Reliance Infrastructure Limited

CIN : L75100MH1929PLC001530 Tel: +91 22 4303 1000

Regd. Office: Fax: +91 22 4303 4662
Reliance Centre, Ground Floor, www.rinfra.com
19, Walchand Hirachand Marg,
Ballard Estate, Mumbai 400 001

February 14, 2025

BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor,
Dalal Street, Fort, Plot No. C/1, G Block, Bandra Kurla Complex,
Mumbai -400 001 Bandra (East), Mumbai 400 051
BSE Scrip Code: 500390 NSE Scrip Symbol: RELINFRA

Dear Sir(s),

Sub: Outcome of Board Meeting

Further to our letter dated February 06, 2025 and February 13, 2025 and pursuant to
Regulation 33 & 52 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), we enclose herewith the
Statement of Unaudited Financial Results (both Consolidated and Standalone) for the
quarter & nine months ended December 31, 2024 of the Financial Year 2024-25 along with
the Limited Review Reports by the Statutory Auditors of the Company.

The above financial results were approved by the Board of Directors at its meeting held
today on February 14, 2025.

The summary of the Financial Results will be published in Newspapers as required under
the Listing Regulations.

Pursuant to Regulation 30 of the Listing Regulations, it is further informed that Shri Ivan
Saha has been appointed as Senior Management Personnel of the Company with
immediate effect. The requisite disclosures pursuant to Regulation 30 of the Listing
Regulations read with SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11,
2024 are enclosed as Annexure -A to this letter.

The meeting of the Board of Directors of the Company commenced at 8:00 P.M. and
concluded at 9: 10 P.M.

Kindly take the same on record.

Yours faithfully,
For Reliance Infrastructure Limited
PARESH Digitally signed by PARESH
PURUSHOTTAMLAL
PURUSHOTTA RATHOD
Date: 2025.02.14 23:03:54
MLAL RATHOD +05'30'

Paresh Rathod
Company Secretary

Encl.: As above
 Annexure- A

Disclosure pursuant to Regulation 30 of of the Securities and Exchange Board of India

(Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing
Regulations) read with SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11,
2024:

Appointment of Shri Ivan Saha, as Senior Management Personnel of the Company

Sr. Particulars Details

No.

1. Name of Senior Management Personnel Shri Ivan Saha

2. Reason for change viz. appointment, re- Appointment

appointment, resignation, removal, death or
otherwise

3. Date of appointment/reappointment/cessation (as February 14, 2025

applicable) & term of appointment/re-appointment;

4. Brief Profile (in case of appointment) Enclosed hereunder.

5. Disclosure of relationships between directors (in Not Applicable

case of appointment of a director).

Brief Profile of Shri Ivan Saha

Shri. Ivan Saha has over 30 years of experience in semiconductors, solar, and MEMS
device design, development, mass manufacturing, and reliability. Shri. Saha holds an
M.Tech. in Materials Science from IIT Kanpur and a B.Tech. in Ceramics from the University
of Calcutta. He is a certified Six Sigma Black Belt, co-chair of International Technology
Roadmap for Photovoltaic (ITRPV), and author of over 60 technical papers and patents.
Additionally, he actively leads industry forums on solar and manufacturing.

Prior to his appointment with the Company, Shri. Saha has served as CEO of Vikram Solar,
Chief Technology Officer at ReNew Power and Business Unit Head at Vikram Solar. At
ReNew Power, he played a key role in establishing GW-scale greenfield solar cell and
module manufacturing facilities.

His contributions to sensor development and indigenous manufacturing at ISRO have been
remarkable, enabling innovations in solar cell and MEMS technology for space applications.

His proven expertise in driving manufacturing excellence and fostering innovation will be
invaluable to the Company.
 lj
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CHATURVEDI SHAH LLP ~

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Chartered Accountants

Independent Auditors' Review Report on the Quarterly and Vear to Date Unaudited Consolidated
Financial Results of Reliance Infrastructure Limited pursuant to the Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to,

The Board of Directors,
Reliance Infrastructure Limited

1. We were engaged to review the accompanying Statement of Unaudited Consolidated Financial

Results of Reliance Infrastructure Limited ('the Holding Company') and its subsidiaries (the
Holding Company and its subsidiaries together referred to as the 'Group'), and its share of net
profit/(loss) after tax and total comprehensive income/{loss) of its associates and joint venture
for the quarter and nine months ended December 31, 2024 ("the Statement") attached
herewith, being submitted by the Holding Company pursuant to the requirements of Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
(the "Listing Regulations").

2. This Statement which is the responsibility of the Holding Company's Management and
approved by the Holding Company's Board of Directors in their meeting held on February 14,
2025, has been prepared in accordance with the recognition and measurement principles laid
down in Indian Accounting Standards 34, {Ind AS 34) "Interim Financial Reporting" prescribed
under section 133 of the Companies Act, 2013 as amended, ("the Act") read with relevant rules
issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 of the Listing Regulations,

3. Our responsibility is to express a conclusion on the Statement based on our review. However,
because of the matter described in paragraph 4 below, we were not able to obtain sufficient
appropriate evidence to provide a basis of our conclusion on this Statement.

4. We refer to Note 19 to the Statement as regards the mediation concluded before the Main
Mediation Centre, Hon'ble Bombay High Court, whereby the dispute of the Company with EPC
company stands fully settled, pursuant to which the Holding Company's exposure to EPC L
company as on December 31, 2024, stands reduced to Rs. NIL and the corporate guarantees
towards general corporate purpose given on behalf of EPC Company and another company
i
which are fully provided, more particularly described in said note.

We are unable to determine the overall recovery of the aforesaid assignment of Economic rights
of shareholding in Odisha Discoms and in shares and securities in certain unlisted entities (refer
para b. and c. of Note 19 respectively) acquired pursuant to Consent Terms/Settlement
Agreement from the EPC company. Accordingly, we are unable to determine the consequential
implications arising therefrom in the unaudited standalone financial results of the Company.

5. We conducted our review of the Statement in accordance with the Standard on R~w=:::
Engagements (SRE) 2410, 'Review of Interim Financial Information Performed y("--lft.\1L~8-Y.
Independent Auditor of the Entity' issued by Institute of Chartered Accountants of I ~i:This '--{1;:
Standard requires that we plan and perform the review to obtain moderate assur •t %1t'ilv,P.AJ~·
whether the Statement is free of material misstatement. A review of interi •itii"1ancia-~~
0'\'. ;c:;:;.,;--- ) c,:,
information consist of making inquiries, primarily of the personnel responsible for fin ~W-e!:.~_,..,,.1 .f,
accounting matters, and applying analytical and other review procedures. A re tdAcco~ t
Head Office: 912, Tulsiani Chambers, 212, Narirnan Point, Mumbai - 400 021, India. Tel.: +91 22 4163 8500 • Fax : +91 22 4163 8595
URL: www.cas.ind.in
 substantially less in scope than an audit conducted in accordance with Standards on Auditing
specified under section 143(10) of the Companies Act, 2013 and consequently does not enable
us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by SEBI under Regulation
33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as
amended to the extent applicable.

6. The Statement includes the results of the following entities:

A. Subsidiaries (Including step-down subsidiaries)

Sr. No. Name of the Company

1. Reliance Power Transmission Limited
2. Reliance Airport Developers Limited
3. BSES l<erala Power Limited
4. Mumbai Metro One Private Limited
5. Reliance Energy Trading Limited
6. DS Toll Road Limited
7. NI< Toll Road Limited
8. l<M Toll Road Private Limited
9. PS Toll Road Private Limited
10. HI< Toll Road Private Limited
11. GF Toll Road Private Limited
12. CBD Tower Private Limited
13. Reliance Energy Limited
14. Reliance Defence Limited
15. Reliance Defence Systems Private Limited
16. Reliance Cruise and Terminals Limited (Strike off w.e.f. 29-06-2024)
17. BSES Rajdhani Power Limited
18. BSES Yamuna Power Limited
19. Mumbai Metro Transport Private Limited
20. JR Toll Road Private Limited
Delhi Airport Metro Express Private Limited (Deconsolidated pursuant to Ind-AS 110
21.
w.e.f. March 31, 2024)
22. SU Toll Road Private Limited
23. TD Toll Road Private Limited
24. Tl< Toll Road Private Limited
25. North l<aranpura Transmission Company Limited
26. Talcher II Transmission Company Limited
27. Latur Airport Limited
28. Baramati Airport Limited
29. Nanded Airport Limited ------.__........
30. Yavatmal Airport Limited ~'\\fl?J...~s2'~
31. Osmanabad Airport Limited 1(1::;:~r "\~~]
32. Reliance Defence and Aerospace Private Limited (Strike off w.e.f. 26-06 ~~4)1\11111\/loA, t;,; I
33. Reliance Defence Technologies Private Limited (Strike off w.e.f. 22-01-21 IG,?~l - 4 J *
34. Reliance SED Limited '«i',p,~ ..,,-,<,W
1 10 /

Continuation sheet...
 CHATURVEDI SHAHLLP
Chartered Accountants

Sr. No. Name of the Company

35. Reliance Propulsion Systems Limited
36. Reliance Defence System and Tech Limited
37. Reliance Defence Infrastructure Limited
38. Reliance Helicopters Limited
39. Reliance Land Systems Limited
40. Reliance Naval Systems Limited
41. Reliance Unmanned Systems Limited
42. Reliance Aerostructure Limited
43. Reliance Aero Systems Private Limited (Strike off w.e.f. 27-07-2024)
44. Dassault Reliance Aerospace Limited
45. Jai Armaments Limited
46. Jai Ammunition Limited
47. Reliance Velocity Limited
48. Thales Reliance Defence Systems Limited
49. Tamil Nadu Industries Captive Power Company Limited
50. Reliance Global Limited
51. Neom Smart Technology Private Limited
52. Reliance Unlimit Private Limited (w.e.f. 31-05-2024)
53. Reliance Jai Auto Private Limited (w.e.f. 03-06-2024)
54. Reliance Jai Private Limited (w.e.f. 31-05-2024)
55. Reliance Risee Private Limited (w.e.f. 03-06-2024)
56. Reliance EV Private Limited (w.e.f. 06-06-2024)
57. Reliance Jai Properties Private Limited (w.e.f. 12-08-2024)
58. Reliance Jai Realty Private Limited (w.e.f. 12-08-2024)
59. Reliance E-Generation and Management Private Limited (Strike off w.e.f. 01-07-2024)
60. Reliance Smart Cities Limited (Strike off w.e.f. 15-07-2024)
61. Reliance Property Developers Private Limited (Strike off w.e.f. 15-07-2024)
62. Reliance Cement Corporation Private Limited (Strike off w.e.f.27-07-2024)
63. Reliance Clean EV Private Limited (w.e.f. 20-11-2024)
64. Reliance Perfect EV Private Limited (w.e.f. 28-11-2024)
65. Reliance Pure EV Private Limited (w.e.f. 29-11-2024)
66. Reliance EV Go Private Limited (w.e.f. 05-12-2024)

A. Associates

Sr. No. Name of the Company

1. Reliance Power Limited
2. Metro One Operations Private Limited
Reliance Neo Energies Private Limited (Formerly known as Reliance Geo
3.
Thermal Power Private Limited) •
4. RPL Photon Private Limited (Strike off w.e.f. 26-06-2024)
5. RPL Sun Technique Private Limited (Strike off w.e.f. 26-06-2024)
6. RPL Sun Power Private Limited (Strike off w.e.f. 26-06-2024)
7. Gullfoss Enterprises Private Limited
8. Reliance Enterprises Private Limited (w.e.f. 01-10-2024)

Continuation sheet...
 B. Joint Venture

Sr. No. Name of the Company

1. Utility Powertech Limited

7. Based on the review conducted and procedures performed as stated in paragraph 5 above and
based on the consideration of the review reports of other auditors referred to in paragraph 14
below, because of the substantive nature and significance of the matter described in paragraph
4 above, we are unable to provide our basis of our conclusion, as to whether the accompanying
Statement of unaudited consolidated financial results prepared in accordance with the
recognition and measurement principles laid down in the aforesaid Indian Accounting Standards
(Ind AS) and other accounting principles generally accepted in India, has not disclosed the
information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 as amended, including the manner in which it
is to be disclosed, or that it contains any material misstatement.

