Annual Report 2008 09

GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 1
Building a robust organisation
Som e m en see things as they are and say, W hy?I dream of
things that never w ere and say, W hy not?
G eorge Bernard Shaw
The G M R G roup is a Bangalore headquartered global infrastructure
m ajor w ith interests in Infrastructure and A gri-business. Founded in
1978, the G roup is w ell diversified and professionally m anaged.
O ver tim e the G roup has built a distinct identity for itself by
em phasising on grow th through innovation, entrepreneurship
and value based practices across all its transactions w ith its diverse
stakeholders.
H aving proven its credentials as a leading infrastructure
conglom erate in India, the G roup is expanding its operations
globally. Tow ards this, it has form ed a separate division - G M R
International headquartered in London, to m anage its overseas
operations.
The underlying philosophy of the G roup is captured in its vision
statem ent To build entrepreneurial organisations that m ake a
difference to society through creation of value.
It is this fusion of vision, values and philosophy that translates
into a tangible delivery for the benefit to the G roups m ultiple
stakeholders w ithin and outside the country.
O f particular relevance is the G roups em phasis on inclusive grow th
w here special attention is given to com m unities w hich need
attention and care such as the m arginalised and w eaker sections
of society.
2 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
G eneral Inform ation
G M Rao
Executive C hairm an
Srinivas Bom m idala
G roup D irector
G B S Raju
M anaging D irector
Kiran Kum ar G randhi
G roup D irector
B V N agesw ara Rao
G roup D irector
O Bangaru Raju
D irector
A run K Thiagarajan
Independent D irector
K R Ram am oorthy
D r. Prakash G A pte
R S S L N Bhaskarudu
U daya H olla
U day M C hitale
Board of D irectors
C om pany Secretary & C om pliance O fficer
C . P. Sounderarajan
Bankers
C entral Bank of India
IC IC I Bank Lim ited
IN G Vysya Bank Lim ited
U nited Bank of India
Registered O ffice
Skip H ouse, 25/1, M useum Road,
Bangalore - 560 025
Tel N o.: 080 40534000
Fax: 080 22279353
w w w .gm rgroup.in
A udit C om m ittee
K R Ram am oorthy C hairm an
A run K Thiagarajan M em ber
R S S L N Bhaskarudu M em ber
U day M C hitale M em ber
ShareholdersTransfer & G rievance C om m ittee
U daya H olla C hairm an
K R Ram am oorthy M em ber
G B S Raju M em ber
B V N agesw ara Rao M em ber
Statutory A uditors
Price W aterhouse
C hartered A ccountants
8-2-293/82/A /1131A , Road N o. 36,
Jubilee H ills, H yderabad - 500 034.
Registrar and Share Transfer A gent
Karvy C om putershare Private Lim ited
N o. 17-24, Vittalrao N agar, M adhapur
H yderabad - 500 081
th
Values and Beliefs
Values build
Strategy is vital; values are
indispensable
A steadfast commitment to timeless values
represents the core of our existence. In the
long run only a values-driven organization
can be sustainably successful. Ethical
behavior for the Group is more than just
practice; it represents the DNA of its
existence.
This is backed by a well formulated
governance framework that focuses on
transparency, honesty and integrity.
So much so that there is a growing public
respect for the Group and what It
demonstrates consistently. In 2008, GMR was
selected as one of the leading 25 sound
governance-practising companies by the
Institute of Company Secretaries of India
(ICSI), an example that reiterates this
commitment.
Humility
We value intellectual modesty
and dislike false pride and
arrogance.
Entrepreneurship
We seek opportunities - they
are everywhere.
Teamwork and relationships
Going beyond the individual -
encouraging boundary less
behaviour.
Deliver the promise
We value a deep sense of
responsibility and self discipline,
to meet and surpass on
commitments made.
Learning
Nurturing active curiosity - to
question, share and improve.
Social responsibility
Anticipating and meeting
relevant and emerging needs
of society.
Respect for individual
We will treat others with
dignity, sensitivity and honour.
I dont think m uch of a m an w ho is not w iser today than he w as
yesterday.
A braham Lincoln
The G M R G roup firm ly believes that its distinct organisational
characteristics w ill be driven through its strong values and beliefs.
These values and beliefs in turn drive the organisations culture, lay
the foundation for institution-building and help define its goals.
It has also helped build the reputation capital of the G roup w hich
over tim e has enhanced and sustained its standing as a leading
and respected player in the infrastructure dom ain.
th
C hairm ans letter to the shareholders
D ear Shareholders,
The last fiscal has seen an econom ic cataclysm , not w itnessed
in several decades. The credit crisis in the U .S. has triggered an
econom ic recession w ith global ram ifications characterised by
liquidity crunch, instability of key businesses, m ounting fiscal
deficit and decline in consum er w ealth and econom ic activity.
C onsequentially, every sector of the econom y including real
estate, aviation, hospitality, infrastructure to nam e a few , has been
adversely im pacted.
W e how ever share the optim ism of Indias billion plus populace
that is buoyed by a stable and strong political leadership at the
centre com m itted to reform s; a renew ed thrust on infrastructure
sector and signs of global econom ic recovery.
W e continue to operate w ith the underlying conviction that every
challenge presents a unique opportunity. The econom ic contagion
has reinvigorated our focus on achieving perform ance excellence
through elim ination of w astage and unproductive practices.
Tow ards this objective, w e have introduced the Value for M oney
(VFM ) initiatives across the organisation seeking to achieve
the highest order of efficiencies in processes and excellence in
execution. To this effect, w e have decided to review the short
term grow th plans of all our businesses to align our strategy w ith
m arket realities.
O ur business m odel is based on enduring relationships w ith
our partners and diverse stakeholders. O ur success in garnering
funds for projects through banks and other financial institutions
dem onstrates the faith reposed by our stakeholders in us. This has
enabled us to achieve significant project m ilestones in the previous
year, despite the global m eltdow n.
Business D evelopm ents and Financials
O ur vision to give D elhi a w orld-class airport received a leg up
w ith the inauguration of the new dom estic departure term inal
(T1D ) on February 26, 2009. Earlier, on A ugust 21, 2008, the
third runw ay w as inaugurated at the Indira G andhi International
A irport (IG IA ). The D elhi International A irport Private Lim ited (D IA L)
also successfully com pleted the m odernisation of the existing
international term inal at IG IA in June, 2008.
D uring this period, w e leased out plots for com m ercial property
developm ent at the IG IA . It w as heartening to note that D IA L
received 60 bids for the developm ent of the hospitality district
despite the current econom ic depression. This reflects the value
potential and econom ic opportunity offered by the A ero-city
project. The construction of the new integrated term inal at IG IA ,
Term inal 3 (T3), is proceeding in full sw ing to m eet the launch
deadline in 2010. W e are confident that T3 w ill m eet the high
expectations of all our stakeholders.
Rajiv G andhi International A irport (RG IA ) at H yderabad has also
com pleted one year of successful operations.
O ur energy business continued to fuel our grow th. G M R Pow er
C orporation Private Lim ited successfully com pleted a decade of
operations achieving its best ever perform ance in term s of plant
load factor and heat rate. G M R Energy Lim ited (G EL) perform ed
successful m erchant operations since N ovem ber 2008 w hile the
Vem agiri Pow er G eneration Lim ited (VPG L) resum ed operations
While I believe that people resources drive
the group's collective strength, of particular
relevance is our emphasis on inclusive growth
- G M Rao

th
While I believe that people resources drive
the group's collective strength, of particular
relevance is our emphasis on inclusive growth
- G M Rao
in D ecem ber 2008. W e also w on the license for pow er trading

and have traded approxim ately 630 M n units of pow er during the
year. A dditionally, in the current fiscal, the 1050 M W Kam alanga
Therm al Pow er Project in the D henkanal district of O rissa has
achieved financial closure. The funding for this Rs. 4,540 C rore
project is being m et through a com bination of debt and equity
in the ratio of 3:1. D ebt of Rs. 3,405 C rore has been tied up w ith
13 banks to fund Rs. 4540 C rore project. The project is scheduled
to com m ence com m ercial operations by 2012. It has also secured
coal supply for the entire capacity via a tapering linkage and coal
block allocation from Ram pia and D ip Side Ram pia coal block in
O rissa. The coal block w ould be developed sim ultaneously.
Further, w e are engaged in the developm ent of the therm al pow er
project in C hhattisgarh and the hydel projects in U ttaranchal,
H im achal Pradesh and N epal. In order to secure fuel supply,
w e have acquired a 100% stake in the Indonesian coal m ine
PT Barasentosa Lestari, having m ine life of approxim ately 25 years.
A dditionally, the G roup has acquired 33.34% stake in H om eland
Energy G roup (H EG ). H EG through its subsidiaries in South A frica
ow ns controlling interests in the Kendel m ines, an operating
resource besides the Eloff m ines and other exploration areas w ith
total m inable reserves of 300 M n M T.
The econom ic slow dow n not w ithstanding, w e continued to
expand our asset base in the H ighw ays business. W e have also
com pleted three highw ay projects 35 Km stretch betw een
A m bala and C handigarh, 103 Km stretch on N H -7 betw een
A dloor Yellareddy and G undla Pochanpalli, and 58 Km stretch on
N H 7 betw een Thondapalli and Jadcherla. The 73 Km betw een
Tindivanam and U lundurpet on N H 45 is slated to begin operations
shortly. W e have w on the 181 Km H yderabad Vijayaw ada
highw ay (N H 9) project from N H A I at an estim ated cost of
Rs. 2,200 C rore and the 29.65 Km C hennai O uter Ring Road
Project from the State G overnm ent at an estim ated cost of
Rs. 1,100 C rore. G oing forw ard, w e w ill actively participate in the
N ational H ighw ay D evelopm ent Program m e and select state road
projects in an endeavour to m aintain a sustainable and robust
portfolio that offers significant value to all stakeholders.
W e are actively expanding our presence in the global m arketplace
through our International Business D ivision (IBD ), G M R International,
headquartered in London. D uring the last fiscal year w e took
over the operations of the Sabiha G okcen International A irport,
Istanbul, Turkey in M ay 2008. The construction of new passenger
term inal and related facilities at the airport has com m enced and
the project is scheduled for com pletion on O ctober 29, 2009.
O nce com pleted, the airport w ill be spread over 1.9 M n sq. ft.
covered space and w ill be equipped w ith all the m odern am enities
including additional facilities such as the hotels, viaduct, apron and
car parking.
O ur G roup acquired 50% stake in InterG en N .V., a leading global
pow er generation com pany on O ctober 9, 2008. InterG en has
approxim ately 7700 M W of installed capacity spread across four
continents and is in the process of developing various other pow er
projects aggregating to approxim ately 2800 M W capacity. For our
landm ark achievem ent under testing econom ic conditions, w e w on
the Infrastructure A cquisition of the Year aw ard by Infrastructure
Journal. G M R International has also acquired 100% stake in the
Island Pow er project, Singapore in M ay 2009. O n com pletion, the
gas based project w ill have a capacity of 800 M W .
W e have m ade significant strides in our SEZ business. The 3300
acre Krishnagiri SEZ, Tam il N adu, located on N H 7, is focused on
sunrise sectors such as solar and Photo Voltaic, along w ith other
sectors such as biotechnology, IT and ITES. In H yderabad, w e
have plans to develop 250 acre aviation SEZ, w here w e aspire
to develop the first aviation cluster of India. This w ould serve
as the hub of aviation related activities such as M RO s, aviation
academ y, etc. W e have signed agreem ents w ith M A S A erospace
Engineering (M A E), a w holly ow ned subsidiary of M alaysia A irlines,
for setting up M aintenance, Repairs & O verhaul (M RO ) facility at
RG IA . A dditionally w e have also inked an agreem ent w ith C FM
International for developing a m aintenance training facility.
A nother m ulti-product SEZ spanning 250 acres is proposed to be
developed into a logistic hub.
The com pany is presently engaged in com pleting various
ground w orks for airport-led com m ercial property developm ent at
RG IA and IG IA . D IA L is developing an integrated hospitality district
on the piece of land adjoining IG IA . O f the available 45 acres parcel
of land, approxim ately 21.8 acres of land has already been leased
out to developers. The rem aining land w ould be leased out during
the current financial year. G M R H yderabad International A irport
Lim ited (G H IA L) envisages developm ent of property around RG IA
by creating a first of its kind destination for retail, entertainm ent
and health care.
W e have been able to achieve robust grow th during these
challenging tim es. D espite global slow dow n, w hich affected
our m arket-sensitive assets, especially airports and highw ays,
the revenue and profitability grow th for the year are quite
satisfactory.
Successful m erchant operations at G EL and restart of the Vem agiri
pow er plant w ere key positive developm ents. The G ross Revenues
for the year have increased by 66% from Rs. 2,698 C rore to
Rs. 4,476 C rore, N et Revenues registered a grow th of 75% from
Rs. 2,295 C rore to Rs. 4,019 C rore and N et profit has increased by
6% from Rs.263 C rore to Rs. 277 C rore
W ith m ore projects being com m issioned in the present financial
year, i.e. one highw ay and Sabiha G okcen Istanbul airport, along
w ith the year-round operations of Vem agiri pow er plant, w e w ould
w itness even greater revenue and profitability contributions.
th
H ow ever, the G EL plant m ay not be operational for a full year
in view of its relocation and conversion into gas-fired plant to
im prove its future profitability.
O ur long term grow th projections rem ain unaffected. A fter
achieving financial closure for Kam alanga project, w e are w orking
relentlessly on other projects, especially the C hhattisgarh pow er
project, expansion of VPG L, relocation & conversion of G EL plant
and the developm ent of Island Pow er project in Singapore.
O rganisation D evelopm ent
W e firm ly believe in the dictum that people resources drive the
collective strength of its diverse business dem ands. A special
em phasis is therefore given to nurturing and developing talent,
so as to create a strong team of com m itted and em pow ered
professionals w ho steer the G roups diverse business needs.
A com prehensive em ployee developm ent program m e supported
w ith progressive policies w hich cover issues related to gender
am ity, talent m apping, em ployee w ell being has been form ulated.
Senior Leadership Team (SLT), a forum of senior m anagem ent
executives and next in level to G roup H olding Board, has been
institutionalised to review and take decisions on critical issues.
W e have created a C entral Procurem ent D epartm ent to centralize
the procurem ent process and a Project M anagem ent Task Force
to ensure effective project execution. W e have also upgraded our
technology platform to enhance the efficiency of our business
and adm inistrative operations. SA P has been im plem ented across
the G roups business locations. W e have taken various initiatives
to strengthen our governance standards w hich also include the
form ation of C orporate G overnance C om m ittee of Board.
C orporate Social Responsibility
O f particular relevance is the G roups em phasis on inclusive grow th
w here special attention is given to com m unity w hich needs care
such as the m arginalised and the w eaker sections of the society.
O ur sustained efforts in the area of social entrepreneurship
have w on us several aw ards and accolades. These include
the prestigious TERI C SR Aw ard from the President of India on
June 5, 2009, the W orld Environm ent D ay and O RBIS Aw ards in
Routes A irport conference in Kuala Lum pur.
A cknow ledgm ents
I express m y sincere gratitude to our shareholders, investors, joint
venture partners, lenders, banks, financial institutions, SEBI, N SE,
BSE, RBI, N H A I, TID C O , the A irport A uthority of India, the C entral
& State G overnm ent and other regulatory authorities/agencies for
providing continuous support. I w ish to express m y appreciation to
m y colleagues on the Board and our em ployees for their thought
leadership, unalloyed dedication and unsw erving com m itm ent.
I express m y sincere appreciation to the Board of D irectors and the
em ployees of the subsidiaries for their continued support. I am
grateful to you for your cooperation and the trust that you have
reposed in us.
Best Regards,
G . M . Rao
th
H ighlights of 2008-09
C onsolidated Financials
G ross Revenues up by 65.91% from Rs. 2,697.91 C rore to
Rs. 4,476.19 C rore
N et Revenues up by 75.15% from Rs. 2,294.78 C rore to
Rs. 4,019.22 C rore
EBITD A up by 78.24% from Rs. 598.50 C rore to Rs. 1,066.79
C rore
PAT (before m inority interest) increased by 5.51% from
Rs. 262.65 C rore to Rs. 277.11 C rore
PAT (after m inority interest) increased by 33.02% from
Rs. 210.08 C rore to Rs.279.45 C rore
C ash Profit (PAT before M inority plus depreciation plus
deferred tax) increased by 37.21% from Rs. 469.20 C rore to
Rs. 643.82 C rore
Total assets increased by 33.80% from Rs. 16,660.14 C rore to
Rs. 22,291.74 C rore.
N et W orth increased by 14.49% from Rs. 7,229.80 C rore to
Rs. 8,277.24 C rore
Business D evelopm ents/ O peration
G M R Kam alanga Energy Ltd has achieved Financial C losure
for the 1050 M W plant set up in D henkanal D istrict in state of
O rissa. The D ebt com ponent of Rs. 3,405 C rore has been tied
up w ith 13 banks.
Vem agiri Pow er G eneration Lim ited (VPG L) has resum ed
operation in D ecem ber 2008.
G M R Pow er C orporation Private Lim ited has achieved best
ever operating perform ance in term s of plant load factor
(80.31% ) and heat rate (1,856 Kcal/ kW h).
A cquired 100% ow nership in Island Pow er Project, a
Singapore based pow er utility currently developing an 800 M W
C om bined- cycle pow er facility in Jurong Island, Singapore.
The construction w ork for Term inal-3 at Indira G andhi
International A irport (IG IA ), D elhi is proceeding as per
schedule. A n overall progress of 71.60% has been recorded
till June 30, 2009.
N ovotel hotel, a 305 room hotel at RG IA has com m enced
operations during O ct08. The hotel is operated and m anaged
by A ccor H otels a renow ned international hotel chain.
G H IA L has entered into an agreem ent w ith M A S A erospace
Engineering for setting up a 50:50 joint venture M aintenance,
Repair and O verhaul (M RO ) com pany in H yderabad.
Taking over of operations and developm ent of Istanbul Sabiha
G okcen International A irport (ISG IA ) in M ay 2008. The overall
construction progress of 78.20% has been recorded till
June 30, 2009.
The C om pany has recently w on bid for the 181 Km H yderabad
- Vijayaw ada N H A I project and has em erged as the low est
bidder for the 29.65 km C hennai O uter Ring Road project.
Consolidated Gross Revenue (Rs. In Crore)

1,968.72
2,697.91
4,476.19
2
0
0
6
-
2
0
0
7
2
0
0
7
-
2
0
0
8
2
0
0
8
-
2
0
0
9
C
A
G
R
6
1
.
6
%
1,061.65
2
0
0
5
-
2
0
0
6
Sector wise gross revenue in 2008-09
3.39%
47.78%
11.67%
37.16%
Power Roads Others Airports
O ur C onsolidated Revenues have increased m ore
than 4 tim es betw een FY 2006 and FY 2009
th
C onsolidated Financial Perform ance : (Rs. in C rore except per share data)
Year End N et Revenue EBITD A PAT
Basic &
D iluted EPS
EPS G row th
(% )
C ash & C ash
Equivalent*
C ash & C ash
Equivalent /
Total A ssets
C urrent
Ratio
FY 2009 4,019.22 1,066.79 277.11 1.53 24.4% 2781.18 12.48% 2.31
FY 2008 2,294.78 598.50 262.65 1.23 10.8% 5779.28 34.69% 1.39
FY 2007 1,696.74 543.68 241.77 1.11 108.0% 1562.32 22.36% 2.57
FY 2006 1,061.65 453.04 93.62 0.53 931.44 21.28% 2.77
*C ash+ m utual funds +bonds+ governm ent securities+ certificate of deposit + investm ents in quoted equity shares
EBITDA Margin
2
0
0
6
-
2
0
0
7
2
0
0
7
-
2
0
0
8
2
0
0
8
-
2
0
0
9
32.04%
26.08%
26.54%
2
0
0
5
-
2
0
0
6
42.67%
Sector wise contribution in EBITDA in 2008-09
50.07%
11.78%
21.35%
16.80%
Power Roads Others Airports
2006-2007
2007-2008
2008-2009
2005-2006
8277.2
7229.8
2518.4
994.8
Net worth (Rs. in Crore)
2005-2006 2006-2007 2007-2008 2008-2009
2.99
1.47
1.10
1.45
Debt Equity Ratio
Total Assets (Rs. Crore) in
2
0
0
6
-
2
0
0
7
2
0
0
7
-
2
0
0
8
2
0
0
8
-
2
0
0
9
6,985.6
16,660.1
22,291.7
C
A
G
R
7
2
.
1
%
2
0
0
5
-
2
0
0
6
4,376.1
Cash Profit
(1)
(Rs. in Crore)
2
0
0
8
-
2
0
0
9
469.2
643.8
C
A
G
R
2
7
.
1
%
2
0
0
7
-
2
0
0
8
2
0
0
6
-
2
0
0
7
2
0
0
5
-
2
0
0
6
390.6
313.5
(1)
PAT + D epreciation + D eferred Taxes
O ur Total assets have recorded a five fold
grow th betw een FY 2006 and FY2009
th
The G M R G roup ventured into airport developm ent w hen
the G overnm ent invited bids for constructing a w orld class
G reenfield airport at H yderabad in a Public-Private partnership
m odel. Subsequently the G roup w as aw arded the contract to
m odernize, restructure, operate and m anage the D elhi airport,
one of Indias busiest international airports. H yderabad and D elhi
airports together account for about 27% percent of Indias airline
passenger traffic. A long w ith its partners the A irports A uthority of
India, M alaysia A irports H olding Berhad, Fraport and the G ovt. of
A ndhra Pradesh, the G M R G roup has redefined the standards and
quality of infrastructure, services and custom er deliverables at key
Indian airports.
Rajiv G andhi International A irport, H yderabad
The Rajiv G andhi International A irport in Sham shabad (H yderabad)
is Indias first G reenfield airport developed through the PPP
m odel and global com petitive bidding process. The airport
has been developed by G M R H yderabad International A irport
Lim ited (G H IA L), a joint venture prom oted by the G M R G roup
(63% share), M alaysia A irports H olding Berhad (11% ), G overnm ent
of A ndhra Pradesh (13% ) and the A irports A uthority of India
(13% ). The airport com m enced operations on M arch 23, 2008.
Key features
C apability to handle 12 m illion passengers per annum (m ppa)
and 100,000 tonnes of cargo per annum in the initial phase.
The U ltim ate capacity of the airport w ould be 40 m ppa and
1 m illion tonnes of cargo per annum .
Integrated Passenger term inal building spread over an area of
117,000 sq.m t of floor space ensuring rapid transit betw een
dom estic and international concourses
A irbus A -380 com patible runw ay.
A m ong the longest runw ays in India m easuring 4,260 m ts.
A irports
42 aircraft parking stands (12 contact stands+ 30 rem ote
stands) and five dedicated stands for freighter aircraft.
142 C om m on U ser Term inal Equipm ent (C U TE) check-in desks
of w hich 16 are self check-in
46 im m igration counters.
M odular term inal building equipped w ith state-of-the-art IT
technology.
A contem porary H otel under N ovotel brand equipped w ith a
spa, business conference facilities, restaurants and bars
C ar park facility for 3700 cars.
17 bed A pollo hospital in the Passenger Term inal Building
Fuel farm w ith open access to all oil com panies; currently
utilised by five com panies
First A irport in India to get LEED (Leadership in Energy &
Environm ental D esign) Silverrating.
Aw arded the Routes A irport M arketing Aw ard for the Indian
subcontinent at the Routes A sia 2009 conference held in India
for the first tim e at H yderabad.
The airport is strategically located providing excellent opportunity
to develop it as a hub for dom estic and international passenger
and cargo traffic. The futuristic airport reflects the long term vision
of its developers to build it as a m ajor dom estic and international
hub.

th
Indira G andhi International A irport, D elhi
The Brow nfield developm ent of Indira G andhi International A irport
in D elhi com m enced in January 2006. This PPP project initiated by
D elhi International A irport Private Ltd. (D IA L) is being driven by
a joint venture com pany com prising the G M R G roup (54% ), the
A irports A uthority of India (26% ), Fraport A G (10% ) and M alaysia
A irports (M auritius) Private Lim ited (10% ). The G roup entered into
a long-term agreem ent to operate, m anage and develop the D elhi
airport follow ing a com petitive bidding process.
The airport is being developed in 5 phases. A fter the com pletion of
Phase I by 2010, the airport w ill be capable of handling 60 m illion
passengers per annum (m ppa), w ith an ultim ate capacity of 100
m ppa and a cargo capacity of 3.6 m illion tons by end of phase V.
D IA L has successfully com m issioned the Third runw ay m easuring
4,430 m eters in length. A m ongst the longest in A sia, capable of
handling A 380 sized aircraft and C AT III B com pliant.
The integrated term inal building (T3) being developed w ill be a
state-of-the-art com plex and w ill com m ission by M arch 2010.
T3 features include:
The tw o tier term inal building w ould feature the departure
com plex on the upper level and the arrivals on the low er level.
The roof of the building w ill have stylised incisions to allow
daylight, but w ill be angled to protect the interior from direct
sunlight. The effect w ould create a calm environm ent and
m axim ize the sense of volum e, space and light inside. The use
of natural light w ould reduce the dependency on artificial light
during day-tim e.
The arrival hall w ill feature both standard and w ide-body

baggage reclaim belts. Passengers w ill em erge from bag
reclaim into the Internal Landside A rrivals C oncourse from
w here transit passengers w ould use elevators to proceed to
the D epartures level. 4 piers w ill provide access to the aircraft
from the term inal.
A ccess to the new term inal w ould be via a 6 lane approach
road.
75 aerobridges & 34 security channels (screening m achines)
168 C om m on U ser Term inal Equipm ent (C U TE) check-in
counters.
A dvanced in-line baggage handling system w ith C TX m achines
for greater efficiency and security.
49 departure and 46 arrival im m igration counters.
12 baggage reclaim belts.
H igh speed rail link connecting the city centre w ith city side
check-in counters
M ulti-level car parking facility for 4300 cars.
Passenger facilities such as restaurants, shopping, duty free
com plexes, m odern com m unication equipm ents and executive
lounges.

th
The G M R G roup is a prom inent contributor to the Indian pow er
sector through various projects across various fuel types (hydro,
therm al and natural gas). The C om pany capitalized on the private
investm ent policy of the G overnm ent in constructing, developing
and m anaging pow er plants. The G roup has established three
operational pow er plants and is currently developing eight pow er
projects.
Existing Pow er Projects
G M R Energy Lim ited
Installed capacity: 220M W
Location: M angalore, India
Year of com m issioning: N ovem ber, 2001
Fuel Type : N aphtha based
Key features
A n environm ental friendly, naphtha-based plant.
Indias first and the w orlds largest com bined cycle pow er
plant on a single barge.
A bility to achieve m axim um therm al efficiency.
U S technology for aero-derivative gas turbines from G E.
C ertifications for internationally benchm arked environm ental
standards- ISO 14001 and O H SA S 18001 from D et N orske
Veritas.
ISO 9001 certified for its quality.
Energy
G M R Pow er C orporation Pvt. Ltd.
Installed capacity: 200 M W
Location: C hennai, India
Year of com m issioning: N ovem ber 1999
Fuel type: LSH S based
Key features
Tam il N adus first independent pow er producer
Entire pow er off take by Tam il N adu State Electricity Board
under a 15-year PPA valid till 2014.
G erm an technology for tw o-stroke diesel engine from M A N
B& W .
Established a unique sophisticated sew age treatm ent unit that
treats 7200 cubic m eters of raw sew age per day from C hennai
M etropolitan & Sew erage Board to produce 5400 cubic m eters
of clean w ater for its ow n use.
Incorporation of reverse-osm osis technology for the final stage
of purification to neutralize harm ful pollutants.
A chieved ISO 14001 and O H SA S 18001 certifications from
D et N orske Veritas for its eco-friendly initiatives.
Aw arded The M .S. Sw am inathan Aw ard for Environm ent
Protection.

th
Vem agiri Pow er G eneration Lim ited
Installed capacity: 388.5 M W
Location: Rajahm undry, India
Year of com m issioning: Septem ber, 2006
Fuel type: N atural G as
Key features
Indias m ost cost-effective independent pow er producer and
the groups largest pow er generation plant.
Project aw arded on the basis of international com petitive
bidding.
A dvanced gas turbines from G E.
G as supply agreem ent w ith G A IL/ Reliance.
Project under im plem entation
G M R Kam alanga Energy Lim ited, O rissa
The 1050 M W coal based, therm al pow er project is being set up
in the D henkanal district of O rissa. It has achieved financial closure
and is expected to be com m issioned by 2012.
O ur C oal A ssets
W ith the aim to secure fuel supply for energy business, the G roup
has acquired 100% stake in a coal m ine, PT BSL, Indonesia w hich
has m ine life of approxim ately 25 years. The group has also
acquired 33.34% stake in H om eland Energy G roup (H EG ) a
C anadian listed entity, w hich through its subsidiaries in
South A frica ow ns controlling interest in already operational
Kendel m ines, fully explored Eloff M ines and also other exploration
areas w ith total m ineable reserves of around 300 M n M T.
D etails of projects under im plem entation
Project / Location C apacity Fuel Type of C oncession Expected C oD
Kam alanga, O rissa 1050 M W C oal Build O w n & O perate 2012
C hhattisgarh 1200 M W C oal Build O w n & O perate 2013
Vem agiri Phase II, A ndhra Pradesh 750 M W N atural G as Build O w n & O perate 2012
A laknanda, H im achal Pradesh 300 M W H ydro BO O T for 45 years from im plem entation
agreem ent
2014
Talong, A runachal Pradesh 160 M W H ydro Run of River on BO O T basis for a concession
period of 40 years from C oD
2014
Bajoli H oli, H im achal Pradesh 180 M W H ydro Run of River on BO O T basis for a concession
period of 40 years from C oD
2015
U pper Karnali, N epal 300 M W H ydro Build, O w n, O perate & Transfer 30 years
from generation license
2015
U pper M arsyangdi, N epal 250 M W H ydro Build, O w n, O perate & Transfer 30 years
from generation license
2015
th
H ighw ays
G M R G roup is a leading developer and operator of highw ays
business in India and holds concessions for six highw ay projects
m easuring a total length of around 421 km . These projects are
a diversified m ix of three annuity (around 255 km ) and three
toll-based projects (166 km ) and w ere aw arded by the N ational
H ighw ays A uthority of India (N H A I) under N ational H ighw ays
D evelopm ent Program m e (N H D P). The G roup has recently w on
tw o road projects, the 181 km H yderabad - Vijayaw ada project in
A ndhra Pradesh on toll basis and 29 km C hennai O uter Ring Road
state project in Tam il N adu on annuity basis. Both the projects w ill
be built on BO T basis. G oing forw ard, G M R G roup w ill participate
in six-laning and other corridor projects of the N H D P in India and is
also exploring opportunities in Turkey, East Europe and A frica.
Q uality of C onstruction and O perational safety is of utm ost
priority at G M R G roup and highw ays are being constructed taking
into consideration all safety aspects. Safety m easures adopted
by the G roup com prise the construction of pedestrian fencing
along service roads, installation of appropriate caution and safety
boards, provision of exclusive bus bays, installation of reflective
road delineators at sharp curves etc. The G roup also provided
state-of-the-art illum ination, w ith special high-m ast lighting at
all m ajor junctions and fly overs. A 24-hour highw ay patrol and
first-aid facilities provide assistance to travellers.
Key features
The Tam baram -Tindivanam road developm ent project in Tam il
N adu w as com pleted 29 days ahead of schedule, earning
a bonus from N H A I. The project includes tw o m ajor ridges,
three railw ay over-bridges, tw o toll plazas, four fly overs and
one trum pet interchange.
The Tuni- A nakapalli project in A ndhra Pradesh w as com pleted
on schedule. This w as achieved inspite of facing constraints
related to land acquisition issues, w hich w as resolved by
strategic co-ordination w ith N ational H ighw ays A uthority of
India
H ighw ays & U rban Infrastructure

The A m bala-C handigarh project is the G roups first highw ays
project in N orth India. C om pleted as per schedule, it involved
construction of tw o crucial fly overs, totalling m ore than 4 km
of elevated carriagew ay. A state of the art, 12 lane toll plaza is
also operational.
Thondapalli - Jadcherla and A dloor- G undla Pochanpalli w ere
w on through international com petitive bid from N H A I in
O ctober, 2005 and have been com pleted on schedule. Four
laning of these roads is expected to ease traffic congestion
and provide a trem endous boost to trade and com m erce in
the region. The roads have been built to w orld-class standards
and w ill provide travelers a safe and fast m eans to com m ute.
The Tindivanam -U lundurpet project m easuring 73 km has
been built on a BO T basis to w orld-class standards. The project
w as com pleted on schedule and is aw aiting clearance to begin
com m ercial operation.
The H yderabad Vijayaw ada project m easuring over 181 km is
the seventh and the longest highw ay project of the G roup. The
G roup w on the project through an international com petitive
bidding process involving several national and international
consortia. The project w ill connect the tw o m ajor econom ic
hubs of A ndhra Pradesh nam ely Vijayaw ada and H yderabad
w hich are w itnessing m ulti-fold grow th. A dditionally, it w ill
also serve as a vital link in facilitating the m ovem ent of traffic
betw een Kolkata and Bangalore.
The C hennai O uter Ring Road m easuring 29.65 km is the
G roups first state highw ay project. The G roup em erged as
the low est bidder in an international com petitive bid for the
project in Tam il N adu. It w ill be built for a total cost of around
Rs. 1,100 C rore.

th
U rban Infrastructure
The interests of the G M R G roup as part of the U rban Infrastructure
division lie prim arily in Special Econom ic Zones (SEZs) and property
developm ent around G roups infrastructure assets
The current focus of property developm ent is to develop an
aerotropolis around the D elhi and H yderabad International
A irports.
D elhi International A irport Property D evelopm ent:
W e aim to create an alternate C entral Business D istrict for
D elhi centered around the airport, through developm ent of
com m ercial, hospitality and retail property offerings
45 acres of land has been earm arked for developm ent of
a hospitality district w ith a healthy m ix of com m ercial and
hospitality offerings
O ut of these 45 acres, 21.8 acres has already been leased out
to developers through a process of bidding. The rem aining
land w ill be leased out in the second round of bidding in
O ctober 2009
H yderabad International A irport Property D evelopm ent:
W e envisage developm ent of a 250 acre Aviation SEZ w hich
w ill serve as a first of its kindaviation cluster in India.
Tow ards this, a joint venture agreem ent has been signed
w ith M alaysian airlines (M A E-M A S A erospace Engineering) to
develop a w orld class M RO facility.
A greem ent has also been signed w ith C FM , a French
m ultinational, to setup a w orld class aviation training school
as part of this SEZ
W e also plan to develop a 250 acre m ultiproduct SEZ to

create a logistics hub for India by tapping on the locational
advantages and w orld class infrastructure at the H yderabad
International A irport
For the rem aining land, property developm ent is focused
around creating a unique first of its kind destination for retail,
entertainm ent and health care.
SEZ D evelopm ent
The G M R G roup has entered into an M O U w ith Tam il N adu
Industrial D evelopm ent C orporation (TID C O ) for the developm ent
of a m ulti-product special econom ic zone (SEZ) in Krishnagiri
district (Tam il N adu).
Key features
A 3300 acre SEZ envisaged as the first green SEZ in the country
on account of its eco-friendly construction (green corridors,
ecological efficiency, quality and social infrastructure).
Focus on sunrise sectors like solar and PV w ith additional
possibilities including bio-technology, IT, ITeS, traditional
electronics and engineering industries.
Intended to benefit over 300,000 people through direct and
indirect em ploym ent.
W ill lead to physical and social infrastructure developm ent in
the region through its m ultiplier effect.
Excellent road and rail connectivity is expected to bolster
dem and for the asset
D etails of H ighw ay Projects

Tam baram
Tindivanam
Tuni
A nakapalli
A m bala
C handigarh
Thondapalli
Jadcherla
A dloor
G undla
Pochanpalli
Tindivanam
U lundurpet*
H yderabad
Vijayaw ada**
C hennai O uter
Ring Road
(O RR)**
Location N H -45,
Tam il N adu
N H -5,
A ndhra
Pradesh
N H -22,21,
H aryana,
Punjab
N H -7,
A ndhra
Pradesh
N H -7,
A ndhra
Pradesh
N H -45,
Tam il N adu
N H -9,
A ndhra
Pradesh
Tam il N adu
Length 93 km s 59 km s 35 km s 58 km s 103 km s 73 km s 181.6 Km s 29.65 Km s
Type of
C oncession
Build, O w n,
Transfer
(BO T) A nnuity
Schem e
Build, O w n,
Transfer
(BO T) A nnuity
Schem e
Build, O w n,
Transfer (BO T)
Toll project
Build, O w n,
Transfer (BO T)
Toll project
Build, O w n,
Transfer
(BO T) A nnuity
Schem e
Build, O w n,
Transfer (BO T)
Toll project
Build, O w n,
Transfer (BO T)
Toll project
Build, O w n,
Transfer
(BO T) A nnuity
project
C oncession
period
17.5 years incl.
C onstruction
Period: 2.5
years
17.5 years incl.
C onstruction
Period: 2.5
years
20 years incl.
C onstruction
Period: 2.5
years
20 years incl.
C onstruction
Period: 2.5
years
20 years incl.
C onstruction
Period: 2.5
years
20 years incl.
C onstruction
Period: 2.5
years
25 years incl.
C onstruction
Period: 2.5
years
20 years incl.
C onstruction
Period: 2.5
years
Year of
com pletion
2004 2004 2008 2009 2009 2009 Expected:
2012
Expected:
2012
*Project com pleted aw aiting C O D **U nder D evelopm ent
th
The G M R G roup set up G M R International, a dedicated division for
international business, to expand its presence in the global m arket
place especially in Energy and A irport sectors. G M R International
is pursuing a region-based strategy w ith a focus on building strong
local relationships w ith strategic partners, investors, financial
institutions and governm ental bodies. C om peting globally, the
G roup w ill capitalize on new business opportunities in em erging
m arkets, access global talent, raise capital from international
m arket at com petitive rates, diversify the portfolio and strengthen
the G M R brand globally.
The division, headquartered in London, w ill leverage the G roups
bidding, financing, project m anagem ent, and partnership
developm ent skills to develop, ow n and operate assets abroad. G M R
International w ill focus on a few hot spotregions characterized
by high grow th, high dem and - supply gap and openness to Indian
investm ent. The regions of interest for grow ing G M Rs footprint
are M iddle East and N orth A frica (M EN A ), South East A sia (A SEA N )
and the Form er Soviet U nion (FSU ). G M R w ill build on its strengths
to m eet global standards of entrepreneurship, flexibility and
effectiveness.
To date, G M R International has opened tw o regional offices in
Turkey and Singapore to target opportunities in M EN A and A SEA N
regions respectively.
The Sabiha G okcen International A irport
The division m ade its first foray into global infrastructure m arket
w hen it w on the bid for developm ent and m anagem ent of
Istanbul Sabiha G okcen International A irport (ISG IA ), Turkey for
a 20-year concession period for a concession fee of Euro 1.93bn.
G M R holds 40% stake in a consortium w ith Lim ak Insaat Sanayi
Ve Tic A .S. (40% ) and M alaysia A irports H oldings Berhad (20% ).
The consortium has already started the construction of a new
International Business
international term inal w ith an estim ated total project cost of Euro
451m n. The term inal w ill be com pleted in O ctober 2009.
InterG en N .V.
The G roup extended its global presence further through the
acquisition of 50% stake in InterG en, a leading global pow er
generation com pany. InterG en N .V., has 7700 M W of gross
operating capacity across five countries and an additional 2800
M W capacity under developm ent. The balance 50% equity stake is
held by O ntario TeachersPension Plan, the largest single profession
pension plan in C anada w ith $108.5 billion in net assets.
This acquisition is the largest ever acquisition of a global energy
utility by an Indian C om pany. W ith this acquisition G M R G roup
has graduated as one of the largest private independent pow er
producers in India. This w ill provide G M R w ith a global platform for
grow th and w ill propel it from an energy provider in its dom estic
m arket of India to one of the w orlds leading Independent Pow er
Producers (IPPs) targeting m ultiple opportunities in the rapidly
grow ing energy sector across the w orld.
Island Pow er C orporation
G M R G roup has acquired 100% ow nership stake in Island Pow er
Singapore a gas based 800 M W private pow er utility, once
operational.
th
Shareholder value is unidim ensional; com m unity value is true
w ealth.
G M R G roup believes that its com m itm ent goes beyond business
gains. This translates to a deep sense of ow nership and practice of
the conceptSocial Entrepreneurship. A dopting a bottom s- up
approach, the G roup ensures that the peripheral com m unity that
it influences rem ains vibrant.
The G M R Varalakshm i Foundation, (G M RVF), the C orporate Social
Responsibility w ing of the G roup, devotes its tim e, energy and
resources in evolving innovative projects that span the areas of
Education, H ealth, H ygiene and Sanitation, Em pow erm ent and
Livelihoods and C om m unity-W elfare program m es.
The G roup encourages and em pow ers all em ployees to contribute
their personal tim e and effort for com m unity developm ent and
social causes.
The Foundations initiatives are spread nationally and effectively
across A runachal Pradesh, Bangalore, C hennai, C handigarh,
C hhattisgarh, D elhi, H yderabad, H aliyal, M angalore, O rissa,
Rajahm undry, Rajam and U ttarakhand.
Education
Provides quality education to the under-served areas and
com m unities. It is closely involved w ith six educational
institutions, nam ely G M R Institute of Technology (G M RIT),
Sri G C SR C ollege, G M R Varalakshm i D AV School,
Seetham ahalakshm i D AV Public School (SM LD AV), St. A nns
Varalakshm i Vidyashram and G M R C hinm aya Vidyalaya.
Supports about 125 governm ent schools in the areas of
its presence to im prove quality of education by providing
additional teachers, supplem enting infrastructure, providing
teaching-learning m aterial, conducting exposure visits and
excursion trips for students, etc.
Provides pre-school education to 1200 children in the 3-5
year age group through Bala Badis; These Bala Badis m otivate
parents to send their children to schools, indirectly elim inating
child labour.
Supports the education of deserving students through
G M R Varalakshm i Foundation
the G ifted C hildren Schem e and through scholarships and
interest-free loans for professional courses.
Provides m id-day m eals to children at schools.
H ealth, H ygiene and Sanitation
Provides am bulance service in geographically rem ote areas.
Its m obile m edical units provide regular support in villages,
catering to over 3000 senior patients (age 60+) by delivering
doorstep healthcare.
H as initiated health clinics in areas lacking in health facilities.
C onducts various health aw areness sessions (including A ID S
aw areness), health cam ps, health rallies and skits at various
locations for different age groups.
H as initiated nutrition centres for pregnant and lactating
w om en in H yderabad. Pregnant w om en are provided w ith a
diet supplem ent prepared in consultation w ith the N ational
Institute of N utrition.
H as facilitated public sanitation for the disadvantaged through
running 14 public toilets used by about 4,000 people a day.
Em pow erm ent and livelihoods
Runs several institutes to provide skill training and
entrepreneurship developm ent for dropout youths in a variety
of skills. Follow ing training, the institutes also help the youth
in getting jobs or setting up m icro-enterprises. A bout 4000
youth are trained every year.
W orks w ith 80 self-help groups (SH G s), providing facilitation,
capacity building, m otivation support and training in
em pow ering w om en financially.
C om m unity developm ent
H as encouraged the form ation of youth and children clubs
to enhance youth aw areness and participation in com m unity
developm ent program m es.
H as established com m unity libraries in villages to reinforce the
reading habit and help com m unities bond better.
Prom otes w om en literacy through adult literacy program m es.

th
G M R G roup
H olding C om pany
G M R H oldings Private Lim ited
Subsidiaries of G M R Infrastructure Lim ited
G M R Energy Ltd
G M R Pow er C orporation Private Lim ited
G M R M ining and Energy Private Lim ited
G M R (Badrinath) H ydro Pow er G eneration Private Lim ited
G M R Kam alanga Energy Lim ited
H im tal H ydro Pow er C o. Private Lim ited
G M R Energy Trading Lim ited
G M R C onsulting Engineers Private Lim ited
G M R O il and N atural G as Private Lim ited
G M R Tuni A nakapalli Expressw ays Private Lim ited
G M R Tam baram Tindivanam Expressw ays Private Lim ited
G M R A m bala C handigarh Expressw ays Private Lim ited
G M R Jadcherla Expressw ays Private Lim ited
G M R Pochanpalli Expressw ays Private Lim ited
G M R U lundurpet Expressw ays Private Lim ited
D elhi International A irport Private Lim ited
D elhi A erotropolis Private Lim ited
D IA L C argo Private Lim ited
G M R H yderabad International A irport Lim ited
H yderabad M enzies A ir C argo Private Lim ited
H yderabad A irport Security Services Lim ited
G M R H yderabad A irport Resource M anagem ent Lim ited
G M R H yderabad A erotropolis Lim ited
G M R H yderabad Aviation SEZ Lim ited
G M R H yderabad M ultiproduct SEZ Lim ited
G atew ays for India A irports Private Lim ited
G M R Krishnagiri SEZ Lim ited
G M R Infrastructure (M auritius) Lim ited
G M R Infrastructure (C yprus) Lim ited
G M R Infrastructure O verseas Sociedad Lim itada
G M R Infrastructure (U K) Lim ited
G M R Energy (M auritius) Lim ited
G M R C orporate C enter Lim ited
G M R Aviation Private Lim ited
* N ew nam e of the com panies after change in the nam e of the com pany
during June 2009
G VL Investm ents Private Lim ited
G M R Infrastructure (G lobal) Lim ited
G M R Energy (G lobal) Lim ited
G M R U pper Karnali H ydro Pow er Public Lim ited
G M R Lion Energy Lim ited
G M R C oastal Energy Private Lim ited
G M R A irport H andling Services Lim ited
G M R Energy (C yprus) Ltd
G M R Energy (N etherlands) BV
G M R H ighw ays Private Lim ited
G M R Bajoli H oli H ydropow er Private Lim ited
G M R Londa H ydropow er Private Lim ited
East D elhi W aste Processing C o. Private Lim ited
A dvika Properties Private Ltd*
A klim a Properties Private Ltd*
A m artya Properties Private Ltd*
Baruni Properties Private Ltd*
C am elia Properties Private Ltd*
Eila Properties Private Ltd*
G erbera Properties Private Ltd*
Lakshm i Priya Properties Private Ltd*
H oneysuckle Properties Private Ltd
Idika Properties Private Ltd*
Krishnapriya Properties Private Ltd*
N adira Properties Private Ltd*
Prakalpa Properties Private Ltd
Purnachandra Properties Private Ltd*
Shreyadita Properties Private Ltd*
Sreepa Properties Private Ltd*
Londa H ydro Pow er Private Lim ited
G M R Infrastructure (Singapore) PTE. Lim ited
Badrinath H ydro Pow er G eneration Private Lim ited
PT D w ikarya Sejati U tm a
PT D uta Sarana Internusa
PT Barasentosa Lestari
G M R International (M alta) Ltd
Island Pow er Interm ediary PTE. Lim ited
Island Pow er C om pany PTE. Lim ited
Island Pow er Supply PTE. Lim ited
th
O ther Subsidiaries of the H olding C om pany
G M R Industries Lim ited
G M R Ferro A lloys & Industries Lim ited
G M R C orporate A ffairs Private Lim ited
Ideaspace Solutions Lim ited
Raxa Security Services Lim ited
G M R Estates Private Lim ited
G M R Bannerghatta Properties Private Lim ited
G M R Projects Private Lim ited
Saci Sports Private Lim ited
A lagw adi Bireshw ar Sugars Private Lim ited
Rajam Enterprises Private Lim ited
G randhi Enterprises Private Lim ited
G M R Sports Private Lim ited
G M R League G am es Private Lim ited
G M R H oldings (M auritius) Lim ited
Lobelia Properties Private Lim ited
A steria Real Estates Private Lim ited
Salvia Real Estates Private Lim ited
D andelion Properties Private Lim ited
M A S G M R A erospace Engineering C om pany Private Lim ited
Fabcity Properties Private Lim ited
Kondam peta Properties Private Lim ited
D elhi G olf Link Properties Private Lim ited
Larkspur Properties Private Lim ited
H yderabad Jabilli Properties Private Lim ited
Bougainvillea Properties Private Lim ited
G M R Infra Ventures Private Lim ited
G anasatya Real Estates Private Lim ited
N irasree Real Estates Private Lim ited
Rajesw ara Real Estates Private Lim ited
Sreejaya Properties Private Lim ited
Vijaya N ivas Real Estates Private Lim ited
C rossridge Investm ents Lim ited
G M R H olding (M alta) Lim ited
G M R Infrastructure (M alta) Lim ited
G M R H eadquarters Private Lim ited
M aster G lobe Lim ited
G M R H oldings (O verseas) Lim ited
Toridon Enterprises Lim ited
G M R C hhattisgarh Energy Private Lim ited
G M R C am pus Private Lim ited
Kirthi Tim bers Private Lim ited
C orporate Infrastructure Services Private Lim ited
G M R International FZE
Kakinada Refinery & Petrochem icals Private Lim ited
O ther G roup C om panies
Sri Varalakshm i Jute Tw ine M ills Private Lim ited
G M R Enterprises Private Lim ited
G M R Ventures (M auritius) Lim ited
G BS H oldings Private Lim ited
BSR H oldings Private Lim ited
G KR H oldings Private Lim ited
G M R A irport D evelopers Lim ited
G M R H yderabad Vijayaw ada Expressw ays Private Lim ited
InterG en N .V.
Joint Ventures
Istanbul Sabiha G ken U luslararas H avalim an Yatrm Yapm
ve Isletm e A nonim Sirketi
Istanbul Sabiha G ken U luslararas H avalim an Yer H izm etleri
A nonim Sirketi
LG M H avalim ani Isletm eleri Ticaret ve Turizm A nonim Sirketi
Lim ak G M R A di O rtak Ligi
LG M G uvenlik H izm etleri A nonim Sirketi
H om eland Energy G roup Lim ited
Prom oters
M r. G M Rao
M r. G B S Raju
M r. Srinivas Bom m idala
M r. Kiran Kum ar G randhi
M s. Varalakshm i
M s. B Ram adevi
M s. Sm itha Raju
M s. Ragini Kiran
G M R G roup
th
D irectorsReport
D ear Shareholders,
Your D irectors have pleasure in presenting the 13th A nnual Report
together w ith the audited accounts of your C om pany for the year
ended M arch 31, 2009.
Financial Results
Your C om pany operates in four different business sectors
energy, airports, highw ays and urban infrastructure through
various subsidiaries / associate com panies. Your C om pany, as a
holding com pany and as a standalone entity, does not have any
independent revenue except interest / dividend from investm ents.
H ence, the com panys revenue, expenditure and results of
operations are presented through consolidated financial
statem ents and the details given below capture both the
consolidated and standalone financial results.
Your C om pany com m enced the construction business as a separate
operating division on A pril 1, 2009. The construction division
prim arily handles the projects of the C om pany im plem ented
through its subsidiaries. This strategy is expected to progressively
lead to the backw ard integration of the com panys infrastructure
projects, the construction com ponent w hereof have so far been
outsourced to various construction com panies. This w ill also help
im proved risk m anagem ent processes of the C om pany, better cost
m anagem ent of the C om panys projects besides enhancing the
synergies and operational advantages thereof.
Presented below are the consolidated financial results of the
C om pany:
(Rs. in C rore)
Particulars
M arch 31,
2009
M arch 31,
2008
G ross revenue 4476.19 2697.91
Fee paid to A irports A uthority of
India
456.97 403.13
N et revenue 4019.22 2294.78
O perating and adm inistrative
expenditure
2952.43 1696.28
EBITD A 1066.79 598.50
O ther Incom e 21.37 69.75
Interest & finance charges 368.20 168.71
D epreciation / A m ortisation 389.83 178.51
Profit before tax 330.13 321.03
Provisions for taxation (including
deferred tax and fringe benefit tax)
53.02 58.38
Profit after tax 277.11 262.65
M inority interest (2.34) 52.57
Surplus brought forw ard from
previous year
524.21 308.61
A m ount available for appropriation
after m inority interest
803.66 518.69
A ppropriations / A djustm ents 25.30 (5.52)
Available surplus carried to Balance
Sheet
778.36 524.21
Earnings per share (Rs.) (Face value
of Rs. 2/- each) Basic and D iluted
1.53 1.23
C onsolidated gross revenue grew by 65.91% from Rs. 2,697.91
C rore to Rs. 4,476.19 C rore and net revenue by 75.15% from
Rs. 2,294.78 C rore to Rs. 4,019.22 C rore. Revenue stream s from
the A irports and Energy operations w ere the key contributions to
this grow th. EBITD A and PAT have grow n respectively by 78.24%
and 5.51% over the previous year.
Presented below are the standalone financial results of the
C om pany:
(Rs. in C rore)
Particulars
M arch 31,
2009
M arch 31,
2008
G ross revenue 159.20 102.77
O perating and adm inistrative
expenditure
37.13 21.16
EBITD A 122.07 81.61
O ther Incom e 5.82 9.43
Interest & finance charges 23.79 25.37
D epreciation 0.11 0.13
Profit before tax 103.99 65.54
Provisions for taxation (including
deferred tax and fringe benefit
tax)
6.32 2.84
Profit after tax 97.67 62.70
Surplus brought forw ard from
previous year
149.62 81.78
A m ount available for
appropriation
247.29 144.48
A ppropriations
D ebenture redem ption reserve (3.75) (5.14)
Surplus carried to balance sheet 251.04 149.62
Earnings per share (Rs.) Basic
and D iluted
0.54 0.37
The revenues of your C om pany on standalone basis have gone
up by 54.91% from Rs. 102.77 C rore to Rs. 159.20 C rore
prim arily due to treasury incom e on surplus funds available
w ith the C om pany out of the proceeds of Q ualified Institutional
Placem ents (Q IP) m ade by the C om pany in the year 2007. The
increase in operating and adm inistrative expenditure from
Rs. 21.16 C rore to Rs. 37.13 C rore is m ainly due to Rs. 6.25 C rore
on account of expenditure incurred in connection w ith bidding for
new projects, Rs. 6.00 C rore on account of provision for doubtful
advances and the reduction in interest expenditure from Rs. 25.37
C rore to Rs 23.79 C rore on account of repaym ent of debentures /
loans to the extent of Rs. 25.00 C rore during the year.
D ividend
The strength of your com pany lies in identification, execution and
successful im plem entation of the projects in the infrastructure
space. To strengthen the long-term prospects and ensuring
sustainable grow th in assets and revenue, it is im portant for
your com pany to evaluate various opportunities in the different
business verticals in w hich your com pany operates. Your com pany
currently has several projects under im plem entation and continues
th
to explore new er opportunities, both dom estic and international.
Your Board of D irectors considers this to be in the strategic
interest of the C om pany and believe that this w ill greatly
enhance the long term shareholdersvalue. In order to fund these
projects in its developm ent, expansion and im plem entation stages,
conservation of funds is of vital im portance. Therefore, your
D irectors have not recom m ended any dividend for the financial
year 2008-09.
Subsidiary com panies
A s stated earlier, your C om pany carries its business operations
through several subsidiary and associate com panies w hich are
form ed either directly or as step-dow n subsidiaries or in certain
cases by acquisition of a m ajority stake in existing enterprises,
m ainly due to the requirem ent of concession agreem ents.
A s on M arch 31, 2009, your C om pany has total 71 Subsidiary
C om panies and other joint ventures / associate com panies.
The total list of subsidiary com panies as on M arch 31, 2009 is
provided as annexure C to this report.
Review of O perations / Projects of Subsidiary
C om panies
The detailed review of the operations of each subsidiarys business
is presented in the respective com panys D irectorsReport, a brief
overview of the m ajor developm ents thereof is presented below .
Further, M anagem ent D iscussion and A nalysis, form ing part of this
Report, also brings out a brief review of the business operations of
various subsidiaries and associates.
A irport Sector
A irports business of the C om pany consists of tw o airports at D elhi
and H yderabad in India and one airport abroad i.e. in Istanbul in
Turkey. Briefly presented below are the significant developm ents in
these three assets during the year.
D uring the year under review , the M inistry of C ivil Aviation, G ovt.
of India approved levy of D evelopm ent Fee by D elhi International
A irport Private Lim ited (D IA L) at Indira G andhi International A irport
(IG IA ) at the rate of Rs. 200/- per departing dom estic passenger
and Rs. 1300/- per departing international passenger for a period
of 36 m onths w ith effect from M arch 1, 2009 for an am ount
aggregating to Rs. 1,827 C rore (N PV as on M arch 1, 2009), as one
of the m eans of financing for the project. Key m ilestones achieved
during the year at D IA L are:
The new D om estic D eparture Term inal w as com pleted and
com m ercial operations successfully com m enced in A pril,
2009.
The D om estic A rrival term inal w as renovated and expansion
activity w as com pleted in the m onth of N ovem ber, 2008.
The renovation w ork of the existing international term inal w as
com pleted in June, 2008.
The third runw ay w as com pleted 6 m onths ahead of schedule
and inaugurated in the m onth of A ugust, 2008.
The construction w ork of the new integrated term inal, w hich
is being built to international standards w ith the state of
the art facilities, is progressing w ell to m eet the scheduled
com pletion by M arch, 2010.
D uring the year, D IA L aw arded tw o concessions in cargo

