CONSOLIDATED FINANCIAL STATEMENTS

IL&FS Prime Terminals FZC, Fujairah, United Arab Emirates (UAE)

Fujairah is one of the seven emirates that make up UAE and also prides itself on being the only “Green Terminal” the only one located in the east along the Persian Gulf i.e, it in Fujairah with a hill slope with varied flora and other is strategically located outside Straits of Hormuz, a major initiatives for usage of renewable energy being international shipping passage carrying approximately implemented 40% of worlds crude oil supply. The region is increasingly The Phase 1 of the Terminal, with a capacity of 317,000 cbm becoming a trading hub for petro products due to its spread over an area of around 6 hectares, has been proximity to shipping routes and high demand from the completed with high safety parameters. This phase of the Middle East and North-East African nations. The Port of Terminal comprises of 14 product tanks for both Black and Fujairah is the second largest oil bunkering port in the world White petroleum products and has dedicated piggable and an-all weather deep water port enabling open sea pipelines to the Port of Fujairah. It was successfully terminal operations round the year commissioned in March 2015 with the simultaneous receipt IL&FS Prime Terminals FZC (IPTF) has developed a state of of two vessels and while maintaining safety as a top priority the art, independent Storage Terminal for petroleum IMICL was incorporated by IL&FS in 2006 to domicile its products at Fujairah. The Terminal, with an aggregate maritime mandates in a strategic business vertical and to storage capacity of approximately 600,000 cubic meters capture further opportunities in this growing sector. This will (cbm), is being developed in two phases over an area of 11 be IMICl's first foray into the international markets for port hectares based logistics The Terminal is capable of handling products such as heavy fuel oil, fuel oil, gas oil/diesel, jet fuel and petrol etc. It offers value-added services like blending, heating, internal/external transfers and flexibility in product usage. With its various features such as flexibility in terminal operating parcel sizing, truck loading facilities, the Terminal offers significant value proposition to bunkering companies and traders (for make bulk, combi cargo, etc). The Terminal

192 193 INDEPENDENT AUDITOR’S REPORT (4) We believe that the evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in paragraph VI (1) and VII (2)(a) below is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Financial Statements. IV Opinion TO THE MEMBERS OF INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED In our opinion and to the best of our information and according to the explanations given to us, and: I Report on the Consolidated Financial Statements (a) based on consideration of the reports of the other auditors referred to in paragraph VI (1) and VII (2) (a) We have audited the accompanying Consolidated Financial Statements of INFRASTRUCTURE LEASING & below; FINANCIAL SERVICES LIMITED (hereinafter referred to as “the Holding Company”) and its (the (b) based on the unaudited financial information certified by the respective Management referred to in Holding Company and its subsidiaries together referred to as “the Group”), its Associates and Jointly Controlled paragraph VI (2) and (3) below; and Entities / Operations, comprising of the Consolidated as at March 31, 2015, the Consolidated (c) read with paragraphs V (2) (a) to (h) and paragraph VII (2) (b) below, Statement of and Loss, the Consolidated Flow Statement for the year then ended, and a summary of the significant policies and other explanatory information (hereinafter referred to as “the Consolidated the aforesaid Consolidated Financial Statements give the information required by the Act in the manner so required Financial Statements” or “CFS”). and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group, its Associates and Jointly Controlled Entities / Operations as at March 31, II Management's Responsibility for the Consolidated Financial Statements 2015, and their consolidated profit and their consolidated cash flows for the year ended on that date. (1) The Holding Company's Board of Directors and Management are responsible for the preparation of these V Emphasis of Matters Consolidated Financial Statements in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair view of the consolidated financial position, consolidated (1) Our opinion on the Consolidated Financial Statements is not modified in respect of the following matters financial performance and consolidated cash flows of the Group including its Associates and Jointly listed below in paragraphs (2) (a) to (h). Controlled Entities / Operations in accordance with the accounting principles generally accepted in India, (2) We draw attention to: including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the (a) Note 14 (c) in respect of two Associates not considered for purposes for the Companies (Accounts) Rules, 2014. reasons explained therein. (2) The respective Board of Directors / Governing Boards of the entities included in the Group and of its (b) Footnote (iii) of Note 12 and Note 9 (f) of the Consolidated Financial Statements in respect of Associates and Jointly Controlled Entities / Operations are responsible for maintenance of adequate Intangible / Intangible Assets under Development under the Service Concession accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group, Arrangements (“SCA”) determined on the basis of: its Associates and Jointly Controlled Entities / Operations and for preventing and detecting frauds and (i) Technical evaluations made by experts with respect to: other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of • the amortisation charge of Rs. 2,254.23 mn for the current financial year in respect of the adequate internal financial controls, that were operating effectively for ensuring the accuracy and intangible assets under SCA based on the estimated units of usage and estimated toll completeness of the accounting records, relevant to the preparation and presentation of the Financial rates over respective concession period. Statements that give a true and fair view and are free from material misstatement, whether due to fraud or • estimated provision for overlay expenditure of Rs. 910.50 mn for the year ended March 31, error, which have been used for the purpose of preparation of the Consolidated Financial Statements by 2015 and the overlay liability as at March 31, 2015 of Rs. 3,330.37 mn and the timing of the the Holding Company's Board of Directors and Management, as aforesaid. same. III Auditor’s Responsibility (ii) Internal evaluation by the Management with respect to the margin included in the (1) Our responsibility is to express an opinion on these Consolidated Financial Statements based on our estimate of the construction services (as required by the Draft Guidance note on SCA's audit. While conducting the audit, we have taken into account the provisions of the Act, the accounting issued in financial year 2008) as part of the Intangible covered under each SCA. The and auditing standards and matters which are required to be included in the audit report under the cumulative margin included in Intangible Asset and Intangible Asset under development provisions of the Act and the Rules made thereunder. aggregates to Rs. 16,902.53 mn of which Rs. 3,318.34 mn is recognised for the year ended March 31, 2015. (2) We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit (c) Footnote of Note 13 of the Consolidated Financial Statements in respect of Receivables against to obtain reasonable assurance about whether the Consolidated Financial Statements are free from SCA (“financial assets”) determined on the basis of: material misstatement. (i) Technical evaluations made by experts with respect to future operating and maintenance (3) An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures costs of Rs. 13,214.23 mn and the provision for and timing of overlay / renewal costs of in the Consolidated Financial Statements. The procedures selected depend on the auditor's judgment, Rs.12,377.80 mn considered in determining the effective interest rate for recognition including the assessment of the risks of material misstatement of the Consolidated Financial Statements, on financial assets covered under each SCA. whether due to fraud or error. In making those risk assessments, the auditor considers internal financial (ii) Internal Management evaluation of the: control relevant to the Holding Company's preparation of the Consolidated Financial Statements that give • cumulative margin to arrive at the fair value estimate of the construction services (margin a true and fair view in order to design audit procedures that are appropriate in the circumstances but not earned being difference between the construction revenue and construction costs) for the purpose of expressing an opinion on whether the Holding Company has an adequate internal aggregating Rs. 6,638.23 mn of which Rs. 579.37 mn is recognised for the year ended financial controls system over financial reporting in place and the operating effectiveness of such March 31, 2015 for financial assets covered under each SCA (as required by the Draft controls. An audit also includes evaluating the appropriateness of the accounting policies used and the Guidance note on SCA's issued in financial year 2008). reasonableness of the accounting estimates made by the Holding Company's Board of Directors and Management, as well as evaluating the overall presentation of the Consolidated Financial Statements. 194 195 • current year revenue of Rs. 7,459.89 mn being the finance income on the basis of the effective (2) We did not audit the Financial Statements of: interest rate applied on the fair value of the construction services, future operating and (a) Two Companies, whose Financial Statements / Financial Information reflect total maintenance costs and provision for overlay and renewal costs, considering the contractual assets (net) of Rs. 0.58 mn as at March 31, 2015 (As at March 31, 2014: Rs. 6.26 mn), provisions of each SCA (as required by the Draft Guidance note on SCA's issued in financial total revenue of Rs. nil (Previous year ended March 31, 2014: Rs. nil) and net cash outflows year 2008) and the contracted annuities receivable over the concession period. amounting to Rs. 0.04 mn (Previous year ended March 31, 2014: Rs. nil) for the year ended on (d) Note 41 of the Consolidated Financial Statements, regarding an amount of Rs. 2,609.30 mn that date, as considered in the Consolidated Financial Statements. included as Revenue from Operations by a Subsidiary Company for the year ended March 31, (b) Four Associates wherein the Group's share of net loss of Rs. 316.59 mn for the year ended March 2015 on account of aggregate compensation claimed from its two step down Subsidiary Special 31, 2015 and carrying value of Rs. 4,097.03 mn as considered in the Consolidated Financial Purpose Vehicles (“SPVs”). The SPVs have filed an onward claim with the Concession Granting Statements (Previous year ended March 31, 2014: Group's share of net loss of Rs. 296.03 mn Authorities (“CGA”) based on the legal advice, however, the SPVs have not received approval for and carrying value Rs. 5,436.10 mn in respect of Five Associates). the same from the CGA till date. These Financial Statements / Financial Information are unaudited and have been furnished to us by the (e) Note 42 of the Consolidated Financial Statements, wherein one Subsidiary Company's auditor's Holding Company's Management and our opinion on the Consolidated Financial Statements, in so far as report includes an emphasis of matter drawing attention to the unascertainable impact on it relates to the amounts and disclosures included in respect of these aforesaid Two Subsidiary account of additional works / revised project specifications, which have been determined based Companies and Four Associates, is based solely on such unaudited Financial Statements / Financial on the Management estimates and / or technical evaluation by independent experts. Information certified by the Management as stated above. Any adjustment upon audit by the respective (f) Note 45 of the Consolidated Financial Statements, wherein it is stated that, consequent to the auditors to the unaudited Financial Statements / Financial Information could have consequential effects Associate Company's exit from CDR in May 2014, the matter of continuing the advance towards on the Consolidated Financial Statements. In our opinion and according to the information and Capital / Debt classification is subject to approval from Government of Gujarat (GoG). Pending explanations given to us by the Holding Company's Management, these Financial Statements / Financial such approval, the GoG's investment in advance towards Capital / Debt of Rs. 300 mn has been Information are not material to the Group. carried forward as such. (3) In case of one Subsidiary Company, the auditor's report include an “Other Matters” paragraph in respect (g) We draw attention to Note 48 of the Consolidated Financial Statements, wherein it is stated that, of the unaudited Financial Information for the period January 1, 2015 to March 31, 2015 in respect of one of in respect of one Associate Company, the auditor's report includes an “Emphasis of Matter” its foreign Subsidiary whose financial year end is December 31, 2014. These transactions for the 3 months paragraph in respect of non-receipt of confirmations from related parties of the Associate period are consolidated based on the information as provided by the Management of the said foreign Company (not being related parties of the Holding Company). Subsidiary Company. (h) We draw attention to Note 47 of the Consolidated Financial Statements, wherein it is stated that Our opinion on the Consolidated Financial Statements, and our report on Other Legal and Regulatory one Subsidiary Company's financial statements have not been prepared on a going concern Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done basis since the underlying project has been terminated by the concerned authority. The and the reports of the other auditors and the unaudited Financial Statements / Financial Information certified by the Subsidiary Company has shown Rs.107.85 mn as recoverable from the concerned authority Management of respective companies. based on the terms of the Project Development Agreement signed with the said authority. VII Report on Other Legal and Regulatory Requirements VI Other Matters (1) As required by the Companies (Auditor's Report) Order, 2015 (“the Order”) issued by the Central (1) We did not audit the Financial Statements of : Government of India in terms of sub-section (11) of Section 143 of the Act, based on the comments in the (a) One hundred and fifteen Subsidiaries whose Financial Statements reflect total assets of auditor's reports of the Holding Company, Subsidiary Companies, Associate Companies and Jointly Rs. 285,382.89 mn as at March 31, 2015, total of Rs. 33,619.70 mn and net cash inflows Controlled Companies incorporated in India, we give in the Annexure a Statement on the matters amounting to Rs. 1,726.03 mn for the year ended on that date, as considered in the Consolidated specified in paragraphs 3 and 4 of the Order, to the extent applicable. Financial Statements. (2) As required by Section 143(3) of the Act and Rule 11 of the Companies (Audit and Auditor's) Rules, 2014: (b) Thirty-eight Jointly Controlled Entities which reflect the Group's share of total assets of (a) Our report includes one hundred and five Subsidiary Companies, eighteen Associate Rs. 81,153.79 mn as at March 31, 2015, total revenues is Rs. 9,752.66 mn and net cash outflows Companies and thirty-five Jointly Controlled Companies, which have been audited by other of Rs. 2,400.67 mn for the year ended on that date, as considered in the Consolidated Financial auditors and our report in respect of these entities is based solely on the reports of the other Statements. auditors, to the extent considered applicable for aforesaid reporting in the case of these (c) Twenty-one Associates in which the Group's share of Profit of Rs. 203.27 mn for the year ended Consolidated Financial Statements. There are ten Subsidiary Entities, two Associate Entities and on March 31, 2015, as considered in the Consolidated Financial Statements. two Jointly Controlled Entities which are incorporated in India, to whom aforesaid reporting is not applicable and hence no reporting under the Section has been made. The Consolidated Financial Statements have been prepared by the Holding Company's Management based on the audited Financial Statements of these one hundred seventy four entities as audited by other (b) In addition, in respect of two Subsidiary Companies and four Associate Companies incorporated auditors and whose reports have been furnished to us and our opinion on the Consolidated Financial in India, which have been included in the Consolidated Financial Statements based on Statements, in so far as it relates to the amounts and disclosures included in respect of these Subsidiaries, unaudited Financial Statements / Financial Information provided to us by the Holding Jointly Controlled Entities and Associates, and our report in terms of sub-section (3) and (11) of Company's Management of these entities as explained in paragraph VI (2) and (3) above. Since Section 143 of the Act, in so far as it relates to the aforesaid Subsidiaries, Jointly Controlled Entities and these entities are unaudited, the possible effects of the same on our reporting have not been Associates, is based solely on the reports of the other auditors. considered.

196 197 (3) We report hereunder, to the extent applicable as explained above: ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements. (Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date). (b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated Financial Statements have been kept so far as it appears from our (1) Our reporting on the Order : examination of those books and the reports of the other auditors. (a) Includes sixty-two Subsidiary Companies, twelve Associate Companies and thirty Jointly Controlled (c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Companies incorporated in India, to which the Order is applicable, which have been audited by other Consolidated dealt with by this Report are in agreement with the relevant auditors and our report in respect of these entities is based solely on the reports of the other auditors, to the books of account maintained for the purpose of preparation of the Consolidated Financial extent considered applicable for reporting under the Order in the case of these Consolidated Financial Statements. Statements. In addition, there are fourteen Subsidiary Entities, four Associate Entities and two Jointly (d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Accounting Controlled Entities which are incorporated in India, to whom reporting under this Order is not applicable Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) and hence no reporting under the Order has been made. Rules, 2014. (b) In respect of one Subsidiary Company and four Associate Companies incorporated in India, which have (e) On the basis of the written representations received from the directors of the Holding Company been included in the Consolidated Financial Statements based on unaudited Financial Statements / as on March 31, 2015, taken on record by the Board of Directors of the Holding Company and the financial information of these entities provided to us by the Management of the Holding Company as reports of the statutory auditors of its Subsidiary Companies, Associate Companies and Jointly explained in paragraph VI (2) and (3) of our main report, since these entities are unaudited, the possible Controlled Companies incorporated in India, none of the directors of the Group Companies and effects of the same on our reporting under the Order in the case of these Consolidated Financial its Associate Companies and Jointly Controlled Companies incorporated in India is disqualified Statements have not been considered. as on March 31, 2015 from being appointed as a director in terms of Section 164(2) of the Act (2) As required by the Order, we report our comments in the below paragraphs to the extent applicable to the Group, its except that the auditors of two Subsidiary Companies has reported that, the written Associates and Jointly Controlled Companies incorporated in India to be read with paragraph 1(a), and subject to representations from four directors were not taken on record by the Board of Directors of the paragraphs 1(b) above respective Subsidiary Companies and they were unable to comment on whether these directors (3) In respect of the fixed assets of the Holding Company, Subsidiary Companies, Associate Companies and Jointly are disqualified or not from being appointed as directors as at March 31, 2015. Controlled Companies : (f) With respect to the other matters to be included in the Auditor's Report in accordance with (a) The respective Companies have generally maintained proper records showing full particulars, including Rule 11 of the Companies (Audit and Auditor's) Rules, 2014, in our opinion and the opinion of the quantitative details and situation of the fixed assets. other auditors and to the best of our information and according to the explanations given to us: (b) The fixed assets were physically verified during the year by the Management of the respective Companies (i) The Consolidated Financial Statements disclose the impact of pending litigations on the in accordance with a regular programme of verification which, in our opinion and the opinion of the other consolidated financial position of the Group, its Associate Companies and its Jointly auditors, provides for physical verification of all the fixed assets at reasonable intervals. According to the Controlled Companies - Refer Note 25 to the Consolidated Financial Statements. information and explanation given to us and the other auditors, no material discrepancies were noticed on (ii) The Holding Company, its Subsidiary Companies, Associate Companies and Jointly such verification. Controlled Companies do not have any long-term contracts including derivative contracts for (4) In respect of the inventories of the Subsidiary Companies, Associate Companies and Jointly Controlled which there were any material foreseeable losses. Companies : (iii) There has been no delay in transferring amounts, required to be transferred, to the Investor (a) As explained to the other auditors by the Management of the respective Companies, the inventories were Education and Protection Fund by the Holding Company, and its Subsidiary Companies, physically verified during the year at reasonable intervals. Associate Companies and Jointly Controlled Companies incorporated in India. (b) In the opinion of the other auditors and according to the information and explanations given to the other auditors, the procedures of physical verification of inventories followed by the Management of the respective Companies were reasonable and adequate in relation to the size of the respective Companies For DELOITTE HASKINS & SELLS LLP and the nature of their business. Chartered (Firm’s Registration No. 117366W/W-100018) (c) In the opinion of the other auditors and by the Management of the respective Companies according to the information and explanations given to the other auditors, the respective Companies have maintained Kalpesh J. Mehta proper records of their inventories and no material discrepancies were noticed on physical verification. Partner (Membership No. 48791) (5) According to the information and explanations given to us and the other auditors, the Holding Company, Subsidiary Companies and Jointly Controlled Companies have granted loans secured or unsecured, to the extent included in MUMBAI, August 27, 2015 the Consolidated Financial Statements, to Companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013 by the respective Companies. In respect of such loans: (a) The receipts of principal amounts and interest (where contractually receivable) have been regular / as per stipulations during the year except in the case of loans given by the Holding Company and two Subsidiary Companies where there were delays in receipt of principal amounts and interest.

198 199 (b) In respect of overdue amounts of over Rs. 100,000 remaining outstanding as at March 31, 2015, as (c) Details of dues of Employees' State Insurance, Income-Tax, Service Tax, Value Added Tax and Sales Tax explained to us and the other auditors, the Management of the respective Companies have taken which have not been deposited as at March 31, 2015 on account of disputes by the Holding Company, reasonable steps for recovery of the principal amounts and interest. Subsidiary Companies, Associate Companies and Jointly Controlled Companies are as given below: (6) In our opinion and the opinion of the other auditors and according to the information and explanations given to us and the other auditors, there is an adequate internal control system in the Holding Company, Subsidiary Name of the Nature of Amount Period to which Forum where dispute Companies, Associate Companies and Jointly Controlled Companies, commensurate with the size of the Statute the dues (` in mn) amount relates is pending respective Companies and the nature of their business for the purchase of inventory and fixed assets and for the sale of goods and services and during the course of our and the audit of the other auditors, no major weakness in Employees' State Employees' 0.11 FY 1997-98 Appellate Authority such internal control system has been observed. Insurance State Insurance (7) According to the information and explanations given to us, the Holding Company, Subsidiary Companies, Finance Act, 1994 Service Tax 290.02 FY 2004 to FY 2010 CESTAT (Appeals) Associate Companies and Jointly Controlled Companies have not accepted any deposit during the year. In respect Finance Act, 1994 Service Tax 27.68 AY 2005-06 to Commissioner Appeals of unclaimed deposits, the Holding Company has complied with the provisions of Sections 73 to 76 and any other 2010-11 - Service Tax relevant provisions of the Companies Act, 2013. (8) According to the information and explanations given to us and the other auditors, in our opinion and the opinion of Finance Act, 1994 Service Tax 1.39 FY 2008-09 and Commissioner of Appeals, FY 2009-10 Central Excise the other auditors, the Subsidiary Companies, Associate Companies and Jointly Controlled Companies, wherever applicable, have, prima facie, made and maintained the prescribed cost records pursuant to the Companies (Cost Finance Act, 1994 Service Tax 7.41 FY 2007-08 to Commissioner, Central Records and Audit) Rules, 2014, as amended prescribed by the Central Government under sub-section (1) of 2009-10 Excise Adjudication Section 148 of the Companies Act, 2013. Neither we nor the other auditors have, however, made a detailed Gujarat Sales Tax Sales Tax 0.13 FY 2006-07 Deputy Commissioner of examination of the cost records with a view to determine whether they are accurate or complete. Commercial Tax (Appeals) (9) According to the information and explanations given to us, and the other auditors, in respect of statutory dues of the Income Tax Act, Income Tax 0.36 AY 2007-08 AO after being set aside Holding Company, Subsidiary Companies, Associate Companies and Jointly Controlled Companies: 1961 by ITAT (a) The Group and its Associate Companies and Jointly Controlled Companies have generally been regular, in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Income Tax Act, Income Tax 20.33 AY 2009-10 and Appeals under process 1961 AY 2010-11 to CIT(A) Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Sales Tax, Value Added Tax, Cess and other material statutory dues applicable to the respective companies with the appropriate authorities, except in Income Tax Act, Fringe Benefit 11.67 AY 2005-06 and Assessing Officer case of one Subsidiary Company, wherein the Passenger Tax and Nutrition Tax has not been paid 1961 Tax AY 2006-07 throughout the year. Income Tax Act, Income Tax 0.30 AY 2008-09 Assistant Commissioner (b) There were no undisputed amounts payable by the Group and its Associate Companies and Jointly 1961 of Income Tax Controlled Companies in respect of Provident Fund, Employees' State Insurance, Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Sales Tax, Value Added Tax, Cess and other material statutory Income Tax Act, Income Tax 4,530.40 AY 2004-05, Commissioner of Income 1961 AY 2007-08 to tax (Appeals) dues in arrears as at March 31, 2015 for a period of more than six months from the date they became AY 2012-13 payable, except for dues of Passenger Tax, Nutrition Tax, Service Tax, Income Tax and Professional tax aggregating Rs.97.41 mn, Rs.49.43 mn, Rs.5.31 mn, Rs.0.03 mn and Rs.0.04 mn respectively in respect of Income Tax Act, Income Tax 30.52 AY 2010-11 to Deputy Commissioner three Subsidiary Companies and one Jointly Controlled Company. 1961 2014-15 of Income Tax

Income Tax Act, Income Tax 1.35 AY 2012-13 DRP 1961

Income tax act, Income Tax 63.56 AY 2004-05 to High Courts 1961 AY 2008-09

Income Tax Act, Income Tax 142.56 AY 2006-07 to Income tax Appellate 1961 AY 2011-12 Tribunal Income Tax Act, Income Tax 0.18 AY 2011-12 Income Tax Officer 1961

Income Tax Act, Income Tax 4.08 AY 2012-13 The Group is in process 1961 to file an appeal with CIT(A)

Income Tax Act, Income Tax 14.59 AY 2011-12 The Group is in the 1961 process of filing appeals before CIT(A) against the order

200 201 (d) There are no amounts that are due to be transferred by the Holding Company, Subsidiary Companies, Name of the Nature of Amount Period to which Forum where dispute Statute the dues (` in mn) amount relates is pending Associate Companies and Jointly Controlled Companies, except in respect of one Subsidiary Company which has been generally regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made Income Tax Act, Income Tax 47.47 AY 2014-15 The Group is thereunder within time. 1961 in the process of filing rectification application (10) The Group, its Associate Companies and Jointly Controlled Companies do not have consolidated accumulated losses at the end of the financial year and the Group, its Associate Companies and Jointly Controlled Companies Jharkhand Value Sales Tax 9.68 FY 2009-10 Commissioner of have not incurred cash losses on a consolidated basis during the financial year covered by our audit and in the Added Tax Rules Commercial Taxes, 2005 Jharkhand immediately preceding financial year. (11) In our opinion and the opinion of the other auditors and according to the information and explanations given to us Karnataka Sales Sales Tax 2.11 From FY 1994-95 Entry Tax Officer and the other auditors, the Holding Company, Subsidiary Companies, Associate Companies and Jointly Tax to 1998-99 and From FY 2005-06 Controlled Companies have not defaulted in the repayment of dues to financial institutions, banks and debenture to 2006-07 holders except: (a) in case of one Subsidiary Company where there is a delay of 16 days in repayment of Rs.1,800 mn dues to Karnataka VAT Value Added Tax 11.98 FY 2009-10 Additional Commissioner Act, 2003 of Commercial Taxes an financial institution. (Enforcement) (b) in case of one Associate Company where there are delays of 1 to 7 days in repayment of Rs.669.95 mn dues to financial institutions and banks and Rs.8.34 mn of such dues were in arrears as on the balance Kerala Sales Tax Sales Tax 0.59 FY 2000-01 High Court of Kerala sheet date which were paid subsequent to the year-end. Kerala Value Value Added Tax 1.62 FY 2008-09 High Court, Kerala (c) in case of one Jointly Controlled Company where there are delays in repayment of dues to financial Added Tax Act, institutions and banks. The default existing as at March 31, 2015 in case of the aforesaid Jointly Controlled 2003 Company are as follows: Maharashtra Tax Entry Tax 3.31 FY 2008-11 Sales Tax Office, CRO, on the Entry of Pune Particulars Amount (` in mn) Period of delay Goods into Local Areas Act, 2002 Principal Repayment 68.10 1 day Interest on term loan 122.90 1 day to 60 days Maharashtra Value Value Added Tax 5.67 FY 2010-11 Demand raised by Deputy Added Tax, 2002 Commissioner of Sales Tax. The Group proposes to (12) According to the information and explanations given to us, the Holding Company, Subsidiary Companies, file an appeal before the Associate Companies and Jointly Controlled Companies have not given guarantees for loans taken by others from appropriate authorities in respect of above. banks and financial institutions, except in respect of the guarantees given by one Subsidiary Company for loans taken by others outside the Group from banks and financial institutions which are not, prima facie, prejudicial to the Maharashtra Value Value Added Tax 1.43 FY 2008-09 Deputy Commissioner interests of the Group its Associates and Jointly Controlled Entities. Added Tax, 2002 of Sales Tax, Pune (13) In our opinion and the opinion of the other auditors and according to the information and explanations given to us Rajasthan Sales Sales Tax 6.96 FY 1997-98 & High Court of Rajasthan and the other auditors, the term loans have been applied by the Holding Company, Subsidiary Companies, Tax FY 1998-99 Associate Companies and Jointly Controlled Companies during the year for the purposes for which they were obtained, other than temporary deployment pending application, except in case of one Jointly Controlled Tamil Nadu Value Value Added Tax 2.50 FY 2008-09 Deputy Commissioner Company, where the term loan aggregating Rs. 843.40 mn, as reported by the other auditor has not been applied Added Tax Act, of Commercial Taxes 2006 (Appellate) for the purpose for which the loan was obtained. (14) To the best of our knowledge and according to the information and explanations given to us and other auditors, no Tamil Nadu Value Value Added Tax 7.89 FY 2009-10 Deputy Commissioner fraud by and no material fraud on the Holding Company, Subsidiary Companies, Associate Companies and Jointly Added Tax Act, of Commercial Taxes 2006 (Appellate) Controlled Companies has been noticed or reported during the year.

The Central Excise Service Tax 176.56 FY 2007-11 Customs, Excise and Act, 1944 & Service Tax Appellate Finance Act, 1994 Tribunal, South Zonal For DELOITTE HASKINS & SELLS LLP Bench Chartered Accountants (Firm’s Registration No. 117366W/W-100018) The Customs Act, Customs Duty 94.80 AY 2011-12 Commissioner (Appeals) 1962 Kalpesh J. Mehta Partner (Membership No. 48791)

MUMBAI, August 27, 2015

202 203 CONSOLIDATED BALANCE SHEET ` in million

As at March 31, Notes 2015 2015 2014 2014

EQUITY AND LIABILITIES Shareholder's Funds CONSOLIDATED STATEMENT OF PROFIT & LOSS Share Capital 2 7,334.03 5,845.91 Reserves and Surplus 3 59,343.22 66,677.25 57,274.48 63,120.39 ` in million 4 34,029.06 27,235.57 For the Year Ended March 31, Notes 2015 2014 Non-current Liabilities Long-Term Borrowings 5 486,486.22 380,601.72 INCOME

Deferred Tax Liabilities (Net) 7 1,804.68 2,492.80 Revenue from Operations 27 110,659.07 112,961.39 Other Long-Term Liabilities 8 13,798.44 10,072.38 2,645.35 Other Income 5,746.32 Long-Term Provisions 9 14,150.23 516,239.57 14,047.56 407,214.46 Total Revenue 116,405.39 115,606.74 Current Liabilities

Current Maturities of Long-Term Borrowings 5 77,187.56 57,903.34

Short-Term Borrowings 6 67,466.24 48,208.09 Cost of Raw Materials 5,527.45 5,359.45 Trade Payables 15,246.62 22,090.62 Purchase of -in-Trade 657.91 1,005.60 Other Current Liabilities 8 34,653.92 25,309.16 Changes in Inventories 1,132.66 (2,751.98) 9 Short-Term Provisions 6,500.07 201,054.41 6,081.76 159,592.97 Sub-contracted Construction Cost 24,448.44 30,493.13

818,000.29 657,163.39 Employee Benefit Expenses 29 9,249.84 8,368.24 ASSETS Non-current Assets Borrowing Costs 30 45,175.42 39,706.81 Fixed Assets Other Operating and Administrative Expenses 31 18,529.60 22,258.13 - Tangible Assets (Net) 84,240.36 and Amortisation Expenses 4,640.27 3,721.14 11 40,543.26 - Intangible Assets (Net) 12 98,078.85 63,076.08 Total Expenses 109,361.59 108,160.52 - Capital Work-in-Progress 97,216.79 77,961.11

- Intangibles under Development 93,450.79 372,986.79 85,062.68 266,643.13 PROFIT BEFORE TAX 7,043.80 7,446.22

Receivable against Service Concession 13 82,755.46 77,787.31 Tax 32 3,369.54 3,463.70 Arrangements on Consolidation (Net) 17,870.39 12,773.18 PROFIT AFTER TAX 3,674.26 3,982.52

Non-current Investments 14 51,528.63 47,554.38 Minority Interest (Net) (1,230.88) (1,031.36) Deferred Tax Assets (Net) 16 1,754.54 1,747.27 Share of Profit /(Loss) (Net) of Associates 51.14 (515.05) Long-Term Loans and Advances 17 88,134.65 90,716.51 PROFIT FOR THE YEAR 2,494.52 2,436.11 Other Non-current Assets 19 18,500.99 260,544.66 18,480.59 249,059.24

Earning per Share : Current Assets Basic & Diluted 33 6.64 19.20 Current Portion of Non-current Investments 14 407.24 2,402.48 15 9,153.63 7,716.60 Current Investments (Face Value ` 10 per Share) Inventories 20 6,133.58 9,549.10 Trade Receivables 21 20,569.68 22,309.55

Cash and Cash Equivalents 22 64,194.02 31,214.87 Notes 1 to 50 forms part of the Consolidated Financial Statements For and on behalf of the Board Short-Term Loans and Advances 18 41,850.54 31,909.02 In terms of our Report attached.

Current Portion of Long-Term Loans and 17 21,053.53 24,432.39 For DELOITTE HASKINS & SELLS LLP Ravi Parthasarathy Chairman Advances Chartered Accountants Other Current Assets 19 21,106.62 184,468.84 11,927.01 141,461.02 Hari Sankaran Vice Chairman and Managing Director Kalpesh J. Mehta 818,000.29 657,163.39 Arun K Saha Joint Managing Director and CEO Partner Notes 1 to 50 forms part of the Consolidated Financial Statements For and on behalf of the Board (Membership No. 48791) Manu Kochhar Group Chief Financial Officer In terms of our Report attached. Mumbai, August 27, 2015 Ravi Parthasarathy Chairman Avinash Bagul Company Secretary For DELOITTE HASKINS & SELLS LLP Hari Sankaran Vice Chairman and Managing Director Chartered Accountants Arun K Saha Joint Managing Director and CEO Kalpesh J. Mehta Partner Manu Kochhar Group Chief Financial Officer (Membership No. 48791) Avinash Bagul Company Secretary Mumbai, August 27, 2015 204 205 CONSOLIDATED CASH FLOW STATEMENT CONSOLIDATED CASH FLOW STATEMENT (CONTD.)

