FeedbackInfraAnnualReport201819 PDF

PROfItable GROwth.
THrouGH MarKeT exPaNsIoN.
Annual Report
2018-19
Contents
Corporate
Overview
02 From the Chairman’s Desk

04 From the Co-Chairman’s Desk
06 Leadership Team
08 Board of Directors
12 Feedback Infra: Unlocking infra opportunities globally
16 Market Expansion by Widening International Presence
18 Market Expansion by Deepening Sectoral Presence
24 Driving Profitable Growth through Technology Leadership
25 Striving to be a Great Organisation for Profitable Growth
26 Feedback Infra’s Csr Initiative
Statutory
Report
30 Directors’ Report
financial
statements
Standalone
58 Auditor’s Report
66 Balance Sheet
Forward-looking statement
67 Statement of Profit and Loss
This report contains forward-looking statements, which may be identified
68 Cash Flow Statement by the use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’,
70 Statement of Changes in Equity ‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All
such statements that address expectations or projections about the
71 Notes to Financial Statements
future including those relating to Company’s strategy for growth, product
Consolidated development, market position, expenditure and financial results are
forward-looking statements. Forward-looking statements are based on
123 Auditor’s Report certain assumptions and expectations of future events. The Company
cannot guarantee that these assumptions and expectations are
130 Balance Sheet
accurate or will be realised. The Company’s actual results, performance
131 Statement of Profit and Loss or achievements could thus differ materially from those projected in any
such forward-looking statements. The Company assumes no responsibility
132 Cash Flow Statement to publicly amend, modify or revise any forward-looking statements, on
the basis of any subsequent developments, information or events. The
134 Statement of Changes in Equity
Company has sourced the industry information from the publicly available
136 Notes to Financial Statements resources and has not verified that information independently.
Having established a strong foothold over these years,
During the last 29 years, we have relentlessly focussed on we are now poised for the next phase of expansion. We
establishing a strong foothold in the infrastructure sector are channelising our efforts to drive profitable growth by
and are redefining it with our determination and conviction. leveraging our competencies to strengthen presence across
international markets and emerging sectors by bidding for
Over these years, we have: big-ticket projects that promise higher growth.
• Built an integrated business model by adopting better
technologies and employing a competent pool of people With this, we are once again ahead of the curve, ideally
positioned to reap the rewards of the multiple opportunities
• Expanded to new geographies and sectors and
that lie ahead as we seek
delivered pioneering projects
Profitable growth.
• Met and surpassed client expectations
• Developed newer competencies and bagged multiple
through market
repeat and prestigious orders
• And most importantly, we have continuously
expansion.
strengthened our balance sheet, while creating value
for all stakeholders
Annual Report 2018-19 | 01

PuRsuing gRoWtH tHRougH
ProDuct AnD MArkEt ExPAnsion
from the Chairman’s Desk
“
your Company continued to
deliver strong performance
driven by the robustness of
its business model as well
as successful forays in the
international market, along with
tapping adjacencies present
across different core businesses.
“
Dear shareholders, While there were challenges in the macro scenario, particularly
in the infrastructure sector, your Company benefited from the
It has been another successful year for your Company.
tailwinds of increased public expenditure by the Government of
Your Company continued to deliver strong performance India and the spirited drive to complete infrastructure projects in
driven by the robustness of its business model as well as a timely manner, ahead of the General Elections. The ambitious
successful forays in the international market, along with Saubhagya project that aimed to enable 100% electricity access
tapping adjacencies present across different core businesses. to 25 million households provided us a significant business
opportunity in the latter part of 2018-19.
Independent market reports indicate that with the top line
achieved, and with around 8,000 employees on its rolls, your There were headwinds too, largely posed by the financial
Company has emerged as the largest provider of ‘professional environment that impacted infrastructure players including
and technical services for infrastructure’ out of India. your Company. These related to liquidity constraints emanating
02 | feedback infra Private limited

01-28 29-57 58-191
Corporate overview statutory Report financial statements
the ambitions of development for our

nation clearly portend massive action
and investment in infrastructure. for
this, your Company is battle-ready!
from Banks and NBFCs, coupled with the continuing slow pace thermal plants from Indonesia to Botswana in competition
of private investments. with global service providers.
To sum up, the overall performance of your Company for the After undertaking a detailed market assessment in 2018-19,
year 2018-19 is as below: Dubai Consultants is all set to enter the Indian real estate
market where its international-quality architectural and related
Consolidated financial performance snapshot - (rs. Crores) services are being increasingly valued.
this Year last Year % change In the arena of Consulting and Engineering Services, your
fY 2018-19 fY 2017-18 Company was able to strengthen its competitive positioning.
Total Income 1,281.06 957.22 34% Internationally, it increased engagement in Africa with the
EBITDA (Gross) 152.43 129.86 17% completion of a transmission line project in Mali and by
PAT 7.30 10.23 -29% securing new orders in Congo, Ivory Coast, Burkina Faso and
Guinea. Adding to the international momentum is now the
I am happy to state that your Company has laid out a official empanelment with the Export-Import Bank of India for
comprehensive product and market expansion strategy to a comprehensive range of services covering Detailed Project
benefit from the tailwinds and counter the headwinds, and Reports, Design Engineering and Network Planning and
emerge into an even more resilient and profitable organisation Implementation in power transmission and distribution, water
in the longer run, as can be seen in the following snapshots of and sanitation, irrigation, roadways and railways sectors.
the various operations. In India, a determined entry has been made into the high-
Feedback Energy Distribution Company Limited (FEDCO) achieved growth Railways and Water sectors, where order-books
deeper penetration in Africa, winning laurels in Nigeria for turning have grown significantly during the course of the year. The
around the performance of two DISCOMs. Its indigenously involvement of the Highways Division with India’s national
developed software solutions for electricity distribution found development objectives reached peaks of intense activity
widespread recognition, and the Company is now undertaking across the year as some major Greenfield expressways were
dedicated efforts for internationalising these IT offerings. The sought to be completed at breakneck speed by the Ministry of
year saw FEDCO make a spirited entry into Meghalaya, after Road Transport and Highways.
winning a bid to distribute electricity in five zones across the The Government’s stated interests and strong drive towards
state under the franchisee model. Meghalaya now reinforces infrastructure, as evident in its manifesto of striving for an
FEDCO’s well-documented and continuing success in electricity ambitious Rs. 100 Lakh Crore investment over the next five
distribution in Odisha. Another key achievement for FEDCO has years, will continue to give the segment the necessary boost.
been its energetic participation in the Government’s ambitious Whilst fiscal headroom will continue to be a concern, this aspect
Saubhagya programme of 100% electricity connections, now reiterates the need for reviving the PPP (Public Private
whereby it completed the challenging task of providing electricity Partnership) model with conducive policies, as well as a vigorous
access to around three lakh households in Odisha in a span of push to the Asset Monetisation opportunity.
just four months.
Indications are clear that there is going to be a special emphasis
As Feedback Highways OMT Pvt. Ltd. (FHOMT) crossed the on the Water sector. Here, the Government has on its anvil an
milestone of Rs. 100 Crores turnover, it continued to be the ambitious ‘Nal se Jal’ programme aimed at providing tap water to
‘Partner of Choice’ for domestic and foreign institutional every household by 2024. For this, a new Jal Shakti Ministry has
investors who have increasingly been picking up road assets. been formed, under which all existing water programmes and
The Company identified Highways Revenue Assurance Tolling departments have been merged.
and Metro Rail O&M as strong adjacencies, to be built on in the The ambitions of development for our nation clearly portend
coming year. It has also started offering niche EPC Services for massive action and investment in infrastructure. For this, your
the major maintenance of highways. Company is battle-ready!
For Feedback Power Operations & Maintenance Services Pvt. On behalf of the Board, I thank all our stakeholders for their
Ltd. (FPOMS), FY 2018-19 has been an encouraging year support and encouragement. We look forward to an even
as it improved its operational performance across various more rewarding journey.
dimensions – technical and financial. All this has led to it
obtaining a pre-eminent position in India in the area of Captive Vinayak Chatterjee
Power Plants and Solar Farms as well as in running coal- Chairman

rE-invEnting oursElvEs
from the Co-Chairman’s Desk
“
we have embarked on a substantive
exercise of further developing our erp
systems – improving workflows, capturing
time spent on projects, systems for
procurement of goods and services, and
project profitability monitoring.
“
01-28 29-57 58-191
overview
Corporate Overview statutory Report
Statutory financial statements
Financial Statements
the present is a time for re-inventing

ourselves for the future.
Dear shareholders,
Feedback Group is at an interesting point in its evolutionary We must also actively search for applications involving artificial
journey. We are re-inventing ourselves – trying to capture intelligence, be it in identifying highway sections requiring
the nuances of strengthening the already existing skills and routine maintenance, alignment options studies for Greenfield
developing some entirely new ones. highways development or in the extraction and analyses of
voluminous data like in land valuation components of highway
We have embarked on a substantive exercise of further assignments.
developing our ERP systems – improving workflows, capturing
time spent on projects, systems for procurement of goods A focus on developing all the above skills will result in
and services and project profitability monitoring. We are information that will have to be managed efficiently. This
focussed on a quantum jump in using IT effectively across all will require re-invention of our document management
these dimensions. applications. It seems to be a small step from this to
knowledge management but definitely one that will
FEDCO has been at the forefront of developing IT for project require strategic direction-setting and focussed execution
management at geographically distributed remote locations. of the same.
This important application, together with strengthened skills
of project management, is being ported to other sectors. A And finally, as we enhance our IT applications, data analytics
critical part of project management is data capture from the and knowledge management systems, we will be at an
field. For example, in the Highways sector, field investigation increased risk of disruptions to such systems as well as mala
studies, social impact assessments, asset valuations, etc. fide acts of sabotage from both within and without. We have
involve data collection. We are transforming data collection conducted studies of such threats and are implementing the
through the use of mobile-based real-time data collection, corollary actions desired.
including the analyses and reporting thereof.
All in all, the present is a time for re-inventing ourselves for
In areas like electricity distribution at the retail level and land the future.
acquisition for highways, we are employing Geographical
Information Systems. Based on our past experience, we see
GIS as an area where we need to train people and employ it R S Ramasubramaniam
beyond the existing applications. GIS technology has the Co-Chairman
potential to make our operations cost effective.
In electricity distribution at the retail level, we have the

possibility of exploiting the power of big data analytics. This
is an area where we do not have existing skills and will have
to invent ourselves anew. In other areas such as preventive
and predictive maintenance of power plants, we may not
be into big data, but skills in data analytics will surely have
tremendous impact. Again, this is an area where we have to
skill ourselves.

lEADErshiP tEAM

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Corporate Overview Statutory Report Financial Statements
Standing from left to right:

Dhananjay Ketkar
Managing Director,
Feedback Power O&M Services
P. Ramesh
Group Managing Director, Energy Businesses
Varun Minocha
Managing Director, Dubai Consultants
Devtosh Chaturvedi
Managing Director,
Feedback Energy Distribution Company
Seated from left to right:

Pankaj Sachdeva
Group Chief Financial Officer,
Feedback Infra Group
Parvesh Minocha
Executive Vice Chairman,
Feedback Highways OMT
Vinayak Chatterjee
Chairman
R.S. Ramasubramaniam
Co-Chairman
Rumjhum Chatterjee
Group Managing Director, Human Capital Development,
Feedback Infra Group

boARD of DiReCtoRs
vinayak Chatterjee
Chairman cum Managing Director
Vinayak co-founded the Company in 1990. He has often been called upon to play a strategic
advisory role to leading domestic and international corporates, the government of India, various
ministries dealing with infrastructure, as well as multilateral and bilateral institutions in the areas
of infrastructure planning and implementation.
He is currently the Chairman of Confederation of Indian Industry’s National Council on Infrastructure
and has chaired various infrastructure and related committees at the national level of CII since 2001.
He is on the Board of Directors of Apollo Hospitals Enterprises Limited and ACC Limited. He is a
member of the Advisory Board of JCB India and on the Board of Governors of the National Rail and Transportation University.
Vinayak has a PgDBM from IIM Ahmedabad and is a graduate in Economics (Hons) from St Stephen’s College, Delhi.
r s ramasubramaniam
Co-Chairman
ram is a co-founder of Feedback Infra. He is responsible for overseeing internal operations and managing
select strategic initiatives. He has been actively involved in the fields of strategic consulting, infrastructure
policy, infrastructure planning, design management of civil construction projects, project management and
capacity building. He has led and participated in numerous projects across sectors spanning integrated
townships, highways, urban infrastructure, hospitality, urban water supply, construction, healthcare, etc.
He has also been involved with policy issues and planning of infrastructure in rural areas.
ram has a PgDBM from IIM Ahmedabad and a B. Tech in Mechanical Engineering from IIT Madras.
suresh prabhala
Director (Nominee of Zenith Infra Investment Holdings PTE Limited, ADV Entity)
Suresh is a Managing Partner at ADV Partners (ADV). He has 20 years of experience in the finance industry
with the last 14 years focussed on private equity and principal investments in India. Prior to ADV, he was
the Managing Director and Head of India for Mount Kellett Capital where he built the India business and
was also a member of the global Investment Committee. Previously, Suresh was an Executive Director
and Head of India for JPMorgan’s Asia Special Situations group. He was part of the Asia Management
Committee for the Asia Special Situations group and represented the group on the Management
Committee of JPMorgan India. Earlier, he worked with Arthur Andersen’s Corporate Finance team and was
a founding member of Allegro Capital Advisors, a financial advisory business set-up by a team from Arthur Andersen’s Corporate
Finance team.
Suresh has an MBA from IIM Calcutta and a Bachelor in Mechanical Engineering from Delhi University.

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Manoj Sehrawat
Director (Nominee of Zenith Infra Investment Holdings PTE Limited, ADV Entity)
Manoj is a Partner at ADV Partners (ADV) and is based in Singapore. He has 21 years of experience in
financial services across private equity, distress debt acquisition and resolution, corporate and financial
restructurings in India.
He leads ADV’s coverage of India and is responsible for driving value-added initiatives and generating
synergies between ADV’s India investments with the broader portfolio. Prior to ADV, Manoj was Vice
President with JPMorgan’s Asia Special Situations Group and as part of the initial team for special situations
investing business in India, he played a key role in building the Indian special situations investing business.
Previously, Manoj worked at ARCIL - India’s first and one of the largest asset reconstruction companies.
Manoj is a Chartered Accountant from Institute of Chartered Accountants of India and has a Bachelor’s Degree in Commerce from
Delhi University.
Arijit Sanyal
Director [Nominee of HDFC Entities (HDFC Ltd, HDFC Holdings Ltd, HDFC Investments Ltd)]
Arijit is an experienced financial services professional with extensive experience across investment,
corporate and retail banking across a variety of leadership, credit, business and product development roles.
He is currently heading Strategic Planning & New Initiatives for HDFC Ltd where he is responsible for driving
the development and execution of key strategic initiatives as well as executing new strategic investments
in areas linked to HDFC’s core business. This is his second stint with HDFC. In his previous stint, Arijit set up
and ran the UK operations of HDFC, helping it grow into a substantial profitable business.
Previously, Arijit worked in Investment Banking with Nomura in London in a Special Situations Proprietary Trading team within
Credit Structuring and in Product Strategy in HSBC UK managing global projects of vast scale and complexity. Arijit also had a stint
working in a start-up bank in the UK as part of the leadership team as Head of Product.
He has a Master’s in Finance from the London Business School.
Ajay Mahajan
Director (Nominee of IDFC First Bank)
Ajay is the Head of Wholesale Banking at IDFC First Bank. He has 29 years of experience in the banking
industry and has now been with IDFC for almost six years. He is responsible for the entire wholesale
banking coverage for mid-market, large corporates, financial institutions, as also product functions like
investment banking, transaction banking, financial markets and credit products. His portfolio includes
coverage of Government and International Banking.
Ajay started his career with the Bank of America where he was last MD & Country Treasurer. In 2004, he
joined Yes Bank as Group President of Financial Markets, Institutions and Investment Management. In 2008, he joined UBS as MD
to build their banking franchise in India when they got licensed by the RBI to commence banking operations in India.
Thereafter, Ajay stepped away from formal employment to set up his entrepreneurial ventures. He was the Managing Partner and
Co-Founder of R-Square Advisors, an investment management and market risk advisory firm, where he provided quant-oriented
risk management, fixed income and credit modelling solutions to clients. Earlier, he also founded FICC Capital, with the objective
of building a structured credit business.
He has a Master’s from Faculty of Management Studies and has B.E. (Hons) in Electrical and Electronics Engineering from BITS
Pilani and CFA from the CFA Institute, USA.
Arijit Sanyal was appointed to the Board w.e.f. May 24, 2019
Ajay Mahajan was appointed to the Board w.e.f. February 16, 2019

boARD of DiReCtoRs
rumjhum Chatterjee
Director (Nominee of Mission Holdings Pvt. Ltd.)
rumjhum is one of the co-founders of Feedback Infra and serves as the group Managing Director - Human
Capital Development and Chief Compliance Officer for the Feedback Group. She was recognised as one of
the 20 Most Talented Hr Leaders in India by the World HrD Congress in 2013.
She is also the Chairperson of Feedback Foundation Trust. rumjhum plays an active role in the CII and has
served as the first woman Chairperson of CII Northern Region (2016-17). Currently, she is the Co-Chair for
CII’s National Committee on CSr.
She serves as an Independent Director on the Boards of Blue Star Limited and Somany Ceramics Limited. She is also a member of
the governing Body of HelpAge India and its Vice Chairperson. She is educated in Psychology from Calcutta University.
Bharti gupta ramola

Independent Director
Bharti was a partner at PwC during 1992-2017. She currently serves on the Boards of SRF Ltd and HDFC
Life Insurance Company Ltd. She is also on the governing Body of the Lady Shriram College, Advisory
Council of Transform rural India (a Tata Trust initiative) and Advisory Committee of Centre of Excellence
for research on Clean Air (CErCA) at IIT Delhi.
She holds a Post graduate Diploma in Management from IIM Ahmedabad and a Bachelor’s Degree (Hons)
in Physics from St Stephen’s College, University of Delhi.
k venkatesh
Venkatesh retired as the MD of L&T IDPL, the infrastructure investment subsidiary of L&T. He has an
experience of over 38 years in Corporate F&A, Project Bidding, Structuring, Financial Closure, Project
Management and o&M of infra projects across sectors such as roads and bridges, real estate, metros,
ports, airports and water supply.
He is a Chartered and Cost Accountant by profession and has a PgDBM from XLrI, Jamshedpur. He
has a Bachelor’s Degree in Commerce from the University of Mumbai.
santosh B nayar
Santosh possesses a rich experience of around 40 years in project finance and banking, including
international and investment banking and life insurance industry. He was also involved in government
committees and in policy advice to various ministries on infra sector.
He is an Independent Director of Mytrah Energy (India) Private Limited. He is a Non-Executive
Independent Chairman of reliance Nippon Life Insurance. He is on the Board of Bajaj Energy Ltd and
is advisor to Kerala Financial Corporation. He has also served as the Chairman and Managing Director
of IIFCL India and Chairman of IIFCL UK. Prior to joining IIFCL, he was the CEo and MD of IFCI Limited and before that, he was
the Deputy MD and group Executive (Large Corporate Banking and Project Finance group) in SBI. He also held the position of
Chairman on the Board of governors of Management Development Institute and has a B.Com (Hons), CAIIB.
Rumjhum Chatterjee was appointed to the Board w.e.f. May 24, 2019
Santosh B Nayar was appointed to the Board w.e.f. July 17, 2018

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Parvesh Minocha
Parvesh, one of the promoters of Feedback Group, has incubated several businesses and initiatives
for the Group. These include Engineering and Project Management Services, Highways and other
Transportation Practices, Urban Mobility, Tolling, Operations and Maintenance Business, acquisition
of Dubai Consultants - an architectural practice in Dubai as well as some joint ventures. Currently, he
is the Executive Vice Chairman of Feedback Highways OMT and the Chairman of Dubai Consultants.
He is widely consulted by several investors, PE Funds and Industry Bodies on infrastructure in
general and transportation sectors in particular. He is a member of CII Committees for South East
Asia, Railways and Ease of Doing Business for 2019-20. He is the Chair of the CII Northern Council’s
Committee on Infrastructure. In the past, he has served as a member of various CII Committees at national and state level
like Railways, PPP and Urban Infrastructure and Delhi State Council. He was also part of the CII-MoRTH Joint Task Force on
Roads and Highways.
Parvesh is an Engineer from NIT Durgapur with a course in Advanced Management and Leadership Programme from
Oxford University.
Renu Sud Karnad
Renu is the Managing Director of HDFC Limited. She has been on the Board of Feedback Infra since June
1997, making her the longest-serving nominee Director on the Board of the Company. Besides serving on
the Board of several HDFC Group Companies and HDFC Bank, she is a Director of ABB Ltd, Bosch Limited,
EIH Ltd, Indraprastha Medical Corporation Ltd and also on the international Board of WNS.
She holds a Master’s Degree in Economics from Delhi University and is a Graduate in Law from the
University of Mumbai. She is a Parvin Fellow of the Woodrow Wilson School of International Affairs,
Princeton University, USA.
Pavan Kaushal
Pavan was the Chief Risk Officer of IDFC Bank Limited until recently. He is a career banker with about
three decades of experience with leading global banks and consulting firms. His areas of expertise
include Corporate, Retail and Commercial Credit Risk Management, Operations Risk, Market Risk and
Treasury.
Prior to joining IDFC, Pavan was variously, a Partner with Ernst & Young in India responsible for leading
the Financial Services Risk Management Practice, Chief Risk Officer at ANZ Bank in India, Head of
Commercial Credit Risk Asia Pacific with ANZ Bank in Hong Kong, Senior Credit Officer of EMEA Global
Consumer Bank with Citibank in London, Head of Commercial Risk - Citibank in Poland and India, and worked in several senior
leadership roles both in the Global Corporate & Investment Bank & Global Consumer Bank at Citibank.
Parvesh Minocha resigned from the Board w.e.f. May 24, 2019
Renu Sud Karnad resigned from the Board w.e.f. February 6, 2019
Pavan Pal Kaushal resigned from the Board w.e.f. February 11, 2019

FEEDBAck inFrA:
unlocking inFrA oPPortunitiEs gloBAlly
we are india’s leading integrated infrastructure services company

with a multi-sectoral and multi-geographical presence. across over 35
our history of over 29 years, we have delivered multiple landmark Countries of
projects while establishing global presence. presence across
africa, middle-east
having entrenched our footprints across diverse sectors supported and asia
by strong domain knowledge and advancements in it along with
developing deep and enduring relations with clients, we remain
committed towards ‘making infrastructure happen’ by providing
end-to-end solutions to our clients.
infra Creation
(Advisory & Transaction, Design & Engineering, Project Management)
infra operations
(operations and Management)
infra improvement
(Asset Improvement)
urban infra energy

• Housing & • Healthcare • Power • Renewables
Townships generation -
• Industrial
our Thermal • Fuels
• Commercial
• Institutional Offerings & Hydro
• Power
• Hospitality Transmission
• Regulatory
& Distribution
transportation
• Roads & • Airports
Highways
• Ports
• Railways • Logistics
• Metro Rail • Waterways

01-28 29-57 58-191
around 8,000 190

employees Project Offices
our clientele includes Central and state governments, psus, private

players and financial institutions like banks and private equity funds.

FEEDBAck inFrA:
unlocking inFrA oPPortunitiEs gloBAlly
our group struCture
Shareholders Shareholders
Mission
Holdings
feeDBaCk infra private limiteD

• Flagship Business of the Group
• Provides Advisory (A), Construction & Project Management (C) and Engineering Design (E) services across multiple sectors
feeDBaCk energy DistriBution feeDBaCk highways feeDBaCk power operations &

Company limiteD omt private limiteD maintenanCe serviCes
private limiteD
• Electricity distribution across areas in • Provides end-to-end service for • Complete O&M of thermal, gas and
odisha and Meghalaya toll roads and ETC Cards including solar plants
• Electrification of Greenfield and major maintenance and catch-up • Plant and Asset Management
Brownfield projects including household works Software solution
electrification under ‘Saubhagya’ mandate • Also works on ‘Assured Revenue’ • Pre-commissioning and
• Provides latest technology in the basis for NHAI and others commissioning services
infrastructure sector in the form of
innovative software offerings -
DC Nine and DL Enhance
DuBai Consultants feeDBaCk infrastruCture pt feeDBaCk inDonesia

serviCes nepal limiteD
• Dubai-based architectural firm • 51:49 Joint Venture with the • Focusses on coal and power sector
• Provides fully integrated design Himalayan Infrastructure Fund, services in Indonesia
services including architecture, a local company in Nepal • Functions as a marketing office
structural engineering, landscape • Provides services in the energy for Indonesia and the rest of
and construction management space, especially hydro power to ASEAN region
services capitalise on the hydro potential
of the country

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Developing around
Providing operations & Maintenance
(o&M) services to power plants with a 15,000 km
capacity of over of National Highways including
Expressways across the length and
7,000 mw breadth of the country
powered by
strong
Delivering electricity to more than credentials,
we are: Providing operations,
6,00,000 Maintenance and Tolling
customers in odisha and services for around
75,000 6,000 lane km

customers in Meghalaya of roads
Putting together
1,00,000 acres
of infrastructure development

MArkEt ExPAnsion By
WiDening inteRnAtionAl PResenCe
aChieving Deeper penetration in afriCa
prestigious mandate for operations assistance
exciting developments are shaping both within the Feedback Power o&M was awarded the prestigious
Company and across the global infrastructure space. mandate for providing operations assistance to Botswana
these are opening new prospects and unleashing mega Power Corporation (BPC) for the Control room operations
opportunities. at feedback infra, we are leveraging & Maintenance of 4 X 33 MW Power Plant at Morupule ‘A’
the strong core of our capabilities to effectively Power Station (MAPS), a coal-fired power plant.
capitalise on the multitude of opportunities across
domestic and international markets to promote long- 1st international order for Software Product Offerings
term sustainability of the organisation. our existing FEDCo bagged the order from Port Harcourt Electricity
successes and new wins in the international markets Distribution Company (PHED), Nigeria for providing
drive our visibility and recognition, while giving us the electricity distribution solutions in the form of innovative
confidence of being on the right growth trajectory. software offerings – DL Enhance.
supporting the government of mali, africa

As Project Management Consultants, we played a key role
in supporting the government of Mali in its endeavour to
execute the 225 KV Sikasso - Bougouni - Sanankoroba -
Bamako transmission project. This project is under Indian
Line of Credit funded by EXIM Bank of India. Also, this project
is part of the Han Interconnection Project (ghana) - Bobo
Dioulasso (Burkina) - Sikasso - Bougouni - Bamako (Mali)
which is in turn a part of the larger Master Plan for the West
African Electric Power Exchange System.
project management for sao tome’s largest hospital

Feedback Infra is advising the government of Sao Tome
and Principe in developing a 300-bed Greenfield secondary/
tertiary care facility for the island country’s largest
hospital. our Infra Advisory Division is providing support
for conceptualisation, design & planning, contractor on-
boarding, project management & construction supervision
as well as for initial operations.

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Bangladesh
Transmission Project in Bangladesh

Feedback Infra won its first Transmission Project in
Bangladesh for carrying out Consultancy Services for Route
Survey, IEE and Feasibility Study for the construction of
Payra - Gopalgonj – Aminbazar 2nd 400 KV Transmission
System by the Power Grid Company of Bangladesh Ltd.
Nigeria
Winning laurels by turning around DISCOMs in Nigeria

FEDCO’s efforts in helping turn around the
Africa performance of Port Harcourt and Enugu electricity
distribution companies in Nigeria helped it win
Solar Project in Africa laurels in just the first year of operations. This led to
Feedback Infra won its first solar (40 MW) project in repeat and wider business opportunities from these
Democratic Republic of Congo, Africa for conducting clients, thus further strengthening its position as a
Feasibility Studies, by leading solar developer, AVAADA. The leading provider of electricity distribution services.
Company also bagged two more projects from AVAADA for
conducting Feasibility Study of 25 MW Solar Power Plant in
Ivory Coast and 40 MW + 20 MW (two locations) Solar Power
Plant in Burkina Faso.
Transmission Projects in Niger Nepal

Feedback Infra made a breakthrough by
bagging the first Transmission Project in
Niger for conducting Studies and Supervision
of World Bank funded Niamey and Dosso – Concept to Commissioning of Hydro Project in Nepal
Ballayera Transmission Line project. Feedback Nepal has been involved from Concept to
Commissioning of the 22 MW Bagmati Small Hydro
Power Project in Makwanpur. The construction is
complete and the project is operational. This is
the Company’s first commissioned project and is
significantly contributing towards the social and
economic development of the surrounding villages.
PT Feedback Infra has been working with PT Prima
Layanan Nasional Enjiniring (PLNE), BUMN companies Feedback Nepal is also engaged in the Detailed
such as WIKA, PT PP, PT Adhi Karya for their design and Engineering Design of Nilgiri Cascade Hydro Power
engineering assignments. Projects with a total capacity of more than 100 MW.

MArkEt ExPAnsion By
DeePening seCtoRAl PResenCe
we are at an important and interesting stage of our making saubhagya possible

infrastructure journey in india. the macroeconomic FEDCO’s Network Rollout Implementation (NRI)
outlook looks positive with the government’s renewed
team successfully completed the challenging target
focus on infra growth, thus further energising foreign
of 100% household electrification under the NTPC -
investments. we shall remain focussed on capitalising
on this upturn by deepening our presence in the existing Saubhagya mandate in Odisha.
segments and targeting emerging markets to catapult
into a higher growth trajectory.
reducing at&C loss
powering the energy Business
Feedback Infra (D-Consulting) was awarded a
winning 2nd Distribution franchisee order
Certificate of Appreciation by Uttar Haryana Bijli
FEDCo bagged a 10-year Distribution Franchisee contract
for four sub-divisions in Meghalaya, its second such mandate Vitran Nigam for successfully reducing their AT&C
in the state, thus reinstating its position as a leading player losses that led to tangible financial gains.
in India’s electricity distribution space.
Feedback Power was recognised as the ‘Best

performing o&m Company’ for Hindustan Zinc
feedback power sets new standards of Ltd, a recognition of its sustained delivery of
excellence at Zawar Captive power plant (Cpp) KPIs like unit generation, availability, specific
Feedback Power’s HZL Zawar CPP, Rajasthan was oil consumption, specific water consumption,
recognised by the Quality Circle Forum of India safety of plant and the people as well as
(QCFI) for successful implementation of FIVE-S management of the entire O&M.
Workplace Management System across all the
departments. This is a testimony of the team’s
sustained efforts and strict adherence towards
ensuring efficient and systematic organisation at
the workplace at par with international standards.

01-28 29-57 58-191
BuilDing strength in the renewal anD Clean aCCelerating in roaDs anD highways
energy segment entering new line of business
solar o&m recently, feedback highways omt commenced
Feedback Power bagged the mandate to provide operations operations at the azizpur toll plaza in punjab, thus
and Maintenance services for a 100 MW Block in the marking its entry into a new line of business – the
500 MW Solar Park set-up by Andhra Pradesh Power revenue assurance model of tolling services.
generation Corporation Ltd (APgENCo) in the state, from
KEC. The project envisages o&M with a KPI for generating
Deepening presence in the highways segment
200 million units of power per year.
Highways Division of Feedback Infra is engaged in the
Social Impact Assessment using mobile data collection and
gIS-based land acquisition plans for preparing DPr for the
development of Rajasthan – Delhi – Vadodara Expressway
under Bharatmala Pariyojana (Lot 4).
transaction advisor for proposed Bandu pumped
storage project
As Transaction Advisor to West Bengal State Electricity
Distribution Company Ltd, Feedback Infra assisted the
Company in selecting a suitable developer for the Proposed lauded for timely completion of project
Bandu Hydro Pumped Storage Project. The team suggested Highways Division of Feedback Infra was awarded a
Design, Build, Finance, operate and Transfer (DBFoT) as a Certificate of Appreciation by the Hon’ble Minister
technically and commercially viable model to develop the of Road Transport and Highways, Nitin Gadkari for
project through Tariff Based Competitive Bidding (TBCB)
ensuring timely completion of Chhapra – Rewaghat
process, making it a first-of-its-kind project wherein Private
Sector participation is sought for the development of a
– Muzaffarpur secton of NH-102.
Hydro Pumped Storage Project in India through TBCB.
ticketing & Cash management operations (tCmo) of

hyderabad metro
Feedback Highways oMT got the mandate for expanding
TCMo services for seven additional stations of Phase IV of
the Hyderabad Metro rail Project. A 10-km-long stretch
from Ameerpet to Hi-Tech City covering nine stations and
connecting the integral IT corridor, this section receives
heavy footfall. It is a testimony of the team’s efficient
operations, superior service delivery and the level of trust
reposed by the clients, Keolis and L&T.

MArkEt ExPAnsion By
advisory mandates
iconic tourism Destinations

Feedback Infra is advising the
Ministry of Tourism for the
development planning of four
UNESCO World Heritage Sites –
khajuraho, hampi, Bodhgaya
and kaziranga. the project
entails integrated development
of theme-based tourist circuits
in the country. our infra
advisory Division is engaged
in the preparation of a tourism
vision and development plan
outlining interventions to enable
development of these sites as
global iconic Destinations.
the largest multi modal logistics park

Feedback Infra advised on the Feasibility
Study of the upcoming 700-acre
logistics park at Dadri, Noida which
once developed, would be the largest
such facility in India.

01-28 29-57 58-191
goa international Convention Centre

goa Feedback Infra is currently engaged in providing
bid advisory services to a renowned corporate
client for the development of India’s largest
Casino-cum-Convention Centre in goa. It is
expected to be built across an area of over 50
acres in Panjim. It would feature a 5,000-seater
convention centre and multiple hotels totalling
around 2,000 keys, first on-shore casino in
goa and an 11-screen, 2,000-seater multiplex
for hosting the prestigious International Film
Festival of India (IFFI).
extenDing footprint in the railways

As Project Management Consultants, our Transportation
Division made several breakthroughs during the year as it
won various prestigious assignments from rail Vikas Nigam
Limited:
Container train operations business
• Railway Electrification Works in three sections of
Feedback Infra conducted a detailed Feasibility Study on
Tiruchirappalli Division, Southern railway, Tamil Nadu with
Container Train operations for the upcoming Western
a total length of 286 track km having 25 block stations
Dedicated Freight Corridor (WDFC) which is slated to turn-
and 17 halt stations.
around freight logistics in India by creating dedicated rail
• track doubling between Vanchi Maniyachchi and Nagercoil
lines for cargo movement at higher capacity and speeds
(via) Tirunelveli in Madurai and Thiruvananthapuram
than the existing Indian railways lines.
divisions of Southern railway having a length of 102.49
transaction advisory for nCr’s largest land sale km. It is the highest-value project awarded by rVNL
Feedback Infra provided transaction advisory services to comprising work across all three disciplines, i.e. Civil &
HSIIDC for successful conclusion of NCr’s largest land sale Track, oHE and Signalling Works.
amounting to around Rs. 1,500 Crores. This comprised • Construction of tori to patratu section (64.47 km)
providing end-to-end bid advisory including preparation in Jharkhand which is part of the third line between
of bid document, identifying potential partners, investor Sonnagar to Patratu and is integral for both passenger
approach & marketing and contract negotiation for sale and freight traffic movement.
of the 11.76-acre Vanijya Nikunj land parcel. The land was • Railway Electrification Works for two stretches in
awarded to DLF-Hines in February 2018 via e-auction and Maharashtra and Karnataka comprising Bhigvan – Solapur
the detailed Lease agreement and possession formalities section (19 block stations) and Solapur – Gulbarg section
were completed through Feedback’s intervention in (12 block stations) of Solapur Division of Central railway
June 2019. in the two states.

MArkEt ExPAnsion By
Diving deeper into the water segment • Completed the preparation of DPr for two districts in
• Won two Third-Party Quantity and Quality Monitoring Kurnool, Vizianagaram in Andhra Pradesh. This included
Assignments from Andhra Pradesh Drinking Water detailed design, survey and Bill of Quantity (BoQ)
Corporation for Kurnool and Kadapa Districts. The project estimates and tender preparation for 54 multi-village
in Kurnool District covers 54 schemes and the one in schemes and 255 single village schemes designed to
Kadapa District covers 11 schemes. cater to a population of 25.09 Lakhs. The main trunk
length is spread across 3,500 km covering 1,320 villages
in Kurnool District.
• Secured the order for preparing Feasibility
Report for Water Supply Works in West • Completed the Storm Water Drainage Study for Thane
African countries by KEC International Ltd. Municipal Corporation.
• Awarded the preparation of DPr for Water Supply Project

and Project Monitoring Services for Dumka town from
Jharkhand Infrastructure Development Corporation.
Successfully completed the preparation of a GIS-
based Drainage Master Plan and DPR for Dehradun,
• Completed the Development Plan and Development
Control Regulations (DCR) for 186 sq km MSRDC Special Rishikesh, Haridwar, Roorkee, Haldwani and Rudrapur
Planning Authority area between Mumbai and Pune. cities.

01-28 29-57 58-191
transforming urbanscapes • Zonal Master Plan for Eco-Sensitive Zones (ESZs) of

Two assignments for the preparation of geographic Cluster-2 in Madhya Pradesh. The project includes
Information System (gIS) based Master Plan for Ludhiana preparation of Zonal Master Plans for Jeevashm Fossil
and Khanna towns in Punjab. This includes demand National Park (1.12 sq km) and Kanha Tiger reserve ESZs.
assessment, identification of issues, projected requirements, Kanha Tiger reserve includes Kanha National Park and
development strategy and database creation with mapping Phen Wildlife Sanctuary spread across 1,193 sq km.
on gIS platform.
• Consultancy Services for the Preparation of Preliminary
• GIS-based Preparation of Perspective, Master Design Report for Roads and Services/Utilities of Town
Planning Scheme 1 at Dholera Special Investment region
Plan and Zonal Development Plan for Kurnool
(DSIr) in gujarat. The consortium comprising Feedback
Area Development Authority (KUDA) Region Infra and Atkins successfully completed the Preliminary
comprising four Urban Local Bodies and 117 Design report.
villages spread across 2,599.50 sq km having
a population of 12.5 Lakhs.
feedback infra empanelled with exim

feedback infra was officially empanelled with the EXIM Bank of India in the sectors of Power Transmission,
Power Distribution, Water and Sanitation, Irrigation, Roadways and Railways for PMC projects, preparation of
DPRs and Feasibility Studies.
• Project Development Consultant for preparation of ‘DPR on Water Supply to achieve National
Benchmark (135 LPCD) and Sewerage Pipeline in Agartala Municipal Corporation Area’.
• Infra Design of Logistics Hub in Luhari, Haryana spread across an area of 230 acres.
• Detailed Project Report for a Municipal Solid Waste Management project for 41 Urban Local
Bodies (ULBs) of Telangana.
• Pre-bid Engineering Services for 204 MLD Sewage Treatment Plant in Philippines.

Driving ProFitABlE groWth through
teCHnologY leADeRsHiP
As we dive deeper in our strategies for profitable growth and market expansion, our business needs would undergo
significant overhaul and technology would serve as an enabler, to help scale up and cater to the diversified business
needs of the organisation. This will necessitate the requirement of having streamlined processes to efficiently handle
growing operations (complexity), thereby improving productivity and enabling transparency in processes.
Feedback Infra has rolled out multiple initiatives and upgrades in the ErP’s (Enterprise resource Planning) Finance and Accounts
module to be ready for the future. Enterprise-wide Standard operating Procedures (SoPs) were revisited with exhaustive process
deliberations with multiple stakeholders across the various group subsidiaries, in terms of the current business needs and
incorporation of best market practices. Cross-functional teams across Finance and IT departments leveraged Agile methodology
to configure and revamp the ERP system across the Procure to Pay (P2P), Order to Cash (O2C) and Record to Report (R2R)
processes, underpinned by the SoPs. The move is in line with the organisation’s objective of moving to a Single Source of Truth
(SSoT) regime. Leveraging Change Management principles, multiple in-depth training sessions have been conducted across the
group that facilitated socialising and enabled adaption of the new ways of working within the organisation.
Driving profitability with ‘Project Profitability

module’
The next focus is on revamping the ‘Project
Profitability Module’ (PPM) which is a business-critical
dimension of the group. It involves measuring and
driving accountability at the project level, across the
various group subsidiaries.
Benefits of the new ERP System

• Streamline processes and enable quality, efficiency and cost optimisation across
various internal business processes
• Facilitate integrated information across the Group
• Centralisation of data for bolstering interdepartmental collaboration and making
reporting easier and customisable
• Enhance efficiency by eliminating redundant processes and tasks through
automation
• Enable scalability as the business expands across geographies

01-28 29-57 58-191
striving to BE A grEAt orgAnisAtion

foR PRofitAble gRoWtH
as an organisation, we endeavour to provide an enabling work culture that is replete with our values of making a
positive difference to the environment that we are a part of.
organisation with great managers

feedback infra (including FHoMT and FPoMS) and feDCo have been recognised
among ‘top 50 medium and large sized organisations’ by great manager
institute. Besides, three managers from FEDCo - rajesh Kumar Bhoi, Divisional
Manager; Shailesh Kalrao, Vice President and Tarapada Sahu, GM-Quality and
Customer Care were recognised among 100 great Managers in the country.
Such recognitions help promote high motivation levels amongst the employees,
thus enabling them to further hone their skills and face various business
challenges in a more cohesive and efficient manner.
feDCo recognised as a great place to work, yet again

feDCo has been recognised among India’s Best Workplaces, for second year
in a row! FEDCO’s efforts towards building a high trust and high performance
work culture have helped it leapfrog to the 9th position among india’s Best
mid-size Companies to work for by the great place to work institute. Having
jumped six notches from last year, this recognition is a testimony of FEDCo’s
people-centric initiatives and processes that are translating into desirable and
sustainable results.
as an organisation, we remain committed towards nurturing our employees and help make
feedback a great workplace!

FEEDBAck inFrA’s csr initiAtivE
trAnsForMing BhonD villAgE to DrivE
sustAinABlE DEvEloPMEnt AnD sociAl inclusion
Feedback Infra adopted Bhond Village, Mewat (Nuh) district,

Haryana in 2014 and has been working to transform
this into a ‘Model Village’. With Feedback Foundation as
the implementation partner, we have been following a
community engagement approach to help change mindsets
and behaviour of the people of the village and enhance their
status across various socio-economic dimensions.
It is a matter of great pride for us that Feedback Infra’s CSr

project at Bhond Village has been bestowed with the coveted
‘Platinum rating’ by the Indian green Building Council. This is
a testimony of the combined efforts of the people of Bhond
and Feedback Foundation to ensure a holistic development
of the people of the village. With this, Bhond becomes IgBC’s
first Platinum Rated Village in North India. Incidentally, Bhond
was also the first village in the country to be bestowed with
the ‘Green Village Gold Rating’ in 2016.
feedback infra remains committed to develop Bhond as a sustainable rural community

with high level of well-being and happiness without depleting economic, social and
environmental values.

01-28 29-57 58-191
A SUCCESS STORY OF AN INTEGRATED,

COMMUNITY-LED DEVELOPMENT APPROACH
Bhond is a success story of integrated development. Our teams are working across key verticals of Education, Environmental
Sanitation, Employability, Health, Women Empowerment, access to safe Drinking Water, Infrastructure Development and
Institutional Strengthening to ensure a holistic development of the community.
Key Achievements at Bhond Village

First village in the Developed strong
District to become and self-governed
Open Defecation Free village institutions like
with 100% household Village Development
Committee, School
toilets
Management
Committee and
Youth Development
Committees
Agri-output and 100% enrolment

quality enhanced and of children in the
average household school-going age and
income almost zero drop-outs
doubled
Primary Wing Enhanced

of the school digital literacy with
among top-5 in the 66 candidates
District selected for completing a
Govt of Haryana’s certification course
‘Bagless English by NIIT
Medium Education’
programme
Marked decrease 100%

in incidence of immunisation of
preventable diseases pregnant women and
such as diarrhoea, children under the
cholera and typhoid age of 5 years
7 Women’s Infra
Self-Help Groups development like
formed and started a roads, drainage,
micro-enterprise for power supply
indigenous and water supply
products - ‘Chingeri’ facilitated through
linkages with
Government
schemes

ExPAnDing our sociAl rEAch to
ProMotE sustAinABility
reaching out...
Fani happened to be one of the most devastating cyclones
in history! Making a landfall near Puri, it affected a total of
14 districts in Odisha and left behind a trail of distress in
the life of millions.
Amidst all the uncertainty, FEDCo collaborated with
the State government and other agencies and worked
against all odds to restore power supply and help resume
normalcy in the lives of the people. Within just 12 days,
electricity was restored at the famous Jagannath Temple
in Puri. our teams worked day and night to restore power
supply across affected areas, especially in the rural
areas where the electricity network was damaged on a
massive scale.
Modern machinery and around 1,000 skilled technicians
from across eight states were deployed. Technologically
advanced Apps were introduced to ensure proper
monitoring and management. FEDCo’s Seva Team was
engaged in supplying relief materials and other daily
use items like food packets, mosquito nets, solar lights
and medicines.
The entire effort was led by FEDCO’s able leadership
to ensure efficient on-ground execution. Support cells
provided logistics, accommodation, procurement and
flow of funds to facilitate timely restoration. FEDCO’s
efforts were highly appreciated by the people and
the Government.
Further, a relief and rehabilitation programme is also
being undertaken to cater to the needs of the displaced
people across the affected areas.

