairman’s Address………………………………………………………………………………………………..... 5-6 Directors’ Report...... 7-31 Report on CSR & Sustainability Activities...... 32-37 Management Discussion and Analysis Report...... 38-43 Corporate Governance Report...... 44-64 Secretarial Audit Report...... 65-68 Extract of Annual Return (Form No.MGT-9)...... 69-76 Related Party Transactions (Form No.AOC-2)...... 77-79 Annexure to Director’s Report...... 80-81 Awards and Certificates...... 82-83 Financial Highlights of Ircon...... 84 Standalone Financial Statements Auditor’s Report...... 86-95 Balance Sheet...... 96-97 Statement of Profit & Loss...... 98 Cash Flow Statement...... 99 Statement of Changes in Equity...... 100-101 Notes of Financial Statements – Notes 1 to 55...... 102-191 C & AG Comments...... 192 Consolidated Financial Statements Form AOC-1 (Statement containing salient features of the Financial Statement of subsidiaries/ associate companies/joint ventures...... 194-195 Auditors’ Report...... 196-202 Balance Sheet...... 203-204 Statement of Profit & Loss...... 205-206 Cash Flow Statement...... 207-208 Statement of changes in equity...... 209-210 Notes to Financial Statements – Notes 1 to 58...... 211-294 C & AG Comments...... 295-296

ANNUAL REPORT 2016-17 1

BOARD OF DIRECTORS Chairman & Managing Director

S. K. Chaudhary (w.e.f. 29.10.2016) Whole-time Directors

M.K. Singh Deepak Sabhlok Hitesh Khanna Director Finance Director Projects Director Works (w.e.f. 01.05.2016) Part-Time (Official) Directors

Rajiv Chaudhry S. C. Jain (w.e.f. 17.11.2016) (w.e.f. 03.01.2017) Independent Directors

S. K. Singh Avineesh Matta Prof. Vasudha V. Kamat Dr. C.B. Venkataramana (w.e.f. 05.04.2016) (w.e.f. 08.04.2016) (w.e.f. 22.04.2016) (w.e.f. 28.09.2017)

ANNUAL REPORT 2016-17 3 Registered Office C-4, District Centre, Saket, -110017 Tel.: +91-11-29565666, Fax : +91-11-26522000 / 26854000 E-mail: [email protected] Website: www.ircon.org CIN: U45203DL1976GOI008171

Company Secretary Statutory Auditors Sumita Sharma M/s. K. G. Somani & Co. Chartered Accountants

Cost Auditor Secretarial Auditor M/s. Chandra Wadhwa & Co. M/s. Vishal Agarwal & Associates Cost Accountants Company Secretaries Main Bankers Indian Overseas Bank State Bank of HDFC Bank

Corporate Office Building of Ircon at Saket, New Delhi

4 ANNUAL REPORT 2016-17 CHAIRMAN’S ADDRESS

Distinguished Shareholders, amounting to Rs. 97.25 crore which is 278% of the paid up share capital, including proportionate dividend on It is a great pleasure and privilege for me to welcome you enhanced share capital. Thus, the total dividend for 2016- all on the occasion of 41st Annual General Meeting of your 17 would sum up to Rs. 192.40 crore which is 550% of the Company. The year has witnessed improvement in the paid-up share capital and 52.15% of the post-tax profits. performance of your Company than that of the previous After the proposed final dividend, the accumulated year which can be gauged from the audited annual dividend to shareholders would amount to Rs. 1299.91 accounts and other related reports for the year ended 31st crore against the seed capital of Rs.5 crore (approx.). March 2017 which are before you. The Company also proposes to buy-back its own shares I would like to highlight some salient features. from the existing shareholders, on proportionate basis, up to 5% of net worth amounting to Rs. 3822.21 crore in accordance with letter dated 23rd August 2017 from Financial Profile Department of Investment and Public Asset Management (DIPAM). The operating income of your Company has registered an increase of 24% from Rs. 2419 crore in 2015-16 to Rs. 2995 Listing of the shares of your company is also on the anvil, crore in 2016-17, though profit before tax has decreased and for this purpose due diligence process and other by 12% from Rs. 602 crore to Rs. 532 crore during the formalities are underway through Legal Advisers and corresponding period. Indian projects have contributed BRLMs appointed by DIPAM. 90% to the total income of Rs. 3254 crore.

Operational Profile Your Company has allotted bonus shares in January 2017 in the ratio of 4:1 i.e. four bonus (equity) shares for every one equity share held by the shareholders thereby During 2016-17, your Company completed four projects, increasing the paid-up capital from Rs. 19.796 crore to Rs. two in India and one each in Bhutan and Bangladesh. Your 98.98 crore. Company is having pan India presence through more than 25 projects across various states of India. In addition, the Company is executing projects in Bangladesh, Algeria, and The Company has already paid total interim dividend of South Africa. Rs. 95.15 crore. The Company now proposes final dividend

ANNUAL REPORT 2016-17 5 The product mix of your company is varied and includes Corporate Governance, CSR and Sustainability signaling projects, electrical sub-stations, road over bridges, buildings, road projects from NHAI, apart from Your Company is committed to good governance, and railway projects of track laying, upgradation, doubling, complies with the requirements of corporate governance railway sidings, coal connectivity projects, re- under the DPE Corporate Governance Guidelines, and development of stations, etc. other legal requirements.

The mode of execution of some of these projects is EPC During the year, your Company has spent an amount of Rs. whereas road projects from NHAI are being executed 5.89 crore towards Corporate Social Responsibility (CSR) through wholly owned subsidiary companies (WOS) initiatives. The CSR initiatives, aimed at conducting formed for this purpose, and coal connectivity projects are business in a sustainable manner, broadly comprise of being executed through joint venture companies formed activities in the field of health, sanitation, education, as a strategic alliance with other PSUs, Ircon’s equity stake employment enhancing education including education for in such JVs being 26%. differently abled, environment, infrastructure development, etc. I feel delighted to share that Ministry of Railways has recently assigned a very challenging task of raising speed To keep pace with new developments in the area of CSR, of existing New Delhi to Howrah route to 160/ 200 km per your Company has revised its CSR and Sustainability policy hour so as to reduce the time taken to travel between in May 2017. these two destinations to 12 hours. Acknowledgement: Subsidiary and Joint Venture Companies Before I conclude, I must express my sincere thanks to our Ircon had four subsidiary companies viz. IrconISL, IRSDC, esteemed shareholders, my colleagues on the Board of st IrconPBTL, and IrconSGTL as on 31 March 2017. After the Directors, and to the Members and Officers of the Railway close of the year, one wholly owned subsidiary (WOS) Board, for their valuable support, advice, and cooperation. th company by the name IrconDHHL got incorporated on 11 I would like to record my gratitude to our esteemed clients May 2017, whereas IRSDC ceased to be a subsidiary both in India and abroad for their continued trust and company after transfer of 1% equity stake (out of 51% held confidence. I also place on record my appreciation of the by IRCON) to RLDA. The present status of IRSDC is joint good work done by all the employees of the Company. venture company having 50:50 equity participation by IRCON and RLDA. An organization has to be alert and keep re-orienting itself to meet the future demands. Therefore, it is said that “it is Your Company also holds 50% equity stake in ISTPL, not where we stand that’s important, but in what direction another joint venture company with Soma Enterprise we are moving”. I am confident that IRCON with its Limited. Your Company also holds 26% equity stake in five progressive approach, perspective, and action will other joint venture companies viz. CERL, CEWRL, MCRL, endeavor to reach highest echelons of glory and success. JCRL, and BRPL, incorporated mainly for coal connectivity projects in the States of , , . (S.K. Chaudhary) During the year, Ircon transferred its entire shareholding of Chairman & Managing Director 25% in the only joint venture company in Mozambique, (DIN: 00515672) CCFB, to Government of Mozambique in terms of st Settlement Agreement executed in 21 October 2015. Date: 28th September 2017 Place: New Delhi

6 ANNUAL REPORT 2016-17 DIRECTORS’ REPORT

DISTINGUISHED SHAREHOLDERS * Includes interim dividend of Rs. 95.15 crore for 2016-17 paid during the financial year 2016-17 and final dividend The Directors of your Company have pleasure in of Rs. 97.25 crore for 2016-17 which shall be paid in the presenting their 41st Report on the affairs of the Company year of its approval by AGM as per IndAS. for the financial year 2016-17. Operating income from domestic projects increased PERFORMANCE HIGHLIGHTS by 33% from Rs. 2009 crore in 2015-16 to Rs. 2668 During the financial year 2016-17, your Company achieved crore in 2016-17. On the international front, a total operating income of Rs. 2994.80 crore and profit operating income decreased by 20% from Rs. 409 before tax of Rs. 531.72 crore as compared to operating crore in 2015-16 to Rs. 327 crore in 2016-17. income of Rs. 2418.51 crore and profit before tax of Rs. B. Foreign Exchange Earnings and Outgo 602.36 crore achieved during the previous financial year. The Company has earned a foreign exchange of Rs. The total turnover of your Company has increased by 14% 265 crore during 2016-17 as compared to Rs. 550 and the operating turnover has registered an increase of crore earned during 2015-16. The foreign exchange 24%. However, the profit before tax has reduced by 12% outgo stood at Rs. 241 crore during 2016-17 as and profit after tax has declined by 7% on account of compared to Rs. 491 crore during 2015-16. Thus, the substantial income recognized on settlement agreement net foreign exchange earnings have decreased by with Government of Mozambique during 2015-16. 59% from Rs. 59 crore in 2015-16 to Rs. 24 crore in FINANCIAL HIGHLIGHTS 2016-17 due to reduction in operating turnover from foreign projects. Some important indicators of financial performance of the Company for the year 2016-17 vis-à-vis 2015-16 are given C. Dividend below: The Board of Directors (BoD) had declared an interim A. Financial Performance Indicators: dividend of Rs. 79.059 crore (approx.) i.e. 226% on the paid-up share capital of Rs. 19.796 crore (for full (Rs. in crore) year) and proportionately on the bonus share capital Sl. Particulars 2016-17 2015-16 Increase / of Rs. 79.184 crore (for 70 days) in January 2017. The No. (Decrease) said interim dividend was paid to all the shareholders [in %] in February 2017.

1. Total income / 3254 2860 14 The BoD had declared an additional interim dividend turnover (over and above the interim dividend) of Rs. 16.092 2. Total Operating 2995 2419 24% crore i.e. 46% on the paid-up share capital of Rs. income/turnover 19.796 crore (for full year) and proportionately on the bonus share capital of Rs. 79.184 crore (for 70 3. Operating income 327 409 (20%) days) in March 2017. This additional interim dividend from Foreign Projects was paid to the shareholders in March 2017. 4. Operating income from Indian Projects 2668 2010 33% The BoD has recommended final dividend (over and above the interim dividend and the additional 5. Profit before tax 532 602 (12%) interim dividend) of Rs. 97.25 crore i.e. 278 % on the 6. Profit after tax 369 395 (7%) paid-up share capital of Rs. 19.796 crore (for full year) and proportionately on the bonus share capital of Rs. 7. Net worth 3828 3667 4% 79.184 crore (for 70 days), for declaration by the 8. Dividend 192.40* 168.26 14% shareholders.

ANNUAL REPORT 2016-17 7 With this, the total dividend for the year 2016-17 shareholders in the AGM held on 28th September would sum up to Rs. 192.40 crore i.e. 550 % of paid- 2016. Consequently, the paid-up share capital of the up share capital) which works out to 52.15 % of the Company stands increased from Rs. 19.796 crore to post-tax profits of Rs. 369 crore (approx.). After Rs. 98.98 crore w.e.f. 5th January 2017. approval and payment of the proposed dividend, the cumulative dividend to shareholders up to 2016-17 F. Listing of Shares will stand at Rs. 1299.91 crore. The announced listing of shares D. Appropriations/ Tax Provisions/ Reserves of the Company in the budget for 2017-18. Accordingly, Department of Investment and Public (Rs. in crore) Asset Management (DIPAM), Ministry of Finance, has appointed M/s. Crawford Bayley & Co. along with Sl. Particulars 2016-17 2015-16 their International consortium partner M/s. Hogan No. Lovells as Legal Advisors and IDBI Capital Markets & 1 Interim Dividend (including 95.15 79.18 Securities Limited, SBI Capital Markets Limited, and additional interim dividend) Axis Capital Limited as Book Running Lead Managers 2 Dividend declared and paid 89.08* 102.94** (BRLM) for disinvestment of paid-up equity share capital of the Company through Initial Public Offering 3 Tax on Interim Dividend 19.37 16.12 (IPO) of shares by the Promoters (i.e. Government of 4 Tax on dividend declared 18.14* 20.96** India). and paid * Pertains to 2015-16 paid in 2016-17 Your Company was earlier listed in 1992 at Delhi Stock Exchange (DSE) from 18th August 1992 and ** Pertains to 2014-15 paid in 2015-16 (BSE) from 16th October 1992, consequent upon disinvestment of 0.27% of E. Increase in Share capital the total paid-up share capital of Company in May 1. Authorised Share Capital 1992. However, the Company got delisted at the instance of Ministry of Railways from BSE w.e.f. 3rd Your Company had increased its authorized share November 2011 and from DSE w.e.f. 15th March capital from Rs. 25 crore to Rs. 100 crore after 2012. The shares of the Company were neither approval by the shareholders in the Annual General traded nor quoted during earlier listing. Meeting (AGM) held on 22nd December 2015. The said increase in authorised share capital received ORDER BOOK assent from the President of India (through The Company secured works worth Rs. 6,030 crore during administrative ministry) on 13th April 2016. the year 2016-17. The work load as on 31st March 2017 After the close of the year, the authorized share stood at Rs. 18,878 crore as compared to Rs. 17,569 crore capital has been further increased from Rs. 100 crore as on 31st March 2016. The work load as on 30th June to Rs. 400 crore in terms of approval by the 2017 is Rs. 20,010 crore (approx.). shareholders at the Extra-ordinary General Meeting OPERATIONAL PERFORMANCE held on 22nd May 2017. This increase was already approved, vide letter dated 3rd November 2016, by A. Foreign Projects Completed: the President of India (through administrative ministry). Your Company has completed two projects (one in Bhutan and another in Bangladesh) during the 2. Paid-up Share capital through Issue of Bonus Shares financial year 2016-17.

Your Company has issued bonus shares in the ratio of Bhutan 4:1, i.e. four bonus (equity) shares for every one equity share held by the existing shareholders out of 1. The turnkey project for dismantling of existing free reserves, after getting approval of the 66/33/11 KV sub-station and Design,

8 ANNUAL REPORT 2016-17 10%. The work was commenced in March 2016 and is scheduled to be completed in September 2019.

The project is progressing slowly due to non- availability of encumbrance free land and non- issuance of drawings for bridges and buildings by the client.

Algeria

3. Installation of double track line (93 kms) in 66 KV Substation at Paro, Bhutan Algeria awarded by ANESRIF, Ministry of Engineering, Construction, Supply, Erection, Transport, Government of Algeria, at a value of Testing and Commissioning of New 2x20 MVA, Rs. 1103 crore (converted in INR) involving 66/33 KV sub-station including all associated construction of second line and upgradation of works at Paro in Bhutan by Bhutan Power existing line from Oued-Sly to Yellel in Alger-Oran Corporation Limited, at a value of Rs. 23 crore, section of Algerian Railways. The value of has been completed in March 2017. contract including additional works for Bangladesh realization of double line has been revised to Rs. 1944 crore (converted in INR). Though the 2. The project for construction of 2ndd Bhairab project was awarded in 2008, but it was Railway Bridge with Approach Rail Lines (Lot-A) suspended by the client in January 2009 and — being undertaken through unincorporated JV restarted in May 2010. The completion time has between your Company and AFCONS viz. IRCON- been extended by client up to 10th May 2018. AFCONS JV, at a revised value of Rs. 265 crore (Ircon’s share), has been completed in March The modalities of payment to the local sub- 2017. contractor were not spelled in the amendment and were later negotiated with the client, which B. On-going Foreign projects: hampered the cash flow and project progress. Eventually, the mode of payment to the local Your Company is executing the following four sub-contractors and revision of the price were projects in foreign countries: negotiated by a high level committee in July 2016 paving the way for smooth progress of the Bangladesh project. Lack of sufficient funds with the client is 1. Design, Supply, Installation, Testing, and likely to affect the completion period of the Commissioning of Computer based Interlocking project. Colour Light Signalling System on turnkey basis South Africa at 11 stations between Ishurdi-Darsana section of Bangladesh, at a value of Rs. 60 crore. Physical 4. Procurement of Plant Design, Supply and work has been completed in July 2017. The work Installation of Overhead Track Equipments, is scheduled to be commissioned in September Traction Sub-stations, Auxiliary Power Supplies 2017. Substations, Bulk Power Supplies Switching Stations and Signalling Systems for Majuba Rail 2. Construction of Embankment, Track, all civil Project, South Africa, for Eskom Holdings SOC works, major & minor bridges (Except Rupsha) & Limited, at a value of Rs. 346 crore (Rand 663 culverts and implementation of EMP against million, Rand 1 = 5.212). The work has been Package WD1 under the project Construction of secured in November 2015. During the Khulna-Mongla Port Rail Line for Bangladesh operation of contract, Foreign Currency issue Railway, at a value of Rs. 971 crore (USD 147.80 arose which has been resolved. The work is in million). The physical progress up to July 2017 is

ANNUAL REPORT 2016-17 9 progress and likely to be completed by 31st March 2018.

Railway Electrification work, South Africa C. Likely Foreign projects:

Concerted efforts are being made to secure contracts in Malaysia, Bangladesh, Tanzania, Sri Lanka, and .

Ballastless Track • Contract KT-4: Design, Supply, Installation, Testing and Commissioning of Ballastless Track of Standard Gauge in elevated section of Aluva to Petta corridor, and

• Contract KT-5R1: Supply, installation, testing, and commissioning of standard gauge track work Meeting with the delegation headed by Hon'ble Najib Razak PM of Malaysia in New Delhi in Muttom Depot of Kochi Metro Rail Limited. E. New Projects in India:

During 2016-17, your Company secured following projects in India:

1. Construction of Corridor-III of East-West Corridor between Gevra Road to Pendra Road approximately 135 km, feasibility study of East- West Corridor between Gevra Road to Pendra Road in the State of Chhattisgarh, for Chhattisgarh East-West Railway Limited Interaction on Railway Cooperation Opportunities Function organised by (CEWRL), at an estimated project cost of Rs. 2840 Hon'ble Minster of Railways crore as per approved Detailed Project Report (DPR). D. Project Completed in India: 2. a) Doubling projects for East Central Railway at In March 2017, following two projects at a total value (a) RDUM-TAL-RJO (Rampur Dumra Tal of Rs. 178 crore got completed in India for Delhi Rajendrapul) project at an estimated project Metro Rail Corporation Limited (DMRC):

10 ANNUAL REPORT 2016-17 cost of Rs. 1491 crore, out of which Rs. 1369 60%), for Dedicated Freight Corridor crore has been considered for the year’s Corporation of India Limited (DFCCIL), at a value order book; (b) Kiul-Gaya project at an of Rs. 1716 crore. estimated project cost of Rs. 1200 crore, out of which Rs. 455 crore has been considered 9. Additional work of Design, Drawing and for the year’s order book; (c) Hajipur- Construction of External Development works & Bachwara project at an estimated project External Services at National Institute of cost of Rs. 679 crore, out of which Rs. 289 Technology (NIT), , at a value of Rs. 330 crore has been considered for the year’s crore. order book; 10. Six-Laning of Davanagere-Haveri (from Km. b) Doubling projects for West Central Railway 260+000 to Km. 338+923) of NH-48 in the State at Katni-Singrauli project at an estimated of Karnataka to be executed (through project cost of Rs. 1763 crore with a incorporation of a subsidiary) on Hybrid Annuity contribution of Rs. 348 crore for the year’s Project on DBOT Annuity under NHDP – Phase V order book; – EPC Cost, for NHAI, at a value of Rs. 1095 crore.

3. Survey, Feasibility study, Detailed Design and 11. Additional works for Construction of Road Over Construction of various identified Rail Coal Bridges (RoB’s) in the State of Bihar (New RoB’s- Connectivity Project(s), for Jharkhand Central 12) for East Central Railway, at a value of Rs. 133 Railway Limited (JCRL), at an estimated project crore. cost Rs. 1365 crore as per approved DPR. G. On-going major Projects in India:

4. Survey, Feasibility study, Detailed Design and A list of major on-going projects in India is given at Construction of various identified Rail Coal Appendix – A. Connectivity Project(s), for Mahanadi Coal Railway Limited (MCRL), at an estimated project H. New Projects secured after the close of the year: cost of Rs. 1075 crore. After the close of the year 2016-17, your Company 5. Construction of New Block Station, Staff secured following projects in India: Quarters and associated P-Way, OHE and S&T works in connection with construction of 1. Visakhapatnam (Diesel Loco shed) – Railway siding for the proposed 3.0 MTPA Augmentation of shed for homing 100 HHP Integrated Steel Plant at Nagarnar, Chhattisgarh locomotives, for East Coast Railway, at a value of (Package No.- IV), for NMDC Limited, at a value of Rs. 61.75 crore. Rs. 79 crore. 2. Katni Grade Seperator / By pass line (21.50 Km) 6. Execution of rail connectivity projects identified Project, for West Central Railway at an estimated by Bastar Railway Private Limited (BRPL), at an cost of Rs. 582.13 crore. estimated project cost of Rs. 1406 crore.

7. Akhaura – Agartala Rail Link project, for North Frontier Railway, at an estimated project cost of Rs. 574 crore as per approved DPR, out of which Rs. 211 crore has been considered for the year’s order book.

8. Civil, Building & Track Works of Western Dedicated Freight Corridor Contract package CTP-11 JNPT – Vaitarana Section (IRCON share

Signing of MOU with RLDA

ANNUAL REPORT 2016-17 11 3. Re-development of Safdarjung Railway Station, financial statements for the financial year 2016-17. The for RLDA and Ministry of Railways at an Board of Directors of your Company has, at its meeting estimated cost of Rs. 261.72 crore. held on 21st September 2017, approved the Financial Statements for 2016-17 (Standalone and Consolidated). 4. Railway electrification work for Katni-Singrauli, for East Central Railway, at an estimated cost of Your Company would make available audited financial Rs. 258 crore. statements (standalone and consolidated) and accounts / financial statements of its subsidiaries (IrconISL, IRSDC, 5. Mathura-Kasganj-Kalyanpur Railway IrconPBTL, and IrconSGTL) and joint venture companies Electrification Project with Signalling, for East (ISTPL, CERL, CEWRL, MCRL, JCRL and BRPL) in India at its Central Railway at an estimated project cost of website (www.ircon.org). Rs. 305.90 crore Further, the above said accounts / financial statements of these subsidiaries and joint venture companies would also be made available upon request by any shareholder of the Company.

A statement containing the salient features of the financial statements of these subsidiaries and joint venture companies in Form AOC-1 is attached with the Financial Statements.

COMPLIANCES:

Signing of MOU A. Presidential Directive: SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE One presidential directive was received from Railway COMPANIES Board vide letter dated 29th April 2016, regarding final A brief background on the subsidiaries (including the dividend for 2015-16 and dividend for 2016-17. The newly formed wholly-owned subsidiary —Ircon same has been complied with for the year 2015-16, Davanagere Haveri Highway Limited incorporated on 11th and would stand complied with for the year 2016-17 May 2017) and joint ventures companies of Ircon along after the declaration of final dividend. Details of with their financials and performance is given at Appendix dividend are given in para C of this report under the – B. Details of equity investments, loans given, and heading ‘Financial Highlights’. guarantees extended under section 186 of the Companies B. Official language: Act, 2013, to the subsidiaries, joint ventures, and associate companies are given at para E (3) under the heading During the year, various novel and encouraging ‘Compliances’: initiatives have been undertaken for pervasive use of Hindi in the office. Some of them are: CONSOLIDATED FINANCIAL STATEMENTS: a) Pledge by all employees to work in Hindi In accordance with the provisions of Section 129(3) of the completely on every last Monday of the month. Companies Act, 2013, your Company has prepared its Consolidated Financial Statements [as per line by line b) First ever “Rajbhasha Sanghosthi” was held in method] with its four subsidiaries viz. IrconISL, IRSDC, Corporate Office which is now planned to be IrconPBTL, and IrconSGTL; and [as per equity method] with conducted every quarter. seven joint venture companies viz. ISTPL, CERL, CEWRL, MCRL, JCRL, BRPL and CCFB (up to the date of transfer i.e. c) Birthday wishes to employees are being 22.09.2016). The accounts of five un-incorporated joint displayed in Hindi at the reception. ventures viz. RICON, IMCC, MTG, IRCON-SPSCPL JV, and IRCON-AFCONS JV, that were being consolidated in the In addition, regular quarterly meetings of Official previous years, have been included in the standalone Language Implementation Committee and

12 ANNUAL REPORT 2016-17 workshops for effective use of the unicode system The achievement of procurement from MSEs (20% and official language are being conducted. Bilingual including a sub-target of 4% from MSEs owned by facility has been introduced for computer systems SC/ST entrepreneurs) during the financial year 2016- and mobile phones used by officials of the Company. 17 in compliance to Public Procurement Policy is as Officers and staff are being encouraged through below: various incentive schemes for implementation of the (Amount in Rs. Crore) annual program of the Official Language Department. Bilingual formats have been made Sl. Particulars 2016-17 available at Ircon’s internal website for use by the No. employees. A thought and a word in Hindi is displayed at the reception which is contributed by 1. Total annual procurement (in value) 321.04* different departments on rotational basis. 2. Target %age of annual procurement 64.20 C. Right to Information Act, 2005: (20%) (in value)

As per the requirements of the RTI Act, necessary 3. Total value of goods and services 54.29 updated information including the names of procured from MSEs (including MSEs Appellate Authority, Central Public Information owned by SC/ST entrepreneurs) (in value) Officer, State Level Public Information Officer and Assistant Public Information Officer are posted on 4. Total value of goods and services 0.00 Ircon’s website. Queries received are replied within procured from only MSEs owned by the stipulated time. The queries are usually in the SC/ST entrepreneurs nature of service matters, related to finance, contract, and projects. The details of RTI cases have 5. % age of procurement from MSEs 16.91% been forwarded to the Ministry of Railways for (including MSEs owned by SC/ST publication on the website of Central Information entrepreneurs) out of total procurement Commission (CIC) website on quarterly as well as annual basis. 6. % age of procurement from only MSEs - owned by SC/ST entrepreneurs out of During the year, out of 204 applications / appeals total procurement received 191 applications (inclusive of 1st appeal) have been processed / disposed off. 7. Total number of vendor development 3 programme for MSEs D. Compliance of MSME Guidelines for implementation of Purchase Preference Policy: *The Company has requested Ministry of Micro, Small and Your Company has in place a comprehensive Medium Enterprises (through Ministry of Railways) in Purchase Preference Policy since June 2012 which is terms of letter dated 20th September 2017 to exclude in line with the Public Procurement Policy for Micro certain procurements amounting to Rs. 88.45 crore (which and Small Enterprises (MSEs) Order, 2012 notified by are beyond the scope of MSEs) from the value of total the Ministry of Micro, Small and Medium Enterprises procurement (i.e. Rs. 321.04 crore) for the financial year (MSME) under section 11 of Micro, Small and 2016-17. Medium Enterprises Development Act, 2006. The e- procurement portal of Ircon i.e. E. Companies Act, 2013: www.tenderwizard.com/IRCON provides for facilitation of registration of MSEs firms registered 1. Particulars of employees with any statutory bodies specified by Ministry of In terms of the revised Rules 5(2) and 5(3) of the MSME, and participation in e-tender by availing the Companies (Appointment and Remuneration of benefits of exemption from payment of cost of Managerial Personnel) Rules, 2014, the details of top tender fee and Earnest Money. ten employees in terms of remuneration drawn and

ANNUAL REPORT 2016-17 13 employees who have drawn remuneration of Rs. 1.02 (Rs. in crore) crore per annum or more (if employed throughout Sl. Name of the Company Committed Actually the financial year) or Rs. 8.50 lakhs per month or No. invested / more (if employed for the part of the financial year) , paid during the year 2016-17, has been included in para iii) IrconSGTL (see note 722.11 162.65 4.3 of the Corporate Governance report and no. 4) Annexure E-1 thereof. b) Joint Venture Companies 2. Deposits i) CERL (See Note no. 5) 169.00 117.00 Your Company did not accept any deposits from ii) CEWRL (See Note no. 6) 39.00 39.00 public during the year. c) Unincorporated Joint Ventures 3. Particulars of investments, loans, and guarantees and securities under section 186 of the Companies i) IRCON-AFCONS JV Act, 2013 (See Note no. 7) 18.15 Nil TOTAL (B) 1323.18 421.57 Investments made, loans granted, and guarantees extended by your Company in terms of section 186 of Guarantee: the Companies Act, 2013, up to 31st March 2017, are a) Subsidiary Companies as under: i) IrconISL [See Note no. 8(i)] 150.00 Nil (Rs. in crore) ii) IrconPBTL [See Note Nil Sl. Name of the Company Committed Actually no. 8(i)] No. invested / iii) IrconSGTL [See paid Note no. 8(i)] 41.52 Equity Investment: b) Joint Venture Companies a) Subsidiary Companies i) ISTPL (See Note no. 9) 63.07 63.07 i) IrconISL 65.00 65.00 c) Unincorporated Joint ii) IRSDC (See Note no. 1) 40.80 20.40 Ventures iii) IrconPBTL 165.00 165.00 i) IRCON-AFCONS JV iv) IrconSGTL 150.00 150.00 [See Note no. 8 (ii)] 90.00 27.98 b) Joint Venture companies TOTAL (C) 303.07 132.57 i) ISTPL 63.87 63.87* Investment in Securities of Body Corporate: ii) CERL 104.00 83.58 a) Investment in Securities of iii) CEWRL 131.30 131.17 Body Corporate (See iv) MCRL 1.30 0.01 Note no. 10) 291.36 291.36 v) JCRL 13.00 1.30 TOTAL (D) 291.36 291.36 vii) BRPL 1.30 1.18 GRAND TOTAL (E=A+B+C+D) 2653.18 1527.01 TOTAL (A) 735.57 681.51 * A total amount of Rs. 64.15 crore considered in balance Loan: sheet including Rs. 0.28 crore being impact of financial a) Subsidiary Companies guarantee contracts. i) IrconISL (See Note no. 2) 22.92 22.92 ii) IrconPBTL (See Note 352.00 80 no. 3)

14 ANNUAL REPORT 2016-17 NOTES: (d) Loan to Un-incorporated Joint Venture (UJV): (a) Equity investment in Subsidiary and Joint Venture: 7. Loan has been sanctioned for working capital requirement in connection with construction of 1. The Board of Directors of Ircon earlier in January nd 2 Bhairab Railway Bridge project in Bangladesh. 2013 had approved increase in equity participation in Indian Railway Stations (e) Guarantee: Development Corporation Limited (IRSDC) by 8. Your Company has extended following financial Rs. 10.20 crore amounting to total equity assistance to its wholly owned subsidiary (WOS) commitment of Rs. 20.40 crore for financial year companies and unincorporated joint ventures 2012-13 and another Rs. 20.40 crore at any point (UJV): of time after 31st March 2014, except after specific approval of BoD as per the Companies i) Allocation of Rs. 150 crore (revolving) of Ircon’s Act, 2013. non-funded credit limits sanctioned by any Bank (which has sanctioned credit limits to Ircon) to (b) Loan to Subsidiaries: be utilized by its three WOS viz. IrconISL, 2. Loan extended to IrconISL for meeting capital IrconPBTL, and IrconSGTL for facilitating issue of expenditure on construction of multi-functional bank guarantees(s) by the Banker in favour of complexes (MFC). After part repayment, the their client as may be required by them to carry outstanding loan as on 31st March 2017 is on their business. Rs. 22.92 crore. ii) Allocation of Rs. 90 crore (revolving) of Ircon’s 3. Loan extended to IrconPBTL for execution of non-funded credit limits sanctioned by State Bikaner – Phalodi Highway project in the State of to be utilized by UJV viz. IRCON- . IrconPBTL has executed deed of AFCONS JV for facilitating issue of bank hypothecation on 8th March 2017 for creating guarantees(s) by the Banker in favour of their charge on its movable and immovable assets in client as may be required by them to carry on favour of Ircon for the total loan amount of their business. Rs. 352 crore. 9. Details have been disclosed under the heading 4. Loan extended to IrconSGTL for execution of ‘Ircon-Soma Tollway Private Limited’ [under Para Shivpuri-Guna Highway project in the State of B (6) of Appendix – B] and also disclosed in note . IrconSGTL has executed deed nos. 52 forming part of the Standalone Financial of hypothecation on 8th March 2017 for creating Statements. charge on its movable and immovable assets in (f) Investment in Securities of Body Corporate: favour of Ircon for the total loan amount of Rs. 722.11 crore. 10. The Company has invested in the securities of body corporate like Bonds etc. etc. Further, the (c) Loan to JVC: BoD had been according (since 2013-14) 5. Loan has been extended to CERL for construction approval every year in July for further of Rail line project from Kharsia to investment, up to Rs. 150 crore in bonds of public Dharamjaigarh in the State of Chhattisgarh, sector undertakings (like NHAI, IRFC), to be corresponding to Ircon’s stake of 26% in the JVC. utilized on or before 31st July of next year. The cumulative details of investment are disclosed in 6. Loan has been extended to CEWRL for payment note no. 7.1 forming part of the Standalone of land compensation, consultancy fee, etc. Financial Statements. before financial close pending decision on debt- equity structure and other aspects, After the close of the financial year, your Company has corresponding to Ircon’s stake of 26% in the JVC. committed / made further following investments and loan to its subsidiaries and proposed joint ventures companies against the commitments, up to 31st July 2017:

ANNUAL REPORT 2016-17 15 (Rs. in crore) Your Company has been continuously taking steps for Sl. Name of the Company Committed Actually building capacity of its human resource through training in No. invested functional and general management areas, contract & Equity Investment: arbitration, leadership, information technology, as well as soft skills. External faculty is arranged wherever required a) Subsidiary Companies and officials are nominated for workshops, seminars, etc. i) IrconDHHL 0.05 0.05 with reputed institutes. During the year 2016-17, a total b) Joint Venture Companies 912 man-days training was imparted to officials of Ircon through workshops, seminars, conferences, in-house i) JCRL -- 11.70 trainings and training in external institutes, etc. TOTAL (F) 0.05 11.75 Your Company has various schemes for staff welfare like Loan: educational scholarships, one-time educational grant for c) Subsidiary Companies admission to professional degrees and diploma courses, i) IrconPBTL -- 73.75 educational awards to meritorious children of employees, educational assistance to the wards of deceased ii)IrconSGTL -- 127.83 employees, assistance for marriage of daughters and TOTAL (G) 0.00 201.58 dependent sisters of group ‘C’ and ‘D’ employees, etc. An GRAND TOTAL (H = F+ G) 0.05 213.33 award was introduced for meritorious wards of Ircon employees who secured gold medal in professional courses. In addition to facility of homeopathy and 4. Related Party Transactions allopathy treatment at Corporate office, yoga classes are The related party transactions entered during also conducted for overall well-being of the employees. the year has been in the ordinary course of Other facilities like immediate financial assistance and business and on arm’s length basis. Details of guidance are being provided to employees and their family Transactions entered with related parties in members in case of any medical exigency, lumpsum ex- Form AOC-2 in terms of the Companies Act, gratia payment to family members in case of death of 2013, is placed as Appendix – H. serving employee. 5. Significant and material orders passed by the Your Company aims to provide congenial and safe working Regulators/ Courts/ Tribunals impacting the atmosphere to women employees. The Company has a going concern status and Company’s complaints committee for prevention of sexual operations in future harassment at work place. Further, provision pertaining to No order has passed by the Regulators or Courts prohibition of sexual harassment has also been or Tribunals impacting the going concern status incorporated in Ircon Conduct, Disciplinary, and Appeal of the Company and its operations in future. Rules. No complaints relating to sexual harassment has been received by the Company during the year. The 6. Internal Control System and Risk Management Company, on International Women’s day, arranged one Details of the internal control system and risk workshop during the year, exclusively for women management are provided in the Management employees for creating awareness on health related Discussion and Analysis Report. issues. Inter-project Quiz programmes and Debate PERSONNEL DEVELOPMENT competition were conducted for the employees of Ircon. Winning team and the runners up were awarded cash Cordial and harmonious industrial relations prevailed in prize and certificate of commendation. the Company during the year. The total manpower strength as on 31st March 2017 stood at 1495, which The 41st Annual Day of the Company was celebrated on included 1183 regular employees, 47 deputationists, and 29th April 2017 with traditional fervor and gaiety. On this 265 employees on contract (including service contract). occasion, exemplary work done by employees in Indian as 1004 employees of the Company were technically and well as foreign projects and select projects were professionally qualified. The total number of women appreciated and rewarded. Educational awards to employees was 68. There were a total of 241 scheduled meritorious children of the employees were also given on caste / scheduled tribe employees as on 31st March 2017. this occasion.

16 ANNUAL REPORT 2016-17 QUALITY, ENVIRONMENT, AND HEALTH & SAFETY sustainable etc. are being taken up across various offices / MANAGEMENT projects of the Company. Monitoring of water usage and Quality Management System (QMS) has been waste water, ambient air quality and noise quality is also successfully sustained and continually improved since being carried out at various construction sites. The 1996 when the Company as a whole was first certified for Company is emphasizing on providing clean environment ISO-9002-1994 by TUV Suddeutschland Private Limited by initiating indoor air quality monitoring in the Corporate (TUV). Your Company has continued the certification and Office building. Tree plantation is also undertaken by sustained the system as per latest revised code ISO corporate office and project offices. 9001:2015 (by periodical re-certification audit after expiry Your Company has also been certified for Occupational of every three years). Latest re-certification audit has been Health & Safety Management System (OHSAS – BS conducted in March 2017, whereby the Company has 18001:2007) in December 2012 by TUV SUD South Asia. been re-certified by TUV for a period of another three The re-certification audit was conducted in October years i.e. up to June 2020. 2015, whereby the Company had been re-certified for During the year, the Company has started working on another three years i.e. up to December 2018. development of mobile phone / web based video library, Corporate Quality Council and Project Quality Council and for this purpose two topics have been identified viz. meetings were conducted quarterly at Corporate Office Construction of Embankment (Mechanised) in 3D format and projects respectively to review the implementation of and Personal Safety & safety in construction in 2D format. QMS, EMS, and OHSAS. The Quality objectives were The mobile / internet based application on personal safety measured and reviewed both at the Corporate and at the and safety in construction has been released and is Project levels. Internal Quality Audit as well as Quality available on Ircon’s internal website. Assurance Audit were conducted in projects and corporate Your Company established an Environment Management office. Reports of these audits not only contained details of System (EMS), and was certified for ISO 14001:2004 in non-conformities encountered during the audit but also October 2011. The latest re-certification audit for ISO the salient features, progress, positive points, if any, etc. 14001-2015 has been conducted in March 2017 whereby In addition, in-house trainings were imparted to 100 the Company has been re-certified for another three years employees by a team of internal auditors of Quality i.e. up to May 2020. Management Department at Indian Project sites on The Company nominates Environment officers at major General Awareness on EMS, QMS & OHSAS, Reinforced Indian projects to monitor EMS at their respective projects Cement Concrete (RCC) Construction, Environment Ethics, who complies with the environmental laws and monitor Construction of Civil works in Electrical projects, Quality air quality. This is an ongoing process until completion of control at site etc. the project. Environmental checklists have been CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, developed and maintained by all projects. In addition, the AND UPGRADATION Company has a fully operational environmental lab in On energy conservation front, your Company has Jammu for study of impact on environment by the completed work of Design, Supply, Installation, Testing construction activities. and Commissioning of grid connected solar power plant of Environmental friendly equipment such as solar panels 2MW capacity with all the electrical and associated have been installed and are being installed at various equipment including civil works at Rail Coach Factory, Rae offices / projects. Waste water is recycled at Corporate Bareli (U.P.), at a value of Rs. 15.60 crore. The plant is fully Office through Sewage Treatment Plant (STP), and the operational, and meets about 21% of electrical energy same is used for horticulture work. STPs are also being requirement for the factory. The Company has procured 1 constructed at Noida, Gurgaon, and MFC buildings. LED MW additional Solar Power Plant at Rail Coach Factory, lights, sensor lights and sensor taps are being used in Rae Bareli in addition to earlier installed 2 MW Solar Power Corporate Office to conserve electricity and water. Various Plant. environment friendly steps like use of fly ash brick instead Additional 10 KW Roof Top Grid Connected Solar Power of clay brick, rain water harvesting arrangements, sensor Plant has been made operational as a step to conserve controlled Cromium Plate (CP) fittings, use of latest version energy. This Solar Power Plant is in addition to existing of fecade glass (glass in building) to make the building capacity of 80 KW, and has been implemented after energy

ANNUAL REPORT 2016-17 17 audit contributing to environment through usage of Green INFORMATION TECHNOLOGY AND DEVELOPMENT OF Energy. ERP Further, additional capacitor banks have been installed at SAP ECC 6.0 based Finance-Controlling and HCM module Corporate Office building to improve power factor which had been successfully implemented and rolled-out on all would further reduce the Electrical Energy consumption. project offices and corporate office. Updated and current Technology absorption and upgradation data related to finance and human resources domain can be accessed from anywhere by employees of the Supervisory Control and Data Acquisition System (SCADA) Company. for energy management have been made operational at Rail Coach Factory, Rae Bareli. Further, the Company has With an objective to enable IT facility in all domain, efforts constructed all sub-station buildings in DMRC with latest were directed towards enhancement of SAP ECC 6.0 based energy efficient and environmental friendly guidelines Finance-Controlling module to incorporate additional which includes LED lights, Rain Water harvesting. functionalities like fixed asset accounting for calculation of depreciation as per Indian Income Tax Act, Bank For the first time in , Overhead Equipment Reconciliation System, FOREX reporting in Functional (OHE) design for Railway Electrification Project is being currency, local currency and reporting currency, carried out by using Drone camera for picking the Implementation of IndAS functionality (age analysis and coordinates and Geographical Information System (GIS). discounting of Financial Asset and liability), reports for The OHE layout plans are then prepared with the help of quarterly and annual financial statements as per schedule Autocad. Ircon has also planned for use of Drone Camera III of the Companies Act, 2013; implementation of E- for Katni Singrauli Doubling project. recruitment system on SAAS model with functionalities Uncommon technique of launching of girder by cantilever like on-line submission of application with payment method was used at 2nd Bhairab Bridge in Bangladesh by gateway, generation of admit card and communication utilizing the benefit of river water. The barge of 250 tonne through SMS / e-mail with the applicants, conducting on- capacity was used to mount the road crane as well as the line written test, instant publication of results; installation members of the truss. The whole barge was brought of video conferencing system for conducting review parallel to the working span and members were erected by meetings with Project Heads, training, promotion the road crane when the barge was properly anchored. interviews etc.; hiring datacentre services for SAP ERP With this process of cantilever launching time cycle was application to gain enhanced efficiency, security, and reduced from 45 days to 30 days for erection of truss flexibility for capacity augmentation; revamping bridge of 102.4 meter in length. This also economized the company’s responsive internet website etc. cost by saving the extra material to be welded on the To reduce paper usage and transparent working, use of IT bottom chord. has been enhanced in all the functional domains. Further, New Austria Tunnelling Method (NATM) is VIGILANCE ACTIVITIES proposed to be adopted for construction of tunnels in Sivok–Rangpo project. This method is very useful in Vigilance Department plays an advisory role to the top complex diversified geological condition where management in matters pertaining to vigilance. It is forecasting of the rock mass is difficult due to rapidly headed by a full time Chief Vigilance Officer (CVO) changing geology. appointed by the Appointments Committee of the Cabinet (ACC) in consultation with Central Vigilance Commission A concept paper on adoption of Semi High Speed on (CVC). After sudden demise of Mr. Satish Tandon, CVO on existing routes was presented in IPWE Seminary in January 16th May 2017, appointment of new CVO by the Ministry 2017. of Railways is under process. RESEARCH & DEVELOPMENT (R&D) The Vigilance Department ensures implementation of laid Your Company does not undertake any pure research down guidelines / procedures through preventive checks project but takes the help of consultants and firms to of tenders and contracts, execution of works, and other innovate and to develop methods and techniques to functions as well as carries out investigations into execute projects in a cost effective manner, with requisite complaints. During the year, six inspections were carried quality, to enhance the technological competence and out on various projects / units. Complaints received from efficiency. various authorities (like CVC, Railway Board Vigilance), and

18 ANNUAL REPORT 2016-17 other sources were investigated to their logical conclusion. Conservation’. The award was presented by Mr. Based on the outcome of investigation, circulars on system Venkaiah Naidu, Hon’ble Union Minister for Urban improvements in the areas of tenders, contracts, HRM, Development to Mr. Mohan Tiwari, former Chairman finance, project management, etc. were issued to avoid & Managing Director, Ircon, at a function held in New recurrence of irregularities / procedural errors and to plug Delhi on 4th April 2016. loopholes in system. Steps were also taken for closure of 2. Dun & Bradstreet Infra Awards 2016, in the category paras raised by the Chief Technical Examiner’s of “Best Infrastructure Project: Setting up of Rail Organisation (CTEO). Scrutiny of immovable property Coach Factory, Rae Bareli at Lalganj (U.P.) Phase-I returns of employees; creating awareness on Project”. The award was presented by Mr. Mansukh L. rules/procedures/ common irregularities in execution Mandaviya, Hon’ble Minister of State for Transport & through workshops/trainings, debate, competitions, etc. Highways to Mr. M.K. Singh, Director Finance, Ircon, have been the prime activities of the Department. at a function held in New Delhi on 8th November As a step towards ‘leveraging technology’ for better 2016. transparency, submission of online Immovable Property Returns by the officers was started in 2012-13 and the process is running successfully; online Vigilance Clearance started w.e.f. 1st April 2014 in the organization through intranet portal www.irconnet.com; vigilance section / portal on website www.ircon.org with a facility for online receipt of complaints is in place since December 2012; e- procurement has already been started w.e.f. 1st July 2013 in the organization in a comprehensive manner for achieving transparency for the works valuing more than Rs. 50 lakhs; Vigilance department strives to achieve its objective of promoting an impartial, fearless, and transparent D&B Infra Awards 2016 in Construction & Infrastructure Development ( Railways) environment in functioning of the organisation by taking 3. Governance Now 4th PSU Awards 2016 in the steps to prevent unethical practices. category of “HR Initiative (Miniratna I)”. The award was presented by Mr. Ram Villas Paswan, Hon’ble INTEGRITY PACT Union Minister for Consumer Affairs, Food and Public Your Company has signed a Memorandum of Distribution, to Ms. Anupam Ban, General Understanding with Transparency International India (TII) Manager/HRM, Ircon, at a function held in New Delhi in April 2014 for adoption and implementation of Integrity on 23rd December 2016. Pact, based on recommendation of CVC for its adoption in 4. CIDC Vishwakarma Award 2017 from Construction respect of major procurements in the Government Organisations. Industry Development Council (CIDC) in the category of Best Construction Project for Railways Coach The Company has implemented Integrity Pact for tenders / Factory, Rae bareli. The award was presented to contract for works and supply valuing of Rs. 5 crore and above on all Indian Projects, and appointed one Independent External Monitor (IEM) to monitor the activities. AWARDS Your Company had received following awards during the year 2016-17: 1. India Pride Awards 2015-16 instituted by Dainik Bhaskar for ‘Excellence in Public Sector Undertaking – Central in CSR/Environment Protection and CIDC Vishwakarma Award 2017 for Best Construction Projects (Railways)

ANNUAL REPORT 2016-17 19 Mr. S.K. Chaudhary Chairman & Managing Director; 2. Certificate from Chairman & Managing Director Mr. Deepak Sabhlok, Director Projects; Mr. Dwarika and Director Finance with respect to the truth Prasad, Executive Director (Rae Bareli);, and Mr. A.K. and fairness of the Financial Statements, due Goyal, Executive Director (Projects); at a function compliances, and financial reporting (placed at held in New Delhi on 7th March 2017. Annexure – E3 ); and 5. As per Dun & Bradstreet India’s Top PSUs 2016 3. Certificate of compliance of Corporate Certificate released on 22nd August 2016, Ircon ranks Governance provisions signed by a practising 93 on the basis of Total Income. company secretary (placed at Annexure – E4 ). INTEGRAL REPORTS (4) The Company has appointed M/s. Vishal Agarwal & The following reports / documents along with relevant Associates, Practising Company Secretary, to annexures form an integral part of this report, and have undertake the Secretarial Audit of the Company for been placed as Appendices numbered herein: the year 2016-17, pursuant to the provision of Section 204 of the Companies Act, 2013 and the (1) “Report on CSR and Sustainability Activities” Companies (Appointment and Remuneration of provides a brief outline of the company’s CSR and Managerial Personnel) Rules, 2014. The Secretarial Sustainability policy, the composition of CSR & Audit Report from the auditor is at Appendix – F. Sustainability Committee, average net profit of the Company for the last three financial years, prescribed (5) The “Extract of Annual Return” in Form MGT-9, CSR expenditure, and details of CSR spent on the pursuant to section 134(3)(a) of the Companies Act, activities / projects undertaken during the financial 2013 read with Rule 12(1) of the Companies year etc. [Appendix – C]. (Management and Administration) Rules, 2014, placed at Appendix – G. (2) The “Management Discussion and Analysis Report” provides an overview of the affairs of the Company, (6) The “Disclosure of Related Party Transactions” in its legal status and autonomy, business environment, Form AOC-2, pursuant to Section 134(3) (h) of the vision and mission, sectoral and segment-wise Companies Act, 2013 and Rule 8 (2) of the Companies operational performance, strengths, opportunities, (Accounts) Rules, 2014, is at Appendix – H. constraints, strategy and risks and concerns, as well (7) The replies of the Management on the comments as human resource and internal control systems given by way of Emphasis of Matter / qualifications [Appendix – D]. contained in the Auditors’ Report on stand-alone as (3) The “Corporate Governance Report” highlights the well as consolidated financial statements are at philosophy of Corporate Governance and Key Values Appendix – I. of the Company, composition of Board of Directors DIRECTORS’ RESPONSIBILITY STATEMENT and its Committees, their details including profile of The Board of Directors of the Company confirms: directors who joined the Board during 2016-17, i. that in the preparation of the financial statements, attendance and remuneration of directors etc., other the applicable accounting standards had been relevant disclosures, CMD / DF Certification, and followed except as otherwise stated in the annual general information for shareholders, etc. financial statements and there has been no material [Appendix–E]. It is supplemented by following departure; compliance certificates: ii. that such accounting policies were selected and 1. Certificate signed by the Chairman & Managing applied consistently and such judgments and Director affirming receipt of compliance with the estimates were made that are reasonable and Code of Conduct and Key Values from all Board prudent so as to give a true and fair view of the state members and Senior Management personnel of affairs of the company for the financial year ended during the year 2016-17 (placed at on 31st March 2017 and of the profit of the Company Annexure–E2); for the financial year 2016-17;

20 ANNUAL REPORT 2016-17 iii. that proper and sufficient care has been taken for the 6 Mr. S.C. Jain w.e.f. maintenance of adequate accounting records in Part-time (Official) Director 03.01.2017 accordance with the provisions of the Companies [DIN: 07564584] Act, 2013, for safeguarding the assets of the company 7 Mr. S.K. Singh w.e.f. and for preventing and detecting fraud and other Independent Director 05.04.2016 irregularities; [DIN: 00003695] iv. that the financial statements have been prepared on 8 Mr. Avineesh Matta w.e.f. a going concern basis; and Independent Director 08.04.2016 [DIN: 00011749] v. that proper systems had been devised to ensure compliances with the provisions of all applicable laws 9 Prof (Ms.) Vasudha V. Kamat w.e.f. and that such systems were adequate and operating Independent Director 22.04.2016 effectively. [DIN: 07500096]

BOARD OF DIRECTORS * Held additional charge of the post of Chairman & Managing Director w.e.f. 1st October 2016 till 29th During April 2016 to March 2017, seven meetings of the October 2016 (FN), details in para 2.2 of the Corporate Board of Directors were held with three meetings in the Governance Report. quarter ended June 2016, one meeting each in the quarter ended on September 2016 and December 2016, and two The following Directors ceased to hold office during the meetings in the quarter ended on March 2017. year 2016-17:

The details of the meetings are furnished in the Corporate 1 Mr. Mohan Tiwari w.e.f. Governance Report under heading ‘Board Procedure’ Chairman & Managing Director 01.10.2016 [Para 5.2]. [DIN: 00191363] As on 31st March 2017, the strength of Board of Directors 2 Mr. K. K. Garg w.e.f. was nine comprising four whole-time directors, two Director Finance 01.05.2016 government nominated directors, and three independent [DIN: 01495050] directors. The details are as follows: 3 Mr. Anjum Pervez w.e.f. Part-time (official) Director 10.12.2016 1 Mr. S.K. Chaudhary w.e.f. [DIN: 06682287] Chairman & Managing Director 29.10.2016 [DIN: 00515672] 4 Mr. H.K. Kala w.e.f. Part-time (official) Director 01.07.2016 2 Mr. M. K. Singh w.e.f. [DIN: 07200108] Director Finance 01.05.2016 [DIN: 06607392] 3 Mr. Deepak Sabhlok w.e.f. AUDITORS Director Projects* 16.04.2010 [DIN: 03056457] A. Statutory and Branch Auditors 4 Mr. Hitesh Khanna w.e.f. The Auditors of the Company appointed by the Director Works 07.03.2011 Comptroller & Auditor General of India for 2016-17 [DIN: 02789681] are:- 5 Mr. Rajiv Chaudhry w.e.f. Statutory Auditors: Part-time (Official) Director 17.11.2016 [DIN: 03146422] K.G. Somani & Co. For Company as a whole

ANNUAL REPORT 2016-17 21 Branch Auditors for projects in India: Pravesh Jain & Co., All projects at Jammu & A. R. & Co., New Delhi Northern Region Jammu Kashmir Region (For a period of 4 months i.e. KDS & Co., Mumbai All projects under 01.12.2016 to 31.03.2017) Mumbai Region Gupta Sachdeva & Co., Patna Patna Region De Charaborty & Sen, All projects under (For a period of 4 months Kolkata Eastern Region i.e. 01.12.2016 to 31.03.2017) Jindal & Co., New Delhi All projects under SBA Associates, Kolkata Eastern Region Northern Region (For a period of 4 months i.e. 01.12.2016 to 31.03.2017) SK Jha & Associates, All projects under Patna Patna Region Raj K. Sri & Co., New Delhi Corporate Office (For a period of 4 months Region i.e. 01.12.2016 to 31.03.2017) Branch Auditors for projects Abroad: Apart from this, Internal Audit for four audit circles Kumpulan Naga Malaysia viz. Eastern, Patna, Northern, and Corporate Office Cabinet de Audit et CAC Algeria region was undertaken in-house by the officials of the BAKER TILLY Edirisinghe & Co. Sri Lanka Company for eight months period from 1st April 2016 to 30th November 2016. MABS & J Partners Bangladesh Auditors for Foreign Projects S.N. Mukherji & Co. Bhutan The Internal Audit for projects abroad viz. Middel & Partners South Africa Bangladesh, Bhutan, Malaysia, Algeria, Sri Lanka, and B. Cost Auditor South Africa was undertaken in-house by the officials of the Company for the financial year 2016-17. The Board of Directors have appointed M/s. Chandra Wadhwa & Co., Cost Accountants, as Cost Auditor of ACKNOWLEDGEMENT your Company for the financial year 2016-17 for We record our appreciation and thanks to the Ministry of conducting the audit of cost records maintained by Railways, Ministry of External Affairs, Department of the Company as per the applicable Rules / Guidance Investment and Public Asset Management (DIPAM) and Note, etc. other Ministries; various banks, Reserve Bank of India, EXIM Bank; Export Credit and Guarantee Corporation; C. Secretarial Auditor Embassies; Protector of Immigration; Passport Authority; The Board of Directors have appointed M/s. Vishal Doordarshan; and our esteemed clients both in India and Agarwal & Associates, Practising Company Secretary abroad for their continued interest in and support to the as Secretarial Auditor for conducting Secretarial Company. Audit of your Company for the financial year 2016-17. We place on record our sincere appreciation for all the employees of the Company at all levels for their untiring D. Internal Auditors efforts, dedication, and sincerity of purpose in improving The Board of Directors have appointed following the performance and profitability of the Company. Internal Auditors for 2016-17: For and on behalf of the Board of Directors Auditors for Indian Projects Baweja & Kaul, Jammu J&K Region (S.K. Chaudhary) (For 2016-17) Chairman & Managing Director (DIN: 00515672) Patro & Co., Mumbai Region (For 2016-17) Date: 21st September 2017 Place : New Delhi

22 ANNUAL REPORT 2016-17 Appendix – A ON-GOING MAJOR PROJECTS IN INDIA (Rs. in crore) Sl. Name of the Project Project/ No. Revised Value 1. Katra-Qazigund section including Dharam-Qazigund section, Km 33.09 to 39.00 and 9521 Km 61.00 to 91.00, including additional works, for Northern Railway. 2. Setting up of new Rail Coach Factory at Rae Bareli, including additional works, 2973 for Ministry of Railways. 3. Design and Construction of Civil, Building and Track Works of Vaitarna-Sachin Section of 2116 Dedicated Freight Corridor Project, CTP-12, for Dedicated Freight Corridor Corporation of India Limited (DFCCIL) 4. Construction of Corridor-I of East Corridor between Kharsia to Dharamjaygarh and Spur Line 1424 in the State of Chhattisgarh, for Chhattisgarh East Railway Limited. 5. Sivok-Rangpo New Rail Line Project, for North Frontier Railway. 1339 6. Construction of Road Over Bridges (RoBs) in the State of 1335 (Bihar), a) Bihar (Phase – I & II), for Ministry of Railways and Government of Bihar 618 b) Rajasthan, for Ministry of Railways and Government of Rajasthan (Rajasthan), c) One RoB on State owned Road (other than NHs) in Bihar through its funds on 1st Km at 60 (one RoB) Manpur by-pass in Gaya District, Bihar for Road Construction Department, Government of Bihar 7. Implementation of PMGSY in Bihar State for Government of Bihar 1012 8. RAPDRP – Part B Project under Jammu province (Cluster – I, Jammu left), (Cluster-II, Jammu 682 Right), and (Cluster IV) (Akhnoor, Rajouri, Poonch, Udhampur, Doda, Kishtwar & Bhaderwah), for J&K Power Development Department. 9. Widening and Strengthening of existing Bikaner-Phalodi section to Four-lane from Km. 646 4.200 to Km. 55.250 and Two-Lane with paved shoulder from Km. 55.250 to Km. 163.500 of NH-15 on BOT (Toll) basis in the State of Rajasthan, for Ircon PB Tollway Limited.

Bird eye view of Modern Coach Factory, Rae Bareli

ANNUAL REPORT 2016-17 23 Inspection by CMD at Tunnel T49 USBRL, J&K Rail Link Project DBM Laying Bikaner - Phalodi Highway Project

Sl. Name of the Project Project/ No. Revised Value 10. Four-laning of Shivpuri to Guna from Km 236.00 to Km 332.100 (Package-I) in the State of704 Madhya Pradesh to be executed on BOT (Toll) on DBFOT pattern under NHDP Phase-IV), for Ircon Shivpuri Guna Tollway Limited. 11. Construction / upgradation of Rural roads and bridges in 5 districts of Jharkhand – PMGSY 525 Project, for Ministry of Rural Development, Government of India and State Government of Jharkhand. 12. Construction of rail link between Jayanagar (India) – Bijalpura (Nepal) (Gauge conversion) 447 with extension up to Bardibas on India-Nepal Border, for East Central Railway. 13. Construction of Rail Link between Jogbani (Bihar) India to Biratnagar (Nepal), for North 354 Frontier Railway. 14. The work of system improvement, strengthening and augmentation of distribution system 329 to bring down AT&C losses and improve quality of consumer supply of Meerut town of , to be carried out under RAPDRP Part-B scheme on turnkey basis including supply of material, for PVVNL. 15. Construction of Railway Siding for proposed 3.0 MTPA Integrated Steel Plant at Nagarnar 277 (Package-I) Near Jagdalpur, Chhattisgarh for NMDC Limited: and 79 a) Package I - Execution of Civil & Railway Allied works (Package-II) b) Package-II - Execution of Civil, Signalling & Telecommunication, Mechanical and Structural works 16. Design, supply, installation, testing & commissioning of receiving-cum-traction and auxiliary 273 main sub-station including high voltage cabling from grid sub-station and augmentation works for existing receiving sub-station under CE-6, Lot-1, for DMRC, for Delhi MRTS project, Phase-III. 17. Setting up of three electric loco sheds to home 200 three phase Locos one each at 234 Bondamunda (for South Eastern Railway), Daund (for Central Railway), and Mughalsarai (for Northern Railway). 18. Development of circulating area at Santragachi and essential passenger amenities and 210 road connectivity to Kona Expressway, for South Eastern Railway.

24 ANNUAL REPORT 2016-17 Danapur ROB Bihar Indoor Sports Complex at Behala, Kolkata

Sl. Name of the Project Project/ No. Revised Value 19. Development of coaching terminal at Shalimar by provision of essential passenger 205 amenities, for South Eastern Railway. 20. Contract CT-1-A – Supply, Installation, Testing and Commissioning of Ballastless Track of 199 Standard Gauge, Part-1 Corridor of sections of Mukundpur – Lajpat Nagar (excluding) Line-7 in elevated and underground sections along with ballasted / ballastless tracks in Mukundpur Depot for Delhi MRTS Project of Phase-III, for DMRC. 21. Carrying out topographical and Geotechnical survey; Preparation of Master Plan, Planning, 140 Designing and Construction of Boundary Wall and allied Preparatory works, for the National Institute of Technology, Mizoram 22. Construction of New Indoor Sports Complex at Gholsapur (Behala) on Sealdah Division, 58 for Eastern Railway 23. Construction of New Howrah Divisional Railway Office Building, for Eastern Railway 33 24. DPR and Detailed Engineering Project management & Construction of Coal Transportation 23 System including Associated Electrical Package for Darlipali Super Thermal Power Project, Stage-I (2×800 MW) in the State of Orissa 25. DPR and Detailed Engineering Project management and Construction of Coal 16 Transportation System, for Nabinagar Super Thermal Power Project (3×660 MW) 26. DPR & Detailed Engineering, Project Management and Construction of Railway Siding 11 connecting MGR system of Dulanga mine-Darlipali STPP with Mahanadi Coal Limited’s Siding, for Darlipali Super Thermal Power project, Stage-I (2ₓ800 MW), for NTPC Limited

For and on behalf of the Board of Directors

(S.K. Chaudhary) Chairman & Managing Director (DIN: 00515672) Date : 21st September 2017 Place : New Delhi

ANNUAL REPORT 2016-17 25 Appendix – B SUBSIDIARIES AND JOINT VENTURES COMPANIES

A. Subsidiary Companies: capital of IrconISL is Rs. 65 crore, as on 31st March 2017. 1. Ircon Infrastructure & Services Limited (IrconISL) During the year, IrconISL had achieved an operating IrconISL, a wholly owned subsidiary of Ircon, was income of Rs. 40.98 crore, and earned profit before incorporated on 30th September 2009 and obtained a th tax of Rs. 20.81 crore and profit after tax of Rs. 12.36 Certificate of Commencement of Business on 10 crore. November 2009. The main object of IrconISL is to undertake infrastructure projects including planning, 2. Indian Railway Stations Development Corporation designing, development, improvement etc. in the Limited (IRSDC) field of construction of Multi Functional Complexes (MFCs), etc., to provide facilities and amenities to IRSDC, a subsidiary company of Ircon and JV Company with Rail Land Development Authority users of Indian Railway System, and to carry on the th business of hire purchasing, leasing of all kinds of (RLDA), was incorporated on 12 April 2012 and obtained a Certificate of Commencement of Business moveable and immoveable properties, to provide th consultancy for all kinds of engineering projects on 9 May 2012. The main objects of IRSDC is to including providing maintenance, support, and all develop / re-develop the existing / new railway kinds of services including social welfare measures, station(s) which will consist of upgrading the level of etc. passenger amenities by new constructions/ renovations including re-development of the station During the year 2016-17, IrconISL has executed buildings, platform surfaces, circulating area, etc., to consultancy project of Ministry of External Affairs better standards so as to serve the need of the (MEA) for preparation of feasibility report and passengers in India, and commercial development of Detailed Project Report (DPR) for Bridge Project in land/ air space. The equity participation of Ircon and Myanmar, and preparation of DPR for road project in RLDA in IRSDC is in the ratio of 51:49 respectively. Rakhine state. IRSDC has been entrusted with development of 13 IrconISL secured (i) two consultancy projects from stations located at , Habibganj (Bhopal), MEA viz. (a) Project Management Consultancy (PMC) Shivaji Nagar (Pune), Bijwasan (New Delhi), Anand for construction of Bridges along with Approach Road Vihar (Delhi), Surat and Gandhinagar (), and Projects in Myanmar (b) PMC for Construction of SAS Nagar (Mohali) Punjab, Gandhinagar (Jaipur), road project in Rakhine State; and (ii) three other Amritsar, Gwalior, Nagpur and Baiyappanhalli consultancy projects viz. (a) PMC for construction of (Benguluru) for development/re-development. The Barrack accommodation for security personnel at status of re-development of railway station by IRSDC seven land ports, for Land Ports Authority of India (b) is as follows: PMC for construction of Multi Modal Logistics Park near Kadakola Station, Mysore District, for Container (i) Chandigarh Railway Station - proposal sent to Railway Corporation of India Limited and (c) Supervision of Board for taking up re-development work on EPC construction of new two lane Road Over Bridges mode, decision awaited; (RoBs) (only Railway portion) at Indore (1 RoB) and (ii) Habibganj Railway Station - contract for re- Surat (4 RoBs). development of this station has been awarded, Out of 24 MFCs undertaken by IrconISL, 23 MFCs have wherein the station will be modernized through been sub-leased to operators. commercial development of land and maintained through retail and advertising revenues, physical Financials of IrconISL: work has started;

The authorized, subscribed, and paid-up share

26 ANNUAL REPORT 2016-17 (iii) Shivajinagar Railway Station - development is under During the year, IRSDC incurred a loss of Rs. 4.64 crore approval by Pune Municipal Corporation; on account of charging all assets under development to Habibganj Railway Station. (iv) Bijwasan and Anand Vihar Railway Station - bidding process is in advance stage; 2A. Joint Venture Company of IRSDC - Gandhinagar Railway Urban Development Company (GARUD)

GARUD, a joint venture company was incorporated on 5th January 2017 with equity participation by IRSDC and Gujarat Infrastructure Development Board (GIDB) (nominee of Government of Gujarat) in the ratio of 26:74 respectively. The main objects of GARUD is to carry on the project for re-development, financing, planning, operations and management, implementation of Gandhinagar Railway Station re- development project including development of Hotel Proposed Bijwasan Station above Railway track/ station by leveraging land, air (v) - planned to be re-developed as space and other infrastructure available around the a Multi Modal Transportation Hub through a Joint Gandhinagar Railway Station and also to undertake Venture Company and pooling of land by the Central, operations, maintenance, management of Mahatma State, and Local Government; Mandir and Exhibition Centre at Gandhinagar.

(vi) Gandhinagar Railway Station - work taken up through 3. Ircon PB Tollway Limited (IrconPBTL) a JV company between IRSDC (MoR) and Gujarat IrconPBTL, a wholly owned subsidiary of Ircon, was Industrial Development Board (GIDB) (GoG) on EPC th incorporated as a Special Purpose Vehicle on 30 mode; September 2014, and has obtained approval for th (vii) SAS Nagar Mohali Railway Station - found to be commencement of business on 14 November 2014. unviable and has been proposed for de-entrustment. The main object of IrconPBTL is to carry on the business of widening and strengthening of the (viii) Five stations namely Amritsar, Baiyappanhalli existing Bikaner & Phalodi Section to four lane from (Bengaluru), Gwalior, Gandhinagar (Jaipur), Nagpur 4.200 km to 55.250 km and Two Lane with paved have recently been entrusted to IRSDC. Finalisation shoulder from 55.250 km to 163.500 km of NH-15 on of concept drawings through a design competition is Build, Operate, and Transfer (BOT) (Toll) basis in the in progress. State of Rajasthan, in accordance with the terms of the Concession Agreement signed with National Financials of IRSDC Highways Authority of India (NHAI) on 7th November The authorized share capital of IRSDC is Rs. 100 crore. 2014. Its subscribed and paid-up share capital is Rs. 40 crore st In terms of the concession agreement, IrconPBTL has as on 31 March 2017 (51% held by Ircon). After the th th attained financial close on 30 April 2015 i.e. the date close of the year, in terms of letter dated 10 April of execution and signing of the loan agreement with 2017, the Ministry of Railways has decided to Ircon for a value of Rs. 352 crore. IrconPBTL had restructure and strengthen IRSDC. In the first stage of executed Substitution Agreement (between NHAI, strengthening, it has been decided inter-alia to IrconPBTL, and Ircon) and Escrow Agreement transfer 1% equity stake of IRSDC (out of 51% held by (between IrconPBTL, Ircon, Indian Overseas Bank, IRCON) to RLDA so as to make IRSDC a 50:50 JV and NHAI) on 16th July 2015 and 10 th August 2015 Company. Accordingly, 1% of the present paid-up respectively. These agreements were required in share capital of IRSDC [out of total Rs. 20.40 crore terms of concession agreement as conditions (51%) held by Ircon] would get transferred to RLDA precedent to declaration of appointed date. [holding Rs. 19.60 crore (49%)].

ANNUAL REPORT 2016-17 27 NHAI had declared 14th October 2015 as the Date viz. signing of Escrow Agreement (between appointed date for commencement of construction, IrconSGTL, Ircon, Indian Overseas Bank, and NHAI) with construction period of 910 days, for which Ircon and Substitution Agreement (between NHAI, has been appointed as EPC contractor. The IrconSGTL, and Ircon) were completed on 4th Commercial Date of Operations would be notified December 2015. after completion of construction (scheduled in April th 2018) and issue of completion certificate by NHAI for NHAI had declared 25 January 2016 as the operationalization of toll plaza and levy of toll fees. appointed date for commencement of construction, The construction work is progressing as per the with construction period of 910 days, for which Ircon schedule except for delay on account of non- has been appointed as EPC contractor. The availability of encumbrance free land. Commercial Date of Operations would be notified after completion of construction (scheduled in July Financials of IrconPBTL: 2018) and issue of completion certificate by NHAI for operationalization of toll plaza and levy of toll fees. The authorised share capital of IrconPBTL is Rs. 175 The Construction work is progressing as per the crore and its subscribed and paid-up share capital is st schedule except for delay on account of non- Rs. 165 crore as on 31 March 2017. During the year, availability of encumbrance free land. IrconPBTL has made Rights issue of equity shares of Rs. 75 crore. Shares corresponding to additional Financials of IrconSGTL: share capital of Rs. 75 crore subscribed by Ircon have been allotted in two installments viz. Rs. 50 crore in The authorised share capital of IrconSGTL is Rs. 150 July 2016, and Rs. 25 crore in September 2016. crore and its subscribed and paid-up share capital is Rs. 150 crore as on 31st March 2017. During the year, During the year, IrconPBTL had achieved revenue IrconSGTL has made two Rights issue of equity shares from operations (operating turnover) of Rs. 177.89 of Rs. 80 crore subscribed by Ircon in July 2016 (Rs. 50 crore, and earned profit before tax of Rs. 0.83 crore crore) and October 2016 (Rs. 30 crore). and profit after tax of Rs. 0.54 crore. During the year, IrconSGTL had achieved revenue 4. Ircon Shivpuri Guna Tollway Limited (IrconSGTL) from operations (operating turnover) of Rs. 294.12 crore, and earned profit before tax of Rs. 0.61 crore IrconSGTL, a wholly owned subsidiary of Ircon was and profit after tax of Rs. 0.39 crore. incorporated as a Special Purpose Vehicle on 12th May 2015 and has obtained approval for commencement 5. Ircon Davanagere Haveri Highway Limited of business from the Registrar of Companies on 27th (IrconDHHL) May 2015. The main objects of IrconSGTL is to carry on the business of four laning of Shivpuri-Guna After the close of the year, your Company has formed section of NH-3 from 236.00 km to 332.1 km on Build, another wholly-owned subsidiary company by the name ‘Ircon Davanagere Haveri Highway Limited’ Operate, and Transfer (BOT) (Toll) basis on Design, th Build, Finance, Operate and Transfer ‘DBFOT’ pattern (IrconDHHL) on 11 May 2017, pursuant to under NHDP Phase-IV in the State of Madhya Pradesh conditions of award of Davanagere Haveri Project in and other ancillary works relating thereto, in the State of Karnataka by NHAI. accordance with the terms of the Concession th The main objects of IrconDHHL is to undertake the Agreement, signed with the NHAI on 15 June 2015. business of development, maintenance and In terms of the concession agreement, IrconSGTL management of National Highway No. 48 (Old NH-4) attained financial close on 23rd November 2015 i.e. including the section from Km 260.00 to Km 338.923 date of execution and signing of the loan agreement (approx. 78.923 Km) on Davanagere – Haveri Section with Ircon for a value of Rs. 722.11 crore. Other of National Highway No. 48 (Old NH-4) in the State of conditions set forth in the Concession Agreement as Karnataka by six-laning thereof on design, build, Conditions Precedent to Declaration of Appointed finance, operate and transfer basis.

28 ANNUAL REPORT 2016-17 IrconDHHL has signed the concession agreement connection with a loan of Rs. 521.53 crore availed by with NHAI on 19th June 2017. IrconDHHL is yet to ISTPL in 2011-12. The outstanding balance of this submit relevant documents to NHAI to achieve loan as on 31st March 2017 is Rs. 126.14 crore. financial close. Execution of the project would be Accordingly, Ircon’s obligation for 50% of shortfall in taken up after achieving financial close and dues i.e. balance amount of loan comes to Rs. 63.07 intimation of appointed date by NHAI. crores as on 31st March 2017. The details regarding this loan and related undertakings have also been Financials of IrconDHHL: disclosed in Note no. 52 forming part of the The authorised share capital of IrconDHHL is Rs. 5 Standalone Financial Statements. crore and its subscribed and paid-up share capital is 7. Chhattisgarh East Railway Limited (CERL) Rs. 5 lakh as on 30th June 2017. A joint venture company called ‘Chhattisgarh East B. Joint Venture Companies (JVCs) — In India: Railway Limited’ (CERL) was incorporated on 12th 6. Ircon-Soma Tollway Private Limited (ISTPL) March 2013, with equity participation by South Limited, Ircon, and Chhattisgarh A joint venture company called ‘Ircon-Soma Tollway State Industrial Development Corporation Limited Private Limited’ (ISTPL) was incorporated on 19th April (nominee of Government of Chhattisgarh) in the ratio 2005, with 50% equity participation by both Ircon and of 64:26:10 respectively, for development of coal Soma Enterprise Limited (a construction company in connectivity corridor i.e. East Corridor (length 180 private sector), for executing a BOT project for four Km) in the State of Chhattisgarh. CERL had obtained laning of Pimpalgaon-Dhule section of NH-3 from km Certificate for Commencement of Business on 7th 380 to km 265 in Maharashtra for NHAI. May 2013.

The BOT project for four laning of Pimpalgaon-Dhule CERL has signed concession agreement on 12th June section got completed in 2010-11 and accordingly, 2015 with Ministry of Railways, for Chhattisgarh East ISTPL is earning toll on the entire stretch of 118.158 Railway Corridor - Phase I in the State of Chhattisgarh km. (Total 104.157 km). Phase I of the project is being implemented for Build, Own, Operate, and Transfer Financials of ISTPL: (BOOT) model for PPP projects. Detailed Project Report (DPR) has been approved on 3rd May 2016 by The authorized share capital of ISTPL is Rs. 130 crore Zonal Railways viz. South Eastern Central Railway and its subscribed and paid-up share capital is Rs. with inflated mileage proposed by the Ministry of 127.74 crore (Ircon’s share being Rs. 63.87 crore) as st Railways. Financial closure is in progress and likely to on 31 March 2017. be completed by 30th September 2017. The project During the year, ISTPL has achieved operating progress is infringing due to stay by National Green turnover of Rs. 153.34 crore as compared to Rs. Tribunal (NGT) payment of compensation on account 157.23 crore achieved during the previous year, and of Rehabilitation and Resettlement to land holders. earned profit after tax of Rs. 11.69 crore against profit So far only 67% disbursement has been completed by of Rs. 5.91 crore incurred during the previous year. State Revenue officials and balance as committed by State Government would be completed by August Your Company had entered into a tripartite pledge 2017. agreement with ISTPL and PNB to pledge 30% of its shareholding in ISTPL, in favour of Punjab National Financials of CERL: Bank (PNB); a non-disposal undertaking with respect The authorized share capital of CERL is Rs. 400 crore to 21% of its shareholding; and to make good 50% of and its subscribed and paid-up share capital is Rs. 306 any shortfall in dues, if any, to PNB in the event of the st termination of the Concession Agreement. The said crores (Ircon’s share being Rs. 139.06 crore) as on 31 pledge agreement and non-disposal undertaking had March 2017. CERL is yet to start commercial been, executed as 50% equity partner in ISTPL, in operations.

ANNUAL REPORT 2016-17 29 8. Chhattisgarh East-West Railway Limited (CEWRL) progress.

A joint venture company called ‘Chhattisgarh East- Financials of MCRL: West Railway Limited’ (CEWRL) was incorporated on th The authorized, subscribed, and paid-up share 25 March 2013, with equity participation by South st Eastern Coalfields Limited, Ircon, and Chhattisgarh capital of MCRL is Rs. 5 lakhs as on 31 March 2017. State Industrial Development Corporation Limited 10. Jharkhand Central Railway Limited (JCRL) (nominee of Government of Chhattisgarh) in the ratio of 64:26:10 respectively, for development of coal A joint venture company called ‘Jharkhand Central connectivity corridor i.e. East-West Corridor (length Railway Limited’ (JCRL) was incorporated on 31st 135 Km) in the State of Chhattisgarh. CEWRL had August 2015, with equity participation by Central obtained the Certificate for Commencement of Coalfields Limited, Ircon, and Govt. of Jharkhand in th Business on 7 May 2013. the ratio of 64:26:10 respectively, with the main object to build, construct, operate, and maintain Detailed Project Report (DPR) was approved by Zonal identified rail corridor projects that are critical for Railways viz. South Eastern Central Railway in July evacuation of coal from mines, in the State of 2015. Land acquisition proceedings are in process. Jharkhand. Concession Agreement is yet to be signed between CEWRL and Ministry of Railways. Approval of inflated JCRL had signed project execution agreement with mileage obtained from Ministry of Railways. Financial Ircon on 28th March 2016. Railway Board on 6 th April st closure of the project is expected by 31 March 2018. 2016 has granted in-principle approval for project transferring Broad Gauge Single Railway Line Financials of CEWRL: connecting Shivpur to Kathautia from km 41.5 to km The authorized share capital of CEWRL is Rs. 1110 90.7 in the State of Jharkhand, having a total route crore and its subscribed and paid-up share capital is length of 49.2 km and track length of 68.7 km to JCRL. Rs. 504 crore (Ircon’s share being Rs. 131.30 crore) as The construction of the project is expected to be on 31st March 2017. CEWRL is yet to start commercial started by March 2018 at an estimated cost of Rs. operations. 1400 crore. Orders for acquisition of private and Government land acquisition have been issued and 9. Mahanadi Coal Railway Limited (MCRL) environmental clearances are under process. Feasibility / initial viability estimation and Detailed A joint venture company called ‘Mahanadi Coal Project Report (DPR) are in the process of finalization. Railway Limited’ (MCRL) was incorporated on 31st August 2015, with equity participation by Mahanadi Financials of JCRL: Coalfields Limited, Ircon, and Odisha Industrial Infrastructure Development Corporation (nominee The authorized share capital of JCRL is Rs. 100 crore and its subscribed and paid-up share capital is Rs. 50 of Govt. of Odisha) in the ratio of 64:26:10 st respectively, with the main object to build, construct, crore as on 31 March 2017. operate, and maintain identified rail corridor projects 11. Bastar Railway Private Limited (BRPL) that are critical for evacuation of coal from mines in the State of Odisha. During the year 2016-17, a joint venture company called ‘Bastar Railway Private Limited’ (BRPL) was MCRL has signed project execution agreement with th th incorporated on 5 May 2016, with equity Ircon on 19 April 2016. Angul-Balram-Jharpada new participation by NMDC Limited, Ircon, Steel Authority rail corridor has been identified by the Company for of India Limited and Chhattisgarh Mineral implementation. Feasibility Report has been th Development Corporation (nominee of Government submitted to East Coast Railway (ECoR) on 8 August of Chhattisgarh) in the ratio of 43:26:21:10 2016 and DPR has been submitted to ECoR on 18th th respectively, with the main object to build, construct, July 2017 and forwarded to Railway Board on 20 July operate and maintain Rowghat to Jagdalpur (via 2017 for approval. Land acquisition process is in Narayanpur, Kondagaon) new railway line, in the

30 ANNUAL REPORT 2016-17 State of Chhattisgarh. The authorized share capital of (equivalent to INR 121.71 crore) for Ircon’s share has BRPL is Rs. 5 crore. been received in January 2016. Government of Mozambique have opened the confirmed Letter of Shareholders Agreement for BRPL has been signed st th Credit against balance due payment after 31 March on 20 January 2016. As per the Articles of 2016 (Confirmation received on 31st May 2016). Association of the Company, Ircon is the During the year, second installment of USD 5.959 implementation agency for the project and project th Million (Rs. 37.27 crore) was received in October execution agreement was signed on 19 July 2017. 2016. Balance three installments of USD 5.595 Detailed Project Report (DPR) has been submitted to Million each are due on 18th October 2017, 18 th South East Central Railway in July 2017 for approval. October 2018 and 18th October 2019. The aforesaid Financials of BRPL: payments are towards equity contribution by the company, shareholder loans, interest accrued up to The authorized share capital of BRPL is Rs. 5 crore and the date of settlement agreement, dues towards its subscribed and paid-up share capital is Rs. 4.55 management and other services/charges. In addition crore (Ircon’s share being Rs. 1.18 crore) as on 31st to this, reimbursement of arbitration expenses will March 2017. be made subject to actual as per agreement within overall ceiling of USD 5 million to strategic C. Joint Venture Companies (JVCs) – Outside India: shareholders i.e. RITES Limited and Limited. 12. Companhia Dos Caminhos De Ferro Da Beira (CCFB) After receipt of upfront payment and establishment A joint venture company “Companhia Dos Caminhos of Letter of Credit, Ircon has (on 22nd September De Ferro Da Beira (CCFB)” was incorporated in 2016) transferred its shareholding in CCFB to CFM, Mozambique during 2004 to execute Beira Rail Mozambique Ports & Railway Company representing Concession Project. Your Company was having 25% the Government of Republic of Mozambique. equity stake in CCFB, RITES was having 26% and CFM, Accordingly, equity investment of USD 1.25 Million a railway undertaking of Mozambique was having has been transferred and USD 10.64 Million (Rs. 49% equity stake. Your Company’s equity stake of 73.69 crore) has been recognized as Profit on sale of 25% in CCFB was represented by USD 1.25 million (Rs investment in the statement of profit & loss for the 5.53 crore). Further, CCFB had been granted loan of financial year 2016-17. USD 5.083 million (Rs. 22.48 crore), Conditional shareholders loan 15.042 million (Rs. 66.53 crore), For and on behalf of the Board of Directors and Shareholders loan of USD 1.947 million (Rs. 12.83 crore)], all totaling to an amount of USD 22.171 million. (S.K. Chaudhary) Chairman & Managing Director Although the project was complete, the Government (DIN: 00515672) of Mozambique had terminated the concession in November 2011 and taken over the project in Date:21st September 2017 December 2011. CCFB had initiated arbitration Place: New Delhi proceedings against Government of Mozambique under ICC Rules and filed request for Arbitration with International Court of Arbitration in May 2013.

Subsequently, a settlement agreement was signed with Government of Mozambique on 21st October 2015. As per the settlement agreement, Ircon will get in installments an amount of USD 40.31 Million (including USD 4 Million against IRCON’s claims as a contractor). First installment of USD 17.93 Million

ANNUAL REPORT 2016-17 31 Appendix – C REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) AND SUSTAINABILITY ACTIVITIES 1. A brief outline of the Company’s CSR & welfare of the people, environment and other Sustainability Policy, including overview of projects stakeholders concern that are affected by our or programs undertaken and its web-link: construction activities. The CSR activities planned for the project sites not only benefit the localities but Your Company is committed to its stakeholders to also offer resources for better execution and conduct business in an economically, socially, and implementation of the activity to reach out environmentally sustainable manner that is maximum beneficiaries. Thus, IRCON being a socially transparent and ethical. responsible organization understands the social Your Company is having a policy on CSR & needs and attempts to bring social changes through Sustainability since 2011 which has been revised in its CSR activities in lieu of the resources used at the April 2014 and January 2015 in line with the project sites. requirements of new Companies Act, 2013 and The CSR activities are implemented to attain social revised DPE Guidelines, 2014 on the subject. development in various social domains like capacity The objective of the CSR & Sustainability Policy is to building, empowerment of communities, inclusive focus on the CSR initiatives which impacts society, socio-economic growth, environment protection economy and environment. It aims to bring through promotion of green and energy efficient qualitative social changes to empower the society in technologies, development of backward regions and all aspects through its social impact. The policy gives upliftment of the marginalized and under-privileged the opportunity to work in diversified fields of social groups. Your Company continues to undertake the sector to meet the basic necessary requirements of CSR and Sustainability activities in the field of Health, the community and tries to build and enhance social Education, Skill Development, Rural Infrastructure security in terms of better livelihood, employment, Development, Environment, Sanitation and education, health, sanitation etc. of the various strata Cleanliness, and Socio-economic Development. of the society, through its CSR efforts. Furthermore, IRCON has implemented various CSR The policy also supports to implement various CSR activities related to Health care through medical activities in and around the project sites for the camps, provision of Health equipment, up gradation

Skilled Development Training Programme for Backward Class Youths, Bilaspur (Chhattisgarh)

32 ANNUAL REPORT 2016-17 of passenger amenities etc. It also includes the 2016-17 is given in para 7.3 of the Corporate ceaseless activity of providing medical facilities Governance Report. through Public Health Centers (PHCs) at Ramban, J&K; Sivok Rangpo, ; and Raebareli, Uttar Presently, the Committee is headed by Prof. (Ms.) Pradesh. IRCON has also taken initiatives in Vasudha V. Kamat, Independent Director; along with promoting better quality education to the students of Mr. Avineesh Matta, Independent Director; Mr. Rajiv Government Schools. Adding above, various Skills Chaudhry, Part-time (Official) Director; and Mr. cum Employment Enhancement Programs were Deepak Sabhlok, Director Projects; as its members. taken up to cater the needs of unemployed sector of b) Nodal Officer (viz. Mr. A. K. Goyal, Executive Director / the society which includes special drive for Women Projects) and his team assisted the Committee in Jail inmates, PWDs and OBCs. IRCON has taken its selection and approval of the CSR and Sustainability step forward towards Rural Development, aiming to activities/ projects; facilitated coordination of CSR improve the quality of life of the rural people and and Sustainability initiatives; and submitted the thus, have taken various developmental works in the progress report of implementation of the activities to villages of J&K. Besides above, IRCON believes in the CSR and Sustainability Committee during the conservation of environment and has supported year. through its plantation activities. After the close of the year, Ms. Anupam Ban, General IRCON has also been supporting National Campaigns Manager / HRM, has been nominated as the nodal run by Government of India like Clean India Mission officer w.e.f. 23rd May 2017. (Swachh Bharat Abhiyan) and Clean Ganga Mission as a responsible corporate citizen. 3. The average net profit of the Company (from Indian projects) in the last three financial years is Rs. After the close of the year, the said CSR & 339.91 crore. Sustainability policy has been revised in May 2017 to incorporate new developments in the areas of CSR 4. The CSR & Sustainability Budget for the financial during last two years. year 2016-17 has been Rs. 6.80 crore which is 2% of the average of the net profits of the Company (from The revised CSR & Sustainability Policy 2017 along its Indian projects) during the last three financial with the status of CSR & Sustainability projects in last years. 7 financial years, etc. are available at following web- link – http://www.ircon.org/index.php?option= 5. Details of expenditure incurred on CSR & com_content&view=article&id=52&Itemid=424&la Sustainability activities during 2016-17: ng=en a) Total amount to be spent - Rs. 6.80 crore 2. Composition of CSR Committee: during financial year (Allocated CSR & Your Company has constituted a Board level CSR & Sustainability budget) Sustainability Committee (headed by an Independent Director) in terms of provisions of the b) Amount spent - Rs. 5.89 crore Companies Act, 2013 and DPE Guidelines on CSR & Sustainability, 2014. The said Committee is being c) Amount unspent / shortfall - Rs. 0.91 crore assisted by a Nodal Officer (not below the rank of [i.e. a – b] General Manager) and his team. The shortfall (of Rs. 0.91 crore) will not lapse and a) CSR & Sustainability Committee - The Committee will be carried forward to next financial year 2017- monitors and ensures implementation of CSR & 18, and spent along with allocated budget for Sustainability agenda of the Company. A brief 2017-18. background on the constitution of Committee, its mandate, along with details of meetings held during

ANNUAL REPORT 2016-17 33 Details of CSR & Sustainability projects undertaken during 2016-17 are as under: (Rs. in lakhs) Sl. CSR Project / Sector in Projects or Programs Amount outlay Amount Spent on the Projects Cumulative Amount No. Activity identified which the (1) Local area or other (Budget) or Programs during 2016-17 expen- Spent Project is (2) State and District diture through covered where projects or Total During (1) (2) (3) up to Direct or programs was 2016-17 Direct Overheads Total 2016-17 implementing undertaken expen- agency diture on projects or programs 1 Provision of drinking Health (1) Local 20.00 14.96 10.47 - 10.47 10.47 Through M/s water facilities in [S. No. (i) (2) Bihar, Purnia SATHEE different places by of Sch VII] (an NGO) installing tube wells 2 Cancer Screening and Health (1) Local 4.50 3.38 3.38 - 3.38 3.38 Through M/s Awareness Camps in poor [S. No. (i) (2) West Bengal, Global localities of Santragachi, of Sch VII] Kolkata and Howrah Cancer Shalimar, Behala, Concern Sonagachi, Khidripur, India Chetla and nearby (an NGO) localities for women 3 Medical Camps in Jammu Health (1) Local 7.00 7.00 7.00 - 7.00 7.00 Through M/s & Kashmir by Arogya [S. No. (i) (2) Jammu & Kashmir, Arogya Foundation of India of Sch VII] Udhampur and Foundation Jammu of India (an NGO) 4 Providing Ambulances to Health (1) Local 30.00 30.00 24.29 - 24.29 24.29 Direct Bikaner & Ajmer [S. No. (i) (2) Rajasthan, Divisions under of Sch VII] Bikaner, Ajmer Passenger Amenities 5 Providing sports cum Health (1) Local 3.00 3.00 2.95 - 2.95 2.95 Direct health equipment's to [S. No. (i) (2) Uttar Pradesh, Shri Kailash Prakash of Sch VII] Meerut Stadium, Meerut under CSR 6 Running and Health (1) Local 30.00 30.00 18.89 - 18.89 18.89 Direct maintenance cost of the [S. No. (i) (2) Jammu & Kashmir, 3 health units existing of Sch VII] Ramban; Uttar at Banihal, Lalganj, Sivok. Pradesh, Raebareli; and West Bengal, Sivok 7 Providing medical Health (1) Local 1.85 1.85 1.84 - 1.84 1.84 Direct facilities with necessary [S. No. (i) (2) Rajasthan, Jodhpur free medicines to the of Sch VII] pilgrims at Ramdevra Near Phalodi 8 Supply of Artificial Limbs Health (1) Local 30.00 8.82 0.03 - 0.03 31.35 Through M/s to differently abled [S. No. (i) (2) Jammu & Kashmir, Artificial persons through ALIMCO of Sch VII] Jammu Limbs (govt. undertaking). Manu- facturing Corporation of India (a registered company) 9 Improvement of water Health (1) Local 20.00 20.00 9.45 - 9.45 9.45 Direct supply system in villages [S. No. (i) (2) Jammu & Kashmir, adjacent to the project of Sch VII] Ramban site.

34 ANNUAL REPORT 2016-17 Sl. CSR Project / Sector in Projects or Programs Amount outlay Amount Spent on the Projects Cumulative Amount No. Activity identified which the (1) Local area or other (Budget) or Programs during 2016-17 expen- Spent Project is (2) State and District diture through covered where projects or Total During (1) (2) (3) up to Direct or programs was 2016-17 Direct Overheads Total 2016-17 implementing undertaken expen- agency diture on projects or programs 10 Construction of two Health & (1) Local 50.00 25.00 13.25 - 13.25 13.25 Through M/s community toilets at Sanitation (2) Uttar Pradesh, Sulabh Dullhapur railway station [S. No. (i) Ghazipur International building and railway of Sch VII] Social Service crossing near station of Organisation district Ghazipur, Uttar Pradesh 11 Contribution to Swachh Health & Swachh Bharat Kosh, 180.00 180.00 180.00 - 180.00 180.00 Direct Bharat Kosh Sanitation Deptt. Of Expenditure [S. No. (i) (Min. of Finance) of Sch VII] 12 Infrastructure Education (1) Local 20.00 10.00 11.16 - 11.16 21.16 Direct improvement in Govt. [S. No. (ii) (2) Jammu & Kashmir, high school at Gurha of Sch VII] Kathua Mundian, Tehsil - Hiranagar, Distt- Kathua, Jammu & Kashmir 13 Contribution to GODHULI Education (1) Local 4.90 3.40 3.40 - 3.40 3.40 Direct for promoting the [S. No. (ii) (2) Delhi education for street of Sch VII] children in Delhi 14 Providing for EKAL Education (1) Local 20.00 20.00 20.00 - 20.00 20.00 Through Vidyalaya in rural India [S. No. (ii) (2) Chhattisgarh, Bharat Lok (100 villages for 3 years) of Sch VII] Raigarh & Korba Shiksha Parishad (an NGO) 15 Providing furniture in Education (1) Local 15.00 15.00 13.48 - 13.48 13.48 Direct schools in village in the [S. No. (ii) (2) Jammu & Kashmir, project area districts of of Sch VII] Ramban & Reasi Ramban and Reasi 16 Setting up of libraries in Education (1) Local 10.00 10.00 3.57 - 3.57 3.57 Direct schools/villages of [S. No. (ii) (2) Jammu & Kashmir, Jammu & Kashmir of Sch VII] Reasi 17 Setting up of Vocational Employment (1) Local 5.00 5.00 1.59 - 1.59 1.59 Direct training centers for Enhancing (2) Jammu & Kashmir, women at Bankoot Education Ramban (Banihal) and in Ashar, [S. No. (ii) Jammu and Kashmir for of Sch VII] tailoring and embroidery 18 Skill Entrepreneurship Employment (1) Local 30.00 12.66 12.68 - 12.68 18.73 Through M/s Development Enhancing (2) Jammu & Kashmir, North India Programmes in the state Education Ramban Technical of Jammu & Kashmir [S. No. (ii) Consultancy through NITCON of Sch VII] Organisation Limited (a registered company)

ANNUAL REPORT 2016-17 35 Sl. CSR Project / Sector in Projects or Programs Amount outlay Amount Spent on the Projects Cumulative Amount No. Activity identified which the (1) Local area or other (Budget) or Programs during 2016-17 expen- Spent Project is (2) State and District diture through covered where projects or Total During (1) (2) (3) up to Direct or programs was 2016-17 Direct Overheads Total 2016-17 implementing undertaken expen- agency diture on projects or programs 19 Contribution to NBCFDC Employment (1) Local 33.60 10.08 10.08 - 10.08 10.08 Through M/s for skilled development Enhancing (2) Chhattisgarh, National training programmes for Education Bilaspur Backward backward classes youths [S. No. (ii) Class Finance of Sch VII] and Development Corporation 20 Up skill- Training in Employment (1) Local 2.44 2.44 2.44 - 2.44 2.44 Through M/s Tailoring, Dress making & Enhancing (2) Uttar Pradesh, Serving Beautification to 53 Education Gautam Budh Nagar Human Women Inmates of [S.No. (ii) Foundation District Jail Gautam Budh of SchVII] (an NGO) Nagar at Kasna, Greater Noida 21 Imparting skill Employment (1) Local 18.00 2.01 2.01 - 2.01 2.01 Through M/s development training Enhancing (2) Madhya Pradesh, National through NHFDC Education for Shivpuri & Guna Handicapped Differently Finance & abled Development [S.No. (ii) Corporation of SchVII] 22 Provision of Mokshda Environment (1) Local 79.04 15.61 15.32 - 15.32 91.93 Through M/s cremation system two [S. No. (iv) (2) Uttar Pradesh, Mokshda units location of Mokshda of Sch VII] Raebareli Paryavaran Green Cremation system Evam Van of (Mokshda PEVSS) at Suraksha Raebareli, UP Samiti 23 Plantation of fruit tress Environment (1) Local 8.60 1.20 1.20 - 1.20 1.20 Direct and other trees at [S. No. (iv) (2) Uttar Pradesh, Raebareli project site of Sch VII] Raebareli 24 Environment Environment (1) Other 50.00 50.00 49.95 - 49.95 49.95 Through Sustainability works for [S. No. (iv) (2) , Ambala Northern implementation in of Sch VII] (1) Local Railway, East railway premises (2) Bihar, Hajipur; Central West Bengal, Kolkata Railway and South Eastern Railway 25 Plantation of fruit trees in Environment (1) Other 35.00 35.00 21.50 - 21.50 21.50 Through M/s various places [S. No. (iv) (2) Uttar Pradesh, Khushhali of Sch VII] Bareilly & Haryana, Foundation Sonipat (an NGO) 26 Contribution to Clean Environment National Mission for 50.00 50.00 50.00 - 50.00 50.00 Direct Ganga Mission [S.No. (iv) Clean Ganga of SchVII] 27 Pathways to various Infrastructure (1) Local 15.00 15.00 10.12 - 10.12 10.12 Direct schools/health centers/ Development (2) Jammu & Kashmir, Places of common [S. No. (x) Ramban and Reasi interest in the hilly area of Sch VII] adjacent to the project site.

36 ANNUAL REPORT 2016-17 Sl. CSR Project / Sector in Projects or Programs Amount outlay Amount Spent on the Projects Cumulative Amount No. Activity identified which the (1) Local area or other (Budget) or Programs during 2016-17 expen- Spent Project is (2) State and District diture through covered where projects or Total During (1) (2) (3) up to Direct or programs was 2016-17 Direct Overheads Total 2016-17 implementing undertaken expen- agency diture on projects or programs 28 Community improvement Infrastructure (1) Local 50.00 50.00 36.05 - 36.05 36.05 Direct works in the vicinity of Development (2) Jammu & Kashmir, the project area in [S. No. (x) Ramban and Reasi villages such as Khari of Sch VII] area, Sangladan, Sumber, Dharam, Barala, Guni etc. 29 Up-gradation of As per Sch. VII (1) Local 203.00 58.19 51.70 - 51.70 196.51 Through passenger amenities (2) , Guwahati; respective under CSR at stations Bihar, Patna railways i.e. Patna and Guwahati EC Railway and NF Railway 30 Evaluation for CSR Works Health, (1) Local 2.00 2.00 - 1.31 1.31 1.31 Direct for FY 2015-16 and Education, (2) Bihar, Patna;Delhi; Survey, printing Sanitation, Jammu & Kashmir, compendium etc. Skill Banihal and Jammu. Development and support for differently abled persons Total 1,027.93 691.60 589.11 857.90

6. The shortfall of Rs. 0.91 crore was due to the fact that implementation could not take place in some of the approved projects and also few implemented projects got completed well within the sanctioned cost resulting in the saving of the fund. However, your Company would make every possible effort to utilize its complete CSR proficiency and resources next year in order to achieve the allocated CSR & Sustainability budget for the year 2017-18 including the unspent amount of 2016-17 carried forward to 2017-18.

7. The CSR & Sustainability Committee confirms that the implementation and monitoring of the CSR & Sustainability Policy (pre-revised and revised) is in compliance with the CSR objectives and policy of the Company.

For and on behalf of the Board of Directors

(Deepak Sabhlok) (Prof. Vasudha V Kamat) (S.K. Chaudhary) Director Projects & Member, Independent Director & Chairperson, Chairman & CSR & Sustainability Committee CSR & Sustainability Committee Managing Director (DIN: 03056457) (DIN: 07500096) (DIN: 00515672)

Date : 21st September 2017 Place : New Delhi

ANNUAL REPORT 2016-17 37 Appendix – D MANAGEMENT DISCUSSION AND ANALYSIS REPORT AN OVERVIEW of Heavy Industries and Public Enterprises, monitors its performance through a system of Memorandum of The Company has a long standing reputation as a sectoral Understanding (MOU) as regards targets to be achieved leader in Transportation Infrastructure amongst the public every year as part of accountability to the Parliament in sector construction companies in the Country with respect of all government companies. Government can specialization in execution of Railway Projects on turnkey issue and does issue guidelines to regulate and bring about basis or otherwise. Your Company is known for its quality, some uniform pattern in the functioning of the Company commitment and consistency in terms of its performance. as a public sector company. However, no Government After commencing business as a railway construction department has any supervisory authority to exercise company it diversified progressively since 1985 to roads, control over the Company which is managed and run buildings, electrical sub-station and distribution, airport under the superintendence, control, and direction of its construction, commercial complexes, as well as to metro Board of Directors as per the Companies Act. works. It has been one of the few construction companies in the public sector to have earned substantial foreign BUSINESS ENVIRONMENT exchange for the Country and paid dividend without fail every year to the Government. India is not only among the world’s fastest growing major economies, but also one of the few economies enacting As a construction organization, the Company operates in major structural reforms. Indian economy registered a the entire spectrum of construction activities and growth of 7.1% for the financial year 2016-17 in the infrastructure services; Railways and Highway backdrop of two major domestic development viz. Construction, Tunnels & Bridges, Railway Workshops, EHP demonetization of two highest denomination notes in sub-station (engineering and constructions) and MRTS November 2016, and subsequently implementation of being the core competence areas. Goods & Service Tax (GST) in July 2017.

The Company has executed many landmark construction To make this growth rate consistent and enduring, the projects in the last 41 years both in India and abroad. In government continues with its initiatives on economic India, in particular, it has also been undertaking projects reforms, increase in public investment in infrastructure even in difficult terrains and disturbed regions. The and development projects, export growth etc. A total Company has so far completed more than 120 projects in allocation of Rs. 3,96,135 crore for infrastructure more than 24 countries across the globe, and 376 projects development in 2017-18 would afford business in India. opportunities for your Company. The historic step of merger of the Railways Budget with the General Budget The Company is an ISO certified Company for Quality, would facilitate multi-modal transport planning between Environment, and Occupational Health and Safety railways, highways, and inland waterways. Management Systems, a Schedule ‘A’ public sector company, and a Mini Ratna – Category I. Some of the initiatives of infrastructure development which may yield business opportunities to your Company LEGAL STATUS AND AUTONOMY are given below:

The Company, a legal entity separate from the Railways: Government, is legally, functionally, and financially autonomous, operates under the corporate laws as an The total capital and development expenditure of independent commercial enterprise, does not receive any Railways for the year 2017-18 has been pegged at Rs. budgetary or financial support from the Government, nor 1,31,000 crore which includes allocation of Rs. 55,000 is it a dependent agency of the Government. However, the crore by the Government. The main focus area of Railways Government of India through the Ministry of Railways and would be modernization and up-gradation of identified the Department of Public Enterprises under the Ministry corridors, commissioning of new railway lines doubling of

38 ANNUAL REPORT 2016-17 about 3500 km, re-development of about 400 railway alliances for bagging the projects being offered on EPC, stations, feeding of about 700 railway stations with solar DBFOT, and HAM basis. power, etc. One of the recent trend in mode of execution of To enhance the competitiveness of railways, end to end construction and development of railway works is through integrated transport solutions for select commodities (eg. setting up of joint ventures with State Governments. coal) will be, inter-alia, implemented through partnership Railways have already set up 9 such joint ventures with with logistics players. State Government for execution of 70 identified projects.

Proposed new law on metro rail coupled with allocation of Electrical Projects: Rs. 18000 crore would facilitate greater participation and investment in construction and operation of metro Indian Railways has decided to electrify 24,400 km track by projects. 2020-21 under ‘Mission Electrification’. Ircon has also been awarded the electrification work of ‘Mathura- High Speed Rail Corporation set up by Indian Railways for Kasganj -Kalyanpur’ and ‘Katni-Singrauli’ at an estimated implementing Mumbai-Ahmedabad high speed rail cost of Rs. 305.90 crore and Rs. 258.36 crore respectively. corridor under Japanese funding may also afford business opportunities in railway sector in addition to continuing In addition to the railway electrification work, IT works on western dedicated freight corridor by DFCCIL. enablement and strengthening of power distribution network in urban areas at an estimated cost of Rs. 32,612 Roads: crore is in the offing under Integrated Power Development Scheme (IPDS) of Ministry of Power. An allocation of Rs. 64,900 crore to the Ministry of Road Transport and Highways (MORTH) would give impetus to In International arena opportunities exist in countries like construction & development of roads and highways. Malaysia, Bangladesh, Bhutan, Sri Lanka and Iran. In addition to already continuing initiatives like development of national highways under NHDP, Present Project Profile: improvement of road connectivity in left wing extremism affected areas, special accelerated Road Development Presently, Ircon is executing construction of railway line in Programme for North-Eastern Region (SARDP-NE), J&K, Sivok-Rangpo, Jayanagar (India) to Bijalpura National Highway Inter-connectivity Improvement (Nepal),Jogbani to Biratnagar, etc.; setting of new rail Programme (NHIIP), improvement in the efficiency of coach factory at Rae Bareli; doubling projects for Katni National Corridors development of economic corridors/ Singrauli; Rampur Dumra Tal Rajendrapul, Kiul-Gaya and feeder routes, rural roads under PMGSY, Hajipur Bachwara; Akhaura-Agartala Rail Link projects; programme to develop road connectivity to Border areas, setting up of three electric loco sheds at Bondamunda, the emphasis would also be on development of roads for Daund and Mughalsarai; Road over Bridges in Jharkhand coastal connectivity including road connectivity for non- under Pradhan Mantri Gram Sadak Yojna (PMGSY); Design major ports. and Construction of Civil, Building and Track Works of Vaitarna-Sachin section and JNPT Vaitrana Section of DFC The Government has initiated ‘’ in 2016 for project; Construction of Railway Siding at Nagarnar, in construction, rehabilitation and widening of 1500 major Chhattisgarh and for Darlipali Super Thermal Power bridges and 208 railway over bridges (RoBs)/ railway under project; electrical works under RAPDRP-Part B Project in bridges (RUBs) on National Highways. the State of Jammu & Kashmir and Uttar Pradesh; Design, Supply, Installation etc. of receiving-cum-traction and The preferred mode of execution of projects in highway auxiliary main sub-station; Metro works for Delhi; sector remains EPC (Engineering, Procurement, and development work at NIT, Mizoram; etc. Construction); DBFOT (Design, Build, Finance, Operate, and Transfer); and HAM (Hybrid Annuity Model).Projects Your Company has secured road projects from NHAI in the by Indian Railways are also likely to be bid out on EPC and last two years (i.e. 2014-15 to 2015-16) for which two DBFOT basis. Your Company may need to form strategic wholly owned subsidiary companies as Special Purpose

ANNUAL REPORT 2016-17 39 Vehicles (SPVs) have been incorporated viz. Ircon PB Rs. 3254 crore as compared to Rs. 2860 crore in 2015-16. Tollway Limited [for widening and strengthening of the About 92% of the total income i.e. Rs. 2995 crore, has existing Bikaner - Phalodi section of NH-15 on BOT (Toll) arisen from operations, out of which about 10.92%i.e. basis in the State of Rajasthan] and Ircon Shivpuri Guna Rs.327 crore has been contributed by foreign projects. Tollway Limited [for four laning of Shivpuri-Guna section of NH-3 on BOT (Toll) basis on DBFOT pattern under NHDP Operating income from foreign projects has decreased by Phase-IV in the State of Madhya Pradesh]. Your Company 20% over the previous year. The main reason being further secured road project viz. Davanagere Haveri completion of foreign projects in Sri Lanka and Malaysia Highway project from NHAI during the year 2016-17, for and in previous years, Company had received certain which another wholly owned subsidiary company has claims from clients against projects in Malaysia and been incorporated viz. Ircon Davanagere Haveri Highway Mozambique. There had been a corresponding decrease Limited, after the close of the year. of 11.63% in Profit before tax from Rs. 602 crore in 2015-16 to Rs. 532 crore in 2016-17.Profit after Tax has also Additionally, the Company is a stakeholder in five SPVs to decreased by 6.58% from Rs. 395 crore in 2015-16 to undertake rail connectivity projects for coal movement. Rs. 369 crore in 2016-17. Net Worth has increased by Three such SPVs viz. ‘Chhattisgarh East Railway Limited’, 4.39% during the year, whereas earnings per share have ‘Chhattisgarh East-West Railway Limited’ and ‘Bastar decreased by 6.59% from Rs. 39.91 in 2015-16 to Rs. 37.28 Railway Private Limited’ are in the State of Chhattisgarh; in 2016-17. and one each in the State of Odisha and Jharkhand viz. Turnover of the Company is showing increasing trend and ‘Mahanadi Coal Railway Limited’ and ‘Jharkhand Central the Company has secured new projects whereby the order Railway Limited’ respectively. book stands increased to Rs. 18878 crore approx.

Your Company is having active presence in Sri Lanka, The details of interim dividend paid and dividend Malaysia, Bangladesh, Algeria, Bhutan, South Africa, and proposed for consideration and declaration by the Nepal. shareholders, over and above the interim dividend, at the forthcoming AGM is given in Directors’ Report under Para OUTLOOK C of ‘Financial Highlights’. OPERATIONAL PERFORMANCE The Vision and Mission of the Company are as follows: A. Sectoral Performance: A. Vision Railways continued to be the primary sector of interest To be recognised nationally and internationally as a contributing highest to the operating income, though its construction organisation comparable with the best portion has reduced. Highways and Electrical have been in the field covering the entire spectrum of the other two important sectors contributing 19.67% and construction activities and services in the 8.45% respectively to total operating income during 2016- infrastructure sector. 17. A sector-wise comparative position for the last three B. Mission years is given below: (Rs. in crore) i) To effectively position the Company so as to Sectors 2014-15 2015-16 2016-17 Operating Operating Operating % % % meet the construction needs of infrastructure Income Income Income development of the changing economic scene in Railways 2688 91.12 1914 79.12 2074 69.25 India and abroad. Highways 228 7.72 237 9.80 589 19.67 ii) To earn global recognition by providing high Electrical 13 0.45 199 8.23 253 8.45 quality products and services in time and in Buildings 19 0.63 67 2.77 78 2.60 conformity with the best engineering practices. Others 2 0.08 2 0.08 1 0.03 FINANCIAL PERFORMANCE Total 2950 100 2419 100 2995 100 The total income of the Company during 2016-17 stood at

40 ANNUAL REPORT 2016-17 B. Segment-wise Performance: and Jharkhand, shall continue to bring more business in the coming years Contribution of foreign projects to total income has decreased from 28% in 2014-15 to 10% in 2016-17. A As a result of sustained marketing efforts in open market, comparative position for the last three years is given your Company has succeeded in securing three packages below: on DFCCIL project on Western Dedicated Freight Corridor, (Rs.in crore) and had signed a MoU with Construction and Sectors 2014-15 2015-16 2016-17 Development of Transportation Infrastructure Company Total Total Total % % % (CDTIC), a company owned by Government of Iran, for the Income Income Income financing and execution of -Zaheden Railway Foreign 868 28 506 18 339 10 project. Domestic 2254 72 2354 82 2915 90 Total 3122 100 2860 100 3254 100 A large number of projects are coming up in the Highways sector on EPC, DBFOT, and HAM basis. A dedicated team STRENGTHS has been developed to focus on such projects. Further, Ministry of Transport, Malaysia is being pursued to secure The Company has rich experience of timely execution of a a Turnkey Railway contract for the Company on large number of international projects, especially in Government to Government (G2G) basis. Also, projects on developing countries. Its key strengths continue to be Indian Railways are also likely to be bid out on EPC and impressive financials (reflected in the consistent DBFOT basis in future. profitability and healthy balance sheet of the Company), established credentials, and competent manpower. The The commitment of Government of India for new lines of Company has a track record ofquality performance in time credit amounting to USD 10 billion for Africa, would afford to the satisfaction of its customers. opportunities of securing works in countries like Tanzania, Ghana, Kenya, Ethiopia etc. in addition to projects under Your Company has developed some of the best processes multilateral funding. and methodologies to provide economic solutions and quality output while meeting tight schedules on the most Adoption of Information Technology to expedite data and challenging projects. With its expertise and professional information sharing will ensure improvement of approach to work, your Company has not only widened its Operational Efficiency of the Company. Further, adoption horizons of work, but also propelled itself to traverse the of e-tendering system shall cut time and effort for physical boundaries of the country. expeditious project, delivery, besides ensuring transparency in all processes. Your Company’s continued good relations with Railways and the expertise available for execution of various railway CONSTRAINTS projects like doubling works, construction of new railway Although every organization has to work within a certain lines and rehabilitation works, has resulted in award of legal framework, the Company as a public sector company new projects on East Central Railway and West Central faces more constraints (not applicable to private sector Railway. companies) which puts it at a disadvantage in a OPPORTUNITIES competitive market. The structural changes in the construction industry in the last few years whereby all A number of macro level and sectoral initiatives construction and financial risks are being transferred to undertaken to improve economic growth coupled with the Contractors from the employers poses fresh challenge revival of interest in the development of infrastructure to the Company. These higher risks are willingly taken up sector in the last few years in India as well as abroad, by private sector companies to capture a sizeable portion particularly in Railway sector, has opened up several of the market. opportunities for securing more business. Continuous efforts to develop maximum number of other related and Ircon being a domain player in the railway infrastructure remunerative projects in States of Chhattisgarh, Odisha, segment, has been able to secure a fair share of railway business for the Company in the past. However, entry of a

ANNUAL REPORT 2016-17 41 large number of players in the highways sector has made it tenders in Joint Venture/ Consortium with other good difficult for the Company to compete in Item Rate companies. Contracts. Further, with the Employer(s) diluting the qualification requirement, a sizeable number of RISKS AND CONCERNS contractor are diversifying in Railway segment thereby A. Project Risk Management: increasing the competition for Ircon. The Company has a Risk Management Committee of Most of the upcoming private organizations in the Whole-time Directors, a Rapid Action Group at General infrastructure sector are willing to take higher risk and Manager / Executive Director (below board) level, work at low profits to increase their order book position business group, and internal audit to ensure its and capture a wider share of the market, which poses fresh implementation. Risk Management Policy, Risk challenges for the Company. Management Processes, and MIS reports formats The Company is operating in a highly competitive and price including MIS reports on Risk Management have been cutting environment of the construction industry where evolved in accordance with the Framework. Reports from profit margin is diminishing due to increased market Rapid Action Group and internal audit are required to be competition in the traditional areas of operation. With the submitted through the Risk Management Committee to changes in the Government policy as well as proposed the Audit Committee for review. disinvestment of shares by the Government to be offered In India, a major concern in execution of projects is non- to private parties, there is likelihood of reduction of new availability of encumbrance free land, and delayed work orders coming on nomination basis from Indian approval of drawings and estimate due to which there is a Railways and other government agencies. Hence, the risk of time and cost overruns which are seldom Company has to prepare itself to expand its footprint in compensated by the client. high technology and high value projects like High Speed Railway projects and PPP investment projects. B. Treasury Risk Management

STRATEGY Your Company was assigned a ‘CARE AAA’ rating by Credit Analysis & Research Limited (CARE) for long-term non- The Company is focused towards strategic business fund based credit facilities and an ‘A1+’ rating for short- development to sustain and improve its order book term non-fund based credit facilities in 2008-09 based on position by giving a thrust to its areas of core competence BASEL II norms of the Reserve Bank of India. These rating and international business. Core competence of the have been re-affirmed in an annual surveillance review by Company namely, Railways, Highways, Electric sub- CARE in November 2016. stations, S&T, and Railway Electrification, is being further consolidated. Ircon conducts its business in various countries and, therefore, has to deal in foreign currencies. Execution of There is need to revise Ircon’s strategy in bidding for projects abroad necessitates investing some funds in contracts in the infrastructure sector in view of the foreign banks in order to take care of any exigency arising challenges being posed by the above constraints. The on account of temporary cash flow mismatch. However, revised strategy should take into account the Company’s dealing in foreign currencies involves foreign exchange risk strength in terms of its large and trained manpower, and the exchange rate may change unfavorably before the credentials to execute mega projects and financial currency is exchanged. In order to minimize or eliminate resources and its weaknesses on account of being a foreign exchange risk, these exchange rate fluctuations are government entity limiting its ability to take risk and work monitored constantly and surplus funds are exchanged / on lower margins, to secure projects in a higher repatriated to India at the appropriate time, and in competitive environment. The Company also needs to accordance with the laws. Efforts are made to provide a increase its efforts to secure contracts through strategic tie natural hedge by matching foreign currency inflows and ups with Indian and International companies both in outflows from various foreign projects. Investment domestic and the foreign markets. To remain competitive guidelines for foreign projects have been formulated to in the business, the Company plans to participate in more ensure placement of funds with foreign banks in a fair and transparent manner.

42 ANNUAL REPORT 2016-17 INTERNAL CONTROL SYSTEM HUMAN RESOURCE

Your Company has adequate internal control mechanism The Company aims to achieve the right size and right mix of and an Internal Audit System commensurating with its size human resource/ employees for the organization. Since and nature of business. During the year, a revised internal your Company is a project based company, there are audit framework has been approved and adopted in the fluctuations in the manpower requirements which are Company. The said framework provides scope of Internal being taken care by recruiting employees on deputation, Audit covering areas from tendering to statutory contract, and service contract. Recruitment strategies compliances. The same has been issued for have been re-engineered to tune them with the overall implementation to internal auditors so as to make the strategy of the Company to keep cost of supervision and internal audit system more effective and project specific. establishment at optimum level. Training programmes are Projects are closely monitored through online/offline designed so as to enhance both technical and managerial reporting formats and the key performance indices are skills of employees. monitored by the Management on monthly basis. The Company offers post superannuation benefits of The Company has in place an organizational chart and a Contributory Provident Fund, Gratuity, and Post system of delegation of powers. This coupled with robust retirement indoor medical benefits through a Medical internal MIS systems, ensures appropriate information Trust to all its employees. During the year, your Company flow to facilitate effective monitoring. Adherence to these organized 2nd Corporate Ircon Inter Project Quiz covering processes is monitored through internal audits. The a wide range of topics, as a tool for employee learning and frequency of the Internal Audit is linked with the turnover engagement. Further, Ircon started Ircon Corporate Quiz and percentage of completion of the each project. which focused only on Quality and OHSAS compliances and other aspects of the Company. The Company has an internal audit system that requires the Internal Auditors to comment on the existence of The total manpower strength as on 31st March 2017 was adequate internal control systems and compliance 1495 employees. The attrition rate during 2016-17 was therewith in addition to the opinion on existence of proper 1.27%, with 15 employees leaving the organization. risk assessment and mitigation mechanism. The Internal Auditors are experienced chartered accountant firms With an aim to build competency based framework for which are selected through a transparent selection managing human resources, training programmes are process, and upon appointment directly report to the being designed to align the skills of organisation’s human Management. This ensures Internal Auditors’ resources with that of the company’s present and future independence. Reports of the Internal Auditors are needs. Under succession planning policy of the Company, reviewed, compliances are ensured, and synopses of Audit steps are being taken to identify a potential pool of likely Reports along with compliance are put up by Internal Audit leaders to take up critical roles in future. To groom this pool Department for consideration of the Audit Committee. of potential leaders, organization aims to train them with regard to future job requirements by involving them in The internal control and audit system are being reviewed cross-functional activities and through mentorship and periodically by the Management as well as by the Audit stretch assignments. Committee, followed up by corrective action, whenever necessary as a part of continuous improvement. A study by For and on behalf of the Board of Directors a professional agency is in place for further strengthening the Internal Financial Control in Ircon. The recommendations of the study will be implemented for (S.K. Chaudhary) strengthening the Internal Financial Control. A structured Chairman & Managing Director Fraud Prevention, Detection, and Control Policy (FPDC (DIN: 00515672) Policy) along with a Whistle Blower Policy duly approved by the Board of Directors is in place with facility to make e- Date : 21st September 2017 & 28th September 2017 complaints in confidence. Place : New Delhi

ANNUAL REPORT 2016-17 43 Appendix – E CORPORATE GOVERNANCE REPORT

1. COMPANY’S PHILOSOPHY ON CORPORATE Directors Whole-time / Directorships Committee GOVERNANCE & KEY VALUES Part-time held in Memberships (Official)/ Companies/ held in 1.1 The Code of Corporate Governance of the Company Independent Body Companies / Corporates Body is “To Be Professional, Profitable, Transparent, and (excluding Corporates Accountable with excellence in every sphere of Ircon) (including Ircon) activity of the Company.” As As Chairman Member 1.2 The Key Values of the Company formally adopted by Deepak Sabhlok* Director Projects 7 1 3 the Board of Directors are: [DIN: 03056457] –Whole-time [ISTPL, IrconPBTL, a) Constructive approach IrconSGTL, IrconDHHL, b) Working as a team CERL, CEWRL, and MCRL]

c) Excellence in performance Hitesh Khanna Director Works – 2 NIL 1 d) Probity in work and dealings [DIN: 02789681] Whole-time [IrconISL and JCRL]

e) Being responsible and accountable M. K. Singh Director 1 1 NIL [DIN: 06607392] Finance – [IRSDC] 2. BOARD OF DIRECTORS [w.e.f. 01.05.2016] Whole-time

2.1 Composition of Board of Directors: Rajiv Chaudhry Part-time 1 NIL 4 [DIN: 03146422] (Official) [KRCL] Three independent directors joined the Board of [w.e.f. 17.11.2016] Ircon in April 2016 in terms of order dated 1st April S. K. Singh Independent 12 2 5 2016 from the Ministry of Railways. The present [DIN: 00003695] [See note (i)] strength of the Board of Directors of Ircon is nine [w.e.f. 05.04.2016] comprising of four whole-time directors (Chairman & Avineesh Matta Independent 2 2 2 Managing Director, Director Finance, Director [DIN: 00011749] [see note (j)] Projects, and Director Works), two government [w.e.f. 08.04.2016] nominated [part-time (official)] directors, and three Vasudha V. Kamat Independent NIL 1 3 independent directors (including one woman [DIN: 07500096] director). [w.e.f. 22.04.2016] 2.2 BOARD OF DIRECTORS AND THEIR MEMBERSHIPS S.C. Jain Part-time 5 OF BOD / COMMITTEES [DIN: 07564584] (Official) [PRCL, RIDC, NIL 1 [w.e.f. 03.01.2017] KRC, MRVC (As on the date of this report) and RVNL] Directors Whole-time / Directorships Committee Part-time held in Memberships (Official)/ Companies/ held in *Mr. Deepak Sabhlok had assumed the additional charge Independent Body Companies / of the post of Chairman & Managing Director of Ircon for a Corporates Body period of 3 months from 01.10.2016 or till a regularly (excluding Corporates selected candidate joined the post of CMD. Ircon) (including Ircon) As As Chairman Member Mr. S.K. Chaudhary joined the Board of Ircon as CMD on S.K. Chaudhary Chairman & NIL NIL NIL 29.10.2016 (FN) accordingly, Mr. Sabhlok relinquished the [DIN: 00515672] Managing additional charge of the post of CMD on 29.10.2016 (FN), [w.e.f. 29.10.2016] Director– Whole-time but continues to hold the charge of the post of DP / Ircon.

44 ANNUAL REPORT 2016-17 DIRECTORS WHO CEASED TO HOLD OFFICE limit of 10 public companies (within the overall (During 2016-17 and thereafter till the date of this report) maximum limit of 20 Companies) in accordance with Directors Whole-time / Directorships Committee the Companies Act, 2013. Part-time held in Memberships (Official)/ Companies/ held in b) The Committees covered under the last two columns Independent Body Companies / are Audit Committee, Nomination & Remuneration Corporates Body Committee, Independent Directors Committee, CSR (excluding Corporates Ircon) (including Ircon) & Sustainability Committee, and Committee for Issue As As of Renewed / Duplicate Share Certificates. Chairman Member Mr. K.K. Garg Director 1 1 1 c) The number of committee memberships of directors [DIN: 01495050] Finance – [CCFB] is within the maximum limit of ten including the [Held Office from Whole -time 03.11.2009 (FN) permitted limit of five chairmanships under the DPE to 30.04.2016 Corporate Governance Guidelines, 2010 (DPE CG (AN). Ceased to Guidelines). Only Audit Committee has been counted hold office on for the said limit. superannuation]. H. K. Kala Part-time 1 NIL 2 d) The term ‘whole-time director’ used in this report [DIN: 07200108] (Official) [MRVC] refers to functional / executive directors. [Held Office from 02.06.2015 (FN) e) The term ‘part-time director’ used in this report to 30.06.2016 refers to non-executive directors. (AN). Ceased to hold office on superannuation f) The term ‘official’ indicates part-time Government from the post of nominated directors who hold office in the Addl. Member Government. (Planning), Railway Board]. g) The term ‘independent’ indicates part-time directors Mohan Tiwari Chairman & 1 NIL NIL who hold no office in the Government and are [DIN: 00191363] Managing [IRSDC] independent. [Held Office from Director– 08.08.2003 (FN) Whole-time h) Apart from the remuneration to directors as per the to 30.09.2016 terms and conditions of their appointment and (AN). Ceased to hold office on entitled sitting fee to independent directors, as superannuation]. detailed in para 4 of this Report, none of the directors Anjum Pervez Part-Time 1 Nil 5 has any material or pecuniary relationship with the [DIN: 06682287] (Official) [RVNL] Company which can affect their independence of [Held Office from judgment. 15.07.2013 (FN) to 09.12.2016 i) Mr. S. K. Singh, Independent Director, is director on (AN). Ceased to the Board of: hold office upon relinquishment of i) Ganesh Realty and Mall Development Private charge of the post of ED/ Project Limited [CIN U45200WB2007PTC112423] Monitoring, Railway Board, ii) Likhami Commercial Company Limited so as to take up [CIN U51109WB1982PLC034623] another assignment]. iii) Distant Horizon Orchard Private Limited Notes: [CIN U74899WB1991PTC117430] a) The number of Directorships is within the maximum iv) Ambuja Educational Institute [CIN U80302WB1991GAP052586]

ANNUAL REPORT 2016-17 45 v) Ashika Stock Broking Limited v) IRSDC – Indian Railway Stations [CIN U65921WB1994PLC217071] Development Corporation Limited, a JV and a subsidiary company of vi) Fourfold Agents Private Limited Ircon (51% equity) at New Delhi [CIN U51909WB2009PTC133868] (India) vii) Utkarsh Sfatik Limited [CIN U45204DL2012GOI234292] [CIN U45100WB1992PLC195097] vi) ISTPL – Ircon-Soma Tollway Private viii) Ashika Credit Capital Limited Limited, a JV Company at New [CIN L67120WB1994PLC062159] Delhi (India) in which Ircon has 50% equity participation ix) Ashika Capital Limited [CIN U74999DL2005PTC135055] [CIN U30009WB2000PLC091674] vii) JCRL – Jharkhand Central Railway Limited, x) Vantage Vanijya LLP[LLPIN: AAI-9810] a JV Company in Jharkhand (India) in which Ircon has 26% equity xi) Maddhurya Vanijya LLP[LLPIN: AAI-0687] participation [CIN U45201JH2015GOI003139] xii) Alishan Dealtrade LLP[LLPIN: AAI-1621] viii) KRCL – Corporation j) Mr. Avineesh Matta, Independent Director, is director Limited on the Board of following companies: [CIN U35201MH1990GOI223738] i) Explico Consulting Private Limited ix) PRCL – Pipavav Railway Corporation [CIN U93000DL2010PTC205167] Limited ii) InQUANT Consulting Private Limited [CIN U45200DL2000PLC151199] [CIN U74140DL2009PTC186611] x) RIDC – Rail Infrastructure Development k) Full name of companies referred: Company (Karnataka) Limited [CIN U60100KA2000PLC028171] i) IrconISL – Ircon Infrastructure & Services Limited,a wholly owned subsidiary xi) KRC – Kutch Railway Company Limited company of Ircon at New Delhi [CIN U45202DL2004PLC124267] (India) xii) MRVC – Mumbai Railway Vikas Corporation [CIN U45400DL2009GOI194792] Limited ii) IrconPBTL – Ircon PB Tollway Limited,a wholly [CIN U45203MH1999GOI120765] owned subsidiary company of xiii) RVNL – Limited[CIN Ircon at New Delhi (India) U74999DL2003GOI118633] [CIN U45400DL2014GOI272220] xiv) CCFB – Companhia Dos Ferro Da Beira,a JV iii) IrconSGTL – Ircon Shivpuri Guna Tollway Company in Mozambique in which Limited,a wholly owned subsidiary Ircon had 25% equity participation. company of Ircon at New Delhi During the year, the shares of CCFB (India) were transferred to CFM in terms of [CIN U45400DL2015GOI280017] the Settlement Agreement dated iv) IrconDHHL – Ircon Davanagere Haveri Highway 15th October 2015. Details Limited,a wholly owned subsdiary pertaining to CCFB have been given company of Ircon at New in sl. no. 12 of Appendix – B (i.e. Delhi(India) Subsidiaries and Joint Ventures [CIN U45500DL2017GOI317401] Companies).

46 ANNUAL REPORT 2016-17 3. DISCLOSURES ABOUT DIRECTORS Limited). Before starting his own practice in 2012, he was holding the post of President (Corporate Affairs) As per the disclosures made by the directors in terms in the said Ambuja Group. of section 184 of the Companies Act, 2013, read with Companies (Meetings of Board and its Powers) Rules, Mr. Singh is also a council member of National Youth 2014, no relationship exists between directors inter- Development Fund under the aegis of Ministry of se. Two nominee directors (part-time official) who Youth Affairs and Sports and examiner in ICAI for last are officials from the Ministry of Railways, and thus more than 20 years. related to the promoter. b) Mr. Avineesh Matta (DIN 00011749), Practising Ministry of Corporate Affairs (MCA) has exempted Chartered Accountant, has joined the Board of Ircon unlisted government companies (wherein at least as Independent [Part-time (Non-Official)] Director 51% paid-up share capital is held by the government) w.e.f. 8th April 2016 in terms of Presidential Order from the requirement of retirement of its directors by dated 1st April 2016 issued by the Ministry of Railways. rotation vide notification dated 13th July 2017 th amending earlier notification dated 5th June 2015. Born on 28 April 1959, Mr. Matta’s qualifications are Accordingly, no agenda item has been proposed in B.Com (Hons.), LLB, Advanced Diploma in the notice of AGM for appointment of directors as per Management, Certificate in Environmental section 152 of the Companies Act, 2013, which Economics, Certificate in Business Valuation, require determining not less than 2/3rd of the Diploma in Information Systems Audit, and fellow directors as persons whose period of office is liable to member of the Institute of Chartered Accountants of determination by retirement of directors by rotation India (ICAI). at a general meeting. He has more than 34 years of rich experience in The performance evaluation of functional directors finance, audit, taxation, etc. His professional as well as the Company is done through system of exposure to multifarious industries and service Annual Performance Appraisal Report (APAR) by segments has provided him extensive business Ministry of Railways and Memorandum of knowledge and understanding of strategic and policy Understanding entered with Ministry of Railways issues and processes. He has been giving consultation respectively, and the said evaluation is submitted to on merger & amalgamation, foreign exchange issues, Department of Public Enterprises through the due diligence, project financing, feasibility studies, Administrative Ministry. investment banking, credit ratings, corporate restructuring, strategic & legal consulting, valuation 3.1 Brief Resume of seven new Directors who joined the of business & assets in addition to consultancy on Company during 2016-17: Engineering-Procurement-Construction, Operate- Maintain-Transfer, Built-Operate-Transfer, and a) Mr. Sanjay Kumar Singh (S. K. Singh) (DIN 00003695), similar projects in road transport and highway sector. Practising Chartered Accountant, has joined the Board of Ircon as Independent [Part-time (Non- He has been associated with monitoring, review, and Official)] Director w.e.f. 5thApril 2016 in terms of evaluation of internationally aided projects in social Presidential Order dated 1st April 2016 issued by the sector and urban support programs. He has also been Ministry of Railways. associated with various committees of ICAI, along

rd with being an active member of various non- Born on 3 November 1964, Mr. Singh’s qualifications governmental organisation working in the field of are B.Com (Hons.) and fellow member of the Institute health, education and skill development. He carries of Chartered Accountants of India (ICAI). deep interest in business ethics and governance.

He has 31 years of rich experience in finance, c) Prof. (Ms.) Vasudha Vasant Kamat (DIN 07500096), taxation, and business operation. He had worked for has joined the Board of Ircon as Independent [Part- more than 26 years with Ambuja-Neotia Group time (Non-Official)] Director w.e.f. 22nd April 2016 in (erstwhile owner & promoter of Ambuja Cements

ANNUAL REPORT 2016-17 47 terms of Presidential Order dated 1st April 2016 issued Born on 25th September 1961, Mr. Singh’s by the Ministry of Railways. qualifications are B.A. (Hons.), M.A. (Mathematics), M.Phil (Mathematics), and Post Graduate Diploma in th Born on 26 June 1952, Ms. Kamat’s qualifications are Financial Management from IGNOU. He is an Indian B.Sc (Chemistry), B.Ed., M.Ed., M.A. (Sociology), and Railway Accounts Service (IRAS) Officer of 1990 Ph.D. (Education). batch. Prior to joining Indian Railways, he worked as lecturer for 5 years in the University of Delhi. Prof. Kamat started her career as teacher in 1971. Prior to joining SNDT Women’s University in 1983, He joined Indian Railways in 1991 and worked in she was lecturer for 4 years in College of Education. various capacities for 25 years. He has gained rich She held various posts in her career span of 29 years experience in various branches of Railway Accounts with SNDT University. At the time of her retirement and Finance including exposure of working in multi- from SNDT University in 2016, she has been holding departmental set up of Indian Railways. As Director the post of Vice-Chancellor for the last 5 years. She Finance (Accounts) & Director Finance (PPP), Railway also had a brief tenure as Joint Director at CIET, NCERT Board, he has worked in the area of financial scrutiny from 2007 to 2011. and appraisal of PPP projects in Indian Railways, compilation and preparation of accounts of Indian She has more than 46 years of rich experience in the Railways, dealing with statutory audit (C&AG), etc. field of school education, higher education, teacher Further, he played a pivotal role in implementing a education, women’s education, open and distance pan-railway online accounting package system and education. During her tenure at SNDT University, she other Relational Database Management System introduced various new ideas/ procedures like online (RDBMS) packages of Accounting and Finance in admissions, Choice Based Credit System at master zonal headquarters and divisions in the railway level, new strategies for evaluation, use of system along with being a member of the team Information & Communication Technology (ICT) in computerizing the Railway Finance and Accounts in teaching-learning Process, Faculty Development two major divisions. Programmes, Development of ICT infrastructure such as virtual classrooms, computer labs for students, Prior to joining Ircon as Director Finance, he was training labs for teachers as well as Language labs on working as General Manager/ Finance in Rail Vikas campuses. Nigam Limited (on deputation) for about 4 years where he was responsible for commercial A strong advocate of internationalization of higher accounting, financing along with handling financial education, she has linkages with various foreign matters of construction issues of rail infrastructure universities in Canada, Mauritius, Malaysia, etc. She pertaining to SPVs, tender finalisation under quality also has close association with Open Universities and and cost based selection (QCBS) and other systems, National Institute of Open School. and handling ERP project, etc. As a social activist, she has been working for Society He has undergone trainings on Public Private for Rural Reconstruction and Education (Narayan Partnership mode of project finance from IIM Ashram) since 1992. She is recipient of Best Teacher Ahmadabad, freight business marketing course from Award from Maharashtra State Government (2005- Railway Staff College, Management Development 06), Fulbright Senior Research Fellowship (2005-06), program in Canada from Rottman School of and Rotary International Fellowship (2004-05). Management, University of Toronto, Canada. He had d) Mr. Mukesh Kumar Singh (M. K. Singh) (DIN also received various awards like Minister of Railways 06607392), has joined the Board of Ircon as Director Award (in 1998), General Manager Award (2004), Finance w.e.f. 1st May 2016 in terms of Presidential Efficiency Shield to Finance Department of Bhopal Order dated 26th April 2016 issued by the Ministry of division (2007-08) during his tenure. Railways. e) Mr. Sunil Kumar Chaudhary (S.K. Chaudhary) (DIN 00515672), has joined the Board of Ircon as Chairman

48 ANNUAL REPORT 2016-17 & Managing Director w.e.f. 29th October 2016 in global tendering project finance and feasibility study terms of Presidential Order dated 27th October 2016 etc. issued by the Ministry of Railways. f) Mr. Rajiv Chaudhry (DIN 03146422), Adviser, Station Born on 3rd April 1961, Mr. Chaudhary’s Development, Ministry of Railways, has joined the qualifications are B.Sc. Engg. (Civil), M.Tech Board of Ircon as Part-time (Official) Director w.e.f. (Management & System) and P.G. Diploma in 17th November 2016, in terms of Presidential Order Alternate Dispute Resolution. He has 35 years of rich dated 16th November 2016 issued by the Ministry of and varied experience of handling various aspects of Railways. project management, project financing and business th development in infrastructure industry. Born on 27 December 1960, Mr. Chaudhry’s qualification is B.E. (Civil Engineering). He is an Indian He has worked with National Buildings Construction Railway Service of Engineers (IRSE) officer of 1981 Corporation Limited (NBCC) as Director (Projects) for batch. He has more than 34 years of extensive and a period of 3 years, prior to joining Ircon. He was varied experience in all sectors of rail transport overseeing the implementation/execution and including its operation and maintenance, planning, monitoring of projects in various segments of designing, execution, as well as maintenance of large operation [viz Project Management Consultancy civil engineering projects in the railway/ metro (PMC), EPC Contracts, and Real Estate market] sector, formulation, launching and monitoring of including operation and maintenance of projects policy implementation initiatives. after commissioning, induction and incorporation of new technologies in civil construction, business He has also been associated with several important development in Indian and Overseas market. assignments like track maintenance and track relaying with the help of modern machines; He had earlier worked in HUDCO as Sr. Executive rebuilding and maintenance of steel and concrete Director (Project) and Executive Director (Projects) bridges; renovation, and maintenance of service and for period of about 7 years. He was involved in residential buildings; planning and controlling train financing, appraisal and monitoring of Housing and operations; upkeep of throughput critical Infrastructure Projects including projects sponsored infrastructure. These assignments involved working / by Government of India viz.JNNURM, RAY, etc. He has supervision / control of large teams of multiskilled, also undertaken appraisal of affordable housing multilingual and multinational staff and officers. schemes on PPP basis and PPP road and power projects on consortium basis. He has executed He has been involved at a very senior level in the engineering consultancy assignments for project construction and commissioning of the first management services as well as Consultancy underground section of the from 2001 to assignments for Environmental Engineering projects. 2006 i.e. from Kashmiri Gate to Central Secretariat He has also been closely associated with section as well as in framing of several policies and conceptualization of joint venture proposals. procedures for paving the way for rapid spread of the metro railways in the entire country.His earlier He started his career with Ircon and worked for assignments included Divisional Railway Manager at about 23 years in various capacities. He has handled Bhopal Division, Chief Vigilance Officer of South East National & International tendering works having Central Railway, Principal Chief Engineer, North funding from World Bank, ADB etc. along with Central Railway, etc. He has been one of the key construction projects involving flyovers, roads, MGR officials for engagement of a developer on PPP Railway line etc. project of redevelopment of Habibganj Railway Station. He has extensive knowledge in the field of construction of Highways, Railways, Airports, His present assignment as Adviser/Station flyovers and Bridges etc. as well as experience in Development, Railway Board, entails redevelopment

ANNUAL REPORT 2016-17 49 of railway stations on PPP basis, which is the present 4. REMUNERATION OF DIRECTORS focus areas of Indian Railways and a flagship program of the Government of India. Being a government company, the whole-time directors are appointed by the President of India g) Mr. Sukhmal Chand Jain (S. C. Jain) (DIN 07564584), through the Ministry of Railways and draw has joined the Board of Ircon as Part-time (Official) remuneration as per Industrial Dearness Allowance Director w.e.f. 3rd January 2017 in terms of (IDA) pay scales pre-determined by the Government Presidential Order dated 3rd January 2017 issued by and as per the terms and conditions of their the Ministry of Railways. appointment issued by the Government.

Born on 1st January 1967, Mr. Jain’s qualification’s are The part-time official director nominated on the B.Tech (Civil) and M. Tech. He belongs to Indian Board do not draw any remuneration from the Railway Service Engineers (IRSE) officer of 1988 batch Company for their role as director but draw their and has over 27 years of rich and varied experience in remuneration under Central Dearness Allowance Railways. His earlier assignments included Sr (CDA) pay scales from the Government as DEN/Lucknow, Sr DEN/ Moradabad, Director/B&S government officials. RDSO, and Chief Engineer/C/Spl NR. The Shareholders, at their 31st Annual General He was instrumental in commissioning of Abohar Meeting held on 26th September 2007, had Fazilka new line Project. He had participated in authorized the Board of Directors to fix remuneration various trainings in India and abroad and has payable to independent directors by way of sitting represented Indian Railways as a part of some fees within the ceiling prescribed by Rule 10-B of the delegations abroad. Companies (Central Government’s) General Rules and Forms. Accordingly, the Board of Directors, at its His present assignment as Executive Director/ Works, 215th meeting held on 28 th January 2015, has fixed the Railway Board, entails handling of issues related to sitting fee for independent directors at Rs. 12,000/- New Lines, Gauge Conversion and Doubling Projects. for every meeting of the Board of Directors and its Committee(s) thereof.

4.1 Disclosure on Remuneration package of Whole-time Directors during 2016-17: (in Rs.) Bonus/ Other Perfor- Stock Salary & Retire- Commi- Sl. Benefits mance Option Name of the Directors*** Allowan- ments ssion/ No. & Linked during Total ces Benefits Ex- Perks Incentive the gratia year 1 S.K. Chaudhary, CMD 11,43,916 1,63,117 - 1,93,150 - - 15,00,183 (w.e.f. 29.10.2016) 2 Deepak Sabhlok, 28,03,151 6,05,985 5,82,803 2,79,237 - - 42,71,176 Director Projects (throughout 2016-17) 3 Hitesh Khanna, 27,58,408 5,65,565 5,73,608 2,74,818 - - 41,72,399 Director Works (throughout 2016-17) 4 M. K. Singh, 23,29,871 1,80,525 - 2,32,402 - - 27,42,798 Director Finance (w.e.f. 01.05.2016)

50 ANNUAL REPORT 2016-17 (in Rs.) Bonus/ Other Perfor- Stock Salary & Retire- Commi- Sl. Benefits mance Option Name of the Directors*** Allowan- ments ssion/ No. & Linked during Total ces Benefits Ex- Perks Incentive the gratia year 5 Mohan Tiwari, CMD (Up to 30.09.2016) 15,67,605 16,60,460* 12,36,225 1,55,052 - - 46,19,342 6 K.K. Garg, Director Finance (Up to 30.04.2016) 2,29,982 4,72,949** 5,90,729 39,001 - - 13,32,658

* Including leave encashment amounting to 5. BOARD PROCEDURE Rs. 9,20,809/- 5.1 BoD Charter: ** Including leave encashment amounting to Rs. 19,025/- a) The Company has in place a BoD approved Formal Board Charter with Corporate Governance objectives *** Details regarding qualification, experience, etc. of & approach and Role & Responsibility of BoD whole-time directors drawing remuneration of Rs. (including Whole-time Directors, Independent 8.5 lakh p.m. or more (if employed for a part of the Directors, Government Directors), and Management financial year) and Rs. 1.02 crore p.a.or more (if (Senior Management) since 2012. The same would employed throughout the financial year) during be revised in line with the new Companies Act, 2013. 2016-17 are contained in Annexure – E1. b) This BoD Charter sets out essentially the composition 4.2 Details of payments made to Independent & structure and role & responsibilities of the Board of Directors/ Part-time (Non-official) Directors of the Company keeping the Corporate (in Rs.) Governance objectives and approach in perspective. Sl. Name of the Sitting Fee Total c) To facilitate the independent directors and part-time No. Independent Board Committee (official) directors to discharge their responsibilities, Directors / Meetings Meetings one independent office room each has been Part-time (Non- official) Directors earmarked at the registered office of the Company. 1 Sanjay Kumar Singh 72,000 1,56,000 2,28,000 5.2 BoD Meetings and Attendance during 2016-17: (w.e.f. 05.04.2016) a) The Board of Directors met 7 times during the 2 Avineesh Matta 84,000 1,80,000 2,64,000 financial year 2016-17 on: (w.e.f. 08.04.2016) 3 Vasudha 60,000 1,68,000 2,28,000 19th April 2016, 29th April 2016, 23rd June 2016, 2nd Vasant Kamat September 2016, 7th October 2016, 5th January (w.e.f. 22.04.2016) 2017, and 23rd March 2017.

4.3 Details of top ten employees of the Company in b) Leave of absence was granted in terms of section terms of remuneration drawn and details of 167(1)(b) of the Companies Act, 2013. employees drawing remuneration of Rs. 1.02 crore or more (if employed throughout the financial year) and Rs. 8.5 lakh p.m. or more (if employed for a part of the financial year) during 2016-17 is placed at Annexure E1.

ANNUAL REPORT 2016-17 51 c) Details of attendance of the Directors and Company Directors and Members of Senior Management Secretary during 2016-17: team during 2016-17 is placed as Annexure – E2.

No. of Board Meetings Attended 7. COMMITTEES OF BOD Directors last Held (during Annual 7.1 Audit Committee: their respective Attended General tenures) Meeting 7.1.1 Terms of Reference: S.K. Chaudhary 2 2 NA The Board has approved terms of reference for Audit Deepak Sabhlok 7 7 YES Committee, in April 2014, in line with the Companies Hitesh Khanna 7 6 YES Act, 2013; DPE CG Guidelines, 2010; and the then clause 49 of the Listing Agreement. The core areas in M.K. Singh 5 5 YES the said terms of reference for Audit Committee S.K. Singh 7 6 YES inter-alia includes the following: Avineesh Matta 7 7 YES Vasudha V. Kamat 7 5 YES a) Recommending remuneration of statutory auditors including payment of fees for any other services Rajiv Chaudhry 2 2 NA rendered by the auditors except the services S.C. Jain 2 1 NA* covered under section 144 of the Companies Act, K. K. Garg 2 2 NA 2013. H. K. Kala 3 1 NA b) Review and monitor the auditor’s independence and Mohan Tiwari 4 4 YES performance, and effectiveness of audit process. Anjum Pervez 5 3 YES c) Approval or any subsequent modification of NA- Not Applicable transactions of the company with related parties and * However, Mr. S.C. Jain had attended the AGM of the to review the statement of related party transactions Company held during 2016-17 as representative of submitted by management. the President of India in terms of section 112 of the d) Scrutiny of inter-corporate loans and investments. Companies Act, 2013. e) Evaluation of internal financial controls and risk Ms. Sumita Sharma, Company Secretary, attended management systems. all the seven board meetings and AGM held during the year 2016-17. f) Oversight of the Company’s financial reporting process and the disclosure of its financial 6. CODE OF CONDUCT FOR BOARD MEMBERS AND information to ensure that the financial statements SENIOR MANAGEMENT OF THE COMPANY AND KEY are correct, sufficient, and credible. VALUES FOR ENTIRE ORGANIZATION g) Reviewing, with the management, the annual The Company has in place a Code of Conduct for financial statements and Auditors report thereon Board Members and for Senior Management (i.e. before submission to the Board for approval, with Directors, Chief Vigilance Officer, Additional General particular reference to: Managers and above, and Project / Functional Heads) and also Key Values for the Company as a i) Matters required to be included in the Director’s whole. Both the Code of Conduct and Key Values Responsibility Statement to be included in the Board came into effect from 1st April 2005, and have been report in terms of clause (c) of section 134(3) of the posted on the website of the Company. Companies Act, 2013;

The declaration signed by Chairman & Managing ii) Changes, if any, in accounting policies and practices Director affirming receipt of compliance with the and reasons for the same; Code of Conduct and Key Values from Board of

52 ANNUAL REPORT 2016-17 iii) Major accounting entries involving estimates based Consequent upon the appointment of independent on the exercise of judgment by management; directors on the Board of Ircon during 2016-17, the Audit Committee wasre-constituted in April 2016 iv) Significant adjustments made in the financial with all the Independent Directors of the Company, statements arising out of audit findings; as under: v) Compliance with legal requirements relating to Avineesh Matta, Independent Director – Chairman financial statements; Vasudha V. Kamat, Independent Director–Member vi) Disclosure of any related party transactions; and S. K. Singh, Independent Director – Member vii) Qualifications in the draft audit report. The Audit Committee met 11 times during the h) Reviewing, with the management, the quarterly financial year 2016-17 on: financial statements and Auditors report thereon before submission to the Board for approval. 29th April 2016, 17th May 2016, 22nd June 2016, 11th August 2016, 1st September 2016, i) Discussion with the auditors -- both internal and 28th September 2016, 2nd December 2016, 4th statutory auditors – to address significant issues and January 2017, 20th January 2017, 4th March 2017, areas of concern. and 22nd March 2017. The attendance details of said j) Reviewing with the Management, the performance meetings are: of statutory and internal auditors, adequacy of Meetings internal control systems and functions including the held Meetings Member Status (during structure and working of internal audit attended department, and internal audit reports. their respective k) Considering such other item/ matters as may be tenures) decided by the Board / Audit Committee. Avineesh Matta Chairman 11 11 (w.e.f. The Audit Committee had reviewed the matters as 22.04.2016) per the said Terms of Reference including the financial reporting process, the Financial Statements S. K. Singh Member 11 10 for 2016-17, the declaration of due compliance by (w.e.f. Chairman & Managing Director and Director 22.04.2016) Finance, internal control systems, etc. before Vasudha V. Kamat Member 11 9 recommending the Financial Statements for 2016- (w.e.f. 17 for approval by the Board of Directors. The Audit 22.04.2016) Committee had also reviewed the consolidated K K.Garg, Director Invitee 1 1 financial statements of Ircon and its subsidiary / joint Finance (up to venture companies. 30.04.2016) 7.1.2 Composition and Attendance: M.K.Singh, Invitee 10 9 Director Finance (w.e.f. The Audit Committee of the Board, consisting of four 01.05.2016) part-time non-official (independent) Directors of the Company, was originally set up on 28th April 2000 Ms. Sumita Sharma, Company Secretary, is the Secretary with the approval of Board of Directors pursuant to of this Committee and attended all the meetings held the then Clause 49 of the Listing Agreement and as during 2016-17. per the conditions for a Mini Ratna public sector company. This has been reconstituted as and when 7.2 Nomination & Remuneration Committee there has been a change in independent directors. During 2015-16, the Board renamed its existing

ANNUAL REPORT 2016-17 53 Remuneration Committee as Nomination & Meetings Remuneration Committee (NRC) and widened its held Meetings Member Status (during terms of reference so as to include areas specified by attended section 178 of the Companies Act, 2013, along with their existing terms of reference under DPE-OM dated respective tenures) 26th November 2008. In brief, the scope / terms of reference of NRC are: Rajiv Chaudhry Member 1 1 (w.e.f. 1. To continue with the existing scope of deciding the 23.12.2016) annual bonus/ variable pay pool and policy for its Anjum Pervez Member 1 1 distribution across executives and non-unionized (Up to supervisors within the limits prescribed in the DPE 09.12.2016) OM dated 26th November 2008.

2. To review the policies for selection and removal of Ms. Sumita Sharma, Company Secretary, is the Secretary persons in senior management (one level below the of this Committee and attended both the meetings held Director) and other employees as per DPE and other during 2016-17. Government Guidelines, and recommend the same for approval to the Board. 7.3 CSR & Sustainability Committee

3. Any other work as may be included by Companies During 2014-15, the Board had renamed its existing Act or DPE Guidelines from time to time. CSR Committee as ‘CSR & Sustainability Committee’ and widened its terms of reference so as to include This has been reconstituted as and when there has been a areas as specified by section 135 of the Companies change in directors. The NRC was last re-constituted in Act, 2013, and DPE Guidelines on CSR and December 2016, as under: Sustainability, 2014. In brief, the scope of the said Committee is to oversee the implementation of CSR S. K. Singh, Independent Director – Chairman and Sustainability Policy of the Company and to Vasudha V. Kamat, Independent Director – Member assist the BoD to formulate suitable policies and strategies to take the CSR and Sustainability agenda Rajiv Chaudhry, Part-time (Official) Director – Member of the Company forward in the desired direction.