8. We draw attention to Note 10, 12 and 17 to the Statement in respect of:

a. Mumbai Metro One Private Limited (MMOPL) whose net worth has been eroded and, as at
the December 31, 2024 has an overdue obligation payable to lenders and MMOPL's current
liabilities exceeded its current assets. These events or conditions, along with other matters
as set forth in Note lO(a) to the statement, indicate that an uncertainty exists that may cast
significant doubt on MMOPL's ability to continue as a going concern. However, the
unaudited financial results of MMOPL have been prepared on a going concern basis for the
reasons stated in the said Note.

b. GF Toll Road Private Limited (GFTR), which indicates that the company has continuously
incurred losses resulting in inability of GFTR to pay its debt on due dates, the lenders have
classified GFTR as a Non-Performing Asset (NPA). As stated in the note lO(b) of the
Statement, NCLT has appointed Interim Resolution Profession (IRP) of GFTR for the
commencement of Corporate Insolvency Resolution Process (CIRP) of GFTR. As per the
Auditors of GFTR, preparing the Unaudited Financial Statements on Going Concern basis
required reconsideration.

c. TK Toll Road Private Limited (TKTR), which indicates that TKTR has continuously incurred
losses and as on date the current liabilities exceed the current assets, the lenders have
classified Tl<TR as a Non-Performing Asset (NPA). These conditions along with other matters
set forth in Note lO(c) to the statement, indicate that an uncertainty exists that may cast
significant doubt on Tl<TR's ability to continue as a going concern. However, the unaudited
financial results of ,:nR have been prepared on a Going Concern basis for the reaspns stated
in the said Note.

d. TD Toll Road Private Limited (TDTR), which indicates that TDTR has continuously incurred
losses and as on date the current liabilities exceed the current assets and the company has
been referred under Insolvency and Bankruptcy Code (IBC), 2016. These conditio I
with other matters set forth in Note lO(d) to the statement, indicate that an
exists that may cast significant doubt on TDTR's ability to continue as a goi
However, the unaudited financial results of TDTR have been prepared on a Goi
basis for the reasons stated in the said Note. -....;;::::::-:::::::;::;_,.__,-,-,, _

Continuation sheet...
 CHATURVEDI SHAHLLP
Chartered Accountants

e. HK Toll Road Private Limited (HKTR), which indicates that HKTR has continuously incurred
losses and as on date the accumulated losses exceed the networth. These conditions along
with other matters set forth in Note l0(e) to the statement, indicate that an uncertainty
exists that may cast significant doubt on HKTR's ability to continue as a going concern.
However, the unaudited financial results of HKTR have been prepared on a Going Concern
basis for the reasons stated in the said Note.

f. JR Toll Road Private Limited (JRTR), which indicates that JRTR has invoked Arbitration against
NHAI on March 11, 2023, for resolution of disputes relating to termination of concession
agreement and other legitimate claims under concession agreement and has continuously
incurred losses and as on date the current liabilities exceed the current assets. These
conditions along with other matters set forth in Note 12 to the statement, indicate that an
uncertainty exists that may cast significant doubt on JRTR's ability to continue as a going
concern. However, the unaudited financial results of JRTR have been prepared on a Going
Concern basis for the reasons stated in the said Note.

g. KM Toll Road Private Limited (KMTR), has terminated the Concession Agreement with
National Highways Authority of India (NHAI) for Kandla Mundra Road Project (Project) on
May 7, 2019, and accordingly the business operations of the Company post termination date
has ceased to continue. These conditions along with the other matters set forth in Note 17
indicate that an uncertainty exists that may cast significant doubt on KMTR's ability to
continue as a goi'hg concern. However, the unaudited financial results of KMTR have been
prepared on a Going Concern basis for the reasons stated in the said Note.

h. Additionally the auditors of certain subsidiaries have highlighted uncertainties related to

going concern/emphasis of matter paragraph in their respective review reports.

As stated in paragraphs a to h above in respect of the subsidiaries of the Holding Company, the
consequential impact of these events or conditions as set forth in Note lO(f) to the Statement,
indicate that a material uncertainty exists that may cast significant doubt on the Group's ability,
to continue as a going concern. However, for the reasons more fully described in the aforesaid
note the unaudited consolidated financial results of the Group have been prepared on a Going
Concern basis.

Our Conclusion is not modified in respect of the above matters.

9. We draw attention to Note 16, to the statement wherein Vidarbha Industries Power Limited
(VIPL) ceased to be a subsidiary w.e.f. September 17, 2024, of Reliance Power Limited an
Associate of the Holding ~ompany, pursuant to invocation of pledged shares by the !,enders,
consequently, all voting rights in respect of the shares of VIPL have been solely exercised by
them along with takeover of the management and control of VIPL. Accordingly, VIPL has been
deconsolidated and the impact on deconsolidation has been shown as an exceptional item in
the consolidated financial results of Reliance Power Limited. Our conclusion on the statement is
not modified in respect of the above matters.

10. We draw attention to Note 13 to the statement with regard to Delhi Electricity
Commission (DERC) Tariff Order received by BSES Rajdhani Power Limited (BRPL)
Yamuna Power Limited (BYPL) (Delhi Discoms), subsidiaries of the Holding Compan
Delhi Discoms has preferred appeals before Hon'ble Appellate Tribunal for Electricit

Continuation sheet...
 CHATURVEDI SHAHLLP
Chartered Accountants

against disallowances by Delhi Electricity Regulatory Commission ("DERC") in various tariff

orders. As stated in note, the Delhi Discoms has, treated such amount as they ought to be
treated as in terms of accepted regulatory frame work in the carrying value of Regulatory
Deferral Account Balance as at September 30, 2024. DERC, on July 19, 2024, vide its True up
Order for FY 2020-21 has trued up the revenue gap upto March 31, 2021. The Delhi Discoms are
reviewing the said order and as done in past, will take legal opinion and decide on contesting
the same with appropriate authority, if required. Pending such assessment, the impact of the
said true up order on the carrying value of Regulatory Assets as at December 31, 2024 has not
been considered. Our conclusion on the Statement is not modified in respect of this matter.

11. We draw attention to Note 14 and 15 to the statement with regards to contingent liability in
respect to Late Payment Surcharge (LPSC) and outstanding balances payable to Delhi State
utilities and timely recovery of accumulated regulatory deferral account balance by Delhi
Discoms in respect of which the matter is pending before Hon'ble Supreme Court. Our
Conclusion on the Statement is not modified in respect of this matter.

12. We draw attention to Note 18 to the Statement with respect to outstanding obligation of
Shanghai Electric Group Co Ltd (SEC) as more fully described in the aforesaid note. Based on
management's assessment, adequate provision has been made for the same. Our Conclusion on
the Statement is not modified in respect of this matter.

13. We draw attention to Note 21 to the Statement, regarding the exceptional item aggregating to
Rs. (3070.87) crore (net) and Rs. 585.37 crore (net) for the quarter and nine months ended
December 31, 2024. Our Conclusion on the Statement is not modified in respect of above
matter.

14. (i) We did not review the financial information of 53 subsidiaries included in the unaudited
consolidated financial results, whose financial information reflect total revenue of Rs.
5,033.99 Crore and Rs. 19,513.04 Crore, net profit/(loss) after tax of Rs. (28.48) Crore and
Rs. 104.85 Crore and total comprehensive income/(loss) of Rs. (28.49) Crore and Rs. 104.72
Crore for the quarter and nine months ended December 31, 2024 respectively as
considered in the unaudited consolidated financial results. The unaudited consolidated
financial results also include the Group's share of net profit/(loss) after tax of Rs. 9.72
Crore and Rs. 654.23 Crore and total comprehensive income/(loss) of Rs. 8.93 Crore and Rs.
653.26 Crore for the quarter and nine months ended December 31, 2024 respectively as
considered in the unaudited consolidated financial results, in respect of 2 associates,
whose financial information has not been reviewed by us. These financial information have
been reviewed by other auditors whose reports have been furnished to us by the
Management and our conclusion on the Statement, in so far it relates to amounts and
disclosures included in r.espect of these subsidiaries and associates, is solely based ori the
reports of the other auditors and the procedures performed by us as stated in paragraph 5
above. Our Conclusion on the Statement is not modified in respect of this matter.

(ii) The unaudited consolidated financial results include financial information of 5 subsidiaries
which have not been reviewed by their auditors, whose financial information r
revenue of Rs. 64.24 Crore and of Rs. 183.15 Crore, net profit/(loss) after tax
Crore and of Rs. 54.06 Crore and total comprehensive income/(loss) of Rs. 38.
of Rs. 54.06 Crore for the quarter and nine months ended December 31, 2024
as considered in the unaudited consolidated financial results. The unaudited
financial results also include the Group's share of net profit/ (loss) after ta

Continuation sheet...
 CHATURVEDI SHAHLLP
Chartered Accountants

Crore and of Rs. 2.80 Crore and total comprehensive income/(loss) of Rs. 3.21 Crore and of
Rs. 2.84 Crore for the quarter and nine months ended December 31, 2024, as considered
in the unaudited consolidated financial results, in respect of 3 associates and 1 Joint
Venture whose financial information has not been reviewed by their auditors. These
unaudited financial information have been furnished to us by the management and our
conclusion on the Statement in so far it relates to the amounts and disclosures included in
respect of these subsidiaries and associates is based solely on such unaudited financial
information. According to the information and explanation given to us by the management,
these unaudited financial information are not material to the Group. Our Conclusion on the
Statement is not modified in respect of this matter.