` in million ` in million For the Year Ended March 31, 2015 2014 For the Year Ended March 31, 2015 2014

(A) CASH FLOW FROM OPERATING ACTIVITIES (C) CASH FROM FINANCING ACTIVITIES PROFIT BEFORE TAX 7,043.80 7,446.22 Increase in Long-Term Borrowings 101,773.61 90,248.87 Adjustments for: Increase in Short-Term Borrowings 18,401.75 14,272.87 Depreciation and Amortisation 4,640.27 3,721.14 (Increase)/Decrease in Loans and Advances (2,303.17) 2,874.59 Amortisation of Goodwill and Toll Receivable 101.00 103.14 (Increase) in Short Term Loans and Advances (8,534.65) (8,449.31) Provisions and Contingencies 486.57 2,965.81 Grant received 1,277.59 2,838.90 Provision for Employee Benefits (Net) 385.41 (175.76) Proceeds from Issue of Equity Shares 7,757.84 273.18 Provision for Overlay Expenses (Net of the reversal) 911.50 447.68 Proceeds from Issue of Preference Shares 2,307.80 7,692.20 Bad Debts Written Off 508.32 458.29 Proceeds from Minority 1,736.64 4,722.73 Amortisation of Capital Grants received (19.68) - Restructuring Charges paid by a Subsidiary - (538.35) Transfer from capital reserve (depreciation on assets) (65.88) - Share issue expenses (252.14) - Shares received in lieu of Extension fee (non cash adjustment) (2,105.74) - paid (including tax thereon) (3,049.05) (1,437.26) Net Profit on Sale of Long-Term Investments (2,875.46) (4,310.26) Dividend paid to Minority (579.41) (444.88) Net Profit on sale of Fixed Assets (157.15) 39.62 NET CASH GENERATED FROM FINANCING ACTIVITIES C 118,536.81 112,053.56

OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 8,852.96 10,695.88 (D) NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) 22,674.01 5,774.30

Adjustments for changes in: Cash and Cash Equivalents at the beginning of the year 27,299.30 21,197.45 Decrease/(Increase) in Other Current Assets, Other Non-current Assets 515.36 (5,350.79) Cash and Cash Equivalents due to investment / in Subsidiaries 173.40 327.55 Decrease/(Increase) in Inventories 227.88 (2,862.29) Cash and Cash Equivalents at the end of the year (Refer Note 22) 50,146.71 27,299.30 Increase in Trade Receivables (889.26) (7,848.22) Increase in Other Current Liabilities, Other Non-current Liabilities 6,435.94 4,141.87 Net Increase in Cash and Cash Equivalents 22,674.01 5,774.30 Decrease/(Increase) in Trade Payables (6,844.00) 7,757.47

8,298.88 6,533.92 Payment of Taxes (5,542.94) (7,184.80) Notes : (I) Cash & Cash Equivalents as per Cash Flow Statement 50,146.71 27,299.30 2,755.94 (650.88) NET CASH GENERATED FROM / (USED IN) OPERATING ACTIVITIES A Add: - Bank Balances for Margin Money / 12,385.15 3,878.40 (B) CASH FLOW FROM INVESTING ACTIVITIES - Fixed Deposits under lien 1,617.90 - Acquisition of Shares in Subsidiaries (19.95) (1,129.54) - Unclaimed Dividend Account 44.26 37.17 Investment in Other Long-Term Investments (1,024.95) (3,285.66) Cash & Cash Equivalents as per Balance Sheet 64,194.02 31,214.87 Proceeds from sale of Investment in Subsidiary 2,654.30 3,000.00 Proceeds from sale of Other Non-current Investments 2,084.44 4,959.12 (Increase) in Current Investments (1,951.73) (1,008.55) Notes 1 to 50 forms part of the Consolidated Financial Statements For and on behalf of the Board Investment in Associates (763.76) (478.79) In terms of our Report attached. Dividend received from Associates 48.50 - For DELOITTE HASKINS & SELLS LLP Ravi Parthasarathy Chairman (Increase) in Deposits with Banks (Under lien) (9,588.01) (5,669.45) Chartered Accountants Purchase of Fixed Assets (including Other Intangible Assets) (51,059.17) (55,965.45) Hari Sankaran Vice Chairman and Managing Director 1,446.68 Kalpesh J. Mehta Proceeds from Sale of Fixed Assets 186.96 Arun K Saha Joint Managing Director and CEO Partner Increase in Rights under Service Concession Arrangements (32,779.41) (37,800.06) (Intangible Assets) (Membership No. 48791) Manu Kochhar Group Chief Financial Officer Mumbai, August 27, 2015 Increase in Receivable Against Service Concession Arrangements (7,665.68) (8,436.96) Avinash Bagul Company Secretary (Financial Assets)

NET CASH USED IN INVESTING ACTIVITIES B (98,618.74) (105,628.38)

206 207 NOTES FORMING PART OF THE ACCOUNTS • The Group's interest in Joint Ventures are consolidated as follows :

(1) SIGNIFICANT ACCOUNTING POLICIES Type of Joint Venture Accounting treatment

(a) CONSOLIDATION : Jointly Controlled The Group's share of revenues, common Operations (JCO) expenses, assets and liabilities are included in (i) Basis of Consolidation : revenues, expenses, assets and liabilities • The Consolidated Financial Statements (CFS) include Infrastructure Leasing & Financial Services respectively Limited (the Company), its Subsidiaries, Jointly Controlled Entities (JCE), Jointly Controlled Jointly Controlled The Group's interest in JCE are proportionately Operations (JCO) and Associates, which together constitute the Group Entities (JCE) consolidated on a line-by-line basis by adding • The CFS are prepared in accordance with the Generally Accepted Accounting Principles in India, to together the book values of assets, liabilities, comply with the applicable Accounting Standards specified under Section 133 of the Companies income and expenses, after eliminating the unrealized profits/losses on intra-group Act, 2013 read with Rule 7 of the Companies (Accounts) Rules 2014 and relevant provisions of the transactions Companies Act, 2013 / Companies Act, 1956 as applicable and Reserve Bank of India Guidelines and Exposure Draft on the Guidance Note on Accounting for Service Concession Agreement (SCA) • The Accounting Policies of the Consolidating Entities have been adjusted as necessary so as to ensure for Public-to-Private SCA, issued by the Institute of Chartered Accountants of India in financial year consistent accounting within the Group 2008, to the extent it does not conflict with the current Accounting Standards. The Accounting Policies adopted in preparation of the CFS are consistent with those followed in the previous year • In case of Foreign Subsidiaries and JCE, items of income and expenses are converted at the average except for change in the Accounting Policy for depreciation as stated in Note 1 (c) below rate prevailing during the year. All assets and liabilities are converted at the rates prevailing as at the end of the year, any resultant difference is recognised in Foreign Currency Translation Reserve • The Group adopts the concept in the preparation of the books of accounts. The preparation of the books of accounts of the consolidating entities require the respective entitys’ Management to • The Financial Statements of the Subsidiaries, JCE, JCO and Associates used in the CFS are drawn up make estimates and assumptions in the reported amounts of assets and liabilities (including to the same reporting date as that of the Company i.e. March 31, 2015 except for entities stated in Note contingent liabilities) as of the date of the respective accounts and the reported income and 36 (d) (iii) expenses during the year. Actual results could differ from these estimates. Any changes in such • Adjustments due to differences between the unaudited accounts and the subsequent audited estimates is recognised prospectively accounts and prior period errors / omissions, if any, are accounted through the Consolidated (ii) Principles of Consolidation : Statement of Profit and Loss in the year the accounts of the Consolidating Entity gets audited or errors / omissions are identified during the year, the Group has credited ` 250.60 mn to the Statement • The Financial Statements of the Company and its Subsidiaries have been consolidated as a single of Profit and Loss on account of such errors and omissions caused due to insufficient / incorrect economic entity to show the economic resources controlled by the Group and then on a line-by-line information available from components in the past years basis by adding together the book values of the like items of assets, liabilities, income and expenses, after eliminating intra-group balances and unrealized profits / losses on intra-group transactions, and (b) MINORITY INTEREST : are presented to the extent possible, in the same manner as the Company's Standalone Financial Minority interest in the net assets of consolidating Subsidiaries consists of the amount of equity Statements attributable to the minority shareholders as at the Balance Sheet date • The gains / losses in respect of part dilution of stake in Subsidiary Companies pursuant to issue of (c) FIXED ASSETS AND DEPRECIATION / AMORTISATION : additional shares to minority shareholders are recognized directly in Reserves and Surplus in the Balance Sheet (i) Tangible fixed assets and depreciation :

• Investments in Associate Companies have been accounted for by using the , whereby Tangible fixed assets acquired by the Group are reported at acquisition cost, with deductions for an investment is initially recorded at cost and the carrying amount is adjusted thereafter for post- accumulated depreciation and impairment losses, if any acquisition change in the Group's share of net assets of the Associate. The carrying amount of The acquisition cost includes the purchase price (excluding refundable taxes) and expenses, such as investment in Associate Companies is reduced to recognise any decline which is other than delivery and handling costs, installation, legal services and consultancy services, directly attributable temporary in nature and such determination of decline in value, if any, is made for each investment to bringing the asset to the site and in working condition for its intended use individually. The unrealized profits / losses on transactions with Associate Companies are eliminated Where the construction or development of any asset requiring a substantial period of time to set up for by adjusting the carrying amount of investments its intended use is funded by borrowings, the corresponding borrowing costs are capitalised up to the date when the asset is ready for its intended use

Depreciation on tangible fixed assets is computed as under :

Pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014, the Group has changed its method of depreciation from WDV method to SLM. Consequent to this change, all assets are now being depreciated under SLM. The Group has also revised the estimated useful life of some of its assets to align the useful life with those specified in Schedule II based on internal technical advice, taking into account the nature of the asset, the estimated usage of the asset, operating conditions of the asset, past history of replacement, anticipated technological changes etc

208 209 The details of previously applied depreciation method, rates / useful life and revised method and lives • The depreciation expense in the Consolidated Statement of Profit and Loss for the year is lower by are given below : ` 284.03 mn consequent to the above change in the method of depreciation • The depreciation expense in the Consolidated Statement of Profit and Loss for the year is lower by Previous Previous Revised ` 84.98 mn consequent to the change in the useful life of the assets Asset depreciation depreciation useful life method based on SLM rate/useful life (ii) Leased Assets : Other Premises SLM 1.63% / ~61 Years 60 Years Type of Lease Capitalisation Depreciation Policy Premises under BOOT SLM As per BOOT As per BOOT model agreement agreement Given on Operating Lease At Cost including incidental Straight Line Method at the expenses to bring the asset r a t e s p r o v i d e d u n d e r Computers and Data SLM 25% / ~ 4 Years 3 Years to its working condition for its Schedule II to the Companies Processing Equipment intended use Act, 2013 (other than Server & Networking) Specifically - Plant At Cost including incidental & Machinery given expenses to bring the asset Data Processing SLM 4 Years 4 Years on lease related to to its working condition Equipment (Server & Telecom Infrastructure Networking equipment) - Tower 20 years Plant & Machinery WDV 13.91% / ~ 20 Years 15 Years - Civil work & Shelter 15 years Vehicles SLM 5 Years 5 Years - Power equipment, 10 years Office Equipments WDV 13.91% / ~ 20 Years 5 Years Electrical work Electrical Installation WDV 13.91% / ~ 20 Years 10 Years - Batteries 4 years Specialised Office SLM 3 Years 3 Years - Capital Expenditure on At Cost Amortised over the primary Equipment's renovation/ Improvements period of the Lease to Lease-hold Premises Furniture and Fixtures WDV 18.10% / ~15 Years 10 Years Leasehold Land SLM Amortised over the Amortised over the (iii) Intangible Assets : period of Lease period of Lease • Intangible Assets other than Service Concession Arrangement (SCA) are reported at acquisition Leasehold SLM Amortised over the Amortised over the value with deductions for accumulated amortisation and impairment losses, if any. The Amortisation Improvement costs period of Lease period of Lease Policy for various intangible assets is provided below : Marine Structures and SLM As per Concession As per Concession Navigation Channel agreement agreement Asset Type Useful Life Intellectual Property Rights 5 - 7 years Assets provided to SLM 3 Years 3 Years 4 years or the useful life of the employees Software software, whichever is shorter Mobile Phones and - Fully depreciated in Fully depreciated in i Pad / Tablets the year of purchase the year of purchase Leasehold rights Over the period of the economic life of the rights Commercial rights Over the concession period as per contractual All categories of - Fully depreciated in Fully depreciated in agreement assets costing less the year of purchase the year of purchase than ` 5,000 each Licensed Software Over the license period Goodwill Acquired 5 years The residual value of all the assets is retained at ` 1/- each

The impact of the change in depreciation policy and useful lives are as stated below : • The Accounting Policy for Intangible Assets in the nature of SCA is given in Para (g) below • Placement Fees included in “Intellectual Property Rights” incurred for the establishment of a Fund Pursuant to the transitional provisions prescribed in Schedule II to the Companies Act, 2013, are carried as Intangible Assets and are amortised over five years from the commencement date of • The Group has fully depreciated the carrying value of assets (determined after considering the the Fund to which the placement fee relates change in the method of depreciation from WDV to SLM), net of residual value, where the remaining • Carrying value of individual intangible assets are tested for impairment as at each reporting date useful life of the asset was determined to be nil as on April 1, 2014 debited an amount of ` 83.90 mn against the opening balance of Surplus in Consolidated Statement of Profit and Loss under Reserves and Surplus; debited ` 1.69 mn to Capital Reserve under Reserves and Surplus and debited ` 0.24 mn to Capital Work in Progress

210 211 (d) GOODWILL ON CONSOLIDATION : (ii) Intangible Assets : Intangible Assets are capitalised when the project is complete in all respects and Goodwill on Consolidation is reported at initial recognition value net of deduction for accumulated when the Group receives the final completion certificate from the granting authority as specified in the impairments, if any. Goodwill on Consolidation for entities having a definite concession period is Concession Agreement and not on completion of component basis as the intended purpose of the amortised over the balance concession period on a systematic basis. Goodwill on acquisition of Foreign project is to have the complete project available for use. The economics of the project is for the entire Subsidiary is restated at the rate prevailing at end of the year project as per the bidding submitted by the Group. A Component based certification is received as an intermediate mechanism provided in the Concession Agreement to provide a right to collect a (e) INVESTMENTS : discounted toll to compensate the company for delays beyond the control of the Group by allowing (i) Investments are carried at actual cost including costs incidental to the acquisition cost recovery during the construction period. However, where there is other than temporary delay (ii) Investments are classified as long term or current at the time of making such investments due to reasons beyond the control of the Group, the management may treat constructed portion of the project as a completed project (iii) Long term investments are individually valued at cost. Provision is made for diminution in value, other than temporary • Revenue from construction services is arrived at on the basis of cost incurred during the period based on the stage of the project plus appropriate construction margin on such cost. Receivable (iv) Current investments are valued at lower of cost or fair value, determined on category of investment for construction service is exchanged to an Intangible toll collection rights under SCA basis • Revenue from Intangible Assets is recognised in the year of collection of toll which generally (v) Reclassification of investments between current and long term categories are made subject to coincides with the usage of the public service or where from such rights have been auctioned, in regulatory provisions if any and at the lower of cost and fair value at the date of transfer and the the year to which auctioned amount relates resultant loss is accounted for in the Statement of Profit and Loss. Profit, if any, is not recognised • The intangible rights which are recognised in the form of right to charge users of the infrastructure or (vi) Investment properties includes the property under construction and valued at cost other asset are amortised by taking the proportionate of actual revenue earned for the year over the Properties under construction which are held with the intention of giving the same on operating lease total projected revenues from the balance concession period of the project applied to the Cost of and capital appreciation are disclosed under 'Non Current Investments' as 'Investment Properties'. Intangible assets. The Total Projected Revenues are reviewed at the end of each Financial Year and Cost of Investment Properties includes cost incurred, as applicable, upto the completion of the the Total Projected Revenues are adjusted to reflect any changes in the estimates which lead to the properties viz. cost of land / development right, rate and taxes, cost of construction, allocated actual collection at the end of the concession period overheads, and other expenses (including borrowing costs) attributable to the properties and net off • The Group has contractual obligations to maintain the infrastructure to a specified level of interest income on surplus fund invested temporarily from the specific borrowing related to the serviceability or restore the infrastructure to a specified condition before it is handed over to the construction of properties grantor of the SCA. Such obligations are measured at the best estimate of the expenditure that (f) INVENTORIES: would be required to settle the obligation at the balance sheet date. In case of intangible assets, the (i) Inventories are valued at cost or net realisable value whichever is lower. Costs are determined on the timing and amount of such cost are estimated and recognised on an undiscounted basis by Weighted Average basis / FIFO basis charging costs to revenue on the units of usage method i.e. on the number of users expected to use (ii) Inventories of Real estate comprises of construction work in progress which is valued at cost. the project facility, over the period at the end of which the maintenance is estimated to be carried Construction work in progress include costs incurred, as applicable, up to the completion of the out based on technical evaluation by independent experts project viz. cost of land/development rights, rates and taxes, cost of construction, allocated • Revenue collected on receipt of component based certification is reduced from the cost of the overheads , and other expenses (including borrowing costs) attributable to the projects and net off Intangible Asset as the construction work on remaining portion is still in progress and the entire interest income on surplus funds invested temporarily from the specific borrowings related to the asset is not ready for its intended purpose, except in cases where the management has treated the construction of the real estate. Construction work in progress is net off any adjustment arising due to constructed portion of the road as the completed project as mentioned above, in which case such foreseeable losses revenues are recognised to the Consolidated Statement of Profit and Loss

(g) SERVICE CONCESSION ARRANGEMENTS (SCA) : • Borrowing costs incurred by the Group attributable to the acquisition / construction of the qualifying Intangible Assets under SCA are capitalised as part of the cost of that asset (i) The Group has entered into concession agreements under public-to-private Service Concession Arrangements (SCAs) to construct, operate and maintain infrastructural facilities. Under SCA, the • Amortisation of Toll Receivable Account: The Group has commenced amortisation of toll receivable Group recognises Intangible Assets and Financial Assets depending on the terms of Concession account from FY 2013, over the balance estimated period of service concession. Amortisation is granted by the Concessionaire. Further, also requires estimation of construction done on the basis of revenue for the year to the total estimated revenues over the balance estimated margin, overlay expenses and operations and maintenance costs period of service concession Under SCAs, where the Group has received the right to charge users of the public service, such rights (iii) Financial Assets : are recognised and classified as Intangible Assets. Where the Group has acquired contractual rights • Revenue from Financial Assets is recognised in the Consolidated Statement of Profit and Loss to receive specified determinable amounts, such rights are recognised and classified as Financial based on the effective interest rate method from the year in which construction activities Assets. commence on the estimated construction, Operation and Maintenance and overlay costs to be incurred over the life of the financial asset • Revenue from construction services is arrived at on the basis of cost incurred during the period based on the stage of the project plus appropriate construction margin on such cost Revenue from infrastructure services includes recognition of margin on operation and maintenance for Financial Assets. Receivable for construction service is exchanged for right to receive annuity under SCA

212 213 • The Group has contractual obligations to maintain the infrastructure to a specified level of The percentage of completion method is applied on a cumulative basis in each to serviceability or restore the infrastructure to a specified condition before it is handed over to the the current estimates of contract revenue and contract costs. The effect of a change in the estimate of grantor of the SCA. Such obligations are measured at the best estimate of the expenditure that contract revenue or contract costs, or the effect of a change in the estimate of the outcome of a would be required to settle the obligation over the life of the financial asset. Such costs are contract, is accounted for as a change in accounting estimate and the effect of which are recognised recognised in the year in which such costs are actually incurred in the Consolidated Statement of Profit and Loss in the period in which the change is made and in (iv) Based on the above, the following financial and accounting measurements are carried based on the subsequent periods above assumptions: When the outcome of a construction contract cannot be estimated reliably, revenue is recognised • Revenue recognition of financial assets only to the extent of contract costs incurred of which recovery is probable and the related contract costs are recognised as an expense in the period in which they are incurred • Construction margin (being construction revenue less construction costs) When it is probable that total contract costs will exceed total contract revenue, the expected loss is • Allocation of annuity to recovery of financial asset and finance income recognised as an expense in the Statement of Profit and Loss in the period in which such probability • Amortisation of intangible assets occurs • Amortisation of Toll receivable account (vii) Receivable for construction service revenue under SCA accounting is exchanged for the rights as • Provisions for overlay expenses explained in paragraph (g) above (h) REVENUE RECOGNITION : (viii) Revenue from real estate projects undertaken as builder / developer is recognised as per Guidance Note on Accounting for Real Estate Transactions issued by the Institute of Chartered Accountants of (i) Revenue is recognised on an accrual basis. Revenues of Non Banking Finance Companies (NBFCs) India in the Group are recognised in accordance with the guidelines issued by the Reserve Bank of India in respect of NBFCs (ix) Revenue from sale of power produced on generation of electricity is accounted when energy is delivered at the metering point in terms of the Power Purchase Agreements / tariff rates approved by (ii) Revenue from sales of goods are recognised on transfer of significant risks and rewards of ownership Central Electricity Regulatory Commission as modified by the orders of Appellate Tribunal for to the buyer Electricity to the extent applicable. In case of power stations where that tariff rates are yet to be (iii) Income from Services : approved, provisional rates are adopted • Revenue from rendering of services is recognised when there is reasonable certainty as to the (x) Income from sale of Certified Emission Reductions (CER) is recognised upon execution of a firm sale measurement or collectability of the revenue contract for the eligible credits • Income on Services provided in nature of Corporate Advisory, Projects Debt Syndication, Project (xi) In certain cases the Group has entered into Power Purchase agreements (PPAs) with power Finance and other fee based income is recognised on an accrual basis on completion of the distribution companies, whereby it has agreed to charge Feed-in Tariff (FIT) or Average Power service milestones specified in the relevant mandate letters Purchase Cost Tariff (APPC Tariff). The Group is entitled for one Renewable Energy Certificate (REC) • Revenue from infrastructure and development projects services is recognised using the for one Mega Watt Hour (MWH) of power generated by wind turbines and fed into the grid where it has proportionate completion method which is determined by reference to the service milestones agreed to charge APPC tariff achieved as per the terms of the contract. Any expected loss on a contract is recognised Income arising from Renewable Energy Certificates (RECs) is recognised in respect of the approved immediately in the Consolidated Statement of Profit and Loss projects on the basis of quantum of power injected into the grid at the floor price prescribed by • Information processing services fees are recognised by the Group once information processing Central Electricity Regulatory Commission (CERC) services have been rendered and the corresponding granting authority has collected, the (i) ORIGINATION FEES : corresponding fee from the customer pursuant to the Concession Agreement Origination Fees including brokerage payable with respect to funds mobilised by the Group are amortised (iv) Dividend income is recognised once the unconditional right to receive the same is established over the tenure of such borrowings. Commitment Charges paid on borrowings directly attributed to loans (v) Income from investment in units of Funds (PEF) is recognised on the basis of the received are amortised over the tenor of the specific lending vis- à -vis such borrowing income distributed by the funds (j) GRANTS : (vi) When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are recognised as revenue and expenses (i) Government Grants are recognised only when it is reasonably certain that the related entity will respectively by reference to the percentage of completion of the contract activity at the reporting comply with the conditions stipulated under the Grant and the collection is reasonably certain date. The percentage of completion of a contract is determined considering the proportion that (ii) Grants received as compensation for expenses or losses are taken to the Consolidated Statement of contract costs incurred for work performed upto the reporting date bear to the estimated total Profit and Loss and accounted in the year to which they relate. Grants in the nature of promoter's contract costs contribution are treated as Capital Reserve For the purposes of recognising revenue, contract revenue comprises the initial amount of revenue (iii) Grants related to specific fixed assets are treated as deferred income, which is recognised in the agreed in the contract, the variations in contract work, claims and incentive payments to the extent Consolidated Statement of Profit and Loss in proportion to the depreciation / amortisation charge that it is probable that they will result in revenue and they are capable of being reliably measured over the useful life of the asset

214 215 (k) DERIVATIVE TRANSACTIONS : • Defined-benefit Plans (i) The Group enters into derivative contracts to hedge its assets and liabilities Expenses for defined-benefit plans are calculated as at each balance sheet date by independent (ii) Derivative transactions (other than forward contracts), which are closely linked to the underlying actuaries. These commitments are valued at the present value of the expected future payments, transaction and are intended to be held-to-maturity, are recognised in the books in accordance with with consideration for calculated future salary increases, using a discount rate corresponding to the derivative contract the interest rate estimated by the actuary having regard to the interest rate on government bonds with a remaining term that is almost equivalent to the average balance working period of (iii) (a) Premium received / paid upfront on equity options written are accounted as liability / asset employees. Incremental liability based on the projected unit credit method as at the reporting date, respectively. Losses, if any due to change in the fair value of the underlying contract is recognised is charged to the Consolidated Statement of Profit and Loss. The actuarial gains / losses are through the Consolidated Statement of Profit and Loss accounted in the Consolidated Statement of Profit and Loss (b) All other contracts (including hedging of interest rate risk) are marked-to-market based on the (iii) Other Employee Benefits category of the contract and losses if any, are recognised in the Consolidated Statement of Profit and Loss. On settlement, resultant gain or loss is recognised in the Statement of Profit and Loss Compensated absences which accrue to employees and which can be carried to future periods but are expected to be encashed or availed in twelve months immediately following the year end are (c) Gains arising as at the reporting date on the (iii) (a) and (b) above are not recognised on grounds reported as expenses during the period in which the employees perform the services that the benefit of prudence covers and the liabilities are reported at the undiscounted amount of the benefits after deducting (l) FOREIGN CURRENCY TRANSACTIONS : amounts already paid. Where there are restrictions on availment or encashment of such accrued (i) Foreign Currency Transactions and Balances benefit or where the availment or encashment is otherwise not expected to wholly occur in the next • Initial Recognition twelve months, the liability on account of the benefit is actuarially determined using the projected unit credit method. The resulting actuarial gains / losses are accounted in the Consolidated Statement of Foreign currency transactions are recorded at the rate prevailing on the date of the transaction Profit and Loss • Conversion (n) BORROWING COST : Foreign currency monetary items are restated using the exchange rate prevailing at the reporting date. Non-monetary items, which are measured in terms of denominated in a foreign Borrowing costs incurred by the Group and allocable to the acquisition / construction of qualifying assets currency, are reported using the exchange rate at the date of the transaction created under project companies of the Group (other than Financial Assets and Intangible Assets mentioned in para (g)) are capitalised as part of the cost of that asset. Other borrowing costs are • Exchange Differences recognised as expense in the year incurred The exchange differences on foreign currency short-term monetary items are recognised as income (o) TAXATION : or as expense in the year in which they arise (i) Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liability during the (ii) Foreign Currency Long-Term Monetary Items year in the consolidating entities. Current Tax is determined as the amount of tax payable in respect The Group has exercised the option of amortising / capitalising the exchange differences arising on of taxable income for the year as per the enacted Tax Regulations long-term foreign currency monetary items as given under Ministry of Corporate Affairs (MCA) (ii) The provision for tax has been taken for each consolidating entity on the basis of the standalone Notification No. G.S.R 914(E) dated December 29, 2011 financial statements prepared under Indian GAAP by that entity and has been aggregated for the (iii) Forward / Derivative Contract entered into to hedge foreign currency risk of an existing asset / purposes of CFS liability (iii) Deferred Tax Assets and Liabilities are recognised for the future tax consequences of timing The premium or discount arising at inception of forward contracts is amortised as expense or income differences between the book profit and tax profit. Deferred Tax Assets other than on carry forward over the life of the contract. Any profit or loss arising on cancellation or renewal of forward exchange losses and unabsorbed depreciation under tax laws are recognised when it is reasonably certain that contract is also recognised in the Consolidated Statement of Profit & Loss there will be future taxable income. Deferred Tax Asset on carry forward losses and unabsorbed (m) EMPLOYEE BENEFITS : depreciation, if any, are recognised when it is virtually certain that there will be future taxable profit. (i) Short Term Deferred Tax Assets and liabilities are measured using substantively enacted tax rates. The effect on Deferred Tax Assets and Liabilities of a change in tax rates is recognised in the Consolidated Short term employee benefits are recognised as an expense at the undiscounted amount expected Statement of Profit and Loss in the period of substantive enactment of the change to be paid over the period of services rendered by the employees to the Group (iv) Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future (ii) Long Term economic benefits in the form of adjustment of future income tax liability, is considered as an asset if The Group has both defined-contribution and defined-benefit plans, of which some have assets in there is reasonable evidence that the Group will be able to utilise it against normal tax in the future special funds or securities. The plans are financed by the Group and in the case of some defined period contribution plans by the Group along with its employees (p) IMPAIRMENT : • Defined-contribution Plans The aggregate carrying value of assets of each cash-generating unit at each balance sheet date are These are plans in which the Group pays pre-defined amounts to separate funds and does not have reviewed for impairment. If any indication of such impairment exists, the recoverable amounts of those any legal or informal obligation to pay additional sums. These comprise of contributions to the assets are estimated and impairment loss is recognised if the carrying amount of those assets exceeds Employees' Provident Fund, Family Pension Fund and Superannuation Fund. The Group's their recoverable amount. The recoverable amount is the greater of the net selling price and their value in payments to the defined contribution plans are reported as expenses in the year in which the use. Value in use is arrived at discounting the estimated future cash flows to their present value based on employees perform the services that the payment covers an appropriate discount factor

216 217 (q) PROVISIONING FOR NON-PERFORMING ASSETS AND INVESTMENTS : (s) CASH FLOW STATEMENT : (i) Non-Performing Assets (NPAs) are identified and categorised according to the Guidelines issued by (i) Cash flows are reported using the indirect method, whereby profit / (loss) before tax is adjusted for the Reserve Bank of India (RBI) for NBFC activities. Provisions / write offs are made against standard, the effects of transactions of non-cash nature and any deferrals or of past or future cash sub-standard, doubtful and loss assets at the rates prescribed in the RBI Guidelines. Accelerated receipts or payments. The cash flows from operating, investing and financing activities of the provision / write-offs on Standard Assets are made where additional risk are identified by the Company are segregated based on the available information Management, based on such identification (ii) Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term (ii) Provisions / write-offs made as per the RBI Guidelines are written back as prescribed by the balances (with an original maturity of three months or less from the date of acquisition), highly liquid Guidelines. Accelerated provision / write-off are written back when external evidence supporting investments that are readily convertible into known amounts of cash and which are subject to recoverability is available to the Management and it is reasonably sure of recoverability of such insignificant risk of changes in value amounts provided / written-off (t) EARNINGS PER SHARE : (iii) Provisioning for NPAs is dependent upon, inter alia, whether the NPA is secured or unsecured. Loans (i) Basic earnings per share is calculated by dividing the net profit after tax for the year attributable to the are considered as secured where the Group has valid recourse to assets / recovery by: equity shareholders of the Company by weighted average number of equity shares outstanding • equitable mortgage of property and/or during the year • pledge of shares, units, other securities, and/or (ii) Diluted earnings per share is calculated by dividing the net profit after tax for the year attributable to • hypothecation of assets and/or the equity shareholders of the Company by weighted average number of equity shares determined • bank guarantees, company guarantees supported by assets and/or by assuming conversion on exercise of conversion rights for all potential dilutive securities • decretal debts where Courts have attached property (u) SHARE ISSUE EXPENSES : • collateral by way of cash or cash equivalent Share issue expense incurred by the Group are adjusted from Securities Premium Account as permissible under Section 52(2) of the Companies Act, 2013 (iv) Impairment in the investment portfolio is provided / written-off, as per the Guidelines issued by the RBI as applicable to NBFC's unless an accelerated provision / write-off is warranted on a case to case (v) REDEMPTION PREMIUM : basis The premium on redemption of Preference Shares is applied out of the Securities Premium account on the (v) In respect of non NBFI activities provision / write off is done based on evaluation by the Management contractual redemption dates on case to case basis (vi) The Group carries a significant quantum of long tenor and infrastructure assets on its books. Given the risk profile attendant to such assets, the Group has created a Provision for General Contingency to cover adverse events that may affect the quality of the Group's Assets. Provision for General Contingency at Group level is assessed at the end of each year with respect to the net assets consolidated (vii) With regard to restructured credit facilities, the Group had followed RBI Circular No.DBS.FID No. C-19 dated March 28, 2001 applicable to All India Term Lending and Refinancing Institutions till January 22, 2014. From January 23, 2014, the Company had adopted RBI Circular No DNBS (PD) No. 272 dated January 23, 2014 applicable to Non-Banking Financial (Non-Deposit Accepting or Holding) Companies. Provision recognition on such restructured facilities is as per the said foregoing circular (viii) The NBFC's in the Group have classified Credit Exposure as Special Mention Account (SMA) in terms of the RBI Circular DNBS (PD) CC.No.371/03.05.02//2013-14 in respect of Early Recognition of , Prompt Steps for Resolution and Fair Recovery for Lenders. Provision recognition on such SMA is as per the said circular as applicable to NBFC in the Group (ix) Provision for Standard Assets is made on the outstanding standard assets based on RBI Notification No. RBI/2010-11/370 DNBS.PD.CC. NO. 207/03.02.002/2010-11 dated January 17, 2011 and subsequent amendments thereto applicable to NBFCs (r) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS : A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates. A Contingent Liability is disclosed unless the possibility of an outflow of resources embodying the economic benefits is remote. Contingent assets are neither recognised nor disclosed in the CFS

