5m

‘\

Corporate office: A —

Wing, 20th Floor, Marathon Futurex, Ni My Joshi Marg, Lower Parel Mumbai — 400013

VaibhaAbVijay

ESSEL LUCKNOW RAEBARELI TOLL ROADS LIMITED(Formerly known as Essel Lucknow Raebareli Toll Roads Private Limited)

Tel: +91 22 71084444 9 Fax: +91 22 71084500

30.052017

To,

BSE Limited

Corporate Relationship Department,Phiroze Jeejeebhoy Towers, Dalal Street,

Mumbai ~ 400 001

Ref: Security ID: From 905ELR17D To 905ELR282

Subject: Audited Standalone Financial Results for The half Year and Year Ended Slst March, 2017

pursuant to the Regulation 52 of SEBI (LODR) Regulation, 2015

Dear Sir,

With reference to the above noted subject, we wish to inform you that the Board of Directors of the

Company at its meeting held on May 30, 2017, inter alia, has considered and approved the Unaudited

Financial Results of the Company for the half year and year ended March 31, 2017 in accordance with

provisions of the 81381 (Listing Obligation and Disclosure Requirements) Regulations, 2015 read with

SEBl Circular dated August 10, 2016 vizi Circular Ref N01 ClR/lMD/Dll'l/69/2016.

Pursuant to aforesaid regulation we hereby submit the following documents:

- Independent Auditors Report- Statement of Audited Standalone Financial Results for the half Year And Year Ended 31st

March, 2017

a Declaration

o Certificates

Further we will submit the Letter from lDBl Trustee as per Regulation 52(5) in due course.

We further confirm that we are in compliance with the terms of issue of the NCDS and Regulation 57(2)of SEBI (LODR) 2015,

Thanking You,

Yours Faithfully

Kulkarni

Company Secretary

Encl: a/a

/,,I

Registered office: Essel House, 810, Lawrence Road, Industrial Area, New Delhi, Delhi110035.

i Corporate Identification Number: U45200DL2011PLC229484

CHATURVEDI & PARTNERS

Chartered Accountants212A, Chiranjiv Tower. 43 Nehru Place, New Delhi-110019

Phone : 011-46654665 Fax'

011416654655

Email delhi@chaturvedica com

To the Board of Directors of Essel Lucknow Raebareli Toll Roads Limited:

1. We have audited the accompanying statement of financial results (“the Statement”) of Essel

Lucknow Raebareli Toll Roads Limited (“the Company”) for the year ended on March 31,

2017 attached herewith, being submitted by the Company pursuant to the requirement of

Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,

(as amended). This statement, which is the responsibility of the company's management and

approved by the Board of Directors has been compiled from the related financial statements

which has been prepared in accordance with the accounting principles generally accepted in

India, including the Indian Accounting Standards specified under Section 133 of the Companies

Act 2013, read with relevant rules issued thereunder and other accounting principles generally

accepted in India. Our responsibility is to express an opinion on the statement based on our

audit of such financial statements.

We conducted our audit in accordance with the Auditing Standards generally accepted in India.

Those standards require that we plan and perform the audit to obtain reasonable assurance

whether the statement is free from material misstatement. An audit includes examining, on a

test basis, evidence supporting the amount disclosed as financial results. An audit Includes

assessing the accounting principles used and significant estimates made by management.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinion on the Statement.

In our opinion and to the best of our information and according to the explanations given to us,

the Statement:

i. is presented in accordance with the requirements of Regulation 52 of the SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015, as amended in this regard;

and

ii. give a true and fair view in conformity with the aforesaid Indian Accounting Standards

and other accounting principles generally accepted in India of the net profit, total

comprehensive income and other financial information for the year ended on March 31,

2017.

The Statement includes the results for the half year ended March 31, 2017 being the balancing

figure between the audited figures in respect of the full financial year and the published figures

of the first half year of the current financial year, which were subject to limited review.

For CHATURVEDI & PARTNERS

Chartered Accountants

Firm Registration N . 7068!?

