r. Provisions, contingent liabilities and contingent assets
Provisions

Provision are recognised when the Company had a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and reliable estimate can be made of
the amount of the obligation. Provisions are measure
based on management's estimate required to settle
the obligation at the balance sheet date. The expenses
relating to a provision is presented in the statement of
profit and loss net of any reimbursement. If the effect
of the time value of money is material, provisions
are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognized as
a finance cost.

Provisions are reviewed at each balance sheet date
and adjusted to reflect the current best estimate. If
it is no longer probable that the outflow of resources
would be required to settle the obligation, the provision
is reversed in the statement of profit and loss account.

The Company recognises a provision for onerous
contract when the unavoidable costs of meeting the
obligations under a contract exceed the economic
benefits to be received in accordance with Ind AS
37. Such expected loss on a contract is recognised
immediately in the Standalone Statement of
Profit and Loss

Contingent liability

Contingent liability is a possible obligation that
arise from past events and whose existence will be
confirmed only by occurrence or non-occurrence
of one or more uncertain future events not wholly
within the control of the entity or present obligation
that arises from past events but is not recognized
because it is not probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation or the amount of the obligation cannot
be measured with sufficient reliability. The Company
does not recognize a contingent liability but discloses
it existence and other required disclosures in notes to
the financial statements, unless the possibility of any
outflow in settlement is remote.

Contingent assets

Contingent assets is a possible asset that arise from
past events and whose existence will be confirmed
only by occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the entity. The Company does not recognize the
contingent asset in its standalone financial statement
since this may result in the recognition of income that
may never be realized. Where an inflow of economic
benefits is probable, the Company discloses a brief
description of the nature of contingent assets at
the end of the reporting period. However, when
the realization of income is virtually certain, then
the related asset is not contingent assets and the
Company recognizes such assets.

Provision, contingent liability and contingent assets
are reviewed at each reporting date.

>. Earnings per share

Basic earnings per share is computed by dividing
the net profit for the period attributable to the equity
shareholders of the Company by the weighted
average number of equity shares outstanding during
the period. The weighted average number of equity
shares outstanding during the period and for all

periods presented is adjusted for events, such as
bonus shares, other than the conversion of potential
equity shares that have changed the number of
equity shares outstanding, without a corresponding
change in resources.

For the purpose of calculating diluted earnings per
share, the net profit for the period attributable to equity
shareholders and the weighted average number of
shares outstanding during the period is adjusted for
the effects of all dilutive potential equity shares.

t. Operating segments

Operating segments are reported in a manner
consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM) of Company.
The CODM is responsible for allocating resources
and assessing performance of the operating
segments of Company.

Segment results that are reported to the CODM
include items directly attributable to a segment as well
as those that can be allocated on a reasonable basis.
Segment capital expenditure is the total cost incurred
during the period to acquire property and equipment
and intangible assets.

u. Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
or less, that are readily convertible to a known
amount of cash and subject to an insignificant risk of
changes in value.

v. Dividend

The Company recognizes a liability to pay dividend
to the equity shareholders when the distribution is
authorized and the distribution is no longer at the
discretion of the Company. A corresponding amount is
recognized directly in equity. As per the corporate laws
in india, a distribution is authorized when it is approved
by the shareholders.

w. Exception item

Exceptional items are generally non-recurring items
of income and expense within profit or loss from
ordinary activities, which are of such size, nature or
incidence that their disclosure is relevant to explain the
performance of the Company for the year.

x. Events after the reporting period

If the Company receives information after the
reporting period, but prior to the date of approved
for issue, about conditions that existed at the end
of the reporting period, it will assess whether the

information affects the amounts that it recognises
in its standalone financial statements. The Company
will adjust the amounts recognized in its standalone
financial statements to reflect any adjusting events
after the reporting period and update the disclosures
that relate to those conditions in light of the new
information. For non-adjusting event, the company will
not change the amounts recognized in its standalone
financial statements, but will disclose the nature of the
non-adjusting event and an estimate of its financial
effect, or a statement that such an estimate cannot be
made, if applicable.

2.3 Significant accounting judgements, estimates and
assumption

The preparation of the standalone financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in
future periods.

Judgements

In the process of applying the Company's accounting
policies, management has made the following judgements,
which have the most significant effect on the amounts
recognised in the standalone financial statements:

Revenue from contract with customers

Revenue from construction contracts involves significant
degree of judgements and estimation such as identification
of contractual obligations, measurement and recognition
of contract assets, determination of variable consideration,
change of scope and determination of onerous contract
which include estimation of contract costs. Accordingly,
the company has applied appropriate judgement and
estimate to determine the amount and timing of revenue.
In case of variable consideration, the company recognise
such consideration upon acceptance of the corresponding
variable consideration by the customer and claims under
arbitration/disputes are accounted as income based
on final award.

The Company reassesses judgements and estimates on
periodic basis and makes appropriate revisions accordingly.