29–57 58–191
Statutory Financial
Report Statements
Statutory financial
Report statements
30 Directors’ Report standalone

66 Balance Sheet
68 Cash Flow Statement
Consolidated
130 Balance Sheet
132 Cash Flow Statement
directors’ Report
to,
The Members,
Your directors are pleased to present the twenty-ninth directors’ Report of Feedback infra Private limited along with the
audited financial statements for the financial year ended March 31, 2019. The consolidated performance of the Company
and its subsidiaries has been referred to wherever required.
1. financial results (standalone & consolidated):

(Rs. Lakhs)
STandaLone ConSoLIdaTed
Particulars financial year Financial Year financial year Financial Year
2018-19 (fy 19) 2017-18 (FY 18) 2018-19 (fy 19) 2017-18 (FY 18)
Revenue from operations 32,987.67 25,718.55 1,26,654.09 93,623.48
total Revenue 36,713.85 28,443.95 1,28,105.78 95,722.16
Total expenses 35,763.02 27,557.49 1,26,341.32 94,395.46
Profit before exceptional items and tax 950.83 886.46 1,764.46 1,326.70
Profit after exceptional items and before tax 950.83 886.46 1,764.46 1,326.70
Deferred tax 37.86 216.47 -345.08 218.74
income tax 304.00 373.49 689.53 522.51
Profit for the year 684.69 729.44 729.85 1,022.93
Your Company has grown steadily in a challenging provides consulting services for new and existing
year and has achieved a significant growth both at projects and also manages design and construction.
standalone as well as consolidated levels. All the
entities have shown satisfactory results assuring us of We cater to a diverse set of clients from Union and state
a promising future. Governments, PSUs and private players to financial
institutions including banks and private equity funds.
On standalone basis, during FY 19, the total revenue
from operations was Rs. 32,987.67 Lakhs, which was every journey creates milestones reminiscent of its
higher by 28% over the last year Rs. 25,718.55 Lakhs in steady progression on the path towards achieving the
FY 18. The Net Profit after Tax for the year amounting vision for the future. While on our journey of ‘making
to Rs. 684.70 Lakhs. infrastructure happen’, Feedback infra has made
significant inroads in terms of providing best-in-class
at consolidated level, the turnover of the Company rose infrastructure services with a commitment towards
from Rs. 93,623.48 Lakhs in 2017-18 to Rs 1,26,654.09 sustainable value creation for all stakeholders.
Lakhs in 2018-19, an increase of 35.3%, which is very
promising in such economic conditions. However, as a key driver of india’s economic growth,
Consolidated profit after tax declined from Rs, 1,022.93
infrastructure development has witnessed significant
Lakhs in 2017-18 to Rs 729.85 Lakhs in 2018-19.
impetus during the last few years. Various reforms and
policies introduced by the Government have helped
2. State of Company’s Affairs and Future create an environment conducive to the development
outlook of world-class infrastructure. And Feedback Infra has
About the Company and its affairs. definitely benefitted from this. During 2018-19, your
Feedback infra is india’s leading infrastructure Company delivered strong performance across its
services company with interests across sectors like diverse businesses along with making successful forays
transportation, energy and urban infrastructure. It in the international market.
30 | Feedback Infra Private Limited

01-28 29-57 58-191
Road ahead About Key Business Entities of Feedback Group

The Indian economy retained its tag of the fastest eedback Infra Private Limited (‘Feedback Infra’ or
F
growing major economy in the world in FY 2018-19 for ‘FIPL’) is the leading Company of Feedback Group.
the second year in a row as it continued to climb up Feedback Group comprises Feedback Infra and its
the growth ladder. The economy registered a growth subsidiaries. The details about the subsidiaries are as
rate of 7% during the 2018-19 period as per the Central follows:
Statistical Organisation. Various reforms taken by the
Govt of India during the last few years have helped eedback Energy Distribution Company Limited
F
India leapfrog to the 77th position in the World Bank’s (FEDCO)
Doing Business Report 2019, jumping 23 notches from EDCO is a 100% subsidiary of Feedback Infra. It
F
last year. provides electricity to consumers across areas in Odisha
and Meghalaya. FEDCO is strategically poised to make
India requires infrastructure investment of Rs. 50 the best of the smart metering opportunities emerging
trillion (USD 777.73 billion) by 2022 in order to ensure in the sector. The Network Rollout Implementation
a sustained development of the country. It is further (NRI) team successfully completed a very challenging
conjectured that around 5% - 7% of this amount shall project under ‘Saubhagya’ as part of which three lakh
be allocated to infra consulting services. This provides households were provided electricity access within just
a plethora of opportunities for Feedback Infra as an four months. FEDCO’s indigenously developed software
infrastructure services organisation. products have increased their footprint with user
base extending from Port Harcourt in Nigeria to NTPC
Among infra, sectors like roads & highways, railways, and Bajaj Electricals in India, thus further reinstating
power transmission, renewable energy and urban infra FEDCO’s position as a leading provider of electricity
will be key investment drivers in the coming years. distribution services to companies in India and abroad.
Presently, only 24% of the total National Highways On the non-revenue front, being recognised as a ‘Great
network is four-lane. Moreover, under the first phase of Place To Work’ for the second year in a row and among
the ambitious Bharatmala Pariyojana, a total of 34,800 ‘Top 50 Organisations’ by Great Manager Institute
km of roads at an investment of over Rs. 5.35 Lakh embodies the team spirit and the commitment that
Crore would be constructed by 2022 to bridge critical exists among all FEDCOites.
infrastructure gaps. This poses a lot of opportunities
for us. Feedback Highways OMT Private Limited (FHOMT)
HOMT, a 100% owned subsidiary of Feedback Infra,
F
The Government too is working on reducing bottlenecks continues to be the largest Third Party OMT services
with initiatives like ‘Housing for All’, ‘Nal Se Jal’ and ‘Smart provider with offerings on mergers and acquisitions
City Mission’ to provide impetus to infra creation. With support as well as post acquisition services through
the UDAY Scheme that aims to financially turnaround tolling, operations, routine and major maintenance.
and revive electricity distribution companies in India, FHOMT also identified ‘Highways Revenue Assurance
the power sector promises a strong growth. Tolling’ and ‘Rail/Metro/Bus O&M’ as adjacencies, to
be developed during the year ahead. Now, with the
Increasing focus on developing infrastructure in the Group’s overall thrust on becoming an integrated
country is also attracting major global players. With services provider, it has added ‘controlled EPC’ for post
100% FDI permitted through the automatic route, the construction stages of highways, thereby becoming
infrastructure sector poses a lot of opportunities for us the only end-to-end services provider in the country.
in the years ahead.
During the year 2018-19, FHOMT crossed a turnover
We shall remain committed to further strengthening of Rs. 100 Crore, while continuing to be a profitable
our relations with the existing clients and focus on new operation. Plans are being finalised to prepare the
acquisitions and thus, contribute towards developing organisation for a CAGR of over 60 - 70% during the
communities by ‘making infrastructure happen’. next five years, with an aim to become a Rs. 1,000

Crore Company in the next five years. As this journey to set up office in India. With this, the high-end concept
will entail newer opportunities, challenges and capital will be prepared in Dubai while detailing and execution
allocation, larger projects as well as higher risk- capacities will be built locally. Initial studies confirm that
rewards, adequate management structures and risk there is adequate market for both across metro cities
management processes are being put in place. and other towns in India.
eedback Power Operations & Maintenance

F While DC has been profitable for the last few years,
Services Private Limited (FPOMS) the year gone by has seen results close to break-
POMS is also a 100% subsidiary of Feedback Infra. It
F even. However, we are sure that the steps above will
is engaged in providing operations and maintenance enable us to keep up on the path of profitable growth
services for energy assets across generation within the next couple of years. Suitable collaborations
technologies in India, Africa and South-East Asia. It addressing newer segments, both in dubai and in india
also provides Plant and Asset Management Software. are being formed.
Having completed seven years of its operations, the
Company has significantly improved profitability aving established a strong presence across the length
H
of running projects by better management of third and breadth of the country, your Company also has
party contractor costs, enhancing team efficiency and footprints in over 35 countries across Africa, Middle-
terminating contracts of loss-making projects. On the East and Asia.
financial front, the Company made its highest profit
since inception. It has generated sufficient liquidity and this is a testimony of your Company’s ability to deliver
paid off substantial amount of loans totalling around world-class infrastructure services in an efficient
Rs. 7.78 Crore. This has drastically cut interest costs. and time-bound manner and is in line with our core
The Company has generated reserves of Rs. 4 Crores to purpose of ‘making infrastructure happen’ by creating
meet the working capital requirement for future growth a difference in the lives of the people across the
envisaged for the next fiscal year. communities and countries we cater to.
POMS is also extensively exploring opportunities in

F K
ey orders bagged by Feedback Group during
south-east asia, africa and the Captive Power Plant FY 2018-19
segment in India. The Company consistently received Feedback infra bagged the assignment for
awards from Hindustan Zinc, Lalitpur Power Generation Quantity and Quality Monitoring of Rural Water
Company Limited (LPGCL) and Kariangau Power on supply from andhra Pradesh drinking Water
Safety, Energy Conservation and Water Conservation. Supply Corporation: Rs. 32 Crores
the team at lPGCl site was also awarded for developing
the spare for cooling tower by using workshop facilities Feedback infra was appointed as Project
at the Plant Site. Management Consultant for rail works in Madurai
and thiruvananthapuram divisions of southern
Dubai Consultants (DC) Railway: Rs. 26 Crores
Urban infra is an integral part of Feedback infra’s
Feedback infra was appointed as authority
professional service offerings. And Dubai Consultants
Engineer for Imphal – More section in the state of
(DC) has fulfilled the need for an experienced and
Manipur: Rs. 17 Crores
recognised architecture company with a standing of
over four decades and over 300 projects under its belt. Feedback infra was appointed as Project
However, there has been a reasonable slowdown across Management Consultant for Patratu – Jharkhand
GCC countries during the last couple of years which has stretch: Rs. 16.46 Crores
begun to affect the growth of DC. While the Company
has been reinventing itself over the last few years FedCo won the mandate for providing Project
through cost rationalisation, exploring new segments Monitoring support for Bajaj Electricals Limited’s
viz. design-build, working for the contractors, etc., it has EPC Project for electrification of 23 Districts in
been found desirable to bring its international expertise Uttar Pradesh: Rs. 16 Crores
honed in Dubai to India. To address the dual markets
of high-end architectural design and PMC as well as Feedback infra bagged the order to provide
large design-build fit-outs for various commercial and independent engineer services for Bagodara –
corporate projects, the management of dC has decided Vasad Road Project in Gujarat: Rs. 11 Crores

01-28 29-57 58-191
Feedback Infra was appointed by Rail Vikas footfall. It is a testimony of the team’s efficient
Nigam Limited to provide Project Management operations, superior service delivery and the level
Consultancy services for Solapur – Gulbarga of trust reposed by the clients, Keolis and L&T.
section: Rs. 10.40 Crores
Feedback Power’s HZL Zawar CPP, Rajasthan was
Key achievements of Feedback Group during 2018-19 recognised by the Quality Circle Forum of India
eedback Infra (including FHOMT and FPOMS)
F (QCFI) for successful implementation of FIVE-S
and FEDCO were recognised in the ‘Great People Workplace Management System across all the
Manager’ Survey among ‘Top 50 Medium and departments. This is a testimony of the team’s
Large Sized Organisations’ by the Great Manager sustained efforts and strict adherence towards
Institute. This is indeed overwhelming and further ensuring efficient and systematic organisation at
motivates us to keep raising our own benchmarks the workplace at par with international standards.
towards establishing a great work culture.
Feedback Power O&M was awarded the prestigious

FEDCO was recognised among India’s Best mandate for providing operations assistance to
Workplaces by Great Place To Work Institute for Botswana Power Corporation (BPC) for the control
second year in a row! The Company leapfrogged room Operations & Maintenance of 4 X 33 MW
to the 9th position, jumping six notches from last Power Plant at Morupule ‘A’ Power Station (MAPS),
year, to be recognised among ‘India’s Best Mid- a coal-fired power plant.
Size Companies to Work For’ in recognition of its
eedback Power was recognised as the ‘Best
F
efforts towards building a high trust and high
Performing O&M Company’ for Hindustan Zinc
performance work culture.
Ltd., a recognition of its sustained delivery of
EDCO’s Network Rollout Implementation (NRI)
F KPIs like unit generation, availability, specific oil
team successfully completed 100% household consumption, specific water consumption, safety
electrification target under the NTPC - Saubhagya of plant and the people as well as management of
mandate in Odisha. Given the challenging task of the entire O&M.
providing electricity access to around 3,00,000
Feedback Infra bagged two Third Party Quantity
households in four months, the team not only
and Quality Monitoring Assignments from Andhra
successfully completed the task, but also received
Pradesh Drinking Water Corporation for Kurnool
appreciation from all stakeholders involved in the
and Kadapa Districts. The project in Kurnool
policy program.
District covers 54 schemes and the one in Kadapa
District covers 11 schemes.
EDCO bagged a 10 year Distribution Franchisee
F
contract in the North-Eastern state of Meghalaya
covering four sub-divisions. This is FEDCO’s second
3. Dividend
mandate as Distribution Franchisee in the state, The Board, at its meeting held on May 24, 2019,
thus reinstating its position as a leading player in recommended a dividend of Rs. 1.50 per Equity Share
India’s electricity distribution space. of Rs. 10/- each for the financial year ended March 31,
2019. The Board, at the said meeting also recommended
FEDCO’s efforts in helping turn around the a fixed dividend on 0.01% per Compulsory Convertible
performance of Port Harcourt Electricity Preference Share (“CCPS”) of Rs. 10 each for the
Distribution Company and Enugu Electricity financial year ended March 31, 2019 in accordance with
Distribution Company in Nigeria helped it the terms of the Shareholders Agreement executed
win laurels from the client in just first year of on March 14, 2018. The above proposals are subject
operations. to the approval of members at the ensuing Annual
General Meeting. The Board has adopted the Dividend
Feedback Highways OMT got the mandate for Distribution Policy for the Company which can be
expanding TCMO services for seven additional obtained by making a written request.
stations of Phase IV of the Hyderabad Metro Rail
Project. A 10 km long stretch from Ameerpet to 4. Deposits
Hi-Tech City covering nine stations and connecting The Company has not accepted any deposits from
the integral IT corridor, this section receives heavy the public falling within the ambit of Section 73 of the

Companies Act, 2013 (the ‘Act’), and the Companies Disclosure regarding the issues of Sweat Equity
(Acceptance of Deposits) Rules, 2014. Shares:
the Company has not issued any sweat equity
5. Change in the Nature of Business Shares during the year under review.
during the year under review, there was no changes in
the nature of business of the Company. Disclosure regarding buy-back of securities:
the Company has not bought back any of its
6. Changes in Share Capital securities during the year under review.
during the year under review, no change was made in
Disclosure regarding issues of Employee Stock
the share Capital of the Company:
Options:
Disclosure as per Rule 12 (9) of the Companies
Disclosure regarding issues of Equity Shares
(Share Capital and Debenture) Rules, 2014 as on
with differential rights:
March 31, 2019 is as follows:
the Company has not issued any equity shares
with differential rights during the year under
review.
s. no. particulars esop 2014

1. number of options granted 2,55,000 (No Options
were granted during the
year)
2. Exercise Price or Pricing Formula Scheme Name Exercise Price
ESOP 2014 237
ESOP – 2014 A 10
ESOP – 2016 343
3. Number of Options vested and exercisable nil
4. Number of Options exercised nil
5. Total Number of shares arising out of exercise of nil
options
6. number of options lapsed (includes forfeited and lapsed No Options were lapsed during the year.
Options)
7. Variation in the terms of Options No variation was made in the terms of the Options.
8. Money realised by exercise of Options (Rs) nil
9. total number of options in force 2,55,000
10. employee wise details of options granted to
A Senior Management Personnel No Options were granted during the year.
B any other employee who receives a grant in any one no options were granted during the year
year of Option amounting to 5 percent or more of
options granted during the year
C Identified employees who were granted Options, there were no options granted during any one year
during any one year, equal to or exceeding 1
percent of the issued capital (excluding outstanding
warrants and conversions) of the Company at the
time of grant
Disclosure regarding Bonus Shares:

N Bonus Shares were issued during the year under review.
o

01-28 29-57 58-191
7. Debentures & Transfer to Reserves

The Company has following Debenture series:
Series Secured/Unsecured Listed/Unlisted Debenture Trustee
12.75%, 300 Non -convertible Debentures Secured Listed Vistra ITCL (India) Limited
6%, 1500 Non -convertible Debentures Unsecured Unlisted IDBI Trusteeship Services Ltd
10.5%, 5000 Compulsorily Convertible - Unlisted -
Debentures
The Company transferred Rs. 1,096.54 Lakhs to its Debenture Redemption Reserve during the period under review.
8. Consolidated Financial Statement 12. Declaration by Independent Directors

In accordance with the provisions of Section 129 of the he Company had appointed Mr. K Venkatesh, Mrs. Bharti
T
Act, the consolidated financial statements have been Gupta Ramola and Mr. Santosh B Nayar as Independent
prepared by the Company, as per the Indian Accounting Directors on the Board of the Company during the
Standards (Ind AS), and forms part of this Annual Report. Financial Year. They have submitted a declaration that
he consolidated financial statements shall also be laid
T each of them meets the criteria of independence as
at the ensuing Annual General Meeting of the Company. provided in Section 149(6) of the Act.
9. Transfer of Unclaimed Dividend to 13. MEETINGS OF THE BOARD OF DIRECTORS

Investor Education and Protection Fund uring the year under review, 5 (five) meetings of the
D
here were no unclaimed Dividend(s) in the previous
T Board of Directors were held as per following details:
year which were required to be transferred to Investor S. Date of Board Strength of No. of
Education and Protection Fund Account during the year No Meeting the Board Directors
as per the provisions of Section 125(2) of the Act. Present
1 May 26, 2018 9 9
10. Extract of Annual Return
2 August 11, 2018 10 10
The extract of Annual return as provided under sub-
3 November 3, 2018 10 9
section (3) of Section 92, in format MGT-9, for the Financial
4 February 16, 2019 9 8
Year 2018-19 is annexed as Annexure A and forms part
of this report. The same is placed in the website of the 5 March 11, 2019 9 8
Company namely www.feedbackinfra.com. Attendance at Board Meetings during the Financial

Year
11. Changes In Directors or Key Managerial
Personnel(s) Director Number of No. of
uring the period under review Mr. Pavan Pal Kaushal
D Meetings Board
being the Nominee Director of IDFC First Bank Limited, entitled to Meeting
resigned from the Board of the Company w.e.f. February attend Attended
11, 2019. He has been replaced by Mr. Ajay Mohanlal Mr. Vinayak Chatterjee 5 5
Mahajan who has joined the Board of the Company (Chairman & Managing
w.e.f. February 16, 2019 as the Nominee Director of Director)
IDFC First Bank Limited. Mr. R.S. Ramasubramaniam 5 5
(Co- Chairman)
Mr. K. Venkatesh and Mrs. Bharti Gupta Ramola have Mrs. Renu Sud Karnad 3 3
joined the Board as Independent Directors w.e.f. May 17, Mr. Parvesh Minocha 5 5
2018 while Mr. Santosh B. Nayar has been appointed as Mr. K. Venkatesh 5 5
the Independent Directors of the Company w.e.f. July Mrs. Bharti Gupta Ramola 5 4
17, 2018. Mr. Suresh Eshwara 5 5
Prabhala
rs. Renu S. Karnad being the Nominee Director on
M
Mr. Manoj Kumar Sehrawat 5 5
behalf of HDFC Entities has resigned from the Board
of the Company w.e.f. February 6, 2019 who has been Mr. Pawan Pal Kaushal 3 2
replaced by Mr. Arijit Sanyal as the Nominee Director on Mr. Santosh B Nayar 4 4
behalf of HDFC Entities w.e.f. May 24, 2019. Mr. Ajay Mohanlal Mahajan 2 1

all the necessary statutory requirements under Mr. Manoj K. Sehrawat, Member
Companies Act, 2013 have been complied with for Mr. Arijit Sanyal, Member
convening the aforementioned meetings.
3) CSR Committee
he Annual General Meeting for the Financial Year ended
T Composition
March 31, 2018 was convened on August 11, 2018. Mr. Santosh B Nayar, Chairman
Mrs. Bharti Gupta Ramola, Member
14. Committees of the Board
Mr. Manoj Kumar Sehrawat,Member
the Board of directors have the following Committees:
1) Audit Committee 15. particulars of loans, Guarantees or
investments
Composition :
Particulars of loans, Guarantees or investments made
Mr. K. Venkatesh, Chairman
by the Company pursuant to the provisions of section
Mr. Santosh Nayar, Member 186 of the Act are provided in the Financial Statements
Mrs. Bharti Gupta Ramola, Member of the Company for the Financial Year ended March 31,
2019. This Report of the Board is the annexure to the
2) Nomination and Remuneration Committee said Financial Statements of the Company.
Composition:
Mrs. Bharti Gupta Ramola, Chairperson
16. Particulars of Contracts or Arrangements with Related Parties Referred to in

Sub-Section (1) of Section 188.
during the year under review, there were no related party transactions entered into by the Company other than the
transactions already approved by the Board. The details of the said transactions are disclosed under Note No. 39 in the
Financial Statements for the Financial Year ended March 31, 2019.
aoc-2
Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014:
1. Details of contracts or arrangements or transactions not at arm’s length basis: Not Applicable
name(s) of nature of Duration of salient Justification Date(s) of amount Date on which

the related contracts/ the contracts / terms of the for entering approval by paid as the special
party and arrangement/ arrangements/ contracts or into such the Board, advances, resolution was
nature of transactions transactions arrangements contracts or if any: if any: passed in general
relationship or transactions arrangements meeting as
including the or transactions required under
value, if any: first proviso to
section 188
na na na na na na na na
2. Details of material contracts or arrangement or transactions at arm’s length basis: As per Notes to the
Financial Statements as at March 31, 2019.

01-28 29-57 58-191
17. Auditor & Audit Report: 19. Statement Indicating Development and
A. Statutory Auditors Implementation of a Risk Management
Policy for the Company Including
he Company had appointed Deloitte Haskins &
T
Identification therein of Elements of Risk, if
Sells, LLP (FRN No.117366W/ W-100018) as the
any, which in the Opinion of the Board May
Statutory Auditor of the Company for a period of
Threaten the Existence of the Company
5 years commencing from the conclusion of the
28th Annual General Meeting of the Company until Risk Management is carried out by the Risk Council which
the conclusion of the 33rd Annual General Meeting reports to the Audit Committee constituted by the Board
of the Company. of Directors of the Company. The Risk Council is headed
by Mr. R. S. Ramasubramaniam, Co-Chairman of the
There are no qualifications or observations or Company. He is assisted by the Officials of the Company.
remarks made by the Auditors in their Report.
Moreover, the note to Auditor’s Report is self- he Risk Council has identified various elements of risks
T
explanatory and does not require any further for the Company in a Risk Inventory. Risks appearing
explanations or comments by the Board. in the Risk Inventory are being monitored on a regular
basis by the Risk Council.
Frauds Reported by the Auditor
During the year under review, there is no incidence The Risk Council undertakes independent audits of the
of fraud to be reported by the Auditors in this projects currently being executed by the Company. The
Report in accordance with the provisions of Sub- observations arising from the audit are reported by the
Section (12) of Section 143 of the Act. Risk Council to the Audit Committee. The Company
also undertakes internal audits conducted by an
B. Cost Auditor independent agency. The reports of internal audits are
The provisions related to Cost Audit applicable to shared with the Audit Committee.
the Company are being complied with.
20. Report on the Performance and Financial
C. Secretarial Auditor Position of each of the Subsidiaries,
The Company, in compliance with the provisions of
Associates and Joint Venture Companies
the Act had appointed RMG & Associates, Company
Included in the Consolidated Financial
Secretaries, New Delhi as the Secretarial Auditors
Statement
of the Company. tatement pursuant to first proviso to sub-section
S
(3) of section 129 of the Companies Act 2013, read
There are no qualifications or observations or with rule 5 of Companies (Accounts) Rules, 2014 in
remarks made by the Auditors in their Report. The the prescribed Form AOC-1 relating to Statement
Secretarial Audit Report has been attached to this containing salient features of the Financial Statements
report as Annexure B. of Subsidiaries / Associate Entities / Joint Ventures has
been attached to this report as Annexure C.
18. Significant and Material Orders Passed
by the Regulators or Courts or Tribunals 21. Conservation of Energy, Technology,
Impacting the Going Concern Status and Absorption, Foreign Exchange Earnings
Company’s Operations in Future and Outgo.
During the year under review, there have been no The management of the Company is cautious enough to
such significant and material orders passed by the conserve energy and absorb technology and wherever
Regulators or Courts or Tribunals impacting the going possible have taken appropriate steps for the same.
concern status and Company’s Operations in future.
Foreign Exchange Earnings : Rs. 1,052.72 Lakhs
Foreign Exchange Outgo : Rs. 48.13 Lakhs

22. Directors’ Responsibility Statement 25. Vigil Mechanism
to the best of knowledge and belief and according to in accordance with the requirements of the act the
the information and explanations obtained by them, Company has Vigil Mechanism System in place. Under
your directors make the following statement in terms the system the Company has notified a Whistle
of Section 134(3)(c) of the Act: – Blower Policy in order to provide a platform to the
directors, employees, retainers, interns, employees of
(a) I n preparation of the annual accounts, the
the subcontractors, vendors, etc., to report matters
applicable accounting standards had been followed
connected with ethical integrity and under other
along with proper explanation relating to material parameters defined in the Policy. The detailed scope of
departures; the Policy has been provided in the said Policy.
(b) T
he Directors had selected such accounting
policies and applied them consistently and made an ethics Committee has been constituted under
judgments and estimates that are reasonable and the Policy to investigate the matters to be reported
prudent so as to give a true and fair view of the pursuant to Whistle Blower Policy of the Company. The
ethics Committee has been mandated to report back to
state of affairs of the Company at the end of the
the audit Committee with its observations in respect of
Financial Year March 31, 2019 and of the Profit
its investigation on the matters to be reported under
and Loss of the Company for that period.
the Policy along with action taken. The Committee has
been mandated to meet as and when any need arises
(c) T
he Directors have taken proper and sufficient
in connection with any matter pertaining to the Whistle
care for the maintenance of adequate accounting
Blower Policy of the Company.
records for safeguarding the assets of the
Company and for preventing and detecting fraud
the Policy has been shared with all the concerned and
and other irregularities;
have also been placed on the website of the Company
namely www.feedbackinfra.com.
(d) T
he Directors had prepared the annual accounts
on a going concern basis; and
26. Corporate Social Responsibility Statement
(e) T
he Directors had devised proper systems to the Policy of the Company on Corporate social
Responsibility is placed on the website of the Company:
ensure compliance with the provisions of all
www.feedbackinfra.com
applicable laws and that such systems were
adequate and operating effectively.
the initiatives taken by the Company under Corporate
social Responsibility during the year under review is
23. Material Changes and Commitments, if
attached as Annexure D.
any, Affecting the Financial Position of
the Company 27. Statement In Respect of Adequacy of
there are no material changes and Commitments by Internal Financial Control with Reference
the Company which have occurred between the end to the Financial Statement
of the Financial Year March 31, 2019 and date of this The Management has taken all necessary steps to plug
Board Report which could affect the Financial Position the internal control weakness; if any. The Management
of the Company. has implemented an effective and meaningful system in
place to safeguard the assets of the Company.
24. Disclosures under sexual Harassment
of Women at Workplace (prevention, 28. Disclosures under section 197(12) of
Prohibition & Redressal) Act, 2013 the Act with Respect to Ratio of the
the Company has an adequate system and policy Remuneration of each Director to the
for Prevention of Sexual Harassment of Women at Median Employee’s Remuneration
Workplace and has also set up an internal Complaints The information pursuant to sub-section (12) of Section
Committee in accordance with the provisions of 197 of the Act read with rules framed thereunder, for the
the Sexual Harassment of Women at the Workplace Financial Year under review is attached as Annexure E
(Prevention, Prohibition & Redressal) Act, 2013. and forms part of this Report.

01-28 29-57 58-191
29. Evaluation of Performance of Board, its 31. Acknowledgements

Committees and of Directors
Your Directors acknowledge with gratitude the
The Board carries out an annual evaluation of its own cooperation by, and contribution of, the Members in the
performance, as well as the working of its Committees. activities of the Company. Your Directors also take this
The Board works with the Committee to lay down the opportunity to thank all the employees of the Company
criteria for the performance evaluation. Feedback-cum- for their dedication and contribution and are also
assessment of individual Directors, the Board as a whole thankful to all the Business Associates, Bankers, as well
and its Committees is conducted. The feedback obtained as Regulatory and Governmental Authorities for their
from the interventions is discussed in detail and, where cooperation and support.
required, independent and collective action points for
For and on behalf of the Board of Directors
improvement are put in place. The process of evaluation
Feedback Infra Private Limited
for FY 2019 has also been initiated through external
agency namely hr Craft Business Consulting Pvt Ltd.
Vinayak Chatterjee R.S. Ramasubramaniam
Chairman & Managing Director Co-Chairman & Director
30. Compliance with Secretarial Standards DIN: 00008933 DIN: 00008937
The Company has been in due compliance with all
applicable Secretarial Standards since their notification Place: Gurugram
in the Gazette of India. Date: May 24, 2019

annexure - a
form no. mGt 9
eXtract of annual return
As on financial year ended on 31.03.2019
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company
(Management & Administration) Rules, 2014.
I. Registration & Other Details:

1 Cin U74899DL1990PTC040630
2 Registration date 27th June,1990
3 name of the Company Feedback infra Private limited
4 Category/Sub-category of the Company Private Company
limited by shares
5 Address of the Registered office & contact details 311, 3rd Floor, Vardhaman Plaza, Pocket 7, Plot no.6,
Sector-12, Dwarka, New Delhi-110078
6 Whether listed company Yes - debt listed
7 name, address & contact details of the Registrar & MAS Services Limited T-34, 2nd Floor, Block T,
Transfer Agent, if any. Okhla Industrial Estate Phase 2, New Delhi -110020
II. Principal Business Activities of the Company

(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)
s. name and Description of main NIC Code of the % to total turnover
no. products / services product/service of the company
1 Management Consultancy Services 702 100%
III. Particulars of Holding, Subsidiary and Associate Companies

s. Name and address of the cin/Gln Holding/ Subsidiary/ % of applicable
no. Company associate shares held section
1 Feedback Power U40300HR2011PTC041945 Wholly owned 100 2(87 (i) & (ii)
Operations & Maintenance subsidiary
Services Pvt. Ltd.
2 Feedback Highways U45400HR2009PTC039883 Wholly owned 100 2(87 (i) & (ii)
OMT Pvt. Ltd. subsidiary
3 Feedback energy U45400HR2009PTC039883 Wholly owned 100 2(87 (i) & (ii)
Distribution Company Ltd. subsidiary
4 Feedback Ventures and U74999WB2008PTC124989 subsidiary 51 2(87) (ii)
Ghosh Bose associates
Pvt. Ltd.
5 Feedback infrastructure na subsidiary 51 2(87)(ii)
services nepal limited
6 PT. Feedback Infra, na subsidiary 95 2(87)(ii)
indonesia
7 dC infra (indian na associate 99 2(87)(ii)
Partnership Firm)
8 dubai Consultants na associate na na
(49% Owned by DC Infra)
9 india infrastructure na associate na na
initiative trust

01-28 29-57 58-191
IV. Share Holding Pattern

(Equity share capital breakup as percentage of total equity)
(i) Category-wise Share Holding

Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
[As on March 31, 2018] [As on March 31, 2019] Change
Demat Physical Total % of Demat Physical Total % of during
Total Total the year
Shares Shares
A. Promoters
(1) Indian
a) Individual/ HUF - - - 0.00% - - - 0.00% 0.00%
b) Central Govt - - - 0.00% - - - 0.00% 0.00%
c) State Govt(s) - - - 0.00% - - - 0.00% 0.00%
d) Bodies Corp. 2,417,643 4,316,857 6,734,500 41.16% 2,417,643 4,316,857 6,734,500 41.16% 0.00%
e) Banks / FI - - - 0.00% - - - 0.00% 0.00%
f) Any other - - - 0.00% - - - 0.00% 0.00%
Sub Total (A) (1) 2,417,643 4,316,857 6,734,500 41.16% 2,417,643 4,316,857 6,734,500 41.16% 0.00%
(2) Foreign - - - 0.00% - - - 0.00%
a) NRI Individuals - - - 0.00% - - - 0.00% 0.00%
b) Other Individuals - - - 0.00% - - - 0.00% 0.00%
c) Bodies Corp. - - - 0% - - - 0% 0.00%
d) Any other - - - 0% - - - 0% 0.00%
Sub Total (A) (2) - - - 0% - - - 0% 0.00%
TOTAL (A) 2,417,643 4,316,857 6,734,500 41.16% 2,417,643 4,316,857 6,734,500 41.16% 0.00%
B. Public Shareholding
1. Institutions
a) Mutual Funds - - - 0.00% - - - 0.00% 0.00%
b) Banks / FI 4,717,878 - 4,717,878 28.83% 4,717,878 - 4,717,878 28.83% 0.00%
c) Central Govt - - - 0.00% - - - 0.00% 0.00%
d) State Govt(s) - - - 0.00% - - - 0.00% 0.00%
e) Venture Capital - - - 0.00% - - - 0.00% 0.00%
Funds
f) Insurance - - - 0.00% - - - 0.00% 0.00%
Companies
g) FIIs - - - 0.00% - - - 0.00% 0.00%
h) Foreign Venture - - - 0.00% - - - 0.00% 0.00%
Capital Funds
i) Others (specify) - - - 0.00% - - - 0.00% 0.00%
Sub-total (B)(1):- 4,717,878 - 4,717,878 28.83% 4,717,878 - 4,717,878 28.83% 0.00%
2. Non-Institutions
a) Bodies Corp. - - - 0.00% - - - 0.00% 0.00%
i) Indian - - - 0.00% - - - 0.00% 0.00%
ii) Overseas 4,909,326 - 4,909,326 30.00% 4,909,326 4,909,326 30.00%
b) Individuals - - - 0.00% - - - 0.00% 0.00%
i) Individual - - - 0.00% - - - 0.00% 0.00%
shareholders
holding nominal
share capital upto
Rs 1 lakh
ii) Individual - - - 0.00% - - - 0.00% 0.00%
shareholders
holding nominal
share capital in
excess of Rs 1
lakh

Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
[As on March 31, 2018] [As on March 31, 2019] Change
Demat Physical Total % of Demat Physical Total % of during
Total Total the year
Shares Shares
c) Others (specify) - - - 0.00% - - - 0.00% 0.00%
non Resident indians - - - 0.00% - - - 0.00% 0.00%
overseas Corporate - - - 0.00% - - - 0.00% 0.00%
Bodies
Foreign nationals - - - 0.00% - - - 0.00% 0.00%
Clearing Members - - - 0.00% - - - 0.00% 0.00%
trusts - - - 0.00% - - - 0.00% 0.00%
Foreign Bodies - d R - - - 0.00% - - - 0.00% 0.00%
Sub-total (B) (2):- 4,909,326 - 4,909,326 30.00% 4,909,326 4,909,326 30.00%
Total Public (B) 9,627,204 - 9,627,204 58.84% 9,627,204 - 9,627,204 58.83% 0.00%
C. Shares held by Custodian - - - 0.00% - - - 0.00% 0.00%
for GDrs & aDrs
Grand Total (A+B+C) 12,044,847 4,316,857 16,361,704 100% 12,044,847 4,316,857 16,361,704 100% 0.00%
(ii) Shareholding of Promoter

SN Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year % change in
No. of % of total % of Shares No. of % of total % of Shares shareholding
Shares Shares Pledged/ Shares Shares Pledged / during the
of the encumbered to of the encumbered year
company total shares company to total
shares
1 Mission Holdings Private Limited 6,734,500 41.16% 17.93 6,734,500 41.16% 17.93 0.00%
Total 6,734,500 41.16% 17.93 6,734,500 41.16% 17.93 0.00%
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

SN Particulars Date Reason Shareholding at the Cumulative Shareholding
beginning of the year during the year
No. of % of total No. of % of total
shares shares shares shares
1 Mission Holdings Private Limited
at the beginning of the year 6,734,500 41.16% 6,734,500 41.16%
Changes during the year na na - - - -
at the end of the year 6,734,500 41.16% 6,734,500 41.16%
(iv) Shareholding Pattern of top ten Shareholders

(Other than Directors, Promoters and Holders of GDRs and ADRs):
SN For each of the Top 10 shareholders Date Reason Shareholding at the Cumulative Shareholding
1 IDFC First Bank Ltd.
at the beginning of the year - - 2,907,363 17.77% 2,907,363 17.77%
Changes during the year na na
at the end of the year - - 2,907,363 17.77% 2,907,363 17.77%
2 Housing Development Finance Corpn. Ltd.
at the beginning of the year - - 753,114 4.60% 753,114 4.60%
Changes during the year na na - 0.00% - 0.00%

01-28 29-57 58-191
SN For each of the Top 10 shareholders Date Reason Shareholding at the Cumulative Shareholding
At the end of the year - - 753,114 4.60% 753,114 4.60%
3 HDFC Holdings Ltd.
At the beginning of the year - - 604,229 3.69% 604,229 3.69%
Changes during the year NA NA - 0.00% - 0.00%
4 HDFC Investments Ltd.
At the beginning of the year - - 453,172 2.77% 453,172 2.77%
Changes during the year NA NA - 0.00% - 0.00%
5 Zenith Infra Investment Holdings PTE Limited
At the beginning of the year - - 4,909,326 30.00% 4,909,326 30.00%
Changes during the year NA NA
At the end of the year - - 4,909,326 30.00% 4,909,326 30.00%
(v) Shareholding of Directors and Key Managerial Personnel: N.A

SN Shareholding of each Directors and each Key Date Reason Shareholding at the Cumulative Shareholding
Managerial Personnel beginning of the year during the year
At the beginning of the year N.A N.A N.A 0.00% N.A 0.00%
Changes during the year N.A N.A N.A 0.00% N.A 0.00%
At the end of the year N.A N.A N.A 0.00% N.A 0.00%
V. Indebtedness
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
Rs. in Lakhs
Particulars Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 30,057.28 20,000.00 - 50,057.28
ii) Interest due but not paid - 120.24 - 120.24
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 30,057.28 20,120.24 - 50,177.51
Change in Indebtedness during the financial year
* Addition 10,184.54 795.18 - 10,979.72
* Reduction (Net) - - - -
Net Change 10,184.54 795.18 - 10,979.72
Indebtedness at the end of the financial year
i) Principal Amount 40,241.81 20,000.00 - 60,241.81
ii) Interest due but not paid - 915.42 - 915.42
iii) Interest accrued but not due - - -
Total (i+ii+iii) 40,241.81 20,915.42 - 61,157.23

VI. Remuneration of Directors and Key Managerial Personnel
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
SN. Particulars of Remuneration Name of MD/WTD/ Manager Total Amount
Name Mr. Vinayak chatterjee Mr. R.S. Ramasubramaniam Mr. Parvesh Minocha
Till July 31, 2018
Designation Managing Director
1 Gross salary 27,475,967.00 23,697,551.00 9,155,739.00 60,329,257.00
(a) Salary as per provisions - - -
contained in section
17(1) of the Income-tax
Act, 1961
(b) Value of perquisites - - -
u/s 17(2) Income-tax
Act, 1961
(c) Profits in lieu of salary - - -
under section 17(3)
Income-tax Act, 1961
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
- as % of profit - - -
- others, specify - - -
5 Others, please specify - - -
Total (A) 27,475,967.00 23,697,551.00 9,155,739.00 60,329,257.00
Ceiling as per the Act NA
B. Remuneration to other Directors

SN. Particulars of Remuneration Name of Directors Total Amount
Mrs. Bharti Gupta Mr. K Venkatesh Mr. Santosh B Nayar
Ramola
1 Executive Directors
Fee for attending board committee meetings
Commission - -
Others, please specify (Salary)
Total (1)
2 Other Non-Executive Directors - -
Fee for attending board committee meetings 550,000.00 400,000.00 350,000.00 1,300,000.00
Commission - -
Others, please specify (Salary) - -
Total (2) 550,000.00 400,000.00 350,000.00 1,300,000.00
Total (B)=(1+2) 550,000.00 400,000.00 350,000.00 1,300,000.00
Total Managerial Remuneration (A+B) - -
Overall Ceiling as per the Act NA NA

01-28 29-57 58-191
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

SN. Particulars of Remuneration Name of Key Managerial Personnel Total Amount
Name Pankaj Sachdeva Tilak Sethi
Designation Group CFO Company Secretary
1 Gross salary 21,522,448 3,635,753 25,158,201
(a) Salary as per provisions contained in section 17(1) of - -
the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 - -
(c) Profits in lieu of salary under section 17(3) Income-tax - -
Act, 1961
2 Stock Option - -
3 Sweat Equity - -
4 Commission - -
- as % of profit - -
- others, specify - -
5 Others, please specify - -
Total NA NA NA
VII. Penalties / Punishment/ Compounding of Offences:

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

annexure - B
form no. mr - 3
secretarial auDit report
FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
The Members Bye-laws framed thereunder;

(CIN: U74899DL1990PTC040630) IV. F
oreign Exchange Management Act, 1999 and the rules
311, 3rd Floor, Vardhaman Plaza, Pocket 7, and regulations made thereunder the extent of Foreign
Plot No. 6, Sector – 12, Dwarka, New Delhi-110078 direct investment, overseas direct investment;
We have conducted the secretarial audit in compliance V. The following Regulations and Guidelines prescribed
with the applicable statutory provisions and in adherence under the Securities and Exchange Board of India Act,
to good corporate practices by Feedback Infra Private 1992 (“SEBI Act”):-
Limited (hereinafter referred to as ‘the Company’),
having its Registered Office at 311, 3rd Floor, Vardhaman i. he Securities and Exchange Board of India
T
Plaza, Pocket 7, Plot No. 6, Sector – 12, Dwarka, New (Substantial Acquisition of Shares and Takeovers)
Delhi-110078. the process was undertaken at the registered Regulations, 2011; [Not applicable since the
office of the Company as well as the Corporate Office of the shares of the Company are not listed on any
Company situated at 15th Floor, Tower 9B, DLF Cyber City, stock exchange during the period under review];
Phase-III Gurugram 122002, Haryana. The Secretarial Audit
was conducted in a manner that provided us a reasonable ii. ecurities and Exchange Board of India (Prohibition
S
foundation for evaluating the corporate conducts/statutory of Insider Trading) Regulations, 2015;
compliances and expressing our opinion thereon.
iii. he Securities and Exchange Board of India
T
Based on our verification of the Company’s books, papers,
(Issue of Capital and Disclosure Requirements)
minutes books, forms and returns filed and other records
Regulations, 2009; [Being debt listed Company
maintained by the Company and also the information
the provisions are not applicable];
provided by the Company, its officers, agents and authorised
representatives during the conduct of secretarial audit, we
iv. T
he Securities and Exchange Board of India (Share
hereby report that in our opinion, the Company has, during
Based Employee Benefits) Regulations, 2014; [Not
the audit period covering the Financial Year ended March 31,
applicable as the Company has not offered any
2019, generally complied with the statutory provisions listed
hereunder and also that the Company has Board-processes shares or granted any options pursuant to any
and compliance-mechanism in place to the extent, in the employee benefit scheme during the period
manner and subject to the reporting made hereinafter: under review];
We have examined the books, papers, minute books, forms v. he Securities and Exchange Board of India (Issue
T
and returns filed and other records maintained by the and Listing of Debt /Securities) Regulations, 2008;
Company for the Financial Year ended on March 31, 2019
according to the provisions of: vi. T
he Securities and Exchange Board of India
(Registrars to an Issue and Share Transfer Agents)
I. he Companies Act, 2013 (‘the Act’) and the rules
T Regulations, 1993 regarding the Companies Act
made thereunder; and dealing with client;
II. he Securities Contracts (Regulation) Act, 1956 (‘SCRA’)

T vii. T
he Securities and Exchange Board of India
and the rules made thereunder; (Delisting of Equity Shares) Regulations, 2009;
[Being debt listed Company the provisions are
III. The Depositories Act, 1996 and the Regulations and not applicable];

01-28 29-57 58-191
viii. T
he Securities and Exchange Board of India We further report that the Board of Directors of the
(Buy Back of Securities) Regulations, 1998; [Not Company is constituted with balance of Executive
applicable as the Company has not bought Directors and Non-Executive Directors. The changes in the
back/proposes to buy-back any of its securities composition of the Board of Directors that took place during
during the financial year under review]. the period under review were carried out in compliance with
the provisions of the Act.
For the compliances of Labour Laws & other General Laws
vis-à-vis The Sexual Harassment of Women at Workplace Notice(s) were given to all directors to schedule the Board
(Prevention, Prohibition and Redressal) Act, 2013, Maternity Meetings, agenda and detailed notes on agenda were sent
Benefits Act, 1961, our examination and reporting is based seven days in advance to all Directors and a system exists for
on the documents, records and files as produced and shown seeking and obtaining further information and clarifications
to us and the information and explanations as provided to us, on the agenda items before the meeting and for meaningful
by the officers and management of the Company and to the participation at the meeting.
best of our judgment and understanding of the applicability
of the different enactments upon the Company, in our As per the minutes of the meetings of the Board and
opinion there are systems and processes in the Company to Committees of the Board is signed by the Chairman, all the
monitor and ensure compliance with applicable General laws decisions of the Board were adequately passed and dissent
on any subject matter was not observed in the minutes.
and Labour Laws.
As per the records, the Company has generally filed the

The compliance by the Company of applicable financial laws,
returns, documents and resolutions, with the Registrar of
like direct and indirect tax laws, has not been reviewed in
Companies and other authorities, however, due care has to
this audit since the same have been subject to review
be taken for the requirement of filing of Forms emanating
by the statutory financial auditor and other designated
from various provisions of the Act.
professionals.
We further report that there are systems and processes in
We have also examined compliance with the applicable
the Company to commensurate with the size and operations
clauses of the following:
of the Company to monitor and ensure compliance with
applicable laws, rules, regulations and guidelines which are
1. Secretarial Standards with respect to Meetings of
generally being followed by the Company
Board of Directors (SS-1) and General Meetings (SS-2)
issued by the Institute of Company Secretaries of India.
We further report that the board of directors in the meeting
The Company needs to observe the strict applicability held on 26th May, 2018 accorded consent for increase in
of the Secretarial Standards to strengthen the good remuneration payable Mr. Vinayak Chatterjee, Managing
corporate governance practices. Director, by 10% of the remuneration approved for the
Financial Year 2018-19 with effect from April 1, 2018.
2. Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, For RMG & Associates
2015(LODR). Further strict applicability of the Company Secretaries
applicable provisions of LODR needs to be observed by
the Company. CS Manish Gupta
Place : New Delhi Partner
During the period under review, the Company has generally Date : May 24, 2019 FCS : 5123; C.P. No.: 4095
complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards etc. mentioned above subject to Note: This report is to be read with ‘Annexure I’ attached herewith
Observations elsewhere mentioned in the report. and forms an integral part of this report.

annexure - i
The Members
Our Secretarial Audit Report for the financial year ended March 31, 2019 of even date is to be read along with this letter:
Management’s Responsibility
1. I t is the responsibility of management of the Company to maintain secretarial records, devise proper systems to ensure
compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and
operate effectively.
Auditor’s Responsibility
2. O
ur responsibility is to express an opinion on these secretarial records, standards and procedures followed by the
Company with respect to secretarial compliances.
3. W
e believe that audit evidence and information obtained from the Company’s management is adequate and appropriate
for us to provide a basis for our opinion.
4. W
herever required, we have obtained the management’s representation about the compliance of laws, rules and
regulations and happening of events etc.
Disclaimer
5. T
he Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted affairs of the Company.
6. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
For rmG & associates

Company secretaries
CS Manish Gupta
Place : new delhi Partner
Date : May 24, 2019 FCS : 5123; C.P. No.: 4095

Annexure - C
Statement pursuant to First Proviso to Sub-Section (3) of Section 129 of the Companies Act 2013, read with Rule 5 of
Companies (Accounts) Rules, 2014 in the prescribed Form AOC-1 relating to Statement containing salient features of the
Financial Statement of Subsidiaries / Associate Companies / Joint Ventures.
Part “A”: Subsidiaries

S. Name of the Subsidiary Feedback Feedback Feedback Energy Feedback PT Feedback Feedback DC INFRA*
No. Power O&M Highways Distribution Infrastructure Infra Ventures and
Services OMT Private Company Services Nepal Ghosh Bose
Private Limited Limited Limited Limited Associates
Private Limited
1. Reporting period for the subsidiary concerned, April 1, 2018 to April 1, 2018 to April 1, 2018 to April 1, 2018 to April 1, 2018 to April 1, 2018 to April 1, 2018 to
if different from the holding company’s March 31, 2019 March 31, 2019 March 31, 2019 March 31, 2019 March 31, 2019 March 31, 2019 March 31, 2019
reporting period
01-28
2. Reporting currency Exchange rate as on the INR INR INR NRS IDR INR INR
last date of the relevant financial year in the
Corporate Overview
case of foreign subsidiaries.

3. Exchange rate as on the last date of the 1 1 1 0.625 0.004865233 1 1
relevant financial year in the case of foreign
subsidiaries.
4. Share capital (Rs) 21,50,00,000 20,00,00,000 27,66,00,000 1,00,00,000 1,53,60,269 1,75,000 4,50,00,000
5. Reserves & surplus 3,99,16,651 8,81,41,086 61,35,25,458 95,865 1,14,93,386 66,571 15,54,98,384
6. Total assets 43,99,73,363 41,10,35,299 5,54,96,91,492 1,43,15,376 11,92,66,341 4,84,315 1,32,96,42,974
7. Total Liabilities 26,48,90,014 29,91,76,385 4,65,95,66,035 44,11,241 11,53,99,458 3,75,886 1,44,01,41,358
29-57
8. Investments - - - - - - -
Statutory Report
9. Turnover 37,25,23,878 1,06,91,03,382 7,48,71,36,670 2,17,16,086 18,81,68,934 - 30,57,17,000

10. Profit / (Loss) before taxation 1,04,90,090 63,50,188 13,13,37,144 11,77,511 80,34,286 -32,450 -7,59,88,384
11. Provision for taxation (Tax Benefit) 88,54,014 1,60,87,516 4,89,41,513 7,01,141 22,64,192 - -
12. Profit / (Loss) after taxation 16,36,076 -97,37,328 8,23,95,632 4,76,370 57,70,095 -32,450 -7,59,88,384
13. Proposed Dividend - - - - - - -
14. Extent of Shareholding (in %) 100.00 100.00 100.00 51.00 95.00 51.00 99.00
15. Country India India India Nepal Indonesia India India / Dubai
* DC Infra is Indian Partnership firm registered in India which has invested in the Dubai Consultants (a Company registered in Dubai).
58-191
Notes:
1. Names of subsidiaries which are yet to commence operations – NIL

2. Names of subsidiaries which have been liquidated or sold during the year- NIL

Part “B”: Associates and Joint Ventures –
Name of Associates / Joint Ventures Feedback Atcon JV
1. Latest audited Balance Sheet Date March 31, 2019
2. Shares of Associate/Joint Ventures held by the company on the year end
- No.
- Amount of Investment in Associates/Joint Venture N.A
- Extend of Holding % 51%
3. Description of how there is significant influence JV agreement
4. Reason why the associate/joint venture is not N.A
consolidated
6. Net worth attributable to Shareholding as per latest audited Balance Sheet N.A
7. Profit / Loss for the year
i. Considered in Consolidation nil
ii. Not Considered in Consolidation Yes
Notes:
1. Names of Associates or Joint Ventures which are yet to commence operations- N.A
2. Names of associates or joint ventures which have been liquidated or sold during the year- N.A
For and on behalf of the Board of directors

feedback infra private limited
Vinayak Chatterjee r.s. ramasubramaniam

DIN : 00008933 DIN : 00008937
Place: Gurugram
Date: May 24, 2019

01-28 29-57 58-191
Annexure - D
Corporate Social Responsibility (CSR) Report
(1) Period for which CSR is being reported : from 01.04.2018 To 31.03.2019
(2) (a) Whether information includes information about subsidiary Company(s): NO

(b) If yes, then indicate number of such subsidiary Company(s): NA
(3) (a) Whether information includes information about any other entity(s): NO
(e.g. supplies, value chain etc.)
(b) If yes, then indicate number of such entity(s): NA
(4) Does the Company have a written CSR policy: Yes
(5) A
brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be undertaken and
a reference to the web-link to the CSR policy and projects or Programs:
The main objective of the CSR policy of the Company is to lay guidelines to make CSR a key business process and involve
all employees of the Company to work for improving the quality of life for chosen communities from time to time. It
aims to meet the social responsibilities of the Company through activities and programs that are in line with the CSR
activities outlined in the Act and act as a good Corporate Citizen, subscribing to the principles of Global Compact for
implementation.
Under the CSR Policy, the Company has adopted Bhond Village to convert it into a Model Village by following permitted
CSR Activities over a period of 3 years.
The web-link to the CSR Policy is http://www.feedbackinfra.com/Feedback-CSR-Policy.pdf.
(6) The Composition of the CSR Committee:

Mrs. Rumjhum Chatterjee
Mrs. Bharti Gupta Ramola
Mr. Manoj Kumar Sehrawat
(7) Average Net Profit of the Company for last three Financial Years: Rs. 1,220.14 Lakhs
(8) Prescribed CSR Expenditure (two per cent. Of the amount as in item 7 above): Rs. 24.40 Lakhs
(9) Details of CSR spent during the financial year:

(a) Total amount to be spent for the financial year: Rs. 24.40 Lakhs
(b) Amount unspent, if any: NIL

(c) Manner in which the amount spent during the financial year is detailed below:
S. No. Particulars (1)

1 CSR project or activity identified Development of a Model Village in
Mewat District of Haryana
2 sector in which the project is covered as per CsR policy
3 Projects or programme
(1) Local area or other
(2) Specify the state and district where projects or programs was (Mewat, Haryana)
undertaken
4 Amount outlay (budget) project or programme wise 24.4 Lakhs
5 Amount spent on the project or programme Sub Heads;
(1) Direct expenditure on projects or programmes 23.52 Lakhs
(2) Overheads 0.99 Lakhs
6 Cumulative expenditure up to the reporting period 106.29 Lakhs
7 amount spent direct or through implementing agency implementing agency – Feedback
Foundation Charitable trust
10. R
esponsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy is in compliance
with CSR objectives and policy of the Company.
The CSR Committee has regularly perused the progress of CSR Activities undertaken by the Company. The CSR Committee
has ensured itself that the CsR activities undertaken by the Company are in compliance with the CsR objectives and the
Policy of the Company and also compliant with the provisions of the Companies Act, 2013. The CSR Committee feels
that the CSR initiatives of the Company would help in the overall development of the inhabitants of Bhond Village, Distt.
Mewat, Rajasthan.

01-28 29-57 58-191
Annexure - E
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT,
2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014
Name of Director/KMP and Reumneration of % increase in Ratio of the Remuneration

Designation Director/KMP for Remuneration in the of each director to the
financial year 2018-19 Financial Year 2018-19 median remuneration of the
(Rs. in Crores) employees of the Company
for the FY 2018-19
Vinayak Chatterjee 2.75 10% 56.04
Chairman
Rayaprolu Sambamoorthi 2.37 10% 48.29
Ramasubramaniam
Co Chairman
Pankaj Sachdeva 2.15 5% 43.81
Chief Financial Officer
Parvesh Minocha 0.91 22% 18.54
Director*
Tilak Sethi 0.37 10% 7.54
VP – Legal and Company Secretary
* Employed for part of the year i.e. till 31st July, 2018.
he median remuneration of employees of the Company on March 31, 2019 was Rs. 40,895 compared to Rs. 39,847 as
T
on March 31, 2018. The increase in median remuneration was 11.00% as compared to FY 2017-18
There were Nos.1886 permanent employees on the rolls of the Company as on March 31, 2019
Average percentile increase already made in the salaries of the employees other than the managerial personnel in the
last financial year i.e. 2017-18 and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration
Category Average Increase
Employees’ Remuneration 11%
Managerial Remuneration (Directors) 14%
It is hereby confirmed that the remuneration paid is as per the policy approved by Nomination and Remuneration
committee of the Company.

