G R Infraprojects Ltd

Dear Shareholders,

It is my absolute pleasure to present to you the Annual Report for the financial year 2023-24. As I pen down my thoughts for the year gone by, I feel honoured to share that this has been yet another successful year for G R Infraprojects Limited. As one of the leading infrastructure companies in India, we remain committed to delivering excellence and creating value for all our stakeholders. Our expertise in design, development and execution of specialised projects lends us the ability to contribute towards the country's infrastructure development.

India's GDP is estimated to have grown by 8.2% in 2023-24 and is projected to grow by 6.5%-7% in FY 2024-25. This demonstrates remarkable resilience despite global headwinds. The rapid increase in capital expenditure for infrastructure development in the country clearly demonstrates the government's focus on driving economic growth through strategic investments in infrastructure.

The recently announced budget has highlighted a significant 16.9% increase in capital expenditure (Capex), reflecting the Union Government's commitment to boosting economic growth through infrastructure investments, with planned investments totalling USD

1.4 trillion by 2025. This ambitious agenda is encapsulated in the National Infrastructure Pipeline (NIP), which aims to inject substantial capital into key sectors such as energy, roads, railways and urban development. India has made remarkable strides in rural road infrastructure with 3.74 Lakh km of roads constructed since 2014 under the Pradhan Mantri Gram SadakYojana(PMGSY). The government is also promoting public- private partnerships (PPP) to enhance infrastructure development efficiency.

These initiatives provide us the platform to capitalise on emerging opportunities for nation building and define our onward growth trajectory.

We are pleased to report another year of strong performance, demonstrating our ability to navigate challenges and deliver impressive results. For FY 2024, our standalone revenue from operations

reached 77,78,796.44 Lakh. Despite the challenges, our standalone profit before exceptional items and tax was sustained at 71,01,270.31 Lakh, compared to 71,14,611.53 Lakh in FY 2023. This reflects our financial prudence and operational efficiency.

The Company earned exceptional gains (net of tax) of 71 ,22,182.50 Lakh from the transfer of seven operational HAM projects to Bharat Highways InvIT and the sale of a 21% stake in one of our subsidiary companies. Additionally, our net worth has grown significantly, reaching XI,19,572. 44 Lakh at the end of FY 2024, a substantial increase from 75,21,516.11 Lakh at the end of FY 2023.

Our successful project execution capabilities have solidified our reputation as a trusted partner in nation-building, resulting in healthy financial returns and consistent value creation for our shareholders.

Our project management expertise has consistently fortified our EPC business, enabling us to set new standards of operational excellence. Moreover, our backward integration capabilities have

helped to streamline operations, optimise resource allocation and strengthen our position as a trusted partner in nation building.

During the year, we successfully transferred 7 operational HAM assets to Bharat Highways InvIT resulting in a 43.56% stake in the InvIT. We have also received Commercial Operation Date (COD) for two highway EPC projects, and subsequently received another Provisional Commercial Operation Date (PCOD) for a HAM project. Additionally, we achieved COD for our median power transmission project and have also bagged our second transmission project, adjacent to our existing one, which we delivered within the scheduled time.

Our diversified portfolio now includes 28 projects, of which 5 are operational, 14 are under construction and 9 are awaiting approval. As of March 31, 2024, our order book stood at a robust Rs.16,78,060.96 Lakh. Besides, we have emerged as the lowest bidder for two EPC road projects in Maharashtra, worth Rs.4,34,614 Lakh.

Our commitment to quality, timely project completion and operational efficiency have been instrumental in ensuring our success over the years, enabling us to consistently deliver projects on time.

As an agile and dynamic business, we strive to align our offerings with evolving client expectations. With numerous innovations in the infrastructure space, we believe in upgrading our skills, knowledge, and expertise of our teams to deliver marquee projects. Our ability to deliver tailored solutions and our diversified business presence give us the ability to easily adapt to the evolving industry requirements.

At G R Infraprojects Limited, we have a talented and experienced team to lead complex projects. It is their hard work and dedication that keeps us ahead of the curve. As a responsible corporate citizen, we remain committed to pursuing sustainable growth through strong governance, environmental stewardship, and social development. We believe in

driving a value-led organisation, where integrity, accountability and fairness are integral to our operations.

Before concluding, I would like to extend my heartfelt gratitude to all our stakeholders. Your unwavering faith in our ability keeps us motivated to broaden our horizon and aim for success. We are optimistic about our way forward and intend to make nation-building a core priority to pave the path for a better future for generations to come.

Warm Regards,

Chairman