Significant influence over InvIT

The Company hold 43.56% in the Indus Infra Trust (formerly
known as Bharat Highways InvIT) (the "InvIT”). The Sponsor
of InvIT is holding 15% in the InvIT. The management has
applied its judgement in terms of its evaluation relationship
between the Company and InvIT's sponsor. Accordingly,

the InvIT is not considered as common control and the
Company does not exercise control over InvIT in accordance
with Ind AS 110. Considering the nature of relationship, the
management has concluded that the Company exercises
significant influence and investment in InvIT considered
as its associate.

Estimates and assumptions

The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year, are described below. The Company based
its assumptions and estimates on parameters available
when the Standalone financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market changes
or circumstances arising that are beyond the control of the
Company. Such changes are reflected in the assumptions
when they occur.

Fair value measurement of financial instruments

In estimating the fair value of financial assets and financial
liabilities, the Company uses market observable data to the
extent available. Where such Level 1 inputs are not available,
the Company establishes appropriate valuation techniques
including the Discounted Cash Flows (DCF) model and
inputs to the model. The inputs to these models are taken
from observable markets where possible, but where this is
not feasible, a degree of judgment is required in establishing
fair values. Judgments include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported
fair value of financial instruments.

Impairment of Non-Financial Assets (including
subsidiaries and associate)

Impairment exists when the carrying value of an asset or
cash generating unit exceeds its recoverable amount, which
is the higher of its fair value less costs of disposal and its
value in use. The fair value less costs of disposal calculation
is based on available data for similar assets or observable
market prices less incremental costs for disposing of the
asset. The value in use calculation is based on a DCF model.
The cash flows are derived from the Business Projections
and do not include restructuring activities that the Company
is not yet committed to or significant future investments
that will enhance the asset's performance of the CGU being
tested. The recoverable amount is sensitive to the discount
rate used for the DCF model as well as the expected future
cash-inflows and the growth rate used for extrapolation
purposes. Further, the management has not considered any
claim or awards which receivable from various authorities in
the impairment assessment of subsidiaries.

Provision for expected credit losses of trade receivables
and contract assets

The company uses a provision matrix to calculate ECLs
for trade receivables and contract assets. The company
exercise judgement to determine provision matrix such as
the Company's past history, existing condition and forward¬
looking estimates at the end of each reporting year of
counter party's credit worthiness.

Share based payment

Estimating fair value for share-based payment transactions
requires determination of the most appropriate valuation
model, which depends on the terms and conditions of the
grant. This estimate also requires determination of the
most appropriate inputs to the valuation model including
the expected life of the share option, volatility and dividend
yield and making assumptions about them. For the
measurement of the fair value of equity-settled transactions
with employees at the grant date, the company uses a
binomial model.

Useful life of Property, Plant and Equipment

Determination of the estimated useful life of property,
plant and equipment and the assessment as to which
components of the cost may be capitalized. Useful life of
these assets is based on the life prescribed in Schedule II to
the Companies Act, 2013 or based on technical estimates,
taking into account the Company's historical experience
with similar assets, nature of the asset, estimated usage,
expected residual values and operating conditions of the
asset. Management reviews its estimate of the useful
lives of depreciable at each reporting date, based on the
expected utility of the assets. The depreciation for future
periods is revised if there are significant changes from
previous estimates.

Defined benefit plans (gratuity benefits) and accumulated
leaves

The cost of defined benefit gratuity plan and accumulated
leaves are determined using actuarial valuations. An
actuarial valuation involves making various assumptions
that may differ from actual developments in the future.
These include the determination of the discount rate, future
salary increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a defined
benefit obligation is highly sensitive to changes in these
assumptions. All assumptions are reviewed at each
reporting date. The parameter most subject to change is
the discount rate. In determining the appropriate discount
rate for plans, the management considers the interest rates
of government bonds in currencies consistent with the
currencies of the post-employment benefit obligation. The
mortality rate is based on publicly available mortality tables.
Those mortality tables tend to change only at interval in

response to demographic changes. Future salary increases
and gratuity increases are based on expected future
inflation rates.

Taxes

Uncertainties exist with respect to the interpretation of
complex tax regulations, changes in tax laws, and the
amount and timing of future taxable income. Given the wide
range of business relationships and the long-term nature and
complexity of existing contractual agreements, differences
arising between the actual results and the assumptions
made, or future changes to such assumptions, could
necessitate future adjustments to tax income and expense
already recorded. The Company establishes provisions,
based on reasonable estimates.

Leases - Estimating the Incremental Borrowing Rate

The Company cannot readily determine the interest rate
implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR
is the rate that the Company have to pay to borrow over a
similar term, and with a similar security, the funds necessary
to obtain an asset of similar value to the right-to-use asset
in a similar economic environment. The IBR therefore
reflects what the Company 'would have to pay', which
require estimation when no observable rates are available
or when they need to be adjusted to reflect the terms and
conditions of the lease. The Company estimates the IBR
using observable inputs when available and is required to
make certain entity / lease transaction specific estimates.