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT,
2013 READ WITH RULE 5(2) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014
Sr. Name Designation Remuneration Nature of Qualifications and Date of Age Last Percentage Whether
No. Received Employment, Experience of the Commencement Employment of Equity any such
(Rs. in Crores) Whether Employee of Employment Held By Such Shares employee
Contractual Employee Held By the is a relative
or Otherwise Before Employee of any
Joining The in the director or
Company Company manager
within the of the
Meaning of company
Clause (III) and if
of Sub-Rule so, name
(2) of such
director or
manager
top ten employees in terms of remuneration drawn
1 Vinayak Chatterjee Chairman 2.75 all PGDBM from 01-09-1990 60 Promoter not
appointments IIM, Ahmedabad applicable
are Graduate in
contractual in Economic (Hons)
nature
Experience of
more than 34
years
2 Rumjhum Head- 2.54 Graduate in 01-09-1990 59 Promoter not Vinayak
Chatterjee Human Psychology applicable Chatterjee
Capital
Experience of 28
divison
years
& Group
Managing MBA and Graduate
director in Mechanical
engineering
3 Ramesh P Group 2.42 MBA and Graduate 15-12-2000 53 Promoter not
Managing in Mechanical applicable
director- engineering
Power
business
4 Rayaprolu Co-Chairman 2.37 MBA degree 01-09-1990 63 Promoter not
sambamoorthi from IIM, applicable
Ramasubramaniam ahmedabad and
a B. Tech degree
in Mechanical
engineering
Experience of
more than 40
years
5 Pankaj sachdeva President 2.15 Chartered 16-06-1999 44 not not
and Group accountant applicable applicable
CFo
Experience of
more than 20
years
6 Yerramilli srinibas Head – 1.42 M.Tech and MBA 01-06-2017 54 Feedback not
SAMG Power applicable
Experience of
operations &
around 28 years
Maintenance
services
Private
limited

01-28 29-57 58-191
within the of the
Meaning of company
Clause (III) and if
(2) of such
director or
manager
7 Uttam Ghosh Senior Vice .97 Post Graduate 03-03-2014 49 Centum Not
President Diploma in Learning Applicable
–HCD Personnel Limited,
Management A Bharti
& Industrial Company
Relations
Experience of
around 27 years
8 Parvesh Minocha* Director .91 Engineer from 15-06-1998 59 Promoter Not
NIT Durgapur Applicable
with an advanced
Management
& Leadership
Program course
from Oxford
University.
Experience of 37
years
9 Ravi V Kathpal CEO - SAMG .80 Bachelor of 01-04-2004 45 M/s. Kathpal Not
commerce Associates, Applicable
& Chartered Chartered
Accountant Accountants
Experience of 23
Years
10 Naveen Sharma Deputy CFO .78 B.Com (Hons), 02/09/2013 47 Sun Group Not
ACMA Enterprises Applicable
Pvt Ltd
Experience of 24
years
employees employed throughout the year and in receipt of remuneration aggregating Rs. 1,02,00,000/- or more per annum
Vinayak Chatterjee Chairman 2.75 All PGDBM from 01-09-1990 60 Promoter Not
appointments IIM, Ahmedabad Applicable
are Graduate in
contractual in Economic (Hons)
nature
Experience of
more than 34
years
Rumjhum Head- 2.54 Graduate in 01-09-1990 59 Promoter Not
Chatterjee Human Psychology Applicable
Capital
Experience of 28
Divison
years
& Group
Managing
Director

within the of the
Meaning of company
Clause (III) and if
(2) of such
director or
manager
Ramesh P director 2.42 MBA and Graduate 15-12-2000 53 Promoter not
in Mechanical applicable
engineering
Rayaprolu Co-Chairman 2.37 MBA degree 01-09-1990 63 Promoter not
sambamoorthi from IIM, applicable
Ramasubramaniam ahmedabad and
B. Tech degree
in Mechanical
engineering
Experience of
more than 40
years
Pankaj sachdeva President 2.15 Chartered 16-06-1999 44 not not
and Group accountant applicable applicable
CFo
Experience of
more than 20
years
Yerramilli srinibas Head – 1.42 M. Tech and MBA 01-06-2017 54 Feedback not
SAMG Power applicable
Experience of
operations &
around 28 years
Maintenance
services
Private
limited
employees employed for a part of the year and in receipt of remuneration aggregating Rs. 8,50,000/- or more per month :
Parvesh Minocha* director .91 engineer from 15-06-1998 59 Promoter not
nit durgapur applicable
with an advanced
Management
& leadership
Program course
from Oxford
University.
Experience of 37
years

01-28 29-57 58-191
Notes:
1. R
emuneration comprises salary, bonus, allowances, perquisites, retention pay, commission paid and Company’s contribution to Provident
Fund, superannuation Fund, nPs and gratuity
2. All appointments are contractual in nature
3. T
here are no employees in the service of the Company within the category covered by Section 197(12) read with rule 5(2)(iii) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
4. Except Rumjhum Chatterjee, Spouse of Mr. Vinayak Chatterjee none of the employee, is a relative of any director or manager of the Company.
For and on behalf of the Board of directors

feedback infra private limited
Vinayak Chatterjee r.s. ramasubramaniam

DIN : 00008933 DIN : 00008937
Place: Gurugram
Date: May 24, 2019
annual Report 2018-19 | 57

Independent Auditor’s Report
To Basis for Opinion
The Members of We conducted our audit of the standalone financial statements
Feedback Infra Private Limited in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). Our responsibilities
Report on the Audit of the Standalone
under those Standards are further described in the Auditor’s
Responsibility for the Audit of the Standalone Financial
Opinion Statements section of our report. We are independent of the
We have audited the accompanying standalone financial Company in accordance with the Code of Ethics issued
statements of Feedback Infra Private Limited (“the by the Institute of Chartered Accountants of India (ICAI)
Company”), which comprise the Balance Sheet as at March together with the ethical requirements that are relevant
31, 2019, and the Statement of Profit and Loss (including to our audit of the standalone financial statements under
Other Comprehensive Income), the Cash Flow Statement the provisions of the Act and the Rules made thereunder,
and the Statement of Changes in Equity for the year then and we have fulfilled our other ethical responsibilities in
ended, and a summary of significant accounting policies and accordance with these requirements and the ICAI’s Code of
other explanatory information. Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit
In our opinion and to the best of our information and according
opinion on the standalone financial statements.
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the
Key Audit Matters
Companies Act, 2013 (“the Act”) in the manner so required
and give a true and fair view in conformity with the Indian Key audit matters are those matters that, in our professional
Accounting Standards prescribed under section 133 of the judgment, were of most significance in our audit of the
Act read with the Companies (Indian Accounting Standards) financial statements of the current year. These matters
Rules, 2015, as amended, (“Ind AS”) and other accounting were addressed in the context of our audit of the financial
principles generally accepted in India, of the state of affairs statements as a whole, and in forming our opinion thereon,
of the Company as at March 31, 2019 and its profit, total and we do not provide a separate opinion on these matters.
comprehensive income, its cash flows and the changes in We have determined the matters described below to the key
equity for the year ended on that date. audit matters to be communicated in our report.
Key Audit Matter Response to Key Audit Matter

Accuracy of recognition, measurement, presentation and Principal Audit Procedures
disclosures of revenues and other related balances in view We assessed the Company’s process to identify the impact
of adoption of Ind AS 115 “Revenue from Contracts with of adoption of the new revenue accounting standard. Our
Customers” (new revenue accounting standard) audit approach consisted testing of the design and operating
effectiveness of the internal controls and substantive testing
as follows:
The application of the new revenue accounting standard  Evaluated the design of internal controls relating
involves certain key judgements relating to identification to implementation of the new revenue accounting
of distinct performance obligations, determination of standard.
transaction price of the identified performance obligations,  Selected a sample of continuing and new contracts, and
the appropriateness of the basis used to measure revenue tested the operating effectiveness of the internal control,
recognised over a period. Additionally, new revenue relating to identification of the distinct performance
accounting standard contains disclosures which involves obligations and determination of transaction price.
collation of information in respect of disaggregated We carried out a combination of procedures involving
revenue and periods over which the remaining performance enquiry and observation, reperformance and inspection
obligations will be satisfied subsequent to the balance sheet of evidence in respect of operation of these controls.
date. Refer note 23 of financial statement.

01-28 29-57 58-191
Key Audit Matter Response to Key Audit Matter

Refer Note 23 of financial statements  Selected a sample of continuing and new contracts and
performed the following procedures:
- Read, analysed and identified the distinct
performance obligations in these contracts.
-
Compared these performance obligations with
that identified and recorded by the Company.
- Considered the terms of the contracts to determine
the transaction price to verify the transaction price
used to compute revenue.
 amples in respect of revenue recorded for time and
S
material contracts were tested using a combination of
approved time sheets including customer acceptances,
subsequent invoicing and historical trend of collections.
 In respect of samples relating to fixed price contracts,
progress towards satisfaction of performance obligation
used to compute recorded revenue was verified with
actual and estimated efforts from the time recording
and budgeting systems.
 Sample of revenues disaggregated by type and service
offerings was tested with the performance obligations
specified in the underlying contracts.
 Performed analytical procedures for reasonableness of
revenues disclosed by type and service offerings.
 We reviewed the collation of information used to prepare
the disclosure relating to the periods over which the
remaining performance obligations will be satisfied
subsequent to the balance sheet date.
Information Other than the Financial When we read the Director’s report, if we conclude that
Statements and Auditor’s Report Thereon there is a material misstatement therein, we are required to
The Company’s Board of Directors is responsible for the communicate the matter to those charged with governance
other information. The other information comprises the as required under SA 720 ‘The Auditor’s responsibilities
Director’s report and its annexures, but does not include the relating to Other Information’.
financial statements and our auditor’s report thereon. The
Director’s report and its annexures are expected to be made
Management’s Responsibility for the
available to us after the date of this Auditor’s report.
Standalone Financial Statements
The Company’s Board of Directors is responsible for the
Our opinion on the financial statements does not cover matters stated in section 134(5) of the Act with respect to
the other information and we do not express any form of the preparation of these standalone financial statements
assurance conclusion thereon. that give a true and fair view of the financial position,
financial performance including other comprehensive
In connection with our audit of the financial statements, our income, cash flows and changes in equity of the Company in
responsibility is to read the other information and, in doing accordance with the Ind AS and other accounting principles
so, consider whether the other information is materially generally accepted in India. This responsibility also includes
inconsistent with the financial statements or our knowledge maintenance of adequate accounting records in accordance
obtained during the course of our audit or otherwise appears with the provisions of the Act for safeguarding the assets
to be materially misstated. of the Company and for preventing and detecting frauds
and other irregularities; selection and application of

appropriate accounting policies; making judgments and that are appropriate in the circumstances. Under
estimates that are reasonable and prudent; and design, section 143(3)(i) of the Act, we are also responsible for
implementation and maintenance of adequate internal expressing our opinion on whether the Company has
financial controls, that were operating effectively for adequate internal financial controls system in place and
ensuring the accuracy and completeness of the accounting the operating effectiveness of such controls.
records, relevant to the preparation and presentation of the
standalone financial statement that give a true and fair view  Evaluate the appropriateness of accounting policies
and are free from material misstatement, whether due to used and the reasonableness of accounting estimates
fraud or error. and related disclosures made by the management.
In preparing the standalone financial statements,  Conclude on the appropriateness of management’s use
management is responsible for assessing the Company’s of the going concern basis of accounting and, based
ability to continue as a going concern, disclosing, as on the audit evidence obtained, whether a material
applicable, matters related to going concern and using the uncertainty exists related to events or conditions that
going concern basis of accounting unless management either may cast significant doubt on the Company’s ability to
intends to liquidate the Company or to cease operations, or continue as a going concern. If we conclude that a material
has no realistic alternative but to do so. uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the
Those Board of Directors are also responsible for overseeing standalone financial statements or, if such disclosures
the Company’s financial reporting process. are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the
Auditor’s Responsibility for the Audit of the date of our auditor’s report. However, future events or
Standalone Financial Statements conditions may cause the Company to cease to continue
Our objectives are to obtain reasonable assurance about as a going concern.
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud  Evaluate the overall presentation, structure and content
or error, and to issue an auditor’s report that includes our of the standalone financial statements, including the
opinion. Reasonable assurance is a high level of assurance, disclosures, and whether the standalone financial
but is not a guarantee that an audit conducted in accordance statements represent the underlying transactions and
with SAs will always detect a material misstatement when it events in a manner that achieves fair presentation.
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they Materiality is the magnitude of misstatements in the
could reasonably be expected to influence the economic standalone financial statements that, individually or in
decisions of users taken on the basis of these standalone aggregate, makes it probable that the economic decisions of
financial statements. a reasonably knowledgeable user of the standalone financial
statements may be influenced. We consider quantitative
As part of an audit in accordance with SAs, we exercise materiality and qualitative factors in (i) planning the scope of
professional judgment and maintain professional skepticism our audit work and in evaluating the results of our work; and
throughout the audit. We also: (ii) to evaluate the effect of any identified misstatements in
the standalone financial statements.
 Identify and assess the risks of material misstatement
of the standalone financial statements, whether due We communicate with those charged with governance
to fraud or error, design and perform audit procedures regarding, among other matters, the planned scope and
responsive to those risks, and obtain audit evidence timing of the audit and significant audit findings, including
that is sufficient and appropriate to provide a basis any significant deficiencies in internal control that we
for our opinion. The risk of not detecting a material identify during our audit.
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, We also provide those charged with governance with a
forgery, intentional omissions, misrepresentations, or statement that we have complied with relevant ethical
the override of internal control. requirements regarding independence, and to communicate
with them all relationships and other matters that may
 Obtain an understanding of internal financial control reasonably be thought to bear on our independence, and
relevant to the audit in order to design audit procedures where applicable, related safeguards.

01-28 29-57 58-191
From the matters communicated with those charged with “Annexure A”. Our report expresses an unmodified
governance, we determine those matters that were of opinion on the adequacy and operating
most significance in the audit of the standalone financial effectiveness of the Company’s internal financial
statements of the current period and are therefore the key controls over financial reporting
audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure g) In our opinion and to the best of our information
about the matter or when, in extremely rare circumstances, and according to the explanations given to us, the
we determine that a matter should not be communicated Company being a private company, section 197 of
in our report because the adverse consequences of doing the Act related to the managerial remuneration is
so would reasonably be expected to outweigh the public not applicable.
interest benefits of such communication.
h) With respect to the other matters to be included in
Report on Other Legal and Regulatory the Auditor’s Report in accordance with Rule 11 of
Requirements the Companies (Audit and Auditors) Rules, 2014,
1. As required by Section 143(3) of the Act, based on our as amended in our opinion and to the best of our
audit, we report, that: information and according to the explanations
given to us:
a) We have sought and obtained all the information
and explanations which to the best of our i. The Company does not have any pending
knowledge and belief were necessary for the litigations which would impact its financial
purposes of our audit. position (refer note 43 of standalone financial
statements).
b) In our opinion, proper books of account as required
by law have been kept by the Company so far as it ii. The Company did not have any long-term
appears from our examination of those books. contracts including derivative contracts for
which there were any material foreseeable
c) The Balance Sheet, the Statement of Profit and losses (refer note 44 of standalone financial
Loss including Other Comprehensive Income, the statements).
Cash Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement iii. There were no amounts which were required
with the relevant books of account. to be transferred to the Investor Education
and Protection Fund by the Company (refer
d) In our opinion, the aforesaid standalone financial note 42 of standalone financial statements).
statements comply with the Ind AS specified
under Section 133 of the Act. 2. As required by the Companies (Auditor’s Report) Order,
2016 (“the Order”) issued by the Central Government
e)
On the basis of the written representations in terms of Section 143(11) of the Act, we give in
received from the directors as on March 31, 2019 “Annexure B” a statement on the matters specified in
taken on record by the Board of Directors, none of paragraphs 3 and 4 of the Order.
the directors is disqualified as on March 31, 2019
from being appointed as a director in terms of For Deloitte Haskins and Sells LLP
Section 164(2) of the Act. Chartered Accountants
(Firm’s Registration No. 117366W/W100018)
f)
With respect to the adequacy of the internal
financial controls over financial reporting of the Rajesh Kumar Agarwal
Company and the operating effectiveness of Place: Gurugram (Partner)
such controls, refer to our separate Report in Date: May 24, 2019 (Membership No. 105546)

Report on Internal Financial Controls Over Financial Reporting
Annexure “A” to the Independent Auditor’s Report

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory
Requirements’ section of our report of even date)
Report on the Internal Financial Controls Over established and maintained and if such controls operated
Financial Reporting under Clause (i) of Sub- effectively in all material respects.
section 3 of Section 143 of the Companies
Act, 2013 (“the Act”) Our audit involves performing procedures to obtain audit
We have audited the internal financial controls over financial evidence about the adequacy of the internal financial
reporting of Feedback Infra Private Limited (“the Company”) controls system over financial reporting and their operating
as of March 31, 2019 in conjunction with our audit of the effectiveness. Our audit of internal financial controls over
standalone Ind AS financial statements of the Company for financial reporting included obtaining an understanding of
the year ended on that date. internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and
Management’s Responsibility for Internal evaluating the design and operating effectiveness of
Financial Controls internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the
The Company’s management is responsible for establishing
assessment of the risks of material misstatement of the
and maintaining internal financial controls based on the
financial statements, whether due to fraud or error.
internal control over financial reporting criteria established
by the Company considering the essential components
We believe that the audit evidence we have obtained is
of internal control stated in the Guidance Note on Audit
sufficient and appropriate to provide a basis for our audit
of Internal Financial Controls Over Financial Reporting
opinion on the Company’s internal financial controls system
issued by the Institute of Chartered Accountants of India.
These responsibilities include the design, implementation over financial reporting.
and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly
Meaning of Internal Financial Controls Over
and efficient conduct of its business, including adherence
Financial Reporting
to company’s policies, the safeguarding of its assets, the A company’s internal financial control over financial reporting
prevention and detection of frauds and errors, the accuracy is a process designed to provide reasonable assurance
and completeness of the accounting records, and the timely regarding the reliability of financial reporting and the
preparation of reliable financial information, as required preparation of financial statements for external purposes in
under the Companies Act, 2013. accordance with generally accepted accounting principles.
A company’s internal financial control over financial
Auditor’s Responsibility reporting includes those policies and procedures that (1)
Our responsibility is to express an opinion on the Company’s pertain to the maintenance of records that, in reasonable
internal financial controls over financial reporting of the detail, accurately and fairly reflect the transactions and
Company based on our audit. We conducted our audit in dispositions of the assets of the company; (2) provide
accordance with the Guidance Note on Audit of Internal reasonable assurance that transactions are recorded as
Financial Controls Over Financial Reporting (the “Guidance necessary to permit preparation of financial statements in
Note”) issued by the Institute of Chartered Accountants accordance with generally accepted accounting principles,
of India and the Standards on Auditing prescribed under and that receipts and expenditures of the company are
Section 143(10) of the Companies Act, 2013, to the extent being made only in accordance with authorisations of
applicable to an audit of internal financial controls. Those management and directors of the company; and (3) provide
Standards and the Guidance Note require that we comply reasonable assurance regarding prevention or timely
with ethical requirements and plan and perform the audit detection of unauthorised acquisition, use, or disposition of
to obtain reasonable assurance about whether adequate the company’s assets that could have a material effect on
internal financial controls over financial reporting was the financial statements.

01-28 29-57 58-191
Inherent Limitations of Internal Financial material respects, an adequate internal financial controls
Controls Over Financial Reporting system over financial reporting and such internal financial
controls over financial reporting were operating effectively
Because of the inherent limitations of internal financial
as at March 31, 2019, based on the criteria for internal
controls over financial reporting, including the possibility
financial control over financial reporting established by the
of collusion or improper management override of controls,
Company considering the essential components of internal
material misstatements due to error or fraud may occur and
control stated in the Guidance Note on Audit of Internal
not be detected. Also, projections of any evaluation of the
Financial Controls Over Financial Reporting issued by the
internal financial controls over financial reporting to future
Institute of Chartered Accountants of India.
periods are subject to the risk that the internal financial
control over financial reporting may become inadequate For Deloitte Haskins and Sells LLP
because of changes in conditions, or that the degree of Chartered Accountants
compliance with the policies or procedures may deteriorate. (Firm’s Registration No. 117366W/W100018)
Opinion Rajesh Kumar Agarwal

In our opinion, to the best of our information and according Place: Gurugram (Partner)
to the explanations given to us, the Company has, in all Date: May 24, 2019 (Membership No. 105546)

Annexure B to the Independent Auditor’s Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’
section of our report of even date)
(i) (a) The Company has maintained proper records the Company, the Company falls under Section 186(11)
showing full particulars, including quantitative of the Act, hence, the relevant provisions of the Section
details and situation of fixed assets. 186 of the Act pertaining to loans, investment and
guarantees made are not applicable on the Company.
(b) The fixed assets were physically verified during
the year by the Management in accordance with (v) According to the information and explanations given to
a regular programme of verification which, in us, the Company has not accepted any deposit during
our opinion, provides for physical verification the year and does not have any unclaimed deposits as
of all the fixed assets annually. According to at March 31, 2019 and therefore, the provisions of the
the information and explanation given to us, clause 3 (v) of the Companies (Auditor’s Report) Order,
no material discrepancies were noticed on 2016 (“CARO 2016”) is not applicable.
such verification.
(vi) We have broadly reviewed the books of accounts
(c) The Company does not have any immovable relating to materials, labour and other items of cost
properties of freehold or leasehold land and maintained by the Company as specified by the
building and hence reporting under clause (i)(c) Government of India under section 148(1) of the Act
of the Companies (Auditor’s Report) Order, 2016 and are of the opinion that, prima facie, the prescribed
(“CARO 2016”) is not applicable. accounts and records have been made and maintained.
We have not, however, made a detailed examination of
(ii) The Company does not have any inventory and hence
the records with a view to determine whether they are
reporting under clause (ii) of the Companies (Auditor’s
accurate and complete.
Report) Order, 2016 (“CARO 2016”) is not applicable.
(vii) According to the information and explanations given to
(iii) According to the information and explanations given
us, in respect of statutory dues:
to us, the Company has granted loans, secured or
unsecured, to companies, firms, Limited Liability (a) The Company has been generally regular in
Partnerships or other parties covered in the register depositing undisputed statutory dues, including
maintained under section 189 of the Companies Act, Provident Fund, Employees’ State Insurance,
2013, in respect of which: Income-tax, Sales Tax, Service Tax, Customs Duty,
(a) The terms and conditions of the grant of such Excise Duty, Value Added Tax, cess and other
loans are, in our opinion, prima facie, not prejudicial material statutory dues applicable to it to the
to the Company’s interest. appropriate authorities.
(b) As per the terms of loans granted by the Company, (b) There were no undisputed amounts payable in
interest is payable by the subsidiary Company on respect of Provident Fund, Employees’ State
demand and the Company has not repaid the loan Insurance, Income-tax, Sales Tax, Service Tax,
and interest. Customs Duty, Excise Duty, Value Added Tax, cess
and other material statutory dues in arrears as
(c) There is no overdue amount remaining outstanding at March 31, 2019 for a period of more than six
as at the year-end. months from the date they became payable.
(iv) In our opinion and according to the explanations given to (c) There are no dues of Income-tax, Sales Tax,
us, the Company has not granted any loan to the parties Service Tax, Customs Duty, Excise Duty and
covered under Section 185 of the Companies Act. As Value Added Tax as on March 31, 2019 on account
per the legal opinion obtained by the management of of disputes.

01-28 29-57 58-191
(viii)
In our opinion and according to the information parties and the details of related party transactions
and explanations given to us, the Company has not have been disclosed in the financial statements etc. as
defaulted in the repayment of loans or borrowings to required by the applicable accounting standards.
financial institutions, banks and government and dues
to debenture holders. (xiv) During the year, the Company has not made any
preferential allotment or private placement of shares
(ix) In our opinion and according to the information and or fully or partly convertible debentures. Further,
explanations given to us, money raised by way of term the money raised during the previous year remaining
loans have been applied by the Company during the unutilised as at the previous year end, have been
year for the purposes for which they were raised. utilised during the year for the purposes for which they
were raised.
(x) To the best of our knowledge and according to the
information and explanations given to us, no fraud
(xv) In our opinion and according to the information and
by the Company and no fraud on the Company by its
explanations given to us, during the year the Company
officers or employees has been noticed or reported
has not entered into any non-cash transactions with
during the year.
its directors or persons connected with him and hence
(xi) The Company is a private company and hence the provisions of section 192 of the Companies Act, 2013
provisions of section 197 of the Companies Act, 2013 are not applicable.
do not apply to the Company.
(xvi) The Company is not required to be registered under
(xii) The Company is not a Nidhi Company and hence section 45-IA of the Reserve Bank of India Act, 1934.
reporting under clause (xii) of the Companies
(Auditor’s Report) Order, 2016 (“CARO 2016”) is For Deloitte Haskins and Sells LLP
not applicable. Chartered Accountants
(Firm’s Registration No. 117366W/W100018)
(xiii) In our opinion and according to the information and
explanations given to us the Company is in compliance Rajesh Kumar Agarwal
with Section 188 and 177 of the Companies Act, 2013, Place: Gurugram (Partner)
where applicable, for all transactions with the related Date: May 24, 2019 (Membership No. 105546)

Standalone Balance Sheet
as at March 31, 2019
(Rs. in Lakhs)
As at As at
Note no.
March 31, 2019 March 31, 2018
Assets
Non-current assets
Property, plant and equipment 4 693.95 628.28
Intangible assets 5 363.04 64.50
Financial Assets
i) Investments 6 12,773.37 12,773.37
ii) Loans 7 13,196.89 1,200.00
iii) Other financial assets 8 3,339.77 3,884.79
Deferred tax assets (net) 9 1,343.66 952.66
Non current tax assets (net) 10 4,488.27 4,500.91
Other non-current assets 11 553.54 485.06
Total non-current assets 36,752.49 24,489.57
Financial assets
i) Trade receivables 12 13,375.04 9,696.15
ii) Cash and cash equivalents 13 1,242.49 9,884.99
iii) Bank balances other than (ii) above 13 9,248.96 7,863.23
iv) Loans 7 5,577.73 15,794.20
v) Other financial assets 8 19,560.97 12,396.26
Other current assets 11 7,746.15 1,575.78
Total current assets 56,751.34 57,210.61
Total assets 93,503.83 81,700.18
Equity and Liabilities
Equity
Equity share capital 14 1,636.17 1,636.17
Other equity 15 5,240.13 5,694.59
Total Equity 6,876.30 7,330.76
Liabilities
Non-current liabilities
Financial liabilities
i) Borrowings 16 40,407.62 45,535.19
ii) Other financial liabilities 18 11,112.16 11,154.53
Provisions 19 925.29 596.94
Total Non-current liabilities 52,445.07 57,286.66
Current liabilities
Financial Liabilities
i) Borrowings 17 14,920.08 6,411.56
ii) Trade payables
a. Total outstanding dues of micro enterprises and small enterprises 20 128.24 -
b. Total outstanding dues of trade payables other than micro enterprises 20 4,218.71 3,935.47
and small enterprises
iii) Other financial liabilities 18 13,183.49 5,096.62
Other liabilities 21 1,400.61 1,546.57
Provisions 19 331.33 92.54
Total current liabilities 34,182.46 17,082.76
Total equity and liabilities 93,503.83 81,700.18
See the accompanying notes of the standalone financial statements. 1-47
In terms of our report attached For and on behalf of Board of Directors of

For Deloitte Haskins & Sells LLP Feedback Infra Private Limited
Chartered Accountants
Vinayak Chatterjee R.S.Ramasubramaniam
Chairman cum Managing Director Co-Chairman & Director
DIN: 00008933 DIN: 00008937
Rajesh Kumar Agarwal Dinesh Kumar Jain Pankaj Sachdeva
Partner Finance Controller President & Group CFO
PAN: AAOPJ5990N PAN : ADZPS1645P
Tilak Sethi
Place : Gurugram Company Secretary
Date : May 24, 2019 PAN: ABHPT1361M

01-28 29-57 58-191
Standalone Statement of Profit & Loss

for the year ended on March 31, 2019
(Rs. in Lakhs)
For the year ended For the year ended
Note no.
March 31, 2019 March 31, 2018
INCOME
Revenue from operations 23 32,987.67 25,718.55
Other income 24 3,726.18 2,725.40
Total income 36,713.85 28,443.95
EXPENSES
Cost of material and services consumed 25 8,178.44 5,682.79
Employee benefit expense 26 12,578.85 9,713.45
Finance costs 27 7,371.53 6,719.92
Depreciation and amortisation expense 28 149.99 226.17
Other expenses 29 7,484.21 5,215.16
Total expenses 35,763.02 27,557.49
Profit before tax 950.83 886.46
Tax expense
Current tax 22 304.53 191.82
Current tax adjustment related to earlier years 22 (0.54) 181.67
Deferred tax 22 (37.87) (216.46)
Total tax expense 266.13 157.03
Profit for the year 684.70 729.43
Other comprehensive income 30
(i) Items that will not be reclassified to profit or loss (192.73) 33.15
(ii) Income tax relating to items that will not be reclassified
66.70 (11.47)
to profit or loss
Total comprehensive income for the year 558.67 751.11
Earnings per equity share
1) Basic (in ₹) 4.18 4.46
2) Diluted (in ₹) 4.14 4.41
Face value per share (in ₹) 10.00 10.00
See the accompanying notes of the standalone financial statements. 1-47

DIN: 00008933 DIN: 00008937
Tilak Sethi

Standalone Statement of Cash Flow
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
A. Cash Flow from Operating Activities
Adjustments to reconciled net profit to net cash provided by operating activities :
Depreciation and amortisation expenses 149.99 226.17
Compensation expenses under employee stock options scheme (38.48) 53.52
Net (Gain) / loss on sale of property, plant & equipment (0.59) 8.14
Provision written back (net) - (218.73)
Impairment allowance on trade receivables 2,219.80 265.78
Impairment allowance on other financial assets 14.45 45.49
Finance costs 7,371.53 6,719.91
Interest income 3,542.65 (2,506.61)
Operating profit/(loss) before working capital changes 7,124.88 5,480.13
(Increase) / decrease in trade receivables (5,898.69) (3,644.43)
(Increase) / decrease in other current financial assets (1,647.32) (854.21)
(Increase) / decrease in other non current financial assets 591.15 (759.58)
(Increase) / decrease in other current assets (6,170.38) (113.18)
(Increase) / decrease in other non current assets (68.47) 195.99
(Increase) / decrease in inventories - -
Increase / (decrease) in trade payables 449.93 3,277.20
Increase / (decrease) in other current financial liabilities 139.70 111.14
Increase / (decrease) in other non current financial liabilities 0.11 (0.11)
Increase / (decrease) in other current liabilities & provisions (33.21) 654.47
Increase / (decrease) in other non current liabilities 328.35 (49.90)
Cash generated from operations before tax (5,183.95) 4,297.52
Income taxes paid (644.49) (1,109.24)
Net cash flow from operating activities (5,828.44) 3,188.28
B. Cash Flow from Investing Activities
Acquisition of property, plant & equipment/ intangible assets including capital advances (514.20) (161.83)
Proceeds from sale of property, plant & equipment 0.59 3.40
Acquisition of investments - (3,547.70)
Changes in fixed deposit (1,385.72) (6,571.41)
Loans given to subsidiaries (net) (6,787.75) (6,085.52)
Interest received 2,327.96 1,158.01
Net cash flow from investing activities (6,359.12) (15,205.06)
Net cash from operating and investing activities (12,187.56) (12,016.78)

01-28 29-57 58-191
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
C. Cash Flow from Financing Activities
Proceeds from borrowings (non-current) 328.16 47,532.72
Repayments from borrowings (non-current) (5,473.55) (15,426.74)
Proceeds from borrowings - current 15,635.95 (5,858.20)
Payment of dividend (306.76) (286.33)
Taxes on dividend (62.45) (58.29)
Finance costs (6,576.29) (6,629.86)
Net cash from financing activities 3,545.06 19,273.30
Net cash from operating, investing & financing activities (8,642.50) 7,256.52
Opening balance of cash and cash equivalent 9,884.99 2,628.47
Closing balance of cash & cash equivalent 1,242.49 9,884.99
i) Cash balance on hand 7.72 10.57
ii) Balance with banks :
- In current accounts 1,234.53 8,697.98
- In cash credit accounts 0.24 1,176.44
Total 1,242.49 9,884.99
See the accompanying notes of the standalone financial statements (Note 1-47)

DIN: 00008933 DIN: 00008937
Tilak Sethi

Standalone Statement of Changes in Equity
a. Equity share capital (Rs. in Lakhs)

Particulars Note no. Amount
Balance as at April 1, 2017 1,636.17
Changes in equity share capital during the year 15
Balance as at March 31, 2018 1,636.17
Changes in equity share capital during the year 15
b. Other equity (Rs. in Lakhs)

Particulars Reserves & surplus
Note Securities General Share option Retained Debenture
premium Reserve outstanding earnings redemption Total
no.
account reserve
Balance at April 1, 2017 1,739.02 1,573.04 418.33 1,357.88 - 5,088.27
Total comprehensive income for the year ended
March 31, 2017
- Profit or Loss during the year - - - 729.43 - 729.43
- Other comprehensive income for the year 30 - - - 21.68 - 21.68
Total comprehensive income - - - 751.11 - 751.11
- Share based compensation under employee stock - - 199.83 - - 199.83
option scheme(refer note 33)
- Transfer to debenture redemption reserve - - - (113.70) 113.70 -
- Dividend paid during the year - - - (286.33) - (286.33)
- Dividend distribution tax (DDT) - - - (58.29) - (58.29)
Balance at March 31, 2018 1,739.02 1,573.04 618.16 1,650.67 113.70 5,694.59
Balance at April 1, 2018 1,739.02 1,573.04 618.16 1,650.67 113.70 5,694.59
Total comprehensive income for the year ended
March 31, 2018
- Profit or Loss during the year - - - 684.70 - 684.70
- Other comprehensive income for the year - - - (126.03) - (126.03)
Total comprehensive income - - - 558.67 - 558.67
- Share based compensation under employee - - (72.36) - - (72.36)
stock option scheme(refer note 33)
- Debentures redemption reserve - - - (1,096.54) 1,096.54 -
- Adjustment to opening reserve related to Ind AS (571.56) (571.56)
115 (net of taxes) (refer note 23)
- Transfer to profit & loss account from general (1,573.04) - 1,573.04 -
reserve
- Dividend paid during the year - - - (306.76) - (306.76)
- Dividend distribution tax (DDT) - - - (62.45) - (62.45)
Balance at March 31, 2019 1,739.02 0.00 545.80 1,745.07 1,210.24 5,240.13
See the accompanying notes of the standalone financial 1-47
statements.

DIN: 00008933 DIN: 00008937
Tilak Sethi

01-28 29-57 58-191
Notes to the Standalone Financial Statements

for the year ended March 31, 2019
1 Corporate Information cycle and other criteria set out in Act. The Company
Feedback Infra Private Limited ( FIPL) (“ the Company”) has ascertained its operating cycle as 12 months for
is a private company domiciled in India and has its the purpose of current and non-current classification of
registered office 311, 3rd floor, Vardhman Plaza, assets and liabilities.
Pocket-7, Plot No-6, Sec-12, Dwarka, New Delhi.
3 Significant Accounting Policies
The Company is engaged in rendering consultancy a.
Property, plant and equipment and Capital
in the field of Infrastructure services across various work-in-progress
sectors viz Transportation, Energy, Realty and Social Property, plant and equipment are measured at cost
Infrastructure. of acquisition, less accumulated depreciation and
2 Basis of Preparation of Financial accumulated impairment losses, if any.
Statements The Company has elected to continue with the carrying
a. Statement of compliance with IND AS value of all its Property, Plant and Equipment recognised
The financial statements comply in accordance with as on April 1, 2016 measured as per the previous GAAP
Indian Accounting Standards (“ Ind AS”) prescribed and use that carrying value as its deemed cost as on
under section 133 of the Companies Act, 2013 ( the transition date.
Act) read with Rule 3 of Companies ( Indian Accounting
Cost of an item of property, plant and equipment
Standards) Rules, 2015 as amended and relevant
comprises its purchase price, and any other cost
amendment rules issued thereafter.
attributable to the acquisition of qualifying assets up
to the date the assets is ready for its intended use.
The financial statements of the Company for the year
ended March 31, 2018, were audited by NSBP & Co., Such cost includes cost of replacing part of the plant
Chartered Accountants, the predecessor auditor. and equipment and borrowing costs for qualifying
the assets up to the date the asset is ready for its
b. Basis of preparation intended use.
The financial statements have been prepared on
If significant parts of an item of property, plant and
accrual basis under historical cost convention, except
equipment have different useful lives, then they are
for the following:
accounted for as separate items (major components) of
 Certain financial assets and liabilities (including property, plant and equipment.
derivative instruments) that is measured at
fair value
Subsequent expenditure on property, plant and
 Defined benefit plans - plan assets measured at equipment after its purchase/completion is capitalised
fair value; and only if such expenditure results in an increase in the
future economic benefits from such assets beyond its
 Share-based payments measured at fair value.
previously assessed standard of performance. All other
repair and maintenance costs are recognised in the
Historical cost is generally based on the fair value of the
statement of profit and loss as incurred.
consideration in exchange for goods and services.

An item of property, plant and equipment is
Fair value is the price that would be received on derecognised when no future economic benefit are
selling of asset or paid to transfer a liability in an expected to arise from the continued use of the asset
orderly transaction between market participants at or upon disposal. Any gain or loss on disposal of an
the measurement date, regardless of whether that item of property, plant and equipment is recognised in
price is directly observable or estimated using another statement of profit or loss.
valuation technique.
Assets are classified to the appropriate categories of
All assets and liabilities have been classified as current property, plant and equipment when completed and
or non-current as per the Company’s normal operating ready for its intended use.

Capital work in progress Project under which assets are of such item of property plant and equipment is
not yet ready for their intended use are carried at cost derecognised upon disposal or when no future
comprising direct cost, related incidental expenses and economic benefits are expected from its use or disposal.
attributable interest. Any gain or loss arising on de-recognition of the asset
(calculated as the difference between the net disposal
Depreciation proceeds and the carrying amount of the asset) is
Depreciation amount for assets is the cost of an asset, included in the statement of profit and loss when the
or other amount substituted for cost, less its estimated asset is derecognised.
residual value.
The estimated useful lives and methods of depreciation
Depreciation is provided on the straight-line method to of property, plant and equipment are reviewed at end
allocate their cost, net of their realizable values, over of each reporting period and adjusted prospectively, if
the estimated useful lives of the assets as prescribed appropriate.
in the Schedule II of the Companies Act, 2013 except
for certain fixed assets where, based on technical
b. Intangible assets
evaluation by internal management experts, the useful Recognition & measurement and amortisation
life of certain items of plant and machinery, office Intangible Assets are recognised, if the future economic
equipment, furniture and fixtures have been determined benefits attributable to the assets are expected to flow
to be different from those mentioned in schedule II of to the company and cost of the asset can be measured
the Companies Act, 2013 in order to reflect the actual reliably. All other expenditure is expensed as incurred.
usage of assets.
Intangible assets are amortised over their respective
The estimates made by the management for the useful useful lives on a straight-line basis from the date they
life of the Property, Plant and Equipment are as follows: are available for use.
Estimated Such intangible assets are measured at cost less any

useful life
accumulated amortisation and impairment losses, if
based on
Particulars any and are amortised over their respective individual
technical
assessment estimated useful life on straight line method.
(in years)
Motor vehicles - 10 The estimated useful lives are as follows:
Computers - 6
Servers and networks - 6 Estimated
useful life
Office equipment’s
based on
- Cell phones 1 Particulars
technical
- Telephone Instruments 1 assessment
- Others 20 (in years)
Furniture and fixture : 15 Computer Software 5
Leasehold Improvements are amortised over the period The Company has elected to continue with the carrying
of Lease. value of all its intangible assets recognised as on
April 1, 2016 measured as per the previous GAAP
Depreciation on additions is provided on a pro-rate basis and use that carrying value as its deemed cost as on
from the date of acquisition/installation. Depreciation transition date.
on sale/deduction from fixed assets is provided for upto
the date of sale/adjustments, as the case may be. The amortisation period and the amortisation method
for an intangible asset with a finite useful life are
An item of property, plant and equipment or any reviewed at least at the end of each reporting period.
significant or any significant part initially recognised Changes in the expected useful life or the expected

01-28 29-57 58-191

pattern of consumption of future economic benefits amount. Impairment losses are recognised in the
embodied in the asset are considered to modify the statement of profit and loss.”
amortisation period or method, as appropriate and are
treated as changes in accounting estimate. In respect of assets for which impairment loss has been
recognised in prior periods, the company reviews at
An item of intangible asset is derecognised when no each reporting date whether there is any indication
future economic benefit are expected to arise from the that the loss has decreased or no longer exists. When
continued use of the asset or upon disposal. an impairment loss subsequently reverses, the carrying
amount of the asset (or a cash-generating unit) is
Gain or losses arising from derecognition of an intangible increased to the revised estimate of its recoverable
asset are measured as the difference between the net amount, but so that the increased carrying amount
disposal proceeds and the carrying amount of the asset does not exceed the carrying amount that would
and are recognised in the statement of profit and loss have been determined had no impairment loss been
when the asset is derecognised. recognised for the asset (or cash-generating unit)
in prior years. A reversal of an impairment loss is
c. Impairment of non-financial assets recognised immediately in the statement of profit and
At each reporting date, the Company reviews the loss.
carrying amounts of its non-financial assets (other than
deferred tax assets) to determine whether there is any d. Provisions, contingent liabilities and contingent
that those assets have suffered an impairment loss. If assets
any such indication exists, the recoverable amount of Provisions are recognised when the Company has a
the asset is estimated in order to determine the extent present legal or constructive obligation as a result of
of the impairment loss (if any). When it is not possible past events, it is probable that an outflow of resources
to estimate the recoverable amount of an individual will be required to settle the obligation and the
asset, the Company estimates the recoverable amount amount can be reliably estimated. Provisions are not
of the cash-generating unit to which the asset belongs. recognised for future operating losses. Where there
When a reasonable and consistent basis of allocation are number of similar obligations, the likelihood that
can be identified, corporate assets are also allocated an outflow will be required in settlement is determined
to individual cash-generating units, or otherwise they by considering the class of obligations as a whole.
are allocated to the smallest group of cash-generating A Provision is recognised even if the likelihood of an
units for which a reasonable and consistent allocation outflow with respect to any item included in the same
basis can be identified. class of obligations may be small.
For impairment testing, assets that do not generate Provisions are measured at the present value of
independent cash flows are grouped together into the management’s best estimate of the expenditure
smallest group of assets that generates cash inflows from required to settle the present obligation at the end
continuing use that are largely independent of the cash of the reporting period. The discount rate used to
inflows of other assets or Cash Generating Units (‘CGUs’). determine the present value is a pre-tax that reflects
current market assessments of the time value of money
Recoverable amount is the higher of fair value less costs and the risks specific to the liability. The increase in the
of disposal and value in use. In assessing value in use, provision due to the passage of the time is recognised
the estimated future cash flows are discounted to their as interest expense.
present value using a pre-tax discount rate that reflects
current market assessments of the time value of A disclosure of contingent liability is made when there
money and the risks specific to the asset for which the is a possible obligation or a present obligation that may,
estimates of future cash flows have not been adjusted. but probable will not, require an outflow of resources.
Where there is a possible obligation or a present
An impairment loss is recognised if the carrying amount obligation that the likelihood of outflow of resources is
of an asset or CGU exceeds its estimated recoverable remote, no provision or disclosure is made.

Contingent assets are disclosed when the inflow of  allocate the transaction price to the
economic benefits is probable. performance obligations in the contract, and
 recognise revenues when a performance
e. Revenue Recognition
obligation is satisfied
Effective 1 April 2018, the Company adopted Ind AS
115 “Revenue from Contracts with Customers” using The Company accounts for variable considerations
the cumulative catch-up transition method, applied like rebates to customers as reduction of revenue
to contracts that were not completed as at 1 April on a systematic and rational basis over the period
2018. In accordance with the cumulative catch-up of the contract. The Company estimates an amount
transition method , the comparatives have not been of such variable consideration using expected
retrospectively adjusted. The following is a summary value method or the single most likely amount
of new and/or revised significant accounting policies in a range of possible consideration depending
related to revenue recognition. Refer note 1 (vi), on which method better predicts the amount of
Significant accounting policies, in the companies consideration to which we may be entitled.
March’18 financial statements for the policies in effect
for revenue prior to 1 April 2018. The Company assesses the timing of the transfer
Company’s revenue arises from the following: of goods or services to the customer as compared
to the timing of payments to determine whether
i. Sale of services
a significant financing component exists. As a
The Company derives revenue primarily from practical expedient, the Company does not assess
rendering consultancy in the field of Infrastructure the existence of a significant financing component
services across various sectors. The Company when the difference between payment and
recognises revenue when the significant terms of transfer of deliverables is a year or less. If the
the arrangement are enforceable, services have difference in timing arises for reasons other than
been delivered and the collectability is reasonably the provision of finance to either the customer or
assured. us, no financing component is deemed to exist.
Revenue is recognised when significant milestones A contract liability is an entity’s obligation to

are achieved as per the terms of contracts / transfer goods or services to a customer for which
agreements with the Clients. Amount realised the entity has received consideration (or the
against the invoices raised to the customers before amount is due) from the customer.
completion of milestone are shown as ‘Advance
from Customers’ under the head of current liability. Trade Receivables and Contract Balances
‘Unbilled Revenue’ included in other current assets
represent cost and earnings in excess of billings as The Company classifies the right to consideration
at the balance sheet date. in exchange for deliverables as either a receivable
or as unbilled revenue (contract assets). Revenues
Revenue from time and material contracts is in excess of invoicing are classified as unbilled
recognised at the contractual rates as labour revenue (contract assets) while invoicing in excess
hours and direct expenses are incurred. of revenues are classified as unearned revenue
(contract liability). Trade receivable and unbilled
To recognise revenues, we apply the following five revenue are presented net of impairment in the
step approach: Balance Sheet. Revenue recognition for fixed price
 identify the contract with a customer development contracts is based on percentage
of completion method. Invoicing to the clients is
 identify the performance obligations in the
based on milestones as defined in the contract.
contract
This would result in the timing of revenue
 determine the transaction price recognition being different from the timing of

01-28 29-57 58-191

billing the customers. Contract Assets (Unbilled indefinite number of repetitive acts over a
revenue) for fixed price development contracts is specified period, revenue is recognised on a
classified as non-financial asset as the contractual straight-line basis over the specified period
right to consideration is dependent on completion unless some other method better represents
of contractual milestones. the stage of completion.
The method for recognising revenues and costs D.

Others
depends on the nature of the services rendered: Any change in scope or price is considered
as a contract modification. The Company
A. Time and materials contracts accounts for modifications to existing
Revenues and costs relating to time and contracts by assessing whether the services
materials, transaction-based or volume- added are distinct and whether the pricing is
based contracts are recognised as the related at the standalone selling price.
services are rendered.
Services added that are not distinct are
accounted for on a cumulative catch up basis,
B. Fixed-price development contracts
while those that are distinct are accounted for
Revenues from fixed-price contracts, including
prospectively, either as a separate contract
software development, and integration
if the additional services are priced at the
contracts, where the performance obligations
standalone selling price, or as a termination
are satisfied over time, are recognised using of the existing contract and creation of a new
the “percentage-of-completion” method. contract if not priced at the standalone selling
Percentage of completion is determined based price. Revenues are shown net of allowances/
on project labour costs incurred to date as a returns, value added tax, goods and services
percentage of total estimated project labour tax and applicable discounts and allowances.
costs required to complete the project. The
cost expended (or input) method has been A contract asset is a right to consideration
used to measure progress towards completion that is conditional upon factors other than
as there is a direct relationship between the passage of time. Contract assets primarily
input and productivity. If the Company is not relate to unbilled amounts on fixed-price
able to reasonably measure the progress of development contracts and are classified as
completion, revenue is recognised only to the non-financial asset as the contractual right to
extent of costs incurred for which recoverability consideration is dependent on completion of
is probable. contractual milestones.
Unbilled revenue on other than fixed price

Revenue is recognised and measured at the
development contracts are classified as a
fair value of the consideration received or
financial asset where the right to consideration
receivable, to the extent that it is probable
is unconditional upon passage of time.
that the economic benefits will flow to the
Company and the revenue can be reliably A contract liability is an entity’s obligation to
measured. The company collects value added transfer goods or services to a customer for
taxes (VAT) on behalf of the government and, which the entity has received consideration
therefore, these are not economic benefits (or the amount is due) from the customer.
flowing to the company. Hence, they are
excluded from revenue. ii. Interest Income
Interest income from a financial asset is recognised
C. Maintenance contracts when it is probable that the economic benefits will
Revenues related to fixed-price maintenance, flow to the Company and the amount of income can
where services are performed through an be measure reliably. Interest income is accrued on a

time basis, by reference to the principal outstanding income is reflected in retained earnings and is not
and at the effective interest rate applicable. reclassified to the statement of profit and loss.
iii. Dividends Compensated absences

Dividend income from investment is recognised Compensated absence which are not expected to occur
when the Company’s right to receive payment has within twelve months after the end of the period in
been established (provided that it is probable that which the employee renders the related services are
the economic benefits will flow to the Group and recognised as an actuarially determined liability at the
amount of income can be measured reliably). present value of the defined benefit obligation at the
balance sheet date.
f. Employee Benefits
Short term employee benefits g. Foreign Currencies
All short-term employee benefits such as salaries, a. Functional and presentation currency
wages, bonus, medical benefits etc. which will fall within Items included in the financial statements are
12 months of the period in which the employee renders measured using the currency of the primary
related services which entitles them to avail such economic environment in which the entity operates
benefits and non-accumulating compensated absences (i.e. ‘the functional currency’). The financial
are recognised on an undiscounted basis and charged statements are presented in Indian Rupee (INR/
to the statement of profit and loss. Rs), the national currency of India, which is the
Company’s functional and presentation currency.
Defined contribution plans
Employee’s benefits in the form of the Company’s b. Transaction and balances
contribution to Provident Fund, Family Pension scheme Transactions in foreign currencies are recorded on
and Employees State Insurance are defined contribution initial recognition at the exchange rate prevailing
schemes. The contribution to these schemes are on the date of the transaction. At the end of each
charged to statement of profit and loss of the year in reporting period, monetary items denominated
which contribution to such schemes becomes due on in foreign currencies are retranslated at the rates
the basis of services rendered by the employees. prevailing at that date. Non-monetary items that
are measured in terms of historical cost in a foreign
Defined benefit plans currency are not retranslated.
Charge for the year in respect of unfunded defined
benefit plan in the form of gratuity has been Exchange differences on monetary items are
ascertained based on actuarial valuation carried out recognised in the statement of profit and loss in
by an independent actuary as at the year end using the period in which they arise.
the Projected Unit Credit Method, which recognises
each period of service as giving rise to additional unit h. Borrowings
of employee benefit entitlement and measures each Borrowings are initially recognised at fair value, net of
unit separately to build up the final obligation. The transaction costs incurred. Borrowings are subsequently
obligation is measured at the present value of the measured at amortised cost. Any difference between the
estimated future cash flows. The discount rate used for proceeds (net of transaction costs) and the redemption
determining the present value of the obligation under amount is recognised in profit or loss over the period
defined benefit plans is based on the market yields on of the borrowings using the effective interest method.
Government securities as at the valuation date having Fees paid on the establishment of loan facilities are
maturity periods approximating to the terms of related recognised as transaction costs of the loan to the extent
obligations. Actuarial gains and losses are recognised that it is probable that some or all of the facility will be
immediately in Other Comprehensive Income. drawn down. In this case, the fee is deferred until the
Remeasurement recognised in other comprehensive draw dawn occurs.

