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IRB-INFRA-2014-2015.Pdf Corporate Overview Statutory Reports Financial Statements 02 Progressing with Foresight 32 Management Discussion and Consolidated Financial 04 Robust Project Portfolio Analysis Statements 06 Charting a Progressive Journey 40 Board’s Report 92 Independent Auditors’ Report 08 Chairman & Managing Director’s 74 Corporate Governance Report 98 Consolidated Balance Sheet Communiqué 99 Consolidated Statement of Profit 10 Key Performance Indicators and Loss 12 Operational Highlights 100 Consolidated Cash Flow Statement 14 Partnering a Nation on the Move 102 Notes 16 Identifying the Right Opportunities 18 Pursuing Consistent Growth Standalone Financial Statements 20 Strong Execution Capabilities 141 Independent Auditors’ Report 22 The Way Forward 144 Balance Sheet 24 Strengthening Communities 145 Statement of Profit and Loss 26 The Board of Directors 146 Cash Flow Statement 28 The Executive Team 148 Notes 30 Corporate Information 178 Form AOC - I Forward-looking statement In this Annual Report, we have disclosed forward words such as ‘anticipate’, ‘estimate’, ‘expects’, uncertainties materialise, or should underlying looking information to enable investors to ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of assumptions prove inaccurate, actual results could comprehend our prospects and take investment similar substance in connection with any discussion vary materially from those anticipated, estimated decisions. This report and other statements of future performance. We cannot guarantee that or projected. Readers should keep this in mind. - written and oral - that we periodically make these forward looking statements will be realised, We undertake no obligation to publicly update any contain forward looking statements that set out although we believe we have been prudent in our forward looking statement, whether as a result of anticipated results based on the management’s assumptions. The achievements of results are new information, future events or otherwise. plans and assumptions. We have tried, wherever subject to risks, uncertainties and even inaccurate possible, to identify such statements by using assumptions. Should known or unknown risks or Management Discussion and Analysis INDIA IS TRANSFORMING LIKE NEVER BEFORE. And in this process of transformation We are strengthening our level of to realise its full potential as a integration and expanding our pan- progressive society and a global India presence. Our contribution economic frontrunner, roads and encompasses financing, designing, highways play a major role. engineering, construction and development, along with operation They connect villages, towns and and maintenance of roads cities and enable them to be a part and highways. of the national mainstream; it helps businesses and communities to be As India prepares itself for next more productive; it generates more level infrastructure creation, we are opportunities for wealth creation; extending our footprint and growing and enhances the quality of life as sustainably. a whole. At IRB, we are excited by India’s future potential and see a larger role for ourselves in creating new pathways At IRB, we are excited by of progress for the nation. India’s future potential and see a larger role for ourselves in creating new pathways of progress for the nation. Progressing with Foresight Our journey began in 1998. Since then augmentation of the National From road BOT projects to Engineering, we have emerged as a frontrunner Highways and sections of the Golden Procurement and Construction in facilitating roads & highways Quadrilateral. (EPC) initiatives, we deliver value development in India. Our strategic to the nation in multiple ways. For foresight has enabled us to tap into We developed the nation’s first ever BOT projects, we develop, operate emerging opportunities and create BOT project (Thane Bhiwandi Bypass). and maintain infrastructure assets consistent value for stakeholders in a We have one of the largest BOT as per the concession agreement; we rather challenging industry scenario. portfolios (operational projects and generate revenues through fees/tolls projects under construction) in the and transfer back the ownership to the At IRB, we have successfully executed country with a total length of around Government after the expiration of the numerous BOT projects in roads 10,036 lane kms. We have a share of concession period. and highways sector, including 13.17% in the Golden Quadrilateral. KEY COMPETITIVE ADVANTAGES • One of the largest BOT project portfolio in the roads and highways sector aggregating 10,036 Lane Kms* • 23* BOT projects, of which 17** are operational • Strong financial track record and relationship with leading financial institutions • Integrated and efficient project