Provisions and Contingencies

The Company has ongoing litigation with various regulatory
authorities. Where an outflow of funds is believed to be
probable and a reliable estimate of the outcome of the disputes
can be made based on management's assessment of specific
circumstances of each dispute and relevant external advice,
management provides for its best estimate of the liability. Such
accruals are by nature complex estimation uncertainty.

The Company reviews contracts with customer periodically
to assess provisions to be made for onerous contract by
estimating future costs and quantities.

3. Changes in accounting policies and disclosures

3.1. New Standards, Interpretations and Amendments
adopted by the Company

The accounting policies adopted in the preparation of
the standalone financial statements are consistent
except for amendments to the existing Indian Accounting
Standards (Ind AS).

The Company applied for the first-time certain standards
and amendments, which are effective for annual periods
beginning on or after 1 April 2024. The Company has not
early adopted any standard, interpretation or amendment
that has been issued but is not yet effective.

(i) Ind AS 117 Insurance Contracts

The Ministry of corporate Affairs (MCA) notified the
Ind AS 117, Insurance Contracts, vide notification
dated 12 August 2024, under the Companies (Indian
Accounting Standards) Amendment Rules, 2024,
which is effective from annual reporting periods
beginning on or after 1 April 2024.

Ind AS 117 Insurance Contracts is a comprehensive
new accounting standard for insurance contracts
covering recognition and measurement, presentation
and disclosure. Ind AS 117 replaces Ind AS 104
Insurance Contracts. Ind AS 117 applies to all types of
insurance contracts, regardless of the type of entities
that issue them as well as to certain guarantees and
financial instruments with discretionary participation
features; a few scope exceptions will apply.

The application of Ind AS 117 had no impact on the
Company's standalone financial statements as the
Company has not entered any contracts in the nature
of insurance contracts covered under Ind AS 117.

3.2. Standards notified but not yet effective

There are no new standards that are notified, but not yet
effective, upto the date of issuance of the Company's
standalone financial statements.

a) Includes equity component of H 659.23 lakhs recognized on fair valuation of Non - cumulative redeemable preference
instruments of subsidiary company recognized as deemed investment.

b) As on 31 March 2024, actual number of pledged shares was 5,100, however, subsequent to year end, the company has
pledged additional shares of 45,84,900 to make the percentage of pledged of shares to 51% as per the requirement of
term loan facilities availed by the respective subsidiaries. Accordingly, the company had disclosed total shares pledged of
45,90,000 as at 31 March 2024.

c) The company has pledged its investment in equity shares of subsidiaries, in favour of lenders for term loan facilities availed
by the respective subsidiary companies.

d) During the year, the Company acquired 100% equity shares in Tumkur-II REZ Power Transmission Limited for total
consideration of H 672.13 lakhs (H 5 Lakhs as equity and H 667.13 lakhs as loan) as per the share purchase agreement entered
with REC Power Development and Consultancy Limited, dated 3rd September 2024 pursuant to bid condition, considering
that the Company has been identified selected bidder vide letter of intent dated August 12, 2024 for the project "Transmission
scheme for integration of Tumkur-II REZ in Karnataka through tariff based competitive bidding process". This has been
accordingly accounted in these standalone financial statements.

e) During the year, the Company acquired 100% equity shares in Bijapur REZ Transmission Limited for total consideration of
H 1,140.59 lakhs (H1 Lakh as equity and H 1,139.59 lakhs as loan) as per the share purchase agreement entered with REC Power
Development and Consultancy Limited, dated 16 January 2025 pursuant to bid condition, considering that the Company
has been identified selected bidder vide letter of intent dated December 12, 2024 for the project "Transmission scheme
for integration of Bijapur REZ in Karnataka through tariff based competitive bidding process". This has been accordingly
accounted in these standalone financial statements.

a) The company has granted interest bearing loan to its subsidiaries. The fund has been advanced to its subsidiaries for
business purpose to the subsidiaries company. Repayment of such loan is as per the terms of Loan agreement.

b) For terms and conditions relating to loan to related parties (refer note 40).

c) Since all loans given by the company are unsecured and considered good, the bifurcation of loans in other categories as
required to be classified as per schedule III of the Companies Act, 2013 viz. Loans Receivables considered good - Secured,
Loans Receivables which have significant increase in Credit Risk; and Loans Receivables - credit impaired considered as not
applicable to the company and hence not disclosed above.

d) There are no Expected Credit Loss (ECL) provision on the considered good loan. Therefore relevant ECL disclosure considered
as not applicable.

e) There is no amount due from director, other officer of the company or firm in which any director is a partner or private
companies in which any director is a director or member at any time during reporting period except loan to wholly owned
subsidiaries where director is director (refer note 40).

f) The company is engaged in business of providing infrastructure facilities and accordingly, the provision of section 186(4) of
the Companies Act, 2013 are not applicable and accordingly disclosure is not given.