218 219 (2) SHAREHOLDERS’ FUNDS (b) The terms of issue of Redeemable Cumulative Preference Shares (RCPS) are as under : (a) Share Capital of the Company consists of: Paid-up Capital ` in million 50.00 1,800.00 2,662.62 152.70 1,384.68 (` in million) As at March 31, 2015 2014 No.ofRCPS 5,000,000 240,000 355,016 20,360 184,624 Dividend(perannum AUTHORISED : 2% 16.38% 16.06% 16.06% 15.99% 350,000,000 Equity Shares of ` 10 each 3,500.00 3,500.00 cumulative) (As at March 31, 2014 : 350,000,000 Equity Shares of ` 10 each) Allotmentdate July 5, March 14, March 25, March 28, May 16, 2012 2014 2014 2014 2014 860,000 Redeemable Cumulative Preference Shares of ` 7,500 6,450.00 6,450.00 each (As at March 31, 2014 : 860,000 Redeemable Cumulative Tenure 20 Years 7 Years 7 Years 7 Years 7 Years Preference Shares of ` 7,500 each) Redemptiondate July 5, March 14, March 25, March 28, May 16, 5,000,000 Redeemable Cumulative Preference Shares of ` 10 50.00 50.00 2032 2021 2021 2021 2021 each (As at March 31, 2014 : 5,000,000 Redeemable Cumulative RedemptionValue Face value of Face value of ` 7,500/- per RCPS plus Redemption Premium Preference Shares of ` 10 each) ` 10 per RCPS of ` 5,000/- per RCPS 10,000.00 10,000.00 Right to vote on all resolutions as holder of RCPS, as per the provisions of ISSUED : VotingRights the Companies Act, 2013 and Articles of Association 131,177,210 Equity Shares of ` 10 each 1,311.77 1,180.59 (As at March 31, 2014 : 118,059,489 Equity Shares of ` 10 each) Senior to all equity shares and rank paripassu interse among all classes of preference shares currently existing or established hereafter, with respect to (a) 800,000 Redeemable Cumulative Preference Shares of ` 7,500 each 6,000.00 6,000.00 dividend distribution and (b) repayment of capital upon a liquidation of the (As at March 31, 2014 : 800,000 Redeemable Cumulative Preference Company Shares of ` 7,500 each) 5,000,000 Redeemable Cumulative Preference Shares of ` 10 each 50.00 50.00 (c) Details of Movement in Shareholding of Subscribed Capital : (As at March 31, 2014 : 5,000,000 Redeemable Cumulative Preference Shares of ` 10 each) (i) Equity Shares 7,361.77 7,230.59 SUBSCRIBED AND FULLY PAID-UP : Particulars Number of Shares 128,403,276 Equity Shares of ` 10 each 1,284.03 1,180.59 (As at March 31, 2014 : 118,059,489 Equity Shares of ` 10 each) FY 2015 FY 2014 800,000 Redeemable Cumulative Preference Shares of ` 7,500 each 6,000.00 4,615.32 Opening Balance 118,059,489 118,059,489 (As at March 31, 2014 : 615,376 Redeemable Cumulative Preference Shares of ` 7,500 each) Add : Allotment pursuant to during the Year 10,343,787 - 5,000,000 Redeemable Cumulative Preference Shares of ` 10 each 50.00 50.00 Closing Balance 128,403,276 118,059,489 (As at March 31, 2014 : 5,000,000 Redeemable Cumulative Preference Shares of ` 10 each) 7,334.03 5,845.91 At the Annual General Meeting held on September 22, 2014, the Shareholders had approved Right issue of Equity Shares. Accordingly, the Company offered 13,117,721 equity shares on rights basis in the ratio of 1 : 9 i.e., 1 equity Share for every 9 equity Shares held. The Company has since concluded the Right Issue of Equity Shares and allotted 10,343,787 equity shares at a price of ` 750 per share, which includes face value of ` 10 per equity share aggregating to ` 103.44 mn and securities premium of ` 740 per equity share aggregating to ` 7,654.40 mn

(ii) Redeemable Cumulative Preference Shares (RCPS) of ` 7,500 each

Particulars Number of Shares

FY 2015 FY 2014

Opening Balance 615,376 -

Add : Allotment made during the Year 184,624 615,376

Closing Balance 800,000 615,376

220 221

(d) List of shareholders holding more than 5% equity shares: (3) RESERVES AND SURPLUS The movement in Reserves and Surplus are as under: Fully paid-up Shares of ` 10 each

As at March 31, 2015 2014 ` in million

Number of Percentage Number of Percentage Particulars Balance as Additions Adjustments Balance as Name of Shareholder at April 1, during the Shares Holding Shares Holding during the at March 31, 2014 Year(Net) Year(Net) 2015 Life Insurance Corporation of India 32,541,123 25.34 29,921,511 25.34

ORIX Corporation, Japan 30,227,509 23.54 27,204,758 23.04 Capital Redemption Reserve 520.00 - - 520.00

Abu Dhabi Investment Authority, Abu Dhabi 16,129,252 12.56 13,094,327 11.09 Debenture Redemption Reserve 1,806.50 1,329.08 (222.28) 2,913.30 Capital Reserve on Consolidation 71.25 189.98 - 261.23 IL&FS Employees’ Welfare Trust 15,397,938 11.99 15,397,938 13.04 Securities Premium Account 12,765.59 6,453.87 - 19,219.46 Housing Development Finance Corporation Limited 11,587,194 9.02 11,587,194 9.81 Capital Reserve 8,622.13 961.33 - 9,583.46 Central Bank of India 9,843,386 7.67 9,843,386 8.34 Special Reserve I 10,484.59 1,108.44 - 11,593.03 State Bank of India 8,237,967 6.42 8,237,967 6.98 Special Reserve II 770.65 122.00 - 892.65 General Reserve 8,467.11 642.61 - 9,109.72 Foreign Currency Translation Reserve 1,306.16 (451.41) - 854.75 (e) List of shareholders holding more than 5% RCPS : Foreign Currency Monetary Item (11.72) 3.38 - (8.34) Translation Reserve As at March 31, 2015 2014 Surplus in Consolidated Statement 12,472.22 2,494.52 (10,562.78) 4,403.96 of Profit and Loss Name of Shareholder Number of Percentage Number of Percentage Shares Holding Shares Holding TOTAL 57,274.48 12,853.80 (10,785.06) 59,343.22 ORIX Corporation, Japan 5,000,000 86.21 5,000,000 89.04

(f) During the financial year ended March 31, 2015, the Company paid interim dividend on Equity Shares and ` in million

RCPS as follows : Particulars Balance as Additions Adjustments Balance as during the (i) On Equity Shares @ ` 6 per share of ` 10 each fully paid up aggregating to ` 770.42 mn and dividend at April 1, during the at March 31, 2013 Year(Net) Year(Net) distribution tax of ` 154.04 mn 2014 (ii) On 2% RCPS aggregating to ` 1.00 mn and dividend distribution tax of ` 0.20 mn Capital Redemption Reserve 520.00 - - 520.00 (iii) Proportionate interim dividend on 16.38% RCPS, 16.06% RCPS and 15.99% RCPS aggregating to Debenture Redemption Reserve 931.97 874.53 - 1,806.50 ` 941.09 mn and dividend distribution tax of ` 188.16 mn Capital Reserve on Consolidation 71.29 (0.04) - 71.25 (g) (i) The Board of Directors has proposed final dividend for the year ended March 31, 2015, on Equity Shares Securities Premium Account 8,254.19 4,511.40 - 12,765.59 @ ` 2.00 per share of ` 10 each fully paid up aggregating to ` 256.81 mn and dividend distribution tax of Capital Reserve 6,671.90 1,950.23 - 8,622.13 ` 52.28 mn which is subject to approval of the Shareholders Special Reserve I 9,314.87 1,169.72 - 10,484.59 (ii) The Board of Directors has proposed the aforesaid interim dividend to be the final dividend on the RCPS, Special Reserve II 647.65 123.00 - 770.65 subject to approval of the Shareholders General Reserve 7,773.22 693.89 - 8,467.11 Foreign Currency Translation Reserve 452.07 854.09 - 1,306.16 - Foreign Currency Monetary Item 159.93 (171.65) (11.72) Translation Reserve Surplus in Consolidated Statement 13,908.12 2,436.11 (3,872.01) 12,472.22 of Profit and Loss

TOTAL 48,705.21 12,441.28 (3,872.01) 57,274.48

222 223 Details of Adjustments in Consolidated Statement of Profit and Loss: (4) MINORITY INTEREST

` in million Minority Interest includes Cumulative Redeemable Preference Shares, Compulsorily Convertible Preference

Particulars FY 2015 FY 2014 Shares, Share Application Money and minority share of reserves. Different categories of Preference Shares issued by the Group are as follows:

Reversal of provision for Dividend Tax 349.37 169.61 (a) Cumulative Redeemable Preference Shares ("CRPS") ` 1,764.50 mn (Previous year ` 1,764.50 mn) Less: Dividend Interim on Equity Shares of Holding Company (770.42) - Series Name Number of Face Premium Maturity Dividend Redemption Interim on Preference Shares Shares Value per Received Date Payout Terms Share (`) per Share - by Holding Company (942.09) - (`) - by other Group Companies (18.72) - Proposed on Equity Shares of Holding (256.81) - 10.40% ITNL 107,250,000 10 10 June 23, 21.06% Redemption Company CNCRPS 2017 2017 per annum at face value Proposed on Preference Shares plus premium - by Holding Company - (24.01) 10.50% ITNL 19,200,000 10 10 December 23, 21.44% CNCRPS 2018 2018 per annum of ` 10 per - by Other Group Companies (378.63) (2,366.67) (101.80) (125.81) share Tax on Dividend (1,283.86) (613.90) 11% ITNL 50,000,000 10 10 January 17, 22.32% Less: Transferred to: CNCRPS 2021 2021 per annum - Debenture Redemption Reserve (1,329.07) (874.53) Total 176,450,000 - General Reserve (627.86) (684.82) - Special Reserve I (1,108.44) (1,169.73) Rights of CNCRPS holders are as follows: - Special Reserve II (122.00) (3,187.37) (123.00) (2,852.08) The holder(s) of CNCRPS have no voting rights other than in respect of matters directly affecting the rights Minority interest in Redemption Premium of (13.35) (37.63) attached to the CNCRPS. In the event of any due and payable on the CNCRPS remaining unpaid Preference Shares for a period of two years prior to the start of any General Meeting of the Equity Shareholders, the holder(s) of Dilution Loss in respect of a subsidiary (3,558.50) (398.23) CNCRPS shall gain voting rights in respect of all matters placed by the Subsidiary Company at a General Change in Accounting Policy on Depreciation (75.20) - Meeting of its Equity Shareholders in accordance with the provisions of the Companies Act and the Articles of Other Consolidation Adjustments (427.20) (13.97) Association of the Subsidiary Company. In the event of winding up or repayment of capital, the holder(s) of the CNCRPS shall carry a preferential right vis-à-vis Equity Shareholders to be repaid the amount of paid-up TOTAL (10,562.78) (3,872.01) capital, unpaid dividends and fixed premium, in accordance with the provisions of the Companies Act and the Articles of Association of the Company. The claims of holder(s) of CNCRPS shall be subordinated to the In terms of Section 71(4) of the Companies Act, 2013 read with rule 18(7)(b)(iii) of the Companies (Share claims of all Secured and Unsecured Creditors of the Subsidiary Company but senior to Equity Shareholders Capital and Debentures) Rules 2014, the Companies being an Infrastructure Company is required to create and amongst other Preference Shareholders Debenture Redemption Reserve to the extent of 25% of the value of privately placed NCDs until such NCDs are redeemed, to which adequate amounts shall be credited from out of its profits every year (b) Cumulative Redeemable Preference Shares ("CRPS") ` 26.96 mn (Previous year ` 26.96 mn) For the year ended March 31, 2015, the net transfer to Debenture Redemption Reserve has been made in Number of Face Premium Maturity Date Dividend Redemption accordance with above provisions of the Companies Act, 2013 read with the General Circular amounting to Series Name Shares Value per Received Payout Terms ` 1,329.07 mn (March 31, 2014 : ` 874.53 mn) Share per Share (`) (`)

Series "C” 269,600 100 Nil On and from the 0.01% per Redemption annum date of expiry of 5 at face value (five) years from plus premium the Closing Date of ` 165 per (i.e. September 30, 2013) share

CRPS Series 'C' issued by a Subsidiary are redeemable on and from the date of expiry of 5 (five) years from the Closing Date (i.e. September 30, 2013). The Subsidiary Company shall redeem RCPS Series C at a premium of ` 165 (Rupees one hundred and sixty five only) per RCPS Series C. RCPS Series C shall have preference over the Equity Shares in all respects including dividends. The RCPS Series C Shares shall be entitled to a cumulative dividend of 0.01% per annum

224 225 (c) Compulsorily Convertible Preference Shares ("CCPS") ` 247.88 mn (Previous year ` 247.88 mn) (5) LONG-TERM BORROWINGS Long-term Borrowings outstanding as at March 31, 2015 are as under: Series Name Number of Face Premium Conversion Date Dividend ` in million Shares Value per Received Payout Share (`) per Share As at March 31, 2015 2014 (`) Current Non-Current Current Non-Current Secured 0.0001% CCPS 24,787,863 10 44.24 Earlier of (i) the last permissible 0.0001% date on which conversion is per annum Debentures required under applicable - F rom Banks / Financial Institutions 2,218.82 2,355.00 1,138.11 640.00 laws, (ii) the date falling on the - From Related Parties - 5,450.00 6.88 5,400.00 10th anniversary, (iii) receipt of - From Other Parties 2,732.08 78,572.20 1,838.70 58,863.99 notice in writing by the holder to convert any or all the CCPS Term Loans into equity - F rom Banks / Financial Institutions 49,310.89 333,995.56 47,219.53 263,753.92 - From Other Parties 499.81 5,332.55 344.91 2,976.31 Subject to applicable law, each holder of CCPS shall be entitled to receive notice of, and to attend, any Bonds meeting of the Shareholder of the Company and shall be entitled to vote together with holders of equity - From Banks / Financial Institutions - - - 121.26 shares of the Company as if such holder of CCPS held the maximum numbers of equity shares in to which the - From Other Parties - - - 6,115.38 CCPS can be converted. Each CCPS is convertible into one equity share. These CCPS shall be converted to equity shares on the earlier of (i) the last permissible date on which conversion is required under applicable Unsecured laws, (ii) the date falling on the 10th anniversary, (iii) receipt of notice in writing by the holder to convert any or

all the CCPS into equity - From Related Parties 1,000.00 - - 1,000.00 - From Other Parties 100.00 10,947.65 - 11,047.65

Debentures - From Other Parties 6,266.14 29,541.43 - 10,955.35

Term Loans - From Banks / Financial Institutions 12,638.75 17,177.82 6,009.45 15,535.68 - F rom Other Parties 2,116.84 3,114.01 1,100.60 4,144.68

Inter Corporate Deposits - From Other Parties 245.50 - 180.00 47.50

Finance Lease Obligation - From Other Parties 58.73 - 65.16 -

Sub Total 77,187.56 486,486.22 57,903.34 380,601.72

Total 563,673.78 438,505.06

226 227 (6) SHORT-TERM BORROWINGS ` in million Short-term Borrowings outstanding as at March 31, 2015 are as under: Particulars March Adjustments March ` in million 31, 2013 for the year* 31, 2014 As at March 31, 2015 2014 Deferred Tax Liabilities / (Assets) : Secured Difference between Book and Tax Depreciation 2,141.07 533.58 2,674.65 Debentures Unabsorbed Depreciation (618.94) (937.02) (1,555.96) - F rom Other Parties 466.00 - Provisions (240.37) (18.83) (259.20) Short T erm Loans Timing Differences in Respect of Income 1,741.76 (340.23) 1,401.53 - F rom Banks / Financial Institutions 9,047.86 7,159.24 Others, Net (213.76) 445.54 231.78 - From Other Parties 1,504.93 1,829.33 Net Deferred Tax Liabilities 2,809.76 (316.96) 2,492.80 Unsecured

Short Term Loans * Adjustments represent the net amount debited to the Statement of Profit and Loss of ` 155.40 mn (Previous - From Banks / Financial Institutions 17,443.52 13,509.19 Year: ` 597.84 mn) and the balance amount on account of acquisition / disposal of Subsidiaries and Jointly

- From Related Parties 651.97 21.75 Controlled Entities during the year and on account of Foreign Exchange Fluctuation - From Other Parties 8,230.30 4,720.99 (b) Deferred Tax Liabilities (net) include ` 213.82 mn (Previous Year: ` 30.59 mn) and Deferred Tax Assets (net) Short Term Deposits ` 6.87 mn (Previous Year: ` 5.14 mn) being the share of JCEs - From Other Parties 1,210.94 - (8) OTHER CURRENT AND LONG-TERM LIABILITIES ` in million Debentures As at March 31, 2015 2014 - F rom Other Parties 100.00 107.50 Current Long-Term Current Long-Term Commercial Papers - From Banks / Financial Institutions 9,500.00 4,000.00 Interest / Redemption Premium Accrued but not 6,283.14 1,595.47 4,429.68 2,247.88 - From Other Parties 20,490.00 17,730.00 due on Borrowings Less: Unexpired discount on Commercial Papers (1,179.28) (869.91) Interest accrued and due on Borrowings 517.10 - 147.86 - Income Received in Advance 1,031.29 310.57 812.75 283.71 Total 67,466.24 48,208.09 Advance from Customers 559.43 - 873.69 -

(7) DEFERRED TAX LIABILITIES (NET) Deposits from Trading Members 13,911.90 - 9,330.45 - (a) Major components of deferred tax liabilities (net) arising as at March 31, 2015 on account of timing Security Deposits 313.69 451.72 311.17 502.21 differences are: Retention Money 2,845.68 7,043.03 308.96 5,362.30 ` in million Unclaimed Dividend 44.26 - 37.17 - Particulars March Adjustments March Statutory Dues 1,316.01 - 1,226.74 - 31, 2014 for the year* 31, 2015 Trade Payables - 118.38 - 94.84 Deferred Tax Liabilities / (Assets) : Payable for Purchase of Capital Assets 4,652.76 - 5,208.71 - Difference between Book and Tax Depreciation 2,674.65 (1,403.25) 1,271.40 Share Application Money Pending Allotment by - 2,191.69 - - Group Companies Unabsorbed Depreciation (1,555.96) 1,552.06 (3.90) Payable to Exchange/Trading Members 974.81 - 1,056.91 - Provisions (259.20) (134.26) (393.46) Deferred Payment Liabilities 21.85 - - - Timing Differences in Respect of Income 1,401.53 (792.28) 609.25 Other Payables 2,182.00 2,087.58 1,565.07 1,581.44 Others, Net 231.78 89.61 321.39 Sub Total 34,653.92 13,798.44 25,309.16 10,072.38 Net Deferred Tax Liabilities 2,492.80 (688.12) 1,804.68 Total 48,452.36 35,381.54

228 229 (9) PROVISIONS (c) Movement in Contingency Provision on Standard Assets : (a) The Provisions consist of : ` in million ` in million Particulars FY 2015 FY 2014 As at March 31, 2015 2014 Opening Balance 337.02 304.27 Short-Term Long-Term Short-Term Long-Term Add: Provision Made During the Year 47.39 32.75

Provisions for: Closing Balance 384.41 337.02 - Employee Benefits 1,312.97 431.55 1,071.38 290.78 - Overlay expenses 429.87 2,900.50 371.82 2,307.40 (d) Movement in Provision for General Contingencies : - General Contingencies - 8,111.10 - 9,879.60 ` in million - Standard Assets - 384.41 - 337.02 Particulars FY 2015 FY 2014 - Diminution in value of Investments 462.65 1,409.28 697.64 787.65 - mark to market on derivative contracts 11.51 - 54.27 - Opening Balance 9,879.60 8,267.10 Add: Provision Made During the Year - Non Performing Assets 462.98 - 548.43 - 1,969.70 1,950.00 - Tax (net) 1,373.25 - 1,292.56 - Less: Amount Written Back / Utilised During the Year (3,738.20) (337.50) - Other 1,456.55 913.39 1,405.42 445.11 Closing Balance 8,111.10 9,879.60 Proposed Dividend 279.28 - 46.34 -

Dividend Tax 711.01 - 593.90 - (e) Movement in Provision for Mark to market on Derivatives Contracts : ` in million Sub Total 6,500.07 14,150.23 6,081.76 14,047.56 Particulars FY 2015 FY 2014 Total 20,650.30 20,129.32 Opening Balance 54.27 15.30 (b) Movement in Provision of Non Performing Assets and Investment is as follows : Add: Provision Made During the Year (net) - 38.97 ` in million Less: Provision Reversed / Utilised During the Year (42.76) - Particulars Provisions for Closing Balance 11.51 54.27 Non Performing Assets Diminution in value of Investment (f) Movement in Provision for Overlay : FY 2015 FY 2014 FY 2015 FY 2014 ` in million Particulars FY 2015 FY 2014 Opening Balance 548.43 207.64 1,485.29 1,074.09 Short-Term Long-Term Short-Term Long-Term Add: Provision Made During the Year 508.30 405.63 0.02 431.47 Add: Transfer from Provision for General - - 819.00 - Opening Balance 371.82 2,307.40 530.16 1,889.51 Contingency Add: Provision Made During the Year 152.49 758.01 264.25 563.67 Less: Non Performing Assets Written off (593.75) (64.84) - - Less: Provision Reversed / Utilised During the Year (32.98) (158.48) (422.59) (168.14) against Provision / Provision utilised Less: Adjustment for Acquisition / Divestment (61.46) (6.43) - 22.36 Less: Provision Reversed during the Year - - (432.38) (20.27) and Exchange Difference During the Year

Closing Balance 462.98 548.43 1,871.93 1,485.29 Closing Balance 429.87 2,900.50 371.82 2,307.40

Short-Term 462.98 548.43 462.65 697.64 Provision made during the year includes share of Jointly Controlled Entities ` 728.73 mn (Previous year: Long-Term - - 1,409.28 787.65 ` 688.34 mn)

(g) Other includes ` 356.43 mn (Previous Year : ` 239.81 mn) Provision Made on Income Accrued on Loans Settled by Invocation of Underlying Security of Unquoted Equity Shares and ` 132.53 mn (Previous Year : ` 71.00 mn) Provision Made on Restructured Assets

230 231 (10) DERIVATIVE INSTRUMENTS (c) Foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given (a) The Group has undertaken forward contracts, currency and interest rate swaps on a notional amount as below : under : ` in million (i) Amounts Receivable and Payable in foreign currency :

Particulars 2015 2014 Receivable

Interest Rate Swaps March 31, 2015 March 31, 2014 Contracts Nos. 12 7 ` in million Foreign Currency ` in million Foreign Currency Notional Principal ` mn 3,750.00 1,750.00 in million in million Currency Swaps Contracts Nos. 17 15 10,455.18 136.07 EUR 3,665.55 43.14 EUR Notional Principal US$ mn 52.13 51.63 1,968.89 1,364.06 DOP 1,679.69 1,147.88 DOP Notional Principal ` mn 2,532.29 2,367.11 1,123.69 166.77 BWP - - Contracts Nos. 9 10 Notional Principal € mn 21.40 27.49 881.10 51.12 DIRHAMS 894.96 53.33 DIRHAMS Notional Principal ` mn 1,367.64 1,912.90 280.81 4.57 USD 565.46 9.76 USD Coupon Swaps Contracts Nos. 3 3 188.54 7,002.94 COP 319.27 9,983.25 COP Notional Principal € mn 1.51 1.85 107.93 25.27 MXN 111.53 23.66 MXN Notional Principal ` mn 91.29 122.00 9.58 0.40 REALES 1.12 0.04 REALES Forward Contracts Contracts Nos. 27 53 8.90 0.41 SOL - - Notional Principal US$ mn 238.79 215.54 8.17 0.09 GBP 14.61 0.15 GBP Notional Principal ` mn 15,511.30 12,927.27 Contracts Nos. 2 1 4.44 7.94 ALL 4.90 7.94 ALL Notional Principal € mn 5.58 5.56 3.16 1.03 HNL 8.68 2.80 HNL Notional Principal ` mn 448.38 473.70 0.68 0.17 UAH - - Index Options Contracts Nos. 2,000 8,000 - - 3.59 0.60 ZAR Notional Principal ` mn 5.66 27.56 - - 0.19 5.00 TZS

(b) Equity/Index Option outstanding : ` in million Particulars Total Premium Carried Forward as at the Year Ended Including Provision Made

March 31, 2015 March 31, 2014

Index Option 7.47 29.83

232 233 - 0.02 0.99 1.90 6.26 NET OCK As at 59.25 20.45 March 559.25 240.67 978.94 Payable 190.55 450.15 BL 9,575.41 4,453.71 31, 2015 32,465.92 35,236.89 84,240.36 in million

March 31, 2015 March 31, 2014 ` ------` in million Foreign Currency ` in million Foreign Currency oll 0.32 in million in million 0.07 30.83 erminal 903.02 934.24 T

13,924.42 222.47 USD 7,026.96 117.12 USD Lease/T Adjustment

1,337.24 926.46 DOP 1,123.58 767.84 DOP - 2.35 5.66 11.65 34.70 57.85 10.88 34.79 708.51 318.52 1,091.15 - - 126.59 161.94 BWP 31,2015 3,228.92 2,086.15 1,304.16 1,636.89 3,929.09 13,496.71

248.21 9,219.46 COP 345.32 10,797.65 COP As at March ------

228.16 13.24 DIRHAMS 352.94 21.03 DIRHAMS 6.98 16.62 26.29 41.94 118.92 210.75 TION 43.75 0.64 EUR 1,327.67 15.65 EUR Deductions

40.79 10.04 UAH - - - - - 7.93 2.65 0.04 9.96 78.83 (0.07) (9.79)

22.90 5.33 MXN 15.67 3.32 MXN 41.66 241.11 709.09 701.66 (395.63) 1,278.61 2,666.04 Additions 11.74 3.82 HNL 577.24 186.17 HNL TED DEPRECIA ------10.62 0.45 REALES 2.26 0.09 REALES 1.79 19.13 14.29 (3.15) (1.25) (6.73) 209.46 (16.51) (267.45) (117.69) 8.62 0.40 SOL - - (168.11) ACCUMULA 7.66 13.70 ALL 8.45 13.70 ALL Adjustments - 2.35 0.86 0.01 GBP 0.35 0.00 GBP 6.98 84.15 27.89 17.57 32.14 254.53 407.28 700.58 126.59 923.08 1, 2014 2,829.22 1,406.48 1,754.50 2,636.19 11,209.53

Foot Note : ALL = Albanian Lek , BWP = Pula, COP = Colombian Pesos, DIRHAMS = Abu Dhabi As at April Dirham, DOP = Dominican Pesos, EUR = Euro, GBP = Great Britain Pound, HNL = Honduran Lempira, MXN = Mexican Pesos, REALES = Brazilian Real, SOL = Peruvian Sol, TZS = Tanzanian Shilling, 6.65 8.93 31.33 11.67 157.42 559.19 594.04 117.17 UAH = Jvimia, USD = US Dollar, ZAR = South African Rand 225.25 1,754.31 31, 2015 1,613.43 3,065.09 4,453.71 98,671.31 35,694.84 39,165.98 11,212.30 As at March

(ii) Un-hedged Foreign Currency Exposure arising out of derivative contracts : ------29.10 97.32

32.59 838.21 482.43

As at March 31, 2015 2014 1,479.65 Deductions

Currency Swaps - - - - 0.01 Contracts (Nos.) - 4.02 6.83 OCK (at cost) 3 40.62 488.48 330.42 180.23 115.84 (418.54) Notional Principal JPY mn 7,007.90 705.86 - 4,869.28 23,785.55 Additions 36,410.64 S BL - - - - GROS 5.39 96.75 35.47 (3.41) (1.48) 172.01 (34.66) (13.23) (31.86) (116.76) 8,396.32 2,548.75 11,053.29 Adjustments 8.13 8.93 40.54 430.21 556.83 157.42 259.90 142.20 467.06 1, 2014 4,087.82 2,501.92 1,723.43 1,613.43 4,632.48 3,995.40 32,061.33 52,687.03 As at April SETS ANGIBLE AS AL T ehicles ehicles urniture & Fixtures indmills ehicles urniture & reehold Land Item V Assets taken on Lease Assets given on Lease W TOT - Infrastructure - F - V - Plant & Machinery - Data Processing Equipments - V - Plant & Machinery Office Equipments F F Leasehold Land Road & Bridges Premises Improvement to Leasehold Properties Plant & Machinery (11)

234 235 236

For Previous Year ` in million

GROSS BLOCK (at cost) ACCUMULATED DEPRECIATION Lease/Toll NET Terminal BLOCK Item Adjustment As at As at April Adjustments Additions Deductions As at March As at April Adjustments Additions Deductions As at March March 1, 2013 31, 2014 1, 2013 31, 2014 31, 2014

Freehold Land 4,027.72 - 60.10 - 4,087.82 ------4,087.82 Leasehold Land 553.30 2.54 0.99 - 556.83 29.54 0.06 2.54 - 32.14 - 524.69 Road & Bridges 411.85 (5.18) 23.54 - 430.21 226.32 (5.44) 186.40 - 407.28 - 22.93 Premises 4,346.98 52.68 232.82 - 4,632.48 814.57 8.13 100.38 - 923.08 - 3,709.40 Windmills 20,797.63 - 11,263.70 - 32,061.33 1,357.37 - 1,278.82 - 2,636.19 - 29,425.14 Improvement to 378.32 3.39 109.74 24.39 467.06 199.84 1.82 76.49 23.62 254.53 - 212.53 Leasehold Properties Furniture & 2,144.01 87.94 324.03 54.06 2,501.92 1,462.22 70.38 260.79 38.89 1,754.50 - 747.42 Office Equipments Vehicles 1,546.78 118.23 86.37 27.95 1,723.43 1,185.14 109.72 127.77 16.15 1,406.48 - 316.95 Plant & Machinery 3,299.35 482.41 252.40 38.76 3,995.40 2,286.64 405.20 165.70 28.32 2,829.22 - 1,166.18 Assets taken on Lease - Infrastructure 231.41 28.49 - - 259.90 21.46 2.40 4.03 - 27.89 - 232.01 - Furniture & Fixtures - 8.11 0.02 - 8.13 - 6.46 0.52 - 6.98 - 1.15 - Vehicles 57.49 (25.80) 8.85 - 40.54 30.57 (19.09) 6.09 - 17.57 - 22.97 - Plant & Machinery 152.75 (10.55) - - 142.20 69.06 (13.65) 28.74 - 84.15 (0.00) 58.05 Assets given on Lease - Data Processing 157.42 - - - 157.42 126.59 - - - 126.59 30.83 - Equipments - Aircraft 398.33 - - 398.33 - 224.18 - - 224.18 - - - - Vehicles 8.93 - - - 8.93 2.35 - - - 2.35 0.32 6.26 - Plant & Machinery 1,618.44 - - 5.01 1,613.43 679.59 23.38 - 2.39 700.58 903.09 9.76

