Adani Infra (India) 2021 Annual Report.pdf

ADANI INFRA (INDIA) LIMITED
Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[700300] Disclosure of general information about company
Unless otherwise specified, all monetary values are in Crores of INR
01/04/2020
to
31/03/2021
01/04/2019
to
31/03/2020
Name of company
ADANI INFRA (INDIA)
LIMITED
Corporate identity number U45204GJ2010PLC059226
Permanent account number of entity AAICA2707K
Address of registered office of company
Adani Corporate House,
Shantigram, , Near
Vaishno Devi Circle, S.
G. Highway, Khodiyar, ,
Ahmedabad , Ahmedabad ,
GUJARAT , INDIA - 382421
Type of industry
Commercial and
Industrial
Date of board meeting when final accounts were approved 19/05/2021
Date of start of reporting period 01/04/2020 01/04/2019
Date of end of reporting period 31/03/2021 31/03/2020
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Crores
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other relevant
books and papers in electronic form
Yes
Complete postal address of place of maintenance of computer
servers (storing accounting data)
Plot No. B-7, Sec-132,
N o i d a , U P -
201301
Name of city of place of maintenance of computer servers (storing
accounting data)
Noida
Name of state/ union territory of place of maintenance of
computer servers (storing accounting data)
Noida (UP)
Pin code of place of maintenance of computer servers (storing
accounting data)
201301
Name of district of place of maintenance of computer servers
(storing accounting data)
Noida
ISO country code of place of maintenance of computer servers
91 (IN)
Name of country of place of maintenance of computer servers
India
Phone (with STD/ ISD code) of place of maintenance of computer
servers (storing accounting data) 079-25555650
Disclosure of principal product or services [Table] ..(1)
Types of principal product or services [Axis] 1 2
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 9983 9961
Description of product or service category
O T H E R
PROFESSIONAL,
TECHNICAL AND
BUSINESS
SERVICES
Trading of Coal and
Rice
Turnover of product or service category 2,233.09 10.92
Highest turnover contributing product or service (ITC 8 digit) code 99833243 99611111
Description of product or service
Engineering
services for power
projects of other
energy
Trading of Coal and
Rice
Turnover of highest contributing product or service 2,233.09 10.92

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ADANI INFRA (INDIA) LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[700600] Disclosures - Directors report
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Principal business activities of company [Axis]
Product/service 1
[Member]
Product/service 2
[Member]
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Details of principal business activities contributing 10% or more of total turnover
of company [Abstract]
Details of principal business activities contributing 10% or more of total
turnover of company [LineItems]
Name of main product/service EPC & PMC
Trading of Rice &
other cereals
Description of main product/service EPC & PMC
Trading of Rice &
other cereals
NIC code of product/service 71100 46201
Percentage to total turnover of company 99.51% 0.49%
Particulars of holding, subsidiary and associate companies [Table] ..(1)
Particulars of companies [Axis] 1 2 3 4
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Particulars of holding, subsidiary and
associate
companies [Abstract]
Particulars of holding, subsidiary
and associate
companies [LineItems]
Name of company
ADANI PROPERTIES
PRIVATE LIMITED
ANUPPUR THERMAL
ENERGY (MP) PRIVATE
LIMITED
KATNI THERMAL
ENERGY (MP) LIMITED
MIRZAPUR THERMAL
ENERGY (UP) PRIVATE
LIMITED
Country of incorporation of
company
INDIA INDIA INDIA INDIA
CIN of company U45201GJ1995PTC026067 U40108GJ2007PTC117806 U40300GJ2009PLC117809 U40300GJ2010PTC117810
Type of company Holding company Subsidiary company Subsidiary company Subsidiary company
Percentage of shares held 100.00% 100.00% 100.00% 100.00%
Applicable section 2(46) 2(87) 2(87) 2(87)
Particulars of holding, subsidiary and associate companies [Table] ..(2)
Particulars of companies [Axis] 5 6 7
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Particulars of holding, subsidiary and associate companies
[Abstract]
Particulars of holding, subsidiary and associate companies
[LineItems]
Country of incorporation of company INDIA INDIA INDIA
CIN of company U31900GJ2020PTC116454 U10102GJ2020PTC118009 U14294GJ2019PTC111748
Type of company Subsidiary company Subsidiary company Subsidiary company
Percentage of shares held 100.00% 100.00% 100.00%
Applicable section 2(87) 2(87) 2(87)

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Details of directors signing board report [Table] ..(1)
Directors signing board report [Axis] 1
01/04/2020
to
31/03/2021
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director KARRI
Middle name of director SRINIVASA
Last name of director NAGENDRA
Designation of director whole-time Director
Director identification number of director 06859146
Date of signing board report 19/05/2021

4
01/04/2020
to
31/03/2021
Disclosure in board of directors report explanatory [TextBlock]
Textual information (1)
[See below]
Description of state of companies affair As provided
Disclosure relating to amounts if any which is proposed to carry to any
reserves
[See below]
Disclosures relating to amount recommended to be paid as dividend
In order to retain the
earnings for future
business activities,
your Directors do not
recommend any dividend
for the financial year
u n d e r
review.
Details regarding energy conservation
[See below]
Details regarding technology absorption
[See below]
Details regarding foreign exchange earnings and outgo
[See below]
Disclosures in director’s responsibility statement
[See below]
Details of material changes and commitment occurred during period
affecting financial position of company
[See below]
Particulars of loans guarantee investment under section 186 [TextBlock]
[See below]
Particulars of contracts/arrangements with related parties under section
188(1) [TextBlock]
[See below]
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
length basis
No
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
arm's length basis
No
Details of statement indicating manner in which formal
annual evaluation made by board of its performance and of its
committees and individual directors [TextBlock]
[See below]
Disclosure of extract of annual return as provided under section 92(3)
[TextBlock]
[See below]
Details of principal business activities contributing 10% or more
of total turnover of company [Abstract]
Particulars of holding, subsidiary and associate companies [Abstract]
Details of shareholding pattern of top 10 shareholders [Abstract]
Disclosure of statement on declaration given by independent directors
under section 149(6) [TextBlock]
[See below]
Reappointment of independent directors as per section 149(10) [TextBlock] NA
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters
provided under section 178(3) [TextBlock]
[See below]
Disclosure of statement on development and implementation of risk
management policy [TextBlock]
[See below]
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year
[TextBlock]
[See below]
Report on highlights on performance of subsidiaries,
associates and joint venture companies and their
contribution to overall performance of the companies
during the period under report [TextBlock]
[See below]
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock]
[See below]
Disclosure of change in nature of business [TextBlock] NA
Details of directors or key managerial personnels who were
appointed or have resigned during year [TextBlock]
[See below]
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during
year [TextBlock]
[See below]
Details relating to deposits covered under chapter v of companies act
[TextBlock]
[See below]
Details of deposits which are not in compliance with requirements
of chapter v of act [TextBlock]
NA

5
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern
status and company’s operations in future [TextBlock]
[See below]
Details regarding adequacy of internal financial controls with
reference to financial statements [TextBlock]
[See below]
Disclosure of contents of corporate social responsibility policy
[TextBlock]
As provided
Disclosure of appointment and remuneration of director or
managerial personnel if any, in the financial year [TextBlock]
[See below]
Details of remuneration of director or managerial personnel [Abstract]
Top ten employed for a part of financial year, at the rate
in aggregate was not less than eight lakh and fifty
thousand rupees per month [TextBlock]
NA
Disclosure of composition of audit committee and non-acceptance
of any recommendation of audit committee along with reasons
[TextBlock]
[See below]
Disclosure of details of establishment of vigil mechanism [TextBlock]
[See below]
Number of meetings of board [pure] 7
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]