g) The company has not granted loans which are either repayable on demand or are without specifying terms of repayment.
Hence, the disclosure as specified in schedule III is not given in the standalone financial statements.

iii) Retained earnings

Retained earnings represents the profit that the company earn till date, which includes re-measurement gain/(loss) of
defined benefit plans, net of tax and can be distributed by the Company as dividends in accordance with provision of the
Companies Act, 2013.

iv) Equity instruments through OCI

The company has elected to recognise changes in fair value of certain investment in equity securities in other comprehensive
income. These changes are accumulated within the equity instruments through other comprehensive income within equity.
The company transfers amount from this reserve to retained earnings when relevant securities are derecognised.

v) Share based payment reserve

The share based payment reserve is used to recognise the grant date fair value of options issued to employees under
Employee stock option plan.

vi) During the year, the Board of Directors has approved in its meeting held on March 7, 2025 for the payment of interim dividend
of H 12.50 per equity share. The said amount has been paid during the year.

(ii) During the year ended March 31, 2024, the Company sold its 100% stake in its seven subsidiaries to Indus Infra Trust
(formerly known as Bharat Highways InvIT) ("the InvIT”) on February 29, 2024. The Company received 13,75,30,405 units
with issue price of H 100 per unit as consideration against above sale of shares and 5,54,08,300 units with issue price of
H 100 per unit towards assignment of loan receivable from above subsidiaries. The InvIT has carried out fair valuation of
above subsidiaries by independent valuer using inputs generally used by market participants in similar transactions resulting
in fair value of H 194,093 lakhs. The Company has received units worth of H 137,530.41 lakhs as consideration for sale. This
has resulted in difference of H 56,562.60 lakhs mainly on account of (a) difference in Weighed Average Cost of Capital on
account of different cost of equity (including debt-equity ratio) (b) InvIT Issue expenses, and (c) Net present value of InvIT
related expenses (including fees payable to investment manager) amounting to H 30,175.20 lakhs, H 5,899.30 lakhs and
H 2,0488.10 lakhs, respectively. Basis the above, the company recorded net gain on sale of investment of H 137,196.35 lakhs
which was disclosed as exceptional item.

(iii) During the year, the Company sold its 100% stake in its wholly owned subsidiary namely GR Aligarh Kanpur Highway Private
Limited ("GRAKHPL') to Indus Infra Trust on September 16, 2024 for sale consideration of H 9,860.90 lakhs and received
H 24,085.61 lakhs for assignment of loan receivable from GRAKHPL and the resultant gain of H 3,560.90 lakhs has been
disclosed as an exceptional item in these standalone financial statements.

(iv) During the year, the Company sold its 100% stake in its wholly owned subsidiary namely GR Galgalia Bahadurganj Highway
Private Limited ("GRGBHPE) to Indus Infra Trust on March 27, 2025 for sale consideration of H 4,636.84 lakhs and received
H 17,921.17 lakhs for assignment of loan receivable from GRGBHPL and the resultant gain of H 3,736.84 lakhs has been
disclosed as an exceptional item in these standalone financial statements.

(v) During the year, Indus Infra Trust (formerly known as Bharat Highways InvIT) ("the InvIT”) claimed sum of H 4,940.60 lakhs for
loss incurred by one of its wholly owned subsidiary i.e. Varanasi Sangam Expressway Private Limited ("VSEPL') as a result of
change in completion cost by Authority retrospectively, which affected all past and future payments of annuity, interest on
annuity and O&M. The said loss has been covered under indemnity provided by the Company to the InvIT under share purchase
agreement dated February 20, 2024. Accordingly, the Company has compensated for this loss and therefore recorded such
expenses through profit and loss account which is disclosed under exceptional item in the standalone financial statement.

33 Leases

Company as a lessee :

The Company has lease contracts for various items of land, building, plant and machinery, vehicles and other equipment used in its
operations. Leases of land generally have lease terms between 1 to 99 years, while Building have lease term between 1 to 9 years. Plant
and machinery, vehicles and other equipment generally have a short term leases. The Company's obligation under its leases are secured
by the lessor's title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased assets. The
Company has certain leases term of twelve months or less or cancellable or with low value. The Company applies the 'short term lease'
and 'low value lease' recognition exemption for the lease. The lease payments associated with these leases are recognized as an expense.

The lease arrangements have extension/ renewal / termination options exercisable by either parties which may make up
assessment of lease term uncertain while determining the lease term, all facts and circumstances that creates an economic
incentive to exercise an extension option, or not exercise a termination option considered.