TOTAL 40,130.71 742.26 12,362.56 548.50 52,687.03 8,715.44 565.99 2,261.65 333.55 11,209.53 934.24 40,543.26

(12) INTANGIBLE ASSETS ` in million

GROSS BLOCK (at cost) AMORTISATION NET BLOCK Item As at As at April Adjustments Additions Deductions As at March As at April Adjustments Additions Deductions As at March March 1, 2014 31, 2015 1, 2014 31,2015 31, 2015

Rights under Service 64,135.28 (2,112.04) 24,574.87 205.12 86,392.99 3,489.18 (451.89) 1,335.40 186.97 4,185.72 82,207.27 Concession Arrangements Software 722.94 15,744.02 293.19 0.50 16,759.65 486.55 3,183.39 307.73 0.50 3,977.17 12,782.48 Intellectual Property 4,684.77 143.52 1,152.30 115.61 5,864.98 2,491.19 (19.33) 445.09 113.13 2,803.82 3,061.16 Right Goodwill 18.40 27.94 - 18.40 27.94 18.40 - - 18.40 - 27.94

TOTAL 69,561.39 13,803.44 26,020.36 339.63 109,045.56 6,485.32 2,712.17 2,088.22 319.00 10,966.71 98,078.85

For Previous Year ` in million

GROSS BLOCK (at cost) AMORTISATION NET BLOCK Item As at As at April Adjustments Additions Deductions As at March As at April Adjustments Additions Deductions As at March March 1, 2013 31, 2014 1, 2013 31, 2014 31, 2014

Rights under Service 41,828.21 2,364.79 19,954.81 12.53 64,135.28 2,276.21 58.44 1,156.48 1.95 3,489.18 60,646.10 Concession Arrangements Software 505.10 33.19 192.12 7.47 722.94 359.26 31.24 102.46 6.41 486.55 236.39

Intellectual Property 4,087.97 463.37 133.43 - 4,684.77 2,044.39 65.80 380.99 - 2,491.18 2,193.59 Right Goodwill 15.40 3.00 - - 18.40 15.40 3.00 - - 18.40 -

TOTAL 46,436.68 2,864.35 20,280.36 20.00 69,561.39 4,695.26 158.48 1,639.93 8.36 6,485.31 63,076.08 237 Foot Notes : (13) Receivable Under SCA (i) Adjustments includes additions to Gross Block and Accumulated Depreciation towards acquisition of Under a SCA, where a Special Purpose Vehicle (SPV) has acquired contractual rights to receive specified new Subsidiaries / Jointly Controlled Entities during the period and deductions to Gross Block and determinable amounts (Annuity) for use of an asset, such amounts are recognised as “Financial Assets” and are Accumulated towards sale / cessation of Subsidiaries / Jointly Controlled Entities and disclosed as “Receivable against Service Concession Arrangements” regrouping of previous year figures The value of a Financial Asset covered under a SCA includes the fair value estimate of the construction services (ii) Addition to Depreciation of Tangible and Intangible Assets includes ` 30.04 mn towards capitalisation, which is estimated at the inception of the contract and is based on the fair value of the constructed asset and ` 2.77 mn adjusted from Grant and ` 75.20 mn additional depreciation in the Opening Statement of Profit comprises of the actual construction cost, a margin as per the SCA, estimates of the future operating and & Loss due to change in Accounting Policy and ` 5.97 mn pertains to other adjustments maintenance costs, including overlay / renewal costs (iii) Estimates under Service Concession Arrangement - Right under Service Concession The cash flow from a Financial Asset commences from the Provisional / Final Commercial Operation Date as Arrangements / Intangible assets under Developments certified by the granting authority for the SCA Estimates under Service Concession Arrangements The cash flow from a Financial Asset is accounted using the effective interest rate method. The intrinsic interest Under Service Concession Arrangement (SCA), where a Special Purpose Vehicle (SPV) has received the element in each Annuity receipt is accounted as finance income and the balance amount is accounted towards right to charge users of a public service, such rights are recognized and classified as “Intangible Assets”. recovery of dues from the “Receivable against Service Concession Arrangements” Such a right is an unconditional right to receive consideration; however the amounts are contingent to the These factors are consistent with the assumptions made in the previous years extent that the public uses the service The key elements have been tabulated below: The book value of such an Intangible Asset is recognized by the SPV at the fair value of the constructed ` in million asset which comprises of the actual construction cost plus the margins as per the SCA Particulars FY 2015 FY 2014 The Intangible Asset is amortised on the basis of units of usage method over the lower of the remaining concession period or useful life of such Intangible Asset, in terms of each SCA Cumulative Margin on construction and operation & 6,683.23 6,103.86 maintenance and renewal services recognised in respect Estimates of margins are based on internal evaluation by the management. Estimates of units of usage, of Financial Assets toll rates, contractual liability for overlay expenditure and the timing of the same are based on technical evaluations and / or traffic study estimates by external agencies Future Operation and maintenance and renewal services 25,592.03 26,176.72 considered in respect of Financial Assets These factors are consistent with the assumptions made in the previous years Cumulative Revenue Recognised on Receivables against 28,005.18 20,545.29 The key elements have been tabulated below: ` in million Service Concession Arrangement on the basis of effective interest method Particulars FY 2015 FY 2014

Cumulative Margin on construction in 16,902.53 13,584.19 respect of Intangible Assets / Intangible Assets Under Development Amortisation Charge in respect of Intangible 2,254.23 1,156.37 Assets for the Year

(iv) Intangibles Assets under SCA are capitalised when the project is complete in all respects and when the Company receives the final completion certificate from the authority as specified in the Concession Agreement and not on completion of component basis as the intended purpose of the project is to have the complete length of the road available for use. Accordingly Intangible Assets under Development includes the following items which have been capitalised post receipt of provisional completion certificate pending final completion of the project : ` in million

Particulars Year ended Year ended Cumulative as Cumulative as March 31, 2015 March 31,2014 at March 31, at March 31, 2015 2014 Revenue Toll Revenue 1,748.85 450.62 2,199.47 450.62 Other Revenue 0.09 - 0.09 - Expenses Operating & Maintenance 325.07 56.71 381.78 56.71 Expenses Interest & Finance Cost 2,408.84 690.62 3,099.46 690.62

Total expenses 2,733.91 747.33 3,481.24 747.33

238 239 (14) NON-CURRENT INVESTMENTS (ii) HCPL was under the supervision of the CLB vide its letter dated January 11, 2011 and January 24, 2014. Although HCPL ceased to be under the supervision of the CLB with effect from (a) The details of Non-Current Investments are as under : ` in million January 24, 2015, it is the intent of the IL&FS Group to protect and monetise the assets and exit As at March 31, 2015 2014 from its investment in HCPL and does not form part of the strategy to acquire and retain long term assets / investments Investment in Associates [See Note (b) below] 13,456.31 17,222.77 (d) The Group has given Non-Disposal Undertaking to the Lenders and / or Equity Investors of certain Trade Investments Infrastructure Companies promoted by it with regard to its investments in the Equity Share Capital of these Equity Shares - Unquoted 125.05 110.83 Companies as a part of promoter's undertaking. In addition there are 10 Subsidiaries and 1 Associates whose Standalone / Consolidated Financial Statements have been prepared on a going concern basis based on the Preference Shares 592.43 1,327.08 support from the Group, the auditors of the respective Group Companies have given an emphasis of matter Units of Mutual Funds 1,250.00 937.50 paragraph in this regard Units of Other Funds 559.00 559.00 (e) The Aggregate value of Investments : Debentures ` in million - Non Convertible 280.00 160.00 As at March 31, 2015 2014 - Optionally Convertible 333.98 242.98 - - Bonds 141.09 Quoted Investment Property Entitlement 3,918.69 - Aggregate Cost 10,671.87 8,829.22 Sub-Total 20,656.55 20,560.16 Market Value 9,017.51 4,187.58 Other than Trade Investments Unquoted Aggregate Cost 40,856.76 38,725.16 Equity Shares - Unquoted 6,368.76 3,704.87 - Quoted 6,045.48 5,994.92 (f) The details of Current portion of Non-Current Investments are as under : Preference Shares 953.36 1,036.98 ` in million 0.12 0.14 Government Securities As at March 31, 2015 2014 Units of Mutual Funds 20.00 20.00 Trade Investments Units of Other Funds 4,361.41 4,579.70 Preference Shares - 100.00 Investment Property Entitlement 4,878.56 4,878.56 Sub-Total - 100.00 Covered 2.00 2.00 Other than Trade Investments Debentures Debentures - Fully Convertible 5,272.83 3,680.00 - Fully Convertible - 1,500.00 - Non Convertible 1,500.01 1,500.00 - Non Convertible 407.24 802.48 - Optionally Convertible 1,469.54 1,597.02 Sub-Total 407.24 2,302.48 Pass Through Certificates 0.01 0.03 Total 407.24 2,402.48 Sub-Total 30,872.08 26,994.22

Total 51,528.63 47,554.38 (g) Aggregate value of investments : ` in million (b) Investment in Associates includes Goodwill : ` 3,228.96 mn (Previous Year : ` 5,914.23 mn) and Capital As at March 31, 2015 2014 Reserve : ` 38.00 mn (Previous Year : ` 38.00 mn) recognised on consolidation of Associates (c) With respect to Group’s investments in IL&FS Engineering & Construction Company Ltd (formerly known as Unquoted Maytas Infra Ltd) (IECCL 32.59%) and Hill County Properties Ltd (formerly known as Maytas Properties Ltd) Aggregate Cost 407.24 2,402.48 (HCPL 49%), following is stated (refer Foot Note (ii) to Note 36 (d) and Foot Note (7) of 49 (b)):- (i) The Company acquired management control of IECCL and HCPL vide Orders of the Company Law Board (CLB) dated August 31, 2009 and January 13, 2011 respectively, in order to protect the credit exposure of the Company to IECCL and IECCL's exposure to HCPL. Further the Group subscribed to the preferential allotment of shares along with the Joint Promoters in IECCL. Such acquisition / subscription of shares and further investments were made to protect the interest of the Group and does not form part of a strategy to acquire and retain long term assets / investments

240 241 (15) CURRENT INVESTMENTS ` in million (a) The details of Current Investments are as under : Particulars March 31, Adjustments March 31, ` in million 2013 for the year* 2014 Deferred Tax Assets / (Liabilities): As at March 31, 2015 2014 Difference between Book and Tax Depreciation (2,850.76) (451.45) (3,302.21) Equity Shares – Unquoted 2,399.13 2,778.25 Unabsorbed Depreciation 2,921.06 610.61 3,531.67 (97.29) Equity Shares – Quoted 1,437.97 1,438.20 Provision for NPAs / Doubtful Debts 210.02 112.73 Provision for Employee Benefits 65.96 (16.98) 48.98 Units of Mutual Funds – Unquoted - 460.52 Provision for General Contingency 900.00 399.97 1,299.97 Units of Mutual Funds – Quoted 1,206.37 8.66 Others, Net 214.03 (157.90) 56.13 Units of Other Funds 200.48 10.14 Net Deferred Tax Assets 1,460.31 286.96 1,747.27 Certificate of Deposits 998.18 - Non Convertible Debentures – Unquoted 250.00 - * The net amount debited to the Statement of Profit and Loss is ` 155.40 mn (Previous Year: ` 597.84 mn) and Non Convertible Debentures – Quoted 452.02 207.39 balance amount is on account of acquisition / disposal of Subsidiaries and Jointly Controlled Entities during Government Securities – Quoted 2,209.48 2,813.44 the year and on account of Foreign Exchange Fluctuation (b) Deferred Tax Assets (net) include ` 6.87 mn (Previous Year: ` 5.14 mn) and Deferred Tax Liabilities (net) Total 9,153.63 7,716.60 include ` 213.82 mn (Previous Year: ` 30.59 mn) share of JCE

(b) The Aggregate value of Investments : ` in million

As at March 31, 2015 2014

Quoted Aggregate Cost 5,305.84 4,467.70 Market Value 4,846.31 3,779.61 Unquoted Aggregate Cost 3,847.79 3,248.90

(16) DEFERRED TAX ASSETS (NET) (a) Major components of Deferred Tax Assets (net) arising as at March 31, 2015 on account of timing differences are: ` in million Particulars March 31, Adjustments March 31, 2014 for the year* 2015 Deferred Tax Assets / (Liabilities): Difference between Book and Tax Depreciation (3,302.21) 1,418.30 (1,883.91) Unabsorbed Depreciation 3,531.67 (1,439.40) 2,092.27 Provision for NPAs / Doubtful Debts 112.73 151.19 263.92 Provision for Employee Benefits 48.98 7.01 55.99 Provision for General Contingency 1,299.97 (112.37) 1,187.60 Others, Net 56.13 (17.46) 38.67 Net Deferred Tax Assets 1,747.27 7.27 1,754.54

242 243 (17) LONG-TERM LOANS AND ADVANCES (18) SHORT-TERM LOANS AND ADVANCES ` in million ` in million

As at March 31, 2015 2014 As at March 31, 2015 2014

Current Non-Current Current Non-Current Secured, considered good : Loans and Advances Secured, considered good - Related Parties 1,129.28 - Capital Advances - 1.28 - - - Other Parties 15,517.46 12,810.54 Security Deposits - 6.62 - - 16,646.74 12,810.54 Loans and Advances Unsecured, considered good : - Related Parties 16.72 15,555.05 13.55 16,037.76 Loans and Advances - Other Parties 17,816.51 24,355.40 21,048.27 27,787.98 - Related Parties 3,934.80 4,456.26 17,833.23 39,918.35 21,061.82 43,825.74 - Other Parties 18,170.21 10,862.04 Unsecured, considered good Advance Tax 189.10 82.26 Capital Advances - 12,859.80 - 12,871.27 Prepaid Expenses 1,573.90 1,143.67 Advance towards investments - 1,539.42 - 6,310.99 Deposits Loans and Advances 399.53 187.05 - Related Parties - 8,056.06 - 4,690.64 24,267.54 16,731.28 Doubtful : - Other Parties 2,161.19 10,617.56 3,319.34 9,991.25 Deposits 1.90 - Advance Tax - 10,562.85 - 9,437.98 Loans and Advances to Other Parties 934.36 2,367.20 MAT Credit Entitlement - 1,827.72 - 1,344.94 936.26 2,367.20 Prepaid Expenses - 1,669.02 - 1,346.41 Total 41,850.54 31,909.02 Deposits - 538.78 - 735.48 2,161.19 47,671.21 3,319.34 46,728.96

Less : Allowance for bad and doubtful - (5.41) - (5.41) loans and advances 2,161.19 47,665.80 3,319.34 46,723.55 Doubtful Security Deposits - 1.50 - 2.98 Loans and Advances to Other Parties 1,059.11 550.50 51.23 167.22 1,059.11 552.00 51.23 170.20

Less : Allowance for bad and doubtful - (1.50) - (2.98) loans and advances 1,059.11 550.50 51.23 167.22

Sub Total 21,053.53 88,134.65 24,432.39 90,716.51

Total 109,188.18 115,148.90

244 245 (19) OTHER CURRENT AND NON-CURRENT ASSETS (22) CASH AND CASH EQUIVALENTS ` in million ` in million

As at March 31, 2015 2014 As at March 31, 2015 2014

Current Non-Current Current Non-Current Cash on Hand 39.21 37.71 Cheques, Drafts on Hand 1,559.37 2,605.35 Income accrued on Investments, Loans 5,992.03 4,776.36 2,550.32 2,383.97 Balances with Banks in Current Account 16,995.06 15,280.45 and Advances Certificate of Deposit 1,585.23 46.28 Receivable for: Balances with Banks in Demand Deposit 29,967.84 9,329.51 - Long-Term Trade - 1,558.13 - 773.17 - Toll Receivable - 330.35 - 1,833.64 Cash and Cash Equivalent as per AS 3 50,146.71 27,299.30 - Sale of Securities 847.41 - - - Fixed Deposits under Lien 1,617.90 - - Deferred - 24.38 - 24.38 Bank Balances for Margin Money / Security 12,385.15 3,878.40 - Exchange / Trading Members 949.24 - 1,501.18 - Unclaimed Dividend Account 44.26 37.17 - Grant 118.42 - 663.29 - Total 64,194.02 31,214.87 - SCA (Refer Note 13) 5,576.87 - 2,879.33 - - Others 5,653.07 2,505.89 1,706.83 1,823.45 Unbilled Revenue 1,969.58 107.85 2,626.06 2,245.36 (23) COMMITMENTS ` in million Project Development Expenditure - 3,059.29 - 2,714.15 Fixed Deposits under Lien - 6,138.74 - 6,682.46 As at March 31, 2015 2014

Sub total 21,106.62 18,500.99 11,927.01 18,480.58 (a) Estimated amount of contracts remaining to be executed on 124,761.77 144,491.59 Total 39,607.61 30,407.59 capital account and not provided (net off advances paid) [including ` 3,336.15 mn (Previous Year : 2014 ` 3,193.59 mn) Toll Receivable was recognised with a corresponding credit to the General Reserve consequent to the Order of an pertaining to Jointly Controlled Entities] Honourable High Court sanctioning the Scheme of Amalgamation of two SPVs with a Subsidiary Company of the (b) Other Commitments [including ` 475.96 mn (Previous Year : 32,663.55 30,644.10 Group. Since FY 2013, the Subsidiary is amortising the same over the balance concession period ` 562.56 mn) pertaining to Jointly Controlled Entities]

(20) INVENTORIES : (AT COST OR NRV WHICHEVER IS LOWER) Estimated amount of contracts remaining to be executed on ` in million (c) 251.74 315.88 Operating account and not provided (net off advances paid) As at March 31, 2015 2014 (d) During the year ended March 31, 2015, a Subsidiary had assigned loans aggregating to ` Nil Raw Materials 63.33 87.07 (March 31, 2014 ` 4,507 million) at its book value, out of which in the case of loans aggregating ` Nil Work-in-Progress 3,806.55 5,958.70 (March 31, 2014 ` 2,950 million), the lender has a put option on the Subsidiary on specified future dates Finished Goods 2,093.17 3,490.71 till the maturity of the loans assigned and having a recourse to the Subsidiary in case of default by the - Goods in Transit 100.15 borrower on the due dates Stores and Spares 70.38 12.62 (e) Put option on Sale of Investment Unascertainable Not applicable Total 6,133.58 9,549.10

(21) TRADE RECEIVABLES (24) (a) CONTINGENT LIABILITIES ` in million ` in million As at March 31, 2015 2014 As at March 31, 2015 2014

Secured, considered good (a) Guarantees issued on behalf of the Group [including 6,138.96 4,760.39 - Outstanding for a period exceeding six months 200.76 79.65 ` 2.20 mn (Previous Year : ` 0.42 mn) pertaining to Jointly - Others 465.95 4,154.64 Controlled Entities] Unsecured, considered good - Outstanding for a period exceeding six months 7,837.95 4,909.08 (b) Guarantees issued on behalf of third parties [including 3,860.90 734.24 - Others 11,442.58 12,240.46 ` 0.05 mn (Previous Year : ` 4.24 mn) pertaining to Jointly Doubtful Controlled Entities] - Doubtful 622.44 925.72 Total 20,569.68 22,309.55

246 247 (b) Guarantees / Letter of Credit Gross Investment in Lease and present value of Minimum Lease Payments as at March 31, 2015 for each of the following periods are as follows: The Associate Companies have availed third party limits carved out of the Holding Company limits from ` in million Banks for Letters of Credit and Performance Guarantees facilities (collectively referred to as 'third party Particulars Gross Investment in Lease of MLP guarantees') amounting to ` 2,826.94 mn (Previous Year : ` 1,330.84 mn). These third party guarantees have been issued by the Holding Company's bankers on behalf of such Associate Companies in the normal course JCE Others Total JCE Others Total of business after due credit assessments. The Holding Company has also received Counter Guarantees from Less than one year - 64.99 64.99 - 58.73 58.73 the respective Associate Companies against such third party guarantees (-) (69.19) (69.19) (-) (65.15) (65.15) The Holding Company has carried out a detailed assessment with respect to the current status of each One to Five years - 128.16 128.16 - 116.20 116.20 underlying transactions as well as of the cash flow of the Projects undertaken by the Associate Companies as at March 31, 2015. Based on such assessment and confirmation obtained, the Associate Companies would (-) (90.50) (90.50) (-) (84.01) (84.01) be in a position to honour the attendant obligations, Letters of Credits and consequently there is only a remote Later than five years - 25.40 25.40 - 25.07 25.07 possibility of devolvement of any liability on such third party guarantees (-) (39.70) (39.70) (-) (38.62) (38.62)

* Figures in bracketed are for Previous Year (25) CLAIMS AGAINST THE GROUP NOT ACKNOWLEDGED AS DEBTS

(a) Demands against which appeals have been preferred : (27) REVENUE FROM OPERATIONS ` in million Revenue from Operations includes : As at March 31, 2015 2014 ` in million

JCE Other Group JCE Other Group Particulars FY 2015 FY 2014 Companies Companies Infrastructure Services 76,561.71 73,305.03 Indirect Tax 0.47 378.30 1.30 485.96 Financial Services 23,756.48 28,755.81 Direct Tax 1,158.71 872.80 21.92 2,555.38 Other Services 10,340.88 10,900.55

Third Party 497.58 4,533.27 378.49 1,677.09 Total 110, 659.07 112,961.39

(b) The group has various litigations in respect of its various infrastructure projects with various parties and local (28) OPERATING LEASE INCOME authorities. These litigations are on various operational matters for which the respective group companies The Group has entered into Operating Lease arrangements for vehicles, plant and machinery and business have been legally advised and the management of these company's believe that there is reasonable centres. The minimum future lease receipts during non-cancellable periods under the foregoing arrangements in probability of success in these matters and do not have any impact on the financial position of the group at this the aggregate for each of the following periods is as follows: stage ` in million

Particulars FY 2015 FY 2014 (26) FINANCE LEASES Not later than one year 204.20 432.17 The Group has taken assets under as under. The values of contractual maturities of such leases are set out below: Later than one year and not later than five years 233.17 365.17 ` in million Later than five years - - Particulars 2015 Financial Services Income (Note No. 27) includes operating lease income of ` 537.76 mn (March 31, 2014 JCE Others Total ` 625.71 mn) accrued during the year ended March 31, 2015 Gross Investment in Lease - 218.55 218.55 (-) (199.40) (199.40) (29) EMPLOYEE BENEFIT EXPENSES

Unearned Finance Income - 18.55 18.55 Employee Benefit Expense includes: ` in million (-) (11.62) (11.62) Particulars FY 2015 FY 2014 Present value of Minimum Lease Payments - 200.00 200.00 (-) (187.78) (187.78) Salaries and Allowances 7,942.67 7,147.84 Contribution to Provident Fund and Other Funds 1,062.70 997.09 Staff Training and Welfare Expenses 244.47 223.31

Total 9,249.84 8,368.24

248 249 (30) BORROWING COSTS (b) The Group has entered into Operating Lease arrangements of assets. The minimum future lease payments Borrowing Costs include: during non-cancellable periods under the foregoing arrangements in the aggregate for each of the following ` in million periods is as follows : Particulars FY 2015 FY 2014 ` in million Particulars FY 2015 FY 2014 Borrowing Expense 63,928.72 44,794.62

Other Finance Charges 1,563.50 1,269.34 Not later than one year 919.36 733.99 Less : Group Borrowing Cost Capitalised (20,316.80) (6,357.15) Later than one year and not later than 5 years 438.25 620.58 Total 45,175.42 39,706.81 Later than five years 10.62 -

The operating lease expense incurred during the year ended March 31, 2015 included in Rent above is (31) OTHER OPERATING AND ADMINISTRATIVE EXPENSES ` 1,194.77 mn (Previous Year ` 456.18 mn) (a) Other Operating and Administrative Expenses include : (c) Miscellaneous Expenses includes ` 101 mn (Previous Year ` 103.14 mn) towards Amortisation of Goodwill ` in million and Toll Receivable for the year ended March 31, 2015 Particulars FY 2015 FY 2014 (d) Provisions and Contingencies includes : ` in million Operating Expenses Operation and Maintenance 4,813.49 5,689.60 Particulars FY 2015 FY 2014 Programme Implementation 3,125.80 5,863.37 Provisions for : Provision for Overlay Expenses 911.50 828.51 General Contingencies Written Back (3,738.20) (337.50) Sub Total 8,850.79 12,381.48 Non-Performing Assets Written Back (593.75) (64.84) 1,556.95 Administrative Expenses Loans Written off 402.34 Diminution in value of Long-Term Investments 819.00 - Repairs and Maintenance 727.59 582.21 General Contingencies Created 1,969.70 1,950.00 Rent 1,331.75 1,049.62

Rates and Taxes 553.74 467.00 Non-Performing Assets Created 508.30 405.63 Travelling and Conveyance 906.28 658.59 Standard Restructured Assets 61.53 71.00 Electricity 431.19 271.33 Other NBFC Prudential Norms 164.01 103.41 Mark to Market on Derivatives (9.07) 3.14 Printing and Stationery 103.92 75.10 (Write Back)/ Provision for Diminution in : Communication Expenses 216.39 175.24 - Long-Term Investments (16.90) 219.19 Insurance 522.44 336.38 - Current Investments (235.00) 213.44 Legal and Consultation 1,955.50 2,204.67 Total 486.57 2,965.81 Bad Debts 508.32 458.29 Other Service Charges 41.26 56.41 (32) TAX EXPENSES Miscellaneous Expenses 3,424.14 3,178.28 ` in million

10,722.52 9,513.12 Particulars FY 2015 FY 2014 Less: Allocated to Capital Expenditure (1,530.28) (2,602.28) Current Tax 4,432.62 4,776.08 Sub Total 9,192.24 6,910.84 Tax relating to earlier years written back - (495.07) Provisions and Contingencies 486.57 2,965.81 Deferred Tax (Net) [Note 7(a) & 16(a)] (155.40) (597.85) Total 18,529.60 22,258.13 MAT Credit (907.68) (219.46)

Total 3,369.54 3,463.70

Tax Expenses includes share of Jointly Controlled Entities ` (3.90 mn) (Previous Year : ` 9.25 mn)

250 251 (33) In accordance with the Accounting Standard on 'Earnings Per Share' (AS – 20), the Basic Earnings Per Share and (34) Related Party Transactions (contd.) Diluted Earnings Per Share (EPS) has been computed by dividing the Profit After Tax by number of equity shares for the respective years as under : ` in million (a) As per the Accounting Standard on 'Related Party Disclosure' (AS-18) the related parties are as follows : Particulars FY 2015 FY 2014 Indirect : Bengal Aerotropolis Projects Ltd Net Profit for the year 2,494.52 2,436.11 Canopy Housing & Infrastructure Ltd Less : Interim Preference Dividend (960.81) - CGI-8, S.A Elsamex Road Technology Company Ltd Less : Proposed Preference Dividend of (378.63) (125.81) Subsidiaries & Jointly Controlled Entities (Minority Interest) Empresas Pame SA DE CV Gujarat Road & Infrastructure Company Ltd (from August 8, 2014) Less : Provision for Dividend Distribution Tax on (355.36) (56.50) Hill County Properties Ltd Preference Shares Investment Trustee Company (Orissa) Private Ltd Net Profit for the year attributable to Equity 799.72 2,253.80 ITNL Toll Management Services Ltd shareholders (` in million) KSIDC IL&FS IDC Infrastructure Ltd New Tirupur Area Development Corporation Ltd Weighted Average Number of Equity Shares in 120,400,755 117,408,212# calculating Basic EPS (number of shares) Punjab Biomass Power Ltd Ramky Elsamex Hyderabad Ring Road Ltd Weighted Average number of Equity Shares outstanding Not Applicable 117,138,682 Sara Fund Trustee Company Private Ltd as originally reported in previous year (number of shares) Srinagar Sonamarg Tunnelway Ltd (from June 3,2014) Sociedad Concessionaria Autovia A-4 Madrid Weighted Average Number of Equity Shares for 120,400,755 117,138,682 SV Power Private Ltd calculating Diluted EPS (number of shares) Thiruvananthapuram Road Development Company Ltd Urban Mass Transit Company Ltd Nominal Value per share (`) 10.00 10.00 Urjankur Shree Datta Power Company Ltd Basic / Diluted Earnings per share after effect of right shares (`) 6.64 19.20 Urjankur Shree Tatyasaheb Korewarna Power Company Ltd Basic / Diluted Earnings per share as originally reported in Not Applicable 19.24 VCS Enterprises Ltd previous year (`) Vizag Agriports Private Ltd Warora Chandrapur Ballarpur Toll Road Ltd # As adjusted for rights issue in accordance with AS – 20 Earnings Per Share (III) (A) KEY MANAGEMENT PERSONNEL (KMP): (34) Related Party Transactions Mr Ravi Parthasarathy, Chairman Mr Hari Sankaran, Vice Chairman & Managing Director (a) As per the Accounting Standard on 'Related Party Disclosure' (AS-18) the related parties are as Mr Arun K Saha, Joint Managing Director & CEO follows : Mr Vibhav Kapoor, Group Chief Investment Officer (KMP upto December 8, 2014) Mr Manu Kochhar, Group Chief Financial Officer (I) INVESTING PARTIES : (In accordance with AS-18) Mr Ramesh C Bawa, Chief Executive Officer, Financial Services (KMP upto December 8, 2014) Life Insurance Corporation of India Mr K Ramchand, Chief Executive Officer, Infrastructure (KMP upto December 8, 2014) ORIX Corporation, Japan Mr Shahzaad Dalal, Chief Executive Officer (KMP upto December 8, 2014) Mr Avinash Bagul, Chief Operating Officer & Company Secretary (from August 26, 2014) (II) ASSOCIATES : Direct : (B) TRANSACTIONS WITH RELATIVES OF KMP Ascend Telecom Infrastructure Private Ltd Ms Rhea Parthasarathy Dighi Port Ltd Mrs Nafisa Dalal (Upto December 8, 2014) Dighi Project Development Company Ltd Mr Faizaan Dalal (Upto December 8, 2014) Gorakhpur Expressway Ltd Mrs Rita Ramchand (Upto December 8, 2014) IL&FS Engineering & Construction Company Ltd IL&FS Technologies Ltd (upto January 29, 2015) Iridium India Telecom Ltd Mangalore SEZ Ltd

252 253 (b) The nature and volume of transactions during the year with the above related parties were as follows : (b) The nature and volume of transactions during the year with the above related parties were as follows : (contd.) ` in million ` in million

Nature of Transactions Investing Associates Key 2014-15 Nature of Transactions Investing Associates Key 2014-15 Parties Management Parties Management Personnel Personnel and Relatives and Relatives

REVENUE LIABILITIES Financial Services - 1,295.97 0.27 1,296.24 Share Capital Infrastructure Services - 3,533.33 - 3,533.33 Redeemable Cumulative Preference Share 50.00 - - 50.00

EXPENSES Non-Current Liabilities Finance Costs 652.29 3.53 0.64 656.46 Long-Term Borrowings 5,450.00 - - 5,450.00 Other Operating and Administrative Expenses - 3,357.06 18.52 3,375.58 (Subordinated Debt, Debentures, Inter Corporate Deposits, Covered Warrants) Remuneration 381.07 Mr Ravi Parthasarathy - - 68.73 Current Liabilities Mr Hari Sankaran - - 52.97 Short-Term Borrowings (Short-Term Deposit) - 651.97 - 651.97 Mr Arun K Saha - - 60.04 Current Maturities of Long-Term Debt 1,000.00 - - 1,000.00 Mr Ramesh C Bawa - - 46.54 (Inter Corporate Deposits) Mr K Ramchand - - 37.47 Trade Payables - 1,131.23 - 1,131.23 Mr Vibhav Kapoor - - 34.05 Other Current Liabilities 104.15 810.50 - 914.65 Mr Shahzaad Dalal - - 52.60 (Interest payable, Advances Received, Mr Manu Kochhar - - 21.74 Security Deposits, Other payables) Mr Avinash Bagul - - 6.47 Ms Rhea Parthasarathy - - 0.45 Transactions during the year : Investments Acquired - 358.36 - 358.36

Balance As At Year Ended: Investments matured/ sold - 40.05 - 40.05 ASSETS Long-Term/Short-Term Loans given (Assets) - 12,741.88 5.00 12,746.88 Non-Current Assets Long-Term/Short-Term Loans repaid (Assets) - 762.09 14.59 776.68 Non-Current Investments (Preference Shares, - 324.14 - 324.14 Long-Term/Short-Term Loans taken (Liabilities) - 5.18 - 5.18 Debentures, Bonds) Long-Term/Short-Term Loans repaid (Liabilities) - 15.43 6.88 22.31 Long-Term Loans and Advances (Loans, - 24,919.36 11.19 24,930.55 Advance towards Investments, Guarantees / Letter of Credit - 2,826.94 - 2,826.94 Other Loans & Advances) Other Non-Current Assets (Interest Accrued - 1,199.23 - 1,199.23 on Bonds & Debentures) Purchase of Assets - 154.00 - 154.00

Current Assets Current portion of Non-Current Investments - 40.00 - 40.00 (Debentures)

Current Investments - 1,186.64 - 1,186.64 Current Maturities of Long-Term Loans and - 13.12 3.60 16.72 Advances (Loans, Advance towards Investments, Other Loans & Advances) Short-Term Loans and Advances (Loans, - 5,058.07 6.01 5,064.08 Other Loans & Advances) Trade Receivables - 2,620.33 - 2,620.33 Other Current Assets - 3,600.08 - 3,600.08 (Interest Accrued, Income Accrued)

255 254 For Previous Year For Previous Year (contd.)