execution capabilities • Professionally managed company with qualified and skilled employee base • Robust order book of ` 12,631 Crores * * includes Agra Etawah BOT Project ** operational projects Includes Mohol – Mandrup – Kamtee BOT Project, Nagar – Karmala – Tembhurni BOT Projects. In the Ahmedabad – Vadodara BOT Project, toll collection has commenced on NE-1 only. ENCOURAGING NUMBERS 2,211 97 531 Number of kms in BOT portfolio Total flyovers built Total bridges (railway over bridges, major and minor bridges) built 103 58 493 Total vehicle under passes built Total toll plazas built Total toll lanes built ` 31,138 Crores Total Assets in Operation/Under Implementation 2 Extending our footprint on the Pathways to Progress Progressing with Foresight Corporate Overview Corporate BOT portfolio state-wise split (%) Order Book Split (%) 9 Statutory Reports 7 8 7 8 6 1 6 5 1 4 5 2 3 4 2 3 1 Maharashtra 38 1 Yedeshi – Aurangabad 22 2 Gujarat 21 2 Agra – Etawah 17 3 Karnataka 14 3 Kaithal – Rajasthan Border 16 4 Haryana 7 4 O&M Contracts 15 5 Rajasthan 6 5 Goa – Kundapur 12 6 Uttar Pradesh 7 6 Solapur – Yedeshi 8 7 Punjab 4 7 Mumbai – Pune Phase II 5 Financial Statements 8 Tamil Nadu 3 8 Ahmedabad – Vadodara 3 9 Sindhudurg Airport 2 Current Portfolio Order Book as on March 31, 2015 (as on March 31, 2015) (` in Crores) Operational Projects 17 Ongoing BOT Projects 3,219 Projects under 6* BOT Projects in O&M Phase 1,861 Implementation BOT Projects (Construction 7,551* yet to commence) Total BOT Projects 23 Total 12,631 * includes Agra – Etawah BOT Project * includes Agra – Etawah BOT Project Annual Report 2014-15 3 Robust Project Portfolio Operational Projects Projects Under Implementation 16 6 14 7 4 11 12 2 5 4 1 3 1 6 8 OPERATIONAL PROJECTS UNDER 9 7 10 2 PROJECTS IMPLEMENTATION MAHARASHTRA MAHARASHTRA 3 1 Mumbai – Pune 1 Yedeshi – Aurangabad 2 Talegaon – Amravati 2 Solapur – Yedeshi 3 IRDP Kolhapur 3 Mumbai – Pune (Phase II) 4 Thane – Ghodbunder GUJARAT 13 5 Thane – Bhiwandi – Bypass 5 6 Pune – Nashik 4 Ahmedabad – Vadodara 7 Pune – Solapur KARNATAKA 8 Ahmednagar – Karmala – 5 Goa / Karnataka Border – Tembhurni Kundapur 9 Kharpada – Bridge 15 10 Mohol-Mandrup – Kamti HARYANA 6 Kaithal – Rajasthan GUJARAT border 11 Bharuch – Surat UTTAR PRADESH 12 Surat – Dahisar 7 Agra – Etawah KARNATAKA 13 Tumkur – Chitradurga RAJASTHAN 14 Jaipur – Tonk – Deoli TAMIL NADU Map not to scale. Map shows 15 Omallur – Salem – Namakkal approximate location of Projects for PUNJAB indication purpose only. 16 Pathankot – Amritsar 4 Extending our footprint on the Pathways to Progress Robust Project Portfolio 10,036 lane kms ` 31,138 crores Total length of projects in operation and Total cost of projects in operation and under implementation under implementation Corporate Overview Corporate OPERATIONAL PROJECTS LOCATION PROJECT LENGTH (KMS) PROJECT COST (` IN CRORES) MAHARASHTRA Mumbai – Pune 206.00 1,302 Talegaon – Amravati 66.73 888 IRDP Kolhapur 49.99 430 Thane – Ghodbunder 14.90 246 Thane – Bhiwandi – Bypass 24.00 104 Pune – Nashik 29.81 74 Pune – Solapur 26.00 63 Ahmednagar – Karmala – Tembhurni 60.00 37 Kharpada – Bridge 1.40 32 Mohol-Mandrup – Kamti 33.40 18 GUJARAT Bharuch – Surat 65.00 1,470 Statutory Reports Surat – Dahisar 239.00 2,537 KARNATAKA Tumkur – Chitradurga 114.00 1,142 RAJASTHAN Jaipur – Tonk – Deoli 146.30 1,733 TAMIL NADU Omallur – Salem – Namakkal 68.63 308 PUNJAB Pathankot – Amritsar 102.42 1,445 Total 1,247.58 11,829 PROJECTS UNDER IMPLEMENTATION LOCATION TYPE OF PROJECT PROJECT PROJECT COST (OPERATIONAL/UNDER LENGTH (KMS) (~` IN CRORES) CONSTRUCTION) MAHARASHTRA Financial Statements Yedeshi – Aurangabad Under Construction 189.09 3,177 Solapur – Yedeshi Under Construction 98.72 1,492 Mumbai – Pune (Phase II) Under Construction -* 2,181 GUJARAT Ahmedabad – Vadodara Under Construction (Ahmedabad- 195.60 4,880 Vadodara Expressway section is operational) KARNATAKA Goa / Karnataka Border – Under Construction 189.60 2,639 Kundapur HARYANA Kaithal – Rajasthan border Under Construction 166.26 2,290 UTTAR PRADESH Agra – Etawah LoA received. SPV formed 124.52 2,650 Total 963.79 19,309 * Project length is included in Mumbai - Pune in operational projects above. Annual Report 2014-15 5 Charting a Progressive Journey Over the years, we have steadily extended our footprint as we developed pathways of progress across FY 2010-11 the country. Here is a FY 2009-10 Cumulative Kms Cumulative Kms 1,179 glimpse of our journey 1,065 FY 2008-09 so far. Cumulative Kms FY 2007-08 750 Cumulative Kms 513 Kms added during 65 236 315 114 the year Lane Kms 390 1,534 1,262 684 Cumulative Lane Kms 2,104 3,506 4,768 5,452 Key Highlights • Initial Public • First ever • Awarded • Achieved financial Offering by IRB Airport Project 3 National closure for: with IPO over- in
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