B. Defined Benefits Plans:

The Company operates a defined benefit plan (the gratuity plan) covering eligible employees, which provides a lump sum payment
to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective
employee's salary and tenure of employment. The scheme is funded with the HDFC Life Insurance Company Limited, SBI life
Insurance Company Limited, ICICI Prudential Life Insurance and Life Insurance Corporation of India (LIC) in form of a Group
Gratuity Policy. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed
five years of services is entitled to specific benefit. The level of benefits provided depends on the member's length of service and
salary at retirement age.

ix. Asset Liability Matching Strategies

The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in which the interest
rate is declared on yearly basis and is guaranteed for a period of one year. The insurance Company, as part of the policy
rules, makes payment of all gratuity outgoes happening during the year (subject to sufficiency of funds under the policy). The
policy, thus, mitigates the liquidity risk. However, being a cash accumulation plan, the duration of assets is shorter compared
to the duration of liabilities. Thus, the Company is exposed to movement in interest rate (in particular, the significant fall in
interest rates, which should result in a increase in liability without corresponding increase in the asset).

x. Effect of Plan on Entity's Future Cash Flows

a) Funding arrangements and Funding Policy

The Company has purchased an insurance policy to provide for payment of gratuity to the employees. Every year, the
insurance Company carries out a funding valuation based on the latest employee data provided by the Company. Any
deficit in the assets arising as a result of such valuation is funded by the Company.

xii. The average expected future duration of the defined benefit plan obligation at the end of the reporting period is 5 years
(31 March 2024: 4 years).

C. Other long-term employee benefits

The compensated absences expenses charged for the year ended March 31,2025 is H 101.20 lakhs (reduced for the year ended
March 31,2024 is H 56.80 lakhs.) based on actuarial basis which is recognised in the standalone statement of profit and loss.

36 Share based payment

Employees Stock Option Scheme - 2021

The Shareholders at the Annual General Meeting held on September 27, 2021 has passed the special resolution and approved the
Employee Stock Option Scheme titled 'G R Infraprojects Limited Employees Stock Option Scheme - 2021'(ESOP 2021 Plan). The
ESOP 2021 Plan is the primary arrangement under which plan to provide incentives to employees who are in the employment of
the Company, its subsidiaries or associate company or group company, including the eligible Directors of the Company, at the
time the grant is made under the Plan. Under this Plan, the exercise price for Options shall not be less than the Nominal value and
shall not be more than fair market value (FMV) of an equity share of the company at the time of grant of option as determined by
the nomination and remuneration committee from time to time after complying the condition as mentioned in the Securities and
Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

The maximum number of Options that may be granted pursuant to this ESOP 2021 Plan shall not exceed 9,66,890 Options which
shall be convertible into equal number of shares.

Nomination and Remuneration committee in their meeting dated August 10, 2023 has granted 3,13,196 employee stock options
(ESOPs) to its eligible employees under the ESOP 2021 Plan. The Employee stock option has been granted on August 10, 2023
and 25% of the grant would vest at the end of the first year i.e 2024, 25%of the grant would vest at the end of the second year, i.e

2025, 25%of the grant would vest at the end of the third year i.e, 2026, and 25% of the grant would vest at the end of the forth year,
i.e. 2027, with a vesting condition that the employee is in continuous employment with the Company till the date of vesting. The
exercise period would be 3 years from the date of respective vesting.

The options will lapse if the employment is terminated prior to vesting. Even after the options are vested, the expired options may
be forefeited if the employee is terminated to gross misconduct

These options are equity settled and are accounted for in accordance with the requirement applying to equity settled transactions.

The fair value of these options can be determined using the Black- Scholes model which takes into account the exercise price, the
term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield
and the risk free interest rate for the term of the option.

37 Segment Reporting

As permitted by paragraph 4 of Ind AS 108, "Operating Segments", notified under section 133 of the Companies Act, 2013, read
together with the relevant rules issued thereunder, if a single financial report contains both consolidated financial statements
and the standalone financial statements of the parents, segment information need to be presented only on the basis of the
consolidated financial statements. Thus disclosures regarding 'Operating segment' under Ind AS 108 is presented in Consolidated
Financial Statements. The company operates only in India, hence no separate geographical segment is disclosed.

iii The projects under subsidiary companies has been funded through various credit facility agreements with banks. Against the
said facilities availed by the subsidiary companies from the lenders, the Company has executed agreements with respective
lenders whereby the Company has committed to hold minimum shareholding and pledge of its holding in the respective
subsidiary companies. The Company has also agreed with lender of subsidiaries company for non-disposal undertaking
of 21% apart from shares pledged (refer note 5) in (i) Nagaur Mukundgarh Highways Private Limited, (ii) GR Amritsar
Bathinda Highway Private Limited, (iii) GR Ludhiana Rupnagar Highway Private Limited, (iv) GR Bandikui Jaipur Highway
Private Limited, (v) GR Govindpur Rajura Highway Private Limited, (vi) GR Madanapalli Pileru Highway Private Limited, (vii)
GR Ujjain Badnawar Highway Private Limited, (viii) GR Venkatpur Thallasenkesa Highway Private Limited, (ix) GR Belgaum
Raichur (Package-5) Highway Private Limited , (x) GR Belgaum Raichur (Package-6) Highway Private Limited, (xi) GR Hasapur
Badadal Highway Private Limited, (xii) Pachora Power Transmission Limited, and (xiii) Rajgarh Transmission Limited.

iv In accordance with the Share Purchase Agreement ("SPA”) entered into between the Company and Indus Infra Trust (InvIT), the
Company has provided certain indemnities in connection with the sale of certain subsidiaries. Under the terms of the SPA, the
Company has agreed to indemnify InvIT against specified losses that may arise due to breach of representations or warranties
made by the Company, pre-acquisition tax or regulatory liabilities and other specific matters identified and agreed upon in the SPA.