01-28 29-57 58-191

Borrowings are removed from the balance sheet when Current tax is recognised in the statement of
the obligation specified in the contract is discharged, profit and loss, except when it relates to items
cancelled or expired. that are recognised in other comprehensive
income or directly in equity, in which case,
Borrowings are classified as current liabilities unless the the current tax is also recognised in other
company has an unconditional right to defer settlement comprehensive income or directly in equity
of the liability for at least 12 months after the reporting respectively.
period. Where there is a breach of material provision
of a long-term loan arrangement on or before the end ii. Deferred tax
of the reporting period with effect that the liability Deferred tax is recognised on temporary
becomes payable on demand on the reporting date, the differences between the carrying amounts
entity does not classify the liability as current, if the of assets and liabilities in the financial
lender agreed, after the reporting period and before statements and the corresponding tax
the approval of the financial statements for issue, not bases used in the computation of taxable
demand payment as a consequence of breach. profit. Deferred tax liabilities are generally
recognised for all taxable temporary
General and specific borrowings costs that are differences. Deferred tax assets are
directly attributable to the acquisition, construction recognised only to the extent that it is
or production of a qualifying assets are capitalised probable that the temporary differences
during the period of time that is required to complete will reverse in the foreseeable future and
and prepare the assets for its intended use or sale. taxable profit will be available against which
Qualifying assets are assets that necessary take the temporary differences can be utilised.
a substantial period of time to get ready for their Such deferred tax assets and liabilities are
intended use or sale. not recognised if the temporary difference
arises from the initial recognition (other
Other borrowing costs are expensed in the period in than in a business combination) of assets
which they are incurred. and liabilities in a transaction that affects
i. Taxation neither the taxable profit nor the accounting
Income tax expense represents the sum of the tax profit.
currently payable and deferred tax.
The carrying amount of deferred tax assets
i. Current tax is reviewed at the end of each reporting
period and reduced to the extent that it is
The tax currently payable is based on taxable
no longer probable that sufficient taxable
profit for the year. Taxable profit differs
profits will be available to allow all or part
from ‘profit before tax’ as reported in the
of the asset to be recovered. Unrecognised
statement of profit and loss because of items
deferred tax assets are re-assessed at each
of income or expense that are taxable or
reporting date and are recognised to the
deductible in other years and items that are
extent that it has become probable that
never taxable or deductible. The Company’s
future taxable profits will allow the deferred
current tax is calculated accordance with the
tax asset to be recovered.
Income-tax Act, 1961, using tax rates that
have been enacted or substantively enacted Deferred tax liabilities and assets are
by the end of the reporting period. measured at the tax rates that are expected
to apply in the period in which the liability is
Current income tax assets and liabilities
settled or the asset realised, based on tax
are measured at the amount expected to
rates (and tax laws) that have been enacted
be recovered from or paid to the taxation
or substantively enacted by the end of the
authorities.
reporting period.

Deferred tax is recognised in the statement of or assets and the arrangement conveys a right to use
profit and loss, except when it relates to items the asset or assets, even if that right is not explicitly
that are recognised in other comprehensive specified in an arrangement.
income or directly in equity, in which case,
the deferred tax is also recognised in other Lease rental expenses from operating leases is
comprehensive income or directly in equity generally recognised on a straight line basis over the
respectively. term of the relevant lease. However, where the rentals
are structured solely to increase in line with expected
Deferred tax assets include Minimum general inflation to compensate for the lessor’s
Alternate Tax (MAT) paid in accordance with expected inflationary cost increases, such increases
the tax laws in India, which is likely to give are recognised in the year in which such benefits
future economic benefits in the form of accrue. Contingent rentals arising under operating
availability of set off against future income leases are recognised as an expense in the period in
tax liability. MAT is recognised as deferred tax which they are incurred.
assets in the Balance Sheet when the asset
can be measured reliably and it is probable l. Earnings per share
that the future economic benefit associated
Basic earnings per share is calculated by dividing the
with the asset will be realised.
net profit or loss for the year attributable to equity
iii. Current and deferred tax for the year shareholders by the weighted average number of equity
shares outstanding during the period.
Current and deferred tax are recognised in
the statement of profit and loss, except when
For the purpose of calculating diluted earnings per
they relate to items that are recognised in
share, the net profit or loss for the period attributable to
other comprehensive income or directly
equity shareholders and the weighted average number
in equity, in which case, the current and
of shares outstanding during the period is adjusted for
deferred tax are also recognised in other
the effects of all dilutive potential equity shares.
comprehensive income or directly in equity
respectively.
m. Employee Share Based Compensation
j. Cash and cash equivalents The permanent Employees of the Company and
Cash and cash equivalents in the balance sheet comprise its Subsidiaries have been granted Stock Options of
cash at banks and on hand and short-term deposits the Company.
with an original maturity of three months or less, which Under Ind AS, the cost of Stock Options is recognised
are subject to an insignificant risk of changes in value. based on the fair value of Stock Options as on the
grant date.
k. Leasing
Company as lessee: In terms of the exemptions, the fair value of unvested
A lease is classified at the inception date as a finance Stock Options as on the date of transition have
lease or an operating lease. A lease that transfers been accounted for as part of Reserves, irrespective
substantially all the risks and rewards incidental to of whether they apply to Company employees or
ownership to the Company is classified as a finance employees of subsidiary companies.
lease. All other leases are classified as operating leases.
Fair value of Stock Options granted and vested after the
The determination of whether an arrangement is transition date are recognised in profit and loss.
(or contains) a lease is based on the substance of
the arrangement at the inception of the lease. The The Company generally seeks reimbursement of the value
arrangement is, or contains, a lease if fulfilment of the of stock options from such companies for the options
arrangement is dependent on the use of a specific asset granted to the employees of the subsidiary Companies.

01-28 29-57 58-191

n. Financial instruments instrument and of allocating interest income

Financial assets and financial liabilities are recognised over the relevant period. The effective
when the Company becomes a party to the interest rate that exactly discounts estimated
contractual provisions of the instrument. Financial future cash receipts through the expected life
assets and liabilities are initially recognised at fair of the debt instrument, or, where appropriate,
a shorter period, to the net carrying amount
value. Transaction costs that are directly attributable
on initial recognition.
to financial assets and liabilities [other than financial
assets and liabilities measured at fair value through Income is recognised on an effective interest
profit and loss (FVTPL)] are added to or deducted basis for debt instruments other than those
from the fair value of the financial assets or liabilities, financial assets. Interest income is recognised
as appropriate on initial recognition. Transaction in the statement of profit and loss and is
costs directly attributable to acquisition of financial included in the ‘Other income’ line item.
assets or liabilities measured at FVTPL are recognised
ii.
Investments in equity instruments at
immediately in the statement of profit and loss.
Fair Value Through Other Comprehensive
Income (FVTOCI)
Financial assets
On initial recognition, the Company can make
All regular way purchases or sales of financial assets
an irrevocable election (on an instrument-by
are recognised and derecognised on a trade date basis.
instrument basis) to present the subsequent
Regular way purchases or sales are purchases or sales changes in fair value in other comprehensive
of financial assets that require delivery of assets within income pertaining to investments in equity
the time frame established by regulation or convention instruments. This election is not permitted
in market place. if the equity investment is held for trading.
These elected investments are initially
All recognised financial assets are subsequently measured at fair value plus transaction costs.
measured in their entirety at either amortised cost Subsequently, they are measured at fair value
or fair value, depending on the classification of with gains and losses arising from changes in
financial assets. fair value recognised in other comprehensive
income and accumulated in the ‘Reserve
(a) Classification of financial assets for equity instruments through other
i. Financial assets at amortised cost comprehensive income’. The cumulative gain
A financial asset is measured at amortised or loss is not reclassified to the statement of
cost if both of the following conditions profit and loss on disposal of the investment.
are met:
A financial asset is held for trading if:
a. the financial asset is held within a
- it has been acquired principally for the
business model whose objective is to
purpose of selling it in the near term; or
hold financial assets in order to collect
-
on initial recognition it is part of
contractual cash flows; and
a portfolio of identified financial
b. the contractual terms of the financial instruments that the Company manages
asset give rise on specified dates to together and has a recent actual pattern
cash flows that are solely payments of short-term profit-taking; or
of principal and interest (SPPI) on the - it is a derivative that is not designated
principal amount outstanding. and effective as a hedging instrument or
a financial guarantee.
Effective interest method:
The effective interest method is a method Currently, the Company does not have any
of calculating the amortised cost of a debt investments in equity instruments which are

held for trading and therefore none of the trade receivables based on a provision matrix. The
instruments are designated FVTOCI. provision matrix takes into account historical credit
loss experience and adjusted for forward-looking
iii. Investments in equity instruments at Fair Value information. The expected credit loss allowance is
Through Profit or loss (FVTPL) based on the ageing of the days the receivables are
Investments in equity instruments are due and the rates as given in provision matrix and
classified at FVTPL, unless the Company Company’s historical experience for customers.
irrevocably elects on initial recognition Loss allowance for trade receivables with no
to present subsequent changes in fair significant financing component is measured at an
value in other comprehensive income for amount equal to life time ECL.
investments in equity instruments which are
not held for trading. For all other financial assets, expected credit
losses are measured at an amount equal to the
A financial asset that meets the amortised 12-month ECL, unless there has been a significant
cost criteria may be designated at FVTPL increase in credit risk from initial recognition in
upon initial recognition if such designation which case those are measured at lifetime ECL.
eliminates or significantly reduces a The amount of expected credit losses (or reversal)
measurement or recognition inconsistency that is required to adjust the loss allowance at the
that would arise from measuring assets or reporting date to the amount that is required to be
liabilities or recognising the gains and losses recognised is recognised as an impairment gain or
on them on different bases. loss in the statement of profit and loss.
Financial assets at FVTPL are measured (c) Derecognition of financial assets

at fair value at the end of each reporting A financial asset is derecognised only when:
period, with any gains or losses arising on - The Company has transferred the rights to
remeasurement recognised in statement receive cash flows from the financial asset or
of profit and loss. The net gain or loss
recognised in the statement of profit and - retains the contractual rights to receive the
loss incorporates any dividend or interest cash flows of the financial asset but assumes
earned on the financial asset and is included a contractual obligation to pay the cash flows
in the ‘Other income’ line item. Dividend to one or more recipients.
on financial assets at FVTPL is recognised
when the Company’s right to receive the When the entity has transferred an asset,
dividends is established, it is probable that the Company evaluates whether it has
the economic benefits associated with the transferred substantially all risks and
dividend will flow to the entity, the dividend rewards of ownership of the financial
does not represent a recovery of part of asset. In such cases, the financial asset
cost of the investment and the amount of is derecognised. Where the entity has
dividend can be measured reliably. not transferred substantially all risks and
rewards of ownership of the financial asset,
(b) Impairment of financial assets the financial asset is not derecognised.
The Company recognises loss allowances using the
expected credit loss (ECL) model for the financial Where the entity has neither transferred a
assets which are not fair valued through statement financial asset nor retains substantially all
of profit or loss. risks and rewards of ownership of the financial
asset, the financial asset is derecognised if
The Company has used a practical expedient by the Company has not retained control of the
computing the expected credit loss allowance for financial asset. When the Company retains

01-28 29-57 58-191

control of the financial asset, the asset is i. Financial liabilities at FVTPL

continued to be recognised to the extent of Financial liabilities at FVTPL are stated at
continuing involvement in the financial asset. fair value, with any gains or losses arising on
remeasurement recognised in statement of
For the purpose of transition to Ind AS, profit and loss. The net gain or loss recognised
the Company has applied derecognition in statement of profit and loss incorporates
requirements of financial assets and financial. any interest paid on the financial liability and
is included in the ‘Other income’ or ‘Other
(d) Foreign exchange gains and losses expenses’ line item.
The fair value of financial assets denominated
in a foreign currency is determined in that ii. Financial liabilities subsequently measured
foreign currency and translated at the spot at amortised cost
rate at the end of each reporting period. For Financial liabilities that are not held-for-
foreign currency denominated financial assets trading and are not designated as at FVTPL
measured at amortised cost and FVTPL, are measured at amortised cost at the end
the exchange differences are recognised in of subsequent accounting periods. The
statement of profit and loss except for those carrying amounts of financial liabilities that
which are designated as hedging instruments are subsequently measured at amortised
in a hedging relationship. For the purposes of cost are determined based on the effective
recognising foreign exchange gains and losses, interest method.
FVTOCI debt instruments are treated as financial
assets measured at amortised cost. Thus, the The effective interest method is a method
exchange differences on the amortised cost of calculating the amortised cost of a
are recognised in the statement of profit and financial liability and of allocating interest
loss and other changes in the fair value of expense over the relevant period. The
FVTOCI financial assets are recognised in other effective interest rate is the rate that exactly
comprehensive income. discounts estimated future cash payments
through the expected life of the financial
Financial Liabilities including equity instruments liability, or (where appropriate) a shorter
Debt and equity instruments issued by the Company period, to the net carrying amount on initial
are classified as either financial liabilities or as equity recognition.
in accordance with the substance of the contractual
arrangements and the definitions of a financial liability (c) Foreign exchange gains and losses
and an equity instrument. For financial liabilities that are denominated
in a foreign currency and are measured at
(a) Equity Instruments amortised cost at the end of each reporting
An equity instrument is any contract that evidences period, the foreign exchange gains and losses
a residual interest in the assets of an entity after are determined based on the amortised cost
deducting all of its liabilities. Equity instruments of the instruments and are recognised in the
issued by the Company are recognised at the statement of profit and loss.
proceeds received, net of direct issue costs.
The fair value of financial liabilities
(b) Financial liabilities denominated in a foreign currency is
determined in that foreign currency and
All financial liabilities are subsequently measured
translated at the spot rate at the end of
at amortised cost using the effective interest
the reporting period. For financial liabilities
method or at FVTPL.

that are measured as at FVTPL, the foreign b) In the absence of a principal market, in the most
exchange component forms part of the fair advantageous market for the asset or liability.
value gains or losses and is recognised in the
The principal or the most advantageous market must be
statement of profit and loss.
accessible by the Company. The fair value of an asset or
a liability is measured using the assumptions that market
(d) Derecognition of financial liabilities
participants would use when pricing the asset or liability,
The Company derecognises financial liabilities assuming that market participants act in their economic
when, and only when, the Company’s best interest. A fair value measurement of a non-financial
obligations are discharged, cancelled or have asset takes into account a market participant’s ability
expired. An exchange between with a lender of to generate economic benefits by using the asset in its
debt instruments with substantially different highest and best use or by selling it to another market
terms is accounted for as an extinguishment participant that would use the asset in its highest and
of the original financial liability and the best use. The Company uses valuation techniques that are
recognition of a new financial liability. appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the
For the purpose of transition to Ind AS, use of relevant observable inputs and minimising the
the Company has applied derecognition use of unobservable inputs. All assets and liabilities for
requirements of financial assets and financial which fair value is measured or disclosed in the financial
liabilities prospectively for transactions statements are categorised within the fair value hierarchy,
occurring on or after the transition date. described as follows, based on the lowest level input that
is significant to the fair value measurement as a whole:
Offsetting of financial instruments
a) Level 1 - Quoted (unadjusted) market prices in
Financial assets and financial liabilities are offset active markets for identical assets or liabilities
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right b) Level 2 - Valuation techniques for which the lowest
to offset the recognised amounts and there is an level input that is significant to the fair value
intention to settle on a net basis, to realise the measurement is directly or indirectly observable
assets and settle the liabilities simultaneously. The
legally enforceable right must not be contingent c) Level 3 - Valuation techniques for which the lowest
on future events and must be enforceable in the level input that is significant to the fair value
normal course of business and in the event of measurement is unobservable
default, insolvency or bankruptcy of the Company
or the counterparty. For assets and liabilities that are recognised in the
financial statements on a recurring basis, the Company
o. Fair value measurement determines whether transfers have occurred between
The Company measures financial instruments at fair levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to
value at each balance sheet date.
the fair value measurement as a whole) at the end of
Fair value is the price that would be received to sell each reporting period.
an asset or paid to transfer a liability in an orderly
Critical estimates and judgements
transaction between market participants at the
measurement date. The fair value measurement is In the application of the Company’s accounting policies,
based on the presumption that the transaction to sell which are described in Note 3, the directors of the
the asset or transfer the liability takes place either: Company are required to make judgements, estimates
and assumptions about the carrying amounts of assets
a) In the principal market for the asset or liability, or and liabilities that are not readily apparent from other

01-28 29-57 58-191

sources. The estimates and associated assumptions are actuarial valuations. An actuarial valuation involves
based on historical experience and other factors that making various assumptions that may differ from
are considered to be relevant. Actual results may differ actual developments in the future. These include
from these estimates. the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
The estimates and underlying assumptions are reviewed involved in the valuation and its long-term nature,
on an ongoing basis. Revisions to accounting estimates a defined benefit obligation is highly sensitive to
are recognised in the period in which the estimate is changes in these assumptions. All assumptions are
revised if the revision affects only that period, or in the reviewed at each reporting date.
period of the revision and future periods if the revision
affects both current and future periods. The parameter most subject to change is the
discount rate. The management considers the
The following are the critical estimates and judgements, interest rates of government securities based
that have the significant effect on the amounts
on expected settlement period of various plans.
recognised in the financial statements.
Further details about various employee benefit
obligations are given in Note 29.
(a) Preference shares:
To consider the accounting of preference shares as (c) Taxes
equity or liability depends on the substance of the
Uncertainties exist with respect to the

contractual terms and agreements, rather than its
interpretation of complex tax regulations, changes
legal form. The Company has issued Compulsorily
in tax laws and the amount and timing of future
Convertible Preference Shares (CCPS). The holders
taxable income. The Company establishes
of the CCPS shall be entitled to receive, out of
provision, based on reasonable estimates. The
funds available for the payment of dividends
under Applicable Law, dividends in respect of the amount of such provisions is based on various
par value of the CCPS at a per annum rate of 0.01% factors such as experience of previous tax audits
(zero point zero one per cent.) and dividend pari- and differing interpretations of tax regulation
passu with the holders of the other equity shares by the taxable entity and the responsible tax
in the Company in accordance with the provisions authority. Such differences in interpretation may
of the Shareholders agreement annually from the arise on a wide variety of issues depending on the
Completion Date (“Fixed Dividends”). conditions prevailing in the respective domicile of
the Companies.
Also, these CCPS have a clause for conversion
into equity shares which breaches the fixed-to- In assessing the recoverability of deferred tax
fixed criteria and due to the number of shares assets, management considers whether it is
not being fixed at Inception, this will result in probable that taxable profit will be available
issuance of a variable number of equity shares against which the losses can be utilised. The
of the Company resulting the entire amount as ultimate realisation of deferred tax assets is
financial liability component valued at amortised dependent upon the generation of future taxable
cost using the prevailing market interest rate of income during the periods in which the temporary
similar instruments at the date of issue adjusting differences become deductible.
the embedded derviative option component of
CCPS which is valued at FVTPL. Deferred tax assets have not been recognised in
the financials, as per the management there is
(b) Defined benefit plans/ other long term employee absence of reasonable certainty that sufficient
benefits taxable income in near future will be available
The cost of the defined benefit plans and other long against which such deferred tax assets can
term employee benefit plans are determined using be realised.

(d) Revenue recognition the existing lease standard, Ind AS 17 Leases and related
The Company uses the percentages-of-completion interpretations. The new standard sets out the principles for
method in accounting for its fixed-price-contracts. the recognition, measurement, presentation and disclosure
Use of percentages-of-completion method of lease for both parties to a contract i.e. the lessee and
requires the Company to estimate the efforts or the lessor. Ind AS 116 introduces a single lessee accounting
costs expended to date as a proportion of the model and requires a lessee to recognise assets and liabilities
total efforts or costs to be expended. Efforts for all leases with a term of more than 12 months, unless the
or costs expended have been used to measure underlying asset is of low value. Currently, operating lease
progress towards completion as there is a direct expenses are charged to the statement of Profit & Loss. The
relationship between input and productivity. standard also contains enhanced disclosure requirements
for lessees. Ind AS 116 substantially carries forward lessor
Further, the Company uses significant judgements accounting requirements. The Company is evaluating
while determining the transaction price allocated the impact of Ind AS 116 and its effect on the financial
to performance obligations using the expected statements.
cost plus margin approach.
Ind AS 12 Appendix C:
Provisions for estimated losses, if any, on Uncertainty over Income Tax Treatments: On March 30, 2019,
uncompleted contracts are recorded in the period Ministry of Corporate Affairs (“MCA”) has notified Appendix C
in which such losses become probable based on the to Ind AS 12, Uncertainty over Income Tax Treatments which
expected contract estimated at reporting date. is to be applied while performing the determination of taxable
profit (or loss), tax bases, unused tax losses, unused tax
(e) Impairment of Trade Receivables credits and tax rates, when there is uncertainty over income
The impairment provisions for trade receivables tax treatments under Ind AS 12. According to the appendix,
are based on assumptions about risk of default and companies need to determine the probability of the relevant
expected loss rates. The Company uses judgement tax authority accepting each tax treatment, or group of
in making these assumption and selecting the tax treatments, that the companies have used or plan to
inputs to the impairment calculation, based on use in their income tax filing which has to be considered to
Company’s past history, credit risk, existing market compute the most likely amount or the expected value of
conditions as well as forward looking estimates at the tax treatment when determining taxable profit (tax loss),
the end of each reporting period. tax bases, unused tax losses, unused tax credits and tax
rates. The effective date for adoption of Ind AS 12 Appendix
(f) Useful lives of property, plant and equipment C is annual periods beginning on or after April 1, 2019. The
and intangible assets Company is evaluating the requirements and its effect on
As described in the significant accounting policies, the financial statements.
the Company reviews the estimated useful lives
of property, plant and equipment and intangible Amendment to Ind AS 19:
assets at the end of each reporting period. Plan amendment, curtailment or settlement- On March 30,
2019, Ministry of Corporate Affairs issued amendments to
There was no change in useful life of property,
Ind AS 19, ‘Employee Benefits’, in connection with accounting
plant and equipment and intangibles as compared
for plan amendments, curtailments and settlements. The
to previous year.
amendments require an entity:
Recent Accounting Pronouncement

(a) to use updated assumptions to determine current
Ind AS 116 Leases: service cost and net interest for the remainder of
Ministry of Corporate affairs has notified Ind AS 116 - Leases, the period after a plan amendment, curtailment or
which is effective from April 1, 2019, which will replace settlement; and

01-28 29-57 58-191

(b) to recognise in profit or loss as part of past service asset. The capitalisation rate to be used for capitalising
cost, or a gain or loss on settlement, any reduction general borrowing cost shall be the weighted average of
in a surplus, even if that surplus was not previously the borrowing costs applicable to all borrowings of the
recognised because of the impact of the asset ceiling. entity that are outstanding during the period. However, an
entity shall exclude from this calculation borrowing costs
Effective date for application of this amendment is applicable to borrowings made specifically for the purpose
annual period beginning on or after April 1, 2019. The of obtaining a qualifying asset until substantially all the
Company does not have any impact on account of this activities necessary to prepare that asset for its intended
amendment. use or sale are complete.
Amendment to Ind AS 23: Borrowings Costs Effective date for application of this amendment is annual
On March 30, 2019, Ministry of Corporate Affairs issued period beginning on or after April 1, 2019. The Company
amendments to Ind AS 23 Borrowings Costs in connection is evaluating the requirements and its effect on the
with funds generally borrowed for obtaining a qualifying financial statements.

4. Property, Plant & Equipment

(Rs. in Lakhs)
Leasehold Furniture & Vehicles Office Computers Total
Particulars
improvements fixtures equipments
Cost or deemed cost
Balance at April 1, 2017 23.17 178.93 211.41 218.92 75.49 707.92
Additions - 35.86 - 66.47 38.81 141.14
Deletions - (1.02) (6.17) (21.74) (5.15) (34.08)
As at March 31, 2018 23.17 213.77 205.24 263.65 109.15 814.98
Balance at April 1, 2018 23.17 213.77 205.24 263.65 109.15 814.98
Additions - 20.03 71.58 49.07 46.93 187.61
Deletions - - (9.40) - - (9.40)
As at March 31, 2019 23.17 233.80 267.42 312.72 156.08 993.19
Depreciation
Balance at April 1, 2017 17.63 23.38 22.21 20.29 21.21 104.72
Charges for the year 5.54 26.48 32.75 21.93 17.83 104.53
Eliminations on disposal of assets - (0.65) (6.17) (10.58) (5.15) (22.55)
As at March 31, 2018 23.17 49.21 48.79 31.64 33.89 186.70
Balance at April 1, 2018 23.17 49.21 48.79 31.64 33.89 186.70
Charges for the year - 26.21 35.14 37.64 22.95 121.94
Eliminations on disposal of assets - - (9.40) - - (9.40)
As at March 31, 2019 23.17 75.42 74.53 69.28 56.84 299.24
Net carrying value
Balance at March 31, 2018 - 164.56 156.45 232.01 75.26 628.28
Balance at March 31, 2019 - 158.38 192.89 243.44 99.24 693.95
Notes:
1. Leasehold improvements has been amortised over the lease period of the asset
2. Fixed assets pledged as security against the secured borrowings have been disclosed in refer note 16 and 17
5. Other Intangible Assets

(Rs. in Lakhs)
Particulars Computer software Total
Gross carrying value
Balance at April 1, 2017 292.36 292.36
Additions 20.68 20.68
Deletions - -
Balance as at March 31, 2018 313.04 313.04
Balance at April 1, 2018 313.04 313.04
Additions 326.59 326.59
Deletions - -
Amortisation
Balance at April 1, 2017 126.90 126.90
Charges for the year 121.64 121.64

01-28 29-57 58-191

(Rs. in Lakhs)
Particulars Computer software Total
Eliminations on disposal of assets - -
Balance at April 1, 2018 248.54 248.54
Charges for the year 28.05 28.05
Eliminations on disposal of assets - -
Net carrying value
Balance at March 31, 2018 64.50 64.50
6. Non-Current Investments
(Rs. in Lakhs)
As at March 31, 2019 As at March 31, 2018
No. of shares Amount No. of shares Amount
Trade Investment in Equity instruments (fully paid up)
Unquoted shares
Investment in subsidiary Companies at cost
(i) Feedback Power Operations & Maintenance Services 2,15,00,000 2,150.00 2,15,00,000 2,150.00
Private Limited (One share held by Mr. Vinayak Chatterjee
jointly with Company and beneficial interest of which is
owned by the Company) (of Rs. 10/- each)
(ii) Feedback Highways OMT Private Limited 2,00,00,000 3,000.00 2,00,00,000 3,000.00
(Formerly Feedback Brisa Highways OMT Private Limited)
(One share held by Mr. R.S. Ramasubramaniam jointly with
Company and beneficial interest of which is owned by the
Company)(of Rs. 10/- each)
(iii) Feedback Infrastructure Services Nepal Limited 81,600 51.00 81,600 51.00
(of NPR 100 each)
(iv) Feedback Energy Distribution Company Limited (One 2,76,59,994 6,924.11 2,76,59,994 6,924.11
share each held by six members jointly with company and
beneficial interest of which is owned by the Company)
(of Rs. 10/- each)
(v) PT Feedback Infra (of IDR 1919 each) 17,93,000 201.87 17,93,000 201.87
(vi) DC Infra - A Partnership firm* - 445.50 - 445.50
(vii) Feedback Ventures and Ghosh Bose Associates Private 8,925 0.89 8,925 0.89
Limited (of Rs. 10/- each)
Total 12,773.37 12,773.37
Aggregate amount of unquoted investments 12,773.37 12,773.37
Aggregate amount of impairment in value of investment -
* Details of the partners and capital contribution of DC Infra is as under:

(Rs. in Lakhs)
Name of Shareholder Amount % of Amount % of
shares held shares held
Feedback Infra Private Limited 445.50 99% 445.50 99%
Varun Minocha 4.50 1% 4.50 1%
Total Capital 450.00 100% 450.00 100%

Investment in the following subsidiary companies is pledged against the secured borrowings as under:
(i) Feedback Power Operations & Maintenance Services Private Limited
1,32,75,000 Equity Shares of Feedback Power Operations and Maintenance Services Private Limited have been pledged
with Banks , NBFC’s , HFC’s for loans availed by Feedback Infra Private Limited & Feedback Power Operations and
Maintenance Services Private Limited
(ii) Feedback Highways OMT Private Limited

1,40,00,000 Equity Shares of Feedback Highways OMT Private Limited have been pledged Banks & Trustees (
representing Mutual Funds) for debt facilities availed by Feedback Infra Private Limited
(iii) Feedback Energy Distribution Company Limited

100% Equity shares of Feedback Energy Distribution Company Limited have been pledged on pari-passu with Trustees
(representing Mutual Funds) for Debt facilities availed by Feedback Energy Distribution Company Limited).
7. Loans
(Rs. in Lakhs)
Non-current Current
As at As at As at As at
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Considered good (unless other wise stated)
Unsecured
Loans to employee - - 13.84 12.35
Unsecured to related parties
Loan to subsidiaries 13,196.89 1,200.00 5,563.89 15,771.95
Loan to others related parties - - - 9.90
Total 13,196.89 1,200.00 5,577.73 15,794.20
8. Other Financial Assets

(Rs. in Lakhs)
Non-current Current
Considered good (unless otherwise stated)
Bank balance more than 12 month maturity 1,654.68 1,035.96 - -
Other recoverables - - 63.71 134.29
Hedged assets - - - 6.85
Interest accrued but not due 245.63 199.50 818.69 488.11
Interest accrued on loan to subsidiaries* - - 5,732.74 3,693.25
Interest accrued from trust* - - - 1,201.62
Retention money 714.82 660.30 192.90 67.64
Less: allowance for expected credit losses - - (95.84) (52.99)
Earnest money deposits 253.09 176.67 46.43 116.54
Security deposits 471.55 444.06 158.10 164.85
Less: allowance for expected credit losses - - - -

01-28 29-57 58-191

(Rs. in Lakhs)
Non-current Current
Other advances recoverable
- From subsidiaries - - 9,693.36 2,825.99
- From trusts - 1,368.30 16.59 588.06
Unbilled revenue - - 2,975.38 3,231.53
Total 3,339.77 3,884.79 19,560.98 12,396.26
* As per the terms of loan agreement loans and interest are repayable on demand hence interest considered not due.
9. Deferred Tax Assets (Net)

(Rs. in Lakhs)
Carrying Recognised Amount adjusted Recognised Carrying value
Value as on in P&L in opening in OCI as on
April 01, 2018 reserve March 31, 2019
Deferred tax assets/ liabilities are attributable to
the following items;
Deferred tax liabilities
Plant, property and equipment and intangible (18.17) 20.04 - - 1.87
assets
Sub- Total (18.17) 20.04 - - 1.87
Deferred tax assets
Provision for employee benefits 256.38 137.80 66.70 460.88
Ind AS 115 adjustment - - 286.43 286.43
Disallowance under section 43B - 290.82 290.82
Less: Reversal of tax adjustment of opening - (286.43) (286.43)
reserve related to Ind AS 115 (refer note 23)
Impairment allowance 697.78 (107.69) - 590.09
Others 16.67 (16.67) -
Sub- Total 970.83 17.83 286.43 66.70 1,341.79
Add: MAT credit available - - - -
Net deferred tax assets 952.66 37.87 286.43 66.70 1,343.66
Carrying Recognised Amount adjusted Recognised Carrying Value

Value as on in P&L in opening in OCI as on
April 01, 2017 reserve March 31, 2018
Deferred tax assets/ liabilities are attributable to
the following items;
Plant, Property and Equipment and Intangible 0.40 (18.57) - - 18.17
Assets
Sub- Total 0.40 (18.57) - - 18.17
Deferred tax assets
Provision for employee benefits 242.74 25.11 - (11.47) 256.38
Impairment allowance 506.44 191.34 - - 697.78
Others (1.91) 18.58 - - 16.67
Sub- Total 747.27 235.03 - (11.47) 970.83
Net Deferred tax assets 747.67 216.46 - (11.47) 952.66

10. Non Current Tax Assets

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Tax assets {Net of provision for Income tax } 4,488.27 4,500.91
Total 4,488.27 4,500.91
11. Other Assets

(Rs. in Lakhs)
Non-current Current
Considered good (unless otherwise stated)
Advances to vendors - - 389.29 353.16
Loans & advances to employees (including imprest balances) - - 223.98 221.42
Prepaid expenses 152.44 123.53 221.26 398.28
Project in progress - 22.80 - 602.92
Unbilled revenue - - 6,911.62 -
Duty credit scrips receivables 401.10 338.73 - -
Total 553.54 485.06 7,746.15 1,575.78
12. Trade Receivables

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Unsecured, considered good 13,375.04 9,696.15
Credit impaired (cumulative) 1,630.53 2,074.04
Less: allowance for expected credit loss (refer note no. 41) (1,630.53) (2,074.04)
Total 13,375.04 9,696.15
13. Cash and Cash Equivalents

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Cash and cash equivalents
- Balance with banks
On current accounts 1,234.53 8,697.98
On cash credit accounts 0.24 1,176.44
- Cash on hand 7.72 10.57
Total 1,242.49 9,884.99
Bank balance other than cash and cash equivalents
- Fixed deposits* 9,248.96 7,863.23
Total 9,248.96 7,863.23
*Pledge against bank guarantee

01-28 29-57 58-191

14. Equity Share Capital

As at As at
March 31, 2019 March 31, 2018
Authorised
Equity shares of Rs. 10/- each 2,50,00,000 2,50,00,000
Preference shares of Rs. 100/- each - 10,00,000
Compulsory convertible preference shares of Rs. 10/- each (refer note 16) 2,50,00,000 2,50,00,000
Notes:
(i) Movement of Equity share capital (authorised)
(Rs. in Lakhs)
Number of Amount
Particulars
Shares
Balance as on April 1, 2017
2,00,00,000 Equity Shares of Rs. 10/- each 2,00,00,000 2,000.00
Add: Addition during the year 50,00,000 500.00
Balance as on March 31, 2018 2,50,00,000 2,500.00
Balance as on March 31,2018
2,50,00,000 Equity Shares of Rs. 10/- each 2,50,00,000 2,500.00
Add: Addition during the year - -
Movement of Preference share capital (authorised)

(Rs. in Lakhs)
Number of Amount
Particulars
Shares
10,00,000 Preference Shares of Rs. 100/- each 10,00,000 1,000.00
Less: Reclassified as Compulsory Convertible Preference shares of Rs. 10/- each (10,00,000) (1,000)
Balance as on March 31, 2018 - -
10,00,000 Preference Shares of Rs. 100/- each - -
Less: Changes during the year - -
Movement of Compulsory Convertible Preference share capital (CCPS)(authorised)

(Rs. in Lakhs)
Number of Amount
Particulars
Shares
Balance as on April 1,2017 - -
Add: Addition during the year 2,50,00,000 2,500.00
Balance as on April 1, 2018 - -
Add: Addition during the year - -

(ii) Reconciliation of preference shares outstanding at the beginning and end of the year
(Rs. in Lakhs)
Particular Number of Amount Number of Amount
shares shares
Opening - - 10,00,000 1,000.00
Issued during the year - - - -
Reclassified during the year - - (10,00,000) (1,000.00)
Extinguished during the year - - - -
Closing balance - - - -
(Rs. in Lakhs)
As at As at
Issued, subscirbed and fully paid up equity share capital
March 31, 2019 March 31, 2018
163,61,704 equity shares of Rs. 10/- each 1,636.17 1,636.17
[Previous year 163,61,704 equity shares of Rs. 10/- each]
1,636.17 1,636.17
(iii) Reconciliation of number of shares outstanding at the beginning and end of the year
(Rs. in Lakhs)
shares shares
Opening 1,63,61,704 1,636.17 1,63,61,704 1,636.17
Changes during the year - - - -
Closing Balance 1,63,61,704 1,636.17 1,63,61,704 1,636.17
(iv) Terms / rights attached with equity shares

The company has only one class of equity shares, having a par value of Rs. 10/- each. Each holder of the equity share is entitled to
one vote per share. There is no restrictions attached to any equity shares. The dividend proposed, if any, by the Board of Directors
is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. The repayment
of equity share capital in the event of liquidation and buy back of shares is possible subject to prevalent regulations. In the event
of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.
(v) Details of shareholders holding more than 5% shares in the Company

(Rs. in Lakhs)
Name of shareholder Number of Amount Number of Amount
shares shares
Mission Holdings Private Limited 67,34,500 41.16% 67,34,500 41.16%
Housing Development Finance Corporation Ltd. 18,10,515 11.07% 18,10,515 11.07%
(and it's Group Companies)
IDFC Bank Ltd. 29,07,363 17.77% 29,07,363 17.77%
Zenith Infra Investment Holding PTE Limited 49,09,326 30.00% 49,09,326 30.00%
1,63,61,704 100% 1,63,61,704 100%

01-28 29-57 58-191

(vi) The Company does not have any holding / ultimate holding company
(vii) Shares options granted under Companies employees share option plan
At March 31, 2019 employees held options over 2,55,000 equity share of the Company, (At March 31, 2018 employees held options
over 3,75,000 equity share of the Company ) . Share options granted under Companies employees share option plan carries no rights
to dividend and no voting rights. Further details of employee share option plan are provided in note no. 33)
15. Other Equity

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
a. Securities premium
Balance at the beginning of the financial year 1,739.02 1,739.02
Addition during the financial year -
Deduction during the financial year - -
Balance at the end of the financial year 1,739.02 1,739.02
b. Debenture redemption reserve
Balance at the beginning of the financial year 113.70 -
Addition during the financial year 1,096.54 113.70
Deduction during the financial year - -
Balance at the end of the financial year 1,210.24 113.70
c. General reserve*
Add: transferred during the financial year (1,573.04) -
Balance at the end of the financial year - 1,573.04
* Transfer INR 1,573.04 to retained earnings from free general reserve.
d. Share options outstanding account
Balance at the beginning of the financial year 618.16 418.33
Expense on employee stock option scheme
(72.36) 199.83
(refer note no. 33)
Less: Shares issued under ESOP scheme - -
Balance at the end of the financial year 545.80 618.16
e. Retained earnings
Profit during the year 684.70 729.43
Add/ (less):
Remeasurements of the defined benefit plans through OCI - net of taxes (refer note 32) (126.02) 21.68
Transfer from general reserves 1,573.04 -
Adjustment to opening reserve related to Ind AS 115 (net of taxes) (refer note 23) (571.56) -
Dividend paid (306.76) 286.33
Tax on dividend paid (62.45) (58.29)
Transfer to debenture redemption reserve (1,096.54) (113.70)
Total 5,240.13 5,694.59
**Detail of dividend proposed and paid

Proposed dividend
After the reporting date, the Board of Directors of the Company has recommended a dividend of Rs. 1.50 (Previous year Rs. 1.87) per
Equity share of Rs. 10/- each.

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Dividend paid
Final dividend Paid Rs. 1.87 per share (previous year Rs. 1.75 per share) 306.76 286.33
Dividend distribution tax on dividend to equity shares 62.45 58.29
369.21 344.62
The description of the nature and purpose of each reserve within equity is as follows:
a) Securities premium: Securities premium is credited when shares are issued at premium. It is utilised in accordance with the provisions
of the Act, to issue bonus shares, to provide for premium on redemption of shares, write-off equity related expenses like underwriting
costs, etc.
b) Debenture redemption reserve (DRR): The Company has issued redeemable non-convertible debentures. Accordingly, the Companies
(Share capital and Debentures) Rules, 2014 (as amended), requires the company to create DRR out of profits of the company available
for payment of dividend.
c) General reserve: The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
d) Shares options outstanding reserve: The Company has two share option schemes under which options to subscribe for the Company’s
shares have been granted to certain executives and senior employees. The share-based payment reserve is used to recognise the value
of equity settled share-based payments provided to employees, including key management personnel, as part of their remuneration.
Refer to Note 33 for further details of these plans.
16. Borrowings
(Rs. in Lakhs)
Non-current Current
Secured
Term loans at amortised cost:
- from vehicle loans*
- from banks ** 6,046.33 10,754.09 10,439.10 3,891.62
- from others** 4,807.77 5,550.00 1,015.14 450.00
- Non-convertible debentures from others*** 3,000.00 3,000.00 -
Less: Prepaid processing fee (329.93) (509.95) (115.54) (130.36)
13,524.17 18,794.14 11,338.70 4,211.26
Unsecured
Term loans at amortised cost:
- Non-convertible debentures from share holders # 15,000.00 15,000.00 -
- Compulsory convertible debentures # 5,000.00 5,000.00 - -
- Compulsory convertible preference shares ## 8,017.54 8,102.63 -
Less: prepaid processing fee (1,134.09) (1,361.58) - -
26,883.45 26,741.05 - -
Less: Current maturity of long term debt (refer note no. 18) - - (11,338.70) (4,211.26)
Total 40,407.62 45,535.19 - -
*Vehicle loans Secured by hypothecation of vehicles
**Secured term loan Based on the terms of sanction Term loans are secured by first pari-passu or Second Pari Passu charge on entire
from banks & others current assets and movable fixed assets of the Company both present and future. Further for certain term Loans
Corporate guarantee of Promoter Company, Personal Guarantee of Directors and Corporate Gurantee of
Subsidary Companies & Equity shares of Subsidiary Companies have also been provided as security
***Secured NCD’s Secured by first pari-passu charge by hypothecation of entire current assets and movable fixed assets of the Company
both present and future, Corporate guarantee of Mission holdings Pvt. Ltd., Personal Guarantee of Mr. Vinayak Chatterjee
& pledge of some shares of the Company and 100% Equity shares of a subsidiary Company.

01-28 29-57 58-191

Rate of interest Borrowings Within Between Between More then

Repayment terms for borrowings for
Amount one year one to two and 5 years
March 31, 2019
2 years five years
- from vehicle loans 9.00% to 9.25% 61.42 15.10 12.04 34.28 -
- from banks 11.05% - 12.75% 16,424.00 10,424.00 375.00 5,625.00 -
- from others 12.75% - 17.00% 5,822.92 1,015.14 1,026.53 3,781.25 -
- Non-convertible debentures from others 12.75% 3,000.00 - 1,000.00 2,000.00 -
25,308.34 11,454.24 2,413.57 11,440.53 -
Rate of interest Borrowings Within Between Between More then

Amount one year one to two and 5 years
March 31, 2018
2 years five years
- from vehicle loans 9.00% to 9.25% 9.21 5.11 4.10 - -
- from banks 11.05% - 12.75% 14,636.50 3,886.50 9,175.00 1,575.00 -
- from others 12.75% - 17.00% 6,000.00 450.00 4,500.00 1,050.00 -
- Non-convertible debentures from others 12.75% 3,000.00 - 3,000.00 - -
23,645.71 4,341.61 16,679.10 2,625.00 -
#The requisite particulars in respect of Non - Convertible Debentures, Cumulative Convertible Debentures and Cumulative
Convertible Preference Shares are as under:
Compulsory Non Compulsory

Convertible Convertible Convertible
Particulars
Preference Debentures Debentures
Shares
Issued & subscribed amount 20,000.00 15,000.00 5,000.00
Number of instruments 250.00 1,500.00 5,000.00
Security details Unsecured Unsecured Unsecured
Maturity period (yrs) 10 4 5
Maturity date 19-03-2028 19-03-2022 19-03-2023
Coupon rate 0.01% 6% 10.50%
Face value per share 10.00 10.00 1.00
Securities premium per share 70.00 - -
Lock in period - - -
##
Terms / rights attached with Compulsory Convertible Preference Shares
The rights, preferences and restrictions attached to preference shares are in accordance with the provisions of Companies Act, 2013. The
preference shares have a par value of Rs. 10 per share. During the year, the company has issued Nil (PY 250,00,000) compulsory convertible
preference shares at par value of Rs. 10 each which shall convert into equity shares as above. CCPS shall be compulsorily converted into
equity shares on completion of 10 years from the date of allotment.
The preference shares shall be converted into the Equity shares of the Company at post money equity valuation of the Company i.e. the
number of Equity Shares issued pursuant to the conversion of all the CCPS shall entitle the holder to a stake in the total paid up and issue
Equity Share capital of the Company equivalent to the ratio between the subscription Amount and Post-Money Equity Valuation of the
Company.

17. Borrowings (Current)

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Secured
a. Loans repayable on demand
- from Banks* 12,833.47 4,388.65
- from Others** 2,100.00 2,022.91
Less: prepaid processing fees (13.39) -
Total 14,920.08 6,411.56
*Short term loan / working capital Secured by first pari-passu charge on entire current assets and movable fixed assets of the
faclities from banks - Company both present and future. In certain short term debt facilities Corporate guarantee of
Promoter Company & Personal Guarantee of Directors have been provided.
- Loans are repayable on demand
** Loan from others - As per the terms of the sanction the loan is secured by First Pari-passu charge or exclusive charge
on fixed assets and current assets of the Company, personal guarantee promoters.
Repayment terms for borrowings for March 31, 2019 Rate of interest Within one year / On demand loans
- from Banks* 8.55% to 13.5% 12,833.47
- from Others** 12.50% 2,100.00
Repayment terms for borrowings for March 31, 2018 Rate of interest Within one year / On demand loans
- from Banks* 8.55% to 13.5% 4,388.65
- from Others** 12.50% 2,022.91
18. Other Financial Liabilities

(Rs. in Lakhs)
Non-current Current
Current maturities of long-term debt (Refer Note 16)
- from banks - - 11,338.70 4,211.26
Compulsary Covertible Preference Share (measured at 11,112.16 11,129.98 870.30 776.82
amortised cost)#
Interest accrued but not due
- Related party (refer Note 39) - 24.55 902.30 32.88
- Other than related party - - 13.12 62.81
Creditors for capital purchases - - 59.07 12.85
11,112.16 11,154.53 13,183.49 5,096.62
# Refer foot note in note no. 16
19. Provisions
(Rs. in Lakhs)
Non-current Current
Provision for employee benefits
- Gratuity (refer note 32) 674.26 533.86 282.59 88.42
- Compensated absences 251.03 63.08 48.74 4.12
Total 925.29 596.94 331.33 92.54

01-28 29-57 58-191

20. Trade Payables

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Total outstanding dues of micro, medium and small enterprises (refer note 37) 128.24 -
Total outstanding dues of creditors other than micro, medium and small enterprises
- Related party (refer note no. 39) 0.93 0.93
- Other than related party 4,217.78 3,934.54
Total 4,346.95 3,935.47
21. Other Liabilities

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Advances from customers 664.55 632.02
Statutory dues payable 736.06 914.55
Total 1,400.61 1,546.57
22. Income Tax

(Rs. in Lakhs)
Year ended Year ended
March 31, 2019 March 31, 2018
a) Income tax recognised in profit or loss
Current tax expense
Current year 304.53 191.82
Tax of earlier year provided / written back (0.54) 181.67
Deferred tax expense (37.87) (216.47)
Total 266.13 157.03
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
b) Reconciliation of effective tax rate
Tax using the Company's domestic tax rate {CY 33.384% ( PY 33.063%)} 317.43 293.09
Tax of earlier year provided or written back (0.54) 181.67
Tax effect of expenses not allowed for tax purposes 15.16 15.74
Tax effect for OCI adjustment (66.70) (11.47)
Others 0.78 (322.00)
Total 266.13 157.03

23. Revenue from Operations

(Rs. in Lakhs)
For the For the
year ended year ended
March 31, 2019 March 31, 2018
Sale of services
Professional income 32,925.31 25,379.82
Other operating revenue 62.36 338.73
32,987.67 25,718.55
The Company classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue.
A receivable is a right to consideration that is unconditional upon passage of time. Revenue for time and material contracts
are recognised as related service are performed. Revenue for fixed price maintenance contracts is recognised on a straight-
line basis over the period of the contract. Revenues in excess of billings is recorded as unbilled revenue and is classified as a
financial asset for these cases as right to consideration is unconditional upon passage of time.
Revenue recognition for fixed price development contracts is based on percentage of completion method. Invoicing to the
clients is based on milestones as defined in the contract. This would result in the timing of revenue recognition being different
from the timing of billing the customers. Unbilled revenue for fixed price development contracts is classified as non-financial
asset as the contractual right to consideration is dependent on completion of contractual milestones.
Invoicing in excess of earnings are classified as unearned revenue. Trade receivable and unbilled revenues are presented net
of impairment in the Balance Sheet.
Performance obligations and remaining performance obligations
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
recognised as of the end of the reporting period and an explanation as to when the Company expects to recognise these
amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining
performance obligation related disclosures for contracts where the revenue recognised corresponds directly with the value
to the customer of the entity’s performance completed to date, typically those contracts where revenue is equal to the
invoicing to the customer. Remaining performance obligation estimates are subject to change and are affected by several
factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has
not materialised and adjustments for currency.
The aggregate value of performance obligations that are completely or partially unsatisfied as of March 31, 2019 other than
those meeting the exclusion criteria mentioned above, is Rs. 27,872 Lakhs. This includes contracts that can be terminated
for convenience without a substantive penalty since, based on current assessment, the occurrence of the same is expected
to be remote.
Accordingly, the Company has adopted Ind AS 115, “Revenue with contract with customers” using the cumulative catch
up transition method which is applied to contracts that were not completed as of April 1, 2018. The impact on account of
applying the Ind AS 115 “”Revenue with contract with customers”” is Rs. 571 Lakhs (net of taxes) and its effect has been
taken in retained earnings and on account of adoption of Ind AS 115, as at March 31, 2019, unbilled revenue of Rs. 6,911
Lakhs has been considered in other assets.