business. A concession has been aw arded to C elebi H ava
Servisi, Turkey to m odernize and operate the existing cargo
term inal and the second concession is given to a consortium
of W orldw ide Flight Services & Bird C onsultancy to design,
construct and operate a G reenfield C argo Term inal.
In hospitality district, out of the 45 acres of land divided
into 13 asset areas, envisaged to be developed in the first
phase, the C om pany aw arded 7 asset areas (21.8 acres) to
successful bidders for com m ercial property developm ent.
D uring the year, East D elhi W aste Processing C om pany Private
Lim ited (ED W PC L) becam e subsidiary of D IA L. ED W PC L has been
incorporated as a special purpose vehicle for establishm ent of 10
M W pow er project using 1300 tons of city garbage com ing up at
G hazipur, N ational C apital Territory of D elhi. The project envisages
supply of 1300 tons of city garbage at free of cost at the project
site for pow er generation in the 10 M W capacity pow er plant on
BO O T (Built, O w n, O perate and Transfer) basis for a period of 25
years.
The Rajiv G andhi International A irport (RG IA ) is being operated
safely and to the best of international standards. In its first full
year of operations, RG IA bagged first place in the Routes A irport
M arketing Aw ards in the Indian Subcontinent category.
D uring the year, 26 airlines have operated from the
airport, including 15 foreign airlines and 11 dom estic airlines.
A pproxim ately 6.21 m illion passengers have travelled from / to the
airport, during the year.
The Istanbul A irport
Your C om pany ow ns 40% of Istanbul Sabiha G okcen
U luslararasi H avalim ani Yatirim Yapim Ve Isletm e A .S.,( ISG IA ), the
com pany that is operating and expanding the Istanbul Sabiha G okcen
International A irport at Istanbul, Turkey for a concession period
of 20 years. ISG IA took over the operations of the Istanbul airport
in M ay 2008. The project involves building and operating a new
international term inal and related com plim entary facilities, as
w ell as m anaging tw o existing term inals. The developm ent w ork
is progressing as per schedule and the project is scheduled for
com pletion by end of O ctober, 2009.
Energy Sector
C urrently your com pany has three operating pow er plants. They
are (i) 220 M W gross capacity naphtha-fired com bined cycle
M angalore pow er plant in M angalore in the state of Karnataka,
(ii) 200 M W contracted capacity LSH S-fired C hennai pow er plant
in C hennai in the state of Tam il N adu and (iii) 388.5 M W gross
capacity gas-fired com bined cycle pow er plant in Vem agiri in the
state of A ndhra Pradesh. Vem agiri pow er plant capacity is being
expanded by additional planned capacity of 750 M W .
Your com panys global energy business has been expanded w ith
acquisition of Island Pow er C om pany in Singapore. W ith the aim
of achieving fuel security, stakes in coals m ines in Indonesia and
South A frica w ere acquired in the year under review .
In India, tw o coal-based pow er projects are under developm ent.
They are (i) 1,050 M W coal-fired Kam alanga pow er plant in
the Kam alanga, D henkanal district in the state of O rissa; and

th
(ii) 1200 M W coal-fired C hhattisgarh pow er project in the state of
C hhattisgarh.
Five hydroelectric pow er projects are also under developm ent. They
are (i) 300 M W A laknanda pow er project on the A laknanda River
in the state of U ttarakhand, (ii) 160 M W Talong pow er project in
the East Kam eng district in the state of A runachal Pradesh, (iii) 180
M W Bajoli H oli pow er plant in the C ham ba district in the state of
H im achal Pradesh, (iv) 250 M W U pper M arsyangdi pow er project
in N epal; and (v) 300 M W U pper Karnali pow er project in N epal.
H ighw ays
The H ighw ays Sector of the C om pany com prises of five operating
road projects, of w hich three are annuity (Tam baram - Tindivanam ,
Tuni - A nakapalli and A dloor Yellareddy - Kalkallu) and tw o are toll
based (A m bala - C handigarh and Thondapalli - Jadcherla) projects.
O ne toll based project (Tindivanam -U lundurpet) is expected to
achieve com m ercial operation in Q 2 FY 2010. D uring the financial
year under review , three projects, nam ely A m bala - C handigarh,
Thondapalli - Jadcherla and A dloor Yellareddy Kalkallu w ere
com pleted and com m enced com m ercial operations as per
schedule. The aggregate length of all six projects is 421 four lane
km s. D ue to the steep increase in the input costs, the total project
costs of these new ly com pleted projects exceeded initial estim ates
and the sam e is likely for the projects under construction.
In M ay 2009, the group w on prestigious H ighw ay project i.e. 4/6
laning of 181.6 km s - H yderabad -Vijayaw ada section of N H -9
on Build, O w n and Transfer (BO T) basis in the State of A ndhra
Pradesh, w ith project cost about Rs. 2,200 C rore.
In June 2009, the G roup em erged as the low est bidder in an
International com petitive bid for the C hennai O uter Ring Road
project in Tam il N adu, m easuring 29.65 Km s, on a design, built,
finance, operate and transfer (A nnuity basis). The estim ated total
cost of the project is Rs. 1,100 C rore.
Krishnagiri SEZ.
Pursuant to a m em orandum of understanding entered into w ith
the state of Tam il N adu, SEZ is being developed at Krishnagiri
district in the state of Tam il N adu, through a joint venture w ith
Tam il N adu Industrial D evelopm ent C orporation. The Krishnagiri
SEZ is expected to be dedicated to biotechnology, inform ation
technology, traditional electronics and engineering com panies.
The Krishnagiri SEZ is planned to be spread over 3,300 acres,
approxim ately 50% of w hich has already been acquired.
C om m ercial operation of the Krishnagiri SEZ is expected to
com m ence in the year 2014.
C orporate & International Business
The C orporate business includes provision of com m on services,
resources to all group businesses and C orporate Aviation.
C orporate Aviation business of the com pany consists of chartering
corporate jets both to the group com panies as w ell as to third
parties. The com panys w holly ow ned subsidiary, G M R Aviation
Pvt. Ltd. (G A PL) purchased a H aw ker aircraft and a Bell helicopter
during the year. To m eet the grow ing dem and in aircraft chartering
by corporate houses, it has placed orders for three aircrafts. G A PL
has purchased the aviation business division of G M R Industries
Lim ited on slum p sale basis by w hich one m ore aircraft has been
added to its fleet.
International Business division (IBD ) headquartered in London
conducts its operations across the globe, exploring new business
opportunities in infrastructure space. M ore inform ation on your
com panys international operations is provided in other sections
of this report.
D evelopm ents in H um an Resources and
O rganisation D evelopm ent
Your com pany has robust process of hum an resources developm ent
w hich is described in detail in M anagem ent D iscussion and
A nalysis under the heading D evelopm ents in hum an resources
and organisation developm ent at G M R G roup.
C onsolidated financial statem ents
A s per Section 212 of the C om panies A ct, 1956, the C om pany is
required to attach the D irectorsReport, balance sheet and profit
and loss account of its subsidiary com panies to its A nnual Report.
The M inistry of C orporate A ffairs, G overnm ent of India (G oI) has
granted exem ption to your C om pany for not attaching the above
docum ents of subsidiary com panies w ith the A nnual Report of
the C om pany for the financial year 2008-09. A ccordingly, this
A nnual Report does not contain the reports and other statem ents
of the subsidiary com panies. The C om pany w ill m ake available
the annual audited accounts and related detailed inform ation of
the subsidiary com panies to the investors of the com pany and its
subsidiaries seeking such inform ation at any point of tim e. These
docum ents w ill also be available for inspection during business
hours at the registered office of the C om pany and also at the
registered offices of the subsidiary com panies.
The statem ent pursuant to above stated approval of G overnm ent
of India, about financial inform ation of each subsidiary com pany,
containing details of (a) capital, (b) reserves, (c) total assets, (d) total
liabilities, (e) details of investm ent (except in case of investm ent in
subsidiaries), (f) turnover, (g) profit before taxation, (h) provision
for taxation, (i) profit after taxation and (j) proposed dividend is
annexed to this report. H ow ever, the financial statem ents of G M R
C orporate C entre Lim ited (G C C L) are not consolidated since G C C L
is a guarantee com pany having no share capital and com m ercial
operations.
A s required by A ccounting Standard 21 and Listing
A greem ent w ith stock exchanges, the audited consolidated financial
statem ents of the C om pany and its subsidiaries are attached.
C hanges in Share capital
Preferential A llotm ent
W ith the objective of consolidating the shareholding of the
C om pany and its subsidiaries in D elhi International A irport
Private Lim ited (D IA L), the com pany had obtained approval of
the shareholders of the C om pany in the Extraordinary G eneral
M eeting held on June 9, 2009 for issue of upto 1,35,00,000
equity shares of Rs.2/- each fully paid up on preferential allotm ent
basis for consideration other than cash to ID FC Infrastructure
Fund - India D evelopm ent Fund (ID F) and consideration being (a)
4,68,00,000 equity shares of Rs.10/- each fully paid up of the D IA L
held by ID F and (b) the am ount of Rs. 48.75 C rore paid by ID F to
D IA L as advance tow ards subscription of further equity shares of
D IA L.
th
M anagem ent C om m ittee of the Board of D irectors of the C om pany
at its m eeting held on June 19, 2009 has allotted 1,30,19,108 fully
paid-up Equity Shares of Rs.2/- each to ID F on preferential basis
at Issue Price of Rs. 115/- per Equity Share (including Rs.113/- per
equity share tow ards share prem ium ). In accordance w ith Securities
and Exchange Board of India (D isclosure and Investor Protection)
G uidelines, 2000, shares allotted to ID F are locked in for a period
of one year from the date of allotm ent i.e. upto June 18, 2010.
C onsequent upon the above said allotm ent to ID F, the issued share
capital of the com pany increased to 1,83,36,77,196 equity shares
of Rs. 2/- each. Further, upon acquisition of equity shares of D IA L
held by ID F, the shareholdings of the C om pany and its subsidiaries
in D IA L increased to 54% .
In order to facilitate and m eet its capital expenditure needs of the
ongoing projects of the C om pany / its subsidiaries and to m eet
any exigencies including pursuing new business opportunities,
the com pany at their Extraordinary G eneral M eeting held on
June 9, 2009 have authorised the Board of D irectors of the
C om pany to issue securities including foreign currency convertible
bonds for an am ount not exceeding Rs. 5,000 C rore either through
preferential issue and / or qualified institutional placem ent and / or
private placem ent etc.
D irectors
Reappointm ents
M r. U day M C hitale, M r. U daya H olla, M r. Srinivas Bom m idala
and M r. Kiran Kum ar G randhi, D irectors, retire by rotation at
the ensuing A nnual G eneral M eeting and being eligible, offer
them selves for reappointm ent.
The Board recom m ends their reappointm ent for your approval.
The professional background of the above D irectors is given
under the section Board of D irectorsin the Report of C orporate
G overnance attached to the A nnual Report.
Resignations
M r. T.R. Prasad and M r. K. Balasubram anian resigned as D irectors
from the Board w ith effect from January 13, 2009 and January 23,
2009 respectively. The Board places on record, its appreciation for
the valuable contributions m ade by them during their tenure as
D irectors of the C om pany.
D irectorsresponsibility statem ent
Pursuant to the requirem ent under Section 217 (2A A ) of the
C om panies A ct, 1956, w ith respect to D irectorsresponsibility
statem ent, it is hereby confirm ed:
That in the preparation of the annual accounts for the year
ended M arch 31, 2009, the applicable A ccounting Standards
have been follow ed and proper explanations w ere provided
for m aterial departures, if any.
That the D irectors have selected such accounting policies and
applied them consistently and m ade judgm ents and estim ates
that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the C om pany as at the end of
the financial year and of the profit of the C om pany for the
year.
That the D irectors have taken proper and sufficient care
for m aintenance of adequate accounting records in
1.
2.
3.
accordance w ith the provisions of the C om panies A ct, 1956 for
safeguarding the assets of the C om pany and for preventing
and detecting fraud and other irregularities.
That the D irectors have prepared the accounts for the financial
year ended M arch 31, 2009, on a going concern basis.
C orporate G overnance
Your C om pany has been practising the principles of good
C orporate G overnance over the years and it is a continuous and
ongoing process. A detailed report on C orporate G overnance
practices follow ed by your C om pany, in term s of C lause 49 (VI) of
the Listing agreem ent w ith Stock Exchanges, is provided separately
in this A nnual Report.
D uring the year, C orporate G overnance C om m ittee of the Board
of D irectors w as constituted to adopt good corporate governance
practices and for identifying and follow ing best corporate
governance practices.
Secretarial A udit
A s per SEBI requirem ent, Secretarial audit is being carried out
at specific periodicity by a practising C om pany Secretary. The
findings of the audit have been satisfactory.
Aw ards and recognitions
D uring the period under review , your com pany and its subsidiaries
/ associates have received the follow ing aw ards / recognitions:
G M R Varalakshm i Foundation w as aw arded The TERI
C orporate Aw ard 2009 by The President of India for
its outstanding efforts in the area of C orporate Social
Responsibility.
G M R G roup w on the prestigious Infrastructure A cquisition
of the Year aw ard at the annual Infrastructure Journal Aw ard
C erem ony held in London on M arch 12, 2009 for its U S$1.1bn
acquisition of a 50% stake in InterG en N .V.
G M R G roup w as aw arded the 2008 IA H V Ethics in Business
Aw ard as the O utstanding C orporation at the European
Parliam ent, Brussels.
G M R G roup w as aw arded under the M ost A dm ired C om pany
(Transport D eveloper)category at the KPM G - Infrastructure
Today Aw ards 2008.
G M R Infrastructure Lim ited received the Infrastructure
Excellenceaw ard from C N BC TV 18 on M arch 25, 2009 for
developing the greenfield Rajiv G andhi International A irport.
A t the O A G Routes A irport M arketing Aw ards of the
14th W orld Route D evelopm ent Forum that took place in
Kuala Lum pur, M alaysia on O ctober 13, 2008, G M R G roup
w as adjudged the w inner for C orporate Social Responsibility
considering the w ork that G M R Varalakshm i Foundation
(G M RVF) has undertaken in enhancing the quality of life in the
com m unities living around the new Rajiv G andhi International
A irport in H yderabad.
4.

th
The D irectors of your com pany are glad to inform you that
M r. G .M . Rao, C hairm an of the C om pany has been conferred w ith
the follow ing aw ards:
Sir. M . Visvesw araiah Aw ard - 2008instituted by the
Federation of Karnataka C ham ber of C om m erce and Industry
(FKC C I)
M ost Inspiring Entrepreneur of the Year 2008aw ard by
N ational Institute of Industrial Engineering (N ITIE), M um bai.
M anagem ent D iscussion and A nalysis (M D A )
The M anagem ent D iscussion and A nalysis, form ing part of
this report, as required under C lause 49(IV) (F) of the Listing
A greem ent w ith the stock exchanges is attached separately in this
A nnual Report.
A uditors and A uditorsReport
M /s. Price W aterhouse, C hartered A ccountants, statutory auditors
of the C om pany, retire at the conclusion of the ensuing A nnual
G eneral M eeting of the C om pany and have expressed their
w illingness for appointm ent as joint statutory auditors and confirm ed
that their appointm ent, if m ade, w ill be w ithin the prescribed
lim its under Section 224 (1B) of the C om panies A ct, 1956. Further,
M /s. S.R. Batliboi & A ssociates, C hartered A ccountants have also
offered them selves for appointm ent as joint statutory auditors and
have confirm ed that their appointm ent, if m ade, w ill be w ithin the
prescribed lim its under Section 224 (1B) of the C om panies A ct,
1956. N otice has also been received from a m em ber proposing the
appointm ent of the aforesaid auditors as joint statutory auditors of
the C om pany for the financial year 2009-10.
The N otes to A ccounts form ing part of the financial statem ents are
self-explanatory and need no further explanation.
There are no qualifications or adverse rem arks in the A uditors
Report w hich require any clarification or explanation.
C orporate Social Responsibility (C SR)

The G M R G roups social responsibility initiatives are im plem ented
through G M R Varalakshm i Foundation (G M RVF), the C SR arm of
the G M R G roup. The Foundation is involved m ainly in the areas
of education, health and hygiene; com m unity-based program m es;
em pow erm ent and entrepreneurship developm ent. It reaches
out w ith the objective of im proving the quality of life of the
econom ically deprived people in the places w here the G roup has
a presence.
M ore details on the activities of G M RVF are given elsew here in the
A nnual Report.
C onservation of energy, technology absorption and
foreign exchange earnings and outgo
The Particulars as required under section 217 (1) (e) of the
C om panies A ct, 1956, read w ith the C om panies (D isclosure of
particulars in the report of Board of D irectors) Rules, 1988, are set
out in the annexure A included in this report.
Particulars of em ployees
The Particulars as required under Section 217 (2A ) of the
C om panies A ct, 1956, read w ith C om panies (Particulars of
Em ployees) Rules, 1975, are set out in the annexure Bincluded
in this report.
Fixed D eposits
D uring the year under review , the C om pany has not accepted any
deposits from the public.
A cknow ledgm ents
Your D irectors w ish to express their grateful appreciation for the
valuable support and cooperation received from lenders, business
associates, banks, financial institutions, shareholders, various
statutory authorities and society at large. Your D irectors
also place on record, their appreciation for the contribution,
com m itm ent and dedication of the em ployees of the C om pany
and its subsidiaries at all levels
For and on behalf of the Board
Sd/-
G . M . Rao
Place: Bangalore
D ate : July 08, 2009

th
A nnexure A to the D irectorsReport
Inform ation pursuant to Section 217(1) (e) of the C om panies A ct, 1956, read w ith the C om panies (D isclosure of Particulars in the Report
of the Board of D irectors) Rules, 1988, as am ended and form ing part of the D irectorsReport for the year ended M arch 31, 2009.
1. C onservation of energy and technology absorption:
Since the C om pany is not engaged in any m anufacturing activity, the particulars are not applicable.
2. Foreign exchange earnings and outgo in foreign exchange during the period:
The particulars relating to foreign exchange earnings and outgo in foreign exchange incurred during the period are:
There w ere no Foreign Exchange earnings during the year.
The details of Foreign Exchange outgo are as show n below :
(Rs. in C rore)
Particulars Year ending M arch 31, 2009 Year ending M arch 31, 2008
Travelling expenses 1.71 0.16
Professional charges 1.51 1.97
O thers 0.01 0.08
i.
ii.
Place: Bangalore
D ate : July 08, 2009
Sd/-
G . M . Rao
A nnexure Bto the D irectorsReport
Inform ation pursuant to Section 217(2A ) of the C om panies A ct, 1956, read w ith the C om panies (Particulars of Em ployees) Rules, 1975,
as am ended and form ing part of the D irectorsReport for the year ended M arch 31, 2009.
(A ) Em ployed throughout the year and w ere in receipt of rem uneration aggregating not less than Rs. 24 lakhs per annum .
N am e and age
D esignation and
N ature
Rem uneration
received (Rs. p.a.)
Q ualification and
experience
(in years)
D ate of joining
Particulars of last
em ploym ent
M r. G .M . Rao
A ge: 60 yrs.
Executive C hairm an 5,19,94,494
B.E. M echanical
(36 years)
18-10-2007
Industrialist &
Entrepreneur
M r. G .B.S. Raju
A ge: 35 yrs.
M anaging D irector 3,11,96,696
B.C om
(15 years)
18-10-2007
Industrialist &
Entrepreneur
(B) Em ployed for part of the year under review and w ere in receipt of rem uneration for any part of the year at a rate w hich in aggregate
w as not less than Rs. 2 lakhs per m onth.
N am e and age
D esignation and
N ature
Rem uneration
received (Rs. p.a.)
Q ualification and
experience (in years)
D ate of joining
Particulars of last
em ploym ent
M r. A .S. C herukupalli
A ge: 56 yrs.
C om pany Secretary
& C om pliance
O fficer
28,00,187
FC S,FIC W A , FC A ,
M BA (31 years)
20-11-2000
D irector (Finance) &
C om pany Secretary
- A RM Ltd
M r. C .P. Sounderarajan
A ge: 48 yrs.
C om pany Secretary
& C om pliance
O fficer
12,92,072
M .C om ., FC S, M S
(M gt. Sys)., LL.B
(24 years)
01-11-2008
C om pany Secretary
of D elhi International
A irport Private Lim ited
N otes:
M r. G .B.S. Raju, M anaging D irector is related to M r. G .M . Rao as his son.
The nature of em ploym ent is contractual.
N one of the em ployees by them selves or along w ith their spouse and dependent children hold m ore than 2 per cent shares of the
C om pany.
Place: Bangalore
D ate : July 08, 2009
Sd/-
G . M . Rao
1.
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th
C om panys Philosophy on C orporate G overnance
A ttainm ent of the right results through right m eanssum m arises
G M Rs w ay of C orporate governance. For us C orporate
governance is not destination, but a journey, a journey w herein w e
seek to perpetually im prove the conscience of the w ell balanced
interests of all the stakeholders as w e w alk the m iles, spend the
years, do m ore projects and spread our presence through
continents to touch m ore and m ore lives. Balancing the
interests of all the stakeholders is a challenge that w e constantly
face in this m arathon.
Report on C orporate G overnance
Relationship betw een D irectors interse.
N am e of the D irector Relationship
M r. G . M . Rao Father of M r. G . B. S. Raju and M r. Kiran Kum ar G randhi, father-in-law of M r. Srinivas Bom m idala
M r. G . B. S. Raju Son of M r. G . M . Rao, brother of M r. Kiran Kum ar G randhi, brother-in-law of M r. Srinivas Bom m idala
M r. Srinivas Bom m idala Son-in-law of M r. G . M . Rao, brother- in-law of M r. G . B. S. Raju and M r. Kiran Kum ar G randhi
M r. Kiran Kum ar G randhi Son of M r. G . M . Rao, brother of M r. G .B.S Raju, brother-in-law of M r. Srinivas Bom m idala
W hile w e go beyond the legal provisions of C orporate governance,
the statutory com pliances in this regard are set forth below .
1. Board of D irectors
a. C om position of the Board
A s on M arch 31, 2009, the Board consists of tw elve directors,
including one Executive C hairm an and one M anaging D irector.
10 D irectors are N on-Executive D irectors; out of them 6 are
Independent D irectors. The Independent D irectors are professionals
w ith high credentials, w ho actively contribute in the deliberations
of the Board, covering all strategic policy m atters and strategic
decisions.
The Board com prises of the follow ing D irectors:
Sl.
N o.
N am e of the D irector
D irector
Identification
N um ber (D IN )
C ategory
N um ber of other D irectorships
held in other Public Lim ited
C om panies as on 31-03-2009
#
N um ber of com m ittee
C hairm anships / m em berships held
in other Public Lim ited C om panies
as on 31-03-2009
*
C hairm an D irector C hairm an M em ber
1 M r. G .M . Rao 00574243 Executive C hairm an 4 1
2 M r. G .B.S. Raju 00061686 M anaging D irector 5 1
3 M r. Srinivas Bom m idala 00061464 N EPD 9 4 1 5
4 M r. Kiran Kum ar G randhi 00061669 N EPD 6 1
5 M r. B.V. N agesw ara Rao 00051167 N ED 6 7 1 5
6 M r. K. Balasubram anian** 00009132 N ED N A N A N A N A
7 M r. O . Bangaru Raju 00082228 N ED 8 6
8 M r. A run K. Thiagarajan 00292757 N EID 11 1 5
9 M r. K.R. Ram am oorthy 00058467 N EID 1 9 2 6
10 D r. Prakash G . A pte 00045798 N EID 5 5
11 M r. R.S.S.L.N . Bhaskarudu 00058527 N EID 1 5 3 2
12 M r. U daya H olla 00245641 N EID 3
13 M r. U day M . C hitale 00043268 N EID 5 3 1
14 M r. T.R. Prasad** 00084175 N EID N A N A N A N A
N EPD N on-Executive Prom oter D irector, N ED N on- Executive D irector, N EID N on-Executive Independent D irector,
# O ther com panies do not include alternate directorships, directorships of private lim ited com pany, Section 25 com panies and com panies incorporated outside India.
* C om m ittee m eans A udit C om m ittee and ShareholdersTransfer & G rievance C om m ittee.
** D irectors resigned during the year
th
b. Board M eetings:
Five Board M eetings w ere held during the financial year
ended M arch 31, 2009. These m eetings w ere held on M ay
20, 2008, July 29, 2008, O ctober 27, 2008, January 29, 2009 and
M arch 24, 2009. The m axim um gap betw een tw o m eetings w as
93 days.
c. D irectorsA ttendance Record:
The attendance of D irectors at the Board m eetings held during the
financial year ended M arch 31, 2009 and at the previous G eneral
M eetings w as as under.
N am e of the D irector
Board M eetings
during the period
A pril 01, 2008 to
M arch 31, 2009
W hether
present
at the
previous
A G M held
on A ugust
19, 2008
W hether
present
at the
previous
EG M held
on June 9,
2009
H eld A ttended
#
M r. G . M . Rao 5 5 Yes Yes
M r. G . B. S. Raju 5 5 Yes N o
M r. Srinivas Bom m idala 5 3 N o Yes
M r. Kiran Kum ar G randhi 5 4 Yes N o
M r. B. V. N agesw ara Rao 5 4 N o Yes
M r. K. Balasubram anian
+
3 2 Yes N A
M r. O .Bangaru Raju 5 5 Yes N o
M r. A run K. Thiagarajan 5 4 Yes N o
M r. K. R. Ram am oorthy 5 5 Yes Yes
D r. Prakash G A pte 5 4 N o N o
M r. R.S.S.L.N . Bhaskarudu 5 3 Yes Yes
M r. U daya H olla 5 2 N o N o
M r. U day M . C hitale 5 5 Yes Yes
M r. T.R. Prasad* 3 2 Yes N A
+Resigned as D irector w ith effect from January 23, 2009
*Resigned as D irector w ith effect from January 13, 2009
#
A ttendance include participation through video conference
d. Profile of D irectors being appointed in the ensuing A nnual
G eneral M eeting to be held on A ugust 31, 2009.
i) M r. U day M C hitale 59, Independent D irector, has been on
C om panys Board since Septem ber, 2005. H e is also a director on
the Board of VPG L, a subsidiary of the C om pany. M r. C hitale is a
C hartered A ccountant of over 35 yearsstanding in the profession
and is the Senior Partner of M .P. C hitale & C o, M um bai. H e is / has
been director of som e prom inent com panies including IC IC I Bank
Lim ited, IC IC I Securities Lim ited, JSW Steel Lim ited and N ational
C om m odity & D erivatives Exchange. H e is currently a m em ber
of the global board of directors and Vice President A sia Pacific
of D FK International, a w orldw ide association of independent
professional firm s. M r. C hitale has served on several expert
com m ittees set up by governm ent and regulatory organizations
including RBI, SEBI, IRD A and professional bodies such as the
Institute of C hartered A ccountants of India, Bom bay C hartered
A ccountants Society and Indian BanksA ssociation. A part from
being a respected senior professional accountant and auditor,
M r. C hitale is acknow ledged as a m anagem ent and business
advisor. H is special interests include international business
negotiations and com m ercial dispute resolution; he has received
accreditation as C ertified M ediatorfrom the C entre for Effective
D ispute Resolution (C ED R), U K. M r. C hitale is one of the pioneers
w ho has contributed to the developm ent of A lternative D ispute
Resolution in India and is the founder D irector of Indian C ouncil
for D ispute Resolution.
H e holds 15000 equity shares of the C om pany under joint nam es
as on M arch 31, 2009.
D etails of M r. U day M C hitales directorships and com m ittee
m em berships are as follow s:
N am e of the C om pany
(D irectorship)
C om m ittee C hairm anship
/ M em berships
G M R Infrastructure Lim ited
M em ber
A udit C om m ittee,
C om m ittee
D FK C onsulting Services (India)
Private Lim ited
D FK International (Incorporated in
N etherlands)
Vem agiri Pow er G eneration Lim ited M em ber

A udit C om m ittee
Indian C ouncil for D ispute
Resolution
IC IC I Securities Lim ited C hairm an

A udit C om m ittee
JSW Steel Lim ited C hairm an
A udit C om m ittee
M em ber Share
A llotm ent C om m ittee
IC IC I Brokerage Services Lim ited
G M R Industries Lim ited C hairm an
A udit C om m ittee
M em ber Rem uneration
C om m ittee
Janalakshm i Financial Services
Private Lim ited
D el Val Flow C ontrols Private

Lim ited
ii) M r. U daya H olla 58, Independent D irector, has been on the

C om panys Board since Septem ber 2005. H e is also a director on
the Boards of som e subsidiaries of the C om pany. H e is a law yer by
profession and w as previously the A dvocate G eneral of the State
of Karnataka. H is m ain areas of specialization include corporate
law s, m ergers and acquisitions, foreign collaborations and joint
ventures, FEM A and other legal m atters. H e has been practising
law for m ore than 36 years. M r. U daya H olla has been associated
w ith G M R G roup since 2003.
H e holds nil equity shares of the C om pany as on M arch 31, 2009.
th
D etails of M r. U daya H ollas directorships and com m ittee
(D irectorship)
/ M em berships
G M R Infrastructure Lim ited C hairm an Shareholders
Transfer and G rievance
C om m ittee
M em ber Rem uneration
C om m ittee
Vem agiri Pow er
G eneration Lim ited
G M R Tam baram Tindivanam

Expressw ays Private Lim ited
G M R Tuni A nakapalli Expressw ays

Private Lim ited
iii) M r. Srinivas Bom m idala 46, G roup D irector, is the son-in-law of

M r. G . M . Rao and has been on the C om panys Board since 1996.
H e has over tw enty five years of experience in the infrastructure,
agriculture, fast m oving consum er goods and services sectors.
C urrently, he is the Business C hairm an U rban Infrastructure &
H ighw ays, a portfolio com prising of several businesses including
H ighw ays, C om m ercial Property developm ents at D elhi and
H yderabad A irports, developm ent of w orld-class A erotropolis,
C onstruction & SEZ, Raxa Security and Aviation businesses.
Prior to this, M r. Srinivas Bom m idala headed the D elhi International
A irport Pvt Ltd project (a Joint Venture of G M R G roup, A irports
A uthority of India, Fraport, M A N SB and ID F), the largest Public
Private Partnership initiative till date in India and also led the
G roups foray into the pow er sector w ith setting up of 200 M W
pow er plant at C hennai and the gas based pow er project at
Vem agiri in A ndhra Pradesh.
H e holds 225830 equity shares of the C om pany as on
M arch 31, 2009.
D etails of M r. Srinivas Bom m idalas directorships and com m ittee
(D irectorship)
/ M em berships
G M R Infrastructure Lim ited M em ber M anagem ent
C om m ittee, D ebenture
A llotm ent C om m ittee
M em ber
A udit C om m ittee
Private Lim ited
M em ber
A udit C om m ittee
G M R A m bala C handigarh
C hairm an M anagem ent
C om m ittee
G M R Jadcherla Expressw ays Private
Lim ited
M em ber Project
M anagem ent C om m ittee,
C hairm an Rem uneration
C om m ittee, M anagem ent
C om m ittee
G M R Pochanpalli Expressw ays
Private Lim ited
M em ber A udit
C om m ittee, Project
C om m ittee.
G M R U lundurpet Expressw ays
Private Lim ited
M em ber Project
C om m ittee
D elhi International A irport Private
Lim ited
M em ber Share
A llotm ent, Transfer and
G rievance C om m ittee
G M R H yderabad International
A irport Lim ited
M em ber Shares
A llotm ent and Shares
transfer com m ittee, A udit
C om m ittee
G M R H yderabad A erotropolis
Lim ited.
G M R Krishnagiri SEZ Lim ited.

BSR Infrastructure Private Lim ited
Bom m idala Tobacco Exporters
Private Lim ited
Bom m idala Exports Private Lim ited

G M R Sports Private Lim ited
G M R League G am es Private Lim ited
Kakinada Refinery and
Petrochem icals Private Lim ited
Raxa Security Services Lim ited C hairm an A udit

C om m ittee,
Rem uneration
C om m ittee.
BSR H oldings Private Lim ited
H otel Shivam International Private
Lim ited
Bom m idala Exim Private Lim ited

th
iv) M r. Kiran Kum ar G randhi, 34, G roup D irector, is the younger
son of M r. G .M . Rao and has been on the C om panys Board
since 1999. H e com pleted his bachelorsdegree in com m erce
from Badruka C ollege, O sm ania U niversity, H yderabad in 1996.
H e led the C om panys foray into airport business and currently is
the M anaging D irector of G H IA L and D IA L. H e had spearheaded
the im plem entation of the airport project at H yderabad. H e is also
responsible for the developm ent of new business in the airports
sector. Before taking over the reins of G H IA L, he headed the
G roups finance function and the shared services. C urrently, he is
the Business C hairm an of the A irport sector.
H e holds 225830 equity shares of the C om pany as on M arch 31,
2009.
D etails of M r. Kiran Kum ar G randhis directorships and com m ittee
(D irectorship)
/ M em berships
G M R Infrastructure Lim ited M em ber M anagem ent
C om m ittee
Ideaspace Solutions Lim ited
M em ber Share
allotm ent and Transfer
C om m ittee
Private Lim ited
M em ber Share
C om m ittee
A irport Lim ited
C hairm an Share
C om m ittee
G atew ays for India A irports Private
Lim ited

Lim ited
C hairm an Share
A llotm ent, Transfer and
G rievance C om m ittee
Istanbul Sabiha G ken U luslararas
H avalim an Yatrm Yapm ve Isletm e
A nonim Sirketi (Sabiha G okcen
International A irport)
G KR H oldings Private Lim ited

e. C ode of C onduct
A s per requirem ent of C lause 49 of the Listing A greem ent w ith the
stock exchanges, the Board has laid dow n a code of conduct for
all Board m em bers, senior m anagem ent personnel and designated
em ployees of the C om pany. The code of conduct is posted on the
w ebsite of G M R G roup (w w w .gm rgroup.in). A ll Board m em bers
and senior m anagem ent personnel affirm com pliance w ith the
code on an annual basis and the declaration to that effect by
M r. G . B. S. Raju, M anaging D irector, is attached to this report.
A C ode of business conduct and ethics applicable to all the
em ployees of the group has been com m unicated w hich are to be
follow ed in day to day w ork life w hich w ill enable the em ployees
to m aintain highest standards of values in their conduct to achieve
organisational objectives.
f. W histleblow er Policy
To m aintain high level of legal, ethical and m oral standards and to
provide a gatew ay for em ployees to voice concern in a responsible
and effective m anner about serious m alpractice, im propriety,
abuse or w rongdoing w ithin the organisation, the C om pany has
form ulated a w histle blow er policy applicable to the C om pany and
its subsidiaries.
This m echanism has been com m unicated to all concerned and
posted on the G roups intranet.
g. Risk M anagem ent
In a dynam ic industry such as infrastructure, risk is an inherent
aspect of business. The risk m anagem ent function therefore is
integral to the C om pany and its objectives include ensuring that the
critical risks are identified continuously, m onitored and m anaged
effectively in order to protect the C om panys businesses.
A com prehensive and integrated risk m anagem ent fram ew ork
form s the basis of all the de-risking efforts of the C om pany. The
fram ew ork includes risk bulletins for various sectors of businesses.
Prudential norm s at lim iting exposures are an integral part of
this fram ew ork. Form al reporting and control m echanism s
ensure tim ely inform ation availability and facilitate proactive risk
m anagem ent. These m echanism s are designed to cascade dow n
to the level of line m anagers so that the risks at the transactional
level are identified and steps are taken tow ards m itigation in a
decentralized fashion.
A t the enterprise level, de-risking of the C om panys business risk
is sought to be achieved by a policy of undertaking diversified
projects in different segm ents, geographies and revenue m odels.
The Board of D irectors is responsible for m onitoring risk levels on
various param eters and ensures im plem entation of m itigation
m easures, w herever required. The risk m anagem ent fram ew ork is
designed to address w hat the m anagem ent believes can be largely
quantified and m itigated. The fram ew ork classifies these risks as
follow s:
Business Risks: C lient concentration, C ontracts, Regulatory,
Technological obsolescence
Financial Risks: Interest rates, Foreign exchange fluctuations,
Liquidity m anagem ent
Legal and Statutory Risks: C ontractual liabilities, Statutory
com pliance, Fixed asset, Em ployee insurance
O rganisational and M anagem ent Risks: Leadership developm ent,
H um an resource m anagem ent, Process m aturity, Internal control
system s
Political Risks
A process is set up to inform the Board/A udit C om m ittee m em bers
about the risk assessm ent and m inim isation procedures. These
procedures are subjected to a periodical review to ensure that
the m anagem ent controls the risk through m eans of a properly
defined fram ew ork.
A detailed note on risks and concerns affecting the businesses
of the C om pany is provided in M anagem ent D iscussion and
A nalysis.
h. Subsidiary C om panies
The C om pany m onitors the perform ance of its subsidiary
com panies, inter alia, by the follow ing m eans:
th
The financial statem ents, in particular the investm ents
m ade by subsidiary com panies, are review ed by the A udit
C om m ittee of the C om pany periodically.
The m inutes of the Board / A udit C om m ittee m eetings of
the subsidiary com panies are noted at the Board / A udit
C om m ittee M eetings respectively of the C om pany.
The details of significant transactions and arrangem ents
entered into by the subsidiary com panies are placed before
the Board of the C om pany periodically.
2. A udit C om m ittee
a. C onstitution of A udit C om m ittee:
i. The A udit C om m ittee com prises of the follow ing D irectors as
m em bers:
N am es D esignation
M r. K. R. Ram am oorthy C hairm an
M r. A run K. Thiagarajan M em ber
M r. U daya H olla* M em ber
M r. U day M . C hitale M em ber
M r. R S S L N Bhaskarudu** M em ber
* Resigned as m em ber w ith effect from January 29, 2009
** Inducted as a m em ber on January 29, 2009.
ii. Previous A nnual G eneral M eeting of the C om pany w as held on
A ugust 19, 2008.
M r. K.R. Ram am oorthy, C hairm an of the A udit C om m ittee has
attended the m eeting. The com position of the A udit C om m ittee,
consisting only Independent D irectors, m eets the requirem ent of
Section 292A of the C om panies A ct, 1956 and C lause 49 of the
Listing A greem ent w ith the stock exchanges.
D uring the year, M r. U daya H olla had expressed his desire to step
dow n as a m em ber of the A udit C om m ittee and his request w as
accepted by the Board at its M eeting held on January 29, 2009.
A t the sam e m eeting, M r. R.S.S.L.N . Bhaskarudu w as inducted as
a m em ber of the A udit C om m ittee.
M r. C P Sounderarajan, C om pany Secretary and C om pliance
O fficer, acts as Secretary to the A udit C om m ittee.
b. M eetings and attendance during the year:
D uring the financial year ended on M arch 31, 2009, seven A udit
C om m ittee m eetings w ere held on A pril 11, 2008, M ay 20, 2008,
July 29, 2008, Septem ber 22, 2008, O ctober 27,2008, January
29, 2009 and M arch 24, 2009. The attendance of the A udit
C om m ittee m em bers w as as under:
N am es
N o. of the M eetings
H eld A ttended
M r. K. R. Ram am oorthy 7 7
M r. A run K. Thiagarajan 7 6
M r. U daya H olla* 6 2
M r. U day M . C hitale 7 7
M r. R S S L N Bhaskarudu** 1 1
*C eased to be a m em ber w ith effect from January 29, 2009.
** Inducted as a m em ber on January 29, 2009.
A special m eeting of the C om m ittee w as held on A pril 11, 2008
exclusively to consider the issues relating to adequacy of internal
control processes, perform ance of A uditors, A ccounting Policies
etc. The C om m ittee at their m eeting held on Septem ber 22, 2008
i.
ii.
iii.
had also review ed ERM initiatives at G M R group, benefits achieved
through the four m ain outputs viz., Risk Policy, Risk M anagem ent
Process, Risk M anagem ent G roup and Risk Bulletin.
c. The term s of reference of the A udit C om m ittee are as under:
O versight of the C om panys financial reporting process and
the disclosure of its financial inform ation to ensure that the
financial statem ent is correct, sufficient and credible.
Recom m ending the appointm ent and rem oval of external
auditor, fixation of audit fee and also approval for paym ent
for any other services.
Review ing w ith the m anagem ent the annual financial
statem ents before subm ission to the Board, focusing prim arily
on:
A ny changes in accounting policies and practices.
M ajor accounting entries based on exercise of judgm ent
by the m anagem ent.
Q ualifications in draft audit report.
Significant adjustm ents arising out of audit.
The going concern assum ption.
C om pliance w ith accounting standards.
C om pliance w ith listing and other legal requirem ents
concerning financial statem ents.
A ny related party transactions i.e. transactions of the
C om pany of m aterial nature, w ith prom oters or the
m anagem ent, their subsidiaries or relatives, etc. that m ay
have potential conflict w ith the interests of the C om pany
at large.
iv. Review ing w ith the m anagem ent, external and internal
auditors, the adequacy of internal control system s.
v. Review ing the adequacy of internal audit function, including
the structure of the internal audit departm ent, staffing and
seniority of the official heading the departm ent, reporting
structure coverage and frequency of internal audit.
vi. D iscussion w ith internal auditors any significant findings and
follow -up there on.
vii. Review ing the findings of any internal investigations by the
internal auditors into m atters w here there is suspected fraud
or irregularity or a failure of internal control system s of a
m aterial nature and reporting the m atter to the Board.
viii. D iscussion w ith external auditors before the audit com m ences,
nature and scope of audit as w ell as post-audit discussions to
ascertain any area of concern.
ix. Review ing the C om panys financial and risk m anagem ent
policies.
x. To look into the reasons for substantial defaults in the
paym ent to the depositors, debenture holders, shareholders
(in case of non-paym ent of declared dividends) and creditors.
xi. Review ing, w ith the m anagem ent, the statem ent of uses/
application funds raised through an issue (public issue,
rights issues, preferential issue etc.), the statem ent of funds
utilised for the purpose other than those stated in the offer
docum ent /prospectus /notice and the report subm itted by the
m onitoring agency m onitoring the utilisation of proceeds of a
public or right issue and m aking appropriate recom m endation
to the Board to take up steps in this m atter.
i.
ii.
iii.