As at March 31, 2025, no claims have been made or are expected to be made under the indemnity clause. Accordingly, no
provision has been recognized in the financial statements considering the possibility of an outflow of resources embodying
economic benefits is considered remote.

H. Terms & Condition with Related Parties

i) The Company has entered into contracts with related parties for the providing various services, including sub-contracting
for EPC works, operations and maintenance of road infrastructure and shared services in an arm's length transaction and in
the ordinary course of business. The Company mutually negotiates and agrees the price with the related parties based on
assessments carried out by an independent third party / lender's expert considering the nature of the services. Such services
generally include payment terms as per payment milestone mentioned in the agreement and any balance outstanding related
to service is unsecured and interest free.

ii) The Company has entered into contracts with related parties for the receipts of various services, including sub-contracting
service, lease arrangement and purchase of materials in an arm's length transaction and in the ordinary course of business.
The Company mutually negotiates and agrees the price and payment terms with the related parties by benchmarking against
comparable market transactions. Such services generally include payment terms of 30 to 90 days from the date of invoice
and any balance outstanding related to service is unsecured and interest free.

iii) Short term employee benefits amounts disclosed in the above table are the amounts recognised as an expense during the
financial year related to key managerial personnel. The amounts do not include expense, if any, recognised toward post¬
employment benefits and other long-term benefits of key managerial personnel. Such expenses are measured based on an
actuarial valuation done for the Company as a whole. Hence, amounts attributable to KMPs are not separately determinable.

iv) The loans granted to subsidiaries for their business purpose. The loan has been utilised by subsidiaries for the purpose it was
obtained. The loan is unsecured and carries interest rate of 10.50%p.a. (31 March 2024: 10.50% p.a.)

v) The Company has invested in equity shares (including perpetual debt) of its subsidiaries company to finance its business
operation. The investment has been utilized by the subsidiaries for the purpose it was obtained. Subsidiaries has only one
class of equity shares having par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share.
Subsidiaries declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of subsidiaries, the holders
of equity shares will be entitled to receive its remaining assets, after distribution of all preferential amounts. Refer note 5
regarding details of Equity Shares of the subsidiaries held by the Company. Further, the unsecured perpetual debts issued
with redemption only at the option of the subsidiaries and carry zero coupon rate.

vi) The Company has taken fund and non-fund based financing facility from lenders for the purpose of finance its operation. The
facility has been utilized by the company for the purpose it was obtained. In addition to other securities, the related parties
has given a guarantee to the bank against loan obligation of the Company. As per the Guarantee arrangement, the related
parties will be required to make specified payments to reimburse the bank for the loss incurs if the Company fails to make
payment when due in accordance with the facility arrangement.

vii) The Company has not provided any other commitment to the related party as at 31 March 2025 and 31 March 2024.

viii) The company has granted 21,700 option to key managerial personal on 10 August 2023 under 'G R Infraprojects Limited
employee stock option scheme 2021' with exercise price of H 1,000 per share which will expire on February 2029. Accordingly,
The company recognised expenses of H 44.85 lakhs (31 March 2024 H 49.44 lakhs) towards employee stock options granted
to key managerial personnel. The same has not been considered as managerial remuneration of current year as defined
under section 2(78) of the companies Act, 2013 as the option have not been exercised.

ix) The company has pledged its investment in equity shares of subsidiaries of H 9,267.31 lakhs (31 March 2024 : H 12,479.29
lakhs) in favour of the lender for term loan facilities availed by the respective subsidiaries companies.

• Inputs included in Level 3 of Fair Value Hierarchy have been valued using acceptable valuation techniques such as Net Asset
Value and/or Discounted Cash Flow Method.

Note: All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy
described as above, based on the lowest level input that is significant to the fair value measurement as a whole.

The fair values of the financial assets and financial liabilities included in the level 2 category above has been determined in
accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs
being the discount rate that reflects the credit risk of counterparties.

46 Financial risk management objectives and policies

The Company's principal financial liabilities, other than derivatives, comprise of borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company's operations and to provide guarantees to support its operations.
The Company's financial assets comprise mainly of investments, loans, cash and cash equivalents, other balances with banks,
loans, trade receivables and other receivables other than derivative that are derived directly from its operations. The Company also
holds investments in equity instruments and enters into derivative transactions.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's board of directors have overall responsibility for
establishment and oversees the Company's risk management framework. All derivative activities for risk management purposes
are carried out by finance team which has appropriate skills, experience and supervision. It is the Company's policy that no trading
in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each
of these risks, which are summarised below.

