Kalpana Dubey

RVNL/SECY/STEX/AGM-21/2024 06.09.
2024
National Stock Exchange of India Ltd. BSE Ltd.
Exchange Plaza, Department of Corporate Service,
Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers,
Bandra-Kurla Complex, Dalal Street,
Bandra (E), Mumbai - 400051. Mumbai- 400001.
Scrip: RVNL Scrip: 542649
Sub: Annual Report of the Company for the Financial Year 2023-24
Dear Sir/Madam,
This is in continuation to our letter of even no. dated 30.08.2024, regarding intimation of the 21st
Annual General Meeting of members of the Company to be held on Monday, the 30th
September, 2024 at 11:30 A.M. (IST) through Video Conferencing (VC)/Other Audio-Visual
Means (OAVM).
Pursuant to provisions of Regulation 30 & 34 of the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, please find enclosed herewith the Annual Report of the
Company for the Financial Year 2023-24.
The Annual Report for the Financial Year 2023-24 is also available on the Company's website
i.e. www.rvnl.org on the path, Investor Annual Reports 2023-24.
This is for your information and record.
Thanking you,
Yours faithfully,
For Rail Vikas Nigam Limited
KALPANA Digitally signed by

KALPANA DUBEY
DUBEY Date: 2024.09.06

18:11:53 +05'30'
(Kalpana Dubey)
Company Secretary & Compliance Officer
Regd. Office: 1st Floor, August Kranti Bhawan, Bhikaji Cama Place, R.K. Puram, New Delhi-110066
Tel: +91-11-26738299, Fax: +91-11-26182957, Email: [email protected], Web: www.rvnl.org
CIN: L74999DL2003GOl118633
Inside this
Report
Financial Statements
Corporate Overview Standalone
About RVNL 02 Independent Auditor’s Report 182
RVNL Mandate 03 Standalone Balance Sheet 198
Geographic presence 04 Standalone Statement of Profit and Loss 199
RVNL’s History 06 Standalone Statement of Changes in Equity 200
Financial Highlights 07 Standalone Statement of Cash Flows 201
Chairman’s Message 08 Notes to the Standalone Financial Statements 203
Projects Commissioned in FY 2024 12
Awards and Accolades 18 Consolidated
Board of Directors 19 Independent Auditor’s Report 258
Corporate Information 21 Consolidated Balance Sheet 268
CSR Activities 22 Consolidated Statement of Profit and Loss 269
Indore Metro 24 Consolidated Statement of Changes in Equity 270
Maldives 25 Consolidated Statement of Cash Flows 271
Notes to the Consolidated Financial Statements 273
Statutory Reports Notice 346
Directors’ Report 26
Management Discussion and Analysis Report 87 HSRC Infra Services Limited
Report on Corporate Governance 91
The Annual Report on CSR Activities 124 Chairman’s Message 362
Business Responsibility and Sustainability Reporting 131 Directors’ Report 364

Secretarial Audit Report 173 Independent Auditor’s Report 379
Financial Statements 388
Notice 417
J 21,732.58 Crore J 1.66 Trillion
Turnover Cumulative Project Expenditure since
the inception of the company
J 1462.95 Crore
PAT
16,439 Km
Railway infrastructure commissioned
till FY 2024
J 1,939.40 Crore
PBT
J 7,867.28 Crore
Net Worth
About RVNL
RVNL has an illustrious legacy spanning over more than two decades. It started
with the objective of bridging the infrastructure gap in Indian Railways by fast
track execution of Railway projects. After successfully achieving this objective
by completing more than 150 Railway projects, and successfully executing
new Railway projects under the innovative PPP model by setting up of a
number of Special Purpose Vehicles (SPVs), RVNL today has migrated from
original mandate of ‘rail infra’ projects, to the ever expanding opportunities
of ‘All Infra’ i.e. from #LocalRailInfra to #GlobalAllInfra. Today, RVNL is fast
setting its footprints in all possible infrastructure projects, both within the
country and overseas.
Our journey began with the mission to bridge the infrastructure gap within Indian Railways by
implementing projects focused on creating and enhancing rail infrastructure capacity swiftly,
as well as securing extra-budgetary resources for Special Purpose Vehicle (SPV) projects. Our
operations commenced in 2005, and since then, we have consistently earned an ‘Excellent’ rating
from the Department of Public Enterprises for consecutive years.
Vision Mission
To build world-class durable To be a leading Construction

infrastructures with the latest Company of India with presence
technologies and designs in all infrastructure domains, both
following the best quality and within the country and outside.
safety standards.
02
Corporate Overview Statutory Reports Financial S
tatements Rail Vikas Nigam Ltd
Annual Report 2023-24
RVNL Mandate
Rail Vikas Nigam Limited (RVNL)
was incorporated as a Public Sector
Undertaking for the following objectives 2120.36 Km 6208.96 Km
Gauge conversion works Doubling works
To undertake and execute successfully
project development, financing and
659.48 Km 18 Workshops
implementation of projects relating
to infrastructure of all kind.
To build, maintain, sustain, project
implementation teams, ready to New Line Trunkey Projects
launch execution of projects won, with
commitments to timely execution and
highest level of technical standards.
To mobilise financial and human

7345.35 Km 105.45 Km
resources for project implementation, Railway electrification works Metropolitan Transport
timely execution of projects with least Works
cost escalation. To maintain a cost-
effective organisational setup.
To foster a culture of continuous

learning within the Organisation, and 151 Projects
to constantly upgrade to innovative
technologies and collaborative Total Commission & handed
practices, in order to build and over to Railways
sustain a future-ready work force and
managerial platform.
To permeate a philosophy of
sustainability within the Organisation,
by a continuous internal conversation
with employees, partners,
associates and consultants, and
to promote professional integrity,
mutual trust & care.
03
Geographic
presence
(2 units)
Chandigarh
Rishikesh
Kanpur
Agra
Kota
(2 units) Lucknow
Patna
Bhopal Varanasi
(2 units)
Jhansi
Ranchi
Kolkata
(2 units)
Ahmedabad Indore Kharagpur
Bhubhaneshwar
(2 units)
Nagpur Raipur
Waltair
(2 units)
Secunderabad
Vijaywada
Bengaluru
Chennai
(2 units)
30 394
Project Implementation Units Total Workforce
04
Kyrgyzstan
Abu Dhabi Maldives
South Africa Dubai
Oman
Uzbekistan
05
RVNL’s
History
From Vision to Vanguard:

A Legacy of Building Excellent
Infrastructure Projects
RVNL was envisioned to meet the surging infrastructure demand back in 2002
by the then Prime Minister Atal Bihari Vajpayee during his historic Independence
Day Address. RVNL emerged as the driving force behind the Ambitious National
Rail Vikas Yojana (NRVY).
RVNL was envisioned to meet the surging infrastructure demand back in 2002 by the then Prime Minister Atal Bihari
Vajpayee during his historic Independence Day Address. RVNL emerged as the driving force behind the Ambitious
National Rail Vikas Yojana (NRVY).
Incorporated in 2003, RVNL embarked on a mission to transform India’s Railway landscape. With a two-fold objective –
to augment Rail infrastructure capacity and secure additional resources for critical projects, RVNL set out to bridge the
gap between potential and progress.
Over the years from #Local RailInfra RVNL has been transformed into #Global All Infra. In September 2013, RVNL
received Mini-ratna status and the turnaround happened in May 2023 when we were conferred with ‘Navratna’ status.
06
Financial
Highlights
Turnover H Crore EBITDA H Crore
FY 2024 21,733 FY 2024 2,529
FY 2023 20,282 FY 2023 2,248
FY 2022 19,381 FY 2022 1,991
FY 2021 15,403 FY 2021 1,264
FY 2020 14,530 FY 2020 1,111
PAT H Crore EPS H
FY 2024 1,463 FY 2024 7.02
FY 2023 1,268 FY 2023 6.08
FY 2022 1,087 FY 2022 5.22
FY 2021 941 FY 2021 4.51
FY 2020 790 FY 2020 3.79
Cash and Cash Equivalent H Crore Net Worth H Crore
FY 2024 1,027 FY 2024 7,867
FY 2023 808 FY 2023 6,479
FY 2022 4,570 FY 2022 5,631
FY 2021 1,416 FY 2021 4,966
FY 2020 272 FY 2020 4,500
07
Chairman’s
Message
Distinguished Shareholders,
It’s my profound honour and privilege to present
the 21st Annual Report of your Company. The
audited accounts of the Company for the financial
year 2023-24, along with the Directors’ Report and
reports of Auditors have been circulated. Comments
of Comptroller and Auditor General of India yet to
be circulated.
Your Company was established with the mandate of

fast-track implementation of rail infrastructure projects
working for and on behalf of Ministry of Railways as
its executing arm. The contribution of RVNL is amply
demonstrated by its performance and in 30 Project
Implementation Units established at 25 locations
across the length and breadth of the Country. RVNL
is executing projects in all the Zonal Railways and 19
states of the Country.
It gives me immure pleasure to inform that with

the Navaratna status upgraded to your company
in the previous year, Company is now working with
greater freedom & additional responsibilities and
scaling newer heights.
Financial Performance
In 2023-24, RVNL increased its expenditure on project
execution from Rs 20,281.57 crore to Rs 21732.58 crore,
which excludes the element of Rs 3911.93 crore as GST.
Pradeep Gaur
Chairman & Managing Director Profit Before Tax increased from Rs 1644.38 crore in
2022-23 crore to Rs 1939.40 crore in 2023-24, and Profit
After Tax (PAT) of the Company is at Rs 1462.95 crore,
showing an increase of 15.38 % over the previous year.
In view of the improved financial performance, the

RVNL is a major contributor in
Directors of your Company have recommended
providing EI installations on Indian payment of the final Dividend of Rs 439.94 crore for
Railways in connection with most 2023-24, As a result, the effective management fee
complicated projects of Doubling, of RVNL got reduced from 8.5% to 6.62%, With this,
3rd Line, New Line and Gauge the cumulative Dividend paid to the Government
stands at Rs 1881.02 crore (excluding Rs. 320.45 crores
Conversion. Keeping its high
towards final dividend recommended by the Board of
tradition, during FY 2023-24, RVNL Directors to the Shareholders).
has commissioned 119 Nos. of
Non-Interlocking (NIs) of stations Physical performance
for commissioning of Doubling &
Doubling / New Line / Gauge Conversion:
3rd Line projects during the year.
In 2023-24, 666.06 km sections were commissioned
consisting of 70.19 km of New Line, 24.53 km of
Gauge Conversation, 560.01 km of Doubling and 11.3
km of Kolkata Metro handed over to Zonal Railways
for operations.
08
During the year, ten important projects were fully RVNL has an in-house team of IRSTELO license holders
commissioned. These are: who are competent to approve Logic & Interface Circuits
and design drawings of all types of Railway signaling
Banspani -Daitari- Tomka- Jakhapura systems in-house. Besides, Railway Board had entrusted
(180 km) Doubling RVNL to approve Logic & Interface Circuits through 3rd
Khurda- Barang 3rd Line Party IRSTELO license holders for CR, SCR, WR & WCR up
to 75 routes. RVNL, till date has approved Logic & Interface
Raipur- Titlagarh (203 km) Doubling
Circuits of more than 100 stations. This has reduced
Madurai- Maniyachi-Tuticorin (160 km) the workload of Zonal Railways on document approval
organization and expedited the approval process of Logic
Maniyachi- Nagercoil DL
& Interface Circuits and resulted in timely commissioning
Barkhera- Budni 3rd line of large number of stations by RVNL to adhere the target
set by Railway Board.
Angul- Sukinda Road (98.7 km) New Line
Mau-Gazipur- Tarighat New Line RVNL S&T has participated in tenders of Automatic
Signalling of Zonal Railways and has secured three
Lucknow- Pilibhit via Sitapur, Lakhimpur (262.76 km) Automatic Signalling works of Rs 262.04 Cr (SCR, NWR &
Hyderabad- Secunderabad - Multi modal transport NCR) during FY 2023-24. Out of these, one work spanning
system (Phase-II)-MTP over 51 Km (06 Block section & 07 stations) has been
completed & commissioned in 2023-24.
All the above projects were completed with
Electric traction. Hill Railway Projects:
Railway Electrification: Extraordinary progress was made on the three hill rail
projects assigned to RVNL by IR i.e. Rishikesh-Karnaprayag
During the year, Company commissioned 239.38 Route section in Uttarakhand, Bhanupali-Bilaspur-Beri section
km (309.70 Track km) of exclusive Railway Electrification in Himachal Pradesh and Budni- Barkhera- 3rd line
works on important routes. Apart from exclusive RE project in Madhya Pradesh. 67.33 km of tunnelling was
work, 571.32 km of RE was also commissioned with the completed by RVNL in 2023-24. As a, Two Tunnel Boring
Doubling projects. Thus, 810.70 km of electrified sections Machines were commissioned by RVNL for the first time in
were commissioned in 2023-24. Himalayan geology in Indian Railways and are performing
well. This is manifestation of RVNL’S prowess in tunnelling.
Signalling & Telecom:
The challenging Budni- Barkhera- 3rd line project was fully
Signalling & Telecommunication (S&T) domain is a core commissioned during the year.
expertise of providing signalling solutions for efficient and
safe operation of trains on Indian Railways. There has been Workshops:
a significant induction of modern technologies on Indian RVNL has proven capability for planning and delivery of
Railways namely Electronic Interlocking (EI), Digital Axle State-of-the-Art Railway Workshops and augmentation
Counters, Fibre Optic Cable Network facilitating capacity of capacity of Production Units. RVNL had successfully
building in the recent years. completed 17workshop projects up to 2022-23. During
the year, following two more Workshop projects were
The effort of S&T team of RVNL in the area of Railway
fully completed:
Infrastructure helped Indian Railways is able to achieve
milestones in freight loading and operation of large Khurda Road - Construction of main line electrical
number of passenger trains across the length and breadth multiple unit car shed (Phase-2): completed in
of the country. September 2023.
RVNL is a major contributor in providing EI installations Vadodara - Setting up of New PoH Shop for Electrical
on Indian Railways in connection with most complicated Locos: completed in December 2023.
projects of Doubling, 3rd Line, New Line and Gauge
Conversion. Keeping its high tradition, during FY 2023- Metro Projects:
24, RVNL has commissioned 119 Nos. of Non-Interlocking
The project of Kolkata Metro has continuous challenge of
(NIs) of stations for commissioning of Doubling & 3rd
acquisition of land, clearances and removal of hindrances
Line projects during the year. RVNL also commissioned
and utilities by the local authorities.
53 IBS, 85 Kilometres of Automatic Signalling using
Electronic Interlocking and 69 mid-section level crossing During the year, Majerhat - Taratala (2.5 km) section of
gates interlocking with signals to improve safety of road Joka- Binoy Badal Dinesh Bagh section of Kolkata Metro
user. Not only on the Signalling front, RVNL has also had and Hemanta Mukhopadhyay – Beliaghata (8.80 km)
the incredible achievement in telecommunication by section of New Garia- Biman Bandar Section of Metro
providing 4090 km of Fibre Optic Network and 6 Quad Railway were commissioned. Thus ……. Km of Metro Project
Cable network during the year. in Kolkata has been commissioned by RVNL.
09
Pamban – Vertical Lifting Bridge:
Sectors Nos. of Contracts Amount
The work on the country’s only Won (Cr. of Rs.)
movable rail bridge at Rameshwaram
is progressing well with the State Domestic Projects
of Art technology. This work will be Civil
completed in 2024-25.
Railways 4 855
Special Purpose Vehicles:
Metro Projects (Surat, Mumbai, 7 5591
RVNL is proud to not only successfully Chennai, Nagpur, Indore & Pune)
establish but also commission
Highways (EPC/HAM) 1 808
five joint venture Special Purpose
Vehicles (SPVs) in partnership with Irrigation 1 2249
various stakeholders including Ports,
Electrical
Mines, State Governments etc. for
implementation of rail connectivity Railways 3 411
projects. RVNL has contributed
Transmission/Distribution 12 3300
an equity of Rs 1485.74 crore.
Against this project worth Rs 12948 S&T
crore have been implemented
Railways 1 47
with contribution of equity by the
partners and raising funds through Total Domestic: 13261
Financial Institutions.
These SPVs have generated Rs.

International Projects
1,13,672 crore revenue for Indian
Railways, without any investment Electrical
risk of Indian Railways. In FY 2023-24,
Rwanda- Transmission System 1 58
these SPVs handled 42888 loaded
rakes and 107.46 MT freight loading. Uzbekistan- Solar PV Project 1 665
VRJN By-Pass line on Obulavaripalle- Saudi Arabia- Solar PV Project 1 896

Krishnapatnam section was Total Overseas: 1619
commissioned in November 2023.
VRJN By-Pass line will facilitate Grand Total: 14880
movement of traffic from Vijayawada
side to Obulavaripalle on SPV line.
All the works are progressing well thus manifesting RVNL’s technical capabilities
Angul- Sukinda New Line project and its versatility.
got operationalised in January 2023.
I am confident that with taking works through open bidding, your company
Budhapank- Kamalang section was
will now scale greater heights without limiting only to Railway sector.
commissioned in October 2023.
Major beneficiaries of this line would
be steel plants in Angul region Human Resource Development
(transporting iron ore from Banspani The primary focus of RVNL Management has been to not only attract highly
and Chromate from Sukinda) and motivated, skilled, and experienced manpower but also to retain them by
coal based thermal power plants in facilitating the right environment, competitive perks and ample opportunities
Sukinda receiving thermal coal from for a better career progression through training and support.
Talcher coal fields. 3412 loaded rakes
were handled in the FY 2023-24. I am happy to report that HR team of company has taken commendable
initiatives in 2023-2024 for improving the satisfaction level of employees as
New Horizons: Works through detailed below:
Open Bidding
1. Timely promotions were made and orders were issued even before
I am very happy to inform that completion of requisite years of service in the particular grade resulting in
your company is a very vibrant no loss of service for further promotion.
and resilient organisation. We
have successfully ventured into 2. Gratuity Trust- Previously provision of gratuity was made each quarter to
a new phase by obtaining mega meet with the future liability of gratuity payment to the employee without
infrastructure projects through Open channelizing through any Gratuity Trust/Fund manager. Now Gratuity Trust
bidding. During the year, RVNL has been created thus introducing financial prudence.
bagged following major works:
10
3. RVNL Medical and Welfare scheme- RVNL Medical MOU Performance

and Welfare Scheme which provides medical benefits
It is with a great deal of satisfaction that based on the
to retired employees of RVNL and meets other
overall performance, your Company got 96.0 marks out of
emergency needs of employees in distress was last
100. It retained ‘Excellent’ rating by Department of Public
updated in April 2018. The same has been amended
Enterprises for the financial year 2022-23. The company
incorporating changes and also streamlined the
has been rated Excellent for 13th consecutive year.
management of funds duly approved by BOD. Some of
the amendments have also been incorporated in the
Medical Rule of RVNL employees, thereby giving more ISO certifications
medical benefits to the employees. I am happy to inform that ISO certifications on ISO 9001,
ISO 14001 & ISO 45001 for Quality Management System,
4. Various Competency building and training initiatives
Environmental Management System & Occupational
including online training of staff were taken such as
Health & Safety Management System achieved on
training in Tunnelling, GST-ITC, Works Construction,
24.03.2023 has developed a sense of commitment of RVNL
RCM, Litigation Handling etc., Project Management,
as an organization to ensure Quality in all its processes
PPP and Project Finance, Overview of GFR & Public
and deliverables, sensitivity towards environment and
Procurement through GeM (with latest Amendments).
providing safe and healthy work environment to the all our
Training in Auto Cad , BIM and Primavera shelling
employees. Apart from this, ISO is also playing an important
software is also being conducted.
role in efficiency improvement of your organization.
5. 360-degree performance appraisal was done for the
1st time in RVNL in 2023 (August to October) with Corporate Governance
the purpose of focusing on employee development.
RVNL maintains a robust system of checks and balances to
It was designed to identify strengths and areas for
ensure that the authority of decision making is exercised
improvement for personal and professional growth.
with due care and responsibility, to meet the aspirations
6. Employee Satisfaction Survey (ESS-2024) was of Shareholders and society. Your Company complies
conducted in February’2024 to measure the levels of job meticulously with all legal requirements and Government
satisfaction of employees in RAIL VIKAS NIGAM LIMITED guidelines regarding Corporate Governance. A Report on
(RVNL) and to determine the factors that influence Corporate Governance and Management Discussion and
job satisfaction which may assist the organizations Analysis forms part of the Annual Report.
in augmenting the employee job satisfaction level.
Actionable insights derived from the survey is being Acknowledgements
used to improve work environment and policies.
In the end, I would like to mention that all the achievements
7. RVNL has been following Government Policies of RVNL, would not have been possible without the
diligently in regard to procurement through GeM wholehearted support provided by Indian Railways. I
and effective implementation of Public Procurement am also grateful for the encouragement and confidence
Policy for MSEs. reposed in RVNL by the Chairman and Members of the
Railway Board and other officers, that helped RVNL in
Out of total procurement of Rs. 46.33 crore of Goods contributing substantially to its development.
& Services for the year 2023-24, GeM procurement
was 200.30% against the target of 100%. I, express my sincere thanks to our esteemed Shareholders,
Ministry of Finance, Department of Public Enterprises, the
MSME procurement was 35.18% against
State Governments, Zonal Railways, ADB, IRFC, Financial
target of 25%.
Institutions, C&AG’s office, our bankers and stakeholders
Procurement through woman entrepreneur was in various railway projects and national and international
5.24% against the target of 3%. contractors for their unstinted cooperation to RVNL. I would
also like to place on record my deep appreciation for the
Procurement through SC/ST vendors was 4.40%
devotion and dedication of all my fellow RVNL employees
against target of 4%.
who have been pillars of strength for the Company and
have delivered their best despite challenges.
Corporate Social Responsibility
RVNL is conscious of its social responsibility. During 2023-
24, the Company spent Rs 29.71 crore on CSR initiatives,
which is more than 2 percent of PBT for the last three
preceding Financial Years i.e., Rs 25.24 crore. The main Sd/-
focus of the Company is in the areas of education, health, Date : 08.08.2024 Pradeep Gaur
and sanitation. Place : Delhi Chairman & Managing Director
11
Projects Commissioned
in FY 2024
The list of 12 projects completed in 2023-24 is as under:
Length
S. No. Railway Name of Project Plan Head
(km)
1. East Coast Railway Banspani-Daitari-Tomka-Jakhapura (180 km) Doubling 180
2. Northern Railway Rajpura-Bhatinda Doubling with Electrification Doubling 172.64

(172.64 km)
3. Southern Railway Madurai-Maniyachi-Tuticorin (160 km) Doubling 160
4. Southern Railway Maniyachi-Nagercoil DL Doubling 102
5. West Central Railway Barkhera - Budni 3rd line Doubling 26.5
6. North Eastern Railway Mau-Gazipur-Tarighat New Line New Line 16.79
7. North Eastern Railway Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76 GC 262.76

km)
8. South Central Railway Hyderabad-Secunderabad - Multi modal transport MTP 78

system (Phase-II)-MTP
9. Railway Electrification Kasganj-Bareilly-Bhojipura-Daliganj RE (401 km) RE 401
10. Western Railway RE of Dhasa - Jetalsar (104.44 km) RE 104.44
11. East Coast Railway Khurda Road - Construction of main line electrical WKSP -
multiple unit car shed (Phase-2)
12. Western Railway Vadodara - Setting up of New PoH Shop for WKSP -
Electrical Locos
12
Barkhera-Budni 3rd Line
13
First Metro station over Busy yard, sub-urban lines, Majerhat Station
14
Joka- Majerhat Metro Station of Joka-Esplanede Metro Corridor
15
First Rail over Rail (ROR) by RVNL-2.2 km long rail flyover near Gudur Railway yard, SC Railway
16
17
Awards and
Accolades
Skoch Gold Award for RVNL SPV KRC – Dun & Bradstreet PSU Award 2023 in
PPP Model in Rail Sector in India. the Contract & Construction and Tech.
Consultancy Services (CPSU) Category
Most Admired PSU in Rail Infra during the 15th edition of the ‘PSU and
Development’ in the EPC & Construction Government Summit’.
category of awards at the Urban Infra
Business Summit & Awards 2022. RVNL won the prestigious Award in
'Innovative Technology Adoption' category
PSE Excellence Award to RVNL in for the Indore Metro Project – 24th Nov. 2023.
‘Operational Performance Excellence’ –
17th March 2023. RVNL as the India’s Leading Developer of
Rail Infrastructure and presented ‘India’s
Quality Innovation Award 2023 and Best Company of the Year Award 2023’.
National Quality Award by Institute of
Engineers (India) – April 2023 RVNL won 'Best PSU of the Year' and
'Construction Firm of the Year’ by Metro Rail
Skoch Gold Award for Excellent Physical and Steel Award 2023.
and Financial Performance – 2023
RVNL won ‘IEI Industry Excellence (Gold)
Winner for outstanding achievements Award 2023’ in Engineering Organisation in
in ‘Construction Safety’ Award Construction Industry category during the
category during the 21st Greentech award ceremony held at the 38th Indian
Safety Awards 2023.
Engineering Congress organised by The
Institution of Engineers (India) at Jabalpur
18
Board of
Directors
Mr. Pradeep Gaur

Chairman and Managing Director
Mr. Vinay Singh Mr. Rajesh Prasad

Director (Projects) Director (Operations)
Mr. Sanjeeb Kumar Mrs. Anupam Ban

Director (Finance) & CFO Director (Personnel)
19
Mr. Dhananjaya Singh Mr. Naresh Chandra Karmali Dr. M. V. Natesan
Govt. Nominee Director Govt. Nominee Director Independent Director
(w.e.f. 20.05.2024)
Mr. Anupam Mallik Mr. Vivek Kumar Gupta Mr. A. K. Khandelwal

Independent Director Govt. Nominee Director Govt. Nominee Director
(12.12.2023-04.02.2024) (ceased on 01.11.2023)
Mrs. Kalpana Dubey

Company Secretary &
Compliance Officer
20
Corporate
Information
Bankers Registered Office
State Bank of India Rail Vikas Nigam Limited

Axis Bank
HDFC Bank 1st Floor, August Kranti Bhawan,
Union Bank of India Bhikaji Cama Palace
Bank of India R.K. Puram, New Delhi - 110066
ICICI Bank Tel.: +91 11 2673 8299
Punjab National Bank Fax: +91 11 2618 2967
Email: [email protected]
Web: www.rvnl.org
Statutory Auditors
M/s. V. K. Dhingra & Co.

Registrar and Share Transfer Agent
Chartered Accountants
1-E/15, Jhandewalan Extn. Alankit Assignments Limited
Karol Bagh, New Delhi - 110005
205-208, Anarkali Complex,
Jhandewala Extension
Secretarial Auditors New Delhi - 110055
Tel.: +91 11 4254 1234 / 2354 1234
M/s. Kumar Naresh Sinha & Associates Fax: +91 11 2355 2001
Company Secretaries Email: [email protected]
Flat No. 121, Vinayak Apartments Web: www.alankit.com
Plot No. C-58/19, Sector - 62
Noida - 201307
21
CSR Activities
22
23
Indore Metro
24
Maldives
25
DIRECTORS’ REPORT
Dear Shareholders, OFS during the FY 2023-24. Present shareholding of
Govt. of India is 72.84%.
Your Directors are pleased to present the 21st Annual
Report and Audited Financial Statements for the Financial Shareholding of President of India (POI)
Year ended 31st March, 2024 together with the reports of As on 31.03.2024, the present Shareholding of
Statutory Auditors and Comptroller & Auditor General of
President of India (POI) is 1,51,87,43,694 equity
India thereon.
shares of H 10 each amounting to J 15,18,74,36,940
that is 72.84%.
1. FINANCIAL PERFORMANCE HIGHLIGHTS Profit
The key highlights of the financial performance of
Profit before Tax increased from J 1,644.38 crore in
the company during F.Y. 2023-24 along with the
2022-23 to J 1,939.40 crore in 2023-24 showing an
corresponding performance in F.Y. 2022-23 are
increase of 17.94%. Profit after Tax increased from
mentioned below (rounded to nearest rupees/crore):
J 1,267.97 crore in F. Y. 2022-23 to J 1,462.95 crore
(H in Crores) in F. Y. 2023-24 showing an increase of 15.38%.
%
Net Worth
Particulars 2023-24 2022-23 Increase/
Decrease The Net Worth of your Company has increased over
Turnover 21,732.58 20,281.57 7.15% the previous year from J 6479.15 crore to J 7,867.28
crore on account of transfer of profits (after payment
Total Income 22,915.13 21,285.51 7.66%
of Dividend& OCI).
Operating 1,691.34 1553.97 8.84%
Income Reserves
Reserves & 5,782.26 4394.13 31.59%
The Reserves & Surplus of the Company for FY 2023-
Surplus
24 stand at H 5782.26 crore as compared to H 4,394.13
Profit Before Tax 1,939.40 1,644.38 17.94%
crore in FY 2022-23, showing an increase of 31.59%
Profit After Tax 1,462.95 1,267.97 15.38% from previous year.
Net worth 7867.28 6,479.15 21.42%
Appropriations Dividend
Dividend *439.94 *444.11 -0.94% The Board recommended a final dividend of H 439.94
crores (H 2.11 per share) subject to the approval of
* Final dividend amounting to J 439.94 crore @ J 2.11 per fully shareholders in the ensuing Annual General Meeting
paid equity share recommended by the Board of Directors
of the Company. Total dividend for the Financial Year
subject to the approval of shareholders in the ensuing Annual
General Meeting of the Company. 2023-24 is H 439.94 crore.
Capital Structure Acceptance of Deposits
With an Authorized share capital of the Company of H Your company has not accepted any deposit from
3000 crores, there has been no change in the Capital the public during the year.
Structure of the Company, with the Paid-up share
Reimbursement of Expenditure
capital of the Company remaining at H 2085.02 crore.
The Company has not issued any share during the RVNL received an amount of J 23,528.31 crore
year under consideration. (approx.) for project expenditure during the current
year, from Ministry of Railways (MoR) for execution
Employee Stock Option Plan of various works.
Your Company has not provided any Employee
Loans from IRFC
Stock Option Plan (ESOP); therefore, disclosure
requirement in relation to ESOP under Rule 12(9) During the year, no borrowing was made from IRFC.
and Rule 16(4) of the Companies (Share Capital and With this, the total amount received from IRFC is
Debentures) Rules, 2014 is not applicable. H 7865.08 crore. The principal and interest on the
borrowings from IRFC are repaid by Ministry of
Offer for Sale (OFS)/Employee OFS Railways (MoR) as a pass-through entry in the books
In compliance with Department of Investment and of RVNL. During the year, an amount of H377.29 crore
Public Asset Management (DIPAM), Disinvestment towards principal & H441.52 towards interest was
of equity shares of 5.36% was done by the President paid to IRFC on this account, leaving an outstanding
of India acting through Ministry of Railways through loan& Principal balance of H 6506.02 crore (including
interest accrued of H1541.66Cr).
26
Corporate Overview Statutory Reports Financial Statements Rail Vikas Nigam Ltd
Turnover 2. INTEGRAL REPORTS

Your Company has achieved a highest ever turnover
of H 21,732.58 crore in 2023-24 as compared to H Name of Report Annexure
20,281.57 crore in 2022-23 showing an increase of Management Discussion and Analysis A
7.15% over the previous year.
Corporate Governance Report B
This became achievable mainly due to the assured Corporate Social Responsibility (CSR) C
availability of funds for project expenditure during Report
the year by the Ministry of Railways, which accounts “Business Responsibility and D
for 86.49 % of the Turnover. In addition, over the years Sustainability Report (BRSR)”
the Company has also put a large number of large Secretarial Auditor Report E
value contracts in place to speed up the process of Form AOC-2 F
project execution. At the same time, there has also
been a significant increase in the revenue from the The Management Discussion and Analysis Report
projects secured through bidding to the tune of provides an overview of the affairs of the Company,
H2254.81 crore during 2023-24 in comparison to H its business environment, mission and objectives,
637.58 crore in the previous year. outlook, operational performance, its resources and
systems, strengths, opportunities, constraints, risks
Consolidated Financial Statements and concerns, strategies, prospects, etc. (Annexure A).
The consolidated Financial Statements of the
The Corporate Governance Report highlights the
Company prepared in accordance with the provisions
Company’s philosophy on Corporate Governance
of Companies Act, 2013 and the applicable Indian
and Key Values, composition of Board of Directors
Accounting Standards (IND-AS) for the Financial
and its Committees, attendance and remuneration
Year 2023-24 forms part of the Annual Report of
of Directors etc. other relevant disclosures, CEO/
the Company. The accounts have been consolidated
CFO Certification and general information for
based on the performance and activities of the
shareholders. The following compliance certificates as
SPVs, JVs, Associates and the share of RVNL in those
required under DPE Guidelines and SEBI Regulations
entities as an equity partner and its wholly owned
supplement it. (Annexure B).
subsidiaries. The related entries appearing in the
standalone accounts of RVNL have been adjusted A Certificate signed by the Chairman and
accordingly in consonance with the relevant Indian Managing Director affirming receipt of
Accounting Standards (Ind AS 110& 28). The salient compliance with the Code of Conduct from
features of differences in the significant entries all Board members and Senior Management
between the Standalone Accounts of RVNL and the personnel during the year 2023-24 (placed at
Consolidated Accounts are as under: Annexure “B-1”) as per guidelines of Department
(H in Crores) of Public Enterprises on Corporate Governance.
Figures as on Figures as on A Certificate from the Chairman and Managing
Particulars 31.03.2024 31.03.2024 Director (CMD) and Chief Financial Officer (CFO)
Standalone Consolidated with regard to the authenticity of financial
Turnover 21732.58 21,889.23 statements (placed at Annexure “B-2”); and
Other Income 1182.55 1185.57 A Certificate of compliance of Corporate
Direct Expenses 20041.24 20181.86 Governance signed by a practicing Company
Indirect Expenses 934.48 943.97 Secretary (placed at Annexure “B-3”) as
PBT 1939.40 **2053.91 per guidelines of Department of Public
PAT 1462.95 1574.47 Enterprises on Corporate Governance and
Listing Regulations.
Reserve & Surplus 5782.26 6660.66
Net Worth 7867.28 8745.68 Certificate on non-disqualification of Directors
as per schedule V of SEBI (LODR) Regulations,
** PBT includes H 104.94 crore as proportionate share of RVNL in 2015 (placed at Annexure “B-4”)
the profit/loss of Joint Ventures.
The Corporate Social Responsibility (CSR) Report
Subsidiary, Joint Venture and Associate reflects RVNL’s plans, policy, budget, expenditure,
Companies evaluation process for projects and CSR activities
undertaken during the year. (Annexure C)
A report on the performance and financial position
of subsidiary, associates and joint venture Company The “Business Responsibility and Sustainability
as per Companies Act 2013 is provided in Note-43 to Report (BRSR)” describes the initiatives taken
the Consolidated Financial Statements. by the Company from an Environmental, Social
and Governance (ESG) perspective in terms of
amendment to Regulation 34 (2) (f) of SEBI (LODR)
Regulations 2015.(Annexure D)
27
Pursuant to provisions of Section 204 of Companies During 2023-24, Banspani-Daitari-Tomka-Jakhapura
Act, 2013 and Companies (Appointment and (180 km), Rajpura-Bhatinda Doubling with
Remuneration of Managerial personnel) Rules Electrification (172.64 km), Madurai-Maniyachi-
2014, the Company has appointed M/s. Kumar Tuticorin (160 km), Maniyachi-Nagercoil DL, Barkhera
Naresh Sinha & Associates, Practicing Company - Budni 3rd line, Mau-Gazipur-Tarighat New Line,
Secretary, to undertake the Secretarial Audit of Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76
the Company. The Secretarial Audit Report is placed km), Hyderabad-Secunderabad - Multi modal
at Annexure “E”. transport system (Phase-II)-MTP, Kasganj-Bareilly-
Bhojipura-Daliganj RE (401 km) were completed.
As per Section 92 (3) of the Companies Act, 2013, Khurda Road - Construction of main line electrical
Annual Return will be available on the website of the multiple unit car shed (Phase-2) and Vadodara
Company i.e., www.rvnl.org.
- Setting up of New PoH Shop for Electrical
The disclosure of Related Party Transactions, as Locos projects under the Plan Head Worksop
required under section 134 (3) (h) of Companies Act, were completed.
2013 and Rule 8 (2) of the Companies (Accounts) 3.1 Physical Size of the Projects:
Rules, 2014 in Form “AOC-2” is placed at Annexure “F”.
Since its establishment in 2003, Ministry of Railways
has transferred 190 projects to RVNL for execution,
2A. GRANT OF “NAVRATNA” STATUS which may be broadly classified under the
Department of Public Enterprises (DPE) vide its O.M. following heads:
no. F. No. PD-I-26/0003/2022-DPE dated 01.05.2023
Doubling 71
has granted “Navratna” status to RVNL.
Gauge Conversion 12
New Lines 12
3. OPERATIONAL PERFORMANCE
MTP 06
Your Directors are delighted to inform that the F.Y.
2023-24 has been a year of excellence and growth Railway Electrification 39
for the Company. Workshops 21
Others 27
Total project Length completed during the F.
Y. 2023-24 was 578.73 km which included 25.9 Unsanctioned 02 (2 GC)
km of New Line, 517 km of Doubling, 24.53 km
And after implementation of revocation of policy
of Gauge Conversion, 11.3 km of Metropolitan
for assignment of work to PSUs in 2021, RVNL had
Transport Project (MTP). Beside this, 2 Workshop
participated in Open Bidding and projects awarded
Project have been physically completed. 211 km
through biddings as on March 2024 are:
of Railway Electrification was carried out during
the year and in addition, Railway Electrification Awarded through Bidding 58
of 528.3 km was also carried out in other than The distribution of project length under various plan
specific Railway Electrification projects as heads is shown below:
part of Doubling.
Deatils of Projects
Completed upto
March 2024
7318
15000 6446
10000
1
259
2170
5000
1306 50
691 200
2120 6187 7317 115.6 49
615 84.4 15
35
0
e n g n TP s*
Lin sio lin
at
io M er
er ub Ot
h
Ne
w
nv Do trific
Co lec
e
ug ayE
Ga ilw
Ra
*figure indicates Number of projects
28
3.1.1 Nature of Works being Executed by RVNL: Mumbai, Nagpur, Patna, Pune, Raipur, Rishikesh,
Ranchi, Secunderabad, Varanasi (3 Units), Vijayawada
RVNL is executing all types of Railway Infrastructure
and Waltair. Two projects units are also established
works such as New Line, Gauge Conversion,
outside India, one is at Maldives & another is at
Doubling/3rd Line/4th Line, Railway Electrification,
Dubai. The PIUs are established and closed as
Workshops, Hill Railway Projects, Institutional
per requirement.
Buildings, Mega Bridges, Metro Railway, Tunnels,
Monumental Bridges, Canals, Transmission Lines, 3.2 Status of physical progress of projects
Highways, Signaling Work, MMLPs etc.
The status of the 248 projects assigned to RVNL for
3.1.2 Project Implementation Units (PIUs): execution is as under: -
These projects are spread all over the country Projects completed up to March 2024 : 152 No.
and for efficient implementation of projects, 30
Projects under implementation : 94 No.
Project Implementation Units (PIUs) have been
established at 25 locations to execute projects in Projects yet to be sanctioned : 2 No.
their geographical hinterland. They are located at
3.2.1 RVNL has so far completed 152 projects.
Ahmedabad, Bengaluru, Bhopal, Bhubaneshwar
(2 Units), Chennai (2 Units), Chandigarh, Gwalior, The list of 140 projects fully completed up to March
Indore, Kolkata (2 Units), Kharagpur, Kota, Lucknow, 2023 is as under:
S.
Railway Project Name Type of Project Length (km)
No.
1. Central Railway Diva - Kalyan 5th & 6th Line Doubling 11
2. Central Railway Pakni - Mohol Doubling Doubling 17
3. Central Railway Panvel - Jasai JNPT Doubling Doubling 28.5
4. Central Railway Pakni - Solapur Doubling Doubling 16.28
5. Central Railway & SCR Daund- Gulbarga- Doubling (224.9 km) and Doubling 224.9
Pune- Guntakal -Electrification (641.37 km)
6. Eastern Railway Gurup - Saktigarh Extn of 3rd Line Doubling 26
7. East Central Railway Barauni - Tilrath Bypass Doubling Doubling 8.3
8. East Coast Railway Talcher-Cuttack-Paradeep Doubling with Doubling 3
2nd Bridge on Rivers Birupa & Mahanadi
9. East Coast Railway Jakhapura- Haridaspur 3rd Line Doubling 23.3
10. East Coast Railway Cuttack - Barang Doubling Doubling 14.3
11. East Coast Railway Rajatgarh-Barang Doubling Doubling 31.3
12. East Coast Railway Khurda-Barang - 3rd line (35 km) Doubling 32.32
13. East Coast Railway Sambalpur-Titlagarh (182 km) Doubling 182.00
14. East Coast Railway Raipur-Titlagarh (203 km) Doubling 203
15. Northern Railway New Delhi-Tilak Bridge- 5th & 6th line (2.65 Doubling 2.65
km)
16. Northern Railway Utraitia-Raebareli (65.6 km) Doubling 68.04
17. Northern Railway Raebareli-Amethi (60.1 km) Doubling 59.00
18. North Central Railway Palwal - Bhuteswar 3rd Line Doubling 81
19. North Central Railway Aligarh - Ghaziabad 3rd Line Doubling 106.1
20. North Central Railway Bhimsen-Jhansi (206 km) with RE Doubling 206
21. North Western Railway Bhagat Ki Kothi - Luni Doubling Doubling 30.3
22. North Western Railway Karjoda - Palanpur Doubling Doubling 5.4
23. North Western Railway Rewari- Manheru Doubling Doubling 69.02
24. North Western Railway Rani-Keshav Ganj Doubling Doubling 59.5
25. North Western Railway Abu Road-Sarotra Road- Patch doubling Doubling 23.12
(23.12 km)
26. North Western Railway Swaruganj-Abu Road - Patch doubling Doubling 25.36
(25.36 km)
27. North Western Railway Sarotra Road-Karjoda - Patch doubling Doubling 23.59
(23.59 km)
28. Southern Railway Attipattu - Korukkupet 3rd Line Doubling 18
29. Southern Railway Pattabiram - Tiruvallur 4th Line & Tiruvallur - Doubling 41.89
Arakkonam 3rd Line
30. Southern Railway Tiruvallur - Arakkonam 4th Line Doubling 28
31. Southern Railway Villipuram-Dindigul Doubling Doubling 273
29
S.
No.
32. Southern Railway Thanjavur-Ponmalai - Doubling Doubling 46.96
33. South Central Railway Pullampet - Balapalle Ph I of Gooty - Doubling 41
Renigunta Doubling
34. South Central Railway Krishnapatnam - Venkatachalam Doubling Doubling 16.5
with RE
35. South Central Railway Gooty - Renigunta Patch Doubling Doubling 151
36. South Central Railway Raichur - Guntakal Doubling Doubling 81.0
37. South Central Railway Guntur-Tenali - Doubling with electrification Doubling 25
(24.38 km)
38. South Central Railway Vijaywada-Gudivada- Bhimavaram- Doubling 221.00
Narasapur, Gudivada-Machlipatnam
and Bhimavaram-Nidadavolu (221 km) -
Doubling with electrification
39. South Central Railway Secunderabad (Falaknuma)-Mehbubnagar Doubling 85.70
doubling
40. South Eastern Railway Tikiapara - Santragachi Doubling Doubling 5.6
41. South Eastern Railway Panskura - Kharagpur 3rd Line Doubling 45
42. South Eastern Railway Panskura - Haldia Ph 1 Doubling Doubling 14
43. South Eastern Railway Rajgoda - Tamluk (Jn. Cabin) Doubling Doubling 13.5
44. South Eastern Railway Tamluk Jn. Cabin – Basulya Sutahata Doubling 24.23
Doubling
45. South Eastern Railway Goelkera-Monoharpur 3rd line (40 km) Doubling 27.5
46. South East Central Bilaspur - Urkura 3rd Line Doubling Doubling 105
Railway
47. South East Central Salka Road- Khongsara Patch Doubling Doubling 26
Railway
48. South East Central Khodri-Anuppur, with Flyover at Bilaspur Doubling 61.6
Railway (61.6 km)
49. South Western Railway Hospet - Guntakal Doubling Doubling 115
50. West Central Railway Bhopal-Bina - 3rd line (143 km) Doubling 144.3
51. West Central Railway Itarsi-Budni - 3rd line (25.090 km) Doubling 25.09
52. West Central Railway Barkhera-Habibganj - 3rd line (41.420 km) Doubling 41.2
53. West Central Railway Bina-Kota (282.66 km) with RE Doubling 282.66
54. Western Railway Palanpur- Samakhiali (247.73 km) Doubling 247.3
55. North Western Railway Delhi - Rewari Gauge Conversion GC 94.2
56. North Western Railway Ajmer - Phulera - Ringus - Rewari Gauge GC 295
Conversion
57. North Western Railway Bhildi - Samdari Gauge Conversion GC 223
58. Southern Railway Thanjavur - Villupuram Gauge Conversion GC 192
59. Southern Railway Cuddalore - Salem Gauge Conversion GC 193
60. South Western Railway Arasikere-Hassan-Mangalore Gauge GC 230
Conversion
61. Western Railway Bharuch - Samni - Dahej Gauge Conversion GC 62
62. Western Railway Gandhidham - Palanpur Gauge Conversion GC 301
63. Western Railway Ahmedabad-Botad (170.48 km) GC 166.09
64. Western Railway Dhasa-Jetalsar (104.44 km) GC 106.69
65. East Coast Railway Daitari - Banspani New Line New Line 155
66. East Coast Railway Haridaspur-Paradeep (82 km) New Line 82
67. East Coast Railway Angul- Sukinda Road (98.7 km) New Line 95
68. Southern Railway Vallarpadam - Idapally New Line New Line 9
69. South Central Railway Obulavaripalle- Krishnapattnam (113 km) New Line 121
70. Railway Electrification Tomka -Banspani – RE RE 144
71. Railway Electrification Kharagpur (Nimpura) - Bhubaneswar RE 581
Including Branch Line of Talcher - Cuttack -
Paradeep
72. Railway Electrification Bhubaneswar - Kottavalasa RE 417
73. Railway Electrification Daund-Manmad Incl. Puntamba- Shirdi - RE RE 255
74. Railway Electrification Reningunta - Guntakal RE RE 308
30
S.
No.
75. Railway Electrification Yelahanka - Dharmavaram - Gooty RE RE 306
76. Railway Electrification Bharuch - Samni - Dahej RE RE 64
77. Railway Electrification Manheru- Hissar RE RE 74
78. Railway Electrification Jakhal - Hisar (79 km) RE 80.0
79. Railway Electrification Chhapra-Ballia-Ghazipur-Varanasi- RE 330
Allahabad RE (330 km)
80. Railway Electrification Guntakal-Kalluru RE (40 km) RE 40
81. Railway Electrification Utretia - Rae Bareli - Amethi - Janghai RE RE 214
(214 km)
82. Railway Electrification Daund-Baramati (44 km) RE 44
83. Railway Electrification Amla-Chhindwara-Kalumna RE 257
84. Railway Electrification Raipur-Titlagarh (203 km) {Part of RE 203
Vizianagaram - Rayagada - Titlagarh -
Raipur (465 km)}
85. Railway Electrification Rajpura - Dhuri - Lehra Mohabat (151 km) RE 151
86. Railway Electrification Guntakal - Bellary - Hospet incl. Tornagallu - RE 138
Ranjitpura Branch Line (138 km)
87. Railway Electrification Wani- Pimpalkutti RE (66 km) RE 66
88. Railway Electrification Manoharabad- Medchal (14 km) RE 14
89. Railway Electrification Yalahanka-Penukonda (120.55 km)- RE -
Doubling
90. Railway Electrification Jakhal - Dhuri - Ludhiana (123 km) RE 123
91. Railway Electrification Guna-Gwalior (227 km) RE 227
92. Railway Electrification Rani-Palanpur 166 km RE 166
93. Railway Electrification Villupuram-Cuddalore Port-Mayiladuturai- RE 228
Thanjavur & Mayiladuturai-Thiruvarur (228
km)
94. Railway Electrification Raebareli-Unchahar incl. Dalmau-Daryapur RE 63
(63 km)
95. Railway Electrification Raninagar Jalpaigudi-New Bongaigaon - RE 374.98
Guwahati (Incl) RE (382 km) (Part of Barauni
- Katihar - Guwahati Incl. Katihar - Barsoi
(836 km) RE
96. Railway Electrification Chikjajur-Bellary RE (184 km) RE 183.15
97. Railway Electrification Bengaluru-Omalur Via Hosur RE (196 km) RE 196.00
98. Railway Electrification Utratia-Raebareli-Amethi 2nd line RE (126 RE 126.00
km)
99. East Coast Railway RE of Sambalpur-Titlagarh Doubling project RE 96.60
(96.596 km)
100. Western Railway Palanpur-Samakhiali (247.73 km) RE RE 247.73
101. Deposit RE of NTPC siding at Hotgi Station (37 km) RE 34.41
102. Deposit Electrification of IOCL Siding at Pakni (4 km) RE 4.15
103. Deposit Electrification of Ultra Tech Cement Siding RE 9.75
at Hotgi (8km)
104. Deposit Electrification of Chettinad Cement Siding RE 5.9
at Tilati (7.1km)
105. Central Railway Latur- Setting up of coach manufacturing WKSP -
factory
106. Eastern Railway Civil Engineering Works in Connection with WKSP -
Diesel Loco Component Factory, Dankuni
107. Eastern Railway Dankuni - Setting Up of Electric Loco WKSP -
Assembly and Ancillary Unit of CLW
108. Eastern Railway Ranaghat (EMU Car Shed)-Inspection bay WKSP -
for 15 coach maintenance facilities
109. Eastern Railway Jheel Siding Coaching Depot- Infrastructure WKSP -
development
110. East Central Railway Barauni - 250 High Horse Power Loco Shed WKSP -
31
S.
No.
111. East Central Railway Gaya -Setting up New MEMU car shed for WKSP -
maintaining 30 rakes of 16 coaches
112. East Coast Railway Vadlapudi- Wagon PoH Workshop of 200 WKSP -
Nos Capacity Near Duvvada Station
113. North Central Railway Kanpur - Construction of MEMU Car shed WKSP -
114. North Central Railway Jhansi-Setting up of coach periodic WKSP -
overhauling and refurbishment workshop
115. North Eastern Railway Saidpur Bhitri- Setting up of Electric Loco WKSP -
Shed to home 200 Locos
116. North Eastern Railway Dullahapur Yard - Provision of tower wagon WKSP -
periodic overhauling shed
117. Northern Railway Sonipat-Setting up of coach periodical WKSP -
118. South Eastern Railway Setting Up of Diesel Multiple Unit (DMU) WKSP -
Manufacturing Factory at Sankrail/ Haldia
119. DLW Varanasi - Augmentation of Production WKSP -
Capacity from 200 To 250 High HP Locos
Per Year
120. North Eastern Railway Aunrihar - DEMU Shed WKSP -
121. South Central Railway Workshop for Manufacture of Flat Bogies for WKSP -
LHB Design Coaches, Yadgir
122. METKOL MM of Existing Corridor Noparanagar- MTP 4.14
Baranagar- Daksineshwar
123. Eastern Railway Barddhaman Yard - 4-lane road over bridge ROB -
in lieu of 2-lane road over bridge No. 213
124. Southern Railway Srirangam-Tiruchchirapalli Town - 4-lane ROB -
road over bridge in lieu of 2- lane bridge
No.380-A
125. North Western Railway IOC Siding at Salawas (Deposit Work) Others 2.82
126. South Central Railway Secunderabad- Upgradation of facilities at TRG -
Centralised Training Academy for Railway
Accounts
127. South Central Railway Moula Ali - Setting Up of Indian Railway TRG -
Institute of Finance Management
128. South Central Railway Lallaguda (Carriage Workshop)- OSW -
Replacement of 100-Year-Old
Administrative Building
129. South Western Railway New Station Building at Belguam OSW -
130. South Western Railway Second Entry Station Building at Belguam OSW -
131. South Western Railway Proposed Coaching Depot at Belgaum OSW -
132. South Western Railway Yard Remodelling Works at Belgaum OSW -
133. North Western Railway Madar - Palanpur - Removing of PSR (Kms Track Renewal -
589/1 to 590/1)
134. North Central Railway Jhansi-Garhmau, Orai-Ata, Ata-Kalpi & TF -
Pokhrayan-Lalpur - Splitting of longer block
sections
135. North Central Railway Paman-Bhimsen - New B-class station TF -
136. South Central Railway Umdanagar-Timmapur - New crossing TFC -
station
137. Western Railway Sabarmati-Botad-subways in lieu of level RSW -
crossing-23 Nos.
138. Western Railway Sabarmati-Botad-Subways in lieu of LCs-14 RSW -
Nos.
139. Western Railway Dhasa-Jetalsar-Subways in lieu of Level RSW -
Crossing-35 Nos.
140. Northern Railway Final Location Survey for New Line FLS -
Connectivity to Char Dham (327 km)
32
The list of 12 projects completed in 2023-24 is as under:
S.
Railway Name of Project Plan Head Length (km)
No.
1. East Coast Railway Banspani-Daitari-Tomka-Jakhapura (180 Doubling 180
km)
2. Northern Railway Rajpura-Bhatinda Doubling with Doubling 172.64
Electrification (172.64 km)
7. North Eastern Railway Lucknow-Pilibhit via Sitapur, Lakhimpur GC 262.76
(262.76 km)
8. South Central Railway Hyderabad-Secunderabad - Multi modal MTP 78
transport system (Phase-II)-MTP
9. Railway Electrification Kasganj-Bareilly-Bhojipura-Daliganj RE (401 RE 401
km)
10. Western Railway RE of Dhasa - Jetalsar (104.44 km) RE 104.44
11. East Coast Railway Khurda Road - Construction of main line WKSP -
electrical multiple unit car shed (Phase-2)
Electrical Locos
3.3 Total project length completed: 3.4.1.2 Mau – Ghazipur - Tarighat (51 km): During
the year, 7.16 km of project length was
Cumulatively, RVNL has completed a total of 6187
completed. Tarighat – Ghazipur Ghat (7.16 km)
km of doubling, 2120.36 km of gauge conversion,
was completed in November 2023, with this
615.19 km of new lines, 7317.05 km of pure Railway
completing the project fully.
Electrification, 4347.19 km RE as part of NL/GC/DL
and 84.40 km of Metropolitan Transport Project 3.4.1.3 Neora – Daniawan (40.92 km): During the year,
(MTP). Thus, as on 31.3.2024, 16324 km of project 8.241 km of project length was completed.
length out of a total length of 17,398.64 km of 243 Fazalchak – Gauspur(H) (3.028 km) and
sanctioned projects (2 projects of 163.22 km of Top Sarthua – Daniawan (5.213 km) were
length are yet to be sanctioned) assigned to RVNL, completed in May 2023.
have been completed.
3.4.2 Sections completed under Gauge Conversion Plan
3.4 Project length completed during 2023-24: Head: During the year, 24.53 km of Gauge Conversion
During 2023-24, 578.73 km (25.9 km of New Line, was completed, the details are given below:
517 km of Doubling, 24.53 km of Gauge Conversion,
11.3 km of Metropolitan Transport Project (MTP) 3.4.2.1 Lucknow – Pilibhit: During the year, 24.53 km of
and 2 Workshop Project have been physically project length was completed. Shahgarh – Mala
completed. 211 km of Railway Electrification was (11.59 km) was completed in January 2024 and
carried out during the year and in addition, Railway Mala – Pilibhit Jn. (12.94 km) was completed
Electrification of 528.3 km was also carried out in in November 2023, with this completing
other than specific Railway Electrification projects as the project fully.
part of Doubling.
3.4.3 Sections completed under Doubling Plan Head:
3.4.1 Sections completed under New Line Plan Head: During the year, 517.003 km of Doubling was
During the year, 25.9 km of New Line was completed, completed, the details are given below:
the details are given below:
3.4.3.1 Dhanbad - Sonnagar (Patratu - Sonnagar)
3.4.1.1 Angul - Sukinda Road (98.7 km): During the – 3rd Line (291 km): During the year, 57.7
year, 10.5 km project length was completed. km of project length was completed. Japla –
Budhapank – Kamalang (Route – A) (5.7 Haidernagar (7.02 km) was completed in May
km) was completed in June 2023, Talcher – 2023. Baghabishnupur – Ankorah (8.06 km) and
Kamalang (Route – B) (4.8 km) was completed Demu – Richughuta (7.83 km) were completed
in September 2023. in June 2023. Navinagar Rd. – Kajrat Nawadih
(8.38 km) was completed in August 2023.
Kumendi – Bendi (6.7 km) and Bendi – Latehar
33
(5.92 km) were completed in October 2023. Khurat (12.5 km) was completed in September
Sonnagar – Baghabishnupur (6.34 km) was 2023. Khurat – Muhamdabad (9.2 km) and
completed in December 2023. Kajrat Nawadih – Muhammad – Sathiaon (9 km) were completed
Japla (7.45 km) was completed in January 2024. in November 2023.
3.4.3.2 Vizianagaram – Sambalpur (Titlagarh) 3rd 3.4.3.9 Bhatni– Aunrihar (126.30 km): During the year,
Line (264.60 km): During the year, 33.947 km 19.10 km of project length was completed.
of project length was completed. Parvatipuram Bhatni – Peokol (5.25 km) was completed in
Town – Gumda (11.937 km) and Doikallu – June 2023. Belthara Road – Govindpur Dugauli
Muniguda (13.18 km) were completed in (7.33 km) was completed in December 2023.
October 2023. Parvatipuram – Parvatipuram Govindpur Dugauli – Kidihrapur (6.52 km) was
Town (1.649 km) was completed in December completed in January 2024.
2023. Jimidipeta – Ladda (7.181 km) was
completed in March 2024. 3.4.3.10 Khurda - Barang 3rd Line (32.34 km): During the
year, Bhubaneswar – Mancheswar (5.628 km)
3.4.3.3 Budni – Barkhera 3rd Line (26.5 km): During was completed in May 2023..
the year, Budni – Barkhera (26.5 km) was
completed in July 2023, with this completing 3.4.3.11 Maniyachi - Nagercoil (102 km): During the
the project fully. year, 15.01 km of project length was completed.
Aralvaymoli – Nagercoil Jn. (11.412 km) and
3.4.3.4 Banspani – Daitri – Tomka – Jakhapura (180.33 Tirunavalli – Melappalaiyam (3.6 km) were
km): During the year, 24.96 km of project length completed in September 2023, with this
was completed. Jaroli – Nayagarh (14.838 km) completing the project fully.
was completed in May 2023 and Tangripal –
Tomka (10.121 km) was completed in July 2023, 3.4.3.12 Vijayawada - Gudur 3rd Line (287.67 km):
with this completing the project fully. During the year, 74.23 km of project length
was completed. Bapatla – Stuartpuram (6.89
3.4.3.5 Rajpura- Bhatinda (172.64 km): During the km) was completed in May 2023. Manubolu –
year, 68.47 km of project length was completed. Gudur Jn. (9.35 km) and Stuartpuram – Chirala
Dhablan – Nabha (13.2 km) was completed in (8.1 km) were completed in June 2023. Ongole
June 2023. Rampura Phul – Lehra Muhabat – Surareddipalem (10.15 km) was completed in
(7.08 km) was completed in July 2023. Patiala July 2023. Niduvrolu – Appikatla (11.69 km) was
– Dhablan (12.4 km) was completed in August completed in August 2023. Karvadi – Ongole
2023. Shekha – Barnala (9.4 km) was completed (8.78 km) was completed in October 2023.
in August 2023. Hadiaya – Tapa (13.11 km) was Appikatla – Bapatla (8.77 km) was completed
completed in December 2023. Tapa – Rampura in February 2024. Tsundru – Niduvrolu (10.5 km)
Phul (13.28 km) was completed in January 2024, was completed in March 2024.
with this completing the project fully.
3.4.3.13 Kharagpur - Adityapur 3rd line (132 km):
3.4.3.6 Hospet – Hubli – Tinaighat (352 km): During During the year, 21.848 km project length
the year, Kalem – Sanvordem (9.982 km) was was completed. Asanboni – Gobindpur (PH) –
completed in January 2024. Salgajuri (11.61 km) and Galudih – Rakhmines
(6.996 Km) were completed in May 2023.
3.4.3.7 Mathura– Jhansi 3rd Line (273.80 km): During the Tatanagar – Adityapur (3.242 km) was completed
year, 71.137 km of project length was completed. in January 2024.
Mathura – Baad (9.893 km) was completed in
December 2023. Dhaulpur – Hetampur (13.56 3.4.3.14 Varanasi – Madhosingh – Allahabad (120.20
km) and Sithouli – Sandalpur (7.47 km) were km): During the year, Allahabad City – Allahabad
completed in March 2024. Gwalior – Sithouli A Jn. (2.01 km) was completed in March 2024.
Cabin (6.87 km) was completed in April 2023.
Sandalpur – Antri (6.564 km) was completed 3.4.3.15 Hyderabad – Secunderabad MMTS Phase -II:
in January 2024. Dabra – Kotra (9.57 km) and During the year, Sanathnagar – Mula Ali Bypass
Hetampur – Sikroda Kwanri (5.95 km) were (21 km) was completed in August 2023, with
completed in June 2023. Sonagir – Datia (11.26 this completing the project fully.
km) was completed in February 2024.
3.4.4 Sections completed under Metro Plan Head: During
3.4.3.8 Phephna- Indara, Mau - Shahganj (excl. the year, 11.30 km of Metro was completed, the
Indara - Mau) (150.28 km) DL: During the year, details are given below:
65.48 km of project length was completed.
3.4.4.1 New Gharia - Airport Metro Railway: During
Rasra – Ratanpura (13.28 km) was completed
the year, Hemanta Mukhopadhyay – Beliaghata
in August 2023. Khorasan Rd – Shahganj (21.5
(8.8 km) was completed in March 2024.
km) was completed in March 2024. Mau Jn. –
34
3.4.4.2 Joka – Esplanade Metro Railway: During the 3.4.5.4 Dallirajhara-Rowghat During the year, 36 km
year, Majerhat – taratala (2.5 km) was completed of project length was completed. Dallirajhara-
in December 2023. Gudum (20 km) was completed in Jan
2024. Gudum- Bhanupratappur (16 km) was
3.4.5 Sections completed under Pure Railway completed in Feb 2024.
Electrification Works: During the year, 211 km of
Railway Electrification was completed, the details 3.4.5.5 Sabarmati-Botad: During the year, 57 km of
are given below: project length was completed. Sabarmati-
Moraiya (30 km) & Botad-Bhimnath (27 Km) was
3.4.5.1 Daliganj - Mailani – Kasganj: During the completed in Mar 2024.
year, 50 km project length was completed.
Kurriya-Shahgarh (27 km) was completed 3.5 Workshop projects completed: During the year,
in Aug 2023. Shahgarh- Pilibhit (23 km) was 2 Workshop projects were fully completed, the
completed in March 2024, with this completing details of which are as under:
the project fully. 3.5.1 Khurda Road - Construction of main line electrical
multiple unit car shed (Phase-2): The workshop was
3.4.5.2 Hospet–Hubli-Vasco Da Gama: During the
completed in September 2023.
year, 11 km project length was completed.
Cansaulium – Vasco Da Gama (11 km) was 3.5.2 Vadodara - Setting up of New PoH Shop for
completed in Aug 2023. Electrical Locos: The workshop was completed
in December 2023.
3.4.5.3 Dhasa – Jetalsar (104 km): During the year, 57
km of project length was completed. Lunidhar- 3.6 Projects Fully Commissioned and Handed over
Kunkavav (14 km) were completed in May 2023. to Railways:
Kunkavav – Khakhariya (11 km) was completed
in June 2023. Khakhariya –Jetpur (26 km) was Out of 152 projects completed so far, 151 projects
completed in July 2023. Jetpur-Jetalsar (6 have been fully commissioned and handed over to
km) was completed in Sept 2023, with this Railways for operations and maintenance.
completing the project fully.
The list of 137 projects commissioned till March 2023 is as under:
S.
No.
1. Central Railway Diva - Kalyan 5th & 6th Line Doubling 11
2. Central Railway Pakni - Mohol Doubling Doubling 17
3. Central Railway Panvel - Jasai JNPT Doubling Doubling 28.5
4. Central Railway Pakni - Solapur Doubling Doubling 16.28
5. Central Railway & SCR Daund- Gulbarga- Doubling (224.9 km) and Doubling 224.9
Pune- Guntakal -Electrification (641.37 km)
6. Eastern Railway Gurup - Saktigarh Extn of 3rd Line Doubling 26
7. East Central Railway Barauni - Tilrath Bypass Doubling Doubling 8.3
8. East Coast Railway Talcher-Cuttack-Paradeep Doubling with Doubling 3
2nd Bridge on Rivers Birupa & Mahanadi
9. East Coast Railway Cuttack - Barang Doubling Doubling 14.3
10. East Coast Railway Jakhapura- Haridaspur 3rd Line Doubling 23.3
11. East Coast Railway Rajatgarh-Barang - 3rd line Doubling 31.3
12. East Coast Railway Sambalpur-Titlagarh (182 km) Doubling 182.00
13. North Central Railway Palwal - Bhuteswar 3rd Line Doubling 81
14. North Central Railway Aligarh - Ghaziabad 3rd Line Doubling 106.1
15. North Central Railway Bhimsen- Jhansi (206 km) with RE Doubling 206
16. North Western Railway Bhagat Ki Kothi - Luni Doubling Doubling 30.3
17. North Western Railway Rani-Keshav Ganj Doubling Doubling 59.5
18. North Western Railway Karjoda - Palanpur Doubling Doubling 5.4
19. North Western Railway Rewari- Manheru Doubling Doubling 69.02
20. North Western Railway Abu Road - Sarotra Road Patch Doubling Doubling 23.55
21. North Western Railway Abu Road - Swaroopganj Patch Doubling Doubling 25.36
22. North Western Railway Sarotra Road-Karjoda - Patch doubling Doubling 23.59
(23.59 km)
23. Northern Railway New Delhi - Tilak Bridge 5th & 6th Line Doubling 2.65
Doubling
24. Northern Railway Utretia-Rae Bareli (65.6 km) DL 68.04
25. Northern Railway Raebareli - Amethi (60.1 km) DL 59.00
35
S.
No.
26. Southern Railway Attipattu - Korukkupet 3rd Line Doubling 18
27. Southern Railway Pattabiram - Tiruvallur 4th Line & Tiruvallur - Doubling 41.89
Arakkonam 3rd Line
28. Southern Railway Tiruvallur - Arakkonam 4th Line Doubling 28
29. Southern Railway Villipuram-Dindigul Doubling Doubling 273
30. Southern Railway Thanjavur-Ponmalai - Doubling Doubling 46.96
31. South Central Railway Pullampet - Balapalle Ph I of Gooty - Doubling 41
Renigunta Doubling
32. South Central Railway Krishnapatnam - Venkatachalam Doubling Doubling 16.5
With RE
33. South Central Railway Gooty - Renigunta Patch Doubling Doubling 151
34. South Central Railway Raichur - Guntakal Doubling Doubling 81.0
35. South Central Railway Guntur-Tenali - Doubling with electrification Doubling 25
(24.38 km)
36. South Central Railway Secunderabad-Mehboobnagar (85.24 km) DL 85.70
37. South Central Railway Vijaywada-Gudivada- Bhimavaram- Doubling 221.00
Narasapur, Gudivada-Machlipatnam
and Bhimavaram-Nidadavolu (221 km) -
Doubling with electrification
38. South Eastern Railway Panskura - Kharagpur 3rd Line Doubling 45
39. South Eastern Railway Panskura - Haldia Ph 1 Doubling Doubling 14
40. South Eastern Railway Rajgoda - Tamluk (Jn. Cabin) Doubling Doubling 13.5
41. South Eastern Railway Tikiapara - Santragachi Doubling Doubling 5.6
42. South Eastern Railway Tamluk Jn. Cabin – Basulya Sutahata Doubling 24.23
Doubling
43. South Eastern Railway Goelkera-Monoharpur 3rd line (40 km) Doubling 27.5
44. South East Central Bilaspur - Urkura 3rd Line Doubling Doubling 105
Railway
45. South East Central Salka Road- Khongsara Patch Doubling Doubling 26
Railway
46. South East Central Khodri-Anuppur, with flyover at Bilaspur Doubling 61.6
Railway (61.6 km)
47. South Western Railway Hospet - Guntakal Doubling Doubling 115
48. West Central Railway Budni - Itarsi 3rd Line Doubling 25.09
49. West Central Railway Barkhera-Habibganj - 3rd line (41.420 km) Doubling 41.2
50. West Central Railway Bhopal-Bina - 3rd line (143 km) Doubling 143
51. West Central Railway Bina -Kota (282.66 km) with RE Doubling 282.66
52. Western Railway Palanpur- Samakhiali (247.73 km) Doubling 247.3
53. North Western Railway Delhi - Rewari Gauge Conversion GC 94.2
54. North Western Railway Ajmer - Phulera - Ringus - Rewari Gauge GC 295
Conversion
55. North Western Railway Bhildi - Samdari Gauge Conversion GC 223
56. Southern Railway Thanjavur - Villupuram Gauge Conversion GC 192
57. Southern Railway Cuddalore - Salem Gauge Conversion GC 193
58. South Western Railway Arasikere-Hassan-Mangalore Gauge GC 230
Conversion
59. Western Railway Bharuch - Samni - Dahej Gauge Conversion GC 62
60. Western Railway Gandhidham - Palanpur Gauge Conversion GC 301
61. Western Railway Ahmedabad - Botad (170.48 km) GC 166.09
62. Western Railway Dhasa - Jetalsar (104.44 km) GC 106.69
63. East Coast Railway Daitari - Banspani New Line NL 155
64. East Coast Railway Haridaspur-Paradeep (82 km) NL 82
65. Southern Railway Vallarpadam - Idapally New Line NL 9
66. South Central Railway Obulavaripalle - Krishnapatnam New Line NL 121
67. Railway Electrification Tomka -Banspani – RE RE 144
68. Railway Electrification Kharagpur (Nimpura) - Bhubaneswar RE 581
Including Branch Line of Talcher - Cuttack -
Paradeep
36
S.
No.
69. Railway Electrification Bhubaneswar - Kottavalasa RE 417
70. Railway Electrification Reningunta - Guntakal RE RE 308
71. Railway Electrification Bharuch - Samni - Dahej RE RE 64
72. Railway Electrification Daund-Manmad Incl. Puntamba- Shirdi - RE RE 255
73. Railway Electrification Yelahanka - Dharmavaram - Gooty RE RE 306
74. Railway Electrification Manheru- Hisar (74 km) RE 74.0
75. Railway Electrification Jakhal - Hisar (79 km) RE 80.0
76. Railway Electrification Chhapra-Ballia-Ghazipur-Varanasi- RE 330
Allahabad (330 km)
77. Railway Electrification Guntakal-Kalluru (40 km) RE 40
78. Railway Electrification Daund- Bramati (44 km) RE 44
79. Railway Electrification Titlagarh (Excl)-Raipur -RE RE 203
80. Railway Electrification Utretia- Rae Bareli- Amethi- Janghai RE RE 214
81. Railway Electrification Hospet - Guntakal And Tomagallu - RE 138
Ranjitpura
82. Railway Electrification Wani-Pimpalkutti (66 km) RE 66
83. Railway Electrification Yalahanka-Penukonda (120.55 km)- RE -
Doubling
84. Railway Electrification Rajpura - Dhuri - Lehra Mohabat (151 km) RE 151
85. Railway Electrification Jakhal - Dhuri - Ludhiana (123 km) RE 123
86. Railway Electrification Guna-Gwalior (227 km) RE 227
87. Railway Electrification Rani-Palanpur 166 km RE 166
88. Railway Electrification Manoharabad- Medchal (14 km) RE 14
89. Railway Electrification Amla - Chhindwara - Kalumna (257 km) RE 257
90. Railway Electrification Villupuram-Cuddalore Port-Mayiladuturai- RE 228
Thanjavur & Mayiladuturai-Thiruvarur (228
km)
91. Railway Electrification Raebareli-Unchahar incl. Dalmau-Daryapur RE 63
(63 km)
92. Railway Electrification Raninagar Jalpaigudi-New Bongaigaon RE 374.98
(incl.)-Guwahati (incl.)-382 rkm {Part of
Barauni-Katihar-Guwahati incl Katihar-
Barsoi (836 km)}
93. Railway Electrification Chikjajur-Bellary (184 rkm) RE 183.15
94. Railway Electrification Bengaluru-Omalur via Hosur (196 rkm) RE 196.00
95. Railway Electrification 2nd Line Utratia-Raebareli-Amethi (126 rkm) RE 126.00
(Northern Railway) (PB#135/2018-19/CORE)
96. Railway Electrification RE of Sambalpur-Titlagarh Doubling project RE 96.60
(96.596 km)
97. Western Railway Palanpur- Samakhiali (247.73 km) RE RE 247.73
98. Deposit RE of NTPC siding at Hotgi Station (37 km) RE 34.41
99. Central Railway Latur- Setting up of coach manufacturing WKSP -
factory
100. Eastern Railway Civil Engineering Works in Connection with WKSP -
Diesel Loco Component Factory, Dankuni
101. Eastern Railway Dankuni - Setting Up of Electric Loco WKSP -
Assembly and Ancillary Unit of CLW
102. Eastern Railway Ranaghat (EMU Car Shed)-Inspection bay WKSP -
for 15 coach maintenance facilities
103. Eastern Railway Jheel Siding Coaching Depot- Infrastructure WKSP -
development
104. East Central Railway Barauni - 250 High Horse Power Loco Shed WKSP -
105. East Central Railway Gaya -Setting up New MEMU car shed for WKSP -
maintaining 30 rakes of 16 coaches
106. East Coast Railway Vadlapudi - Wagon PoH Workshop of 200 WKSP -
Nos Capacity Near Duvvada Station
107. North Central Railway Kanpur - Construction of MEMU Car shed WKSP -
37
S.
No.
108. North Central Railway Jhansi-Setting up of coach periodic WKSP -
109. Northern Railway Sonipat-Setting up of coach periodical WKSP -
110. South Eastern Railway Setting Up of Diesel Multiple Unit (DMU) WKSP -
Manufacturing Factory at Sankrail / Haldia
111. DLW Varanasi - Augmentation of Production WKSP -
Capacity from 200 to 250 High HP Locos
Per Year
112. North Eastern Railway Aunrihar - DEMU Shed WKSP -
113. North Eastern Railway Saidpur Bhitri- Setting up of electric loco WKSP -
shed to home 200 locos
114. North Eastern Railway Dullahapur Yard - Provision of tower wagon WKSP -
periodic overhauling shed
115. METKOL MM of Existing Corridor Noparanagar- MTP 4.14
Baranagar- Daksineshwar
116. South Central Railway Workshop for Manufacture of Flat Bogies for WKSP -
LHB Design Coaches, Yadgir
117. Eastern Railway Barddhaman Yard - 4-lane road over bridge ROB -
in lieu of 2-lane road over bridge No. 213
118. Southern Railway Srirangam-Tiruchchirapalli Town - 4-lane ROB -
road over bridge in lieu of 2- lane bridge
No.380-A
119. Deposit IOC Siding at Salawas (Deposit Work) Others 2.82
120. Deposit Electrification of IOCL Siding at Pakni (4 km) RE 4.15
121. Deposit Electrification of Ultra Tech Cement Siding RE 9.75
at Hotgi (8km)
122. Deposit Electrification of Chettinad Cement Siding RE 5.9
at Tilati (7.1km)
123. South Central Railway Secunderabad- Upgradation of facilities at OSW -
Centralised Training Academy for Railway
Accounts
124. North Western Railway Madar - Palanpur - Removing of PSR (Kms TR -
589/1 to 590/1)
125. South Central Railway Moula Ali - Setting Up of Indian Railway TRG -
Institute of Finance Management
126. South Central Railway Lallaguda (Carriage Workshop)- OSW -
Replacement of 100-Year-Old
Administrative Building
127. South Western Railway New Station Building at Belguam OSW -
128. South Western Railway Second Entry Station Building at Belguam OSW -
129. South Western Railway Proposed Coaching Depot at Belgaum OSW -
130. South Western Railway Yard Remodelling Works at Belgaum OSW -
131. North Central Railway Jhansi-Garhmau, Orai-Ata, Ata-Kalpi & TF -
Pokhrayan-Lalpur - Splitting of longer block
sections
132. North Central Railway Paman-Bhimsen - New B-class station TF -
133. South Central Railway Umdanagar- Timmapur - New Crossing TFC -
Station
134. Western Railway Sabarmati-Botad-subways in lieu of level RSW -
crossing-23 Nos.
135. Western Railway Sabarmati-Botad-Subways in lieu of LCs-14 RSW -
Nos.
136. Western Railway Dhasa-Jetalsar-Subways in lieu of Level RSW -
Crossing-35 Nos.
137. Northern Railway Final Location Survey for New Line FLS -
Connectivity to Char Dham (327 km)
38
The list of 14 projects commissioned in 2023-24 are as under:
S.
No.
1. East Coast Railway Banspani-Daitari-Tomka-Jakhapura (180 Doubling 180
km)
2. East Coast Railway Khurda - Barang 3rd Line Doubling 32.32
3. East Coast Railway Raipur-Titlagarh (203 km) Doubling 203
7. East Coast Railway Angul-Sukinda Road (98.7 km) New Line 98.7
9 North Eastern Railway Lucknow-Pilibhit via Sitapur, Lakhimpur GC 262.76
(262.76 km)
10. South Central Railway Hyderabad-Secunderabad - Multi modal MTP 78
transport system (Phase-II)-MTP
11. Railway Electrification Kasganj-Bareilly-Bhojipura-Daliganj RE (401 RE 401
km)
12. Railway Electrification RE of Dhasa - Jetalsar (104.44 km) RE 104.44
13. East Coast Railway Khurda Road - Construction of main line WKSP -
electrical multiple unit car shed (Phase-2)
Electrical Locos
3.7 Sections of Projects Commissioned and handed over to Railways in 2023-24:

3.7.1 In 2023-24, 666.06 km sections were commissioned consisting of 70.19 km of New Line, 24.53 km of Gauge
Conversation, 560.01 km of Doubling and 11.3 km of Kolkata Metro handed over to Zonal Railways for operations.
239.38 km of Railway Electrification was also carried out, in addition, Railway Electrification of 571.32 km was also
carried out in other than specific Railway Electrification projects as part of Doubling, the details are given below:
S. Length (in Total Length Zonal

Name of work Section Targeted
No. km) (km) Railway
New Line Projects
1 Neora- Daniawan & Sheikhpura- Jatdumri- Fazalchak- Top 22.74 22.74 ECR
Barbigha NL Sarthua- Daniawan
2 Dallirajhara- Rowghat (95 km) NL Antagarh- Taroki 17.5 17.5 SECR
3 Angul- Sukhinda NL A Route 5.7 13.16 ECOR
B Route 7.46
4 Mau-Gazipur- Tarighat NL Ghazipur City- Tarighat 9.63 16.79 NER
Tarighat- Ghazipur Ghat 7.16
New Line Total (km): 70.19 70.19
Gauge Conversion Projects

1 Lucknow-Pilibhit via Sitapur, Shahgarh - Mala -Pilibhit Jn. 24.53 24.53 NER
Lakhimpur (262.76 km)
Gauge Conversion Total (km): 24.53 24.53
39
S. Length Total Length Zonal
No. (km) (km) Railway
Doubling Projects
1 Dhanbad-Sonnagar (Patratu- Sonnagar -Baghabishnupur
14.4
Sonnagar) - 3rd line (291 km) (BCJ) - Ankorah (ANH)
Japla (JPL) - Haidernagar -
18.93
Kosiara - Muhammadganj 88.32 ECR
Rajhura - Kajri - daltonganj
25.71
- Chianki
Ray - Hendagir - Patratu 29.28
2 Vizianagaram-Sambhalpur Parvatipuram (PVP) -
(Titlagarh) 3rd line (264.60 km) Parvatipuram Town (PVPT)
Halt - Gumda (GMDA) - 31.61
Kuneru (KNRT) - Jimidipeta 40.835 ECOR
(JMPT) - Ladda
Rayagada (RGDA) - Singpur
9.225
Road Jn. (SPRD)
3 Kharagpur-Adityapur 3rd line (132 Nimpura- Kalaikunda 3.062
km) Ghatsila -Galudih -
36.505 SER
Rakhmines -Asanboni - 33.443
Gobindpur (PH)- Salgajuri
4 Barkhera - Budni 3rd line Budni – Barkhera 26.5 26.5 WCR
5 Maniyachi-Nagercoil DL Aralvaymoli - Nagarcoil Jn. 16.33
19.93 SR
Tirunavalli - Melappalaiyam 3.6
6 Banspani-Daitri-Tomka-Jakhapura Jaroli - Nayagarh 14.838
Doubling Nayagarh-Porjanpur 15.46 40.419 ECoR
Tangriapal - Tomka 10.121
7 Raipur-Titlagarh (203 km) Raipur -Raipur B.H 3.068 3.068 ECoR
8 Madurai-Maniyachi-Tuticorin (160 Milavittan - Tuticorin
7.67 7.67 SR
km)
9 Khurda - Barang 3rd Line Bhubaneswar - Mancheswar 5.628 5.628 ECoR
10 Vijaywada - Gudur 3rd line Manubolu (MBL) -Gudur Jn.
9.35
(GDR)
Bapatla (BPP) -
Stuartpuram (SPF) - Chirala 14.99
(CLX)
Karvadi (KRV) - Ongole 74.23 SCR
(OGL) - Surareddipalem 18.93
(SDM)
Tsunduru - Niduvrolu (NDO)
- Appikatla (APL) - Bapatla 30.96
(BPP)
11 Hospet- Tinaighat- Vasco DL Kalem - Sanvordem
9.982 9.982 SWR
(362.73 Km)
12 Rajpura- Bhatinda (172.64 km) Daunkalan (DOC) - Patiala
(PTA) - Dhablan (DBL) - 32.44
Nabha (NBA) 47.81 NR
Shekha (SEQ) - Barnala
15.37
(BNN) - Hadiaya (HYA)
13 Mathura- Jhansi- 3rd line (273.80 Dabra - Kotra - Sonagir -
30.39 NCR
km) Datia
Datia - Chirula - Karari 67.187
22.67
-Jhansi
Hetampur - Morena 14.127
14 Phephna- Indara, Mau-Shahganj Rasra - Ratanpura -
28.22 NER
(excl. Indara- Mau) (150.28 km) DL Haldarpur - Indara Jn. 46.42
Khurat - Sathiaon 18.2
15 Bhatni - Aunrihar with Bhatni - Peokol 5.25 NER
electrification (125 km) (excl Sadat - Aunrihar 24.46
19.21
Indara - Mau (116.95 km)
40
S. Length Total Length Zonal

No. (km) (km) Railway
16 Hyderabad-Secunderabad- Multi MMTS Phase-II
modal transport system (Phase-II)- 21.054 21.054 SCR
MTP
17 Joka-Binoy Badal Dinesh Bagh via Majerhat - Taratala
Majerhat - Construction of Metro
Kolkata
railway (16.72 km) incl material 2.5 2.5
Metro
modification for extension from
Joka-Diamond Park (Phase-I)
18 Dum Dum Airport-New Garia via Hemanta Mukhopadhyay – 8.8 8.8 Kolkata
Rajerhat - Construction of Metro Beliaghata Metro
Railway (32 km)
Doubling Total (km): 571.32 571.32
The list of Projects/ sections under Railway Electrifications plan head commissioned during 2023-24 is as under:
Railway Electrification Projects
S. Length (in Total Length Zonal
No. km) (km) Railway
1 Dallirajhara-Rowghat (95 km) Dallirajhara- 34 34 SECR
Bhanupratappur
2 Kasganj-Bareilly-Bhojipura- Shahgarh-Pilibhit 22.42 49.79 NR
Daliganj RE (401 km) Kurraiya shahgarh 27.37
3 Angul-Sukinda Road (98.7 km) Talcher Road - Kamlanga 5.065 9.96 ECoR
Route B
Budhpank -Kamalanga 4.89
Route A
4 Sabarmati- Botad RE Sabarmati-Muraiya 31 59.0 WR
Botad - Bhimnath 28
5 Hospet-hubli –Vasco Da Gama Castlerock yard 3.012 20.502 SWR
Majorda-Vasco da Gama 17.49
6 Gazipur-Tarighat Gazipur-Tarighat 9.13 9.13 NER
7 Dhasa-Jetalsar Lunidhar-Jetalsar 57 57 WR
RE Total (RKM): 239.38 239.38
3.8 Signalling and Telecommunication to achieve increase in freight loading and operation
of large number of passenger trains across the length
The Signaling & Telecommunication (S&T) domain
and breadth of the country.
provides appropriate and cost-effective solutions
for efficient and safe operation of trains on Indian RVNL is a major contributor in providing EI
Railways. RVNL promotes use of modern technologies installations on Indian Railways in connection with
on Indian Railways namely Electronic Interlocking Doubling, 3rd Line, New Line and Gauge Conversion.
(EI), Digital Axle Counters, Fiber Optic Cable Network, Keeping its tradition high, during FY 2023-24, RVNL
Automatic Block Signaling, ETCS L1/L2/L3, IOT based has commissioned Electronic Interlockings at 72
Diagnostic & Predictive Maintenance systems etc. Stations on Indian Railways. Besides new EIs, RVNL
has commissioned modification at 57 Stations on
The technological advancement is aimed to achieve
Indian Railways to decongest Railways existing routes.
high level of safety in train operations, availability of
system and increased speeds of trains with minimum In its commitment to Indian Railways, RVNL has
head ways. This ensures the efficient punctual commissioned Major Yards of Indian Railways such
operation of Freight as well as of Coaching Trains this as Yard remodeling of Gwalior, Jhansi RRI, Jhansi
has resulted in turnaround in freight transportation. EI, Mathura RRI, SNF, Gudur, PATRATU, Budhapank,
With continuous and tireless effort of S&T vertical of Bhubneswar, Bhubneswar New, Mancheswar,
RVNL in Railway Infrastructure, Indian Railways is able
41
Baghabisunpura and Nimpura with routes varying Railways on document approval organization and
from 200 to 550 Routes. expedited the approval process of Logic & Interface
Circuits. This has resulted in timely commissioning
RVNL has taken up 119 Nos. of Non-Interlocking (NIs) of large number of stations by RVNL to adhere the
of stations for commissioning of Doubling & 3rd Line target set by Railway Board.
projects during the year. RVNL has also commissioned
the high numbers of 53 IBS, 85 Kilometers of RVNL S&T has participated in various tenders of
Automatic Signalling using Electronic Interlocking Automatic Signalling of Zonal Railways and has been
and 69 Nos of mid-section level crossing gates have awarded Automatic Signalling works of Rs 262.04
been interlocked with signals to improve safety of Cr (SCR, NWR & NCR) during FY 2023-24. Out of 03
road user. Not only on the Signalling front, RVNL has works of ABS won by bidding during 2023-24, one
also completed the incredible achievement in the work spanning over 51 Kms (06 Block section & 07
area of telecommunication by providing 4090 km stations) has been completed & commissioned. ABS
of Fiber Optic Network and 6 Quad Cable network work on Gwalior-Jhansi section has progressed to the
during the year. tune of 70% & 3rd work is progressing as per Southern
railways requirement.
RVNL consists a team of IRSTELO license holders
who are experienced to approve Logic & Interface Having played a very vital role in providing large nos.
Circuits and design drawings of all types of Railway of signaling installations in connection with large
signaling systems in-house. Besides, Railway Board infrastructure projects on Indian Railway, Signaling
had entrusted RVNL to approve Logic & Interface & Telecommunication vertical is on the lookout for
Circuits through 3rd Party IRSTELO license holders for opportunities in various signalling and telecom
CR, SCR, WR & WCR up to 75 routes. So far, RVNL sector of Railways & other industries in within
has approved Logic & Interface Circuits of more than India & abroad.
100 stations. This has reduced the workload of Zonal
3.9 Projects under implementation:

There are 94 projects under various stages of implementation by RVNL.
3.9.1 The details of 36 projects assigned by Ministry of Railways to RVNL till March 2024 and which are under
implementation are as under:
S.
Railway Name of Project Plan Head
No.
1. ER Nabadwipghat-Nabadwipdham upto BB loop (9.58 km) {Part of Doubling
Kalinarayanpur-Krishnanagar with Krishnanagar-Shantipur Nabadwipghat-
GC, Krishnanagar-Chartala, MM for Krishnanagar Chapra-NL, Naihati-
Ranaghat-3rd line, Nabadwipghat-Nabadwipdham upto BB loop (9.58 km),
Ranaghat-Lalgola strengthening (bridge No.2)}
2. ER Dankuni-Furfura Sharif NL {Part of Liluah-Dankuni - 3rd line (10.13 km) with Doubling
extension to Furfura Sharif}
3. ECR Dhanbad-Sonnagar (Patratu-Sonnagar) - 3rd line (291 km) Doubling
4. ECoR Vizianagaram-Sambhalpur (Titlagarh) 3rd line Doubling
5. NR Janghai-Phaphamau DL with RE (46.79 km) Doubling
6. NCR Mathura-Jhansi 3rd line Doubling
7. NER Varanasi-Madhosingh-Allahabad Doubling
8. NER Bhatni - Aunrihar with electrification (125 km) (excl Indara - Mau (116.95 km) Doubling
9. NER Phephna-Indara, Mau-Shahganj (excl. Indara-Mau) (150.28 km) DL Doubling
10. SCR Vijayawada-Gudur 3rd line Doubling
11. SER Kharagpur (Nimpura)-Adityapur 3rd line (132 km) Doubling
12. SWR Hospet-Hubli-Londa-Tinaighat-Vasco da Gama (352.28 km) Doubling
13. WR Junagarh -Visavadar (42.28) km Gauge
Conversion
14. CR Yevatmal- Nanded (206 km) NL New Line
15. ECR Fatuah-Islampur incl. material modification for extension of new line from New Line
Neora to Daniawan; Daniawan to Biharsharif; Biharsharif to Barbigha;
Barbigha to Sheikhpura
16. NR Rishikesh-Karnaprayag (125.09 km) New Line
17. NR Bhanupalli-Bilaspur-Beri (63.1 km) New Line
18. SECR Dallirajhara-Rowghat (90 km) {Part of Dallirajhara-Jagdalpur (235 km)} New Line
19. WCR Indore-Jabalpur (342 km) NL sanctioned as Budhni-Indore (205 km) New Line
42
S.
No.
20. CORE Hospet - Hubli - Vasco da Gama (346 km) RE
21. WR RE of Ahmedabad - Botad (170.48 km) RE
22. SCR Kazipet - Workshop for Wagon Periodical Overhauling WKSP
23. SR Repair of S&T Workshop at Podanur, Tamil Nadu WKSP
24. ER Samudragarh-Nabadwipdham - Road over bridge in lieu of level crossing RSW
No.14
25. SR Manamadurai-Rameshwaram - Reconstruction of bridge (Pamban Viaduct) BRGW
with navigational lift span
26. NER Daraganj - Rebuilding (Bridge No.111 On Ganga) BRGW
27. NER Setting Up of Centralised Training Institute for IRSME & IRSS Officers at TRG
Lucknow
28. WR National Rail & Transportation Institute at Vadodara (NAIR) TRG
29. WR Construction of hostels in centralised training institutes (Umbrella Work TRG
2019-20)
30. WR Infrastructure up-gradation of Training Institutes at NAIR Campus TRG
31. SECR Direct Power Supply from Central Generating Agencies OEW
32. WCR Provision of Addl. Traction Substation at Budhni OEW
33. SCR Ghatkesar-Raigir (Yadadri)-Extension of multi modal transportation system MTP
Phase-II
34. MET Baranagar-Barrackpore & Dakshineswar - Construction of Metro Railway (14.5 MTP
km)
35. MET Dum Dum Airport-New Garia via Rajerhat - Construction of Metro Railway (32 MTP
km) including Naupara (Ex.)-Baranagar (2.6 km) {Part of Dumdum-Baranagar
Metro Railway sanctioned as MM to Dumdum-New Garia Metro Railway vide
letter No. 96/Proj/C/5/1/Pt. Dated 30.10.09}
36. MET Joka-Binoy Badal Dinesh Bagh via Majerhat - Construction of Metro railway MTP
(16.72 km) incl material modification for extension from Joka Diamond Park
(Phase-I)
3.9.2 The list of 58 projects awarded to RVNL through Competitive Bidding and under execution is as under:
The details of 28 projects assigned to RVNL through competitive biddings in 2022-23 are as under:
S. Agency /
Name of Project Plan Head
No. Client
1. MP Metro Design and Construction of Elevated 10 km Viaduct and 09 Elevated Metro Works
Metro Stations including all Civil, Structural, Roof structure, MEP works,
Architectural finishes, Façade, etc for Indore Metro Rail Project.
2. MP Metro Design and Construction of 07 Elevated Metro Stations including Structures, Metro Works
Architectural Finishes, E&M Works etc. of Indore Metro Rail Project.
3. NHIDCL DPR Preparation for Highways in North-East Region in state of Nagaland for DDC
length of 200 KM.
4. NHIDCL DPR Preparation for Highways in North-East Region in state of Nagaland for DDC
length of 280 KM.
5. NHIDCL DPR Preparation for Highways in North-East Region in state of Mizoram for DDC
length of 740 KM.
6. NFR Construction of Single BG Tunnel Line No. 06 (approx. length 4930m) Civil
between Ch. 45800 to Ch. 50730 including Escape Tunnel (Total length
4600m), in connection with DMV-Kohima new BG Line Project
7. GMRCL Supply Installation Testing and Commissioning of Ballastless track (L -55 Civil
TKM) from Sarthana to Dream city in elevated and underground section for
corriodr -1, Surat Metro, Phase -II
8. NHAI Construction Of 4 Laning Of Nh-5 From Kaithlighat To Shakral Village Civil
(Shimla Bypass Package 1: From Km 128.835 To Km 146.300 For Design
Length=17.465km) In Himachal Pradesh On Hybrid Annuity Mode.
43
S. Agency /
No. Client
9. NHAI Construction of 4 lane highway from Samarlakota to Achampeta Junction Civil
(from km. 0.000 to Km. 12.250) as a part of Kakinada port to NH-16
connectivity in the State of Andhra Pradesh under Bharatmala Pariyojana
on EPC mode.
10. AMC Development of Kharicut Canal (Between Naroda Smashan Gruh & Vinzol Civil
Vehla) in AMC area Pakage-2: Kharicut Canal Development Navyug School
Canal Crossing to Nidhipark Society (Ch. 2500 - Ch. 5000)
11. AMC Development of Kharicut Canal (Between Naroda Smashan Gruh & Vinzol Civil
Vehla) in AMC area Pakage-3: Kharicut Canal Development Nidhipark Society
to Odhav Fire Station (Ch. 5000 - Ch. 7600)
12. GoG- NH Up gradation to Six Lane with Paved Shoulder of Sarkhej-Changodar Section Civil
Division of NH 8A (New NH 47) from KM 11+950 to KM 16+000 on EPC mode in the
State of Gujarat
13. CMRCL Construction of Elevated Viaduct (approximate length of 10 km), nine Civil
(9) Elevated Metro Stations at Sholinganallur Lake-I, Sri Ponniamman
Temple Sholinganallur Lake-II, Sathyabama University Semmeancheri-I,
Semmeancheri-II, Gandhi Nagar, Navallur, Siruseri, Siruseri Sipcot-1 And
Siruseri SIPCOT-2 and stabling viaduct at SIPCOT
14. GMRCL Construction of Bhesan Depot Cum Workshop Which Includes DCC, BCC Civil
And Associated E&M Works Under Corridor - C2, Bhesan To Saroli, For Surat
Metro Rail Project Phase – 1, DC-2
15. CORE Design, Supply, Erection, Testing and Commissioning for OHE Modification Electrical
Work in the existing 25 kV OHE for increasing speed potential to 160 KMPH
under East Central Railway Pradhankhanta - Bandhua Section of Dhanbad
Division (DHN).
16. MEA Development of the UTF Harbour Project in Maldives Civil
17. Southern Provision of Automatic Block Signalling with Dual MSDAC, EI/OC interface S&T
Railway and Block Optimization in Arakkonam Junction (AJJ)-Nagari (NG) Section of
Chennai (MAS) Division in Southern Railway (Reach-I).
18. Southern Provision of Automatic Block Signaling with Dual MSDAC, EI/OC Interface S&T
Railway and Block Optimization in NAGARI(NG) - TADUKU(TDK) section and
Replacement of EI/RRI at VEPAGUNTA (VGA) Station of CHENNAI (MAS)
Division in Southern Railway (Reach-II).
19. Southern Provision of Automatic Block Signaling with Dual MSDAC, EI/OC Interface S&T
Railway and Block Optimization in TADUKU(TDK)-RENIGUNTA (RU) section and
Replacement of EI/RRI at TADUKU (TDK), PUDI (PUDI) & SRI VENKATA
PERUMAL RAJU PURAM (SVF) Stations of CHENNAI (MAS) Division in
Southern Railway (Reach-III).
20. MPPKVVCL Commissioning of 33 KV Line associated works such as 33 KV Line Bifurcation, Electrical
33 KV Line Interconnection and 33 KV Line Conductor Augmentation in Rewa,
Satna, Sidhi, Singrauli, Sagar, Damoh, Chhatarpur, Panna and Tikamgarh
Circles (Package-10) area of MPPKVVCL, Jabalpur under Revamped – Reforms
– Based and Results – Linked Distribution Sector Scheme
21. GMRCL Supply, Erection, Testing and Commissioning of power Supply Receiving & Electrical
Distribution System, 750 V D Third Rail Traction Electrification and Scada
system for Ahmedabad Metro
22. NWR Provision of Automatic Block Signalling on Madar-Sakhun Section (51.13 S&T
Kms) of Jaipur Division over North Western Railway.
23. IR Manufacturing cum Maintenance of 200 nos. of Vande Bharat Trainsets Manufacturing
including upgradation of the Government Manufacturing Units & Trainsets
Depots
24. MPPKVVCL Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited||MPMKVVCL Electrical
- Civil
25. MPPKVVCL Madhya Pradesh Poorva Kshetra: Revamped – Reforms – Based and Results Electrical
– Linked Distribution Sector Scheme (RDSS) (Pkg-12)
44
S. Agency /
No. Client
26. NHAI Construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata Highway from Civil
Sonepurbigha village to junction with NH-22 (Chatra Bypass) near Chatra
from km 184.700 to km 222.000 under Bharatmala Pariyojana in the state of
Jharkhand on Hybrid Annuity Mode (Package 8).
27. NHAI Construction of Six Lane Elevated Kona Expressway from Km. 0.145 to Km. Civil
7.337 of NH-117 in the state of West Bengal on EPC mode
28. North Provision of EI based Automatic Signaling with continuous track circuiting S&T
Central and other associated works including suitable Indoor alteration in Electronic
Railway Interlocking/RRI/PI stations enroute in Jhansi (incl)-Gwalior (Incl.) section of
Jhansi Division of North Central Railway.
The list of projects 30 projects awarded to RVNL through Competitive Bidding in 2023-24 and under execution
is as under:
S.
Agency /Client Name of Project Plan Head
No.
1. GMRCL Supply, Erection, Testing and Commissioning of Power Supply Receiving & Metro
Distribution System, 750 V Dc Third Rail Traction Electrification And Scada
System For Surat Metro Rail Project Phase-I
2. HORC C-4: Composite Contract package in connection with New BG Railway Line Civil
of HORC project for: (i) Design & Construction of Twin Tunnel using NATM and
Cut & Cover method from km 24.880 to km 29.580; (ii) Design & Installation
of Ballastless Track (excluding supply of rails) from km 24.856 to km 29.680;
(iii) Detailed Design, Supply, Installation, Testing & Commissioning of General
Electrical Services including Supply, Erection, Testing and Commissioning
of 11kV HT/LT Power and Control Cable Network, GIS Substation (11/0.433)
kVA, Tunnel lighting system, etc. from km 24.880 to km 29.680; (iv) Design &
Construction of Embankment, Bridges and other miscellaneous works from
km 12.00 to km 18.00. Tender ID: HORC/HRIDC/C-4/2022
3. MMRDA Design, Manufacture, Supply, Installation, Testing and Commissioning of 2 Electrical
nos. 110 kV receiving substation including 110 kV, 33kV & 25kV cabling work,
complete 25kV overhead catenary system alongwith switching station, 33kV
auxiliary power distribution system including 33/0.415 kV auxiliary sub-station
(ASS) and complete SCADA system for main line & depot of Mumbai Metro
line 2B of MMRDA. (IFB No: MMRDA/2B/MMRP/CA-40). Design, Manufacture,
Supply, Installation, Testing and Commissioning of 2 nos. 110 kV
4. CMRL Construction of Five (05) UG Stations at KMC(Kilpauk), Sterling Road, Metro
Nungambakkam, Gemini (Anna Flyover), Thousand Lights and Thousand
Lights Cross Over Box and works other than Diaphragm wall of Two UG
Stations at Royapettah Chetpet Metro in C3 of CMRL Phase-II Project. UG-
03
5. CMRL Construction of Four Underground Stations at Dr. Radhakrishan Salai, Metro
Thirumayilai, Mandaiveli and Adyar Junction and Two Cross Passage Shafts
and One Emergency Escape Shaft and works other than Diaphragm wall of
One Underground Stations at Greenways Road Metro in Corridor-3 of CMRL
Phase-II Project”. UG -04
6. CMRL Consttruction of three (03) Undergroun Stations at adyar Depot, Indira Metro
Nagar and Taramani Road Junction (Taramani) & Ramp and works other
than Diaphragm wall of One Underground Station at Thiruvanmiyur Metro
in Corridor-3 of CMRL Phase-II Project”.- UG - 5
7. Water Planning, Design and construction of main Canal and Structures including Canal
Resources Zone, associated distribution system to provide Irrigation facility to 41903 ha. area
Udaipur through Piped Irrigation network for Upper High-Level Canal of Mahi Bajaj
Sagar Project, Banswara (Raj) on Engineering, Procurement and Construction
(E.P.C.) single Responsibility turnkey basis, including 10 years O&M.
45
S.
No.
8. South Central Comprehensive Signalling and Telecommunication Works for Signalling
Railway Provision of Automatic Block Signalling System in Balharshah -
Makudi Section of Secunderabad Division in South Central Railway.
(Tender No. C_Sg_C_36_5_381)
9. Madhya Supply, Installation, Testing and Commissioning of New 11 KV Lines, LT Line Transmission
Pradesh on AB cable, Distribution Transformer Substation and Supporting works Line
Poorv Kshetra such as DPs, TPs, crossing etc. for separation of 11 KV mix Feeders & Mix DTRs
Vidyut Vitaran under Revamped Reforms-based and Results-linked Distribution Sector
Company Ltd. (Package-16) in Chhatarpur circle of MPPKVVCL, Jabalpur Company Area.
NIT No. MD/EZ/CGM/RDSS/FSP/NIT/584 dtd. 28.04.2023 (E Tender No.:
2023_PKVVC_ 270745)
10. Madhya Supply, Installation, Testing and Commissioning of New 11 KV Transmission
Pradesh Lines, LT Line on AB cable, Distribution Transformer Substation Line
Poorv Kshetra and Supporting works such as DPs, TPs, crossing etc. for separation
Vidyut Vitaran of 11 KV mix Feeders & Mix DTRs under Revamped Reforms-
Company Ltd. based and Results-linked Distribution Sector (Package-17) in
Seoni & Narsinghpur circle of MPPKVVCL, Jabalpur Company Area.
NIT No. MD/EZ/CGM/RDSS/FSP/NIT/584 dtd. 28.04.23 (E-Tender no. – 2023_
PKVVC_270746)
11. Maharastra Design and construction of Elevated metro viaduct of length 6.92 Km Metro
Metro Rail between Ch. (-) 657.182 m to Ch. (-) 7576.78 m in reach 2A of NMRP phase-2
Corporation
Limited (MMRCL)
12. NHAI Rehabilitation and Upgradation from 4 to 8 laning of Chandikhole – Paradip NHAI
Section of NH-53 (Old NH – 5A) from Km.60.000 to Km.76.646 (Package-4)
in the State of Odisha on HAM mode – 2nd Call
13. Madhya Gujarat Revamped – Reforms – Based and Results – Linked Distribution Sector
Vij Company Scheme (RDSS) (Vadodara)
Limited Tender No. MGVCL/PROC/RDSS/2022-23/Vadodara
14. Madhya Gujarat Full Turnkey Contract (Design, Supply and Installation) for Development
Vij Company of Distribution Infrastructure work for Loss reduction at Dist. Dahod under
Limited Revamped Reforms- Based and Result-linked Distribution Sector Scheme
Tender No. MGVCL/Proc/RDSS/2022-23/Dahod
15. MMRCL Construction of A) Six Elevated Metro Station viz. Pili Nadi to Lekha Nagar in Metro
Reach-2A, B) One Elevated and one At-Grade station viz. Ecopark and Metro
City in Reach-1A respectively. C) At-Grade section Formation earthwork,
boundary wall and retaining wall between Ch. 19550 to Ch.20421.016 & Ch.
20498.516 to Ch. 21296.917, D) Elevated Metro track supporting structure
for Ecopark Metro station between Ch.20421.016 to Ch. 20498.516 and E)
Multi-Storied Building at Tulsi School Land (at Sitabuldi) of NMRP Phase-2
16. Western All civil engineering works (Earthwork, Blanketing, Retaining Wall / Boundary Track Work
Railway Wall/ Side Drain, Major Bridges, Minor Bridges and LHS/RUB, LCs, Construction
of Station Buildings, Platform, Subways cover over Platforms, Staff Quarters,
Passenger Amenities, Circulating Area, approach roads, Offices, Service
Buildings, watering, Sanitation, protection works etc. and Supply of 50 mm
Machine Crushed Stone Ballast, Complete track works including linking of
Track works in connection with Gauge Conversion work between Petlad -
Bhadran (22.50kms) of Vadodara Division on Western Railway.
17. Western All civil engineering works (Earthwork, Blanketing, Retaining Wall/ Boundary Track Work
Railway Wall/ Side Drain, Major Bridges, Minor Bridges and LHS/RUB, LCs, Construction
of Station Buildings, Platform, Subways cover over Platforms, Staff Quarters,
Passenger Amenities, Circulating Area, approach roads, Offices, Service
Buildings, watering, Sanitation, protection works etc. and Supply of 50 mm
Machine Crushed Stone Ballast, Complete track works including linking of
Track works in connection with Gauge Conversion work between Nadiad -
Petlad (37.26kms) of Vadodara Division on Western Railway.
46
S.
No.
18. Central Railway Construction of 4 nos Tunnels (total Length 1.6km) with ballast less track, Tunnels
Earthwork in formation, Construction of Important Bridges (2nos), Major
Bridges (1no), Minor Bridges (25nos), Supply of Stone ballast, Track linking,
side drain retaining wall etc. from Km. 831.8 to Km. 841.9 in Dharakoh
Maramjhiri section in connection with third line.
19. HPSEBL Development of Distribution Infrastructure at South Zone of Himachal
Pradesh under the Revamped Reforms-based and Results-linked,
Distribution Sector Scheme [Loss Reduction Works]
NIT/RFB No: CE(MM)/RDSS-(P-03)/SOUTH ZONE
20. HPSEBL Development of Distribution Infrastructure at North Zone of Himachal
Pradesh under the Revamped Reforms-based and Results-linked,
Distribution Sector Scheme [Loss Reduction Works]
NIT/RFB No: [CE (MM)/RDSS-(P-2)/NORTH ZONE]
21. Madhya Part Design and Construction of Elevated Viaduct, Five (5) Elevated Metro Metro
Pradesh Metro Rail Stations (viz. Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha,
Rail Corporation Patrakar Colony & Palasia Chauraha) and Ramp between Chainages 31+755
Limited to 34+898.061 & 3+669.547 to 5+862 for Indore Metro Rail Project (Package
(MPMRCL) IN-04)
22. IR SR Varkala Sivagiri Railway station - Major upgradation /Redevelopement of Railway
varkala Sivagiri Railway station in Kerala Infrastructure
23. Madhya Supply, Installation, Testing and Commissioning of 11 KV Line associated Transmission
Pradesh works such as 11 KV Line Bifurcation, 11 KV Line Interconnection, 11 KV Line Line
Poorv Kshetra Conductor Augmentation, LT AB cabling augmentation and conversion of LT
Vidyut Vitaran Bare conductor to AB cabling under Revamped Reforms-based and Results-
Company Ltd. linked Distribution Sector (Package-11) in Jabalpur (City), Jabalpur (O&M),
Katni, Mandla, Dindori, Seoni, Chhindwara, Narsinghpur, Balaghat, Shahdol,
Anuppur and Umariya Circles of MPPKVVCL, Jabalpur Company Area.
24. Madhya Supply, Installation, Testing and Commissioning of New 11 KV line for Transmission
Pradesh Bifurcation & Interconnection, Additional 11 KV Bay at 33/11 KV Sub- Line
Poorv Kshetra station, Augmentation of conductor of 33 KV & 11 KV Lines, Additional
Vidyut Vitaran Distribution Transformer Substations with associate New 11 KV Lines, LT
Company Ltd. Line on AB cable, Conversion of bare LT line with AB Cable, Augmentation
of LT AB Cable, Cover conductor for 11 KV Line Crossing Agriculture & Non
Agriculture Feeder, 11 kv and 33 kv Bus Bar rennovation other associated
work, and Supporting works such as DPs, TPs, Crossing etc. in Jhabua O&M
Division (LOT-12) under the Revamped Reforms-based and Results-linked,
Distribution Sector Scheme
(NIT/RFB No: MD/WZ/06/PUR/NIT/299/17384 Indore dated 08.12.2023)
25. Madhya Construction of 220KV & 132KV Transmission Lines and associated Feeder Transmission
Pradesh Bays on total Turnkey basis in Eastern MP Line
Poorv Kshetra (Tender Specification No. TR-60/2023)
Vidyut Vitaran
Company Ltd.
26. MMRCL Pune Design and Construction of Elevated Viaduct of Length 4.519 Kms from Metro
Metro CH: (-)1079.899m to CH: (-)5599.298m between PCMC and NIGDI (Bhakti
Shakti) on the North-South Corridor of Pune Metro Rail Project- Reach1 –
Extension.
27. Rajastahan Supply & ETC of 132/33kV Grid Sub-stations alongwith associated Lines & Transmission
Rajya Vidyut Bays Line
Prasaran Nigam Bid Enquiry No. RVPN/SE(Proc-II)/XEN-IV/BN-9016002314
Limited
28. Central Railway Signalling and Telecommunication work for provision of Automatic block Signalling
signaling on Khapri-Sewagram Section of Nagpur Division.
Tender No. 55-2023-GSU-AUTO-KRISEGM
47
S.
No.
29. N.F. Railway Engineering, Procurement, Construction of Design, Supply, Erection, Testing OHE & TSS
& Commissioning of 25 kV, 50 Hz, Single Phase, AC, Electrification OHE and
TSS Works of Araria - Thakurganj New line Section in connection with New
Line Project of Araria - Galgalia of N.F. Railway, including associated Works
and Supply, erection, modification, testing and commissioning of SCADA
for the section. (106.958 RKM/119.27 TKM). (in EPC mode)
(Tender No: EL-C-NFR-OHE-TSS-A-G-1RT3)
30. EDCL Rwanda Rawanda 008 - Transmission System Reinforcement and Last Mile Transmission
Connectivity Plant Design Supply and Installation of 45.8 KM (110 kV Line
Double Circuit Rukarara - Huye
3.9.3 Railway intend to transfer back the following project from RVNL vide letter dated 13.10.2023 and RVNL
has sent representation vide Letter No. CMD/RVNL/2023/Correspondences dated 20.10.2023. Decision
by Ministry of Railways (MoR) is still pending:
S.
No.
1. ECoR Bhadrak-Vizianagaram 3rd Line (385 km) Doubling
3.10 Projects yet to be Sanctioned (included in Pink RVNL-URCC JV [RVNL: 51% - URCC 49%] has been
Book): awarded one more package (IN04) of the yellow line
of the project which includes Part design and built 5
(i) Khijadiya-Visavadar GC (91.27 km)
nos. of stations and 5.33 km of the viaduct in 2024.
(ii) Veraval-Talala-Visavadar GC (71.95 km)
Package 02-
Total 163.22 km project length is yet to Design and Construction of Elevated Metro Rail
be sanctioned. Stations including all Civil, Structural, Roof structure,
MEP works, Architectural finishes, Façade, Entry/Exits,
3.11 Major Projects awarded through Bidding:
FOB, Viaduct within the stations including Transition
3.11.1 Indore Metro Project: spans - Indore Metro Rail Project Yellow Line. (7 no.
The Indore Metro is a rapid transit system which is of Elevated Metro Stations).
under construction for the city of Indore, India. The
Package 03-
total system consists of 11 corridors (lines) covering a
distance of 124 kilometres (77 mi). The metro system Design and Construction of Elevated Viaduct, viaduct
will be elevated, underground and on ground. connecting Depot leading up to interface location,
Six corridors have been proposed by MPMRCL. Elevated Metro Rail Stations including all Civil,
This system consists of a Network of 100–107 km Structural, Roof structure, MEP works, Architectural
and with lines overlapping and branching. In May finishes, Façade, Entry/Exits, FOB, Viaduct within the
2013, a detailed project report preparation for the stations including Transition spans - Indore Metro
MRTS including the selection of the system for the Rail Project Yellow Line. (10.9 Km Viaduct & 9 no. of
city was started. Elevated Metro Stations)
In 2020 MPMRCL invited bids for the first phase/ Package 04-
yellow line consisting of 17 kms of Viaduct having Design (except segment design) and Construction of
16 stations. In 2023 MPMRCL invited bids for the Elevated Viaduct, viaduct connecting Depot leading
Package IN-04 / yellow line consisting of 5.33 kms up to interface location, Elevated Metro Rail Stations
of Viaduct having 05 elevated stations. including all Civil, Structural, Roof structure, Plumbing
works, Architectural finishes, Façade, Entry/Exits,
Rail Vikas Nigam Limited (RVNL) has been awarded
FOB, Viaduct within the stations including Transition
two major packages (IN02 & IN03) of the yellow line
spans - Indore Metro Rail Project Yellow Line.
of the project which includes Design and built 16
(5.33 km Viaduct & 5 no. of Elevated Metro Stations)
nos. of stations and 10.9 km of the viaduct in 2021.
48
Key Features of the Project

Project consist of 3 Packages named as Package IN-02, Package IN-03 & Package IN-04. The key features of the
areas are as under:
Package IN-02
Package-2 includes 7 nos. of Elevated Metro stations (ISBT/MR10 flyover, Chandragupta square, Hira Nagar,
Bapat Square, Meghdoot Garden, Vijaynagar Square, Radisson Square) & transition spans.
Description Unit IN-02

Alignment - Stations KM 1.050
Elevated Stations No’s 7
Package IN-03
49
Package-3 includes 9 nos. of Elevated Metro stations (Gandhi Nagar, Super Corridor 6, Super Corridor 5, Super
Corridor 4, Super Corridor 3, Super Corridor 2, Super Corridor 1, Bhawarsala, MR10 Road station) & 10.9 Km of
elevated viaduct (Elevated Viaduct, viaduct connecting Depot leading up to interface location).

Route length KM 10.927
Alignment - Straight KM 5.619
Alignment - Curve KM 3.566
Alignment - Stations KM 1.26
Shunting line KM 0.48
Connection line to Depot KM 1.171
Package IN-04
Package-4 includes 5 nos. of Elevated Metro Stations (Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha,
Patrakar Colony & Palasia Chauraha) & 5.33 Km of elevated viaduct.