For Chaturvedi & Shah LLP

Chartered Accountants
Firm's Registration No:101720W/W100355

= ~~
Parag D. Mehta
Partner
Membership No: 113904

UDIN: 25113904BMMLVY93

Date: February 14, 2025

Place: Mumbai

Continuation sheet...
 ReLl/4\.Nce
Reliance Infrastructure Limited
Registered Office: Reliance Centre, Ground Floor, 19 Walchand Hirachand Marg, Ballard Estate, Mumbai 400 001
Tel: +91 22 43031000 Fax +912243034662 Email: rinfra.investor@relianceada.com
website: www.rinfra.com GIN L75100MH1929PLC001530
Statement of Unaudited Consolidated Financial Results for the Quarter and Nine Months Ended December 31, 2024
Rs In Crore
Quarter Ended Nine Months Ended Year Ended
Sr. 31-Dec-24 30-Sep-24 31-Dec-23 31-Dec-24 31-Dec-23 31-Mar-24
Particulars
No.
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Income from Operations 5,032.55 7,258.49 4,637.84 19,483.87 17,380.90 22,066.86
2 Other Income (Net) 96,52 87.47 79.25 247.37 355.00 452.34
Total Income 5 129.07 7 345.96 4 717.09 19 731.24 17 735.90 22 519.20
3 Expenses
(a) Cost of Power Purchased 2,854.43 4,327.44 2,919.52 11,927.94 11,919.28 14,928.14
(b) Cost of Materials Consumed 58.69 26.51 22.75 111,85 53,61 69.81
(c) Construction Material Consumed and Sub-Contracting Charges 46.54 60.06 68.44 145.26 330.83 439.70
(d) Employee Benefit Expenses 298.43 303.07 286.41 882.60 852.50 1,114.22
(e) Finance Costs 467.54 472.28 577.64 1,409.72 1,758.36 2,310.07
(f) Late Payment Surcharge 432.93 424.14 406,06 1,273.12 1,212.34 1,623.33
(g) Depreciation / Amortization and Impairment Expenses 358,59 355.14 378,52 1,061.48 1,136.29 1,502.75
(h) Other Expenses 446,08 481.74 409,37 1 400.94 1 278.55 1 840.55
Total Expenses 4 963.23 6 450.38 5 068.71 18 212.91 18 541.76 23 828.57
4 Profit/ (Loss) before Rate Regulated Activities, Exceptional Items
165.84 895.58 (351.62) 1,518.33 (805.86) (1,309.37)
and Tax (1+2-3)
5 Regulatory Income/ (Expenses) (net of deferred tax) (289.55) (1 024.37) 220.42 (1,849.12) 416.37 715.10
6 Profit/ (Loss) before Exceptional Items and Tax (4+5) (123.71) (128.79) (131.20) (330.79) (389.49) (594.27)
7 Exceptional items (net) (Refer Note 21) /3 070,87) 3 656.24 124.63 585.37 /230.25) (10.30)
8 Profit/ (Loss) before tax (6+7) (3,194.58) 3,527.45 (6.57) 254.58 (619.74) (604.57)
9 Tax Expenses
(a) Current Tax 0.47 2.65 15.95 4.00 19.17 18.93
(b) Deferred Tax (net) 4.32 (2.14) 7.21 (7.52) 9.36 28.96
(c) Tax adjustments for Earlier Years (net) (007) (0.27) (8.15) (0.34) (8.14) (6.90)
Total Tax Expenses 4.72 0.24 15.01 (3.86) 20.39 40.99
10 Profit/ (Loss) before Share in associates and joint venture (8-9) (3,199.30) 3,527.21 (21.58) 258.44 (640.13) (645.56)
11 Share of net Profit/ (Loss) of associates and Joint venture 12.97 667.42 (279.40) 657.03 (410.22) (502.42)
12 Non Controlling Interest 112.02 112.10 120.19 365.03 337.73 460.68
13 Net Profit/ (Loss) for the period / year (10+11-12) 13,298.35) 4,082.53 1421.17) 550.44 11,388.08) (1,608.661

14 Other Comprehensive Income (OCI)

a Items that will not be reclassified to Profit and Loss
Remeasurement of net defined benefit plans : Gains/ (Loss) (0,16) 1.36 1.57 2.11 4.74 7.92
Net movement in Regulatory Deferral Account balances related to OCI 0.15 (1.16) (1.47) (2.17) (4.36) (4.66)
Income tax relating to the above (0.03) . (0.07) (0.03) (0.21) (1.32)
b Items that will be reclassified to Profit and Loss
Foreign Currency translation loss (0,77) (0.13) 0.01 (0.97) 0.57 1.01
Other Comprehensive income, net of taxes (0.81) 0.07 0.04 (1.06) 0.74 2.95
15 Total Comprehensive lncome/(Loss) for the period/year 13 187.141 4194.70 1300.941 914.41 11 049.611 11145.03'
16 Profit/ (Loss) attributable to :
(a) Owners of the Parent (3,298.35) 4,082.53 (421.17) 550.44 (1,388.08) (1,608.66)
(b) Non Controlling Interest 112.02 112.10 120.19 365.03 337.73 460.68
/3 186,33\ 4 194.63 1300.98\ 915.47 (1 050,35) (1 147.98)
17 Other Comprehensive lncome/(Loss) attributable to :
(a) Owners of the Parent (0.81) 0.10 0.12 (1.00) 0,96 3.46
(b) Non Controlling Interest . /0.03) /0.08) /0.06) 10.22) 10.51)
10.81) 0.07 0.04 (1,061 0.74 2.95
18 Total Comprehensive lncome/(Loss) attributable to :
(a) Owners of the Parent (3,299.16) 4,082.63 (421.05) 549.44 (1,387.12) (1,605.20)
(b) Non Controlling Interest 112.02 112.07 120.11 364.97 337.51 460.17
/3 187.14) 4 194.70 /300.94' 914.41 (1 049.61) /1 145.04)
19 Paid up equity Share Capital (Face Value of Rs 10/- each) 396.17 396.17 396.17 396.17 396,17 396.17
20 Other Equity 8,351.06
21 Earnings Per Equity Share (in Rs.) (face value of Rs. 10 each)
(not annualised for the quarter/Nine Months Ended)
(a) - Basic (83.26) 103.06 (10.09) 13.90 (37.43) (42.66)
(b) - Basic (before regulatory activities) (75,95) 128.92 (15.56) 60.57 (48.66) (61.62)
(c) - Basic (before Exceptional Items) (5.74) 10.76 (13.97) (0,88) (31.22) (42.38)
(d)- Diluted (83.26) 103.06 (10.09) 12.93 (37.43) (42.66)
(e) - Diluted (before regulatory activities) (75.95) 128.92 (15.56) 56.36 (48.66) (61.62)
(f) - Diluted (before Exceptional Items) (5,74) 10.76 (13.97) (0.88) (31,22) (42.38)
 R0LIANCe

Reliance Infrastructure Limited

Registered Office: Reliance Centre, Ground Floor, 19 Walchand Hirachand Marg, Ballard Estate, Mumbai 400 001
Tel: +912243031000 Fax +91 22 43034662 Email: rinfra.investor@relianceada.com
website: www.rinfra.com GIN L75100MH1929PLC001530

Unaudited Consolidated Segment information for the Quarter and Nine Months Ended December 31, 2024
Rs. in Crore

Sr. Particulars Quarter Ended Nine Months Ended Year Ended

No.
31-Dec-24 30-Sep-24 31-Dec-23 31-Dec-24 31-Dec-23 31-Mar-24

Unaudited Unaudited Unaudited Unaudited Unaudited Audited

1 Segment Revenue
- Power Business 4,275.20 5,775.58 4,331.53 16,278.07 16,157.32 20,660.19
- Engineering and Construction Business 53.73 61.61 50.72 146.45 316.66 424.68
- Infrastructure Business 414.07 396.93 476.01 1,210.23 1,323.29 1,697.09
Total 4,743.00 6,234.12 4,858.26 17,634.75 17,797.27 22,781.96
Less: Inter Segment Revenue
Income from Operations 4,743.00 6,234.12 4,858.26 17,634.75 17,797.27 22,781.96
[ Including Regulatory Income/ (Expense)]

2 Segment Results
Profit/ (Loss) before Interest, Tax, Share in Associates,
Joint Venture and Non Controlling Interest from each
seament:
- Power Business 782.89 765.52 767.11 2,339.11 2,292.90 3,005.86
- Engineering and Construction Business 2.77 10.81 19.88 12.01 (19.80) (2.85)
- Infrastructure Business 50.40 (4.92) 48.08 56.84 263.87 318.76

Total 836.06 771.41 835.07 2,407.96 2,536.97 3,321.77

- Finance Costs (467.54) (472.28) (577.64) (1,409.72) (1,758.36) (2,310.07)
- Late Payment Surcharge (432.93) (424.14) (406.06) (1,273.12) (1,212.34) (1,623.33)
- Interest Income 71.31 56.13 55.13 163.87 148.89 195.85
- Exceptional Item (3,070.87) 3,656.24 124.63 585.37 (230.25) (10.30)
- Other un-allocable Income net of expenditure (130.61) (59.91) (37.70) (219.78) (104.65) (178.49)

Profit/ (Loss) before Tax , (3,194.58) 3,527.45 (6.57) 254.58 (619.74) (604.57)

3 Segment Assets
Power Business 32,536.54 33,454.14 34,199.00 32,536.54 34,903.41 34,283.05
Engineering and Construction Business 3,339.60 3,368.70 4,534.91 3,339.60 4,875.56 3,483.79
Infrastructure Business 9,735.50 9,802.29 11,685.08 9,735.50 11,786.68 10,542.73
Unallocated Assets 11,871.29 12,263.49 9,223.09 11,871.29 9,586.66 9,563.41
57,482.93 58,888.62 59,642.08 57,482.93 61,152.31 57,872.98
Non Current Assets held for sale 1,350.79 1,335.13 1,294.95 1,350.79 1,294.95 1,307.91
Total Assets 58,833.72 60,223.75 60,937.03 58,833.72 62,447.26 59,180.89

4 Segment Liabilities
Power Business 21,641.63 22,077.59 21,468.32 21,641.63 21,468.32 21,686.17
Engineering and Construction Business 2,335.89 2,445.72 3,286.76 2,335.89 3,286.76 2,215.56
Infrastructure Business 4,587.68 4,547.28 4,771.78 4,587.68 4,771.78 3,779.12
Unallocated Liabilities 18,701.87 17,046.45 20,835.11 18,701.87 22,352.97 21,269.40
47,267.07 46,117.04 50,361.97 47,267.07 51,879.83 48,950.26
Liabilities relating to assets held for sale 1,526.42 1,510.75 1,470.22 1,526.42 1,470.22 1,483.35
Total Liabilities 48,793.49 47,627.79 51,832.19 48,793.49 53,350.05 50,433.62
 1. The Consolidated Financial Results of Reliance Infrastructure Limited ("the Holding Company"), its
subsidiaries (together referred to as the Group), its associates and its joint venture for the quarter and
nine months ended December 31, 2024 have been prepared in accordance with Indian Accounting
Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with Rule
3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting
Standards) (Amendment) Rules, 2016.

2. During the period, (a) Reliance Unlimit Private Limited, Reliance Jai Private Limited, Reliance Risee
Private Limited, Reliance Jai Auto Private Limited, Reliance EV Private Limited, Reliance Jai Realty
Private Limited, Reliance Jai Properties Private Limited, Reliance Clean EV Private Limited, Reliance
Perfect EV Private Limited, Reliance Pure EV Private Limited, Reliance EV Go Private Limited, Reliance
Cleantech Mobility Private Limited, Reliance Lo VE Private Limited, Reliance Renewable Constructors
Private Limited, Reliance Green Innovation Private Limited, Reliance GreenTech Mobility Private
Limited, Reliance MoEVing Private Limited, , Reliance Zetta Solar Private Limited, Reliance Zetta
SolarTech Private Limited, and Reliance Green Glide Private Limited have become a subsidiary of the
holding company w.e.f. May 31, 2024, May 31, 2024, June 3, 2024, June 3, 2024, June 6, 2024, August 12,
2024, August 12, 2024, November 20, 2024, November 28, 2024, November 29, 2024, December 5, 2024,
January 7, 2025, January 7, 2025, January 7, 2025, January 7, 2025, January 10, 2025, January 10, 2025,
January 20, 2025, January 20, 2025 and January 21, 2025 respectively and Reliance Enterprises Private
Limited have become an associate of the holding company w.e.f. October 01, 2024 (b) Reliance Defence
and Aerospace Private Limited, Reliance Cruise and Terminals Limited, Reliance E-Generation and
Management Private Limited, Reliance Smart Cities Limited, Reliance Property Developers Private
Limited, Reliance Cement Corporation Private Limited, Reliance Aero Systems Private Limited and
Reliance Defence Technologies Private Limited, subsidiaries of the Holding Company, have been struck
off w.e.f. June 26, 2024, June 29, 2024, July 1, 2024, July 15, 2024, July 15, 2024, July 27, 2014, July 27, 2024
and January 22, 2025 respectively (c) W.e.f. June 26, 2024. RPL Photon Private Limited, RPL Sun
Technique Private Limited and RPL Sun Power Private Limited, associates of the holding company have
been struck off. (d) W.e.f. September 17, 2024 Vidarbha Industries Power Limited, a wholly owned
subsidiary of Reliance Power Limited cease to be subsidiary.

3. During the period, J.C. Flowers Asset Reconstruction Private Limited (JCF ARC) has assigned its debts
due from the Holding Company to Invent Assets Securitisation & Reconstruction Private Limited
(Invent ARC). Invent ARC has recovered all its dues through enforcement of its rights on certain
charged securities and transferred of the same thereof.

4. Subsequent to December 31, 2024;

a. the Holding Company had settled its balance outstanding fund-based exposure of Rs 24.25 crore
with Canara Bank.

b. the holders of Series -20E Non-Convertible Debentures (NCDs) have accepted the Holding
Company's proposal for settlement of the existing dues and extinguishment of Debentures.