The Committee met 2 times during 2016-17 on 7th The Committee has been reconstituted as and when October 2016 and 23rd March 2017.The attendance there has been a change in directors. The CSR & details of said meetings are: Sustainability Committee was last re-constituted in December 2016 as under: Meetings held Meetings Vasudha V. Kamat, – Chairperson Member Status (during Independent Director their attended respective Avineesh Matta, – Member tenures) Independent Director S.K. Singh Chairman 2 2 (w.e.f. Rajiv Chaudhry, – Member 22.04.2016) Part-time (Official) Director Vasudha V. Kamat Member 2 1 Deepak Sabhlok, – Member (w.e.f. Director Projects 22.04.2016) The Committee met 3 times during 2016-17 on: 22nd June 2016, 20th August 2016, and 4th January 2017. The attendance details for said meetings are:

54 ANNUAL REPORT 2016-17 Meetings During 2015-16, the Board had constituted a held Committee for Issue of Renewed/ Duplicate Share Meetings Member Status (during attended Certificates in terms of the Companies Act, 2013 their read with Companies (Share Capital and respective Debentures) Rules, 2014, for issue of duplicate tenures) shares in replacement of those which are lost or Vasudha V. Kamat Chairman 3 3 destroyed, mutilated, torn or old, decrepit, worn (w.e.f. out, or where the pages on the reverse for recording 22.04.2016) transfer have been utilized. Rajiv Chaudhry Member 1 1 The Committee was last re-constituted in December (w.e.f. 2016 as under: 23.12.2016) M. K. Singh, Director Finance – Chairman Deepak Sabhlok Member 3 3 Rajiv Chaudhry, – Member Avineesh Matta Member 3 3 Part-time (Official) Director (w.e.f. 22.04.2016) Deepak Sabhlok, Director Projects – Member Anjum Pervez Member 2 1 Ms. Sumita Sharma, Company Secretary, is the (from Secretary of this Committee. No meeting of the 22.04.2016 Committee was required to be held during 2016-17. to 7.6 Project Review Committee 09.12.2016) After the close of the year, the Board had constituted Ms. Sumita Sharma, Company Secretary, is the Secretary a Project Review Committee (known as ‘PR of this Committee and has attended all the meetings held Committee’) so as to review all projects of the during 2016-17. Company (including closed projects) and to address possible roadblocks in the smooth execution of 7.4 Independent Directors Committee project. Consequent upon the appointment of independent The Committee was constituted with following directors on the Board of Ircon in April 2016, the members: Board has re-constituted its Independent Directors Committee (known as ‘ID Committee’) in September Rajiv Chaudhry, – Member 2016 as under: Part-time (Official) Director Avineesh Matta, – Chairman S.C. Jain, Part-time (Official) Director – Member Independent Director Avineesh Matta, Independent Director– Member Vasudha V. Kamat, – Member S. K. Singh, Independent Director – Member Independent Director Deepak Sabhlok, Director Projects – Member S. K. Singh, Independent Director – Member Hitesh Khanna, Director Works – Member The terms of reference of said ID Committee are as per Schedule IV of the Companies Act, 2013 and The Committee is assisted by concerned Executive DPE-OM dated 28th December 2012 (as amended Director level officials associated with the whole- vide DPE-OM dated 20th June 2013). time Director. During 2016-17, one meeting of the ID Committee 8. COMPLIANCE OF PROVISIONS RELATING TO was held on 23rd March 2017 which was attended by SUBSIDIARY (IES) all the Independent Directors. Presently, Ircon has following five subsidiaries: 7.5 Committee for Issue of Renewed/ Duplicate Share a) Ircon Infrastructure & Services Limited (IrconISL) Certificates. is a 100% subsidiary company of Ircon.

ANNUAL REPORT 2016-17 55 b) Indian Railway Stations Development After the close of the year, two special resolutions Corporation Limited (IRSDC) is a subsidiary of were passed in the Extra-ordinary General Meeting Ircon and also a joint venture between Ircon and (EGM) held on 22nd May 2017 for amendment in Rail Land Development Authority (RLDA) in Memorandum and Articles of Association of the which Ircon has 51% equity. Company so as to increase the authorized share capital of the Company from Rs. 100 crore to Rs. 400 After the close of the year, the Company has crore. approved transfer of 1% equity stake of IRSDC (out of 51% held by IRCON) to RLDA in terms of 9.2 Special Resolution(s): the Railway Board’s letter dated 10th April 2017 and the process for transfer is underway. After a) One special resolution was passed in the AGM (for the said transfer, IRSDC would cease to be a the year 2013-14) held on 25th September 2014 for subsidiary of IRCON and will be a 50:50 JV amendment in borrowing powers of the Company. company with RLDA. b) Two special resolutions were passed in the AGM (for c) Ircon PB Tollway Limited (IrconPBTL) is a 100% the year 2014-15) held on 22nd December 2015 for subsidiary company of Ircon. amendment in Memorandum and Articles of Association of the Company so as to increase the d) Ircon Shivpuri Guna Tollway Limited (IrconSGTL) authorized share capital of the Company from Rs. 25 is a 100% subsidiary company of Ircon. crore to Rs. 100 crore.

e) Ircon Davanagere Haveri Highway Limited c) No special resolution is proposed to be conducted (IrconDHHL) is a 100% subsidiary company of through Postal Ballot in the ensuing AGM of Ircon. Ircon (incorporated after the close of the year on 11th May 2017). 10. DISCLOSURES

None of the aforesaid subsidiary companies are 10.1 During the year, there was no transaction of material listed. nature with the directors or their relative(s) that had potential conflict with the interest of the Company. Turnover / Net Worth of IrconISL, IRSDC, IrconPBTL, and IrconSGTL did not exceed 20% of the turnover or However,the Company has engaged Arogya net worth of Ircon () during 2016- Foundation of India and Bharat Lok Shiksha Parishad 17. Therefore, none of the above said subsidiary (both associate of Ekal Abhiyan Trust) for execution companies are 'material subsidiary' under the Listing of two CSR Activities of the Company during 2016-17 Agreement or a 'subsidiary' as per the DPE Corporate [viz. organizing medical camps for general public at Governance Guidelines. 28 identified locations in the State of J&K and providing financial contribution for arranging one 9. GENERAL BODY MEETINGS unit of Ekal on wheels to the schools in Raigarh and Korba districts of Chhattisgarh]. 9.1 The details of last three Annual General Meetings are as under: One of the independent director (i.e. Mr. Avineesh Financial Date of holding Location/ Matta) was associated with Arogya Foundation of Time Year meeting Venue India as its Joint Secretary and had disclosed this fact 2015-16 28th September 5 P.M. Railway Board, Rail in his disclosure of interest as well as at the time of 2016 Bhawan, New Delhi approval of the said transactions during respective meetings, and recused himself from participating / 2014-15 22nd December 5 P.M. Company’s voting on the said agenda item. 2015 Registered Office, Delhi Further, the particulars of the contract have also 2013-14 25th September 5 P.M. Company’s been entered into the Register of Contracts 2014 Registered Office, maintained pursuant to section 189 of the Delhi Companies Act, 2013.

56 ANNUAL REPORT 2016-17 10.2 The Company has followed the Accounting conduct. The Policy also provides for adequate Standards including IndAS issued by the Institute of safeguards against victimization of employees who Chartered Accountants of India in the preparation of avail the mechanism. It provides for direct access to Financial Statements. the Chairman of the Audit Committee in exceptional cases. 10.3 During 2016-17, there are no items of expenditure debited in books of accounts, other than for the Both the policies are available on the website of the business purposes of the Company. Also, no Company. expenses have been incurred by the Company which are personal in nature for the Directors and Top 10.8 Question of denying access to any of the personnel Management except for the remuneration paid to to Audit Committee has not arisen so far. Directors, which is as per Government approved pay 10.9 i) The Company made no public issue of shares nor and perks (Details given in para 4 of this report and issued any prospectus or letter of offer during also disclosed in Note no.41 forming part of the 2016-17 Stand-alone Financial Statements). ii) After the close of the year, DIPAM has appointed 10.4 Other Expenses (Administrative) and office Legal Advisors and Book Running Lead Managers expenses as a percentage of total expenses vis-a-vis (BRLM) on 17th May 2017 for the purpose of financial expenses are given below: disinvestment / listing of paid-up equity share Particulars 2016-17 2015-16 Remarks capital of Ircon (as announced in the Budget speech on 01.02.2017). Accordingly, request has Other Expenses been made to the Ministry of Railways for (Administrative) (Rs.in crore) 32.50 24.74 appointment of three more independent Bank & Other Finance 8.34 8.82 directors on the Board of Ircon in terms of SEBI Charges (Rs. in crore) guidelines, so as to make the strength of the Total Expenses (Rs. in crore) 2796.40 2257.73 Nil independent directors at least 50% of the actual strength of the Board. Administration expenses/ 1.16% 1.10% Total expenses (in %) 10.10 There has been no instance of non-compliance of any statutory regulation or government guidelines Bank & Financial Charges/ 0.30% 0.39% nor there has been any penalties or strictures Total expenses (in %) imposed on the Company on any matter related to 10.5 The Company periodically informs the Board about the capital market and guidelines issued by the foreign exchange management. Details Government. pertaining to risk management have been given in 10.11 The transactions with related party are in the Management Discussion & Analysis Report under ordinary course of business on arms’ length basis the heading ‘Risks and Concerns’. and the disclosure of the same has been made as 10.6 The Company has in place a BoD approved Fraud per requirement of Companies Act, 2013 (i.e. Form Prevention, Detection, and Control Policy so as to AOC-2) and relevant Accounting Standard (in notes provide a system for detection and prevention of to Financial Statement of the Company). fraud, reporting of any fraud that is detected or 10.12 DPE has awarded 'Excellent' grading to Ircon for suspected and fair dealing of matters pertaining to compliance of DPE Corporate Governance fraud. Guidelines during 2015-16.

10.7 The Company has in place a BoD approved Whistle 10.13 Ircon has secured, based on self-evaluation, an Blower Policy under which there is a mechanism for annual score of '98.73' out of 100 which falls under employees to report to the Management, concerns 'Excellent' grade for compliance of DPE Corporate about unethical behaviour, actual or suspected Governance Guidelines for the year 2016-17. fraud, or violation of the Company's Code of

ANNUAL REPORT 2016-17 57 10.14 The Company informs/ reports to the Board about v) Model letter regarding appointment of the compliances of laws in the areas -- Company and Independent Director. Related Laws; Tax Laws; Labour & Employee Welfare Laws; RTI; Contract Laws; Environmental d) E - mail ID of the Company Secretary exclusively Laws; and also compliance of various laws as for the purpose of registering complaints by applicable to projects (Indian and Foreign); etc. investors has been displayed on the website every six months. under the head “Transparency → Investor Corner”. 11. CEO / CFO CERTIFICATION 12.2 Annual General Meeting of the Current Year The Chairman & Managing Director (CEO) and Director Finance (CFO) have certified in writing with Date : 28th September 2017 respect to the truth and fairness of the financial Day : Thursday statements, due compliances, and financial reporting which was placed before the Audit Time : 1200 Hours Committee and the Board of Directors (placed as Annexure – E3 to this Report). Venue : 2nd Floor, Rail Bhawan, Ministry of Railways, New Delhi - 110001 12. GENERAL INFORMATION FOR SHAREHOLDERS 12.3 Record Date for payment of Dividend 12.1 Means of communication Dividend would be paid for the year 2016-17 to all a) Apart from the annual report, etc., being sent to such shareholders whose name appear in the the shareholders before the Annual General Register of Members as on the date of Annual Meeting, periodical reports on the progress of General Meeting i.e. 28th September 2017, the projects of the Company including financial record date. performance vis-a-vis the targets are being sent to the Administrative Ministry, Government of 12.4 Distribution of Shareholding (As on the date of this India. report)

b) The Annual Report including the audited No. of Percentage of financial statements for the year 2016-17 of Category shares held (Rs. 10/- each) shareholding Ircon and its subsidiaries and Joint Venture Companies would be available on the website of Central Government in the 9,87,12,000 99.729 the Company. name of the President of India and his ten nominees c) The following have also been displayed on the Indian Railway Finance 2,44,000 0.247 Company’s website: Corporation Limited i) Shareholding pattern of the Company. Bank of India 24,000 0.024 ii) Important corporate governance policies like Total 9,89,80,000 100 Fraud Prevention and Detection Policy; and Whistle Blower Policy along with confidential e- Transfer of shares is normally technical in nature, mail-ids of nodal officers/ CMD/ Chairman Audit from one Government nominee shareholder to Committee. another consequent upon change of officials, as the Government holds 99.729% of the shares. To effect iii) CSR & Sustainability Policy; Sustainability Report this transfer, Company Secretary is the authorized for last 3 years; Status of CSR Activities for last officer, and no transfer is pending. seven years; etc. 12.5 Plant Locations/ Operating Units iv) Code of Conduct for Board Members and Senior Management and Key Values of the Company. The Company does not have plant locations, but is

58 ANNUAL REPORT 2016-17 widespread with operating units/ offices in 14 Act, 2013, and DPE Guidelines; etc. different States of the Country and in 6 foreign countries. A list of the operating units/ offices is 13.2 The Board members, based on their requirement available on the website of the Company. attended various seminars, conferences, training programs from time to time. During 2016-17, 12.6 Address for correspondence with the Registered Ircon's Directors were nominated/had attended Office (Regarding Corporate Governance matters various training programs/ seminars organized by covered under this report) SCOPE, ASSOCHAM, DPE, IREE, Institute of Permanent Way Engineers, Ministry of Railways & Company Secretary, World Bank, etc. Ircon International Limited, C-4, District Centre, Saket, New Delhi - 110 017 14. COMPLIANCE ON CORPORATE GOVERNANCE Telephone: 91-11-26530456; Fax: 91-11-26522000 / 26854000 This Report duly complies with the legal E-Mail: [email protected]; requirements in respect of data that should be Website : www.ircon.org disclosed in a Corporate Governance Report for the year 2016-17. 13. TRAINING OF BOARD MEMBERS Certificate obtained from a Practising Company 13.1 The Company has a Board approved Training Policy Secretary regarding compliance of the conditions of for Board Members. According to the Policy, the Corporate Governance is placed as Annexure – E4 Company has a practice of imparting introductory to this Report. training to new Board Members. They are also given documents about the Company which includes For and on behalf of the Board of Directors Memorandum and Articles of Association; Brochure; Annual Report; unaudited financial (S. K. Chaudhary) results; Corporate Plan, MoU targets and Chairman & Managing Director achievements; Board approved policies; DPE (DIN : 00515672) Guidelines on Corporate Governance and CSR & Sustainability; Terms of reference of all Committees Date : 21st September 2017 of Board; Provisions on duties, responsibilities, Place : New Delhi disqualification, etc. of Directors under Companies

ANNUAL REPORT 2016-17 59 ys of last held employment the company Annexure – E1 Annexure Vigilance dept. of MTNL COFMOW in COFMOW Indian Railways Civil/ East- Coast Railways before joining before Date of Date employment and Nature of and Nature of employment commencement ys, 19.04.2008 Chief in track 31.03.2003*** Indian erience in 25.06.1998* Indian ield 10.12.2012 CPM, g & organizing &g & organizing 27.10.2015 KRCL xperience in 16.04.2010** Indian Experience railway construction, contract construction, railway and track management, and ancillary works. maintenance track technology. technology. track J&K, preparation of railway J&K, preparation maintenance, infrastructure etc. design checks, n during 2016-17: Qualification Honours including modern construction ration (in Rs.) (Gross) received Remune- Designation Designation CMD (up to 46,19,342 BE (Civil), M. Tech of rich exp 38 years Over Name & age of Employee (60 yr) 30.09.2016) PGDIM (Structure), sector infrastructure Railwa (58 yr) fields of infrastructure, various Railways (58 yr) Engineering) with and renewal, maintenance, Railways (55 years) (54 years) of execution the project monitoring (59 years) (54 years) buildings, bridges Engineer/ 1 Mohan Tiwari 2 Deepak Sabhlok DP 42,71,176 B.E. (Civil) (Hons) of rich e 35 years 3 Khanna Hitesh DW 41,72,399 B.Sc. (Civil rich experience 36 yearsof 4 Tandon Satish CVO 38,34,224 B.Sc, B. Tech. 32 years 20.01.2016 Head 5 Rajesh Agarwal ED/J&K 38,14,539 / Civil M.Tech in plannin 30 years 6 Prasad Dwarika ED/Civil 35,70,524 BE, MBA f in mechanical 33 years 7 A.K. Goyal ED/P 35,08,577 B.E.(Civil) highwa in railways, 32 years Sl. No 4.3(A) draw of remuneration in terms 10 employees of top Details

60 ANNUAL REPORT 2016-17 ge ge of last held ctor on 1st 1st on ctor e.f. 5th March March 5th e.f. employment the company dent of dent Foods Sriram & Fertilizers Industries July (from 1983 to April 1986) before joining before 0th September 0th September th January 2014. January th sorbed in 2002 as 2002 in sorbed dated 02.12.2014 dated intment conveyed conveyed intment appointment has been has appointment Date of Date employment and Nature of and Nature of employment commencement agement, 14.05.1986 Not d accounts 28.05.2007 NHPC Experience and execution of critical and large of critical and execution & highways, infrastructure, value railways projects both in national projects railways arena. & international gh Ministry of Railways, for a period of 5 years or up to the a 3 to 31st January 2009. He assumed tenure post as Managing Dire Managing as post tenure assumed He 2009. January 31st to 3 by the Ministry of Railways as Chairman & Managing Director w. Director Managing & Chairman as Railways of Ministry the by to the age of superannuation, whichever is earlier, vide order order vide earlier, is whichever superannuation, of age the to a period of three months beyond 31st January 2014, vide order 6 order vide 2014, January 31st beyond months three of period a his tenure was further extended beyond 30th beyond further April was his 2014 extended tenure up to 3 th June 1998 on deputation from Ministry of Railways and got ab got and Railways of Ministry from deputation on 1998 June th n 16.04.2010 as Director Projects, based on a presidential appo presidential a on based Projects, Director as 16.04.2010 n the age of superannuation, whichever is earlier. His tenure of tenure His earlier. is whichever superannuation, of age the Qualification member of of Cost Institute of Accountants India ration (in Rs.) (Gross) received Remune- Designation Designation GM/Mech. 32,51,476 (Mech. B.Tech 34 years 05.05.1986 Plant Asst. Name & age of Employee General Manager. He was Director (Projects) from 8th August 200 August 8th from (Projects) Director was He Manager. General February February 2009, based on Presidential appointment conveyed throu superannuation, whichever is earlier. He had been re-designated been had He earlier. is whichever superannuation, 2013. His tenure of appointment has been extended (ad-hoc) for for (ad-hoc) extended been has appointment of tenure His 2013. Further vide Ministry of Railways letter dated 30th dated April 2014, Further letter vide Ministry of Railways 2016, i.e. the date of his superannuation. his of date the i.e. 2016, through Ministry of Railways, for a period of 5 years or up to to up or years 5 of period a for Railways, of Ministry through extended beyond 15.04.2015 for another period of 5 years or up or years 5 of period another for 15.04.2015 beyond extended by Ministry of Railways. of Ministry by (59 years) Engg.), PGDM Superinten- (57 years) matters, & techno-legal Contracts applicable (55 years) (Finance), fellow Limited 9 Kumar Basant GM/C&A 32,44,651 B.E. (Civil) Man in project 31 years 8 Randhir Gupta 10 Dutta Surajit GM/Fin. 32,36,353 B.Sc., MBA in finance an 34 years Sl. No *25 on Ircon joined 1956, October 1st on born Tiwari, Mohan Mr. **o Ircon joined 1959, October 31st on born Sabhlok, Deepak Mr.

ANNUAL REPORT 2016-17 61 e of rks rks on onths . He took last up to 06.03.2018, to up mited) for about for mited) s extended beyond beyond extended s ) and Rs. 1.02 crore crore 1.02 Rs. and ) the company before joining before ilways. ilways. employment held employment imited (now called imited 03.11.2009) Date of Date of current employment rom 03.11.2009rom Jal Vidyut Nigam Satluj rom 01.02.2009 rom superannuation on 30.09.2016 commencement e in post Tenure Finance of Director rich experience post Tenure Indian Railways h Ministry of Railways, for a period of 5 years or up to the ag Experience (in Years) ive ive Director in November 2007. He assumed office as Director Wo deputation in March 2003 as General Manager till November 2007 has been extended for a period of two years w.e.f. 07.03.2016 w.e.f. years two of period a for extended been has : Rs. 8.5 lakh p.m. (if employed for a part of the financial year financial the of part a for employed (if p.m. lakh 8.5 Rs. Corporate Governance Report. Governance Corporate perannuation, vide order dated 22nd June 2016 by Ministry of Ra of Ministry by 2016 June 22nd dated order vide perannuation, f the Company. the f November 2009 as Director Finance. His tenure of appointment wa appointment of tenure His Finance. Director as 2009 November Qualification Chartered commercial control, and budgetary superannuation SJVN Li Accountants ofAccountants etc. due-diligence, on 30.04.2016 and six m 2 years India 07.05.2007 to (i.e. from ration (Gross) (in Rs.)* received Remune- Nature of Nature (contractual (contractual employment employment 30.04.2016) ofInstitute MIS corporate taxation, corporate up to L 30.09.2016) and PGDIM to DF (super- 13,32,658 and a fellow B.Com of rich experienc 36 years Designation / Designation or otherwise) absorption in Ircon in February 2007 and was elevated as Execut 07.03.2011, based on a presidential appointment conveyed throug superannuation, whichever is earlier. His tenure of appointment of tenure His earlier. is whichever superannuation, 3rd November 2014 till 30th April 2016, i.e. the date of his su his of date the i.e. 2016, April 30th till 2014 November 3rd vide order dated 21.03.2016 by Ministry of Railways. of Ministry by 21.03.2016 dated order vide p.a. (if employed throughout the financial year) during 2016-17 during year) financial the throughout employed (if p.a. Name & age of Employee (61 yr) on annuated member of the fields of finance viz. various f (60 yr) on annuated (Structures) M.Tech sector. in infrastructure f 1 K.K. Garg** 2 Mohan Tiwari CMD (super- 46,19,342 B.E. Civil (Hons.), of 37 years Sl. No *** Hitesh Mr. Khanna, born on 7th October 1959, joined Ircon on *of 4.1 para at given are remuneration of components Different ** 3rd on Ircon joined 1956, April 15th on born Garg, K.K. Mr. Note: 1.above the of any by held was Company the of share equity No (B)less not than of remuneration drawing employees of Details 2.o manager / director any of relative the is above the of None

62 ANNUAL REPORT 2016-17 Annexure – E2 DECLARATION BY CHAIRMAN & MANAGING DIRECTOR REGARDING COMPLIANCE WITH THE CODE OF CONDUCT BY BOD MEMBERS AND SENIOR MANAGEMENT DURING THE FINANCIAL YEAR 2016-17.

I, S.K. Chaudhary, Chairman & Managing Director, Ircon International Limited, do hereby declare that all the members of the Board of Directors and the Senior Management Team of the Company have affirmed their compliance of the Code of Conduct and Key Values of the Company during 2016-17.

(S.K. Chaudhary) Chairman & Managing Director Date: 25th August 2017 (DIN : 00515672) Place:New Delhi

Annexure – E3 CHAIRMAN & MANAGING DIRECTOR AND FINANCE HEAD CERTIFICATION

We have reviewed the Financial Statements [i.e. the Balance Sheet, Statement of Profit & Loss, Cash Flow Statement, Statement of Changes in Equity and Notes thereto] for the financial year 2016-17 and to the best of our knowledge and belief:

(i) These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

(ii) These statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards, applicable laws and regulations;

(iii) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, illegal, or violative of the Company’s code of conduct;

(iv) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting. We have disclosed to the auditors and the Audit Committee deficiencies in the design or operation of such internal controls of which we are aware and the steps we have taken or propose to take to rectify these deficiencies;

(v) We have indicated to Auditors and the Audit Committee changes in Accounting Policies during the year, and that the same have been disclosed in the Notes to the Financial Statements; and

(vi) There was no instance of fraud of which we are aware nor there has been involvement of the Management or an employee having a significant role in the Company’s internal control system over financial reporting.

(M. K. Singh) (S.K. Chaudhary)

Director Finance Chairman & Managing Director (DIN: 06607392) (DIN: 00515672) Date : 21st September 2017 Place : New Delhi

ANNUAL REPORT 2016-17 63 M. Bangia & Associates Annexure – E4 Company Secretaries B-152 Dayanand Colony, Lajpat Nagar-IV New Delhi-110 024, Tel. No. : 011-41625462 Mobile: 9873426246 E-mail: [email protected]

CERTIFICATE on COMPLIANCE WITH THE CONDITIONS of CORPORATE GOVERNANCE UNDER CORPORATE GOVERNANCE GUIDELINES of DPE

To THE MEMBERS OF IRCON INTERNATIONAL LIMITED NEW DELHI

In respect of the compliance of the conditions of Corporate Governance for the year ended 31st March, 2017, by IRCON INTERNATIONAL LIMITED, a Government Company under section 2(45) of the Companies Act, 2013, as required by the Guidelines on Corporate Governance issued by the Department of Public Enterprises (DPE):

We have studied the Corporate Governance Report of the said Company as approved by its Board of Directors. We have also examined the relevant records and documents maintained by the Company and furnished to us for our review in this regard.

The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to a review of procedures and implementation thereof adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statement of the Company.

We state that there has been no investor grievance during the year against the Company as per the records maintained by the Company.

We further comment that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company.

In our opinion and to the best of our information and on the basis of our review and according to the information and explanations given to us, we certify that the Company has complied with the mandatory requirements of Corporate Governance in all material respects, in conformity with the requirements of the Guidelines on Corporate Governance issued by the Department of Public Enterprises (DPE) in respect of corporate governance norms for a mini-ratna Public Sector Company.

FOR M. BANGIA & ASSOCIATES COMPANY SECRETARIES

MANOJ BANGIA Date : 21st September 2017 Proprietor Place : New Delhi FCS-5607, CP NO.3655

64 ANNUAL REPORT 2016-17 CS Vishal Agarwal & Associates Appendix – F Company Secretaries 39/2068, Naiwala, 315, Dakha Chambers Karol Bagh, New Delhi - 110 005 Tel: 45065638, 28755638, Mob: 9313835638 E-mail: [email protected], [email protected] Website: www.csvishal.com

Form No. MR-3 Secretarial Audit Report (For the Financial year ended on 31st March 2017)

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, (i) The Companies Act, 2013 (the Act) and the Rules The Members made thereunder; IRCON INTERNATIONAL LIMITED CIN: U45203DL1976GOI008171 (ii) The Securities Contract (Regulation) Act, 1956 Plot No. C-4, District Centre, Saket (‘SCRA’) and the rules made thereunder; New Delhi-110017 (iii) The Depositories Act, 1996 and the Regulations and We have conducted the Secretarial Audit of the Bye-laws framed thereunder; compliance of applicable statutory provisions and the (iv) Foreign Exchange Management Act, 1999 and the adherence to good corporate practices by IRCON rules and regulations made thereunder to the INTERNATIONAL LIMITED (hereinafter called “The extent of Foreign Direct Investment and Overseas Company”). Secretarial Audit was conducted in a manner Direct Investment and External Commercial that provided us a reasonable basis for evaluating the Borrowings. corporate conducts/ statutory compliances and expressing our opinion thereon. (v) The following Regulations and Guidelines prescribed under the Securities Exchange Board of Based on our verification of the Company books, papers, India, Act, 1992, (‘SEBI Act’):- minute books, forms and returns filed and other records maintained by the Company and also the information (a) The Securities and Exchange Board of India provided by the Company, its officers, agents and (Substantial Acquisition of Shares and Takeovers) authorized representatives during the conduct of Regulations, 2011; secretarial audit, we do hereby report that in our opinion, the Company has, during the audit period covering the (b) The Securities and Exchange Board of India financial year ended on 31st March 2017, complied with the (Prohibition of Insider Trading) Regulations, 1992; statutory provisions listed hereunder and also that the (c) The Securities and Exchange Board of India (Issue of Company has proper Board-processes and compliance- Capital and Disclosure Requirements) Regulations, mechanism in place to the extent, in the manner and 2009; subject to the reporting made hereinafter: (d) The Securities and Exchange Board of India We have examined the books, papers, minute books, (Employee Stock Option Scheme and Employee forms and returns filed and other records maintained by Stock Purchase Scheme) Guidelines, 1999/ IRCON INTERNATIONAL LIMITED (“The Company”) for Securities and Exchange Board of India (Share Based the period ended on March 2017 according to the Employee Benefits) Regulations, 2014 (effective provisions of:

ANNUAL REPORT 2016-17 65 28th October 2014); • Child Labour (Prohibition and Regulation) Act, 1986 (e) The Securities and Exchange Board of India (Issue • Contract Labour (Regulation and Abolition) Act, and Listing of Debt Securities) Regulations, 2008; 1970 (f) The Securities and Exchange Board of India • Workmen Compensation Act, 1923 (Registrars to an Issue and Share Transfer Agents) • Employees Provident Fund and Miscellaneous Regulations, 1993 regarding the Companies Act and Provisions Act, 1952 dealing with client; • Construction Workers (Regulation of Employment and condition of Service) Act, 1996 (g) The Securities and Exchange Board of India • Inter-State Migrant Workmen (Regulation of (Delisting of Equity Shares) Regulations, 2009; and Employment & condition of Service) act, 1979 • Employment Exchange (Compulsory (h) The Securities and Exchange Board of India Notification of vacancies) Act, 1959 (Buyback of Securities) Regulations, 1998. • Equal Remuneration Act, 1976 • Factory Act, 1948 (vi) Following laws and rules made thereunder have • Industrial Dispute Act,1947 been identified as specifically applicable to the • Industrial employment Standing Order Act, 1946 company by the Management: • Trade Union act, 1926 (a) Department of Public Enterprises Guidelines are • Electricity Act, 2003 issued by Ministry of Heavy Industries and public • Maternity Benefits Act, 1961 Enterprises dated 14th May 2010. • Payment of Minimum Wages Act, 1948 • Employee State Insurance Act, 1948 (b) Income Tax Act, 1961 • Payment of Wages Act, 1936 • Payment of Gratuity Act, 1972 (c) Service Tax Law • Payment of Bonus Act, 1965 (d) VAT/Central Sales Tax Act/WCT • Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, (e) The Customs Act, 1962 2013 • Commercial Shops and Establishment Act (f) Central Excise Act, 1944 We have also examined compliance with applicable (g) Air Prevention and Control of Pollution Act, 1981 clauses of the following:

(h) Environment Protection Act, 1986 (i) The Secretarial Standards issued by the Institute of (i) Water Prevention & Control of Pollution Act, 1974 Company Secretaries of India and notified by the Central Government with respect to Board and (j) Information Technology Act, 2000 and the rules General Meeting has been complied by the made thereunder company without any material non-compliances.

(k) Indian Stamp Act, 1999 We further report that no observation in respect of compliances by the Company with the following is (l) Right to Information Act, 2005 required:

(m) Negotiable Instrument Act 1881 (ii) No Listing Agreement was entered into by the company with any of stock exchange(s) as the (n) MSME Act 2006 company is not listed with any of stock exchange (o) Other Labour Laws and rules made thereunder: and therefor no observation in respect of compliance is required. • Apprentice Act, 1961 We further report that during the period under

66 ANNUAL REPORT 2016-17 review the company has complied with the Adequate notice is given to all directors to schedule the provisions of the Act, Rules, Regulations, Board Meetings, agenda and detailed notes on agenda Guidelines, Standards etc. mentioned above were sent at least seven days in advance except for the without any material non-compliances and subject shorter notice where requisite compliance has been to the following observations: made, and a system exists for seeking and obtaining further information and clarifications on the agenda items 1. The Acts, Rules, Regulations, Agreements and before the meeting and for meaningful participation at the Guidelines mention in clause(s) (ii), and (v) above do meeting. not require any observation as the company is an unlisted entity and hence these are not applicable. Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the 2. The Acts, Rules and Regulations mention in clause minutes. (iii) and (iv) above does not require any observation as no such event has occurred during the period The Company has obtained all necessary approvals under under consideration. the various provisions of the Act; and the Directors have complied with the disclosure requirements in respect of 3. In respect of other laws specifically applicable to the their eligibility of appointment, their being independent company mentioned in clause (vi) above we and compliance with the Code of Business Conduct & observed that systems and processes are based on Ethics for Directors and Management Personnel; certifications from various divisional/regional heads in the company who are responsible to For Vishal Agarwal & Associates monitor and ensure compliances with all applicable Company Secretaries laws, rules, regulations and guidelines.

We further report that: Date : 21st September 2017 (CS Vishal Agarwal) Place : New Delhi FCS No.: 7242 The Board of Directors of the Company is duly constituted C P No. : 7710 with proper balance of Executive Directors, Non-Executive Directors, independent directors and woman director. The This report is to be read with our letter of even date which changes in the composition of the Board of Directors that is annexed as “Annexure- A” and forms an integral part of took place during the period under review were carried this report out in compliance with the provisions of the Act.

ANNUAL REPORT 2016-17 67 CS Vishal Agarwal & Associates Annexure – A Company Secretaries

To, The Members IRCON INTERNATIONAL LIMITED CIN: U45203DL1976GOI008171 Plot No. C-4, District Centre, Saket New Delhi-110017

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices we followed provide a reasonable basis for our opinion.

3. We have relied on report of Statutory Auditors, Tax auditors and Cost Auditors for compliances of the applicable Financial Laws including Direct and Indirect Tax Laws, Accounting Standards, the correctness and appropriateness of Financial Records, Cost Records and Books of Accounts of the company since the same have been subject to review by respective Auditors and other designated professionals.

4. Wherever required, we have relied upon the Management representation to the Board of Directors about the compliance of laws, rules, regulations and happening of events etc. and no separate representations have been obtained.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company.

For Vishal Agarwal & Associates Company Secretaries

Date : 21st September 2017 (CS Vishal Agarwal) Place : New Delhi FCS No.: 7242 C P No. : 7710

68 ANNUAL REPORT 2016-17 Appendix - G FORM NO. MGT 9 EXTRACT OF ANNUAL RETURN [As on 31.03.2017] [Pursuant to Section 92 (3) of the Companies Act, 2013, and Rule 12(1) of the Company (Management and Administration) Rules, 2014] I. REGISTRATION AND OTHER DETAILS 1 Corporate Identity Number (CIN) : U45203DL1976GOI008171 2 Registration Date : 28th April 1976 3 Name of the Company : Ircon International Limited 4a) Category of the Company : Public Company 4b) Sub-category of the Company Government Company, Limited by Shares, and Company having share capital. 5 Address of the Registered office & contact details : Plot No. C-4, District Centre, Saket, New Delhi - 110017 Ph. No.: 011-26530456 Fax No. : 011-26522000 Email id: [email protected] 6 Whether Listed Company (Yes/ No) : No [Delisted since March 2012] * 7 Name, Address & contact details of the Registrar & Transfer Agent, if any. : Not Applicable**

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY All the business activities contributing 10% or more of the total turnover of the company are:

Sl. Name and Description of Main NIC Code of the % to total turnover No. Products / Services Product/service of the Company 1 Railways 4210 69.24%

* After the close of the year, DIPAM has appointed Legal Advisors and Book Running Lead Managers (BRLM) on 19th May 2017 for the purpose of disinvestment / listing of paid-up equity share capital of Ircon (as announced in the Budget speech on 01.02.2017). ** In the process of being appointed by DIPAM in view of proposed listing of the Company.

ANNUAL REPORT 2016-17 69 III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES [No. of Companies for which information is being filled - 11 Companies]

Sl. Name and Address of the Company CIN/ GLN Holding/ % of Applicable No. subsidiary/ shares section Associate held 1 Ircon Infrastructure & Services Limited U45400DL2009GOI194792 Wholly owned 100% 2(87) Plot No. C-4, District Centre, Saket, subsidiary New Delhi - 110017. 2 Ircon PB Tollway Limited U45400DL2014GOI272220 Wholly owned 100% 2(87) C-4, District Centre, Saket, subsidiary New Delhi -110017 3 Ircon Shivpuri Guna Tollway Limited U45400DL2015GOI280017 Wholly owned 100% 2(87) C-4, District Centre, Saket, subsidiary New Delhi -110017 4 Indian Railway Stations Development U45204DL2012GOI234292 Subsidiary 51% 2(87) Corporation Limited [Refer 4th Floor, Palika Bhawan, Sector-XIII, Note 1] R. K. Puram, New Delhi- 110066. 5 Ircon-Soma Tollway Private Limited U74999DL2005PTC135055 Associate 50% 2(6) C-4, District Centre, Saket, New Delhi-110017. 6 Chhattisgarh East Railway Limited U45203CT2013GOI000729 Associate 26% 2(6) Mahadev Ghat Road, Raipura Chowk, Raipur-492013, Chhattisgarh. 7 Chhattisgarh East-West U45203CT2013GOI000768 Associate 26% 2(6) Railway Limited Mahadev Ghat Road, Raipura Chowk, Raipur-492013, Chhattisgarh. 8 Mahanadi Coal Railway Limited U60100OR2015GOI019349 Associate 26% 2(6) Corporate Office, MCL HQ, MDF Room, Jagriti Vihar, Burla, Samblpur - 768020 (Odisha) 9 Jharkhand Central Railway Limited U45201JH2015GOI003139 Associate 26% 2(6) CCL, Darbhannga House, Ranchi – 834029 (Jharkhand) 10 Bastar Railway Private Limited U74900CT2016PTC007251 Associate 26% 2(6) Global Exploration Centre, NMDC Green Valley City, Housing Board Colony, Borlyakala Raipur, Chhattisgarh - 492201 11 Companhia Dos Caminhos De Ferro Foreign Company Associate 25% 2(6) Da Beira, SARL, [Refer Note 2] Largo do CFM, edificio da Estacao Central, Beira, Mozambique Note: 1 For details pertaining to IRSDC, please refer sl. no. 2 of Appendix - B (i.e. Subsidiaries and Joint Ventures Companies) 2 For details pertaining to CCFB, please refer sl. no. 12 of Appendix - B (i.e. Subsidiaries and Joint Ventures Companies)

70 ANNUAL REPORT 2016-17 IV. SHARE HOLDING PATTERN: (Equity Share Capital Breakup as percentage of Total Equity) i) Category-wise Share Holding

Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change

1 1 during Demat Physical Total % of Demat Physical Total % of the year Total Total Shares Shares A. Promoters (1) Indian a) Individual/ HUF -- - b) Central Government2 1,97,42,400 1,97,42,400 99.729 9,87,12,000 9,87,12,000 99.729 Nil c) State Government(s) -- - d) Bodies Corporate -- - e) Banks / Financial Institution(s) [FI(s)] -- - f) Any Other -- - Sub-total (A) (1)Not 1,97,42,400 1,97,42,400 99.729Not 9,87,12,000 9,87,12,000 99.729 Nil Applicable Applicable (2) Foreign a) NRIs - Individuals -- -- b) Other- Individuals -- -- c) Bodies Corporate -- -- d) Banks / FI(s) -- -- e) Any Other -- -- Sub-total (A) (2) - - - - Total Shareholding of Promoter (A) = (A)(1)+(A)(2) 1,97,42,400 1,97,42,400 99.729 9,87,12,000 9,87,12,000 99.729 Nil B. Public Shareholding (1) Institutions a) Mutual Funds -- -- b) Banks/ FI(s) -- Bank - Bank of India 4,800 4,800 0.024 24,000 24,000 0.024 Nil FI(s) - Indian Railway Finance Corporation Limited 48,800 48,800 0.247 2,44,000 2,44,000 0.247 Nil c) Central Government Not --Not -- Applicable Applicable d) State Government -- -- e) Venture Capital Funds -- -- f) Insurance Companies -- -- g) FIIs -- -- h) Foreign Venture Capital Funds -- -- i) Others (specify) -- -- Sub-total (B)(1): 53,600 53,600 0.271 2,68,000 2,68,000 0.271 Nil (2) Non- Institutions a) Bodies Corporate: i) Indian -- -- ii) Overseas Not --Not -- b) Individuals Applicable --Applicable -- i) Individual shareholders holding nominal share capital up to Rs. 1 lakh -- --

ANNUAL REPORT 2016-17 71 Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change

1 1 during Demat Physical Total % of Demat Physical Total % of the year Total Total Shares Shares ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh. -- -- c) Others (specify) -- -- Sub-total (B)(2): - - - - Total Public Shareholding (B) = (B)(1) + (B)(2) 53,600 53,600 0.271 2,68,000 2,68,000 0.271 Nil C. Shares held by Custodian for Not Applicable Not Applicable GDRs & ADRs Grand Total (A + B + C)Not 1,97,96,000 1,97,96,000 100Not 9,89,80,000 9,89,80,000 100 NIL Applicable Applicable

Note: 1. Shares of the Company are held in physical form. However, on account of on-going listing process, the shares would be dematerialised. 2. 9,86,92,000 equity shares of Rs. 10/- each are held in the name of President of India, and 2000 shares of Rs. 10/- each are held by each of the ten nominees (who are Government Officials) of the President of India.

ii) Shareholding of Promoters

Sl. Shareholder’s Name Shareholding at the beginning of the year Share holding at the end of the year % change No. in share No. of % of total %of Shares No. of % of total %of Shares holding Shares Shares of Pledged / Shares Shares of Pledged / during the company encumbered the company encumbered the year to total shares to total shares 1 President of India and his nominees* 1,97,42,400 99.729 Nil 9,87,12,000 99.729 Nil Nil Total 1,97,42,400 99.729 9,87,12,000 99.729

* List of shareholdings by President of India and his nominees, as on 31st March 2017, are attached as Annexure G1.

iii) Change in Promoters’ Shareholding (please specify, if there is no change)

Sl. Particulars Shareholding at the beginning of the year Cumulative Shareholding during the year No. No. of shares % of total No. of shares % of total shares shares of the company of the company 1 At the beginning of the year 1,97,42,400 99.729 9,87,12,000 99.729 2 Date wise Increase / (Decrease) in Promoters Allotment of Bonus Share holding during the year specifying the Shares on 05.01.2017 reasons for increase / (decrease) (e.g. allotment / Nilin the ratio of 1:4 to Nil transfer / bonus/ sweat equity etc): the existing members of the Company. 3 At the End of the year 1,97,42,400 99.729 9,87,12,000 99.729

72 ANNUAL REPORT 2016-17 iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sl. Particulars Shareholding at the beginning of the year Cumulative Shareholding during the year No. No. of shares % of total No. of shares % of total shares shares of the company of the company For each of the top 10 Shareholders 1 Indian Railway Finance Corporation Limited a) At the beginning of the year 48,800 0.247 2,44,000 0.247 b) Date wise Increase / (Decrease) in Share holding Allotment of Bonus during the year specifying the reasons for Shares on 05.01.2017 increase / (decrease) (e.g. allotment / transfer / Nilin the ratio of 1:4 to Nil bonus/ sweat equity etc): the existing members of the Company. c) At the End of the year 48,800 0.247 2,44,000 0.247 2 Bank of India a) At the beginning of the year 4,800 0.024 24,000 0.024 b) Date wise Increase / (Decrease) in Share holding Allotment of Bonus during the year specifying the reasons for Shares on 05.01.2017 increase / (decrease) (e.g. allotment / transfer / Nilin the ratio of 1:4 to Nil bonus/ sweat equity etc): the existing members of the Company. c) At the End of the year 4,800 0.024 24,000 0.024

v) Shareholding of Directors and Key Managerial Personnel (KMP):

Sl. Particulars Shareholding at the beginning of the year Cumulative Shareholding during the year No. No. of shares % of total No. of shares % of total shares shares of the company of the company For each of the Directors and KMP 1 At the beginning of the year 2 Date wise Increase / (Decrease) in Promoters 3 3 Share holding during the year specifying the Not Applicable Not Applicable reasons for increase / (decrease) (e.g. allotment / transfer / bonus/ sweat equity etc): 3 At the End of the year

Note: 3. All the shares of Ircon are held by Central Government in the name of the President of India and his 10 nominees (99.729%), Indian Railway Finance Corporation Limited (0.247%), and Bank of India (0.024%).

ANNUAL REPORT 2016-17 73 V. INDEBTEDNESS Indebtedness of the Company including interest outstanding/ accrued but not due for payment: Secured Loans Unsecured Deposits Total excluding Loans Indebtedness deposits Indebtedness at the beginning of the financial year i) Principal Amount ii) Interest due but not paid iii) Interest accrued but not due Total (i + ii + iii) Change in Indebtedness during the financial year - Addition NIL - Reduction Net Change Indebtedness at the end of the financial year i) Principal Amount ii) Interest due but not paid iii) Interest accrued but not due Total (i + ii + iii)

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors, and / or Manager: (in Rs.) Sl. Particulars of Remuneration Name of Whole-time Director Total No. S.K. Chaudhary, Deepak Hitesh M.K. Singh, Mohan K.K. Garg, Amount CMD (w.e.f. Sabhlok Khanna, Director Tiwari, Director 29.10.2016) Director Director Finance CMD Finance Projects Works (w.e.f. (Up to (Up to (through out (through out 01.05.2016) 30.09.2016) 30.04.2016) 2016-17) 2016-17) 1 Gross salary a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 1,143,916 2,803,151 2,758,408 2,329,871 2,488,414 249,007 11,772,767 b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 163,117 605,985 565,565 180,525 739,651 453,921 2,708,764 c) Profits in lieu of salary under section 17(3) of the Income- tax Act, 1961 ------2 Stock option ------3 Sweat Equity ------4 Commission ------5 Others, please specify : - Performance Linked Incentive - 582,803 573,608 - 1,236,225 590,729 2,983,365 - Retirement Benefits 193,150 279,237 274,818 232,402 155,052 39,001 1,173,660 Total 1,500,183 4,271,176 4,172,399 2,742,798 4,619,342 1,332,658 18,638,556 Total (A) 18,638,556 Ceiling as per the Act - Not Applicable 4

74 ANNUAL REPORT 2016-17 B. Remuneration to other directors : (in Rs.) Sl. Particulars of Remuneration Name of Directors Total No. Amount 1 Independent Directors Avineesh Matta Vasudha Vasant Kamat Sanjay Kumar Singh (w.e.f. 08.04.2016) (w.e.f. 22.04.2016) (w.e.f. 05.04.2016) a) Fee for attending board/ committee meetings 2,64,000 2,28,000 2,28,000 7,20,000 b) Commission - - - - c) Others (please specify) - - - Total (B1) 2,64,000 2,28,000 2,28,000 7,20,000

2 Other Non-executive Directors Rajiv Chaudhry S.C. Jain Anjum Pervez H.K. Kala (w.e.f. 17.11.2016) (w.e.f. (up to (w.e.f. 30.06.2016) 03.01.2017) 09.12.2016) Nil a) Fee for attending board/ committee meetings b) Commission Nil c) Others (please specify) Total (B2) Total [B= B1 + B2] 7,20,000 Total Managerial Remuneration [A + B] 1,93,58,556 Overall ceiling as per the Act - Not Applicable 4

C. Remuneration to Key Managerial Personnel other than CMD/ Manager/ WTD (in Rs.) Sl. Particulars of Remuneration Key Managerial Personnel Total No. CEO* Sumita Sharma CFO* Amount (through out 2016-17) 1 Gross salary a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 1,208,124 1,208,124 b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 40,246 40,246 c) Profits in lieu of salary under section 17(3) of the Income- tax Act, 1961 - - 2 Stock option -- 3 Sweat Equity -- 4 Commission -- 5 Others, please specify: - Performance Linked Incentive 49,073 49,073 - Retirement Benefits 189,447 189,447 Total (C) 1,486,890 1,486,890 Ceiling as per the Act - Not Applicable 4

* CMD, Ircon, is deemed to be CEO of the Company; and DF, Ircon, is declared as CFO of the Company and their remuneration is mentioned in Sl. No. VI (A) above. Note : 4. Section 197 of the Companies Act, 2013, is exempt for government companies in terms of notification dated 5th June 2015 of the Ministry of Corporate Affairs.

ANNUAL REPORT 2016-17 75 VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the Brief Details of Penalty/ Authority [RD / Appeal if any Companies Act Description Punishment/ NCLT / COURT] (give Details) Compounding fees imposed A. COMPANY Penalty Punishment --- NIL --- Compounding B. DIRECTORS Penalty Punishment --- NIL --- Compounding C. OTHER OFFICERS IN DEFAULT Penalty Punishment --- NIL --- Compounding

Annexure - G1 List of Shareholding by President of India and his ten nominees (As on 31st March 2017) Name of the Company: IRCON INTERNATIONAL LIMITED

SI. Holders Name No. of % of No. Shares Held Shareholding

1 President of India 98,692,000 99.709 2 Mr. A. K. Mital* 2000 0.002 Chairman, Railway Board 3 Mr. K.B. Nanda* 2000 0.002 Addl. Member/ Finance [L/A the charge to the post of Financial Commissioner (Railways)], Railway Board 4 Mr. A.K. Mittal* 2000 0.002 Member Engineering, Railway Board 5 Mr. Mohd. Jamshed* 2000 0.002 Member Traffic, Railway Board 6 Mr. A.K. Kapoor* 2000 0.002 Member Traction, Railway Board 7 Mr. Hemant Kumar* 2000 0.002 Member Rolling Stock, Railway Board 8 Mr. Pradeep Kumar* 2000 0.002 Member Staff, Railway Board 9 Mr. Shahzad Shah* 2000 0.002 Addl. Member (Budget), Railway Board 10 Mr. Tarun Beniwal* 2000 0.002 Director (PSU), Railway Board 11 Mr. A. P. Dwivedi* 2000 0.002 Executive Director (PSU & HS), Railway Board TOTAL 9,87,12,000 99.729

* 2000 shares each are held (for and on behalf of the President of India) by his ten nominees who are Government officials from the Ministry of Railways.

76 ANNUAL REPORT 2016-17 Appendix - H FORM NO. AOC 2 Form for Disclosure of particulars of contracts / arrangements entered by the Company with related parties referred in section 188 (1) of the Companies Act, 2013, including certain arms-length transactions under third proviso thereto. [Pursuant to Section 134 (3)(h) of the Companies Act, 2013, read with Rule 8(2) of the Companies (Accounts) Rules, 2014]

1 Details of contracts or arrangements or transactions not at arm's length basis : NIL 2 Details of material contracts or arrangements or transactions at arm's length basis : As follows

SI. Name of the Nature of contracts/ Duration of contracts/ Salient terms of contracts / Date of Amount No. related party arrangements / arrangements / arrangements / transactions, approval received and nature transactions transactions including the value, if any by the as advances of relationship BoD, if any by Ircon, if any 1 Mahanadi Coal Work for preparation Date: Project Execution Ircon would be paid a Not Rs. 1.45 Railway Limited of feasibility report, Agreement dated percentage of cost of project Applicable crore (MCRL) Detailed Project 19.04.2016. for FR & DPR and actual cost is yet to be A Joint Venture Report, Design, and Duration: Up to of work plus specified received Company construction of Commissioning of all percentage of contract identified project identified project addition towards overheads lines and Sidings. * and profit for construction. 2 Jharkhand Work for preparation Date: Project Execution Ircon would be paid a Not Rs. 5 crore Central Railway of feasibility report, Agreement dated percentage of cost of project Applicable Limited (JCRL) Detailed Project 28.03.2016. for FR & DPR and actual cost A Joint Venture Report, Design, and Duration: Up to of work plus specified Company construction of Commissioning of all percentage of contract identified project identified project. addition towards overheads lines and Sidings. * and profit for construction. 3 Bastar Railway Work for preparation Date: Project Execution Ircon would be paid a Not Rs. 9.78 Private Limited of feasibility report, Agreement is yet to be percentage of cost of project Applicable crore (i.e. (BRPL) Detailed Project entered. for FR & DPR and actual cost Rs.6.5 crore A Joint Venture Report, Design, and Duration: Up to of work plus specified from NMDC Company construction of Commissioning of all percentage of contract and identified project identified project. addition towards overheads Rs. 3.28 lines and Sidings. * and profit for construction. crore from SAIL) 4Ircon Leasing of office Date: Lease Agreement Inadvertently extra area was Not NIL Infrastructure & premises at C-4, dated 11.05.2016. taken in calculation for lease Applicable Services Limited District Centre, Saket, Duration : 3 years rent which has not been (IrconISL) New Delhi – 110017. from 01.04.2014 occupied by IrconISL staff. A wholly owned Accordingly, Rs. 1,34,238.60/- subsidiary p.m. (approx.) would be Company. charged instead of Rs. 4,24,591.20/- p.m.

ANNUAL REPORT 2016-17 77 SI. Name of the Nature of contracts/ Duration of contracts/ Salient terms of contracts / Date of Amount No. related party arrangements / arrangements / arrangements / transactions, approval received and nature transactions transactions including the value, if any by the as advances of relationship BoD, if any by Ircon, if any 5 Indian Railway a) Sub-Leasing of Lease Agreement Arrangement is on Not NIL Stations office premises at dated 24.02.2016. reimbursement of actual Applicable Development Palika Bhawan,Sector Duration: 11 months expenditure basis. Corporation - XIII, R.K. Puram, from 01.02.2016 Limited (IRSDC) New Delhi – 110066. A Subsidiary and b) Sub-Leasing of Lease Agreement Arrangement is on Not NIL Joint Venture office premises at dated 14.02.2017. reimbursement of actual Applicable Company. Palika Bhawan,Sector Duration: 11 months expenditure basis. - XIII, R.K. Puram, from 01.01.2017 New Delhi – 110066. 6Ircon Leasing of office Date: Lease Agreement Arrangement is on Not NIL Infrastructure & premises at C-4, dated 17.08.2017. reimbursement of actual Applicable Services Limited District Centre, Saket, Duration : 2 years expenditure basis. (IrconISL) New Delhi – 110017. from 01.04.2017 A wholly owned subsidiary Company. 7 Ircon-Soma Leasing of office Date: Lease Agreement Arrangement is on Not NIL Tollway Private premises at C-4, dated 17.08.2017. reimbursement of actual Applicable Limited District Centre, Saket, Duration : 2 years expenditure basis. A Joint Venture New Delhi – 110017. from 01.04.2017. Company 8 Ircon Davanagere a) Proposed to Date: EPC Agreement Not applicable as agreement Not Nil Haveri Highway execute Engineering is yet to be entered. would be entered after award Applicable Limited Procurement of EPC contract. (IrconDHHL) Construction (EPC) Duration: Completion A wholly owned contract of period is 30 months. subsidiary Davanagere Haveri Company. Highway Project for IrconDHHL, subject to the receiving of its competitive offer. b) Leasing of office Lease Agreement is yet Arrangement is on Not NIL premises at C-4, to be entered. reimbursement of actual Applicable District Centre, Saket, expenditure basis. New Delhi – 110017.

78 ANNUAL REPORT 2016-17 SI. Name of the Nature of contracts/ Duration of contracts/ Salient terms of contracts / Date of Amount No. related party arrangements / arrangements / arrangements / transactions, approval received and nature transactions transactions including the value, if any by the as advances of relationship BoD, if any by Ircon, if any 9 Ircon PB Tollway Execution to four EPC Agreement dated For incorporation of revised Not NIL Limited Addendums to EPC 18.01.2014. payment schedule retaining Applicable (IrconPBTL) Agreement (These Duration: EPC Work is the orginal total cost of the A wholly owned addendums would 30 months from the project of Rs. 646 crore. subsidiary be forming part of appointed date Company. orginal EPC intimated by NHAI or agreement) handing over of land by IrconPBTL. 10 Ircon Shivpuri Execution to two EPC Agreement dated For incorporation of revised Not NIL Guna Tollway Addendums to EPC 30.11.2015. payment schedule retaining Applicable Limited Agreement (These Duration: EPC Work is the orginal total cost of the (IrconSGTL) addendums would 30 months from the project of Rs. 642 crore. A wholly owned be forming part of appointed date subsidiary orginal EPC intimated by NHAI or Company. agreement) handing over of land by IrconSGTL.

* Ircon will be undertaking Feasibility Study and preparation for DPR for projects assigned to it rates 1% and 2% of project cost respectively. All expenses like in consultancy, for feasibility study & DPR and miscellaneous expenses in the nature of advertisement being incurred by Ircon will be within the specified charges. Note: 1. Apart from above said transactions, other transactions, etc. entered with related parties are as follows: (i) The Company has also deputed its employees to wholly owned subsidiary company (viz. IrconPBTL, IrconSGTL, and IrconDHHL), joint venture companies [viz. MCRL, JCRL, CERL, and CEWRL]. Deputation of employees is on actual cost (CTC) basis. (ii) The salary, benefits (like PF, GIS, Society deduction, related payments, etc.) and other miscellaneous payment in nature of travelling / ticket cost etc. paid to such deputed employees as per Ircon’s policy are reimbursed on actual basis. (iii) Miscellaneous expenses such as advertisement cost, travelling cost, etc. incurred on behalf of subsidiaries [viz. IrconPBTL and IrconSGTL] and joint venture companies [viz. MCRL, JCRL, CERL, CEWRL, and ISTPL] are reimbursed on actual basis. 2 All the above said transactions have been approved by the Audit Committee of Ircon. 3 Details of shareholding of JV companies are given at Appendix - B of Directors Report.

For and on behalf of the Board of Directors

(S.K. Chaudhary) Date : 21st September 2017 Chairman & Managing Director Place : New Delhi (DIN : 00515672)

ANNUAL REPORT 2016-17 79 Appendix - I ANNEXURE TO DIRECTORS’ REPORT (Replies to Comments in Auditors’ Report on Standalone Financial Statements)

Auditors’ Report (Under Emphasis of Matter) Para Management Replies 5(i) a. Full tax has been accounted for by IRCON assuming that there would be no benefit from deductions underSection 80IA. It is stated that IRCON has won an appeal in ITAT wherein benefits of section 80IA has been provided for the year 2000-01. Based on similar pleadings, IT Dept. has given benefits of 80IA for the years 2012-13 and 2013-14. Ircon is confident of similar success for other years as well. The position is explained in Note No. 33 to the Standalone Financial Statements. 5(i) b. Full tax has been paid considering that the contention of Ircon may not be agreed to by tax authorities, as a matter of abundant precaution. Appeals have been filed with appropriate authorities for considering Ircon’s viewpoint. The position is explained in Note No. 33 to the standalone Financial Statement. 5(ii) The position is explained in Note No. 50 to the standalone Financial Statement

Annexure B to Auditor’s Report (Under Internal Financial Controls over Financial Reporting) Para Management Replies (a) The ERP system has been updated with all the financial transactions and the financial statements of Ircon generated from SAP are in sync with the financial statements submitted to Audit. Ircon had a parallel system for the FY 2016-17 so as to be sure above the correctness of financial transactions captured in SAP. From the FY 2017-18 all financial transactions are being captured ab-initio into SAP system and system like FoxPro, Tally, etc. are being discontinued. (b) Necessary steps have been initiated to strengthen the Internal Audit system in Ircon. (c) The capture of inventory records in SAP is under consideration and will be taken up by the management in right earnest. 1. The position is explained in note no. 51 to the Standalone Financial Statements. 2. A system involving close monitoring and proper record maintenance for reductions being effected by the Client will be put in place.

For and on behalf of the Board of Directors

(S.K. Chaudhary) Date : 21st September 2017 Chairman & Managing Director Place : New Delhi (DIN : 00515672)

80 ANNUAL REPORT 2016-17 ANNEXURE TO DIRECTORS’ REPORT (Replies to Comments in Auditors’ Report on Consolidated Financial Statements)

Auditors’ Report (Under Emphasis of Matter) Para Management Replies (i) a. Full tax has been accounted for by IRCON assuming that there would be no benefit from deductions underSection 80IA. It is stated that IRCON has won an appeal in ITAT wherein benefits of section 80IA has been provided for the year 2000-01. Based on similar pleadings, IT Dept. has given benefits of 80IA for the years 2012-13 and 2013-14. Ircon is confident of similar success for other years as well. The position is explained in Note No. 34 to the Consolidated Financial Statements. (i) b. Full tax has been paid considering that the contention of Ircon may not be agreed to by tax authorities, as a matter of abundant precaution. Appeals have been filed with appropriate authorities for considering Ircon’s viewpoint. The position is explained in Note No. 34 to the Consolidated Financial Statement. (ii) The position is explained in Note No. 52 to the Consolidated Financial Statement.

Annexure A to Auditor’s Report (Under Internal Financial Controls over Financial Reporting) Para Management Replies (a) The ERP system has been updated with all the financial transactions and the financial statements of Ircon generated from SAP are in sync with the financial statements submitted to Audit. Ircon had a parallel system for the FY 2016-17 so as to be sure above the correctness of financial transactions captured in SAP. From the FY 2017-18 all financial transactions are being captured ab-initio into SAP system and system like FoxPro, Tally etc. are being discontinued. (b) Necessary steps have been initiated to strengthen the Internal Audit system in Ircon. (c) The capture of inventory records in SAP is under consideration and will be taken up by the management in right earnest. 1. The position is explained in note no. 53 to the Consolidated Financial Statements. 2. A system involving close monitoring and proper record maintenance for reductions being effected by the Client will be put in place.

For and on behalf of the Board of Directors

(S.K. Chaudhary) Date : 21st September 2017 & 28th September 2017 Chairman & Managing Director Place : New Delhi (DIN : 00515672)

ANNUAL REPORT 2016-17 81 AWARDS AND CERTIFICATES

Awarding Authority Nature of Award Years Ministry of Commerce i) National Export Award 1983, 1984, 1991 & Government of India Ministry of *(Received from the President of India) 1993* Programme Implementation, Department of Public ii) "Award for Excellence" in performance as leading 1988 Enterprises international Railway and Road construction company EEPC India previously known as i) All India Top Exporters Shield for Export Excellence 1986 to 1993, 1995 & Engineering Export Promotion 1996 Council (EEPC) (26 Awards in all ii) Regional Top Exporters shield-civil engg. 1994, 1997 since inception) Contractors iii) All India Special Shield in the field of export 1997 iv) All India Trophy for Highest Exports 1998 (Turnkey Industrial Project Exporters NON-SSI) v) All India Trophy for Top Exporters in the category of 1999 to 2002, 2004 & "Merchant Exporters" 2007 vi) All India Shield for Star performer as Large 2005 Enterprise in the field of Project Exports vii) Silver Trophy for Top Exporters as Medium 2006 Enterprises viii) Gold Trophy for Top Exporters in the category of 2008 "Top Exporters as Merchant Exporters" ix) All India Export Award 2009 x) Silver Trophy in the category of Top Merchant 2011 & 2013 Exporter for 2010-11 and 2011-12 xi) Gold Trophy for Export Excellence in the category 2014 of Top Merchant Exporter for 2012-13 Project Export Promotion i) Maximum foreign exchange earned and repatriated 1985, 1989 to 1993, Council of India (PEPC) to India 1995, 1997, 2000 to {previously known as Overseas 2004 Construction Council of India ii) Second Best Performance in maximum foreign 1994, 2001, 2003 & (OCCI)} ( 45 Awards in all since exchange earned and repatriated in India 2005 to 2007 inception) iii) Maximum turnover in overseas construction 1985 to 1989, 1992 to projects 1994, 1996, 1999, 2001 & 2002 iv) Second Best performance in turnover from 1990, 1991, 1995 & overseas projects 2000 v) Maximum foreign works secured in new areas in 1995, 1996, 2000 & construction contracts 2001 vi) Maximum foreign business attempted 1995 to 1998, 2002 & 2004 Construction World One of India's most admired construction companies 2009 Essar Steel & E-18 and CNBC TV- Infrastructure Excellence Award in Railway category 2009 18

82 ANNUAL REPORT 2016-17 Awarding Authority Nature of Award Years 'India Pride Awards' by Dainik i) Silver Trophy for Excellence in Central PSUs in 2010 Bhaskar and Daily News & Transport Analysis (DNA) ii) Gold Trophy for excellence in Central PSUs in 2011 Infrastructure Development iii) Excellence in Central PSUs in India Image 2013 Enhancement iv) Excellence in Public Sector Undertaking-Central 2015 in Infrastructure Development v) Excellence CSR / Environment Protection and 2016 Conservation Construction Industry i) CIDC Vishwakarma Award in the categories of: 2012, 2014, & 2015 Development Council (CIDC) i) Best professionally managed company with a turnover of over Rs. 1000 crore ii) "Best Construction Project for: a) Pir Panjal Railway Tunnel, J&K 2014 b) Rail-cum road Bridge across rive Ganga, Patna 2016 c) Modern Coach Factory Rae Bareli 2017 Dun & Bradstreet i) India's Top PSU Award: a) Engineering & Construction 2012 b) Contract & Construction sector 2015 c) Certificate for being ranked 93rd as per 2016 Total Income ii) Silver Trophy for Top Infrastructure Company 2013 under the category Construction - Infrastructure Development - Mid iii) Best Project under the category 'Railway' for 2013 Qazigund -Banihal section of J&K rail link Project iv) Infra Awards, in the category of 'Construction and 2014 & 2015 Infrastructure Development (Railways) v) Best Infrastructure Project for Rail cum Road Bridge 2015 across river Ganga at Patna vi) Best Infrastructure Project for Setting up of Rail 2016 Coach Factory , Rae Bareli at Lalganj (U.P) Phase-I Project Institute of Public Enterprises i) "Global HR Excellence" Award for "CEO with HR 2013 Orientation presented to Mr. Mohan Tiwari, CMD, Ircon ii) "Asia Pacific HRM Congress Award 2013" for 2013 "CEO with HR Orientation" presented to Mr. Mohan Tiwari, CMD, Ircon iii) Asia Pacific HRM Congress Awards for Organisation 2014 with innovative HR practices SCOPE Meritorious Award Corporate Social Responsibility & Responsiveness for 2014 the year 2012-13 Institute of Cost Accountants of Excellence in Cost Management 2013 - Public Service 2014 India (ICAI) Sector (large) Governance Now 4th PSU awards in the Category of 'HR Initiative 2016 (Miniratna-I)

ANNUAL REPORT 2016-17 83 1 ,968 9.898 Rs. in crore 4 1,978 634 1,896 9 1,065 939 2009-10 2008-09 2007-08 25 0.15 0.05 0.02 47 2,429 1,841 1,416 1,150 24 3,412 3,102 2,816 2,901 2,487 1,776 2 (1) 1 2 7 2 7 (7) 89 (9) (13) (23) (7) (13) (27) (65) d AS. 3,254 2,860 3,122 4,307 4,471 3,761 3,254 3,206 2,719 1,977 Financial Highlights (Stand-alone) Financial Highlights Less: Company Share of Turnover in Integrated JVs in Integrated of Turnover Share Less: Company Add: Company Share of Profit/(loss)in Integrated JVs Integrated of Profit/(loss)in Share Add: Company Other Income 259 442 258 250 251 181 72 64 85 81 Expenditure (Incl.increase/decrease in stock) (Incl.increase/decrease Expenditure 2,766 2,222 2,267 3,0 Operating Margin (PBDIT) Margin Operating 488 638 854 1,283 1,059 659 438 305 232 201 Interest ExpensesInterest 12 8 ------Depreciation 18 28 10 34 44 57 37 41 44 41 Exceptional itemsExceptional (74) ------Dividend for the YearDividend for 192 168 182 182 148 94 49 37 30 30 General ReserveGeneral 3,334 3,334 3,334 2,971 2,277 1,733 1,372 1,181 1,012 903 Retained EarningsRetained 390 318 Other Comprehensive IncomeOther Comprehensive Reserve Project Foreign 5 (5) ------3 28 30 Other Reserves - - - 2 3 - - 5 25 6 Total Reserves & Surplus Reserves Total 3,729 3,647 3,334 2,973 2,280 1,733 1,372 1,18 Net Fixed Assets Fixed Net 138 149 163 170 180 196 244 236 260 279 Inventories 139 141 114 119 125 135 165 373 430 159 Foreign Exchange Earnings (net) Earnings Exchange Foreign 24 59 418 1,042 822 444 428 264 96 37 Share CapitalShare 98.980 19.796 19.796 19.796 19.796 9.898 9.898 9.898 9.898 Capital EmployedCapital 3,828 3,667 3,354 2,993 2,300 1,743 1,382 1,205 1,078 95 Government InvestmentsGovernment ------Profit Before Tax to Capital Employed (%) Employed Capital to Tax Before Profit 14 16 25 42 44 35 29 22 17 17 Operating Margin to Capital Employed (%) Employed Capital to Margin Operating 13 17 26 43 46 38 32 25 22 21 Profit After Tax to Share Capital (%) Capital Share to Tax After Profit 373 1,995 2,924 4,578 3,687 4,7 Expenditure to Income (%) Income to Expenditure 85 78 73 70 76 82 87 90 91 90 Number of Employees 1,496 1,499 1,472 1,579 1,704 1,703 1,678 1,751 1,96 Income per EmployeeIncome 2.18 1.91 2.12 2.73 2.62 2.21 1.94 1.83 1.39 1.00 Foreign Exchange Earning per Employee Earning Exchange Foreign 0.02 0.04 0.28 0.66 0.48 0.26 0. Current RatioCurrent 2.02 1.99 1.72 1.81 1.61 1.47 1.53 1.31 1.24 1.21 Debt/Equity RatioDebt/Equity ------Investments 1,223 743 737 494 295 208 185 130 234 246 Sl.1 Income Operating Particulars 2016-17 2,995 2015-16 2014-15 2,418 2013-14 2012-13 2,950 2011-12 4,067 2010-11 4,232 3,601 3,182 3,153 2,654 1 2 No. 3 4 Income Operating Net 2,995 2,418 2,864 4,057 4,220 3,580 3,182 3,142 2, 5 6 Income Total 7 8 9 10 11 12 Tax Before Profit 532 602 844 1,249 1,015 602 401 264 188 160 13 Tax After Profit 369 395 579 907 730 470 241 182 140 114 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Worth Net 3,828 3,667 3,354 2,993 2,300 1,743 1,382 1,199 1,075 949 28 29 30 31 32 33 34 35 36 37 ** in percentage 31 are 28 to Notes : Notes * as per In FY 2016-17 & 2015-16 are for Financial Highlights *** rupees not in crore 32, 35 & 36 are

84 ANNUAL REPORT 2016-17

KG SOMANI & COMPANY Chartered Accountants www.kgsomani.com, [email protected]

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF IRCON INTERNATIONAL LIMITED

1. Report on the Standalone Ind AS Financial design, implementation and maintenance of Statements adequate internal financial controls, that were operating effectively for ensuring the accuracy and We have audited the accompanying standalone Ind completeness of the accounting records, relevant to AS financial statements of IRCON INTERNATIONAL the preparation and presentation of the standalone LIMITED (“the Company”) which comprise the Ind AS financial statements that give a true and fair Balance Sheet as at 31st March, 2017, the Statement view and are free from material misstatement, of Profit & Loss (including Other Comprehensive whether due to fraud or error. Income), the Cash Flow statement & the statement of changes in equity for the year then ended, and a 3. Auditor’s Responsibility summary of significant accounting policies and other explanatory information in which are incorporated Our responsibility is to express an opinion on these the Returns for the year ended on that date audited standalone Ind AS financial statements based on our by branch auditors of the company’s branches at audit. Northern Region, Eastern Region, Southern region, We have taken into account the provisions of the Act, J&K region, Algeria, Bangladesh, Sri-Lanka, Malaysia, the accounting and auditing standards and matters Bhutan, Patna & Mumbai Region. which are required to be included in the audit report 2. Management’s Responsibility for the Standalone under the provisions of the Act and the Rules made Ind AS Financial Statements thereunder.

The Company’s Board of Directors is responsible for We conducted our audit of the standalone Ind AS the matters stated in Section 134(5) of the financial statements in accordance with the Companies Act, 2013 (“the Act”) with respect to the Standards on Auditing specified under Section preparation of these standalone Ind AS financial 143(10) of the Act. Those Standards require that we statements that give a true and fair view of the State comply with ethical requirements and plan and of affairs (financial position), profit or loss (financial perform the audit to obtain reasonable assurance performance including other comprehensive about whether the standalone Ind AS financial income), cash flows and changes in equity of the statements are free from material misstatement. Company in accordance with the accounting An audit involves performing procedures to obtain principles generally accepted in India, including the audit evidence about the amounts and the Indian Accounting Standards (Ind AS)prescribed disclosures in the standalone Ind AS financial under Section 133 of the Act. statements. The procedures selected depend on the This responsibility also includes maintenance of auditor’s judgment, including the assessment of the adequate accounting records in accordance with the risks of material misstatement of the standalone Ind provisions of the Act for safeguarding the assets of AS financial statements, whether due to fraud or the Company and for preventing and detecting frauds error. In making those risk assessments, the auditor and other irregularities; selection and application of considers internal financial control relevant to the appropriate accounting policies; making judgments Company’s preparation of the standalone Ind AS and estimates that are reasonable and prudent; and financial statements that give a true and fair view in

86 ANNUAL REPORT 2016-17 order to design audit procedures that are appropriate authorities. in the circumstances. An audit also includes evaluating the appropriateness of the accounting ii) We draw attention to Note No. 50 to the standalone policies used and the reasonableness of the Ind AS financial statements regarding non-provision accounting estimates made by the Company’s of Rs.3.80 crores towards foreign agency Directors, as well as evaluating the overall commission/ consultancy charges in respect of presentation of the standalone Ind AS financial projects in three foreign countries pending statements. assessment of the performance.

We believe that the audit evidence obtained by us & Our report is not qualified in respect of the above other auditors in terms of their reports referred to in matters. others matter paragraph below, is sufficient and 6. Other Matters appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements. i) We did not audit the financial statements/ information of eleven branches included in the 4. Opinion standalone Ind AS financial statement of the In our opinion and to the best of our information and company whose financial statements/financial according to the explanations given to us, the information reflect Total Assets of Rs. 5,676.83 Crores aforesaid Standalone Ind AS financial statements give as at 31stMarch 2017, Total Revenues of Rs. the information required by the Act in the manner so 2,889.57Crores for the year ended on that date, as required and give a true and fair view in conformity considered in the standalone Ind AS financial with the accounting principles generally accepted in statements. The financial statements/information of India including the Ind AS, of the state of affairs these branches have been audited by the branch (financial position) of the Company as at March 31, auditors whose reports have been furnished to us, 2017, and its Profit (financial performance including and our opinion in so far as it relates to the amounts other comprehensive income), its Cash Flow and the and disclosure included in respect of these branches, changes in equity for the year ended on that date. is based solely on the reports of such branch auditors.

5. Emphasis of Matters ii) The comparative financial information of the Company for the year ended 31st March 2016 and i) We draw attention to Note No. 33 to the standalone the transition date opening balance sheet as at Ind AS financial statements 1stApril 2015 included in these standalone Ind AS financial statements, are based on the previously a. The Company has made provision for tax without issued statutory financial statements prepared in considering the deduction under Section 80-IA of accordance with the Companies (Accounting Income Tax Act, 1961.However, the ITAT has disposed Standards) rules, 2006 audited by the predecessor pending appeal for FY 2000-01 allowing deduction auditors whose report for the year ended 31st March u/s 80IA and subsequently CIT(A) has allowed 2016, and 31st March 2015 dated 2nd September deduction for AY 2012-13 and 2013-14. The matters 2016 and 13th October2015 respectively expressed for other assessment years are contested by the an unmodified opinion& Qualified opinion company with the concerned authorities. respectively on those standalone Ind AS financial b. The company is offering global income for tax in India statements. The adjustments to those financial after excluding the income earned by its permanent statements for the difference in accounting principles establishments in foreign countries having Double adopted by the company on transition to the Ind AS Taxation Avoidance Agreements (DTAA) with India. have been audited by us. CIT (A) denied the treatment of excluding such iii) The financial statements include the company’s foreign income. Accordingly,the company has share in Profit/Loss of unincorporated Joint Venture subsequently paid taxes, however the matteris (JVs) accounts out of which four JVs accounts have contested by the company with the concerned been certified by other firms of chartered

ANNUAL REPORT 2016-17 87 Accountants and one JV (IRCON-SPSCPL) has been the Companies (Audit and Auditors) Rules, 2014, in certified by the management. our opinion and to the best of our information and according to the explanation given to us: Our opinion is not modified in respect of these matters. i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone 7. Report on Other Legal and Regulatory Ind AS financial statements-Refer Note No.30 ofthe Requirements standalone Ind AS financial statements.

(1) As required by the Companies (Auditor’s Report) ii. The Company has made provision, as required under Order, 2016 (“the Order”), issued by the Central the applicable law or accounting standards, for Government of India in terms of section 143(11) of material foreseeable losses, if any, on long-term the Act, we give in the “Annexure A” a statement on contracts -Refer Note No.16.3to the standalone Ind the matters specified in paragraphs 3 and 4 of the AS financial statements. The Company did not have Order. any derivative contracts for which there were any (2) As required by Section 143(3) of the Act, we report material foreseeable losses. that: iii. There were no amounts which were required to be a) We have sought and obtained all the information and transferred to the Investor Education and Protection explanations which to the best of our knowledge and Fund by the Company. belief were necessary for the purpose of our audit. iv. The Company has provided requisite disclosures in its b) In our opinion, proper books of account as required Ind AS financial statements as to holdings as well as by law have been kept by the Company so far as it dealings in Specified Bank Notes as defined in the appears from our examination of those books and Notification S.O. 3407(E) dated the 8thNovember, proper returns adequate for the purpose of our Audit 2016 of the Ministry of Finance, during the period has been received from branches not visited by us. from November 8, 2016 to December 30, 2016. Based on audit procedures performed and the c) The reports on the accounts of branch offices of the representations provided to us by the management, Company audited under section 143(8) of the Act by we report that the disclosures are in accordance with branch auditors have been sent to us and have been the relevant books of account maintained by the properly dealt with by us in preparing this report. Company as produced before us and other auditor by the management. Refer Note No 48 of the standalone d) The Balance Sheet, the Statement of Profit & Loss Ind AS financial statements including Other Comprehensive Income, the statement of cash flows and Statement of Changes in (3) As required by Section 143(5) of the Act and as per Equity dealt with by this report are in agreement with directions issued by comptroller and Auditor General the books of account. of India, we report that: e) Being a government company, provision of section Sl. Directions Auditor's Replies 164(2) of the Act are not applicable pursuant to the No. notification No. G.S.R.463(E) dated 5th June, 2015, (i) Whether the company Yes, the Company has clear issued by the Central Government of India. has clear title/ lease title/ lease deed for deeds for freehold and freehold and leasehold f) With respect to the adequacy of the internal financial leasehold land land respectively except as controls over financial reporting of the company and respectively? If not reported in Mumbai region the operating effectiveness of such controls, refer to please state the area i.e. one lease hold building our separate Report in “Annexure B”. of freehold and on railway land for 30years g) With respect to the other matters to be included in leasehold land for in Pali hill Mumbai for the Auditor’s Report in accordance with Rule 11 of which title/lease deeds which agreement is yet to are not available. be finalized.

88 ANNUAL REPORT 2016-17 Sl. Directions Auditor's Replies Sl. Directions Auditor's Replies No. No. (ii) Whether there are any a) The Company has remission to that extent cases of waiver/write written-off bad debts not categorized as such. off of debts/loans/ Rs.0.60Crores, advances of The details are given above interestetc., if yes, the Rs. 1.99 Crores and old in Part-A of paragraph 4 of reasons thereof and assets of Rs. 0.11 Crores this Audit Report’. the amount involved. during the Financial Year However, the above- 2016-17. amount of Rs. 7.15 crores b) As reported in Patna is not in the nature of region Audit Report, ‘the waiver/write off since it management has remitted was not accounted in the dues recovered books by the company. /recoverable amounting to (iii) Whether proper Yes, proper records are Rs. 7.15 crore as records are maintained being maintained for the supervision charges, for inventories lying inventories lying with third liquidated damages and with third parties & parties. other charges from various assets received as gift/ No assets have been agencies and approvals grants(s) from Govt. or received as gift /grants(s) were obtained presuming other authorities. from Govt. or other the same to be “deviation authorities during the from contract”. This has Financial Year2016-17 resulted in unauthorized

For K.G SOMANI & CO. Chartered Accountants FRN 006591N

(Anuj Somani) Partner Membership No.511267

Place of Signature: New Delhi Date: 21-09-2017

ANNUAL REPORT 2016-17 89 “Annexure A” to the Independent Auditors’ Report of even date on the Standalone Ind AS Financial Statements of Company for the year ended 31st March, 2017 i. v. According to the information and explanations given to us, and as per our examination of records, the a) The Company has maintained proper records Company has not accepted any deposits from public showing full particulars including quantitative details and therefore, the directives issued by the Reserve and situation of fixed assets. In Mumbai Region, Bank of India and the provisions of Section 73 to 76 or Tagging/ Numbering to be done on certain assets and any other relevant provision of the Companies Act, assets with third parties needs to be confirmed from 2013, and rules framed there under, are not third party. applicable. b) The fixed assets were physically verified by the vi. The Company has maintained cost records as management during the year. There is a regular required under section 148(1) of the Companies Act, program of verification, which in our opinion, is 2013. However, we are neither required to carry out, reasonable having regard to the size of the Company nor have carried Out any detailed examination of and nature of its business. No material discrepancies such accounts and records. were noticed on such verifications. vii. a. The Company is generally regular in depositing c) The title deeds of immovable properties are held in undisputed statutory dues including provident the name of the Company, except one lease hold fund, income tax, sales tax, service-tax, duty of building at Pall Hill, documents for the same are yet to customs, duty of excise, value added tax, cess be executed in Mumbai Region. and any other statutory dues applicable with the ii. The inventory has been physically verified by the appropriate authorities. Employees’ State management at reasonable intervals during the year. Insurance is not applicable to the Company. In our opinion, the frequency of verification is According to the information and explanation reasonable. The discrepancies noticed on given to us, there are no undisputed statutory comparison of physical verification with book records dues which were outstanding as on 31.03.2017 were not material and have been properly dealt with for a period of more than six months from the in the books of account. date the same become payable. iii. According to the information and explanation given b. According to information and explanation given to us by the management and records produced, the to us, and as per our examination of records of Company has not granted any loans, secured or the Company, following are the particulars of unsecured to companies, firms, limited liability dues on account of sales tax, service tax, entry partnerships or other parties covered in the register tax, trade tax, income tax, duty of customs, maintained under section 189 of the Companies Act, royalty, provident fund, duty of excise and cess 2013.Therefore, paragraph 3(iii) of the Order is not matters that have not been deposited on applicable to the Company. account of dispute as on 31.3.2017. iv. In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees and security; the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.

90 ANNUAL REPORT 2016-17 Name of the statute Nature of Amount outstanding Period to which Forum where disputed Dues (in Rs. Crores) the amount relates dispute is pending Customs Act, 1962 Customs Duty levied for 5.81 1989-90 Dy. Commissioner work executed in (Custom), Mumbai IA-Hanger, Bombay. Income Tax Act, 1961 Disallowance of deduction 127.77 2011-12 to 2012-13 Commissioner of Income u/s 80-IA, taxing of tax (Appeals), foreign income& provision New Delhi for maintenance etc. Sales Tax Sales Tax 1995-96 & 3.51 1995-96 to 1996-97 Bombay High Court 1996-97-MRO Sales Tax Sales Tax 2011-12 -MRO 1.32 2011-12 Sales Tax office, Mumbai Karnataka Vat Difference in rate of tax 0.50 2009-10 Deputy Commissioner – and levy of interest (appeals), Trivandrum thereon Sales Tax Sales tax-AGRP 2.28 2007-08 to 2012-13 The Additional Commissioner, Commercial taxes, Ghaziabad Sales Tax Entry tax-AGRP 0.027 2008-09 to 2012-13 The Additional Commissioner, Commercial taxes, Ghaziabad Sales Tax UP TRADE TAX – UP 01 0.40 2004-05 to 2007-08 The Assessing Authority Sales Tax UP VAT ACT – UP 01 1.36 2007-08 (1-01-2008- The Assessing Authority 31-03-2008) Sales Tax UP VAT ACT – UP 01 0.15 2008-09 The Appellate Authority (Entry Tax) Sales Tax UP TRADE TAX – UP 01 0.09 2009-10 The Additional Commissioner Appeal Sales Tax UP VAT ACT – UP 01 0.005 2009-10 The Appellate Authority (Entry Tax) Sales Tax UP VAT ACT – UP 01 0.011 2010-11 The Deputy Commissioner Sales Tax Sales Tax-BE-08 1.17 2008-09 to 2009-10 The Additional Commissioner, Appeal Noida Sales Tax Sales Tax-BE-08 Entry Tax 0.004 2008-09 The Additional Commissioner, Appeal Noida Sales Tax UPTT-UP-05 0.01 2005-06 High Court Allahabad Sales Tax UPTT-UP-05 1.31 2006-07 to 2007-08 Tribunal Jhansi Branch (9 months) Sales Tax UP VAT-UP-05 3.28 2007-08 to 2009-10 Tribunal Jhansi Branch

ANNUAL REPORT 2016-17 91 Name of the statute Nature of Amount outstanding Period to which Forum where disputed Dues (in Rs. Crores) the amount relates dispute is pending Sales Tax UP VAT-UP-05 0.42 2011-12 1st Appeal Sales Tax UP TRADE TAX-UP-04 0.06 2003-04 to 2004-05 Tribunal Sales Tax Sales Tax 2003-04 to 1.35 2003-04 to 2005-06 Dy. Commissioner Sales 2005-06- Godhra Tax authority Vadodara Sales Tax Sales Tax 2010-11-GED 0.05 2010-11 Asst Commercial Tax Officer, Margo Uttar Pradesh Demand Raised for 0.08 1982-83 & 1989-90 Appellate Authority, VAT Act,2008 Sales Tax Jhansi State Sales Tax/ VAT Act Sales Tax 0.99 2002-03 Commissioner Sales Tax, Orissa State Sales Tax/ VAT Act Sales Tax 0.28 1998-1999 Sr.Jt. Commissioner (Appeals) Sales Tax, West Bengal State Sales Tax/ VAT Act VAT 0.71 2004-05 Asst Commissioner of Sales Tax, College St.Charge Kolkata State Sales Tax/ VAT Act Sales Tax 1.75 1987-88 and 1994-95 Bihar Sales Tax Tribunal- Kahalgaon State Sales Tax/ VAT Act VAT 0.31 2009-10 Dy. Commissioner of Sales Tax West Bengal College Street Charge State Sales Tax/ VAT Act VAT 0.82 2005-06 to 2006-07 WB Commercial, Taxes Appellate & Revisional Board Jammu and Kashmir Sales tax 19.33 1999-00 to 2010-11 J&K High Court, GST Act, 1962 Jammu and Deputy Commissioner Commercial Taxes (Appeals) Srinagar. Service Tax Service Tax on agency fees 12.91 2010-11 to 2014-15 CESTAT VAT VAT TDS 5.93 2005-06 & 2006-07 Sales Tax Department, West Circle Patna Finance Act, 1994 Service Tax 19.95 2001-02 to 2006-07 CESTAT, New Delhi UP VAT Act, 2008 VAT 1.19 2010-11 The Addi Commissioner, Sales Tax, Lucknow. UP VAT Act, 2008 VAT TDS 60.17 2011-12 to 2013-14 The Additional Commissioner, Sales Tax, Lucknow. Central Excise Act, 1944 Levy of Excise Duty on 0.66 1998-99 CESTAT (DEPT. Appeal) bracket/cantilever assemblies

92 ANNUAL REPORT 2016-17 viii. The Company has not defaulted in the repayment of xiii. According to the information and explanations given loans or borrowings to any financial institution, to us, all transactions with related parties are in banks, Government or dues to debenture holders compliance with section 177 and 188 of the during the year. Accordingly, the clause 3(viii) of the Companies Act, 2013 where applicable and the order is not applicable. details have been disclosed in the financial statements etc., as required by the applicable ix. The Company has neither made any public offer accounting standards. (including debts instruments) during the year nor has taken any term loan during the year. Accordingly, xiv. According to the information and explanations given paragraph 3 (ix) of the order is not applicable. to us, the Company has not made any preferential allotment or private placement of shares or fully or x. According to the information and explanations given partly convertible debentures during the year under to us, no fraud by the Company or any fraud on the review. Company by its officers or employees has been noticed or reported during the course of our audit. xv. According to the information and explanations given to us, the Company has not entered into non-cash xi. In view of the Government Notification No. GSR 463 transactions with the directors or persons connected (E) dated 5th June, 2015, government companies are with him, within the provisions of section 192 of the exempt from the applicability of section 197 of the Companies Act, 2013. Companies Act,2013. Accordingly, clause 3(xi) of the order is not applicable to the Company. xvi. The Company is not a Non-banking finance company, hence registration under section 45-IA of the Reserve xii. The Company is not a Nidhi Company as specified in Bank of India Act, 1934 does not arise. the Nidhi Rules, 2014.Thus, the requirements under para 3(xii) of the Companies (Auditor’s Report) Order 2016 are not applicable to the Company.

For K.G SOMANI & CO. Chartered Accountants FRN 006591N

(Anuj Somani) Partner Membership No.511267

Place of Signature: New Delhi Date: 21-09-2017

ANNUAL REPORT 2016-17 93 “Annexure B” to the Independent Auditors’ Report of even date on the Standalone Ind AS Financial Statements of Ircon International Limited for the year ended 31st March, 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over maintained and if such controls operated effectively in all financial reporting of Ircon International Limited “the material respects. Company” as of March 31, 2017 in conjunction with our audit of the standalone Ind AS financial statements of the Our audit involves performing procedures to obtain audit Company for the year ended on that date. evidence about the adequacy of the internal financial controls system over financial reporting and their Management’s Responsibility for Internal Financial operating effectiveness. Our audit of internal financial Controls controls over financial reporting included obtaining an understanding of internal financial controls over financial The Company’s management is responsible for reporting, assessing the risk that a material weakness establishing and maintaining internal financial controls exists, and testing and evaluating the design and operating based on,“the internal control over financial reporting effectiveness of internal control based on the assessed criteria established by the Company considering the risk. The procedures selected depend on the auditor’s essential components of internal control stated in the judgment, including the assessment of the risks of Guidance Note on Audit of Internal Financial Controls Over material misstatement of the financial statements, Financial Reporting issued by the Institute of Chartered whether due to fraud or error. Accountants of India (ICAI)”. These responsibilities include the design, implementation and maintenance of adequate We believe that the audit evidence we have obtained is internal financial controls that were operating effectively sufficient and appropriate to provide a basis for our audit for ensuring the orderly and efficient conduct of its opinion on the Company’s internal financial controls business, including adherence to company’s policies, the system over financial reporting. safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the Meaning of Internal Financial Controls Over Financial accounting records, and the timely preparation of reliable Reporting financial information, as required under the Companies A company's internal financial control over financial Act, 2013. reporting is a process designed to provide reasonable Auditor’s Responsibility assurance regarding the reliability of financial reporting and the preparation of financial statements for external Our responsibility is to express an opinion on the purposes in accordance with generally accepted Company’s internal financial controls over financial accounting principles. A company's internal financial reporting based on our audit. We conducted our audit in control over financial reporting includes those policies and accordance with the Guidance Note on Audit of Internal procedures that (1) pertain to the maintenance of records Financial Controls Over Financial Reporting (the that, in reasonable detail, accurately and fairly reflect the “Guidance Note”) and the Standards on Auditing transactions and dispositions of the assets of the prescribed under section 143(10) of the Companies Act, company; (2) provide reasonable assurance that 2013, to the extent applicable to an audit of internal transactions are recorded as necessary to permit financial controls, both issued by the Institute of Chartered preparation of financial statements in accordance with Accountants of India. Those Standards and the Guidance generally accepted accounting principles, and that Note require that we comply with ethical requirements receipts and expenditures of the company are being made and plan and perform the audit to obtain reasonable only in accordance with authorizations of management assurance about whether adequate internal financial and directors of the company; and (3) provide reasonable controls over financial reporting was established and assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

94 ANNUAL REPORT 2016-17 company's assets that could have a material effect on the company's annual or interim financial statements will financial statements. not be prevented or detected on a timely basis.

Inherent Limitations of Internal Financial Controls Over In our opinion, except for the effects/ possible effects Financial Reporting of the material weaknesses described above on the achievement of the objectives of the control criteria, Because of the inherent limitations of internal financial the Company has, in all material respects, an controls over financial reporting, including the possibility adequate internal financial controls system over of collusion or improper management override of financial reporting and such internal financial controls, material misstatements due to error or fraud may controls over financial reporting were operating occur and not be detected. Also, projections of any effectively as at March 31, 2017, “based on the evaluation of the internal financial controls over financial internal control over financial reporting criteria reporting to future periods are subject to the risk that the established by the Company considering the internal financial control over financial reporting may essential components of internal control stated in the become inadequate because of changes in conditions, or Guidance Note on Audit of Internal Financial Controls that the degree of compliance with the policies or Over Financial Reporting issued by the Institute of procedures may deteriorate. Chartered Accountants of India”.

Qualified Opinion Emphasis of Matter

According to the information and explanations given to us 1. Attention is invited to note no. 51 to the financial and based on our audit and branch auditor’s audit report, statements regarding supervision charges on the following material weaknesses have been identified as unreturned steel at reduced rate and waiver/release at March 31, 2017. of liquidation damages, escalation claims & other (a) The Company has an integrated ERP system which charges in respect of one of the contract of Patna was not used at its full potential. During the financial region. year, different software packages like Tally and Fox 2. Few cases of reduction of bills by the client and Pro were used by the company through software links accepted by the project without noting therein full or manual intervention for the preparation of reasons/justifications have been observed In financial statements. This has resulted into weak Northern region internal control over financial reporting. Other Matters (b) The internal audit system needs to be strengthen since time lines of the internal audit programme were Our aforesaid report under section 143(3)(i) of the Act on not followed during the financial year and delayed the adequacy and operating effectiveness of the internal reporting in internal audit of the Indian financial controls over financial reporting insofar as it region/foreign branches were noticed. Also, the relates to a branches/Region, is based on the mechanism to review of internal audit report is not corresponding report of other auditors. robust.

(c) The Inventory records at some units is maintained manually and the inventory manual in SAP is under For K.G SOMANI & CO. consideration. Further continuous identification Chartered Accountants system of surplus/obsolete/broken assets and FRN 006591N material/stores is inadequate and needs to be strengthened. (Anuj Somani) Partner A material weakness' is a deficiency, or a combination Membership No.511267 of deficiencies in internal financial control over financial reporting, such that there is a reasonable Place of Signature: New Delhi possibility that a material misstatement of the Date: 21-09-2017

ANNUAL REPORT 2016-17 95 IRCON INTERNATIONAL LIMITED BALANCE SHEET As at 31st MARCH 2017 (Rs. in Crore) Particulars Note No. As at 31st March 2017 As at 31st March 2016 As at 1st April 2015

I. ASSETS 1 Non-current assets (a) Property, Plant and Equipment 3 137.08 146.40 165.47 (b) Capital work-in-progress 4 - 1.50 0.38 (c) Investment Property 5 307.34 278.19 270.40 (d) Other Intangible assets 6 1.21 0.10 0.03 (e) Intangible assets under development 6 - 1.01 1.01 (f) Financial Assets 7 (i) Investments 7.1 973.15 605.28 408.09 (ii) Trade Receivables 7.2 23.12 2.54 44.71 (iii) Loans 7.3 339.84 85.73 134.31 (iv) Others 7.4 77.21 84.23 4.87 (g) Deferred tax assets (Net) 8 161.05 222.31 268.55 (h) Other non-current assets 9 403.64 249.40 248.42 Total Non-current assets 2,423.64 1,676.69 1,546.24 2 Current assets (a) Inventories 10 139.34 140.61 114.43 (b) Financial Assets 11 (i) Investments 11.1 249.91 138.02 68.39 (ii) Trade Receivables 11.2 543.34 696.69 571.50 (iii) Cash and cash equivalents 11.3 1,394.70 2,457.02 1,188.95 (iv) Other Bank Balances 11.4 3,262.83 2,096.08 2,032.43 (v) Loans 11.5 84.77 3.95 20.41 (vi) Others 11.6 258.09 207.44 148.47 (c) Current Tax Assets (Net) 1.72 18.98 12.87 (d) Other current assets 12 809.28 701.31 807.05 Total Current assets 6,743.98 6,460.10 4,964.50

Total Assets 9,167.62 8,136.79 6,510.74 II. EQUITY AND LIABILITIES 1 Equity (a) Equity Share Capital 13 98.98 19.80 19.80 (b) Other Equity 14 3,729.04 3,647.21 3,502.02 Total Equity 3,828.02 3,667.01 3,521.82 2 Liabilities (i) Non-current liabilities (a) Financial Liabilities 15 (i) Trade Payables 15.1 0.45 5.63 7.90 (ii) Other financial liabilities 15.2 129.23 110.90 80.90 (b) Provisions 16 76.18 149.78 339.76 (c) Other Non-Current Liabilities 17 1,792.64 956.61 85.08 Total Non-current liabilities 1,998.50 1,222.92 513.64

96 ANNUAL REPORT 2016-17 (ii) Current liabilities (a) Financial Liabilities 18 (i) Trade payables 18.1 363.01 405.85 447.70 (ii) Other financial liabilities 18.2 546.88 508.66 525.32 (b) Other current liabilities 19 2,108.93 1,916.96 1,067.44 (c) Provisions 16 298.45 354.14 318.40 (d) Current Tax liability (Net) 23.83 61.25 116.42 Total Current liabilities 3,341.10 3,246.86 2,475.28

Total Equity and Liabilities 9,167.62 8,136.79 6,510.74 III. Summary of Significant Accounting policies 1 - 2 IV. Notes forming part of financial statements 3 - 55

As per our Report of even date attached For and on behalf of Ircon International Limited

For K G Somani & Co. M. K. Singh S. K. Chaudhary Chartered Accountants Director Finance Chairman & Managing Director FRN : 006591N DIN - 06607392 DIN - 00515672

Anuj Somani Sumita Sharma Partner Company Secretary M. No. 511267

Place : New Delhi Date : 21.09.2017

ANNUAL REPORT 2016-17 97 IRCON INTERNATIONAL LIMITED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH 2017 (Rs. in Crore) Particulars Note No. For the year ended For the year ended 31st March 2017 31st March 2016 I. Revenue : Revenue from operations 20 2,904.90 2,314.59 Add :- Company share of turnover in Integrated Joint operations 89.90 103.92 2,994.80 2,418.51 II. Other income 21 259.63 441.58 III. Total Income (I + II) 3,254.43 2,860.09 IV. Expenses : Operating Expenses 22 2,478.65 1,888.07 Employee benefits expenses 23 150.38 176.27 Finance costs 24 60.60 43.19 Depreciation, amortization and impairment 25 17.88 28.22 Other Expenses (Administrative) 22 32.50 24.74 Proportionate share of expenses in Integrated Joint operations 56.39 97.24 Total Expenses (IV). 2,796.40 2,257.73 V. Profit Before exceptional items and Tax (III - IV) 458.03 602.36 VI. Exceptional items 27A 73.69 - VII. Profit before tax (V + VI) 531.72 602.36 VIII. Tax expenses : (1) Current tax 8 - For the year 118.64 150.05 - For earlier years (net) (17.21) 4.98 (2) Deferred tax (net) 61.26 52.29 Total Tax Expense 162.69 207.32 IX Profit for the year from continuing operation (VII - VIII) 369.03 395.04 X Other Comprehensive Income 26 A. (i) Items that will not be reclassified to profit or loss 4.82 1.32 (ii) Income Tax relating to Items that will not be reclassified to profit or loss (1.67) (0.46) B. (i) Items that will be reclassified to profit or loss 16.16 (57.46) (ii) Income Tax relating to Items that will be reclassified to profit or loss (5.59) 25.94 13.72 (30.66) XI Total Comprehensive Income for the year (IX +X) (Comprising profit and other comprehensive income for the year) 382.75 364.38 XII Earnings Per Equity Share: (For Continuing Operation) (1) Basic 47 37.28 39.91 (2) Diluted 37.28 39.91 XIII Summary of Significant Accounting policies 1 - 2 XIV Notes forming part of financial statements 3 - 55 As per our Report of even date attached For and on behalf of Ircon International Limited For K G Somani & Co. M. K. Singh S. K. Chaudhary Chartered Accountants Director Finance Chairman & Managing Director FRN : 006591N DIN - 06607392 DIN - 00515672 Anuj Somani Sumita Sharma Partner Company Secretary M. No. 511267 Place : New Delhi Date : 21.09.2017

98 ANNUAL REPORT 2016-17 IRCON INTERNATIONAL LIMITED Cash Flow Statement For the Year Ended 31st March 2017 (Rs. in Crore) 31 March 2017 31 March 2016

CASH FLOW FROM OPERATING ACTIVITIES Net Profit before taxation 531.72 602.36 Adjustment for : Items of Other Comprehensive Income 20.98 (56.14) Depreciation, amortization and impairment 17.88 28.22 Profit on sale of assets (net) (0.32) (0.86) Profit on Sale of Investments (73.69) - Interest Income (196.71) (231.06) Dividend Income (3.37) (5.54) Effect of Exchange differences on translation of Foreign Currency Cash & Cash Equivalents 38.35 (134.17) Operating Profit before working capital changes (1) 334.84 202.81 Adjustment for : Decrease / (Increase) in Trade Receivables/ Financial Assets - Loans 153.99 (149.69) Decrease / (Increase) in Inventories 1.28 (26.18) Decrease / (Increase) in Other Assets & Financial Assets (247.95) 35.69 (Decrease) / Increase in Trade Payables (42.84) (41.85) (Decrease) / Increase in Other Liabilities, Financial Liabilities & Provisions 876.85 1,488.55 (2) 741.33 1,306.51 Cash generated from operation (1+2) 1,076.17 1,509.32 Income Tax Paid (55.60) (107.54) NET CASH FROM OPERATING ACTIVITIES (A) 1,020.57 1,401.78 CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant and Equipment including CWIP (12.50) (13.09) Purchase of Intangible Assets (0.33) (0.12) Purchase / Proceeds of Investment Property (29.20) (7.84) Sale of Property, Plant and Equipments & Intangible Assets 6.03 3.78 Sale of Investments 79.23 - Investments in Mutual Funds (117.43) (69.62) Loan to Subsidiaries & Joint Ventures (340.15) (28.50) Repayment of Loan from Subsidiaries & Joint Ventures 4.58 118.04 Interest Received 118.21 203.97 Dividend Received 3.37 5.54 Investment in Equity Shares (367.86) (72.01) Investment in Bonds - (125.18) (Investment) / Maturity of Bank Deposits (having maturity of more than 3 months) (1,166.75) (63.65) NET CASH FROM INVESTING ACTIVITIES (B) (1,822.80) (48.68) CASH FLOW FROM FINANCING ACTIVITIES Dividend ( including Dividend Distribution Tax) paid (221.74) (219.20) NET CASH FROM FINANCING ACTIVITIES (C) (221.74) (219.20) Effect of Exchange differences on translation of Foreign Currency Cash & Cash Equivalents (D) (38.35) 134.17 NET DECREASE IN CASH & CASH EQUIVALENT (A+B+C+D) (1,062.32) 1,268.07 CASH AND CASH EQUIVALENT (OPENING) (E) 2,457.02 1,188.95 CASH AND CASH EQUIVALENT (CLOSING) (F) 1,394.70 2,457.02 NET DECREASE IN CASH & CASH EQUIVALENT (F - E) (1,062.32) 1,268.07

Note: 1. Cash Flow Statement has been prepared under indirect method as set out in IND AS-7 (Cash Flow Statements) 2. Figures in brackets represent outflow of cash.

As per our Report of even date attached For and on behalf of Ircon International Limited For K G Somani & Co. M. K. Singh S. K. Chaudhary Chartered Accountants Director Finance Chairman & Managing Director FRN : 006591N DIN - 06607392 DIN - 00515672 Anuj Somani Sumita Sharma Partner Company Secretary M. No. 511267 Place : New Delhi Date : 21.09.2017

ANNUAL REPORT 2016-17 99 IRCON INTERNATIONAL LIMITED Statement of Changes in Equity as at 31 March 2016 (Rs. in Crore)

A. Equity share capital Balance as at Shares issued during the year Balance as at April 01, 2015 March 31, 2016

19.80 - 19.80

B. Other Equity

Particulars Reserve & Surplus Items of Other Comprehensive Total Income General Retained Exchange differences on Reserves Earnings translating the financial statement of a foreign operation Balance as at April 01, 2015 3,333.71 121.66 26.52 3,481.89 Changes in accounting policy or prior period errors 20.13 20.13 Restated balance at the beginning of the reporting period 3,333.71 141.79 26.52 3,502.02 Profit for the year 395.04 395.04 Other Comprehensive Income Remeasurment of Defined Benefit Plans 0.86 0.86 Foreign Exchange translation difference (31.52) (31.52) Total Comprehensive Income for the year - 395.91 (31.52) 364.39 Dividends Paid (182.12) (182.12) Dividend Distribution Tax (37.08) (37.08) Balance as at March 31, 2016 3,333.71 318.50 (5.00) 3,647.21

As per our Report of even date attached For and on behalf of Ircon International Limited

For K G Somani & Co. M. K. Singh S. K. Chaudhary Chartered Accountants Director Finance Chairman & Managing Director FRN : 006591N DIN - 06607392 DIN - 00515672

Anuj Somani Sumita Sharma Partner Company Secretary M. No. 511267

Place : New Delhi Date : 21.09.2017

100 ANNUAL REPORT 2016-17 IRCON INTERNATIONAL LIMITED Statement of Changes in Equity as at 31 March 2017 (Rs. in Crore)

A. Equity share capital Balance as at Shares issued during the year Balance as at March 31, 2016 March 31, 2017

19.80 79.18 98.98

B. Other Equity

Particulars Reserve & Surplus Items of Other Comprehensive Total Income General Retained Exchange differences on Reserves Earnings translating the financial statement of a foreign operation Balance as at April 01, 2016 3,333.71 291.34 (5.00) 3,620.04 Changes in accounting policy or prior period errors 27.17 27.17 Restated balance at the beginning of the reporting period 3,333.71 318.50 (5.00) 3,647.21 Profit for the year 369.03 369.03 Other Comprehensive Income Remeasurment of Defined Benefit Plans 3.15 3.15 Foreign Exchange translation difference 10.57 10.57 Total Comprehensive Income for the year - 372.19 10.57 382.75 Dividends Paid (184.23) (184.23) Dividend Distribution Tax (37.51) (37.51) Bonus Issue (79.18) (79.18) Balance as at March 31, 2017 3,333.71 389.76 5.56 3,729.04

As per our Report of even date attached For and on behalf of Ircon International Limited

For K G Somani & Co. M. K. Singh S. K. Chaudhary Chartered Accountants Director Finance Chairman & Managing Director FRN : 006591N DIN - 06607392 DIN - 00515672

Anuj Somani Sumita Sharma Partner Company Secretary M. No. 511267

Place : New Delhi Date : 21.09.2017

ANNUAL REPORT 2016-17 101 1. Corporate Information b) Basis of Measurement

Ircon International Limited is a public sector The financial statements have been prepared under construction company domiciled in India (CIN the historical cost convention and on an accrual :U45203DL1976GOI008171) and is incorporated basis, except for the following item that have been under the provisions of the Companies Act measured at fair value as required by relevant applicable in India with specialization in execution Ind-AS. of Railway projects on turnkey basis and otherwise. After commencing business as a railway i. Defined benefit Plan and other long term employee construction company it diversified progressively benefits to roads, buildings, electrical substation and ii. Certain financial assets and liabilities measured at distribution, airport construction, commercial fair value. complexes, as well as metrorail works. The Company caters to both domestic and international iii. Provisions as per para (x) (D) below, where time markets. The Company is an ISO certified Company value of money is material. for Quality, Environment and Occupational Health and Safety Management systems; a Schedule‘A’ c) Use of Estimates and Judgment public sector company and a Mini Ratna-Category I. The preparation of financial statements in The registered office of the company is located at C- conformity with Ind AS requires management to 4, District Centre, Saket, New Delhi- 110017. make judgments, estimates and assumptions that The financial statements were authorized for issue affect the application of accounting policies and the in accordance with a resolution of the Board of reported amounts of assets, liabilities, disclosure of directors on Dated 21.09.2017. contingent assets and liabilities at the date of financial statements and the reported amount of 2. Significant Accounting Policy under Ind AS revenue and expenses. Actual results may differ (Standalone) from these estimates.

(i). Basis of Preparation Key accounting estimates:

a) Statement of Compliance Recognition of deferred tax assets – The extent to which deferred tax assets can be recognized is The financial statements as at and for year ended based on an assessment of the probability of the March 31, 2017 have been prepared in accordance future taxable income against which the deferred with Indian Accounting Standards (Ind-AS) notified tax assets can be utilized. under section 133 of the companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Provisions – At each balance sheet date on the basis Standards) Rules, 2015 and Companies (Indian of the management judgment, changes in facts and accounting standards) Amendment Rules 2016. legal aspects, the Company assesses the requirement of provisions against the outstanding For all periods up to and including the year ended 31 contingent liabilities. However, the actual future March 2016, the company prepared its financial outcome may be different from this judgement. statements in accordance with accounting standards notified under the section 133 of the Revenue – The Company recognises revenue using Companies Act 2013 read together with paragraph the percentage of completion method. This 7 of the Companies (Accounts) Rules, 2014 (Indian requires forecasts to be made of total budgeted cost GAAP). These financial statements for the year with the outcomes of underlying construction and ended 31 March 2017 are company’s first IND AS service contracts, which require assessments and financial statements. judgements to be made on changes in work scope, claims (compensation, rebates etc.) and other Refer to separate note no.29 for information on how the company has adopted Ind AS.

102 ANNUAL REPORT 2016-17 payments to the extent they are probable and they (a) Transactions Of Indian Operations: are capable of being reliably measured. For the purpose of making estimates for claims, the i. All foreign currency transactions are translated into company used the available contractual and functional Currency at the rate prevalent on the historical information. date of transaction.

Property, Plant and Equipment– Property, Plant ii. Property, plant and equipment, intangibles, and Equipment represent a significant proportion investment property, prepaid expenses, inventory of the asset base of the company. The charge in and non-monetary items are translated at the rate respect of periodic depreciation is derived after on the date of initial transaction. determining an estimate of an asset’s expected iii. Monetary items (Trade receivables, trade payables, useful life and the expected residual value at the Cash and Bank, Loans and Borrowings and other end of its life. Uncertainties in these estimates receivables & payables) and contingent assets & relate to technical and economic obsolescence that liabilities denominated in foreign currency are may change the utility of assets. translated at the prevailing closing selling rates for Estimates and underlying assumptions are Liabilities and closing buying rate for Assets, at each reviewed on a periodic basis. Future results could reporting date. differ due to changes in these estimates and iv. Foreign Exchange Gains or Losses in respect of difference between the actual result and the above transactions are recognized in Statement of estimates are recognized in the period in which the profit and loss. results are known /materialize. (b) Transactions of Foreign operations: d) All financial information presented in Indian rupees and all values are rounded to the nearest crore i. All foreign currency transactions are translated into rupees with two decimal points except where functional Currency at the rate prevalent on the otherwise stated. date of transaction.

(ii). Statement of Cash flow ii. Property, Plant and Equipment, intangibles, investment property, prepaid expenses, inventory Cash flows are reported using the indirect method, and non-monetary items are translated at the rate whereby profit / (loss) before tax is adjusted for the on the date of initial transaction. effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts iii. Monetary items (Trade receivables, trade payables, or payments. The cash flows from operating, Cash and Bank, Loans and Borrowings and other investing and financing activities of the Company receivables & payables) and contingent assets & are segregated based on the available information. liabilities denominated in foreign currency are translated at the prevailing closing selling rates for (iii). Foreign Currency Transactions Liabilities and closing buying rate for Assets, at each Functional and presentation currency reporting date.

Items included in the financial statements are iv. Foreign Exchange Gain or Losses in respect of above measured using the currency of the primary transactions are recognized in profit and loss economic environment in which the Company account operates. (i.e Functional Currency). The financial The result and financial position of foreign statements are presented in Indian rupees, which is operation that have a functional currency different the presentation as well as Functional currency of from the presentation currency are translated in to company. presentation currency as follows.

i. Assets/Liabilities - Closing selling rates for Liabilities

ANNUAL REPORT 2016-17 103 and closing buying rate for Assets on the reporting 5. Cost of replacement, major inspection, repair of date. significant parts and borrowing costs for long-term construction projects are capitalized if the ii. Income/Expenses – Average exchange rate during recognition criteria are met. the year. 6. An item of Property, Plant and Equipment and any iii. Exchange differences on translation of functional significant part initially recognized is de-recognized currency to presentation currency are – recognised upon disposal or when no future economic benefits in OCI (Other comprehensive income) are expected from its use or disposal. Any gain or iv. On disposal of Foreign Operation (on realization of loss arising on de-recognition of the asset complete receivables from client) transfer the (calculated as the difference between the net component of OCI (Other comprehensive income) disposal proceeds and the carrying amount of the to profit or loss relating to respective foreign asset) is included in the income statement. operation. 7. Amounts paid towards the acquisition of Property, (IV). Property, Plant and Equipment Plant and Equipment outstanding as of each reporting date and the cost of Property, Plant and 1. Freehold land is carried at historical cost. Property, Equipment not ready for intended use before such Plant and Equipment are measured at cost less date are disclosed under capital work- in-progress. accumulated depreciation and impairment losses, if Expenses directly attributable to project, prior to any. commencement of commercial operation, are considered as project development expenditure 2. The machinery spares which can be used only in and shown under Capital Work-in-Progress. connection with an item of Property, Plant and Equipment and whose use is expected to be Transition to Ind AS irregular are capitalized & depreciated/amortized over the balance life of such Property, Plant and On transition to Ind AS, the company has opted to Equipment. continue with the carrying value of all its property, plant and equipment recognised as at 1st April 2015 3. Subsequent cost relating to Property, Plant & measured as per the previous GAAP and use that Equipment shall be recognized as an asset if: carrying value as deemed cost of the property, plant and equipment. a) it is probable that future economic benefits associated with the items will flow to the entity; and Depreciation

b) the cost of the item can be measured reliably. (a) Depreciation on Property, Plant and Equipment is provided on Straight Line basis (SLM) over the 4. Cost of asset includes the following useful life of the assets as specified in Schedule II of the Companies Act, 2013. i. Cost directly attributable to the acquisition of the assets (b) Each part of an item of Property, Plant and Equipment is depreciated separately if the cost of ii. Incidental expenditure during the construction part is significant in relation to the total cost of the period is capitalized as part of the indirect item and useful life of that part is different from the construction cost to the extent the expenditure is useful life of remaining asset. directly related to construction or is incidental thereto. (c) The estimated useful life of assets for current period of significant items of Property Plant and iii. Present value of the estimated costs of dismantling Equipment are as follows: & removing the items & restoring the site on which it is located if recognition criteria are met.

104 ANNUAL REPORT 2016-17 Particulars Useful Life (yrs.) Intangible Useful Life Internally Assets generated or Building/flats residential/ 60 self-generated non-residential Software Finite Acquired Plant and Machinery 8-15 (36 months) Survey instruments 10 (b) Amortization methods, useful lives and residual Computers 3-6 values are reviewed at each reporting date. Office Equipment’s 5 (c) Software cost up to Rs. 1 Lakhs in each case is fully Furniture and fixtures 10 amortized in the year of purchase, by keeping Rs. 1 Caravanas, Camps and 3-5 as token value for identification. temporary shed Transition to Ind AS Vehicles 8-10 On transition to Ind AS the company has opted to continue with the carrying value of all of its (d) Leasehold land and improvements are amortized st Intangible assets recognized as at 1 April 2015 over the lower of estimated useful life and lease measured as per the previous GAAP and use that term. carrying value as deemed cost of intangible assets. (e) Depreciation methods, useful lives and residual (vi). Investment properties values are reviewed at each reporting date and adjusted prospectively, if appropriate. a) Investment property comprises completed property, property under construction and (f) Property Plant and Equipment acquired during the property held under a finance lease that is held to year, individually costing up to Rs. 5000/- are fully earn rentals or for capital appreciation or both, depreciated, by keeping Re. 1 as token value for rather than for sale in the ordinary course of identification. However, Mobile phones provided to business or for use in production or administrative employees are charged to revenue irrespective of functions. its value. b) Investment Properties are stated at cost, net of (v). Intangible Assets accumulated depreciation and accumulated Intangible assets are recognized when it is probable impairment losses, if any. that the future economic benefits that are c) The company depreciates building component of attributable to the asset will flow to the enterprise investment property over 60years from the date of and the cost of the asset can be measured reliably. original purchase/completion of construction. Intangible assets are stated at historical cost less accumulated amortization and impairment loss, if d) Investment properties are derecognized either any. when they have been disposed of or when they are permanently withdrawn from use and no future Amortization of Intangible Assets economic benefit is expected from their disposal. (a) Intangible assets are amortized over their Difference between the net disposal proceeds and respective estimated useful lives on a straight- line the carrying amount of the asset is recognised in basis from the date that they are available for use. profit or loss in the period of de-recognition.

The estimated useful life of intangibles is as follows: (vii). Investments in subsidiaries and Joint Arrangements

a) Investment in Subsidiaries

ANNUAL REPORT 2016-17 105 Investments in subsidiaries are accounted for at spares and stores not reimbursable as per the terms cost. of the contract is shown as inventory valued as per (III) below. b) Joint Arrangement (ii) In Item Rate and Lump Sum Turnkey contracts, the Investment in joint arrangement are classified as cost of all materials, spares (other than capitalized) either Jointly controlled operations under work and stores are charged to Statement of Profit and sharing arrangement (joint operation) or Contracts Loss in the year of use. executed by jointly controlled entity (joint ventures). The classification depends on the (iii) Inventories are valued at lower of the cost arrived at contractual rights and obligations of each JV partner on First in First out (FIFO) basis and net realizable rather than the legal structure of the joint value. arrangement. Company has both joint ventures and joint operations. (iv) Loose tools are expensed in the year of purchase.

i) Joint Operations (ix). Cash and Cash Equivalents

Company recognises its direct right to the assets, Cash and cash equivalent in the Balance sheet liabilities, revenue and expenses of joint operations comprise of cash at bank, cash in hand, other short and its share of any jointly held or incurred assets, term deposits with banks with an original maturity liabilities, revenue and expenses. of three months or less and highly liquid investments, that are readily convertible to known ii) Joint Venture amount of cash and which are subject to insignificant risk of changes in value and Bank Income on investments is recognized when the right overdraft. to receive the same is established. For the purpose of statement of cash flow, cash and Investment in such joint ventures is carried at cost in cash equivalents consist of cash and short term separate financial statements. bank deposits etc., as defined above, net of Transition to Ind AS outstanding bank overdrafts since they are considered integral part of the company’s cash On transition to Ind AS, the company has opted to management. continue with the carrying value of all its investments in subsidiaries, and Joint ventures (x). Provisions st recognised as at 1 April 2015 measured as per the A- Provision for Maintenance previous GAAP and use that carrying value as deemed cost of investment in subsidiaries, and a) In Cost Plus contract, no provision for maintenance Joint ventures. is required to be made where cost is reimbursable.

(viii). Inventories b) Item Rate and Lump Sum turnkey contracts, provision is made for maintenance to cover (a) Construction Work in Progress company’s liability during defect liability period keeping into consideration the contractual Construction work-in-progress is valued at cost till obligations, the obligations of the sub- contractors, such time the outcome of the job cannot be operating turnover and other relevant factors. ascertained reliably and at realizable value thereafter. Site mobilization expenditure to the c) Provision for unforeseen expenditure during design extent not written off valued at cost. guarantee period is made based on risk perception of management in each contract assessed at the (b) Others end of each financial year. This shall, however, be (i) In Cost Plus contracts, the cost of all materials, subject to a minimum of Rs. 50 lakhs and maximum

106 ANNUAL REPORT 2016-17 of the amount of Design guarantee specified in ii) In fixed price contracts, revenue is recognized using Contract Agreement with the Client. the percentage of completion method. The percentage of completion is determined as a B- Provision for Demobilization proportion of cost incurred of work certified up to Provision for demobilizationto meet the the reporting date to the total estimated cost of the expenditure towards demobilisationof Manpower contract. and Plant &Equipment is made in foreign projects. iii) When it is probable that total contract cost exceeds C- Others total contract revenue, the expected loss shall be recognized as an expense immediately.Claims/ Provision is recognized when: Arbitration Awards (including interest thereon) which are granted in favour of the Company, being i) The Company has a present obligation as a result of in the nature of additional compensation under the a past event, terms of the contract are accounted as contract revenue when they are granted and where it is ii) A probable outflow of resources is expected to certain to realize the collection of such settle the obligation and claims/awards. iii) A reliable estimate of the amount of the obligation Revenue does not include Sales Tax/VAT/WCT/ can be made. Service Tax etc. Reimbursement of the expenditure required to b) Other Revenue Recognition settle a provision is recognised as per contract provisions or when it is virtually certain that i) Dividend income is recognized when the right to reimbursement will be received. Provisions are receive payment is established. reviewed at each Balance Sheet date. ii) Interest income is recognized taking into account D- Discounting of Provisions the amount outstanding and the interest rate applicable using Effective Interest rate Method. Provision recognised as per above point a, b and c which expected to be settled beyond 12 months are (xii). Leases measured at the present value by using pretax discount rate that reflects the risks specific to the a) Company as a lessee liability. The increase in the provision due to the passage of time is recognised as interest expenses. Finance Lease:-

(xi). Revenue Recognition (i) that transfers substantially all the risks and rewards incidental to ownership of an asset (a) Contract Revenue Recognition (ii) are capitalised at lease inception at lower of fair Contract revenue is measured at the fair value of value or present value of minimum lease payment the consideration received or receivable recognized to the extent it is probable that the economic (iii) payment sare apportioned between finance benefits will flow to the Company and the revenue charges and reduction of the lease liability so as to can be reliably measured. Depending on the nature achieve a constant rate of interest on the remaining of contract, revenue is recognized as under- balance of the liability. i) In cost plus contracts, revenue is worked out by (iv) Finance charges are recognised in finance costs in including eligible items of expenditure in the bills the statement of profit and loss. raised on the clients and charging specified margin (v) Depreciated over the useful life of the asset. thereon. However, if there is no reasonable certainty to

ANNUAL REPORT 2016-17 107 obtain ownership by the end of the lease term, the where extension is granted by the client subject to asset is depreciated over the shorter of the their right for levy of penalty is shown as contingent estimated useful life of the asset and the lease term. liability.

Operating Lease:- (ii) Escalation receivable/payable is accounted for as per the provisions of the contract. Escalation (i) is classified as operating lease when significant receivable but not certified before close of project portion of the risk and rewards are not transferred accounts is included in work- in- progress. to the company.

(ii) payment are charged to profit and loss on straight- line basis over the lease term except where lease (xiv).Research and development Expenses payment are structured to increase in line with expected general inflation to compensate for the 1. Research costs are expensed as incurred. expected inflationary cost increase. 2. Development expenditures on an individual project b) Company as a lessor are recognised as an intangible asset when the company can demonstrate: Finance Lease • The technical feasibility of completing the (i) is recognised when substantially all of the risks and intangible asset so that the asset will be available for rewards of ownership transfer from the company to use or sale the lessee. • Its intention to complete and its ability and (ii) Payment due are recorded as receivables at the intention to use or sell the asset company’s net investment in the leases. Finance lease income is allocated to accounting periods so • How the asset will generate future economic as to reflect a constant periodic rate of return on the benefits net investment outstanding in respect of the lease. • The availability of resources to complete the asset

Operating Lease • The ability to measure reliably the expenditure (i) are the leases in which the company does not during development transfer substantially all the risks and rewards of Following initial recognition of the development ownership to the lessee. expenditure as an asset, the asset is carried at cost (ii) incomes are recognized as income in the statement less any accumulated amortisation and of profit & loss on straight-line basis over the lease accumulated impairment losses. Amortisation of term except where lease payment are structured to the asset begins when development is complete increase in line with expected general inflation to and the asset is available for use. It is amortised over compensate for the expected inflationary cost the period of expected future benefit. Amortisation increase. expense is recognised in the statement of profit and loss unless such expenditure forms part of carrying (xiii). Liquidated Damages and Escalations value of another asset.

(i) Liquidated damages/penalties (LD) due to delays During the period of development, the asset is arising out of the contractual obligations and tested for impairment annually. provisionally withheld from contractors/under dispute are adjusted against contract cost only on (xv). Mobilization Expenses final decision in this regard. However, LD The initial contract expenses on new projects for recovered/withheld by client is accounted for on mobilisation will be recognised as construction recovery/withholding & adjusted against contract work in progress in the year of incidence, and pro revenue. Possible Liquidated Damages in cases

108 ANNUAL REPORT 2016-17 rata charged off to the project over the years at the trust and pension trust are charged to the same percentage as the stage of completion of the statement to the Profit and loss for the year when contract as at the end of financial year. the contributions are due.

(XVI). Impairment of non-financial assets (ii) The company has Defined benefit plans like Gratuity, LTC and other retirement benefits. An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value and (iii) The Company has created a Trust for Gratuity. The impairment loss is charged to the Statement of cost of providing benefit is determined on the basis Profit & Loss in the year in which an asset is of actuarial valuation using the projected unit credit identified as impaired. The recoverable amount is method at each year-end and is charged to the the higher of an asset’s fair value less costs of Statement of Profit & Loss. disposal and value in use. At each reporting date company assesses the estimate amount of (iv) Provision for Defined benefit plans is made based impairment loss. The impairment loss recognized in on actuarial valuation at the year end and Actuarial prior accounting periods is reversed if there has gains or losses are recognized through Other been a change in the estimate of recoverable Comprehensive income. amount and such losses either no longer exists or (v) Post-retirement Medical benefits are made based has decreased. Reversal of impaired loss is on Actuarial valuation or amount available for recognized in the Statement of Profit & Loss. . For contribution, whichever is less. the purpose of assessing impairment, assets that cannot be tested individually are grouped in to the (vi) Other long term employee benefit includes leave smallest group of assets that generates cash inflows encashment. Actuarial gains or losses on other long from continuing use that are largely independent of term employee benefitsare recognized through the cash infows from other assets or group of assets statement of profit & loss. (the cash-generating units). (vii) Re-measurements of the net defined benefit (xvii). Borrowing Cost liability (asset) recognized in other comprehensive income shall not be reclassified to profit or loss in a Borrowing cost in ordinary course of business are subsequent period. recognized as expense of the period in which they are incurred. Borrowing cost that is directly (xix). Taxes attributable to acquisition, construction or production of a qualifying asset is capitalized as part a) Current Income Tax of the cost of such assets upto the commencement (i) Taxes including current income-tax are computed of commercial operations using the applicable tax rates and tax laws. (xviii). Employee Benefits (ii) The tax rates and tax laws used to compute the a) Short Term Employee Benefits amount are those that are enacted or substantively enacted, at the reporting date in the countries The undiscounted amount of short term employee where the company operates and generates taxable benefits expected to be paid for the services income. rendered are recognized as an expense during the period when the employees render the services. (iii) Current income tax assets and liabilities for current and prior periods are measured at the amount b) Post-employment benefits & other Long Term expected to be recovered from or paid to the Employee Benefits taxation authorities. Liability for additional taxes, if any, is provided / paid as and when assessments are (i) Retirement benefits in the form of provident fund completed. and pension fund are defined contribution schemes. The contributions to the provident fund (iv) Current tax related to OCI Items is recognized in

ANNUAL REPORT 2016-17 109 Other Comprehensive Income (OCI). (xxii). Contingent Liabilities and Contingent Assets

b) Deferred Tax (a) Contingent Liabilities are disclosed in either of the following cases: (i) Deferred income tax is recognized using balance sheet approach. i) A present obligation arising from a past event, when it is not probable that an outflow of resources will (ii) Deferred income tax assets and liabilities are be required to settle the obligation; or recognized for temporary differences which is computed using the tax rates and tax laws that have ii) A reliable estimate of the present obligation cannot been enacted or substantively enacted at the be made; or reporting date. iii) A possible obligation, unless the probability of (iii) Deferred income tax asset are recognized to the outflow of resource is remote. extent that it is probable that taxable profit will be available against which the deductible temporary (b) Contingent Assets is disclosed where an inflow of differences, and the carry forward of unused tax economic benefits is probable. credits and unused tax losses can be utilized. (c) Contingent Liability and Provisions needed against (iv) The carrying amount of deferred income tax assets Contingent Liability and Contingent Assets are is reviewed at each reporting date and reduced to reviewed at each Reporting date. the extent that it is no longer probable that (d) Contingent Liability is net of estimated provisions sufficient taxable profit will be available to allow all considering possible outflow on settlement. or part of the deferred income tax asset to be utilized. (xxiii).Fair Value Measurement

(v) Deferred tax related to OCI Item is recognized in Company measures financial instruments at fair Other Comprehensive Income (OCI). value at each reporting date. Fair value is the price that would be received to sell an asset or paid to (xx). Operating Segment transfer a liability in an orderly transaction between Operating segments are reported in the manner market participants at the measurement date. The consistent with the internal reporting provided to fair value measurement is based on the the chief operating decision maker. presumption that the transaction to sell the asset or transfer the liability takes place either: Accordingly, the Company has identified two reporting segments viz. Domestic & International. • in the principal market for the asset or liability, or

(xxi). Earning Per Share • in the absence of a principal market, in the most advantageous market for the asset or liability. In determining basic earnings per share, the company considers the net profit attributable to The principal or the most advantageous market equity shareholders. The number of shares used in must be accessible to the company. The fair value of computing basic earnings per share is the weighted an asset or a liability is measured using the average number of shares outstanding during the assumptions that market participants would use period. In determining diluted earnings per share, when pricing the asset or liability, assuming that the net profit attributable to equity shareholders market participants act in their economic best and weighted average number of shares interest. The company uses valuation techniques outstanding during the period are adjusted for the that are appropriate in the circumstances and for effect of all dilutive potential equity shares. which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

110 ANNUAL REPORT 2016-17 Assets and Liabilities for which fair value is by shareholders or board of directors as measured or disclosed in the financial statements appropriates. are categorized within the fair value hierarchy, described as follows, based on the lowest level (xxv). Financial instruments input that is significant to the fair value A. Initial recognition and measurement measurement as a whole: Financial Instruments recognized at its fair value - Level 1 —Quoted (unadjusted) market prices in plus or minus transaction costs that are directly active markets for identical assets or liabilities attributable to the acquisition or issue of the - Level 2 — Valuation techniques for which the financial instruments. lowest level input that is significant to the fair value B. SUBSEQUENT MEASUREMENT measurement is directly or indirectly observable B.1 Financial Assets - Level 3 —Valuation techniques for which the lowest level input that is significant to the fair value Financial assets are classified in following measurement is unobservable. categories:

For assets and liabilities that are recognized in the a). Debt instruments at Amortised Cost financial statements on a recurring basis, the Company determines whether transfers have Debt instrument shall be measured at amortised occurred between levels in the hierarchy by re- cost if both of the following conditions are met: assessing categorization (based on the lowest level (a) the asset is held within a business model whose input that is significant to the fair value objective is to hold assets in order to collect measurement as a whole) at the end of each contractual cash flows and reporting period. (b) The contractual terms of the asset give rise on At the reporting date, the Company analyses the specified dates to cash flows that are solely movements in the values of assets and liabilities payments of principal and interest on the principal which are required to be re-measured or re- amount outstanding. assessed as per the accounting policies. For this analysis, the Company verifies the major inputs Such financial assets are measured at amortised applied in the latest valuation by agreeing the cost using effective interest rate method less information in the valuation computation to impairment, if any. The EIR amortisation is included contracts and other relevant documents. in finance income in the statement of profit and loss. The Company also compares the change in the fair value of each asset and liability with relevant Following financial assets are measured at external sources to determine whether the change amortised cost:- is reasonable. (i) Trade receivable For the purpose of fair value disclosures, the Company has determined classes of assets and (ii) Security deposit liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the (iii) Retention money fair value hierarchy as explained above. (iv) Money held with client

(xxiv). Dividend to equity holders (v) Cash and cash equivalent

Dividend paid/payable shall be recognized in the (vi) Loan and advances year in which the related dividends are approved

ANNUAL REPORT 2016-17 111 (vii) Investment in Tax free bonds trade and other payables, security deposits and retention money are initially recognized at fair b). Debt instruments at Fair value through Other value, and subsequently carried at amortized cost comprehensive income (FVTOCI) using the effective interest rate method.

A ‘debt instrument’ is classified as at the Fair value b) Financial liabilities at FVTPL through other comprehensive income if both of the following criteria are met: The company has not designated any financial liabilities at FVTPL. • The objective of the business model is achieved both by collecting contractual cash flows and selling C. De-recognition the financial assets, and Financial Asset • The asset’s contractual cash flows represent solely payment of principal and interest (SPPI). A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial Debt instruments included within the FVTOCI assets) is derecognized only when the contractual category are measured initially as well as at each rights to the cash flows from the asset expires or it reporting date at fair value. Fair value movements transfers the financial assets and substantially all are recognized in the other comprehensive income risks and rewards of the ownership of the asset. (OCI). However, the company recognizes interest income, impairment losses & reversals and foreign Financial Liability exchange gain or loss in the P&L. On de-recognition A financial liability is derecognised when the of the asset, cumulative gain or loss previously obligation under the liability is discharged or recognised in OCI is reclassified from the equity to cancelled or expires. When an existing financial P&L. Interest earned is recognised using the EIR liability is replaced by another from the same lender method. on substantially different terms, or the terms of an c) Debt Instruments at Fair Value Through Profit & existing liability are substantially modified, such an Loss (FVTPL) exchange or modification is treated as a derecognition of the original liability and the FVTPL is a residual category for debt instruments. recognition of a new liability, and the difference in Any debt instruments, which does not meet the the respective carrying amounts is recognised in the criteria for categorization as at amortized cost or as statement of Profit & Loss. FVTOCI, is classified as at FVTPL. D. Impairment of financial assets: In addition, the company may elect to designate a debt instruments, which otherwise meets Company applies expected credit loss (ECL) model amortized cost or FVTOCI criteria, as at FVTPL. If for measurement and recognition of impairment doing so reduces or eliminates a measurement or loss. The Company follows ‘simplified approach’ recognition inconsistency. The company has not for recognition of impairment loss allowance on designated any debt instrument as at FVTPL. trade receivable. The application of simplified approach does not require the Company to track Debt instruments included within the FVTPL changes in credit risk. Rather, it recognises category are measured at fair value with all changes impairment loss allowance based on lifetime ECLs at recognized in the Statement of P&L. each reporting date, right from its initial recognition

B.2 Financial liabilities Company assesses on a forward looking basis the expected credit losses associated with its assets a) Financial liabilities at Amortised Cost carried at amortised cost and FVTOCI debt Financial liabilities at amortised cost represented by instruments. The impairment methodology applies

112 ANNUAL REPORT 2016-17 on whether there has been significant increase in Assets Held for Sale” are no longer met, the disposal credit risk. group ceases to be classified as held for sale. Non- current asset that ceases to be classified as held for ECL impairment loss allowance (or reversal) sale are measured at the lower of (i) its carrying recognised during the period is recognised as amount before the asset was classified as held for income/expense in the statement of profit and loss. sale, adjusted for depreciation that would have (xxvi).Non-current Assets (or disposal groups) held for been recognized had that asset not been classified Sale as held for sale, and (ii) its recoverable amount at the date when the disposal group ceases to be Non-current assets (or disposal groups) are classified as held for sale. classified as assets held for sale when their carrying amount is to be recovered principally through a sale (xxvii)Financial guarantees transaction and a sale is considered highly Financial guarantee contracts issued by the probable. The sale is considered highly probable Company are those contracts that require a only when the asset or disposal group is available payment to be made to reimburse the holder for a for immediate sale in its present condition, it is loss it incurs because the specified debtor fails to unlikely that the sale will be withdrawn and sale is make a payment when due in accordance with the expected within one year from the date of the terms of a debt instrument. Financial guarantee classification. Disposal groups classified as held for contracts are recognised initially as a liability at fair sale are stated at the lower of carrying amount and value, adjusted for transaction costs that are fair value less costs to sell. Property, plant and directly attributable to the issuance of the equipment and intangible assets are not guarantee. Subsequently, the liability is measured depreciated or amortized once classified as held for at the higher of the amount of loss allowance sale. Assets classified as held for sale/distribution determined as per impairment requirements of Ind- are presented separately in the balance sheet. AS 109 and the amount recognised less cumulative If the criteria stated by IND AS 105 “Non-current amortisation.

ANNUAL REPORT 2016-17 113 3. Property, Plant and Equipment 2 Total 8.47 380.41 14.51 416.85 Vehicles (Rs. in Crore) 0.10 1.43 165.47 (0.26) (2.30) (14.26) Sheds Camps Caravans, and Temp. 0 4.84 1.14 137.08 5 5.64 1.12 146.40 0) (0.24) (2.17) (11.33) 31 11.41 15.63 563.25 73 12.21 9.61 517.49 & (vii) Fixtures Furniture Office Equipments ) (1.67) (0.34) (0.60) (6.17) (54.04) Handset Computers Mobile ) (1.03) (0.14) (0.65) (0.43) (0.61) (6.61) (59.75) Survey Instruments (ii) Plant & Plant Machinery (i) Res. Freehold Buildings/ Flats-Non- Flats- Freehold Buildings/ Residential (iv) Buildings Lease hold (v) hold Land Lease - 0.20 6.56 2.68 1.53 341.21 3.42 8.05 0.21 6.59 7.64 5.46 16.50 400.06 0.06 36.39 42.44 8.73 10.00 415.75 3.69 8.80 0.24 7.56 8.36 5.57 17.93 565.5 (vi) Land Freehold Foot Notes Foot Gross Carrying Amount Gross Cost) (At 1 April 2015 At Additions - - 0.48 - 0.12 2.66 0.20 0.82 0.03 0.95 0.60 6.10 - 11.98 Disposals/Adjustments - - - - 0.06 (9.30) 0.36 (0.63) (0.08) (1.44) (0.65) At 31 March 2016 31 March At 0.06 36.39 42.92 8.73 10.18 409.11 4.25 8.99 0.19 7.07 8. Additions 7.11 - - 1.08 - 0.62 0.47 0.85 - 1.02 0.84 1.41 0.59 13.99 Disposals/Adjustments 35.09 (35.09) (24.53) 24.53 (1.32) (48.08) (0.86 At 31 March 2017 31 March At 42.26 1.30 18.39 34.34 8.86 361.65 3.86 8.81 0.05 7.43 8. impairment 1 April 2015 At Depreciation and Depreciation Depreciation charge for charge Depreciation the year - 0.01 0.88 2.45 1.82 21.04 0.07 0.54 0.01 0.34 0.23 0.55 0.18 28.13 Impairment ------Disposals/Adjustments - - - - 0.01 (5.77) (0.57) (0.58) (0.07) (1.33) (0.6 At 31 March 2016 31 March At - 0.21 7.44 5.13 3.36 356.48 2.92 8.01 0.15 5.60 7.27 5.77 Depreciation charge for charge Depreciation the year - 0.01 5.26 0.52 0.37 6.47 0.09 0.55 0.00 0.43 0.30 2.20 0.13 16.34 Impairment - - - - - 1.26 ------1.26 Disposals/Adjustments - - (3.23) 3.23 (0.44) (43.00) (0.67) (1.00) (0.15 At 31 March 2017 31 March At - 0.22 9.47 8.88 3.29 321.21 2.34 7.56 0.00 4.36 7.23 7.37 Net book value Net 2017 31 March At 42.26 1.07 8.92 25.46 5.56 40.44 1.52 1.25 0.05 3.07 1.5 At 31 March 2016 31 March At 0.06 36.18 35.48 3.60 6.82 52.63 1.33 0.98 0.04 1.47 1.0 At 1 April 2015At 0.06 36.19 35.88 6.05 8.47 74.54 0.26 0.75 0.03 0.97 0.73

114 ANNUAL REPORT 2016-17 Foot Notes:- i) Fixed assets held for disposal included in sales/adjustment column and transferred to other current assets at Net Book value: - (Rs. in Crore)

Block of assets Description of Manner and Expected Segment As at 31 March 2017 As at 31 March 2016 As at 1 April 2015 the assets expected time Loss/gain on Gross Net Block Gross Net Block Gross Net Block of disposal sale of non Block Block Block current assets Freehold Buiding - Residential Open Tender, - Domestic 0.38 0.28 0.38 0.28 0.38 0.28 Residential Building at 31.03.2018 Chennai Total 0.38 0.28 0.38 0.28 0.38 0.28

ii) Includes Plant & Machinery (Locomotives) on wet lease basis to a foreign client till 31.12.2015. iii) Depreciation and impairment on Property, Plant & Equipment for the year debited to Statement of Profit and Loss are as follows:- (Rs. in Crore) Description As at March 2017 As at March 2016 Depreciation on Tangible Assets 16.34 28.13 Impairment Loss 1.26 - Total 17.60 28.13 iv) Includes lease hold building on Railways land for 30 years lease (Gross value Rs. 5.30 crore) for which agreement is yet to be finalised. v) Lease hold land includes land at Greater Noida Industrial Development Authority (GNIDA) for construction of proposed Central Inspection Cell (CIC) by the Company (Gross value Rs.0.82 crore). The request for time extension for construction of Building has been submitted to the appropriate authority. vi) The company has paid conversion charges for Rs. 7.10 crore to Delhi Development Authority (DDA) during the financial year 2016-17 for conversion of its land at Saket from leasehold to freehold. However, as at 31 March 2017 DDA is in the process of transferring the said land from leasehold to freehold. vii) Furniture & Fixtures includes Furnishings also. viii) Depreciation and impairment : Disposals/Adjustments includes Foreign Exchange Loss of Rs. 0.47 crore during FY 2016-17 and cumulative impact is Foreign Exchange Loss of Rs. 34.30 crore.

ANNUAL REPORT 2016-17 115 4. Capital Work in Progress* (Rs. in Crore) Particulars Amount

Opening balance at 1 April 2015 0.38 Additions (subsequent expenditure) - Work Expenses 0.41 - Misc Operating Exp. 0.83 1.24 Less : Capitalised during the year 0.12 Closing balance at 31 March 2016 1.50 Additions (subsequent expenditure) 0.00 Less : Capitalised during the year 1.50 Closing balance at 31 March 2017 -

Net Book Value at 31 March 2017 - at 31 March 2016 1.50 at 1 April 2015 0.38

* Details of Capital Work in progress As at 31st As at 31st As at 1st March 2017 March 2016 April 2015 1. Camps & caravans at Shivpuri Guna - 0.83 - 2. Work of Fire Fighting & Civil Construction at CIC Noida - - 0.12 3. Office Building at Kolkata - 0.67 0.26 - 1.50 0.38

116 ANNUAL REPORT 2016-17 5. Investment Property (Rs. in Crore) Particulars Land and Land and SRO Building Total Capital work in Capital work in at Old progress at progress at Airport Road, Noida Gurgaon Bangalore Opening balance at 1 April 2015 260.36 7.04 3.04 270.44 Additions (subsequent expenditure)* 0.45 7.39 - 7.84 Closing balance at 31 March 2016 260.81 14.43 3.04 278.28 Additions (subsequent expenditure)* 20.58 8.62 - 29.20 Closing balance at 31 March 2017 281.39 23.05 3.04 307.48 Depreciation and impairment Opening balance at 1 April 2015 - - 0.04 0.04 Depreciation during the year - - 0.05 0.05 Closing balance 31 March 2016 - - 0.09 0.09 Depreciation during the year - - 0.05 0.05 Closing balance 31 March 2017 - - 0.14 0.14

Net Block at 31 March 2017 281.39 23.05 2.90 307.34 at 31 March 2016 260.81 14.43 2.95 278.19 at 1 April 2015 260.36 7.04 3.00 270.40

Information regarding income and expenditure of Investment property

(Rs. in Crore) Particulars 31 March 2017 31 March 2016

Rental income derived from investment properties 0.34 0.06 Direct operating expenses (including repairs and maintenance) generating rental income - - Direct operating expenses (including repairs and maintenance) that did not generate rental income' - 0.02 Profit arising from investment properties before depreciation and indirect expenses 0.34 0.04 Less: Depreciation during the year 0.05 0.05 Profit arising from investment properties before indirect expenses 0.39 0.09

ANNUAL REPORT 2016-17 117 Reconciliation of fair value (Rs. in Crore) Land and Land and SRO Building Total Capital work in Capital work in at Old progress at progress at Airport Road, Noida Gurgaon Bangalore Opening balance as at 01-04- 2015 249.74 136.01 4.88 390.63 Fair value difference (4.29) (4.17) 0.17 (8.29) Closing balance as at 31-03-2016 245.45 131.84 5.05 382.34 Fair value difference 4.40 16.36 0.20 20.96 Closing balance as at 31-03-2017 249.85 148.20 5.25 403.30 Fair value difference for the period 4.40 16.36 0.20 20.96 Note:- Investment Property self constructed 249.85 148.20 5.25 403.30 249.85 148.20 5.25 403.30

Valuation technique used by valuer to Cost & Income Cost Cost be disclosed (Land & Building)

Description of valuation techniques used by valuer : Cost Approach : Under this approach, market value of the land has been estimated using Direct Comparison Approach (Market Approach). The building value has been estimated used Depreciated Replacement Cost (as if new).Within the Cost Approach, the land value is being estimated on the assumption that it is vacant and free of all encumbrances. It is added to the cost of the improvements derived by using the depreciated Replacement Cost method. Replacement cost implies “The current cost of replacement of an asset with a similar utility as if new.” Building costs would include the cost of the building components and other improvements. Appropriate depreciation is being applied to the same to estimate the value. Income Approach (DCF) : DCF analysis is the process of valuing an investment property or asset by undertaking an estimation of future cash flows and taking into account the time value of money. Under this technique, the income is projected over the investment cycle and the net income is calculated after the deduction of capital, operating, and other necessary expenses. (Rs. in Crore) * Detail of Additions (subsequent expenditure) 31 March 2017 31 March 2016 - Work Expenses 26.79 7.13 - Consultancy Charges 0.59 0.43 - Salary & Wages 0.41 0.01 - Rates & Taxes 1.28 0.19 - Vehicle Operation and Maintenance 0.04 0.04 - Advertisement & Publicity 0.08 0.02 - Repairs and Maintenance - Office & Other 0.01 - - Tour & Travelling 0.01 - - Misc Operating Exp. - 0.01 Total 29.21 7.83

118 ANNUAL REPORT 2016-17 6. Intangible Assets (Rs. in Crore) Particulars Intangible Other assets under Intangibles development (Software) Opening balance at 1 April 2015 1.01 1.98 Addition during the year - 0.12 Sales / adjustment during the year - (0.01) Closing balance at 31 March 2016 1.01 2.09 Addition during the year - 1.33 Capitalisation during the year (1.01) - Sales / adjustment during the year - (0.01) Closing balance at 31 March 2017 - 3.41

Amortisation and Impairment Opening balance at 1 April 2015 - 1.95 Amortisation during the year - 0.04 Sales / adjustment during the year - (0.01) Closing balance at 31 March 2016 - 1.99 Amortisation during the year - 0.23 Sales / adjustment during the year - (0.01) Closing balance at 31 March 2017 - 2.21

Net book value

At 31 March 2017 - 1.21 At 31 March 2016 1.01 0.10 At 1 April 2015 1.01 0.03

ANNUAL REPORT 2016-17 119 7. Financial Assets (Non Current) 7.1 Investments (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Investment at Cost * 1. Investments in Equity Instruments (fully paid-up) (unquoted) a) Subsidiaries Ircon Infrastructure & Services Limited 6,50,00,000 equity shares of Rs. 10 each ( 31 March 2016 : 6,50,00,000, 1 April 2015 : 6,50,00,000) 65.00 65.00 65.00 Indian Railway Stations Development Corporation Limited 2,04,00,000 equity shares of Rs.10 each ( 31 March 2016 : 2,04,00,000, 1 April 2015 : 2,04,00,000) 20.40 20.40 20.40 Ircon PB Tollway Limited 16,50,00,000 equity shares of Rs.10 each ( 31 March 2016 : 90,00,000, 1 April 2015 : 9,00,00,000) 165.00 90.00 90.00 Ircon Shivpuri Guna Tollway Limited 15,00,00,000 equity shares of Rs. 10 each ( 31 March 2016 : 3,30,00,000, 1 April 2015 : Nil) 150.00 33.00 -

Total (a) - Investment in Subsidiaries 400.40 208.40 175.40 b) Incorporated Joint Venture (fully paid-up) CCFB, Mozambique ( 31 March 2016 : Nil, 1 April 2015 : 12,50,000) - - 5.53 Less : Impairment in value of Investment - - (5.53) Ircon-Soma Tollway Private Limited (ISTPL) 6,38,70,000 equity shares of Rs. 10 each fully paid. ( 31 March 2016 : 6,38,70,000, 1 April 2015 : 6,38,70,000) (Refer note (i) a & b ) 64.15 64.15 64.15 Bastar Railway Pvt. Limited 11,83,000 equity shares of Rs. 10 each ( 31 March 2016 : Nil, 1 April 2015 : Nil) 1.18 - - Jharkhand Central Railway Limited 13,00,000 equity shares of Rs. 10 each ( 31 March 2016 : Nil, 1 April 2015 : Nil) 1.30 - - Mahanadi Coal Railway Limited 13,000 equity shares of Rs. 10 each ( 31 March 2016 : 13,000, 1 April 2015 : Nil) 0.01 0.01 - Chhattisgarh East Railway Limited 8,35,75,700 equity shares of Rs. 10 each fully paid. ( 31 March 2016 : 4,01,70,000, 1 April 2015 : 11,70,000) 83.58 40.17 1.17 Chhattisgarh East-West Railway Limited 1,3,11,70,000 equity shares of Rs. 10 each fully paid. ( 31 March 2016 : 11,70,000, 1 April 2015 : 11,70,000) 131.17 1.17 1.17 Total (b) - Investment in Joint Ventures 281.39 105.50 66.49

120 ANNUAL REPORT 2016-17 (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

(Investment at Amortised cost) 2. Investment in Bonds (Quoted) 8.00% Tax Free Indian Railway Finance Company Limited (IRFC) Bonds, 163,131 units of Rs.1,000 each (31 March 2016: 163,131, 1 April 2015 : 163,131) 16.31 16.31 16.31 7.21% Tax Free Indian Railway Finance Company Limited (IRFC) Bonds, 500 units of Rs.10,00,000 each (31 March 2016: 500, 1 April 2015 : 500) 49.96 49.96 49.96 8.23% Tax Free Indian Railway Finance Company Limited (IRFC) Bonds, 5,00,000 units of Rs.1,000 each (31 March 2016: 5,00,000, 1 April 2015 : 5,00,000) 50.00 50.00 50.00 8.35% Tax Free Indian Railway Finance Company Limited (IRFC) Bonds, 500 units of Rs. 10,00,000 each (31 March 2016: 500, 1 April 2015 : 500) 49.92 49.93 49.93 7.15% Tax Free Indian Railway Finance Company Limited (IRFC) Bonds, 250 units of Rs. 10,00,000 each (31 March 2016: 250, 1 April 2015 : Nil) 24.98 24.98 - 7.07% Tax Free Indian Railway Finance Company Limited (IRFC) Bonds, 3,02,000 units of Rs.1,000 each (31 March 2016: 3,02,000, 1 April 2015 : Nil) 30.20 30.20 - 7.14% NHAI Tax Free Bonds, 1,99,989 units of Rs. 1,000 each ( 31 March 2016 : 1,99,989, 1 April 2015 : Nil) 20.00 20.00 - 7.02% NHAI Tax Free Bonds, 500 units of Rs. 10,00,000 each ( 31 March 2016 : 500, 1 April 2015 : Nil) 49.99 50.00 - Total - Investment in Bonds (Quoted) 291.36 291.38 166.20 Total non - current investments 973.15 605.28 408.09

Aggregate Book value of quoted investments 291.36 291.38 166.20 Aggregate Market value of quoted investments 293.32 292.98 175.61 Aggregate Book value of unquoted investments 681.79 313.90 241.89 Aggregate amount of impairment in value of investments - - 5.53

Foot Note (i) : (a) Out of 6,38,70,000 equity shares of Ircon-Soma Tollway Private Limited (ISTPL) held by the company, 30 % shares (1,91,61,000 no.) are pledged with Punjab National Bank against the loan drawn by Ircon-Soma Tollway Private Limited (ISTPL) outstanding as on 31.03.2017 is Rs. 126.78 crores. Further, an undertaking has been given by the company to Punjab National Bank for non disposal of its 21% (1,34,12,700 no. of shares) of the present holding (over and above the pledged over 30% of shareholding). (b) As per Articles of Association (Article V) of Ircon-Soma Tollway Private Limited (ISTPL), shareholders can transfer their shareholding subject to Concession Agreement dated 28th September 2005 signed with NHAI which provides for equity holding of not less than 51% by Consortium members in Ircon-Soma Tollway Private Limited (ISTPL) during the construction period and three years following Commercial Operation Date, which was achieved on 19.04.2010. Thereafter, the aforesaid shareholding can be diluted to 26% subject to the pre-emption right of the other shareholders. * Investment in Subsidiaries and Joint Ventures is carried at cost in the financial statements in accordance with para 10 of Ind AS 27

ANNUAL REPORT 2016-17 121 7.2 Trade Receivables (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Unsecured : Considered good - Retention Money with client 19.55 0.39 25.78 - Money Withheld by Client 3.57 2.15 18.93

Total 23.12 2.54 44.71

7.3 Loans (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

A. Secured, considered good Staff Loans and Advances 0.62 1.48 1.60 Total (A) - Secured Loans 0.62 1.48 1.60 B. Unsecured, considered good (i) Loans to Related Parties: Joint Ventures - Companhia Dos Caminhos De Ferro Da Beira Sarl - - 70.48 - Chhattisgarh East Railway Ltd. 39.00 39.00 30.00 - Chhattisgarh East West Railway Ltd. 39.00 19.50 - Subsidiaries - Ircon Shivpuri Guna Tollway Limited 162.65 - Ircon PB Tollway Limited 80.00 - Ircon Infrastructure & Services Limited 18.34 25.21 31.50 Total (i) 338.99 83.71 131.98 (ii) Others : Staff Loans & Advances 0.23 0.54 0.73 Total (ii) 0.23 0.54 0.73 Total (B) - Unsecured Loans (i+ii) 339.22 84.25 132.71 C. Considered Doubtful Loans to Related Parties: Joint Ventures - Companhia Dos Caminhos De Ferro Da Beira Sarl - - 25.46 Total - - 25.46 Less : Allowance for doubtful loans - - (25.46) Total (C) - Doubtful Loans - - - Grand Total - Loans 339.84 85.73 134.31

122 ANNUAL REPORT 2016-17 7.4 Other Financial Assets (Non Current) (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

a) Considered Good Security Deposits - Government Departments 0.05 0.06 0.08 - Others 0.14 0.47 0.52 Fixed Deposits more than 12 months {refer foot note (i)} 0.41 0.41 0.40 Fixed Deposits received from Contractors {refer foot note (ii)} 5.23 7.10 1.91 Interest Accrued on Advances to Staff 0.56 1.12 1.17 Interest Accrued on Loans to Related Party - 5.42 - Others - Claims Recoverable from Clients - 0.72 0.79 - Recoverable from Govt of Mozambique 70.78 31.93 - - Others - Advance Lease Rent 0.04 - 0.00 b) Share Application Money pending Allotment Ircon Shivpuri Guna Tollway Limited - 3,70,00,000 equity shares of Rs. 10 each - 37.00 -

Total - Other Financial Assets 77.21 84.23 4.87

c) Considered Doubtful Interest Accrued on Loan to Related Party - Companhia Dos Caminhos De Ferro Da Beira Sarl (JV) - - 0.19 Less : Allowance for doubtful financial assets (others) - - (0.19) Total - Other Financial Assets - Doubtful - - -

Grand Total - Other Financial Assets 77.21 84.23 4.87

Foot Notes : (i) Includes FDRs under Lien for Rs. 0.41 crore (Rs. 0.41 crore) (ii) Fixed Deposits received from Contractors are realisable, if the contractor fails to fulfill its obligations as per the terms and conditions of the contract agreement.