9

ANU MAHANSA A

NEW DELHI Partner

May 30, 2017 Membership No. 500819

Other Offices : Kolkata . Mumbai o~ChennaI . Lucknow . Hyderabad

Essel Lucknow Raebarefi Toll Roads Limited

Registered Office: Essez House 8-3.0, Lawrence Roads, industnafi Area, Dem-110035

(tin-hue520091.2013flC22958é, emau-id: esse;infragroep@;nfra.esse}group.com_. website; http://esse3infrapro}ects.com/LucknowRaebareii/indexhtmiSTATEMENT OF FlNANCtAL RESULTS FOR THE HALF YEAR AND YEAR ENDED MARCH 31, 2017

Rs. In

Half Year Year Ended

31.03.2016 31.03.2016AU DETED AUDITED AUDITED AUDITED

PARTICULARS 31.03.2017

from

Revenue from & maintenance

Interest on financiai assets

Income

ota! Income

& Maintenance

Benefit

Finance Cost

and Amortization

otai

before Items and Tax

Items

before tax

ax

Current Tax

Deferred Tax

for the

net of

ota! Income ix +

up Equity Share Capital (Face value Rs. 10 per share)

Share:

Basic

Diluted

Reserve

worth

Service Ratio

Service Ratio

Ratio Note

Annualised

AUDITED STATEMENT OF ASSETS AND LIABILITIES

( Rs. In Lakhs)

PARTICULARSAS at As at

March 31, 2017 March 31, 2016

ASSETS

I NON—CURRENT ASSETS

a. Property, Plant and Equipment 27 29b. Financial Assets

(i) Others Financials Assets52,930 55,750

c. Non-Current tax assets (net) 447 223

II CURRENT ASSETS

a. Financial Assets

(i) Trade Receivables203 -

(ii) Cash and cash equivalents323 567

(iii) Bank balances other than(ii) above3,275 1,915

(iv) Loans and advances0 -

(v) Other Financial Assets10,098 10,099

b. Other current assets251 15

TOTAL (I + II)67,554 68,598

EQUITY AND LIABILITIES

I Equity

(a) Eduity share capital13,190 13,190

(b) Other Equity(5,184) (6,454)Total Equity8,006 6,736

Ii LIABILITIES

NON-CURRENT LIABILITIES

(a) Financial liabilities

(i) Borrowings52,031 55,323

(ii) Otherfinancial liabilities55 49

(b) Provision605 275

CURRENT LIABILITIES

(a) Financial Iiabilities

(i) Borrowing3,067 2,792

(ii) Trade payables253 202

(iii Other financial liabilities3,526 3,219

(b) Other Current Liabilities8 3

(c) Provisions3 —

Total Liabilities (II)59543 51,353

Total Equity and Liabilities ( I +Il )67,554 53,599

Notes:

; i’he above rcsscslts were rear/sowed and recommended by tire Audit (' ... '“

. I ems”, ,.

J "" "

‘im... y tz-y the 8mm of Director: at {heir respecwc meetings held on May 30. 90: '1 the. StatutoryAuditor of the momma: has carried out the audit of the aforesoizii

7

This statesmen: furs beers: piéffiili‘éid in accordance wish the Conioenies {ludian Accounting; Standards) Rules 2015 (ind AS) prescizbed under Section 133 oi‘thc Comoaiiios Act. 2013 and other recognizzdaccounting: practices; and policies. er; the: extent applicable Seginning Aprii 1, 2016 the Company has for the first time adopted lnd A5 with a. transmorr date oi Anni 1, 2015

3 I

The Company exercised iirsl lime adoption under IND AS 10} and has elect to continue with the carrying mine of its Finariciai Assets inriuding corresponding obiigation, as recognised in the financialstatements as at the dam 0! transition measured as per this previous GAAP and uses. chat as its deemed cost as at date of transition.

.: of not reoorteci in accordance with ludian GM? to tote! income in accordance with Ind AS is given below:

Holy ended 31.3.2016 Year Ended 31.03.2016

assets

The reconciliation of in accordance with lndian GAAP and in accordance with Ind AS is given below:

Year Ended 31.03.2016

The Figures of hair year (i.e., six months ended on March 31, 2017) and the corresponding previous half {i.e. six months ended March 31, 2016 )are the balancing figures between the audited figures ofthe full financial year and the pubiisiied year to date figures upto the end of first half year oi the respectively financial year.