5. During the period, the Holding Company has settled and repaid its entire obligations with respect to the
following Listed Non-Convertible Debentures of Rs. 600 crore issued and held by Life Insurance
Corporation of India (LIC), as per One Time Settlement (OTS) letter dated July 30, 2024 and Rs. 385 crore
issued to ECL Finance Limited, and held by Edelweiss Assets Reconstruction Company Limited, as per
One Time Settlement (OTS) letter dated September 13, 2024.

6. Consequent to approval from members on October 19, 2024, the Holding Company has allotted 12.56
crore warrants, convertible into equivalent number of equity shares of Rs. 10 each of the Holding
Company at a price of Rs. 240 per warrant (including a premium of Rs. 230 per warrant) (with flexibility
to issue either all securities as equity shares or as warrants or any combination thereof) of the Holding
Company to a promoter group company and two other non promoter entities, through
allotment, in terms of Securities and Exchange Board of India (SEBI) (IS.§JJ.e__of Capital a
Requirements) Regulations, 2018. : ~<{ur_fi;~~,
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7. Reliance Power Limited (Associate) on October 23, 2024, has allotted 18.31 crore warrants convertible
into equivalent number of equity shares of Reliance Power Limited to the Holding Company through
preferential issue by conversion of its existing debt. Post conversion of warrants, the holding may
increase to ~ 24.88 %.

8. The Holding Company in its Board Meeting dated October 1, 2024, has approved issue of Foreign
Currency Convertible Bonds (FCCBs) upto U.S.$ 350 million(~ INR 2,997) crore ultra-low cost coupon
of 5% per annum, unsecured, 10 year long tenure Foreign Currency Convertible Bonds (FCCBs), on
private placement basis to VFSI Holdings Pte. Limited or any affiliate of Yarde Investment Partners LP.

9. The Holding Company in its Board Meeting dated October 1, 2024 has approved an Employees Stock
Option Scheme (ESOS), which will be administered by the Nomination and Remuneration Committee
(NRC), designated as the Compensation Committee of the Holding Company. Under this scheme
2,60,00,000 options will be granted to or for the benefit of the employees who are in the employment of
the Holding company or group company(ies), its Subsidiaries and its associate (present and future, if
any) across all cadres in accordance with the Securities and Exchange Board of India (Share Based
Employees Benefits and Sweat Equity) Regulations, 2021.

10. In case of certain subsidiaries and associates, which have continued to prepare its financial results on a
'Going Concern' basis and related disclosures have been made in their separate financial results for the
quarter and nine months ended December 31, 2024.The details thereof together with the reasons for
preparation of the respective financial results on 'Going Concern' basis are summarised below:

a) Mumbai Metro One Private Limited (MMOPL) is a subsidiary of the Holding Company. Its net
worth has eroded and its current liabilities have exceeded its current assets .. MMOPL is taking a
number of steps to improve its overall commercial viability which will result in improvement in its
cash flows and will enable it to meet its financial obligations. MMOPL has shown year-on-year
growth in passenger traffic and its revenue has been sufficient to recover its operating costs. Further,
its EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) is positive and is
expected to increase with growing ridership over its remaining long concession period of
approximately 20 years.

MMOPL has defaulted on its loan repayments. The Rupee Term Loan Lenders have assigned their
debts to National Asset Reconstruction Company Limited (NARCL) as per intimation received from
Canara Bank (the lead bank) vide letter dated December 27, 2024. The Company is in discussion with
NARCL for restructuring of its assigned debt.

Further, MMOPL had filed various claims against Mumbai Metropolitan Region Development
Authority (MMRDA) on account of damages incurred due to delays by MMRDA in handing over of
unencumbered Right of Way and land, and additional cost incurred due to various changes in design
to accommodate project encumbrances and MMRDA had invoked two arbitrations against MMOPL
under the Concession Agreement and the other under the Shareholders Agreement. By Awards
dated August 29, 2023, the Arbitral Tribunal directed MMRDA to pay a sum of Rs. 992 crore along
with further interest to MMOPL and directed MMOPL to pay a sum of Rs. 103 crore to MMRDA.

The Holding Company will endeavour to provide necessary support to enable MMOPL to operate
as a going concern. Notwithstanding the dependence on above uncertain timelines and events,
MMOPL continues to prepare its financial results on a 'Going Concern' basis.

b) GF Toll Road Private Limited (GFTR) a wholly owned subsidiary of the Holding Company has
defaulted on its loan repayments. Two of its lenders have filed petitions u/ s 7 of the Insolvency and
Bankruptcy Code, 2016 against the GFTR before the National Company Law Tribunal ("NCLT"),
Mumbai for initiation of Corporate Insolvency Resolution Process ("CIRP"). CIRP of GFTR has been
commenced by the order of NCLT, Mumbai on October 23, 2024, wherein Hon1ble NCLT has
appointed the Interim Resolution Professional (IRP) ..
 Earlier GFTR has invoked arbih'ation, wherein claiming certain damages/ compensation against
Haryana Public Works Department (HPWD), leading to a favourable arbitral award dated October
17, 2022 of Rs. 149.45 crore (principal amount) and pre-award and post-award interest, which was
later corrected on January 17, 2023 for additional award in relation to revision of toll fee rates to be
affected from August 19, 2017. The award will improve the financial position of GFTR.

Subsequently, HPWD has filed a Section 34 petition for setting aside the said award and to object
GFTR Section 36 petition i.e. execution of the said award. Both the matters are pending before the
Hon'ble Dish'ict and Session Court, Chandigarh and kept for hearing on February 15, 2025.

As on December 31, 2024 the amount recoverable under award including interest stands at Rs. 460.76
crore.

Notwithstanding the dependence on above said material uncertain events, GFTR continues to
prepare the financial result on a going concern basis

c) The current liabilities of TK Toll Road Private Limited (TKTR), a wholly owned subsidiary of the
Holding Company, exceed its current assets. TKTR is taking various steps which will result in
improvement in its cash flows and will enable it to meet its financial obligations. The revenue of
TKTR has been sufficient to recover its operating costs. Further, its EBITDA (Earnings before Interest,
Tax, Depreciation and Amortization) is positive and is expected to increase with growing h'affic over
its remaining long concession period extending up to financial year 2038.The current debt servicing
issues are on account of mismatch in cash flows vis-a-vis debt servicing requirements.

During the year 2022, TKTR had succeeded in arbih'ation against National Highway Authority of
India (NHAI) leading to a favourable arbih'al award of Rs. 588.31 crore (principal amount) and pre-
award and post-award interest, which will further improve the financial position. Proceeding have
been initiated by NHAI under section 34 of the A&C Act to challenge the Award. TKTR has also
filed a petition for execution of the Award. Both matters are pending before Hon'ble Delhi High
Court (DHC). As on December 31, 2024 the total Awarded Amount was Rs. 1,541.01 crore including
interest.

Hon'ble DHC vide order dated August 09, 2023 directed NHAI to deposit 50% of award amount
along with interest within four weeks and the balance 50% in four week thereafter and the same was
permitted to be withdrawn by TKTR against Bank Guarantee (BG). NHAI approached the Supreme
Court against the aforesaid order, and the Supreme Court modified the order on September 27, 2023
directing deposit of 25 % of the awarded amounts by NHAI and submission of a BG for the remaining
75% before the DHC. NHAI deposited Rs. 282.24 crore and a BG of Rs. 847.83 crore with the Regish'y
of DHC, which released the sum of Rs. 282.24 crore in favour of TKTR, against a BG of equivalent
amount, on December 30, 2023. The amount withdrawn by TKTR was utilised to repay its
borrowings.

Notwithstanding the dependence on above said uncertain events, TKTR continues to prepare its
financial results on a 'Going Concern' basis.

d) The Current Liabilities of TD Toll Road Private Limited (TDTR), a wholly owned subsidiary of the
Holding Company, exceed its current assets. TDTR -had been taking various steps which will result
in improvement in its cash flows and enable it to meet its financial obligations. The revenue of TDTR
has been sufficient to recover its operating costs. Further, its EBITDA is positive and is expected to
increase with growing h'affic over its remaining long concession period extending upto financial
year 2038. The current debt servicing issues are on account of mismatch in cash flows vis-a-vis its
debt servicing requirements.

DTR has succeeded in arbih'ation against NHAI and is in receipt of two arbih'al awards,
need in the financial year 2018, aggregating to a sum of around Rs. 158.45 Crore
he interest at the rate of 12 % per annum will continue to accrue till the final realisation
amount thereby sh'engthening its financial position. ,.. · "·'=.::c.~-•.
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 Meanwhile, TDTR was referred to the CIRP by NCLT Mumbai in November 2019. After an
unsuccessful challenge to the said order of NCLT Mumbai before NCLAT, one of the directors on
the suspended Board of TDTR filed an appeal before Hon'ble Supreme Court against the order of
NCLAT. Hon'ble Supreme Court stayed the proceedings pending before the NCLT Mumbai on
January 03, 2022.

The Holding Company filed an impleadment application before the Supreme Court, pursuant to
which the OTS proposal of the Holding Company was permitted to be considered by the Lenders.
All the Lenders accepted the said OTS proposal which was noted by the Supreme Court in its
procedural order dated July 16, 2024.

The Holding Company deposited partial OTS amount with the lead lender. On December 09, 2024,
the Supreme Court dismissed the Appeal, directing the parties to approach NCLT Mumbai for
further steps. Consequently, the Holding Company is in talks with the Lenders for effecting the OTS
with due approval of NCLT Mumbai, in accordance with law.

Notwithstanding the dependence on above said uncertain events, TDTR continues to prepare its
financial results on a 'Going Concern' basis.

e) HK Toll Road Private Limited (HKTR), a wholly owned subsidiary of the Holding Company, has
negative net worth as on December 31, 2024. HKTR has shown year-on-year growth in traffic and its
revenue is sufficient to recover its operating costs. Further, its EBITDA (Earnings before Interest,
Tax, Depreciation and Amortization) is expected positive considering growing traffic over its
remaining long concession period.

On May 27, 2023, HKTR had submitted its response against a notice of intention to terminate (IOT
Notice) the Concession Agreement (CA) issued by NHAI vide letter dated May 12, 2023. NHAI later
issued a Termination Notice on January 22, 2024. On January 23, 2024 HKTR filed petition under
Section 9 of the Arbitration & Reconciliation Act, 1996 before Hon'ble Delhi High Court (DHC) for
stay on the Termination Notice. DHC vide its order dated January 25, 2024 disposed off the Petition
and directed to treat the petition as an application u/s. 17 of the Arbitration and Conciliation Act.
The Arbitral Tribunal pronounced its order on the section 17 application on August 08, 2024,
directing that the Termination Notice be kept in abeyance till the final adjudication of disputes
between the parties and NHAI to deposit the toll collections from January 22, 2024 onwards till the
date of handover of the Project to HKTR. NHAI has failed to comply with the order and has
challenged the same before the Delhi High Court (DHC) on August 12, 2024. DHC heard the matter
on February 03, 2025 and reserved the order for pronouncement of the Judgement.