Route length KM 5.335
3.11.2 First overseas project in Maldives 3.12 The work has taken off well. As on date, RVNL has
successfully completed the dredging & reclamation
RVNL bagged the first offshore order for development
works and land is ready to start the work for
of a port and construction of allied infrastructure in
buildings. North breakwater is almost completed
Maldives, i.e. for development of UTF (Uthuru Thila
and south breakwater is in progress. Work for Shore
Falhu- Island) Harbour Project. This is a strategic
Protection & Groyne, Wharf & Quay Wall, Mechanical
project of Government of India. The agreement was
Equipment of marine works are in progress. Overall
signed in January 2023.
progress is 30%.
3.13 Kolkata Metro Projects:

3.13.1.Indian Railways transferred the works of four major
projects for extension of Kolkata Metro to RVNL in
March 2010 viz.
Joka-BBD Bag via Majerhat (16.72 km)
50
Dum Dum Airport-New Garia via Rajarhat (32 km) from Joka to Majerhat elevated section and in the 2nd
phase from Mominpur to BBD Bag as underground
Baranagar-Barrackpore & Dakshineswar (14.5 km) section. Originally sanctioned as elevated section but
Material Modification is sanctioned by Ministry of
Noapara (Ex.)-Baranagar (2.6 km)
Railways for underground system from Mominpore
3.13.2Thereon RVNL was entrusted to build Metro to Esplanade. For construction of Mominpur station,
corridors of about 65 km in Kolkata without any working permission from Army HQ has been received
survey of underground utilities and without any DPR only on 20.03.2023 and work going on full swing.
(Detailed Project Report). DPR is a pre-requisite for
3.13.4 Joka – Esplanade Metro Corridor
planning of Metro corridors in urban areas. RVNL
first engaged RITES for preparation of DPR. Late In the Metro corridor from Joka to Majerhat,
arrival of metro extension work in the congested and from Joka to Taratala (Phase-I) 6.50 Km has been
unplanned city was a challenge and required a lot of inaugurated by Hon’ble Prime Minister on 30.12.2022
meticulous planning for identification and removal & commercial services started by Metro Railway on
of encroachments and other impediments to start 02.01.2023. Another phase of 1.25 Km from Taratala
construction activity of Metro. The land acquisition to Majerhat has been inaugurated by Hon’ble Prime
in Kolkata/West Bengal poses a big problem causing Minister on 06.03.2024 & commercial services started
delayed construction of Metro corridors and other by Metro Railway has been commenced from
infrastructural projects. The issues like removal of 15.03.2024. The station over yard at Majerhat is on
encroachments and relocation of utilities along with three layers. Beyond Majerhat, the Joka to Majerhat
traffic diversion have affected the execution. RVNL Metro Corridor is being extended upto Esplanade
has taken all possible action for implementation going underground from Mominpore ramp. The
and early commissioning of Metro projects for larger Works contract for the underground section has been
interest of people of Kolkata. awarded and the works of underground portion has
been started. Working permission has accorded after
3.13.3The foundation stone for Joka-BBD Bag project Hon’ble High Court/ Kolkata’s clearance for execution
was laid by Her Excellency, President of India on in Defence land in the Maidan area for the public
22.01.2010. Subsequently, 2 packages for viaduct and interest of Kolkata. The NOC from Victoria Memorial
2 packages for stations were awarded in December Trust has been received recently to go ahead with
2010 and April 2012 respectively. This entire Metro underground station near Victoria Memorial.
corridor has been planned in 2 phases i.e. in 1st phase
51
Since this Metro stretch is a standalone system, a but normally come to Kolkata on daily basis doing a
Maintenance Depot has been developed in Joka tough journey every day.
and Ph-I part is under operation. Earlier, due to non-
availability of land (24.48 hectare), the tender for the 3.13.5. New Garia-Airport Metro Corridor
depot was discharged twice, once in February 2013 In the section of New Garia to Rabindra Tirtha of Dum
and again on October 2017. Thus, the commissioning Dum Airport-New Garia project, initially 4 packages
is planned in 3 phases i.e (a)Ph-I-Joka-Taratala, (b)Ph- of Viaduct were awarded on 21.10.2011. About 18
II-Taratala-Majerhat, (c) Ph-III- Majerhat-Esplanade. km viaduct has been completed. The contracts for 21
After starting of commercial services of 1st & 2nd stations (3 packages) were awarded on 05.03.2014.
phase commissioning the outskirt population of Out of 21 stations, station land for Technopolis Metro
Kolkata has been connected to Kolkata which is a station is now handed over. The project got delayed
great relief for the people residing away from Kolkata because of issues relating to land acquisition, traffic
52
diversion, utility diversion and other permission on 18.01.2021. The work is under progress. In this
over busy EM Bypass road. Further, change of section the commissioning was planned in 3 phases
alignment proposed by State Government where phases earlier i.e (a) Ph-I-New Garia-Hemanta
unauthorized buildings were constructed even after Mukhopadhyay, (b) Ph-II-Hemanta Mukhopadhyay
the Gazette Notification for Metro construction, and to Salt Lake Sector-V and (c) Ph-III- Salt Lake
other impediments like shifting of markets, traffic Sector-V to Airport. Due to unavailable work front
guard, raising of 220 KV overhead line, removal of in various stretches of the corridor and considering
encroachments, etc. slowed down the progress of commissioning point of view the phases were revised
work. Substantial part of these impediments have i.e. (a) Ph-I-New Garia-Hemanta Mukhopadhyay, (b)
been either removed and the balance are on the way Ph-II-Hemanta Mukhopadhyay to Beleghata, (c) Ph-
of being removed. The alignment from City Centre- III Beleghata to Salt Lake Sector-V and (d) Ph-IV-
II to Airport is now approved by State Government Salt Lake Sector-V to City Centre 2 and (e)Ph-V City
after long persuasion and contract for construction of Centre 2 to Airport.
Metro beyond Titumir to Airport has been awarded
Now in present scenario, (a) Ph-I-New Garia-Hemanta 3.13.6 Noapara - Baranagar – Dakshineswar Metro
Mukhopadhyay (5.4 Km) commercial run has been For Baranagar-Barrackpore & Dakshineswar and
started from 15.03.2024 after being dedicated to the Noapara-Baranagar, the work was planned in 2
nation by the Hon’ble Prime Minister on 06.03.2024, phases i.e. the first phase being Noapara-Baranagar-
(b) Ph-II-Hemanta Mukhopadhyay to Beleghata Dakshineswar and in the second phase, from
(4.46 Km) CCRS Inspection has been conducted on Baranagar-Barrackpore. The first phase, i.e. from
28.03.2024 & 29.03.2024, (c) Ph-III Beleghata to Salt Noapara to Dakshineswar, the Metro corridor has
Lake Sector-V has been planned for commission in been inaugurated and dedicated to the Nation by
Dec’2024 and balance 02 phase i.e. (d) Ph-IV- Salt Hon’ble Prime Minister on 22.02.2021 for public
Lake Sector-V to City Centre 2 has been planned for use. For the second phase of this Metro corridor,
commission in Dec’2024 and (e)Ph-V City Centre 2 to i.e. Baranagar-Barrackpore, an MoU was signed
Airport are planned for commission upto Dec’2025. between State Government, Metro Railway and
53
RVNL in October 2011 where it was decided that inspection has been conducted on 28.04.2024 &
RVNL shall commence the work of Metro viaduct 29.04.2024, authorization is awaited.
construction on BT Road after commissioning of 64”
pipeline under the BT Road with the closure of 60” Accidents
and 42” diameter pipelines. The work of new pipeline During 2023-24, no accident was reported from any
has been commissioned but RVNL has not been of the project sites of RVNL.
able to start the work due to non-compliance of
provisions of tripartite MoU by the State Government. 3.14 ADB funded projects:
State Government in their letter of 03.05.2018 had The first ADB loan (IND-1981) sanctioned for “Railway
proposed for change of alignment i.e. through Sector Improvement” was closed on 31.12.2011. A
Kalyani Expressway. Ministry of Railways (CRB) had 2nd ADB Loan has been sanctioned for funding of 5
responded this proposal by writing to Chief Secretary, projects, namely:
GoWB that under such a situation, it will become a
new project requiring fresh sanction. RVNL, on its Raipur-Titlagarh doubling
part, had requested State Government vide letter Sambalpur-Titlagarh doubling
dated 19.11.2018 to lay a new pipeline through Hospet-Tinaighat doubling
another alignment for which RVNL would bear the
Daund-Gulbarga doubling
cost. Vide letter dated 05.05.2022, State Govt. asked
for an additional pipeline of 90” dia at project cost Pune-Guntakal Railway Electrification
in lieu of closing 60” ,48”, 42” pipe lines on BT Road.
The funding by ADB requires compliance of various
Work on this phase of the Metro corridor could not
loan covenants on resettlement and rehabilitation of
be initiated due to above account. After discussion
project affected persons, procurement of works and
with State Govt. RVNL has engaged the Technical
stores following international competitive bidding
Consultant on 15.03.2023 and submitted proposal
and implementation of plans for mitigation of social
to State Govt. (KMC) on 20.07.2023 to execute the
and environmental impact norms. A Multi Tranche
Metro work on existing alignment by shifting the
Financing Facility of $ 500 million has been agreed
existing 48" pipeline at new location along BT road.
to by ADB. The loan agreement for first Tranche
After several correspondence between State Govt
(Loan No. 2793-IND) of this MFF for an amount of
(KMC) RVNL submitted the compliance of KMC’s 5th
$ 150 million was signed in July 2012 and the loan
latest observation vide their letter dtd 27.03.2024
agreement for second Tranche (Loan No. 3108-IND)
on 29.05.2024 but still now Technical approval is
of this MFF for an amount of $ 130 million was
awaited from State Govt.
signed in February 2014, the loan was closed on
3.13.7 Phase Commissioning of Metro Project: 20.12.2019 Project Agreement & Loan Agreement
against ADB loan No. 3623-IND (Railway Sector
(i) Noarpara – Baranagar – Dakshineswar: The project
Investment Program- Tranche III) for an amount of
has been inaugurated by Hon’ble PM on 22.02.2021
$ 130 million have been signed on 16.3.2018 and
and Commercial Operation of train service started
made effective on 07.06.2018. The loan was fully
w.e.f. 23.02.2021.
disbursed on 29 October 2021 and the loan account
(ii) Joka-Taratala in Joka – Esplanade Metro Corridor: was closed effective on 2 December 2021. Project
9.0 km of continuous stretch from Joka Depot has Completion Report (PCR) submitted to ADB and
been completed. Major structures and stations have loan is fully closed.
been completed at Joka, Thakurpukur, Shaker Bazar,
3.15 Contracting:
Behala Chowrasta, Behala Bazaar, Taratala. The first
phase i.e. Joka to Taratala of Joka-Esplanade Section As the size of projects being executed by RVNL is
has been inaugurated by Hon’ble Prime Minister on quite large, to ensure fast award and execution of
30.12.2022 and commissioned on the same day. projects, RVNL invites tenders consisting of multiple
packages. Each tender may consist of up to 3
(iii) Taratala-Majerhat Joka – Esplanade Metro Corridor: contract packages. This approach has a number of
2nd phase of 1.25 Km has been inaugurated by Hon’ble advantages such as:
PM on 06.03.2024 and Commercial Operation of
train service started w.e.f. 15.03.2024. a) Multiple contracts can be awarded through one
tender which saves time and effort in invitation
(iv) New Garia-Hemanta Mukhopadhyay in New Garia- and finalization of tenders.
Airport corridor: 5.4 Km has been inaugurated
by Hon’ble PM on 06.03.2024 and Commercial b) Both small and large agencies can
Operation of train service started w.e.f. 15.03.2024. compete for any contract package which
increases competition.
(v) Hemanta Mukhopadhyay to Beleghata in New
Garia-Airport corridor: 4.4 Km of stretch towards c) Large agencies who are capable of executing
Beleghata from Hemanta Mukhopadhyay, CRS big contracts can quote for multiple packages
54
to achieve economy of scale and pass on the Package-V: Construction of Road Bed, Major
benefit to RVNL by quoting discounts in case of Bridges, Minor Bridges, ROBs, RUBs, including
award of more than one package. road approaches, Station Buildings, Staff Qtrs,
Other Service buildings, HL Platforms, COPs,
d) Smaller agencies, which would not be eligible FOBs, General electrical work and other works
to quote if the tender for the project was related to construction of Yavatmal-Nanded
floated in a single package, are now able to New BG Line from Km: 253 to Km: 286 of
compete in any of the contract packages Central and SC Railway in Maharashtra State
individually as they may meet the qualification including junction arrangements for meeting
requirements of individual packages which are the new line with the existing NED-NZB BG line.
of comparatively smaller value. (K 449.99 crore)
During 2023-24, contracts worth approximately Package - IIIA: Construction of Road Bed, Major
K 7686.39 crore were awarded. Bridges, Minor Bridges, ROBs, RUBs, including
road approaches, Station Buildings, Staff Qtrs,
The following major contracts were awarded by the
Other Service buildings, HL Platforms, COPs,
Company during the year:
FOBs, General electrical work and other works
Design and Construction of the Ramp and related to construction of Yavatmal- Nanded
Underground Metro Railway Works from New BG Line from Km: 157 to Km: 169 of
Mominpur (Excl.) to Esplanade, 5.05 Km (from Central Railway in Maharashtra State including
Chainage 9063.00m to 14113.00m) including construction of two tunnels: T1 (1290m) & T2 (2
four underground Stations (viz. Khidderpore, 505 m) with BLT in tunnels. (K 381.84 crore)
Victoria, Park Street and Esplanade), Tunnels
Construction of Roadbed, Minor Bridges and
by Tunnel Boring Machine and Cut & Cover
Track Linking (excluding Supply of Rails and
method, Architectural Finishing Works, Track
Sleepers, Thick Web Switches and Special
Works, etc. in connection with Joka-Esplanade
Sleepers) in connection with Doubling between
Metro Corridor in the City of Kolkata, State of
Bhandai to Kitham on Bypass alignment (26.5
West Bengal, India (K 2447.91crore)
km) on Agra Division of North Central Railway
Pkg 6 “Construction of Tunnels T17 to T20 from in Uttar Pradesh State of India (K 207.78 crore)
Chainage Km 50+900 to Km 62+900, Station Yard
Design, Supply, Erection, Testing &
and Works related to Bridges and Formation
Commissioning of 1X25 KV, 50 Hz, Single Phase,
on Approaches of such Tunnels in Connection
Traction Over-Head Equipment works between
with New Single Line Broad Gauge Rail Link
section Dallirajhara (Excl.) - Bhanupratappur SP
Between Bhanupali-Bilaspur-Beri in the State of
(Excl.) 27.850 RKM / 30.580 TKM and Design,
Himachal Pradesh, India. (K 802.77 crore)
Supply, Erection, Testing & Commissioning of
Construction of Gati Shakti Vishwavidyalaya at 2X25 KV, 50 Hz, Single Phase, Traction Over-
Vadodara (K 744.46 crore) Head Equipment, TSS, Switching Station,
SCADA, General Electrical Services Works along
Package-V: Construction of Road Bed, Major with Signalling & Telecommunication work,
Bridges, Minor Bridges, ROBs, RUBs, including Civil Engineering work and other associated
road approaches, Station Buildings, Staff Qtrs, works between section Bhanupratappur SP
Other Service buildings, HL Platforms, COPs, (Incl.) - Taroki (Incl.) 48.300 RKM / 60.080 TKM”
FOBs, General electrical work and other works of Raipur Division in South East Central Railway,
related to construction of Yavatmal-Nanded Chhattisgarh, India. (K 165.00 crore)
New BG Line from Km: 253 to Km: 286 of
Central and SC Railway in Maharashtra State Design, Supply, Erection, Testing &
including junction arrangements for meeting Commissioning of 2x25 KV, 50 Hz, Single Phase,
the new line with the existing NED-NZB BG line. Traction Conventional Over Head Equipment,
(K 562.15 crore) Traction Sub Stations, Switching Stations, SCADA
and other associated works, Civil Engineering
Construction of Foundations, Substructure work i.e., Service buildings, quarters, Tower Car
& Superstructure along With River Training/ sidings, Sheds and electrical general services
Protection Work, Earthwork & allied works for works for Railway Electrification of Sabarmati
viaduct 1 & 2 in Between Chainage Km 47+415 (Excl)- Lothal Bhurkhi (Incl) single line section
to Km 50+900, in connection with Bhanupali- (88 RKM/101.54 TKM) of Bhavnagar Division of
Bilaspur-Beri New Railway Line in District Western Railway in the state of Gujarat, India
Bilaspur of Himachal Pradesh State, India. (K 150.90 crore)
(K 466.11crore)
55
Design, Supply, Erection, Testing & Provision of S&T System Supply, Installation,
Commissioning of 2x25 KV, 50 Hz, Single Phase, testing & commissioning from JNH(Excl.) to PFM
Traction High Rise and Conventional Over Head (Excl.) (46.79Km) in connection with doubling
Equipment, Traction Sub Stations, Switching with Electrification of Janghai- Phaphamau
Stations, SCADA and other associated works, section, NR Lucknow Division, Uttar Pradesh,
Civil Engineering work i.e., Service buildings, India (K 59.09 crore)
quarters, Tower Car sidings, Sheds and electrical
general services works for Railway Electrification Design, Supply, Erection, Testing &
of Lothal Bhurkhi (Excl)- Botad(Excl) single line Commissioning of 2 X 25 KV AC OHE between
section (77 RKM/105 TKM) of Bhavnagar Division Phaphamau (Excl.)-Janghai (Excl.) Section
of Western Railway in the state of Gujarat, India on Lucknow Division of Northern Railway for
(K 141.19 crore) upgradation of electric traction system in
connection with doubling of track between
Package - Depot Approach: Construction Phaphamau (Excl.)-Janghai (Excl.) Section of
of Viaduct & Ramp including related works Lucknow Division on N. Railway in the state of
for the approach of New Town Maintenance Uttar Pradesh, India (K 52.88 crore)
Depot (1.38 KM approx.) from Depot Line Ch.
110 M (Main Line Pier CPP-655 near New Town Besides these Works Contract, FLS, DD&PMC and
Station) to Ch. 1490 M (entrance of New Town PMC contracts on nomination basis for K 36.38 crore
Maintenance Depot) including balance viaduct have also been awarded during 2023-24.
superstructure work between Technopolis and
Owl more in connection with New Garia - Biman 4. PROJECT PLANNING & DEVELOPMENT
Bandar Metro Corridor of Kolkata Metro Railway
4.1 Public Private Partnership (PPP) in Indian
Line, West Bengal (K 139.86 crore)
Railway Connectivity Projects
Installation and linking of BG railway track, Detailed Status of SPVs
P-way materials supply, Track Ballast supply,
As a part of the mandate of Rail Vikas Nigam
Mobile Flash Butt Welding of joints and all
Limited (RVNL) to undertake project development,
other associated P-way works (excluding supply
mobilization of financial resources and to implement
of rails, line/ordinary wider base PSC sleepers)
projects pertaining to strengthening of Golden
in section between Janghai (excluding) to
Quadrilateral and better connectivity to various ports,
Phaphamau (excluding) in connection with
six Special Purpose Vehicles (SPVs) as Joint Ventures
doubling of 46.79 km Railway track in Janghai-
(JVs) have been created. RVNL has a minimum equity
Phaphamau section on Lucknow Division of
participation of 26 percent in each one of these SPVs.
Northern Railway in Jaunpur/ Prayagraj Districts
of Uttar Pradesh, being executed under CPM/ Through these SPVs, RVNL has been able to mobilize a
RVNL/Lucknow (K 124.79 crore) cumulative investment of H 10409.18 Cr. out of which
H 3838.25 Cr. is equity and H 6570.93 Cr. is debt. RVNL
Rayagada Yard Phase-II works, Balance
itself has invested a total of H 1485.74 Cr. as equity in
Construction of Road bed works, Extension of
these 6 SPVs, which is approximately 14.27% of their
Minor Bridges, supply of ballast, installation of
gross total investment (refer to table below).
track (Excluding supply of Rails & B.G Main line
sleepers), Construction of Platforms, Platform A SPV formed as Dighi Roha Rail Ltd. (DRRL) for
shelters etc., in between Bissamcuttack – Ladda execution of New Rail connectivity between Roha to
stations, Part soft development of Rayagada Dighi Port is under process for closure. Cancellation of
Circulating Area and other miscellaneous sanction of the project had been issued vide Railway
works etc., in Package-4 of Sambalpur/Waltair Board’s Letter No. 2012/Infra/12/35 dated 13.01.2022.
Divisions of East Coast Railway, Odisha, India
(K 65.03 crore)
56
Details of Equity & Debt of RVNL’s SPVs as on 31.03.2024
Total
Paid up Initial Subsequent Total
Length RVNL’s Equity Partners’ Equity (Equity+
Name of SPV Equity Debt Debt Debt
Debt)
In Kms Crore (Rs) Crore (Rs) %age Crore (Rs) %age Crore (Rs) Crore (Rs) Crore (Rs) Crore (Rs)
Kutch Railway 301 821.00 410.50 50.00% 410.50 50.00% 300.00 1284.41 1584.41 2405.41
Company Ltd
Bharuch 63 155.11 55.00 35.46% 100.11 64.54% 230.00 0.00 230.00 385.11
Dahej Railway
Company Ltd.
Krishnapatnam 113 625.00 311.00 49.76% 314.00 50.24% 1074.97 0.00 1074.97 1699.97
Railway
Company Ltd.
Haridaspur 82 1300.00 390.00 30.00% 910.00 70.00% 1451.61 0.00 1451.61 2751.61
Paradip Railway
Company Ltd.
Angul Sukinda 104 937.04 319.19 34.06% 617.85 65.94% 1600.00 629.94 2229.94 3166.98
Railway Ltd.
Dighi Roha Rail 34 0.10 0.05 50.00% 0.05 50.00% 0.00 0.00 0.00 0.10
Ltd.
Total 697 3838.25 1485.74 38.71% 2352.51 61.29% 4656.58 1914.35 6570.93 10409.18
*Note: Cost of GC was H 550 cr. Subsequently Doubling and Electrification works were executed with a cost of
H 3153.70 cr. (Doubling) & H 755 Cr. (RE) respectively.
a) Kutch Railway Company Limited (KRC)
Railway/Division/State Western Railway/Ahmedabad/Gujarat

Project Type & Length Gauge Conversion, 301 Km
Year of Sanction 1988-89
Date of Transfer to RVNL 14.05.2003
Date of MoU 03.01.2004
Date of EOI NA
Date of Incorporation 22.01.2004
Shareholders Agreement signed on 22.04.2004
Traffic Guarantee Agreement signed on Not signed
Concession Agreement signed on 08.11.2005
Construction Agreement signed on GC - 06.10.2005, DL-13.08.2018, RE - 09.02.2021
O&M Agreement signed on 21.08.2005
Original cost (J Crore) 344.63
Estimated Project cost (J Crore) 550.00*
Equity Participants Rail Vikas Nigam Limited 410.50 50.00%
Deendayal Port Authority 213.46 26.00%
Adani Ports & SEZ Limited 164.20 20.00%
Govt. of Gujarat 32.84 4.00%
Total (K Crore) 821.00 100.0%
Bonus shares were issued in Nov-2011 amounting to H
50 Crore in the ratio of 1:4.
Commercial Operations Date (COD) 01.07.2006
Current Status * Completed doubling of Samakhiali -Palanpur section
(248 km) at a cost of H 3153.70 Crore and H 755 Crore for
RE. Project fully commissioned on 24.02.2023.
Note: H1000.00 Cr. and H 285 Cr. sanctioned on 16.02.2021

& 30.09.2023 respectively and debt of H1284.41 Cr. taken
by KRC for Palanpur - Samakhiyali doubling & RE project.
Equity raised from H 630.62 Cr to H821 Cr. in Nov ’23.
57
RE work in progress Doubling work
b) Bharuch Dahej Railway Company Limited (BDRCL)
Railway/Division/State Western Railway/Vadodara/Gujarat

Project Type & Length Gauge Conversion, 63 Km
Date of EOI 27.02.2006
Construction Agreement signed on 01.07.2009
O&M Agreement signed on Not signed
Project cost (J Crore) 395.00
Gujarat Maritime Board 17.86 11.51%
Gujarat Industrial Development Corporation 17.86 11.51%
Adani Petronet (Dahej) Port Private Limited 17.33 11.17%
Gujarat Narmada Valley Fertilizer Company 13.53 8.72%
Hindalco Industries Limited 13.53 8.72%
Dahej SEZ Limited 10.00 6.45%
Jindal Rail Infrastructure Limited 10.00 6.45%
Total (K Crore) 155.11 100.0%
58
c) Krishnapatnam Railway Company Limited (KRCL)
Railway/Division/State South Central/Vijayawada/Andhra Pradesh

Project Type & Length New Line, 113.12 Km
Shareholders Agreement signed on 13.10.2006, Participation Agreement- I on 23.02.2008,
Participation Agreement –II on 12.10.2020.
O&M Agreement signed on 06.01.2012 – Old
08.11.2021 - New
Estimated Project cost (J Crore) 2831.00
Sagarmala Development Co. Ltd 125.00 20.00%
Adani Krishnapatnam Port Co Ltd 81.00 12.96%
National Mineral Development Corporation Ltd 40.00 6.40%
Govt. of Andhra Pradesh 35.00 5.60%
Bramhani Industries Ltd 33.00 5.28%
Total (K Crore) 625.00 100.0%
Commercial Operations Date (COD) a. Venkatachalem – Nidiguntapalem – 01.10.2008
b. Nidiguntapalem – Krishnapatnam – 28.02.2009
c. Doubling of 21 km line from VKT to KAPT – 02.03.2014
d. The complete connectivity was commissioned in June 2019
59
New Rail Line between Krishnapatnam & Obulavaripalle
Tunnel on KRCL Line
60
d) Haridaspur Paradip Railway Company Limited (HPRCL)
Railway/Division/State East Coast Railway/Khurda Road/Odisha

Project Type & Length New Line, 82 Km
Traffic Guarantee Agreement signed on 04.04.2008
O&M Agreement signed on 24.10.2021
Sagarmala Development Company Ltd. 336.79 25.91%
Govt. of Odisha 237.79 18.29%
Paradip Port Trust 138.52 10.66%
Orissa Mining Corporation 110.00 8.46%
Essel Mining & Industries Ltd 30.00 2.31%
Rungta Mines Ltd 30.00 2.31%
MSPL Ltd 15.00 1.15%
Jindal Steel Power Limited 5.00 0.38%
Steel Authority of India Ltd. 5.00 0.38%
Odisha Industrial Infrastructure Development
Corporation (IDCO) 1.90 0.15%
Total (K Crore) 1300.0 100.0%
Bridge on Haridaspur – Paradip SPV Line
61
e) Angul Sukinda Railway Limited (ASRL)
Railway/Division/State East Coast Railway/Khurda Road/Odisha

Project Type & Length New Line, 104.242 Km with Y-connection
O&M Agreement signed on Not signed
Equity Participants Rail Vikas Nigam Limited 319.19 34..06%
Govt. of Odisha 239.47 25.56%
CONCOR 208.00 22.20%
Odisha Mining Corporation 106.18 11.33%
Jindal Steel Power Limited 60.00 6.40%
Odisha Industrial Infrastructure Development
Corporation (IDCO) 4.20 0.45%
Total (K Crore) 937.04 100.0%
*Budhapank-Kamalang (Route-A) section (6.784Km) was
commissioned on 14.10.2023.
62
4.2 Rail Vikas Nigam limited (RVNL) has started participating in Metro, Highways and other Infrastructure
sectors through competitive bidding. Therefore, New SPVs in other sector have been incorporated to
undertake such projects.
The details of new JVs/SPVs incorporated are as follows:
Details of Equity of RVNL’s new SPVs/JVs (as on 31.03.2024)
S. Date of Paid up Equity RVNL’s Equity Partners’ Equity
Name of SPV
No. Incorporation Crore (Rs) Crore (Rs) %age Crore (Rs) %age
1. Shimla Bypass 05.08.2022 110.10 55.05 50% 55.05 50%
Kaithlighat
Shakral Pvt. Ltd.
2. Chennai MMLP 06.10.2022 0.05 0.013 26% 0.037 74%
Pvt. Ltd.
3. Bengaluru MMLP 10.01.2023 0.05 0.0082 16.33% 0.0418 83.67%
Pvt. Ltd.
4. Indore MMLP Pvt. 17.05.2023 0.05 0.011 22.01% 0.039 77.99%
Ltd.
5. Chatra 24.04.2023 0.01 0.0049 49% 0.0051 51%
Expressways Pvt.
Ltd.
6. Kyrgyzindustry- 07.12.2022 84,00,000 soms 42,00,000 soms 50% 42,00,000 soms 50%
RVNL CJSC
7. Kinet Railway 19.04.2023 41.76 10.44 25% 31.32 75%
Solutions Limited
8. JGPL-RVNL EPC 15.01.2024 0.01 0.0049 49% 0.0051 51%
Private Limited
a) Shimla Bypass Kaithlighat Shakral Pvt. Ltd. (SBKSPL)

The Government of India had entrusted National Highways Authority of India (NHAI) (“to the Authority”) (NHAI),
the development, maintenance and management of Greenfield alignment of National Highway No 5-including
the section from km 128.835 to km 146.300 (approx. 17.465 km). The Authority had resolved to Construction
of 4 Laning of NH-5 from Kaithlighat to Shakral Village for Design Length 17.465 km in the State of Himachal
Pradesh by Four-Laning thereof on design, build, operate and transfer (the "DBOT Annuity" or "Hybrid Annuity")
basis, which shall be partly financed by the Concessionaire who shall recover its investment and costs through
payments to be made by the Authority.
The Consortium has been promoted and incorporated the Concessionaire as a limited liability company under
the Companies Act 2013 named Shimla Bypass Kaithlighat Shakral Pvt. Ltd. by Rail Vikas Nigam Ltd. and M/s
S P Singla Constructions Pvt. Ltd as its lead members for the execution of the project.
Brief of the Project:
Location and State 4-Lane Bypass, Package-I, Kaithlighat to Shakral, Shimla,

Himachal Pradesh
Project Type & Length Hybrid Annuity Mode & 17.465 km
Project cost 1) Bid Project Cost (BPC) – H 1844.77 Crore excluding GST
2) First Year O&M Bid – H 2.77 Crore excluding GST
Adjusted Bid Price – H 1637.96 Crore (NPV of BPC and First Year
O&M)
Equity Participants and their % share SPSCPL-50%
RVNL-50%
Anticipated Commercial Operations After the end of Construction period tentatively 20.04.2026
Date (COD)
63
b) Chennai MMLP Pvt. Ltd.
Multi Modal Logistics Park is an integrated facility within which all activities relating to logistics and the
distribution of goods, both for national and international transit can be carried out across multiple modes
of transport. MMLPs also benefit from economies of scale, by creating shared infrastructure and due to
availability of more options for selection of competitive and reliable logistics providers
MMLP at Chennai is being developed at Mappedu (Thiruvallur district) in 184.27 acres of area. The site is
strategically located, at approximately 52 kms from Chennai Port, 80 kms from Ennore Port and 87 Kms
from Kattupalli Port. Chennai Airport is located at approximately 44 kms from the site.
The estimated total project cost is INR 1424 Cr. The Project is proposed to be developed in PPP mode
wherein a Developer will be appointed with a Concession Period of 45 years for developing and operating
the MMLP with an estimated cost of INR 783 Cr.
SFC appraisal was held on 09.05.2022 and subsequently MoRTH has approved the project on 06.06.2022.
Hon’ble Prime Minister also laid the Foundation Stone of the project on 26.05.2022.
A Govt. SPV formed amongst National Highways Logistics Management Limited, Rail Vikas Nigam Limited,
Chennai Port Authority & Tamil Nadu Industrial Development Corporation will provide land for the MMLP,
external road and rail connectivity, power supply etc.,
Location and State Village Mappedu (Hussein Nagaram) in Thirivallur dist., Tamil Nadu
Project Type Development of Multi Modal Logistics Park Mappedu Chennai in
Tamil Nadu along with external Road, Rail and other connectivity
Date of MoU 12-10-2021 among ChPA, NHLML & TIDCO
Supplementary MOU on dated 24-05-2023 with inclusion of RVNL
Date of Incorporation 06/10/2022
Project cost H 1423.50 Cr.
(Concessionaire investment H 782.58 Cr. + Authority investment -
including cost of land H640.92 Cr.)
Equity Participants and their % share NHLML- 40.18%
ChPA- 26.02%
RVNL- 26.00%
TIDCO- 07.80%
Anticipated Commercial Operations For Phase 1- 02 years from the appointed Date.
Date (COD) October 2025 (Scheduled)
64
c) Bengaluru MMLP Pvt. Ltd.

Bengaluru's Multi Modal Logistics Park (MMLP) awarded and set to span across 400 acres in Bengaluru
rural district.
MMLP is a key policy initiative of the Government to improve the country's freight logistics sector by lowering
overall freight costs and time, cutting warehousing costs, reducing vehicular pollution and congestion,
improving the tracking and traceability of consignments through infrastructural, procedural, and information
technology interventions.
MMLP at Bengaluru is being developed in an area of 400 acres at Muddelinganahalli in Bengaluru rural district
in Karnataka. The site is strategically located, adjacent to the upcoming KIADB industrial area on East side,
abutting the NH 648, Dabbaspet to Hosur as well as Satellite Town Ring Road on North side and Bengaluru
– Hubli – Mumbai rail line on South side. The site is 58 Kms from Bengaluru International Airport and 48 Kms
from Bengaluru city railway station.
A Government SPV formed between National Highways Logistics Management Limited (NHLML), Rail Vikas
Nigam Limited (RVNL) and Karnataka Industrial Area Development Board (KIADB) will provide land for the
MMLP, external rail, road connectivity as well as water and power supply. The MMLP is being provided with 4
lane access from four lane Dabbaspet – Hosur, NH 648 and rail siding of length 4.5 Km from Dodbele Railway
station on Bengaluru – Hubli- Mumbai rail line.
The MMLP will be developed in three phases. The Phase-I is expected to be completed in two years. MMLP
will cater to about 30 million metric tonnes (MMT) cargo in the horizon period of 45 years and will give huge
boost to the industrial zones in the catchment region such as Bengaluru and Tumkur. It will create lot of
employment opportunities and bring in economic development in the region.
Location and State Bengaluru Karnataka

Project Type Development of Multi Modal Logistics Park Bengaluru in
Karnataka along with external Road, Rail and other connectivity
Project cost H 1769.9 Crore (Concessionaire investment H 935.90 Cr + Authority
investment H 834 Cr, including land cost of H 540 Cr.
Equity Participants and their % share NHLML- 51.29%
KIADB – 32.38%
RVNL- 16.33%
Anticipated Commercial Operations For Phase 1- 02 years from the Appointed Date (AD).
Date (COD) Scheduled Anticipated Date: 29.02.2024
65
d) Indore MMLP Pvt. Ltd.
Indore MMLP Pvt. Ltd. has been incorporated for “Development of Multi Modal Logistics Park at Indore
(Area 255.17 Acre)”.
Location and State Near Pithampur Industrial area, Dist. Dhar, Madhya Pradesh
Project Type Development of Multi Modal Logistics Park Indore. Area 255.17
Acres
Project cost H 1111 Cr. (Auth. investment 353 Cr. + Concessionaire Investment
H 758 Cr.)
Equity Participants and their % share MPIDC (50% of MMLP Land Cost)- 25.16%
RVNL (Rail Development, limited to 26% of total equity
contribution)- 22.01%
NHLML (Road Development and LA Cost, 50% of MMLP Land
Cost, rail connectivity LA cost and Cost towards Power & Water
Supply and other charges) -52.83%
Anticipated Commercial Operations 19.12.2025
Date (COD)
MMLP – Location at Kheda / Jamodi / Akolia
66
e) Chatra Expressways Pvt. Ltd.

Chatra Expressways Pvt. Ltd. has been incorporated for “Work of construction of 6-lane greenfield Varanasi-
Ranchi-Kolkata Highway from Sonepurbigha village to the junction with NH 22 (Chatra Bypass) near Chatra
from km 184.700 to km 222.000.
Location and State Chandauli, Uttar Pradesh to Bangam, Kolkata

Project Type Construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata
Highway from Sonepurbigha village to junction with NH-22
(Chatra Bypass) near Chatra from km 184.700 to km 222.000
under Bharatmala Pariyojana in the State of Jharkhand on Hybrid
Annuity Mode (Package 8). The length of the project is 37.300
Kms.
Project cost H 1458 Cr.
Equity Participants and their % share Tracks & Towers Infratech (P) Ltd.- 51%
Rail Vikas Nigam Limited- 49%
Anticipated Commercial Operations 730 days from Appointed Date (Appointed Date yet to be
Date (COD) declared by NHAI)
SCHEMATIC MAP OF CHATRA EXPRESSWAY
f) Kyrgyzindustry-RVNL closed Joint Stock Company (CJSC)

A Closed Joint Stock Company “Kyrgyzindustry-RVNL” has been incorporated in December, 2022. RVNL is
having equity investment of 4200000 soms (being 50% of total equity). A DPR has been prepared for Balykechy
& Kara-Kecheline line of total cost of USD 2.3 billion.
Location and State Kyrgyz Republic, Bishkek City, 106 Chui Avenue
Project Type The JV company shall undertake Infrastructure development i.e.,
Construction of Railroads in and across Kyrgyz Republic, including
construction of Highways and Freeways, construction of bridges
and tunnels and other activities not inconsistent with the laws of
the Kyrgyz Republic and consistent with the statutory objectives.
Equity Participants and their % share Kyrgyzindustry Open Joint Stock Company -50%
Rail Vikas Nigam Limited -50%
67
g) Kinet Railway Solutions Ltd.
RVNL, in collaboration with its consortium partners, has signed the prestigious Manufacturing cum Maintenance
Agreement of Vande Bharat Trainsets including upgradation of the Government Manufacturing Units & Trainset
Depots. This project is being executed through a Special Purpose Vehicle (SPV) named Kinet Railway Solutions
Limited (KRSL), jointly owned by RVNL and its consortium partners namely JCS Meterowagonmash (MWM),
JSC Locomotive Electronic Systems (LES), and Rail Vikas Nigam Limited (RVNL), MWM holding a dominant
share of 70%, LES contributing 5%, and RVNL owning remaining 25%. Acting as the Technology Partner, KRSL
is spear heading the implementation of this visionary initiative.
Key highlights of this project include:

KRSL has been entrusted with the manufacturing of 120 Vande Bharat Trainsets at the Manufacturing
Unit located in Latur, Maharashtra.
A planned maintenance regime has been devised, earmarking three designated depots – Bijwasan,
Jodhpur, and Thanisandra – for the servicing and upkeep of these cutting-edge trainsets, ensuring their
operational excellence for a period spanning 35 years.
Comprehensive infrastructural planning, including the provision of state-of-the-art facilities as well as

machinery, has been undertaken to equip the designated depots, ensuring seamless operations and
maintenance activities.
The project timeline entails the delivery of the first prototype of the Vande Bharat Trainset to the Indian
Railways by September 2025, followed by second prototype by November 2025. Regular deliveries follow
marking a significant milestone in the nation's pursuit of advanced railway infrastructure.
Location and State New Delhi, India

Project Type Manufacturing cum Maintenance of Vande Bharat Trainsets
including upgradation of the Government Manufacturing Units
& Trainset Depots
- 200 Vande Bharat Train sets of Sleeper version, each of 16 cars.
- Supply and undertake comprehensive maintenance thereof
for a period of 35 years.
The L1 selected bidder would have to manufacture/assemble
total 120 Trainsets at Railway’s Marathwada Rail Coach Factory
(MRCF)/Latur.
The L2 selected bidder would have to manufacture/assemble
total 80 Trainsets at Railway’s ICF/Chennai.
Project cost The total quantity is 120 Trainsets and cost per set is H 120 Crores.
(as per LOA)
68
Equity Participants and their % share RVNL- 25%

Joint Stock Company Metrowagonmash- 70%
Joint Stock Company Locomotive Electronic Systems- 5%
Anticipated Commercial Operations 82 Months (Time period by which the order(s)/contract(s) is to be
Date (COD) executed – As per LOA)
Manufacturing Unit at MRCF, Latur
h) JGPL-RVNL EPC PRIVATE LIMITED
Location and State A 626, 6th Floor, DLF Tower A, Jasola, Sarita Vihar, South Delhi -
110076
Project Type Grid Connected Solar PV Project along with Battery Energy
Storage System (250 MW – Solar and 63 MW BESS)
Project cost ~USD 154 Million
Equity Participants and their % share RVNL- 49%
Jakson Green Private Limited-51%
Anticipated Commercial Operations February 2025
Date (COD)
During the year, RVNL has incorporated following 2 After the close of the year, following wholly owned
wholly owned Subsidiary Companies in India and Subsidiaries have also been incorporated abroad for
abroad : exploring new business opportunities:
1. Masakani Paradeep Road Vikas Limited (MPRVL)- 1. RVNL Infra Middle East- Incorporated on 04.04.2024
M/s. MPRVL has been incorporated on 21.08.2023 for in Sultanate of Oman
“Rehabilitation and Up gradation from 4 to 8 laning
of Chandikhole –Paradip Section of NH-53 (Old NH – 2. RVNL Middle East Contracting L.L.C. (Dubai)-
5A) from Km.60.000 toKm.76.646 (Package-4) in the Incorporated on 26.06.2024 in Dubai
State of Odisha Hybrid Annuity Mode.
3. Rail Vikas Nigam LLC- Incorporated on
2. RVNL Infra South Africa- RVNL Infra South Africa has 01.08.2024 in Uzbekistan
been incorporated on 15.01.2024 for exploring new
business opportunities in South Africa. 5. PERSONNEL DEVELOPMENT
Hiring of talented and experienced manpower,
developing, motivating and retaining them have been
the principal areas of HR for achieving the corporate
69
objectives. The primary focus of the organisation has 5.1 Industrial Relations
been to have not only a lean and thin cadre of highly
Cordial and harmonious Industrial relations have
motivated, skilled and experienced manpower but
been maintained throughout the year. All efforts
also to retain these scarcely available resources by
were made to keep the employees and their families
creating a conducive work environment.
safe during the Covid pandemic by complying with
HR policies are meticulously framed taking into the safety protocols and guidelines.
account the short-term and long-term manpower
5.2 Disclosure under the Sexual Harassment of
requirements of the organisation. As RVNL is
Women at Workplace (Prevention, Prohibition
mandated to execute Railway projects for and on
& Redressal) Act, 2013.
behalf of Ministry of Railways, persons with requisite
technical expertise and domain knowledge of The RVNL Conduct and Discipline Rules are in line
Railway Systems and Railway construction are with the requirements of the Sexual Harassment of
required for smooth and timely completion of rail Women at the Workplace (Prevention, Prohibition
projects assigned to RVNL. The manpower is largely & Redressal) Act, 2013. An Internal Complaints
met by sourcing employees from Railways and other Committee called “Vishaka Committee” has been set
Government Departments on deputation basis. up in RVNL to redress complaints received regarding
RVNL has also a regular cadre of its own created by sexual harassment. All employees are covered under
absorbing willing employees from Railways, other this policy. The following is a summary of sexual
Govt. Departments and PSUs. As on 31.03.2024, harassment complaints received and disposed off
the on-roll strength of the company stood at 186 during the calendar year:-
regular employees and 208 deputationists. Apart
i) No. of complaints received: Nil
from absorbing Railway employees, Recruitment are
being made on contract basis for various projects ii) No. of complaints disposed of: Nil
taken on Bidding.
5.3 Right to Information Act
RVNL has attractive and employee- friendly policies The provisions of the Right to Information Act are
to boost the morale and motivate the employees to followed diligently in letter and spirit and timely
perform to the best of their abilities. The perks and responses are given to all queries. The Company
perquisites being paid to the employees are reviewed has nominated Appellate Authority, Chief Public
periodically to enhance the efficiency. Information Officer and Asstt. Public Information
Officer at the Corporate Office and Asstt. Public
Skill development of the employees has been given Information Officer for each PIU. During the year
special attention through in-house and customised 2023-24, 296 Applications were received and
training programmes to the employees at different disposed off on time.
levels not only relevant to their working area but
also to enhance their overall capabilities so that 5.4 Rajbhasha (Official Language)
the employees are able to adapt to the changing
The company has been making concerted efforts
technology and customer needs and discharge their
to implement the directives of the Government
roles as a strategic business partner contributing in
of India on use of Rajbhasha (Official Language).
the growth of the organisation.
The Rajbhasha Department of the Company has a
As a motivation to the employees, RVNL recognises the Part-time Mukhya Rajbhasha Adhikari and Sr. DGM
services of meritorious employees through individual/ (Rajbhasha) cum Up-Mukhya Rajbhasha Adhikari.
group Awards and by presenting shields and cash All the computers in the Corporate Office have been
awards every year on the Annual Day function. provided with Unicode compliant software and
fonts to facilitate access to common templates in
Welfare Programmes: Devnagari. To encourage use of Rajbhasha, total 13
officials who use Rajbhasha in Hindi drafting notes
In line with the guidelines of the Government, the and letters were identified from all the departments
RVNL conducted many welfare programme such as and given Late Shankar Dayal Singh Smriti Puraskar
arranging medical camps for Regular, Deupationists, amounting to H 3,000/- each. A competition on Hindi
Housekeeping & Outsource employees and their essay writing, Hindi noting and drafting, Hindi Shabd
families. A Cricket match was also arranged in this Gyan and Quiz was organized on the occasion of
chain of welfare programme on 20.01.2024. Women Hindi Pakhwara in the month of September, 2023.
day celebration was organised on 11.03.2024 for all Cash awards of H 78,300 were distributed to 51
the women employees of the organisation. successful participants. The Company has also set
70
up a reading room-cum-library in the Corporate inspections. The findings of these investigations/

Office with a good collection of books, newspapers inspections are communicated to the Management
and periodicals in Hindi. During 2023-24, 4 meetings for suitable action including system improvements,
of the Rajbhasha Implementation Committee of wherever required. The compliance of corrective
RVNL were held and promotion of Rajbhasha was actions suggested against deficiencies/lapses
discussed and reviewed. During Financial Year 2023- noticed during the inspections/preventive checks
24, Parliamentary Committee (On Official Language) are also ensured.
carried out inspections of Rishikesh, Lucknow,
Bengaluru, Secunderabad, Visakhapatnam, Jhansi, During the FY2023-24, focus was made to finalize/
Varanasi, Kolkata and Pune Units and Committee has conclude the pending CVC/CTE/Vigilance cases
expressed satisfaction. Hindi Prashn Manch Pratiyogita by vigorously pursuing the concerned authorities/
was organized on 20.12.2023 on the directives of RVNL field units for their comments/action taken.
Delhi Nagar Rajbhasha Karyanvayan Samiti, Delhi Moreover, observations made during earlier CTE/
Upkram-2, in which total 21 Officials participated, CTE Type inspections were followed up and replies
out of which 5 were awarded with cash award on paras pertaining to various CTE inspections were
amounting to H 7,800. During Financial Year 2023-24, sent to CTE/CVC.
Nagar Official Language Implementation Committee,
During the period, three (03) CTE Type checks and
Upkram-2 has provided Rajbhasha Shield to RVNL
five (05) preventive checks were conducted by
for organizing Hindi Nibandh Lekhan Pratiyogita for
RVNL(Vigilance). Besides, comments against pending
member offices of Nagar OLIC Upkram-2.
paras of CTE checks conducted in earlier years were
5.5 Presidential Directives: also sent to the Commission and many paras also got
closed from CVC.
During the year 2023-2024, no presidential
directive was issued. A summary of progress of the work done by RVNL
Vigilance during the FY 2023-24 is given below:
6. VIGILANCE
Vigilance Department is headed by Chief Vigilance System Improvements:
Officer (CVO). RVNL Vigilance functions with a Based on the observations during various
dominant focus on preventive approach towards inspections/checks, RVNL Vigilance makes certain
strengthening transparency in the systems, work recommendations for system improvements. During
procedures and accountability. Besides examining the FY 2023-24, following system improvements were
the allegations in the complaints received from suggested by RVNL Vigilance to the Management for
various fora, it also carries out preventive checks and implementation: -
SN Letter No. & Date Subject Brief

1. ED/Genl/127 dated System improvement All PIUs are directed to ensure that contractors must
18.06.2023 arising out of vigilance maintain progress reports as per the stipulations of the
investigation- Maintenance contract which should be periodically checked by PMC/
of Daily Progress Reports RVNL officials during inspections.
(DPR).
2. ED/Genl/128 dated System improvement PIUs are directed that final decision on the matter regarding
18.06.2023 arising out of vigilance imposition of penalty for non-deployment of Key Personnel
investigation- Deduction as per the contract conditions, if any, to be taken by CPM/
of penalty for non- GM in charges of the projects and that such decisions
deployment of Key should be taken withinsix (06) months as per the contract
Personnel. conditions keeping in view overall interest of the project.
3. ED/Genl/129 dated System improvement During Vigilance Inspection in one of the PIUs, it has been
18.06.2023 arising out of vigilance observed that measurements of quotation works are being
investigation- Recording noted in plain paper and not recorded in MB which is
of measurements ofin violation of the Procedure Order. All PIUs once again
Quotation works in MB. directed to strictly follow the instructions contained in the
Procedure Order.
4. ED/Genl/130 dated System improvement All PIUs were directed to strictly follow the GCC Clause of
18.06.2023. arising out of vigilance the relevant contract and process time extensions well in
investigation- Granting advance so that contracts are always current.
time extensions in works
contracts.
71
5. C/Policy/2007/Pt.V Handling of loan Materials CPMs/GMs are advised to scrupulously follow the
dated 30.10.2023 and Surplus Materials – instructions given in letters (RVNL CO letter no. C/
Reg. Policy/2007/Pt-V(Loose) dated 20.07.2016 & RVNL CO
letter no. C/Policy/2007/Pt-V dated 23.07.2019) regarding
“handling of loan materials and surplus materials” and
ensure no duplicacy of payment.
6. GM/Fin’s letter System improvement Attention is invited to this office letter of even no. dated
No. RVNLCO/FnA/ regarding various claims 25.04.2023 vide which it was reiterated that no manual
CORR(PIUs)/1/ of RVNL officials i.e. TA/DA, claim should be entertained for reimbursement of claims
2020/Finance 6/ Hospitality etc. to RVNL of employees (Regular/Deputation) except for the two
CO-Part(1)20684 officials-Reg. minor exceptions mentioned below:
dated 30.10.2023
i) Claims of hospitality for the month of March received
from March 28th to 31st of March 2023 of the relevant
Financial Year.
ii) Claim of TADK for the month of March, reimbursement

of which is due in April.
Vigilance Department has observed that some of the PIUs

finance are still accepting and passing claims received
from employees (Regular/Deputation) manually. This is
a serious lapse. The acceptance and passing of manual
claims (except for the cases mentioned above) should
cease immediately. Any violation of these instructions will
be viewed seriously.
7. ED PLG/Genl/152 System Improvement Following instructions are issued for strict compliance:
dated 26.12.2023 arising out of CTE/CVC’s
Investigation (i) In compliance with the GCC Para 4.21, the Monthly
Progress Reports should invariably cover comparisons
of actual and planned progress of all activities, with
details of any events or circumstances which may
jeopardise the completion in accordance with the
contract, and the measures being (or to be) adopted
to overcome delays. This should be discussed during
Progress Review Meetings and cognizance should be
taken while deciding extension of time for completion
of works.
(ii) RVNL’s SBD and Specification provide for dedicated

batching plant for production of structural concrete to
ensure quality. Structural concrete used on the project
should always be supplied from dedicated batching
plant except in extraordinary situations for which
reasons should be recorded by CPM/GM in-charge of
the project. In such cases, to ensure quality of concrete
by outside RMC plant, proper supervision system shall
be put in place by PIU.
8. ED PLG/Genl/ 153 System Improvement It is reiterated to ensure strict compliance of the contractual
dated 26.12.2023 arising out of complain to provisions regarding deployment of a specialist sub-
CVO. contractor.
9. ED PLG/Genl/ 155 System Improvement The matrix of responsibilities laid down vide procedure order
dated 26.12.2023 arising out of complain to for measurements and payments issued on 13.04.2023 was
CVO revised with instructions that “each CPM/GM in-charge of
work must ensure that ‘Must See’ items are inspected in
each IPC.”
72

10. C/RVNL/065/2021 Amendment #81 to SBD of In the SBD of Construction Contracts of Single and Multiple
dated 28.12.2023 Construction Contract Packages, in section-7 Part-B, Particular Conditions of
Contract, Discharge of obligations as Principal Employer
towards Royalty in construction contracts of RVNL is
appended as Annexure-6 with immediate effect.
11. C/RVNL/065/2021 Amendment #3 to SBD of In the SBD of Construction Contracts on EPC mode,
dated 28.12.2023 Construction Contracts on Discharge of obligations as Principal Employer towards
EPC mode. Royalty in construction contracts of RVNL is appended as
Para 3.11 in Chapter-III Scope of the Project: Obligations of
the Contractor with immediate effect.
12. EDPLG/Genl/ 154 Amendment in Procedure With reference to “Procedure order issued by Corporate
dated 26.12.2023 order issued by Corporate office of RVNL through letter no. C/Policy/2007/Pt. V dated
office of RVNL through 16.01.2017 with regard to SLTs/STs”, following changes
letter no. C/Policy/2007/Pt. were suggested:
V dated 16.01.2017 with
regard to SLTs/STs. (i) The relevant terms e.g. ‘CREDENTIAL’, ‘EQC criteria’ as
mentioned in the Procedure Order for SLT/STs to be
duly amplified, clearly indicating the work completion
certificate issuing authority i.e. Employer/Contractor/
Sub-contractor for considering the same as credential;
leaving no scope for subjective interpretation by
different officials, while short-listing agencies for SLTs/
STs,
(ii) For Work completion certificate, the relevant clause from

GCC or Works of Indian Railway may be incorporated in
RVNL GCC also, same is reproduced below for reference:
“Work experience certificate from private individual
shall not be considered. However, in addition to work
experience certificates issued by any Govt. Organization,
work experience certificate issued by Public listed
company having average annual turnover of H 500
crore and above in last 3 Financial Years excluding in
the current Financial Year, listed on National Stock
Exchange or Bombay Stock Exchange, incorporated/
registered at least 5 years prior to the date of closing
of tender, shall also be considered provided the work
experience certificate has been issued by a person
authorized by the Public listed company to issue such
certificates. In case tenderer submits work experience
certificate issued by public listed company, the tenderer
shall also submit along with work experience certificate,
the relevant copy of work order, bill of quantities, bill
wise details of payment received duly certified by
Chartered Accountant, TDS certificates for all payments
received and copy of final/last bill paid by company in
support of above work experience certificates.”
Above changes are being made in SBDs, by the

Management.
73
Apart from above, following system improvements suggested by RVNL Vigilance to Management (in FY 2023-
24) but yet to be implemented:
SN Matter in Brief Vigilance Reference No.

1 Procedure order issued by Corporate office of RVNL through System improvement suggested vide CVO/
letter no. C/Policy/2007/Pt. V dated 16.01.2017 with regard RVNL’s letter No. 2021/RVNL/VIG/Comp./
to SLTs/STs may be reviewed and amended to incorporate Bina-Kota/04 dated 14.08.2023, reminder
following provisions in the policy: letter dated 09.10.2023, reminder letter
dated 28.11.2023.
(i) A system to be introduced for maintaining pre-approved
vendor list/directory based on different nature of works Based on management’s view furnished vide
at corporate office level for bringing transparency in the Letter No. ED PLG/Genl/154 dated 26.12.2023,
shortlisting of bidders for SLT/ST tenders. For this purpose, fresh letter for system improvement along
a committee of officers (preferably from senior level with counter against reply has been sent
management) to be formed for finalization of such panel/ to Management on 10.01.2024 followed by
list of pre-approved vendors list for the first time and also reminder letter dated 22.02.2024.
for periodic review of such panel/list clearly indicating
periodicity for review.
(ii) It is recommended that there should be a provision in

SOP regarding mandatory prior approval of concerned
Executive Director (or above level official at Corporate
Office) whenever a tender (SLT/ST) is proposed to be
processed through offline mode.
Management may please consider above systemic

improvement for implementation.
2 Systemic improvement arising out of preventive check CVO/RVNL’s Letter No.2023/RVNL/CVO/Vig/
regarding engagement of consultants and employment/ re- PC/01 dated 02.02.2024 followed by reminder
employment of retired railway officers in the RVNL. letter dated 06.03.2024.
A preventive check was conducted by Vigilance Department to

check whether the guidelines issued regarding engagement
of consultants and employment/ re-employment of retired
railway officers in the PSUs under Ministry of Railways as per
IRVM para 705 of chapter VII of the Indian railways Vigilance
Manual (2018 edition) (Advance correction Slip No. 07
amending para 705 introduced vide DVM/RB letter No. 2019/
V1/IRVM/1.2 dated 11.04.2023) are being followed at Rail Vikas
Nigam Limited or not.
Following systemic improvement is also suggested to HR/

RVNL for immediate implementation:
“Guidelines related to engagement of consultants and

employment/re-employment of retired railway officers in the
PSUs under Ministry of Railways as circulated in the form of
Advance correction slip No. 07 amending para 705 of Indian
Railways Vigilance Manual (2018 edition) (refer Railway Board
Vigilance’s letter No. 2019/V1/IRVM/1/2dated 11.04.2023),
must be followed in letter and spirit while processing cases of
engagement of consultants and employment/re-employment
of retired railway officers in the Rail Vikas Nigam Limited.”
74
SN Matter in Brief Vigilance Reference No.