6 The company is eligible for deduction under Section 8001 o!" the Income Tax Act, 1961 and the concession period of the Company's project falls within the tax hoiiday period as defined in Section 80M.Since deferred tax on temporary difference between Accounting income and Taxable Income that arise during the year is reversing during such tax holiday period and hence no Deferred Tax Assets is notbeing created in the accounts.

7 Ratios have been computed as under :

Debt Service Coverage Ratio .~ Earnings before Interest on long Term Debt and Tax / (Interest on Long Term Debt + Principal Repayment of Long Term Debt during the period}

interest Service Coverage Ratio a Earnings before Interests en song Term Debt and Tax I Interest on Long Term Debt

Debt Equity Ratio = long Yerm Borrowings including current Matuirity / Equity8 Asset Cover: 103%- tho cumulative annuity to be received IS. higher than the principal amount of the debentures.9 Details of due datcwisc in of Secured Non Convertible debentures as on March 2017 are as follows'

Previous Date (October 1,2016 till March 31. 2017)“ New Date (April 1,2017 till September 30. 2017)’

NA

NA

NA

interest and Principal amount of above debentures

10 Credit Rating ol‘the Non~Convertibie Debenture (NCO) is 'AAA (50) Siabie' as awarded by CARE Ratings and 'AAA (SO) Negative‘ as awarded by India Ratings & Research limited.11 Details of number of investor complaints for the Ital! year ended March 31, 2017: Beginning; Nil, Received. Nil, Disposed oif- Nii, Pending~ Nil.12 The Company is engaged in "Road Infrastructure Projects" which in the context of ind AS 108 "Operating Segment"

and hence no separate geographical segment disclosure is considered necessary.

13 Previous year figures have been regrouped/reciassified wherever necessary.

is considered as the only segment. The Company’s activities are restricted wit hm India

Place: New DelhiBy order of the Board

Date.~ 30May-17For

Lucicnow Raebarell Toll Roads Limited

Director «.3

Deepak Sethi

DIN: 07527637

G) )U

Essel Lucknow Raebareli Toii Roads Private Limited

Corporate Office: SIB/A, 5'" Floor, Kohinoor City, Kirol Road, Kuria (W), Mumbai — 400 070.

Tel: +91 22 66012323 0 Fax: +9l 22 6600300

Date: 30th May 2017

To,

The Secretary,

BSE Limited,

24th Floor, P J Towers,

Dalal Street, Mumbai - 400001

Ref.: Security ID: From 905ELR17D To 905ELR28Z

SUB: Declaration regarding Audit Report with Unmodified Opinion for the year ended 31St March 2017

Dear Sir,

We hereby confirm and declare that M/s Chaturvedi & Partners, Chartered Accountants, Statutory Auditor

of the company have issued the Audit Report on Financial Statements ofthe company for the year ended

31-03—2017 with unmodified opinion.

This is for your kind information and record.

Thanking You,

Your's faithfully,

For Essel Lucknow Raebareli Toll Roads Limited

Deep"

Sethi

Director

ClN-U45200DL2011PLC229484

Registered Office: Essel House, B—IO, Lawrence Road, industrial Area, New Delhi - 110 035.

Corporate identity Number: U45200DL201TPTC229484O C

T0

CHATURVEDI & PARTNERSChartered Accountants

212A, Chiranjiv Tower, 43 Nehru Place. New Delhi-110019Phone 01146854665 Fax 011-46654655

Email delhi@chaiurvedica com

W

The Board of Directors

Essel Lucknow Raebarell Toll Roads Limited

Essel House, B-10,

Lawrance Roads, Industrial Area,

Delhi - 110035

Independent Auditor's Certificate on the Statement of Net Worth as at March 31, 2017

1. This Certificate is issued In accordance with the terms of our engagement letter dated May 21,

2017.

The accompanying Statement of Net Worth as at March 31, 2017 (hereinafter referred together as

the “Statement”), contains the Statement of Net Worth, which we have lnltlailed for identification

purposes only.

Management’s Responsibility for the Statement

3. The preparation of the Statement is the responsibility of the Management of Essel Lucknow

Raebarell Toll Roads Limited (hereinafier the “Company”) including the preparation and

maintenance of all accounting and other relevant supporting records and documents. This

responsibility includes the design, implementation and maintenance of Internal control relevant to

the preparation and presentation of the Statement and applying an appropriate basis of

preparation; and making estimates that are reasonable in the circumstances.