` in million ` in million

Nature of Transactions Investing Associates Key 2013-14 Nature of Transactions Investing Associates Key 2013-14 Parties Management Parties Management Personnel Personnel and Relatives and Relatives

REVENUE LIABILITIES Financial Services - 2,790.83 0.51 2,791.33 Share Capital Infrastructure Services - 448.93 - 448.93 Redeemable Cumulative Preference Share 50.00 - - 50.00

EXPENSES Non-current Liabilities Interest & Finance Charges 617.80 0.43 0.88 619.11 Long-Term Borrowings (Subordinated Debt, 6,400.00 - - 6,400.00 Operating Expenses - 4,486.70 23.75 4,510.45 Debentures, Inter Corporate Deposits, Covered Warrants) Remuneration 524.72 Mr Ravi Parthasarathy - - 89.93 Current Liabilities Mr Hari Sankaran - - 84.25 Short-Term Borrowings (Short-Term Deposit) - 21.75 - 21.75 Mr Arun K Saha - - 54.38 Current Maturities of Long-Term Debt - - 6.88 6.88 Mr Ramesh C Bawa - - 65.43 (Inter Corporate Deposits) Mr K Ramchand - - 67.34 Trade Payables - 2,511.52 - 2,511.52 Mr Vibhav Kapoor - - 52.33 Other Current Liabilities 99.92 892.66 1.98 994.55 Mr Shahzaad Dalal - - 84.26 (Interest payable, Advances Received, Premium, Security Deposits) Mr Manu Kochhar - - 26.50 Ms Rhea Parthasarathy - - 0.29 Transactions during the year : Investments made (Purchase) - 145.42 - 145.42 Balance during the year ended : Investments matured/ sold - 49.79 - 49.79 ASSETS Loans and Advances given (Assets) - 13,230.76 - 13,230.76 Non-Current Assets Loans and Advances repaid (Assets) - 7,453.65 8.22 7,461.86 Non-Current Investments - 7,671.48 - 7,671.48 (Preference Shares, Debentures, Bonds) Loans taken (Liabilities) - 54.41 - 54.41 Long-Term Loans and Advance - 22,199.90 11.22 22,211.12 Loans repaid (Liabilities) - 44.17 - 44.17 (Loans, Advance towards Investments, Other Loans & Advances) Guarantees / Letter of Credit - 1,180.29 - 1,180.29

Current Assets Purchase of Assets - 1,160.81 - 1,160.81 Current Investments - 1,186.64 - 1,186.64 Current portion of Non-Current Investments - 100.00 - 100.00 (Debentures) Sale of Assets - 0.10 0.07 0.18 Current Maturities of Long-Term Loans and - 8.80 4.73 13.53 Investments, Other Loans & Advances) Short-Term Loans and Advances(Loans, - 4,438.26 18.01 4,456.26 Other Loans & Advances) Trade Receivables - 370.46 - 370.46 Other Current Assets (Interest Accrued, - 1,549.00 - 1,549.00 Income Accrued)

256 257 (c) Statement of Material Transactions during the year : (c) Statement of Material Transactions during the year : (contd.)

` in million ` in million

Nature of Transactions Investing Associates Key Management Nature of Transactions Investing Associates Key Management Parties Personnel and Parties Personnel and Relatives Relatives

REVENUE Short-Term Loans and Advances Financial Services Dighi Port Ltd - 1,330.61 - IL&FS Engineering and Construction Company Ltd - 393.14 - Hill County Properties Ltd - 1,292.50 - IL&FS Technologies Ltd (upto January 29,2015) - 359.36 - Thiruvananthpuram Road Development Company Ltd - 779.50 - Hill County Properties Ltd - 287.29 - Ascend Telecom Infrastructure Pvt Ltd - 241.08 - Trade Receivables Srinagar Sonamarg Tunnelway Ltd - 2,277.32 -

Infrastructure Services IL&FS Engineering and Construction Company Ltd - 1,264.76 - Other Current Assets Srinagar Sonamarg Tunnelway Ltd - 850.09 - IL&FS Engineering and Construction Company Ltd - 1,723.62 - Hill County Properties Ltd - 411.32 - Ascend Telecom Infrastructure Pvt Ltd - 618.48 - Hill County Properties Ltd - 532.58 -

EXPENSES Finance Costs LIABILITIES Life Insurance Corporation of India 651.29 - - Share Capital Redeemable Cumulative Preference Share

Other Operating and Administrative Expenses ORIX Corporation, Japan 50.00 - - IL&FS Engineering and Construction Company Ltd - 3,345.66 - Non-Current Liabilities:

Balance As At Year End : Long-Term Borrowings ASSETS Life Insurance Corporation of India 5,450.00 - - Non-Current Assets : Non-Current Investments Current Liabilities : Gujarat Road & Infrastructure Company Ltd - 261.09 - Short-Term Borrowings Bengal Aerotropolis Projects Ltd - 55.85 - IL&FS Engineering and Construction Company Ltd - 605.37 -

Long-Term Loans and Advances Current Maturities of Long-Term Debt IL&FS Engineering and Construction Company Ltd - 13,617.37 - Life Insurance Corporation of India 1,000.00 - - Hill County Properties Ltd - 4,503.83 - Trade Payables

Other Non-Current Assets IL&FS Engineering and Construction Company Ltd - 1,114.39 - Ascend Telecom Infrastructure Pvt Ltd - 618.93 - Gujarat Road & Infrastructure Company Ltd - 516.47 - Other Current Liabilities IL&FS Engineering and Construction Company Ltd - 736.12 -

Current Assets: Life Insurance Corporation of India 104.15 - - Current portion of Non-Current Investments Gujarat Road & Infrastructure Company Ltd - 40.00 - Transactions during the year : Investments Made (purchase)

Current Investments Srinagar Sonamarg Tunnelway Ltd - 56.64 - Ascend Telecom Infrastructure Pvt Ltd - 1,186.64 -

258 259 (c) Statement of Material Transactions during the year : (contd.) For Previous Year

` in million ` in million

Nature of Transactions Investing Associates Key Management Nature of Transactions Investing Associates Key Management Parties Personnel and Parties Personnel and Relatives Relatives

Long-Term / Short-Term Loans given (Assets) REVENUE IL&FS Engineering and Construction Company Ltd - 9,125.97 - Financial Services Hill County Properties Ltd - 1,689.00 - IL&FS Engineering and Construction Company Ltd - 1,099.01 - IL&FS Technologies Ltd - 349.23 - Long-Term / Short-Term Loans repaid (Assets) Hill County Properties Ltd - 304.46 - Hill County Properties Ltd - 358.00 - IL&FS Engineering and Construction Company Ltd - 350.00 - Infrastructure Services Thiruvananthapuram Road Development Company Ltd - 114.23 - Guarantees / Letter Of Credit Dighi Port Ltd - 80.20 - IL&FS Engineering and Construction Company Ltd - 2,826.94 - Sociedad Concesionaria Autovía A-4 Madrid S.A - 74.48 - IL&FS Engineering and Construction Company Ltd - 65.28 - Purchase Of Assets IL&FS Engineering and Construction Company Ltd - 154.00 - EXPENSES Interest & Finance Charges Life Insurance Corporation of India 617.80 - -

Operating Expenses IL&FS Engineering and Construction Company Ltd - 4,292.96 -

Balance As At Year End : ASSETS Non-Current Assets : Non-Current Investments ONGC Tripura Power Company Ltd - 5,360.17 - S V Power Private Ltd - 789.96 - -

Long-Term Loans and Advances IL&FS Engineering and Construction Company Ltd - 7,366.00 - IL&FS Technologies Ltd - 2,490.00 - Dighi Port Ltd - 1,927.03 - Hill County Properties Ltd - 1,750.00 -

Current Assets: Current Investments Ascend Telecom Infrastructure Pvt Ltd - 1,186.64 -

Current Portion of Non-current Investments IL&FS Technologies Ltd - 100.00 -

Short-Term Loans and Advances IL&FS Engineering and Construction Company Ltd - 1,900.00 - Dighi Port Ltd - 1,129.28 - Thiruvananthapuram Road Development Company Ltd - 601.00 -

260 261 For Previous Year (contd.) For Previous Year (contd.)

` in million ` in million

Nature of Transactions Investing Associates Key Management Nature of Transactions Investing Associates Key Management Parties Personnel and Parties Personnel and Relatives Relatives

Trade Receivables Guarantees / Letter of Credit Thiruvananthapuram Road Development Company Ltd - 183.35 - IL&FS Engineering and Construction Company Ltd - 1,073.31 -

Other Current Assets Purchase of Assets IL&FS Engineering and Construction Company Ltd - 784.44 - IL&FS Engineering and Construction Company Ltd - 1,153.53 - Ascend Telecom Infrastructure Pvt Ltd - 382.69 - IL&FS Technologies Ltd - 6.50 - IL&FS Technologies Ltd - 99.40 - Sale of Assets LIABILITIES Hill County Properties Ltd - 0.10 - Non-Current Liabilities: Long-Term Borrowings Life Insurance Corporation of India 6,400.00 - - (d) Related Party Transactions with individuals owning, directly or indirectly an interest in the voting powers of the Company that gives them control or significant influence over the Company and relatives of any such

Current Liabilities : individual Short-Term Borrowings NIL Urban Mass Transit Company Ltd - 11.50 - (e) Related Party Transactions with the Company in which Key Management Personnel of the Company are able Trade Payables to exercise significant influence IL&FS Engineering and Construction Company Ltd - 2,214.15 - NIL

Other Current Liabilities Life Insurance Corporation of India 99.92 - - (35) SEGMENT REPORTING IL&FS Engineering and Construction Company Ltd - 515.43 - Thiruvananthapuram Road Development Company Ltd - 207.57 - The Group has disclosed Business Segment as the primary segment. The segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal IL&FS Technologies Ltd - 93.56 - reporting system. The categories included in each of the reported business segments are as follows:

Transactions during the year : (a) Financial Services Investments Made (purchase) – Commercialisation of Infrastructure; including , Advisory Urban Mass Transit Company Ltd - 7.20 - Services, Capital Market Activities and Securities Trading, Venture Capital, Trusteeship Operations IL&FS Technologies Ltd - 2.07 - and other Financial Services (b) Infrastructure Services Investments matured/sold – Building and operating infrastructure assets like Road, Bridges, Ports, Water and Power Plants, and Vizag Agriports Pvt Ltd - 49.79 - also includes other related infrastructure activities like Project Consultancy, Environment, Environmental Services, Real Estate and SEZ Development Loans and Advances given (Assets) (c) Others Dighi Port Ltd - 2,126.06 - IL&FS Engineering and Construction Company Ltd - 3,820.00 - – Social Infrastructure and Technology Services

Loans and Advances repaid (Assets) IL&FS Engineering and Construction Company Ltd - 1,820.00 -

262 263 Segment Disclosure for the year ended March 31, 2015 For Previous Year ` in million ` in million

A. Primary Business Segment A. Primary Business Segment External Inter Segment Total Inter Segment External Total 1. Segment Revenue 1. Segment Revenue

Financial Services 23,756.48 11,729.84 35,486.32 Financial Services 28,755.81 6,707.37 35,463.18

Infrastructure Services 76,561.71 203.16 76,764.87 Infrastructure Services 73,305.03 493.96 73,798.99 Others 10,340.88 131.32 10,472.20 Others 10,900.55 43.38 10,943.93 Group Total 110,659.07 12,064.32 122,723.39 Group Total 112,961.39 7,244.71 120,206.10 Less: Inter Segment (12,064.32) Less: Inter Segment (7,244.71) Add : Unallocated Revenue 5,746.32 Add : Unallocated Revenue 2,645.35 Consolidated Total 116,405.39 Consolidated Total 115,606.74

2. Segment Result 2. Segment Result Financial Services 110.40 Financial Services 2,940.87 Infrastructure Services 24,746.78 Infrastructure Services 19,926.94 Others 1,335.32 Others 2,031.18 Total 26,192.50 Total 24,898.99 Add : Unallocated Revenue 5,746.32 Add : Unallocated Revenue 2,645.35 Less : Unallocated Expenses (24,895.02) Less : Unallocated Expenses 20,098.12

3. Profit Before Tax 7,043.80 3. Profit Before Tax 7,446.22 Income Tax Expense (3,369.54) Income Tax Expense (3,463.70)

4. Profit After Tax before Minority Interest and Share 3,674.26 4. Profit After Tax before Minority Interest and Share 3,982.52 of Associates of Associates Minority Interest (1,230.88) Minority Interest (1,031.36) Share of Associates 51.14 Share of Associates (515.05)

5. Profit For The Year 2,494.52 5. Profit For The Year 2,436.11

Other Information Segment Assets Segment Liabilities Other Information Segment Assets Segment Liabilities Financial Services 193,503.59 255,614.98 Financial Services 170,105.75 210,929.97 Infrastructure Services 556,042.82 45,585.74 Infrastructure Services 437,202.24 77,632.52 Others 26,968.93 5,284.24 Others 13,807.90 6,993.71 Segment Total 776,515.34 306,484.96 Segment Total 621,115.89 295,556.20 Unallocated Assets / Liabilities 41,484.95 444,838.08 Unallocated Assets / Liabilities 36,047.50 298,486.80 818,000.29 751,323.04 657,163.39 594,043.00

Capital Expenditure Depreciation & Non Cash Capital Expenditure Depreciation & Non Cash Amortisation Expenditure other Amortisation Expenditure other than Depreciation than Depreciation

Financial Services 373.37 348.90 628.81 Financial Services 218.91 424.92 3,052.66 Infrastructure Services 71,968.85 3,844.35 1,152.52 Infrastructure Services 105,131.90 2,993.71 1,053.74 Others 1,045.55 447.02 122.69 Others 315.78 302.51 83.68 Segment Total 73,387.77 4,640.27 1,904.02 Segment Total 105,666.59 3,721.14 4,190.08

B. Geographical Segment B. Geographical Segment India Outside India India Outside India Revenue 94,580.15 16,078.92 Revenue 98,322.30 14,639.09 Segment Assets 733,618.01 42,897.34 Segment Assets 580,982.50 40,133.39 Capital Expenditure 69,062.66 4,325.11 Capital Expenditure 101,631.09 4,035.50

264 265 (36) The following entities are considered in Consolidated Financial Statements (CFS) : (a) Subsidiaries : The Subsidiaries considered in the preparation of the CFS are: (contd.) (a) Subsidiaries : ` in million The Subsidiaries considered in the preparation of the CFS are: ` in million Name of the Company Country of Interest (%) Interest (%) Incorporation as on as on Name of the Company Country of Interest (%) Interest (%) March 31, 2015 March 31, 2014 Incorporation as on as on March 31, 2015 March 31, 2014 Conservacion De Infraestructuras De Mexico SA DE CV Mexico 96.40 96.40 Control 7, S. A Spain 100.00 100.00 DIRECT: Avash Logistic Park Private Ltd India 100.00 100.00 ISSL CPG BPO Private Ltd (formerly Critical Paradigm India 59.18 51.00 Gestalt BPO Private Ltd) Chattisgarh Highway Development Co Ltd India 74.00 74.00 Cuddalore Solar Power Private Ltd India 100.00 100.00 IIDC Ltd India 100.00 100.00 Dehradun Rural Development Initiative Ltd India 100.00 100.00 IL&FS Airports Ltd India 100.00 100.00 East Delhi Waste Processing Company Private Ltd India 49.00 49.00 IL&FS Education & Technology Services Ltd India 68.93 68.93 East Hyderabad Expressway Ltd India 74.00 74.00 IL&FS Energy Development Co Ltd India 91.35 87.82 Elsamex Brasil LTDA Brazil 44.10 45.34 IL&FS Environmental Infrastructure & Services Ltd India 95.88 95.88 Elsamex Construcao E Manutentcao LTDA Brazil 99.99 99.99 IL&FS Financial Services Ltd India 100.00 100.00 Elsamex India Private Ltd India 99.15 99.15 IL&FS Global Pte Ltd (from March 31, 2015) Singapore 100.00 - Elsamex International, SL Spain 100.00 100.00 IL&FS Infrastructure Equity Fund India 100.00 100.00 Elsamex LLC, USA USA 100.00 100.00 IL&FS Investment Managers Ltd India 50.42 50.49 Elsamex Maintenance Services Ltd India 99.88 99.88 IL&FS Investment Trust – I India 100.00 100.00 Elsamex Portugal Engheneria e Sistemas de Gestao S.A Portugal 70.00 70.00 IL&FS Maritime Infrastructure Co Ltd India 90.02 90.02 Elsamex S A Spain 100.00 100.00 IL&FS Paradip Refinery Water Ltd India 100.00 100.00 ESM Mantenimiento Integral, de S.A. de C.V Mexico 100.00 100.00 IL&FS Portfolio Management Services Ltd India 95.00 95.00 Free Trade Warehousing Private Ltd India 74.00 74.00 IL&FS Securities Services Ltd India 81.24 81.24 Futureage Infrastructure India Ltd India 58.48 58.48 IL&FS Transportation Networks Ltd India 70.79 70.75 Gift Parking Facilities Ltd India 100.00 100.00 IL&FS Trust Co Ltd India 90.00 90.00 Goodearth Shipbuilding Private Ltd India 100.00 100.00 IL&FS Township & Urban Assets Ltd India 100.00 100.00 Greater Noida Integrated Warehousing Private Ltd India - 74.00 IL&FS Technologies Ltd (from January 30, 2015) India 51.79 - (up to December 6, 2014) IL&FS Water Ltd India 95.00 95.00 Gujarat Integrated Maritime Complex Private Ltd India 90.00 90.00 Jharkhand Accelerated Road Development Co Ltd India 74.00 74.00 Grusamar Albania SHPK Albania 51.00 51.00 Khambhat Port Ltd India 95.90 95.90 Grusumar Engenharia & Consultoria Brasil LTDA Brazil 100.00 100.00 M P Toll Roads Ltd India 80.00 80.00 Grusamar India Ltd India 100.00 99.88 Sealand Warehousing Private Ltd India 100.00 100.00 Grusamar Ingenieria Y Consulting, SL (Grusamar) Spain 100.00 100.00 Tamil Nadu Water Investment Co Ltd India 53.85 53.85 Gujarat Road & Infrastructure Co Ltd (upto August 7, 2014) India - 83.61 Haldia Free Trade Warehousing Private Ltd India 100.00 100.00 INDIRECT: Hazaribagh Ranchi Expressway Ltd India 74.00 74.00 Alcantarilla Fotovoltaica SA Spain 100.00 100.00 IFIN Realty Trust India 100.00 100.00 Andhra Pradesh Expressway Ltd India 100.00 100.00 IIML Advisors LLC Mauritius 100.00 100.00 Antenea Seguridad Y Medico Ambieenete SA Spain 100.00 100.00 IIML Asset Advisors Ltd India 51.00 51.00 Apptex Marketing Services & Solutions Ltd India 100.00 100.00 IIML Fund Managers (Singapore) Pte Ltd Singapore 100.00 100.00 Area De Servicio Coiros SLU Spain 100.00 100.00 IIPL USA LLC USA 100.00 100.00 Area De Servicio Punta Umbria SLU Spain 100.00 100.00 IL&FS Asian Infrastructure Managers Ltd India 51.00 51.00 IL&FS AMC Trustee Ltd India 100.00 100.00 Badarpur Tollway Operations Management Ltd India 100.00 100.00 IL&FS Capital Advisors Ltd India 100.00 100.00 Baleshwar Kharagppur Expressway Ltd India 100.00 100.00 IL&FS Cluster Development Initiative Ltd India 100.00 100.00 Barwa Adda Expressway Ltd India 100.00 100.00 IL&FS Broking Services Private Ltd India 76.00 76.00 Bhopal e-Governance Ltd (from January 30, 2015) India 100.00 - IL&FS Global Financial Services (HK) Ltd Hongkong 100.00 100.00 Beasolarta S.A.U. Spain 100.00 100.00 IL&FS Global Financial Services (ME) Ltd UAE 100.00 100.00 Bhojpur Biomass Power Company Private Ltd India 100.00 100.00 IL&FS Global Financial Services (UK) Ltd UK 100.00 100.00 Bhutan Education City Private Ltd Bhutan 51.00 51.00 IL&FS Global Financial Services Pte Ltd Singapore 100.00 100.00 Charminar Robopark Ltd India 100.00 100.00 IL&FS Hydro Energy Ltd India 100.00 100.00 Chenani Nashri Tunnelway Ltd India 100.00 100.00 IL&FS IIDC Fund India 100.00 100.00 CISEM – INTEVIA SA Spain 100.00 100.00 IL&FS Infrastructure Equity Fund - I India 100.00 100.00

266 267 (a) Subsidiaries : (a) Subsidiaries : The Subsidiaries considered in the preparation of the CFS are: (contd.) The Subsidiaries considered in the preparation of the CFS are: (contd.) ` in million ` in million Name of the Company Country of Interest (%) Interest (%) Name of the Company Country of Interest (%) ` in millionInterest (%) Incorporation as on as on Incorporation as on as on March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014

IL&FS Infra Asset Management Ltd India 86.61 91.80 Khandke Wind Energy Private Ltd India 100.00 100.00 IL&FS Investment Advisors LLC Mauritius 100.00 100.00 Khed Sinnar Expressway Ltd India 100.00 100.00 IL&FS Investment Trust – IV India 100.00 100.00 Kiratpur Ner Chowk Expressway Ltd India 100.00 100.00 IL&FS Kamal International Container Terminal Ltd Tanzania 51.00 51.00 Lalpur Wind Energy Private Ltd India 100.00 100.00 IL&FS Maritime International FZE UAE 100.00 100.00 Land Registration Systems, Inc., (Philippines) (from January 30, 2015) Philippines 67.00 - IL&FS Maritime Offshore Pte Ltd Singapore 100.00 100.00 LIVIA India Ltd (from January 30, 2015) India 100.00 - IL&FS Nepal Infrastructure Development Co Private Ltd (under liquidation) Nepal 100.00 100.00 Mahidad Wind Energy Ltd (from July 22, 2014) India 100.00 - IL&FS Offshore Natural Resources Pte Ltd Singapore 100.00 100.00 Mandvi LNG Terminal Ltd (from September 29, 2014) India 100.00 - IL&FS ORIX Trust India - 100.00 Mantenimiento Y Conservacion De Vialidades, S.A. DE C.V Mexico 64.00 64.00 IL&FS Prime Terminals FZC UAE 73.91 83.16 Maritime International Offshore Pte Ltd Singapore 100.00 100.00 IL&FS Rail Ltd India 73.56 71.01 Moradabad Bareily Expressway Ltd India 100.00 100.00 IL&FS Renewable Energy Ltd India 100.00 100.00 Mota Layja Gas Power Company Ltd ( from September 29, 2014) India 100.00 - IL&FS Skills Development Corporation Ltd India 73.03 73.01 MP Border Checkpost Development Company Ltd India 74.00 51.00 IL&FS Solar Power Ltd India 100.00 100.00 Sipla Wind Energy Limited (formerly Nakhatrana Biomass Energy Ltd) India 100.00 100.00 IL&FS Tamil Nadu Power Company Ltd India 80.72 63.43 Nana Layja Power Company Ltd India 100.00 100.00 IL&FS Urban Infrastructure Managers Ltd India 100.00 100.00 North East Tourism Development Company Private Ltd (upto June 11, 2014) India - 74.00 IL&FS Wind Farms Ltd India 100.00 100.00 North Karnataka Expressway Ltd India 100.00 100.00 IL&FS Wind Power Investment Pte Ltd Singapore 100.00 100.00 Patiala Bio Power Company Private Ltd India 100.00 100.00 IL&FS Wind Power Management Pte Ltd Singapore 100.00 100.00 Porto Novo Maritime Ltd India 100.00 100.00 IL&FS Wind Power Services Ltd India 100.00 100.00 Pt Bangun Asia Persada Indonesia 100.00 100.00 IL&FS Technologies Philippines Inc., Philippines 100.00 - Pt Mantimin Coal Mining Indonesia 95.00 95.00 (Philippines) ( from January 30, 2015) Pune Sholapur Road Development Company Ltd India 90.91 90.91 IMICL Dighi Maritime Ltd India 100.00 100.00 Rajsamand Rural Development Initiative Ltd India 99.90 99.90 India Tourist & Heritage Village Private Ltd India 100.00 100.00 Rapid Metro Rail Gurgaon Ltd India 100.00 74.00 Integrated Trans Log Development Co Ltd India 100.00 100.00 Rapid Metro Rail Gurgaon South Ltd India 100.00 100.00 Integrated Warehousing Kandla Project Development Private Ltd India 100.00 100.00 Ratedi Wind Power Ltd India 100.00 100.00 Integrated Waste Management & Urban Services (TN) Private Ltd India - 100.00 Rohtas Bio Energy Private Ltd India 100.00 100.00 (merged with IEISL on March 1, 2015 ) Sabarmati Capital One Ltd India 100.00 100.00 Intevial-Gestao Integral Rodoviaria S.A Portugal 100.00 100.00 Sabarmati Capital Two Ltd India 100.00 100.00 Kohinoor Investment Trust (formerly Investment Square Trust) India 100.00 100.00 Saffron Investment Trust Mauritius 100.00 100.00 ISSL Market Services Ltd (formerly Development Investment India 100.00 100.00 Se7en Factor Corporation Seychelles 100.00 100.00 Trustee Co Private Ltd) Sealand Ports Private Ltd India 100.00 100.00 ISSL Settlement & Transaction Services Ltd India 100.00 100.00 Senalizacion Viales E Imagen, S.A.U. Spain 100.00 100.00 ITNL Africa Projects Ltd Nigeria 100.00 100.00 Sharjah General Services LLC UAE 49.00 49.00 ITNL International JLT Singapore 100.00 100.00 Shendra Green Energy Ltd India 100.00 100.00 ITNL International Pte Ltd Singapore 100.00 100.00 Sikar Bikaner Highway Ltd India 100.00 100.00 ITNL Offshore Pte Ltd Singapore 100.00 100.00 Skill Training Assessment Management Partners Ltd India 100.00 70.00 ITNL Offshore Two Pte Ltd (from February 9, 2015) Singapore 100.00 - (formerly known as Apptex Manpower Devnt Services Ltd) ITNL Offshore Three Pte Ltd (from March 10, 2015) Singapore 100.00 - RDF Power Project Ltd (from June 23, 2014) India 54.70 - ITNL Road Infrastructure Development Co Ltd India 100.00 100.00 Tadas Wind Energy Private Ltd India 100.00 100.00 ITNL Road Investment Trust India 100.00 100.00 Tierra Enviro Private Ltd (from July 15, 2014) India 100.00 - ITTIL (FZC), Sharjah (from January 30, 2015) UAE 76.00 - Unique Waste Processing Company Private Ltd India 100.00 100.00 ITL Infrasoft DMCC (from January 30, 2015) UAE 76.00 - Vansh Nimay Infraprojects Ltd India 90.00 90.00 Jaipur Rural Development Initiative Ltd India 99.90 99.90 Vaspeth Wind Energy Private Ltd India 100.00 100.00 Jharkhand Road Projects Implementation Co Ltd India 100.00 100.00 West Gujarat Expressway Ltd India 100.00 100.00 Jogihali Wind Energy Private Ltd (from July 22, 2014) India 100.00 - Wind Urja India Private Ltd India 100.00 100.00 Kanak Resources Management Ltd India 94.71 94.71 Yala Construction Company Private Ltd India 96.03 96.03 Karyavattom Sports Facilities Ltd India 100.00 100.00 Note: The above interest represents direct and indirect holding by the Group

268 269

(b) Jointly Controlled Entities : (c) Jointly Controlled Operations : The of the Jointly Controlled Operations are prepared The Company's interests in Jointly Controlled Entities are: by the respective operators in accordance with the requirement prescribed by the joint operating ` in million agreements of the Jointly Controlled Operations. Name of the Company Country of Interest (%) Interest (%) The Company's interests in Jointly Controlled Operations are : Incorporation as on as on ` in million March 31, 2015 March 31, 2014 Name of Jointly Controlled Entities Interest (%) Interest (%) (Incorporated outside India) As on As on DIRECT : Bihar e-Governance Services & Technologies Ltd India 50.00 50.00 March 31, 2015 March 31, 2014 Gujarat International Finance Tec-city Company Ltd India 50.00 50.00 Haldia Integrated Development Agency Ltd India 42.54 42.54 INDIRECT: IKG Associates India 40.00 40.00 Api Conservacion-Elsamex UTE Teruel II 50.00 50.00 IL&FS Doc Project Development Fund India 50.00 50.00 Asfaltos Uribe-Norte Industrial-Construcciones Eder-Elsamex Ute Durango Bi 28.00 28.00 Jharkhand e-Governance Solutions & Services Ltd India 50.00 50.00 Atenea – Basoinsa Ute Atda Bergara Zizurkil 50.00 50.00 Karnataka Enterprise Solutions Ltd India 50.00 50.00 Atenea – Consulnima UTE Consultea 50.00 50.00 Odisha e-Governance Services Ltd India 50.00 50.00 Atenea – Iz Ingenieros UTE Atda Embalse De Flix 50.00 50.00 Road Infrastructure Development Company of Rajasthan Ltd India 50.00 50.00 Betancourt – Grusamar UTE Linares 50.00 50.00 Betancourt –Grusamar UTE Rio Alhama 50.00 50.00 INDIRECT: Con Interaniño 50.00 50.00 Assam Power Projects Development Company Ltd India 50.00 50.00 Cons.Carreteras Del Sur 60.00 60.00 Bengal Integrated Infrastructure Development Ltd India 50.00 50.00 Cons.Jose Saldis 34.00 34.00 Bengal Urban Infrastructure Development Ltd India 50.00 50.00 Corsan Corviam-Elsamex UTE Corelsa 50.00 50.00 Bihar Power Infrastructure Company Private Ltd India 50.00 50.00 Dair –Intevia 50.00 50.00 Bodoland Infrastructure Development Company Ltd Elsamex- Martín Casillas UTE Conservación Cádiz 50.00 50.00 (upto September 23, 2014) India - 50.00 Elsamex-Arias UTE Conservación Coruña II - 60.00 Chongqing Yuhe Expressway Company Ltd China 49.00 49.00 Elsamex-Asfaltos Uribe Este Señal UTE Durango II 45.00 45.00 Cross Border Power Transmission Ltd India 38.00 38.00 Elsamex-Asfaltos Urretxu UTE Itziar 50.00 50.00 Consorcio De Obras Civilies Conciviles, SRL Dominican Republic 34.00 34.00 Elsamex-Cauchil UTE Elsamex- Cauchill Jaen 80.00 80.00 Damodar Valley Tourism Development Private Ltd India 50.00 50.00 Elsamex-Iberseñal UTE Señalización Madrid 60.00 60.00 Future Retail Destination Ltd India 50.00 50.00 Elsamex-Oca UTE Conservación Orense III 50.00 50.00 Geotecnia Y Control De Qualitat SA Spain 50.00 50.00 Elsamex-Oca UTE Coruña III 70.00 70.00 Gujarat Industrial Infrastructure Project Ltd India 50.00 50.00 Elsamex-Rubau UTE Argentona 50.00 50.00 Gujarat Tourism Opportunity Ltd India 50.00 50.00 Elsamex-Sando UTE II Conservación A-395 50.00 50.00 IL&FS Milestone Realty Advisors Private Ltd India 40.00 40.00 Elsamex-Torrescamara UTE Presas 50.00 50.00 Indraprastha Energy & Waste Management Company Ltd India 50.00 50.00 Elsamex-Velasco UTE Polideportivos Latina 50.00 50.00 Infrastructure Development Company of Nagaland Private Ltd India 50.00 50.00 Elsamex - ITNL JVCA 100.00 100.00 Infrastructure Development Corporation of Assam Ltd India 50.00 50.00 Elsan Pacsa-Elsamex UTE Navalvillar De Pela II 50.00 50.00 Jharkhand Infrastructure Development Corporation Ltd India 50.00 50.00 Epsilon 35.00 35.00 Jorabat Shillong Expressway Ltd India 50.00 50.00 Geoteyco-Cgs-Ciesm-Enmacosa 2/2008 24.00 24.00 Kamal Bagamoyo Energy Ltd Tanzania - 50.00 Grusamar – Progescan UTE Areas De Servicio 100.00 100.00 KSIIDC-IL&FS Project Development Company Ltd India 50.00 50.00 Grusamar- Elsamex – Atenea 30.00 30.00 NAM Expressway Ltd India 50.00 50.00 Grusamar Elsamex Atenea UTE Seguridad Vial Murcia 50.00 50.00 Naya Raipur Project Development Company Pvt Ltd India - 50.00 Grusamar- Ineco- Inastecan UTE Arucas 40.00 40.00 Noida Toll Bridge Company Ltd India 26.37 26.37 Intevia-Grusamar UTE Seguridad Vial Norte - 30.00 Orissa Project Development Company Private Ltd India 50.00 50.00 Intevia-Grusamar UTE Seguridad Vial Norte - 70.00 ONGC Tripura Power Company Ltd India 49.52 - Grusamar-Elsamex-Atenea UTE Seguridad Vial Murcia 20.00 20.00 PDCOR Ltd India 50.00 50.00 Intevia-Grusamar-Dair UTE Seguridad Vial Bizkaia 10.00 10.00 South Coast Infrastructure Development Company of AP Ltd India 50.00 50.00 Intevia-Grusamar-Dair UTE Seguridad Vial Bizkaia 60.00 60.00 Standard Chartered IL&FS Management Singapore Pte Ltd Singapore 50.00 50.00 Serop-Elsamex UTE Mantenimiento Serop-Elsamex - 50.00 Syniverse Technologies (India) Private Ltd India 26.00 26.00 UTE Abedul Cáceres 25.00 25.00 Tierra Enviro Private Ltd (upto July 14, 2014) India - 50.00 UTE Abedul Orihuela 25.00 25.00 Uttarakhand Infrastructure Projects Company Private Ltd India 50.00 50.00 UTE Abedul Ponferrada 25.00 25.00 Vias Y Construcciones, Viacon, S.R.L. Dominican Republic 50.00 50.00 UTE Abedul Villavidel 25.00 25.00 UTE Abedul Zamora 25.00 25.00 Note: The above interest represents direct and indirect holding by the Group UTE Almanzora 65.00 65.00 UTE Ap-7 Ondara 60.00 60.00 UTE Arona 60.00 60.00