Notwithstanding the dependence on above said uncertain events, HKTR continues to prepare its
financial results on a 'Going Concern' basis.

f) Notwithstanding the dependence on these material uncertain events (timing perspective) including
achievement of debt resolution and restructuring of loans, time bound monetisation of assets as well
as favourable and timely outcome of various arbitral awards and claims and receipt of proceeds from
various regulatory assets, the Group is confident that such cash flows would enable it to service its
debt, realise its assets and discharge its liabilities, including devolvement of any guarantees/ support
to certain entities including the subsidiaries in the normal course of its business. During the period
the Holding Company has repaid all its obligations payable to its external secured lenders including
debenture holders except Rs. 538.19 crore outstanding as on December 31, 2024. Additionally, in the
previous year, the Holding Company had settled majority of its obligations related to corporate
guarantees and repaid its substantial secured borrowings including interest thereon to its lenders.
The Holding Company remains confident of meeting balance obligations through receipt of proceeds
from the issue of warrants, time bound monetisation of its assets and various regulatory assets,
arbitral awards and claims.
11. In case of PS Toll Road Private Limited (PSTR), a wholly owned subsidiary of the Holding Company,
NHAI issued Suspension Notice on May 25, 2023 suspending the right of the Concessionaire to collect
User Fee. PSTR filed an application u/s 17 of A&C Act before the Arbitral Tribunal challenging the
impugned Suspension Notice. The Tribunal granted a conditional stay in favour of PSTR, against the
suspension. Thereafter, PSTR's Section 17 application was heard and orders passed on March 07, 2024
keeping the suspension notice in abeyance subject to certain conditions. NHAI challenged the order
before the Delhi High Court. PSTR filed another section 17 application on December 20, 2024, seeking
stay on NHAI's Cure Period Notice dated October 25, 2024 among other things. The Arbitral Tribunal
has partly heard PSTR's application in January, 2025 and will next hear it in February 17, 2025.
Meanwhile, in the main arbitration, cross-examination of witnesses is on, after which final arguments
will be heard.

12. JR Toll Road Private Limited (JRTR), a wholly owned subsidiary, has been awarded the Concession on
Build, Operate, and Transfer (BOT) basis for, Jaipur Reengus section of National Highway No. 11 in the
state of Rajasthan. NHAI had terminated the Concession Agreement w.e.f. December 15, 2022 alleging
defaults related to certain contractual obligations. In December 2022, JRTR filed a petition u/ s 9 of the
Arbitration and Conciliation Act, 1996 against NHAI before Hon'ble Delhi High Court (DHC) for
interim protection on account of the wrongful termination, which was dismissed by DHC vide order
dated May 19, 2023. However, JRTR invoked arbitration against NHAI on March 11, 2023, for resolution
of disputes relating to termination of Concession Agreement (CA) and other legitimate claims under
CA. JRTR has submitted a claim of Rs. 864 crore which will adequately cover the entire investment.
Presently, the cross examination of JRTR' s witnesses is on, after which, arguments will be heard. The
next hearings are scheduled on several dates between February - April 2025.

Notwithstanding the dependence on above said uncertain events, JRTR continues to prepare its
financial results on a 'Going Concern' basis.

13. Delhi Electricity Regulatory Commission (DERC) while truing up revenue gap upto March 31, 2021 vide
its various Orders from September29, 2015 to July 19, 2024 has made certain disallowances, for two
subsidiaries of the Holding Company, namely, BSES Rajdhani Power Limited (BRPL) and BSES Yamuna
Power Limited (BYPL) (collectively referred to as "Delhi Discoms"). Delhi Discoms have filed appeals
against these Orders before Hon'ble Appellate Tribunal for Electricity (APTEL). Based on legal opinion,
the impacts of such disallowances, which are subject matter of appeal, have not been considered in the
computation of regulatory assets for the respective years.

Hon'ble SC by Order dated December 01, 2021 read with Order dated December 15,2022 and Order
dated October 18,2022 has settled long pending matters and directed DERC to comply with the
directions contained therein. On May 14, 2023 and July 10, 2023, DERC issued Orders in compliance to
the directions in the SC Orders, however did not implement the directions in letter and spirit. Delhi
Discoms have challenged the non-compliance of Hon'ble SC Orders by DERC in the Contempt Petitions
and Miscellaneous Applications pending before Hon'ble SC.

On July 19, 2024, DERC has issued the True-up Order for FY 2020-21 for Delhi Discoms, wherein it has
partially implemented the SC Orders. Delhi Discoms are reviewing the said True-up order and as done
in the past, will take legal opinion. Pending such assessment, the impact of the said True-up Order on
the carrying value of Regulatory Assets as at December 31, 2024 has not been considered.

This matter has been referred to by Delhi Discoms auditors in their limited review report as an Emphasis
of Matter.

14. On February 01, 2014, Delhi Discoms had received notice from power utilities for Regulation
(Suspension) of Power Supply due to delays in power purchase payments. The Delhi Disc
Petitions in the Hon'ble SC praying for keeping the regulation notice in abeyance, g
direction to DERC to provide cost reflective tariff and to provide appropriate-ID •
the dues owed by the Delhi Discoms to power suppliern from the •mr~• e

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 Discoms. The Delhi Discoms had also submitted that DERC has not implemented the judgements of
APTEL in favour of the Company as DERC has preferred an appeal against the APTEL orders. In the
Interim Order dated March 26, 2014 & May 06, 2014, Hon'ble SC directed the Delhi Discoms to pay their
current dues.

On May 12, 2016, Hon'ble SC by an Order passed in the Contempt Petitions filed by Delhi Power
Utilities directed the Delhi Discoms to pay 70% of the current dues to them till further orders. Fresh
Contempt Petitions have been filed by Delhi Power Utilities in November 2016 alleging non-compliance
of Hon'ble SC Orders regarding payment of current dues. Hon'ble SC on the request of the Delhi
Discoms directed that, all connected matters be tagged with the Writ Petition and Contempt petitions.

Delhi Discoms have also filed Interim Applications (IA) in the Writ Petition on September 26, 2022
pursuant to several communications from Government of National Capital Territory of Delhi
(GoNCTD) and Delhi Power Utilities inter-alia threatening regulation of supply, in case dues are not
paid. Hon'ble SC by Order dated September 28, 2022 directed the parties to maintain status quo until
further orders. The Writ Petitions along with connected matters are listed for hearing on February 20,
2025. This matter has been referred to by Delhi Discoms auditors in their audit report as an Emphasis
of Matter.

15. Due to financial constraints not attributable to and beyond the reasonable control of Delhi Discoms,
which have arisen primarily due to under-recovery of actual expenses incurred by the Delhi Discoms
through the tariff approved by DERC, Delhi Discoms could not service their dues towards various
Power Generators/Transmission Companies (Power Utilities) within the timelines provided under the
applicable Regulations of Central Electricity Regulatory Commission (CERC) or DERC/ terms of Power
Purchase Agreements (PPA)/Bulk Power Transmission Agreements (BPT A).
On account of such delay in payments, these Power Utilities may be entitled to raise a claim of Late
Payment Surcharge (LPSC) on Delhi Discoms under applicable Regulations of CERC/DERC, and/or
provisions of PPA/BPT A, Ministry of Power (MoP) advisory and/ or MoP Rules (including Electricity
(Late Payment Surcharge and related matters) Rules, 2022 [though not strictly applicable due to subject
dues not being covered by the definition of 'outstanding dues' in the Rules]). Delhi Discoms have
recognised LPSC as per the applicable Regulations of CERC/DERC as the case may be, terms of
PPAs/BPTAs,/ other applicable laws, Electricity (Late Payment Surcharge and Related Matters) Rules,
2022 (though not strictly applicable due to subject dues not being covered by the definition of
'outstanding dues' in the Rules)/Orders/ Advisory issued by MoP from time to time, the
orders/judgements of Hon'ble SC and the pending petitions in relation thereto before various fora and
reconciliation/ agreed terms with Power Utilities, as the case may be.

However, computation of LPSC involves a number of interpretational issues and propositions due to
which there is difference of Rs. 12,128.08 crore, as on December 31, 2024, in the amount of LPSC
recognized by Delhi Discoms in their books of account versus LPSC that is being claimed by some of
the Generators/Transmission Companies. Delhi Discoms have recognized the LPSC liability on a
prudent and conservative basis by evaluating all background facts as stated above and on the basis of
accounting principle that the fair value of the financial liability should be estimated at the amount
probable (i.e. more likely than not) to settle the same. The exact obligation arises from past events whose
existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future
events, not wholly within the control of the Delhi Discoms. In April, 2024, Delhi Power Utilities have
filed Petitions before DERC inter-alia seeking adjudication of disputes with Delhi Discoms with respect
to accounting of LPSC and re-casting of their books of accounts by recognizing LPSC in terms of the ___
applicable DERC Tariff Regulations. The matter is currently sub-judice. Delhi discoms have filed t ~ lif7? 1r,
replies and further Generators/Transmission Companies have filed their rejoinder thereto. Nex~cd)li:Jo-
of hearing is awaited. /;
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In terms of its prayers in the Writ Petitions, BSES discoms had submitted its proposal for offsettin' ';'t;p :x>
dues of Delhi Utilities with the Regulatory Asset of Delhi discoms in the proceedings before the Hon'bkJ.2!.:_1~,z,
SC on September 18, 2024. The GoNCTD by its Affidavit dated January 6, 2025 has submitted ~ S -
proposal is still under consideration. The matter is next listed for consideration on February ~lzs:-::...--..t-11--
!;ir \<;-
This matter has been referred by Delhi Disco ms auditors in their audit report as an Emphas it5/:tvWl\tJ.:t,I.IBAI )-O*
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 16. On September 17, 2024, lenders of Vidarbha Industries Power Limited (VIPL) Subsidiary of Associate
Company Reliance Power Limited enforced a pledge on 100% of the equity shares of VIPL, thereby
taking over management control, consequently, VIPL ceased to be a subsidiary of the Reliance Power
Limited. Accordingly, a gain of Rs. 3,230.42 Crore has been recognized as an exceptional item in the
consolidated financial results of Reliance Power Limited for the period ended December 31, 2024.

17. KM Toll Road Private Limited (KMTR), a subsidiary of the Holding Company, has terminated the
Concession Agreement with National Highways Authority of India (NHAI) for Kandla-Mundra Road
Project (Project) on May 7, 2019, on account of Material Breach and Event of Default under the
provisions of the Concession Agreement (Agreement) by NHAI. In terms of the provisions of the
Agreement, NHAI was liable to pay termination payment to KMTR, as the termination was on account
of NHAI' s Event of Default. Further, KMTR has also raised claims towards damages for the breaches
by NHAI and has invoked dispute resolution process under clause 44 of the Agreement. Subsequently
on August 24, 2020 NHAI had released Rs.181.21 crore towards termination payment, which was
utilized toward debt servicing by KMTR.

Further, KMTR has invoked arbitration and filed its statement of claims / Affidavits of Evidence before
Arbitral Tribunal claiming additional termination payment of Rs. 900.04 crore and claims of Rs. 1,179.59
crore, which will increase with passage of time on account of interest accrual. Presently, cross
examination of witnesses is on after which, final arguments will be heard. The next hearings are on
February 27 and 28, 2025.

As KMTR has defaulted on its loan repayments, one of its lender has filed a petition u/ s 7 of the
Insolvency and Bankruptcy Code, 2016 against the Company before NCLT Mumbai for initiation of
Corporate Insolvency Resolution Process. Also, an Operational Creditor has filed a petition u/ s 9 of
Insolvency and Bankruptcy Code, 2016 against the Company before NCLT Mumbai for initiation of
Corporate Insolvency Resolution Process on account of non-payment of alleged dues owed.

Notwithstanding the dependence on the above uncertain events, KMTR continues to prepare its
financial results on a "Going Concern" basis. Accordingly, investments in the KMTR are classified as
Non-Current Assets held for sale as per Ind AS 105, "Non-Current Assets Held for Sale and
Discontinued Operations".

18. On March 6, 2024, Hon'ble DHC has allowed the appeal filed against the Holding Company by
Shanghai Electric Group Co Ltd (SEC) against the judgement of Single Judge of Hon'ble DHC
dismissing its petition under Section 9 of A & C Act. The appeal proceedings initiated by the Holding
Company before the Court of Appeal, Republic of Singapore, in proceedings against the award of
December 2022 for a sum of U.S.$146 million (~INR 1,250 crore), and interest thereon, was taken up for
hearing and dismissed. The detailed Judgement will be passed in due course. In addition to above, on
November 15, 2024, the Singapore International Arbitration Centre ("SIAC") arbitral tribunal awarded
for sum of U.S.$ 6.84 million (~INR 59 crnre) and interest thereon, in favour of SEC, in another
arbitration matter. The Holding Company is currently contesting proceedings initiated by SEC. The
Holding Company has made adequate provision and does not expect any additional liabilities against
the same.