6
Disclosure in board of directors report explanatory [Text Block]
DIRECTORS' REPORT
Dear Shareholders,
Your Directors are pleased to present the 12th Annual Report along with the audited financial statements of your Company for the financial
year ended on 31st March, 2021.
FINANCIAL PERFORMANCE SUMMARY:
The summarized financial highlight is depicted below:
(Rs. in Crore)
Particulars
As on
31.03.2021
As on 31.03.2020
Revenue from Operations 2244.01 1062.08
Other Income 394.47 728.31
Total Income 2638.48 1790.39
Total Expenditure 2622.12 1783.59
Profit / (Loss) before taxation 16.36 6.80
Tax Expenses (including deferred tax & adjustment of earlier years) 4.25 1.63
Profit / (Loss) after taxation 12.11 5.17
Other Comprehensive Income (0.28) (0.10)
Total Comprehensive Income 11.83 5.07
Apart from below mentioned redemption of Non-Convertible Debentures, there are no material changes and commitments affecting the
financial position of the Company between the end of the financial year and the date of this report.
1. 135 Rated, Unlisted, Zero-Coupon, Redeemable, Non-Convertible Debentures of Rs. 1,00,00,000 each, redeemed on 15th April, 2021.
MATERIAL DEVELOPMENTS DURING THE PERIOD UNDER REVIEW:
Conversion of Compulsory Convertible Debentures (CCDs) to Optionally Convertible Debentures (OCDs)
During the year under review, the Company after obtaining requisite approvals, converted 7,00,00,000 CCDs of Rs. 100/- each to 7000
OCDs of Rs. 10,00,000.
Redemption of Non-Convertible Debentures (NCDs) and Optionally Convertible Debentures (OCDs)
During the year under review, the Company redeemed following NCDs & OCDs:
1. 215 Rated, Unlisted, Zero-Coupon, Redeemable, Non-Convertible Debentures of Rs. 1,00,00,000 each, redeemed on 30th April, 2020.
2. 3000 Rated, Listed, Zero-Coupon, Redeemable, Non-Convertible Debentures of Rs. 10,00,000 each, redeemed on 22nd July, 2020.
3. 7000 Unsecured Unrated Unlisted Redeemable Optionally Convertible Debentures (OCDs) of Rs. 10,00,000/- each, redeemed on 3rd
February, 2021.
Issue and Allotment of Compulsory Convertible Debentures (CCDs):
During the year under, the Company, in compliance of applicable laws, issued and allotted 51,45,14,629 Compulsory Convertible Debenture
of Rs. 100/- each on Preferential Allotment / Private Placement basis.
Dividend:
In order to retain the earnings for future business activities, your Directors do not recommend any dividend for the financial year under
review.

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In view of the same, the directors do not propose to carry any amounts to reserves.
Fixed Deposits:
During the year under review, your Company has not accepted any fixed deposits within the meaning of Section 73 of the Companies Act,
2013 and the rules made there under.
Details of Debenture Trustee(s) of Non-Convertible Debentures (for Privately Placed Debentures):
1. Axis Trustee Services Limited*
Axis House, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg,
Worli, Mumbai 400 025
Phone: +91 22 6226 0054/ 6226 0050
E-mail: debenturetrustee@axistrustee.com
Website: www.axistrustee.com
* NCDs associated with said Debenture Trustee has been redeemed on 22nd July, 2020
2. Catalyst Trusteeship Limited
Office No 83-87,
8th Floor, Mittal Tower B Wing,
Nariman Point, Mumbai - 400021
Phone No: +91 22 4922 0555
Fax No: +91 22 4922 0505
Email id: dt@ctltrustee.com
Particulars of loans, guarantees or investments:
During the year under review, your Company has made loans and investments in compliance of Section 186 of the Companies Act, 2013.
The said details are given in the notes to the financial statements. Your Company has not provided any guarantee / security during the year
under review.
Subsidiaries:
Pursuant to the provisions of Section 129 of the Companies Act, 2013 read with rules framed there under, a statement containing the salient
features of financial statement of subsidiaries, joint ventures and associates in Form AOC-1 is annexed as Annexure A.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A. Director Liable to Retire by Rotation:
Pursuant to the requirements of the Companies Act, 2013 and Articles of Association of the Company, Mr. Jatin Jalundhwala (DIN:
00137888) is liable to retire by rotation and being eligible offers himself for re-appointment.
B. Change in Category of Independent Directors appointed on the Board of Directors of the Company:
Pursuant to the provisions of the Companies Act, 2013, rules framed thereunder and notifications of Ministry of Corporate Affairs, Mr.
Mukesh Shah and Mrs. Birva Patel, Independent Directors of the Company, shall w.e.f. 1st October, 2020, hold Directorship in the Company
only as Non-Executive Directors of the Company.
The Company, however, at the beginning of the financial year received declarations from all Independent Directors of the Company
confirming that they meet with the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and there has
been no change in the circumstances which may affect their status as independent director during the year.
C. Re-appointment of Mr. K. S. Nagendra as Whole-Time Director of the Company:
The current term of Mr. K. S. Nagendra as Whole-time Director of the Company expired on 10th November, 2020 and considering the
current operational activities and future business plans, the Board of Directors at its meeting held on 1st October, 2020, on recommendation
of Nomination and remuneration Committee and subject to the approval of the Members of the Company, re-appointed Mr. K. S. Nagendra,
as a Whole-time Director of the Company for a further period of 3 years w.e.f. 11th November, 2020.
The Board recommends the appointment/re-appointment of the above Directors for your approval.
Directors Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the
following:
a. that in the preparation of the annual financial statements, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st Mach, 2021 and of the profit of the
Company for the year ended on that date;
c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of
the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

8
d. that the annual financial statements have been prepared on a going concern basis;
e. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating
effectively; and
f. that proper internal financial controls were in place and that the financial control were adequate and operating effectively.
NUMBER OF BOARD MEETINGS:
During the year under review, 7 (Seven) Board Meetings were held on 08.05.2020, 07.09.2020, 01.10.2020, 18.01.2021, 01.02.2021,
15.03.2021, 31.03.2021.

9
The attendance of each Director at the Board Meetings held during the year under review is as under:
Name of Directors
Meetings
Held Attended
Mr. Jatinkumar Jalundhwala 7 7
Mr. K. S. Nagendra 7 7
Mr. Mukesh M. Shah 7 2
Ms. Birva Patel 7 2
BOARD EVALUATION:
The Board adopted a formal mechanism for evaluating its performance and as well as that of its Committees and individual Directors,
including the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the
Boards functioning such as composition of the Board & committees, experience & competencies, performance of specific duties &
obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:
During the year under review, the Company had in place requisite policy on directors appointment & remuneration and other matters as
required pursuant to the provisions Section 178(3) of the Companies Act, 2013 and rules framed thereunder. The said policy is annexed as
Annexure - B.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
Your Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Internal Audit
Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating
systems, accounting procedures and policies of the Company.
SECRETARIAL STANDARDS:
The Company complies with all applicable secretarial standards.
RISK MANAGEMENT:
Your Company has a formal risk assessment and management system which identifies risk areas, evaluates their consequences, initiates risk
mitigation strategies and implements corrective actions where required.
COMMITTEES OF THE BOARD:
a) Audit Committee:
Your Company has in place Audit Committee, the constitution, role and functions of which are in conformity with the requirements of
Section 177 of the Companies Act, 2013 and the rules made thereunder.
During the year under review, 1 (one) Committee meetings were held on 08.05.2020.
The details of attendance of the members at the committee meeting during the year are given below:
Name of Members Meetings
Held Attended
Mr. Jatinkumar Jalundhwala, Chairman 1 1
Mr. Mukesh Shah, Member 1 1