th
3. Rem uneration C om m ittee
a. C onstitution of Rem uneration C om m ittee:
The Rem uneration C om m ittee com prises of the follow ing D irectors
as m em bers:
M r. G .M .Rao M em ber
M r. K. Balasubram anian* M em ber
D r. Prakash G . A pte M em ber
M r. U daya H olla M em ber
* C eased to be a m em ber w ith effect from January 23,2009.
O fficer, acts as Secretary to the Rem uneration C om m ittee.
b. A ttendance during the year:
D uring the financial year ended M arch 31, 2009, no m eeting of
the C om m ittee w as held.
c. The term s of reference of the Rem uneration C om m ittee are as
under:
M eetings of the C om m ittee shall be held w henever
m atters pertaining to the rem uneration payable, including any
revision in rem uneration payable to Executive / N on-Executive
D irectors are to be m ade.
Paym ent of rem uneration shall be approved by a resolution
passed by the Rem uneration C om m ittee.
A ll inform ation about the D irectors /M anaging
D irectors / W holetim e D irectors i.e., background details, past
rem uneration, recognition or aw ards, job profile shall be
considered and disclosed to shareholders.
The com m ittee shall take into consideration and ensure
the com pliance of provisions under Schedule XIII of the
i.
ii.
iii.
iv.
C om panies A ct, 1956 for appointing and fixing rem uneration
of M anaging D irectors / W holetim e D irectors.
W hile approving the rem uneration, the com m ittee shall take
into account financial position of the C om pany, trend in the
industry, qualification, experience and past perform ance of
the appointee.
The C om m ittee shall be in position to bring about
objectivity in determ ining the rem uneration package w hile
striking the balance betw een the interest of the C om pany and
the shareholders.
Follow ing disclosures on the rem uneration of D irectors shall
be m ade in the section on the C orporate governance of the
A nnual Report:
A ll elem ents of rem uneration package of all the D irectors
i.e. salary, benefits, bonus, stock options, pension etc.
D etails of fixed com ponent and perform ance linked
incentives, along w ith the perform ance criteria.
Service contracts, notice period, severance fees.
Stock option details, if any and w hether issued at a
discount as w ell as the period over w hich accrued and
over w hich exercisable.
d. Rem uneration Policy
Rem uneration of the Executive C hairm an, M anaging D irector or
Executive D irector is determ ined periodically by the Rem uneration
C om m ittee w ithin the perm issible lim its under the applicable
provisions of law and as approved by shareholders. N on-Executive
D irectors are paid sitting fees w ithin the lim its prescribed under
law .
v.
vi.
vii.
e. D etails of rem uneration paid during the financial year ended M arch 31, 2009 to the D irectors are furnished here under.
N am e Salary &
C om m ission (Rs.)
Perquisites (Rs.) Sitting Fees (Rs.) Total (Rs.) N o. of shares held
M r. G . M . Rao 51,705,265 289,229 51,994,494 126,665
M r. G . B. S. Raju 31,025,145 171,551 31,196,696 225,830
M r. Srinivas Bom m idala 225,830
M r. Kiran Kum ar G randhi 225,830
M r. B. V. N agesw ara Rao 75,000
M r. K. Balasubram anian * N A
M r. O .Bangaru Raju 20,000
M r. A run K. Thiagarajan 210,000 210,000 18,000
M r. K. R. Ram am oorthy 290,000 290,000 N IL
D r. Prakash G A pte 90,000 90,000 15,000
M r. R.S.S.L.N . Bhaskarudu 90,000 90,000 N IL
M r. U daya H olla 100,000 100,000 N IL
M r. U day M . C hitale 250,000 250,000 15,000
M r. T. R. Prasad ** 40,000 40,000 N A
*Resigned as director w ith effect from January 23, 2009
**Resigned as director w ith effect from January 13, 2009
N ote: The rem uneration paid to Executive C hairm an and M anaging D irector do not include provision for gratuity, super annuation and
prem ium for personal accident policy, as the sam e are determ ined for the com pany as a w hole.
The C om pany does not have any stock option plan or perform ance-linked incentive for the D irector(s).
th
4. ShareholdersTransfer and G rievance C om m ittee
a. C onstitution of the C om m ittee:
The ShareholdersTransfer and G rievance C om m ittee com prises of
the follow ing D irectors as m em bers:
M r. U daya H olla C hairm an
M r. K. R. Ram am oorthy M em ber
M r. G .B.S.Raju M em ber
M r. B.V.N agesw ara Rao M em ber
The com position of the com m ittee m eets the requirem ent of
C lause 49 of the Listing A greem ent w ith the stock exchanges.
M r. C . P. Sounderarajan, C om pany Secretary and C om pliance
O fficer, acts as Secretary to the ShareholdersTransfers and
G rievance C om m ittee.
b. M eetings and A ttendance during the year:
D uring the financial year ended on M arch 31, 2009, four m eetings
w ere held on M ay 20, 2008, July 29, 2008, O ctober 27, 2008 and
January 29, 2009. The attendance of the ShareholdersTransfer
and G rievance C om m ittee m em bers is as under:
N am es
H eld A ttended
M r. U daya H olla 4 2
M r. G .B.S.Raju 4 3
M r. B.V.N agesw ara Rao 4 3
c. The term s of reference of the ShareholdersTransfer and
G rievance C om m ittee are as under:
A llotm ent of all types of securities to be issued by the
C om pany.
Transfer, transposition and transm ission of securities.
Issuance of duplicate shares or other securities.
D ealing w ith com plaints about non-receipt of declared
dividend, non-receipt of A nnual Reports, etc.
Investigate into other investors com plaints and take necessary
steps for redressal thereof.
To perform all functions relating to the interests of
shareholders / investors of the C om pany as m ay be required
by the provisions of the C om panies A ct, 1956, Listing
A greem ents w ith stock exchanges and guidelines issued by
SEBI or any other regulatory authority.
A uthorise C om pany Secretary or other persons to take
necessary action on the above m atters.
A ppointm ent and fixation of rem uneration of the Registrar
and Share transfer A gent and D epositories and to review their
perform ance.
The details of the com plaints received during the financial year
2008-09 and the status of the sam e are as below :
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
Particulars
N o. of
C om plaints
received
N o. of
C om plaints
resolved
Pending
C om plaints
N on-Receipt of
A nnual Reports
11 11 0
N on-Receipt of
Refund O rders
10 10 0
N on-Receipt of
Electronic C redit
23 23 0
N on-Receipt of
Share C ertificates
11 11 0
N on- receipt of
D ividend w arrants
23 23 0
Total 78 78 0
5. M anagem ent C om m ittee
a. C onstitution of M anagem ent C om m ittee:
The M anagem ent C om m ittee com prises of the follow ing D irectors
as m em bers:
M r. G .M .Rao C hairm an
M r. G .B.S. Raju M em ber
M r. Srinivas Bom m idala M em ber
M r. Kiran Kum ar G randhi M em ber
*C eased to be a m em ber of the C om m ittee w ith effect from January 23, 2009.
O fficer, acts as Secretary to the M anagem ent C om m ittee.
D uring the financial year ended on M arch 31, 2009, five m eetings
of the C om m ittee w ere held on June 13, 2008, July 11, 2008,
July 21, 2008, D ecem ber 22,2008 and M arch 13, 2009 and the
attendance of m em bers are as follow s:
N am es
H eld A ttended
M r. G .M .Rao 5 5
M r. Srinivas Bom m idala 5 1
M r. G .B.S. Raju 5 2
M r. Kiran Kum ar G randhi 5 1
M r. B.V.N agesw ara Rao 5 3
M r. K. Balasubram anian * 4 3
c. The term s of reference of the M anagem ent C om m ittee are as
under:
D ecision-m aking relating to operational m atters like
investm ents in new projects, financial m atters, capital
expenditure, purchases and contracts non-capital (including
services), sales and m arketing, long-term contracts, stores, H R
related m atters, establishm ent and adm inistration, w riting-off
of assets, etc.
D ecision-m aking relating to IPO m atters like quantum of
issue, issue price, appointm ent of lead m anagers and other
i.
ii.
th
interm ediaries, registrars to the issue, bankers to the issue,
listing of shares, execution of all the docum ents pertaining
to IPO , etc.
The Board of D irectors from tim e to tim e also delegate specific
pow ers to the M anagem ent C om m ittee.
6. D ebentures A llotm ent C om m ittee
a. C onstitution of D ebentures A llotm ent C om m ittee:
The D ebentures A llotm ent C om m ittee com prises of the follow ing
D irectors as m em bers:
M r. Srinivas Bom m idala M em ber
M r. G .B.S. Raju M em ber
M r. K. Balasubram anian * M em ber
O fficer, acts as Secretary to the D ebentures A llotm ent
C om m ittee.
N o m eeting of D ebentures A llotm ent C om m ittee w as held during
the financial year 2008-09.
c. The term s of reference of the D ebentures A llotm ent C om m ittee
are as under:
Issuance and allotm ent of debentures on such term s and
conditions as m ay be prescribed from tim e to tim e in this regard.
7. Treasury C om m ittee
a. C onstitution of Treasury C om m ittee:
The Board has constituted the Treasury C om m ittee vide resolution
dated January 9, 2008 and the com m ittee com prises of the
follow ing m em bers:
M r. G .B.S.Raju M em ber
M r. A .Subba Rao M em ber
M r. R. Ram M ohan M em ber
D r. Prakash G A pte M em ber
D uring the financial year ended on M arch 31 2009, one
C om m ittee m eeting w as held on A pril 18, 2008 and the
attendance of m em bers is as under:
N am es
H eld A ttended
M r. G .B.S.Raju 1 0
M r. K. Balasubram anian* 1 0
M r. A . Subba Rao 1 1
M r. R. Ram M ohan 1 1
D r Prakash G A pte 1 1
c. The term s of reference of the Treasury C om m ittee are as
follow s:
Form ulate the policy for short-term deploym ent of funds, decide
the type of instrum ents, m anner and structure of investm ents or
placem ent of funds.
The Board of D irectors in their m eeting held on M arch 24, 2009
dissolved the Treasury C om m ittee.
8. C orporate G overnance C om m ittee
a. C onstitution of C orporate G overnance C om m ittee:
The Board has constituted the C orporate governance
C om m ittee on January 29, 2009 com prising of the follow ing
m em bers:
M r. A run K Thiagarajan C hairm an
D r. Prakash G A pte M em ber
M r. R S S L N Bhaskarudu M em ber
M r. U day M C hitale M em ber
O fficer, acts as Secretary to the C orporate G overnance
C om m ittee.
D uring the financial year ended on M arch 31 2009, one
C om m ittee m eeting w as held on M arch 24, 2009 and the
attendance of m em bers is as under:
N am es
H eld A ttended
M r. A run K Thiagarajan 1 1
D r. Prakash G A pte 1 0
M r. R S S L N Bhaskarudu 1 1
M r. U day M C hitale 1 1
c. The term s of reference of the C orporate G overnance C om m ittee
are as follow s:
To review and recom m end best C orporate governance
practices including Board processes, disclosure practices, policy
on ethics / code of conduct etc.
To continuously review and reinforce the C orporate
governance practices w ithin the C om pany.
To lay dow n process for induction of directors after due
diligence.
A ny other m atter as the C om m ittee m ay deem appropriate
after approval of the Board of D irectors or as m ay be directed
by the Board of D irectors from tim e to tim e.
i.
ii.
iii.
iv.
th
9. G eneral Body M eetings
a. A nnual G eneral M eetings
Venue, date and tim e of the A nnual G eneral M eetings held during the preceeding three years and the Special Resolutions passed there
at are as under:
Year Venue D ate & Tim e Special Resolutions passed
2007-08 Jnana Jyothi A uditorium ,
C entral C ollege C am pus,
Bangalore 560 001
A ugust 19, 2008,
2.30 p.m .
N o Special Resolution w as passed.
2006-07 C onvention C entre, N IM H A N S,
H osur Road,
Bangalore 560 029
A ugust 30, 2007
10.30 a.m .
1. U nder Section 163 of the C om panies A ct, 1956, approval
for keeping of register of m em bers etc. at the office of Karvy
C om putershare Private Lim ited, Registrar and Share Transfer
A gent of the C om pany, w ithin the city of Bangalore.
2. U nder Section 31 of the C om panies A ct, 1956, alteration of
A rticle 82 of A rticles of A ssociation pertaining to the pow ers of
the Board w ith regard to borrow ing.
3. U nder Section 81(1A ) of the C om panies A ct, 1956, approval
for issue of equity shares / convertible securities to any person.
4. U nder Section 61 of the C om panies A ct, 1956, approval for
variation in utilization of IPO proceeds.
2005-06 C hancery H all, Taj W est End
H otel, M G Road,
Bangalore - 560 001
A ugust 07, 2006
3.30 p.m .
b. Extraordinary G eneral M eetings
Venue, date and tim e of the Extraordinary G eneral M eetings held during the preceeding three years and the Special Resolutions passed
there at are as follow s:
Year Venue D ate & Tim e Special Resolutions Passed
2007-08 D r. A m bedkar Bhavan,
M illers Road, Vasanth N agar,
Bangalore 560 052.
N ovem ber 26, 2007
11:00 a.m .
U nder Section 81 (1A ) of the C om panies A ct, 1956, issue of
securities through Q ualified Institutional Placem ents (Q IP)
2006-07 25/1, Skip H ouse, M useum
Road, Bangalore 560 025
M ay 20, 2006
11:00 a.m .
The Parliam ent Room ,
H otel Taj M ahal,
M ansingh Road,
N ew D elhi - 110 001
A pril 25, 2006
12:00 N oon
1. A pproval for preferential issue of equity shares to the IC IC I
Trusteeship Services Lim ited (IC IC I Em erging Sectors Fund).
2. U nder Section 31 of the C om panies A ct, 1956, replacing
w ith new set of A rticles of A ssociation of the C om pany.
25/1, Skip H ouse, M useum
Road, Bangalore 560 025
A pril 19, 2006
11:00 a.m .
A pproval for preferential issue of equity shares to the India
D evelopm ent Fund (ID F).
2005-06 25/1, Skip H ouse,
M useum Road,
Bangalore 560 025
February 28, 2006
11:00 a.m .
1. U nder Sections 16 and 94 of the C om panies A ct, 1956,
increase of authorized share capital of the C om pany and
consequently alteration of M em orandum of A ssociation.
2. U nder Section 81(1A ) of the C om panies A ct, 1956 approval
for issue of equity shares or convertible securities or any other
securities.
25/1, Skip H ouse,
M useum Road,
Bangalore 560 025
Septem ber 29, 2005
11:00 a.m .
1. U nder Sections 16 and 94 of the C om panies A ct, 1956,
reclassifying preference shares to equity shares. Increase of
authorized share capital of the C om pany and consequently
alteration of M em orandum of A ssociation.
2. U nder Section 31 of the C om panies A ct, 1956, alteration of
A rticle 95 of the A rticles of A ssociation pertaining to num ber
of directors.
3. Issue of Bonus shares.
N ote: D uring the year 2008-09, no Extraordinary G eneral M eeting w as held.
th
c. Special Resolutions passed through postal ballot:
N o special resolution w as passed during the last year through
postal ballot.
10. D isclosures
a. D isclosures on m aterially significant related party transactions
i.e., transactions of the C om pany of m aterial nature, w ith
its prom oters, D irectors or their relatives, m anagem ent, its
subsidiaries etc., that m ay have potential conflict w ith the
interests of the C om pany at large.
The transactions w ith related parties are m entioned at page
no. 123 m ay be verified in the A nnual Report. N one of the
transactions w ith related parties w ere in conflict w ith the
interests of the C om pany at large.
b. D etails of non-com pliance by the C om pany, penalties, strictures
im posed on the C om pany by the stock exchanges or SEBI or any
statutory authority, on any m atter related to capital m arkets,
during the last three years.
There has been no instance of non-com pliance by the C om pany
on any m atter related to capital m arkets during the last three
years hence no penalties or strictures have been im posed by
the stock exchange or SEBI or any statutory authority.
11. M eans of C om m unication
The C om pany has been sending A nnual Reports, notices and
other com m unications to each household of shareholders through
post or courier.
The quarterly / annual results of the C om pany as per the
statutory requirem ent under C lause 41 of the Listing A greem ent
w ith stock exchanges are generally published in the Business
Standardand Sam yukta Karnataka(a regional daily in Kannada
language). The C om pany also publishes its consolidated
financial statem ents in Econom ic Tim es, Business Line and
Financial Express. Q uarterly and A nnual Financial Statem ents,
along w ith segm ent report and Q uarterly shareholding pattern
are posted on the G M R G roup w ebsite (w w w .gm rgroup.in),
BSE w ebsite (w w w .bseindia.com ) and N SE w ebsite
(w w w .nseindia.com ). The presentations m ade to analysts and
others are also posted on the G M R G roup w ebsite.
12. M anagem ent D iscussion and A nalysis Report
(M D A )
M D A form s part of the D irectorsReport and the sam e is attached
separately in this A nnual Report.
13. G eneral Shareholder Inform ation
a. D ate, tim e and venue of the 13th A G M :
M onday, A ugust 31, 2009 at 2.30 p.m . at C onvention C entre,
N IM H A N S, H osur Road, Bangalore - 560 029, Karnataka, India.
b. Financial C alendar:
The Financial year is 1
st
A pril to 31
st
M arch and financial results are
proposed to be declared as per the follow ing tentative schedule.
Particulars Tentative Schedule
Financial reporting for the quarter ending
June 30, 2009
second fortnight of
July 2009
Financial reporting for the quarter / half
year ending Septem ber 30, 2009
second fortnight of
O ctober 2009
Financial reporting for the quarter / nine
m onths ending D ecem ber 31, 2009
second fortnight of
January 2010
Financial reporting for the quarter / year
ending M arch 31, 2010
second fortnight of
M ay 2010
A nnual G eneral M eeting for the year
ending M arch 31, 2010
A ugust / Septem ber
2010
c. Book C losure D ate:
The Register of M em bers and Share Transfer Books of the
C om pany w ill be closed from M onday, A ugust 24, 2009
to M onday, A ugust 31, 2009 (both days inclusive) for the
purpose of the 13th A nnual G eneral M eeting.
d. D ividend Paym ent D ate:
In order to conserve funds for projects w hich are in developm ent,
expansion and im plem entation stages, the Board has not
recom m ended any dividend for the financial year 2008-09.
e. Listing on Stock Exchanges:
(i) Equity Shares:
The C om panys shares are listed on the follow ing stock exchanges
w ith effect from A ugust 21, 2006.
N am e of the
Stock Exchange
A ddress Stock C ode
N ational Stock
Exchange of
India Lim ited
Exchange Plaza,Plot no. C /1,
G Block, Bandra-Kurla
C om plex, Bandra (E),
M um bai - 400 051.
G M RIN FRA
Bom bay Stock
Exchange
Lim ited
Phiroze Jeejeebhoy Tow ers,
D alal Street, M um bai - 400 001
532754
A nnual listing fees for the year 2009-10 has been paid by the
C om pany to both the Stock Exchanges.
(ii) Privately Placed D ebt Instrum ents:
The C om panys privately placed debt instrum ents are listed on
the Bom bay Stock Exchange Lim ited. The stock code is 934728,
934729, 934730 and 934751.
A nnual listing fees for the year 2009-10 has been paid by the
C om pany.
f. Stock M arket D ata relating to Shares Listed
(A m ount in Rs.)
M onth
N SE BSE
H igh Low H igh Low
A pril 2008 164.70 139.00 164.80 138.60
M ay 2008 169.90 132.00 169.90 132.00
June 2008 135.80 79.00 135.25 78.80
July 2008 96.70 76.40 96.80 76.50
A ugust 2008 120.00 88.50 112.15 90.70
Septem ber 2008 109.00 77.60 107.95 77.00
O ctober 2008 91.80 45.50 91.75 45.60
N ovem ber 2008 79.05 49.30 79.90 49.00
D ecem ber 2008 78.00 51.10 78.00 50.50
January 2009 86.95 62.10 86.95 62.00
February 2009 84.80 68.20 85.15 68.05
M arch 2009 102.80 67.00 103.10 67.10
th
Perform ance of the share price of the com pany in com parison to BSE Sensex and S & P C N X N ifty
GMR Infrastructure Limited Sensex SNP CNX Nifty
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09
118
107
96
85
74
63
52
41
30
B
a
s
e
1
0
0
d
a
t
a
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o
r
G
I
L
a
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d
I
n
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i
c
e
s
g. Registrar & Share Transfer A gent (RTA )
M ain O ffice:
U nit: G M R Infrastructure Lim ited, Plot no. 17 to 24,
Vittal Rao N agar, M adhapur, H yderabad - 500 081
Tel. : 040 2342 0819 to 24
Fax N o. 040 2342 0814
Em ail : einw ard.ris@ karvy.com
Branch O ffice:
N o. 51/2, TKN C om plex, Vani Vilas Road, O pp. N ational C ollege,
Basavanagudi, Bangalore - 560 004.
Tel. : 080 4120 4350
Fax : 080 2662 1169
Em ail : bangalore@ karvy.com
h. Share Transfer procedure:
The share transfers w hich are received in physical form are
processed and the share certificates are returned w ithin a period
of 7 days from the date of receipt, subject to the docum ents being
valid and com plete in all respects. The Board of D irectors of the
C om pany has delegated pow ers of approving transfers and
transm ission of securities to the Shareholders Transfer and
G rievance C om m ittee. The com m ittee has authorised each
m em ber of the com m ittee to approve the transfer of shares up
to 20000 shares per transfer deed and C om pany Secretary and
other specified executives of the C om pany to approve the transfer
of shares up to 10000 shares per transfer deed. A sum m ary of the
transfer, transm issions/ dem aterialisation request/rem aterialisation
requests approved by the C om m ittee/Executives is placed before
the C om m ittee. The C om pany obtains half-yearly certificates
from a C om pany Secretary in Practice on com pliance regarding
share transfer form alities and subm its a copy thereof to the Stock
Exchanges in term s of C lause 47 (c) of the Listing A greem ent.
i. D istribution of Shareholding as on M arch 31, 2009
D istribution by category
74.91%
7.14%
8.52%
9.43%
Promoters Foreign Holdings Banks/FIs/MFs Others
th
D istribution by C ategory
D escription N o. of Shareholders Total Shares % Equity
Banks 40 81,165,599 4.46
C learing M em bers 390 2,208,299 0.12
Foreign Institutional Investors 173 167,916,521 9.22
Indian Financial Institutions 16 62,982,034 3.46
Bodies C orporates 3,080 26,060,878 1.43
M utual Funds 21 10,916,420 0.60
N on Resident Indians 4,198 3,769,976 0.21
Prom oters Individuals 11 1,320,549 0.07
Prom oters 5 1,362,523,238 74.84
Resident Individuals 452,598 101,630,901 5.58
Trusts 15 163,673 0.01
Total 460,547 1,820,658,088 100.00
D istribution by size
Range of equity
shares held
M arch 31, 2009 M arch 31, 2008
N o. of share
holders
% N o. of shares %
N o. of share
holders
% N o. of shares %
1 500 426,682 92.65 50,393,009 2.77 394,487 92.28 45,962,224 2.53
501 1000 20,006 4.34 15,904,160 0.87 18,642 4.36 14,993,076 0.82
1001 2000 8,389 1.82 12,948,478 0.71 8,152 1.91 12,722,569 0.70
2001 3000 2,132 0.46 5,422,191 0.30 2,257 0.53 5,753,290 0.32
3001 4000 820 0.18 2,976,888 0.16 864 0.20 3,116,402 0.17
4001 5000 669 0.15 3,189,652 0.18 816 0.19 3,896,859 0.21
5001 10000 874 0.19 6,509,500 0.36 1,016 0.24 7,602,649 0.42
10001 and above 975 0.21 1,723,314,210 94.65 1,243 0.29 1,726,611,019 94.83
Total 460,547 100.00 1,820,658,088 100.00 427,477 100.00 1,820,658,088 100.00
j. D em aterialisation of Shares and Liquidity
The C om panys shares are available for dem aterialization in both
the D epositories i.e, N ational Securities D epository Lim ited (N SD L)
and C entral D epository Services (India) Lim ited (C D SL). Total
99.86 % of shares have been dem aterialized as on M arch 31,
2009.
ISIN : IN E776C 01021 (Fully Paid Shares)
IN S9776C 01029 (Partly Paid Shares)
D escription N o. of
Shareholders
N o. of Shares % Equity
PH YSIC A L 439 2,514,907 0.14
N SD L 316,455 1,790,237,932 98.33
C D SL 143,653 27,905,249 1.53
Total 460,547 1,820,658,088 100.00
k. O utstanding G D Rs/A D Rs/W arrants or any convertible
instrum ents, conversion date and likely im pact on equity:
N ot A pplicable
l. Investor correspondence:
Registered office address
Skip H ouse, 25/1, M useum Road, Bangalore - 560 025
Telephone N o. +91 80 40534000 Fax N o. +91 80 22279353
W ebsite: w w w .gm rgroup.in
C om pany Secretary and C om pliance O fficer
M r. C . P. Sounderarajan
Telephone N o. +91 80 4053 4281 Fax N o. +91 80 22279353
E-m ail: sounderarajan.cp@ gm rgroup.in
A ssociate C om pany Secretary
M r. N arendra Singh
Telephone N o. +91 80 40534126 Fax N o. +91 80 22279353
E-m ail: narendra.singh@ gm rgroup.in
m . Prevention of Insider Trading:
In accordance w ith the requirem ents of SEBI (Prohibition of
Insider Trading) Regulations, 1992, the C om pany has instituted a
com prehensive code of conduct for prohibition of insider trading
in the C om panys shares.
th
n. Secretarial A udit for Reconciliation of C apital:
A s stipulated by SEBI, a qualified practicing com pany secretary
carries out the secretarial audit to reconcile the total adm itted
capital w ith N ational Securities D epository Lim ited (N SD L) and
C entral D epository Services (India) Lim ited (C D SL) and the total
issued and paid- up capital. This audit is carried out every quarter
and the report there on is subm itted to the stock exchanges, N SD L
and C D SL and is placed before the ShareholdersTransfer and
G rievance C om m ittee of the Board of D irectors of the C om pany.
The audit, inter alia, confirm s that the total listed and paid-up
capital of the C om pany is in agreem ent w ith the aggregate of the
total num ber of shares in dem aterialized form held w ith N SD L and
C D SL and total num ber of shares in physical form .
o. C orporate Identity N um ber (C IN )
C orporate Identity N um ber (C IN ) of the C om pany, allotted
by the M inistry of C orporate A ffairs, G overnm ent of India is
L45203KA 1996PLC 034805.
p. C om pliance C ertificate of the A uditors
C ertificate from the A uditors of the C om pany, M /s. Price
W aterhouse, C hartered A ccountants, confirm ing com pliance
w ith the conditions of C orporate G overnance as stipulated under
C lause 49 of the Listing A greem ent, is annexed hereinafter.
q. U nclaim ed Shares
A s per the provisions of C lause 5A (a) of Listing A greem ent, the
unclaim ed shares lying in the escrow account shall be transferred to
dem at suspense account if there is no response even after sending
three rem inder notices to the persons concerned. A s on M arch
31, 2009, there are 15 allottees pertaining to 13250 unclaim ed
equity shares of the C om pany and the sam e are lying in the escrow
account.
In accordance w ith the said C lause 5A (a) of the Listing A greem ent,
the C om pany has sent one rem inder to all the persons concerned
vide letter dated June 23, 2009.
r. A doption of non-m andatory requirem ents of C lause 49
The C om pany has constituted a Rem uneration C om m ittee,
C orporate G overnance C om m ittee, M anagem ent C om m ittee
and D ebenture A llotm ent C om m ittee of the Board, notes on
w hich are given elsew here in this report.
The C om pany is in the regim e of unqualified, audit report,
financial statem ents.
W histle blow er policy is in place.
1.
2.
3.
To
The M em bers of G M R Infrastructure Lim ited
Sub: D eclaration by the C EO under C lause 49 (I) (D ) (II) of the
Listing A greem ent
I, G .B.S. Raju, M anaging D irector of G M R Infrastructure Lim ited, to
the best of m y know ledge and belief, declare that all the m em bers
of the Board of D irectors and senior m anagem ent personnel have
affirm ed com pliance w ith the code of conduct of the C om pany for
the year ended M arch 31, 2009.

Place: Singapore
D ate : June 04, 2009
Sd/-
G . B. S. Raju
M anaging D irector
th
C EO / C FO C ertification
To the Board of D irectors,
G M R Infrastructure Lim ited.
W e hereby certify that:
a) W e have review ed the financial statem ents and the cash flow
statem ent of the C om pany for the year ended M arch 31, 2009
and to the best of our know ledge and belief:
These statem ents do not contain any m aterially untrue
statem ent or om it any m aterial fact or contain statem ents that
m ight be m isleading;
These statem ents together present a true and fair view of
the C om panys affairs and are in com pliance w ith existing
accounting standards, applicable law s and regulations.
b) There are, to the best of our know ledge and belief, no
transactions entered into by the C om pany during the year w hich
are fraudulent, illegal or violative of the C om panys code of
conduct.
c) W e accept responsibility for establishing and m aintaining
internal controls for financial reporting and that w e have evaluated
the effectiveness of the internal control system s of the C om pany
pertaining to financial reporting and w e have disclosed to the
auditors and the A udit C om m ittee, deficiencies in the design or
operation of such internal controls, if any, of w hich w e are aw are
and the steps w e have taken or propose to take to rectify these
deficiencies.
d) W e have indicated to the auditors and the A udit C om m ittee:
Significant changes in internal control over financial reporting
during the year;
Significant changes in accounting policies during the year and
that the sam e have been disclosed in the notes to the financial
statem ents; and
Instances of significant fraud of w hich w e have becom e aw are
and the involvem ent therein, if any, of the m anagem ent or an
em ployee having a significant role in the C om panys internal
control system over financial reporting
e) The disclosures have been received from the senior m anagem ent
personnel relating to the financial and com m ercial transactions in
w hich they or their relatives m ay have personal interest. H ow ever,
none of these transactions have conflict w ith the interest of the
C om pany at large.
For G M R Infrastructure Lim ited For G M R Infrastructure Lim ited
Sd/-
G . B. S. Raju
M anaging D irector
(Place: Singapore)
Sd/-
A . Subba Rao
G roup C FO
Place: Bangalore
D ate : June 04, 2009
i.
ii.
i.
ii.
iii.
A uditorsC ertificate regarding C om pliance of conditions of
To the M em bers of G M R Infrastructure Lim ited
W e have exam ined the com pliance of conditions of C orporate
G overnance by G M R Infrastructure Lim ited (the C om pany), for
the year ended M arch 31, 2009, as stipulated in C lause 49 of the
Listing A greem ents of the said C om pany w ith stock exchanges in
India.
The com pliance of conditions of the C orporate G overnance is the
responsibility of the C om panys m anagem ent. O ur exam ination w as
carried out in accordance w ith the G uidance N ote on C ertification
of C orporate G overnance (as stipulated in C lause 49 of the Listing
A greem ent), issued by the Institute of C hartered A ccountants
of India and w as lim ited to procedures and im plem entation
thereof, adopted by the C om pany for ensuring the com pliance
of the conditions of C orporate G overnance. It is neither an audit
nor an expression of opinion on the financial statem ents of the
C om pany.
In our opinion and to the best of our inform ation and according
to the explanations given to us, w e certify that the C om pany
has com plied w ith the conditions of C orporate G overnance as
stipulated in the above m entioned Listing A greem ent.
W e state that such com pliance is neither an assurance as to the
future viability of the C om pany nor the efficiency or effectiveness
w ith w hich the m anagem ent has conducted the affairs of the
C om pany.
Place: Bangalore
D ate : July 08, 2009
Sd/-
Thom as M athew
Partner
M em bership N um ber 50087
For and on behalf of
Price W aterhouse
th
M anagem ent D iscussion and A nalysis
Forw ard-looking Statem ents
C ertain statem ents contained in this docum ent constitute forw ard-
looking statem ents based on the currently held beliefs and
assum ptions of the m anagem ent of G M R Infrastructure Lim ited,
w hich are expressed in good faith and in their opinion reasonable.
For these purposes, forw ard-looking statem ents are statem ents
that address activities, events, conditions or developm ents that
the com pany expect or anticipate m ay occur in the future. Such
forw ard-looking statem ents involve risks and uncertainties that
m ay cause actual events, results or perform ance to differ m aterially
from those indicated by such statem ents. G M R Infrastructure
Lim ited disclaim s any obligation to update these forw ard-looking
statem ents to reflect future events or developm ents.
M anagem ent D iscussion and A nalysis
A bout U s
The C om pany together w ith its subsidiaries / associates
(the C om pany) is one of the leading infrastructure conglom erates
in India having proven track record in the developm ent and
operation of pow er plants, road projects, and w orld-class airports
at D elhi, H yderabad and Istanbul. G M R Infrastructure Lim ited (G IL)
is a holding com pany, w hich conducts all its business operations
through its subsidiaries in various sectors i.e. airports, energy,
highw ays and urban infrastructure and others. G IL, as a stand-alone
entity, does not have any independent revenues except interest
/ dividends from investm ents. H ence, the C om panys revenues,
expenditure and the results of operations are presented through
consolidated financial statem ents. The C om panys subsidiaries
/ associates have projects in various parts of the w orld and the
follow ing picture depicts the location of the corporate office of the
C om pany and the G lobal presence of the C om panys businesses
G eographical presence of our businesses
The C om pany, over the last decade, has setup projects across
the geographic stretch of India. In the past couple of years, the
C om pany has forayed into international arena w ith sizeable
investm ents in airport and energy sectors. The C om pany has
strategic plans to further expand its operations to m arkets across
the globe in the infrastructure space.
Australia
(InterGen)
Upper Karnali, Nepal
300 MW Hydro Power Project
Himtal Nepal
Philippines
(InterGen)
Istanbul, Turkey
(SGIA Airport)
Netherlands
(InterGen)
UK
(InterGen)
Mexico
(InterGen)
Bangalore
Group Corporate
Office
South Sumatra
PT Barasentosa
Lestari Coal Mine
South Africa
Kendel & Eloff Coal Mines
(Homeland Energy Group)
Andhra Pradesh
59 Km Tuni - Anakapalli Road Project
388.5 MW gas based Vemagiri Power Plant
Rajiv Gandhi International Airport
103 Km Pochanpalli Road Project
59 Km Thondapalli - Jadcherla Road Project
181Km Hyderabad - Vijayawada Road Project
Arunachal Pradesh
Bangalore
Group Corporate Office
Chhattisgarh
1200 MW Coal based
Power Project
Delhi
Indira Gandh International
Airport (T3)
i
Haryana - Punjab
35 Km Ambala - Chandigarh
Road Project
Himachal Pradesh
Karnataka
220 MW Barge
Mounted Power Plant
Orissa
1050 MW Coal based
Power Project
Tamil Nadu
200 MW LSHS based Chennai
Power Plant
93 Km Tambaram -
Tindivanam Road Project
73 Km Tindivanam -
Ulundurpet Road Project
29.65 Km Chennai Outer Ring Road
1
2
4
5
3
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
Operating Asset Under Development
Singapore
(Island Power Corporation)
th
Early entry into Infrastructure Business
The C om pany forayed into the infrastructure business w ith the
setting up and com m issioning of the C hennai pow er plant in
1999. Ever since, the C om pany has been an early entrant in all
the infrastructure sectors it is operating currently. The follow ing
diagram presents the tim e of our entry in various business sectors/
projects and som e of our key strengths.
Airport Energy
Urban Infrastructure & Highways
and Other Opportunities
Ventured into the Power sector
Commercial operation of 200MW in
Chennai Power Plant
Commercial operation of 220MW in
Mangalore Power Plant
Ventured in Airport Sector
Awarded Hyderabad Airport
Awarded operation, management and
development of Delhi International
Airport
Awarded 300 MW Alaknanda
Commercial operation of Tambaram
Tindivanam and Tuni Anakapalli
Krishnagiri SEZ Project, Tamil Nadu
Two Hyderabad Airport SEZ
Established a Sports franchisee,
Delhi Daredevils
MoU for 160 MW Talong
MoU for 1,200 MW Plant in Chhattisgarh
Awarded 180 MW Bajoli Holi
Awarded 250 MW Upper Marsyangdi
Awarded 300 MW Upper Karnali
Acquired 100% Stake in PT Barasentosa
Lestari - Indonesia coal mine
Acquired 33.34% stake in Homeland Energy
Group (HEG)
Acquired 50% stake for US $ 1.1 bn in
InterGen N.V
Commercial operation of
Adloor Yellareddy - Gundla Pochanpalli
Thondapalli - Jadcherla
Ambala - Chandigarh
2007-08
2008-09
Commenced operation at the Hyderabad
International Airport
First International foray - Awarded the
Operation and development of Sabiha Gokcen
International Airport, Istanbul, Turkey
Commercial Operation of 388.5 MW
Vemagiri Power Plant
MoU for 1,050 MW Kamalanga Power
Plant in Orissa
2003-04
2006-07
2005-06
2004-05
2001-02
2000-01
1998-99
1996-97
F
i
n
a
n
c
i
a
l
Y
e
a
r
Excellent track record
The com pany has an excellent project execution track record across
the sectors it operates. The diagram below show cases som e of the
key project execution tim elines.
Project Execution Timelines
Adloor-Yellareddy-Kaikallu
Ambala - Chandigarh
Thondapalli - Jadcherla
Tindivaram - Ulundurpet
GHIAL
DIAL Runway
Terminal T1D
Terminal T3
Mar-06 Mar-07 Mar-08 Mar-09 Mar-10
Actual Construction Scheduled CoD
Consistent track record of completing projects simultaneously on or before scheduled dates
D iversified Revenue Stream s and A sset m ix
O ne of the key strategies of the C om pany is to have a healthy
m ix in revenue and asset portfolio am ongst its various lines of
business through diversification. This is achieved through its
presence in diverse businesses, balancing revenue stream s that
are predeterm ined by contractual arrangem ents and that vary
w ith m arket conditions, expanding the geographic location and
coverage of the assets and reducing reliance on any one business
or technology, as w ell as having diverse custom er base from the
private sector and public sector. The diversification is at various
levels, in term s of type of assets, type of input, location of assets
and fixed com pared to open m arket pricing, am ong others.
D iversified Infrastructure D eveloper

Airports Power Roads Others
36% 37% 8% 19%
(1)
Balanced Revenue M ix
29%
71%
65%
35%
39%
61%
Power Airports Roads
Market Linked Regulated
(2) (3) (4)

Based on C apital Em ployed as on M arch 31, 2009
O thers includes urban infrastructure and corporate assets
For pow er - percentage of PPA and m erchant capacity
For airports - percentage of aeronautical and non-aero revenues
For roads- percentage of annuity and toll based kilom eters
1.
2.
3.
4.
th
Som e of the key efforts in diversification are:
Foray into international arena such as expansion and operation
of Istanbul A irport in Turkey w here the com pany has a 40%
stake in the equity and exercises joint operational control;
D evelopm ent of 800 M W gas-fired pow er project in Singapore
w hich w ill be the C om panys first fully ow ned pow er project
outside India;
M erchant sale of pow er from the barge m ounted pow er plant
at M angalore; The com pany has plans to relocate the plant to
Kakinada in A ndhra Pradesh and to convert it into gas-fired
plant to be fuelled by natural gas from the KG basin;
D evelop com m ercial property and hotels around the airports
to ensure m axim ization of value from these assets. Som e
of the key developm ents include setting up of N ovotel in
H yderabad and signing up w ith M A S A erospace Engineering
for setting up a 50:50 joint venture M aintenance, Repair and
O verhaul (M RO ) com pany in H yderabad, developm ent of retail
and hospitality district at D elhi airport etc.
In the Energy Sector, the com pany has achieved financial
closure in the coal-fired 1050 M W Kam alanga pow er project in
O rissa. The com pany is also developing hydro pow er projects
in India and N epal.
The com pany has bought coal m ine in Indonesia. It has also
acquired a strategic stake in H om eland Energy G roup, w hich,
through its subsidiaries, ow ns controlling stakes in operational
coal m ines, fully explored m ines w ith proven reserves and
other exploration areas in South A frica
Industry Structure and D evelopm ents
The com prehensive m acro-econom ic and structural reform s
initiated by the G overnm ent of India (G oI) in 1991 focused on
im plem enting fundam ental econom ic reform s, deregulation of
industries, attracting foreign investm ent and pushing forw ard a
disinvestm ent program m e in public sector units.
The Indian econom y has show n strong real G D P grow ths in
FY 2008 (9.0% ) and FY 2009 (6.7% ) w ith an expected G D P
grow th of 6.0% for the FY 2010 (source: RBI). The average real
G D P registered is around 6 per cent over the last decade. Follow ing
the initial phase of subdued grow th, the econom y has alm ost
taken off and India has em erged as one of the fastest grow ing
econom ies. The rate of grow th in the econom y in the first four
years of the Tenth Plan averaged at 6.3% .
The global m elt-dow n and its spiralling effects on global econom y
had its reverberations on the infrastructure industry. Slow dow n in
the econom y has been w itnessed in the Indian infrastructure sector
and in the G D P grow th during the last tw o quarters of 2008-09.
H ow ever, the XI plan period envisages substantial investm ents in
building the infrastructure of the country and the share of the
private sector in infrastructure investm ent w ill rise substantially
from about 20% anticipated in the Tenth Plan to around 30% in
the Eleventh Plan.
The thrust in the infrastructure spending in the XI Plan and the
em phasis on the private sector participation is quite evident
from the planned allocation m ade for the sector. C harts below
dem onstrate this im petus of the Planning C om m ission pointers.
i.
ii.
iii.
iv.
v.
C om parison of planned expenditure in Tenth and Eleventh Plan
A ll figures in Rupees Billions
2,919
6,665
1,449
3,142
1,034
2,584
1,197
2,618
141
880
68
310
Power Roads Telecom Railways Ports Airports
X Plan XI Plan
Source: Eleventh Five Year Plan (2007-2012), D evelopm ent of Infrastructure, published
by The Planning C om m ission of India,
Eleventh Plan Breakup betw een private participation and other
participation
A ll figures in Rupees Billions
Public
Private
Airports
Ports
Railways
Telecom
Roads
Power
0 1000 2000 3000 4000 5000 6000 7000
Source: Eleventh Five Year Plan (2007-2012), D evelopm ent of Infrastructure, published
by The Planning C om m ission of India,
The A irport Sector
The Indian aviation industry has experienced de-grow th during
the econom ic slow dow n. Passenger traffic at 108.9 m illion in the
financial year 2008-09 w as dow n by 6.8% on a year-on-year basis.
Sim ilarly, the air-cargo m ovem ents for financial year 2008-09, at
1.70 m illion tonnes, w ere m arginally low er than the previous years
m ovem ent of 1.72 m illion tonnes. H ow ever, the C A G R grow th in
passenger and the freight traffic for the past five financial years at
16.4% and 7.3% respectively, give an indication of the pace of
grow th of the industry.
Favourable dem ographics and rapid econom ic grow th point to a
continued high grow th phase in dom estic passenger traffic and
international outbound traffic. International inbound traffic is also
expected to grow w ith increasing investm ent and trade activity
and as Indias rich heritage and natural beauty are m arketed
to international leisure travellers. This has led to an increase in
dem and for im provem ent in the aviation infrastructure in the
country. Vision 2020 by the M inistry of C ivil Aviation envisages
creating infrastructure to handle 280 m illion passengers by 2020
w ith investm ent opportunities of U S$110 billion - U S$80 billion
in new aircraft and U S$30 billion in developm ent of airport
th
infrastructure (source: Investm ent C om m ission of India report
titled India: O pportunities in the w orlds largest dem ocracy).
This show s the huge untapped potential for the industry w hich can
lead trem endous grow th in the aviation sector and the scenario is
encouraging over the long term .
A irports are the largest gatew ay of foreign passengers and are
the first point of contact to any country. H ence, the quality of
airport infrastructure and services are vital com ponents for a
countrys im age and also for the overall transportation netw ork,
contributing directly to a countrys econom y in term s of flow of
foreign investm ent.
A irports are considered as one of the m ost im portant econom ic
drivers of the local econom y. A part from direct contributions, their
indirect contributions are im m ense. To m eet Indias huge dem and
for capacity addition in the aviation sector, it w as estim ated that
investm ents of U S$9 billion for the developm ent of airports till
2013-14 w ould be required. The quantum of investm ent m eans
that substantial portion of the total requirem ent has to com e from
the private sector. It is estim ated that approxim ately U S$6.9 billion
w ould com e from Public Private Partnerships (PPPs).
The G overnm ent has assigned high priority to im proving the
services and facilities at Indian airports and to bring them at par w ith
international standards. A ccordingly, it has decided to restructure
and develop airports by encouraging private sector participation
in the developm ent of both greenfield and brow nfield airports in
the country. The G overnm ent took initiatives to bring in private
players to w ork under Public Private Partnership (PPP) for airport
m odernization and expansion.
The Energy Sector
Energy sector reform s have evolved over tim e and created an
environm ent for private players to capture significant value from
the huge dem and for pow er in India. H istorically, the responsibility
for generation, transm ission and distribution of pow er in India
rested only w ith the C entral and the State G overnm ents. Pow er
generation capacity grew at about 4.4 per cent per annum over
the last ten years and failed to keep up w ith the dem and grow th,
leading to a situation of persistent pow er outages. To give a boost
to pow er generation, the Indian G overnm ent introduced the first
w ave of reform s in the pow er sector in 1991.
A s of M arch 31, 2009, Indias pow er system had an installed
generation capacity of approxim ately 147,965.4 M W . Therm al
pow er plants pow ered by coal, gas, diesel accounted for 63.3% of
total pow er capacity in India as of M arch 31, 2009, hydro-electric
stations for 24.9% and others (including renew able sources of
energy and nuclear stations) accounted for 11.8% . The C entral
Public Sector U ndertakings (C PSU ) accounted for approxim ately
33% of total pow er generation capacity as of M arch 31, 2009;
the various state entities accounted for 51% and private sector
com panies accounted for approxim ately 16% . (Source: C entral
Electricity A uthority)
The table below show s that the m ajority of the generation capacity
w as ow ned by state-controlled entities as on M arch 31, 2009.
Installed G enerating C apacity as M arch 31, 2009
Sector w ise State Private C entral
C apacity
(M W )
75,975.70 22,878.70 49,111.00
Percentage 51.30% 15.50% 33.20%
Source: M inistry of Pow er w ebsite, accessed on M ay 09, 2009
A lthough electricity generation capacity has increased substantially
in recent years, the dem and for electricity in India is still substantially
higher than the available supply. From A pril 2002 M arch 2009,
India faced an energy shortage of approxim ately 9% of total
energy requirem ents and 12.9% of peak dem and requirem ents.
(Source: http://pow erm in.nic.in/ accessed on M ay 08, 2009).The
follow ing table presents data show ing the gap betw een the total
requirem ent for electricity versus the total am ount of electricity
m ade available from fiscal 2003 to fiscal 2009.
Electricity D em and Vs Supply
546.0
559.3
591.4
631.8
690.6
739.3
774.3
497.8
519.4
548.1
578.8
624.5
666.0
689.0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
Requirement Availability
(Billion Units)
Source: C EA , Planning W ing, Integrated Resource Planning D ivision, A pril 2009 published
by C EA
Per capita consum ption of electricity in India has grow n from 567
kw h/year in 2002 to 704 kw h/year in 2008, but in com parison w ith
other leading developed and em erging econom ies it still lags by a
large m argin (Source: http://cea.nic.in/ accessed on M ay 09, 2009).
The M inistry of Pow er is projecting per capita consum ption of 932
kw h/year in 2012. A ccording to the U N D P H um an D evelopm ent
Report 2007/2008, Indias per capita electricity consum ption w as
618kw h for the year 2004, w hile the w orld average w as 2,701
kw h per year.
The Planning C om m ission of India estim ates that the pow er sector
w ould need investm ents to the tune of U S$180 billion during the
period from FY07 to FY12. The Eleventh Plans capacity addition
schem es are also progressing w ell. The table show ing 11th Plan
estim ates is given below :
C apacity addition for XI Plan (2007-12) M W
Fuel M ix C entral
Sector
State
Sector
Private Total
Therm al 26,800 24,347 7,497 58,644
H ydro 9,685 3,605 3,263 16,553
N uclear 3,380 3,380
Total 39,865 27,952 10,760 78,577
Source: C EA
It is expected that 13,500 M W w ould be added through non-
conventional energy sources, 12,000 M W through captive pow er
plants and 10,000 M W through m erchant pow er plants to the
above figures.
The H ighw ays Sector
India has the second-largest road netw ork in the w orld, aggregating
3.3 m illion kilom eters. Roads carry about 65 per cent of the freight
and 80 per cent of the passenger traffic. W hile national highw ays/
expressw ays constitute only about 66,590 km s (2 per cent of all
roads), they carry 40 per cent of the road traffic. This signifies the
huge potential for highw ay developm ent in the country.
th
The num ber of vehicles has been grow ing at an average pace of
10.16 per cent per annum over the last five years. For the purpose
of m anagem ent and adm inistration, roads in India are divided into
the follow ing categories: (1) N ational H ighw ays (N H ) w hich are
intended to facilitate m edium and long distance inter-city/state
passenger and freight traffic across the country (2) State H ighw ays
(SH ) w hich carry traffic along m ajor centres w ithin the state (3)
M ajor D istrict Roads (M D R) having the secondary function of
linkage betw een m ain roads and rural roads and (4) O ther district
roads and village roads w hich provide accessibility to villages to
m eet their social needs, as also the m eans to transport agricultural
produce from villages to nearby m arkets.
Length of Indian Roads
Indian Road N etw ork Kilom eters
Expressw ays 200
N ational H ighw ays 66,590
State H ighw ays 131,899
M ajor D istrict H ighw ays 467,763
Rural and O ther Roads 2,650,000
Total Length approxim ately 3,300,000
Source: N H A I W ebsite: w w w .nhai.org accessed on June 16, 2009
The share of road transport in the G D P is over 4.6% in 2007 (as
against 3.8% in 2000), accounting for over tw o-thirds of the total
transport contribution to the G D P. Road transport has em erged as
a dom inant segm ent in Indias transportation sector, grow ing at
an annual average rate of 9.5% during 2000-01 and 2005-06 as
against 6.5% grow th rate of G D P.
A ccording to the Planning C om m ission report, the road freight
industry w ill be grow ing at a com pound annual grow th rate
(C A G R) of 9.9% from 2007-08 to 2007-12. A target of 1,231
billion tonne kilom eter (BTK) has been put on road freight volum es
for 2011-12. (Source: IBEF w ebsite, accessed on M ay 15, 2009)
The Econom ic Survey 2006-07 projects an investm ent requirem ent
of over U S$ 50 billion for the m odernisation and upgradation of
highw ays during the Eleventh Five Year Plan. G iven the stress on
national highw ays, the first and the forem ost task m andated to
the N H A I is the im plem entation of N H D P - com prising the G olden
Q uadrilateral and N orth-South and East-W est C orridors. In addition
to the projects under N H D P, the N H A I is also currently responsible
for about 1,000 km of highw ays connecting m ajor ports and
som e im portant national highw ays. The length of highw ays w ith
the N H A I is currently around 14,162 km . A fter seeing the initial
success of PPP m odel, G overnm ent has taken m any new initiatives
to encourage private investm ent in roads. A new m odel concession
agreem ent directs N H A I to hand over 60 per cent to 80 per cent
of the required land area and obtain all environm ental clearances
as conditions precedent for it before the financial closure of any
project.
The G overnm ent of India has taken several initiatives to encourage
private investm ent in roads. Som e of the key initiatives are as
follow s:
The G overnm ent of India to carry out initial preparatory
w ork including land acquisition and utility rem oval. Rights
of w ay to be m ade available to concessionaries free from all
encum brances
N H A I / The G overnm ent of India m ay provide capital grant up
to 40% (m axim um ) of project cost to enhance viability on a

case to case basis
100% tax exem ption for any consecutive 10 out of 20 years
from the C om m ercial O peration D ate
C oncession period allow ed for up to 30 years
D uty free im port of specified m odern high capacity equipm ent
for highw ay construction
The G overnm ent of India has approved 100% foreign direct
investm ents for road and highw ay construction through the
autom atic route
A rbitration and C onciliation A ct 1996 based on U N IC ITRA L
provisions.
In BO T projects concession holders are allow ed to collect and
retain tolls
Planning C om m ission, N H A I and M inistry of Road Transport
and H ighw ays have introduced the m odel concession
agreem ent to m itigate the traffic risks of toll based projects
pursuant to w hich the concession period w ill be extended or
reduced based on actual traffic
It is generally recognized that a w ell developed netw ork of
highw ays can result in low er vehicle operating costs due to low er
fuel consum ption and reduced m aintenance costs, safer and
faster journeys, benefits to trade, especially in the m ovem ent of
perishables and all-round econom ic developm ent. C urrently, even
though Indias road netw ork is the w orlds second largest, it is
plagued by several deficiencies. To overcom e the shortcom ings
in the Indian road sector, the sector has received m uch needed
attention and focus since 2000. The ongoing N ational H ighw ays
D evelopm ent Program m e (N H D P) has been restructured and
now involves a total of seven phases entailing developm ent and
upgradation of approxim ately 48,000 km of roads. H ow ever, so
far, C abinet approval has been received for Phase I, II, III and V,
involving developm ent and upgradation of approxim ately 31,755
km . Phase VI has received an in-principle approval from the
G overnm ent and Phase IV and VII are yet to be approved by the
G overnm ent.
The N ational H ighw ays A uthority of India has offered projects
on a Build, O perate and Transferbasis (BO T) to contractors
to prom ote private investm ents in roads and highw ays. U nder
such contracts, the contractor invests in building the road and
m aintaining it for up to 30 years and then transfers it back to the
N H A I at zero cost. A BO T project m ay be of any of the three types,
i.e. Toll-based, A nnuity and G rant.
U rban Infrastructure Sector
a) Special Econom ic Zones
The G overnm ent of India recognised the potential of Special
Econom ic Zones (SEZs) w ay back in 1965 w ith the setting up of
Export Processing Zone (EPZ) in Kandla. The idea w as to overcom e
lim itations on account of m ultiple controls and clearances,
inadequate infrastructure and attract foreign investm ent. It w as
the first-of-its-kind in A sia at that tim e. A form al policy on the
concept w as announced in A pril 2000.
Subsequently, in February 2006, the SEZ A ct, 2005 supported by
SEZ rules cam e into effect. The idea w as to instil confidence in
investors by signalling the G overnm ents com m itm ent to a stable

th
SEZ policy regim e, thereby attracting investm ent from foreign as
w ell as dom estic sources for developm ent of SEZs and the required
infrastructure; w hich w ould lead to em ploym ent generating
econom ic activities, prom oting exports of goods and services.
Exports from the functioning SEZs during the last five years
Year
Value
(Rs. in C rore)
G row th Rate
(over previous year)
2003-2004 13,854 39%
2004-2005 18,314 32%
2005-2006 22 840 25%
2006-2007 34,615 52%
2007-2008 66,638 92%
(Source: http://w w w .sezindia.nic.in)
It is estim ated that after the enactm ent of SEZ A ct, 2005,
investm ent w orth approxim ately Rs. 69,350 C rore has been m ade
in SEZ units, providing em ploym ent to approxim ately one lakh
people. The grow th potential of Indian exports m akes the SEZ
space attractive.
Indias quest for higher exports as a share of its G D P w ould
be considerably helped by successful SEZs. SEZs help create
high-quality infrastructure in pockets and provide a supportive
business environm ent. They allow the governm ent to experim ent
w ith the liberalisation of labour law s. The liberalized regim e
allow s SEZs to attract foreign capital and technology. M eeting the
challenging goal of increasing the exports by m ore than 8 tim es
requires huge investm ent in SEZs, both dom estic as w ell as FD I.
O n an average investm ent of 1 1.2 m illion U S$ per acre, w e
w ould need additional 6 to 7 lakhs acres of SEZ land. W hile already
about 460 SEZs have been proposed / approved, considering the
potential to grow exports w e expect the trend in SEZ developm ent
to continue in the m edium to long term .
b) Property D evelopm ent
The Indian real estate sector, estim ated to be a U S $ 45bn m arket,
grew at a scorching pace of 40-45% per annum over FY 05-
08. D em and for real estate jum ped across segm ents riding on
strong fundam entals led by a boom ing econom y , favourable
dem ographics (increasing affluence and expanding base of young
and productive population) as also liberalization on the policy front
(relaxed foreign direct investm ent regulations). In this backdrop,
prices of residential, office and com m ercial properties shot up to
dizzy heights (up 100-200% ) from the levels prevailing in 2005.
H ow ever, over the last 12- 18 m onths, the im pact of the global
m eltdow n is being felt by the industry. The liquidity crisis and
low er dem and has im pacted the project execution plans and debt
servicing ability of the developers. The fact that the consum ers
decided to play w ait and w atchgam e im pacted the cash flow s
further. H ow ever, w ith RBI allow ing restructuring of loans and
capital raised from disinvestm ent of non-core businesses, the
industry seem s to have overcom e the short term problem s. Large
industry players have realigned their strategic focus and this shift
in strategy is resulting in show ing signs of im provem ent. This is
also evident from the encouraging response received for the recent
affordable housingprojects from the end user segm ent. A ll these
re-iterate the fact that the slow dow n in Indian property sector
has m ore to do w ith the sentim ent in tune w ith the international
scene than w ith fundam entals. India rem ains significantly different
from other countries of the w orld as it has a huge latent dem and
w hich is being fuelled by continued strong grow th, favourable
dem ographics and grow ing appetite for quality real estate.
Sustained econom ic grow th shall continue to drive, grow th in
com m ercial activities w hich w ould directly fuel the dem and for
quality com m ercial and hospitality space and through the m ultiplier
effect sustain dem and for quality hom es and retail space.
Further the advent of Real Estate investm ent vehicles like RE m utual
funds w ould help the industry to tap a new source of capital for
funding grow th the dom estic retail investors, w ho have shied
aw ay from this sector because of the large ticket size and lack of
right inform ation and transparency.
Segm ent-w ise Perform ance and O utlook
A irport Sector
The airport business of the C om pany consists of H yderabad
airport, D elhi airport and Istanbul airport. C om m ercial operation
com m enced for the H yderabad airport in M arch 2008. Istanbul
Sabiha G okcen International A irport or ISG IA , a com pany in
w hich G M R G roup have a 40% interest, assum ed operation and
m anagem ent of the Istanbul airport in M ay 2008 pursuant to a
contract to operate, m anage and develop the Istanbul airport.
The D elhi International A irport is already being developed and
operated by the com pany pursuant to an operation, m anagem ent
and developm ent agreem ent from M ay 2006.
D uring financial year 2008-09, the airport sector has crossed
defining landm ark and is poised to be a leader in the industry.
Som e of these are:
H yderabad
C om m issioned on M arch 23, 2008 on tim e and w ithin
budget
U ser developm ent approved by G oI
International Rs.1000/PA X, D om estic Rs.375/PA X
D evelopm ent of M RO in collaboration w ith M alaysian
A erospace Engineering
O perationalised N ovotel H otel at H yderabad airport w ith 305
room capacity
D elhi
M odernization plan on schedule
3rd runw ay and taxiw ay operationalised in O ctober
2008
Term inal 1D (capacity 10m n PA X) - operationalised on
Schedule in A pril 2009
A irport D evelopm ent Fee approved by G oI - raised Rs. 18.27
bn by securitization
M odernization project fully funded - Rs. 90 bn
10% increase in A eronautical charges approved G oI w .e.f
from Feb 2009
Bids aw arded for 21.8 acres to A ccor, H yatt, Lem on Tree &
O thers at Rs. 73
(1)
crs/acre
D evelopm ent risk significantly m itigated at both the airports
Enhanced flexibility in land usage for 250 acres of com m ercial
property
(1)
C om bination of upfront deposit and lease rentals discounted at 10%