19. The Holding Company had extended support to an independent EPC company, which has been
engaged in undertaking contracts and works, for large number of varied infrastructure projects which
were proposed and/ or under development by the Holding Company, its subsidiaries and associates,
by way of project advances, inter corporate deposits and subscription to debentures for general
corporate purposes. The total exposure of the Holding Company as on December 31, 2024 is Rs Nil (net
of provision of Rs 726 crore and earlier provision of Rs 3,972.17 crore written-off, during the quarter).
The Holding Company has also provided corporate guarantees aggregating to Rs 1,216 crore on behalf
of the EPC Company and corporate guarantees of Rs. 285 crore on behalf of another company towards
their borrowings, as a matter of prudence, which are fully provided for during the quarter.

~r--•1
During the previous year, the Holding Company has initiated pre-institution mediation pr
terms of Section 12 A of the Commercial Court's Act 2015 read with the provisions of th
~~ t 2023, before the Main Mediation Centre, Bombay High Court against the EPC C
of its dues. In terms of such proceedings, the Parties arrived at a Consent Terms

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 Agreement between the Holding Company and the EPC Company ansmg under Mediation
Application No. 181/2023 before the Mediation Centre, Hon'ble Bombay High Court, in terms whereof
a Consent Terms was entered into on February 08, 2025 under the provisions of the Mediation Act,
2023, having the legal effect of a court decree and such Settlement Agreement enforceable as a decree
passed by the court ("Decree").

Pursuant to the Consent Terms/ Settlement Agreement, the entire dues of the EPC Company of Rs
6,503.13 crore and dispute in regards the same stands fully settled by payment, assignment/ transfer
of the assets/ economic interest in assets for Rs 5,777.13 crore, at fair value, based on valuation carried
out by IBBI registered independent valuers and fairness opinion on the same from a Merchant Banker
and the balance amount of Rs 726 crore being Decreed Amount which is converted to a secured loan
and which is provided for as a matter of prudence

Pursuant to the Consent Terms, as part of the assignment, the EPC Company has;

a. Assigned its receivables pertaining to Arbitration Awards and Claims of certain road SPVs of
the Holding Company, at a fair value of Rs. 896.29 crore. Considering the contingent nature of
the same, the Holding Company has as a matter of prudence provided for the same.
b. Assigned entire economic rights of its shareholding in Western Electricity Supply Company of
Odisha Limited, North Eastern Electricity Supply Company of Odisha Limited and Southern
Electricity Supply Company of Odisha Limited, ("collectively referred as Odisha Discoms") at
an aggregate value of Rs. 4,593.10 crore;
c. Assigned of entire economic rights in shares and securities in certain unlisted entities at an
aggregate value of Rs. 155.01 crore;
d. Assigned / transferred Loans & Advances and Trade Receivables and cash aggregating to Rs.
132.62 crore;
e. The amount of Rs. 726 crore, being Decreed Amount stands converted to a secured loan, which
is provided for as a matter of prudence.

20. On June 24, 2024 National Highways Authority of India (NHAI) has terminated the EPC Contract
Agreement entered with the Holding Company for 4- laning of Vikrawandi - Sethiyathope section
(from Km 0.0 to Km 65.96) of NH-45C in Tamil Nadu.

21. Exceptional items for the quarter includes, Gain of Rs 46.54 crore on vendor settlement., Recovery of Rs
37.53 crore from Settlement of Corporate Guarantee given, Reversal of Provision for Expected Credit
Loss of Rs. 3,972.17 crore against Inter Corporate Deposits given and interest thereon and the same has
been Written Off., Reversal of Provision for Disputed Liabilities of Rs. 160 crore, Provision for
impairment of Rs. 726 crore against Decreed amount, Provision for impairment of Rs. 896.29 crore
against Assignment of Arbitration Award & Claims under Mediation , Provision of Rs. 1,570.48 crore
against possible obligation towards corporate guarantees given, Provision for Disputed Liabilities of Rs.
110 crore and Payment towards Settlement of Corporate Guarantee of Rs 50 crore, Reversal of Interest
accrued of Rs. 7.99 crore on Inter Corporate Deposits given and Rs. 45.82 Crore on account of gain on
account of adjustment of Transfer Pricing. In addition to above, Exceptional items for the period ended
December 31 ,2024 includes (a) One of the lenders to the Company had enforced charge on identified
securities carried at Nil value and had transferred all rights on the same and the proceeds from the same
were appropriated against outstanding liabilities including settlement of certain debt of Rs. 3,575.27
crore including gain on settlement of debts (b) Income of Rs. 80.97 crore on account of arbitration claim
received.

22. The listed non-convertible debentures of Rs. 425 crore as on December 31, 2024 are secured by way of
first pari-passu charge on certain fixed assets of the Holding Company, with shortfall in security cover.

23. The Group operates in three segments, namely, Power, Engineering and Construction (E&C) and
Infrastructure. Power segment comprises of generation, transmission and distribution of power at
various locations. E&C segment renders comprehensive, value added services in construe •
and commissioning and Infrastructure includes businesses with respect to development, o
maintenance of toll roads, metro rail transit systems and airports.

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 24. (a) The figures for the previous periods and for the year ended March 31, 2024 have been regrouped
and rearranged to make them comparable with those of current period.

(b) The figures for the previous periods/year includes figures of Delhi Airport Metro Express Private
Limited (DAMEPL), a subsidiary of the Holding Company, which has been excluded from consolidated
financial statement of the Holding Company w.e.f. March 31, 2024 and therefore to that extent not
strictly comparable to that of current period figures.

25. The Consolidated unaudited financial results of the Group for the quarter and Nine months ended
December 31, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors
at its meeting held on February 14, 2025.

26. Key standalone financial information is given below:

(Rs. in crore)
Quarter Ended Nine Months Ended Year Ended
Particulars
31-Dec-24 30-Sep-24 31-Dec-23 31-Dec-24 31-Dec-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Total Operating Income 53.73 61.61 62.95 146.45 316.66 424.68
Profit/ (Loss) before Tax (3,202.43) 2,081.85 (166.31) (1,326.87) (867.01) (1,937.86)
Total Comprehensive Income/ (Loss) (3,202.58) 2,084.82 (158.49) (1,324.27) (859.33) (1,930.35)

For and on behalf of the Board of Directors

Place: Mumbai Punit Garg

Date: February 14, 2025 Executive Director nd Chief Executive Officer
 CHATURVEDI ~SHAH LLP
Chartered Accountants

Independent Auditors' Review Report on the Quarterly and Year to Date Unaudited Standalone
Financial Results of Reliance Infrastructure Limited pursuant to the Regulation 33 and 52 read with
Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended

Review Report to,

The Board of Directors,
Reliance Infrastructure Limited

1. We were engaged to review the accompanying statement of unaudited standalone financial

results of Reliance Infrastructure Limited ('the Company'), which includes joint operations, for
the quarter and nine months ended December 31, 2024 ('the Statement') attached herewith,
being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation
52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended (the "Listing Regulations").

2. This Statement is the responsibility of the Company's Management and has been approved by
the Board of Directors in their meeting held on February 14, 2025, has been prepared in
accordance with the recognition and measurement principles laid down in Indian Accounting
Standards 34, (IND AS 34) "Interim Financial Reporting" prescribed under section 133 of the
Companies Act, 2013 as amended, ("the Act") read with relevant rules issued thereunder and
other accounting principles generally accepted in India and in compliance with Regulation 33
and 52 read with Regulation 63(2) of the Listing Regulations.

3. Our responsibility is to express a conclusion on the Statement based on our review. However,
because of the matters described in paragraph 4 and 5 below, we were not able to obtain
sufficient appropriate evidence to provide a basis of our conclusion on this Statement.

4. We refer to Note 14 to the Statement as regards the mediation concluded before the Main
Mediation Centre, Hon'ble Bombay High Court, whereby the dispute of the Company with EPC
company stands fully settled, pursuant to which the Company's exposure to EPC company as on
December 31, 2024, stands reduced to Rs. NIL and the corporate guarantees towards general
corporate purpose given on behalf of EPC Company and another company which are fully
provided, more particularly described in said note.

Head Office: 912, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400 021, India. Tel.: +91 22 4163 8500 • Fax: +91 22 4163 8595
URL: www.cas.ind.in
5. We refer to Note 18 to the Statement regarding disclosure of Net Worth, wherein the loss on
invocation of shares and/or fair valuation of shares held as investments in Reliance Power Limited
(Reliance Power) aggregating to Rs.5,024.88 Crore for the year ended March 31, 2020 was
adjusted against the capital reserve instead of charging the same in the Statement of Profit and
Loss. The said treatment of loss on invocation and fair valuation of investments was not in
accordance with the Ind AS 28 "Investments in Associates and Joint Ventures", Ind AS 1
"Presentation of Financial Statements" and Ind AS 109 "Financial Instruments". Had the Company
followed the above Ind AS's Net Worth of the Company would have been lower by Rs. 5,024.88
Crore as at December 31, 2024, September 30, 2024, March 31, 2024 and December 31, 2023.

6. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent
Auditor of the Entity' issued by the Institute of Chartered Accountants of India. This Standard
requires that we plan and perform the review to obtain moderate assurance as to whether the
Statement is free of material misstatement. A review of interim financial information consist of
making inquiries, primarily of the personnel responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an
audit conducted in accordance with Standards on Auditing specified under section 143(10) of the
Companies Act, 2013 and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.

7. The Statement includes the financial information of the following Joint Operations

Sr. No. Name of the Joint Operations

1. Rinfra & Construction Association lnterbudmntazh JT Stock Co. Ukraine (JV)
2. Rinfra -Astaldi Joint Venture
3. Coal Bed Methane(Block - SP(N) - CBM - 2005 Ill)

8. Based on the review conducted and procedures performed as stated in paragraph 6 above and
based on the consideration of the review reports of other auditors referred to in paragraph 14
below, because of the substantive nature and significance of the matter described in paragraph 4
and 5 above, we are unable to provide our basis of our conclusion, as to whether the
accompanying Statement of unaudited standalone financial results prepared in accordance with
applicable Accounting Sta_ndards i.e. Indian Accounting Standards ('Ind AS') prescribed under
Section 133 of the Act read with relevant rules issued thereunder and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed in terms of
Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended, including the manner in which it is to
be disclosed, or that it contains any material misstatement.

9. We draw attention to Note 4 to the Statement, the net worth of the Company has been
substantially eroded, the Company has outstanding obligations payable to its lenders and the
Company is also a guarantor for certain entities including its subsidiaries whose loan
fallen due which indicate that uncertainty exists that may cast significant do
Company's ability to continue as a going concern. However, for the reasons more full
in the aforesaid note, the unaudited standalone financial results of the Company

-
ACC

Continuation sheet...
 (J
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CHATURVEDI ~ SHAH LLP

Chartered Accountants
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I
prepared on a Going Concern basis. Our conclusion on the Statement is not modified in respect of
~
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this matter.

10. We draw attention to Note 10 and 11 to the Statement which describes the impairment
assessment performed by the Company in respect of net exposure of Rs. 1,670.45 crore in five
subsidiaries i.e. Toll Road SPV's Companies in accordance with Ind AS 36 "Impairment of
assets 11 /lnd AS 109 "Financial Instruments". This assessment involves significant management
judgment and estimates on the valuation methodology and various assumptions used by
independent Valuation experts/management as more fully described in the aforesaid note. Based
on management's assessment and independent valuation report, no impairment is considered
necessary on the receivables by the management. Our Conclusion on the Statement is not
modified in respect of this matter.