01-28 29-57 58-191

24. Other Income

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
Interest income on financial assets measured at amortised cost 3,292.66 2,429.39
Interest income-others 249.99 77.22
Other non-operating income (net)
Net gain on foreign currency transactions 182.94 -
Liabilities no longer required, written back - 218.73
Profit on sale of property, plant and equipment 0.59 -
Miscellaneous income - 0.06
Total 3,726.18 2,725.40
25. Cost of Materials and Services Consumed

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
Professional charges 8,081.22 5,628.70
Consumable items 97.22 54.09
Total 8,178.44 5,682.79
26. Employee Benefit Expenses

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
Salaries, wages and bonus* 11,418.04 8,988.68
Expenses related to compensated absences 330.71 87.00
Contribution to provident and other funds (refer note no. 32) 335.96 307.93
Expenses related to post employment defined benefit plan (refer note no. 32) 240.36 96.34
Staff welfare expenses 253.78 233.50
Total 12,578.85 9,713.45
*Note - The amount includes share based payments to employees (refer note no. 33)
27. Finance Cost

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
Interest expenses on financial liabilities measured at amortised cost
On term loans 4,024.31 5,390.01
On compulsorily convertible debentures and non-convertible debentures 1,796.45 138.72
On working capital 635.91 548.66
Other borrowing costs 914.86 642.53
Total 7,371.53 6,719.92

28. Depreciation and Amortisation Expenses

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
Depreciation on property, plant & equipment* 121.94 104.53
Amortisation of intangible assets# 28.05 121.64
Total 149.99 226.17
* Refer Note 4
# Refer Note 5
29. Other Expenses

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
Rent (refer note 34) 1,259.76 1,284.53
Repairs to buildings 0.67 -
Repairs and maintenance 571.68 649.11
Insurance 174.95 135.08
Conference and meeting expenses 33.07 33.35
Impairment allowance on receivables and financial assets 2,219.80 265.78
Impairment allowance on financial assets 18.39 55.73
Vehicle running and maintenance 100.54 74.61
Business promotion 46.14 32.73
Rates and taxes 71.35 51.17
Bank charges 6.93 6.29
Professional expenses 20.50 0.49
Water and electricity expenses 132.43 121.28
Advertisement and publicity 0.94 0.50
Travelling and conveyance 2,214.73 1,862.13
Printing and stationery 190.85 211.42
Subscription and membership fees 127.78 119.73
Communication expenses 165.75 168.75
Payment to statutory auditors
As statutory auditors 28.50 20.00
For other services 17.50 0.05
For reimbursement of expenses 0.46 -
Loss on sale /discard of property, plant and equipment - 8.14
Net loss on foreign currency transactions - 12.31
Miscellaneous expenses 36.09 73.77
Expenditure on corporate social responsibility (refer note 35) 45.40 28.21
Total 7,484.21 5,215.16
Notes:
(i) Expenses, as shown in the statement of profit & loss, is net off the amount debited to group companies for the usage of common
services

01-28 29-57 58-191

30. Other Comprehensive Income

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
(i) Items that will not be reclassified to profit or loss
Remeasurements of the defined benefit plans (192.73) 33.15
(ii) Income tax relating to items that will not be reclassified to profit or loss
Related to Remeasurements of defined benefit plans 66.70 (11.47)
31. Earning Per Share

(Rs. in Lakhs)
For the For the
March 31, 2019 March 31, 2018
Basic earning per share 4.18 4.46
Diluted earning per share 4.14 4.41
The earnings and weighted average number of equity shares used in the calculation of basic
earnings per share used in calculation of basic earnings per share are as follows :
Net profit after tax 684.70 729.43
Weighted average number of shares for the purposes of basic earnings per share
Total equity shares outstanding at the end of the year 1,63,61,704 1,63,61,704
Weighted average number of equity shares during the year 1,63,61,704 1,63,61,704
Earnings used in the calculation of dilutive earnings per share are as follows:
Earnings used in the calculation of dilutive earnings per share 684.70 729.43
The weighted average number of equity shares used in calculation of weighted average number
of equity shares
- Employee share options 1,68,149 1,86,691
Weighted average number of diluted equity shares during the year 1,65,29,853 1,65,48,395
The following potential equity shares are anti dilutive and are therefore excluded from the
weighted average number of equity shares for the purposes of calculation of diluted earnings
per share
- Outstanding compulsory convertible debentures convertible into equity shares 15,85,890 -
- Outstanding compulsory convertible preference shares convertible into equity shares* - -
*Numbers of outstanding compulsory convertible preference shares convertible into equity shares cannot be determined as these are
convertible at a future date based on actual earnings of the Company and Feedback Group at the date of getting the rights to exercise.
32. Employee Benefits

The Company participates in defined contribution and benefit schemes, the assets of which are held (where funded) in
separately administered funds. For defined contribution schemes the amount charged to the statements of profit or loss is
the total of contributions payable in the year.
Employees provident fund

In accordance with the Employees Provident Fund & Miscellaneous Act, 1952 employees are entitled to receive benefits under
the Provident Fund. Both the employee and the employer make monthly contributions to the plan at a predetermined rate
(12% for FY 2017-18) of an employee’s basic salary. All employees have an option to make additional voluntary contributions.
These contributions are made to the fund administered and managed by the Employees Provident Fund Organisation (EPFO)

or to independently managed and approved funds. The Company has no further obligations under the fund managed by the
EPFO beyond its monthly contributions which are charged to the statements of profit or loss in the period they are incurred.
The benefits are paid to employees on their retirement or resignation from the Company.
Employee state insurance fund

The Company’s contribution paid/ payable under the scheme to the employee state insurance is recognised as an expense in
the statement of profit and loss during the period in which the employee renders the related service.
Gratuity plan
In accordance with the payment of gratuity act of 1972, Feedback Infra Private Limited contributes to a defined benefit
plan (the “Gratuity Plan”). The Gratuity Plan provides a lump sum payment to the employees at the time of retirement
or resignation (after 5 years of continued services of employment), being an amount based on the respective employee’s
last drawn salary and the number of years of employment with the Company. Based on actuarial valuations conducted
as at year end, a provision is recognised in full for the benefit obligation over and above the funds held in the Gratuity
Plan. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in other
comprehensive income.
a) Defined contribution plans:-

(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
I Change in present value of obligation during the year
Provident fund 292.30 270.77
Employees’ State Insurance Corporation 43.66 37.16
Total 335.96 307.93
b) Defined benefits plans - as per actuarial valuation

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
I Change in present value of obligation during the year
Present value of obligation at the beginning of the year 661.55 647.47
- Current service cost 93.31 48.81
- Interest cost 51.60 47.59
- Acquisition cost - -
Actuarial loss/(gains) on obligation 190.82 (33.20)
Benefits paid (49.12)
Present value of obligation as at year-end 997.28 661.55

01-28 29-57 58-191

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
II Change in fair value of plan assets during the year
Plan assets at the beginning of the year 39.27 13.38
Expected return on plan assets 2.94 0.98
Employer's contribution - 74.08
Benefits paid - (49.12)
Actuarial gain / (loss) on assets (1.79) (0.05)
Plan assets at the end of the year 40.42 39.27
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
III Reconciliation of present value of defined benefit obligation and fair value of plan assets
1 Present value of obligation as at year-end 997.28 661.55
2 Fair value of plan assets at year -end 40.42 39.27
3 Funded status {surplus/(deficit)} (956.86) (622.28)
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
IV Expenses recognised in the Statement of Profit and Loss
1 Current service cost 93.31 48.81
2 Interest cost 51.60 47.59
3 Past service Cost 98.39 0.93
4 Expected return on plan assets 2.94 0.99
5 Actuarial (gain) / loss
Total expenses 240.36 96.34
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
V Expenses recognised in the statement of other comprehensive income
1 Net actuarial (gain)/loss 192.61 (33.15)

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
VI Bifurcation of PBO at the end of the year
1 Current Liability 282.59 88.42
2 Non-current liability 674.26 533.86
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
VII Actuarial assumptions
1 Discount rate 7.65% 7.80%
2 Mortality table 100% of IALM 100% of IALM
(2006-08) (2006-08)
3 Salary escalation 5.00% 5.00%
VIII Expected Contribution for next financial year

The expected contribution for Defined Benefit Plan for the next financial year will be Rs. 1,24,15,230/-
The Estimates of future salary increase considered in actuarial valuation, take account of inflation, seniority promotion and other
relevant factors, such as supply and demand in the employment market. The above information is certified by the actuary. The
Actual return on plan Assets for the year and estimate of contribution for the next year as per Actuarial Valuation is as under: -
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Particulars
Gratuity Gratuity
funded funded
Actual return on plan Assets 1.15 0.93
Estimates of contribution for next year 174.43 124.15
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
IX Experience adjustment:
Gratuity
Present value of obligation 997.27 661.54
Fair value of plan assets 40.42 39.27
Net asset/(liability) (956.85) (622.28)
Actuarial (gain)/loss on plan obligation 190.82 (33.20)
Actuarial gain/(loss) on plan assets (1.79) (0.05)
X Sensitivity analysis
(Rs. in Lakhs)
Year ended March 31, 2019 Year ended March 31, 2018
Increase Decrease Increase Decrease
Gratuity
Discount rate (.50 % movement) (33.65) 36.41 (23.98) 25.96
Future salary growth ( .50 % movement) 37.18 (34.63) 26.55 (24.71)

01-28 29-57 58-191

XI Maturity profile of defined benefit obligation

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Gratuity Gratuity
April 2018 - March 2019 281.41 88.42
April 2019 - March 2020 150.31 212.37
April 2020 - March 2021 23.99 12.15
April 2021 - March 2022 13.43 9.68
April 2022 - March 2023 21.36 11.22
April 2023 - March 2024 22.62 13.39
April 2024 onwards 484.15 314.31
XII Description of risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is exposed to various
risks as follow -
A) Salary Increases- Actual salary increases will increase the Plan’s liability. Increase in salary increase rate assumption in future
valuations will also increase the liability.
B) Investment Risk – If Plan is funded then assets liabilities mismatch & actual investment return on assets lower than the discount
rate assumed at the last valuation date can impact the liability.
C) Discount rate : Reduction in discount rate in subsequent valuations can increase the plan’s liability.
D) Mortality & disability – Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact the
liabilities.
E) Withdrawals – Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at
subsequent valuations can impact Plan’s liability.
XIII The plan assets of “Gratuity Fund” are managed by the gratuity trust formed by the Company. Investment detail of plan assets for
each major category plan assets is as below: -
(Rs. in Lakhs)
Particulars Sharing of investment
Name of Investment with Year ended Year ended
retirement benefit March 31, 2019 March 31, 2018
(1) Gratuity HDFC Ltd. 100% 100%
33. Share Based Payments

The Company provides share-based payment schemes to its employees. The relevant details of the scheme are as follows:
On June 28, 2014, the Company’s Shareholders approved Feedback Employee Stock Option Plan (“”Plan””) and Feedback
Employee Stock Option Plan A 2014 (“” Plan A””) at their Extraordinary General Meeting. Both the Plans cover all Permanent
Employees of the Feedback Infra Group. The Plan provides for issuance of 6,36,142 shares of Rs. 10 each and Plan A
provides for issuance of 225000 shares of Rs. 10/- each. Both Plans are administered by the Executive Committee of the
Company comprising of Board members. The stock options granted under the plans are categorised as Equity Settled. The
maximum term of options granted under both the plans is 13 years. The options vest after 4 years from date of grant .
On March 23, 2016, the Company’s Shareholders approved Feedback Employee Stock Option Plan 2016 (“” ESOP 2016””)
at their Extraordinary General Meeting. The Plan covers all Permanent Employees of the Feedback Infra Group. The Plan
provides for issuance of 60,000 shares of Rs. 10 each w.e.f April 1, 2016. The Plan is administered by the Executive
Committee of the Company comprising of Board members. The stock options granted under the plans are categorised as
Equity Settled. The maximum term of options granted under the plan is 12 years. The options vest after 3 years from date
of grant .

I. Option movement during the year ended March 31, 2019

(Rs. in Lakhs)
No. of options Wt. avg No. of options Wt. avg
Particulars
(Plan) exercise price (Plan) exercise price
(in Rs) (in Rs)
No. of options outstanding at the beginning of the year 1,80,000 237.00 1,80,000 237.00
Options granted during the year - - - -
Options forfeited / surrendered during the year 60,000 - - -
Total number of shares arising as a result of exercise of options - - - -
Money realised by exercise of options - - - -
Number of options outstanding at the end of the year 1,20,000 237.00 1,80,000 237.00
Number of options exercisable at the end of the year 1,20,000 - 1,80,000 -
(Rs. in Lakhs)
Particulars
(Plan A) exercise price (Plan A) exercise price
(in Rs) (in Rs)
No. of options outstanding at the beginning of the year 1,35,000 10.00 1,80,000 10.00
Options forfeited / surrendered during the year - 10.00 45,000 10.00
Number of options outstanding at the end of the year 1,35,000 10.00 1,35,000 10.00
Number of options exercisable at the end of the year 1,35,000 - 1,35,000 -
(Rs. in Lakhs)
Particulars
(Plan 2016) exercise price (Plan 2016) exercise price
(in Rs) (in Rs)
No. of options outstanding at the beginning of the year 60,000 343 60,000 343
Number of options outstanding at the end of the year - 343 60,000 343
Number of options exercisable at the end of the year - - 60,000 -
II. Weighted average remaining contractual life

(Rs. in Lakhs)
No. of options Weighted No. of options Weighted
Range of exercise price outstanding average outstanding average
contractual life contractual life
(years) (years)
0-100 1,35,000 8.47 1,35,000 9.47
100-300 1,20,000 8.47 1,80,000 9.47
300-500 - - 60,000 10.01

01-28 29-57 58-191

III. Weighted average fair value of options granted during the year
No options were granted during the year
IV. Method and assumptions used to estimate the fair value of options granted during the year ended:
The fair value has been calculated using the Black Scholes option pricing model.
The assumptions used in the model are as follows:

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Variables
Weighted Weighted
average (Plan) average (Plan A)
1. Risk free interest rate 8.68% 8.68%
2. Expected life(in years) 8.47 8.47
3. Expected volatility 0% 0%
4. Dividend yield 0.73% 0.73%
5. Exercise price (in Rs) 10 237
6. Price of the underlying share in market at the time of the option grant. (in Rs) 275 275
V. Assumptions:
A) Stock price- The price has been derived on the basis of the fair value as on September 14, 2014.
B) Volatility -The historical volatility over the expected life has been considered to calculate the fair value.
C) Risk-free rate of return -The risk-free interest rate being considered for the calculation is the interest rate applicable for a maturity
equal to the expected life of the options based on the zero-coupon yield curve for Government securities.
D) Exercise Price -Exercise Price of each specific grant has been considered.
E) Time to Maturity -Time to maturity / expected life of options is the period for which the Company expects the options to
be live.
F) Expected divided yield -Expected dividend yield has been calculated based on the dividend declared prior to the date of grant.
VI. (Rs. in Lakhs)

As at As at
Particulars
March 31, 2019 March 31, 2018
Employee option plan expense (38.48) 53.52
Total liability at the end of the period 295.24 295.24
34. Leases
a) Operating lease
The Company has taken office spaces on operating lease basis. The operating lease arrangements, are renewable on a
periodic basis and for most of the leases extend up to a maximum of 1 years from their respective dates of inception
and relates to rented premises. Some of these lease agreements have price escalation clauses.
Obligations on long-term, non-cancellable operating leases:
The lease rentals charged during the year is as under:
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
Lease rentals recognised during the year 1,259.76 1,284.53

The obligations on long-term, non-cancellable operating leases payable as per the rentals stated in the respective agreements
are as follows:
(Rs. in Lakhs)
As at As at
Future minimum lease payable
March 31, 2019 March 31, 2018
- Not later than one year 716.83 1,028.25
- Later than one year and not later than five years 732.21 741.76
- Later than five years - -
35. CSR Expenditure

(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
a) Gross amount required to be spent by the Company during the year 24.50 27.21
b) Amount spent during the year :
(i) Construction or acquisition of any assets - -
(ii) On purpose other than above (i) 45.40 28.21
Total 45.40 28.21
‘Expenditure incurred in cash on Corporate Social Responsibility activities, included in different heads of expenses in the
Statement of Profit and Loss is Rs. 45.40 Lakhs (March 31, 2018 Rs. 28.21 Lakhs). The amount required to be spent under
Section 135 of the Companies Act, 2013 for the year ended March 31, 2019 is Rs. 24.50 Lakhs (March 31, 2017 Rs. 27.21
Lakhs i.e. 2% of average net profits for last three financial years, calculated as per section 198 of the Companies Act, 2013“
36. Contingent Liabilities & Commitments to the Extent Not Provided for
(Rs. in Lakhs)
Carrying Carrying
Particulars amount as at amount as at
March 31, 2019 March 31, 2018
A. Contingent liability not provided for:
(a) Claims against the company not acknowledged as debt Nil Nil
(b) Guarantees (excluding financial guarantee)
(i) Bank guarantees (including guarantees given on behalf of subsidiaries) 21,312.04 13,630.07
(ii) Bills discount with banks - -
(c) Other money for which the company is contingently liable.
- Letter of Credit 759.75 936.22
(d) Financial guarantee (Includes guarantees given on behalf of subsidiaries) 23,400.00 24,975.00
37. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
There are no outstanding amounts payable beyond the agreed period to Micro, Small and Medium Enterprises as required by
MSMED Act, 2006 as on the Balance Sheet Date to the extent such enterprise have been identified based on the information
available with the company.

01-28 29-57 58-191

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
a) Amounts payable to suppliers under MSMED (suppliers) as at the year end.
(i) the principal amount remains unpaid to any supplier. 128.24 -
(ii) interest due thereon. - -
b) Payments made to suppliers beyond the appointed day during the year.
(i) the principal amount. - -
c) interest due and payable for the year of delay in making payment other than the interest - -
specified under the Micro, Small and Medium Enterprises Development Act, 2006 .
d) interest accrued and remains unpaid. - -
e) interest remaining due and payable to supplier disallowable as deductible - -
expenditure under income tax Act, 1961
f) further interest due and payable even in the succeeding year, until such date when - -
the interest dues as above are actually paid.
g) Interest remaining disallowable as deductible expenditure under the Income-tax Act, 1961 - -
The amount payable to MSME registered suppliers are under dispute with end
consumer and have procured the services under back to back arrangement.
Details of dues to Micro Enterprises and Small Enterprises as defined under Micro, Small and Medium Enterprises Development
Act, 2006 (‘MSMED Act’) are based on information available with the Company.
38. Segment Reporting

The Company is primarily in the business of consultancy. The Board of Directors of the Company, which has been identified
as being the Chief Operating Decision Maker (CODM), evaluates the Company’s performance, allocate resources based on
the analysis of the various performance indicator of the Company as a single unit. Therefore the reportable segment for the
Company as per Ind AS 108 are as below :
Primary segment:
Based upon the organisation structure of the Company, its internal financial reporting systems and risks and returns
governing the revenue from services, the Company is engaged in the business of rendering “”Consultancy Services”” which
is a single business segment and constitutes the primary segment.
Secondary segment:
Geographical segment: The analysis of geographical segment is based on the geographical location of the customers. The
geographical segments considered for disclosure are as follows:
(a) Services within India
(b) Services outside India
Segment Expenses, Segment Assets and Segment Liabilities have been allocated to segments on the basis of their
relationship to the operating activities of the segment. Revenue, expenses, assets and liabilities which relate to the
Company as a whole and are not allocable to segments on reasonable basis and have been included under “Unallocated
Revenue / Expenses / Assets / Liabilities”.

1. Segment revenue
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Within India 31,121.91 22,056.14
Outside India 1,803.40 3,323.69
32,925.31 25,379.82
2. Segment assets*
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Within India 13,441.12 9,466.07
Outside India 1,564.44 2,304.00
15,005.56 11,770.07
* Segment assets outside India is entirely related to trade receivables.
39. Related Party Disclosure

a) List of related parties as per Ind AS 24
S. No. Name of related party Nature of relationship
A (i) A person or a close member of that person’s family of a reporting entity is a member of the Key Management
Personnel of the reporting entity or of a parent of the reporting entity.
Vinayak Chatterjee Chairman - Executive
R. S. Ramasubramaniam Co-Chairman - Executive
Rumjhum Chatterjee Director - Executive - ceased on March 29, 2018
P. Ramesh Director - Executive - ceased on March 29, 2018
Parvesh Minocha Director - Executive
Pankaj Sachdeva Group CFO
Tilak Sethi Company Secretary
B (i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and
fellow subsidiary is related to the others)
Feedback Highways OMT Private Limited Subsidiary Company
Feedback Power Operations & Maintenance Services Subsidiary Company
Private Limited
Feedback Energy Distribution Company Limited Subsidiary Company
PT Feedback Infra, Indonesia Subsidiary Company
DC Infra Partnership Firm having control by the Company
Dubai Consultants Step Down Foreign controlled entity
Feedback Ventures & Ghosh Bose Associates Subsidiary Company
Private Limited
India Infrastructure Initiative Trust Controled Entity - became controlled entity in
January 1, 2019
Feedback Infrastructure Services Nepal Limited Subsidiary Company
(ii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management
personnel of the entity (or of a parent of the entity).
Feedback Foundation Trust Enterprises over which Key Managament Personnel is able to
exercise control or significant influence.
Feedback Foundation Charitable Trust Enterprises over which Key Managament Personnel is able to

01-28 29-57 58-191

b) The following transactions were carried out with related parties in the ordinary course of business:
(Rs. in Lakhs)
Name of related party Type of relation Nature of transaction March 31, 2019 March 31, 2018
Transactions
Professional income received 12.90 -
Reimbursement of expenses (net) 714.91 3,261.83
Interest income 2,005.37 824.76
Loan (net) 5,775.85 4,746.74
Investment - 1,097.71
Feedback Energy
Closing balance
Distribution Company Subsidiary Company
Private Limited Reimbursement of expenses / - 37.17
amount receivable
Interest receivable 4,571.89 2,683.06
Loan receivable 15,941.34 9,400.51
Investment 6,924.11 6,924.11
Off Balance sheet item:
Corporate guarantee 19,800.00 21,375.00
Transactions
Reimbursement of expenses (net) 226.01 116.92
Interest income - 505.94
Loan / settlement of advances (4,568.14) 46.30
Investment - 650.00
Closing balance
Feedback Power O & M
Subsidiary Company Reimbursement of expenses / amount 673.00 448.16
Services Pvt. Ltd.
receivable
Interest receivable - 316.14
Loan receivable - 4,252.00
Investment 2,150.00 2,150.00
Transactions
Professional income received 18.46
Repayment of expenses 353.59 -
Interest income 39.09 1.39
Loan (net) (500.00) 425.16
Investment - 1,800.00
Feedback Highways
Subsidiary Company Closing balance
OMT Pvt. Ltd.
Reimbursement of expenses / amount 562.28 509.07
receivable
Interest receivable 39.31 1.39
Loan receivable - 500.00
Investment 3,000.00 3,000.00

(Rs. in Lakhs)
Transactions
Reimbursement of expenses / 6,688.85 80.36
settlement of advances
Advances given (net) - -
Interest expense income 442.15 625.80
Partnership Firm having Loan (net) - 1,439.66
DC Infra ** #
control by FIPL Closing balance
Reimbursement of expenses / amount 7,513.15 824.30
receivable
Interest receivable 1,121.54 692.65
Loan receivable 2,819.44 2,819.44
Investment 445.50 445.50
Expenditure on Corporate social 45.40 27.21
Feedback Foundation responsibility
Charitable Trust Closing balance
Advances 16.59 -
Transactions
Reimbursement of expenses (net) - 429.55
Enterprises over which Repayment of advances (9.08) -
Key Management Interest income 0.62 8.15
Feedback
Personnel is able to Loan (net) (9.90) 15.72
Foundation Trust
exercise control or Closing balance
significant influence. Trade payable - 0.93
Interest receivable - 8.15
Loan receivable - 9.90
Feedback Ventures &
Closing balance
Ghosh Bose Associates Subsidiary Company
Trade receivables 2.82 6.24
Private Limited
Investments-Share Capital 0.89 0.89
Mission Holdings Dividend Paid 101.02 117.85
Promoter Company
Private Limited *** -
Interest (net) 2,321.41 74.69
Interest paid (1,421.50) -
Reimbursement expenses (net) - 34.93
CCPS Issued (Funds received) - 20,000.00
NCD's Issued (Funds received) - 15,000.00
CCD's transferred from Axis - 5,000.00
Zenith Infra Equity shares transferred from Ex - 10,001.77
Investment Holdings Promoter Company shareholders
PTE Limited Closing balance:
Interest Payable 899.91 69.23
Reimbursement payable - 30.07
Compulsory convertible preference 20,000.00 20,000.00
shares
Non-convertible debentures 15,000.00 15,000.00
Compulsory convertible debentures 5,000.00 5,000.00

01-28 29-57 58-191

(Rs. in Lakhs)
Professional income received - 4.00
Professional Charges paid including - 3.00
Sitting Fees
L&T Infrastructure
Dividend Paid - 66.33
Finance Company Promoter Company
Equity Shares transferred to 'Zenith - 7,721.37
Limited
Infra Investment Holdings PTE Limited
Closing balance:
Professional Income Receivable - 3.30
Transactions
Exchange Fluctuation 38.14 -
Dubai Consultants Controlled Entity
Closing balance
receivable
Transactions
Repayment of advances (225.50) 190.51
Loan (net) - (71.22)
Closing balance
PT Feedback Infra Subsidiary Company
receivable
Loan - 71.22
Transactions
Repayment of advances (57.65) -
Feedback Ventures
Subsidiary Company Closing balance
Nepal
receivable
Salary and other benefits 274.76 215.19
Loan taken & repaid 50.00
Vinayak Chatterjee**** Chairman - Executive Closing balance:
Salary and other benefits payable 18.98 -
Other payables 0.09 0.03
R. S. Closing balance:
Co-Chairman - Executive
Ramasubramaniam Salary and other benefits payable 24.83 -
Loan taken & repaid -
Director - Executive - Closing balance:
Rumjhum Chatterjee
ceased on March 29, 2018 Salary and other benefits payable 50.95 -

(Rs. in Lakhs)
Salary and other benefits 217.46
Director - Executive - Closing balance:
P. Ramesh
ceased on March 29, 2018 Salary and other benefits payable -
Loan taken & repaid -
Other payables 3.16
Closing balance:
Other payables - 1.08
Group Chief Financial Closing balance:
Pankaj Sachdeva
Officer Salary and other benefits payable 12.77 0.10
Closing balance:
Salary and other benefits payable 3.41 1.10
*Does not include provision for incremental gratuity and leave encashment liabilities, since the provisions are based on actuarial
valuations for the company as a whole.
c) Terms and conditions of transactions with related parties

The sales and purchases / services rendered to and from related parties are made on terms equivalent to those that prevail in arm’s
length transactions. There have been no guarantees provided or received for any related party receivables or payables.
d) Compensation of Key management personnel

The remuneration of director and other member of key management personnel during the year was as follows:
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
Short-term benefits (salary) 1,109.24 1,199.04
Post employment benefits - -
Other long term benefits - -
Share based payments - -
Termination benefits - -
**During the year, the Company, Feedback Power O & M Services Pvt. Ltd. and DC Infra, Partnership firm entered into a settlement agreement
whereby the outstanding balances of INR 3496 Lakhs would now be recoverable from DC Infra. Further an amount of Rs. 3109 Lakhs would
be recoverable from DC Infra on account of settlement agreement signed between the Company, India Infrastructure Initiative Trust and DC
Infra.
# Amount recoverable is guaranteed by wholetime directors of the Company
*** Guarantees given by Mission Holdings Pvt. Ltd. Are disclosed in note no. 16
**** Personal Guarantees given by Mr. Vinayak Chatterjee has been disclosed in note no. 16

01-28 29-57 58-191

40. Financial Instruments

Fair value measurement
Financial instruments by category
(Rs. in Lakhs)
Particulars Note Carrying Fair value Carrying Fair value
amount amount
1. Financial assets designated at amortised cost
a) Other bank balances 13 9,248.96 9,248.96 7,863.23 7,863.23
b) Cash & cash equivalents 13 1,242.49 1,242.49 9,884.99 9,884.99
c) Trade receivables 12 13,375.04 13,375.04 9,696.15 9,696.15
d) Other financial assets 8 22,900.74 22,900.74 16,281.05 16,281.05
e) Loans 7 18,774.62 18,774.62 16,994.20 16,994.20
2. Investment in subsidiary companies
a) Investment in subsidiary companies 6 12,773.37 12,773.37 12,773.37 12,773.37
Total 78,315.22 78,315.22 73,492.99 73,492.99
1. Financial liability designated at

amortised cost
a) Borrowings 16 &17 Carried at 66,666.40 66,666.40 56,158.01 56,158.01
b) Trade payables 20 amortised 4,346.95 4,346.95 3,935.47 3,935.47
c) Other financial liability 18 cost 12,956.96 12,956.96 12,039.88 12,039.88
Total 83,970.31 83,970.31 72,133.36 72,133.36
(I) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are
disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining
fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting
standard. An explanation of each level follows underneath the table.
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
Financial assets and Financial liabilities, approximates the fair values, due to their short-term nature. They are classified
as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit
risk.

41. Financial Risk Management Objectives and Policies

41.1Financial risk factors
The Company is exposed to credit risk, liquidity risk and market risk. The Company’s board of directors has the overall
responsibility for the management of these risks and is supported by Business Process that advises on the appropriate
financial risk governance framework. The Company has the risk management policy and system in place and are reviewed
regularly to reflect changes in market condition and company’s activities. The Company’s Board of Director monitors
compliance with the risk management policy in procedure and reviews the adequacy of risk management framework in
relation to the risk faced by the Company.
I. Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
fluctuation in market prices. These comprise three types of risk i.e. currency rate, interest rate and other price
related risks. Financial instruments affected by market risk include investments, deposits, etc. 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.
a. Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company uses derivative financial instruments to reduce
foreign exchange risk exposures and follows its risk management policies to mitigate the same. After taking
cognisance of the natural hedge, the company takes appropriate hedges to mitigate its risk resulting from
fluctuations in foreign currency exchange rate(s).
The following table analyses foreign currency risk from financial instruments as of March 31, 2019:
Absolute figures in Amount
Outstanding foreign currency respective currency (Rs. in Lakhs)
exposure * Year ended Year ended Year ended Year ended
Trade receivables
USD 21,19,226.00 34,06,699.52 1,465.87 2,218.99
IDR - - - -
AED 6,099.50 80,583.59 1.15 14.29
RWF - - - -
EUR 22,499.35 22,502.16 17.48 18.06
BDT 1,64,39,128.45 31,915.38 134.80 0.25
Investments -
NPR 81,98,250.00 81,98,250.00 51.00 51.00
IDR 4,26,65,42,179.00 4,26,65,42,179.00 201.87 201.87
Trade payables -
USD 26,717.70 36,806.20 18.48 23.97
RWF - 51,39,992.13 - 3.91
KES - -
* The above Figures are all in absolute in their respective currency.

01-28 29-57 58-191

The following significant exchange rates have been applied during the year.
Year-end spot rate
INR
March 31, 2019 March 31, 2018
USD 69.1700 65.1360
IDR 0.0047 0.0047
AED 18.8600 17.7300
RWF NA 0.0760
EUR 77.7000 80.2700
BDT 0.8200 0.7800
KES NA 0.6400
NPR 0.6200 0.6200
Foreign currency sensitivity on unhedged exposure

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon
conversion into functional currency, due to exchange rate fluctuations between the previous reporting period
and the current reporting period.
0.25% Increase and decrease in foreign exchanges rates will have the following impact on profit before tax
(Rs. in Lakhs)
2018-19 2017-18
Particulars
0.25% Increase 0.25% decrease 0.25% Increase 0.25% decrease
USD Sensitivity 3.62 (3.62) 5.11 (5.11)
IDR Sensitivity 0.50 (0.50) 0.50 (0.50)
AED Sensitivity 0.00 (0.00) 0.04 (0.04)
RWF Sensitivity NA NA (0.01) 0.01
EUR Sensitivity 0.04 (0.04) 0.05 (0.05)
BDT Sensitivity 0.34 (0.34) 0.00 (0.00)
NPR Sensitivity 0.13 0.13 0.13 (0.13)
KES Sensitivity NA NA - -
Increases/ ( decrease ) in profit or loss 4.63 (4.38) 5.81 (5.81)
Summary of exchange difference accounted in statement of profit and loss:

(Rs. in Lakhs)
Year Ended Year Ended
Particulars
March 31, 2019 March 31, 2018
Currency fluctuations 65.1360
Net foreign exchange ( gain)/ losses shown as operating expenses - 12.31
Net foreign exchange ( gain)/ losses shown as finance cost - -
Net foreign exchange ( gain)/ losses shown as other Income (182.94) -
Derivatives
Currency forwards ( gain) / losses shown as operating expenses - -
Interest rate swaps ( gain) / losses shown as finance cost - -
Net foreign exchange ( gain)/ losses shown as other income - -
Total (182.94) 12.31

b. Interest Rate Risk

The Company’s main interest rate risk arises from working capital borrowings at variable rates. Company’s
investments are primarily in fixed deposits which are short term in nature and do not expose it to interest rate
risk. The Company regularly evaluates the interest rate hedging requirement to align with interest rate views
and defined risk appetite, in order to ensure most cost effective interest rate risk management.
Exposure to interest rate risk
The interest rate profile of the Company’s interest-bearing financial instruments as reported to the
management of the Company is as follows.
(Rs. in Lakhs)
Particulars March 31, 2019 March 31, 2018
Fixed-rate instruments
Financial assets
- Fixed Deposits with Banks 10,903.64 8,899.18
Variable-rate instruments
- Borrowings 66,666.40 56,158.01
- Sensitivity analysis
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed rate financial assets or financial liabilities at fair value through
Profit or Loss, therefore change in interest rate at the reporting date would not affect profit or Loss.
Cash flow sensitivity analysis for variable rate instruments

A increase of 25 basis point in interest rate at the reporting date would have increased, (decreased) Profit or
Loss by the amount shown below. This analysis assumes that all other variables, remain constant.
The sensitivity analysis is computed by comparing weighted average interest rate for the period ended
March 31, 2019 and March 31, 2018.
(Rs. in Lakhs)
Particulars
Interest rates - increase/decrease by 115.17 (115.17) 97.01 (97.01)
25 basis points
c. Price Risk
The Company does not have any investments, therefore is not exposed to Price Risk.
II. Credit Risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the
contractual terms or obligations. Credit risk encompasses of both, direct risk of default and the risk of deterioration
of creditworthiness as well as concentration of risk.
The Company reviews the credit-worthiness of its customers based on their financial position, past experience and
other factors. The credit risk related to the trade receivables is mitigated by setting appropriate payment terms
and credit period, and by setting and monitoring internal limits on exposure to individual customers. The company
regularly monitors its counterparty limits that are reviewed and approved by the management to control its credit
risk.

01-28 29-57 58-191

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting
to Rs. 15,005.57 Lakhs and Rs. 11,770.19 Lakhs as of March 31, 2019 and March 31, 2018, respectively. Trade
receivables are typically unsecured and are derived from revenue earned from customers primarily located in India.
On account of adoption of Ind AS 109, the company uses expected credit loss model to assess the impairment loss
or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables.
The provision matrix takes into account as per the Company’s historical experience for customers.
Financial assets are written off when there is no reasonable expectation of recovery. Where as the loans and
receivables has written off and subsequently recoveries are made, these are recognised as an income in the
financial statements.
Credit risk exposure

The allowance for lifetime expected credit loss on customer balances for the year ended are as below:
(Rs. in Lakhs)
As As
Particulars
March 31, 2019 March 31, 2018
Balance at the beginning 2,074.04 3,508.70
Impairment loss reversed (443.52) -
Additional provision created / (reversed) during the year - (1,434.65)
Balance at the end 1,630.53 2,074.04
Impairment allowance of receivables 2,663.31 265.77
Credit risk from balances with banks and other financial instruments is managed by Company in accordance its
policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned
to each counterparty. Counterparty credit limits are reviewed by the management, and may be updated throughout
the year.
Impairment on cash and cash equivalents, deposits and other financial instruments has been measured on the
12-month expected credit loss basis and reflects the short maturities of the exposures. The Company considers
that its cash and cash equivalents have low credit risk based on external credit ratings of counterparties.
Based on the assessment there is no impairment in the above financial assets.
Expected credit loss

(Rs. in Lakhs)
Particulars Excepted credit As at
loss (%) March 31, 2019
Not Due 0% 0.93
B. 1-2 month 0% 1.40
C. 2 to 3 month 0% 2.89
D. 3-6 month 1% 18.29
G. 6 month to 1 yr. 3% 48.71
H. 1 to 2 yr. 10% 242.33
I. >2 to 3 yr. 32% 544.42
J. >3 yr. 100% 771.56
1,630.53

Ageing analysis of trade receivables

(Rs. in Lakhs)
Particulars As at As at
March 31, 2019 March 31, 2018
Up to 30 days 3,543.01 2,495.19
31 - 180 days 3,984.72 1,562.13
181 - 365 days 1,478.15 1,699.01
Above 365 days 5,999.69 6,013.86
Total 15,005.57 11,770.19
Less: allowance for expected credit loss (1,630.53) (2,074.04)
Net trade receivables 13,375.04 9,696.15
III. Liquidity Risk

Liquidity risk arises when the Company will not be able to meet its present and future cash and collateral obligations.
The risk management action focuses on the unpredictability of financial markets and tries to minimize adverse effects.
The Company manages liquidity risk by maintaining adequate reserves and continuously monitoring forecast and actual
cash flows and by matching the maturity profiles of financial assets and liabilities.
a. The table below provides details regarding the contractual maturities of significant financial liabilities as of March
31, 2019
(Rs. in Lakhs)
Particulars Carrying Less than 1 Between one Between two More than 5
amount year to two years and five years years
Borrowings - current 26,258.78 26,258.78 - - -
Borrowings - non-current 40,407.62 11,553.52 2,413.57 26,440.53 -
Trade payables 4,346.95 4,346.95 - - -
Other financial liabilities - current 1,844.80 1,844.80 - - -
Other financial liabilities - non-current 11,112.16 - 11,112.16 - -
Total 83,970.31 44,004.05 13,525.73 26,440.53 -
b. The table below provides details regarding the contractual maturities of significant financial liabilities as of March
31, 2018:
(Rs. in Lakhs)
Particulars Carrying Less than 1 Between Between two More than 5
amount year one to two and five years years
years
Borrowings - non-current 45,535.19 11,231.09 16,679.10 17,625.00 -
Trade payables 3,935.47 3,935.47 - - -
Other financial liabilities - current 885.35 885.35 - - -
Other financial liabilities - non-current 11,154.53 - 11,154.53 - -
Total 72,133.37 26,674.74 27,833.63 17,625.00 -

01-28 29-57 58-191

The table below provides details regarding the undrawn limit of various facilities sanction from bank/financial
institutions:
(Rs. in Lakhs)
Asa t As at
Particulars
March 31, 2019 March 31, 2018
Secured bank cash credit facility
Amount unused 1,084.27 3,711.35
Secured non fund based facility
Amount unused 2,976.00 6,842.86
Secured term loan facility
Amount unused - 1,500.88
41.2 Capital risk management

The Company’s policy is to maintain an adequate capital base so as to maintain creditor and market confidence and to
sustain future development. Capital includes issued capital and all other equity reserves attributable to equity holders.
In order to strengthen the capital base, the company may use appropriate means to enhance or reduce capital, as the
case may be
(Rs. in Lakhs)
Asa t As at
Particulars
March 31, 2019 March 31, 2018
Borrowings 52,514.77 41,693.80
Less: cash and cash equivalents including bank balance 10,491.46 17,748.21
Net debt 42,023.31 23,945.58
Equity 31,876.30 32,340.20
Capital and net debt 73,899.61 56,285.78
Gearing ratio 57% 43%
42. Investor Education And Protection Fund

There have been no amounts which were required to be transferred to Investor Education and Protection Fund in accordance
with the relevant provisions of the Companies Act and Rules made thereunder.
43. There are no pending litigations which would impact the financial position of the Company.
44. The Company does not have any long term contracts including derivative contracts for which there are any material
foreseeable losses.
45. Events occurring after the Balance Sheet date

There are no events occurring after the Balance Sheet date for the financial year 2018-19

46. Regrouping / Reclassification

Previous period's figures in the financial statements, including the notes thereto, have been reclassified wherever required to
confirm to the current period's presentation/classification. These are not material and do not affect the previously reported
net profit or equity.
47. Authorisation by Board

The financial statements were approved by the Board of Directors and authorised for issue on May 24, 2019.
For and on behalf of Board of Directors of


DIN: 00008933 DIN: 00008937
Dinesh Kumar Jain Pankaj Sachdeva
Finance Controller President & Group CFO
Tilak Sethi

01-28 29-57 58-191
Independent Auditor’s Report

To are independent of the Group in accordance with the Code
The Members of of Ethics issued by the Institute of Chartered Accountants
Feedback Infra Private Limited of India (ICAI) together with the ethical requirements that
are relevant to our audit of the consolidated financial
Report on the Audit of the Consolidated statements under the provisions of the Act and the Rules
Financial Statements made thereunder, and we have fulfilled our other ethical
Opinion responsibilities in accordance with these requirements and
the ICAI’s Code of Ethics. We believe that the audit evidence
We have audited the accompanying consolidated financial
obtained by us and the audit evidence obtained by other
statements of Feedback Infra Private Limited (“the
auditors in terms of their reports referred to in the sub-
Parent Company”), its subsidiaries and partnership firm
paragraphs (a) and (b) of the Other Matters section below,
(the Company, its subsidiaries and partnership firm
is sufficient and appropriate to provide a basis for our audit
together referred to as “the Group”) which comprise the
opinion on the consolidated financial statements.
Consolidated Balance Sheet as at March 31, 2019, and
the Consolidated Statement of Profit and Loss (including
Emphasis of Matter
Other Comprehensive Income), the Consolidated Cash Flow
Statement and the Consolidated Statement of Changes in Attention is invited to note 40 to the consolidated financial
Equity for the year then ended, and a summary of significant statements, which states that Feedback Energy Distribution
accounting policies and other explanatory information and Company Limited (subsidiary company), had entered into
which includes one joint operation of the Group accounted five years agreement with Central Electricity Supply Utility of
on proportionate basis. Odisha (CESU) in February 2013 and April 2013 to distribute
electricity in specified franchisee areas. After expiry of
In our opinion and to the best of our information and initial period of 5 years in February 2018 and April 2018,
according to the explanations given to us, and based on the the agreements were extended by CESU till December 31,
consideration of reports from other auditors on separate 2018 and further extended till June 30, 2019. The subsidiary
financial statements of subsidiaries, partnership firm and company and the CESU are negotiating the terms of the
joint operation referred to in the Other Matters section new revised distribution franchisee agreement (DFA) for
below, the aforesaid consolidated financial statements give 9 and 6 months and an offer has been made by the CESU,
the information required by the Companies Act, 2013 (“the which has been accepted by the subsidiary Company. The
Act”) in the manner so required and give a true and fair revised DFA is pending with CESU due to the necessary
view in conformity with the Indian Accounting Standards documentation and other approvals at CESU level. As such,
prescribed under section 133 of the Act read with the as per the management of the subsidiary Company, there is
Companies (Indian Accounting Standards) Rules, 2015, no material uncertainty in execution of the new DFA.
as amended (‘Ind AS’), and other accounting principles
generally accepted in India, of the consolidated state Our opinion is not modified in respect of this matter.
of affairs of the Group as at March 31, 2019, and their
consolidated profit, their consolidated total comprehensive Key Audit Matters
income, their consolidated cash flows and their consolidated Key audit matters are those matters that, in our professional
changes in equity for the year ended on that date. judgment, were of most significance in our audit of the
consolidated financial statements of the current year.
Basis for Opinion These matters were addressed in the context of our audit
We conducted our audit of the consolidated financial of the consolidated financial statements as a whole, and
statements in accordance with the Standards on Auditing in forming our opinion thereon, and we do not provide a
specified under section 143 (10) of the Act (SAs). Our separate opinion on these matters. We have determined the
responsibilities under those Standards are further matters described below to be the key audit matters to be
described in the Auditor’s Responsibility for the Audit of the communicated in our report.
Consolidated Financial Statements section of our report. We

Key Audit Matter Auditor’s response to Key Audit Matter
Accuracy of recognition, measurement, presentation and Principal Audit Procedures
disclosures of revenues and other related balances in view We assessed the Group’s process to identify the impact of
of adoption of Ind AS 115 “Revenue from Contracts with adoption of the new revenue accounting standard. Our audit
Customers” (new revenue accounting standard) approach consisted testing of the design and operating
The application of the new revenue accounting standard effectiveness of the internal controls and substantive
involves certain key judgements relating to identification testing as follows:
of distinct performance obligations, determination of  Evaluated the design of internal controls relating
transaction price of the identified performance obligations, to implementation of the new revenue accounting
the appropriateness of the basis used to measure revenue standard.
recognised over a period. Additionally, new revenue
 Selected a sample of continuing and new contracts,
accounting standard contains disclosures which involves
and tested the operating effectiveness of the
collation of information in respect of disaggregated
internal control, relating to identification of the
revenue and periods over which the remaining performance
distinct performance obligations and determination
obligations will be satisfied subsequent to the balance
of transaction price. We carried out a combination
sheet date.
of procedures involving enquiry and observation,
reperformance and inspection of evidence in respect of
Refer Note 23 of financial statements
operation of these controls.
 Selected a sample of continuing and new contracts and
performed the following procedures:
- Read, analysed and identified the distinct
performance obligations in these contracts.
- Compared these performance obligations with
that identified and recorded by the Company.
- Considered the terms of the contracts to
determine the transaction price to verify the
transaction price used to compute revenue.
 Samples in respect of revenue recorded for time and
material contracts were tested using a combination of
approved time sheets including customer acceptances,
subsequent invoicing and historical trend of collections.
 In respect of samples relating to fixed price contracts,
progress towards satisfaction of performance
obligation used to compute recorded revenue was
verified with actual and estimated efforts from the
time recording and budgeting systems.
 Sample of revenues disaggregated by type and service
offerings was tested with the performance obligations
specified in the underlying contracts.
 Performed analytical procedures for reasonableness of
revenues disclosed by type and service offerings.
 We reviewed the collation of information used to
prepare the disclosure relating to the periods over
which the remaining performance obligations will be
satisfied subsequent to the balance sheet date.