3 System Improvement arising out of Preventive check in CVO/RVNL’s letter No. 2023/RVNL/CVO/VIG/
connection with “Construction of service building at Stations PC/04/03 dated 02.01.2024 followed by
at Parewadi, Jitnti Road and Bhigvan Stations and station reminder letter dated 02.02.2024 & dated
building at Jeur” in connection with doubling of Daund- 06.03.2024.
Kalaburgi Section in Solapur Division.
Following system improvement issuggested for

implementation:
“It may be suggested to all PIUs for mandatorily verifying

crushing load in third party cube test reports as well as
mandatorily mentioning crushing load of cubes tested in the
cube register.”
4 System Improvement regarding Complaint Investigation of CVO/RVNL’s note No.2023/RVNL/VIG/COM/67
PIU/Kanpur on issue of various Performance Certificates in dated 02.02.2024.
favour of Contractor:
During investigation of a complaint it was observed that

ambiguous performance certificates, without scrutiny of the
project execution details were issued in favour of a contractor
by the RVNL officials who were not authorized for the same, as
per policy guidelines issued by RVNL Corporate Office vide No.
C/Policy/2007/Pt. V dated 17.11.2015 and C/Policy/2007/ Pt. V
dated 05.01.2016.
Further, following discrepancies has been also observed in

Performance Certificates issued by these officials:
1. Not in format as prescribed in policy guideline by Corporate

Office.
2. Key activities performed by agencies not mentioned.
3. Year wise break-up of payment was not mentioned
4. Copy not marked to concerned ED and ED/P at Corporate

Office
5. Performance Certificate is issued by the officer not

authorized for the same
To avoid such type of occurrence in future, it is advised that:
1. May kindly check this aspect in all the PIUs & take corrective
action, if required,
2. A system improvement reiterating the policy guidelines

issued earlier with clarity that in composite contracts,
performance certificate is required to be issued by CPM only.
In contracts of RE & S&T being controlled independently,
performance certificate is required to be issued by GM/
GGM of concerned discipline. No officer, below the above
rank is authorized to sign the performance Certificate.
3. Copy of performance certificate should be marked to

concerned ED/PED & PED/Planning for record purpose in
Corporate Office for this purpose.
75
DISPOSAL OF COMPLAINTS/INVESTIGATIONS:
The complaints received by Vigilance from time to time were dealt with as per procedure prescribed by CVC &
DoPT. During the FY 2023-24, out of sixty-eight (68) complaints (other than PIDPI), all complaints were promptly
disposed (Filed/Sent for NA/Registered for Investigation).
Complaints other than PIDPI
Disposal During the

Received
Opening FY 2023-24 (Filed/Sent for Balance
Source During FY Total
Balance NA and Registered as Vig. Pending
2023-2024
for Investigation)
CVC 1 3 4 4 0
OTHERS 11 53 64 64 0
TOTAL 12 56 68 68 0
PIDPI Complaints
Further, one (01) PIDPI complaint (I&R) was pending from previous period and additionally no PIDPI complaint was
received during the FY 2023-24. In this PIDPI complaint (I&R), detailed investigation report was submitted to the
Commission through Railway Board Vigilance on 07.08.2023.
PIDPI Complaints for I&R (Investigation & Report)
Disposal During the

Received
Opening FY 2023-24 (Filed/Sent for Balance
Source During FY Total
Balance NA and Registered as Vig. Pending
2023-2024
for Investigation)
CVC 1 0 1 1 0
Other Designated 0 0 0 0 0
Authority
TOTAL 1 0 1 1 0
Further, two (02) PIDPI complaints (for Necessary Action) were pending from previous period and nil received
during the FY 2023-24. Out of two (02) PIDPI complaints (NA), detailed investigation report in both cases were
submitted to the Railway Board and 01 case was disposed of after CVC advice of minor penalty received against
two officials. However, in second case, advice from Commission is still awaited.
PIDPI Complaints for NA (Necessary Action)
Filed/ Complaints Total

Complaints Pending
Received closed Taken up resulting in complaints
Brought resulting in at the end
during the Total without for further imposition of disposed of
forward administrative of the FY
FY 2022-23 taking any investigation major/minor during the
action 2022-23
action penalty FY 2022-23
2 0 2 0 2 0 1 1 1
Complaints, Audit Reports, Inspection reports of Works/ Procurement etc. Taken up for investigation
Fourteen (14) complaint cases under investigation were pending from previous period and additionally three
(03) cases were taken for detailed investigation in the FY 2023-24. Out of seventeen (17) cases, investigation was
completed in ten fourteen (14) cases while in three (03) cases, investigation was still underway till 31.03.2024.
Taken up for
Opening Reports received Balance
Agency investigation during Total
Balance from IO Pending
the FY 2023-24
CVC 0 0 0 0 0
CVO 14 3 17 14 3
TOTAL 14 3 17 14 3
Apart from detailed investigation cases as mentioned above, examination of two (02) nos. of internal auditor reports
were also undertaken during the Financial Year.
76
Scrutiny of Immovable Property Returns (IPR): Shri JiwanRam Sharma, the then DSTE/
UMB, at present, JGM/S&T, RVNL, Chandigarh.
A total of immovable property returns of 85 officials
Same has been advised to HR/RVNL vide
of RVNL (Regular employees) were scrutinized
letter dated 05.03.2024 for issuance of Minor
during the Financial Year 2023. Non-compliance by
penalty charge sheet.
officials towards timely filing of IPR was highlighted
by Vigilance after examination resulting into warning Vigilance Status:
issued by HR to 31 officials.
During the FY 2023-24, approx. 549 cases of vigilance
Disciplinary Action: status of officers/employees were processed by RVNL
Vigilance as required by HR/RVNL, Railway Board
1. During the period, in relation to a DAR case
Vigilance, Zonal railways Vigilance etc. All Vigilance
arising out of vigilance investigation, as per
status/clearance cases were processed invariably
advice of CVC/RB, enquiry against major penalty
through e-office for prompt disposal.
concluded w.r.t. one regular employee (Shri G.
S. Srinivasulu, DGM/Elect/RVNL/SC). Further, in Periodic Reports to CVC/Railway Board:
reference to another case, Major Penalty charge
issued to the same officer on 17.08.2023 in The status of various matters namely inspections,
which DA advised for D&AR enquiry. The enquiry complaints, disciplinary cases and miscellaneous
is already concluded on 19.03.2024 and report matters was regularly apprised to CVC/Railway Board
from IO is awaited. through periodic quarterly and annual reports. The
quarterly progress report of physical progress of
2. In connection with a PIDPI complaint forwarded different works being executed by RVNL was duly sent
by CVC followed by CVC advice received on to CTEO (office of Chief Technical Examiner under
26.05.2023 for suitable disciplinary proceedings Central Vigilance Commission) for each quarter.
against Shri D.V.Subramanyam, CPM/RVNL/
Chennai, the administrative action of Recorded CTE Type Inspections:
Warning issued against the officer on 28.12.2023. The initial emphasis was on clearing the pendency
of complaints. Besides above, Vigilance paras arising
3. In connection with another PIDPI complaint
out of the inspections/checks done earlier were also
forwarded by CVC followed by CVC advice
followed up rigorously for taking the cases to logical
received on 05.10.2023, Minor Penalty charge-
conclusion. During the FY 2023-24, three (03) CTE type
sheet issued to Shri Sushil Kumar Srivastava,
checks have been conducted by RVNL(Vigilance).
Sr.Mgr/Civil/LKO and to Shri Rakesh Yadav,
Mgr./Civil/LKO on 22.11.2023. Minor Penalty
SN Name of Work
of “Reduction of one stage lower of pay for six
months without cumulative effect" has been 1 Design, Supply, Construction, Testing and
imposed on 27.12.2023 against Shri Sushil Kumar Commissioning of single circuit 110 KV,
Srivastava, Sr.Mgr/Civil/LKO. In case of Shri Yadav, 2-phase Transmission line from 110/11
the Disciplinary authority after consideration of kVBetegra substation to Traction substation
Defense has proposed to impose the penalty at Bhanpur(Halageri village) on 110 KV DC
of “Withholding of one set of Privilege Ticket Transmission line tower for an approximate
Order for two (02) years”. Since Sri Yadav is on route length of 17.746 KM along with one
Deputation, the proposed penalty has been number of terminal Bay at Bhanpur TSS on
advised to DRM, Solapur, Central Railway but Turnkey basis. (conducted between 11.09.2023
the confirmation of the same is awaited. to 15.09.2023).
2 Design, Supply, Erection, Testing
4. Vigilance deptt. of North Eastern Railway vide
&Commissioning of Signaling and
letter dated 06.03.2024 has informed that in a
Telecommunication works involving indoor
preventive check conducted by NER Vigilance,
and outdoor signaling works at six(06) stations
Railway Board in consultation with CVC have
advised for Minor Penalty proceedings against ,Daniawan Jn, Top Sarthua , Fazalchak, Jatdumri,
Shri Ashutosh Shukla, the then Dy. CE/Con./ Gonpura and Neora Junction in Neora Jn(incl)-
East/ NER/GKP now AGM/Civil/RVNL/Varanasi. Daniawan (incl) section of East Central Railway.
Same has been advised to HR/RVNL vide (conducted between 11.03.2024 to 15.03.2024).
letter dated 15.03.2024 for issuance of Minor 3 Construction of Roadbed, Major Bridges, ROBs
penalty charge sheet. & RUBs including Road approaches, Station
Buildings, Staff Quarters, other service buildings,
5. Vigilance deptt. of Northern Railway vide HL platforms, COPs, FOBs, General Electrification
letter dated 01.03.2024 has informed that in a & other works related to construction of new BG
preventive check conducted by NR Vigilance, line from km.78(excluding Yavatmal station) to
Railway Board in consultation with CVC have km 110 of Central Railway (conducted between
advised for Minor Penalty proceedings against 11.12.2023 to 15.12.2023).
77
CTE Inspection:
RVNL Vigilance facilitates intensive examination by SN Description
the Chief Technical Examiner Organization of Central 2 Preventing check regarding quotation works
Vigilance Commission (CVC). In reference to the (three Nos.) at Kaleshwar Bow String Bridge on
previous observations of CTE/CVC, the replies on all River Alaknanda in connection with 125 km
old pending paras for CTE inspections prior to 2021 New Board Gauge rail link between Rishikesh
were furnished by RVNL Vigilance to the Commission and Karnaprayag in the state of Uttarakhand,
and now, no old CTE/CVC paras are pending for India.
reply/closure by CTE/CVC, except of few CTE paras 3 Preventive Check on the work of, “Construction
related with Raebareli- Amethi Section Doubling of service building at station at ParewadiJinti
Work (CTE inspection-2021) and CTE paras related Road and Bhigvan Stations and Station
with Rajpura- Bhatinda Doubling Project (PKG-01, building at Jeur” (case referred by Central
PKG-02 & PKG-03) (CTE inspection-2022). Railway Vigilance)
4 Preventive Check on the work of, “Doubling of
Preventive Check : Bhigvan-Mohol Section part of Daund-Gulbarga
During the Financial Year below mentioned Doubling in Solapur Division of Central Railway”.
preventive checks conducted by RVNL(Vigilance). (case referred by Central Railway Vigilance)
5 Preventive Check of PMC for the work “Design,
Supply, Erection, Testing & Commissioning
SN Description of 25 KV, AC, 50 Hz, Single Phase, Traction
1 Preventive check regarding whether the Over Head Equipment, Traction Sub Stations,
guidelines issued regarding engagement of Switching Stations and other associated works,
consultants and employment/ re-employment of Civil Engineering works i.e. Service Buildings,
retired railway officers in the PSUs under Ministry quarters, Tower car sidings, sheds and electrical
of Railways as per IRVM para 705 of chapter VII general services works for Railway Electrification
of the Indian railways Vigilance Manual (2018 of Tinaighat (Excl.) – Vasco-Da-Gama (Incl.)
edition) (Advance correction Slip No. 07 amending Double/Single line section (97 RKM/ 203TKM)
para 705 introduced vide DVM/RB letter No. 2019/ of Hubli Division of South Western Railway in
V1/IRVM/1.2 dated 11.04.2023) is being followed the State of Karnataka & GOA, India”.
at Rail Vikas Nigam Limited or not.
Recovery in the FY 2023-24 on Advice of RVNL Vigilance:

Based upon observations/advice of CTE/CVC/RVNL Vigilance, following recoveries were effected/communicated
during the FY 2023-24 from the firms engaged in execution of RVNL Projects:
1 M/s JMC-KPTL-EESPL (JV) Rs 13,03,392.89 13.03.2024 CTE Intensive Examination of

2 M/s JMC-KPTL-EESPL (JV) Rs 2,00,000.00 13.03.2024 RPJ-BTI DB Project (PKG-01)
3 PMC M/s Aarvee Associates Rs 24,49,408.33 26.10.2022,
Architects Engineers & 13.06.2023 &
Consultants Pvt. Ltd. 12.08.2023
4 M/s ABL-STS JV Rs 52,374.00 29.01.2024 CTE Intensive Examination of
5 M/s ABL-STS JV Rs 70,403.00 RPJ-BTI DB Project (PKG-02)
6 M/s ABL-STS JV Rs 3,300.00
8 M/s ABL-STS JV Rs 4,10,000.00
10 M/s KEC International Ltd. Rs 14,71,116.00 14.11.2022 CTE Intensive Examination of
11 M/s KEC International Ltd. Rs 2,50,000.00 30.08.2023 RPJ-BTI DB Project (PKG-03)
12 M/s KEC International Ltd. Rs 1,57,531.76 30.08.2023
14 M/s TTIPL Rs 1,72,79,089.00 06.03.2024 CTE Type inspection of doubling
line work between Kulem (incl)
at km 50.00 to Madgaon (Excl)
Km 84.00 of Hosapete-Vasco-
Da-Gama doubling project..
78
15 PMC M/s Feedback Infra Pvt. Rs 5,09,586.00 04.01.2024 CTE Type Inspection of new
Ltd. line work from Jatdumri to
16 M/s MGCPL SIL (JV) Rs 1,00,000.00 04.01.2024 Daniawan (23.8 km) in Danapur
Division of E.C.Rly.
17 M/s Vishnu Saran & Co. Rs 6,09,109.00 05.02.2024 CTE Type inspection of the work
“Construction of New Control
Building and office Building of
Jhansi Division”.
18 M/s Kanti Infra Pvt. Ltd. Rs 2,55,231.00 06.12.2023 CTE Type inspection of the
work “Construction of Balance
Bridges in Malasa- Bhimsen
Section in connection with
Doubling of Jhansi- Bhimsen
Section”.
19 EA:M/s ITL-KEC(JV) Rs 33,39,915/- Recovered PIDPI Complaint case:
in Oct’2023&
communicated Recovery from bill of main
to Vigilance in contractor M/s ITL-KEC(JV)
Oct’2023. executing the work of 3rd line
between Guddur-Bitragunta
(Package-1 of GDR-KCC 3rd line)
due to failure in transportation
of rails, sleepers & misc items
which was executed through
another SLT.
20 EA: M/s Triveni Construction Rs 63,37,131.00 Recovered in CTE Type Inspection:
Limited. Sept’ 2023 &
communicated Execution of work towards
to Vigilance in construction of new coach
Dec’2023. periodic overhauling &
rehabilitation workshop at
Jhansi in NCR.
21 PMC:M/s AARVEE Associates H1,79,569.17 Recovered CTE Type Inspection:
Architect Engineer & since, Apr’2023
Consultant Pvt Ltd. to Feb’2024 & Doubling of track between
communicated in Palanpur and Bhildi (Package-V)
March’2024.
Vigilance Awareness Week: d. Leveraging of IT for complaint disposal,

In a move towards inculcating the true spirit
e. Updation of Circulars / Guidelines / Manuals,
of participative vigilance, the Central Vigilance
Commission had issued instructions detailing f. Disposal of complaints received
a three- month campaign period (16th August, before 30.06.23.
2023 till 15th November, 2023). As per CVC’s
advice, in the 03-months long campaign, At Rail Vikas Nigam Limited, following training
following preventive vigilance measures were programs were conducted as Capacity Building
taken up as focus areas by all the Ministries / Exercise during the VAW 2023: -
Departments and Organizations:
(i) A training program on "Stage Wise
a. Awareness building about Public Interest Integrity Risks in Public Procurement" by
Disclosure and Protection of Informers Mrs. Garima Lohani Bhagat, JS/Ministry of
(PIDPI) Resolution, Finance, IRS, EX-CVO/ESIC was conducted
on 20.09.2023.
b. Capacity Building Programs,
(ii) A training program on "Ethics &
c. Identification and implementation of Governance" by Mrs. Garima Lohani Bhagat,
Systemic Improvement measures, JS/Ministry of Finance, IRS, EX-CVO/ESIC
was conducted on 03.11.2023.
79
(iii) A training program on "Systems and employees for increasing awareness regarding
Procedures of RVNL" by Shri Vikas Awasthi, provisions of PIDPI resolution.
Executive Director/Planning/Corporate
Office/RVNL was conducted on 08.11.2023. 5. A Slogan competition was organized between
25.10.2023 to 01.11.2023 during VAW-2023 at
(iv) A training program on "Cyber Hygiene Corporate office of Rail Vikas Nigam Limited,
and Security" by Dr. Aparajita Bhatt, Asst. New Delhi for spreading vigilance awareness
Professor and Director, Centre for Cyber among officials/employees (Regular/Deputation/
Laws, National Law University, Delhi was Contractual) of RVNL
conducted on 13.10.2023.
6. Apart from above, various banners/posters were
(v) A training program on "Role of IO/PO in displayed on office notice-board as well as on
Conducting Enquiries" by Sh. Ghanshyam the website of RVNL for spreading awareness
Bansal, Dean, Delhi Metro Rail Academy towards PIDPI resolution.
was conducted on 15.11.2023.
7. A webinar was conducted on 31.10.2023
(vi) 03 (three) days offline Training of Trainers by RVNL Vigilance Department on PIDPI
Programme with domain area “training on awareness among officials of various categories
Ethics and Governance” at Delhi Metro rail of RVNL Corporate Office as well as of Project
Academy (DMRA), Delhi from 03.10.2023 to Implementation Units.
05.10.2023 (Ref. CVC letter No. 023/TRG/04
dated 25.09.2023). 8. Radio advertisement of PIDPI resolution during
Vigilance Awareness Week (30.10.2023 to
(vii) 02 (two) days Offline Training of Trainers 05.11.2023) was done to increase awareness
Programme with domain area “training on among general public and persons outside the
Cyber Hygiene and Security” at National organization also.
Institute of Electronics and Information
Technology (NIELIT), Delhi from 10.10.2023 9. Jingle prepared and forwarded by CVC was
to 11.10.2023 (Ref. CVC letter No. 023/ played periodically at different meetings/video
TRG/04 dated 03.10.2023). conferences and run on official social media
groups for better sensitization and awareness.
Under Vigilance Awareness Week 2023, various
activities were held at Corporate Office of Rail 10. A separate radio Jingle on PIDPI awareness was
Vikas Nigam Limited, New Delhi and also at some got prepared through PRO Department of RVNL
of the Project implementation Units of RVNL, as and run in different social media and official
detailed below: WhatsApp groups.
1. VAW-2023 was started with administration of 11. A short Video on PIDPI awareness (in Hindi and
Integrity Pledge by CMD RVNL on 30.10.2023 English) as received forwarded through CVC,
at 11:00 hrs. at Conference Hall/1st Floor of was also run during different meetings/video
Corporate Office in which officials from Project conferences and same was also uploaded on
implementation Units also connected through official YouTube channel of RVNL.
video link. After taking of Integrity Pledge,
12. A complaint Management System has been
PIDPI awareness video and jingle, received from
developed by RVNL/Vigilance in co-ordination
CVC was also run.
with IT Department of RVNL which is in advanced
2. On 31.10.2023, a webinar was conducted on stage of trial and testing. The System will be
31.10.2023 by RVNL Vigilance Department launched very soon to facilitate online filing of
on PDPI awareness among officials of various complaint by Citizen through RVNL website
categories of RVNL Corporate Office as well as of along with better management and monitoring
Project Implementation Units. of Complaints by RVNL Vigilance Department.
3. A Quiz competition was organized on 01.11.2023 Management Audit of Vigilance Unit (MAVU):
during VAW-2023 at Corporate office of Rail Management Audit of vigilance Unit (MAVU) of RVNL
Vikas Nigam Limited, New Delhi for spreading by team of three Director level officials from CVC was
vigilance awareness among officials/employees conducted for the first time in a successful manner
(Regular/Deputation/Contractual) of RVNL in between 27.06.2023 to 29.06.2023.
which a good number of officials participated.
4. A “NukkadNatak” was also organized during 7. MEMORANDUM OF UNDERSTANDING

Vigilance Awareness Week on 02.11.2023 at The Company secured a rating of “Excellent” by
Corporate Office of RVNL, to sanitize the officials/ Department of Public Enterprises for the year 2022-
80
23 on the basis of the achievement of the committed 7.3 Turnover in last 10 years
targets fixed in the Memorandum of Understanding
Financial Year Turnover (₹ Crores)
signed between RVNL and Ministry of Railways. This
is the thirteenth consecutive year for which the 1 2022-23 20,281.57
Company has been rated as “Excellent”. 2 2021-22 19,381.71
3 2020-21 15,403.76
In 2023-24, the Company was also able to meet the 4 2019-20 14,530.58
targets for all financial, enterprise specific and other 5 2018-19 10,060.70
parameters set in the MoU for 2023-24. Company 6 2017-18 7,556.56
has achieved 94.72 km of New Line and Gauge 7 2016-17 5,919.62
8 2015-16 4,541.30
Conversion against the target of 97 km & 571.32 km
9 2014-15 3,141.97
was achieved against target of 757 km of Doubling
10 2013-14 2,492.37
set in MoU 2023-24, the company is expected to
achieve “Excellent” target for this year also.
8. PARTICULARS RELATING TO
7.1 Physical CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
In 2023-24, the Company Commissioned New Line
EARNINGS AND OUTGO ETC.
- 70.19 Km, Gauge Conversion- 24.53 Km, Doubling-
571.32 (Total 666.04 Km.) 8.1 Conservation of Energy and Technology
Absorption
Highlight of the performance of Railway RVNL is conscious of the limited nature of conventional
Infrastructures Commissioning was: - sources and the importance of using our energy
resources wisely. The Company has been consistently
a) 242.92 KM of Commssioning done in one month
laying emphasis on utilizing energy efficient
i.e. March 2024
equipment in its office premises and in various
b) Approx 100 KM of Commissioning in projects so as to minimally effect on the ecology and
a single month. environment. Initiatives taken to create awareness
about conservation of energy among employees have
7.2 Financial resulted in a steady reduction in energy consumption
at Corporate Office. Various environment friendly
a) All time high- Bottom line
technologies have been adopted in the Corporate
b) All time high- Top Line Office building. Solar panels are installed at all Railway
Stations and level crossings. LED lighting system also
installed and wherever feasible, automatic censor
based lightings are installed.
8.2 Foreign Exchange Earnings and Outgo
The Foreign Exchange outgo during the year in terms of actual outflows as compared to previous year is
mentioned below:
(H in crore)
Particulars 2023-24 2022-23
Import of Material 100.88 -
Import of Capital Goods 85.46
Foreign Exchange on foreign travel of Company’s officials 1.11 1.09
Business Promotion - 1.02
Purchase of tender 0.09 0.12
Bank Charges - 0.09
Total 187.54 2.32
9. RISK MANAGEMENT During the quarterly review, the committee

deliberated on the key challenges/critical area of
RVNL has a formal Risk Management Policy duly
potential risk to the company and the following
approved by the Board of Directors. The Policy aims
challenges/risks were identified:
to review the exposure of RVNL to various risks and
the mitigation measures to be taken periodically. a) Release of Funds from Himachal Pradesh Govt,
It also strives to increase awareness among its Andhra Pradesh Government, Telangana &
employees and other stakeholders about possible Maharashtra Government.
risks and measures to control the same.
b) Improving website of RVNL for dissemination
The Company has a Risk Management Committee of information.
under the Chairmanship of Director (Projects) with
all functional Directors as members and Executive c) Protecting the website and related functions
Directors as special invitees. for Cyber Frauds.
81
d) Motivating the employees for new challenges 11. COMPLIANCE OF PROVISIONS OF
e.g overseas projects. COMPANIES ACT, 2013, SEBI (LODR)
REGULATIONS, 2015 AND SECRETARIAL
e) Increasing Social Media in presence of RVNL
STANDARDS ISSUED BY ICSI
& the number of followers has been increased
during 2023- 2024 All the provisions of the Companies Act, 2013 and the
Rules made thereunder, Secretarial Standards issued
Following initiatives have been taken based on
by ICSI and SEBI (LODR) Regulations, 2015 to the
the suggestions made by the Risk Management
extent possible and applicable to the Company as
Committee to overcome the above challenges
well as all relevant notifications thereon issued by the
on pilot basis:
Government of India, are being strictly complied with.
a) The matter is being continuously pursued with
senior officials of respective State Governments. 12. COMPLIANCE OF DPE GUIDELINES AND
During the FY, release of Rs 215.99 Cr. POLICIES
could be achieved.
All the guidelines and policies including guidelines
b) A new website of RVNL has been launched and having financial implications issued by Department
also RVNL profile has been made on WIKIPEDIA. of Public Enterprises from time to time are duly
complied with by the Company.
c) Cyber Crisis Management Plan ( CCMP) entails:
The Framework document for dealing with 13. COMPLIANCE OF THE PUBLIC
cyber-related incidents. PROCUREMENT POLICY FOR MICRO AND
It has the details of persons to be contacted SMALL ENTERPRISES (MSES) ORDER, 2012
for a particular failure & a list of IT assets The Government of India has notified Public
which could help with separation of Procurement Policy for Micro and Small Enterprises
infected infrastructure. (MSEs) Order, 2012 with effect from 1st April, 2012.
As per the mandate of the Public Procurement
It describes the different types of Cyber
Policy for Micro and Small Enterprises (MSEs) Order
crises, their possible targets & associated
2012, every Central Ministries/PSUs is required to set
impacts, as well as the actions &
an annual target of minimum 25% procurement
responsibilities of stakeholders involved.
of goods & services from MSE Sector. Out of 25%
Cyber incident response coordination annual procurement, a sub-target of 4% & 3%
among Ministries/Departments of the should be from MSEs owned by SC/ST and Women
Central Government, its agencies & critical entrepreneurs, respectively.
information infrastructure organizations to
Rail Vikas Nigam Ltd. (RVNL) has taken several
deal with cyber crisis situations.
steps for effective implementation of MSE policy.
CCMP is periodically reviewed & Security The benefits of waiver of cost of tender documents
audit is also conducted regularly. and deposit of earnest money, prescribed under
the Policy, are incorporated in the tenders for stores
procurement and obtaining services, etc.
10. CORPORATE SOCIAL RESPONSIBILITY
(CSR) Mrs Anupam Ban, Director (Personnel) is working
The key philosophy of CSR, as enshrined in the policy, as Nodal Officer and Shri P.C Jaiswal, GGM/PP&D
is to meet the following broad objectives: has been nominated as the Grievance Officer for
seamless implementation of the MSE policy in
a) Implementation in project/programme mode RVNL. Contract details of these officers are uploaded
on RVNL website.
b) Focus on periphery of project areas of RVNL
Annual Procurement Plan for purchase from MSEs
c) Thrust areas of education and healthcare during the year 2023-24 was made available on RVNL
website for information of MSEs and to help them
d) Inclusive growth of society with emphasis on
participate in procurement of goods and services.
development of weaker sections of society and
in the backward districts of the country. In the year 2023-24, RVNL procured goods and
services amounting to a total of H 46.33 crores. Out of
The Company has constituted Corporate Social this, the total value of goods and services purchased
Responsibility Committee (CSR) in line with the from MSEs (Including MSEs owned by SC/ST and
requirements of the Companies Act, 2013 and DPE Women entrepreneurs) was to the tune H 16.30 crores
Guidelines. The details with respects to composition, i.e. 35.18% of the total procurement. Thus, RVNL has
CSR Policy and CSR activities undertaken by the fully complied with the Public Procurement Policy
Company during F. Y. 2023-24 are placed as Annexure for Micro and Small Enterprises (MSEs) Order, 2012.
C to this report.
82
As desired, the expenditure incurred by RVNL on under mentioned head of accounts for the period from 01.04.2023
to 31.03.2024 is given below:
S. Total MSME
Particulars GL Code % of MSE
No. Expenditure Expenditure
1. Vehicle hiring 5206050004 5.69 1.57 27.51%
2. Photocopy Exp./Printing & stationary 5206110002/5206110003 2.95 0.75 25.33%
3. Outsourcing Staff 5206100005/5206120003 14.59 0.99 6.82%
4. Housekeeping /Security Service 5206170003/5206170004 10.04 10.04 100%
5. Office equipmen 1101010001 1.56 0.02 1.11%
6. Furniture and Fixtures 1101020001 1.91 0.09 4.47%
7. EDP Assets 1101030001 2.50 0.36 14.32%
14. RESEARCH AND DEVELOPMENT reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at
Implementation of an Integrated IT Solution for
the end of the Financial Year and of the profit of
RVNL
the Company for that period;
RVNL is utilizing a number of IT initiatives in order to
automate the business processes of the organisation c) The Directors have taken proper and sufficient
across employee services, office procedures, and care for the maintenance of adequate
project management and vendor billings. Among the accounting records in accordance with the
latest systems implemented, below are noteworthy provisions of this Act for safeguarding the
accomplishments: assets of the Company and for preventing and
detecting fraud and other irregularities;
RVNL is embarking on adapting Data Analytics and
d) The Directors have prepared the annual
Artificial Intelligence technology making all our
accounts on a going concern basis.
processes centralised, digitised and automated.
e) The Directors have laid down internal financial
RVNL upgraded the data centre and shifted to controls to be followed by the Company and that
RailTel. With this now our systems are running on such internal financial controls are adequate
latest hardware. and were operating effectively.
RVNL, being a Navratna Public Sector Enterprise, f) The Directors have devised proper systems to
ensures that as per Information Technology Act, ensure compliance with the provisions of all
2000, Your Company has always been at the forefront applicable laws and that such systems were
in the adoption of new technology solutions for the adequate and operating effectively.
continual improvement in its business processes. With
a vision to be a digitally empowered organization
16. DIRECTORS AND KEY MANAGERIAL
for operational excellence and stakeholder value
PERSONNEL
creation, it has adopted several path-breaking
technologies in its technology stack. Various IT RVNL being a Government Company, the
projects that are in pipeline for implementation appointment of directors on its Board are done by the
are Upgrading our SAP systems from ECC 6 to S4/ Ministry of Railways, Govt. of India from time to time.
HANA, Implementing ISO 27001/2023 which is an
As on date of this report, the strength of the Board
internationally recognised standard for information
of the Company comprises of Nine (9) Directors,
security management systems etc.
out of which five (5) are whole-time Directors
(including Chairman and Managing Director), two (2)
15. DIRECTORS’ RESPONSIBILITY STATEMENT Government Nominee Director from Administrative
Pursuant to Section 134(5) of the Companies Ministry i.e., Ministry of Railways (MoR) as (Part-time)
Act, 2013, the Directors confirm that - (official) Directors and two (2) Independent Director.
Position of five (5) Independent Directors (including
a) In the preparation of the annual accounts, the one-woman Independent Director) is vacant. However,
applicable accounting standards have been the composition of the Board of Directors was not in
followed along with proper explanation relating conformity with the provisions of the Companies Act,
to material departures; 2013, SEBI LODR Regulations and DPE Guidelines on
b) The Directors have selected such accounting Corporate Governance, due to absence of requisite
policies and applied them consistently and number of Independent Directors including Woman
made judgments and estimates that are Independent Director on its Board.
83
The Company has been requesting Ministry of Railways (MoR), Government of India to appoint requisite number of
Independent Directors (including woman Independent Director) to ensure the compliance to the provisions of SEBI
(LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Except the appointment of Independent
Directors (including woman Independent Director), the composition of the Board is in compliance with Regulation
17 of SEBI (LODR) Regulations, 2015.
The following Directors held office during the year and till the date of this report-
S.
Name & DIN of Directors Designation Date of Appointment
No.
Whole Time Directors/Functional Directors
1. Mr. Pradeep Gaur (DIN:07243986) Chairman and Managing Director from 01.09.2018 onwards
2. Mr. Vinay Singh (DIN:03324677) Director (Projects) From 01.08.2019 onwards
3. Mr. Rajesh Prasad (DIN:08585975) Director(Operations) From 03.03.2020 onwards
4. Mr. Sanjeeb Kumar (DIN:03383641) Director (Finance) & CFO from 06.05.2020 onwards
5. Mrs. Anupam Ban (DIN: 07797026) Director (Personnel) From 09.02.2023 onwards
Government Nominee Directors/Part time Official Directors
6. Mr. Dhananjaya Singh (DIN: 08955500) Govt. Nominee Director From 11.11.2020 onwards
7. Mr. N.C. Karmali (DIN:09103211) Govt. Nominee Director From 20.05.2024 onwards
*Independent Directors/ Part time non- Official Directors
8. Dr. M. V. Natesan (DIN: 09408491) Independent Director From 22.11.2021 onwards
9. Mr. Anupam Mallik (DIN: 09547797) Independent Director From 25.03.2022 onwards
*The Company has received declarations from the Independent Directors confirming that they meet the criteria of independence as
prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 as amended from time to time.
Woman Director & Independent Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 read with the Companies (Appointment
and Qualification of Directors) Rules, 2014, a Company shall have at least one Woman Director on the Board of
the Company. Further, as per SEBI (LODR) (Amendment) Regulations, 2018, a Company shall have at least one
Independent Women Director. Your Company had no Independent Woman Director on the Board of the Company
since 18.09.2020. The Company has requested Ministry of Railways for appointment of Women Independent
Directors in order to comply with the requirements under Regulation 17 of SEBI (LODR) Regulations 2015 and
Companies Act, 2013.
Appointment/Resignations of Key Managerial Personnel’s

The Board of Directors of the Company has designated all the whole-time Directors, Company Secretary, Chief
Financial Officer (CFO) as the Key Managerial Personnel (KMP) of the Company; and Chairman & Managing Director
(CMD) and Director (Finance) have been designated as CEO and CFO, respectively.
Changes (Appointment/Cessation) in Key Management Personnel’s (KMP) during the year and till the date of this
report is mentioned in Report on Corporate Governance.
Name Designation Date of change Reasons

Mrs. Anupam Ban Director (Personnel) 27.09.2023 Change in Designation from Additional
(DIN: 07797026) Director to Director
Mr. A.K. Khandelwal Govt. Nominee Director 27.09.2023 Change in Designation from Additional
(DIN: 10085277) Director to Director
01.11.2023 Cessation- Nomination withdrawn by
appointing authority
Mr. Vivek Kumar Gupta Govt. Nominee Director 12.12.2023 Appointment
(DIN: 10423972) 05.02.2024 Resignation u/s 168
Mr. N.C. Karmali Govt. Nominee Director 20.05.2024 Appointment
(DIN:09103211)
84
Annual evaluation by the Board of its own etc. having wide experience. Upon induction on the
performance and that of its Committees and Board of the Company, the Independent Directors
Individual Directors- are familiarized with profile of the Company, its
business, industry scenario, operations, organizational
RVNL being a Government Company is exempted vide
notification No. F.No.1/2/2014-CL. V dated 5.6.2015 structure, statutory & regulatory responsibilities
issued by Ministry of Corporate Affairs, to comply with through familiarization programme. During the
the provisions of Sec 134(3)(e) and Sec 134(3)(p) with Financial Year 2023-24, No Independent Director
respect to Annual evaluation by the Board of its own on the board of Rail Vikas Nigam Limited (RVNL)
performance and that of its Committees and Individual has resigned from the post of Independent Director.
Directors. Ministry of Corporate Affairs (MCA) vide However, the present two Independent Director has
General Circular dated 5th June, 2015 has exempted wide experience in his field and has contributed
Government Companies from the provisions of Section towards the growth of the Company. In the opinion
178(2) which requires performance evaluation of
of the Board, the Independent Director fulfils the
every director by the Nomination & Remuneration
conditions specified in the Listing Regulations and
Committee. In case of RVNL, the performance evaluation
are independent of the management.
of Directors is done by the Ministry of Railways as per
their laid down procedure. Further, DPE, through our However, the composition of the Board of Directors
Administrative Ministry (MOR) has started the exercise was not in conformity with the provisions of the
of performance evaluation/ assessment of non-official Companies Act, 2013, SEBI LODR Regulations and
(Independent) Directors on the Board of the Company. DPE Guidelines on Corporate Governance, due
Retirement of Directors by Rotation to absence of requisite number of Independent
Directors including Woman Independent Director
The Companies Act, 2013 provides that the provisions
on its Board. The Company has been requesting
in respect of retirement of Directors by rotation will not
Ministry of Railways (MoR), Government of India to
be applicable to Independent Directors. In view of this,
appoint requisite number of Independent Directors
no Independent Director is considered to be retiring by
(including woman Independent Director) to ensure
rotation; however, all other directors are considered to
be retiring by rotation. Accordingly, as per provisions of the compliance to the provisions of SEBI (LODR)
section 152 of Companies Act, 2013, one third among Regulations, 2015 and DPE Guidelines on Corporate
all other directors namely Shri Dhananjaya Singh, (DIN: Governance. Except the appointment of Independent
08955500), Govt. Nominee Director and Mrs. Anupam Directors (including woman Independent Director),
Ban (DIN: 07797026) Director (Personnel), being the composition of the Board is in compliance with
longest in office, are liable to retire by rotation and Regulation 17 of SEBI (LODR) Regulations, 2015.
being eligible, offer himself/herself for re-appointment.
The details of Director seeking re-appointment at the 17. AUDITORS
ensuing AGM are contained in the Notice convening Statutory Auditor
the ensuing AGM of the Company.
The Comptroller & Auditor General of India has
Meetings of the Board of Directors and Other appointed M/s V.K. Dhingra & Co., Chartered
Committees of the Board and their Composition Accountants as Statutory Auditors of the Company
for the year ended 31st March, 2024. The Board would
Pursuant to the Companies Act, 2013 and Rules
like to thank them for their valuable support and
framed there under, Ten (10) Board Meetings were
guidance during the audit of accounts under review.
held in the F.Y. 2023-24. The details of the Meetings
are in the Corporate Governance Report forming part Secretarial Auditor
of this report. Your Company has Audit Committee,
The Board of Directors has appointed M/s Kumar
CSR Committee, and other Committees of the Board
Naresh Sinha & Associates, Practicing Company
in place in compliance to Compliance Act, 2013
Secretary to conduct the Secretarial Audit for
and SEBI (LODR) Regulations. The Composition and
Financial Year 2023-24. The Secretarial Audit
scope of the Committees are provided in the report
Report is annexed and forms part of this Annual
of Corporate Governance, forming part of this report
Report in Annexure E.
in Annexure-B. Further, there has been no instance
where the Board of Directors have not accepted the
recommendation of Audit Committee.
18. REPORTING OF FRAUDS BY AUDITORS
During the year, neither the Statutory Auditor nor
A Statement regarding Opinion of the Board with the Secretarial Auditor have reported to the Audit
regard to Integrity, Expertise and Experience Committee under Section 143(2) of the Companies
(including the Proficiency) of the Independent Act, 2013, any instance of fraud committed against
Directors appointed during the year the Company by its officers or employees.
The Independent Directors appointed on the Board of
the Company are eminent personalities drawn from
fields like Science, Finance, management, industry
85
19. COMMENTS OF COMPTROLLER & AUDITOR 25. GENERAL
GENERAL (C&AG) OF INDIA Your Directors state that no disclosure or reporting is
The Comptroller & Auditor General of India has required in respect of the following matters as there
undertaken supplementary audit on the accounts were no transactions on these matters during the
of the Company for the year ended 31st March, 2024 year under review:
under Section 139(5) of the Companies Act, 2013.
Details relating to deposits covered under
The comments of the C&AG on the Annual Accounts
Chapter V of the Companies Act 2013.
of the Company for the year ended 31st March, 2024
are yet to be circulated. Issue of equity shares with differential rights as
to dividend, voting or otherwise.
There has been no change in the nature of
20. DETAILS OF SIGNIFICANT AND MATERIAL
ORDERS PASSED BY THE REGULATORS OR business of the Company.
COURTS OR TRIBUNALS IMPACTING THE
GOING CONCERN STATUS AND COMPANY’S 26. CORPORATE INSOLVENCY RESOLUTION
OPERATIONS IN FUTURE. PROCESSINITIATEDUNDERTHEINSOLVENCY
No Significant and Material Orders Passed by The AND BANKRUPTCY CODE, 2016
Regulators or Courts or Tribunals impacting the The Company has no information to
Going Concern Status and Company’s Operations in disclose under above.
Future during the year under Review
27. FAILURE TO IMPLEMENT ANY CORPORATE

21. PARTICULARS OF EMPLOYEES AND ACTION
RELATED DISCLOSURES
The Company has implemented all Corporate Actions
The provisions of Section 134(3) (e) of the Companies successfully within prescribed timelines. Therefore,
Act, 2013 are not applicable to a Government the Company has nothing to report.
Company. Similarly, Section 197 of the Companies
Act, 2013 shall not apply to a Government Company.
28. ACKNOWLEDGEMENTS
Consequently, there is no requirement of disclosure
of the ratio of the remuneration of each Director Your Directors also take this opportunity to gratefully
to the median employee’s remuneration and other acknowledge the co-operation, guidance, and
such details, including the statement showing the support in effective management of company's
affairs and resources provided by Government of
names and other particulars of every employee of
India, in particular Ministry of Railways (MoR), Ministry
the Company, who, if employed throughout/part of
of Finance, Department of Public Enterprises, various
the Financial Year, was in receipt of remuneration in banks, Asian Development Bank, the Zonal Railways,
excess of the limits set out in the Rules. IRFC and our equity partners in Joint Venture SPVs
for their continued interest and support to the
22. MATERIAL CHANGES AND COMMITMENTS Company. Your Directors would like to express their
thanks for the devotion, commitment and dedication
AFFECTING FINANCIAL POSITION
of each and every employee of the Company due to
BETWEEN THE END OF THE FINANCIAL which your Company could face the new challenges
YEAR AND DATE OF REPORT and opportunities and create a niche for itself as a
There are no material changes and commitments major provider of rail infrastructure in the country.
affecting financial position of the Company which Your Directors also acknowledge the support and
occurred between 01.04.2023 to 31.03.2024 and guidance received from officials of Comptroller &
Auditor General of India, Statutory Auditors, and
date of signing of this Report.
Secretarial Auditors for their suggestions. Last but
not the least, the Directors would like to express their
23. COST RECORDS deep appreciation and gratitude towards all their
predecessors who have been associated with RVNL,
The provisions of section 148 of the Companies Act,
for their valuable contribution to the growth and
2013 was not applicable during period under review.
development of the Company in attainment of the
Company’s aim and goals in all the spheres.
24. DIFFERENCE IN AMOUNT OF THE
VALUATION
For and on behalf of Board of Directors
There was no such instance of either settlement or
loan from Bank or Financial Institution during the Sd/-
year under review. (Pradeep Gaur)
Place: New Delhi Chairman & Managing Director
Date: 08.08.2024 DIN: 07243986
86
Annexure A
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
Industry Structure and Development: new Signalling Systems, Long Haul Freight Trains, High
Capacity and High Speed wagons, Kisan Rail, Solar
India’s logistic market is more than 200 billion dollar and
powered passenger coaches etc have been undertaken
the logistic cost is around 16% of the country’s economy.
to bring about sea change in customer comforts and
To meet the demands of growing economy and to be at
expectations. Innovative improvements are also being
par with International standards, the logistic cost has to
brought upon by assimilating new technologies in the
come down to 8%. GoI has taken initiative by notifying the
form of SMART Coaches, SMART Locomotives, SMART
logistic policy in Oct. 2021. One of the pillar as highlighted
Yards, Automated Train Examination System, Automatic
in the logistic policy is –‘Ease of Logistics (ELOG)’ by
Train Protection, Centralized Traffic Control and Train
creating more and more of Railway Infrastructures.
Management System etc. Deployment of Anti-Collision
India has the fourth largest Railway network in the world Device (ACD) Network (Raksha Kavach) in the entire
with a total length of 68,442 route kilometer (rkm). It runs length and breadth of Indian Railway is another major
nearly 22,000 trains daily, out of which around 13,500 are initiative to ensure safety in rail travels.
passenger trains that carry more than 2.3 crore passengers
Indian Railways is considered the country’s lifeline for
and about 8,500 freight trains that carry around 3.5 million
transporting passengers as well as cargo. To remain
tonnes of freight per day. The humungous magnitude of
competitive vis-à-vis other transportation modes and
operations on Indian Railway can be appreciated from
to provide optimum level of service to passengers and
the fact that every day it moves people nearly equal to
for freight, there is an acute need to invest in railway
the population of Australia.
infrastructure to augment capacity, expand the network
In the recent past, various railway reforms have been and make it more efficient and customer centric.
initiated at the organisational and functional level to
enhance efficiency, safety, innovations and transparency Role of Rail Vikas Nigam Limited:
and to achieve faster project execution. Participative
models for rail connectivity, introduction of private train RVNL was incorporated with an objective to undertake
operators and the focus on encouraging participation rail project development, mobilization of financial
of the private sector in infrastructure upgradation and resources and implementation of rail projects pertaining
station development are noteworthy reforms. to strengthening of golden quadrilateral and port
connectivity and raising of extra- budgetary resources for
Indian Railways has prepared a National Rail Plan (NRP) project execution. RVNL is in the business of executing
for India - 2030 which envisages to create a “Future all types of railway projects including new lines, doubling,
Ready” Railway system. The NRP is aimed to formulate gauge conversion, railway electrification, metro projects,
strategies based on both operational capacities and workshops, major bridges, construction of cable stayed
commercial policy initiatives to increase modal share of bridges, institutional buildings etc.
the Railways in freight to 45%. The objective of the Plan is
to create capacity ahead of demand by 2030. As part of RVNL has been functioning as an executing arm of Indian
this Plan, Vision 2024 has been launched for accelerated Railways and works for and on behalf of the Ministry for
implementation of certain critical projects by 2024 such projects assigned to it for execution. It generally works on
as electrification, multi-tracking of congested routes, a turnkey basis and undertakes the full cycle of project
upgradation of speed to 160 kmph on certain routes, development from conceptualization to commissioning
upgradation of speed to 130 kmph on all other Golden including stages of design, preparation of estimates,
quadrilateral – Golden Diagonal routes and elimination of calling and award of contracts, project and contract
all Level Crossings on such routes. While new sections are management, etc.
being progressively commissioned for traffic in the Eastern
The projects are spread all over the country and for efficient
and Western Dedicated Freight Corridors, new Dedicated
implementation of projects, 30 Project Implementation
Freight Corridors have been identified and expansion of
Units (PIUs) have been established at 25 locations
rail networks in Jammu and Kashmir and North Easter
to execute projects in their geographical hinterland.
region of the country is being emphasized.
They are located at Ahmedabad, Bengaluru, Bhopal,
Many new improvements, such as self-designed Vande Bhubaneshwar (2 Units), Chennai (2 Units), Chandigarh,
Bharat Express, Tejas Express, Vista dome Coaches, Jhansi, Kanpur, Kolkata (2 Units), Kharagpur, Kota,
Lucknow, Mumbai, Nagpur, Patna, Pune, Raipur, Rishikesh,
87
Ranchi, Secunderabad, Varanasi (3 Units), Vijayawada and have been undertaken by HSRC. Subsequently, HSRC
Waltair. Two projects units are also established outside has been renamed as HSRC Infra Services Limited
India, one is at Maldives & another is at Dubai. The PIUs (HSRCISL) and repurposed to participate in bidding of
are established and closed as per requirement. projects for RVNL and to provide project management
consultancy services.
RVNL’s major client is the Indian Railways and other
clients include various central and state government
ministries, departments, and public sector undertakings. SWOT ANALYSIS
RVNL is also participating in Metro, Highways and other Strengths
infrastructure sectors through competitive bidding.
RVNL has successfully mobilized funds for the
In last 2 years, there has been a paradigm shift in construction of new lines by creating project specific
functioning of RVNL. RVNL has gone into the market for SPVs with strategic stakeholders. Its large capital
winning projects through bidding. Till 31st of July, 2024 it base can be leveraged to raise funds as per its
has participated in bids worth more than H 1,40,000 crores original mandate.
of projects, and has won Projects/ awarded/ declared L1
Ministry of Railways has delegated the authority to
for about H 35,700 crore.
RVNL for sanctioning of estimates within prescribed
The first two projects won by RVNL in the open market, limits and for awarding contracts of any value for
viz. Indore Metro projects have progressed extremely the projects in hand enabling RVNL to implement
well. Since 2021, RVNL has diversified by winning projects faster.
large number of projects in different sectors such as
As RVNL can award large value contracts, it
Metro segment, Irrigation, Road Sector, Municipal
has been able to attract the best infrastructure
Corporation(Ahmedabad). First overseas project in
companies in India.
Maldives is also progressing very well. Thus RVNL has
transformed itself from #LocalRailInfra to #GlobalRailInfra. It has developed expertise in undertaking all
stages of project development - from concept to
RVNL combines the efficiency of Private Sector and
commissioning.
trustworthiness of Govt. Sector. In last 12 years, RVNL have
been rated excellent by DPE which is a huge recognition RVNL has built the requisite skills and experience to
by GOI and it is a manifestation of persistent excellence. follow ADB procedures for contracting and ensure
For RVNL, excellence is a prevailing attitude and not an Resettlement and Rehabilitation of Project Affected
exception. RVNL has been pioneer and trail blazer for PPP Persons to implement socio-economic safeguards.
model for creation of Rail Infrastructure.
It has introduced large-scale mechanization in all
RVNL has commissioned 16500 km of Railway aspects of construction to achieve high quality output.
infrastructure. The project expenditure was 1.66 lakh
as on 31.03.2024 It has refined its tendering processes and introduced
innovative concepts like multi-package tenders
Disinvestment of Government of India holding in RVNL: resulting in faster decision making and savings
in overall costs
IPO (April 2019) 12.16%
It has a sound and robust financial management
OFS (March, 2021) 9.64%,
system, allowing for effective monitoring and control
OFS (July, 2023) 5.36%. of expenditure.
As part of its original mandate, RVNL has successfully set HSRCISL, a subsidiary of RVNL, is available to provide
up five project specific Special Purpose Vehicles (SPVs) for consultancy service and also for implementation of
execution of important rail connectivity projects in PPP high speed corridors in the time to come.
mode. Four SPVs have already been commissioned for
RVNL has set up a Business Development Cell
traffic. More SPVs are in different stages of being set up
to participate in competitive bidding process in
under Indian Railways’ participative policy framework.
Infrastructure Sector.
RVNL had recognised the vast potential for building a
Weaknesses
High Speed Rail Network in the country and with the
approval of President of India, had formed High Speed RVNL used to be dependent on the Ministry of
Rail Corporation of India Ltd. (HSRC), as its subsidiary. Railways for funding of projects which is critical for
Feasibility studies for Delhi-Kolkata, Delhi-Mumbai, the future growth of the Company and for timely
Mumbai-Chennai, Mumbai-Kolkata (upto Nagpur in 1st implementation of projects.
Phase), Delhi-Chennai and Delhi-Chandigarh-Amritsar
88
RVNL is also depending upon MoR on sanction of the policy decision may result in railway officers not
revised estimates. being available for deputation.
RVNL has not been notified as a Zonal Railway and Land acquisition issues require to be resolved
accordingly does not have the authority to approve expeditiously so that the progress of projects
drawings, designs etc. is not hampered.
As per the MoU executed in October 2003, RVNL was Delays in clearances for project execution such as
mandated for obtaining sanction from Commissioner tree-cutting, removal of utilities from the construction
of Railway Safety but subsequently the same was of viaducts for metro rail projects etc.
withdrawn in November 2007. Authority for CRS
sanction shall expedite the project commissioning A number of projects are being executed along
and enhance the project delivery. existing running lines, which makes safety a
serious challenge.
The progress of projects often gets impaired on
account of delays in securing the necessary approvals Projects are adversely affected due to poor law
for plans, granting of traffic blocks, etc. from and order conditions such as those in Left Wing
Zonal Railways. Extremists affected districts.
Changes in approved plans by the Railways, during Stoppage of work by MOR on nomination basis and
execution of projects, result in delays. withdrawal of power to sanction Estimates.
RVNL has to depend on Railways for traffic blocks for Not following the approved revenue stream at
execution of projects which causes delays. the stage of revised estimate shall affect the
financials of RVNL.
The projects taken from market are new and likely to
face new kind of challenges. Industrial Relations: Industrial Relations remained
harmonious and cordial.
Opportunities
Strategies
RVNL is implementing Rishikesh – Karnaprayag
project in the Himalayan region and can also take up The Company is taking measures for ensuring cost control
and timely delivery of projects, without any compromise
more such projects in hilly terrain and also projects
on quality for the execution and delivery of rail
located at strategic locations.
infrastructure projects on a fast track basis. RVNL can play
With the work of execution of Kolkata Metro projects, a significant role in Ministry of Railways’ efforts of raising
extra-budgetary resources for project implementation,
RVNL has developed expertise for implementation of
especially through the SPV route. Innovative models for
metro projects in other cities across the Country.
project financing will also have to be explored. RVNL
has also requested Ministry of Railways’ that it may be
RVNL has successfully constructed major workshops
permitted to leverage its equity base to raise funds from
for Indian Railways in fast track mode. RVNL can
the market as per its mandate.
thus undertake implementation of large buildings,
factories, townships etc. for other agencies as well. RVNL has created a permanent cadre through absorption
to provide Institutional continuity and to reduce the
With RVNL’s growth as a major provider of a variety of
dependence on seeking officers and staff on deputation
rail infrastructure, there is an opportunity of securing from Railways. Most of the workforce consists of qualified
rail infrastructure projects overseas. technical staff with experience in Railways and/or its PSUs.
Wherever required, RVNL has also recruited specialists to
RVNL can play a significant role in raising extra-
provide expert guidance in its project implementation.
budgetary resources for project execution as this is a
specific mandate of the Company and has experience A comprehensive and appropriate training programme
of implementation of projects in PPP mode. is being implemented to develop competent, suitably
skilled and qualified manpower. Efforts are also being
RVNL has already shown capabilities in execution of made to transfer skills and best practices from other
marine works in overseas. Infrastructure sectors and acquiring skills related to
execution of Railway projects.
Threats
The shortage of technical manpower in market/
The Mission, Vision and Objectives of the
Railways., with required experience in the Rail sector,
Company are mentioned below:
is a major constraint in the delivery of projects.
Mission
A large percentage of RVNL workforce are
To be a leading Construction Company of India with
deputationists from Indian Railways. Any adverse
presence in all infrastructure domains, both within the
country and outside.
89
Vision To mobilise financial and human resources for
project implementation, timely execution of projects
To build world-class durable infrastructures with the latest
with least cost escalation. To maintain a cost-effective
technologies and designs following the best quality and
organisational setup.
safety standards.
To foster a culture of continuous learning within the
Objectives
Organisation, and to constantly upgrade to innovative
To undertake and execute successfully project technologies and collaborative practices, in order
development, financing and implementation of to build and sustain a future-ready work force and
projects relating to infrastructure of all kind. managerial platform.
To build, maintain, sustain, project implementation To permeate a philosophy of sustainability within the
teams, ready to launch execution of projects won, Organisation, by a continuous internal conversation
with commitments to timely execution and highest with employees, partners, associates and
level of technical standards. consultants, and to promote professional integrity,
mutual trust & care.
90
Annexure B
REPORT ON CORPORATE GOVERNANCE
1. COMPANY’S PHILOSOPHY ON CORPORATE Department of Public Enterprises (DPE) and
GOVERNANCE & KEY VALUES other guidelines issued by the Government of
India from time to time, as may be applicable
At Rail Vikas Nigam Limited (RVNL), Corporate
on the Company.
Governance is not solely restricted to regulatory
or structural remedies. In your Company, it is a RVNL is a “Government Company” within the
culture which is based on trusteeship, transparency, meaning of Section 2(45) of the Companies
empowerment, accountability and corporate ethics. Act, 2013 (“the Act”) and the President of India
presently holds 72.84% of the total paid-up
Your Company has always shown commitment
equity share capital of the Company. As per
towards its Code of Corporate Governance, which is,
the Articles of Association of the Company, the
“To act in accordance with the highest standards
power to appoint/nominate Directors on the
of professional integrity, honesty, ethical conduct
Board of the Company vests with President of
and to be proficient, professional and profitable
India, Government of India acting through the
by upholding and promoting transparency and Administrative Ministry.
accountability.”
In terms of the Articles of Association of the
RVNL has taken initiatives to strengthen the Corporate Company, the strength of our Board shall not
Governance framework internally by implementing be less than three Directors and not more than
policies viz., Code of Conduct for Board members fifteen Directors. These Directors may be either
and Senior Management and Whistle Blower Policy. Whole-Time Directors or part time (official/non-
To attain the set goals and targets, your Company has official) Directors. The Chairman & Managing
been guided by the following key values: Director (CMD) and four Whole-Time Directors
viz. Director (Finance), Director (Personnel),
Zeal to attain excellence in performance;
Director (Operations) and Director (Projects)
To act as a team; are the Whole Time Directors who spearhead
the day to day operations of the Company.
Honesty and justice in dealings; The strategic decision(s) are taken under the
overall supervision, control and guidance of
Firm obedience to commitments undertaken; the Board of Directors of the Company, which
includes Government Nominee Directors and
Timely completion of work;
Independent Directors.
Respect for dignity and potential of individuals;
Pursuant to Articles of Association of the
Devotion and pride towards RVNL Company, all the directors on the Board of
the Company are appointed by the President
of India. The sanctioned strength of Board is
2. BOARD OF DIRECTORS five Functional Directors (including Chairman
Size and Composition of the Board of Directors: & Managing Director), two Government
Nominee Directors from Administrative Ministry
The Board of Directors is the apex body i.e., Ministry of Railways (MoR) and seven
constituted by Shareholders, for overseeing Independent Directors (equivalent to 50% of the
the Company’s overall functioning. The Board board strength).
provides strategic direction, leadership, and
guidance to the Company’s Management and As on date of this report, the strength of the Board
also monitors the performance of the Company of the Company comprises of Nine (9) Directors,
with the objective of creating long-term value out of which five (5) are whole-time Directors
for the Company’s stakeholders. The Board (including Chairman and Managing Director),
of Directors functions in accordance with the two (2) Government Nominee Director from
powers delegated under the Companies Act, Administrative Ministry i.e., Ministry of Railways
2013, SEBI (Listing Obligations and Disclosure (MoR) as (Part-time) (official) Directors and two
Requirements) Regulations, 2015 {hereinafter (2) Independent Director. Position of five (5)
referred as SEBI (LODR)}, Memorandum & Independent Directors (including one-Woman
Articles of Association, guidelines issued by Independent Directors) is vacant. However, the
composition of the Board of Directors was not in
91
conformity with the provisions of the Companies to appoint requisite number of Independent
Act, 2013, SEBI LODR Regulations and DPE Directors (including woman Independent
Guidelines on Corporate Governance, due to Director) to ensure the compliance to the
absence of requisite number of Independent provisions of SEBI (LODR) Regulations, 2015
Directors including Woman Independent and DPE Guidelines on Corporate Governance.
Director on its Board. Except the appointment of Independent
Directors (including Woman Independent
The Company has been requesting Ministry Directors), the composition of the Board is in
of Railways (MoR) and Government of India compliance with Regulation 17 of SEBI (LODR)
Regulations, 2015.
(a) Composition and category of the Board of Directors as on March 31, 2024 and as on date as under:
S. Name of Directors along with Director

Designation
No. Identification Number (DIN)
Whole Time Directors / Functional Directors
1. Mr. Pradeep Gaur (DIN:07243986) Chairman and Managing Director
2. Mr. Vinay Singh (DIN:03324677) Director (Projects)
3. Mr. Rajesh Prasad (DIN:08585975) Director (Operations)
4. Mr. Sanjeeb Kumar (DIN:03383641) Director (Finance) & CFO
5. Mrs. Anupam Ban (DIN: 07797026) Director (Personnel)
Govt. Nominee / Part-time Official Directors
6. Mr. Dhananjaya Singh (DIN: 08955500) Part-time(official)-Govt. Nominee Director
7. Mr. N.C. Karmali (DIN:09103211) Part-time(official)-Govt. Nominee Director
Independent Directors / Part-time (Non-Official) Directors
8. Dr. M. V. Natesan (DIN: 09408491) Part-time(Non-Official)-Independent Director
9. Mr. Anupam Mallik (DIN: 09547797) Part-time(Non-Official)-Independent Director
(b) Attendance of each director at the Board Meeting held during Financial Year 2023-24 and at the last AGM;
No. of Board meetings held Attendance*

S. Name of Directors along with Director Held (during at the last
% of
No. Identification Number (DIN) their respective Attended AGM* (held on
Attendance
tenure) 27.09.2023)
Whole Time Directors / Functional Directors
1. Mr. Pradeep Gaur (DIN:07243986) 10 10 100% Present
Chairman and Managing Director
2. Mr. Vinay Singh (DIN:03324677) 10 10 100% Present
Director (Projects)
3. Mr. Rajesh Prasad (DIN:08585975) 10 10 100% Present
Director (Operations)
4. Mr. Sanjeeb Kumar (DIN:03383641) 10 10 100% Present
Director (Finance) & CFO
5. Mrs. Anupam Ban (DIN: 07797026) 10 10 100% Present
Director (Personnel)
Govt. Nominee/ Part-time Official Directors
6. Mr. Dhananjaya Singh (DIN: 08955500) 10 05 50% Present
Govt. Nominee Director
7. Mr. A.K. Khandelwal (DIN: 10085277) 05 03 60% Absent
8. Mr. Vivek Kumar Gupta (DIN: 10423972) 01 01 100% NA
Independent Directors/ Part-time (Non-Official) Directors
9. Dr. M. V. Natesan (DIN: 09408491) 10 10 100% Present
Independent Director
10. Mr. Anupam Mallik (DIN: 09547797) 10 10 100% Present
*Pursuant to the General Circular No. 10/2022 dated 28th December, 2022 and General circular 02/2022 dated 5th May 2022 issued
by the Ministry of Corporate Affairs (“MCA Circulars”) and SEBI Circular No SEBI/HO/CFD/POD-2/P/CIR/2023/4 dated January
05, 2023, and in compliance with the provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 [“SEBI (LODR) Regulations”], the 20th AGM of the Company was conducted through VC/ OAVM Facility, without
physical presence of members at a common venue.
92
Changes in our Board of Directors during the Financial Year 2023-24 and as on date are given below:
Name Designation Date of change Reasons