ANNUAL REPORT 2016-17 123 8. Deferred Tax Assets (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Provisions 131.23 176.61 217.82 Property, Plant and Equipment and Intangible Assets 4.58 10.78 9.43 Others 25.24 34.92 41.30

Closing balance as at 31 March 161.05 222.31 268.55

Reconciliation / Movements in Deferred Tax Assets (Rs. in Crore) Particulars Provisions PPE and Others Total Intangible Assets As at 1 April 2015 217.82 9.43 41.30 268.55 (Charged)/Credited : - to profit or loss (41.21) 1.35 (12.43) (52.29) - to Other Comprehensive Income - - 6.05 6.05

As at 31 March 2016 176.61 10.78 34.92 222.31 (Charged)/Credited : - to profit or loss (45.38) (6.20) (9.68) (61.26) - to Other Comprehensive Income - - - -

As at 31 March 2017 131.23 4.58 25.24 161.05

Deferred tax liabilities have been off set as they relate to the same governing law.

Income Tax Expense

Profit or loss Section (Rs. in Crore) Particulars 31 March 2017 31 March 2016

Current income tax : Current income tax charge 118.64 150.05 Adjustments in respect of current income tax of previous year (17.21) 4.98 Deferred tax : Relating to origination and reversal of temporary differences 61.26 52.29 Income tax expense reported in the statement of profit or loss 162.69 207.32

124 ANNUAL REPORT 2016-17 OCI section Income tax related to items recognised in OCI during the year : (Rs. in Crore) Particulars 31 March 2017 31 March 2016

Net loss/(gain) on Remasurement of defined benefit plans 1.67 0.46 Net loss/(gain) on exchange gain/ loss 5.59 (25.94) Income tax charged to OCI 7.26 (25.48)

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31 March 2017 and 31 March 2016 : (Rs. in Crore) Particulars 31 March 2017 31 March 2016

Accounting profit before tax from continuing operations 552.70 546.22 Profit/(loss) before tax from a discontinued operation - - Accounting profit before income tax 552.70 546.22 At India’s statutory income tax rate of 34.608% (31 March 2016: 34.608%) 191.28 189.05 Adjustments in respect of current income tax of previous years (17.21) (8.76) Utilisation of previously unrecognised tax losses - - - Non taxable items (33.46) (9.47) - Rate Difference (10.22) - - Other 23.61 (0.63) Non-deductible expenses for tax purposes: - - - Other country additional tax (2.87) 6.22 Other non-deductible expenses 18.85 5.48 At the effective income tax rate of 30.75% (31 March 2016: 33.30%) 169.98 181.89 Income tax expense reported in the statement of profit and loss 169.95 181.84 Income tax attributable to a discontinued operation - - 169.95 181.84

ANNUAL REPORT 2016-17 125 9. Other Non-Current Assets (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

a) Advances Other than Capital Advances Advances to Contractors against material and machinery 43.49 28.06 25.29 Advances to Contractors, Suppliers and Others 310.09 199.87 205.41 Deposits with Tax Departments 0.21 0.02 0.10

Total - Advances Other than Capital Advances 353.79 227.95 230.80

b) Others Unsecured, considered good Interest Accrued on : - Advances to Contractors, Suppliers & others 43.05 20.77 14.50 Prepaid Expenses 3.98 0.12 0.03 Fair valuation adjustment 2.82 0.56 3.09

Total - Others 49.85 21.45 17.62

c) Considered Doubtful Advances to Contractors, Suppliers and Others 0.91 - 8.72 Interest Accrued on : - Advances to Contractors, Suppliers & others - - 0.40 Less: Allowance for doubtful advances (0.91) - (9.12)

Total - Considered Doubtful - - -

Grand Total 403.64 249.40 248.42

126 ANNUAL REPORT 2016-17 10. Inventories (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Raw Material - In Hand 34.64 88.08 32.61 - With Third Parties 4.28 1.78 25.81 - In Transit 1.78 - 0.11 Construction Work In progress (at Cost) 98.64 50.75 55.90

Total 139.34 140.61 114.43

11. Financial Assets (Current) 11.1. Investments (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Investment at Cost 1. Investments in Equity Instruments -fully paid-up (unquoted) Incorporated Joint Venture CCFB, Mozambique - Nil ( 31 March 2016 : 12,50,000 equity shares of meticals 24000 each fully paid) - 5.53 -

Investment at Fair Value through Profit & Loss 2. Investment in Mutual funds (Quoted) UTI Mutual Fund - Daily Dividend Plan :No. of Units : 13,80,381 (31 March 2016 : 36,454 & 1 April 2015 : 1,06,836) 140.72 3.72 10.89 SBI Premier Liquid Fund - Daily Dividend Plan :No. of Units : 10,88,384 (31 March 2016 : 12,83,478 & 1 April 2015 : 3,00,718) 109.19 128.77 30.17 SBI Debt Fund Series -A-14 :No. of Units : Nil (31 March 2016: Nil & 1 April 2015 : 2,50,00,000) - - 27.33

Total Investments 249.91 138.02 68.39

Aggregate book value of quoted investments 249.91 132.49 68.39 Aggregate Market value of quoted investments 249.91 132.49 68.39 Aggregate book value of unquoted investments - 5.53 - Aggregate amount of impairment in value of investments - - -

ANNUAL REPORT 2016-17 127 11.2. Trade Receivables (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Unsecured : considered good - Trade receivables 424.66 525.40 463.27 - Retention Money with client 51.04 55.58 60.09 - Money Withheld by Client 67.64 115.71 48.14

Considered Doubtful - Trade receivables 20.85 15.82 16.25 - Retention Money with client 7.19 8.07 9.88 - Money Withheld by Client 5.65 5.99 4.50 Less : Impairment allowances for doubtful debts 33.69 29.88 30.63

Total 543.34 696.69 571.50

128 ANNUAL REPORT 2016-17 11.3. Cash and Cash equivalents (Rs. in Crore) ParticularsFoot Note 31 March 2017 31 March 2016 1 April 2015

Cash in hand 0.18 0.23 0.21 Cheques/drafts in hand - 4.95 0.17 Balances with banks : – On current accounts 205.53 54.85 123.95 – Flexi Accounts (i) 212.02 201.85 171.26 – Deposits with original maturity of less than three months (i) 976.97 2,195.14 893.36

1,394.70 2,457.02 1,188.95

11.4. Bank Balances other than Cash and Cash equivalents (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Other Bank Balances

– Deposits with original maturity of more than 3 months but less than 12 months (i) 3,051.91 2,077.68 2,013.78 – Fixed Deposits received from Contractors* (ii) 210.92 18.40 18.65

3,262.83 2,096.08 2,032.43

Foot Notes : -

(i) Includes Clients Fund on which interest is passed on to them.

(ii) Fixed Deposits received from Contractors are realisable, if the contractor fails to fulfill its obligations as per the terms and conditions of the contract agreement.

ANNUAL REPORT 2016-17 129 11.5. Loans (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

A. Secured, considered good Staff Loans and Advances 1.21 0.60 0.62 Total (A) - Secured Loans 1.21 0.60 0.62 B. Unsecured, considered good (i) Loans to Related Parties : Joint Ventures - IRCON - AFCON JV - - 18.11 - Chhattisgarh East Railway Limited 78.00 - - Subsidiaries - Ircon Infrastructure & Services Limited 4.58 2.29 - (ii) Others : Staff Loans & Advances 0.98 1.06 1.68 Others Total (B) - Unsecured Loans (i) + (ii) 83.56 3.35 19.79 C. Considered Doubtful Others : Staff Loans and Advances - - - Less :- Impairment allowance for doubtful Loans - - - Total (C) - Doubtful Loans - - - Grand Total 84.77 3.95 20.41

11.6. Other Financial Assets (Current) (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

a) Considered Good Security Deposits - Government Departments 7.07 5.65 6.22 - Others 1.72 1.26 1.30 Earnest Money Deposit 0.35 0.35 0.42 Interest Accrued on : - Advance to Staff 0.69 0.28 0.25 - Loans to Related Parties 18.00 0.20 5.89 - Loan to Indian Railway Welfare Organisation - - 0.20 - Deposits with Banks 113.94 89.19 80.22

130 ANNUAL REPORT 2016-17 (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

- Bonds 17.87 12.65 11.88 Others : (i) Recoverable from Related Parties Joint Ventures - RICON CETA SARL - 0.89 0.84 - Companhia Dos Caminhos De Ferro Da Beira Sarl - - 0.78 - RICON 0.64 9.93 9.67 - International Metro Civil Contractor 2.84 2.83 3.53 - Metro Tunneling Group 3.86 5.64 5.43 - Ircon Soma Tollway Pvt. Ltd. 7.04 7.22 7.15 - IRCON - AFCON JV 29.85 7.76 2.44 - Chhattisgarh East Railway Limited 2.48 - Mahanadi Coal Railway Limited 0.37 - Jharkhand Central Railway Limited - Subsidiaries - Ircon Shivpuri Guna Tollway Limited 0.04 0.26 - - Ircon Infrastructure & Services Limited 0.00 1.96 2.26 - Indian Railway station Development corporation Limited 0.48 0.36 0.27 - Ircon PB Tollway Limited 0.24 0.21 - (ii) Recoverable from Govt. of Mozambique 35.81 49.72 - (iii) Claims Recoverable from Clients 9.37 5.17 8.46 (iv) Other Recoverables 5.30 5.81 1.17 (v) Others - Advance Lease Rent 0.14 0.10 0.09 Total - Other Financial Assets - Good 258.09 207.44 148.47 b) Considered Doubtful Security Deposits - Government Departments 0.55 1.47 2.11 - Others 0.18 0.27 0.27 Interest Accrued on Advances to Staff - - - Earnest Money Deposit 0.05 0.05 - Less : Impairment allowance for doubtful financial assets (others) (0.79) (1.79) (2.38) Total - Other Financial Assets - Doubtful - - - Grand Total - Other Financial Others 258.09 207.44 148.47

(i) Debts due by officers of the company, firms in which any director is a partner or private company in which any director is a member except JVs and Subsidiaries are Rs. Nil (Rs. Nil).

Details of amount due from Directors: (Rs. in Crore) Particulars 31 March 2017 31 March 2016

Amount due from directors included in interest accrued on staff loans and advances - - Total --

ANNUAL REPORT 2016-17 131 12. Other Current Assets (Rs. in Crore) ParticularsFoot Note 31 March 2017 31 March 2016 1 April 2015

a) Advances Other than Capital Advances Advances to Contractors against material and machinery 45.08 21.95 9.15 Advances to Contractors, Suppliers and Others 141.73 166.66 129.28 Tax Authority - Sales Tax (including TDS) 302.55 221.88 200.98 Less : Deposited under Protest (210.48) (203.45) (184.31) - Value Added Tax 93.68 143.57 114.26 - Service Tax input credit 3.71 0.21 0.02

Total - Advances Other than Capital Advances 376.27 350.82 269.38

b) Others Interest Accrued on: Deposits & Advances with: - Contractors, Suppliers & Others 43.00 29.01 17.44 Construction Work in Progress (At realisable value) 97.59 28.82 106.81 Billable Revenue / Receivable not due (i) 282.91 281.19 405.32 Assets held for disposal (ii) 1.03 1.46 1.73 Prepaid Expenses 3.15 5.08 3.54 Fair valuation adjustment 5.19 4.69 2.73 Lease Equalisation 0.14 0.24 0.10

Total - Others 433.01 350.49 537.67

c) Considered Doubtful Advances to Contractors, Suppliers and Others 15.32 18.97 9.88 Sales Tax (including TDS) 35.89 34.97 35.31 Others 0.10 0.10 - Value Added Tax 7.18 7.18 7.18 Less: Impairment allowance for doubtful advances (58.49) (61.22) (52.37)

Total - Considered Doubtful -0 - -

Grand Total 809.28 701.31 807.05

132 ANNUAL REPORT 2016-17 (i) (a) Includes Value of work amounting to Rs. 1.61 crore (Rs. 12.49 core) certified by client, but not billed by reporting date.

(b) Includes Rs. 2.48 crore (Rs. 6.95 crore) from Chhattisgarh East Railway Limited, a Joint Venture Company.

(c) Includes Rs. 0.31 crore (Rs. 25.47 crore) from Chhattisgarh East West Railway Limited, a Joint Venture Company.

(ii) Property, Plant & Equipment beyond economic repair and/or held for disposal (at lower of the realizable value and book value):- (Rs. In crore) Block of assets Description Manner and Expected Segment As at 31 March 2017 As at 31 March 2016 of the expected Loss/gain Gross Net Block Gross Net Block assets time of on sale of Block Block disposal non current assets Plant and Machinery Northern Region Plant and Through e- Unpredicted Domestic 5.16 0.29 6.50 0.89 Machinery auction like MSTC with expected time of disposal by end of year 2018 Malaysia Region Locomotives - Open Tender, 0.75 International 7.25 0.17 - - 3 Nos. June 2017 Mozambique Project Plant and International 5.90 0.29 5.90 0.29 Machinery Freehold Building - Residential Open Tender, - Domestic 0.38 0.28 0.38 0.28 Residential Building at 31.03.2018 Chennai

Total 18.69 1.03 12.78 1.46

ANNUAL REPORT 2016-17 133 13. Equity Share capital (Rs. in Crore) Particulars As at As at As at 31 March 2017 31 March 2016 1 April 2015 Authorised share capital 10,00,00,000 Equity shares of Rs.10 each * (10,00,00,000 Equity shares of Rs.10 each as at 31st March 2016 & 1st April 2015) 100.00 100.00 25.00 100.00 100.00 25.00

Issued/Subscribed and Paid up Capital 9,89,80,000 Equity shares of Rs.10 each-fully paid (1,97,96,000 Equity shares of Rs.10 each-fully paid as at 31st March 2016 & 1st April 2015) 98.98 19.80 19.80 98.98 19.80 19.80

Details of shareholders holding in the company

Name of the shareholder As at 31 March 2017 As at 31 March 2016 As at 1 April 2015 No. of % holding No. of % holding No. of % holding Share in the Share in the Share in the class class class Government of India in the name of the President of India and Government nominees 98,712,000 99.729% 19,742,400 99.729% 19,742,400 99.729% Indian Railway Finance Corporation Limited 244,000 0.247% 48,800 0.247% 48,800 0.247% Bank of India 24,000 0.024% 4,800 0.024% 4,800 0.024%

Total 98,980,000 100% 19,796,000 100% 19,796,000 100%

Aggregate no. of equity shares issued as bonus, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

Name of the shareholder As at As at As at As at As at 31 March 2017 31 March 2016 31 March 2015 31 March 2014 31 March 2013 No. of Share No. of Share No. of Share No. of Share No. of Share Equity shares allotted other than cash Equity shares issued as bonus shares 79,184,000 - - - 9,898,000

Total 79,184,000 - - - 9,898,000

134 ANNUAL REPORT 2016-17 Terms / Rights attached to Equity Shares :

(a) Voting

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share.

(b) Liquidation

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Reconciliation of the number of equity shares and share capital

Name of the shareholder As at 31 March 2017 As at 31 March 2016 As at 1 April 2015 No. of Rs in crore No. of Rs in crore No. of Rs in crore Share Share Share

Issued/Subscribed and Paid up equity Capital outstanding at the begging of the year 19,796,000 19.80 19,796,000 19.80 19,796,000 19.80 Add: Shares Issued during the year 79,184,000 79.18 - - - - Issued/Subscribed and Paid up equity Capital outstanding at the end of the year 98,980,000 98.98 19,796,000 19.80 19,796,000 19.80

* After close of the year, increase in Authorised Share Capital to Rs. 400 crore was approved in the Extra Ordinary General Meeting held on 22.05.2017

ANNUAL REPORT 2016-17 135 14. Other Equity (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

(a) Retained Earnings Opening Balance 318.50 141.79 Add: Ind AS Adjustments 141.79 Add: Transfer from surplus in statement of profit and loss 369.03 395.04 - Less: Dividend declared and paid during the year including Corporate Dividend Tax (107.22) (123.89) - Less: Interim Dividend including Tax thereon (114.52) (95.30) - Less: Bonus issue (79.18) - - Add : Re-measurement of defined benefit plans (net of tax) 3.15 0.86 - Less: Transfer to General Reserve - - - Total 389.76 318.50 141.79 (b) General Reserve Opening Balance 3,333.71 3,333.71 3,333.71 Add: Transfer from Retained Earnings - - - Total 3,333.71 3,333.71 3,333.71 (c) Items of other comprehensive income Opening Balance (5.00) 26.52 26.52 Foreign Currency Translation (net of tax) 10.57 (31.52) - Total 5.57 (5.00) 26.52 Grand Total 3,729.04 3,647.21 3,502.02

Distribution made and proposed dividend (Rs. in Crore) Particulars 31 March 2017 31 March 2016

Cash dividends on equity shares declared and paid : Dividend paid during 2016-17: INR 45.00 per share (FY 2015-16: INR 52.00 per share) 89.08 102.94 Dividend distribution tax final dividend 18.14 20.96 Interim dividend paid during 2016-17: INR 9.61 Per share (FY 2015-16: INR 40.00 per share) 95.15 79.18 Dividend distribution tax on interim dividend 19.37 16.12 Total 221.74 219.20 Proposed dividends on equity shares: Dividend for 31 march 2017: INR 27.80 per share (31 March 2016: INR 45.00 per share) 97.25 89.08 Dividend distribution tax on proposed dividend 19.80 18.14 Total 117.05 107.22

136 ANNUAL REPORT 2016-17 15. Financial Liabilities (Non- Current) 15.1. Trade Payables (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Micro, Small & Medium Enterprises * - - - Other Contractor & Suppliers 0.45 5.63 7.90

Total 0.45 5.63 7.90

* Refer Note No. 45

15.2. Other Financial Liability (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Deposits and Retention money 129.23 110.86 80.77 Financial Guarantee Contract * - 0.04 0.13

Total 129.23 110.90 80.90

* Refer Note No. 52

ANNUAL REPORT 2016-17 137 16. Provisions (Rs. in Crore) ParticularsFoot Note 31 March 2017 31 March 2016 1 April 2015

Provision for Employee Benefits 16.1 71.70 101.14 202.85 Provision for Doubtful Assets 16.2 93.88 92.89 125.67 Other Provisions 16.3 302.93 402.78 455.31 468.51 596.81 783.83 Less: Impairment Provision for Doubtful Assets (Presented Separately) 16.2 (93.88) (92.89) (125.67) Total 374.63 503.92 658.16 Current 298.45 354.14 318.40 Non Current 76.18 149.78 339.76

The disclosure of provisions movement as required under the requirements of Ind AS 37 is as follows :

16.1. Provision for Employee Benefits : (a) Provision for Retirement Benefits (Rs. in Crore) Particulars Gratuity Leave Settlement Post Pension Total Salary Allowance Retirement on Medical Retirement Benefits As at 1 April 2015 66.31 82.79 1.28 7.33 26.19 183.90 Current 4.52 6.94 0.08 5.97 26.19 43.70 Non Current 61.79 75.85 1.20 1.36 - 140.20 Provision made during the year 2.22 7.72 0.09 2.84 3.37 16.25 Less: Utilization during the year (68.53) (7.21) (0.03) (5.97) (27.99) (109.72) Less: Write Back during the year - (0.30) - - (1.57) (1.87) (Exchange Gain) / Loss - 0.05 - - - 0.05 As at 31-March-2016 - 83.05 1.34 4.20 -0.00 88.60 Current - 8.31 0.13 3.38 -0.00 11.82 Non Current - 74.75 1.21 0.82 - 76.78 Provision made during the year - 7.45 0.01 7.50 - 14.95 Less: Utilization during the year - (6.21) (0.02) (3.38) - (9.61) Less: Write Back during the year - (28.33) - - - (28.33) (Exchange Gain) / Loss - (0.14) (0.00) - 0.00 (0.15) As at 31-March-2017 - 55.82 1.33 8.32 - 65.47 Current - 5.58 0.13 6.66 - 12.37 Non Current - 50.24 1.20 1.66 - 53.10

138 ANNUAL REPORT 2016-17 (b) Provision for other Employee Benefits (Rs. in Crore) Particulars Performance Leave Total Related Travel Pay Concession As at 1 April 2015 18.82 0.13 18.95 Current 18.82 0.01 18.83 Non Current - 0.12 0.12 Provision made during the year 5.69 0.31 6.00 Less: Utilization during the year (7.95) (0.21) (8.16) Less: Write Back during the year (4.25) - (4.25) As at 31-March-2016 12.31 0.23 12.54 Current 12.31 0.03 12.34 Non Current - 0.20 0.20 Provision made during the year 5.89 0.18 6.08 Less: Utilization during the year (11.64) (0.08) (11.72) Less: Write Back during the year (0.67) - (0.67) As at 31-March-2017 5.89 0.33 6.23 Current 5.89 0.05 5.95 Non Current - 0.28 0.28 Total Provision for Employee Benefits (a+b) At 31-March-2017 71.70 At 31-March-2016 101.14 At 1-April-2015 202.85 16.2. Provision for Doubtful Assets : (Rs. in Crore) Particulars Doubtful Doubtful Diminution in Value Total Debts Advances of Investments As at 1 April 2015 16.25 103.89 5.53 125.67 Current 16.25 69.12 - 85.37 Non Current - 34.77 5.53 40.30 Provision made during the year 0.24 0.60 - 0.84 Less: Utilization during the year (0.33) (0.72) - (1.05) Less: Write Back during the year (0.34) (26.71) (5.53) (32.58) (Exchange Gain) / Loss - 0.01 - 0.01 As at 31-March-2016 15.82 77.07 - 92.89 Current 15.82 77.07 - 92.89 Non Current - - - - Provision made during the year 6.83 0.85 - 7.68 Less: Utilization during the year (0.60) (1.99) - (2.59) Less: Write Back during the year (1.45) (2.79) - (4.25) (Exchange Gain) / Loss 0.25 (0.11) - 0.14 As at 31-March-2017 20.85 73.04 - 93.88 Current 20.85 73.04 - 93.88 Non Current - - - -

ANNUAL REPORT 2016-17 139 16.3. Other Provisions : (Rs. in Crore)

Particulars Demobilisation Corporate Maintenance Foreseeable Design Legal Other Total Social Loss Guarantee Cases Expenses Responsibility As at 1 April 2015 48.01 124.68 12.56 147.27 72.56 50.22 455.31 Current 40.58 - 38.58 12.56 41.91 72.56 49.68 255.87 Non Current 7.43 - 86.10 - 105.36 - 0.54 199.44 Provision made during the year 3.68 34.37 12.00 - 6.78 61.92 118.75 Less: Utilization during the year (8.38) (54.38) (2.39) - (0.07) (21.21) (86.43) Less: Write Back during the year (19.25) (25.38) - (49.53) - (0.56) (94.73) (Exchange Gain) / Loss (0.88) (1.11) - 0.69 - (0.22) (1.52) Unwinding of discount 0.26 7.96 0.05 3.14 - - 11.41

As at 31-March-2016 23.44 - 86.14 22.22 101.57 79.27 90.15 402.78 Current 22.91 69.64 22.22 45.79 79.27 90.15 329.98 Non Current 0.53 - 16.49 - 55.78 - - 72.80 Provision made during the year 1.00 0.91 9.89 - - 10.02 10.48 32.29 Less: Utilization during the year (3.39) (28.58) (16.14) - (1.34) (26.24) (75.70) Less: Write Back during the year (0.22) (1.89) - (40.87) (0.92) (0.91) (44.81) (Exchange Gain) / Loss (1.75) - (0.23) (0.05) (10.89) 0.00 (1.93) (14.84) Unwinding of discount 0.18 1.44 0.00 1.59 - - 3.21

As at 31-March-2017 19.25 0.91 66.78 6.03 51.39 87.03 71.5488 302.93 Current 19.18 0.91 56.49 6.03 38.96 87.03 71.55 280.13 Non Current 0.07 - 10.29 - 12.44 - - 22.80

140 ANNUAL REPORT 2016-17 17. Other Non- Current Liabilities (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

a) Advances Advance from clients 1,769.15 936.21 69.24

b) Others Fair valuation adjustment 22.93 20.40 15.84 Others 0.56 - -

Total 1,792.64 956.61 85.08

18. Financial Liabilities (Current) 18.1. Trade Payables (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Micro, Small & Medium Enterprises * - - - Others (a) Contractor & Suppliers 356.93 386.93 431.50 (b) Related Parties 6.08 18.92 16.20

Total 363.01 405.85 447.70

* Refer Note No. 45

ANNUAL REPORT 2016-17 141 18.2. Other Financial Liabilities (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

Staff 9.30 7.24 0.98 Deposits, Retention money and Money Withheld 503.56 480.73 509.09 Financial Guarantee Contract * 0.04 0.09 0.15 Others 33.98 20.60 15.10

Total 546.88 508.66 525.32

* Refer Note No. 52

19. Other Current Liabilities (Rs. in Crore) Particulars 31 March 2017 31 March 2016 1 April 2015

a) Advances Advance from clients 2,123.05 1,999.06 1,195.30 - Less: Deposits under protest (Sales Tax) (210.48) (203.45) (184.31) Advance contract receipts 99.96 74.27 24.63

b) Others Statutory dues: 71.42 33.72 25.50 Fair valuation adjustment 24.98 13.37 6.32

Total 2,108.93 1,916.96 1,067.44

142 ANNUAL REPORT 2016-17 20. Revenue from operations (Rs. in Crore) For the year ended For the year ended 31st March 2017 31st March 2016 Contract Revenue 2,889.62 2,254.31 Loco lease 0.88 35.89 Machinery hire charges 9.15 8.31 Other Operating Revenue 5.25 16.08

Total 2,904.90 2,314.59

21. Other Income (Rs. in Crore) For the year ended For the year ended 31st March 2017 31st March 2016 Interest Income : Interest on Tax Free Bonds 22.06 15.62 Interest on refund of income-tax 11.93 2.67 Interest on staff advances 0.21 0.27 Interest on loan to Related Parties * 16.83 35.30 Interest on other advances 4.31 2.76 Interest on Fixed Maturity Plan - 0.05 Interest income on unwinding of financial instruments 7.54 3.98 Bank Interest Gross 305.19 235.21 Less:- Interest passed to clients (163.82) 141.37 (60.83) 174.38 Others : Amortisation of financial instruments 29.43 11.92 Profit on sale of assets 0.35 0.89 Miscellaneous Income 22.23 22.85 Provision written back for Loan & Equity - CCFB - 31.18 Exchange Fluctuation Gain - 150.12 Less:- Exchange Fluctuation Loss - - (15.95) 134.17 Dividend Income 4.82 5.54 Less:-Dividend passed to clients (1.45) 3.37 - 5.54 Total 259.63 441.58

ANNUAL REPORT 2016-17 143 * Interest on loan to Related Parties: (Rs. in Crore) Particulars of Related Parties 31 March 2017 31 March 2016

- Companhia Dos Caminhos De Ferro Da Beira SARL - 25.26 - Ircon Infrastructure & Services Ltd. 2.63 3.91 - Chhattisgarh East Railway Limited 6.27 4.92 - Chhattisgarh East-West Railway Limited 4.87 0.43 - IRCON AFCON JV 0.20 0.78 - Ircon Shivpuri Guna Tollway Ltd. 1.89 - - Ircon PB Tollway Ltd. 0.97 -

16.83 35.30

144 ANNUAL REPORT 2016-17 22. Operating and Other Expenses (Administrative) (Rs. in Crore) Particulars Foot Operating Other Expenses (Administrative) note For the year ended For the year ended For the year ended For the year ended 31st March 2017 31st March 2016 31st March 2017 31st March 2016 Materials and Stores consumed: Opening Balance 89.87 58.42 - - Add: Purchases during the year * 321.04 367.51 - - 410.91 425.93 - - Closing Balance 38.92 371.99 89.87 336.06 Work Expenses 2,076.67 1,479.72 - - Increase / Decrease in WIP (47.86) 5.05 - - Design, Drawing, Business Development & Consultancy Charges 13.45 31.32 - - Inspection, Geo Technical Investigation & Survey Exp. Etc 13.55 5.12 - - Repairs and Maintenance of Machinery 11.50 14.29 - - Hire charges of machinery 4.94 9.92 - - Exchange Fluctuation Loss 71.48 - - - Less:- Exchange Fluctuation Gain 33.13 - - - Net Exchange Fluctuation Loss 38.35 - - Rent - Non-residential 5.29 4.77 1.00 0.13 Rates and Taxes 30.30 21.44 1.38 0.57 Vehicle Operation and Maintenance 9.99 8.94 1.37 1.01 Repairs and Maintenance - Building 0.07 0.12 0.91 0.55 - Office and Others 3.23 2.49 3.83 2.71 Power, Electricity and Water charges 2.19 2.57 1.57 1.61 Insurance 5.55 5.13 0.04 0.03 Travelling & conveyance 9.02 8.53 2.25 1.82 Printing & stationery 1.19 1.28 0.56 0.41 Postage, telephone & telex 1.51 1.74 0.46 0.51 Legal & Professional charges 5.45 4.38 4.03 2.96 Security services 3.68 4.00 0.41 0.24 Business promotion 0.39 0.88 0.34 0.20 Write-off of : - Bad debts 0.60 0.33 - - - Bad advances 1.99 0.59 - - - Bad assets 0.11 0.02 - - Loss on sale of Assets/Stores - - 0.03 0.03 Director sitting fee - - 0.07 - Donation - - 0.04 0.01 Auditors remuneration (i) - - 0.60 0.53 Advertisement & publicity - - 6.18 3.64 Training & Recruitment - - 0.27 0.53 Corporate social responsibility (Refer Note 46) - - 5.89 6.24 Miscellaneous expenses 2.86 3.39 1.27 1.01 Provisions (Addition-Write Back) (Refer Note 16) (9.09) 23.46 - - Provisions Utilised (Refer Note 16) (78.29) (87.48) - -

Total 2,478.65 1,888.07 32.50 24.74

ANNUAL REPORT 2016-17 145 (i) Payment to Statutory Auditors : (Rs. in Crore) Particulars For the year ended For the year ended 31st March 2017 31st March 2016 (a) Audit Fee - current year 0.33 0.34 (b) Tax Audit Fees - current year 0.10 0.07 (c) Certification Fees 0.05 0.03 (d) Travelling & out of pocket expenses : - Local 0.07 0.08 - Foreign 0.05 0.01

Total 0.60 0.53

* Includes Exchange gain/ loss due to implementation of Ind AS for Rs. 0.13 crore (As at 31st March 2016 : Rs. 0.02 crore).

23. Employee Remuneration and Benefits (Rs. in Crore) Particulars Foot For the year ended For the year ended Note 31st March 2017 31st March 2016 Operating Other Total Operating Other Total Expenses Expenses (Administrative) (Administrative) Salaries, wages and bonus (i) 99.99 40.42 140.41 106.15 34.46 140.61 Contribution to provident and other funds 6.79 4.05 10.84 6.66 3.51 10.17 Foreign service contribution 0.76 0.84 1.60 0.41 0.20 0.61 Retirement Benefits 12.92 (17.20) (4.28) 12.75 10.25 23.00 VRS expenses - 0.00 0.00 - - - Staff Welfare 1.27 0.54 1.81 1.40 0.48 1.88

Total 121.73 28.65 150.38 127.37 48.90 176.27

Foot Notes :-

Includes income-tax on non-monetary perks Rs. 0.33 crore ( As at 31st March 2016 : Rs. 0.33 crore).

146 ANNUAL REPORT 2016-17 24. Finance Cost (Rs. in Crore) Particulars Foot For the year ended For the year ended Note 31st March 2017 31st March 2016 Interest Expense (i) 11.94 7.75 Other Borrowing Cost - Bank Guarantee & Other Charges 8.34 8.82 Interest on Unwinding of financial Instruments 29.66 10.95 Amortisation of financial Instruments 7.31 4.15 Unwinding of discount on provisions 3.35 11.52

Total 60.60 43.19

Foot Notes :-

Includes interest on income-tax Rs. 9.65 crore (As at 31st March 2016 : Rs. 7.50 crore).

25. Depreciation, amortization and impairment (Rs. in Crore) Particulars For the year ended For the year ended 31st March 2017 31st March 2016 Property, Plant and Equipment 16.34 28.13 Intangible Assets 0.23 0.04 Investment Property 0.05 0.05 Impairment of Assets 1.26 -

Total 17.88 28.22

ANNUAL REPORT 2016-17 147 26. Components of Other Comprehensive Income (OCI) dŚĞĚŝƐĂŐŐƌĞŐĂƟŽŶŽĨĐŚĂŶŐĞƐƚŽK/ďLJĞĂĐŚƚLJƉĞŽĨƌĞƐĞƌǀĞŝŶĞƋƵŝƚLJŝƐƐŚŽǁŶďĞůŽǁ (Rs. in crore) ZĞͲŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ WĂƌƟĐƵůĂƌƐ For the year ended For the year ended 31st March 2017 31st March 2016 /ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ 4.82 1.32 /ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚ ;ϭ͘ϲϳͿ ;Ϭ͘ϰϲͿ ůŽƐƐ dŽƚĂů 3.15 0.86 (Rs. in crore) WĂƌƟĐƵůĂƌƐ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐůĂƟŽŶ For the year ended For the year ended 31st March 2017 31st March 2016 /ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ 16.16 ;ϱϳ͘ϰϲͿ /ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚůŽƐƐ ;ϱ͘ϱϵͿ 25.94 dŽƚĂů 10.57 (31.52) 'ƌĂŶĚdŽƚĂů 13.72 (30.66) 27. Prior Period Errors (Rs. in crore) WĂƌƟĐƵůĂƌƐ 31 March 2016 ϭƉƌŝůϮϬϭϱ Impact on equity (increase/(decrease) in equity) dƌĂĚĞWĂLJĂďůĞĐƵƌƌĞŶƚ 3.35 3.05 KƚŚĞƌ&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐĐƵƌƌĞŶƚ ;Ϭ͘ϬϯͿ ;Ϭ͘ϯϳͿ KƚŚĞƌƵƌƌĞŶƚƐƐĞƚƐ ;Ϭ͘ϮϵͿ ;ϭ͘ϮϰͿ KƚŚĞƌƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ 23.98 19.20 WƌŽǀŝƐŝŽŶĨŽƌ>ĞŐĂůĐĂƐĞƐ ;Ϭ͘ϱϭͿ ;Ϭ͘ϱϭͿ KƚŚĞƌ&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĐƵƌƌĞŶƚ Ϭ͘ϲϳ 0.00 Net Impact on Equity 27.17 20.13 WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 /ŵƉĂĐƚŽŶƐƚĂƚĞŵĞŶƚŝŶƉƌŽĮƚĂŶĚůŽƐƐ;ŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƉƌŽĮƚͿ ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ ;ϱ͘ϳϮͿ ϳ͘ϰϳ KƚŚĞƌ/ŶĐŽŵĞ ;ϭ͘ϭϬͿ ;ϭϴ͘ϭϬͿ KƉĞƌĂƟŶŐΘKƚŚĞƌdžƉĞŶƐĞƐ;ĚŵŝŶŝƐƚƌĂƟǀĞͿ ;Ϭ͘ϮϭͿ ;ϯ͘ϯϰͿ KƚŚĞƌdžƉĞŶƐĞƐ - 0.45 ƩƌŝďƵƚĂďůĞƚŽƋƵŝƚLJ,ŽůĚĞƌƐ (7.03) (13.52) /ŵƉĂĐƚŽŶďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;W^Ϳ;ŝŶĐƌĞĂƐĞͬ ;ĚĞĐƌĞĂƐĞͿŝŶW^Ϳ WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĨŽƌĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶ ĂƐŝĐ͕ƉƌŽĮƚĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐ ;Ϭ͘ϳϭͿ ;ϭ͘ϯϳͿ ŝůƵƚĞĚ͕ƉƌŽĮƚĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJ ;Ϭ͘ϳϭͿ ;ϭ͘ϯϳͿ ŚŽůĚĞƌƐ

148 | ANNUAL REPORT ϮϬϭϲͳϭϳ Ϯϳ͘džĐĞƉƟŽŶĂů/ƚĞŵƐ (Rs. in crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 WƌŽĮƚŽŶ^ĂůĞŽĨ/ŶǀĞƐƚŵĞŶƚƐ ϳϯ͘ϲϵ - dŽƚĂů 73.69 - Ϯϴ͘&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚƐ ;ŝͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐďLJĂƚĞŐŽƌLJ WĂƌƟĐƵůĂƌƐ As at 31st March 2017 As at 31st March 2016 ƐĂƚϭƐƚƉƌŝůϮϬϭϱ FVTPL FVTOCI ŵŽƌƟnjĞĚ FVTPL FVTOCI ŵŽƌƟnjĞĚ FVTPL FVTOCI ŵŽƌƟnjĞĚ Cost Cost Cost &ŝŶĂŶĐŝĂůƐƐĞƚƐ (i) Investments dĂdž&ƌĞĞŽŶĚƐ;ŝŶĐůƵĚŝŶŐ - - 309.23 - - 304.02 - - ϭϳϴ͘Ϭϴ ĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚͿ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂů 249.91 - - 132.48 - - 68.39 - - ĨƵŶĚƐ ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ - - 424.66 - - 525.40 - - ϰϲϯ͘Ϯϳ ;ŝŝŝͿ>ŽĂŶƐ - - 424.61 - - 89.69 - - ϭϱϰ͘ϳϮ ;ŝǀͿZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚ - - 141.80 - - ϭϳϯ͘ϴϮ - - 152.94 DŽŶĞLJtŝƚŚŚĞůĚ ;ǀͿ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ - - 124.94 - - 94.99 - - ϭϳ͘ϯϲ 'Žǀƚ͘ĞƉƚ͘ΘKƚŚĞƌƐ ƌĞĐŽǀĞƌĂďůĞ ;ǀŝͿĂƐŚĂŶĚĂƐŚ - - - - Ϯ͕ϰϱϳ͘ϬϮ - - ƋƵŝǀĂůĞŶƚƐ ϭ͕ϯϵϰ͘ϳϬ ϭ͕ϭϴϴ͘ϵϱ ;ǀŝŝͿĂŶŬĂůĂŶĐĞƐŽƚŚĞƌ - - - - Ϯ͕Ϭϵϲ͘Ϭϴ - - ƚŚĂŶ;ǀŝͿĂďŽǀĞ ϯ͕ϮϲϮ͘ϴϯ Ϯ͕ϬϯϮ͘ϰϯ ;ǀŝŝŝͿKƚŚĞƌƐͲ&ŝŶĂŶĐŝĂů - - 192.49 - - 184.04 - - 124.09 ƐƐĞƚƐ dŽƚĂů&ŝŶĂŶĐŝĂůƐƐĞƚƐ 249.91 - 6,275.27 132.48 - 5,925.06 68.39 - 4,311.84 &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿdƌĂĚĞƉĂLJĂďůĞƐ - - 363.46 - - 411.48 - - 455.60 ;ŝŝͿ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘ - - ϲϯϮ͘ϳϵ - - 591.60 - - ϱϴϵ͘ϴϳ ZĞƚĞŶƟŽŶDŽŶĞLJ ;ŝŝŝͿKƚŚĞƌƐͲ&ŝŶĂŶĐŝĂů - - 43.32 - - Ϯϳ͘ϵϲ - - 16.36 >ŝĂďŝůŝƚLJ dŽƚĂů&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ - - 1,039.57 - 1,031.04 - - 1,061.83

ANNUAL REPORT ϮϬϭϲͳϭϳͮ149 ;ŝŝͿƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟnjĞĚĐŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞƐĂƌĞĚŝƐĐůŽƐĞĚ͘ (Rs. in crore) WĂƌƟĐƵůĂƌƐ ĂƌƌLJŝŶŐǀĂůƵĞ &ĂŝƌǀĂůƵĞ 31 March 31 March ϬϭƉƌŝů 31 March 31 March ϬϭƉƌŝů 2017 2016 2015 2017 2016 2015 &ŝŶĂŶĐŝĂůƐƐĞƚ dĂdž&ƌĞĞŽŶĚƐ 309.23 304.02 ϭϳϴ͘Ϭϴ 293.32 292.98 ϭϳϱ͘ϲϭ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂů 249.91 132.48 68.39 249.91 132.49 68.39 ĨƵŶĚƐ ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚ 141.80 ϭϳϯ͘ϴϮ 152.94 141.00 ϭϳϯ͘ϮϮ 152.94 DŽŶĞLJtŝƚŚŚĞůĚ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ 124.94 94.99 ϭϳ͘ϯϲ ϭϮϰ͘ϵϳ 95.14 ϭϳ͘ϯϲ 'Žǀƚ͘ĞƉƚ͘ΘKƚŚĞƌƐ dŽƚĂůƐƐĞƚƐ 825.88 705.31 416.77 809.20 693.82 414.30 &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ŵŽƌƟƐĞĚŽƐƚ dƌĂĚĞWĂLJĂďůĞƐ 363.46 411.48 455.60 361.46 ϰϭϭ͘ϰϳ 455.60 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘ ϲϯϮ͘ϳϵ 591.60 ϱϴϵ͘ϴϳ ϲϮϳ͘ϰϳ ϱϵϳ͘ϳϬ ϱϴϵ͘ϴϳ ZĞƚĞŶƟŽŶDŽŶĞLJ dŽƚĂů>ŝĂďŝůŝƟĞƐ 996.26 1,003.08 1,045.47 988.92 1,009.17 1,045.47 ŝͿ dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĐƵƌƌĞŶƚƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂLJĂďůĞƐ͕ƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐĂŶĚƌĞƚĞŶƟŽŶŵŽŶĞLJ͕ ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ďĂŶŬďĂůĂŶĐĞƐĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƚŚĞ ƐĂŵĞĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ͕ĚƵĞƚŽƚŚĞŝƌƐŚŽƌƚƚĞƌŵŶĂƚƵƌĞ͘ ŝŝͿ dŚĞĨĂŝƌǀĂůƵĞŽĨůŽŶŐƚĞƌŵƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐ͕ƌĞƚĞŶƟŽŶŵŽŶĞLJĂŶĚůŽŶŐƚĞƌŵƚƌĂĚĞƉĂLJĂďůĞƐǁĞƌĞĐĂůĐƵůĂƚĞĚ ďĂƐĞĚŽŶĐĂƐŚŇŽǁƐĚŝƐĐŽƵŶƚĞĚƵƐŝŶŐĐƵƌƌĞŶƚŵĂƌŬĞƚƌĂƚĞ͘dŚĞLJĂƌĞĐůĂƐƐŝĮĞĚĂƐůĞǀĞůϯĨĂŝƌǀĂůƵĞƐŚŝĞƌĂƌĐŚLJ ĚƵĞƚŽŝŶĐůƵƐŝŽŶŽĨƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐ͘ ŝŝŝͿ /ŶǀĞƐƚŵĞŶƚŝŶƵŶƋƵŽƚĞĚĞƋƵŝƚLJŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞƐƚĂƚĞĚĂƚĐĂƌƌLJŝŶŐǀĂůƵĞĂƐƉĞƌ/ŶĚŝĂŶ 'WĂƐŽŶϯϭͲϯͲϮϬϭϱĂƐƉĞƌĞdžĞŵƉƟŽŶƉƌŽǀŝĚĞĚďLJƉĂƌĂϭϬŽĨ/E^Ϯϳ͘ ŝǀͿ >ŽĂŶƐĂŶĚĚǀĂŶĐĞƐŐŝǀĞŶƚŽƌĞůĂƚĞĚƉĂƌƟĞƐĂƌĞĂƚŵĂƌŬĞƚƌĂƚĞ͕ƚŚĞƌĞĨŽƌĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƐƵĐŚůŽĂŶƐ ĂŶĚĂĚǀĂŶĐĞƐĂƌĞĞƋƵĂůƚŽƚŚĞŝƌĨĂŝƌǀĂůƵĞ͘ ǀͿ ^ƚĂīůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐĐŽŶƟŶƵĞƚŽďĞĐĂƌƌLJŝŶŐĂƚƉƌĞǀŝŽƵƐ'WǀĂůƵĞƐĂƐŵĞĂƐƵƌĞŵĞŶƚŝŵƉĂĐƚŝƐŝŵŵĂƚĞƌŝĂů͘  &ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ  >ĞǀĞůϭͲYƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƟǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƟĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐ͘  >ĞǀĞůϮʹ/ŶƉƵƚƐŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶ>ĞǀĞůϭƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕ ĞŝƚŚĞƌĚŝƌĞĐƚůLJ;ŝ͘Ğ͘ĂƐƉƌŝĐĞƐͿŽƌŝŶĚŝƌĞĐƚůLJ;ŝ͘Ğ͘ĚĞƌŝǀĞĚĨƌŽŵƉƌŝĐĞƐͿ͘  >ĞǀĞůϯͲ/ŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ;ƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐͿ͘

150 | ANNUAL REPORT ϮϬϭϲͳϭϳ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚ ĂƚĨĂŝƌǀĂůƵĞŽŶƌĞĐƵƌƌŝŶŐďĂƐŝƐĂŶĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ  YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϳ͗Ͳ (Rs. in crore) &ĂŝƌsĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ Date of dŽƚĂů Quoted ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ prices in ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ ĂĐƟǀĞ inputs inputs markets ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ ;>ĞǀĞůϭͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌ ǀĂůƵĞŽŶƌĞĐƵƌƌŝŶŐďĂƐŝƐ͗ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚ ϯϭ͘ϯ͘ϮϬϭϳ 249.91 249.91 - - &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚ ŵŽƌƟƐĞĚŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌ ǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ /ŶǀĞƐƚŵĞŶƚŝŶdĂdžĨƌĞĞŽŶĚƐ ϯϭ͘ϯ͘ϮϬϭϳ 293.32 293.32 - ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚDŽŶĞLJ ϯϭ͘ϯ͘ϮϬϭϳ 141.00 - - 141.00 tŝƚŚŚĞůĚ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ'Žǀƚ͘ĞƉƚ͘ ϯϭ͘ϯ͘ϮϬϭϳ ϭϮϰ͘ϵϳ - - ϭϮϰ͘ϵϳ ΘKƚŚĞƌƐ dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϳ͗Ͳ (Rs. in crore) &ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ Date of dŽƚĂů Quoted ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ prices ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ ŝŶĂĐƟǀĞ inputs inputs markets ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ ;>ĞǀĞůϭͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚ ĂƚŵŽƌƟƐĞĚŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌ ǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ dƌĂĚĞWĂLJĂďůĞƐ ϯϭ͘ϯ͘ϮϬϭϳ 361.46 - - 361.46 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘZĞƚĞŶƟŽŶ ϯϭ͘ϯ͘ϮϬϭϳ ϲϮϳ͘ϰϳ - - ϲϮϳ͘ϰϳ DŽŶĞLJ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ ϯϭ͘ϯ͘ϮϬϭϳ 0.04 - - 0.04 ůŝĂďŝůŝƚLJ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ151 dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϲ͗Ͳ (Rs. in crore) &ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌ ǀĂůƵĞŽŶƌĞĐƵƌƌŝŶŐďĂƐŝƐ͗ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚ 31.3.2016 132.49 132.49 - - &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚ ŵŽƌƟƐĞĚŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌ ǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ /ŶǀĞƐƚŵĞŶƚŝŶdĂdžĨƌĞĞŽŶĚƐ 31.3.2016 292.98 292.98 - - ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚDŽŶĞLJ 31.3.2016 ϭϳϯ͘ϮϮ - - ϭϳϯ͘ϮϮ tŝƚŚŚĞůĚ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ'Žǀƚ͘ĞƉƚ͘ 31.3.2016 95.14 - - 95.14 ΘKƚŚĞƌƐ  dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘  YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϲ͗Ͳ (Rs. in crore) &ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ Date of dŽƚĂů Quoted ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ƉƌŝĐĞƐŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ ŵĂƌŬĞƚƐ;>ĞǀĞů inputs inputs 1) ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚ ĂƚŵŽƌƟƐĞĚŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌ ǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ dƌĂĚĞWĂLJĂďůĞƐ 31.3.2016 ϰϭϭ͘ϰϳ - - ϰϭϭ͘ϰϳ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘZĞƚĞŶƟŽŶ 31.3.2016 ϱϵϳ͘ϳϬ - - ϱϵϳ͘ϳϬ DŽŶĞLJ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ 31.3.2016 0.13 - - 0.13 ůŝĂďŝůŝƚLJ

152 | ANNUAL REPORT ϮϬϭϲͳϭϳ dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽŶϬϭƉƌŝůϮϬϭϱ͗Ͳ (Rs. in crore) &ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌ ǀĂůƵĞŽŶƌĞĐƵƌƌŝŶŐďĂƐŝƐ͗ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚ 01.04.2015 68.39 68.39 - -

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚ ŵŽƌƟƐĞĚŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌ ǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ /ŶǀĞƐƚŵĞŶƚŝŶdĂdžĨƌĞĞŽŶĚƐ 01.04.2015 ϭϳϱ͘ϲϭ ϭϳϱ͘ϲϭ - - ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚDŽŶĞLJ 01.04.2015 152.94 - - 152.94 tŝƚŚŚĞůĚ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ'Žǀƚ͘ĞƉƚ͘ 01.04.2015 ϭϳ͘ϯϲ - - ϭϳ͘ϯϲ ΘKƚŚĞƌƐ dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐŽŶϬϭƉƌŝůϮϬϭϱ͗Ͳ (Rs. in crore) &ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ Date of dŽƚĂů Quoted ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ƉƌŝĐĞƐŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚ ĂƚŵŽƌƟƐĞĚŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌ ǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ dƌĂĚĞWĂLJĂďůĞƐ 01.04.2015 455.60 - - 455.60 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘZĞƚĞŶƟŽŶ 01.04.2015 ϱϴϵ͘ϴϳ - - ϱϴϵ͘ϴϳ DŽŶĞLJ

&ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ 01.04.2015 0.28 - - 0.28 ůŝĂďŝůŝƚLJ dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ ŝŝŝ &ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ  dŚĞŽŵƉĂŶLJ͛ƐƉƌŝŶĐŝƉĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĐŽŵƉƌŝƐĞƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ͘dŚĞŽŵƉĂŶLJ͛ƐƉƌŝŶĐŝƉĂů ĮŶĂŶĐŝĂůĂƐƐĞƚƐŝŶĐůƵĚĞůŽĂŶƐƚŽƌĞůĂƚĞĚƉĂƌƟĞƐ͕ƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͕ĂŶĚĐĂƐŚĂŶĚƐŚŽƌƚͲƚĞƌŵ ĚĞƉŽƐŝƚƐƚŚĂƚĚĞƌŝǀĞĚŝƌĞĐƚůLJĨƌŽŵŝƚƐŽƉĞƌĂƟŽŶƐ͘dŚĞŽŵƉĂŶLJĂůƐŽŚŽůĚƐŝŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐĂŶĚ ƚĂdžĨƌĞĞďŽŶĚƐ͘dŚĞŽŵƉĂŶLJ͛ƐĂĐƟǀŝƟĞƐĞdžƉŽƐĞŝƚƚŽƐŽŵĞŽĨƚŚĞĮŶĂŶĐŝĂůƌŝƐŬƐ͗ŵĂƌŬĞƚƌŝƐŬ͕ĐƌĞĚŝƚƌŝƐŬĂŶĚ ůŝƋƵŝĚŝƚLJƌŝƐŬ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ153 a) Market Risk  DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐŽĨĂĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŝůůŇƵĐƚƵĂƚĞ ďĞĐĂƵƐĞŽĨĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐ͘DĂƌŬĞƚƌŝƐŬĐŽŵƉƌŝƐĞƐ&ŽƌĞŝŐŶƵƌƌĞŶĐLJZŝƐŬĂŶĚ/ŶƚĞƌĞƐƚƌĂƚĞ ƌŝƐŬ͘&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂīĞĐƚĞĚďLJŵĂƌŬĞƚƌŝƐŬŝŶĐůƵĚĞƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂLJĂďůĞĂŶĚŽƚŚĞƌ ŶŽŶĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘ (i) Foreign Currency Risk  dŚĞĐŽŵƉĂŶLJŽƉĞƌĂƚĞĚŝŶƚĞƌŶĂƟŽŶĂůůLJĂŶĚŝƐĞdžƉŽƐĞĚƚŽŝŶƐŝŐŶŝĮĐĂŶƚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬ;ƐŝŶĐĞ ƌĞĐĞŝƉƚƐ Θ ƉĂLJŵĞŶƚƐ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĂƌĞ ŐĞŶĞƌĂůůLJ ŵĂƚĐŚĞĚͿ ĂƌŝƐŝŶŐ ĨŽƌŵ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƚƌĂŶƐĂĐƟŽŶƐ͕ƉƌŝŵĂƌŝůLJǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞh^Ψ͕hZK͕zE͕d͕͕>

154 | ANNUAL REPORT ϮϬϭϲͳϭϳ (i) Provision for Expected Credit Losses As At 31.03.2017 ĂͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌdƌĂĚĞZĞĐĞŝǀĂďůĞƐƵŶĚĞƌƐŝŵƉůŝĮĞĚƉƉƌŽĂĐŚ (Rs. in crore) Ageing < 6 M > 6 < 12 > 12 < 24 > 24 < 36 > 36 dŽƚĂů 'ƌŽƐƐĂƌƌLJŝŶŐ 350.15 34.58 32.40 ϳ͘ϵϯ 20.44 445.51 ŵŽƵŶƚ džƉĞĐƚĞĚƌĞĚŝƚƌĂƚĞ 0.15% 0.00% 0.00% ϴ͘ϲϳй 96.04% 4.68% džƉĞĐƚĞĚƌĞĚŝƚ 0.53 - - 0.69 19.63 20.85 ůŽƐƐĞƐ;>ŽƐƐƉƌŽǀŝƐŝŽŶ ůůŽǁĂŶĐĞͿ Gross Carrying 349.62 34.58 32.40 7.24 0.81 424.66 Amount of Trade ZĞĐĞŝǀĂďůĞƐ ďͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ WĂƌƟĐƵůĂƌƐ Assets Group Carrying Expected Expected Carrying sĂůƵĞ WƌŽďĂďŝůŝƚLJ credit Loss Amount ŽĨĞĨĂƵůƚ Net of Expected credit Loss >ŽƐƐ &ŝŶĂŶĐŝĂů ^ĞĐƵƌŝƚLJ 10.13 ϳ͘ϴϰй Ϭ͘ϳϵ 9.33 ĂůůŽǁĂŶĐĞ ĂƐƐĞƚƐĨŽƌ ĞƉŽƐŝƚƐĂŶĚ ŵĞĂƐƵƌĞĚĂƚ ǁŚŝĐŚĐƌĞĚŝƚ D >ŝĨĞdŝŵĞ> ƌŝƐŬŚĂƐ /ŶƚĞƌĞƐƚ - 100% - - ŝŶĐƌĞĂƐĞĚĂŶĚ ĐĐƌƵĞĚŽŶ ŶŽƚĐƌĞĚŝƚ ĚǀĂŶĐĞƐƚŽ ŝŵƉĂŝƌĞĚ ^ƚĂī ZĞƚĞŶƟŽŶ 154.64 8.30% 12.84 141.80 DŽŶĞLJΘ ^ĞĐƵƌŝƚLJ ĞƉŽƐŝƚ 164.77 13.63 151.13 As At 31.03.2016 ĂͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌdƌĂĚĞZĞĐĞŝǀĂďůĞƐƵŶĚĞƌƐŝŵƉůŝĮĞĚƉƉƌŽĂĐŚ Ageing < 6 M > 6 < 12 > 12 < 24 > 24 < 36 > 36 dŽƚĂů 'ƌŽƐƐĂƌƌLJŝŶŐ 485.88 ϭϵ͘ϭϳ ϭϱ͘ϳϯ 4.91 15.55 541.22 ŵŽƵŶƚ džƉĞĐƚĞĚƌĞĚŝƚƌĂƚĞ 0.00% 0.00% ϱ͘ϳϲй 0.00% 95.94% 2.92% džƉĞĐƚĞĚƌĞĚŝƚ - - 0.91 - 14.92 15.82 ůŽƐƐĞƐ;>ŽƐƐƉƌŽǀŝƐŝŽŶ ůůŽǁĂŶĐĞͿ Gross Carrying 485.88 19.17 14.82 4.91 0.63 525.40 Amount of Trade ZĞĐĞŝǀĂďůĞƐ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ155 ďͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ WĂƌƟĐƵůĂƌƐ Assets Group Carrying Expected Expected Carrying sĂůƵĞ WƌŽďĂďŝůŝƚLJ credit Loss Amount ŽĨĞĨĂƵůƚ Net of Expected credit Loss >ŽƐƐ &ŝŶĂŶĐŝĂů ^ĞĐƵƌŝƚLJ 9.58 ϭϴ͘ϲϳй ϭ͘ϳϵ ϳ͘ϳϵ ĂůůŽǁĂŶĐĞ ĂƐƐĞƚƐ ĞƉŽƐŝƚƐĂŶĚ ŵĞĂƐƵƌĞĚĂƚ ĨŽƌǁŚŝĐŚ D >ŝĨĞdŝŵĞ> ĐƌĞĚŝƚ /ŶƚĞƌĞƐƚĐĐƌƵĞĚ - 100% - - ƌŝƐŬŚĂƐ ŽŶĚǀĂŶĐĞƐƚŽ ŝŶĐƌĞĂƐĞĚ ^ƚĂī ĂŶĚŶŽƚ ZĞƚĞŶƟŽŶ ϭϴϳ͘ϴϴ ϳ͘ϰϴй 14.06 ϭϳϯ͘ϴϮ ĐƌĞĚŝƚ DŽŶĞLJΘ ŝŵƉĂŝƌĞĚ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚ 197.46 15.85 181.61 As At 01.04.2015 ĂͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌdƌĂĚĞZĞĐĞŝǀĂďůĞƐƵŶĚĞƌƐŝŵƉůŝĮĞĚƉƉƌŽĂĐŚ Ageing < 6 M > 6 < 12 > 12 < 24 > 24 < 36 > 36 dŽƚĂů 'ƌŽƐƐĂƌƌLJŝŶŐ ϯϵϱ͘ϯϳ 9.33 42.06 22.30 ϭϬ͘ϰϳ ϰϳϵ͘ϱϮ ŵŽƵŶƚ džƉĞĐƚĞĚƌĞĚŝƚƌĂƚĞ 0.12% ϳ͘ϯϳй 3.54% 14.19% 99.81% 3.39% džƉĞĐƚĞĚƌĞĚŝƚ 0.46 0.69 1.49 3.16 10.45 16.25 ůŽƐƐĞƐ;>ŽƐƐƉƌŽǀŝƐŝŽŶ ůůŽǁĂŶĐĞͿ Gross Carrying 394.91 8.64 40.57 19.14 0.02 463.27 Amount of Trade ZĞĐĞŝǀĂďůĞƐ ďͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ WĂƌƟĐƵůĂƌƐ Assets Group Carrying Expected Expected Carrying sĂůƵĞ WƌŽďĂďŝůŝƚLJ credit Loss Amount ŽĨĞĨĂƵůƚ Net of Expected credit Loss >ŽƐƐ &ŝŶĂŶĐŝĂů ^ĞĐƵƌŝƚLJ 10.91 21.80% 2.38 8.53 ĂůůŽǁĂŶĐĞ ĂƐƐĞƚƐĨŽƌ ĞƉŽƐŝƚƐĂŶĚ ŵĞĂƐƵƌĞĚĂƚ ǁŚŝĐŚĐƌĞĚŝƚ D >ŝĨĞdŝŵĞ> ƌŝƐŬŚĂƐ ZĞƚĞŶƟŽŶ ϭϲϳ͘ϯϮ 8.60% 14.38 152.94 ŝŶĐƌĞĂƐĞĚĂŶĚ DŽŶĞLJΘ ŶŽƚĐƌĞĚŝƚ ^ĞĐƵƌŝƚLJ ŝŵƉĂŝƌĞĚ ĞƉŽƐŝƚ >ŽƐƐ &ŝŶĂŶĐŝĂů /ŶǀĞƐƚŵĞŶƚΎ 5.53 100% 5.53 - ĂůůŽǁĂŶĐĞ ĂƐƐĞƚƐĨŽƌ >ŽĂŶƐΎ 25.46 100% 25.46 - ŵĞĂƐƵƌĞĚĂƚ ǁŚŝĐŚĐƌĞĚŝƚ /ŶƚĞƌĞƐƚŽŶ 0.19 100% 0.19 - >ŝĨĞdŝŵĞ> ƌŝƐŬŚĂƐ >ŽĂŶƐΎ ŝŶĐƌĞĂƐĞĚ 209.41 47.94 161.47 ĂŶĚĐƌĞĚŝƚ ŝŵƉĂŝƌĞĚ ΎƐƐĞƚƐ'ƌŽƵƉďĞůŽŶŐƐƚŽ:ŽŝŶƚsĞŶƚƵƌĞ&͕tŚŝĐŚŚĂƐďĞĞŶƐĞƩůĞĚĚƵƌŝŶŐ&zϮϬϭϱͲϭϲ

156 | ANNUAL REPORT ϮϬϭϲͳϭϳ c) Liquidity risk >ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůŶŽƚďĞĂďůĞƚŽŵĞĞƚŝƚƐĮŶĂŶĐŝĂůŽďůŝŐĂƟŽŶƐĂƐƚŚĞLJ ďĞĐŽŵĞĚƵĞ͘dŚĞŽŵƉĂŶLJŵĂŶĂŐĞƐŝƚƐůŝƋƵŝĚŝƚLJƌŝƐŬďLJĞŶƐƵƌŝŶŐ͕ĂƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ƚŚĂƚŝƚǁŝůůĂůǁĂLJƐ ŚĂǀĞƐƵĸĐŝĞŶƚůŝƋƵŝĚŝƚLJƚŽŵĞĞƚŝƚƐůŝĂďŝůŝƟĞƐǁŚĞŶĚƵĞ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐŽƌƉŽƌĂƚĞ ƚƌĞĂƐƵƌLJ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ůŝƋƵŝĚŝƚLJ͕ ĨƵŶĚŝŶŐ ĂƐ ǁĞůů ĂƐ ƐĞƩůĞŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉŽůŝĐŝĞƐ ƌĞůĂƚĞĚ ƚŽ ƐƵĐŚ ƌŝƐŬƐ ĂƌĞ ŽǀĞƌƐĞĞŶ ďLJ ƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚ͘ dŚĞƚĂďůĞďĞůŽǁƉƌŽǀŝĚĞƐĚĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƚŚĞĐŽŶƚƌĂĐƚƵĂůŵĂƚƵƌŝƟĞƐŽĨƐŝŐŶŝĮĐĂŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ĂƐĂƚϯϭDĂƌĐŚϮϬϭϳ͕ϯϭDĂƌĐŚϮϬϭϲĂŶĚϭƉƌŝůϮϬϭϱ͘ (Rs. in crore) WĂƌƟĐƵůĂƌƐ As on 31 March,2017 Less than 1 Year 1-2 years ϮzĞĂƌƐĂŶĚĂďŽǀĞ dƌĂĚĞƉĂLJĂďůĞƐ Ϯϲϳ͘ϴϬ 0.51 59.12 KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ 593.11 ϳϴ͘ϬϮ 103.05 (Rs. in crore) WĂƌƟĐƵůĂƌƐ As on 31 March, 2016 Less than 1 Year 1-2 years ϮzĞĂƌƐĂŶĚĂďŽǀĞ dƌĂĚĞƉĂLJĂďůĞƐ 301.26 3.00 64.19 KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ 544.94 ϳϰ͘ϰϱ 64.60 (Rs. in crore) WĂƌƟĐƵůĂƌƐ ƐŽŶϭƉƌŝů͕ϮϬϭϱ Less than 1 Year 1-2 years ϮzĞĂƌƐĂŶĚĂďŽǀĞ dƌĂĚĞƉĂLJĂďůĞƐ ϯϳϱ͘ϭϬ Ϯ͘ϳϱ ϰϱ͘ϳϲ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϱϳϮ͘ϳϳ 63.23 29.92 ĚͿ džĐĞƐƐŝǀĞƌŝƐŬĐŽŶĐĞŶƚƌĂƟŽŶ ŽŶĐĞŶƚƌĂƟŽŶƐ ĂƌŝƐĞ ǁŚĞŶ Ă ŶƵŵďĞƌ ŽĨ ĐŽƵŶƚĞƌƉĂƌƟĞƐ ĂƌĞ ĞŶŐĂŐĞĚ ŝŶ ƐŝŵŝůĂƌ ďƵƐŝŶĞƐƐ ĂĐƟǀŝƟĞƐ͕ Žƌ ĂĐƟǀŝƟĞƐ ŝŶ ƚŚĞ ƐĂŵĞ ŐĞŽŐƌĂƉŚŝĐĂů ƌĞŐŝŽŶ͕ Žƌ ŚĂǀĞ ĞĐŽŶŽŵŝĐ ĨĞĂƚƵƌĞƐ ƚŚĂƚ ǁŽƵůĚ ĐĂƵƐĞ ƚŚĞŝƌ ĂďŝůŝƚLJƚŽŵĞĞƚĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƟŽŶƐƚŽďĞƐŝŵŝůĂƌůLJĂīĞĐƚĞĚďLJĐŚĂŶŐĞƐŝŶĞĐŽŶŽŵŝĐ͕ƉŽůŝƟĐĂůŽƌ ŽƚŚĞƌĐŽŶĚŝƟŽŶƐ͘ŽŶĐĞŶƚƌĂƟŽŶƐŝŶĚŝĐĂƚĞƚŚĞƌĞůĂƟǀĞƐĞŶƐŝƟǀŝƚLJŽĨƚŚĞŽŵƉĂŶLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞƚŽ ĚĞǀĞůŽƉŵĞŶƚƐĂīĞĐƟŶŐĂƉĂƌƟĐƵůĂƌŝŶĚƵƐƚƌLJ͘ /Ŷ ŽƌĚĞƌ ƚŽ ĂǀŽŝĚ ĞdžĐĞƐƐŝǀĞ ĐŽŶĐĞŶƚƌĂƟŽŶƐ ŽĨ ƌŝƐŬ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ŝŶĐůƵĚĞ ƐƉĞĐŝĮĐŐƵŝĚĞůŝŶĞƐƚŽĨŽĐƵƐŽŶƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨĂĚŝǀĞƌƐŝĮĞĚƉŽƌƞŽůŝŽ͘/ĚĞŶƟĮĞĚĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨ ĐƌĞĚŝƚƌŝƐŬƐĂƌĞĐŽŶƚƌŽůůĞĚĂŶĚŵĂŶĂŐĞĚĂĐĐŽƌĚŝŶŐůLJ͘ ŝǀĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚ dŚĞĐŽŵƉĂŶLJŽďũĞĐƟǀĞƚŽŵĂŶĂŐĞŝƚƐĐĂƉŝƚĂůŝŶĂŵĂŶŶĞƌƚŽĞŶƐƵƌĞĂŶĚƐĂĨĞŐƵĂƌĚƚŚĞŝƌĂďŝůŝƚLJƚŽ ĐŽŶƟŶƵĞ ĂƐ ĂŐŽŝŶŐ ĐŽŶĐĞƌŶ ƐŽ ƚŚĂƚĐŽŵƉĂŶLJĐĂŶ ĐŽŶƟŶƵĞ ƚŽ ƉƌŽǀŝĚĞ ŵĂdžŝŵƵŵ ƌĞƚƵƌŶƐ ƚŽ ƐŚĂƌĞ ŚŽůĚĞƌƐĂŶĚďĞŶĞĮƚƚŽŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌƐ͘ƵƌƌĞŶƚůLJĐŽŵƉĂŶLJĚŽĞƐŶŽƚŚĂǀĞĂŶLJďŽƌƌŽǁŝŶŐƐ͘ &ƵƌƚŚĞƌ͕ĐŽŵƉĂŶLJŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞƚŽŵĂŬĞĂĚũƵƐƚŵĞŶƚƐŝŶůŝŐŚƚŽĨĐŚĂŶŐĞƐŝŶĞĐŽŶŽŵŝĐ ĐŽŶĚŝƟŽŶƐĂŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĮŶĂŶĐŝĂůĐŽǀĞŶĂŶƚƐ͘EŽĐŚĂŶŐĞƐǁĞƌĞŵĂĚĞŝŶƚŚĞŽďũĞĐƟǀĞƐ͕ ƉŽůŝĐŝĞƐŽƌƉƌŽĐĞƐƐĞƐŽĨŵĂŶĂŐŝŶŐĐĂƉŝƚĂůĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϳ͘ Ϯϵ͘&ŝƌƐƚͲƟŵĞĂĚŽƉƟŽŶŽĨ/ŶĚͲ^

ANNUAL REPORT ϮϬϭϲͳϭϳͮ157 dŚĞƐĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳŚĂǀĞďĞĞŶ ƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^͕ƚŚĞŽŵƉĂŶLJŚĂƐĨŽůůŽǁĞĚƚŚĞŐƵŝĚĂŶĐĞ ƉƌĞƐĐƌŝďĞĚŝŶ/ŶĚ^ϭϬϭͲ&ŝƌƐƚdŝŵĞĂĚŽƉƟŽŶŽĨ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚ͕ǁŝƚŚƉƌŝůϭ͕ϮϬϭϱĂƐƚŚĞƚƌĂŶƐŝƟŽŶĚĂƚĞ ĂŶĚ/'WĂƐƚŚĞƉƌĞǀŝŽƵƐ'W͘ dŚĞƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ŚĂƐƌĞƐƵůƚĞĚŝŶĐŚĂŶŐĞƐŝŶƚŚĞƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞ ŶŽƚĞƐƚŚĞƌĞƚŽĂŶĚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂŶĚƉƌŝŶĐŝƉůĞƐ͘dŚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƐĞƚŽƵƚŝŶEŽƚĞϭŚĂǀĞďĞĞŶĂƉƉůŝĞĚŝŶ ƉƌĞƉĂƌŝŶŐƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳĂŶĚƚŚĞĐŽŵƉĂƌĂƟǀĞŝŶĨŽƌŵĂƟŽŶ͘ džĐĞƉƟŽŶƐͬdžĞŵƉƟŽŶƐĂǀĂŝůĞĚŽŶĮƌƐƚƟŵĞĂĚŽƉƟŽŶŽĨ/ŶĚ^ϭϬϭ ϭ͘ ƐƟŵĂƚĞƐ͗  WƌĞƐĞŶƚĞƐƟŵĂƚĞƐƐŚŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚĞƐƟŵĂƚĞƐŵĂĚĞƵŶĚĞƌƚŚĞƉƌĞǀŝŽƵƐ'WƵŶůĞƐƐ͗ ŝͿ dŚĞƌĞǁĂƐĂŶĞƌƌŽƌ͕Žƌ ŝŝͿ dŚĞĞƐƟŵĂƚĞĂŶĚƌĞůĂƚĞĚŝŶĨŽƌŵĂƟŽŶƵŶĚĞƌƉƌĞǀŝŽƵƐ'WŝƐŶŽůŽŶŐĞƌƌĞůĞǀĂŶƚďĞĐĂƵƐĞƚŚĞĞŶƟƚLJĞůĞĐƚƐ ĂĚŝīĞƌĞŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐLJŽŶƚŚĞĂĚŽƉƟŽŶŽĨ/ŶĚ^͘  /ŶŽƵƌĐĂƐĞƉƌĞƐĞŶƚĞƐƟŵĂƚĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚĞƐƟŵĂƚĞƐŵĂĚĞƵŶĚĞƌƚŚĞƉƌĞǀŝŽƵƐ'W Ϯ͘ ĞͲƌĞĐŽŐŶŝƟŽŶŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗  dŚĞĐŽŵƉĂŶLJŚĂƐĞůĞĐƚĞĚƚŽĂƉƉůLJƚŚĞĚĞͲƌĞĐŽŐŶŝƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐΘĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐŝŶ /ŶĚ^ϭϬϵƉƌŽƐƉĞĐƟǀĞůLJĨŽƌƚƌĂŶƐĂĐƟŽŶƐŽĐĐƵƌƌŝŶŐŽŶŽƌĂŌĞƌƚŚĞĚĂƚĞŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^͘ ϯ͘ ůĂƐƐŝĮĐĂƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ͗  dŚĞĐŽŵƉĂŶLJŚĂƐĐůĂƐƐŝĮĞĚĂŶĚŵĞĂƐƵƌĞĚƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/ŶĚ^ϭϬϵ͕ŽŶƚŚĞďĂƐŝƐ ŽĨĨĂĐƚƐΘĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĞdžŝƐƚĂƚƚŚĞĚĂƚĞŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^͘ ϰ͘ ĞĞŵĞĚŽƐƚ;/ŶĚͲ^ϭϲΘ/ŶĚ^ϯϴͿ͗  WƌĞǀŝŽƵƐ'WĐĂƌƌLJŝŶŐǀĂůƵĞƚŽďĞĐŽŶƐŝĚĞƌĞĚĂƐ͚ĚĞĞŵĞĚĐŽƐƚ͛ĂƐŽŶƚƌĂŶƐŝƟŽŶĚĂƚĞĨŽƌWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚ ƋƵŝƉŵĞŶƚ;ĂŌĞƌĂĚũƵƐƟŶŐĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐůŝĂďŝůŝƟĞƐ͕ŝĨĂŶLJͿ͕ŝŶƚĂŶŐŝďůĞƐƐƐĞƚƐ͘ ϱ͘ /ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ;/ŶĚͲ^ϮϳͲ^ĞƉĂƌĂƚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚͿ͗  /Ŷ^ƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐƚŽďĞƌĞĐŽƌĚĞĚĂƚ ĚĞĞŵĞĚĐŽƐƚǁŚŝĐŚŝƐƉƌĞǀŝŽƵƐ'WĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂƚƚŚĂƚĚĂƚĞ͘ ϲ͘ ĞĐŽŵŵŝƐƐŝŽŶŝŶŐůŝĂďŝůŝƟĞƐŝŶĐůƵĚĞĚŝŶƚŚĞĐŽƐƚŽĨWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ;/ŶĚ^ϭϲͲWƌŽƉĞƌƚLJ͕WůĂŶƚ ĂŶĚƋƵŝƉŵĞŶƚͿ͗  ŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚƚŽŵĞĂƐƵƌĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐůŝĂďŝůŝƚLJŽŶƚŚĞĚĂƚĞŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ƉƌŽƐƉĞĐƟǀĞůLJ͘ dŚĞŽďůŝŐĂƟŽŶƐŚĂůůďĞĐĂƉŝƚĂůŝnjĞĚĂƐĂƐĞƉĂƌĂƚĞĐŽŵƉŽŶĞŶƚŽĨWW͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƟŽŶ ĨƌŽŵƚŚĞĚĂƚĞƚŚĞŽďůŝŐĂƟŽŶǁĂƐŝŶĐƵƌƌĞĚƚŽƚŚĞƚƌĂŶƐŝƟŽŶĚĂƚĞ͘dŚĞĂŵŽƵŶƚƚŽďĞĐĂƉŝƚĂůŝnjĞĚĂƐƉĂƌƚŽĨƚŚĞ ĐŽƐƚŽĨƚŚĞĂƐƐĞƚƐŚĂůůďĞĐĂůĐƵůĂƚĞĚďLJĚŝƐĐŽƵŶƟŶŐƚŚĞůŝĂďŝůŝƚLJďĂĐŬƚŽƚŚĞĚĂƚĞƚŚĞŽďůŝŐĂƟŽŶŝŶŝƟĂůůLJĂƌŽƐĞ ƵƐŝŶŐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨƚŚĞŚŝƐƚŽƌŝĐĂůƌŝƐŬĂĚũƵƐƚĞĚĚŝƐĐŽƵŶƚƌĂƚĞƐ͘dŚĞĂƐƐŽĐŝĂƚĞĚĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƟŽŶ ƐŚĂůůďĞĐĂůĐƵůĂƚĞĚďLJĂƉƉůLJŝŶŐƚŚĞĐƵƌƌĞŶƚĞƐƟŵĂƚĞŽĨƚŚĞƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚ͕ƵƐŝŶŐƚŚĞĞŶƟƚLJ͛ƐĚĞƉƌĞĐŝĂƟŽŶ ƉŽůŝĐLJĨŽƌƚŚĞĂƐƐĞƚ͘ ϳ͘ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞ;/ŶĚͲ^ϭϬϱͿ͗ ŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚƚŽŵĞĂƐƵƌĞƐƵĐŚĂƐƐĞƚƐĂƚƚƌĂŶƐŝƟŽŶĚĂƚĞĂƚůŽǁĞƌŽĨĐĂƌƌLJŝŶŐǀĂůƵĞĂŶĚĨĂŝƌǀĂůƵĞĂŶĚ ĚŝīĞƌĞŶĐĞ͕ŝĨĂŶLJ͕ƐŚĂůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͘

158 | ANNUAL REPORT ϮϬϭϲͳϭϳ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƋƵŝƚLJĂƐĂƚϭƐƚƉƌŝůϮϬϭϱ;ĂƚƚŚĞĚĂƚĞŽĨdƌĂŶƐŝƟŽŶͿ (Rs. in crore) WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP) * Adjustments /E^ Notes /͘ ^^d^ 1 Non-current assets ;ĂͿ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ 9 155.02 10.45 ϭϲϱ͘ϰϳ ;ďͿ ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ 0.38 - 0.38 ;ĐͿ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ ϮϳϬ͘ϰϬ - ϮϳϬ͘ϰϬ ;ĚͿ KƚŚĞƌ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ 0.03 - 0.03 ;ĞͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ 1.01 - 1.01 ;ĨͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ - - ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ ϳ͕ϭϰ ϰϬϳ͘ϳϵ 0.30 408.09 ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ 5 50.01 ;ϱ͘ϯϬͿ ϰϰ͘ϳϭ ;ŝŝŝͿ>ŽĂŶƐ 134.31 - 134.31 ;ŝǀͿKƚŚĞƌƐ 5 5.39 ;Ϭ͘ϱϮͿ ϰ͘ϴϳ ;ŐͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;EĞƚͿ 3 Ϯϳϰ͘ϯϭ ;ϱ͘ϳϲͿ 268.55 ;ŚͿ KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ Ϯ͕ϱ 245.33 3.09 248.42 ϭ͕ϱϰϯ͘ϵϴ 2.26 ϭ͕ϱϰϲ͘Ϯϰ 2 Current assets ;ĂͿ /ŶǀĞŶƚŽƌŝĞƐ 9 114.29 0.14 114.43 ;ďͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ - ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ 68.39 - 68.39 ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϱϳϭ͘ϱϬ - ϱϳϭ͘ϱϬ ;ŝŝŝͿĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭ͕ϭϴϵ͘Ϭϰ ;Ϭ͘ϬϵͿ ϭ͕ϭϴϴ͘ϵϱ ;ŝǀͿĂŶŬĂůĂŶĐĞƐŽƚŚĞƌƚŚĂŶ;ŝŝŝͿĂďŽǀĞ Ϯ͕ϬϯϮ͘ϰϯ - Ϯ͕ϬϯϮ͘ϰϯ ;ǀͿ>ŽĂŶƐ 9 20.41 - 20.41 ;ǀŝͿKƚŚĞƌƐ ϭϰϴ͘ϰϳ - ϭϰϴ͘ϰϳ ;ĐͿ ƵƌƌĞŶƚdĂdžƐƐĞƚƐ;EĞƚͿ ϭϮ͘ϴϳ - ϭϮ͘ϴϳ ;ĚͿ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ 5 806.85 0.20 ϴϬϳ͘Ϭϱ ϰ͕ϵϲϰ͘Ϯϱ 0.25 ϰ͕ϵϲϰ͘ϱϬ dŽƚĂůƐƐĞƚƐ 6,508.23 2.51 6,510.74 //͘ Yh/dzE>//>/d/^ 1 Equity ;ĂͿ ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 - 19.80 ;ďͿ KƚŚĞƌƋƵŝƚLJ ϯ͕ϯϯϯ͘ϳϭ 168.31 ϯ͕ϱϬϮ͘ϬϮ ϯ͕ϯϱϯ͘ϱϭ 168.31 ϯ͕ϱϮϭ͘ϴϮ 2 >ŝĂďŝůŝƟĞƐ (i) EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿdƌĂĚĞWĂLJĂďůĞƐ 6 8.38 ;Ϭ͘ϰϴͿ ϳ͘ϵϬ ;ŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ ϭϬϮ͘ϯϳ ;Ϯϭ͘ϰϳͿ 80.90 ;ďͿ WƌŽǀŝƐŝŽŶƐ ϴ͕ϵ 351.03 ;ϭϭ͘ϮϳͿ ϯϯϵ͘ϳϲ ;ĐͿ KƚŚĞƌEŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƚLJ 6 69.24 15.84 85.08 531.02 ;ϭϳ͘ϯϴͿ 513.64

ANNUAL REPORT ϮϬϭϲͳϭϳͮ159 WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP) * Adjustments /E^ Notes ii ƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿdƌĂĚĞƉĂLJĂďůĞƐ Ϯ͕ϵ 450.85 ;ϯ͘ϭϱͿ ϰϰϳ͘ϳϬ ;ŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ϯ͕ϵ͕ϭϰ ϱϮϰ͘ϳϵ 0.53 525.32 ;ďͿ KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ Ϯ͕ϲ͕ϵ ϭ͕ϬϴϬ͘ϲϬ ;ϭϯ͘ϭϲͿ ϭ͕Ϭϲϳ͘ϰϰ ;ĐͿ WƌŽǀŝƐŝŽŶƐ ϭ͕Ϯ͕ϵ 451.04 ;ϭϯϮ͘ϲϰͿ 318.40 ;ĚͿ ƵƌƌĞŶƚdĂdžůŝĂďŝůŝƚLJ;EĞƚͿ 116.42 - 116.42 Ϯ͕ϲϮϯ͘ϳϬ ;ϭϰϴ͘ϰϮͿ Ϯ͕ϰϳϱ͘Ϯϴ dŽƚĂůƋƵŝƚLJĂŶĚ>ŝĂďŝůŝƟĞƐ 6,508.23 2.51 6,510.74 ΎdŚĞƉƌĞǀŝŽƵƐ'WĮŐƵƌĞƐŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚƚŽĐŽŶĮƌŵƚŽ/ŶĚͲ^ƉƌĞƐĞŶƚĂƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ƚŚŝƐŶŽƚĞ͘ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƋƵŝƚLJĂƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϲ (Rs. in crore) WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP) * Adjustments /E^ Notes /͘ ^^d^ 1 Non-current assets ;ĂͿ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ 9 140.22 6.18 146.40 ;ďͿ ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ 1.50 - 1.50 ;ĐͿ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ Ϯϳϴ͘ϭϴ 0.01 Ϯϳϴ͘ϭϵ ;ĚͿ KƚŚĞƌ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ 0.10 0.00 0.10 ;ĞͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ 1.01 ;Ϭ͘ϬϬͿ 1.01 ;ĨͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ - ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ ϳ͕ϭϰ 604.99 0.29 605.28 ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ 5 2.81 ;Ϭ͘ϮϳͿ 2.54 ;ŝŝŝͿ>ŽĂŶƐ ϴϱ͘ϳϯ 0.00 ϴϱ͘ϳϯ ;ŝǀͿKƚŚĞƌƐ 5 84.90 ;Ϭ͘ϲϳͿ 84.23 ;ŐͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;EĞƚͿ 3 222.03 0.28 222.31 ;ŚͿ KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ 5 250.05 ;Ϭ͘ϲϱͿ 249.40 ϭ͕ϲϳϭ͘ϱϮ ϱ͘ϭϳ ϭ͕ϲϳϲ͘ϲϵ 2 Current assets ;ĂͿ /ŶǀĞŶƚŽƌŝĞƐ 9 140.63 ;Ϭ͘ϬϮͿ 140.61 ;ďͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ - ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ 12 ϭϯϳ͘ϱϮ 0.50 138.02 ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ 5 ϳϬϬ͘ϲϲ ;ϯ͘ϵϳͿ 696.69 ;ŝŝŝͿĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ϯ͕ϰϱϳ͘Ϭϱ ;Ϭ͘ϬϯͿ Ϯ͕ϰϱϳ͘ϬϮ ;ŝǀͿĂŶŬĂůĂŶĐĞƐŽƚŚĞƌƚŚĂŶ;ŝŝŝͿĂďŽǀĞ Ϯ͕Ϭϵϲ͘Ϭϴ ;Ϭ͘ϬϬͿ Ϯ͕Ϭϵϲ͘Ϭϴ ;ǀͿ>ŽĂŶƐ 9 3.95 0.00 3.95 ;ǀŝͿKƚŚĞƌƐ Ϯ͕ϵ ϮϬϳ͘Ϭϯ 0.41 ϮϬϳ͘ϰϰ ;ĐͿ ƵƌƌĞŶƚdĂdžƐƐĞƚƐ;EĞƚͿ 18.98 ;Ϭ͘ϬϬͿ 18.98 ;ĚͿ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ Ϯ͕ϱ͕ϵ͕ϭϬ 694.96 6.35 ϳϬϭ͘ϯϭ ϲ͕ϰϱϲ͘ϴϲ 3.24 ϲ͕ϰϲϬ͘ϭϬ dŽƚĂůƐƐĞƚƐ 8,128.38 8.41 8,136.79

160 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP) * Adjustments /E^ Notes //͘ Yh/dzE>//>/d/^ 1 Equity ;ĂͿ ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 - 19.80 ;ďͿ KƚŚĞƌƋƵŝƚLJ ϯ͕ϱϭϬ͘ϰϲ ϭϯϲ͘ϳϱ ϯ͕ϲϰϳ͘Ϯϭ ϯ͕ϱϯϬ͘Ϯϲ ϭϯϲ͘ϳϱ ϯ͕ϲϲϳ͘Ϭϭ 2 >ŝĂďŝůŝƟĞƐ (i) EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿdƌĂĚĞWĂLJĂďůĞƐ 6 5.82 ;Ϭ͘ϭϵͿ 5.63 ;ŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ 143.80 ;ϯϮ͘ϵϬͿ 110.90 ;ďͿ WƌŽǀŝƐŝŽŶƐ 8 155.54 ;ϱ͘ϳϲͿ ϭϰϵ͘ϳϴ ;ĐͿ KƚŚĞƌEŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƚLJ 6 936.21 20.40 956.61 ϭ͕Ϯϰϭ͘ϯϳ ;ϭϴ͘ϰϱͿ ϭ͕ϮϮϮ͘ϵϮ (ii) ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿdƌĂĚĞƉĂLJĂďůĞƐ Ϯ͕ϲ͕ϵ 406.63 ;Ϭ͘ϳϴͿ 405.85 ;ŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ϯ͕ϲ͕ϵ͕ϭϰ 510.20 ;ϭ͘ϱϰͿ 508.66 ;ďͿ KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ Ϯ͕ϲ͕ϵ ϭ͕ϵϬϵ͘ϳϲ ϳ͘ϮϬ ϭ͕ϵϭϲ͘ϵϲ ;ĐͿ WƌŽǀŝƐŝŽŶƐ ϭ͕Ϯ͕ϵ 468.91 ;ϭϭϰ͘ϳϳͿ 354.14 ;ĚͿ ƵƌƌĞŶƚdĂdžůŝĂďŝůŝƚLJ;EĞƚͿ 61.25 0.00 61.25 ϯ͕ϯϱϲ͘ϳϱ ;ϭϬϵ͘ϴϵͿ ϯ͕Ϯϰϲ͘ϴϲ dŽƚĂůƋƵŝƚLJĂŶĚ>ŝĂďŝůŝƟĞƐ 8,128.38 8.41 8,136.79 ΎdŚĞƉƌĞǀŝŽƵƐ'WĮŐƵƌĞƐŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚƚŽĐŽŶĮƌŵƚŽ/ŶĚͲ^ƉƌĞƐĞŶƚĂƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ƚŚŝƐŶŽƚĞ͘ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϲ (Rs. in crore) WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP)* Adjustments /E^ Notes /͘ ZĞǀĞŶƵĞ͗ ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ Ϯ͕ϵ Ϯ͕Ϯϵϵ͘ϭϬ 15.49 Ϯ͕ϯϭϰ͘ϱϵ ĚĚ͗ͲŽŵƉĂŶLJƐŚĂƌĞŽĨƚƵƌŶŽǀĞƌŝŶ 103.92 - 103.92 /ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚKƉĞƌĂƟŽŶƐ Ϯ͕ϰϬϯ͘ϬϮ 15.49 Ϯ͕ϰϭϴ͘ϱϭ //͘ KƚŚĞƌŝŶĐŽŵĞ Ϯ͕ϱ͕ϲ͕ ϯϵϳ͘ϳϬ 43.88 441.58 ϳ͕ϭϬ͕ ϭϭ͕ϭϮ͕ϭϰ ///͘ dŽƚĂů/ŶĐŽŵĞ;/н//Ϳ Ϯ͕ϴϬϬ͘ϳϮ ϱϵ͘ϯϳ Ϯ͕ϴϲϬ͘Ϭϵ /s͘ džƉĞŶƐĞƐ͗ KƉĞƌĂƟŶŐdžƉĞŶƐĞƐ Ϯ͕ϴ͕ϵ ϭ͕ϴϵϰ͘Ϯϯ ;ϲ͘ϭϲͿ ϭ͕ϴϴϴ͘Ϭϳ ŵƉůŽLJĞĞďĞŶĞĮƚƐĞdžƉĞŶƐĞƐ ϰ͕ϵ ϭϳϰ͘ϯϬ ϭ͘ϵϳ ϭϳϲ͘Ϯϳ &ŝŶĂŶĐĞĐŽƐƚƐ ϱ͕ϲ͕ϵ 16.52 Ϯϲ͘ϲϳ 43.19 ĞƉƌĞĐŝĂƟŽŶ͕ĂŵŽƌƟnjĂƟŽŶĂŶĚ 9 26.18 2.04 28.22 ŝŵƉĂŝƌŵĞŶƚ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ161 (Rs. in crore) WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP)* Adjustments /E^ Notes KƚŚĞƌdžƉĞŶƐĞƐ;ĚŵŝŶŝƐƚƌĂƟǀĞͿ 2.9 25.08 ;Ϭ͘ϯϰͿ Ϯϰ͘ϳϰ WƌŽƉŽƌƟŽŶĂƚĞƐŚĂƌĞŽĨĞdžƉĞŶƐĞƐŝŶ ϵϳ͘Ϯϱ ;Ϭ͘ϬϭͿ ϵϳ͘Ϯϰ /ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚKƉĞƌĂƟŽŶƐ dŽƚĂůdžƉĞŶƐĞƐ;/sͿ͘ Ϯ͕Ϯϯϯ͘ϱϲ Ϯϰ͘ϭϳ Ϯ͕Ϯϱϳ͘ϳϯ s͘ WƌŽĮƚͬ;ůŽƐƐͿĞĨŽƌĞĞdžĐĞƉƟŽŶĂůŝƚĞŵƐ ϱϲϳ͘ϭϲ 35.21 602.36 and Tax (III - IV) s/͘ džĐĞƉƟŽŶĂůŝƚĞŵƐ --- s//͘ WƌŽĮƚͬ;>ŽƐƐͿďĞĨŽƌĞƚĂdž;sͲs/Ϳ ϱϲϳ͘ϭϲ 35.21 602.36 s///͘ dĂdžĞdžƉĞŶƐĞ͗ ;ϭͿƵƌƌĞŶƚƚĂdž Ͳ&ŽƌƚŚĞLJĞĂƌ 13 130.62 19.43 150.05 Ͳ&ŽƌĞĂƌůŝĞƌLJĞĂƌƐ;ŶĞƚͿ 4.98 - 4.98 ;ϮͿĞĨĞƌƌĞĚƚĂdž;ŶĞƚͿ 52.29 - 52.29 dŽƚĂůdĂdždžƉĞŶƐĞ;s///Ϳ ϭϴϳ͘ϴϵ 19.43 ϮϬϳ͘ϯϮ /y WƌŽĮƚͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌĨƌŽŵĐŽŶƟŶƵŝŶŐ ϯϳϵ͘Ϯϳ ϭϱ͘ϳϳ 395.04 ŽƉĞƌĂƟŽŶ;s//Ͳs///Ϳ y Other Comprehensive Income A. ;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽ 4 - 1.32 1.32 ƉƌŽĮƚŽƌůŽƐƐ ;ŝŝͿ/ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůů 13 - ;Ϭ͘ϰϲͿ ;Ϭ͘ϰϲͿ ŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ B.;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽ 9 - ;ϱϳ͘ϰϲͿ ;ϱϳ͘ϰϲͿ ƉƌŽĮƚŽƌůŽƐƐ ;ŝŝͿ/ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůů 13 - 25.94 25.94 ďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ Other Comprehensive Income - (30.66) (30.66) y/ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞ 379.27 (14.89) 364.38 LJĞĂƌ;/yнyͿ;ŽŵƉƌŝƐŝŶŐƉƌŽĮƚĂŶĚŽƚŚĞƌ comprehensive income for the year) y// ĂƌŶŝŶŐƐWĞƌƋƵŝƚLJ^ŚĂƌĞ͗ ;&ŽƌŽŶƟŶƵŝŶŐKƉĞƌĂƟŽŶͿ ;ϭͿĂƐŝĐ 38.32 ;ϭ͘ϱϬͿ 36.81 ;ϮͿŝůƵƚĞĚ 38.32 ;ϭ͘ϱϬͿ 36.81 ΎdŚĞƉƌĞǀŝŽƵƐ'WĮŐƵƌĞƐŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚƚŽĐŽŶĮƌŵƚŽ/ŶĚͲ^ƉƌĞƐĞŶƚĂƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ƚŚŝƐŶŽƚĞ͘ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨdŽƚĂůƋƵŝƚLJĂƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϲĂŶĚϭƐƚƉƌŝůϮϬϭϱ (Rs in crore) WĂƌƟĐƵůĂƌƐ Note No. 31 March 2016 ϬϭƉƌŝůϮϬϭϱ ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 19.80 KƚŚĞƌƋƵŝƚLJ ϯ͕ϱϭϬ͘ϰϲ ϯ͕ϯϯϯ͘ϳϭ dŽƚĂůƋƵŝƚLJ;ƐŚĂƌĞŚŽůĚĞƌΖƐĨƵŶĚͿĂƐƉĞƌ 3,530.26 3,353.51 ƉƌĞǀŝŽƵƐ'W Adjustments ĂƌƌLJĨŽƌǁĂƌĚŽĨ/ŵƉĂĐƚŽŶƚŚĞĚĂƚĞŽĨ 168.31 - ƚƌĂŶƐŝƟŽŶ

162 | ANNUAL REPORT ϮϬϭϲͳϭϳ (Rs in crore) WĂƌƟĐƵůĂƌƐ Note No. 31 March 2016 ϬϭƉƌŝůϮϬϭϱ WƌŝŽƌƉĞƌŝŽĚĚũƵƐƚŵĞŶƚ 2 - 20.13 WƌŽƉŽƐĞĚŝǀŝĚĞŶĚĂŶĚĚŝǀŝĚĞŶĚdĂdžƚŚĞƌĞŽŶ 1 ϭϬϳ͘Ϯϯ - 15-16 WƌŽƉŽƐĞĚŝǀŝĚĞŶĚĂŶĚĚŝǀŝĚĞŶĚdĂdžƚŚĞƌĞŽŶ 1 ;ϭϮϯ͘ϵϬͿ 123.90 14-15 ĚũƵƐƚŵĞŶƚĨŽƌ>ĞĂƐĞ/ŶĐŽŵĞ 10 - 0.10 &ĂŝƌsĂůƵĂƟŽŶŽĨŽŶĚƐĂƚŵŽƌƟƐĞĚŽƐƚ ϳ - 0.02 ŝƐĐŽƵŶƟŶŐŽĨWƌŽǀŝƐŝŽŶƐ 8 - 20.53 džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶdƌĂŶƐůĂƟŽŶ 9 - 3.63 /ŵƉĂĐƚŽĨWƌŽĮƚŽƌůŽƐƐŝŶĐůƵĚŝŶŐK/ĚƵƌŝŶŐ ;ϭϰ͘ϴϵͿ 136.75 - 168.31 2015-16 dŽƚĂůƋƵŝƚLJ;ƐŚĂƌĞŚŽůĚĞƌΖƐĨƵŶĚͿĂƐƉĞƌ/ŶĚͲ^ 3,667.01 3,521.82 ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 19.80 KƚŚĞƌƋƵŝƚLJ 3,647.21 3,502.02 ZĞĐŽŶĐŝůŝĂƟŽŶŽĨdŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϲ (Rs in crore) WĂƌƟĐƵůĂƌƐ Note No. 31 March 2016 WƌŽĮƚĂŌĞƌƚĂdžĂƐƉĞƌƉƌĞǀŝŽƵƐ'W 379.27 ĚũƵƐƚŵĞŶƚƐ͗ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨWŽƐƚŵƉůŽLJŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶƐ 4 1.32 dĂdžīĞĐƚŽŶĂĚũƵƐƚŵĞŶƚĨŽƌƌĞŵĞĂƐƵƌĞŵĞŶƚŽĨWŽƐƚ 13 ;Ϭ͘ϰϲͿ ŵƉůŽLJŵĞŶƚĞŶĞĮƚŽďůŝŐĂƟŽŶƐ WƌŝŽƌWĞƌŝŽĚĚũƵƐƚŵĞŶƚ 2 ;ϭϯ͘ϱϮͿ /ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶƵŶǁŝŶĚŝŶŐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ 5 3.98 ŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ ϲ͕ϭϰ 11.92 /ŶƚĞƌĞƐƚdžƉĞŶƐĞŽŶƵŶǁŝŶĚŝŶŐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ 6 ;ϭϬ͘ϵϱͿ ŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ 5 ;ϰ͘ϭϱͿ ĚũƵƐƚŵĞŶƚĨŽƌ>ĞĂƐĞ/ŶĐŽŵĞ 10 0.14 /ŶĐŽŵĞĨƌŽŵDƵƚƵĂů&ƵŶĚƐ 12 0.50 /ŶƚĞƌĞƐƚ/ŶĐŽŵĞŽŶŽŶĚƐ ϳ ;Ϭ͘ϬϭͿ hŶǁŝŶĚŝŶŐŽĨĚŝƐĐŽƵŶƚŽŶƉƌŽǀŝƐŝŽŶƐ 8 ;ϭϭ͘ϱϮͿ ŝƐĐŽƵŶƟŶŐŽĨĂĚĚŝƟŽŶŽĨƉƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐϮϬϭϱͲϭϲ 8 9.42 džĐŚĂŶŐĞŐĂŝŶĂŶĚĚĞĨĞƌƌĞĚƚĂdž ϭϯ͕ϵ 29.10 15.77 WƌŽĮƚĂŌĞƌƚĂdžĂƐƉĞƌ/ŶĚͲ^ 395.04 Other comprehensive Income ;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚůŽƐƐ 0.86 ;ŝŶĐůƵĚŝŶŐƚĂdžͿ ;ŝŝͿ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚůŽƐƐ;ŝŶĐůƵĚŝŶŐ ;ϯϭ͘ϱϮͿ ;ϯϬ͘ϲϲͿ ƚĂdžͿ dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐƉĞƌ/ŶĚͲ^ 364.38 &ŽŽƚEŽƚĞƐ͗Ͳ 1. Proposed Dividend  ŽŵƉĂŶLJǁŝůůƌĞĐŽŐŶŝƐĞĂůŝĂďŝůŝƚLJĨŽƌĚŝǀŝĚĞŶĚ;ŝŶĐůƵĚŝŶŐĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂdžͿŝŶƚŚĞƉĞƌŝŽĚǁŚĞŶƚŚĞĚŝǀŝĚĞŶĚ ĂƌĞĂƉƉƌŽǀĞĚďLJƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ͘dŚĞƌĞĨŽƌĞƉƌŽǀŝƐŝŽŶŵĂĚĞĨŽƌƉƌŽƉŽƐĞĚĚŝǀŝĚĞŶĚĂƐƉĞƌ'WĂƐĂƚϯϭͲϯͲϮϬϭϲ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ163 ŽĨZƐ͘ϭϬϳ͘ϮϮĐƌŽƌĞĂŶĚĂƐĂƚϭͲƉƌŝůϮϬϭϱŽĨZƐϭϮϯ͘ϵϬĐƌŽƌĞŝŶĐůƵĚŝŶŐdŚĂƐďĞĞŶƌĞǀĞƌƐĞĚĂŶĚŬĞĚŝŶƚŚĞ LJĞĂƌŝŶǁŚŝĐŚŝƚǁĂƐĚĞĐůĂƌĞĚďLJƐŚĂƌĞŚŽůĚĞƌŝŶ'D͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞŝƐĚĞĐƌĞĂƐĞŝŶƉƌŽǀŝƐŝŽŶƐďLJZƐϭϬϳ͘ϮϮĐƌŽƌĞ ĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲĂŶĚďLJZƐϭϮϯ͘ϵϬĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐďLJĂŶ ĞƋƵŝǀĂůĞŶƚĂŵŽƵŶƚ͘ 2. Prior Period  hŶĚĞƌ/ŶĚͲ^ϴ͕ĐĐŽƵŶƟŶŐWŽůŝĐŝĞƐ͕ĐŚĂŶŐĞŝŶĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐĂŶĚĞƌƌŽƌƐ͕ŵĂƚĞƌŝĂůƉƌŝŽƌƉĞƌŝŽĚĞƌƌŽƌƐŚĂůů ďĞĐŽƌƌĞĐƚĞĚďLJƌĞƚƌŽƐƉĞĐƟǀĞƌĞƐƚĂƚĞŵĞŶƚ͘WƌŝŽƌƉĞƌŝŽĚŝŶĐŽŵĞŽĨZƐϮϬ͘ϱϰĐƌŽƌĞǁĂƐƌĞĐŽŐŶŝƐĞĚŝŶ&zϮϬϭϱͲϭϲ ŚĂƐďĞĞŶƌĞƐƚĂƚĞĚĂƐĂƚϭƉƌŝůϮϬϭϱ͕dŚŝƐƌĞƐƚĂƚĞŵĞŶƚƌĞƐƵůƚŝŶƚŽŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐ ŝŶĐƌĞĂƐĞŝŶƐƐĞƚƐͬ>ŝĂďŝůŝƟĞƐďLJZƐ͘ϮϬ͘ϱϰĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱ͘  WƌŝŽƌƉĞƌŝŽĚŝŶĐŽŵĞŽĨZƐϳ͘ϬϯĐƌŽƌĞĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϳŚĂƐďĞĞŶƌĞǀĞƌƐĞĚĚƵƌŝŶŐ&zϮϬϭϲͲϭϳ͕ŽƵƚ ŽĨǁŚŝĐŚĞdžƉĞŶƐĞƐŽĨZƐϬ͘ϰϮĐƌŽƌĞĂĚũƵƐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŝŶŽƉĞŶŝŶŐďĂůĂŶĐĞƐŚĞĞƚĂŶĚŝŶĐŽŵĞŽĨZƐ͘ϳ͘ϰϱ ĐƌŽƌĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶ&zϮϬϭϱͲϭϲǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŝŶƐƐĞƚƐͬ>ŝĂďŝůŝƟĞƐ͘;ĨŽƌĚĞƚĂŝůƐ ƌĞĨĞƌŶŽƚĞϮϳͿ 3. Deferred Tax  ƐƉĞƌ/ŶĚͲ^ĐŽŵƉĂŶLJŚĂƐƌĞĐŽŐŶŝƐĞĚƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽĨZƐ͘ϮϮϮ͘ϯϭĐƌŽƌĞĂƐĂƚϯϭͲDĂƌĐŚϮϬϭϲĂŶĚŽĨZƐ͘ Ϯϲϴ͘ϱϱĐƌŽƌĞĂƐĂƚϭƉƌŝůϮϬϭϱ͕ƚŚĞƌĞĨŽƌĞƚŚĞƌĞŝƐŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐďLJZƐ͘ϲ͘ϬϱĐƌŽƌĞĂƐĂƚϯϭͲDĂƌĐŚ ϮϬϭϲĂŶĚŽĨZƐ͘ϱ͘ϳϲĐƌŽƌĞĂƐĂƚϭƉƌŝůϮϬϭϱ͘ ϰ͘ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĞĮŶĞĚďĞŶĞĮƚƐWůĂŶƐ  hŶĚĞƌ/ŶĚͲ^ĐƚƵĂƌŝĂůŐĂŝŶΘ;ůŽƐƐͿ͕ĂŶĚŝƚƐƚĂdžĐŽŵƉŽŶĞŶƚŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ ƵŶĚĞƌƉƌĞǀŝŽƵƐ'W͕ƚŚĞƐĞĐƚƵĂƌŝĂůŐĂŝŶΘ;ůŽƐƐͿĂƌĞďĞĐŽŵĞƉĂƌƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͕ǁŚŝĐŚƌĞƐƵůƚŝŶƚŽĚĞĐƌĞĂƐĞ ŝŶĞŵƉůŽLJĞĞďĞŶĞĮƚĞdžƉĞŶƐĞƐĂŶĚŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞďLJZƐ͘ϭ͘ϯϮĐƌŽƌĞ͕ŚŽǁĞǀĞƌƚŚĞƌĞŝƐŶŽ ŝŵƉĂĐƚŽŶƋƵŝƚLJ͘ ϱ͘ &ŝŶĂŶĐŝĂůƐƐĞƚƐ  ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐͬZĞƚĞŶƟŽŶDŽŶĞLJŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘Ϯ͘ϱϰĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;Ăƚ ĨĂŝƌǀĂůƵĞŽĨZƐ͘ϰϰ͘ϳϭĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘Ϭ͘ϮϳĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘ϱ͘ϯϬĐƌŽƌĞ ĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚƌĞĐŽŐŶŝƐĞĚĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ͘  ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐǁŝƚŚŐŽǀĞƌŶŵĞŶƚĂŶĚŽƚŚĞƌƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘ϯϯ͘ϭϴĐƌŽƌĞĂƚϯϭͲϬϯͲ ϮϬϭϲ;ĂƚĨĂŝƌǀĂůƵĞŽĨZƐ͘ϭ͘ϯϵĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘Ϭ͘ϲϳĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘Ϭ͘ϱϮ ĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ͘  EĞƚŝŵƉĂĐƚŽŶŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐŝƐZƐϬ͘ϲϲĐƌŽƌĞ;ĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐϯ͘ϬϵĐƌŽƌĞͿĂŶĚŝŶĐƵƌƌĞŶƚĂƐƐĞƚƐďLJZƐ ϲ͘ϯϱĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐϬ͘ϮϬĐƌŽƌĞͿĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲŝŶĐůƵĚŝŶŐƉƌŝŽƌƉĞƌŝŽĚĂĚũƵƐƚŵĞŶƚƐĂŶĚƚƌĂŶƐůĂƟŽŶ ĚŝīĞƌĞŶĐĞƐĂŶĚŽƚŚĞƌ/ŶĚͲ^ĂĚũƵƐƚŵĞŶƚƐ͘  ƵƌŝŶŐƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϱͲϭϲ͕ĐŽŵƉĂŶLJŚĂĚƌĞĐŽŐŶŝƐĞĚŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽĨZƐ͘ϯ͘ϵϴĐƌŽƌĞŽŶƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐ ĂŶĚĂŵŽƌƟƐĞĚZƐ͘ϰ͘ϭϱĐƌŽƌĞĨƌŽŵĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ͘dŚŝƐŚĂƐƌĞƐƵůƚĞĚŝŶƚŽĚĞĐƌĞĂƐĞŝŶƉƌŽĮƚďLJZƐϬ͘ϭϴĐƌŽƌĞ͘ ϲ͘ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ  dƌĂĚĞƉĂLJĂďůĞƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘ϰϭϭ͘ϰϴĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ĂƐĂƚĨĂŝƌǀĂůƵĞŽĨ ZƐ͘ϰϱϱ͘ϲϬĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘Ϭ͘ϵϳĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘ϯ͘ϲϯĐƌŽƌĞĂƐĂƚϬϭͲ ϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐŝŶŽƚŚĞƌůŝĂďŝůŝƟĞƐ͘;ĂďŽǀĞĮŐƵƌĞƐŝŶĐůƵĚĞĚďŽƚŚĐƵƌƌĞŶƚĂŶĚŶŽŶ ĐƵƌƌĞŶƚͿ  ĞƉŽƐŝƚƐĂŶĚZĞƚĞŶƟŽŶŵŽŶĞLJŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘ϲϭ͘ϵϰĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ĂƚĨĂŝƌ

164 | ANNUAL REPORT ϮϬϭϲͳϭϳ ǀĂůƵĞŽĨZƐ͘ϲϬ͘ϱϵĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘ϯϰ͘ϱϳĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘ϯ͘ϲϯĐƌŽƌĞĂƐ ĂƚϬϭͲϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚĂƐĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐŝŶŽƚŚĞƌůŝĂďŝůŝƟĞƐ͘;ĂďŽǀĞĮŐƵƌĞƐŝŶĐůƵĚĞĚďŽƚŚĐƵƌƌĞŶƚĂŶĚ ŶŽŶĐƵƌƌĞŶƚͿ  EĞƚŝŵƉĂĐƚŽŶŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐŝƐZƐϮϬ͘ϰϬĐƌŽƌĞĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲ;ĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐ͘ϭ͘ϱϴĐƌŽƌĞͿĂŶĚ ŝŶĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐďLJZƐϳ͘ϮϭĐƌŽƌĞĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲ;ĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐ͘ϭϯ͘ϬϳĐƌŽƌĞͿŝŶĐůƵĚŝŶŐƉƌŝŽƌƉĞƌŝŽĚ ĂĚũƵƐƚŵĞŶƚƐĂŶĚƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞƐ͘  ƵƌŝŶŐ ĮŶĂŶĐŝĂů LJĞĂƌ ϮϬϭϱͲϭϲ͕ ĐŽŵƉĂŶLJ ƌĞĐŽŐŶŝƐĞĚ ŝŶƚĞƌĞƐƚ ĐŽƐƚ ŽĨ ZƐ͘ ϭϬ͘ϵϰ ĐƌŽƌĞ ŽŶ ĮŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ ĂŶĚ ĂŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐZƐ͘ϭϭ͘ϳϲĐƌŽƌĞ͘EĞƚŝŵƉĂĐƚŽŶƉƌŽĮƚĂŶĚůŽƐƐŝƐZƐϬ͘ϴϮĐƌŽƌĞ͘ 7. Investments  /ŶǀĞƐƚŵĞŶƚŝŶƚĂdžĨƌĞĞďŽŶĚƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĂƐĂƚϯϭ͘ϯ͘ϮϬϭϲĂƚZƐ͘Ϯϵϭ͘ϯϵĐƌŽƌĞĂŶĚĂƐĂƚ Ϭϭ͘Ϭϰ͘ϮϬϭϱĂƚZƐϭϲϲ͘ϮϬĐƌŽƌĞǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶ/ŶƚĞƌĞƐƚŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϮϬϭϱͲϭϲďLJ ZƐϬ͘ϬϬϯĐƌŽƌĞĂŶĚŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐďLJZƐϬ͘ϬϭĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱ͘ 8. Provisions  WƌŽǀŝƐŝŽŶƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞǁŚĞƌĞƟŵĞǀĂůƵĞŽĨŵŽŶĞLJŝƐŵĂƚĞƌŝĂů͕ǁŚŝĐŚƌĞƐƵůƚŝŶƚŽĚĞĐƌĞĂƐĞ ŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱďLJZƐ͘ϮϬ͘ϱϯĐƌŽƌĞŝŶĐůƵĚŝŶŐƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶĂŶĚ ĚĞĐƌĞĂƐĞŝŶŽƚŚĞƌŽƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐĚƵƌŝŶŐƚŚĞ&zϭϱͲϭϲďLJZƐ͘ϵ͘ϰϮĐƌŽƌĞ͘;ĂďŽǀĞĮŐƵƌĞŝŶĐůƵĚĞƐĐƵƌƌĞŶƚΘŶŽŶ ĐƵƌƌĞŶƚĮŐƵƌĞͿ  /ŶƚĞƌĞƐƚĐŽƐƚŽĨZƐϭϭ͘ϱϮĐƌŽƌĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĚƵƌŝŶŐ&zϮϬϭϱͲϭϲĂƐƵŶǁŝŶĚŝŶŐŽĨĚŝƐĐŽƵŶƚŽŶƉƌŽǀŝƐŝŽŶƐ͘dŚŝƐ ŚĂƐƌĞƐƵůƚĞĚŝŶƚŽĚĞĐƌĞĂƐĞŝŶƉƌŽĮƚďLJZƐ͘Ϯ͘ϭϬĐƌŽƌĞ͘ ϵ͘ dƌĂŶƐůĂƟŽŶƚŽWƌĞƐĞŶƚĂƟŽŶƵƌƌĞŶĐLJ  džĐŚĂŶŐĞ ĚŝīĞƌĞŶĐĞ ŽĨ ĨŽƌĞŝŐŶ ďƌĂŶĐŚĞƐ ǁŚŽƐĞ ĨƵŶĐƟŽŶĂů ĐƵƌƌĞŶĐLJ ŝƐ ĚŝīĞƌĞŶƚ ĨƌŽŵ ƉƌĞƐĞŶƚĂƟŽŶ ĐƵƌƌĞŶĐLJ ŽĨ ĐŽŵƉĂŶLJ ŚĂƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂƐ Ăƚ Ϭϭ͘Ϭϰ͘ϮϬϭϱ ŽĨ ZƐ Ϯϲ͘ϱϮ ĐƌŽƌĞ ĂŶĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞ&zϮϬϭϱͲϭϲďLJZƐ;ϱϳ͘ϰϲͿĐƌŽƌĞǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŽƌĚĞĐƌĞĂƐĞŝŶ ŽƚŚĞƌĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ͘EĞƚŝŵƉĂĐƚŽŶĞƋƵŝƚLJĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱŝƐZƐϯ͘ϲϯĐƌŽƌĞ͘ 10. hŶĚĞƌ/ŶĚͲ^͕>ĞĂƐĞŝŶĐŽŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŽŶ^>DďĂƐŝƐǁŚĞƌĞŝŶĐƌĞĂƐĞŚĂƐŶŽƚŝŶůŝŶĞǁŝƚŚŐĞŶĞƌĂůŝŶŇĂƟŽŶ͕ ŝŶĐŽŵĞŽĨZƐϬ͘ϬϵĐƌŽƌĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱĂŶĚZƐϬ͘ϭϰĐƌŽƌĞŝŶŽƚŚĞƌ ŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞ&zϮϬϭϱͲϭϲǁŚŝĐŚƌĞƐƵůƚŝŶƚŽŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌĞƋƵŝƚLJĂŶĚŝŶŽƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐďLJƐĂŵĞ ĂŵŽƵŶƚ͘ 11. hŶĚĞƌƚŚĞƉƌĞǀŝŽƵƐ'W͕/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐǁĞƌĞƉƌĞƐĞŶƚĞĚĂƐWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ͘hŶĚĞƌ/ŶĚͲ^ /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐĂƌĞƌĞƋƵŝƌĞĚƚŽďĞƐĞƉĂƌĂƚĞůLJƉƌĞƐĞŶƚĞĚŽŶƚŚĞĨĂĐĞŽĨƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͘dŚĞƌĞŝƐŶŽŝŵƉĂĐƚ ŽŶƚŚĞƚŽƚĂůĞƋƵŝƚLJĂŶĚŽŶƉƌŽĮƚĂƐĂƌĞƐƵůƚŽĨƚŚĞĂĚũƵƐƚŵĞŶƚ ϭϮ͘/ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐ  ƵƌŝŶŐ&zϮϬϭϱͲϭϲŝŶǀĞƐƚŵĞŶƚŝŶDƵƚƵĂů&ƵŶĚƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚ&sdW>͕ƚŚĞƌĞĨŽƌĞƚŚĞƌĞŝƐŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌ ŝŶĐŽŵĞďLJZƐϬ͘ϰϵĐƌŽƌĞĚƵƌŝŶŐ&zϮϬϭϱͲϭϲǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶŝŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐ͘ ϭϯ͘ŝīĞƌĞŶĐĞŝŶƚĂdžĞdžƉĞŶƐĞƐ  ŝīĞƌĞŶĐĞŝŶƚĂdžĞdžƉĞŶƐĞƐŝƐĚƵĞƚŽƌĞĐůĂƐƐŝĮĐĂƟŽŶŽĨƚĂdžŝƚĞŵƐĨƌŽŵƉƌŽĮƚΘůŽƐƐƚŽŝƚĞŵƐŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͕ƚŚĞƌĞŝƐŶŽŝŵƉĂĐƚŽŶĞƋƵŝƚLJĂŶĚƚĂdžĞdžƉĞŶƐĞƐĚƵƌŝŶŐĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϱͲϭϲ͘,ŽǁĞǀĞƌZƐ͘ϲ͘ϬϱĐƌŽƌĞŚĂƐ ďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƐĚĞĨĞƌƌĞĚƚĂdžĞdžƉĞŶƐĞƐĚƵƌŝŶŐĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϱͲϭϲ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ165 ϭϰ͘&ŝŶĂŶĐŝĂů'ƵĂƌĂŶƚĞĞŽŶƚƌĂĐƚƐ  /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ϭϬϵ͕ĐŽŵƉĂŶLJŚĂƐƌĞĐŽŐŶŝƐĞĚĂĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐŽďůŝŐĂƟŽŶŽĨZƐ͘Ϭ͘ϬϰĐƌŽƌĞ ĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϳ͕ZƐ͘Ϭ͘ϭϯĐƌŽƌĞĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲĂŶĚZƐ͘Ϭ͘ϮϴĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱ͘dŚĞƌĞĨŽƌĞƚŚĞƌĞŝƐĂŶŝŶĐƌĞĂƐĞ ŝŶŝŶǀĞƐƚŵĞŶƚǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƚLJǁŝƚŚƚŚĞƐĂŵĞĂŵŽƵŶƚ͘ƵƌŝŶŐĮŶĂŶĐŝĂůLJĞĂƌ ϮϬϭϱͲϭϲ͕ƚŚĞĐŽŵƉĂŶLJŚĂƐƌĞĐŽŐŶŝƐĞĚZƐ͘Ϭ͘ϭϱĐƌŽƌĞĂƐĂŵŽƌƟƐĂƟŽŶŽĨ&ŝŶĂŶĐŝĂů'ƵĂƌĂŶƚĞĞŽŶƚƌĂĐƚƐĚƵĞƚŽǁŚŝĐŚ ƚŚĞƌĞŝƐĂŶŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌ/ŶĐŽŵĞďLJZƐ͘Ϭ͘ϭϱĐƌŽƌĞ͘ ϯϬ͘ŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐĂŶĚŽŶƟŶŐĞŶƚƐƐĞƚƐ͗ ;/Ϳ ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐ͗ ;ĂͿ ůĂŝŵƐĂŐĂŝŶƐƚƚŚĞĐŽŵƉĂŶLJŶŽƚĂĐŬŶŽǁůĞĚŐĞĂƐĚĞďƚ͖ i. Rs. 418.82 ĐƌŽƌĞ;ϮϬϭϱͲϭϲZƐ͘ϱϬϳ͘ϴϬĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϱϯϭ͘ϬϳĐƌŽƌĞͿŶĞƚŽĨƉƌŽǀŝƐŝŽŶŽĨRs. 56.44 ĐƌŽƌĞ;ϮϬϭϱͲϭϲ ZƐ͘ϭϭϭ͘ϯϵĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϴ͘ϴϲĐƌŽƌĞͿ͘ŐĂŝŶƐƚƚŚŝƐƚŚĞŽŵƉĂŶLJŚĂƐĐŽƵŶƚĞƌĐůĂŝŵƐŽĨRs. 278.24 crore (2015-16 ZƐ͘ϮϬϵ͘ϯϴĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϭϳϯ͘ϰϱĐƌŽƌĞͿ͘/ŶƚĞƌĞƐƚŽŶĐůĂŝŵƐŝƐŶŽƚĐŽŶƐŝĚĞƌĞĚ͕ďĞŝŶŐƵŶĂƐĐĞƌƚĂŝŶĂďůĞ͘ ŝŝ͘ dŚĞƌĞĂƌĞƐŽŵĞĐĂƐĞƐƌĞůĂƟŶŐƚŽĞŵƉůŽLJĞĞƐͬŽƚŚĞƌƐĂƌĞƉĞŶĚŝŶŐŝŶƚŚĞŽƵƌƚƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJŝŶƌĞƐƉĞĐƚŽĨ ǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐŶŽƚĂƐĐĞƌƚĂŝŶĂďůĞ͘ iii. Rs. 136.52 crore;ϮϬϭϱͲϭϲZƐ͘Ϯϲϭ͘ϭϲĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϭϯϮ͘ϲϲĐƌŽƌĞͿƌĞůĂƟŶŐƚŽŝƌĞĐƚƚĂdžǁŚŝĐŚŝŶĐůƵĚĞƐRs. 64.95 crore;ϮϬϭϱͲϭϲZƐ͘ϲϰ͘ϵϱĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϲϰ͘ϵϱĐƌŽƌĞͿŽŶĂĐĐŽƵŶƚŽĨĂƉƉĞĂůĮůĞĚďLJ/ŶĐŽŵĞƚĂdžĚĞƉĂƌƚŵĞŶƚ ďĞĨŽƌĞ /ŶĐŽŵĞ dĂdž ĂƉƉĞůůĂƚĞ ƚƌŝďƵŶĂů ;/ddͿ ĂŐĂŝŶƐƚ ŽƌĚĞƌ ƉĂƐƐĞĚ ďLJ ŽŵŵŝƐƐŝŽŶĞƌ ŽĨ /ŶĐŽŵĞ ƚĂdž ;ƉƉĞĂůƐͿ ŝŶ ĨĂǀŽƵƌŽĨĐŽŵƉĂŶLJ͘ ŝǀ͘ /ŶĚŝƌĞĐƚƚĂdžĚŝƐƉƵƚĞĚĚĞŵĂŶĚƐƵŶĚĞƌĂƉƉĞĂůRs. 266.27 crore ;ϮϬϭϱͲϭϲZƐ͘ϮϮϵ͘ϵϱĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϭϴϲ͘ϬϲĐƌŽƌĞͿ ŽĨǁŚŝĐŚRs. NIL ;ϮϬϭϱͲϭϲZƐ͘ϭϭϬ͘ϰϰĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘E/>ͿŚĂƐďĞĞŶƌĞŝŵďƵƌƐĞĚďLJƚŚĞĐůŝĞŶƚĂŶĚRs. 61.35 crore ;ϮϬϭϱͲϭϲZƐ͘Ϯϴ͘ϴϯĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϭϭϰ͘ϭϲĐƌŽƌĞͿĂƌĞƌĞŝŵďƵƌƐĂďůĞĨƌŽŵƚŚĞĐůŝĞŶƚƐ͘ ;ďͿ 'ƵĂƌĂŶƚĞĞƐĞdžĐůƵĚŝŶŐĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞ  /ŶƌĞƐƉĞĐƚŽĨ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͗ ŝ͘ /ŶĚĞŵŶŝƚLJďŽŶĚĨŽƌŝŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽŝǀŝůŽŶƚƌĂĐƚŽƌŽĨZƐ͘E/ů;ZƐ͘ϭ͘ϮϰĐƌŽƌĞͿ͘ ŝŝ͘ ^ĂůĞƐͲƚĂdžůŝĂďŝůŝƚLJŽĨ/ŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽŝǀŝůŽŶƚƌĂĐƚŽƌŽĨRs. 4.25 crore;ZƐ͘ϰ͘ϮϱĐƌŽƌĞͿĂŶĚ^ĞƌǀŝĐĞdĂdžRs. 1.01 crore;ZƐ͘ϭ͘ϬϭĐƌŽƌĞͿ͘ ŝŝŝ͘ ŽƌƉŽƌĂƚĞŐƵĂƌĂŶƚĞĞƚŽĞŶƚƌĂůdžĐŝƐĞŝŶĐĂƐĞŽĨDĞƚƌŽdƵŶŶĞůůŝŶŐ'ƌŽƵƉŽĨZƐ͘Eŝů;ZƐϭ͘ϱϰĐƌŽƌĞͿ͘ ŝǀ͘ ĂŶŬŐƵĂƌĂŶƚĞĞŝŶĐĂƐĞŽĨ/ƌĐŽŶͲZ^ͲW&>/ZZŽĨRs.1.40 crore;ZƐ͘ϭ͘ϰϬĐƌŽƌĞͿ͘ ǀ͘ /ŶĐŽŵĞdĂdžůŝĂďŝůŝƚLJŝŶƚŚĞĐĂƐĞŽĨDĞƚƌŽdƵŶŶĞůůŝŶŐ'ƌŽƵƉŽĨRs. 0.96 crore ;ZƐ͘ϭ͘ϬϱĐƌŽƌĞͿ͘ ǀŝ͘ ZĞĐŽǀĞƌLJƐƵŝƚĂŐĂŝŶƐƚƚŚĞ/ŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽŝǀŝůŽŶƚƌĂĐƚŽƌďLJDͬƐ^ĂŝŶŐŝŶĞĞƌƐŝƐRs. 0.02 crore (ZƐ͘Ϭ͘ϬϮĐƌŽƌĞͿ͘ ǀŝŝ͘ ĂŶŬ'ƵĂƌĂŶƚĞĞŝŶĐĂƐĞŽĨ/ƌĐŽŶͲĨĐŽŶ:sĨŽƌRs. 25.72 crore ;ZƐ͘ϱϮ͘ϯϴĐƌŽƌĞͿĨŽƌŚĂŝƌĂďZĂŝůǁĂLJƌŝĚŐĞWƌŽũĞĐƚ͕ ĂŶŐůĂĚĞƐŚ͘ ;ĐͿ KƚŚĞƌŵŽŶĞLJĨŽƌǁŚŝĐŚĐŽŵƉĂŶLJŝƐĐŽŶƟŶŐĞŶƚůŝĂďůĞ  WĞŶĚŝŶŐĚŝƐƉŽƐĂůŽĨĂƉƉůŝĐĂƟŽŶĨŽƌĞdžƚĞŶƐŝŽŶŽĨƟŵĞďLJĐůŝĞŶƚƐ͕ĐŽŵƉĂŶLJŝƐĐŽŶƟŶŐĞŶƚůLJůŝĂďůĞƚŽƉĂLJůŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐƚŽƚŚĞĞdžƚĞŶƚŽĨRs. 9.67 crore ;ZƐ͘ϵ͘ϮϳĐƌŽƌĞͿƚŽƚŚĞĐůŝĞŶƚƐ͘ ii. ŽŶƟŶŐĞŶƚƐƐĞƚƐ͗ ŝͿ ůĂŝŵƐƌĂŝƐĞĚďLJ/ƌĐŽŶŽŶƐŽŵĞŽĨŝƚƐĐůŝĞŶƚƐĂŶĚĂǁĂƌĚĞĚďLJĂƌďŝƚƌĂƚŽƌƐŝŶĨĂǀŽƵƌŽĨ/ƌĐŽŶĂŐĂŝŶƐƚǁŚŝĐŚĐůŝĞŶƚƐŚĂǀĞ

166 | ANNUAL REPORT ϮϬϭϲͳϭϳ ŐŽŶĞƚŽĐŽƵƌƚ͕ŶŽƚĂĐĐŽƵŶƚĞĚĨŽƌĂƐƌĞĐĞŝǀĂďůĞƐĂƌĞRs.179.06 crore;ϮϬϭϱͲϭϲZƐ͘ϭϮϭ͘ϬϴĐƌŽƌĞ͕ϮϬϭϰͲϭϱZƐ͘ϭϭϭ͘Ϯϯ ĐƌŽƌĞͿŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĐĂůĐƵůĂƚĞĚƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϳĂƐƉĞƌĂƌďŝƚƌĂƟŽŶĂǁĂƌĚ͘ ŝŝͿ ŽƵŶƚĞƌůĂŝŵƐƌĂŝƐĞĚďLJ/ƌĐŽŶŽŶƐƵďͲĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂǁĂƌĚĞĚďLJĂƌďŝƚƌĂƚŽƌƐŝŶĨĂǀŽƵƌŽĨ/ƌĐŽŶĂŐĂŝŶƐƚǁŚŝĐŚƐƵďͲ ĐŽŶƚƌĂĐƚŽƌƐŚĂǀĞŐŽŶĞƚŽĐŽƵƌƚ͕ŶŽƚĂĐĐŽƵŶƚĞĚĨŽƌĂƐƌĞĐĞŝǀĂďůĞƐĂƌĞRs. 8.92 crore;ϮϬϭϱͲϭϲZƐ͘Ϯ͘ϬϰĐƌŽƌĞ͕ϮϬϭϰͲϭϱ ZƐ͘Ϯ͘ϬϰĐƌŽƌĞͿ͘ ŝŝŝͿ /ŶƐƵƌĂŶĐĞůĂŝŵŽĨh^Ϭ͘ϴϮDŶ;h^Ϭ͘ϳϵDŶͿĂŶĚƚŚŝŽƉŝĂŶŝƌƌϬ͘ϵϱDŶ;dϬ͘ϵϭDŶͿĞƋƵŝǀĂůĞŶƚƚŽRs. 5.50 crore;ZƐ͘ϱ͘ϰϳĐƌŽƌĞͿŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĐĂůĐƵůĂƚĞĚƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϳĂǁĂƌĚĞĚďLJ,ŽŶŽƵƌĂďůĞ^ƵƉƌĞŵĞŽƵƌƚŽĨ ƚŚŝŽƉŝĂŝŶĨĂǀŽƵƌŽĨ/ƌĐŽŶŚĂƐŶŽƚďĞĞŶĂĐĐŽƵŶƚĞĚĨŽƌ͕ƉĞŶĚŝŶŐĞdžĞĐƵƟŽŶŽƌĚĞƌďLJ,ŝŐŚŽƵƌƚŽĨƚŚŝŽƉŝĂ͘ ϯϭ͘ŽŵŵŝƚŵĞŶƚƐ͗ ĂͿ ƐƟŵĂƚĞĚĂŵŽƵŶƚŽĨĐŽŶƚƌĂĐƚƐƌĞŵĂŝŶŝŶŐƚŽďĞĞdžĞĐƵƚĞĚŽŶĐĂƉŝƚĂůĂĐĐŽƵŶƚ;ŶĞƚŽĨĂĚǀĂŶĐĞƐͿŝƐRs. 76.68 crore ;ZƐ͘ϭϭϱ͘ϳϱĐƌŽƌĞͿ͘ ďͿ KƚŚĞƌŽŵŵŝƚŵĞŶƚƐ͗  ŽŵŵŝƚŵĞŶƚƐĨŽƌĨƵŶĚͬƉƌŽǀŝĚŝŶŐŐƵĂƌĂŶƚĞĞƚŽͬŽŶďĞŚĂůĨŽĨƐƵďƐŝĚŝĂƌŝĞƐͬũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͗ ŝͿ ŽƵŶƚĞƌ ŐƵĂƌĂŶƚĞĞ ƚŽ /ŶĚŝĂŶ KǀĞƌƐĞĂƐ ĂŶŬ Θ /ŶĚƵƐ/ŶĚ ĂŶŬ ĨŽƌ ŝƐƐƵĂŶĐĞ ŽĨ ďĂŶŬ ŐƵĂƌĂŶƚĞĞ ƚŽ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ͕/ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞΘ^ĞƌǀŝĐĞƐ>ƚĚ;/ƌĐŽŶ/^>Ϳ͕/ƌĐŽŶWdŽůůǁĂLJ>ƚĚ;/ƌĐŽŶWd>ͿΘ/ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂ dŽůůǁĂLJ>ƚĚ;/ƌĐŽŶ^'d>ͿĂŵŽƵŶƟŶŐƚŽRs.150.00 crore ;ZƐ͘ϭϱϬ͘ϬϬĐƌŽƌĞͿ͘KƵƚŽĨƚŚĞƚŽƚĂůůŝŵŝƚŽĨZƐ͘ϭϱϬĐƌŽƌĞ͕ /ŶĚŝĂŶKǀĞƌƐĞĂƐĂŶŬΘ/ŶĚƵƐ/ŶĚĂŶŬŚĂǀĞŝƐƐƵĞĚďĂŶŬŐƵĂƌĂŶƚĞĞƐƚŽƚŚĞĞdžƚĞŶƚŽĨRs. 41.52 crore;ZƐ͘ϰϭ͘ϱϮĐƌŽƌĞͿ ΘZƐ͘Eŝů;ZƐ͘ϰϭ͘ϭϱĐƌŽƌĞͿƌĞƐƉĞĐƟǀĞůLJ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞďĂůĂŶĐĞůŝŵŝƚĨŽƌŝƐƐƵĂŶĐĞŽĨďĂŶŬŐƵĂƌĂŶƚĞĞƐŝƐRs.108.48 crore ;ZƐ͘ϲϳ͘ϯϯĐƌŽƌĞͿ͘ ŝŝͿ &ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJ;ϱϭйͿŽĨRs. 20.40 crore ;ZƐϮϬ͘ϰϬĐƌŽƌĞͿŝŶƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ͕ /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶƐĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ͘ ŝŝŝͿ &ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJ;ϮϲйĞĂĐŚͿŽĨRs. 20.42 crore ;ZƐ͘ϰϯ͘ϱϰĐƌŽƌĞͿΘRs. 0.13 crore ;ZƐ͘Ϭ͘ϭϯĐƌŽƌĞͿŝŶ:ŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐ͕ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚĂŶĚŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ >ŝŵŝƚĞĚƌĞƐƉĞĐƟǀĞůLJ͘ ŝǀͿ &ŽƌƌĞůĞĂƐĞŽĨďĂůĂŶĐĞƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶŽĨRs. 52.00 crore;ZƐ͘E/>ͿΘZƐ͘E/>;ZƐ͘ϭϵ͘ϱϬĐƌŽƌĞͿƚŽ:ŽŝŶƚǀĞŶƚƵƌĞ ĐŽŵƉĂŶŝĞƐ͕ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚĂŶĚŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚƌĞƐƉĞĐƟǀĞůLJ͘ ǀͿ &ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJŽĨZƐ͘Eŝů;ZƐ͘ϳϱ͘ϬϬĐƌŽƌĞͿŝŶƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ͕/ƌĐŽŶWdŽůůǁĂLJ >ŝŵŝƚĞĚ͘ ǀŝͿ &ŽƌƌĞůĞĂƐĞŽĨďĂůĂŶĐĞƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶŽĨRs. 272.00 crore ;ZƐ͘ϯϱϮ͘ϬϬĐƌŽƌĞͿƚŽƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ͕/ƌĐŽŶW dŽůůǁĂLJ>ŝŵŝƚĞĚ͘ ǀŝŝͿ &ŽƌƌĞůĞĂƐĞŽĨďĂůĂŶĐĞƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶŽĨZƐ͘Eŝů;ZƐ͘Ϭ͘ϴϬĐƌŽƌĞͿƚŽũŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶLJ͕ŽŵƉĂŶŚŝĂŽƐ ĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z>͘ ǀŝŝŝͿŽƵŶƚĞƌŐƵĂƌĂŶƚĞĞƚŽ^ƚĂƚĞďĂŶŬŽĨ/ŶĚŝĂĨŽƌŝƐƐƵĂŶĐĞŽĨůĞƩĞƌŽĨĐƌĞĚŝƚƚŽ:ŽŝŶƚŽƉĞƌĂƟŽŶ͕/ƌĐŽŶĨĐŽŶƐ:s͕ĂŵŽƵŶƟŶŐ ƚŽRs. 2.26 crore ;ZƐ͘ϯϯ͘ϰϬĐƌŽƌĞͿ͘ ŝdžͿ ŶƵŶĚĞƌƚĂŬŝŶŐƚŽWƵŶũĂďEĂƟŽŶĂůĂŶŬĨŽƌŶŽŶͲĚŝƐƉŽƐĂůŽĨϮϭйŽĨƉƌĞƐĞŶƚŚŽůĚŝŶŐŽĨƚŚĞĐŽŵƉĂŶLJ;ϭ͕ϯϰ͕ϭϮ͕ϳϬϬ ƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚͿŝŶ:ŽŝŶƚsĞŶƚƵƌĞŽŵƉĂŶLJ͕/ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͕ĂŵŽƵŶƟŶŐƚŽRs.13.41 crore ;ZƐ͘ϭϯ͘ϰϭĐƌŽƌĞͿ͘ džͿ &ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJĨŽƌZƐ͘Eŝů;ZƐ͘ϴϬ͘ϬϬĐƌŽƌĞͿŝŶƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ͕/ƌĐŽŶ^ŚŝǀƉƵƌŝ 'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ167 džŝͿ &Žƌ ƌĞůĞĂƐĞ ŽĨ ďĂůĂŶĐĞ ƐŚĂƌĞŚŽůĚĞƌ͛Ɛ ůŽĂŶ ŽĨ Rs. 559.46 crore ;ZƐ͘ ϳϮϮ͘ϭϭ ĐƌŽƌĞͿ ƚŽ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶLJ͕ /ƌĐŽŶ ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ͘ džŝŝͿ &ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJ;ϮϲйĞĂĐŚͿĨŽƌRs.1.29 crore;ϭ͘ϮϵĐƌŽƌĞͿ͕Rs.11.70 crore (1.30 ĐƌŽƌĞͿŝŶ:ŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐ͕DĂŚĂŶĂĚŝŽĂůZĂŝůǁĂLJ>ƚĚ͘Θ:ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ƚĚ͘ƌĞƐƉĞĐƟǀĞůLJ͘ džŝŝŝͿ&Žƌ ƐƵďƐĐƌŝďŝŶŐ ƚŽǁĂƌĚƐ ďĂůĂŶĐĞ ƐŚĂƌĞ ŽĨ ĞƋƵŝƚLJ ;Ϯϲй ĞĂĐŚͿ ĨŽƌ Rs.0.12 crore;ZƐ͘ϭ͘ϯϬ ĐƌŽƌĞͿ ŝŶ :ŽŝŶƚ ǀĞŶƚƵƌĞ ĐŽŵƉĂŶLJ͕ĂƐƚĂƌZĂŝůǁĂLJWƌŝǀĂƚĞ>ƚĚ͘ džŝǀͿdŚĞƌĞĂƌĞĐĞƌƚĂŝŶĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJŶŽƚĂĐŬŶŽǁůĞĚŐĞĚĂƐĚĞďƚRs. 860.98 crore;ZƐ͘ϳϭϬ͘ϱϳĐƌŽƌĞͿŶĞƚŽĨ ƉƌŽǀŝƐŝŽŶƐŽĨRs. 1.13 crore;ZƐ͘EŝůͿ͘/ŶĐĂƐĞƐƵĐŚĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJĚŽŵĂƚĞƌŝĂůŝnjĞ͕ŝƚǁŝůůďĞƌĞŝŵďƵƌƐĂďůĞ ĨƌŽŵƚŚĞĐůŝĞŶƚƐ͘ŐĂŝŶƐƚƚŚŝƐƚŚĞĐŽŵƉĂŶLJŚĂƐĐŽƵŶƚĞƌĐůĂŝŵƐŽĨRs. 950.94 crore;ZƐ͘ϲϯϮ͘ϴϮĐƌŽƌĞͿ͘/ŶƚĞƌĞƐƚŽŶ ĐůĂŝŵƐŶŽƚĐŽŶƐŝĚĞƌĞĚ͕ďĞŝŶŐƵŶĂƐĐĞƌƚĂŝŶĂďůĞďƵƚǁŽƵůĚĂůƐŽďĞƌĞŝŵďƵƌƐĂďůĞ͘ 32͘ dŚĞŽŵƉĂŶLJŝƐůŝĂďůĞƚŽƉĂLJRs. 0.70 crore;ZƐ͘ϳ͘ϵϲĐƌŽƌĞͿŽŶĂĐĐŽƵŶƚŽĨƚĂdžĞƐŽŶĐŽŶƐƚƌƵĐƟŽŶƉƌŽĮƚƐŽĨ^ƌŝ>ĂŶŬĂ ƉƌŽũĞĐƚƐ ǁŚŝĐŚ ƐŚĂůů ďĞ ĚŝƌĞĐƚůLJ ƌĞŝŵďƵƌƐĞĚ ďLJ ^ƌŝ >ĂŶŬĂŶ ZĂŝůǁĂLJ ƚŽ ^ƌŝ >ĂŶŬĂŶ /ŶůĂŶĚ ZĞǀĞŶƵĞ ĞƉĂƌƚŵĞŶƚ͘ dŚĞƌĞĨŽƌĞ͕ƚŚĞƐĂŵĞŚĂƐŶŽƚďĞĞŶƉƌŽǀŝĚĞĚŝŶƚŚĞŬƐŽĨĂĐĐŽƵŶƚƐ͘ 33.;ĂͿ^ŝŶĐĞĂƐƐĞƐƐŵĞŶƚLJĞĂƌϮϬϬϬͲϬϭ͕ƚŚĞŽŵƉĂŶLJŚĂƐďĞĞŶĐůĂŝŵŝŶŐĚĞĚƵĐƟŽŶƵŶĚĞƌ^ĞĐƟŽŶͲϴϬ/ŽĨƚŚĞ/ŶĐŽŵĞ dĂdžĐƚ͕ϭϵϲϭŝŶŝŶĐŽŵĞƚĂdžƌĞƚƵƌŶƐ͕ǁ͘ƌ͘ƚ͘ĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽŶƐƚƌƵĐƟŽŶƉƌŽũĞĐƚƐƟůůĚĂƚĞ͘ dŚĞŽŵƉĂŶLJŚĂƐĮůĞĚĂƉƉĞĂůƚŽ/ddŽŶĚŝƐĂůůŽǁĂŶĐĞďLJ/d;ͿĨŽƌƚŚĞƐĂŝĚĚĞĚƵĐƟŽŶĨŽƌĂůůĂƐƐĞƐƐŵĞŶƚLJĞĂƌƐ ĞdžĐĞƉƚĂƐƐĞƐƐŵĞŶƚLJĞĂƌƐϮϬϬϰͲϬϱ͕ϮϬϬϱͲϬϲĂŶĚϮϬϬϳͲϬϴĨŽƌǁŚŝĐŚƚŚĞ/ŶĐŽŵĞdĂdžĚĞƉĂƌƚŵĞŶƚŚĂƐĮůĞĚĂƉƉĞĂů ĂŐĂŝŶƐƚĂůůŽǁĂŶĐĞŽĨĚĞĚƵĐƟŽŶďLJ/d;Ϳ͘ ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŽŵƉĂŶLJŚĂƐŵĂĚĞƉƌŽǀŝƐŝŽŶĨŽƌƚĂdžǁŝƚŚŽƵƚĐŽŶƐŝĚĞƌŝŶŐƚŚĞĚĞĚƵĐƟŽŶƵŶĚĞƌ^ĞĐƟŽŶϴϬͲ/ ƐŝŶĐĞzϮϬϬϬͲϬϭ͘dŽƚĂůĂŵŽƵŶƚŽĨĚĞĚƵĐƟŽŶƵŶĚĞƌƐĞĐƟŽŶϴϬ/ŝƐRs.1050.03 crore;ZƐ͘ϭϬϭϲ͘ϯϮĐƌŽƌĞͿŚĂǀŝŶŐ ƚĂdžŝŵƉĂĐƚŽĨRs. 357.22 crore;ZƐ͘ϯϰϳ͘ϬϴĐƌŽƌĞͿ͘ŝƐƉŽƐŝŶŐĂƉƉĞĂůĨŽƌ͘z͘ϮϬϬϬͲϬϭ͕/ddĂůůŽǁĞĚĚĞĚƵĐƟŽŶƵͬƐ ϴϬ/͘&ŽůůŽǁŝŶŐĚĞĐŝƐŝŽŶŽĨ/dd͕/d;ͿŚĂƐĂůůŽǁĞĚƚŚĞĚĞĚƵĐƟŽŶĨŽƌ͘z͘ϮϬϭϮͲϭϯΘϮϬϭϯͲϭϰ͘dŚƵƐĂŵŽƵŶƚŽĨ ĚĞĚƵĐƟŽŶƐƚĂŶĚƐƌĞĚƵĐĞĚƚŽRs. 815.98 croreŚĂǀŝŶŐƚĂdžŝŵƉĂĐƚŽĨRs. 280.41 crore. ďͿ dŚĞĐŽŵƉĂŶLJŝƐŽīĞƌŝŶŐŐůŽďĂůŝŶĐŽŵĞĨŽƌƚĂdžŝŶ/ŶĚŝĂĂŌĞƌĞdžĐůƵĚŝŶŐƚŚĞŝŶĐŽŵĞĞĂƌŶĞĚďLJŝƚƐƉĞƌŵĂŶĞŶƚ ĞƐƚĂďůŝƐŚŵĞŶƚƐŝŶĨŽƌĞŝŐŶĐŽƵŶƚƌŝĞƐŚĂǀŝŶŐŽƵďůĞdĂdžĂƟŽŶǀŽŝĚĂŶĐĞŐƌĞĞŵĞŶƚƐ;dͿǁŝƚŚ/ŶĚŝĂ͕ĂƐƉĞƌ ƐĞƩůĞĚůĞŐĂůƉŽƐŝƟŽŶƚŚĂƚƐƵĐŚŝŶĐŽŵĞĐĂŶďĞƚĂdžĞĚďLJƐŽƵƌĐĞĐŽƵŶƚƌLJĂŶĚŝƐŶŽƚƚĂdžĂďůĞŝŶ/ŶĚŝĂ͘,ŽǁĞǀĞƌ͕/d ;ͿĚĞŶŝĞĚƚŚĞƚƌĞĂƚŵĞŶƚŽĨĞdžĐůƵĚŝŶŐƐƵĐŚĨŽƌĞŝŐŶŝŶĐŽŵĞĂŶĚŽŶůLJŐĂǀĞĐƌĞĚŝƚĨŽƌƚĂdžĞƐƉĂŝĚŽƵƚŽĨ/ŶĚŝĂŽŶ ĨŽƌĞŝŐŶŝŶĐŽŵĞĨŽƌƚŚĞzϮϬϬϲͲϬϳ͕ϮϬϬϴͲϬϵĂŶĚϮϬϬϵͲϭϬ͘ :ƵƌŝƐĚŝĐƟŽŶĂůƐƐĞƐƐŝŶŐKĸĐĞƌŚĂƐĂůƐŽƐƚĂƌƚĞĚŵĂŬŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŝŶĂƐŝŵŝůĂƌŵĂŶŶĞƌĨƌŽŵƚŚĞzϮϬϭϬͲ ϭϭŽŶǁĂƌĚƐ͘dŚŽƵŐŚƚŚĞŽŵƉĂŶLJŚĂƐƉĂŝĚƚĂdžĂĐĐŽƌĚŝŶŐůLJŚŽǁĞǀĞƌ͕ŝƚŚĂƐĮůĞĚĂŶĂƉƉĞĂůƚŽ/ŶĐŽŵĞdĂdž ƉƉĞůůĂƚĞdƌŝďƵŶĂůĨŽƌĂůůƚŚĞĂƐƐĞƐƐŵĞŶƚLJĞĂƌƵŶĚĞƌĚŝƐƉƵƚĞ͘ dĂdžŝŶǀŽůǀĞĚƵŶĚĞƌdŝŶĐŽŵĞŝƐƐƵĞĂŐŐƌĞŐĂƚĞƐƚŽRs. 237.89 crore;ZƐ͘ϰϭϱ͘ϬϳĐƌŽƌĞͿ͘ ϯϰ͘;ĂͿdŚĞŽŵƉĂŶLJŚĂĚϮϱйĞƋƵŝƚLJƐƚĂŬĞŝŶŽŵƉŚĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z>DŽnjĂŵďŝƋƵĞ;&Ϳ͕ Ă:ŽŝŶƚsĞŶƚƵƌĞŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚĂƐƉĞƌDŽnjĂŵďŝĐĂŶůĂǁƐŝŶƚŚĞLJĞĂƌϮϬϬϰƚŽĞdžĞĐƵƚĞĂƌĂŝůǁĂLJƉƌŽũĞĐƚ ĂǁĂƌĚĞĚďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞ;'KDͿŽŶKdďĂƐŝƐĂŶĚŚĂĚƉĂŝĚh^ϭ͘ϮϱDŶ;ZƐ͘ϱ͘ϱϯĐƌŽƌĞ͘ KƚŚĞƌƐŚĂƌĞŚŽůĚĞƌƐǁĞƌĞZ/d^Θ&D͕DŽnjĂŵďŝƋƵĞǁŝƚŚϮϲйΘϰϵйƐŚĂƌĞƌĞƐƉĞĐƟǀĞůLJ͘ ;ďͿKŶϴƚŚĞĐĞŵďĞƌϮϬϭϭ͕'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞ;'ŽDͿƵŶŝůĂƚĞƌĂůůLJƚĞƌŵŝŶĂƚĞĚƚŚĞĐŽŶĐĞƐƐŝŽŶĂŐƌĞĞŵĞŶƚ ĂŶĚƚŽŽŬŽǀĞƌƚŚĞƉƌŽũĞĐƚǁŚŝĐŚŝŶƚŚĞŽƉŝŶŝŽŶŽĨĐŽŵƉĂŶLJǁĂƐƵŶůĂǁĨƵůĂŶĚĂŐĂŝŶƐƚƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂŐƌĞĞŵĞŶƚ͘ ŽŶƐĞƋƵĞŶƚůLJ͕&ŝŶŝƟĂƚĞĚĂƌďŝƚƌĂƟŽŶĂŐĂŝŶƐƚƚŚĞƐĂŝĚĚĞĐŝƐŝŽŶŽĨ'ŽD͘ŝƐƉƵƚĞŚĂƐŶŽǁďĞĞŶĂŵŝĐĂďůLJ ƐĞƩůĞĚǁŝƚŚ'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞŽŶϮϭƐƚKĐƚŽďĞƌϮϬϭϱƚŚƌŽƵŐŚƐĞƩůĞŵĞŶƚĂŐƌĞĞŵĞŶƚ͘ƐƉĞƌƚŚĞ ƐĞƩůĞŵĞŶƚĂŐƌĞĞŵĞŶƚ͕/ZKEǁŝůůŐĞƚŝŶŝŶƐƚĂůůŵĞŶƚƐĂŶĂŵŽƵŶƚŽĨh^ϰϬ͘ϯϭDŝůůŝŽŶ͘&ŝƌƐƚŝŶƐƚĂůůŵĞŶƚŽĨ h^ϭϳ͘ϵϯDŶ͘;ĞƋƵŝǀĂůĞŶƚƚŽ/EZϭϮϭ͘ϳϭĐƌŽƌĞͿĨŽƌ/ƌĐŽŶ͛ƐƐŚĂƌĞŚĂƐďĞĞŶƌĞĐĞŝǀĞĚŽŶϮϬ͘Ϭϭ͘ϮϬϭϲ͘ƵƌŝŶŐƚŚĞ

168 | ANNUAL REPORT ϮϬϭϲͳϭϳ LJĞĂƌ͕ƐĞĐŽŶĚŝŶƐƚĂůůŵĞŶƚŽĨh^ϱ͘ϱϵϱDŶ;ZƐ͘ϯϳ͘ϮϳĐƌŽƌĞͿƌĞĐĞŝǀĞĚŽŶϮϬ͘ϭϬ͘ϮϬϭϲ. ĂůĂŶĐĞƚŚƌĞĞŝŶƐƚĂůůŵĞŶƚƐ ŽĨh^ϱ͘ϱϵϱDŶĞĂĐŚĂƌĞĚƵĞŽŶϭϴ͘ϭϬ͘ϮϬϭϳ͕ϭϴ͘ϭϬ͘ϮϬϭϴΘϭϴ͘ϭϬ͘ϮϬϭϵǁŚŝĐŚǁŝůůďĞƌĞĐĞŝǀĞĚƚŚƌŽƵŐŚƚŚĞ ĐŽŶĮƌŵĞĚ>ĞƩĞƌŽĨƌĞĚŝƚŽƉĞŶĞĚďLJ'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞ͘ ;ĐͿ ŌĞƌƌĞĐĞŝƉƚŽĨƵƉĨƌŽŶƚƉĂLJŵĞŶƚĂŶĚĞƐƚĂďůŝƐŚŵĞŶƚŽĨ>ĞƩĞƌŽĨƌĞĚŝƚ͕ŽŵƉĂŶLJŚĂƐƚƌĂŶƐĨĞƌƌĞĚŝƚƐƐŚĂƌĞŚŽůĚŝŶŐ ŝŶŽŵƉŚĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z>DŽnjĂŵďŝƋƵĞ;&ͿƚŽ&DͬDŽnjĂŵďŝƋƵĞWŽƌƚƐĂŶĚ ZĂŝůǁĂLJŽŵƉĂŶLJ͕ƌĞƉƌĞƐĞŶƟŶŐƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨZĞƉƵďůŝĐŽĨDŽnjĂŵďŝƋƵĞŽŶϮϮ͘Ϭϵ͘ϮϬϭϲ͘ĐĐŽƌĚŝŶŐůLJ͕ƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚŽĨh^ϭ͘ϮϱDŶŚĂƐďĞĞŶƚƌĂŶƐĨĞƌƌĞĚĂŶĚh^ϭϬ͘ϲϰDŶ;ZƐ͘ϳϯ͘ϲϵĐƌŽƌĞͿŚĂƐďĞĞŶƌĞĐŽŐŶŝnjĞĚĂƐ ƉƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϲͲϭϳ͘ 35.;ĂͿ ^ŽŵĞŽĨƚŚĞďĂůĂŶĐĞƐƐŚŽǁŶƵŶĚĞƌĚĞďƚŽƌƐ͕ĂĚǀĂŶĐĞƐĂŶĚĐƌĞĚŝƚŽƌƐĂƌĞƐƵďũĞĐƚƚŽĐŽŶĮƌŵĂƟŽŶͬƌĞĐŽŶĐŝůŝĂƟŽŶͬ ĂĚũƵƐƚŵĞŶƚ͕ŝĨĂŶLJ͘dŚĞĐŽŵƉĂŶLJŚĂƐďĞĞŶƐĞŶĚŝŶŐůĞƩĞƌƐĨŽƌĐŽŶĮƌŵĂƟŽŶƚŽƉĂƌƟĞƐ͘,ŽǁĞǀĞƌ͕ƚŚĞŽŵƉĂŶLJ ĚŽĞƐŶŽƚĞdžƉĞĐƚĂŶLJŵĂƚĞƌŝĂůĚŝƐƉƵƚĞǁ͘ƌ͘ƚ͘ƚŚĞƌĞĐŽǀĞƌĂďŝůŝƚLJͬƉĂLJŵĞŶƚŽĨƚŚĞƐĂŵĞ͘ ;ďͿ/ŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞǀĂůƵĞŽĨĐƵƌƌĞŶƚĂƐƐĞƚƐ͕ůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐŽŶƌĞĂůŝnjĂƟŽŶŝŶƚŚĞŽƌĚŝŶĂƌLJ ĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ǁŝůůŶŽƚďĞůĞƐƐƚŚĂŶƚŚĞǀĂůƵĞĂƚǁŚŝĐŚƚŚĞƐĞĂƌĞƐƚĂƚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͘ ϯϲ͘;ĂͿ &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͗ (Rs in crore) WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 ŝͿWƌŽĮƚŽƌůŽƐƐ ;ϯϴ͘ϯϱͿ ϭϯϰ͘ϭϳ ŝŝͿKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ 16.15 ;ϱϳ͘ϰϲͿ TOTAL (22.20) 76.71 ;ďͿ ŝƐĐůŽƐƵƌĞŽĨƵŶŚĞĚŐĞĚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞ  dŚĞƵŶŚĞĚŐĞĚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞŝƐĂƐƵŶĚĞƌ͗Ͳ (Rs. in crore) WĂƌƟĐƵůĂƌƐ Currency As at 31st March 2017 As at 31st March 2016 Foreign INR crore Foreign INR crore Currency in Currency in crore crore ƐƐĞƚƐ͗ ĚǀĂŶĐĞƚŽŽŶƚƌĂĐƚŽƌƐ  5.18 3.06 ϯ͘ϳϭ 2.26 ƵƌŽ - - 0.01 0.42 Z Ϯ͘ϳϯ 13.24 - - >