01-28 29-57 58-191
Information Other than the Financial records, relevant to the preparation and presentation of the
Statements and Auditor’s Report Thereon financial statements that give a true and fair view and are
The Parent Company’s Board of Directors is responsible for free from material misstatement, whether due to fraud or
the other information. The other information comprises the error, which have been used for the purpose of preparation
Director’s report and its annexures, but does not include of the consolidated financial statements by the Directors of
the consolidated financial statements and our auditor’s the Parent Company, as aforesaid.
report thereon. The Director’s report and its annexures are
expected to be made available to us after the date of this In preparing the consolidated financial statements, the
auditor’s report. respective Board of Directors of the companies included
in the Group are responsible for assessing the ability of
Our opinion on the consolidated financial statements does the Group to continue as a going concern, disclosing, as
not cover the other information and we do not express any applicable, matters related to going concern and using the
form of assurance conclusion thereon. going concern basis of accounting unless the management
either intends to liquidate or cease operations, or has no
In connection with our audit of the consolidated financial realistic alternative but to do so.
statements, our responsibility is to read the other
information, identified above when it becomes available, The respective Board of Directors of the companies included
compare with the financial statements of the joint operation, in the Group are also responsible for overseeing the financial
subsidiaries and partnership firm audited by the other reporting process of the Group.
auditors, to the extent it relates to these entities and, in
doing so, place reliance on the work of the other auditors Auditor’s Responsibility for the Audit of the
and consider whether the other information is materially Consolidated Financial Statements
inconsistent with the consolidated financial statements or Our objectives are to obtain reasonable assurance about
our knowledge obtained during the course of our audit or whether the consolidated financial statements as a whole
otherwise appears to be materially misstated. are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our
When we read the Director’s report, if we conclude that opinion. Reasonable assurance is a high level of assurance,
there is a material misstatement therein, we are required to but is not a guarantee that an audit conducted in accordance
communicate the matter to those charged with governance with SAs will always detect a material misstatement when it
as required under SA 720 ‘The Auditor’s responsibilities exists. Misstatements can arise from fraud or error and are
relating to Other Information. considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
Management’s Responsibility for the decisions of users taken on the basis of these consolidated
Consolidated Financial Statements financial statements.
The Parent’s Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the As part of an audit in accordance with SAs, we exercise
preparation of these consolidated financial statements professional judgment and maintain professional skepticism
that give a true and fair view of the consolidated financial throughout the audit. We also:
position, consolidated financial performance including
other comprehensive income, consolidated cash flows and  Identify and assess the risks of material misstatement
consolidated changes in equity of the Group in accordance of the consolidated financial statements, whether due
with the Ind AS and other accounting principles generally to fraud or error, design and perform audit procedures
accepted in India. The respective Board of Directors of responsive to those risks, and obtain audit evidence
the companies included in the Group are responsible for that is sufficient and appropriate to provide a basis
maintenance of adequate accounting records in accordance for our opinion. The risk of not detecting a material
with the provisions of the Act for safeguarding the assets misstatement resulting from fraud is higher than for
of the Group, and for preventing and detecting frauds one resulting from error, as fraud may involve collusion,
and other irregularities; selection and application of forgery, intentional omissions, misrepresentations, or
appropriate accounting policies; making judgments and the override of internal control.
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal  Obtain an understanding of internal financial control
financial controls, that were operating effectively for relevant to the audit in order to design audit procedures
ensuring the accuracy and completeness of the accounting that are appropriate in the circumstances. Under

section 143(3)(i) of the Act, we are also responsible for We communicate with those charged with governance of the
expressing our opinion on whether the Company has Parent and such other entities included in the consolidated
adequate internal financial controls system in place and financial statements of which we are the independent
the operating effectiveness of such controls. auditors regarding, among other matters, the planned
scope and timing of the audit and significant audit findings,
 Evaluate the appropriateness of accounting policies including any significant deficiencies in internal control that
used and the reasonableness of accounting estimates we identify during our audit.
and related disclosures made by the management.
We also provide those charged with governance with a
 Conclude on the appropriateness of management’s use statement that we have complied with relevant ethical
of the going concern basis of accounting and, based requirements regarding independence, and to communicate
on the audit evidence obtained, whether a material with them all relationships and other matters that may
uncertainty exists related to events or conditions reasonably be thought to bear on our independence, and
that may cast significant doubt on the ability of the where applicable, related safeguards.
Group to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to From the matters communicated with those charged with
draw attention in our auditor’s report to the related governance, we determine those matters that were of
disclosures in the consolidated financial statements most significance in the audit of the consolidated financial
or, if such disclosures are inadequate, to modify statements of the current period and are therefore the key
our opinion. Our conclusions are based on the audit audit matters. We describe these matters in our auditor’s
evidence obtained up to the date of our auditor’s report unless law or regulation precludes public disclosure
report. However, future events or conditions may cause about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
the Group to cease to continue as a going concern.
in our report because the adverse consequences of doing
 Evaluate the overall presentation, structure and content so would reasonably be expected to outweigh the public
of the consolidated financial statements, including the interest benefits of such communication.
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
Other Matters
events in a manner that achieves fair presentation. (a) We did not audit the financial statements one
joint operation included in the standalone financial
 Obtain sufficient appropriate audit evidence regarding statements of the company included in the Group
the financial information of the entities or business whose financial statements reflect total assets of
activities within the Group to express an opinion on the Rs 1,968.68 Lakhs as at March 31, 2019 and total
consolidated financial statements. We are responsible for revenue of Rs. 9,791.12 Lakhs for the year ended
the direction, supervision and performance of the audit on that date, as considered in the respective
of the financial statements of such entities included in standalone financial statements of the company
the consolidated financial statements of which we are included in the Group. The financial statements joint
the independent auditors. For the other entities included operation have been audited by the other auditors
in the consolidated financial statements, which have whose reports have been furnished to us or other
been audited by the other auditors, such other auditors auditors, and our opinion in so far as it relates to the
remain responsible for the direction, supervision and amounts and disclosures included in respect of this
performance of the audits carried out by them. We joint operation and our report in terms of subsection
(3) of Section 143 of the Act, in so far as it relates to
remain solely responsible for our audit opinion.
the aforesaid joint operation, is based solely on the
Materiality is the magnitude of misstatements in the report of such other auditors.
consolidated financial statements that, individually or in (b) We did not audit the financial statements of 3
aggregate, makes it probable that the economic decisions subsidiaries and partnership firm whose financial
of a reasonably knowledgeable user of the consolidated statements reflect total assets of Rs. 13,080.65 Lakhs
financial statements may be influenced. We consider as at March 31, 2019, total revenues of Rs. 5,156.02
quantitative materiality and qualitative factors in (i) planning Lakhs and net cash outflows amounting to Rs. 127.70
the scope of our audit work and in evaluating the results of Lakhs for the year ended on that date, as considered
our work; and (ii) to evaluate the effect of any identified in the consolidated financial statements. Further,
misstatements in the consolidated financial statements. these financial statements have been audited by other

01-28 29-57 58-191
auditors whose reports have been furnished to us by directors of the Group companies, incorporated in
the Management and our opinion on the consolidated India is disqualified as on 31st March, 2019 from
financial statements, in so far as it relates to the being appointed as a director in terms of Section
amounts and disclosures included in respect of these 164 (2) of the Act.
subsidiaries, partnership firm and our report in terms
of sub-section (3) of Section 143 of the Act, in so far as f)
With respect to the adequacy of the internal
it relates to the aforesaid subsidiaries and partnership financial controls over financial reporting and the
firm is based solely on the reports of the other auditors. operating effectiveness of such controls, refer to
our separate Report in “Annexure A” which is based
Our opinion on the consolidated financial statements on the auditors’ reports of the parent and subsidiary
above and our report on Other Legal and Regulatory companies, incorporated in India. Our report
Requirements below, is not modified in respect of the expresses an unmodified opinion on the adequacy
above matters with respect to our reliance on the work and operating effectiveness of internal financial
done and the reports of the other auditors. controls over financial reporting of those companies.
Report on Other Legal and Regulatory g) In our opinion and to the best of our information
Requirements and according to the explanations given to us,
1. As required by Section 143(3) of the Act, based on the Parent Company being a private company,
our audit and on the consideration of the reports of Section 197 of the Act related to the managerial
other auditors on the separate financial statements of remuneration is not applicable.
the subsidiaries, partnership firm and joint operation,
h) With respect to the other matters to be included
referred to in the Other Matters section above we report:
in the Auditor’s Report in accordance with Rule
a) We have sought and obtained all the information 11 of the Companies (Audit and Auditors) Rules,
and explanations which to the best of our 2014,as amended in our opinion and to the best of
knowledge and belief were necessary for the our information and according to the explanations
purposes of our audit of the aforesaid consolidated given to us:
i) The consolidated financial statements
b) In our opinion, proper books of account as required doesn’t have pending litigations that would
by law relating to preparation of the aforesaid impact consolidated financial position of the
consolidated financial statements have been kept Group. (refer note 53 of consolidated financial
so far as it appears from our examination of those statements)
books and the reports of the other auditors. ii)
The Group did not have any material
foreseeable losses on long-term contracts
c) The Consolidated Balance Sheet, the Consolidated
including derivative contracts. (refer note 55
Statement of Profit and Loss including Other
of consolidated financial statements)
Comprehensive Income, the Consolidated Cash
Flow Statement and the Consolidated Statement iii) There were no amounts which were required
of Changes in Equity dealt with by this Report are to be transferred to the Investor Education
in agreement with the relevant books of account and Protection Fund by the Parent, and its
maintained for the purpose of preparation of the subsidiary companies incorporated in India.
consolidated financial statements (refer note 54 of consolidated financial
statements)
d)
In our opinion, the aforesaid consolidated
financial statements comply with the Ind AS
specified under Section 133 of the Act.
For Deloitte Haskins and Sells LLP
e)
On the basis of the written representations Chartered Accountants
received from the directors of the Parent Company (Firm’s Registration No. 117366W/W100018)
as on 31st March, 2019 taken on record by the
Board of Directors of the Company and the Rajesh Kumar Agarwal
reports of the statutory auditors of its subsidiary Place: Gurugram (Partner)
companies incorporated in India, none of the Date: May 24, 2019 (Membership No. 105546)

Annexure “A” to the Independent Auditor’s Report
(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory
Requirements’ section of our report of even date)
Report on the Internal Financial Controls Over applicable to an audit of internal financial controls. Those
Financial Reporting under Clause (i) of Sub- Standards and the Guidance Note require that we comply
section 3 of Section 143 of the Companies with ethical requirements and plan and perform the audit
Act, 2013 (“the Act”) to obtain reasonable assurance about whether adequate
In conjunction with our audit of the consolidated Ind AS internal financial controls over financial reporting was
financial statements of the Company as of and for the established and maintained and if such controls operated
year ended March 31, 2019, we have audited the internal effectively in all material respects.
financial controls over financial reporting of Feedback Infra
Our audit involves performing procedures to obtain audit
Private Limited (hereinafter referred to as “Parent”) and its
evidence about the adequacy of the internal financial
subsidiary companies, which are companies incorporated in
controls system over financial reporting and their operating
India, as of that date.
effectiveness. Our audit of internal financial controls over
Management’s Responsibility for Internal financial reporting included obtaining an understanding of
Financial Controls internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and
The respective Board of Directors of the Parent and its
evaluating the design and operating effectiveness of
subsidiary companies, which are companies incorporated in
internal control based on the assessed risk. The procedures
India, are responsible for establishing and maintaining internal
selected depend on the auditor’s judgement, including the
financial controls based on “the internal control over financial
assessment of the risks of material misstatement of the
reporting criteria established by the respective Companies
financial statements, whether due to fraud or error.
considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls We believe that the audit evidence we have obtained and
Over Financial Reporting issued by the Institute of Chartered the audit evidence obtained by other auditors of the
Accountants of India (ICAI). These responsibilities include subsidiary companies, which are companies incorporated
the design, implementation and maintenance of adequate in India, is sufficient and appropriate to provide a basis for
internal financial controls that were operating effectively for our audit opinion on the internal financial controls system
ensuring the orderly and efficient conduct of its business, over financial reporting of the Parent and its subsidiary
including adherence to the respective company’s policies, companies, which are companies incorporated in India.
the safeguarding of its assets, the prevention and detection
of frauds and errors, the accuracy and completeness of the Meaning of Internal Financial Controls Over
accounting records, and the timely preparation of reliable Financial Reporting
financial information, as required under the Companies Act,
A company’s internal financial control over financial reporting
2013.
is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
Auditor’s Responsibility
preparation of financial statements for external purposes in
Our responsibility is to express an opinion on the internal accordance with generally accepted accounting principles.
financial controls over financial reporting of the Parent, and A company’s internal financial control over financial
its subsidiary companies, which are companies incorporated reporting includes those policies and procedures that (1)
in India, based on our audit. We conducted our audit in pertain to the maintenance of records that, in reasonable
accordance with the Guidance Note on Audit of Internal detail, accurately and fairly reflect the transactions and
Financial Controls Over Financial Reporting (the “Guidance dispositions of the assets of the company; (2) provide
Note”) issued by the Institute of Chartered Accountants reasonable assurance that transactions are recorded as
of India and the Standards on Auditing, prescribed under necessary to permit preparation of financial statements in
Section 143(10) of the Companies Act, 2013, to the extent accordance with generally accepted accounting principles,

01-28 29-57 58-191
and that receipts and expenditures of the company are Opinion

being made only in accordance with authorisations of In our opinion to the best of our information and according
management and directors of the company; and (3) provide to the explanations given to us, the Parent and its subsidiary
reasonable assurance regarding prevention or timely companies, which are companies incorporated in India, have,
detection of unauthorised acquisition, use, or disposition of in all material respects, an adequate internal financial controls
the company’s assets that could have a material effect on system over financial reporting and such internal financial
the financial statements. controls over financial reporting were operating effectively
as at March 31, 2019, based on “the criteria for internal
Inherent Limitations of Internal Financial financial control over financial reporting established by the
Controls Over Financial Reporting respective companies considering the essential components
Because of the inherent limitations of internal financial of internal control stated in the Guidance Note on Audit of
controls over financial reporting, including the possibility Internal Financial Controls Over Financial Reporting issued
of collusion or improper management override of controls, by the Institute of Chartered Accountants of India”.
material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the For Deloitte Haskins and Sells LLP
internal financial controls over financial reporting to future Chartered Accountants
periods are subject to the risk that the internal financial (Firm’s Registration No. 117366W/W100018)
control over financial reporting may become inadequate
because of changes in conditions, or that the degree of Rajesh Kumar Agarwal
compliance with the policies or procedures may deteriorate. Place: Gurugram (Partner)
Date: May 24, 2019 (Membership No. 105546)

Consolidated Balance Sheet
as at March 31, 2019
(Rs. in Lakhs)
As at As at
Particulars Note no.
March 31, 2019 March 31, 2018
Assets
Non-current assets
Property, plant and equipment 4 10,181.41 8,499.77
Capital work in progress 529.86 401.23
Goodwill 5 2,104.54 1,880.36
Other intangible assets 6 10,860.26 5,932.68
Intangible assets under development 471.14 556.84
Financial assets
i) Other financial assets 7 5,584.51 5,184.34
Deferred tax assets (net) 8 1,495.98 1,344.23
Non current tax assets (net) 9 5,265.98 5,191.59
Other non-current assets 10 186.86 142.67
Total non current assets 36,680.54 29,133.71
Current assets
Inventories 11 9.97 62.18
Financial assets
i) Trade receivables 12 37,232.10 27,972.17
ii) Cash and cash equivalents 13 2,046.71 10,756.26
iii) Bank balances other than (iii) above 13 9,947.56 8,505.13
iv) Loans 14 27.44 2,603.01
v) Other financial assets 7 19,239.27 21,775.60
Other current assets 10 19,776.62 4,618.03
Total current assets 88,279.67 76,292.38
Total assets 1,24,960.21 1,05,426.09
Equity and Liabilities
Equity
Equity share capital 15 1,636.17 1,636.17
Other Equity 16 4,553.34 5,920.53
Total equity attributable to equity share holder of the Company 6,189.51 7,556.70
Non Controlling Interest 46.49 41.15
Total equity 6,236.00 7,597.85
Liabilities
Non-current liabilities
i) Borrowings 17 52,507.99 58,996.10
ii) Other financial liabilities 19 11,112.16 11,154.53
Provisions 20 1,604.43 1,187.62
Total non-current liabilities 65,224.58 71,338.25
Current liabilities
i) Borrowings 18 23,691.09 8,648.86
ii) Trade payables
- Total outstanding dues of micro enterprises and small enterprises 21 1,578.08 -
- Total outstanding dues of trade payables other than micro enterprises and 21 10,725.10 8,515.30
small enterprises
iii) Other financial liabilities 19 14,762.08 7,066.09
Other current liabilities 22 2,389.37 2,076.79
Provisions 20 353.91 182.95
Total current liabilities 53,499.63 26,489.99
Total equity and liabilities 1,24,960.21 1,05,426.09
See the accompanying notes to the consolidated financial statements. 1 - 56

For Deloitte Haskins & Sells LLP FEEDBACK INFRA PRIVATE LIMITED
Chartered Accountants Vinayak Chatterjee R.S.Ramasubramaniam
Firm Reg. No. : 117366W/W100018 Chairman cum Managing Director Co-Chairman & Director
DIN: 00008933 DIN: 00008937
Tilak Sethi

01-28 29-57 58-191
Consolidated Statement of Profit and Loss

(Rs. in Lakhs)
Particulars Note no.
March 31, 2019 March 31, 2018
Income
Revenue from operations 23 1,26,654.09 93,623.48
Other Income 24 1,451.69 2,098.68
Total Income 1,28,105.78 95,722.16
Expenses
Energy purchase cost 25 45,736.00 40,282.00
Cost of material and services consumed 26 31,126.50 14,271.58
Employee benefit expenses 27 24,355.34 19,835.40
Finance costs 28 10,602.20 9,849.70
Depreciation and amortisation expense 29 2,876.42 1,809.11
Other expenses 30 11,644.86 8,347.67
Total expenses 1,26,341.32 94,395.46
Profit before tax 1,764.46 1,326.70
Income tax expense
Current year 31 695.81 340.49
Current tax adjustment related to earlier years 31 (6.28) 182.02
Deferred tax 8 345.08 (218.74)
Total tax Expense 1,034.61 303.77
Profit for the year 729.85 1,022.93
Other comprehensive income 32
(ii) Income tax relating to items that will not be reclassified
46.65 1.58
to profit or loss
Total comprehensive income for the year (17.68) 26.17
Total Comprehensive Income for the year 712.17 1,049.10
Profit for the years attributable to:
Owner of the Company 732.46 1,021.03
Non controlling interest (2.61) 1.90
729.85 1,022.93
Total comprehensive income for the year attributable to:
Owner of the Company 714.78 1,047.20
Non controlling interest (2.61) 1.90
712.17 1,049.10
Earnings per equity share
1) Basic (in ₹) 4.46 6.25
2) Diluted (in ₹) 4.42 6.18

DIN: 00008933 DIN: 00008937
Tilak Sethi

Consolidated Statement of Cash Flow
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
A. Cash Flow from Operating Activities
Adjustments to reconciled net profit to net cash provided by operating activities:
Depreciation, amortisation and impairment expenses 2,876.42 1,809.11
Compensation expenses under employee stock options scheme (72.36) 199.83
Net loss on sale of property, plant & equipment 0.44 8.24
Net profit on sale of property, plant and equipment (0.59) (27.46)
Provision written back (net) - (220.23)
Impairment allowance on receivable 3,001.70 736.25
Net loss on foreign currency transactions - 20.08
Finance costs 10,602.20 9,849.70
Interest income (1,238.28) (1,791.94)
Forex fluctuation on translation of assets & liabilities 6.41 (99.87)
15,197.38 10,558.44
Operating profit/(loss) before working capital changes 16,961.84 11,885.14
(Increase) / decrease in trade receivables (12,261.63) (10,143.69)
(Increase) / decrease in current financial assets - loans 2,575.57 238.98
(Increase) / decrease in non current financial assets - loans - (289.76)
(Increase) / decrease in other current financial assets (8,537.13) (4,892.37)
(Increase) / decrease in other non current financial assets 406.20 25.85
(Increase) / decrease in other current assets (15,382.77) (958.57)
(Increase) / decrease in other non current assets (44.19) (806.69)
(Increase) / decrease in inventories 52.21 4.13
Increase / (decrease) in trade payables 3,788.17 2,541.46
Increase / (decrease) in other current financial liabilities (117.63) 3,247.37
Increase / (decrease) in provisions 523.44 206.62
Increase / (decrease) in other non current financial liabilities (17.82) 1,667.79
Increase / (decrease) in other current liabilities 312.58 884.40
Increase / (decrease) in other non current liabilities - (21.83)
(28,703.00) (8,296.31)
Cash generated from operations before tax (11,741.16) 3,588.83
Net direct taxes paid (1,214.08) (1,629.65)
Net cash flow from operating activities (12,955.24) 1,959.18
B. Cash Flow from Investing Activities
Acquisition of property, plant & equipment/intangible assets including capital advances (1,178.38) (3,000.36)
Proceeds from sale of property, plant & equipment 6.41 35.91
Acquisition of investments (goodwill) - (1,799.64)
Investment in fixed deposit (2,201.99) (7,714.09)
Interest received 2,247.87 669.81
Net cash flow from investing activities (1,126.09) (11,808.37)
Net cash from Operating and Investing Activities (14,081.33) (9,849.19)

01-28 29-57 58-191
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
C. Cash Flow from Financing Activities
Proceeds from long term borrowings 15,111.63 61,992.64
Repayment of long term borrowings (14,648.55) (25,251.32)
Short term borrowings (net) 15,042.23 (10,150.13)
Payment of dividend (306.76) (286.33)
Taxes on dividend (62.45) (58.29)
Finance costs (9,764.32) (9,762.32)
Net cash from financing activities 5,371.78 16,484.25
Net cash from operating, investing & financing activities (8,709.55) 6,635.06
Opening balance of cash and cash equivalent 10,756.26 4,121.20
Closing balance of cash & cash equivalent 2,046.71 10,756.26
i) Cash balance on hand 12.13 34.10
ii) Balance with banks :
- In cash credit accounts 2,034.58 10,722.16
Total 2,046.71 10,756.26

DIN: 00008933 DIN: 00008937
Tilak Sethi

Consolidated Statement of Changes in Equity
a. Equity share capital (Rs. in Lakhs)

Particulars Amount
Changes in equity share capital during the year -
Changes in equity share capital during the year -

b. Other equity (Rs. in Lakhs)
Particulars Reserves & surplus Total other Non- Total other
Securities Debenture General "Share Statutory Retained Foreign equity controlling equity +
premium redemption reserve option reserve earnings currency Interest Non-
reserve outstanding translation controlling
account" reserve interest
Balance at April 1, 2017 1,739.02 1,250.00 1,573.04 418.32 12.65 625.48 17.46 5,635.97 39.25 5,675.22
Adjustment to opening reserves (refer note 44) (517.98) (517.98) - (517.98)
Total comprehensive income for the year ended March 31, 2017 - - -
Profit or Loss during the year 1,021.03 1,021.03 1.90 1,022.93
Remeasurements of the defined benefit plans through OCI - Net - - - - - 26.17 - 26.17 - 26.17
of taxes (refer note 34)*
Total comprehensive income - - - - - 1,047.20 - 1,047.20 1.90 1,049.10
Addition during the financial year - - - - - - (99.87) (99.87) - (99.87)
Share based compensation under ESOP scheme through OCI - - - 199.83 - - - 199.83 - 199.83
(refer note 35)
Transfer to debenture redemption reserve - 113.70 - - - (113.70) - - - -
Dividend paid - - - - - (286.33) - (286.33) - (286.33)
Tax on dividend paid - - - - - (58.29) - (58.29) - (58.29)
Balance at March 31, 2018 1,739.02 1,363.70 1,573.04 618.15 12.65 696.38 (82.41) 5,920.53 41.15 5,961.68
Balance at April 1, 2018 1,739.02 1,363.70 1,573.04 618.15 12.65 696.38 (82.41) 5,920.53 41.15 5,961.68
Profit or loss during the year 732.46 732.46 (2.61) 729.85
Remeasurements of the defined benefit plans through OCI - Net - - - - - (17.68) - (17.68) - (17.68)
of taxes (refer note 34)*
Total comprehensive income - - - - - 714.78 - 714.78 (2.61) 712.17
Addition during the financial year - - - - - - 6.41 6.41 - 6.41
Transfer from general reserves - - (1,573.04) - - 1,573.04 - - - -
Share based compensation under ESOP scheme through OCI - - - (72.36) - - - (72.36) - (72.36)
(refer note 35)
Acquisitions in non-controlling interest - - - - - - - - 7.95 7.95
Consolidated Statement of Changes in Equity
Particulars Reserves & surplus Total other Non- Total other

Securities Debenture General "Share Statutory Retained Foreign equity controlling equity +
premium redemption reserve option reserve earnings currency Interest Non-
reserve outstanding translation controlling
account" reserve interest
Adjustment to opening reserve related to Ind AS 115 (net of - - - - - - (1,646.81) - (1,646.81)
taxes) (refer note 23) (1,646.81)
Transfer to debenture redemption reserve - 1,096.54 - - - - - - -
(1,096.54)
Dividend paid - - - - - (306.76) - (306.76) - (306.76)
Tax on dividend paid - - - - - (62.45) - (62.45) - (62.45)
Balance at March 31, 2019 1,739.02 2,460.24 - 545.79 12.65 (128.36) (76.00) 4,553.34 46.49 4,599.83
01-28

Corporate Overview
DIN: 00008933 DIN: 00008937
Tilak Sethi
29-57
Statutory Report
58-191

Notes to the Consolidated Financial Statements
1 Corporate Information price is directly observable or estimated using another

valuation technique.
Feedback Infra Private Limited ( FIPL) (“ the Company”)
is a private Company domiciled in India having its
All assets and liabilities have been classified as current
registered office at 311, 3rd floor, Vardhman Plaza,
or non-current as per the group’s normal operating
Pocket-7, Plot No-6, Sec-12, Dwarka, New Delhi -
cycle and other criteria set out in Act. The group has
110075.
ascertained its operating cycle as 12 months for the
purpose of current and non-current classification of
The group is engaged in diversified business primarily
assets and liabilities.
in rendering Consultancy, Operations and Maintenance
Services in the field of Infrastructure Services across
c. Basis of consolidation
Transportation, Energy, Realty & Social Infrastructure
The consolidated financial statements comprise the
sectors, Distribution of Power and Network Rollout
financial statements of the Parent, its subsidiaries,
Implementation.
partnership firm and joint operations. Control is
achieved when the Group:
2 Basis Of Preparation Of Financial
Statements  has power over the investee;
a. Statement of compliance with Ind AS  is exposed, or has rights, to variable returns from
The financial statements comply in accordance with its involvement with the investee; and
Indian Accounting Standards (“ Ind AS”) prescribed  has the ability to use its power to affect its returns
under section 133 of the Companies Act, 2013 ( the Act)
read with Companies ( Indian Accounting Standards) Generally, there is a presumption that a majority of voting
Rules, 2015 as amended and relevant amendment rules rights result in control. To support this presumption and
issued thereafter. when the Group has less than a majority of the voting
or similar rights of an investee, the Group considers all
The consolidated financial statements of the Group for relevant facts and circumstances in assessing whether
the year ended March 31, 2018, were audited by NSBP it has power over an investee, including:
& Co., Chartered Accountants, the predecessor auditor.
 The contractual arrangement with the other vote
holders of the investee
b. Basis of preparation
The financial statements have been prepared on accrual  Rights arising from other contractual arrangements
basis under historical cost convention, except for the  the Group’s voting rights and potential voting
following: rights
 Certain financial assets and liabilities (including  The size of the Group’s holding of voting rights
derivative instruments) that is measured at fair relative to the size and dispersion of holdings of
value the other voting right holders.”
 Defined benefit plans - plan assets measured at
The Group re-assesses whether or not it controls an
fair value; and
investee if facts and circumstances indicate that there
 Share-based payments measured at fair value. are changes to one or more of the three elements of
control. Consolidation of a entities begins when the
Historical cost is generally based on the fair value of the Group obtains control over the entities and ceases
consideration in exchange for goods and services. when the Group loses control of the entities. Assets,
liabilities, income and expenses of a entities acquired
Fair value is the price that would be received on or disposed of during the year are included in the
selling of asset or paid to transfer a liability in an consolidated financial statements from the date the
orderly transaction between market participants at Group gains control until the date the Group ceases to
the measurement date, regardless of whether that control the entities.

01-28 29-57 58-191

Consolidated financial statements are prepared using The Group accounts for the assets, liabilities, revenues,
uniform accounting policies for like transactions and and expenses relating to its interest in a joint operation
other events in similar circumstances. If a member of in accordance with the Ind AS applicable to the
the Group uses accounting policies other than those particular assets, liabilities, revenues, and expenses.
adopted in the consolidated financial statements for
like transactions and events in similar circumstances, When a group entity transacts with a joint operation in
appropriate adjustments are made to that Group which a group entity is a joint operator (such as a sale
member’s financial statements in preparing the or contribution of assets), the Group is considered to
be conducting the transaction with the other parties
consolidated financial statements to ensure conformity
to the joint operation, and gains and losses resulting
with the Group’s accounting policies
from the transactions are recognised in the Group’s
consolidated financial statements only to the extent
The financial statements of all entities used for the
of other parties’ interests in the joint operation.
purpose of consolidation are drawn up to same
When a group entity transacts with a joint operation
reporting date as that of the Parent company, i.e., year
in which a group entity is a joint operator (such as a
ended on 31st March. When the end of the reporting
purchase of assets), the Group does not recognise
period of the Parent is different from that of a subsidiary,
its share of the gains and losses until it resells those
the subsidiary prepares, for consolidation purposes,
assets to a third party.”
additional financial information as of the same date as
the financial statements of the Parent to enable the Consolidation procedure:
Parent to consolidate the financial information of the
Combine like items of assets, liabilities, equity, income,
subsidiary, unless it is impracticable to do so.
expenses and cash flows of the Parent with those of
its entities. For this purpose, income and expenses of
Interests in joint operations
the entities are based on the amounts of the assets
A joint operation is a joint arrangement whereby the and liabilities recognised in the consolidated financial
parties that have joint control of the arrangement statements at the acquisition date.
have rights to the assets, and obligations for the
liabilities, relating to the arrangement. Joint control Offset (eliminate) the carrying amount of the Parent’s
is the contractually agreed sharing of control of an investment in each subsidiary and the Parent’s portion
arrangement, which exists only when decisions about of equity of each subsidiary. Goodwill is tested for
the relevant activities require unanimous consent of impairment every year.
the parties sharing control.

Eliminate in full intragroup assets and liabilities,
When a group entity undertakes its activities under joint equity, income, expenses and cash flows relating to
operations, the Group as a joint operator recognises in transactions between entities of the group (profits
relation to its interest in a joint operation: or losses resulting from intragroup transactions are
eliminated in full). Intragroup losses may indicate
1. its assets, including its share of any assets held an impairment that requires recognition in the
jointly; consolidated financial statements. Ind AS 12 Income
2. its liabilities, including its share of any liabilities Taxes applies to temporary differences that arise from
the elimination of profits and losses resulting from
incurred jointly;
intragroup transactions.
3. its revenue from the sale of its share of the output
arising from the joint operation; Profit or loss and each component of other
comprehensive income (OCI) are attributed to the
4. its share of the revenue from the sale of the
equity holders of the group and to the non-controlling
output by the joint operation; and
interests, even if this results in the non-controlling
5. its expenses, including its share of any expenses interests having a deficit balance. When necessary,
incurred jointly. adjustments are made to the financial statements

of subsidiaries to bring their accounting policies into and cash flows relating to transactions between
line with the Group’s accounting policies. All intra- members of the Group are eliminated in full on
group assets and liabilities, equity, income, expenses consolidation.”
The entities considered in the consolidated financial statements are:
Name of the Subsidiary Country of % Voting power held as

incorporation at March 31, 2019
Feedback Power Operations & Maintenance Services Private Limited India 100.00%
Feedback Highways OMT Private Limited India 100.00%
Feedback Infrastructure Services Nepal Limited Nepal 51.00%
Feedback Energy Distribution Company Limited India 100.00%
PT Feedback Infra Indonesia 95.00%
Feedback Ventures and Ghosh Bose Associates Private Limited India 51.00%
Dubai Consultants* Dubai 49.00%
DC Infra, A Partnership firm India 99.00%
India Infrastructure Initiative Trust (w.e.f. January 1, 2019)* India 99.98%
Feedback Atcon JV India 51.00%
* Held through DC Infra
3 Significant Accounting Policies Subsequent expenditure on property, plant and

equipment after its purchase/completion is capitalised
a. Property, plant and equipment and capital
only if such expenditure results in an increase in the
work-in-progress
future economic benefits from such assets beyond its
Property, plant and equipment are measured at cost previously assessed standard of performance. All other
of acquisition, less accumulated depreciation and repair and maintenance costs are recognised in the
accumulated impairment losses, if any. statement of profit and loss as incurred.
The Group has elected to continue with the carrying An item of property, plant and equipment is derecognised
value of all its Property, Plant and Equipment recognised when no future economic benefit are expected to arise
as on April 1, 2016 measured as per the previous GAAP from the continued use of the asset or upon disposal. Any
and use that carrying value as its deemed cost as on gain or loss on disposal of an item of property, plant and
transition date. equipment is recognised in statement of profit or loss.
Cost of an item of property, plant and equipment Assets are classified to the appropriate categories of
comprises its purchase price, and any other cost property, plant and equipment when completed and
attributable to the acquisition of qualifying assets up ready for its intended use.
to the date the assets is ready for its intended use.
Capital work in progress Project under which assets are
Such cost includes cost of replacing part of the plant and not yet ready for their intended use are carried at cost
equipment and borrowing costs for qualifying the assets comprising direct cost, related incidental expenses and
up to the date the asset is ready for its intended use. attributable interest.
If significant parts of an item of property, plant and Depreciation

equipment have different useful lives, then they are Depreciation amount for assets is the cost of an asset,
accounted for as separate items (major components) of or other amount substituted for cost, less its estimated
property, plant and equipment. residual value.

01-28 29-57 58-191

Depreciation is provided on the straight-line method to Any gain or loss arising on de-recognition of the asset
allocate their cost, net of their realizable values, over (calculated as the difference between the net disposal
the estimated useful lives of the assets as prescribed proceeds and the carrying amount of the asset) is
in the Schedule II of the Companies Act, 2013 except included in the statement of profit and loss when the
for certain fixed assets where, based on technical asset is derecognised.
evaluation by internal management experts, the useful
life of certain items of plant and machinery, office The estimated useful lives and methods of depreciation
equipment, furniture and fixtures have been determined of property, plant and equipment are reviewed at end
to be different from those mentioned in schedule II of of each reporting period and adjusted prospectively, if
the Companies Act, 2013 in order to reflect the actual appropriate.
usage of assets.
b. Intangible assets
The estimates made by the management for the useful Recognition & measurement and amortisation
life of the Property, Plant and Equipment are as follows:
Intangible Assets are recognised, if the future economic
benefits attributable to the assets are expected to flow
Particulars Estimated useful life to the group and cost of the asset can be measured
based on technical reliably. All other expenditure is expensed as incurred.
assessment (in years)
Motor vehicles - 10 Intangible assets are amortised over their respective
Computers - 6 useful lives on a straight-line basis from the date they
Servers and networks - 6 are available for use.
Office equipment’s
- Cell phones 1 Such intangible assets are measured at cost less any
- Telephone Instruments 1 accumulated amortisation and impairment losses, if
- Others 20 any and are amortised over their respective individual
Plant & Machinery 15 estimated useful life on straight line method.
Furniture and fixture : 15
The estimated useful lives are as follows:
Depreciation on plant and machinery (Electricity
Distribution system and metering) is provided on Particulars Estimated useful life
useful life of 15 years (considering based on tenure based on technical
of Distribution Franchisee agreement including the assessment (in years)
extension as prescribed) and useful life determined on Computer software 5
the basis of technical assessment. ERP - billing software 15
(Previous year – 5 years)
Leasehold Improvements are amortised over the period Consumer information 3
of Lease. database
Depreciation on additions is provided on a pro-rate basis The Group has elected to continue with the carrying
from the date of acquisition/installation. Depreciation on value of all its intangible assets recognised as on April 1,
sale/deduction from fixed assets is provided for upto the 2016 measured as per the previous GAAP and use that
date of sale/adjustments, as the case may be. carrying value as its deemed cost as on transition date.
An item of property, plant and equipment or any The amortisation period and the amortisation method
significant or any significant part initially recognised for an intangible asset with a finite useful life are
of such item of property plant and equipment is reviewed at least at the end of each reporting period.
derecognised upon disposal or when no future Changes in the expected useful life or the expected
economic benefits are expected from its use or disposal. pattern of consumption of future economic benefits

embodied in the asset are considered to modify the intangible assets and are recognised in the statement
amortisation period or method, as appropriate and are of profit and loss when the asset is derecognised.
treated as changes in accounting estimate.
Goodwill
An item of intangible asset is derecognised when no Goodwill represents the cost of business acquisition in
future economic benefit are expected to arise from the excess of the Group’s interest in the net fair value of
continued use of the asset or upon disposal. identifiable assets, liabilities and contingent liabilities
of the acquiree. When the value of the identifiable
Gain or losses arising from derecognition of an intangible
assets, liabilities and contingent liabilities acquired
asset are measured as the difference between the net
exceeds the cost of business acquisition, the bargain
disposal proceeds and the carrying amount of the asset
purchase excess is recognised after reassessing value
and are recognised in the statement of profit and loss
of net assets acquired in the capital reserve. Goodwill is
when the asset is derecognised.
measured at cost less accumulated impairment losses.
Goodwill is tested for impairment every year.”
Intangible assets under development
Intangible asset under development comprise cost c. Impairment of non-financial assets and goodwill
of acquired or self-generated intangible fixed assets
At each reporting date, the group reviews the carrying
that are not yet ready for use at the reporting date.
amounts of its non-financial assets (other than
Costs includes original cost of acquisition, expenditure
deferred tax assets) to determine whether there is any
towards development, implementation and installation.
of those assets that have suffered an impairment loss.
Expenditure on research activity, undertaken with If any such indication exists, the recoverable amount of
prospect of gaining new scientific or technical knowledge the asset is estimated in order to determine the extent
and understanding, is recognise in statement of profit of the impairment loss (if any). When it is not possible
and loss accounts. to estimate the recoverable amount of an individual
asset, the group estimates the recoverable amount of
Development activity involves a plan or design for the cash-generating unit to which the asset belongs.
the development of software, business know how and When a reasonable and consistent basis of allocation
consumer information database. Development cost can be identified, corporate assets are also allocated
is capitalised only if it can be measured reliably, the to individual cash-generating units, or otherwise they
product and process is technically and commercially are allocated to the smallest group of cash-generating
feasible, future economic benefit are probable, and units for which a reasonable and consistent allocation
the group intends to and has sufficient resource to basis can be identified.
complete development to use or sell the assets. The
expenditure capitalised direct labour and overhead For impairment testing, assets that do not generate
costs that are directly attributable to preparing the independent cash flows are grouped together into the
asset for its intended use. smallest group of assets that generates cash inflows
from continuing use that are largely independent of
Other development costs are recognise in statement the cash inflows of other assets or Cash Generating
of profit and loss as incurred. Capitalised development Units (‘CGUs’).
expenditure is measured at cost less accumulated
amortisation and accumulated impairment loss (if any). Recoverable amount is the higher of fair value less
costs of disposal and value in use. In assessing value
De-recognition in use, the estimated future cash flows are discounted
An intangible asset is derecognised when no future to their present value using a pre-tax discount rate
economic benefits are expected from their use or upon that reflects current market assessments of the time
their disposal. Gains and losses on disposal of an item value of money and the risks specific to the asset for
of intangible assets are determined by comparing the which the estimates of future cash flows have not
proceeds from disposal with the carrying amount of been adjusted.

01-28 29-57 58-191

An impairment loss is recognised if the carrying amount obligation that the likelihood of outflow of resources is
of an asset or CGU exceeds its estimated recoverable remote, no provision or disclosure is made.
amount. Impairment losses are recognised in the
statement of profit and loss. Contingent assets are disclosed when the inflow of
economic benefits is probable.
In respect of assets for which impairment loss
has been recognised in prior periods, the group e. Revenue recognition
reviews at each reporting date whether there is any Effective 1 April 2018, the group adopted Ind AS
indication that the loss has decreased or no longer 115 “Revenue from Contracts with Customers” using
exists. When an impairment loss subsequently the cumulative catch-up transition method, applied
reverses, the carrying amount of the asset (or a to contracts that were not completed as at 1 April
cash-generating unit) is increased to the revised 2018. In accordance with the cumulative catch-up
estimate of its recoverable amount, but so that the transition method , the comparatives have not been
increased carrying amount does not exceed the retrospectively adjusted. The following is a summary
carrying amount that would have been determined of new and/or revised significant accounting policies
had no impairment loss been recognised for the asset related to revenue recognition.
(or cash-generating unit) in prior years. A reversal of
an impairment loss is recognised immediately in the Group’s revenue arises from the following:
statement of profit and loss.
i. Sale of services
d. Provisions, contingent liabilities and contingent
The Group derives revenue primarily from
assets rendering Consultancy, Operations and
Provisions are recognised when the group has a Maintenance Services in the field of Infrastructure
present legal or constructive obligation as a result of Services across Transportation, Energy, Realty
past events, it is probable that an outflow of resources & Social Infrastructure sectors, Distribution of
will be required to settle the obligation and the amount Power and Network Rollout Implementation across
can be reliably estimated. Provisions are not recognised various sectors. The Group recognises revenue
for future operating losses. Where there are number of when the significant terms of the arrangement are
similar obligations, the likelihood that an outflow will be enforceable, services have been delivered and the
required in settlement is determined by considering the collectability is reasonably assured.
class of obligations as a whole. A Provision is recognised
even if the likelihood of an outflow with respect to any Revenue is recognised when significant milestones
item included in the same class of obligations may are achieved as per the terms of contracts /
be small. agreements with the Clients.
Provisions are measured at the present value of Revenue from time and material contracts is
management’s best estimate of the expenditure recognised at the contractual rates as labour
required to settle the present obligation at the end hours and direct expenses are incurred.
of the reporting period. The discount rate used to Unbilled revenue represents cost and earnings in
determine the present value is a pre-tax that reflects excess of billings at the end of the year.”
current market assessments of the time value of money
and the risks specific to the liability. The increase in the Sale of Energy
provision due to the passage of the time is recognised Revenue from sale of power is accounted on
as interest expense. accrual basis and is recognised on the basis
of billing to customers when no significant
A disclosure of contingent liability is made when there uncertainty as to the measurability or
is a possible obligation or a present obligation that may, collectability exists and includes unbilled
but probable will not, require an outflow of resources. revenue accrued up to the end of accounting
Where there is a possible obligation or a present year. The sale of electricity is as per tariff

fixed by respective State Electricity Regulatory At contract inception, the group assesses its
Committees (SERC) of the operating States.” promise to transfer products or services to a
customer to identify separate performance
Network rollout implementation (Fixed-price obligations. The group applies judgement to
development contracts) determine whether each product or services
Revenues from fixed-price contracts, including promised to a customer are capable of being
network rollout implementation, where the distinct, and are distinct in the context of
performance obligations are satisfied over time, are the contract, if not, the promised product or
recognised using the “percentage-of-completion” services are combined and accounted as a single
method. Percentage of completion is determined performance obligation. The Group allocates
based on project labour costs and material cost the arrangement consideration to separately
incurred to date as a percentage of total estimated identifiable performance obligation based on
project labour costs and material costs required to their relative stand-alone selling price or residual
complete the project. The cost expended (or input) method. Stand-alone selling prices are determined
method has been used to measure progress towards based on sale prices for the components when it is
completion as there is a direct relationship between regularly sold separately.
input and productivity. If the Group is not able to
reasonably measure the progress of completion, The Group accounts for variable considerations
revenue is recognised only to the extent of costs like rebates to customers as reduction of revenue
incurred for which recoverability is probable.” on a systematic and rational basis over the period
of the contract. The Group estimates an amount
Other operating income of such variable consideration using expected
value method or the single most likely amount
Revenue from meter rent - Revenue is recognise
in a range of possible consideration depending
in accordance with the agreements on time
on which method better predicts the amount of
proportion basis from the month following the
consideration to which we may be entitled.
month of installation of meters and in compliance
to the Regulatory Tariff order and supply code.
The Group assesses the timing of the transfer of
Export of technical services - Revenue from service
goods or services to the customer as compared
contracts priced on a time basis is recognised when
to the timing of payments to determine whether
services are rendered and related costs are incurred.
a significant financing component exists. As a
Allied services - Revenue on software product
practical expedient, the Group does not assess
licenses where the customer obtains a “right to
the existence of a significant financing component
use” are recognised when the customer obtains
when the difference between payment and
control of the specified asset usually on delivery
transfer of deliverables is a year or less. If the
of the software license to the customer.”
difference in timing arises for reasons other than
the provision of finance to either the customer or
To recognise revenues, we apply the following five
us, no financing component is deemed to exist.
step approach:
 identify the contract with a customer A contract liability is an entity’s obligation to
transfer goods or services to a customer for which
 identify the performance obligations in the
the entity has received consideration (or the
contract
amount is due) from the customer.
 determine the transaction price
Trade Receivables and Contract Balances
 allocate the transaction price to the
performance obligations in the contract, and The Group classifies the right to consideration in
exchange for deliverables as either a receivable or
 recognise revenues when a performance as unbilled revenue (contract assets). Revenues
obligation is satisfied” in excess of invoicing are classified as unbilled

01-28 29-57 58-191

revenue (contract assets) while invoicing in excess measured. The Group collects value added taxes
of revenues are classified as unearned revenue (VAT) on behalf of the government and, therefore,
(contract liability). Trade receivable and unbilled these are not economic benefits flowing to the
revenue are presented net of impairment in the Group. Hence, they are excluded from revenue.
Balance Sheet.
C. Maintenance contracts
Revenue recognition for fixed price development Revenues related to fixed-price maintenance,
contracts is based on percentage of completion where services are performed through an indefinite
method. Invoicing to the clients is based on number of repetitive acts over a specified period,
milestones as defined in the contract. This revenue is recognised on a straight-line basis over
would result in the timing of revenue recognition the specified period unless some other method
being different from the timing of billing the better represents the stage of completion.
customers. Contract Assets (Unbilled revenue)
for fixed price development contracts is classified D. Others
as non-financial asset as the contractual right
Any change in scope or price is considered as a
to consideration is dependent on completion of
contract modification. The Group accounts for
contractual milestones. All other Contract Assets
modifications to existing contracts by assessing
(Unbilled revenue) is classified as financial asset.”
whether the services added are distinct and whether
the pricing is at the standalone selling price.
The method for recognising revenues and costs
depends on the nature of the services rendered:
Services added that are not distinct are accounted
for on a cumulative catch up basis, while those
A. Time and materials contracts
that are distinct are accounted for prospectively,
Revenues and costs relating to time and materials, either as a separate contract if the additional
transaction-based or volume-based contracts are services are priced at the standalone selling price,
recognised as the related services are rendered. or as a termination of the existing contract and
creation of a new contract if not priced at the
B. Fixed-price development contracts standalone selling price. Revenues are shown net
Revenues from fixed-price contracts, including of allowances/ returns, value added tax, goods
software development, and integration contracts, and services tax and applicable discounts and
where the performance obligations are satisfied allowances.
over time, are recognised using the “percentage-of-
completion” method. Percentage of completion is A contract asset is a right to consideration that is
determined based on project labour costs incurred conditional upon factors other than the passage
to date as a percentage of total estimated project of time. Contract assets primarily relate to unbilled
labour costs required to complete the project. amounts on fixed-price development contracts
The cost expended (or input) method has been and are classified as non-financial asset as the
used to measure progress towards completion as contractual right to consideration is dependent on
there is a direct relationship between input and completion of contractual milestones.
productivity. If the Group is not able to reasonably
measure the progress of completion, revenue is Unbilled revenue on other than fixed price
recognised only to the extent of costs incurred for development contracts are classified as a
which recoverability is probable. financial asset where the right to consideration is
unconditional upon passage of time.
Revenue is recognised and measured at the fair value
of the consideration received or receivable, to the non-financial asset as the contractual right to
extent that it is probable that the economic benefits consideration is dependent on completion of
will flow to the Group and the revenue can be reliably contractual milestones.

A contract liability is an entity’s obligation to scheme and Employees State Insurance are
transfer goods or services to a customer for which defined contribution schemes. The contribution to
the entity has received consideration (or the these schemes are charged to statement of profit
amount is due) from the customer. and loss of the year in which contribution to such
schemes becomes due on the basis of services
Performance obligations and remaining rendered by the employees.
performance obligations
The remaining performance obligation disclosure Defined benefit plans
provides the aggregate amount of the transaction Charge for the year in respect of unfunded defined
price yet to be recognised as of the end of the benefit plan in the form of gratuity has been
reporting period and an explanation as to when ascertained based on actuarial valuation carried
the Group expects to recognise these amounts out by an independent actuary as at the yearend
in revenue. Applying the practical expedient as using the Projected Unit Credit Method, which
given in Ind AS 115, the Group has not disclosed recognises each period of service as giving rise
the remaining performance obligation related to additional unit of employee benefit entitlement
disclosures for contracts where the performance and measures each unit separately to build up the
obligation is part of a contract that has an original final obligation. The obligation is measured at the
expected duration of one year or less.” present value of the estimated future cash flows.
The discount rate used for determining the present
ii. Interest income value of the obligation under defined benefit plans
is based on the market yields on Government
Interest income from a financial asset is recognised
securities as at the valuation date having
when it is probable that the economic benefits will
maturity periods approximating to the terms of
flow to the Group and the amount of income can
related obligations. Actuarial gains and losses are
be measure reliably. Interest income is accrued on a
recognised immediately in Other Comprehensive
time basis, by reference to the principal outstanding
Income. Remeasurement recognised in other
and at the effective interest rate applicable.
comprehensive income is reflected in retained
earnings and is not reclassified to the statement
iii. Dividends
of profit and loss.
Dividend income from investment is recognised
when the Group’s right to receive payment has Compensated absences
been established (provided that it is probable that
Compensated absence which are not expected to
the economic benefits will flow to the group and
occur within twelve months after the end of the
amount of income can be measured reliably). period in which the employee renders the related
services are recognised as an actuarially determined
f. Employee benefits
liability at the present value of the defined benefit
Short term employee benefits obligation at the balance sheet date.
All short-term employee benefits such as salaries,
wages, bonus, medical benefits etc. which will fall g. Foreign currencies
within 12 months of the period in which the employee a. Functional and presentation currency
renders related services which entitles them to avail Items included in the financial statements are
such benefits and non-accumulating compensated measured using the currency of the primary
absences are recognised on an undiscounted basis economic environment in which the entity
and charged to the statement of profit and loss. operates (i.e. ‘the functional currency’). The
financial statements are presented in Indian
Defined contribution plans Rupee (INR/ Rs), the national currency of
Employee’s benefits in the form of the group’s India, which is the group’s functional and
contribution to Provident Fund, Family Pension presentation currency.