10
Ms. Birva Patel, Member 1 1
b) Nomination and Remuneration Committee:
Your Company has in place Nomination and Remuneration Committee, the constitution, role and functions of which are in conformity with
the requirements of Section 178 of the Companies Act, 2013 and the rules made thereunder. The present Members of the Committee
comprises of Mr. Jatinkumar Jalundhwala Chairman, Mr. Mukesh Shah Member & Mrs. Birva Patel Member.
Your Company has established a policy on directors appointment and remuneration including criteria for determining qualifications, positive
attributes, independence of a director and other matters provided under sub-section (3) of section 178 of the Companies Act, 2013.
Held Attended
Mr. Mukesh Shah, Member 1 -
Dissolution of the Audit Committee and Nomination and Remuneration Committee of the Board of Directors of the Company
Pursuant to the provisions of the Companies Act, 2013 read with rule 4 of the Companies (Appointment and Qualification of Directors)
Rules, 2014 and notifications of Ministry of Corporate Affairs, the Company is no longer required to have an Audit Committee as well as
Nomination and Remuneration Committee of the Board of Directors.
Accordingly, the Board of Directors at its meeting held on 1st October, 2020, took note of dissolution Audit Committee as well as
c) Corporate Social Responsibility Committee
Your Company has in place Corporate Social Responsibility Committee, the constitution, role and functions of which are in conformity with
the requirements of Section 135 of the Companies Act, 2013 and the rules made thereunder. The present members of the CSR Committee
comprises of Mr. K. S. Nagendra, Mr. Jatinkumar Jalundhwala and Ms. Birva Patel.
The Company has identified Primary Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure
Development as the core sectors for CSR. The role and functions of the CSR Committee are in conformity with the requirements of Section
135 of the Companies Act, 2013 and the rules made thereunder. The Annual Report on CSR activities is annexed herewith as Annexure - C
which forms part of this report. The CSR Policy is available on the website of the Company.
During the year under review, one CSR Committee meeting was 08.05.2020.
Held Attended
Mr. K. S. Nagendra, Chairman 1 1

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Mr. Jatinkumar Jalundhwala, 1 1
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
Your Company has formulated a vigil mechanism / Whistle Blower Policy to report to the management concerns about unethical behaviour,
actual or suspected fraud or violation of the policy.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:
As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act 2013, read with rules
made thereunder, the Company at Adani Group level has appropriate forum which is responsible for redressal of complaints related to sexual
harassment. During the year under review, there were no complaints pertaining to sexual harassment.
EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Return in Form MGT-9 are annexed to this Report as Annexure - D'.
RELATED PARTY TRANSACTIONS:
All related party transactions entered into during the financial year were on an arms length basis and in the ordinary course of business. Your
Company had not entered into any transactions with related parties which could be considered material in terms of Section 188 of the
Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act,
2013 in Form AOC 2 is not applicable. Suitable disclosure as required by the Indian Accounting Standard (Ind AS 24) has been made in the
notes to the Financial Statements.
Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company:
There were no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status
and the Companys future operations.
AUDITORS & AUDITORS REPORT:
As per Section 139 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, M/s. Shah Dhandharia & Co.,
Chartered Accountants (Firm Registration No.: 118707W), were appointed as the Statutory Auditors of the Company to hold office till the
conclusion of 14th Annual General Meeting of the Company to be held for financial year 2023.
Notes to the financial statements referred in the Auditors Report of M/s. Shah Dhandharia & Co., Chartered Accountants
are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013.
SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the rules made thereunder, your Company has appointed Mr. Jigar
Shah, Practicing Company Secretary to undertake the Secretarial Audit of the Company. The Secretarial Audit Report for FY 2020-21 is
annexed, which forms part of this report as Annexure - E. There were no qualifications, reservation or adverse remarks given by Secretarial
Auditors of the Company.
COST AUDITORS
Your Company appointed M/s. Kiran J. Mehta & Co., Cost Accountants, as cost auditors to conduct the audit of the cost records of the
activities of the Company for the financial year 2020-21. The Company has maintained the cost accounts and records in accordance with
Section 148 of the Companies Act, 2013 and Rule 8 of the Companies (Accounts) Rules, 2014.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
SPAN style='FONT: 7pt "Times New Roman"'> CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.
As your Company is not a manufacturing company, a statement containing the information as required under Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is not appended.
SPAN style='FONT: 7pt "Times New Roman"'> FOREIGN EXCHANGE EARNINGS AND OUTGO

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The particulars relating to foreign exchange Earnings and Outgo involved during the year under review are as under:
(Rs. in Crore)
Particulars 2020-21 2019-20
Foreign exchange earned -- --
Foreign exchange used -- 1.30
ACKNOWLEDGEMENT:
Your Directors are highly grateful for all the guidance, support and assistance received from Holding Company, Financial Institutions and
Banks. Your Directors thank all shareowners, esteemed customers, suppliers and business associates for their faith, trust and confidence
reposed in the Company.
Your Directors wish to place on record their sincere appreciation for the dedicated efforts and consistent contribution made by the employees
at all levels, to ensure that the Company continues to grow and excel.
For and on behalf of the Board of Directors
K. S. Nagendra
Whole-time Director
(DIN: 06859146)
Date: 19.05.2021
Place: Ahmedabad
Disclosure relating to amounts if any which is proposed to carry to any reserves
In order to retain the earnings for future business activities, your Directors do not recommend any dividend for the financial year under
review. In view of the same, the directors do not propose to carry any amounts to reserves.
Details regarding energy conservation
Details regarding technology absorption
Details regarding foreign exchange earnings and outgo
The particulars relating to foreign exchange Earnings and Outgo involved during the year under review are as under: (Rs. in Crore)
Particulars 2020-21 2019-20 Foreign exchange earned -- -- Foreign exchange used -- 1.30

13
Disclosures in director’s responsibility statement
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the
following: a. that in the preparation of the annual financial statements, the applicable accounting standards have been followed along
with proper explanation relating to material departures, if any; b. that such accounting policies have been selected and applied consistently
and judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company as at 31st Mach, 2021 and of the profit of the Company for the year ended on that date; c. that proper and sufficient care has
been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. that the annual financial
statements have been prepared on a going concern basis; e. that proper systems to ensure compliance with the provisions of all applicable
laws were in place and were adequate and operating effectively; and f. that proper internal financial controls were in place and that the
financial control were adequate and operating effectively.
Details of material changes and commitment occurred during period affecting financial position of company
Apart from below mentioned redemption of Non-Convertible Debentures, there are no material changes and commitments affecting the
financial position of the Company between the end of the financial year and the date of this report. 1. 135 Rated, Unlisted,
Zero-Coupon, Redeemable, Non-Convertible Debentures of Rs. 1,00,00,000 each, redeemed on 15th April, 2021. MATERIAL
DEVELOPMENTS DURING THE PERIOD UNDER REVIEW: Conversion of Compulsory Convertible Debentures (CCDs) to Optionally
Convertible Debentures (OCDs) During the year under review, the Company after obtaining requisite approvals, converted 7,00,00,000
CCDs of Rs. 100/- each to 7000 OCDs of Rs. 10,00,000. Redemption of Non-Convertible Debentures (NCDs) and Optionally Convertible
Debentures (OCDs) During the year under review, the Company redeemed following NCDs & OCDs: 1. 215 Rated, Unlisted,
Zero-Coupon, Redeemable, Non-Convertible Debentures of Rs. 1,00,00,000 each, redeemed on 30th April, 2020. 2. 3000 Rated, Listed,
Zero-Coupon, Redeemable, Non-Convertible Debentures of Rs. 10,00,000 each, redeemed on 22nd July, 2020. 3. 7000 Unsecured
Unrated Unlisted Redeemable Optionally Convertible Debentures (OCDs) of Rs. 10,00,000/- each, redeemed on 3rd February, 2021. Issue
and Allotment of Compulsory Convertible Debentures (CCDs): During the year under, the Company, in compliance of applicable laws,
issued and allotted 51,45,14,629 Compulsory Convertible Debenture of Rs. 100/- each on Preferential Allotment / Private Placement basis.
Particulars of loans guarantee investment under section 186 [Text Block]
During the year under review, your Company has made loans and investments in compliance of Section 186 of the Companies Act, 2013.
The said details are given in the notes to the financial statements. Your Company has not provided any guarantee / security during the year
under review.
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
All related party transactions entered into during the financial year were on an arm’s length basis and in the ordinary course of business.
Your Company had not entered into any transactions with related parties which could be considered material in terms of Section 188 of the
Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act,
2013 in Form AOC 2 is not applicable. Suitable disclosure as required by the Indian Accounting Standard (Ind AS 24) has been made in the
notes to the Financial Statements.