Mrs. Anupam Ban Director (Personnel) 27.09.2023 Change in Designation from
(DIN: 07797026) Additional Director to Director
Mr. A.K. Khandelwal Govt. Nominee 27.09.2023 Change in Designation from
(DIN: 10085277) Director Additional Director to Director
01.11.2023 Cessation- Nomination
withdrawn by appointing
authority
Mr. Vivek Kumar Gupta Govt. Nominee 12.12.2023 Appointment
(DIN: 10423972) Director 05.02.2024 Resignation u/s 168
Mr. N.C. Karmali Govt. Nominee 20.05.2024 Appointment
(DIN:09103211) Director
(c) Details of Directorships, Committee Memberships and Committee Chairmanship in other companies as on
31st March, 2024.
Number of Committee
Membership(s) held in
Directorships in Public Companies
Public companies as on
Name of Directors along with (including RVNL)
S. 31.03.2024 (including
Director Identification Number
No. RVNL)
(DIN)
Name
No. of Member- Chairman-
of the Category
Directorships ships ship
Company
1. Mr. Pradeep Gaur 2 RVNL CMD - -
(DIN:07243986) HSRCISL PTC - -
Chairman and Managing
Director
2. Mr. Vinay Singh 2 RVNL WTD - -
(DIN:03324677) HSRCISL PTD - -
Director (Projects)
3. Mr. Rajesh Prasad 2 RVNL WTD 2 -
4. Mr. Sanjeeb Kumar 2 RVNL WTD 1 -
5. Mr. Anupam Ban 2 RVNL WTD - -
(DIN: 07797026) HSRCISL PTD - -
Govt. Nominee / Part-time Official Directors
6. Mr. Dhananjaya Singh 8 RVNL NED-GN 1 -
(DIN: 08955500) IRCON NED-GN 2 1
Govt. Nominee Director PRCL NED-GN - -
UPMRCL NED-GN - -
KMRCL NED-GN - -
KRDCL NED-GN - -
BIRIDEL NED-GN - -
RIDCKL NED-GN - -
Independent Directors / Part-time (Non-Official) Directors
7. Dr. M. V. Natesan 1 RVNL ID 2 2
(DIN:09408491)
8. Mr. Anupam Mallik 1 RVNL ID 1 -
(DIN:09547797)
93
Notes: KRDCL- Kerala Rail Development
The number of directorship(s)/ Corporation Limited
membership(s) / chairmanship(s) CCIL- Container Corporation
of all Directors is / are within the of India Limited
respective limits prescribed under PRCL- Pipavav Railway
the Companies Act, 2013, SEBI Corporation Limited
(LODR) Regulations, 2015 and DPE’s
UPMRCL- Uttar Pradesh Metro
guidelines on Corporate Governance.
Rail Corporation Limited
“The Committees covered under
BIRIDEL- Bengaluru Integrated
the last two columns are Audit
Rail Infrastructure Development
Committee and Stakeholders
Enterprise Limited
Relationship Committee”.
RIDCKL- Rail Infrastructure
The term “Whole Time” indicates
Development Company
functional/executive Directors (in
(Karnataka) Limited
the whole time employment of the
Company), NED –Non Executive Director, (d) Board Meeting & Attendance during
GN- Government Nominee, CMD- Financial Year 2023-24
Chairman and Managing Director, ID-
The meetings of the Board of Directors
Independent Director, PTD- Part Time
are normally held at the Registered Office
Director and PTC- Part Time Chairman.
of the Company. Meetings are generally
The Directorships and Memberships/ scheduled well in advance and the Notice,
Chairmanships are based on the latest detailed Board agenda, management
disclosure received. reports and other explanatory Board notes
Apart from the remuneration to are circulated to the Directors. The members
Directors as per the terms and of the Board have complete access to all
conditions of their appointment and the information of the Company. Senior
sitting fee to Part- Time (Non-Official) management is also invited to the Board
Directors, none of the Directors has meetings to provide additional input to
any material or pecuniary relationship the items being discussed by the Board.
with the Company which can affect In case of urgency, resolutions are passed
their independence of judgment. by circulation. During the year, the
Full names of the referred companies: recommendations of Committees have
been accepted by the Board.
HSRCISL- HSRC Infra
Services Limited In all cases of absence of a Director, Leave
RVNL- Rail Vikas Nigam Limited of Absence is granted under Section 167 (1)
PRCL- Pipavav Railway (b) of the Companies Act, 2013.
Corporation Limited
The Board of Directors met ten (10) times
IRCON - IRCON during Financial Year 2023-24. The details
International Limited of Board Meetings held during 2023-24
KMRCL- Kolkata Metro Rail are given below:
Corporation Limited
No. of Directors Present

S. Board Meeting
Date of Meeting Board Strength Through Video
No. Number In Person
Conferencing
1. 130th 05.04.2023 9 5 3
2. 131st 15.04.2023 9 6 2
3. 132nd 29.05.2023 9 7 1
4. 133rd 12.08.2023 9 7 0
5. 134th 15.09.2023 9 8 0
6. 135th 01.11.2023 8 6 1
7. 136th 09.11.2023 8 7 1
8. 137th 04.01.2024 9 5 4
9. 138th 08.02.2024 8 6 2
10. 139th 14.03.2024 8 6 2
94
(e) Disclosure of Relationship between familiarization programmes are disclosed

directors inter-se on the company’s website at www.rvnl.org.
None of the Directors of the Company are In addition, the Company has formulated
related inter-se. The power to appoint/ a Training Policy for Board Members of
nominate Directors on the Board of the the Company, which is available at www.
company vests with President of India rvnl.org. The Company’s Directors are
acting through Ministry of Railways, nominated from time to time to attend on
Govt. of India. various training programmes on relevant
topics organized by DPE, SCOPE, IICA and
(f) Number of shares and convertible
other prestigious institutions.
instruments held by non-executive
directors (h) (1) Skills/ Expertise / Competence
As disclosed by them, none of the non- identified by the Board of Directors as
executive directors held any share of RVNL required in the context of the business:
during the FY 2023-24. The Board comprises of qualified members
who bring in the required skills, competence,
(g) Web-link for Familiarization Programme/
and expertise to effectively contribute in
Training programme for directors
deliberations at Board and Committee
Upon appointment, the newly appointed meetings. Being a Government Company,
Directors are provided a welcome kit the appointment of all the directors
detailing their roles and responsibilities (Whole-Time/Government Nominee and
and necessary information on their legal Independent Directors) is done by the
and regulatory obligations and orientation President of India through Ministry of
with respect to the Company’s Vision, Railways. The Directors so appointed are
Mission, Strategic Direction, Core Values, drawn from diverse backgrounds and
Financial Matters and Business Operations possess special skills with regard to the
is given through necessary documents/ industries / fields from where they come.
brochures, reports and internal policies
including Annual reports, Memorandum All the concerned Directors are in possession
and Articles of Association, MOUs between of requisite qualifications / expertise / skills.
RVNL and Ministry of Railways which A table summarizing the key qualifications,
help them to familiarize with Company’s skills, expertise and attributes of the
procedures, practices and risk profile. Directors, subject to approval by Ministry of
The details Corporate Overview of such Railways/PESB/DPE is given below:
S.
Type of Director Required Qualification and expertise
No.
1. Functional Directors
A. Chairman & Qualification- Graduate with good academic record from a recognized
Managing Director university/institution. Persons with Technical /MBA qualifications have
added advantage.
Experience/Expertise- The person should possess adequate experience at a

senior level of Management in a large organization of repute. Experience in
Railway Infrastructure project execution management and familiarity with
Finance, Marketing/Production etc. have added advantage. Knowledge of
Railway sector is desirable.
95
S.
No.
B. Director (Finance) Qualification- (i) Chartered Accountant or Cost Accountant or a full time
MBA/PGDM course with good academic record from a recognized University/
Institution.
(ii) Officers of Organized Group ‘A’ Accounts Services [i.e. Indian Audit and
Accounts Service, Indian Defence Accounts Service, Indian Railway
Accounts Service, Indian Civil Accounts Service, Indian P&T Accounts
& Finance Service and Indian Cost Accounts Service] working in the
appropriate level are exempted from these educational qualifications.
(iii) Persons from the Central Govt. /Armed Forces of the Union/All India
Services also be exempted from the educational qualifications as per (i)
above provided the persons have ‘the relevant experience’.
In respect of persons from Organized Group ‘A’ Accounts Services/Central

Government/Armed Forces of the Union/All India Services, Chartered
Accountant/Cost Accountant/MBA/PGDM is desirable educational
qualification.
Experience/Expertise - (i) The person should have at least five years of

cumulative experience at a senior level during the last ten years in the
area of Corporate Financial Management and Corporate Accounts in an
organization of repute.
(ii) ‘Persons from Organized Group’ an Accounts Services should have at

least five years cumulative experience at a senior level during the last
ten years in the area of Corporate Financial Management/Corporate
Accounts.
iii) ‘The relevant experience’ in respect of persons from Central Government/

Armed Forces of the Union/All India Services include at least seven years
of cumulative experience at a senior level during the last ten years in the
area of Corporate Financial Management/Corporate Accounts.
C. Director (Projects) Qualification- A Graduate in Engineering with good academic record from
a recognized University / Institution. Persons holding MBA/Post Graduate
Diploma in management have added advantage.
Experience/Expertise- The person should possess adequate technical/

operational /design /engineering /planning/ project management
experience at a senior level of management in a large organisation of
repute, out of which at least five years in the last ten years should have been
in transportation/ infrastructure sector.
D. Director (Personnel) Qualification- A Graduate from a recognized University/ Institution with
good academic record. Post Graduate Diploma or Degree in Personnel
Management/ Human Resource Management or Masters in Business
Administration (MBA)/ Post Graduate Diploma/ Programme in Management
(PGDM/ PGPM) from a recognized University/ Institute is desirable.
Experience/Expertise- The person should have at least five years of

cumulative experience during the last ten years in various aspects of HR/
Personnel Management/ Industrial Relations in an organization of repute.
Experience in Railway sector is desirable.
E. Director Qualification- An Engineering Graduate from a recognized University/
(Operations) Institute with good academic record. Persons holding MBA/ Post Graduate
Diploma in management have an added advantage.
Experience/Expertise- The person should have adequate technical/

operational experience at a senior level of management in a large
organization of repute out of which at least five years during the last ten
years should have been in rail transport infrastructure sector.
96
S.
No.
2. Government As may be decided by the Government of India, Ministry of Railways, Govt.
Nominee Director of India.
(Part- time Official)
Director (2 Director)
3. Independent As may be decided by the Ministry of Railways and DPE subject to
Directors (Part- fulfilment of conditions laid down in Companies Act, 2013 and SEBI (LODR)
time non-Official) Regulations.
Director (2 Directors)
(h) (2) List of core skills/expertise/competencies actually available with the Board:
The Board comprises qualified and experienced members who possess required skills, expertise and
competencies that allow them to make effective contributions to the Board and its Committees. The
following skills / expertise / competencies have been identified for the effective functioning of the
Company and are currently available with the Board:
Leadership / Operational experience

Strategic Planning
Industry Experience, Research & Development and Innovation
Global Business
Financial, Regulatory / Legal & Risk Management
Corporate Governance
All the members of the Board of the Company possess requisite skills, expertise and competencies
required for assisting in effective and efficient functioning of the company.
In the table below, the specific areas of focus or expertise of individual Board Members (as on March
31, 2024 and thereafter) have been highlighted as below:
Key qualifications of the Board

Area of expertise
Railway
Name of Director Board
Infrastructure Technical and
Financial Personnel Practices Business
& Project Operational Leadership
Management Management and Development
Execution Management
Governance
Management
Mr. Pradeep Gaur       

Chairman and
Managing Director
Mr. Vinay Singh       
Director (Projects)
Mr. Rajesh Prasad       
Mr. Sanjeeb Kumar       
Mrs. Anupam Ban       
Mr. Dhananjaya Singh       
Mr. N.C. Karmali       
Dr. M. V. Natesan  - -    
Mr. Anupam Mallik  - -    
97
(i) Board Independence: taking over of charge or till the date of
superannuation of the incumbent or till
For FY 2023-24, all the Independent
further orders from the Government of
Directors on the Board of RVNL had
India, whichever is earlier.
given a declaration that they meet the
criteria of independence in accordance Government Nominee Directors
with the provisions of Section 149(7) read representing the Ministry of Railways,
with Schedule IV of Companies Act, 2013 Government of India retire from the Board
and Regulation 16 of the Securities and as per the directions of the Ministry of
Exchange Board of India (Listing Obligations Railways. Subsequent to nomination by the
and Disclosure Requirements) Regulations, Government of India, they are appointed
2015. They also declared that their names as Government Nominee Director by the
are included in data bank of Independent Board of Directors.
Directors maintained by “Indian Institute of
Corporate Affairs” in accordance with the Independent Directors are appointed by
requirement under sub-rule (1) and (2) of the Ministry of Railways, Government of
Rule 6 of Companies (Appointment and India usually for tenure of three (3) years.
Qualification of Directors) Rules, 2014.In As required under Regulation 46(2) (b) of
the opinion of the Board, the Independent the SEBI (LODR) Regulations, 2015, the
Directors have requisite integrity, expertise, terms, and conditions of appointment of
specialized knowledge, experience, and Independent Directors are available on the
the proficiency. Company’s website at www.rvnl.org.
Further, none of the Directors are debarred Subsequent to nomination by the

from holding office as Director by virtue of Government of India, all the Directors are
any order of the Securities and Exchange co- opted as Additional Directors and the
Board of India or any other authority. appointment is regularized at the following
Annual General Meeting.
(j) Detailed reasons for resignation of an
independent director; (m) Procedure adopted for Board Meetings/
None of the Independent Directors on the Committee Meetings
board of Rail Vikas Nigam Limited (RVNL) The Company Secretary, in consultation
had resigned from the post of Independent with the Chairman of the Company and
Director for the Financial Year 2023-24. respective Board Committees, prepares
This is in pursuance of Schedule V of the agendas and supporting papers
Securities Exchange Board of India (Listing for discussion at each Board meeting
Obligations and Disclosure Requirements) and Committee meetings, respectively.
Regulations, 2015. Members of the Board or Committees are
free to suggest any item to be included
(k) Resume of Directors proposed to be in the agenda, in addition to their right
appointed / re- appointed: to bring up matters for discussion at
As per Regulation 36 of SEBI (Listing the meeting with the permission of the
Obligations and Disclosure Requirements) Chairman. Information and data that is
Regulations, 2015, brief resumes of all important to the Board to understand the
Directors retiring by rotation and seeking business of the Company in general and
re-appointment indicating nature of related matters are tabled for discussion
their experience in specific functional at the meeting. Agenda is circulated in
areas, names of Companies in which writing to the members of the Board well
they hold Directorship and Membership/ in advance of the meeting.
Chairmanship on Boards/ Committees are
appended to the notice calling the 21st Additional meetings are also convened as
Annual General Meeting of the Company. and when required. In case of exigency,
resolutions are passed by circulation as
(l) Age limit and tenure of Directors: provided under the Companies Act, 2013,
As per the Government guidelines, the age which are noted at a subsequent meeting
limit for the Chairman & Managing Director of the Board or Committee thereof.
and other Whole-time Directors is 60 years.
The Company offers video conferencing
The Chairman & Managing Director and
facility to the Directors to enable them to
other Whole- Time Directors are appointed
participate through video conferencing in
for a period of five years from the date of
98
case they are not able to attend in person, Annual operating plans and budgets
as may be permitted under law. and any updates.
The meetings of the Board of Directors are Capital budgets and any updates.
generally held at the Company’s Registered
Office in New Delhi. Detailed agenda notes, Minutes of meetings of audit
management reports and other explanatory committee and other committees of
statements are normally circulated at least the board of directors.
seven days before the Board Meeting in
The information on recruitment and
a defined format amongst the Board
remuneration of senior officers just
Members for facilitating meaningful,
below the level of board of directors,
informed and focused discussions in the
including appointment or removal
meeting. However, the agenda items
of Chief Financial Officer and the
containing unpublished price sensitive
Company Secretary.
information and agenda at shorter notice
are tabled at the relevant meeting of Show cause, demand, prosecution
Board/ Committee, with the permission notices and penalty notices, which are
of Chairperson and all Directors present materially important.
during the meeting.
Fatal or serious accidents, dangerous
The Company Secretary attends all the occurrences, any material effluent, or
meetings of the Board and Committees and pollution problems.
prepares draft minutes of such meetings,
which are duly circulated to members Any material default in financial
within fifteen days of the conclusion of the obligations to and by the listed entity,
meeting for their comments. The directors or substantial non-payment for goods
communicate their comments on the sold by the listed entity.
draft minutes within seven days from the
Any issue, which involves possible
date of circulation thereof. A statement of
public or product liability claims of
comments received from directors is placed
substantial nature, including any
before the Chairman & Managing Director/
judgement or order which, may have
Chairperson of the respective Committee
passed strictures on the conduct of
for consideration and approval thereof.
the listed entity or taken an adverse
The approved minutes of proceedings of
view regarding another enterprise that
each Board/Committee meeting are duly
may have negative implications on
recorded in the minute’s book within thirty
the listed entity.
days of conclusion of the meeting.
Details of any joint venture or
For follow up mechanism, an Action
collaboration agreement.
Taken Report (ATR) on the decisions
of the Board/Committee is placed in Transactions that involve substantial
subsequent meetings of respective Board/ payment towards goodwill, brand
Committee, which helps in effective review equity, or intellectual property.
of decisions taken.
Significant labour problems and their
(n) Information placed before the Board of proposed solutions. Any significant
Directors: development in Human Resources/
The Board has complete access to all Industrial Relations front like signing
information pertaining to the Company. of wage agreement, implementation
If required, senior management officials of Voluntary Retirement Scheme etc.
are also called during the meeting to
Sale of investments, subsidiaries, assets
provide additional inputs on the matters
which are material in nature and not
being discussed by the Board/Committee.
in normal course of business.
The information usually provided to
the Board for their consideration Quarterly details of foreign
includes the following: exchange exposures and the steps
taken by management to limit
Quarterly results and its operating
the risks of adverse exchange rate
divisions or business segments.
movement, if material.
99
Non-compliance of any regulatory, per Section 177 of Companies Act, 2013, Regulation
statutory or listing requirements 18 of SEBI (Listing Obligations and Disclosure
and shareholders service such as Requirement) Regulations, 2015 and Guidelines of
non-payment of dividend, delay in Corporate Governance laid down by Department of
share transfer etc. Public Enterprises.
Compliance of various laws (a) Terms of reference:

by the Company.
The terms of reference of Audit Committee covers
Action taken report on matters all matters specified under the provisions of the
desired by the board. Companies Act, 2013 as well as Regulation 18(3)
read with part C of schedule II of SEBI (LODR)
Disclosure of interests made by Regulations, 2015 which inter-alia includes
directors to the Company. the following:
Quarterly report on Corporate Powers of Audit Committee

Governance, Shareholding Pattern The audit committee has the following powers
filed with the Stock Exchanges. to investigate:
Quarterly report on investors Any activity within its terms of reference;
Grievance Redressal filed with the
Stock Exchanges. Non-compliance Seek information from any employee;
of any regulatory, statutory, or listing
requirements and shareholders service Obtain outside legal or other
such as non-payment of dividend, professional advice and
delay in share transfer etc.
Secure attendance of outsiders with
All other information required relevant expertise, if it considers necessary.
to be presented to the Board for
The role of the Audit Committee shall include
information or approval.
the following:
Any other information as amended oversight of the Company (listed entity’s)
from time to time. financial reporting process and the
disclosure of its financial information to
(o) Post-meeting follow-up system
ensure that the financial statement is
The Governance process in the Company correct, sufficient and credible;
includes an effective post-meeting follow-
up, review and reporting process for action recommendation for appointment,
taken on decisions of the Board and the remuneration and terms of appointment
Board Committee(s). of auditors of the listed entity*;
(In case of Government Companies,

3. COMMITTEES OF BOARD recommendation for appointment and the
To facilitate expeditious consideration and arriving at terms of appointment of Statutory Auditors
decisions with focused attention on the affairs of the (including Casual Vacancy) shall be made
company, the Board has delegated certain matters by CAG and not by the Shareholders
to Committees of the Board set up for that purpose. of the Company.)
approval of payment to statutory auditors

The Board has constituted the following Committees:
for any other services rendered by the
Audit Committee statutory auditors;
Nomination and Remuneration Committee
reviewing, with the management, the annual
Corporate Social Responsibility Committee financial statements and auditor report
Stakeholder Relationship Committee thereon before submission to the board for
Risk Management Committee approval, with particular reference to:
3.1 AUDIT COMMITTEE matters required to be included

in the Director’s Responsibility
The Audit Committee is a major operating Statement to be included in the
Committee of the Board charged with oversight of board’s report in terms of clause (c)of
financial reporting and disclosures. The Committee sub-section (3) of Section 134 of the
acts in accordance with the Terms of Reference as Companies Act, 2013;
100
changes, if any, in accounting policies department, reporting structure coverage

and practices and reasons for the same; and frequency of internal audit;
major accounting entries involving discussion with internal auditors of any

estimates based on the exercise of significant findings and follow up there on;
judgment by management;
reviewing the findings of any internal
significant adjustments made in the investigations by the internal auditors into
financial statements arising out of matters where there is suspected fraud or
audit findings; irregularity or a failure of internal control
systems of a material nature and reporting
compliance with listing and other the matter to the board;
legal requirements relating to
financial statements; discussion with statutory auditors before
the audit commences, about the nature
disclosure of any related and scope of audit as well as post-audit
party transactions; discussion to ascertain any area of concern;
modified opinion(s) in the to look into the reasons for substantial

draft audit report; defaults in the payment to the depositors,
debenture holders, shareholders (in
reviewing, with the management, the
case of non-payment of declared
quarterly financial statements before
dividends) and creditors;
submission to the board for approval;
to review the functioning of the Whistle
reviewing, with the management, the
Blower Mechanism;
statement of uses / application of funds
raised through an issue (Public Issue, approval of appointment of chief financial
Rights Issue, Preferential Issue, etc.), the officer after assessing the qualifications,
statement of funds utilized for purposes experience and background, etc.
other than those stated in the offer of the candidate;
document prospectus / notice and the
report submitted by the monitoring agency carrying out any other function as is
monitoring the utilisation of proceeds mentioned in the terms of reference of the
of a public or rights issue, and making audit committee.
appropriate recommendations to the
board to take up steps in this matter; reviewing the utilization of loans and/ or
advances from/investment by the holding
reviewing and monitoring the auditor’s company in the subsidiary exceeding
independence and performance and rupees 100 crore or 10% of the asset size of
effectiveness of audit process; the subsidiary, whichever is lower including
existing loans /advances / investments
approval or any subsequent modification existing as on the date of coming into force
of transactions of the listed entity with of this provision.
related parties;
Consider and comment on rationale, cost-
scrutiny of inter-corporate loans benefits and impact of schemes involving
and investments; merger, demerger, amalgamation etc., on
the listed entity and its shareholders.
valuation of undertakings or assets of the
listed entity, wherever it is necessary; Review of Information:
evaluation of internal financial controls and The Audit Committee shall mandatorily review
risk management systems; the following information
reviewing, with the management, Management Discussion and Analysis of

performance of statutory and internal financial condition and results of operations;
auditors, adequacy of the internal
management letters / letters of internal
control systems;
control weaknesses issued by the
reviewing the adequacy of internal audit statutory auditors;
function, if any, including the structure of
Internal Audit Reports relating to internal
the internal audit department, staffing
control weaknesses; and
and seniority of the official heading the
101
The appointment, removal, and terms (b) Composition of the Committee:
of remuneration of the Chief Internal
As on 31st March, 2024, the Audit Committee
Auditor shall be subject to review by the comprised of the following members:
Audit Committee.
statement of deviations: S. Category of Chairman/

Name
No. Director Member
Quarterly Statement of deviation(s) 1. Dr. M. V. Independent Chairman
including report of monitoring Natesan Director
agency, if applicable, submitted 2. Mr. Rajesh Director Member
to Stock Exchange(s) in terms of Prasad (Operations)
Regulation 32(1). 3. Mr. Anupam Independent Member
Mallik Director
Annual statement of funds utilized for
purposes other than those stated in * Director (Finance) is permanent invitee to the meetings of
the offer document/prospectus/notice the committee and Company Secretary acts as Secretary
in terms of Regulation 32(7). to the Committee.
(c) Meetings and Attendance during the year:

As per Regulation 18 of SEBI (LODR) Regulations, 2015, the Audit Committee is required to meet at least
four times in a year and not more than one hundred twenty days shall elapse between two meetings. The
quorum for audit committee meeting shall either be two members or one third of the members of the audit
committee, whichever is greater, with at least two Independent Directors.
The details of Audit Committee Meeting held during the year 2023-24 are as given below:
S. Audit Committee Meeting Committee No. of Director

Date of Meeting
No. Number Strength present
1. 80th 29.05.2023 3 3
2. 81th 12.08.2023 3 3
3. 82nd 01.11.2023 3 3
4. 83rd 09.11.2023 3 3
5. 84th 04.01.2024 3 3
6. 85th 08.02.2024 3 3
7. 86th 14.03.2024 3 3
Attendance of each member at the Audit Committee meetings held during 2023-24 is as under:
Number of Meetings
S. Name & Designation of the Held during Attended
Position % of
No. Director the tenure Through video
In person Attendance
of Director conferencing
1. Dr. M. V. Natesan Chairman 7 5 2 100%
2. Mr. Rajesh Prasad Member 7 7 0 100%
Director(Operations)
3. Mr. Anupam Mallik Member 7 2 5 100%
3.2 Nomination and Remuneration Committee performance etc. SEBI vide letter dated 17.05.2018
also has granted exemption from Regulation 19(4)
As per provisions of Section 178 of Companies Act,
read with point (1) (in so far as it applies to Directors),
2013, and Regulation 19 of SEBI (LODR) Regulation,
(2), (3), (4), (5) of paragraph A, Part D, Schedule II of
2015, RVNL is required to constitute the Nomination
SEBI (LODR) Regulations, 2015.
and Remuneration Committee. However, MCA vide
its notification dated 05.06.2015 have exempted In view the above, RVNL has constituted the
Government Company from applicability of Nomination & Remuneration Committee (NRC) to
Section 178 (2), (3) & (4) of the Act which deals review and approve pay and allowances including
with appointment, remuneration, evaluation of Performance Related Payment (PRP) payable to
102
Board level and below Board level executives within Deciding the Annual Bonus/ Variable pay
the framework of the DPE Guidelines. As per the DPE pool/ Performance related pay and policy
Guidelines, the Perquisites/PRP being paid to the for its distribution across the executives
employees of the Company are extendable to the and non-unionized supervisors, within
functional directors. the prescribed limits and as per the
guidelines issued in this regard by the
(a) Terms of reference: Government of India.
The terms of reference of the Nomination
Formulation and modification of schemes
and Remuneration Committee consists of
for providing perks and allowances
the following:
for executives;
Formulation of the criteria for determining
Any new scheme of compensation
qualifications, positive attributes
to executives and non-executives as
and independence of a director and
the case may be;
recommend to the board of directors a
policy relating to, the remuneration of the Framing suitable policies and systems
directors, key managerial personnel and to ensure that there is no violation, by an
other employees; employee of any applicable laws in India or
For every appointment of an independent overseas, including:
director, the Nomination and Remuneration
(i) The Securities and Exchange Board of
Committee shall evaluate the balance of
India (Prohibition of Insider Trading)
skills, knowledge and experience on the
Regulations, 2015, or
Board and on the basis of such evaluation,
prepare a description of the role and (ii) The Securities and Exchange Board
capabilities required of an independent of India (Prohibition of Fraudulent
director. The person recommended to the and Unfair Trade Practices
Board for appointment as an independent relating to the Securities Market)
director shall have the capabilities Regulations, 2003; and
identified in such description. For the
purpose of identifying suitable candidates, Perform such other activities as may
the Committee may: be delegated by the Board and/or are
statutorily prescribed under the Companies
a). use the services of an external agencies, Act, 2013, SEBI Regulations and DPE
if required; b). Consider candidates Guidelines or any other law in force.
from a wide range of backgrounds,
having due regard to diversity; and c). Role: - Sr. No. 1 to 4 and 6 will remain
Consider the time commitments of inoperative in view of exemption under
the candidates. Companies Act, 2013 and the fact that
Directors including Independent Directors
Formulation of criteria for evaluation of are appointed and evaluated by the
performance of Independent Directors and Government of India.
the board of directors;
(b) Composition of the Committee:
Devising a policy on diversity of
As on 31st March, 2024, the Nomination and
board of directors;
Remuneration Committee comprised of the
Identifying persons who are qualified following members:
to become directors and who may be
appointed in senior management in S. Category of Chairman/
Name
accordance with the criteria laid down and No. Director Member
recommend to the board of directors their 1. Dr. M. V. Independent Chairman
appointment and removal. Natesan Director
2. Mr. Anupam Independent Member
Whether to extend or continue the term of Mallik Director
appointment of the independent director, 3. Mr. Govt. Nominee Member
on the basis of the report of performance Dhananjaya Director
evaluation of Independent Directors. Singh
* Director (Personnel) is permanent invitee to the meetings
Recommend to the board, all
of the committee and Company Secretary acts as Secretary
remuneration, in whatever form, payable to
to the Committee.
senior management.
103
(c) Meetings and Attendance during the year:
As per Regulation 19 of SEBI (LODR) Regulations, 2015, the Nomination and Remuneration Committee is
required to meet at least once in a year. The quorum for a meeting of the nomination and remuneration
committee shall be either two members or one third of the members of the committee, whichever is greater,
including at least one independent director in attendance.
The Nomination and Remuneration Committee met four (4) times during the Financial Year 2023-24. The
details of which are given below:
Nomination and
S. Committee No. of Meeting
Remuneration Committee Date of Meeting
No. Strength present
Meeting Number
1. 11th 29.05.2023 3 2
2. 12th 12.08.2023 3 2
3. 13th 15.09.2023 3 2
4. 14th 14.03.2024 3 3
Attendance of each member at the Nomination and Remuneration Committee meetings held during
2023-24 is as under:
Number of Meetings
Position % of
2. Mr. Anupam Mallik Member 4 3 1 100%
3. Mr. Dhananjaya Singh Member 4 0 1 25%
Govt.Nominee Director
(d) Performance Evaluation of Board Members: Committee. Tier-II Committee is a below board
Ministry of Corporate Affairs (MCA) vide its level Committee.
circular dated June 5, 2015 has exempted
The Constitution of the Committee is in accordance
Government Companies from the provisions
with the provisions of Section 135 (1) of the
of Section 178(2) of the Companies Act, 2013,
Companies Act, 2013 read with the Corporate Social
which requires performance evaluation of every
Responsibility Rules, 2014 and the revised DPE
director by the Nomination & Remuneration
Guidelines on CSR and Sustainability.
Committee. The circular further exempted Govt.
Companies from the provisions of Section 134 (a) Terms of reference:
(3) (p) of Companies Act 2013, which provide
The Terms of Reference of CSR & SD Committee
about manner of formal evaluation of its own
is placed below:
performance by the Board and that of its
Committees and Individual Director in Board’s To formulate and recommend to the
Report, if directors are evaluated by the Ministry Board, a CSR policy which will indicate the
which is administratively in-charge of the activities to be undertaken by the Company
Company as per its own evaluation methodology. in areas or subject, specified in Schedule VII
Further, MCA vide notification dated July 5, 2017, of the Companies Act, 2013;
also prescribed that the provisions relating to
review of performance of Independent Directors Recommend the amount of expenditure to
and evaluation mechanism prescribed in be incurred on the activities referred to in
Schedule IV of the Companies Act, 2013, is not clause (a); and
applicable to Government companies.
Monitor the Corporate Social Responsibility
3.3 Corporate Social Responsibility Committee Policy of the company from time to time.
Your company has a Two Tier System for management

and implementation of CSR and sustainability
activities. Tier-I CSR Committee is a board level
104
(b) Composition, Meetings and Attendance

As on 31st March, 2024, the CSR Committee comprised of the following members:
S. Chairman/
Name Category of Director
No. Member
1. Mrs. Anupam Ban Director (Personnel) Chairman
Mr. Vinay Singh Director (Projects) Member
Mr. Sanjeeb Kumar Director (Finance) & CFO Member
2. Dr. M. V. Natesan Independent Director Member
3. Mr. Dhananjaya Singh Govt. Nominee Director Member
* Mr. M.P. Singh, ED (Works) acts as the nodal officer to the Committee and Company Secretary acts as a secretary to the Committee.
The CSR Committee met Five (5) times during the Financial Year 2023-24. The details of which are given
below:
S. CSR Committee Meeting Committee No. of Meeting

Date of Meeting
No. Number Strength present
1. 31st 20.04.2023 5 4
2. 32nd 11.05.2023 5 5
3. 33rd 28.07.2023 5 3
4. 34th 04.01.2024 5 5
5. 35th 14.03.2024 5 5
Attendance of each member at the CSR Committee meetings held during 2023-24 is as under:
Number of Meetings
Position % of
1. Mrs. Anupam Ban Chairman 5 5 0 100%
2. Mr. Vinay Singh Member 5 4 0 80%
Director(Projects)
3. Mr. Sanjeeb Kumar Member 5 5 0 100%
Director (Finance) &CFO
4. Dr. M. V. Natesan Member 5 2 3 100%
5. Dhananjaya Singh Member 5 0 3 75%
3.4 Stakeholder Relationship Committee services being rendered by the Registrar & Share
As per Regulation 20 of SEBI (LODR) Regulations, 2015, Transfer Agent.
the role of the Stakeholders Relationship Committee
Review of the various measures and initiatives
shall be as specified as in Part D of the Schedule II of
taken by the listed entity for reducing the
SEBI (LODR) Regulations, 2015, as under:
quantum of unclaimed dividends and ensuring
Resolving the grievances of the security holders timely receipt of dividend warrants/annual
of the listed entity including complaints related reports/statutory notices by the shareholders
to transfer/transmission of shares, non-receipt of the Company.
of annual report, non-receipt of declared
(a) Terms of Reference:
dividends, issue of new/duplicate certificates,
general meetings etc. Terms of reference of the Stakeholders'
Relationship Committee are:
Review of measures taken for effective exercise
of voting rights by shareholders. Considering and resolving grievances of
shareholders’, debenture holders and other
Review of adherence to the service standards security holders;
adopted by the listed entity in respect of various
105
Redressal of grievances of the security (b) Composition, Meetings and Attendance;
holders of the Company, including
As on 31st March, 2024, the Stakeholders
complaints in respect of allotment of Relationship Committee comprised of the
Equity Shares, transfer of Equity Shares, following members:
non-receipt of declared dividends, balance
sheets of the Company, etc.;
S. Category of Chairman/
Name
Allotment of Equity Shares, approval of No. Director Member
transfer or transmission of Equity Shares, 1. Dr. M. V. Independent Chairman
debentures or any other securities; Natesan Director
2. Mr. Rajesh Director Member
Issue of duplicate certificates and new Prasad (Operations)
certificates on split/ consolidation/ 3. Mr. Sanjeeb Director Member
renewal, etc.; and Kumar (Finance) &
CFO
Carrying out any other function contained 4. Mr. Govt. Nominee Member
in the Securities and Exchange Board of Dhananjaya Director
India (Listing Obligations and Disclosure Singh
Requirements) Regulations, 2015 as and
*Mrs. Kalpana Dubey, Company Secretary acts as a
when amended from time to time.
Secretary to the Committee.
The stakeholder’s relationship committee met once during the Financial Year 2023-24. The details of which
are given below:
Stakeholders Relationship
S. Committee No. of Members’
Committee Meeting Date of Meeting
Number
1. 5th 14.03.2024 4 3
Attendance of each member at the Stakeholders Relationship Committee meetings held during 2023-24
is as under:
Number of Meetings
Position % of
2. Mr. Rajesh Prasad Member 1 1 0 100%
3. Mr. Sanjeeb Kumar Member 1 0 0 0
4. Mr. Dhananjaya Singh Member 1 0 1 100%
*Mrs. Kalpana Dubey, Company Secretary acts as a Secretary to the Committee.
(c) Name and Designation of Compliance Officer: as shall be mandated from time to time, in order
Mrs. Kalpana Dubey, Company Secretary & to handle investor complaints electronically
Compliance Officer of the Company in terms of in the manner specified by the Board. Hence
SEBI (LODR) Regulations, 2015. RVNL is registered on SCORES for expeditious
Redressal of investor complaints.
(d) Details of Shareholder’s Complaints
Further Securities Exchange Board of India
Pursuant to Regulation 13 of SEBI (LODR) (“SEBI”) vide circular no. SEBI/HO/OIAE/OIAE_
Regulations, 2015, the Company had ensured IAD-3/P/CIR/2023/195 dated July 31, 2023
that adequate steps are taken for expeditious (updated as on December 28, 2023), has issued
redressal of Investor Complaints. The Company a master circular on Online Dispute Resolution
is registered on the SCORES platform or such in the Indian Securities Market (hereinafter
other electronic platform or system of the Board referred to as “Master Circular”).
106
The “SMART ODR Portal” provides members It may be noted that in case the investor/
with an additional mechanism to resolve their client has filed the dispute on SMART ODR
grievances. Any unresolved issues pertaining Portal, while the complaint is pending on
to any service related complaints between SCORES, then the complaint shall be treated
members and listed entity including its Registrar as disposed on SCORES. If the investor/client
& Share Transfer Agents in the securities market has filed the dispute on SMARTODR Portal,
will be resolved in accordance with the above then subsequently, it cannot file the same
mentioned SEBI Circular. complaint on SCORES.
The MIIs, under guidance of SEBI, have For more details, please visit- Investor Information
established and developed a common Online section-SMART ODR PORTAL at www.rvnl.org.
Dispute Resolution Portal (‘SMART ODR Portal”)
for resolving disputes between the parties. The The Company has attended to Investor’s
link for the Online Dispute Resolution Portal is grievances expeditiously. A designated email-id-
https://smartodr.in/. [email protected] has been created exclusively
for investors and for responding to their queries.
The investor/client shall first take up the matter During the year, Company received 34 Investors’
with the Rail Vikas Nigam Limited (“RVNL”). If the complaints. All complaints received during the
investor/client is not satisfied with the resolution year were duly redressed by the Company / RTA
provided by the RVNL, then the investor/client and there were no outstanding complaints
may register the complaint/dispute in SCORES/ as on 31.03.2024
SMART ODR Portal.
No. of investors’
No. of Investor No. of Investor No. of Investor
Complaints
Complaints Complaints Complaints
Quarter ending pending at the
received during disposed of unresolved at the
beginning of the
the quarter during the quarter end of the quarter
quarter
30th June, 2023 0 8 8 0
30th September, 2023 0 11 11 0
31st December, 2023 0 7 7 0
31st March, 2024 0 8 8 0
3.5 Risk Management Committee To frame and devise risk management plan
and policy of the Company;
(a) The terms of reference of the Risk Management
Committee consist of the following: To review and recommend potential
Ensure key risks exposure are brought risk involved in any new business
down to acceptable levels and suggest plans and processes;
newer approaches/methodologies for
managing risks; To obtain outside legal or other professional
advice whenever required;
Recommend training programs for
staff with specific risk management To secure attendance of outsiders with
responsibilities; relevant expertise, if it considers necessary;
Review and approve the risk assessment Any other similar or other functions as may
report including selection of critical risks to be laid down by Board from time to time.
be put before the Board of Directors and Any other role assigned for the Committee
Audit Committee; due to changes/modification in the
Companies Act. 2013, SEBI Regulations&
To review and assess the risk management DPE Guidelines;
system and policy of the Company
from time to time and recommend for Ensure compliance with Risk
amendment or modification thereof; Management Policy;
Review adequacy and effectiveness of

business risk management;
107
Review the organization wide risk portfolio by considering the changing industry
and consider it against the risk appetite; dynamics and evolving complexity;
Suggest improvements to risk To keep the board of directors informed

management techniques and lift about the nature and content of its
management awareness and discussions, recommendations and
actions to be taken;
Provide updates to Board through the Audit
Committee on the current risk management The appointment, removal and terms of
procedures and status of key risks. remuneration of the Chief Risk Officer (if
any) shall be subject to review by the Risk
The role of the committee shall, inter alia, Management Committee.
include the following:
To formulate a detailed risk management The Risk Management Committee shall
policy which shall include: coordinate its activities with other committees,
in instances where there is any overlap with
A framework for identification of activities of such committees, as per the
internal and external risks specifically framework laid down by the board of directors.
faced by the listed entity, in particular
including financial, operational, (b) Composition, Meetings and Attendance
sectoral, sustainability (particularly, As on 31st March, 2024, the Risk Management
ESG related risks), information, cyber Committee comprised of the following
security risks or any other risk as may members:
be determined by the Committee.
S. Category of Chairman/
Measures for risk mitigation including Name
No. Director Member
systems and processes for internal
1. Mr. Vinay Director Chairman
control of identified risks.
Singh (Projects)
Business continuity plan. 2. Mr. Rajesh Director Member
Prasad (Operations)
To ensure that appropriate methodology, 3. Mr. Sanjeeb Director Member
processes and systems are in place to Kumar (Finance) &
monitor and evaluate risks associated with CFO
the business of the Company; 4. Mr. Govt. Nominee Member
Dhananjaya Director
To monitor and oversee implementation Singh
of the risk management policy, including 5. Mr. Anupam Independent Member
evaluating the adequacy of risk Mallik Director
management systems;
*ED’s from all departments (S&T, Electrical, Structures,
Infra, Mechanical, Central, HR etc.) shall be permanent
To periodically review the risk management
invitees to the Committee meetings. Manager / TC shall act
policy, at least once in two years, including as the Risk Manager to the Committee and the Company
Secretary acts as a Secretary to the Committee.
The Risk Management Committee met four times during the Financial Year 2023-24. The details of which
are given below:
Risk Management
S. Committee No. of Meeting
Committee Meeting Date of Meeting
Number
1. 48th 21.06.2023 5 4
2. 49th 05.08.2023 5 4
3. 50th 21.12.2023 5 3
4. 51st 22.03.2024 5 4
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Attendance of each member at the Risk Management Committee meetings held during Financial Year
2023-24 is as under:
Number of Meetings
Position % of
No. Director the tenure In person/ Through video
Attendance
1. Mr. Vinay Singh Chairman 4 4 100%
Director (Projects)
2. Mr. Rajesh Prasad Member 4 3 75%
3. Mr. Sanjeeb Kumar Member 4 3 75%
4. Dhananjaya Singh Member 4 1 25%
5. Anupam Mallik Member 4 4 100%
4. INDEPENDENT DIRECTORS MEETING 5. REMUNERATION OF DIRECTORS

As per guidelines issued by DPE on Roles and Being a Government Company, the Whole-time
Responsibilities of Non-Official Directors (Independent Directors are appointed by the President of India
Directors) of CPSEs, Code of Conduct for Independent through Ministry of Railways and draw remuneration
Directors prescribed under the Companies Act, 2013 as per Industrial Dearness Allowance (IDA) pay scales
and Regulation 25 of SEBI (LODR), a separate meeting pre-determined by the Government as per the terms
of the Independent Directors is required to be held at and conditions of their appointment issued by
least once in a year to, inter-alia: the Government.
(i) Review the performance of the non-Independent The Part-time (official) Directors nominated on
Directors and the Board as a whole; the Board do not draw any remuneration from
the Company for their roles as Director but draw
(ii) Review the performance of the Chairperson of their remuneration under Central Dearness
the company, taking into account the views of Allowance (CDA) scales from the Government as
executive directors and non-executive directors; government officials.
(iii) Assess the quality, quantity and timeliness of The Independent Directors were paid a sitting fee of
flow of information between the Management H 25,000/- for attending every meeting of the Board
of the Company and the board of Directors that of Directors and Committee(s) thereof.
is necessary for the Board to effectively and
reasonably perform their duties. Details of remuneration of Directors forms part of
Annual Return available on Company’s website
During the year, a meeting of Independent Directors at www.rvnl.org.
was held on 30.03.2024 through Video Conference
which was attended by all the Independent Directors.
6. GENERAL BODY MEETINGS

(a) Annual General Meeting:
The details relating to date, time, and venue of the last three Annual General Meetings of the Company with
details of special resolutions passed are placed below:
Special Resolution
Year AGM Date Time Venue
passed
2022-23 20th 27.09.2023 1130hrs Registered Office of the Company through None
Video Conference/OAVM
109
(b) Extraordinary General Meeting thereto. The Company’s Annual Report is
also available in downloadable form on the
No Extraordinary General Meeting of the
Company’s website i.e.www.rvnl.org.
Members was held during Financial Year 2023-
24 under Review. Quarterly/ Annual Financial Results: The
Company regularly intimates un-audited
7. POSTAL BALLOT as well as audited financial results to the
Stock Exchanges, immediately after the
Details of resolutions passed by postal ballot:
approval of the Board in accordance with
No resolutions passed by postal ballot during the time frame specified in SEBI (LODR)
Financial Year 2023-24 under Review. Regulations, 2015. The results are also
hosted on the website of the Company i.e.
MEANS OF COMMUNICATION
www.rvnl.orgfor wider circulation.
The Company communicates with its
News Releases, Presentations: Official
stakeholders through Annual Reports,
news releases and official media releases
Quarterly/ Annual Financial Results, News
are generally sent to the Stock Exchanges
Releases, Presentations etc. and disclosures
and are also available on the website
made on the Company’s website i.e. www.rvnl.
of the Company.
org from time to time.
Newspaper publication: These financial
Annual Reports: The Annual Report
results as mentioned are normally
containing, inter-alia, Audited Financial
published in the leading English and
Statements, Board’s Report, Auditor’s
vernacular newspapers having nationwide
Report, and other important information is
circulation. During the Financial Year
circulated to members and others entitled
2023-24, quarterly results have been
published as follows:
Quarter Date of Publication Newspaper edition

Q1 ended 30 June, 2023
th
13.08.2023 Hindustan Times (English version) and Jansatta (Hindi
version)
Q2 and half year ended 10.11.2023 Financial Express (English version) and Business
30th September, 2023 Standard (Hindi version)
Q3 and Nine Month 09.02.2024 Financial Express (English version) and Jansatta (Hindi
ended 31st December, version)
2023
Q4 and Year ended 31st 18.05.2024 The Times of India (English version) Business Standard
March, 2024 (Hindi version)
Webcast of Annual General Meeting: The c. Quarterly Corporate Governance Report

Company has provided live webcast of the
proceedings of the 20th Annual General d. Transcripts of conferences with analysts
Meeting held on 27th September, 2023.
e. Intimations made to the Stock
Website: The Company’s website www. Exchanges from time to time.
rvnl.org. Contains separate dedicated
f. E-mail ID of the Company Secretary
section ‘Investor Relations’ where the
and Compliance Officer, Chief Investor
information for shareholders is available.
Relations Officer (CIRO) and Alankit
Full Annual Report, Shareholding Pattern,
Assignments Ltd. (RTA) exclusively for
Policies, MOUs and Corporate Governance
the purpose of registering complaints
Report etc. are also available on the
by investors has been displayed on
web-site Information, latest updates and
the website under the head “Investor
announcements regarding the Company
Contact under Investor”.
can be accessed at company’s website as
mentioned below: g. SMART ODR Portal
a. Quarterly/ Half-yearly/ Annual NSE Electronic Application Processing

Financial Results System (NEAPS) & NSE Digital Exchange:
The NEAPS and NSE Digital Exchange
b. Quarterly Shareholding Pattern
is a web-based application designed by
110
NSE for corporate. All periodical/ event Tentative Financial Calendar 2024-25
based compliance filings like shareholding
pattern, corporate governance report,
Last date for submission
media releases, statement of investor Financial Results
to Stock Exchanges
complaints, among others are filed
Quarter 1 14th August, 2024
electronically on NEAPS.
Quarter 2 14th November, 2024
BSE Corporate Compliance & Listing Quarter 3 14th February, 2025
Centre (“Listing Centre”): BSE's Listing Quarter 4 30th May, 2025
Centre is a web-based application
designed for corporate. All periodical/ event
8.2 Financial Year:
based compliance filings like shareholding The Company’s Financial Year is from 1st
pattern, corporate governance report, April to 31st March.
media releases, and statement of investor
complaints, among others are filed 8.3 Trading Window
electronically on the Listing Centre. The trading window closure period for dealing in
securities of RVNL is notified to the stock exchanges
SEBI Complaints Redress System and apart from circulating to designated employees
(SCORES): The investor complaints are of the Company is hosted on the website of the
processed in a centralised web- based Company. The Trading Window generally remains
complaints Redressal system. The salient closed for ‘Insiders’ of the Company from the end of
features of this system are: centralised each quarter till 48 hours after the financial results
database of all complaints, online upload of for the quarter are filed with stock exchanges and
Action Taken Reports (ATRs) by concerned become generally available, unless otherwise notified
companies and online viewing by investors by Company Secretary.
of actions taken on the complaint and its
current status. Further in accordance with Securities and Exchange
Board of India (SEBI) circular no. SEBI/HO/ISD/ISD-
SMART ODR Portal: The MIIs, under SEC-4/P/CIR/2022/107 dated August 5, 2022 and
guidance of SEBI, have established and SEBI/HO/ISD/ISD-PoD-2/P/CIR/2023/124 dated July
developed a common Online Dispute 19, 2023, regarding Trading Window closure period
Resolution Portal (‘SMART ODR Portal”) under Clause 4 of Schedule B read with Regulation
for resolving disputes between the parties. 9 of SEBI (Prohibition of Insider Trading) Regulations,
The link for the Online Dispute Resolution 2015 (“PIT Regulations”) – Framework for restricting
Portal is https://smartodr.in/. It may be trading by Designated Persons (“DPs”) by freezing
noted that in case the investor/client has PAN at security level. Listed entities are required to
filed the dispute on SMART ODR Portal, designate one of the depositories as its designated
while the complaint is pending on SCORES, depository and provide the information including
then the complaint shall be treated as PAN of Promoter(s), promoter group, director(s) and
disposed on SCORES. If the investor/client designated person(s) in the manner as specified by the
has filed the dispute on SMART ODR Portal, depositories according to SEBI circular no – SEBI/HO/
then subsequently, it cannot file the same ISD/ISD/CIR/P/2020/168 dated September 9, 2020.
complaint on SCORES. For more details,
please visit- Investor Information section- The framework for restricting trading by Designated
SMART ODR PORTAL at www.rvnl.org. Persons (“DPs”) by freezing PAN at security level is
currently applicable only for financial results. Hence,
Designated exclusive email-IDs: The
Rail Vikas Nigam Limited complied the above circular.
Company has a designated email id
[email protected] for Investor services. Book Closure:
The register of members and share transfer

8. GENERAL INFORMATION FOR books of the Company will remain closed from
SHAREHOLDERS 24th September, 2024 till 30th September, 2024
8.1 Annual General Meeting of the Current Year (both days inclusive).
Date : 30th September, 2024 8.4 Dividend Distribution Policy:
Time : 11:30 hrs.
The Company has a Dividend Distribution policy
Venue : At Registered Office through Video duly approved by its Board of Directors. The
Conferencing (VC)/OAVM objective behind the policy is to broadly specify
the parameters that shall be considered while
111
declaring dividend and the circumstances under Policy’’ which has been approved by its Board of
which shareholders of the Company may/ may not Directors. Dividend Distribution Policy is available on
expect dividend and how the retained earnings the Company’s website at www.rvnl.org.
shall be utilized.
Board has recommended a final Dividend Rs 2.11 per
The Guidelines issued by Department of Investment share for the year 2023-24, subject to the approval of
and Public Asset Management (DIPAM), Ministry of the shareholders.
Finance on Dividend Payments are being adhered to.
8.5 Payment of Dividend:
Consequent upon listing of shares at the stock During the year, No Interim Dividend was declared.
exchanges and based on market capitalization, your Further the Board of Directors of the Company has
Company is among the top 1000 companies listed recommended a Final Dividend of H 2.11 per equity
on NSE & BSE. In pursuance to the requirements Share for the Financial Year 2023-24. Accordingly, the
of Regulation 43A of the Securities and Exchange Total Dividend for the year comes to H 439.94 crores,
Board of India (Listing Obligations and Disclosure if Final Dividend is approved by the Shareholders in
Requirements) Regulations, 2015 (“LODR”), your the ensuing Annual General Meeting.
Company has in place a ‘’Dividend Distribution
8.7 Dividend History:
Total Paid-up Share Capital (as on

Total Amount of Dividend paid for
Year 31st March of the year)
The Financial Year (J in crore)
(J in crore)
2014-15 2085.02 37.20
2015-16 2085.02 115.10
2016-17 2085.02 154.50
2017-18 2085.02 167.57
2018-19 2085.02 186.94
2019-20 2085.02 237.69
2020-21 2085.02 329.43
2021-22 2085.02 381.56
2022-23 2085.02 444.11
2023-24 2085.02 439.94*
*During the year, No Interim Dividend was declared. Further Board of Directors of the Company has recommended a Final Dividend of H
2.11/- per share (H 439.94 crores) subject to the approval of the shareholders.
8.8 Name and address of the Stock Exchange at which shares are listed-
The equity shares of the Company are listed on the following Stock Exchanges on 11th April, 2019 having ISIN
No. INE415G01027 –
Scrip Code/
Name & Address Telephone / Fax / Website Listing Fees (2023-24)
symbols
BSE Limited Phones: 91-22-22721233/4, 542649 Paid
Phiroze Jeejeebhoy Towers, Dalal 91-22-66545695
Street, Mumbai- 400001 Fax: 91-22-22721919
Website: www.bseindia.com
National Stock Exchange of India Ltd., Tel. No: 022-2659-8100/ RVNL Paid
Exchange Plaza, C-1, Block G, Bandra 2659- 8114 / 66418100
Kurla Complex, Bandra (E) Mumbai – Fax No: 022-2659-8120
400051 Website: www.nseindia.com
112
8.9 RVNL Market Price Data

High, Low and Volume during each month in last Financial Year (2023-24)
Bombay Stock Exchange(BSE) National Stock Exchange (NSE)

Month VOLUME (No. VOLUME (No.
HIGH (J) LOW (J) HIGH (J) LOW (J)
of Shares) of Shares)
Apr-23 114.62 69.85 87749526 114.70 70.00 1210577000
May-23 144.5 110.5 83449394 144.40 110.60 849943000
Jun-23 132.1 115.8 33620420 132.20 116.10 332407000
Jul-23 146.65 117.35 54523315 146.65 117.05 628963000
Aug-23 132.8 121.8 41427831 132.85 121.75 450764000
Sep-23 199.35 130.65 93382695 199.25 130.60 1416125000
Oct-23 176.6 142.1 29058645 176.90 142.15 339973000
Nov-23 171 152.45 22043450 171.10 152.60 249044000
Dec-23 187.8 164.6 36720917 187.90 164.25 435229000
Jan-24 345.6 177.5 102413524 345.50 177.50 1143055000
Feb-24 318.85 223.3 45332617 318.90 223.50 457279000
Mar-24 267.8 213 28886062 267.85 213.05 324385000
8.9.1 Performance in comparison to indices BSE Sensex and RVNL
RVNL Vs SENSEX
350 80000
300 70000
60000
250
RVNL (In RS.)
50000
SENSEX
200
40000
150
30000
100 20000
50 10000
0 0
3 23 23 3 3 3 3 23 3 4 4 4
r -2 - - l -2 -2 -2 -2 - -2 -2 -2 -2
ay un Ju g p ct ov ec n b ar
Ap M J Au Se O N D Ja Fe M
MONTH
RVNL BSE SENSEX
8.9.2 Performance in comparison to indices NSE NIFTY and RVNL
RVNL Vs NIFTY
350 25000
300
20000
250
RVNL (In RS.)
200 15000
NIFTY
150 10000
100
5000
50
0 0
3 23 23 3 3 23 3 23 3 24 24 4
r-2 ay
- n- l-2 g-2 p- ct
-2
ov
-
ec
-2 n- b- ar
-2
Ap M Ju Ju Au Se O N D Ja Fe M
MONTH
RVNL NIFTY
113
8.10 Unpaid/Unclaimed Dividend 8.12 Contact details of Chief Investor Relations
Pursuant to the provisions of section 124 read with
Officer (CIRO)
section 125 of the Companies Act, 2013, the amount The department headed by CIRO is instrumental in
of Dividend remaining unpaid/unclaimed for seven maintaining close liaison and to share information
years from the date of its transfer to the Unpaid through periodic meets including tele-conferencing
Dividend Account of the Company is required to be in India and Abroad, regular interactions with
transferred to the Investor Education and Protection investment bankers, research analysts and
Fund (IEPF) administered by the Central Government. institutional investors.
As of now, no amount is yet due for transfer to Investor
Education and Protection Fund. Mr. R.P. Garg, AGM/Fin/Expert, appointed as
CIRO by the Company, has been entrusted with
Details of Nodal and Deputy Nodal Officer of the the responsibility to deal with dissemination of
Company as under the provisions of IEPF is as information and disclosure of UPSI in a fair and
under: unbiased manner. The contact details of CIRO are
published on the website of the Company and the
Nodal Officer: Smt. Kalpana Dubey, Company
same is also placed hereunder:
Secretary & Compliance Officer
Phone No.: +91 11 26738105 Mr. R.P. Garg
Email ID: [email protected] AGM/Fin/Expert, Rail Vikas Nigam Limited,
Dy. Nodal Officer: Smt. Deepika Mehta, Sr. First Floor, August Kranti Bhawan, BhikajiCama Place,
Manager/Company Secretary R. K. Puram, New Delhi-110066
Phone No.: -011-26738299/206
Phone No.: +91 11 26738139
FAX: 011-26182957
Email ID: [email protected] Email: - [email protected]
8.11 Registrar to the Issue and Share Transfer Agent 8.13 Transfer of Shares
(RTA)
Alankit Assignments Ltd. is the Registrar and Share
For transfer/transmission/dematerialization of shares, Transfer Agent (RTA) for the Physical and Demat shares
payments of dividend, bonus shares and other and is also the depository interface of the Company
queries relating to shares of the Company Investors with both National Securities Depository Limited
are advised to contact following: (NSDL) and Central Depository Services (India) Limited
(CDSL). Subject to SEBI (DP) Regulations 2018, share
For Shares held transfer under physical segment shall not be processed
For shares held in Physical Form
in Demat Form except in case of transmission or transposition of
Registrar and Share Transfer Concerned securities. Compliance Certificate as required under
Agent: Depository Regulation 7(3) of SEBI (LODR) Regulations, 2015 duly
Participant(s) signed by the Compliance Officer and Share Transfer
Alankit Assignments Ltd, Agent have been submitted to the Stock Exchange.
205-208, Anarkali Complex, Pursuant to Regulation 40(9) of the SEBI (LODR)
Jhandewalan Extension, Regulations, 2015, certificate from Practising Company
New Delhi, Delhi- 110055 Secretary, confirming that all certificates had been
Phone No: 011- 4254954/ 022- issued within thirty days of the date of lodgement for
4348293 transfer, sub-division, consolidation, renewal, exchange
Fax:011 - 23552001 or endorsement of calls/ allotment monies had been
Email:[email protected]/ submitted to Stock Exchange within stipulated time.
[email protected], During the year 2023-24, all request/ applications
[email protected] relating to share transfers, subdivision, consolidation,
Website: www.alankit.com renewal, exchange or endorsement of calls/ allotment
monies were disposed off in time.
114
8.14 Distribution schedule as on 31.03.2024

According to size, % of holding as on 31.03.2024 is as under:
Category No of Shareholders No of Shareholders (%) Total Shares Total Shares (%)

1-500 1714740 92.96 131529487 6.31
501-1000 78577 4.26 61172874 2.93
1001-2000 29816 1.62 43905246 2.11
2001-3000 8635 0.47 21964890 1.05
3001-4000 3654 0.20 13077348 0.63
4001-5000 2795 0.15 13203566 0.63
5001-10000 3985 0.22 29242120 1.40
10001-99999999999 2349 0.13 1770924569 84.94
Total 1844551 100.00 2085020100 100.00
8.15 Shareholding of various categories as on 31st March, 2024
Category No. of Shareholders No. of Shares %age