01-28 29-57 58-191

b. Transaction and balances construction or production of a qualifying assets

Transactions in foreign currencies are recorded are capitalised during the period of time that is
on initial recognition at the exchange rate required to complete and prepare the assets for its
prevailing on the date of the transaction. At intended use or sale. Qualifying assets are assets
the end of each reporting period, monetary that necessary take a substantial period of time to
items denominated in foreign currencies are get ready for their intended use or sale.
retranslated at the rates prevailing at that date.
Non-Convertible Debentures
Non-monetary items that are measured in
terms of historical cost in a foreign currency are Non-convertible debenture are recognised as “liability”
not retranslated. of the group as per Ind AS 32 as the issuer has no
unconditional right to avoid delivering cash or its not
Exchange differences on monetary items are settle through own equity instruments.
recognised in the statement of profit and loss
in the period in which they arise. Further, this instrument is recognise by group at
amortised cost using effective interest rate method.
h. Borrowings
The effective interest method is a method of calculating
Borrowings are initially recognised at fair value,
the amortised cost of a financial liability and of allocating
net of transaction costs incurred. Borrowings
interest expense over the relevant period. The effective
are subsequently measured at amortised cost. interest rate is the rate that exactly discounts estimated
Any difference between the proceeds (net of future cash payments (including all fees and points paid
transaction costs) and the redemption amount is or received that form an integral part of the effective
recognised in profit or loss over the period of the interest rate, transaction costs and other premiums or
borrowings using the effective interest method. discounts) through the expected life of the financial
Fees paid on the establishment of loan facilities liability, or (where appropriate) a shorter period, to the
are recognised as transaction costs of the loan to net carrying amount on initial recognition.
the extent that it is probable that some or all of
the facility will be drawn down. In this case, the fee Other borrowing costs are expensed in the period in
is deferred until the draw dawn occurs. which they are incurred.
Borrowings are removed from the balance sheet i. Taxation

when the obligation specified in the contract is Income tax expense represents the sum of the tax
discharged, cancelled or expired. currently payable and deferred tax.
Borrowings are classified as current liabilities i. Current tax

unless the group has an unconditional right to The tax currently payable is based on taxable
defer settlement of the liability for at least 12 profit for the year. Taxable profit differs
months after the reporting period. Where there is from ‘profit before tax’ as reported in the
a breach of material provision of a long-term loan statement of profit and loss because of
arrangement on or before the end of the reporting items of income or expense that are taxable
period with effect that the liability becomes payable or deductible in other years and items that
on demand on the reporting date, the entity does are never taxable or deductible. The Group’s
not classify the liability as current, if the lender current tax is calculated accordance with the
agreed, after the reporting period and before the Income-tax Act, 1961, using tax rates that
approval of the financial statements for issue, not have been enacted or substantively enacted
demand payment as a consequence of breach. by the end of the reporting period.
General and specific borrowings costs that Current income tax assets and liabilities
are directly attributable to the acquisition, are measured at the amount expected to

be recovered from or paid to the taxation Deferred tax is recognised in the statement
authorities. of profit and loss, except when it relates
to items that are recognised in other
Current tax is recognised in the statement of comprehensive income or directly in equity,
profit and loss, except when it relates to items in which case, the deferred tax is also
that are recognised in other comprehensive recognised in other comprehensive income
income or directly in equity, in which case, or directly in equity respectively.
the current tax is also recognised in other
comprehensive income or directly in equity Deferred tax assets include Minimum
respectively. Alternate Tax (MAT) paid in accordance with
the tax laws in India, which is likely to give
ii. Deferred tax future economic benefits in the form of
Deferred tax is recognised on temporary availability of set off against future income
differences between the carrying amounts of tax liability. MAT is recognised as deferred tax
assets and liabilities in the financial statements assets in the Balance Sheet when the asset
and the corresponding tax bases used in can be measured reliably and it is probable
the computation of taxable profit. Deferred that the future economic benefit associated
tax liabilities are generally recognised for all with the asset will be realised.
taxable temporary differences. Deferred tax
assets are recognised only to the extent that iii. Current and deferred tax for the year
it is probable that the temporary differences Current and deferred tax are recognised in
will reverse in the foreseeable future and the statement of profit and loss, except when
taxable profit will be available against which they relate to items that are recognised in
the temporary differences can be utilised. other comprehensive income or directly
Such deferred tax assets and liabilities are in equity, in which case, the current and
not recognised if the temporary difference deferred tax are also recognised in other
arises from the initial recognition (other than comprehensive income or directly in equity
in a business combination) of assets and respectively.
liabilities in a transaction that affects neither
the taxable profit nor the accounting profit. j. Cash and cash equivalents
Cash and cash equivalents in the balance sheet
The carrying amount of deferred tax assets is
comprise cash at banks and on hand and short-
reviewed at the end of each reporting period
term deposits with an original maturity of three
and reduced to the extent that it is no longer
months or less, which are subject to an insignificant
probable that sufficient taxable profits will be
risk of changes in value.
available to allow all or part of the asset to be
recovered. Unrecognised deferred tax assets
k. Leasing
are re-assessed at each reporting date and are
recognised to the extent that it has become Group as lessee:
probable that future taxable profits will allow A lease is classified at the inception date as a
the deferred tax asset to be recovered. finance lease or an operating lease. A lease that
transfers substantially all the risks and rewards
Deferred tax liabilities and assets are incidental to ownership to the Group is classified
measured at the tax rates that are expected as a finance lease. All other leases are classified as
to apply in the period in which the liability is operating leases.
settled or the asset realised, based on tax
rates (and tax laws) that have been enacted The determination of whether an arrangement is
or substantively enacted by the end of the (or contains) a lease is based on the substance
reporting period. of the arrangement at the inception of the

01-28 29-57 58-191

lease. The arrangement is, or contains, a lease The Group generally seeks reimbursement of
if fulfilment of the arrangement is dependent the value of stock options from such companies
on the use of a specific asset or assets and the for the options granted to the employees of
arrangement conveys a right to use the asset or the Group.
assets, even if that right is not explicitly specified
in an arrangement. n. Inventory
Inventory, if any, at the closing date is valued
Lease rental expenses from operating leases is at, lower of cost and net realisable value. Cost of
generally recognised on a straight line basis over inventory is determined at FIFO Basis.
the term of the relevant lease. However, where the
rentals are structured solely to increase in line with Cost includes expenditure incurred in acquiring
expected general inflation to compensate for the the inventories, conversion costs, and other costs
lessor’s expected inflationary cost increases, such incurred in bringing them to their existing location
increases are recognised in the year in which such and condition.
benefits accrue. Contingent rentals arising under
operating leases are recognised as an expense in Net realizable value is the estimated selling price
the period in which they are incurred. in the ordinary course of business, less estimated
costs of completion and the estimated costs
l. Earnings per share
necessary to make the sale.”
Basic earnings per share is calculated by dividing
the net profit or loss for the year attributable to o. Financial instruments
equity shareholders by the weighted average
Financial assets and financial liabilities are
number of equity shares outstanding during the
recognised when the Group becomes a party to the
period.
contractual provisions of the instrument. Financial
assets and liabilities are initially recognised at
For the purpose of calculating diluted earnings
fair value. Transaction costs that are directly
per share, the net profit or loss for the period
attributable to financial assets and liabilities [other
attributable to equity shareholders and the
than financial assets and liabilities measured
weighted average number of shares outstanding
at fair value through profit and loss (FVTPL)]
during the period is adjusted for the effects of all
are added to or deducted from the fair value of
dilutive potential equity shares.
the financial assets or liabilities, as appropriate
m. Employee share based compensation on initial recognition. Transaction costs directly
attributable to acquisition of financial assets
The permanent Employees of the group and its
or liabilities measured at FVTPL are recognised
Subsidiaries have been granted Stock Options of
immediately in the statement of profit and loss.
the Company.
Financial assets
Under Ind AS, the cost of stock options is
recognised based on the fair value of stock options All regular way purchases or sales of financial assets
as on the grant date. are recognised and derecognised on a trade date
basis. Regular way purchases or sales are purchases
In terms of the exemptions, the fair value of or sales of financial assets that require delivery
unvested stock options as on the date of transition of assets within the time frame established by
have been accounted for as part of other Equity, regulation or convention in market place.
irrespective of whether they apply to Group
employees or employees of Group. All recognised financial assets are subsequently
measured in their entirety at either amortised
Fair value of stock options granted and vested after cost or fair value, depending on the classification
the transition date are recognised in profit and loss. of financial assets.

(a) Classification of financial assets for equity instruments through other

i. Financial assets at amortised cost comprehensive income’. The cumulative gain
or loss is not reclassified to the statement of
A financial asset is measured at amortised cost
profit and loss on disposal of the investment.
if both of the following conditions are met:
A financial asset is held for trading if:
a. the financial asset is held within a
business model whose objective is to
- it has been acquired principally for the
hold financial assets in order to collect
purpose of selling it in the near term; or
contractual cash flows and;
- on initial recognition it is part of a portfolio
b. the contractual terms of the financial
of identified financial instruments that the
asset give rise on specified dates to
group manages together and has a recent
cash flows that are solely payments
actual pattern of short-term profit-taking; or
of principal and interest (SPPI) on the
principal amount outstanding. - it is a derivative that is not designated and
effective as a hedging instrument or a
Effective interest method: financial guarantee.
The effective interest method is a method of
calculating the amortised cost of a debt instrument Currently, the group does not have any
and of allocating interest income over the relevant investments in equity instruments which are held
period. The effective interest rate that exactly for trading and therefore none of the instruments
discounts estimated future cash receipts through are designated FVTOCI.
the expected life of the debt instrument, or, where
appropriate, a shorter period, to the net carrying iii. Investments in equity instruments at Fair value
amount on initial recognition. through profit or loss (FVTPL)
Investments in equity instruments are
Income is recognised on an effective interest basis
classified at FVTPL, unless the Group
for debt instruments other than those financial
irrevocably elects on initial recognition to
assets. Interest income is recognised in the
present subsequent changes in fair value in
statement of profit and loss and is included in the
other comprehensive income for investments
‘Other income’ line item.
in equity instruments which are not held for
trading.
ii. Investments in equity instruments at Fair
Value Through Other Comprehensive Income
A financial asset that meets the amortised
(FVTOCI)
cost criteria may be designated at FVTPL
On initial recognition, the group can make upon initial recognition if such designation
an irrevocable election (on an instrument-by eliminates or significantly reduces a
instrument basis) to present the subsequent measurement or recognition inconsistency
changes in fair value in other comprehensive that would arise from measuring assets or
income pertaining to investments in equity liabilities or recognising the gains and losses
instruments. This election is not permitted on them on different bases.
if the equity investment is held for trading.
These elected investments are initially Financial assets at FVTPL are measured at fair
measured at fair value plus transaction costs. value at the end of each reporting period, with
Subsequently, they are measured at fair value any gains or losses arising on remeasurement
with gains and losses arising from changes in recognised in statement of profit and loss. The
fair value recognised in other comprehensive net gain or loss recognised in the statement
income and accumulated in the ‘Reserve of profit and loss incorporates any dividend

01-28 29-57 58-191

or interest earned on the financial asset and - retains the contractual rights to receive the
is included in the ‘Other income’ line item. cash flows of the financial asset but assumes
Dividend on financial assets at FVTPL is a contractual obligation to pay the cash flows
recognised when the group’s right to receive to one or more recipients.
the dividends is established, it is probable that
the economic benefits associated with the When the entity has transferred an asset, the
dividend will flow to the entity, the dividend group evaluates whether it has transferred
does not represent a recovery of part of cost of substantially all risks and rewards of ownership
the investment and the amount of dividend can of the financial asset. In such cases, the financial
be measured reliably. asset is derecognised. Where the entity has not
transferred substantially all risks and rewards
(b) Impairment of financial assets of ownership of the financial asset, the financial
asset is not derecognised.
The group recognises loss allowances using the
expected credit loss (ECL) model for the financial
Where the entity has neither transferred a
assets which are not fair valued through statement
financial asset nor retains substantially all risks
of profit or loss.
and rewards of ownership of the financial asset,
the financial asset is derecognised if the Group has
The group has used a practical expedient by
not retained control of the financial asset. When
computing the expected credit loss allowance
the group retains control of the financial asset, the
for trade receivables based on a provision
asset is continued to be recognised to the extent
matrix. The provision matrix takes into account
of continuing involvement in the financial asset.
historical credit loss experience and adjusted
for forward-looking information. The expected For the purpose of transition to Ind AS, the
credit loss allowance is based on the ageing of Group has applied derecognition requirements
the days the receivables are due and the rates of financial assets and financial liabilities
as given in provision matrix and group’s historical prospectively for transactions occurring on or
experience for customers. Loss allowance for after the transition date.
trade receivables with no significant financing
component is measured at an amount equal to (d) Foreign exchange gains and losses
life time ECL. The fair value of financial assets denominated
in a foreign currency is determined in that
For all other financial assets, expected credit
foreign currency and translated at the spot
losses are measured at an amount equal to the rate at the end of each reporting period. For
12-month ECL, unless there has been a significant foreign currency denominated financial assets
increase in credit risk from initial recognition in measured at amortised cost and FVTPL,
which case those are measured at lifetime ECL. the exchange differences are recognised in
The amount of expected credit losses (or reversal) statement of profit and loss except for those
that is required to adjust the loss allowance at the which are designated as hedging instruments
reporting date to the amount that is required to be in a hedging relationship. For the purposes of
recognised is recognised as an impairment gain or recognising foreign exchange gains and losses,
loss in the statement of profit and loss. FVTOCI debt instruments are treated as financial
assets measured at amortised cost. Thus, the
(c) Derecognition of financial assets exchange differences on the amortised cost
A financial asset is derecognised only when: are recognised in the statement of profit and
loss and other changes in the fair value of
-
the group has transferred the rights to FVTOCI financial assets are recognised in other
receive Cash flows from the financial asset or comprehensive income.

Financial Liabilities including equity instruments (c) Foreign exchange gains and losses
Debt and equity instruments issued by the Group For financial liabilities that are denominated in a
are classified as either financial liabilities or as equity foreign currency and are measured at amortised
in accordance with the substance of the contractual cost at the end of each reporting period, the
arrangements and the definitions of a financial liability foreign exchange gains and losses are determined
and an equity instrument. based on the amortised cost of the instruments
and are recognised in the statement of profit and
(a) Equity instruments loss.
An equity instrument is any contract that
evidences a residual interest in the assets of an The fair value of financial liabilities denominated
entity after deducting all of its liabilities. Equity in a foreign currency is determined in that foreign
instruments issued by the group are recognised at currency and translated at the spot rate at the end
the proceeds received, net of direct issue costs. of the reporting period. For financial liabilities that
are measured as at FVTPL, the foreign exchange
(b) Financial liabilities component forms part of the fair value gains or
losses and is recognised in the statement of profit
All financial liabilities are subsequently measured
and loss.
at amortised cost using the effective interest
method or at FVTPL.
(d) Derecognition of financial liabilities
i. Financial liabilities at FVTPL The Group derecognises financial liabilities when,

Financial liabilities at FVTPL are stated at and only when, the Group’s obligations are
fair value, with any gains or losses arising on discharged, cancelled or have expired. An exchange
remeasurement recognised in statement of between with a lender of debt instruments with
profit and loss. The net gain or loss recognised substantially different terms is accounted for as
in statement of profit and loss incorporates an extinguishment of the original financial liability
any interest paid on the financial liability and and the recognition of a new financial liability.
is included in the ‘Other income’ or ‘Other
expenses’ line item. For the purpose of transition to Ind AS, the
Group has applied derecognition requirements
ii. Financial liabilities subsequently measured of financial assets and financial liabilities
at amortised cost prospectively for transactions occurring on or
Financial liabilities that are not held-for- after the transition date.
trading and are not designated as at FVTPL
Offsetting of financial instruments
are measured at amortised cost at the end
of subsequent accounting periods. The Financial assets and financial liabilities are offset and
carrying amounts of financial liabilities that the net amount is reported in the balance sheet if
are subsequently measured at amortised there is a currently enforceable legal right to offset the
cost are determined based on the effective recognised amounts and there is an intention to settle
interest method. on a net basis, to realise the assets and settle the
liabilities simultaneously. The legally enforceable right
The effective interest method is a method of must not be contingent on future events and must be
calculating the amortised cost of a financial enforceable in the normal course of business and in the
liability and of allocating interest expense over the event of default, insolvency or bankruptcy of the Group
relevant period. The effective interest rate is the or the counterparty.
rate that exactly discounts estimated future cash
payments through the expected life of the financial p. Fair value measurement
liability, or (where appropriate) a shorter period, to The Group measures financial instruments at fair
the net carrying amount on initial recognition. value at each balance sheet date.

01-28 29-57 58-191

Fair value is the price that would be received to sell Group determines whether transfers have occurred
an asset or paid to transfer a liability in an orderly between levels in the hierarchy by re-assessing
transaction between market participants at the categorisation (based on the lowest level input
measurement date. The fair value measurement is that is significant to the fair value measurement
based on the presumption that the transaction to as a whole) at the end of each reporting period.
sell the asset or transfer the liability takes place
either: q. Segment Reporting
The Group, based on the “Management Approach”
a) In the principal market for the asset or liability, or as defined in Ind AS 108,the Chief Operating
Decision Maker (CODM) evaluates the group’s
b) In the absence of a principal market, in the most
performance and allocates resources based on
advantageous market for the asset or liability.
the analysis of various performance indicators
by business segments and geographic segments.
The principal or the most advantageous market
Accordingly, information has been presented
must be accessible by the Group. The fair value
both along business segments and geographic
of an asset or a liability is measured using the
segments.
assumptions that market participants would
use when pricing the asset or liability, assuming
The accounting policies adopted for segment
that market participants act in their economic
reporting are in line with the accounting policies of
best interest. A fair value measurement of a
the group. Segment revenue, segment expenses,
non-financial asset takes into account a market
segment assets and segment liabilities have
participant’s ability to generate economic benefits
been identified to segments on the basis of their
by using the asset in its highest and best use or by
relationship to the operating activities of the
selling it to another market participant that would
segment.
use the asset in its highest and best use. The group
uses valuation techniques that are appropriate in
Inter-segment revenue is accounted on the basis
the circumstances and for which sufficient data are
of transactions which are primarily determined
available to measure fair value, maximising the use
based on market/fair value factors.
of relevant observable inputs and minimising the
use of unobservable inputs. All assets and liabilities
Revenue, expenses, assets and liabilities which
for which fair value is measured or disclosed in the
relate to the group as a whole and not allocable to
financial statements are categorised within the
segments on reasonable basis have been included
fair value hierarchy, described as follows, based on
under “unallocated revenue/expenses/assets/
the lowest level input that is significant to the fair
liabilities
value measurement as a whole:
r. Energy Purchase Cost
a) Level 1 - Quoted (unadjusted) market prices in
active markets for identical assets or liabilities The Energy cost is determined and accounted for
in accordance with the Distribution Franchisee
b) Level 2 - Valuation techniques for which the lowest Agreement (DFA) executed between the Company
level input that is significant to the fair value and Central Electricity Supply Utility of Odisha
measurement is directly or indirectly observable. (CESU). Energy purchase cost comprises of cost of
units of electricity received in the franchise areas
c) Level 3 - Valuation techniques for which the lowest of the Company, at rates determined by CESU
level input that is significant to the fair value and CESU’s share (as mentioned in DFA) of the
measurement is unobservable. amount collected (including expected collection)
from consumers in excess of energy purchase cost
For assets and liabilities that are recognised in (including expected energy cost) for the estimated
the financial statements on a recurring basis, the period of collection from consumers.

Critical estimates and judgements (b) Defined benefit plans / Other long term
In the application of the group’s accounting policies, employee benefits
which are described in Note 3, the directors of the The cost of the defined benefit plans and other
Company are required to make judgements, estimates long term employee benefit plans are determined
and assumptions about the carrying amounts of assets using actuarial valuations. An actuarial valuation
and liabilities that are not readily apparent from other involves making various assumptions that may
sources. The estimates and associated assumptions are differ from actual developments in the future.
based on historical experience and other factors that These include the determination of the discount
are considered to be relevant. Actual results may differ rate, future salary increases and mortality rates.
from these estimates. Due to the complexities involved in the valuation
and its long-term nature, a defined benefit
The estimates and underlying assumptions are reviewed obligation is highly sensitive to changes in these
on an ongoing basis. Revisions to accounting estimates assumptions. All assumptions are reviewed at
are recognised in the period in which the estimate is each reporting date.
revised if the revision affects only that period, or in the
period of the revision and future periods if the revision The parameter most subject to change is the
affects both current and future periods. discount rate. The management considers the
interest rates of government securities based
The following are the critical estimates and judgements, on expected settlement period of various plans.
that have the significant effect on the amounts Further details about various employee benefit
recognised in the consolidated financial statements. obligations are given in note 34.
(a) Preference shares: (c) Taxes

To consider the accounting of preference shares as Uncertainties exist with respect to the
equity or liability depends on the substance of the interpretation of complex tax regulations, changes
contractual terms and agreements, rather than in tax laws and the amount and timing of future
its legal form. The Group has issued Compulsorily taxable income. The Group establishes provision,
Convertible Preference Shares (CCPS). The holders based on reasonable estimates. The amount of
of the CCPS shall be entitled to receive, out of such provisions is based on various factors such
funds available for the payment of dividends as experience of previous tax audits and differing
under Applicable Law, dividends in respect of the interpretations of tax regulation by the taxable
par value of the CCPS at a per annum rate of 0.01% entity and the responsible tax authority. Such
(zero point zero one per cent.) and dividend pari- differences in interpretation may arise on a wide
passu with the holders of the other equity shares variety of issues depending on the conditions
in the Company in accordance with the provisions prevailing in the respective domicile of the
of the Shareholders agreement annually from the Companies.
Completion Date (“Fixed Dividends”).
In assessing the recoverability of deferred tax
Also, these CCPS have a clause for conversion assets, management considers whether it is
into equity shares which breaches the fixed-to- probable that taxable profit will be available
fixed criteria and due to the number of shares against which the losses can be utilised. The
not being fixed at Inception, this will result in ultimate realisation of deferred tax assets is
issuance of a variable number of equity shares dependent upon the generation of future taxable
of the Company resulting the entire amount as income during the periods in which the temporary
financial liability component valued at amortised differences become deductible.
cost using the prevailing market interest rate of
similar instruments at the date of issue adjusting Deferred tax assets have not been recognised in the
the embedded derivative option component of financials, as per the management there is absence of
CCPS which is valued at FVTPL. reasonable certainty that sufficient taxable income in

01-28 29-57 58-191

near future will be available against which such deferred related interpretations. The new standard sets out the
tax assets can be realised. principles for the recognition, measurement, presentation
and disclosure of lease for both parties to a contract
(d) Revenue recognition- i.e. the lessee and the lessor. Ind AS 116 introduces a
The group uses the percentages-of-completion single lessee accounting model and requires a lessee to
method in accounting for its fixed-price-contracts. recognise assets and liabilities for all leases with a term of
Use of percentages-of-completion method more than 12 months, unless the underlying asset is of
requires the group to estimate the efforts or costs low value. Currently, operating lease expenses are charged
expended to date as a proportion of the total to the statement of Profit & Loss. The standard also
efforts or costs to be expended. Efforts or costs contains enhanced disclosure requirements for lessees.
expended have been used to measure progress Ind AS 116 substantially carries forward lessor accounting
towards completion as there is a direct relationship requirements. The group is evaluating the impact of Ind
between input and productivity. AS 116 and its effect on the financial statements.
Further, the group uses significant judgements

Ind AS 12 Appendix C :
while determining the transaction price allocated Uncertainty over Income Tax Treatments: On March
to performance obligations using the expected 30, 2019, Ministry of Corporate Affairs (“”MCA””) has
cost plus margin approach. notified Appendix C to Ind AS 12, Uncertainty over
Income Tax Treatments which is to be applied while
Provisions for estimated losses, if any, on performing the determination of taxable profit (or loss),
uncompleted contracts are recorded in the period tax bases, unused tax losses, unused tax credits and
in which such losses become probable based on tax rates, when there is uncertainty over income tax
the expected contract estimated at reporting treatments under Ind AS 12. According to the appendix,
date. companies need to determine the probability of the
relevant tax authority accepting each tax treatment, or
group of tax treatments, that the companies have used
(e) Impairment of Trade Receivables-
or plan to use in their income tax filing which has to be
The impairment provisions for trade receivables
considered to compute the most likely amount or the
are based on assumptions about risk of default and
expected value of the tax treatment when determining
expected loss rates. The group uses judgement
taxable profit (tax loss), tax bases, unused tax losses,
in making these assumption and selecting the
unused tax credits and tax rates. The effective date
inputs to the impairment calculation, based on
for adoption of Ind AS 12 Appendix C is annual periods
Group’s past history, credit risk, existing market
beginning on or after April 1, 2019. The group is
conditions as well as forward looking estimates at
evaluating the requirements and its effect on the
the end of each reporting period.
(f) Useful lives of property, plant and equipment Amendment to Ind AS 19 –

and intangible assets

Plan amendment, curtailment or settlement- On
As described in the significant accounting policies,
March 30, 2019, Ministry of Corporate Affairs issued
the group reviews the estimated useful lives of
amendments to Ind AS 19, ‘Employee Benefits’, in
property, plant and equipment and intangible
connection with accounting for plan amendments,
assets at the end of each reporting period.”
curtailments and settlements. The amendments require
an entity:
Recent Accounting Pronouncements
Ind AS 116 Leases: (a) to use updated assumptions to determine current
Ministry of Corporate affairs has notified Ind AS 116 - service cost and net interest for the remainder of
Leases, which is effective from April 1, 2019, which will the period after a plan amendment, curtailment or
replace the existing lease standard, Ind AS 17 Leases and settlement; and

(b) to recognise in profit or loss as part of past service in connection with funds generally borrowed for
cost, or a gain or loss on settlement, any reduction obtaining a qualifying asset. The capitalisation rate
in a surplus, even if that surplus was not previously to be used for capitalising general borrowing cost
recognised because of the impact of the asset shall be the weighted average of the borrowing
ceiling. costs applicable to all borrowings of the entity that
are outstanding during the period. However, an
entity shall exclude from this calculation borrowing
Effective date for application of this amendment is
costs applicable to borrowings made specifically
annual period beginning on or after April 1, 2019.
for the purpose of obtaining a qualifying asset until
The group does not have any impact on account of
substantially all the activities necessary to prepare
this amendment.” that asset for its intended use or sale are complete.
Effective date for application of this amendment is
Amendment to Ind AS 23 - annual period beginning on or after April 1, 2019. The
On March 30, 2019, Ministry of Corporate Affairs group is evaluating the requirements and its effect on
issued amendments to Ind AS 23 Borrowings Costs the financial statements.”

01-28 29-57 58-191

4. Property, Plant & Equipment

(Rs. in Lakhs)
Leasehold Furniture & Vehicles Office Computers Plant & Designer Total
Particulars
improvement fixtures equipments machinery tools
Cost or deemed cost
Balance at April 1, 2017 116.12 256.37 251.16 402.71 218.59 8,423.77 2.10 9,670.82
Additions (refer note 2 below) - 37.27 8.25 81.46 73.94 737.27 - 938.19
Deletions (116.17) (2.02) (6.17) (22.69) (5.15) - - (152.20)
Translation reserve 0.19 0.13 0.07 (0.02) 0.11 - (0.06) 0.42
As at March 31, 2018 0.14 291.75 253.31 461.46 287.49 9,161.04 2.04 10,457.23
Balance at April 1, 2018 0.14 291.75 253.31 461.46 287.49 9,161.04 2.04 10,457.23
Additions (refer note 2 below) # 2,157.81 38.90 71.58 85.96 77.69 256.53 - 2,688.47
Deletions - - (9.40) (1.59) - - - (10.99)
Transfer - 2.43 - (96.97) 1.31 93.23 - -
Translation reserve 2.64 2.12 1.54 0.30 4.61 - 0.06 11.27
As at March 31, 2019 2,160.59 335.20 317.03 449.16 371.10 9,510.80 2.10 13,145.98
Depreciation
Balance at April 1, 2017 78.09 32.44 26.11 32.83 56.22 948.89 1.96 1,176.54
Charges for the year 34.55 32.83 37.12 42.50 52.66 716.36 0.13 916.15
Eliminations on disposal of assets (112.81) (0.80) (6.17) (10.60) (5.15) - - (135.53)
Translation reserve 0.24 0.02 0.02 (0.02) 0.10 - (0.06) 0.30
As at March 31, 2018 0.07 64.49 57.08 64.71 103.83 1,665.25 2.03 1,957.46
Balance at April 1, 2018 0.07 64.49 57.08 64.71 103.83 1,665.25 2.03 1,957.46
Charges for the year 60.01 32.53 40.17 49.62 61.36 768.46 - 1,012.15
Eliminations on disposal of assets - - (9.40) (0.45) - - - (9.85)
Elimination on transfer of assets - 1.22 - (12.64) 0.21 11.21 - -
Translation reserve 2.64 0.29 0.18 0.06 1.58 - 0.06 4.81
As at March 31, 2019 62.72 98.53 88.03 101.30 166.98 2,444.92 2.09 2,964.57
Net carrying value
Balance at March 31, 2018 0.07 227.26 196.23 396.75 183.66 7,495.79 0.01 8,499.77
As at March 31, 2019 2,097.87 236.67 229.00 347.86 204.12 7,065.88 0.01 10,181.41
Notes:
1. Leasehold Improvements has been amortised over the lease period of the asset.
2. Assets pledged as security against the secured borrowings have been disclosed Note 17 & 18
3. Includes pre-operative expenses. For details, refer note 51.
#. Refer note 37(c)
5. Goodwill
Goodwill in the Balance Sheet (as per the details given below) represents goodwill arising on consolidation of entities. Such
goodwill has been tested for impairment by the management.
Following is a summary of changes in the carrying amount of goodwill
(Rs. in Lakhs)
As at As at
Name of the entity subsidiaries
March 31, 2019 March 31, 2018
Feedback Highways OMT Private Limited 1,328.43 1,328.43
DC Infra 224.18 -
Dubai Consultant 551.93 551.93
Total 2,104.54 1,880.36

6. Other Intangible assets
(Rs. in Lakhs)
Computer ERP # Business know "Consumer Total
Software how## information
database"
Gross carrying value
Balance at April 1, 2017 998.13 2,421.74 - - 3,419.87
Additions 291.97 387.54 - 3,491.24 4,170.75
Deletions - - - - -
Other Adjustments 0.07 - - - 0.07
Balance as at March 31, 2018 1,290.17 2,809.28 - 3,491.24 7,590.69
Balance at April 1, 2018 1,290.17 2,809.28 - 3,491.24 7,590.69
Additions 357.29 230.68 6,200.00 - 6,787.97
Deletions - - - - -
Balance at March 31, 2019 1,652.20 3,039.96 6,200.00 3,491.24 14,383.40
Amortisation
Balance at April 1, 2017 253.81 511.10 - - 764.91
Charges for the year 322.29 570.67 - - 892.96
Eliminations on disposal of assets - - - - -
Balance as at March 31, 2018 576.24 1,081.77 - - 1,658.01
Amortisation 576.24 1,081.77 - - 1,658.01
Charges for the year 213.77 176.75 310.00 1,163.75 1,864.27
Eliminations on disposal of assets - - - - -
Balance at March 31, 2019 790.87 1,258.52 310.00 1,163.75 3,523.14
Net carrying value
Balance at March 31, 2018 713.93 1,727.51 - 3,491.24 5,932.68
Balance at March 31, 2019 861.33 1,781.44 5,890.00 2,327.49 10,860.26
* Includes pre-operative expenses. For details, refer note 51.
# The management has reviewed useful life of ERM – billing software (intangible assets) and has re-estimated that the useful life of such
ERM – billing software should be 15 years instead of 5 years. Accordingly necessary accounting change have been done prospectively w.e.f
April 01, 2018 as per Ind-AS-8 and Ind-AS-38.The depreciation and amortisation expense charged for the year ended March 31, 2019 would
have been higher by Rs. 478.6 Lakhs, had the subsidiary company continued with previously estimated useful life for ERM – billing software.
##. Refer note 37(c)
7. Other Financial Assets

(Rs. in Lakhs)
Non-current Current
Considered Good (unless otherwise stated)
Deposits with bank with original maturity of more than 12 2,506.83 1,747.27 - -
months#
Hedged asset - - - 6.85
Security deposits 573.72 523.95 194.35 204.34
Interest accrued on deposits - - 991.24 2,046.96
Interest accrued on others 245.63 199.50 - -

01-28 29-57 58-191

(Rs. in Lakhs)
Non-current Current
Interest accrued from Trust - - - 1,647.47
Other advances recoverable - - 63.71 134.98
Earnest money deposits 253.09 186.67 51.93 119.61
Duty credit scrips receivables 401.10 338.73 88.56 78.29
Other advances recoverable
- From Trusts - - 16.59 3,359.89
- From others - 1,368.30 18.48 27.86
Project in progress - - 739.96 739.96
Claim receivables - - 6.44 6.44
Advances to employees 698.13 454.55
Advances recoverable - - 4,893.83 1,896.62
Sub Total 3,980.37 4,364.42 7,763.22 10,723.82
Retention money 1,604.14 819.92 640.85 197.31
Sub Total 1,604.14 819.92 503.93 74.84
Unbilled revenue (refer note 42) - - 12,304.16 12,402.31
Less: pass through liabilities - - (1,332.04) (1,425.37)
Sub Total - - 10,972.12 10,976.94
Total 5,584.51 5,184.34 19,239.27 21,775.60
# These fixed deposits are earmarked against various bank guarantees given by the Company and so have restriction on usage.
8. Deferred Tax Assets (net)

(Rs. in Lakhs)
As at April Recognised Adjustment to Recognised in As at March
1, 2017 in P&L opening reserve OCI 31, 2018
Deferred tax assets/ liabilities are attributable to the
following items;
-Plant, property and equipment and intangible assets (1,845.17) (316.79) (548.01) - (2,709.97)
-Preliminary expenses (2.91) 2.91 - -
-Measurement of loan at amortised cost (31.29) (20.22) - (51.51)
Sub-total (1,879.37) (334.10) (548.01) - (2,761.48)
-Provision for employee benefits 302.95 24.84 1.58 329.37
-Impairment allowance 653.16 291.81 - 944.97
-Others 21.09 91.11 - 112.20
-Carry forward of losses and unabsorbed depreciation 1,952.82 39.29 - 1,992.11
Sub-total 2,930.02 447.05 - 1.58 3,378.65
Add: MAT credit available 591.24 105.79 30.03 - 727.06
Net deferred tax assets 1,641.89 218.74 (517.98) 1.58 1,344.23

(Rs. in Lakhs)
As at April Recognised Adjustment to Recognised As at March
1, 2018 in P&L opening reserve in OCI 31, 2019
Deferred tax assets/ liabilities are attributable to the
following items;
Plant, property and equipment and intangible assets (2,709.97) 330.55 - - (2,379.42)
Measurement of loan at amortised cost (51.51) 14.50 - - (37.01)
Sub-total (2,761.48) 345.05 - - (2,416.43)
Provision for employee benefits 329.37 181.11 - 46.65 557.13
Ind AS 115 adjustment - (450.18) - - (450.18)
Less: Reversal of tax adjustment of opening reserve - - 450.18 - 450.18
related to Ind AS 115 (refer note 23)
Impairment allowance 944.97 (208.26) - - 736.71
Others 112.20 4.68 - - 116.88
Provision for expense disallowed of Income Tax 369.00 - - 369.00
Act'1961
Carry forward of losses and unabsorbed depreciation 1,992.11 (892.95) - - 1,099.16
Sub-total 3,378.65 (996.60) 450.18 46.65 2,878.88
Add: MAT credit available 727.06 306.47 - - 1,033.53
Net deferred tax assets 1,344.23 (345.08) 450.18 46.65 1,495.98
9. Non Current Tax Assets

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Tax assets (net of provision for Income tax) 5,265.98 5,191.59
Total 5,265.98 5,191.59
10. Other Assets

(Rs. in Lakhs)
Non-current Current
Considered Good (unless otherwise stated)
Prepaid expenses 186.86 119.87 720.66 610.87
Unbilled revenue - 22.80 17,480.90 1,906.34
Project in progress - - - 869.70
Balance with tax authorities - - 454.13 289.48
Security deposits - - - -
Capital advances - - 380.69 0.53
Advances to vendors - - 740.24 941.11
Total 186.86 142.67 19,776.62 4,618.03

01-28 29-57 58-191

11. Inventories
(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Consumables 9.97 62.18
Total 9.97 62.18
12. Trade Receivables

(Rs. in Lakhs)
Current
As at As at
March 31, 2019 March 31, 2018
Unsecured, considered good 38,602.10 29,311.94
Less: Pass through liabilities (1,465.08) (1,339.77)
37,137.02 27,972.17
Trade receivables which have significant increase in credit risk 190.16 -
Trade receivables - Credit impaired (cumulative) 8,545.41 7,018.84
Less: allowance for expected credit loss (refer note no. 47) (8,640.49) (7,018.84)
95.08 -
Total 37,232.10 27,972.17
* Refer note 41
13. Cash and Cash Equivalents

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Cash & Cash Equivalents
- Bank balances
On cash credit accounts 2,034.58 10,722.16
- Cash in hand 12.13 34.10
Total 2,046.71 10,756.26
Bank Balance other than Cash and Cash Equivalents
- Fixed deposits* 9,947.56 8,505.13
Total 9,947.56 8,505.13
* These fixed deposits are earmarked against various bank guarantees given by the group and so have restriction on usage.
14. Loans
(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Unsecured, considered good
Loans to employees 27.44 31.03
Unsecured to Related Parties
Loan to Trust - 2,571.98
Total 27.44 2,603.01

15. Equity Share Capital
(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Number of shares
Equity shares of Rs. 10/- each 2,50,00,000 2,50,00,000
Preference shares of Rs. 100/- each - 10,00,000
Compulsory convertible preference shares of Rs. 10/- each (refer note 16) 2,50,00,000 2,50,00,000
Notes:
(i) Movement of Equity Share Captal (Authorised)
(Rs. in Lakhs)
Number of Amount
Particulars
shares
200,00,000 Equity shares of Rs. 10/- each 2,00,00,000 2,000.00
Add: addition during the year 50,00,000 500.00
Balance as on March 31, 2018
250,00,000 Equity shares of Rs. 10/- each 2,50,00,000 2,500.00
Add: addition during the year - -
Movement of Preference Share Capital (Authorised)

(Rs. in Lakhs)
Number of Amount
Particulars
shares
10,00,000 Preference Shares of Rs. 100/- each 10,00,000 1,000.00
Less: Reclassified as Compulsory Convertible Preference shares of Rs. 10/- each (10,00,000) (1,000.00)
10,00,000 Preference Shares of Rs. 100/- each - -
Less: Changes during the year - -
Movement of Compulsory Convertible Preference Share Capital (Authorised)

(Rs. in Lakhs)
Number of Amount
Particulars
shares
Add: reclassified / addition during the year 2,50,00,000 2,500.00
Add: addition during the year - -

01-28 29-57 58-191

(ii) (Rs. in Lakhs)

As at As at
March 31, 2019 March 31, 2018
Issued, subscribed and fully paid up
163,61,704 equity shares of Rs. 10/- each 1,636.17 1,636.17
[Previous year 163,61,704 equity shares of Rs. 10/- each]
Compulsory convertible preference shares of Rs. 10/- each (refer note 16) 1,636.17 1,636.17
(iii) Reconciliation of Preference Shares outstanding at the beginning and end of the year
(Rs. in Lakhs)
shares shares
Opening - - 10,00,000 1,000.00
Issued during the year - - - -
Less: Reclassified as Compulsory Convertible Preference - - (10,00,000) (1,000.00)
shares of Rs. 10/- each
Extinguished during the year - - - -
Closing Balance - - - -
(iv) Reconciliation of number of shares outstanding at the beginning and end of the year
(Rs. in Lakhs)
shares shares
Opening balance 1,63,61,704 1,636.17 1,63,61,704 1,636.17
Changes during the year - - - -
Closing balance 1,63,61,704 1,636.17 1,63,61,704 1,636.17
(v) Terms / rights attached with Equity Shares

The company has only one class of equity shares, having a par value of Rs. 10/- each. Each holder of the equity share is entitled to
one vote per share. There is no restrictions attached to any equity shares. The dividend proposed, if any, by the Board of Directors is
subject to approval of shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. The repayment of equity
share capital in the event of liquidation and buy back of shares is possible subject to prevalent regulations. In the event of liquidation,
normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
(vi) Details of shareholders holding more than 5% shares in the Company

(Rs. in Lakhs)
Number of % of Number of % of
Name of Shareholder
shares shares held shares shares held
Mission Holdings Private Limited 67,34,500 41.16% 67,34,500 41.16%
Housing Development Finance Corporation Ltd. 18,10,515 11.07% 18,10,515 11.07%
(and it’s Group Companies)
IDFC Bank Ltd. 29,07,363 17.77% 29,07,363 17.77%
Zenith Infra Investment Holding PTE Limited 49,09,326 30.00% 49,09,326 30.00%
1,63,61,704 100% 1,63,61,704 100%
(vii) Shares options granted under Companies Employees share option plan
At March 31, 2019 employees held options of 2,55,000 equity share of the Holding Company , (At March 31, 2018 employees held
options of 3,75,000 equity share of the Holding Company )
Share options granted under Companies Employees share option plan carries no rights to dividend and no voting rights. Further
details of Employee share option plan are provided in note no. 35)

16. Other Equity

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
a. Securities premium reserve
Addition during the financial year - -
b. Debenture redemption reserve
Add: Addition during the year 1,096.54 113.70
c. General reserve*
Add: Transferred during the financial year (1,573.04)
Balance at the end of the financial year - 1,573.04
* Transfer INR 1,573.04 to retained earnings from free general reserve.
d. Share options outstanding account
Expense / reversal on employee stock option scheme (refer note no. 35) (72.36) 199.83
e. Statutory reserve
Addition: during the year -
f. Retained earnings
Adjustment to opening reserves (refer note 44) (517.98)
Profit during the year 732.46 1,021.03
Add/ (less):
Remeasurements of the defined benefit plans through OCI - net of taxes (refer note 34)* (17.68) 26.17
Transfer from general reserves 1,573.04 -
Adjustment to opening reserve related to Ind AS 115 (net of taxes) (refer note 23) (1,646.81) -
Transfer to debenture redemption reserve* (1,096.54) (113.70)
Dividend paid# (306.76) (286.33)
Tax on dividend paid# (62.45) (58.29)
Balance at the end of the financial year (128.36) 696.38
*Company has created debenture redemption reserve out of free reserves for the period FY
2018-19.
g. Currency fluctuation of foreign transaction
Balance at the beginning of the financial year (82.41) 17.46
Current year transfer 6.41 (99.87)
Balance at the end of the financial year (76.00) (82.41)
Total 4,553.34 5,920.53
The Description of the nature and purpose of each reserve within equity is as follows:
a) Securities premium: Securities premium reserve is credited when shares are issued at premium. It is utilised in accordance with the
provisions of the Act, to issue bonus shares, to provide for premium on redemption of shares ,write-off equity related expenses like
underwriting costs, etc.

01-28 29-57 58-191

b) Debenture Redemption Reserve (DRR): The Company has issued redeemable Non-Convertible Debentures. Accordingly, the
Companies (Share capital and Debentures) Rules, 2014 (as amended), requires the company to create DRR out of profits of the
company available for payment of dividend.
c) General reserve: The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
d) Shares options outstanding reserve: The Company has two share option schemes under which options to subscribe for the
Company’s shares have been granted to senior employees. The share-based payment reserve is used to recognise the value of equity
settled share-based payments provided to employees, including key management personnel, as part of their remuneration. Refer to
note 35 for further details of these plans.
e) Statutory reserve: The Company has to create compulsory reserve of 50% of the paid up share capital of the amount of equity
invested in foreign entity for one of its subsidiary Company.
f) Currency fluctuation of foreign transaction: The Company has recognised at the end of each reporting period, monetary items
denominated in foreign currencies and retranslated at the rates prevailing at that date.
#Detail of dividend proposed and paid
Proposed dividend
After the reporting date, the Board of Directors of the Company has recommended a dividend of Rs. 1.50 (Previous year Rs. 1.87) per Equity
share of Rs. 10/- each.
(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Dividend paid
Final dividend Paid Rs. 1.87 per share (previous year Rs. 1.75 per share) 306.76 286.33
Dividend distribution tax on dividend to equity shares 62.45 58.29
Total 369.21 344.62
17. Borrowings
(Rs. in Lakhs)
Non-current Current
Secured debentures - at amortised cost
- Non convertible debentures** 6,000.00 7,000.00 1,000.00 1,000.00
Secured term loans - at amortised cost
- Term loan from banks* 15,249.84 11,762.41 10,844.44 4,473.21
- Term loan from others* 4,807.77 14,150.00 1,015.14 450.00
Less: Prepaid processing fee (329.93) (509.95) (115.54) (130.36)
Sub total
Unsecured term loans - at amortised cost
Inter-corporate deposits
- Non-convertible debentures from share holders # 15,000.00 15,000.00 - -
- Compulsory convertible debentures # 5,000.00 5,000.00 - -
- Compulsory convertible preference shares ## 8,017.54 8,102.63 - -
28,017.54 28,102.63 - -
Less: Prepaid processing fee (1,237.23) (1,508.99)
Less: Current maturity of long term debt (refer note no. 19) - - (12,744.04) (5,792.85)
Total 52,507.99 58,996.10 - -
*Vehicle loans Secured by hypothecation of vehicles

*Secured term loan Based on the terms of sanction Term loans are secured by first pari-passu or Second Pari Passu charge on
from banks & others entire current assets and movable fixed assets of the Company both present and future. Further for certain term
Loans Corporate guarantee of Promoter Company, Personal Guarantee of Directors and Corporate Guarantee of
Subsidiary Companies & Equity shares of Subsidiary Companies have also been provided as security.
**Secured NCD’s Secured by first pari-passu charge by hypothecation of entire current assets and movable fixed assets of the
Company both present and future, Corporate guarantee of Promoter Company, Personal Guarantee of Mr. Vinayak
Chatterjee & pledge of some shares of the Company and 100% Equity shares of a Subsidiary Company.
Rate of interest Borrowings Within one Between one "Between More than 5
amount year to 2 years two and years
March 31, 2019
five years"
- Term loan from banks 11.05% - 12.75% 26,024.00 10,824.00 5,561.67 9,638.33 -
- Term loan from others 12.75% - 17.00% 5,822.93 1,015.15 2,036.52 1,781.25 990.00
- Term loan from banks - Vehicle loans 3.99% to 9.25% 70.26 20.43 15.56 34.28 -
- Non convertible debentures 12.75% - 13.00% 7,000.00 1,000.00 1,000.00 5,000.00 -
38,917.19 12,859.58 8,613.75 16,453.86 990.00
Rate of interest Borrowings Within one Between one "Between More than 5
Repayment terms for borrowings
amount year to 2 years two and years
for March 31, 2018
five years"
- Term loan from banks 11.05% - 12.75% 16,211.50 4,461.50 9,575.00 1,975.00 200.00
- Term loan from others 12.75% - 17.00% 14,600.00 450.01 5,500.00 4,200.00 3,150.00
- Term loan from banks - Vehicle loans 3.99% to 9.25% 24.12 11.70 12.41 - -
- Non convertible debentures 12.75% - 13.50% 8,000.00 1,000.00 3,000.00 5,000.00 -
38,835.62 5,923.21 18,087.41 11,175.00 3,350.00
#The requisite particulars in respect of Non-Convertible Debentures, Cumulative Convertible Debentures and Cumulative Convertible
Preference Shares are as under:
Compulsory Non Compulsory

Convertible Convertible Convertible
Particulars
Preference Debentures Debentures
Shares
Issued & subscribed amount 20,000.00 15,000.00 5,000.00
Number of instruments 250.00 1,500.00 5,000.00
Security details Unsecured Unsecured Unsecured
Maturity period (yrs) 10 4 5
Maturity date 19-03-28 19-03-22 19-03-23
Coupon rate 0.01% 6% 10.50%
Face value per share 10.00 10.00 1.00
Securities premium per share 70.00 - -
Lock in period - - -
##
Terms / rights attached with Compulsory Convertible Preference Shares
The rights, preferences and restrictions attached to preference shares are in accordance with the provisions of Companies Act, 2013. The
preference shares have a par value of Rs. 10 per share. During the year, the company has issued Nil (PY 250,00,000) compulsory convertible
preference shares at par value of Rs. 10 each which shall convert into equity shares as above. CCPS shall be compulsorily converted into
equity shares on completion of 10 years from the date of allotment.
The preference shares shall be converted into the Equity shares of the Company at post money equity valuation of the Company i.e. the
number of Equity Shares issued pursuant to the conversion of all the CCPS shall entitle the holder to a stake in the total paid up and issue
Equity Share capital of the Company equivalent to the ratio between the subscription Amount and Post-Money Equity Valuation of the
Company.

01-28 29-57 58-191

18. Borrowings (Current)

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Short term borrowings - secured
- from banks* 15,960.28 6,616.60
- from others** 2,100.00 2,032.26
Less : prepaid processing fee (13.39) -
Loans repayable on demand (secured):
Bank overdraft / cash credit 5,644.20 -
Total 23,691.09 8,648.86
*Short term loan / working capital Secured by first pari-passu charge on entire current assets and movable fixed assets of the
faclities from banks - Company both present and future. In certain short term debt facilities Corporate guarantee of
Promoter Company & Personal Guarantee of Directors have been provided.
Loans are repayable on Demand
** Loan from others - As per the terms of the sanction the loan is secured by first Pari-passu charge or exclusive
charge on fixed assets and current assets of the company, personal guarantee promoters.
(Rs. in Lakhs)
Rate of interest Within one year /
On demand loans
Repayment terms for borrowings for March 31, 2019
Short term borrowings from banks 8.55% to 13.50% 15,960.28
Short term borrowings from others 12.50% - 13.00% 2,100.00
Bank overdraft / cash credit 7.72% to 13.50% 5,644.20
Repayment terms for borrowings for March 31, 2018
Short term borrowings from banks 8.08% to 13.5% 6,616.60
Short term borrowings from others 12.50% - 13.00% 2,032.26
Bank overdraft / cash credit - -
19. Other Financial Liabilities

(Rs. in Lakhs)
Non-current Current
Current maturities of long-term debt (Refer Note 17)
- from banks / others - - 12,744.04 5,792.85
Compulsory convertible preferences share (measured at 11,112.16 11,129.98 870.30 776.82
amortised cost) #
Interest accrued but not due on borrowings*
-Related party (refer note no 37) - 24.55 899.91 32.88
-Other than related party - - 111.71 116.31
Other payable
- Against capital goods - - 136.12 347.23
Total 11,112.16 11,154.53 14,762.08 7,066.09
# Refer note 17
* As per the terms of loan agreement loans and interest are repayable on demand and has not been recalled during the year hence interest
is not due.