14
Details of statement indicating manner in which formal annual evaluation made by board of its performance and
of its committees and individual directors [Text Block]
The Board adopted a formal mechanism for evaluating its performance and as well as that of its Committees and individual Directors,
including the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the
Boards functioning such as composition of the Board & committees, experience & competencies, performance of specific duties &
obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

15
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
Annexure - D
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended March 31, 2021
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN : U45204GJ2010PLC059226
Registration Date : 13th January, 2010
Name of the Company : Adani Infra (India) Limited
Category / Sub-Category of the Company : Company limited by shares
Address of the Registered office and contact
details
:
Adani House, Nr. Mithakhali Six Roads, Navrangpura,
Ahmedabad-380009, Gujarat, India
Phone No. +91-79-26565555
Whether listed company :
Yes (Non-Convertible Debentures (NCDs) are listed on Wholesale Debt
Market Segment of BSE Limited)*
* the said NCDs are redeemed as on 22nd July, 2020)
Name, Address and Contact details of Registrar
and Transfer Agent, if any
:
M/s. Link Intime India Private Limited
5th Floor, 506-508, Amarnath Business Centre – 1 (ABC-1), Beside
Gala Business Centre, Off C. G. Rd.,
Navrangpura, Ahmedabad – 380 009.
Tel: +91-79-26465179
Fax : +91-79-26465179
E-mail: ahmedabad@linkintime.co.in
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Name and description of main Products/Services NIC Code of the Product/ service % to total turnover of the company
Trading of Coal 46610 0.49
EPC & PMC 71100 99.51
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Name and address of the Company CIN/GLN
Holding/
Subsidiary/
Associate
% of
shares
held
Applicable
Section
Adani Properties Pvt. Ltd.

16
Shikhar, Nr. Adani House, Mithakhali Six Roads,
Navrangpura,
Ahmedabad – 380 009
U45201GJ1995PTC026067
Holding
Company 100% 2(46)
Anuppur Thermal Energy (MP) Private Ltd.
Adani Corporate House, Shantigram, Near Vaishno Devi
Circle, S. G. Highway, Khodiyar, Ahmedabad – 382421,
Gujarat.
U40108MH2007PTC170611
Wholly-Owned
Subsidiary
100% 2(87)
Katni Thermal Energy (MP) Limited
Gujarat.
U40300MH2009PLC197014
Wholly-Owned
Subsidiary
100% 2(87)
Mirzapur Thermal Energy (UP) Private Ltd.
Gujarat.
U40300MH2010PTC211286
Wholly-Owned
Subsidiary
100% 2(87)
Alluvial Natural Resources Private Limited
Gujarat.
U14294GJ2019PTC111748
Wholly-Owned
Subsidiary
100% 2(87)
Alluvial Mineral Resources Private Limited
Gujarat.
U10102GJ2020PTC118009
Wholly-Owned
Subsidiary
100% 2(87)
Jash Energy Private Limited
801, Shikhar Complex, Srimali Society Navrangpura
Ahmedabad – 380009, Gujarat.
U31900GJ2020PTC116454
Wholly-Owned
Subsidiary
100% 2(87)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY
i) Category-wise Share Holding
Category of
Shareholders
No of Shares
held at the
beginning of the
year
No. of
Shares
held at the
end of the
year
%
Change
during
the
year
Demat Physical
Total
% of
total
Shares
Demat Physical
Total
% of
total
Shares
A. Promoter
1 Indian
a) Individuals/HUF -- -- -- -- -- -- -- -- --
b) Central Government -- -- -- -- -- -- -- -- --
c) State Government(s) -- -- -- -- -- -- -- -- --
d) Bodies Corporate 49,994 6 50,000 100% 49,994 6 50,000 100% Nil
e) Banks/FI -- -- -- -- -- -- -- -- --
f) Any Others -- -- -- -- -- -- -- -- --

17
Sub
Total(A)(1)
49,994 6 50,000 100% 49,994 6 50,000 100% Nil
2 Foreign
a) NRIs-Individuals -- -- -- -- -- -- -- -- --
b) Other-Individuals -- -- -- -- -- -- -- -- --
c) Bodies Corporate -- -- -- -- -- -- -- -- --
d) Banks/FI -- -- -- -- -- -- -- -- --
e) Any Other -- -- -- -- -- -- -- -- --
Sub
Total(A)(2)
-- -- -- -- -- -- -- -- --
Total
Shareholding
of Promoter
and Promoter
Group
(A)=
(A)(1)+(A)(2)
49,994 6 50,000 100% 49,994 6 50,000 100% Nil
B. Public shareholding
1 Institutions
a) Mutual Funds/UTI -- -- -- -- -- -- -- -- --
b) Banks/FI -- -- -- -- -- -- -- -- --
c) Central Govt. -- -- -- -- -- -- -- -- --
d) State Govt. -- -- -- -- -- -- -- -- --
e) Venture Capital Funds -- -- -- -- -- -- -- -- --
f) Insurance Companies -- -- -- -- -- -- -- -- --
g) FII -- -- -- -- -- -- -- -- --
h)
Foreign Venture Capital
Funds
-- -- -- -- -- -- -- -- --
i) Any Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(1)
2 Non-institutions
a) Bodies Corporate -- -- -- -- -- -- -- -- --
I Indian -- -- -- -- -- -- -- -- --
Ii Overseas -- -- -- -- -- -- -- -- --
b) Individuals -- -- -- -- -- -- -- -- --

18
I
Individuals shareholders
holding nominal share
capital up to Rs 1 lakh
-- -- -- -- -- -- -- -- --
ii
Individual shareholders
holding nominal share
capital in excess of
Rs. 1 lakh.
-- -- -- -- -- -- -- -- --
c) Other (specify) -- -- -- -- -- -- -- -- --
Sub-Total
(B)(2)
-- -- -- -- -- -- -- --
Total Public
Shareholding
(B)=
(B)(1)+(B)(2)
-- -- -- -- -- -- -- -- --
C.
Shares held by Custo
dians for GDRs & ADRs
-- -- -- -- -- -- -- -- --
GRAND
TOTAL
(A)+(B)+(C)
49,994 6 50,000 100% 49,994 6 50,000 100% Nil
ii) Shareholding of Promoter
SN
Shareholder’s
Name
Shareholding at the
beginning of the year
Shareholding at the
end of the year
% Change in
shareholding
during the year
No. of
Shares % of total shares of
the company
% shares pledged/
encumbered to total
shares
No. of
Shares
% of total
shares of the
company
% shares pledged/
encumbered to total
shares
1
Adani Properties
Private Limited
(APPL)^
50000 100% -- 50000 100% -- --
^ Shares held by APPL including six nominees of APPL.
iii) Change in Promoters’ Shareholding
Shareholding at
the beginning of
the year
Cumulative
Shareholding
during the year
No. of Shares
% of total shares
of the Company
No. of
Shares
% of total shares
of the Company
At the beginning of the year
No change during
the year
Date wise Increase / Decrease in Promoters Shareholding during the year
specifying the reasons for increase / decrease (e.g. allotment / transfer /
bonus/ sweat equity etc):
No change during
the year
At the end of the year
No change during
the year