Promoters 1.00 1518743694.00 72.84
Alternative Investment Fund 2.00 125195.00 0.01
Clearing Members 78.00 938114.00 0.04
Directors Relative 1.00 10140.00 0.00
Domestic Companies 1421.00 10077939.00 0.48
Employees 33.00 86542.00 0.00
Financial Institutions 1.00 20.00 0.00
Foreign Portfolio - Corp. 101.00 48319473.00 2.32
Foreign Portfolio - Ind. 1.00 140.00 0.00
HUF 8306.00 7747712.00 0.37
Individuals 1866168.00 360093647.00 17.27
Insurance Companies 7.00 126804748.00 6.08
NRI Non Rep 4308.00 3617993.00 0.17
NRI Rep 6653.00 6436338.00 0.31
Other Bank 1.00 500.00 0.00
Other Mutual Fund 31.00 1905160.00 0.09
Trusts 15.00 112745.00 0.01
Total 1887128.00 2085020100.00 100.00
9. DEMATERIALIZATION OF SHARES
The Shares of the company are in compulsory Dematerialized segment and are available for trading system of both
NSDL and CDSL. Share capital Audit Report regarding reconciliation of the total issued capital, listed capital, and
capital held by depositories in dematerialized form with respect to equity share capital of the company was taken
from the Practicing Company Secretary for each quarter & during the year and duly submitted to Stock exchanges
within stipulated time.
No. of Shares held in dematerialized and physical mode as on 31st March, 2024:
S. Number of % age of total

Physical/Demat Number of Shares
No. Shareholders capital issued
1. Physical 24.00 921.00 00
2. NSDL 340983.00 1856452265.00 89.04
3. CDSL 1546121.00 228566914.00 10.96
Total 1887128.00 2085020100.00 100.00
115
10. OUTSTANDING GDRS / ADRS / WARRANTS Status of complaints received during the year:
OR CONVERTIBLE INSTRUMENT
No GDRs/ ADRs/ Warrants or Convertible Instruments Number of complaints filed during the 0
have been issued by the Company during the Financial Year
Financial Year 2023-24. Number of complaints disposed of 0
during the Financial Year
11. COMMODITY PRICE RISKS / FOREIGN Number of complaints pending as on 0
EXCHANGE RISK AND HEDGING ACTIVITIES end of Financial Year
Risk arising out of Commodity Price fluctuations,

Foreign Exchange Risk and Hedging Activities 16. CERTIFICATE FOR DISQUALIFICATION OF
are not applicable to the Company for the DIRECTORS:
Financial Year 2023-24. Certificate from a Company Secretary in practice that
none of the directors on the Board of the Company
12. CREDIT RATING have been debarred or disqualified from being
appointed or continuing as directors of companies
The Company has obtained CARE AAA; Stable / CARE
by the Board/ Ministry of Corporate Affairs or any
A1+ (Triple A; Outlook: Stable/ A One Plus)
such statutory authority is placed as Annexure B-4
13. DIRECTORS AND OFFICERS INSURANCE 17. CODE OF INSIDER TRADING

In line with Regulation 25(10) of SEBI (LODR) In pursuance of the Securities and Exchange Board
Regulations 2015, the Top 1000 listed entities by of India (Prohibition of Insider Trading) Regulations ,
Market Capitalization, shall undertake Directors and 2015 and as amended from time to time , RVNL Board
Officers Insurance (‘D and O Insurance’) for all their has laid down “CODE OF CONDUCT FOR REGULATING
Independent Directors of such quantum and for such & REPORTING TRADING BY DESIGNATED PERSONS
risks as may be determined by its board of directors. & THEIR IMMEDIATE RELATIVES” to prevent
RVNL has in place a Directors and Officers Liability Designated and their immediate relatives to derive
Insurance policy. RVNL has been taking Directors any benefit or assist others to derive any benefit
and officers Insurance Policy (D&O policy) every year. from the access to and possession of Unpublished
Present D&O Policy is for H40 crore. Price Sensitive Information about the Company
which is not in public domain and thus constitutes
14. STATUTORY AUDITORS insider information . Company Secretary has been
designated as Compliance Officer for this Code.
The Statutory Auditors of your Company are
appointed by the Comptroller & Auditor General of During the year, some of the designated persons have
India (C&AG), M/s. V. K. Dhingra & Co. was appointed been penalised by the Company for non-compliance
as Statutory Auditors for the financial year 2023-24. of RVNL’s Code of Conduct for Insider Trading.
Fees paid to Statutory Auditor:

18. OTHER DISCLOSURE
Total fees paid to the statutory auditor for all services
for the year ended March 31, 2024 is H0.74 crore. 18.1 Disclosure on Materially Significant Related
Party Transactions that may have Potential
Conflict with the Company’s interests at large
15. DISCLOSURE IN RELATION TO THE
The Company’s major related party transactions are
SEXUAL HARASSMENT OF WOMEN AT
generally with its subsidiaries and associates. The
WORKPLACE (PREVENTION, PROHIBITION
related party transactions are entered into based on
AND REDRESSAL) ACT, 2013
considerations of various business exigencies. All the
Your Company is committed to creating and contracts / arrangements / transactions entered by
maintaining a secure work environment where its the Company during the financial year with related
employees can work and pursue business together parties were in its ordinary course of business and
in an atmosphere free of harassment, exploitation on an arm’s length basis. They were substantially on
and intimidation. The Company has in place. similar terms as in earlier years, as per the provisions of
Anti-Sexual Harassment policy in line with the contract. The disclosures regarding transactions with
requirements of the Sexual Harassment of Women at related parties are given in the Notes to Accounts of
the Workplace (Prevention, Prohibition & Redressal) the Financial Statements. The Policy on dealing with
Act, 2013, an internal Complaints Committee called Related Party Transactions (RPTs) of the company is
“Vishaka Committee” has been set up in RVNL to available on www.rvnl.org.
redress complaints related to sexual harassment. All
employees are covered under this policy.
116
18.2 Details of Non-Compliances penalties, strictures 18.5 Details of utilization of funds raised through
imposed by Stock Exchange(s)-SEBI or any Preferential Allotment or Qualified Institutions
statutory authority on any matter related to Placement as specified under Regulation 32
capital market during last three years (7A) of SEBI (LODR) Regulations, 2015:
The Company has complied with the applicable During the year, no funds have been raised
rules and regulations of regulatory authorities on through Preferential Allotment or Qualified
capital market and no penalty or strictures have Institutions Placement.
been imposed on the Company by any Statutory/
Regulatory Authorities on any matter related to 18.6 Loans and advances in the nature of loans
Capital Market during the last three years. However, to firms/companies in which directors are
during the year, a notice was received by the interested by name and amount
Company from Stock Exchanges imposing a penalty There are no loans and advances in the nature of loans
for non-compliance of the Regulation 17(1) of SEBI to firms/companies in which directors are interested.
(LODR) Regulations, 2015 pertaining to appointment
of requisite number of Independent Directors on the
19. MONITORING OF SUBSIDIARY
Board of the Company.
The Company does not have any material listed
The Company has complied with all requirements subsidiary Company in terms of SEBI (LODR),
of SEBI (LODR) Regulations, 2015, the Companies Regulation 2015 or the subsidiary as defined under
Act, 2013, applicable Secretarial Standards and DPE Guidelines on Corporate Governance for Central
Guidelines on Corporate Governance as amended Public Sector Enterprises issued by Department of
from time to time, except the appointment Public Enterprises, Govt. of India. However, minutes
of requisite number of Independent Directors of the meeting of the Board of Directors of the
(including one-woman director) for the year, due to subsidiary are placed before the Company’s Board
which Company was non-complaint with respect to periodically. Further, pursuant to Regulations 16(c)
composition of Board of Directors as on 31st March, and 43 of SEBI (LODR) of RVNL has formulated a
2024. The Company has already requested Ministry policy for determining “material” Subsidiary and the
of Railways, Government of India, i.e. the appointing policy has been disclosed on the Company’s Website
authority, to expedite the appointment of requisite and a web link thereto is also given as under: https://
number of Independent Director on the Board of the www.rvnl.org/investor - Company Policies.
Company, to enable compliance with the applicable
statutory provisions of the Companies Act, 2013, SEBI
20. TRAINING OF BOARD MEMBERS
(LODR) Regulations and DPE Guidelines on Corporate
Governance. With respect to non-compliance of In this regard, pursuant to clause 3.7 of the guidelines
related party transactions, Company has requested released by Department of Public Enterprises on
Stock exchanges for waiver of the same. Corporate Governance, the Company has framed a
Training Policy for Board of Directors of RVNL, duly
18.3 Details of Vigil mechanism and Whistle Blower approved by the Board of Directors. The Policy is also
Policy posted on the Company’s website, www.rvnl.org.
RVNL endeavours to work against corruption in all
RVNL also takes initiatives to train its Board members
its forms through well-defined Whistle Blower Policy.
about RVNL’s profile, business parameters, etc. All
The policy provides all the employees with free access
the relevant issues and significant developments
to the Management in case they observe unethical or
related to the working of RVNL are imparted to
improper practices or any other wrongful conduct in
part-time Directors {(official) and (non-official),
the Company and to prohibit managerial personnel
as the case may be} by the management of RVNL
from taking any adverse personal action against those
from time to time. The documents related to the
employees. During the year, company has received
Company including Annual Reports, Memorandum
NIL protected disclosure under the Whistle blower
and Articles of Association, MoU between RVNL and
policy which was dealt as per laid down procedure
Ministry of Railways etc. are provided to them as
in the policy. Further, no personnel have been denied
per requirement.
access to the Audit Committee.
Director(s) are nominated on training programmes
18.4 Discretionary Requirements
organized by DPE, IICA & SCOPE from time to time.
As per discretionary requirements as specified in Part
E of schedule II of the regulations, the Company is
in the regime of unqualified financial statements.
21. DISPATCH OF DOCUMENTS IN ELECTRONIC
The Company is yet to receive comments of the
FORM
Comptroller & Auditor General of India (C&AG). As per Section 101 and 136 of the Companies Act,
2013 read with the Companies (Management and
117
Administration) Rules, 2014 and Regulation 36 of SEBI execution entrusted to RVNL and are related to
(Listing Obligations and Disclosure Requirements) project expenditure.
Regulations, 2015, listed companies are required
5. There are no personal expenses incurred for the
to supply soft copies of the said documents to all
Board of Directors except which are as per terms
the shareholders who have registered their email
of appointment as contractual obligations.
address(es) for the purpose.
6. Details of Administrative and office expenses as
As per Ministry of Corporate Affairs, Govt. of India vide
a percentage of total expenses vis-à-vis financial
its General Circular No. 09/2023 dated 25.09.2023
expenses –The principles of allocation of
read with MCA General Circular No. 20/2020 dated
administrative expenses in RVNL are approved
05.05.2020 facilitated the companies for sending
by the Audit Committee. After excluding
Annual Report, Notice of General Meeting and
expenditure incurred by Zonal Railways,
any other important communications through
expenditure on PMC etc. the net management
electronic mode.
fee on direct expenditure is 8.60%. The
Accordingly, the said documents will be sent by percentage of administrative expenses to direct
e-mail to those members who have registered their expenses in 2023-24 is 1.83%. This was on
e-mail address (es) with their DP/the Company, in account of the increased availability of funds
terms of the said clause. and achievement of higher turnover at the
end of the year.
22. CODE OF BUSINESS CONDUCT AND ETHICS 7. Your Company has filed the report on Corporate
The Code of Business Conduct and Ethics as Governance with the Ministry of Railways and
prepared in accordance with the guidelines on Department of Public Enterprises within the
Corporate Governance released by Department of stipulated time.
Public Enterprises is posted on the website of the
Company, www.rvnl.org. 24. CEO/CFO CERTIFICATION
As required by Regulation 17(8) of the SEBI (LODR)
The Compliance of the Code of Conduct has been
Regulations 2015, the Compliance Certificate as
affirmed on the basis of confirmation received from
specified in Part B of Schedule II of the said Regulation
all the Board members and senior management
duly signed by Mr. Pradeep Gaur, Chairman and
personnel for the Financial Year 2023-24. A
Managing Director (CMD) and Mr. Sanjeeb Kumar,
declaration to this effect, duly signed by the Chairman
Director (Finance) &, Chief Financial Officer (CFO) was
and Managing Director is placed at Annexure B-1
placed before the Board of Directors at the meeting
and forms part of this report.
held on 17.05.2024, is annexed as Annexure B-2
to the report.
23. DISCLOSURES
1. The Company has not entered into any 25. RATING ON CORPORATE GOVERNANCE BY
significant related party transactions with the DEPARTMENT OF PUBLIC ENTERPRISES
Directors or their relatives (Disclosure made by
Department of Public Enterprises has rated RVNL
Directors individually pursuant to section 188 of
as “Excellent” under the category of Corporate
Companies Act, 2013) having potential interest
Governance during 2023-24. On the basis of self-
with the Company at large.
evaluation of achievement of sector specific targets
2. The Company has complied with the guidelines in the MoU, it is expected that RVNL will achieve an
on Corporate Governance issued by Department “Excellent” rating for 2024-25 also.
of Public Enterprises (DPE) released in May 2010.
RVNL has been including a Report on Corporate 26. G20 / OECD PRINCIPLES OF CORPORATE
Governance and Management Discussion and GOVERNANCE
Analysis Report in its Directors Report since
The G20/OECD Principles of Corporate Governance
2007-08. The compliance to these Guidelines
are the international standard for corporate
was also reflected in the Chairman’s speech
governance. The Principles help policy makers
delivered at the last Annual General Meeting of
evaluate and improve the legal, regulatory and
the Company held on 27.09.2023.
institutional framework for corporate governance,
3. The Company has not received any Presidential with a view to supporting economic efficiency,
directive during the Financial Year 2023-24 sustainable growth and financial stability. First issued
in 1999 and endorsed by G20 Leaders in 2015, the
4. All items of expenditure debited in the Books of Principles are currently being reviewed and revised
Accounts of RVNL are for the purpose of project Principles will be issued in 2023.
118
27. SHARE TRANSFER SYSTEM subsidiary companies are put up to the Company’s
Board, from time to time. In terms of Regulation
Demat Transfer: The shares of the Company are being
24 of SEBI (LODR) Regulations, 2015 and DPE
compulsorily traded in dematerialized form and are
guidelines on Corporate Governance, performance of
available for trading under both the depositories in
the subsidiary companies is, inter-alia, reviewed by
India viz. NSDL and CDSL.
the Audit Committee and the Board as under:
Physical Transfer: Minutes of each Share Transfer
investments made by unlisted
Committee is placed before the Board for
subsidiary companies;
information, in line with the provisions of SEBI
(LODR) Regulations, 2015. SEBI vide amendment consolidated financial statements comprising
in the Regulation 40 of SEBI (LODR) Regulations, of financial statements of subsidiary
2015, through Notification dated June 8, 2018, has companies etc.,
mandated that the transfer of securities which would
Periodical statement of significant transactions
now be carried out in dematerialized form only w.e.f.
and arrangements entered into by the
April 01, 2019. Further SEBI vide Circular No. SEBI/
Company’s subsidiary companies in terms of
HO/MIRSD/MIRSD_RTAMB/P/ CIR/2022/8 dated
Regulation 46 of SEBI (LODR) Regulations,
25.01.22 has decided that listed companies shall
2015, the Company has formulated a “Policy for
henceforth issue the securities in dematerialized
Material Subsidiary(s)”.
form only while processing the requests related
to the following.
30. ETHICS / GOVERNANCE POLICIES
Issue of duplicate securities certificate;
We adhere to ethical standards to ensure integrity,
Claim from Unclaimed Suspense Account; transparency, independence and accountability in
Renewal / Exchange of securities certificate; dealing with all the stakeholders. Therefore, we have
Endorsement; adopted various codes and policies to carry out our
duties in an ethical manner.
Sub-division / Splitting of securities certificate;
Consolidation of securities certificates/folios;
31. ANTI-BRIBERY & ANTI-CORRUPTION
Transmission;
POLICY
Transposition. Accordingly, the Company is
considering and addressing the abovementioned The Company is committed in doing business with
requests as per SEBI Notification. integrity and transparency and has a zero-tolerance
approach to non-compliance with the anti-bribery
For more details, please visit Investor Relations policy. The Company prohibits bribery, corruption
section at www.rvnl.org. and any form of improper payments / dealings in the
conduct of business operations. Awareness is being
conducted on periodical basis to sensitise employees.
28. RECONCILIATION OF SHARE CAPITAL
AUDIT REPORT
In pursuant to Regulation 76 of the SEBI (Depositories
32. COMPLIANCE ON CORPORATE
and Participants) Regulations, 2018, the Company
GOVERNANCE
obtains a Reconciliation of Share Capital Audit The Company has complied with corporate
Report (RSCAR) from a Practising Company Secretary governance requirements specified in Regulations
every quarter to reconcile the total admitted capital 17 to 27 and clauses (b) to (i) of sub-regulation (2) of
with the National Securities Depository Ltd. (NSDL) Regulation 46 of SEBI LODR. Non-compliance, if any,
and Central Depository Services (India) Ltd (CDSL). of the Regulations of SEBI LODR has been specifically
The RSCAR confirms that the total issued/ paid up mentioned in the Report and were suitably replied
capital is in agreement with the total number of to the stock Exchange. Further, all requirement of
shares in physical form and the total number of Corporate Governance Report specified in para 2--10
dematerialised shares held with NSDL and CDSL. of the schedule V part C has been complied with.
During the year, the RSCAR has been forwarded to
the Stock Exchanges (BSE & NSE) on time. This report duly complies with the legal requirements
in respect of data to be disclosed in the Corporate
Governance Report.
29. SUBSIDIARY COMPANIES - MONITORING
FRAMEWORK A Certificate obtained from a Practicing Company
Secretary regarding compliance of the conditions
The Company nominates its representatives on
of Corporate Governance in accordance with
the Board of subsidiary companies. Further, the
the guidelines issued by Department of Public
minutes of the meetings of the Board of Directors of
Enterprises and SEBI (LODR) Regulations has been
included as Annexure- B-3 to the Report.
119
Annexure “B—1”
Declaration by Chairman and Managing Director regarding compliance

with the Code of Conduct by Board Members and Senior Management for
the Financial Year 2023-24.
I, Pradeep Gaur, Chairman and Managing Director, Rail Vikas Nigam Limited, do hereby declare that all members of
the Board of Directors and the Senior Management team of the company have affirmed their compliance of the Code
of Business Conduct and Ethics and key values of the Company during 2023-24.
Sd/-
Place: New Delhi (Pradeep Gaur)
Date: May 17, 2024 Chairman & Managing Director
120
Chairman & Managing Director and Chief Financial Officer Certificate

[Under Regulation 17(8) of SEBI (LODR) Regulations, 2015]
A. We have reviewed financial statements and the cash flow statement for the Financial Year 2023-24 and that to the
best of our knowledge and belief:
i) These statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
ii) These statements together present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year
which are illegal or violative of the Company’s code of conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting. We
have disclosed, to the auditors and the Audit Committee, deficiencies in the design or operation of such internal
controls of which we are aware and the steps we have taken or propose to take or rectify these deficiencies.
D. We have discussed with the auditors and the Audit Committee
1. Significant changes in internal control over financial reporting during the year.
2. Significant changes in accounting policies during the year, and that the same have been disclosed in the notes
to the financial statements; and
3. Instances of significant fraud of which we are not aware nor there has been involvement therein, if any, of
management or an employee having significant role in the Company's under internal control system over
financial reporting.
Sd/- Sd/-
Place: New Delhi Pradeep Gaur Sanjeeb Kumar
Date: May 17, 2024 Chairman and Managing Director Director (Finance) & Chief Financial Officer
121
CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE

GOVERNANCE FOR THE FY 2023-24
To,
The Members,
RAIL VIKAS NIGAM LIMITED
1. We have examined the compliance of conditions of expression of opinion on the financial statements
Corporate Governance by Rail Vikas Nigam Limited of the Company.
CIN: L74999DL2003GOI118633 (“the Company”), for
the year ended on March 31, 2024, as stipulated in 4. Based on our examination of the relevant records
regulations 17 to 27 and clauses (b) to (i) of regulation and according to the information and explanations
46(2) and para C and D of Schedule V of the SEBI provided to us and the representations provided
(Listing Obligations and Disclosure Requirements) by the Management, we certify that the Company
Regulations, 2015 (“the Listing Regulations”) and as has complied with the conditions of Corporate
stipulated in the guidelines of Department of Public Governance as stipulated in regulations 17 to 27 and
Enterprises (DPE) on Corporate Governance for Central clauses (b) to (i) of regulation 46(2) and para C and
Public Sector Undertakings issued in May 2010. D of Schedule V of the SEBI Listing Regulations and
DPE guidelines on Corporate Governance during the
2. The compliance of conditions of Corporate year ended March 31, 2024 subject to the following:
Governance is the responsibility of the Management.
This responsibility includes the design, i. Half of the board of directors of the Company
implementation and maintenance of internal control including one woman director was not
and procedures to ensure compliance with the independent as required under Regulation
conditions of the Corporate Governance stipulated 17{1} of SEBI (LODR) Regulations, 2015 and
in the Listing Regulations and DPE guidelines on para 3.1.4 of DPE Guidelines on Corporate
Corporate Governance. Governance with regard to Composition of the
Board of Directors
3. Our responsibility is limited to examining the
procedures and implementation thereof, adopted 5. We further state that such compliance is neither
by the Company for ensuring compliance with the an assurance as to the future viability of the
conditions of the Corporate Governance as stipulated Company nor the efficiency or effectiveness with
in the Listing Regulations and DPE guidelines on which the Management has conducted the affairs
Corporate Governance. It is neither an audit nor an of the Company.
Place: Noida For Kumar Naresh Sinha & Associates

Date: July 10, 2024 Company Secretaries
Sd/-
CS Naresh Kumar Sinha

(Proprietor)
FCS: 1807; CP No.: 14984
PR: 610/2019
FRN: S2015UP440500
UDIN: F001807F000713540
122
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
The Members of
Rail Vikas Nigam Limited
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of RAIL
VIKAS NIGAM LIMITED having CIN L74999DL2003GOI118633 and having registered office at 1st Floor, August Kranti
Bhawan, Bhikaji Cama Place, R. K. Puram, New Delhi 110066 (hereinafter referred to as ‘the Company’), produced before
us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule
V Para-C Sub-clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
In our opinion and to the best of our information and according to the verifications [including Directors Identification
Number (DIN) status at the portal www.mca.gov.in] as considered necessary and explanations furnished to us by the
Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for
the Financial Year ending on 31st March 2024 have been debarred or disqualified from being appointed or continuing
as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other
Statutory Authority:
S. Date of Appointment
Name of Director DIN Date of Cessation
No. in Company
1. Shri Pradeep Gaur 07243986 01/09/2018 Continuing
2. Shri Vinay Singh 03324677 01/08/2019 Continuing
3. Shri Rajesh Prasad 08585975 03/03/2020 Continuing
4. Shri Sanjeeb Kumar 03383641 06/05/2020 Continuing
5. Smt Anupam Ban 07797026 09/02/2023 Continuing
6. Shri Dhananjaya Singh 08955500 11/11/2020 Continuing
7. Dr. Mundasseril Velayudhan Natesan 09408491 22/11/2021 Continuing
8. Shri Anupam Mallik 09547797 25/03/2022 Continuing
9. Shri Anil Kumar Khandelwal 10085277 27/03/2023 01/11/2023
10. Shri Vivek Kumar Gupta 10423972 12/12/2023 05/02/2024
Ensuring the eligibility of the appointment/ continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
Place: Noida For Kumar Naresh Sinha & Associates

Date: July 10, 2024 Company Secretaries
Sd/-

(Proprietor)
FCS: 1807; CP No.: 14984
PR: 610/2019
FRN: S2015UP440500
UDIN: F001807F000713540
123
Annexure C
THE ANNUAL REPORT ON CSR ACTIVITIES FOR
FY 2023-24 OF RVNL
1. Brief outline on CSR Policy of the Company
In accordance with Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility
Policy) Amendment Rules 2021, RVNL has formulated its CSR Policy duly approved by the Board of Directors of RVNL
in August 2021. CSR is essentially a way of conducting business responsibly and RVNL shall endeavor to conduct its
business operations and activities in a socially responsible and sustainable manner at all times. RVNL will strive to
contribute to inclusive growth and sustainable development with emphasis on development of weaker sections of
society and in the Aspirational Districts of the country. As per broad objectives of the Policy, CSR activities are being
implemented in project/ program mode, in areas or subjects specified in Schedule VII of the Act, on thrust areas of
education and health care, in the periphery of project areas of RVNL (local area). The CSR Committee of the Board
reviews and sanctions CSR project proposals, received from PIU level CSR Committee, for implementation. RVNL
is utilizing the services of NGOs/ specialized external agencies, registered with the Ministry of Corporate Affairs and
having a CSR Registration Number for implementation of CSR projects, apart from involvement of the field level
committees (PIU) for close monitoring, evaluation and feedback and impact assessment of CSR projects through
an Independent Agency.
2. Composition of CSR Committee

RVNL has put in place a two tier organizational structure to steer the CSR agenda of RVNL: CSR Committee of the
Board (Tier-I) and CSR Committee PIU Level (Tier-II). CSR Committees at the field level are headed by Chief Project
Manager of Project Implementation Units (PIU).
No of meetings of No of meetings of CSR

Designation/ Nature of
S.N. Name of Director CSR Committee held Committee attended
Directorship
during the year during the year
1 Mrs. Anupam Ban Director Personnel (Chairperson) 5 5
2 Mr. Vinay Singh Director Projects (Member) 5 4
3 Mr. Sanjeeb Kumar Director Finance (Member) 5 5
4 Dr. M.V. Natesan Independent Director (Member) 5 5
Director
5 Mr. Dhananjaya Singh 5 3
(Part-Time) Official (Member)
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board
are disclosed on the website of the company: https://rvnl.org/csr
4. Provide the details of Impact Assessment of CSR projects carried out in pursuance of sub-rule (3) of Rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable and is available at: https://rvnl.org/csr
5. Details of the amount available for set off in pursuance of sub-rule (3) of Rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set off for the Financial Year, if any:
Amount available for Amount required to be set-

S.
Financial Year set-off from preceding off for the Financial Year, if
No.
Financial Years (in Rs) any (in Rs)
1 2020-21 0 0
2 2021-22 0 0
3 2022-23 2,79,77,798 2,79,77,798
TOTAL 2,79,77,798 2,79,77,798
6. Average net profit of the company as per section 135(5): K 14,020,516,244
7. (a) Two percent of average net profit of the company as per section 135(5): K 28,04,10,325
(b) Surplus arising out of CSR projects/ programmes/ activities of the previous Financial Years: NIL
(c) Amount required to be set off for the Financial Year, if any: K 2,79,77,798
(d) Total CSR obligation for the Financial Year (7a+7b-7c) If any: K 25,24,32,527
124
8. (a) CSR amount spent or unspent for the Financial Year:
Amount Unspent (In J)

Total Amount transferred Amount transferred to any fund specified
Total Amount Spent for the
to Unspent CSR Account under Schedule VII as per second proviso to
Financial Year
as per section 135(6) section 135(5)
(In J)
Date of Name of the
Amount Amount Date of transfer
transfer Fund
29,71,06,660 0 NIL NIL 0 NIL
(b) Details of CSR amount spent against ongoing projects for the Financial Year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount Mode of Implementation through

Item Location of the Project
transferred Implementing Agency
from the
Amount to Unspent
list of Local Amount
spent in CSR Account Mode of
activities Area Project allocated for
S. No. Name of the Project the current for the Implementation CSR
in (Yes/ Duration the Project
State District Financial Year Project as Direct (Yes/ No) Name Registration
Schedule No) (in Rs)
(in Rs) per Section Number
VII to the
135(6)
Act
(in Rs)
Healthcare
infrastructure facilities Uttar Jeevan Vidya
1 (i) Yes Bijnor 2023-26 8,87,00,000 2,00,00,000 00 No CSR00030699
at Swastha- Sanyam Pradesh Trust, Bijnor
Kendra, Bijnor (UP)
Providing pilgrimage
block at Sri Kedarnath
‘Dham Charitable
Sri Kedarnath
Trust in the District
Dham
2 of Rudraprayag, (v) Yes Uttarakhand Rudraprayag 2023-26 10,66,53,000 2,53,22,000 00 No CSR00009855
Charitable Trust,
Uttarakhand for
Uttarakhand
restoration of buildings
& sites of historical
importance
Construction of 3
storied kindergarten Ramakrishna
school building for sarada Mission
3 (ii) Yes West Bengal Kolkata 2023-26 2,14,00,000 50,00,000 00 No CSR00005055
girls at Ramakrishna Shikha Manddir,
Saraada Mission, Kolkata
Shikha Mandir, Kolkata
Health support in the
existing health centre A people health
4 at Guniyear village, (i) Yes Chhattisgarh Bilaspur 2023-25 76,50,000 40,00,000 00 No support group, CSR00005858
District Bilaspur, Guniyar, Bilaspur
Chhattisgarh
Skill development
training in nursing
assistant course and Leslie Sawhny
domenstic electrical Endoment
solution course Charitable Trust,
5 (ii) Yes Maharashtra Nasik 2023-25 52,73,000 22,34,200 00 No CSR00002587
for youth (men & Nasik
women) to generate
employment at
Devlali, District Nasik
Maharashtra
Plantation of trees
to increase the tree,
Give Me Tree
local biodiversity Delhi & Uttar East Delhi &
6 (iv) Yes 2023-26 34,26,000 19,91,100 00 No Trust, Mayur CSR00001668
& environmental Pradesh Khurja
Vihar, New Delhi
sustainability at Khurja
& Delhi
To provide Digital
Gadhai
smart library facilities
Educational
for tribal girls &
7 (ii) Yes Odisha Malkangiri 2023-25 99,73,000 51,76,000 00 No & Charitable CSR00030322
boys students in the
Trust, Malkangiri,
Aspirational District of
Odisha
Malkangiri Odisha
To provide gymnastics
& yoga facilities & to
promote sports for
Ramakrishna
700 Residential tribal
Mission Ashrama,
8 boys of Ramakrishna (vii) Yes Odisha Rayagada 2023-26 2,88,80,000 50,00,000 00 No CSR00006101
Hatamuniguda,
Mission Ashrama,
Rayagada, Odisha
Hatamuniguda in the
Rayagada Odisha
125
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount Mode of Implementation through

Item Location of the Project
transferred Implementing Agency
from the
Amount to Unspent
list of Local Amount
spent in CSR Account Mode of
activities Area Project allocated for
S. No. Name of the Project the current for the Implementation CSR
in (Yes/ Duration the Project
State District Financial Year Project as Direct (Yes/ No) Name Registration
Schedule No) (in Rs)
(in Rs) per Section Number
VII to the
135(6)
Act
(in Rs)
Skill development
of Master Trainers &
Society for
youth on drug abuse
Plromotion of
9 prevention at Haridwar (ii) Yes Uttarakhand Haridwar 2023-25 20,00,000 10,00,000 00 No CSR00004209
Youth & Masses (
in the Aspirational
SPYM), Dehradun
District of Haridwar,
Uttarakhand
Construction of 2nd
floor at Sarada Block Ramakrishna
of charitable Hospital Mission
Uttar
10 of Ramakrishna (i) Yes Mathura 2023-24 8,34,00,000 3,00,00,000 00 No Sevashrama, CSR00006101
Pradesh
Mission Sevashrama, Vrindaban,
Vrindaban, District District Mathura
Mathura (UP)
Jan Arogyam Bisnouli
Community Saravodaya
Healthcare program Gramodyog
11 (i) Yes Haryana Nuh (Mewat) 2023-25 45,03,000 13,67,000 00 No CSR00001405
at Kiranj village in the Sewa Sansthan
Aspirational District of (BSGSS), New
Nuh, Haryana Delhi
Construction of Shakthi The
PCC road in village Women
12 Murarpur, District (x) Yes Bihar Nalanda 2023-25 29,22,000 10,00,000 00 No Empoowerment CSR00052371
Nalanda, Bihar for Academy
Rural development (STVVEA),
Total 10,20,90,300
(c) Details of CSR amount spent against other than ongoing projects for the Financial Year:
(1) (2) (3) (4) (5) (6) (7) (8)

Mode of Implementation through
Item from the Local Location of the Project Amount
Mode of Implementing Agency
Name of the list of activities Area spent for
S. No Implementation CSR
Project in Schedule VII (Yes/ the Project
State District Direct (Yes/ No) Name Registration
to the Act No) (in J)
Number
Women
empowerment
& Educational
South 24 Ramakrishna
1 Support to 400 (ii) Yes West Bengal 55,65,000 No CSR00002806
Paraganas Math, Naora
under priviledged
children and
Health Support
To provide
infrastructure
facilities in
Chamoli
five schools
2 (ii) Yes Uttarakhand Rudraprayag & 38,47,327 Yes CPM/RKSH -
in Chamoli,
Tehri Garhwal
Rudraprayag &
Tehri Garhwal
Districts
To provide
medical
equipment
to RK’s
CPM/
3 Mother Teresa (i) Yes Telangana Secunderabad 5,16,108 Yes -
Secunderabad
Foundation
Healthcare
Centre,
Secunderabad
126
(1) (2) (3) (4) (5) (6) (7) (8)

Number
To provide
Livelihood
enhancement Balapore,
Dr. Bhim Rao
projects to Jammu & Phulwama,
4 (ii) Yes 87,34,500 No Ambedkar Vikas CSR00024847
girls in Shopia, Kashmir Kulgam &
Sava Sansthan
Phulwama & Badgam
Kulgam District
J&K
Conservation of
natural resources
and maintaining Bhaumsari Water
5 quality of soil & (iv) Yes Uttarakhand Rudraprayag 8,46,000 No shed foundation, CSR0004314
water at District Rudraprayag
Rudraprayag,
uttarakhand
To provide 150
Unique Vikas
Angavadi kits in
6 (ii) Yes Uttar Pradesh Varanasi 47,50,500 No Sansthan, Gomti CSR00021901
the District of
Nagar, Lucknow
Varanasi (UP)
To promote
nationally
recognised sport
viz 20th Winter
Deaflympics
(Alpione Skiing)
7 to Ms Ameesha (vii) Yes Uttarakhand Dehradun 5,00,000 Yes PIU/Rishikesh -
Chauhan D/o
Sub Maj & Hony
Lt Ravindra
Singh Chauhan
of Dehradun,
Uttarakhand
Construction
of RCC Culvet
(Puliya) at
VLC Trust &
Milkapur,
8 (x) Yes Bihar Nalanda 6,06,000 No Research Centre, CSR00023424
Nalanda,
Veliore (AP)
Bihar as rural
development
project
To provide 10
TATA ACE CNG
GOLD vehicles
for distribution
of food free of
cost to slum area,
orphans, old age
ISKCON
people, laborers,
International
deprived section South Delhi &
9 (i) Yes Delhi NCR 74,85,180 No Society, Kailash CSR00005241
of society & Gurgaon
Colony, New
victim of natural
Delhi
disasters in Delhi
NCR, Haryana
& UP under the
“Food for Life”
for eradicating
hunger, poverty &
malnutrition
To provide
infrastructure
facilities in the
Andhra
10 M.P.P. School (ii) Yes Samalkota 2,44,000 Yes CPM/PIU/Waltair NA
Pradesh
Prakashraopeta,
Unduru, District,
Samalkota, AP
127
(1) (2) (3) (4) (5) (6) (7) (8)
Number
For Replacement
of 10 years old
20KVA Gen set for Ramakrishna
11 (ii) Yes 5,10,000 No CSR00002806
power backup Math, Naora,
to Ramakrishna
Math, Naora”
To provide
infrastructure
facilities for value
orientation,
man making
Ramakrishna
12 & character (ii) Yes 40,00,000 No CSR00006101
Mission, Delhi
building
education system
at Ramakrishna
Mission, New
Delhi
Installation of
Rooftop 25 KW
Solar Power Plant
at Ramakrishna Ramakrishna
Mission (RKM), Mission,
13 (iv) Yes 18,50,000 No CSR00006101
Khetri, District- Khetri, District
Jhunjhunu Jhunjhunu
Rajasthan for
environmental
sustainability
Jan Arogya
Bisnouli
community
Saravodaya
healthcare
Gramodyog
14 program in (i) Yes 29,97,000 No CSR00001405
Sewa Sansthan
the District of
(BSGSS), New
Gautam Buddha
Delhi
Nagar
Sustainable Bisnouli
livelihood Saravodaya
program for Gramodyog
15 (ii) Yes 29,99,000 No CSR00001405
women at khora Sewa Sansthan
Village, District (BSGSS), New
Ghaziabad (UP) Delhi
Total 4,54,50,615
(d) Amount spent in Administrative Overheads: K 33,19,755
(e) Amount spent on Impact Assessment, if applicable: K 6,37,990
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): K 39,57,745
(g) Excess amount for set off, if any: K 2,79,77,798
S.
Particular Amount in K
No.
(i) Two percent of average net profit of the company as per section 135(5) 28,04,10,325
(ii) Total amount spent for the Financial Year 29,71,06,660
(iii) Excess amount spent for the Financial Year [(ii)-(i)] 1,66,96,335
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous 00
Financial Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] 2,79,77,798
128
9. (a) Details of Unspent CSR amount for the preceding three Financial Years: Nil
Amount transferred to
any fund specified under Amount
Amount transferred to Amount spent Schedule VII as per remaining to
SI. Preceding Unspent CSR Account in the reporting section 135 (6), if any be spent in
No. Financial Year under section 135(6) (in Financial Year succeeding
Rs) (in Rs) Name
Amount Date of Financial Years.
of the (in Rs)
(in Rs) transfer
Fund
1 0 0 0 0 0 0 0
2 0 0 0 0 0 0 0
3 0 0 0 0 0 0 0
TOTAL 0 0 0 0 0 0
(b) Details of CSR amount spent in the Financial Year for ongoing projects of the preceding Financial Year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)

Amount Cumulative
spent on the amount spent Status of
Financial Year in Total amount
Sl. Project project in at the end the project
Project ID Name of the Project which the project allocated for the
No. duration the reporting of reporting Completed/
was commenced project (in Rs)
Financial Year Financial Year Ongoing
(in Rs) (in Rs)
1 Hostel facilities for 240 2022 2022-25 7,18,00,000 3,00,00,000 5,00,00,000 Ongoing
tribal boys each in Kutul,
Irrakbhatti & Kchhapal in
the Aspirational District of
Narainpur
2 To provide hostel facilities 2022 2022-24 2,99,00,000 1,79,00,000 2,99,00,000 Completed on
for female Nursing staff 03.03.2024
in Varanasi (U.P) RKM
Charitable hospital
3 To provide skill 2022 2022-25 2,46,00,000 1,00,00,000 2,00,00,000 ongoing
development training
facility for tribal & rural
youths at Morabadi in the
Ranchi
4 School Building for 2022 2022-25 5,71,00,000 2,00,00,000 4,00,00,000 ongoing
1200 underprivileged
girls students in the
Purbi Singhbhum
5 Provide Livelihood 2022 2022-26 304.76 66,11,152 1,27,49,738 ongoing
Enhancement project by
promoting beekeeping
enterprise in Tehri Garhwal
6 Construction of 1st floor in 2022 2022-24 5,10,00,000 2,80,00,000 5,10,00,000 Completed in
skill development building March 2024
& 2nd & 3rd floors of hostel
building building for skill
development program of
underprivileged youths
& women & for hostel
facilities of trainees at
Jaipur, Rajasthan
7 To provide mobile medical 2022 2022-25 35,00,000 7,00,000 28,00,000 ongoing
van to Ramakrishna
Sarada Mission Siriti, for
their Charitable dispensary
129
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Amount Cumulative
spent on the amount spent Status of
Financial Year in Total amount
Sl. Project project in at the end the project
Project ID Name of the Project which the project allocated for the
No. duration the reporting of reporting Completed/
was commenced project (in Rs)
Financial Year Financial Year Ongoing
(in Rs) (in Rs)
8 To provide toilet blocks 2022 2022-25 4,09,00,000 1,08,642 2,05,39,472 ongoing

5 different locations in
Varanasi, Uttar Pradesh
9 To provide sewage 2022 2022-24 5,50,00,000 2,22,88,206 4,39,41,396 Completed in
tretment plant (STP) of March 2024
500 KLD to convert sewage
water into re-usable water
at Mathur Railway Station
(UP)
10 To provide 4 storied 2022 2022-26 4,00,00,000 1,00,00,000 1,50,00,000 ongoing
academic-cum-welfare
building for women
empowerment school
building in Ramakrishna
Sarada Mission Sister
Nivedita Haritage Museum
& Knowledge Centre at
Bagh Bazar, Kolkata
TOTAL 14,56,08,000
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the Financial Year (asset-wise details): Nil
(a) Date of creation or acquisition of the capital asset(s). NA
(b) Amount of CSR spent for creation or acquisition of capital asset. NA
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc. NA
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the
capital asset). NA
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5):
Not Applicable
Sd/- Sd/- Sd/-

(Pradeep Gaur) (Anupam Ban) (M. P. Singh)
Chairman & Managing Director Chairperson CSR Committee Principal Executive
Director (Works) & Nodal Officer CSR
130
Annexure D
BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORTING
SECTION A : GENERAL DISCLOSURES
I. Details of the listed entity
S.
Required Information Required Information
No
1 Corporate Identity Number (CIN) of the L74999DL2003GOI118633
Listed Entity
2 Name of the Listed Entity Rail Vikas Nigam Limited
3 Year of incorporation 2003
4 Registered office address 1st Floor, August Kranti Bhawan, Bhikaji Cama Place, R.K.
Puram, New Delhi-110066
5 Corporate address 1st Floor, August Kranti Bhawan, Bhikaji Cama Place, R.K.
Puram, New Delhi-110066
6 E-mail [email protected]
7 Telephone +91 11 26738299
8 Website www.rvnl.org
9 Financial year for which reporting is being 2023-24
done
10 Name of the Stock Exchange(s) where BSE and NSE
shares are listed
11 Paid-up Capital 20,850,201,000
12 Name and contact details (telephone, Kalpana Dubey, Company Secretary and Compliance Officer
email address) of the person who may be +91 95606 97008
contacted in case of any queries on the [email protected]
BRSR report
13 Reporting boundary - Are the disclosures The report contains disclosures about the company’s
under this report made on a standalone social and governance performance on a consolidated
basis (i.e. only for the entity) or on a basis. In contrast, the environmental disclosures focus
consolidated basis (i.e. for the entity and on the performance of its businesses that fall within the
all the entities which form a part of its organisation’s operational control and boundaries. However,
consolidated financial statements, taken data regarding vehicular emissions, refrigerants and waste
together) could not be gathered from a few PIUs; hence they have not
been considered in the reporting boundary.
14 Name of Assurance Provider ENEN Green Services Private Limited
15 Type of Assurance obtained Limited Assurance
II. Products / Services

16 Details of business activities (accounting for 90% of the turnover):
S. Description of % of Turnover of
Description of Business Activity
No. Main Activity the entity
1 Rail RVNL is carrying out planning, development, resource mobilisation 91%
Infrastructure and execution of railway-related projects on a fast-track basis.
131
17 Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
% of total
Sr.
Product / Service NIC Code Turnover
No.
contributed
1 Construction & maintenance of Railways & Rail Bridges. 42102 91%
2 Construction & maintenance of motorways, streets, roads, 42101 9%
other vehicular & pedestrian ways, highways, bridges, tunnels
and subways.
III. Operations
18 Number of locations where plants and/or operations/offices of the entity are situated:
Number of
Location Number of plants Total
offices
National Not applicable 30 30
International Not Applicable 4* 4
*As on 31st March,2024, we had four International Offices i.e. Branch Office in Maldives and Abu Dhabi, a Joint Venture Company in
Kyrgyzstan and Wholly Owned Subsidiary in South Africa.
19 Market Served by the entity:

a. Number of locations
Locations Number
National (No. of States) 36*
International (No. of Countries) 4
*including 28 states and 8 union territories.
b. What is the contribution of exports as a No Exports

percentage of the total turnover of the entity?
c. A brief on type of customers The Indian Railways, together with its many departments
and companies, are the main clientele of RVNL. As a
provider of railway infrastructure, RVNL collaborates closely
with Indian Railways.
IV. Employees
20 Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
Sr. Male Female

Particulars Total (A)
No. No.(B) % (B/A) No. C % (C/A)
Employees
1 Permanent (D) 186 176 94.62 10 5.38
2 Other than Permanent (E) 208 202 97.12 06 2.88
3 Total employees (D+E) 394 378 95.94 16 4.06
Workers
4 Permanent (F)
5 Other than Permanent (G) RVNL does not have any workers.
6 Total workers (F+G)
b. Differently abled Employees and workers:
Sr. Male Female

No. No.(B) % (B/A) No. C % (C/A)
Differently Abled Employees
1 Permanent (D) NIL NIL 0 NIL 0
2 Other than Permanent (E) NIL NIL 0 NIL 0
3 Total differently abled employees (D+E) NIL NIL 0 NIL 0
132
Sr. Male Female

No. No.(B) % (B/A) No. C % (C/A)
Differently Abled Workers
4 Permanent (F)
5 Other than Permanent (G) RVNL does not have any workers.
6 Total differently abled workers (F+G)
21 Participation/Inclusion/Representation of women:
No. and percentage of Females

Total (A)
No. (B) % (B/A)
Board of Directors 5 1 20%
Key Managerial Personnel 6 2 33.3%
22 Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
FY 2021-22
FY 2023-24 FY 2022-23
(Turnover rate in the year
(Turnover rate in current FY) (Turnover rate in previous FY)
prior to the previous FY)
Male Female Total Male Female Total Male Female Total
Permanent 12.71 - 12.71 12.99 14.28 13.04 10.76 - 10.76
Employees
Permanent
RVNL does not have any workers
Workers
V. Holding, Subsidiary and Associate Companies (including joint ventures)

23 (a) Name of holding / subsidiary / associate companies / joint ventures
Indicate whether % of Does the entity indicated

Holding/ shares at column A, participate in
S. Name of the holding / subsidiary / associate
Subsidiary/ held by the Business Responsibility
No. companies / joint ventures (A)
Associate/ Joint listed initiatives of the listed
Venture entity entity? (Yes/No)
1 HSRC Infra Services Limited Subsidiary 100.00% Yes
2 Haridaspur Paradip Railway Company Limited Joint Venture 30.00% No
3 Kutch Railway Company Limited Joint Venture 50.00% No
4 Krishnapatnam Railway Company Limited Joint Venture 49.76% No
5 Bharuch Dahej Railway Company Limited Joint Venture 35.46% No
6 Angul Sukinda Railway Limited Joint Venture 34.06% No
7 Dighi Roha Rail Limited Joint Venture 50.00% No
8 Shimla Bypass Kaithlighat Shakral Private Joint Venture 50.00% No
Limited
9 Chennai MMLP Private Limited Joint Venture 26.00% No
10 Bengaluru MMLP Private Limited Joint Venture 16.33% No
11 Kyrgyzindustry-RVNL Closed Joint Stock Joint Venture 50.00% No
Company
12 Chatra Expressways Private Limited Joint Venture 49% No
13 Indore MMLP Private Limited Joint Venture 100.00% No
14 JGPL-RVNL EPC Private Limited Joint Venture 49% No
15 Masakani Paradeep Road Vikas Limited Subsidiary 100% No
16 RVNL Infra South Africa Subsidiary 100% No
17 Kinet Railway Solutions Limited Associate 25% No
18 Indian Port Rail & Ropeway Corporation Limited Associate 10% No
133
VI. CSR Details
24 (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) YES
(ii) Turnover (in H) 2,17,32,57,81,949.31
(iii) Net worth (in H) 78,67,28,21,093.12
VII. Transparency and Disclosure Compliances

25 Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines
on Responsible Business Conduct:
Grievance FY 2023-24 FY 2022-23

Redressal (Current Financial Year) (Previous Financial Year)
Stakeholder Mechanism
Number of Number of
group from in Place (Yes/
Number of complaints Number of complaints
whom No) (If Yes,
complaints pending complaints pending
complaint is then provide Remarks Remarks
filed during resolution filed during resolution
received web-link for
the year at close of the year at close of
grievance
the year the year
redress policy)
Communities Yes. 0 0 NA 0 0 NA
https://
pgportal.gov.in
Investors Yes. 0 0 NA 0 0 NA
(other than https://
shareholders) pgportal.gov.in
Shareholders Yes. 33 0 NA 23 0 NA
https://rvnl.
org/investor
Employees & Yes. 0 0 NA 25 0 NA
Workers https://hr.rvnl.
org/ rvnlhr/
app/login_old.
php
Customers Not NA
Applicable*
Value Chain Yes. 0 0 NA 0 0 NA
Partners https://
pgportal.gov.in
Complaints Yes. 56 0 NA 79 13 The pending
from CVC** complaints
were resolved
after the
closing of the
fiscal year.
Complaints Yes. 121 2 NA 91 5 The pending
received from https:// complaints
CPGRAMS*** pgportal.gov.in were resolved
after the
closing of the
fiscal year.
*RVNL does not cater to retail customers
134
26 Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental
and social matters that present a risk or an opportunity to your business, rationale for identifying the same,
approach to adapt or mitigate the risk along-with its financial implications, as per the following format
Financial
Indicate
implications of the
whether Rationale for
S. Material issue In case of risk, approach to risk or opportunity
Risk or identifying the Risk /
No. identified Adapt or Mitigate (Indicate positive
Opportunity Opportunity
or negative
(R/O)
implications)
1 Climate Risk Viewing climate 1. Emission Reduction: Climate risk costs
Change Action change action as Shift to low- carbon upfront, but not
a risk highlights tech for RVNL’s adapting leads to
the dangers of not operations. higher expenses,
adequately addressing penalties and harm
2. Resilience Planning:
environmental changes. to RVNL’s stability.
Integrate climate
Neglecting it could
resilience into design.
result in regulatory
violations, reputation 3. Stakeholder
harm, supply chain Collaboration:
issues, and higher Engage government,
operational costs due communities, and
to evolving regulations industries.
and resource scarcity.
2 Sustainable Risk Rapidly changing 1. Supplier Collaboration: Potential
Supply Chain regulations and Partner with suppliers negative financial
consumer preferences for aligned goals and implications include
can lead to non- regulation compliance. supply disruptions
compliance penalties increased costs due
2. Risk Assessment:
and reputational to non- compliance
Regularly identify and
damage if sustainable or inefficiencies
mitigate supply chain
practices are not and reputational
sustainability risks.
prioritized. damage.
3. Diversification Strategy:
Reduce reliance on
high-risk sources
through sourcing
diversity.
4. Continuous Monitoring:
Use real- time
analytics to address
emerging supply chain
sustainability risks.
3 Waste Opportunity Effective waste 1. Minimize Waste: Reduced waste
Management management aligns Source waste reduction. disposal costs,
with sustainability potential revenue
2. Recycling Programs:
trends, reduces from recycling and
Multi-stream recycling.
environmental improved market
impact, and enhances 3. Circular Economy: image for eco-
corporate reputation Optimize resources, cut conscious customers
by highlighting waste. and investors.
responsible business
4. Engage Stakeholders:
conduct.
Suppliers, customers,
communities.
135
Financial
Indicate
implications of the
or negative
(R/O)
implications)
4 Environment Risk Non-compliance 1. Regulatory Tracking: Negative financial
Compliance with environmental Follow evolving implications
regulations can lead environmental rules. encompass potential
to legal penalties, fines, legal fees,
2. Compliance Audits:
reputational damage clean-up costs,
Check internal
and operational reputational harm,
adherence regularly.
disruptions impacting hindered business
business continuity and 3. Employee Training: expansion and
stakeholder trust. Train staff for limited market
environmental access.
awareness.
4. Continuous
Improvement: Use
audits for ongoing
enhancement.
5 Occupational Risk Inadequate attention 1. Comprehensive Potential
Health and to occupational health Training: Thorough negative financial
Safety and safety can lead to safety training for consequences
accidents, injuries, legal employees. involve legal fines,
liabilities, decreased medical costs,
2. Risk Assessment:
workforce productivity compensation
Regularly address
and reputational claims, higher
workplace risks.
damage. insurance premiums,
3. Safety Culture: decreased
Foster safety through productivity and
communication. reputational
damage.
4. Continuous
Improvement: Use
feedback for ongoing
safety enhancement.
6 Employee Opportunity Prioritizing employee 1. Continuous Learning: Positive financial
Development development, Training for skill implications include
and Wellbeing wellbeing, and enhancement. increased employee
retention leads to a satisfaction,
2. Wellbeing Initiatives:
motivated workforce, reduced turnover
Wellness, mental health,
higher productivity and associated
work-life balance.
and improved talent recruitment costs,
attraction, fostering a 3. Career Pathways: Clear improved team
positive organizational growth routes. collaboration and
culture. higher overall
4. Recognition and
organizational
Rewards: Acknowledge
performance.
and reward
achievements.
136
Financial
Indicate
implications of the
or negative
(R/O)
implications)
7 Human rights, Risk Failing to uphold 1. Policy Development: Negative financial
Diversity and human rights and Form inclusive policies
implications include
Inclusion foster diversity and on human rights and legal penalties,
inclusion may lead diversity. potential lawsuits,
to legal actions, reputational
2. Training & Education:
reputational harm, damage, reduced
Educate staff for
and diminished employee morale,
awareness.
employee morale, and the cost of
potentially impacting 3. Reporting Mechanisms: remediation efforts.
overall organizational Transparent reporting
performance. for violations.
4. Stakeholder
Engagement:
Collaborate for human
rights alignment.
8 Community Opportunity Engaging in 1. Needs Assessment: Positive financial
Development community Understand local needs. gains arise
development initiatives from improved
2. Collaborative Projects:
aligns with corporate reputation, loyal
Partner for community-
social responsibility customers, potential
driven projects.
fosters positive new markets and
relationships with 3. Skill Building: Train for community efforts
local communities empowerment. boosting business
and enhances brand growth and
4. Long-Term
reputation as a socially sustainability.
Engagement: Sustain
conscious organization.
positive impact via
lasting partnerships.
9 Data Privacy Risk Insufficient data 1. Data Encryption: Negative financial
and Security privacy and security Strong encryption for impacts encompass
measures may lead to data security. potential fines,
data breaches, loss of legal costs, data
2. Regular Audits:
sensitive information, recovery expenses,
Frequent security
regulatory penalties, diminished
assessments.
reputational damage customer trust,
and erosion of 3. Employee Training: reputational harm
customer trust. Train staff on data and potential
protection. reduction in market
value and customer
retention.
10 Business Opportunity Embracing strong 1. Code of Ethics: Set Positive financial
Ethics, business ethics, clear ethical guidelines. outcomes comprise
Accountability accountability greater customer
2. Transparent Reporting:
and and transparency loyalty, elevated
Regularly share
Transparency cultivates trust among investor trust,
practices impact.
stakeholders, enhances improved market
brand reputation 3. Accountability standing and access
and attracts socially Framework: Hold to sustainable
conscious customers individuals, org investments. Ethical
and investors. accountable ethically. practices foster
lasting financial
stability, growth and
risk mitigation.
137
Financial
Indicate
implications of the
or negative
(R/O)
implications)
11 Economic Opportunity Economic performance 1. Strategic Planning: Positive financial
Performance is crucial for Create market- aligned implications include
maintaining financial strategies. increased revenue,
stability and meeting higher profitability,
2. Operational Efficiency:
its goals. Strong improved investor
Optimize processes for
financial results also confidence and
cost and productivity.
make the business potential access to
more appealing to 3. Market Diversification: capital for expansion.
investors who are Expand to new markets Enhanced economic
more likely to be or offerings. performance
attracted by a record contributes to
of accomplishment of long-term financial
consistent profits and sustainability
strong financial health. and competitive
advantage.
12 Corporate Opportunity Weak corporate 1. Governance Positive financial
Governance governance and Framework: Clear implications
and non-compliance policies, transparency, include increased
Compliance can lead to legal ethics. revenue through
liabilities, regulatory customer loyalty,
2. Regular Audits:
penalties, reputational reduced costs from
Internal, external checks
damage and reduced fewer returns and
for compliance.
stakeholder trust. complaints and
3. Stakeholder potential market
Engagement: Gather expansion due to a
feedback, address strong reputation for
concerns. quality.
4. Whistle-blower Maintaining high
Mechanism: product and service
Confidential reporting quality contributes
for misconduct to sustained
prevention. financial success and
growth.
13 Risk Risk/ Risk management 1. Risk Identification: Negative financial
Management Opportunity enhances decision- Systematic assessment implications include
making, improves of potential risks. potential financial
resilience and identifies losses, increased
2. Risk Mitigation:
potential opportunities operational costs,
Strategies for impact
for growth. legal penalties,
reduction.
reputational harm
3. Crisis Preparedness: and decreased
Comprehensive plan for investor and
unexpected risks. stakeholder
confidence.
138
SECTION B : MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards
adopting the NGRBC Principles and Core Elements.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether your entity’s policy/ Yes Yes Yes Yes Yes Yes Yes Yes Yes
policies cover each principle
and its core elements of the
NGRBCs. (Yes/No)
b. Has the policy been approved Yes Yes Yes Yes Yes Yes Yes Yes Yes
by the Board? (Yes/No)
c. Web Link of the All of our company policies are available in the given link: https://rvnl.org/investor
Policies, if available
2 Whether the entity has Yes Yes Yes Yes Yes Yes Yes Yes Yes
translated the policy into
procedures. (Yes / No)
3 Do the enlisted policies extend to Yes Yes Yes Yes Yes Yes Yes Yes Yes
your value chain partners? (Yes/No)
4 Name of the national and
international codes/certifications/
labels/ standards (e.g. Forest
Stewardship Council, Fairtrade,
Indian labour codes, ISO 45001, ISO 14001, ISO 9001
Rainforest Alliance, Trustee)
standards (e.g. SA 8000, OHSAS,
ISO, BIS) adopted by your entity
and mapped to each principle.
5 Specific commitments, goals Our organisation has entered a new chapter by issuing the Business
and targets set by the entity with Responsibility Sustainability Report, which signifies our adoption of ESG
defined timelines, if any. reporting. Thanks to this initiative, we now have more room to expand and can
better align ourselves with our international competition. We have modified
our work processes and policies to assist in this endeavour. In addition, several
ISO standards such as ISO 45001, ISO 26000, ISO 20400 and ISO 37001 are
now being implemented. Several of our projects are still in the early phases
of development and should be finished on time, it's vital to remember that.
6 Performance of the entity against RVNL's use of ISO standards, including ISO 26000, ISO 20400 and ISO 37001
the specific commitments, goals demonstrates its commitment to operational excellence and global recognition.
and targets along-with reasons in The organisation is currently working on several projects and it is committed to
case the same are not met. continuous development because of its proactive approach to enhance policies
and processes. Thanks to its open and globally compliant processes, RVNL has
shown a positive trajectory in fulfilling its objectives and pledges.
Governance, leadership and oversight
7 Statement by director responsible We are dedicated to incorporate sustainability and responsibility into our
for the business responsibility business processes as a responsible corporate entity. Ensuring accountability
report, highlighting ESG and transparency in the business sector has advanced significantly with
related challenges, targets and SEBI’s introduction of the Business Responsibility and Sustainability Report
achievements (listed entity has (BRSR). RVNL is committed to follow the values and rules stated in the BRSR
flexibility regarding the placement framework and we completely support this endeavour. We think that ethical
of this disclosure) business practices benefit not just our stakeholders but also the environment
and society and that sustainable growth is crucial for long-term success.
In our BRSR, we have described our endeavours and accomplishments
in several ESG areas in depth such as our social contributions, governance
procedures and environmental effects. Strong measures have been put
in place to reduce our carbon impact, support diversity and inclusion and
maintain the highest moral standards. While acknowledging that we can
always do better, we are happy about our progress. We will keep pushing for
excellence in sustainability and accountability as we proceed coordinating our
objectives with the larger global agenda for sustainable development.
139
8 Details of the highest authority Mrs. Anupam Ban, Director (Personnel)
responsible for implementation
and oversight of the Business
Responsibility policy (ies).
9 Does the entity have a specified RVNL has a CSR committee at the Board level for overseeing and addressing
Committee of the Board/ Director sustainability-related issues. The Director (Personnel) heads it.
responsible for decision making on
sustainability related issues? (Yes /
No). If yes, provide details.
10 Details of Review of NGRBCs by the Company:
Indicate whether review was
Frequency (Annually/ Half yearly/
undertaken by Director / Committee of
Subject of Review Quarterly/ Any other – please specify)
the Board/ Any other Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against As a practice, policies on the Business Need Basis/Ongoing Basis
above policies and Responsibility of the Company are
follow up action. reviewed on a need basis by the Board.
During this assessment, the efficacy of
the policies is reviewed and necessary
changes to policies & procedures are
implemented.
Compliance with statutory The Company complies with the existing Quarterly
requirements of relevance regulations as applicable and a Statutory
to the principles and Compliance Certificate on applicable laws
rectification of any is provided by the MD & CFO to the Board
non-compliances. of Directors.
11 Has the entity carried out

P1 P2 P3 P4 P5 P6 P7 P8 P9
independent assessment/
evaluation of the working of its Yes, the policies are independently assessed and evaluated by CareEdge
policies by an external agency? Advisory.
(Yes/No). If yes, provide the
name of the agency.
12 If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
a. The entity does not consider the Principles material to its
business (Yes/No)
b. The entity is not at a stage where it is in a position to formulate and
implement the policies on specified principles (Yes/No)
NA
c. The entity does not have the financial or/human and technical
resources available for the task (Yes/No)
d. It is planned to be done in the next financial year (Yes/No)
e. Any other reason (please specify)
140
SECTION C : PRINCIPLE WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements
with key processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the
essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership
indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially,
environmentally and ethically responsible.
Businesses should conduct and govern themselves with integrity and in a

PRINCIPLE 1:
manner that is Ethical, Transparent and Accountable.
Essential Indicators
1 Percentage coverage by training and awareness programmes on any of the Principles during the financial
year:
Total number
Topics / principles covered % age of persons in respective
of training and
Segment under the training and its category covered by the awareness
awareness
impact programmes
programmes held
Board of Directors - - -
Key Managerial Personnel 1 Workshop on Sexual 100%
Harassment
Employees 125 1. Leadership Operation 100%
2. Tunnelling
3. CAD Operations
Workers RVNL does not RVNL does not have any RVNL does not have any workers
have any workers workers
2 Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 and as
disclosed on the entity’s website):
Monetary
Has an
Name of the regulatory/
NGRBC Amount Brief of the appeal been
enforcement agencies/
Principle (In INR) Case preferred?
judicial institutions
(Yes/No)
Penalty/ Fine NA NA NA NA NA
Settlement NA NA NA NA NA
Compounding fee NA NA NA NA NA
Non- Monetary
Name of the regulatory/
NGRBC Brief of the Has an appeal been
enforcement agencies/
Principle Case preferred? (Yes/No)
judicial institutions
Imprisonment NA NA NA NA
Punishment NA NA NA NA
141
3 Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
monetary or non-monetary action has been appealed.
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions
4 Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Yes, there is an anti-corruption and anti-bribery policy at RVNL. Keeping in mind the BRSR needs, it was implemented
in the FY 2022–2023 in accordance with the NGRBC principles.
The policy guarantees legal compliance, clarifies what constitutes bribery and corruption and describes due
diligence procedures for outside partners. It focuses on reporting, training and the repercussions of violations.
The policy is accessible on RVNL’s website and it is regularly monitored and evaluated. In keeping with RVNL’s
unshakable commitment to ethics, the Board of Directors is in charge of interpretation and revisions.
The company also offers a whistleblower programme that enables voice complaints about any incidents of dishonest
or fraudulent behaviour, etc.
Web Link: https://rvnl.org/RVNL_cms/uploads/copolicy/Anti_Bribery_and_Anti_Corruption_Policy.pdf
5 Number of Directors/KMPs/Employees/Workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
FY 2023-24 FY 2022-23
(Current (Previous
Financial Year) Financial Year)
Directors NIL NIL
KMPs NIL NIL
Employees NIL NIL
Workers RVNL does not RVNL does not
have any workers have any workers
6 Details of complaints with regard to conflict of interest:
FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Number Remarks Number Remarks
Number of complaints received in relation to issues of NIL NA NIL NA
Conflict of Interest of the Directors
Number of complaints received in relation to issues of NIL NA NIL NA
Conflict of Interest of the KMPs
7 Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken
by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
Not Applicable
8 Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the
following format:
FY 2023-24 FY 2022-23
(Current (Previous
Number of days of accounts payable 4.63 12.30
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9 Open-ness of business
Provide details of concentration of purchases and sales with trading houses, dealers and related parties along-with
loans and advances & investments with related parties, in the following format:
FY 2023-24 FY 2022-23
Parameter Metrics (Current (Previous
Concentration of a. Purchases from trading houses as % of total NA NA
Purchases purchases
b. Number of trading houses where purchases are NA NA
made from
c. Purchases from top 10 trading houses as % of NA NA
total purchases from trading houses
Concentration of a. Sales to dealers/ distributors as % of total sales NA NA
Sales b. Number of dealers / distributors to whom sales NA NA
are made
c. Sales to top 10 dealers/distributors as % of total NA NA
sales to dealers / distributors
Shares of RPTs in a. Purchases (Purchases with related parties/ total 0.17% 0.09%
purchases)
b. Sales (Sales to related parties/ total sales) 3.45% 4.76%
c. Loans & advances (Loans & advances given to 75.28% 0.00%
related parties / total loans & advances)
d. Investments (Investments in related parties / total 99.38% 99.16%
investments made)
Leadership Indicators
1 Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
% age of value chain

partners covered (by value
Topics / principles covered
Total number of awareness programmes held of business done with
under the training
such partners) under the
awareness programmes
NA NA NA
2 Does the entity have processes in place to avoid/ manage conflict of interests involving members of the
Board? (Yes/No) If Yes, provide details of the same
Yes, every Director of the Company discloses his/her concern or interest in the company or companies, body
corporates, firms, or other association of individuals and any change therein, annually or upon any change, which
includes the shareholding interest. Further, a declaration is also taken annually from the Directors under the Code
of Conduct confirming that they will always act in the interest of the Company and ensure that any other business
or personal association which they may have, does not involve any conflict of interest with the operations of the
Company and the role therein. In the meetings of the Board, the Directors abstain from participating in the items
in which they are concerned or interested. For identifying and tracking conflicts of interest involving the Directors/
KMPs of the Company, the Corporate Secretarial team maintains a database of the Directors and the entities in
which they are interested. This list is shared with the finance department for monitoring and tracking transaction(s)
entered by the Company with such parties. Additionally, the Senior Management also affirms annually that they
have not entered into any material, financial and commercial transactions, which may have a potential conflict with
the interest of the Company at large.
The Code of Conduct: https://rvnl.org/RVNL_cms/uploads/copolicy/Code_of_conduct-_RVNL.pdf
143
Businesses should provide goods and services in a manner that is sustainable
PRINCIPLE 2
and safe
1 Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively
Details of
Current Financial Previous improvements in
Year Financial Year environmental
and social impacts
R&D NIL NIL -
Capex NIL NIL -
2 a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
RVNL does not yet have a defined process in place for sustainable sourcing. Nonetheless, RVNL actively
supports procuring from MSME suppliers and advocates for the use of GeM (the Government e-marketplace)
for procurement. It is significant to remember that RVNL has a policy in place for sustainable sourcing and is
actively striving to create a framework for it.
b. If yes, what percentage of inputs were sourced sustainably?