11. We draw attention to Note 12 to the Statement which describes the impairment assessment
performed by the Company in respect of net exposure of Rs. 1,533.96 crore in Mumbai Metro
One Private Limited {"MMOPL11 ) in accordance with Ind AS 36 "Impairment of assets 11 /lnd AS 109
"Financial Instruments". This assessment involves significant management judgment and
estimates on the valuation methodology and various assumptions used by management as more
fully described in the aforesaid note. Based on management's assessment, no impairment is
considered necessary on the receivables by the management. Our Conclusion on the Statement is
not modified in respect of this matter.

12. We draw attention to Note 13 to the Statement with respect to outstanding obligation of
Shanghai Electric Group Co Ltd {SEC) as more fully described in the aforesaid note. Based on
management's assessment, adequate provision has been made for the same. Our Conclusion on
the Statement is not modified in respect of th is matter

13. We draw attention to Note 17 to the standalone financial results, regarding the exceptional item
aggregating to Rs. 3,108.19 crore (net) and Rs. 860.10 crore (net), for the quarter and nine
months ended December 31, 2024. Our Conclusion on the Statement is not modified in respect of
above matter.

14. i) We did not review the financial information of 2 Joint Operations included in the Statement,
whose financial information reflect total revenues of Rs. 0.39 Crore and Rs. 13.19 Crore, total net
profit/(loss) after tax of Rs. (0.27) Crore and Rs. (0.09) Crore, total comprehensive income/(loss)
of Rs. (0.27) Crore and Rs. (0.09) Crore for the quarter and nine months ended December 31,
2024 respectively as considered in this Statement. These financial information have been
reviewed by other auditors whose reports have been furnished to us by the Management and our
conclusion on the Statement, in so far it relates to amounts and disclosures included in respect of
these joint operations, is solely based on the reports of the other auditors and the procedures
performed by us as stated in paragraph·6 above. Our Conclusion on the Statement is not
modified in respect of this matter.

Continuation sheet...
 H
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CHATURVEDI SHAH LLP !j
Chartered Account~mts ij
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in so far it relates to the amounts and disclosures is based solely on such unaudited financial ~
~
information. According to the information and explanation given to us by the management,
these financial information are not material to the Company. Our Conclusion on the Statement is I
not modified in respect of this matter.

For Chaturvedi & Shah LLP

Chartered Accountants
Firm's Registration No: 101720W/W100355

Parag D. Mehta
Partner
Membership No:113904

UDIN: 25113904BMMLVX38

Date: February 14, 2025

Place: Mumbai

Continuation sheet...
' ReL.1¾\NCe ·

RELIANCE INFRASTRUCTURE LIMITED

Registered Office: Reliance Center, Ground Floor, 19, Walchand Hiranchand Marg, Ballard Estate, Mumbai 400 001

Tel: +91 22 43031000 Fax +91 22 43034662 Email: rinfra.investor@relianceada.com

website:www.rinfra.com GIN : L75100MH1929PLC001530

Statement of Unaudited Standalone Financial Results for the Quarter and Nine Months Ended December 31, 2024
( Rs in crore)
Sr. Particulars
No. Quarter Ended Nine Months Ended Year Ended

31-Dec-24 30-Sep-24 31-Dec-23 31-Dec-24 31-Dec-23 31-Mar-24

Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Income from Operations 53.73 61.61 62.95 146.45 316.66 424.68

2 Other Income (Net) 12.40 27.11 50.30 64.74 273.14 323.43

Total Income 66.13 88.72 113.25 211.19 589.80 748.11

3 Expenses

(a) Construction Materials Consumed

44.08 51.22 57.18 119.68 307.58 399.81
and Sub-contracting Charges

(b) Employee Benefits Expense 17.53 21.28 15.46 57.01 59.09 74.59

(c) Finance Costs 51.25 128.11 167.99 353.01 544.74 738.27

(d) Depreciation/Amortisation Expense 3.68 3.17 3.05 10.04 12.93 15.78

(e) Other Expenses 43.83 51.18 35.88 138.22 177.59 343.61

Total Expenses 160.37 254.96 279.56 677.96 1,101.93 1,572.06

4 Loss before Exceptional Items and Tax (1 +2-3) (94.24) (166.24) (166.31) (466.77) (512.13) (823.95)

5 Exceptional Items (Net) (Refer Note 17) (3,108.19) 2,248.09 (860.10) (354.88) (1,113.91)

6 Net Profit,'. (Loss) Before Tax (4+5) (3,202.43) 2,081.85 (166.31) (1,326.87) (867.01) (1,937.86)

7 Tax Expenses

- Current Tax 0.15 0.75 0.15 0.89

- Tax adjustment for earlier years (Net) (2.97) (8.57) (2.97) (8.57) (7.61)

0.15 (2.97) (7.82) (2.82) (7.68) (7.61)

8 Net Profit/ (Loss) for the period/year (6-7) (3,202.58) 2,084.82 (158.49) (1,324.05) (859.33) (1,930.25)

9 Other Comprehensive Income

Items that will not be reclassified to Profit and Loss

Remeasurement of net defined benefit plans - gain/(loss) (0.22) (0.10)

(0.22) (0.10)

10 Total Comprehensive Income/ (Loss) for the period/ year ended (8+9) (3,202.58) 2,084.82 (158.49) (1,324.27) (859.33) (1,930.35)

11 Paid-up Equity Share Capital

396.17 396.17 396.17 396.17 396.17 396.17
(Face value of Rs 1o per share)

12 Other Equity 5,911.10

Earnings Per Share (Face value of Rs 1o per share)

13
(not annualised for Quarter/ Nine Months ended)
- Basic and Diluted- Before Exceptional Item (2.38) (4.12) (4.27) (11.71) (13.60) (21.65)
- Basic and Diluted- After Exceptional Item 80.85 52.63 4.27 51.19
 Notes:

1. The Standalone Financial Results of Reliance Infrastructure Limited ("the Company") for the
quarter and nine months ended December 31, 2024 have been prepared in accordance with
Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013
('the Act') read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and
the Companies (Indian Accounting Standards) (Amendment) Rules, 2016.

2. During the period, J.C. Flowers Asset Reconstruction Private Limited (JCF ARC) has assigned
its debts due from the Company to Invent Assets Securitisation & Reconstruction Private
Limited (Invent ARC). Invent ARC has recovered all its dues through enforcement of its rights
on certain charged securities and transferred of the same thereof.

3. During the period, the Company has settled and repaid its entire obligations with respect to the
followings Listed Non-Convertible Debentures of Rs.600 crore issued to and held by Life
Insurance Corporation of India (LIC), as per One Time Settlement (OTS) letter dated July 30,
2024 and Rs.385 crore issued to ECL Finance Limited, and held by Edelweiss Assets
Reconstruction Company Limited, as per One Time Settlement (OTS) letter dated September
13, 2024.

4. During the period, the Company has repaid all its obligations payable to its external secured
lenders including debenture holders except Rs. 538.19 crore outstanding as on December 31,
2024. Additionally, in the previous year, the Company had settled majority of its obligations
related to corporate guarantees and repaid its substantial secured borrowings including interest
thereon to its lenders. The Company remains confident of meeting its balance obligations
through receipt of proceeds from the issue of warrants, time bound monetisation of its assets
and various regulatory assets, arbitral awards and claims. Accordingly, the Company continues
to prepare its Standalone Financial Results on a 'Going Concern' basis.

5. Subsequent to December 31, 2024;

a. The Company had settled its balance outstanding fund-based exposure of Rs 24.25 crore with
Canara Bank.
b. The holders of Series -20E Non-Convertible Debentures (NCDs) have accepted the
Company's proposal for settlement of the existing dues and extinguishment of Debentures.

6. Consequent to approval from members on October 19, 2024, the Company has allotted 12.56
crore warrants, convertible into equivalent number of equity shares of Rs 10 each of the
Company at a price of Rs 240 per warrant (including a premium of Rs 230 per warrant) (with
flexibility to issue either all securities as equity shares or as warrants or any combination
thereof) of the Company to a promoter group company and two other non-promoters entities,
through preferential allotment, in terms of Securities and Exchange Board of India (SEBI) (Issue
of Capital and Disclosure Requirements) Regulations, 2018.

7. Reliance Power Limited (Reliance Power) on October 23, 2024, has allotted 18.31 crore warrants
convertible into equivalent number of equity shares of Reliance Power to the Company through
preferential issue by conversion of its existing debt. Post conversion of warrants, the Company's
holding in Reliance Power may increase to~ 24.88%.
 8. • The Company in its Board Meeting dated October 1, 2024, has approved issue of Foreign
Currency Convertible Bonds (FCCBs) upto U.S.$ 350 million (~INR 2,997 crore), ultra-low-cost
coupon of 5% per annum, unsecured, 10-year long tenure Foreign Currency Convertible Bonds
(FCCBs), on private placement basis to VFSI Holdings Pte Limited or any affiliate of Varde
Investment Partners LP.

9. The Company in its Board Meeting dated October 1, 2024 has approved an Employees Stock
Option Scheme (ESOS), which will be administered by the Nomination and Remuneration
Committee (NRC), designated as the Compensation Committee of the Company. Under this
Scheme 2,60,00,000 options will be granted to or for the benefit of the employees who are in the
employment of the Company or group company(ies), its subsidiaries and its associates (present
and future, if any) across all cadres in accordance with the Securities and Exchange Board of
India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

10. As on December 31, 2024 the Company has net exposure aggregating to Rs 1,670.45 crore in its
five subsidiaries (road SPVs), including exposure to HK Toll Road Private Limited as on
December 31, 2024. The management has performed an impairment assessment of these
investments, through valuation of the business of these subsidiaries carried out by independent
external valuation expert. The determination of the fair value involves judgement and estimates
in relation to various assumptions including growth rates, discount rates, terminal value etc.
Based on this exercise, the Company is positive of recovering its entire investments in the said
road SPVs. Accordingly, no further impairment is considered during the quarter.

11. HK Toll Road Private Limited (HKTR), a wholly owned subsidiary, has been awarded the
Concession on Build, Operate, and Transfer (BOT) basis, for six laning of Hosur-Krishnagiri
section of National Highway No. 7 (Km 33.130 to Km 93.000) in the state of Tamil Nadu under
the Concession Agreement (CA) dated July 2, 2010. As on December 31, 2024, the Company's
total exposure to HKTR stands at Rs. 345.04 crore, comprising of investments in equity share,
subordinated debt and receivables.

NHAI issued a Termination Notice on January 22, 2024 terminating the CA forthwith. On
January 23, 2024 HKTR filed a petition under Section 9 of the Arbitration & Reconciliation Act,
1996 before Hon'ble Delhi High Court (DHC) for stay on the Termination Notice. DHC vide its
order dated January 25, 2024 disposed off the Petition and directed that the petition be treated
as an application under Section 17 of the Arbitration and Conciliation Act. The Arbitral Tribunal
vide order dated August 08, 2024 directed that the Termination Notice dated January 22, 2024
be kept in abeyance till the final adjudication of disputes between the parties and NHAI was
directed to deposit the toll collections from January 22, 2024 onward till the date of handover of
the Project to HKTR. The Order dated August 8, 2024 has not been complied by NHAI. NHAI
has on August 12, 2024 filed a petition before the DHC under Section 37 of the Arbitration &
Conciliation Act, 1996 challenging the said Arbitral Tribunal's order. DHC heard the matter on
several dates and reserved the matter for judgment on February 03, 2025. Judgment is awaited.
As regards the proceedings before the Arbitral Tribunal, the matter is next listed on February,
17 2025. Accordingly, no impairment of exposure has been considered by the Company.