The Management is also responsible for ensuring that the Company complies with the

requirements of Debenture Trust Deed and provides all relevant information to IDBI Trusteeship

Services Limited.

Practitioner’s Responsibility

5.

CP/ ESSEL/2017/5/2

It is our responsibility to provide a reasonable assurance whether:

I) the amounts in the Statement that form part of the Net Worth computation have been fairly

extracted from the audited financial statements for the year ended March 31, 2017; and the

computation of net worth is arithmetically correct; and

ii) the computation of net worth is in accordance with the methodology for calculation as set

out below:

“Net worth" means the aggregate value of the paid-up share capital and all reserves created

out of the profits and securities premium account, after deducting the aggregate value of the

accumuiated losses, deferred expenditure and miscellaneous expenditure not written off, as

per the audited balance sheet, but does not Include reserves created out of revaluation of

assets, write-back of depreciation and amalgamation.

6. The audited financial statements referred to in paragraph 5 above, have been audited by us, on

which we have issued unmodified audit opinion vide our report dated May 30, 2017. Our audit of

the financial statements was conducted in accordance with the Standards on Auditing and other

applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India.

Those Standards require that we plan and perform the audit to obtain reasonable assurance about

whether the financial statements are free of material misstatement.

We conducted our examination of the Statement in accordance with the Guidance Note on Reportsor Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The

Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued

by the Institute of Chartered Accountants of India. Our scope of work did not involve us

performing any audit tests in the context of calculation of Net worth. We have not performed an

audit, the objective of which would be the expression of an opinion on the specified items,accounts or items thereof that form part of the net worth calculations for the purpose of this

certificate. Accordingly we do not express such opinion.

We have complied with the relevant applicable requirements of the Standard on Quality Control

(SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial

Information, and Other Assurance and Related Services Engagements.

Conclusion

9. Based on our examination, as above, we are of the opinion that the amounts that form part of the

net worth calculation have been fairly extracted from the audited financial statements for the year

ended March 31, 2017 and net worth in the Statement is mathematically accurate and is in

accordance with the methodology of calculation as set out in paragraph 5(ii) above.

Restriction on Use

10. The certificate is addressed to and provided to the Board of Directors of the Company solely for

the purpose to enable comply with requirement of the Debenture Trust Deed and to submit the

accompanying Statement to IDBI Trusteeship Services Limited, and should not be used by any

other person or for any other purpose. Accordingly, we do not accept or assume any liability or

any duty of care for any other purpose or to any other person to whom this certificate ls shown or

Into whose hands it may come without our prior consent in writing.

For CHATURVEDI & PARTNERS

Chartered Accountants

Firm’s Registration ber 307068E

ANUJ MAHAN RIA

Partner

Membership Number 500819

New Delhi

May 30, 2017

CP/ ESSEL/2017/5/2

WA r f rre o in ur Ce ifi n h a m nt of N w rth ated Ma 0 2017

AmountParticulars

(Rs. In lakhs)Paid—up share capital 13,190Reserves out of Profit (5,184)Total (A) 8,006

Less: Miscellaneous expenditure not written off Nil

Less: Reserves created out of revaluation of Assets Nil

Less: Reserves not available for distribution to equity shareholders Nil

Total (B) -

Net Worth (A+B) 8,006

For CHATURVEDI & PARTNERS

Chartered Accountan

Membership Number 500819

New Delhi

May 30, 2017

CP/ESSEL/2017/5/2

CHATURVEDI & PARTNERS

Chartered Accountants212A, Chiraniiv Tower, 43 Nehru Place. New Delhi-110019

Phone . 011-46654665 Fax 011-46654655

Email delhi@chaiurvedica com

Wm

To

The Board of Directors

Essel Lucknow Raebareli Toll Roads Limited

Essel House, B-10,

Lawrance Roads, Industrial Area,

Delhi — 110035

Independent Auditor’s Certificate on the Statement of Financial Ratios on March 31, 2017

1. This Certificate is issued in accordance with the terms of our engagement letter dated May 21,2017.

2. The accompanying Statement of Financial Ratios as at March 31, 2017 (hereinafter referred

together as the “Statement"), contains the Statement of Financial Ratios, which we have initialled

for identification purposes only.