270 271 The Company's interests in Jointly Controlled Operations are : (contd.) (d) Associates : ` in million Details of the Associates considered for CFS and the ownership interest are as follows : ` in million Name of Jointly Controlled Entities Interest (%) Interest (%) (Incorporated outside India) as on as on Name of the Company Country of Interest (%) Interest (%) March 31, 2015 March 31, 2014 Incorporation as on as on March 31, 2015 March 31, 2014 UTE Asistencia Molinar 52.00 52.00

UTE Atenea-Paymacotas 40.00 40.00 DIRECT : UTE Atenea-Prevecons 55.00 55.00 Ascend Telecom Infrastructure Private Ltd India 16.72 16.72 UTE Autovia De Santiago 50.00 50.00 Dighi Port Ltd India 39.37 39.37 UTE Bizcaya BI 37.50 37.50 Dighi Project Development Company Ltd India 29.90 29.90 UTE CAP 1 50.00 50.00 Gorakhpur Expressway Ltd India 49.98 49.98 UTE CEIP 1 - 50.00 IL&FS Technologies Ltd (upto January 29, 2015) India - 38.51 UTE Cican Ciesm 50.00 50.00 Iridium India Telecom Ltd India 20.04 20.04 UTE Conservacion Almeria 70.00 70.00 Mangalore SEZ Ltd India 50.00 50.00 UTE Conservacion Asturias 50.00 50.00 UTE Conservacion Caceres 50.00 50.00 INDIRECT: UTE Cordoba 50.00 50.00 Bengal Aerotropolis Projects Ltd India 11.71 12.66 UTE Dallas 50.00 50.00 Canopy Housing & Infrastructure Ltd India 26.00 26.00 UTE Elsamex Arias Oca Conservación Orense 50.00 50.00 CGI-8, S.A Spain 49.00 49.00 UTE Elsamex-Lujan Alicante 50.00 50.00 Elsamex Road Technology Company Ltd China 23.44 23.44 UTE Grusamar – OHS Ingeniería Y Urbanismo UTE Travesía De Hermigua 50.00 50.00 Empresas Pame SA DE CV (upto May 14, 2014) Mexico - 34.10 UTE Grusamar-Eyser 50.00 50.00 Gujarat Road & Infrastructure Company Ltd (from August 8, 2014) India 41.81 - UTE Grusamar-Ingelan - 60.00 KSIDC IL&FS IDC Infrastructure Ltd India 50.00 50.00 UTE Grusamar-Intecsa-Inarsa-Atenea 30.00 30.00 Investment Trustee Company (Orissa) Private Ltd India 50.00 50.00 UTE Grusamar-Intecsa-Inarsa-Atenea 30.00 30.00 ITNL Toll Management Services Ltd India 100.00 100.00 UTE Grusumar – Inserco Rambla Retamar 50.00 50.00 New Tirupur Area Development Corporation Ltd India 43.59 43.59 UTE Mantenimient De Cuenca 50.00 50.00 ONGC Tripura Power Company Ltd India - 49.52 UTE Parking Estacion Intermodal 50.00 50.00 Punjab Biomass Power Ltd India 50.00 50.00 UTE SG-2/2011 24.00 24.00 Ramky Elsamex Hyderabad Ring Road Ltd India 26.00 26.00 UTE Sur Sevilla 50.00 50.00 Sara Fund Trustee Company Private Ltd India 50.00 50.00 UTE Tren Mallorca 80.00 80.00 Srinagar Sonamarg Tunnelway Ltd (from June 3,2014) India 49.00 - UTE Urbanizacion Centro 30.00 30.00 Sociedad Concessionaria Autovia A-4 Madrid S.A Spain 48.75 48.75 UTE Viales El Jable 50.00 50.00 Thiruvananthapuram Road Development Company Ltd India 50.00 50.00 UTE Vizcaya II - 45.00 Urban Mass Transit Company Ltd India 50.00 50.00 Consorcio Elsamex-Grusamar Ecuador 100.00 100.00 Urjankur Shree Datta Power Company Ltd India 33.34 33.34 JV Elsamex - Ascon 50.00 50.00 Urjankur Shree Tatyasaheb Korewarna Power Company Ltd India 33.33 33.33 UTE Control 7 Geoplaning 50.00 50.00 VCS Enterprises Ltd India 30.00 30.00 UTE Elsamex - Pulido 50.00 - Vizag Agriports Private Ltd India 26.00 26.00 UTE AP-7 Ondara 2 60.00 - Warora Chandrapur Ballarpur Toll Road Ltd India 35.00 35.00 UTE Prointec - Intevia-Gestinsa 33.00 - UTE Ciesm - Intevia-Conurma 40.00 - Foot Notes: UTE Intevia - Getinsa - Ciesa 34.00 - UTE Etiopia 35 100.00 - (i) The above interest represents direct and indirect holding by the Group UTE Sistema tarifario 50.00 (ii) IECCL and HCPL are not consolidated in the Consolidated Financial Statements for the reasons stated on Note 14(c) UTE Elsamex-Rebogar 60.00 - (iii) The audited Consolidated Financial Statements of one Subsidiary namely Elsamex S A have been drawn up to December 31, 2014. UTE Antequera 30.00 - Further, the audited Consolidated Financial Statements of another Subsidiary namely IL&FS Technologies Limited for year ended UTE Burgos Sur 86.00 - March 31, 2015 includes the audited Financial Statements of one of its Subsidiary namely Land Registration Systems Inc. for the period UTE Alumbrado Tegueste 50.00 - from January 01, 2014 to December 31, 2014. The Financial Statements of the above Companies are adjusted for effects of significant UTE Avda. De Daganzo 50.00 - intercompany transactions and other events that have occurred between January 01, 2015 to March 31, 2015 UTE Servicios Energeticos las Palmas 50.00 - UTE Jaen Sur 70.00 - UTE Ciesm - Intevia-Dair-Itsak 42.50 -

Note: All Jointly Controlled Operations are incorporated outside India

272 273 (37) The aggregate amount of assets, liabilities, income and expenditure of the Jointly Controlled Entities PREVIOUS YEAR ` in million included in CFS is as follows : Name of Company Total Total Total Total ` in million Liabilities Assets Income Expenses As at March 31, 2015 2014 Barwa Adda Expressway Ltd 180.95 2,346.99 2,099.56 242.69

Liabilities 62,687.66 36,803.28 Elsamex Construcao E Manutencao LTDA 1.09 1.09 - 0.32 Assets 80,997.55 51,293.14 Elsamex LLC - - - - Elsamex Maintenance Services Ltd 0.44 0.44 - 0.04 ` in million GIFT Parking Facilities Ltd - - - - Particulars FY 2015 FY 2014 GRICL Rail Bridge Development Company Ltd (0.02) - - 0.02

Grusamar Engenharia y Consultoria - - - - Income 11,406.18 7,593.62 Brasil LTDA Expenses 8,768.95 6,320.32 Grusamar India Ltd 17.35 17.35 24.60 16.83 IIPL USA LLC (3.89) 58.67 - 1.44 IL&FS Broking Services Pvt Ltd 164.77 401.64 60.39 125.34 (38) The financial position and results of the Companies which became Subsidiaries / ceased to be Subsidiaries during (Avendus Securities Private Ltd) the year are as follows: IL&FS Kamal International Container 6.02 6.26 - 0.12 (a) Entities which became Subsidiaries during the year: Terminals Ltd ` in million IL&FS Wind Power Investment Pte Ltd 0.40 0.00 - (0.40) Name of Company Total Total Total Total Khed Sinnar Expressway Ltd 185.26 4,133.40 3,774.77 207.63 Liabilities Assets Income Expenses Sharjah General Services Company LLC (12.05) 4.95 - 4.77

Bhopal e-Governance Ltd 148.44 249.73 (0.46) (0.04)

IL&FS Global Pte Ltd (1.62) 7.82 0.01 0.37 (b) Entity that ceased to be Subsidiary during the year : IL&FS Technologies Ltd 1,724.54 1,296.08 463.65 462.09 ` in million IL&FS Technologies Philippines Inc. (289.66) 503.70 4.77 20.68 Particulars For the period ended from April 1, 2014 to March 31, 2015

ITL Infrasoft DMCC (0.29) 0.57 - 3.68 Gujarat Road & Greater Nodia North East ITNL Offshore Three Pte Ltd ("IOPL3") - - - - Infrastructure Co Ltd Integeated Tourism Warehousing Development ITNL Offshore Two Pte Ltd ("IOPL2") 34.71 35.95 - - Private Ltd Co Private Ltd ITTIL (FZC), Sharjah 1.09 2.54 3.26 2.76 Income 417.41 0.09 - Jogihali Wind Energy Private Ltd 510.93 2,917.78 2.05 3.09 Expenses 159.72 0.00 - Land Registration Systems, Inc., (Philippines) 10,062.83 13,480.80 625.80 444.29 LIVIA India Ltd (479.80) 109.11 13.60 67.14 Mahidad Wind Energy Ltd 2,205.22 4,354.60 - 2.99 Previous Year ` in million Mandvi LNG Terminal Ltd (0.06) 0.44 - 0.11 Particulars Cross Border Power Transmission Company Ltd Mota Layja Gas Power Company Ltd (0.06) 0.44 - 0.11 RDF Power Projects Ltd 1,443.73 1,869.60 - 4.56 For the year ended For the year ended March 31, 2014 March 31, 2013 Tierra Enviro Ltd 40.49 47.31 0.03 0.42

Income 0.00 0.00

Expenses 0.75 0.76

274 275 (39) The Disclosure in terms of Accounting Standard (AS) 7 – Construction Contracts ` in million Particulars FY 2015 FY 2014 Nil NA 2007 15 years Contract Revenue recognised for the Year 1,636.14 1,253.02 Financial Completed defaulting on event or parties Expressway Ltd their obligations East Hyderabad On force majeure Hyderabad Outer Aggregate amount of Contract Costs recognised 1,477.18 1,255.09 Ring Road Project Profits up to reporting date 158.96 122.77 Advances Received 8.45 113.61 Gross amount due from customers for contract 90.78 10.55 uhe work, disclosed as asset, as at the year end uhe

26.85 108.60 ears

Gross amount due to customers for contract work, Nil NA 2001

disclosed as liability as at the year end 20 Y Intangible Completed Expressway defaulting on Company Ltd event or parties their obligations Chongqing Y Chongqing Y Retention Money as at year end On force majeure

6.04 2.04 Expressway China Nil NA 2010 Under 20 years Financial unnel Project unnelway Ltd Construction defaulting on T T Chenani Nashri Chenani Nashri event or parties their obligations On force majure . These have been used for accounting of SCA by the Group Nil NA 2012 ark Ltd Under P 30 years ark Project Intangible P Construction defaulting on event or parties their obligations Charminar Robo Charminar Robo On force majeure Nil NA 2012 Road Under 24 years Intangible Construction defaulting on event or parties Expressway Ltd their obligations On force majure Baleshwar Kharagpur Baleshwar Kharagpur ears Nil Nil 2006 20 Y Financial Completed defaulting on event or parties their obligations Andhra Pradesh Expressway Lyd On force majure Andhra Pradesh Expressway Project eriod ear when ermination erm Y SCA granted Nature of Asset Premature T Special T Extension of period Stage of Completion Group Entity Significant terms of the Service Concession Arrangements (SCA) Group are provided below Project P Service Concession Arrangements (SCA) : 1 3 5 2 4 9 8 6 7 (40) (i)

276 277 278

(i) Significant terms of the Service Concession Arrangements (SCA) of the Group are provided below. These have been used for accounting of SCA by the Group (contd.)

1 Group Entity Gujarat Road and Infrastructure Company Ltd Hazaribagh Ranchi IL&FS Environmental Infrastructure and Services Ltd Expressway Ltd

2 Project Vadodara Halol Ahmedabad Mehsana Hazaribagh Ranchi Okhla - 200 Solid Waste Solid Waste Road Project Road Project Road Project TOD Management Compost Management Compost Plant - Mettupalayam Plant - Udumalpet

3 Nature of Intangible Intangible Financial Intangible Intangible Intangible Asset

4 Year when 1998 1999 2009 2007 2007 2007 SCA granted

5 Period 30 Years 30 years 18 years 25 years 20 Years 10 years

6 Extension 2 years at a time 2 years at a time NA On the mutually No No of period agreed time period, terms and conditions

7 Stage of Completed Completed Completed Completed Completed Completed Completion

8 Premature On force majeure event On force majeure event On force majure event On force majure event Nil Nil Termination or parties defaulting on or parties defaulting on or parties defaulting or parties defaulting their obligations their obligations on their obligations on their obligations

9 Special The concession The concession Nil Nil Nil Nil Term agreement guarantees agreement guarantees 20% return. In case if 20% return. In case if designated return is not designated return is not achieved within 30 years, achieved within 30 years, the tenure of the the tenure of the concession period will concession period will extend by 2 years at a extend by 2 years at a time time

(i) Significant terms of the Service Concession Arrangements (SCA) of the Group are provided below. These have been used for accounting of SCA by the Group (contd.)

1 Group Entity IL&FS Environmental Infrastructure and Services Ltd ITNL Road N.A.M Infrastructure Expressway Development Ltd Company Ltd

2 Project Solid Waste Solid Waste Solid Waste Solid Waste The Beawar Gomti Narketpally Management Compost Management Compost Management Compost Management Compost Road Project Addanki Project Plant - Erode Plant - Coonnor Plant - Pollachi Plant - Trichy (Refer Note 1)

3 Nature of Intangible Intangible Intangible Intangible Intangible Intangible Asset

4 Year when 2007 2007 2007 2008 2009 2010 SCA granted

5 Period 20 Years 20 years 20 years 20 years 30 Years 24 years

6 Extension No No No No NA NA of period

7 Stage of Completed Completed Completed Completed Completed / Completed Completion Under Construction (Refer Note 1)

8 Premature Nil Nil Nil Nil On force majeure On force majeure Termination event or parties event or parties defaulting on their defaulting on their obligations obligations

9 Special Nil Nil Nil Nil Nil Nil Term

NOTE 1 Date of Award Date of Completion Beawar to Gomti - 2 lane April 01, 2009 August 25, 2010 Beawar to Gomti - Additional 2 lane April 01, 2009 Under Construction 279

280 281 (i) (i) 7 6 8 9 4 2 5 3 1 6 4 9 7 8 5 3 2 1 NOTE 2 NOTE 3 P Ranchi toP Ranchi RingRoad Chaibasa toChowkaviaKandra Adityapur toKandra Sikanderpur toSector56 Gurgaon Sikanderpur toNH-8 Gurgaon atratu DamtoRamgarh Project P P Project Group Entity Completion Stage of of period Extension Group Entity Completion Stage of of period Extension T Special T Premature T Special T Premature Asset Nature of SCA granted Y Asset Nature of SCA granted Y SignificanttermsoftheServiceConcessionArrangements(SCA)Groupareprovidedbelow erm ermination erm ermination ear when ear when eriod eriod SignificanttermsoftheServiceConcessionArrangements(SCA)Groupareprovidedbelow atratu DamRoad

Jorabat ShillongProject Expressway Project defaulting ontheir On forcemajeure North Karnataka Expressway Ltd event orparties North Karnataka Jorabat Shillong On forcemajure their obligations Expressway Ltd event orparties obligations Completed 17.6 Y Financial defaulting on Construction Financial 2001 20 Y NA Nil Under 2010 Nil Nil ears ears Road Development defaulting ontheir On forcemajeure September 23,2009 event orparties P P Company Ltd and 295days Road Project une Sholapur une Sholapur obligations Completed October 14,2009 October 14,2009 Intangible 19 years August 06,2011 Karyavattam Sports Karyavattam Sports Intangible/Financial Date ofA 2009 NA F On forcemajure their obligations Nil May 28,2011 event orparties acilities Project defaulting on Construction F acilities Ltd 15 years Under 2012 NA Nil ward defaulting ontheir On forcemajeure Delhi -Gurgaon event orparties Rapid Metrorail Metro RailLink (Refer Note3) Refer Note3 obligations Completed Intangible 99Y Gurgaon December 09,2009 Under Construction September 21,2012 Date ofCompletion January 03, 2013 Under Construction NA Nil Date ofA October 12,2012 January 31,2013 ears Kiratpur NerChowk On forcemajeure their obligations event orparties Expressway Ltd Chowk Project defaulting on Construction Kiratpur Ner Intangible 28 years Under 2012 ward NA Nil concession agreement defaulting ontheir On forcemajeure Highway Project As percondition event orparties Sikar Bikaner Sikar Bikaner mentioned in Construction Highway Ltd obligations Intangible 25 years Under 2012 Nil Concession Agreement . ThesehavebeenusedforaccountingofSCAbytheGroup . ThesehavebeenusedforaccountingofSCAbytheGroup Moradabad Bareilly Moradabad Bareilly As percondition On forcemajure their obligations Expressway Ltd event orparties mentioned in Road Project defaulting on Construction Intangible 25 years Under 2010 Nil Jetpur provide thecompany sum equalto cash supportby way NHAI cashpayment of Grantcumulative and NHAIagreeto defaulting ontheir The Companyhas of cumulativesum On forcemajeure agreed toprovide equal to Expressway Ltd event orparties W Road Project obligations Completed Intangible est Gujarat -Rajkot 20 years 2005 NA

` 280cr -Gondal ` 40 cr Concession Agreement MP BorderCheckpost and partlyoperational Under Construction . Checkpost Project On forcemajeure As percondition their obligations event orparties . Company Ltd Development mentioned in defaulting on check posts) (11 outof24 MP Border 4566 days Intangible 2011 on eventofdefault Nil Land Registration Atthediscretion Computerization F by eitherparty Systems, Inc., orce Majureor Construction (Philippines) Land T of Grantor Intangible 10 years Project Under 2000 Nil itling Projects Implementation Jharkhand Accelerated Road (ReferNote2) Completed /Under On forcemajeure Jharkhand Road At thediscretion their obligations event orparties (Refer Note2) Company Ltd defaulting on Construction on eventofdefault Refer Note2 Atthediscretion 17.5 years of Grantor F Financial by eitherparty e-Governance orce Majureor (contd.) Construction of Grantor (contd.) Intangible WEB GIS Nil 5 years Bhopal Project Under 2013 Ltd Nil

282

(i) Significant terms of the Service Concession Arrangements (SCA) of the Group are provided below. These have been used for accounting of SCA by the Group (contd.)

1 Group Entity Noida Toll Bridge Khed Sinnar Barwa Adda Road Infrastructure Development Company of Rajasthan Ltd Company Ltd Expressway Ltd Expressway Ltd

2 Project Delhi Noida Khed Sinnar Barwa Adda Mega Highway Mega Highway Project, Mega Highway Project, Bridge Project Expressway project Expressway project Project, Rajasthan Rajasthan Phase II Rajasthan Phase III Phase I (Refer Note 4) (Refer Note 4) (Refer Note 4)

3 Nature of Intangible Intangible Intangible Intangible Intangible Intangible Asset

4 Year when 1997 2013 2013 2005 2008, 2010 and 2011 2012 SCA granted

5 Period 30 years 20 years 20 years 32 Years 32 Years 32 Years

6 Extension 2 years at a time NA NA No No No of period

7 Stage of Completed Under Under Completed Completed/ Under Completion Construction Construction Under Construction Construction

8 Premature On force majeure On force majeure On force majeure Force Majeure Force Majeure Force Majeure Termination event or parties event or parties event or parties defaulting on their defaulting on their defaulting on obligations obligations their obligations

9 Special The concession Nil Nil Nil Nil Nil Term agreement guarantees 20%return. In case if designated return is not achieved within 30 years, the tenure of the concession period will extend by 2 years at a time

(i) Significant terms of the Service Concession Arrangements (SCA) of the Group are provided below. These have been used for accounting of SCA by the Group (contd.)

NOTE 4

Phase I Date of Award Date of Phase II Date of Award Date of Phase III Date of Award Date of Completion Completion Completion

Phalodi to January 17, 2006 December 28, 2007 Alwar to Bhiwadi September 01, 2010 January 21, 2012 Mathura to Bhadoti February 22, 2012 Under Construction Ramji-ki-Gol

Hanumangarh to January 17, 2006 February 28, 2008 Arjunsar to Pallu April 06, 2011 February 18, 2012 Rawatsar-Nohar- February 22, 2012 Under Construction Kishangarh Bhadra

Alwar to Sikandra January 17, 2006 August 31, 2008 Hanumangarh February 08, 2011 November 01, 2011 to Sangaria

Lalsot to Kota January 17, 2006 December 15, 2008 Jhalawar to February 01, 2011 September 27, 2012 Jhalawar Road

Baran to Jhalwar January 17, 2006 April 15, 2008 Jhalawar to Ujjain December 21, 2009 December 15, 2013

Kapren to Mangrol December 21, 2009 Under Construction

Khushkheda to March 30, 2010 July 02, 2013 Kasola Chowk 283 (ii) One of the Group's overseas Subsidiary, its Subsidiaries and its Joint Ventures have entered into SCAs for (42) During the year ended March 31, 2015, in respect of one Subsidiary Company the construction cost of the project construction and operation and maintenance of five gas stations in Spain and for the construction, operation has increased from ` 2,022.50 mn to ` 2,922.50 mn and accordingly has entered into a supplemental development and maintenance of a road project in Spain with the respective Government authorities agreement of ` 900 mn with the existing contractor for executing additional works/ revised project specifications. The period and other terms for which the SCAs have been granted are as under : The Financial Statements of the Subsidiary Company have been prepared on the basis of revised estimates for increase in the aforesaid project costs due to factors including changes in project specifications; this has Project Date of SCA Status Operations and Extension of period consequently resulted in a change in allocation of costs between financial asset and intangible asset since the Maintenance project has both components. The Subsidiary Company has made an application seeking approval for period enhancement in the Annuities towards the incremental project costs. Pending conclusion of the acceptance for the Orihuela Gas Station 2001 Construction 29 years At the discretion of granter same, the Financial Statements do not include impact, if any for the anticipated increase in Annuities completed (43) In respect of one Associate Company (carrying value is ` Nil) in the Consolidated Financial Statements, the Auditor Villavidel Gas Station 2001 Construction 44 years At the discretion of granter of the Associate Company has provided an Emphasis of Matter on the appropriateness of the going concern completed assumption being dependent upon the Annuity and Claim receivable from Kerala Road Fund Board due to delays Zamora Gas Station 2002 Construction 46 years At the discretion of granter in the project. According to the Management there is no additional financial impact on the Consolidated Financial completed Statements owing to the above matter

Ponferrada Gas Station 2004 Construction 46 years At the discretion of granter (44) Revenue for the year ended March 31, 2015 includes gain on sale (dilution of interest in Service Concession SPV) of completed 41.80% shareholding in one of the Subsidiary Companies. The Company now holds 41.81% of the shareholding in Coiros Gas Station 2004 Construction 39 years At the discretion of granter Subsidiary as at March 31, 2015. The Company has diluted its control over the Board of Subsidiary from August 8, completed 2014, and consequently Subsidiary has been consolidated as an associate of the Company. Revenue for the year ended March 31, 2015 also includes gain on sale of 26,200,000 shares (representing 5% shareholding) in one of the A4 Road 2007 Construction 19 years At the discretion of granter completed Subsidiary Company. Sales consideration of the same is receivable as at March 31, 2015

Area de servicio 2010 Construction 30 years At the discretion of granter (45) During the previous year ended March 31, 2015, an Associate Company (erstwhile a Subsidiary Company upto Punta Umbria completed August 7, 2014) had received a formal communication from the Corporate (CDR) Empowered Group with respect to it having formally exited from the CDR system on May 20, 2014. Consequent to the Associate Alcantarilla 2010 Construction 25 years At the discretion of granter Fotovoltaica, S.L.U. completed Company's exit from the CDR, the matter with respect to the classification of Advances towards Capital / Debt given by the promoters i.e. the Holding Company and Government of Gujarat (GoG) as Advance towards Capital / Debt Ramky Elsamex 2007 15 years At the discretion of granter Construction until the repayment of DDBs and NCDs till July 2018, was discussed with the promoters. The Holding Company has Hyderabad completed given consent to continue the classification as requested by the Associate Company, however the approval from Beasolatra 2013 Construction 25 years At the discretion of granter GoG is still pending to be received. In the view of the Management of the Associate Company, the amounts completed payable, if any, for the aforesaid item is currently unascertainable and accordingly, no liability/charge has been created in its Financial Statements Premature termination is permitted only upon the happening of a force majeure event or upon the parties to the SCA defaulting on their obligations. Maintenance activities for the gas stations include routine operating and (46) In respect of one Subsidiary Company, the project awarded to the subsidiary was cancelled by the grating authority maintenance as well as periodic overhauling and refurbishment to maintain the stations to the defined and the Subsidiary is in the process of applying for a new project with the same grating authority. The Holding standards Company has sanctioned a financial support of ` 50 mn to the subsidiary to enable it to continue with its operations and meet its working capital requirements. Considering these factors the financial statements of the subsidiary as In consideration for performing its obligations under the SCA, overseas Subsidiary is entitled for compensation at and for the year ended March 31, 2015 have been prepared on a “going concern” basis from the oil companies computed at a predefined proportion of the sale of products at the gas stations (47) In respect of one Subsidiary Company, the Programme Development Agreement (“PDA”) signed with Government In consideration for performing its obligations under the SCA, overseas Subsidiary is entitled for compensation of Chhattisgarh (“GoCG”) expired on January 28, 2010. As per Clause 15.5 of the PDA the Company is entitled to from the grantor in the form of a "shadow toll" based on the units of usage i.e. the number of vehicles using the claim any liabilities which at the time of termination had already been incurred. Since the PDA has been terminated road by GoCG the Company has claimed reimbursement of expenditure incurred on project development as per the provisions of the PDA. The matter is currently under arbitration as per the terms of the PDA and both parties have (41) Revenue from Operations for the year ended March 31, 2015 includes an amount of ` 2,609.30 mn on account of appointed Arbitrators and the claim will be taken up for hearing in due course compensation claimed by two Special Purpose Vehicles (“SPVs”) for the incremental work and related claims arising from delays due to handing over of the land Concession Granting Authority ("CGA") for project execution. On the basis of the aforesaid developments in the current case the Subsidiary Company's Management and the The compensation is based on the claims filed by the SPVs on the CGA as per the Service Concession Agreements Holding Company's Management are of the view that the reimbursement claim of Project Development and is supported by Extension of Time granted by the Independent Engineers. The SPVs have been legally advised Expenditure of ` 107.85 mn is considered good and recoverable in the financial statements of the subsidiary which that they are entitled to such claims under the Service Concession Agreements. Costs in connection with the have been prepared not on a going concern basis as at March 31, 2015 foregoing have been considered in recognising the above income (48) In respect of one Associate Company, the Auditor's Report include an emphasis of matter in respect of non-receipt of confirmation from related parties of the said Associate. However, as per the Management of the said Associate, the transactions entered with these parties during the year and the year-end balances reconciles with the books of accounts and other relevant underlying records. And also these parties are not related parties of our Group. The Management of the said Associate and the Holding Company's Management are of the view that there will be no significant impact in respect of this Emphasis of matter on the CFS

284 285 (49) (a) Disclosure as per Schedule III of the Companies Act, 2013 related to Consolidated Financial Statements (49) (a) Disclosure as per Schedule III of the Companies Act, 2013 related to Consolidated Financial Statements (contd.)