A. Market risk

Market risk is the risk that the fair value of future cash flow of financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rates risk, currency risk and other price risk, such as equity prices
risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity
investments and derivative financial instruments.

The sensitivity analyses in the following sections relate to the position as at 31 March 2025 and 31 March 2024.

The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of
the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant and on the basis of hedge
designations in place at 31 March 2025. The analysis excludes the impact of movements in market variables on the carrying values
of gratuity and other post-retirement obligations and provisions.

The following assumptions have been made in calculating the sensitivity analyses:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on
the financial assets and financial liabilities held at 31 March 2025 and 31 March 2024.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company is exposed to interest risk of changes in market interest rates relate primarily to the Company's
long-term debt obligations with floating interest rates. While most of long-term borrowings from debenture holders are on fixed
rate basis, certain borrowings consist of floating rate obligations linked to the applicable benchmark rates, which may typically
be adjusted at certain intervals in accordance with prevailing interest rates. As at 31 March 2025, approximately 79% of the
Company's borrowings are at fixed rate (31 March 2024: 74%). Increases in interest rates would increase interest expenses relating
to outstanding floating rate borrowings and increase the cost of new debt. In addition, an increase in interest rates may adversely
affect ability to service long-term debt and to finance development of new projects, all of which in turn may adversely affect results
of operations. The Company seeks to mitigate such risk by maintaining an adequate proportion of floating and fixed interest
rate borrowings.

Commodity Price Risk

The Company requires materials for construction, operation and maintenance of the projects, such as cement, bitumen, steel and
other construction materials. The Company has hedged its commodity risk in respect of aggregates for production of aggregates.
The Company is able to manage its exposure to price increases in project materials through bulk purchases and better negotiations.
Further, the company has arrangement with its customers to charge price escalation which mitigate any increase in price risk.
Hence, the sensitivity analysis is not required.

Equity price risk

The Company's exposure to price risk in the investment in mutual funds and equity shares arises from investments held by the
Company and classified in the balance sheet as fair value through profit or loss including OCI (refer note 5). The fair value of these
instruments is marked to active market. The Company manages the equity price risk through diversification and by placing limits
on individual and total equity instruments. The Company's Board of Directors reviews and approves all equity investment decisions.
The investments in mutual funds are designated as FVTPL while investment in equity shares are designated as FVOCI.

B. Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk primarily trade receivables, contract assets and other financial assets
including deposits with banks. The Company's exposure and credit ratings of its counterparties are continuously monitored and
the aggregate value of transactions is reasonably spread amongst the counterparties. The maximum exposure to credit risk at the
reporting date is the carrying value of each class of financial assets disclosed in note 43.

Trade receivable and contract assets

The Company's exposure to customer credit risk is influenced mainly by the individual characteristics of each customer. However,
management also considers the factors that may influence the credit risk of its customer base. Ageing has been disclosed in note 11.
The Company's customer profile includes public sector enterprises, state owned companies, group companies and corporates
customers. General payment terms include mobilisation advance, monthly progress payments with a credit period ranging from 30
to 90 days. Further, trade receivables include retention money receivable from the customers on expiry of the defect liability period.
However, the Company has an option to get the refund of the above receivables if bank guarantee is provided. The Company has
a detailed review mechanism of customer receivables at various levels within organisation to ensure proper attention and focus
for realisation. Credit risk on trade receivables and contract assets is limited as the customers of the Company mainly consists of
the government promoted entities having a strong credit worthiness. The provision matrix takes into account available external and
internal credit risk factors such as company's historical experience for customers.

The information about movement of impairment allowance due to the credit risk exposure is given in note 11.

The significant change in the balance of trade receivables and contract assets are disclosed in note 49.

Concentration of credit risk

At 31 March 2025, the Company had eighteen customers (31 March 2024: eighteen customers) that accounted for approximately
85% (31 March 2024: 85%) of all the outstanding receivables and contract asset.

Financial instruments and bank deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance
with the Company's policy. Investments of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore mitigate financial loss
through counterparty's potential failure to make payments.

This comprises mainly of deposits with banks, investments in mutual funds and other intercompany receivables. The Company's
maximum exposure to credit risk for the components of the balance sheet at 31 March 2025 and 31 March 2024 is the carrying
amounts as illustrated in note 43.

C. Liquidity risk

Liquidity risk is the risk that the Company may encounter difficulty in meeting its present and future obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity
is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. The Company invest
in liquid mutual funds and deposit with bank to meet the immediate obligations.

47 Capital management

For the purpose of the Company's capital management, capital includes paid-up equity capital and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company's capital management is to ensure that
it maintains a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of
the business and maximise shareholder value.