ANNUAL REPORT ϮϬϭϲͳϭϳͮ169 WĂƌƟĐƵůĂƌƐ Currency As at 31st March 2017 As at 31st March 2016 Foreign INR crore Foreign INR crore Currency in Currency in crore crore ĂƐŚΘĂŶŬĂůĂŶĐĞƐ dE 0.46 0.46 0.90 0.90 BDT 5.39 4.21 0.93 Ϭ͘ϳϵ  125.69 ϳϰ͘ϭϲ 12.65 ϳ͘ϳϮ d -0.01- - ƵƌŽ 0.44 29.69 Ϭ͘ϳϴ ϱϳ͘ϳϵ >ŝĂďŝůŝƟĞƐ͗ ĚǀĂŶĐĞĨƌŽŵůŝĞŶƚ dE - - 2.13 2.13 BDT 115.45 93.61 Ϭ͘ϳϮ Ϭ͘ϱϳ ƵƌŽ Ϭ͘Ϭϳ 4.68 0.19 14.41 Z 4.36 Ϯϭ͘ϭϳ -- h^ 0.41 26.62 Ϭ͘Ϭϳ ϰ͘ϭϳ dƌĂĚĞWĂLJĂďůĞ dE Ϭ͘ϲϳ Ϭ͘ϲϳ 0.59 0.59 h - - 0.01 Ϭ͘ϳϭ BDT ϭ͘ϯϳ 1.13 - -  30.44 ϭϳ͘ϵϲ 25.02 15.26 ƵƌŽ 0.33 ϮϮ͘ϳϭ 0.82 56.28 :Wz 0.05 0.03 10.10 5.25 >ŝĂďŝůŝƟĞƐ dE 0.38 0.38 0.36 0.36 BDT 3.35 Ϯ͘ϳϬ 0.50 0.42  22.59 13.33 14.42 8.80 d 0.10 Ϭ͘Ϯϳ 0.02 0.06

170 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ Currency As at 31st March 2017 As at 31st March 2016 Foreign INR crore Foreign INR crore Currency in Currency in crore crore ƵƌŽ 0.11 ϳ͘ϲϵ 0.09 6.48 >ĂŶŬĂŶZƵƉĞĞ͕dͲƚŚŝŽƉŝĂŶŝƌƌ͕DzZͲDĂůĂLJƐŝĂŶZŝŶŐŐŝƚ͕ EWZͲEĞƉĂůĞƐĞZƵƉĞĞ͕DEͲDŽnjĂŵďŝĐĂŶDĞƟĐĂů͕dEͲŚƵƚĂŶĞƐĞEŐƵůƚƌƵŵ͕dͲĂŶŐůĂĚĞƐŚŝdĂŬĂ͕hͲƵƐƚƌĂůŝĂŶ ŽůůĂƌ͕:WzͲ:ĂƉĂŶĞƐĞzĞŶ ϯϳ͘ŝƐĐůŽƐƵƌĞƌĞŐĂƌĚŝŶŐ>ĞĂƐĞƐ͗ /͘ ƐƐĞƚƐƚĂŬĞŶŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͗ dŚĞŽŵƉĂŶLJ͛ƐůĞĂƐŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞŝŶƌĞƐƉĞĐƚŽĨŽƉĞƌĂƟŶŐůĞĂƐĞƐŽĨƉƌĞŵŝƐĞƐĨŽƌƌĞƐŝĚĞŶƟĂůƵƐĞŽĨĞŵƉůŽLJĞĞƐ͕ ŽĸĐĞƐ͕ŐƵĞƐƚŚŽƵƐĞƐĂŶĚƚƌĂŶƐŝƚĐĂŵƉƐ͘DŽƐƚŽĨƚŚĞůĞĂƐŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞĐĂŶĐĞůůĂďůĞĂŶĚĂƌĞƵƐƵĂůůLJƌĞŶĞǁĂďůĞ ŽŶŵƵƚƵĂůůLJĂŐƌĞĞĚƚĞƌŵƐ͘dŚĞĂŵŽƵŶƚƐŽĨůĞĂƐĞƉĂLJŵĞŶƚƐĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞĂƐƵŶĚĞƌ͗ ;ĂͿ >ĞĂƐĞƉĂLJŵĞŶƚƐ;ŶĞƚŽĨƌĞĐŽǀĞƌŝĞƐͿŝŶƌĞƐƉĞĐƚŽĨƉƌĞŵŝƐĞƐĨŽƌƌĞƐŝĚĞŶƟĂůƵƐĞŽĨĞŵƉůŽLJĞĞƐʹRs.3.73 crore (Rs.4.32 ĐƌŽƌĞͿ;ŝŶĐůƵĚĞĚŝŶƐĂůĂƌŝĞƐΘǁĂŐĞƐŶŽƚĞϮϯͿ͘ ;ďͿ >ĞĂƐĞ ƉĂLJŵĞŶƚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ŽĸĐĞ ƉƌĞŵŝƐĞƐ͕ ŐƵĞƐƚŚŽƵƐĞƐ ĂŶĚ ƚƌĂŶƐŝƚ ĐĂŵƉƐ ʹRs.6.29 crore;ZƐ͘ ϰ͘ϵϬ ĐƌŽƌĞͿ ;ŝŶĐůƵĚĞĚŝŶŽƉĞƌĂƟŶŐΘĂĚŵŝŶŝƐƚƌĂƟǀĞĞdžƉĞŶƐĞƐŶŽƚĞϮϮ͘Ϳ͘ //͘ ƐƐĞƚƐŐŝǀĞŶŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͗ ;ĂͿ dŚĞŽŵƉĂŶLJŚĂƐŐŝǀĞŶĐĞƌƚĂŝŶĐŽŵŵĞƌĐŝĂůͬƌĞƐŝĚĞŶƟĂůƉƌĞŵŝƐĞƐŽŶŽƉĞƌĂƟŶŐůĞĂƐĞǁŚŝĐŚĂƌĞĐĂŶĐĞůůĂďůĞďLJŐŝǀŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞŶŽƟĐĞƐĂƐƉĞƌƌĞƐƉĞĐƟǀĞĂŐƌĞĞŵĞŶƚƐ͘ ;ďͿ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂůƐŽ ƉƌŽǀŝĚĞĚ WůĂŶƚ Θ DĂĐŚŝŶĞƌLJ ;>ŽĐŽŵŽƟǀĞƐͿ ŽŶ ǁĞƚ ůĞĂƐĞ ďĂƐŝƐ ƚŽ Ă ĨŽƌĞŝŐŶ ĐůŝĞŶƚ Ɵůů 31.12.2015. ;ĐͿ dŚĞĂŵŽƵŶƚŽĨůĞĂƐĞƌĞŶƚƌĞĐĞŝǀĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌŝƐĂƐƵŶĚĞƌ͗ ϭ͘ >ĞĂƐĞƌĞŶƚŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲƌĞƐŝĚĞŶƟĂůƉƌĞŵŝƐĞƐʹRs. 8.01 crore;ZƐ͘ϳ͘ϲϯĐƌŽƌĞͿ;ŝŶĐůƵĚĞĚŝŶŵŝƐĐĞůůĂŶĞŽƵƐŝŶĐŽŵĞ ŶŽƚĞϮϭ͘Ϳ Ϯ͘ >ĞĂƐĞƌĞŶƚŝŶƌĞƐƉĞĐƚŽĨůŽĐŽŵŽƟǀĞƐͲRs. 0.88 crore;ZƐ͘ϯϱ͘ϴϵĐƌŽƌĞͿ;ŝŶĐůƵĚĞĚŝŶůŽĐŽůĞĂƐĞŶŽƚĞϮϬͿ ;ĚͿ &ƵƚƵƌĞŵŝŶŝŵƵŵůĞĂƐĞƌĞŶƚĂůƌĞĐĞŝǀĂďůĞĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝŶƌĞƐƉĞĐƚŽĨŶŽŶʹĐĂŶĐĞůůĂďůĞŽƉĞƌĂƟŶŐůĞĂƐĞĨŽƌĞĂĐŚ ŽĨƚŚĞĨŽůůŽǁŝŶŐƉĞƌŝŽĚŝƐĂƐƵŶĚĞƌ͗ (Rs. in crore) >ĞĂƐĞZĞŶƚZĞĐĞŝǀĂďůĞ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ tŝƚŚŝŶKŶĞLJĞĂƌ - WƌĞŵŝƐĞƐ 0.35 0.34 E/> - >ŽĐŽŵŽƟǀĞƐ E/> E/> 33.42

ANNUAL REPORT ϮϬϭϲͳϭϳͮ171 >ĞĂƐĞZĞŶƚZĞĐĞŝǀĂďůĞ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ŌĞƌŽŶĞLJĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶĮǀĞLJĞĂƌƐ - WƌĞŵŝƐĞƐ 2.06 0.66 E/> - >ŽĐŽŵŽƟǀĞƐ E/> E/> E/> DŽƌĞƚŚĂŶĮǀĞLJĞĂƌƐ - WƌĞŵŝƐĞƐ 1.41 E/> E/> - >ŽĐŽŵŽƟǀĞƐ E/> E/> E/> ;ĞͿ ĞƚĂŝůƐŽĨĂƐƐĞƚƐŐŝǀĞŶŽŶůĞĂƐĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͗ (Rs. In crore) WĂƌƟĐƵůĂƌƐ As at 31st March 2017 As at 31st March 2016 ƐĂƚϭƐƚƉƌŝůϮϬϭϱ WƌĞŵŝƐĞƐ >ŽĐŽŵŽƟǀĞƐ WƌĞŵŝƐĞƐ >ŽĐŽŵŽƟǀĞƐ WƌĞŵŝƐĞƐ >ŽĐŽŵŽƟǀĞƐ 'ƌŽƐƐĂƌƌLJŝŶŐĂŵŽƵŶƚ 6.96 35.66 3.51 30.90 10.00 35.66 ŽĨĂƐƐĞƚƐ ĞƉƌĞĐŝĂƟŽŶĨŽƌƚŚĞ 0.14 - Ϭ͘Ϭϳ -0.18- LJĞĂƌ /ŵƉĂŝƌŵĞŶƚůŽƐƐĨŽƌƚŚĞ -- -0.21- - LJĞĂƌ ĐĐƵŵƵůĂƚĞĚ 1.22 ϯϯ͘ϴϳ 0.41 29.35 1.44 ϯϯ͘ϴϳ ĞƉƌĞĐŝĂƟŽŶ ϯϴ͘^ĞŐŵĞŶƚZĞƉŽƌƟŶŐ͗ ͘ 'ĞŶĞƌĂů/ŶĨŽƌŵĂƟŽŶ͗ ;ŝͿ dŚĞŽŵƉĂŶLJŚĂƐĚĞƚĞƌŵŝŶĞĚƌĞƉŽƌƚĂďůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĨƌŽŵŐĞŽŐƌĂƉŚŝĐĂůƉĞƌƐƉĞĐƟǀĞ͘ ;ŝŝͿ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŽƵƌĐĞ ŽĨ ƌŝƐŬ ĂŶĚ ƌĞǁĂƌĚƐ ĂƌĞ ĚĞƌŝǀĞĚ ĨƌŽŵ ƚŚĞ ƵŶŝƚƐ ƐƉƌĞĂĚ ĂĐƌŽƐƐ ƚŚĞ ŐůŽďĞ ĂŶĚ ŚĞŶĐĞ͕ /ŶƚĞƌŶĂƟŽŶĂůƉƌŽũĞĐƚƐĂŶĚŽŵĞƐƟĐƉƌŽũĞĐƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚĂƐŝŶĚŝǀŝĚƵĂůŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐ͘ ;ŝŝŝͿdŚĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐŚĂǀĞďĞĞŶƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞ ŚŝĞĨKƉĞƌĂƟŶŐĞĐŝƐŝŽŶDĂŬĞƌ;KDͿ͘ ;ŝǀͿdŚĞƐĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĂƌĞŵŽŶŝƚŽƌĞĚďLJĐŽŵƉĂŶLJ͛ƐŚŝĞĨKƉĞƌĂƟŶŐĞĐŝƐŝŽŶDĂŬĞƌ;KDͿĂŶĚƐƚƌĂƚĞŐŝĐ ĚĞĐŝƐŝŽŶƐĂƌĞŵĂĚĞŽŶƚŚĞďĂƐŝƐŽĨƐĞŐŵĞŶƚƐƌĞƐƵůƚƐ͘^ĞŐŵĞŶƚƉĞƌĨŽƌŵĂŶĐĞŝƐĞǀĂůƵĂƚĞĚďĂƐĞĚŽŶƚŚĞƉƌŽĮƚŽĨ ĞĂĐŚƐĞŐŵĞŶƚ͘ ͘ /ŶĨŽƌŵĂƟŽŶĂďŽƵƚƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚƐĂŶĚƌĞĐŽŶĐŝůŝĂƟŽŶƚŽĂŵŽƵŶƚƐƌĞŇĞĐƚĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗ (Rs in crore) WĂƌƟĐƵůĂƌs /ŶƚĞƌŶĂƟŽŶĂů ŽŵĞƐƟĐ dŽƚĂů 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 ^ĞŐŵĞŶƚZĞǀĞŶƵĞ ZĞǀĞŶƵĞ ĨƌŽŵ džƚĞƌŶĂů 238.67 325.88 2666.23 ϭϵϴϴ͘ϳϭ 2904.90 2314.59 ƵƐƚŽŵĞƌƐ ĚĚ͗ ŽŵƉĂŶLJ ƐŚĂƌĞ ŽĨ 88.28 83.59 1.62 20.33 89.90 103.92 ƚƵƌŶŽǀĞƌŝŶ/ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚ ŽƉĞƌĂƟŽŶƐ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞ 6.97 5.61 197.28 229.42 204.25 235.03 KƚŚĞƌ/ŶĐŽŵĞ 5.47 90.60 49.91 115.95 55.38 206.55 /ŶƚĞƌͲƐĞŐŵĞŶƚ ------dŽƚĂůZĞǀĞŶƵĞ 339.39 505.68 2915.04 2354.41 3254.43 2860.09

172 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌs /ŶƚĞƌŶĂƟŽŶĂů ŽŵĞƐƟĐ dŽƚĂů 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 ^ĞŐŵĞŶƚZĞƐƵůƚ WƌŽĮƚ ďĞĨŽƌĞ WƌŽǀŝƐŝŽŶ͕ (3.06) 240.62 481.82 ϰϮϭ͘ϭϳ 478.76 ϲϲϭ͘ϳϵ ĞƉƌĞĐŝĂƟŽŶ͕ /ŶƚĞƌĞƐƚ͕ džĐĞƉƟŽŶĂůŝƚĞŵĂŶĚdĂdž >ĞƐƐ͗WƌŽǀŝƐŝŽŶΘǁƌŝƚĞ (42.77) 19.82 33.68 3.64 (9.09) 23.46 ďĂĐŬƐ;EĞƚͿ ĞƉƌĞĐŝĂƟŽŶ͕ĂŵŽƌƟnjĂƟŽŶ 5.90 15.50 11.98 ϭϮ͘ϳϮ 17.88 28.22 ĂŶĚŝŵƉĂŝƌŵĞŶƚ /ŶƚĞƌĞƐƚ - - 11.94 ϳ͘ϳϱ 11.94 ϳ͘ϳϱ džĐĞƉƟŽŶĂů/ƚĞŵƐ (73.69) - - - (73.69) - WƌŽĮƚďĞĨŽƌĞdĂdž 107.50 205.30 424.22 ϯϵϳ͘Ϭϲ 531.72 602.36 dĂdždžƉĞŶƐĞ 60.60 40.83 102.09 166.49 162.69 ϮϬϳ͘ϯϮ WƌŽĮƚĂŌĞƌdĂdž 46.90 ϭϲϰ͘ϰϳ 322.13 ϮϯϬ͘ϱϳ 369.03 395.04 ͘ KƚŚĞƌ/ŶĨŽƌŵĂƟŽŶ (Rs in crore) WĂƌƟĐƵůĂƌƐ /ŶƚĞƌŶĂƟŽŶĂů ŽŵĞƐƟĐ dŽƚĂů 2016-17 2015-16 ƉƌŝůϮϬϭϱ 2016-17 2015-16 ƉƌŝůϮϬϭϱ 2016-17 2015-16 ƉƌŝůϮϬϭϱ ƐƐĞƚƐ 653.56 ϱϲϲ͘Ϯϳ ϭϬϳϮ͘ϵϯ 8514.06 ϳϱϳϯ͘ϱϮ ϱϰϯϳ͘ϴϭ 9167.62 ϴϭϯϲ͘ϳϵ ϲϱϭϬ͘ϳϰ >ŝĂďŝůŝƟĞƐ 555.40 ϱϮϲ͘ϳϲ ϲϱϯ͘ϳϱ 4784.20 3943.02 Ϯϯϯϱ͘ϭϳ 5339.60 ϰϰϲϵ͘ϳϴ 2988.92 /ŶǀĞƐƚŵĞŶƚŝŶ - --281.11 105.22 66.21 281.11 105.22 66.21 :ŽŝŶƚsĞŶƚƵƌĞƐ ĂĐĐŽƵŶƚĞĚĨŽƌďLJ ƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ EŽŶͲƵƌƌĞŶƚ 39.76 49.42 ϳϰ͘ϭϰ 809.51 ϲϮϳ͘ϭϴ ϲϭϭ͘ϱϳ 849.27 ϲϳϲ͘ϲϬ ϲϴϱ͘ϳϭ ƐƐĞƚƐKƚŚĞƌ ƚŚĂŶĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͕ ĚĞĨĞƌƌĞĚƚĂdž ĂƐƐĞƚƐ͕ŶĞƚĚĞĮŶĞĚ ďĞŶĞĮƚĂƐƐĞƚƐ ĂƉŝƚĂů džƉĞŶĚŝƚƵƌĞ 1.12 0.32 - 43.40 20.86 - 44.52 21.18 - ;ĚĚŝƟŽŶƚŽWW͕ t/W͕/ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚLJ͕KƚŚĞƌ /ŶƚĂŶŐŝďůĞƐƐĞƚƐ ĂŶĚ/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐƵŶĚĞƌ ĚĞǀĞůŽƉŵĞŶƚͿ ͘ /ŶĨŽƌŵĂƟŽŶĂďŽƵƚŵĂũŽƌƵƐƚŽŵĞƌƐ͗  ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕KƉĞƌĂƟŶŐZĞǀĞŶƵĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϯϴ͘ϳϬй;ϰϬ͘ϴϳйͿĚĞƌŝǀĞĚĨƌŽŵĂ ƐŝŶŐůĞĞdžƚĞƌŶĂůĐƵƐƚŽŵĞƌƐŝŶŽŵĞƐƟĐ^ĞŐŵĞŶƚ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ173 ϯϵ͘/ŶƚĞƌĞƐƚŝŶŽƚŚĞƌŶƟƟĞƐ ͘ ŝƐĐůŽƐƵƌĞŝŶƌĞƐƉĞĐƚŽĨ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ ;ĂͿ hŶŝŶĐŽƌƉŽƌĂƚĞĚ:ŽŝŶƚŽƉĞƌĂƟŽŶƐ͗ ŝͿ &ŽƌƉƌŽũĞĐƚƐŝŶŽƉĞƌĂƟŽŶ͗ ^͘ Name of the Joint WƌŝŶĐŝƉĂůƉůĂĐĞŽĨ Partner(s) and Country of WĂƌƟĐŝƉĂƟŶŐ/ŶƚĞƌĞƐƚ;ŝŶйͿĂƐ No. ŽƉĞƌĂƟŽŶƐ Business Origin on 31March 2017 2016 1. /ZKEͲ^W^W> :Θ<͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 50.00 50.00 ^W^W>͕/ŶĚŝĂ 50.00 50.00 2. /ZKEͲ&KE^ ĂŶŐůĂĚĞƐŚ /ƌĐŽŶ͕/ŶĚŝĂ 53.00 53.00 ĨĐŽŶƐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͕͘ ϰϳ͘ϬϬ ϰϳ͘ϬϬ /ŶĚŝĂ 3. džƉƌĞƐƐ&ƌĞŝŐŚƚ 'ƵũƌĂƚ͕DĂŚĂƌĂƐŚƚƌĂ͕ DŝƚƐƵŝ͕:ĂƉĂŶ 51.00 51.00 ŽŶƐŽƌƟƵŵ /ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 30.00 30.00 dĂƚĂWƌŽũĞĐƚ>ƚĚ͕͘/ŶĚŝĂ 19.00 19.00 4. džƉƌĞƐƐ&ƌĞŝŐŚƚ DĂŚĂƌĂƐŚƚƌĂ͕/ŶĚŝĂ DŝƚƐƵŝ͕:ĂƉĂŶ 51.00 - ZĂŝůǁĂLJŽŶƐŽƌƟƵŵ /ƌĐŽŶ͕/ŶĚŝĂ 30.00 - dĂƚĂWƌŽũĞĐƚ>ƚĚ͕͘/ŶĚŝĂ 19.00 - ŝŝͿ &ŽƌƉƌŽũĞĐƚƐǁŚŝĐŚŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ͗

^͘ Name of the Joint WƌŝŶĐŝƉĂůƉůĂĐĞŽĨ Partner(s) and Country of WĂƌƟĐŝƉĂƟŶŐ/ŶƚĞƌĞƐƚ No. ŽƉĞƌĂƟŽŶƐ Business Origin ;ŝŶйͿĂƐŽŶϯϭƐƚDĂƌĐŚ 2017 2016 1 Z/KE ĞůŚŝ EZ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 49.00 49.00 Z/d^͕/ŶĚŝĂ 51.00 51.00 2 Z/KEͲd^Z> DŽnjĂŵďŝƋƵĞ Z/KE͕/ŶĚŝĂ Eŝů 49.00 d͕DŽnjĂŵďŝƋƵĞ Eŝů 51.00 3 /ƌĐŽŶͲKZͲ>/KW ĞůŚŝEZ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 61.22 61.22 KZ͕^ƉĂŝŶ 34.35 34.35 >/KW͕^ƉĂŝŶ 4.43 4.43 4 /ƌĐŽŶͲ^ƌĞĞŚĂǁĂŶŝ ŚĞŶŶĂŝ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 24.21 24.21 ƵŝůĚĞƌƐ ^ƌĞĞŚĂǁĂŶŝƵŝůĚĞƌƐ͕ ϳϱ͘ϳϵ ϳϱ͘ϳϵ /ŶĚŝĂ 5 /ƌĐŽŶͲ^D:WƌŽũĞĐƚ:s dĂŵŝůŶĂĚƵ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 55.00 55.00 ^ƵŵďĞƌDŝƚƌĂ:ĂLJĂ͕ 45.00 45.00 /ŶĚŽŶĞƐŝĂ 6 /ŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽ ĞůŚŝEZ͕/ŶĚŝĂ LJǁŝĚĂŐ͕'ĞƌŵĂŶLJ 29.00 29.00 ŝǀŝůŽŶƚƌĂĐƚŽƌ͘;/DͿ >ĂƌƐĞŶΘdƵďƌŽ>ƚĚ͕͘/ŶĚŝĂ 26.00 26.00 ^ĂŵƐƵŶŐ ŽƌƉ͕͘<ŽƌĞĂ 26.00 26.00 ^ŚŝŵŝnjƵŽƌƉ͕͘:ĂƉĂŶ 9.50 9.50 /ƌĐŽŶ͕/ŶĚŝĂ 9.50 9.50

ϳ DĞƚƌŽdƵŶŶĞůůŝŶŐ'ƌŽƵƉ ĞůŚŝEZ͕/ŶĚŝĂ LJǁŝĚĂŐ͕'ĞƌŵĂŶLJ 29.00 29.00 ;Dd'Ϳ >ĂƌƐĞŶΘdƵďƌŽ>ƚĚ͕͘/ŶĚŝĂ 26.00 26.00 ^ĂŵƐƵŶŐ ŽƌƉ͕͘<ŽƌĞĂ 26.00 26.00 ^ŚŝŵŝnjƵŽƌƉ͕͘:ĂƉĂŶ 9.50 9.50 /ƌĐŽŶ͕/ŶĚŝĂ 9.50 9.50

174 | ANNUAL REPORT ϮϬϭϲͳϭϳ ^͘ Name of the Joint WƌŝŶĐŝƉĂůƉůĂĐĞŽĨ Partner(s) and Country of WĂƌƟĐŝƉĂƟŶŐ/ŶƚĞƌĞƐƚ No. ŽƉĞƌĂƟŽŶƐ Business Origin ;ŝŶйͿĂƐŽŶϯϭƐƚDĂƌĐŚ 2017 2016 8 /ƌĐŽŶͲ'EEKE hƩĂƌWƌĂĚĞƐŚ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ ϱϱ͘ϳϬ ϱϱ͘ϳϬ ƵŶŬĞƌůLJ 'EEKEƵŶŬĞƌůLJ 44.30 44.30 9 /ƌĐŽŶͲZ^ͲW&>/ZZ :Θ<͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 65.08 65.08 ZĂLJĂůƐĞĞŵĂŽŶĐƌĞƚĞ Ϯϭ͘ϴϳ Ϯϭ͘ϴϳ ^ůĞĞƉĞƌƐWǀƚ͘>ƚĚ͕/ŶĚŝĂ 13.05 13.05 WŇĞŝĚĞƌĞƌ /ŶĨƌĂƐƚƌƵŬƚƵƌƚĞĐŶŝŬ'ŵďŚ ΘŽ͕'ĞƌŵĂŶLJ ;ďͿ :ŽŝŶƚ-sĞŶƚƵƌĞ ŽŵƉĂŶŝĞƐ͗

^͘ Name of JV WƌŝŶĐŝƉĂů ƉůĂĐĞ of ^ŚĂƌĞŚŽůĚĞƌƐ and country WĞƌĐĞŶƚĂŐĞŽĨKǁŶĞƌƐŚŝƉ No Company Business of origin As at As at 31 March 2017 31 March 2016 1 &;ŽŵƉĂŶŚŝĂ DŽnjĂŵďŝƋƵĞ /ƌĐŽŶ͕/ŶĚŝĂ ͲΎ 25.00 ŽƐĂŵŝŶŚŽƐĞ Z/d^͕/ŶĚŝĂ - 26.00 &ĞƌƌŽĂĞŝƌĂ^Z>Ϳ &D͕DŽnjĂŵďŝƋƵĞ - 49.00 DŽnjĂŵďŝƋƵĞ 2 /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ DĂŚĂƌĂƐŚƚƌĂ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 50.00 50.00 WƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘ ^ŽŵĂ ŶƚĞƌƉƌŝƐĞ >ŝŵŝƚĞĚ͕ 50.00 50.00 ;/^dW>Ϳ /ŶĚŝĂ 3 ŚŚĂƫƐŐĂƌŚĂƐƚ ŚŚĂƫƐŐĂƌŚ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 ZĂŝůǁĂLJ>ŝŵŝƚĞĚ ^>͕/ŶĚŝĂ 64.00 64.00 ;Z>Ϳ ^/ 10.00 10.00 4 ŚŚĂƫƐŐĂƌŚĂƐƚͲ ŚŚĂƫƐŐĂƌŚ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 tĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ ^>͕/ŶĚŝĂ 64.00 64.00 ;tZ>Ϳ ^/ 10.00 10.00 5 DĂŚĂŶĂĚŝŽĂůZĂŝů KĚŝƐŚĂ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 >ŝŵŝƚĞĚ;DZ>Ϳ D>͕/ŶĚŝĂ 64.00 64.00 'ŽK͕/ŶĚŝĂ 10.00 10.00 6 :ŚĂƌŬŚĂŶĚĞŶƚƌĂů :ŚĂƌŬŚĂŶĚ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 ZĂŝůǁĂLJ>ŝŵŝƚĞĚ >͕/ŶĚŝĂ 64.00 64.00 ;:Z>Ϳ 'Ž:͕/ŶĚŝĂ 10.00 10.00

ϳ ĂƐƚĞƌZĂŝůǁĂLJWǀƚ͘ ŚŚĂƫƐŐĂƌŚ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 - >ƚĚ͘;ZW>Ϳ ED͕/ŶĚŝĂ 43.00 - ^/>͕/ŶĚŝĂ 21.00 - D͕/ŶĚŝĂ 10.00 - Ύ^ŚĂƌĞƐƚƌĂŶƐĨĞƌƌĞĚŽŶϮϮ͘Ϭϵ͘ϮϬϭϲ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ175 ;ĐͿ ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ͕džƉĞŶĚŝƚƵƌĞ͕WƌŽĮƚ͕ƐƐĞƚƐΘ>ŝĂďŝůŝƟĞƐŽĨ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ (Rs. in crore) ^͘ :ŽŝŶƚůLJŽŶƚƌŽůŶƟƟĞƐ &ŝŶĂŶĐŝĂů WĂƌƟĐƵůĂƌƐ No. Year Income Expenditure WƌŽĮƚ PPE Current/ >ŝĂďŝůŝƟĞƐ Non Current Assets 1 Z/KE ϮϬϭϲͲϭϳ 0.32 0.12 0.20 - 10.50 Ϭ͘ϯϳ 2015-16 Ϭ͘ϯϳ 0.10 Ϭ͘Ϯϳ - 10.34 0.41 2 /D ϮϬϭϲͲϭϳ 0.02 0.01 0.01 - 3.56 0.93 2015-16 0.05 0.06 ;Ϭ͘ϬϭͿ - 3.55 0.92 3 Dd' ϮϬϭϲͲϭϳ 0.32 0.14 0.18 - 4.19 0.10 2015-16 0.39 0.19 0.20 - 5.22 0.12 4 /ZKEͲ^W^W> ϮϬϭϲͲϭϳ Ϭ͘ϵϳ Ϭ͘ϵϳ - 0.25 3.88 3.33 2015-16 19.52 19.52 - 0.30 5.36 6.18 5 /ZKEͲ&KE^ ϮϬϭϲͲϭϳ 88.28 55.18 33.10 0.38 36.91 26.05 2015-16 83.59 ϳϳ͘ϰϬ 6.19 2.09 39.99 38.50 6 &;ŽŵƉĂŶŚŝĂŽƐ ϮϬϭϲͲϭϳ ------ĂŵŝŶŚŽƐĞ&ĞƌƌŽĂ 2015-16 3.23 1.85 1.38 - 29.31 19.96 ĞŝƌĂ^Z>ͿDŽnjĂŵďŝƋƵĞ ϳ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ ϮϬϭϲͲϭϳ ϳϴ͘ϵϱ ϳϯ͘ϭϬ 5.85 0.98 ϱϳϱ͘ϵϬ 531.43 WƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ 2015-16 103.90 ϵϴ͘ϯϳ 5.53 1.03 666.39 633.66 8 ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ ϮϬϭϲͲϭϳ -0.04;Ϭ͘ϬϰͿ 192.60 33.09 146.24 >ŝŵŝƚĞĚ;Z>Ϳ 2015-16 - 0.02 ;Ϭ͘ϬϮͿ 66.34 32.34 62.60 9 ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚ ϮϬϭϲͲϭϳ -0.02;Ϭ͘ϬϮͿ ϳϬ͘ϴϱ 111.56 51.44 ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ 2015-16 - 0.02 ;Ϭ͘ϬϮͿ 11.20 11.33 21.53 10 DĂŚĂŶĂĚŝŽĂůZĂŝů ϮϬϭϲͲϭϳ - - - 3.69 0.01 3.69 >ŝŵŝƚĞĚ;DZ>Ϳ 2015-16 - - - 0.02 0.53 0.54 11 :ŚĂƌŬŚĂŶĚĞŶƚƌĂů ϮϬϭϲͲϭϳ 0.10 0.25 ;Ϭ͘ϭϱͿ 45.65 8.50 45.65 ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ 2015-16 - ;Ϭ͘ϬϮͿ ;Ϭ͘ϬϮͿ - - 0.02 12 ĂƐƚĞƌZĂŝůǁĂLJWǀƚ͘>ƚĚ͘ ϮϬϭϲͲϭϳ 0.00 0.03 ;Ϭ͘ϬϯͿ - 3.46 2.55 ;ZW>Ϳ 2015-16 ------dŽƚĂů 2016-17 168.86 129.86 39.10 314.40 791.56 811.78 2015-16 211.05 197.51 13.50 80.98 804.36 784.44 ;ĚͿ ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐŽĨƚŚĞ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞĚŝƐĐůŽƐĞĚŝŶŶŽƚĞϯϬ;ďͿ͘ ;Ϳ͘ŝƐĐůŽƐƵƌĞŝŶ^ƵďƐŝĚŝĂƌŝĞƐ

^͘ Name of the WƌŝŶĐŝƉĂů KǁŶĞƌƐŚŝƉ/ŶƚĞƌĞƐƚŚĞůĚďLJ KǁŶĞƌ^ŚŝƉŚĞůĚďLJEŽŶͲ No. ^ƵďƐŝĚŝĂƌŝĞƐ ƉůĂĐĞŽĨ Company ĐŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ Business 31 March 31 March ϭƉƌŝů 31 March 31 March ϭƉƌŝů 2017 2016 2015 2017 2016 2015 1. /ƌĐŽŶ EĞǁĞůŚŝ͕ 100% 100% 100% Eŝů Eŝů Eŝů /ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ /ŶĚŝĂ ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ ;//^>Ϳ

176 | ANNUAL REPORT ϮϬϭϲͳϭϳ ^͘ Name of the WƌŝŶĐŝƉĂů KǁŶĞƌƐŚŝƉ/ŶƚĞƌĞƐƚŚĞůĚďLJ KǁŶĞƌ^ŚŝƉŚĞůĚďLJEŽŶͲ No. ^ƵďƐŝĚŝĂƌŝĞƐ ƉůĂĐĞŽĨ Company ĐŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ Business 31 March 31 March ϭƉƌŝů 31 March 31 March ϭƉƌŝů 2017 2016 2015 2017 2016 2015 2. /ŶĚŝĂŶZĂŝůǁĂLJ EĞǁĞůŚŝ͕ ϱϭйΎ 51% 51% ϰϵйΎ 49% 49% ^ƚĂƟŽŶ /ŶĚŝĂ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƟŽŶ >ŝŵŝƚĞĚ;/Z^Ϳ 3. /ƌĐŽŶWdŽůůǁĂLJ /ŶĚŝĂ 100% 100% 100% Eŝů Eŝů Eŝů >ŝŵŝƚĞĚ;/Wd>Ϳ 4. /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂ /ŶĚŝĂ 100% 100% 100% Eŝů Eŝů Eŝů dŽůůǁĂLJ>ŝŵŝƚĞĚ ;/^'d>Ϳ ΎDŝŶŝƐƚƌLJŽĨZĂŝůǁĂLJǀŝĚĞůĞƩĞƌĚĂƚĞĚϭϬ͘Ϭϰ͘ϮϬϭϳŚĂƐĚĞĐŝĚĞĚƚŽƚƌĂŶƐĨĞƌϭйĞƋƵŝƚLJƚŽZ>ĨƌŽŵ/ZKE͕ƚŚĞƌĞďLJ ƌĞǀŝƐŝŶŐƚŚĞŽǁŶĞƌƐŚŝƉĂŶĚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƚŽϱϬ͗ϱϬ͘ ϰϬ͘ZĞůĂƚĞĚWĂƌƚLJĚŝƐĐůŽƐƵƌĞƐ͗ZĞůĂƚĞĚƉĂƌƚLJƚŽďĞŝĚĞŶƟĮĞĚĂƐƉĞƌ/E^ ĂͿ ŶƚĞƌƉƌŝƐĞƐǁŚĞƌĞĐŽŶƚƌŽůĞdžŝƐƚƐ͗ ;ŝͿ ^ƵďƐŝĚŝĂƌLJŽŵƉĂŶŝĞƐ͗Ͳ x /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ͘;//^>Ϳ x /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ͘;/Z^Ϳ x /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ͘;/Wd>Ϳ x /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ ;ŝŝͿ :ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͗Ͳ x hŶŝŶĐŽƌƉŽƌĂƚĞĚ:ŽŝŶƚŽƉĞƌĂƟŽŶƐʹƐƉĞƌEŽƚĞŶŽ͘ϯϵ;ĂͿĂďŽǀĞ x :ŽŝŶƚsĞŶƚƵƌĞŽŵƉĂŶŝĞƐʹƐƉĞƌEŽƚĞŶŽ͘ϯϵ;ďͿĂďŽǀĞ͘ ďͿ <ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͗  tŚŽůĞƟŵĞŝƌĞĐƚŽƌƐ͗Ͳ^ͬ^Śƌŝ^͘<͘ŚĂƵĚŚĂƌLJ͕D͘<͘^ŝŶŐŚ͕ĞĞƉĂŬ^ĂďŚůŽŬĂŶĚ,ŝƚĞƐŚ<ŚĂŶŶĂ͘  ŝƌĞĐƚŽƌƐ;KĸĐŝĂů'ŽǀĞƌŶŵĞŶƚŶŽŵŝŶĂƚĞĚͿ͗Ͳ^ͬ^ŚƌŝZĂũŝǀŚĂƵĚŚĂƌLJ͕^ƵŬŚŵĂůŚĂŶĚ:ĂŝŶ  /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ͗Ͳ^ͬ^ŚƌŝǀŝŶĞĞƐŚDĂƩĂ͕^ĂŶũĂLJ<ƵŵĂƌ^ŝŶŐŚ͕DƐ͘sĂƐƵĚŚĂs͘<ĂŵĂƚ  ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͗Ͳ^ŵƚ͘^ƵŵŝƚĂ^ŚĂƌŵĂ ĐͿ ŝƐĐůŽƐƵƌĞŽĨƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƟĞƐ͗ (Rs. in crore) WĂƌƟĐƵůĂƌs dƌĂŶƐĂĐƟŽŶƐ WĂƌƟĐƵůĂƌƐŽĨŽŶƚƌĂĐƚƐͬ during the year Arrangements 2016-17 2015-16 EĂƚƵƌĞŽĨdƌĂŶƐĂĐƟŽŶ ϭ͘ ZĞŵƵŶĞƌĂƟŽŶƚŽŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů ƐƉĞƌ ;ďĂďŽǀĞͿΘ^ŝƫŶŐ&ĞĞƐƚŽŽƚŚĞƌ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ EŽƚĞ EŽ͘ϰϭ Ϯ͘ WƵƌĐŚĂƐĞŽĨ'ŽŽĚƐΘ^ĞƌǀŝĐĞƐ;ŝŶĐůƵĚŝŶŐ^ZĞdžƉĞŶƐĞƐͿͬ>ĞĂƐĞŽĨWWͬŶLJŽƚŚĞƌƚƌĂŶƐĂĐƟŽŶ ^ƵďƐŝĚŝĂƌŝĞƐ;/ŶĐůƵĚŝŶŐͿ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ -0.19 ^ZĐƟǀŝƟĞƐ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 1.69 6.62 ,ŝƌŝŶŐŽĨDĂĐŚŝŶĞƌLJ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 2.19 ϲ͘ϳϬ DĂŶWŽǁĞƌ^ƵƉƉůLJ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ177 WĂƌƟĐƵůĂƌs dƌĂŶƐĂĐƟŽŶƐ WĂƌƟĐƵůĂƌƐŽĨŽŶƚƌĂĐƚƐͬ during the year Arrangements 2016-17 2015-16 EĂƚƵƌĞŽĨdƌĂŶƐĂĐƟŽŶ /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 2.29 0.18 /ŶƚĞƌĞƐƚWĂŝĚ :ŽŝŶƚsĞŶƚƵƌĞƐ;ŝŶĐůƵĚŝŶŐͿ ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ Ϭ͘ϳϬ - /ŶƚĞƌĞƐƚƉĂŝĚ dŽƚĂů 6.87 13.69 ϯ͘ ^ĂůĞŽĨ'ŽŽĚƐΘ^ĞƌǀŝĐĞƐͬ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞͬŶLJŽƚŚĞƌƚƌĂŶƐĂĐƟŽŶ ^ƵďƐŝĚŝĂƌŝĞƐ;/ŶĐůƵĚŝŶŐͿ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ -0.42tŽƌŬZĞĐĞŝƉƚƐD&Ɛ ŝŶĐůƵĚŝŶŐĐŽŶƐƵůƚĂŶĐLJ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 2.63 3.91 /ŶƚĞƌĞƐƚŽŶůŽĂŶ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 0.32 0.18 ZĞŶƚĨŽƌƚŚĞWƌĞŵŝƐĞƐ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 0.12 0.12 KƚŚĞƌŽƉĞƌĂƟŶŐƌĞĐĞŝƉƚƐͲD& /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 0.02 0.02 ZĞŶƚĨŽƌƚŚĞWƌĞŵŝƐĞƐ /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ Ϯϳϯ͘Ϯϲ Ϯϳ͘ϵϵ tŽƌŬƌĞĐĞŝƉƚƐ /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 1.89 - /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ 0.02 0.03 ZĞŶƚĨŽƌƚŚĞWƌĞŵŝƐĞƐ /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ 195.66 53.44 tŽƌŬƌĞĐĞŝƉƚƐ /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ 0.96 - /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ :ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ;/ŶĐůƵĚŝŶŐͿ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ 0.03 Ϭ͘Ϭϳ ZĞŶƚĨŽƌƚŚĞWƌĞŵŝƐĞƐ ŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z> - 25.26 /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ ;&Ϳ ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ ϭϯϬ͘Ϭϳ 182.30 ŽŶƐƵůƚĂŶĐLJΘǁŽƌŬƐƌĞĐĞŝƉƚƐ ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 6.26 4.92 /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϯϳ͘ϱϭ 22.33 ŽŶƐƵůƚĂŶĐLJƌĞĐĞŝƉƚƐ ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϰ͘ϴϳ 0.43 /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ /ZKE&KE^:s 0.20 Ϭ͘ϳϴ /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 5.54 - ŽŶƐƵůƚĂŶĐLJΘǁŽƌŬƌĞĐĞŝƉƚƐ dŽƚĂů 659.36 322.20 ϰ͘ ƋƵŝƚLJ/ŶǀĞƐƚŵĞŶƚƐŝŶ^ƵďƐŝĚŝĂƌŝĞƐΘ:sƐ ^ƵďƐŝĚŝĂƌŝĞƐ /ƌĐŽŶWdŽůůǁĂLJ>ƚĚ ϳϱ͘ϬϬ - /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 80.00 ϳϬ͘ϬϬ Joint Venture ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 43.41 39.00 ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ 130.00 - DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ -0.01 ĂƐƚĞƌZĂŝůǁĂLJWǀƚ͘>ƚĚ͘;ZW>Ϳ 1.18 - :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ 1.30 - & ;ϱ͘ϱϯͿ - ŝƐŝŶǀĞƐƚŵĞŶƚ ϱ͘ >ŽĂŶdŽ^ƵďƐŝĚŝĂƌŝĞƐΘ:ŽŝŶƚƌƌĂŶŐĞŵĞŶƚƐ ^ƵďƐŝĚŝĂƌŝĞƐ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>ͿͲ>ŽĂŶ ;ϰ͘ϱϴͿ ;ϰ͘ϬϬͿ ZĞƉĂLJŵĞŶƚ

178 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌs dƌĂŶƐĂĐƟŽŶƐ WĂƌƟĐƵůĂƌƐŽĨŽŶƚƌĂĐƚƐͬ during the year Arrangements 2016-17 2015-16 EĂƚƵƌĞŽĨdƌĂŶƐĂĐƟŽŶ /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>ͿͲ>ŽĂŶŝƐďƵƌƐĞĚ 80.00 - /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>ͿͲ>ŽĂŶ 162.65 - ŝƐďƵƌƐĞĚ Joint arrangements ŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z> -5.05 ;&ͿͲ>ŽĂŶŝƐďƵƌƐĞĚ ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>ͿͲ>ŽĂŶ ϳϴ͘ϬϬ 9.00 ŝƐďƵƌƐĞĚ ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>ͿͲ>ŽĂŶ 19.50 19.50 ŝƐďƵƌƐĞĚ /ZKE&KE^:s >ŽĂŶŝƐďƵƌƐĞĚ ϳ͘ϱϬ - >ŽĂŶZĞƉĂLJŵĞŶƚ ;ϳ͘ϱϬͿ ;ϭϴ͘ϭϭͿ ϲ͘ ZĞŝŵďƵƌƐĞŵĞŶƚŽĨĚĞƉƵƚĂƟŽŶƐƚĂīĞdžƉĞŶƐĞƐ͕ƌĞŶƚΘŽƚŚĞƌŵŝƐĐ͘ĞdžƉĞŶƐĞƐ ^ƵďƐŝĚŝĂƌŝĞƐ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 0.80 3.40 /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ 1.51 1.48 ;/Z^Ϳ /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 0.28 1.55 /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ 0.91 0.40 JVs /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ 0.56 0.21 Trust /ƌĐŽŶ'ƌĂƚƵŝƚLJdƌƵƐƚ ϳ͘ϴϮ 2.43 ZĞŝŵďƵƌƐĞŵĞŶƚ /ƌĐŽŶŵƉůŽLJĞĞƐŽŶƚƌŝďƵƚŽƌLJW&dƌƵƐƚ 28.52 25.99 ŽŶƚƌŝďƵƟŽŶƚŽdƌƵƐƚ /ƌĐŽŶWĞŶƐŝŽŶdƌƵƐƚ ϳ͘ϲϭ 30.58 ŽŶƚƌŝďƵƟŽŶƚŽdƌƵƐƚ /ƌĐŽŶDĞĚŝĐĂůdƌƵƐƚ 3.38 ϱ͘ϵϳ ŽŶƚƌŝďƵƟŽŶƚŽdƌƵƐƚ dŽƚĂů 51.39 72.01  ŝƐĐůŽƐƵƌĞŽĨĂŵŽƵŶƚĚƵĞƚŽͬĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐ (Rs in crore) WĂƌƟĐƵůĂƌƐ Amount As at 31-03-2017 As at 31-03-2016 ŵŽƵŶƚZĞĐĞŝǀĂďůĞƐ ;ϭͿƋƵŝƚLJ/ŶǀĞƐƚŵĞŶƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐΘ:s 681.51 356.15 ^ƵďƐŝĚŝĂƌŝĞƐ 400.40 245.40 /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 65.00 65.00 /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ;/Z^Ϳ 20.40 20.40 /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ 165.00 90.00 /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 150.00 ϳϬ͘ϬϬ Joint Venture 281.11 110.75 & -5.53 /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ ϲϯ͘ϴϳ ϲϯ͘ϴϳ ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 83.58 ϰϬ͘ϭϳ ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϭϯϭ͘ϭϳ ϭ͘ϭϳ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ179 WĂƌƟĐƵůĂƌƐ Amount As at 31-03-2017 As at 31-03-2016 DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 0.01 0.01 :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ 1.30 - ĂƐƚĞƌZĂŝůǁĂLJWǀƚ͘>ƚĚ͘;ZW>Ϳ 1.18 - ;ϮͿ>ŽĂŶŽƵƚƐƚĂŶĚŝŶŐƚŽ^ƵďƐŝĚŝĂƌŝĞƐΘ:sΎΎ 439.58 86.00 ^ƵďƐŝĚŝĂƌŝĞƐ 268.14 27.50 /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 22.92 Ϯϳ͘ϱϬ /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ ϴϬ͘ϴϳ - /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 164.35 - Joint Venture 171.44 58.50 ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ ϭϮϳ͘ϲϳ 39.00 ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϰϯ͘ϳϳ 19.50 ;ϯͿ&ŽƌKƚŚĞƌ^ĞƌǀŝĐĞƐ͕ƌĞŝŵďƵƌƐĞŵĞŶƚƐĞƚĐ͘ ^ƵďƐŝĚŝĂƌŝĞƐ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ -2.19 /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ 0.48 0.36 ;/Z^Ϳ /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ ϯ͘ϳϲ 0.21 /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ Ϭ͘ϳϬ 19.04 Joint Arrangements /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ ϳ͘ϳϭ ϳ͘ϮϮ ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 41.29 ϲϳ͘Ϯϴ ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ 5.29 3.88 DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ ϰ͘ϳϮ - Z/KE 0.44 - Trust /ƌĐŽŶ'ƌĂƚƵŝƚLJdƌƵƐƚ 2.26 2.43 ŵŽƵŶƚWĂLJĂďůĞ ϭͿ &ŽƌKƚŚĞƌ^ĞƌǀŝĐĞƐ ^ƵďƐŝĚŝĂƌŝĞƐ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ 5.93 9.41 /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ - ϯϬ͘ϭϳ Joint Arrangements ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 28.15 18.48 ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϭϴ͘ϱϳ - /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ -- /ZKE&KE^ ϳ͘ϴϬ - DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 0.02 - ϮͿ ĚǀĂŶĐĞǁŽƌŬƌĞĐĞŝƉƚƐ ^ƵďƐŝĚŝĂƌŝĞƐ /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ 13.09 - Joint Venture DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 5.52 - 3) Advance Received Joint Venture :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ 5.00 - ΎΎ/ŶĐůƵĚĞƐ/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚ

180 | ANNUAL REPORT ϮϬϭϲͳϭϳ ĚͿ dƌĂŶƐĂĐƟŽŶǁŝƚŚƚŚĞZĞůĂƚĞĚ'ŽǀĞƌŶŵĞŶƚĞŶƟƟĞƐ  ƉĂƌƚĨƌŽŵƚƌĂŶƐĂĐƟŽŶƐƌĞƉŽƌƚĞĚĂďŽǀĞ͕ƚŚĞĐŽŵƉĂŶLJŚĂƐƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚƌĞůĂƚĞĚ'ŽǀĞƌŶŵĞŶƚĞŶƟƟĞƐǁŚŝĐŚ ŝŶĐůƵĚĞƐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗  EĂŵĞŽĨ'ŽǀĞƌŶŵĞŶƚ͗DŝŶŝƐƚƌLJŽĨZĂŝůǁĂLJƐ͕'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂ;^ŝŐŶŝĮĐĂŶƚĐŽŶƚƌŽůŽǀĞƌĐŽŵƉĂŶLJͿ  ĞƌƚĂŝŶƐŝŐŶŝĮĐĂŶƚƚƌĂŶƐĂĐƟŽŶƐΘůŽƐŝŶŐďĂůĂŶĐĞƐ͗ dƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͗ ;ZƐ͘ŝŶĐƌŽƌĞͿ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 ŝͿ ^ĂůĞƐ 1265.20 1095.33 ŝŝͿ /ŶƚĞƌĞƐƚWĂƐƐĞĚŽŶ 159.36 54.96 ŝŝŝͿ ŝǀŝĚĞŶĚWĂŝĚ ϭϴϯ͘ϳϯ 181.63 EŽƚĞ͗WƵƌĐŚĂƐĞƐĂƌĞŚĞƚĞƌŽŐĞŶĞŽƵƐŝŶŶĂƚƵƌĞ͕ƚŚƵƐŝŵŵĂƚĞƌŝĂů͘,ĞŶĐĞŶŽƚĚŝƐĐůŽƐĞĚ͘ ůŽƐŝŶŐďĂůĂŶĐĞƐ͗ ;ZƐ͘ŝŶĐƌŽƌĞͿ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 ŝͿ ZĞĐĞŝǀĂďůĞ 88.16 Ϯϭϳ͘ϱϴ ŝŝͿ ŝůůĂďůĞƌĞǀĞŶƵĞͬƌĞĐĞŝǀĂďůĞƐŶŽƚĚƵĞ 68.50 140.06 ŝŝŝͿ ůĂŝŵƐƌĞĐŽǀĞƌĂďůĞ Ϭ͘ϴϳ 2.86 ŝǀͿ ĚǀĂŶĐĞZĞĐĞŝǀĞĚ ϯϮϰϳ͘ϯϲ 2545.32 ǀͿ ĚǀĂŶĐĞǁŽƌŬƌĞĐĞŝƉƚƐ 0.38 - ϰϭ͘ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƚŽŝƌĞĐƚŽƌƐͬ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶ͗ (Rs. in crore) ^ƌ͘ WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 / ^ĂůĂƌLJΘĂůůŽǁĂŶĐĞƐΎ 1.51 ϭ͘ϳϰ // ŽŶƚƌŝďƵƟŽŶƚŽƉƌŽǀŝĚĞŶƚĨƵŶĚ͕ƉĞŶƐŝŽŶ 0.14 0.20 /// ZĞŝŵďƵƌƐĞŵĞŶƚŽĨŵĞĚŝĐĂůĞdžƉĞŶƐĞƐ 0.03 0.03 /s ^ŝƫŶŐĨĞĞ Ϭ͘Ϭϳ 0.00 sKƚŚĞƌďĞŶĞĮƚƐ 0.33 Ϭ͘Ϯϳ TOTAL 2.08 2.24 Ύ&ŝŐƵƌĞƐŽĨϮϬϭϲͲϭϳŝŶĐůƵĚĞWZW;ϮϬϭϰͲϭϱͿŽĨZƐ͘Ϭ͘ϯϬĐƌŽƌĞƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͖ϮϬϭϱͲϭϲŝŶĐůƵĚĞWZW;ϮϬϭϯͲϭϰͿ ŽĨZƐ͘Ϭ͘ϰϳĐƌŽƌĞƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ZĞĐŽǀĞƌLJĂƐĂƉƉůŝĐĂďůĞŚĂƐďĞĞŶŵĂĚĞĨƌŽŵŝƌĞĐƚŽƌƐǁŚŽŚĂǀĞďĞĞŶƉƌŽǀŝĚĞĚǁŝƚŚŽŵƉĂŶLJĂĐĐŽŵŵŽĚĂƟŽŶ ĂŶĚĐĂƌ͘ 42͘ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ͕ ŽŵƉĂŶLJ ŚĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐƐĞƐƐŵĞŶƚ ŽŶ ŝŵƉĂŝƌŵĞŶƚ ŽĨ ŝŶĚŝǀŝĚƵĂů ĂƐƐĞƚƐ ďLJ ǁŽƌŬŝŶŐ ŽƵƚ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚďĂƐĞĚŽŶůŽǁĞƌŽĨƚŚĞŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞĂŶĚĐĂƌƌLJŝŶŐĐŽƐƚŝŶƚĞƌŵƐŽĨ/ŶĚ^ϯϲ͕͞/ŵƉĂŝƌŵĞŶƚŽĨ ƐƐĞƚƐ͟ŶŽƟĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯƌĞĂĚǁŝƚŚZƵůĞϯŽĨƚŚĞŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐͿ ZƵůĞƐ͕ ϮϬϭϱ ĂŶĚ ŽŵƉĂŶŝĞƐ ;/ŶĚŝĂŶ ĂĐĐŽƵŶƟŶŐ ƐƚĂŶĚĂƌĚƐͿ ŵĞŶĚŵĞŶƚ ZƵůĞƐ ϮϬϭϲ͘ ĐĐŽƌĚŝŶŐůLJ͕ ŝŵƉĂŝƌŵĞŶƚůŽƐƐŽĨRs.1.26 crore;ZƐ͘Ϭ͘ϬϬϮĐƌŽƌĞͿŚĂƐďĞĞŶƉƌŽǀŝĚĞĚĨŽƌ͘͟

ANNUAL REPORT ϮϬϭϲͳϭϳͮ181 ϰϯ͘ŝƐĐůŽƐƵƌĞƵŶĚĞƌ/ŶĚ^ͲϭϵŽŶŵƉůŽLJĞĞďĞŶĞĮƚƐ Provident Fund dŚĞŽŵƉĂŶLJƉĂLJƐĮdžĞĚĐŽŶƚƌŝďƵƟŽŶŽĨWƌŽǀŝĚĞŶƚ&ƵŶĚĂƚĂƉƌĞͲĚĞƚĞƌŵŝŶĞĚƌĂƚĞƚŽĂƐĞƉĂƌĂƚĞƚƌƵƐƚ͕ǁŚŝĐŚŝŶǀĞƐƚƐ ƚŚĞĨƵŶĚƐŝŶƉĞƌŵŝƩĞĚƐĞĐƵƌŝƟĞƐ͘dŚĞƚƌƵƐƚŝƐƌĞƋƵŝƌĞĚƚŽƉĂLJĂŵŝŶŝŵƵŵƌĂƚĞŽĨŝŶƚĞƌĞƐƚŽŶĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞ ŵĞŵďĞƌƐŽĨƚŚĞƚƌƵƐƚ͘dŚĞĂŵŽƵŶƚĂǀĂŝůĂďůĞŝŶƚŚĞĨƵŶĚŝŶĐůƵĚŝŶŐƚŚĞƌĞƚƵƌŶƐŽŶŝŶǀĞƐƚŵĞŶƚŝƐŐƌĞĂƚĞƌƚŚĂŶƚŚĞ ŽďůŝŐĂƟŽŶŽĨƚŚĞĐŽŵƉĂŶLJ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐĐŽŶƚƌŝďƵƚĞĚRs.10.84 crore;ZƐ͘ϭϬ͘ϭϰĐƌŽƌĞͿƚŽƚŚĞ ƚƌƵƐƚ͘ Gratuity dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ /ZKE ŵƉůŽLJĞĞƐ 'ƌŽƵƉ 'ƌĂƚƵŝƚLJ ^ĐŚĞŵĞ ƚŽ ƉƌŽǀŝĚĞ ĮŶĂŶĐŝĂů ĂƐƐŝƐƚĂŶĐĞ ƚŽ ƚŚĞ ĞŵƉůŽLJĞĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂƐ Ă ƐŽĐŝĂů ƐĞĐƵƌŝƚLJ ŵĞĂƐƵƌĞ ŽŶ ƚŚĞ ƚĞƌŵŝŶĂƟŽŶ ŽĨ ƚŚĞŝƌ ĞŵƉůŽLJŵĞŶƚ ĚƵĞ ƚŽ ƐƵƉĞƌĂŶŶƵĂƟŽŶ͕ƌĞƟƌĞŵĞŶƚ͕ƌĞƐŝŐŶĂƟŽŶ͕ƉŚLJƐŝĐĂůŝŶĐĂƉĂĐŝƚĂƟŽŶŽƌĚĞĂƚŚ͘dŚĞƐĐŚĞŵĞŝƐŵĂŶĂŐĞĚďLJĂƐĞƉĂƌĂƚĞ dƌƵƐƚĨŽƌŵĞĚŝŶƚŚĞLJĞĂƌϮϬϭϱͲϭϲĨŽƌƚŚŝƐƉƵƌƉŽƐĞĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ/ŶĐŽŵĞdĂdžƵƚŚŽƌŝƟĞƐ͘&ƵŶĚƐŽĨƚŚĞdƌƵƐƚ ĂƌĞŵĂŶĂŐĞĚďLJ>/ŽĨ/ŶĚŝĂ͘ƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳ͕ĂŶĂƐƐĞƚŽĨRs. 0.88 crore ŚĂƐďĞĞŶŬĞĚŝŶƚŚĞŬƐŽĨĂĐĐŽƵŶƚƐ ďĂƐĞĚŽŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘ Pension dŚĞŽŵƉĂŶLJŚĂƐŝŵƉůĞŵĞŶƚĞĚ/ZKEĞĮŶĞĚŽŶƚƌŝďƵƟŽŶ^ƵƉĞƌĂŶŶƵĂƟŽŶWĞŶƐŝŽŶ^ĐŚĞŵĞ͕ϮϬϬϵǁ͘Ğ͘Ĩ͘Ϭϭ͘Ϭϰ͘ϮϬϬϵ͕ ĨŽƌĂůůƌĞŐƵůĂƌĞŵƉůŽLJĞĞƐĚƌĂǁŝŶŐƉĂLJŝŶ/ƐĐĂůĞǁŚŽǁŽƵůĚĐŽŵƉůĞƚĞϭϱLJĞĂƌƐŽĨƐĞƌǀŝĐĞŝŶƚŚĞŽŵƉĂŶLJ;ŝŶĐůƵĚŝŶŐ ƐĞƌǀŝĐĞŝŶŽƚŚĞƌW^ƐͿƵƉƚŽŶŽƌŵĂůƌĞƟƌĞŵĞŶƚĚĂƚĞ͘dŚĞƐĐŚĞŵĞŝƐŵĂŶĂŐĞĚďLJĂƐĞƉĂƌĂƚĞdƌƵƐƚĨŽƌŵĞĚŝŶƚŚĞLJĞĂƌ ϮϬϭϱͲϭϲĨŽƌƚŚŝƐƉƵƌƉŽƐĞĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ/ŶĐŽŵĞdĂdžƵƚŚŽƌŝƟĞƐ͘ŽŵƉĂŶLJ͛ƐƐŚĂƌĞŽĨĐŽŶƚƌŝďƵƟŽŶĂŵŽƵŶƟŶŐ ƚŽRs. 6.13 croreĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵϬϭ͘Ϭϰ͘ϮϬϭϲƚŽϮϴ͘ϬϮ͘ϮϬϭϳŚĂƐďĞĞŶƉĂŝĚĂŶĚĂĐĐŽƵŶƚĞĚĨŽƌĚƵƌŝŶŐƚŚĞLJĞĂƌϮϬϭϲͲ ϭϳ͘>ŝĂďŝůŝƚLJĨŽƌƚŚĞŵŽŶƚŚŽĨDĂƌĐŚϮϬϭϳŽĨRs. 0.51 crore ;ZƐ͘Ϭ͘ϱϬĐƌŽƌĞͿŚĂƐďĞĞŶƉƌŽǀŝĚĞĚŝŶƚŚĞŬƐŽĨĂĐĐŽƵŶƚƐ͘ WŽƐƚͲZĞƟƌĞŵĞŶƚDĞĚŝĐĂů&ĂĐŝůŝƚLJ;WZD&Ϳ dŚĞŽŵƉĂŶLJŚĂĚĞƐƚĂďůŝƐŚĞĚĂŶŝƌƌĞǀŽĐĂďůĞƚƌƵƐƚďLJŝŶŝƟĂůŽŶĞͲƟŵĞĐŽŶƚƌŝďƵƟŽŶŽĨZƐ͘ϭϮĐƌŽƌĞĚƵƌŝŶŐƚŚĞLJĞĂƌ ϮϬϬϬͲϬϭĨŽƌƉƌŽǀŝĚŝŶŐĂŶŶƵŝƚLJ͕ŵĞĚŝĐĂůĂŶĚŽƚŚĞƌďĞŶĞĮƚƐƚŽƚŚĞƐƉŽƵƐĞŽĨĞŵƉůŽLJĞĞƐǁŚŽĚŝĞŝŶŚĂƌŶĞƐƐĂƐĂůƐŽ ƚŚĞŵĞĚŝĐĂůďĞŶĞĮƚƐƚŽƚŚĞĞŵƉůŽLJĞĞƐ;ĂŶĚƐƉŽƵƐĞͿǁŚŽƐƵƉĞƌĂŶŶƵĂƚĞĨƌŽŵƚŚĞŽŵƉĂŶLJ͘dŚŝƐďĞŝŶŐĂǀŽůƵŶƚĂƌLJ ǁĞůĨĂƌĞŵĞĂƐƵƌĞ͕ƚŚĞŽŵƉĂŶLJŝƐŶŽƚůŝĂďůĞĨŽƌƉƌŽǀŝĚŝŶŐƐƵĐŚďĞŶĞĮƚƐƚŽŝƚƐĞŵƉůŽLJĞĞƐ͘,ŽǁĞǀĞƌ͕ŽŵƉĂŶLJŚĂƐ ĂůƐŽŬĞƉƚƉƌŽǀŝƐŝŽŶŽĨRs. 8.32 crore;ZƐ͘ϰ͘ϮϬĐƌŽƌĞͿďĂƐĞĚŽŶƚŚĞĚĞĐŝƐŝŽŶŽĨŵĂŶĂŐĞŵĞŶƚ͘ Leave Encashment dŚĞůŝĂďŝůŝƚLJƚŽǁĂƌĚƐĞŶĐĂƐŚŵĞŶƚŽĨůĞĂǀĞĂƐƉĞƌƌƵůĞƐŽĨƚŚĞŽŵƉĂŶLJŝƐƌĞĐŽŐŶŝƐĞĚŽŶƚŚĞďĂƐŝƐŽĨĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ ĞdžĐĞƉƚĨŽƌĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŝŶĨŽƌĞŝŐŶƉƌŽũĞĐƚƐ͘^ŝŶĐĞ͕ƚŚĞĨŽƌĞŝŐŶĂƐƐŝŐŶŵĞŶƚƐĂƌĞƚƌĞĂƚĞĚĂƐĚŝĞƐͲŶŽŶ͕ůŝĂďŝůŝƚLJĨŽƌ ƚŚŽƐĞĞŵƉůŽLJĞĞƐŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞŬƐŽŶĂĐĐƌƵĂůďĂƐŝƐĂƐƚŚĞĂŵŽƵŶƚŝƐƉĂLJĂďůĞƚŽĞŵƉůŽLJĞĞŽŶƌĞƉĂƚƌŝĂƟŽŶ͘ KƚŚĞƌZĞƟƌĞŵĞŶƚĞŶĞĮƚƐ KƚŚĞƌƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐŝŶĐůƵĚĞƐĞƩůĞŵĞŶƚĂƚŚŽŵĞͲƚŽǁŶŽƌƚŽƚŚĞƉůĂĐĞǁŚĞƌĞŚĞŽƌŚŝƐĨĂŵŝůLJŝŶƚĞŶĚƐƚŽƐĞƩůĞ ŝŶ/ŶĚŝĂŝŶĐůƵĚŝŶŐĂŐŐĂŐĞůůŽǁĂŶĐĞ͘dŚĞůŝĂďŝůŝƚLJŽŶƚŚŝƐĂĐĐŽƵŶƚŝƐƌĞĐŽŐŶŝnjĞĚŽŶƚŚĞďĂƐŝƐŽĨĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘ dŚĞƐƵŵŵĂƌŝƐĞĚƉŽƐŝƟŽŶŽĨǀĂƌŝŽƵƐĞŵƉůŽLJĞĞďĞŶĞĮƚƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐĂŶĚďĂůĂŶĐĞ ƐŚĞĞƚĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝƐĂƐƵŶĚĞƌ͗

182 | ANNUAL REPORT ϮϬϭϲͳϭϳ ;ŝͿ ^ĞƌǀŝĐĞŽƐƚ (Rs. in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ 3.55 3.39 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ďͿ WĂƐƚ^ĞƌǀŝĐĞŽƐƚŝŶĐůƵĚŝŶŐĐƵƌƚĂŝůŵĞŶƚ ------'ĂŝŶƐͬ>ŽƐƐĞƐ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĐͿ 'ĂŝŶƐŽƌ>ŽƐƐĞƐŽŶEŽŶƌŽƵƟŶĞƐĞƩůĞŵĞŶƚƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ŝīĞƌĞŶĐĞŝŶ,W>ůĞĂǀĞĚĂLJƐďĂůĂŶĐĞŝŶ - ;Ϯϲ͘ϲϲͿ - - KƉĞŶŝŶŐ - ;ͲͲͿ - - ĚͿ dŽƚĂů 3.55 (23.27) 0.01 2.63 (3.57) (4.69) (0.01) (2.49)  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ (ii) Net Interest Cost (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ /ŶƚĞƌĞƐƚĐŽƐƚŽŶĞĮŶĞĚĞŶĞĮƚ 5.40 ϰ͘Ϭϳ 0.02 5.35 KďůŝŐĂƟŽŶ ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;ϰ͘ϭϭͿ ďͿ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞŽŶWůĂŶƐƐĞƚƐ;džƉĞĐƚĞĚͿ 5.02 -- -- 4.45 ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ϰ͘ϬϬͿ ĐͿ EĞƚ/ŶƚĞƌĞƐƚŽƐƚ;/ŶĐŽŵĞͿ 0.38 ϰ͘Ϭϳ 0.02 0.89 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;Ϭ͘ϴϲͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;ŝŝŝͿŚĂŶŐĞƐŝŶWƌĞƐĞŶƚĞŶĞĮƚKďůŝŐĂƟŽŶ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ WƌĞƐĞŶƚǀĂůƵĞŽĨŽďůŝŐĂƟŽŶĂƐĂƚƚŚĞ ϳϮ͘Ϭϲ 80.90 0.23 ϳϭ͘Ϯϳ ďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ ;ϲϲ͘ϯϭͿ ;ϳϵ͘ϵϬͿ ;Ϭ͘ϭϯͿ ;ϲϬ͘ϴϰͿ ďͿ ŝīĞƌĞŶĐĞŝŶ,W>ůĞĂǀĞĚĂLJƐďĂůĂŶĐĞŝŶ - ;Ϯϲ͘ϲϲͿ - - KƉĞŶŝŶŐ - ;ͲͲͿ - - ĐͿ /ŶƚĞƌĞƐƚŽƐƚ 5.40 ϰ͘Ϭϳ 0.02 5.35 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;ϰ͘ϴϳͿ ĚͿ ^ĞƌǀŝĐĞŽƐƚ 3.55 3.39 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ĞͿ ĞŶĞĮƚƐWĂŝĚ ;ϱ͘ϱϲͿ ;ϰ͘ϵϬͿ ;Ϭ͘ϬϴͿ ;ϭ͘ϭϭͿ ;;ϰ͘ϲϱͿͿ ;;ϱ͘ϲϱͿͿ ;;Ϭ͘ϮϭͿͿ ;;ϭ͘ϳϯͿͿ ĨͿ dŽƚĂůĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶKďůŝŐĂƟŽŶ ;ϰ͘ϱϳͿ ;Ϯ͘ϲϲͿ 0.16 3.82 ;ϭ͘ϱϰͿ ;;ϰ͘ϰϯͿͿ ;Ϭ͘ϯϬͿ ;ϰ͘ϴϬͿ ŐͿ WƌĞƐĞŶƚsĂůƵĞŽĨŽďůŝŐĂƟŽŶĂƐĂƚƚŚĞĞŶĚ ϳϬ͘ϴϴ 80.90 0.33 81.95 ŽĨƚŚĞƉĞƌŝŽĚ ;ϳϮ͘ϬϲͿ ;ϱϮ͘ϳϯͿ ;Ϭ͘ϮϯͿ ;ϳϭ͘ϮϳͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ183 ;ŝǀͿĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶKďůŝŐĂƟŽŶ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Leave LTC Other Gratuity Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ ĐƚƵĂƌŝĂů;'ĂŝŶͿ>ŽƐƐŽŶĂƌŝƐŝŶŐĨƌŽŵ ------ĐŚĂŶŐĞŝŶĞŵŽŐƌĂƉŚŝĐƐƐƵŵƉƟŽŶ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ďͿ ĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶĂƌŝƐŝŶŐĨƌŽŵ ------ĐŚĂŶŐĞŝŶ&ŝŶĂŶĐŝĂůƐƐƵŵƉƟŽŶ ;ϭ͘ϴϵͿ ;ϯ͘ϬϭͿ ;ͲͲͿ ;ϰ͘ϯϬͿ ĐͿ ĐƚƵĂƌŝĂů;'ĂŝŶͿ>ŽƐƐŽŶĂƌŝƐŝŶŐĨƌŽŵ ;ϰ͘ϱϳͿ ;Ϯ͘ϱϲͿ 0.16 3.82 džƉĞƌŝĞŶĐĞĚũƵƐƚŵĞŶƚ ;;Ϭ͘ϯϲͿͿ ;;ϳ͘ϰϰͿͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϰϭͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;ǀͿĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶWůĂŶƐƐĞƚ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ džƉĞĐƚĞĚ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞ 5.02 -- -- 4.45 ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ϰ͘ϬϬͿ ďͿ ĐƚƵĂů/ŶĐŽŵĞŽŶWůĂŶƐƐĞƚ 5.56 -- -- 5.46 ;ϯ͘ϬϴͿ ;ͲͲͿ ;ͲͲͿ ;ϱ͘ϬϱͿ ĐͿ >/DŽƌƚĂůŝƚLJŚĂƌŐĞƐ ;Ϭ͘ϮϵͿ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ĐƚƵĂƌŝĂůŐĂŝŶ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌŽŶƐƐĞƚ 0.24 -- -- 1.00 ;ϯ͘ϬϴͿ ;ͲͲͿ ;ͲͲͿ ;ϭ͘ϬϱͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;ǀŝͿĂůĂŶĐĞ^ŚĞĞƚĂŶĚƌĞůĂƚĞĚĂŶĂůLJƐŝƐ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ WƌĞƐĞŶƚsĂůƵĞŽĨƚŚĞŽďůŝŐĂƟŽŶĂƚĞŶĚ ϳϬ͘ϴϴ 54.24 0.33 81.95 ;ϳϮ͘ϬϲͿ ;ϴϬ͘ϵϬͿ ;Ϭ͘ϮϯͿ ;ϳϭ͘ϮϳͿ ďͿ &ĂŝƌsĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ϳϭ͘ϳϳ -- -- ϲϳ͘ϭϭ ;ϲϲ͘ϵϲͿ ;ͲͲͿ ;ͲͲͿ ;ϱϵ͘ϯϴͿ ĐͿ hŶĨƵŶĚĞĚ>ŝĂďŝůŝƚLJͬƉƌŽǀŝƐŝŽŶŝŶĂůĂŶĐĞ 0.88 ;ϱϰ͘ϮϰͿ ;Ϭ͘ϯϯͿ ;ϭϰ͘ϴϯͿ ^ŚĞĞƚ ;;ϱ͘ϭϭͿͿ ;;ϴϬ͘ϵϬͿͿ ;;Ϭ͘ϮϯͿͿ ;;ϭϭ͘ϴϵͿͿ ĚͿ hŶĨƵŶĚĞĚůŝĂďŝůŝƚLJƌĞĐŽŐŶŝnjĞĚŝŶĂůĂŶĐĞ 0.88 ;ϱϰ͘ϮϰͿ ;Ϭ͘ϯϯͿ ;ϭϰ͘ϴϯͿ ^ŚĞĞƚ ;;ϱ͘ϭϭͿͿ ;;ϴϬ͘ϵϬͿͿ ;;Ϭ͘ϮϯͿͿ ;;ϭϭ͘ϴϵͿͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ

184 | ANNUAL REPORT ϮϬϭϲͳϭϳ ;ǀŝŝͿdŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ ^ĞƌǀŝĐĞŽƐƚ 3.55 ;Ϯϯ͘ϮϳͿ 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ďͿ EĞƚ/ŶƚĞƌĞƐƚŽƐƚ 0.38 ϰ͘Ϭϳ 0.02 0.89 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;Ϭ͘ϴϲͿ ĐͿ EĞƚĂĐƚƵĂƌŝĂů;ŐĂŝŶͿͬůŽƐƐƌĞĐŽŐŶŝnjĞĚŝŶ -- ;Ϯ͘ϱϲͿ -- -- ƚŚĞƉĞƌŝŽĚ ;ͲͲͿ ;;ϰ͘ϰϯͿͿ ;ͲͲͿ ;ͲͲͿ ĚͿ džƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞ/ŶĐŽŵĞ 3.93 ;Ϯϭ͘ϳϲͿ 0.03 3.52 ^ƚĂƚĞŵĞŶƚ ;ϴ͘ϴϳͿ ;ϲ͘ϲϱͿ ;Ϭ͘ϬϮͿ ;ϯ͘ϯϲͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ (viii) Other Comprehensive Income (OCI) (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ EĞƚƵŵƵůĂƟǀĞƵŶƌĞĐŽŐŶŝnjĞĚĂĐƚƵĂƌŝĂů ------ŐĂŝŶͬ;ůŽƐƐͿŽƉĞŶŝŶŐ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ďͿ ĐƚƵĂƌŝĂůŐĂŝŶͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌŽŶWK ϰ͘ϱϳ -- ;Ϭ͘ϭϲͿ ;ϯ͘ϴϮͿ ;;ϭ͘ϱϰͿͿ ;ͲͲͿ ;;Ϭ͘ϯϬͿͿ ;;ϰ͘ϴϬͿͿ ĐͿ ĐƚƵĂƌŝĂůŐĂŝŶͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌŽŶƐƐĞƚ 0.24 -- -- 1.01 ;ϯ͘ϬϴͿ ;ͲͲͿ ;ͲͲͿ ;ϭ͘ϬϱͿ ĚͿ hŶƌĞĐŽŐŶŝnjĞĚĂĐƚƵĂƌŝĂůŐĂŝŶͬ;ůŽƐƐͿĂƚƚŚĞ 4.81 -- ;Ϭ͘ϭϲͿ ;Ϯ͘ϴϭͿΎΎ ĞŶĚŽĨƚŚĞLJĞĂƌ ;ϭ͘ϱϰͿ ;ͲͲͿ ;;Ϭ͘ϯϬͿͿ ;;ϯ͘ϳϱͿͿ ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ΎΎdŚĞƵŶƌĞĐŽŐŶŝnjĞĚĂĐƚƵĂƌŝĂůůŽƐƐ;K/ͿŽĨZƐ͘Ϯ͘ϴϭĐƌŽƌĞĐŽŶƐŝƐƟŶŐŽĨůŽƐƐŽĨZƐ͘Ϯ͘ϵϳĐƌŽƌĞŝŶƌĞƐƉĞĐƚŽĨůŝĂďŝůŝƚLJ ƚŽǁĂƌĚƐ WŽƐƚͲZĞƟƌĞŵĞŶƚ DĞĚŝĐĂů ĞŶĞĮƚƐ ;WZDͿ ĂŶĚ ŐĂŝŶ ŽĨ ZƐ͘ Ϭ͘ϭϲ ĐƌŽƌĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ůŝĂďŝůŝƚLJ ƚŽǁĂƌĚƐ ^ĞƩůĞŵĞŶƚĂůůŽǁĂŶĐĞ͘^ŝŶĐĞƚŚĞůŝĂďŝůŝƚLJŝŶƌĞƐƉĞĐƚŽĨWZDŚĂƐŶŽƚďĞĞŶƉƌŽǀŝĚĞĚĂƐƉĞƌĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶĂŶĚ ŚĂƐďĞĞŶƌĞƐƚƌŝĐƚĞĚĂƐƉĞƌWŐƵŝĚĞůŝŶĞƐ͕ƚŚĞƌĞĨŽƌĞ͕ƚŚĞK/ŝŶƌĞƐƉĞĐƚŽĨWZD͕ĂƐƉĞƌĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͕ŚĂƐ ŶŽƚďĞĞŶĐŽŶƐŝĚĞƌĞĚ͘͟ ;ŝdžͿŚĂŶŐĞŝŶƉůĂŶĂƐƐĞƚƐ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ &ĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐĂƚƚŚĞďĞŐŝŶŶŝŶŐ 66.96 -- -- 59.38 ŽĨƚŚĞƉĞƌŝŽĚ ;ͲͲͿ ;ͲͲͿ ;ϱϬ͘ϬϱͿ ďͿ ĐƚƵĂů/ŶĐŽŵĞŽŶƉůĂŶĂƐƐĞƚƐ 5.56 -- -- 5.46 ;ϯ͘ϬϴͿ ;ͲͲͿ ;ϱ͘ϬϱͿ ĐͿ >/DŽƌƚĂůŝƚLJŚĂƌŐĞƐ ;Ϭ͘ϯϬͿ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ŵƉůŽLJĞƌĐŽŶƚƌŝďƵƟŽŶ 5.11 -- -- 3.38 ;ϲϲ͘ϯϭͿ ;ͲͲͿ ;ϱ͘ϵϳͿ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ185 ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĞͿ ĞŶĞĮƚƐƉĂŝĚ ;ϱ͘ϱϲͿ -- -- ;ϭ͘ϭϬͿ ;;Ϯ͘ϰϯͿͿ ;ͲͲͿ ;;ϭ͘ϳϬͿͿ ĨͿ &ĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐĂƚƚŚĞĞŶĚŽĨƚŚĞ ϳϭ͘ϳϳ -- -- ϲϳ͘ϭϮ ƉĞƌŝŽĚ ;ϲϲ͘ϵϲͿ ;ͲͲͿ ;ϱϵ͘ϯϴͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;džͿDĂũŽƌĐĂƚĞŐŽƌŝĞƐŽĨƉůĂŶĂƐƐĞƚƐ;ĂƐƉĞƌĐĞŶƚĂŐĞŽĨƚŽƚĂůƉůĂŶĂƐƐĞƚƐͿ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ 'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂ^ĞĐƵƌŝƟĞƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ďͿ ^ƚĂƚĞ'ŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƟĞƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĐͿ ,ŝŐŚYƵĂůŝƚLJŽƌƉŽƌĂƚĞŽŶĚƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ƋƵŝƚLJ^ŚĂƌĞƐŽĨůŝƐƚĞĚĐŽŵƉĂŶŝĞƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĞͿ WƌŽƉĞƌƚLJ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĨͿ &ƵŶĚƐDĂŶĂŐĞĚďLJ/ŶƐƵƌĞƌ 100% -- -- 100% ;ϭϬϬйͿ ;ͲͲͿ 100% ŐͿ ĂŶŬĂůĂŶĐĞ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ dŽƚĂů ϭϬϬй -- ϭϬϬй  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;džŝͿŚĂŶŐĞŝŶEĞƚĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ EĞƚĚĞĮŶĞĚďĞŶĞĮƚůŝĂďŝůŝƚLJĂƚƚŚĞƐƚĂƌƚŽĨ 5.11 80.90 0.23 11.89 ƚŚĞƉĞƌŝŽĚ ;ϲϲ͘ϯϭͿ ;ϳϵ͘ϵϬͿ ;Ϭ͘ϭϯͿ ;ϭϬ͘ϳϵͿ ďͿ ^ĞƌǀŝĐĞŽƐƚ 3.55 ;Ϯϯ͘ϮϳͿ 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ĐͿ EĞƚ/ŶƚĞƌĞƐƚŽƐƚ;/ŶĐŽŵĞͿ 0.38 ϰ͘Ϭϳ 0.02 0.89 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;Ϭ͘ϴϲͿ ĚͿ ZĞͲŵĞĂƐƵƌĞŵĞŶƚƐ ;ϰ͘ϴϭͿ ;Ϯ͘ϱϲͿ 0.16 2.81 ;;ϭ͘ϱϰͿͿ ;;ϰ͘ϰϯͿͿ ;Ϭ͘ϯϬͿ ;ϯ͘ϳϱͿ ĞͿ ŽŶƚƌŝďƵƟŽŶƉĂŝĚƚŽƚŚĞĨƵŶĚ ;ϱ͘ϭϭͿ -- -- ;ϯ͘ϯϴͿ ;;ϲϲ͘ϯϭͿͿ ;ͲͲͿ ;ͲͲͿ ;;ϱ͘ϵϳͿͿ ĨͿ ĞŶĞĮƚƉĂŝĚĚŝƌĞĐƚůLJďLJƚŚĞĞŶƚĞƌƉƌŝƐĞ -- ;ϰ͘ϵϬͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϬϮͿ ;Ϯ͘ϮϮͿ ;;ϱ͘ϲϱͿͿ ;;Ϭ͘ϮϭͿͿ ;;Ϭ͘ϬϯͿͿ ŐͿ EĞƚĚĞĮŶĞĚďĞŶĞĮƚůŝĂďŝůŝƚLJĂƚƚŚĞĞŶĚŽĨ ;Ϭ͘ϴϴͿ 54.24 0.33 14.83 ƚŚĞƉĞƌŝŽĚ ;ϱ͘ϭϭͿ ;ϴϬ͘ϵϬͿ ;Ϭ͘ϮϯͿ ;ϭϭ͘ϴϵͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ

186 | ANNUAL REPORT ϮϬϭϲͳϭϳ ;džŝŝͿŝĨƵƌĐĂƟŽŶŽĨWKĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌŝŶĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ ƵƌƌĞŶƚ>ŝĂďŝůŝƚLJ;ŵŽƵŶƚĚƵĞǁŝƚŚŝŶŽŶĞ ϳ͘ϯϭ 4.52 0.03 2.01 LJĞĂƌͿ ;ϳ͘ϰϵͿ ;ϴ͘ϭϭͿ ;Ϭ͘ϬϯͿ ;ϭ͘ϭϱͿ

ďͿ EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚLJ ϲϯ͘ϱϳ ϰϵ͘ϳϮ 0.30 ϳϵ͘ϵϯ ;ŵŽƵŶƚĚƵĞŽǀĞƌŽŶĞzĞĂƌͿ ;ϲϰ͘ϱϳͿ ;ϳϮ͘ϳϵͿ ;Ϭ͘ϮϬͿ ;ϳϬ͘ϭϮͿ

dŽƚĂůWKĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϳϬ͘ϴϴ 54.24 0.33 81.95 ;ϳϮ͘ϬϲͿ ;ϴϬ͘ϵϬͿ ;Ϭ͘ϮϯͿ ;ϳϭ͘ϮϳͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;džŝŝŝͿdžƉĞĐƚĞĚĐŽŶƚƌŝďƵƟŽŶĨŽƌƚŚĞŶĞdžƚŶŶƵĂůƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ ^ĞƌǀŝĐĞŽƐƚ ϯ͘ϳϯ ϯ͘ϳϬ 0.02 2.82 ;ϯ͘ϰϮͿ ;ϰ͘ϵϯͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϲϵͿ ďͿ EĞƚŝŶƚĞƌĞƐƚŽƐƚ ;Ϭ͘ϬϳͿ ϰ͘Ϭϳ 0.03 4.39 ;Ϯ͘ϮϮͿ ;ϲ͘ϬϳͿ ;Ϭ͘ϬϭͿ ;ϰ͘ϮϬͿ ĐͿ EĞƚĂĐƚƵĂƌŝĂů;ŐĂŝŶͿͬůŽƐƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞ -- 1.90 -- -- ƉĞƌŝŽĚ ;ͲͲͿ ;Ϯ͘ϬϳͿ ;ͲͲͿ ;ͲͲͿ ĚͿ džƉĞĐƚĞĚdžƉĞŶƐĞĨŽƌƚŚĞŶĞdžƚĂŶŶƵĂů ϯ͘ϲϳ 9.66 0.05 ϳ͘ϮϮ ƌĞƉŽƌƟŶŐƉĞƌŝŽĚ ;ϱ͘ϲϰͿ ;ϭϯ͘ϬϲͿ ;Ϭ͘ϬϮͿ ;ϲ͘ϴϵͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;džŝǀͿ^ĞŶƐŝƟǀŝƚLJŶĂůLJƐŝƐŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ͘ a) Impact of the change in discount rate (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ WƌĞƐĞŶƚǀĂůƵĞŽĨŽďůŝŐĂƟŽŶĂƚƚŚĞĞŶĚŽĨ 54.24 0.33 ƚŚĞƉĞƌŝŽĚ ϳϬ͘ϴϴ 81.95

ŝͿ /ŵƉĂĐƚĚƵĞƚŽŝŶĐƌĞĂƐĞŽĨϬ͘ϱϬй ;ϭ͘ϳϬͿ ;Ϯ͘ϭϮͿ ;Ϭ͘ϬϭͿ ;ϱ͘ϴϬͿ

ŝŝͿ /ŵƉĂĐƚĚƵĞƚŽĚĞĐƌĞĂƐĞŽĨϬ͘ϱϬй ϭ͘ϳϱ 2.28 0.01 ϳ͘Ϯϱ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ187 ďͿ /ŵƉĂĐƚŽĨƚŚĞĐŚĂŶŐĞŝŶƐĂůĂƌLJŝŶĐƌĞĂƐĞ (Rs in crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ WƌĞƐĞŶƚǀĂůƵĞŽĨŽďůŝŐĂƟŽŶĂƚƚŚĞĞŶĚŽĨ ϳϬ͘ϴϴ 54.24 -- -- ƚŚĞƉĞƌŝŽĚ ŝͿ /ŵƉĂĐƚĚƵĞƚŽŝŶĐƌĞĂƐĞŽĨϬ͘ϱϬй ϭ͘ϳϰ 2.26 -- -- ŝŝͿ /ŵƉĂĐƚĚƵĞƚŽĚĞĐƌĞĂƐĞŽĨϬ͘ϱϬй ;ϭ͘ϳϬͿ ;Ϯ͘ϭϮͿ -- -- ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;WƌĞǀŝŽƵƐLJĞĂƌĮŐƵƌĞƐĂƌĞƐŚŽǁŶƵŶĚĞƌďƌĂĐŬĞƚ;ͿƚŽĚŝīĞƌĞŶƟĂƚĞĨƌŽŵĐƵƌƌĞŶƚLJĞĂƌĮŐƵƌĞƐ͘Ϳ ^ĞŶƐŝƟǀŝƚLJĚƵĞƚŽŵŽƌƚĂůŝƚLJΘǁŝƚŚĚƌĂǁĂůƐĂƌĞŶŽƚŵĂƚĞƌŝĂůΘŚĞŶĐĞŝŵƉĂĐƚŽĨĐŚĂŶŐĞŶŽƚĐĂůĐƵůĂƚĞĚ͘ ^ĞŶƐŝƟǀĞŶĞƐƐĂƐƚŽƌĂƚĞŽĨŝŶŇĂƟŽŶ͕ƌĂƚĞŽĨƉĞŶƐŝŽŶƐŝŶƉĂLJŵĞŶƚ͕ƌĂƚĞŽĨŝŶĐƌĞĂƐĞŽĨƉĞŶƐŝŽŶƐďĞĨŽƌĞƌĞƟƌĞŵĞŶƚΘ ůŝĨĞĞdžƉĞĐƚĂŶĐLJĂƌĞŶŽƚĂƉƉůŝĐĂďůĞďĞŝŶŐĂůƵŵƉƐƵŵďĞŶĞĮƚŽŶƌĞƟƌĞŵĞŶƚ͘ ;džǀͿĐƚƵĂƌŝĂůƐƐƵŵƉƟŽŶƐ

Ă͘ DĞƚŚŽĚƵƐĞĚ      WƌŽũĞĐƚĞĚhŶŝƚƌĞĚŝƚDĞƚŚŽĚ ď͘ ŝƐĐŽƵŶƚƌĂƚĞ ϳ͘ϱϬй Đ͘ ZĂƚĞŽĨŝŶĐƌĞĂƐĞŝŶĐŽŵƉĞŶƐĂƟŽŶůĞǀĞůƐ   ϴ͘ϬϬй Ě͘ ǀĞƌĂŐĞŽƵƚƐƚĂŶĚŝŶŐƐĞƌǀŝĐĞŽĨĞŵƉůŽLJĞĞƐƵƉƚŽƌĞƟƌĞŵĞŶƚ ϭϮ͘ϭϵƚŽϭϮ͘ϮϯLJĞĂƌƐ Ğ͘ ƐƟŵĂƚĞĚƚĞƌŵŽĨďĞŶĞĮƚŽďůŝŐĂƟŽŶƐ   ϭϬ͘ϬϱƚŽϭϬ͘ϭϰLJĞĂƌƐ ϰϰ͘ŝƐĐůŽƐƵƌĞƵŶĚĞƌ/ŶĚ^ͲϭϭŽŶZĞǀĞŶƵĞĨƌŽŵĐŽŶƚƌĂĐƚƐĨŽƌĐŽŶƚƌĂĐƚƐŝŶƉƌŽŐƌĞƐƐΎ Ă͘ DĞƚŚŽĚhƐĞĚƚŽĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚZĞǀĞŶƵĞ͗ͲWĞƌĐĞŶƚĂŐĞŽĨĐŽŵƉůĞƟŽŶ͘ ď͘ DĞƚŚŽĚhƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞ^ƚĂŐĞŽĨĐŽŵƉůĞƟŽŶŽĨŽŶƚƌĂĐƚŝŶƉƌŽŐƌĞƐƐ͗ͲWƌŽƉŽƌƟŽŶŽĨĐŽƐƚŝŶĐƵƌƌĞĚŽĨǁŽƌŬ ĐĞƌƟĮĞĚƵƉƚŽƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞƚŽƚŚĞƚŽƚĂůĞƐƟŵĂƚĞĚĐŽƐƚŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ Đ͘ KƚŚĞƌĚĞƚĂŝůƐ͗ (Rs. in crore) ĞƚĂŝůƐ Up to Up to 31 March 2017 31 March 2016 ;ĂͿ ŽŶƚƌĂĐƚƌĞǀĞŶƵĞƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞŝŶƚŚĞƉĞƌŝŽĚ ϮϳϵϮ͘ϰϲ 2829.56 ;ďͿ ŐŐƌĞŐĂƚĞ ĂŵŽƵŶƚ ŽĨ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ĂŶĚ ƌĞĐŽŐŶŝnjĞĚ ƉƌŽĮƚƐ ϭϮϵϲϳ͘ϰϭ ϭϵϱϰϳ͘ϵϭ ;ůĞƐƐƌĞĐŽŐŶŝnjĞĚůŽƐƐĞƐͿ ;ĐͿ ŵŽƵŶƚŽĨĂĚǀĂŶĐĞƐƌĞĐĞŝǀĞĚĨƌŽŵĐůŝĞŶƚ 3288.64 ϴϯϳ͘ϴϱ ;ĚͿ ŵŽƵŶƚŽĨƌĞƚĞŶƟŽŶƐ;ďLJĐůŝĞŶƚͿ 50.05 99.63 ;ĞͿ 'ƌŽƐƐĂŵŽƵŶƚĚƵĞĨƌŽŵĐůŝĞŶƚƐĨŽƌĐŽŶƚƌĂĐƚǁŽƌŬ 305.65 ϰϳϵ͘ϭϯ ΎĞdžĐůƵĚŝŶŐƉƌŽũĞĐƚƐĐŽŵƉůĞƚĞĚƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϳ 45͘dŚĞŽŵƉĂŶLJŚĂƐŶŽƚƌĞĐĞŝǀĞĚĂŶLJŝŶĨŽƌŵĂƟŽŶĨƌŽŵĂŶLJŽĨŝƚƐƐƵƉƉůŝĞƌƐŽĨƚŚĞŝƌďĞŝŶŐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞDŝĐƌŽ͕ ^ŵĂůůĂŶĚDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐĞǀĞůŽƉŵĞŶƚĐƚ͕ϮϬϬϲ;D^DĐƚͿ͘ĂƐĞĚŽŶƚŚŝƐŝŶĨŽƌŵĂƟŽŶ͕ƚŚĞƌĞĂƌĞŶŽ ĂŵŽƵŶƚƐĚƵĞƚŽDŝĐƌŽ͕^ŵĂůůĂŶĚDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϳ͘ 46͘;ŝͿ 'ƌŽƐƐĂŵŽƵŶƚƌĞƋƵŝƌĞĚƚŽďĞƐƉĞŶƚŽŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ;^ZͿďLJƚŚĞŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞLJĞĂƌŝƐ Rs. 6.80 crore ;ZƐ͘ϲ͘ϬϯĐƌŽƌĞͿ͘ ;ŝŝͿ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ĐŽŵƉĂŶLJŚĂƐƐƉĞŶƚRs. 5.89 crore;ZƐ͘ϲ͘ϭϱĐƌŽƌĞͿĂƐĂŐĂŝŶƐƚƌĞƋƵŝƌĞĚĂŵŽƵŶƚŽĨRs. 6.80 crore;ZƐ͘ϲ͘ϬϯĐƌŽƌĞͿŽŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ;^ZͿĂĐƟǀŝƟĞƐ͘ƌĞĂŬƵƉŽĨĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚŝƐĂƐ

188 | ANNUAL REPORT ϮϬϭϲͳϭϳ ĨŽůůŽǁƐ͖ (Rs. in crore) ^ƌ͘EŽ͘ ĞƐĐƌŝƉƟŽŶ 2016-17 2015-16 1. ƌĂĚŝĐĂƟŶŐ ŚƵŶŐĞƌ͕ ƉŽǀĞƌƚLJ Θ ŵĂůŶƵƚƌŝƟŽŶ͕ ƉƌŽŵŽƟŶŐ 1.45 4.84 ƉƌĞǀĞŶƟǀĞ ŚĞĂůƚŚĐĂƌĞ Θ ƐĂŶŝƚĂƟŽŶ Θ ŵĂŬŝŶŐ ĂǀĂŝůĂďůĞ ƐĂĨĞ ĚƌŝŶŬŝŶŐǁĂƚĞƌ 2. WƌŽŵŽƟŶŐ ĚƵĐĂƟŽŶ͕ ŝŶĐůƵĚŝŶŐ ƐƉĞĐŝĂů ĞĚƵĐĂƟŽŶ ĂŶĚ 0.81 0.90 ĞŵƉůŽLJŵĞŶƚ ĞŶŚĂŶĐŝŶŐ ǀŽĐĂƟŽŶ ƐŬŝůůƐ ĞƐƉĞĐŝĂůůLJ ĂŵŽŶŐ ĐŚŝůĚƌĞŶ͘ 3. ^ĞƫŶŐƵƉŚŽŵĞƐĂŶĚŚŽƐƚĞůƐĨŽƌǁŽŵĞŶĂŶĚŽƌƉŚĂŶƐ͕^ĞƫŶŐ 0.00 0.18 ƵƉŽůĚĂŐĞŚŽŵĞƐ͕ĚĂLJĐĂƌĞĐĞŶƚƌĞƐĂŶĚƐƵĐŚŽƚŚĞƌĨĂĐŝůŝƟĞƐ ĨŽƌƐĞŶŝŽƌĐŝƟnjĞŶƐ͘ 4. ŶƐƵƌŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůƐƵƐƚĂŝŶĂďŝůŝƚLJ 3.18 0.05 5. ZƵƌĂůĞǀĞůŽƉŵĞŶƚWƌŽũĞĐƚƐ 0.46 0.18 TOTAL 5.89 6.15 (iii) Amount spent during the year (Rs. in crore) ^ƌ͘EŽ͘ ĞƐĐƌŝƉƟŽŶ In Cash zĞƚƚŽďĞƉĂŝĚŝŶ dŽƚĂů cash 1. ŽŶƐƚƌƵĐƟŽŶͬĂĐƋƵŝƐŝƟŽŶŽĨĂƐƐĞƚΎ ϭ͘Ϭϳ - ϭ͘Ϭϳ 2. KƚŚĞƌƉƵƌƉŽƐĞƐ 4.82 - 4.82  ΎƐƐĞƚƐƉƵƌĐŚĂƐĞĚĂŶĚŚĂŶĚĞĚŽǀĞƌƚŽƌĞƐƉĞĐƟǀĞŽƌŐĂŶŝƐĂƟŽŶĂŶĚĂƌĞŶŽƚďĞŝŶŐŚĞůĚďLJƚŚĞŽŵƉĂŶLJ͘ ;ŝǀͿ^ZĞdžƉ͘LJĞƚƚŽďĞŝŶĐƵƌƌĞĚŝƐZƐ͘Ϭ͘ϵϭĐƌŽƌĞ͘KƵƚŽĨƚŚĞƚŽƚĂůĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚŽŶ^Z͕ĂŶĂŵŽƵŶƚŽĨRs. NIL ;ZƐ͘Ϭ͘ϭϵĐƌŽƌĞͿŝŶĐƵƌƌĞĚƚŚƌŽƵŐŚ/ƌĐŽŶ/^>͕ǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJŽĨƚŚĞĐŽŵƉĂŶLJ͘ ϰϳ͘ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;W^Ϳ  ĂƐŝĐW^ĂŵŽƵŶƚƐĂƌĞĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƚŚĞƉƌŽĮƚĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞƉĂƌĞŶƚďLJ ƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚLJƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ (Rs. in crore) WĂƌƟĐƵůĂƌƐ 31st March, 2017 31st March, 2016 ĂƐŝĐW^ &ƌŽŵŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ ϯϳ͘Ϯϳ 39.90 &ƌŽŵŝƐĐŽŶƟŶƵĞĚŽƉĞƌĂƟŽŶ -- ŝůƵƚĞĚW^Ύ ϯϳ͘Ϯϳ 39.90  ΎŝůƵƚĞĚW^ĂŵŽƵŶƚƐĂƌĞĂůƐŽƐĂŵĞĂƐďĂƐŝĐW^ďĞĐĂƵƐĞĐŽŵƉĂŶLJŚĂƐŶŽĚŝůƵƟǀĞƉŽƚĞŶƟĂůƋƵŝƚLJƐŚĂƌĞƐ͘  dŚĞĨŽůůŽǁŝŶŐƌĞŇĞĐƚƐƚŚĞŝŶĐŽŵĞĂŶĚƐŚĂƌĞĚĂƚĂƵƐĞĚŝŶƚŚĞďĂƐŝĐW^ĐŽŵƉƵƚĂƟŽŶƐ͗Ͳ Rs.in crore) WĂƌƟĐƵůĂƌƐ 31st March, 2017 31st March, 2016 WƌŽĮƚĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞĐŽŵƉĂŶLJƵƐĞĚŝŶ ĐĂůĐƵůĂƟŶŐW^͗ &ƌŽŵŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ 368.94 394.89 &ƌŽŵŝƐĐŽŶƟŶƵĞĚŽƉĞƌĂƟŽŶ -- WƌŽĮƚĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐĨŽƌĂƐŝĐĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ 368.94 394.89 dŚĞĨŽůůŽǁŝŶŐƌĞŇĞĐƚƐƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐƵƐĞĚŝŶĐĂůĐƵůĂƟŶŐďĂƐŝĐW^

ANNUAL REPORT ϮϬϭϲͳϭϳͮ189 ;EƵŵďĞƌƐŽĨ^ŚĂƌĞƐͿ

WĂƌƟĐƵůĂƌƐ 31st March, 2017 31st March, 2016 tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚLJƐŚĂƌĞƐĨŽƌďĂƐŝĐW^Ύ 98980000 ϭϵϳϵϲϬϬϬ īĞĐƚŽĨĚŝůƵƟŽŶ͗ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚLJƐŚĂƌĞƐĂĚũƵƐƚĞĚĨŽƌƚŚĞ 98980000 ϭϵϳϵϲϬϬϬ ĞīĞĐƚŽĨĚŝůƵƟŽŶΎ ΎdŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞīĞĐƚŽĨĐŚĂŶŐĞƐŝŶƚƌĞĂƐƵƌLJ ƐŚĂƌĞƚƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘dŚĞƌĞŚĂǀĞďĞĞŶŶŽŽƚŚĞƌƚƌĂŶƐĂĐƟŽŶƐŝŶǀŽůǀŝŶŐƋƵŝƚLJƐŚĂƌĞƐŽƌƉŽƚĞŶƟĂů ƋƵŝƚLJƐŚĂƌĞƐďĞƚǁĞĞŶƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞĂŶĚƚŚĞĚĂƚĞŽĨĂƵƚŚŽƌŝnjĂƟŽŶŽĨƚŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ 48͘ ĞƚĂŝůƐ ŽĨ ^ƉĞĐŝĮĞĚ ĂŶŬ EŽƚĞƐ ;^EͿ ŚĞůĚ ĂŶĚ ƚƌĂŶƐĂĐƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ ϴƚŚ EŽǀĞŵďĞƌ ϮϬϭϲ ƚŽ ϯϬƚŚ ĞĐĞŵďĞƌϮϬϭϲ͘ (Rs.in crore) WĂƌƟĐƵůĂƌƐ ^EƐ Other dŽƚĂů ĞŶŽŵŝŶĂƟŽŶ Notes ůŽƐŝŶŐĐĂƐŚŝŶŚĂŶĚĂƐŽŶϬϴ͘ϭϭ͘ϮϬϭϲ 0.0810 0.0190 0.1000 ;нͿWĞƌŵŝƩĞĚƌĞĐĞŝƉƚƐ Ϭ͘ϬϬϬϳΎ 0.4160 Ϭ͘ϰϭϲϳ ;ͲͿWĞƌŵŝƩĞĚWĂLJŵĞŶƚƐ - 0.3550 0.3550 ;ͲͿŵŽƵŶƚĚĞƉŽƐŝƚĞĚŝŶĂŶŬƐ Ϭ͘Ϭϴϭϳ 0.0020 Ϭ͘Ϭϴϯϳ ůŽƐŝŶŐĐĂƐŚŝŶŚĂŶĚĂƐŽŶϯϬ͘ϭϮ͘ϮϬϭϲ - Ϭ͘ϬϳϴϬ Ϭ͘ϬϳϴϬ Ύ^ƚĂīŝŵƉƌĞƐƚƌĞƚƵƌŶĞĚĂŌĞƌĚĞŵŽŶĞƟƐĂƟŽŶ͘ 49͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐĐŚĂŶŐĞĚŝƚƐĂĐĐŽƵŶƟŶŐƉŽůŝĐLJƌĞůĂƟŶŐƚŽƚƌĞĂƚŵĞŶƚŽĨĐŽƐƚŽĨDŽďŝůĞWŚŽŶĞƐ ƉƌŽǀŝĚĞĚƚŽĞŵƉůŽLJĞĞƐ͘ƵĞƚŽƚŚŝƐĐŚĂŶŐĞ͕ĞdžƉĞŶƐĞƐĨŽƌƚŚĞLJĞĂƌĂƌĞŚŝŐŚĞƌďLJZƐ͘Ϭ͘ϭϬĐƌŽƌĞĂŶĚWdĨŽƌƚŚĞLJĞĂƌ ŝƐůŽǁĞƌďLJZƐ͘Ϭ͘ϭϬĐƌŽƌĞ͘ 50͘dŚĞŽŵƉĂŶLJŚĂƐĞŶŐĂŐĞĚĂŐĞŶƚƐͬĐŽŶƐƵůƚĂŶƚƐƚŽƐĞĐƵƌĞĐŽŶƚƌĂĐƚƐĂŶĚƉƌŽǀŝĚĞŽƚŚĞƌƐĞƌǀŝĐĞƐĨŽƌĨŽƌĞŝŐŶƉƌŽũĞĐƚƐ͕ ďĞŝŶŐŝŵƉůĞŵĞŶƚĞĚŝŶƚŚƌĞĞĐŽƵŶƚƌŝĞƐ͘WĞŶĚŝŶŐĂƐƐĞƐƐŵĞŶƚŽĨƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJƚŚĞĂŐĞŶƚͬĐŽŶƐƵůƚĂŶƚƐ͕ƚŚĞ ĐŽŵƉĂŶLJŚĂƐŶŽƚĂĐĐŽƵŶƚĞĚĨŽƌĞdžƉĞŶƐĞƐĂŐŐƌĞŐĂƟŶŐƚŽZƐ͘ϯ͘ϴϬĐƌŽƌĞ͕ĐŽŵƉƌŝƐŝŶŐŽĨRs. 1.36 croreĚƵƌŝŶŐĮŶĂŶĐŝĂů LJĞĂƌϮϬϭϲͲϭϳ;ƉƌĞǀŝŽƵƐLJĞĂƌZƐ͘Ϯ͘ϰϰĐƌŽƌĞͿ͘ 51./ŶŽŶĞŽĨƚŚĞƉƌŽũĞĐƚƐƵŶĚĞƌWĂƚŶĂƌĞŐŝŽŶ͕ŵĂŶĂŐĞŵĞŶƚŚĂĚƌĞŵŝƩĞĚĚƵĞƐƌĞĐŽǀĞƌĞĚͬƌĞĐŽǀĞƌĂďůĞĂƐƐƵƉĞƌǀŝƐŝŽŶ ĐŚĂƌŐĞƐŽŶƵŶƌĞƚƵƌŶĞĚƐƚĞĞůĂŵŽƵŶƟŶŐƚŽZƐ͘Ϯ͘ϱϭĐƌŽƌĞĂƚƌĞĚƵĐĞĚƌĂƚĞŽĨϭйŝŶƐƚĞĂĚŽĨϭϰ͘ϱйĂƐƉĞƌƚŚĞĂƉƉƌŽǀĂů ŽĨŵĂŶĂŐĞŵĞŶƚ͘&ƵƌƚŚĞƌ͕>ŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐ;>ͿĂŵŽƵŶƟŶŐƚŽZƐ͘ϰ͘ϰϴĐƌŽƌĞǁĞƌĞǁĂŝǀĞĚĂŶĚƚŚĞĞƐĐĂůĂƟŽŶ ĐůĂŝŵƐĂŵŽƵŶƟŶŐƚŽZƐ͘ϯ͘ϱϮĐƌŽƌĞǁĞƌĞƵŶĨƌĞĞnjĞĚƚŽƚŚĞĐŽŶƚƌĂĐƚŽƌ͘DĂŶĂŐĞŵĞŶƚŝƐŽĨƚŚĞǀŝĞǁƚŚĂƚƚŚŝƐŝƐĂƐƉĞƌ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚ͕ĂƐĂƉƉƌŽǀĞĚďLJƚŚĞĐŽŵƉĞƚĞŶƚĂƵƚŚŽƌŝƚLJŽŶƚŚĞŵĞƌŝƚŽĨƚŚĞĐĂƐĞ͘  ĞƚĂŝůƐĂƌĞĂƐƵŶĚĞƌ͗

^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Rs. in crore 1. ^ƵƉĞƌǀŝƐŝŽŶĐŚĂƌŐĞƐ 2.51 2. >ŝƋƵŝĚĂƚĞĚĐŚĂƌŐĞƐ 4.48 3. KƚŚĞƌĐŚĂƌŐĞƐ 0.16 4. hŶĨƌĞĞnjĞĞƐĐĂůĂƟŽŶĐůĂŝŵƐ 3.52 52. &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞ dŚĞŽŵƉĂŶLJŚĂƐŝƐƐƵĞĚĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞ;ƵŶĚĞƌƚĂŬŝŶŐͿƚŽWƵŶũĂďEĂƟŽŶĂůĂŶŬŽŶďĞŚĂůĨŽĨĂŶĚŝŶƌĞƐƉĞĐƚ ŽĨƚĞƌŵůŽĂŶĨĂĐŝůŝƚLJĂǀĂŝůĞĚďLJŝƚƐ:ŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶLJ͕/ƌĐŽŶ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ͕ƚŽŵĂŬĞ

190 | ANNUAL REPORT ϮϬϭϲͳϭϳ ŐŽŽĚϱϬйŽĨƚŽƚĂůƐŚŽƌƞĂůůŝŶƚŚĞĚƵĞƐ͕ŝĨĂŶLJ͕ŝŶƚŚĞ ĂŶĚƌĞĐŽŐŶŝnjŝŶŐƌĞǀĞŶƵĞ͘dŚĞŶĞǁƌĞǀĞŶƵĞƐƚĂŶĚĂƌĚ ĞǀĞŶƚ ŽĨ ƚĞƌŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ ĂŐƌĞĞŵĞŶƚ͘ ŝƐ ĂƉƉůŝĐĂďůĞ ƚŽ Ăůů ĞŶƟƟĞƐ ĂŶĚ ǁŝůů ƐƵƉĞƌƐĞĚĞ Ăůů >ŽĂŶŽƵƚƐƚĂŶĚŝŶŐĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝƐRs. 63.07 crore ĐƵƌƌĞŶƚƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌ/E ;ZƐ͘ϭϭϯ͘ϭϱĐƌŽƌĞͿ͘ƐƉĞƌĐŽŶĐĞƐƐŝŽŶĂŐƌĞĞŵĞŶƚ͕ŝŶ ^͘ ĐĂƐĞŽĨƚĞƌŵŝŶĂƟŽŶĨŽƌƌĞĂƐŽŶƐĂƩƌŝďƵƚĂďůĞƚŽ/^dW>͕ ƚŚĞĐŽŵƉĂŶLJǁŝůůďĞĐĂůůĞĚƵƉŽŶƚŽŵĞĞƚŽŶůLJϭϬйŽĨ  dŚĞ ĞīĞĐƟǀĞ ĚĂƚĞ ŽĨ /E ^ ϭϭϱ ŝƐ ĂŶŶƵĂů ƉĞƌŝŽĚƐ ƚŚĞŽƵƚƐƚĂŶĚŝŶŐůŽĂŶĂŵŽƵŶƚǁŚŝĐŚĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳ ďĞŐŝŶŶŝŶŐ ŽŶ Žƌ ĂŌĞƌϭƐƚ :ĂŶƵĂƌLJ ϮϬϭϴ͕ ǁŝƚŚ ĞĂƌůLJ is Rs. 6.31 crore;ZƐ͘ϭϭ͘ϯϮĐƌŽƌĞͿ͘dŚĞƐĂŝĚĮŶĂŶĐŝĂů ĂĚŽƉƟŽŶƉĞƌŵŝƩĞĚ͘dŚĞŽŵƉĂŶLJŝƐƌĞƋƵŝƌĞĚƚŽĂĚŽƉƚ ŐƵĂƌĂŶƚĞĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƐƉĞƌ/ŶĚ^ϭϬϵ͘ ƚŚĞ ƐƚĂŶĚĂƌĚ ďLJ ƚŚĞ &ŝŶĂŶĐŝĂů zĞĂƌ ĐŽŵŵĞŶĐŝŶŐϭƐƚ Ɖƌŝů ϮϬϭϴ͘ dŚĞ ŽŵƉĂŶLJ ŝƐ ĐƵƌƌĞŶƚůLJ ĞǀĂůƵĂƟŶŐ ϱϯ͘ǀĞŶƚƐŽĐĐƵƌƌŝŶŐĂŌĞƌZĞƉŽƌƟŶŐƉĞƌŝŽĚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ /E ^ ϭϭϱ ĂŶĚ ŚĂƐ ŶŽƚ LJĞƚ ĚĞƚĞƌŵŝŶĞĚƚŚĞŝŵƉĂĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ;ĂͿ ZĞĨĞƌƚŽEŽƚĞϭϰĨŽƌƚŚĞĮŶĂůĚŝǀŝĚĞŶĚƌĞĐŽŵŵĞŶĚĞĚ ďLJƚŚĞĚŝƌĞĐƚŽƌƐǁŚŝĐŚŝƐƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨ a) ŵĞŶĚŵĞŶƚƚŽ/ŶĚ^ϳ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ͗ ƐŚĂƌĞŚŽůĚĞƌƐŝŶƚŚĞĞŶƐƵŝŶŐŵĞĞƟŶŐ͘  dŚĞĂŵĞŶĚŵĞŶƚƚŽ/ŶĚ^ϳƌĞƋƵŝƌĞƐƚŚĞĞŶƟƟĞƐƚŽ ;ďͿ ŌĞƌĐůŽƐĞŽĨƚŚĞLJĞĂƌ͕ŝŶĐƌĞĂƐĞŝŶƵƚŚŽƌŝnjĞĚ^ŚĂƌĞ ƉƌŽǀŝĚĞ ĚŝƐĐůŽƐƵƌĞƐ ƚŚĂƚ ĞŶĂďůĞ ƵƐĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƉŝƚĂů ƚŽ ZƐ͘ ϰϬϬ ĐƌŽƌĞ ŝƐ ĂƉƉƌŽǀĞĚ ŝŶ ƚŚĞ džƚƌĂ ƐƚĂƚĞŵĞŶƚƐ ƚŽ ĞǀĂůƵĂƚĞ ĐŚĂŶŐĞƐ ŝŶ ůŝĂďŝůŝƟĞƐ ĂƌŝƐŝŶŐ KƌĚŝŶĂƌLJ'ĞŶĞƌĂůDĞĞƟŶŐŚĞůĚŽŶϮϮ͘Ϭϱ͘ϮϬϭϳ͘ ĨƌŽŵ ĮŶĂŶĐŝŶŐ ĂĐƟǀŝƟĞƐ͕ ŝŶĐůƵĚŝŶŐ ďŽƚŚ ĐŚĂŶŐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ĐĂƐŚ ŇŽǁƐ ĂŶĚ ŶŽŶͲĐĂƐŚ ĐŚĂŶŐĞƐ͕ 54. ^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚĞīĞĐƟǀĞĨŽƌƚŚĞĮŶĂŶĐŝĂů ƐƵŐŐĞƐƟŶŐŝŶĐůƵƐŝŽŶŽĨĂƌĞĐŽŶĐŝůŝĂƟŽŶďĞƚǁĞĞŶƚŚĞ year 2016-17 ŽƉĞŶŝŶŐĂŶĚĐůŽƐŝŶŐďĂůĂŶĐĞƐŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚĨŽƌ ĂͿ /E^ϭϭϱZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚ ůŝĂďŝůŝƟĞƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͕ƚŽŵĞĞƚƚŚĞ ƵƐƚŽŵĞƌƐ͗ ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚ͘  D ŚĂĚ ŶŽƟĮĞĚ /E ^ ϭϭϱ ŽŶ ZĞǀĞŶƵĞ ĨƌŽŵ dŚĞĐŽŵƉĂŶLJŝƐĞǀĂůƵĂƟŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ ŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐŝŶ&ĞďϮϬϭϱ͘dŚĞƐƚĂŶĚĂƌĚ ĂŵĞŶĚŵĞŶƚĂŶĚƚŚĞĞīĞĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ĞƐƚĂďůŝƐŚĞƐĂŶĞǁĮǀĞƐƚĞƉŵŽĚĞůƚŚĂƚǁŝůůĂƉƉůLJƚŽ ŝƐďĞŝŶŐĞǀĂůƵĂƚĞĚ͘ ƌĞǀĞŶƵĞĂƌŝƐŝŶŐĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƵŶĚĞƌ 55͘WƌĞǀŝŽƵƐ LJĞĂƌ͛Ɛ ĮŐƵƌĞƐ ŚĂǀĞ ďĞĞŶ ƌĞŐƌŽƵƉĞĚ͕ /E^ϭϭϱ͕ƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚĂƚĂŶĂŵŽƵŶƚƚŚĂƚ ƌĞĂƌƌĂŶŐĞĚĂŶĚƌĞĐĂƐƚǁŚĞƌĞǀĞƌŶĞĐĞƐƐĂƌLJƚŽŵĂŬĞŝƚ ƌĞŇĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶƚŽǁŚŝĐŚĂŶĞŶƟƚLJĞdžƉĞĐƚƐ ĐŽŵƉĂƌĂďůĞƚŽƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͛ƐĐůĂƐƐŝĮĐĂƟŽŶ͘ůƐŽ͕ ƚŽďĞĞŶƟƚůĞĚŝŶĞdžĐŚĂŶŐĞĨŽƌƚƌĂŶƐĨĞƌƌŝŶŐŐŽŽĚƐŽƌ ƉƌĞǀŝŽƵƐLJĞĂƌĮŐƵƌĞƐĂƌĞƐŚŽǁŶƵŶĚĞƌďƌĂĐŬĞƚ;ͿƚŽ ƐĞƌǀŝĐĞƐƚŽĂĐƵƐƚŽŵĞƌ͘dŚĞƉƌŝŶĐŝƉůĞƐŝŶ/E^ϭϭϱ ĚŝīĞƌĞŶƟĂƚĞĨƌŽŵĐƵƌƌĞŶƚLJĞĂƌĮŐƵƌĞƐ͘ ƉƌŽǀŝĚĞ Ă ŵŽƌĞ ƐƚƌƵĐƚƵƌĞĚ ĂƉƉƌŽĂĐŚ ƚŽ ŵĞĂƐƵƌŝŶŐ

ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ191 KDDEd^K&d,KDWdZK>>ZEh/dKZ'EZ>K&/E/hEZ^d/KEϭϰϯ;ϲͿ;ďͿK&d,KDWE/^ d͕ϮϬϭϯKEd,&/EE/>^ddDEd^K&/ZKE/EdZEd/KE>>/D/d&KZd,ͰzZEϯϭDZ, 2017. dŚĞ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ /ZKE /ŶƚĞƌŶĂƟŽŶĂů >ŝŵŝƚĞĚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϭ DĂƌĐŚ ϮϬϭϳ ŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĨƌĂŵĞǁŽƌŬƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ ƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵƉĂŶLJ͘dŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐĂƉƉŽŝŶƚĞĚďLJƚŚĞŽŵƉƚƌŽůůĞƌĂŶĚƵĚŝƚŽƌ'ĞŶĞƌĂůŽĨ/ŶĚŝĂ ƵŶĚĞƌ^ĞĐƟŽŶϭϯϵ;ϱͿŽĨƚŚĞĐƚĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞdžƉƌĞƐƐŝŶŐŽƉŝŶŝŽŶŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ ŽĨƚŚĞĐƚďĂƐĞĚŽŶŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂŶĚĂƌĚƐŽŶĂƵĚŝƟŶŐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿ ŽĨƚŚĞĐƚ͘dŚŝƐŝƐƐƚĂƚĞĚƚŽŚĂǀĞďĞĞŶĚŽŶĞďLJƚŚĞŵǀŝĚĞƚŚĞŝƌƵĚŝƚZĞƉŽƌƚĚĂƚĞĚϮϭ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

/͕ŽŶďĞŚĂůĨŽĨƚŚĞŽŵƉƚƌŽůůĞƌĂŶĚƵĚŝƚŽƌ'ĞŶĞƌĂůŽĨ/ŶĚŝĂ͕ŚĂǀĞĐŽŶĚƵĐƚĞĚĂƐƵƉƉůĞŵĞŶƚĂƌLJĂƵĚŝƚƵŶĚĞƌƐĞĐƟŽŶ ϭϰϯ;ϲͿ;ĂͿŽĨƚŚĞĐƚŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ/ZKE/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϳ͘dŚŝƐ ƐƵƉƉůĞŵĞŶƚĂƌLJĂƵĚŝƚŚĂƐďĞĞŶĐĂƌƌŝĞĚŽƵƚŝŶĚĞƉĞŶĚĞŶƚůLJǁŝƚŚŽƵƚĂĐĐĞƐƐƚŽƚŚĞǁŽƌŬŝŶŐƉĂƉĞƌƐŽĨƚŚĞƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐ ĂŶĚŝƐůŝŵŝƚĞĚƉƌŝŵĂƌŝůLJƚŽŝŶƋƵŝƌŝĞƐŽĨƚŚĞƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐĂŶĚĐŽŵƉĂŶLJƉĞƌƐŽŶŶĞůĂŶĚĂƐĞůĞĐƟǀĞĞdžĂŵŝŶĂƟŽŶŽĨ ƐŽŵĞŽĨƚŚĞĂĐĐŽƵŶƟŶŐƌĞĐŽƌĚƐ͘KŶƚŚĞďĂƐŝƐŽĨŵLJĂƵĚŝƚŶŽƚŚŝŶŐƐŝŐŶŝĮĐĂŶƚŚĂƐĐŽŵĞƚŽŵLJŬŶŽǁůĞĚŐĞǁŚŝĐŚǁŽƵůĚ ŐŝǀĞƌŝƐĞƚŽĂŶLJĐŽŵŵĞŶƚƵƉŽŶŽƌƐƵƉƉůĞŵĞŶƚƚŽƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚ͘

&ŽƌĂŶĚŽŶƚŚĞďĞŚĂůĨŽĨ ŽŵƉƚƌŽůůĞƌΘƵĚŝƚŽƌ'ĞŶĞƌĂůŽĨ/ŶĚŝĂ

^ĚͬͲ ;͘Z͘DŽŶĚĂůͿ WƌŝŶĐŝƉĂůŝƌĞĐƚŽƌŽĨƵĚŝƚ ZĂŝůǁĂLJŽŵŵĞƌĐŝĂů͕EĞǁĞůŚŝ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞĚ͗Ϯϲ͕^ĞƉƚĞŵďĞƌ͕ϮϬϭϳ

192 | ANNUAL REPORT ϮϬϭϲͳϭϳ 2016-17

ANNUAL REPORT ϮϬϭϲͳϭϳͮ193 FORM AOC - 1 ^ƚĂƚĞŵĞŶƚĐŽŶƚĂŝŶŝŶŐƐĂůŝĞŶƚĨĞĂƚƵƌĞƐŽĨ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨ^ƵďƐŝĚŝĂƌŝĞƐͬ:ŽŝŶƚsĞŶƚƵƌĞƐĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϳ ;WƵƌƐƵĂŶƚƚŽĮƌƐƚƉƌŽǀŝƐŽƚŽƐƵďͲƐĞĐƟŽŶ;ϯͿŽĨƐĞĐƟŽŶϭϮϵƌĞĂĚǁŝƚŚƌƵůĞϱŽĨŽŵƉĂŶŝĞƐ;ĐĐŽƵŶƚƐͿZƵůĞƐ͕ϮϬϭϰͿ WĂƌƚ͞^ƵďƐŝĚŝĂƌŝĞƐ͟ (Rs. in Crore) ^ƌ͘ EĂŵĞŽĨƚŚĞ^ƵďƐŝĚŝĂƌLJ /ƌĐŽŶ^ŚŝǀƉƵƌŝ Ircon PB /ŶĚŝĂŶZĂŝůǁĂLJ Ircon No. 'ƵŶĂdŽůůǁĂLJ dŽůůǁĂLJ ^ƚĂƟŽŶƐ Infrastructure Limited Limited (IPBTL) ĞǀĞůŽƉŵĞŶƚ Θ^ĞƌǀŝĐĞƐ ;/^'d>Ϳ ŽƌƉŽƌĂƟŽŶ >ŝŵŝƚĞĚ;//^>Ϳ Limited ;/Z^>Ϳ 1 ZĞƉŽƌƟŶŐƉĞƌŝŽĚĨŽƌƚŚĞ^ƵďƐŝĚŝĂƌLJ Ϭϭ͘Ϭϰ͘ϮϬϭϲƚŽ Ϭϭ͘Ϭϰ͘ϮϬϭϲƚŽ Ϭϭ͘Ϭϰ͘ϮϬϭϲƚŽ Ϭϭ͘Ϭϰ͘ϮϬϭϲƚŽ ϯϭ͘Ϭϯ͘ϮϬϭϳ ϯϭ͘Ϭϯ͘ϮϬϭϳ ϯϭ͘Ϭϯ͘ϮϬϭϳ ϯϭ͘Ϭϯ͘ϮϬϭϳ 2 ZĞƉŽƌƟŶŐƵƌƌĞŶĐLJĂŶĚdžĐŚĂŶŐĞZĂƚĞ /EZ /EZ /EZ /EZ 3 ^ŚĂƌĞĂƉŝƚĂů;/ŶĐůƵĚŝŶŐƐŚĂƌĞĂƉƉůŝĐĂƟŽŶ 150.00 165.00 40.00 65.00 ŵŽŶĞLJƉĞŶĚŝŶŐĂůůŽƚŵĞŶƚͿ 4 KƚŚĞƌĞƋƵŝƚLJͬZĞƐĞƌǀĞƐΘƐƵƌƉůƵƐ;ĂƐ ;Ϭ͘ϲϳͿ 3.10 0.04 ϰϵ͘ϳϬ ĂƉƉůŝĐĂďůĞͿ 5 >ŝĂďŝůŝƟĞƐ ϭϳϰ͘ϳϳ 85.69 ϰ͘ϱϳ ϴϳ͘ϰϮ 6 dŽƚĂůƋƵŝƚLJĂŶĚ>ŝĂďŝůŝƚLJ 324.10 Ϯϱϯ͘ϳϵ 44.61 202.12 ϳ dŽƚĂůƐƐĞƚƐ 324.10 Ϯϱϯ͘ϳϵ 44.61 202.12 8 /ŶǀĞƐƚŵĞŶƚƐ - - - - 9 dƵƌŶŽǀĞƌ 294.12 ϭϳϳ͘ϴϵ 0.15 40.98 10 WƌŽĮƚďĞĨŽƌĞƚĂdžĂƟŽŶ 0.61 0.83 ;ϰ͘ϲϰͿ 20.80 11 WƌŽǀŝƐŝŽŶĨŽƌƚĂdžĂƟŽŶ 0.22 0.29 ;Ϭ͘ϭϬͿ 8.44 12 WƌŽĮƚĂŌĞƌƚĂdžĂƟŽŶ 0.39 0.54 ;ϰ͘ϱϰͿ 12.36 13 /ŶƚĞƌŝŵŝǀŝĚĞŶĚͲƋƵŝƚLJ - - - - 14 /ŶƚĞƌŝŵŝǀŝĚĞŶĚͲWƌĞĨĞƌĞŶĐĞ - - - - 15 WƌŽƉŽƐĞĚŝǀŝĚĞŶĚͲƋƵŝƚLJ - - - - 16 WƌŽƉŽƐĞĚŝǀŝĚĞŶĚͲWƌĞĨĞƌĞŶĐĞ - - - - ϭϳ йŽĨƐŚĂƌĞŚŽůĚŝŶŐ 100% 100% 51% 100%

ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ

194 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƚ͗͟͞:ŽŝŶƚsĞŶƚƵƌĞƐ ^ƌ͘ Name of Joint Ventures Bastar ŚĂƫƐŐĂƌŚ ŚĂƫƐŐĂƌŚ Ircon - Jharkhand Mahanadi No. ZĂŝůǁĂLJƐ ĂƐƚZĂŝůǁĂLJ East West ^ŽŵĂ ĞŶƚƌĂůZĂŝů ŽĂůZĂŝů Private Limited ZĂŝůǁĂLJ dŽůůǁĂLJ Limited Limited Limited (CERL) Limited Private (JCRL) (MCRL) (BRPL) (CEWRL) Limited 1 >ĂƚĞƐƚĂƵĚŝƚĞĚĂůĂŶĐĞ^ŚĞĞƚ ϯϭͲDĂƌͲϭϳ ϯϭͲDĂƌͲϭϳ ϯϭͲDĂƌͲϭϳ ϯϭͲDĂƌͲϭϳ ϯϭͲDĂƌͲϭϳ ϯϭͲDĂƌͲϭϳ ĂƚĞ 2 ^ŚĂƌĞƐŽĨ:ŽŝŶƚsĞŶƚƵƌĞŚĞůĚ 0.53% Ϯϳ͘ϯϭй 26.02% 50% 28.86% 26% ďLJƚŚĞĐŽŵƉĂŶLJŽŶƚŚĞLJĞĂƌ ĞŶĚ EƵŵďĞƌŽĨƐŚĂƌĞƐŚĞůĚ ϭϯ͕ϬϬϬ ϴϯ͕ϱϳϱ͕ϳϬϬ ϭϯϭ͕ϭϳϬ͕ϬϬϬ ϲϯ͕ϴϳϬ͕ϬϬϬ ϭ͕ϯϬϬ͕ϬϬϬ ϭϯ͕ϬϬϬ ŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚŝŶ ϭϭ͕ϴϯϬ͕ϬϬϬ ϴϯϱ͕ϳϱϳ͕ϬϬϬ ϭ͕ϯϭϭ͕ϳϬϬ͕ϬϬϬ ϲϯϴ͕ϳϬϬ͕ϬϬϬ ϭϯ͕ϬϬϬ͕ϬϬϬ ϭϯϬ͕ϬϬϬ :ŽŝŶƚsĞŶƚƵƌĞ;EŽƚĞϮĞůŽǁͿ dŽƚĂůEŽŽĨ^ŚĂƌĞƐ Ϯ͕ϰϯϱ͕ϬϬϬ ϯϬϲ͕ϬϬϬ͕ϬϬϬ ϱϬϰ͕Ϭϱϱ͕ϬϬϬ ϰ͕ϱϬϱ͕ϬϬϬ ϱϬ͕ϬϬϬ ϭϮϳ͕ϳϰϬ͕ϬϬϬ džƚĞŶƚŽĨ,ŽůĚŝŶŐй 0.53% Ϯϳ͘ϯϭй 26.02% 50% 28.86% 26.00% ϯ ĞƐĐƌŝƉƟŽŶŽĨŚŽǁƚŚĞƌĞŝƐ ZĞĨĞƌEŽƚĞϭ;ĞůŽǁͿ ƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞ 4 ZĞĂƐŽŶǁŚLJƚŚĞ:ŽŝŶƚ E E E E E E sĞŶƚƵƌĞŝƐŶŽƚĐŽŶƐŽůŝĚĂƚĞĚ ϱ EĞƚǁŽƌƚŚĂƩƌŝďƵƚĂďůĞƚŽ 3.51 305.59 ϱϬϯ͘ϳϱ 45.45 ϯϮ͘ϲϳ 0.04 ƐŚĂƌĞŚŽůĚŝŶŐĂƐƉĞƌůĂƚĞƐƚ ĂƵĚŝƚĞĚďĂůĂŶĐĞƐŚĞĞƚ;ZƐ͘ŝŶ ƌŽƌĞͿ 6 WƌŽĮƚͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌ;ZƐ͘ ;Ϭ͘ϬϵͿ ;Ϭ͘ϭϱͿ ;Ϭ͘ϬϳͿ ϭϭ͘ϳϬ ;Ϭ͘ϱϴͿ - ŝŶƌŽƌĞͿ ;ŝͿŽŶƐŝĚĞƌĞĚŝŶ - ;Ϭ͘ϬϰͿ ;Ϭ͘ϬϮͿ 5.85 ;Ϭ͘ϭϴͿ - ĐŽŶƐŽůŝĚĂƟŽŶ;ZƐ͘ŝŶƌŽƌĞͿ ;ŝŝͿEŽƚĐŽŶƐŝĚĞƌĞĚŝŶ ;Ϭ͘ϬϵͿ ;Ϭ͘ϭϭͿ ;Ϭ͘ϬϱͿ 5.85 ;Ϭ͘ϰϬͿ - ĐŽŶƐŽůŝĚĂƟŽŶ;ZƐ͘ŝŶƌŽƌĞͿ Notes 1 ^ŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞŝƐĚĞŵŽŶƐƚƌĂƚĞĚďLJŚŽůĚŝŶŐϮϬйŽƌŵŽƌĞŽĨƚŚĞǀŽƟŶŐƉŽǁĞƌŽĨƚŚĞŝŶǀĞƐƚĞĞ͘ 2 ŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚŝŶ:ŽŝŶƚsĞŶƚƵƌĞ ;ŵŽƵŶƚŝŶZƐ͘Ϳ sĂůƵĞŽĨ^ŚĂƌĞƐůůŽƚĞĚ ϭϯϬ͕ϬϬϬ ƉƉůŝĐĂƟŽŶDŽŶĞLJƉĞŶĚŝŶŐůůŽƚŵĞŶƚ ϭϭ͕ϳϬϬ͕ϬϬϬ ϭϭ͕ϴϯϬ͕ϬϬϬ ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ ANNUAL REPORT ϮϬϭϲͳϭϳͮ195 /EWEEdh/dKZ͛^ZWKZd dKd,DDZ^K& IRCON INTERNATIONAL LIMITED ƌĞĐŽƌĚƐ͕ƌĞůĞǀĂŶƚƚŽƚŚĞƉƌĞƉĂƌĂƟŽŶĂŶĚƉƌĞƐĞŶƚĂƟŽŶŽĨ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚŐŝǀĞĂ ZĞƉŽƌƚŽŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ ƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁĂŶĚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ ǁŚĞƚŚĞƌ ĚƵĞ ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͕ ǁŚŝĐŚ ŚĂǀĞ ďĞĞŶ ƵƐĞĚ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨIRCON INTERNATIONAL LIMITED ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ Έ͞ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ͟Ϳ͕ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ;ƚŚĞ ,ŽůĚŝŶŐ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďLJ ƚŚĞ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ƚŽŐĞƚŚĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ŽŵƉĂŶLJ͕ĂƐĂĨŽƌĞƐĂŝĚ͘ ͞ƚŚĞ 'ƌŽƵƉ͟Ϳ͕ ĂŶĚ ŝƚƐ ũŽŝŶƚůLJ ĐŽŶƚƌŽůůĞĚ ĞŶƟƟĞƐ͕ ǁŚŝĐŚ ƵĚŝƚŽƌ͛ƐZĞƐƉŽŶƐŝďŝůŝƚLJ ĐŽŵƉƌŝƐŝŶŐ ŽĨ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂůĂŶĐĞ ^ŚĞĞƚ ĂƐ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϭϳ͕ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝƐ ƚŽ ĞdžƉƌĞƐƐ ĂŶ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞƐĞ ĂŶĚ >ŽƐƐ;/ŶĐůƵĚŝŶŐ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞͿ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďĂƐĞĚ ŽŶ ŽƵƌ ŽŶƐŽůŝĚĂƚĞĚĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚĂŶĚƚŚĞŽŶƐŽůŝĚĂƚĞĚ ĂƵĚŝƚ͘ tŚŝůĞ ĐŽŶĚƵĐƟŶŐ ƚŚĞ ĂƵĚŝƚ͕ ǁĞ ŚĂǀĞ ƚĂŬĞŶ ŝŶƚŽ ^ƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶƋƵŝƚLJĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͕ ĂĐĐŽƵŶƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ĂŶĚ ĂŶĚ Ă ƐƵŵŵĂƌLJ ŽĨ ƐŝŐŶŝĮĐĂŶƚ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ĂƵĚŝƟŶŐƐƚĂŶĚĂƌĚƐĂŶĚŵĂƩĞƌƐǁŚŝĐŚĂƌĞƌĞƋƵŝƌĞĚƚŽďĞ ŽƚŚĞƌĞdžƉůĂŶĂƚŽƌLJŝŶĨŽƌŵĂƟŽŶ;ŚĞƌĞŝŶĂŌĞƌƌĞĨĞƌƌĞĚƚŽĂƐ ŝŶĐůƵĚĞĚŝŶƚŚĞĂƵĚŝƚƌĞƉŽƌƚƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ ͚ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͛Ϳ͘ ĐƚĂŶĚƚŚĞZƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌ͘

DĂŶĂŐĞŵĞŶƚ͛ƐZĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞŽŶƐŽůŝĚĂƚĞĚ/ŶĚ tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƚĂŶĚĂƌĚƐ ^&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ ŽŶƵĚŝƟŶŐƐƉĞĐŝĮĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͘ dŚŽƐĞ ^ƚĂŶĚĂƌĚƐ ƌĞƋƵŝƌĞ ƚŚĂƚ ǁĞ ĐŽŵƉůLJ ǁŝƚŚ ĞƚŚŝĐĂů dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞ ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉůĂŶĂŶĚƉĞƌĨŽƌŵƚŚĞĂƵĚŝƚƚŽŽďƚĂŝŶ ĨŽƌƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂů ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂďŽƵƚ ǁŚĞƚŚĞƌ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŝŶƚĞƌŵƐŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů Đƚ͕ϮϬϭϯ;ŚĞƌĞŝŶĂŌĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞ƚŚĞĐƚ͟ͿƚŚĂƚŐŝǀĞ ŵŝƐƐƚĂƚĞŵĞŶƚ͘ ĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ͕ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĐůƵĚŝŶŐ ŽƚŚĞƌ ŶĂƵĚŝƚŝŶǀŽůǀĞƐƉĞƌĨŽƌŵŝŶŐƉƌŽĐĞĚƵƌĞƐƚŽŽďƚĂŝŶĂƵĚŝƚ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͕ ĐŽŶƐŽůŝĚĂƚĞĚ ĐĂƐŚ ŇŽǁƐ ĂŶĚ ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂŵŽƵŶƚƐ ĂŶĚ ĚŝƐĐůŽƐƵƌĞƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJŽĨƚŚĞ'ƌŽƵƉ ĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞƉƌŽĐĞĚƵƌĞƐ ŝŶĐůƵĚŝŶŐŝƚƐũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƐĞůĞĐƚĞĚĚĞƉĞŶĚŽŶƚŚĞĂƵĚŝƚŽƌ͛ƐũƵĚŐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƉƌŝŶĐŝƉůĞƐ ŐĞŶĞƌĂůůLJ ĂĐĐĞƉƚĞĚ ŝŶ /ŶĚŝĂ͕ ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞ ŝŶĐůƵĚŝŶŐ ƚŚĞ /ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐ ƐƉĞĐŝĮĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ǁŚĞƚŚĞƌ ĚƵĞ ƵŶĚĞƌ ^ĞĐƟŽŶ ϭϯϯ ŽĨ ƚŚĞ Đƚ͕ ƌĞĂĚ ǁŝƚŚ ƌĞůĞǀĂŶƚ ƌƵůĞƐ ƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘/ŶŵĂŬŝŶŐƚŚŽƐĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐ͕ƚŚĞ ŝƐƐƵĞĚ ƚŚĞƌĞƵŶĚĞƌ͘dŚĞƌĞƐƉĞĐƟǀĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨ ĂƵĚŝƚŽƌ ĐŽŶƐŝĚĞƌƐ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŽĨ ŝƚƐ ũŽŝŶƚůLJ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ͛Ɛ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĐŽŶƚƌŽůůĞĚ ĞŶƟƟĞƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚŐŝǀĞƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨƚŚĞĐƚĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐ ƚŚĞĂƐƐĞƚƐŽĨƚŚĞ ŝŶ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ Ŷ ĂƵĚŝƚ ĂůƐŽ ŝŶĐůƵĚĞƐ ĞǀĂůƵĂƟŶŐ 'ƌŽƵƉĂŶĚĨŽƌƉƌĞǀĞŶƟŶŐĂŶĚĚĞƚĞĐƟŶŐĨƌĂƵĚƐĂŶĚŽƚŚĞƌ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ƵƐĞĚ ĂŶĚ ŝƌƌĞŐƵůĂƌŝƟĞƐ͖ƚŚĞƐĞůĞĐƟŽŶĂŶĚĂƉƉůŝĐĂƟŽŶŽĨĂƉƉƌŽƉƌŝĂƚĞ ƚŚĞ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ĞƐƟŵĂƚĞƐ ŵĂĚĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ͖ ŵĂŬŝŶŐ ũƵĚŐŵĞŶƚƐ ĂŶĚ ĞƐƟŵĂƚĞƐ ďLJ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ͛Ɛ ŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚĂƚ ĂƌĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ ƉƌƵĚĞŶƚ͖ ĂŶĚ ƚŚĞ ĚĞƐŝŐŶ͕ ĞǀĂůƵĂƟŶŐ ƚŚĞ ŽǀĞƌĂůů ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ͕ ƚŚĂƚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůLJ ĨŽƌ ĞŶƐƵƌŝŶŐƚŚĞĂĐĐƵƌĂĐLJĂŶĚĐŽŵƉůĞƚĞŶĞƐƐŽĨƚŚĞĂĐĐŽƵŶƟŶŐ tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚďLJƵƐĂŶĚ ĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚďLJƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐŝŶƚĞƌŵƐŽĨ

196 | ANNUAL REPORT ϮϬϭϲͳϭϳ ƚŚĞŝƌƌĞƉŽƌƚƐƌĞĨĞƌƌĞĚƚŽŝŶƚŚĞ͚KƚŚĞƌDĂƩĞƌ͛ƐƉĂƌĂŐƌĂƉŚ KƵƌƌĞƉŽƌƚŝƐŶŽƚƋƵĂůŝĮĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞŵĂƩĞƌƐ͘ ďĞůŽǁ͕ŝƐƐƵĸĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌ ŽƵƌ ĂƵĚŝƚ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů KƚŚĞƌDĂƩĞƌƐ ƐƚĂƚĞŵĞŶƚƐ͘ ŝͿ tĞĚŝĚŶŽƚĂƵĚŝƚƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐͬŝŶĨŽƌŵĂƟŽŶ Opinion ŽĨ ĞůĞǀĞŶ ďƌĂŶĐŚĞƐ ŽĨ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ŽĨ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŽƵƌ ŝŶĨŽƌŵĂƟŽŶ ƚŚĞ ĐŽŵƉĂŶLJ ǁŚŽƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬĮŶĂŶĐŝĂů ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĞdžƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ ƚŽ ƵƐ͕ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶƌĞŇĞĐƚdŽƚĂůƐƐĞƚƐŽĨZƐ͘ϱ͕ϲϳϲ͘ϴϯƌŽƌĞƐ ĂĨŽƌĞƐĂŝĚ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϳ͕dŽƚĂůZĞǀĞŶƵĞƐŽĨZƐ͘Ϯ͕ϴϴϵ͘ϱϳ ŐŝǀĞƚŚĞŝŶĨŽƌŵĂƟŽŶƌĞƋƵŝƌĞĚďLJƚŚĞĐƚŝŶƚŚĞŵĂŶŶĞƌ ƌŽƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͕ĂƐĐŽŶƐŝĚĞƌĞĚ ƐŽƌĞƋƵŝƌĞĚĂŶĚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŝŶĐŽŶĨŽƌŵŝƚLJ ŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ ǁŝƚŚ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƉƌŝŶĐŝƉůĞƐ ŐĞŶĞƌĂůůLJ ĂĐĐĞƉƚĞĚ ŝŶ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬŝŶĨŽƌŵĂƟŽŶ ŽĨ ƚŚĞƐĞ ďƌĂŶĐŚĞƐ /ŶĚŝĂ ŝŶĐůƵĚŝŶŐ ƚŚĞ /ŶĚ ^͕ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞ ŽĨ ŚĂǀĞ ďĞĞŶ ĂƵĚŝƚĞĚ ďLJ ƚŚĞ ďƌĂŶĐŚ ĂƵĚŝƚŽƌƐ ǁŚŽƐĞ ĂīĂŝƌƐ ;ĮŶĂŶĐŝĂů ƉŽƐŝƟŽŶͿ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŝƚƐ ũŽŝŶƚůLJ ƌĞƉŽƌƚƐŚĂǀĞďĞĞŶĨƵƌŶŝƐŚĞĚƚŽƵƐ͕ĂŶĚŽƵƌŽƉŝŶŝŽŶ ĐŽŶƚƌŽůůĞĚ ĞŶƟƟĞƐ ĂƐ Ăƚ ϯϭƐƚ DĂƌĐŚ͕ ϮϬϭϳ͕ ĂŶĚ ƚŚĞŝƌ ŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂŵŽƵŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞ ĐŽŶƐŽůŝĚĂƚĞĚƉƌŽĮƚ;ĮŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŝŶĐůƵĚŝŶŐŽƚŚĞƌ ŝŶĐůƵĚĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞƐĞďƌĂŶĐŚĞƐ͕ŝƐďĂƐĞĚƐŽůĞůLJ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞͿ͕ ƚŚĞŝƌ ĐŽŶƐŽůŝĚĂƚĞĚ ĐĂƐŚ ŇŽǁƐ ŽŶƚŚĞƌĞƉŽƌƚƐŽĨƐƵĐŚďƌĂŶĐŚĂƵĚŝƚŽƌƐ͘ ĂŶĚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ ŝŝͿ tĞ ĚŝĚ ŶŽƚ ĂƵĚŝƚ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬĮŶĂŶĐŝĂů ŽŶƚŚĂƚĚĂƚĞ͘ ŝŶĨŽƌŵĂƟŽŶ ŽĨ ĨŽƵƌ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ƚĞŶ ũŽŝŶƚůLJ ŵƉŚĂƐŝƐŽĨDĂƩĞƌƐ ĐŽŶƚƌŽůůĞĚ ĞŶƟƟĞƐ͕ ǁŚŽƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ƌĞŇĞĐƚ dŽƚĂů ƐƐĞƚƐ ŽĨ ZƐ͘ ŝͿ tĞĚƌĂǁĂƩĞŶƟŽŶƚŽEŽƚĞEŽ͘ϯϰƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ϯ͕ϯϴϰ͘ϰϳƌŽƌĞƐĂƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϳ͕dŽƚĂůZĞǀĞŶƵĞƐ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ŽĨZƐ͘ϴϳϴ͘ϯϮƌŽƌĞƐĂŶĚŶĞƚĐĂƐŚŇŽǁƐĂŵŽƵŶƟŶŐƚŽ a. dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŵĂĚĞ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ƚĂdž ǁŝƚŚŽƵƚ ZƐ͘ ϯϴϴ͘ϱϯ ƌŽƌĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ŽŶ ƚŚĂƚ ĚĂƚĞ͕ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĚĞĚƵĐƟŽŶ ƵŶĚĞƌ ^ĞĐƟŽŶ ϴϬͲ/ ŽĨ ĂƐ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů /ŶĐŽŵĞdĂdžĐƚ͕ϭϵϲϭ͘,ŽǁĞǀĞƌ͕ƚŚĞ/ddŚĂƐĚŝƐƉŽƐĞĚ ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬ ĮŶĂŶĐŝĂů ƉĞŶĚŝŶŐĂƉƉĞĂůĨŽƌ&zϮϬϬϬͲϬϭĂůůŽǁŝŶŐĚĞĚƵĐƟŽŶƵͬƐ ŝŶĨŽƌŵĂƟŽŶ ŚĂǀĞ ďĞĞŶ ĂƵĚŝƚĞĚ ďLJ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ϴϬ/ĂŶĚƐƵďƐĞƋƵĞŶƚůLJ/d;ͿŚĂƐĂůůŽǁĞĚĚĞĚƵĐƟŽŶ ǁŚŽƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ĨŽƌ z ϮϬϭϮͲϭϯ ĂŶĚ ϮϬϭϯͲϭϰ͘ dŚĞ ŵĂƩĞƌƐ ĨŽƌ ŽƚŚĞƌ ŚĂǀĞďĞĞŶĨƵƌŶŝƐŚĞĚƚŽƵƐďLJƚŚĞŵĂŶĂŐĞŵĞŶƚĂŶĚ ĂƐƐĞƐƐŵĞŶƚLJĞĂƌƐĂƌĞĐŽŶƚĞƐƚĞĚďLJƚŚĞĐŽŵƉĂŶLJǁŝƚŚ ŽƵƌ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƚŚĞĐŽŶĐĞƌŶĞĚĂƵƚŚŽƌŝƟĞƐ͘ ƐƚĂƚĞŵĞŶƚƐŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂŵŽƵŶƚƐĂŶĚ ĚŝƐĐůŽƐƵƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞƐĞ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ď͘ dŚĞĐŽŵƉĂŶLJŝƐŽīĞƌŝŶŐŐůŽďĂůŝŶĐŽŵĞĨŽƌƚĂdžŝŶ/ŶĚŝĂ ũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐĂŶĚŽƵƌƌĞƉŽƌƚŝŶƚĞƌŵƐŽĨ ĂŌĞƌĞdžĐůƵĚŝŶŐƚŚĞŝŶĐŽŵĞĞĂƌŶĞĚďLJŝƚƐƉĞƌŵĂŶĞŶƚ ƐƵďͲƐĞĐƟŽŶƐ;ϯͿĂŶĚ;ϭϭͿŽĨ^ĞĐƟŽŶϭϰϯŽĨƚŚĞĐƚŝŶƐŽ ĞƐƚĂďůŝƐŚŵĞŶƚƐ ŝŶ ĨŽƌĞŝŐŶ ĐŽƵŶƚƌŝĞƐ ŚĂǀŝŶŐ ŽƵďůĞ ĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂĨŽƌĞƐĂŝĚƐƵďƐŝĚŝĂƌŝĞƐΘ:ŽŝŶƚůLJ dĂdžĂƟŽŶ ǀŽŝĚĂŶĐĞ ŐƌĞĞŵĞŶƚƐ ;dͿ ǁŝƚŚ /ŶĚŝĂ͘ ĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐ͕ŝƐďĂƐĞĚƐŽůĞůLJŽŶƚŚĞƌĞƉŽƌƚƐŽĨ /d;ͿĚĞŶŝĞĚƚŚĞƚƌĞĂƚŵĞŶƚŽĨĞdžĐůƵĚŝŶŐƐƵĐŚĨŽƌĞŝŐŶ ƚŚĞŽƚŚĞƌƵĚŝƚŽƌƐ͘ ŝŶĐŽŵĞ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞĐŽŵƉĂŶLJŚĂƐƐƵďƐĞƋƵĞŶƚůLJ ƉĂŝĚ ƚĂdžĞƐ͕ ŚŽǁĞǀĞƌ ƚŚĞ ŵĂƩĞƌ ŝƐ ĐŽŶƚĞƐƚĞĚ ďLJ ƚŚĞ ŝŝŝͿ tĞĚŝĚŶŽƚĂƵĚŝƚƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚͬŝŶĨŽƌŵĂƟŽŶ ĐŽŵƉĂŶLJǁŝƚŚƚŚĞĐŽŶĐĞƌŶĞĚĂƵƚŚŽƌŝƟĞƐ͘ ŽĨ ŽŶĞ ũŽŝŶƚůLJ ĐŽŶƚƌŽůůĞĚ ĞŶƟƟĞƐ͕ ǁŚŽƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ƌĞŇĞĐƚ ƚŽƚĂů ĂƐƐĞƚƐ ŝŝͿ tĞĚƌĂǁĂƩĞŶƟŽŶƚŽEŽƚĞEŽ͘ϱϮƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ŽĨZƐϴ͘ϮϳƌŽƌĞƐĂƐĂƚϯϭƐƚDĂƌĐŚ͕ϮϬϭϳ͕ƚŽƚĂůƌĞǀĞŶƵĞƐ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐŶŽŶƉƌŽǀŝƐŝŽŶŽĨ ŽĨ ZƐ ϭ͘ϵϰ ƌŽƌĞƐ ĂŶĚ ŶĞƚ ĐĂƐŚ ŇŽǁƐ ĂŵŽƵŶƟŶŐ ZƐ͘ϯ͘ϴϬĐƌŽƌĞƐƚŽǁĂƌĚƐĨŽƌĞŝŐŶĂŐĞŶĐLJĐŽŵŵŝƐƐŝŽŶͬ ƚŽ ZƐͲϬ͘ϬϭƌŽƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͕ ĐŽŶƐƵůƚĂŶĐLJ ĐŚĂƌŐĞƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƉƌŽũĞĐƚƐ ŝŶ ƚŚƌĞĞ ĂƐ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ Ɛ ĮŶĂŶĐŝĂů ĨŽƌĞŝŐŶ ĐŽƵŶƚƌŝĞƐ ƉĞŶĚŝŶŐ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬĮŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ͘ ŝŶĨŽƌŵĂƟŽŶĂƌĞƵŶĂƵĚŝƚĞĚĂŶĚŚĂǀĞďĞĞŶĨƵƌŶŝƐŚĞĚ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ197 ƚŽ ƵƐ ďLJ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŽƵƌ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ŬĞƉƚ ƐŽ ĨĂƌ ĂƐ ŝƚ ĂƉƉĞĂƌƐ ĨƌŽŵ ŽƵƌ ĞdžĂŵŝŶĂƟŽŶ ŽĨ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝŶ ƐŽ ĨĂƌ ƚŚŽƐĞŬƐĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨŽƚŚĞƌĂƵĚŝƚŽƌƐ͘ ĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂŵŽƵŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞŝŶĐůƵĚĞĚ ŝŶƌĞƐƉĞĐƚŽĨƚŚŝƐũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐ͕ĂŶĚŽƵƌ ;ĐͿ dŚĞƌĞƉŽƌƚƐŽŶƚŚĞĂĐĐŽƵŶƚƐŽĨƚŚĞďƌĂŶĐŚŽĸĐĞƐŽĨ ƌĞƉŽƌƚŝŶƚĞƌŵƐŽĨƐƵďͲƐĞĐƟŽŶ;ϯͿĂŶĚ;ϭϭͿŽĨƐĞĐƟŽŶ ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͕ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚůLJ ϭϰϯŽĨƚŚĞĐƚ͕ŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂĨŽƌĞƐĂŝĚ ĐŽŶƚƌŽůůĞĚĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ĂƵĚŝƚĞĚ ũŽŝŶƚůLJ ĐŽŶƚƌŽůůĞĚ ĞŶƟƟĞƐ͕ ŝƐ ďĂƐĞĚ ƐŽůĞůLJ ŽŶ ƐƵĐŚ ƵŶĚĞƌ ^ĞĐƟŽŶ ϭϰϯ;ϴͿ ŽĨ ƚŚĞ Đƚ ďLJ ďƌĂŶĐŚ ĂƵĚŝƚŽƌƐ ƵŶĂƵĚŝƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐͬĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶ͘ ŚĂǀĞ ďĞĞŶ ƐĞŶƚ ƚŽ ƵƐͬŽƚŚĞƌ ĂƵĚŝƚŽƌƐ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ /ŶŽƵƌŽƉŝŶŝŽŶĂŶĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚ ĂŶĚŚĂǀĞďĞĞŶƉƌŽƉĞƌůLJĚĞĂůƚǁŝƚŚŝŶƉƌĞƉĂƌŝŶŐƚŚŝƐ ĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞƐĞ ƌĞƉŽƌƚ͘ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐͬ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ĐĞƌƟĮĞĚ ;ĚͿ dŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂůĂŶĐĞ ^ŚĞĞƚ͕ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͘ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ;ŝŶĐůƵĚŝŶŐ ŽƚŚĞƌ ŝǀͿ dŚĞĐŽŵƉĂƌĂƟǀĞĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŽĨƚŚĞ'ƌŽƵƉĨŽƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿ͕ĂŶĚƚŚĞŽŶƐŽůŝĚĂƚĞĚĂƐŚ ƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϲĂŶĚƚŚĞƚƌĂŶƐŝƟŽŶĚĂƚĞ &ůŽǁ ^ƚĂƚĞŵĞŶƚ ĂŶĚ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŽƉĞŶŝŶŐďĂůĂŶĐĞƐŚĞĞƚĂƐĂƚϭƐƚƉƌŝůϮϬϭϱŝŶĐůƵĚĞĚŝŶ ŚĂŶŐĞƐ ŝŶ ƋƵŝƚLJ ĚĞĂůƚ ǁŝƚŚ ďLJ ƚŚŝƐ ZĞƉŽƌƚ ĂƌĞ ŝŶ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ĂƌĞ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŬƐŽĨĂĐĐŽƵŶƚŵĂŝŶƚĂŝŶĞĚĨŽƌ ďĂƐĞĚŽŶƚŚĞƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚƐƚĂƚƵƚŽƌLJĐŽŶƐŽůŝĚĂƚĞĚ ƚŚĞƉƵƌƉŽƐĞŽĨƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐͿ ƌƵůĞƐ͕ ϮϬϬϲ ;ĞͿ ĞŝŶŐ Ă 'ŽǀĞƌŶŵĞŶƚ ŽŵƉĂŶLJ͕ WƌŽǀŝƐŝŽŶ ŽĨ ƐĞĐƟŽŶ ĂƵĚŝƚĞĚ ďLJ ƚŚĞ ƉƌĞĚĞĐĞƐƐŽƌ ĂƵĚŝƚŽƌƐ ǁŚŽƐĞ ƌĞƉŽƌƚ ϭϲϰ;ϮͿ ŽĨ ƚŚĞ Đƚ ĂƌĞ ŶŽƚ ĂƉƉůŝĐĂďůĞ ƉƵƌƐƵĂŶƚ ƚŽ ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϲ͕ĂŶĚϯϭƐƚDĂƌĐŚ ŶŽƟĮĐĂƟŽŶ EŽ͘'͘^͘Z͘ϰϲϯ;Ϳ ĚĂƚĞĚ ϱƚŚ :ƵŶĞ͕ ϮϬϭϱ͕ ϮϬϭϱĚĂƚĞĚϮŶĚ^ĞƉƚĞŵďĞƌϮϬϭϲĂŶĚϭϯƚŚKĐƚŽďĞƌ ŝƐƐƵĞĚďLJĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂ͘ ϮϬϭϱƌĞƐƉĞĐƟǀĞůLJĞdžƉƌĞƐƐĞĚĂŶƵŶŵŽĚŝĮĞĚŽƉŝŶŝŽŶΘ YƵĂůŝĮĞĚŽƉŝŶŝŽŶƌĞƐƉĞĐƟǀĞůLJŽŶƚŚŽƐĞĐŽŶƐŽůŝĚĂƚĞĚ  tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ƚŚŽƐĞ ĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐŽĨƚŚĞ'ƌŽƵƉ͕ĂŶĚƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ĚŝīĞƌĞŶĐĞ ŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƐƵĐŚĐŽŶƚƌŽůƐ͕ƌĞĨĞƌƚŽŽƵƌ ŝŶĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐĂĚŽƉƚĞĚďLJƚŚĞĐŽŵƉĂŶLJŽŶ ƐĞƉĂƌĂƚĞƌĞƉŽƌƚŝŶŶŶĞdžƵƌĞ͘͟͞ ƚƌĂŶƐŝƟŽŶƚŽƚŚĞ/ŶĚ^ŚĂǀĞďĞĞŶĂƵĚŝƚĞĚďLJƵƐ͘ ;ĨͿ tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŽƚŚĞƌŵĂƩĞƌƐƚŽďĞŝŶĐůƵĚĞĚŝŶ KƵƌ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƚŚĞ ƵĚŝƚŽƌ͛Ɛ ZĞƉŽƌƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ZƵůĞ ϭϭ ŽĨ ƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚŽƵƌƌĞƉŽƌƚŽŶKƚŚĞƌ>ĞŐĂůĂŶĚZĞŐƵůĂƚŽƌLJ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ƵĚŝƚ ĂŶĚ ƵĚŝƚŽƌƐͿ ZƵůĞƐ͕ ϮϬϭϰ͕ ŝŶ ZĞƋƵŝƌĞŵĞŶƚƐ ďĞůŽǁ͕ ŝƐ ŶŽƚ ŵŽĚŝĮĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚ ĂďŽǀĞŵĂƩĞƌ;ĂͿǁŝƚŚƌĞƐƉĞĐƚƚŽŽƵƌƌĞůŝĂŶĐĞŽŶƚŚĞǁŽƌŬ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͗ ĚŽŶĞĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐ͘ i. dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĚŝƐĐůŽƐĞĚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƉĞŶĚŝŶŐ ZĞƉŽƌƚŽŶKƚŚĞƌ>ĞŐĂůΘZĞŐƵůĂƚŽƌLJZĞƋƵŝƌĞŵĞŶƚƐ ůŝƟŐĂƟŽŶ ĂƐ Ăƚ ϯϭƐƚ DĂƌĐŚ͕ ϮϬϭϳ ŽŶ ŝƚƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂůƉŽƐŝƟŽŶŽĨƚŚĞ'ƌŽƵƉĂŶĚŝƚƐũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚ 1. ƐƌĞƋƵŝƌĞĚďLJƐĞĐƟŽŶϭϰϯ;ϯͿŽĨƚŚĞĐƚ͕ǁĞƌĞƉŽƌƚ͕ƚŽ ĞŶƟƟĞƐͲZĞĨĞƌEŽƚĞEŽ͘ϯϭŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ ƚŚĞĞdžƚĞŶƚĂƉƉůŝĐĂďůĞ͕ƚŚĂƚ͗ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ͘