19
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDR and ADRs):
For each of the Top 10 Shareholder
Shareholding at
the beginning of
the year
Shareholding
at the end of
the year
No. of Shares
% of total shares
of the Company
No. of
Shares
% of total
shares of the
Company
Nil
Date wise Increase / Decrease in Promoters Shareholding during the year
specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/
sweat equity etc):
v) Shareholding of Directors and Key Managerial Personnel
For each of the Directors and KMP
Shareholding at the beginning
of the year
Shareholding
at the end of
the year
No. of Shares
% of total shares of the
Company
No. of
Shares
% of total
shares of the
Company
None of the Directors and Key
Managerial Personnel hold
share in the Company.
Date wise Increase / Decrease in Promoters Shareholding during
the year specifying the reasons for increase / decrease (e.g.
allotment / transfer / bonus/ sweat equity etc):
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
(Rs. in Crore)
Particulars
Secured loans excluding
deposits
Unsecured
Loans
Deposits
Total
Indebtedness
Indebtedness at the beginning of the financial
year
i) Principal Amount 304.29 2,736.78 - 3,041.07
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 1.91 232.30 - 234.22

20
Total (i+ii+iii) 306.21 2,969.08 - 3,275.29
Change in Indebtedness during the financial
year
- - - -
· Addition 550.31 19,883.68 - 20,434.00
· Reduction 656.70 20,535.48 - 21,192.18
Net Change 199.82 2,317.29 - 2,517.11
Indebtedness at the end of the financial year - - - -
i) Principal Amount 197.91 2,084.99 - 2,282.89
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 1.13 252.51 - 253.64
Total (i+ii+iii) 199.03 2,337.50 - 2,536.53
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(Rs. in Crore)
Sr No
Particulars of
Remuneration
Mr. K. S. Nagendra,
Whole-time Director
Total
Amount
1 Gross salary
a) Salary as per provisions contained in section 17(1) of
the Income-tax Act, 1961
95,60,335 95,60,335
b) Value of perquisites u/s 17(2) Income-tax Act, 1961 4,25,352 4,25,352
c) Profits in lieu of salary under section 17(3) Income-tax
Act, 1961
- -
2 Stock Option - - -
3 Sweat Equity - -
4 Commission - -
- as % of profit - -
- others, specify - -
5 Others, etc. - -
Total (A) 99,85,687 99,85,687
B. Remuneration to other Directors:
(Rs. in Lakhs)
Particulars of Remuneration Mr. Mukesh M. Shah Ms. Birva Patel Total
1. Independent Directors
a) Fee for attending board, committee meetings 0.005 0.003 0.01

21
b) Commission -
c) Others, please specify -
Total (1) 0.01
2. Other Non-Executive Directors
Particulars of Remuneration Mr. Jatinkumar Jalundhwala Total
a) Fee for attending board, committee meetings - -
a) Commission - -
b) Others, please specify - -
Total (2) - -
Total (1+2) 0.01
C. Remuneration to key managerial personnel other than MD/manager/WTD
(Rs. in Crore)
Sr No Particulars of Remuneration
Mr. Vipin Goel, Chief
Financial Officer
Total
Amount
1 Gross salary
a) Salary as per provisions contained in section 17(1) of the
Income-tax Act, 1961
70,26,626 70,26,626
c) Profits in lieu of salary under section 17(3) Income-tax Act,
1961
- -
2 Stock Option - -
3 Sweat Equity - -
4 Commission - -
- as % of
profit
- -
- others,
specify
- -
5 Others, etc. - -
Total 73,18,807 73,18,807
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type
Section of the
Companies Act
Brief
Description
Details of penalty/ punishment/
compounding fees imposed
Authority
[RD / NCLT/
COURT]
Appeal made, if any
(give details)

22
A. Company
Penalty
None
Punishment
Compounding
B. Directors
Penalty
None
Punishment
Compounding
C. Other
Officers in default
Penalty
None
Punishment
Compounding
K. S. Nagendra
Whole-time Director
(DIN: 06859146)
Disclosure of statement on declaration given by independent directors under section 149(6) [Text Block]

23
Disclosure for companies covered under section 178(1) on directors appointment and remuneration including
other matters provided under section 178(3) [Text Block]
During the year under review, the Company had in place requisite policy on directors appointment & remuneration and other matters as
required pursuant to the provisions Section 178(3) of the Companies Act, 2013 and rules framed thereunder. The said policy is annexed as
Annexure - B.
Annexure - B
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The Company follows a policy on remuneration of Directors and Senior Management Employees.
Non-Executive Directors:
Criteria of selection of Non-Executive Directors
a) The Non-Executive Directors shall be of high integrity with relevant expertise and experience so as to have a diverse Board with
Directors having expertise in the fields of finance, taxation, law, governance and general management.
b) In case of appointment of Independent Directors, the Nomination and Remuneration Committee (N&R) shall satisfy itself with regard to
the independent nature of the Directors vis-is the Company so as to enable the Board to discharge its function and duties effectively.
c) The N&R Committee shall ensure that the candidate identified for appointment as a Director is not disqualified for appointment under
Section 164 of the Companies Act, 2013.
d) The N&R Committee shall consider the following attributes / criteria, whilst recommending to the Board the candidature for
appointment as Director.
i. Qualification, expertise and experience of the Directors in their respective fields;
ii. Personal, Professional or business standing;
iii. Diversity of the Board.
e) In case of re-appointment of Non-Executive Directors, the Board shall take into consideration the performance evaluation of the
Director and his engagement level.
Remuneration of Non-Executive Director
A Non-Executive Directors shall be entitled to receive sitting fees for each meeting of the Board or Committee of the Board attended by him,
of such sum as may be approved by the Board of Directors within the overall limits prescribed under the Companies Act, 2013 and The
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Executive Director:
Criteria of selection of Managing Director
For the purpose of selection of the Managing Director, the N&R Committee shall identify persons of integrity who possess relevant
expertise, experience and leadership qualities required for the position and shall take into consideration recommendation, if any, received
from any member of the Board.
The Committee will also ensure that the incumbent fulfils such other criteria with regard to age and other qualifications as laid down under
the Companies Act, 2013 or other applicable laws.
Remuneration of Managing Director (as applicable)
i. At the time of appointment or re-appointment of Managing Director, Managing Director shall be paid such remuneration as
may be decided by N&R Committee and the Board of Directors within the overall limits prescribed under the Companies Act, 2013.
ii. The remuneration shall be subject to the approval of the Members of the Company in General Meeting.
iii. The remuneration of the Managing Director is broadly divided into fixed and variable components. The fixed component
comprises salary, allowances, perquisites, amenities and retiral benefits. The variable component comprises performance bonus.
iv. In determining the remuneration (including the fixed increment and performance bonus) the N&R Committee shall ensure /
consider the following:
a. the relationship of remuneration and performance benchmarks is clear;
b. balance between fixed and incentive pay reflecting short and long term performance objectives, appropriate to the working of the
Company and its goals;