th
A irport Sector Perform ance
(Rs. in C rore)
Particulars 2009
(1)
2008 G row th
N et Revenue 1206.24 473.42 154.79%
EBITD A 227.82 34 570.06%
PAT -166.71 -2.96
Revenue m ix
A ero % of total revenue 34.95% 36.92%
N on A ero % of total revenue 65.05% 63.08%
Passenger traffic (in m n) 33.32 30.96 7.62%
passenger traffic m ix
D om estic passenger (in m n) 22.50 22.32 0.79%
International passenger (in
m n)
10.82 8.63 25.29%
(1) N ew asset ISG IA included in FY2009
N ote: Revenue includes 40% of revenues of ISG IA , w hile the passenger data is
for 100% of ISG IA
The H yderabad A irport Project
G M R H yderabad International A irport Lim ited or G H IA L, is a 63%
ow ned subsidiary of G M R Infrastructure Ltd. G H IA L w as aw arded
the concession by the M inistry of C ivil Aviation on D ecem ber 20,
2004 to develop, operate and m aintain an international airport
in H yderabad. The H yderabad airport project developed as a
public-private partnership. The other shareholders of G H IA L are
M alaysia A irports H oldings Berhad (through M A H B (M auritius)
Private Lim ited (11% ), the A irports A uthority of India (13% ) and
the G overnm ent of A ndhra Pradesh (13% ).
The site for the H yderabad airport is located at Sham shabad in
H yderabad, in the state of A ndhra Pradesh, w hich is approxim ately
25 kilom eters from H yderabads city centre. The roads connecting
the airport to the city center of H yderabad have been w idened. A
new elevated expressw ay is being built over approxim ately 11.5
kilom eters of the route w ould substantially reduce travel tim e to
the airport and is expected to be com pleted by the end of 2009.
H yderabad is connected to m ost of the Indian cities w ith less than
tw o hours flights and to m ost of the cities in the M iddle East A sia
and South East A sia w ith less than four hoursflights.
The H yderabad airport is being developed in four phases, follow ing
w hich the com pany expect the airport to have tw o runw ays and
capacity for over 40 m illion passengers. The first phase, w hich
w as com pleted in M arch 2008, includes a 117,000 square m eter
term inal area w ith peak hour capacity of 3,200 passengers, a
baggage handling system w ith 4 level inline baggage security
system , four inclined baggage carousels, 46 im m igration counters,
142 check-in counters w ith com m on user term inal equipm ent
(C U TE) including 16 check-in counters w ith autom atic self-check-
in kiosks (C U SS), a variety of international and dom estic food and
beverage and retail concessions and office space. The first phase
also included a single 4,260 m eter runw ay, one of the longest
airport runw ays in India, capable of handling w ide-bodied aircraft
such as the A irbus A -380 and a separate cargo building. The first
phase of the H yderabad airport is capable of handling up to 12
m illion passengers per year and 100,000 m etric tonnes of cargo
per year.
The im pact of global econom ic dow nturn has how ever im pacted
the perform ance of the A irport, in term s of significant drop in
dom estic passenger traffic and decline in the dom estic cargo
operations. The air traffic m ovem ents (ATM ) during the FY 2008-
09 have reduced by about 1.4% as com pared to the previous
year, in spite of the increase in the international ATM s by about
10.1% .
Sim ilarly, the passenger traffic m ovem ents during the year have
reduced by 11% as com pared to the previous year. W hile the
international passenger traffic increased by 8.6% , the dom estic
passenger traffic reduced by about 16.1% .
D uring the FY 2008-09, C argo term inal at the G H IA L has handled
an aggregate of 51,178 m etric tonnes of cargo, both dom estic and
international. Though the dom estic cargo has reduced by about
11.8% , the increase in international cargo by m ore than 38% has
led to an overall increase in cargo handling by about 11.9% .
To cope w ith the adverse im pact of econom ic slow dow n and
to im prove revenues, the com pany has taken up the follow ing
initiatives:
Filed letters w ith M oC A requesting for increase in the Landing
and Parking fees by 38% as per the C oncession A greem ent
and also levy Landing C harges for ATR type aircraft
Requested M oC A to increase D om estic U D F to Rs 450/- and
International U D F to U SD 35
N egotiating w ith international airlines like C hina Eastern,
D elta A irlines, Turkish A irlines etc., for com m encem ent of new
routes and negotiating w ith N A C IL, Jet A irw ays and Kingfisher
A irlines to create a hub in H yderabad.
C onsidering other non-aero avenues to increase revenues.
Fastest G row ing airport in India (FY 05-09)
H
y
d
e
r
a
b
a
d
22%
B
a
n
g
a
l
o
r
e
21%
K
o
l
k
a
t
a
19%
C
h
e
n
n
a
i
16%
D
e
l
h
i
15%
M
u
m
b
a
i
11%
P
A
X
C
A
G
R
F
Y
0
5
-
0
9
Source: A irports A uthority of India (A A I)
The D elhi A irport Project
D elhi International A irport Private Ltd or D IA L is 54% -ow ned
subsidiary of G M R Infrastructure Ltd. D IA L w as aw arded the
concession by the A A I to operate, m aintain, develop, design,
construct, upgrade, m odernize, finance and m anage an
international airport in D elhi or the D elhi airport project. It entered
into an operation, m anagem ent and developm ent agreem ent w ith
the A A I or the O M D A , in A pril 2006. The D elhi airport project
is being developed as a public-private partnership. The other
shareholders of D IA L are Fraport A G Frankfurt A irport Services
W orldw ide or Fraport (10% ), M alaysia A irports (M auritius) Private
Lim ited or M A M PL (10% ) and A irports A uthority of India or A A I

th
(26% ). In M ay 2009 G IL signed a m em orandum of understanding
w ith ID F pursuant to w hich G IL agreed to acquire ID Fs 3.9% equity
interest in D IA L in exchange for a 0.71% equity interest in G IL. The
transaction w as concluded in June 2009 and the com panys equity
interest in D IA L increased to 54% .
The m aster plan for the D elhi airport consists of four phases, the
first of w hich com prises tw o developm ent sub-phases. The first
sub-phase consisted of (i) upgrading the international term inal,
(ii) building a new C ode Fcom pliant runw ay and associated
taxiw ays designed to fit new generation aircraft like the A irbus
A 380 and other w ide-bodied aircraft, (iii) expanding the dom estic
arrival term inal and (iv) building a new dom estic departure
term inal, each of w hich has com m enced com m ercial operation.
The second sub-phase, w hich is expected to be com pleted in
M arch 2010, involves construction of a new integrated passenger
term inal-T3 w ith over 75 aerobridges capable of handling new
generation aircraft such as the A irbus A 380, new aprons, upgrading
the cargo term inal and enhancing ground access, including a new
high speed M etro Link and a m ulti-level parking structure. A fter
the developm ent of the second sub-phase the capacity of the
airport w ill increase to 60 m illion passengers per year.
The operational support period w hich started from M ay 2006
during w hich period a strong team of about 2000 em ployees of
A A I has provided support has com e to an end on M ay 2, 2009.
D uring 2008-09 D IA L had taken over all the critical jobs in phased
m anner by having its ow n team in place, as a result of w hich the
transition has been seam less. C onsequently during 2009-10 there
w ould a significant reduction in the cost w hen com pared w ith
2008-09.
D IA L has aw arded a contract for outsourcing of handling of
existing C argo O perations w hich w ere hitherto being done by
D IA L. A dditionally D IA L has also aw arded contract for setting up
and operation of new cargo term inal.
A ll the m ajor com m ercial contracts like D uty Free shop, Foods and
Beverages other retail businesses for the new integrated term inal
have been finalized/are in the advance stage of finalization. A ll
efforts are also being m ade to exploit high potential of non aero
revenue that exist in D elhi as can be seen from the below ;
H igh potential in non aero revenue
266
571
437
625
959
Delhi Sydney Copenhagen Zurich Vienna
N
o
n
A
e
r
o
R
e
v
e
n
u
e
(
R
s
/
p
a
x
)
N ote: N on-aero revenues/PA X for C Y2008
D elhi N on-aero revenues for 12m onths ended Jan- D ec 08
Source: C om pany data, A nnual reports
Econom ic dow nturn has im pacted the perform ance of the A irport
in term s of decrease in dom estic passenger traffic. D uring the FY
2008-09, the total dom estic air traffic m ovem ents (ATM ) w ere
flat, w hile international ATM s have grow n by 8.26% . The total
passenger traffic (International and dom estic) declined by 4.71%
to 22.84 m illion in FY 2008-09 as against 23.97 m illion in FY 2007-
08, prelim inary due to decrease in dom estic passenger traffic.
H ow ever, International passenger traffic increased by 5.28% to
7.76 m illion from 7.34 m illion during the year.
D IA L has achieved an im portant m ilestone by aw arding developm ent
rights of seven (7) Land Parcels in the H ospitality D istrict of A irport
to leading internationally reputed hotel developers/operators. This
covers 21.8 acres out of total 45 acres planned for developm ent in
the first phase. For rem aining 6 land parcels, the bidding process
is being initiated. W ith leading indicators in countrys econom y,
signalling revival in second half of the fiscal year and also enhanced
flexibility of land use, better response is expected for the rem aining
6 land parcels.
The Istanbul A irport Project
G M R group has 40% equity stake in Istanbul Sabiha G okcen
International airport (ISG IA ). G M R has assum ed operation and
m anagem ent of the Istanbul airport in M ay 2008 pursuant to
a contract to operate, m anage and develop the Istanbul Sabiha
G okcen International A irport in Istanbul, Turkey, for a period of
20 years. The project involves constructing a new international
term inal and its related com plim entary facilities, as w ell as
m anaging tw o existing term inals. The other shareholders of ISG IA
are Lim ak Insaat San. ve Tic. A .S. Turkey (40% ), and M alaysia
A irports H oldings Berhad (20% ).
The new term inal is scheduled to be com pleted by N ovem ber
2010 as stipulated in the im plem entation agreem ent. A s per the
current construction progress the term inal w ould be com pleted by
O ctober 2009. The Istanbul airport is one of tw o existing airports
in Istanbul.
O utlook for FY 2009-10 & future plan: Aviation lies at the heart of
a m odern and grow ing India. It facilitates countrys integration into
the global econom y, providing direct benefits for users and w ider
econom ic benefits through its positive im pact on productivity and
econom ic perform ance.
Expectedly, the recent global econom ic events did have a negative
im pact on the sector. H ow ever, the long term prospects for
the sector rem ain good, given the facts, that A ustralia w ith a
population of 1/50th of India has an aviation m arket w hich is 25%
larger than India. C hinas dom estic m arket is 4 tim es the Indian
m arket. Inbound visitors for entire India during 2008 w as 5.4
m illion are less than the visitors of city states of D ubai & Singapore.
In the im m ediate near term , Indian aviation faces a num ber of
challenges. Inter-alia, the challenges include falling passenger and
cargo traffic, increasing oil prices and expected huge losses of local
airlines. A lso, m etro airports are likely to face increased com petition
from non m etro airports consequent to the increased access to
foreign airlines. The trend of dom estic corporate travel shifting
to low cost airlines is expected to continue further. International
low cost carriers (LC C s) are expected to start operations in the
international sector. A s a result, it is expected that the m arket
share of LC C s is likely to increase further.
th
The expected operations of A ERA (A irports Econom ic Regulatory
A uthority of India) the regulator for fixing the aeronautical
charges, during FY10 w ould help in articulating the econom ic
regulatory fram ew ork that provides clarity and certainty to
investors on the potential of airport operations. This hopefully
w ould increase the attractiveness and facilitate the developm ent
of aviation infrastructure in the country. W e look forw ard to an
early appointm ent of the authority and w ould strive to w ork closely
w ith the authority for a healthy grow th of the aviation sector.
G M R is w orking w ith the different stakeholders on various fronts
to effectively address the various challenges. It is in the process
of diversifying the revenue stream s and m ix including them e
based developm ent at A erotropolis in H yderabad and A erocity in
D elhi for increasing passenger traffic. W e w ould strive to w ork
closely w ith airlines to ensure stability and grow th of traffic in a
challenging business environm ent. C lose attention is being given
to ensure tim ely com pletion of the integrated term inal at D elhi.
The volum e and quality of non-aero incom e is being enhanced by
bringing in w orld leaders in various revenue segm ents.
W e w ould strive to enhance this rating and at D elhi, w ith
com m issioning of the new integrated term inal, also endeavour to
bring D elhi airport rating in this band.
Energy Sector
The group has three operational pow er plants, nam ely the 220
M W gross-capacity naphtha-fired com bined cycle M angalore
pow er plant in M angalore in the state of Karnataka, the 200 M W
contracted capacity LSH S-fired C hennai pow er plant in C hennai
in the state of Tam il N adu and the 388.5 M W gross-capacity gas-
fired com bined cycle Vem agiri pow er plant in Vem agiri in the state
of A ndhra Pradesh. There are plans to relocate the M angalore
pow er plant to the east coast near Kakinada in the state of A ndhra
Pradesh and to convert the plant into a gas fired plant, both of
w hich is expected to be com pleted in 2010. Expansion of Vem agiri
pow er plant is planned increasing the installed capacity by an
additional 750 M W of capacity. Tw o coal based pow er projects are
in the developm ental stage. They are:
1,050 M W coal-fired Kam alanga pow er plant in the
Kam alanga, D henkanal district in the state of O rissa; and
1,200 M W coal-fired C hhattisgarh pow er project in the state
of C hhattisgarh.
The C om pany is also developing five hydroelectric pow er projects,
nam ely the 300 M W A laknanda pow er project on the A laknanda
River in the state of U ttarakhand, the 160 M W Talong pow er project
in the East Kam eng district in the state of A runachal Pradesh, the
180 M W Bajoli H oli pow er plant in the C ham ba district in the
state of H im achal Pradesh, the 250 M W U pper M arsyangdi pow er
project in N epal and the 300 M W U pper Karnali pow er project in
N epal.
a.
b.
D iversified Fuel M ix Pow er Portfolio
M angalore

C hennai

Vem agiri Kam alanga C hhattisgarh Talong H ydro
Pow er Plant
A laknanda Bajoli H oli U pper Karnali
U pper
M arsyangdi
Location Karnataka
Tam il
N adu
A ndhra
Pradesh
O rissa C hhattisgarh
A runachal
Pradesh
U ttaranchal
H im achal
Pradesh
N epal N epal
C apacity (M W ) 220 200 388.5 1,050 1,200 160 300 180 300 250
Fuel
N aphtha being
converted to
G as
LSH S
N atural
G as
C oal C oal H ydro H ydro H ydro H ydro H ydro
Type of Project BO O BO O T BO O BO O BO O
Run of River
on BO O T
basis for a
concession
period of 40
years from
C oD
Run of River on
BO O T basis for
45 years from
im plem entation
A greem ent
Run of River on
BO O T basis for
a concession
period of 40
years from C oD
Run of River on
BO O T basis for
a concession
period of 30
years from
G eneration
License
Run of River
on BO O T
basis for a
concession
period of 30
years from
G eneration
License
C oD /Expected
C oD
2001 1999 2006 2012 2013 2014 2014 2015 2015 2015
Estim ated PLF 85.0% 55.0% 90.0% 90.0% 90.0% 40.8% 45.6% 44.0% 59.6% 80.2%
(1)
Estim ated/A ctual
D ebt to Equity
Ratio
80:20 75:25 70:30 75:25 75:25 80:20 80:20 80:20 80:20 80:20
C om m issioned U nder C onstruction U nder D evelopm ent
(1) C apacity expected to be doubled hence higher PLF considered on low er capacity
th
Project Pipeline (G ross C apacity in M W )
808
1,050
1,200
460
730
4,248
2008 2012 2013 2014 2015 Peak Capacity
Commissioned Under Construction Under Development
O ur C oal A ssets
Indonesian C oal A ssets
In Septem ber 2008, G M R acquired a 100% equity interest in PT
Barasentosa Lestari, an Indonesian com pany that has rights to
develop tw o coal blocks located in the South Sum atra Province of
Indonesia over a period of 30 years. It is expected that production
of coal from these coal blocks w ill com m ence in 2011. The reserve
(A s per JO RC - A ustralian standards) is estim ated to support a m ine
life of 25 years. Further a m ajor part of the property is yet to be
explored
H om eland Energy G roup
The C om pany, along w ith our associates ow ns a 33.34% equity
interest in H om eland Energy G roup Lim ited or H om eland, a
Toronto-listed com pany that ow ns one producing coal m ine and
tw o coal m ines under developm ent, in each case, in South A frica,
and interests in uranium exploration concessions located in the
Republic of N iger. In 2007 and 2008 G M R G roup acquired a
10% interest in H om eland M ining and Energy SA (Pty) Lim ited,
or H M ESA , a subsidiary of H om eland, for an aggregate purchase
price of U S$30 m illion. In February 2009 this w as exchanged for
33.34% equity interest in H om eland.
The strategic interest of the C om pany to ensure fuel security for its
coal-based pow er plants and future expansions get a m ajor boost
from the acquisition of the coal assets.
International A cquisition
InterG en N .V.
In O ct, 2008, an overseas subsidiary of G M R H olding Pvt. Ltd,
G M R Infrastructure (M alta) Ltd. (G IM L), acquired a 50% equity
interest in InterG en N .V, a pow er generation com pany based
in N etherland, having operations in five countries across four
continents. The C om pany through its overseas subsidiary holds
a 5% equity stake in G IM L, thereby indirectly holding equity
stake of 2.5% in InterG en. The C om pany has also subscribed to
C om pulsorily C onvertible D ebentures (C C D s) in G M R H olding
(M alta) Ltd. (G H M L) for Rs. 845.06 C rore to partly finance the
acquisition of InterG en. The C C D s are convertible into equity at
any tim e at the option of the C om pany prior to Feb, 2012.
Island Pow er
G M R G roup has acquired 100% ow nership in Island Pow er Project,
a Singapore based pow er utility currently developing an 800 M W
C om bined- cycle pow er facility in Jurong Island, Singapore.
Pow er Sector Perform ance
(Rs. in C rore)
Particulars 2009 2008 G row th
N et Revenue 2,138.71 1,541.20 38.77%
EBITD A 534.09 349.38 52.87%
PAT 272.96 32.43 741.57%
EBITD A M argin 24.97% 22.67%
PAT M argin 12.76% 2.10%
D uring the FY 2008-09 VPG L plant w as operated only for five
m onths on the diverted gas. D uring the rest of the period, the plant
did not operate due to non availability of gas. Further, during A pril
2009, the com pany has entered into gas supply agreem ent w ith
Reliance Industries Ltd (RIL) and since then plant is continuously
operating at plant load factor (PLF) of m ore than 90% on the gas
supplied by RIL.
D uring the year, Karnataka G overnm ent invoked Section 11 of
the C entral Electricity A ct, 2003 and directed G M R energy vide
G overnm ent O rder to supply the entire pow er to Karnataka grid
at specified rate, for the period starting 1st January, 2009 to 31st
M ay, 2009. G M R Energy Lim ited had challenged this G overnm ent
O rder in H onble H igh C ourt of Karnataka. H ow ever as a prudent
practice, revenue for the period 1.2.2009 to 31.3.2009 has been
recognized at the rate specified in the G overnm ent O rder.
Som e of the key highlights in the energy sector during financial
year 2008-09 are:
G M R Kam alanga Energy Ltd has achieved Financial C losure
for the 1050 M W plant set up in D henkanal D istrict in state of
O rissa. The D ebt C om ponent of Rs 3405 C rore has been tied
up w ith 13 banks.
Vem agiri Pow er G eneration Lim ited (VPG L) has resum ed
operation in D ecem ber 2008
G M R Pow er C orporation Lim ited has achieved best ever
operating perform ance in term s of plant load factor (80.31% )
and heat rate (1,856 Kcal/ kW h).
G M R G roup has acquired 33.34% of H om eland Energy G roup
Ltd, a com pany that ow ns one producing coal m ine and tw o
G reenfield coal assets located in South A frica.
G M R G roup acquired 100% PT Barasentosa Lastari, a com pany
that holds exclusive rights to tw o coal blocks located in South
Sum atra Province of Indonesia.
O utlook for FY 2009-10 & future plan: Indian Pow er Sector w ill
w itness significant additional capacity requirem ents in next few
years and it is expected that the dem and supply gap w ill catalyze
the grow th in this sector. Transform ational policy changes and
attractive fundam entals represent com pelling industry dynam ics
and w ill propel future expansion of this sector.
G M R w ith its proven track record of developing and operating
large Infrastructure projects is w ell positioned to leverage this
opportunity. Scalable business m odel has been adopted w hich w ill
guide further expansion of the com pany in this sector. C om pany is
planning to have a project portfolio w ith projects either operating
or in construction phase or under developm ent having achieved
financial closure. Strategy has been laid out to leverage existing
expertise so as to achieve this target.

th
Follow ing are certain snapshots of com panys plans for
FY 2009-10:
M axim ize value from existing assets through exploring
m erchant opportunities.
Focus on execution of projects under developm ent.
A dd further pow er assets diversified across fuel types in
India.
Bid aggressively for U M PP and other projects com ing up for
bidding across the country.
A ctively look at acquisition of pow er plants in India w ith coal
linkages.
Pursue acquisition of coal m ines in Indonesia and elsew here.
D iversification into allied pow er infrastructure businesses like
Transm ission and D istribution.
H ighw ays Sector
The com pany currently generates revenues under our road
business through the Tuni-A nakapalli, Tam baram -Tindivanam ,
A m bala-C handigarh, A dloor Yellareddy-Kalkallu and Thondapalli-
Jadcherla road projects. The com pany com m enced this business
in O ctober 2004, w hen the Tam baram -Tindivanam road project
entered into com m ercial operation. In fiscal 2009, 2008 and 2007,
w e generated sales and operating incom e of Rs. 151.9 C rore, Rs.
139.7 C rore and Rs. 143.2 C rore, respectively, from this business.
A nnuity Road Projects
G M R Tuni-A nakapalli, a 59 kilom eter stretch road project on
the C hennai-Kolkata (N H 5) expressw ay w hich com m enced
com m ercial operation in D ecem ber 2004.
G M R Tam baram -Tindivanam , a 93 kilom eter stretch road
project on the C hennai-D indigul (N H 45) expressw ay w hich
com m enced com m ercial operation in O ctober 2004.
G M R Pochanpalli, a 86 kilom eter stretch annuity road project
betw een A dloor-Yellareddy and Kalkallu and an additional 17
kilom eter stretch on the H yderabad-N agpur (N H 7) highw ay,
w hich com m enced com m ercial operation in M arch 2009.
Toll Road Projects
G M R A m bala-C handigarh, a 35 kilom eter stretch betw een
A m bala and C handigarh on the N ew D elhi-C handigarh (N H 21/
N H 22) highw ay w hich com m enced com m ercial operation in
N ovem ber 2008.
G M R Jadcherla, a 58 kilom eter stretch betw een Thondapalli
and Jadcherla and on the H yderabad-Bangalore (N H 7) highw ay
w hich com m enced com m ercial operations in February 2009.
G M R U lundurpet, a 73 kilom eter stretch betw een Tindivanam
and U lundurpet on the C hennai-D indigul (N H -45) highw ay.
The com pany expects the project to achieve com m ercial
operation in Q 2 FY 2010.
Road Sector Perform ance

(Rs. in C rore)
Particulars 2009 2008 G row th
N et Revenue 151.90 139.70 8.73%
EBITD A 125.68 113.42 10.81%
PAT 26.69 37.18 -28.21%
Revenue M ix
A nnuity % of total revenue 93.08% 100.00%
Toll % of total revenue 6.93%
D uring the year, tw o of the G roups toll road projects becam e
operational. D ecline in traffic has been w itnessed as com pared to
our projections due to econom ic dow nturn. H ow ever, in one of
the project, the decline is as m uch as 50% - 60% w hich is due to
diversion of traffic to non tollable com peting roads.
There has been cost overrun am ounting to Rs. 242 C rore in our
four road projects (total length 268 km s) due to the follow ing
reasons:
Increase in prices of m ajor m aterials and additional w orks
undertaken during the construction of these projects.
Land A cquisition problem s and unprecedented rains due to
w hich there has been tim e overrun and consequently soft
costs overrun including interest.
H yderabad-Vijayaw ada Road Project: In M ay 2009, a consortium
led by G M R G roup w as aw arded a 25-year concession to develop
the 181.6 km s stretch toll road betw een H yderabad and Vijayaw ada
on N H -9. The project involves w idening of tw o-lane road to four
lanes and subsequent w idening to six-lanes. The com pany expects
to achieve com m ercial operation of this project in 2012.
C hennai O uter Ring Road Project: In June 2009, a consortium
led by G M R G roup has em erged as the low est bidder in an
international com petitive bid for the C hennai O uter Ring Road
project in Tam ilnadu. The C hennai O uter Ring Road m easuring
29.65 km is the G roups first state highw ay project. It entails design,
construction, developm ent, finance, operation and m aintenance of
the six lane and tw o service lanes from the Vandalur to N em ilicheri
section in the state of Tam ilnadu. The total cost of the project is
estim ated to be around Rs. 1,100 C rore. The concession period is
for 20 years w hich includes a construction tim e of 30 m onths.
O utlook for FY 2009-10 & future plan: The C om pany believes that
relatively low gestation period of road projects are attractive as a
m eans of balancing the longer gestation periods of our airports
and pow er projects under developm ent. O ur current focus for
highw ay projects is on projects of longer stretch and higher traffic
potential. The com pany is at various stages of the bidding process
for new toll and annuity road projects for N H A I and various states.
The C om pany has subm itted qualification docum ents to N H A I for
various projects in the state of Karnataka, Tam ilnadu, G ujarat,
Rajasthan, U ttaranchal, M aharashtra and A ndhra Pradesh. W e w ill
continue to evaluate various road projects and subm it qualification
and bid docum ents as appropriate.
Road developm ent is recognized as essential to sustain Indias
econom ic grow th. Road developm ent is a priority sector and
the ongoing focus on the highw ay infrastructure developm ent
is targeted to projected annual grow th of 12-15% for passenger
traffic and 15-18% for cargo traffic. The C om pany w ill actively
1.
2.
th
participate in both N ational H ighw ays D evelopm ent Program m e
and selected state road projects. O ur endeavour is to m aintain
sustainable and robust portfolio w hich offers significant value to
all stakeholders.
The com pany is developing a 250-acre Aviation SEZ at the
H yderabad airport and plan to develop a 3,300-acre SEZ at
Krishnagiri in Tam il N adu, w ith respect to w hich the com pany
have com m enced the land acquisition process and a 250-acre
m ultiproduct SEZ at the H yderabad airport. The com pany ow ns
the N ovotel H yderabad A irport H otel. The com pany is also
developing an aircraft m aintenance, repair and overhaul facility
and aircraft engine m echanical training centre, both of w hich
are expected to be located at the Aviation SEZ at the H yderabad
airport. The D elhi airport is expected to include D elhi A erocity a
w orld class developm ent constituting hospitality and com m ercial
developm ents, w hich m ay ultim ately cover up to 5% of the
approxim ately 5,100-acre land area at the airport. A s part of the
first phase, w e have initiated the developm ent of H ospitality D istrict
plot area a 6.12 m n sft, 45 acre developm ent. A pproxim ately 21.8
acres have already been taken up by reputed hospitality developers
w ho plan to bring leading international & national hotel brands to
this location. The com pany further plans to develop approxim ately
1,000 acres of com m ercial land at the H yderabad airport
The com pany plan to develop each of the H yderabad and D elhi
airports and surrounding land as an airport city or A erotropolis,
w ith a m ix of aeronautical and non-aeronautical developm ents.
The D elhi airport is expected to have its ow n business district in
D elhi A erocity w hich w ould include hospitality and com m ercial
developm ents.
The com pany believes that A erotropolisstrategy m ay benefit
our relatively new urban infrastructure business by providing
large areas for diversified property developm ent in strategically
im portant locations, w hile potentially boosting our airports
business through increased air traffic at the D elhi and H yderabad
airports. This w ill be further aided by India and C hina em erging
as tw o grow th engines for South-East A sian countries thereby
deriving both business travel into India and consequent com m ercial
developm ent opportunities
O utlook for FY 2009-10 & future plans:
a) Special Econom ic Zones: D espite the current econom ic
dow nturn, new SEZ projects are being announced and approved
around the country. The increased em phasis in value m axim ization
is leading to a new w ave of off-shoring of m anufacture and
services to India by global corporates seeking cost econom ies and
Indian skilled w orkforce. This w ould augur w ell for SEZ sector and
the com pany w ould look to leverage the sam e for its first phase
of Krishnagiri SEZ, likely to com m ence during the year 2009-10.
The Aviation SEZ at H yderabad is also expected to attract increased
interest across M RO , m anufacture and R& D activities additionally,
on account of the off-set obligations of the defence and aerospace
purchases of India.
b) Property D evelopm ent: Indian real estate sector is likely to
em erge out of this crisis stronger and w iser. A s already evident, it is
expected that industry players w ould focus on core areas for driving
grow th in the next few years. A lso, real estate being a cyclical
industry, the current phase is the ideal phase for investm ents and
developm ents. It not only allow s the developer to take advantage
of low er resource and m aterial costs, but also ensures that the
capacity created now enables it to ride on the grow th w hen the
industry turns around.
Buoyed by the response from developers and investor for space in
H ospitality D istrict, w e are planning to bring the rem aining 23 acres
of the H ospitality D istrict for bidding in FY 09-10. A dditionally,
this year w ill see us initiate launch other com m ercial developm ent
projects w hich w ould include prem ium office and term inal hotels
in land parcels close to the new Integrated Term inal & the existing
dom estic term inal.
D iscussion and A nalysis of Financial C ondition and O perational Perform ance
The consolidated financial condition and perform ance of the C om pany and its subsidiaries as per Indian G A A P are discussed hereunder:
Share C apital Rs. 364.13 C rore (2008: Rs. 364.13 C rore)
Particulars
M arch 31,2009 M arch 31,2008
N o. of Equity
Shares
Rs. in C rore N o. of Equity
Shares
Rs. in C rore
Share C apital beginning of the Year of Rs. 2 each
(2008: Rs.10)
1,820,658,088 364.13 331,084,000 331.07
A dd: Increase in num ber of Shares due to sub division of
Equity Shares of Rs. 10 each in 5 Equity Shares of Rs. 2
each
1,324,336,000
A dd: Shares issued through Q IP 165,238,088 33.06
Less: C alls unpaid 2,750 shares (2008: 11,625 shares)
Share C apital end of the Year 1,820,658,088 364.13 1,820,658,088 364.13
In O ctober 2007, the shares of the com pany w ere sub divided from Rs. 10/- each into 5 Equity Shares of Rs. 2/- each. D uring the year
com pany has not raised any fresh capital.
th
Reserves and Surplus Rs. 6,107.00 C rore (2008: Rs. 5,753.07
C rore)
A sum m ary of reserves and surplus is provided in the table below :
Rs. in C rore
Particulars
M arch 31,
2009
M arch 31,
2008
C apital Reserve on C onsolidation 70.47 70.45
C apital Reserve on A cquisition 3.41
C apital Reserve (G ovt. G rant) 67.41 67.41
Securities Prem ium 5,070.80 5,070.82
D ebenture Redem ption Reserve 26.91 20.00
Foreign C urrency Translation Reserve 89.64 0.18
Profit and Loss A ccount 778.36 524.21
Total 6,107.00 5,753.07
a. C apital Reserve on C onsolidation Rs. 70.47 C rore (2008:
Rs. 70.45 C rore)
Rs. in C rore
Particulars
M arch 31,
2009
M arch 31,
2008
Balance - Beginning of the year 70.45 58.28
A dditions for the year 0.02 12.17
Total 70.47 70.45
The above C apital Reserve in the consolidated financial statem ents
represents the difference betw een the book value and cost of
investm ents acquired in subsidiaries. The addition during the
year is on account of acquisition of controlling interest in G M R
H ighw ays Private Lim ited
b. Securities Prem ium Rs. 5,070.80 C rore (2008: Rs. 5,070.82
C rore)
Rs.In C rore
Particulars
M arch 31,
2009
M arch 31,
2008
Balance - Beginning of the year 5,070.82 1,201.78
A dd: Received through fresh issue of
equity shares / calls
- 3,932.67
Less: U tilised tow ards share issue
expenses
0.03 63.68
A dd : A m ount Received against C alls
U npaid
0.01 0.05
Total 5,070.80 5,070.82
D uring the year the com pany has recovered an am ount of
Rs. 0.01 C rore tow ards arrears and an am ount of Rs. 0.03 C rore
w as debited to the Securities Prem ium account, expenses of shares
issued during earlier years.
c. D ebenture Redem ption Reserve Rs. 26.91 C rore
(2008: Rs. 20.00 C rore)
Rs. in C rore
Particulars
M arch 31,
2009
M arch 31,
2008
Balance - Beginning of the year 20.00 25.14
Less: Transfer to Profit and Loss
A ccount
(3.75) (5.14)
A dd: Transfer from Profit and Loss
A ccount
10.66
Total 26.91 20.00
D uring the year, the C om pany redeem ed debentures to the tune
of Rs. 15.00 C rore held by A xis Bank and accordingly Rs. 3.75
C rore w as transferred to Profit and Loss A ccount. D uring the year,
one of the subsidiaries has issued D ebentures for an am ount of
Rs.425.00 C rore w hich has resulted in transfer of Rs. 10.66 C rore
from Profit and Loss A ccount.
d. Profit and Loss A ccount Rs. 778.36 C rore (2008:
Rs. 524.21 C rore)
C onsolidated PAT for the year is Rs. 279.45 C rore, out of w hich
an am ount of Rs. 0.20 C rore w as provided tow ards dividend
distribution tax for the dividend declared by H yderabad M enzies
A ir C argo Private Lim ited, a subsidiary of the C om pany, and an
am ount of Rs. 6.91 C rore (N et) w as transferred to the D ebenture
Redem ption Reserve account. Further, an am ount of Rs. 18.19
C rore w as deducted from P& L a/c tow ards Foreign Exchange
Fluctuations on long term m onetary liabilities, upon opting to
adjust such exchange differences against the original cost of
the depreciable fixed assets as perm itted vide am endm ent to
the A ccounting Standard 11 as per the C om panies A ccounting
Standards (A m endm ent) Rules 2009. This relates to acquisition
of depreciable fixed assets, w hich w as credited to P& L account
during 2007-08, A balance of Rs. 778.36 C rore is retained in the
Profit and Loss A ccount as at M arch 31, 2009.
e. Shareholdersfunds and M inority Interest
The total shareholder funds (excluding m inority interest) increased
to Rs. 6,471.13 C rore as at M arch 31, 2009 from Rs. 6,117.20
C rore as at M arch 31, 2008.
The m inority interest in the subsidiaries increased to Rs. 1,806.11
C rore as at M arch 31, 2009 from Rs. 1,112.60 C rore as at M arch
31, 2008 as a result of additional equity contributed by the
m inority shareholders in various subsidiaries, m ainly on account
of Rs. 599 C rore in D elhi International A irport Pvt Lim ited,
Rs. 70 C rore in G M R Kam alanga Energy Lim ited and Rs. 30 C rore
in G M R H yderabad International A irport Lim ited partly offset by
the net loss of Rs. 2.34 C rore attributed to m inority.
Loan Funds
a. Secured Loans Rs. 10,660.18 C rore (2008: Rs. 6,843.83 C rore)
Rs. in C rore
Particulars
M arch 31,
2009
M arch 31,
2008
Balance - beginning of the year 6,843.83 3,021.96
A dd: Borrow ed during the year 4,550.70 4,392.98
Less: Repaid during year 734.35 571.11
Balance - end of the year 10,660.18 6,843.83
A n am ount of Rs. 734.35 C rore w ere repaid in line w ith sanction
term s of the said loans during the current financial year.
b. U nsecured Loans: Rs.1,363.61 C rore (2008: Rs.1,133.10 C rore)
U nsecured loans as at M arch 31, 2009 include Rs. 315.05 C rore
(2008: Rs. 315.05 C rore) long term interest free unsecured
loan from G overnm ent of A ndhra Pradesh to G M R H yderabad
International A irport Lim ited. O ther unsecured loans m ainly from
banks have gone up by Rs. 230.51 C rore to Rs. 1,048.56 C rore from
Rs. 818.05 C rore due to borrow ings m ade to m eet the tem porary
m ism atches in cash flow s.
th
D eferred Tax Liability (N et): Rs.19.15 C rore (2008:
Rs. 42.50 C rore)
The C om pany has a deferred tax liability (N et of deferred tax
assets) of Rs. 19.15 C rore as at M arch 31, 2009 as com pared to
Rs. 42.50 C rore as at M arch 31, 2008. The decrease is m ainly, on
account of D eferred Tax A sset recognized by D elhi International
A irport Private Lim ited and Sabiha G okcen International A irport.
Fixed A ssets
A statem ent of m ovem ent in fixed assets is given below :
Rs. in C rore
Particulars
M arch 31,
2009
M arch 31,
2008
G row th
(% )
Tangible A ssets
Land 106.82 14.09 658.13
Runw ays & O thers 1,502.31 534.89 180.86
Buildings 1,830.80 1,089.89 67.98
Plant & M achinery 3,621.31 3,115.97 16.22
O ffice Equipm ent 482.71 368.90 30.85
C apitalized Softw are 10.13 4.27 137.24
Leasehold Im provem ents 104.42 101.26 3.12
Furniture & Fixtures 158.01 48.73 224.26
Vehicles 313.58 151.89 106.45
Intangible A ssets
G oodw ill on C onsolidation 584.64 388.52 50.48
C arriage W ays 2,509.09 672.41 273.15
A irport concessionaire
Rights
200.93 195.51 2.77
A ssets taken on Lease
O ffice Equipm ent 5.39 5.39
Plant and M achinery 2.46
G ross Block 11,432.60 6,691.72 70.85
Less: A ccum ulated
D epreciation
1,780.97 1,421.81 25.26
N et Block 9,651.63 5,269.91 83.15
A dd: C apital W ork in
Progress (including C apital
A dvances)
5,463.88 3,679.57 48.49
N et Fixed A ssets 15,115.51 8,949.48 68.90
D epreciation /
A m ortization as % of
G ross Revenues
8.71 6.62
D epreciation /
A m ortization as % of
G ross Block *
3.44 2.67
A ccum ulated D epreciation
A s % of G ross Block *
15.72 21.29
* Excluding Land
Excluding the increase in G oodw ill on consolidation of
Rs. 196.12 C rore (arising m ainly on account of acquisition of
C oal m ines in Indonesia), G ross Block of the Fixed A ssets has
gone up by Rs. 4,544.76 C rore from Rs.6,303.20 C rore to Rs.
10,847.96 C rore. These additions are arising m ainly from the
capitalizations at tw o A irport Projects viz., D elhi International
A irport Private Lim ited (Rs. 1,891.46 C rore), G M R H yderabad
International A irport Lim ited (Rs.499.28 C rore) and three road
projects viz., G M R A m bala C handigarh Expressw ays Private Lim ited
(Rs.613.84 C rore), G M R Pochanpalli Expressw ays Private Lim ited
(Rs.703.84 C rore) and G M R Jadcherla Expressw ays Private Lim ited
(Rs.520.55 C rore).
Expenditure during construction period, pending allocation (N et):
Rs.1,327.05 C rore (2008: Rs. 843.17 C rore)
Expenditure during construction period, pending allocation (net) of
Rs. 1,327.05 C rore as at M arch 31, 2009 com pared to Rs. 843.17
C rore as at M arch 31, 2008 represents the expenditure incurred
during construction period on projects under im plem entation
/ developm ent. The increase w as m ainly on account of G M R
U lundurpet Expressw ays Private Lim ited and D elhi International
A irport Private Lim ited. D uring the year Rs. 759.28 C rore w as
apportioned over the cost of fixed assets w hile capitalizing the
assets of the Subsidiaries as show n under Fixed A ssets m ovem ent.
Further Rs. 15.16 C rore w as charged off during the year, as the
sam e is not eligible for capitalization as per the G uidance N ote
issued by the Institute of C hartered A ccountants of India.
Investm ents: Rs. 1,310.89 C rore (2008: Rs. 4,899.59 C rore)
Rs. in C rore
Particulars
M arch 31,
2009
M arch 31,
2008
Long Term Investm ents 995.84 14.41
C urrent Investm ents
M utual Funds 204.95 4,828.93
G overnm ent Securities / C ertificate
of D eposits
87.33 41.46
Equity Shares (N et of Provision) 22.77 14.79
Total 1,310.89 4,899.59
The C om pany and its subsidiaries invest the tem porary surpluses
in various m utual funds. A few subsidiaries invest in equity shares
quoted in the stock exchanges subject to the risk exposure norm s,
w hich are included in C urrent Investm ents. D uring the year there
w as a shift from m utual funds to Bank Fixed D eposits as reflected
in increase in C ash and Bank Balances. Further, one of the
subsidiaries has invested in D ebentures of G M R H olding M alta, a
fellow subsidiary com pany, am ounting to Rs.845.06 C rore.
C urrent A ssets, Loans and A dvances
a. Inventories: Rs.131.88 C rore (2008: Rs.38.03 C rore)
The C om pany had inventories of Rs. 131.88 C rore as at M arch
31, 2009 com pared to Rs. 38.03 C rore as at M arch 31, 2008.
The inventory prim arily constitutes fuel stocks, stores and spares
of energy & airport subsidiaries. The rise in inventory is on account
of new businesses entered into during the current year such as
C onstruction JV in Turkey, Sabiha G okcen International A irport
(SG IA ) etc.
b. Sundry D ebtors: Rs. 660.91 C rore (2008: Rs. 430.57 C rore)
Sundry D ebtors as at M arch 31, 2009 aggregated Rs. 660.91
C rore com pared to Rs. 430.57 C rore as at M arch 31, 2008. O ut
of the increase of Rs. 230.34 C rore, an am ount of Rs. 161 C rore
is on account of new businesses entered / com panies com m enced
operations into during the current year such as G H IA L, SG IA ,
C onstruction JV in Turkey etc and an am ount of Rs. 69 C rore
increase in receivables out of energy sales to the state electricity
boards and distribution com panies.
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c. C ash and Bank Balances: Rs.2,466.52 C rore (2008: Rs. 894.49
C rore)
A s at M arch 31, 2009, the C om pany had cash and bank balances
of Rs. 2,466.52 C rore as com pared to Rs. 894.49 C rore as at
M arch 31, 2008.
O ut of the above C ash & Bank Balances, an am ount of
Rs. 514.18 C rore in on account of project com panies w hich
represents tem porary surplus, pending utilization thereof on
projects subsequent to the disbursem ent of loan installm ents.
A n am ount of Rs.1,331.92 C rore is on account of G IL, w hich is
m ainly the unutilized Q IP proceeds invested in Bank Fixed deposits
pending deploym ent in new projects.
d. O ther C urrent A ssets: Rs.17.75 C rore (2008: Rs. 5.84 C rore)
O ther current assets constitute the incom e accrued for the year
on investm ents and deposits m ade and the grants receivable by
the C om pany. A s at M arch 31, 2009, the C om pany had other
current assets of Rs. 17.75 C rore as com pared to Rs. 5.84 C rore as
at M arch 31, 2008.
e. Loans and A dvances: Rs.1,261.23 C rore (2008: Rs.598.97
C rore)
Loans and A dvances as at M arch 31, 2009 stood at Rs. 1,261.23
C rore as com pared to Rs. 598.97 C rore as at M arch 31, 2008.
The increase w as m ainly on account of increase of Rs.181.98
C rore tow ards loan given to associate com panies & joint venture
partners, Rs. 191.23 C rore tow ards advances to suppliers etc.,
Rs. 23.65 C rore tow ards increase in advance tax paym ents (net of
provisions) and Rs. 237.99 C rore increase in trade deposits w ith
various governm ent and other agencies.
C urrent Liabilities and Provisions
a. C urrent Liabilities: Rs.1,886.47 C rore (2008:
Rs.1,322.75 C rore)
C urrent liabilities w ent up to Rs. 1,886.47 C rore as at M arch 31,
2009 com pared to Rs. 1,322.75 C rore as at M arch 31, 2008. O ut
of the increase of Rs. 563.72 C rore, negative grant / utilization fees
in Roads & A irport business is Rs.306.96 C rore and the balance
am ount of Rs. 256.76 C rore is m ainly on account of increase in
advance from custom ers and O ther liabilities on account of new
com panies com m enced operations during the current year such as
G H IA L, SG IA , C onstruction JV etc.
b. Provisions: Rs.78.22 C rore (2008: Rs.88.16 C rore)
The reduction of Rs. 36.77 C rore in Provision for operations and
m aintenance M ajor m aintenance w as partly offset by debenture
redem ption prem ium of Rs.23.82 C rore.
O verview of our Results of O perations
The follow ing table sets forth inform ation w ith respect to our revenues, expenditures and profits on a consolidated basis:
Particulars
For the year ended M arch 31,
2009 2008
Rs. in C rore % of Total Incom e Rs. in C rore % of Total Incom e
N et Incom e
Sales and O perating Incom e (net of A nnual Fee
of Rs. 456.97 C rore ( 2008: Rs.403.13 C rore)
paid to A irports A uthority of India)
4,019.22 100.00% 2,294.78 100.00%
Expenditure
G eneral and O perating Expenses 2,282.59 56.79% 1,229.74 53.59%
A dm inistration and O ther Expenses 669.84 16.67% 466.54 20.33%
EBITD A 1,066.79 26.54% 598.50 26.08%
O ther Incom e 21.37 0.53% 69.75 3.04%
Interest and Finance C harges 368.20 9.16% 168.71 7.35%
D epreciation 389.83 9.70% 178.51 7.78%
Total Expenditure 3,689.09 91.79% 1,973.75 86.01%
Profit Before Taxation and before M inority
Interest/Share of Profits of A ssociate
330.13 8.21% 321.03 13.99%
Provision for Taxation
C urrent Tax 70.10 1.74% 35.31 1.54%
Less: M AT C redit availed (9.26) -0.40%
D eferred Tax (23.12) -0.58% 28.04 1.22%
Fringe Benefit Tax 6.04 0.15% 4.29 0.19%
Total Tax Liability 53.02 1.32% 58.38 2.54%
Profit A fter Taxation and before M inority
Interest/Share of Profits of A ssociate
277.11 6.89% 262.65 11.45%
M inority Interest - (Loss) / Profit (2.34) -0.06% 52.57 2.29%
N et Profit A fter M inority Interest/Share of
Profits of A ssociate
279.45 6.95% 210.08 9.15%
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N et Incom e
The com ponents of our net incom e are as follow s:
Particulars
For the year ended M arch 31
2009 2008
Rs. in C rore % of N et Incom e Rs. in C rore % of N et Incom e
N et Sales and O perating Incom e:
A irports Business 1,206.24 30.01% 473.42 20.63%
(N et of A nnual Fee of Rs. 456.97 C rore (2008:
Rs. 403.13 C rore) paid to A irports A uthority of India)
Pow er Business 2,138.71 53.21% 1,541.20 67.16%
Road Business 151.90 3.78% 139.70 6.09%
O ther * 522.37 13.00% 140.46 6.12%
Total N et Sales and O perating Incom e 4,019.22 100.00% 2,294.78 100.00%
*O thers represent the service incom es earned by G M R Energy Lim ited, C onstruction Incom e from Lim ak G M R C onstruction JV in Turkey and investm ent incom e of
G M R Infrastructure Lim ited, less inter-com pany revenues.
O perating Incom e from Road business
The segm ent incom e has increased to Rs. 151.90 C rore for the
year ended M arch 31, 2009 as com pared to Rs. 139.70 C rore for
the year ended M arch 31, 2008 thereby recording an increase
of 8.73% . This increase is contributed by the three new projects
w hich started operation during the 2nd half of the current year.
H ow ever, the segm ents share in the total incom e has decreased
to 3.78% during the year ended M arch 31, 2009 com pared to
6.09% during the year ended M arch 31, 2008. This is due to the
significant increase in the revenues from airports sector.
O perating incom e from O ther Sector
D uring the current year, the other sector has contributed Rs.
522.37 C rore (being 13% of the N et Incom e) to the N et O perating
Incom e as against Rs. 140.46 C rore in the previous year. This
increase m ainly w as contributed by C onstruction Incom e of Rs.
304.17 C rore from Lim ak G M R C onstruction JV in Turkey, w hich
is constructing the Passenger term inal Building for the Turkey
International A irport and increase in D ividend incom e by Rs. 30.01
C rore, arising from deploym ent of Q IP proceeds in M utual Funds
pending the deploym ent in various SPVs / Projects.
O ther Incom e
O ther incom e is derived from incom e from investm ents other than
trade, gain on foreign exchange fluctuations, profit on sale of
investm ents and other m iscellaneous incom e. O ther incom e as a
percentage of total incom e w as 0.53% and 2.95% for the years
ended M arch 31, 2009 and M arch 31, 2008 respectively. O ther
incom e declined by 69.36% from Rs. 69.75 C rore for the year
ended M arch 31, 2008 to Rs. 21.37 C rore for the year ended M arch
31, 2009. The decrease w as m ainly due to decline in incom e from
investm ents by Rs. 5.68 C rore, decrease in gain sale of investm ents
by Rs. 14.71 C rore, decrease in m iscellaneous incom e by Rs. 1.18
C rore, decrease in gains on account of foreign exchange fluctuation
(net) by Rs. 15.80 C rore and absence of onetim e item viz., reversal
of provision no longer required am ounting to Rs. 11.12 C rore as in
the case of previous year.
Expenditure
The expenditure has the follow ing m ajor com ponents:
G eneration and operating expenses (including consum ption of
fuel and lubricants, w ater, salaries and w ages of operational
N et O perating Incom e from A irport business