;ĂͿ tĞ ŚĂǀĞ ƐŽƵŐŚƚ ĂŶĚ ŽďƚĂŝŶĞĚ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ii. WƌŽǀŝƐŝŽŶŚĂƐďĞĞŶŵĂĚĞŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ ĂŶĚĞdžƉůĂŶĂƟŽŶƐǁŚŝĐŚƚŽƚŚĞďĞƐƚŽĨŽƵƌŬŶŽǁůĞĚŐĞ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞĂƉƉůŝĐĂďůĞ ĂŶĚ ďĞůŝĞĨ ǁĞƌĞ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ŽƵƌ ůĂǁŽƌĂĐĐŽƵŶƟŶŐƐƚĂŶĚĂƌĚƐ͕ĨŽƌŵĂƚĞƌŝĂůĨŽƌĞƐĞĞĂďůĞ ĂƵĚŝƚ ŽĨ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ůŽƐƐĞƐ͕ŝĨĂŶLJ͕ŽŶůŽŶŐͲƚĞƌŵĐŽŶƚƌĂĐƚͲZĞĨĞƌ͚ĨŽƌĞƐĞĞĂďůĞ ƐƚĂƚĞŵĞŶƚƐ͘ ůŽƐƐĞƐ͛ ŝŶ EŽƚĞ EŽ͘ ϭϲ͘ϯ ƚŽ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƐƵĐŚ ŝƚĞŵƐ ĂƐ ŝƚƐ ;ďͿ /ŶŽƵƌŽƉŝŶŝŽŶ͕ƉƌŽƉĞƌŬƐŽĨĂĐĐŽƵŶƚĂƐƌĞƋƵŝƌĞĚ ƌĞůĂƚĞƐƚŽ'ƌŽƵƉ͘dŚĞ'ƌŽƵƉĂŶĚŝƚƐũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚ ďLJ ůĂǁ ƌĞůĂƟŶŐ ƚŽ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ĞŶƟƟĞƐ ĚŝĚ ŶŽƚ ŚĂǀĞ ĂŶLJ ĚĞƌŝǀĂƟǀĞ ĐŽŶƚƌĂĐƚƐ ĨŽƌ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ

198 | ANNUAL REPORT ϮϬϭϲͳϭϳ ǁŚŝĐŚƚŚĞƌĞǁĞƌĞĂŶLJŵĂƚĞƌŝĂůĨŽƌĞƐĞĞĂďůĞůŽƐƐĞƐ͘ ďLJƚŚĞ'ƌŽƵƉĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘;ZĞĨĞƌŶŽƚĞ iii. dŚĞƌĞǁĞƌĞŶŽĂŵŽƵŶƚƐǁŚŝĐŚǁĞƌĞƌĞƋƵŝƌĞĚƚŽďĞ ϰϵŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐͿ ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ/ŶǀĞƐƚŽƌĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ &ƵŶĚ ďLJ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ũŽŝŶƚůLJ ĐŽŶƚƌŽůůĞĚ ĐŽŵƉĂŶŝĞƐ &Žƌ<͘'^KDE/ΘK͘ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͘ Chartered Accountants FRN 006591N ŝǀ͘ dŚĞ'ƌŽƵƉŚĂƐƉƌŽǀŝĚĞĚƌĞƋƵŝƐŝƚĞĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƐ ƌĞŐĂƌĚƐ ;ŶƵũ^ŽŵĂŶŝͿ ƚŚĞŚŽůĚŝŶŐĂŶĚĚĞĂůŝŶŐƐŝŶ^ƉĞĐŝĮĞĚĂŶŬEŽƚĞƐĂƐ Partner ĚĞĮŶĞĚŝŶƚŚĞEŽƟĮĐĂƟŽŶ^͘K͘ϯϰϬϳ;ͿĚĂƚĞĚƚŚĞϴƚŚ DĞŵďĞƌƐŚŝƉEŽ͘ϱϭϭϮϲϳ EŽǀĞŵďĞƌ͕ϮϬϭϲŽĨƚŚĞDŝŶŝƐƚƌLJŽĨ&ŝŶĂŶĐĞ͕ĚƵƌŝŶŐƚŚĞ ƉĞƌŝŽĚĨƌŽŵϴƚŚEŽǀĞŵďĞƌ͕ϮϬϭϲƚŽϯϬƚŚĞĐĞŵďĞƌ͕ WůĂĐĞŽĨ^ŝŐŶĂƚƵƌĞ͗EĞǁĞůŚŝ ϮϬϭϲ͘ĂƐĞĚŽŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚĂŶĚƚŚĞ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ ƌĞƉƌĞƐĞŶƚĂƟŽŶƐƉƌŽǀŝĚĞĚƚŽƵƐďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ ǁĞ ƌĞƉŽƌƚ ƚŚĂƚ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ ĂƌĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƌĞůĞǀĂŶƚ ŬƐ ŽĨ ĂĐĐŽƵŶƚƐ ŵĂŝŶƚĂŝŶĞĚ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ199 ͞ŶŶĞdžƵƌĞ͟ƚŽƚŚĞ/ŶĚĞƉĞŶĚĞŶƚƵĚŝƚŽƌ͛ƐZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞŽŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ /ŶĚ^&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨ/ZKE/EdZEd/KE>>/D/d ZĞƉŽƌƚŽŶƚŚĞ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐƵŶĚĞƌůĂƵƐĞ ƵĚŝƚŽƌ͛ƐZĞƐƉŽŶƐŝďŝůŝƚLJ ;ŝͿŽĨ^ƵďͲƐĞĐƟŽŶϯŽĨ^ĞĐƟŽŶϭϰϯŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ ϮϬϭϯ;͞ƚŚĞĐƚ͟Ϳ KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐďĂƐĞĚ tĞ ŚĂǀĞ ĂƵĚŝƚĞĚ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ŽŶŽƵƌĂƵĚŝƚ͘tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŽĨ /ZKE /EdZEd/KE> >/D/d ƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞŽŶƵĚŝƚŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐ ;ŚĞƌĞŝŶĂŌĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͟ͿĂŶĚ ŽǀĞƌ &ŝŶĂŶĐŝĂů ZĞƉŽƌƟŶŐ ;ƚŚĞ ͞'ƵŝĚĂŶĐĞ EŽƚĞ͟Ϳ ŝƐƐƵĞĚ ŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ ďLJ /ŶƐƟƚƵƚĞ ŽĨ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ŽĨ /ŶĚŝĂ ĂŶĚ ƚŚĞ ƚŽŐĞƚŚĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ 'ƌŽƵƉ͟Ϳ ĂŶĚ ŝƚƐ :ŽŝŶƚůLJ ^ƚĂŶĚĂƌĚƐŽŶƵĚŝƟŶŐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿ ĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐĂƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϳŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ͕ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ĂƉƉůŝĐĂďůĞ ŽƵƌĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ƚŽĂŶĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ͕ďŽƚŚŝƐƐƵĞĚďLJ ŽĨƚŚĞ'ƌŽƵƉĂŶĚŝƚƐũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐĨŽƌƚŚĞLJĞĂƌ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ŽĨ /ŶĚŝĂ͘ dŚŽƐĞ ĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘tĞĚŝĚŶŽƚĂƵĚŝƚƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞƌĞƋƵŝƌĞƚŚĂƚǁĞĐŽŵƉůLJ ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŽĨ ŝƚƐ ĨŽƵƌͲƐƵďƐŝĚŝĂƌLJ ǁŝƚŚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉůĂŶĂŶĚƉĞƌĨŽƌŵƚŚĞĂƵĚŝƚ ĐŽŵƉĂŶŝĞƐĂŶĚƚĞŶũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐ͕ĂƐŽĨƚŚĂƚ ƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌĂĚĞƋƵĂƚĞ ĚĂƚĞ͘dŚĞ&ŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŽĨŽŶĞũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ǁĂƐ ĞŶƟƚLJŝƐƵŶĂƵĚŝƚĞĚĂŶĚĐĞƌƟĮĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ǁĞ ĞƐƚĂďůŝƐŚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĂŶĚŝĨƐƵĐŚĐŽŶƚƌŽůƐŽƉĞƌĂƚĞĚ ĂƌĞƵŶĂďůĞƚŽĐŽŵŵĞŶƚŽŶƚŚĞĂĚĞƋƵĂĐLJĂŶĚŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůLJŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͘ ĞīĞĐƟǀĞŶĞƐƐŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂů ZĞƉŽƌƟŶŐƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϯͿ;ŝͿŽĨƚŚĞĐƚŝŶƌĞƐƉĞĐƚŽĨ KƵƌĂƵĚŝƚŝŶǀŽůǀĞƐƉĞƌĨŽƌŵŝŶŐƉƌŽĐĞĚƵƌĞƐƚŽŽďƚĂŝŶĂƵĚŝƚ ƚŚĂƚũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƚLJ͘ ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ƐLJƐƚĞŵ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƚŚĞŝƌ DĂŶĂŐĞŵĞŶƚ͛Ɛ ZĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞŶĞƐƐ͘ KƵƌ ĂƵĚŝƚ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ŽŶƚƌŽůƐ ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŝŶĐůƵĚĞĚ ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ dŚĞ ƌĞƐƉĞĐƟǀĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ,ŽůĚŝŶŐ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ͕ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ Ă ŵĂƚĞƌŝĂů ŽŵƉĂŶLJ͛Ɛ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶLJ ĂŶĚ ũŽŝŶƚůLJ ǁĞĂŬŶĞƐƐ ĞdžŝƐƚƐ͕ ĂŶĚ ƚĞƐƟŶŐ ĂŶĚ ĞǀĂůƵĂƟŶŐ ƚŚĞ ĚĞƐŝŐŶ ĐŽŶƚƌŽůůĞĚ ĐŽŵƉĂŶLJ ǁŚŝĐŚ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůďĂƐĞĚŽŶ ŝŶ/ŶĚŝĂ͕ĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞƐƚĂďůŝƐŚŝŶŐĂŶĚŵĂŝŶƚĂŝŶŝŶŐ ƚŚĞ ĂƐƐĞƐƐĞĚ ƌŝƐŬ͘ dŚĞ ƉƌŽĐĞĚƵƌĞƐ ƐĞůĞĐƚĞĚ ĚĞƉĞŶĚ ŽŶ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŝŶƚĞƌŶĂů ƚŚĞĂƵĚŝƚŽƌ͛ƐũƵĚŐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞ ĐŽŶƚƌŽů ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĐƌŝƚĞƌŝĂ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶLJ ĂŶĚ ũŽŝŶƚůLJ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ ĐŽŶƚƌŽůůĞĚ ĐŽŵƉĂŶLJǁŚŝĐŚ ĂƌĞĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƟŶŐ ŝŶ/ŶĚŝĂĐŽŶƐŝĚĞƌŝŶŐƚŚĞĞƐƐĞŶƟĂůĐŽŵƉŽŶĞŶƚƐŽĨŝŶƚĞƌŶĂů tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ĐŽŶƚƌŽůƐƚĂƚĞĚŝŶƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞŽŶƵĚŝƚŽĨ/ŶƚĞƌŶĂů ĂŶĚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ŽďƚĂŝŶĞĚ ďLJ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ ŽǀĞƌ &ŝŶĂŶĐŝĂů ZĞƉŽƌƟŶŐ ŝƐƐƵĞĚ ďLJ ŝŶƚĞƌŵƐŽĨƚŚĞŝƌƌĞƉŽƌƚ͕ŝƐƐƵĸĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ŽĨ /ŶĚŝĂ ;͞//͛Ϳ͘ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ƋƵĂůŝĮĞĚ ĂŶĚ ƵŶƋƵĂůŝĮĞĚ ĂƵĚŝƚ dŚĞƐĞƌĞƐƉŽŶƐŝďŝůŝƟĞƐŝŶĐůƵĚĞƚŚĞĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽƉŝŶŝŽŶƌĞƐƉĞĐƟǀĞůLJŽŶƚŚĞŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ ĐŽŶƚƌŽůƐƐLJƐƚĞŵŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘ ƚŚĂƚǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJĨŽƌĞŶƐƵƌŝŶŐ ƚŚĞŽƌĚĞƌůLJ ĂŶĚĞĸĐŝĞŶƚĐŽŶĚƵĐƚŽĨŝƚƐďƵƐŝŶĞƐƐ͕ŝŶĐůƵĚŝŶŐĂĚŚĞƌĞŶĐĞ DĞĂŶŝŶŐ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů ƚŽ ƌĞƐƉĞĐƟǀĞ ĐŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐŝĞƐ͕ ƚŚĞ ƐĂĨĞŐƵĂƌĚŝŶŐ ŽĨ ZĞƉŽƌƟŶŐ ŝƚƐ ĂƐƐĞƚƐ͕ ƚŚĞ ƉƌĞǀĞŶƟŽŶ ĂŶĚ ĚĞƚĞĐƟŽŶ ŽĨ ĨƌĂƵĚƐ ĂŶĚ  ,ŽůĚŝŶŐ ĐŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌ ĞƌƌŽƌƐ͕ƚŚĞĂĐĐƵƌĂĐLJĂŶĚĐŽŵƉůĞƚĞŶĞƐƐŽĨƚŚĞĂĐĐŽƵŶƟŶŐ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŝƐ Ă ƉƌŽĐĞƐƐ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƌĞĐŽƌĚƐ͕ĂŶĚƚŚĞƟŵĞůLJƉƌĞƉĂƌĂƟŽŶŽĨƌĞůŝĂďůĞĮŶĂŶĐŝĂů ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƌĞŐĂƌĚŝŶŐƚŚĞƌĞůŝĂďŝůŝƚLJŽĨĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ͕ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ͘

200 | ANNUAL REPORT ϮϬϭϲͳϭϳ ƌĞƉŽƌƟŶŐĂŶĚƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌ ƐŝŶĐĞƟŵĞůŝŶĞƐŽĨƚŚĞŝŶƚĞƌŶĂůĂƵĚŝƚƉƌŽŐƌĂŵŵĞǁĞƌĞ ĞdžƚĞƌŶĂůƉƵƌƉŽƐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ ŶŽƚ ĨŽůůŽǁĞĚ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ĂŶĚ ĚĞůĂLJĞĚ ĂĐĐŽƵŶƟŶŐ ƉƌŝŶĐŝƉůĞƐ͘  ,ŽůĚŝŶŐ ĐŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ƌĞƉŽƌƟŶŐ ŝŶ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ŽĨ ƚŚĞ /ŶĚŝĂŶ ƌĞŐŝŽŶͬ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŝŶĐůƵĚĞƐ ƚŚŽƐĞ ĨŽƌĞŝŐŶďƌĂŶĐŚĞƐǁĞƌĞŶŽƟĐĞĚ͘ůƐŽ͕ƚŚĞŵĞĐŚĂŶŝƐŵ ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƚŚĂƚ;ϭͿƉĞƌƚĂŝŶƚŽƚŚĞŵĂŝŶƚĞŶĂŶĐĞ ƚŽƌĞǀŝĞǁŽĨŝŶƚĞƌŶĂůĂƵĚŝƚƌĞƉŽƌƚŝƐŶŽƚƌŽďƵƐƚ͘ ŽĨ ƌĞĐŽƌĚƐ ƚŚĂƚ͕ ŝŶ ƌĞĂƐŽŶĂďůĞ ĚĞƚĂŝů͕ ĂĐĐƵƌĂƚĞůLJ ĂŶĚ ĨĂŝƌůLJ ƌĞŇĞĐƚ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶƐ ĂŶĚ ĚŝƐƉŽƐŝƟŽŶƐ ŽĨ ƚŚĞ ;ĐͿ dŚĞ /ŶǀĞŶƚŽƌLJ ƌĞĐŽƌĚƐ Ăƚ ƐŽŵĞ ƵŶŝƚƐ ŝƐ ŵĂŝŶƚĂŝŶĞĚ ĂƐƐĞƚƐŽĨƚŚĞĐŽŵƉĂŶLJ͖;ϮͿƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ ŵĂŶƵĂůůLJĂŶĚƚŚĞŝŶǀĞŶƚŽƌLJŵĂŶƵĂůŝŶ^WŝƐƵŶĚĞƌ ƚŚĂƚ ƚƌĂŶƐĂĐƟŽŶƐ ĂƌĞ ƌĞĐŽƌĚĞĚ ĂƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ƉĞƌŵŝƚ ĐŽŶƐŝĚĞƌĂƟŽŶ͘&ƵƌƚŚĞƌ͕ŝŶŶŽƌƚŚĞƌŶƌĞŐŝŽŶ͕ĐŽŶƟŶƵŽƵƐ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŝĚĞŶƟĮĐĂƟŽŶ ƐLJƐƚĞŵ ŽĨ ƐƵƌƉůƵƐͬŽďƐŽůĞƚĞͬďƌŽŬĞŶ ŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͕ĂŶĚƚŚĂƚƌĞĐĞŝƉƚƐ ĂƐƐĞƚƐĂŶĚŵĂƚĞƌŝĂůͬƐƚŽƌĞƐŝƐŝŶĂĚĞƋƵĂƚĞ͘ ĂŶĚĞdžƉĞŶĚŝƚƵƌĞƐŽĨƚŚĞ,ŽůĚŝŶŐĐŽŵƉĂŶLJĂƌĞďĞŝŶŐŵĂĚĞ  ŵĂƚĞƌŝĂůǁĞĂŬŶĞƐƐ͛ŝƐĂĚĞĮĐŝĞŶĐLJ͕ŽƌĂĐŽŵďŝŶĂƟŽŶ ŽŶůLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĂƵƚŚŽƌŝnjĂƟŽŶƐ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ĚĞĮĐŝĞŶĐŝĞƐ ŝŶ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌ ĂŶĚĚŝƌĞĐƚŽƌƐŽĨƚŚĞĐŽŵƉĂŶLJ͖ĂŶĚ;ϯͿƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ͕ ƐƵĐŚ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞƌĞŐĂƌĚŝŶŐƉƌĞǀĞŶƟŽŶŽƌƟŵĞůLJĚĞƚĞĐƟŽŶŽĨƵŶͲ ƉŽƐƐŝďŝůŝƚLJ ƚŚĂƚ Ă ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ĂƵƚŚŽƌŝnjĞĚĂĐƋƵŝƐŝƟŽŶ͕ƵƐĞ͕ŽƌĚŝƐƉŽƐŝƟŽŶŽĨƚŚĞ,ŽůĚŝŶŐ ĐŽŵƉĂŶLJ͛ƐĂŶŶƵĂůŽƌŝŶƚĞƌŝŵĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁŝůů ĐŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĞīĞĐƚŽŶƚŚĞ ŶŽƚďĞƉƌĞǀĞŶƚĞĚŽƌĚĞƚĞĐƚĞĚŽŶĂƟŵĞůLJďĂƐŝƐ͘ ĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘  /ŶŽƵƌŽƉŝŶŝŽŶ͕ĞdžĐĞƉƚĨŽƌƚŚĞĞīĞĐƚƐͬƉŽƐƐŝďůĞĞīĞĐƚ /ŶŚĞƌĞŶƚ>ŝŵŝƚĂƟŽŶƐŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ ŽĨ ŵĂƚĞƌŝĂů ǁĞĂŬŶĞƐƐĞƐ ĚĞƐĐƌŝďĞĚ ĂďŽǀĞ ŽŶ ƚŚĞ &ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ ĂĐŚŝĞǀĞŵĞŶƚ ŽĨ ƚŚĞ ŽďũĞĐƟǀĞ ŽĨ ƚŚĞ ĐŽŶƚƌŽů ĐƌŝƚĞƌŝĂ ĞĐĂƵƐĞ ŽĨ ƚŚĞ ŝŶŚĞƌĞŶƚ ůŝŵŝƚĂƟŽŶƐ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĂŶĚ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŽƚŚĞƌ ŵĂƩĞƌ ƉĂƌĂŐƌĂƉŚ ŐŝǀĞŶ ĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͕ŝŶĐůƵĚŝŶŐƚŚĞƉŽƐƐŝďŝůŝƚLJ ďĞůŽǁ͕ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ŽĨĐŽůůƵƐŝŽŶŽƌŝŵƉƌŽƉĞƌŵĂŶĂŐĞŵĞŶƚŽǀĞƌƌŝĚĞŽĨĐŽŶƚƌŽůƐ͕ ĐŽŵƉĂŶŝĞƐĂŶĚũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐ͕ǁŚŝĐŚĂƌĞ ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐĚƵĞƚŽĞƌƌŽƌŽƌĨƌĂƵĚŵĂLJŽĐĐƵƌ ŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ŚĂǀĞ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ ĂŶĚŶŽƚďĞĚĞƚĞĐƚĞĚ͘ůƐŽ͕ƉƌŽũĞĐƟŽŶƐŽĨĂŶLJĞǀĂůƵĂƟŽŶ ĂŶ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ƐLJƐƚĞŵ ŽǀĞƌ ŽĨƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĂŶĚƐƵĐŚŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ ƚŽĨƵƚƵƌĞƉĞƌŝŽĚƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞƌŝƐŬƚŚĂƚƚŚĞŝŶƚĞƌŶĂů ŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJĂƐ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŵĂLJ ďĞĐŽŵĞ ĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ďĂƐĞĚŽŶƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌ ŝŶĂĚĞƋƵĂƚĞďĞĐĂƵƐĞŽĨĐŚĂŶŐĞƐŝŶĐŽŶĚŝƟŽŶƐ͕ŽƌƚŚĂƚƚŚĞ ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚďLJƚŚĞ,ŽůĚŝŶŐ ĚĞŐƌĞĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŽƌƉƌŽĐĞĚƵƌĞƐŵĂLJ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞƐƐĞŶƟĂů ĐŽŵƉŽŶĞŶƚƐ ŽĨ ĚĞƚĞƌŝŽƌĂƚĞ͘ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚĂƚĞĚŝŶƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞŽŶƵĚŝƚ ŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ YƵĂůŝĮĞĚKƉŝŶŝŽŶ ŝƐƐƵĞĚ ďLJ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ŽĨ /ŶĚŝĂ ĂƐ ŝƚ ĂƉƉĞĂƌƐ ĨƌŽŵ ŽƵƌ ĞdžĂŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ ŬƐĂŶĚƌĞĐŽƌĚƐŽĨƚŚĞ,ŽůĚŝŶŐĐŽŵƉĂŶLJĂŶĚƚŚĞ ĂŶĚďĂƐĞĚŽŶŽƵƌĂƵĚŝƚĂŶĚŽƚŚĞƌĂƵĚŝƚŽƌ͛ƐĂƵĚŝƚƌĞƉŽƌƚ͕ ƌĞƉŽƌƚƐ ŽĨ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĞŶƟƟĞƐ ƚŚĞĨŽůůŽǁŝŶŐŵĂƚĞƌŝĂůǁĞĂŬŶĞƐƐĞƐŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚ ĂƵĚŝƚĞĚ ďLJ ƚŚĞŵ ĂŶĚ ƌĞƉƌĞƐĞŶƚĂƟŽŶ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ͘ ƚŚĞŵĂŶĂŐĞŵĞŶƚĨŽƌĞŶƟƟĞƐƵŶͲĂƵĚŝƚĞĚ͘ ;ĂͿ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ZW ƐLJƐƚĞŵ ǁŚŝĐŚ ŵƉŚĂƐŝƐŽĨDĂƩĞƌ ǁĂƐŶŽƚƵƐĞĚĂƚŝƚƐĨƵůůƉŽƚĞŶƟĂů͘ƵƌŝŶŐƚŚĞĮŶĂŶĐŝĂů LJĞĂƌ͕ĚŝīĞƌĞŶƚƐŽŌǁĂƌĞƉĂĐŬĂŐĞƐůŝŬĞdĂůůLJĂŶĚ&ŽdžWƌŽ 1. ƩĞŶƟŽŶ ŝƐ ŝŶǀŝƚĞĚ ƚŽ ŶŽƚĞ ŶŽ͘ ϱϯ ƚŽ ƚŚĞ ĮŶĂŶĐŝĂů ǁĞƌĞƵƐĞĚďLJƚŚĞĐŽŵƉĂŶLJƚŚƌŽƵŐŚƐŽŌǁĂƌĞůŝŶŬƐŽƌ ƐƚĂƚĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ƐƵƉĞƌǀŝƐŝŽŶ ĐŚĂƌŐĞƐ ŽŶ ŵĂŶƵĂůŝŶƚĞƌǀĞŶƟŽŶĨŽƌƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂů ƵŶƌĞƚƵƌŶĞĚƐƚĞĞůĂƚƌĞĚƵĐĞĚƌĂƚĞĂŶĚǁĂŝǀĞƌͬƌĞůĞĂƐĞ ƐƚĂƚĞŵĞŶƚƐ͘ dŚŝƐ ŚĂƐ ƌĞƐƵůƚĞĚ ŝŶƚŽ ǁĞĂŬ ŝŶƚĞƌŶĂů ŽĨ ůŝƋƵŝĚĂƟŽŶ ĚĂŵĂŐĞƐ͕ ĞƐĐĂůĂƟŽŶ ĐůĂŝŵƐ Θ ŽƚŚĞƌ ĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘ ĐŚĂƌŐĞƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ŽŶĞ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ŽĨ WĂƚŶĂ ƌĞŐŝŽŶ͘ ;ďͿ dŚĞ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƐLJƐƚĞŵ ŶĞĞĚƐ ƚŽ ďĞ ƐƚƌĞŶŐƚŚĞŶ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ201 2. &Ğǁ ĐĂƐĞƐ ŽĨ ƌĞĚƵĐƟŽŶ ŽĨ ďŝůůƐ ďLJ ƚŚĞ ĐůŝĞŶƚ ĂŶĚ DĂƩĞƌƐŽĨƚŚĞ/ŶĚĞƉĞŶĚĞŶƚƵĚŝƚŽƌƐ͛ZĞƉŽƌƚĂďŽǀĞͿ͕ŽƵƌ ĂĐĐĞƉƚĞĚ ďLJ ƚŚĞ ƉƌŽũĞĐƚ ǁŝƚŚŽƵƚ ŶŽƟŶŐ ƚŚĞƌĞŝŶ ŽƉŝŶŝŽŶŝƐŶŽƚƋƵĂůŝĮĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚŝƐŵĂƩĞƌ͘ ĨƵůů ƌĞĂƐŽŶƐͬũƵƐƟĮĐĂƟŽŶƐ ŚĂǀĞ ďĞĞŶ ŽďƐĞƌǀĞĚ /Ŷ EŽƌƚŚĞƌŶƌĞŐŝŽŶ͘ &Žƌ<͘'^KDE/ΘK͘ KƚŚĞƌDĂƩĞƌƐ Chartered Accountants FRN 006591N KƵƌĂĨŽƌĞƐĂŝĚƌĞƉŽƌƚ^ĞĐƟŽŶϭϰϯ;ϯͿ;ŝͿŽĨƚŚĞĐƚŽŶƚŚĞ ĂĚĞƋƵĂĐLJ ĂŶĚ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ;ŶƵũ^ŽŵĂŶŝͿ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ͕ ŝŶƐŽĨĂƌ ĂƐ ŝƚ Partner ƌĞůĂƚĞƐ ƚŽ ĨŽƵƌ ĂƵĚŝƚĞĚ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ƚĞŶ DĞŵďĞƌƐŚŝƉEŽ͘ϱϭϭϮϲϳ ũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐ͕ŝƐďĂƐĞĚŽŶƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐ ƌĞƉŽƌƚƐŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐĂŶĚŝŶƐŽĨĂƌŝƚƌĞůĂƚĞƐƚŽŽŶĞ WůĂĐĞŽĨ^ŝŐŶĂƚƵƌĞ͗EĞǁĞůŚŝ ũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚĞŶƟƟĞƐŝƐďĂƐĞĚŽŶƚŚĞƌĞƉƌĞƐĞŶƚĂƟŽŶ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ ƌĞĐĞŝǀĞĚĨƌŽŵŵĂŶĂŐĞŵĞŶƚ;ĂůƐŽƌĞĨĞƌƉĂƌĂŐƌĂƉŚŽŶKƚŚĞƌ

202 | ANNUAL REPORT ϮϬϭϲͳϭϳ KE^K>/d>E^,d ƐƚϯϭƐƚDZ,ϮϬϭϳ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Note As at As at As at No. 31st March 2017 31st March 2016 ϭƐƚƉƌŝůϮϬϭϱ /͘ ^^d^ 1 Non-current assets ;ĂͿ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ 3 145.61 156.39 ϭϳϲ͘ϲϵ ;ďͿ ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ 4 2.00 1.50 0.38 ;ĐͿ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ 5 ϯϬϳ͘ϯϱ Ϯϳϴ͘ϭϴ ϮϳϬ͘ϰϬ ;ĚͿ KƚŚĞƌ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ 6 ϳϭ͘ϰϵ ϳϭ͘ϵϭ ϳϮ͘ϭϭ ;ĞͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌ 6 546.58 ϳϯ͘ϴϲ 16.04 ĚĞǀĞůŽƉŵĞŶƚ ;ĨͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ ϳ ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ ϳ͘ϭ 530.94 ϯϰϵ͘ϰϳ ϭϳϵ͘ϳϳ ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϳ͘Ϯ 24.08 2.54 ϰϰ͘ϳϭ ;ŝŝŝͿ>ŽĂŶƐ ϳ͘ϯ ϳϴ͘ϵϭ 60.61 ϭϬϮ͘ϴϳ ;ŝǀͿKƚŚĞƌƐ ϳ͘ϰ ϳϳ͘ϯϬ ϰϳ͘ϯϯ 4.98 ;ŐͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;EĞƚͿ 8 145.03 211.59 262.14 ;ŚͿ KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ 9 403.63 249.39 248.42 dŽƚĂůEŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ 2,332.92 1,502.77 1,378.51 2 Current assets ;ĂͿ /ŶǀĞŶƚŽƌŝĞƐ 10 139.34 140.62 114.43 ;ďͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ 11 ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ 11.1 249.91 138.01 68.39 ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ 11.2 583.44 681.52 580.28 ;ŝŝŝͿĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ 11.3 ϭ͕ϰϱϯ͘ϳϲ Ϯ͕ϱϵϬ͘ϲϴ ϭ͕ϯϮϰ͘ϰϳ ;ŝǀͿKƚŚĞƌĂŶŬĂůĂŶĐĞƐ 11.4 ϯ͕Ϯϵϵ͘ϯϳ Ϯ͕ϭϯϭ͘ϯϭ Ϯ͕Ϭϱϰ͘ϰϮ ;ǀͿ>ŽĂŶƐ 11.5 80.22 ϭ͘ϳϬ 20.46 ;ǀŝͿKƚŚĞƌƐ 11.6 265.01 221.89 ϭϰϮ͘ϳϰ ;ĐͿ ƵƌƌĞŶƚdĂdžƐƐĞƚƐ;EĞƚͿ 5.58 19.10 ϭϮ͘ϵϳ ;ĚͿ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ 12 821.85 ϳϭϭ͘ϳϵ ϴϬϳ͘Ϭϵ dŽƚĂůƵƌƌĞŶƚĂƐƐĞƚƐ 6,898.48 6,636.63 5,125.25 dŽƚĂůƐƐĞƚƐ 9,231.40 8,139.40 6,503.76 //͘ Yh/dzE>//>/d/^ 1 Equity ;ĂͿ ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 13 98.98 19.80 19.80 ;ďͿ KƚŚĞƌƋƵŝƚLJ 14 ϯ͕ϳϭϴ͘ϭϮ ϯ͕ϲϭϵ͘Ϭϵ ϯ͕ϰϱϬ͘ϴϭ ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞ ϯ͕ϴϭϳ͘ϭϬ ϯ͕ϲϯϴ͘ϴϵ ϯ͕ϰϳϬ͘ϲϭ ƉĂƌĞŶƚ EŽŶŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ 19.62 21.85 21.28 dŽƚĂůƋƵŝƚLJ ϯ͕ϴϯϲ͘ϳϮ ϯ͕ϲϲϬ͘ϳϰ ϯ͕ϰϵϭ͘ϴϵ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ203 (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Note As at As at As at No. 31st March 2017 31st March 2016 ϭƐƚƉƌŝůϮϬϭϱ 2 >ŝĂďŝůŝƟĞƐ (i) EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ 15 ;ŝͿdƌĂĚĞWĂLJĂďůĞƐ 15.1 0.45 5.63 ϳ͘ϵϬ ;ŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ 15.2 129.26 110.86 ϴϬ͘ϳϳ ;ďͿ WƌŽǀŝƐŝŽŶƐ 16 ϳϲ͘Ϯϯ ϭϰϵ͘ϳϴ 340.21 ;ĐͿ KƚŚĞƌEŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ ϭϳ ϭ͕ϴϮϲ͘ϯϯ 964.80 104.24 dŽƚĂůEŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ Ϯ͕ϬϯϮ͘Ϯϳ ϭ͕Ϯϯϭ͘Ϭϳ 533.12 (ii) ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ 18 ;ŝͿdƌĂĚĞƉĂLJĂďůĞƐ 18.1 359.90 400.38 442.59 ;ŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ 18.2 563.59 ϱϭϯ͘Ϯϳ ϱϮϳ͘ϭϮ ;ďͿ KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 19 Ϯ͕ϭϭϲ͘ϱϳ ϭ͕ϵϭϳ͘ϭϮ ϭ͕Ϭϳϯ͘ϳϰ ;ĐͿ WƌŽǀŝƐŝŽŶƐ 16 298.52 ϯϱϰ͘Ϯϳ 318.40 ;ĚͿ ƵƌƌĞŶƚdĂdžůŝĂďŝůŝƚLJ;EĞƚͿ 23.83 62.55 116.90 dŽƚĂůƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϯ͕ϯϲϮ͘ϰϭ ϯ͕Ϯϰϳ͘ϱϵ Ϯ͕ϰϳϴ͘ϳϱ

dŽƚĂůƋƵŝƚLJĂŶĚ>ŝĂďŝůŝƟĞƐ 9,231.40 8,139.40 6,503.76

///͘ ^ƵŵŵĂƌLJŽĨ^ŝŐŶŝĮĐĂŶƚĐĐŽƵŶƟŶŐ 1 - 2 ƉŽůŝĐŝĞƐ /s͘ EŽƚĞƐĨŽƌŵŝŶŐƉĂƌƚŽĨĮŶĂŶĐŝĂů 3 - 58 0.01 0.00 0.01 ƐƚĂƚĞŵĞŶƚƐ

ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ

204 | ANNUAL REPORT ϮϬϭϲͳϭϳ KE^K>/d^ddDEdK&WZK&/dE>K^^ &KZd,zZEϯϭƐƚDZ,ϮϬϭϳ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Note For the year ended For the year ended No. 31st March 2017 31st March 2016 /͘ ZĞǀĞŶƵĞ͗ ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ 20 Ϯ͕ϵϰϴ͘Ϭϳ Ϯ͕ϯϳϳ͘ϬϬ ĚĚ͗ͲŽŵƉĂŶLJƐŚĂƌĞŽĨƚƵƌŶŽǀĞƌŝŶ/ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚ 89.90 103.93 ŽƉĞƌĂƟŽŶƐ ϯ͕Ϭϯϳ͘ϵϳ Ϯ͕ϰϴϬ͘ϵϯ //͘ KƚŚĞƌŝŶĐŽŵĞ 21 Ϯϲϯ͘ϯϳ 453.49 ///͘ dŽƚĂů/ŶĐŽŵĞ;/н//Ϳ ϯ͕ϯϬϭ͘ϯϰ Ϯ͕ϵϯϰ͘ϰϮ /s͘ džƉĞŶƐĞƐ͗ KƉĞƌĂƟŶŐdžƉĞŶƐĞƐ 22 Ϯ͕ϰϵϬ͘ϰϳ ϭ͕ϵϮϯ͘ϱϵ ŵƉůŽLJĞĞďĞŶĞĮƚƐĞdžƉĞŶƐĞƐ 23 ϭϱϲ͘Ϭϳ 180.69 &ŝŶĂŶĐĞĐŽƐƚƐ 24 58.64 43.30 ĞƉƌĞĐŝĂƟŽŶ͕ĂŵŽƌƟnjĂƟŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ 25 26.69 30.90 KƚŚĞƌdžƉĞŶƐĞƐ;ĚŵŝŶŝƐƚƌĂƟǀĞͿ 22 36.64 26.84 WƌŽƉŽƌƟŽŶĂƚĞƐŚĂƌĞŽĨĞdžƉĞŶƐĞƐŝŶ/ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚ 56.39 ϵϳ͘Ϯϱ ŽƉĞƌĂƟŽŶƐ dŽƚĂůdžƉĞŶƐĞƐ;/sͿ͘ Ϯ͕ϴϮϰ͘ϵϬ Ϯ͕ϯϬϮ͘ϱϳ s͘ WƌŽĮƚͬ;ůŽƐƐͿďĞĨŽƌĞƐŚĂƌĞŽĨƉƌŽĮƚͬ;ůŽƐƐͿŽĨũŽŝŶƚ ϰϳϲ͘ϰϰ 631.85 ǀĞŶƚƵƌĞĂŶĚĞdžĐĞƉƟŽŶĂůŝƚĞŵƐĂŶĚƚĂdž;///Ͳ/sͿ s/͘ džĐĞƉƟŽŶĂůŝƚĞŵƐ Ϯϳ ϳϯ͘ϲϵ - s//͘ ^ŚĂƌĞŝŶWƌŽĮƚͬ;>ŽƐƐͿŽĨ:ŽŝŶƚsĞŶƚƵƌĞƐ 5.60 5.49 s///͘ WƌŽĮƚďĞĨŽƌĞƚĂdž;sнs/нs//Ϳ ϱϱϱ͘ϳϯ ϲϯϳ͘ϯϰ /y dĂdžĞdžƉĞŶƐĞƐ͗ ` ;ϭͿƵƌƌĞŶƚƚĂdž 8 Ͳ&ŽƌƚŚĞLJĞĂƌ 123.34 156.83 Ͳ&ŽƌĞĂƌůŝĞƌLJĞĂƌƐ;ŶĞƚͿ ;ϭϴ͘ϯϰͿ ϱ͘Ϭϳ ;ϮͿĞĨĞƌƌĞĚƚĂdž;ŶĞƚͿ 66.54 56.60 dŽƚĂůdĂdždžƉĞŶƐĞ ϭϳϭ͘ϱϰ 218.50 y WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶ;s///Ͳ/yͿ 384.19 418.84 y/ Other Comprehensive Income 26 A. ;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ 4.82 1.32 ;ŝŝͿ/ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞ ;ϭ͘ϲϳͿ ;Ϭ͘ϰϲͿ ƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ B.;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ 16.16 ;ϱϳ͘ϰϲͿ ;ŝŝͿ/ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚ ;ϱ͘ϱϵͿ 25.94 ƚŽƉƌŽĮƚŽƌůŽƐƐ 13.72 (30.66) y// dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ;yнy/ͿďĞĨŽƌĞ 397.91 388.18 ƐŚĂƌĞŽĨ:͘sĂŶĚEŽŶŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ;ŽŵƉƌŝƐŝŶŐ ƉƌŽĮƚĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌͿ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂƩƌŝďƵƚĂďůĞƚŽ KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ 400.13 387.62

ANNUAL REPORT ϮϬϭϲͳϭϳͮ205 (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Note For the year ended For the year ended No. 31st March 2017 31st March 2016 >ĞƐƐ͗EŽŶŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ (2.22) 0.56 y/// dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂŌĞƌƐŚĂƌĞŽĨEŽŶ 397.91 388.18 ŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ

y/// ĂƌŶŝŶŐƐWĞƌƋƵŝƚLJ^ŚĂƌĞ͗ ;&ŽƌŽŶƟŶƵŝŶŐKƉĞƌĂƟŽŶͿ ;ϭͿĂƐŝĐ ϰϳ 38.82 42.32 ;ϮͿŝůƵƚĞĚ 38.82 42.32 y/s ^ƵŵŵĂƌLJŽĨ^ŝŐŶŝĮĐĂŶƚĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ 1 - 2 ys EŽƚĞƐĨŽƌŵŝŶŐƉĂƌƚŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ 3 - 58

ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ

206 | ANNUAL REPORT ϮϬϭϲͳϭϳ ŽŶƐŽůŝĚĂƚĞĚĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚ For the Year Ended 31st March 2017 (Rs. In Crore) 31 March 2017 31 March 2016 ^,&>Kt&ZKDKWZd/E'd/s/d/^ EĞƚWƌŽĮƚďĞĨŽƌĞƚĂdžĂƟŽŶ ϱϱϱ͘ϳϯ ϲϯϳ͘ϯϰ ĚũƵƐƚŵĞŶƚĨŽƌ͗ /ƚĞŵƐŽĨKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ 20.98 ;ϱϲ͘ϭϰͿ ĞƉƌĞĐŝĂƟŽŶ͕ĂŵŽƌƟnjĂƟŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ 26.69 30.90 WƌŽĮƚŽŶƐĂůĞŽĨĂƐƐĞƚƐ;ŶĞƚͿ ;Ϭ͘ϯϮͿ ;Ϭ͘ϴϲͿ WƌŽĮƚŽŶ^ĂůĞŽĨ/ŶǀĞƐƚŵĞŶƚƐ ;ϳϯ͘ϲϵͿ - /ŶƚĞƌĞƐƚ/ŶĐŽŵĞ ;ϮϬϬ͘ϲϳͿ ;ϮϰϬ͘ϱϬͿ ŝǀŝĚĞŶĚ/ŶĐŽŵĞ ;ϯ͘ϯϳͿ ;ϱ͘ϱϰͿ īĞĐƚŽĨdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƟŽŶŽĨ 38.46 ;ϭϯϰ͘ϭϳͿ &ŽƌĞŝŐŶƵƌƌĞŶĐLJĂƐŚΘĂƐŚƋƵŝǀĂůĞŶƚƐ KƉĞƌĂƟŶŐWƌŽĮƚďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ (1) 363.81 231.03 ĚũƵƐƚŵĞŶƚĨŽƌ͗

ĞĐƌĞĂƐĞͬ;/ŶĐƌĞĂƐĞͿŝŶdƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϮϬ͘ϳϳ ;ϭϮϱ͘ϳϳͿ ͬ&ŝŶĂŶĐŝĂůƐƐĞƚƐͲ>ŽĂŶƐ ĞĐƌĞĂƐĞͬ;/ŶĐƌĞĂƐĞͿŝŶ/ŶǀĞŶƚŽƌŝĞƐ 1.28 ;Ϯϲ͘ϭϵͿ ĞĐƌĞĂƐĞͬ;/ŶĐƌĞĂƐĞͿŝŶKƚŚĞƌƐƐĞƚƐΘ&ŝŶĂŶĐŝĂů ;Ϯϴϯ͘ϴϴͿ 48.30 ƐƐĞƚƐ ;ĞĐƌĞĂƐĞͿͬ/ŶĐƌĞĂƐĞŝŶdƌĂĚĞWĂLJĂďůĞƐ ;ϰϬ͘ϰϴͿ ;ϰϮ͘ϮϭͿ ;ĞĐƌĞĂƐĞͿͬ/ŶĐƌĞĂƐĞŝŶKƚŚĞƌ>ŝĂďŝůŝƟĞƐ͕&ŝŶĂŶĐŝĂů 921.99 ϭ͕ϰϳϰ͘Ϭϰ >ŝĂďŝůŝƟĞƐΘWƌŽǀŝƐŝŽŶƐ (2) 619.68 1,328.17 ĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵŽƉĞƌĂƟŽŶ ;ϭнϮͿ 983.49 1,559.20 /ŶĐŽŵĞdĂdžWĂŝĚ ;ϲϰ͘ϮϭͿ ;ϭϭϯ͘ϳϬͿ

Ed^,&ZKDKWZd/E'd/s/d/^ (A) 919.28 1,445.50

^,&>Kt&ZKD/Es^d/E'd/s/d/^ WƵƌĐŚĂƐĞŽĨWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ;ϰϴϳ͘ϰϭͿ ;ϳϭ͘ϬϱͿ ŝŶĐůƵĚŝŶŐt/W WƵƌĐŚĂƐĞŽĨ/ŶƚĂŶŐŝďůĞƐƐĞƚƐͬ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ;ϲ͘ϵϳͿ ;ϭ͘ϭϱͿ ƵŶĚĞƌĞǀ͘ WƵƌĐŚĂƐĞͬWƌŽĐĞĞĚƐŽĨ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ ;Ϯϵ͘ϮϭͿ ;ϳ͘ϴϯͿ ^ĂůĞŽĨWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚƐΘ/ŶƚĂŶŐŝďůĞ 6.04 ϯ͘ϳϵ ƐƐĞƚƐ ^ĂůĞŽĨ/ŶǀĞƐƚŵĞŶƚƐ ϳϵ͘ϮϮ - /ŶǀĞƐƚŵĞŶƚƐŝŶDƵƚƵĂů&ƵŶĚƐ ;ϭϭϳ͘ϰϯͿ ;ϲϵ͘ϲϮͿ >ŽĂŶƚŽ^ƵďƐŝĚŝĂƌŝĞƐΘ:ŽŝŶƚsĞŶƚƵƌĞƐ ;ϭϵ͘ϱϬͿ ;Ϯϴ͘ϰϴͿ ZĞƉĂLJŵĞŶƚŽĨ>ŽĂŶĨƌŽŵ^ƵďƐŝĚŝĂƌŝĞƐΘ:ŽŝŶƚ - 114.05 sĞŶƚƵƌĞƐ /ŶƚĞƌĞƐƚZĞĐĞŝǀĞĚ 125.59 ϮϬϳ͘ϮϬ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ207 (Rs. In Crore) 31 March 2017 31 March 2016 ŝǀŝĚĞŶĚZĞĐĞŝǀĞĚ ϯ͘ϯϳ 5.54 /ŶǀĞƐƚŵĞŶƚŝŶƋƵŝƚLJ^ŚĂƌĞƐ ;ϭϴϭ͘ϰϳͿ ;ϰϰ͘ϱϭͿ /ŶǀĞƐƚŵĞŶƚŝŶŽŶĚƐ 0.02 ;ϭϮϱ͘ϭϵͿ ;/ŶǀĞƐƚŵĞŶƚͿͬDĂƚƵƌŝƚLJŽĨĂŶŬĞƉŽƐŝƚƐ;ŚĂǀŝŶŐ ;ϭ͕ϭϲϴ͘ϬϲͿ ;ϳϲ͘ϴϵͿ ŵĂƚƵƌŝƚLJŽĨŵŽƌĞƚŚĂŶϯŵŽŶƚŚƐͿ Ed^,&ZKD/Es^d/E'd/s/d/^ (B) (1,795.81) (94.14) ^,&>Kt&ZKD&/EE/E'd/s/d/^ ŝǀŝĚĞŶĚ;ŝŶĐůƵĚŝŶŐŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶdĂdžͿƉĂŝĚ ;ϮϮϭ͘ϳϰͿ ;Ϯϭϵ͘ϮϬͿ ^ŚĂƌĞ/ƐƐƵĞdžƉĞŶƐĞƐ ;Ϭ͘ϭϵͿ ;Ϭ͘ϭϮͿ Ed^,&ZKD&/EE/E'd/s/d/^ (C) (221.93) (219.32) īĞĐƚŽĨdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƟŽŶŽĨ (D) (38.46) 134.17 &ŽƌĞŝŐŶƵƌƌĞŶĐLJĂƐŚΘĂƐŚƋƵŝǀĂůĞŶƚƐ EdZ^/E^,Θ^,Yh/s>Ed ;нннͿ (1,136.92) 1,266.21 ^,E^,Yh/s>Ed;KWE/E'Ϳ (E) 2,590.68 1,324.47 ^,E^,Yh/s>Ed;>K^/E'Ϳ (F) 1,453.76 2,590.68 EdZ^/E^,Θ^,Yh/s>Ed (F - E) (1,136.92) 1,266.21 EŽƚĞ͗ ϭ͘ĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚƵŶĚĞƌŝŶĚŝƌĞĐƚŵĞƚŚŽĚĂƐƐĞƚŽƵƚŝŶ/E^Ͳϳ;ĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚƐͿ Ϯ͘&ŝŐƵƌĞƐŝŶďƌĂĐŬĞƚƐƌĞƉƌĞƐĞŶƚŽƵƞůŽǁŽĨĐĂƐŚ͘

ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ

208 | ANNUAL REPORT ϮϬϭϲͳϭϳ ^ddDEdK&,E'^/EYh/dz ĂƐĂƚϯϭDĂƌĐŚϮϬϭϲ (Rs. In Crore) ͘ƋƵŝƚLJƐŚĂƌĞĐĂƉŝƚĂů ĂůĂŶĐĞĂƐĂƚ ^ŚĂƌĞƐŝƐƐƵĞĚ ĂůĂŶĐĞĂƐĂƚ ƉƌŝůϬϭ͕ϮϬϭϱ during the year March 31, 2016 19.80 - 19.80

B. Other Equity WĂƌƟĐƵůĂƌƐ ZĞƐĞƌǀĞΘ^ƵƌƉůƵƐ Items of Other Other equity Equity dŽƚĂů Comprehensive ĂƩƌŝďƵƚĂďůĞ ĂƩƌŝďƵƚĂďůĞ Income to parent to Non 'ĞŶĞƌĂů Retained Exchange ŽŶƚƌŽůůŝŶŐ Reserves Earnings ĚŝīĞƌĞŶĐĞƐ Interest (NCI) ŽŶƚƌĂŶƐůĂƟŶŐ ƚŚĞĮŶĂŶĐŝĂů statement of a foreign ŽƉĞƌĂƟŽŶ ĂůĂŶĐĞĂƐĂƚƉƌŝůϬϭ͕ϮϬϭϱ 3,284.64 119.52 26.52 3,430.68 21.28 3,451.96 ŚĂŶŐĞƐŝŶĂĐĐŽƵŶƟŶŐƉŽůŝĐLJŽƌ 20.13 - 20.13 - 20.13 ƉƌŝŽƌƉĞƌŝŽĚĞƌƌŽƌƐ ZĞƐƚĂƚĞĚďĂůĂŶĐĞĂƚƚŚĞ 3,284.64 139.65 26.52 3,450.81 21.28 3,472.09 ďĞŐŝŶŶŝŶŐŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ - 418.28 - 418.28 0.56 418.84 Other Comprehensive Income ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĞĮŶĞĚ - 0.86 - 0.86 - 0.86 ĞŶĞĮƚWůĂŶƐ &ŽƌĞŝŐŶdžĐŚĂŶŐĞƚƌĂŶƐůĂƟŽŶ - - ;ϯϭ͘ϱϯͿ ;ϯϭ͘ϱϯͿ - ;ϯϭ͘ϱϯͿ ĚŝīĞƌĞŶĐĞ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ - 419.14 (31.53) 387.61 0.56 388.17 the year ŝǀŝĚĞŶĚƐWĂŝĚ ;ϭϴϮ͘ϭϮͿ - ;ϭϴϮ͘ϭϮͿ - ;ϭϴϮ͘ϭϮͿ ŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶdĂdž ;ϯϳ͘ϬϴͿ - ;ϯϳ͘ϬϴͿ - ;ϯϳ͘ϬϴͿ ^ŚĂƌĞ/ƐƐƵĞdžƉĞŶƐĞƐ ;Ϭ͘ϭϮͿ - ;Ϭ͘ϭϮͿ - ;Ϭ͘ϭϮͿ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϲ 3,284.64 339.46 (5.01) 3,619.10 21.85 3,640.94 ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ209 ^ddDEdK&,E'^/EYh/dz /ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ ^ƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂƐĂƚϯϭDĂƌĐŚϮϬϭϳ (Rs. In Crore) A. Equity share capital Balance as at Shares issued Balance as at March 31, 2016 during the year March 31, 2017 19.80 79.18 98.98 B. Other Equity WĂƌƟĐƵůĂƌƐ ZĞƐĞƌǀĞΘ^ƵƌƉůƵƐ Items of Other Other equity Equity dŽƚĂů Comprehensive ĂƩƌŝďƵƚĂďůĞ ĂƩƌŝďƵƚĂďůĞ Income to parent to Non 'ĞŶĞƌĂů Retained Exchange ŽŶƚƌŽůůŝŶŐ Reserves Earnings ĚŝīĞƌĞŶĐĞƐ Interest (NCI) ŽŶƚƌĂŶƐůĂƟŶŐ ƚŚĞĮŶĂŶĐŝĂů statement of a foreign ŽƉĞƌĂƟŽŶ ĂůĂŶĐĞĂƐĂƚƉƌŝůϬϭ͕ 3,284.64 312.29 (5.01) 3,591.93 21.85 3,613.77 2016 ŚĂŶŐĞƐŝŶĂĐĐŽƵŶƟŶŐ Ϯϳ͘ϭϳ - Ϯϳ͘ϭϳ - Ϯϳ͘ϭϳ ƉŽůŝĐLJŽƌƉƌŝŽƌƉĞƌŝŽĚ ĞƌƌŽƌƐ ZĞƐƚĂƚĞĚďĂůĂŶĐĞĂƚ 3,284.64 339.46 (5.01) 3,619.10 21.85 3,640.94 ƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞ ƌĞƉŽƌƟŶŐƉĞƌŝŽĚ WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ 386.42 - 386.42 ;Ϯ͘ϮϮͿ 384.19 Other Comprehensive Income ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨ 3.15 - 3.15 - 3.15 ĞĮŶĞĚĞŶĞĮƚWůĂŶƐ &ŽƌĞŝŐŶdžĐŚĂŶŐĞ - ϭϬ͘ϱϳ ϭϬ͘ϱϳ - ϭϬ͘ϱϳ ƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ 0.00 389.57 10.57 400.14 (2.22) 397.91 Income for the year ŝǀŝĚĞŶĚƐWĂŝĚ ;ϭϴϰ͘ϮϰͿ - ;ϭϴϰ͘ϮϰͿ - ;ϭϴϰ͘ϮϰͿ ŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶ ;ϯϳ͘ϱϬͿ - ;ϯϳ͘ϱϬͿ - ;ϯϳ͘ϱϬͿ dĂdž ŽŶƵƐ/ƐƐƵĞ ;ϳϵ͘ϭϴͿ - ;ϳϵ͘ϭϴͿ - ;ϳϵ͘ϭϴͿ ^ŚĂƌĞ/ƐƐƵĞdžƉĞŶƐĞƐ ;Ϭ͘ϭϵͿ - ;Ϭ͘ϭϵͿ - ;Ϭ͘ϭϵͿ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚ 3,284.64 427.92 5.56 3,718.12 19.62 3,737.75 31, 2017

210 | ANNUAL REPORT ϮϬϭϲͳϭϳ ^/'E/&/EdKhEd/E'WK>/z

ϭ͘ 'ƌŽƵƉ/ŶĨŽƌŵĂƟŽŶ ƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂĐĐŽƵŶƟŶŐƐƚĂŶĚĂƌĚƐ ŶŽƟĮĞĚƵŶĚĞƌƚŚĞƐĞĐƟŽŶϭϯϯŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ  dŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĐŽŵƉƌŝƐĞ ϮϬϭϯƌĞĂĚƚŽŐĞƚŚĞƌǁŝƚŚƉĂƌĂŐƌĂƉŚϳŽĨƚŚĞŽŵƉĂŶŝĞƐ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ŽĨ /ƌĐŽŶ /ŶƚĞƌŶĂƟŽŶĂů >ŝŵŝƚĞĚ ;ĐĐŽƵŶƚƐͿZƵůĞƐ͕ϮϬϭϰ;/ŶĚŝĂŶ'WͿ͘dŚĞƐĞĮŶĂŶĐŝĂů ;ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJͿ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ Θ :ŽŝŶƚ ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϭ DĂƌĐŚ ϮϬϭϳ ĂƌĞ sĞŶƚƵƌĞƐ;ĐŽůůĞĐƟǀĞůLJƌĞĨĞƌƌĞĚƚŽĂƐ͞ƚŚĞ'ƌŽƵƉ͟ͿĨŽƌ ŐƌŽƵƉ͛ƐĮƌƐƚ/E^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϳ͘dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ ŝƐ Ă ƉƵďůŝĐ ƐĞĐƚŽƌ ĐŽŶƐƚƌƵĐƟŽŶ ŽŵƉĂŶLJ ĚŽŵŝĐŝůĞĚ ZĞĨĞƌƚŽƐĞƉĂƌĂƚĞŶŽƚĞŶŽ͘ϮϵĨŽƌŝŶĨŽƌŵĂƟŽŶŽŶŚŽǁ ŝŶ /ŶĚŝĂ ĂŶĚ ŝƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƵŶĚĞƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ƚŚĞŐƌŽƵƉŚĂƐĂĚŽƉƚĞĚ/ŶĚ^͘ ĐŽŵƉĂŶŝĞƐ Đƚ͕ ǁŝƚŚ ƐƉĞĐŝĂůŝnjĂƟŽŶ ŝŶ ĞdžĞĐƵƟŽŶ ŽĨ ďͿBasis of Measurement ZĂŝůǁĂLJƉƌŽũĞĐƚƐŽŶƚƵƌŶŬĞLJďĂƐŝƐĂŶĚŽƚŚĞƌǁŝƐĞ͘dŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ŝƐ ĂŶ /^K ĐĞƌƟĮĞĚ ŽŵƉĂŶLJ ĨŽƌ dŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ YƵĂůŝƚLJ͕ ŶǀŝƌŽŶŵĞŶƚ ĂŶĚ KĐĐƵƉĂƟŽŶĂů ,ĞĂůƚŚ ĂŶĚ ƉƌĞƉĂƌĞĚ ƵŶĚĞƌ ƚŚĞ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ĐŽŶǀĞŶƟŽŶ ĂŶĚ ^ĂĨĞƚLJ DĂŶĂŐĞŵĞŶƚ ƐLJƐƚĞŵƐ͖ Ă ^ĐŚĞĚƵůĞ ͚͛ ƉƵďůŝĐ ŽŶ ĂŶ ĂĐĐƌƵĂů ďĂƐŝƐ͕ ĞdžĐĞƉƚ ĨŽƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝƚĞŵ ƐĞĐƚŽƌ ŽŵƉĂŶLJ ĂŶĚ Ă DŝŶŝ ZĂƚŶĂͲĂƚĞŐŽƌLJ /͘ ŌĞƌ ƚŚĂƚŚĂǀĞďĞĞŶŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƐƌĞƋƵŝƌĞĚďLJ ĐŽŵŵĞŶĐŝŶŐ ďƵƐŝŶĞƐƐ ĂƐ Ă ZĂŝůǁĂLJ ĐŽŶƐƚƌƵĐƟŽŶ ƌĞůĞǀĂŶƚ/ŶĚͲ^͘ ĐŽŵƉĂŶLJ ŝƚ ĚŝǀĞƌƐŝĮĞĚ ƉƌŽŐƌĞƐƐŝǀĞůLJ ĂůŽŶŐ ǁŝƚŚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ :ŽŝŶƚ sĞŶƚƵƌĞƐ ;͞ƚŚĞ 'ƌŽƵƉ͟Ϳ ƚŽ i. ĞĮŶĞĚďĞŶĞĮƚWůĂŶĂŶĚŽƚŚĞƌůŽŶŐƚĞƌŵĞŵƉůŽLJĞĞ ƌŽĂĚƐ͕ďƵŝůĚŝŶŐƐ͕ĞůĞĐƚƌŝĐĂůƐƵďƐƚĂƟŽŶĂŶĚĚŝƐƚƌŝďƵƟŽŶ͕ ďĞŶĞĮƚƐ ĂŝƌƉŽƌƚĐŽŶƐƚƌƵĐƟŽŶ͕ĐŽŵŵĞƌĐŝĂůĐŽŵƉůĞdžĞƐ͕ĂƐǁĞůů ii. ĞƌƚĂŝŶĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌ ĂƐŵĞƚƌŽƌĂŝůǁŽƌŬƐ͘dŚĞ'ƌŽƵƉĐĂƚĞƌƐƚŽďŽƚŚĚŽŵĞƐƟĐ ǀĂůƵĞ͘ ĂŶĚŝŶƚĞƌŶĂƟŽŶĂůŵĂƌŬĞƚƐ͘dŚĞƌĞŐŝƐƚĞƌĞĚŽĸĐĞŽĨƚŚĞ ,ŽůĚŝŶŐŽŵƉĂŶLJŝƐůŽĐĂƚĞĚĂƚWůŽƚŶŽ͘Ͳϰ͕ŝƐƚƌŝĐƚ iii. WƌŽǀŝƐŝŽŶƐĂƐƉĞƌƉĂƌĂϭϭ;ͿďĞůŽǁ͕ǁŚĞƌĞƟŵĞǀĂůƵĞ ĞŶƚƌĞ͕^ĂŬĞƚ͕EĞǁĞůŚŝͲϭϭϬϬϭϳ/ŶĚŝĂ͘ ŽĨŵŽŶĞLJŝƐŵĂƚĞƌŝĂů͘

 dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƵƚŚŽƌŝnjĞĚĨŽƌŝƐƐƵĞŝŶ C) Use of ĞƐƟŵĂƚĞƐ and judgment ĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƟŽŶŽĨƚŚĞŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ ŽŶĚĂƚĞĚϮϭ͘Ϭϵ͘ϮϬϭϳ͘  dŚĞƉƌĞƉĂƌĂƟŽŶŽĨĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ŝŶ ĐŽŶĨŽƌŵŝƚLJ ǁŝƚŚ /ŶĚ ^ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ Ϯ͘ ^ŝŐŶŝĮĐĂŶƚ ĐĐŽƵŶƟŶŐ WŽůŝĐLJ ƵŶĚĞƌ /ŶĚ ^ ŵĂŬĞ ũƵĚŐŵĞŶƚƐ͕ ĞƐƟŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƟŽŶƐ ƚŚĂƚ ;ŽŶƐŽůŝĚĂƚĞĚͿ ĂīĞĐƚƚŚĞĂƉƉůŝĐĂƟŽŶŽĨĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂŶĚƚŚĞ ƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŽĨ ĂƐƐĞƚƐ͕ůŝĂďŝůŝƟĞƐ͕ ĚŝƐĐůŽƐƵƌĞŽĨ (i). Basis of WƌĞƉĂƌĂƟŽŶ ĐŽŶƟŶŐĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƚƚŚĞĚĂƚĞŽĨĮŶĂŶĐŝĂů a) ^ƚĂƚĞŵĞŶƚ of ŽŵƉůŝĂŶĐĞ ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ ĞdžƉĞŶƐĞƐ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ ĚŝīĞƌ ĨƌŽŵ ƚŚĞƐĞ  dŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂƚĂŶĚĨŽƌ ĞƐƟŵĂƚĞƐ͘ LJĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϳ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ /ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐ ;/ŶĚͲ <ĞLJ ĂĐĐŽƵŶƟŶŐ ĞƐƟŵĂƚĞƐ: ^Ϳ ŶŽƟĮĞĚ ƵŶĚĞƌ ƐĞĐƟŽŶ ϭϯϯ ŽĨ ƚŚĞ ĐŽŵƉĂŶŝĞƐ  ZĞĐŽŐŶŝƟŽŶ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐʹdŚĞ ĞdžƚĞŶƚ ƚŽ Đƚ͕ϮϬϭϯƌĞĂĚǁŝƚŚZƵůĞϯŽĨƚŚĞŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶ ǁŚŝĐŚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĐĂŶďĞƌĞĐŽŐŶŝnjĞĚŝƐďĂƐĞĚ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐͿ ZƵůĞƐ͕ ϮϬϭϱ ĂŶĚ ŽŵƉĂŶŝĞƐ ŽŶ ĂŶ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ƉƌŽďĂďŝůŝƚLJ ŽĨ ƚŚĞ ĨƵƚƵƌĞ ;/ŶĚŝĂŶ ĂĐĐŽƵŶƟŶŐ ƐƚĂŶĚĂƌĚƐͿ ŵĞŶĚŵĞŶƚ ZƵůĞƐ ƚĂdžĂďůĞŝŶĐŽŵĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ 2016. ĐĂŶďĞƵƟůŝnjĞĚ͘  &Žƌ Ăůů ƉĞƌŝŽĚƐ ƵƉ ƚŽ ĂŶĚ ŝŶĐůƵĚŝŶŐ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ProvisionsʹƚĞĂĐŚďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞŽŶƚŚĞďĂƐŝƐ ϯϭ DĂƌĐŚ ϮϬϭϲ͕ ƚŚĞ ŐƌŽƵƉ ƉƌĞƉĂƌĞĚ ŝƚƐ ĮŶĂŶĐŝĂů ŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚũƵĚŐŵĞŶƚ͕ĐŚĂŶŐĞƐŝŶĨĂĐƚƐĂŶĚ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ211 ůĞŐĂů ĂƐƉĞĐƚƐ͕ ƚŚĞ ŐƌŽƵƉ ĂƐƐĞƐƐĞƐ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ dŚĞLJĂƌĞĚĞĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞƚŚĂƚĐŽŶƚƌŽů ŽĨ ƉƌŽǀŝƐŝŽŶƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŶƟŶŐĞŶƚ ĐĞĂƐĞƐ͘ ůŝĂďŝůŝƟĞƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ĂĐƚƵĂů ĨƵƚƵƌĞ ŽƵƚĐŽŵĞ ŵĂLJ ďĞĚŝīĞƌĞŶƚĨƌŽŵƚŚŝƐũƵĚŐĞŵĞŶƚ͘  dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ /ƌĐŽŶ /ŶƚĞƌŶĂƟŽŶĂů >ŝŵŝƚĞĚ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ŚĂǀĞ Revenue – dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJƌĞĐŽŐŶŝƐĞƐƌĞǀĞŶƵĞ ďĞĞŶĐŽŶƐŽůŝĚĂƚĞĚŽŶĂůŝŶĞͲďLJͲůŝŶĞďĂƐŝƐďLJĂĚĚŝŶŐ ƵƐŝŶŐ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƟŽŶ ŵĞƚŚŽĚ͘ dŚŝƐ ƚŽŐĞƚŚĞƌƚŚĞŬǀĂůƵĞŽĨƚŚĞůŝŬĞŝƚĞŵƐŽĨĂƐƐĞƚƐ͕ ƌĞƋƵŝƌĞƐ ĨŽƌĞĐĂƐƚƐ ƚŽ ďĞ ŵĂĚĞ ŽĨ ƚŽƚĂů ďƵĚŐĞƚĞĚ ůŝĂďŝůŝƟĞƐ͕ ŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶƐĞƐ͕ ĂŌĞƌ ĞůŝŵŝŶĂƟŶŐ ĐŽƐƚ ǁŝƚŚ ƚŚĞ ŽƵƚĐŽŵĞƐ ŽĨ ƵŶĚĞƌůLJŝŶŐ ĐŽŶƐƚƌƵĐƟŽŶ ŝŶƚƌĂͲŐƌŽƵƉďĂůĂŶĐĞƐĂŶĚƵŶƌĞĂůŝnjĞĚƉƌŽĮƚƐͬůŽƐƐĞƐŽŶ ĂŶĚ ƐĞƌǀŝĐĞ ĐŽŶƚƌĂĐƚƐ͕ ǁŚŝĐŚ ƌĞƋƵŝƌĞ ĂƐƐĞƐƐŵĞŶƚƐ ŝŶƚƌĂͲŐƌŽƵƉ ƚƌĂŶƐĂĐƟŽŶƐ͕ hŶƌĞĂůŝƐĞĚ ůŽƐƐĞƐ ĂƌĞ ĂůƐŽ ĂŶĚ ũƵĚŐĞŵĞŶƚƐ ƚŽ ďĞ ŵĂĚĞ ŽŶ ĐŚĂŶŐĞƐ ŝŶ ǁŽƌŬ ĞůŝŵŝŶĂƚĞĚƵŶůĞƐƐƚŚĞƚƌĂŶƐĂĐƟŽŶƉƌŽǀŝĚĞƐĞǀŝĚĞŶĐĞ ƐĐŽƉĞƐ͕ĐůĂŝŵƐ;ĐŽŵƉĞŶƐĂƟŽŶ͕ƌĞďĂƚĞƐĞƚĐ͘ͿĂŶĚŽƚŚĞƌ ŽĨĂŶŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞƚƌĂŶƐĨĞƌƌĞĚĂƐƐĞƚ͘ĐĐŽƵŶƟŶŐ ƉĂLJŵĞŶƚƐƚŽƚŚĞĞdžƚĞŶƚƚŚĞLJĂƌĞƉƌŽďĂďůĞĂŶĚƚŚĞLJĂƌĞ ƉŽůŝĐŝĞƐ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ ŚĂǀĞ ďĞĞŶ ĐŚĂŶŐĞĚ ǁŚĞƌĞ ĐĂƉĂďůĞŽĨďĞŝŶŐƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͘&ŽƌƚŚĞƉƵƌƉŽƐĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĞŶƐƵƌĞ ĐŽŶƐŝƐƚĞŶĐLJ ǁŝƚŚ ƚŚĞ ƉŽůŝĐŝĞƐ ŽĨŵĂŬŝŶŐĞƐƟŵĂƚĞƐĨŽƌĐůĂŝŵƐ͕ƚŚĞ'ƌŽƵƉƵƐĞĚƚŚĞ ĂĚŽƉƚĞĚďLJƚŚĞŐƌŽƵƉ͘ ĂǀĂŝůĂďůĞĐŽŶƚƌĂĐƚƵĂůĂŶĚŚŝƐƚŽƌŝĐĂůŝŶĨŽƌŵĂƟŽŶ͘  EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐŝŶƚŚĞƌĞƐƵůƚƐĂŶĚĞƋƵŝƚLJŽĨ  WƌŽƉĞƌƚLJ͕ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ ʹ WƌŽƉĞƌƚLJ͕ WůĂŶƚ ƐƵďƐŝĚŝĂƌŝĞƐĂƌĞƐŚŽǁŶƐĞƉĂƌĂƚĞůLJŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ĂŶĚƋƵŝƉŵĞŶƚƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĮĐĂŶƚƉƌŽƉŽƌƟŽŶŽĨ ƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͕ĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚ ƚŚĞ ĂƐƐĞƚ ďĂƐĞ ŽĨ ƚŚĞ ŐƌŽƵƉ͘ dŚĞ ĐŚĂƌŐĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚďĂůĂŶĐĞƐŚĞĞƚƌĞƐƉĞĐƟǀĞůLJ͘ ŽĨƉĞƌŝŽĚŝĐĚĞƉƌĞĐŝĂƟŽŶŝƐĚĞƌŝǀĞĚĂŌĞƌĚĞƚĞƌŵŝŶŝŶŐ ĂŶ ĞƐƟŵĂƚĞ ŽĨ ĂŶ ĂƐƐĞƚ͛Ɛ ĞdžƉĞĐƚĞĚ ƵƐĞĨƵů ůŝĨĞ ĂŶĚ  tŚĞŶ ƚŚĞ 'ƌŽƵƉ ůŽƐĞƐ ĐŽŶƚƌŽů ŽǀĞƌ Ă ƐƵďƐŝĚŝĂƌLJ͕ ŝƚ ƚŚĞ ĞdžƉĞĐƚĞĚ ƌĞƐŝĚƵĂů ǀĂůƵĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ŝƚƐ ůŝĨĞ͘ ĚĞƌĞĐŽŐŶŝƐĞƐƚŚĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͕ hŶĐĞƌƚĂŝŶƟĞƐ ŝŶ ƚŚĞƐĞ ĞƐƟŵĂƚĞƐ ƌĞůĂƚĞ ƚŽ ƚĞĐŚŶŝĐĂů ĂŶĚĂŶLJƌĞůĂƚĞĚE/ĂŶĚŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨĞƋƵŝƚLJ͘ ĂŶĚ ĞĐŽŶŽŵŝĐ ŽďƐŽůĞƐĐĞŶĐĞ ƚŚĂƚ ŵĂLJ ĐŚĂŶŐĞ ƚŚĞ ŶLJ ŝŶƚĞƌĞƐƚ ƌĞƚĂŝŶĞĚ ŝŶ ƚŚĞ ĨŽƌŵĞƌ ƐƵďƐŝĚŝĂƌLJ ŝƐ ƵƟůŝƚLJŽĨĂƐƐĞƚƐ͘ ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƚƚŚĞĚĂƚĞƚŚĞĐŽŶƚƌŽůŝƐůŽƐƚ͘ ŶLJ ƌĞƐƵůƟŶŐ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƉƌŽĮƚ Žƌ  ƐƟŵĂƚĞƐĂŶĚƵŶĚĞƌůLJŝŶŐĂƐƐƵŵƉƟŽŶƐĂƌĞƌĞǀŝĞǁĞĚ ůŽƐƐ͘ ŽŶĂƉĞƌŝŽĚŝĐďĂƐŝƐ͘&ƵƚƵƌĞƌĞƐƵůƚƐĐŽƵůĚĚŝīĞƌĚƵĞƚŽ ii) Joint Arrangement ĐŚĂŶŐĞƐ ŝŶ ƚŚĞƐĞ ĞƐƟŵĂƚĞƐ ĂŶĚ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞĂĐƚƵĂůƌĞƐƵůƚĂŶĚƚŚĞĞƐƟŵĂƚĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶ  hŶĚĞƌ /ŶĚ ^ ϭϭϭ :ŽŝŶƚ ƌƌĂŶŐĞŵĞŶƚƐ͕ ŝŶǀĞƐƚŵĞŶƚƐ ƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞƌĞƐƵůƚƐĂƌĞŬŶŽǁŶͬŵĂƚĞƌŝĂůŝnjĞ͘ ŝŶ ũŽŝŶƚ ĂƌƌĂŶŐĞŵĞŶƚƐ ĂƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ĞŝƚŚĞƌ ũŽŝŶƚ d) dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ŽƉĞƌĂƟŽŶƐ Žƌ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͘ dŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ ŝŶ /ŶĚŝĂŶ ƌƵƉĞĞƐ ĂŶĚ Ăůů ǀĂůƵĞƐ ĂƌĞ ƌŽƵŶĚĞĚ ƚŽ ƚŚĞ ĚĞƉĞŶĚƐŽŶƚŚĞĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƐĂŶĚŽďůŝŐĂƟŽŶƐŽĨ ŶĞĂƌĞƐƚĐƌŽƌĞƌƵƉĞĞƐǁŝƚŚƚǁŽĚĞĐŝŵĂůƉŽŝŶƚƐĞdžĐĞƉƚ ĞĂĐŚŝŶǀĞƐƚŽƌ͕ƌĂƚŚĞƌƚŚĂŶƚŚĞůĞŐĂůƐƚƌƵĐƚƵƌĞŽĨƚŚĞ ǁŚĞƌĞŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘ ũŽŝŶƚ ĂƌƌĂŶŐĞŵĞŶƚ͘ /ƌĐŽŶ /ŶƚĞƌŶĂƟŽŶĂů >ŝŵŝƚĞĚ ŚĂƐ ďŽƚŚũŽŝŶƚŽƉĞƌĂƟŽŶƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͘ (ii). ĂƐŝƐŽĨŽŶƐŽůŝĚĂƟŽŶ ;ĂͿ :ŽŝŶƚŽƉĞƌĂƟŽŶƐ ŝͿ ^ƵďƐŝĚŝĂƌŝĞƐ  'ƌŽƵƉ ƌĞĐŽŐŶŝƐĞƐ ŝƚƐ ĚŝƌĞĐƚ ƌŝŐŚƚ ƚŽ ƚŚĞ ĂƐƐĞƚƐ͕  ^ƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ Ăůů ĞŶƟƟĞƐ ;ŝŶĐůƵĚŝŶŐ ƐƚƌƵĐƚƵƌĞĚ ůŝĂďŝůŝƟĞƐ͕ƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐŽĨũŽŝŶƚŽƉĞƌĂƟŽŶƐ ĞŶƟƟĞƐͿŽǀĞƌǁŚŝĐŚƚŚĞŐƌŽƵƉŚĂƐĐŽŶƚƌŽů͘dŚĞŐƌŽƵƉ ĂŶĚ ŝƚƐ ƐŚĂƌĞ ŽĨ ĂŶLJ ũŽŝŶƚůLJ ŚĞůĚ Žƌ ŝŶĐƵƌƌĞĚ ĂƐƐĞƚƐ͕ ĐŽŶƚƌŽůƐĂŶĞŶƟƚLJǁŚĞŶƚŚĞŐƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽ͕ŽƌŚĂƐ ůŝĂďŝůŝƟĞƐ͕ ƌĞǀĞŶƵĞƐ ĂŶĚ ĞdžƉĞŶƐĞƐ͘ dŚĞƐĞ ŚĂǀĞ ďĞĞŶ ƌŝŐŚƚƐƚŽ͕ǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĞĞŶƟƚLJĂŶĚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂīĞĐƚƚŚŽƐĞƌĞƚƵƌŶƐ ƵŶĚĞƌƚŚĞĂƉƉƌŽƉƌŝĂƚĞŚĞĂĚŝŶŐƐ͘ ƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌƚŽĚŝƌĞĐƚƚŚĞƌĞůĞǀĂŶƚĂĐƟǀŝƟĞƐŽĨ ƚŚĞ ĞŶƟƚLJ͘ ^ƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ĨƵůůLJ ĐŽŶƐŽůŝĚĂƚĞĚ ĨƌŽŵ ;ďͿ :ŽŝŶƚǀĞŶƚƵƌĞƐ ƚŚĞĚĂƚĞŽŶǁŚŝĐŚĐŽŶƚƌŽůŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞŐƌŽƵƉ͘  /ŶƚĞƌĞƐƚƐ ŝŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ

212 | ANNUAL REPORT ϮϬϭϲͳϭϳ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ;ƐĞĞ Ϯ;ŝŝŝͿͿ͕ ĂŌĞƌ ŝŶŝƟĂůůLJ ďĞŝŶŐ  /ƚĞŵƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚĂƚĐŽƐƚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚ͘ ŵĞĂƐƵƌĞĚ ƵƐŝŶŐ ƚŚĞ ĐƵƌƌĞŶĐLJ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ ĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚƚŚĞŐƌŽƵƉŽƉĞƌĂƚĞƐ͘ iii) Equity method ;ŝ͘Ğ&ƵŶĐƟŽŶĂůƵƌƌĞŶĐLJͿ͘dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞ  hŶĚĞƌ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƟŶŐ͕ ƚŚĞ ƉƌĞƐĞŶƚĞĚŝŶ/ŶĚŝĂŶƌƵƉĞĞƐ͕ǁŚŝĐŚŝƐƚŚĞƉƌĞƐĞŶƚĂƟŽŶ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ŝŶŝƟĂůůLJ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĐŽƐƚ ĂŶĚ ĂƐǁĞůůĂƐ&ƵŶĐƟŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞŐƌŽƵƉ͘ ĂĚũƵƐƚĞĚ ƚŚĞƌĞĂŌĞƌ ƚŽ ƌĞĐŽŐŶŝƐĞ ƚŚĞ ŐƌŽƵƉ͛Ɛ ƐŚĂƌĞ (a) dƌĂŶƐĂĐƟŽŶƐ ŽĨ /ŶĚŝĂŶ ŽƉĞƌĂƟŽŶƐ: ŽĨ ƚŚĞ ƉŽƐƚͲĂĐƋƵŝƐŝƟŽŶ ƉƌŽĮƚƐ Žƌ ůŽƐƐĞƐ ŽĨ ƚŚĞ ŝŶǀĞƐƚĞĞ ŝŶ ƉƌŽĮƚ ĂŶĚ ůŽƐƐ͕ ĂŶĚ ƚŚĞ ŐƌŽƵƉ͛Ɛ ƐŚĂƌĞ i. ůů ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƚƌĂŶƐĂĐƟŽŶƐ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ŽĨ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŽĨ ƚŚĞ ŝŶǀĞƐƚĞĞ ŝŶ ĨƵŶĐƟŽŶĂůƵƌƌĞŶĐLJĂƚƚŚĞƌĂƚĞƉƌĞǀĂůĞŶƚŽŶƚŚĞĚĂƚĞ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͘ ŝǀŝĚĞŶĚƐ ƌĞĐĞŝǀĞĚ ŽĨƚƌĂŶƐĂĐƟŽŶ͘ ŽƌƌĞĐĞŝǀĂďůĞĨƌŽŵĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞ ii. WƌŽƉĞƌƚLJ͕ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ͕ ŝŶƚĂŶŐŝďůĞƐ͕ ƌĞĐŽŐŶŝƐĞĚĂƐĂƌĞĚƵĐƟŽŶŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ͕ ƉƌĞƉĂŝĚ ĞdžƉĞŶƐĞƐ͕ ŝŶǀĞŶƚŽƌLJ ƚŚĞŝŶǀĞƐƚŵĞŶƚ͘ ĂŶĚŶŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞŽŶ  tŚĞŶ ƚŚĞ ŐƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŽĨ ůŽƐƐĞƐ ŝŶ ĂŶ ĞƋƵŝƚLJͲ ƚŚĞĚĂƚĞŽĨŝŶŝƟĂůƚƌĂŶƐĂĐƟŽŶ͘ ĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚĞƋƵĂůƐŽƌĞdžĐĞĞĚƐŝƚƐŝŶƚĞƌĞƐƚ iii. DŽŶĞƚĂƌLJ ŝƚĞŵƐ ;dƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ͕ ƚƌĂĚĞ ƉĂLJĂďůĞƐ͕ ŝŶƚŚĞĞŶƟƚLJ͕ŝŶĐůƵĚŝŶŐĂŶLJŽƚŚĞƌƵŶƐĞĐƵƌĞĚůŽŶŐͲƚĞƌŵ ĂƐŚ ĂŶĚ ĂŶŬ͕ >ŽĂŶƐ ĂŶĚ ŽƌƌŽǁŝŶŐƐ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ͕ ƚŚĞ ŐƌŽƵƉ ĚŽĞƐ ŶŽƚ ƌĞĐŽŐŶŝƐĞ ĨƵƌƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ Θ ƉĂLJĂďůĞƐͿ ĂŶĚ ĐŽŶƟŶŐĞŶƚ ĂƐƐĞƚƐ Θ ůŽƐƐĞƐ͕ ƵŶůĞƐƐ ŝƚ ŚĂƐ ŝŶĐƵƌƌĞĚ ŽďůŝŐĂƟŽŶƐ Žƌ ŵĂĚĞ ůŝĂďŝůŝƟĞƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĂƌĞ ƉĂLJŵĞŶƚƐŽŶďĞŚĂůĨŽĨƚŚĞŽƚŚĞƌĞŶƟƚLJ͘ ƚƌĂŶƐůĂƚĞĚ Ăƚ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ĐůŽƐŝŶŐ ƐĞůůŝŶŐ ƌĂƚĞƐ ĨŽƌ  hŶƌĞĂůŝnjĞĚŐĂŝŶƐŽŶƚƌĂŶƐĂĐƟŽŶƐďĞƚǁĞĞŶƚŚĞŐƌŽƵƉ >ŝĂďŝůŝƟĞƐĂŶĚĐůŽƐŝŶŐďƵLJŝŶŐƌĂƚĞĨŽƌƐƐĞƚƐ͕ĂƚĞĂĐŚ ĂŶĚ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂƌĞ ĞůŝŵŝŶĂƚĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƌĞƉŽƌƟŶŐĚĂƚĞ͘ ŽĨ ƚŚĞ ŐƌŽƵƉ͛Ɛ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞƐĞ ĞŶƟƟĞƐ͘ hŶƌĞĂůŝnjĞĚ iv. &ŽƌĞŝŐŶdžĐŚĂŶŐĞ'ĂŝŶƐŽƌ>ŽƐƐĞƐŝŶƌĞƐƉĞĐƚŽĨĂďŽǀĞ ůŽƐƐĞƐ ĂƌĞ ĂůƐŽ ĞůŝŵŝŶĂƚĞĚ ƵŶůĞƐƐ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶ ƚƌĂŶƐĂĐƟŽŶƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶ^ƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚ ƉƌŽǀŝĚĞƐ ĞǀŝĚĞŶĐĞ ŽĨ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ůŽƐƐ͘ ƚƌĂŶƐĨĞƌƌĞĚ͘ĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚĞĞƐ ŚĂǀĞ ďĞĞŶ ĐŚĂŶŐĞĚ ǁŚĞƌĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ;ďͿdƌĂŶƐĂĐƟŽŶƐ ŽĨ &ŽƌĞŝŐŶ ŽƉĞƌĂƟŽŶƐ: ĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂĚŽƉƚĞĚďLJƚŚĞ ŐƌŽƵƉ͘ ŝ͘ ůů ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƚƌĂŶƐĂĐƟŽŶƐ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ĨƵŶĐƟŽŶĂůƵƌƌĞŶĐLJĂƚƚŚĞƌĂƚĞƉƌĞǀĂůĞŶƚŽŶƚŚĞĚĂƚĞ  dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ŽĨƚƌĂŶƐĂĐƟŽŶ͘ ŝƐƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉŽůŝĐLJ ŽĨŝŵƉĂŝƌŵĞŶƚ͘ ŝŝ͘ WƌŽƉĞƌƚLJ͕ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ͕ ŝŶƚĂŶŐŝďůĞƐ͕ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ͕ ƉƌĞƉĂŝĚ ĞdžƉĞŶƐĞƐ͕ ŝŶǀĞŶƚŽƌLJ ;ŝŝŝͿ͘^ƚĂƚĞŵĞŶƚŽĨĂƐŚŇŽǁ ĂŶĚŶŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞŽŶ ƚŚĞĚĂƚĞŽĨŝŶŝƟĂůƚƌĂŶƐĂĐƟŽŶ͘  ĂƐŚ ŇŽǁƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ŝŶĚŝƌĞĐƚ ŵĞƚŚŽĚ͕ ǁŚĞƌĞďLJƉƌŽĮƚͬ;ůŽƐƐͿďĞĨŽƌĞƚĂdžŝƐĂĚũƵƐƚĞĚĨŽƌƚŚĞ ŝŝŝ͘ DŽŶĞƚĂƌLJ ŝƚĞŵƐ ;dƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ͕ ƚƌĂĚĞ ƉĂLJĂďůĞƐ͕ ĞīĞĐƚƐ ŽĨ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ ŶŽŶͲĐĂƐŚ ŶĂƚƵƌĞ ĂŶĚ ĂŶLJ ĂƐŚ ĂŶĚ ĂŶŬ͕ >ŽĂŶƐ ĂŶĚ ŽƌƌŽǁŝŶŐƐ ĂŶĚ ŽƚŚĞƌ ĚĞĨĞƌƌĂůƐŽƌĂĐĐƌƵĂůƐŽĨƉĂƐƚŽƌĨƵƚƵƌĞĐĂƐŚƌĞĐĞŝƉƚƐŽƌ ƌĞĐĞŝǀĂďůĞƐ Θ ƉĂLJĂďůĞƐͿ ĂŶĚ ĐŽŶƟŶŐĞŶƚ ĂƐƐĞƚƐ Θ ƉĂLJŵĞŶƚƐ͘ dŚĞ ĐĂƐŚ ŇŽǁƐ ĨƌŽŵ ŽƉĞƌĂƟŶŐ͕ ŝŶǀĞƐƟŶŐ ůŝĂďŝůŝƟĞƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĂƌĞ ĂŶĚĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐŽĨƚŚĞŐƌŽƵƉĂƌĞƐĞŐƌĞŐĂƚĞĚ ƚƌĂŶƐůĂƚĞĚ Ăƚ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ĐůŽƐŝŶŐ ƐĞůůŝŶŐ ƌĂƚĞƐ ĨŽƌ ďĂƐĞĚŽŶƚŚĞĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƟŽŶ͘ >ŝĂďŝůŝƟĞƐĂŶĚĐůŽƐŝŶŐďƵLJŝŶŐƌĂƚĞĨŽƌƐƐĞƚƐ͕ĂƚĞĂĐŚ ƌĞƉŽƌƟŶŐĚĂƚĞ͘ ;ŝǀͿ͘&ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐĂĐƟŽŶƐ ŝǀ͘ &ŽƌĞŝŐŶdžĐŚĂŶŐĞ'ĂŝŶŽƌ>ŽƐƐĞƐŝŶƌĞƐƉĞĐƚŽĨĂďŽǀĞ  &ƵŶĐƟŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƟŽŶĐƵƌƌĞŶĐLJ ƚƌĂŶƐĂĐƟŽŶƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĮƚĂŶĚůŽƐƐĂĐĐŽƵŶƚ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ213  dŚĞƌĞƐƵůƚĂŶĚĮŶĂŶĐŝĂůƉŽƐŝƟŽŶŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶ ƌĞŵŽǀŝŶŐƚŚĞŝƚĞŵƐΘƌĞƐƚŽƌŝŶŐƚŚĞƐŝƚĞŽŶǁŚŝĐŚŝƚŝƐ ƚŚĂƚ ŚĂǀĞ Ă ĨƵŶĐƟŽŶĂů ĐƵƌƌĞŶĐLJ ĚŝīĞƌĞŶƚ ĨƌŽŵ ƚŚĞ ůŽĐĂƚĞĚŝĨƌĞĐŽŐŶŝƟŽŶĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͘ ƉƌĞƐĞŶƚĂƟŽŶĐƵƌƌĞŶĐLJĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽƉƌĞƐĞŶƚĂƟŽŶ ĐƵƌƌĞŶĐLJĂƐĨŽůůŽǁƐ͘ ϱ͘ ŽƐƚ ŽĨ ƌĞƉůĂĐĞŵĞŶƚ͕ ŵĂũŽƌ ŝŶƐƉĞĐƟŽŶ͕ ƌĞƉĂŝƌ ŽĨ ƐŝŐŶŝĮĐĂŶƚ ƉĂƌƚƐ ĂŶĚ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĨŽƌ ůŽŶŐͲƚĞƌŵ ŝ͘ ƐƐĞƚƐͬ>ŝĂďŝůŝƟĞƐͲůŽƐŝŶŐƐĞůůŝŶŐƌĂƚĞƐĨŽƌ>ŝĂďŝůŝƟĞƐ ĐŽŶƐƚƌƵĐƟŽŶƉƌŽũĞĐƚƐĂƌĞĐĂƉŝƚĂůŝnjĞĚŝĨƚŚĞƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ĐůŽƐŝŶŐ ďƵLJŝŶŐ ƌĂƚĞ ĨŽƌ ƐƐĞƚƐ ŽŶ ƚŚĞ ƌĞƉŽƌƟŶŐ ĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͘ ĚĂƚĞ͘ ϲ͘ Ŷ ŝƚĞŵ ŽĨ WƌŽƉĞƌƚLJ͕ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ ĂŶĚ ĂŶLJ ŝŝ͘ /ŶĐŽŵĞͬdžƉĞŶƐĞƐʹǀĞƌĂŐĞĞdžĐŚĂŶŐĞƌĂƚĞĚƵƌŝŶŐƚŚĞ ƐŝŐŶŝĮĐĂŶƚ ƉĂƌƚ ŝŶŝƟĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ŝƐ ĚĞͲƌĞĐŽŐŶŝnjĞĚ LJĞĂƌ͘ ƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐ ĂƌĞĞdžƉĞĐƚĞĚĨƌŽŵŝƚƐƵƐĞŽƌĚŝƐƉŽƐĂů͘ŶLJŐĂŝŶŽƌůŽƐƐ ŝŝŝ͘ džĐŚĂŶŐĞ ĚŝīĞƌĞŶĐĞƐ ŽŶ ƚƌĂŶƐůĂƟŽŶ ŽĨ ĨƵŶĐƟŽŶĂů ĂƌŝƐŝŶŐŽŶĚĞͲƌĞĐŽŐŶŝƟŽŶŽĨƚŚĞĂƐƐĞƚ;ĐĂůĐƵůĂƚĞĚĂƐ ĐƵƌƌĞŶĐLJƚŽƉƌĞƐĞŶƚĂƟŽŶĐƵƌƌĞŶĐLJĂƌĞʹƌĞĐŽŐŶŝƐĞĚŝŶ ƚŚĞĚŝīĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚ K/;KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿ ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚͿŝƐŝŶĐůƵĚĞĚŝŶƚŚĞ ŝǀ͘ KŶ ĚŝƐƉŽƐĂů ŽĨ &ŽƌĞŝŐŶ KƉĞƌĂƟŽŶ ;ŽŶ ƌĞĂůŝnjĂƟŽŶ ŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ͘ ŽĨ ĐŽŵƉůĞƚĞ ƌĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ĐůŝĞŶƚͿ ƚƌĂŶƐĨĞƌ ƚŚĞ ϳ͘ ŵŽƵŶƚƐ ƉĂŝĚ ƚŽǁĂƌĚƐ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ŽĨ WƌŽƉĞƌƚLJ͕ ĐŽŵƉŽŶĞŶƚŽĨK/;KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿƚŽ WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚŽƵƚƐƚĂŶĚŝŶŐĂƐŽĨĞĂĐŚƌĞƉŽƌƟŶŐ ƉƌŽĮƚŽƌůŽƐƐƌĞůĂƟŶŐƚŽƌĞƐƉĞĐƟǀĞĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶ͘ ĚĂƚĞĂŶĚƚŚĞĐŽƐƚŽĨWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚŶŽƚ (v). WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ƌĞĂĚLJĨŽƌŝŶƚĞŶĚĞĚƵƐĞďĞĨŽƌĞƐƵĐŚĚĂƚĞĂƌĞĚŝƐĐůŽƐĞĚ ƵŶĚĞƌ ĐĂƉŝƚĂů ǁŽƌŬͲ ŝŶͲƉƌŽŐƌĞƐƐ͘ džƉĞŶƐĞƐ ĚŝƌĞĐƚůLJ ϭ͘ &ƌĞĞŚŽůĚ ůĂŶĚ ŝƐ ĐĂƌƌŝĞĚ Ăƚ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ͘ WƌŽƉĞƌƚLJ͕ ĂƩƌŝďƵƚĂďůĞ ƚŽ ƉƌŽũĞĐƚ͕ ƉƌŝŽƌ ƚŽ ĐŽŵŵĞŶĐĞŵĞŶƚ ŽĨ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĐŽŵŵĞƌĐŝĂů ŽƉĞƌĂƟŽŶ͕ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ƉƌŽũĞĐƚ ĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƟŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝĨ ĚĞǀĞůŽƉŵĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞ ĂŶĚ ƐŚŽǁŶ ƵŶĚĞƌ ĂƉŝƚĂů ĂŶLJ͘ tŽƌŬͲŝŶͲWƌŽŐƌĞƐƐ͘

Ϯ͘ dŚĞ ŵĂĐŚŝŶĞƌLJ ƐƉĂƌĞƐ ǁŚŝĐŚ ĐĂŶ ďĞ ƵƐĞĚ ŽŶůLJ ŝŶ dƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ ĐŽŶŶĞĐƟŽŶ ǁŝƚŚ ĂŶ ŝƚĞŵ ŽĨ WƌŽƉĞƌƚLJ͕ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚĂŶĚǁŚŽƐĞƵƐĞŝƐĞdžƉĞĐƚĞĚƚŽďĞŝƌƌĞŐƵůĂƌ KŶ ƚƌĂŶƐŝƟŽŶ ƚŽ /ŶĚ ^͘ dŚĞ ŐƌŽƵƉ ŚĂƐ ŽƉƚĞĚ ƚŽ ĂƌĞ ĐĂƉŝƚĂůŝnjĞĚ Θ ĚĞƉƌĞĐŝĂƚĞĚͬĂŵŽƌƟnjĞĚ ŽǀĞƌ ƚŚĞ ĐŽŶƟŶƵĞ ǁŝƚŚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ Ăůů ŝƚƐ WƌŽƉĞƌƚLJ͕ Ɛƚ ďĂůĂŶĐĞůŝĨĞŽĨƐƵĐŚWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ͘ WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚƌĞĐŽŐŶŝƐĞĚĂƐĂƚϭ ƉƌŝůϮϬϭϱ ŵĞĂƐƵƌĞĚ ĂƐ ƉĞƌ ƚŚĞ ƉƌĞǀŝŽƵƐ 'W ĂŶĚ ƵƐĞ ƚŚĂƚ ϯ͘ ^ƵďƐĞƋƵĞŶƚ ĐŽƐƚ ƌĞůĂƟŶŐ ƚŽ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ Θ ĐĂƌƌLJŝŶŐǀĂůƵĞĂƐĚĞĞŵĞĚĐŽƐƚŽĨƚŚĞWƌŽƉĞƌƚLJ͕WůĂŶƚ ĞƋƵŝƉŵĞŶƚƐŚĂůůďĞƌĞĐŽŐŶŝnjĞĚĂƐĂŶĂƐƐĞƚŝĨ͗ ĂŶĚƋƵŝƉŵĞŶƚ͘

ĂͿ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚƐ ĞƉƌĞĐŝĂƟŽŶ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƚĞŵƐǁŝůůŇŽǁƚŽƚŚĞĞŶƟƚLJ͖ĂŶĚ (a) ĞƉƌĞĐŝĂƟŽŶ ŽŶ WƌŽƉĞƌƚLJ͕ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ ŝƐ ďͿ ƚŚĞĐŽƐƚŽĨƚŚĞŝƚĞŵĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘ ƉƌŽǀŝĚĞĚŽŶ^ƚƌĂŝŐŚƚ>ŝŶĞďĂƐŝƐ;^>DͿŽǀĞƌƚŚĞƵƐĞĨƵů ůŝĨĞ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ĂƐ ƐƉĞĐŝĮĞĚ ŝŶ ^ĐŚĞĚƵůĞ // ŽĨ ƚŚĞ ϰ͘ ŽƐƚŽĨĂƐƐĞƚŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐ ŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ͘ ŝ͘ ŽƐƚ ĚŝƌĞĐƚůLJ ĂƩƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ŽĨ ƚŚĞ ;ďͿ ĂĐŚƉĂƌƚŽĨĂŶŝƚĞŵŽĨWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ĂƐƐĞƚƐ ŝƐ ĚĞƉƌĞĐŝĂƚĞĚ ƐĞƉĂƌĂƚĞůLJ ŝĨ ƚŚĞ ĐŽƐƚ ŽĨ ƉĂƌƚ ŝƐ ŝŝ͘ /ŶĐŝĚĞŶƚĂůĞdžƉĞŶĚŝƚƵƌĞĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƟŽŶƉĞƌŝŽĚ ƐŝŐŶŝĮĐĂŶƚŝŶƌĞůĂƟŽŶƚŽƚŚĞƚŽƚĂůĐŽƐƚŽĨƚŚĞŝƚĞŵĂŶĚ ŝƐĐĂƉŝƚĂůŝnjĞĚĂƐƉĂƌƚŽĨƚŚĞŝŶĚŝƌĞĐƚĐŽŶƐƚƌƵĐƟŽŶĐŽƐƚ ƵƐĞĨƵůůŝĨĞŽĨƚŚĂƚƉĂƌƚŝƐĚŝīĞƌĞŶƚĨƌŽŵƚŚĞƵƐĞĨƵůůŝĨĞ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĞ ĞdžƉĞŶĚŝƚƵƌĞ ŝƐ ĚŝƌĞĐƚůLJ ƌĞůĂƚĞĚ ƚŽ ŽĨƌĞŵĂŝŶŝŶŐĂƐƐĞƚ͘ ĐŽŶƐƚƌƵĐƟŽŶŽƌŝƐŝŶĐŝĚĞŶƚĂůƚŚĞƌĞƚŽ͘ ;ĐͿdŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨĂƐƐĞƚƐĨŽƌĐƵƌƌĞŶƚƉĞƌŝŽĚ ŝŝŝ͘ WƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƟŵĂƚĞĚĐŽƐƚƐŽĨĚŝƐŵĂŶƚůŝŶŐΘ ŽĨƐŝŐŶŝĮĐĂŶƚŝƚĞŵƐŽĨƉƌŽƉĞƌƚLJƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ

214 | ANNUAL REPORT ϮϬϭϲͳϭϳ ĂƌĞĂƐĨŽůůŽǁƐ͗  dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨŝŶƚĂŶŐŝďůĞƐŝƐĂƐĨŽůůŽǁƐ͗

WĂƌƟĐƵůĂƌƐ hƐĞĨƵů>ŝĨĞ;LJƌƐ͘Ϳ /ŶƚĂŶŐŝďůĞ hƐĞĨƵů>ŝĨĞ /ŶƚĞƌŶĂůůLJ Assets ƵŝůĚŝŶŐͬŇĂƚƐƌĞƐŝĚĞŶƟĂůͬŶŽŶͲ 60 ŐĞŶĞƌĂƚĞĚŽƌƐĞůĨͲ generated ƌĞƐŝĚĞŶƟĂů ^ŽŌǁĂƌĞ &ŝŶŝƚĞ;ϯϲŵŽŶƚŚƐͿ ĐƋƵŝƌĞĚ WůĂŶƚĂŶĚDĂĐŚŝŶĞƌLJ 8-15 ;ďͿ ŵŽƌƟnjĂƟŽŶ ŵĞƚŚŽĚƐ͕ ƵƐĞĨƵů ůŝǀĞƐ ĂŶĚ ƌĞƐŝĚƵĂů ^ƵƌǀĞLJŝŶƐƚƌƵŵĞŶƚƐ 10 ǀĂůƵĞƐĂƌĞƌĞǀŝĞǁĞĚĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ͘ ŽŵƉƵƚĞƌƐ 3-6 ;ĐͿ ^ŽŌǁĂƌĞĐŽƐƚƵƉƚŽZƐ͘ϭ>ĂŬŚƐŝŶĞĂĐŚĐĂƐĞŝƐĨƵůůLJ KĸĐĞƋƵŝƉŵĞŶƚ͛Ɛ 5 ĂŵŽƌƟnjĞĚŝŶƚŚĞLJĞĂƌŽĨƉƵƌĐŚĂƐĞ͕ďLJŬĞĞƉŝŶŐZƐ͘ϭĂƐ &ƵƌŶŝƚƵƌĞĂŶĚĮdžƚƵƌĞƐ 10 ƚŽŬĞŶǀĂůƵĞĨŽƌŝĚĞŶƟĮĐĂƟŽŶ͘ ĂƌĂǀĂŶĂƐ͕ĂŵƉƐĂŶĚ 3-5 ƚĞŵƉŽƌĂƌLJƐŚĞĚ //͘ dŽůů ŽůůĞĐƟŽŶ ZŝŐŚƚ ;dŽůů ZŽĂĚ ^ĞƌǀŝĐĞ ŽŶĐĞƐƐŝŽŶ Arrangement) sĞŚŝĐůĞƐ 8-10  dŚĞ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ ƌĞĐŽŐŶŝnjĞ ĂŶ ŝŶƚĂŶŐŝďůĞ ;ĚͿ >ĞĂƐĞŚŽůĚůĂŶĚĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞĂŵŽƌƟnjĞĚŽǀĞƌ ĂƐƐĞƚ ĂƌŝƐŝŶŐ ĨƌŽŵ ƐĞƌǀŝĐĞ ĐŽŶĐĞƐƐŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚ ƚŚĞůŽǁĞƌŽĨĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞĂŶĚůĞĂƐĞƚĞƌŵ͘ ǁŚĞŶ ŝƚ ŚĂƐ Ă ƌŝŐŚƚ ƚŽ ĐŚĂƌŐĞ ĨŽƌ ƵƐĂŐĞ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ Ŷ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚ ;ĞͿ ĞƉƌĞĐŝĂƟŽŶŵĞƚŚŽĚƐ͕ƵƐĞĨƵůůŝǀĞƐĂŶĚƌĞƐŝĚƵĂůǀĂůƵĞƐ ƌĞĐĞŝǀĞĚĂƐĐŽŶƐŝĚĞƌĂƟŽŶĨŽƌƉƌŽǀŝĚŝŶŐĐŽŶƐƚƌƵĐƟŽŶ ĂƌĞ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ĚĂƚĞ ĂŶĚ ĂĚũƵƐƚĞĚ ŽƌƵƉŐƌĂĚĞƐĞƌǀŝĐĞŝŶĂƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂŐƌĞĞŵĞŶƚ ƉƌŽƐƉĞĐƟǀĞůLJ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͘ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ŽŶ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ďLJ ;ĨͿ WƌŽƉĞƌƚLJ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂĐƋƵŝƌĞĚ ĚƵƌŝŶŐ ƚŚĞ ƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ͘ LJĞĂƌ͕ ŝŶĚŝǀŝĚƵĂůůLJ ĐŽƐƟŶŐ ƵƉ ƚŽ ZƐ͘ ϱϬϬϬͬͲ ĂƌĞ ĨƵůůLJ ^ƵďƐĞƋƵĞŶƚƚŽŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͕ƚŚĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚ ĚĞƉƌĞĐŝĂƚĞĚ͕ ďLJ ŬĞĞƉŝŶŐ ZĞ͘ ϭ ĂƐ ƚŽŬĞŶ ǀĂůƵĞ ĨŽƌ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ͕ ůĞƐƐ ĂĐĐƵŵƵůĂƚĞĚ ĂŵŽƌƟnjĂƟŽŶ ŝĚĞŶƟĮĐĂƟŽŶ͘ ,ŽǁĞǀĞƌ͕ DŽďŝůĞ ƉŚŽŶĞƐ ƉƌŽǀŝĚĞĚ ƚŽ ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ ĞŵƉůŽLJĞĞƐĂƌĞĐŚĂƌŐĞĚƚŽƌĞǀĞŶƵĞŝƌƌĞƐƉĞĐƟǀĞŽĨŝƚƐ  dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚŝŶĂ ǀĂůƵĞ͘ ƐĞƌǀŝĐĞ ĐŽŶĐĞƐƐŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚ ŝƐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ ǁŚĞƌĞƚŚĞƐƵďƐŝĚŝĂƌLJŝƐĂďůĞƚŽĐŚĂƌŐĞƚŚĞƉƵďůŝĐĨŽƌ ;ǀŝͿ/ŶƚĂŶŐŝďůĞ ƐƐĞƚƐͬ/ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ƵŶĚĞƌ ƵƐĞ ŽĨ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŽ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĐŽŶĐĞƐƐŝŽŶ ĚĞǀĞůŽƉŵĞŶƚ ƉĞƌŝŽĚ͘ I. Other than service concession arrangement  dŽůů ĐŽůůĞĐƟŽŶ ƌŝŐŚƚ ŝƐ ĂŵŽƌƟnjĞĚ ƵƐŝŶŐ ƐƚƌĂŝŐŚƚ ůŝŶĞ ;ĂͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶŝƚŝƐƉƌŽďĂďůĞ ŵĞƚŚŽĚŽŶƉƌŽͲƌĂƚĂďĂƐŝƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂĚĚŝƟŽŶŽƌ ƚŚĂƚƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐƚŚĂƚĂƌĞĂƩƌŝďƵƚĂďůĞ ĨƌŽŵƚŚĞĚĂƚĞǁŚĞŶƚŚĞƌŝŐŚƚďƌŽƵŐŚƚŝŶƚŽƐĞƌǀŝĐĞƚŽ ƚŽƚŚĞĂƐƐĞƚǁŝůůŇŽǁƚŽƚŚĞĞŶƚĞƌƉƌŝƐĞĂŶĚƚŚĞĐŽƐƚ ƚŚĞĞdžƉŝƌLJŽĨĐŽŶĐĞƐƐŝŽŶƉĞƌŝŽĚ͘ ŽĨ ƚŚĞ ĂƐƐĞƚ ĐĂŶ ďĞ ŵĞĂƐƵƌĞĚ ƌĞůŝĂďůLJ͘ /ŶƚĂŶŐŝďůĞ  ŵŽƌƟnjĂƟŽŶŵĞƚŚŽĚƐĂŶĚƵƐĞĨƵůůŝǀĞƐĂƌĞƌĞǀŝĞǁĞĚ ĂƐƐĞƚƐĂƌĞƐƚĂƚĞĚĂƚŚŝƐƚŽƌŝĐĂůĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚ ĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ͕ǁŝƚŚƚŚĞĞīĞĐƚŽĨĐŚĂŶŐĞŝŶ ĂŵŽƌƟnjĂƟŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐ͕ŝĨĂŶLJ͘ ĞƐƟŵĂƚĞĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂƉƌŽƐƉĞĐƟǀĞďĂƐŝƐ͘

;ďͿ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ƵŶĚĞƌ ĚĞǀĞůŽƉŵĞŶƚ ƌĞƉƌĞƐĞŶƚ  dŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚ ŝƐ ƌĞǀŝĞǁĞĚ ŽŶŐŽŝŶŐĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚĂŶĚĐĂƌƌŝĞĚĂƚĐŽƐƚ͘ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ĂŶŶƵĂůůLJ Žƌ ŵŽƌĞ ŽŌĞŶ ŝĨ ĞǀĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ  ŵŽƌƟnjĂƟŽŶŽĨ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ǀĂůƵĞŵĂLJŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ͘ ;ĂͿ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĂŵŽƌƟnjĞĚŽǀĞƌƚŚĞŝƌƌĞƐƉĞĐƟǀĞ &ŝŶĂŶĐŝĂůĂƐƐĞƚŵŽĚĞů ĞƐƟŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ŽŶ Ă ƐƚƌĂŝŐŚƚͲ ůŝŶĞ ďĂƐŝƐ ĨƌŽŵ ƚŚĞĚĂƚĞƚŚĂƚƚŚĞLJĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞ͘ dŚĞ ^ƵďƐŝĚŝĂƌLJ ŽŵƉĂŶŝĞƐ ƌĞĐŽŐŶŝnjĞƐ Ă ĮŶĂŶĐŝĂů

ANNUAL REPORT ϮϬϭϲͳϭϳͮ215 ĂƐƐĞƚĂƌŝƐŝŶŐĨƌŽŵĂƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂƌƌĂŶŐĞŵĞŶƚ ŽĨ ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƟŽŶ ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚ ǁŚĞŶŝƚŚĂƐƵŶĐŽŶĚŝƟŽŶĂůĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƚŽƌĞĐĞŝǀĞ ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝĨĂŶLJ͘ ĐĂƐŚŽƌĂŶŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚĨƌŽŵŐƌĂŶƚŽƌĨŽƌƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ Žƌ ƵƉŐƌĂĚĞ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚ͘ ^ƵĐŚ ĐͿ dŚĞ ŐƌŽƵƉ ĚĞƉƌĞĐŝĂƚĞƐ ďƵŝůĚŝŶŐ ĐŽŵƉŽŶĞŶƚ ŽĨ ĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶŝŶŝƟĂů ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJŽǀĞƌϲϬLJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨ ƌĞĐŽŐŶŝƟŽŶĂŶĚĐůĂƐƐŝĮĞĚĂƐůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͘ ŽƌŝŐŝŶĂůƉƵƌĐŚĂƐĞͬĐŽŵƉůĞƟŽŶŽĨĐŽŶƐƚƌƵĐƟŽŶ͘

 ^ƵďƐĞƋƵĞŶƚƚŽŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͕ƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐ ĚͿ /ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƟĞƐ ĂƌĞ ĚĞƌĞĐŽŐŶŝnjĞĚ ĞŝƚŚĞƌ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟnjĞĚ ĐŽƐƚ͘ hŶĚĞƌ ƚŚŝƐ ŵŽĚĞů ǁŚĞŶƚŚĞLJŚĂǀĞďĞĞŶĚŝƐƉŽƐĞĚŽĨŽƌǁŚĞŶƚŚĞLJĂƌĞ ĮŶĂŶĐŝĂůĂƐƐĞƚǁŝůůďĞƌĞĚƵĐĞĚĂƐĂŶĚǁŚĞŶŐƌĂŶƚŚĂƐ ƉĞƌŵĂŶĞŶƚůLJ ǁŝƚŚĚƌĂǁŶ ĨƌŽŵ ƵƐĞ ĂŶĚ ŶŽ ĨƵƚƵƌĞ ƌĞĐĞŝǀĞĚĨƌŽŵŐƌĂŶƚŽƌ͘ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚ ŝƐ ĞdžƉĞĐƚĞĚ ĨƌŽŵ ƚŚĞŝƌ ĚŝƐƉŽƐĂů͘ ŝīĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞ ///͘^ƚĂƟŽŶĚĞǀĞůŽƉŵĞŶƚƌŝŐŚƚƐ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĮƚŽƌ ůŽƐƐŝŶƚŚĞƉĞƌŝŽĚŽĨĚĞͲƌĞĐŽŐŶŝƟŽŶ͘ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ƵŶĚĞƌ ĚĞǀĞůŽƉŵĞŶƚ ƌĞƉƌĞƐĞŶƚƐ ŽŶŐŽŝŶŐ ĞdžƉĞŶĚŝƚƵƌĞ ŝŶĐƵƌƌĞĚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ (viii). Inventories ŽŶƐƵůƚĂŶĐLJ WƌŽũĞĐƚ ĂŶĚ ŝƐ ĐĂƌƌŝĞĚ Ăƚ ĐŽƐƚ͘ ŽƐƚ ŝŶĐůƵĚĞƐĂůůĚŝƌĞĐƚĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚŝŶĐůƵĚŝŶŐ^ƚĂī ;ĂͿ ŽŶƐƚƌƵĐƟŽŶtŽƌŬŝŶWƌŽŐƌĞƐƐ džƉĞŶĚŝƚƵƌĞĨŽƌƚŚĂƚƉĂƌƟĐƵůĂƌƉƌŽũĞĐƚĨŽƌǁŚŝĐŚƚŚĞ  ŽŶƐƚƌƵĐƟŽŶ ǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ ŝƐ ǀĂůƵĞĚ Ăƚ ĐŽƐƚ ^ƚĂīŝƐƉŽƐƚĞĚĂŶĚŝŶĚŝƌĞĐƚĞdžƉĞŶĚŝƚƵƌĞŝŶƚŚĞŶĂƚƵƌĞ Ɵůů ƐƵĐŚ ƟŵĞ ƚŚĞ ŽƵƚĐŽŵĞ ŽĨ ƚŚĞ ũŽď ĐĂŶŶŽƚ ďĞ ŽĨĚĞƉƌĞĐŝĂƟŽŶŽĨĮdžĞĚĂƐƐĞƚƐ͕ŝŶƐƵƌĂŶĐĞƉƌĞŵŝƵŵΘ ĂƐĐĞƌƚĂŝŶĞĚƌĞůŝĂďůLJĂŶĚĂƚƌĞĂůŝnjĂďůĞǀĂůƵĞƚŚĞƌĞĂŌĞƌ͘ ƌĞŶƚĞƚĐ͘ǁŝůůďĞƐƉůŝƚďĞƚǁĞĞŶWƌŽũĞĐƚdžƉĞŶƐĞƐĂŶĚ ^ŝƚĞ ŵŽďŝůŝnjĂƟŽŶ ĞdžƉĞŶĚŝƚƵƌĞ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ŶŽƚ ŽƌƉŽƌĂƚĞ KĸĐĞ džƉĞŶƐĞƐ ŝŶ ƌĂƟŽ ŽĨ ϳϱй ĂŶĚ Ϯϱй ǁƌŝƩĞŶŽīǀĂůƵĞĚĂƚĐŽƐƚ͘ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ϳϱй WƌŽũĞĐƚ džƉĞŶƐĞƐ ĂƌĞ ĞƋƵĂůůLJ ĚŝƐƚƌŝďƵƚĞĚĂŵŽŶŐƚŚĞŶƵŵďĞƌŽĨ^ƚĂƟŽŶƐ͘ ;ďͿ KƚŚĞƌƐ

 /ŶƚĂŶŐŝďůĞƐĂƌĞĂŵŽƌƟƐĞĚŽŶĂƐLJƐƚĞŵĂƟĐďĂƐŝƐŽǀĞƌ ;ŝͿ /ŶŽƐƚWůƵƐĐŽŶƚƌĂĐƚƐ͕ƚŚĞĐŽƐƚŽĨĂůůŵĂƚĞƌŝĂůƐ͕ƐƉĂƌĞƐ ƚŚĞƌĞǀĞŶƵĞƉĂƩĞƌŶŝƚǁŝůůŐĞŶĞƌĂƚĞ͘dŚĞĞǀĂůƵĂƟŽŶŽĨ ĂŶĚƐƚŽƌĞƐŶŽƚƌĞŝŵďƵƌƐĂďůĞĂƐƉĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞ ƌĞĐŽǀĞƌĂďŝůŝƚLJŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝƐĚŽŶĞƉĞƌŝŽĚŝĐĂůůLJ ĐŽŶƚƌĂĐƚ ŝƐ ƐŚŽǁŶ ĂƐ ŝŶǀĞŶƚŽƌLJ ǀĂůƵĞĚ ĂƐ ƉĞƌ ;///Ϳ ďLJƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚĞǀĞŶƚƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚ ďĞůŽǁ͘ ŵĂLJǁĂƌƌĂŶƚƌĞǀŝƐĞĚĞƐƟŵĂƚĞƐŽĨƵƐĞĨƵůůŝǀĞƐŽƌƚŚĂƚ ;ŝŝͿ /Ŷ /ƚĞŵ ZĂƚĞ ĂŶĚ >ƵŵƉ ^Ƶŵ dƵƌŶŬĞLJ ĐŽŶƚƌĂĐƚƐ͕ ƚŚĞ ŝŶĚŝĐĂƚĞƚŚĞĂƐƐĞƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘ ĐŽƐƚ ŽĨ Ăůů ŵĂƚĞƌŝĂůƐ͕ ƐƉĂƌĞƐ ;ŽƚŚĞƌ ƚŚĂŶ ĐĂƉŝƚĂůŝnjĞĚͿ dƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ ĂŶĚƐƚŽƌĞƐĂƌĞĐŚĂƌŐĞĚƚŽ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ŝŶƚŚĞLJĞĂƌŽĨƵƐĞ͘ KŶ ƚƌĂŶƐŝƟŽŶ ƚŽ /ŶĚ ^ ƚŚĞ ŐƌŽƵƉ ŚĂƐ ŽƉƚĞĚ ƚŽ ĐŽŶƟŶƵĞǁŝƚŚƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĂůůŽĨŝƚƐ/ŶƚĂŶŐŝďůĞ ;ŝŝŝͿ/ŶǀĞŶƚŽƌŝĞƐ ĂƌĞ ǀĂůƵĞĚ Ăƚ ůŽǁĞƌ ŽĨ ƚŚĞ ĐŽƐƚ ĂƌƌŝǀĞĚ ĂƐƐĞƚƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ Ăƚ ϭƐƚ Ɖƌŝů ϮϬϭϱ ŵĞĂƐƵƌĞĚ ĂƐ ĂƚŽŶ&ŝƌƐƚŝŶ&ŝƌƐƚŽƵƚ;&/&KͿďĂƐŝƐĂŶĚŶĞƚƌĞĂůŝnjĂďůĞ ƉĞƌƚŚĞƉƌĞǀŝŽƵƐ'WĂŶĚƵƐĞƚŚĂƚĐĂƌƌLJŝŶŐǀĂůƵĞĂƐ ǀĂůƵĞ͘ ĚĞĞŵĞĚĐŽƐƚŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͘ ;ŝǀͿ>ŽŽƐĞƚŽŽůƐĂƌĞĞdžƉĞŶƐĞĚŝŶƚŚĞLJĞĂƌŽĨƉƵƌĐŚĂƐĞ͘ ;ǀŝŝͿ͘/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐ (ix) Cash and Cash ƋƵŝǀĂůĞŶƚƐ ĂͿ /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJĐŽŵƉƌŝƐĞƐĐŽŵƉůĞƚĞĚƉƌŽƉĞƌƚLJ͕  ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚ ŝŶ ƚŚĞ ĂůĂŶĐĞ ƐŚĞĞƚ ƉƌŽƉĞƌƚLJƵŶĚĞƌĐŽŶƐƚƌƵĐƟŽŶĂŶĚƉƌŽƉĞƌƚLJŚĞůĚƵŶĚĞƌ ĐŽŵƉƌŝƐĞŽĨĐĂƐŚĂƚďĂŶŬ͕ĐĂƐŚŝŶŚĂŶĚ͕ŽƚŚĞƌƐŚŽƌƚ Ă ĮŶĂŶĐĞ ůĞĂƐĞ ƚŚĂƚ ŝƐ ŚĞůĚ ƚŽ ĞĂƌŶ ƌĞŶƚĂůƐ Žƌ ĨŽƌ ƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐǁŝƚŚĂŶŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨ ĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƟŽŶŽƌďŽƚŚ͕ƌĂƚŚĞƌƚŚĂŶĨŽƌƐĂůĞŝŶƚŚĞ ƚŚƌĞĞ ŵŽŶƚŚƐ Žƌ ůĞƐƐ ĂŶĚ ŚŝŐŚůLJ ůŝƋƵŝĚ ŝŶǀĞƐƚŵĞŶƚƐ͕ ŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐŽƌĨŽƌƵƐĞŝŶƉƌŽĚƵĐƟŽŶŽƌ ƚŚĂƚĂƌĞƌĞĂĚŝůLJĐŽŶǀĞƌƟďůĞƚŽŬŶŽǁŶĂŵŽƵŶƚŽĨĐĂƐŚ ĂĚŵŝŶŝƐƚƌĂƟǀĞĨƵŶĐƟŽŶƐ͘ ĂŶĚǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽŝŶƐŝŐŶŝĮĐĂŶƚƌŝƐŬŽĨĐŚĂŶŐĞƐ ďͿ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƟĞƐ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ͕ ŶĞƚ ŝŶǀĂůƵĞĂŶĚĂŶŬŽǀĞƌĚƌĂŌ͘

216 | ANNUAL REPORT ϮϬϭϲͳϭϳ  &ŽƌƚŚĞƉƵƌƉŽƐĞŽĨƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁ͕ĐĂƐŚĂŶĚ ii) ƉƌŽďĂďůĞŽƵƞůŽǁŽĨƌĞƐŽƵƌĐĞƐŝƐĞdžƉĞĐƚĞĚƚŽƐĞƩůĞ ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĐŽŶƐŝƐƚŽĨĐĂƐŚĂŶĚƐŚŽƌƚƚĞƌŵďĂŶŬ ƚŚĞŽďůŝŐĂƟŽŶĂŶĚ ĚĞƉŽƐŝƚƐ ĞƚĐ͕͘ ĂƐ ĚĞĮŶĞĚ ĂďŽǀĞ͕ ŶĞƚ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ iii)  ƌĞůŝĂďůĞ ĞƐƟŵĂƚĞ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽďůŝŐĂƟŽŶ ďĂŶŬ ŽǀĞƌĚƌĂŌƐ ƐŝŶĐĞ ƚŚĞLJ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ŝŶƚĞŐƌĂů ĐĂŶďĞŵĂĚĞ͘ ƉĂƌƚŽĨƚŚĞŐƌŽƵƉ͛ƐĐĂƐŚŵĂŶĂŐĞŵĞŶƚ͘͟

(x) Government Grant  ZĞŝŵďƵƌƐĞŵĞŶƚŽĨƚŚĞĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞĚƚŽƐĞƩůĞ ĂƉƌŽǀŝƐŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚĂƐƉĞƌĐŽŶƚƌĂĐƚƉƌŽǀŝƐŝŽŶƐŽƌ 'ƌĂŶƚĨƌŽŵƚŚĞŐŽǀĞƌŶŵĞŶƚĂƌĞƌĞĐŽŐŶŝnjĞĚĂƚƚŚĞŝƌĨĂŝƌ ǁŚĞŶ ŝƚ ŝƐ ǀŝƌƚƵĂůůLJ ĐĞƌƚĂŝŶ ƚŚĂƚ ƌĞŝŵďƵƌƐĞŵĞŶƚ ǁŝůů ǀĂůƵĞǁŚĞƌĞƚŚĞƌĞŝƐĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ ďĞƌĞĐĞŝǀĞĚ͘WƌŽǀŝƐŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚĞĂĐŚĂůĂŶĐĞ ŐƌĂŶƚǁŝůůďĞƌĞĐĞŝǀĞĚĂŶĚƚŚĞƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ ^ŚĞĞƚĚĂƚĞ͘ ǁŝůůĐŽŵƉůLJǁŝƚŚĂůůĂƩĂĐŚĞĚĐŽŶĚŝƟŽŶƐ͘'ŽǀĞƌŶŵĞŶƚ Ͳ ŝƐĐŽƵŶƟŶŐŽĨWƌŽǀŝƐŝŽŶƐ ŐƌĂŶƚƌĞůĂƟŶŐƚŽŝŶĐŽŵĞĂƌĞĚĞĨĞƌƌĞĚĂŶĚƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ƉƌŽĮƚ Žƌ ůŽƐƐ ŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚ ŶĞĐĞƐƐĂƌLJ ƚŽ WƌŽǀŝƐŝŽŶ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ƉĞƌ ĂďŽǀĞ ƉŽŝŶƚ Ă͕ ď ĂŶĚ ŵĂƚĐŚ ƚŚĞŵ ǁŝƚŚ ƚŚĞ ĐŽƐƚƐ ƚŚĂƚ ƚŚĞƌĞ ŝŶƚĞŶĚĞĚ ƚŽ Đ ǁŚŝĐŚ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƐĞƩůĞĚ ďĞLJŽŶĚ ϭϮ ŵŽŶƚŚƐ ĐŽŵƉĞŶƐĂƚĞĂŶĚƉƌĞƐĞŶƚĞĚǁŝƚŚŝŶĐŽŶƚƌĂĐƚƌĞǀĞŶƵĞ͘ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ďLJ ƵƐŝŶŐ ƉƌĞƚĂdž (xi) Provisions ĚŝƐĐŽƵŶƚ ƌĂƚĞ ƚŚĂƚ ƌĞŇĞĐƚƐ ƚŚĞ ƌŝƐŬƐ ƐƉĞĐŝĮĐ ƚŽ ƚŚĞ ůŝĂďŝůŝƚLJ͘ dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ĚƵĞ ƚŽ ƚŚĞ A- Provision for Maintenance ƉĂƐƐĂŐĞŽĨƟŵĞŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞƐ͘

ĂͿ /ŶŽƐƚWůƵƐĐŽŶƚƌĂĐƚ͕ŶŽƉƌŽǀŝƐŝŽŶĨŽƌŵĂŝŶƚĞŶĂŶĐĞŝƐ (xii)Revenue ZĞĐŽŐŶŝƟŽŶ ƌĞƋƵŝƌĞĚƚŽďĞŵĂĚĞǁŚĞƌĞĐŽƐƚŝƐƌĞŝŵďƵƌƐĂďůĞ͘ ;ĂͿ ŽŶƚƌĂĐƚZĞǀĞŶƵĞZĞĐŽŐŶŝƟŽŶ ďͿ /ƚĞŵZĂƚĞĂŶĚ>ƵŵƉ^ƵŵƚƵƌŶŬĞLJĐŽŶƚƌĂĐƚƐ͕ƉƌŽǀŝƐŝŽŶŝƐ  ŽŶƚƌĂĐƚƌĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ ŵĂĚĞĨŽƌŵĂŝŶƚĞŶĂŶĐĞƚŽĐŽǀĞƌŐƌŽƵƉ͛ƐůŝĂďŝůŝƚLJĚƵƌŝŶŐ ĐŽŶƐŝĚĞƌĂƟŽŶ ƌĞĐĞŝǀĞĚ Žƌ ƌĞĐĞŝǀĂďůĞ ƌĞĐŽŐŶŝnjĞĚ ƚŽ ĚĞĨĞĐƚůŝĂďŝůŝƚLJƉĞƌŝŽĚŬĞĞƉŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶƚŚĞ ƚŚĞĞdžƚĞŶƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐ ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƟŽŶƐ͕ ƚŚĞ ŽďůŝŐĂƟŽŶƐ ŽĨ ƚŚĞ ƐƵďͲ ǁŝůůŇŽǁƚŽƚŚĞŐƌŽƵƉĂŶĚƚŚĞƌĞǀĞŶƵĞĐĂŶďĞƌĞůŝĂďůLJ ĐŽŶƚƌĂĐƚŽƌƐ͕ ŽƉĞƌĂƟŶŐ ƚƵƌŶŽǀĞƌ ĂŶĚ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ŵĞĂƐƵƌĞĚ͘ ĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ĐŽŶƚƌĂĐƚ͕ ĨĂĐƚŽƌƐ͘ ƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚĂƐƵŶĚĞƌͲ ĐͿ WƌŽǀŝƐŝŽŶ ĨŽƌ ƵŶĨŽƌĞƐĞĞŶ ĞdžƉĞŶĚŝƚƵƌĞ ĚƵƌŝŶŐ ĚĞƐŝŐŶ ;ŝͿ /Ŷ ĐŽƐƚ ƉůƵƐ ĐŽŶƚƌĂĐƚƐ͕ ƌĞǀĞŶƵĞ ŝƐ ǁŽƌŬĞĚ ŽƵƚ ďLJ ŐƵĂƌĂŶƚĞĞƉĞƌŝŽĚŝƐŵĂĚĞďĂƐĞĚŽŶƌŝƐŬƉĞƌĐĞƉƟŽŶŽĨ ŝŶĐůƵĚŝŶŐ ĞůŝŐŝďůĞ ŝƚĞŵƐ ŽĨ ĞdžƉĞŶĚŝƚƵƌĞ ŝŶ ƚŚĞ ďŝůůƐ ŵĂŶĂŐĞŵĞŶƚŝŶĞĂĐŚĐŽŶƚƌĂĐƚĂƐƐĞƐƐĞĚĂƚƚŚĞĞŶĚŽĨ ƌĂŝƐĞĚ ŽŶ ƚŚĞ ĐůŝĞŶƚƐ ĂŶĚ ĐŚĂƌŐŝŶŐ ƐƉĞĐŝĮĞĚ ŵĂƌŐŝŶ ĞĂĐŚĮŶĂŶĐŝĂůLJĞĂƌ͘dŚŝƐƐŚĂůů͕ŚŽǁĞǀĞƌ͕ďĞƐƵďũĞĐƚƚŽĂ ƚŚĞƌĞŽŶ͘ ŵŝŶŝŵƵŵŽĨZƐ͘ϱϬůĂŬŚƐĂŶĚŵĂdžŝŵƵŵŽĨƚŚĞĂŵŽƵŶƚ ŽĨĞƐŝŐŶŐƵĂƌĂŶƚĞĞƐƉĞĐŝĮĞĚŝŶŽŶƚƌĂĐƚŐƌĞĞŵĞŶƚ ;ŝŝͿ /ŶĮdžĞĚƉƌŝĐĞĐŽŶƚƌĂĐƚƐ͕ƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚƵƐŝŶŐƚŚĞ ǁŝƚŚƚŚĞůŝĞŶƚ͘ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƟŽŶ ŵĞƚŚŽĚ͘ dŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨĐŽŵƉůĞƟŽŶŝƐĚĞƚĞƌŵŝŶĞĚĂƐĂƉƌŽƉŽƌƟŽŶŽĨĐŽƐƚ B- WƌŽǀŝƐŝŽŶĨŽƌĞŵŽďŝůŝnjĂƟŽŶ ŝŶĐƵƌƌĞĚŽĨǁŽƌŬĐĞƌƟĮĞĚƵƉƚŽƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞƚŽ WƌŽǀŝƐŝŽŶĨŽƌĚĞŵŽďŝůŝnjĂƟŽŶƚŽŵĞĞƚƚŚĞĞdžƉĞŶĚŝƚƵƌĞ ƚŚĞƚŽƚĂůĞƐƟŵĂƚĞĚĐŽƐƚŽĨƚŚĞĐŽŶƚƌĂĐƚ͘&ƵůůƉƌŽǀŝƐŝŽŶ ƚŽǁĂƌĚƐ ĚĞŵŽďŝůŝƐĂƟŽŶ ŽĨ DĂŶƉŽǁĞƌ ĂŶĚ WůĂŶƚ Θ ŝƐ ŵĂĚĞ ĨŽƌ ĂŶLJ ůŽƐƐ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ŝƚ ŝƐ ƋƵŝƉŵĞŶƚŝƐŵĂĚĞŝŶĨŽƌĞŝŐŶƉƌŽũĞĐƚƐ͘ ĨŽƌĞƐĞĞŶ͘

C- Others ;ŝŝŝͿůĂŝŵƐͬƌďŝƚƌĂƟŽŶǁĂƌĚƐ;ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚƚŚĞƌĞŽŶͿ ǁŚŝĐŚĂƌĞŐƌĂŶƚĞĚŝŶĨĂǀŽƵƌŽĨƚŚĞŐƌŽƵƉ͕ďĞŝŶŐŝŶƚŚĞ WƌŽǀŝƐŝŽŶŝƐƌĞĐŽŐŶŝnjĞĚǁŚĞŶ͗ ŶĂƚƵƌĞŽĨĂĚĚŝƟŽŶĂůĐŽŵƉĞŶƐĂƟŽŶƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨ i) dŚĞŐƌŽƵƉŚĂƐĂƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶĂƐĂƌĞƐƵůƚŽĨĂƉĂƐƚ ƚŚĞĐŽŶƚƌĂĐƚĂƌĞĂĐĐŽƵŶƚĞĚĂƐĐŽŶƚƌĂĐƚƌĞǀĞŶƵĞǁŚĞŶ ĞǀĞŶƚ͕ ƚŚĞLJĂƌĞŐƌĂŶƚĞĚĂŶĚǁŚĞƌĞŝƚŝƐĐĞƌƚĂŝŶƚŽƌĞĂůŝnjĞƚŚĞ ĐŽůůĞĐƟŽŶŽĨƐƵĐŚĐůĂŝŵƐͬĂǁĂƌĚƐ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ217 ;ŝǀͿZĞǀĞŶƵĞĚŽĞƐŶŽƚŝŶĐůƵĚĞ^ĂůĞƐdĂdžͬsdͬtdͬ^ĞƌǀŝĐĞ ďLJƚŚĞĞŶĚŽĨƚŚĞůĞĂƐĞƚĞƌŵ͕ƚŚĞĂƐƐĞƚŝƐĚĞƉƌĞĐŝĂƚĞĚ dĂdžĞƚĐ͘ ŽǀĞƌ ƚŚĞ ƐŚŽƌƚĞƌ ŽĨ ƚŚĞ ĞƐƟŵĂƚĞĚ ƵƐĞĨƵů ůŝĨĞ ŽĨ ƚŚĞ ĂƐƐĞƚĂŶĚƚŚĞůĞĂƐĞƚĞƌŵ͘ ;ďͿ ŽŶƐƚƌƵĐƟŽŶ ĐŽŶƚƌĂĐƚ ƌĞǀĞŶƵĞ ƵŶĚĞƌ ƐĞƌǀŝĐĞ concession arrangement KƉĞƌĂƟŶŐ>ĞĂƐĞ͗

 ZĞǀĞŶƵĞƌĞůĂƚĞĚƚŽĐŽŶƐƚƌƵĐƟŽŶŽƌƵƉŐƌĂĚĞƐĞƌǀŝĐĞƐ ;ŝͿ ŝƐ ĐůĂƐƐŝĮĞĚ ĂƐ ŽƉĞƌĂƟŶŐ ůĞĂƐĞ ǁŚĞŶ ƐŝŐŶŝĮĐĂŶƚ ƵŶĚĞƌĂƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂƌƌĂŶŐĞŵĞŶƚŽĨƐƵďƐŝĚŝĂƌLJ ƉŽƌƟŽŶŽĨƚŚĞƌŝƐŬĂŶĚƌĞǁĂƌĚƐĂƌĞŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽ ĐŽŵƉĂŶŝĞƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƐƚĂŐĞ ŽĨ ƚŚĞŐƌŽƵƉ͘ ĐŽŵƉůĞƟŽŶŽĨƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚ͕ǁŚĞŶƚŚĞŽƵƚĐŽŵĞ ŽĨĐŽŶƐƚƌƵĐƟŽŶĐŽŶƚƌĂĐƚĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͕ĂŶĚ ;ŝŝͿ ƉĂLJŵĞŶƚ ĂƌĞ ĐŚĂƌŐĞĚ ƚŽ ƉƌŽĮƚ ĂŶĚ ůŽƐƐ ŽŶ ƐƚƌĂŝŐŚƚͲ ǁŚĞƌĞƚŚĞŽƵƚĐŽŵĞŽĨĐŽŶƐƚƌƵĐƟŽŶĐŽŶƚƌĂĐƚĐĂŶŶŽƚ ůŝŶĞ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ ĞdžĐĞƉƚ ǁŚĞƌĞ ůĞĂƐĞ ďĞ ŵĞĂƐƵƌĞĚ ƌĞůŝĂďůLJ ƌĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŽŶůLJ ƚŽ ƉĂLJŵĞŶƚ ĂƌĞ ƐƚƌƵĐƚƵƌĞĚ ƚŽ ŝŶĐƌĞĂƐĞ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞĞdžƚĞŶƚŽĨĐŽŶƚƌĂĐƚĐŽƐƚŝŶĐƵƌƌĞĚƚŚĂƚŝƐƉƌŽďĂďůĞ ĞdžƉĞĐƚĞĚ ŐĞŶĞƌĂů ŝŶŇĂƟŽŶ ƚŽ ĐŽŵƉĞŶƐĂƚĞ ĨŽƌ ƚŚĞ ǁŝůůďĞƌĞĐŽǀĞƌĂďůĞ͘ ĞdžƉĞĐƚĞĚŝŶŇĂƟŽŶĂƌLJĐŽƐƚŝŶĐƌĞĂƐĞ͘

;ĐͿ dŽůů&ĞĞ ďͿ 'ƌŽƵƉĂƐĂůĞƐƐŽƌ

dŽůů &ĞĞ ĐŽůůĞĐƟŽŶ ĨƌŽŵ ƚŚĞ ƵƐĞƌƐ ŽĨ ĨĂĐŝůŝƚLJ ŝƐ &ŝŶĂŶĐĞ>ĞĂƐĞ͗ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĂŶĚ ǁŚĞŶ ƚŚĞ ĂŵŽƵŶƚ ŝƐ ĚƵĞ ĂŶĚ ;ŝͿ ŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶƐƵďƐƚĂŶƟĂůůLJĂůůŽĨƚŚĞƌŝƐŬƐĂŶĚ ƌĞĐŽǀĞƌLJŝƐĐĞƌƚĂŝŶ͘ ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉƚƌĂŶƐĨĞƌĨƌŽŵƚŚĞŐƌŽƵƉƚŽƚŚĞ ĚͿ KƚŚĞƌZĞǀĞŶƵĞZĞĐŽŐŶŝƟŽŶ ůĞƐƐĞĞ͘

;ŝͿ ŝǀŝĚĞŶĚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ǁŚĞŶ ƚŚĞ ƌŝŐŚƚ ƚŽ ;ŝŝͿ WĂLJŵĞŶƚ ĚƵĞ ĂƌĞ ƌĞĐŽƌĚĞĚ ĂƐ ƌĞĐĞŝǀĂďůĞƐ Ăƚ ƚŚĞ ƌĞĐĞŝǀĞƉĂLJŵĞŶƚŝƐĞƐƚĂďůŝƐŚĞĚ͘ ŐƌŽƵƉ͛Ɛ ŶĞƚ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƚŚĞ ůĞĂƐĞƐ͘ &ŝŶĂŶĐĞ ůĞĂƐĞ ŝŶĐŽŵĞ ŝƐ ĂůůŽĐĂƚĞĚ ƚŽ ĂĐĐŽƵŶƟŶŐ ƉĞƌŝŽĚƐ ƐŽ ĂƐ ƚŽ ;ŝŝͿ /ŶƚĞƌĞƐƚŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝnjĞĚƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞ ƌĞŇĞĐƚĂĐŽŶƐƚĂŶƚƉĞƌŝŽĚŝĐƌĂƚĞŽĨƌĞƚƵƌŶŽŶƚŚĞŶĞƚ ĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐĂŶĚƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉůŝĐĂďůĞ ŝŶǀĞƐƚŵĞŶƚŽƵƚƐƚĂŶĚŝŶŐŝŶƌĞƐƉĞĐƚŽĨƚŚĞůĞĂƐĞ͘ ƵƐŝŶŐīĞĐƟǀĞ/ŶƚĞƌĞƐƚƌĂƚĞDĞƚŚŽĚ͘ KƉĞƌĂƟŶŐ>ĞĂƐĞ͗ (xiii) Leases ;ŝͿ ĂƌĞƚŚĞůĞĂƐĞƐŝŶǁŚŝĐŚƚŚĞŐƌŽƵƉĚŽĞƐŶŽƚƚƌĂŶƐĨĞƌ ĂͿ 'ƌŽƵƉĂƐĂůĞƐƐĞĞ ƐƵďƐƚĂŶƟĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉƚŽ ƚŚĞůĞƐƐĞĞ͘  &ŝŶĂŶĐĞ>ĞĂƐĞ͗ ;ŝŝͿ ŝŶĐŽŵĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐŝŶĐŽŵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚ ;ŝͿ ƚŚĂƚƚƌĂŶƐĨĞƌƐƐƵďƐƚĂŶƟĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐ ŽĨƉƌŽĮƚΘůŽƐƐŽŶƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞůĞĂƐĞ ŝŶĐŝĚĞŶƚĂůƚŽŽǁŶĞƌƐŚŝƉŽĨĂŶĂƐƐĞƚ ƚĞƌŵ ĞdžĐĞƉƚ ǁŚĞƌĞ ůĞĂƐĞ ƉĂLJŵĞŶƚ ĂƌĞ ƐƚƌƵĐƚƵƌĞĚ ;ŝŝͿ ĂƌĞĐĂƉŝƚĂůŝƐĞĚĂƚůĞĂƐĞŝŶĐĞƉƟŽŶĂƚůŽǁĞƌŽĨĨĂŝƌǀĂůƵĞ ƚŽ ŝŶĐƌĞĂƐĞ ŝŶ ůŝŶĞ ǁŝƚŚ ĞdžƉĞĐƚĞĚ ŐĞŶĞƌĂů ŝŶŇĂƟŽŶ ŽƌƉƌĞƐĞŶƚǀĂůƵĞŽĨŵŝŶŝŵƵŵůĞĂƐĞƉĂLJŵĞŶƚ ƚŽ ĐŽŵƉĞŶƐĂƚĞ ĨŽƌ ƚŚĞ ĞdžƉĞĐƚĞĚ ŝŶŇĂƟŽŶĂƌLJ ĐŽƐƚ ŝŶĐƌĞĂƐĞ͘ ;ŝŝŝͿƉĂLJŵĞŶƚƐĂƌĞĂƉƉŽƌƟŽŶĞĚďĞƚǁĞĞŶĮŶĂŶĐĞĐŚĂƌŐĞƐ ĂŶĚƌĞĚƵĐƟŽŶŽĨƚŚĞůĞĂƐĞůŝĂďŝůŝƚLJƐŽĂƐƚŽĂĐŚŝĞǀĞĂ ;džŝǀͿ>ŝƋƵŝĚĂƚĞĚĂŵĂŐĞƐĂŶĚƐĐĂůĂƟŽŶƐ ĐŽŶƐƚĂŶƚƌĂƚĞŽĨŝŶƚĞƌĞƐƚŽŶƚŚĞƌĞŵĂŝŶŝŶŐďĂůĂŶĐĞŽĨ ;ŝͿ >ŝƋƵŝĚĂƚĞĚ ĚĂŵĂŐĞƐͬƉĞŶĂůƟĞƐ ;>Ϳ ĚƵĞ ƚŽ ĚĞůĂLJƐ ƚŚĞůŝĂďŝůŝƚLJ͘ ĂƌŝƐŝŶŐ ŽƵƚ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ŽďůŝŐĂƟŽŶƐ ĂŶĚ ;ŝǀͿ&ŝŶĂŶĐĞĐŚĂƌŐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶĮŶĂŶĐĞĐŽƐƚƐŝŶƚŚĞ ƉƌŽǀŝƐŝŽŶĂůůLJ ǁŝƚŚŚĞůĚ ĨƌŽŵ ĐŽŶƚƌĂĐƚŽƌƐͬƵŶĚĞƌ ƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͘ ĚŝƐƉƵƚĞ ĂƌĞ ĂĚũƵƐƚĞĚ ĂŐĂŝŶƐƚ ĐŽŶƚƌĂĐƚ ĐŽƐƚ ŽŶůLJ ŽŶ ĮŶĂůĚĞĐŝƐŝŽŶŝŶƚŚŝƐƌĞŐĂƌĚ͘,ŽǁĞǀĞƌ͕>ƌĞĐŽǀĞƌĞĚͬ ;ǀͿ ĞƉƌĞĐŝĂƚĞĚŽǀĞƌƚŚĞƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚ͘,ŽǁĞǀĞƌ͕ ǁŝƚŚŚĞůĚ ďLJ ĐůŝĞŶƚ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ŽŶ ƌĞĐŽǀĞƌLJͬ ŝĨƚŚĞƌĞŝƐŶŽƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJƚŽŽďƚĂŝŶŽǁŶĞƌƐŚŝƉ ǁŝƚŚŚŽůĚŝŶŐ Θ ĂĚũƵƐƚĞĚ ĂŐĂŝŶƐƚ ĐŽŶƚƌĂĐƚ ƌĞǀĞŶƵĞ͘