` in million ` in million Name of the entity Net Assets, i.e. Total Assets Share in Profit or Loss Name of the entity Net Assets, i.e. Total Assets Share in Profit or Loss Less Total Liabilities Less Total Liabilities

As % of Amount As % of Amount As % of Amount As % of Amount Consolidated (` in millions) Consolidated (` in millions) Consolidated (` in millions) Consolidated (` in millions) Net Assets Profit or Loss Net Assets Profit or Loss

Infrastructure Leasing & Financial Services Ltd 15.37 49,620.83 47.90 3,048.52 Elsamex Maintenance Services Ltd # 0.03 108.21 1.69 107.73 Chhattisgarh Highway Development Company Ltd 0.03 87.26 (0.02) (0.98) SUBSIDIARIES IL&FS Airports Ltd 0.19 622.55 (0.25) (15.79) INDIAN IL&FS Education & Technology Services Ltd 0.69 2,229.80 4.41 280.96 IL&FS Financial Services Ltd 5.95 19,212.49 39.18 2,493.70 IL&FS Cluster Development Initiative Ltd 0.17 533.23 0.41 26.13 IL&FS Capital Advisors Ltd 0.02 80.71 (0.36) (22.88) IL&FS Skills Development Corporation Ltd 0.16 518.64 0.83 53.06 IL&FS Infra Asset Management Ltd 0.06 178.93 0.58 37.04 Skill Training Assessment Management Partners Ltd 0.00 1.14 (0.04) (2.62) IL&FS AMC Trustee Ltd 0.00 0.56 (0.01) (0.36) Apptex Marketing Services & Solution Ltd (0.00) (2.88) (0.02) (1.17) IL&FS Broking Services Private Ltd 0.07 211.32 (0.80) (50.79) Dehradun Rural Development Initiative Ltd 0.00 0.38 (0.00) (0.03) IL&FS Investment Managers Ltd 0.36 1,147.45 8.78 558.92 Jaipur Rural Development Initiative Ltd 0.00 0.38 (0.00) (0.03) IL&FS Asian Infrastructure Managers Ltd 0.02 60.34 0.02 1.37 Rajsamand Rural Development Initiative Ltd 0.00 0.38 (0.00) (0.03) IL&FS Urban Infrastructure Managers Ltd 0.05 149.56 0.36 22.81 IL&FS Energy Development Company Ltd 14.40 46,494.03 (0.69) (44.22) IIML Asset Advisors Ltd 0.04 116.54 0.36 22.82 Mota Layja Gas Power Company Ltd 0.00 0.39 (0.00) (0.11) IL&FS Securities Services Ltd 0.86 2,770.25 6.14 391.08 Mandvi LNG Terminal Ltd 0.00 0.39 (0.00) (0.11) ISSL Settlement & Transaction Services Ltd 0.07 236.20 0.16 9.89 Nana Layja Power Company Ltd 0.06 190.31 (0.01) (0.80) ISSL Market Services Ltd 0.02 65.93 (0.91) (57.74) IL&FS Hydro Energy Ltd 0.00 0.14 (0.01) (0.41) ISSL CPG BPO Private Ltd 0.01 17.12 0.22 14.02 Lalpur Wind Energy Private Ltd 0.81 2,605.46 (2.90) (184.45) IL&FS Transportation Networks Ltd 11.08 35,795.44 50.07 3,186.62 Khandke Wind Energy Private Ltd 0.65 2,090.94 1.61 102.20 East Hyderabad Expressway Ltd 0.18 586.59 (0.19) (12.18) Wind Urja India Private Ltd 0.28 905.54 (0.26) (16.27) ITNL Road Infrastructure Development Company Ltd 0.30 958.31 (3.43) (218.14) IL&FS Tamil Nadu Power Company Ltd 9.60 30,997.07 0.82 52.35 IL&FS Rail Ltd 1.70 5,505.73 0.97 61.80 Goodearth Shipbuilding Private Ltd 0.66 2,122.31 (0.00) (0.11) Rapid MetroRail Gurgaon Ltd 1.48 4,771.76 (18.07) (1,149.87) East Delhi Waste Processing Company Private Ltd 0.08 270.08 (0.09) (5.85) Rapid MetroRail Gurgaon South Ltd 0.96 3,115.94 3.59 228.44 Rohtas Bio Energy Private Ltd (0.00) (3.55) (0.06) (3.80) Vansh Nimay Infraprojects Ltd (0.34) (1,100.61) (3.43) (218.05) Bhojpur Biomass Power Company Private Ltd (0.00) (3.85) (0.04) (2.77) West Gujarat Expressway Ltd (0.11) (342.05) (4.15) (264.35) Patiala Bio Power Company Private Ltd (0.00) (8.04) (0.09) (5.53) Hazaribagh Ranchi Expressway Ltd 0.17 554.04 (7.71) (490.62) Shendra Green Energy Ltd (0.15) (500.04) (1.75) (111.38) Pune Sholapur Road Development Company Ltd 1.83 5,902.81 0.87 55.22 IL&FS Solar Power Ltd (0.00) (5.93) (0.00) (0.08) Moradabad Bareilly Expressway Ltd 2.91 9,413.06 14.60 929.34 IL&FS Renewable Energy Ltd 1.45 4,693.10 (14.14) (899.87) Jharkhand Road Projects Implementation Company Ltd 0.76 2,461.26 (11.55) (735.13) Cuddalore Solar Power Private Ltd (0.00) (3.03) (0.05) (3.46) Chenani Nashri Tunnelway Ltd 1.70 5,490.76 1.48 94.14 IL&FS Wind Farms Ltd 0.05 148.06 (0.18) (11.20) Badarpur Tollway Operations Management Ltd 0.00 2.81 (0.01) (0.38) Vaspeth Wind Energy Private Ltd 0.00 0.32 (0.00) (0.06) Ratedi Wind Power Ltd 0.30 980.42 (0.18) (11.64) MP Border Checkpost Development Company Ltd 0.44 1,408.98 (7.01) (446.29) Tadas Wind Energy Private Ltd 0.85 2,738.99 1.99 126.90 North Karnataka Expressway Ltd 0.64 2,059.16 1.88 119.94 IL&FS Wind Power Services Ltd 0.01 26.29 0.05 3.08 Kiratpur Ner Chowk Expressway Ltd 1.20 3,880.66 4.52 287.89 Sipla Wind Energy Ltd (0.00) (0.05) (0.01) (0.59) Baleshwar Kharagpur Expressway Ltd 0.69 2,237.92 3.55 226.00 Mahidad Wind Energy Ltd (0.00) (2.89) (0.05) (2.99) Sikar Bikaner Highway Ltd 1.10 3,560.55 4.30 273.73 Jogihali Wind Energy Private Ltd (0.00) (0.94) (0.02) (1.04) Khed Sinnar Expressway Ltd 0.71 2,288.37 6.59 419.48 IL&FS Environmental Infrastructure & Services Ltd 0.27 875.40 0.54 34.28 Barwa Adda Expressway Ltd 0.42 1,358.95 8.07 513.51 Kanak Resources Management Ltd 0.05 165.30 0.57 36.23 Karyavattom Sports Facilities Ltd 0.16 524.43 1.25 79.53 Unique Waste Processing Company Private Ltd 0.01 30.25 0.07 4.51 Futureage Infrastructure India Ltd 0.01 23.67 (0.17) (10.69) Tierra Enviro Private Ltd 0.01 40.10 (0.01) (0.39) Charminar RoboPark Ltd 0.02 59.06 (0.01) (0.41) RDF Power Project Ltd 0.10 335.87 (0.13) (8.07) Andhra Pradesh Expressway Ltd 0.71 2,282.13 1.26 80.48 IIDC Ltd 0.14 439.84 (0.45) (28.35) GIFT Parking Facilities Ltd 0.00 0.33 (0.00) (0.17) IL&FS Maritime Infrastructure Company Ltd 1.45 4,682.15 (15.57) (991.25) Gujarat Road and Infrastructure Company Ltd - - 2.04 130.07 (up to August 7, 2014) IMICL Dighi Maritime Ltd 0.37 1,186.43 0.04 2.27 Gujarat Road Bridge Development Company Ltd - - (0.00) (0.02) Porto Novo Maritime Ltd 0.21 684.96 (0.29) (18.18) (up to August 7, 2014) India Tourist & heritage Village Private Ltd (0.03) (107.39) (1.30) (82.97) Elsamex India Private Ltd 0.04 130.84 0.11 7.16 Gujarat Integrated Maritime Complex Private Ltd 0.33 1,052.76 (0.01) (0.39) Yala Construction Company Private Ltd 0.04 118.73 0.22 13.84 IL&FS Paradip Refinery Water Ltd 0.24 775.96 (2.91) (185.51) Grusamar India Ltd 0.00 7.75 0.03 1.80 IL&FS Portfolio Management Services Ltd 0.02 60.75 0.18 11.36

286 287 (49) (a) Disclosure as per Schedule III of the Companies Act, 2013 related to Consolidated Financial Statements (contd.) (49) (a) Disclosure as per Schedule III of the Companies Act, 2013 related to Consolidated Financial Statements (contd.)

` in million ` in million Name of the entity Net Assets, i.e. Total Assets Share in Profit or Loss Name of the entity Net Assets, i.e. Total Assets Share in Profit or Loss Less Total Liabilities Less Total Liabilities

As % of Amount As % of Amount As % of Amount As % of Amount Consolidated (` in millions) Consolidated (` in millions) Consolidated (` in millions) Consolidated (` in millions) Net Assets Profit or Loss Net Assets Profit or Loss

IL&FS Township & Urban Assets Ltd 0.00 6.41 (3.27) (208.34) ITNL Africa Projects Ltd (0.00) (4.53) (0.48) (30.63) Sabarmati Capital One Ltd (0.18) (593.11) (11.08) (705.20) Sharjah General Services Company LLC (0.01) (44.73) (0.53) (33.83) Sabarmati Capital Two Ltd 0.06 182.22 (0.29) (18.26) IIPL USA LLC 0.00 10.66 (0.78) (49.62) IL&FS Trust Company Ltd 0.08 255.39 0.92 58.64 Elsamex SA 1.23 3,975.14 4.10 261.11 IL&FS Water Ltd 0.05 165.40 (1.48) (93.94) Ateneca Seguridad Y Medico Ambieenete S.A.U 0.04 135.76 0.29 18.33 Jharkhand Accelerated Road Development Company Ltd 0.03 103.14 0.04 2.27 Señalización Viales e Imagen S.A.U (0.07) (211.10) (0.38) (24.18) Khambhat Port Ltd (0.00) (4.97) (0.03) (1.63) Elsamex International S.L 0.11 349.92 (1.15) (72.91) M P Toll Roads Ltd (0.04) (138.15) (0.00) (0.11) Grusamar Ingeniería y Consulting S.L 0.10 309.45 0.26 16.81 Tamil Nadu Water Investment Company Ltd 0.56 1,816.53 0.13 8.34 Elsamex Portugal - Engheneria E sistemas S.A 0.03 94.01 0.12 7.64 IL&FS Technologies Ltd (w.e.f. January 30, 2015) 0.63 2,018.93 2.11 134.44 Intevial Gestao Integral Rodoviaria S.A 0.08 260.13 1.06 67.68 LIVIA India Ltd (0.12) (385.06) (0.17) (10.60) Mantenimiento Y Conservación de Vialidades S.A de CV 0.02 53.32 0.00 0.09 Bhopal E Governance Ltd 0.03 82.07 (0.04) (2.38) ESM Mantenimiento Integral S.A de CV 0.01 26.59 0.01 0.42 Avash Logistic Park Private Ltd 0.24 787.84 (0.01) (0.60) CIESM-INTEVIA S.A. 0.02 77.04 0.39 24.61 Sealand Ports Private Ltd 0.33 1,073.28 (0.01) (0.47) Control 7 S.A. 0.02 57.39 (0.25) (16.09) Sealand Warehousing Private Ltd 0.03 101.60 0.01 0.63 Grusamar Albania SHPK (0.00) (2.74) - - Integrated Trans Log Development Company Ltd 0.00 2.84 (0.00) (0.05) Elsamex Brazil LTDA - - - - Free Trade Warehousing Private Ltd (0.00) (2.74) (0.01) (0.75) Area de Servicio Coirós S.L.U 0.06 186.17 0.15 9.83 Integrated Warehousing Kandla Project Development 0.00 0.10 0.02 1.44 Conservación de Infraestructuras de México S.A. de CV 0.00 0.06 (0.00) (0.00) Private Ltd Alcantarilla Fotovoltaica S.L.U (0.00) (3.27) (0.15) (9.37) Haldia Free Trade Warehousing Private Ltd 0.00 15.72 0.01 0.38 Area de Servicio Punta Umbría S.L.U 0.01 36.25 0.10 6.11 IFIN Realty Trust 0.25 809.62 0.49 31.30 Beasolarta S.A.U 0.00 4.84 0.00 0.11 Investment Square Trust 0.51 1,662.69 - - Elsamex Construcçao e Manutençao LTDA (0.00) (0.83) (0.00) (0.00) IL&FS Infrastructure Equity Fund - I 0.48 1,550.03 (0.47) (29.93) Elsamex LLC USA - - - - IL&FS Orix Trust 0.00 0.17 0.47 29.71 Grusamar Engenharia Y Consultoría Brasil LTDA - - - - ITNL Road Investment Trust 0.34 1,104.52 0.74 47.33 Maritime International Offshore Pte Ltd (0.00) (0.82) (0.01) (0.68) IL&FS Infrastructure Equity Fund 0.00 2.43 (0.00) (0.01) IL&FS Maritime Offshore Pte Ltd (0.21) (668.18) (4.22) (268.86) IL&FS Investment Trust - I 0.08 269.42 1.48 94.00 IL&FS Offshore Natural Resources Pte Ltd (0.00) (9.02) (0.01) (0.51) IIDC Fund 0.19 617.43 0.12 7.47 Pt Bangun Asia Persada 0.18 596.10 (1.68) (106.82) IL&FS Investment Trust - IV (0.00) (0.16) 0.00 0.08 Se7en Factor Corporation 0.06 202.99 (0.00) (0.10) North East Tourism Development Company Private Ltd - - - - Pt Mantimin Coal Mining - - - - (upto June 11, 2014) IL&FS Prime Terminals FZC 0.48 1,545.05 (1.56) (99.22) Greater Noida Integrated Warehousing Private Ltd - - 0.00 0.09 IL&FS Maritime International FZE 0.05 160.76 1.50 95.16 (upto August 7, 2014) IL&FS Kamal International Container Terminal Ltd 0.00 0.24 - -

Bhutan Education City Private Ltd 0.02 63.77 - - Foreign ITTIL (FZC) 0.00 0.86 (0.08) (5.07) IL&FS Global Financial Services (UK) Ltd 0.03 92.89 0.21 13.30 IL&FS Technologies Philippines Inc (0.09) (299.70) (1.54) (98.30) IL&FS Global Financial Services (PTE) Ltd 0.05 173.03 0.22 14.25 Land Registration Systems, Inc 0.96 3,089.64 8.71 554.57 IL&FS Global Financial Services (ME) Ltd 0.04 118.88 0.30 19.15 ITL Infrasoft DMCC (0.00) (2.85) (0.06) (3.73) IL&FS Global Financial Services (HK) Ltd 0.04 116.90 0.04 2.81 IL&FS Global Pte Ltd (0.02) (62.11) (1.07) (68.31) IL&FS Investment Advisors LLC 0.66 2,120.19 3.78 240.65 Saffron Investment Trust 0.02 72.09 0.29 18.39 IIML Advisors LLC 0.00 2.13 (0.05) (2.90) IIML Fund Managers (Singapore) Pte Ltd 0.01 29.42 (0.01) (0.62) Associates (Investment as per the equity method) IL&FS Wind Power Management Pte Ltd 0.00 6.93 (0.53) (33.93) Indian IL&FS Wind Power Investment Pte Ltd (0.00) (1.55) (0.02) (1.23) Ascend Telecom Infrastructure Private Ltd 0.00 3.31 (1.15) (73.43) ITNL International Pte Ltd 0.31 1,001.84 (13.75) (875.04) Dighi Port Ltd 0.58 1,860.52 (5.23) (332.96) ITNL Offshore Two Pte Ltd 0.00 0.00 - - Dighi Project Development Private Ltd - - - - ITNL Offshore Three Pte Ltd 0.00 0.00 - - Bengal Aerotropolis Projects Ltd 0.13 413.30 0.19 11.96 ITNL Offshore Pte Ltd 0.01 26.07 (1.52) (96.72) Gorakhpur Expressway Ltd 0.14 443.70 0.35 21.97 ITNL International DMCC 0.01 44.95 (1.33) (84.46) Iridium India Telecom Ltd (0.20) (642.44) (0.97) (61.68)

288 289 (49) (a) Disclosure as per Schedule III of the Companies Act, 2013 related to Consolidated Financial Statements (contd.) (49) (a) Disclosure as per Schedule III of the Companies Act, 2013 related to Consolidated Financial Statements (contd.)

` in million ` in million Name of the entity Net Assets, i.e. Total Assets Share in Profit or Loss Name of the entity Net Assets, i.e. Total Assets Share in Profit or Loss Less Total Liabilities Less Total Liabilities

As % of Amount As % of Amount As % of Amount As % of Amount Consolidated (` in millions) Consolidated (` in millions) Consolidated (` in millions) Consolidated (` in millions) Net Assets Profit or Loss Net Assets Profit or Loss

Mangalore SEZ Ltd 0.12 389.32 (0.15) (9.26) Gujarat Industrial Infrastructure Development Company Ltd 0.00 0.58 (0.00) (0.03) New Tirpur Area Development Corporation Ltd 0.05 158.37 (1.49) (94.79) Infrastructure Development Company of Nagaland Private Ltd 0.00 3.19 0.00 0.20 Thiruvananthapuram Road Development Company Ltd - - - - Infrastructure Development Corporation of Assam Ltd 0.00 2.67 0.00 0.12 ITNL Toll Management Services Ltd - - - - Jharkhand Infrastructure Development Corporation Ltd 0.00 4.74 0.02 0.99 Warora Chandrapur Ballarpur Toll Road Ltd 0.40 1,302.29 0.26 16.41 KSIIDC IL&FS Project Development Company Ltd 0.00 1.38 0.01 0.62 Srinagar Sonamarg Tunnelway Ltd 0.02 79.57 0.36 22.95 Orissa Project Development Company Private Ltd 0.00 3.04 (0.00) (0.00) Gujarat Road and Infrastructure Company Ltd 0.40 1,295.81 1.28 81.27 South Coast Infra Development Company of Andhra 0.00 0.76 0.00 0.09 Ramky Elsamex Hyderabad Ring Road Ltd 0.04 142.18 0.15 9.80 Pradesh Ltd VCS Enterprises Ltd - - - - Uttarakhand Infra Projects Company Private Ltd (0.00) (3.29) (0.03) (2.21) Urjankur Shree Dutta Power Company Ltd 0.10 323.62 0.16 10.18 PDCOR Ltd 0.00 15.83 0.02 1.22 Urjankur Shree Tatyasaheb Kore Warana Power Company Ltd 0.07 240.01 0.79 50.24 Future Retail Destination Ltd 0.05 149.00 (0.01) (0.87) Punjab Biomass Power Ltd (0.03) (110.09) (1.96) (124.44) Bodoland Infrastructure Development Company Private Ltd - - (0.00) (0.09) Urban Mass Transit Company Ltd 0.03 107.37 0.19 12.26 (upto September 23, 2014) Canopy Housing & Infrastructure Private Ltd (0.00) (4.25) (0.07) (4.38) Investment Trustee Company (Orissa) Private Ltd 0.00 0.02 (0.00) (0.01) Foreign Sara Fund Trustee Company Private Ltd 0.00 0.13 0.00 0.00 Standard Chartered IL&FS Management (Singapore) Pte Ltd 0.02 76.01 0.13 7.99 Vizag Agriport Private Ltd 0.02 55.64 (0.01) (0.90) Consorcio De Obras Civiles S.R.L 0.01 31.35 0.33 20.91 Geotecnia y Control De Qualitat, S.A. 0.07 216.76 (1.27) (80.59) Foreign Vias Y Construcciones S. R. L. 0.00 0.07 (0.00) (0.00) CGI 8 S.A. - - (0.02) (0.96) Chongqing Yuhe Expressway Company Ltd 2.61 8,413.53 9.83 625.55 Sociedad Concesionaria Autovía A-4 Madrid S.A - - 0.27 17.10 TOTAL 100.00 322,943.22 100.00 6,364.40 Elsamex Road Technology Company Ltd - - - - Consolidated Adjustments and Eliminations (222,236.91) (2,639.00) Minority Interest in all subsidiaries (51.04) (34,029.06) (49.34) (1,230.88) Joint Ventures (as per proportionate consolidation) Consolidated Net Assets / Profit After Tax 66,677.25 2,494.52 India IL&FS Doc Project Development Fund 0.05 175.64 0.13 8.55 Foot Note : The above figures have been taken from financial statement of the respective entities IKG Associates 0.00 15.79 (0.00) (0.06) IL&FS Milestone Realty Advisors Private Ltd 0.01 32.80 0.06 3.66 Bihar e-Governance Services & Technologies Ltd 0.00 14.54 0.02 1.13 Gujarat International Finance Tec-city Company Ltd 0.10 338.50 0.08 4.78 Haldia Integrated Development Agency Ltd 0.03 112.32 0.19 12.38 Jharkhand e-Governanace Services Ltd 0.00 0.13 (0.01) (0.35) Karnataka Enterprise Solution Ltd 0.00 0.49 (0.00) (0.06) Odisha e-Governance Services Ltd 0.00 3.47 0.00 0.28 Road Infrastructure Development Company of Rajasthan Ltd (0.65) (2,085.38) (14.49) (922.25) Noida Toll Bridge Company Ltd 0.41 1,325.52 3.35 213.12 N.A.M. Expressway Ltd 1.21 3,895.66 1.60 101.94 Jorabat Shillong Expressway Ltd 0.24 780.74 (0.58) (36.66) ONGC Tripura Power Compay Ltd 0.91 2,935.08 3.95 251.12 Assam Power Projects Development Company Ltd 0.00 1.75 (0.01) (0.33) Bihar Power Infrastructure Company Private Ltd 0.02 57.35 0.01 0.83 Cross Border Power Transmission Ltd 0.02 70.94 0.00 0.13 Indraprastha Energy & Waste Management Company Ltd (0.00) (0.01) (0.00) (0.06) Syniverse Technologies (India) Private Ltd 0.02 70.30 0.63 39.88 Bengal Integrated Infrastructure Development Ltd 0.00 0.29 (0.00) (0.01) Bengal Urban Infrastructure Development Ltd 0.00 5.75 0.02 1.01 Damodar Valley Tourism Development Private Ltd 0.00 0.23 (0.00) (0.04) Gujarat Tourism Opportunity Ltd 0.00 1.07 (0.02) (1.18)

290 291 292

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries

1 Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

2 Name of the subsidiary IL&FS IL&FS Capital IL&FS IL&FS IL&FS IL&FS IL&FS IL&FS IL&FS IL&FS IL&FS Asian IL&FS Urban IL&FS IIML Asset IIML IIML Financial Advisors Ltd Global Global Global Global Infra Asset AMC Broking Investment Infrastructure Infrastructure Investment Advisors Ltd Advisors Fund Services Ltd Financial Financial Financial Financial Management Trustee Services Managers Managers Managers Advisors LLC Managers Services Services Services Services Ltd Ltd Private Ltd Ltd Ltd Ltd LLC (Singapore) (UK) Ltd (PTE) Ltd (ME) Ltd (HK) Ltd Pte Ltd

3 Reporting period for the March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and INR INR GBP, SGD, USD, HKD, INR INR INR INR INR INR USD, INR USD, USD, Exchange rate as on the last 1 GBP = 1 SGD = 1 USD = 1 HKD = 1 USD = 1 USD = 1 USD = date of the relevant Financial Rs 92.55 Rs 45.43 Rs 62.34 Rs 8.03 Rs 62.59 Rs 62.59 Rs 62.59 year in the case of foreign subsidiaries.

5 Share Capital 2,656.68 100.00 30.25 122.12 35.94 128.59 193.98 2.50 302.16 628.09 45.92 10.00 3.63 44.07 15.65 90.76

6 Reserves & Surplus 17,655.72 (19.29) 62.65 50.91 82.94 (11.70) (15.05) (1.94) (90.84) 519.37 14.42 139.56 2,116.56 72.47 (13.52) (61.33)

7 Total Assets 154,284.40 86.39 101.98 185.52 131.53 123.87 228.75 1.20 235.59 1,759.44 75.97 198.73 2,430.39 188.00 2.42 33.20

8 Total Liabilities 133,972.00 5.67 9.09 12.49 12.66 6.97 49.82 0.65 24.27 611.99 15.63 49.17 310.20 71.46 0.29 3.78

9 Investments 37,439.48 ------1,311.40 71.16 - 0.13 144.08 - -

10 Turnover 19,212.49 18.99 72.25 84.28 80.92 71.17 107.30 0.83 41.66 1,154.63 12.50 152.37 1,504.26 101.39 - 32.66

11 Profit before Taxation 4,003.76 (23.35) 17.20 13.30 19.15 1.83 29.47 (0.36) (52.92) 761.68 1.37 31.64 254.06 31.11 (2.90) (0.62)

12 Provision for Taxation 1,510.08 (0.48) 3.90 (0.95) - (0.98) (7.58) - (2.14) 202.76 (0.00) 8.83 13.41 8.29 - -

13 Profit after Taxation 2,493.70 (22.88) 13.30 14.25 19.15 2.81 37.04 (0.36) (50.79) 558.92 1.37 22.81 240.65 22.82 (2.90) (0.62)

14 Proposed Dividend (including 1,328.34 ------408.24 11.48 10.00 - 44.95 - - Preference Dividend)

15 % of shareholding 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 86.60% 100.00% 76.00% 50.42% 51.00% 100.00% 100.00% 100.00% 100.00% 100.00%

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

2 Name of the subsidiary IL&FS ISSL ISSL ISSL IL&FS IL&FS IL&FS East ITNL Road IL&FS Rail Ltd Rapid Rapid Vansh Nimay West Gujarat Hazaribagh Securities Settlement Market CPG BPO Wind Power Wind Power Transportation Hyderabad Infrastructure MetroRail MetroRail Infraprojects Expressway Ranchi Services Ltd & Transaction Services Private Ltd Management Investment Networks Expressway Development Gurgaon Ltd Gurgaon Ltd Ltd Expressway Services Ltd Pte Ltd Pte Ltd Ltd Ltd Company Ltd South Ltd Ltd Ltd

3 Reporting period for the March 31 , March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and INR INR INR INR SGD , 1 SGD , 1 INR INR INR INR INR INR INR INR INR Exchange rate as on the last SGD = SGD = date of the relevant Financial Rs 45.50 Rs 45.50 year in the case of foreign subsidiaries.

5 Share Capital 237.83 100.00 150.00 0.11 78.77 0.00 6,231.70 293.10 1,400.00 5,238.00 5,524.04 2,510.50 158.90 400.00 1,310.00

6 Reserves & Surplus 2,532.41 136.20 (84.07) 17.01 (71.84) (1.56) 29,563.74 293.49 (441.69) 267.73 (752.28) 605.44 (1,259.51) (742.05) (755.96)

7 Total Assets 19,632.57 1,286.99 74.29 66.76 9.75 0.00 131,598.82 3,582.72 8,817.28 7,858.44 12,997.62 9,915.62 186.72 2,402.71 10,148.53

8 Total Liabilities 16,862.32 1,050.80 8.36 49.64 2.82 1.55 95,803.38 2,996.14 7,858.98 2,352.71 8,225.85 6,799.68 1,287.33 2,744.76 9,594.49

9 Investments 1,498.40 - - - 0.00 - 47,900.81 - - 5,222.27 - - 0.00 - -

10 Turnover 2,106.15 103.71 5.44 173.78 - - 38,818.26 398.53 902.07 1,262.21 443.24 3,190.33 615.96 540.56 1,264.15

11 Profit before Taxation 581.47 14.93 (57.74) 18.81 (33.93) (1.23) 3,841.25 (12.18) (218.14) 91.35 (1,395.25) 353.74 (218.05) (264.35) (490.62)

12 Provision for Taxation 190.39 5.04 - 4.78 - - 654.63 - - 29.54 (245.38) 125.30 - - -

13 Profit after Taxation 391.08 9.89 (57.74) 14.02 (33.93) (1.23) 3,186.62 (12.18) (218.14) 61.80 (1,149.87) 228.44 (218.05) (264.35) (490.62)

14 Proposed Dividend (including 297.29 8.00 - - - - 1,775.51 ------Preference Dividend)

15 % of shareholding 81.24% 100.00% 100.00% 59.18% 100.00% 100.00% 70.79% 74.00% 100.00% 73.56% 100.00% 100.00% 90.00% 100.00% 100.00% 293 294

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

2 Name of the subsidiary Pune Moradabad Jharkhand Chenani Badarpur MP Border North Kiratpur Baleshwar Sikar Bikaner Khed Sinnar Barwa Adda Karyavattom Futureage Charminar Sholapur Road Bareilly Road Projects Nashri Tollway Checkpost Karnataka Ner Chowk Kharagpur Highway Ltd Expressway Expressway Sports Infrastructure RoboPark Development Expressway Implementation Tunnelway Operations Development Expressway Expressway Expressway Ltd Ltd Facilities India Ltd Ltd Company Ltd Ltd Company Ltd Ltd Management Company Ltd Ltd Ltd Ltd Ltd Ltd

3 Reporting period for the March 31 , March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries.

5 Share Capital 1,760.00 2,216.60 2,594.98 3,720.00 0.50 1,490.25 593.91 3,207.50 1,727.80 1,240.50 1,500.00 850.00 431.20 51.30 63.24

6 Reserves & Surplus 4,142.81 7,196.46 (133.72) 1,770.76 2.31 (81.26) 1,465.25 673.16 510.12 2,320.05 788.37 508.95 93.23 (27.63) (4.19)

7 Total Assets 19,695.19 31,187.27 26,099.31 35,225.83 2.82 13,304.63 4,980.32 11,055.90 6,678.64 7,719.21 9,365.42 7,222.66 3,164.69 26.69 95.89

8 Total Liabilities 13,792.38 21,774.21 23,638.05 29,735.07 0.01 11,895.65 2,921.16 7,175.24 4,440.72 4,158.66 7,077.05 5,863.72 2,640.26 3.02 36.83

9 Investments ------

10 Turnover 715.51 6,047.56 2,953.77 6,026.75 0.05 1,857.27 858.30 3,276.52 2,519.45 2,423.91 4,699.43 3,896.13 1,873.53 - 0.52

11 Profit before Taxation 55.22 918.34 (735.51) 96.74 (0.38) (627.19) 194.14 287.89 226.00 273.73 419.48 513.51 79.53 (10.69) (0.41)

12 Provision for Taxation - (11.00) (0.39) 2.60 - (180.89) 74.20 ------

13 Profit after Taxation 55.22 929.34 (735.13) 94.14 (0.38) (446.29) 119.94 287.89 226.00 273.73 419.48 513.51 79.53 (10.69) (0.41)

14 Proposed Dividend (including ------166.30 ------Preference Dividend)

15 % of shareholding 90.91% 100.00% 100.00% 100.00% 100.00% 74.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 58.00% 100.00%

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61

2 Name of the subsidiary ITNL ITNL ITNL Offshore ITNL ITNL ITNL Africa Sharjah IIPL USA Andhra GIFT Gujarat Road Gujarat Elsamex SA Ateneca Señalización International Offshore Two Pte Ltd Offshore International Projects Ltd General LLC Pradesh Parking and Infrastructure Road Bridge Seguridad Viales e Pte Ltd Pte Ltd Three Pte DMCC Services Expressway Facilities Company Ltd Development Y Medico Imagen Ltd Company Ltd Ltd (up to August 7, Company Ltd (up to Ambieenete S.A.U LLC 2014) August 7,2014) S.A.U

3 Reporting period for the March 31 , March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31 , March 31, March 31, December 31, December 31, December 31, subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2014 2014 2014 different from the holding company’s reporting period

4 Reporting currency and USD, USD, USD, USD, AED, NGN , 1 AED, USD, INR INR INR INR Euro, Euro, Euro, Exchange rate as on the last 1 USD = 1 USD = 1 USD = 1 USD = 1AED = NGN = 1AED = 1 USD = 1 Euro = 1 Euro = 1 Euro = date of the relevant Financial Rs 62.59 Rs 62.59 Rs 62.59 Rs 62.59 Rs. 17.04 Rs 0.31 Rs. 17.04 Rs 62.59 Rs 67.51 Rs 67.51 Rs 67.51 year in the case of foreign subsidiaries.