20. Provisions
(Rs. in Lakhs)
Non-current Current
Provision for employee benefits
- Provision for gratuity (refer note 34) 1,123.49 986.85 295.69 174.29
- Provision for compensated absences 480.94 200.77 58.22 8.66
Total 1,604.43 1,187.62 353.91 182.95
21. Trade Payables

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
- Total outstanding dues of micro enterprises and small enterprises (refer note 36) 1,578.08 -
- Total outstanding dues of creditors other than micro enterprises and small enterprises 10,725.10 8,515.30
Total 12,303.18 8,515.30
22. Other Liabilities

(Rs. in Lakhs)
Current
As at As at
March 31, 2019 March 31, 2018
Advances from customers 665.53 634.61
Withheld money with supplier (Including retention) 35.70 -
Unearned Income (refer note 23) 350.50 -
Statutory dues payable 1,337.64 1,442.18
Total 2,389.37 2,076.79
23. Revenue from Operations

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Sale of services
Professional income 47,175.26 40,296.65
Sale of energy 52,778.17 48,305.35
Network rollout implementation 19,487.87 1,434.57
Periodic maintenance 4,554.68 754.51
Other operating revenue
- Meter rent and Miscellaneous Income 920.97 989.66
- Export of technical services 981.86 296.49
- Allied services (value addition through technology) 682.65 1,129.23
- Export benefit incentive 72.63 417.02
Total 1,26,654.09 93,623.48

01-28 29-57 58-191

“The Company classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue.
A receivable is a right to consideration that is unconditional upon passage of time. Revenue for time and material contracts
are recognised as related service are performed. Revenue for fixed price maintenance contracts is recognised on a straight-
line basis over the period of the contract. Revenues in excess of billings is recorded as unbilled revenue and is classified as a
financial asset for these cases as right to consideration is unconditional upon passage of time.”
“Revenue recognition for fixed price development contracts is based on percentage of completion method. Invoicing to the
clients is based on milestones as defined in the contract. This would result in the timing of revenue recognition being different
from the timing of billing the customers. Unbilled revenue for fixed price development contracts is classified as non-financial
asset as the contractual right to consideration is dependent on completion of contractual milestones.
Invoicing in excess of earnings are classified as unearned revenue. Trade receivable and unbilled revenues are presented net
of impairment in the Balance Sheet.
Performance obligations and remaining performance obligations:

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
recognised as of the end of the reporting period and an explanation as to when the Company expects to recognise these
amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining
performance obligation related disclosures for contracts where the revenue recognised corresponds directly with the value
to the customer of the entity’s performance completed to date, typically those contracts where revenue is equal to the
invoicing to the customer. Remaining performance obligation estimates are subject to change and are affected by several
factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has
not materialised and adjustments for currency.
The aggregate value of performance obligations that are completely or partially unsatisfied as of March 31, 2019 other than
those meeting the exclusion criteria mentioned above, is Rs. 35,962.51 Lakhs. This includes contracts that can be terminated
for convenience without a substantive penalty since, based on current assessment, the occurrence of the same is expected
to be remote.
Accordingly, Group had adopted Ind AS 115, “Revenue with contract with customers” using the cumulative catch up transition
method which is applied to contracts that were not completed as of April 1, 2018. The impact on account of applying the Ind
AS 115 “Revenue with contract with customers” in financial is Rs. 1,646.81 Lakhs (net of taxes) and its effect has been taken
in retained earnings and on account of adoption of Ind AS 115, as at March 31, 2019, unbilled revenue of Rs. 17,480.90 Lakhs
has been considered in other assets and unearned income of 350.50 Lakhs in other liabilities.
24. Other Income

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Interest income on financial assets at amortised cost 915.98 1,681.84
Interest income - others 322.30 110.10
Other non-operating income (net of expenses)
Net gain on foreign currency transactions 205.83 0.87
Net profit on sale of property, plant and equipment 0.59 27.46
Net liabilities no longer required, written back - 220.22
Miscellaneous income 6.99 58.19
Total 1,451.69 2,098.68

25. Energy purchase cost

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Energy purchase cost 45,736.00 40,282.00
Total 45,736.00 40,282.00
26. Cost of Materials and Services Consumed

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Cost of material consumed 11,468.86 749.62
Security charges 363.98 414.57
Highway maintenance expenses 4,466.24 1,179.05
Contract labour 1,018.06 1,326.50
Equipment & vehicle hire charges 439.13 804.90
Legal and professional expenses 9,475.35 7,244.68
Operation & maintenance services (distribution business) 3,637.23 2,422.83
Others 257.65 129.43
Total 31,126.50 14,271.58
27. Employee Benefit Expenses

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Salaries, wages and bonus 22,168.26 18,148.25
Contribution to provident and other funds (refer note no 34) 738.51 704.43
Expenses related to gratuity (refer note no. 34) 404.05 205.69
Expenses related to compensated absences 438.29 220.63
Staff welfare expenses 606.23 556.40
Total 24,355.34 19,835.40
28. Finance Cost

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Interest expenses on financial liabilities measured at amortised cost
On term loans 5,432.62 6,616.51
On non-convertible debentures and compulsorily convertible debentures 2,411.72 804.39
On working capital 1,062.22 845.62
Interest expenses on statutory dues 26.82 72.69
Other borrowing costs 1,668.82 1,510.49
Total 10,602.20 9,849.70

01-28 29-57 58-191

29. Depreciation and Amortisation Expenses

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Depreciation on property, plant and equipment* 1,012.15 916.15
Amortisation of intangible assets# 1,864.27 892.96
Total 2,876.42 1,809.11
* Refer Note 4
#
Refer Note 6
30. Other Expenses

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Rent 1,721.88 1,641.12
Repairs and maintenance 1,023.63 933.63
Insurance 344.19 331.89
Conference and meeting expenses 36.55 37.43
Impairment allowance on receivable 3,001.70 736.25
Vehicle running and maintenance 253.02 213.23
Rates and taxes 176.11 136.96
Advertisement and publicity 1.24 0.64
Travelling and conveyance (net) 3,055.15 2,389.19
Legal and professional expenses (net) 607.59 531.68
Payment to statutory auditors
As statutory auditors 69.68 43.20
For other services 20.00 0.05
For reimbursement of expenses 0.46 -
Loss on sale / discard of property, plant and equipment 0.44 8.24
Miscellaneous expenses 1,252.62 1,223.33
Expenditure on Corporate Social Responsibility (refer note 39) 59.16 46.10
Total 11,644.86 8,347.67
31. Income Tax Expense

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
a) Income tax recognised in profit or loss
Current tax expense
Current year 695.81 340.49
Current tax adjustment related to earlier years (6.28) 182.02
Deferred tax expense
Deferred tax charge 345.08 (218.74)
Total 1,034.61 303.77

b) Reconciliation of effective tax rate

Tax using the Company's domestic tax rate {CY 33.384% ( PY 33.063%)} 589.05 379.89
Tax of earlier year provided or written back (6.28) 182.02
Tax effect of expenses not allowed for tax purposes 40.13 80.41
Change in tax rate 33.48 (105.54)
Deferred tax not recognised on losses of subsidiaries 253.67 -
Effect of tax on income at different rate 5.33 -
Other adjustments 119.23 (233.01)
Total 1,034.61 303.77
32. Other Comprehensive Income

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Remeasurements of the defined benefit plans
(ii) Income tax relating to items that will not be reclassified to profit or loss 46.65 1.58
33. Earning Per Share

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Basic earning per share 4.46 6.25
Diluted earning per share 4.42 6.18
The earnings and weighted average number of equity shares used in the calculation of basic
earnings per share used in calculation of basic earnings per share are as follows :
Net profit after tax 729.83 1,022.93
Weighted average number of shares for the purposes of basic earnings per share
Weighted average number of equity shares during the year 1,63,61,704 1,63,61,704
Earnings used in the calculation of dilutive earnings per share are as follows:
Earnings used in the calculation of dilutive earnings per share 729.85 1,022.93
The weighted average number of equity shares used in calculation of weighted average number
of equity shares
- Employee share options 1,68,149 1,86,691
Weighted average number of diluted equity shares during the year 1,65,29,853 1,65,29,853
The following potential equity shares are anti dilutive and are therefore excluded from the
weighted average number of equity shares for the purposes of calculation of diluted earnings
per share
- Outstanding compulsory convertible debentures convertible into equity shares 15,85,890 -
- Outstanding compulsory convertible preference shares convertible into equity shares* - -
* Numbers of outstanding compulsory convertible preference shares convertible into equity shares cannot be determined as these are
convertible at a future date based on actual earnings of the Group and Feedback Group at the date of getting the rights to exercise.

01-28 29-57 58-191

34. Employee Benefits

A Defined contribution plans:
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Amounts recognised in the statement of profit and loss are as under:
Provident fund (Refer to note (i) below) 606.27 590.03
Employees’ State Insurance Corporation (Refer to note (ii) below) 132.24 114.40
738.51 704.43
The expenses incurred on account of the above defined contribution plans have been included in Note 24 “Employee Benefits
Expenses” under the head “Contribution to provident and other funds”
(i) Provident fund
The Company makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards Provident Fund. The contributions are charged to the statement of Profit and Loss
as they accrue.
(iii) Employee State Insurance fund

The Company’s contribution paid/ payable under the scheme to the Employee State Insurance is recognised as an
expense in the Statement of Profit and Loss during the period in which the employee renders the related service.
B Defined benefit plans

Gratuity- The Company provides for gratuity for employees as per the Payment of Gratuity Act 1972. The Company
operates a post-employment defined benefit plan that provides for gratuity. The gratuity plan entitles an employee, who
has rendered at least five years of continuous service, to receive one-half month’s salary for each year of completed
service at the time of retirement/exit. The scheme is not funded by plan assets.
(i) These plans typically expose the company to actuarial risks such as investment risk, interest rate risk,
longevity risk and salary risk.
Investment risk
The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
Salary risk
The present value of defined benefit plan is calculated with the assumption of salary increase rate of plan
participants in future. Deviation in rate of increase in salary in future for plan participants from the rate of increase
in salary used to determine the present value of obligation will have a bearing on the plan’s liability.
Interest risk
The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in
the ultimate cost of providing the above benefit and will thus result in an increase in value of the liability.
Longevity risk
The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of
plan participants both during and after employment. An increase in the life expectancy of the plan participants will
increase the plans liability.

(ii) The principal assumption used for the purpose of the actuarial valuation were as follows:
(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Discount rate (p.a) 4.10% - 7.66% 7.80%
Salary increase rate (p.a) 2% - 5% 5.00%
Retirement age (years) 60 60
Mortality rates 100 % of IALM (2006 - 08)
Withdrawal rate
Up to 30 years 3.00% 3.00%
31 to 44 years 2.00% 2.00%
Above 44 years 1.00% 1.00%
The cost of the defined benefit plans and other long term benefits are determined using actuarial valuations. An
actuarial valuations involves making various assumptions that may differ from actual developments in the future.
These includes the determination of the discount rate, future salary increases and mortality rate. Due to these
complexity involved in the valuation it is highly sensitive to the changes in these assumptions. All assumptions are
reviewed at each reporting date. The present value of the defined benefit obligation and the related current service
cost and planned service cost were measured using the projected unit cost method.
(iii) Amounts recognised in statement of profit and loss in respect of gratuity benefit plan is as follows:
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Current service cost 343.39 143.45
Net interest cost / (income) on the net defined benefit liability / (asset) 60.66 62.24
404.05 205.69
These amounts for the year are included in Note 27 “Employee benefits expenses”.
(iv) Amounts recognised in Other Comprehensive Income:

(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Actuarial (gain)/losses arising from changes in financial assumptions 145.86 (3.91)
Actuarial (gain)/losses arising from changes in experience adjustments (81.53) (20.68)
64.33 (24.59)
(v) Movements in the present value of defined benefit obligation are as follows:
(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Opening defined benefit obligation 1,161.14 1,057.54
Current service cost 200.89 180.61
Interest cost 92.36 56.82
Actuarial (gain)/losses arising from changes in financial assumptions 145.87 (3.91)
Actuarial (gain)/losses arising from changes in experience adjustments (85.35) (20.72)
Benefits paid (95.73) (109.20)
Closing defined benefit obligation 1,419.18 1,161.14

01-28 29-57 58-191

(vi) Maturity profile of defined benefit obligations

Gratuity Gratuity
April 2018 - March 2019 294.51 91.85
April 2019 - March 2020 169.82 215.24
April 2020 - March 2021 30.89 15.17
April 2021 - March 2022 51.86 13.00
April 2022 - March 2023 27.55 14.47
April 2023 - March 2024 31.40 16.55
April 2024 onwards 821.49 477.59
(vii) Sensitivity analysis

Significant actuarial assumptions for the determination of the defined obligation are discount rate and expected
salary increase. The sensitivity analysis below have been determined based on reasonably possible changes of the
respective assumptions occurring at the end of reporting period, while holding all other assumptions constant.
(Rs. in Lakhs)
Particulars Discount Rate "Salary Discount Rate "Salary
escalation rate" escalation rate"
Defined benefit obligation on plus 50 basis points (58.95) 64.54 (39.41) 44.12
Defined benefit obligation on minus 50 basis points 63.57 (60.28) 43.13 (40.60)
35. Share Based Compensation

The Parent Company provides share-based compensation payment schemes to its employees. The relevant details of the
scheme are as follows: On June 28, 2014, the Company’s Shareholders approved Feedback Employee Stock Option Plan
(“Plan”) and Feedback Employee Stock Option Plan A 2014 (“Plan A”) at their Extraordinary General Meeting. Both the Plans
cover all permanent employees of the Feedback Infra Group. The Plan provides for issuance of 6,36,142 shares of Rs. 10 each
and Plan A provides for issuance of 225000 shares of Rs. 10/- each. Both Plans are administered by the Executive Committee
of the Company comprising of Board members. The stock options granted under the plans are categorised as Equity Settled.
The maximum term of options granted under both the plans is 13 years. The options vest after 4 years from date of grant .
On March 23, 2016, the Parent Company’s Shareholders approved Feedback Employee Stock Option Plan 2016 (“ESOP 2016”)
at their Extraordinary General Meeting. The Plan covers all permanent employees of the Feedback Infra Group. The Plan provides
for issuance of 60,000 shares of Rs. 10 each w.e.f April 1, 2016. The Plan is administered by the Executive Committee of the
Company comprising of Board members. The stock options granted under the plans are categorised as Equity Settled. The
maximum term of options granted under the plan is 12 years. The options vest after 3 years from date of grant .
I. Option movement during the year ended March 31, 2019
(Rs. in Lakhs)
Particulars
(Plan) exercise price (Plan) exercise price
(in Rs.) (in Rs)
No. of options outstanding at the beginning of the year 1,80,000.00 237.00 1,80,000.00 237.00
Number of options outstanding at the end of the year 1,20,000.00 237.00 1,80,000.00 237.00
Number of options exercisable at the end of the year 1,20,000.00 - 1,80,000.00 -

(Rs. in Lakhs)
Particulars
(Plan A) exercise price (Plan A) exercise price
(in Rs) (in Rs)
No. of options outstanding at the beginning of the year 1,35,000.00 10.00 1,80,000.00 10.00
Options forfeited / surrendered during the year - 10.00 45,000.00 10.00
Number of options outstanding at the end of the year 1,35,000.00 10.00 1,35,000.00 10.00
Number of options exercisable at the end of the year 1,35,000.00 - 1,35,000.00 -
(Rs. in Lakhs)
Particulars
(Plan 2016) exercise price (Plan 2016) exercise price
(in Rs) (in Rs)
No. of Options Outstanding at the beginning of the year 60,000 343 60,000 343
Options Granted during the year - - - -
Options Forfeited / Surrendered during the year 60,000 - - -
Number of options outstanding at the end of the year - 343 60,000 343
Number of options exercisable at the end of the year - - 60,000 -
II. Weighted average remaining contractual life

(Rs. in Lakhs)
No. of options Weighted No. of options Weighted
Range of exercise price outstanding average outstanding average
contractual life contractual life
(years) (years)
0-100 1,35,000 8.47 1,35,000 9.47
100-300 1,20,000 8.47 1,80,000 9.47
300-500 - - 60,000 10.01
III. Weighted average fair value of options granted during the year
No options were granted during the year
IV. Method and assumptions used to estimate the fair value of options granted during the year ended:
The fair value has been calculated using the Black Scholes option pricing model.
The Assumptions used in the model are as follows:

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Variables
Weighted Weighted
1. Risk free interest rate 8.68% 8.68%
2. Expected life(in years) 8.47 8.47
3. Expected volatility 0% 0%

01-28 29-57 58-191

(Rs. in Lakhs)
As at As at
March 31, 2019 March 31, 2018
Variables
Weighted Weighted
4. Dividend yield 0.73% 0.73%
5. Exercise price (in Rs) 10 237
6. Price of the underlying share in market at the time of the option grant. (in Rs) 275 275
V. Assumptions:
A) Stock price- The price has been derived on the basis of the fair value as on September 14, 2014.
B) Volatility -The historical volatility over the expected life has been considered to calculate the fair value.
C) Risk-free rate of return -The risk-free interest rate being considered for the calculation is the interest rate applicable for a
maturity equal to the expected life of the options based on the zero-coupon yield curve for Government Securities.
D) Exercise price - exercise price of each specific grant has been considered.
E) Time to maturity - time to maturity / expected life of options is the period for which the Company expects the options to be live.
F) Expected divided yield - expected dividend yield has been calculated based on the dividend declared prior to the date of grant.
VI. (Rs. in Lakhs)

As at As at
Particulars
March 31, 2019 March 31, 2018
Employee option plan expense (72.35) 199.83
Total liability at the end of the period 545.79 618.15
36. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
The Group has certain dues to suppliers registered under Micro, Small and Medium Enterprises Development Act, 2006.
The disclosures pursuant to the said MSMED Act as follows :
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
a) Amounts payable to suppliers under MSMED (suppliers) as at the year end. -
(i) the principal amount remains unpaid to any supplier. 1,578.08 -
(ii) interest due thereon. 14.71 -
b) Payments made to suppliers beyond the appointed day during the year.
(i) the principal amount. - -
c) interest due and payable for the year of delay in making payment other than the interest - -
specified under the Micro, Small and Medium Enterprises Development Act, 2006 .
d) interest accrued and remains unpaid. 14.71 -
e) interest remaining due and payable to supplier disallowable as deductible expenditure under 14.71 -
income tax Act, 1961
f) further interest due and payable even in the succeeding year, until such date when the interest - -
dues as above are actually paid.
g) Interest remaining disallowable as deductible expenditure under the Income-tax Act, 1961 14.71 -
Details of dues to Micro Enterprises and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006
(‘MSMED Act’) are based on information made available to the Company.

37. Related Party Disclosure

a) List of Related Parties as per Ind AS 24
S. No. Name of related party Nature of relationship
A (i) A person or a close member of that person’s family of a reporting entity is a member of the Key Management
Personnel of the reporting entity or of a parent of the reporting entity.
Vinayak Chatterjee Chairman - Executive
R. S. Ramasubramaniam Co-Chairman - Executive
Rumjhum Chatterjee Director - Executive - ceased on March 29, 2018
P. Ramesh Director - Executive - ceased on March 29, 2018
Pankaj Sachdeva Group CFO
B (i) A person identified in (a)(i) has significant influence over the entity or is a member of the key management
personnel of the entity (or of a parent of the entity).
Feedback Foundation Trust Enterprises over which Key Management Personnel is able to
Feedback Foundation Charitable Trust Enterprises over which Key Management Personnel is able to
C (i) Investing Parties in respect of which the Reporting parties is associates :
i. Mission Holdings Pvt. Ltd.
ii. Zenith Infra Investment Holdings Ptd Ltd.,
iii. L & T Infrastructure Finance Company Ltd., (Equity shares, were transferred with approval on March 19, 2018)
b) The following transactions were carried out with related parties in the ordinary course of business:
(Rs. in Lakhs)
As at As at
Name of party Type of relation Nature of transaction March 31, 2019 March 31, 2018
Amount Amount
Transactions:
Loan taken & repaid - 50.00
Mr. Vinayak Chatterjee KMP
Closing balance:
Transactions:
Mr. R.S. Loan taken & repaid - 95.00
KMP
Ramasubramaniam Closing balance:
Transactions:
Mrs. Rumjhum
Relative of KMP Closing balance:
Chatterjee
Transactions:
Salary and other benefits - 217.46
Mr. P. Ramesh KMP Loan taken & repaid - 247.50
Closing balance:

01-28 29-57 58-191

(Rs. in Lakhs)
As at As at
Amount Amount
Transactions:
Mr. Parvesh Minocha KMP Closing balance:
Transactions:
Mr. Pankaj Sachdeva KMP Salary and other benefits 215.22 182.52
Closing balance:
Transactions:
M. Tilak Sethi KMP Closing balance:
Salary and other benefits payable 3.41 1.10
Enterprise over which Expenditure on corporate social 45.40 27.21
Feedback Foundation KMP is able to exercise responsibility
Charitable Trust control or significant
influence
Transactions
Repayment / settlement of advances (2,988.88)
Enterprises over which Interest (net) 0.62 425.87
Key Management Repayment of loan repayment (9.90) 15.72
Feedback Foundation
Personnel is able to Closing balance:
Trust*
exercise control or Trade payable - 0.93
significant influence. Interest on ICD - 425.87
Loan amount receivable - 2,571.98
Off balance sheet item:
Corporate guarantee -
Mission Holdings Transactions:
Promoter Company
Private Limited** Dividend paid 101.02 117.85
Transactions
Interest (net) 2,321.41 74.69
Interest paid (1,421.50)
Reimbursement expenses (net) - 34.93
CCPS issued (funds received) - 20,000.00
NCD's issued (funds received) - 15,000.00
CCD's transferred from Axis - 5,000.00
Zenith Infra
Equity shares transferred from Ex- - 10,001.77
Investment Holdings Invester Company
Shareholders
PTE Limited
Closing balance:
Interest payable 899.91 69.23
Advances payable - 30.07
Compulsory convertible preference 20,000.00 20,000.00
shares
Non-convertible debentures 15,000.00 15,000.00
Compulsory convertible debentures 5,000.00 5,000.00

(Rs. in Lakhs)
As at As at
Amount Amount
Transactions
Professional income received - 4.00
Professional charges paid including - 3.00
L&T Infrastructure sitting fees
Finance Company Invester Company Dividend paid - 66.33
Limited Equity Shares transferred to Zenith - 7,721.37
Closing balance:
Trade receivables
Professional income receivable - 3.30
* Does not include provision for incremental gratuity & leave encashment liabilities, since the provisions are based on actuarial
valuations for the company as a whole.
(c) Acquisition of India Infrastructure Initiative Trust by DC Infra

During the year ended March 31, 2019, DC Infra, partnership firm acquired 61,988 units of India Initiative Infrastructure
trust w.e.f. January 1, 2019. Assets amounting to Rs. 10,815 Lakhs (Includes tangible assets of 2,157 Lakhs and business
know how of 6,200 Lakhs) and liabilities amounting to Rs. 10,194 Lakhs of India Initiative Infrastructure trust have been
consolidated in DC Infra, partnership firm and goodwill of Rs. 224.18 Lakhs has arisen on the transaction.
(d) Terms and conditions of transactions with related parties

The sales and purchases / services rendered to and from related parties are made on terms equivalent to those
that prevail in arm’s length transactions. There have been no guarantees provided or received for any related party
receivables or payables.
(e) Compensation of Key management personnel

The remuneration of director and other member of key management personnel during the year was as follows:
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
Short-term benefits (salary) 1,247.74 981.59
Post employment benefits - -
Other long term benefits - -
Share based payments - -
Termination benefits - -
** Guarantees given by Mission Holdings Pvt. Ltd. are disclosed in note no. 17
*** Personal Guarantees given by Mr. Vinayak Chatterjee has been disclosed in note no. 17

01-28 29-57 58-191

38. Leases
a) Operating lease
The Company has taken office spaces on operating lease basis. The operating lease arrangements, are renewable on a
periodic basis and for most of the leases extend up to a maximum of 1 years from their respective dates of inception
and relates to rented premises. Some of these lease agreements have price escalation clauses.
Obligations on long-term, non-cancellable operating leases:
The lease rentals charged during the year is as under:
(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
Lease rentals recognised during the year 1,721.88 1,641.12
The obligations on long-term, non-cancellable operating leases payable as per the rentals stated in the respective
agreements are as follows:
(Rs. in Lakhs)
March 31, 2019 March 31, 2018
- Not later than one year 859.66 1,051.19
- Later than one year and not later than five years 1,245.79 764.03
- Later than five years - -
39. CSR Expenditure

(Rs. in Lakhs)
Particulars
March 31, 2019 March 31, 2018
a) Gross amount required to be spent by the Company during the year 38.20 42.23
b) Amount spent during the year : - -
(i) Construction or acquisition of any assets - -
(ii) On purpose other than above (i) 59.16 46.10
Total 59.16 46.10
Expenditure incurred in cash on Corporate Social Responsibility activities, included in different heads of expenses in the
Statement of Profit and Loss is Rs. 59.16 Lakhs (March 31, 2018 Rs. 46.10 Lakhs). The amount required to be spent under
Section 135 of the Companies Act, 2013 for the year ended March 31, 2019 is Rs. 38.20 Lakhs (March 31, 2018 Rs. 42.23
Lakhs i.e. 2% of average net profits for last three financial years, calculated as per section 198 of the Companies Act, 2013
40.
In respect of Feedback Energy Distribution Company Limited (Subsidiary Company), the Subsidiary Company had entered into
five years agreement with Central Electricity Supply Utility of Odisha (CESU) in February 2013 to distribute electricity in the
franchisee area (Khurda, Puri & Balugaon Electrical Divisions) and in April 2013 for Nayagarh Electrical Divisions. After the expiry
of initial period of 5 years (in February 2018 & in April 2018, respectively), CESU has extended the agreement till December
31, 2018 and further extended till June 30, 2019, pending the necessary documentation and other internal approvals for the
execution of new revised distribution franchisee agreement (DFA). The Subsidiary Company has accepted the offer of CESU for
execution of new DFA for 9 years and 6 months on revised terms. As such, as per the management of the Group there is no
material uncertainty in execution of the new DFA.

41. Recoverability of Certain Debtors

(a) In respect of Feedback Energy Distribution Company Limited, (the Subsidiary Company) amount recoverable from
Central Electricity Supply Utility of Odisha (CESU) amounting to Rs. 4,408 Lakhs : The amount recoverable from CESU
substantially relates to the Meter Rent and Miscellaneous charges billed to the Consumers as part of the monthly billing
cycle. The meter rent gets paid to the Company, through CESU, as soon as the same gets paid by the Consumer. In case
of partial payment of the bill amount, there is settlement sequence specified as per the tariff order approved by Odisha
Electricity Regulatory Commission (OERC) and the amount to meter rent gets paid in accordance with the sequence
specified therein. As per the agreement between the Company and CESU, the unrecovered meter rent is to be paid by
CESU at the end of the term of agreement. The Company expects to recover the entire amount of meter rent from CESU
immediately after the extension of the Distribution Franchisee Agreement. (refer note 12)
(b) In respect of Feedback Energy Distribution Company Limited, (the Subsidiary Company) amount recoverable from
three utility bodies of Madhya Pradesh Madhya/Paschim/Poorva Kshetra Vidyut Vitran Company Ltd. (3 companies)
amounting to Rs. 1,160 Lakhs : The contract between the Company and utility bodies were terminated in the month of
September 2018 under the convenience clause stipulated in the respective agreements signed with each of the utility
bodies. The amount recoverable relates to the monthly management Fees, incentives and other dues of the Company.
The actual claim of the Company is significantly higher, which is currently in discussion with the respective utility bodies.
The Company expects to recover the amount outstanding in the books of accounts and other additional dues in the next
6 to 9 months.(refer note 12)
(c) In respect of Feedback Energy Distribution Company Limited, (the Subsidiary Company) amount recoverable from Odisha
Small industry Corporation Limited (OSIC) amounting to Rs. 1,487 Lakhs : OSIC was awarded contracts for erection of
electricity distribution lines and OSIC had sub-contracted certain work out of those contracts to the Company. The
contract to OSIC was terminated by the other party and so the contract between OSIC and the Company was also
terminated with that effect. The matter is under discussion between OSIC, the other party and the Company wherein
the State is working towards resolving the matter. Further OSIC has confirmed the balance outstanding to the Company
as at 31 March 2019 as per their books of accounts. (refer note 12)
(d) In respect of Feedback Power Operations & Maintenance Services Private Limited, (the Subsidiary Company) receivable
amounting to Rs. 436 Lakhs is outstanding from Korba West Power Company Limited and the company has gone
for legal proceedings in National Company Law Tribunal for recovery of these receivables. Basis the other cases of
operational creditors and resolution plan provided for payment of ex-gratia to the operational creditors, the Company
has concluded that amount is good and recoverable and expects to recover in 9-12 months.(refer note 12)
42. Unbilled Revenue

In respect of Feedback Energy Distribution Company Limited, (the Subsidiary Company) pursuant to the amendment in the
Distribution Franchisee agreement in December 2014, an amount of Rs. 797.06 Lakhs has been recognised under Franchisee’s
Incremental Revenue . This income relates to Khurdha electrical division for the period 1 August 2013 to 31 March 2015 , on
account of reset of base line realisation per unit (RPU). It is part of unbilled revenue under other financial Assets.
The aforesaid amount is calculated based on the said amendment and principles as agreed with electricity distribution
licensee i.e. Central Electricity Supply Undertaking. The Company expects to recover the amount outstanding in the books
of accounts and other additional dues in the next 6 to 9 months. (refer note 7)
43. Subsequent Events

In respect of Feedback Energy Distribution Company Limited, (the Subsidiary Company) has in its areas of operations has
faced unfortunate natural calamity (Cyclone “FANI”) in the month of May 19. The damage in terms of materials is being taken
up by the State and actively involved in restoring the damaged network.

01-28 29-57 58-191

44. Re-grouping/Re-classification
In respect of Feedback Energy Distribution Company Limited, (the Subsidiary Company) previous year/ period figures in the
financial information have been reclassified wherever required to conform to the current period presentation / classification.
The Company has recast error in computation of deferred tax as on 31 March 2018 and accordingly retained earnings
has been decreased by Rs. 1,254 Lakhs and deferred tax liability has increased by Rs. 1,254 Lakhs as on March 31, 2018.
Further previous year figures in the financial information has been reclassified wherever required to confirm the current year
presentation / classification.
45. Contingent Liabilities & Commitments (To the Extent Not Provided For)
(Rs. in Lakhs)
Carrying Carrying
Particulars amount as at amount as at
March 31, 2019 March 31, 2018
Provisions
A. Contingent liability not provided for:
(a) Claims against the company not acknowledged as debt 1.96 26.56
(b) Guarantees (excluding financial guarantee)
(i) Bank guarantees (Including guarantees given on behalf of Subsidiaries) 27,400.62 19,065.97
(ii) Bills discount with banks - -
(c) Letter of credit 759.75 936.22
(d) Financial Guarantee (Includes guarantees given on behalf of Subsidiaries) 23,400.00 24,975.00
B. Commitments outstanding:
Estimated amount of contracts remaining to be executed on capital account, others and not 2,522.21 557.75
provided for (Net of advances)
c. The Group has other commitments on account of contracts remaining to be executed which are entered into the normal course
of business. The Group did not have any long-term contracts including derivatives contracts for which there were any material
foreseeable losses.
46. Financial Instruments

Fair value measurement
Financial instruments by category
Financial assets
(Rs. in Lakhs)
Note
Particulars Carrying Fair value Carrying Fair value
no.
Amount Level 3 amount Level 3
1. Financial assets designated at amortised cost
a) Loans 14 27.44 27.44 2,603.01 2,603.01
b) Other financial assets 7 24,823.78 24,823.78 26,959.94 26,959.94
c) Trade receivables 12 37,232.10 37,232.10 27,972.17 27,972.17
d) Cash and cash equivalents 13 2,046.71 2,046.71 10,756.26 10,756.26
e) Other bank balances 13 9,947.56 9,947.56 8,505.13 8,505.13
Total 74,077.59 74,077.59 76,796.51 76,796.51
2. Financial liability designated at amortised cost
a) Borrowings 17 & 18 76,199.08 76,199.08 67,644.96 67,644.96
b) Other financial liabilities 19 25,874.24 25,874.24 18,220.62 18,220.62
c) Trade payables 21 12,303.18 12,303.18 8,515.30 8,515.30
Total 1,14,376.50 1,14,376.50 94,380.88 94,380.88

(I) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are
disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining
fair value, the company has classified its financial instruments into the three levels prescribed under the accounting
standard. An explanation of each level follows underneath the table.
Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
Financial assets and Financial liabilities, approximates the fair values, due to their short-term nature. They are classified as
level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.
47. Financial Risk Management Objectives and Policies

47.1Financial risk factors
The Group is exposed to credit risk, liquidity risk and market risk. The Company’s board of directors has the overall
responsibility for the management of these risks and is supported by Business Process that advises on the appropriate
financial risk governance framework. The Company has the risk management policy and system in place and are reviewed
regularly to reflect changes in market condition and company’s activities. The Company’s Board of Director monitors
compliance with the risk management policy in procedure and reviews the adequacy of risk management framework in
relation to the risk faced by the Company.
I. Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
fluctuation in market prices. These comprise three types of risk i.e. currency rate, interest rate and other price related
risks. Financial instruments affected by market risk include investments, deposits, etc. 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.
a) Foreign Currency Risk and sensitivity

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company uses derivative financial instruments to reduce
foreign exchange risk exposures and follows its risk management policies to mitigate the same. After taking
cognisance of the natural hedge, the company takes appropriate hedges to mitigate its risk resulting from
fluctuations in foreign currency exchange rate(s).
The following table analyses foreign currency risk from financial instruments as of March 31, 2019:
Absolute figures in Amount (Rs. in Lakhs)
respective currency
Particulars Year ended Year ended Year ended Year ended
March 31, 2019 March 31, 2018 March 31, 2019 March 31,
2018
Trade receivables
USD 22,69,934 34,06,700 1,530.06 2,218.99
IDR - - - -
AED 6,100 80,584 1.15 14.29

01-28 29-57 58-191

Absolute figures in Amount (Rs. in Lakhs)

respective currency
Particulars Year ended Year ended Year ended Year ended
March 31, 2019 March 31, 2018 March 31, 2019 March 31,
2018
RWF - - - -
EUR 22,499 22,502 17.48 18.06
BDT 1,64,39,128 31,915 134.80 0.25
Investments
NPR 81,98,250 81,98,250 50.83 50.83
IDR 4,26,65,42,179 4,26,65,42,179 201.81 201.81
Trade payables
USD 26,718 36,806 18.48 23.97
RWF - 51,39,992 - 3.91
KES - - - -
* The above Figures are all in absolute in their respective currency.
The following significant exchange rates have been applied during the year.
INR Year-end spot rate
Currency March 31, 2018 March 31, 2016
USD 69.1700 65.1360
IDR 0.0047 0.0047
AED 18.8600 17.7300
RWF NA 0.0760
EUR 77.7000 80.2700
BDT 0.8200 0.7800
KES NA 0.6400
NPR 0.6200 0.6200
Foreign currency sensitivity on unhedged exposure

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon
conversion into functional currency, due to exchange rate fluctuations between the previous reporting period
and the current reporting period.
0.25% Increase and decrease in foreign exchanges rates will have the following impact on profit before tax
(Rs. in Lakhs)
2018-19 2017-18
Particulars
0.25% Increase 0.25% decrease 0.25% Increase 0.25% decrease
USD Sensitivity 3.88 (3.88) 5.49 (5.49)
IDR Sensitivity 0.50 (0.50) (0.50) 0.50
AED Sensitivity 0.00 (0.00) 0.04 (0.04)
RWF Sensitivity NA NA (0.01) 0.01
EUR Sensitivity 0.04 (0.04) 0.05 (0.05)
BDT Sensitivity 0.34 (0.34) 0.00 (0.00)
NPR Sensitivity 0.13 (0.13) 0.13 (0.13)
KES Sensitivity NA NA - -
Increases / (decrease) in profit or loss 4.89 4.89 5.20 (5.20)

Summary of exchange difference accounted in statement of profit and loss:

(Rs. in Lakhs)
Year Ended Year Ended
Particulars
March 31, 2019 March 31, 2018
Currency fluctuations
Net foreign exchange ( gain)/ losses shown as operating expenses - -
Net foreign exchange ( gain)/ losses shown as finance cost - -
Net foreign exchange ( gain)/ losses shown as other income 205.83 0.87
Derivatives
Currency forwards ( gain) / losses shown as operating expenses - -
Interest rate swaps ( gain) / losses shown as finance cost - -
Net foreign exchange ( gain)/ losses shown as other income - -
Total 205.83 0.87
b. Interest Rate Risk

The Company’s main interest rate risk arises from working capital borrowings at variable rates. Company’s
investments are primarily in fixed deposits which are short term in nature and do not expose it to interest rate
risk. The Company regularly evaluates the interest rate hedging requirement to align with interest rate views
and defined risk appetite, in order to ensure most cost effective interest rate risk management.
Exposure to interest rate risk
The interest rate profile of the Company’s interest-bearing financial instruments as reported to the
management of the Company is as follows.
(Rs. in Lakhs)
Particulars March 31, 2019 March 31, 2018
Fixed-rate instruments
Financial assets
- Fixed deposits with banks 12,454.39 10,252.40
Variable-rate instruments
- Borrowings 75,925.58 60,335.18
- Sensitivity Analysis
Fair Value Sensitivity Analysis for Fixed Rate Instruments
The Company does not account for any fixed rate financial assets or financial liabilities at fair value through
Profit or Loss, therefore change in interest rate at the reporting date would not affect profit or Loss.
Cash Flow Sensitivity Analysis for Variable Rate Instruments

A increase of 25 basis point in interest rate at the reporting date would have increased, (decreased) Profit or
Loss by the amount shown below. This analysis assumes that all other variables, remain constant.
The sensitivity analysis is computed by comparing weighted average interest rate for the period ended
March 31, 2019 and March 31, 2018.
(Rs. in Lakhs)
Particulars
Interest rates - increase/decrease by 126.45 (126.45) 100.48 (100.48)
25 basis points

01-28 29-57 58-191

c. Price Risk
The Company does not have any investments, therefore is not exposed to Price Risk.
II. Credit Risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the
contractual terms or obligations . Credit risk encompasses of both, direct risk of default and the risk of deterioration of
creditworthiness as well as concentration of risk.
The company reviews the credit-worthiness of its customers based on their financial position, past experience and
other factors. The credit risk related to the trade receivables is mitigated by setting appropriate payment terms and
credit period, and by setting and monitoring internal limits on exposure to individual customers. The company regularly
monitors its counterparty limits that are reviewed and approved by the management to control its credit risk.
The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to
Rs 37,232.10 Lakhs and Rs. 27,972.17 Lakhs as of March 31, 2019 and March 31, 2018, respectively. Trade receivables
are typically unsecured and are derived from revenue earned from customers primarily located in India.
On account of adoption of Ind AS 109, the company uses expected credit loss model to assess the impairment loss or
gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The
provision matrix takes into account as per the Company’s historical experience for customers.
Financial assets are written off when there is no reasonable expectation of recovery. Where’s the loans and receivables
has written off and subsequently recoveries are made, these are recognised as an income in the financial statements.
The Company’s customers includes government bodies, public sector undertakings and retail consumers of electricity.
No interest is generally charged on overdue trade receivables. The Company evaluates each receivable separately
(other then retail electricity consumers) to account for the Company’s exposure to credit risk. In case of retail electricity
consumers, credit loss is estimated by the Company on the age of the specific receivables balances and the current and
past collection trend. The company believe that there is efficient process established to monitor and control the risk of
loss associated with receivables. For details, (refer note 12).
Other financials assets mostly consists of retention money for various projects executed by the Company and the credit
risk exposure to such balance is moderate.
Credit risk exposure
The allowance for lifetime expected credit loss on customer balances for the year ended are as below:
(Rs. in Lakhs)
Asa t As at
Particulars
March 31, 2019 March 31, 2018
Balance at the beginning 7,018.84 4,121.77
Impairment loss reversed 1,621.65 2,897.07
Balance at the end 8,640.49 7,018.84
Credit risk from balances with banks and other financial instruments is managed by Company in accordance its policy.
Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the management, and may be updated throughout the year.
Impairment on cash and cash equivalents, deposits and other financial instruments has been measured on the
12-month expected credit loss basis and reflects the short maturities of the exposures. The Company considers
that its cash and cash equivalents have low credit risk based on external credit ratings of counterparties.
Based on the assessment there is no impairment in the above financial assets.

III. Liquidity Risk

Liquidity risk arises when the Company will not be able to meet its present and future cash and collateral obligations.
The risk management action focuses on the unpredictability of financial markets and tries to minimize adverse
effects. The Company manages Liquidity Risk by maintaining adequate reserves and continuously monitoring
forecast and actual cash flows and by matching the maturity profiles of Financial Assets and Liabilities.
The table below provides details regarding the contractual maturities of significant financial liabilities as of
March 31, 2019:
(Rs. in Lakhs)
Carrying Less than 1 Between one to Between More then 5
Particulars Amount year 2 years two and years
five years
Borrowings - Current 36,435.13 36,435.13 - - -
Borrowings - Non-Current 41,057.62 - 23,613.76 16,453.86 990.00
Trade payables 12,303.18 12,303.18 - - -
Other financial liabilities - Current 14,762.08 14,762.08 - - -
Other financial liabilities - Non- 11,112.16 - 11,112.16 - -
Current
Total 1,15,670.17 63,500.39 34,725.92 16,453.86 990.00
The table below provides details regarding the contractual maturities of significant financial liabilities as of
March 31, 2018:
(Rs. in Lakhs)
Carrying Less than 1 Between one to Between More then 5
Particulars Amount year 2 years two and years
five years
Borrowings - non-current 47,912.41 - 18,387.41 26,175.00 3,350.00
Trade payables 8,515.30 8,515.30 - - -
Other financial liabilities - current 7,066.09 7,066.09 - - -
Other financial liabilities - non- 11,154.53 - 11,154.53 - -
current
Total 89,090.04 30,023.10 29,541.94 26,175.00 3,350.00
The table below provides details regarding the undrawn limit of various facilities sanction from bank/financial
institutions:
(Rs. in Lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Secured bank cash credit facility
Amount unused 1,438.08 4,055.13
Secured non fund based facility
Amount unused 2,976.00 6,842.86
Secured term loan facility
Amount unused 1,000.00 2,500.88
47.2 Capital risk management

The Company manages its capital to ensure that it will be able to continue as going concern while maximising the return
to stakeholders through optimisation of debt and equity balance. The capital structure of the Company consists of net
debt and total equity of the Company.

01-28 29-57 58-191

The capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders
of the Company. The primary objective of the Company’s capital management is to maintain optimum capital structure
to reduce cost of capital and to maximize the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants which otherwise would permit the banks to immediately call loans and
borrowings. In order 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 a gearing ratio, which is net debt divided by total capital plus net debt. The
Company’s gearing ratio was as follows:
(Rs. in Lakhs)
Asa t As at
Particulars
March 31, 2019 March 31, 2018
Borrowings 78,729.98 63,863.11
Less: cash and cash equivalents including bank balance 11,994.27 19,261.39
Net debt 66,735.71 44,601.72
Equity 31,189.51 32,566.13
Capital and net debt 97,925.22 77,167.85
Gearing ratio 68% 58%
48. The Group Company comprises of following entities:

The subsidiaries, associates and Joint Ventures Considered in the consolidated financial statement are-
Country of %Age of %Age of
Incorporation Shareholding / Shareholding /
Particulars Voting Power Voting Power
as on as on
March 31, 2019 March 31, 2018
Feedback Power Operations & Maintenance Services Private Limited India 100.00% 100.00%
Feedback Highway OMT Private Limited India 100.00% 100.00%
(formerly known as Feedback Brisa Highways OMT Pvt. Ltd.,)
Feedback Ventures & Ghose Bose Associates Pvt. Ltd. India 51.00% 51.00%
DC Infra India 99.00% 99.00%
Feedback Infrastructure Services Nepal Ltd. Nepal 51.00% 51.00%
Dubai Consultant* Dubai 49.00% 49.00%
PT Feedback Infra Indonesia 95.00% 95.00%
India Infrastructure Initiative Trust* India 99.98% Nil
Feedback Atcon JV India 51.00% 51.00%
Feedback Energy Distribution Company Limited India 100.00% 100.00%
* Held through DC Infra

49. Segment Reporting
(Rs. in Lakhs)
Consultancy Distribution Operation & Network rollout Elimination Total Consultancy Distribution Operation & Network rollout Elimination Total
services of Energy maintenance implementation services of Energy maintenance implementation
and related services and related services
services services

Segment Revenue
External 38,130.79 55,363.65 13,671.78 19,487.87 - 1,26,654.09 30,906.68 50,720.73 10,561.50 1,434.57 - 93,623.48
Inter-segment 12.90 19.85 754.76 - (787.51) - - - 410.34 - (410.34) -
Revenue from operations 38,143.69 55,383.50 14,426.54 19,487.87 (787.51) 1,26,654.09 30,906.68 50,720.73 10,971.84 1,434.57 (410.34) 93,623.48
Add: unallocable income
Interest income 1,238.28 1,791.94
Other income 213.41 306.74
Total revenue 1,28,105.78 95,722.16
Segment results 4,489.13 1,952.17 400.14 4,222.81 11,064.25 5,154.68 3,085.72 423.88 502.79 9,167.07
Less:
(i) finance cost (10,602.20) (9,849.70)
(ii) unallocable Income / expenditure 1,302.41 2,009.33
Profit after tax 729.85 1,022.93
Segment assets 53,094.67 36,665.86 6,062.55 16,382.56 - 1,12,205.64 45,728.06 34,248.17 10,362.48 3,250.31 - 93,589.02
Unallocated assets 12,754.57 11,837.07
Total assets 53,094.67 36,665.86 6,062.55 16,382.56 - 1,24,960.21 45,728.06 34,248.17 10,362.48 3,250.31 - 1,05,426.09
Segment liabilities 21,345.58 2,429.27 3,085.83 2,920.25 - 29,780.93 19,170.40 2,768.58 2,284.35 167.75 - 24,391.08
Unallocated liabilities 88,943.28 73,437.16
Total liabilities 21,345.58 2,429.27 3,085.83 2,920.25 - 1,18,724.21 19,170.40 2,768.58 2,284.35 167.75 - 97,828.24
Equity / capital employed 6,236.00 7,597.85
Total equity & liabilities 21,345.58 2,429.27 3,085.83 2,920.25 - 1,24,960.21 19,170.40 2,768.58 2,284.35 167.75 - 1,05,426.09
Depreciation / amortisation 560.85 2,140.12 175.45 - - 2,876.42 268.90 1,344.81 195.40 - - 1,809.11
Capital Expenditure 8,902.86 929.83 44.97 - - 9,877.66 248.17 2,276.74 214.79 - - 2,739.70
Non cash expenses other than 2,225.36 152.45 573.41 - - 2,951.22 779.52 22.68 173.66 - - 975.86
depreciation
01-28 29-57 58-191

Additional information by geographies

Segment Revenue
(Rs. in Lakhs)
Yearen ded Year ended
March 31, 2019 March 31, 2018
Within India 1,18,338.21 84,701.34
Outside India 8,315.88 8,922.14
Total 1,26,654.09 93,623.48
Segment non-current assets

(Rs. in Lakhs)
Yearen ded Year ended
March 31, 2019 March 31, 2018
Within India 29,343.00 22,241.00
Outside India 686.87 716.69
Total 30,029.87 22,957.69
a) Segments have been identified in accordance with Indian Accounting Standard on Operating Segment [IND AS-108]
taking into account the organisation structure as well as differential risk and returns of these segments.
b) Primary Segment:
Based upon the organisation structure of the Company, its internal financial reporting systems and risks and returns
governing the revenue from services, management believes that the Company is engaged in the business of rendering
Consultancy Services, Energy Distribution Services and Operations & Maintenance Services, which constitutes the
primary segments.
c) Secondary Segment:
Geographical Segment:
The analysis of geographical segment is based on the geographical location of the customers. The geographical
segments considered for disclosure are as follows:
(a) Services within India
(b) Services outside India
d) Customer Information
NTPC contributed Rs. 19,006.86 Lakh which amounts to 10% or more to the group’s revenue for financial year ended 31
March 2019. In financial year 2017-18, there was no single customer which contributed 10% or more of the Group’s revenue

Details relating to Net Asset and Profit or Loss in respect of Subsidiaries, Associates and
50.
Joint Ventures
(Rs. in Lakhs)
Net assets Share in profit/loss
Amount As % of Amount As % of
Name of the Entity subsidiaries
consolidated consolidated
net asset profit / loss
Feedback Infra Private Ltd. 46,543.54 37.25% 684.72 93.82%
Feedback Power Operations & Maintenance Services Private Limited 2,886.10 2.31% 16.36 2.24%
Feedback Highway OMT Private Limited 5,409.64 4.33% (97.37) (13.34%)
Feedback Ventures & Ghosh Bose Associates Pvt. Ltd., 4.84 0.00% (0.32) (0.04%)
DC Infra 13,296.43 10.64% (759.88) (104.12%)
Feedback Infrastructure Services Nepal Ltd. 143.15 0.11% 4.76 0.65%
PT Feedback Infra 1,192.66 0.95% 57.70 7.91%
Feedback Energy Distribution Company Limited 55,483.85 44.40% 823.88 112.89%
Total 1,24,960.21 729.85
51. Capitalisation
The Group has capitalised various expenses to property, plant and equipment, intangible assets, capital work-in-progress
and intangible assets under development. Details are as under:
(Rs. in Lakhs)
For the year For the year
Particulars ended ended
31 March 2019 31 March 2018
Salary and wages 324.40 423.31
Legal and professional 86.95 518.85
Interest 49.36 64.98
Travelling and conveyance and others 37.47 64.08
Total 498.18 1,071.22
Disclosure of the Company’s Interest in Periodic Maintenance Joint Arrangements

52.
(Joint Operation):
Feedback Highways OMT Private Limited has entered into Joint operation agreement with M/s Atcon India Ltd and formed
AOP called Feedback ATCON JV for executing periodic maintenance contract with M/s Pan India Infra projects Pvt. Ltd. and
M/s Khalgat Sendhwa Tollways Pvt. Ltd.
Feedback Highways OMT Private Limited has ownership of 51% in Feedback ATCON JV and therefore consolidated its share
of revenue, expenses, assets and liabilities as per IND AS 111 – “Joint arrangements
Companies Interest Partners Country

2018-19 2017-18 and their
Name of the Field in Joint Ventures
Participating
Interest (PI)
Feedback Atcon JV 51% 51% Atcon India India
Ltd - 49%

01-28 29-57 58-191

53. There are no pending litigations which would impact the financial position of the Company.
54. There have been no amounts which were required to be transferred to Investor Education and Protection Fund in
accordance with the relevant provisions of the Companies Act and Rules made thereunder.
55. The Group does not have any long term contracts including derivative contracts for which there are any material
foreseeable losses
56. Authorisation by Board

The financial statements were approved by the Board of Directors and authorised for issue on May 24, 2019.
For and on behalf of Board of Directors of

FEEDBACK INFRA PRIVATE LIMITED
DIN: 00008933 DIN: 00008937
Dinesh Kumar Jain Pankaj Sachdeva
Finance Controller President & Group CFO
Tilak Sethi

Notes
Corporate Office:
15th Floor, Building No. 9B, DLF Cyber City, Phase-III,
Gurugram - 122 002, Haryana, India
T: +91 124 416 9100 F: +91 124 416 9175
W: www.feedbackinfra.com
Regional Offices:
Bengaluru, Bhubaneswar, Gandhinagar, Hyderabad, Mumbai
International Offices:
Dubai, Jakarta, Kathmandu

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PROfItable GROwth.

THrouGH MarKeT exPaNsIoN.

02 From the Chairman’s Desk

Annual Report 2018-19 | 01

02 | feedback infra Private limited

the ambitions of development for our

Annual Report 2018-19 | 03

the present is a time for re-inventing

In electricity distribution at the retail level, we have the

Annual Report 2018-19 | 05

06 | feedback infra Private limited

Standing from left to right:

Seated from left to right:

Annual Report 2018-19 | 07

08 | feedback infra Private limited

Annual Report 2018-19 | 09

Bharti gupta ramola

10 | feedback infra Private limited

Renu Sud Karnad

Annual Report 2018-19 | 11

we are india’s leading integrated infrastructure services company

urban infra energy

12 | feedback infra Private limited

around 8,000 190

our clientele includes Central and state governments, psus, private

Annual Report 2018-19 | 13

feeDBaCk infra private limiteD

feeDBaCk energy DistriBution feeDBaCk highways feeDBaCk power operations &

DuBai Consultants feeDBaCk infrastruCture pt feeDBaCk inDonesia

14 | feedback infra Private limited

75,000 6,000 lane km

Annual Report 2018-19 | 15

supporting the government of mali, africa

project management for sao tome’s largest hospital

16 | feedback infra Private limited

Transmission Project in Bangladesh

Winning laurels by turning around DISCOMs in Nigeria

Transmission Projects in Niger Nepal

Annual Report 2018-19 | 17

we are at an important and interesting stage of our making saubhagya possible

Feedback Power was recognised as the ‘Best

18 | feedback infra Private limited

ticketing & Cash management operations (tCmo) of

Annual Report 2018-19 | 19

iconic tourism Destinations

the largest multi modal logistics park

20 | feedback infra Private limited

goa international Convention Centre

extenDing footprint in the railways

Annual Report 2018-19 | 21

• Awarded the preparation of DPr for Water Supply Project

22 | feedback infra Private limited

transforming urbanscapes • Zonal Master Plan for Eco-Sensitive Zones (ESZs) of

feedback infra empanelled with exim

Annual Report 2018-19 | 23

Driving profitability with ‘Project Profitability

Benefits of the new ERP System

9. Transfer of Unclaimed Dividend to 13. MEETINGS OF THE BOARD OF DIRECTORS

29. Evaluation of Performance of Board, its 31. Acknowledgements