218 | ANNUAL REPORT ϮϬϭϲͳϭϳ WŽƐƐŝďůĞ>ŝƋƵŝĚĂƚĞĚĂŵĂŐĞƐŝŶĐĂƐĞƐǁŚĞƌĞĞdžƚĞŶƐŝŽŶ (xvii) Impairment of non-ĮŶĂŶĐŝĂů assets ŝƐŐƌĂŶƚĞĚďLJƚŚĞĐůŝĞŶƚƐƵďũĞĐƚƚŽƚŚĞŝƌƌŝŐŚƚĨŽƌůĞǀLJŽĨ ƉĞŶĂůƚLJŝƐƐŚŽǁŶĂƐĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƚLJ͘  Ŷ ĂƐƐĞƚ ŝƐ ƚƌĞĂƚĞĚ ĂƐ ŝŵƉĂŝƌĞĚ ǁŚĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĐŽƐƚ ŽĨ ĂƐƐĞƚƐ ĞdžĐĞĞĚƐ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ǀĂůƵĞ ĂŶĚ ;ŝŝͿ ƐĐĂůĂƟŽŶƌĞĐĞŝǀĂďůĞͬƉĂLJĂďůĞŝƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐƉĞƌ ŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĐŚĂƌŐĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ƐĐĂůĂƟŽŶƌĞĐĞŝǀĂďůĞ Θ>ŽƐƐŝŶƚŚĞLJĞĂƌŝŶǁŚŝĐŚĂŶĂƐƐĞƚŝƐŝĚĞŶƟĮĞĚĂƐ ďƵƚŶŽƚĐĞƌƟĮĞĚďĞĨŽƌĞĐůŽƐĞŽĨƉƌŽũĞĐƚĂĐĐŽƵŶƚƐŝƐ ŝŵƉĂŝƌĞĚ͘dŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŝƐ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ŝŶĐůƵĚĞĚŝŶǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ͘ ĂŶĂƐƐĞƚ͛ƐĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐŽĨĚŝƐƉŽƐĂůĂŶĚǀĂůƵĞ ŝŶ ƵƐĞ͘ ƚ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ĚĂƚĞ ŐƌŽƵƉ ĂƐƐĞƐƐĞƐ ƚŚĞ (xv). ZĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚdžƉĞŶƐĞƐ ĞƐƟŵĂƚĞĂŵŽƵŶƚŽĨŝŵƉĂŝƌŵĞŶƚůŽƐƐ͘dŚĞŝŵƉĂŝƌŵĞŶƚ ϭ͘ ZĞƐĞĂƌĐŚĐŽƐƚƐĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘ ůŽƐƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŝŽƌ ĂĐĐŽƵŶƟŶŐ ƉĞƌŝŽĚƐ ŝƐ ƌĞǀĞƌƐĞĚŝĨƚŚĞƌĞŚĂƐďĞĞŶĂĐŚĂŶŐĞŝŶƚŚĞĞƐƟŵĂƚĞ Ϯ͘ ĞǀĞůŽƉŵĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞƐ ŽŶ ĂŶ ŝŶĚŝǀŝĚƵĂů ƉƌŽũĞĐƚ ŽĨ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ĂŶĚ ƐƵĐŚ ůŽƐƐĞƐ ĞŝƚŚĞƌ ŶŽ ĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚǁŚĞŶƚŚĞ'ƌŽƵƉ ůŽŶŐĞƌĞdžŝƐƚƐŽƌŚĂƐĚĞĐƌĞĂƐĞĚ͘ZĞǀĞƌƐĂůŽĨŝŵƉĂŝƌĞĚ ĐĂŶĚĞŵŽŶƐƚƌĂƚĞ͗ ůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚΘ>ŽƐƐ͘͘ &ŽƌƚŚĞƉƵƌƉŽƐĞŽĨĂƐƐĞƐƐŝŶŐŝŵƉĂŝƌŵĞŶƚ͕ĂƐƐĞƚƐƚŚĂƚ ͻ dŚĞƚĞĐŚŶŝĐĂůĨĞĂƐŝďŝůŝƚLJŽĨĐŽŵƉůĞƟŶŐƚŚĞŝŶƚĂŶŐŝďůĞ ĐĂŶŶŽƚ ďĞ ƚĞƐƚĞĚ ŝŶĚŝǀŝĚƵĂůůLJ ĂƌĞ ŐƌŽƵƉĞĚ ŝŶ ƚŽ ƚŚĞ ĂƐƐĞƚƐŽƚŚĂƚƚŚĞĂƐƐĞƚǁŝůůďĞĂǀĂŝůĂďůĞĨŽƌƵƐĞŽƌƐĂůĞ ƐŵĂůůĞƐƚŐƌŽƵƉŽĨĂƐƐĞƚƐƚŚĂƚŐĞŶĞƌĂƚĞƐĐĂƐŚŝŶŇŽǁƐ ͻ /ƚƐŝŶƚĞŶƟŽŶƚŽĐŽŵƉůĞƚĞĂŶĚŝƚƐĂďŝůŝƚLJĂŶĚŝŶƚĞŶƟŽŶ ĨƌŽŵĐŽŶƟŶƵŝŶŐƵƐĞƚŚĂƚĂƌĞůĂƌŐĞůLJŝŶĚĞƉĞŶĚĞŶƚŽĨ ƚŽƵƐĞŽƌƐĞůůƚŚĞĂƐƐĞƚ ƚŚĞĐĂƐŚŝŶĨŽǁƐĨƌŽŵŽƚŚĞƌĂƐƐĞƚƐŽƌŐƌŽƵƉŽĨĂƐƐĞƚƐ ;ƚŚĞĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚƐͿ͘ ͻ ,ŽǁƚŚĞĂƐƐĞƚǁŝůůŐĞŶĞƌĂƚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐ ;džǀŝŝŝͿŽƌƌŽǁŝŶŐŽƐƚ ͻ dŚĞĂǀĂŝůĂďŝůŝƚLJŽĨƌĞƐŽƵƌĐĞƐƚŽĐŽŵƉůĞƚĞƚŚĞĂƐƐĞƚ ŽƌƌŽǁŝŶŐ ĐŽƐƚ ŝŶ ŽƌĚŝŶĂƌLJ ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ ĂƌĞ ͻ dŚĞĂďŝůŝƚLJƚŽŵĞĂƐƵƌĞƌĞůŝĂďůLJƚŚĞĞdžƉĞŶĚŝƚƵƌĞĚƵƌŝŶŐ ƌĞĐŽŐŶŝnjĞĚĂƐĞdžƉĞŶƐĞŽĨƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌĞ ĚĞǀĞůŽƉŵĞŶƚ ŝŶĐƵƌƌĞĚ͘ŽƌƌŽǁŝŶŐĐŽƐƚƚŚĂƚŝƐĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞƚŽ  &ŽůůŽǁŝŶŐ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂĐƋƵŝƐŝƟŽŶ͕ĐŽŶƐƚƌƵĐƟŽŶŽƌƉƌŽĚƵĐƟŽŶŽĨĂƋƵĂůŝĨLJŝŶŐ ĞdžƉĞŶĚŝƚƵƌĞĂƐĂŶĂƐƐĞƚ͕ƚŚĞĂƐƐĞƚŝƐĐĂƌƌŝĞĚĂƚĐŽƐƚ ĂƐƐĞƚŝƐĐĂƉŝƚĂůŝnjĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨƐƵĐŚĂƐƐĞƚƐ ůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƟƐĂƟŽŶĂŶĚĂĐĐƵŵƵůĂƚĞĚ ƵƉƚŽƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚŽĨĐŽŵŵĞƌĐŝĂůŽƉĞƌĂƟŽŶƐ͘ ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ŵŽƌƟƐĂƟŽŶŽĨƚŚĞĂƐƐĞƚďĞŐŝŶƐ ;džŝdžͿŵƉůŽLJĞĞĞŶĞĮƚƐ ǁŚĞŶ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ĐŽŵƉůĞƚĞ ĂŶĚ ƚŚĞ ĂƐƐĞƚ ŝƐ ĂǀĂŝůĂďůĞ ĨŽƌ ƵƐĞ͘ /ƚ ŝƐ ĂŵŽƌƟƐĞĚ ŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ĂͿ ^ŚŽƌƚdĞƌŵŵƉůŽLJĞĞĞŶĞĮƚƐ ĞdžƉĞĐƚĞĚ ĨƵƚƵƌĞ ďĞŶĞĮƚ͘ ŵŽƌƟƐĂƟŽŶ ĞdžƉĞŶƐĞ ŝƐ  dŚĞ ƵŶĚŝƐĐŽƵŶƚĞĚ ĂŵŽƵŶƚ ŽĨ ƐŚŽƌƚ ƚĞƌŵ ĞŵƉůŽLJĞĞ ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐƵŶůĞƐƐ ďĞŶĞĮƚƐĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚ ƐƵĐŚ ĞdžƉĞŶĚŝƚƵƌĞ ĨŽƌŵƐ ƉĂƌƚ ŽĨ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĂŶĞdžƉĞŶƐĞĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚǁŚĞŶ ĂŶŽƚŚĞƌĂƐƐĞƚ͘ ƚŚĞĞŵƉůŽLJĞĞƐƌĞŶĚĞƌƚŚĞƐĞƌǀŝĐĞƐ͘  ƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞĂƐƐĞƚŝƐƚĞƐƚĞĚ ďͿ WŽƐƚͲĞŵƉůŽLJŵĞŶƚ ďĞŶĞĮƚƐ Θ ŽƚŚĞƌ >ŽŶŐ dĞƌŵ ĨŽƌŝŵƉĂŝƌŵĞŶƚĂŶŶƵĂůůLJ͘ ŵƉůŽLJĞĞĞŶĞĮƚƐ (xvi) DŽďŝůŝnjĂƟŽŶdžƉĞŶƐĞƐ ;ŝͿ ZĞƟƌĞŵĞŶƚďĞŶĞĮƚƐŝŶƚŚĞĨŽƌŵŽĨƉƌŽǀŝĚĞŶƚĨƵŶĚĂŶĚ  dŚĞ ŝŶŝƟĂů ĐŽŶƚƌĂĐƚ ĞdžƉĞŶƐĞƐ ŽŶ ŶĞǁ ƉƌŽũĞĐƚƐ ĨŽƌ ƉĞŶƐŝŽŶĨƵŶĚĂƌĞĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƐĐŚĞŵĞƐ͘dŚĞ ŵŽďŝůŝƐĂƟŽŶǁŝůůďĞƌĞĐŽŐŶŝƐĞĚĂƐĐŽŶƐƚƌƵĐƟŽŶǁŽƌŬ ĐŽŶƚƌŝďƵƟŽŶƐƚŽƚŚĞƉƌŽǀŝĚĞŶƚĨƵŶĚƚƌƵƐƚĂŶĚƉĞŶƐŝŽŶ ŝŶ ƉƌŽŐƌĞƐƐ ŝŶ ƚŚĞ LJĞĂƌ ŽĨ ŝŶĐŝĚĞŶĐĞ͕ ĂŶĚ ƉƌŽ ƌĂƚĂ ƚƌƵƐƚĂƌĞĐŚĂƌŐĞĚƚŽƚŚĞƐƚĂƚĞŵĞŶƚƚŽƚŚĞWƌŽĮƚĂŶĚ ĐŚĂƌŐĞĚŽīƚŽƚŚĞƉƌŽũĞĐƚŽǀĞƌƚŚĞLJĞĂƌƐĂƚƚŚĞƐĂŵĞ ůŽƐƐĨŽƌƚŚĞLJĞĂƌǁŚĞŶƚŚĞĐŽŶƚƌŝďƵƟŽŶƐĂƌĞĚƵĞ͘ ƉĞƌĐĞŶƚĂŐĞĂƐƚŚĞƐƚĂŐĞŽĨĐŽŵƉůĞƟŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ ;ŝŝͿ dŚĞ'ƌŽƵƉŚĂƐĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐůŝŬĞ'ƌĂƚƵŝƚLJ͕>d ĂƐĂƚƚŚĞĞŶĚŽĨĮŶĂŶĐŝĂůLJĞĂƌ͘ ĂŶĚŽƚŚĞƌƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ219 ;ŝŝŝͿdŚĞ'ƌŽƵƉŚĂƐĐƌĞĂƚĞĚĂdƌƵƐƚĨŽƌ'ƌĂƚƵŝƚLJ͘dŚĞĐŽƐƚ ƌĞĐŽŐŶŝnjĞĚ ĨŽƌ ƚĞŵƉŽƌĂƌLJ ĚŝīĞƌĞŶĐĞƐ ǁŚŝĐŚ ŝƐ ŽĨ ƉƌŽǀŝĚŝŶŐ ďĞŶĞĮƚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ĐŽŵƉƵƚĞĚ ƵƐŝŶŐ ƚŚĞ ƚĂdž ƌĂƚĞƐ ĂŶĚ ƚĂdž ůĂǁƐ ƚŚĂƚ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ ƵƐŝŶŐ ƚŚĞ ƉƌŽũĞĐƚĞĚ ƵŶŝƚ ĐƌĞĚŝƚ ŚĂǀĞ ďĞĞŶ ĞŶĂĐƚĞĚ Žƌ ƐƵďƐƚĂŶƟǀĞůLJ ĞŶĂĐƚĞĚ Ăƚ ƚŚĞ ŵĞƚŚŽĚ Ăƚ ĞĂĐŚ LJĞĂƌͲĞŶĚ ĂŶĚ ŝƐ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ƌĞƉŽƌƟŶŐĚĂƚĞ͘ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚΘ>ŽƐƐ͘ ŝŝŝ͘ ĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdž ĂƐƐĞƚ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ƚŽ ƚŚĞ ;ŝǀͿWƌŽǀŝƐŝŽŶ ĨŽƌ ĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶƐ ŝƐ ŵĂĚĞ ďĂƐĞĚ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚĂdžĂďůĞ ƉƌŽĮƚ ǁŝůů ďĞ ŽŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶĂƚƚŚĞLJĞĂƌĞŶĚĂŶĚĐƚƵĂƌŝĂů ĂǀĂŝůĂďůĞ ĂŐĂŝŶƐƚ ǁŚŝĐŚ ƚŚĞ ĚĞĚƵĐƟďůĞ ƚĞŵƉŽƌĂƌLJ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ƚŚƌŽƵŐŚ KƚŚĞƌ ĚŝīĞƌĞŶĐĞƐ͕ ĂŶĚ ƚŚĞ ĐĂƌƌLJ ĨŽƌǁĂƌĚ ŽĨ ƵŶƵƐĞĚ ƚĂdž ŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘ ĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĐĂŶďĞƵƟůŝnjĞĚ͘

;ǀͿ WŽƐƚͲƌĞƟƌĞŵĞŶƚ DĞĚŝĐĂů ďĞŶĞĮƚƐ ĂƌĞ ŵĂĚĞ ďĂƐĞĚ ŝǀ͘ dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐŝƐ ŽŶ ĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ Žƌ ĂŵŽƵŶƚ ĂǀĂŝůĂďůĞ ĨŽƌ ƌĞǀŝĞǁĞĚĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞĂŶĚƌĞĚƵĐĞĚƚŽƚŚĞ ĐŽŶƚƌŝďƵƟŽŶ͕ǁŚŝĐŚĞǀĞƌŝƐůĞƐƐ͘ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽ ůŽŶŐĞƌ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĸĐŝĞŶƚ ƚĂdžĂďůĞƉƌŽĮƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨ ;ǀŝͿ KƚŚĞƌ ůŽŶŐ ƚĞƌŵ ĞŵƉůŽLJĞĞ ďĞŶĞĮƚ ŝŶĐůƵĚĞƐ ůĞĂǀĞ ƚŚĞĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƚŽďĞƵƟůŝnjĞĚ͘ ĞŶĐĂƐŚŵĞŶƚ͘ĐƚƵĂƌŝĂůŐĂŝŶƐŽƌůŽƐƐĞƐŽŶŽƚŚĞƌůŽŶŐ ƚĞƌŵ ĞŵƉůŽLJĞĞ ďĞŶĞĮƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ƚŚƌŽƵŐŚ ǀ͘ ĞĨĞƌƌĞĚ ƚĂdž ƌĞůĂƚĞĚ ƚŽ K/ /ƚĞŵ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚΘůŽƐƐ͘ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;K/Ϳ͘

;ǀŝŝͿZĞͲŵĞĂƐƵƌĞŵĞŶƚƐŽĨƚŚĞŶĞƚĚĞĮŶĞĚďĞŶĞĮƚůŝĂďŝůŝƚLJ ǀŝ͘ ĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƟĞƐ ĂƌĞ ŶŽƚ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ;ĂƐƐĞƚͿ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚ ƐŚĂůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐŝŶĂƐƵďƐĞƋƵĞŶƚ ĂŶĚ ƚĂdž ďĂƐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ƉĞƌŝŽĚ͘ ŝŶƚĞƌĞƐƚŝŶũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐǁŚĞƌĞƚŚĞŐƌŽƵƉĂďůĞ ƚŽĐŽŶƚƌŽůƚŚĞƟŵŝŶŐŽĨƚŚĞƌĞǀĞƌƐĂůŽĨƚŚĞƚĞŵƉŽƌĂƌLJ (xx). Taxes ĚŝīĞƌĞŶĐĞƐĂŶĚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞĚŝīĞƌĞŶĐĞƐǁŝůů a. Current income tax ŶŽƚƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘

;ŝͿ dĂdžĞƐ ŝŶĐůƵĚŝŶŐ ĐƵƌƌĞŶƚ ŝŶĐŽŵĞͲƚĂdž ĂƌĞ ĐŽŵƉƵƚĞĚ ǀŝŝ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚĨŽƌƚĞŵƉŽƌĂƌLJ ƵƐŝŶŐƚŚĞĂƉƉůŝĐĂďůĞƚĂdžƌĂƚĞƐĂŶĚƚĂdžůĂǁƐ͘ ĚŝīĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĂŶĚ ƚĂdž ďĂƐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚ ŝŶ ;ŝŝͿ dŚĞ ƚĂdž ƌĂƚĞƐ ĂŶĚ ƚĂdž ůĂǁƐ ƵƐĞĚ ƚŽ ĐŽŵƉƵƚĞ ƚŚĞ ũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐǁŚĞƌĞŝƚŝƐŶŽƚƉƌŽďĂďůĞƚŚĂƚƚŚĞ ĂŵŽƵŶƚĂƌĞƚŚŽƐĞƚŚĂƚĂƌĞĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƟǀĞůLJ ĚŝīĞƌĞŶĐĞƐǁŝůůƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞĂŶĚ ĞŶĂĐƚĞĚ͕ĂƚƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞŝŶƚŚĞĐŽƵŶƚƌŝĞƐǁŚĞƌĞ ƚĂdžĂďůĞƉƌŽĮƚǁŝůůŶŽƚďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞ ƚŚĞŐƌŽƵƉŽƉĞƌĂƚĞƐĂŶĚŐĞŶĞƌĂƚĞƐƚĂdžĂďůĞŝŶĐŽŵĞ͘ ƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐĐĂŶďĞƵƟůŝnjĞĚ͘

;ŝŝŝͿƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌĐƵƌƌĞŶƚĂŶĚ ;dždžŝͿKƉĞƌĂƟŶŐ^ĞŐŵĞŶƚ ƉƌŝŽƌƉĞƌŝŽĚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĂŵŽƵŶƚĞdžƉĞĐƚĞĚƚŽ ďĞƌĞĐŽǀĞƌĞĚĨƌŽŵŽƌƉĂŝĚƚŽƚŚĞƚĂdžĂƟŽŶĂƵƚŚŽƌŝƟĞƐ͘  KƉĞƌĂƟŶŐ ƐĞŐŵĞŶƚƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ >ŝĂďŝůŝƚLJĨŽƌĂĚĚŝƟŽŶĂůƚĂdžĞƐ͕ŝĨĂŶLJ͕ŝƐƉƌŽǀŝĚĞĚͬƉĂŝĚ ŵĂŶŶĞƌ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ŝŶƚĞƌŶĂů ƌĞƉŽƌƟŶŐ ĂƐĂŶĚǁŚĞŶĂƐƐĞƐƐŵĞŶƚƐĂƌĞĐŽŵƉůĞƚĞĚ͘ ƉƌŽǀŝĚĞĚ ƚŽ ƚŚĞ ĐŚŝĞĨ ŽƉĞƌĂƟŶŐ ĚĞĐŝƐŝŽŶ ŵĂŬĞƌ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŐƌŽƵƉ ŚĂƐ ŝĚĞŶƟĮĞĚ ƚǁŽ ƌĞƉŽƌƟŶŐ ;ŝǀͿƵƌƌĞŶƚƚĂdžƌĞůĂƚĞĚƚŽK//ƚĞŵƐŝƐƌĞĐŽŐŶŝnjĞĚŝŶKƚŚĞƌ ƐĞŐŵĞŶƚƐǀŝnj͘ŽŵĞƐƟĐΘ/ŶƚĞƌŶĂƟŽŶĂů͘ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;K/Ϳ͘ (xxii) Earning per share ď͘ ĞĨĞƌƌĞĚƚĂdž  /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ďĂƐŝĐ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ͕ ƚŚĞ ŐƌŽƵƉ ŝ͘ ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžŝƐƌĞĐŽŐŶŝnjĞĚƵƐŝŶŐďĂůĂŶĐĞƐŚĞĞƚ ĐŽŶƐŝĚĞƌƐ ƚŚĞ ŶĞƚ ƉƌŽĮƚ ĂƩƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚLJ ĂƉƉƌŽĂĐŚ͘ ƐŚĂƌĞŚŽůĚĞƌƐ͘ dŚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ƵƐĞĚ ŝŶ ĐŽŵƉƵƟŶŐďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŝƐƚŚĞǁĞŝͲŐŚƚĞĚ ŝŝ͘ ĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ĚƵƌŝŶŐ ƚŚĞ

220 | ANNUAL REPORT ϮϬϭϲͳϭϳ ƉĞƌŝŽĚ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ͕ ƚŚĞŝƌĞĐŽŶŽŵŝĐďĞƐƚŝŶƚĞƌĞƐƚ͘dŚĞŐƌŽƵƉƵƐĞƐǀĂůƵĂƟŽŶ ƚŚĞ ŶĞƚ ƉƌŽĮƚ ĂƩƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚLJ ƐŚĂƌĞŚŽůĚĞƌƐ ƚĞĐŚŶŝƋƵĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ ĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐ ĂŶĚĨŽƌǁŚŝĐŚƐƵĸĐŝĞŶƚĚĂƚĂĂƌĞĂǀĂŝůĂďůĞƚŽŵĞĂƐƵƌĞ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĂƌĞ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ ĞīĞĐƚ ŽĨ Ăůů ĨĂŝƌǀĂůƵĞ͕ŵĂdžŝŵŝnjŝŶŐƚŚĞƵƐĞŽĨƌĞůĞǀĂŶƚŽďƐĞƌǀĂďůĞ ĚŝůƵƟǀĞƉŽƚĞŶƟĂůĞƋƵŝƚLJƐŚĂƌĞƐ͘ ŝŶƉƵƚƐĂŶĚŵŝŶŝŵŝnjŝŶŐƚŚĞƵƐĞŽĨƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐ͘

(xxiii) ŽŶƟŶŐĞŶƚ >ŝĂďŝůŝƟĞƐ and ĐŽŶƟŶŐĞŶƚ Assets  ƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞŝƐŵĞĂƐƵƌĞĚŽƌ ĚŝƐĐůŽƐĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĐĂƚĞŐŽƌŝnjĞĚ ;ĂͿ ŽŶƟŶŐĞŶƚ >ŝĂďŝůŝƟĞƐ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŝŶ ĞŝƚŚĞƌ ŽĨ ƚŚĞ ǁŝƚŚŝŶƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ͕ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͕ ĨŽůůŽǁŝŶŐĐĂƐĞƐ͗ ďĂƐĞĚŽŶƚŚĞůŽǁĞƐƚůĞǀĞůŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĮĐĂŶƚƚŽ ŝͿ ƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶĂƌŝƐŝŶŐĨƌŽŵĂƉĂƐƚĞǀĞŶƚ͕ǁŚĞŶ ƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚĂƐĂǁŚŽůĞ͗ ŝƚŝƐŶŽƚƉƌŽďĂďůĞƚŚĂƚĂŶŽƵƞůŽǁŽĨƌĞƐŽƵƌĐĞƐǁŝůůďĞ Ͳ >ĞǀĞůϭͶYƵŽƚĞĚ;ƵŶĂĚũƵƐƚĞĚͿŵĂƌŬĞƚƉƌŝĐĞƐŝŶĂĐƟǀĞ ƌĞƋƵŝƌĞĚƚŽƐĞƩůĞƚŚĞŽďůŝŐĂƟŽŶ͖Žƌ ŵĂƌŬĞƚƐĨŽƌŝĚĞŶƟĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐ ŝŝͿ ƌĞůŝĂďůĞĞƐƟŵĂƚĞŽĨƚŚĞƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶĐĂŶŶŽƚ - >ĞǀĞů 2 Ͷ sĂůƵĂƟŽŶ ƚĞĐŚŶŝƋƵĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ďĞŵĂĚĞ͖Žƌ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ is ƐŝŐŶŝĮĐĂŶƚ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŝŝŝͿƉŽƐƐŝďůĞŽďůŝŐĂƟŽŶ͕ƵŶůĞƐƐƚŚĞƉƌŽďĂďŝůŝƚLJŽĨŽƵƞůŽǁ ŵĞĂƐƵƌĞŵĞŶƚ is ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ ŽďƐĞƌǀĂďůĞ ŽĨ ƌĞƐŽƵƌĐĞŝƐƌĞŵŽƚĞ͘ - >ĞǀĞů 3ͶsĂůƵĂƟŽŶ ƚĞĐŚŶŝƋƵĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞ ;ďͿ ŽŶƟŶŐĞŶƚ ĂƐƐĞƚƐ ŝƐ ĚŝƐĐůŽƐĞĚ ǁŚĞƌĞ ĂŶ ŝŶŇŽǁ ŽĨ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ is ƐŝŐŶŝĮĐĂŶƚ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĞĐŽŶŽŵŝĐďĞŶĞĮƚƐŝƐƉƌŽďĂďůĞ͘ ŵĞĂƐƵƌĞŵĞŶƚ is ƵŶŽďƐĞƌǀĂďůĞ.

;ĐͿ ŽŶƟŶŐĞŶƚ >ŝĂďŝůŝƚLJ ĂŶĚ WƌŽǀŝƐŝŽŶƐ ŶĞĞĚĞĚ ĂŐĂŝŶƐƚ &Žƌ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ƚŚĂƚ are ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ŽŶƟŶŐĞŶƚ >ŝĂďŝůŝƚLJ ĂŶĚ ŽŶƟŶŐĞŶƚ ƐƐĞƚƐ ĂƌĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽŶ a ƌĞĐƵƌƌŝŶŐ ďĂƐŝƐ͕ƚŚĞ ŐƌŽƵƉ ƌĞǀŝĞǁĞĚĂƚĞĂĐŚZĞƉŽƌƟŶŐĚĂƚĞ͘ ĚĞƚĞƌŵŝŶĞƐ ǁŚĞƚŚĞƌ ƚƌĂŶƐĨĞƌƐ ŚĂǀĞ ŽĐĐƵƌƌĞĚ ďĞƚǁĞĞŶ ůĞǀĞůƐ ŝŶ ƚŚĞ ŚŝĞƌĂƌĐŚLJ ďLJ re-ĂƐƐĞƐƐŝŶŐ ĐĂƚĞŐŽƌŝnjĂƟŽŶ ;ĚͿ ŽŶƟŶŐĞŶƚ >ŝĂďŝůŝƚLJ ŝƐ ŶĞƚ ŽĨ ĞƐƟŵĂƚĞĚ ƉƌŽǀŝƐŝŽŶƐ (ďĂƐĞĚ ŽŶ ƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ is ƐŝŐŶŝĮĐĂŶƚ ƚŽ ĐŽŶƐŝĚĞƌŝŶŐƉŽƐƐŝďůĞŽƵƞůŽǁŽŶƐĞƩůĞŵĞŶƚ͘ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ as a ǁŚŽůĞͿĂƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ƉĞƌŝŽĚ. (xxiv) Fair sĂůƵĞ Measurement ƚ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͕ ƚŚĞ ŐƌŽƵƉ ĂŶĂůLJƐĞƐ ƚŚĞ  'ƌŽƵƉ ŵĞĂƐƵƌĞƐ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ Ăƚ ĨĂŝƌ ǀĂůƵĞ ŵŽǀĞŵĞŶƚƐ ŝŶ ƚŚĞ ǀĂůƵĞƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ Ăƚ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͘ &Ăŝƌ ǀĂůƵĞ ŝƐ ƚŚĞ ƉƌŝĐĞ ƚŚĂƚ ǁŚŝĐŚ are ƌĞƋƵŝƌĞĚ ƚŽ ďĞ re-ŵĞĂƐƵƌĞĚ Žƌ re-assessed ǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚŽƌƉĂŝĚƚŽƚƌĂŶƐĨĞƌ as ƉĞƌ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ. &Žƌ ƚŚŝƐ ĂŶĂůLJƐŝƐ͕ƚŚĞ ĂůŝĂďŝůŝƚLJŝŶĂŶŽƌĚĞƌůLJƚƌĂŶƐĂĐƟŽŶ ďĞƚǁĞĞŶŵĂƌŬĞƚ ŐƌŽƵƉ ǀĞƌŝĮĞƐ ƚŚĞ ŵĂũŽƌ ŝŶƉƵƚƐ ĂƉƉůŝĞĚ ŝŶ ƚŚĞ ůĂƚĞƐƚ ƉĂƌƟĐŝƉĂŶƚƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘dŚĞĨĂŝƌǀĂůƵĞ ǀĂůƵĂƟŽŶ ďLJ ĂŐƌĞĞŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ŝŶ ƚŚĞ ǀĂůƵĂƟŽŶ ŵĞĂƐƵƌĞŵĞŶƚŝƐďĂƐĞĚŽŶƚŚĞƉƌĞƐƵŵƉƟŽŶƚŚĂƚƚŚĞ ĐŽŵƉƵƚĂƟŽŶ ƚŽ ĐŽŶƚƌĂĐƚƐ ĂŶĚ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ƚƌĂŶƐĂĐƟŽŶ ƚŽ ƐĞůů ƚŚĞ ĂƐƐĞƚ Žƌ ƚƌĂŶƐĨĞƌ ƚŚĞ ůŝĂďŝůŝƚLJ ĚŽĐƵŵĞŶƚƐ. ƚĂŬĞƐƉůĂĐĞĞŝƚŚĞƌ͗ The ŐƌŽƵƉ ĂůƐŽ ĐŽŵƉĂƌĞƐ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ͻ ŝŶƚŚĞƉƌŝŶĐŝƉĂůŵĂƌŬĞƚĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕Žƌ ĞĂĐŚ ĂƐƐĞƚ ĂŶĚ ůŝĂďŝůŝƚLJ ǁŝƚŚ ƌĞůĞǀĂŶƚ ĞdžƚĞƌŶĂů ƐŽƵƌĐĞƐ ͻ ŝŶ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ Ă ƉƌŝŶĐŝƉĂů ŵĂƌŬĞƚ͕ ŝŶ ƚŚĞ ŵŽƐƚ ƚŽ ĚĞƚĞƌŵŝŶĞ ǁŚĞƚŚĞƌ ƚŚĞ ĐŚĂŶŐĞ is ƌĞĂƐŽŶĂďůĞ. ĂĚǀĂŶƚĂŐĞŽƵƐŵĂƌŬĞƚĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘ &Žƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨĂŝƌ ǀĂůƵĞ ĚŝƐĐůŽƐƵƌĞƐ͕ƚŚĞ ŐƌŽƵƉ  dŚĞƉƌŝŶĐŝƉĂůŽƌƚŚĞŵŽƐƚĂĚǀĂŶƚĂŐĞŽƵƐŵĂƌŬĞƚŵƵƐƚ has ĚĞƚĞƌŵŝŶĞĚ ĐůĂƐƐĞƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ŽŶ ďĞĂĐĐĞƐƐŝďůĞƚŽƚŚĞŐƌŽƵƉ͘dŚĞĨĂŝƌǀĂůƵĞŽĨĂŶĂƐƐĞƚ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ŶĂƚƵƌĞ͕ ĐŚĂƌĂĐƚĞƌŝƐƟĐƐ ĂŶĚ ƌŝƐŬƐ ŽĨ ŽƌĂůŝĂďŝůŝƚLJŝƐŵĞĂƐƵƌĞĚƵƐŝŶŐƚŚĞĂƐƐƵŵƉƟŽŶƐƚŚĂƚ ƚŚĞ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ ĂŶĚ ƚŚĞ ůĞǀĞů ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŵĂƌŬĞƚƉĂƌƟĐŝƉĂŶƚƐǁŽƵůĚƵƐĞǁŚĞŶƉƌŝĐŝŶŐƚŚĞĂƐƐĞƚ ŚŝĞƌĂƌĐŚLJ as ĞdžƉůĂŝŶĞĚ ĂďŽǀĞ. ŽƌůŝĂďŝůŝƚLJ͕ĂƐƐƵŵŝŶŐƚŚĂƚŵĂƌŬĞƚƉĂƌƟĐŝƉĂŶƚƐĂĐƚŝŶ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ221 (xxv) Dividend to equity ŚŽůĚĞƌƐ ͚ĚĞďƚŝŶƐƚƌƵŵĞŶƚ͛ŝƐĐůĂƐƐŝĮĞĚĂƐĂƚƚŚĞ&ĂŝƌǀĂůƵĞ through other comprehensive income ŝĨďŽƚŚŽĨƚŚĞ  ŝǀŝĚĞŶĚ ƉĂŝĚͬƉĂLJĂďůĞ ƐŚĂůů ďĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͗ LJĞĂƌŝŶǁŚŝĐŚƚŚĞƌĞůĂƚĞĚĚŝǀŝĚĞŶĚƐĂƌĞĂƉƉƌŽǀĞĚďLJ ƐŚĂƌĞŚŽůĚĞƌƐŽƌďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐĂƐĂƉƉƌŽƉƌŝĂƚĞƐ͘ ͻ dŚĞŽďũĞĐƟǀĞŽĨƚŚĞďƵƐŝŶĞƐƐŵŽĚĞůŝƐĂĐŚŝĞǀĞĚďŽƚŚ ďLJ ĐŽůůĞĐƟŶŐ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ĂŶĚ ƐĞůůŝŶŐ ƚŚĞ (xxvi) &ŝŶĂŶĐŝĂů instruments ĮŶĂŶĐŝĂůĂƐƐĞƚƐ͕ĂŶĚ A. /ŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ and measurement ͻ dŚĞ ĂƐƐĞƚ͛Ɛ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůLJ  &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ ƌĞĐŽŐŶŝnjĞĚ Ăƚ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ ƉĂLJŵĞŶƚŽĨƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ;^WW/Ϳ͘ ƉůƵƐ Žƌ ŵŝŶƵƐ ƚƌĂŶƐĂĐƟŽŶ ĐŽƐƚƐ ƚŚĂƚ ĂƌĞ ĚŝƌĞĐƚůLJ  ĞďƚŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ&sdK/ĐĂƚĞŐŽƌLJ ĂƩƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƟŽŶŽƌŝƐƐƵĞŽĨƚŚĞĮŶĂŶĐŝĂů ĂƌĞŵĞĂƐƵƌĞĚŝŶŝƟĂůůLJĂƐǁĞůůĂƐĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ ŝŶƐƚƌƵŵĞŶƚƐ͘ ĂƚĨĂŝƌǀĂůƵĞ͘&ĂŝƌǀĂůƵĞŵŽǀĞŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶ ͘ ^ƵďƐĞƋƵĞŶƚŵĞĂƐƵƌĞŵĞŶƚ ƚŚĞŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;K/Ϳ͘,ŽǁĞǀĞƌ͕ƚŚĞ ŐƌŽƵƉƌĞĐŽŐŶŝnjĞƐŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͕ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ ͘ϭ&ŝŶĂŶĐŝĂůƐƐĞƚƐ ΘƌĞǀĞƌƐĂůƐĂŶĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŐĂŝŶŽƌůŽƐƐŝŶƚŚĞ WΘ>͘KŶĚĞͲƌĞĐŽŐŶŝƟŽŶŽĨƚŚĞĂƐƐĞƚ͕ĐƵŵƵůĂƟǀĞŐĂŝŶ  &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĐůĂƐƐŝĮĞĚŝŶĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐ͗ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝƐĞĚ ŝŶ K/ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ ĂͿ ĞďƚŝŶƐƚƌƵŵĞŶƚƐĂƚŵŽƌƟƐĞĚŽƐƚ ĨƌŽŵƚŚĞĞƋƵŝƚLJƚŽWΘ>͘/ŶƚĞƌĞƐƚĞĂƌŶĞĚŝƐƌĞĐŽŐŶŝƐĞĚ ƵƐŝŶŐƚŚĞ/ZŵĞƚŚŽĚ͘ ĞďƚŝŶƐƚƌƵŵĞŶƚƐŚĂůůďĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ŝĨďŽƚŚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƟŽŶƐĂƌĞŵĞƚ͗ ĐͿ ĞďƚŝŶƐƚƌƵŵĞŶƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚWƌŽĮƚΘ>ŽƐƐ (FVTPL) ;ĂͿƚŚĞ ĂƐƐĞƚ ŝƐ ŚĞůĚ ǁŝƚŚŝŶ Ă ďƵƐŝŶĞƐƐ ŵŽĚĞů ǁŚŽƐĞ ŽďũĞĐƟǀĞ ŝƐ ƚŽ ŚŽůĚ ĂƐƐĞƚƐ ŝŶ ŽƌĚĞƌ ƚŽ ĐŽůůĞĐƚ &sdW>ŝƐĂƌĞƐŝĚƵĂůĐĂƚĞŐŽƌLJĨŽƌĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͘ŶLJ ĐŽŶƚƌĂĐƚƵĂůĐĂƐŚŇŽǁƐĂŶĚ ĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͕ǁŚŝĐŚ ĚŽĞƐŶŽƚŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂ ĨŽƌĐĂƚĞŐŽƌŝnjĂƟŽŶĂƐĂƚĂŵŽƌƟnjĞĚĐŽƐƚŽƌĂƐ&sdK/͕ ;ďͿƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ƚĞƌŵƐ ŽĨ ƚŚĞ ĂƐƐĞƚ ŐŝǀĞ ƌŝƐĞ ŽŶ ŝƐĐůĂƐƐŝĮĞĚĂƐĂƚ&sdW>͘ ƐƉĞĐŝĮĞĚĚĂƚĞƐƚŽĐĂƐŚŇŽǁƐƚŚĂƚĂƌĞƐŽůĞůLJƉĂLJŵĞŶƚƐ ŽĨ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ ŽŶ ƚŚĞ ƉƌŝŶĐŝƉĂů ĂŵŽƵŶƚ  /ŶĂĚĚŝƟŽŶ͕ƚŚĞŐƌŽƵƉŵĂLJĞůĞĐƚƚŽĚĞƐŝŐŶĂƚĞĂĚĞďƚ ŽƵƚƐƚĂŶĚŝŶŐ͘ ŝŶƐƚƌƵŵĞŶƚƐ͕ ǁŚŝĐŚ ŽƚŚĞƌǁŝƐĞ ŵĞĞƚƐ ĂŵŽƌƟnjĞĚ ĐŽƐƚ Žƌ &sdK/ ĐƌŝƚĞƌŝĂ͕ ĂƐ Ăƚ &sdW>͘ /Ĩ ĚŽŝŶŐ ƐŽ  ^ƵĐŚĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ƌĞĚƵĐĞƐŽƌĞůŝŵŝŶĂƚĞƐĂŵĞĂƐƵƌĞŵĞŶƚŽƌƌĞĐŽŐŶŝƟŽŶ ƵƐŝŶŐĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚůĞƐƐŝŵƉĂŝƌŵĞŶƚ͕ ŝŶĐŽŶƐŝƐƚĞŶĐLJ͘dŚĞŐƌŽƵƉŚĂƐŶŽƚĚĞƐŝŐŶĂƚĞĚĂŶLJĚĞďƚ ŝĨ ĂŶLJ͘ dŚĞ /Z ĂŵŽƌƟƐĂƟŽŶ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ĮŶĂŶĐĞ ŝŶƐƚƌƵŵĞŶƚĂƐĂƚ&sdW>͘ ŝŶĐŽŵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͘  ĞďƚŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ&sdW>ĐĂƚĞŐŽƌLJ  &ŽůůŽǁŝŶŐĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚ ĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞǁŝƚŚĂůůĐŚĂŶŐĞƐƌĞĐŽŐŶŝnjĞĚ ĐŽƐƚ͗Ͳ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWΘ>͘

;ŝͿ dƌĂĚĞƌĞĐĞŝǀĂďůĞ B. 2 &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ;ŝŝͿ ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚ ;ŝŝŝͿZĞƚĞŶƟŽŶŵŽŶĞLJ ĂͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚŵŽƌƟƐĞĚŽƐƚ ;ŝǀͿDŽŶĞLJŚĞůĚǁŝƚŚĐůŝĞŶƚ  &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ƌĞƉƌĞƐĞŶƚĞĚ ;ǀͿ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚ ďLJ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂLJĂďůĞƐ͕ ƐĞĐƵƌŝƚLJ ĚĞƉŽƐŝƚƐ ĂŶĚ ;ǀŝͿ>ŽĂŶĂŶĚĂĚǀĂŶĐĞƐ ƌĞƚĞŶƟŽŶŵŽŶĞLJĂƌĞŝŶŝƟĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĨĂŝƌǀĂůƵĞ͕ ;ǀŝŝͿ/ŶǀĞƐƚŵĞŶƚŝŶdĂdžĨƌĞĞďŽŶĚƐ ĂŶĚƐƵďƐĞƋƵĞŶƚůLJĐĂƌƌŝĞĚĂƚĂŵŽƌƟnjĞĚĐŽƐƚƵƐŝŶŐƚŚĞ ďͿ Ğďƚ ŝŶƐƚƌƵŵĞŶƚƐ Ăƚ &Ăŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ KƚŚĞƌ ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ comprehensive income (FVTOCI) ďͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚFVTPL

222 | ANNUAL REPORT ϮϬϭϲͳϭϳ  dŚĞŐƌŽƵƉŚĂƐŶŽƚĚĞƐŝŐŶĂƚĞĚĂŶLJĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ;dždžǀŝŝͿEŽŶͲĐƵƌƌĞŶƚƐƐĞƚƐ;ŽƌĚŝƐƉŽƐĂůŐƌŽƵƉƐͿŚĞůĚĨŽƌ Ăƚ&sdW>͘ ^ĂůĞ

C͘ ĞͲƌĞĐŽŐŶŝƟŽŶ  EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ;ŽƌĚŝƐƉŽƐĂůŐƌŽƵƉƐͿĂƌĞĐůĂƐƐŝĮĞĚ ĂƐĂƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞǁŚĞŶƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝƐ &ŝŶĂŶĐŝĂůƐƐĞƚ ƚŽďĞƌĞĐŽǀĞƌĞĚƉƌŝŶĐŝƉĂůůLJƚŚƌŽƵŐŚĂƐĂůĞƚƌĂŶƐĂĐƟŽŶ   ĮŶĂŶĐŝĂů ĂƐƐĞƚ ;Žƌ͕ ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ͕ Ă ƉĂƌƚ ŽĨ Ă ĂŶĚĂƐĂůĞŝƐĐŽŶƐŝĚĞƌĞĚŚŝŐŚůLJƉƌŽďĂďůĞ͘dŚĞƐĂůĞŝƐ ĮŶĂŶĐŝĂůĂƐƐĞƚŽƌƉĂƌƚŽĨĂŐƌŽƵƉŽĨƐŝŵŝůĂƌĮŶĂŶĐŝĂů ĐŽŶƐŝĚĞƌĞĚ ŚŝŐŚůLJ ƉƌŽďĂďůĞ ŽŶůLJ ǁŚĞŶ ƚŚĞ ĂƐƐĞƚ Žƌ ĂƐƐĞƚƐͿ ŝƐ ĚĞƌĞĐŽŐŶŝnjĞĚ ŽŶůLJ ǁŚĞŶ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ĚŝƐƉŽƐĂů ŐƌŽƵƉ ŝƐ ĂǀĂŝůĂďůĞ ĨŽƌ ŝŵŵĞĚŝĂƚĞ ƐĂůĞ ŝŶ ŝƚƐ ƌŝŐŚƚƐƚŽƚŚĞĐĂƐŚŇŽǁƐĨƌŽŵƚŚĞĂƐƐĞƚĞdžƉŝƌĞƐŽƌŝƚ ƉƌĞƐĞŶƚĐŽŶĚŝƟŽŶ͕ŝƚŝƐƵŶůŝŬĞůLJƚŚĂƚƚŚĞƐĂůĞǁŝůůďĞ ƚƌĂŶƐĨĞƌƐƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚƐƵďƐƚĂŶƟĂůůLJĂůůƌŝƐŬƐ ǁŝƚŚĚƌĂǁŶĂŶĚƐĂůĞŝƐĞdžƉĞĐƚĞĚǁŝƚŚŝŶŽŶĞLJĞĂƌĨƌŽŵ ĂŶĚƌĞǁĂƌĚƐŽĨƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚ͘ ƚŚĞĚĂƚĞŽĨƚŚĞĐůĂƐƐŝĮĐĂƟŽŶ͘ŝƐƉŽƐĂůŐƌŽƵƉƐĐůĂƐƐŝĮĞĚ ĂƐ ŚĞůĚ ĨŽƌ ƐĂůĞ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ƚŚĞ ůŽǁĞƌ ŽĨ ĐĂƌƌLJŝŶŐ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚLJ ĂŵŽƵŶƚ ĂŶĚ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚƐ ƚŽ ƐĞůů͘ WƌŽƉĞƌƚLJ͕ WůĂŶƚ ĂŶĚ ƋƵŝƉŵĞŶƚ ĂŶĚ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ĂƌĞ ŶŽƚ ĮŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝƐĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞŽďůŝŐĂƟŽŶ ĚĞƉƌĞĐŝĂƚĞĚŽƌĂŵŽƌƟnjĞĚŽŶĐĞĐůĂƐƐŝĮĞĚĂƐŚĞůĚĨŽƌ ƵŶĚĞƌ ƚŚĞ ůŝĂďŝůŝƚLJ ŝƐ ĚŝƐĐŚĂƌŐĞĚ Žƌ ĐĂŶĐĞůůĞĚ Žƌ ƐĂůĞ͘ƐƐĞƚƐĐůĂƐƐŝĮĞĚĂƐŚĞůĚĨŽƌƐĂůĞͬĚŝƐƚƌŝďƵƟŽŶĂƌĞ ĞdžƉŝƌĞƐ͘tŚĞŶĂŶĞdžŝƐƟŶŐĮŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝƐƌĞƉůĂĐĞĚ ƉƌĞƐĞŶƚĞĚƐĞƉĂƌĂƚĞůLJŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͘ ďLJ ĂŶŽƚŚĞƌ ĨƌŽŵ ƚŚĞ ƐĂŵĞ ůĞŶĚĞƌ ŽŶ ƐƵďƐƚĂŶƟĂůůLJ ĚŝīĞƌĞŶƚ ƚĞƌŵƐ͕ Žƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ĂŶ ĞdžŝƐƟŶŐ ůŝĂďŝůŝƚLJ  /Ĩ ƚŚĞ ĐƌŝƚĞƌŝĂ ƐƚĂƚĞĚ ďLJ /E ^ ϭϬϱ ͞EŽŶͲĐƵƌƌĞŶƚ ĂƌĞ ƐƵďƐƚĂŶƟĂůůLJ ŵŽĚŝĮĞĚ͕ ƐƵĐŚ ĂŶ ĞdžĐŚĂŶŐĞ Žƌ ƐƐĞƚƐ,ĞůĚĨŽƌ^ĂůĞ͟ĂƌĞŶŽůŽŶŐĞƌŵĞƚ͕ƚŚĞĚŝƐƉŽƐĂů ŵŽĚŝĮĐĂƟŽŶ ŝƐ ƚƌĞĂƚĞĚ ĂƐ Ă ĚĞƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŐƌŽƵƉ ĐĞĂƐĞƐ ƚŽ ďĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŚĞůĚ ĨŽƌ ƐĂůĞ͘ EŽŶͲ ŽƌŝŐŝŶĂůůŝĂďŝůŝƚLJĂŶĚƚŚĞƌĞĐŽŐŶŝƟŽŶŽĨĂŶĞǁůŝĂďŝůŝƚLJ͕ ĐƵƌƌĞŶƚ ĂƐƐĞƚ ƚŚĂƚ ĐĞĂƐĞƐ ƚŽ ďĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŚĞůĚ ĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŝŶƚŚĞƌĞƐƉĞĐƟǀĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐ ĨŽƌƐĂůĞĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞůŽǁĞƌŽĨ;ŝͿŝƚƐĐĂƌƌLJŝŶŐ ŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨWƌŽĮƚΘ>ŽƐƐ͘ ĂŵŽƵŶƚ ďĞĨŽƌĞ ƚŚĞ ĂƐƐĞƚ ǁĂƐ ĐůĂƐƐŝĮĞĚ ĂƐ ŚĞůĚ ĨŽƌ ƐĂůĞ͕ĂĚũƵƐƚĞĚĨŽƌĚĞƉƌĞĐŝĂƟŽŶƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶ D. /ŵƉĂŝƌŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ͗ ƌĞĐŽŐŶŝnjĞĚŚĂĚƚŚĂƚĂƐƐĞƚŶŽƚďĞĞŶĐůĂƐƐŝĮĞĚĂƐŚĞůĚ 'ƌŽƵƉ ĂƉƉůŝĞƐ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐ ;>Ϳ ŵŽĚĞů ĨŽƌƐĂůĞ͕ĂŶĚ;ŝŝͿŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚĂƚƚŚĞĚĂƚĞ ĨŽƌ ŵĞĂƐƵƌĞŵĞŶƚ ĂŶĚ ƌĞĐŽŐŶŝƟŽŶ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶ ƚŚĞ ĚŝƐƉŽƐĂů ŐƌŽƵƉ ĐĞĂƐĞƐ ƚŽ ďĞ ĐůĂƐƐŝĮĞĚ ĂƐ ůŽƐƐ͘ dŚĞ ŐƌŽƵƉ ĨŽůůŽǁƐ ͚ƐŝŵƉůŝĮĞĚ ĂƉƉƌŽĂĐŚ͛ ĨŽƌ ŚĞůĚĨŽƌƐĂůĞ͘ ƌĞĐŽŐŶŝƟŽŶ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ĂůůŽǁĂŶĐĞ ŽŶ ƚƌĂĚĞ ;dždžǀŝŝŝͿ&ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞƐ ƌĞĐĞŝǀĂďůĞ͘ dŚĞ ĂƉƉůŝĐĂƟŽŶ ŽĨ ƐŝŵƉůŝĮĞĚ ĂƉƉƌŽĂĐŚ ĚŽĞƐŶŽƚƌĞƋƵŝƌĞƚŚĞŐƌŽƵƉƚŽƚƌĂĐŬĐŚĂŶŐĞƐŝŶĐƌĞĚŝƚ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐŝƐƐƵĞĚďLJƚŚĞĐŽŵƉĂŶLJ ƌŝƐŬ͘ZĂƚŚĞƌ͕ŝƚƌĞĐŽŐŶŝƐĞƐŝŵƉĂŝƌŵĞŶƚůŽƐƐĂůůŽǁĂŶĐĞ ĂƌĞƚŚŽƐĞĐŽŶƚƌĂĐƚƐƚŚĂƚƌĞƋƵŝƌĞĂƉĂLJŵĞŶƚƚŽďĞŵĂĚĞ ďĂƐĞĚŽŶůŝĨĞƟŵĞ>ƐĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ͕ƌŝŐŚƚ ƚŽƌĞŝŵďƵƌƐĞƚŚĞŚŽůĚĞƌĨŽƌĂůŽƐƐŝƚŝŶĐƵƌƐďĞĐĂƵƐĞƚŚĞ ĨƌŽŵŝƚƐŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ ƐƉĞĐŝĮĞĚĚĞďƚŽƌĨĂŝůƐƚŽŵĂŬĞĂƉĂLJŵĞŶƚǁŚĞŶĚƵĞ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨĂĚĞďƚŝŶƐƚƌƵŵĞŶƚ͘  'ƌŽƵƉĂƐƐĞƐƐĞƐŽŶĂĨŽƌǁĂƌĚůŽŽŬŝŶŐďĂƐŝƐƚŚĞĞdžƉĞĐƚĞĚ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŝƟĂůůLJ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝƚƐ ĂƐƐĞƚƐ ĐĂƌƌŝĞĚ Ăƚ ĂƐ Ă ůŝĂďŝůŝƚLJ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ĂĚũƵƐƚĞĚ ĨŽƌ ƚƌĂŶƐĂĐƟŽŶ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ĂŶĚ &sdK/ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ͘ dŚĞ ĐŽƐƚƐƚŚĂƚĂƌĞĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞƚŽƚŚĞŝƐƐƵĂŶĐĞŽĨ ŝŵƉĂŝƌŵĞŶƚ ŵĞƚŚŽĚŽůŽŐLJ ĂƉƉůŝĞƐ ŽŶ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ƚŚĞŐƵĂƌĂŶƚĞĞ͘^ƵďƐĞƋƵĞŶƚůLJ͕ƚŚĞůŝĂďŝůŝƚLJŝƐŵĞĂƐƵƌĞĚ ŚĂƐďĞĞŶƐŝŐŶŝĮĐĂŶƚŝŶĐƌĞĂƐĞŝŶĐƌĞĚŝƚƌŝƐŬ͘ Ăƚ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ůŽƐƐ ĂůůŽǁĂŶĐĞ  >ŝŵƉĂŝƌŵĞŶƚůŽƐƐĂůůŽǁĂŶĐĞ;ŽƌƌĞǀĞƌƐĂůͿƌĞĐŽŐŶŝƐĞĚ ĚĞƚĞƌŵŝŶĞĚĂƐƉĞƌŝŵƉĂŝƌŵĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/ŶĚͲ ĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐŽŵĞͬĞdžƉĞŶƐĞŝŶ ^ ϭϬϵ ĂŶĚ ƚŚĞ ĂŵŽƵŶƚ ƌĞĐŽŐŶŝƐĞĚ ůĞƐƐ ĐƵŵƵůĂƟǀĞ ƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͘ ĂŵŽƌƟƐĂƟŽŶ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ223 ϯWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ (Rs. in Crore) &ƌĞĞŚŽůĚ >ĞĂƐĞŚŽůĚ >ĞĂƐĞŚŽůĚ &ƌĞĞŚŽůĚ &ƌĞĞŚŽůĚ WůĂŶƚΘ ^ƵƌǀĞLJ/Ŷ- Computers DŽďŝůĞ KĸĐĞ Furniture Caravans, sĞŚŝĐůĞƐ dŽƚĂů Land Land ƵŝůĚŝŶŐƐ ƵŝůĚŝŶŐƐͬ ƵŝůĚŝŶŐƐͬ Machin- struments ,ĂŶĚƐĞƚ Equip- Θ&ŝdžƚƵƌĞƐ Camps &ůĂƚƐͲZĞƐŝ- &ůĂƚƐͲEŽŶͲ ery ments and Temp. ĚĞŶƟĂů Res. ^ŚĞĚƐ &ŽŽƚEŽƚĞƐ (vi) (v) (iv) (i) (ii) (vii) Gross Carrying Amount (At Cost) ƚϭƉƌŝůϮϬϭϱ 0.06 36.39 42.44 ϴ͘ϳϯ 10.00 428.31 3.69 8.94 0.24 ϳ͘ϲϰ 8.40 ϱ͘ϱϳ ϭϳ͘ϵϯ ϱϳϴ͘ϯϰ ĚĚŝƟŽŶƐ 0.00 0.00 0.48 0.00 0.12 Ϯ͘ϳϭ 0.20 0.86 0.03 Ϭ͘ϵϳ 0.63 6.10 0.00 12.11 ŝƐƉŽƐĂůƐͬ 0.00 0.00 0.00 0.00 0.05 ;ϵ͘ϯϬͿ 0.36 ;Ϭ͘ϲϰͿ ;Ϭ͘ϬϵͿ ;ϭ͘ϰϱͿ ;Ϭ͘ϲϱͿ ;Ϭ͘ϮϲͿ ;Ϯ͘ϯϬͿ ;ϭϰ͘ϮϴͿ ĚũƵƐƚŵĞŶƚƐ At 31 March 0.06 36.39 42.92 8.73 10.18 421.72 4.25 9.16 0.19 7.15 8.38 11.41 15.63 576.17 2016 ĚĚŝƟŽŶƐ ϳ͘ϭϭ 0.00 0.00 1.08 0.00 Ϭ͘ϳϬ 0.50 0.92 0.00 1.02 0.85 1.41 0.60 14.19 ŝƐƉŽƐĂůƐͬ 35.09 ;ϯϱ͘ϬϵͿ ;Ϯϰ͘ϱϯͿ 24.53 ;ϭ͘ϯϮͿ ;ϰϴ͘ϬϵͿ ;Ϭ͘ϴϳͿ ;ϭ͘ϬϰͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϲϱͿ ;Ϭ͘ϰϯͿ ;Ϭ͘ϲϭͿ ;ϲ͘ϲϭͿ ;ϱϵ͘ϳϲͿ ĚũƵƐƚŵĞŶƚƐ At 31 March 42.26 1.30 18.39 34.34 8.85 374.33 3.88 9.04 0.05 7.53 8.79 12.21 9.63 530.60 2017 ĞƉƌĞĐŝĂƟŽŶ and impairment ƚϭƉƌŝůϮϬϭϱ 0.00 0.20 6.56 2.69 1.53 ϯϰϮ͘ϳϬ 3.42 8.11 0.21 6.63 ϳ͘ϲϱ 5.46 16.50 401.65 ĞƉƌĞĐŝĂƟŽŶ 0.00 0.01 0.88 2.45 1.82 22.32 Ϭ͘Ϭϳ 0.59 0.01 0.36 0.24 0.55 0.18 29.48 ĐŚĂƌŐĞĨŽƌƚŚĞ LJĞĂƌ /ŵƉĂŝƌŵĞŶƚ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ŝƐƉŽƐĂůƐͬ 0.00 0.00 0.00 0.00 0.01 ;ϱ͘ϳϳͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϱϵͿ ;Ϭ͘ϬϴͿ ;ϭ͘ϯϰͿ ;Ϭ͘ϲϬͿ ;Ϭ͘ϮϰͿ ;Ϯ͘ϭϳͿ ;ϭϭ͘ϯϱͿ ĚũƵƐƚŵĞŶƚƐ At 31 March 0.00 0.21 7.44 5.13 3.36 359.25 2.92 8.11 0.15 5.64 7.29 5.77 14.51 ϰϭϵ͘ϳϴ 2016 ĞƉƌĞĐŝĂƟŽŶ 0.00 0.01 5.26 0.52 Ϭ͘ϯϳ 8.04 0.09 0.60 0.00 0.45 0.31 2.20 0.13 ϭϳ͘ϵϵ ĐŚĂƌŐĞĨŽƌƚŚĞ LJĞĂƌ /ŵƉĂŝƌŵĞŶƚ 0.00 0.00 0.00 0.00 0.00 1.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.26 ŝƐƉŽƐĂůƐͬ 0.00 0.00 ;ϯ͘ϮϯͿ 3.23 ;Ϭ͘ϰϰͿ ;ϰϯ͘ϬϬͿ ;Ϭ͘ϲϳͿ ;ϭ͘ϬϬͿ ;Ϭ͘ϭϱͿ ;ϭ͘ϲϲͿ ;Ϭ͘ϯϰͿ ;Ϭ͘ϲϬͿ ;ϲ͘ϭϳͿ ;ϱϰ͘ϬϰͿ ĚũƵƐƚŵĞŶƚƐ At 31 March 0.00 0.22 9.47 8.89 3.29 325.55 2.34 7.70 0.00 4.43 7.26 7.37 8.47 385.00 2017 EĞƚŬǀĂůƵĞ At 31 March 42.26 1.07 8.92 25.46 5.56 48.78 1.54 1.34 0.05 3.10 1.54 4.84 1.16 145.61 2017 At 31 March 0.06 36.18 35.48 3.60 6.81 62.47 1.33 1.05 0.04 1.51 1.09 5.64 1.12 156.39 2016 ƚϭƉƌŝůϮϬϭϱ 0.06 36.19 35.88 6.05 8.47 85.61 0.27 0.83 0.03 1.01 0.75 0.10 1.43 176.69

224 | ANNUAL REPORT ϮϬϭϲͳϭϳ &ŽŽƚEŽƚĞƐ͗Ͳ ŝͿ &ŝdžĞĚĂƐƐĞƚƐŚĞůĚĨŽƌĚŝƐƉŽƐĂůŝŶĐůƵĚĞĚŝŶƐĂůĞƐͬĂĚũƵƐƚŵĞŶƚĐŽůƵŵŶĂŶĚƚƌĂŶƐĨĞƌƌĞĚƚŽŽƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐĂƚEĞƚ ŽŽŬǀĂůƵĞ͗Ͳ (Rs. in Crore) ůŽĐŬŽĨĂƐƐĞƚƐ ĞƐĐƌŝƉƟŽŶ Manner Expected ^ĞŐŵĞŶƚ As at 31 March 2017 As at 31 March 2016 ƐĂƚϭƉƌŝůϮϬϭϱ of the and Loss/gain Gross EĞƚůŽĐŬ Gross EĞƚůŽĐŬ Gross EĞƚůŽĐŬ assets expected ŽŶƐĂůĞ ůŽĐŬ ůŽĐŬ ůŽĐŬ ƟŵĞŽĨ of non ĚŝƐƉŽƐĂů current assets &ƌĞĞŚŽůĚƵŝůĚŝŶŐͲ ZĞƐŝĚĞŶƟĂů KƉĞŶ - ŽŵĞƐƟĐ 0.38 0.28 0.38 0.28 0.38 0.28 ZĞƐŝĚĞŶƟĂů ƵŝůĚŝŶŐĂƚ dĞŶĚĞƌ͕ ŚĞŶŶĂŝ 31.03.2018 dŽƚĂů 0.38 0.28 0.38 0.28 0.38 0.28 ŝŝͿ /ŶĐůƵĚĞƐWůĂŶƚΘDĂĐŚŝŶĞƌLJ;>ŽĐŽŵŽƟǀĞƐͿŽŶǁĞƚůĞĂƐĞďĂƐŝƐƚŽĂĨŽƌĞŝŐŶĐůŝĞŶƚƟůůϯϭ͘ϭϮ͘ϮϬϭϱ͘ ŝŝŝͿ ĞƉƌĞĐŝĂƟŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚŽŶWƌŽƉĞƌƚLJ͕WůĂŶƚΘƋƵŝƉŵĞŶƚĨŽƌƚŚĞLJĞĂƌĚĞďŝƚĞĚƚŽ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ >ŽƐƐĂƌĞĂƐĨŽůůŽǁƐ͗Ͳ (Rs. in Crore) ĞƐĐƌŝƉƟŽŶ As at As at March 2017 March 2016 ĞƉƌĞĐŝĂƟŽŶŽŶdĂŶŐŝďůĞƐƐĞƚƐ ϭϳ͘ϵϵ 29.48 /ŵƉĂŝƌŵĞŶƚ>ŽƐƐ 1.26 - dŽƚĂů 19.25 29.48 ŝǀͿ /ŶĐůƵĚĞƐůĞĂƐĞŚŽůĚďƵŝůĚŝŶŐŽŶZĂŝůǁĂLJƐůĂŶĚĨŽƌϯϬLJĞĂƌƐůĞĂƐĞ;'ƌŽƐƐǀĂůƵĞZƐ͘ϱ͘ϯϬĐƌŽƌĞͿĨŽƌǁŚŝĐŚĂŐƌĞĞŵĞŶƚŝƐ LJĞƚƚŽďĞĮŶĂůŝnjĞĚ͘ ǀͿ >ĞĂƐĞ ŚŽůĚ ůĂŶĚ ŝŶĐůƵĚĞƐ ůĂŶĚ Ăƚ 'ƌĞĂƚĞƌ EŽŝĚĂ /ŶĚƵƐƚƌŝĂů ĞǀĞůŽƉŵĞŶƚ ƵƚŚŽƌŝƚLJ ;'E/Ϳ ĨŽƌ ĐŽŶƐƚƌƵĐƟŽŶ ŽĨ ƉƌŽƉŽƐĞĚĞŶƚƌĂů/ŶƐƉĞĐƟŽŶĞůů;/ͿďLJƚŚĞŽŵƉĂŶLJ;'ƌŽƐƐǀĂůƵĞZƐ͘Ϭ͘ϴϮĐƌŽƌĞͿ͘dŚĞƌĞƋƵĞƐƚĨŽƌƟŵĞĞdžƚĞŶƐŝŽŶ ĨŽƌĐŽŶƐƚƌƵĐƟŽŶŽĨƵŝůĚŝŶŐŚĂƐďĞĞŶƐƵďŵŝƩĞĚƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝƚLJ͘ ǀŝͿ dŚĞĐŽŵƉĂŶLJŚĂƐƉĂŝĚĐŽŶǀĞƌƐŝŽŶĐŚĂƌŐĞƐĨŽƌZƐ͘ϳ͘ϭϬĐƌŽƌĞƚŽĞůŚŝĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ;ͿĚƵƌŝŶŐƚŚĞ ĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϲͲϭϳĨŽƌĐŽŶǀĞƌƐŝŽŶŽĨŝƚƐůĂŶĚĂƚ^ĂŬĞƚĨƌŽŵůĞĂƐĞŚŽůĚƚŽĨƌĞĞŚŽůĚ͘,ŽǁĞǀĞƌ͕ĂƐĂƚϯϭDĂƌĐŚϮϬϭϳ ŝƐŝŶƚŚĞƉƌŽĐĞƐƐŽĨƚƌĂŶƐĨĞƌƌŝŶŐƚŚĞƐĂŝĚůĂŶĚĨƌŽŵůĞĂƐĞŚŽůĚƚŽĨƌĞĞŚŽůĚ͘ ǀŝŝͿ &ƵƌŶŝƚƵƌĞΘ&ŝdžƚƵƌĞƐŝŶĐůƵĚĞƐ&ƵƌŶŝƐŚŝŶŐƐĂůƐŽ͘ ϰ͘ĂƉŝƚĂůtŽƌŬŝŶWƌŽŐƌĞƐƐΎ (Rs. in Crore) WĂƌƟĐƵůĂƌƐ Amount KƉĞŶŝŶŐďĂůĂŶĐĞĂƚϭƉƌŝůϮϬϭϱ 0.38 ĚĚŝƟŽŶƐ;ƐƵďƐĞƋƵĞŶƚĞdžƉĞŶĚŝƚƵƌĞͿ ͲtŽƌŬdžƉĞŶƐĞƐ 0.41 ͲDŝƐĐKƉĞƌĂƟŶŐdžƉ͘ 0.83 1.24 1.24 >ĞƐƐ͗ĂƉŝƚĂůŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ 0.12 ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϲ 1.50 ĚĚŝƟŽŶƐ;ƐƵďƐĞƋƵĞŶƚĞdžƉĞŶĚŝƚƵƌĞͿ 2.00 ͲdƌĂĐŬDĂĐŚŝŶĞƐ 2.00

ANNUAL REPORT ϮϬϭϲͳϭϳͮ225 (Rs. in Crore) WĂƌƟĐƵůĂƌƐ Amount >ĞƐƐ͗ĂƉŝƚĂůŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ 1.50 ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϳ 2.00 EĞƚŽŽŬsĂůƵĞ at 31 March 2017 2.00 at 31 March 2016 1.50 ĂƚϭƉƌŝůϮϬϭϱ 0.38

(Rs. in Crore) ΎĞƚĂŝůƐŽĨĂƉŝƚĂůtŽƌŬŝŶƉƌŽŐƌĞƐƐ As at As at As at 31st March 2017 31st March 2016 ϭƐƚƉƌŝůϮϬϭϱ ϭ͘ĂŵƉƐΘĐĂƌǀĂŶƐĂƚ^ŚŝǀƉƵƌŝ'ƵŶĂ - 0.84 Ϯ͘tŽƌŬŽĨ&ŝƌĞ&ŝŐŚƟŶŐΘŝǀŝůŽŶƚƐƌƵĐƟŽŶĂƚ - - 0.12 /EŽŝĚĂ ϯ͘KĸĐĞƵŝůĚŝŶŐĂƚ<ŽůŬĂƚĂ - 0.66 0.26 ϰ͘dƌĂĐŬDĂĐŚŝŶĞƐ 2.00 - - 2.00 1.50 0.38 5. Investment Property (Rs. In Crore) WĂƌƟĐƵůĂƌƐ >ĂŶĚĂŶĚĂƉŝƚĂů >ĂŶĚĂŶĚĂƉŝƚĂů ^ZKƵŝůĚŝŶŐĂƚ dŽƚĂů ǁŽƌŬŝŶƉƌŽŐƌĞƐƐ ǁŽƌŬŝŶƉƌŽŐƌĞƐƐ KůĚŝƌƉŽƌƚZŽĂĚ͕ at Noida at Gurgaon ĂŶŐĂůŽƌĞ KƉĞŶŝŶŐďĂůĂŶĐĞĂƚϭƉƌŝůϮϬϭϱ 260.36 7.04 3.04 270.44 ĚĚŝƟŽŶƐ;ƐƵďƐĞƋƵĞŶƚĞdžƉĞŶĚŝƚƵƌĞͿΎ 0.45 ϳ͘ϯϵ - ϳ͘ϴϰ ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϲ 260.81 14.43 3.04 278.27 ĚĚŝƟŽŶƐ;ƐƵďƐĞƋƵĞŶƚĞdžƉĞŶĚŝƚƵƌĞͿΎ 20.58 8.62 - 29.20 ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϳ 281.39 23.05 3.04 307.48

ĞƉƌĞĐŝĂƟŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ KƉĞŶŝŶŐďĂůĂŶĐĞĂƚϭƉƌŝůϮϬϭϱ - - 0.04 0.04 ĞƉƌĞĐŝĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ - - 0.05 0.05 ůŽƐŝŶŐďĂůĂŶĐĞϯϭDĂƌĐŚϮϬϭϲ - - 0.08 0.08 ĞƉƌĞĐŝĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ - - 0.05 0.05 ůŽƐŝŶŐďĂůĂŶĐĞϯϭDĂƌĐŚϮϬϭϳ - - 0.13 0.13

EĞƚůŽĐŬ at 31 March 2017 281.39 23.05 2.91 307.35 at 31 March 2016 260.81 14.43 2.96 278.18 ĂƚϭƉƌŝůϮϬϭϱ 260.36 7.04 3.00 270.40

226 | ANNUAL REPORT ϮϬϭϲͳϭϳ /ŶĨŽƌŵĂƟŽŶƌĞŐĂƌĚŝŶŐŝŶĐŽŵĞĂŶĚĞdžƉĞŶĚŝƚƵƌĞŽĨ/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ZĞŶƚĂůŝŶĐŽŵĞĚĞƌŝǀĞĚĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐ 0.34 0.06 ŝƌĞĐƚŽƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞͿŐĞŶĞƌĂƟŶŐ - - ƌĞŶƚĂůŝŶĐŽŵĞ ŝƌĞĐƚŽƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐ;ŝŶĐůƵĚŝŶŐƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞͿƚŚĂƚĚŝĚŶŽƚ - 0.02 ŐĞŶĞƌĂƚĞƌĞŶƚĂůŝŶĐŽŵĞΖ WƌŽĮƚĂƌŝƐŝŶŐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐďĞĨŽƌĞĚĞƉƌĞĐŝĂƟŽŶĂŶĚŝŶĚŝƌĞĐƚ 0.34 0.04 expenses >ĞƐƐ͗ĞƉƌĞĐŝĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ 0.05 0.05 WƌŽĮƚĂƌŝƐŝŶŐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐďĞĨŽƌĞŝŶĚŝƌĞĐƚĞdžƉĞŶƐĞƐ 0.39 0.09 ZĞĐŽŶĐŝůŝĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ (Rs. In Crore) >ĂŶĚĂŶĚĂƉŝƚĂů >ĂŶĚĂŶĚĂƉŝƚĂů ^ZKƵŝůĚŝŶŐĂƚ dŽƚĂů ǁŽƌŬŝŶƉƌŽŐƌĞƐƐ ǁŽƌŬŝŶƉƌŽŐƌĞƐƐ KůĚŝƌƉŽƌƚZŽĂĚ͕ at Noida at Gurgaon ĂŶŐĂůŽƌĞ KƉĞŶŝŶŐďĂůĂŶĐĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱ 249.74 136.01 4.88 390.62 &ĂŝƌǀĂůƵĞĚŝīĞƌĞŶĐĞ ;ϰ͘ϮϵͿ ;ϰ͘ϭϳͿ Ϭ͘ϭϳ (8.30) ůŽƐŝŶŐďĂůĂŶĐĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ 245.44 131.84 5.04 382.32 &ĂŝƌǀĂůƵĞĚŝīĞƌĞŶĐĞ 4.40 16.36 0.20 20.96 ůŽƐŝŶŐďĂůĂŶĐĞĂƐĂƚϯϭͲϬϯͲϮϬϭϳ 249.85 148.20 5.24 403.29 &ĂŝƌǀĂůƵĞĚŝīĞƌĞŶĐĞĨŽƌƚŚĞƉĞƌŝŽĚ 4.40 16.36 0.20 20.96 EŽƚĞ͗Ͳ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJƐĞůĨĐŽŶƐƚƌƵĐƚĞĚ 249.85 148.20 5.24 403.29 249.85 148.20 5.24 403.29 sĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƵƐĞĚďLJǀĂůƵĞƌ ŽƐƚΘ/ŶĐŽŵĞ ŽƐƚ ŽƐƚ;>ĂŶĚΘ ƚŽďĞĚŝƐĐůŽƐĞĚ ƵŝůĚŝŶŐͿ ĞƐĐƌŝƉƟŽŶŽĨǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚďLJǀĂůƵĞƌ͗ ŽƐƚƉƉƌŽĂĐŚ͗ hŶĚĞƌ ƚŚŝƐ ĂƉƉƌŽĂĐŚ͕ ŵĂƌŬĞƚ ǀĂůƵĞ ŽĨ ƚŚĞ ůĂŶĚ ŚĂƐ ďĞĞŶ ĞƐƟŵĂƚĞĚ ƵƐŝŶŐ ŝƌĞĐƚ ŽŵƉĂƌŝƐŽŶ ƉƉƌŽĂĐŚ ;DĂƌŬĞƚ ƉƉƌŽĂĐŚͿ͘dŚĞďƵŝůĚŝŶŐǀĂůƵĞŚĂƐďĞĞŶĞƐƟŵĂƚĞĚƵƐĞĚĞƉƌĞĐŝĂƚĞĚZĞƉůĂĐĞŵĞŶƚŽƐƚ;ĂƐŝĨŶĞǁͿ͘tŝƚŚŝŶƚŚĞŽƐƚ ƉƉƌŽĂĐŚ͕ƚŚĞůĂŶĚǀĂůƵĞŝƐďĞŝŶŐĞƐƟŵĂƚĞĚŽŶƚŚĞĂƐƐƵŵƉƟŽŶƚŚĂƚŝƚŝƐǀĂĐĂŶƚĂŶĚĨƌĞĞŽĨĂůůĞŶĐƵŵďƌĂŶĐĞƐ͘/ƚŝƐ ĂĚĚĞĚƚŽƚŚĞĐŽƐƚŽĨƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐĚĞƌŝǀĞĚďLJƵƐŝŶŐƚŚĞĚĞƉƌĞĐŝĂƚĞĚZĞƉůĂĐĞŵĞŶƚŽƐƚŵĞƚŚŽĚ͘ZĞƉůĂĐĞŵĞŶƚĐŽƐƚ ŝŵƉůŝĞƐ͞dŚĞĐƵƌƌĞŶƚĐŽƐƚŽĨƌĞƉůĂĐĞŵĞŶƚŽĨĂŶĂƐƐĞƚǁŝƚŚĂƐŝŵŝůĂƌƵƟůŝƚLJĂƐŝĨŶĞǁ͘͟ƵŝůĚŝŶŐĐŽƐƚƐǁŽƵůĚŝŶĐůƵĚĞƚŚĞ ĐŽƐƚŽĨƚŚĞďƵŝůĚŝŶŐĐŽŵƉŽŶĞŶƚƐĂŶĚŽƚŚĞƌŝŵƉƌŽǀĞŵĞŶƚƐ͘ƉƉƌŽƉƌŝĂƚĞĚĞƉƌĞĐŝĂƟŽŶŝƐďĞŝŶŐĂƉƉůŝĞĚƚŽƚŚĞƐĂŵĞƚŽ ĞƐƟŵĂƚĞƚŚĞǀĂůƵĞ͘ /ŶĐŽŵĞƉƉƌŽĂĐŚ;&Ϳ͗ &ĂŶĂůLJƐŝƐŝƐƚŚĞƉƌŽĐĞƐƐŽĨǀĂůƵŝŶŐĂŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJŽƌĂƐƐĞƚďLJƵŶĚĞƌƚĂŬŝŶŐĂŶĞƐƟŵĂƟŽŶŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐ ĂŶĚƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƟŵĞǀĂůƵĞŽĨŵŽŶĞLJ͘hŶĚĞƌƚŚŝƐƚĞĐŚŶŝƋƵĞ͕ƚŚĞŝŶĐŽŵĞŝƐƉƌŽũĞĐƚĞĚŽǀĞƌƚŚĞŝŶǀĞƐƚŵĞŶƚ ĐLJĐůĞĂŶĚƚŚĞŶĞƚŝŶĐŽŵĞŝƐĐĂůĐƵůĂƚĞĚĂŌĞƌƚŚĞĚĞĚƵĐƟŽŶŽĨĐĂƉŝƚĂů͕ŽƉĞƌĂƟŶŐ͕ĂŶĚŽƚŚĞƌŶĞĐĞƐƐĂƌLJĞdžƉĞŶƐĞƐ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ227 (Rs. In Crore) ΎĞƚĂŝůŽĨĚĚŝƟŽŶƐ;ƐƵďƐĞƋƵĞŶƚĞdžƉĞŶĚŝƚƵƌĞͿ 31 March 2017 31 March 2016 ͲtŽƌŬdžƉĞŶƐĞƐ Ϯϲ͘ϳϵ ϳ͘ϭϯ ͲŽŶƐƵůƚĂŶĐLJŚĂƌŐĞƐ 0.59 0.43 Ͳ^ĂůĂƌLJΘtĂŐĞƐ 0.41 0.01 ͲZĂƚĞƐΘdĂdžĞƐ 1.28 0.19 ͲsĞŚŝĐůĞKƉĞƌĂƟŽŶĂŶĚDĂŝŶƚĞŶĂŶĐĞ 0.04 0.04 ͲWŽǁĞƌ͕ůĞĐƚƌŝĐŝƚLJĂŶĚtĂƚĞƌĐŚĂƌŐĞƐ 0.00 - ͲĚǀĞƌƟƐĞŵĞŶƚΘWƵďůŝĐŝƚLJ 0.08 0.02 ͲĂŶŬŚĂƌŐĞƐ 0.00 0.00 ͲZĞƉĂŝƌƐĂŶĚDĂŝŶƚĞŶĂŶĐĞͲKĸĐĞΘKƚŚĞƌ 0.01 - ͲdŽƵƌΘdƌĂǀĞůůŝŶŐ 0.01 0.00 ͲDŝƐĐKƉĞƌĂƟŶŐdžƉ͘ 0.00 0.01 dŽƚĂů 29.21 7.83 ϲ͘/ŶƚĂŶŐŝďůĞƐƐĞƚƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ KƚŚĞƌ/ŶƚĂŶŐŝďůĞƐ ƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ ;^ŽŌǁĂƌĞͬ>ĞĂƐĞ Rights)* KƉĞŶŝŶŐďĂůĂŶĐĞĂƚϭƉƌŝůϮϬϭϱ 16.04 75.32 ĚĚŝƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ 59.15 1.16 ^ĂůĞƐͬĂĚũƵƐƚŵĞŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ϭ͘ϯϯͿ ;Ϭ͘ϬϭͿ ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϲ 73.86 76.47 ĚĚŝƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ ϰϳϵ͘ϯϲ ϲ͘ϵϳ ĂƉŝƚĂůŝƐĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ϲ͘ϲϰͿ ^ĂůĞƐͬĂĚũƵƐƚŵĞŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ - ;Ϭ͘ϬϭͿ ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϳ 546.58 83.44

ŵŽƌƟƐĂƟŽŶĂŶĚImpairment KƉĞŶŝŶŐďĂůĂŶĐĞĂƚϭƉƌŝůϮϬϭϱ - 3.21 ŵŽƌƟƐĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ - ϭ͘ϯϳ ^ĂůĞƐͬĂĚũƵƐƚŵĞŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ - ;Ϭ͘ϬϭͿ ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϲ - 4.57 ŵŽƌƟƐĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ - ϳ͘ϯϵ ^ĂůĞƐͬĂĚũƵƐƚŵĞŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ - ;Ϭ͘ϬϭͿ ůŽƐŝŶŐďĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϭϳ - 11.95

EĞƚŬǀĂůƵĞ At 31 March 2017 546.58 71.49 At 31 March 2016 73.86 71.91 ƚϭƉƌŝůϮϬϭϱ 16.04 72.11 Ύ/ƚŝŶĐůƵĚĞƐ>ĞĂƐĞZŝŐŚƚƐŽĨƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJͲ/ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚǁŚŝĐŚŚĂƐĞŶƚĞƌĞĚŝŶƚŽ ĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚZ>;ZĂŝů>ĂŶĚĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJͿƚŽďƵŝůĚDƵůƟ&ƵŶĐƟŽŶĂůŽŵƉůĞdžĞƐ;D&ƐͿĂƚǀĂƌŝŽƵƐ ƌĂŝůǁĂLJƐƚĂƟŽŶƐ͘dŚĞ>ĂŶĚďĞůŽŶŐƐƚŽZĂŝůǁĂLJƐĂŶĚƚŚĞĐŽŵƉĂŶLJŚĂƐĐŽŶƐƚƌƵĐƚĞĚƚŚĞďƵŝůĚŝŶŐƐŽŶƚŚĞƐĂŵĞĂŶĚ ŚĂǀŝŶŐůĞĂƐĞƌŝŐŚƚƐ;ĐŽŵŵĞƌĐŝĂůZŝŐŚƚƐͿŽĨϰϱLJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨĐŽŵŵĞŶĐĞŵĞŶƚŽĨD&͘

228 | ANNUAL REPORT ϮϬϭϲͳϭϳ ϳ͘&ŝŶĂŶĐŝĂůƐƐĞƚƐ 7.1. Investments (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ĂͿ /ŶĐŽƌƉŽƌĂƚĞĚ:ŽŝŶƚsĞŶƚƵƌĞ;ĨƵůůLJƉĂŝĚͲƵƉͿ &͕DŽnjĂŵďŝƋƵĞ;ϯϭDĂƌĐŚϮϬϭϲ͗Eŝů͕ϭƉƌŝůϮϬϭϱ͗ - - 5.53 ϭϮ͕ϱϬ͕ϬϬϬͿ >ĞƐƐ͗/ŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨ/ŶǀĞƐƚŵĞŶƚ - - ;ϱ͘ϱϯͿ /ƌĐŽŶͲ^ŽŵĂ dŽůůǁĂLJ WƌŝǀĂƚĞ >ŝŵŝƚĞĚ ;/^dW>Ϳ ϲ͕ϯϴ͕ϳϬ͕ϬϬϬ ϮϮ͘ϳϮ ϭϲ͘ϴϳ 11.34 ĞƋƵŝƚLJƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚĨƵůůLJƉĂŝĚ͘;ϯϭDĂƌĐŚϮϬϭϲ͗ ϲ͕ϯϴ͕ϳϬ͕ϬϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϲ͕ϯϴ͕ϳϬ͕ϬϬϬͿ;ZĞĨĞƌŶŽƚĞ;ŝͿĂ ΘďͿ ĂƐƚĂƌ ZĂŝůǁĂLJ Wǀƚ͘ >ŝŵŝƚĞĚ ϭϭ͕ϴϯ͕ϬϬϬ ĞƋƵŝƚLJ ƐŚĂƌĞƐ ŽĨ 1.18 - - ZƐ͘ϭϬĞĂĐŚ;ϯϭDĂƌĐŚϮϬϭϲ͗Eŝů͕ϭƉƌŝůϮϬϭϱ͗EŝůͿ :ŚĂƌŬŚĂŶĚĞŶƚƌĂůƌĂŝůǁĂLJϭϯ͕ϬϬ͕ϬϬϬĞƋƵŝƚLJƐŚĂƌĞƐŽĨZƐ͘ 1.12 - - ϭϬĞĂĐŚ;ϯϭDĂƌĐŚϮϬϭϲ͗Eŝů͕ϭƉƌŝůϮϬϭϱ͗EŝůͿ DĂŚĂŶĂĚŝŽĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚϭϯ͕ϬϬϬĞƋƵŝƚLJƐŚĂƌĞƐŽĨ 0.01 0.01 - ZƐ͘ϭϬĞĂĐŚ;ϯϭDĂƌĐŚϮϬϭϲ͗ϭϯ͕ϬϬϬ͕ϭƉƌŝůϮϬϭϱ͗EŝůͿ ŚĂƫƐŐĂƌŚ ĂƐƚ ZĂŝůǁĂLJ >ŝŵŝƚĞĚ ϴ͕ϯϱ͕ϳϱ͕ϳϬϬ ĞƋƵŝƚLJ ϴϯ͘ϰϳ 40.10 1.12 ƐŚĂƌĞƐ ŽĨ ZƐ͘ ϭϬ ĞĂĐŚ ĨƵůůLJ ƉĂŝĚ͘ ; ϯϭ DĂƌĐŚ ϮϬϭϲ ͗ ϰ͕Ϭϭ͕ϳϬ͕ϬϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϭϭ͕ϳϬ͕ϬϬϬͿ ŚĂƫƐŐĂƌŚ ĂƐƚͲtĞƐƚ ZĂŝůǁĂLJ >ŝŵŝƚĞĚ ϭϯ͕ϭϭ͕ϳϬ͕ϬϬϬ 131.08 1.10 1.12 ĞƋƵŝƚLJƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚĨƵůůLJƉĂŝĚ͘;ϯϭDĂƌĐŚϮϬϭϲ͗ ϭϭ͕ϳϬ͕ϬϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϭϭ͕ϳϬ͕ϬϬϬͿ

dŽƚĂů;ĂͿͲ/ŶǀĞƐƚŵĞŶƚŝŶ:ŽŝŶƚsĞŶƚƵƌĞƐ 239.57 58.08 13.58

ďͿ ;/ŶǀĞƐƚŵĞŶƚĂƚŵŽƌƟƐĞĚĐŽƐƚͿ Investment in Bonds (Quoted) ϴ͘ϬϬйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 16.31 16.31 16.31 ;/Z&ͿŽŶĚƐ͕ϭϲϯ͕ϭϯϭƵŶŝƚƐŽĨZƐ͘ϭ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϭϲϯ͕ϭϯϭ͕ϭƉƌŝůϮϬϭϱ͗ϭϲϯ͕ϭϯϭͿ ϳ͘ϮϭйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 49.96 49.96 49.96 ;/Z&ͿŽŶĚƐ͕ϱϬϬƵŶŝƚƐŽĨZƐ͘ϭϬ͕ϬϬ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϱϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϱϬϬͿ ϴ͘ϮϯйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 50.00 50.00 50.00 ;/Z&ͿŽŶĚƐ͕ϱ͕ϬϬ͕ϬϬϬƵŶŝƚƐŽĨZƐ͘ϭ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϱ͕ϬϬ͕ϬϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϱ͕ϬϬ͕ϬϬϬͿ ϴ͘ϯϱйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 49.92 49.93 49.92 ;/Z&ͿŽŶĚƐ͕ϱϬϬƵŶŝƚƐŽĨZƐ͘ϭϬ͕ϬϬ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϱϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϱϬϬͿ ϳ͘ϭϱйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 24.98 24.98 - ;/Z&ͿŽŶĚƐ͕ϮϱϬƵŶŝƚƐŽĨZƐ͘ϭϬ͕ϬϬ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϮϱϬ͕ϭƉƌŝůϮϬϭϱ͗EŝůͿ ϴ͘ϬϬйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 16.31 16.31 16.31 ;/Z&ͿŽŶĚƐ͕ϭϲϯ͕ϭϯϭƵŶŝƚƐŽĨZƐ͘ϭ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϭϲϯ͕ϭϯϭ͕ϭƉƌŝůϮϬϭϱ͗ϭϲϯ͕ϭϯϭͿ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ229 WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ϳ͘ϮϭйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 49.96 49.96 49.96 ;/Z&ͿŽŶĚƐ͕ϱϬϬƵŶŝƚƐŽĨZƐ͘ϭϬ͕ϬϬ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϱϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϱϬϬͿ ϴ͘ϮϯйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 50.00 50.00 50.00 ;/Z&ͿŽŶĚƐ͕ϱ͕ϬϬ͕ϬϬϬƵŶŝƚƐŽĨZƐ͘ϭ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϱ͕ϬϬ͕ϬϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϱ͕ϬϬ͕ϬϬϬͿ ϴ͘ϯϱйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 49.92 49.93 49.92 ;/Z&ͿŽŶĚƐ͕ϱϬϬƵŶŝƚƐŽĨZƐ͘ϭϬ͕ϬϬ͕ϬϬϬĞĂĐŚ;ϯϭDĂƌĐŚ ϮϬϭϲ͗ϱϬϬ͕ϭƉƌŝůϮϬϭϱ͗ϱϬϬͿ ϳ͘ϬϳйdĂdž&ƌĞĞ/ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ 30.20 30.20 - ;/Z&ͿŽŶĚƐ͕ϯ͕ϬϮ͕ϬϬϬƵŶŝƚƐŽĨZƐ͘ϭ͕ϬϬϬĞĂĐŚ;ϯϭ DĂƌĐŚϮϬϭϲ͗ϯ͕ϬϮ͕ϬϬϬ͕ϭƉƌŝůϮϬϭϱ͗EŝůͿ ϳ͘ϭϰйE,/dĂdž&ƌĞĞŽŶĚƐ͕ϭ͕ϵϵ͕ϵϴϵƵŶŝƚƐŽĨZƐ͘ϭ͕ϬϬϬ 20.00 20.00 - ĞĂĐŚ;ϯϭDĂƌĐŚϮϬϭϲ͗ϭ͕ϵϵ͕ϵϴϵ͕ϭƉƌŝůϮϬϭϱ͗EŝůͿ ϳ͘ϬϮйE,/dĂdž&ƌĞĞŽŶĚƐ͕ϱϬϬƵŶŝƚƐŽĨZƐ͘ϭϬ͕ϬϬ͕ϬϬϬ 49.99 50.00 - ĞĂĐŚ;ϯϭDĂƌĐŚϮϬϭϲ͗ϱϬϬ͕ϭƉƌŝůϮϬϭϱ͗EŝůͿ dŽƚĂůͲ/ŶǀĞƐƚŵĞŶƚŝŶŽŶĚƐ;YƵŽƚĞĚͿ 291.36 291.38 166.19 dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ;ĂнďͿ 530.94 349.47 179.77 ŐŐƌĞŐĂƚĞŽŽŬǀĂůƵĞŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ 291.36 291.38 166.19 ŐŐƌĞŐĂƚĞDĂƌŬĞƚǀĂůƵĞŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ 293.32 292.98 ϭϳϱ͘ϲϭ ŐŐƌĞŐĂƚĞŽŽŬǀĂůƵĞŽĨƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ 239.58 58.09 13.58 ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐ - - 5.53 &ŽŽƚEŽƚĞ;ŝͿ͗ ;ĂͿKƵƚŽĨϲ͕ϯϴ͕ϳϬ͕ϬϬϬĞƋƵŝƚLJƐŚĂƌĞƐŽĨ/ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>ͿŚĞůĚďLJƚŚĞĐŽŵƉĂŶLJ͕ϯϬйƐŚĂƌĞƐ ;ϭ͕ϵϭ͕ϲϭ͕ϬϬϬŶŽ͘ͿĂƌĞƉůĞĚŐĞĚǁŝƚŚWƵŶũĂďEĂƟŽŶĂůĂŶŬĂŐĂŝŶƐƚƚŚĞůŽĂŶĚƌĂǁŶďLJ/ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ >ŝŵŝƚĞĚ;/^dW>ͿŽƵƚƐƚĂŶĚŝŶŐĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝƐZƐ͘ϭϮϲ͘ϳϴĐƌŽƌĞƐ͘&ƵƌƚŚĞƌ͕ĂŶƵŶĚĞƌƚĂŬŝŶŐŚĂƐďĞĞŶŐŝǀĞŶďLJƚŚĞ ĐŽŵƉĂŶLJƚŽWƵŶũĂďEĂƟŽŶĂůĂŶŬĨŽƌŶŽŶĚŝƐƉŽƐĂůŽĨŝƚƐϮϭй;ϭ͕ϯϰ͕ϭϮ͕ϳϬϬŶŽ͘ŽĨƐŚĂƌĞƐͿŽĨƚŚĞƉƌĞƐĞŶƚŚŽůĚŝŶŐ ;ŽǀĞƌĂŶĚĂďŽǀĞƚŚĞƉůĞĚŐĞĚŽǀĞƌϯϬйŽĨƐŚĂƌĞŚŽůĚŝŶŐͿ͘ ;ďͿ ƐƉĞƌƌƟĐůĞƐŽĨƐƐŽĐŝĂƟŽŶ;ƌƟĐůĞsͿŽĨ/ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ͕ƐŚĂƌĞŚŽůĚĞƌƐĐĂŶƚƌĂŶƐĨĞƌ ƚŚĞŝƌƐŚĂƌĞŚŽůĚŝŶŐƐƵďũĞĐƚƚŽŽŶĐĞƐƐŝŽŶŐƌĞĞŵĞŶƚĚĂƚĞĚϮϴƚŚ^ĞƉƚĞŵďĞƌϮϬϬϱƐŝŐŶĞĚǁŝƚŚE,/ǁŚŝĐŚƉƌŽǀŝĚĞƐ ĨŽƌĞƋƵŝƚLJŚŽůĚŝŶŐŽĨŶŽƚůĞƐƐƚŚĂŶϱϭйďLJŽŶƐŽƌƟƵŵŵĞŵďĞƌƐŝŶ/ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ ĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƟŽŶƉĞƌŝŽĚĂŶĚƚŚƌĞĞLJĞĂƌƐĨŽůůŽǁŝŶŐŽŵŵĞƌĐŝĂůKƉĞƌĂƟŽŶĂƚĞ͕ǁŚŝĐŚǁĂƐĂĐŚŝĞǀĞĚŽŶ ϭϵ͘Ϭϰ͘ϮϬϭϬ͘dŚĞƌĞĂŌĞƌ͕ƚŚĞĂĨŽƌĞƐĂŝĚƐŚĂƌĞŚŽůĚŝŶŐĐĂŶďĞĚŝůƵƚĞĚƚŽϮϲйƐƵďũĞĐƚƚŽƚŚĞƉƌĞͲĞŵƉƟŽŶƌŝŐŚƚŽĨƚŚĞ ŽƚŚĞƌƐŚĂƌĞŚŽůĚĞƌƐ͘ Ύ/ŶǀĞƐƚŵĞŶƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐŝƐĐĂƌƌŝĞĚĂƚĐŽƐƚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƉĂƌĂ ϭϬŽĨ/ŶĚ^Ϯϳ ϳ͘Ϯ͘dƌĂĚĞZĞĐĞŝǀĂďůĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ hŶƐĞĐƵƌĞĚ͗ŽŶƐŝĚĞƌĞĚŐŽŽĚ ͲZĞƚĞŶƟŽŶDŽŶĞLJǁŝƚŚĐůŝĞŶƚ 20.51 0.39 Ϯϱ͘ϳϴ ͲDŽŶĞLJtŝƚŚŚĞůĚďLJůŝĞŶƚ ϯ͘ϱϳ 2.15 18.93 dŽƚĂů 24.08 2.54 44.71

230 | ANNUAL REPORT ϮϬϭϲͳϭϳ 7.3. Loans (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ͘^ĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚ ^ƚĂī>ŽĂŶƐĂŶĚĚǀĂŶĐĞƐ 0.66 1.55 1.65 dŽƚĂů;ͿͲ^ĞĐƵƌĞĚ>ŽĂŶƐ 0.66 1.55 1.65

B. Unsecured, considered good ;ŝͿ>ŽĂŶƐƚŽZĞůĂƚĞĚWĂƌƟĞƐ͗ :ŽŝŶƚsĞŶƚƵƌĞƐ ͲŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Ăƌů - - ϳϬ͘ϰϴ ͲŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ƚĚ͘ 39.00 39.00 30.00 ͲŚĂƫƐŐĂƌŚĂƐƚtĞƐƚZĂŝůǁĂLJ>ƚĚ͘ 39.00 19.50 - dŽƚĂů;ŝͿ 78.00 58.50 100.48

;ŝŝͿKƚŚĞƌƐ͗ ^ƚĂī>ŽĂŶƐΘĚǀĂŶĐĞƐ 0.25 0.56 Ϭ͘ϳϰ dŽƚĂů;ŝŝͿ 0.25 0.56 0.74 dŽƚĂů;ͿͲhŶƐĞĐƵƌĞĚ>ŽĂŶƐ;ŝнŝŝͿ 78.25 59.06 101.22

͘ŽŶƐŝĚĞƌĞĚŽƵďƞƵů ;ŝͿ>ŽĂŶƐƚŽZĞůĂƚĞĚWĂƌƟĞƐ͗ :ŽŝŶƚsĞŶƚƵƌĞƐ ͲŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Ăƌů - - 25.46 dŽƚĂů;ŝͿ - - 25.46

>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶƐ - - ;Ϯϱ͘ϰϲͿ dŽƚĂů;ͿͲŽƵďƞƵů>ŽĂŶƐ - - 'ƌĂŶĚdŽƚĂůͲ>ŽĂŶƐ 78.91 60.61 102.87 ϳ͘ϰ͘KƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐ (Rs. in Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ a) Considered Good ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ Ͳ'ŽǀĞƌŶŵĞŶƚĞƉĂƌƚŵĞŶƚƐ 0.05 0.06 0.08 ͲKƚŚĞƌƐ 0.15 Ϭ͘ϰϳ 0.52 &ŝdžĞĚĞƉŽƐŝƚƐŵŽƌĞƚŚĂŶϭϮŵŽŶƚŚƐ΂ƌĞĨĞƌĨŽŽƚŶŽƚĞ;ŝͿ΃ 0.41 0.41 0.41 &ŝdžĞĚĞƉŽƐŝƚƐƌĞĐĞŝǀĞĚĨƌŽŵŽŶƚƌĂĐƚŽƌƐ 5.23 ϳ͘ϭϬ 1.91 ΂ƌĞĨĞƌĨŽŽƚŶŽƚĞ;ŝŝͿ΃ /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶĚǀĂŶĐĞƐƚŽ^ƚĂī 0.59 ϭ͘ϭϳ 1.22 /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶ>ŽĂŶƐƚŽZĞůĂƚĞĚWĂƌƚLJ - 5.42 - ͲůĂŝŵƐZĞĐŽǀĞƌĂďůĞĨƌŽŵůŝĞŶƚƐ - Ϭ͘ϳϮ Ϭ͘ϳϵ ͲZĞĐŽǀĞƌĂďůĞĨƌŽŵ'ŽǀƚŽĨDŽnjĂŵďŝƋƵĞ ϳϬ͘ϳϴ 31.93 - ͲKƚŚĞƌƐͲĚǀĂŶĐĞ>ĞĂƐĞZĞŶƚ 0.04 - -

ANNUAL REPORT ϮϬϭϲͳϭϳͮ231 (Rs. in Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ďͿhŶƐĞĐƵƌĞĚ͕ŽŶƐŝĚĞƌĞĚ Good ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ Ͳ'ŽǀĞƌŶŵĞŶƚĞƉĂƌƚŵĞŶƚƐ 0.04 0.04 0.04 /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶĚǀĂŶĐĞƐƚŽ^ƚĂī 0.01 0.01 0.01 dŽƚĂůͲKƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐ 77.30 47.33 4.98 ĐͿŽŶƐŝĚĞƌĞĚŽƵďƞƵů /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶ>ŽĂŶƚŽZĞůĂƚĞĚWĂƌƚLJ ͲŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Ăƌů;:sͿ - - 0.19 >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĮŶĂŶĐŝĂůĂƐƐĞƚƐ;ŽƚŚĞƌƐͿ - - ;Ϭ͘ϭϵͿ dŽƚĂůͲKƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐͲŽƵďƞƵů - - - 'ƌĂŶĚdŽƚĂůͲKƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐ 77.30 47.33 4.98 &ŽŽƚEŽƚĞƐ͗Ͳ ;ŝͿ /ŶĐůƵĚĞƐ&ZƐƵŶĚĞƌ>ŝĞŶĨŽƌZƐ͘Ϭ͘ϰϭĐƌŽƌĞ;ZƐ͘Ϭ͘ϰϭĐƌŽƌĞͿ͘ ;ŝŝͿ &ŝdžĞĚĞƉŽƐŝƚƐƌĞĐĞŝǀĞĚĨƌŽŵŽŶƚƌĂĐƚŽƌƐĂƌĞƌĞĂůŝƐĂďůĞ͕ŝĨƚŚĞĐŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĨƵůĮůůŝƚƐŽďůŝŐĂƟŽŶƐĂƐƉĞƌƚŚĞ ƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚĂŐƌĞĞŵĞŶƚ͘ 8. Deferred Tax Assets (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ

WƌŽǀŝƐŝŽŶƐ 131.48 ϭϳϲ͘ϵϱ Ϯϭϳ͘ϴϮ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ;ϭϯ͘ϮϯͿ ;Ϭ͘ϳϮͿ 2.39 KƚŚĞƌƐ Ϯϲ͘ϳϴ 35.36 41.93 ůŽƐŝŶŐďĂůĂŶĐĞĂƐĂƚϯϭDĂƌĐŚ 145.03 211.59 262.14 ZĞĐŽŶĐŝůŝĂƟŽŶͬDŽǀĞŵĞŶƚƐŝŶĞĨĞƌƌĞĚdĂdžƐƐĞƚƐ (Rs. in Crore) WĂƌƟĐƵůĂƌƐ Provisions PPE and Others dŽƚĂů /ŶƚĂŶŐŝďůĞƐƐĞƚƐ ƐĂƚϭƉƌŝůϮϬϭϱ Ϯϭϳ͘ϴϮ 2.39 41.93 262.14 ;ŚĂƌŐĞĚͿͬƌĞĚŝƚĞĚ͗ ͲƚŽƉƌŽĮƚŽƌůŽƐƐ ;ϰϬ͘ϴϳͿ ;ϯ͘ϭϭͿ ;ϭϮ͘ϲϮͿ ;ϱϲ͘ϲϬͿ ͲƚŽKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ - - 6.05 6.05

As at 31 March 2016 176.95 (0.72) 35.36 211.59 ;ŚĂƌŐĞĚͿͬƌĞĚŝƚĞĚ͗ ͲƚŽƉƌŽĮƚŽƌůŽƐƐ ;ϰϱ͘ϰϲͿ ;ϭϮ͘ϱϭͿ ;ϴ͘ϱϴͿ ;ϲϲ͘ϱϲͿ ͲƚŽKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ - - - -

As at 31 March 2017 131.48 (13.23) 26.78 145.03 ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐŚĂǀĞďĞĞŶŽīƐĞƚĂƐƚŚĞLJƌĞůĂƚĞƚŽƚŚĞƐĂŵĞŐŽǀĞƌŶŝŶŐůĂǁ͘

232 | ANNUAL REPORT ϮϬϭϲͳϭϳ Income Tax Expense WƌŽĮƚŽƌůŽƐƐ^ĞĐƟŽŶ (Rs. in Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdž͗ ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžĐŚĂƌŐĞ 123.34 156.83 ĚũƵƐƚŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžŽĨƉƌĞǀŝŽƵƐLJĞĂƌ ;ϭϴ͘ϯϰͿ ϱ͘Ϭϳ ĞĨĞƌƌĞĚƚĂdž͗ - - ZĞůĂƟŶŐƚŽŽƌŝŐŝŶĂƟŽŶĂŶĚƌĞǀĞƌƐĂůŽĨƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐ 66.54 56.60 /ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚŽƌůŽƐƐ 171.54 218.50 K/ƐĞĐƟŽŶ /ŶĐŽŵĞƚĂdžƌĞůĂƚĞĚƚŽŝƚĞŵƐƌĞĐŽŐŶŝƐĞĚŝŶK/ĚƵƌŝŶŐƚŚĞLJĞĂƌ͗ (Rs. in Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 EĞƚůŽƐƐͬ;ŐĂŝŶͿŽŶƌĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ ϭ͘ϲϳ 0.46 EĞƚůŽƐƐͬ;ŐĂŝŶͿŽŶĞdžĐŚĂŶŐĞŐĂŝŶͬůŽƐƐ 5.59 ;Ϯϱ͘ϵϰͿ Income tax charged to OCI 7.26 (25.48) ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚĂdžĞdžƉĞŶƐĞĂŶĚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŽĮƚŵƵůƟƉůŝĞĚďLJ/ŶĚŝĂ͛ƐĚŽŵĞƐƟĐƚĂdžƌĂƚĞĨŽƌϯϭDĂƌĐŚϮϬϭϲĂŶĚ ϯϭDĂƌĐŚϮϬϭϳ͗ (Rs. in Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ĐĐŽƵŶƟŶŐƉƌŽĮƚďĞĨŽƌĞƚĂdžĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ ϱϳϲ͘ϳϭ 581.20 WƌŽĮƚͬ;ůŽƐƐͿďĞĨŽƌĞƚĂdžĨƌŽŵĂĚŝƐĐŽŶƟŶƵĞĚŽƉĞƌĂƟŽŶ - - ĐĐŽƵŶƟŶŐƉƌŽĮƚďĞĨŽƌĞŝŶĐŽŵĞƚĂdž 576.71 581.20

ƚ/ŶĚŝĂ͛ƐƐƚĂƚƵƚŽƌLJŝŶĐŽŵĞƚĂdžƌĂƚĞŽĨϯϰ͘ϲϬϴй;ϯϭDĂƌĐŚϮϬϭϲ͗ ϭϳϬ͘ϲϯ 196.06 ϯϰ͘ϲϬϴйͿ ĚũƵƐƚŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžŽĨƉƌĞǀŝŽƵƐLJĞĂƌƐ ;ϭϴ͘ϭϴͿ ;ϵ͘ϭϴͿ hƟůŝƐĂƟŽŶŽĨƉƌĞǀŝŽƵƐůLJƵŶƌĞĐŽŐŶŝƐĞĚƚĂdžůŽƐƐĞƐ - - ͲEŽŶƚĂdžĂďůĞŝƚĞŵƐ ;ϯϯ͘ϰϲͿ ;ϵ͘ϰϳͿ ͲZĂƚĞŝīĞƌĞŶĐĞ ;ϱ͘ϭϵͿ 4.61 ͲKƚŚĞƌ Ϯϯ͘ϰϳ ;Ϭ͘ϭϱͿ ĞĚƵĐƟŽŶƵŶĚĞƌ^ĞĐƟŽŶϵϬͬϵϭ ;ϭ͘ϰϵͿ ĚĚŝƟŽŶĂůWƌŽǀŝƐŝŽŶŵĂĚĞŽŶĂĐĐŽƵŶƚŽĨĚĞĚƵĐƟŽŶŝŶ^ĞĐƟŽŶϵϬͬϵϭ 0.88 EŽŶͲĚĞĚƵĐƟďůĞĞdžƉĞŶƐĞƐĨŽƌƚĂdžƉƵƌƉŽƐĞƐ͗ ͲKƚŚĞƌĐŽƵŶƚƌLJĂĚĚŝƟŽŶĂůƚĂdž ;Ϯ͘ϴϳͿ 6.22 KƚŚĞƌŶŽŶͲĚĞĚƵĐƟďůĞĞdžƉĞŶƐĞƐ 18.89 5.53 ƚƚŚĞĞīĞĐƟǀĞŝŶĐŽŵĞƚĂdžƌĂƚĞŽĨϯϬ͘ϳϱй;ϯϭDĂƌĐŚϮϬϭϲ͗ϯϯ͘ϯϬйͿ 153.30 193.02

/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ 153.30 193.02 /ŶĐŽŵĞƚĂdžĂƩƌŝďƵƚĂďůĞƚŽĂĚŝƐĐŽŶƟŶƵĞĚŽƉĞƌĂƟŽŶ - - 153.30 193.02

ANNUAL REPORT ϮϬϭϲͳϭϳͮ233 9. Other Non-Current Assets (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ĂͿ ĚǀĂŶĐĞƐKƚŚĞƌƚŚĂŶĂƉŝƚĂůĚǀĂŶĐĞƐ ĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐĂŐĂŝŶƐƚŵĂƚĞƌŝĂůĂŶĚ 43.49 28.06 25.29 ŵĂĐŚŝŶĞƌLJ ĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐ͕^ƵƉƉůŝĞƌƐĂŶĚKƚŚĞƌƐ 310.09 ϭϵϵ͘ϴϳ 205.41 ĞƉŽƐŝƚƐǁŝƚŚdĂdžĞƉĂƌƚŵĞŶƚƐ 0.21 0.02 0.10 dŽƚĂůͲĚǀĂŶĐĞƐKƚŚĞƌƚŚĂŶĂƉŝƚĂůĚǀĂŶĐĞƐ 353.79 227.95 230.80

ďͿ KƚŚĞƌƐ hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚ /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶ͗ ͲĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐ͕^ƵƉƉůŝĞƌƐΘŽƚŚĞƌƐ 43.05 ϮϬ͘ϳϳ 14.50 WƌĞƉĂŝĚdžƉĞŶƐĞƐ ϯ͘ϵϳ 0.12 0.03 &ĂŝƌǀĂůƵĂƟŽŶĂĚũƵƐƚŵĞŶƚ 2.82 0.55 3.09 dŽƚĂůͲKƚŚĞƌƐ 49.84 21.44 17.62

ĐͿ ŽŶƐŝĚĞƌĞĚŽƵďƞƵů ĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐ͕^ƵƉƉůŝĞƌƐĂŶĚKƚŚĞƌƐ 0.91 - ϴ͘ϳϭ /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶ͗ ͲĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐ͕^ƵƉƉůŝĞƌƐΘŽƚŚĞƌƐ - - 0.40 >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂĚǀĂŶĐĞƐ ;Ϭ͘ϵϭͿ - ;ϵ͘ϭϭͿ dŽƚĂůͲŽŶƐŝĚĞƌĞĚŽƵďƞƵů - - - 'ƌĂŶĚdŽƚĂů 403.63 249.39 248.42 10. Inventories (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ZĂǁDĂƚĞƌŝĂů Ͳ/Ŷ,ĂŶĚ 34.64 88.09 32.61 ͲtŝƚŚdŚŝƌĚWĂƌƟĞƐ 4.28 ϭ͘ϳϴ 25.81 Ͳ/ŶdƌĂŶƐŝƚ ϭ͘ϳϴ - 0.11 - - - ŽŶƐƚƌƵĐƟŽŶtŽƌŬ/ŶƉƌŽŐƌĞƐƐ;ĂƚŽƐƚͿ 98.64 ϱϬ͘ϳϱ 55.90 dŽƚĂů 139.34 140.62 114.43 ϭϭ͘&ŝŶĂŶĐŝĂůƐƐĞƚƐ 11.1. Investments (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ Investment at Cost ϭ͘/ŶǀĞƐƚŵĞŶƚƐŝŶƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐͲĨƵůůLJƉĂŝĚͲƵƉ (unquoted) /ŶĐŽƌƉŽƌĂƚĞĚ:ŽŝŶƚsĞŶƚƵƌĞ &͕DŽnjĂŵďŝƋƵĞͲEŝů;ϯϭDĂƌĐŚϮϬϭϲ͗ϭϮ͕ϱϬ͕ϬϬϬ - 5.53 - ĞƋƵŝƚLJƐŚĂƌĞƐŽĨŵĞƟĐĂůƐϮϰϬϬϬĞĂĐŚĨƵůůLJƉĂŝĚͿ

234 | ANNUAL REPORT ϮϬϭϲͳϭϳ /ŶǀĞƐƚŵĞŶƚĂƚ&ĂŝƌsĂůƵĞƚŚƌŽƵŐŚWƌŽĮƚΘ>ŽƐƐ Ϯ͘/ŶǀĞƐƚŵĞŶƚŝŶDƵƚƵĂůĨƵŶĚƐ;YƵŽƚĞĚͿ hd/DƵƚƵĂů&ƵŶĚͲĂŝůLJŝǀŝĚĞŶĚWůĂŶ͗ ϭϰϬ͘ϳϮ ϯ͘ϳϮ 10.89 EŽ͘ŽĨhŶŝƚƐ͗ϭϯ͕ϴϬ͕ϯϴϭ;ϯϭDĂƌĐŚϮϬϭϲ͗ϯϲ͕ϰϱϰΘϭƉƌŝů ϮϬϭϱ͗ϭ͕Ϭϲ͕ϴϯϲͿ ^/WƌĞŵŝĞƌ>ŝƋƵŝĚ&ƵŶĚͲĂŝůLJŝǀŝĚĞŶĚWůĂŶ͗ 109.19 ϭϮϴ͘ϳϲ ϯϬ͘ϭϳ EŽ͘ŽĨhŶŝƚƐ͗ϭϬ͕ϴϴ͕ϯϴϰ;ϯϭDĂƌĐŚϮϬϭϲ͗ϭϮ͕ϴϯ͕ϰϳϴΘϭ ƉƌŝůϮϬϭϱ͗ϯ͕ϬϬ͕ϳϭϴͿ ^/Ğďƚ&ƵŶĚ^ĞƌŝĞƐͲͲϭϰ͗ - - Ϯϳ͘ϯϯ EŽ͘ŽĨhŶŝƚƐ͗Eŝů;ϯϭDĂƌĐŚϮϬϭϲ͗EŝůΘϭƉƌŝůϮϬϭϱ͗ Ϯ͕ϱϬ͕ϬϬ͕ϬϬϬͿ dŽƚĂů/ŶǀĞƐƚŵĞŶƚƐ 249.91 138.01 68.39

ŐŐƌĞŐĂƚĞŬǀĂůƵĞŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ 249.91 132.48 68.39 ŐŐƌĞŐĂƚĞDĂƌŬĞƚǀĂůƵĞŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ 249.91 132.48 68.39 ŐŐƌĞŐĂƚĞŬǀĂůƵĞŽĨƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ - 5.53 - ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐ - - - ϭϭ͘Ϯ͘dƌĂĚĞZĞĐĞŝǀĂďůĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ hŶƐĞĐƵƌĞĚ͗ĐŽŶƐŝĚĞƌĞĚŐŽŽĚ ͲdƌĂĚĞƌĞĐĞŝǀĂďůĞƐ 434.45 484.81 462.31 ͲZĞƚĞŶƟŽŶDŽŶĞLJǁŝƚŚĐůŝĞŶƚ 51.56 55.82 60.38 ͲDŽŶĞLJtŝƚŚŚĞůĚďLJůŝĞŶƚ ϲϳ͘ϲϰ ϭϭϱ͘ϳϭ 48.14

^ĞĐƵƌĞĚ͗ĐŽŶƐŝĚĞƌĞĚŐŽŽĚ ͲdƌĂĚĞƌĞĐĞŝǀĂďůĞƐ Ϯϵ͘ϳϵ 25.19 9.45

ŽŶƐŝĚĞƌĞĚŽƵďƞƵů ͲdƌĂĚĞƌĞĐĞŝǀĂďůĞƐ 20.85 15.82 16.25 ͲZĞƚĞŶƟŽŶDŽŶĞLJǁŝƚŚĐůŝĞŶƚ ϳ͘ϭϵ ϴ͘Ϭϳ 9.89 ͲDŽŶĞLJtŝƚŚŚĞůĚďLJůŝĞŶƚ 5.65 5.99 4.50

>ĞƐƐ͗/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞƐĨŽƌĚŽƵďƞƵůĚĞďƚƐ 33.69 29.88 30.64 dŽƚĂů 583.44 681.52 580.28 ϭϭ͘ϯ͘ĂƐŚĂŶĚĂƐŚĞƋƵŝǀĂůĞŶƚƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Footnote 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ĂƐŚŝŶŚĂŶĚ 0.18 0.23 0.21 ŚĞƋƵĞƐͬĚƌĂŌƐŝŶŚĂŶĚ - 4.96 Ϭ͘ϭϳ ĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐ͗ ʹKŶĐƵƌƌĞŶƚĂĐĐŽƵŶƚƐ 223.82 95.38 209.40 ʹ&ůĞdžŝĐĐŽƵŶƚƐ ;ŝͿ 225.32 ϮϬϱ͘Ϯϳ ϭϳϲ͘ϵϰ ʹĞƉŽƐŝƚƐǁŝƚŚŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨůĞƐƐ ;ŝŝͿ ϭ͕ϬϬϰ͘ϰϰ Ϯ͕Ϯϴϰ͘ϴϰ ϵϮϮ͘ϳϱ ƚŚĂŶƚŚƌĞĞŵŽŶƚŚƐ ʹZĞŵŝƩĂŶĐĞŝŶdƌĂŶƐŝƚ - - 15.00 1,453.76 2,590.68 1,324.47

ANNUAL REPORT ϮϬϭϲͳϭϳͮ235 ϭϭ͘ϰ͘ĂŶŬĂůĂŶĐĞƐŽƚŚĞƌƚŚĂŶĂƐŚĂŶĚĂƐŚĞƋƵŝǀĂůĞŶƚƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Footnote 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ KƚŚĞƌĂŶŬĂůĂŶĐĞƐ ʹĞƉŽƐŝƚƐǁŝƚŚŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨŵŽƌĞ ;ŝͿ ϯ͕Ϭϴϴ͘ϰϱ Ϯ͕ϭϭϮ͘ϵϭ Ϯ͕Ϭϯϱ͘ϳϳ ƚŚĂŶϯŵŽŶƚŚƐďƵƚůĞƐƐƚŚĂŶϭϮŵŽŶƚŚƐ ʹ&ŝdžĞĚĞƉŽƐŝƚƐƌĞĐĞŝǀĞĚĨƌŽŵŽŶƚƌĂĐƚŽƌƐΎ ;ŝŝͿ 210.92 18.40 18.65 3,299.37 2,131.31 2,054.42 ;ŝͿ /ŶĐůƵĚĞƐĐůŝĞŶƚĨƵŶĚ͕ŝŶƚĞƌĞƐƚŽŶǁŚŝĐŚŝƐƉĂƐƐĞĚŽŶƚŽƚŚĞŵ͘ ;ŝŝͿ&ŝdžĞĚĞƉŽƐŝƚƐƌĞĐĞŝǀĞĚĨƌŽŵŽŶƚƌĂĐƚŽƌƐĂƌĞƌĞĂůŝƐĂďůĞ͕ŝĨƚŚĞĐŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĨƵůĮůůŝƚƐŽďůŝŐĂƟŽŶƐĂƐƉĞƌƚŚĞ ƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚĂŐƌĞĞŵĞŶƚ͘ 11.5. Loans (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ͘^ĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚ ^ƚĂī>ŽĂŶƐĂŶĚĚǀĂŶĐĞƐ 1.23 0.63 0.66 dŽƚĂů;ͿͲ^ĞĐƵƌĞĚ>ŽĂŶƐ 1.23 0.63 0.66

B. Unsecured, considered good ;ŝͿ>ŽĂŶƐƚŽZĞůĂƚĞĚWĂƌƟĞƐ͗ :ŽŝŶƚsĞŶƚƵƌĞƐ Ͳ/ZKEͲ&KE:s - - 18.11 ͲŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ ϳϴ͘ϬϬ - - ;ŝŝͿKƚŚĞƌƐ͗ ^ƚĂī>ŽĂŶƐΘĚǀĂŶĐĞƐ 0.99 ϭ͘Ϭϳ 1.69 dŽƚĂů;ͿͲhŶƐĞĐƵƌĞĚ>ŽĂŶƐ;ŝͿн;ŝŝͿ 78.99 1.07 19.80

͘ŽŶƐŝĚĞƌĞĚŽƵďƞƵů KƚŚĞƌƐ͗ ^ƚĂī>ŽĂŶƐĂŶĚĚǀĂŶĐĞƐ - - - >ĞƐƐ͗Ͳ/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵů>ŽĂŶƐ - - - dŽƚĂů;ͿͲŽƵďƞƵů>ŽĂŶƐ - - -

'ƌĂŶĚdŽƚĂů 80.22 1.70 20.46 ϭϭ͘ϲ͘KƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐ (Rs. In crores) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ a) Considered Good ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ Ͳ'ŽǀĞƌŶŵĞŶƚĞƉĂƌƚŵĞŶƚƐ ϳ͘Ϭϳ 5.65 6.22 ͲKƚŚĞƌƐ ϭ͘ϳϮ 1.26 1.30 ĂƌŶĞƐƚDŽŶĞLJĞƉŽƐŝƚ 0.35 0.35 0.41 /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶ͗ ͲĚǀĂŶĐĞƚŽ^ƚĂī Ϭ͘ϳϮ 0.29 0.25 Ͳ>ŽĂŶƐƚŽZĞůĂƚĞĚWĂƌƟĞƐ 15.43 ;Ϭ͘ϬϬͿ 0.85

236 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ Ͳ>ŽĂŶƚŽ/ŶĚŝĂŶZĂŝůǁĂLJtĞůĨĂƌĞKƌŐĂŶŝƐĂƟŽŶ - - 0.20 ͲĞƉŽƐŝƚƐǁŝƚŚĂŶŬƐ 116.12 92.41 82.08 ͲŽŶĚƐ ϭϳ͘ϴϳ 12.65 11.88 KƚŚĞƌƐ͗ ;ŝͿZĞĐŽǀĞƌĂďůĞƐĨƌŽŵZĞůĂƚĞĚWĂƌƟĞƐ :ŽŝŶƚsĞŶƚƵƌĞƐ ͲZ/KEd^Z> - 0.89 0.84 ͲŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Ăƌů - 0.00 Ϭ͘ϳϴ ͲZ/KE 0.64 9.93 ϵ͘ϲϳ Ͳ/ŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽŝǀŝůŽŶƚƌĂĐƚŽƌ 2.84 2.83 3.53 ͲDĞƚƌŽdƵŶŶĞůŝŶŐ'ƌŽƵƉ 3.86 5.64 5.42 Ͳ/ƌĐŽŶ^ŽŵĂdŽůůǁĂLJWǀƚ͘>ƚĚ͘ ϳ͘Ϭϰ ϳ͘ϮϮ ϳ͘ϭϱ Ͳ/ZKEͲ&KE:s 29.85 ϳ͘ϳϲ 2.44 ͲŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ 2.48 - - ͲDĂŚĂŶĂĚŝŽĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚ Ϭ͘ϯϳ - - ;ŝŝͿZĞĐŽǀĞƌĂďůĞĨƌŽŵ'Žǀƚ͘ŽĨDŽnjĂŵďŝƋƵĞ 35.81 ϰϵ͘ϳϮ - ;ŝŝŝͿůĂŝŵƐZĞĐŽǀĞƌĂďůĞĨƌŽŵůŝĞŶƚƐ ϭϳ͘ϯϳ 19.38 8.46 ;ŝǀͿKƚŚĞƌZĞĐŽǀĞƌĂďůĞƐ 5.30 5.81 ϭ͘ϭϳ ;ŝǀͿKƚŚĞƌƐͲĚǀĂŶĐĞ>ĞĂƐĞZĞŶƚ 0.14 0.10 0.09

^ŚĂƌĞƉƉůŝĐĂƟŽŶDŽŶĞLJƉĞŶĚŝŶŐĂůůŽƚŵĞŶƚ 'ĂŶĚŚŝŶĂŐĂƌZĂŝůǁĂLJĂŶĚhƌďĂŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ 0.03 - - >ŝŵŝƚĞĚͲϮϲϬϬϬƋƵŝƚLJ^ŚĂƌĞƐŽĨZƐϭϬĞĂĐŚΎ dŽƚĂůͲKƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐͲ'ŽŽĚ 265.01 221.89 142.74

ďͿŽŶƐŝĚĞƌĞĚŽƵďƞƵů ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ Ͳ'ŽǀĞƌŶŵĞŶƚĞƉĂƌƚŵĞŶƚƐ 0.55 ϭ͘ϰϳ 2.11 ͲKƚŚĞƌƐ 0.19 Ϭ͘Ϯϳ Ϭ͘Ϯϳ /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶĚǀĂŶĐĞƐƚŽ^ƚĂī - - - ĂƌŶĞƐƚDŽŶĞLJĞƉŽƐŝƚ 0.05 0.05 - >ĞƐƐ͗/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĮŶĂŶĐŝĂůĂƐƐĞƚƐ ;Ϭ͘ϳϵͿ ;ϭ͘ϳϵͿ ;Ϯ͘ϯϴͿ ;ŽƚŚĞƌƐͿ dŽƚĂůͲKƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐͲŽƵďƞƵů - - - 'ƌĂŶĚdŽƚĂůͲKƚŚĞƌ&ŝŶĂŶĐŝĂůKƚŚĞƌƐ 265.01 221.89 142.74 Ύ/Z^ŚĂƐŝŶǀĞƐƚĞĚŝŶ'ĂŶĚŚŝŶĂŐĂƌZĂŝůǁĂLJĂŶĚhƌďĂŶĚĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ;ĂũŽŝŶƚǀĞŶƚƵƌĞŝĨ/Z^Θ 'Žǀƚ͘ŽĨ'ƵũĂƌĂƚͿŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŽĨZƐ͘Ϯ͘ϲϬ>ĂŬŚƐĨŽƌǁŚŝĐŚƐŚĂƌĞƐǁĞƌĞƉĞŶĚŝŶŐĨŽƌĂůůŽƚŵĞŶƚ͘^ŚĂƌĞĂƌĞĂůůŽƩĞĚŽŶ ϭϭͬϬϱͬϮϬϭϳ ;ŝͿ ĞďƚƐĚƵĞďLJŽĸĐĞƌƐŽĨƚŚĞĐŽŵƉĂŶLJ͕ĮƌŵƐŝŶǁŚŝĐŚĂŶLJĚŝƌĞĐƚŽƌŝƐĂƉĂƌƚŶĞƌŽƌƉƌŝǀĂƚĞĐŽŵƉĂŶLJŝŶǁŚŝĐŚĂŶLJ ĚŝƌĞĐƚŽƌŝƐĂŵĞŵďĞƌĞdžĐĞƉƚ:sƐĂŶĚ^ƵďƐŝĚŝĂƌŝĞƐĂƌĞZƐ͘Eŝů;ZƐ͘EŝůͿ͘  ĞƚĂŝůƐŽĨĂŵŽƵŶƚĚƵĞĨƌŽŵŝƌĞĐƚŽƌƐ͗ (Rs. In crores) WĂƌƟĐƵůĂƌƐ 31-03-17 31-03-16 ŵŽƵŶƚĚƵĞĨƌŽŵĚŝƌĞĐƚŽƌƐŝŶĐůƵĚĞĚŝŶŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚŽŶƐƚĂīůŽĂŶƐĂŶĚ - - ĂĚǀĂŶĐĞƐ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ237 12. Other Current Assets (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Foot Note 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ĂͿĚǀĂŶĐĞƐKƚŚĞƌƚŚĂŶĂƉŝƚĂůĚǀĂŶĐĞƐ ĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐĂŐĂŝŶƐƚŵĂƚĞƌŝĂůĂŶĚ 45.08 21.95 9.15 ŵĂĐŚŝŶĞƌLJ ĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐ͕^ƵƉƉůŝĞƌƐĂŶĚ ϭϰϭ͘ϳϯ 166.66 129.29 KƚŚĞƌƐ ĚǀĂŶĐĞƚŽ^ƚĂī;&ĞƐƟǀĂůΘŽƚŚĞƌĚǀĂŶĐĞͿ 0.05 - dĂdžƵƚŚŽƌŝƚLJ - - - Ͳ^ĂůĞƐdĂdž;ŝŶĐůƵĚŝŶŐd^Ϳ 302.55 221.88 200.98 >ĞƐƐ͗ĞƉŽƐŝƚĞĚƵŶĚĞƌWƌŽƚĞƐƚ ;ϮϭϬ͘ϰϴͿ ;ϮϬϯ͘ϰϱͿ ;ϭϴϰ͘ϯϭͿ ͲsĂůƵĞĚĚĞĚdĂdž 94.68 ϭϰϯ͘ϱϳ 114.26 Ͳ^ĞƌǀŝĐĞdĂdžŝŶƉƵƚĐƌĞĚŝƚ 4.19 0.29 0.02

dŽƚĂůͲĚǀĂŶĐĞƐKƚŚĞƌƚŚĂŶĂƉŝƚĂů 377.80 350.90 269.39 Advances

ďͿKƚŚĞƌƐ /ŶƚĞƌĞƐƚĐĐƌƵĞĚŽŶ͗ ĞƉŽƐŝƚƐΘĚǀĂŶĐĞƐǁŝƚŚ͗ ͲŽŶƚƌĂĐƚŽƌƐ͕^ƵƉƉůŝĞƌƐΘKƚŚĞƌƐ 43.00 29.01 ϭϳ͘ϰϰ ŽŶƐƚƌƵĐƟŽŶtŽƌŬŝŶWƌŽŐƌĞƐƐ;ƚƌĞĂůŝƐĂďůĞ ϵϳ͘ϱϵ 28.82 106.81 ǀĂůƵĞͿ ŝůůĂďůĞZĞǀĞŶƵĞͬZĞĐĞŝǀĂďůĞŶŽƚĚƵĞ ;ŝͿ 293.52 291.14 405.32 ƐƐĞƚƐŚĞůĚĨŽƌĚŝƐƉŽƐĂů ;ŝŝͿ 1.03 1.46 ϭ͘ϳϯ WƌĞƉĂŝĚdžƉĞŶƐĞƐ 3.58 5.52 3.56 &ĂŝƌǀĂůƵĂƟŽŶĂĚũƵƐƚŵĞŶƚ 5.19 4.69 Ϯ͘ϳϯ >ĞĂƐĞƋƵĂůŝƐĂƟŽŶ 0.14 0.24 0.10

dŽƚĂůͲKƚŚĞƌƐ 444.05 360.88 537.69

ĐͿŽŶƐŝĚĞƌĞĚŽƵďƞƵů ĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐ͕^ƵƉƉůŝĞƌƐĂŶĚ 15.32 ϭϴ͘ϵϳ 9.88 KƚŚĞƌƐ ^ĂůĞƐdĂdž;ŝŶĐůƵĚŝŶŐd^Ϳ 35.89 ϯϰ͘ϵϳ 35.31 KƚŚĞƌƐ 0.10 0.10 - sĂůƵĞĚĚĞĚdĂdž ϳ͘ϭϴ ϳ͘ϭϴ ϳ͘ϭϴ - - - >ĞƐƐ͗/ŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵů ;ϱϴ͘ϰϵͿ ;ϲϭ͘ϮϮͿ ;ϱϮ͘ϯϳͿ ĂĚǀĂŶĐĞƐ dŽƚĂůͲŽŶƐŝĚĞƌĞĚŽƵďƞƵů - - - 'ƌĂŶĚdŽƚĂů 821.85 711.79 807.09

;ŝͿ ;ĂͿ/ŶĐůƵĚĞƐsĂůƵĞŽĨǁŽƌŬĂŵŽƵŶƟŶŐƚŽRs. 1.61 crore ;ZƐ͘ϭϮ͘ϰϵĐŽƌĞͿĐĞƌƟĮĞĚďLJĐůŝĞŶƚ͕ďƵƚŶŽƚďŝůůĞĚďLJ ƌĞƉŽƌƟŶŐĚĂƚĞ͘

238 | ANNUAL REPORT ϮϬϭϲͳϭϳ ;ďͿ /ŶĐůƵĚĞƐRs. 2.48 crore;ZƐ͘ϲ͘ϵϱĐƌŽƌĞͿĨƌŽŵŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ͕Ă:ŽŝŶƚsĞŶƚƵƌĞŽŵƉĂŶLJ͘ ;ĐͿ /ŶĐůƵĚĞƐRs. 0.31 crore;ZƐ͘Ϯϱ͘ϰϳĐƌŽƌĞͿĨƌŽŵŚŚĂƫƐŐĂƌŚĂƐƚtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ͕Ă:ŽŝŶƚsĞŶƚƵƌĞ ŽŵƉĂŶLJ͘ ;ŝŝͿ WƌŽƉĞƌƚLJ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚďĞLJŽŶĚĞĐŽŶŽŵŝĐƌĞƉĂŝƌĂŶĚͬŽƌŚĞůĚĨŽƌĚŝƐƉŽƐĂů;ĂƚůŽǁĞƌŽĨƚŚĞƌĞĂůŝnjĂďůĞǀĂůƵĞĂŶĚ ŬǀĂůƵĞͿ͗ (Rs. In crore) ůŽĐŬŽĨĂƐƐĞƚƐ ĞƐĐƌŝƉƟŽŶ Manner and Expected ^ĞŐŵĞŶƚ As at 31 March 2017 As at 31 March 2016 of the assets expected Loss/gain 'ƌŽƐƐůŽĐŬ EĞƚůŽĐŬ 'ƌŽƐƐůŽĐŬ EĞƚůŽĐŬ ƟŵĞŽĨ ŽŶƐĂůĞŽĨ ĚŝƐƉŽƐĂů non current assets WůĂŶƚĂŶĚ Machinery EŽƌƚŚĞƌŶZĞŐŝŽŶ WůĂŶƚĂŶĚ dŚƌŽƵŐŚ hŶƉƌĞĚŝĐƚĞĚ ŽŵĞƐƟĐ 5.16 0.29 6.50 0.89 DĂĐŚŝŶĞƌLJ ĞͲĂƵĐƟŽŶ ůŝŬĞD^d ǁŝƚŚ ĞdžƉĞĐƚĞĚ ƟŵĞŽĨ ĚŝƐƉŽƐĂůďLJ ĞŶĚŽĨLJĞĂƌ 2018 DĂůĂLJƐŝĂZĞŐŝŽŶ >ŽĐŽŵŽƟǀĞƐ KƉĞŶ Ϭ͘ϳϱ /ŶƚĞƌŶĂƟŽŶĂů ϳ͘Ϯϱ Ϭ͘ϭϳ - - ͲϯEŽƐ͘ dĞŶĚĞƌ͕ :ƵŶĞϮϬϭϳ DŽnjĂŵďŝƋƵĞ WůĂŶƚĂŶĚ /ŶƚĞƌŶĂƟŽŶĂů 5.90 0.29 5.90 0.29 WƌŽũĞĐƚ DĂĐŚŝŶĞƌLJ &ƌĞĞŚŽůĚƵŝůĚŝŶŐͲ ZĞƐŝĚĞŶƟĂů KƉĞŶ - ŽŵĞƐƟĐ 0.38 0.28 0.38 0.28 ZĞƐŝĚĞŶƟĂů ƵŝůĚŝŶŐĂƚ dĞŶĚĞƌ͕ ŚĞŶŶĂŝ 31.03.2018 dŽƚĂů 18.69 1.03 ϭϮ͘ϳϴ 1.46 ϭϯ͘ƋƵŝƚLJ^ŚĂƌĞĐĂƉŝƚĂů (Rs. In Crore) WĂƌƟĐƵůĂƌƐ As at As at As at 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ƵƚŚŽƌŝƐĞĚƐŚĂƌĞĐĂƉŝƚĂů ϭϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚLJƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚΎ ;ϭϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚLJƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚĂƐĂƚϯϭƐƚDĂƌĐŚ 100.00 100.00 25.00 ϮϬϭϲΘϭƐƚƉƌŝůϮϬϭϱͿ 100.00 100.00 25.00 /ƐƐƵĞĚͬ^ƵďƐĐƌŝďĞĚĂŶĚWĂŝĚƵƉĂƉŝƚĂů ϵ͕ϴϵ͕ϴϬ͕ϬϬϬƋƵŝƚLJƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚͲĨƵůůLJƉĂŝĚ ;ϭ͕ϵϳ͕ϵϲ͕ϬϬϬƋƵŝƚLJƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚͲĨƵůůLJƉĂŝĚĂƐĂƚ 98.98 19.80 19.80 ϯϭƐƚDĂƌĐŚϮϬϭϲΘϭƐƚƉƌŝůϮϬϭϱͿ 98.98 19.80 19.80

ANNUAL REPORT ϮϬϭϲͳϭϳͮ239 ĞƚĂŝůƐŽĨƐŚĂƌĞŚŽůĚĞƌƐŚŽůĚŝŶŐŝŶƚŚĞĐŽŵƉĂŶLJ EĂŵĞŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌ As at 31 March 2017 As at 31 March 2016 ƐĂƚϭƉƌŝůϮϬϭϱ No. of йŚŽůĚŝŶŐŝŶ EŽ͘ŽĨ^ŚĂƌĞ йŚŽůĚŝŶŐŝŶ EŽ͘ŽĨ^ŚĂƌĞ йŚŽůĚŝŶŐ ^ŚĂƌĞ ƚŚĞĐůĂƐƐ ƚŚĞĐůĂƐƐ in the ĐůĂƐƐ 'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂŝŶƚŚĞŶĂŵĞ ϵϴ͕ϳϭϮ͕ϬϬϬ ϵϵ͘ϳϮϵй ϭϵ͕ϳϰϮ͕ϰϬϬ ϵϵ͘ϳϮϵй ϭϵ͕ϳϰϮ͕ϰϬϬ ϵϵ͘ϳϮϵй ŽĨƚŚĞWƌĞƐŝĚĞŶƚŽĨ/ŶĚŝĂĂŶĚ 'ŽǀĞƌŶŵĞŶƚŶŽŵŝŶĞĞƐ /ŶĚŝĂŶZĂŝůǁĂLJ&ŝŶĂŶĐĞ Ϯϰϰ͕ϬϬϬ Ϭ͘Ϯϰϳй ϰϴ͕ϴϬϬ Ϭ͘Ϯϰϳй ϰϴ͕ϴϬϬ Ϭ͘Ϯϰϳй ŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ ĂŶŬŽĨ/ŶĚŝĂ Ϯϰ͕ϬϬϬ Ϭ͘ϬϮϰй ϰ͕ϴϬϬ Ϭ͘ϬϮϰй ϰ͕ϴϬϬ Ϭ͘ϬϮϰй dŽƚĂů 98,980,000 ϭϬϬ͘ϬϬϬй 19,796,000 ϭϬϬ͘ϬϬϬй 19,796,000 ϭϬϬ͘ϬϬϬй ŐŐƌĞŐĂƚĞŶŽ͘ŽĨĞƋƵŝƚLJƐŚĂƌĞƐŝƐƐƵĞĚĂƐďŽŶƵƐ͕ƐŚĂƌĞƐŝƐƐƵĞĚĨŽƌĐŽŶƐŝĚĞƌĂƟŽŶŽƚŚĞƌƚŚĂŶĐĂƐŚĂŶĚƐŚĂƌĞƐďŽƵŐŚƚ ďĂĐŬĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨĮǀĞLJĞĂƌƐŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ

EĂŵĞŽĨƚŚĞ^ŚĂƌĞŚŽůĚĞƌƐ As at 31 As at 31 As at 31 As at 31 As at 31 March 2017 March 2016 March 2015 March 2014 March 2013 EŽ͘ŽĨ^ŚĂƌĞ EŽ͘ŽĨ^ŚĂƌĞ EŽ͘ŽĨ^ŚĂƌĞ EŽ͘ŽĨ^ŚĂƌĞ EŽ͘ŽĨ^ŚĂƌĞ ƋƵŝƚLJƐŚĂƌĞƐĂůůŽƩĞĚŽƚŚĞƌƚŚĂŶĐĂƐŚ - - - - - ƋƵŝƚLJƐŚĂƌĞƐŝƐƐƵĞĚĂƐďŽŶƵƐƐŚĂƌĞƐ ϳϵ͕ϭϴϰ͕ϬϬϬ - - - - dŽƚĂů 79,184,000 - - - - dĞƌŵƐͬZŝŐŚƚƐĂƩĂĐŚĞĚƚŽƋƵŝƚLJ^ŚĂƌĞƐ͗ ;ĂͿ sŽƟŶŐ͗Ͳ  dŚĞŽŵƉĂŶLJŚĂƐŽŶůLJŽŶĞĐůĂƐƐŽĨĞƋƵŝƚLJƐŚĂƌĞƐŚĂǀŝŶŐĂƉĂƌǀĂůƵĞŽĨZƐ͘ϭϬƉĞƌƐŚĂƌĞ͘ĂĐŚŚŽůĚĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞ ŝƐĞŶƟƚůĞĚƚŽŽŶĞǀŽƚĞƉĞƌƐŚĂƌĞ͘ ;ďͿ >ŝƋƵŝĚĂƟŽŶ͗Ͳ  /ŶƚŚĞĞǀĞŶƚŽĨůŝƋƵŝĚĂƟŽŶŽĨƚŚĞŽŵƉĂŶLJ͕ƚŚĞŚŽůĚĞƌƐŽĨĞƋƵŝƚLJƐŚĂƌĞƐǁŝůůďĞĞŶƟƚůĞĚƚŽƌĞĐĞŝǀĞƌĞŵĂŝŶŝŶŐĂƐƐĞƚƐ ŽĨƚŚĞŽŵƉĂŶLJ͕ĂŌĞƌĚŝƐƚƌŝďƵƟŽŶŽĨĂůůƉƌĞĨĞƌĞŶƟĂůĂŵŽƵŶƚƐ͘dŚĞĚŝƐƚƌŝďƵƟŽŶǁŝůůďĞŝŶƉƌŽƉŽƌƟŽŶƚŽƚŚĞŶƵŵďĞƌ ŽĨĞƋƵŝƚLJƐŚĂƌĞƐŚĞůĚďLJƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ͘

ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞŶƵŵďĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞƐĂŶĚƐŚĂƌĞĐĂƉŝƚĂů WĂƌƟĐƵůĂƌƐ As at 31 March 2017 As at 31 March 2016 ƐĂƚϭƉƌŝůϮϬϭϱ No of shares Rs in crore No of shares Rs in crore No of shares Rs in crore /ƐƐƵĞĚͬ^ƵďƐĐƌŝďĞĚĂŶĚWĂŝĚƵƉ ϭϵ͕ϳϵϲ͕ϬϬϬ 19.80 ϭϵ͕ϳϵϲ͕ϬϬϬ 19.80 ϭϵ͕ϳϵϲ͕ϬϬϬ 19.80 ĞƋƵŝƚLJĂƉŝƚĂůŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞ ďĞŐŐŝŶŐŽĨƚŚĞLJĞĂƌ ĚĚ͗^ŚĂƌĞƐ/ƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϳϵ͕ϭϴϰ͕ϬϬϬ ϳϵ͘ϭϴ - - - - /ƐƐƵĞĚͬ^ƵďƐĐƌŝďĞĚĂŶĚWĂŝĚƵƉ 98,980,000 98.98 19,796,000 19.80 19,796,000 19.80 ĞƋƵŝƚLJĂƉŝƚĂůŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞ ĞŶĚŽĨƚŚĞLJĞĂƌ ΎŌĞƌĐůŽƐĞŽĨƚŚĞLJĞĂƌ͕ŝŶĐƌĞĂƐĞŝŶƵƚŚŽƌŝƐĞĚ^ŚĂƌĞĂƉŝƚĂůƚŽZƐ͘ϰϬϬĐƌŽƌĞǁĂƐĂƉƉƌŽǀĞĚŝŶƚŚĞdžƚƌĂKƌĚŝŶĂƌLJ 'ĞŶĞƌĂůDĞĞƟŶŐŚĞůĚŽŶϮϮ͘Ϭϱ͘ϮϬϭϳ

240 | ANNUAL REPORT ϮϬϭϲͳϭϳ 14. Other Equity (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ (a) Retained Earnings KƉĞŶŝŶŐĂůĂŶĐĞ 339.46 139.65 - ĚĚ͗/ŶĚ^ĚũƵƐƚŵĞŶƚƐ - - 139.65 ĚĚ͗dƌĂŶƐĨĞƌĨƌŽŵƐƵƌƉůƵƐŝŶƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ 386.42 418.28 ĚĚ͗ŝǀŝĚĞŶĚĚĞĐůĂƌĞĚĂŶĚƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌŝŶĐůƵĚŝŶŐ ;ϭϬϳ͘ϮϮͿ ;ϭϮϯ͘ϵϬͿ ŽƌƉŽƌĂƚĞŝǀŝĚĞŶĚdĂdž >ĞƐƐ͗/ŶƚĞƌŝŵŝǀŝĚĞŶĚŝŶĐůƵĚŝŶŐdĂdžƚŚĞƌĞŽŶ ;ϭϭϰ͘ϱϮͿ ;ϵϱ͘ϯϬͿ >ĞƐƐ͗ŽŶƵƐŝƐƐƵĞ ;ϳϵ͘ϭϴͿ 0.00 ĚĚ͗ZĞͲŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ;ŶĞƚŽĨƚĂdžͿ 3.15 0.86 >ĞƐƐ͗^ŚĂƌĞ/ƐƐƵĞdžƉĞŶƐĞƐ ;Ϭ͘ϭϵͿ ;Ϭ͘ϭϮͿ ĚĚͬ;>ĞƐƐͿ͗ŚĂŶŐĞƐŝŶĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶ:ŽŝŶƚ - - sĞŶƚƵƌĞƐŽƚŚĞƌƚŚĂŶƐŚĂƌĞŝŶƉƌŽĮƚͬ;ůŽƐƐͿ >ĞƐƐ͗dƌĂŶƐĨĞƌƚŽ'ĞŶĞƌĂůZĞƐĞƌǀĞ - - - dŽƚĂů 427.92 339.46 139.65

;ďͿ'ĞŶĞƌĂůZĞƐĞƌǀĞ KƉĞŶŝŶŐĂůĂŶĐĞ ϯ͕Ϯϴϰ͘ϲϰ ϯ͕Ϯϴϰ͘ϲϰ ϯ͕Ϯϴϰ͘ϲϰ ĚĚ͗dƌĂŶƐĨĞƌĨƌŽŵZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ - - - 3,284.64 3,284.64 3,284.64 (c) Items of other comprehensive income KƉĞŶŝŶŐĂůĂŶĐĞ ;ϱ͘ϬϭͿ 26.52 26.52 &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐůĂƟŽŶ;ŶĞƚŽĨƚĂdžͿ ϭϬ͘ϱϳ ;ϯϭ͘ϱϯͿ dŽƚĂů 5.56 (5.01) 26.52 'ƌĂŶĚdŽƚĂů 3,718.12 3,619.09 3,450.81 ŝƐƚƌŝďƵƟŽŶŵĂĚĞĂŶĚƉƌŽƉŽƐĞĚĚŝǀŝĚĞŶĚ WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ĂƐŚĚŝǀŝĚĞŶĚƐŽŶĞƋƵŝƚLJƐŚĂƌĞƐĚĞĐůĂƌĞĚĂŶĚƉĂŝĚ͗ ŝǀŝĚĞŶĚƉĂŝĚĚƵƌŝŶŐ&zϮϬϭϲͲϭϳ͗/EZϰϱ͘ϬϬƉĞƌƐŚĂƌĞ;&zϮϬϭϱͲϭϲ͗/EZ 89.08 102.94 ϱϮ͘ϬϬƉĞƌƐŚĂƌĞͿ ŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂdžĮŶĂůĚŝǀŝĚĞŶĚ 18.13 20.96 /ŶƚĞƌŝŵĚŝǀŝĚĞŶĚƉĂŝĚĚƵƌŝŶŐ&zϮϬϭϲͲϭϳ͗/EZϵ͘ϲϭWĞƌƐŚĂƌĞ;&zϮϬϭϱͲϭϲ͗ 95.16 ϳϵ͘ϭϴ /EZϰϬ͘ϬϬƉĞƌƐŚĂƌĞͿ ŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂdžŽŶŝŶƚĞƌŝŵĚŝǀŝĚĞŶĚ ϭϵ͘ϯϳ 16.12 dŽƚĂů 221.74 219.20 WƌŽƉŽƐĞĚĚŝǀŝĚĞŶĚƐŽŶĞƋƵŝƚLJƐŚĂƌĞƐ͗ ŝǀŝĚĞŶĚĨŽƌϯϭŵĂƌĐŚϮϬϭϳ͗/EZϮϳ͘ϴϬƉĞƌƐŚĂƌĞ;ϯϭDĂƌĐŚϮϬϭϲ͗/EZϰϱ͘ϬϬ ϵϳ͘Ϯϱ 89.08 ƉĞƌƐŚĂƌĞͿ ŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂdžŽŶƉƌŽƉŽƐĞĚĚŝǀŝĚĞŶĚ 19.80 18.13 dŽƚĂů 117.05 107.21

ANNUAL REPORT ϮϬϭϲͳϭϳͮ241 ϭϱ͘&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ϭϱ͘ϭ͘dƌĂĚĞWĂLJĂďůĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ DŝĐƌŽ͕^ŵĂůůΘDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐΎ - - - KƚŚĞƌŽŶƚƌĂĐƚŽƌΘ^ƵƉƉůŝĞƌƐ 0.45 5.63 ϳ͘ϵϬ dŽƚĂů 0.45 5.63 7.90 ΎZĞĨĞƌEŽƚĞEŽ͘ϰϲ ϭϱ͘Ϯ͘KƚŚĞƌ&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ĞƉŽƐŝƚƐĂŶĚZĞƚĞŶƟŽŶŵŽŶĞLJ 129.26 110.86 ϴϬ͘ϳϳ dŽƚĂů 129.26 110.86 80.77 16. Provisions (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Foot Note 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ 16.1 ϳϭ͘ϳϭ 101.14 203.30 WƌŽǀŝƐŝŽŶĨŽƌŽƵďƞƵůƐƐĞƚƐ 16.2 93.88 92.89 125.68 KƚŚĞƌWƌŽǀŝƐŝŽŶƐ 16.3 303.04 402.91 455.31 468.63 596.94 784.29 >ĞƐƐ͗/ŵƉĂŝƌŵĞŶƚWƌŽǀŝƐŝŽŶĨŽƌŽƵďƞƵůƐƐĞƚƐ 16.2 ;ϵϯ͘ϴϴͿ ;ϵϮ͘ϴϵͿ ;ϭϮϱ͘ϲϴͿ ;WƌĞƐĞŶƚĞĚ^ĞƉĂƌĂƚĞůLJͿ dŽƚĂů 374.75 504.05 658.61 ƵƌƌĞŶƚ 298.52 ϯϱϰ͘Ϯϳ 318.40 EŽŶƵƌƌĞŶƚ ϳϲ͘Ϯϯ ϭϰϵ͘ϳϴ 340.21 ϭϲ͘ϭdŚĞĚŝƐĐůŽƐƵƌĞŽĨƉƌŽǀŝƐŝŽŶƐŵŽǀĞŵĞŶƚĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/ŶĚ^ϯϳŝƐĂƐĨŽůůŽǁƐ͗ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ͗ ;ĂͿWƌŽǀŝƐŝŽŶĨŽƌZĞƟƌĞŵĞŶƚĞŶĞĮƚƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Gratuity >ĞĂǀĞ^ĂůĂƌLJ ^ĞƩůĞŵĞŶƚ Post Pension dŽƚĂů ůůŽǁĂŶĐĞ ZĞƟƌĞŵĞŶƚ on DĞĚŝĐĂů ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ƐĂƚϭƉƌŝůϮϬϭϱ 66.31 83.24 1.28 7.33 26.19 184.35 ƵƌƌĞŶƚ 4.52 6.94 0.08 ϱ͘ϵϳ 26.19 ϰϯ͘ϳϬ EŽŶƵƌƌĞŶƚ ϲϭ͘ϳϵ ϳϲ͘ϯϬ 1.20 1.36 - 140.65 WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ 2.22 ϳ͘ϳϮ 0.09 2.84 ϯ͘ϯϳ 16.25 >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ϲϴ͘ϱϯͿ ;ϳ͘ϮϭͿ ;Ϭ͘ϬϯͿ ;ϱ͘ϵϳͿ ;Ϯϳ͘ϵϵͿ ;ϭϬϵ͘ϳϮͿ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐƚŚĞLJĞĂƌ - 0.30 - - ϭ͘ϱϳ ϭ͘ϴϳ ;džĐŚĂŶŐĞ'ĂŝŶͿͬ>ŽƐƐ - ;Ϭ͘ϰϬͿ - - - -0.40

As at 31-March-2016 - 83.05 1.34 4.20 -0.00 88.60 ƵƌƌĞŶƚ - 8.31 0.13 3.38 -0.00 11.82 EŽŶƵƌƌĞŶƚ - ϳϰ͘ϳϱ 1.21 0.82 - ϳϲ͘ϳϴ

242 | ANNUAL REPORT ϮϬϭϲͳϭϳ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Gratuity >ĞĂǀĞ^ĂůĂƌLJ ^ĞƩůĞŵĞŶƚ Post Pension dŽƚĂů ůůŽǁĂŶĐĞ ZĞƟƌĞŵĞŶƚ on DĞĚŝĐĂů ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ 0.01 ϳ͘ϰϱ 0.00 ϳ͘ϱϬ - 14.96 >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ - ;ϲ͘ϮϭͿ ;Ϭ͘ϬϮͿ ;ϯ͘ϯϴͿ - ;ϵ͘ϲϭͿ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐƚŚĞLJĞĂƌ - ;Ϯϴ͘ϯϯͿ - - - ;Ϯϴ͘ϯϯͿ ;džĐŚĂŶŐĞ'ĂŝŶͿͬ>ŽƐƐ - ;Ϭ͘ϭϰͿ - - 0.00 ;Ϭ͘ϭϰͿ

As at 31-March-2017 0.01 55.82 1.33 8.32 - 65.48 ƵƌƌĞŶƚ 0.01 5.58 0.13 6.66 - 12.38 EŽŶƵƌƌĞŶƚ - 50.24 1.20 1.66 - 53.10 ;ďͿWƌŽǀŝƐŝŽŶĨŽƌŽƚŚĞƌŵƉůŽLJĞĞĞŶĞĮƚƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Performance >ĞĂǀĞdƌĂǀĞů dŽƚĂů ZĞůĂƚĞĚWĂLJ Concession ƐĂƚϭƉƌŝůϮϬϭϱ 18.82 0.13 18.95 ƵƌƌĞŶƚ 18.82 0.01 18.83 EŽŶƵƌƌĞŶƚ - 0.12 0.12 WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ 5.68 0.32 6.00 >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ϳ͘ϵϱͿ ;Ϭ͘ϮϭͿ ;ϴ͘ϭϲͿ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ϰ͘ϮϱͿ - ;ϰ͘ϮϱͿ

As at 31-March-2016 12.31 0.23 12.54 ƵƌƌĞŶƚ 12.31 0.03 12.34 EŽŶƵƌƌĞŶƚ - 0.20 0.20 WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ 5.89 0.18 6.08 >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ϭϭ͘ϲϰͿ ;Ϭ͘ϬϴͿ ;ϭϭ͘ϳϮͿ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐƚŚĞLJĞĂƌ ;Ϭ͘ϲϳͿ - ;Ϭ͘ϲϳͿ