The Company manages its capital structure and makes adjustments in the light of changes in economic conditions and the
requirements of the financial covenants. Breaches in meeting the financial covenants would permit the lenders to immediately call
loans and borrowings. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares. The Company monitors capital using Debt-Equity ratio, which is net debt divided
by total equity. The Company's policy is to keep the net debt to equity ratio below 3. Net debt consist of interest bearing borrowings,
interest accrued thereon less cash and cash equivalents. Equity includes equity attributes to the equity shareholders.

D. Performance obligation

i) Sales of goods :

Performance obligation is satisfied upon delivery of goods. Payment is generally taken in advances or due within 30 to 90
days after delivery of goods.

ii) Sales of Services:

The performance obligation is satisfied over time as the assets is under control of customer and they simultaneously receives
and consumes the benefits provided by the Company. The Company received payment toward provision of services upon
completion of milestone as per terms of contract.

E. Transaction price allocated to remaining performance obligation

The aggregate amount of transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied)
as at March 31,2025, is H 19,17,926.67 lakhs (31 March 2024 - H 16,55,415.44 lakhs) and the Company will recognise this revenue
as the projects are completed, which is expected to occur over the next 24-30 months.

The joint venture agreements related to above joint operations require unanimous consent from all parties for relevant activities.
The partners have direct rights to the assets of joint arrangement and are jointly and severally liable for the liabilities incurred by
joint arrangement. Thus, the above entities are classified as joint operations and the Company recognises its direct right to the
jointly held assets, liabilities, revenue and expenses.

52 The Company has used accounting software, for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the accounting
software. However, the audit trail feature is not enabled for the certain direct changes to data when using certain privilege
administrative access rights to the accounting software and the underlying database. Further, no instances of audit trail feature
being tampered with, was occurred in respect of the accounting software where such feature is enabled. Additionally, the audit trail
has been preserved by the Company as per statutory requirements for records retention.

53 The Code on Social Security, 2020 (Code) relating to employee benefits during the employment and post-employment benefits,
received Presidential assent in September 2020. The Code has been published in Gazette of India. Certain sections of the Code
came into effect on 3 May 2023. However, the final rules/interpretation have not yet been issued. The management will evaluate
and assess the impact once the corresponding rules are notified. However, based on preliminary assessment, the management
believes that the impact of the changes will not be significant.

54 The law enforcement agency had taken into custody two NHAI officials posted at Regional office, Guwahati along with three
employees of the Company on June 12, 2022 and registered case under the Prevention of Corruption Act, 1988 read with the
Indian Penal Code, 1860. Subsequently, all these three employees were released on bail and the Company had also received
summons and appeared through its authorized representative to Ld. Court of Special judge, CBI, Assam (Ld. Court).

During the year, the hearing took place before Ld. Court and the matter was listed for Consideration of Charges. However, no
charges are framed against the Company or its employees yet. Simultaneously, the Company has filed an application before the
Hon'ble High Court of Gauhati, Assam (Hon'ble High court) to challenge its involvement in the said matter wherein the Hon'ble
High Court has passed stay order on proceeding in Ld Court during the year and the matter now pending with Hon'ble High Court.
Considering this, any impact on the matter on the financial statements would be dependent on conclusion of the matter.

55 Other Statutory Information

(i) No proceeding has been initiated or are pending against the Company for holding any Benami property under the Benami
(prohibition) transaction Act, 1988.

(ii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iii) The Company have not advanced or loaned or invested funds (either from borrowed funds or share premium or any other sources
or kind of funds) by the company to or any other persons or entity, including foreign entities (Intermediaries) with the understanding
whether recorded in writing or otherwise that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(iv) The Company have not received any fund from any persons or entities, including foreign entities (Funding Party) with the
understanding, whether recorded in writing or otherwise that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961).

(vi) The Company has not been declared as willful defaulter by any bank or financial institution or other lender.

56 Events occurring after Balance sheet date :

The Company evaluates events and transactions that occur subsequent to the Balance sheet date but prior to approval of the
financial statements to determine the necessary for recognition and/or reporting of any of these events and transactions in the
financial statements. As on May 15, 2025, there are no subsequent events recognised or reported.

As per our report of even date

For S R B C & CO LLP For and on behalf of the Board of Directors of

Chartered Accountants G R Infraprojects Limited

ICAI Firm's Registration No :324982E/E300003 (CIN: L45201GJ1995PLC098652)

per Sukrut Mehta Ajendra Kumar Agarwal Vikas Agarwal

Partner Managing Director Wholetime Director

Membership No: 101974 DIN: 01147897 DIN: 03113689

Place : Gurugram Place : Gurugram

Date : 15 May 2025 Date : 15 May 2025

Anand Rathi Sudhir Mutha

Chief Financial Officer Company Secretary

ICAI Memb. No. 078615 ICSI Mem. No. ACS18857

Place : Ahmedabad Place : Gurugram Place : Udaipur

Date : 15 May 2025 Date : 15 May 2025 Date : 15 May 2025