Incom e from our airport business is derived from the operations of
D elhi International A irport, G M R H yderabad International A irport
(G H IA L) & Sabiha G okcen International A irport (SG IA ), Turkey.
The gross operating incom e earned during the period ended
M arch 31, 2009 w as Rs. 1,663.21 C rore as against Rs. 876.55
C rore for the year ended M arch 31, 2008. A s per the term s of
O perations, M aintenance and D evelopm ent A greem ent entered
into w ith A irports A uthority of India, an am ount of Rs. 456.97
C rore w as paid tow ards annual fee in the current year. Thus, net
sales and operating incom e from our airport operations increased
to Rs.1,206.24 C rore contributing 30.01% of the net incom e
of the C om pany for the year ended M arch 31, 2009 as against
20.63% during the year ended M arch 31, 2008. G H IA L had the
first full year of operation and SG IA started operations from M ay
08.
O perating Incom e from Pow er business
Incom e from pow er business consists of fixed and variable
com ponents of electricity tariff charged to the state electricity
boards and distribution com panies as per the term s of the
respective pow er purchase agreem ents, generation and sale of
pow er on m erchant basis and trading of pow er. D uring the first
quarter of the year the Pow er Purchase A greem ent entered into by
our M angalore pow er plant has expired and the plant com m enced
operations on m erchant basis during the later part of the year. O ur
Vem agiri plant com m enced operations during the later part of the
year on resum ption of gas supply and achieved a plant load factor
of 20.74% since D ecem ber 08.
The segm ent incom e from sale of pow er w ent up by 38.77%
from Rs. 1,541.20 C rore for the year ended M arch 31, 2008 to Rs.
2,138.71 C rore for the year ended M arch 31, 2009 on account of
recom m encem ent of O perations by Vem agiri Pow er G eneration
Ltd and substantial im provem ent in PLF of G PC PL.
H ow ever, the segm ents share in the total incom e has decreased
to 53.21% during the year ended M arch 31, 2009 com pared to
67.16% recorded during the year ended M arch 31, 2008. This
is m ainly because of the significant increase in the revenues of
airports sector.
th
em ployees, operations and m aintenance, technical consultancy
fee, cost of variation w orks, insurance for plant and m achinery,
airport operator fee, cargo handling charges, lease rentals and
repairs and m aintenance to plant and m achinery),
A dm inistration and other expenses (including salaries,
allow ances and benefits to em ployees, office rental, travel,
insurance, electricity, consultancy and other professional
charges, contributions to provident fund, provision for
advances, claim s and debts, losses on sale of fixed assets and
investm ents, travelling and conveyance, com m unication and
other m iscellaneous expenses),
Finance charges (including interest on term loans, interest to
others and other finance charges viz., prepaym ent prem ium s,
guarantee com m ission, bank charges etc.) and
D epreciation
G eneration and O perating Expenses: G eneration and operating
expenses increased by 85.62% from Rs. 1,229.74 C rore for
the year ended M arch 31, 2008 to Rs. 2,282.59 C rore for the
year ended M arch 31, 2009. This is on account of higher level
of activity in Pow er business, new operations added in A irport
Sector and construction activities taken up during the year. M ajor
com ponents of this increase of Rs.1,052.85 C rore, Rs. 324.76
C rore is on account of increase in the consum ption of fuel in the
pow er sector prim arily reflecting increase in fuel and lubricants
consum ption caused by higher PLF, Rs. 204.61 is on account
of contract costs for construction of term inal in Sabiha G okcen
International A irport (SG IA ), Rs. 209.38 is on account of cost of jet
fuel purchased for re-sale in SG IA , Rs.129.88 C rore on account of
purchase of pow er on a re-sale basis.
A dm inistration and O ther Expenses: A dm inistration and other
expenses increased by 43.58% from Rs. 466.54 C rore for the year
ended M arch 31, 2008 to Rs. 669.84 C rore for the year ended
M arch 31, 2009. The increase is m ainly on account of increase
in personnel cost to the extent of Rs. 106.97 C rore being due
to additional businesses added and additional recruitm ent m ade
in A irport Sector during the year and increase in other expenses
com m ensurate to the increase in business activity.
A ggregate of generation and operating expenditure and
adm inistrative and other expenditure have gone up from Rs.
1,696.28 C rore to Rs.2,952.43 C rore, registering an increase of
Rs.1,256.15 C rore ( 74.05% ) w hile our net operating revenues
have gone up from 2,294.78 C rore to Rs. 4,019.22 C rore,
recording an increase of Rs.1,724.44 C rore ( 75.14% ). Thus the
increase in expenditure is in line w ith the increase in operations.
Earnings Before Interest, D epreciation, Taxes and A m ortization
(EBITD A )
In line w ith the increased operations, the EBITD A has increased by
78.24% from Rs. 598.50 C rore during 2007-08 to Rs. 1,066.79
C rore during 2008-09.
The overall EBID TA m argins (Earnings before Interest, D epreciation,
Taxes and A m ortization) cam e dow n from 26.08% to 26.54% for
the year ended M arch 31, 2009.
Interest and Finance C harges

Interest and finance charges increased by Rs.199.49 C rore
(118.24% ) from Rs. 168.71 C rore for the year ended M arch 31,
2008 to Rs. 368.20 C rore for the year ended M arch 31, 2009.
The additional interest is m ainly upon new projects becom ing
operational during the current year.
D epreciation
D epreciation for the financial year increased by 118.38% from Rs.
178.51 C rore for the year ended M arch 31, 2008 to Rs.389.83
C rore for the year ended M arch 31, 2009, due to capitalization
of H yderabad International A irport, Runw ay at D elhi International
A irport & three road com panies, G M R A m bala C handigarh
Expressw ays Private Lim ited, G M R Pochanpalli Expressw ays Private
Lim ited, & G M R Jadcherla Expressw ays Private Lim ited and taking
over of operations at Sabiha G okcen International A irport.
Profit Before Taxation and before M inority Interest/Share of Profits
of A ssociate
Profit before taxation and m inority interest/share of profits of
associate for the year ended M arch 31, 2009 stood at Rs. 330.13
C rore as com pared to Rs. 321.03 C rore for the year ended M arch
31, 2008. The grow th in PBT is not com m ensurate w ith the grow th
in the operational revenues. The higher capital investm ents w ill
yield com m ensurate revenues gradually.
Taxes
Incom e Taxes are accounted for in accordance w ith A ccounting
Standard 22 issued by The Institute of C hartered A ccountants
of India on A ccounting for Taxes on Incom e. Taxes com prise
current, deferred and fringe benefit taxes.
Provision for current taxes is m ade at the current tax rates after
taking into consideration the benefits adm issible under the
provisions of the Incom e Tax A ct, 1961.
D eferred tax is recognized on tim ing differences (being the
difference betw een the taxable incom e and the accounting incom e
that originate in one year and are capable of reversal in one or m ore
subsequent years). D eferred tax assets and liabilities are com puted
on the tim ing differences applying the substantially enacted
tax rate. D eferred tax assets arising on account of unabsorbed
depreciation or carry forw ard of tax losses are recognized only to
the extent that there is virtual certainty supported by convincing
evidence that sufficient future taxable incom e w ill be available
against w hich such deferred tax assets can be realized. D eferred
tax in respect of tim ing differences, w hich originate and reverse
during tax holiday period are not recognized.
The total tax expense declined by 9.18% from Rs. 58.38 C rore
for the year ended M arch 31, 2008 to Rs. 53.02 C rore for the
year ended M arch 31, 2009. The tax liability as a percentage of
Profits before Tax has gone dow n from 18.18% to 16.06% as
com pared to the previous year. This is prim arily due to recognition
of deferred tax asset in D elhi International A irport & Sabiha G okcen
International A irport.
th
Profit A fter Taxation and Before M inority Interest/Share of Profits
of A ssociate
Profit after taxation and before m inority interest and share of
profits of associate w ent up by 5.50% from Rs. 262.65 C rore for
the year ended M arch 31, 2008 to Rs.277.11 C rore for the year
ended M arch 31, 2009.
N et Profit after M inority Interest/Share of Profits of A ssociate: A s a
result of the foregoing, N et profit after m inority interest/share of
profits of associate increased by 33.02% from Rs. 210.08 C rore for
the year ended M arch 31, 2008 to Rs. 279.45 C rore for the year
ended M arch 31, 2009. M inority interest represents that share of
the profits and losses of various subsidiaries w hich relates to the
m inority shareholders (shareholders other than the C om pany) in
various subsidiaries of the C om pany. The consolidated m inority
interest has resulted in a loss of Rs.2.34 C rore (as against the
profit Rs.52.57 C rore for the previous year) due to higher share
of m inority shareholdersloss in G H IA L and D IA L as com pared to
their share of profits in other subsidiaries.
Risks and C oncerns
The C om panys business, results of operations and financial
condition are affected by a num ber of factors such as:
M acroeconom ic Risk factors: W e have substantially enhanced
our international presence during the year by adding assets in
the pow er and airport business by w ay of acquiring 100% equity
interest in Indonesia coal m ining com pany, acquiring a stake of
33.34% , along w ith our associates, in H om eland Energy G roup
(H EG ), w hich, through its subsidiaries, ow ns controlling interest
in coal m ines in South A frica, acquiring a stake in InterG en
N .V., w hich is a leading global pow er generation com pany and
taking possession of the Istanbul Sabiha G okcen International
A irport (ISG IA ) in Turkey. Thus, w e have partly hedged som e
country-specific m acroeconom ic risks w ithout exposing ourselves to
the m acro econom ics risks of the respective counties. G eographical
diversification is a step to m itigate the m acroeconom ic risks. W e
believe that despite recent econom ic setbacks, led by rise in credit
crisis and inflation, long-term econom ic grow th prospects for India
and m any em erging econom ies are good. W e are looking forw ard
to have m ore international projects to address this risk, besides
achieving other strategic goals. H ow ever, contribution of projects
in India in our overall revenue w ould continue to be quite high and
hence m acroeconom ic factors in India w ill have significant im pact
on our operating perform ances.
Fuel availability and price: W e are insulated from fuel price risk
as our existing PPA s entitle us to get reim bursed for our fuel
costs based on certain agreed param eters and for our operating
pow er plants. If fuel prices rise beyond these param eters, then
our projects could be affected. If our existing PPA s expire, then
our earnings could be adversely im pacted to different extents due
to higher cost of fuel. Such adversities could happen to plants,
w hich are not to be transferred to the procurers after the PPA
expiry. For such assets, w e could either enter into fresh PPA s w ith
new procurers or use the existing plants to service the m erchant
m arket. H ow ever, w e could be adversely im pacted if w e fail to get
into fresh and favourable PPA s or if the m erchant m arket does not
accept higher tariffs.
W e are currently evaluating other fuel options. H ow ever, w ith
fuel supply becom ing increasingly critical, fierce com petition for
securing fuel supplies is expected. The C om pany is, therefore,
aim ing to secure captive fuel sources to secure fuel supply. A s
a part of this strategy, w e have secured captive supply for our
coal based projects in O rissa and efforts are underw ay to secure
it for other coal-based projects as w ell. These efforts include tying
up of captive coal supply from international m arkets. Tow ards
m itigating this risk, w e have acquired equity interest in Indonesian
coal m ining com pany and in H om eland Energy G roup (H EG ),
w hich, through its subsidiaries ow ns controlling interest in coal
m ines in South A frica. W e are evaluating options to m ove aw ay
from liquid input fuel, w hich are highly sensitive to international
crude price fluctuation to other types of fuel such as gas, coal and
other renew able energy sources. W e are developing several hydro
projects across the country and in neighbouring countries. W e w ill
continue to explore and further pursue this strategy.
M arket Risk: M arket risk is the risk of loss related to adverse
changes in m arket prices and m arket dem and, including in respect
of price and dem and for m erchant pow er projects, toll-based road
projects and aero and non-aero revenues in respect of airports.
W e are exposed to various types of m arket risks in the norm al
course of business. These risks m ay affect our financial results and
of the com panies in w hich w e invest. W e are evaluating various
approaches, including a portfolio approach, w hich is a com bination
of long and short-term contracts. W e plan to m itigate the risk by
entering into contracts w ith creditw orthy buyers.
Investm ent Risk in various new projects: W e are developing/
executing a num ber of new projects involving large investm ents.
W e have plans to get into international projects as w ell, w hich w ill
call for an overall investm ent of around Rs. 40,000 C rore over the
next three-five years. W e are exposed to substantial risk on this
account. H ow ever, w ith efficient project m anagem ent, this can
be addressed effectively. If w e are able to save on cost or if w e
com plete these projects ahead of schedule, then it w ould im prove
our financial condition and earnings and otherw ise vice-versa.
C redit Risk: W e have got diverse operating revenue sources i.e.
from general public, airlines, and service providers at D elhi and
H yderabad airports as w ell as from custom ers in the public sector.
The paym ent obligations of custom ers from the public sector are
secured either by collateral or, as in the case of the C hennai pow er
plant, is supported by guarantees issued by the relevant state
governm ents. H ow ever, w e need to develop creditable m odels for
revenue from other sources to ensure the credit w orthiness of our
custom ers to avoid any credit risk. Superior product design and
delivery, brand building and other sim ilar exercises w ould be done
to attract and retain custom ers.
th
Incom e Tax: Except D IA L, each of the other subsidiaries that has
developed or is developing an infrastructure project has been
granted a 10- year tax concession by the governm ent. D uring the
concession period these subsidiaries are subject to the m inim um
alternate tax rate, instead of the norm al incom e tax rate (currently
30% w ith applicable surcharges). A dditionally, the relevant
subsidiary has the option to decide on the com m encem ent date
of the 10-year tax concession. H ow ever, if the above policy or
the rates of incom e tax for our roads and airports businesses
change, our results of operations w ould be im pacted. C urrently,
the incom e tax am ount does not affect the financial perform ance
of G M R Pow er C orporation Pvt. Ltd. as under the pow er purchase
agreem ents for the C hennai pow er plant, incom e tax (excluding
tax on any other incom e) is reim bursed by the purchaser.
Interest Rate Risk: W e along w ith our Subsidiaries and the
com panies in w hich w e invest are subject to m arket risks due to
fluctuations in interest rates and refinancing of short-term debt.
O ur net profit is affected by changes in interest rates due to the
im pact such changes have on interest incom e and interest expense
from short-term deposits and other interest-bearing financial
assets and liabilities. In addition, an increase in interest rate m ay
adversely affect our ability to service long-term debt and to finance
developm ent of new projects, all of w hich in turn m ay adversely
affect our results of operations.
Foreign C urrency Exchange Rate Risk: O ur revenues are largely
denom inated in three currencies, Indian Rupees from dom estic
operations, Euro from ISG IA and U S D ollars from G H IA L, D IA L,
VPG L and InterG en. O ur expenditures too are in these currencies.
Thus w e have got natural hedging to foreign currency risk to som e
extent. W hile our dom estic businesses have revenues in Indian
rupees, they have exposures to foreign currency on account of
O & M agreem ents, servicing of debts, procurem ent of specific
raw m aterial and equipm ents, etc. A dditionally, w e are exposed
to foreign currency exchange rate risk in connection w ith our
guarantee of the financing com m itm ents of our affiliate, w hich
are denom inated in U S dollars. In addition, the financial results of
the com panies m ay be affected by fluctuations in foreign currency
exchange rates on account of the com pany overseas investm ents
in affiliates.
Internal C ontrol System s and their A dequacy
The C om pany has in place adequate system s of internal
control. It has docum ented procedures covering all financial
and operating functions. These controls have been designed to
provide a reasonable assurance w ith regard to m aintaining proper
accounting controls, m onitoring of operations, protecting assets
from unauthorized use or losses, com pliances w ith regulations
and for ensuring reliability of financial reporting. The C om pany
has continued its efforts to align all its processes and controls w ith
best practices in these areas as w ell. Som e significant features of
the internal control system s include the follow ing:
D elegation of pow er w ith authority lim its for incurring capital
and revenue expenditure;
C orporate policies on accounting and m ajor processes;
W ell-defined processes for form ulating and review ing annual
and long-term business plans;
Preparation and m onitoring of annual budgets for all operating

activities, projects and service functions;
A w ell-established m ulti-disciplinary internal audit team ,
w hich review and report to the m anagem ent and the A udit
C om m ittee about the com pliance w ith internal controls and
the efficiency and effectiveness of operations and key process
risks;
A udit C om m ittees of the Boards of D irectors regularly review s
the audit plans, significant audit findings, adequacy of internal
controls, com pliance w ith the A ccounting Standards as w ell
as reasons for changes in accounting policies and practices,
if any;
Regular audits are being carried out for all operations,
including projects;
Bid docum ents/records of all new projects including M & A
deals are being critically review ed for probable risks;
Effective project m anagem ent audits are being carried out;
Safety and security controls are continuously review ed for
operational effectiveness and efficiency;
Strict com pliance to all regulations and corporate governance
issues;
D ocum entation of m ajor business processes, including
financial closing, com puter controls;
Entity-level controls and testing of key controls as a part of
com pliance to applicable rules and regulations;
Identifying and m itigating key business risks through an
Enterprise Risk M anagem ent program m e.
D evelopm ents in H um an Resources and O rganisation
D evelopm ent at G M R G roup
External greatness derives from an internal source
A t G M R, w e believe that periods of external adversity are a constant
rem inder for endless internal grow th and developm ent. W e are
consciously aw are that G reat organizations, invest in people and
organizational developm ent during econom ic dow nturns, how ever
counter intuitive that m ay seem .
So, as speed of delivery, accuracy and consistency of our H R processes
and system s approach benchm ark levels, w e have sim ultaneously
engaged our sights on People and O rganizational D evelopm ent,
the next phase in the journey tow ards H R excellence.
First things being first, talent m anagem ent processes focussing
on people productivity, succession planning and professional
developm ent of top m anagem ent rem ained strongly in focus
throughout the year. The year also saw our M ulti Tier Leadership
D evelopm ent Strategy unfold in phases. The Senior Leadership
Team (SLT) Forum w as established as a G roup level know ledge
sharing and thought leadership platform . D evelopm ent
program m es and C oaching for SLT m em bers have com m enced
w ith support from som e of the best nam es in C EO coaching and
Leadership D evelopm ent.

th
O n a m uch larger base, developm ent program m es for leadership
and m anagem ent developm ent have been finalized to prepare
in-house talent for future operational and strategic leadership
positions to m eet our grow th strategies.
O ur grow th trajectory over the last couple of years, has carried
our footprints across the five continents and w e now operate as
a global com pany in a m ulti-cultural environm ent. C hallenges of
value integration are m ore critical today than ever before. A s a next
step in our Values & Beliefs journey, w e launched the G M R C ode
of C onduct to ensure uniform high standards of business conduct
and ethics across the G roup. A n independent team of G roup
O m budsm enand C om m ittee A gainst Sexual H arassm ent
w ere appointed to support transparent and fair im plem entation of
policies in the C ode of C onduct.
A m ajor success of the year w as the successful im plem entation
of Know ledge M anagem ent processes and a strong IT backbone
to support collaborative know ledge sharing betw een various
com m unities of practice.
W ith fundam entals falling firm ly in place, w e look forw ard to an
exciting year ahead, as our talent m anagem ent and organization
developm ent processes get transplanted from the nursery into the
field, and business results and em ployeessm iles bear testim ony to
our com m itm ent to building G M R G roup into a G reat Institution.
C orporate Social Responsibility
G M R Varalakshm i Foundation (G M RVF) is the corporate social
responsibility arm of the G M R G roup. G M RVF aim s to contribute to
this objective by focusing on health, hygiene, sanitation, drinking
w ater supply, em pow erm ent of backw ard or underprivileged
groups, education and com m unity developm ent services to
enhance em ploym ent and incom es am ong rural people.
G M RVF has recently w on the prestigious TERI C orporate Aw ard for
C orporate Social Responsibility (C SR) in recognition of corporate
leadership for social responsibility and sustainable developm ent
initiatives. Its objectives are to assess the extent of C SR in corporate
functioning and developm ent, identification of best practices and
innovations in the Indian corporate sector.
The Foundation w orks intensively w ith the poorer sections of the
society surrounding the business operations and projects of various
G M R G roup com panies all over the country. The thrust areas
enable the Foundation to develop need-based and locale-specific
responses to the needs of the diverse com m unities it w orks w ith,
rather than being project driven.
th
C onsolidated Financial Statem ents
A uditors Report to the Board of D irectors
of G M R Infrastructure Lim ited
W e have audited the attached C onsolidated Balance Sheet
of G M R Infrastructure Lim ited (the C om pany) and its
subsidiaries, Joint Ventures and an associate (hereinafter
together referred to as consolidated entities) as at M arch 31,
2009, the related C onsolidated Profit and Loss A ccount and
the C onsolidated C ash Flow statem ent for the year ended on
that date, w hich w e have signed under reference to this report.
These C onsolidated Financial Statem ents are the responsibility
of the com panys m anagem ent. O ur responsibility is to express
an opinion on these consolidated financial statem ents based
on our audit.
W e conducted our audit in accordance w ith auditing standards
generally accepted in India. Those standards require that w e
plan and perform the audit to obtain reasonable assurance
about w hether the financial statem ents are free of m aterial
m isstatem ent. A n audit includes exam ining, on a test basis,
evidence supporting the am ounts and disclosures in the
financial statem ents. A n audit also includes assessing the
accounting principles used and significant estim ates m ade
by m anagem ent, as w ell as evaluating the overall financial
statem ent presentation. W e believe that our audit provides a
reasonable basis for our opinion.
W e did not audit the financial statem ents of certain subsidiaries,
w hose financial statem ents reflect total assets of Rs. 4,558.65
C rore as at M arch 31, 2009, total revenues of Rs. 745.06
C rore for the year ended on that date and net cash inflow s of
Rs. 45.85 C rore for the year ended on that date. Further, w e
did not audit the financial statem ents of Joint Ventures w hose
financial statem ents reflect the consolidated entitiesshare
of revenues of Rs. 506.95 C rore for the year ended M arch
31, 2009 and consolidated entitiesshare of total assets of
Rs. 350.47 C rore as at M arch 31, 2009 and net cash inflow s
of Rs. 77.33 C rore for the year ended M arch 31, 2009. These
financial statem ents have been audited by other auditors
w hose reports have been furnished to us, and our opinion,
insofar as it relates to the am ounts included in respect of such
subsidiaries and joint ventures, is based solely on the report of
the other auditors.
W e report that the C onsolidated Financial Statem ents have been
prepared by the C om panys m anagem ent in accordance w ith
the requirem ents of A ccounting Standard 21, C onsolidated
Financial Statem ents, A ccounting Standard 27, Financial
Reporting of Interests in Joint Ventures and A ccounting
Standard 23, A ccounting for Investm ents in A ssociates
in C onsolidated Financial Statem entsas referred to in
sub-section (3C ) of Section 211 of the C om panies A ct, 1956
and on the basis of the separate audited financial statem ents
of the C om pany and its subsidiaries and Joint ventures and an
associate included in the C onsolidated Financial Statem ents.
1.
2.
3.
4.
O n the basis of the inform ation and explanations given to
us and on consideration of the separate audit reports on
individual audited financial statem ents of the C om pany
and its aforesaid consolidated entities, in our opinion, the
C onsolidated Financial Statem ents give a true and fair view in
conform ity w ith the accounting principles generally accepted
in India:
in the case of the C onsolidated Balance Sheet, of the
consolidated state of affairs of the C om pany and its
consolidated entities as at M arch 31, 2009;
in the case of the C onsolidated Profit and Loss A ccount,
of the consolidated results of operations of the C om pany
and its consolidated entities for the year ended M arch 31,
2009; and
in the case of the consolidated cash flow statem ent,
of the consolidated cash flow s of the C om pany and its
consolidated entities for the year ended M arch 31, 2009.
Place: Bangalore
D ate: June 04, 2009
Thom as M athew
Partner
M em bership N o. 50087
Price W aterhouse
5.
a.
b.
c.
th
(Rs. in C rore)
Particulars
Schedule
Ref
M arch 31, 2009 M arch 31, 2008
I. Sources of Funds
1. ShareholdersFunds
(a) C apital 1 364.13 364.13
(b) Reserves and Surplus 2 6,107.00 6,471.13 5,753.07 6,117.20
2. M inority Interest 1,806.11 1,112.60
3. Loan Funds
(a) Secured Loans 3 10,660.18 6,843.83
(b) U nsecured Loans 4 1,363.61 12,023.79 1,133.10 7,976.93
4. D eferred Tax Liabilities (N et)
[Refer N ote 4 (xiv) of Schedule 19]
19.15 42.50
5. Foreign C urrency M onetary Item Translation
D ifference A ccount [Refer N ote 4 (vi) (c) of Schedule 19]
6.87
Total 20,327.05 15,249.23
II. A pplication of Funds
1. Fixed A ssets
(a) G ross Block 5 11,432.60 6,691.72
(b) Less: D epreciation 1,780.97 1,421.81
(c) N et Block 9,651.63 5,269.91
(d) C apital W ork-in-Progress (including capital
advances)
5,463.88 15,115.51 3,679.57 8,949.48
2. Expenditure during construction period, pending
allocation (N et)
6 1,327.05 843.17
3. Investm ents 7 1,310.89 4,899.59
4. C urrent A ssets, Loans and A dvances
(a) Inventories 8 131.88 38.03
(b) Sundry D ebtors 9 660.91 430.57
(c) C ash and Bank Balances 10 2,466.52 894.49
(d) O ther C urrent A ssets 11 17.75 5.84
(e) Loans and A dvances 12 1,261.23 598.97
4,538.29 1,967.90
Less: C urrent Liabilities and Provisions 13
(a) Liabilities 1,886.47 1,322.75
(b) Provisions 78.22 88.16
1,964.69 1,410.91
N et C urrent A ssets 2,573.60 556.99
Total 20,327.05 15,249.23
Statem ent on Significant A ccounting Policies and N otes
to the C onsolidated A ccounts.
19
The schedules referred to above form an integral part of the C onsolidated Balance Sheet.
This is the C onsolidated Balance Sheet referred to in our report of even date.
For and on behalf of the Board of D irectors
Thom as M athew
Partner
M em bership N um ber: 50087
Price W aterhouse
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
C .P.Sounderarajan
C om pany Secretary
C onsolidated Balance Sheet as at M arch 31, 2009
th

C onsolidated Profit and Loss A ccount for the year ended M arch 31, 2009
(Rs. in C rore)
Particulars
Schedule
Ref
M arch 31, 2009 M arch 31, 2008
I. Incom e
Sales and O perating Incom e 14 4,476.19 2,697.91
Less: Revenue share paid/payable to concessionaire grantors 456.97 403.13
4,019.22 2,294.78
O ther Incom e 15 21.37 69.75
N et Incom e 4,040.59 2,364.53
II. Expenditure
G eneration and O perating Expenses 16 2,282.59 1,229.74
A dm inistration and O ther Expenses 17 669.84 466.54
Interest and Finance C harges 18 368.20 168.71
D epreciation/A m ortisation [Refer N ote 4 (x) (a) of schedule 19] 389.83 178.51
3,710.46 2,043.50
III. Profit Before Taxation and before M inority Interest/Share of Profits of A ssociate 330.13 321.03
- C urrent 70.10 35.31
- Less: M AT C redit availed (9.26)
- D eferred (23.12) 28.04
- Fringe Benefit 6.04 4.29
IV. Profit after Taxation and before M inority Interest/Share of Profits of A ssociate 277.11 262.65
M inority Interest (2.34) 52.57
V. N et Profit after M inority Interest/Share of Profits of A ssociate 279.45 210.08
Surplus brought forw ard 524.21 308.61
Less: Foreign Exchange fluctuations on long term m onetary liabilities relating
to acquisition of depreciable fixed assets hitherto recognised in the Profit and
Loss A ccount now adjusted to the carrying value of depreciable fixed assets
[Refer N ote 4 (vi) (a) of Schedule 19]
18.19
A dd: A djustm ent for G ratuity/Leave Encashm ent in term s of transitional
adjustm ent of A S 15 Revised. [Refer N ote 4 (xi) of Schedule 19]
0.51
VI. A m ount available for appropriation 785.47 519.20
A ppropriations:
Transfer from D ebenture Redem ption Reserve (3.75) (5.14)
Transfer to D ebenture Redem ption Reserve 10.66
D ividend D istribution Tax 0.20 0.13
VII. Available Surplus carried to Balance Sheet 778.36 524.21
Earnings Per Share (Rs.) - Basic and D iluted [Per equity share of Rs.2 each]
[Refer N ote 4 (xiii) of Schedule 19]
1.53 1.23
Statem ent on Significant A ccounting Policies and N otes to the C onsolidated
A ccounts
19
The Schedules referred to above form an integral part of the C onsolidated Profit and Loss A ccount.
This is the C onsolidated Profit and Loss A ccount referred to in our report of even date.
Thom as M athew
Partner
Price W aterhouse
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A . Subba Rao
G roup C FO
Place: Bangalore
C .P.Sounderarajan
C om pany Secretary
th
(Rs. in C rore)
Schedule 1 C A PITA L M arch 31, 2009 M arch 31, 2008
A uthorised
3,750,000,000 Equity shares of Rs. 2 each
750.00 750.00
750.00 750.00
Issued and Subscribed
1,820,658,088 Equity Shares of Rs. 2 each fully paid-up
364.13 364.13
N otes:
O f the above,
528,873,615 equity shares of Rs. 2 each fully paid-up w ere allotted during the year
ended M arch 31, 2006, by w ay of bonus shares by capitalising free reserves of the
com pany.
1,362,523,238 (2008: 1,333,613,610) equity shares of Rs 2 each fully paid-up are held
by the holding com pany G M R H oldings Private Lim ited.
i.
ii.

364.13 364.13
Less: C alls unpaid (2009: Rs. 2,750 ; 2008: Rs. 11,625)
Total 364.13 364.13
[Refer N ote 4(xiii) (c) of Schedule 19 on sub-division of one equity share of the com pany carrying face value of Rs. 10 each into 5 equity
shares of Rs. 2 each during the year ended M arch 2008]
(Rs. in C rore)
Schedule 2 RESERVES A N D SU RPLU S M arch 31, 2009 M arch 31, 2008
C apital Reserve on C onsolidation
A s at the com m encem ent of the year 70.45 58.28
A dd: A dditions for the year 0.02 12.17
70.47 70.45
C apital Reserve on A cquisition
[Refer N ote 4 (iv) (b) of Schedule 19]
3.41
C apital Reserve (G overnm ent G rant)
[Refer N ote 4 (iv) (a) of Schedule 19]
67.41 67.41
Securities Prem ium A ccount
A t the com m encem ent of the year 5,070.82 1,201.78
A dd: Received tow ards Q IP of equity shares 3,932.67
[Refer N ote 4 (iii) (a) and (b) of Schedule 19]
Less: U tilised tow ards share issue expenses 0.03 63.68
A dd: A m ount Received against calls unpaid 0.01 0.05
5,070.80 5,070.82
D ebenture Redem ption Reserve
A t the com m encem ent of the year 20.00 25.14
Transfer to Profit and Loss account (3.75) (5.14)
Transfer from Profit and Loss account 10.66
26.91 20.00
Foreign C urrency Translation Reserve 89.64 0.18
Balance in Profit and Loss A ccount 778.36 524.21
Total 6,107.00 5,753.07

Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
th
(Rs. in C rore)
Schedule 3 SEC U RED LO A N S M arch 31, 2009 M arch 31, 2008
D ebentures
(i) 650 (2008: 800) Secured Redeem able N on-C onvertible D ebentures of Rs. 1,000,000
each
65.00 80.00
[These debentures bear interest at the rate of 11.93% per annum (10.40% up to
Septem ber 30, 2008)]
The above debentures are secured by im m ovable property of the C om pany and
further secured by deposit of m argin m oney.
(ii) 4,250 (2008: N il) Secured Redeem able N on-C onvertible D ebentures of Rs. 1,000,000
each
425.00
[These debentures bear an overall interest cost at the rate of 15.2% per annum till
Sept 29, 2011 and 17.2% there after till O ct 6, 2013 (including coupon rate of 6%
redem ption prem ium ) and are redeem able on O ct 6, 2013]
[The above debentures are secured by a subservient charge on all the m ovable assets
of G M R Energy Lim ited, both present and future. A dditionally secured by a subservient
charge by w ay of equitable m ortgage by constructive delivery of title deeds of the
im m ovable properties of G M R Energy Lim ited]
Term Loans
Rupee loans
From Financial Institutions 1,384.07 856.83
From Banks 6,847.26 5,024.90
Interest accrued and due on loans 0.87
From O thers 111.99 78.14
Foreign C urrency loans
From Financial Institutions 77.18 61.97
From Banks 1,481.16 614.28
[O ut of the above, Rupee Term Loan am ounting to Rs. 275 (2008: Rs. 275) is secured
by pledge of 80,273,416 paid up equity shares of Rs. 2 each of G M R Infrastructure
Lim ited, held by G M R H oldings Private Lim ited and further secured by a guarantee
issued by G M R H oldings Private Lim ited, the holding com pany]
[Rupee term loans of subsidiary com panies under Roads segm ent am ounting to Rs.
2490.20 (2008 : Rs. 1,766.71) are secured by w ay of pari passu first charge over the
respective com panies m oveable properties, both present and future, including plant
and m achinery. Further secured by the rights, title, interest, benefit, claim s, of the
respective com panies in respect of the project agreem ents executed/to be executed,
insurance policies both present and future, and all rights, title, interest, benefit, claim s,
dem ands of the com pany in respect of m onies lying to the credit of trust and retention
account and other accounts. These loans are further secured by pledge of shares of
184,880,055 of the respective subsidiary com panies held by their holding com panies]
th
Schedules forming part of the Consolidated Balance Sheet as at March 31, 2009
(Rs. in Crore)
Schedule 3 (contd.) March 31, 2009 March 31, 2008
[Rupee and Foreign currency term loans of certain subsidiary companies under Power
Segment amounting to Rs. 940.14 (2008: Rs.833.06) are secured by way of joint
equitable mortgage by deposit of the title deeds of the leasehold land of a subsidiary
and by way of pari passu first charge over freehold land of a subsidiary. Further secured
by pari-passu first charge on the respective subsidiary companies movable assets,
immovable assets and other assets, both present and future. Further secured by right,
title, interest, benefits, claims and demands of the respective companies in respect
of the project agreements, executed/to be executed, insurance policies both present
and future and all right, title, interest, benefits, claims and demands of the respective
subsidiary companies in respect of monies lying to the credit of Trust and Retention
Account and other accounts. These loans are further secured by personal guarantees by
some of the Directors of the above subsidiary companies and by pledge of 202,890,000
shares of these subsidiary companies held by their holding companies]
[Foreign currency term loan from banks amounting to Rs. 164.64 (2008: Nil) of a
subsidiary under Power Segment are secured/to be secured by pledge of shares held in
the subsidiary company held by the holding company. Further the facility is additionally
secured by corporate guarantee of the company. This loan has been granted out of a
deposit placed by the company with the bank as participation amount]
[Rupee term loan from Banks amounting to Rs. 39.85 (2008: Rs. 31.82) relating to GMR
Energy Limited (GEL) is secured/to be secured by equitable mortgage on the property
further secured by the corporate guarantee of the company]
[Rupee term loan from financial institutions amounting to Rs. 1.50 (2008: Rs.
28.00) relating to GMR Energy Limited (GEL) is secured by second charge on all the
intangibles, and cash flows, both present and future, in the form of dividends and
management/consultancy fees from subsidiary companies and a joint mortgage of the
immovable properties ranking pari-passu. Further secured by second charge on the
movable properties, both present and future, rights, title, interests, benefits, claims and
demands in the operating cash flows, treasury income, revenues/receivables and by way
of pledge of 27,225,000 Equity shares held in a subsidiary company and 32,607,413
Equity shares of the company held by the holding company]
[Term loans of subsidiaries under Airports Segment amounting to Rs. 5,809.98
(2008: Rs. 3,611.53) are secured by mortgage of Leasehold right, title, interest and
benefit in respect of Leasehold Land and first charge on all movable and immovable
assets, operating cash flows, book debts, receivables, intangibles and revenues, both
present and future, as well as assignment of all right, title, interest, benefits, claims
and demands available under the concession agreement and other project documents,
security interest in the Trust and Retention Account, Debt Service Reserve Account and
further secured by the pledge of equity shares of such subsidiaries held by the holding
company along with its subsidiaries and in case of one subsidiary, secured by pledge of
certain equity shares, both present and future, held or to be held, as the case may be,
by both its holding company and another shareholder].
[Term loans of subsidiaries under Others Segment amounting to Rs. 180.32 (2008:
Rs. 90) are secured by way of hypothecation of Aircraft and guarantee issued by the
holding company].
Short Term Loans
Cash Credit, Demand Loans and Working Capital Loans from Banks 104.77 12.72
th
(Rs. in C rore)
Schedule 3 (contd.) M arch 31, 2009 M arch 31, 2008
[Short term loans of subsidiaries under A irports Segm ent am ounting to Rs. 96.38 (2008:
Rs. N il) are Secured by m ortgage of Leasehold right, title, interest and benefit in respect
of Leasehold Land and first charge on all m ovable and im m ovable assets, operating
cash flow s, book debts, receivables, intangibles and revenues, both present and future,
as w ell as assignm ent of all right, title, interest, benefits, claim s and dem ands available
under the concession agreem ent and other project docum ents, security interest in the
Trust and Retention A ccount, D ebt Service Reserve A ccount and further secured by the
pledge of equity shares of such subsidiaries held by the holding com pany along w ith
its subsidiaries]
[Short term loans of subsidiaries under Pow er Segm ent am ounting to Rs. 5.58 (2008:
9.53) are secured by hypothecation of stocks and book debt, both present and future,
and further secured by creation of a joint m ortgage by deposit of title deeds in respect
of im m ovable properties together w ith all plant and m achinery attached to the earth]
[Short Term loans of subsidiaries under O thers Segm ent am ounting to Rs. 2.80 (2008:
Rs.N il ) are secured by w ay of hypothecation of A ircraft and guarantee issued by the
holding com pany]
Bills D iscounted 83.45
[Secured against letters of credit issued by ID BI Bank Ltd] 80.30 114.12
Bank O verdraft
[The facilities of the C om pany are secured by pledge of 2,850,000 fully paid-up equity
shares of Rs.10 each of G M R Industries Lim ited, held by G M R H oldings Private Lim ited
and by w ay of guarantee issued by G M R H oldings Private Lim ited]
Total 10,660.18 6,843.83
(Rs. in C rore)
Schedule 4 U N SEC U RED LO A N S M arch 31, 2009 M arch 31, 2008
Short Term
From Banks 930.21 698.05
O ther than Short Term
From Banks 0.06 10.00
Interest free loan from G overnm ent of A ndhra Pradesh 315.05 315.05
D eposit from C oncessionaires 31.29 23.00
From O thers 87.00 87.00
Total 1,363.61 1,133.10
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Schedule 6 EXPEN D ITU RE D U RIN G C O N STRU C TIO N PERIO D , PEN D IN G A LLO C ATIO N (N et) M arch 31, 2009 M arch 31, 2008
Salaries, allow ances and benefits to em ployees 189.55 160.14
C ontribution to provident fund and others 5.17 5.37
Staff w elfare expenses 8.40 10.94
Rent 37.14 23.87
Repairs and M aintenance
Buildings 0.24
O thers 19.33 43.14
Rates and taxes 13.43 7.20
Insurance 19.26 8.05
C onsultancy and professional charges 358.21 262.65
D irectorsSitting Fees 0.12 0.18
Rem uneration to auditors 0.65 0.69
Travelling and conveyance 84.76 81.09
C om m unication expenses 6.30
W ealth Tax 0.01
Incom e Tax 0.41 1.11
Fringe Benefit Tax 5.12 5.85
Interest on term loans 82.20
Interest on fixed loans 546.31 263.10
Interest - others 21.47
Bank/ other finance charges 112.39 98.91
Loss on sale of fixed assets (N et) 0.02
M iscellaneous expenses 95.89 108.60
Bidding and support services 0.76
N egative G rant [Refer N ote 4 (vii) (b) of Schedule 19] 507.96 256.36
(i) 2,123.22 1,343.85
Less: O ther Incom e
Interest incom e (gross) 2.91 3.09
[Tax deducted at source - Rs. 0.42 (2008: Rs. 0.12)]
Incom e from current investm ents - O ther than trade (gross) 18.20 27.13
Profit on sale of current investm ents - O ther than Trade 0.04 0.17
M iscellaneous incom e 0.64 5.63
Rent received from sub lease of land 0.08 1.51
G ain/(Loss) on Exchange Fluctuations (N et) (0.91) 1.65
Interest Received - Em ployees Loans 0.77
(ii) 21.73 39.18
Total Expenditure during construction period, pending allocation (N et) - [(i) - (ii)] 2,101.49 1,304.67
Less: A pportioned over cost of Fixed A ssets 759.28 434.87
Less: C harged to Profit and Loss A ccount 15.16 26.63
Total 1,327.05 843.17
th
(Rs. in C rore)
Schedule 7 IN VESTM EN TS M arch 31, 2009 M arch 31, 2008
Long term - A t C ost - Trade, U nquoted
In Equity Shares of C om panies
G M R C hhattisgarh Energy Pvt Lim ited
[(4,500 (2008 : N il) Equity shares of Rs.10 each]
0.01
G M R H ighw ays Private Lim ited #
[N il (2008: 25,000) Equity shares of Rs.10 each)]
0.03
Business India Publications Lim ited
[5,000 (2008: 5,000) Equity shares of Rs.10 each]
0.06 0.06
Ram pia C oal M ine and Energy Private Lim ited
[5,217,430 (2008: 5,217,430) Equity Shares of Re. 1 each fully paid up]
0.50 0.50
Vem agiri Pow er Services Lim ited
0.01 0.01
U jjivan Financial Services Private Lim ited
0.05 0.05
G M R Ferro A lloys & Industries Lim ited
[407,329 (2008: 407,329) Equity Shares of Rs.10 each]
0.37 0.37
Idea Space Solutions
[1,725 (2008:N il) Equity Shares of Rs. 10 each]

In Equity Shares of O ther Body C orporates
Lim ak G M R M A H B, Turkey
[2,575 (2008:N il) Equity shares of Turkish Lira 1 each, Fully Paid up]
0.01
H om eland M ining & Energy SA Private Lim ited, South A frica
[N il (2008: 1) com m on shares representing 1 percent ow nership interest]
11.89
In Preference Shares of C om panies
W hite Rose Finance Private Lim ited
[N il (2008: 150,000) Preference Shares of Rs.100 each]
1.50
Rushil C onstructions (India) Private Lim ited
[2,599,600 (2008:N il) Preference Share of Rs. 100 each fully paid up]
26.00
In D ebentures of O ther Body C orporates
G M R H olding (M alta) Lim ited, M alta
[164,248,904 (2008:N il) C om pulsory C onvertible debentures of U SD 1 each, pending
allotm ent][Refer N ote 4(x)(e) of Schedule 19]
845.06
In Equity Shares of O ther Body C orporates, Q uoted @
H om eland Energy G roup Lim ited, C anada
[75,792,027 (2008: N il) N on - A ssessable C om m on Shares representing 33.34 percent
ow nership interest]
123.77
(i) 995.84 14.41
C urrent - O ther than trade - unquoted
(Purchased during the year)
M utual Funds *
BSL Infrastructure Fund
[4,723,346 (2008: N il ) units of Rs. 10 per unit]
3.50
Prudential IC IC I Liquid Fund Super Institutional D aily D ividend
[12,322,669 (2008: 557,297,607) units of Rs. 10 per unit]
16.00 507.33
U TI - Liquid C ash Plan Institutional - D aily Incom e O ption
[194,482 (2008: 7,883,928) units of Rs. 1,000 per unit]
19.82 971.64
U TI - Liquid C ash Plan Institutional
[16,530,046 (2008: N il) units of Rs. 10 per unit]
40.65
U TI M oney M arket Fund
68.09
Reliance Liquid Fund
[996,783 (2008: N il) units of Rs. 10 per unit]
1.53
SBI Insta C ash Fund G row th O ption
55.36
Sold during the year
Birla Sunlife Liquid Plus Fund
[N il (2008: 298,819,629) units of Rs. 10 per unit]
- 299.30
BSL Interval Incom e Fund
- 50.40
th
(Rs. in C rore)
Schedule 7 IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
Birla Sunlife D ynam ic Bond Fund
75.00
Birla Sunlife Infrastructure Fund
6.46
D SP M errill Lynch Liquid Plus Fund
[N il (2008: 502,253) units of Rs. 1,000 per unit]
50.26
D W S M oney Plus Fund
54.06
H D FC Floating Rate Incom e Fund
52.43
H SBC Liquid Plus Fund
89.94
LIC Liquid Fund D aily D ividend
31.59
Prudential IC IC I Interval Fund - Q uarterly Interval Plan
110.64
Prudential IC IC I Fixed M aturity Plan
85.18
Prudential IC IC I - Flexible Incom e Plan
30.85
IN G Liquid Fund
549.27
IN G Fixed M aturity Fund
25.00
IN G Vysya G lobal Real Estate Fund
10.00
JM H igh Liquidity Fund
1.57
JM M oney M anager Fund
50.68
JM Interval Fund - Q uarterly Plan
50.00
Kotak Flexi D ebt Fund
102.33
Kotak Liquid Fund
128.03
LIC M utual Liquid Fund
92.20
LIC M utual Liquid Plus Fund
29.68
Lotus India Liquid Plus Fund
77.39
Principal Floating Rate Fund
98.87
Reliance Fixed H orizon Fund
50.00
Reliance Liquidity Fund
[996,784 (2008: 442,550) units of Rs. 1,000 per unit]
44.30
Principal Fund Fixed M aturity Plan
10.00
th
(Rs. in C rore)
Reliance Liquid Fund - D aily D ividend O ption
224.15
TATA D ynam ic Bond Fund
100.00
TATA Floater Fund
78.88
Tata Fixed H orizon Fund
[N il (2008: 25,000,000) units of Rs. 10 per unit
25.19
TATA Liquid Super H igh Investm ent Fund
[N il (2008: 453,186)units of Rs. 1000 per unit]
50.51
U TI Fixed M aturity Plan
125.20
U TI - Fixed Incom e Interval Fund
100.40
A BN A m ro Flexible Short Term Plan - Q uarterly D ividend
10.00
A BN A m ro Interval Fund - Q uarterly Plan H Interval D ividend
30.00
Standard C hartered Fixed M aturity Plan
10.27
SBI Liquid Fund
175.08
Principal C ash M anagem ent Liquid Fund
25.88
A IG India Liquid Fund
55.04
U TI Liquid Plus Fund Institutional Plan
68.93
Bonds *
9.20% C entral bank of India Bonds
[N il (2008: 50) Bonds of Rs.1,000,000 each]
5.00
8.95% C entral bank of India Bonds
[N il (2008:100) Bonds of Rs. 1,000,000 each]
10.00
(ii) 204.95 4,828.93
O ther than Trade - Q uoted
G overnm ent Securities**
6.35% G overnm ent of India 2020
[1,500,000 (2008: 1,500,000) units of Rs. 100 per unit]
14.10 13.01
[500,000 (2008: 500,000) units of Rs. 100 per unit]
4.64 4.26
[1 (2008: 1) unit of Rs. 10.00 C rore per unit]
8.83 8.83
10.45 10.45
1.04 4.91
C ertificate of D eposits***
State Bank of India
[5,000 (2008: N il) units of Rs. 100,000 per unit]
48.27
(iii) 87.33 41.46
th
(Rs. in C rore)
Equity Shares****
Purchased during the year
Federal Bank Lim ited
[218,959 (2008: 950) shares of Rs.10 each, fully paid up]
5.03 0.04
IN G Vysya Bank Lim ited
[384,910 (2008: 282,810) shares of Rs. 10 each, fully paid up]
4.81 2.56
Karur Vysya Bank Lim ited
[80,000 (2008: 80,000) shares of Rs. 10 each]
1.24 1.24
Kasturi Foods Lim ited
[15,000 (2008: 15,000) shares of Rs. 10 each]
0.02 0.02
Brigade Enterprises Lim ited
[274,746 (2008: N il) shares of Rs. 10 each, fully paid up]
4.66
G okaldas Exports Lim ited
[50,000 (2008: N il) shares of Rs.5 each, fully paid up]
0.91
Kalyani Steels Lim ited
0.55
N oida Toll Bridge
1.03
O il & N atural G as C orporation Lim ited
0.30
H industan Petroleum C orporation Lim ited
0.20
ITC Lim ited
0.13
H D FC Bank Lim ited
0.12
H ousing D evelopm ent Finance C orporation Lim ited
[1,817 (2008: 2,114) shares of Rs.10 each, fully paid up]
0.28 0.50
KEC International Lim ited
0.10 0.27
Rural Electrification C orporation Lim ited
0.10
M cleod Russel India Lim ited
0.09
Bharati A irtel Lim ited
0.08
U nited Phosphorous Lim ited
0.08
M phasis BFL Lim ited
0.04
Reliance C om m unications Lim ited
[75,000 (2008: N il) shares of Rs. 5 each fully paid up]
3.75
Reliance Industries Lim ited
0.37 0.65
Siem ens Lim ited
[27,546 (2008: N il) shares of Rs 2 each fully paid up]
1.16
Sterlite Industries Lim ited
1.47
U TV Softw are C om m unications Lim ited
0.77
N TPC Lim ited
1.64
Transform ers & Rectifiers Lim ited
[500 (2008: 500) shares of Rs. 10 each, fully paid up]
0.02 0.02
th
(Rs. in C rore)
W ebtel-SI-Energy System s Lim ited
[N il (2008: 16,042) shares of Rs.10 each, fully paid up]
0.40
A kruthi city Lim ited
[N il (2008: 5,000) shares of Rs. 10 each fully paid up]
0.39
D evelopm ent C redit Bank Lim ited
0.13
Edelw eiss Securities Lim ited
0.66
IC RA Lim ited
[N il (2008: 10,000) shares of Rs. 10 each, fully paid up]
0.66
Kotak Bank Lim ited
[N il (2008: 5,000) shares of Rs. 10 each]
0.31
Ram co Industries Lim ited
[N il (2008: 21,221) shares of Rs 10 each fully paid up]
1.56
Suraj D iam onds Lim ited
0.30
A IA Engineering Lim ited
0.37
BA SF India Lim ited
[N il (2008:13,462) shares of Rs.10 each, fully paid up]
0.26
Bharath Earth M overs Lim ited
0.39
C ontainer C orporation of India Lim ited
0.40
C orom andel Fertilisers Lim ited
0.29
C rom pton G reaves Lim ited
0.33
G reat O ffshore Lim ited
0.30
H industan D orr O liver Lim ited
0.26
0.44
Larsen and Turbo Lim ited
0.71
M oser Baer ( I ) Lim ited
0.22
N avin Flourine International Lim ited
0.27
Reliance Energy Lim ited
0.28
W elspun G ujarat Stahl Rohren Lim ited
0.28
G am m on India Lim ited
0.36
Less: Provision for dim inution in the value of Investm ents (6.57) (0.47)
(iv) 22.38 14.40
th
(Rs. in C rore)
Schedule 7 | IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
O ther than Trade - U n Q uoted
Equity Shares
Sai Rayalaseem a Paper M ills Lim ited
0.39 0.39
(v) 0.39 0.39
Total (i)+(ii)+(iii)+(iv)+(v) 1,310.89 4,899.59
N otes:
* A ggregate N et A sset Value of M utual Funds and Bonds - Rs. 205.13 (2008: Rs. 4,830.42)
** A ggregate M arket value of G overnm ent Securities - Rs. 39.92 (2008: Rs. 41.46)
*** A ggregate M arket Value of C ertificate of D eposits - Rs. 48.27 (2008: N il)
**** A ggregate M arket Value of short term quoted equity shares - Rs. 23.62 (2008: Rs. 14.40)
@ A ggregate M arket Value of Long term quoted equity shares - Rs.74.41 (2008: Rs.N il)
# C onsidered as Subsidiary in the C urrent Financial year
[Investm ents include Rs.N il (2008: Rs.104.34) on account of PSF (Security C om ponent) balances]
(Rs. in C rore)
Schedule 8 | IN VEN TO RIES M arch 31, 2009 M arch 31, 2008
(at low er of cost and net realisable value)
Stores and spares 33.35 14.62
Raw M aterials 89.48 23.41
Finished G oods - Traded Fuel Stock 9.05
Total 131.88 38.03