As at 31-March-2017 5.89 0.33 6.23 ƵƌƌĞŶƚ 5.89 0.05 5.95 EŽŶƵƌƌĞŶƚ - 0.28 0.28 dŽƚĂůWƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ;ĂнďͿ At 31-March-2017 71.71 At 31-March-2016 101.14 ƚϭͲƉƌŝůͲϮϬϭϱ 203.30

ANNUAL REPORT ϮϬϭϲͳϭϳͮ243 ϭϲ͘Ϯ͘WƌŽǀŝƐŝŽŶĨŽƌŽƵďƞƵůƐƐĞƚƐ͗ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ ŽƵďƞƵůĞďƚƐ ŽƵďƞƵů ŝŵŝŶƵƟŽŶ dŽƚĂů ĚǀĂŶĐĞƐ ŝŶsĂůƵĞŽĨ /ŶǀĞƐƚŵĞŶƚƐ ƐĂƚϭƉƌŝůϮϬϭϱ 16.25 103.89 5.53 125.68 ƵƌƌĞŶƚ 16.25 69.12 - 85.38 EŽŶƵƌƌĞŶƚ - ϯϰ͘ϳϳ 5.53 40.30 WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ 0.24 0.61 - 0.85 >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ ;Ϭ͘ϯϯͿ ;Ϭ͘ϳϮͿ - ;ϭ͘ϬϱͿ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐƚŚĞLJĞĂƌ ;Ϭ͘ϯϰͿ ;Ϯϲ͘ϳϭͿ ;ϱ͘ϱϯͿ ;ϯϮ͘ϱϴͿ ;džĐŚĂŶŐĞ'ĂŝŶͿͬ>ŽƐƐ - 0.01 - 0.01 As at 31-March-2016 15.82 77.07 - 92.89 ƵƌƌĞŶƚ 15.82 ϳϳ͘Ϭϳ - 92.89 EŽŶƵƌƌĞŶƚ - - - - WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ 6.83 0.85 - ϳ͘ϲϴ >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ ;Ϭ͘ϲϬͿ ;ϭ͘ϵϵͿ - ;Ϯ͘ϱϵͿ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ϭ͘ϰϱͿ ;Ϯ͘ϳϵͿ - ;ϰ͘ϮϰͿ ;džĐŚĂŶŐĞ'ĂŝŶͿͬ>ŽƐƐ 0.25 ;Ϭ͘ϭϭͿ - 0.14

As at 31-March-2017 20.85 73.04 - 93.88 ƵƌƌĞŶƚ 20.85 73.04 - 93.88 EŽŶƵƌƌĞŶƚ ---- ϭϲ͘ϯ͘KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Demo- Corporate Maintenance &ŽƌĞƐĞĞĂďůĞ Design >ĞŐĂůĂƐĞƐ Other dŽƚĂů ďŝůŝƐĂƟŽŶ ^ŽĐŝĂů Loss Guarantee Expenses ZĞƐƉŽŶƐŝďŝůŝƚLJ ƐĂƚϭƉƌŝůϮϬϭϱ 48.01 124.68 12.56 147.27 72.56 50.22 455.31 ƵƌƌĞŶƚ 40.58 - 38.58 12.56 41.91 ϳϮ͘ϱϲ 49.68 Ϯϱϱ͘ϴϳ EŽŶƵƌƌĞŶƚ ϳ͘ϰϯ - 86.10 - 105.36 - 0.54 199.43 WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐ 3.68 ϯϰ͘ϯϳ 12.00 - ϲ͘ϳϴ 62.05 118.88 ƚŚĞLJĞĂƌ >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐ 8.38 54.38 2.39 - Ϭ͘Ϭϳ 21.21 86.43 ƚŚĞLJĞĂƌ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐ 19.26 25.38 - 49.54 - 0.56 ϵϰ͘ϳϯ ƚŚĞLJĞĂƌ ;džĐŚĂŶŐĞ'ĂŝŶͿͬ>ŽƐƐ ;Ϭ͘ϴϴͿ ;ϭ͘ϭϮͿ - 0.69 - ;Ϭ͘ϮϮͿ -1.52 hŶǁŝŶĚŝŶŐŽĨĚŝƐĐŽƵŶƚ 0.26 ϳ͘ϵϲ 0.05 3.14 - - 11.41

As at 31-March-2016 23.44 - 86.14 22.22 101.57 79.27 90.28 402.91 ƵƌƌĞŶƚ 22.91 69.64 22.22 45.79 79.27 90.28 330.11 EŽŶƵƌƌĞŶƚ 0.53 - 16.49 - 55.78 - - 72.80 WƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐ 1.00 0.91 9.89 - - 10.01 10.58 32.40 ƚŚĞLJĞĂƌ >ĞƐƐ͗hƟůŝnjĂƟŽŶĚƵƌŝŶŐ 3.39 28.58 16.15 - 1.34 26.24 ϳϱ͘ϳϬ ƚŚĞLJĞĂƌ

244 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ Demo- Corporate Maintenance &ŽƌĞƐĞĞĂďůĞ Design >ĞŐĂůĂƐĞƐ Other dŽƚĂů ďŝůŝƐĂƟŽŶ ^ŽĐŝĂů Loss Guarantee Expenses ZĞƐƉŽŶƐŝďŝůŝƚLJ >ĞƐƐ͗tƌŝƚĞĂĐŬĚƵƌŝŶŐ ;Ϭ͘ϮϮͿ ;ϭ͘ϴϵͿ - ;ϰϬ͘ϴϳͿ ;Ϭ͘ϵϮͿ ;Ϭ͘ϵϭͿ ;ϰϰ͘ϴϭͿ ƚŚĞLJĞĂƌ ;džĐŚĂŶŐĞ'ĂŝŶͿͬ>ŽƐƐ ;ϭ͘ϳϱͿ - ;Ϭ͘ϮϯͿ ;Ϭ͘ϬϱͿ ;ϭϬ͘ϴϵͿ 0.00 ;Ϯ͘ϬϲͿ ;ϭϰ͘ϵϳͿ hŶǁŝŶĚŝŶŐŽĨĚŝƐĐŽƵŶƚ 0.18 1.44 0.00 1.59 - - 3.21

As at 31-March-2017 19.25 0.91 66.78 6.03 51.39 87.03 71.66 303.04 ƵƌƌĞŶƚ 19.18 0.91 56.49 6.03 38.96 87.03 71.61 280.19 EŽŶƵƌƌĞŶƚ 0.07 - 10.29 - 12.44 - 0.05 22.85 ϭϳ͘KƚŚĞƌEŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ a) Advances ĚǀĂŶĐĞĨƌŽŵĐůŝĞŶƚƐ ϭ͕ϳϲϵ͘ϭϰ ϵϭϳ͘Ϭϲ 69.24 ĞĨĞƌƌĞĚŝŶĐŽŵĞ ϯϯ͘ϳϬ Ϯϳ͘ϯϰ 19.16

ďͿKƚŚĞƌƐ &ĂŝƌǀĂůƵĂƟŽŶĂĚũƵƐƚŵĞŶƚ 22.93 20.40 15.84 KƚŚĞƌƐ 0.56 - - dŽƚĂů 1,826.33 964.80 104.24 ϭϴ͘&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ;ĐƵƌƌĞŶƚͿ ϭϴ͘ϭ͘dƌĂĚĞWĂLJĂďůĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ DŝĐƌŽ͕^ŵĂůůΘDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐ - - - KƚŚĞƌƐ ;ĂͿŽŶƚƌĂĐƚŽƌΘ^ƵƉƉůŝĞƌƐ 359.90 390.89 433.65 ;ďͿZĞůĂƚĞĚWĂƌƟĞƐ - 9.49 8.94

dŽƚĂů 359.90 400.38 442.59 ϭϴ͘Ϯ͘KƚŚĞƌ&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ ^ƚĂī ϵ͘ϰϳ ϳ͘ϰϭ 1.40 ĞƉŽƐŝƚƐ͕ZĞƚĞŶƟŽŶŵŽŶĞLJĂŶĚDŽŶĞLJtŝƚŚŚĞůĚ ϱϬϲ͘Ϯϳ 485.04 ϱϭϬ͘ϭϳ KƚŚĞƌƐ ϰϳ͘ϴϱ 20.82 15.55

dŽƚĂů 563.59 513.27 527.12

ANNUAL REPORT ϮϬϭϲͳϭϳͮ245 ϭϵ͘KƚŚĞƌƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ a) Advances ĚǀĂŶĐĞĨƌŽŵĐůŝĞŶƚƐ Ϯ͕ϭϮϯ͘Ϭϱ ϭ͕ϵϴϴ͘Ϭϰ ϭ͕ϭϵϱ͘ϯϬ Ͳ>ĞƐƐ͗ĞƉŽƐŝƚƐƵŶĚĞƌƉƌŽƚĞƐƚ;^ĂůĞƐdĂdžͿ ;ϮϭϬ͘ϰϴͿ ;ϮϬϯ͘ϰϱͿ ;ϭϴϰ͘ϯϭͿ ĚǀĂŶĐĞĐŽŶƚƌĂĐƚƌĞĐĞŝƉƚƐ 99.96 ϳϰ͘Ϯϳ 24.63 ĞĨĞƌƌĞĚŝŶĐŽŵĞ ϰ͘ϳϭ 3.94 5.46 ďͿKƚŚĞƌƐ ^ƚĂƚƵƚŽƌLJĚƵĞƐ͗ ϳϰ͘ϯϰ 40.94 26.34 &ĂŝƌǀĂůƵĂƟŽŶĂĚũƵƐƚŵĞŶƚ 24.98 ϭϯ͘ϯϳ 6.32 KƚŚĞƌ 0.01 0.01 dŽƚĂů 2,116.57 1,917.12 1,073.74 ϮϬ͘ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ (Rs. In Crore) For the year ended For the year ended 31st March 2017 31st March 2016 ŽŶƚƌĂĐƚZĞǀĞŶƵĞ Ϯ͕ϴϵϱ͘ϳϬ Ϯ͕Ϯϱϱ͘ϵϭ >ŽĐŽůĞĂƐĞ 0.88 35.89 DĂĐŚŝŶĞƌLJŚŝƌĞĐŚĂƌŐĞƐ 9.15 8.31 KƚŚĞƌKƉĞƌĂƟŶŐZĞǀĞŶƵĞ 10.15 ϱϳ͘Ϭϯ D&>ĞĂƐŝŶŐ 13.66 ϭϰ͘ϳϱ WƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚŽŶƐƵůƚĂŶĐLJ 18.53 5.11 dŽƚĂů 2,948.07 2,377.00 21. Other Income (Rs. In Crore) For the year ended For the year ended 31st March 2017 31st March 2016 /ŶƚĞƌĞƐƚ/ŶĐŽŵĞ͗ /ŶƚĞƌĞƐƚŽŶdĂdž&ƌĞĞŽŶĚƐ 22.06 15.63 /ŶƚĞƌĞƐƚŽŶƌĞĨƵŶĚŽĨŝŶĐŽŵĞͲƚĂdž 11.93 Ϯ͘ϳϯ /ŶƚĞƌĞƐƚŽŶƐƚĂīĂĚǀĂŶĐĞƐ 0.21 0.28 /ŶƚĞƌĞƐƚŽŶůŽĂŶƚŽZĞůĂƚĞĚWĂƌƟĞƐΎ 11.32 31.39 /ŶƚĞƌĞƐƚŽŶŽƚŚĞƌĂĚǀĂŶĐĞƐ ϳ͘ϯϳ 4.91 /ŶƚĞƌĞƐƚŽŶ&ŝdžĞĚDĂƚƵƌŝƚLJWůĂŶ - 0.06 /ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶƵŶǁŝŶĚŝŶŐŽĨĮŶĂŶĐŝĂů ϳ͘ϱϰ 3.98 ŝŶƐƚƌƵŵĞŶƚƐ ĂŶŬ/ŶƚĞƌĞƐƚ'ƌŽƐƐ 311.60 246.33 >ĞƐƐ͗Ͳ/ŶƚĞƌĞƐƚƉĂƐƐĞĚƚŽĐůŝĞŶƚƐ ;ϭϲϯ͘ϴϮͿ ϭϰϳ͘ϳϴ ;ϲϬ͘ϴϯͿ 185.50 KƚŚĞƌƐ͗ ŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ 29.34 ϭϭ͘ϳϳ WƌŽĮƚŽŶƐĂůĞŽĨĂƐƐĞƚƐ 0.35 0.89 DŝƐĐĞůůĂŶĞŽƵƐ/ŶĐŽŵĞ 22.09 25.46 WƌŽǀŝƐŝŽŶǁƌŝƩĞŶďĂĐŬĨŽƌ>ŽĂŶΘƋƵŝƚLJͲ& - 31.18 džĐŚĂŶŐĞ&ůƵĐƚƵĂƟŽŶ'ĂŝŶ - 150.12 >ĞƐƐ͗ͲdžĐŚĂŶŐĞ&ůƵĐƚƵĂƟŽŶ>ŽƐƐ - - ;ϭϱ͘ϵϱͿ ϭϯϰ͘ϭϳ ŝǀŝĚĞŶĚ/ŶĐŽŵĞ 4.82 5.54 >ĞƐƐ͗ͲŝǀŝĚĞŶĚƉĂƐƐĞĚƚŽĐůŝĞŶƚƐ ;ϭ͘ϰϱͿ ϯ͘ϯϳ - 5.54 dŽƚĂů 263.37 453.49

246 | ANNUAL REPORT ϮϬϭϲͳϭϳ Ύ/ŶƚĞƌĞƐƚŽŶůŽĂŶƚŽZĞůĂƚĞĚWĂƌƟĞƐ͗ (Rs. In Crore) WĂƌƟĐƵůĂƌƐŽĨZĞůĂƚĞĚWĂƌƟĞƐ 2016-17 2015-16

ͲŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z> - 25.26 ͲŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ 6.26 4.92 ͲŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ ϰ͘ϴϳ 0.43 Ͳ/ZKE&KE:s 0.20 Ϭ͘ϳϴ

11.32 31.39 ϮϮ͘KƉĞƌĂƟŶŐĂŶĚĚŵŝŶŝƐƚƌĂƟǀĞdžƉĞŶƐĞƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ KƉĞƌĂƟŶŐ KƚŚĞƌdžƉ͘;ĚŵŝŶŝƐƚƌĂƟǀĞͿ For the year For the year For the year For the year ended ended ended ended 31st March 2017 31st March 2016 31st March 2017 31st March 2016 DĂƚĞƌŝĂůƐĂŶĚ^ƚŽƌĞƐĐŽŶƐƵŵĞĚ͗ KƉĞŶŝŶŐĂůĂŶĐĞ ϴϵ͘ϴϳ 58.42 - - ĚĚ͗WƵƌĐŚĂƐĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌΎ 321.04 - - ϯϲϳ͘ϱϭ 410.91 25.93 - - ůŽƐŝŶŐĂůĂŶĐĞ 38.92 ϯϳϭ͘ϵϵ ϴϵ͘ϴϳ 336.06 - - tŽƌŬdžƉĞŶƐĞƐ Ϯ͕Ϭϴϯ͘Ϯϰ ϭ͕ϱϮϬ͘Ϭϱ - - /ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞŝŶt/W ;ϰϳ͘ϴϲͿ 5.04 - - ĞƐŝŐŶ͕ƌĂǁŝŶŐ͕ƵƐŝŶĞƐƐ ϭϲ͘ϴϳ 31.32 - - ĞǀĞůŽƉŵĞŶƚΘŽŶƐƵůƚĂŶĐLJŚĂƌŐĞƐ /ŶƐƉĞĐƟŽŶ͕'ĞŽdĞĐŚŶŝĐĂů 16.26 5.52 - - /ŶǀĞƐƟŐĂƟŽŶΘ^ƵƌǀĞLJdžƉ͘ƚĐ ZĞƉĂŝƌƐĂŶĚDĂŝŶƚĞŶĂŶĐĞŽĨ 11.50 14.29 - - DĂĐŚŝŶĞƌLJ ,ŝƌĞĐŚĂƌŐĞƐŽĨŵĂĐŚŝŶĞƌLJ 3.26 3.30 - - džĐŚĂŶŐĞ&ůƵĐƚƵĂƟŽŶ>ŽƐƐ ϳϭ͘ϱϵ 0.06 - - >ĞƐƐ͗ͲdžĐŚĂŶŐĞ&ůƵĐƚƵĂƟŽŶ'ĂŝŶ 33.13 - EĞƚdžĐŚĂŶŐĞ&ůƵĐƚƵĂƟŽŶ>ŽƐƐ 38.46 0.06 - - ZĞŶƚͲEŽŶͲƌĞƐŝĚĞŶƟĂů 5.29 ϰ͘ϳϳ 1.23 Ϭ͘ϯϳ ZĂƚĞƐĂŶĚdĂdžĞƐ 30.30 21.44 1.63 0.84 sĞŚŝĐůĞKƉĞƌĂƟŽŶĂŶĚDĂŝŶƚĞŶĂŶĐĞ 9.99 8.94 1.52 1.21 ZĞƉĂŝƌƐĂŶĚDĂŝŶƚĞŶĂŶĐĞ - - - - ͲƵŝůĚŝŶŐ Ϭ͘Ϭϳ 0.12 0.91 0.56 ͲKĸĐĞĂŶĚKƚŚĞƌƐ 3.23 2.49 4.09 2.80 WŽǁĞƌ͕ůĞĐƚƌŝĐŝƚLJĂŶĚtĂƚĞƌĐŚĂƌŐĞƐ 2.19 Ϯ͘ϱϳ 1.59 1.61 /ŶƐƵƌĂŶĐĞ 5.55 5.13 0.40 0.19 dƌĂǀĞůůŝŶŐΘĐŽŶǀĞLJĂŶĐĞ 9.21 8.53 3.00 2.64 WƌŝŶƟŶŐΘƐƚĂƟŽŶĞƌLJ 1.19 1.28 0.61 0.44 WŽƐƚĂŐĞ͕ƚĞůĞƉŚŽŶĞΘƚĞůĞdž 1.51 ϭ͘ϳϰ 0.48 0.52 >ĞŐĂůΘWƌŽĨĞƐƐŝŽŶĂůĐŚĂƌŐĞƐ 5.52 4.38 4.49 3.06

ANNUAL REPORT ϮϬϭϲͳϭϳͮ247 WĂƌƟĐƵůĂƌƐ KƉĞƌĂƟŶŐ KƚŚĞƌdžƉ͘;ĚŵŝŶŝƐƚƌĂƟǀĞͿ For the year For the year For the year For the year ended ended ended ended 31st March 2017 31st March 2016 31st March 2017 31st March 2016 ^ĞĐƵƌŝƚLJƐĞƌǀŝĐĞƐ 3.68 4.00 0.41 0.24 ƵƐŝŶĞƐƐƉƌŽŵŽƟŽŶ 0.39 0.88 0.34 0.20 tƌŝƚĞͲŽīŽĨ͗ ͲĂĚĚĞďƚƐ 0.60 0.33 - - ͲĂĚĂĚǀĂŶĐĞƐ 2.00 0.59 - - ͲĂĚĂƐƐĞƚƐ 0.11 0.02 - - >ŽƐƐŽŶƐĂůĞŽĨƐƐĞƚƐͬ^ƚŽƌĞƐ - - 0.03 0.03 ŵŽƌƟƐĂƟŽŶŽĨƉƌĞŵŝƵŵƉĂŝĚŽŶ - - - - /ŶǀĞƐƚ͘ ŝƌĞĐƚŽƌƐŝƫŶŐĨĞĞ - - Ϭ͘Ϭϳ - ŽŶĂƟŽŶ - - 0.04 0.01 ƵĚŝƚŽƌƐƌĞŵƵŶĞƌĂƟŽŶ - - 0.62 0.55 ĚǀĞƌƟƐĞŵĞŶƚΘƉƵďůŝĐŝƚLJ 0.40 - 6.23 ϯ͘ϳϰ dƌĂŝŶŝŶŐΘZĞĐƌƵŝƚŵĞŶƚ - - 0.30 0.54 ŽƌƉŽƌĂƚĞƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJ;ZĞĨĞƌ - - 5.92 6.14 EŽƚĞϰϲͿ DŝƐĐĞůůĂŶĞŽƵƐĞdžƉĞŶƐĞƐ 2.86 ϰ͘ϳϲ Ϯ͘ϳϯ 1.15 WƌŽǀŝƐŝŽŶƐ;ĚĚŝƟŽŶͲtƌŝƚĞĂĐŬͿ ;ϵ͘ϬϱͿ 23.46 - - ;ZĞĨĞƌEŽƚĞϭϲͿ WƌŽǀŝƐŝŽŶƐhƟůŝƐĞĚ;ZĞĨĞƌEŽƚĞϭϲͿ ;ϳϴ͘ϮϵͿ ;ϴϳ͘ϰϴͿ - - dŽƚĂů 2,490.47 1,923.59 36.64 26.84 ;ŝͿ WĂLJŵĞŶƚƚŽ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐ͗ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ For the year ended For the year ended 31st March 2017 31st March 2016 ;ĂͿƵĚŝƚ&ĞĞͲĐƵƌƌĞŶƚLJĞĂƌ 0.36 Ϭ͘ϯϳ ;ďͿdĂdžƵĚŝƚ&ĞĞƐͲĐƵƌƌĞŶƚLJĞĂƌ 0.11 0.08 ;ĐͿĞƌƟĮĐĂƟŽŶ&ĞĞƐ 0.06 0.04 ;ĚͿdƌĂǀĞůůŝŶŐΘŽƵƚŽĨƉŽĐŬĞƚĞdžƉĞŶƐĞƐ͗ - - Ͳ>ŽĐĂů 0.08 0.08 Ͳ&ŽƌĞŝŐŶ 0.05 0.01 dŽƚĂů 0.65 0.57 Ύ/ŶĐůƵĚĞƐdžĐŚĂŶŐĞŐĂŝŶͬůŽƐƐĚƵĞƚŽŝŵƉůĞŵĞŶƚĂƟŽŶŽĨ/ŶĚ^ĨŽƌZƐ͘Ϭ͘ϭϯĐƌŽƌĞ;ƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϲ͗ZƐ͘Ϭ͘ϬϮ ĐƌŽƌĞͿ͘

248 | ANNUAL REPORT ϮϬϭϲͳϭϳ Ϯϯ͘ŵƉůŽLJĞĞZĞŵƵŶĞƌĂƟŽŶĂŶĚĞŶĞĮƚƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Foot For the year ended 31st March 2017 For the year ended 31st March 2016 Note KƉĞƌĂƟŶŐ Other Expenses dŽƚĂů KƉĞƌĂƟŶŐ Other Expenses dŽƚĂů ;ĚŵŝŶŝƐƚƌĂƟǀĞͿ ;ĚŵŝŶŝƐƚƌĂƟǀĞͿ ^ĂůĂƌŝĞƐ͕ǁĂŐĞƐĂŶĚďŽŶƵƐ ;ŝͿ 104.86 40.42 145.28 110.18 34.46 144.64 ŽŶƚƌŝďƵƟŽŶƚŽƉƌŽǀŝĚĞŶƚ ϳ͘Ϯϱ 4.05 11.30 ϲ͘ϵϳ 3.51 10.48 ĂŶĚŽƚŚĞƌĨƵŶĚƐ &ŽƌĞŝŐŶƐĞƌǀŝĐĞĐŽŶƚƌŝďƵƟŽŶ 0.80 0.83 1.63 0.41 0.21 0.62 ZĞƟƌĞŵĞŶƚĞŶĞĮƚƐ 13.25 ;ϭϳ͘ϮϬͿ ;ϯ͘ϵϱͿ 12.82 10.25 Ϯϯ͘Ϭϳ sZ^ĞdžƉĞŶƐĞƐ ------^ƚĂītĞůĨĂƌĞ ϭ͘Ϯϳ 0.54 1.81 1.40 0.48 1.88 dŽƚĂů 127.43 28.64 156.07 131.78 48.91 180.69 &ŽŽƚEŽƚĞƐ͗Ͳ /ŶĐůƵĚĞƐŝŶĐŽŵĞͲƚĂdžŽŶŶŽŶͲŵŽŶĞƚĂƌLJƉĞƌŬƐRs. 0.33 crore ;ƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϲ͗ZƐ͘Ϭ͘ϯϯĐƌŽƌĞͿ͘ 24. Finance Cost (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Foot Note For the year ended For the year ended 31st March 2017 31st March 2016 /ŶƚĞƌĞƐƚdžƉĞŶƐĞ ;ŝͿ 9.65 ϳ͘ϴϯ KƚŚĞƌŽƌƌŽǁŝŶŐŽƐƚ ͲĂŶŬ'ƵĂƌĂŶƚĞĞΘKƚŚĞƌŚĂƌŐĞƐ ϴ͘ϲϳ 8.85 /ŶƚĞƌĞƐƚŽŶhŶǁŝŶĚŝŶŐŽĨĮŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ 29.66 10.95 ŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ ϳ͘ϯϭ 4.15 hŶǁŝŶĚŝŶŐŽĨĚŝƐĐŽƵŶƚŽŶƉƌŽǀŝƐŝŽŶƐ 3.35 11.52 dŽƚĂů 58.64 43.30 &ŽŽƚEŽƚĞƐ͗Ͳ /ŶĐůƵĚĞƐŝŶƚĞƌĞƐƚŽŶŝŶĐŽŵĞͲƚĂdžRs. 9.65 crore;ƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϲ͗ZƐ͘ϳ͘ϱϬĐƌŽƌĞͿ͘ Ϯϱ͘ĞƉƌĞĐŝĂƟŽŶ͕ĂŵŽƌƟnjĂƟŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ For the year ended For the year ended 31st March 2017 31st March 2016 WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϭϳ͘ϵϵ 29.48 /ŶƚĂŶŐŝďůĞƐƐĞƚƐ ϳ͘ϯϵ ϭ͘ϯϳ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ 0.05 0.05 /ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ 1.26 - dŽƚĂů 26.69 30.90 26. Components of Other Comprehensive Income (OCI) dŚĞĚŝƐĂŐŐƌĞŐĂƟŽŶŽĨĐŚĂŶŐĞƐƚŽK/ďLJĞĂĐŚƚLJƉĞŽĨƌĞƐĞƌǀĞŝŶĞƋƵŝƚLJŝƐƐŚŽǁŶďĞůŽǁ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ For the year ended For the year ended 31st March 2017 31st March 2016 /ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ 4.82 1.32 /ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚůŽƐƐ ;ϭ͘ϲϳͿ ;Ϭ͘ϰϲͿ dŽƚĂů 3.15 0.86

ANNUAL REPORT ϮϬϭϲͳϭϳͮ249 (Rs. In Crore) WĂƌƟĐƵůĂƌƐ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐůĂƟŽŶ For the year ended For the year ended 31st March 2017 31st March 2016 /ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ 16.16 ;ϱϳ͘ϰϲͿ /ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚůŽƐƐ ;ϱ͘ϱϵͿ 25.94 dŽƚĂů 10.57 (31.52) 'ƌĂŶĚdŽƚĂů 13.72 (30.66) 27. Prior Period Errors (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2016 ϭƉƌŝůϮϬϭϱ Impact on equity (increase/(decrease) in equity) dƌĂĚĞWĂLJĂďůĞĐƵƌƌĞŶƚ 3.35 3.05 KƚŚĞƌ&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐĐƵƌƌĞŶƚ ;Ϭ͘ϬϯͿ ;Ϭ͘ϯϳͿ KƚŚĞƌƵƌƌĞŶƚƐƐĞƚƐ ;Ϭ͘ϮϵͿ ;ϭ͘ϮϰͿ KƚŚĞƌƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ 23.98 19.20 WƌŽǀŝƐŝŽŶĨŽƌ>ĞŐĂůĐĂƐĞƐ ;Ϭ͘ϱϭͿ ;Ϭ͘ϱϭͿ KƚŚĞƌ&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĐƵƌƌĞŶƚ Ϭ͘ϲϳ - Net Impact on Equity 27.17 20.13 /ŵƉĂĐƚŽŶƐƚĂƚĞŵĞŶƚŝŶƉƌŽĮƚĂŶĚůŽƐƐ;ŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƉƌŽĮƚͿ ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ ;ϱ͘ϳϮͿ ϳ͘ϰϳ KƚŚĞƌ/ŶĐŽŵĞ ;ϭ͘ϭϬͿ ;ϭϴ͘ϭϬͿ KƉĞƌĂƟŶŐΘĚŵŝŶŝƐƚƌĂƟǀĞdžƉĞŶƐĞƐ ;Ϭ͘ϮϭͿ ;ϯ͘ϯϰͿ KƚŚĞƌdžƉĞŶƐĞƐ - 0.45 ƩƌŝďƵƚĂďůĞƚŽƋƵŝƚLJ,ŽůĚĞƌƐ (7.03) (13.52) /ŵƉĂĐƚŽŶďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;W^Ϳ;ŝŶĐƌĞĂƐĞͬ ;ĚĞĐƌĞĂƐĞͿŝŶW^Ϳ WĂƌƟĐƵůĂƌƐ 31 March 2017 31 March 2016 ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĨŽƌĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶ ĂƐŝĐ͕ƉƌŽĮƚĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐ ;Ϭ͘ϳϭͿ ;ϭ͘ϯϳͿ ŝůƵƚĞĚ͕ƉƌŽĮƚĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJ ;Ϭ͘ϳϭͿ ;ϭ͘ϯϳͿ ŚŽůĚĞƌƐ Ϯϳ͘džĐĞƉƟŽŶĂů/ƚĞŵƐ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ 31 March 2017 ϭƉƌŝůϮϬϭϲ WƌŽĮƚŽŶ^ĂůĞŽĨ/ŶǀĞƐƚŵĞŶƚƐ ϳϯ͘ϲϵ - dŽƚĂů 73.69 -

250 | ANNUAL REPORT ϮϬϭϲͳϭϳ EŽƚĞ͗ͲϮϴ͘&ĂŝƌsĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐ ;ŝͿ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐďLJĂƚĞŐŽƌLJ (Rs. In crores) WĂƌƟĐƵůĂƌƐ As at 31st March 2017 As at 31st March 2016 ƐĂƚϭƐƚƉƌŝůϮϬϭϱ FVTPL FVTOCI ŵŽƌƟnjĞĚ FVTPL FVTOCI ŵŽƌƟnjĞĚ FVTPL FVTOCI ŵŽƌƟnjĞĚ Cost Cost Cost &ŝŶĂŶĐŝĂůƐƐĞƚƐ (i) Investments dĂdž&ƌĞĞŽŶĚƐ;ŝŶĐůƵĚŝŶŐ - - 309.23 - - 304.03 - - ϭϳϴ͘Ϭϳ ĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚͿ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐ 249.91 - 132.48 - - 68.39 - - ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ - - 464.24 - - 509.99 - - ϰϳϭ͘ϳϲ ;ŝŝŝͿ>ŽĂŶƐ - - 159.13 - - 62.31 - - 123.33 ;ŝǀͿZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚ - - 143.28 - - ϭϳϰ͘Ϭϳ - - 153.23 DŽŶĞLJtŝƚŚŚĞůĚ ;ǀͿ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ - - 132.95 - - 109.19 - - ϭϳ͘ϯϳ 'Žǀƚ͘ĞƉƚ͘ΘKƚŚĞƌƐ ƌĞĐŽǀĞƌĂďůĞ ;ǀŝͿĂƐŚĂŶĚĂƐŚ - - ϭ͕ϰϱϯ͘ϳϲ - - Ϯ͕ϱϵϬ͘ϲϴ - - ϭ͕ϯϮϰ͘ϰϳ ƋƵŝǀĂůĞŶƚƐ ;ǀŝŝͿĂŶŬĂůĂŶĐĞƐŽƚŚĞƌ - - ϯ͕Ϯϵϵ͘ϯϳ - - Ϯ͕ϭϯϭ͘ϯϭ - - Ϯ͕Ϭϱϰ͘ϰϮ ƚŚĂŶ;ǀŝͿĂďŽǀĞ ;ǀŝŝŝͿKƚŚĞƌƐͲ&ŝŶĂŶĐŝĂů - - 191.49 - - ϭϰϳ͘ϯϴ - - ϭϭϴ͘ϰϳ ƐƐĞƚƐ dŽƚĂů&ŝŶĂŶĐŝĂůƐƐĞƚƐ 249.91 - 6,153.45 132.48 - 6,028.96 68.39 - 4,441.12 &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿdƌĂĚĞƉĂLJĂďůĞƐ - - 360.35 - 406.01 - 450.49 ;ŝŝͿ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘ - - 635.53 - 595.90 - 590.94 ZĞƚĞŶƟŽŶDŽŶĞLJ ;ŝŝŝͿKƚŚĞƌƐͲ&ŝŶĂŶĐŝĂů - - ϱϳ͘ϯϮ - 28.23 - 16.95 >ŝĂďŝůŝƚLJ dŽƚĂů&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ - - 1,053.20 - 1,030.14 - - 1,058.38 ;ŝŝͿƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟnjĞĚĐŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞƐĂƌĞĚŝƐĐůŽƐĞĚ͘

(Rs. In crores) WĂƌƟĐƵůĂƌƐ ĂƌƌLJŝŶŐǀĂůƵĞ &ĂŝƌǀĂůƵĞ 31 March 31 March ϬϭƉƌŝů 31 March 31 March ϬϭƉƌŝů 2017 2016 2015 2017 2016 2015 &ŝŶĂŶĐŝĂůƐƐĞƚ dĂdž&ƌĞĞŽŶĚƐ 309.23 304.03 ϭϳϴ͘Ϭϳ 293.32 292.98 ϭϳϱ͘ϲϭ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐ 249.91 132.48 68.39 249.91 132.48 68.39 ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚDŽŶĞLJ 143.28 ϭϳϰ͘Ϭϳ 153.23 142.48 ϭϳϯ͘ϰϳ 153.23 tŝƚŚŚĞůĚ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ'Žǀƚ͘ 132.95 109.19 ϭϳ͘ϯϳ 132.98 109.35 ϭϳ͘ϯϳ ĞƉƚ͘ΘKƚŚĞƌƐ dŽƚĂůƐƐĞƚƐ 835.37 719.77 417.06 818.69 708.27 414.60 &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ŵŽƌƟƐĞĚŽƐƚ dƌĂĚĞWĂLJĂďůĞƐ 360.35 406.01 450.49 358.35 406.00 450.49

ANNUAL REPORT ϮϬϭϲͳϭϳͮ251 (Rs. In crores) WĂƌƟĐƵůĂƌƐ ĂƌƌLJŝŶŐǀĂůƵĞ &ĂŝƌǀĂůƵĞ 31 March 31 March ϬϭƉƌŝů 31 March 31 March ϬϭƉƌŝů 2017 2016 2015 2017 2016 2015 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘZĞƚĞŶƟŽŶ 635.53 595.90 590.94 630.20 602.01 590.94 DŽŶĞLJ dŽƚĂů>ŝĂďŝůŝƟĞƐ 995.88 1,001.91 1,041.43 988.55 1,008.00 1,041.43

ŝͿ dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĐƵƌƌĞŶƚƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂLJĂďůĞƐ͕ƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐĂŶĚƌĞƚĞŶƟŽŶŵŽŶĞLJ͕ ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ďĂŶŬďĂůĂŶĐĞƐĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƚŚĞ ƐĂŵĞĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ͕ĚƵĞƚŽƚŚĞŝƌƐŚŽƌƚƚĞƌŵŶĂƚƵƌĞ͘ ŝŝͿ dŚĞĨĂŝƌǀĂůƵĞŽĨůŽŶŐƚĞƌŵƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐ͕ƌĞƚĞŶƟŽŶŵŽŶĞLJĂŶĚůŽŶŐƚĞƌŵƚƌĂĚĞƉĂLJĂďůĞƐǁĞƌĞĐĂůĐƵůĂƚĞĚ ďĂƐĞĚŽŶĐĂƐŚŇŽǁƐĚŝƐĐŽƵŶƚĞĚƵƐŝŶŐĐƵƌƌĞŶƚŵĂƌŬĞƚƌĂƚĞ͘dŚĞLJĂƌĞĐůĂƐƐŝĮĞĚĂƐůĞǀĞůϯĨĂŝƌǀĂůƵĞƐŚŝĞƌĂƌĐŚLJ ĚƵĞƚŽŝŶĐůƵƐŝŽŶŽĨƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐ͘ ŝŝŝͿ >ŽĂŶƐĂŶĚĚǀĂŶĐĞƐŐŝǀĞŶƚŽƌĞůĂƚĞĚƉĂƌƟĞƐĂƌĞĂƚŵĂƌŬĞƚƌĂƚĞ͕ƚŚĞƌĞĨŽƌĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƐƵĐŚůŽĂŶƐ ĂŶĚĂĚǀĂŶĐĞƐĂƌĞĞƋƵĂůƚŽƚŚĞŝƌĨĂŝƌǀĂůƵĞ͘ ŝǀͿ ^ƚĂīůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐĐŽŶƟŶƵĞƚŽďĞĐĂƌƌLJŝŶŐĂƚƉƌĞǀŝŽƵƐ'WǀĂůƵĞƐĂƐŵĞĂƐƵƌĞŵĞŶƚŝŵƉĂĐƚŝƐŝŵŵĂƚĞƌŝĂů͘ &ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ >ĞǀĞůϭͲYƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƟǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƟĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐ͘ >ĞǀĞůϮʹ/ŶƉƵƚƐŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶ>ĞǀĞůϭƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ;ŝ͘Ğ͘ĂƐƉƌŝĐĞƐͿŽƌŝŶĚŝƌĞĐƚůLJ;ŝ͘Ğ͘ĚĞƌŝǀĞĚĨƌŽŵƉƌŝĐĞƐͿ͘ >ĞǀĞůϯͲ/ŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ;ƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐͿ͘ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌ ǀĂůƵĞŽŶƌĞĐƵƌƌŝŶŐďĂƐŝƐĂŶĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϳ͗Ͳ (Rs. In crores) Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶ ƌĞĐƵƌƌŝŶŐďĂƐŝƐ͗ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚ ϯϭ͘ϯ͘ϮϬϭϳ 249.91 249.91 - - &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚŵŽƌƟƐĞĚ ŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ /ŶǀĞƐƚŵĞŶƚŝŶdĂdžĨƌĞĞŽŶĚƐ ϯϭ͘ϯ͘ϮϬϭϳ 293.32 293.32 ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚDŽŶĞLJtŝƚŚŚĞůĚ ϯϭ͘ϯ͘ϮϬϭϳ 142.48 - - 142.48 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ'Žǀƚ͘ĞƉƚ͘ΘKƚŚĞƌƐ ϯϭ͘ϯ͘ϮϬϭϳ 132.98 - - 132.98

252 | ANNUAL REPORT ϮϬϭϲͳϭϳ dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϳ͗Ͳ (Rs. In crores) Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚŵŽƌƟƐĞĚ ŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ dƌĂĚĞWĂLJĂďůĞƐ ϯϭ͘ϯ͘ϮϬϭϳ 358.35 - - 358.35 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘZĞƚĞŶƟŽŶDŽŶĞLJ ϯϭ͘ϯ͘ϮϬϭϳ 630.20 - - 630.20 dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϲ͗Ͳ (Rs. In crores) Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶ ƌĞĐƵƌƌŝŶŐďĂƐŝƐ͗ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚ 31.3.2016 132.48 132.48 - - &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚŵŽƌƟƐĞĚ ŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ /ŶǀĞƐƚŵĞŶƚŝŶdĂdžĨƌĞĞŽŶĚƐ 31.3.2016 292.98 292.98 - - ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚDŽŶĞLJtŝƚŚŚĞůĚ 31.3.2016 ϭϳϯ͘ϰϳ - - ϭϳϯ͘ϰϳ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ'Žǀƚ͘ĞƉƚ͘ΘKƚŚĞƌƐ 31.3.2016 109.35 - - 109.35 dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐŽŶϯϭDĂƌĐŚϮϬϭϲ͗Ͳ (Rs. In crores) Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚŵŽƌƟƐĞĚ ŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ dƌĂĚĞWĂLJĂďůĞƐ 31.3.2016 406.00 - - 406.00 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘZĞƚĞŶƟŽŶDŽŶĞLJ 31.3.2016 602.01 - - 602.01 dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ253 YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽŶϬϭƉƌŝůϮϬϭϱ͗Ͳ (Rs. In crores) Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶ ƌĞĐƵƌƌŝŶŐďĂƐŝƐ͗ /ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚ 01.04.2015 68.39 68.39 - - &ŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚŵŽƌƟƐĞĚ ŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ /ŶǀĞƐƚŵĞŶƚŝŶdĂdžĨƌĞĞŽŶĚƐ 01.04.2015 ϭϳϱ͘ϲϭ - - ϭϳϱ͘ϲϭ ZĞƚĞŶƟŽŶDŽŶĞLJĂŶĚDŽŶĞLJtŝƚŚŚĞůĚ 01.04.2015 153.23 - - 153.23 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚǁŝƚŚ'Žǀƚ͘ĞƉƚ͘ΘKƚŚĞƌƐ 01.04.2015 ϭϳ͘ϯϳ - - ϭϳ͘ϯϳ dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ YƵĂŶƟƚĂƟǀĞĚŝƐĐůŽƐƵƌĞƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJĨŽƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐŽŶϬϭƉƌŝůϮϬϭϱ͗Ͳ Date of dŽƚĂů Quoted prices ^ŝŐŶŝĮĐĂŶƚ ^ŝŐŶŝĮĐĂŶƚ ǀĂůƵĂƟŽŶ ŝŶĂĐƟǀĞ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ markets inputs inputs ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚŵŽƌƟƐĞĚ ŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞĂƌĞĚŝƐĐůŽƐĞĚ͗ dƌĂĚĞWĂLJĂďůĞƐ 01.04.2015 450.49 - - 450.49 ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐΘZĞƚĞŶƟŽŶDŽŶĞLJ 01.04.2015 590.94 - - 590.94 dŚĞƌĞŚĂǀĞďĞĞŶŶŽƚƌĂŶƐĨĞƌƐĂŵŽŶŐ>ĞǀĞůϭ͕>ĞǀĞůϮĂŶĚ>ĞǀĞůϯĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘ ŝŝŝ &ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ  dŚĞŽŵƉĂŶLJ͛ƐƉƌŝŶĐŝƉĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĐŽŵƉƌŝƐĞƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ͘dŚĞŽŵƉĂŶLJ͛ƐƉƌŝŶĐŝƉĂůĮŶĂŶĐŝĂů ĂƐƐĞƚƐŝŶĐůƵĚĞůŽĂŶƐƚŽƌĞůĂƚĞĚƉĂƌƟĞƐ͕ƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͕ĂŶĚĐĂƐŚĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐƚŚĂƚĚĞƌŝǀĞ ĚŝƌĞĐƚůLJĨƌŽŵŝƚƐŽƉĞƌĂƟŽŶƐ͘dŚĞŽŵƉĂŶLJĂůƐŽŚŽůĚƐŝŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐĂŶĚƚĂdžĨƌĞĞďŽŶĚƐ͘dŚĞŽŵƉĂŶLJ͛Ɛ ĂĐƟǀŝƟĞƐĞdžƉŽƐĞŝƚƚŽƐŽŵĞŽĨƚŚĞĮŶĂŶĐŝĂůƌŝƐŬƐ͗ŵĂƌŬĞƚƌŝƐŬ͕ĐƌĞĚŝƚƌŝƐŬĂŶĚůŝƋƵŝĚŝƚLJƌŝƐŬ͘ a) Market Risk  DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐŽĨĂĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŝůůŇƵĐƚƵĂƚĞďĞĐĂƵƐĞŽĨ ĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐ͘DĂƌŬĞƚƌŝƐŬĐŽŵƉƌŝƐĞƐ&ŽƌĞŝŐŶƵƌƌĞŶĐLJZŝƐŬĂŶĚ/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ ĂīĞĐƚĞĚďLJŵĂƌŬĞƚƌŝƐŬŝŶĐůƵĚĞƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂLJĂďůĞĂŶĚŽƚŚĞƌŶŽŶĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘ (i) Foreign Currency Risk  dŚĞ ĐŽŵƉĂŶLJ ŽƉĞƌĂƚĞĚ ŝŶƚĞƌŶĂƟŽŶĂůůLJ ĂŶĚ ŝƐ ĞdžƉŽƐĞĚ ƚŽ ŝŶƐŝŐŶŝĮĐĂŶƚ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƌŝƐŬ ;ƐŝŶĐĞ ƌĞĐĞŝƉƚƐ Θ ƉĂLJŵĞŶƚƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂƌĞŐĞŶĞƌĂůůLJŵĂƚĐŚĞĚͿĂƌŝƐŝŶŐĨŽƌŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐĂĐƟŽŶƐ͕ƉƌŝŵĂƌŝůLJǁŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞh^Ψ͕hZK͕zE͕d͕͕>

254 | ANNUAL REPORT ϮϬϭϲͳϭϳ ďͿ ƌĞĚŝƚƌŝƐŬ  ƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨĮŶĂŶĐŝĂůůŽƐƐƚŽƚŚĞŽŵƉĂŶLJŝĨĂĐƵƐƚŽŵĞƌŽƌĐŽƵŶƚĞƌƉĂƌƚLJƚŽĂĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚĨĂŝůƐ ƚŽŵĞĞƚŝƚƐĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƟŽŶƐ͕ĂŶĚĂƌŝƐĞƐƉƌŝŶĐŝƉĂůůLJĨƌŽŵƚŚĞŽŵƉĂŶLJ͛ƐƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐĂŶĚ ŝŶǀĞƐƚŵĞŶƚ͘ƌĞĚŝƚƌŝƐŬĂƌŝƐĞƐĨƌŽŵĐĂƐŚŚĞůĚǁŝƚŚďĂŶŬƐĂŶĚĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐ͕ĂƐǁĞůůĂƐĐƌĞĚŝƚĞdžƉŽƐƵƌĞƚŽ ĐůŝĞŶƚƐ͕ŝŶĐůƵĚŝŶŐŽƵƚƐƚĂŶĚŝŶŐĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͘dŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬŝƐĞƋƵĂůƚŽƚŚĞĐĂƌƌLJŝŶŐ ǀĂůƵĞŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐ͘dŚĞŽďũĞĐƟǀĞŽĨŵĂŶĂŐŝŶŐĐŽƵŶƚĞƌƉĂƌƚLJĐƌĞĚŝƚƌŝƐŬŝƐƚŽƉƌĞǀĞŶƚůŽƐƐĞƐŝŶĮŶĂŶĐŝĂů ĂƐƐĞƚƐ͘dŚĞŽŵƉĂŶLJĂƐƐĞƐƐĞƐƚŚĞĐƌĞĚŝƚƋƵĂůŝƚLJŽĨƚŚĞĐŽƵŶƚĞƌƉĂƌƟĞƐ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞŝƌĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ͕ ƉĂƐƚĞdžƉĞƌŝĞŶĐĞĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐ͘  dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  dŚĞŽŵƉĂŶLJ͛ƐĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬŝƐŝŶŇƵĞŶĐĞĚŵĂŝŶůLJďLJƚŚĞŝŶĚŝǀŝĚƵĂůĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨĞĂĐŚĐƵƐƚŽŵĞƌ͘ dŚĞĚĞŵŽŐƌĂƉŚŝĐƐŽĨƚŚĞĐƵƐƚŽŵĞƌ͕ŝŶĐůƵĚŝŶŐƚŚĞĚĞĨĂƵůƚƌŝƐŬŽĨƚŚĞŝŶĚƵƐƚƌLJĂŶĚĐŽƵŶƚƌLJŝŶǁŚŝĐŚƚŚĞĐƵƐƚŽŵĞƌ ŽƉĞƌĂƚĞƐ͕ĂůƐŽŚĂƐĂŶŝŶŇƵĞŶĐĞŽŶĐƌĞĚŝƚƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͘  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞŐŝǀĞƐĚĞƚĂŝůƐŝŶƌĞƐƉĞĐƚŽĨƉĞƌĐĞŶƚĂŐĞŽĨƌĞǀĞŶƵĞƐŐĞŶĞƌĂƚĞĚĨƌŽŵƚŽƉĮǀĞƉƌŽũĞĐƚƐ͘ (Rs. In crores) WĂƌƟĐƵůĂƌƐ For the period ended 31 March ,2017 31 March ,2016 Revenue from top Projects ZĞǀĞŶƵĞĨƌŽŵƚŽƉϱWƌŽũĞĐƚƐ ϭ͕ϱϬϵ͘ϱϵ ϭ͕ϭϲϮ͘ϲϬ 1,509.59 1,162.60 (Rs. In crores) Ageing < 6 M > 6 < 12 > 12 < 24 > 24 < 36 > 36 dŽƚĂů 'ƌŽƐƐĂƌƌLJŝŶŐŵŽƵŶƚ ϯϳϴ͘ϵϭ ϲϳ͘ϴϬ 35.54 8.89 20.44 511.58 džƉĞĐƚĞĚƌĞĚŝƚƌĂƚĞ 0.14% 0.00% 0.00% ϳ͘ϳϲй 96.04% 4.08% džƉĞĐƚĞĚƌĞĚŝƚ 0.53 - - 0.69 19.63 20.85 ůŽƐƐĞƐ;>ŽƐƐƉƌŽǀŝƐŝŽŶ ůůŽǁĂŶĐĞͿ Gross Carrying Amount ŽĨdƌĂĚĞZĞĐĞŝǀĂďůĞƐ ďͿdžƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ (Rs. In crores) WĂƌƟĐƵůĂƌƐ Assets Group Carrying Expected Expected Carrying sĂůƵĞ WƌŽďĂďŝůŝƚLJ credit Loss Amount Net ŽĨĞĨĂƵůƚ of Expected credit Loss >ŽƐƐĂůůŽǁĂŶĐĞ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ 10.13 ϳ͘ϴϬй Ϭ͘ϳϵ 9.34 ŵĞĂƐƵƌĞĚĂƚ ĨŽƌǁŚŝĐŚ ĂŶĚD >ŝĨĞdŝŵĞ> ĐƌĞĚŝƚƌŝƐŬ ZĞƚĞŶƟŽŶDŽŶĞLJ 156.12 8.22% 12.84 143.28 ŚĂƐŝŶĐƌĞĂƐĞĚ Θ^ĞĐƵƌŝƚLJĞƉŽƐŝƚ 166.25 13.63 152.62 ĂŶĚŶŽƚĐƌĞĚŝƚ ŝŵƉĂŝƌĞĚ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ255 As At 31.03.2016 ĂͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌdƌĂĚĞZĞĐĞŝǀĂďůĞƐƵŶĚĞƌƐŝŵƉůŝĮĞĚƉƉƌŽĂĐŚ Ageing < 6 M > 6 < 12 > 12 < 24 > 24 < 36 > 36 dŽƚĂů 'ƌŽƐƐĂƌƌLJŝŶŐŵŽƵŶƚ ϱϮϮ͘ϳϯ 25.40 20.85 4.91 15.55 589.44 džƉĞĐƚĞĚƌĞĚŝƚƌĂƚĞ 0.00% 0.00% 4.36% 0.00% 95.95% 2.69% džƉĞĐƚĞĚƌĞĚŝƚůŽƐƐĞƐ;>ŽƐƐ - - 0.91 - 14.92 15.83 ƉƌŽǀŝƐŝŽŶůůŽǁĂŶĐĞͿ Gross Carrying Amount of Trade ϱϮϮ͘ϳϯ 25.40 19.94 4.91 0.63 ϱϳϯ͘ϲϭ ZĞĐĞŝǀĂďůĞƐ ďͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ WĂƌƟĐƵůĂƌƐ Assets Group Carrying Expected Expected Carrying Amount sĂůƵĞ WƌŽďĂďŝůŝƚLJ credit Loss Net of Expected ŽĨĞĨĂƵůƚ credit Loss >ŽƐƐĂůůŽǁĂŶĐĞ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ 9.58 18.68% ϭ͘ϳϵ ϳ͘ϳϵ ŵĞĂƐƵƌĞĚĂƚ>ŝĨĞ ĨŽƌǁŚŝĐŚĐƌĞĚŝƚ ĂŶĚD dŝŵĞ> ƌŝƐŬŚĂƐŝŶĐƌĞĂƐĞĚ ZĞƚĞŶƟŽŶDŽŶĞLJ 188.13 ϳ͘ϰϳй 14.06 ϭϳϰ͘Ϭϳ ĂŶĚŶŽƚĐƌĞĚŝƚ Θ^ĞĐƵƌŝƚLJ ŝŵƉĂŝƌĞĚ ĞƉŽƐŝƚ 197.71 15.85 181.86 As At 01.04.2015 ĂͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌdƌĂĚĞZĞĐĞŝǀĂďůĞƐƵŶĚĞƌƐŝŵƉůŝĮĞĚƉƉƌŽĂĐŚ (Rs. In crores) Ageing < 6 M > 6 < 12 > 12 < 24 > 24 < 36 > 36 dŽƚĂů 'ƌŽƐƐĂƌƌLJŝŶŐŵŽƵŶƚ 404.02 10.12 42.06 22.30 ϭϬ͘ϰϳ ϰϴϴ͘ϵϳ džƉĞĐƚĞĚƌĞĚŝƚƌĂƚĞ 0.11% 6.82% 3.54% ϭϰ͘ϭϳй 99.81% 3.32% džƉĞĐƚĞĚƌĞĚŝƚůŽƐƐĞƐ;>ŽƐƐ 0.46 0.69 1.49 3.16 10.45 16.25 ƉƌŽǀŝƐŝŽŶůůŽǁĂŶĐĞͿ Gross Carrying Amount of Trade ZĞĐĞŝǀĂďůĞƐ ďͿ džƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐĨŽƌůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ (Rs. In crores) WĂƌƟĐƵůĂƌƐ Assets Group Carrying Expected Expected Carrying sĂůƵĞ WƌŽďĂďŝůŝƚLJ credit Loss Amount ŽĨĞĨĂƵůƚ Net of Expected credit Loss >ŽƐƐĂůůŽǁĂŶĐĞ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĨŽƌ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ 10.91 21.81% 2.38 8.53 ŵĞĂƐƵƌĞĚĂƚ>ŝĨĞ ǁŚŝĐŚĐƌĞĚŝƚƌŝƐŬ ĂŶĚD dŝŵĞ> ŚĂƐŝŶĐƌĞĂƐĞĚĂŶĚ ZĞƚĞŶƟŽŶ ϭϲϳ͘ϲϮ 8.58% 14.38 153.24 ŶŽƚĐƌĞĚŝƚŝŵƉĂŝƌĞĚ DŽŶĞLJΘ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚ >ŽƐƐĂůůŽǁĂŶĐĞ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĨŽƌ /ŶǀĞƐƚŵĞŶƚΎ 5.53 100% 5.53 - ŵĞĂƐƵƌĞĚĂƚ>ŝĨĞ ǁŚŝĐŚĐƌĞĚŝƚƌŝƐŬ >ŽĂŶƐΎ 25.46 100% 25.46 - dŝŵĞ> ŚĂƐŝŶĐƌĞĂƐĞĚĂŶĚ /ŶƚĞƌĞƐƚŽŶ 0.19 100% 0.19 - ĐƌĞĚŝƚŝŵƉĂŝƌĞĚ >ŽĂŶƐΎ 31.18 31.18 -  ΎƐƐĞƚƐ'ƌŽƵƉďĞůŽŶŐƐƚŽ:ŽŝŶƚsĞŶƚƵƌĞ&͕tŚŝĐŚŚĂƐďĞĞŶƐĞƩůĞĚĚƵƌŝŶŐ&zϮϬϭϱͲϭϲͿ

256 | ANNUAL REPORT ϮϬϭϲͳϭϳ c) Liquidity risk  >ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůŶŽƚďĞĂďůĞƚŽŵĞĞƚŝƚƐĮŶĂŶĐŝĂůŽďůŝŐĂƟŽŶƐĂƐƚŚĞLJďĞĐŽŵĞĚƵĞ͘ dŚĞŽŵƉĂŶLJŵĂŶĂŐĞƐŝƚƐůŝƋƵŝĚŝƚLJƌŝƐŬďLJĞŶƐƵƌŝŶŐ͕ĂƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ƚŚĂƚŝƚǁŝůůĂůǁĂLJƐŚĂǀĞƐƵĸĐŝĞŶƚůŝƋƵŝĚŝƚLJƚŽ ŵĞĞƚŝƚƐůŝĂďŝůŝƟĞƐǁŚĞŶĚƵĞ͘  dŚĞ ŽŵƉĂŶLJ͛Ɛ ĐŽƌƉŽƌĂƚĞ ƚƌĞĂƐƵƌLJ ĚĞƉĂƌƚŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ůŝƋƵŝĚŝƚLJ͕ ĨƵŶĚŝŶŐ ĂƐ ǁĞůů ĂƐ ƐĞƩůĞŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ͘/ŶĂĚĚŝƟŽŶ͕ƉƌŽĐĞƐƐĞƐĂŶĚƉŽůŝĐŝĞƐƌĞůĂƚĞĚƚŽƐƵĐŚƌŝƐŬƐĂƌĞŽǀĞƌƐĞĞŶďLJƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚ͘ dŚĞƚĂďůĞďĞůŽǁƉƌŽǀŝĚĞƐĚĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƚŚĞĐŽŶƚƌĂĐƚƵĂůŵĂƚƵƌŝƟĞƐŽĨƐŝŐŶŝĮĐĂŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐĂƚϯϭDĂƌĐŚ ϮϬϭϳ͕ϯϭDĂƌĐŚ͕ϮϬϭϲĂŶĚϭƉƌŝů͕ϮϬϭϱ (Rs. In crores) WĂƌƟĐƵůĂƌƐ As on 31 March,2017 Less than 1 Year 1-2 years ϮzĞĂƌƐĂŶĚĂďŽǀĞ dƌĂĚĞƉĂLJĂďůĞƐ Ϯϳϴ͘ϵϴ 1.94 59.28 KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϱϵϳ͘ϵϯ 80.35 103.05 (Rs. In crores) WĂƌƟĐƵůĂƌƐ As on 31 March,2016 Less than 1 Year 1-2 years ϮzĞĂƌƐĂŶĚĂďŽǀĞ dƌĂĚĞƉĂLJĂďůĞƐ 333.00 3.44 64.19 KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϱϰϵ͘ϯϳ ϳϰ͘ϰϱ 64.60 (Rs. In crores) WĂƌƟĐƵůĂƌƐ ƐŽŶϭƉƌŝů͕ϮϬϭϱ Less than 1 Year 1-2 years ϮzĞĂƌƐĂŶĚĂďŽǀĞ dƌĂĚĞƉĂLJĂďůĞƐ 386.88 2.83 ϰϱ͘ϳϲ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϱϳϴ͘ϵϯ 63.23 29.92 ĚͿ džĐĞƐƐŝǀĞƌŝƐŬĐŽŶĐĞŶƚƌĂƟŽŶ  ŽŶĐĞŶƚƌĂƟŽŶƐĂƌŝƐĞǁŚĞŶĂŶƵŵďĞƌŽĨĐŽƵŶƚĞƌƉĂƌƟĞƐĂƌĞĞŶŐĂŐĞĚŝŶƐŝŵŝůĂƌďƵƐŝŶĞƐƐĂĐƟǀŝƟĞƐ͕ŽƌĂĐƟǀŝƟĞƐŝŶƚŚĞ ƐĂŵĞŐĞŽŐƌĂƉŚŝĐĂůƌĞŐŝŽŶ͕ŽƌŚĂǀĞĞĐŽŶŽŵŝĐĨĞĂƚƵƌĞƐƚŚĂƚǁŽƵůĚĐĂƵƐĞƚŚĞŝƌĂďŝůŝƚLJƚŽŵĞĞƚĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƟŽŶƐ ƚŽďĞƐŝŵŝůĂƌůLJĂīĞĐƚĞĚďLJĐŚĂŶŐĞƐŝŶĞĐŽŶŽŵŝĐ͕ƉŽůŝƟĐĂůŽƌŽƚŚĞƌĐŽŶĚŝƟŽŶƐ͘ŽŶĐĞŶƚƌĂƟŽŶƐŝŶĚŝĐĂƚĞƚŚĞƌĞůĂƟǀĞ ƐĞŶƐŝƟǀŝƚLJŽĨƚŚĞŽŵƉĂŶLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞƚŽĚĞǀĞůŽƉŵĞŶƚƐĂīĞĐƟŶŐĂƉĂƌƟĐƵůĂƌŝŶĚƵƐƚƌLJ͘  /ŶŽƌĚĞƌƚŽĂǀŽŝĚĞdžĐĞƐƐŝǀĞĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨƌŝƐŬ͕ƚŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞƐƉĞĐŝĮĐŐƵŝĚĞůŝŶĞƐ ƚŽĨŽĐƵƐŽŶƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨĂĚŝǀĞƌƐŝĮĞĚƉŽƌƞŽůŝŽ͘/ĚĞŶƟĮĞĚĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬƐĂƌĞĐŽŶƚƌŽůůĞĚĂŶĚ ŵĂŶĂŐĞĚĂĐĐŽƌĚŝŶŐůLJ͘ ŝǀ ĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚ  dŚĞĐŽŵƉĂŶLJŽďũĞĐƟǀĞƚŽŵĂŶĂŐĞŝƚƐĐĂƉŝƚĂůŝŶĂŵĂŶŶĞƌƚŽĞŶƐƵƌĞĂŶĚƐĂĨĞŐƵĂƌĚƚŚĞŝƌĂďŝůŝƚLJƚŽĐŽŶƟŶƵĞĂƐĂ ŐŽŝŶŐĐŽŶĐĞƌŶƐŽƚŚĂƚĐŽŵƉĂŶLJĐĂŶĐŽŶƟŶƵĞƚŽƉƌŽǀŝĚĞŵĂdžŝŵƵŵƌĞƚƵƌŶƐƚŽƐŚĂƌĞŚŽůĚĞƌƐĂŶĚďĞŶĞĮƚƚŽŽƚŚĞƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ƵƌƌĞŶƚůLJĐŽŵƉĂŶLJĚŽĞƐŶŽƚŚĂǀĞĂŶLJďŽƌƌŽǁŝŶŐƐ͘  &ƵƌƚŚĞƌ͕ĐŽŵƉĂŶLJŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞƚŽŵĂŬĞĂĚũƵƐƚŵĞŶƚƐŝŶůŝŐŚƚŽĨĐŚĂŶŐĞƐŝŶĞĐŽŶŽŵŝĐĐŽŶĚŝƟŽŶƐ ĂŶĚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĮŶĂŶĐŝĂůĐŽǀĞŶĂŶƚƐ͘EŽĐŚĂŶŐĞƐǁĞƌĞŵĂĚĞŝŶƚŚĞŽďũĞĐƟǀĞƐ͕ƉŽůŝĐŝĞƐŽƌƉƌŽĐĞƐƐĞƐŽĨ ŵĂŶĂŐŝŶŐĐĂƉŝƚĂůĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϳ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ257 Ϯϵ͘&ŝƌƐƚͲƟŵĞĂĚŽƉƟŽŶŽĨ/ŶĚͲ^ dŚĞƐĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳŚĂǀĞďĞĞŶ ƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^͕ƚŚĞŽŵƉĂŶLJŚĂƐĨŽůůŽǁĞĚƚŚĞŐƵŝĚĂŶĐĞ ƉƌĞƐĐƌŝďĞĚŝŶ/ŶĚ^ϭϬϭͲ&ŝƌƐƚdŝŵĞĂĚŽƉƟŽŶŽĨ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚ͕ǁŝƚŚƉƌŝůϭ͕ϮϬϭϱĂƐƚŚĞƚƌĂŶƐŝƟŽŶĚĂƚĞ ĂŶĚ/'WĂƐƚŚĞƉƌĞǀŝŽƵƐ'W͘ dŚĞƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ŚĂƐƌĞƐƵůƚĞĚŝŶĐŚĂŶŐĞƐŝŶƚŚĞƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞŶŽƚĞƐ ƚŚĞƌĞƚŽĂŶĚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂŶĚƉƌŝŶĐŝƉůĞƐ͘dŚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƐĞƚŽƵƚŝŶEŽƚĞϭŚĂǀĞďĞĞŶĂƉƉůŝĞĚŝŶƉƌĞƉĂƌŝŶŐ ƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳĂŶĚƚŚĞĐŽŵƉĂƌĂƟǀĞŝŶĨŽƌŵĂƟŽŶ͘ džĐĞƉƟŽŶƐͬdžĞŵƉƟŽŶƐĂǀĂŝůĞĚŽŶĮƌƐƚƟŵĞĂĚŽƉƟŽŶŽĨ/ŶĚ^ϭϬϭ ϭ͘ ƐƟŵĂƚĞƐ͗  WƌĞƐĞŶƚĞƐƟŵĂƚĞƐƐŚŽƵůĚďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚĞƐƟŵĂƚĞƐŵĂĚĞƵŶĚĞƌƚŚĞƉƌĞǀŝŽƵƐ'WƵŶůĞƐƐ͗ ŝͿ dŚĞƌĞǁĂƐĂŶĞƌƌŽƌ͕Žƌ ŝŝͿ dŚĞĞƐƟŵĂƚĞĂŶĚƌĞůĂƚĞĚŝŶĨŽƌŵĂƟŽŶƵŶĚĞƌƉƌĞǀŝŽƵƐ'WŝƐŶŽůŽŶŐĞƌƌĞůĞǀĂŶƚďĞĐĂƵƐĞƚŚĞĞŶƟƚLJĞůĞĐƚƐĂ ĚŝīĞƌĞŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐLJŽŶƚŚĞĂĚŽƉƟŽŶŽĨ/ŶĚ^͘  /ŶŽƵƌĐĂƐĞƉƌĞƐĞŶƚĞƐƟŵĂƚĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚĞƐƟŵĂƚĞƐŵĂĚĞƵŶĚĞƌƚŚĞƉƌĞǀŝŽƵƐ'W Ϯ͘ ĞͲƌĞĐŽŐŶŝƟŽŶŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗  dŚĞĐŽŵƉĂŶLJŚĂƐĞůĞĐƚĞĚƚŽĂƉƉůLJƚŚĞĚĞͲƌĞĐŽŐŶŝƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐΘĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐŝŶ/ŶĚ ^ϭϬϵƉƌŽƐƉĞĐƟǀĞůLJĨŽƌƚƌĂŶƐĂĐƟŽŶƐŽĐĐƵƌƌŝŶŐŽŶŽƌĂŌĞƌƚŚĞĚĂƚĞŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^͘ ϯ͘ ůĂƐƐŝĮĐĂƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ͗  dŚĞĐŽŵƉĂŶLJŚĂƐĐůĂƐƐŝĮĞĚĂŶĚŵĞĂƐƵƌĞĚƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/ŶĚ^ϭϬϵ͕ŽŶƚŚĞďĂƐŝƐŽĨ ĨĂĐƚƐΘĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĞdžŝƐƚĂƚƚŚĞĚĂƚĞŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^͘ ϰ͘ ĞĞŵĞĚŽƐƚ;/ŶĚͲ^ϭϲΘ/ŶĚ^ϯϴͿ͗  WƌĞǀŝŽƵƐ'WĐĂƌƌLJŝŶŐǀĂůƵĞƚŽďĞĐŽŶƐŝĚĞƌĞĚĂƐ͚ĚĞĞŵĞĚĐŽƐƚ͛ĂƐŽŶƚƌĂŶƐŝƟŽŶĚĂƚĞĨŽƌWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚ ƋƵŝƉŵĞŶƚ;ĂŌĞƌĂĚũƵƐƟŶŐĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐůŝĂďŝůŝƟĞƐ͕ŝĨĂŶLJͿ͕ŝŶƚĂŶŐŝďůĞƐƐƐĞƚƐ͘ ϱ͘ /ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ;/ŶĚͲ^ϮϳͲ^ĞƉĂƌĂƚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚͿ͗  /Ŷ^ƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐƚŽďĞƌĞĐŽƌĚĞĚĂƚ ĚĞĞŵĞĚĐŽƐƚǁŚŝĐŚŝƐƉƌĞǀŝŽƵƐ'WĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂƚƚŚĂƚĚĂƚĞ͘ ϲ͘ ĞĐŽŵŵŝƐƐŝŽŶŝŶŐůŝĂďŝůŝƟĞƐŝŶĐůƵĚĞĚŝŶƚŚĞĐŽƐƚŽĨWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ;/ŶĚ^ϭϲͲWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚ ƋƵŝƉŵĞŶƚͿ͗  ŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚƚŽŵĞĂƐƵƌĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐůŝĂďŝůŝƚLJŽŶƚŚĞĚĂƚĞŽĨƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ƉƌŽƐƉĞĐƟǀĞůLJ͘dŚĞ ŽďůŝŐĂƟŽŶƐŚĂůůďĞĐĂƉŝƚĂůŝnjĞĚĂƐĂƐĞƉĂƌĂƚĞĐŽŵƉŽŶĞŶƚŽĨWW͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƟŽŶĨƌŽŵ ƚŚĞĚĂƚĞƚŚĞŽďůŝŐĂƟŽŶǁĂƐŝŶĐƵƌƌĞĚƚŽƚŚĞƚƌĂŶƐŝƟŽŶĚĂƚĞ͘dŚĞĂŵŽƵŶƚƚŽďĞĐĂƉŝƚĂůŝnjĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨƚŚĞ ĂƐƐĞƚƐŚĂůůďĞĐĂůĐƵůĂƚĞĚďLJĚŝƐĐŽƵŶƟŶŐƚŚĞůŝĂďŝůŝƚLJďĂĐŬƚŽƚŚĞĚĂƚĞƚŚĞŽďůŝŐĂƟŽŶŝŶŝƟĂůůLJĂƌŽƐĞƵƐŝŶŐƚŚĞďĞƐƚ ĞƐƟŵĂƚĞŽĨƚŚĞŚŝƐƚŽƌŝĐĂůƌŝƐŬĂĚũƵƐƚĞĚĚŝƐĐŽƵŶƚƌĂƚĞƐ͘dŚĞĂƐƐŽĐŝĂƚĞĚĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƟŽŶƐŚĂůůďĞĐĂůĐƵůĂƚĞĚ ďLJĂƉƉůLJŝŶŐƚŚĞĐƵƌƌĞŶƚĞƐƟŵĂƚĞŽĨƚŚĞƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚ͕ƵƐŝŶŐƚŚĞĞŶƟƚLJ͛ƐĚĞƉƌĞĐŝĂƟŽŶƉŽůŝĐLJĨŽƌƚŚĞĂƐƐĞƚ͘ ϳ͘ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞ;/ŶĚͲ^ϭϬϱͿ͗  ŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚƚŽŵĞĂƐƵƌĞƐƵĐŚĂƐƐĞƚƐĂƚƚƌĂŶƐŝƟŽŶĚĂƚĞĂƚůŽǁĞƌŽĨĐĂƌƌLJŝŶŐǀĂůƵĞĂŶĚĨĂŝƌǀĂůƵĞĂŶĚ ĚŝīĞƌĞŶĐĞ͕ŝĨĂŶLJ͕ƐŚĂůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͘

258 | ANNUAL REPORT ϮϬϭϲͳϭϳ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƋƵŝƚLJĂƐĂƚϭƐƚƉƌŝůϮϬϭϱ;ĂƚƚŚĞĚĂƚĞŽĨdƌĂŶƐŝƟŽŶͿ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP)* Adjustments /E^ Notes /͘ ^^d^ 1 Non-current assets ;ĂͿ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϵ͕ϭϰ ϭϳϱ͘ϯϱ 1.34 ϭϳϲ͘ϲϵ ;ďͿ ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ 14 ϭϬ͘ϰϳ ;ϭϬ͘ϬϵͿ 0.38 ;ĐͿ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ ϮϳϬ͘ϰϬ - ϮϳϬ͘ϰϬ ;ĚͿ KƚŚĞƌ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ 14 ϱϱϴ͘ϱϳ ;ϰϴϲ͘ϰϲͿ ϳϮ͘ϭϭ ;ĞͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌ 14 15.14 0.90 16.04 ĚĞǀĞůŽƉŵĞŶƚ ;ĨͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ - ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ ϳ͕ϭϰ 166.18 13.59 ϭϳϵ͘ϳϳ ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϱ͕ϭϰ 49.95 ;ϱ͘ϮϰͿ ϰϰ͘ϳϭ ;ŝŝŝͿ>ŽĂŶƐ 14 65.19 ϯϳ͘ϲϴ ϭϬϮ͘ϴϳ ;ŝǀͿKƚŚĞƌƐ ϱ͕ϭϰ 5.16 ;Ϭ͘ϭϴͿ 4.98 ;ŐͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;EĞƚͿ ϯ͕ϭϰ Ϯϲϳ͘ϵϭ ;ϱ͘ϳϳͿ 262.14 ;ŚͿ KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϱ͕ϭϰ Ϯϳϳ͘ϰϵ ;Ϯϵ͘ϬϳͿ 248.42 1,861.81 (483.30) 1,378.51 2 Current assets ;ĂͿ /ŶǀĞŶƚŽƌŝĞƐ ϵ͕ϭϰ 124.34 ;ϵ͘ϵϭͿ 114.43 ;ďͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ 14 66.06 2.33 68.39 ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ 14 596.69 ;ϭϲ͘ϰϭͿ 580.28 ;ŝŝŝͿĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ 14 ϭ͕ϯϲϲ͘ϵϱ ;ϰϮ͘ϰϴͿ ϭ͕ϯϮϰ͘ϰϳ ;ŝǀͿĂŶŬĂůĂŶĐĞƐŽƚŚĞƌƚŚĂŶ;ŝŝŝͿ 14 Ϯ͕Ϭϴϰ͘ϯϵ ;Ϯϵ͘ϵϳͿ Ϯ͕Ϭϱϰ͘ϰϮ ĂďŽǀĞ ;ǀͿ>ŽĂŶƐ ϵ͕ϭϰ 11.54 8.92 20.46 ;ǀŝͿKƚŚĞƌƐ 14 ϮϮϲ͘Ϯϳ ;ϴϯ͘ϱϯͿ ϭϰϮ͘ϳϰ ;ĐͿ ƵƌƌĞŶƚdĂdžƐƐĞƚƐ;EĞƚͿ ϭϮ͘ϵϳ 0.00 ϭϮ͘ϵϳ ;ĚͿ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ϱ͕ϭϰ 839.08 ;ϯϭ͘ϵϵͿ ϴϬϳ͘Ϭϵ ϱ͕ϯϮϴ͘Ϯϵ ;ϮϬϯ͘ϬϰͿ ϱ͕ϭϮϱ͘Ϯϱ dŽƚĂůƐƐĞƚƐ 7,190.10 (686.34) 6,503.76 //͘ Yh/dzE>//>/d/^ 1 Equity ;ĂͿ ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 - 19.80 ;ďͿ KƚŚĞƌƋƵŝƚLJ ϯ͕Ϯϴϰ͘ϲϱ 166.16 ϯ͕ϰϱϬ͘ϴϭ ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨ ϯ͕ϯϬϰ͘ϰϱ 166.16 ϯ͕ϰϳϬ͘ϲϭ ƚŚĞƉĂƌĞŶƚ EŽŶŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ 21.28 - 21.28 dŽƚĂůƋƵŝƚLJ ϯ͕ϯϮϱ͘ϳϯ 166.16 ϯ͕ϰϵϭ͘ϴϵ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ259 WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP)* Adjustments /E^ Notes 2 >ŝĂďŝůŝƟĞƐ (i) EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿŽƌƌŽǁŝŶŐ 14 ϭϳϬ͘ϴϬ ;ϭϳϬ͘ϴϬͿ - ;ŝŝͿdƌĂĚĞWĂLJĂďůĞƐ ϲ͕ϭϰ 8.38 ;Ϭ͘ϰϴͿ ϳ͘ϵϬ ;ŝŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ 103.03 ;ϮϮ͘ϮϲͿ ϴϬ͘ϳϳ ;ďͿ WƌŽǀŝƐŝŽŶƐ ϴ͕ϵ͕ϭϰ 419.42 ;ϳϵ͘ϮϭͿ 340.21 ;ĐͿ KƚŚĞƌEŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƚLJ ϲ͕ϭϰ 385.90 ;Ϯϴϭ͘ϲϲͿ 104.24 ϭ͕Ϭϴϳ͘ϱϯ ;ϱϱϰ͘ϰϭͿ 533.12 (ii) ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿ^ŚŽƌƚdĞƌŵŽƌƌŽǁŝŶŐ 14 ϲϴ͘ϲϳ ;ϲϴ͘ϲϳͿ - ;ŝŝͿdƌĂĚĞƉĂLJĂďůĞƐ ϲ͕ϭϰ 464.89 ;ϮϮ͘ϯϬͿ 442.59 ;ŝŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ ϱϰϳ͘ϯϴ ;ϮϬ͘ϮϲͿ ϱϮϳ͘ϭϮ ;ďͿ KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ ϭ͕ϭϮϳ͘ϵϴ ;ϱϰ͘ϮϰͿ ϭ͕Ϭϳϯ͘ϳϰ ;ĐͿ WƌŽǀŝƐŝŽŶƐ ϭ͕Ϯ͕ϴ͕ϵ͕ϭϰ 451.02 ;ϭϯϮ͘ϲϮͿ 318.40 ;ĚͿ ƵƌƌĞŶƚdĂdžůŝĂďŝůŝƚLJ;EĞƚͿ 116.90 - 116.90 Ϯ͕ϳϳϲ͘ϴϰ ;Ϯϵϴ͘ϬϵͿ Ϯ͕ϰϳϴ͘ϳϱ dŽƚĂůƋƵŝƚLJĂŶĚ>ŝĂďŝůŝƟĞƐ 7,190.10 (686.34) 6,503.76 ΎdŚĞƉƌĞǀŝŽƵƐ'WĮŐƵƌĞƐŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚƚŽĐŽŶĮƌŵƚŽ/ŶĚͲ^ƉƌĞƐĞŶƚĂƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ƚŚŝƐŶŽƚĞ͘ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƋƵŝƚLJĂƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϲ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP) * Adjustments /E^ Notes /͘ ^^d^ 1 Non-current assets ;ĂͿ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϵ͕ϭϰ 153.86 2.53 156.39 ;ďͿ ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ 14 130.61 ;ϭϮϵ͘ϭϭͿ 1.50 ;ĐͿ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ Ϯϳϴ͘ϮϬ ;Ϭ͘ϬϮͿ Ϯϳϴ͘ϭϴ ;ĚͿ KƚŚĞƌ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ 14 513.99 ;ϰϰϮ͘ϬϴͿ ϳϭ͘ϵϭ ;ĞͿ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ 14 21.40 52.46 ϳϯ͘ϴϲ ;ĨͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ - ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ ϳ͕ϭϰ 291.36 58.11 ϯϰϵ͘ϰϳ ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϱ͕ϭϰ 2.80 ;Ϭ͘ϮϲͿ 2.54 ;ŝŝŝͿ>ŽĂŶƐ 14 45.40 15.21 60.61 ;ŝǀͿKƚŚĞƌƐ ϱ͕ϭϰ 63.35 ;ϭϲ͘ϬϮͿ ϰϳ͘ϯϯ ;ŐͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;EĞƚͿ ϯ͕ϭϰ 211.30 0.29 211.59 ;ŚͿ KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϱ͕ϭϰ 286.00 ;ϯϲ͘ϲϭͿ 249.39 ϭ͕ϵϵϴ͘Ϯϳ ;ϰϵϱ͘ϱϬͿ ϭ͕ϱϬϮ͘ϳϳ

260 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ Foot INDIAN (GAAP) * Adjustments /E^ Notes 2 Current assets ;ĂͿ /ŶǀĞŶƚŽƌŝĞƐ ϵ͕ϭϰ 149.01 ;ϴ͘ϯϵͿ 140.62 ;ďͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐ - ;ŝͿ/ŶǀĞƐƚŵĞŶƚƐ ϭϮ͕ϭϰ 131.99 6.02 138.01 ;ŝŝͿdƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϱ͕ϭϰ 682.13 ;Ϭ͘ϲϭͿ 681.52 ;ŝŝŝͿĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ 14 Ϯ͕ϲϬϲ͘ϱϬ ;ϭϱ͘ϴϮͿ Ϯ͕ϱϵϬ͘ϲϴ ;ŝǀͿĂŶŬĂůĂŶĐĞƐŽƚŚĞƌƚŚĂŶ;ŝŝŝͿ 14 Ϯ͕ϭϱϭ͘ϰϱ ;ϮϬ͘ϭϰͿ Ϯ͕ϭϯϭ͘ϯϭ ĂďŽǀĞ ;ǀͿ>ŽĂŶƐ ϵ͕ϭϰ 1.83 ;Ϭ͘ϭϯͿ ϭ͘ϳϬ ;ǀŝͿKƚŚĞƌƐ Ϯ͕ϵ͕ϭϰ ϮϮϳ͘ϵϭ ;ϲ͘ϬϮͿ 221.89 ;ĐͿ ƵƌƌĞŶƚdĂdžƐƐĞƚƐ;EĞƚͿ 19.10 0.00 19.10 ;ĚͿ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ϱ͕ϭϰ ϳϯϴ͘ϵϭ ;Ϯϳ͘ϭϮͿ ϳϭϭ͘ϳϵ ϲ͕ϳϬϴ͘ϴϯ ;ϳϮ͘ϮϬͿ ϲ͕ϲϯϲ͘ϲϯ dŽƚĂůƐƐĞƚƐ 8,707.10 (567.70) 8,139.40 //͘ Yh/dzE>//>/d/^ 1 Equity ;ĂͿ ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 - 19.80 ;ďͿ KƚŚĞƌƋƵŝƚLJ ϯ͕ϰϳϳ͘ϬϬ 142.09 ϯ͕ϲϭϵ͘Ϭϵ ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞ ϯ͕ϰϵϲ͘ϴϬ 142.09 ϯ͕ϲϯϴ͘ϴϵ ƉĂƌĞŶƚ EŽŶŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ 21.85 -0.00 21.85 dŽƚĂůƋƵŝƚLJ ϯ͕ϱϭϴ͘ϲϱ 142.09 ϯ͕ϲϲϬ͘ϳϰ 2 >ŝĂďŝůŝƟĞƐ (i) EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿŽƌƌŽǁŝŶŐ 14 131.18 ;ϭϯϭ͘ϭϴͿ - ;ŝŝͿdƌĂĚĞWĂLJĂďůĞƐ ϲ͕ϭϰ 5.82 ;Ϭ͘ϭϵͿ 5.63 ;ŝŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ 152.66 ;ϰϭ͘ϴϬͿ 110.86 ;ďͿ WƌŽǀŝƐŝŽŶƐ ϴ͕ϭϰ ϮϬϱ͘ϳϰ ;ϱϱ͘ϵϲͿ ϭϰϵ͘ϳϴ ;ĐͿ KƚŚĞƌEŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƚLJ ϲ͕ϭϰ ϭ͕Ϯϰϭ͘ϵϭ ;Ϯϳϳ͘ϭϭͿ 964.80 ϭ͕ϳϯϳ͘ϯϭ ;ϱϬϲ͘ϮϰͿ ϭ͕Ϯϯϭ͘Ϭϳ (ii) ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ;ĂͿ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ ;ŝͿ^ŚŽƌƚdĞƌŵŽƌƌŽǁŝŶŐ 14 48.50 ;ϰϴ͘ϱϬͿ - ;ŝŝͿdƌĂĚĞƉĂLJĂďůĞƐ ϲ͕ϭϰ ϰϬϳ͘Ϯϱ ;ϲ͘ϴϳͿ 400.38 ;ŝŝͿKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ 581.19 ;ϲϳ͘ϵϮͿ ϱϭϯ͘Ϯϳ ;ďͿ KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϲ͕ϭϰ ϭ͕ϴϴϮ͘ϲϮ 34.50 ϭ͕ϵϭϳ͘ϭϮ ;ĐͿ WƌŽǀŝƐŝŽŶƐ ϭ͕Ϯ͕ϴ͕ϭϰ 469.03 ;ϭϭϰ͘ϳϲͿ ϯϱϰ͘Ϯϳ ;ĚͿ ƵƌƌĞŶƚdĂdžůŝĂďŝůŝƚLJ;EĞƚͿ 62.55 - 62.55 ϯ͕ϰϱϭ͘ϭϰ ;ϮϬϯ͘ϱϱͿ ϯ͕Ϯϰϳ͘ϱϵ dŽƚĂůƋƵŝƚLJĂŶĚ>ŝĂďŝůŝƟĞƐ 8,707.10 (567.70) 8,139.40 ΎdŚĞƉƌĞǀŝŽƵƐ'WĮŐƵƌĞƐŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚƚŽĐŽŶĮƌŵƚŽ/ŶĚͲ^ƉƌĞƐĞŶƚĂƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ƚŚŝƐŶŽƚĞ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ261 ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϲ (Rs. In Crore) WĂƌƟĐƵůĂƌƐ Foot Notes INDIAN (GAAP)* Adjustments /E^ /͘ ZĞǀĞŶƵĞ͗ ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ Ϯ͕ϵ͕ϭϰ Ϯ͕ϰϳϮ͘Ϯϲ ;ϵϱ͘ϮϲͿ Ϯ͕ϯϳϳ͘ϬϬ ĚĚ͗ͲŽŵƉĂŶLJƐŚĂƌĞŽĨƚƵƌŶŽǀĞƌŝŶ 14 - 103.93 103.93 /ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚKƉĞƌĂƟŽŶƐ Ϯ͕ϰϳϮ͘Ϯϲ ϴ͘ϲϳ Ϯ͕ϰϴϬ͘ϵϯ //͘ KƚŚĞƌŝŶĐŽŵĞ Ϯ͕ϱ͕ϲ͕ϳ͕ϭϬ͕ ϰϯϳ͘Ϯϲ 16.23 453.49 ϭϭ͕ϭϮ͕ϭϰ ///͘ dŽƚĂů/ŶĐŽŵĞ;/н//Ϳ 2,909.52 24.90 2,934.42 /s͘ džƉĞŶƐĞƐ͗ KƉĞƌĂƟŶŐĂŶĚĂĚŵŝŶŝƐƚƌĂƟǀĞĞdžƉĞŶƐĞƐ ͗ ͲKƉĞƌĂƟŶŐdžƉĞŶƐĞƐ Ϯ͕ϴ͕ϵ͕ϭϰ ϭ͕ϵϴϴ͘Ϭϲ ;ϲϰ͘ϰϳͿ ϭ͕ϵϮϯ͘ϱϵ ͲĚŵŝŶŝƐƚƌĂƟǀĞdžƉĞŶƐĞƐ Ϯ͘ϵ͕ϭϰ ŵƉůŽLJĞĞďĞŶĞĮƚƐĞdžƉĞŶƐĞƐ ϰ͕ϵ͕ϭϰ 180.86 ;Ϭ͘ϭϳͿ 180.69 &ŝŶĂŶĐĞĐŽƐƚƐ ϱ͕ϲ͕ϵ͕ϭϰ 33.32 9.98 43.30 ĞƉƌĞĐŝĂƟŽŶ͕ĂŵŽƌƟnjĂƟŽŶĂŶĚ ϵ͕ϭϰ ϳϰ͘Ϯϱ ;ϰϯ͘ϯϱͿ 30.90 ŝŵƉĂŝƌŵĞŶƚ KƚŚĞƌdžƉĞŶƐĞƐ;ĚŵŝŶŝƐƚƌĂƟǀĞͿ 14 30.51 ;ϯ͘ϲϳͿ 26.84 WƌŽƉŽƌƟŽŶĂƚĞƐŚĂƌĞŽĨĞdžƉĞŶƐĞƐŝŶ 14 - ϵϳ͘Ϯϱ ϵϳ͘Ϯϱ /ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚKƉĞƌĂƟŽŶƐ dŽƚĂůdžƉĞŶƐĞƐ;/sͿ͘ 2,307.00 (4.43) 2,302.57 s͘ WƌŽĮƚͬ;ůŽƐƐͿĞĨŽƌĞĞdžĐĞƉƟŽŶĂůŝƚĞŵƐ 602.52 29.33 631.85 and Tax (III - IV) s/͘ džĐĞƉƟŽŶĂůŝƚĞŵƐ ^ŚĂƌĞŝŶWƌŽĮƚͬ;>ŽƐƐͿŽĨ:ŽŝŶƚsĞŶƚƵƌĞƐ 14 - 5.49 5.49 s//͘ WƌŽĮƚͬ;>ŽƐƐͿďĞĨŽƌĞƚĂdž;sͲs/Ϳ 602.52 34.82 ϲϯϳ͘ϯϰ s///͘ dĂdžĞdžƉĞŶƐĞ͗ ;ϭͿƵƌƌĞŶƚƚĂdž Ͳ&ŽƌƚŚĞLJĞĂƌ 13 ϭϰϭ͘ϳϴ 15.05 156.83 Ͳ&ŽƌĞĂƌůŝĞƌLJĞĂƌƐ;ŶĞƚͿ ϱ͘Ϭϳ - ϱ͘Ϭϳ ;ϮͿĞĨĞƌƌĞĚƚĂdž;ŶĞƚͿ 56.61 ;Ϭ͘ϬϭͿ 56.60 dŽƚĂůdĂdždžƉĞŶƐĞ;s///Ϳ 203.46 15.04 218.50 /y WƌŽĮƚͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌĨƌŽŵ 399.06 19.78 418.84 ĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶ;s//Ͳs///Ϳ y Other Comprehensive Income A. ;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚ 4 - 1.32 1.32 ƚŽƉƌŽĮƚŽƌůŽƐƐ ;ŝŝͿ/ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚ 13 - ;Ϭ͘ϰϲͿ ;Ϭ͘ϰϲͿ ǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ B.;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽ 9 - ;ϱϳ͘ϰϲͿ ;ϱϳ͘ϰϲͿ ƉƌŽĮƚŽƌůŽƐƐ ;ŝŝͿ/ŶĐŽŵĞdĂdžƌĞůĂƟŶŐƚŽ/ƚĞŵƐƚŚĂƚ 13 - 25.94 25.94 ǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ

262 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ Foot Notes INDIAN (GAAP)* Adjustments /E^ Other Comprehensive Income - (30.66) (30.66) y/ dŽƚĂů ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ĨŽƌ ƚŚĞ 399.06 (10.88) 388.18 LJĞĂƌ ;/yнyͿ ;ŽŵƉƌŝƐŝŶŐ ƉƌŽĮƚ ĂŶĚ other comprehensive income for the year) dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ĂƩƌŝďƵƚĂďůĞƚŽ KǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ 398.50 ;ϭϬ͘ϴϴͿ ϯϴϳ͘ϲϮ EŽŶŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ 0.56 - 0.56 y// ĂƌŶŝŶŐƐWĞƌƋƵŝƚLJ^ŚĂƌĞ͗ ;&ŽƌŽŶƟŶƵŝŶŐKƉĞƌĂƟŽŶͿ ;ϭͿĂƐŝĐ 40.32 ;ϭ͘ϭϬͿ 39.22 ;ϮͿŝůƵƚĞĚ 40.32 ;ϭ͘ϭϬͿ 39.22 ΎdŚĞƉƌĞǀŝŽƵƐ'WĮŐƵƌĞƐŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚƚŽĐŽŶĮƌŵƚŽ/ŶĚͲ^ƉƌĞƐĞŶƚĂƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ƚŚŝƐŶŽƚĞ͘ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨdŽƚĂůƋƵŝƚLJĂƐĂƚϯϭƐƚDĂƌĐŚϮϬϭϲĂŶĚϭƐƚƉƌŝůϮϬϭϱ ;ZƐ͘/ŶƌŽƌĞͿ WĂƌƟĐƵůĂƌƐ Note 31 March 2016 ϬϭƉƌŝůϮϬϭϱ No. ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 19.80 ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ ϯ͕ϰϳϳ͘ϬϬ ϯ͕Ϯϴϰ͘ϲϱ EŽŶͲŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ 21.85 21.28 dŽƚĂůƋƵŝƚLJ;ƐŚĂƌĞŚŽůĚĞƌΖƐĨƵŶĚͿĂƐƉĞƌƉƌĞǀŝŽƵƐ 3,518.65 3,325.73 'W Adjustments ĂƌƌLJĨŽƌǁĂƌĚŽĨ/ŵƉĂĐƚŽŶƚŚĞĚĂƚĞŽĨƚƌĂŶƐŝƟŽŶ 168.30 - WƌŝŽƌƉĞƌŝŽĚĚũƵƐƚŵĞŶƚ 2 - 20.13 WƌŽƉŽƐĞĚŝǀŝĚĞŶĚĂŶĚĚŝǀŝĚĞŶĚdĂdžƚŚĞƌĞŽŶϭϱͲϭϲ 1 ϭϬϳ͘ϮϮ ŝǀŝĚĞŶĚĂŶĚĚŝǀŝĚĞŶĚdĂdžƚŚĞƌĞŽŶϭϰͲϭϱ 1 ;ϭϮϯ͘ϵϬͿ 123.90 ĚũƵƐƚŵĞŶƚĨŽƌ>ĞĂƐĞ/ŶĐŽŵĞ 10 - 0.10 &ĂŝƌsĂůƵĂƟŽŶŽĨŽŶĚƐĂƚŵŽƌƟƐĞĚŽƐƚ ϳ - 0.02 ŚĂŶŐĞŝŶŵĞƚŚŽĚŽĨĐŽŶƐŽůŝĚĂƟŽŶ 14 5.51 ;Ϯ͘ϭϰͿ ŝƐĐŽƵŶƟŶŐŽĨWƌŽǀŝƐŝŽŶƐ 8 - 20.53 džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶdƌĂŶƐůĂƟŽŶ 9 - 3.63 /ŵƉĂĐƚŽĨWƌŽĮƚŽƌůŽƐƐŝŶĐůƵĚŝŶŐK/ĚƵƌŝŶŐϮϬϭϱͲϭϲ ;ϭϱ͘ϬϯͿ 142.11 - 166.16 dŽƚĂůƋƵŝƚLJ;ƐŚĂƌĞŚŽůĚĞƌΖƐĨƵŶĚͿĂƐƉĞƌ/ŶĚͲ^ 3,660.76 3,491.89 ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 19.80 19.80 ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ 3,619.11 3,450.81 EŽŶͲŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ 21.85 21.28

ANNUAL REPORT ϮϬϭϲͳϭϳͮ263 ZĞĐŽŶĐŝůŝĂƟŽŶŽĨdŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭƐƚDĂƌĐŚϮϬϭϲ ;ZƐŝŶĐƌŽƌĞͿ WĂƌƟĐƵůĂƌƐ 31 March 2016 WƌŽĮƚĂŌĞƌƚĂdžĂƐƉĞƌƉƌĞǀŝŽƵƐ'W 399.06 ĚũƵƐƚŵĞŶƚƐ͗ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨWŽƐƚŵƉůŽLJŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶƐ 4 1.32 dĂdžīĞĐƚŽŶĂĚũƵƐƚŵĞŶƚĨŽƌƌĞŵĞĂƐƵƌĞŵĞŶƚŽĨWŽƐƚŵƉůŽLJŵĞŶƚ 13 ;Ϭ͘ϰϲͿ ĞŶĞĮƚŽďůŝŐĂƟŽŶƐ WƌŝŽƌWĞƌŝŽĚĚũƵƐƚŵĞŶƚ 2 ;ϭϯ͘ϱϮͿ /ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶƵŶǁŝŶĚŝŶŐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ 5 3.98 ŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ 6 ϭϭ͘ϳϳ /ŶƚĞƌĞƐƚdžƉĞŶƐĞŽŶƵŶǁŝŶĚŝŶŐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ 6 ;ϭϬ͘ϵϱͿ ŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ 5 ;ϰ͘ϭϱͿ ĚũƵƐƚŵĞŶƚĨŽƌ>ĞĂƐĞ/ŶĐŽŵĞ 10 0.14 /ŶĐŽŵĞĨƌŽŵDƵƚƵĂů&ƵŶĚƐ 12 0.49 /ŶƚĞƌĞƐƚ/ŶĐŽŵĞŽŶŽŶĚƐ ϳ - hŶǁŝŶĚŝŶŐŽĨĚŝƐĐŽƵŶƚŽŶƉƌŽǀŝƐŝŽŶƐ 8 ;ϭϭ͘ϱϮͿ ŝƐĐŽƵŶƟŶŐŽĨĂĚĚŝƟŽŶŽĨƉƌŽǀŝƐŝŽŶŵĂĚĞĚƵƌŝŶŐϮϬϭϱͲϭϲ 8 9.42 ŚĂŶŐĞŝŶŵĞƚŚŽĚŽĨĐŽŶƐŽůŝĚĂƟŽŶ 14 4.16 džĐŚĂŶŐĞŐĂŝŶĂŶĚĚĞĨĞƌƌĞĚƚĂdž ϭϯ͕ϵ 29.11 19.79

WƌŽĮƚĂŌĞƌƚĂdžĂƐƉĞƌ/ŶĚͲ^ 418.85 Other comprehensive Income ;ŝͿ/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚůŽƐƐ;ŝŶĐůƵĚŝŶŐ 0.86 ƚĂdžͿ ;ŝŝͿ/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚĂŶĚůŽƐƐ;ŝŶĐůƵĚŝŶŐƚĂdžͿ ;ϯϭ͘ϱϯͿ ;ϯϬ͘ϲϲͿ dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐƉĞƌ/ŶĚͲ^ 388.19 &ŽŽƚEŽƚĞƐ͗Ͳ 1. Proposed Dividend  ŽŵƉĂŶLJǁŝůůƌĞĐŽŐŶŝƐĞĂůŝĂďŝůŝƚLJĨŽƌĮŶĂůĚŝǀŝĚĞŶĚ;ŝŶĐůƵĚŝŶŐĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂdžͿŝŶƚŚĞƉĞƌŝŽĚǁŚĞŶƚŚĞ ĚŝǀŝĚĞŶĚĂƌĞĂƉƉƌŽǀĞĚďLJƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ͘dŚĞƌĞĨŽƌĞƉƌŽǀŝƐŝŽŶŵĂĚĞĨŽƌƉƌŽƉŽƐĞĚĚŝǀŝĚĞŶĚĂƐƉĞƌ'WĂƐĂƚϯϭͲ ϯͲϮϬϭϲŽĨZƐ͘ϭϬϳ͘ϮϮĐƌŽƌĞĂŶĚĂƐĂƚϭͲƉƌŝůϮϬϭϱŽĨZƐϭϮϯ͘ϵϬĐƌŽƌĞŝŶĐůƵĚŝŶŐdŚĂƐďĞĞŶƌĞǀĞƌƐĞĚĂŶĚŬĞĚ ŝŶƚŚĞLJĞĂƌŝŶǁŚŝĐŚŝƚǁĂƐĚĞĐůĂƌĞĚďLJƐŚĂƌĞŚŽůĚĞƌŝŶ'D͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƌĞŝƐĚĞĐƌĞĂƐĞŝŶƉƌŽǀŝƐŝŽŶƐďLJZƐϭϬϳ͘ϮϮ ĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲĂŶĚďLJZƐϭϮϯ͘ϵϬĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐďLJĂŶ ĞƋƵŝǀĂůĞŶƚĂŵŽƵŶƚ͘ 2. Prior Period  hŶĚĞƌ/ŶĚͲ^ϴ͕ĐĐŽƵŶƟŶŐWŽůŝĐŝĞƐ͕ĐŚĂŶŐĞŝŶĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐĂŶĚĞƌƌŽƌƐ͕ŵĂƚĞƌŝĂůƉƌŝŽƌƉĞƌŝŽĚĞƌƌŽƌƐŚĂůů ďĞĐŽƌƌĞĐƚĞĚďLJƌĞƚƌŽƐƉĞĐƟǀĞƌĞƐƚĂƚĞŵĞŶƚ͘WƌŝŽƌƉĞƌŝŽĚŝŶĐŽŵĞŽĨZƐϮϬ͘ϱϰĐƌŽƌĞǁĂƐƌĞĐŽŐŶŝƐĞĚŝŶ&zϮϬϭϱͲϭϲ ŚĂƐďĞĞŶƌĞƐƚĂƚĞĚĂƐĂƚϭƉƌŝůϮϬϭϱ͕dŚŝƐƌĞƐƚĂƚĞŵĞŶƚƌĞƐƵůƚŝŶƚŽŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐ ŝŶĐƌĞĂƐĞŝŶƐƐĞƚƐͬ>ŝĂďŝůŝƟĞƐďLJZƐ͘ϮϬ͘ϱϰĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱ͘  WƌŝŽƌƉĞƌŝŽĚŝŶĐŽŵĞŽĨZƐϳ͘ϬϯĐƌŽƌĞƐĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϳŚĂƐďĞĞŶƌĞǀĞƌƐĞĚĚƵƌŝŶŐ&zϮϬϭϲͲϭϳ͕ ŽƵƚŽĨǁŚŝĐŚĞdžƉĞŶƐĞƐŽĨZƐϬ͘ϰϮĐƌŽƌĞƐĂĚũƵƐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŝŶŽƉĞŶŝŶŐďĂůĂŶĐĞƐŚĞĞƚĂŶĚŝŶĐŽŵĞŽĨ ZƐ͘ϳ͘ϰϱĐƌŽƌĞƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶ&zϮϬϭϱͲϭϲǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŝŶƐƐĞƚƐͬ>ŝĂďŝůŝƟĞƐ͘;ĨŽƌ ĚĞƚĂŝůƐƌĞĨĞƌŶŽƚĞϮϳͿ

264 | ANNUAL REPORT ϮϬϭϲͳϭϳ 3. Deferred Tax ƐƉĞƌ/ŶĚͲ^ĐŽŵƉĂŶLJŚĂƐƌĞĐŽŐŶŝƐĞĚƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽĨZƐ͘ϮϮϮ͘ϯϭĐƌŽƌĞĂƐĂƚϯϭͲDĂƌĐŚϮϬϭϲĂŶĚŽĨZƐ͘ Ϯϲϴ͘ϱϱĐƌŽƌĞĂƐĂƚϭƉƌŝůϮϬϭϱ͕ƚŚĞƌĞĨŽƌĞƚŚĞƌĞŝƐŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐďLJZƐ͘ϲ͘ϬϱĂƐĂƚϯϭͲDĂƌĐŚϮϬϭϲĂŶĚ ŽĨZƐ͘ϱ͘ϳϲĐƌŽƌĞĂƐĂƚϭƉƌŝůϮϬϭϱ͘ ϰ͘ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĞĮŶĞĚďĞŶĞĮƚƐWůĂŶƐ hŶĚĞƌ/ŶĚͲ^ĐƚƵĂƌŝĂůŐĂŝŶΘ;ůŽƐƐͿ͕ĂŶĚŝƚƐƚĂdžĐŽŵƉŽŶĞŶƚŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ ƵŶĚĞƌƉƌĞǀŝŽƵƐ'W͕ƚŚĞƐĞĐƚƵĂƌŝĂůŐĂŝŶΘ;ůŽƐƐͿĂƌĞďĞĐŽŵĞƉĂƌƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͕ǁŚŝĐŚƌĞƐƵůƚŝŶƚŽĚĞĐƌĞĂƐĞ ŝŶĞŵƉůŽLJĞĞďĞŶĞĮƚĞdžƉĞŶƐĞƐĂŶĚŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞďLJZƐ͘ϭ͘ϯϮĐƌŽƌĞ͕ŚŽǁĞǀĞƌƚŚĞƌĞŝƐŶŽ ŝŵƉĂĐƚŽŶƋƵŝƚLJ͘ ϱ͘ &ŝŶĂŶĐŝĂůƐƐĞƚƐ ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐͬZĞƚĞŶƟŽŶDŽŶĞLJŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘Ϯ͘ϱϰĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;Ăƚ ĨĂŝƌǀĂůƵĞŽĨZƐ͘ϰϰ͘ϳϭĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘Ϭ͘ϮϳĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘ϱ͘ϯϬĐƌŽƌĞ ĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚƌĞĐŽŐŶŝƐĞĚĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ͘ ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐǁŝƚŚŐŽǀĞƌŶŵĞŶƚĂŶĚŽƚŚĞƌƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘ϯϯ͘ϭϴĐƌŽƌĞĂƚϯϭͲϬϯͲ ϮϬϭϲ;ĂƚĨĂŝƌǀĂůƵĞŽĨZƐ͘ϭ͘ϯϵĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘Ϭ͘ϲϳĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘Ϭ͘ϱϮ ĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ͘ EĞƚŝŵƉĂĐƚŽŶŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐŝƐZƐϬ͘ϲϲĐƌŽƌĞ;ĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐϯ͘ϬϵĐƌŽƌĞͿĂŶĚŝŶĐƵƌƌĞŶƚĂƐƐĞƚƐďLJZƐ ϲ͘ϯϱĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐϬ͘ϮϬĐŽƌĞͿĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲŝŶĐůƵĚŝŶŐƉƌŝŽƌƉĞƌŝŽĚĂĚũƵƐƚŵĞŶƚƐĂŶĚƚƌĂŶƐůĂƟŽŶ ĚŝīĞƌĞŶĐĞƐĂŶĚŽƚŚĞƌ/ŶĚͲ^ĂĚũƵƐƚŵĞŶƚƐ͘ ƵƌŝŶŐƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϱͲϭϲ͕ĐŽŵƉĂŶLJŚĂĚƌĞĐŽŐŶŝƐĞĚŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽĨZƐ͘ϯ͘ϵϴĐƌŽƌĞŽŶƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐ ĂŶĚĂŵŽƌƟƐĞĚZƐ͘ϰ͘ϭϱĐƌŽƌĞĨƌŽŵĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ͘dŚŝƐŚĂƐƌĞƐƵůƚĞĚŝŶƚŽĚĞĐƌĞĂƐĞŝŶƉƌŽĮƚďLJZƐϬ͘ϭϴĐƌŽƌĞƐ͘ ϲ͘ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƟĞƐ dƌĂĚĞƉĂLJĂďůĞƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘ϰϭϭ͘ϰϴĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ĂƐĂƚĨĂŝƌǀĂůƵĞŽĨ ZƐ͘ϰϱϱ͘ϲϬĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘Ϭ͘ϵϳĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘ϯ͘ϲϯĐƌŽƌĞĂƐĂƚϬϭͲ ϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐŝŶŽƚŚĞƌůŝĂďŝůŝƟĞƐ͘;ĂďŽǀĞĮŐƵƌĞƐŝŶĐůƵĚĞĚďŽƚŚĐƵƌƌĞŶƚĂŶĚŶŽŶ ĐƵƌƌĞŶƚͿ ĞƉŽƐŝƚƐĂŶĚZĞƚĞŶƟŽŶŵŽŶĞLJŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚŽĨZƐ͘ϲϭ͘ϵϰĐƌŽƌĞĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ĂƚĨĂŝƌ ǀĂůƵĞŽĨZƐ͘ϲϬ͘ϱϵĐƌŽƌĞĂƐĂƚϬϭͲϬϰͲϮϬϭϱͿĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŽĨZƐ͘ϯϰϱϲϳϴϬϳϲĂƐĂƚϯϭͲϬϯͲϮϬϭϲ;ZƐ͘ϯ͘ϲϯĐƌŽƌĞĂƐ ĂƚϬϭͲϬϰͲϮϬϭϱͿƌĞĐŽŐŶŝƐĞĚĂƐĂƐĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐŝŶŽƚŚĞƌůŝĂďŝůŝƟĞƐ͘;ĂďŽǀĞĮŐƵƌĞƐŝŶĐůƵĚĞĚďŽƚŚĐƵƌƌĞŶƚĂŶĚ ŶŽŶĐƵƌƌĞŶƚͿ EĞƚŝŵƉĂĐƚŽŶŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐŝƐZƐϮϬ͘ϰϬĐƌŽƌĞĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲ;ĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐ͘ϭ͘ϱϴĐƌŽƌĞͿĂŶĚ ŝŶĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐďLJZƐϳ͘ϮϭĐƌŽƌĞĂƐĂƚϯϭ͘Ϭϯ͘ϮϬϭϲ;ĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱZƐ͘ϭϯ͘ϬϳĐƌŽƌĞͿŝŶĐůƵĚŝŶŐƉƌŝŽƌƉĞƌŝŽĚ ĂĚũƵƐƚŵĞŶƚƐĂŶĚƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞƐ͘ ƵƌŝŶŐ ĮŶĂŶĐŝĂů LJĞĂƌ ϮϬϭϱͲϭϲ͕ ĐŽŵƉĂŶLJ ƌĞĐŽŐŶŝƐĞĚ ŝŶƚĞƌĞƐƚ ĐŽƐƚ ŽĨ ZƐ͘ ϭϬ͘ϵϰ ĐƌŽƌĞ ŽŶ ĮŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ ĂŶĚ ĂŵŽƌƟƐĂƟŽŶŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐZƐ͘ϭϭ͘ϳϲĐƌŽƌĞ͘EĞƚŝŵƉĂĐƚŽŶƉƌŽĮƚĂŶĚůŽƐƐŝƐZƐϬ͘ϴϮĐƌŽƌĞ͘ 7. Investments /ŶǀĞƐƚŵĞŶƚŝŶƚĂdžĨƌĞĞďŽŶĚƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĂƐĂƚϯϭ͘ϯ͘ϮϬϭϲĂƚZƐ͘Ϯϵϭ͘ϯϵĐƌŽƌĞĂŶĚĂƐĂƚ Ϭϭ͘Ϭϰ͘ϮϬϭϱĂƚZƐϭϲϲ͘ϮϬĐƌŽƌĞǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶ/ŶƚĞƌĞƐƚŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϮϬϭϱͲϭϲďLJ ZƐϬ͘ϬϬϯĐƌŽƌĞĂŶĚŝŶĐƌĞĂƐĞŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐďLJZƐ͘ϬϭĐƌŽƌĞĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ265 8. Provisions WƌŽǀŝƐŝŽŶƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞǁŚĞƌĞƟŵĞǀĂůƵĞŽĨŵŽŶĞLJŝƐŵĂƚĞƌŝĂů͕ǁŚŝĐŚƌĞƐƵůƚŝŶƚŽĚĞĐƌĞĂƐĞ ŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱďLJZƐ͘ϮϬ͘ϱϯĐƌŽƌĞŝŶĐůƵĚŝŶŐƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶĂŶĚ ĚĞĐƌĞĂƐĞŝŶŽƚŚĞƌŽƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐĚƵƌŝŶŐƚŚĞ&zϭϱͲϭϲďLJZƐ͘ϵ͘ϰϮĐƌŽƌĞ͘;ĂďŽǀĞĮŐƵƌĞŝŶĐůƵĚĞƐĐƵƌƌĞŶƚΘŶŽŶ ĐƵƌƌĞŶƚĮŐƵƌĞͿ /ŶƚĞƌĞƐƚĐŽƐƚŽĨZƐϭϭ͘ϱϮĐƌŽƌĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĚƵƌŝŶŐ&zϮϬϭϱͲϭϲĂƐƵŶǁŝŶĚŝŶŐŽĨĚŝƐĐŽƵŶƚŽŶƉƌŽǀŝƐŝŽŶƐ͘dŚŝƐ ŚĂƐƌĞƐƵůƚĞĚŝŶƚŽĚĞĐƌĞĂƐĞŝŶƉƌŽĮƚďLJZƐ͘Ϯ͘ϭϬĐƌŽƌĞ͘ ϵ͘ dƌĂŶƐůĂƟŽŶƚŽWƌĞƐĞŶƚĂƟŽŶƵƌƌĞŶĐLJ džĐŚĂŶŐĞ ĚŝīĞƌĞŶĐĞ ŽĨ ĨŽƌĞŝŐŶ ďƌĂŶĐŚĞƐ ǁŚŽƐĞ ĨƵŶĐƟŽŶĂů ĐƵƌƌĞŶĐLJ ŝƐ ĚŝīĞƌĞŶƚ ĨƌŽŵ ƉƌĞƐĞŶƚĂƟŽŶ ĐƵƌƌĞŶĐLJ ŽĨ ĐŽŵƉĂŶLJ ŚĂƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂƐ Ăƚ Ϭϭ͘Ϭϰ͘ϮϬϭϱ ŽĨ ZƐ Ϯϲ͘ϱϮ ĐƌŽƌĞ ĂŶĚ ŝŶ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞ&zϮϬϭϱͲϭϲďLJZƐ;ϱϳ͘ϰϲͿĐƌŽƌĞǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŽƌĚĞĐƌĞĂƐĞŝŶŽƚŚĞƌ ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ͘EĞƚŝŵƉĂĐƚŽŶĞƋƵŝƚLJĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱŝƐZƐϯ͘ϲϯĐƌŽƌĞ͘ 10. hŶĚĞƌ/ŶĚͲ^͕>ĞĂƐĞŝŶĐŽŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŽŶ^>DďĂƐŝƐǁŚĞƌĞŝŶĐƌĞĂƐĞŚĂƐŶŽƚŝŶůŝŶĞǁŝƚŚŐĞŶĞƌĂůŝŶŇĂƟŽŶ͕ ŝŶĐŽŵĞŽĨZƐϬ͘ϬϵĐƌŽƌĞƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐĂƚϬϭ͘Ϭϰ͘ϮϬϭϱĂŶĚZƐϬ͘ϭϰĐƌŽƌĞŝŶŽƚŚĞƌ ŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞ&zϮϬϭϱͲϭϲǁŚŝĐŚƌĞƐƵůƚŝŶƚŽŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌĞƋƵŝƚLJĂŶĚŝŶŽƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐďLJƐĂŵĞ ĂŵŽƵŶƚ͘ 11. hŶĚĞƌƚŚĞƉƌĞǀŝŽƵƐ'W͕/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐǁĞƌĞƉƌĞƐĞŶƚĞĚĂƐWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ͘hŶĚĞƌ/ŶĚͲ^ /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƟĞƐĂƌĞƌĞƋƵŝƌĞĚƚŽďĞƐĞƉĂƌĂƚĞůLJƉƌĞƐĞŶƚĞĚŽŶƚŚĞĨĂĐĞŽĨƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͘dŚĞƌĞŝƐŶŽŝŵƉĂĐƚ ŽŶƚŚĞƚŽƚĂůĞƋƵŝƚLJĂŶĚŽŶƉƌŽĮƚĂƐĂƌĞƐƵůƚŽĨƚŚĞĂĚũƵƐƚŵĞŶƚ ϭϮ͘/ŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐ  ƵƌŝŶŐ&zϮϬϭϱͲϭϲŝŶǀĞƐƚŵĞŶƚŝŶDƵƚƵĂů&ƵŶĚƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƚ&sdW>͕ƚŚĞƌĞĨŽƌĞƚŚĞƌĞŝƐŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌ ŝŶĐŽŵĞďLJZƐϬ͘ϰϵĐƌŽƌĞĚƵƌŝŶŐ&zϮϬϭϱͲϭϲǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶŝŶǀĞƐƚŵĞŶƚŝŶŵƵƚƵĂůĨƵŶĚƐ͘ ϭϯ͘ŝīĞƌĞŶĐĞŝŶƚĂdžĞdžƉĞŶƐĞƐ  ŝīĞƌĞŶĐĞŝŶƚĂdžĞdžƉĞŶƐĞƐŝƐĚƵĞƚŽƌĞĐůĂƐƐŝĮĐĂƟŽŶŽĨƚĂdžŝƚĞŵƐĨƌŽŵƉƌŽĮƚΘůŽƐƐƚŽŝƚĞŵƐŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ͕ƚŚĞƌĞŝƐŶŽŝŵƉĂĐƚŽŶĞƋƵŝƚLJĂŶĚƚĂdžĞdžƉĞŶƐĞƐĚƵƌŝŶŐĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϱͲϭϲ͘,ŽǁĞǀĞƌZƐ͘ϲ͘ϬϱĐƌŽƌĞŚĂƐ ďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƐĚĞĨĞƌƌĞĚƚĂdžĞdžƉĞŶƐĞƐĚƵƌŝŶŐĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϱͲϭϲ͘ ϭϰ͘ŚĂŶŐĞŝŶŵĞƚŚŽĚŽĨŽŶƐŽůŝĚĂƟŽŶ  ^ŽŵĞŽĨƚŚĞĞŶƟƟĞƐŚĂǀĞďĞĞŶĐůĂƐƐŝĮĞĚĂƐũŽŝŶƚǀĞŶƚƵƌĞƐƵŶĚĞƌ/ŶĚ^ϭϭϭďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨƚŚĞĐŽŶƚƌŽů ĞdžĞƌĐŝƐĞĚďLJƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƐŚĂƌĞŝŶŶĞƚƉƌŽĮƚͬůŽƐƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚůŽƐƐĂĐĐŽƵŶƚĂŶĚƐŚĂƌĞŝŶŶĞƚĂƐƐĞƚƐŝƐŝŶĐůƵĚĞĚƵŶĚĞƌŝŶǀĞƐƚŵĞŶƚŝŶũŽŝŶƚ ǀĞŶƚƵƌĞƐŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚĂƐƉĞƌĞƋƵŝƚLJŵĞƚŚŽĚ͘hŶĚĞƌ/Ͳ'W͕ƚŚĞĮŶĂŶĐŝĂůƐŽĨƚŚĞƐĞĞŶƟƟĞƐ ǁĞƌĞĐŽŶƐŽůŝĚĂƚĞĚůŝŶĞďLJůŝŶĞ͘

266 | ANNUAL REPORT ϮϬϭϲͳϭϳ 30. ĂͿ dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨƐĞĐƟŽŶͲϭϮϵ;ϯͿŽĨ ƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĂŶĚƌƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌĂƐĂƉƉůŝĐĂďůĞĨƌŽŵƚŚĞĮŶĂŶĐŝĂůLJĞĂƌƐƚĂƌƟŶŐĨƌŽŵϭƐƚ Ɖƌŝů͕ϮϬϭϱ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞĐŽŵƉĂŶLJ;ĂůƐŽƌĞĨĞƌƌĞĚƚŽĂƐŚŽůĚŝŶŐĐŽŵƉĂŶLJͿ͕ŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞ ;ũŽŝŶƚůLJƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͚'ƌŽƵƉ͛ͿĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

EĂŵĞŽĨ^ƵďƐŝĚŝĂƌLJͬ:ŽŝŶƚsĞŶƚƵƌĞƐ Country of Origin йĂŐĞ^ŚĂƌĞ 31.03.2017 31.03.2016 ^ƵďƐŝĚŝĂƌŝĞƐ͖ 1. /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ͘;//^>Ϳ /ŶĚŝĂ 100.00% 100.00% 2. /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ >ŝŵŝƚĞĚ͘;/Z^Ϳ /ŶĚŝĂ 51.00% 51.00% 3. /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ͘;/Wd>Ϳ 4. /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ͘;/^'d>Ϳ /ŶĚŝĂ 100.00% 100.00% :ŽŝŶƚsĞŶƚƵƌĞƐ͗ /ŶĚŝĂ 100.00% 100.00% 1. ŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ DŽnjĂŵďŝƋƵĞ - 25.00% ^Z>;&Ϳ /ŶĚŝĂ 50.00% 50.00% 2. /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ 3. ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ /ŶĚŝĂ 26.00% 26.00% 4. ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ /ŶĚŝĂ 26.00% 26.00% ;tZ>Ϳ 26.00% 26.00% 5. /ŶĚŝĂ DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 26.00% 26.00% 6. :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ /ŶĚŝĂ 26.00% - ϳ͘ ĂƐƚĞƌZĂŝůǁĂLJWǀƚ͘>ƚĚ͘;ZW>Ϳ /ŶĚŝĂ ďͿ dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĞŶƟƟĞƐƵƐĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĐŽŶƐŽůŝĚĂƟŽŶŚĂǀĞƚŚĞƐĂŵĞƌĞƉŽƌƟŶŐĚĂƚĞ ĂƐƚŚĂƚŽĨƚŚĞŽŵƉĂŶLJĞdžĐĞƉƚƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚŽĨ:ŽŝŶƚͲsĞŶƚƵƌĞŽŵƉĂŶLJ͕ŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ &ĞƌƌŽĂĞŝƌĂ^Z>ǁŚŝĐŚĨŽůůŽǁƐƚŚĞĐĂůĞŶĚĂƌLJĞĂƌƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϲ͘^ŚĂƌĞƐŽĨ&ŚĂƐďĞĞŶƚƌĂŶƐĨĞƌƌĞĚƚŽ 'Žǀƚ͘ŽĨDŽnjĂŵďŝƋƵĞŽŶϮϮ͘Ϭϵ͘ϮϬϭϲ͘ ĐͿ ƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƉĂƌĞĚƵƐŝŶŐƵŶŝĨŽƌŵĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĨŽƌ ůŝŬĞƚƌĂŶƐĂĐƟŽŶƐĂŶĚŽƚŚĞƌĞǀĞŶƚƐŝŶƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐĂŶĚĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂƐƚŚĞ ,ŽůĚŝŶŐŽŵƉĂŶLJ͛ƐƐĞƉĂƌĂƚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞĚŝīĞƌĞŶĐĞƐŝŶĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͕ŝĨĂŶLJ͕ŽĨƚŚĞ,ŽůĚŝŶŐ ŽŵƉĂŶLJĂŶĚŝƚƐ:ŽŝŶƚsĞŶƚƵƌĞƐĂƌĞŶŽƚŵĂƚĞƌŝĂů͘ ϯϭ͘ŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐĂŶĚŽŶƟŶŐĞŶƚƐƐĞƚƐ͗ ;/Ϳ ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐ͗ ;//Ϳ ůĂŝŵƐĂŐĂŝŶƐƚƚŚĞĐŽŵƉĂŶLJŶŽƚĂĐŬŶŽǁůĞĚŐĞĂƐĚĞďƚ͖ i. Rs. 418.82 ĐƌŽƌĞ;ϮϬϭϱͲϭϲZƐ͘ϱϬϳ͘ϴϬĐƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ϱϯϭ͘ϬϳƌŽƌĞƐͿŶĞƚŽĨƉƌŽǀŝƐŝŽŶŽĨRs. 56.44 ĐƌŽƌĞƐ;ϮϬϭϱͲ ϭϲZƐ͘ϭϭϭ͘ϯϵĐƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ϴ͘ϴϲĐƌŽƌĞƐͿ͘ŐĂŝŶƐƚƚŚŝƐƚŚĞŽŵƉĂŶLJŚĂƐĐŽƵŶƚĞƌĐůĂŝŵƐŽĨRs. 278.24 Crores ;ϮϬϭϱͲϭϲZƐ͘ϮϬϵ͘ϯϴĐƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ϭϳϯ͘ϰϱĐƌŽƌĞƐͿ͘/ŶƚĞƌĞƐƚŽŶĐůĂŝŵƐŝƐŶŽƚĐŽŶƐŝĚĞƌĞĚ͕ďĞŝŶŐƵŶĂƐĐĞƌƚĂŝŶĂďůĞ͘ ŝŝ͘ dŚĞƌĞĂƌĞƐŽŵĞĐĂƐĞƐƌĞůĂƟŶŐƚŽĞŵƉůŽLJĞĞƐͬŽƚŚĞƌƐĂƌĞƉĞŶĚŝŶŐŝŶƚŚĞŽƵƌƚƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJŝŶƌĞƐƉĞĐƚŽĨ ǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐŶŽƚĂƐĐĞƌƚĂŝŶĂďůĞ͘ iii. Rs. 141.66 crores;ϮϬϭϱͲϭϲZƐ͘Ϯϲϭ͘ϭϲĐƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ϭϯϮ͘ϲϲĐƌŽƌĞƐͿƌĞůĂƟŶŐƚŽŝƌĞĐƚƚĂdžǁŚŝĐŚŝŶĐůƵĚĞƐ Rs. 64.95 crores;ϮϬϭϱͲϭϲZƐ͘ϲϰ͘ϵϱĐƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ϲϰ͘ϵϱĐƌŽƌĞƐͿŽŶĂĐĐŽƵŶƚŽĨĂƉƉĞĂůĮůĞĚďLJ/ŶĐŽŵĞƚĂdž ĚĞƉĂƌƚŵĞŶƚ ďĞĨŽƌĞ /ŶĐŽŵĞ dĂdž ĂƉƉĞůůĂƚĞ ƚƌŝďƵŶĂů ;/ddͿ ĂŐĂŝŶƐƚ ŽƌĚĞƌ ƉĂƐƐĞĚ ďLJ ŽŵŵŝƐƐŝŽŶĞƌ ŽĨ /ŶĐŽŵĞ ƚĂdž ;ƉƉĞĂůƐͿŝŶĨĂǀŽƵƌŽĨĐŽŵƉĂŶLJ͘ ŝǀ͘ /ŶĚŝƌĞĐƚƚĂdžĚŝƐƉƵƚĞĚĚĞŵĂŶĚƐƵŶĚĞƌĂƉƉĞĂůRs. 266.27 crores ;ϮϬϭϱͲϭϲZƐ͘ϮϮϵ͘ϵϱƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ϭϴϲ͘ϬϲƌŽƌĞƐͿ ŽĨǁŚŝĐŚZƐ͘Eŝů;ϮϬϭϱͲϭϲZƐ͘ϭϭϬ͘ϰϰĐƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘E/>ͿŚĂƐďĞĞŶƌĞŝŵďƵƌƐĞĚďLJƚŚĞĐůŝĞŶƚĂŶĚRs. 61.35 crores;ϮϬϭϱͲϭϲZƐ͘Ϯϴ͘ϴϯƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ϭϭϰ͘ϭϲƌŽƌĞƐͿĂƌĞƌĞŝŵďƵƌƐĂďůĞĨƌŽŵƚŚĞĐůŝĞŶƚƐ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ267 ;ĂͿ 'ƵĂƌĂŶƚĞĞƐĞdžĐůƵĚŝŶŐĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞ /ŶƌĞƐƉĞĐƚŽĨ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͗ ŝ͘ /ŶĚĞŵŶŝƚLJďŽŶĚĨŽƌŝŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽŝǀŝůŽŶƚƌĂĐƚŽƌŽĨZƐ͘Eŝů;ZƐ͘ϭ͘ϮϰĐƌŽƌĞƐͿ͘ ŝŝ͘ ^ĂůĞƐͲƚĂdžůŝĂďŝůŝƚLJŽĨ/ŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽŝǀŝůŽŶƚƌĂĐƚŽƌŽĨRs. 4.25 crores;ZƐ͘ϰ͘ϮϱĐƌŽƌĞƐͿĂŶĚ^ĞƌǀŝĐĞdĂdžRs. 1.01 crores;ZƐ͘ϭ͘ϬϭĐƌŽƌĞƐͿ͘ ŝŝŝ͘ ŽƌƉŽƌĂƚĞŐƵĂƌĂŶƚĞĞƚŽĞŶƚƌĂůdžĐŝƐĞŝŶĐĂƐĞŽĨDĞƚƌŽdƵŶŶĞůůŝŶŐ'ƌŽƵƉŽĨZƐ͘Eŝů;ZƐϭ͘ϱϰĐƌŽƌĞƐͿ͘ ŝǀ͘ ĂŶŬŐƵĂƌĂŶƚĞĞŝŶĐĂƐĞŽĨ/ƌĐŽŶͲZ^ͲW&>/ZZŽĨRs.1.40 crores;ZƐ͘ϭ͘ϰϬĐƌŽƌĞƐͿ͘ ǀ͘ /ŶĐŽŵĞdĂdžůŝĂďŝůŝƚLJŝŶƚŚĞĐĂƐĞŽĨDĞƚƌŽdƵŶŶĞůůŝŶŐ'ƌŽƵƉŽĨRs. 0.96 crores ;ZƐ͘ϭ͘ϬϱĐƌŽƌĞƐͿ͘ ǀŝ͘ ZĞĐŽǀĞƌLJƐƵŝƚĂŐĂŝŶƐƚƚŚĞ/ŶƚĞƌŶĂƟŽŶĂůDĞƚƌŽŝǀŝůŽŶƚƌĂĐƚŽƌďLJDͬƐ^ĂŝŶŐŝŶĞĞƌƐŝƐRs. 0.02 crores (ZƐ͘Ϭ͘ϬϮĐƌŽƌĞƐͿ͘ ǀŝŝ͘ ĂŶŬ'ƵĂƌĂŶƚĞĞŝŶĐĂƐĞŽĨ/ƌĐŽŶͲĨĐŽŶ:sĨŽƌRs. 25.72 crores ;ZƐ͘ϱϲ͘ϲϬĐƌŽƌĞƐͿĨŽƌŚĂŝƌĂďZĂŝůǁĂLJƌŝĚŐĞWƌŽũĞĐƚ͕ ĂŶŐůĂĚĞƐŚ͘ ;ĐͿ KƚŚĞƌŵŽŶĞLJĨŽƌǁŚŝĐŚĐŽŵƉĂŶLJŝƐĐŽŶƟŶŐĞŶƚůŝĂďůĞ  WĞŶĚŝŶŐĚŝƐƉŽƐĂůŽĨĂƉƉůŝĐĂƟŽŶĨŽƌĞdžƚĞŶƐŝŽŶŽĨƟŵĞďLJĐůŝĞŶƚƐ͕'ƌŽƵƉŝƐĐŽŶƟŶŐĞŶƚůLJůŝĂďůĞƚŽƉĂLJůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐ ƚŽƚŚĞĞdžƚĞŶƚŽĨRs. 9.67 crores ;ZƐ͘ϵ͘ϮϳĐƌŽƌĞƐͿƚŽƚŚĞĐůŝĞŶƚƐ͘ ;//Ϳ ŽŶƟŶŐĞŶƚƐƐĞƚƐ͗ ŝͿ ůĂŝŵƐƌĂŝƐĞĚďLJ/ƌĐŽŶŽŶƐŽŵĞŽĨŝƚƐĐůŝĞŶƚƐĂŶĚĂǁĂƌĚĞĚďLJĂƌďŝƚƌĂƚŽƌƐŝŶĨĂǀŽƵƌŽĨ/ƌĐŽŶĂŐĂŝŶƐƚǁŚŝĐŚĐůŝĞŶƚƐ ŚĂǀĞŐŽŶĞƚŽĐŽƵƌƚ͕ŶŽƚĂĐĐŽƵŶƚĞĚĨŽƌĂƐƌĞĐĞŝǀĂďůĞƐĂƌĞRs.179.06 CƌŽƌĞƐ;ϮϬϭϱͲϭϲZƐ͘ϭϮϭ͘ϬϴƌŽƌĞƐ͕ϮϬϭϰͲϭϱZƐ͘ ϭϭϭ͘ϮϯƌŽƌĞƐͿŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĐĂůĐƵůĂƚĞĚƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϳĂƐƉĞƌĂƌďŝƚƌĂƟŽŶĂǁĂƌĚ͘ ŝŝͿ ŽƵŶƚĞƌůĂŝŵƐƌĂŝƐĞĚďLJ/ƌĐŽŶŽŶƐƵďͲĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂǁĂƌĚĞĚďLJĂƌďŝƚƌĂƚŽƌƐŝŶĨĂǀŽƵƌŽĨ/ƌĐŽŶĂŐĂŝŶƐƚǁŚŝĐŚ ƐƵďͲĐŽŶƚƌĂĐƚŽƌƐŚĂǀĞŐŽŶĞƚŽĐŽƵƌƚ͕ŶŽƚĂĐĐŽƵŶƚĞĚĨŽƌĂƐƌĞĐĞŝǀĂďůĞƐĂƌĞRs. 8.92 Crores;ϮϬϭϱͲϭϲZƐ͘Ϯ͘ϬϰƌŽƌĞƐ͕ ϮϬϭϰͲϭϱZƐ͘Ϯ͘ϬϰƌŽƌĞƐͿ͘ ŝŝŝͿ /ŶƐƵƌĂŶĐĞůĂŝŵŽĨh^Ϭ͘ϴϮDŶ;h^Ϭ͘ϳϵDŶͿĂŶĚƚŚŝŽƉŝĂŶŝƌƌϬ͘ϵϱDŶ;dϬ͘ϵϭDŶͿĞƋƵŝǀĂůĞŶƚƚŽRs. 5.50 Crores;ZƐ͘ϱ͘ϰϳƌŽƌĞƐͿŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĐĂůĐƵůĂƚĞĚƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϳĂǁĂƌĚĞĚďLJ,ŽŶŽƵƌĂďůĞ^ƵƉƌĞŵĞŽƵƌƚŽĨ ƚŚŝŽƉŝĂŝŶĨĂǀŽƵƌŽĨ/ƌĐŽŶŚĂƐŶŽƚďĞĞŶĂĐĐŽƵŶƚĞĚĨŽƌ͕ƉĞŶĚŝŶŐĞdžĞĐƵƟŽŶŽƌĚĞƌďLJ,ŝŐŚŽƵƌƚŽĨƚŚŝŽƉŝĂ͘ ϯϮ͘ŽŵŵŝƚŵĞŶƚƐ͗ ĂͿ ƐƟŵĂƚĞĚĂŵŽƵŶƚŽĨĐŽŶƚƌĂĐƚƐƌĞŵĂŝŶŝŶŐƚŽďĞĞdžĞĐƵƚĞĚŽŶĐĂƉŝƚĂůĂĐĐŽƵŶƚ;ŶĞƚŽĨĂĚǀĂŶĐĞƐͿŝƐRs. 875.35 crores ;ZƐ͘ϭϯϴϵ͘ϭϬĐƌŽƌĞƐͿ͘ ďͿ KƚŚĞƌŽŵŵŝƚŵĞŶƚƐ͗  ŽŵŵŝƚŵĞŶƚƐĨŽƌĨƵŶĚͬƉƌŽǀŝĚŝŶŐŐƵĂƌĂŶƚĞĞƚŽͬŽŶďĞŚĂůĨŽĨƐƵďƐŝĚŝĂƌŝĞƐͬũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͗ ŝͿ ŽƵŶƚĞƌŐƵĂƌĂŶƚĞĞƚŽ/ŶĚŝĂŶKǀĞƌƐĞĂƐĂŶŬΘ/ŶĚƵƐ/ŶĚĂŶŬĨŽƌŝƐƐƵĂŶĐĞŽĨďĂŶŬŐƵĂƌĂŶƚĞĞƚŽƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ͕ /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞΘ^ĞƌǀŝĐĞƐ>ƚĚ;/ƌĐŽŶ/^>Ϳ͕/ƌĐŽŶWdŽůůǁĂLJ>ƚĚ;/ƌĐŽŶWd>ͿΘ/ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ƚĚ ;/ƌĐŽŶ^'d>ͿĂŵŽƵŶƟŶŐƚŽRs.150.00 Crores ;ZƐ͘ϭϱϬ͘ϬϬƌŽƌĞƐͿ͘KƵƚŽĨƚŚĞƚŽƚĂůůŝŵŝƚŽĨZƐ͘ϭϱϬ͘ϬϬƌŽƌĞƐ͕/ŶĚŝĂŶ KǀĞƌƐĞĂƐĂŶŬΘ/ŶĚƵƐ/ŶĚĂŶŬŚĂǀĞŝƐƐƵĞĚďĂŶŬŐƵĂƌĂŶƚĞĞƐƚŽƚŚĞĞdžƚĞŶƚŽĨRs. 41.52 Crores;ZƐ͘ϰϭ͘ϱϮƌŽƌĞƐͿ ΘZƐ͘Eŝů;ZƐ͘ϰϭ͘ϭϱƌŽƌĞƐͿƌĞƐƉĞĐƟǀĞůLJ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞďĂůĂŶĐĞůŝŵŝƚĨŽƌŝƐƐƵĂŶĐĞŽĨďĂŶŬŐƵĂƌĂŶƚĞĞƐŝƐRs. 108.48 Crores ;ZƐ͘ϲϳ͘ϯϯƌŽƌĞƐͿ͘ ŝŝͿ &ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJ;ϮϲйĞĂĐŚͿŽĨRs. 20.42 Crores ;ZƐ͘ϰϯ͘ϱϰƌŽƌĞƐͿΘRs. 0.13 Crores ;ZƐϬ͘ϭϯƌŽƌĞƐͿŝŶ:ŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐ͕ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚĂŶĚŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ >ŝŵŝƚĞĚƌĞƐƉĞĐƟǀĞůLJ͘

268 | ANNUAL REPORT ϮϬϭϲͳϭϳ ŝŝŝͿ &ŽƌƌĞůĞĂƐĞŽĨďĂůĂŶĐĞƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶŽĨRs. 52.00 Crores;ZƐ͘E/>ͿΘRs. NIL;ZƐ͘ϭϵ͘ϱϬĐƌŽƌĞƐͿƚŽ:ŽŝŶƚǀĞŶƚƵƌĞ ĐŽŵƉĂŶŝĞƐ͕ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚĂŶĚŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚƌĞƐƉĞĐƟǀĞůLJ͘ ŝǀͿ &ŽƌƌĞůĞĂƐĞŽĨďĂůĂŶĐĞƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶŽĨZƐ͘Eŝů;ZƐϬ͘ϴϬĐƌŽƌĞƐͿƚŽũŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶLJ͕ŽŵƉĂŶŚŝĂŽƐ ĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z>͘ ǀͿ ŽƵŶƚĞƌŐƵĂƌĂŶƚĞĞƚŽ^ƚĂƚĞďĂŶŬŽĨ/ŶĚŝĂĨŽƌŝƐƐƵĂŶĐĞŽĨůĞƩĞƌŽĨĐƌĞĚŝƚƚŽ:ŽŝŶƚŽƉĞƌĂƟŽŶ͕/ƌĐŽŶĨĐŽŶƐ:s͕ĂŵŽƵŶƟŶŐ ƚŽRs. 2.26 crores;ZƐϯϯ͘ϰϬĐƌŽƌĞƐͿ͘ ǀŝͿ ŶƵŶĚĞƌƚĂŬŝŶŐƚŽWƵŶũĂďEĂƟŽŶĂůĂŶŬĨŽƌŶŽŶͲĚŝƐƉŽƐĂůŽĨϮϭйŽĨƉƌĞƐĞŶƚŚŽůĚŝŶŐŽĨƚŚĞĐŽŵƉĂŶLJ;ϭ͕ϯϰ͕ϭϮ͕ϳϬϬ ƐŚĂƌĞƐŽĨZƐ͘ϭϬĞĂĐŚͿŝŶ:ŽŝŶƚsĞŶƚƵƌĞŽŵƉĂŶLJ͕/ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͕ĂŵŽƵŶƟŶŐƚŽRs.13.41 crores ;ZƐϭϯ͘ϰϭĐƌŽƌĞƐͿ͘ ǀŝŝͿ &ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJ;ϮϲйĞĂĐŚͿĨŽƌRs.1.29 crores;ϭ͘ϮϵƌŽƌĞƐͿ͕Rs.11.70 crores (1.30 ƌŽƌĞƐͿŝŶ:ŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐ͕DĂŚĂŶĂĚŝŽĂůZĂŝůǁĂLJ>ƚĚ͘Θ:ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ƚĚ͘ƌĞƐƉĞĐƟǀĞůLJ͘ ǀŝŝŝͿ&ŽƌƐƵďƐĐƌŝďŝŶŐƚŽǁĂƌĚƐďĂůĂŶĐĞƐŚĂƌĞŽĨĞƋƵŝƚLJ;ϮϲйĞĂĐŚͿĨŽƌRs.0.12 Crores;ZƐ͘ϭ͘ϯϬĐƌŽƌĞƐͿŝŶ:ŽŝŶƚǀĞŶƚƵƌĞ ĐŽŵƉĂŶLJ͕ĂƐƚĂƌZĂŝůǁĂLJWƌŝǀĂƚĞ>ƚĚ͘ ŝdžͿ dŚĞƌĞĂƌĞĐĞƌƚĂŝŶĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJŶŽƚĂĐŬŶŽǁůĞĚŐĞĚĂƐĚĞďƚRs. 860.98 Crore;ZƐ͘ϳϭϬ͘ϱϳƌŽƌĞƐͿŶĞƚŽĨ ƉƌŽǀŝƐŝŽŶƐŽĨRs. 1.13 crores;ZƐ͘EŝůͿ͘/ŶĐĂƐĞƐƵĐŚĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJĚŽŵĂƚĞƌŝĂůŝnjĞ͕ŝƚǁŝůůďĞƌĞŝŵďƵƌƐĂďůĞ ĨƌŽŵƚŚĞĐůŝĞŶƚƐ͘ŐĂŝŶƐƚƚŚŝƐƚŚĞĐŽŵƉĂŶLJŚĂƐĐŽƵŶƚĞƌĐůĂŝŵƐŽĨRs. 950.94 Crores;ZƐ͘ϲϯϮ͘ϴϮĐƌŽƌĞƐͿ͘/ŶƚĞƌĞƐƚŽŶ ĐůĂŝŵƐŶŽƚĐŽŶƐŝĚĞƌĞĚ͕ďĞŝŶŐƵŶĂƐĐĞƌƚĂŝŶĂďůĞďƵƚǁŽƵůĚĂůƐŽďĞƌĞŝŵďƵƌƐĂďůĞ͘ 33͘ dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŝƐůŝĂďůĞƚŽƉĂLJRs.0.70 CroresĨŽƌ&zϮϬϭϲͲϭϳ;ZƐ͘ϳ͘ϵϲƌŽƌĞƐĨŽƌ&zϮϬϭϱͲϭϲͿŽŶĂĐĐŽƵŶƚŽĨ ƚĂdžĞƐŽŶĐŽŶƐƚƌƵĐƟŽŶƉƌŽĮƚƐŽĨ^ƌŝ>ĂŶŬĂƉƌŽũĞĐƚƐǁŚŝĐŚƐŚĂůůďĞĚŝƌĞĐƚůLJƌĞŝŵďƵƌƐĞĚďLJ^ƌŝ>ĂŶŬĂŶZĂŝůǁĂLJƚŽ^ƌŝ >ĂŶŬĂŶ/ŶůĂŶĚZĞǀĞŶƵĞĞƉĂƌƚŵĞŶƚ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƐĂŵĞŚĂƐŶŽƚďĞĞŶƉƌŽǀŝĚĞĚŝŶƚŚĞŬƐŽĨĂĐĐŽƵŶƚƐ͘ 34.;ĂͿ^ŝŶĐĞĂƐƐĞƐƐŵĞŶƚLJĞĂƌϮϬϬϬͲϬϭ͕ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐďĞĞŶĐůĂŝŵŝŶŐĚĞĚƵĐƟŽŶƵŶĚĞƌ^ĞĐƟŽŶͲϴϬ/ŽĨƚŚĞ /ŶĐŽŵĞdĂdžĐƚ͕ϭϵϲϭŝŶŝŶĐŽŵĞƚĂdžƌĞƚƵƌŶƐ͕ǁ͘ƌ͘ƚ͘ĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽŶƐƚƌƵĐƟŽŶƉƌŽũĞĐƚƐƟůůĚĂƚĞ͘ dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐĮůĞĚĂƉƉĞĂůƚŽ/ddŽŶĚŝƐĂůůŽǁĂŶĐĞďLJ/d;ͿĨŽƌƚŚĞƐĂŝĚĚĞĚƵĐƟŽŶĨŽƌĂůůĂƐƐĞƐƐŵĞŶƚ LJĞĂƌƐĞdžĐĞƉƚĂƐƐĞƐƐŵĞŶƚLJĞĂƌƐϮϬϬϰͲϬϱ͕ϮϬϬϱͲϬϲĂŶĚϮϬϬϳͲϬϴĨŽƌǁŚŝĐŚƚŚĞ/ŶĐŽŵĞdĂdžĚĞƉĂƌƚŵĞŶƚŚĂƐĮůĞĚ ĂƉƉĞĂůĂŐĂŝŶƐƚĂůůŽǁĂŶĐĞŽĨĚĞĚƵĐƟŽŶďLJ/d;Ϳ͘   ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŽŵƉĂŶLJŚĂƐŵĂĚĞƉƌŽǀŝƐŝŽŶĨŽƌƚĂdžǁŝƚŚŽƵƚĐŽŶƐŝĚĞƌŝŶŐƚŚĞĚĞĚƵĐƟŽŶƵŶĚĞƌ^ĞĐƟŽŶϴϬͲ /ƐŝŶĐĞzϮϬϬϬͲϬϭ͘dŽƚĂůĂŵŽƵŶƚŽĨĚĞĚƵĐƟŽŶƵŶĚĞƌƐĞĐƟŽŶϴϬ/ŝƐRs.1050.03 crores;ZƐ͘ϭϬϭϲ͘ϯϮĐƌŽƌĞƐͿ ŚĂǀŝŶŐƚĂdžŝŵƉĂĐƚŽĨRs. 357.22 Crores;ZƐ͘ϯϰϳ͘ϬϴƌŽƌĞƐͿ͘ŝƐƉŽƐŝŶŐĂƉƉĞĂůĨŽƌ͘z͘ϮϬϬϬͲϬϭ͕/ddĂůůŽǁĞĚ ĚĞĚƵĐƟŽŶƵͬƐϴϬ/͘&ŽůůŽǁŝŶŐĚĞĐŝƐŝŽŶŽĨ/dd͕/d;ͿŚĂƐĂůůŽǁĞĚƚŚĞĚĞĚƵĐƟŽŶĨŽƌ͘z͘ϮϬϭϮͲϭϯΘϮϬϭϯͲϭϰ͘ dŚƵƐĂŵŽƵŶƚŽĨĚĞĚƵĐƟŽŶƐƚĂŶĚƐƌĞĚƵĐĞĚƚŽRs. 815.98 croresŚĂǀŝŶŐƚĂdžŝŵƉĂĐƚŽĨRs. 280.41 crores. ďͿ dŚĞ,ŽůĚŝŶŐĐŽŵƉĂŶLJŽīĞƌŝŶŐŐůŽďĂůŝŶĐŽŵĞ͕ĨŽƌƚĂdžŝŶ/ŶĚŝĂĂŌĞƌĞdžĐůƵĚŝŶŐƚŚĞŝŶĐŽŵĞĞĂƌŶĞĚďLJŝƚƐƉĞƌŵĂŶĞŶƚ ĞƐƚĂďůŝƐŚŵĞŶƚƐŝŶĨŽƌĞŝŐŶĐŽƵŶƚƌŝĞƐŚĂǀŝŶŐŽƵďůĞdĂdžĂƟŽŶǀŽŝĚĂŶĐĞŐƌĞĞŵĞŶƚƐ;dͿǁŝƚŚ/ŶĚŝĂ͕ĂƐƉĞƌ ƐĞƩůĞĚůĞŐĂůƉŽƐŝƟŽŶƚŚĂƚƐƵĐŚŝŶĐŽŵĞĐĂŶďĞƚĂdžĞĚďLJƐŽƵƌĐĞĐŽƵŶƚƌLJĂŶĚŝƐŶŽƚƚĂdžĂďůĞŝŶ/ŶĚŝĂ͘,ŽǁĞǀĞƌ͕/d ;ͿĚĞŶŝĞĚƚŚĞƚƌĞĂƚŵĞŶƚŽĨĞdžĐůƵĚŝŶŐƐƵĐŚĨŽƌĞŝŐŶŝŶĐŽŵĞĂŶĚŽŶůLJŐĂǀĞĐƌĞĚŝƚĨŽƌƚĂdžĞƐƉĂŝĚŽƵƚŽĨ/ŶĚŝĂŽŶ ĨŽƌĞŝŐŶŝŶĐŽŵĞĨŽƌƚŚĞzϮϬϬϲͲϬϳ͕ϮϬϬϴͲϬϵĂŶĚϮϬϬϵͲϭϬ͘ :ƵƌŝƐĚŝĐƟŽŶĂůƐƐĞƐƐŝŶŐKĸĐĞƌŚĂƐĂůƐŽƐƚĂƌƚĞĚŵĂŬŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŝŶĂƐŝŵŝůĂƌŵĂŶŶĞƌĨƌŽŵƚŚĞzϮϬϭϬͲ ϭϭŽŶǁĂƌĚƐ͘dŚŽƵŐŚ͕ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐƉĂŝĚƚĂdžĂĐĐŽƌĚŝŶŐůLJŚŽǁĞǀĞƌ͕ŝƚŚĂƐĮůĞĚĂŶĂƉƉĞĂůƚŽ/ŶĐŽŵĞ dĂdžƉƉĞůůĂƚĞdƌŝďƵŶĂůĨŽƌĂůůƚŚĞĂƐƐĞƐƐŵĞŶƚLJĞĂƌƵŶĚĞƌĚŝƐƉƵƚĞ͘ dĂdžŝŶǀŽůǀĞĚƵŶĚĞƌdŝŶĐŽŵĞŝƐƐƵĞĂŐŐƌĞŐĂƚĞƐƚŽRs.237.89 Crore ;ZƐ͘ϰϭϱ͘ϬϳͿ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ269 35. (ĂͿdŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂĚϮϱйĞƋƵŝƚLJƐƚĂŬĞŝŶŽŵƉŚĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z>DŽnjĂŵďŝƋƵĞ ;&Ϳ͕Ă:ŽŝŶƚsĞŶƚƵƌĞŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚĂƐƉĞƌDŽnjĂŵďŝĐĂŶůĂǁƐŝŶƚŚĞLJĞĂƌϮϬϬϰƚŽĞdžĞĐƵƚĞĂƌĂŝůǁĂLJ ƉƌŽũĞĐƚĂǁĂƌĚĞĚďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞ;'KDͿŽŶKdďĂƐŝƐĂŶĚŚĂĚƉĂŝĚh^ϭ͘ϮϱDŶ;ZƐϱ͘ϱϯ ĐƌŽƌĞƐ͘KƚŚĞƌƐŚĂƌĞŚŽůĚĞƌƐǁĞƌĞZ/d^Θ&D͕DŽnjĂŵďŝƋƵĞǁŝƚŚϮϲйΘϰϵйƐŚĂƌĞƌĞƐƉĞĐƟǀĞůLJ͘  ;ďͿKŶϴƚŚĞĐĞŵďĞƌϮϬϭϭ͕'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞ;'ŽDͿƵŶŝůĂƚĞƌĂůůLJƚĞƌŵŝŶĂƚĞĚƚŚĞĐŽŶĐĞƐƐŝŽŶĂŐƌĞĞŵĞŶƚ ĂŶĚ ƚŽŽŬ ŽǀĞƌ ƚŚĞ ƉƌŽũĞĐƚ ǁŚŝĐŚ ŝŶ ƚŚĞ ŽƉŝŶŝŽŶ ŽĨ ĐŽŵƉĂŶLJ ǁĂƐ ƵŶůĂǁĨƵů ĂŶĚ ĂŐĂŝŶƐƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ĂŐƌĞĞŵĞŶƚ͘ŽŶƐĞƋƵĞŶƚůLJ͕&ŝŶŝƟĂƚĞĚĂƌďŝƚƌĂƟŽŶĂŐĂŝŶƐƚƚŚĞƐĂŝĚĚĞĐŝƐŝŽŶŽĨ'ŽD͘ŝƐƉƵƚĞŚĂƐŶŽǁďĞĞŶ ĂŵŝĐĂďůLJƐĞƩůĞĚǁŝƚŚ'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞŽŶϮϭƐƚKĐƚŽďĞƌϮϬϭϱƚŚƌŽƵŐŚƐĞƩůĞŵĞŶƚĂŐƌĞĞŵĞŶƚ͘Ɛ ƉĞƌƚŚĞƐĞƩůĞŵĞŶƚĂŐƌĞĞŵĞŶƚ͕ŚŽůĚŝŶŐĐŽŵƉĂŶLJǁŝůůŐĞƚŝŶŝŶƐƚĂůůŵĞŶƚƐĂŶĂŵŽƵŶƚŽĨh^ϰϬ͘ϯϭDŝůůŝŽŶ͘&ŝƌƐƚ ŝŶƐƚĂůůŵĞŶƚŽĨh^ϭϳ͘ϵϯDŶ͘;ĞƋƵŝǀĂůĞŶƚƚŽ/EZϭϮϭ͘ϳϭƌŽƌĞͿĨŽƌŚŽůĚŝŶŐĐŽŵƉĂŶLJ͛ƐƐŚĂƌĞŚĂƐďĞĞŶƌĞĐĞŝǀĞĚ ŽŶϮϬ͘ϭ͘ϮϬϭϲ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƐĞĐŽŶĚŝŶƐƚĂůůŵĞŶƚŽĨh^ϱ͘ϱϵϱDŶ;ZƐ͘ϯϳ͘ϮϳƌŽƌĞƐͿƌĞĐĞŝǀĞĚŽŶϮϬ͘ϭϬ͘ϮϬϭϲ. ĂůĂŶĐĞƚŚƌĞĞŝŶƐƚĂůůŵĞŶƚƐŽĨh^ϱ͘ϱϵϱDŶĞĂĐŚĂƌĞĚƵĞŽŶϭϴ͘ϭϬ͘ϮϬϭϳ͕ϭϴ͘ϭϬ͘ϮϬϭϴΘϭϴ͘ϭϬ͘ϮϬϭϵǁŚŝĐŚǁŝůů ďĞƌĞĐĞŝǀĞĚƚŚƌŽƵŐŚƚŚĞĐŽŶĮƌŵĞĚ>ĞƩĞƌŽĨƌĞĚŝƚŽƉĞŶĞĚďLJ'ŽǀĞƌŶŵĞŶƚŽĨDŽnjĂŵďŝƋƵĞ͘  ;ĐͿ ŌĞƌƌĞĐĞŝƉƚŽĨƵƉĨƌŽŶƚƉĂLJŵĞŶƚĂŶĚĞƐƚĂďůŝƐŚŵĞŶƚŽĨ>ĞƩĞƌŽĨƌĞĚŝƚ͕ŽŵƉĂŶLJŚĂƐƚƌĂŶƐĨĞƌƌĞĚŝƚƐƐŚĂƌĞŚŽůĚŝŶŐ ŝŶŽŵƉŚĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ^Z>DŽnjĂŵďŝƋƵĞ;&ͿƚŽ&DͬDŽnjĂŵďŝƋƵĞWŽƌƚƐĂŶĚ ZĂŝůǁĂLJŽŵƉĂŶLJ͕ƌĞƉƌĞƐĞŶƟŶŐƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨZĞƉƵďůŝĐŽĨDŽnjĂŵďŝƋƵĞŽŶϮϮ͘Ϭϵ͘ϮϬϭϲ͘ĐĐŽƌĚŝŶŐůLJ͕ƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚŽĨh^ϭ͘ϮϱDŶ͘ŚĂƐďĞĞŶƚƌĂŶƐĨĞƌƌĞĚĂŶĚh^ϭϬ͘ϲϰDŶ͘;ZƐ͘ϳϯ͘ϲϵƌŽƌĞͿŚĂƐďĞĞŶƌĞĐŽŐŶŝnjĞĚĂƐ ƉƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϲͲϭϳ͘ 36.;ĂͿ^ŽŵĞŽĨƚŚĞďĂůĂŶĐĞƐƐŚŽǁŶƵŶĚĞƌĚĞďƚŽƌƐ͕ĂĚǀĂŶĐĞƐĂŶĚĐƌĞĚŝƚŽƌƐĂƌĞƐƵďũĞĐƚƚŽĐŽŶĮƌŵĂƟŽŶͬƌĞĐŽŶĐŝůŝĂƟŽŶͬ ĂĚũƵƐƚŵĞŶƚ͕ŝĨĂŶLJ͘dŚĞ'ƌŽƵƉŚĂƐďĞĞŶƐĞŶĚŝŶŐůĞƩĞƌƐĨŽƌĐŽŶĮƌŵĂƟŽŶƚŽƉĂƌƟĞƐ͘,ŽǁĞǀĞƌ͕ƚŚĞ'ƌŽƵƉĚŽĞƐ ŶŽƚĞdžƉĞĐƚĂŶLJŵĂƚĞƌŝĂůĚŝƐƉƵƚĞǁ͘ƌ͘ƚ͘ƚŚĞƌĞĐŽǀĞƌĂďŝůŝƚLJͬƉĂLJŵĞŶƚŽĨƚŚĞƐĂŵĞ͘  ;ďͿ/ŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞǀĂůƵĞŽĨĐƵƌƌĞŶƚĂƐƐĞƚƐ͕ůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐŽŶƌĞĂůŝnjĂƟŽŶŝŶƚŚĞŽƌĚŝŶĂƌLJ ĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ǁŝůůŶŽƚďĞůĞƐƐƚŚĂŶƚŚĞǀĂůƵĞĂƚǁŚŝĐŚƚŚĞƐĞĂƌĞƐƚĂƚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͘ ϯϳ͘;ĂͿ &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĞĐŽŐŶŝƐĞĚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͗ (Rs in Crores) WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 ŝͿ WƌŽĮƚŽƌůŽƐƐ;ĞdžĐĞƉƚƚŚŽƐĞƌĞĐŽŐŶŝƐĞĚĂƐĮŶĂŶĐŝĂů ;ϯϴ͘ϯϱͿ ϭϯϰ͘ϭϳ ŝŶƐƚƌƵŵĞŶƚĂŶĚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞͿ ŝŝͿ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ 16.15 ;ϱϳ͘ϰϲͿ TOTAL (22.20) 76.71 ;ďͿŝƐĐůŽƐƵƌĞŽĨƵŶŚĞĚŐĞĚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞ dŚĞƵŶŚĞĚŐĞĚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞŝƐĂƐƵŶĚĞƌ͗Ͳ (Rs in Crores) WĂƌƟĐƵůĂƌƐ Currency As at 31st March 2017 As at 31st March 2016 Foreign INR Crore Foreign INR Crore Currency in Currency in Crore Crore ƐƐĞƚƐ͗ ĚǀĂŶĐĞƚŽŽŶƚƌĂĐƚŽƌƐ  5.18 3.06 ϯ͘ϳϭ 2.26 ƵƌŽ - - 0.01 0.42 Z Ϯ͘ϳϯ 13.24 - - >