12. As on December 31, 2024 the Company has exposure of Rs 1533.96 crore in Mumbai Metro One
Private Limited (MMOPL), a subsidiary of the Company. The Company has performed an
impairment assessment against the said exposures. The determination of the rec .·
of investments involves significant management judgement and estimates
assumptions. Based on this exercise, the Company is positive of r
investments for the said company. Accordingly, no imp • bSli)
considered by the Company.
13. On March 6, 2024, Hon'ble DHC has allowed the appeal filed against the Company by Shanghai
Electric Group Co Ltd (SEC) against the judgement of Single Judge of Hon 1ble DHC dismissing
its petition under Section 9 of A & C Act. The appeal proceedings initiated by the Company
before the Court of Appeal, Republic of Singapore, in proceedings against the award of
December 2022 for a sum of U.S.$ 146 million (~ INR 1250 crore) and interest thereon, was taken
up for hearing and dismissed. The detailed Judgement will be passed in due course. In addition
to above, on November 15, 2024, the Singapore International Arbitration Centre ("SIAC")
arbitral tribunal awarded for sum of U.S.$ 6.84 million (~INR 59 crore) and interest thereon, in
favour of SEC, in another arbitration matter. The Company is currently contesting proceedings
initiated by SEC. The Company has made adequate provision and does not expect any
additional liabilities against the same.

14. The Company had extended support to an independent EPC company, which has been engaged
in undertaking contracts and works, for large number of varied infrastructure projects which
were proposed and/ or under development by the Company, its subsidiaries and associates, by
way of project advances, inter corporate deposits and subscription to debentures for general
corporate purposes. The total exposure of the Company as on December 31, 2024 is Rs Nil (net
of provision of Rs 726 crore and earlier provision of Rs 3,972.17 crore written-off, during the
quarter). The Company has also provided corporate guarantees aggregating to Rs 1,216 crore
on behalf of the EPC Company and corporate guarantees of Rs. 285 crore on behalf of another
company towards their borrowings, as a matter of prudence, which are fully provided for
during the quarter.

During the previous year, the Company has initiated pre-institution mediation proceedings in
terms of Section 12 A of the Commercial Court1s Act 2015 read with the provisions of the
Mediation Act, 2023, before the Main Mediation Centre, Bombay High Court against the EPC
Company for recovery of its dues. In terms of such proceedings, the Parties arrived at a Consent
Terms/Settlement Agreement between the Company and the EPC Company arising under
Mediation Application No. 181/2023 before the Mediation Centre, Hon'ble Bombay High
Court, in terms whereof a Consent Terms was entered into on February 08, 2025 under the
provisions of the Mediation Act, 2023, having the legal effect of a court decree and such
Settlement Agreement enforceable as a decree passed by the court ("Decree").

Pursuant to the Consent Terms/ Settlement Agreement, the entire dues of the EPC Company of
Rs 6,503.13 crore and dispute in regards the same stands fully settled by payment, assignment/
transfer of the assets/ economic interest in assets for Rs 5,777.13 crore, at fair value, based on
valuation carried out by IBBI registered independent valuers and fairness opinion on the same
from a Merchant Banker and the balance amount of Rs 726 crore being Decreed Amount which
is converted to a secured loan and which is provided for as a matter of prudence.

Pursuant to the Consent Terms, as part of the assignment, the EPC Company has;

a. Assigned its receivables pertaining to Arbitration Awards and Claims of certain road SPVs
of the Company, at a fair value of Rs. 896.29 crore. Considering the contingent nature of the
same, the Company has as a matter of prudence provided for the same.
b. Assigned entire economic rights of its shareholding in Western Electricity Supply Com any
of Odisha Limited, North Eastern Electricity Supply Company of Odisha
Southern Electricity Supply Company of Odisha Limited, (" collectively refe
Discoms") at an aggregate value of Rs. 4,593.10 crore;
c. Assigned of entire economic rights in shares and securities • 1~:Bliste
aggregate value of Rs. 155.01 crore;

~~
 d. Assigned/ transferred Loans & Advances and Trade Receivables and cash aggregating to
Rs. 132.62 crore;
e. The amount of Rs. 726 crore, being Decreed Amount stands converted to a secured loan,
which is provided for as a matter of prudence.

15. The listed non-convertible debentures of Rs. 425 crore as on December 31, 2024 are secured by
way of first pari-passu charge on certain fixed assets, with shortfall in security cover.

16. On June 24, 2024, National Highways Authority of India (NHAI) has terminated the EPC
Contract Agreement entered with the Company for the four laning of Vikrawandi - Sethiyathope
section (from Km 0.0 to Km 65.96) of NH-45C in Tamil Nadu.

17. Exceptional Items for the quarter includes, Gain of Rs 46.54 crore on vendor settlement, Recovery
of Rs 37.53 crore from Settlement of Corporate Guarantee given, Reversal of Impairment
Provision of Rs 8.50 crore against investment in NK Toll Road Private Limited, Reversal of
Provision for Expected Credit Loss of Rs. 3,972.17 crore against Inter Corporate Deposits given
and interest thereon and the same has been Written Off., Reversal of Provision for Disputed
Liabilities of Rs.160 crore, Reversal of Provision of Rs. 20 crore for Financial Obligation, Provision
for impairment of Rs 20 crore against investment in JR Toll Road Private Limited, Provision for
impairment of Rs. 726 crore against Decreed amount, Provision for impairment of Rs. 896.29 crore
against Assignment of Arbitration Award & Claims under Mediation, Provision of Rs. 1,570.48
crore against possible obligation towards corporate guarantees given, Provision for Disputed
Liabilities of Rs. 110 crore and Payment towards Settlement of Corporate Guarantee of Rs 50 crore
and Reversal of Interest accrued of 7.99 crore on Inter Corporate Deposits given. In addition to
above, Exceptional Items for the period ended December 31, 2024 includes, (a) Impairment
Provision of Rs. 626.65 crore against Investments in PS Toll Road Private Limited, Rs. 349.80 crore
against exposure to GF Toll Road Private Limited, Rs. 259.97 crore against exposure to SU Toll
Road Private Limited, and Rs.171.74 crore against exposure to NK Toll Road Limited,
subsidiaries of the Company (b) One of the lenders to the Company had enforced charge on
identified securities carried at Nil value and had transferred all rights on the same and the
proceeds from the same were appropriated against outstanding liabilities including settlement
of certain debt of Rs. 3,575.27 crore including gain on settlement of debts (c) Income of Rs. 80.97
crore on account of arbitration claim received.

18. Disclosures required under SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 in respect of debt securities issued by the Company are as under:
(Rs. in crore)
Sr no Particulars Quarter Ended Nine Months Ended Year Ended
Upaudited Unaudited Unaudited Unaudited Unaudited (Audited)
31-Dec-24 30-Sep-24 31-Dec-23 31-Dec-24 31-Dec-23 31-Mar-24

1 Debt Service Coverage Ratio (0.13) (0.12) 0.002 (0.33) 0.01 (0.02)
2 Interest Se1vice Coverage ratio (0.22) (0.22) 0.03 (0.57) 0.09 (0.11)
3 Debt Equity Ratio 0.11 0.08 0.42 0.11 0.42 0.49
4 Current Ratio 0.52 1.86 1.11 0.52 1.11 1.12
5 Long Term debt to Working Capital (0.12) 0.06 0.77 (0.12) 0.77 0.72
6 Bad Debts to Account Receivable Ratio - - - - - -
7 Current Liability Ratio 0.70 0.85 0.94 0.70 0.94 0.90
8 Total Debts to Total Assets 0.05 0.05 0.19 0.05 0.19 0.20
9 D..e!mif~-oover Ratio 0.12 0.14 0.05 0.33 0.25 0.46
10 /.
Tt' \I nt. ,,-
\Ill. , •
.rin
~over Ratio #
r,xA, -* -* -* -* -* -*
1 f, 1~ Operating N i'~ 1in % ~~ (103.09) (105.97) (77.74) (121.88) (75.96) (96.33)
11 ~ r Net P!QUt ,M. !ll:i in% ~'btrt1ct1 ~ (5960.51) 3383.88 (251.77) (904.10) (271.37) (454.52)
1\ 0 1ption Reset(~/

")2.
~ilrent'Ure I<etl~ (.\)j 25.68 25.68 212.98 25.68 212.98 212.98
.,* \(Rs. in crore/ Pi ..., \( .

15
t
14"S ~®l.R~•ion Reserve\ l!.J\
EID fi..f»_ ~
Nef'Worth (Rs. in crore)@
u
\.(\
..
~,. I 130.03
llf I
) ,'----...--/ l'-Y 5,096.52
130.03

7,545.49
130.03

6,737.98
130.03

5,096.52
130.03

6,737.98
130.03

5,666.97
 # Inventory represents store, spares and consumables only, hence Inventory turnover ratio is not applicable to the
Company.

* Inventory is Nil.

@ During the financial year 2019-20, due to unforeseen circumstances beyond the control of the Company, on account
of invocation of pledge by a lender on the Company's strategic investment in equity shares of Reliance Power Limited
and sale thereafter had resulted in significant losses and also reduction in the fair value of the remaining investment
on mark to market basis. The Company, based on expert opinion, adjusted such loss and reduction in the value
aggregating to Rs 5,024.88 crore of its strategic investments against the capital reserve. Accordingly, the disclosures
are continued in its financial statements. However, the auditors have mentioned in their report that such accounting
treatment is not in accordance with the Ind AS 1, "Presentation of Financial Statements", Ind AS 109, "Financial
Instruments" and Ind AS 28, "Investment in Associates and Joint Ventures"

Formulae for computation of ratios are as follows:

Ratios Formulae
Earnings before Interest, Tax, depreciation & amortisation and
exceptional items
Debt Service Coverage Ratio - ..---····-·-·· ·- ----·------
Interest Expenses + Principal Repayment of Long Term Debt
made within one year

Earnings before Interest, Tax and exceptional items

Interest Service Coverage Ratio
Interest Expenses on Long Term Debts

Total Debt
Debt Equity Ratio -·-·····-····-· .. -· --···---··-·-« ···----·--··· --······-·
Total Equity
Current Assets
Current Ratio
Current Liabilities

Non-Current Borrowings (Including Current Maturities of Non-

Current Borrowings)
Long Term Debts to Working Capital
working capital excluding current maturities of non-current
borrowings

Bad debts
Bad debts to Account Receivable -•••••••-••m • -·--·-·----•-•.o-••···-·-·- ·----·-··-·-----· ... •-·-··---· ·-··-··---···-··-- ···-····--·-·······-·-·-··-
Average Trade Receivable
Total Current Liabilities
Current Liability Ratio -· ------·
Total Liabilities
Total Debts
Total Debts to Total Assets -----·---·----·-
Total Assets
Revenue from Operation
Debtors Turnover ----- -

Average Trade Receivable

Cost of Good Sold
.. _____
Inventory turnover - ,

Average Inventories of Finished Goods, Stock-in-Process and

Stock-in-Trade
- Earnings before Interest, Tax and Exceptional Items less Other
~,
~01&s1t
~'< ;(
~gahng-~
"\ y-
n
--
Income
-·----------- ----- --
<).struc:
. ·- -----· -····---- ----

Revenue from operation

- ------------· ·- - -- - - - ::-~r- t.
Itol
:; -~"•\-o
MUIV1D,....,) * Profit after tax

~ *~>-----..,...,
, ~et profit mjr~f
~'?'.
---- - . . - ----- -- ------
Revenue from operation
-- ·---------
l~k~
'~..tD_!-CCW ~-

--
*
19. The Company is predominantly engaged in the business of Engineering and Construction
(E&C). E&C segment renders comprehensive, value added services in construction, erection and
commissioning. All other activities of the Company revolve around E&C business. As such there
are no separate reportable segments, as per the Ind AS 108 on "Operating Segment". All the
operations of the Company are predominantly conducted within India; as such there are no
separate reportable geographical segments.

20. The figures for the previous periods and for the year ended March 31, 2024 have been regrouped
and rearranged to make them comparable with those of current period.

21. The Standalone Unaudited financial results of the Company for the quarter and nine months
ended December 31, 2024 have been reviewed by the Audit Committee and approved by the
Board of Directors at its meeting held on February 14, 2025.

F~d on behalf of=oard of Directors

Place: Mumbai Punit~

Date: February 14, 2025 Execu:va:tirectJ and Chief Executive Officer

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