Management’s Responsibility for the Statement

3. The preparation of the Statement is the responsibility of the Management of Essel Lucknow

Raebareli Toll Roads Limited (hereinafter the “Company”) including the preparation and

maintenance of all accounting and other relevant supporting records and documents. This

responsibility includes the design, implementation and maintenance of internal control relevant to

the preparation and presentation of the Statement and applying an appropriate basis of

preparation; and making estimates that are reasonable in the circumstances.

4. The Management is also responsible for ensuring that the Company complies with the

requirements of Debenture Trust Deed and provides all relevant information and clarification to

IDBI Trusteeship Services Limited regarding financial ratios.

Practitioner's Responsibility

5. Pursuant to the requirements of the Debenture Trust Deed, it is our responsibility to provide a

reasonable assurance whether the amounts in the Statement that form part of the Financial Ratios

computation have been accurately extracted from the audited financial statements for the year

,ended on March 31, 2017 and the computation of ratio is arithmetically correct;

6. We conducted our examination of the Statement in accordance with the Guidance Note on Reports

or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The

Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued

by the Institute of Chartered Accountants of India. Our scope of work did not Involve us

performing any audit tests in the context of calculation of Financial Ratios. We have not performed

an audit, the objective of which would be the expression of an opinion on the specified items,

accounts or items thereof that form part of the Financial Ratios calculations for the purpose of this

certificate. Accordingly we do not express such opinion.

CP/ESSEL/2017/5/1

Other Offices : Kolkata - Mumbai o~Chennai . Lucknow . Hyderabad

7. We have complied with the relevant applicable requirements of the Standard on Quality Control

(SQC) 1,-Quality Control for Firms that Perform Audits and Reviews of Historical Financial

Information, and Other Assurance and Related Services Engagements.

Opinion

8. Based on our examination, as above, we are of the opinion that the amounts that form part of the

financial ratios have been accurately extracted from the audited financial statements for the yearended March 31, 2017 and the computation of ratio in the Statement is mathematically accurate.

Restriction on Use

9. The certificate is addressed to and provided to the Board of Directors of the Company solely for

the purpose to enable comply with requirement of the Debenture Trust Deed and to submit the

accompanying Statement to IDBI Trusteeship Services Limited, and should not be used by anyother person or for any other purpose. Accordingly, we do not accept or assume any liability or

any duty of care for any other purpose or to any other person to whom this certificate is shown or

into whose hands it may come without our prior consent in writing.

For CHATURVEDI & PARTNERS

Chartered Accountants

Firm’s Registration er 307068E

A MAHANSA A

Partner

Membership Number 500819

New Delhi

May 30, 2017

CP/ ESSEL/2017/5/1

WAs r ferr 'n ur ificate n h men fF'nan ial R i d Ma 2 17

. _ _ Amount_Sl. No. Ratios Descriptions

(Rupees in lakhsRatio

except share data), Long term Debt including current

1 Debt Equ1ty Ratiomaturity / Equity(Net worth)

55,950/8,006 6.99

Profit before Interest on long term

2Debt Service Coverage debts and Tax / (Instaiment repayable

6'544/8'6940 75

Ratio (DSCR) within a year + interest cost during'

the year)

. Profit before interest on long term 6,544/5,2743

InterestService debts and Tax /Interest Cost during 1.24

Coverage Ratio (ISCR)the year

4 Profit After Tax 1270 -

5Earnings Per Share Net Profit After Tax / Weighted

1270/131’900'000O 96

(EPS) (Basic) Average Number of Shares'

. . . 1270/6

Earnings Per Share Net Profit After Tax /WelghtedO 96

(EPS) (Diluted) Average Number of Sharesin 900 000

'

7Debenture Redemption

855 _

Reserve

For CHATURVEDI & PARTNERS

Chartered Accountants

Firm’s Registratio u

AN J MAHANS

\

44

IA

Partner

Membership Number 500819

New Delhi

May 30, 2017

CP/ESSEL/2017l5/1

er 3070685