(Rs. in C rore)
Schedule 9 | SU N D RY D EBTO RS M arch 31, 2009 M arch 31, 2008
(Trade, unless otherw ise stated)
D ebts outstanding for a period exceeding six m onths:
U nsecured - considered good 83.73 53.00
U nsecured - considered doubtful 44.07 20.95
Less Provision for doubtful debts (44.07) (20.95)
83.73 53.00
O ther debts:
U nsecured - considered good* 564.84 371.68
U nsecured - considered doubtful 3.83 14.66
Less Provision for doubtful debts (3.83) (14.66)
564.84 371.68
U nsecured - other than trade - considered good 12.34 5.89
Total 660.91 430.57
* includes unbilled revenue am ounting to Rs. 206.39 (2008: Rs 187.32)
[D ebtors include Rs. 27.61 (2008: Rs.28.83) on account of PSF (Security C om ponent) balances]
th
(Rs. in C rore)
Schedule 10 | C A SH A N D BA N K BA LA N C ES M arch 31, 2009 M arch 31, 2008
C ash and C heques on hand 1.08 0.29
Balances w ith scheduled banks
O n C urrent A ccount - Balance of unutilised m onies raised by w ay of IPO 0.02
O n C urrent accounts - O thers* 239.92 273.63
O n D eposit accounts** 1,882.50 557.14
O n U npaid D ividend A ccounts 3.66
O n M argin M oney*** 85.22 39.85
Balances w ith banks other than scheduled banks
O n C urrent accounts 235.68 23.56
O n D eposit accounts 18.46
Total 2,466.52 894.49
* Balances in C urrent A ccounts w ith Scheduled banks include Rs. 1.22 (2008: Rs. N il) on account of PSF (Security C om ponent)
balances.
**1. Balances in D eposit A ccounts w ith Scheduled banks include Rs. 78.14 (2008:Rs. 32.21) on account of PSF (Security C om ponent)
balances.
2. Balances in D eposit A ccounts includes deposit of Rs.65 (2008:Rs.N il) pledged in favour of debenture holders.
***1. Includes Rs. N il (2008: Rs. 6.54) out of balance of unutilised m onies raised by w ay of IPO .
2.The m argin m oney are tow ards letters of credit and bank guarantees issued by the bankers on behalf of the C om pany.
(Rs. in C rore)
Schedule 11 | O TH ER C U RREN T A SSETS M arch 31, 2009 M arch 31, 2008
(U nsecured and C onsidered G ood)
Interest accrued but not due on deposits 16.84 5.21
C laim s receivable 0.87 0.59
G rant receivable from authorities 0.04 0.04
Total 17.75 5.84

(Rs. in C rore)
Schedule 12 | LO A N S A N D A D VA N C ES M arch 31, 2009 M arch 31, 2008
(U nsecured and considered good, unless otherw ise stated)
Loans to Em ployees 1.44 1.25
A dvance tow ards share application m oney 28.62 1.40
Loans to O thers 181.98
A dvances recoverable in cash or in kind or for value to be received
C onsidered G ood 486.13 294.90
C onsidered doubtful 6.43 0.43
Less: Provision for doubtful advances (6.43) (0.43)
D eposit w ith G overnm ent A uthorities 113.23 111.30
D eposits w ith others * 313.30 57.77
Balances w ith custom s, excise, etc., 56.68 76.15
A dvance tax (net of provision) 65.94 42.29
M AT C redit entitlem ent 13.91 13.91
Total 1,261.23 598.97
* includes Rs.164.67 (2008: Rs. N il) deposited w ith a bank tow ards security by w ay of participation am ount against a loan granted to a
subsidiary com pany.
[Loans & A dvances includes Rs.43.38 (2008:Rs.20.49) pertaining to PSF (Security C om ponent) balances]
th
(Rs. in C rore)
Schedule 13 | C U RREN T LIA BILITIES A N D PRO VISIO N S M arch 31, 2009 M arch 31, 2008
a) Liabilities
Sundry C reditors
D ues to m icro and sm all enterprises [Refer N ote 4 (x)(d) of schedule 19] 2.62
D ues to other than m icro and sm all enterprises 848.33 786.15
848.33 788.77
Book overdraft 9.62 48.20
Share A pplication M oney refunds - not claim ed 0.05 0.07
A dvances/D eposits from custom ers/concessionaires 357.41 112.32
Retention M oney 161.59 120.56
N egative G rant / U tilisation fee payable 306.96
O ther liabilities 190.08 243.07
Interest accrued but not due on loans 12.43 9.76
1,886.47 1,322.75
b) Provisions
D ividend distribution tax 0.13
Provision for W ealth Tax 0.07
Provision for em ployee benefits 7.64 4.57
Provision for D ebenture Redem ption Prem ium 23.82
Provision for O perations and M aintenance (net of advances) [Refer N ote 4 (xv)
of Schedule 19]
46.69 83.46
78.22 88.16
Total 1,964.69 1,410.91
[Liabilities includes Rs.161.77 (2008:Rs.33.26) pertaining to PSF (Security C om ponent) balances]
Schedules form ing part of the C onsolidated Profit and Loss account for the year ended M arch 31, 2009
(Rs. in C rore)
Schedule 14 | SA LES A N D O PERATIN G IN C O M E M arch 31, 2009 M arch 31, 2008
Pow er
Incom e from sale of electrical energy* 2,012.87 1,578.17
Less: Prom pt Paym ent Rebate 46.97 36.97
Incom e from m anagem ent and other services 169.31
2,135.21 1,541.20
Roads
A nnuity incom e from expressw ays 141.38 139.62
Toll incom e from expressw ays 10.52
Incom e from variation w orks - Expressw ays 0.08
151.90 139.70
A irports
A eronautical 581.34 323.80
N on - A eronautical** 828.42 348.79
C argo O perations 253.45 203.96
1,663.21 876.55
O thers
Incom e from M anagem ent and O ther Services 46.09 30.65
C onstruction Revenue 304.17
Interest Incom e (gross)
61.22 19.30
D ividend Incom e on current investm ents (other than trade) (gross) 109.26 79.25
Profit on Sale of C urrent Investm ents (O ther than Trade)
[N et of Loss on sale of Investm ents of Rs. 0.08 (2008: Rs. 19.89)]
5.13 11.26
525.87 140.46
Total 4,476.19 2,697.91
* Includes Rs. 138.60 (2008: Rs. N il) from energy trading operations.
** Includes Rs. 209.08 (2008: Rs. N il) from fuel trading operations.
th
Schedules form ing part of the C onsolidated Profit and Loss account for the year ended
M arch 31, 2009
(Rs. in C rore)
Schedule 15 | O TH ER IN C O M E M arch 31, 2009 M arch 31, 2008
Incom e from current investm ents- other than trade (gross) 13.91 19.59
Liabilities/Provisions no longer required, w ritten back 1.79 12.91
G ain on account of foreign exchange fluctuations (net) 15.80
Profit on sale of current investm ents [N et of loss on sale of investm ents of Rs. 9.97
(2008:Rs.0.89)]
0.22 14.93
M iscellaneous incom e 5.45 6.52
Total 21.37 69.75
(Rs. in C rore)
Schedule 16 | G EN ERATIO N A N D O PERATIN G EXPEN SES M arch 31, 2009 M arch 31, 2008
C onsum ption of fuel and lubricants 1,356.02 1,031.26
Purchase of Traded G oods
C ost of Pow er Purchased for re-sale 129.88
C ost of Jet Fuel Purchased for re-sale 209.38
O perations and m aintenance 121.41 75.51
[N et of claim s relating to earlier years and w arranty claim s - Rs. N il (2008 : Rs. 0.61) and
includes stores and spare parts consum ed Rs. 20.13 (2008 : Rs. 13.87)]
C ost of variation w orks 0.07
A irport operator fee 27.29 18.14
C ost of m aterial for C onstruction A ctivity 204.61
C argo handling charges 17.56 14.24
Insurance 9.24 4.09
Technical consultancy fee 11.48 5.66
C ontribution to provident fund and others 0.13 0.08
Electricity and w ater charges 53.60 23.86
Repairs and m aintenance:
Plant and m achinery (net of claim s) 36.66 0.35
Buildings 26.89 19.10
O thers 41.11 18.56
Lease rentals [net of sub-lease rentals - Rs. 0.28 (2008: Rs 0.28)] 6.49 8.25
O thers 5.35 8.51
2,291.64 1,229.74
(Increase) / D ecrease in Stock in Trade:
Stock as at A pril 1,
Traded Fuel Stock
Less: Stock as at M arch 31,
Traded Fuel Stock 9.05
(Increase) / D ecrease in Stock in Trade (9.05)
Total 2,282.59 1,229.74
th
Schedules form ing part of the C onsolidated Profit and Loss account for the year ended
M arch 31, 2009
(Rs. in C rore)
Schedule 17 | A D M IN ISTRATIO N A N D O TH ER EXPEN SES M arch 31, 2009 M arch 31, 2008
O peration support cost paid to A irports A uthority of India 115.34 108.05
C ontribution to Provident and other funds 9.89 5.88
Staff w elfare expenses 25.68 12.64
Rent 32.73 19.37
Repairs and m aintenance
Buildings 0.04 0.08
O thers 1.87 0.76
Rates and taxes 13.92 3.65
Insurance 8.10 8.28
C onsultancy and other professional charges 121.58 56.14
D irectorsSitting Fee 0.51 0.46
Electricity charges 1.41 1.62
Rem uneration to auditors 1.27 1.03
A dvertisem ent 13.53 22.46
Travelling and C onveyance 24.67 37.01
C om m unication expenses 9.00 3.87
Printing and Stationary 4.76 3.64
Provision for doubtful advances and debtors 17.83 17.52
Provision for dim inution in value of investm ents 5.98 6.66
D onations 6.62 17.39
Loss on account of foreign exchange fluctuations (net) 0.20
Bad D ebts w ritten off 5.73
Loss on sale of fixed assets 0.08 0.68
M iscellaneous expenses 65.26 51.02
Total 669.84 466.54
(Rs. in C rore)
Schedule 18 | IN TEREST A N D FIN A N C E C H A RG ES M arch 31, 2009 M arch 31, 2008
Interest on term loans (N et) 444.44 184.70
Less: Interest incom e on deposits (G ross)
(96.67) (42.22)
Interest - others 5.29 3.25
Bank and other finance charges 15.14 22.98
Total 368.20 168.71
th
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts
1. D ESC RIPTIO N O F BU SIN ESS
G M R Infrastructure Lim ited (G ILor the C om pany) and its consolidated subsidiaries, an associate and Joint Ventures (hereinafter
collectively referred to as G roup) are m ainly engaged in generation of pow er, developm ent of expressw ays, airport infrastructure facilities
and special econom ic zones. G IL is a holding com pany w ith its investm ents m ainly w ithin the group com panies. It is also involved in the
developm ent of the infrastructure and other projects as m entioned above.
Pow er business
C ertain entities of the G roup are involved in the generation of pow er. These are separate special purposes vehicles form ed w hich have
entered into Pow er Purchase A greem ents w ith the electricity distribution com panies of the respective state governm ents either on
M em orandum of U nderstanding basis or on bid basis. C ertain entities of the G roup are involved in energy trading activities.
A irport Infrastructure Business
C ertain entities of the G roup are engaged in developm ent of airport infrastructure i.e the G reenfield International A irport at H yderabad
on build, ow n, operate and transfer basis along w ith a consortium of sponsors like A irport A uthority of India, State G overnm ent of
A ndhra Pradesh and M alaysian A irport H oldings Berhad under concessionaire agreem ent and the operations and m odernization of
D elhi A irport as a joint venture betw een the G roup and A irports A uthority of India and operations and m odernisation of Sabiha G okcen
International A irport in Turkey as a joint venture w ith Lim ak and M alaysian A irport H oldings Berhad.
D evelopm ent of Expressw ays
C ertain entities of the G roup are engaged in developm ent of expressw ays on build, operate and transfer basis. These are special purpose
vehicles w hich have entered into concessionaire agreem ents w ith N ational H ighw ays A uthority of India for carrying out these projects.
2.PRIN C IPLES O F C O N SO LID ATIO N
The consolidated financial statem ents include accounts of G M R Infrastructure Lim ited (the C om pany) and its subsidiaries, an associate
and joint ventures. Subsidiary undertakings are those com panies in w hich G IL, directly or indirectly, has an interest of m ore than one
half of voting pow er or otherw ise has pow er to exercise control over the operations. Subsidiaries are consolidated from the date on
w hich effective control is transferred to the G roup till the date such control ceases. The consolidated financial statem ents are prepared
in accordance w ith historical cost convention and to com ply in all m aterial aspects w ith the applicable accounting principles in India, the
accounting standards notified under Sub-section (3C ) of Section 211 of the C om panies A ct, 1956 of India (The A ct) and other relevant
provisions of the A ct.
A ll inter-com pany transactions, balances and unrealized surpluses and deficits on transactions betw een group com panies are
elim inated.
Investm ents in the A ssociates have been accounted in these consolidated statem ents as per A ccounting Standard 23 on A ccounting
for Investm ents in A ssociates in C onsolidated Financial Statem ents. Investm ents in associate com panies w hich have been m ade for
tem porary purposes have not been considered for consolidation.
Investm ents in the Joint Ventures have been accounted in the consolidated statem ents as per A ccounting Standard 27 on Financial
Reporting of Interests in Joint Ventures.
The C om panies considered in the consolidated financial statem ents in each of the years are listed below :
C ountry of
Incorporation
Relationship
Percentage of O w nership Interest
(D irectly and Indirectly)
M arch 31, 2009 M arch 31, 2008
G M R Energy Lim ited (G EL) India Subsidiary 100.00% 100.00%
G M R Pow er C orporation Private Lim ited (G PC PL) India Subsidiary 51.00% 51.00%
Vem agiri Pow er G eneration Lim ited (VPG L) India Subsidiary 100.00% 100.00%
(G BH PL)
India Subsidiary 100.00% 100.00%
Badrinath H ydro Pow er G eneration Private Lim ited (BH PG L) India Subsidiary 100.00%
G M R M ining & Energy Private Lim ited (G M EL) India Subsidiary 89.00% 89.00%
G M R Kam alanga Energy Lim ited (G KEL) India Subsidiary 100.00% 100.00%
G M R Energy Trading Lim ited (G ETL) India Subsidiary 51.00% 51.00%
G M R C onsulting Engineers Private Lim ited (G C EL) India Subsidiary 100.00% 100.00%
G M R C oastal Energy Private Lim ited (G C EPL) India Subsidiary 100.00%
G M R Bajoli H oli H ydropow er Private Lim ited (G BH H PL) India Subsidiary 100.00%
th
C ountry of
Incorporation
Relationship
M arch 31, 2009 M arch 31, 2008
G M R C hhattisgarh Energy Private Lim ited (G C H EPL) India A ssociate 45.00%
G M R Londa H ydropow er Private Lim ited (G LH PL) India Subsidiary 100.00%
Londa H ydropow er Private Lim ited (LH PL) India Subsidiary 100.00%
H im tal H ydro Pow er C o. Private Lim ited (H H PC L) N epal Subsidiary 80.00% 80.00%
G M R U pper Karnali H ydropow er Lim ited (G U KH L) N epal Subsidiary 50.50%
G M R Energy (M auritius) Lim ited (G EM L) M auritius Subsidiary 100.00% 100.00%
G M R Lion Energy Lim ited (G LEL) M auritius Subsidiary 69.18%
G M R Energy (C yprus) Lim ited (G EC L) C yprus Subsidiary 100.00%
G M R Energy (N etherlands) B.V. (G EN BV) N etherlands Subsidiary 100.00%
PT D w ikarya Sejati U tm a (PT D SU ) Indonesia Subsidiary 100.00%
PT D uta Sarana Internusa (PT D SI) Indonesia Subsidiary 100.00%
PT Barasentosa Lestari (PTBSL) Indonesia Subsidiary 100.00%
G M R H ighw ays Private Lim ited (G H IPL) India Subsidiary 100.00% 50.00%
G M R Tam baram -Tindivanam Expressw ays Private Lim ited
(G TTEPL)
G M R Tuni-A nakapalli Expressw ays Private Lim ited (G TA EPL). India Subsidiary 60.77% 60.77%
(G A C EPL)
G M R Jadcherla Expressw ays Private Lim ited (G JEPL) India Subsidiary 100.00% 100.00%
G M R Pochanpalli Expressw ays Private Lim ited (G PEPL) India Subsidiary 100.00% 100.00%
G M R U lundurpet Expressw ays Private Lim ited (G U EPL) India Subsidiary 100.00% 100.00%
G M R H yderabad International A irport Lim ited (G H IA L) India Subsidiary 63.00% 63.00%
G atew ays For India A irports Private Lim ited (G FIA PL) India Subsidiary 86.49% 86.49%
H yderabad M enzies A ir C argo Private Lim ited (H M A C PL) India Subsidiary 32.13% 32.13%
H yderabad A irport Security Services Lim ited (H A SSL) India Subsidiary 63.00% 63.00%
(G H A RM L)
G M R H yderabad A erotropolis Private Lim ited (G H A PL) India Subsidiary 63.00% 63.00%
G M R H yderabad Aviation SEZ Lim ited (G H A SL)* India Subsidiary 63.00%
G M R H yderabad M ultiproduct SEZ Lim ited (G H M SL)* India Subsidiary 63.00%
G M R A irport H andling Services Lim ited (G A H SL) India Subsidiary 63.00%
D elhi International A irport Private Lim ited (D IA L) India Subsidiary 50.10% 50.10%
D IA L C argo Private Lim ited (D C PL) India Subsidiary 50.10% 50.10%
D elhi A erotropolis Private Lim ited (D A PL) India Subsidiary 50.10% 50.10%
East D elhi W aste Processing C om pany Private Lim ited
(ED W PC PL)
India Subsidiary 40.08%
G VL Investm ents Private Lim ited (G VL) India Subsidiary 100.00% 100.00%
G M R Aviation Private Lim ited (G A PL) India Subsidiary 100.00% 100.00%
G M R Krishnagiri SEZ Lim ited (G KSEZL) India Subsidiary 100.00% 100.00%
A dvika Real Estate Private Lim ited (A REPL) India Subsidiary 100.00%
A klim a Real Estates Private Lim ited (A KREPL) India Subsidiary 100.00%
A m artya Real Estates Private Lim ited (A M REPL) India Subsidiary 100.00%
Baruni Real Estates Private Lim ited (BREPL) India Subsidiary 100.00%
C am elia Real Estates Private Lim ited (C REPL) India Subsidiary 100.00%
Eila Real Estate Private Lim ited (EREPL) India Subsidiary 100.00%
G erbera Estates Private Lim ited (G EPL) India Subsidiary 100.00%
H iral Real Estates Private Lim ited (H REPL) India Subsidiary 100.00%
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
th
C ountry of
Incorporation
Relationship
M arch 31, 2009 M arch 31, 2008
H oneysuckle Properties Private Lim ited (H PPL) India Subsidiary 100.00%
Idika Real Estate Private Lim ited (IREPL) India Subsidiary 100.00%
Krishnapriya Real Estates Private Lim ited (KREPL) India Subsidiary 100.00%
N adira Real Estate Private Lim ited (N REPL) India Subsidiary 100.00%
Purnachandra Real Estates Private Lim ited (PREPL) India Subsidiary 100.00%
Shreyadita Real Estate Private Lim ited (SH REPL) India Subsidiary 100.00%
Sreepa Real Estates Private Lim ited (SREPL) India Subsidiary 100.00%
G M R O il and N atural G as Private Lim ited (G O N G PL) India Subsidiary 100.00%
G M R Infrastructure (M auritius) Lim ited (G IM L) M auritius Subsidiary 100.00% 100.00%
G M R Infrastructure (C yprus) Lim ited (G IC L) C yprus Subsidiary 100.00% 100.00%
G M R Infrastructure O verseas Sociedad Lim itada (Spain)
(G IO SL)
Spain Subsidiary 100.00% 100.00%
G M R Infrastructure (U K) Lim ited (G IU KL) U nited Kingdom Subsidiary 100.00%
G M R International Lim ited, M alta (G ILM ) M alta Subsidiary 100.00%
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim
Yapim Ve Isletm e A noni Sirketi (ISG )
Turkey Joint Venture 40.00% 40.00%
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer
H izm etleri A nonim Sirketi (SG H )
Turkey Joint Venture 29.00%
Lim ak G M R C onstruction JV (LG C JV) Turkey Joint Venture 50.00%
G M R Infrastructure (G lobal) Lim ited (G IG L) Isle of M an Subsidiary 100.00%
G M R Energy (G lobal) Lim ited (G EG L) Isle of M an Subsidiary 100.00%
G M R Infra (Singapore) PTE Lim ited (G ISPL) Singapore Subsidiary 100.00%
* A s at D ecem ber 31, 2008
3 SIG N IFIC A N T A C C O U N TIN G PO LIC IES - G RO U P C O RPO RATE PO LIC IES
i. REVEN U E REC O G N ITIO N
In case of pow er generating com panies, revenue from sale of energy is recognised on accrual basis in accordance w ith the provisions
of the Pow er Purchase A greem ent (PPA ) and includes unbilled revenue accrued upto the end of the accounting year and in other cases
revenue is recognised in accordance w ith billings m ade to consum ers based on the units of energy delivered.
C laim s for delayed paym ent charges and any other claim s, w hich the com pany is entitled to under the Pow er Purchase A greem ent, on
grounds of prudence, are accounted for in the year of acceptance. The PPA provides for paym ent of fixed tariff based on cum ulative
availability of plant and also the fuel cost at a predeterm ined station heat rate.
Incom e from m anagem ent/technical services is recognised as per the term s of the agreem ent on the basis of services rendered.
Insurance claim s are accounted on finalization and acceptance.
In case of com panies involved in construction and m aintenance of roads, toll revenue from operation is recognized on receipt basis
and in annuity based projects, revenue recognition is based on annuity accrued on tim e basis in accordance w ith the provisions of the
C oncessionaire A greem ent entered into w ith N ational H ighw ays A uthority of India (N H A I). C laim s raised on N H A I under C oncessionaire
A greem ent, on grounds of prudence, are accounted for in the year of acceptance.
In case of airport infrastructure com panies, revenue is recognised on accrual basis and is net of service tax, applicable discounts and
collection charges, w hen services are rendered and it is possible that an econom ic benefit w ill be received w hich can be quantified reliably.
Revenue from C argo O perations is recognized at the point of departure for exports and at the point w hen goods are cleared in case of
im ports.
C onstruction revenue and costs are recognised by reference to the stage of com pletion of the construction activity at the balance sheet
date, as m easured by the proportion that contract costs incurred for w ork perform ed to date bear to the estim ated total contract costs.
W here the outcom e of the construction cannot be estim ated reliably, revenue is recognised to the extent of the construction costs
incurred if it is probable that they w ill be recoverable. C onstruction C osts are recognised as expenses in the year in w hich they are
incurred. Provision is m ade for all losses incurred to the Balance Sheet date plus any further losses that are foreseen in bringing contracts
to com pletion.
th
D ividend incom e on investm ents is accounted for w hen the right to receive the paym ent is established. Interest on Investm ents and bank
deposits are booked on a tim e proportion basis taking into account the am ounts invested and the rate of interest.
Expenditure including pre-operative and other incidental expenses incurred by the C om pany on behalf of the projects that are in the
process of com m issioning, being recoverable from the respective special purpose vehicles/subsidiaries created or to be created by the
C om pany for carrying out these projects, are not charged to the Profit and Loss A ccount and are treated as advances to special purpose
vehicles/ subsidiaries.
ii. A N N U A L FEE/C O N C ESSIO N FEE
In case of airport infrastructure com panies, the annual fee com puted as a percentage of revenues, pursuant to the term s and conditions
of the O perations, M aintenance and D evelopm ent A greem ent (O M D A ) is recognised as a charge in the Profit and Loss A ccount.
iii. O PERATIO N S A N D M A IN TEN A N C E
Pow er generating com panies have entered into a Long Term Service A greem ent (LTSA ) for m aintenance of the m ain plant, O perations
and M aintenance A greem ent for regular and m ajor m aintenance and Long Term A ssured Parts Supply A greem ent (LTA PSA ) for supply of
parts for planned and unplanned m aintenance over the term of the agreem ent. A m ounts payable under the agreem ents are charged to
the Profit and Loss A ccount based on actual factored fired hours of the G as Turbines during the period on the basis of average factored
hour cost including C ustom s D uty applicable at the current prevailing rate. Periodical m inim um paym ents are accounted as and w hen
due.
O perations and M aintenance A greem ents have been entered by certain subsidiary com panies for operations, regular and m ajor
m aintenance of the C arriagew ays. A m ounts payable under such agreem ents are charged to the Profit and Loss A ccount on accrual
basis.
iv. FIXED A SSETS
Fixed A ssets are stated at cost of acquisition less depreciation. C ost of acquisition is inclusive of freight, duties, levies and all incidentals
attributable to bringing the asset to its w orking condition. A ssets under installation or under construction as at the balance sheet date
are show n as C apital W ork in Progress.
A ssets under construction and the related advances as at the Balance Sheet date are show n as C apital W ork in Progress.
Borrow ing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such
assets. A qualifying asset is one that takes substantial period of tim e to get ready for its intended use or sale. O ther borrow ing costs not
attributable to the acquisition of any capital asset or investm ents are recognised as expenses in the period in w hich they are incurred.
A ll the fixed assets are assessed for any indication of im pairm ent at the end of each financial year. O n such indication, the im pairm ent
(being the excess of carrying value over the recoverable value of the asset) is charged to the profit and loss account in the respective
financial year. The im pairm ent loss recognised in the prior years is reversed w here the recoverable value exceeds the carrying value of the
asset upon re-assessm ent in the subsequent years.
Intangible A ssets
In case of airport infrastructure com panies, am ounts in the nature of upfront fee and other costs paid to A irports A uthority of India
(A A I) pursuant to the term s and conditions of the O M D A are recognised as Intangible assets and the carrying am ounts of such assets
are review ed at each balance sheet date to assess w hether they are carried in excess of their recoverable am ount.
C arriage w ays representing com m ercial rights in relation to toll roads to collect toll fee and in the case of annuity based projects has
been accounted at the cost incurred on the project activity tow ards reconstruction, strengthening, w idening, rehabilitation of the toll
roads on build, operate and transfer basis. It includes all direct m aterial, labor and sub-contracting costs, inw ard freight, duties, taxes
and any directly attributable expenditure on m aking the C om m ercial right ready for its intended use.
v. D EPREC IATIO N
Tangible A ssets
The G roup provides depreciation on fixed assets, other than those specifically stated below , on straight line m ethod at the rates specified
under Schedule XIV to the C om panies A ct, 1956 except for assets costing less than Rs. 5,000, w hich are fully depreciated in the year of
acquisition. Leasehold im provem ents are am ortised over the period of the lease or estim ated useful life w hichever is shorter. D epreciation
on adjustm ents to the historical cost of the assets on account of foreign exchange fluctuations is provided prospectively over the residual
useful life of the asset.
A ssets acquired under finance leases are depreciated on a straight line basis over the lease term or at the rates prescribed under Schedule
XIV of the C om panies A ct, 1956, w hichever is higher.
a.
b.
th
O verseas subsidiaries and Joint venture com panies provide depreciation based on estim ated useful life of the assets as determ ined by
such subsidiaries/joint ventures.
Intangible A ssets
Intangible assets representing upfront fees and other paym ents m ade to A irports A uthority of India pursuant to the term s and conditions
of O M D A are am ortized over the period of the respective C oncessionaire A greem ents.
In the case of C arriage w ays, depreciation of toll roads and am ortisation of land use rights in relation to toll roads are calculated to w rite
off their cost on an units-of-usage basis w hereby depreciation and am ortisation are provided based on the proportion of actual traffic
volum e for a particular period over the total projected traffic volum e throughout the periods w ithin w hich the com pany is granted the
rights to operate those roads. A dditional allow ance of depreciation and am ortisation w ill be provided to account for such reduction
in traffic volum e. It is the com panys policy to review regularly the total projected traffic volum e throughout the operating periods of
respective toll roads. Based on Independent professional traffic study perform ed, appropriate adjustm ents w ill be m ade should there be
a m aterial change in the projected traffic volum e.
Intangible A ssets representing C arriage W ays from annuity based projects are am ortized over the period of the respective C oncessionaire
A greem ents on a straight line basis.
vi. IN VESTM EN TS
Long term investm ents are carried at cost less provision m ade to recognize any decline, other than tem porary, in the value of such
investm ents. C urrent investm ents are valued at cost or m arket value w hichever is low er. C ost of acquisition is inclusive of expenditure
incidental to acquisition. Incom e from investm ents is recognised in the year in w hich it is accrued and stated at gross.
G ains/losses, on investm ent in futures, both equity and index, being the difference betw een the contracted rate and the rate on the
settlem ent or sale date, w hichever is earlier, are recognised in the Profit and Loss A ccount on settlem ent/sale. The open contracts as at
the year-end are m arked-to-m arket and the resultant loss, if any, is charged to the Profit and Loss A ccount.
(vii) IN VEN TO RIES
Inventories are valued at low er of cost or net realisable value. C ost is determ ined on a w eighted average basis and includes all applicable
costs incurred in bringing goods to their present location and condition.
viii. RETIREM EN T BEN EFITS
a. D efined C ontribution Plans
C ontributions paid/payable to defined contribution plans com prising of provident fund and pension fund are charged on accrual basis.
The C om pany also has a defined contribution superannuation plan (under a schem e of Life Insurance C orporation of India) covering all its
em ployees and contributions in respect of such schem e are charged on accrual basis in the Profit and Loss A ccount. The C om pany m akes
m onthly contributions and has no further obligations under the plan beyond its contributions.
b. D efined Benefit Plan
G ratuity for em ployees is covered under a schem e of Life Insurance C orporation of India and contributions in respect of such schem e are
recognised in the Profit and Loss A ccount. The liability as at the Balance Sheet date is provided for based on the actuarial valuation in
accordance w ith the requirem ents of revised A S 15 as at the end of the year.
c. O ther Long term em ployee benefits
O ther Long term em ployee benefits com prise of leave encashm ent w hich is provided for based on the actuarial valuation carried out in
accordance w ith revised A S 15 as at the end of the year.
d. Short term em ployee benefits
Short term em ployee benefits including accum ulated com pensated absences as at the Balance Sheet date are recognised as an expense
as per C om panys schem es based on the expected obligation on an undiscounted basis.
ix. FO REIG N C U RREN C Y TRA N SA C TIO N S
A ll foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions. M onetary assets
and liabilities are translated at the exchange rate prevailing on the balance sheet date and the resultant gain /loss is recognized in the
financial statem ents. The original cost of fixed assets acquired through foreign currency borrow ings at the end of each financial year is
adjusted for any change in liability arising out of expressing the outstanding foreign currency loan at the rate of exchange prevailing at
the date of balance sheet.
th
Long term foreign currency m onetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date and
the resultant exchange differences are accum ulated in a foreign currency m onetary item translation difference account and am ortized
over the balance period of such long term asset/liability but not beyond M arch 31, 2011.
In case of forw ard exchange contracts or any financial instrum ents not intended for trading or speculation, the prem ium or discount
arising at the inception of the contract is am ortised as expense or incom e over the life of the contract.
In respect of non-integral foreign operations, the assets and liabilities, both m onetary and non-m onetary are translated at the closing rates
and the incom e and expenses are translated at the dates of the transaction and all the resulting exchange differences are accum ulated in
foreign exchange fluctuation reserve until the disposal of the investm ent.
x. EA RN IN G S PER SH A RE
The earnings considered in ascertaining the C om panys Earnings per Share (EPS) com prise of the net profit after tax less dividend
(including dividend distribution tax) on preference shares. The num ber of shares used for com puting the basic EPS is the w eighted
average num ber of shares outstanding during the year. The num ber of shares used in com puting D iluted EPS com prises of w eighted
average shares considered for deriving basic EPS, and also the w eighted average num ber of equity shares w hich could have been issued
on the conversion of all dilutive potential equity shares. D ilutive potential equity shares are deem ed converted as of the beginning of
the year, unless they have been issued at a later date. The num ber of shares and potentially dilutive shares are adjusted for bonus shares
issued.
xi. G O VERN M EN T G RA N TS
G overnm ent grants in the nature of capital subsidy are treated as C apital Reserve.
xii. TA XES O N IN C O M E
C urrent tax is determ ined based on the am ount of tax payable in respect of taxable incom e for the year. D eferred tax is recognised on
tim ing differences; being the difference betw een the taxable incom e and the accounting incom e that originate in one year and are capable
of reversal in one or m ore subsequent years. D eferred tax assets and liabilities are com puted on the tim ing differences applying the tax
rates and tax law s that have been enacted or substantively enacted by the Balance Sheet date. D eferred tax assets arising on account
of unabsorbed depreciation or carry forw ard of tax losses are recognised only to the extent that there is virtual certainty supported by
convincing evidence that sufficient future taxable incom e w ill be available against w hich such deferred tax assets can be realized.
M inim um A lternate tax (M AT) paid in accordance to the tax law s, w hich give rise to the future econom ic benefits in the form of
adjustm ent of future incom e tax liability, is considered as an asset if there is convincing evidence that the C om pany w ill pay norm al
incom e tax in future. A ccordingly, M AT is recognized as an asset in the balance sheet w hen it is probable that the future econom ic benefit
associated w ith it w ill flow to the C om pany and the asset can be m easured reliably.
4. N O TES TO TH E C O N SO LID ATED A C C O U N TS
(i) a. C ontingent Liabilities
(Rs. in C rore)
Particulars A s at M arch 31, 2009 A s at M arch 31, 2008
C orporate guarantees 7,100.10 62.50
C laim s against com panies not acknow ledged as debts 0.01
M atters relating to incom e tax under dispute 0.03 3.24
M atters relating to w ater cess under dispute 1.68
M atters relating to custom duty under dispute 90.45 4.60
b. In case of D IA L, the A irports A uthority of India, w .e.f. June 1, 2007 has claim ed service tax on the annual fee payable to them
considering the sam e as rental incom e from im m oveable property. D IA L has disputed the grounds of the levy as w ell as liability arising out
of it under provisions of the O peration, M anagem ent and D evelopm ent A greem ent (O M D A ). A s the m atter is under dispute and pending
w ith H onble H igh C ourt of D elhi, the im pact of the sam e, if any has not been considered.
c. In case of D IA L, the C om pany has received a provisional dem and of Rs. 233.11 C rore from A irports A uthority of India (A A I) on account
of reim bursem ent of voluntary retirem ent com pensation, payable upon expiry of the operational support period on M ay 2, 2009. Pending
acceptance and determ ination of the claim , the sam e has not been considered in the financial statem ents. A ny paym ent tow ards the
settlem ent of the claim w ill be recognised as an intangible asset and am ortised over the period of A irport concession rights.
th
(ii) C apital C om m itm ents
(Rs. in C rore)
Particulars A s at M arch 31, 2009 A s at M arch 31, 2008
Estim ated value of contracts rem aining to be executed on capital am ount, not
provided for (net of advances)
8,666.16 5,528.93
iii. Equity Shares
Pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral M eeting held on N ovem ber 26, 2007,
165,238,088 equity shares of face value of Rs. 2 each have been allotted to Q ualified Institutional Buyers at a prem ium of Rs. 238
per share on D ecem ber 12, 2007 and received an am ount of Rs. 3,965.71 C rore. The net proceeds after the issue expenses w ill be
utilized tow ards capital expenditure for various projects under developm ent (either directly or through our subsidiaries, joint ventures
or affiliates), general corporate purposes including w orking capital and strategic initiatives and acquisitions in India and abroad.
Pending utilization for the purposes described above the balance of funds has been invested in Fixed D eposits and M utual funds.
Pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral M eeting held on February 28, 2006,
38,136,980 equity shares of face value of Rs. 10 each have been allotted by w ay of Initial Public O ffer (IPO ) on A ugust 17, 2006 and
A ugust 24, 2006. The details of funds received and their utilisation up to M arch 31, 2009 are given below :
(Rs. in C rore)
Particulars M arch 31, 2009 M arch 31, 2008
Funds received
Equity Share C apital 38.14 38.14
Share Prem ium (Refer N ote (a) below ) 756.78 756.78
Interest on delayed paym ent of call m oney 0.06 0.06
Less: C alls unpaid 0.02
Total 794.98 794.96
U tilisation of Funds
Investm ent in Subsidiary C om panies (including Share A pplication M oney, pending
allotm ent) Refer N ote (b) below
519.50 509.95
Repaym ent of U nsecured Loans 55.00 55.00
Paym ent to G M R H oldings Private Lim ited and G M R O perations Private Lim ited for
acquisition of equity shares of G VL Investm ents Private Lim ited
155.86 155.86
Expenses incurred tow ards the IPO 64.62 64.59
D eposit w ith Bom bay Stock Exchange (BSE) 3.00
M argin M oney tow ards Bank G uarantee issued to BSE 6.54
Total U tilisation 794.98 794.94
Balance of unutilised m onies out of IPO , details of w hich are given below : 0.02
A m ount lying in current accounts 0.02
Total 0.02
N otes:
In case of 5,669,425 equity shares allotted to the retail investorscategory, a discount of five percent on the issue price w as given in
accordance w ith the term s of the C om panys prospectus dated A ugust 7, 2006.
Represent investm ent m ade directly by the com pany, through its subsidiary com panies and by w ay of repaym ent of loans taken for
the purpose of investm ent in subsidiary com panies.
iv. Reserves and Surplus
G H IA L has received a grant of Rs. 107.00 C rore from G overnm ent of A ndhra Pradesh tow ards A dvance D evelopm ent Fund G rant,
as per the State Support A greem ent. This is in the nature of financial support for the project, and the G roups share am ounting to
Rs. 67.41 C rore has been included in Schedule 2- Reserves and Surplus.
G A PL purchased the aircraft division of G M R Industries Ltd under slum p sale on O ctober 01, 2008 for a purchase consideration
of Rs. 29.00 C rore on a going concern basis and the transaction w as concluded during the year. A ccordingly, an am ount of
Rs. 3.41 C rore being the excess of net value of the assets acquired (based on a valuation report) over the purchase consideration has
been recognized as capital reserve.
a.
b.
a.
b.
a.
b.
th
v. Secured Loans
In case of G TTEPL and G TA EPL, the Secured Loans as at M arch 31, 2009 are in the nature of advances received tow ards the assignm ent
of future A nnuity/Receivables under the C oncession A greem ent w ith N ational H ighw ay A uthority of India and are further secured by
w ay of m ortgage of all the present and future im m ovable fixed assets of the com pany and by w ay of hypothecation over the m ovable
fixed assets.
vi. Foreign C urrency Transactions
The M inistry of C orporate A ffairs, G overnm ent of India has vide its N otification N o G SR 225(E) dated M arch 31, 2009 has announced
C om panies A ccounting Standards (A m endm ent) Rules 2009 prescribing changes to A ccounting Standard 11 on The Effects of C hanges
in Foreign Exchange Rates.
The G roup has, pursuant to the adoption of such principles of C om panies (A ccounting Standards) A m endm ent Rules 2009, exercised the
option of recognising the exchange differences arising on reporting of foreign currency m onetary item s at rates different from those at
w hich they w ere recorded earlier, in the original cost of such depreciable fixed assets in so far such exchange differences arose on foreign
currency m onetary item s relating to the acquisition of a depreciable asset as below :
Exchange differences am ounting to Rs.20.40 C rore hitherto recognized as incom e in the Profit and Loss A ccount in respect of the
financial year ended M arch 31, 2008, has now been adjusted to the cost of assets by carrying out a corresponding adjustm ent of
Rs. 18.19 C rore against the opening balance of Profit and Loss A ccount and Rs.2.21 C rore against the opening balance of M inority
Interest.
A n am ount of Rs. 180.53 C rore being the exchange loss arising in the financial year ended M arch 31, 2009 has now been added to
the cost of the depreciable assets. Such exchange fluctuation differences w ere previously recognized in the Profit and Loss A ccount.
A n am ount of Rs. 9.28 C rore, being the exchange gain on other long term m onetary assets arising in the financial year ended M arch
31, 2009 has now been accum ulated in a Foreign C urrency M onetary Item Translation D ifference A ccount and is am ortised over the
balance period of such long term m onetary asset in the Profit and Loss A ccount. The unam ortised balance as at M arch 31, 2009
am ounts to Rs. 6.87 C rore. Such exchange fluctuation differences w ere previously recognised in the Profit and Loss A ccount. This
change in accounting policy has resulted in a decrease in the current years Profit by Rs. 6.87 C rore.
vii. Expenditure during construction period, pending allocation (N et)
In respect of C om panies in construction stage, no Profit and Loss A ccount has been draw n up. A ll expenditure incurred (net of
incom e earned) during the construction stage are grouped and disclosed under Expenditure during construction period, pending
allocation (N et)in Schedule 6.
In accordance w ith the term s of the concession agreem ents entered into w ith N ational H ighw ays A uthority of India (N H A I) by
G A C EPL, G JEPL and G U EPL, dated N ovem ber 16, 2005, February 20, 2006 and A pril 19, 2006 respectively, the C om panies have an
obligation to pay an am ount of Rs. 507.96 C rore by w ay of N egative G rant to N H A I and accordingly paid an aggregate am ount of
Rs. 256.36 C rore till M arch 31, 2009 tow ards N egative G rant to N H A I. The entire value of negative grant is show n under Expenditure
incurred D uring C onstruction Period Pending A llocation (N et) in Schedule 6. The balance am ount payable over the concession period
has been included in Schedule 13.
viii. Sundry D ebtors
In case of G PC PL, claim s/counterclaim s arising out of the Pow er Purchase A greem ent and Land Lease A greem ent in respect of the
dues recoverable from Tam il N adu Electricity Board (TN EB) on account of Sale of Energy including reim bursem ent tow ards Interest
on W orking C apital and M inim um A lternate Tax and paym ent of land lease rentals to TN EB respectively are pending settlem ent/
reconciliation. The m anagem ent is confident of recovering these am ounts.
In case of G EL, the G overnm ent of Karnataka vide its O rder N o.EN 540 N C E 2008 dated January 1, 2009 (O rder) invoked Section 11
of the Electricity A ct, 2003 and directed the com pany to supply pow er to the State G rid for the period January 1, 2009 to M ay 31,
2009 at a specified rate. The com pany had an existing contract w ith a buyer till 31st January, 2009 at a selling rate higher than such
specified rate and, as such, filed a petition before the H onble H igh C ourt of Karnataka challenging the O rder. Revenue recognition
in respect of pow er supplied for the m onth of January 2009 has been m ade in the books as per the original contracted rate, based
on a legal opinion obtained by the trading entity and pending disposal of the m atter at an appropriate court of law . The differential
revenue, as such recognized in the books, am ounts to Rs. 44.04 C rore.
In the interim , as per the directions of the H onble H igh C ourt of Karnataka, Karnataka Electricity Regulatory C om m ission, being the
appropriate authority for determ ination of tariff, has recom m ended a higher bandw idth of tariff than the specified rate in the O rder.
H ow ever, revenue recognition for the m onths of February and M arch, 2009, has been m ade, on a prudent basis, as per the rate specified
in the O rder. A ccordingly, the differential am ount of Rs. 45.12 C rore not been recognized in the books as revenue.
a.
b.
c.
a.
b.
a.
b.
th
ix. O perating Incom e
In case of airport infrastructure com panies, the passenger service fee charged from the departing passengers have tw o com ponents
viz Facilitation C om ponent and Security C om ponent. In accordance w ith the various governm ent orders issued from tim e to tim e, the
passenger service fee collections are held by the C om pany in fiduciary capacity on behalf of G overnm ent of India and are deposited in an
escrow account utilized for m eeting the security related expenses.
A sum m ary of the passenger service fee balances are given below :
(Rs. in C rore)
D escription M arch 31, 2009 M arch 31, 2008
Passenger Service fee (Security C om ponent) 195.99 151.44
Interest and other incom e 12.61 208.60 11.99 163.43
Less: Expenses 164.64 79.30
N et Incom e 43.96 84.13
Surplus brought forw ard 161.20 77.07
Total 205.16 161.20
Fixed A ssets(N et) 216.58 8.59
Investm ents - 104.34
Receivables 27.61 28.83
O ther A ssets 43.38 20.49
C ash and Bank balance in Escrow A ccount 79.36 32.21
366.93 194.46
Less: O ther Liabilities 161.77 33.26
Total 205.16 161.20
x. O thers
D epreciation / A m ortization for the year includes Rs. 37.14 C rore tow ards am ortization of U tilisation fee payable by an overseas joint
venture entity.
Pursuant to the expiry of the pow er purchase agreem ent w ith Karnataka Pow er Transm ission C orporation Lim ited on June 8, 2008,
G EL is currently generating and exporting pow er to consum ers based on short term pow er supply agreem ents. The com pany is also
exploring various alternate business opportunities for the pow er plant.
G H IA L has declared com m ercial operations on M arch 23, 2008 and accordingly, the Runw ays, Buildings, Plant and M achinery etc
have been capitalised as on that date. O ut of the total Expenditure during construction period, pending allocation (N et)as at
that date am ounting to Rs. 436.90 C rore, an am ount of Rs. 410.29 C rore directly identifiable to the cost of construction has been
apportioned over the cost of the fixed assets and the rem aining am ount of Rs. 26.61 C rore has been charged to the Profit and Loss
A ccount under the relevant heads of account (included in Schedule 16) during the year ended on M arch 31, 2008.
There are no M icro and Sm all Enterprises, to w hom the C om pany ow es dues, w hich are outstanding for m ore than 45 days as
at M arch 31, 2009. This inform ation, as required to be disclosed under the M icro, Sm all and M edium Enterprises D evelopm ent
A ct, 2006, has been determ ined to the extent such parties have been identified on the basis of inform ation available w ith the
C om pany.
The C om pany, through its step-dow n subsidiary, G M R Energy G lobal Lim ited, has entered into necessary arrangem ents to acquire
50% equity stake in Intergen N V by m eans of C om pulsory C onvertible D ebentures (C C D ). The C om pany has also given a corporate
guarantee up to a m axim um of U SD 1.38 billion to the lenders on behalf of a fellow subsidiary to enable it to raise debt for financing
the aforesaid acquisition. Intergen N V is a global energy com pany, w hich operates 8086 M W capacity across five countries in four
continents and is further developing 4686 M W . The financial results of Intergen N V have not been considered in the consolidated
results of the C om pany pending conversion of such C C D s.
In case of H M A C PL, during the year, there w ere delays in filing of statutory form s under Foreign Exchange M anagem ent A ct, 1999 to
Reserve Bank of India w ith respect to inw ard rem ittance of foreign currency tow ards Share C apital application m onies, intim ation of
allotm ent of shares to a N on-resident shareholder. Further, the am ount for w hich the shares w ere not allotted is yet to be refunded.
H M A C PL, had declared preference dividend on January 16, 2009 am ounting to Rs.1.62 C rore, equity dividends on O ctober 14, 2008
and January 16, 2009 am ounting to Rs.1.02 C rore and Rs.1.02 C rore respectively. The C om pany deposited the unpaid dividend to
a.
b.
c.
d.
e.
f.
g.
th
U npaid D ividend A ccount. H ow ever, there have been delays in rem ittance of preference dividend am ounting to Rs.0.002 C rore
and Equity D ividend am ounting to Rs.1.04 C rore to the H olding C om pany (G H IA L) w hich is not in conform ity w ith the requirem ents
of Section 207 of the C om panies A ct, 1956. Since Foreign D irect Investm ent has not been taken on record by Reserve Bank of India,
Preference D ividend of Rs. 1.62 C rore and Equity D ividend of Rs. 1.00 C rore have not been rem itted to a N on-resident shareholder.
xi. Effective A pril 1, 2007, the C om pany has adopted the A ccounting Standard 15 (Revised) on Em ployee Benefitsissued by the
Institute of C hartered A ccountants of India. Pursuant to the adoption, the transitional obligation of the C om pany am ounting to Rs. 0.51
C rore has been adjusted against the opening balance of the revenue reserves during the financial year ended M arch 31, 2008.
D efined benefit plan
The follow ing table sets forth the status of the G ratuity Plan of the C om pany and the am ounts recognized in the Balance Sheet and Profit
and Loss A ccount.
(Rs. in C rore)
Particulars
Year Ended M arch 31,
2009 2008
Projected Benefit O bligation at the beginning of the year 2.87 2.41
C urrent Service cost 1.74 1.18
Interest C ost 0.20 0.19
A ctuarial Loss / (G ain) (0.53) (0.62)
Benefits Paid (0.05) 0.28
Projected Benefit O bligation at the end of the year 4.24 2.87
A m ounts Recognized in the Balance Sheet
Projected Benefit O bligation at the end of the year 4.25 2.87
Fair Value of Plan assets at the end of the year 5.58 3.30
Funded Status of Plan - (A sset) / Liability (1.33) (0.42)
(A sset) / Liability recognized in the Balance Sheet (1.33) (0.42)
C ost for the Year
C urrent Service C ost 1.74 1.18
Interest C ost 0.20 0.19
Expected Return on Plan A ssets (0.34) (0.13)
N et A ctuarial (G ain)/Loss recognized in the year (0.53) (0.62)
N et C ost 1.07 0.63
A ssum ptions
D iscount Rate 7% 8%
Estim ated Rate of Return on Plan A ssets 8% 8%
Expected Rate of salary increase 6% 6%
A ttrition Rate 5% 5%
Leave encashm ent liability provided based on actuarial valuation am ounting to Rs. 4.58 C rore (2008: Rs.2.73 C rore) as at M arch 31,
2009.
xii. Leases
a. Finance Lease
The group has also entered into tw o finance lease arrangem ents w ith regard to a com puter server and a steam turbine generator for a
period of 4 years and 5 years respectively. The lease has a prim ary period, w hich is fixed and non-cancelable. The com pany has an option
to renew the lease for a further period of 1 year. The agreem ents provide for revision of lease rental in the event of changes in taxes, if
any, leviable on the lease rentals. There are no exceptional/restrictive covenants in the lease agreem ents.
th
(Rs. in C rore)
Particulars
M inim um Lease
Paym ent
Present Value of
M inim um Lease
M inim um Lease
Paym ent
Present Value of
M inim um Lease
A s at
M arch 31, 2009
A s at
M arch 31, 2009
A s at
M arch 31, 2008
A s at
M arch 31, 2008
(i) Payable not later than 1 year 1.66 1.56 1.31 1.24
(ii) Payable later than 1 year and not later than 5 years 3.34 2.67 3.28 2.69
(iii) Later than 5 years
Total (i)+(ii)+(iii) = (iv) 5.00 4.23 4.59 3.93
Less: Future finance charges (v) 0.77 0.66
Present Value of M inim um Lease Paym ents [(iv) (v)] 4.23 3.93
b. O perating Leases
The G roup has entered into certain cancelable operating lease agreem ents m ainly for office prem ises and certain non-cancelable operating
lease agreem ents. The lease rentals charged during the year (included in Schedule 6, 16 and 17) and the m axim um obligation on the long
term non-cancelable operating lease payable as per the agreem ent are as follow s:
(Rs. in C rore)
Particulars Year ended M arch 31, 2009 Year ended M arch 31, 2008
Lease rentals under cancelable leases 34.47 28.50
Lease rentals under non-cancelable leases 3.07 3.49
O bligations on non-cancelable leases
N ot later than one year 5.38
Later than one year and not later than five years 21.68
xiii. Earnings Per Share (EPS)
Particulars Year ended M arch 31, 2009 Year ended M arch 31, 2008
N om inal Value of Equity Shares (Rs. per Share) [Refer N ote (c) below ] 2 2
Total num ber of Equity Shares outstanding at the beginning of the
year
1,820,658,088 1,655,420,000
A dd: Issue of Equity Shares through (Q IP) - 165,238,088
Total num ber of Equity Shares outstanding at the end of the year 1,820,658,088 1,820,658,088
W eighted average num ber of Equity Shares outstanding at the end of
the year
1,820,649,979 1,705,071,192
N et Profit after tax (Rs. in C rore) 279.45 210.08
EPS Basic and D iluted (Rs.) 1.53 1.23
N otes:
A s at M arch 31, 2009, Rs. 2,750 (2008: Rs. 11,625) w as receivable tow ards Equity Shares and for the com putation of w eighted
average num ber of Equity Shares outstanding at the end of the year, these have been considered as partly paid-up shares.
Since the com pany did not have any dilutive securities, the basic and diluted earnings per share are the sam e.
Pursuant to the approval for the subdivision of the equity shares of the C om pany in the A nnual G eneral M eeting held on A ugust 30,
2007, each equity share carrying a face value Rs. 10 each has been subdivided into 5 equity shares of Rs. 2 each on O ctober 8, 2007,
being the record date. A ccordingly, the w eighted average num ber of shares for both the current and corresponding previous periods
has been adjusted to reflect such subdivision w hile calculating the earnings per share.
a.
b.
c.
th
xiv. D eferred Tax
D eferred Tax (A sset) / Liability com prises m ainly of the follow ing as at M arch 31,
(Rs. in C rore)
Sl. N o. Particulars
2009 2008
D eferred Tax A sset D eferred Tax Liability D eferred Tax A sset D eferred Tax Liability
1 D epreciation 245.21 83.30
2 Prelim inary Expenses 0.32
3 O ther 43B disallow ances 0.29 0.13
4 C arry forw ard losses 110.44 40.35
5 C arry forw ard depreciation 104.74
6 O thers 10.59
Total 226.06 245.21 40.80 83.30
D eferred Tax (A sset) / Liability (N et) 19.15 42.50
In case of G EL and VPG L, deferred tax asset to the extent not reversing w ithin the tax holiday period of the C om pany has not been
recognised on the grounds of prudence in view of the m anagem ents assessm ent of future profitability of these com panies.
In case of G PC PL, G TA EPL and G TTEPL, as the tim ing differences are originating and reversing w ithin the tax holiday period of
the C om pany under the provisions of section 80-IA of the Incom e Tax A ct, 1961, deferred tax has not been recognised by these
C om panies.
In case of PT BSL, deferred tax asset has not been recognised on the grounds of prudence in view of the m anagem ents assessm ent
of future profitability.
G H IA L has recognized deferred tax asset on unabsorbed depreciation and carried forw ard losses as at M arch 31, 2009, on the basis
of prudence, only to the extent of deferred tax liability on depreciation as at M arch 31, 2009, after considering the tim ing differences
originating on or before the balance sheet date and not reversing w ithin the tax holiday period. A ccordingly, there is no im pact on
the Profit and Loss A ccount for the current year.
xv. Provisions
(Rs. in C rore)
Particulars
A s at
A pril 01, 2008
Provision m ade
during the year
A m ount used
during the year
A s at
M arch 31, 2009
Provision for operations and m aintenance 83.46 12.42 49.19 46.69
(77.84) (10.10) (4.48) (83.46)
N ote: Previous year figures are m entioned in brackets.
xvi. Inform ation on Joint Ventures as per A ccounting Standard 27
N am e
C ountry of
Incorporation
Percentage of O w nership
interest (D irectly and Indirectly)
as at M arch 31, 2009
Percentage of O w nership
interest (D irectly and Indirectly)
as at M arch 31, 2008
Istanbul Sahiba G okcen
U luslararasi H avalim ani Yatirim Yapim
Ve Isletm e A noni Sirketi (ISG )
Turkey 40% 40%
Istanbul Sahiba G okcen
U luslararasi H avalim ani Yer H izm etleri
A nonim Sirketi (SG H )
Turkey 29%
Lim ak G M R C onstruction JV (LG C JV) Turkey 50%
a.
b.
c.
d.
th
The C om panys aggregate share of each of the assets, liabilities, incom e and expenses etc (each after elim ination of, the effect of
transactions betw een the C om pany and the joint ventures) related to its interests in the above joint ventures, based on the audited
financial statem ents are as follow s:
(Rs. in C rore)
Particulars M arch 31,2009 M arch 31,2008
I. A ssets
1. Fixed A ssets 23.67 0.34
2. C apital W ork-in-Progress 420.00
3. Expenditure D uring C onstruction Period, pending allocation (N et) 80.42 1.55
4. D eferred Tax (N et) 6.92
a) Inventories 30.49
b) Sundry D ebtors 97.51
c) C ash and Bank Balances 101.06 21.16
d) O ther C urrent A ssets 0.25
e) Loans and A dvances 229.62 0.32
II. Liabilities
1. Secured Loans 545.86
2. U nsecured Loans 0.06
3. D eferred Tax (N et) 0.02
4. C urrent Liabilities and Provisions
- Liabilities 289.63 0.40
III. Incom e
1. Sales 592.27
2. O ther Incom e 0.08
IV. Expenses
1. O perating Expenses 443.71
2. A dm inistration and other expenses 62.58
3. D epreciation 41.93
4. Interest and Finance C harges (0.79)
5. Provision for Taxation (including D eferred Taxation) 15.77
V. O ther M atters
1. C apital C om m itm ents 208.58
2. O perating Lease rentals under C ancelable leases 1.97
3. Reserves as at A pril 1, -
A dd: G roup Share of Profits for the year 29.16
Reserves as at M arch 31, 29.16
xvii. Segm ent Reporting:
The segm ent report of G IL and its consolidated subsidiaries and associate (the G roup) has been prepared in accordance w ith A S 17
Segm ent Reportingas referred to Sub-section (3C ) of Section 211 of the C om panies A ct, 1956 of India.
The corporate strategy of the G roup aim s at creating m ultiple drivers of grow th anchored on its core com petencies. The G roup is
currently focused on four business groups: Pow er, Roads, A irport Infrastructure and O thers. The G roups organizational structure
and governance processes are designed to support effective m anagem ent of m ultiple businesses w hile retaining focus on each one
of them .
The G roups activities are predom inantly w ithin India. The C om pany has three geographic segm ents: India, Rest of A sia and Rest
of the W orld. Significant portion of the segm ent assets are in India. Revenue from geographic segm ents based on dom icile of the
custom ers is outlined below .
For the purpose of reporting, business segm ents are prim ary segm ents and the geographic segm ent is a secondary segm ent.
a.
b.
c.
d.
th
The various business segm ents com prise of the follow ing com panies:
Sl. N o. Segm ent N am e of the C om pany
1. Pow er G M R Energy Lim ited
G M R Pow er C orporation Private Lim ited
G M R M ining & Energy Private Lim ited
H im tal H ydro Pow er C o. Private Lim ited
G M R C onsulting Engineers Private Lim ited
G M R Energy Trading Lim ited
Badrinath H ydro Pow er G eneration Private Lim ited
G M R C oastal Energy Private Lim ited
G M R Bajoli H oli H ydropow er Private Lim ited
G M R C hhattisgarh Energy Private Lim ited
G M R U pper Karnali H ydropow er Public Lim ited
G M R Londa H ydropow er Private Lim ited
Londa H ydropow er Private Lim ited
G M R Lion Energy Lim ited
G M R Energy (N etherlands) B.V.
G M R Energy (C yprus) Lim ited
G M R Energy (G lobal) Lim ited
PT D w ikarya Sejati U tm a
PT D uta Sarana Internusa
PT Barasentosa Lestari
2. Roads G M R Pochanpalli Expressw ays Private Lim ited
G M R Tam baram -Tindivanam Expressw ays Private Lim ited
G M R Tuni-A nakapalli Expressw ays Private Lim ited
3. A irport Infrastructure G M R H yderabad International A irport Lim ited
H yderabad A irport Security Services Lim ited
H yderabad M enzies A ir C argo Private Lim ited
G M R H yderabad M ultiproduct SEZ Lim ited
G M R H yderabad Aviation SEZ Lim ited
G M R A irport H andling Services Lim ited
G atew ays For India A irports Private Lim ited
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapum Ve Isletm e Sirketi
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi
D IA L C argo Private Lim ited
4. O thers G M R Infrastructure Lim ited
G M R Aviation Private Lim ited
e.
th
Sl. N o. Segm ent N am e of the C om pany
G M R O il and N atural G as Private Lim ited
A dvika Real Estate Private Lim ited
A klim a Real Estates Private Lim ited
A m artya Real Estates Private Lim ited
Baruni Real Estates Private Lim ited
C am elia Real Estates Private Lim ited
Eila Real Estate Private Lim ited
G erbera Estates Private Lim ited
H iral Real Estates Private Lim ited
H oneysuckle Properties Private Lim ited
Idika Real Estate Private Lim ited
Krishnapriya Real Estates Private Lim ited
N adira Real Estate Private Lim ited
Prakalpa Properties Private Lim ited
Purnachandra Real Estates Private Lim ited
Shreyadita Real Estate Private Lim ited
Sreepa Real Estates Private Lim ited
G M R Infrastructure (G lobal) Lim ited
G M R Infrastructure (C yprus) Lim ited
G M R Infrastructure O verseas Sociedad Lim itada (Spain)
Lim ak G M R C onstruction JV
G M R Infrastructure (U K) Lim ited
G M R Infra (Singapore) PTE Lim ited
G M R International (M alta) Lim ited
G M R H yderabad A erotropolis Private Lim ited
East D elhi W aste Processing C om pany Private Lim ited
th
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The C om pany has three geographic segm ents : India, Rest of A sia and Rest of the W orld. Significant portion of the segm ent assets are
in India.
Revenue from geographic segm ents based on dom icile of the
custom ers is outlined below :
(Rs. in C rore)
Revenue - G eography
Year ended M arch 31,
2009 2008
India 3,255.78 2,294.78
Rest of A sia 594.12
Rest of the W orld 169.32
Total 4,019.22 2,294.78
Total A ssets from geographic segm ents is outlined below :
(Rs. in C rore)
A ssets - G eography
A s at M arch 31,
2009 2008
India 20,221.69 16,636.77
Rest of A sia 846.75 23.37
Rest of the W orld 1,223.30
Total 22,291.74 16,660.14