We cannot give a precise percentage of inputs from sustainable sources since we lack a defined approach.
Nonetheless, the creation of a policy that gives priority to sustainable buying methods demonstrates our
dedication to promote a sustainable supply chain. Since we understand how important sustainability is, we
are actively aiming to improve our responsible sourcing initiatives by acquiring ISO 20400 accreditation.
3 Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end
of life, for:
(a) Plastics (including packaging)

(b) E-waste
NA
(c) Hazardous waste
(d) Other waste.
4 Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities

(Yes / No). If yes, whether the waste collection plan is in line with the Extended Producer
NA
Responsibility (EPR) plan submitted to Pollution Control Boards? If no, provide steps
taken to address the same.
1 Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
Boundary for
Whether conducted Results communicated
Name of % of total which the Life
by independent in public domain (Yes/
NIC Code Product / Turnover Cycle Perspective
external agency No) If yes, provide the
Service contributed / Assessment was
(Yes/No) web-link.
conducted
No, the company hasn’t conducted any LCA
144
2 If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any
other means, briefly describe the same along-with action taken to mitigate the same.
Name of Product / Service Description of the risk / concern Action Taken

Not Applicable
3 Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry).
Recycled or re-used input material to

total material
Indicate input material FY 2023-24 FY 2022-23
(Current (Previous
Not Applicable
4 Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format:
FY 2023-24 FY 2022-23
Current Financial Year Previous Financial Year
Safely Recycled Safely
Re-Used Recycled Re-Used
Disposed (MT) Disposed
Plastics (including packaging)
E-waste
Not Applicable
Hazardous waste
Other waste
5 Reclaimed products and their packaging materials (as percentage of products sold) for each product category
Reclaimed products and their packaging materials as % of total

Indicate product category
products sold in respective category
Not Applicable
Businesses should respect and promote the well-being of all employees,

PRINCIPLE 3
including those in their value chains
1 a Details of measures for the well-being of employees:
% of employees covered by
Health Accident Maternity Day Care
Paternity Benefits
Category Total Insurance Insurance Benefits Facilities
(A) Number % Number % Number Number Number %
% (D/A) % (E/A)
(B) (B/A) (C) (C/A) (D) (E) (F) (F/A)
Permanent employees
Male 176 176 100% 176 100% 0 0 176 100% 0 0%
Female 10 10 100% 10 100% 10 100% 0 0 0 0%
Total 186 186 100% 186 100% 10 5.38% 176 94.62% 0 0%
Other than Permanent employees
Male 202 202 100% 202 100% 0 0 202 100% 0 0%
Female 6 6 100% 6 100% 6 100% 0 0 0 0%
Total 208 208 100% 208 100% 6 2.88% 202 97.12% 0 0%
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b Details of measures for the well-being of workers:
% of workers covered by
Health Accident Maternity Paternity Day Care
Category Total Insurance Insurance Benefits Benefits Facilities
(A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent workers
Male
Female RVNL does not have any workers.
Total
Other than Permanent workers
Male
Female RVNL does not have any workers.
Total
c Spending on measures toward well-being of employees and workers (including permanent and other than
permanent) in the following format
FY 2023-24 FY 2022-23
(Current (Previous
Cost incurred on well-being measures as a % of total revenue of the 0.80% 1.05%
company
2 Details of retirement benefits, for Current Financial Year and Previous Financial Year.
FY 2023-24 FY 2022-23
Deducted Deducted
No. of No. of No. of No. of
and and
employees workers employees workers
Benefits deposited deposited
covered as covered as covered as covered as
with the with the
a % of total a % of total a % of total a % of total
authority authority
employees workers employees workers
(Y/N/N.A.) (Y/N/N.A.)
PF 100 Nil Yes 100 Nil Yes
Gratuity 100 Nil Yes 100 Nil Yes
ESI 0 Nil No 0 Nil No
NPS 100 Nil Yes 100 Nil Yes
3 Accessibility of workplaces
Are the premises / offices of the According to the guidelines of the Rights of Persons with Disabilities Act,
entity accessible to differently 2016, RVNL’s facilities are indeed accessible to workers and employees with
abled employees and workers, disabilities. RVNL ensures that, in accordance with the requirements set
as per the requirements of the forth in the Rights of Persons with Disabilities Act of 2016, its office spaces
Rights of Persons with Disabilities are inclusive and accessible for workers and employees with disabilities.
Act, 2016? If not, whether any The organisation places a high priority on establishing an atmosphere that
steps are being taken by the promotes accessibility by combining the following crucial components:
entity in this regard.
1. Accessibility Ramps: Wheelchair users and other individuals with mobility
assistance may move about the workplace space more easily thanks to
the ramps installed.
2. Lift Installations: RVNL has installed lifts that adhere to accessibility

requirements in order to guarantee vertical accessibility. This makes it easy
for staff members and employees with restricted mobility to go between
levels of the office building.
3. Special restrooms for people with disabilities: RVNL facilities include

accessible restrooms to meet the requirements of people with disabilities.
146
4 Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes. RVNL complies with the Rights of Persons with Disabilities Act, 2016 by having an Equal Opportunity Policy.
RVNL’s policy guarantees legal compliance, defines corruption and directs third-party due diligence while being
in line with NGRBC principles and BRSR. It is monitored online, encourages reporting, training and fines and is
governed by the Board of Directors who also looks after a whistleblower system.
Web Link: https://rvnl.org/RVNL_cms/uploads/copolicy/Equal_Opportunity_Policy.pdf
5 Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent employees Permanent workers

Gender Return to Retention
Return to work rate Retention rate
work rate rate
Male 100% 100% RVNL does not have any workers RVNL does not have any workers
Female 100% 100% RVNL does not have any workers RVNL does not have any workers
Total 100% 100% RVNL does not have any workers RVNL does not have any workers
6 Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief.
Yes/No (If Yes, then give details of the mechanism in brief)

Permanent RVNL does not have any workers
Workers
Other than RVNL does not have any workers
Permanent
Workers
Permanent Employees at RVNL have a variety of channels for resolving concerns, including direct
Employees connection with department heads or HR, the CVC platforms, CPGRAMS and the E-sampark
Other than Portal. This inclusive strategy also applies to temporary staff members. Grievances are reported
Permanent via approved means and assessed by a committee that looks into them. Proposed solutions
Employees are shared transparently; ensuring that employees are updated throughout the process. This
underscores RVNL's commitment to a harmonious work environment achieved by promptly
resolving grievances.
7 Membership of Employees and Workers in Association(s) or Unions recognised by the listed entity:
FY 2023-24 FY 2022-23
No. of Employees / No. of Employees /
Total Employees Total Employees
Workers in respective Workers in respective
Category / Workers in / Workers in %
category, who are % (B/A) category, who are
respective respective (D/C)
part of Association(s) part of Association(s)
category (A) category (C)
or Union (B) or Union (D)
Total Permanent Employees
Male
NA
Female
Total Permanent Workers
Male
Female
8 Details of training given to employees and workers:
FY 2023-24 FY 2022-23
On Health On Health
On Skill On Skill
Category and safety and safety
Total (A) upgradation Total (D) upgradation
measures measures
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. F % (F/D)
Employees
Male 378 62 16.4 61 16.1 413 5 1.21% 80 19.37%
Female 16 8 50 - - 12 5 41.67% 0 0.00%
Total 394 70 17.7 61 15.4 425 10 2.35% 80 18.82%
147
FY 2023-24 FY 2022-23
On Health On Health
On Skill On Skill
Category and safety and safety
Total (A) upgradation Total (D) upgradation
measures measures
Workers
Male
Female RVNL does not have any workers
Total
9 Details of performance and career development reviews of employees and worker:
FY 2023-24 FY 2022-23
Category
Total (A) No.(B) % (B/A) Total (C) No.(D) % (D/C)
Employees
Male 378 25 6.61 413 413 100%
Female 16 - 0 12 12 100%
Total 394 25 6.35 425 425 100%
Workers
Male
Female RVNL does not have any workers
Total
10 Health and safety management system:
a. Whether an occupational health and safety Indeed, RVNL has embraced and put into practice ISO
management system has been implemented 45001:2018 to guarantee worker safety and health throughout
by the entity? (Yes/ No). If yes, the coverage of the company. It is now in use at four different places (Corporate
such system? office and three PIUs).
b. What are the processes used to identify work- The business adheres to ISO 45001 standards for workplace
related hazards and assess risks on a routine safety. Hazard identification is based on employee feedback,
and non-routine basis by the entity? audits and routine inspections. Thorough risk evaluations
measure the exposure, severity and efficacy of controls.
Thorough documentation keeps track of risks and safeguards.
Comprehensive safety is ensured by proactive danger
assessments and employee engagement.
c. Railway Electrification of 528.3 km was also NA
carried out in other than specific Railway
Electrification projects as part of Doubling.
d. Do the employees/ worker of the entity have Unemployment benefits and other non-occupational medical
access to non-occupational medical and treatments are available to entity workers and employees.
healthcare services? (Yes/ No) Beyond the office, we are dedicated to their well-being and
will make sure they have access to full healthcare assistance
for their general health and wellness. All medical costs are paid
back if an official receipt is submitted.
11 Details of safety related incidents, in the following format:
FY 2023-24 FY 2022-23
Safety Incident/Number Category (Current (Previous
Lost Time Injury Frequency Rate (LTIFR) Employees NIL NIL
(per one million-person hours worked) Workers RVNL does not RVNL does not
Total recordable work-related injuries Employees NIL NIL
No. of fatalities Employees NIL NIL
High consequence work-related injury or ill-health Employees NIL NIL
(excluding fatalities) Workers RVNL does not RVNL does not
148
12 Describe the measures taken by the entity to ensure a safe and healthy work place.
RVNL has implemented a number of safeguards to ensure a healthy and safe work environment. These include
putting in accessibility ramps and making it easier for staff members who need mobility aids to move around. In
addition, the installation of accessible elevators guarantee vertical mobility, assisting those with restricted mobility
between levels. Dedicated restrooms are designed to meet the requirements of people with disabilities. RVNL also
adheres to ISO 45001 standards for occupational health and safety. These collective efforts demonstrate RVNL’s
commitment to create an inclusive and secure work environment for all employees.
13 Number of Complaints on the following made by employees and workers:
FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Pending Pending
Filed
Filed during resolution resolution
Remarks during the Remarks
the year at the end at the end
year
of year of year
Working Conditions 0 0 NA 0 0 NA
Health & Safety 0 0 NA 0 0 NA
14 Assessments for the year:
% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)
Health and safety practices
100%
Working Conditions
15 Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
Our steadfast commitment to maintain safety regulations and thorough health and safety evaluations have allowed
us to stop these kind of things from happening. By regularly assessing our procedures and working environment,
we can quickly resolve any possible risk or issue and provide a safe and responsible work environment for our staff.
1 Does the entity extends any life insurance or any compensatory package in the event of death of (A) Employees
(Y/N) (B) Workers (Y/N). - YES
2 Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners.
The company monitors and tracks compliance with statutory dues by contractors who supply third-party resources
as part of regular invoice processing checks. Periodic audits are also conducted to ensure compliance.
3 Provide the number of employees / workers having suffered high consequence work related injury / ill-health
/ fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and placed in
suitable employment or whose family members have been placed in suitable employment:
No. of employees/workers that are

rehabilitated and placed in suitable
Total no. of affected employees/
employment or whose family
workers
members have been placed in
suitable employment
FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23
(Current (Previous (Current (Previous
Financial Year) Financial Year) Financial Year) Financial Year)
Employees Nil Nil Nil Nil
Workers RVNL does not have any workers
149
4 Does the entity provide transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment? (Yes/ No)
The company provides skills training from time to time, enabling employees to pursue employment post-retirement
or termination.
5 Details on assessment of value chain partners:
% of value chain partners (by value of business done with such

partners) that were assessed
Health and safety practices
NA
Working Conditions
6 Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
Not Applicable. However, The Code of Conduct of the company expects the value chain partners to adhere to
health & safety guidelines and provide good working conditions for all of its employees & workers.
Businesses should respect the interests of and be responsive to all its

PRINCIPLE 4:
stakeholders
1 Describe the processes for identifying key stakeholder groups of the entity
To identify its key stakeholders, RVNL employs a comprehensive process that includes a materiality assessment
and peer analysis. The materiality assessment evaluates the impact and significance of both internal and external
stakeholders on RVNL’s operations and long-term sustainability, enabling the company to prioritize stakeholders
based on their influence and dependence. RVNL also conducts peer analysis to gain insights into industry-specific
stakeholders by studying similar entities in the field of railway and infrastructure. By combining the results of the
materiality assessment and peer analysis, RVNL categorizes stakeholders according to their importance and influence.
This process allows for effective engagement with key stakeholders, ensuring a thorough understanding of their needs
and concerns and incorporating their feedback into the company’s strategies and decision-making. RVNL further
seeks input from stakeholders to gather their opinions on the company’s vision, ESG practices, and business actions.
2 List stakeholder groups identified as key stakeholder for your entity and the frequency of engagement with
each stakeholder group
Frequency of
Whether
Channels of communication engagement
identified as Purpose and scope of
(Email, SMS, Newspaper, (Annually/
Vulnerable & engagement including key
Stakeholder Group Pamphlets, Advertisement, Half Yearly/
Marginalized topics and concerns raised
Community Meetings, Notice Quarterly /
Group during such engagement
Board, Website or any Other Others – please
(Yes/No)
specify)
1 Investor/ No Annual General Meetings, Annual Business Performance,
Shareholder Website, Stock Exchange Corporate Governance,
Websites, Investor Conferences, Major work orders, etc.
E-mails
2 Government/ No E-mails, Meetings As and when Regulatory matters,
Regulator required Business Activities
3 Employees No Employee Portal, Meetings, Ongoing Information, Events,
E-mails, Notice Board, Website Trainings, Business
Activities
4 Vendors/ No E-mails, Calls, Website, Ongoing Business Activities
Contractors Newspapers
5 Societies / Yes E-mails, Calls, Meetings As and when Audits, Feedbacks, Social
Communities required Issues
150
1 Provide the processes for consultation between stakeholders and the Board on economic, environmental,
and social topics or if consultation is delegated, how is feedback from such consultations provided to the
Board.
At RVNL, the stakeholder engagement mechanism plays a crucial role in strengthening and diversifying stakeholder
relationships. This, in turn, helps to identify key material issues affecting the Company’s growth. The stakeholder
engagement and materiality assessment conducted in FY 2023-24 led to prioritize material issues, mapping relevant
risks and developing risk mitigation strategies. The main outcome of the stakeholder engagement exercise was
the identification and prioritization of material issues related to environmental, social, governance, and economic
aspects. These identified material issues were then presented to the highest governing member and the Board
for feedback and guidance in shaping the Company’s sustainable growth model. To ensure ongoing engagement
with internal and external stakeholders and the identification of key material issues affecting them, the stakeholder
engagement exercise undergoes regular reviews.
2 Whether stakeholder consultation is used to support the identification and management of environmental,
and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders
on these topics were incorporated into policies and activities of the entity.
Yes, RVNL has always maintained a regular and proactive engagement with the Company’s key stakeholders,
allowing it to effectively work on its ESG strategies and be transparent about the outcomes. In response to current
regulations and interactions with stakeholders, the Company performs periodic evaluations to update and revise
policies as needed.
3 Provide details of instances of engagement with, and actions taken to address the concerns of vulnerable/
marginalized stakeholder groups.
For more information please refer to our CSR Page at https://rvnl.org/csr
PRINCIPLE 5: Businesses should respect and promote human rights
1 Employees and Workers who have been provided training on human rights issues and policy(ies) of the entity,
in the following format:
FY 2023-24 FY 2022-23
No. of No. of
Category
employees employees
Total (A) % (B/A) Total (C) % (D/C)
/ workers / workers
covered (B) covered (D)
Employees
Permanent 186 Nil Nil 185 10 5.41%
Other than permanent 208 Nil Nil 240 5 2.08%
Total Employees 394 Nil Nil 425 15 3.53%
Workers
Permanent
Other than permanent RVNL does not have any workers
Total Workers
151
2 Details of minimum wages paid to employees and workers, in the following format:
FY 2023-24 Current Financial Year FY 2022-23 Previous Financial Year

Equal to More than Equal to More than
Category Minimum Minimum Minimum Minimum
Total (A) Total (D)
Wage Wage Wage Wage
Employees
Permanent 186 0 0% 186 100% 177 0 0% 177 19.37%
Male 176 0 0% 176 100% 8 0 0% 8 0.00%
Female 10 0 0% 10 100%
Other than permanent
Male 202 0 0% 202 100% 236 0 0% 236 100%
Female 6 0 0% 6 100% 4 0 0% 4 100%
Workers
Permanent
Male
Female
Other than permanent
Male
Female
3 Details of remuneration/salary/wages, in the following format:

a. Median remuneration / wages:
Male Female
Median Median
remuneration/ remuneration/
Number Number
salary/ wages of salary/ wages of
respective category respective category
Board of Directors (BoD) 4 2,61,899 1 2,52,920
Key Managerial Personnel 4 2,61,899 2 1,64,710
Employees other than BoD and KMP 378 99,870 16 79,070
Workers Nil Nil
b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY 2023-24 FY 2022-23
Safety Incident/Number Current Previous
Financial Year Financial Year
Gross wages paid to females as % of total wages 2.72% 1.96%
4 Do you have a Focal Point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes
5 Describe the Internal Mechanisms in place to redress grievances related to human rights issues.
RVNL is committed to upholding human rights and ensuring that all individuals are treated with dignity and
respect. We recognize the importance of addressing human rights complaints effectively. To achieve this, we have
implemented a comprehensive framework that provides various channels for stakeholders to report their concerns.
The CPGRAMS (Centralized Public Grievance Redress and Monitoring System) offers a convenient platform for
lodging complaints, ensuring transparency and timely resolution. In addition, our Sampark Portal serves as a user-
friendly interface that facilitates direct communication and engagement, allowing stakeholders to share their
feedback and grievances directly with us. For those who prefer traditional channels, we welcome direct letters and
value written correspondence as a means for meaningful dialogue.
152
6 Number of Complaints on the following made by employees and workers:
FY 2023-24 FY 2022-23
Pending Pending
Filed
Filed during resolution resolution
Remarks during the Remarks
the year at the end at the end
year
of year of year
Sexual Harassment 0 0 NA 0 0 NA
Discrimination at workplace 0 0 NA 0 0 NA
Child Labour 0 0 NA 0 0 NA
Forced Labour/ Involuntary Labour 1 0 NA 0 0 NA
Wages 0 0 NA 0 0 NA
Other Human rights related issues 8 0 NA 0 0 NA
7 Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013, in the following format:
FY 2023-24 FY 2022-23
Current Previous
Financial Year Financial Year
Total Complaints reported under Sexual Harassment of Women at Nil Nil
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees / workers Nil Nil
Complaints on POSH upheld Nil Nil
8 Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases
To avoid unfavourable outcomes in situation of harassment and discrimination, RVNL employs a number of crucial
procedures. First, keeping complainants’ identity private to protect them from reprisals and promotes reporting.
The impartiality and reliability of the results are ensured by conducting an impartial inquiry by an independent
party. Complainants are assisted in navigating the investigative process by providing them with strong support
such as counselling and legal aid. RVNL implements remedial measures, such as fines, payments, or policy
improvements, in response to verified claims. These steps guarantee fair handling of complaints. In order to create
a work environment where discrimination and harassment are not allowed, RVNL has also implemented a clear
anti-harassment policy provides thorough training and cultivates a respectful culture. Through the use of these
processes, RVNL fosters a welcoming and secure atmosphere that encourages impartial grievance investigations
and protect complainants from unfavourable outcomes.
9 Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Indeed, human rights obligations are a fundamental component of our contracts and economic agreements. We
are dedicated to uphold the rights and welfare of every person involved in our operations by abiding the Factory
Act and Indian Labour Codes.
10 Assessments for the year:
% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)
Child Labour 100%
Forced/Involuntary Labour 100%
Sexual Harassment 100%
Discrimination at Workplace 100%
Wages 100%
Others – please specify NA
153
the assessments at Question 9 above.
Due to our commitment to uphold labour standards and providing ongoing oversight, we have successfully
maintained a safe and responsible work environment for our employees while ensuring compliance. Any issues
identified during evaluations would receive top priority attention and appropriate remedial action would be taken
in accordance with our policies.
1 Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
Not Applicable
2 Details of the scope and coverage of any Human Rights Due-Diligence conducted.
No Human Rights Due Diligence is conducted
3 Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
Yes, most of the locations are accessible to differently abled persons.
4 Details on assessment of value chain partners:
% of value chain partners (by value of business done with such

partners) that were assessed
Sexual Harassment
Discrimination at workplace
Child Labour
NA
Forced Labour/Involuntary Labour
Wages
Others – please specify
the assessments at Question 4 above.
Not Applicable
Businesses should respect and make efforts to protect and restore the
PRINCIPLE 6:
environment
1 Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
FY 2023-24 FY 2022-23
(Current (Previous
Parameter
(Giga Joules) (Giga Joules)
From renewable sources
Total electricity consumption (A) 610.92 -
Total fuel consumption (B) - -
Energy consumption through other sources (C) - -
Total energy consumed from renewable sources (A+B+C) 610.92 -
From non-renewable sources
Total electricity consumption (D) (GJ) 8,338.08 5,345.11
Total fuel consumption (E) (GJ) 1,97,357.13 112284.85
Energy consumption through other sources (F) - -
Total energy consumed from non-renewable sources (D+E+F) 2,05,695.13 117,629.96
Total energy consumed (A+B+C+D+E+F) 2,06,306.13 117,629.96
154
Energy intensity per rupee of turnover 0.0000009493 0.00000058

(Total energy consumed/ revenue from operations) (In lakhs)
Energy intensity per rupee of turnover adjusted for Purchasing Power The company The company
Parity (PPP) doesn’t have doesn’t have
(Total energy consumed / Revenue from operations adjusted for PPP) international international
operations hence operations hence
not applicable not applicable
Energy intensity in terms of physical output - -
Energy intensity (optional) - per employee - -
Note: Indicate if any independent assessment/ evaluation/assurance No
has been carried out by an external agency? (Y/N) If yes, name of the
external agency
2 Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action
taken, if any.
Not Applicable
3 Provide details of the following disclosures related to water, in the following format:
Parameter FY 2023-24 FY 2022-23

Water withdrawal by source (in kilolitres)
(i) Surface water 0 0
(ii) Groundwater 0 0
(iii) Third-party water (tanker) 7973 22207.20
(iv) Seawater / Desalinated water 0 0
(v) Water from Municipal Corporation 11055.5 22207.20
(vi) Water Bottles 8328.9 -
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 27357 22207.20
Total volume of water consumption (in kilolitres) 27357 22207.20
Water intensity per rupee of turnover (Total water consumption / 0.0000001259 0.0000001095
Revenue from Operations)
Water intensity per rupee of turnover adjusted for Purchasing Power The company The company
(Total water consumption / Revenue from Operations adjusted for PPP) international international
Water intensity in terms of physical output - -
Water intensity (optional) – per employee - -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency - Yes, by ENEN Green Services Private Limited.
4 Provide the following details related to water discharged:
FY 2023-2024 FY 2022-2023
Parameter (Current (Previous
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
No treatment 657.6 -
With treatment – please specify level of treatment
(ii) To Groundwater -
No treatment
(iii) To Seawater -
No treatment
155
(iv) Sent to third-parties -
No treatment
(v) Others -
No treatment
With treatment – please specify level of treatment – Reused at site 43300 -
Total water discharged (in kilolitres) 43957.60 -
(Y/N) If yes, the name of the external agency -Yes, by ENEN Green Services Private Limited.
5 Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Since the operational control is with the sub-contractors to carry out the projects hence RVNL has not implemented
Zero Discharge Mechanism.
6 Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
FY 2023-24 FY 2022-23
NOx
Sox
Particulate Matter (PM)
Not Applicable to the operations of
Persistent Organic Pollutants (POP)
RVNL
Volatile Organic Compounds (VOC)
Hazardous Air Pollutants (HAP)
Others – Please Specify
(Y/N) If yes, name of the external agency -Yes, by ENEN Green Services Private Limited.
7 Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format:
FY 2023-24 FY 2022-23
Parameter Unit (Current (Previous
Total Scope 1 emissions (Break-up of the MT CO2 equivalent 13208.78 7,707.44
GHG into CO2, CH4, N2O, HFCs, PFCs, SF6,
NF3, if available)
Total Scope 2 emissions (Break-up of the MT CO2 equivalent 1,656.04 1,060.60
GHG into CO2, CH4, N2O, HFCs, PFCs, SF6,
NF3, if available)
Total Scope 1 and Scope 2 emissions per MT CO2 equivalent / 0.0000000684 0.0000000432
rupee of turnover (Total Scope 1 and Scope 2 rupees
GHG emissions / Revenue from operations)
Total Scope 1 and Scope 2 emission The company doesn’t The company The company
intensity per rupee of turnover adjusted for have international doesn’t have doesn’t have
Purchasing Power Parity (PPP) (Total Scope operations hence not international international
1 and Scope 2 GHG emissions / Revenue from applicable operations hence operations hence
operations adjusted for PPP) not applicable not applicable
Total Scope 1 and Scope 2 emission intensity - - -
in terms of physical output
Total Scope 1 and Scope 2 emission intensity - - -
(optional) – per employee
156
8 Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
No. RVNL does not have any projects as such.
9 Provide details related to waste management by the entity, in the following format:
FY 2023-2024 FY 2022-2023
Total Waste generated (in metric tonnes)
Plastic waste (A) 0.08
E-waste (B) 0.08 0.22
Bio-medical waste (C) - -
Construction and demolition waste (D) - -
Battery waste (E) 0.015 0.13
Radioactive waste (F) - -
Other Hazardous waste (Oil-soaked cotton waste, DG filters, paint cans, 2 -
chemical cans, paint residue, oil sludge, DG chimney soot, coolant oil and
used oil). Please specify, if any. (G)
Other Non-hazardous waste generated (H) – Solid Waste 3.41 1.03
Total (A+B + C + D + E + F + G + H) 5.50 1.46
Waste intensity per rupee of turnover 0.0000025 0.00000067
(Total waste generated / Revenue from Operation)
Waste intensity per rupee of turnover adjusted for Purchasing Power The company The company
(Total waste generated / Revenue from Operation adjusted for PPP) international international
Waste intensity in terms of physical output - -
Waste intensity (optional) – the relevant metric may be selected by the - -
entity
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled - -
(ii) Re-used 3.35 1.85
(iii) Other recovery operations 0 0
Total 3.35 1.85
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration - -
(ii) Landfilling - 1.85
(iii) Other disposal operations 2.15 -
Total 2.15 1.85
157
10 Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes
and the practices adopted to manage such wastes
RVNL implements a range of waste management practices to ensure effective disposal, environmental responsibility,
and regulatory compliance. These practices include source segregation of waste, recycling and reuse initiatives.
The company’s dedication to sustainability and safety is evident in its core approach, which emphasizes ongoing
enhancements and strict adherence to regulations.
11 If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals / clearances are required, please specify details in the following format:
Whether the conditions of environmental approval/

S. Type of
Location of operations/offices clearance are being complied with? (Y/N) If no, the
No operations
reasons thereof and corrective action taken, if any
As RVNL receives its clearances from the Ministry of Railways, the entity does not have operations or offices in
ecologically sensitive areas that require separate environmental approvals or clearances.
12 Details of environmental impact assessments of projects undertaken by the entity based on applicable laws,
in the current financial year:
Whether conducted Results

EIA
by independent communicated Relevant
Name and brief details of project Notification Date
external agency in public domain Web link
No.
(Yes / No) (Yes / No)
NA
13 Is the entity compliant with the applicable environmental laws/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
Protection Act and Rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following
format:
Any fines / penalties /

Specify the law / regulation Provide details
S. action taken by regulatory Corrective action taken,
/ guidelines which was not of the non-
No agencies such as pollution if any
complied with compliance
control boards or courts
RVNL complies with all the Environmental Laws
1 Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area

RVNL doesn’t have any projects in the water stress area
(ii) Nature of operations
(iii) Water withdrawal, consumption and discharge in the following format:
FY 2023-24 FY 2022-23
Water withdrawal by source (in kilolitres)
(i) Surface water Not Applicable Not Applicable
(ii) Groundwater Not Applicable Not Applicable
(iii) Third party water Not Applicable Not Applicable
(iv) Seawater / Desalinated water Not Applicable Not Applicable
(v) Others Not Applicable Not Applicable
Total volume of water withdrawal (in kilolitres) Not Applicable Not Applicable
Total volume of water consumption (in kilolitres) Not Applicable Not Applicable
158
Water intensity per rupee of turnover (Water consumed / turnover) Not Applicable Not Applicable
Water intensity (optional) – the relevant metric may be selected by Not Applicable Not Applicable
the entity
Water discharge by destination and level of treatment (in
kilolitres)
(i) Into Surface water Not Applicable Not Applicable
- No treatment Not Applicable Not Applicable
- With treatment – please specify level of treatment Not Applicable Not Applicable
(ii) Into Groundwater Not Applicable Not Applicable
(iii) Into Seawater Not Applicable Not Applicable
(iv) Sent to third-parties Not Applicable Not Applicable
(v) Others Not Applicable Not Applicable
Total water discharged (in kilolitres) Not Applicable Not Applicable
Note: Indicate if any independent assessment/ evaluation/assurance Not Applicable
has been carried out by an external agency? (Y/N) If yes, name of the
external agency
2 Please provide details of total Scope 3 emissions & its intensity, in the following format:
FY 2023-24 FY 2022-23
Parameter Unit (Current (Previous
Total Scope 3 emissions
(Break-up of the GHG into CO2, CH4, N2O, HFCs,
PFCs, SF6, NF3, if available) The company is in the process of calculating the Scope 3
Total Scope 3 emissions per rupee of turnover emissions and will disclose them in the coming years
Total Scope 3 emission intensity (optional) – per
employee
Note: Indicate if any independent assessment/ Not Applicable
evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external
agency
3 With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention
and remediation activities.
Not Applicable
4 If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
details of the same as well as outcome of such initiatives, as per the following format:
Details of the initiative (Web-

S.
Initiative undertaken link, if any, may be provided Outcome of the initiative
No
along-with summary)
NA
159
5 Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
All safety equipment, physical tools and backup plans are available on-site to address emergent situations. There is
ample equipment, tools and manpower for disaster management.
6 Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard
All precautionary measures are being taken per government-prescribed pollution, environment, fire, and forest norms.
7 Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
Nil
Businesses, when engaging in influencing public and regulatory policy,

PRINCIPLE 7:
should do so in a manner that is responsible and transparent
1 a. Number of affiliations with trade and industry chambers/ associations.

One
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of
such body) the entity is a member of/ affiliated to.
S. Reach of trade and industry chambers/

Name of the trade and industry chambers/ associations
No associations (State / National)
1 SCOPE National
2 Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the
entity, based on adverse orders from regulatory authorities.
Name of authority Brief of the case Corrective action taken

Not Applicable
1 Details of public policy positions advocated by the entity:
Frequency of Review
Whether
by Board (Annually/
S. Public policy Method resorted for information Web Link, if
Half Yearly/
No advocated such advocacy available in public available
Quarterly / Others –
domain? (Yes/No)
please specify)
The Company through trade bodies and associations put forth several suggestions with respect to the economy
in general and the Infrastructure in particular
160
PRINCIPLE 8: Businesses should promote inclusive growth and equitable development
1 Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year.
Whether
SIA conducted by
Name and brief details Date of Results communicated in Relevant
Notification independent
of project notification public domain (Yes / No) Web link
No. external agency
(Yes / No)
1 Nivedita Nursing Schedule 15.03.2024 Yes Highly strategic project https://rvnl.
hostel at VII (iii) as hostel residents find org/csr
Ramakrishna employment immediately
Mission Sevashrama after training completion
Charitabale hospital, and graduating students
Vrindavan are highly sought after in
other medical institutions.
2 180 bedded Schedule 15.03.2024 Yes Highly strategic project as https://rvnl.
ward named as VII (i) the hospital provides low org/csr
Sarada Block at cost and quality treatment
Ramakrishna and is the preferred option
Mission Sevashrama for families requiring
Charitable Hospital, treatment in the district.
Vrindavan, District The hospital has high
Mathura (UP) potential for collaborating
with government for
expanding the reach and
utilization of government
schemes.
RVNL may consider
funding Green Hospital
Concepts and Design for
enhanced quality and
patient safety. This is also
aligned with RVNL ESG
strategy.
3 Cardiac Cathlab Schedule 16.03.2024 Yes Do https://rvnl.
VII (i) org/csr
4 Kitchen Cum Dining Schedule 16.03.2024 Yes Medium Strategic project. https://rvnl.
Hall, Named as VII (i) org/csr
Annapurna Dham Food security and high-
at Ramakrishna quality food is provided
Mission Sevashrama to patients free of cost,
Charitable Hospital, but patient families were
Vrindavan, District not found to be users of
Mathura (UP) the dining facility on the
day of visit. Percentage
of Patient families’ users
of the facility may be
increased in the next phase
through outreach, signage
at hospital premises and
information sharing.
161
Whether
SIA conducted by
No. external agency
(Yes / No)
5 Hostel for hundred Schedule 18.03.2024 Yes Highly strategic project as https://rvnl.
twenty tribal and VII (ii) RKM has a wide network org/csr
underprivileged and undertakes extensive
boys at outreach with industries
Ramakrishna and industry bodies for
Mission placements, higher studies
Vivekananda and student welfare.
Society, Sakshi, Documentation process
Jamshedpur in the can be improved through
Aspirational District digitalization for improved
of Purbi Sighbum, communication, tracking of
Jharkhand. students and reporting.
6 School building Schedule 18.03.2024 Yes Medium Strategic https://rvnl.
for 1200 students VII (ii) project. The percentage org/csr
at Ramakrishna of students belonging
Mission to economically and/or
Vivekananda socially disadvantaged
Society, Sakshi, families may be increased
Jamshedpur in the in the next phase through
Aspirational District outreach and alumni
of Purbi Sighbum, networks.
Jharkhand.
7 Senior Boys Hostel Schedule 21.03.2024 Yes Highly strategic project https://rvnl.
at Ramakrishna VII (iii) in a politically disturbed org/csr
Mission Ashrama, location. Residential
Mayapur in the Schooling is highly effective
Aspirational District in the location for students’
Naranyanpur, physical safety, access
Chhattisgarh. to quality education,
health and food security.
Documentation process
can be improved through
digitalization for improved
communication, tracking of
students and reporting.
8 Hostel for tribal Schedule 21.03.2024 Yes Highly strategic project https://rvnl.
boys at kundla and VII (iii) in a politically disturbed org/csr
Akebeda in the location. Residential
Aspirational District Schooling is highly effective
of Narayanpur, in the location for students’
Chhattisgarh. physical safety, access
to quality education,
health and food security.
162
Whether
SIA conducted by
No. external agency
(Yes / No)
9 Hostel for Tribal Schedule 22.03.2024 Yes Highly strategic project https://rvnl.
Girls at kundla, VII (iii) in a politically disturbed org/csr
Akabeda, Kutul, location. Residential
Irrakbhatti and Schooling is highly effective
Kamchadal in the in the location for students’
Aspirational District physical safety, access to
of Narayanpur, quality education, health
Chhattisgarh. and food security.
2 Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:
No. of Project Amounts paid to

S. Name of Project for % of PAFs
State District Affected PAFs in the FY
No which R&R is ongoing covered by R&R
Families (PAFs) (In INR)
NA
3 Describe the mechanisms to receive and redress grievances of the community.

We take all concerns about our CSR initiatives seriously and welcome your feedback. Our CSR Department promptly
acknowledge and investigate complaints, aiming for swift resolution and implementing preventive measures. We
maintain open communication with complainants and value their feedback. We keep comprehensive records for
transparency and accountability. Our commitment is to uphold CSR principles and ensure stakeholder satisfaction.
4 Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2023-2024 FY 2022-2023
Directly sourced from MSMEs/ small producers 35.18% 41.97%
Directly sourced within India 100% 100%
5 Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost
FY 2023-2024 FY 2022-2023
Location (Current (Previous
Rural Nil Nil
Semi-Urban Nil Nil
Urban Nil Nil
Metropolitan Nil Nil
163
1 Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken

Nil NA
2 Provide the following information on CSR projects undertaken by your entity in designated aspirational
districts as identified by government bodies:
S.
State Aspirational District Amount Spent (in INR)
No.
1 Chhattisgarh Narainpur 3 Crore
2 Jharkhand Ranchi 1 Crore
3 Jharkhand Purbi Singhbum 2 Crore
4 Odisha Malkangiri 51.76 Lakh
5 Odisha Rayagada 50 Lakh
6 Uttrakhand Haridwar 10 Lakh
7 Haryana Mewat (Nuh) 13.67 Lakh
3 (a) Do you have a preferential procurement policy where

you give preference to purchase from suppliers No, the company does not have any preferential
comprising marginalized /vulnerable groups? (Yes/No) procurement policy focusing on suppliers from
(b) From which marginalized /vulnerable groups do you marginalized or vulnerable groups. The company
procure? issues tenders to contractors to carry out the
(c) What percentage of total procurement projects on behalf of RVNL.
(by value) does it constitute?
4 Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge:
Basis of
S. Intellectual Property based Owned/ Acquired Benefit shared
calculating
No. on traditional knowledge (Yes/No) (Yes / No)
Benefit Shares
Not Applicable
5 Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken

Not Applicable
6 Details of beneficiaries of CSR Projects:
No. of persons % of beneficiaries

S.
CSR Project benefitted from CSR from vulnerable and
No.
Projects marginalized groups
1 Women empowerment & Educational Support to 400 under 21400 100%
privileged children and Health Support
2 Hostel facilities for 240 tribal boys each in Kutul, Irrakbhatti & 720 100%
Kchhapal in the Aspirational District of Narainpur
3 To provide hostel facilities for female nursing staff in Varanasi 30 100%
(U.P) RKM Charitable hospital
4 To provide skill development training facility for tribal & rural 100 100%
youths at Morabadi in the Aspirational District of Ranchi
5 School Building for 1200 underprivileged girls’ students in 1200 100%
the Aspirational District of Purbi Singhbhum
6 To provide infrastructure facilities in five schools in Chamoli, 1300 100%
Rudraprayag & Tehri Garhwal Districts
164

S.
No.
7 To provide medical equipment to RK’s Mother Teresa 47 100%
Foundation Healthcare Centre, Secunderabad
8 Provide Livelihood enhancement project by promoting 20,000 100%
beekeeping enterprise in Tehri Garhwal
9 To provide Livelihood enhancement projects to girls in 200 100%
Shopia, Pulwama & Kulgam District J&K
10 Healthcare infrastructure facilities at Swastha-Sanyam 3300 100%
Kendra, Bijnor (UP)
11 Conservation of natural resources and maintain quality of soil 5000 100%
& water at District Rudraprayag, Uttrakhand
12 Administrative Expenses NA NA
13 Construction of 1st floor in skill development building & 2nd 6000 100%
& 3rd floors of hostel building for skill development program
of underprivileged youths & women & for hostel facilities of
trainees at Jaipur, Rajasthan
14 To provide 4-storied academic-cum-welfare building for 1050 100%
women empowerment school building in Ramakrishna
Sarada Mission Sister Nivedita Heritage Museum &
Knowledge Centre at Bagh Bazar, Kolkata
15 To provide mobile medical van to Ramakrishna Sarada 4571 100%
Mission Siriti, for their Charitable dispensary
16 Providing pilgrimage block at Sri Kedarnath 'Dham 15,000,00 100%
Charitable Trust in the District of Rudraprayag, Uttrakhand for
restoration of buildings & sites of historical importance
17 Construction of 3 storied kindergarten school building for 220 100%
girls at Ramakrishna Sarada Mission, Shiksha Mandir, Kolkata
18 Health support in the existing health centre at Guniyari 40,000 100%
village, District Bilaspur, Chhattisgarh
19 Jan Arogya community healthcare program in the District of 15,600 100%
Gautam Buddha Nagar
20 To provide toilet blocks 5 different locations in Varanasi, Uttar 1,00,000 100%
Pradesh
21 Sustainable livelihood program for women at Khora Village, 160 100%
District Ghaziabad (UP)
22 To provide sewage treatment plant (STP) of 500 KLD to 2,19,00,000 100%
convert sewage water into re-usable water at Mathur Railway
Station (UP)
23 To provide 150 Anganwadi kits in the District of Varanasi (UP) 150 100%
24 To promote nationally recognised sport viz 20th Winter 1200 100%
Deaflympics (Alpione Skiing) to Ms Ameesha Chauhan D/o
Sub Maj & Hony Lt Ravindra Singh Chauhan of Dehradun,
Uttrakhand
25 Skill development training in nursing assistant course 240 100%
and domestic electrical solution course for youth (men &
women) to generate employment at Devlali, District Nasik
Maharashtra
26 Construction of RCC Culvet (Puliya) at Milkapur, Nalanda, 500 100%
Bihar as rural development project
27 To provide 10 TATA ACE CNG GOLD vehicles for distribution 21000 100%
of food free of cost to slum area, orphans, old age people,
laborers, deprived section of society & victim of natural
disasters in Delhi NCR, Haryana & UP under the "Food for Life"
for eradicating hunger, poverty & malnutrition
28 Plantation of trees to increase the tree, local biodiversity & NA NA
environmental sustainability at Khurja & Delhi
29 To provide digital smart library facilities for tribal girls & boys 5700 100%
students in the Aspirational District of Malkangiri Odisha”
165
S.
No.
30 To provide gymnastics & yoga facilities & to promote sports 700 100%
for 700 residential tribal boys of Ramakrishna Mission
Ashrama, Hatamuniguda, in the Aspirational District of
Rayagada, Odisha
31 To provide infrastructure facilities in the M.P.P. School 150 100%
Prakashraopeta, Unduru, District Samalkota, AP”
32 For Replacement of 10 years old 20KVA Gen set for power 400 100%
back-up to Ramakrishna Math, Naora”
33 Skill development of Master Trainers & youth on drug 10,600 100%
abuse prevention at Haridwar in the Aspirational District of
Haridwar, Uttrakhand”
34 To provide infrastructure facilities for value orientation, 1000 100%
man making & character-building education system at
Ramakrishna Mission, New Delhi
35 “Construction of 2nd floor at Sarada Block of charitable 7800 100%
Hospital of Ramakrishna Mission Sevashrama, Vrindavan,
District Mathura (UP)”
36 Jan Arogyam Community Healthcare program at Kiranj 11,500 100%
village in the Aspirational District of Nuh, Haryana
37 Construction of PCC road in village-Murarpur, District 700 100%
Nalanda, Bihar” for Rural development
38 Installation of Rooftop 25 KW Solar Power Plant at 16850 100%
Ramakrishna Mission (RKM), Khetri, District-Jhunjhunu
Rajasthan” for environmental sustainability
Businesses should engage with and provide value to their consumers in a

PRINCIPLE 9:
responsible manner
1 Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
As RVNL primarily serves the Indian Railways and does not directly cater to retail customers, it receives complaints
through direct communication via mail and letters from the Ministry. Additionally, RVNL utilizes the CPGRAMS
portal, which serves as an effective mechanism for receiving complaints. Through this portal, consumers can submit
their grievances and feedback, allowing RVNL to promptly address and resolve any issues.
2 Turnover of products and/ services as a percentage of turnover from all products/service that carry information
about:
As a percentage of total turnover
Environmental and social 100%. The products of the Company include construction of the railway
parameters relevant to the product bridges and tracks, hence recycling and disposal do not apply to our
Safe and responsible usage business, but safety provisions within the project, and during development
Recycling and/or safe disposal are handled in a structured manner
166
3 Number of consumer complaints in respect of the following:
FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Pending Remarks Pending
Received
resolution Received resolution
during the Remarks Remarks
at end of during the at end of
year
year year year
Data privacy Nil 0 NA Nil 0 NA
Advertising Nil 0 NA Nil 0 NA
Cyber-security Nil 0 NA Nil 0 NA
Delivery of Products Nil 0 NA Nil 0 NA
Quality of Products Nil 0 NA Nil 0 NA
Restrictive Trade Practices Nil 0 NA Nil 0 NA
Unfair Trade Practices Nil 0 NA Nil 0 NA
Other Nil 0 NA Nil 0 NA
4 Details of instances of product recalls on account of safety issues:
Number Reasons for recall

Voluntary recalls
Not Applicable
Forced recalls
5 Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
available, provide a web-link of the policy.
Yes, RVNL has a policy on ‘Cyber Security and Data Privacy’. It ensures safeguarding data integrity, availability,
and confidentiality. It covers all stakeholders and emphasizes compliance with data protection regulations. RVNL
commits to implement measures for risk assessment, employee training, vendor compliance, incident reporting,
and disaster recovery. With an accountable approach, the policy aligns with applicable legislation, promoting
secure data handling and storage.
Web Link: https://rvnl.org/RVNL_cms/uploads/copolicy/Cyber_Security_and_Data_Privacy_Policy.pdf
6 Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty / action taken by regulatory authorities on safety of products / services
Not Applicable
7 Provide the following information relating to data breaches:
a. Number of instances of data breaches NA

b. Percentage of data breaches involving personally identifiable information of customers NA
c. Impact, if any, of the data breaches NA
1 Channels / Platforms where information on products and The Company’s website provides detailed information
services of the entity can be accessed (provide web link, on the projects implemented across the country. -
if available). Website - https://rvnl.org/home
2 Steps taken to inform and educate consumers about Various measures are taken during the construction of
safe and responsible usage of products and/or services. the projects and maintenance.
3 Mechanisms in place to inform consumers of any risk of Through E-mail, Text messages, social media
disruption/discontinuation of essential services
4 Does the entity display product information on the The company provides information about its projects,
product over and above what is mandated as per local including various features of the projects
laws? (Yes/No/Not Applicable) If yes, provide details in
brief. Did your entity carry out any survey with regard to Not Applicable since the company does not cater to
consumer satisfaction relating to the major products / retail customers and deals directly with the Ministry of
services of the entity, significant locations of operation of Railways.
the entity or the entity as a whole? (Yes/No)
167
INDEPENDENT ASSURANCE STATEMENT
To,
Plot No. 25, First Floor, August Kranti Bhawan, Africa Ave,
Bhikaji Cama Place, RK Puram, New Delhi 110066
Independent Limited Assurance Statement on selecting or establishing suitable criteria for preparing
Identified Sustainability Information in Rail Vikas Nigam the Identified Sustainability Information, taking into
Limited’s Business Responsibility and Sustainability account applicable laws and regulations including the
Report (BRSR) FY 2023–24 pursuant to the Securities SEBI Circular, related to reporting on the Identified
and Exchange Board of India (SEBI) (Listing Obligations Sustainability Information, identification of key aspects,
and Disclosure Requirements) Regulations, 2015 engagement with stakeholders, content, preparation and
presentation of the Identified Sustainability Information
in accordance with the Criteria.This responsibility includes
To the Board of Directors of Rail Vikas Nigam
design, implementation and maintenance of internal
Limited
control relevant to the preparation of the BRSR and the
We have undertaken to perform a limited assurance measurement of Identified Sustainability Information,
engagement, for Rail Vikas Nigam Limited (“the which is free from material misstatement, whether due to
Company”) vide our engagement letter dated June 07, fraud or error. The Management and the Board of Directors
2024 in respect of the agreed Sustainability Information of the Company are also responsible for overseeing
listed below (the “Identified Sustainability Information”) the Company’s compliance with the requirements of
in accordance with the Criteria stated in paragraph 3 LODR Regulations and the SEBI Circular in relation
below. This Sustainability Information is included in to the BRSR Core.
the Business Responsibility & Sustainability Report (the
“BRSR” or “the Report”) of the Company for the year ended
March 31, 2024. This engagement was conducted by a Inherent Limitations
multidisciplinary team including assurance practitioners To prepare the company’s BRSR information, management
and environmental engineers and specialists. must establish or interpret criteria, assess the relevance
of the information to be included, and make estimates
and assumptions that impact the reported data. Certain
Identified Sustainability Information
BRSR Core metrics, such as GHG emissions, water
The Identified Sustainability Information for the financial footprint, and energy footprint, involve significant inherent
year ended March 31, 2024, is summarised in Appendix measurement uncertainty due to their estimation nature.
1 to this report. Our limited assurance engagement Even with sufficient and appropriate evidence to support
was with respect to the financial year ended March our opinion, this does not eliminate the uncertainty
31, 2024 information only. Our limited assurance associated with these amounts and metrics.
engagement was with respect to the year ended March
31, 2024 information only and we have not performed any
procedures with respect to earlier periods or any other Our Independence and Quality Control
elements included in the Report and, therefore, do not We have maintained our independence and confirm
express any conclusion thereon. that we have met the requirements of the Code of Ethics
issued by the Institute of Chartered Accountants of India
(“ICAI”) and the
Criteria
The criteria used by the Company to prepare the Identified International Code of Ethics for Professional Accountants
Sustainability Information is the “BRSR Core” as detailed (including International Independence Standards) (“IESBA
in Appendix1 to this report (the “Criteria”), which is a Code”) issued by the International Ethics Standard Board
subset of the BRSR, consisting of a set of KPIs/ metrics for Accountants, which is founded on the fundamental
under nine Environmental, Social and Governance (“ESG”) principles of integrity, objectivity, professional competence,
attributes under BRSR Core – Framework for Assurance due care, confidentiality, and professional behavior.
and ESG Disclosures for value chain as specified by
SEBI vide Circular Dated July 12, 2023 (“SEBI BRSR Core ENEN Green Services Private Limited (the “Firm” or
Circular”), for the reporting period April 1, 2023 to March “ENEN”) applies Standard on Quality Control 1, “Quality
31, 2024 (“FY 2023-24”). Control for Firms that Perform Audits and Reviews of
Historical Financial Information, and Other Assurance
and Related Services Engagements”, the International
Management’s Responsibilities Standard on Quality Management (“ISQM”) 1 “Quality
The Company’s Management is responsible for Management for Firms that perform Audits or Reviews
determining the Reporting Boundary of the BRSR, of Financials Statements, or Other Assurance or Related
168
Services Engagements” and ISQM 2 “Engagement Quality Consequently, the level of assurance obtained in a
Reviews," and accordingly maintains a comprehensive limited assurance engagement is substantially lower
system of quality control, including documented policies than the assurance that would have been obtained had
and procedures regarding compliance with ethical we performed a reasonable assurance engagement.
requirements, professional standards, and applicable Accordingly, we express a limited assurance opinion about
legal and regulatory requirements. whether the Identified Sustainability Information have
been prepared, in all material respects, in accordance
with the Criteria.
Practitioner’s Responsibilities
Our responsibility is to express a limited assurance
conclusion on the Identified Sustainability Information
Exclusions
based on the procedures we have performed and the Our limited assurance scope excludes the following, and
evidence we have obtained. therefore we do not express a conclusion on the same:
We conducted our limited assurance engagement in Operations of the Company other than the Identified
accordance with International Standard on Assurance Sustainability Information listed in Appendix 1;
Engagements (ISAE) 3000 (revised) for ‘Assurance
Engagements other than Audits or Reviews of Historical Aspects of the BRSR and data or information (qualitative
Financial Information’, and International Standard on or quantitative) included in the BRSR, other than the
Assurance Engagements (ISAE) 3410 for ‘Assurance Identified Sustainability Information;
Engagements on Greenhouse Gas Statements, both
issued by the International Auditing and Assurance Limitations of our Audit
Standards Board (collectively referred to as “the
Data and information outside the defined reporting
Standards”). These Standards require that we plan and
period i.e., the financial year ended March 31, 2024; and
perform our engagement to obtain limited assurance
about whether the Identified Sustainability Information is The statements that describe expression of opinion, belief,
free from material misstatement. aspiration, expectation, aim or future intentions provided
by the Company and testing or assessing any forward-
A limited assurance engagement comprises of limited
looking assertions and/or data.
depth of evidence gathering including inquiry and
analytical procedures and limited sampling as per
professional judgement of assurance provider. A Limited Assurance Conclusion
materiality level of 10% was applied. Assessment of Based on the information and documents provided to us,
compliance and materiality was undertaken against the procedures we have performed and the evidence we have
stated calculation methodology and criteria. obtained, we are of the view that the BRSR Core Attributes
listed in Appendix I and as disclosed in the Company’s
Assurance Scope BRSR for financial year 2023-24 have been reported in
accordance with the Criteria mentioned below:
The assurance has been provided for identified
sustainability indicators presented by RVNL in its Report. Regulation 34(2)(f) of the Securities and Exchange Board
The assurance boundary included data and information of India (the “SEBI”) (Listing Obligations and Disclosure
for the operations of RVNL at a group level in accordance Requirements) Regulations, 2015 as amended;
with SEBI’s BRSR guidelines. Our scope of assurance
included verification of data and information on selected Business Responsibility and Sustainability Reporting
disclosures reported in Appendix I. Requirements for listed entities per
The procedures performed in a limited assurance Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120

engagement vary in nature and timing from, and are less dated July 11, 2023; and SEBI Circular SEBI/HO/CFD/
in extent than for, a reasonable assurance engagement. CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023 and
clarifications thereto issued by SEBI.
169
Other Matter any person other than the addressees of our deliverable.
We do not accept or assume any liability or duty of care
The BRSR section of the Integrated Report of the
for any other purpose or to any other personto whom this
Company includes certain information pertaining to
report is shown or into whose hands it may come without
the financial year ended March 31, 2024 prepared on a
our prior consent in writing.
consolidated basis (unless otherwise stated), which is not
comparable which current year information and is not
audited or reviewed.
Restriction on Use
Our work was performed solely to assist you in meeting
the reporting requirements. This deliverable has been
issued solely at the request of the Board of Directors of the
Company to whom it is addressed, solely for reporting the For ENEN Green Services Private Limited
Company’s sustainability performance and activities and
for publishing the same as a part of the BRSR forming Ruchika Sharma
part of the Company’s Integrated Report. Accordingly, we Firm Registration Number: U93000HR2014PTC051801
accept no liability to anyone, other than the Company. Our Director and Lead Reviewer Place: Delhi, India
deliverable should not be used for any other purpose or by AA1000-000-524 Date: 31 July, 2024
170
APPENDIX 1
List of BRSR Core KPIs
PRINCIPLE &
SN SN INDICATOR ATTRIBUTE PARAMETERS (KPIS)
REFERENCE
1 Principle 6-E7 Green-house gas 1. Total Scope 1 emissions (Break-up of the GHG into CO2,
(GHG) footprint CH4, N2O, HFCS, PFCs, SF6, NF3, if available)
2. Total Scope 2 emissions (Break-up of the GHG (CO2e) into

CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
3. GHG Emission Intensity (Scope 1+2)
a. Total Scope 1 and Scope 2 emissions (MT) /Total Revenue

from Operations adjusted for PPP
2 Principle 6-E3 & E4 Water footprint 1. Total water consumption
2. Water consumption intensity
a. Water Intensity per rupee of turnover adjusted for PPP 3.