24
c. responsibility required to be shouldered by the Managing Director, the
d. industry benchmarks and the current trends the Company’s performance vis-is the annual budget achievement and individual
performance vis-is the KRAs / KPIs.
Remuneration for the Senior Management Employees(as applicable)
In determining the remuneration of the Senior Management Employees i.e. KMPs, the N&R Committee shall ensure / consider the following:
a. the relationship of remuneration and performance benchmark is clear;
b. the balance between fixed and incentive pay reflecting short and long term performance objectives, appropriate to the working of the
Company and its goals;
c. the remuneration is divided into two components viz. fixed component comprising salaries, perquisites and retirement benefits and a
variable component comprising performance bonus;
d. the remuneration including annual increment and performance bonus is decided based on the criticality of the roles and responsibilities,
the Company’s performance vis-a-vis the annual budget achievement, individuals performance vis-a-vis KRAs / KPIs, industry benchmark
and current compensation trends in the market.
Nomination and Remuneration Committee:
Your Company has in place Nomination and Remuneration Committee, the constitution, role and functions of which are in conformity with
the requirements of Section 178 of the Companies Act, 2013 and the rules made thereunder. The present Members of the Committee
comprises of Mr. Jatinkumar Jalundhwala Chairman, Mr. Mukesh Shah Member & Mrs. Birva Patel Member.
Your Company has established a policy on directors appointment and remuneration including criteria for determining qualifications, positive
attributes, independence of a director and other matters provided under sub-section (3) of section 178 of the Companies Act, 2013.
Held Attended
Mr. Mukesh Shah, Member 1 -
Dissolution of the Audit Committee and Nomination and Remuneration Committee of the Board of Directors of the Company
Pursuant to the provisions of the Companies Act, 2013 read with rule 4 of the Companies (Appointment and Qualification of Directors)
Rules, 2014 and notifications of Ministry of Corporate Affairs, the Company is no longer required to have an Audit Committee as well as
Disclosure of statement on development and implementation of risk management policy [Text Block]
Your Company has a formal risk assessment and management system which identifies risk areas, evaluates their consequences, initiates risk
mitigation strategies and implements corrective actions where required.

25
Details on policy development and implementation by company on corporate social responsibility initiatives taken
during year [Text Block]
Annexure - C
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. A brief outline of the Company’s CSR policy, including overview of projects or programmes proposed to be undertaken and a reference
to the web-link to the CSR policy and projects or programmes:
The Company has framed Corporate Social Responsibility (CSR) Policy which encompasses its philosophy and guides its sustained efforts
for undertaking and supporting socially useful programs for the welfare & sustainable development of the society.
The Company carried out/ implemented its CSR activities/ projects through Adani Foundation. The Company has identified Primary
Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure Development as the core sectors for CSR
activities. The CSR Policy will be made available on the website of the Company, which is under construction.
2. Composition of the CSR Committee:
Mr. K. S. Nagendra, Chairman Mr. Jatinkumar Jalundhwala, Member Ms. Birva Patel, Member
3. Average net profit of the Company for last three financial years:
Average net profit: Rs. 6.48 Crore
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above):
The Company was required to spend Rs. 0.13 Crore towards CSR.
5. Details of CSR spend for the financial year:
a) Total amount spent for the financial year: Rs. 0.15 Crore.
b) Amount unspent, if any: Nil
c) Manner in which the amount spent during the financial year is detailed below:
SN
Projects/ Activities
Sector
Sector Location
Amount
Outlay
(Budget)
Project or
Programs
wise
Amount
Spent on
the
project or
programs
Cumulative
Expenditure
upto
reporting
period
Amount
spent: Direct
or through
implementing
agency
Direct expenditure on
projects or programs.
Overheads
1
Education
Scholarship to
students
Education
Ahmedabad,
Gujarat
Rs. 0.15
Cr.
Rs. 0.15 Cr. -- Rs. 0.15 Cr.
Through
Adani
Foundation
Activity Details:
The Adani Foundation has been striving to create sustainable opportunities for the marginalized communities for over two decades now.
Over the years, the focus has extended from geographies where the Adani Group operates its business, to regions that are in a dire need for
timely and relevant interventions. Today, the Adani Foundation reaches out to 3.4 Mn people annually from 2315 villages in 18 States across
India. The success story of Adani Foundation is crafted through the communities who have taken ownership of the initiatives, ensuring that
the impact sustainable.
Adani Infra (India) Limited, firmly believes and endorses notion of sustainable community development, especially for the vulnerable and
marginalized sections. It strives to create an environment of coexistence where there is an equitable sharing of resources followed by
sustained growth and development. The Company has been promoting CSR activities through the Adani Foundation. The company has been
strategically supporting education and health development initiatives run by the foundation.
Education:

26
Education is the stepping stone to lead a life of dignity and quality, especially for the underserved and the vulnerable. The main philosophy
behind its educational initiatives is to make quality education accessible and affordable to the young minds. To reach out to the most
marginalised population, the Adani Foundation runs cost-free schools as well as subsidised schools across India. Many smart learning
programmes as well as projects to adopt government schools are being implemented in remote areas. It aids Aanganwadis and Balwaadis by
creating a fun-filled environment for kids at an early age.
Community Health:
Bringing healthcare to remotest of regions, Adani Foundations key focus is improving access to quality healthcare services for people
belonging to the weaker sections of the society. In this pursuit, it runs Mobile Health Care Units (MHCUs) across the nation, hospitals and
clinics, and organises general as well as specialised health camps. Apart from the above, activities for village sanitation, drainage sanitation
and nutritious food to needy persons for maintaining good health.
Adani Infra (India) Ltd. had contributed Rs.0.15 Crore to Adani Foundation towards CSR activities.
6. In case the company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof:
N.A.
7. The CSR Committee confirms that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and policy
of the company.
K. S. Nagendra
Whole-time Director
(DIN: 06859146)

27
Report on highlights on performance of subsidiaries, associates and joint venture companies and their
contribution to overall performance of the companies during the period under report [Text Block]
Annexure A
Form No. AOC 1
Salient features of the financial statement of Subsidiaries / Associate/ Joint Ventures as per Companies Act, 2013 (Pursuant to first proviso to
sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014)
Part "A" - Subsidiaries
(Rs. in Lakh)
KEMPL ATEMPPL MTEUPPL ANRPL AMRPL JEPL
Reporting Period 2020-21
Currency INR INR INR INR INR INR
Share Capital 500.00 475.00 1.00 1.00 1.00 1.00
Reserves & Surplus (4648.21) (3922.04) (13687.37) 1.93 0.84 (0.61)
Total Assets 7713.94 3777.95 7471.54 25.34 13.30 0.54
Total Liabilities 11862.15 7224.99 21157.91 22.41 11.46 0.15
Investment - - - - - -
Turnover - - - 25.25 12.62 -
Profit / (Loss) before Taxation (1.82) (1.51) (1.21) 2.84 1.17 (0.61)
Provision for Taxation - - - 0.72 0.33 -
Profit / (Loss) after Taxation (1.82) (1.51) (1.21) 2.13 0.84 (0.61)
Proposed Dividend - - - - - -
% of Shareholding 100% 100% 100% 100% 100% 100%
1. Names of subsidiaries which are yet to commence operations
a. Anuppur Thermal Energy (MP) Private Limited (ATEMPPL)
b. Katni Thermal Energy (MP) Limited (KTEMPL)
c. Mirzapur Thermal Energy (UP) Private (MTEUPPL)
d. Jash Energy Private Limited (JEPL)
2. Names of subsidiaries which have been liquidated or sold during the year. - None
Part B - Associates & Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2O13 related to Associate Companies and Joint Venture Not Applicable
K. S. Nagendra
Whole-time Director (DIN: 06859146)

28
Disclosure of financial summary or highlights [Text Block]
FINANCIAL PERFORMANCE SUMMARY:
The summarized financial highlight is depicted below:
(Rs. in Crore)
Particulars
As on
31.03.2021
As on 31.03.2020
Revenue from Operations 2244.01 1062.08
Other Income 394.47 728.31
Total Income 2638.48 1790.39
Total Expenditure 2622.12 1783.59
Profit / (Loss) before taxation 16.36 6.80
Tax Expenses (including deferred tax & adjustment of earlier years) 4.25 1.63
Profit / (Loss) after taxation 12.11 5.17
Other Comprehensive Income (0.28) (0.10)
Total Comprehensive Income 11.83 5.07
Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block]
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A. Director Liable to Retire by Rotation:
Pursuant to the requirements of the Companies Act, 2013 and Articles of Association of the Company, Mr. Jatin Jalundhwala (DIN:
00137888) is liable to retire by rotation and being eligible offers himself for re-appointment.
B. Change in Category of Independent Directors appointed on the Board of Directors of the Company:
C. Re-appointment of Mr. K. S. Nagendra as Whole-Time Director of the Company:
The current term of Mr. K. S. Nagendra as Whole-time Director of the Company expired on 10th November, 2020 and considering the
current operational activities and future business plans, the Board of Directors at its meeting held on 1st October, 2020, on recommendation
of Nomination and remuneration Committee and subject to the approval of the Members of the Company, re-appointed Mr. K. S. Nagendra,
as a Whole-time Director of the Company for a further period of 3 years w.e.f. 11th November, 2020.
The Board recommends the appointment/re-appointment of the above Directors for your approval.