xviii. Related Party Transactions
a. N am es of related parties and description of relationship:
Sl. N o. Relationship N am e of the Parties
(i) H olding C om pany G M R H oldings Private Lim ited (G H PL)
(ii) Shareholdershaving substantial interest/ Enterprises in
respect of w hich the reporting enterprise is an associate
/ Joint Venture Enterprises exercising significant influence
over the Subsidiary com panies.
A irports A uthority of India (A A I)
M alaysia A irports H oldings Berhad (M A H B)
G overnm ent of A ndhra Pradesh (G oA P)
Fraport A G Frankfurt A irport Services W orldw ide (FA G )
M alaysia A irports (M auritius) Private Lim ited (M A M P)
U E D evelopm ent India Private Lim ited (U ED I)
India D evelopm ent Fund (ID F)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapim Ve
Isletm e A nonim Sirketi (ISG )
M enzies Aviation cargo (hyd) Lim ited (M A C H L)
Lim ak Insaat San. Ve Tic. A .S (LISVT)
SELC O International Lim ited. (SIL)
O deon Lim ited (O D L)
G M R C hhattisgarh Energy Private Lim ited (G C H EPL)
(iii) Enterprises w here key m anagerial personnel and their
relatives exercise significant influence
G M R Varalakshm i Foundation (G VF)
Lobelia Properties Private Lim ited (LPPL)
(iv) Fellow Subsidiary G M R Industries Lim ited (G ID L)
Raxa Security Services Lim ited (RSSL)
G M R Properties Private Lim ited (G PPL)
G M R Projects Private Lim ited (G M RPPL)
G M R H ighw ays Private Lim ited (G M RH PL)
G M R Sports Private Lim ited (G SPL)
G M R H olding (M alta) Lim ited (G H M L)
(v) Key M anagem ent Personnel M r. G .M .Rao
M r. G .B.S.Raju
M r. Kiran Kum ar G randhi
M r. B.V.N agesw ara Rao
M r. Srinivas Bom m idala
M r. O .Bangaru Raju

th
b. Sum m ary of transactions w ith the above related parties is as follow s:
(Rs. in C rore)
N ature of transaction 2009 2008
Purchase of equity shares
- H olding C om pany
Share A pplication M oney paid and allotted
0.03 0.99
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
21.96
Share A pplication M oney received and allotted
249.50
Share A pplication M oney paid and refunded
-Fellow Subsidiary
1.39
Share A pplication M oney Received
662.64 314.60
Share application m oney refunded
41.63 - Shareholdershaving substantial interest/ Enterprises in respect of w hich the
- H olding C om pany 0.06
U nsecured Loans repaid

5.23

2.21
Fixed A ssets Purchased
0.02
Fixed A ssets Sold
-Key M anagem ent Personnel
-Fellow Subsidiary
0.05
0.01
0.09
Purchase of A ircraft D ivision
-Fellow Subsidiary 29.00
Interest on unsecured loans
Redem ption of preference shares
- Enterprises w here significant influence exists 47.82
Rent Paid
- Fellow Subsidiary 9.12 12.84
U nsecured Loan taken
reporting enterprise is an associate/Joint Venture 26.00
O peration and M aintenance Services
Rem uneration
-Key M anagem ent Personnel 14.39 20.45
D onations
- Enterprises w here key m anagerial personnel and their relatives exercise
significant influence 5.03 12.27
th
(Rs. in C rore)
Security Services Rendered
-Fellow Subsidiary 9.16 7.39
A ircraft U sage C harges received
- Fellow Subsidiary 2.62
A ircraft U sage C harges
Services Received
-Fellow Subsidiary
0.83
0.26 0.24
Fees received for services rendered
C apital expenditure tow ards Engineering, Procurem ent and C onstruction
contract (including m obilization advance)
- Fellow Subsidiary

974.44

783.23
Rent D eposit Paid
- Fellow Subsidiary 6.19
Rent D eposit Refunded
Logo License Fee
Preference shares alloted
M anagem ent Fee
Interest on Sub - debt
A nnual Fee
reporting enterprise is an associate/Joint Venture 456.97 402.71
O peration Support C ost
reporting enterprise is an associate/Joint Venture 125.33 83.65
D ividend declared - Equity
D ividend declared - Preference
C apital W ork in Progress
th
(Rs. in C rore)
U nsecured Loans given
reporting enterprise is an associate/Joint Venture
177.92
Share A pplication M oney Paid
27.50
Aviation Services availed
- Fellow Subsidiary
2.25
A irport O perators A greem ent
35.63 28.01
Balance Payable /(Recoverable)
0.48
25.66

50.31
(177.99)
- Fellow Subsidiary
- Fellow Subsidiary
- Key m anagem ent personnel
15.88
(1.86)
2.21
(23.01)
(94.04)
8.53
N otes:
The C om pany has provided securities by w ay of pledge of investm ents for loans taken by certain com panies.
C ertain Key M anagem ent Personnel have extended personal guarantees as security tow ards borrow ings of the C om pany and other
bodies corporate. Sim ilarly the holding com pany has pledged certain shares held in the C om pany and other bodies corporate as
security tow ards the borrow ings of the C om pany.
Transactions and outstanding balances in the nature of reim bursem ent of expenses incurred by one com pany on behalf of the other
have not been considered above.
xix. Previous years figures have been regrouped and reclassified, w herever necessary, to conform to those of the current year.
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
C .P.Sounderarajan
C om pany Secretary
a.
b.
c.
th
C onsolidated C ash Flow Statem ent for the year ended M arch 31, 2009
(Rs. in C rore)
M arch 31, 2009 M arch 31, 2008
A . C A SH FLO W FRO M /(U SED IN ) O PERATIN G A C TIVITIES
Profit before taxation 330.13 321.03
A djustm ents for :
Provision for dim inution in value of investm ents 5.98 6.66
Provisions no longer required, w ritten back (1.79) (12.91)
(Profit)/Loss from sale of current investm ents (net) (0.22) (14.93)
(Profit)/Loss from sale/w rite off of fixed assets (net) 0.08 0.68
Provision for doubtful advances/claim s/debts etc. 17.83 17.52
Exchange differences on translation of Subsidiaries/Joint Ventures 96.10 0.18
Incom e from investm ents (13.91) (19.59)
D ividend Incom e (109.26) (79.25)
Interest incom e (61.22) (19.30)
Interest and Finance charges 368.20 168.71
Bad D ebts W ritten off - 5.73
O perating Profit Before W orking C apital C hanges 1,021.75 553.04
A djustm ents for :
Inventories (93.85) (7.62)
(Increase)/D ecrease in Trade and other receivables (886.78) (394.51)
Increase/(D ecrease) in Trade Payables 433.20 259.64
C ash generated from /(used in) operations (547.43) (142.49)
D irect taxes paid (including fringe benefit tax) (99.79) (61.15)
N et C ash from /(U sed in)O perating A ctivities 374.53 349.40
B. C A SH FLO W FRO M /(U SED IN ) IN VESTIN G A C TIVITIES
(Purchase)/Sale of fixed assets (net) (6,584.15) (4,795.44)
(Purchase) / Sale of investm ents (net) 3,386.82 (4,628.91)
Incom e from investm ents 13.91 19.59
Interest received 49.31 23.21
D ividend received 109.26 79.25
N et C ash from /(used in) Investing A ctivities (3,024.85) (9,302.30)
th
(Rs. in C rore
M arch 31, 2009 M arch 31, 2008
C . C A SH FLO W FRO M /(U SED IN ) FIN A N C IN G A C TIVITIES
Issue of equity shares (including share prem ium ) (Refer N ote 2 below ) - 3,902.10
Issue of com m on stock in consolidated entities (including share application m oney) 698.06 533.95
Proceeds/(Repaym ents) from /of Borrow ings (N et) 3,866.33 4,270.41
Interest and Finance charges paid (341.71) (159.06)
D ividend paid (including dividend distribution tax) (0.33) (0.05)
N et C ash from /(used in) Financing A ctivities 4,222.35 8,547.35
N et increase/(decrease) in C ash and C ash Equivalents 1,572.03 (405.55)
C ash and C ash Equivalents as at A pril 1, 894.49 1,300.04
C ash and C ash Equivalents as at M arch 31, 2,466.52 894.49
N otes:
The above C ash Flow Statem ent has been prepared under the Indirect M ethodas set out in the A ccounting Standard - 3 on C ash
Flow Statem entsas referred to in Section 211(3C ) of the C om panies A ct, 1956.
Represents am ount received tow ards issue of Equity Shares under Q ualified Institutional Placem ent for the year ended M arch 31,
2008, net of issue expenses.
C ash and cash equivalents as at M arch 31, 2009 include restricted C ash and Bank balance am ounting to Rs. 88.88
(2008: Rs 39.85).
C ash and C ash Equivalents as at M arch 31, 2009 includes Rs.79.36 (2008: Rs.32.21) on account of PSF (Security C om ponent) balance
[Refer N ote 4 (ix) of Schedule 19].
Previous periods figures have been regrouped and reclassified to conform to those of the current year.
This is the C onsolidated C ash Flow referred to in our report of even date.
Thom as M athew
Partner
Price W aterhouse
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A . Subba Rao
G roup C FO
Place: Bangalore
C .P.Sounderarajan
C om pany Secretary
1.
2.
3.
4.
5.
C onsolidated C ash Flow Statem ent for the year ended M arch 31, 2009
th
Standalone Financial Statem ents
A U D ITO RSREPO RT TO TH E M EM BERS O F G M R
IN FRA STRU C TU RE LIM ITED
W e have audited the attached Balance Sheet of G M R
Infrastructure Lim ited (the C om pany) as at M arch 31, 2009,
and the related Profit and Loss A ccount and the C ash Flow
Statem ent for the year ended on that date annexed thereto,
w hich w e have signed under reference to this report. These
financial statem ents are the responsibility of the C om panys
m anagem ent. O ur responsibility is to express an opinion on
these financial statem ents based on our audit.
W e conducted our audit in accordance w ith the auditing
standards generally accepted in India. Those Standards require
that w e plan and perform the audit to obtain reasonable
assurance about w hether the financial statem ents are free
of m aterial m isstatem ent. A n audit includes exam ining, on a
test basis, evidence supporting the am ounts and disclosures
in the financial statem ents. A n audit also includes assessing
the accounting principles used and significant estim ates m ade
by m anagem ent, as w ell as evaluating the overall financial
statem ent presentation. W e believe that our audit provides a
reasonable basis for our opinion.
A s required by the C om panies (A uditors Report) O rder,
2003, as am ended by the C om panies (A uditors Report)
(A m endm ent) O rder, 2004 (together the O rder), issued
by the C entral G overnm ent of India in term s of sub-section
(4A ) of Section 227 of The C om panies A ct, 1956of India
(the A ct) and on the basis of such checks of the books and
records of the C om pany as w e considered appropriate and
according to the inform ation and explanations given to us, w e
give in the A nnexure a statem ent on the m atters specified in
paragraphs 4 and 5 of the said O rder.
1.
2.
3.
Further to our com m ents in the A nnexure referred to in
paragraph 3 above, w e report that:
W e have obtained all the inform ation and explanations,
w hich to the best of our know ledge and belief w ere
necessary for the purposes of our audit;
In our opinion, proper books of account as required by
law have been kept by the C om pany so far as appears
from our exam ination of those books;
The Balance Sheet, the Profit and Loss A ccount and the
C ash Flow Statem ent dealt w ith by this report are in
agreem ent w ith the books of account;
In our opinion, the Balance Sheet, the Profit and Loss
A ccount and the C ash Flow Statem ent dealt w ith by this
report com ply w ith the accounting standards referred to
in sub-section (3C ) of Section 211 of the A ct;
O n the basis of w ritten representations received from the
directors, as on M arch 31, 2009 and taken on record by
the Board of D irectors, none of the directors is disqualified
as on M arch 31, 2009 from being appointed as a director
in term s of clause (g) of sub-section (1) of Section 274 of
the A ct;
In our opinion and to the best of our inform ation and
according to the explanations given to us, the said
financial statem ents together w ith the notes thereon
and attached thereto give in the prescribed m anner the
inform ation required by the A ct and give a true and
fair view in conform ity w ith the accounting principles
generally accepted in India:
in the case of the Balance Sheet, of the state of affairs
of the C om pany as at M arch 31, 2009;
in the case of the Profit and Loss A ccount, of the
profit for the year ended on that date; and
in the case of the C ash Flow Statem ent, of the cash
flow s for the year ended on that date.
Place: Bangalore
Thom as M athew
Partner
Price W aterhouse
4.
a.
b.
c.
d.
e.
f.
i.
ii.
iii.
th
A nnexure to A uditorsReport
[Referred to in paragraph 3 of the A uditorsReport of even date
to the m em bers of G M R Infrastructure Lim ited on the financial
statem ents for the year ended M arch 31, 2009]
1 a. The C om pany is m aintaining proper records show ing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets are physically verified by the m anagem ent
according to a phased program m e designed to cover all the
item s over a period of three years, w hich in our opinion,
is reasonable having regard to the size of the com pany
and the nature of its assets. Pursuant to the program m e, a
portion of the fixed assets has been physically verified by the
m anagem ent during the year and no m aterial discrepancies
betw een the book records and the physical inventory have
been noticed.
c. In our opinion and according to the inform ation and
explanations given to us, a substantial part of fixed assets
has not been disposed of by the com pany during the year.
2. The C om pany is a holding com pany w ith its investm ents
m ainly w ithin the group com panies and as such does not hold
any physical inventory. A ccordingly clause (ii) of paragraph 4
of the O rder is not applicable to the C om pany.
3 a. The com pany has granted unsecured loans to tw o com panies
covered in the register m aintained under Section 301 of the
A ct, during the year ended M arch 31, 2008. The m axim um
am ount involved during the year and the year-end balance
of such loans aggregate to Rs. 740,000,000 and Rs.N il
respectively.
b. In our opinion, the rate of interest and other term s and
conditions of such loans are not prim a facie prejudicial to
the interest of the com pany
c. In respect of the aforesaid loans, the parties are regular in
repaying the principal am ounts as stipulated and are also
regular in paym ent of interest, w here applicable.
d. In respect of the aforesaid loans, there is no overdue am ount
m ore than Rupees 1 lakh
e. The C om pany has not taken any loans, secured or
unsecured, from com panies, firm s or other parties covered
in the register m aintained under Section 301 of the A ct.
A ccordingly clauses (iii) (f) and (iii) (g) of paragraph 4 of
the said O rder are not applicable to the com pany for the
current year.
4. In our opinion and according to the inform ation and
explanations given to us, there is an adequate internal
control system com m ensurate w ith the size of the
C om pany and the nature of its business for the purchase of
fixed assets. The activities of the C om pany did not involve
the purchase of inventory and sale of goods and services.
Further, on the basis of our exam ination of the books and
records of the C om pany, and according to the inform ation
and explanations given to us, w e have neither com e across
nor have been inform ed of any continuing failure to correct
m ajor w eaknesses in the aforesaid internal control system .
5. A ccording to the inform ation and explanations given to us,
there are no contracts or arrangem ents, the particulars of
w hich need to be entered in the register m aintained under
Section 301 of the A ct during the year. A ccordingly, clause
(v) of paragraph 4 of the said O rder is not applicable to the
C om pany for the current year.
6. The C om pany has not accepted any deposits from the public
w ithin the m eaning of Sections 58A and 58A A of the A ct and
the rules fram ed there under.
7. In our opinion, the C om pany has an internal audit system
com m ensurate w ith its size and nature of its business.
8. The C entral G overnm ent has not prescribed cost records
under section 209 (1) (d) of the A ct for any of the activities of
the C om pany and accordingly clause (viii) of paragraph 4 of
the O rder is not applicable to the C om pany.
9 a.A ccording to the inform ation and explanations given to us and
the records of the C om pany exam ined by us, in our opinion,
the C om pany is generally regular in depositing the undisputed
statutory dues including provident fund, incom e-tax and other
m aterial statutory dues as applicable w ith the appropriate
authorities. A ccording to the inform ation and explanations
given to us, and the records of the C om pany exam ined by
us, investor education and protection fund, em ployeesstate
insurance, sales tax, w ealth tax, custom s duty, service tax,
excise duty, and cess are not applicable to the C om pany for
the current year.
b. A ccording to the inform ation and explanations given to us
and the records of the com pany exam ined by us, there are
no dues of incom e-tax w hich have not been deposited on
account of any dispute. A ccording to the inform ation and
explanations given to us and the records of the com pany
exam ined by us, sales tax, w ealth tax, service tax, custom s
duty, excise duty and cess are not applicable to the C om pany
for the current year.
10. The com pany has no accum ulated loss as at M arch 31, 2009
and it has not incurred any cash loss in the financial year ended
on that date or in the im m ediately preceding financial year.
11. A ccording to the records of the C om pany exam ined by us and
the inform ation and explanation given to us, the C om pany
has not defaulted in repaym ent of dues to a bank or a financial
institution or debenture holders as at the balance sheet date.
12. The C om pany has not granted any loans and advances on the
basis of security by w ay of pledge of shares, debentures and
other securities.
13. The provisions of any special statute applicable to chit fund /
nidhi / m utual benefit fund / societies are not applicable to the
com pany.
14. In our opinion, the C om pany is not a dealer or trader in shares,
securities, debentures and other investm ents.
15. In our opinion, and according to the inform ation and
explanations given to us, the term s and conditions of the
guarantees given by the com pany, for loans taken by others
th
from banks or financial institutions during the year, are not
prejudicial to the interest of the com pany.
16. In our opinion, and according to the inform ation and
explanations given to us, on an overall basis, the term loans
have been applied for the purposes for w hich they w ere
obtained.
17. O n the basis of an overall exam ination of the balance sheet of
the C om pany, in our opinion and according to the inform ation
and explanations given to us, there are no funds raised on
a short-term basis w hich have been used for long-term
investm ent.
18. The C om pany has not m ade any preferential allotm ent of
shares to parties and com panies covered in the register
m aintained under Section 301 of the A ct during the year.
19. The com pany has created security or charge in respect of
debentures issued and outstanding at the year end.
20. The com pany has not raised any m oney by public issues
during the year. The m anagem ent has disclosed the end use
of m onies during the year, out of public issue raised during the
year ended M arch 31, 2007 [Refer N ote 3 on Schedule 15 (II)]
and the sam e has been verified by us.
21. D uring the course of our exam ination of the books and
records of the C om pany, carried out in accordance w ith the
generally accepted auditing practices in India, and according
to the inform ation and explanations given to us, w e have
neither com e across any instance of fraud on or by the
C om pany, noticed or reported during the year, nor have w e
been inform ed of such case by the m anagem ent.
Place: Bangalore
Thom as M athew
Partner
Price W aterhouse
th
Balance Sheet as at M arch 31, 2009
(A m ount in Rupees)
Particulars Schedules Ref M arch 31, 2009 M arch 31, 2008
I. Sources of Funds
1. ShareholdersFunds
a) C apital 1 3,641,313,426 3,641,304,551
b) Reserves and Surplus 2 53,380,937,910 57,022,251,336 52,404,369,003 56,045,673,554
2. Loan Funds
a) Secured Loans 3 4,203,010,883 4,691,761,693
b) U nsecured Loans 4 4,203,010,883 100,000,000 4,791,761,693
Total 61,225,262,219 60,837,435,247
II. A pplication of Funds
1. Fixed A ssets
a) G ross Block 5 16,599,198 17,100,604
b) Less : D epreciation 8,467,326 10,324,611
c) N et Block 8,131,872 6,775,993
2. Investm ents 6 40,618,683,534 47,803,096,209
3. D eferred Tax A sset / (Liability) (N et)
[Refer N ote 11 of Schedule 15 (II)]
2,156,458 (274,717)
a) C ash and Bank Balances 7 13,319,157,676 1,081,496,436
b) O ther C urrent A ssets 8 57,969,224 41,217,820
c) Loans and A dvances 9 7,402,076,268 12,117,733,857
20,779,203,168 13,240,448,113
Less : C urrent Liabilities and Provisions 10
a) Liabilities 174,475,912 212,141,636
b) Provisions 8,436,901 468,715
182,912,813 212,610,351
N et C urrent A ssets 20,596,290,355 13,027,837,762
Total 61,225,262,219 60,837,435,247
Statem ent on Significant A ccounting
Policies and N otes to the A ccounts
15
The Schedules referred to above form an integral part of the Balance Sheet.
This is the Balance Sheet referred to in our report of even date.
Thom as M athew
Partner
Price W aterhouse
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
C .P. Sounderarajan
C om pany Secretary
th
Profit and Loss A ccount for the year ended M arch 31, 2009
Particulars Schedules Ref M arch 31, 2009 M arch 31, 2008
I. Incom e
O perating Incom e 11 1,592,003,544 1,027,670,401
O ther Incom e 12 58,182,517 94,293,238
1,650,186,061 1,121,963,639
II. Expenditure
A dm inistration and O ther Expenditure 13 371,286,309 211,601,846
Interest and Finance C harges 14 237,924,361 253,655,318
D epreciation 1,085,519 1,293,226
610,296,189 466,550,390
III. Profit Before Taxation 1,039,889,872 655,413,249
- C urrent 57,500,000 27,500,000
- D eferred (2,431,175) 180,269
- Fringe Benefit Tax 8,087,723 750,000
IV. Profit A fter Taxation 976,733,324 626,982,980
Surplus brought forw ard from previous year 1,496,168,468 817,810,488
V. Profit available for A ppropriation 2,472,901,792 1,444,793,468
Transfer from D ebenture Redem ption Reserve (37,500,000) (51,375,000)
VI. Available Surplus carried to Balance Sheet 2,510,401,792 1,496,168,468
Earnings Per Share(Rs.) - Basic & D iluted 0.54 0.37
[Per equity share of Rs.2 each] [Refer N ote 10 of Schedule 15 (II)]
Statem ent on Significant A ccounting Policies and N otes to the A ccounts 15
The Schedules referred to above form an integral part of the Profit and Loss A ccount.
This is the Profit and Loss A ccount referred to in our report of even date.
Thom as M athew
Partner
Price W aterhouse
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
C .P. Sounderarajan
C om pany Secretary
th
Schedules form ing part of Balance Sheet as at M arch 31, 2009
Schedule 1 | C A PITA L M arch 31, 2009 M arch 31, 2008
A uthorised
3,750,000,000 Equity shares of Rs. 2 each 7,500,000,000 7,500,000,000
7,500,000,000 7,500,000,000
Issued, Subscribed and paid up
1,820,658,088 Equity Shares of Rs. 2 each fully paid-up 3,641,316,176 3,641,316,176
N otes:
O f the above,
528,873,615 equity shares of Rs. 2 each fully paid-up w ere allotted during the year
ended M arch 31, 2006, by w ay of bonus shares by capitalising free reserves of the
com pany.
1,362,523,238 (2008: 1,333,613,610) equity shares of Rs 2 each fully paid-up are held
by the holding com pany G M R H oldings Private Lim ited.
i.
ii.
3,641,316,176 3,641,316,176
Less: C alls unpaid 2,750 11,625
Total 3,641,313,426 3,641,304,551
N ote: Refer note 10 (iii) of Schedule 15 (II) on sub division of one equity share of the com pany carrying face value of Rs.10/- each into 5
equity shares of Rs. 2 each during the year ended M arch 31, 2008.
Schedule 2 | RESERVES A N D SU RPLU S M arch 31, 2009 M arch 31, 2008
Securities Prem ium A ccount
A t the com m encem ent of the year 50,708,200,535 12,017,841,305
A dd: Received tow ards Q IP of equity shares (Refer N ote 3 & 4 on Schedule 15 (II)) 39,326,664,944
Less: U tilised tow ards share issue expenses 287,782 636,840,863
A dd: Received against C alls U npaid 123,365 535,149
(i) 50,708,036,118 50,708,200,535
D ebenture Redem ption Reserve
A t the com m encem ent of the year 200,000,000 251,375,000
Less: Transfer to Profit and Loss A ccount 37,500,000 51,375,000
(ii) 162,500,000 200,000,000
Balance in Profit and Loss A ccount (iii) 2,510,401,792 1,496,168,468
Total (i)+(ii)+(iii) 53,380,937,910 52,404,369,003

th
Schedule 3 | SEC U RED LO A N S M arch 31, 2009 M arch 31, 2008
D ebentures
650 (2008: 800) Secured Redeem able N on-C onvertible D ebentures of Rs. 1,000,000 each 650,000,000 800,000,000
[These debentures bear interest at the rate of 11.93% per annum (10.40% up to Septem ber
30, 2008)]
[These debentures are secured by im m ovable property of the C om pany and further secured
by deposit of m argin m oney]
Bank O verdraft 803,010,883 1,141,761,693
[Secured by pledge of 5,000,000 fully paid-up equity shares of Rs.10 each of G M R Industries
Lim ited, held by G M R H oldings Private Lim ited and by w ay of G uarantee issued by G M R
H oldings Private Lim ited]
Term Loan
Rupee Loan
From a Financial Institution 2,750,000,000 2,750,000,000
[Secured by pledge of 80,273,416 fully paid-up equity shares of Rs. 2 each of G M R
Infrastructure Lim ited, held by G M R H oldings Private Lim ited and by w ay of G uarantee
issued by G M R H oldings Private Lim ited]
Total 4,203,010,883 4,691,761,693
Schedule 4 | U N SEC U RED LO A N S M arch 31, 2009 M arch 31, 2008
O ther than Short Term
From Banks 100,000,000
Total 100,000,000

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5
3

1
4
,
5
5
1

1
7
,
1
0
0
,
6
0
4

9
,
0
3
1
,
3
8
5

1
,
2
9
3
,
2
2
6

1
0
,
3
2
4
,
6
1
1

6
,
7
7
5
,
9
9
3

th
Schedule 6 | IN VESTM EN TS M arch 31, 2009 M arch 31, 2008
I. Long term - A t cost
O ther than Trade - U nquoted
A . In Equity Shares of Subsidiaries
In Equity Shares of C om panies
G M R Energy Lim ited @
[586,914,708 (2008: 586,914,708) Equity Shares of Rs.10 each fully paid up]
3,962,707,176 3,962,707,176
G M R H yderabad International A irport Lim ited @
[238,139,995 (2008: 36,995) Equity Shares of Rs.10 each fully paid up]
2,381,399,950 369,950
G M R Pochanpalli Expressw ays Private Lim ited @
1,242,000,000 633,420,000
G M R Jadcherla Expressw ays Private Lim ited @
1,060,425,000 540,906,750
G M R A m bala C handigarh Expressw ays Private Lim ited @
456,327,200 456,327,200
D elhi International A irport Private Lim ited @
[373,200,000 (2008: 217,700,000) Equity shares of Rs. 10 each fully paid up]
3,732,000,000 2,177,000,000
G M R U lundurpet Expressw ays Private Lim ited @
1,788,750,000 912,262,500
[4,900 (2008: 4,900) Equity shares of Rs. 10 each fully paid up]
49,000 49,000
6,798,262,400 3,993,262,400
G M R Aviation Private Lim ited.
864,400,000 200,000,000
G atew ays for India A irports Private Lim ited
[3,784 (2008: 3,784) Equity shares of Rs.10 each fully paid-up]
37,840 37,840
[100 (2008: 100 ) Equity shares of Rs.10 each fully paid-up]
1,000 1,000
[117,500,000 (2008: 50,000) Equity shares of Rs.10 each fully paid-up]
1,175,000,000 500,000
G M R O il & N atural G as Private Lim ited
[9,999 (2008: N il) Equity shares of Rs.10 each fully paid-up]
99,990
[1,975,000 (2008: N il) Equity shares of Rs.10 each fully paid-up]
19,750,000
In Equity Shares of O ther Body C orporates
[5 (2008: N il) Equity share of U SD 1 fully paid up]
202
[156,550,001 (2008: 1) Equity share of U SD 1 fully paid up]
7,175,661,500 39
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapim Ve Isletm e A nonim Sirketi @
[51,108,925 (2008: 6,681,713) Equity shares of YTL 1 each fully paid-up]
1,570,061,222 219,620,993
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi @
[3,502 (2008: N il) Equity shares of YTL 100 each fully paid-up]
10,317,420
G M R H olding (M alta) Lim ited @
[58 (2008: N il) Equity shares of EU R 1 each fully paid-up]
3,924
(i) 32,237,253,824 13,096,464,848
@ - Refer N ote (6) of Schedule 15 (II) for details of investm ents pledged as security in respect
of the loans availed by the C om pany and the investee com panies
B. In Preference Shares of Subsidiary C om panies
[838,142,971 (2008: 212,149,596) 1% Preference Shares of Rs. 10 each fully paid up]
8,381,429,710 2,121,495,960
(ii) 8,381,429,710 2,121,495,960
th
II. C urrent Investm ent at cost or below
O ther than Trade - U nquoted
A . Investm ents in Bonds*
C entral Bank of India Tier II Bonds
[N il (2008: 50) Bonds of face value of Rs. 1,000,000 each]
50,000,000
B. Investm ents in M utual Funds**
Birla Sun Life Liquid Plus - Instl. - D aily D ividend -Reinvestm ent
[N il (2008: 65,089,341 ) U nits of Rs.10 per unit]
651,336,026
BSL Interval Incom e Fund - IN STL - Q uarterly - Series 2-D ividend
[N il (2008: 50,396,317) U nits of Rs.10 per unit]
503,965,000
Birla D ynam ic Bond Fund - Retail - Q uarterly D ividend -Reinvestm ent
750,000,000
Birla Infrastructure Fund - D ividend -Payout
64,597,458
D SP M errill Lynch Liquid Plus Institutional Plan - D aily D ividend
[N il (2008: 502,252 ) U nits of Rs.10 per unit]
502,554,027
D W S M oney Plus Fund - Institutional Plan - D aily D ividend
540,618,752
H D FC Floating Rate Incom e Fund - Short Term Plan - D ividend Reinvestm ent - D aily
524,290,295
H SBC Liquid Plus-Inst. Plus-D aily D ividend
693,763,333
IC IC I Prudential Institutional Liquid Plan - Super Institutional D aily D iv- Reinvest D ividend
5,073,254,719
IC IC I Prudential Interval Fund II Q uarterly Interval Plan
350,000,000
IC IC I Prudential FM P Series 42 - Three M onths Plan A Retail D ividend- Pay D ividend
500,000,000
IC IC I Prudential FM P Series 42 - Three M onths Plan C Retail D ividend- Pay D ividend
250,000,000
IC IC I Prudential - Flexible Incom e Plan D ividend - D aily- Reinvest D ividend
308,488,168
IC IC I Prudential Interval Fund Q uarterly Interval Plan - 1 Retail D ividend- Reinvest D ividend
756,420,000
IN G Liquid Fund Super Inst. - D aily D ividend O ption
3,184,681,778
IN G Liquid Plus Fund - Institutional D aily D ividend
278,649,159
IN G Fixed M aturity Fund - 42 Institutional D ividend
250,000,000
JM M oney M anager Fund Super Plus Plan - D aily D ividend
506,795,261
JM Interval Fund - Q uarterly Plan 4 - Institutional D ividend Plan
500,000,000
Kotak Flexi D ebt Schem e - D aily D ividend
1,023,257,728
LIC M F Liquid Fund - D ividend Plan
922,033,339
LIC Liquid Plus Fund - D aily D ividend Plan
296,768,263
th
(A m ount in Rupees
Lotus India Liquid Plus Fund - Institutional D aily D ividend
586,151,240
Principal Floating Rate Fund FM P - Insti. O ption - D ividend Reinvestm ent D aily
517,451,700
Reliance Fixed H orizon Fund - VI Series Institutional D ividend Plan
500,000,000
Reliance Liquidity Fund - D aily D ividend Reinvestm ent O ption
[N il (2008: 409,771) U nits of Rs.1,000 per unit]
410,237,017
Reliance Liquid Plus Fund - Institutional O ption - D aily D ividend Plan
[N il (2008: 32,778) U nits of Rs.1,000 per unit]
32,814,069
Reliance D aily D ividend Reinvestm ent Plan
[N il (2008: 272,118) U nits of Rs.10 per unit]
2,722,029
TATA D ynam ic Bond Fund O ption B - D ividend
1,000,000,000
TATA Floater Fund - D aily D ividend
788,759,776
TATA Fixed H orizon Fund Series - Institutional Plan - Periodic D ividend
251,870,000
U TI Liquid C ash Plan Institutional - D aily Incom e O ption - Re-investm ent
[N il (2008: 7,443,069) U nits of Rs.1,000 per unit]
7,587,805,589
U TI - Fixed M aturity Plan H FM P 03/08 - I Institutional D ividend Plan - Reinvestm ent
[N il (2008: 100,000,000) U nits of Rs. 10 per unit]
1,000,000,000
U TI Fixed Incom e Interval Fund-Q uarterly Interval Plan Series-I - Institutional D ividend Plan
- Reinvestm ent
500,000,000
U TI Fixed Incom e Interval Fund - Q uarterly Plan Series - III- Institutional D ividend -
Reinvestm ent
503,982,555
U TI - Fixed M aturity Plan - Q FM P (02/08-I) - Institutional D ividend Plan - Reinvestm ent
252,068,728
IN G G lobal Real Estate
100,000,000
(iii) 32,515,336,009
C . O ther than Trade - Q uoted
Equity Shares***
A IA Engineering Lim ited
3,678,629
BA SF India Lim ited
2,614,320
Bharath Earth M overs Lim ited
3,880,756
C ontainer C orporation of India Lim ited
3,971,066
C orom andel Fertilisers Lim ited
2,929,365
C rom pton G reaves Lim ited
3,328,538
G am m on India Lim ited
3,618,189
th
(A m ount in Rupees
G reat O ffshore Lim ited
2,990,906
H D FC Lim ited
5,030,791
H industan D orr O liver Lim ited
2,622,600
4,358,651
KEC International Lim ited
2,702,395
Larsen and Turbo Lim ited
7,134,483
M oser Baer ( I ) Lim ited
2,153,379
N avin Flourine International Lim ited
2,727,983
Reliance Industries Lim ited
6,486,985
Reliance Energy Lim ited
2,825,670
W elspun G ujarat Stahl Rohren Lim ited
2,817,685
(iv) 65,872,391
D . O ther than Trade - U n Q uoted
Equity Shares
Sai Rayalaseem a Paper M ills Lim ited
3,927,001
(v) 3,927,001
Total (i)+(ii)+(iii)+(iv)+(v) 40,618,683,534 47,803,096,209
* A ggregate M arket Value as at M arch 31, 2009 - Rs. N il (2008: Rs. 50,000,000).
** A ggregate N et A sset Value as at M arch 31, 2009 - Rs. N il (2008: Rs. 32,465,336,009).
*** A ggregate M arket Value as at M arch 31, 2009 - Rs.N il (2008: Rs. 69,799,392).
- Refer N ote (13) of Schedule 15 (II) for details of current investm ents (O ther than trade) purchased and sold during the year.
Schedule 7 | C A SH A N D BA N K BA LA N C ES M arch 31, 2009 M arch 31, 2008
Balances w ith Scheduled Banks
- O n C urrent A ccount - Balance of unutilised m onies raised by w ay of IPO 163,592
- O n C urrent A ccounts - O thers 1,464,084,890 23,507,813
- O n D eposit A ccounts* 11,770,497,468 980,000,000
- O n M argin M oney accounts** 84,575,318 77,825,031
Total 13,319,157,676 1,081,496,436
*Includes deposit of Rs 650,000,000 (2008:N il) w hich has been offered as security in favour of debenture holders.
**Includes Rs. N il (2008: Rs. 65,400,000) out of balance of unutilised m onies raised by w ay of IPO .
**The M argin m oney deposits are tow ards Bank G uarantees issued by the bankers on behalf of the com pany.

th
Schedule 8 | O TH ER C U RREN T A SSETS M arch 31, 2009 M arch 31, 2008
(U nsecured, considered good)
Interest accrued but not due 57,969,224 33,645,500
D ividend receivable 7,572,320
Total 57,969,224 41,217,820
Schedule 9 | LO A N S A N D A D VA N C ES M arch 31, 2009 M arch 31, 2008
(U nsecured and considered good, unless otherw ise stated)
Loan to Subsidiary C om panies 858,895,000
A dvance tow ards investm ent in Subsidiary / A ssociate com panies 6,848,357,513 10,541,624,264
A dvances recoverable in cash or in kind or for value to be received
C onsidered good 151,343,818 400,183,492
C onsidered doubtful 60,000,000
Less: Provision for doubtful advance (60,000,000)
A dvance Tax (N et of provisions) 43,769,537 887,501
D eposits w ith O thers 358,605,400 316,143,600
Total 7,402,076,268 12,117,733,857
Schedule 10 | C U RREN T LIA BILITIES M arch 31, 2009 M arch 31, 2008
A ) Liabilities
Sundry C reditors
D ues to M icro and Sm all Enterprise
[Refer N ote 14 of Schedule 15 (II)]

D ues to other than M icro and Sm all Enterprise 74,880,154 124,684,318
Share A pplication M oney Refunds - N ot claim ed 507,055 723,180
O ther Liabilities 19,225,703 6,871,138
Interest accrued but not due on Loans 79,863,000 79,863,000
174,475,912 212,141,636
B) Provisions
Provision for em ployee benefits 8,436,901 468,715
8,436,901 468,715
Total 182,912,813 212,610,351

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Schedule 11 | O PERATIN G IN C O M E M arch 31, 2009 M arch 31, 2008
D ividend from Subsidiary C om panies 7,572,320
D ividend from C urrent Investm ents (other than trade) (gross) 1,077,343,110 743,739,839
Incom e from m anagem ent / technical services 100,000,000
Interest Incom e - G ross 514,660,434 176,358,242
[Tax D educted at source Rs 63,698,161 (2008: Rs.7,740,891)]
Total 1,592,003,544 1,027,670,401
Schedule 12 | O TH ER IN C O M E M arch 31, 2009 M arch 31, 2008
Profit on sale of current investm ents (other than trade) 80,732,124
[N et of loss on sale of investm ents of Rs. 2,951,250 for the year ended M arch 31, 2008]
G ain on foreign exchange Fluctuations 53,374,575
M iscellaneous Incom e 4,807,942 13,561,114
Total 58,182,517 94,293,238
Schedule13 | A D M IN ISTRATIO N A N D O TH ER EXPEN SES M arch 31, 2009 M arch 31, 2008
Salaries, A llow ances and Benefits to em ployees 90,314,064 53,635,701
C ontribution to provident fund and others 10,904,030 5,872,620
Staff w elfare expenses 23,544 51,708
Rent 5,250,924
Rates and Taxes 17,897,076 8,522,768
Repairs and M aintenance 293,171 246,503
Insurance 586,902 590,302
C onsultancy and Professional C harges 74,189,969 14,479,105
D irectorssitting fees 1,080,000 1,420,000
Provision for D im inution in value of Investm ents 65,363,174
Provision for D oubtful A dvances 60,000,000
Travelling and C onveyance 31,048,355 7,267,352
Loss on foreign exchange fluctuations 6,780
Loss on Sale of current investm ent (other than trade) 36,064,690
[N et of Profit on sale of investm ent of Rs. 27,480,163 for the year ended M arch 31, 2009]
Fixed A ssets W ritten off 723,136
A dvertisem ent 7,535,805 29,202,760
Printing and Stationery 12,584,137 4,939,340
M eetings and Sem inars 2,503,965 3,730,319
D onations 6,595,000 4,485,000
M iscellaneous Expenses 18,942,465 6,537,490
Total 371,286,309 211,601,846