270 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ Currency As at 31st March 2017 As at 31st March 2016 Foreign INR Crore Foreign INR Crore Currency in Currency in Crore Crore DzZ - - 0.00 0.05 EWZ ϭ͘ϳϱ 1.10 ϭ͘ϳϳ 1.00 DE - - 0.06 0.08 dƌĂĚĞZĞĐĞŝǀĂďůĞƐ dE 2.92 2.92 0.26 0.26 BDT - - 1.65 1.39  19.66 11.65 89.81 ϱϰ͘ϳϱ ƵƌŽ 0.13 9.16 ϭ͘Ϭϳ ϳϴ͘ϯϵ DzZ 0.41 6.02 0.40 6.90 Z 2.39 11.18 - - h^ 0.91 ϱϴ͘ϳϯ 0.92 60.90 ĂƐŚΘĂŶŬĂůĂŶĐĞƐ dE 0.46 0.46 0.90 0.90 BDT 5.39 4.21 0.93 Ϭ͘ϳϵ  125.69 ϳϰ͘ϭϲ 12.65 ϳ͘ϳϮ d -0.01- - ƵƌŽ 0.44 29.69 Ϭ͘ϳϴ ϱϳ͘ϳϵ >ŝĂďŝůŝƟĞƐ͗ ĚǀĂŶĐĞĨƌŽŵůŝĞŶƚ dE - - 2.13 2.13 BDT 115.45 93.61 Ϭ͘ϳϮ Ϭ͘ϱϳ ƵƌŽ Ϭ͘Ϭϳ 4.68 0.19 14.41 Z 4.36 Ϯϭ͘ϭϳ -- h^ 0.41 26.62 Ϭ͘Ϭϳ ϰ͘ϭϳ dƌĂĚĞWĂLJĂďůĞ dE Ϭ͘ϲϳ Ϭ͘ϲϳ 0.59 0.59 h - - 0.01 Ϭ͘ϳϭ BDT ϭ͘ϯϳ 1.13 - -

ANNUAL REPORT ϮϬϭϲͳϭϳͮ271 WĂƌƟĐƵůĂƌƐ Currency As at 31st March 2017 As at 31st March 2016 Foreign INR Crore Foreign INR Crore Currency in Currency in Crore Crore  30.44 ϭϳ͘ϵϲ 25.02 15.26 ƵƌŽ 0.33 ϮϮ͘ϳϭ 0.82 56.28 :Wz 0.05 0.03 10.10 5.25 >ŝĂďŝůŝƟĞƐ dE 0.38 0.38 0.36 0.36 BDT 3.35 Ϯ͘ϳϬ 0.50 0.42  22.59 13.33 14.42 8.80 d 0.10 Ϭ͘Ϯϳ 0.02 0.06 ƵƌŽ 0.11 ϳ͘ϲϵ 0.09 6.48 >ĂŶŬĂŶZƵƉĞĞ͕dͲƚŚŝŽƉŝĂŶŝƌƌ͕DzZͲDĂůĂLJƐŝĂŶZŝŶŐŐŝƚ͕ EWZͲEĞƉĂůĞƐĞZƵƉĞĞ͕DEͲDŽnjĂŵďŝĐĂŶDĞƟĐĂů͕dEͲŚƵƚĂŶĞƐĞEŐƵůƚƌƵŵ͕dͲĂŶŐůĂĚĞƐŚŝdĂŬĂ͕hͲƵƐƚƌĂůŝĂŶ ŽůůĂƌ͕:WzͲ:ĂƉĂŶĞƐĞzĞŶ ϯϴ͘ŝƐĐůŽƐƵƌĞƌĞŐĂƌĚŝŶŐ>ĞĂƐĞƐ͗ /͘ ƐƐĞƚƐƚĂŬĞŶŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͗  dŚĞ'ƌŽƵƉ͛ƐůĞĂƐŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞŝŶƌĞƐƉĞĐƚŽĨŽƉĞƌĂƟŶŐůĞĂƐĞƐŽĨƉƌĞŵŝƐĞƐĨŽƌƌĞƐŝĚĞŶƟĂůƵƐĞŽĨĞŵƉůŽLJĞĞƐ͕ ŽĸĐĞƐ͕ŐƵĞƐƚŚŽƵƐĞƐĂŶĚƚƌĂŶƐŝƚĐĂŵƉƐ͘DŽƐƚŽĨƚŚĞůĞĂƐŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞĐĂŶĐĞůůĂďůĞĂŶĚĂƌĞƵƐƵĂůůLJƌĞŶĞǁĂďůĞ ŽŶŵƵƚƵĂůůLJĂŐƌĞĞĚƚĞƌŵƐ͘dŚĞĂŵŽƵŶƚƐŽĨůĞĂƐĞƉĂLJŵĞŶƚƐĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞĂƐƵŶĚĞƌ͗ ;ĂͿ >ĞĂƐĞƉĂLJŵĞŶƚƐ;ŶĞƚŽĨƌĞĐŽǀĞƌŝĞƐͿŝŶƌĞƐƉĞĐƚŽĨƉƌĞŵŝƐĞƐĨŽƌƌĞƐŝĚĞŶƟĂůƵƐĞŽĨĞŵƉůŽLJĞĞƐʹRs.3.75 crores (Rs.4.33 ĐƌŽƌĞƐͿ;ŝŶĐůƵĚĞĚŝŶƐĂůĂƌŝĞƐΘǁĂŐĞƐŶŽƚĞϮϯͿ͘ ;ďͿ >ĞĂƐĞƉĂLJŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨŽĸĐĞƉƌĞŵŝƐĞƐ͕ŐƵĞƐƚŚŽƵƐĞƐĂŶĚƚƌĂŶƐŝƚĐĂŵƉƐʹRs. 6.51 crores;ZƐ͘ϱ͘ϭϲƌŽƌĞƐͿ ;ŝŶĐůƵĚĞĚŝŶŽƉĞƌĂƟŶŐΘĂĚŵŝŶŝƐƚƌĂƟǀĞĞdžƉĞŶƐĞƐŶŽƚĞϮϮ͘Ϳ͘ //͘ ƐƐĞƚƐŐŝǀĞŶŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͗ ;ĂͿ dŚĞ'ƌŽƵƉŚĂƐŐŝǀĞŶĐĞƌƚĂŝŶĐŽŵŵĞƌĐŝĂůͬƌĞƐŝĚĞŶƟĂůƉƌĞŵŝƐĞƐŽŶŽƉĞƌĂƟŶŐůĞĂƐĞǁŚŝĐŚĂƌĞĐĂŶĐĞůůĂďůĞďLJŐŝǀŝŶŐ ĂƉƉƌŽƉƌŝĂƚĞŶŽƟĐĞƐĂƐƉĞƌƌĞƐƉĞĐƟǀĞĂŐƌĞĞŵĞŶƚƐ͘͘ ;ďͿ dŚĞ'ƌŽƵƉŚĂƐĂůƐŽƉƌŽǀŝĚĞĚWůĂŶƚΘDĂĐŚŝŶĞƌLJ;>ŽĐŽŵŽƟǀĞƐͿŽŶǁĞƚůĞĂƐĞďĂƐŝƐƚŽĂĨŽƌĞŝŐŶĐůŝĞŶƚƟůůϯϭ͘ϭϮ͘ϮϬϭϱ͘

272 | ANNUAL REPORT ϮϬϭϲͳϭϳ ;ĐͿ dŚĞ'ƌŽƵƉŚĂƐƐƵďͲůĞĂƐĞĚϮϯDƵůƟͲ&ƵŶĐƟŽŶĂůŽŵƉůĞdžĞƐƚŽǀĂƌŝŽƵƐƐƵďͲůĞƐƐĞĞƐƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϳ͘KƵƚŽĨǁŚŝĐŚ͕ ƐƵďͲůĞĂƐĞĂŐƌĞĞŵĞŶƚŽĨϰD&͛ƐŚĂƐďĞĞŶƚĞƌŵŝŶĂƚĞĚ͘ ;ĚͿ dŚĞĂŵŽƵŶƚŽĨůĞĂƐĞƌĞŶƚƌĞĐĞŝǀĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌŝƐĂƐƵŶĚĞƌ͗ ϭ͘ >ĞĂƐĞƌĞŶƚŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲƌĞƐŝĚĞŶƟĂůƉƌĞŵŝƐĞƐʹRs. 8.01 crores;ZƐ͘ϳ͘ϲϯĐƌŽƌĞƐͿ;ŝŶĐůƵĚĞĚŝŶŵŝƐĐĞůůĂŶĞŽƵƐ ŝŶĐŽŵĞŶŽƚĞϮϭ͘Ϳ Ϯ͘ >ĞĂƐĞƌĞŶƚŝŶƌĞƐƉĞĐƚŽĨůŽĐŽŵŽƟǀĞƐͲRs. 0.88 crores;ZƐ͘ϯϱ͘ϴϵĐƌŽƌĞƐͿ;ŝŶĐůƵĚĞĚŝŶůŽĐŽůĞĂƐĞŶŽƚĞϮϬͿ ϯ͘ >ĞĂƐĞƌĞŶƚŝŶƌĞƐƉĞĐƚŽĨƐƵďͲůĞĂƐŝŶŐŽĨϮϯD&ƐͲRs. 13.66 crores;ZƐϭϰ͘ϳϱĐƌŽƌĞƐͿ;ŝŶĐůƵĚĞĚŝŶůŽĐŽůĞĂƐĞŶŽƚĞϮϯͿ͘ ;ĞͿ &ƵƚƵƌĞŵŝŶŝŵƵŵůĞĂƐĞƌĞŶƚĂůƌĞĐĞŝǀĂďůĞĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝŶƌĞƐƉĞĐƚŽĨŶŽŶʹĐĂŶĐĞůůĂďůĞŽƉĞƌĂƟŶŐůĞĂƐĞĨŽƌĞĂĐŚ ŽĨƚŚĞĨŽůůŽǁŝŶŐƉĞƌŝŽĚŝƐĂƐƵŶĚĞƌ͗ (Rs. in Crores) >ĞĂƐĞZĞŶƚZĞĐĞŝǀĂďůĞ 31 March 2017 31 March 2016 ϭƉƌŝůϮϬϭϱ tŝƚŚŝŶKŶĞLJĞĂƌ - WƌĞŵŝƐĞƐ 0.35 0.34 E/> - >ŽĐŽŵŽƟǀĞƐ E/> E/> 33.42 - DƵůƟ&ƵŶĐƟŽŶĂůŽŵƉůĞdžƐ;D&ƐͿ ϭϳ͘ϮϬ 12.63 13.86 ŌĞƌŽŶĞLJĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶĮǀĞLJĞĂƌƐ - WƌĞŵŝƐĞƐ 2.06 0.66 E/> - >ŽĐŽŵŽƟǀĞƐ E/> E/> E/> - DƵůƟ&ƵŶĐƟŽŶĂůŽŵƉůĞdžƐ;D&ƐͿ 80.21 ϭ͘ϳϬ 13.95 DŽƌĞƚŚĂŶĮǀĞLJĞĂƌƐ - WƌĞŵŝƐĞƐ 1.41 E/> E/> - >ŽĐŽŵŽƟǀĞƐ E/> E/> E/> - DƵůƟ&ƵŶĐƟŽŶĂůŽŵƉůĞdžƐ;D&ƐͿ 895.35 E/> E/> ;ĨͿ ĞƚĂŝůƐŽĨĂƐƐĞƚƐŐŝǀĞŶŽŶůĞĂƐĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͗ (Rs. In Crores) WĂƌƟĐƵůĂƌƐ As at 31st March 2017 As at 31st March 2016 ƐĂƚϭƐƚƉƌŝůϮϬϭϱ Premises Locos MFCs Premises Locos MFCs Premises Locos MFCs 'ƌŽƐƐĂƌƌLJŝŶŐ ĂŵŽƵŶƚŽĨ ĂƐƐĞƚƐ 3.51 30.9 ϵϳ͘Ϯϳ 10.00 35.66 ϵϳ͘Ϯϳ 6.96 35.66 95.94 ĞƉƌĞĐŝĂƟŽŶ ĨŽƌƚŚĞLJĞĂƌ Ϭ͘Ϭϳ - 1.99 0.18 - ϭ͘ϳϯ 0.14 - ϭ͘ϰϳ /ŵƉĂŝƌŵĞŶƚ ůŽƐƐĨŽƌƚŚĞ LJĞĂƌ -0.21 ------ĐĐƵŵƵůĂƚĞĚ ĞƉƌĞĐŝĂƟŽŶ 0.41 29.35 5.35 1.44 ϯϯ͘ϴϳ 3.35 1.22 ϯϯ͘ϴϳ 1.63 ϯϵ͘^ĞŐŵĞŶƚZĞƉŽƌƟŶŐ͗ ͘ 'ĞŶĞƌĂů/ŶĨŽƌŵĂƟŽŶ͗ ;ŝͿ dŚĞŽŵƉĂŶLJŚĂƐĚĞƚĞƌŵŝŶĞĚƌĞƉŽƌƚĂďůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĨƌŽŵŐĞŽŐƌĂƉŚŝĐĂůƉĞƌƐƉĞĐƟǀĞ͘ ;ŝŝͿ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƐŽƵƌĐĞ ŽĨ ƌŝƐŬ ĂŶĚ ƌĞǁĂƌĚƐ ĂƌĞ ĚĞƌŝǀĞĚ ĨƌŽŵ ƚŚĞ ƵŶŝƚƐ ƐƉƌĞĂĚ ĂĐƌŽƐƐ ƚŚĞ ŐůŽďĞ ĂŶĚ ŚĞŶĐĞ͕ /ŶƚĞƌŶĂƟŽŶĂůƉƌŽũĞĐƚƐĂŶĚŽŵĞƐƟĐƉƌŽũĞĐƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚĂƐŝŶĚŝǀŝĚƵĂůŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐ͘ ;ŝŝŝͿdŚĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐŚĂǀĞďĞĞŶƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞ ŚŝĞĨKƉĞƌĂƟŶŐĞĐŝƐŝŽŶDĂŬĞƌ;KDͿ͘ ANNUAL REPORT ϮϬϭϲͳϭϳͮ273 ;ŝǀͿdŚĞƐĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĂƌĞŵŽŶŝƚŽƌĞĚďLJĐŽŵƉĂŶLJ͛ƐŚŝĞĨKƉĞƌĂƟŶŐĞĐŝƐŝŽŶDĂŬĞƌ;KDͿĂŶĚƐƚƌĂƚĞŐŝĐ ĚĞĐŝƐŝŽŶƐĂƌĞŵĂĚĞŽŶƚŚĞďĂƐŝƐŽĨƐĞŐŵĞŶƚƐƌĞƐƵůƚƐ͘^ĞŐŵĞŶƚƉĞƌĨŽƌŵĂŶĐĞŝƐĞǀĂůƵĂƚĞĚďĂƐĞĚŽŶƚŚĞƉƌŽĮƚŽĨ ĞĂĐŚƐĞŐŵĞŶƚ͘ ͘ /ŶĨŽƌŵĂƟŽŶĂďŽƵƚƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚƐĂŶĚƌĞĐŽŶĐŝůŝĂƟŽŶƚŽĂŵŽƵŶƚƐƌĞŇĞĐƚĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗ (Rs in crores) WĂƌƟĐƵůĂƌƐ /ŶƚĞƌŶĂƟŽŶĂů ŽŵĞƐƟĐ dŽƚĂů 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 A. Turnover ZĞǀĞŶƵĞĨƌŽŵdžƚĞƌŶĂů ƵƐƚŽŵĞƌƐ 253.80 325.88 2,694.27 Ϯ͕Ϭϱϭ͘ϭϮ 2,948.07 Ϯ͕ϯϳϳ͘ϬϬ ŽŵƉĂŶLJƐŚĂƌĞŽĨƚƵƌŶŽǀĞƌŝŶ /ŶƚĞŐƌĂƚĞĚ:ŽŝŶƚŽƉĞƌĂƟŽŶƐ 88.28 83.59 1.62 20.34 89.90 103.93 /ŶƚĞƌĞƐƚ/ŶĐŽŵĞ 6.97 5.61 201.24 Ϯϯϴ͘ϴϳ 208.21 244.48 KƚŚĞƌ/ŶĐŽŵĞ 5.47 93.09 49.68 115.92 55.15 209.01 /ŶƚĞƌͲƐĞŐŵĞŶƚ ------dŽƚĂůZĞǀĞŶƵĞ 354.52 ϱϬϴ͘ϭϳ 2,946.81 Ϯ͕ϰϮϲ͘Ϯϱ 3,301.33 Ϯ͕ϵϯϰ͘ϰϮ

͘ZĞƐƵůƚ WƌŽĮƚďĞĨŽƌĞWƌŽǀŝƐŝŽŶ͕ ĞƉƌĞĐŝĂƟŽŶ͕/ŶƚĞƌĞƐƚ͕ džĐĞƉƟŽŶĂůŝƚĞŵƐĂŶĚdĂdž͘ 12.09 254.30 502.84 ϰϱϬ͘ϳϮ 514.93 ϳϬϱ͘ϬϮ >ĞƐƐ͗WƌŽǀŝƐŝŽŶΘǁƌŝƚĞďĂĐŬƐ ;EĞƚͿ (41.42) 19.80 32.37 3.66 (9.05) 23.46 ĞƉƌĞĐŝĂƟŽŶ͕ĂŵŽƌƟnjĂƟŽŶ ĂŶĚŝŵƉĂŝƌŵĞŶƚ 7.48 ϭϲ͘ϳϵ 19.21 14.11 26.69 30.90 /ŶƚĞƌĞƐƚ - - 9.65 ϳ͘ϴϯ 9.65 ϳ͘ϴϯ džĐĞƉƟŽŶĂůŝƚĞŵ (73.69) - - - (73.69) - ^ŚĂƌĞŝŶWƌŽĮƚͬ;>ŽƐƐͿŽĨ:ŽŝŶƚ sĞŶƚƵƌĞƐ - - 5.60 5.49 5.60 5.49 WƌŽĮƚĞĨŽƌĞdĂdž 119.72 Ϯϭϳ͘ϳϭ 436.01 419.63 555.73 ϲϯϳ͘ϯϰ dĂdždžƉĞŶƐĞ 65.56 42.32 105.98 ϭϳϲ͘ϭϴ 171.54 218.50 WƌŽĮƚŌĞƌdĂdž 54.16 ϭϳϱ͘ϯϵ 330.03 243.45 384.19 418.84 ͘ KƚŚĞƌ/ŶĨŽƌŵĂƟŽŶ (Rs in crores) WĂƌƟĐƵůĂƌƐ /ŶƚĞƌŶĂƟŽŶĂů ŽŵĞƐƟĐ dŽƚĂů 2016-17 2015-16 ƉƌŝůϮϬϭϱ 2016-17 2015-16 ƉƌŝůϮϬϭϱ 2016-17 2015-16 ƉƌŝůϮϬϭϱ ƐƐĞƚƐ 659.96 ϱϳϳ͘ϱϭ ϭ͕Ϭϴϰ͘ϮϮ 8,571.44 ϳ͕ϱϲϭ͘ϴϵ ϱ͕ϰϭϵ͘ϱϰ 9,231.40 ϴ͕ϭϯϵ͘ϰϬ ϲ͕ϱϬϯ͘ϳϲ >ŝĂďŝůŝƟĞƐ 556.92 ϱϮϳ͘Ϯϱ 656.99 4,837.76 ϯ͕ϵϱϭ͘ϰϭ Ϯ͕ϯϱϰ͘ϴϴ 5,394.68 ϰ͕ϰϳϴ͘ϲϲ ϯ͕Ϭϭϭ͘ϴϳ Investment in Joint sĞŶƚƵƌĞƐĂĐĐŽƵŶƚĞĚĨŽƌďLJ the equity method - - - 239.57 58.08 13.58 239.57 58.08 13.58 EŽŶͲƵƌƌĞŶƚƐƐĞƚƐKƚŚĞƌ ƚŚĂŶĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͕ ĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͕ŶĞƚ ĚĞĮŶĞĚďĞŶĞĮƚĂƐƐĞƚƐ 48.06 59.30 85.31 1,428.60 ϳϳϭ͘ϵϯ ϲϵϴ͘ϳϯ 1,476.66 831.23 ϳϴϰ͘Ϭϰ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞ ;ĚĚŝƟŽŶƚŽWW͕t/W͕ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ͕KƚŚĞƌ /ŶƚĂŶŐŝďůĞƐƐĞƚƐĂŶĚ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌ ĚĞǀĞůŽƉŵĞŶƚͿ 1.12 0.32 - 530.60 81.18 - 531.72 81.50 - ͘ /ŶĨŽƌŵĂƟŽŶĂďŽƵƚŵĂũŽƌƵƐƚŽŵĞƌƐ͗  ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕KƉĞƌĂƟŶŐZĞǀĞŶƵĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϯϴ͘ϭϱй;ϯϵ͘ϴϰйͿĚĞƌŝǀĞĚĨƌŽŵĂ ƐŝŶŐůĞĞdžƚĞƌŶĂůĐƵƐƚŽŵĞƌƐŝŶŽŵĞƐƟĐ^ĞŐŵĞŶƚ͘

274 | ANNUAL REPORT ϮϬϭϲͳϭϳ ϰϬ͘/ŶƚĞƌĞƐƚŝŶŽƚŚĞƌŶƟƟĞƐ  ŝƐĐůŽƐƵƌĞŝŶƌĞƐƉĞĐƚŽĨ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ ;ĂͿ hŶŝŶĐŽƌƉŽƌĂƚĞĚ:ŽŝŶƚŽƉĞƌĂƟŽŶƐ͗ ŝͿ &ŽƌƉƌŽũĞĐƚƐŝŶŽƉĞƌĂƟŽŶ͗ (Rs in crores) ^͘EŽ͘ Name of the Joint WƌŝŶĐŝƉĂůƉůĂĐĞŽĨ Partner(s) and Country of Origin WĂƌƟĐŝƉĂƟŶŐ/ŶƚĞƌĞƐƚ;ŝŶйͿĂƐ ŽƉĞƌĂƟŽŶƐ Business on 31March 2017 2016 1. /ZKEͲ^W^W> :Θ<͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 50.00 50.00 ^W^W>͕/ŶĚŝĂ 50.00 50.00 2. /ZKEͲ&KE^ ĂŶŐůĂĚĞƐŚ /ƌĐŽŶ͕/ŶĚŝĂ 53.00 53.00 ĨĐŽŶƐ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͕͘/ŶĚŝĂ ϰϳ͘ϬϬ ϰϳ͘ϬϬ 3. džƉƌĞƐƐ&ƌĞŝŐŚƚ 'ƵũƌĂƚ͕DĂŚĂƌĂƐŚƚƌĂ͕ DŝƚƐƵŝ͕:ĂƉĂŶ 51.00 51.00 ŽŶƐŽƌƟƵŵ /ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 30.00 30.00 dĂƚĂWƌŽũĞĐƚ>ƚĚ͕͘/ŶĚŝĂ 19.00 19.00 4. džƉƌĞƐƐ&ƌĞŝŐŚƚ DĂŚĂƌĂƐŚƚƌĂ͕/ŶĚŝĂ DŝƚƐƵŝ͕:ĂƉĂŶ 51.00 - ZĂŝůǁĂLJŽŶƐŽƌƟƵŵ /ƌĐŽŶ͕/ŶĚŝĂ 30.00 - dĂƚĂWƌŽũĞĐƚ>ƚĚ͕͘/ŶĚŝĂ 19.00 - ŝŝͿ &ŽƌƉƌŽũĞĐƚƐǁŚŝĐŚŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ͗ (Rs in crores) ^͘ Name of the Joint WƌŝŶĐŝƉĂůƉůĂĐĞ Partner(s) and Country of Origin WĂƌƟĐŝƉĂƟŶŐ/ŶƚĞƌĞƐƚ No. ŽƉĞƌĂƟŽŶƐ of Business ;ŝŶйͿĂƐŽŶϯϭƐƚDĂƌĐŚ 2017 2016 1 Z/KE ĞůŚŝ EZ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 49.00 49.00 Z/d^͕/ŶĚŝĂ 51.00 51.00 2 Z/KEͲd^Z> DŽnjĂŵďŝƋƵĞ Z/KE͕/ŶĚŝĂ Eŝů 49.00 d͕DŽnjĂŵďŝƋƵĞ Eŝů 51.00 3 /ƌĐŽŶͲKZͲ ĞůŚŝEZ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 61.22 61.22 >/KW KZ͕^ƉĂŝŶ 34.35 34.35 >/KW͕^ƉĂŝŶ 4.43 4.43 4 /ƌĐŽŶͲ^ƌĞĞ ŚĞŶŶĂŝ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 24.21 24.21 ŚĂǁĂŶŝƵŝůĚĞƌƐ ^ƌĞĞŚĂǁĂŶŝƵŝůĚĞƌƐ͕/ŶĚŝĂ ϳϱ͘ϳϵ ϳϱ͘ϳϵ 5 /ƌĐŽŶͲ^D:WƌŽũĞĐƚ dĂŵŝůŶĂĚƵ͕ /ƌĐŽŶ͕/ŶĚŝĂ 55.00 55.00 :s /ŶĚŝĂ ^ƵŵďĞƌDŝƚƌĂ:ĂLJĂ͕/ŶĚŽŶĞƐŝĂ 45.00 45.00 6 /ŶƚĞƌŶĂƟŽŶĂů ĞůŚŝEZ͕/ŶĚŝĂ LJǁŝĚĂŐ͕'ĞƌŵĂŶLJ 29.00 29.00 DĞƚƌŽŝǀŝů >ĂƌƐĞŶΘdƵďƌŽ>ƚĚ͕͘/ŶĚŝĂ 26.00 26.00 ŽŶƚƌĂĐƚŽƌ͘ ^ĂŵƐƵŶŐ ŽƌƉ͕͘<ŽƌĞĂ 26.00 26.00 ;/DͿ ^ŚŝŵŝnjƵŽƌƉ͕͘:ĂƉĂŶ 9.50 9.50 /ƌĐŽŶ͕/ŶĚŝĂ 9.50 9.50 ϳ DĞƚƌŽdƵŶŶĞůůŝŶŐ ĞůŚŝEZ͕/ŶĚŝĂ LJǁŝĚĂŐ͕'ĞƌŵĂŶLJ 29.00 29.00 'ƌŽƵƉ;Dd'Ϳ >ĂƌƐĞŶΘdƵďƌŽ>ƚĚ͕͘/ŶĚŝĂ 26.00 26.00 ^ĂŵƐƵŶŐ ŽƌƉ͕͘<ŽƌĞĂ 26.00 26.00 ^ŚŝŵŝnjƵŽƌƉ͕͘:ĂƉĂŶ 9.50 9.50 /ƌĐŽŶ͕/ŶĚŝĂ 9.50 9.50 8 /ƌĐŽŶͲ'EEKE hƩĂƌWƌĂĚĞƐŚ͕ /ƌĐŽŶ͕/ŶĚŝĂ ϱϱ͘ϳϬ ϱϱ͘ϳϬ ƵŶŬĞƌůLJ /ŶĚŝĂ 'EEKEƵŶŬĞƌůLJ 44.30 44.30 9 /ƌĐŽŶͲZ^Ͳ :Θ<͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 65.08 65.08 W&>/ZZ ZĂLJĂůƐĞĞŵĂŽŶĐƌĞƚĞ^ůĞĞƉĞƌƐWǀƚ͘ Ϯϭ͘ϴϳ Ϯϭ͘ϴϳ >ƚĚ͕/ŶĚŝĂ 13.05 13.05 WŇĞŝĚĞƌĞƌ/ŶĨƌĂƐƚƌƵŬƚƵƌƚĞĐŶŝŬ'ŵďŚΘ Ž͕'ĞƌŵĂŶLJ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ275 ;ďͿ :ŽŝŶƚ-sĞŶƚƵƌĞ ŽŵƉĂŶŝĞƐ͗

(Rs in crores) ^͘EŽ Name of JV Company WƌŝŶĐŝƉĂů ƉůĂĐĞ of ^ŚĂƌĞŚŽůĚĞƌƐ and country of WĞƌĐĞŶƚĂŐĞŽĨKǁŶĞƌƐŚŝƉ Business origin As at 31 As at 31 March 2017 March 2016 1 &;ŽŵƉĂŶŚŝĂ DŽnjĂŵďŝƋƵĞ /ƌĐŽŶ͕/ŶĚŝĂ ͲΎ 25.00 ŽƐĂŵŝŶŚŽƐĞ Z/d^͕/ŶĚŝĂ - 26.00 &ĞƌƌŽĂĞŝƌĂ^Z>Ϳ &D͕DŽnjĂŵďŝƋƵĞ - 49.00 DŽnjĂŵďŝƋƵĞ 2 /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ DĂŚĂƌĂƐŚƚƌĂ͕ /ƌĐŽŶ͕/ŶĚŝĂ 50.00 50.00 WƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ /ŶĚŝĂ ^ŽŵĂŶƚĞƌƉƌŝƐĞ>ŝŵŝƚĞĚ͕ 50.00 50.00 /ŶĚŝĂ 3 ŚĂƫƐŐĂƌŚĂƐƚ ŚĂƫƐŐĂƌŚ͕ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ /ŶĚŝĂ ^>͕/ŶĚŝĂ 64.00 64.00 ^/ 10.00 10.00 4 ŚĂƫƐŐĂƌŚĂƐƚͲ ŚĂƫƐŐĂƌŚ͕ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 tĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ /ŶĚŝĂ ^>͕/ŶĚŝĂ 64.00 64.00 ;tZ>Ϳ ^/ 10.00 10.00 5 DĂŚĂŶĂĚŝŽĂůZĂŝů KĚŝƐŚĂ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 >ŝŵŝƚĞĚ;DZ>Ϳ D>͕/ŶĚŝĂ 64.00 64.00 'ŽK͕/ŶĚŝĂ 10.00 10.00 6 :ŚĂƌŬŚĂŶĚĞŶƚƌĂů :ŚĂƌŬŚĂŶĚ͕/ŶĚŝĂ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 26.00 ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ >͕/ŶĚŝĂ 64.00 64.00 'Ž:͕/ŶĚŝĂ 10.00 10.00

ϳ ĂƐƚĞƌZĂŝůǁĂLJWǀƚ͘>ƚĚ͘ ŚĂƫƐŐĂƌŚ͕ /ƌĐŽŶ͕/ŶĚŝĂ 26.00 - ;ZW>Ϳ /ŶĚŝĂ ED͕/ŶĚŝĂ 43.00 - ^/>͕/ŶĚŝĂ 21.00 - D͕/ŶĚŝĂ 10.00 -

Ύ^ŚĂƌĞƐƚƌĂŶƐĨĞƌƌĞĚŽŶϮϮ͘Ϭϵ͘ϮϬϭϲ ;ĐͿ ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐŽĨƚŚĞ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞĚŝƐĐůŽƐĞĚŝŶŶŽƚĞϯϭ;ďͿ͘ ϰϭ͘ZĞůĂƚĞĚWĂƌƚLJĚŝƐĐůŽƐƵƌĞƐ͗ZĞůĂƚĞĚƉĂƌƚLJƚŽďĞŝĚĞŶƟĮĞĚĂƐƉĞƌ/E^ ĂͿ ŶƚĞƌƉƌŝƐĞƐǁŚĞƌĞĐŽŶƚƌŽůĞdžŝƐƚƐ͗ ;ŝͿ ^ƵďƐŝĚŝĂƌLJŽŵƉĂŶŝĞƐ͗Ͳ x /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ͘;//^>Ϳ x /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ͘;/Z^Ϳ x /ƌĐŽŶWdŽůůǁĂLJ>ŝŵŝƚĞĚ͘;/Wd>Ϳ x /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ ;ŝŝͿ :ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͗Ͳ x hŶŝŶĐŽƌƉŽƌĂƚĞĚ:ŽŝŶƚKƉĞƌĂƟŽŶƐʹƐƉĞƌEŽƚĞŶŽ͘ϰϬ;ĂͿĂďŽǀĞ x :ŽŝŶƚsĞŶƚƵƌĞŽŵƉĂŶŝĞƐʹƐƉĞƌEŽƚĞŶŽ͘ϰϬ;ďͿĂďŽǀĞ͘ ďͿ <ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͗ tŚŽůĞ ƟŵĞ ŝƌĞĐƚŽƌƐ͗Ͳ ^ͬ^Śƌŝ^͘<͘ŚĂƵĚŚĂƌLJ͕D͘<͘^ŝŶŐŚ͕ĞĞƉĂŬ^ĂďŚůŽŬĂŶĚ,ŝƚĞƐŚ<ŚĂŶŶĂ͘

276 | ANNUAL REPORT ϮϬϭϲͳϭϳ ŝƌĞĐƚŽƌƐ (KĸĐŝĂů 'ŽǀĞƌŶŵĞŶƚ ŶŽŵŝŶĂƚĞĚͿ͗Ͳ ^ͬ^ŚƌŝZĂũŝǀŚĂƵĚŚĂƌLJ͕^ƵŬŚŵĂůŚĂŶĚ:ĂŝŶ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͗Ͳ ^ͬ^ŚƌŝǀŝŶĞĞƐŚDĂƩĂ͕^ĂŶũĂLJ<ƵŵĂƌ^ŝŶŐŚ͕DƐ͘sĂƐƵĚŚĂs͘<ĂŵĂƚ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͗Ͳ^ŵƚ͘^ƵŵŝƚĂ^ŚĂƌŵĂ ĐͿ ŝƐĐůŽƐƵƌĞŽĨƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƟĞƐ͗ (Rs in crores) WĂƌƟĐƵůĂƌs dƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ WĂƌƟĐƵůĂƌƐŽĨŽŶƚƌĂĐƚƐͬ Arrangements 2016-17 2015-16 EĂƚƵƌĞŽĨdƌĂŶƐĂĐƟŽŶ ϭ͘ ZĞŵƵŶĞƌĂƟŽŶƚŽŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů ƐƉĞƌEŽƚĞEŽ͘ϰϭ Ϯ͘ WƵƌĐŚĂƐĞŽĨ'ŽŽĚƐΘ^ĞƌǀŝĐĞƐ;ŝŶĐůƵĚŝŶŐ^Z ĞdžƉĞŶƐĞƐͿͬ>ĞĂƐĞŽĨWWͬŶLJŽƚŚĞƌƚƌĂŶƐĂĐƟŽŶ Joint Venture  ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ Ϭ͘ϳϬ - /ŶƚĞƌĞƐƚƉĂŝĚ dŽƚĂů 0.70 - ϯ͘ ^ĂůĞŽĨ'ŽŽĚƐΘ^ĞƌǀŝĐĞƐͬ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞͬŶLJŽƚŚĞƌƚƌĂŶƐĂĐƟŽŶ :ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ;/ŶĐůƵĚŝŶŐͿ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ 0.03 Ϭ͘Ϭϳ ZĞŶƚĨŽƌƚŚĞWƌĞŵŝƐĞƐ ŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ - 25.26 /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ ^Z>;&Ϳ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ ϭϯϬ͘Ϭϳ 182.30 ŽŶƐƵůƚĂŶĐLJΘǁŽƌŬƐƌĞĐĞŝƉƚƐ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 6.26 4.92 /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϯϳ͘ϱϭ 22.33 ŽŶƐƵůƚĂŶĐLJƌĞĐĞŝƉƚƐ ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϰ͘ϴϳ 0.43 /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ /ZKE&KE^:s 0.20 Ϭ͘ϳϴ /ŶƚĞƌĞƐƚŽŶ>ŽĂŶ DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 5.54 - ŽŶƐƵůƚĂŶĐLJΘǁŽƌŬƌĞĐĞŝƉƚƐ dŽƚĂů 184.48 236.09 4. Equity Investment in JVs ŚŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 43.41 39.00 ŚŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ 130.00 - DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ -0.01 ĂƐƚĞƌZĂŝůǁĂLJWǀƚ͘>ƚĚ͘;ZW>Ϳ 1.18 - :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ 1.30 - & ;ϱ͘ϱϯͿ - ŝƐŝŶǀĞƐƚŵĞŶƚ 5. Loan to Joint Arrangements ŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĂĞŝƌĂ - 5.05 ^Z>;&ͿͲ>ŽĂŶŝƐďƵƌƐĞĚ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>ͿͲ>ŽĂŶ ϳϴ͘ϬϬ 9.00 ŝƐďƵƌƐĞĚ ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ 19.50 19.50 ;tZ>ͿͲ>ŽĂŶŝƐďƵƌƐĞĚ /ZKE&KE^:sͲ>ŽĂŶŝƐďƵƌƐĞĚ ϳ͘ϱϬ - /ZKE&KE^:sͲ>ŽĂŶZĞƉĂLJŵĞŶƚ ;ϳ͘ϱϬͿ ;ϭϴ͘ϭϭͿ dŽƚĂů 97.50 15.44

ANNUAL REPORT ϮϬϭϲͳϭϳͮ277 WĂƌƟĐƵůĂƌs dƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ WĂƌƟĐƵůĂƌƐŽĨŽŶƚƌĂĐƚƐͬ Arrangements 2016-17 2015-16 EĂƚƵƌĞŽĨdƌĂŶƐĂĐƟŽŶ ϲ͘ ZĞŝŵďƵƌƐĞŵĞŶƚŽĨĚĞƉƵƚĂƟŽŶƐƚĂīĞdžƉĞŶƐĞƐ͕ƌĞŶƚ ΘŽƚŚĞƌŵŝƐĐ͘ĞdžƉĞŶƐĞƐƚŽ:sƐ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘;/^dW>Ϳ 0.56 0.21 Trust /ƌĐŽŶ'ƌĂƚƵŝƚLJdƌƵƐƚ ϳ͘ϴϮ 2.43 ZĞŝŵďƵƌƐĞŵĞŶƚ /ƌĐŽŶŵƉůŽLJĞĞƐŽŶƚƌŝďƵƚŽƌLJW&dƌƵƐƚ 28.52 25.99 ŽŶƚƌŝďƵƟŽŶƚŽdƌƵƐƚ /ƌĐŽŶWĞŶƐŝŽŶdƌƵƐƚ ϳ͘ϲϭ 30.58 ŽŶƚƌŝďƵƟŽŶƚŽdƌƵƐƚ /ƌĐŽŶDĞĚŝĐĂůdƌƵƐƚ 3.38 ϱ͘ϵϳ ŽŶƚƌŝďƵƟŽŶƚŽdƌƵƐƚ dŽƚĂů 47.89 65.18 ŝƐĐůŽƐƵƌĞŽĨĂŵŽƵŶƚĚƵĞƚŽͬĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐ (Rs in crores) WĂƌƟĐƵůĂƌƐ Amount As at 31-3-2017 As at 31-3-2016 ŵŽƵŶƚZĞĐĞŝǀĂďůĞƐ (1) Loan outstanding to JV** 171.44 58.50 ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ ϭϮϳ͘ϲϳ 39.00 ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϰϯ͘ϳϳ 19.50 ;ϮͿ&ŽƌKƚŚĞƌ^ĞƌǀŝĐĞƐ͕ƌĞŝŵďƵƌƐĞŵĞŶƚƐĞƚĐ͘ƚŽũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ 61.71 80.81 /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ ϳ͘ϳϭ ϳ͘ϮϮ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 41.29 ϲϳ͘Ϯϴ ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ 5.29 3.88 Z/KE 0.44 - DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ ϰ͘ϳϮ - Trust /ƌĐŽŶ'ƌĂƚƵŝƚLJƚƌƵƐƚ 2.26 2.43 ŵŽƵŶƚWĂLJĂďůĞƚŽ:ŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ ϭͿ&ŽƌKƚŚĞƌ^ĞƌǀŝĐĞƐ 65.06 18.48 ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ 28.15 18.48 ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ ϭϴ͘ϱϳ - /ZKE&KE^:s ϳ͘ϴϬ - DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 0.02 - ϮͿĚǀĂŶĐĞǁŽƌŬƌĞĐĞŝƉƚƐ DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ;DZ>Ϳ 5.52 - 3) Advance Received :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ŝŵŝƚĞĚ;:Z>Ϳ 5.00 - ΎΎ/ŶĐůƵĚĞƐ/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚ ĚͿ dƌĂŶƐĂĐƟŽŶǁŝƚŚƚŚĞZĞůĂƚĞĚ'ŽǀĞƌŶŵĞŶƚĞŶƟƟĞƐ  ƉĂƌƚĨƌŽŵƚƌĂŶƐĂĐƟŽŶƐƌĞƉŽƌƚĞĚĂďŽǀĞ͕ƚŚĞĐŽŵƉĂŶLJŚĂƐƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚƌĞůĂƚĞĚ'ŽǀĞƌŶŵĞŶƚĞŶƟƟĞƐǁŚŝĐŚ ŝŶĐůƵĚĞƐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗  EĂŵĞŽĨ'ŽǀĞƌŶŵĞŶƚ͗DŝŶŝƐƚƌLJŽĨZĂŝůǁĂLJƐ͕'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂ;^ŝŐŶŝĮĐĂŶƚĐŽŶƚƌŽůŽǀĞƌĐŽŵƉĂŶLJͿ

278 | ANNUAL REPORT ϮϬϭϲͳϭϳ  ĞƌƚĂŝŶƐŝŐŶŝĮĐĂŶƚƚƌĂŶƐĂĐƟŽŶƐΘůŽƐŝŶŐďĂůĂŶĐĞƐ͗ dƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͗  ;ZƐ͘ŝŶƌŽƌĞƐͿ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 ŝͿ ^ĂůĞƐ 1265.20 1095.33 ŝŝͿ /ŶƚĞƌĞƐƚWĂƐƐĞĚŽŶ 159.36 54.96 ŝŝŝͿ ŝǀŝĚĞŶĚWĂŝĚ ϭϴϯ͘ϳϯ 181.63  EŽƚĞ͗WƵƌĐŚĂƐĞƐĂƌĞŚĞƚĞƌŽŐĞŶĞŽƵƐŝŶŶĂƚƵƌĞ͕ƚŚƵƐŝŵŵĂƚĞƌŝĂů͘,ĞŶĐĞŶŽƚĚŝƐĐůŽƐĞĚ͘  ůŽƐŝŶŐďĂůĂŶĐĞƐ͗ ;ZƐ͘ŝŶƌŽƌĞƐͿ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 ŝͿ ZĞĐĞŝǀĂďůĞ 88.16 Ϯϭϳ͘ϱϴ ŝŝͿ ŝůůĂďůĞƌĞǀĞŶƵĞͬƌĞĐĞŝǀĂďůĞƐŶŽƚĚƵĞ 68.50 140.06 ŝŝŝͿ ůĂŝŵƐƌĞĐŽǀĞƌĂďůĞ Ϭ͘ϴϳ 2.86 ŝǀͿ ĚǀĂŶĐĞZĞĐĞŝǀĞĚ ϯϮϰϳ͘ϯϲ 2545.32 ǀͿ ĚǀĂŶĐĞǁŽƌŬƌĞĐĞŝƉƚƐ 0.38 - ϰϮ͘ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƚŽŝƌĞĐƚŽƌƐͬ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶ͗ (Rs in Crores) ^ƌ͘ WĂƌƟĐƵůĂƌƐ 2016-17 2015-16 / ^ĂůĂƌLJΘĂůůŽǁĂŶĐĞƐΎ 1.51 ϭ͘ϳϰ // ŽŶƚƌŝďƵƟŽŶƚŽƉƌŽǀŝĚĞŶƚĨƵŶĚ͕ƉĞŶƐŝŽŶ 0.14 0.20 /// ZĞŝŵďƵƌƐĞŵĞŶƚŽĨŵĞĚŝĐĂůĞdžƉĞŶƐĞƐ 0.03 0.03 /s ^ŝƫŶŐĨĞĞ Ϭ͘Ϭϳ 0.00 sKƚŚĞƌďĞŶĞĮƚƐ 0.33 Ϭ͘Ϯϳ TOTAL 2.08 2.24 Ύ&ŝŐƵƌĞƐŽĨϮϬϭϲͲϭϳŝŶĐůƵĚĞWZW;ϮϬϭϰͲϭϱͿŽĨZƐ͘Ϭ͘ϯϬĐƌŽƌĞƐƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͖ϮϬϭϱͲϭϲŝŶĐůƵĚĞWZW;ϮϬϭϯͲ ϭϰͿŽĨZƐϬ͘ϰϳĐƌŽƌĞƐƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ZĞĐŽǀĞƌLJĂƐĂƉƉůŝĐĂďůĞŚĂƐďĞĞŶŵĂĚĞĨƌŽŵŝƌĞĐƚŽƌƐǁŚŽŚĂǀĞďĞĞŶƉƌŽǀŝĚĞĚǁŝƚŚŽŵƉĂŶLJĂĐĐŽŵŵŽĚĂƟŽŶ ĂŶĚĐĂƌ͘ 43͘ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ŚŽůĚŝŶŐĐŽŵƉĂŶLJŚĂƐĐĂƌƌŝĞĚŽƵƚĂƐƐĞƐƐŵĞŶƚŽŶŝŵƉĂŝƌŵĞŶƚŽĨŝŶĚŝǀŝĚƵĂůĂƐƐĞƚƐďLJǁŽƌŬŝŶŐŽƵƚƚŚĞ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚďĂƐĞĚŽŶůŽǁĞƌŽĨƚŚĞŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞĂŶĚĐĂƌƌLJŝŶŐĐŽƐƚŝŶƚĞƌŵƐŽĨ/ŶĚ^ϯϲ͕͞/ŵƉĂŝƌŵĞŶƚ ŽĨ ƐƐĞƚƐ͟ŶŽƟĮĞĚ ƵŶĚĞƌ ƐĞĐƟŽŶ ϭϯϯ ŽĨ ƚŚĞ ĐŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ƌĞĂĚ ǁŝƚŚ ZƵůĞ ϯ ŽĨ ƚŚĞŽŵƉĂŶŝĞƐ ;/ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿZƵůĞƐ͕ϮϬϭϱĂŶĚŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶĂĐĐŽƵŶƟŶŐƐƚĂŶĚĂƌĚƐͿŵĞŶĚŵĞŶƚZƵůĞƐϮϬϭϲ͘  ĐĐŽƌĚŝŶŐůLJ͕ŝŵƉĂŝƌŵĞŶƚůŽƐƐŽĨRs.1.26 Crores;ZƐ͘Ϭ͘ϬϬϮƌŽƌĞƐͿŚĂƐďĞĞŶƉƌŽǀŝĚĞĚĨŽƌ͘͟ ϰϰ͘ŝƐĐůŽƐƵƌĞƵŶĚĞƌ/ŶĚ^ͲϭϵŽŶŵƉůŽLJĞĞďĞŶĞĮƚƐ Provident Fund  dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJƉĂLJƐĮdžĞĚĐŽŶƚƌŝďƵƟŽŶŽĨWƌŽǀŝĚĞŶƚ&ƵŶĚĂƚĂƉƌĞͲĚĞƚĞƌŵŝŶĞĚƌĂƚĞƚŽĂƐĞƉĂƌĂƚĞƚƌƵƐƚ͕ǁŚŝĐŚ ŝŶǀĞƐƚƐƚŚĞĨƵŶĚƐŝŶƉĞƌŵŝƩĞĚƐĞĐƵƌŝƟĞƐ͘dŚĞƚƌƵƐƚŝƐƌĞƋƵŝƌĞĚƚŽƉĂLJĂŵŝŶŝŵƵŵƌĂƚĞŽĨŝŶƚĞƌĞƐƚŽŶĐŽŶƚƌŝďƵƟŽŶ ƚŽƚŚĞŵĞŵďĞƌƐŽĨƚŚĞƚƌƵƐƚ͘dŚĞĂŵŽƵŶƚĂǀĂŝůĂďůĞŝŶƚŚĞĨƵŶĚŝŶĐůƵĚŝŶŐƚŚĞƌĞƚƵƌŶƐŽŶŝŶǀĞƐƚŵĞŶƚŝƐŐƌĞĂƚĞƌƚŚĂŶ ƚŚĞŽďůŝŐĂƟŽŶŽĨƚŚĞĐŽŵƉĂŶLJ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐĐŽŶƚƌŝďƵƚĞĚRs.10.84 crores (Rs. 10.14 ĐƌŽƌĞƐͿƚŽƚŚĞƚƌƵƐƚ͘

ANNUAL REPORT ϮϬϭϲͳϭϳͮ279 Gratuity  dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐŝŵƉůĞŵĞŶƚĞĚ/ZKEŵƉůŽLJĞĞƐ'ƌŽƵƉ'ƌĂƚƵŝƚLJ^ĐŚĞŵĞƚŽƉƌŽǀŝĚĞĮŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞ ƚŽƚŚĞĞŵƉůŽLJĞĞƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJĂƐĂƐŽĐŝĂůƐĞĐƵƌŝƚLJŵĞĂƐƵƌĞŽŶƚŚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞŝƌĞŵƉůŽLJŵĞŶƚ ĚƵĞƚŽƐƵƉĞƌĂŶŶƵĂƟŽŶ͕ƌĞƟƌĞŵĞŶƚ͕ƌĞƐŝŐŶĂƟŽŶ͕ƉŚLJƐŝĐĂůŝŶĐĂƉĂĐŝƚĂƟŽŶŽƌĚĞĂƚŚ͘dŚĞƐĐŚĞŵĞŝƐŵĂŶĂŐĞĚďLJĂ ƐĞƉĂƌĂƚĞdƌƵƐƚĨŽƌŵĞĚŝŶƚŚĞLJĞĂƌϮϬϭϱͲϭϲĨŽƌƚŚŝƐƉƵƌƉŽƐĞĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ/ŶĐŽŵĞdĂdžƵƚŚŽƌŝƟĞƐ͘&ƵŶĚƐŽĨ ƚŚĞdƌƵƐƚĂƌĞŵĂŶĂŐĞĚďLJ>/ŽĨ/ŶĚŝĂ͘ƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳ͕ĂŶĂƐƐĞƚŽĨRs. 0.88 croresŚĂƐďĞĞŶŬĞĚŝŶƚŚĞŬƐ ŽĨĂĐĐŽƵŶƚƐďĂƐĞĚŽŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘ Pension  dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐŝŵƉůĞŵĞŶƚĞĚ/ZKEĞĮŶĞĚŽŶƚƌŝďƵƟŽŶ^ƵƉĞƌĂŶŶƵĂƟŽŶWĞŶƐŝŽŶ^ĐŚĞŵĞ͕ϮϬϬϵǁ͘Ğ͘Ĩ͘ Ϭϭ͘Ϭϰ͘ϮϬϬϵ͕ĨŽƌĂůůƌĞŐƵůĂƌĞŵƉůŽLJĞĞƐĚƌĂǁŝŶŐƉĂLJŝŶ/ƐĐĂůĞǁŚŽǁŽƵůĚĐŽŵƉůĞƚĞϭϱLJĞĂƌƐŽĨƐĞƌǀŝĐĞŝŶƚŚĞ ŽŵƉĂŶLJ;ŝŶĐůƵĚŝŶŐƐĞƌǀŝĐĞŝŶŽƚŚĞƌW^ƐͿƵƉƚŽŶŽƌŵĂůƌĞƟƌĞŵĞŶƚĚĂƚĞ͘dŚĞƐĐŚĞŵĞŝƐŵĂŶĂŐĞĚďLJĂƐĞƉĂƌĂƚĞ dƌƵƐƚĨŽƌŵĞĚŝŶƚŚĞLJĞĂƌϮϬϭϱͲϭϲĨŽƌƚŚŝƐƉƵƌƉŽƐĞĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ/ŶĐŽŵĞdĂdžƵƚŚŽƌŝƟĞƐ͘,ŽůĚŝŶŐŽŵƉĂŶLJ͛Ɛ ƐŚĂƌĞŽĨĐŽŶƚƌŝďƵƟŽŶĂŵŽƵŶƟŶŐƚŽZƐ͘ϲ͘ϭϯĐƌŽƌĞĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵϬϭ͘Ϭϰ͘ϮϬϭϲƚŽϮϴ͘ϬϮ͘ϮϬϭϳŚĂƐďĞĞŶƉĂŝĚĂŶĚ ĂĐĐŽƵŶƚĞĚĨŽƌĚƵƌŝŶŐƚŚĞLJĞĂƌϮϬϭϲͲϭϳ͘>ŝĂďŝůŝƚLJĨŽƌƚŚĞŵŽŶƚŚŽĨDĂƌĐŚϮϬϭϳŽĨRs. 0.51 crores;ZƐ͘Ϭ͘ϱϬƌŽƌĞƐͿ ŚĂƐďĞĞŶƉƌŽǀŝĚĞĚŝŶƚŚĞŬƐŽĨĂĐĐŽƵŶƚƐ͘  WŽƐƚͲZĞƟƌĞŵĞŶƚDĞĚŝĐĂů&ĂĐŝůŝƚLJ;WZD&Ϳ dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂĚĞƐƚĂďůŝƐŚĞĚĂŶŝƌƌĞǀŽĐĂďůĞƚƌƵƐƚďLJŝŶŝƟĂůŽŶĞͲƟŵĞĐŽŶƚƌŝďƵƟŽŶŽĨZƐϭϮĐƌŽƌĞƐĚƵƌŝŶŐ ƚŚĞLJĞĂƌϮϬϬϬͲϬϭĨŽƌƉƌŽǀŝĚŝŶŐĂŶŶƵŝƚLJ͕ŵĞĚŝĐĂůĂŶĚŽƚŚĞƌďĞŶĞĮƚƐƚŽƚŚĞƐƉŽƵƐĞŽĨĞŵƉůŽLJĞĞƐǁŚŽĚŝĞŝŶŚĂƌŶĞƐƐ ĂƐĂůƐŽƚŚĞŵĞĚŝĐĂůďĞŶĞĮƚƐƚŽƚŚĞĞŵƉůŽLJĞĞƐ;ĂŶĚƐƉŽƵƐĞͿǁŚŽƐƵƉĞƌĂŶŶƵĂƚĞĨƌŽŵƚŚĞŽŵƉĂŶLJ͘dŚŝƐďĞŝŶŐ ĂǀŽůƵŶƚĂƌLJǁĞůĨĂƌĞŵĞĂƐƵƌĞ͕ƚŚĞŽŵƉĂŶLJŝƐŶŽƚůŝĂďůĞĨŽƌƉƌŽǀŝĚŝŶŐƐƵĐŚďĞŶĞĮƚƐƚŽŝƚƐĞŵƉůŽLJĞĞƐ͘,ŽǁĞǀĞƌ͕ ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐĂůƐŽŬĞƉƚƉƌŽǀŝƐŝŽŶof Rs. 8.32 crores;ZƐϰ͘ϮϬĐƌŽƌĞƐͿďĂƐĞĚŽŶƚŚĞĚĞĐŝƐŝŽŶŽĨŵĂŶĂŐĞŵĞŶƚ͘ Leave Encashment dŚĞůŝĂďŝůŝƚLJƚŽǁĂƌĚƐĞŶĐĂƐŚŵĞŶƚŽĨůĞĂǀĞĂƐƉĞƌƌƵůĞƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŝƐƌĞĐŽŐŶŝƐĞĚŽŶƚŚĞďĂƐŝƐŽĨĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶĞdžĐĞƉƚĨŽƌĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŝŶĨŽƌĞŝŐŶƉƌŽũĞĐƚƐ͘^ŝŶĐĞ͕ƚŚĞĨŽƌĞŝŐŶĂƐƐŝŐŶŵĞŶƚƐĂƌĞƚƌĞĂƚĞĚĂƐĚŝĞƐͲŶŽŶ͕ůŝĂďŝůŝƚLJ ĨŽƌƚŚŽƐĞĞŵƉůŽLJĞĞƐŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞŬƐŽŶĂĐĐƌƵĂůďĂƐŝƐĂƐƚŚĞĂŵŽƵŶƚŝƐƉĂLJĂďůĞƚŽĞŵƉůŽLJĞĞŽŶƌĞƉĂƚƌŝĂƟŽŶ͘ KƚŚĞƌZĞƟƌĞŵĞŶƚĞŶĞĮƚƐ KƚŚĞƌƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐŝŶĐůƵĚĞƐĞƩůĞŵĞŶƚĂƚŚŽŵĞͲƚŽǁŶŽƌƚŽƚŚĞƉůĂĐĞǁŚĞƌĞŚĞŽƌŚŝƐĨĂŵŝůLJŝŶƚĞŶĚƐƚŽƐĞƩůĞ ŝŶ/ŶĚŝĂŝŶĐůƵĚŝŶŐĂŐŐĂŐĞůůŽǁĂŶĐĞ͘dŚĞůŝĂďŝůŝƚLJŽŶƚŚŝƐĂĐĐŽƵŶƚŝƐƌĞĐŽŐŶŝnjĞĚŽŶƚŚĞďĂƐŝƐŽĨĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘ dŚĞƐƵŵŵĂƌŝƐĞĚƉŽƐŝƟŽŶŽĨǀĂƌŝŽƵƐĞŵƉůŽLJĞĞďĞŶĞĮƚƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐĂŶĚďĂůĂŶĐĞ ƐŚĞĞƚĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝƐĂƐƵŶĚĞƌ͗ ;ŝͿ ^ĞƌǀŝĐĞŽƐƚ (Rs. in Crore) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ 3.55 3.40 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ďͿ WĂƐƚ^ĞƌǀŝĐĞŽƐƚŝŶĐůƵĚŝŶŐ ------ĐƵƌƚĂŝůŵĞŶƚ'ĂŝŶƐͬ>ŽƐƐĞƐ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĐͿ 'ĂŝŶƐŽƌ>ŽƐƐĞƐŽŶEŽŶ ------ƌŽƵƟŶĞƐĞƩůĞŵĞŶƚƐ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ŝīĞƌĞŶĐĞŝŶ,W>ůĞĂǀĞĚĂLJƐ - ;Ϯϲ͘ϲϲͿ - - ďĂůĂŶĐĞŝŶKƉĞŶŝŶŐ - ;ͲͲͿ - - ĞͿ dŽƚĂů 3.55 (23.26) 0.01 2.63 (3.57) (4.69) (0.01) (2.49) ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ 280 | ANNUAL REPORT ϮϬϭϲͳϭϳ (ii) Net Interest Cost

^͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ No. Encashment* ĞŶĞĮƚƐ ĂͿ /ŶƚĞƌĞƐƚĐŽƐƚŽŶĞĮŶĞĚĞŶĞĮƚ 5.40 ϰ͘Ϭϳ 0.02 5.35 KďůŝŐĂƟŽŶ ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;ϰ͘ϭϭͿ ďͿ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞŽŶWůĂŶƐƐĞƚƐ 5.02 -- -- 4.45 ;džƉĞĐƚĞĚͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ϰ͘ϬϬͿ ĐͿ EĞƚ/ŶƚĞƌĞƐƚŽƐƚ;/ŶĐŽŵĞͿ 0.38 ϰ͘Ϭϳ 0.02 0.89 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;Ϭ͘ϴϲͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;ŝŝŝͿŚĂŶŐĞƐŝŶWƌĞƐĞŶƚĞŶĞĮƚKďůŝŐĂƟŽŶ

^͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ No. Encashment* ĞŶĞĮƚƐ ĂͿ WƌĞƐĞŶƚǀĂůƵĞŽĨŽďůŝŐĂƟŽŶĂƐ ϳϮ͘Ϭϲ 80.90 0.23 ϳϭ͘Ϯϳ ĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ ;ϲϲ͘ϯϭͿ ;ϳϵ͘ϵϬͿ ;Ϭ͘ϭϯͿ ;ϲϬ͘ϴϰͿ ďͿ ŝīĞƌĞŶĐĞŝŶ,W>ůĞĂǀĞĚĂLJƐ - ;Ϯϲ͘ϲϲͿ - - ďĂůĂŶĐĞŝŶKƉĞŶŝŶŐ - ;ͲͲͿ - - ĐͿ /ŶƚĞƌĞƐƚŽƐƚ 5.40 ϰ͘Ϭϳ 0.02 5.35 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;ϰ͘ϴϳͿ ĚͿ ^ĞƌǀŝĐĞŽƐƚ 3.55 3.40 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ĞͿ ĞŶĞĮƚƐWĂŝĚ ;ϱ͘ϱϲͿ ;ϰ͘ϵϬͿ ;Ϭ͘ϬϴͿ ;ϭ͘ϭϭͿ ;;ϰ͘ϲϱͿͿ ;;ϱ͘ϲϱͿͿ ;;Ϭ͘ϮϭͿͿ ;;ϭ͘ϳϯͿͿ ĨͿ dŽƚĂůĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶ ;ϰ͘ϱϳͿ ;Ϯ͘ϲϲͿ 0.16 3.82 KďůŝŐĂƟŽŶ ;ϭ͘ϱϰͿ ;;ϰ͘ϰϯͿͿ ;Ϭ͘ϯϬͿ ;ϰ͘ϴϬͿ ŐͿ WƌĞƐĞŶƚsĂůƵĞŽĨŽďůŝŐĂƟŽŶĂƐ ϳϬ͘ϴϵ 80.91 0.33 81.95 ĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ ;ϳϮ͘ϬϲͿ ;ϱϮ͘ϳϯͿ ;Ϭ͘ϮϯͿ ;ϳϭ͘ϮϳͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;ŝǀͿĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶKďůŝŐĂƟŽŶ

^͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ No. Encashment * ĞŶĞĮƚƐ ĂͿ ĐƚƵĂƌŝĂů;'ĂŝŶͿ>ŽƐƐŽŶĂƌŝƐŝŶŐ ------ĨƌŽŵĐŚĂŶŐĞŝŶĞŵŽŐƌĂƉŚŝĐ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ƐƐƵŵƉƟŽŶ ďͿ ĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶĂƌŝƐŝŶŐ ------ĨƌŽŵĐŚĂŶŐĞŝŶ&ŝŶĂŶĐŝĂů ;ϭ͘ϴϵͿ ;ϯ͘ϬϭͿ ;ͲͲͿ ;ϰ͘ϯϬͿ ƐƐƵŵƉƟŽŶ ĐͿ ĐƚƵĂƌŝĂů;'ĂŝŶͿ>ŽƐƐŽŶĂƌŝƐŝŶŐ ;ϰ͘ϱϳͿ ;Ϯ͘ϱϲͿ 0.16 3.82 ĨƌŽŵdžƉĞƌŝĞŶĐĞĚũƵƐƚŵĞŶƚ ;;Ϭ͘ϯϲͿͿ ;;ϳ͘ϰϰͿͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϰϭͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ281 ;ǀͿĐƚƵĂƌŝĂů;'ĂŝŶͿͬ>ŽƐƐŽŶWůĂŶƐƐĞƚ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave KƚŚĞƌZĞƟƌĞŵĞŶƚ LTC Encashment * ĞŶĞĮƚƐ ĂͿ džƉĞĐƚĞĚ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞ 5.02 -- -- 4.45 ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ϰ͘ϬϬͿ ďͿ ĐƚƵĂů/ŶĐŽŵĞŽŶWůĂŶƐƐĞƚ 5.56 -- -- 5.46 ;ϯ͘ϬϴͿ ;ͲͲͿ ;ͲͲͿ ;ϱ͘ϬϱͿ ĐͿ >/DŽƌƚĂůŝƚLJŚĂƌŐĞƐ ;Ϭ͘ϮϵͿ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ĐƚƵĂƌŝĂůŐĂŝŶ;ůŽƐƐͿĨŽƌƚŚĞ 0.24 -- -- 1.00 LJĞĂƌŽŶƐƐĞƚ ;ϯ͘ϬϴͿ ;ͲͲͿ ;ͲͲͿ ;ϭ͘ϬϱͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;ǀŝͿĂůĂŶĐĞ^ŚĞĞƚĂŶĚƌĞůĂƚĞĚĂŶĂůLJƐŝƐ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ WƌĞƐĞŶƚsĂůƵĞŽĨƚŚĞ ϳϬ͘ϴϵ 54.25 0.33 81.95 ŽďůŝŐĂƟŽŶĂƚĞŶĚ ;ϳϮ͘ϬϲͿ ;ϴϬ͘ϵϬͿ ;Ϭ͘ϮϯͿ ;ϳϭ͘ϮϳͿ ďͿ &ĂŝƌsĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ϳϭ͘ϳϳ -- -- ϲϳ͘ϭϭ ;ϲϲ͘ϵϲͿ ;ͲͲͿ ;ͲͲͿ ;ϱϵ͘ϯϴͿ ĐͿ hŶĨƵŶĚĞĚ>ŝĂďŝůŝƚLJͬ Ϭ͘ϴϳ ;ϱϰ͘ϮϱͿ ;Ϭ͘ϯϯͿ ;ϭϰ͘ϴϯͿ ƉƌŽǀŝƐŝŽŶŝŶĂůĂŶĐĞ^ŚĞĞƚ ;;ϱ͘ϭϭͿͿ ;;ϴϬ͘ϵϬͿͿ ;;Ϭ͘ϮϯͿͿ ;;ϭϭ͘ϴϵͿͿ ĚͿ hŶĨƵŶĚĞĚůŝĂďŝůŝƚLJ Ϭ͘ϴϳ ;ϱϰ͘ϮϱͿ ;Ϭ͘ϯϯͿ ;ϭϰ͘ϴϯͿ ƌĞĐŽŐŶŝnjĞĚŝŶĂůĂŶĐĞ^ŚĞĞƚ ;;ϱ͘ϭϭͿͿ ;;ϴϬ͘ϵϬͿͿ ;;Ϭ͘ϮϯͿͿ ;;ϭϭ͘ϴϵͿͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;ǀŝŝͿdŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ ^ĞƌǀŝĐĞŽƐƚ 3.55 ;Ϯϯ͘ϮϲͿ 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ďͿ EĞƚ/ŶƚĞƌĞƐƚŽƐƚ 0.38 ϰ͘Ϭϳ 0.02 0.89 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;Ϭ͘ϴϲͿ ĐͿ EĞƚĂĐƚƵĂƌŝĂů;ŐĂŝŶͿͬůŽƐƐ -- ;Ϯ͘ϱϲͿ -- -- ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƉĞƌŝŽĚ ;ͲͲͿ ;;ϰ͘ϰϯͿͿ ;ͲͲͿ ;ͲͲͿ ĚͿ džƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞ/ŶĐŽŵĞ 3.93 ;Ϯϭ͘ϳϱͿ 0.03 3.52 ^ƚĂƚĞŵĞŶƚ ;ϴ͘ϴϳͿ ;ϲ͘ϲϱͿ ;Ϭ͘ϬϮͿ ;ϯ͘ϯϲͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ (viii) Other Comprehensive Income (OCI) ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ EĞƚƵŵƵůĂƟǀĞƵŶƌĞĐŽŐŶŝnjĞĚ ------ĂĐƚƵĂƌŝĂůŐĂŝŶͬ;ůŽƐƐͿŽƉĞŶŝŶŐ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ďͿ ĐƚƵĂƌŝĂůŐĂŝŶͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌŽŶ ϰ͘ϱϳ -- ;Ϭ͘ϭϲͿ ;ϯ͘ϴϮͿ WK ;;ϭ͘ϱϰͿͿ ;ͲͲͿ ;;Ϭ͘ϯϬͿͿ ;;ϰ͘ϴϬͿͿ ĐͿ ĐƚƵĂƌŝĂůŐĂŝŶͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌ 0.24 -- -- 1.01 ŽŶƐƐĞƚ ;ϯ͘ϬϴͿ ;ͲͲͿ ;ͲͲͿ ;ϭ͘ϬϱͿ ĚͿ hŶƌĞĐŽŐŶŝnjĞĚĂĐƚƵĂƌŝĂůŐĂŝŶͬ;ůŽƐƐͿ 4.81 -- ;Ϭ͘ϭϲͿ ;Ϯ͘ϴϭͿΎΎ ĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ;ϭ͘ϱϰͿ ;ͲͲͿ ;;Ϭ͘ϯϬͿͿ ;;ϯ͘ϳϱͿͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ

282 | ANNUAL REPORT ϮϬϭϲͳϭϳ  ΎΎdŚĞƵŶƌĞĐŽŐŶŝnjĞĚĂĐƚƵĂƌŝĂůůŽƐƐ;K/ͿŽĨZƐ͘Ϯ͘ϴϭĐƌŽƌĞƐĐŽŶƐŝƐƟŶŐŽĨůŽƐƐŽĨZƐ͘Ϯ͘ϵϳĐƌŽƌĞƐŝŶƌĞƐƉĞĐƚŽĨůŝĂďŝůŝƚLJ ƚŽǁĂƌĚƐ WŽƐƚͲZĞƟƌĞŵĞŶƚ DĞĚŝĐĂů ĞŶĞĮƚƐ ;WZDͿ ĂŶĚ ŐĂŝŶ ŽĨ ZƐ͘ Ϭ͘ϭϲ ĐƌŽƌĞƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ůŝĂďŝůŝƚLJ ƚŽǁĂƌĚƐ ^ĞƩůĞŵĞŶƚĂůůŽǁĂŶĐĞ͘^ŝŶĐĞƚŚĞůŝĂďŝůŝƚLJŝŶƌĞƐƉĞĐƚŽĨWZDŚĂƐŶŽƚďĞĞŶƉƌŽǀŝĚĞĚĂƐƉĞƌĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶĂŶĚ ŚĂƐďĞĞŶƌĞƐƚƌŝĐƚĞĚĂƐƉĞƌWŐƵŝĚĞůŝŶĞƐ͕ƚŚĞƌĞĨŽƌĞ͕ƚŚĞK/ŝŶƌĞƐƉĞĐƚŽĨWZD͕ĂƐƉĞƌĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͕ŚĂƐŶŽƚ ďĞĞŶĐŽŶƐŝĚĞƌĞĚ͘͟ ;ŝdžͿŚĂŶŐĞŝŶƉůĂŶĂƐƐĞƚƐ

^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ &ĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐĂƚƚŚĞ 66.96 -- -- 59.38 ďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ ;ͲͲͿ ;ͲͲͿ ;ϱϬ͘ϬϱͿ ďͿ ĐƚƵĂů/ŶĐŽŵĞŽŶƉůĂŶĂƐƐĞƚƐ 5.56 -- -- 5.46 ;ϯ͘ϬϴͿ ;ͲͲͿ ;ϱ͘ϬϱͿ ĐͿ >/DŽƌƚĂůŝƚLJŚĂƌŐĞƐ ;Ϭ͘ϯϬͿ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ŵƉůŽLJĞƌĐŽŶƚƌŝďƵƟŽŶ 5.11 -- -- 3.38 ;ϲϲ͘ϯϭͿ ;ͲͲͿ ;ϱ͘ϵϳͿ ĞͿ ĞŶĞĮƚƐƉĂŝĚ ;ϱ͘ϱϲͿ -- -- ;ϭ͘ϭϬͿ ;;Ϯ͘ϰϯͿͿ ;ͲͲͿ ;;ϭ͘ϳϬͿͿ ĨͿ &ĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐĂƚƚŚĞ ϳϭ͘ϳϳ -- -- ϲϳ͘ϭϮ ĞŶĚŽĨƚŚĞƉĞƌŝŽĚ ;ϲϲ͘ϵϲͿ ;ͲͲͿ ;ϱϵ͘ϯϴͿ

 ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;džͿDĂũŽƌĐĂƚĞŐŽƌŝĞƐŽĨƉůĂŶĂƐƐĞƚƐ;ĂƐƉĞƌĐĞŶƚĂŐĞŽĨƚŽƚĂůƉůĂŶĂƐƐĞƚƐͿ

^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ 'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂ^ĞĐƵƌŝƟĞƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ďͿ ^ƚĂƚĞ'ŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƟĞƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĐͿ ,ŝŐŚYƵĂůŝƚLJŽƌƉŽƌĂƚĞŽŶĚƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĚͿ ƋƵŝƚLJ^ŚĂƌĞƐŽĨůŝƐƚĞĚĐŽŵƉĂŶŝĞƐ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĞͿ WƌŽƉĞƌƚLJ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ ĨͿ &ƵŶĚƐDĂŶĂŐĞĚďLJ/ŶƐƵƌĞƌ 100% -- -- 100% ;ϭϬϬйͿ ;ͲͲͿ 100% ŐͿ ĂŶŬĂůĂŶĐĞ ------;ͲͲͿ ;ͲͲͿ ;ͲͲͿ dŽƚĂů ϭϬϬй -- ϭϬϬй  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ283 ;džŝͿŚĂŶŐĞŝŶEĞƚĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ

^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ EĞƚĚĞĮŶĞĚďĞŶĞĮƚůŝĂďŝůŝƚLJĂƚ 5.11 80.90 0.23 11.89 ƚŚĞƐƚĂƌƚŽĨƚŚĞƉĞƌŝŽĚ ;ϲϲ͘ϯϭͿ ;ϳϵ͘ϵϬͿ ;Ϭ͘ϭϯͿ ;ϭϬ͘ϳϵͿ ďͿ ^ĞƌǀŝĐĞŽƐƚ 3.55 ;Ϯϯ͘ϮϲͿ 0.01 2.63 ;ϯ͘ϱϳͿ ;ϰ͘ϲϵͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϰϵͿ ĐͿ EĞƚ/ŶƚĞƌĞƐƚŽƐƚ;/ŶĐŽŵĞͿ 0.38 ϰ͘Ϭϳ 0.02 0.89 ;ϱ͘ϯϬͿ ;ϲ͘ϯϵͿ ;Ϭ͘ϬϭͿ ;Ϭ͘ϴϲͿ ĚͿ ZĞͲŵĞĂƐƵƌĞŵĞŶƚƐ ;ϰ͘ϴϭͿ ;Ϯ͘ϱϲͿ 0.16 2.81 ;;ϭ͘ϱϰͿͿ ;;ϰ͘ϰϯͿͿ ;Ϭ͘ϯϬͿ ;ϯ͘ϳϱͿ ĞͿ ŽŶƚƌŝďƵƟŽŶƉĂŝĚƚŽƚŚĞĨƵŶĚ ;ϱ͘ϭϭͿ -- -- ;ϯ͘ϯϴͿ ;;ϲϲ͘ϯϭͿͿ ;ͲͲͿ ;ͲͲͿ ;;ϱ͘ϵϳͿͿ ĨͿ ĞŶĞĮƚƉĂŝĚĚŝƌĞĐƚůLJďLJƚŚĞ -- ;ϰ͘ϵϬͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϬϮͿ ĞŶƚĞƌƉƌŝƐĞ ;Ϯ͘ϮϮͿ ;;ϱ͘ϲϱͿͿ ;;Ϭ͘ϮϭͿͿ ;;Ϭ͘ϬϯͿͿ

ŐͿ EĞƚĚĞĮŶĞĚďĞŶĞĮƚůŝĂďŝůŝƚLJĂƚ ;Ϭ͘ϴϳͿ 54.25 0.33 14.83 ƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ ;ϱ͘ϭϭͿ ;ϴϬ͘ϵϬͿ ;Ϭ͘ϮϯͿ ;ϭϭ͘ϴϵͿ

 ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;džŝŝͿŝĨƵƌĐĂƟŽŶŽĨWKĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌŝŶĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚ

^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment* ĞŶĞĮƚƐ ĂͿ ƵƌƌĞŶƚ>ŝĂďŝůŝƚLJ;ŵŽƵŶƚĚƵĞ ϳ͘ϯϭ 4.52 0.03 2.01 ǁŝƚŚŝŶŽŶĞLJĞĂƌͿ ;ϳ͘ϰϵͿ ;ϴ͘ϭϭͿ ;Ϭ͘ϬϯͿ ;ϭ͘ϭϱͿ ďͿ EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚLJ 63.58 ϰϵ͘ϳϯ 0.30 ϳϵ͘ϵϯ ;ŵŽƵŶƚĚƵĞŽǀĞƌŽŶĞzĞĂƌͿ ;ϲϰ͘ϱϳͿ ;ϳϮ͘ϳϵͿ ;Ϭ͘ϮϬͿ ;ϳϬ͘ϭϮͿ dŽƚĂůWKĂƚƚŚĞĞŶĚŽĨƚŚĞ ϳϬ͘ϴϴ 54.25 0.33 81.95 year ;ϳϮ͘ϬϲͿ ;ϴϬ͘ϵϬͿ ;Ϭ͘ϮϯͿ ;ϳϭ͘ϮϳͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;džŝŝŝͿdžƉĞĐƚĞĚĐŽŶƚƌŝďƵƟŽŶĨŽƌƚŚĞŶĞdžƚŶŶƵĂůƌĞƉŽƌƟŶŐƉĞƌŝŽĚ

^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC Other Encashment* ZĞƟƌĞŵĞŶƚ ĞŶĞĮƚƐ ĂͿ ^ĞƌǀŝĐĞŽƐƚ ϯ͘ϳϯ ϯ͘ϳϭ 0.02 2.82 ;ϯ͘ϰϮͿ ;ϰ͘ϵϯͿ ;Ϭ͘ϬϭͿ ;Ϯ͘ϲϵͿ ďͿ EĞƚŝŶƚĞƌĞƐƚŽƐƚ ;Ϭ͘ϬϳͿ ϰ͘Ϭϳ 0.03 4.39 ;Ϯ͘ϮϮͿ ;ϲ͘ϬϳͿ ;Ϭ͘ϬϭͿ ;ϰ͘ϮϬͿ ĐͿ EĞƚĂĐƚƵĂƌŝĂů;ŐĂŝŶͿͬůŽƐƐ -- 1.90 -- -- ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƉĞƌŝŽĚ ;ͲͲͿ ;Ϯ͘ϬϳͿ ;ͲͲͿ ;ͲͲͿ ĚͿ džƉĞĐƚĞĚdžƉĞŶƐĞĨŽƌƚŚĞŶĞdžƚ ϯ͘ϲϳ ϵ͘ϲϳ 0.05 ϳ͘ϮϮ ĂŶŶƵĂůƌĞƉŽƌƟŶŐƉĞƌŝŽĚ ;ϱ͘ϲϰͿ ;ϭϯ͘ϬϲͿ ;Ϭ͘ϬϮͿ ;ϲ͘ϴϵͿ  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ

284 | ANNUAL REPORT ϮϬϭϲͳϭϳ ;džŝǀͿ^ĞŶƐŝƟǀŝƚLJŶĂůLJƐŝƐŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ a) Impact of the change in discount rate ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment * ĞŶĞĮƚƐ WƌĞƐĞŶƚǀĂůƵĞŽĨŽďůŝŐĂƟŽŶ ϳϬ͘ϴϵ 54.25 0.33 ĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ 81.95 ŝͿ /ŵƉĂĐƚĚƵĞƚŽŝŶĐƌĞĂƐĞŽĨ ;ϭ͘ϳϬͿ ;Ϯ͘ϭϮͿ ;Ϭ͘ϬϭͿ ;ϱ͘ϴϬͿ 0.50% ŝŝͿ /ŵƉĂĐƚĚƵĞƚŽĚĞĐƌĞĂƐĞŽĨ ϭ͘ϳϱ 2.28 0.01 ϳ͘Ϯϱ 0.50% ďͿ /ŵƉĂĐƚŽĨƚŚĞĐŚĂŶŐĞŝŶƐĂůĂƌLJŝŶĐƌĞĂƐĞ ^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Gratuity Leave LTC KƚŚĞƌZĞƟƌĞŵĞŶƚ Encashment * ĞŶĞĮƚƐ WƌĞƐĞŶƚǀĂůƵĞŽĨŽďůŝŐĂƟŽŶ ϳϬ͘ϴϵ 54.25 -- -- ĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚ ŝͿ /ŵƉĂĐƚĚƵĞƚŽŝŶĐƌĞĂƐĞŽĨ ϭ͘ϳϰ 2.26 -- -- 0.50% ŝŝͿ /ŵƉĂĐƚĚƵĞƚŽĚĞĐƌĞĂƐĞŽĨ ;ϭ͘ϳϬͿ ;Ϯ͘ϭϮͿ -- -- 0.50%  ΎdžĐĞƉƚĞŵƉůŽLJĞĞƐƉŽƐƚĞĚŽŶ&ŽƌĞŝŐŶWƌŽũĞĐƚƐ ;WƌĞǀŝŽƵƐLJĞĂƌĮŐƵƌĞƐĂƌĞƐŚŽǁŶƵŶĚĞƌďƌĂĐŬĞƚ;ͿƚŽĚŝīĞƌĞŶƟĂƚĞĨƌŽŵĐƵƌƌĞŶƚLJĞĂƌĮŐƵƌĞƐ͘Ϳ ^ĞŶƐŝƟǀŝƚLJĚƵĞƚŽŵŽƌƚĂůŝƚLJΘǁŝƚŚĚƌĂǁĂůƐĂƌĞŶŽƚŵĂƚĞƌŝĂůΘŚĞŶĐĞŝŵƉĂĐƚŽĨĐŚĂŶŐĞŶŽƚĐĂůĐƵůĂƚĞĚ͘ ^ĞŶƐŝƟǀĞŶĞƐƐĂƐƚŽƌĂƚĞŽĨŝŶŇĂƟŽŶ͕ƌĂƚĞŽĨƉĞŶƐŝŽŶƐŝŶƉĂLJŵĞŶƚ͕ƌĂƚĞŽĨŝŶĐƌĞĂƐĞŽĨƉĞŶƐŝŽŶƐďĞĨŽƌĞƌĞƟƌĞŵĞŶƚΘ ůŝĨĞĞdžƉĞĐƚĂŶĐLJĂƌĞŶŽƚĂƉƉůŝĐĂďůĞďĞŝŶŐĂůƵŵƉƐƵŵďĞŶĞĮƚŽŶƌĞƟƌĞŵĞŶƚ͘ ;džǀͿĐƚƵĂƌŝĂůƐƐƵŵƉƟŽŶƐ Ă͘ DĞƚŚŽĚƵƐĞĚ WƌŽũĞĐƚĞĚhŶŝƚƌĞĚŝƚDĞƚŚŽĚ ď͘ ŝƐĐŽƵŶƚƌĂƚĞ ϳ͘ϱϬй Đ͘ ZĂƚĞŽĨŝŶĐƌĞĂƐĞŝŶĐŽŵƉĞŶƐĂƟŽŶůĞǀĞůƐ ϴ͘ϬϬй Ě͘ ǀĞƌĂŐĞŽƵƚƐƚĂŶĚŝŶŐƐĞƌǀŝĐĞŽĨĞŵƉůŽLJĞĞƐƵƉƚŽƌĞƟƌĞŵĞŶƚ ϭϮ͘ϭϵƚŽϭϮ͘ϮϯLJĞĂƌƐ Ğ͘ ƐƟŵĂƚĞĚƚĞƌŵŽĨďĞŶĞĮƚŽďůŝŐĂƟŽŶƐ ϭϬ͘ϬϱƚŽϭϬ͘ϭϰLJĞĂƌƐ ϰϱ͘ŝƐĐůŽƐƵƌĞƵŶĚĞƌ/ŶĚ^ͲϭϭŽŶZĞǀĞŶƵĞĨƌŽŵĐŽŶƚƌĂĐƚƐĨŽƌĐŽŶƚƌĂĐƚƐŝŶƉƌŽŐƌĞƐƐΎ Ă͘ DĞƚŚŽĚhƐĞĚƚŽĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚZĞǀĞŶƵĞ͗ͲWĞƌĐĞŶƚĂŐĞŽĨĐŽŵƉůĞƟŽŶ͘ ď͘ DĞƚŚŽĚhƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞ^ƚĂŐĞŽĨĐŽŵƉůĞƟŽŶŽĨŽŶƚƌĂĐƚŝŶƉƌŽŐƌĞƐƐ͗ͲWƌŽƉŽƌƟŽŶŽĨĐŽƐƚŝŶĐƵƌƌĞĚŽĨǁŽƌŬ ĐĞƌƟĮĞĚƵƉƚŽƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞƚŽƚŚĞƚŽƚĂůĞƐƟŵĂƚĞĚĐŽƐƚŽĨƚŚĞĐŽŶƚƌĂĐƚ͘ Đ͘ KƚŚĞƌĚĞƚĂŝůƐ͗ (Rs in Crores) ĞƚĂŝůƐ Up to Up to 31 March 2017 31 March 2016 ;ĂͿ ŽŶƚƌĂĐƚƌĞǀĞŶƵĞƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞŝŶƚŚĞƉĞƌŝŽĚ ϮϳϵϮ͘ϰϲ 2829.56 ;ďͿ ŐŐƌĞŐĂƚĞ ĂŵŽƵŶƚ ŽĨ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ĂŶĚ ƌĞĐŽŐŶŝnjĞĚ ϭϮϵϲϳ͘ϰϭ ϭϵϱϰϳ͘ϵϭ ƉƌŽĮƚƐ;ůĞƐƐƌĞĐŽŐŶŝnjĞĚůŽƐƐĞƐͿ ;ĐͿ ŵŽƵŶƚŽĨĂĚǀĂŶĐĞƐƌĞĐĞŝǀĞĚĨƌŽŵĐůŝĞŶƚ 3288.64 ϴϯϳ͘ϴϱ ;ĚͿ ŵŽƵŶƚŽĨƌĞƚĞŶƟŽŶƐ;ďLJĐůŝĞŶƚͿ 50.05 99.63 ;ĞͿ 'ƌŽƐƐĂŵŽƵŶƚĚƵĞĨƌŽŵĐůŝĞŶƚƐĨŽƌĐŽŶƚƌĂĐƚǁŽƌŬ 305.65 ϰϳϵ͘ϭϯ ΎĞdžĐůƵĚŝŶŐƉƌŽũĞĐƚƐĐŽŵƉůĞƚĞĚƵƉƚŽϯϭ͘Ϭϯ͘ϮϬϭϳ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ285 46͘dŚĞ'ƌŽƵƉŚĂƐŶŽƚƌĞĐĞŝǀĞĚĂŶLJŝŶĨŽƌŵĂƟŽŶĨƌŽŵĂŶLJŽĨŝƚƐƐƵƉƉůŝĞƌƐŽĨƚŚĞŝƌďĞŝŶŐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞDŝĐƌŽ͕^ŵĂůů ĂŶĚDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐĞǀĞůŽƉŵĞŶƚĐƚ͕ϮϬϬϲ;D^DĐƚͿ͘ĂƐĞĚŽŶƚŚŝƐŝŶĨŽƌŵĂƟŽŶ͕ƚŚĞƌĞĂƌĞŶŽĂŵŽƵŶƚƐ ĚƵĞƚŽDŝĐƌŽ͕^ŵĂůůĂŶĚDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϳ͘ 47͘;ŝͿ 'ƌŽƐƐĂŵŽƵŶƚƌĞƋƵŝƌĞĚƚŽďĞƐƉĞŶƚŽŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ;^ZͿďLJƚŚĞ'ƌŽƵƉĚƵƌŝŶŐƚŚĞLJĞĂƌŝƐRs. 6.87 crores;ZƐ͘ϲ͘ϭϯĐƌŽƌĞƐͿ͘  ;ŝŝͿ ƵƌŝŶŐƚŚĞLJĞĂƌ͕'ƌŽƵƉŚĂƐƐƉĞŶƚRs 5.92 crores (Rs 6.25 ĐƌŽƌĞƐͿĂƐĂŐĂŝŶƐƚƌĞƋƵŝƌĞĚĂŵŽƵŶƚŽĨRs. 6.87 crores (Rs ϲ͘ϭϯĐƌŽƌĞƐͿŽŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ;^ZͿĂĐƟǀŝƟĞƐ͘ƌĞĂŬƵƉŽĨĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚŝƐĂƐĨŽůůŽǁƐ͖ (Rs in Crores) ^ƌ͘EŽ͘ ĞƐĐƌŝƉƟŽŶ 2016-17 2015-16 1. ƌĂĚŝĐĂƟŶŐ ŚƵŶŐĞƌ͕ ƉŽǀĞƌƚLJ Θ ŵĂůŶƵƚƌŝƟŽŶ͕ ƉƌŽŵŽƟŶŐ 1.45 4.90 ƉƌĞǀĞŶƟǀĞ ŚĞĂůƚŚĐĂƌĞ Θ ƐĂŶŝƚĂƟŽŶ Θ ŵĂŬŝŶŐ ĂǀĂŝůĂďůĞ ƐĂĨĞĚƌŝŶŬŝŶŐǁĂƚĞƌ 2. WƌŽŵŽƟŶŐ ĚƵĐĂƟŽŶ͕ ŝŶĐůƵĚŝŶŐ ƐƉĞĐŝĂů ĞĚƵĐĂƟŽŶ ĂŶĚ 0.84 0.94 ĞŵƉůŽLJŵĞŶƚ ĞŶŚĂŶĐŝŶŐ ǀŽĐĂƟŽŶ ƐŬŝůůƐ ĞƐƉĞĐŝĂůůLJ ĂŵŽŶŐ ĐŚŝůĚƌĞŶ͘ 3. ^ĞƫŶŐ ƵƉ ŚŽŵĞƐ ĂŶĚ ŚŽƐƚĞůƐ ĨŽƌ ǁŽŵĞŶ ĂŶĚ ŽƌƉŚĂŶƐ͕ 00.18 ^ĞƫŶŐƵƉŽůĚĂŐĞŚŽŵĞƐ͕ĚĂLJĐĂƌĞĐĞŶƚƌĞƐĂŶĚƐƵĐŚŽƚŚĞƌ ĨĂĐŝůŝƟĞƐĨŽƌƐĞŶŝŽƌĐŝƟnjĞŶƐ͘ 4. ŶƐƵƌŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůƐƵƐƚĂŝŶĂďŝůŝƚLJ 3.18 0.05 5. ZƵƌĂůĞǀĞůŽƉŵĞŶƚWƌŽũĞĐƚƐ 0.46 0.18 TOTAL 5.92 6.25 ;ŝŝŝͿŵŽƵŶƚƐƉĞŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ (Rs in Crores) ^ƌ͘EŽ͘ ĞƐĐƌŝƉƟŽŶ In Cash zĞƚƚŽďĞƉĂŝĚŝŶ dŽƚĂů cash 1. ŽŶƐƚƌƵĐƟŽŶͬĂĐƋƵŝƐŝƟŽŶŽĨĂƐƐĞƚ ϭ͘Ϭϳ - ϭ͘Ϭϳ 2. KƚŚĞƌƉƵƌƉŽƐĞƐ 4.85 - 4.85  ΎƐƐĞƚƐƉƵƌĐŚĂƐĞĚĂŶĚŚĂŶĚĞĚŽǀĞƌƚŽƌĞƐƉĞĐƟǀĞŽƌŐĂŶŝƐĂƟŽŶĂŶĚĂƌĞŶŽƚďĞŝŶŐŚĞůĚďLJƚŚĞŽŵƉĂŶLJ͘ ;ŝǀͿ^ZĞdžƉ͘LJĞƚƚŽďĞŝŶĐƵƌƌĞĚŝƐZƐ͘Ϭ͘ϵϱĐƌŽƌĞƐ͘ ϰϴ͘ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;W^Ϳ  ĂƐŝĐW^ĂŵŽƵŶƚƐĂƌĞĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƚŚĞƉƌŽĮƚĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞƉĂƌĞŶƚďLJ ƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚLJƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ (Rs in Crores) WĂƌƟĐƵůĂƌƐ 31st March, 2017 31st March, 2016 ĂƐŝĐW^ &ƌŽŵŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ 38.81 42.32 &ƌŽŵŝƐĐŽŶƟŶƵĞĚŽƉĞƌĂƟŽŶ -- ŝůƵƚĞĚW^Ύ 38.81 42.32 ΎŝůƵƚĞĚW^ĂŵŽƵŶƚƐĂƌĞĂůƐŽƐĂŵĞĂƐďĂƐŝĐW^ďĞĐĂƵƐĞĐŽŵƉĂŶLJŚĂƐŶŽĚŝůƵƟǀĞƉŽƚĞŶƟĂůƋƵŝƚLJƐŚĂƌĞƐ͘

286 | ANNUAL REPORT ϮϬϭϲͳϭϳ dŚĞĨŽůůŽǁŝŶŐƌĞŇĞĐƚƐƚŚĞŝŶĐŽŵĞĂŶĚƐŚĂƌĞĚĂƚĂƵƐĞĚŝŶƚŚĞďĂƐŝĐW^ĐŽŵƉƵƚĂƟŽŶƐ͗Ͳ (Rs. in crores) WĂƌƟĐƵůĂƌƐ 31st March, 2017 31st March, 2016 WƌŽĮƚĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞĐŽŵƉĂŶLJƵƐĞĚŝŶ ĐĂůĐƵůĂƟŶŐW^͗ &ƌŽŵŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ 384.19 418.84 &ƌŽŵŝƐĐŽŶƟŶƵĞĚŽƉĞƌĂƟŽŶ -- WƌŽĮƚĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐĨŽƌĂƐŝĐĂƌŶŝŶŐƐWĞƌ 384.19 418.84 ^ŚĂƌĞ dŚĞĨŽůůŽǁŝŶŐƌĞŇĞĐƚƐƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐƵƐĞĚŝŶĐĂůĐƵůĂƟŶŐďĂƐŝĐW^ ;EƵŵďĞƌƐŽĨ^ŚĂƌĞƐͿ WĂƌƟĐƵůĂƌƐ 31st March, 2017 31st March, 2016 tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚLJƐŚĂƌĞƐĨŽƌďĂƐŝĐW^Ύ 98980000 ϭϵϳϵϲϬϬϬ īĞĐƚŽĨĚŝůƵƟŽŶ͗ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚLJƐŚĂƌĞƐĂĚũƵƐƚĞĚĨŽƌƚŚĞ ĞīĞĐƚŽĨĚŝůƵƟŽŶΎ 98980000 ϭϵϳϵϲϬϬϬ ΎdŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞīĞĐƚŽĨĐŚĂŶŐĞƐŝŶƚƌĞĂƐƵƌLJ ƐŚĂƌĞƚƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘dŚĞƌĞŚĂǀĞďĞĞŶŶŽŽƚŚĞƌƚƌĂŶƐĂĐƟŽŶƐŝŶǀŽůǀŝŶŐƋƵŝƚLJƐŚĂƌĞƐŽƌƉŽƚĞŶƟĂů ƋƵŝƚLJƐŚĂƌĞƐďĞƚǁĞĞŶƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞĂŶĚƚŚĞĚĂƚĞŽĨĂƵƚŚŽƌŝnjĂƟŽŶŽĨƚŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ 49͘ ĞƚĂŝůƐ ŽĨ ^ƉĞĐŝĮĞĚ ĂŶŬ EŽƚĞƐ ;^EͿ ŚĞůĚ ĂŶĚ ƚƌĂŶƐĂĐƚĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ ϴƚŚ EŽǀĞŵďĞƌ ϮϬϭϲ ƚŽ ϯϬƚŚ ĞĐĞŵďĞƌϮϬϭϲ͘ (Rs in Crores) WĂƌƟĐƵůĂƌƐ ^EƐ KƚŚĞƌĞŶŽŵŝŶĂƟŽŶ dŽƚĂů Notes ůŽƐŝŶŐĐĂƐŚŝŶŚĂŶĚĂƐŽŶϬϴ͘ϭϭ͘ϮϬϭϲ 0.0810 0.0190 0.1000 ;нͿWĞƌŵŝƩĞĚƌĞĐĞŝƉƚƐ Ϭ͘ϬϬϭϰΎ 0.4160 Ϭ͘ϰϭϳϰ ;ͲͿWĞƌŵŝƩĞĚWĂLJŵĞŶƚƐ - 0.3550 0.3550 ;ͲͿŵŽƵŶƚĚĞƉŽƐŝƚĞĚŝŶĂŶŬƐ 0.0824 0.0020 0.0844 ůŽƐŝŶŐĐĂƐŚŝŶŚĂŶĚĂƐŽŶϯϬ͘ϭϮ͘ϮϬϭϲ - Ϭ͘ϬϳϴϬ Ϭ͘ϬϳϴϬ  Ύ^ƚĂīŝŵƉƌĞƐƚƌĞƚƵƌŶĞĚĂŌĞƌĚĞŵŽŶĞƟƐĂƟŽŶ͘ ϱϬ͘^ĞƌǀŝĐĞŽŶĐĞƐƐŝŽŶƌƌĂŶŐĞŵĞŶƚƐ;^Ϳ  WƵďůŝĐ ƚŽ ƉƌŝǀĂƚĞ ƐĞƌǀŝĐĞ ĐŽŶĐĞƐƐŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚƐ ĂƌĞ ƌĞĐŽƌĚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƉƉĞŶĚŝdž ͟͞Ͳ ^ĞƌǀŝĐĞ ŽŶĐĞƐƐŝŽŶƌƌĂŶŐĞŵĞŶƚƐ;/ŶĚ^ͲϭϭͿ͘ƉƉĞŶĚŝdž͟͞ŝƐĂƉƉůŝĐĂďůĞŝĨ͗ ĂͿ dŚĞ'ƌĂŶƚŽƌĐŽŶƚƌŽůƐŽƌƌĞŐƵůĂƚĞƐǁŚŝĐŚƐĞƌǀŝĐĞƐƚŚĞŽƉĞƌĂƚŽƌƐŚŽƵůĚƉƌŽǀŝĚĞǁŝƚŚƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ƚŽǁŚŽŵ ŝƚŵƵƐƚƉƌŽǀŝĚĞƚŚĞŵ͕ĂŶĚĂƚǁŚĂƚƉƌŝĐĞ͖ĂŶĚ ď dŚĞŐƌĂŶƚŽƌĐŽŶƚƌŽůƐͲƚŚƌŽƵŐŚŽǁŶĞƌƐŚŝƉ͕ďĞŶĞĮĐŝĂůĞŶƟƚůĞŵĞŶƚ͕ŽƌŽƚŚĞƌǁŝƐĞͲĂŶLJƐŝŐŶŝĮĐĂŶƚƌĞƐŝĚƵĂůŝŶƚĞƌĞƐƚ ŝŶƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚƚŚĞĞŶĚŽĨƚŚĞƚĞƌŵŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘  /ĨďŽƚŚŽĨƚŚĞĂďŽǀĞĐŽŶĚŝƟŽŶƐĂƌĞŵĞƚƐŝŵƵůƚĂŶĞŽƵƐůLJ͕ĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚŝƐƌĞĐŽŐŶŝnjĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞ ŽƉĞƌĂƚŽƌƌĞĐĞŝǀĞƐƚŚĞƌŝŐŚƚƚŽĐŚĂƌŐĞƵƐĞƌƐŽĨƚŚĞƉƵďůŝĐƐĞƌǀŝĐĞ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞƐĞĐŚĂƌŐĞƐĂƌĞĐŽŶĚŝƟŽŶĂů ŽŶƚŚĞĚĞŐƌĞĞƚŽǁŚŝĐŚƚŚĞƐĞƌǀŝĐĞŝƐƵƐĞĚ͘  dŚĞƐĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞŝŶŝƟĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĐŽƐƚ͕ǁŚŝĐŚŝƐƵŶĚĞƌƐƚŽŽĚĂƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞĚƉůƵƐŽƚŚĞƌĚŝƌĞĐƚĐŽƐƚƐĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞƚŽƚŚĞŽƉĞƌĂƟŽŶ͘dŚĞLJĂƌĞƚŚĞŶĂŵŽƌƟnjĞĚŽǀĞƌƚŚĞƚĞƌŵ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ287 ŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶ͘  'ƌŽƵƉŚĂƐĞŶƚĞƌĞĚŝŶƚŽƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚEĂƟŽŶĂů,ŝŐŚǁĂLJƵƚŚŽƌŝƚLJŽĨ/ŶĚŝĂ;E,/ͿĨŽƌ ĨŽƵƌůĂŶŝŶŐŽĨ^ŚŝǀƉƵƌŝ'ƵŶĂ^ĞĐƟŽŶĂŶĚĨŽƌĨŽƵƌůĂŶŝŶŐŽĨWŚĂůŽĚŝŝŬĂŶĞƌ^ĞĐƟŽŶŝŶƚĞƌŵƐŽĨǁŚŝĐŚE,/ ;ƚŚĞ ŐƌĂŶƚŽƌͿ ŚĂƐ ĂƵƚŚŽƌŝnjĞĚ ƚŚĞ ŐƌŽƵƉ ƚŽ ĚĞǀĞůŽƉ͕ ĮŶĂŶĐĞ͕ ĚĞƐŝŐŶ͕ ĞŶŐŝŶĞĞƌ͕ ƉƌŽĐƵƌĞ͕ ĐŽŶƐƚƌƵĐƚ͕ ŽƉĞƌĂƚĞ ĂŶĚŵĂŝŶƚĂŝŶƚŚĞWƌŽũĞĐƚƐĂŶĚƚŽĞdžĞƌĐŝƐĞĂŶĚͬŽƌĞŶũŽLJƚŚĞƌŝŐŚƚƐ͕ƉŽǁĞƌƐ͕ďĞŶĞĮƚƐ͕ƉƌŝǀŝůĞŐĞƐĂƵƚŚŽƌŝnjĂƟŽŶƐ ĂŶĚĞŶƟƚůĞŵĞŶƚƐƵƉŽŶŝƚƐĐŽŵƉůĞƟŽŶ͘/ŶƚĞƌŵƐŽĨƚŚĞƐĂŝĚĂŐƌĞĞŵĞŶƚŐƌŽƵƉŚĂƐĂŶŽďůŝŐĂƟŽŶƚŽĐŽŵƉůĞƚĞ ĐŽŶƐƚƌƵĐƟŽŶŽĨƚŚĞƉƌŽũĞĐƚƐŽĨĨŽƵƌůĂŶŝŶŐŽĨ^ŚŝǀƉƵƌŝ'ƵŶĂƐĞĐƟŽŶĂŶĚĨŽƵƌůĂŶŝŶŐŽĨWŚĂůŽĚŝŝŬĂŶĞƌ^ĞĐƟŽŶ ĂŶĚ ƚŽ ŬĞĞƉ ƚŚĞ ƉƌŽũĞĐƚ ĂƐƐĞƚƐ ŝŶ ƉƌŽƉĞƌ ǁŽƌŬŝŶŐ ĐŽŶĚŝƟŽŶ ŝŶĐůƵĚŝŶŐ Ăůů ƉƌŽũĞĐƚƐ ĂƐƐĞƚƐ ǁŚŽƐĞ ůŝǀĞƐ ŚĂǀĞ ĞdžƉŝƌĞĚ͘  dŚĞŽŶĐĞƐƐŝŽŶƉĞƌŝŽĚƐŚĂůůďĞϮϬLJĞĂƌƐĨŽƌ^ŚŝǀƉƵƌŝ'ƵŶĂƉƌŽũĞĐƚĂŶĚϮϲLJĞĂƌƐĨŽƌWŚĂůŽĚŝŝŬĂŶĞƌƉƌŽũĞĐƚ ĐŽŵŵĞŶĐŝŶŐĨƌŽŵƚŚĞĂƉƉŽŝŶƚŵĞŶƚĚĂƚĞ͘ƚƚŚĞĞŶĚŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶƉĞƌŝŽĚ͕ƚŚĞĂƐƐĞƚƐǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚ ďĂĐŬƚŽEĂƟŽŶĂů,ŝŐŚǁĂLJƵƚŚŽƌŝƚLJŽĨ/ŶĚŝĂ;E,/Ϳ͘  /ŶĐĂƐĞŽĨŵĂƚĞƌŝĂůďƌĞĂĐŚŝŶƚĞƌŵƐŽĨĂŐƌĞĞŵĞŶƚƚŚĞE,/ĂŶĚŐƌŽƵƉŚĂǀĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚĞĂŐƌĞĞŵĞŶƚŝĨ ƚŚĞLJĂƌĞŶŽƚĂďůĞƚŽĐƵƌĞƚŚĞĞǀĞŶƚŽĨĚĞĨĂƵůƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐƵĐŚĂŐƌĞĞŵĞŶƚ͘  'ƌŽƵƉŚĂƐƌĞĐŽŐŶŝnjĞĚƌĞǀĞŶƵĞŽĨRs. 472.29 crores;ZƐ͘ϱϰ͘ϲϮĐƌŽƌĞƐͿŽŶĐŽŶƐƚƌƵĐƟŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ƵŶĚĞƌƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂŐƌĞĞŵĞŶƚ͘'ƌŽƵƉŚĂƐƌĞĐŽŐŶŝnjĞĚRs. 16.32 crores ;ZƐ͘ϭ͘ϵϰĐƌŽƌĞƐͿĂƐƉƌŽĮƚŽŶ ĐŽŶƐƚƌƵĐƟŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂƌƌĂŶŐĞŵĞŶƚ͘dŚĞƌĞǀĞŶƵĞƌĞĐŽŐŶŝnjĞĚŝŶƌĞůĂƟŽŶƚŽ ĐŽŶƐƚƌƵĐƟŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂƌƌĂŶŐĞŵĞŶƚƌĞƉƌĞƐĞŶƚƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚƚŽǁĂƌĚƐĐŽŶƐƚƌƵĐƟŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶĂƌƌĂŶŐĞŵĞŶƚ͘dŚĞŐƌŽƵƉŚĂƐŶŽƚ ƌĞĐŽŐŶŝƐĞĚĂŶLJƌĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶŽĨƚŽůůƌŽĂĚƐƐŝŶĐĞƚŚĞĐŽŶƐƚƌƵĐƟŽŶŝƐŝŶƉƌŽĐĞƐƐ͘dŚĞƌĞǀĞŶƵĞƐŚĂůůďĞ ŬĞĚŽŶĐĞƚŚĞŽƉĞƌĂƟŽŶŽĨůŝŶĞŝƐĐŽŵŵĞŶĐĞĚ͘ 51͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐĐŚĂŶŐĞĚŝƚƐĂĐĐŽƵŶƟŶŐƉŽůŝĐLJƌĞůĂƟŶŐƚŽƚƌĞĂƚŵĞŶƚŽĨĐŽƐƚŽĨDŽďŝůĞ WŚŽŶĞƐƉƌŽǀŝĚĞĚƚŽĞŵƉůŽLJĞĞƐ͘ƵĞƚŽƚŚŝƐĐŚĂŶŐĞ͕ĞdžƉĞŶƐĞƐĨŽƌƚŚĞLJĞĂƌŝƐŚŝŐŚĞƌďLJZƐ͘Ϭ͘ϭϬĂŶĚWdĨŽƌƚŚĞLJĞĂƌ ŝƐůŽǁĞƌďLJZƐ͘Ϭ͘ϭϬ͘ 52͘dŚĞŽŵƉĂŶLJŚĂƐĞŶŐĂŐĞĚĂŐĞŶƚƐͬĐŽŶƐƵůƚĂŶƚƐƚŽƐĞĐƵƌĞĐŽŶƚƌĂĐƚƐĂŶĚƉƌŽǀŝĚĞŽƚŚĞƌƐĞƌǀŝĐĞƐĨŽƌĨŽƌĞŝŐŶƉƌŽũĞĐƚƐ͕ ďĞŝŶŐŝŵƉůĞŵĞŶƚĞĚŝŶƚŚƌĞĞĐŽƵŶƚƌŝĞƐ͘WĞŶĚŝŶŐĂƐƐĞƐƐŵĞŶƚŽĨƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJƚŚĞĂŐĞŶƚͬĐŽŶƐƵůƚĂŶƚƐ͕ƚŚĞ ĐŽŵƉĂŶLJ ŚĂƐ ŶŽƚ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĞdžƉĞŶƐĞƐ ĂŐŐƌĞŐĂƟŶŐ ƚŽ ZƐ͘ ϯ͘ϴϬ ĐƌŽƌĞƐ͕ ĐŽŵƉƌŝƐŝŶŐ ŽĨ Rs. 1.36 Crore ĚƵƌŝŶŐ ĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϲͲϭϳ;ƉƌĞǀŝŽƵƐLJĞĂƌZƐ͘Ϯ͘ϰϰƌŽƌĞͿ͘ 53./ŶŽŶĞŽĨƚŚĞƉƌŽũĞĐƚƐƵŶĚĞƌWĂƚŶĂƌĞŐŝŽŶ͕ŵĂŶĂŐĞŵĞŶƚŚĂĚƌĞŵŝƩĞĚĚƵĞƐƌĞĐŽǀĞƌĞĚͬƌĞĐŽǀĞƌĂďůĞĂƐƐƵƉĞƌǀŝƐŝŽŶ ĐŚĂƌŐĞƐ ŽŶ ƵŶƌĞƚƵƌŶĞĚ ƐƚĞĞů ĂŵŽƵŶƟŶŐ ƚŽ ZƐ͘ Ϯ͘ϱϭ ĐƌŽƌĞƐ Ăƚ ƌĞĚƵĐĞĚ ƌĂƚĞ ŽĨ ϭй ŝŶƐƚĞĂĚ ŽĨ ϭϰ͘ϱй ĂƐ ƉĞƌ ƚŚĞ ĂƉƉƌŽǀĂůŽĨŵĂŶĂŐĞŵĞŶƚ͘&ƵƌƚŚĞƌ͕>ŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐ;>ͿĂŵŽƵŶƟŶŐƚŽZƐ͘ϰ͘ϰϴĐƌŽƌĞƐǁĞƌĞǁĂŝǀĞĚĂŶĚƚŚĞ ĞƐĐĂůĂƟŽŶĐůĂŝŵƐĂŵŽƵŶƟŶŐƚŽZƐ͘ϯ͘ϱϮĐƌŽƌĞƐǁĞƌĞƵŶĨƌĞĞnjĞĚƚŽƚŚĞĐŽŶƚƌĂĐƚŽƌ͘DĂŶĂŐĞŵĞŶƚŝƐŽĨƚŚĞǀŝĞǁƚŚĂƚ ƚŚŝƐŝƐĂƐƉĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐŽŶƚƌĂĐƚ͕ĂƐĂƉƉƌŽǀĞĚďLJƚŚĞĐŽŵƉĞƚĞŶƚĂƵƚŚŽƌŝƚLJŽŶƚŚĞŵĞƌŝƚŽĨƚŚĞĐĂƐĞ͘ ĞƚĂŝůƐĂƌĞĂƐƵŶĚĞƌ͗

^͘EŽ͘ WĂƌƟĐƵůĂƌƐ Rs. in crores 1. ^ƵƉĞƌǀŝƐŝŽŶĐŚĂƌŐĞƐ 2.51 2. >ŝƋƵŝĚĂƚĞĚĐŚĂƌŐĞƐ 4.48 3. KƚŚĞƌĐŚĂƌŐĞƐ 0.16 4. hŶĨƌĞĞnjĞĞƐĐĂůĂƟŽŶĐůĂŝŵƐ 3.52

288 | ANNUAL REPORT ϮϬϭϲͳϭϳ 54. &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞ ĂͿ͘dŚĞŚŽůĚŝŶŐĐŽŵƉĂŶLJŚĂƐŝƐƐƵĞĚĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞ;ƵŶĚĞƌƚĂŬŝŶŐͿƚŽWƵŶũĂďEĂƟŽŶĂůĂŶŬŽŶďĞŚĂůĨŽĨĂŶĚŝŶ ƌĞƐƉĞĐƚŽĨƚĞƌŵůŽĂŶĨĂĐŝůŝƚLJĂǀĂŝůĞĚďLJŝƚƐ:ŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶLJ͕/ƌĐŽŶ^ŽŵĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ͕ƚŽ ŵĂŬĞŐŽŽĚϱϬйŽĨƚŽƚĂůƐŚŽƌƞĂůůŝŶƚŚĞĚƵĞƐ͕ŝĨĂŶLJ͕ŝŶƚŚĞĞǀĞŶƚŽĨƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶĂŐƌĞĞŵĞŶƚ͘ >ŽĂŶŽƵƚƐƚĂŶĚŝŶŐĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝƐRs. 63.07 crores;ZƐ͘ϭϭϯ͘ϭϱĐƌŽƌĞƐͿ͘ƐƉĞƌĐŽŶĐĞƐƐŝŽŶĂŐƌĞĞŵĞŶƚ͕ŝŶ ĐĂƐĞŽĨƚĞƌŵŝŶĂƟŽŶĨŽƌƌĞĂƐŽŶƐĂƩƌŝďƵƚĂďůĞƚŽ/^dW>͕ƚŚĞŚŽůĚŝŶŐĐŽŵƉĂŶLJǁŝůůďĞĐĂůůĞĚƵƉŽŶƚŽŵĞĞƚŽŶůLJ ϭϬйŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐůŽĂŶĂŵŽƵŶƚǁŚŝĐŚĂƐŽŶϯϭ͘Ϭϯ͘ϮϬϭϳŝƐRs. 6.31 crores;ZƐ͘ϭϭ͘ϯϮĐƌŽƌĞƐͿ͘ ďͿ dŚĞ ŐƌŽƵƉ ƵƐĞƐ ƚŚĞ ƐĂŵĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ůŝŬĞ ƚƌĂŶƐĂĐƟŽŶƐ Θ ĞǀĞŶƚƐŝŶƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐĞdžĐĞƉƚŝŶĐĂƐĞŽĨ/^dW>͕ǁŚĞƌĞƚŚĞƐĂŝĚ:sŽŵƉĂŶLJĚŝĚŶŽƚĂƉƉůLJƚŚĞĮŶĂŶĐŝĂů ŐƵĂƌĂŶƚĞĞƉŽůŝĐLJĂƐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ^ͲϭϬϵ͘  ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂĚũƵƐƚŵĞŶƚŚĂƐďĞĞŶŵĂĚĞŝŶĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚĨŽůůŽǁŝŶŐ ĂŵŽƵŶƚƐŚĂƐŶŽƚĐŽŶƐŝĚĞƌĞĚ͗  /ŶǀĞƐƚŵĞŶƚŝŶ/^dW>͗Rs. 0.28 crores;ZƐ͘Ϭ͘ϮϴĐƌŽƌĞƐŝŶ&zϮϬϭϱͲϭϲĂŶĚZƐ͘Ϭ͘ϮϴĐƌŽƌĞƐĂƐŽŶϬϭ͘Ϭϰ͘ϮϬϭϱͿ͕KƚŚĞƌ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚLJ͗Rs. 0.04 crores;ZƐ͘Ϭ͘ϭϯĐƌŽƌĞƐŝŶ&zϮϬϭϱͲϭϲĂŶĚZƐ͘Ϭ͘ϮϴĐƌŽƌĞƐĂƐŽŶϬϭ͘Ϭϰ͘ϮϬϭϱͿΘKƚŚĞƌ /ŶĐŽŵĞ͗Rs. 0.09 crores;ZƐ͘Ϭ͘ϭϱĐƌŽƌĞƐŝŶ&zϮϬϭϱͲϭϲͿ͘ ϱϱ͘ǀĞŶƚƐŽĐĐƵƌƌŝŶŐĂŌĞƌZĞƉŽƌƟŶŐƉĞƌŝŽĚ ;ĂͿ ZĞĨĞƌƚŽEŽƚĞϭϰĨŽƌƚŚĞĮŶĂůĚŝǀŝĚĞŶĚƌĞĐŽŵŵĞŶĚĞĚďLJƚŚĞĚŝƌĞĐƚŽƌƐǁŚŝĐŚŝƐƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨ ƐŚĂƌĞŚŽůĚĞƌƐŝŶƚŚĞĞŶƐƵŝŶŐŵĞĞƟŶŐ͘ ;ďͿ ŌĞƌĐůŽƐĞŽĨƚŚĞLJĞĂƌ͕ŝŶĐƌĞĂƐĞŝŶƵƚŚŽƌŝnjĞĚ^ŚĂƌĞĂƉŝƚĂůŽĨ,ŽůĚŝŶŐĐŽŵƉĂŶLJƚŽZƐ͘ϰϬϬ͘ϬϬĐƌŽƌĞŝƐĂƉƉƌŽǀĞĚ ŝŶƚŚĞdžƚƌĂKƌĚŝŶĂƌLJ'ĞŶĞƌĂůDĞĞƟŶŐŚĞůĚŽŶϮϮ͘Ϭϱ͘ϮϬϭϳ͘ 56. ^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚĞīĞĐƟǀĞĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϲͲϭϳ ĂͿ /E^ϭϭϱZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐ͗  DŚĂĚŶŽƟĮĞĚ/E^ϭϭϱŽŶZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐŝŶ&ĞďϮϬϭϱ͘dŚĞƐƚĂŶĚĂƌĚĞƐƚĂďůŝƐŚĞƐ ĂŶĞǁĮǀĞƐƚĞƉŵŽĚĞůƚŚĂƚǁŝůůĂƉƉůLJƚŽƌĞǀĞŶƵĞĂƌŝƐŝŶŐĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͘hŶĚĞƌ/E^ϭϭϱ͕ ƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚĂƚĂŶĂŵŽƵŶƚƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶƚŽǁŚŝĐŚĂŶĞŶƟƚLJĞdžƉĞĐƚƐƚŽďĞĞŶƟƚůĞĚ ŝŶĞdžĐŚĂŶŐĞĨŽƌƚƌĂŶƐĨĞƌƌŝŶŐŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƚŽĂĐƵƐƚŽŵĞƌ͘dŚĞƉƌŝŶĐŝƉůĞƐŝŶ/E^ϭϭϱƉƌŽǀŝĚĞĂŵŽƌĞ ƐƚƌƵĐƚƵƌĞĚĂƉƉƌŽĂĐŚƚŽŵĞĂƐƵƌŝŶŐĂŶĚƌĞĐŽŐŶŝnjŝŶŐƌĞǀĞŶƵĞ͘dŚĞŶĞǁƌĞǀĞŶƵĞƐƚĂŶĚĂƌĚŝƐĂƉƉůŝĐĂďůĞƚŽĂůů ĞŶƟƟĞƐĂŶĚǁŝůůƐƵƉĞƌƐĞĚĞĂůůĐƵƌƌĞŶƚƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌ/E^͘  dŚĞĞīĞĐƟǀĞĚĂƚĞŽĨ/E^ϭϭϱŝƐĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂŌĞƌϭƐƚ:ĂŶƵĂƌLJϮϬϭϴ͕ǁŝƚŚĞĂƌůLJĂĚŽƉƟŽŶ ƉĞƌŵŝƩĞĚ͘dŚĞŽŵƉĂŶLJŝƐƌĞƋƵŝƌĞĚƚŽĂĚŽƉƚƚŚĞƐƚĂŶĚĂƌĚďLJƚŚĞ&ŝŶĂŶĐŝĂůzĞĂƌĐŽŵŵĞŶĐŝŶŐϭƐƚƉƌŝůϮϬϭϴ͘ dŚĞŽŵƉĂŶLJŝƐĐƵƌƌĞŶƚůLJĞǀĂůƵĂƟŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/E^ϭϭϱĂŶĚŚĂƐŶŽƚLJĞƚĚĞƚĞƌŵŝŶĞĚƚŚĞŝŵƉĂĐƚ ŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ďͿ ŵĞŶĚŵĞŶƚƚŽ/ŶĚ^ϳ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ͗ dŚĞĂŵĞŶĚŵĞŶƚƚŽ/ŶĚ^ϳƌĞƋƵŝƌĞƐƚŚĞĞŶƟƟĞƐƚŽƉƌŽǀŝĚĞĚŝƐĐůŽƐƵƌĞƐƚŚĂƚĞŶĂďůĞƵƐĞƌƐŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ƚŽĞǀĂůƵĂƚĞĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƟĞƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͕ŝŶĐůƵĚŝŶŐďŽƚŚĐŚĂŶŐĞƐĂƌŝƐŝŶŐĨƌŽŵĐĂƐŚ ŇŽǁƐĂŶĚŶŽŶͲĐĂƐŚĐŚĂŶŐĞƐ͕ƐƵŐŐĞƐƟŶŐŝŶĐůƵƐŝŽŶŽĨĂƌĞĐŽŶĐŝůŝĂƟŽŶďĞƚǁĞĞŶƚŚĞŽƉĞŶŝŶŐĂŶĚĐůŽƐŝŶŐďĂůĂŶĐĞƐ ŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚĨŽƌůŝĂďŝůŝƟĞƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͕ƚŽŵĞĞƚƚŚĞĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚ͘  dŚĞĐŽŵƉĂŶLJŝƐĞǀĂůƵĂƟŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĂŵĞŶĚŵĞŶƚĂŶĚƚŚĞĞīĞĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐ ďĞŝŶŐĞǀĂůƵĂƚĞĚ͘ 57͘ WƌĞǀŝŽƵƐLJĞĂƌ͛ƐĮŐƵƌĞƐŚĂǀĞďĞĞŶƌĞŐƌŽƵƉĞĚ͕ƌĞĂƌƌĂŶŐĞĚĂŶĚƌĞĐĂƐƚǁŚĞƌĞǀĞƌŶĞĐĞƐƐĂƌLJƚŽŵĂŬĞŝƚĐŽŵƉĂƌĂďůĞƚŽ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ289 ƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͛ƐĐůĂƐƐŝĮĐĂƟŽŶ͘ůƐŽ͕ƉƌĞǀŝŽƵƐLJĞĂƌĮŐƵƌĞƐĂƌĞƐŚŽǁŶƵŶĚĞƌďƌĂĐŬĞƚ;ͿƚŽĚŝīĞƌĞŶƟĂƚĞĨƌŽŵĐƵƌƌĞŶƚ LJĞĂƌĮŐƵƌĞƐ͘ ϱϴ͘;ŝͿ ŝƐĐůŽƐƵƌĞƉƵƌƐƵĂŶƚƚŽ/ŶĚŝĂŶĐĐŽƵŶƚ^ƚĂŶĚĂƌĚ;/E^ͲϭϭϮͿ͗ŝƐĐůŽƐƵƌĞŽĨŝŶƚĞƌĞƐƚŝŶKƚŚĞƌŶƟƟĞƐ͗Ͳ:ŽŝŶƚ Ventures ;ĂͿ^ƵŵŵĂƌŝƐĞĚĂůĂŶĐĞ^ŚĞĞƚŽĨũŽŝŶƚǀĞŶƚƵƌĞ;ƐͿ Rs. in Crore WĂƌƟĐƵůĂƌƐ ĂƐƚĂƌZĂŝůǁĂLJƐWƌŝǀĂƚĞ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ ŚĂƫƐŐĂƌŚĂƐƚtĞƐƚ Limited (BRPL) Limited (CERL) ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ As at As at As at As at As at As at As at As at As at 31-3-2017 31-03-2016 01-04-2015 31-3-2017 31-03-2016 01-04-2015 31-03-2017 31-3-2016 01-04-2015 EŽŶͲƵƌƌĞŶƚƐƐĞƚƐ 10.23 - - ϳϴϲ͘ϰϱ ϯϱϳ͘Ϭϰ 132.10 302.21 ϳϮ͘Ϯϳ ϰ͘ϲϳ ƵƌƌĞŶƚƐƐĞƚƐ 3.09 - - 81.59 22.52 6.61 399.38 14.34 0.15 dŽƚĂůƐƐĞƚƐ;Ϳ 13.32 - - 868.04 379.56 138.71 701.59 86.61 4.82 EŽŶͲƵƌƌĞŶƚ >ŝĂďŝůŝƟĞƐ - - - 189.16 ϭϳϬ͘Ϭϰ 129.23 ϭϲϳ͘ϭϲ ϳϳ͘ϯϳ - ƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ 9.81 - - ϯϳϯ͘Ϯϵ ϳϬ͘ϳϯ 5.61 30.68 5.42 0.94 dŽƚĂů>ŝĂďŝůŝƟĞƐ;Ϳ 9.81 - - 562.45 240.77 134.84 197.84 82.79 0.94 Net Assets (A-B) 3.51 - - 305.59 138.79 3.87 503.75 3.82 3.88 ĂͿ/ŶĐůƵĚĞƐĂƐŚΘ ĂƐŚƋƵŝǀĂůĞŶƚƐ 3.09 - - ϳϲ͘ϴϯ 12.18 ϲ͘ϱϳ 386.21 14.23 0.13 ďͿ/ŶĐůƵĚĞƐ&ŝŶĂŶĐŝĂů >ŝĂďŝůŝƟĞƐ;ŝŶĐůƵĚŝŶŐ dƌĂĚĞƉĂLJĂďůĞƐĂŶĚ ŽƚŚĞƌƉĂLJĂďůĞƐďƵƚ ĞdžĐůƵĚŝŶŐƉƌŽǀŝƐŝŽŶƐͿ 9.81 - - 560.98 Ϯϯϳ͘Ϭϳ 134.20 193.94 82.26 0.93 Rs. in Crore WĂƌƟĐƵůĂƌƐ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝů DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ Private Limited Limited (JCRL) (MCRL) As at As at As at As at As at As at As at As at As at 31-3-2017 31-03-2016 01-04-2015 31-3-2017 31-03-2016 01-04-2015 31-03-2017 31-3-2016 01-04-2015 EŽŶͲƵƌƌĞŶƚƐƐĞƚƐ 559.81 619.18 688.94 180.58 - - 14.20 2.08 - ƵƌƌĞŶƚƐƐĞƚƐ ϭϳ͘Ϭϲ 48.23 64.12 Ϯϳ͘ϲϳ - - 0.03 0.05 - dŽƚĂůƐƐĞƚƐ;Ϳ 576.87 667.41 753.06 208.25 - - 14.23 2.13 - EŽŶͲƵƌƌĞŶƚ >ŝĂďŝůŝƟĞƐ 503.20 550.83 603.14 ϭϳϱ͘ϱϴ - - - - - ƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ 28.23 82.83 ϭϮϳ͘Ϯϯ - 0.06 - 14.19 2.09 - dŽƚĂů>ŝĂďŝůŝƟĞƐ;Ϳ 531.43 633.66 730.37 175.58 0.06 - 14.19 2.09 - Net Assets (A-B) 45.44 33.75 22.69 32.67 (0.06) - 0.04 0.04 - ĂͿ/ŶĐůƵĚĞƐĂƐŚΘ ĂƐŚƋƵŝǀĂůĞŶƚƐ 6.94 ϯϮ͘ϳϴ ϱϳ͘ϭϲ - - - 0.01 0.05 - ďͿ/ŶĐůƵĚĞƐ&ŝŶĂŶĐŝĂů >ŝĂďŝůŝƟĞƐ;ŝŶĐůƵĚŝŶŐ dƌĂĚĞƉĂLJĂďůĞƐĂŶĚ ŽƚŚĞƌƉĂLJĂďůĞƐďƵƚ ĞdžĐůƵĚŝŶŐƉƌŽǀŝƐŝŽŶƐͿ ϰϳϭ͘Ϯϰ ϱϰϰ͘ϯϳ 603.29 - - - 9.68 2.08 - ;ďͿ^ƵŵŵĂƌŝƐĞĚ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐŽĨ:ŽŝŶƚsĞŶƚƵƌĞƐ͗ Rs. in Crore

290 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ ĂƐƚĂƌZĂŝůǁĂLJƐWƌŝǀĂƚĞ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ ŚĂƫƐŐĂƌŚĂƐƚtĞƐƚ Limited (BRPL) Limited (CERL) ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 ZĞǀĞŶƵĞ ------/ŶƚĞƌĞƐƚ/ŶĐŽŵĞ 0.02 - - - 0.01 0.01 KƚŚĞƌ/ŶĐŽŵĞ ------ĞƉƌĞĐŝĂƟŽŶĂŶĚ ĂŵŽƌƟƐĂƟŽŶ ------/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ ------/ŶĐŽŵĞƚĂdž ------WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ ;Ϭ͘ϬϵͿ - ;Ϭ͘ϭϱͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϬϳͿ ;Ϭ͘ϬϲͿ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ------dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;Ϭ͘ϬϵͿ 0.00 ;Ϭ͘ϭϱͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϬϳͿ ;Ϭ͘ϬϲͿ

Rs. in Crore WĂƌƟĐƵůĂƌƐ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝů DĂŚĂŶĂĚŝŽĂůZĂŝů>ŝŵŝƚĞĚ Private Limited Limited (JCRL) (MCRL) 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 ZĞǀĞŶƵĞ 153.34 ϭϱϳ͘Ϯϯ - - - - /ŶƚĞƌĞƐƚ/ŶĐŽŵĞ 2.90 8.19 0.38 - - - KƚŚĞƌ/ŶĐŽŵĞ 1.65 42.38 - - - - ĞƉƌĞĐŝĂƟŽŶĂŶĚ ĂŵŽƌƟƐĂƟŽŶ 58.31 58.80 - - - - /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ 56.15 ϲϮ͘ϳϴ 0.21 - - - /ŶĐŽŵĞƚĂdž ------WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ ϭϭ͘ϳϬ 11.06 ;Ϭ͘ϱϴͿ ;Ϭ͘ϬϲͿ - - KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ------dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ϭϭ͘ϳϬ 11.06 ;Ϭ͘ϱϴͿ ;Ϭ͘ϬϲͿ - - ;ĐͿZĞĐŽŶĐŝůŝĂƟŽŶŽĨĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐ͗ Rs. in Crore WĂƌƟĐƵůĂƌƐ ĂƐƚĂƌZĂŝůǁĂLJƐWƌŝǀĂƚĞ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ ŚĂƫƐŐĂƌŚĂƐƚtĞƐƚ Limited (BRPL) Limited (CERL) ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ As at As at As at As at As at As at As at As at As at 31-3-2017 31-03-2016 01-04-2015 31-3-2017 31-03-2016 01-04-2015 31-03-2017 31-3-2016 01-04-2015 KƉĞŶŝŶŐŶĞƚĂƐƐĞƚƐ - - - ϭϯϴ͘ϳϵ ϯ͘ϴϳ ϯ͘ϴϳ 3.82 3.88 3.88 WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ ;Ϭ͘ϬϵͿ - - ;Ϭ͘ϭϱͿ ;Ϭ͘ϬϴͿ - ;Ϭ͘ϬϳͿ ;Ϭ͘ϬϲͿ - /ŶĐƌĞĂƐĞŝŶƉĂŝĚƵƉƐŚĂƌĞ ĐĂƉŝƚĂů 2.43 - - 166.95 135.00 - 500.00 - - KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ------ŝǀŝĚĞŶĚƐƉĂŝĚ ------ƋƵŝƚLJĐŽŵƉŽŶĞŶƚ ŽĨŽƚŚĞƌĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ------

ANNUAL REPORT ϮϬϭϲͳϭϳͮ291 WĂƌƟĐƵůĂƌƐ ĂƐƚĂƌZĂŝůǁĂLJƐWƌŝǀĂƚĞ ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ ŚĂƫƐŐĂƌŚĂƐƚtĞƐƚ Limited (BRPL) Limited (CERL) ZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ As at As at As at As at As at As at As at As at As at 31-3-2017 31-03-2016 01-04-2015 31-3-2017 31-03-2016 01-04-2015 31-03-2017 31-3-2016 01-04-2015 KƚŚĞƌĚũƵƐƚŵĞŶƚ ;ƉƉůŝĐĂƟŽŶDŽŶĞLJ WĞŶĚŝŶŐůůŽƚŵĞŶƚͿ ϭ͘ϭϳ ------ůŽƐŝŶŐŶĞƚĂƐƐĞƚƐ 3.51 - - 305.59 138.79 3.87 503.75 3.82 3.88 'ƌŽƵƉΖƐƐŚĂƌĞŝŶй ;ŝͿ/ŶWĂŝĚƵƉ^ŚĂƌĞ ĂƉŝƚĂůĂŶĚWƌŽĮƚ 0.53% - - Ϯϳ͘ϯϭй 28.89% 28.85% 26.02% 28.85% 28.85% ;ŝŝͿ/Ŷ^ŚĂƌĞƉƉůŝĐĂƟŽŶ DŽŶĞLJWĞŶĚŝŶŐ ůůŽƚŵĞŶƚ 100% ------'ƌŽƵƉΖƐƐŚĂƌĞ ;ŝͿ/ŶWĂŝĚƵƉ^ŚĂƌĞ ĂƉŝƚĂůĂŶĚWƌŽĮƚ 0.01 - - ϴϯ͘ϰϳ 40.10 1.12 131.08 1.10 1.12 ;ŝŝͿ/Ŷ^ŚĂƌĞƉƉůŝĐĂƟŽŶ DŽŶĞLJWĞŶĚŝŶŐ ůůŽƚŵĞŶƚ ϭ͘ϭϳ ------KƚŚĞƌĚũƵƐƚŵĞŶƚƐ ------Carrying amount 1.18 - - 83.47 40.10 1.12 131.08 1.10 1.12 Rs. in Crore WĂƌƟĐƵůĂƌƐ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝů DĂŚĂŶĂĚŝŽĂůZĂŝů Private Limited Limited (JCRL) Limited (MCRL) As at As at As at As at As at As at As at As at As at 31-3-2017 31-03-2016 01-04-2015 31-3-2017 31-03-2016 01-04-2015 31-03-2017 31-3-2016 01-04-2015 KƉĞŶŝŶŐŶĞƚĂƐƐĞƚƐ ϯϯ͘ϳϱ 22.69 22.69 ;Ϭ͘ϬϲͿ - - 0.04 - - WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ ϭϭ͘ϳϬ 11.06 - ;Ϭ͘ϱϴͿ ;Ϭ͘ϬϲͿ - - - - /ŶĐĞĂƐĞŝŶƉĂŝĚƵƉƐŚĂƌĞ ĐĂƉŝƚĂů - - - 4.51 - - - 0.04 - KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ------ŝǀŝĚĞŶĚƐƉĂŝĚ ------ƋƵŝƚLJĐŽŵƉŽŶĞŶƚ ŽĨŽƚŚĞƌĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ------KƚŚĞƌĚũƵƐƚŵĞŶƚ ;ƉƉůŝĐĂƟŽŶDŽŶĞLJ WĞŶĚŝŶŐůůŽƚŵĞŶƚͿ - - - 28.80 - - - - - ůŽƐŝŶŐŶĞƚĂƐƐĞƚƐ 45.45 33.75 22.69 32.67 (0.06) - 0.04 0.04 - 'ƌŽƵƉΖƐƐŚĂƌĞŝŶй ;ŝͿ/ŶWĂŝĚƵƉ^ŚĂƌĞ ĂƉŝƚĂůĂŶĚWƌŽĮƚ 50.00% 50.00% 50.00% 28.86% 0.00% 0.00% 26.00% 26.00% 0.00% ;ŝŝͿ/Ŷ^ŚĂƌĞƉƉůŝĐĂƟŽŶ DŽŶĞLJWĞŶĚŝŶŐ ůůŽƚŵĞŶƚ ------

292 | ANNUAL REPORT ϮϬϭϲͳϭϳ WĂƌƟĐƵůĂƌƐ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝů DĂŚĂŶĂĚŝŽĂůZĂŝů Private Limited Limited (JCRL) Limited (MCRL) As at As at As at As at As at As at As at As at As at 31-3-2017 31-03-2016 01-04-2015 31-3-2017 31-03-2016 01-04-2015 31-03-2017 31-3-2016 01-04-2015 'ƌŽƵƉΖƐƐŚĂƌĞ ;ŝͿ/ŶWĂŝĚƵƉ^ŚĂƌĞ ĂƉŝƚĂůĂŶĚWƌŽĮƚ ϮϮ͘ϳϮ ϭϲ͘ϴϳ 11.34 1.12 - - 0.01 0.01 - ;ŝŝͿ/Ŷ^ŚĂƌĞƉƉůŝĐĂƟŽŶ DŽŶĞLJWĞŶĚŝŶŐ ůůŽƚŵĞŶƚ ------KƚŚĞƌĚũƵƐƚŵĞŶƚƐ ------Carrying amount 22.72 16.87 11.34 1.12 - - 0.01 0.01 - ;ŝŝͿĚĚŝƟŽŶĂůŝŶĨŽƌŵĂƟŽŶƉƵƌƐƵĂŶƚƚŽ^ĐŚĞĚƵůĞ///ƚŽƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭͲϬϯͲϮϬϭϳ Rs. in Crore EĂŵĞŽĨƚŚĞĞŶƟƚLJ EĞƚƐƐĞƚƐ͕ŝ͘Ğ͕͘ƚŽƚĂůĂƐƐĞƚƐ ^ŚĂƌĞŝŶKƚŚĞƌ ^ŚĂƌĞŝŶdŽƚĂů ŵŝŶƵƐƚŽƚĂůůŝĂďŝůŝƟĞƐ ^ŚĂƌĞŝŶWƌŽĮƚŽƌ;>ŽƐƐͿ Comprehensive Income Comprehensive Income ƐйŽĨ ƐйŽĨ ŽŶƐŽůŝĚĂƚĞĚ ŽŶƐŽůŝĚĂƚĞĚ ƐйŽĨ ƐйŽĨ Other dŽƚĂů ŽŶƐŽůŝĚĂƚĞĚ Amount ŽŶƐŽůŝĚĂƚĞĚ Amount Comprehensive Amount Comprehensive Amount Net Assets (Rs.) WƌŽĮƚŽƌ>ŽƐƐ (Rs.) Income (Rs.) Income (Rs. ) Parent Company /ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů >ŝŵŝƚĞĚ 100.28% ϯ͕ϴϮϳ͘ϳϵ 95.48% 368.96 100.00% ϭϯ͘ϳϮ 95.64% 382.68 ^ƵďƐŝĚŝĂƌŝĞƐ /ƌĐŽŶ^ŚŝǀƉƵƌŝ'ƵŶĂ dŽůůǁĂLJ>ŝŵŝƚĞĚ ;/^'d>Ϳ 3.91% 149.33 0.10% 0.39 0.00% - 0.10% 0.39 /ƌĐŽŶWdŽůůǁĂLJ >ŝŵŝƚĞĚ;/Wd>Ϳ 4.40% 168.10 0.14% 0.54 0.00% - 0.13% 0.54 /ŶĚŝĂŶZĂŝůǁĂLJ ^ƚĂƟŽŶƐ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ ;/Z^>Ϳ 1.05% 40.04 Ͳϭ͘ϭϳй -4.54 0.00% - -1.13% -4.54 /ƌĐŽŶ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ Θ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ ;//^>Ϳ 3.00% ϭϭϰ͘ϳϬ 3.20% 12.36 0.00% - 3.09% 12.36 dŽƚĂů^ƵďƐŝĚŝĂƌŝĞƐ 472.17 8.75 - 8.75 EŽŶͲŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚŝŶ ^ƵďƐŝĚŝĂƌŝĞƐ -0.51% ;ϭϵ͘ϲϮͿ ͲϬ͘ϱϳй ;Ϯ͘ϮϮͿ 0.00% - -0.55% ;Ϯ͘ϮϮͿ Net Amount of ^ƵďƐŝĚŝĂƌŝĞƐ 452.55 10.97 0.00% - 10.97 Joint Ventures ĂƐƚĂƌZĂŝůǁĂLJƐ WƌŝǀĂƚĞ>ŝŵŝƚĞĚ ;ZW>Ϳ 0.03% 1.18 0.00% ;Ϭ͘ϬϬͿ 0.00% - 0.00% ;Ϭ͘ϬϬͿ ŚĂƫƐŐĂƌŚĂƐƚ ZĂŝůǁĂLJ>ŝŵŝƚĞĚ ;Z>Ϳ 2.19% ϴϯ͘ϰϳ -0.01% ;Ϭ͘ϬϰͿ 0.00% - -0.01% ;Ϭ͘ϬϰͿ

ANNUAL REPORT ϮϬϭϲͳϭϳͮ293 EĂŵĞŽĨƚŚĞĞŶƟƚLJ EĞƚƐƐĞƚƐ͕ŝ͘Ğ͕͘ƚŽƚĂůĂƐƐĞƚƐ ^ŚĂƌĞŝŶKƚŚĞƌ ^ŚĂƌĞŝŶdŽƚĂů ŵŝŶƵƐƚŽƚĂůůŝĂďŝůŝƟĞƐ ^ŚĂƌĞŝŶWƌŽĮƚŽƌ;>ŽƐƐͿ Comprehensive Income Comprehensive Income ƐйŽĨ ƐйŽĨ ŽŶƐŽůŝĚĂƚĞĚ ŽŶƐŽůŝĚĂƚĞĚ ƐйŽĨ ƐйŽĨ Other dŽƚĂů ŽŶƐŽůŝĚĂƚĞĚ Amount ŽŶƐŽůŝĚĂƚĞĚ Amount Comprehensive Amount Comprehensive Amount Net Assets (Rs.) WƌŽĮƚŽƌ>ŽƐƐ (Rs.) Income (Rs.) Income (Rs. ) ŚĂƫƐŐĂƌŚĂƐƚ tĞƐƚZĂŝůǁĂLJ >ŝŵŝƚĞĚ;tZ>Ϳ 3.43% 131.08 -0.01% ;Ϭ͘ϬϮͿ 0.00% - 0.00% ;Ϭ͘ϬϮͿ /ƌĐŽŶͲ^ŽŵĂdŽůůǁĂLJ WƌŝǀĂƚĞ>ŝŵŝƚĞĚ 0.60% ϮϮ͘ϳϮ 1.51% 5.85 0.00% - 1.46% 5.85 :ŚĂƌŬŚĂŶĚĞŶƚƌĂů ZĂŝů>ŝŵŝƚĞĚ;:Z>Ϳ 0.03% 1.12 -0.05% ;Ϭ͘ϭϴͿ 0.00% - -0.05% ;Ϭ͘ϭϴͿ DĂŚĂŶĂĚŝŽĂůZĂŝů >ŝŵŝƚĞĚ;DZ>Ϳ 0.00% 0.01 0.00% ;Ϭ͘ϬϬͿ 0.00% - 0.00% ;Ϭ͘ϬϬͿ dŽƚĂů:ŽŝŶƚsĞŶƚƵƌĞƐ 239.58 5.60 - 5.60 ůŝŵŝŶĂƟŽŶƐ ĂŶĚŽƚŚĞƌ&^ ĂĚũƵƐƚŵĞŶƚƐ -18.41% ;ϳϬϮ͘ϴϬͿ 0.23% Ϭ͘ϴϳ 0.00% - 0.22% Ϭ͘ϴϳ EĞƚdŽƚĂů ϭϬϬй 3,817.12 ϭϬϬй 386.41 ϭϬϬй 13.72 ϭϬϬй 400.13

ƐƉĞƌŽƵƌZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞĂƩĂĐŚĞĚ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨ/ƌĐŽŶ/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ

&Žƌ<'^ŽŵĂŶŝΘŽ͘ D͘<͘^ŝŶŐŚ ^͘<͘ŚĂƵĚŚĂƌLJ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŝƌĞĐƚŽƌ&ŝŶĂŶĐĞ ŚĂŝƌŵĂŶΘDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ &ZE͗ϬϬϲϱϵϭE /EͲϬϲϲϬϳϯϵϮ /EͲϬϬϱϭϱϲϳϮ

ŶƵũ^ŽŵĂŶŝ ^ƵŵŝƚĂ^ŚĂƌŵĂ WĂƌƚŶĞƌ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ D͘EŽ͘ϱϭϭϮϲϳ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞ͗ϮϭͲϬϵͲϮϬϭϳ

294 | ANNUAL REPORT ϮϬϭϲͳϭϳ KDDEd^K&d,KDWdZK>>ZEh/dKZ'EZ>K&/E/ hEZ^d/KEϭϰϯ;ϲͿ;ďͿZt/d,^d/KEϭϮϵ;ϰͿK&d,KDWE/^d͕ϮϬϭϯKEd,KE^K>/d &/EE/>^ddDEd^K&/ZKE/EdZEd/KE>>/D/d&KZd,zZEϯϭDZ,ϮϬϭϳ͘ dŚĞƉƌĞƉĂƌĂƟŽŶŽĨĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ/ZKE/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϳ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĨƌĂŵĞǁŽƌŬƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵƉĂŶLJ͘dŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐĂƉƉŽŝŶƚĞĚďLJƚŚĞŽŵƉƚƌŽůůĞƌĂŶĚƵĚŝƚŽƌ'ĞŶĞƌĂůŽĨ /ŶĚŝĂƵŶĚĞƌ^ĞĐƟŽŶϭϯϵ;ϱͿƌĞĂĚǁŝƚŚƐĞĐƟŽŶϭϮϵ;ϰͿŽĨƚŚĞĐƚĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞdžƉƌĞƐƐŝŶŐŽƉŝŶŝŽŶŽŶƚŚĞĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐƵŶĚĞƌ^ĞĐƟŽŶϭϰϯƌĞĂĚǁŝƚŚƐĞĐƟŽŶϭϮϵ;ϰͿŽĨƚŚĞĐƚďĂƐĞĚŽŶŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ƐƚĂŶĚĂƌĚƐŽŶĂƵĚŝƟŶŐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͘dŚŝƐŝƐƐƚĂƚĞĚƚŽŚĂǀĞďĞĞŶĚŽŶĞďLJƚŚĞŵǀŝĚĞƚŚĞŝƌ ƵĚŝƚZĞƉŽƌƚĚĂƚĞĚϮϭ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

/͕ŽŶďĞŚĂůĨŽĨƚŚĞŽŵƉƚƌŽůůĞƌĂŶĚƵĚŝƚŽƌ'ĞŶĞƌĂůŽĨ/ŶĚŝĂ͕ŚĂǀĞĐŽŶĚƵĐƚĞĚĂƐƵƉƉůĞŵĞŶƚĂƌLJĂƵĚŝƚƵŶĚĞƌƐĞĐƟŽŶ ϭϰϯ;ϲͿ;ĂͿƌĞĂĚǁŝƚŚƐĞĐƟŽŶϭϮϵ;ϰͿŽĨƚŚĞĐƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ/ZKE/ŶƚĞƌŶĂƟŽŶĂů>ŝŵŝƚĞĚ ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϳ͘tĞĚŝĚŶŽƚĐŽŶĚƵĐƚƐƵƉƉůĞŵĞŶƚĂƌLJĂƵĚŝƚŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ^ƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ:ŽŝŶƚůLJŽŶƚƌŽůůĞĚŶƟƟĞƐ;ĂƐƉĞƌŶŶĞdžƵƌĞͿĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘&ƵƌƚŚĞƌ͕ƐĞĐƟŽŶϭϯϵ;ϱͿĂŶĚϭϰϯ;ϲͿ;ďͿ ŽĨƚŚĞĐƚĂƌĞŶŽƚĂƉƉůŝĐĂďůĞƚŽŽŵƉĂŶŚŝĂŽƐĂŵŝŶŚŽƐĞ&ĞƌƌŽĞĞŝƌĂ͕^ďĞŝŶŐƉƌŝǀĂƚĞĞŶƟƟĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ &ŽƌĞŝŐŶĐŽƵŶƚƌLJƵŶĚĞƌƚŚĞƌĞƐƉĞĐƟǀĞůĂǁƐ͕ĨŽƌĂƉƉŽŝŶƚŵĞŶƚŽĨƚŚĞŝƌ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌŶŽƌĨŽƌĐŽŶĚƵĐƚŽĨƐƵƉƉůĞŵĞŶƚĂƌLJ ĂƵĚŝƚ͘ĐĐŽƌĚŝŶŐůLJ͕Θ'ŚĂƐŶĞŝƚŚĞƌĂƉƉŽŝŶƚĞĚƚŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐŶŽƌĐŽŶĚƵĐƚĞĚƚŚĞƐƵƉƉůĞŵĞŶƚĂƌLJĂƵĚŝƚŽĨ ƚŚĞƐĞĐŽŵƉĂŶŝĞƐ͘dŚŝƐƐƵƉƉůĞŵĞŶƚĂƌLJĂƵĚŝƚŚĂƐďĞĞŶĐĂƌƌŝĞĚŽƵƚŝŶĚĞƉĞŶĚĞŶƚůLJǁŝƚŚŽƵƚĂĐĐĞƐƐƚŽƚŚĞǁŽƌŬŝŶŐƉĂƉĞƌƐ ŽĨƚŚĞƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐĂŶĚŝƐůŝŵŝƚĞĚƉƌŝŵĂƌŝůLJƚŽŝŶƋƵŝƌŝĞƐŽĨƚŚĞƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐĂŶĚĐŽŵƉĂŶLJƉĞƌƐŽŶŶĞůĂŶĚĂ ƐĞůĞĐƟǀĞĞdžĂŵŝŶĂƟŽŶŽĨƐŽŵĞŽĨƚŚĞĂĐĐŽƵŶƟŶŐƌĞĐŽƌĚƐ͘

KŶƚŚĞďĂƐŝƐŽĨŵLJĂƵĚŝƚŶŽƚŚŝŶŐƐŝŐŶŝĮĐĂŶƚŚĂƐĐŽŵĞƚŽŵLJŬŶŽǁůĞĚŐĞǁŚŝĐŚǁŽƵůĚŐŝǀĞƌŝƐĞƚŽĂŶLJĐŽŵŵĞŶƚƵƉŽŶŽƌ ƐƵƉƉůĞŵĞŶƚƚŽƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚ͘

&ŽƌĂŶĚŽŶƚŚĞďĞŚĂůĨŽĨ ŽŵƉƚƌŽůůĞƌΘƵĚŝƚŽƌ'ĞŶĞƌĂůŽĨ/ŶĚŝĂ

^ĚͬͲ ;͘Z͘DŽŶĚĂůͿ WƌŝŶĐŝƉĂůŝƌĞĐƚŽƌŽĨƵĚŝƚ ZĂŝůǁĂLJŽŵŵĞƌĐŝĂů͕EĞǁĞůŚŝ

WůĂĐĞ͗EĞǁĞůŚŝ ĂƚĞĚ͗Ϯϲ^ĞƉƚĞŵďĞƌ͕ϮϬϭϳ

ANNEXURE

ANNUAL REPORT ϮϬϭϲͳϭϳͮ295 >ŝƐƚŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐŽĨ/ZKE/EdZEd/KE>>/D/d͕EĞǁĞůŚŝĨŽƌǁŚŝĐŚƐƵƉƉůĞŵĞŶƚĂƌLJĂƵĚŝƚ ǁĂƐŶŽƚĐŽŶĚƵĐƚĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϲͿ;ĂͿƌĞĂĚǁŝƚŚƐĞĐƟŽŶϭϮϵ;ϰͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĨŽƌƚŚĞLJĞĂƌϮϬϭϲͲϭϳ

^ƵďƐŝĚŝĂƌŝĞƐ͗

1. /ƌĐŽŶ/ŶƐĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;//^>Ϳ͘ 2. /ŶĚŝĂŶZĂŝůǁĂLJ^ƚĂƟŽŶĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ;/Z^Ϳ͘ 3. /ZKEWdŽůůǁĂLJ>ŝŵŝƚĞĚ;/Wd>Ϳ 4. /ZKE^ŚŝǀƉƵƌŝ'ƵŶĂdŽůůǁĂLJ>ŝŵŝƚĞĚ;/^'d>Ϳ

Joint Ventures 1. /ƌĐŽŶͲ^ŽƌŶĂdŽůůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;/^dW>Ϳ͘ 2. ŚĂƫƐŐĂƌŚĂƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;Z>Ϳ͘ 3. ŚĂƫƐŐĂƌŚĂƐƚͲtĞƐƚZĂŝůǁĂLJ>ŝŵŝƚĞĚ;tZ>Ϳ͘ 4. DĂŚĂŶĂĚŝŽĂůZĂŝů>ƚĚ͘;DZͿ͘ 5. :ŚĂƌŬŚĂŶĚĞŶƚƌĂůZĂŝůǁĂLJ>ƚĚ͘;:ZͿ͘ 6. ĂƐƚĞƌZĂŝůǁĂLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ;ZW>Ϳ

^ĚͬͲ ƵĚŝƚKĸĐĞƌ

296 | ANNUAL REPORT ϮϬϭϲͳϭϳ