5 Share Capital 3,219.47 208.44 0.00 0.00 198.75 146.79 5.09 62.24 2,537.00 0.50 - - 1,368.07 8.79 46.45

6 Reserves & Surplus (2,217.63) (182.36) 0.00 - (153.80) (151.32) (49.83) (51.58) (254.87) (0.17) - - 2,607.07 126.97 (257.55)

7 Total Assets 13,134.80 6,672.72 35.95 0.00 81.36 35.90 5.81 12.95 8,657.22 0.36 - - 12,381.54 180.86 431.56

8 Total Liabilities 12,132.96 6,646.65 35.95 (0.00) 36.41 40.43 50.54 2.28 6,375.09 0.03 - - 8,406.40 45.10 642.66

9 Investments 12,169.46 ------2,368.94 - -

10 Turnover 370.66 417.47 - - 14.99 0.25 - 0.04 896.87 - 417.41 - 5,853.34 158.18 132.20

11 Profit before Taxation (875.77) (98.28) - - (84.46) (30.63) (33.83) (49.62) 122.88 (0.17) 196.59 (0.02) 328.27 26.19 (34.01)

12 Provision for Taxation (0.73) (1.56) ------42.40 - 66.52 - 67.15 7.86 (9.83)

13 Profit after Taxation (875.04) (96.72) - - (84.46) (30.63) (33.83) (49.62) 80.48 (0.17) 130.07 (0.02) 261.11 18.33 (24.18)

14 Proposed Dividend (including ------Preference Dividend)

15 % of shareholding 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 49.00% 100.00% 100.00% 100.00% 83.61% 83.61% 100.00% 100.00% 100.00% 295 296

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76

2 Name of the subsidiary Elsamex Grusamar Elsamex Intevial Elsamex India Yala Mantenimiento ESM CIESM-INTEVIA Control 7 Grusamar Elsamex Area de Conservación de Alcantarilla International Ingeniería y Portugal - Gestao Integral Private Ltd Construction Y Conservación Mantenimiento S.A. S.A. Albania Brazil Servicio Infraestructuras Fotovoltaica S.L Consulting Engheneria E Rodoviaria Company de Vialidades Integral S.A SHPK LTDA Coirós de México S.A. S.L.U S.L sistemas S.A Private Ltd S.A de CV de CV S.L.U de CV S.A

3 Reporting period for the December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, subsidiary concerned, if 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 different from the holding company’s reporting period

4 Reporting currency and Euro, Euro, Euro, Euro, INR INR Mexican Peso, Mexican Peso, Euro, Euro, Leke, Brazilian Euro, Mexican Peso, Euro, Exchange rate as on the last 1 Euro = 1 Euro = 1 Euro = 1 Euro = 1 Pesos = 1 Pesos = 1 Euro = 1 Euro = 1 Leke = Real, 1 RB = 1 Euro = 1 Pesos = 1 Euro = date of the relevant Financial Rs 67.51 Rs 67.51 Rs 67.51 Rs 67.51 Rs 4.10 Rs 4.10 Rs 67.51 Rs 67.51 Rs 0.47 Rs 19.22 Rs 67.51 Rs 4.10 Rs 67.51 year in the case of foreign subsidiaries.

5 Share Capital 966.11 235.94 23.63 94.51 21.18 63.19 39.18 22.77 4.05 37.17 0.05 - 67.71 0.21 2.88

6 Reserves & Surplus (616.19) 73.51 70.39 165.62 109.66 55.55 14.14 3.82 72.99 20.23 (2.78) - 118.46 (0.15) (6.15)

7 Total Assets 2,425.11 625.40 151.37 565.28 211.62 178.10 59.18 26.92 652.90 175.54 3.77 - 342.07 0.30 316.52

8 Total Liabilities 2,075.19 315.95 57.36 305.15 80.78 59.37 5.87 0.34 575.86 118.14 6.50 - 155.90 0.25 319.78

9 Investments 287.00 107.97 - - - - 0.02 - 132.41 6.31------

10 Turnover 512.84 487.19 130.76 1,047.76 344.06 190.84 154.71 11.10 201.94 131.48 - - 35.36 - 30.35

11 Profit before Taxation (64.20) 25.76 9.09 93.49 18.72 20.55 0.13 0.44 25.84 (22.99) - - 13.65 (0.00) (13.39)

12 Provision for Taxation 8.71 8.96 1.45 25.82 11.56 6.70 0.05 0.02 1.23 (6.90) - - 3.82 - (4.02)

13 Profit after Taxation (72.91) 16.81 7.64 67.68 7.16 13.84 0.09 0.42 24.61 (16.09) - - 9.83 (0.00) (9.37)

14 Proposed Dividend (including ------Preference Dividend)

15 % of shareholding 100.00% 100.00% 70.00% 100.00% 99.00% 96.00% 100.00% 100.00% 100.00% 100.00% 51.00% 44.10% 100.00% 96.40% 100.00%

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91

2 Name of the subsidiary Area de Servicio Beasolarta Grusamar Elsamex Elsamex Elsamex Grusamar Chhattisgarh IL&FS IL&FS IL&FS Cluster IL&FS Skills Skill Training Apptex Dehradun Rural Punta Umbría S.A.U India Ltd Construcçao Maintenance LLC USA Engenharia & Highway Airports Ltd Education & Development Development Assessment Marketing Development S.L.U e Manutençao Services Ltd Consultoría Development Technology Inititative Ltd Corporation Management Services & Initiative Ltd LTDA Brasil LTDA Company Ltd Services Ltd Ltd Partners Ltd Solution Ltd

3 Reporting period for the December 31, December 31, December 31, December 31, December 31, December 31, December 31, March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31, March 31, subsidiary concerned, if 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and Euro, Euro, INR Brazilian Real, INR USD, Brazilian Real, INR INR INR INR INR INR INR INR Exchange rate as on the last 1 Euro = 1 Euro = 1 RB = 1 USD = 1 RB = date of the relevant Financial Rs 67.51 Rs 67.51 Rs 19.22 Rs 62.59 Rs 19.22 year in the case of foreign subsidiaries.

5 Share Capital 5.59 2.77 0.50 1.92 0.50 - - 100.00 708.30 375.34 120.00 310.68 3.00 0.50 0.50

6 Reserves & Surplus 30.66 2.08 7.25 (2.76) 107.71 - - (12.74) (85.76) 1,854.46 413.23 207.96 (1.86) (3.38) (0.12)

7 Total Assets 162.71 211.19 12.90 7.72 580.11 - - 108.45 967.92 8,320.16 1,326.27 1,074.57 1.38 2.02 0.44

8 Total Liabilities 126.45 206.35 5.16 8.56 471.90 - - 21.19 345.38 6,090.36 793.04 555.94 0.24 4.90 0.06

9 Investments ------713.27 826.89 11.20 - - - -

10 Turnover 24.38 24.43 7.86 7.18 1,458.96 - - - - 4,401.29 628.04 934.12 1.08 7.10 -

11 Profit before Taxation 8.08 0.16 2.60 (0.00) 163.28 - - (0.98) (15.79) 434.06 19.09 32.26 (2.62) (1.17) (0.03)

12 Provision for Taxation 1.98 0.05 0.80 - 55.52 - - - - 153.10 (7.04) (20.80) (0.00) - -

13 Profit after Taxation 6.11 0.11 1.80 (0.00) 107.76 - - (0.98) (15.79) 280.96 26.13 53.06 (2.62) (1.17) (0.03)

14 Proposed Dividend (including ------131.37 - - - - - Preference Dividend)

15 % of shareholding 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 74.00% 100.00% 68.93% 100.00% 73.00% 100.00% 100.00% 100.00% 297 298

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures ( pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106

2 Name of the subsidiary Jaipur Rural Rajsamand IL&FS Energy Mota Layja Mandvi LNG Maritime Nana IL&FS Hydro Lalpur Khandke Wind Urja IL&FS IL&FS IL&FS Pt Bangun Development Rural Development Gas Power Terminal Ltd International Layja Power Energy Ltd Wind Energy Wind Energy India Private Tamil Nadu Maritime Offshore Asia Persada Initiative Ltd Development Company Ltd Company Ltd Offshore Company Ltd Private Ltd Private Ltd Ltd Power Offshore Natural (Consolidated) Initiative Ltd Pte Ltd Company Ltd Pte Ltd Resources Pte Ltd

3 Reporting period for the March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and INR INR INR INR INR USD, INR INR INR INR INR INR INR INR INR Exchange rate as on the last 1 USD = date of the relevant Financial Rs 62.59 year in the case of foreign subsidiaries.

5 Share Capital 0.50 0.50 12,684.68 0.50 0.50 1.53 200.50 1.00 3,092.79 2,087.73 994.08 1,676.30 1,798.61 1.11 997.98

6 Reserves & Surplus (0.12) (0.12) 33,809.35 (0.11) (0.11) (2.35) (10.19) (0.86) (487.34) 3.20 (88.54) 29,320.78 (2,466.79) (10.13) (401.88)

7 Total Assets 0.44 0.44 71,965.69 0.44 0.44 0.81 1,596.93 903.28 14,095.92 8,464.14 2,519.57 96,840.65 4,313.11 8.97 1,256.71

8 Total Liabilities 0.06 0.06 25,471.66 0.05 0.05 1.63 1,406.63 903.14 11,490.46 6,373.20 1,614.03 65,843.57 4,981.28 17.99 660.61

9 Investments - - 49,272.20 ------4,437.43 4,041.68 8.90 -

10 Turnover - - 4,115.04 - - - 0.06 0.01 1,036.75 972.22 361.66 544.42 0.81 0.33 2.63

11 Profit before Taxation (0.03) (0.03) (40.65) (0.11) (0.11) (0.68) (0.78) (0.40) (184.45) 161.22 (16.27) (58.24) (268.86) (0.51) (106.82)

12 Provision for Taxation - - 3.58 - - - 0.02 0.00 - 59.02 - (5.89) - - -

13 Profit after Taxation (0.03) (0.03) (44.22) (0.11) (0.11) (0.68) (0.80) (0.41) (184.45) 102.20 (16.27) (52.35) (268.86) (0.51) (106.82)

14 Proposed Dividend (including ------Preference Dividend)

15 % of shareholding 100.00% 100.00% 91.27% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 80.72% 100.00% 100.00% 100.00%

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121

2 Name of the subsidiary Se7en Factor Goodearth Pt Mantimin East Delhi Rohtas Bhojpur Patiala Shendra Green IL&FS Solar IL&FS Cuddalore IL&FS Wind Vaspeth Ratedi Wind Tadas Wind Corporation Shipbuilding Coal Mining Waste Bio Energy Biomass Bio Power Energy Ltd Power Ltd Renewable Solar Power Farms Ltd Wind Energy Power Ltd Energy Private Ltd Processing Private Ltd Power Company Energy Ltd Private Ltd Private Ltd Private Ltd Company Company Private Private Ltd Private Ltd Ltd

3 Reporting period for the March 31 , March 31 , March 31, March 31, March 31, March 31 , March 31 , March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31, March 31, subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and INR INR IDR, INR INR INR INR INR INR INR INR INR INR INR INR Exchange rate as on the last 1 IDR = date of the relevant Financial Rs. 0.0048 year in the case of foreign subsidiaries.

5 Share Capital 0.45 2.41 - 305.00 0.50 0.50 0.50 36.66 0.50 1,773.81 0.68 172.97 0.50 1,111.80 2,919.98

6 Reserves & Surplus 202.54 2,119.90 - (34.92) (4.05) (4.35) (8.54) (536.70) (6.43) 2,919.29 (3.70) (24.91) (0.18) (131.38) (180.98)

7 Total Assets 203.42 2,138.49 - 3,454.35 38.07 49.16 54.08 582.64 103.40 24,787.32 0.10 260.18 254.38 7,825.72 14,728.83

8 Total Liabilities 0.43 16.18 - 3,184.27 41.62 53.01 62.12 1,082.67 109.33 20,094.22 3.13 112.11 254.05 6,845.30 11,989.84

9 Investments ------9,469.83 - - - - -

10 Turnover - - - 0.03 - - - 213.41 - 4,048.91 - 22.41 - 955.69 2,172.45

11 Profit before Taxation (0.10) (0.11) - (5.85) (3.80) (2.77) (5.53) (111.38) (0.08) (899.27) (3.46) (8.98) (0.06) (11.64) 160.56

12 Provision for Taxation ------(0.60) - (2.22) - - (33.65)

13 Profit after Taxation (0.10) (0.11) - (5.85) (3.80) (2.77) (5.53) (111.38) (0.08) (899.87) (3.46) (11.20) (0.06) (11.64) 126.90

14 Proposed Dividend (including ------Preference Dividend)

15 % of shareholding 100.00% 100.00% 95.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 299 300

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136

2 Name of the subsidiary IL&FS Sipla Wind Mahidad Wind Jogihali Wind IL&FS Kanak Unique Waste Tierra RDF Power IIDC Ltd IL&FS IMICL Dighi Porto Novo India Tourist Gujarat Wind Power Energy Ltd Energy Ltd Energy Private Environmental Resources Processing Enviro Ltd Projects Ltd Maritime Maritime Ltd Maritime Ltd & Heritage Integrated Services Ltd Infrastructure Management Company Infrastructure Village Maritime Ltd & Services Ltd Ltd Company Ltd Private Ltd Complex Ltd Pvt Ltd

3 Reporting period for the March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries.

5 Share Capital 20.00 0.80 0.10 0.10 349.23 128.58 31.85 45.00 361.47 200.00 1,591.94 1,201.91 707.00 95.40 1.84

6 Reserves & Surplus 6.29 (0.85) (2.99) (1.04) 526.17 36.72 (1.60) (4.90) (25.60) 239.84 3,090.20 (15.48) (22.04) (202.79) 1,050.92

7 Total Assets 52.13 2,274.64 4,492.27 2,875.54 3,422.57 332.92 69.28 47.31 1,880.36 821.68 24,249.76 2,785.37 4,153.76 471.95 1,638.22

8 Total Liabilities 25.84 2,274.68 4,495.16 2,876.48 2,547.17 167.63 39.04 7.21 1,544.49 381.84 19,567.62 1,598.94 3,468.81 579.34 585.46

9 Investments - - - - 548.93 - - - - - 14,159.34 - - 464.38 -

10 Turnover 89.98 2.00 - 2.05 1,413.66 401.09 24.82 0.03 - 509.41 2,190.42 - - 0.01 (0.45)

11 Profit before Taxation 5.56 (0.59) (2.99) (1.04) 34.28 49.05 4.87 (0.39) (8.07) (41.86) (994.03) 3.62 (18.18) (82.97) (0.06)

12 Provision for Taxation (2.49) - - - - 12.82 0.37 - - (13.51) (2.79) 1.35 - - -

13 Profit after Taxation 3.08 (0.59) (2.99) (1.04) 34.28 36.23 4.51 (0.39) (8.07) (28.35) (991.25) 2.27 (18.18) (82.97) (0.39)

14 Proposed Dividend (including ------Preference Dividend)

15 % of shareholding 100.00% 100.00% 100.00% 100.00% 95.88% 94.71% 100.00% 100.00% 54.70% 100.00% 90.02% 100.00% 100.00% 100.00% 90.00%

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151

2 Name of the subsidiary IL&FS Prime IL&FS IL&FS Kamal IL&FS IL&FS IL&FS Sabarmati Sabarmati Bhutan IL&FS Trust IL&FS Jharkhand Khambhat M P Toll Tamil Nadu Terminals Maritime International Paradip Portfolio Township Capital One Capital Two Education Company Ltd Water Ltd Accelerated Port Ltd Roads Ltd Water FZC International Container Refinery Management & Urban Ltd Ltd City Private Road Investment FZE Terminal Water Ltd Services Assets Ltd Ltd Development Company Ltd Ltd Ltd Company Ltd

3 Reporting period for the March 31 , March 31 , March 31, March 31, March 31, March 31 , March 31 , March 31, December 31, March 31, March 31 , March 31 , March 31 , March 31, March 31, subsidiary concerned, if 2015 2015 2015 2015 2015 2015 2015 2015 2014 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and AED, AED, USD, INR INR INR INR INR Ngultrum, INR INR INR INR INR INR Exchange rate as on the last 1 AED = 1 AED = 1 USD = 1 Nu = Rs 1 date of the relevant Financial Rs 17.04 Rs 17.04 Rs 62.53 year in the case of foreign subsidiaries.

5 Share Capital 1,454.36 2.19 0.37 969.70 25.00 502.40 499.00 230.00 64.28 25.08 100.00 100.00 20.50 35.00 1,110.81

6 Reserves & Surplus 90.69 158.57 (0.13) (193.74) 35.75 (495.99) (1,092.11) (47.78) (0.52) 230.31 65.40 3.14 (25.47) (173.15) 705.71

7 Total Assets 9,117.03 161.32 0.58 9,314.51 80.23 11,244.27 2,385.49 4,877.06 90.22 306.58 744.54 104.57 0.01 33.84 2,770.89

8 Total Liabilities 7,571.98 0.57 0.34 8,538.55 19.48 11,237.87 2,978.60 4,694.85 26.45 51.19 579.14 1.43 4.98 171.99 954.36

9 Investments - - - - - 4,372.78 - 4,516.87- - - 0.01 - - - 1,930.64

10 Turnover 9.80 135.59 - 975.89 84.92 1,838.82 1,306.37 1.23 - 329.05 61.94 5.13 - - 173.90

11 Profit before Taxation (99.22) 95.16 - (185.51) 16.55 (208.34) (705.20) (18.26) - 87.87 (86.58) 2.52 (1.63) (0.11) 3.34

12 Provision for Taxation - - - - 5.19 - - - - 29.24 7.36 0.25 - - -

13 Profit after Taxation (99.22) 95.16 - (185.51) 11.36 (208.34) (705.20) (18.26) - 58.64 (93.94) 2.27 (1.63) (0.11) 8.34

14 Proposed Dividend (including ------Preference Dividend)

15 % of shareholding 73.91% 100.00% 51.00% 100.00% 95.00% 100.00% 100.00% 100.00% 51.00% 90.00% 95.00% 74.00% 95.90% 80.00% 53.85% 301 302

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

1 Sr. No. 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166

2 Name of the subsidiary IL&FS ITTIL(FZC) IL&FS Land LIVIA India Ltd Bhopal E ITL Infrasoft IL&FS Avash Sealand Sealand Integrated Freetrade Haldia Integrated Technologies Technologies Registration Governance DMCC Global Logistic Park Ports Warehousing Trans Log Warehousing Freetrade Warehousing Ltd Philippines Inc Systems, Inc. Ltd Pte Ltd Private Ltd Private Private Ltd Development Private Warehousing Kandla Project Ltd Company Ltd Private Ltd Development Ltd Private Ltd

3 Reporting period for the March 31, March 31, March 31, December 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31 , March 31, March 31, March 31 , March 31 , subsidiary concerned, if 2015 2015 2015 2014 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 different from the holding company’s reporting period

4 Reporting currency and INR AED, PESO, PESO, INR INR AED, INR INR INR INR INR INR INR INR Exchange rate as on the last 1 AED = 1 PESO = 1 PESO = 1 AED = date of the relevant Financial Rs 17.04 Rs 1.40 Rs 1.40 Rs 17.04 year in the case of foreign subsidiaries.

5 Share Capital 200.36 2.55 12.79 1,873.85 178.27 85.00 0.85 7.84 400.00 318.99 93.50 0.50 0.10 0.10 0.10

6 Reserves & Surplus 1,818.57 (1.69) (312.49) 1,215.80 (563.33) (2.93) (3.73) (69.94) 387.84 754.29 8.10 2.34 (2.84) 15.62 0.00

7 Total Assets 6,248.09 3.11 3,126.75 13,376.04 86.45 252.18 0.57 7.82 1,216.06 3,217.00 101.97 13.42 71.28 498.44 131.79

8 Total Liabilities 4,229.17 2.25 3,426.45 10,286.39 471.51 170.12 3.45 69.93 428.21 2,143.71 0.37 10.58 74.02 482.72 131.68

9 Investments 1,108.20 ------83.92 - 0.20 - -

10 Turnover 1,904.57 24.15 14.00 3,561.52 145.07 10.33 - - - 0.01 1.41 0.00 0.29 0.68 2.44

11 Profit before Taxation 170.27 (5.07) (98.94) 617.66 (10.60) (2.43) (3.73) (68.31) (0.60) (0.47) 0.92 (0.05) (0.75) 0.65 2.09

12 Provision for Taxation 35.84 - (0.64)- 63.10 - (0.05) - - - - 0.29 - - 0.27 0.65

13 Profit after Taxation 134.44 (5.07) (98.30) 554.57 (10.60) (2.38) (3.73) (68.31) (0.60) (0.47) 0.63 (0.05) (0.75) 0.38 1.44

14 Proposed Dividend (including 110.38 ------Preference Dividend)

15 % of shareholding 51.79% 76.00% 100.00% 67.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 74% 100.00% 100.00%

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part “A”: Subsidiaries (contd.)

Foot Notes : (1) Subsidiaries which are yet to commence operations (a) ITNL Offshore Two Pte Ltd (b) ITNL Offshore Three Pte Ltd (c) Elsamex LLC USA (d) Grusamar Engenharia Y Consultoría Brasil LTDA

(2) Subsidiaries which have been liquidated or sold during the year (a) GRICL Rail Bridge Development Company Ltd (b) IL&FS Nepal Infrastructure Development Company Private Ltd (c) North East Tourism Develpment Company Private Ltd (d) Greater Noida Integrated Warehousing Private Ltd (e) Badarpur Tollway Operations Managements Ltd

(3) During the year Integrated Waste Mgmt & Urban Services (TN) Pvt Ltd was Merged with its Holding company IL&FS Environmental Infrastructure & Services Ltd

(4) Tara India Fund IV is not consolidated as there is no control as per Accounting Standard - 21

(5) Percentage holding is disclosed based on aggregation of direct holding of the Company and effetcive proportionate share holding of the Subsidiary

(6) Numbers of Pt Bangun Asia Persada is consolidated with Pt Mantimin Coal Mining , Standalone number are not available 303 304

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part "B": Associates and Joint Ventures Joint Ventures :

Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Name of Associates/Joint Bihar Gujarat Haldia Jharkhand Karnataka Odisha Road Indraprastha Standard IL&FS Noida Jorabat N.A.M. Chongqing Consorcio De Ventures e-Governance International Integrated E-Governance Enterprises e-Governance Infrastructure Energy & Chartered IL&FS Milestone Toll Bridge Shillong Expressway Yuhe Obras Civiles Services & Finance Tec-city Development Solutions & Solutions Ltd Services Ltd Development Waste Management Realty Company Expressway Ltd Expressway S.R.L Technologies Company Ltd Agency Ltd Services Ltd Company of Management (Singapore) Advisors Ltd Ltd Company Ltd Rajasthan Ltd Company Ltd Pte Ltd Private Ltd Ltd (Consolidated)

1 Latest audited Balance March 31, March 31, March 31, March 31 , March 31 , March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31, March 31, March 31, December 31, Sheet Date 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2014

2 Shares of Associate/Joint Ventures held by the company on the year end

- Numbers 50,000 3,27,09,370 15,10,000 49,997 50,000 50,000 16,25,00,000 1,00,000 50,000 400,000 47,195,007 42,000,000 116,754,970 77,166 34 Equity shares of USD 1

- Amount of Investment in 0.50 327.09 15.10 0.50 0.50 0.50 1,625.00 0.50 2.22 4.00 1,892.80 420.00 1,167.55 10,519.24 0.02 Associates/Joint Venture

- Extent of Holding % 50.00% 50.00% 42.54% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 40.00% 26.37% 50.00% 50.00% 49.00% 34.00%

3 Description of how there is * * * * * * * * * * * * * * * significant influence

4 Reason why the Associate/ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Joint Venture is not consolidated

5 Networth attributable to 14.54 338.50 112.32 0.13 0.49 3.47 (2,085.38) (0.01) 76.01 41.11 1,268.46 780.74 3,895.66 8,413.53 31.35 Shareholding as per latest audited Balance Sheet

6 Profit / Loss for the year (i) Considered in 1.13 4.78 12.38 (0.35) (0.06) 0.28 (922.25) (0.12) 7.99 3.66 202.16 (36.66) 101.94 625.55 20.91 Consolidation (ii) Not Considered in ------Consolidation

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part "B": Associates and Joint Ventures (contd.)

Joint Ventures :

Sr. No. 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Name of Associates/Joint Geotecnia y Vias Y ONGC Assam Bihar Power Cross Future Retail Bengal Bengal Urban Damodar Gujarat Gujarat Infrastructure Infrastructure Jharkhand Ventures Control De Construcciones Tripura Power Power Projects Infrastrucure Border Power Destination Integrated Infrastructure Valley Tourism Industrial Development Development Infrastructure Qualitat, S. R. L. Company Development Company Transmission Ltd Infrastructure Development Tourism Opportunity Infrastructure Company of Corporation Development S.A Ltd Company Ltd Private Ltd Ltd Development Ltd Development Ltd Development Nagaland of Assam Ltd Corporation Ltd (P) Ltd Company Ltd Private Ltd Ltd

1 Latest audited Balance December 31, December 31, March 31 , March 31, March 31, March 31, March 31, March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , Sheet Date 2014 2014 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015

2 Shares of Associate/Joint Ventures held by the company on the year end

- Numbers 500 1,000 26,74,90,002 25,000 25,000 72,19,994 1,50,00,000 24,950 25,000 25,000 50,000 25,000 25,000 250,000 25,000

- Amount of Investment in 4.06 0.07 5,360.17 2.04 62.69 72.20 150.00 0.25 0.25 0.25 0.50 0.25 0.25 2.51 0.25 Associates/Joint Venture

- Extent of Holding % 50.00% 50.00% 49.52% 50.00% 50.00% 38.00% 50.00% 49.90% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

3 Description of how there is * * * * * * * * * * * * * * * significant influence

4 Reason why the associate/ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA joint venture is not consolidated

5 Networth attributable to 216.76 0.07 2,935.08 1.75 57.35 70.94 149.00 0.29 5.75 0.23 1.07 0.58 3.19 2.67 4.74 Shareholding as per latest audited Balance Sheet

6 Profit / Loss for the year (i) Considered in (80.59) (0.00) 251.12 (0.33) 0.83 0.13 (0.87) (0.01) 1.01 (0.04) (1.18) (0.03) 0.20 0.12 0.99 Consolidation (ii) Not Considered in ------Consolidation 305 306

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part "B": Associates and Joint Ventures (contd.) Joint Ventures :

Sr. No. 31 32 33 34 35 36

Name of Associates/Joint KSIIDC Orissa South Uttarakhand PDCOR Ltd Urban Ventures IL&FS Project Project Coast Infra Infra Projects Mass Transit Development Development Development Company Company Company Ltd Company Company Private Ltd Ltd Private Ltd of Andhra Pradesh Ltd

1 Latest audited Balance March 31 , March 31 , March 31 , March 31 , March 31 , March 31 , Sheet Date 2015 2015 2015 2015 2015 2015

2 Shares of Associate/Joint Ventures held by the company on the year end

- Numbers 24,997 25,000 25,000 25,000 990,000 120,012

- Amount of Investment in 0.25 0.25 0.25 0.25 12.77 7.20 Associates/Joint Venture

- Extent of Holding % 49.99% 50.00% 50.00% 50.00% 50.00% 49.99%

3 Description of how there is * * * * * * significant influence

4 Reason why the associate/ NA NA NA NA NA NA joint venture is not consolidated

5 Networth attributable to 1.38 3.04 0.76 (3.29) 15.83 107.37 Shareholding as per latest audited Balance Sheet

6 Profit / Loss for the year (i) Considered in 0.62 (0.00) 0.06 (2.21) 1.22 12.26 Consolidation (ii) Not Considered in ------Consolidation

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part "B": Associates and Joint Ventures (contd.)

Associates :

Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Name of Associates/Joint Ascend Dighi Port Dighi Project Gorakhpur Iridium India Mangalore New Syniverse Thiruvananthapuram Warora Srinagar Gujarat ITNL Toll CGI 8 S.A. Sociedad Ventures Telecom Ltd# Development Expressway Telecom SEZ Ltd Tirpur Area Technologies Road Development Chandrapur Sonamarg Road and Management Concesionaria Infrastructure Company Ltd Ltd# Development (India) Private Company Ltd Ballarpur Tunnelway Infrastructure Services Ltd Autovía A-4 Private Ltd Private Ltd Corporation Ltd Toll Road Ltd Company Ltd Madrid S.A Ltd Ltd (from August 8, 2014)

1 Latest audited Balance March 31 , March 31, March 31, March 31, March 31, March 31, March 31, March 31 , March 31, December 31, March 31, March 31, March 31, December 31, December 31, Sheet Date 2015 2015 2015 2015 2015 2015 2015 2015 2015 2014 2015 2015 2015 2014 2014

2 Shares of Associate/Joint Ventures held by the company on the year end

- Numbers 44,88,887 8,99,58,224 42,86,500 2,50,00,000 25,186,950 25,000,000 89,245,454 5,200 1,70,30,000 6,17,08,500 56,76,068 2,31,87,166 24,500 1,308 9,17,804

- Amount of Investment in 1,401.91 2,974.58 42.87 250.00 0.00 250.00 892.45 0.05 170.30 617.09 56.76 221.25 0.25 5.30 309.81 Associates/Joint Venture

- Extent of Holding % 16.72% 39.37% 29.95% 49.98% 20.04% 50.00% 43.59% 26.00% 50.00% 35.00% 49.09% 41.81% @ 49% 49.00% 48.75%

3 Description of how there is ** ** ** ** Note 5 ** ** ** Note 5 ** ** ** Note 5 ** ** significant influence

4 Reason why the associate/ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA joint venture is not consolidated

5 Networth attributable to 3.31 1,860.52 - 443.70 (642.44) 389.32 113.15 70.30 - 1,302.29 79.57 1,295.81 - - - Shareholding as per latest audited Balance Sheet

6 Profit / Loss for the year (i) Considered in (73.43) (332.96) - 21.97 - (9.26) (31.88) 39.88 - 16.41 22.81 81.27 - (0.96) 17.10 Consolidation (ii) Not Considered in - - - - (61.68) - - - (97.45) - - - (0.43) - - Consolidation 307 308

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part "B": Associates and Joint Ventures (contd.) Associates :

Sr. No. 16 17 18 19 20 21 22 23 24 25 26 27 28

Name of Associates/Joint Ramky VCS Elsamex Road Urjankur Shree Urjankur Shree Punjab Bengal Vizag Investment Sara Canopy IL&FS Hill County Ventures Elsamex Enterprises Technology Datta Power Tatyasaheb Biomass Aerotropolis Agriport Trustee Fund Trustee Housing & Engineering Properties Hyderbad Ltd Company Ltd Company Ltd Korewarna Power Ltd Projects Private Company Company Infra Private & Construction Ltd Ring Road Power Ltd Ltd (Orissa) Private Ltd Ltd Company Ltd Ltd Company Ltd Private Ltd

1 Latest audited Balance December 31, NA NA March 31, March 31, March 31 , March 31, March 31, March 31 , March 31 , March 31 , March 31 , March 31 , Sheet Date 2014 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015

2 Shares of Associate/Joint Ventures held by the company on the year end

- Numbers 52,00,000 - - 2,25,20,000 2,81,00,000 19,73,44,174 1,60,66,764 58,00,600 5,000 7,500 13,000 18,096,995 2,250

- Amount of Investment in 52.00 - - 225.76 281.66 202.34 713.27 58.01 0.05 0.08 0.13 1,787.60 0.23 Associates/Joint Venture

- Extent of Holding % 26.00% 0.00% 0.00% 33.34% 33.33% 50.00% 11.71% 26.00% 50.00% 50.00% 26.00% 16.14% 9.00%

3 Description of how there is ** ** ** ** ** Note 5 ** ** ** ** ** ** ** significant influence

4 Reason why the associate/ NA NA NA NA NA NA NA NA NA NA NA Note 7 Note 7 joint venture is not consolidated

5 Networth attributable to 142.18 - - 317.01 260.27 (110.09) 413.30 55.64 0.02 0.13 (4.25) NA NA Shareholding as per latest audited Balance Sheet

6 Profit / Loss for the year (i) Considered in 9.80 - - 50.24 10.18 - 11.96 (0.90) (0.01) 0.00 (0.13) NA NA Consolidation

(ii) Not Considered in - - - - - (124.44) - - - - - NA NA Consolidation

(49) (b) Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies / Joint Ventures (pursuant to Section 129 (3) of the Companies Act, 2013) (Information in respect of each subsidiary presented in ` mn ) Part "B": Associates and Joint Ventures (contd.) Foot Notes : (1) * Jointly controlled ** Share holding is more than 20% of the total voting rights (2) Cross Border Power Transmission Company Ltd (Joint Venture) is yet to commence operation (3) Associates or Joint Ventures which have been liquidated or sold during the year (a) Bodoland Infrastructure Development Company Private Limited (b) Empresas Pame sa De CV (c) SV Power Private Ltd (4) Investment in KSIDC IL&FS IDC Infrastructure Ltd is written off and hence not consolidated (5) In case of Associates, loss in excess of Investments in Associates are not considered in CFS and are disclosed as not considered in Consolidation (6) Information of Dighi Project Development Company Ltd (Associate Company) is not available (7) IECCL & HCPL are not considered for consolidation for the reasons given in Note 14 (c) and hence the amounts are not disclosed (8) Information of Companies marked "#" is from unaudited Financial Statements (9) "@" Percentage of shares held by Joint Venture is not considered 309 (50) Corresponding figures for the previous year have been reclassified and presented in accordance with the current year presentation, wherever necessary

Notes 1 to 50 forms Part of the Consolidated Financial Statements

Ravi Parthasarathy Chairman

Hari Sankaran Vice Chairman and Managing Director

Arun K Saha Joint Managing Director and CEO

Manu Kochhar Group Chief Financial Officer

Avinash Bagul Company Secretary

Mumbai, August 27, 2015

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