Schedule14 | IN TEREST A N D FIN A N C E C H A RG ES M arch 31, 2009 M arch 31, 2008
Interest on D ebentures / Fixed Period Loans 221,968,263 191,357,178
Interest - O thers 8,634,439 27,531,535
Bank and other finance charges 7,321,659 34,766,605
Total 237,924,361 253,655,318
Schedules form ing part of Profit and Loss A ccount for the year ended M arch 31, 2009
th
N otes form ing part of A ccounts
Schedule 15 | I SIG N IFIC A N T A C C O U N TIN G PO LIC IES
A ccounting A ssum ptions
The Financial Statem ents are prepared in accordance w ith the historical cost convention and to com ply in all m aterial aspects w ith the
applicable accounting principles in India, the accounting standards notified under Sub-section (3C ) of Section 211 of the C om panies A ct,
1956 of India (the A ct) and other relevant provisions of the A ct. The significant accounting policies are as follow s:
Revenue Recognition
D ividend incom e on investm ents is accounted for w hen the right to receive the paym ent is established.
Interest on investm ents and bank deposits are booked on a tim e proportion basis taking into account the am ounts invested and the rate
of interest.
Incom e from m anagem ent/technical services is recognized as per the term s of the agreem ent and on the basis of services rendered.
Expenditure
Expenses are accounted for on accrual basis and provision is m ade for all know n losses and liabilities.
Fixed A ssets
Fixed A ssets are stated at cost of acquisition less depreciation. C ost of acquisition is inclusive of freight, duties, levies and all incidentals
attributable to bringing the asset to its w orking condition.
A ll the fixed assets are assessed for any indication of im pairm ent at the end of each financial year. O n such indication, the im pairm ent
(being the excess of carrying value over the recoverable value of the asset) is charged to the Profit and Loss account in the respective
financial year. The im pairm ent loss recognized in the prior years is reversed w here the recoverable value exceeds the carrying value of the
asset upon re-assessm ent in the subsequent years.
D epreciation
D epreciation is provided on straight line m ethod at the rates specified under Schedule XIV to the C om panies A ct, 1956 except for assets
of less than Rs. 5,000, w hich are fully depreciated in the year of acquisition.
Leasehold im provem ents are am ortized over the period of the lease or estim ated useful life w hichever is shorter.
Investm ents
Long term investm ents are valued at cost and provision for dim inution in value is m ade for any decline, other than tem porary, in the value
of such investm ents for each category. The C urrent investm ents are valued at cost or m arket value w hichever is low er. C ost of acquisition
is inclusive of expenditure incidental to acquisition. Incom e from investm ents is recognised in the year in w hich it is accrued and stated
at gross.
Foreign C urrency Transactions
A ll foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions. M onetary assets
and liabilities are translated at the exchange rate prevailing on the balance sheet date and the resultant gain /loss is recognized in the
financial statem ents. The original cost of fixed assets acquired through foreign currency borrow ings at the end of each financial year is
adjusted for any change in liability arising out of expressing the outstanding foreign currency loan at the rate of exchange prevailing at
the date of balance sheet.
Long term foreign currency m onetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date and
the resultant exchange differences are accum ulated in a foreign currency m onetary item translation difference account and am ortized
over the balance period of such long term asset/liability but not beyond M arch 31, 2011.
In case of forw ard exchange contracts or any financial instrum ents not intended for trading or speculation, the prem ium or discount
arising at the inception of the contract is am ortized as expense or incom e over the life of the contract. G ain/Loss on settlem ent of
transaction arising on cancellation or renew al of a forw ard exchange contract is recognized as incom e or as expense for the year.
Retirem ent Benefits
a. D efined C ontribution Plans
C ontributions paid/payable to defined contribution plans com prising of provident fund and pension fund are charged on accrual basis.
The C om pany also has a defined contribution superannuation plan (under a schem e of Life Insurance C orporation of India) covering all its
em ployees and contributions in respect of such schem e are charged on accrual basis in the Profit and Loss A ccount. The C om pany m akes
m onthly contributions and has no further obligations under the plan beyond its contributions.
th
Schedule 15 | SIG N IFIC A N T A C C O U N TIN G PO LIC IES
b. D efined Benefit Plan
G ratuity for em ployees is covered under a schem e of Life Insurance C orporation of India and contributions in respect of such schem e are
recognised in the Profit and Loss A ccount. The liability as at the Balance Sheet date is provided for based on the actuarial valuation in
accordance w ith the requirem ents of revised A S 15 as at the end of the year.
c. O ther Long term em ployee benefits
O ther Long term em ployee benefits com prise of leave encashm ent w hich is provided for based on the actuarial valuation carried out in
accordance w ith revised A S 15 as at the end of the year.
d. Short term em ployee benefits
Short term em ployee benefits, including accum ulated com pensated absences as at the Balance Sheet date, are recognised as an expense
as per C om panys schem es based on the expected obligation on an undiscounted basis.
Earnings Per Share
The earnings considered in ascertaining the com panys Earnings Per Share (EPS) com prise the net profit after tax less dividend (including
dividend distribution tax) on preference shares. The num ber of shares used for com puting the basic EPS is the w eighted average num ber
of shares outstanding during the year.
Taxes on Incom e
C urrent tax is determ ined based on the am ount of tax payable in respect of taxable incom e for the year. D eferred tax is recognized on
tim ing differences; being the difference betw een the taxable incom es and accounting incom e that originate in one year and are capable
of reversal in one or m ore subsequent years. D eferred tax assets and liabilities have been com puted on the tim ing differences applying the
tax rates and tax law s that have been enacted or substantively enacted by the Balance Sheet date. D eferred tax assets arising on account
of unabsorbed depreciation or carry forw ard of tax losses are recognized only to the extent that there is virtual certainty supported by
convincing evidence that sufficient future taxable incom e w ill be available against w hich such deferred tax assets can be realized.
th
Schedule 15 | II N O TES TO A C C O U N TS
1. C ontingent Liabilities:
C orporate G uarantees issued in respect of borrow ings availed by subsidiary com panies and others Rs.71,001,000,000
(2008 Rs. 28,898,700,000).
2. C apital C om m itm ents
Investm ent in subsidiary com panies including contribution tow ards equity shares and com m itm ent tow ards subordinate debt -
Rs. 1,020,000,000 (2008 Rs. 2,424,159,200).
Investm ent in equity shares of joint venture Rs. 1,146,000,000 (2008 Rs. 882,157,843).
3. D uring the year ended M arch 31, 2007, pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral
M eeting held on February 28, 2006; 38,136,980 equity shares of face value of Rs. 10 each have been allotted by w ay of Initial Public
O ffer (IPO ) on A ugust 17, 2006 and A ugust 24, 2006. The details of funds received and their utilisation upto M arch 31, 2009 are given
below :
Particulars A s at M arch 31,2009 A s at M arch 31,2008
Equity Share C apital 381,369,800 381,369,800
Share Prem ium (Refer N ote (i) below ) 7,567,867,038 7,567,867,038
Interest on delayed paym ent of call m oney 573,528 547,887
Less: C alls unpaid 40,975 173,213
Total 7,949,769,391 7,949,611,512
U tilisation
Investm ent in Subsidiary C om panies (including Share A pplication M oney, pending
allotm ent) Refer N ote (ii) below
5,194,955,264 5,099,513,690
Repaym ent of U nsecured Loans 550,000,000 550,000,000
Paym ent to G M R H oldings Private Lim ited and G M R O perations Private Lim ited for
acquisition of equity shares of G VL Investm ents Private Lim ited
1,558,564,340 1,558,564,340
Expenses incurred tow ards the IPO 646,249,787 645,969,890
D eposit w ith Securities and Exchange Board of India (SEBI) 30,000,000
M argin M oney tow ards Bank G uarantee issued to SEBI 65,400,000
Total U tilisation 7,949,769,391 7,949,447,920
Balance of unutilised m onies out of IPO , details of w hich are given below :
A m ount lying in current accounts 163,592
Total 163,592
N otes:
In case of 5,669,425 equity shares allotted to the retail investors category, a discount of five percent on the issue price w as given in
accordance w ith the term s of the C om panys prospectus dated A ugust 7, 2006.
Represents investm ent m ade directly by the com pany, through its subsidiary com panies and by w ay of repaym ent of loans taken for
the purpose of investm ent in subsidiary com panies.
4. Pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral M eeting held on N ovem ber 26, 2007,
165,238,088 equity shares of face value of Rs. 2 each have been allotted to Q ualified Institutional Buyers (Q IB) at a prem ium of Rs. 238
per share on D ecem ber 12, 2007 and received an am ount of Rs. 39,657,141,120. The net proceeds after the issue expenses w ill be
utilized tow ards capital expenditure for various projects under developm ent (either directly or through our subsidiaries, joint ventures or
affiliates), general corporate purposes including w orking capital and strategic initiatives and acquisitions in India and abroad. Pending
utilization for the purposes described above, the funds have been invested in Short term M utual Funds and bank deposits.
a.
b.
i.
ii.
th
5. Em ployee Benefits
The follow ing table sets forth the status of the G ratuity Plan of the C om pany and the am ounts recognized in the Balance Sheet:
Particulars
Year Ended
M arch 31, 2009
Year Ended
M arch 31, 2008
Projected benefits obligation at the beginning of the year 227,290 204,793
C urrent service cost 362,157 32,470
Interest cost 15,910 16,383
A ctuarial loss/(gain) (36,426) (25,875)
Benefits paid (481)
Projected benefit obligation at the end of the year 568,931 227,290
A m ounts recognized in the balance sheet
Projected benefit obligation at the end of the year 568,931 227,290
Fair value of plan assets at end of the year 723,778 661,589
Funded status of the plans asset (154,847) (434,299)
C ost for the year
C urrent service cost 362,157 32,470
Interest cost 15,910 16,383
Expected return on plan assets (52,927) (48,424)
N et actuarial (gain)/loss recognized in the year (27,164) (18,006)
N et C ost (297,976) (17,577)
A ssum ptions
D iscount Rate 7.00% 8.00%
Estim ated rate of return on plan assets 8.00% 8.00%
Expected rate of salary increase 6.00% 6.00%
A ttrition Rate 5.00% 5.00%
Leave encashm ent liability provided based on actuarial valuation am ounting to Rs. 7,867,970 (2008: Rs. 241,425) as at M arch 31, 2009.
6. The follow ing long term unquoted investm ents included in Schedule 6 have been pledged/subjected to negative lien/frozen by the
C om pany tow ards borrow ings of the C om pany or the investee com panies:
D escription N o of Shares
C arrying Value as at
M arch 31, 2009
(Equity shares of Rs. 10 each fully paid up)
32,607,413
(81,518,532)
220,157,423
(990,450,163)
151,080,552
(25,501)
1,510,805,520
(255,010)
G M R Pochanpalli Expressw ays Private Lim ited
37,260,000
(19,002,600)
372,600,000
(190,026,000)
31,812,750
(16,227,202)
318,127,500
(162,272,020)
23,272,687
(13,774,800)
232,726,870
(137,748,000)
53,662,500
(27,367,875)
536,625,000
(273,678,750)
93,166,904
(-)
931,669,040
(-)
G M R H olding (M alta) Lim ited
(Equity shares of EU R 1 each fully paid-up)
58
(-)
3924
(-)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapim Ve Isletm e A nonim Sirketi
(Equity shares of YTL 1 each fully paid-up)
40,887,140
(5,345,370)
1,256,048,978
(175,696,794)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi
(Equity shares of YTL 100 each fully paid-up)
3,502
(-)
10,317,420
(-)
N ote: Previous year figures are m entioned in brackets.
th
7.The C om pany is a holding com pany w ith investm ents m ainly w ithin group com panies and has certain service activity. Since the incom e
from services rendered is below the threshold lim it prescribed in the A ccounting Standard 17 Segm ent Reportingas referred to in
section 211(3C ) of the C om panies A ct, 1956, no separate segm ent reporting/disclosure are considered necessary.
8. Related Party Transactions
a) N am e of Related Parties and description of relationship:
D escription of Relationship N am e of the Related Parties
H olding C om pany G M R H oldings Private Lim ited (G H PL)
Subsidiary C om panies G M R Energy Lim ited (G EL)
G M R Pow er C orporation Private Lim ited (G PC PL)
Vem agiri Pow er G eneration Lim ited (VPG L)
G M R (Badrinath) H ydro Pow er G eneration Private Lim ited (G BH PL)
Badrinath H ydro Pow er G eneration Private Lim ited (BH PL)
G M R M ining and Energy Private Lim ited (G M EPL)
G M R Kam alanga Energy Lim ited (G KEL)
G M R Energy Trading Lim ited (G ETL)
G M R C onsulting Engineers Private Lim ited (G C O EPL)
G M R C oastal Energy Private Lim ited (G C EPL)
G M R Bajoli H oli H ydropow er Private Lim ited (G BH H PL)
G M R Londa H ydropow er Private Lim ited (G LH PPL)
Londa H ydropow er Private Lim ited (LH PL)
H im tal H ydro Pow er C om pany Private Lim ited (H H PC PL)
G M R U pper Karnali H ydropow er Public Lim ited, N epal (G U KH L)
G M R Energy (M auritius) Lim ited, M auritius (G EM L)
G M R Lion Energy Lim ited, M auritius (G LEL)
G M R Energy (C yprus) Lim ited, C yprus (G EC L)
G M R Energy (N etherlands) B.V. (G EN BV)
PT D w ikarya Sejati U tm a (PTD SU )
PT D uta Sarana Internusa(PTD SI)
PT Barasentosa Lestari (PTBL)
G M R H ighw ays Private Lim ited (G M RH PL)
G M R Tuni A nakapalli Expressw ays Private Lim ited (G TA EPL)
G M R Tam baram Tindivanam Expressw ays Private Lim ited (G TTEPL)
G M R A m bala C handigarh Expressw ays Private Lim ited (G A C EPL)
G M R Jadcherla Expressw ays Private Lim ited (G JEPL)
G M R Pochanpalli Expressw ays Private Lim ited (G PEPL)
G M R U lundurpet Expressw ays Private Lim ited (G U EPL)
G M R H yderabad International A irport Lim ited (G H IA L)
G atew ays for India A irports Private Lim ited (G FIA PL)
H yderabad M enzies A ir C argo Private Lim ited (H M A C PL)
H yderabad A irport Security Services Lim ited (H A SSL)
G M R H yderabad A irport Resources M anagem ent Lim ited (G H A RM L)
G M R H yderabad A erotropolis Lim ited (G H A L)
G M R H yderabad Aviation SEZ Lim ited (G H A SL)
G M R H yderabad M ultiproduct SEZ Lim ited (G H M SL)
G M R A irport H andling Services Lim ited (G A H SL)
D elhi International A irport Private Lim ited (D IA L)
D IA L C argo Private Lim ited (D C PL)
D elhi A erotropolis Private Lim ited (D A PL)
East D elhi W aste Processing C om pany Private Lim ited (ED W PC PL)
th
D escription of Relationship N am e of the Related Parties
G VL Investm ents Private Lim ited (G VL)
G M R Aviation Private Lim ited (G A PL)
G M R C orporate C enter Lim ited (G C C L)
G M R Krishnagiri SEZ Lim ited (G KSEZL)
A dvika Real Estate Private Lim ited (A REPL)
A klim a Real Estates Private Lim ited (A KREPL)
A m artya Real Estates Private Lim ited (A M REPL)
Baruni Real Estates Private Lim ited (BREPL)
C am elia Real Estates Private Lim ited (C REPL)
Eila Real Estate Private Lim ited (EREPL)
G erbera Estates Private Lim ited (G EPL)
H iral Real Estates Private Lim ited (H REPL)
H oneysuckle Properties Private Lim ited (H PPL)
Idika Real Estate Private Lim ited (IREPL)
Krishnapriya Real Estates Private Lim ited (KREPL)
N adira Real Estate Private Lim ited (N REPL)
Prakalpa Properties Private Lim ited (PPPL)
Purnachandra Real Estates Private Lim ited (PREPL)
Shreyadita Real Estate Private Lim ited (SH REPL)
Sreepa Real Estates Private Lim ited (SREPL)
G M R O il and N atural G as Private Lim ited (G O N G PL)
G M R Infrastructure (M auritius) Lim ited (G IM L)
G M R Infrastructure (C yprus) Lim ited (G IC L)
G M R Infrastructure O verseas Sociedad Lim itada (Spain) (G IO SL)
G M R Infrastructure (U K) Lim ited (G IU L)
G M R Infrastructure (G lobal) Lim ited (G IG L)
G M R Energy (G lobal) Lim ited (G EG L)
G M R Infrastructure ( Singapore) Pte Lim ited (G ISPL)
G M R International (M alta) Lim ited (G M RIM L)
Enterprises w here significant influence exists Sri Varalakshm i Jute Tw ine M ills Private Lim ited (SVJTM PL)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapum Ve Isletm e Sirketi
(ISG )
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi (SG H )
Lim ak G M R C onstruction JV (LG C JV)
G M R C hhattisgarh Energy Private Lim ited (G C H EPL)
Enterprises w here Key M anagem ent Personnel
and their relatives exercise significant influence
G M R Varalakshm i Foundation (G VRF)
Fellow Subsidiaries G M R Industries Lim ited (G ID L)
Raxa Security Services Lim ited (RSSL)
G M R Properties Private Lim ited (G PPL)
G M R Projects Private Lim ited (G M RPPL)
G M R C orporate A ffairs Private Lim ited (G C A PL)
G M R H olding (M alta) Lim ited (G H (M )L)
Key M anagem ent Personnel and their relatives M r. G .M .Rao (Executive C hairm an)
M r. G .B.S.Raju (M anaging D irector)
M r. Kiran Kum ar G randhi (D irector)
M r. Srinivas Bom m idala (D irector)
M r. B.V.N agesw ara Rao (D irector)
M r. O .Bangaru Raju (D irector)
th
b) Sum m ary of transactions w ith the above related parties are as follow s:
N ature of Transaction 2009 2008
D ividend received/receivable
- Subsidiary C om pany G EL 10,349,312
Service Incom e
- Fellow Subsidiary G M RPPL 112,360,000
Refund of Rent D eposit
- Fellow Subsidiary G PPL 19,593,600
D eposit given
- Subsidiary C om pany G C C L
- Fellow Subsidiary G C A PL
787,500,000
107,800,000
285,790,000

Refund of D eposit given
- Subsidiary C om pany G C C L
- Fellow Subsidiary G C A PL
792,500,000
60,000,000

Security Services rendered by
- Fellow Subsidiary RSSL 138,518
Purchase of equity shares from
- H olding C om pany - G H PL 250,000 9,999,000
Sale of equity shares
- Subsidiary C om pany G VL 2,000,000
Interest free loan recovered from
- Subsidiary C om pany - G VL 118,895,000 31,600,000
Equity Share application m oney invested in
- Subsidiary C om pany
- G H IA L 1,026,288,000
- G A C EPL 1,055,387,600 257,495,000
- G JEPL 569,518,250 270,000,000
- G PEPL 518,580,000 90,000,000
- G U EPL 876,487,500 100,000,000
- D IA L 3,732,000,000 3,265,500,000
- G EL 1,934,604,913
- G VL 2,680,000,000 5,321,512,200
- G A PL 1,815,250,000 863,500,000
- G KSEZL 1,989,660,000 455,575,000
- G FIA PL 400,000 925,000
- G O N G PL 100,000
- G IM L 7,640,695,000 1,966,461
- G M RH PL 165,000,000
- G EM L 202
- G H (M )L 3,924
-Fellow Subsidiary
- G C A PL 13,900,000
- Enterprises w here significant influence exists
- ISG 1,373,512,016
- SG H 10,317,420
Preference Share application m oney invested in
- Subsidiary C om pany- G EL 6,269,933,750
th
Refund of Share application m oney
- G EL 47,603,200
- G A C EPL 1,126,604,400
- G A PL 555,187,500 274,320,000
- G FIA PL 425,000 84,548,000
- G VL 4,394,720,000 774,512,200
- G U EPL 100,000,000
- G JEPL 320,000,000
- G M RH PL 1,000,000
- G IM L 505,800,000
- G H IA L 1,531,000
- Fellow Subsidiary - G C A PL 13,900,000
- Enterprises w here significant influence exists ISG 23,071,786
Investm ent in Equity Shares
- Subsidiary C om pany (Refer N ote (c) below )
- G A C EPL 186,278,200
- G JEPL 519,518,250
- G PEPL 608,580,000
- G U EPL 876,487,500
- D IA L 1,555,000,000 1,555,000,000
- G A PL 664,400,000 190,000,000
- G KEL - 1,000
- G KSEZL 1,174,500,000 500,000
- G IM L 7,175,661,461 39
- G O N G PL 99,990
- G EM L 202
- G H IA L 2,381,030,000
- G VL 2,805,000,000
- G M RH PL 19,500,000
- G H (M )L 3,924
- Enterprises w here significant influence exists
- ISG 1,350,440,230 219,620,992
- SG H 10,317,420
Investm ent in Preference shares of
- Subsidiary C om pany - G EL 6,259,933,750 1,387,001,710
Redem ption of Preference share by
- G TA EPL
- G TTEPL
575,572,000
784,696,000
Loans G iven to
- G TA EPL
- G TTEPL
324,860,000
415,140,000
Logo Licence fee paid/payable to
- H olding C om pany - G H PL 4,776,000
A dvances given and received
- Subsidiary C om pany - D A PL 4,000,000
th
Refund of Loans G iven to
- G TA EPL
- G TTEPL
324,860,000
415,140,000
M anagerial Rem uneration to

- Key m anagem ent personnel and their relatives
- G .M Rao
- G .B.S. Raju
51,994,494
31,196,696
32,770,662
19,662,397
Aviation Services availed
- Fellow Subsidiaries - G ID L 22,541,437
Balances Payable / (Recoverable)
- H olding C om pany G H PL 4,776,000
- Subsidiary C om panies
- G EL (510,000,003) (507,572,323)
- G VL (27,280,000) (4,665,895,000)
- G H IA L (2,382,561,000)
- G A PL (994,842,500) (399,180,000)
- G A C EPL (71,216,800)
- G KSEZ (1,270,235,000) (455,075,000)
- G JEPL (270,000,000)
- G U EPL (100,000,000)
- G PEPL (90,000,000)
- D IA L (3,887,500,000) (1,710,500,000)
- G M RH PL (158,500,000) (14,000,000)
- G FIA PL (25,000)
- G IM L (1,966,461)
- G O N G PL (10) (100,000)
- G TA EPL (324,860,000)
- G TTEPL (415,140,000)
- G C C L (280,800,000) (285,790,000)
- Fellow Subsidiaries G C A PL (47,800,000)
- Key M anagem ent Personnel and their relatives
- G .M .Rao 15,093,265 12,457,285
- G .B.S.Raju 7,049,145 7,284,265
N otes:
The C om pany has provided securities by w ay of pledge of investm ents for loans taken by certain com panies.
C ertain Key M anagem ent Personnel have extended personal guarantees as security tow ards borrow ings of the C om pany and other
bodies corporate. Sim ilarly the holding com pany has pledged certain shares held in the C om pany and other bodies corporate as
security tow ards the borrow ings of the C om pany.
Includes allotm ent of equity share out of Share A pplication m oney paid in earlier years.
Transactions and outstanding balances in the nature of reim bursem ent of expenses incurred by one com pany on behalf of the other
have not been considered above.
9. The com pany has entered into certain operating lease agreem ents and an am ount of Rs. N il (2008: 5,250,924) paid during the year
under such agreem ents has been disclosed as rent under Schedule 13. These agreem ents are cancelable in nature.
a.
b.
c.
d.
th
10. Earnings Per Share (EPS)
C alculation of EPS (Basic and D iluted)
Particulars
Year ended M arch 31,
2009 2008
N om inal Value of Equity Shares (Rs. per Share) 2 2
Total num ber of Equity Shares outstanding at the beginning of the year 1,820,658,088 1,655,420,000
A dd: Issue of Equity Shares through Q IP [Refer N ote 4 above] 165,238,088
Total num ber of Equity Shares outstanding at the end of the year 1,820,658,088 1,820,658,088
W eighted average num ber of Equity Shares outstanding at the end of the year 1,820,649,979 1,705,071,192
N et Profit after tax for the purpose of EPS 976,733,324 626,982,980
EPS Basic and D iluted (Rs.) 0.54 0.37
N ote:
A s at M arch 31, 2009, Rs. 2,750 (2008: Rs. 11,625) w as receivable tow ards Equity Shares and for the com putation of w eighted
average num ber of Equity Shares outstanding at the end of the year, these have been considered as partly paid-up shares.
Since the com pany did not have any dilutive securities, the basic and diluted earning per share are the sam e.
Pursuant to the approval for the subdivision of the equity shares of the C om pany in the A nnual G eneral M eeting held on A ugust 30,
2007, each equity share carrying a face value Rs. 10 each has been subdivided into 5 equity shares of Rs. 2 each on O ctober 8, 2007,
being the record date. A ccordingly, the w eighted average num ber of shares for both the current and corresponding previous periods
has been adjusted to reflect such subdivision w hile calculating the earnings per share.
11. D eferred Tax A sset / (Liability) (N et) as at M arch 31, 2009 com prises of:
Sl. N o Particulars
2009 2008
D eferred Tax A sset D eferred Tax Liability D eferred Tax A sset D eferred Tax Liability
1 D epreciation 874,643 436,074
2 Prelim inary Expenses 4,082 2,041
3 O ther 43B disallow ances 3,027,019 159,316
Total 3,031,101 874,643 161,357 436,074
D eferred Tax A sset / (Liability) (N et) 2,156,458 (274,717)
N ote: In view of the m anagem ents assessm ent that the future incom e in the form of dividends is tax free, deferred tax asset on carry/
brought forw ard losses have not been recognised by the C om pany, on the grounds of prudence.
i.
ii.
iii.
th
12. Inform ation on Joint Ventures as per A ccounting Standard 27
The C om panys interests in the below m entioned joint ventures are reported as Long Term Investm ents (Schedule 6) and stated at C ost.
H ow ever, the C om panys share of each of the assets, liabilities, incom e and expenses etc related to its interests in these joint ventures,
based on the audited financial statem ents are:
Particulars
A irport Lim ited (G H IA L)
Lim ited (D IA L)
Istanbul Sabiha G okecen
U luslararasi H avalim ani Yatirim
Yapim Ve Isletm e A nonim Sirketi
(ISG )
(Refer N ote (b) below ) (Refer N ote (c) below ) (Refer N ote (d) below )
2009 2008 2009 2008 2009 2008
(1) Share in ow nership and
voting pow er of the com pany
63.00% 63.00% 31.10% 31.10% 35.00% 35.00%
(2) C ountry of incorporation India India India India Turkey Turkey
(3) C ontingent Liabilities
- C om pany has incurred in
relation to Joint Venture
2,300,000,000 17,500,000,000 22,673,300,000
(4) C om panys share of
contingent liabilities of joint
venture
134,415,769 119,823,370 1,954,541,700 1,788,606,095
(5) C om panys share of capital
com m itm ents of the joint
venture
144,244,304 1,022,613,283 13,442,321,900 13,189,018,309
(6) A ggregate am ount of
com panys share in each of the
follow ing:
(a) C urrent A ssets 2,525,069,472 1,300,873,019 1,361,408,100 1,519,644,898 2,707,317,599 187,910,501
(b) Fixed A ssets (including
C apital w ork in progress and
pre operative expenditure,
pending allocation)
17,309,121,820 15,589,366,107 20,390,515,843 9,041,294,657 4,834,105,459 2,990,087
(c) Investm ents 83,720,291 566,140,667 172,837,939 2,738,485,931 23,570,764
(d) D eferred Tax A sset /(Liability) (94,246,710) (135,112,110) 56,845,457 (157,500)
(e) C urrent Liabilities and
Provisions
2,043,559,468 3,100,972,887 1,646,219,380 1,234,384,813 1,182,887,526 3,462,648
(f) Borrow ings 15,964,421,063 11,850,409,655 12,370,428,143 7,775,000,000 5,114,530,809
(g) Incom e
1. Sales 2,405,808,795 34,881,253 1,576,752,238 1,455,052,056 2,350,546,002
2. O ther Incom e 64,637,004 28,594,422 32,608,207 15,801,489 684,180
(h) Expenses
1. O perating Expenses 996,747,855 191,754,171 1,091,870,350 859,942,085 1,927,699,956
2. A dm inistration and other
expenses
507,671,238 205,122,573 293,040,611 305,634,657 398,424,195
3. D epreciation 706,758,060 16,133,312 163,340,199 28,330,234 345,138,318
4. Interest and Finance
C harges
1,003,125,382 13,966,201 167,523,118 2,352,735 12,240,117
5. Provision for Taxation
(including D eferred Taxation)
12,256,720 688,676 (33,401,400) 98,369,300 (53,425,087)
N otes:
D isclosure of Financial D ata as per A ccounting Standard 27 Financial Reporting of Interest in the joint venturehas been done
based on the audited financial statem ents of G H IA L and D IA L and ISG as on M arch 31, 2009.
The C om pany directly holds 63% of the equity shares of G H IA L.
The C om pany directly holds 31.1% of the equity shares of D IA L and 19.00% of the equity shares through its subsidiary com panies.
a.
b.
c.
th
The C om pany directly holds 35% of the equity shares of ISG and 5% of the equity shares through its subsidiary com panies.
13. D etails of C urrent Investm ents (other than trade) purchased and sold during the year ended M arch 31, 2009
Particulars
Purchased Sold
N o. of U nits A m ount (in Rupees) N o. of U nits A m ount (in Rupees)
M utual Funds, U nquoted
A BN A m ro Institutional PlusD aily D ividend
(200,000,000)
(2,000,000,000)
(200,125,874)
(2,001,258,747)
A BN A m ro M oney Plus Institutional Plan
D aily D ividend
(200,123,873)
(2,001,258,747)
(200,729,041)
(2,007,290,408)
A BN A m ro Interval Fund M onthly Plan
(20,000,000)
(200,000,000)
(20,121,350)

(201,213,497)
A IG Liquid Fund Super Institutional D aily
D ividend

(1,998,373)
(2,000,000,000)
(1,999,219)
(2,000,846,123)
A IG Treasury Plus Fund Super Institutional D aily
D ividend

(199,843,797)
(2,000,846,123)
(200,928,547)
(2,011,495,683)
Birla Sun Life C ash Plus Instl. Prem . D aily
D ividend Reinvestm ent
108,139,129
(470,532,462)
1,083,500,000
(4,714,500,000)
108,556,696
(470,830,889)
1,087,683,816
(4,717,490,090)
Birla Sun Life Liquid Plus
Instl. D aily D ividend Reinvestm ent
209,805,573
(446,386,788)
2,099,482,410
(4,466,903,313)
214,740,437
(449,694,207)
2,148,864,594
(4,500,000,000)
Birla D ynam ic Bond Fund Retail Q uarterly
D ividend - Reinvestm ent

(16,371,458)

(170,029,047)
(16,432,903)
(170,795,373)
BSL Interval Incom e Fund
IN STL Q uarterly Series 1D ividend - Payout

(50,000,000)

(500,000,000)

(50,000,000)
(500,000,000)
C an Bank ST G row th
(21,157,931)
(250,000,000)
(21,157,931 )
(252,462,298)
C an Bank Robeco Floating rate ST D aily
D ividend

(233,161,598)
(2,392,238,000)
(233,242,171)
(2,393,798,552)
C an Bank Robeco Liquid Plus Inst D aily
D ividend

(177,390,444)
(2,200,900,978)
(178,534,156)
(2,215,091,121)
D BS C hola Short Term Floating Rate Fund
D aily D iv Reinv Plan

(184,647,199)
(1,849,500,000)
(184,891,352)
(1,851,945,738)
D BS C hola Freedom Incom e STP Inst D aily
D ividend Reinvestm ent Plan
(131,361,508)
(1,313,615,076)
(131,996,325)
(1,320,084,035)
D SP M errill Lynch Liquid Plus
Institutional Plan D aily D ividend
(499,950)
(500,000,000)
(500,485)
(500,535,437)
D W S Short Term Floating Rate
C um . G row th

(21,711,566)
(250,000,000)
(21,711,566)
(255,721,288)
D W S Insta C ash Plus Fund
Institutional Plan G row th

(8,150,956)
(100,000,000)
(8,150,956)
(100,020,377)
D W S Short M aturity Fund G row th O ption
(7,579,196)
(100,020,377)
(7,579,196)
(100,437,991)
D W S Insta C ash Plus Fund Super
Institutional G row th Plan

(409,124,927)
(4,100,437,991)
(409,453,077)
(4,105,030,977)
D W S Insta C ash Plus Fund Super Institutional
Plan D aily D ividend
79,405,610
()
795,644,215
()
79,916,722
()
800,765,557
()
D W S M oney Plus A dvantage Fund
Institutional Plan

(49,621,881)
(500,000,000)
(50,228,148)
(508,796,074)
D W S C redit O pportunities C ash Fund W eekly
D ividend Plan

(49,842,001)
(500,000,000)
(50,428,199)
(506,828,613)
d.
th
Particulars
Purchased Sold
D W S M oney Plus Fund Institutional Plan
D aily D ividend

(246,065,158)
(2,462,669,316)
(249,795,168)
(2,500,000,000)
D W S Fixed Term Fund Series 58 Institutional
D ividend
50,000,000
()
500,000,000
()
50,000,000
()
511,056,289
()
D W S Fixed Term Fund Series 51 Institutional
G row th
25,000,000
()
250,000,000
()
25,000,000
()
249,422,500
()
G 50 G rindlays Floating Rate Fund LT Inst.
Plan B daily D ividend
105,862,654
(6,997,900)
1,059,208,784
(70,000,000)
108,437,182
(6,997,900)
1,084,968,227
(70,000,000)
H D FC Liquid Fund Prem ium Plan D ividend
D aily Reinvest
65,775,951
(163,134,798)
806,400,000
(2,000,000,000)
65,790,554
(163,161,411)
806,579,026
(2,000,326,270)
H D FC Floating Rate Incom e Fund Short Term
Plan W holesale O ption D ividend Reinvest
D aily
80,010,617
(146,419,067)
806,579,026
(1,476,035,975)
83,996,937
(148,796,238)
846,764,721
(1,500,000,000)
H SBC C ash FundInstitutional Plus D aily
D ividend
161,759,415
(237,437,035)
1,618,500,000
(2,375,700,000)
161,788,801
(237,583,498)
1,618,794,030
(2,377,165,449)
H SBC Flexi D ebt Fund Inst. G row th
(9,958,655)
(100,015,765)
(9,958,655)
(100,567,475)
H SBC C ash FundInstitutional Plus G row th
(8,145,490)
(100,567,475)
(8,145,490)
(101,626,394)
H SBC Liquid Plus Institutional Plus D aily
D ividend
28,818,724
(148,145,104)
288,550,359
(1,483,317,671)
31,236,394
(149,811,238)
312,757,518
(1,500,000,000)
H SBC Fixed Term Series 53 Inst G r 35,000,000
()
350,000,000
()
35,000,000
()
350,756,000
()
H SBC Floating Rate LTInst D aily D ividend 92,872,899
()
930,177,810
()
93,125,810
()
932,710,858
()
H SBC Interval FundPlan2Inst D ividend 49,999,500
()
500,000,000
()
49,999,500
()
500,809,992
()
IC IC I Prudential Institutional Liquid Plan
Super Institutional G row th

(44,155,569)
(500,000,000)
(44,155,569)
(514,933,413 )
Super Institutional D aily D ivReinvest D ividend
700,886,891
(399,980,001)
7,009,219,358
(4,000,000,000)
721,028,067
(400,267,510)
7,210,641,162
(4,002,875,231)
IC IC I Flexible Incom e Plan D ividend D aily
Reinvest D ividend
10,876,247
(349,400,583)
115,000,000
(3,694,387,063)
11,176,523
(354,660,235)
118,174,960
(3,750,000,000)
IC IC I Liquid Plan Super Institutional D aily D iv
(666,846,658)
(6,668,800,000)
(667,585,607)
(6,676,189,868)
Super Institutional D aily

(1,283,246,025)
(12,833,101,876)
(1,286,885,656)
(12,869,500,000)
FRD D IC IC I Prudential Floating Rate Plan D
D aily D ividend Reinvest D ividend
671,525,292
()
6,716,663,128
()
677,940,656
()
6,780,830,240
()
IC IC I Prudential FM P Series 44 3
M onths Plan C Retail D ividendPay D ividend
48,500,000
()
485,000,000
()
48,500,000
()
493,909,450
()
IC IC I Prudential FM P Series 47 3
M onths Plan B Retail D ividendPay D ividend
75,000,000
()
750,000,000
()
75,000,000
()
766,462,500
()
IC IC I Prudential Interval Fund II Q uarterly
Interval Plan B Retail D ividend
Reinvest D ividend
49,946,058
()
500,000,000
()
51,001,777
()
510,568,586
()
th
Particulars
Purchased Sold
IC IC I Prudential Interval Fund II Q uarterly
Interval Plan D Retail D ividend
Reinvest D ividend
77,000,000
()
770,000,000
()
78,395,240
()
784,154,517
()
IC IC I Prudential FM P Series 47 Three
M onths Plan C Retail D ividendPay D ividend
46,500,000
()
465,000,000
()
46,500,000
()
475,304,400
()
ID FC Fixed M aturity Plan Q uarterly Series 39
D ividend
125,000,000
()
1,250,000,000
()
127,731,550
()
1,277,762,558
()
IN G Liquid Fund Super Institutional D aily
D ividend O ption
176,285,383
(5,073,690)
1,763,700,000
(50,761,250)
179,683,588
(8,727,659)
1,797,698,358
(87,318,478)
IN G Incom e Fund Short Term Plan G row th
O ption

(32,309,143 )
(453,587,485 )
(32,309,143 )
(457,200,767 )
IN G Liquid Fund Super Institutional G row th
O ption

(52,378,701)
(605,597,797)
(52,378,701)
(607,393,769 )
IN G Liquid Plus Fund Inst. G row th
(29,116,912 )
(300,332,214)
(29,116,912 )
(303,587,485 )
D ividend O ption

(23,988,485)
(240,000,000)
(24,004,184)
(240,157,061)
D ividend O ption

(641,134,398)
(6,414,421,422)
(643,580,094)
(6,438,890,129)
IN G Liquid Plus Fund Institutional D aily
D ividend
337,370,226
(212,241,724)
3,374,815,579
(2,123,117,639)
343,239,924
(214,985,022)
3,433,531,925
(2,150,559,669)
IN G Incom e Fund Short Term Plan G row th
(13,922,729)
(200,000,000)
(13,922,729)
(201,486,947)
IN G Liquid Fund Super Institutional G row th
O ption

(20,148,695)
(201,486,947)
(20,352,512)
(203,525,120)
IN G Fixed M aturity Fund 47 Institutional
G row th
20,000,000
()
200,000,000
()
20,000,000
()
197,400,000
()
IN G Fixed M aturity Fund46 Institutional
D ividend
20,000,000
()
200,000,000
()
20,000,000
()
203,730,637
()
JM H igh Liquidity Fund Super Institutional
Plan D aily D ividend

(199,670,544)
(2,000,000,000)
(199,808,851)
(2,001,385,354)
JM M oney M anager Fund Super Plus Plan
D aily D ividend

(249,374,079)
(2,494,763,226 )
(251,819,771 )
(2,519,230,173 )
JM H igh Liquidity Fund Super Institutional
Plan D aily D ividend (92)
100,989,622
(99,835,272 )
1,011,562,545
(1,000,000,000 )
101,707,900
(99,852,557)
1,018,814,003
(1,000,173,132 )
JM Interval Fund Q uarterly Plan 6
Institutional D ividend Plan (307)
50,000,000
()
500,000,000
()
51,114,430
()
511,261,393
()
Kotak Flexi D ebt Schem e D aily D ividend 79,771,983
(97,506,535 )
800,200,741
(978,097,800 )
82,140,003
(99,689,964 )
823,954,584
(1,000,000,000)
Kotak Flexi D ebt Schem e Institutional D aily
D ividend
183,847,954
()
1,847,212,312
()
186,026,769
()
1,869,103,958
()
Kotak Liquid (Institutional Prem ium ) D aily
D ividend
76,348,738
(245,336,561)
933,600,000
(3,000,000,000)
76,386,409
(245,489,706)
934,060,646
(3,001,872,677)
Kotak Q uarterly Interval Plan Series 3
D ividend
100,000,000
()
1,000,000,000
()
102,226,300
()
1,022,262,996
()
Kotak Q uarterly Interval Plan Series 8
D ividend
50,000,000
()
500,000,000
()
50,000,000
()
497,455,000
()
th
Particulars
Purchased Sold
LIC M F Interval Fund Series 1 M onthly
D ividend Plan
60,000,000
()
600,000,000
()
60,388,880
()
603,888,799
()
LIC M F Liquid Fund D ividend Plan
(362,889,834)
(3,984,566,661)
(364,310,273)
(4,000,163,233)
LIC Liquid Fund D ividend Plan
(475,860,876)
(5,225,000,000)
(476,193,873)
(5,228,656,349)
LIC Liquid Fund G row th Plan
(34,727,769)
(500,000,000)
(34,727,769)
(500,419,103)
LIC Plus fund D aily D ividend Plan
(541,747,959)
(5,506,755,642)
(555,100,000)
(5,551,000,000)
LIC Liquid Plus Fund G row th Plan
(33,972,018)
(400,220,071)
(33,972,018)
(406,615,056)
Lotus India Super Institutional D aily D ividend
(200,233,038)
(2,002,450,522)
(200,118,786)
(2,003,653,838)
Lotus India Liquid Plus Fund Institutional
D aily D ividend

(99,908,540)
(1,000,653,965)
(100,087,914)
(1,002,450,522)
Lotus India Short Term Plan Institutional D aily
D ividend

(39,559,916)
(400,061,515)
(39,718,540 )
(401,884,100)
Lotus India Liquid Plus Fund Institutional
D aily D ividend

(99,031,430)
(991,869,097)
(99,843,246)
(1,000,000,000)
Lotus India Liquid Fund Super Institutional
D aily D ividend

(117,569,313)
(1,175,893,000)
(117,593,633)
(1,176,136,239)
Principal C ash M anagem ent Fund Liquid
O ption Instl. Prem . Plan D ividend
Reinvestm ent D aily
49,996,500
()
500,000,000
()
50,004,838
()
500,083,388
()
Principal Floating Rate Fund FM P Insti. O ption
D ividend Reinvestm ent D aily
49,946,904
(148,207,929)
500,083,388
(1,483,902,247)
52,828,037
(149,815,727)
528,930,146
(1,500,000,000)
Principal Liquid O ption Inst. Prem . Plan D D
reinvestm ent

(299,979,001)
(3,000,000,000)
(301,166,552)
(3,001,875,642)
Reliance Liquid Fund C ash Plan D aily
D ividend O ption
4,487,726
()
50,000,000
()
4,500,360
()
50,140,759
()
Reliance Liquidity Fund D aily D ividend
Reinvestm ent O ption
171,696,774
(209,032,897)
1,717,500,000
(2,090,976,971)
171,756,631
(209,271,003)
1,718,098,750
(2,093,358,773)
Reliance Liquid Plus Fund Institutional O ption
G row th Plan

(302,758)
(321,952,406)
(302,758)
(323,729,293)
Reliance Liquidity FundG row th O ption
(42,915,194)
(500,000,000)
(42,915,194)
(506,552,406)
Reliance Liquid Plus Fund Institutional O ption
D aily D ividend Plan
1,627,328
(1,634,939)
1,629,177,777
(1,636,717,686)
1,665,541
(161,997,233)
1,667,434,483
(1,667,500,000)
Reliance M edium Term Fund D aily D ividend
Plan
34,969,472
()
597,820,606
()
35,041,256
()
598,519,501
()
SBI D ebt Fund Series 180D ays8D ividend 100,000,000
()
1,000,000,000
()
100,000,000
()
1,022,160,000
()
Stan C hart G rindlays Floating Rate FundLT
Inst Plan BD aily D iv.

(330,643,697)
(3,308,231,512)
(332,757,668)
(3,329,389,348)
Stan C hart Liquidity M anager Plus D aily
D ividend
1,058,778
(2,904,390)
1,059,000,000
(2,905,000,000)
1,058,986
(2,905,626)
1,059,208,784
(2,906,236,249)
th
Particulars
Purchased Sold
Stan C hart Liquidity M anager
(39,950,062)
(400,000,000)
(40,149,340)
(401,995,262)
TD A D TATA D ynam ic Bond Fund O ption A
D ividend
95,478,869
()
1,007,445,291
()
96,059,365
()
1,014,338,866
()
TD BD TATA D ynam ic Bond Fund O ption B
D ividend
98,910,675
()
1,014,338,866
()
100,066,357
()
1,027,995,748
()
TATA Liquid Super H igh Investm ent Fund
D aily D ividend
717,798
(1,794,494)
800,000,000
(2,000,000,000)
718,154
(1,795,767)
800,397,375
(2,001,419,284)
TATA Floater Fund D aily D ividend 206,854,871
(120,835,775)
2,075,912,746
(1,212,659,508)
213,895,742
(124,556,579)
2,146,572,109
(1,250,000,000)
Tem pleton India Treasury M anagem ent
A ccount Super Institutional Plan D aily
D ividend Reinvestm ent
299,798
()
300,000,000
()
306,716
()
306,922,444
()
(D aily D ividend O ption ) Reinvestm ent
3,264,499
()
3,265,197,390
()
3,285,743
()
3,286,446,029
()
U TI Liquid C ash Plan Institutional
D aily Incom e O ption Reinvestm ent
490,463
(27,759,867)
500,000,000
(28,299,677,073)
537,211
(27,811,051)
547,656,568
(28,351,856,202)
D aily Incom e O ption Reinvestm ent

(7,558,310)
(7,559,927,472)
(7,625,751)
(7,627,382,662)
U TI Liquid Plus Fund Institutional G row th
O ption
(1,317,544 )
(1,074,616,831)
(1,332,499)
(1,086,812,911)
U TI Liquid C ash Plan G row th O ption
(830,413)
(1,073,600,000)
(830,413)
(1,074,616,831)
Total 57,896,492,331
(167,991,742,754)
58,857,808,751
(168,790,810,587)
N otes: Previous year figures are m entioned in brackets.

14. There are no m icro and sm all enterprises, to w hich the C om pany ow es dues, w hich are outstanding for m ore than 45 days as at
M arch 31, 2009. This inform ation as required under the M icro, Sm all and M edium Enterprises D evelopm ent A ct, 2006 has been
determ ined to the extent such parties have been identified on the basis of inform ation available w ith the C om pany. This inform ation
has been relied upon by the A uditors.
15. M anagerial Rem uneration
Particulars 2009 2008
a. Salaries 56,100,000 30,256,452
b. Perquisites and O ther allow ances 460,780 14,542
c. C ontributions to Provident and O ther Funds 4,488,000 2,420,516
d. Sitting Fee 1,080,000 1,420,000
e. C om m ission 22,142,410 19,741,550
Total 84,271,190 53,853,060

N otes:
The above figures do not include provision for gratuity, superannuation and prem ium for personal accidental policy, as the sam e are
determ ined for the com pany as a w hole.
th
16. C om putation of N et Profit in accordance w ith Section 309 (5) of the C om panies A ct, 1956.
Particulars
Year Ended
2009 2008
Profit after Tax 976,733,324 626,982,980
A dd:
M anagerial Rem uneration 83,191,190 52,433,060
Provision for Taxation 63,156,548 28,430,269
D epreciation as per Profit and Loss A ccount 1,085,519 1,293,226
Less:
D epreciation as per section 350 of the C om panies A ct,1956 1,085,519 1,293,226
N et Profit in accordance w ith Section 309 (5) of the C om panies A ct,1956 1,123,081,062 707,846,309
Total rem uneration including com m ission thereon
Executive C hairm an @ 5% 56,154,053 35,392,315
M anaging D irector @ 3% 33,692,432 21,235,389
Total rem uneration including com m ission restricted to
Executive C hairm an 51,994,494 32,770,662
M anaging D irector 31,196,696 19,662,397
C om m ission payable for the year
Executive C hairm an 15,093,265 12,457,285
M anaging D irector 7,049,145 7,284,265
17. A dditional inform ation pursuant to paragraph 3, 4, 4A , 4B, 4C and 4D of part II of Schedule VI of the C om panies A ct, 1956:
a) Rem uneration to A uditors
A udit fees** 1,123,600 1,123,600
Tax A udit** 168,540 168,540
O ther certification fees** 2,941,585 180,000
O ut of Pocket Expenses 50,205 57,050
Total 4,283,930 1,529,190
** Includes service tax
b) Expenditure in Foreign C urrency (on paym ent basis)
Traveling expenses 17,100,136 1,588,792
Professional and C onsultancy charges 15,134,011 19,734,716
O thers 70,041 751,460
Total 32,304,188 22,074,968
th
18. D isclosure as per C lause 32 of the listing agreem ent
Loans and A dvances in the nature of Loans to Subsidiaries.
N am e of the Subsidiary
A m ount O utstanding as at the
year end
M axim um am ount outstanding
during the year
Investm ent by loanee in the
C om panys Shares (N os)
G VL * -
(118,895,000)
118,895,000
(150,495,000)
N il
(N il)
G TA EPL** -
(324,860,000)
327,494,481
(325,349,515)
N il
(N il)
G TTEPL** -
(415,140,000)
418,506,615
(415,299,232)
N il
(N il)
N ote: Previous figures are show n in brackets.
* Interest free & O n C all - no repaym ent schedule.
** Includes interest accrued.
19. Inform ation pursuant to paragraphs 3, 4, 4A , 4B, 4C and 4D to the extent either N il or N ot A pplicable has not been furnished.
20. Previous years figures have been regrouped and reclassified, w herever necessary, to conform to those of the current year.
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
C .P.Sounderarajan
C om pany Secretary
th
C ash Flow Statem ent for the year ended M arch 31, 2009
Sl. N o. Particulars M arch 31, 2009 M arch 31, 2008
A . C A SH FLO W FRO M /(U SED IN ) O PERATIN G A C TIVITIES
N et Profit Before Tax and Extraordinary Item s 1,039,889,872 655,413,249
A djustm ents for :
D epreciation 1,085,519 1,293,226
Provision for doubtful advances 60,000,000 -
Provision for dim inution in the value of investm ents 65,363,174
(Profit)/Loss on sale of current investm ents 36,064,690 (80,732,124)
Fixed A ssets w ritten off 723,136 -
D ividend Incom e (1,077,343,110) (751,312,159)
Interest Incom e (514,660,434) (176,358,242)
Interest and Finance C harges 237,924,361 253,655,318
O perating Profit Before W orking C apital C hanges (216,315,966) (32,677,558)
A djustm ents for :
(Increase) / D ecrease in Trade and other receivables 146,377,874 (640,926,021)
Increase / (D ecrease) in Trade Payables (29,697,538) 116,526,626
C ash generated from O perations (99,635,630) (557,076,953)
Incom e Taxes refund / (paid) during the year (108,469,759) (8,458,915)
N et C ash Flow from /(used in) O perating A ctivities (208,105,389) (565,535,868)
B. C A SH FLO W FRO M / (U SED IN ) IN VESTIN G A C TIVITIES
(Purchase)/Sale of Fixed A ssets (3,164,530) (14,551)
(Purchase)/Sale of Long Term Investm ents - (including Share application
m oney)
(21,707,455,980) (11,273,837,206)
(Purchase)/Sale of Investm ents - Short Term 32,549,070,711 (32,161,271,214)
Interest Incom e Received 490,336,710 186,660,329
D ividend Received 1,084,915,430 746,516,831
N et C ash Flow from /(used in) Investing A ctivities 12,413,702,341 (42,501,945,811)
C . C A SH FLO W FRO M /(U SED IN ) FIN A N C IN G A C TIVITIES
Proceeds from Secured Loans 3,125,531,290
Repaym ent of Secured Loans (488,750,809) (205,500,000)
Proceeds/(Repaym ent) from /of U nsecured Loans (N et) (100,000,000) (100,000,000)
Loan (given) to/received from a subsidiary com pany (N et of repaym ents) 858,895,000 (708,400,000)
Issue of equity shares (including share prem ium ) (Refer N ote 2 below ) (155,542) 39,020,873,906
Interest and Financial C harges paid (237,924,361) (174,723,818)
N et C ash from /(used in) Financing A ctivities 32,064,288 40,957,781,378
N et increase/(decrease) in C ash and C ash Equivalents 12,237,661,240 (2,109,700,301)
C ash and C ash Equivalents at the beginning of the year 1,081,496,436 3,191,196,737
C ash and C ash Equivalents at the end of the year 13,319,157,676 1,081,496,436
N otes:
The above C ash Flow Statem ent has been prepared under the Indirect M ethodas set out in the A ccounting Standard 3 on C ash
Flow Statem entsas referred to in Section 211 (3C ) of the C om panies A ct, 1956.
Represents am ount received tow ards issue of Equity Shares under Q ualified Institutional Placem ent for the year ended M arch 31,
2008, net of issue expenses.
C ash and C ash Equivalents includes restricted C ash and Bank balances am ounting to Rs. 734,575,318 (2008:Rs.77,825,031).
Previous years figures have been regrouped and reclassified to conform to those of the current year.
This is the cash flow statem ent referred to in our report of even date.
Thom as M athew
Partner
Price W aterhouse
G . M . Rao
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
C .P.Sounderarajan
C om pany Secretary
1.
2.
3.
4.
th
Balance Sheet A bstract
Inform ation pursuant to the Provisions of Part IV of Schedule VI to the C om panies A ct, 1956
Balance Sheet A bstract and com panys G eneral Business Profile

I Registration D etails
Registration N o.:

8 0 5 4 3 0
State C ode:
0 8
Balance Sheet D ate:
D ate M onth Year
3 1 0 3 2 0 0 9
I. C apital raised during the year (A m ount in Rs. Thousands)
Public Issue:
N I L
Rights Issue :
N I L
Bonus Issue:
N I L
Private Placem ent :
N I L
III. Position of M obilisation and D eploym ent of Funds (A m ount in Rs. Thousands)
Total Liabilities :
6 1 2 2 5 2 6 2
Total A ssets :
6 1 2 2 5 2 6 2
Sources of Funds
Paid-up capital :
3 6 4 1 3 1 3
Reserves & Surplus :
3 3 8 0 9 3 8 5
Secured Loans :
4 2 0 3 0 1 1
U nsecured Loans :
N I L
D eferred Tax Liabilities :
N I L
A pplication of Funds
N et Fixed A ssets :
8 1 3 2
Investm ents :
8 6 8 4 1 6 0 4
N et C urrent A ssets :
6 2 9 0 9 5 0 2
M isc. Expenditure :
N I L
A ccum ulated Losses :
N I L
D eferred Tax A sset :
2 1 5 6

IV. Perform ance of com pany (A m ount in Rs. Thousands)
G ross Incom e :
0 1 8 6 5 6 1
Total Expenditure :
2 9 6 0 1 6
Profit/Loss Before Tax :
9 8 9 0 3 0 1
Profit/(Loss) A fter Tax :
7 3 3 6 7 9
Earnings Per Share in Rs. :
0 . 5 4
D ividend Rate (% ) :
N I L

V. G eneric N am es of Three Principal Products / Services of C om pany (as per M onetary term s)
Infrastructure D evelopm ent & C ontract Business.
Item C ode N o. (I T C C ode)
N A
Product D escription
N A

Annual Report 2008 09

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Annual Report 2008 09

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GMR Infrastructure Limited | 13

GMR Infrastructure Limited | 13

in D ecem ber 2008. W e also w on the license for pow er trading

Consolidated Gross Revenue (Rs. In Crore)

10 | GMR Infrastructure Limited | 13

The arrival hall w ill feature both standard and w ide-body

GMR Infrastructure Limited | 13

12 | GMR Infrastructure Limited | 13

H ighw ays & U rban Infrastructure

14 | GMR Infrastructure Limited | 13

W e also plan to develop a 250 acre m ultiproduct SEZ to

D etails of H ighw ay Projects

GMR Infrastructure Limited | 13

D uring the year, D IA L aw arded tw o concessions in cargo

GMR Infrastructure Limited | 13

GMR Infrastructure Limited | 13

C orporate Social Responsibility (C SR)

Vem agiri Pow er G eneration Lim ited M em ber

IC IC I Securities Lim ited C hairm an

D el Val Flow C ontrols Private

ii) M r. U daya H olla 58, Independent D irector, has been on the

G M R Tam baram Tindivanam

G M R Tuni A nakapalli Expressw ays

iii) M r. Srinivas Bom m idala 46, G roup D irector, is the son-in-law of

G M R Krishnagiri SEZ Lim ited.

Bom m idala Exports Private Lim ited

Raxa Security Services Lim ited C hairm an A udit

Bom m idala Exim Private Lim ited

D elhi International A irport Private

G KR H oldings Private Lim ited

GMR Infrastructure Limited | 13

to 40% (m axim um ) of project cost to enhance viability on a

GMR Infrastructure Limited | 13

48 | GMR Infrastructure Limited | 13

GMR Infrastructure Limited | 13

52 | GMR Infrastructure Limited | 13

Road Sector Perform ance

N et O perating Incom e from A irport business

Interest and Finance C harges

Preparation and m onitoring of annual budgets for all operating

GMR Infrastructure Limited | 13

M anagerial Rem uneration to

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