29
Disclosure of companies which have become or ceased to be its subsidiaries, joint ventures or associate companies
during year [Text Block]
Pursuant to the provisions of Section 129 of the Companies Act, 2013 read with rules framed there under, a statement containing the salient
features of financial statement of subsidiaries, joint ventures and associates in Form AOC-1 is annexed as ‘Annexure – A’.
Details relating to deposits covered under chapter v of companies act [Text Block]
During the year under review, your Company has not accepted any fixed deposits within the meaning of Section 73 of the Companies Act,
2013 and the rules made there under.
Details of significant and material orders passed by regulators or courts or tribunals impacting going concern
status and company’s operations in future [Text Block]
There were no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status
and the Company’s future operations.
Details regarding adequacy of internal financial controls with reference to financial statements [Text Block]
Your Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Internal Audit
Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating
systems, accounting procedures and policies of the Company.

30
Disclosure of appointment and remuneration of director or managerial personnel if any, in the financial year
[Text Block]
I. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(Rs. in Crore)
Sr No
Particulars of
Remuneration
Mr. K. S. Nagendra,
Whole-time Director
Total
Amount
1 Gross salary
a) Salary as per provisions contained in section 17(1) of
the Income-tax Act, 1961
95,60,335 95,60,335
c) Profits in lieu of salary under section 17(3) Income-tax
Act, 1961
- -
2 Stock Option - - -
3 Sweat Equity - -
4 Commission - -
- as % of profit - -
- others, specify - -
5 Others, etc. - -
Total (A) 99,85,687 99,85,687
B. Remuneration to other Directors:
(Rs. in Lakhs)
Particulars of Remuneration Mr. Mukesh M. Shah Ms. Birva Patel Total
1. Independent Directors
a) Fee for attending board, committee meetings 0.005 0.003 0.01
b) Commission -
c) Others, please specify -
Total (1) 0.01
2. Other Non-Executive Directors
Particulars of Remuneration Mr. Jatinkumar Jalundhwala Total
a) Fee for attending board, committee meetings - -
a) Commission - -

31
b) Others, please specify - -
Total (2) - -
Total (1+2) 0.01
C. Remuneration to key managerial personnel other than MD/manager/WTD
(Rs. in Crore)
Sr No Particulars of Remuneration
Mr. Vipin Goel, Chief
Financial Officer
Total
Amount
1 Gross salary
a) Salary as per provisions contained in section 17(1) of the
Income-tax Act, 1961
70,26,626 70,26,626
c) Profits in lieu of salary under section 17(3) Income-tax Act,
1961
- -
2 Stock Option - -
3 Sweat Equity - -
4 Commission - -
- as % of
profit
- -
- others,
specify
- -
5 Others, etc. - -
Total 73,18,807 73,18,807

32
Disclosure of composition of audit committee and non-acceptance of any recommendation of audit committee
along with reasons [Text Block]
Audit Committee:
Your Company has in place Audit Committee, the constitution, role and functions of which are in conformity with the requirements of
Section 177 of the Companies Act, 2013 and the rules made thereunder.
Held Attended
Mr. Mukesh Shah, Member 1 1
Disclosure of details of establishment of vigil mechanism [Text Block]
Your Company has formulated a vigil mechanism / Whistle Blower Policy to report to the management concerns about unethical behaviour,
actual or suspected fraud or violation of the policy.
[700500] Disclosures - Signatories of financial statements
Details of directors signing financial statements [Table] ..(1)
Directors signing financial statements [Axis] 1 2
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Details of signatories of financial statements [Abstract]
Details of directors signing financial statements [Abstract]
Details of directors signing financial statements [LineItems]
Name of director signing financial statements [Abstract]
First name of director KARRI JATINKUMAR
Middle name of director SRINIVASA RAMESHCHANDRA
Last name of director NAGENDRA JALUNDHWALA
Designation of director whole-time Director Director
Director identification number of director 06859146 00137888
Date of signing of financial statements by director 19/05/2021 19/05/2021

33
01/04/2020
to
31/03/2021
Name of company secretary
D I V Y A
SHARMA
Permanent account number of company secretary JDHPS7653N
Date of signing of financial statements by company secretary 19/05/2021
Name of chief financial officer VIPIN GOEL
Permanent account number of chief financial officer ABVPG9106F
Date of signing of financial statements by chief financial officer 19/05/2021

34
[700400] Disclosures - Auditors report
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis]
Auditor's
favourable remark
[Member]
Clause not
applicable
[Member]
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Disclosure in auditors report relating to fixed assets As below
Disclosure relating to quantitative details of fixed assets
The Company has
maintained proper
records showing full
particulars,
including
quantitative details
and situation of
property, plant and
equipment.
Disclosure relating to physical verification and material discrepancies of fixed
assets
Textual information
(26) [See below]
Disclosure relating to title deeds of immovable properties
The Company does
not have any
immovable
properties held in its
own name.
Accordingly the
provisions of
paragraph 3 (i) (c)
of the Order are not
applicable.
Disclosure in auditors report relating to inventories
As explained to us,
the inventories were
physically verified
during the year by
the Management at
reasonable intervals
and no material
discrepancies were
noticed on physical
verification.
Disclosure in auditors report relating to loans
Textual information
(27) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of
Companies Act, 2013
Textual information
(28) [See below]
Disclosure in auditors report relating to deposits accepted
Textual information
(29) [See below]
Disclosure in auditors report relating to maintenance of cost records
Textual information
(30) [See below]
Disclosure in auditors report relating to statutory dues [TextBlock] As below
Disclosure relating to regularity in payment of undisputed statutory dues
[TextBlock]
Textual information
(31) [See below]
Disclosure relating to disputed statutory dues [TextBlock]
(A) Textual
information (32)
[See below]
Disclosure in auditors report relating to default in repayment of financial dues
Textual information
(33) [See below]
Disclosure in auditors report relating to public offer and term loans used for
purpose for which those were raised
Textual information
(34) [See below]
Disclosure in auditors report relating to fraud by the company or on the
company by its officers or its employees reported during period
Textual information
(35) [See below]
Disclosure in auditors report relating to managerial remuneration
Textual information
(36) [See below]
Disclosure in auditors report relating to Nidhi Company
In our opinion, the
Company is not a
nidhi Company.
Accordingly the
provisions of Clause
3 (xii) of the Order
are not applicable.
Disclosure in auditors report relating to transactions with related parties
Textual information
(37) [See below]

35
Disclosure in auditors report relating to preferential allotment or private
placement of shares or convertible debentures
Textual information
(38) [See below]
Disclosure in auditors report relating to non-cash transactions with directors
or persons connected with him
Textual information
(39) [See below]
Disclosure in auditors report relating to registration under section 45-IA of
Reserve Bank of India Act, 1934
Textual information
(40) [See below]
Footnotes
(A)
Name of the
Statute
Nature of
the Dues
Forum Where dispute
is pending
Amount
(Rs.)*
Amount Paid
Under Protest
(Rs.)
Period to which the
amount Relates
Income Tax
Act
Income Tax CIT(A) 7,70,846/- 7,70,846/- A.Y 2019-20
Sales Tax
Act
Central Sales Tax
Appellate tribunal,
Rajasthan
4,94,91,000/- - F.Y 2010-11
Central
Sales Tax
Appellate tribunal,
Rajasthan
29,48,82,000/- - F.Y 2011-12
(*) Excluding Interest and Penalty where the notice does not specify the same.
Details regarding auditors [Table] ..(1)
Auditors [Axis] 1
01/04/2020
to
31/03/2021
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
Name of audit firm
S H A H
DHANDHARIA &
CO LLP
Name of auditor signing report
SHAH HARSHIL
AMISHKUMAR
Firms registration number of audit firm 118707W/W100724
Membership number of auditor 181748
Address of auditors
807, Abhijeet-1,
Mithakhali Six
R o a d s ,
Navrangpura,
Ahmedabad -
380009
Permanent account number of auditor or auditor's firm AAGFM7049H
SRN of form ADT-1 H05918693
Date of signing audit report by auditors 19/05/2021
Date of signing of balance sheet by auditors 19/05/2021
01/04/2020
to
31/03/2021
Disclosure in auditor’s report explanatory [TextBlock]
[See below]
Whether companies auditors report order is applicable on company Yes
Whether auditors' report has been qualified or has any reservations or
contains adverse remarks
No
Disclosure relating to physical verification and material discrepancies of fixed assets
As explained to us, property, plant and equipment, according to the practice of the Company, are physically verified by the management at
reasonable intervals, in a phased verification program, which, in our opinion, is reasonable, looking to the size of the Company and the nature
of its business.

36
Disclosure in auditors report relating to loans
According to the information and explanation given to us and the records produced to us for our verification, the company has not granted
loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under
section 189 of the Companies Act, 2013. Accordingly the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable.
Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013
In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 185
and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it.
Disclosure in auditors report relating to deposits accepted
According to information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of the
directives issued by the Reserve Bank of India, provisions of section 73 to 76 of the Act, any other relevant provisions of the Act and the
relevant rules framed thereunder. Accordingly the provisions of Clause 3 (v) of the Order are not applicable.
Disclosure in auditors report relating to maintenance of cost records
We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014
prescribed by the Central Government under section 148(1) of the Companies Act, 2013 in respect of the company’s products/ services to
which the said rules are made applicable and are of the opinion that prima facie the prescribed cost records have been made and maintained.
However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
Disclosure relating to regularity in payment of undisputed statutory dues [Text Block]
(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident Fund, income tax, sales tax / value
added tax, goods and services tax, entry tax, cess and other material statutory dues have generally been deposited regularly during the year by
the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state
insurance, duty of customs & duty of excise. (b) According to the information and explanations given to us, no undisputed amounts payable
in respect of applicable statutory dues as referred to above were in arrears as at 31st March 2021 for a period of more than six months from
the date they became payable.
Disclosure relating to disputed statutory dues [Text Block]
(c) According to the information and explanations given to us, there are no material dues of Provident Fund, Employees State Insurance,
goods and services tax, duty of excise, duty of customs, entry tax, cess which have not been deposited with the appropriate authorities on
account of any dispute. However, according to information and explanations given to us, the following dues of income tax and sales tax /
value added tax have not been deposited by the Company on account of disputes.
Disclosure in auditors report relating to default in repayment of financial dues
According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in
repayment of loans or borrowings to any financial institution or bank or the government or any dues to debenture holders during the year.

37
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
Based upon the audit procedures performed, the company has not raised moneys by way of initial public offer or further public offer. In our
opinion and as per the information and explanations given by the management, the Funds raised through debt instruments and term loans
have been applied for the purpose they were raised.
Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees
reported during period
During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted
auditing practice in India, and according to the information and explanation given to us, we have neither come across any instance of material
fraud by the company or on the company by its officers or employees, noticed or reported during the year.
Disclosure in auditors report relating to managerial remuneration
According to the information and explanations given to us and on the basis of our examination of the records of the Company, managerial
remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with
Schedule V of the Act.
Disclosure in auditors report relating to transactions with related parties
As per information and explanation given to us and on the basis of our examination of the records of the Company, all the transaction with
related parties are in compliance with section 177 and 188 of Companies Act 2013 and all the details have been disclosed in Standalone
Financial Statements as required by the applicable Indian Accounting Standards.
Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible
debentures
According to the information and explanations given to us and on the basis of our examination of the records, the Company has not made any
preferential allotment or private placement of shares. Company has made private placement of compulsory convertible debenture during the
year under review. In respect of the same, in our opinion, the company has complied with the requirements of section 42 of the act. The
amount raised has been used for the purpose for which these have been raised.
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
According to the information and explanations given to us and on the basis of our examination of the records, Company has not entered into
any non-cash transactions with any director or any person connected with him. Accordingly the provisions of Clause 3(xv) of the Order are
not applicable.
Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934
In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the
provisions of Clause 3(xvi) of the Order are not applicable.

38
Disclosure in auditor’s report explanatory [Text Block]
Independent Auditor’s Report
To the Members of Adani Infra (India) Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of Adani Infra (India) Limited (“the Company”), which comprise the
balance sheet as at 31st March 2021, the statement of Profit and Loss (including other comprehensive income), the statement of changes in
equity and the statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory
information (herein after referred to as “Standalone Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements
give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st
March, 2021, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing specified under section
143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the Financial
Statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.
Other Information
The Company’s management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Company’s annual report, but does not include the Standalone Financial Statements and our auditors’ report
thereon. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with
respect to the preparation and presentation of these Standalone Financial Statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including the applicable Indian Accounting Standards (Ind AS) prescribed under Section
133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

39
expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
· Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such controls.
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made
by management.
· Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
· Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether
the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure A” a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of
those books.
c) the Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account.
d) in our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the
Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
e) on the basis of the written representations received from the directors as on 31st March, 2021 taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2021 from being appointed as a director in terms of Section 164 (2) of the Act.
f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure B”.
g) with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial
Statements – Refer Note 38 to the Standalone Financial Statements;
ii. the company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses;
iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
company.
3. With respect to the matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as
amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its

40
directors during the current year is in accordance with the provisions of section 197 of the Act. The remuneration paid to any director is not
in excess of limit laid down under section 197 of the Act.
For, SHAH DHANDHARIA & CO LLP
Chartered Accountants
Firm’s Registration No. 118707W/W100724
Place : Ahmedabad Harshil Shah
Date : 19th May, 2021 Partner
Membership No. 181748
UDIN : 21181748AAAABR7426
Annexure – B to the Independent Auditor’s Report
RE: Adani Infra (India) Limited
(Referred to in paragraph 2 (f) of our Report of even date)
Report on the Internal Financial Controls under Clause i of sub-section 3 of section 143 of the Companies Act 2013 (the Act).
Opinion
We have audited the internal financial controls over financial reporting of the Company as of 31st March, 2021 in conjunction with our audit
of the Standalone Financial Statements of the company for the year ended on that date. In our opinion, the Company has, in all material
respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting
were operating effectively as at 31st March, 2021, based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India.
Management’s Responsibilities for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance
Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the
Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to
fraud or error.
Annexure – B to the Independent Auditor’s Report (Continue)
RE: Adani Infra (India) Limited
(Referred to in paragraph 2 (f) of our Report of even date)
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted
accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that:
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Financial Statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's

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