Water Discharge by destination and levels of Treatment
3 Principle 6-E1 Energy footprint 1. Total Energy Consumed
2. % of energy consumed from renewable sources
3. Energy intensity
a. Energy Intensity per rupee of tumover adjusted for PPP

4 Principle 6-E9 Embracing 1. Plastic waste (A)
circularity- details
2. E-waste (B)
related to waste
management by the 3. Bio-medical waste (C)
entity
4. Construction and demolition waste (D)
5. Battery waste (E)
6. Radioactive waste (F)
7. Other Hazardous waste. Please specify, if any. (G)
8. Other Non-hazardous waste generated (H). Please specify, If

any (Break-up by composition ie, by materials relevant to the
sector) 9. Total waste generated ((A+B+C+D+E+F+G+H)
10. Waste intensity a. Waste Intensity per rupee of turnover

adjusted for PPP
11. Each category of waste generated, total waste recovered

through recycling, re-using or other recovery operations
12. For each category of waste generated, total waste disposed

by nature of disposal method
5 Principle 3-E 1(c) & E11 Enhancing Employee 1. Spending on measures towards well-being of employees
well-being & Safety and workers-cost incurred as a % of total revenue of the
company
2. Details of safety-related incidents for employees and workers
(including contract workers, e.g. workers in the company’s
construction sites)
a. Number of Permanent Disabilities
b. Lost Time Injury Frequency Rate (LTIFR) (per one million-
person hours worked)
c. No. of fatalities
171
PRINCIPLE &
SN SN INDICATOR ATTRIBUTE PARAMETERS (KPIS)
REFERENCE
6 Principle 5- E3(b) & E7 Enabling Gender 1. Gross wages paid to females as a % of wages paid 2.
Diversity in Business Complaints related to POSH
a. Total Complaints on Sexual Harassment (POSH) reported.
b. Complaints on POSH as a % of female employees/

workers c. Complaints on POSH upheld
7 Principle 8-E4 & E5 Enabling Inclusive 1. Input material sourced from following sources as % of total
Development purchases: Directly sourced from MSMEs or small producers
and from within India
2. Job creation in smaller towns wages paid to people

employed in smaller towns (permanent or non-permanent/
on contract) as % of total wage cost
8 Principle 9-E7 Principle Fairness in Engaging 1. Instances involving the loss or breach of customer data as a
1-E8 with Customers & percentage of total data breaches or cyber security events
Suppliers
2. Number of days of accounts payable
9 Principle 1-E9 Open-ness of 1. Concentration of purchases & sales done with trading
Business houses, dealers, and related parties
a. Purchases from trading houses es % of total purchases

b. Number of trading houses where purchases are made.
c. Purchases from top 10 trading houses as a % of total
purchases from trading houses
d. Sales to dealers/distributors as a % of total sales
e. Number of dealers/ distributors to whom sales are made.
f. Sales to the top 10 dealers/distributors as % of total sales
to dealers/distributors.
2. Loans and advances & investments with related parties
a. Purchases
b. Sales
c. Loans & advances
d. Investments
172
Annexure E
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and
[Rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
CIN: L74999DL2003GOI118633
1st Floor, August Kranti Bhawan,
Bhikaji Cama Place, R.K. Puram,
New Delhi-110066
We have conducted the secretarial audit of the compliance a) The Securities and Exchange Board of India
of applicable statutory provisions and the adherence to (Substantial Acquisition of Shares and Takeovers)
good corporate practices by RAIL VIKAS NIGAM LIMITED Regulations, 2011;
(hereinafter called “the Company”), having its Registered
b) The Securities and Exchange Board of India
Office at 1st Floor, August Kranti Bhawan, Bhikaji Cama
(Prohibition of Insider Trading) Regulations, 2015;
Place, R.K. Puram, New Delhi-110066. Secretarial Audit
was conducted in a manner that provided us a reasonable c) The Securities and Exchange Board of
basis for evaluating the corporate conducts/statutory India (Listing Obligations and Disclosure
compliances and expressing our opinion thereon. Requirements) Regulations, 2015;
Based on our verification of the Company’s books, d) The Securities and Exchange Board of India
papers, minute books, forms and returns filed and (Issue of Capital and Disclosure Requirements)
other records maintained by the Company and also the Regulations, 2018;
information provided by the Company, its officers, agents
and authorized representatives during the conduct of e) The Securities and Exchange Board of India
secretarial audit, we hereby report that in our opinion, (Share Based Employee Benefits and Sweat
the Company has, during the audit period covering the Equity) Regulations, 2021; (Not applicable to
Financial Year ended on, March 31, 2024, complied with the Company during the audit period)
the statutory provisions listed hereunder and also that the
Company has proper Board-processes and compliance- f) The Securities and Exchange Board of India
mechanism in place to the extent, in the manner and (Issue and Listing of Non-Convertible Securities)
subject to the reporting made hereinafter: Regulations, 2021; (Not applicable to the
Company during the audit period);
We have examined the books, papers, minute books,
forms and returns filed and other records maintained by g) The Securities and Exchange Board of India
the Company for the Financial Year ended on March 31, (Registrars to an Issue and Share Transfer Agents)
2024, according to the provisions of: Regulations, 1993 regarding the Companies Act
and dealing with client;
(i) The Companies Act, 2013 (the Act) and the rules
made thereunder; h) The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations,
(ii) The Securities Contracts (Regulation) Act, 1956 2021;(Not applicable to the Company during
(‘SCRA’) and the rules made thereunder; the audit period); and
(iii) The Depositories Act, 1996 and the Regulations and i) The Securities and Exchange Board of
Bye-laws framed thereunder; India (Buyback of Securities) Regulations,
2018;(Not applicable to the Company during
(iv) Foreign Exchange Management Act, 1999 and the audit period);
the rules and regulations made thereunder to the
extent of Foreign Direct Investment, Overseas Direct (vi) The other laws, as informed and certified by the
Investment and External Commercial Borrowings; management of the Company which, are specifically
applicable to the Company based on their
(v) The following Regulations and Guidelines prescribed sector/ industry are:
under the Securities and Exchange Board of India
Act, 1992 (‘SEBI Act’): -
173
Building and other construction workers 2. The Company has received notices from BSE
(Regulation of Employment and conditions of and NSE imposing penalties for non-compliance
service) Central Rules, 1998 with the requirements pertaining to the
Regulation 17(1) for the quarters ended June,
The compliance by the Company of applicable September, December 2023 and March 2024.
financial laws, like direct and indirect tax laws, has
not been reviewed in this audit since the same have 3. RVNL has submitted to the stock exchanges
been subject to review by the statutory auditor(s) and that being a Govt. Company within the meaning
other designated professionals. of Section 2(45) of the Companies Act, 2013, the
power to appoint functional/ Official Part-time
We have also examined compliance with the Directors and Non-Official Part-time Directors
applicable clauses of the following: (Independent Directors) vests with the President
of India. The matter has been taken up with the
i. Secretarial Standards issued by the Institute of Administrative Ministry for filling up the vacant
Company Secretaries of India (ICSI). posts of Independent Directors (including One-
woman Independent Director).
ii. The Listing Agreements entered into by the
Company with Bombay Stock Exchange Limited Adequate notice(s) was given to all directors
and National Stock Exchange of India Limited to schedule the Board Meetings. Agenda and
read with the Securities and Exchange Board detailed notes on agenda were generally sent
of India (Listing Obligations and Disclosure at least seven days in advance, other than those
Requirements) Regulations, 2015. held at shorter notice, to all directors, and a
system exists for seeking and obtaining further
iii. Guidelines on Corporate Governance for Central
information and clarifications on the agenda
Public Sector Enterprises (CPSEs) issued by the
items before the meeting and for meaningful
Department of Public Enterprises vide their OM
participation at the meeting.
No. 18(8)/2005-GM dated 14th May, 2010.
Decisions are taken with requisite majority and the
iv. Guidelines on Capital Restructuring of Central
dissenting members’ views, if any, are captured and
Public Sector Enterprises (CPSEs) as stipulated
recorded as part of the minutes.
in the O.M.F No. 5/2/2016-Policy dated 27thMay,
2016 issued by Department of Investment and We further report that based on the review of the
Public Asset Management (DIPAM), Ministry of compliance mechanism established by the company
Finance, Government of India. and on the basis of Compliance certificate(s) issued by
various departments and taken on record by the Board
During the period under review, the Company has
of Directors at their meetings, there are adequate systems
complied with the provisions of the Act, Rules,
and processes in the company commensurate with the
Regulations, Guidelines, Standards etc. mentioned
size and operations of the company to monitor and
above subject to the following observations:
ensure compliance with applicable laws, rules, regulations
1. Half of the board of directors of the Company and guidelines.
including one women director was not
We further report that during the Financial Year 2023-24;
independent as required under Regulation
17(1) of SEBI (LODR) Regulations, 2015 and The Board of Directors in their Meeting held on
para 3.1.4 of DPE Guidelines on Corporate 17th May, 2024, recommended Final Dividend of H
Governance with regard to Composition of the 2.11/- per share (i.e. 21.10%) on the paid-up equity
Board of Directors. share capital for the Financial Year 2023-24 Subject
to approval of the Shareholders at ensuing Annual
We further report that:
General Meeting (AGM).
1. During the period under review, half of the
The President of India (PoI), acting through and
board of directors of the company including
represented by the Ministry of Railways, Government
one women director was not independent
of India has disinvested 5.36% of its holding through
as required under Regulation 17(1) of SEBI
Offer for Sale (OFS) for 11,17,57,077 equity share
(LODR) Regulations, 2015 and para 3.1.4 of
of H 10 each to non-retail and retail investors on T
DPE Guidelines on Corporate Governance with
(27.07.2023) and T+1 (28.07.2023) days respectively.
regard to Composition of the Board of Directors.
The changes in the composition of the Board In addition to the above, Employee-OFS was also
of Directors that took place during the period announced on 07.08.2024 & 08.08.2024 and after the
under review were carried out in compliance close of the offer, only one valid application for 200
with the provisions of the Act. nos. of equity shares was received.
174
Details of the same are tabled as under:
Post Disinvestment details of GOI

Disinvested
Mode of Disinvestment Date % holding
No. of Shares No. of Shares %
Offer for Sale (non-retail and 27.07.2023- 11,17,57,077 5.36% 1,51,87,43,894 72.84%
retail investors) 28.07.2023
Offer for Sale (Employees) 07.08.2023- 200 0% 1,51,87,43,694 72.84%
08.08.2023
For Kumar Naresh Sinha & Associates

Company Secretaries
Sd/-
(Proprietor)
FCS: 1807; C P No.: 14984
PR: 610/2019
Place: Noida FRN: S2015UP440500
Date: July 10, 2024 UDIN: F001807F000713221
Note: This report is to be read with our letter of even date which is annexed as “Annexure-A” and forms an integral
part of this report.
175
Annexure A
To,
The Members
CIN: L74999DL2003GOI118633
1st Floor, August Kranti Bhawan,
Bhikaji Cama Place, R.K. Puram,
New Delhi-110066
Auditor’s responsibility
Based on audit, our responsibility is to express an opinion on the compliance with the applicable laws and maintenance
of records by the Company. We conducted our audit in accordance with the auditing standards CSAS 1 to CSAS 4
(“CSAS”) prescribed by the Institute of Company Secretaries of India (“ICSI”). These standards require that the auditor
complies with statutory and regulatory requirements and plans and performs the audit to obtain reasonable assurance
about compliance with applicable laws and maintenance of records.
Due to the inherent limitations of an audit including internal, financial and operating controls, there is an unavoidable
risk that some misstatements or material non-compliances may not be detected, even though the audit is properly
planned and performed in accordance with the CSAS. Our report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on the random test basis to ensure
that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed
provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company
and for which we relied on the report of statutory auditor.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on random test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
For Kumar Naresh Sinha & Associates

Company Secretaries
Sd/-
(Proprietor)
FCS: 1807; C P No.: 14984
PR: 610/2019
Place: Noida FRN: S2015UP440500
Date: July 10, 2024 UDIN: F001807F000713221
176
Replies to the observations contained in the Secretarial Audit Report and

compliance of conditions of Corporate Governance for the year 2023-24
Observations contained in the Reports for FY 2023-24 Management Reply
Half of the board of directors of the Company including one Rail Vikas Nigam Limited, being a Govt. Company
woman director was not independent as required under within the meaning of Section 2 (45) of the Companies
Regulation 17(1) of SEBI (LODR) Regulations, 2015 and para Act, 2013, the power to appoint functional/ Official
3.1.4 of DPE Guidelines on Corporate Governance with regard Part-time Directors or Non-Official Part-time Directors
to Composition of the Board of Directors. (Independent Directors) vests with the President of
India. The matter has been taken up with Administrative
Ministry for filling up the vacant posts of Independent
Directors (including one woman Independent Director).
177
Annexure-F
FORM NO. AOC -2

Pursuant to clause (h) of sub-section (3) of section 134 of
the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014
Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred
to in sub section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transaction under third
proviso thereto.
1. Details of contracts or arrangements or transactions not at Arm’s length basis: - NIL
2. Details of contracts or arrangements or transactions at Arm’s length basis: -

Salient terms
Name of the Date of Amount
Nature of Contracts Duration of Contracts of contracts /
S. related party approval by paid as
/ arrangements / / arrangements / arrangements /
No. and nature of the BoD, if advances, if
transactions transactions transactions, including
relationship any any
the value, if any
1. Angul Sukinda Execution of Date of Agreement/ MoU: RVNL has been Not Nil
Railway Limited Engineering, 19.11.2008 appointed as an EPC Applicable
(ASRL), Procurement and Agency for execution of
Construction Agreement:
Associate Construction (EPC) New Rail Line work.
24th day of April 2015
Company agency for execution of
The contract is in terms
the new rail line works Duration of Agreement/
of the construction
between Budhapank MoU: The agreement is
agreement signed
(Angul) and Baghuapal effective for the period
between ASRL and RVNL.
(Sukinda). beginning from the date
of award of first contract
related to execution of
the project by RVNL and
ending on the Commercial
Operation date (COD)
2. Haridaspur Execution of Date of Agreement/ RVNL has been Not Nil
Paradip Railway Engineering, MoU: 24.02.2005 appointed as an EPC Applicable
Company Procurement and Agency for execution of
Limited (HPRCL), Construction (EPC) New Rail Line work.
11th day of August 2009
Associate agency for execution of
Company the new rail line works Duration of Agreement/
of the construction
between Haridaspur MoU: The agreement is
agreement signed
and Paradip. effective for the period
between HPRCL and
beginning from the date
RVNL.
of award of first contract
Operation date (COD):
30.07.2020
3. Baruch Dahej Execution of Date of Agreement/ RVNL has been Not Nil
Railway Engineering, MoU: 13.01.2005 appointed as an EPC Applicable
Limited (BDRCL), Construction (EPC) gauge conversion.
1st day of July 2009
Associate agency for execution of
Company the Gauge Conversion Duration of Agreement/
of the construction
(from Narrow Gauge MoU: The agreement is
agreement signed
to Broad Gauge) works effective for the period
between BDRCL and
between Baruch and beginning from the date
RVNL.
Dahej. of award of first contract
08.03.2012
178
Salient terms
Name of the Date of Amount
Nature of Contracts Duration of Contracts of contracts /
S. related party approval by paid as
/ arrangements / / arrangements / arrangements /
No. and nature of the BoD, if advances, if
transactions transactions transactions, including
relationship any any
the value, if any
4. Krishnapatnam Execution of Date of Agreement/ RVNL has been Not Nil
Railway Engineering, MoU: 22.11.2005 appointed as an EPC Applicable
Limited (KRCL), Construction (EPC) New Rail Line work and
29th day of September 2011
Associate agency for execution of Doubling.
Company the new rail line works Duration of Agreement/
between Obulavaripalle MoU: The agreement is
of the construction
to Krishnapatnam port effective for the period
agreement signed
limits and doubling beginning from the date
between KRCL and RVNL.
of line between of award of first contract
Vankatachalam related to execution of
Road station to the project by RVNL and
Krishnapatnam port. ending on the Commercial
1. Venkatachalem – 01.10.2008
Nidiguntapalem
2. Nidiguntapalem – 28.02.2009
Krishnapatnam
3. Doubling of 21 Km line 02.03.2014
from VKT to KAPT
4. Complete connectivity June 2019
commissioned
5. Kutch Railway Execution of doubling Letter of award dated RVNL has been Not Nil
Company of the Palanpur- 01.04.2013 have nominated appointed as an EPC Applicable
Limited (KRC), Samkhali line RVNL as the client agency Agency for execution of
Associate for doubling of the Doubling.
Company Palanpur-Samkhali line.
Construction Agreement
onstruction Agreement
C for Railway Electrification
for doubling (DL) was (RE) work was signed on
signed on 13.08.2018 09.02.2021
Project fully Commissioned
on 24.02.2023
During the year, the following are related parties with no related party transactions:
1. Shimla Bypass Kaithlighat Pvt. Limited – It is incorporated with the objective of construction of 4-Lane
Bypass, Package-I, Kaithlighat to Shakral, Shimla, Himachal Pradesh on Hybrid Annuity Mode. The length of
the project is 17.465 km.
2. Chatra Expressways Private Limited - It is incorporated with the objective of construction of 6-lane Greenfield
Varanasi-Ranchi-Kolkata Highway from Sonepurbigha village to junction with NH-22 (Chatra Bypass) near
Chatra from km 184.700 to km 222.000 under Bharatmala Pariyojana in the State of Jharkhand on Hybrid
Annuity Mode (Package 8). The length of the project is 37.300 Kms.
3. Indore MMLP Private Limited - It is incorporated for the development of Multi Modal Logistics Park Indore. The
area of the project is 255.17 acres.
4. Chennai MMPL Private Limited - It is incorporated for the development of Multi Modal Logistics Park Mappedu
Chennai in Tamil Nadu along with external Road, Rail and other connectivity.
5. Bengaluru MMLP Private Limited - It is incorporated for the development of Multi Modal Logistics Park
Bengaluru in Karnataka along with external Road, Rail and other connectivity.
6. Kinet Railway Solutions Limited - It is incorporated for the “Manufacturing cum Maintenance of Vande Bharat
Trainsets including upgradation of the Government Manufacturing Units & Trainset Depots”.
7. JGPL-RVNL EPC Private Limited - It is incorporated for the purpose of Grid Connected Solar PV Project along
with Battery Energy Storage System (250 MW – Solar and 63 MW BESS).
179
8. Kyrgyzindustry RVNL Closed Joint Stock Company - It is incorporated for the infrastructure development i.e.,
Construction of Railroads in and across Kyrgyz Republic, including construction of Highways and Freeways,
construction of bridges and tunnels and other activities not inconsistent with the laws of the Kyrgyz Republic
and consistent with the statutory objectives.
Notes:
M/s. Dighi Roha Rail Limited is under the process of strike-off as per the provisions of Companies Act, 2013.
Working capital loan of Rs.37 Cr. was given to M/s. RVNL-DTCPL JV, an unincorporated JV of RVNL.
RVNL has following 3 wholly owned subsidiaries also (RPT exempted as per Companies Act, 2013): -
1. M/s. HSRC Infra Services Limited
2. M/s. Masakani Paradeep Road Vikas Limited
3. RVNL Infra South Africa (incorporated for exploring new business opportunities and no transaction occurred yet).
For and on behalf of the Board of Director
Sd/-
Pradeep Gaur
Place: New Delhi Chairman & Managing Director
Date: 08.08.2024 DIN: 07243986
180
Financial
Statements
RPG Life Sciences Limited
Independent Auditor’s Report

TO THE MEMBERS OF RAIL VIKAS NIGAM that the audit evidence obtained by us, is sufficient and
LIMITED appropriate to provide a basis for our opinion on the
standalone financial statements.
Report on the Audit of the Standalone Financial
Statements
Emphasis of matter
Opinion We draw your attention to the following matters:
We have audited the accompanying standalone financial
a. The Company receives advance payment from Joint
statements of RAIL VIKAS NIGAM LIMITED, (“the
Venture Companies for incurring expenditures on
Company”), which comprise the Balance Sheet as at 31st
their projects. However, in case of one joint venture
March 2024, the Statement of Profit and Loss (including
company i.e. Krishnapatnam Railway Company
Other Comprehensive Income), the Statement of Changes
Limited (KRCL), the Company is incurring project
in Equity, Statement of Cash Flows for the year then
expenditures on a regular basis but insignificant
ended, and notes to the financial statements, including
amount has been received from KRCL during the
a summary of significant accounting policies and other
year and the total amount receivable from KRCL as
explanatory information (hereinafter referred to as “the
on 31st March, 2024 is Rs.1453.39 crore (including
standalone financial statements”).
accrued interest amounting to Rs. 14.32 crore)
In our opinion and to the best of our information and which includes Rs. 797.55 crore on account of
according to the explanations given to us, the aforesaid Interest (refer note nos. 10.1 & 10.6 to the standalone
standalone financial statements give the information financial statements).
required by the Companies Act, 2013 (“the Act”) in
b. In view of the representation made by KRCL for waiver
the manner so required and give a true and fair view
of departmental charges and pending decision by
in conformity with the Indian Accounting Standards
the Board of Directors of the Company, the claim
prescribed under Section 133 of the Act read with the
for departmental charges @ 5% of the completion
Companies (Indian Accounting Standards) Rules, 2015,
cost of the project has not been raised on KRCL by
as amended, (“Ind AS”) and other accounting principles
the Company (refer note no. 46 to the standalone
generally accepted in India, of the state of affairs of the
financial statements).
Company as at 31st March, 2024, its profit (including other
comprehensive profit), changes in equity and its cash c. Balances of some of the Trade Receivables, Other
flows for the year ended on that date. Assets, Trade and Other Payable accounts are subject
to confirmation/reconciliation from the respective
Basis for Opinion parties. The management does not expect to have
any material differences affecting the financial
We conducted our audit of the standalone financial
statements for the year ended 31st March, 2024 (refer
statements in accordance with the Standards on
note no. 52 to the standalone financial statements).
Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those Standards are further Our opinion is not modified in respect of these matters.
described in the “Auditor’s responsibilities for the audit of
the standalone financial statements” section of our report.
We are independent of the Company in accordance with Key Audit Matters
the Code of Ethics issued by the Institute of Chartered Key audit matters are those matters that, in our professional
Accountants of India (“ICAI”) together with the ethical judgment, were of most significance in our audit of the
requirements that are relevant to our audit of the standalone financial statements of the current period.
standalone financial statements under the provisions of These matters were addressed in the context of our audit
the Act and the Rules thereunder, and we have fulfilled of the standalone financial statements as a whole, and
our other ethical responsibilities in accordance with in forming our opinion thereon, and we do not provide a
these requirements and the Code of Ethics. We believe separate opinion on these matters.
182
Corporate Overview Statutory R
eports Financial Statements Rail Vikas Nigam Ltd
Key Audit Matter Auditor’s Response

Provisions and Contingent liabilities relating to Our audit procedures included, but were not limited to the
ongoing litigations following:
The Company is subject to a number of legal, arbitration Obtained understanding of the process of
and tax cases for which final outcome cannot be easily identification and measurement of provisions and
predicted and which could potentially result in significant contingent liabilities relating to ongoing litigation
liabilities. implemented by the Management, through various
discussions held with Company’s finance personnel.
Management’s disclosures with regards to provisions and
contingent liabilities relating to provisions and contingent Tested the design and operating effectiveness of the
liabilities relating to ongoing litigations are presented controls put in place by the management in relation to
in note no. 37 to the Company’s standalone financial assessment of the outcome of the pending litigations.
statements. Inspected the summary of litigation matters and
discussed key developments during the year with the
The assessment of whether a liability is recognised as
Company’s Finance personnel.
a provision or disclosed as a contingent liability in the
Inspected and evaluated, where applicable, external
standalone financial statements is inherently subjective
legal and/or regulatory advice sought by the Company.
and requires significant management judgement in
determination of the cash outflows from the business, Discussed and challenged the management’s
interpretation of applicable laws and regulations, and assessment of the likelihood, magnitude and
careful examination of pending assessments at various accounting of any liability that may arise in certain
levels. material cases. Accordingly, we reviewed the amount
of provisions recognized and contingent liabilities
Since the amounts involved are significant and due to the disclosed in the standalone financial statements
range of possible outcomes leading to high estimation and exercised our professional judgement to assess
uncertainty that requires significant management and appropriateness of such conclusions, involving
auditor judgement, this matter is considered to be a key experts as required.
audit matter for the current year audit.
Evaluated the adequacy of disclosures made in
the Company’s standalone financial statements in
accordance with the applicable accounting standards.
Recognition, measurement, estimation, presentation We have assessed the Company’s internal process for
and disclosures in respect of “Revenue from contracts adoption and evaluating the impact of this Ind AS. Our audit
with Customers” under Ind AS 115 approach consisted design and testing of effectiveness of
internal controls and procedures as follows:
The application of Ind AS 115 involves certain key
judgments, estimation, identification of distinct Evaluated the process of implementation of this
performance obligations, determination of transaction Ind AS on revenue recognition and effectiveness of
price, measurement of revenue recognition and controls over the preparation of information that are
disclosures including presentation of balances in the designed to ensure the completeness and accuracy.
financial statements. Refer note no. 34 to the standalone Selected a sample of existing continuing contracts and
financial statements. new contracts, and tested the operating effectiveness
of the internal control, relating to identification of the
The Company engages in Cost Plus contracts and Fixed
distinct performance obligations and determination
Price contracts, wherein, revenue is recognised as per
of transaction price.
the input method based on the Company’s estimate of
contract cost. Tested the relevant information accounting systems
and change relating to contracts and related
Since the amounts involved are significant this matter is information used in recording and disclosing revenue
considered to be a key audit matter for the current year and presentation of contract balances and trade
audit. receivables in accordance with the Ind AS.
We have performed analytical procedure including
Further explanation why we consider this as a key audit
comparison of the financial information and other
matter is as follows:
related items considering materiality.
183

The application of the revenue accounting standard
involves certain key judgements relating to identification
of distinct performance obligations, determination
of transaction price of the identified performance
obligations, the appropriateness of the basis used to
measure revenue recognised at a point in time or over
time. Additionally, revenue accounting standard contains
disclosures which involves collation of information in
respect of disaggregated revenue and periods over which
the remaining performance obligations will be satisfied
subsequent to the balance sheet date.
Assessment and recoverability of Trade Receivables We have assessed the Company’s internal process to
and Contract Assets recognize the revenue and review mechanism of trade
receivables and contract assets. Our audit approach
The Company have trade receivables outstanding (net of consisted testing of the design and operating effectiveness
provision) of Rs. 1106.48 crore and contract assets of Rs. of internal controls and procedures as follows:
324.71 crore at the end of 31st March, 2024. These balances
are related to revenue recognized in line with Ind AS Evaluated the process of invoicing, verification, and
115“Revenue from contracts with customers” for ongoing reconciliation with customers.
contracts and completed contracts. The assessment of its Obtained the list of project wise outstanding details
recoverability is a key audit matters in the audit due to its and its review mechanism by the management.
size and high level of management judgment. Refer note
Discussed the Company’s practice on impairment of
nos. 10.1 & 10.6 to the standalone financial statements.
trade receivables and contract assets.
Tested the accuracy of aging of trade receivables and
contract assets at the year-end on sample basis.
Performed analytical procedures and test of details
for reasonableness, recoverability and other related
material items.
Information other than the standalone financial If, based on the work we have performed, we conclude
statements and auditor’s report thereon that there is a material misstatement of this other
The Company’s Management and Board of Directors information, we are required to communicate the fact. We
are responsible for the other information. The other have nothing to report in this regard.
information comprises the information included in the
Management Discussion and Analysis, Director’s Report
Responsibilities of the management and those
including Annexures to Director’s Report, Business
charged with governance for the standalone
Responsibility Report, Corporate Governance and
financial statements
Shareholder’s Information, but does not include the
consolidated financial statements, standalone financial The accompanying standalone financial statements have
statements and our auditor’s report thereon. The annual been approved by the Company’s Board of Directors.
report is expected to be made available to us after the The Company’s Management and Board of Directors
date of this auditor’s report. are responsible for the matters stated in Section 134(5)
of the Act with respect to the preparation of these
Our opinion on the standalone financial statements does standalone financial statements that give a true and
not cover the other information and we do not express fair view of the financial position, financial performance,
any form of assurance conclusion thereon. other comprehensive income, changes in equity and cash
flows of the Company in accordance with the accounting
In connection with our audit of the standalone principles generally accepted in India, including the
financial statements, our responsibility is to read the Accounting Standards specified under Section 133 of
other information identified above when it becomes the Act, read with the Companies (Indian Accounting
available and, in doing so, consider whether the other Standards) Rules, 2015. This responsibility also includes
information is materially inconsistent with the standalone maintenance of adequate accounting records in
financial statements or our knowledge obtained during accordance with the provisions of the Act for safeguarding
the course of our audit or otherwise appears to be of the assets of the Company and for preventing and
materially misstated. detecting frauds and other irregularities; selection and
184
application of appropriate accounting policies; making Evaluate the appropriateness of accounting policies
judgments and estimates that are reasonable and used and the reasonableness of accounting estimates
prudent; and design, implementation and maintenance of and related disclosures made by the Management
adequate internal financial controls, that were operating and Board of Directors.
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and Conclude on the appropriateness of Management
presentation of the financial statements that give a true and Board of Directors use of the going concern
and fair view and are free from material misstatement, basis of accounting and, based on the audit
whether due to fraud or error. evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
In preparing the standalone financial statements, the significant doubt on the Company’s ability to continue
Management and Board of Directors are responsible for as a going concern. If we conclude that a material
assessing the Company’s ability to continue as a going uncertainty exists, we are required to draw attention
concern, disclosing, as applicable, matters related to going in our auditor’s report to the related disclosures
concern and using the going concern basis of accounting in the standalone financial statements or, if such
unless the Board of Directors either intends to liquidate disclosures are inadequate, to modify our opinion.
the Company or to cease operations, or has no realistic Our conclusions are based on the audit evidence
alternative but to do so. obtained up to the date of our auditor’s report.
However, future events or conditions may cause the
The Board of Directors is also responsible for overseeing Company to cease to continue as a going concern.
the Company’s financial reporting process.
Evaluate the overall presentation, structure and
content of the financial statements, including the
Auditor’s responsibilities for the audit of the
disclosures, and whether the financial statements
standalone financial statements
represent the underlying transactions and events in
Our objectives are to obtain reasonable assurance about a manner that achieves fair presentation.
whether the standalone financial statements as a whole
are free from material misstatement, whether due to We communicate with those charged with governance
fraud or error, and to issue an auditor’s report that includes regarding, among other matters, the planned scope
our opinion. Reasonable assurance is a high level of and timing of the audit and significant audit findings,
assurance, but is not a guarantee that an audit conducted including any significant deficiencies in internal control
in accordance with SAs will always detect a material that we identify during our audit.
misstatement when it exists. Misstatements can arise from
We also provide those charged with governance with
fraud or error and are considered material if, individually
a statement that we have complied with relevant
or in the aggregate, they could reasonably be expected to
ethical requirements regarding independence, and to
influence the economic decisions of users taken on the
communicate with them all relationships and other
basis of these standalone financial statements.
matters that may reasonably be thought to bear on our
As part of an audit in accordance with the Standards on independence, and where applicable, related safeguards.
Auditing, specified under section 143(10) of the Act, we
From the matters communicated with those charged
exercise professional judgment and maintain professional
with governance, we determine those matters that
skepticism throughout the audit. We also:
were of most significance in the audit of the standalone
Identify and assess the risks of material misstatement financial statements of the current period and are
of the financial statements, whether due to fraud therefore the key audit matters. We describe these
or error, design and perform audit procedures matters in our auditor’s report unless law or regulation
responsive to those risks, and obtain audit evidence precludes public disclosure about the matter or when, in
that is sufficient and appropriate to provide a basis extremely rare circumstances, we determine that a matter
for our opinion. The risk of not detecting a material should not be communicated in our report because the
misstatement resulting from fraud is higher than for adverse consequences of doing so would reasonably
one resulting from error, as fraud may involve collusion, be expected to outweigh the public interest benefits of
forgery, intentional omissions, misrepresentations, or such communication.
the override of internal control.
Obtain an understanding of internal control relevant

Report on other legal and regulatory
to the audit in order to design audit procedures that
requirements
are appropriate in the circumstances. Under Section 1. As required by the Companies (Auditor’s Report)
143(3)(i) of the Act, we are also responsible for Order, 2020 (“the Order”), issued by the Central
expressing our opinion on whether the Company has Government of India in terms of sub-section (11) of
adequate internal financial controls system in place Section 143 of the Act, we give in the “Annexure A”, a
and the operating effectiveness of such controls. statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.
185
2. The Comptroller & Auditor General of India has issued ii) The Company did not have any long-
directions indicating the areas to be examined in term contracts including derivative
terms of Sub section (5) of Section 143 of the Act, contract for which there were any material
compliance of which are set out in "Annexure B”. foreseeable losses;
3. As required by Section 143(3) of the Act, we report, to iii) There was no amount which were required
the extent applicable, that: to be transferred to the Investor Education
and Protection Fund by the Company.
(a) We have sought and obtained all the information
and explanations which to the best of our iv) (a) The Management has represented to
knowledge and belief were necessary for the us that, to the best of its knowledge
purposes of our audit; and belief, no funds (which are material
either individually or in the aggregate)
(b) In our opinion, proper books of account as have been advanced or loaned or
required by law have been kept by the Company invested (either from borrowed funds
so far as it appears from our examination or share premium or any other sources
of those books; or kind of funds) by the Company to or
in any other person or entity, including
(c) The Standalone Balance Sheet, the Standalone
foreign entity (“Intermediaries”), with
Statement of Profit and Loss (including other
the understanding, whether recorded
comprehensive income), the standalone Statement
in writing or otherwise, that the
of Changes in Equity and the Standalone
Intermediary shall, directly or indirectly
Statement of Cash Flow dealt with by this Report
lend or invest in other persons or entities
are in agreement with the books of account;
identified in any manner whatsoever
(d) In our opinion, the aforesaid standalone by or on behalf of the Company
financial statements comply with the Indian (“Ultimate Beneficiaries”) or provide
Accounting Standards specified under Section any guarantee, security or the like on
133 of the Act; behalf of the Ultimate Beneficiaries;
(e) As per the notification number G.S.R. 463(E) (b) The Management has represented to
dated 5th June, 2015 issued by Ministry of us that, to the best of its knowledge
Corporate Affairs, section 164(2) of the Act and belief, no funds (which are
regarding the disqualifications of Directors material either individually or in the
is not applicable to the Company, since it is a aggregate) have been received by the
Government Company; Company from any person or entity,
including foreign entity (“Funding
(f) With respect to the adequacy of the internal Parties”), with the understanding,
financial controls over financial reporting of whether recorded in writing or
the Company and the operating effectiveness otherwise, that the Company shall,
of such controls, refer to our separate Report directly or indirectly, lend or invest in
in “Annexure C”; other persons or entities identified
in any manner whatsoever by or
(g) With respect to the other matters to be included
on behalf of the Funding Party
in the Auditor's Report, as per notification
(“Ultimate Beneficiaries”) or provide
number G.S.R. 463 (E) dated 5th June, 2015
any guarantee, security or the like on
issued by Ministry of Corporate Affairs, section
behalf of the Ultimate Beneficiaries;
197(16) of the Act regarding the Managerial
Remuneration is not applicable to the Company, (c) Based on such audit procedures
since it is a Government Company. that we considered reasonable and
appropriate in the circumstances,
(h) With respect to the other matters to be included
nothing has come to our notice that
in the Auditor’s Report in accordance with Rule
has caused us to believe that the
11 of the Companies (Audit and Auditors) Rules,
representations under sub-clause
2014 (as amended), in our opinion and to the
(i) and (ii) of Rule 11(e), as provided
best of our information and according to the
under (a) and (b) above, contain any
explanations given to us:
material misstatement.
i) The Company has disclosed the impact of
v) The dividend declared or paid during the
pending litigations on its financial position
year by the Company is in compliance with
in its standalone financial statements
Section 123 of the Act.
(refer note no.37 to the standalone
financial statements);
186
vi) Based on the information and explanations We did not come across any instance of the
furnished to us, our examination which audit trail feature being tampered with.
included test checks and in accordance
with requirements of the Implementation Our examination of the audit trail was in the
Guide on Reporting on Audit Trail under context of an audit of financial statements
Rule 11(g) of the Companies (Audit and carried out in accordance with the Standard
Auditors) Rules, 2014 (revised 2024 edition) of Auditing and only to the extent required
issued by the Institute of Chartered by Rule 11(g) of the Companies (Audit
Accountants of India, the Company has and Auditors) Rules, 2014 (revised 2024
used accounting software for maintaining edition) issued by the Institute of Chartered
its books of account, which has a feature Accountants of India. We have not carried
of recording audit trail (edit log) facility and out any audit or examination of the audit
the same has operated throughout the year. trail beyond the matters required by the
However, as explained a separate log file aforesaid Rule 11(g) nor have we carried
has not been maintained due to resource out any standalone audit or examination of
constraint for all relevant transactions the audit trail.
recorded in the software.
However, as explained to us, editing facility

is not available in accounting software
except for in the fields of assignments/texts.
For V. K. DHINGRA & CO.,

FRN.: 000250N
Sd/-
(VIPUL GIROTRA)
PARTNER
Place: New Delhi M. No. 084312
Date: 17th May, 2024 UDIN: 24084312BKCTET6512
187
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 1 under ‘Report on other legal and regulatory requirements’ section of our report
for the year ended 31st March, 2024 to the members of Rail Vikas Nigam Limited.
To the best of our information and according to the (iii) The Company has not provided guarantee to
explanations provided to us by the Company and the companies, firms, limited liability partnership or
books of account and records examined by us in the any other parties during the year. The Company
normal course of audit, we state that: has provided security to a banking company on
the behalf of a joint venture. The Company has also
(i) In respect of the Company’s Property, Plant and made investment in companies and granted interest
Equipment and Intangible Assets: bearing unsecured loan to a subsidiary and interest
free unsecured loan to another subsidiary in respect
(a) (A) The Company has maintained proper
of which the requisite information is as below. The
records showing full particulars, including
Company has not made any investments in or
quantitative details and situation of
granted any loans, secured or unsecured, to firms
Property, Plant and Equipment.
and limited liability partnership.
(B) The Company has maintained proper
(a) The Company has given loans to its Subsidiaries
records showing full particulars of
and provided security to a bank on behalf of a
intangible assets.
JV. Particulars of the same are as under:
(b) The Property, Plant and Equipment have been
physically verified by the management at (Rs. in crores)
Particulars Security Loans
year end and no material discrepancies were
noticed on such verification. In our opinion, Aggregate amount
periodicity of physical verification is reasonable during the year
having regards to size of the Company and the ended 31st March,
nature of its assets. 2024
Subsidiaries - 64.00
(c) The Company does not own any freehold Joint Venture 16.52 -
immovable property and hence reporting under Balance
clause 3(i)(c) of the Order is not applicable. outstanding as at
However, in respect of residential buildings balance sheet date
included in ‘Right of use Assets’ that have been - 31st March 2024
taken on lease, the lease agreements are yet to Subsidiaries - 25.00
be executed in favour of the Company. Joint Venture 16.52 -
(d) The Company has not revalued any of its Property, (b) In our opinion the investments made and the
Plant and Equipment (including right-of-use terms and condition of the grant of unsecured
assets) and intangible assets during the year. loans during the year as above are, prima facie,
not prejudicial to the Company’s interest.
(e) No proceedings have been initiated during
the year or are pending against the Company (c) In the case of interest free unsecured loan
as at 31st March, 2024 for holding any benami given, in our opinion, schedule of repayment of
property under the Benami Transactions principal and payment of interest has not been
(Prohibition) Act, 1988 (as amended in 2016) stipulated in one case. In another case, interest
and rules made thereunder. bearing unsecured loan, is repayable on demand.
(ii) (a) The Company is primarily in the business of (d) There is no overdue amount in respect
implementing railway infrastructure projects of loans given.
and the inventory primarily consists of
project work in progress. The inventories were (e) There is no loan granted falling due during the
physically verified by the management at year, which has been renewed or extended or
year end and no material discrepancies were fresh loans granted to settle the overdue of
observed on the aforesaid verification. existing loans given to same parties.
(b) The Company has not been sanctioned working (f) The Company has granted loans or advances in
capital limits in excess of Rs. 5 crores, in aggregate, the nature of loan to its two subsidiaries either
at any point of time during the year, from banks repayable on demand or without specifying
or financial institutions on the basis of security of any terms or period of repayment as per the
current assets and hence reporting under clause detail thereunder:
3(ii)(b) of the Order is not applicable.
188
(Rs. in crores)
Particulars All Parties Promoters Related Parties
Aggregate amount of loans/ advances in nature of
loans :-
- Repayable on demand (A) - - 27.00
- Agreement does not specify any terms or period of - - 37.00
repayment (B)
Total (A+B) - - 64.00
Percentage of loans/ advances in nature of loans to the - - 100%
total loans
(iv) In our opinion and according to the information and explanations given to us, the Company has not provided
guarantees and security as specified under sections 185 and 186 of the Companies Act, 2013. In respect of the
investment made and loans given by the company, in our opinion, the provision of section 185 and 186 of the Act
have been complied with.
(v) The Company has not accepted any deposits or amounts which are deemed to be deposits. Hence, reporting under
clause 3(v) of the Order is not applicable.
(vi) The maintenance of cost records has not been specified by the Central Government under sub-section (1) of section
148 of the Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under
clause (vi) of the Order is not applicable to the Company.
(vii) In respect of statutory dues:
(a) On the basis of the records of the Company examined by us, in our opinion the Company is generally regular
in depositing of undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service Tax, duty of Customs, duty of Excise, Value Added Tax, Cess and other
material statutory dues applicable to it with appropriate authorities.
No undisputed amounts payable in respect of aforesaid statutory dues were outstanding as at 31st March, 2024
for a period of more than six months from the date they became payable except as given below:
Period to
Name of the Nature of the Amount (Rs. Date Of Remarks, if
which amount Due Date
Statute Dues in crore)* Payment any
relates
Employees Provident Fund 0.01 April-22 15.04.22 -
Provident Funds 0.01 May-22 15.05.22 -
and Miscellaneous 0.01 June-22 15.06.22 -
Provisions Act, 195 0.01 July-22 15.07.22 -
0.01 August-22 15.08.22 -
0.01 September-22 15.09.22 -
0.01 October-22 15.10.22 -
0.01 November-22 15.11.22 -
0.01 December-22 15.12.22 -
0.01 January-23 15.01.23 -
0.01 February-23 15.02.23 -
0.01 March-23 15.03.23 -
0.01 April-23 15.05.23 -
0.02 May-23 15.06.23 -
0.01 June-23 15.07.23 -
0.01 July-23 15.08.23 -
0.01 August-23 15.09.23 -
* As explained to us, the said amount could not been deposited due to pending KYC of the employees.
189
(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31st March,
2024 on account of disputes are given below:
Nature of Amount Period to which the Forum where dispute is

Name of the Statute
the Dues (Rs. in crores) amount relates pending
Income Tax Act, 1961 Income Tax 0.02 A. Y. 2018-19 CIT (A)
27.98 A. Y. 2022-23 A.O.
1213.86 A. Y. 2021-22 ITAT
Finance Act, 1994 Service Tax 148.68 F. Y. 2012-13 to CESTAT, New Delhi
Penalty 130.78 F. Y. 2017-18
Goods & Services Tax CGST 4.26 F.Y.2018-19 Additional Commissioner
Act, 2017 SGST 4.26
Interest 4.73 (Appeal) State Ahmedabad
Penalty 0.85 - Gujrat
Goods & Services Tax CGST 0.94 F. Y. 2017-18 Additional Commissioner
Act, 2017 SGST 0.94 (Appeal) State Lucknow- UP
IGST 5.18
Penalty 0.71
Goods & Services Tax Interest 0.93 F. Y. 2017-18 Appellate Additional
Act, 2017 Commissioner States Tax
Vijaywada- Andhra Pradesh
Goods & Services Tax CGST 0.01 F. Y. 2018-19 Appellate Additional
Act, 2017 SGST 0.01 Commissioner States Tax
Interest 0.02 Vijaywada- Andhra Pradesh
Penalty 0.002
Goods & Services Tax CGST 1.06 F. Y. 2019-20 Appellate Additional
Act, 2017 SGST 1.06 Commissioner States Tax
IGST 0.01 Vijaywada- Andhra Pradesh
Interest 1.41
Penalty 0.21
Act, 2017 SGST 0.06 (Appeal) State Jharkhand -
Interest 0.06 Ranchi
Penalty 0.10
Act, 2017 SGST 0.11 (Appeal) State Jharkhand -
IGST 0.18 Ranchi
Penalty 0.04
Act, 2017 SGST 0.67 (Appeal) State Kota-
Interest 1.52 Rajasthan
Penalty 0.13
Goods & Services Tax CGST 0.005 F. Y. 2017-18 Joint Commissioner (State
Act, 2017 SGST 0.005 Tax) Begumpet division
IGST 1.58 Hyderabad- Telangana
Penalty 0.16
Act, 2017 SGST 0.06 (Appeal) State Uttrakhand -
Interest 0.13 Dehradun (UK)
Penalty 0.01
Act, 2017 SGST 0.03 (Appeal) State Patna - Bihar
Interest 0.07
Penalty 0.01
IGST 5.18
Penalty 0.71
190
Nature of Amount Period to which the Forum where dispute is

Name of the Statute
the Dues (Rs. in crores) amount relates pending
Goods & Services Tax CGST 9.96 F. Y. 2017-18 Joint Commissioner of
Act, 2017 SGST 9.96 Commercial taxes - Appeal
IGST 0.17 -1 Bengaluru - Karnataka
Interest 22.07
Penalty 2.01
Goods & Services Tax CGST 3.32 F. Y. 2017-18 Special Commissioner Dept.
Act, 2017 SGST 3.32 Of Trade & Taxes , Delhi State
Interest 6.64 - Delhi.
Penalty 0.66
Goods & Services Tax CGST 1.16 F. Y. 2017-18 Special Commissioner Dept.
Act, 2017 SGST 1.16 Of Trade & Taxes , Delhi State
Interest 2.31 - Delhi.
Penalty 0.23
Act, 2017 SGST 0.01 (Appeal) Central Guwahati-
IGST 0.44 Assam
Penalty 0.05
Goods & Services Tax CGST 0.99 F. Y. 2018-19 Joint Commissioner of
Act, 2017 SGST 0.99 Commercial taxes - Appeal
Interest 4.53 -1 Bengaluru - Karnataka
Penalty 0.20
Act, 2017 SGST 1.06 (Appeal) State Ambala –
Interest 2.01 Haryana
Penalty 0.21
IGST 0.44
Penalty 1.03
Act, 2017 SGST 0.33 (Appeal) State Kota-
Interest 0.66 Rajasthan
Penalty 0.07
Act, 2017 SGST 0.43 (Appeal) State Chennai –
IGST 1.47 Tamil Nadu
Interest 2.08
Penalty 0.23
(viii) There were no transaction relating to previously (c) On an overall examination of the financial
unrecorded income that have been surrendered statements of the Company, term loans
or disclosed as income during the year in the were applied for the purpose for which such
tax assessments under the Income Tax Act, loans were obtained.
1961 (43 of 1961).
(d) According to the information and explanation to
(ix) (a) The Company has not defaulted in repayment of us, the Company has not raised funds on short
loans or other borrowings or in the payment of term basis and hence, reporting under clause
interest thereon to any lender during the year. 3(ix)(d) of the Order is not applicable.
(b) The Company has not been declared wilful (e) On an overall examination of the financial statements
defaulter by any bank or financial institution or of the Company, the Company has not taken any
government or any government authority. funds from any entity or person on account of or
to meet the obligations of its subsidiaries and joint
venture entities.
191
(f) The Company has not raised any loans during (xv) The Company has not entered into any non-cash
the year on the pledge of securities held in transaction with its directors or any other person
its subsidiaries and joint ventures and hence connected with its directors and hence provisions
reporting on clause 3(ix)(f) of the Order is of Section 192 of the Companies Act, 2013 are not
not applicable. applicable to the Company.
(x) (a) The Company has not made any public offer (xvi) (a) In our opinion, the Company is not required to
(including debt instruments) during the year be registered under section 45-IA of Reserve
and hence reporting under clause 3(x)(a) of the Bank of India Act, 1934. Hence reporting
Order is not applicable. under clause 3(xvi)(a), (b) and (c) of the Order is
not applicable.
(b) During the year, the Company has not made any
preferential allotment or private placement of (b) In our Opinion, there is no core investment
shares or convertible debentures (fully or partly company within the Group (as defined in
or optionally) and hence reporting under clause the Core Investment Companies (Reserve
3(x)(b) of the Order is not applicable. Bank) Directions, 2016) and accordingly
reporting under clause 3(xvi)(d) of the Order is
(xi) (a) To the best of our knowledge and according not applicable.
to the information and explanations given to
us, no fraud by the Company and no fraud on (xvii) The Company has not incurred cash losses during
the Company has been noticed or reported the financial year covered by our audit and the
during the year. immediately preceding financial year.
(b) No report under sub-section (12) of section 143 (xviii)There has been no resignation of the statutory
of the Companies Act has been filed in ADT-4 as auditors of the Company during the year.
prescribed under rule 13 of Companies (Audit
and Auditors) Rules, 2014 with the Central (xix) On the basis of the financial ratios, ageing and
Government, during the year and upto the expected dates of realisation of financial assets and
date of the report. payment of financial liabilities, other information
accompanying the financial statements and
(c) As per the information and explanations given our knowledge of the Board of Directors and
to us, the Company has not received any whistle- management plans and based on our examination
blower complaint during the year and hence of the evidence supporting the assumptions, nothing
reporting under clause 3(xi)(c) of the Order is has come to our attention, which causes us to believe
not applicable. that any material uncertainty exists as on the date
of the audit report indicating that Company is not
(xii) As the Company is not a Nidhi Company, the capable of meeting its liabilities existing at the date
requirements of reporting under clause (xii) of the of balance sheet as and when they fall due within a
Order is not applicable. period of one year from the balance sheet date. We,
however, state that
(xiii) In our opinion, the Company is in compliance with
Section 177 and 188 of Companies Act, 2013 with this is not an assurance as to the future viability of
respect to applicable transactions with the related the Company. We further state that our reporting is
parties and details thereof have been disclosed in based on the facts up to the date of the audit report
the standalone financial statements as required by and we neither give any guarantee nor any assurance
the applicable accounting standards. that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged
(xiv) (a) As per information and explanations given to us, by the Company as and when they fall due.
the Company has appointed independent firm
of Chartered Accountants to conduct Internal (xx) There is no unspent amount towards Corporate Social
Audit. In our opinion, the internal audit system Responsibility (CSR) under sub-section (5) of Section
is commensurate with the size and the nature 135 of the Act pursuant to any project. Accordingly,
of its business. reporting under clause 3(xx)(a) and (b) of the Order
are not applicable.
(b) We have considered, the internal audit reports
for the year under audit, issued to the Company (xxi) The reporting under clause 3(xxi) of the Order is not
during the year and till date, in determining the applicable in respect of audit of standalone financial
nature, timing and extent of our audit procedures. statements. Accordingly, no comment in respect of
the said clause has been included in this report.

FRN.: 000250N
Sd/-
(VIPUL GIROTRA)
PARTNER
192
ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 2 under ‘Report on other legal and regulatory requirements’ section of our report
of even date for the year ended 31st March, 2024 to the members of Rail Vikas Nigam Limited.
On the directions issued by the Comptroller and Auditor General of India under Section 143(5) of the Act, indicating the
areas to be examined by the Statutory Auditor during the course of audit of annual accounts of Rail Vikas Nigam Limited
(Standalone) for the year 2023-24:
Impact on
S.No. Areas Examined Observations/Findings Financial
Statement
1 Whether the company has system in The Company has SAP system in place to process NIL
place to process all the accounting all the accounting transactions through IT system.
transactions through IT system? If Based on the audit procedures carried out and as
yes, the implications of processing of per the information and explanations given to us,
accounting transactions outside IT no accounting transactions have been processed/
system on the integrity of the accounts carried outside the IT system. Accordingly,
along with the financial implications, there are no implications on the integrity of the
if any, may be stated. accounts.
2 Whether there is any restructuring of Based on our examination of the records of NIL
an existing loan or cases of waiver/ the Company and as per the information and
write off of debts /loans/interest etc. explanations given to us, there are no restructuring
made by a lender to the company due of any loan or cases of waiver/write off of debts/
to the company’s inability to repay loans/interest etc. made by a lender to Company
the loan? If yes, the financial impact due to the Company’s inability to repay the loan.
may be stated. Whether such cases
are properly accounted for? (In case,
lender is a Government Company,
then this direction is also applicable for
statutory auditor of lender company).
3 Whether funds (grants/subsidy Based on the information and explanation NIL
etc.) received/receivable for specific furnished to us, the Company has not received
schemes from Central/ State grant/subsidy etc. towards any specific scheme
Government or its agencies were from Central / State Government or its agencies
properly accounted for/ utilized as per during the financial year 2023-24.
its term and conditions? List the cases
of deviation.

FRN.: 000250N
Sd/-
(VIPUL GIROTRA)
PARTNER
193
ANNEXURE C TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 3(f) under ‘Report on other legal and regulatory requirements’ section of our report
of even date for the year ended 31st March, 2024 to the members of Rail Vikas Nigam Limited.
Report on the Internal Financial Controls referred Our audit involves performing procedures to obtain audit
under Clause (i) of Sub-section 3 of Section 143 of evidence about the adequacy of the internal financial
the Companies Act, 2013 (“the Act”) controls system over financial reporting and their
operating effectiveness. Our audit of internal financial
We have audited the internal financial controls over
controls over financial reporting included obtaining
financial reporting of Rail Vikas Nigam Limited (“the
an understanding of internal financial controls over
Company”) as of 31st March, 2024 in conjunction with
financial reporting, assessing the risk that a material
our audit of the standalone financial statements of the
weakness exists, and testing and evaluating the design
Company for the year ended on that date.
and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on
Management’s and Board of Directors’ the auditor’s judgment, including the assessment of the
responsibilities for internal financial controls risks of material misstatement of the financial statements,
The Company’s Management and the Board of Directors whether due to fraud or error.
are responsible for establishing and maintaining internal
We believe that the audit evidence we have obtained is
financial controls based on the internal control over
sufficient and appropriate to provide a basis for our audit
financial reporting criteria established by the Company
opinion on the Company’s internal financial controls
considering the essential components of internal
system over financial reporting.
control stated in the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting issued by the
Institute of Chartered Accountants of India (‘ICAI’). These Meaning of internal financial controls over
responsibilities include the design, implementation and financial reporting
maintenance of adequate internal financial controls that A company's internal financial control over financial
were operating effectively for ensuring the orderly and reporting is a process designed to provide reasonable
efficient conduct of its business, including adherence assurance regarding the reliability of financial reporting
to company’s policies, the safeguarding of its assets, the and the preparation of financial statements for external
prevention and detection of frauds and errors, the accuracy purposes in accordance with generally accepted
and completeness of the accounting records, and the accounting principles. A company's internal financial
timely preparation of reliable financial information, as control over financial reporting includes those policies
required under the Companies Act, 2013. and procedures that
(1) pertain to the maintenance of records that, in

Auditors’ responsibility
reasonable detail, accurately and fairly reflect
Our responsibility is to express an opinion on the Company's the transactions and dispositions of the assets
internal financial controls over financial reporting based of the company;
on our audit. We conducted our audit in accordance with
the Guidance Note on Audit of Internal Financial Controls (2) provide reasonable assurance that transactions
over Financial Reporting (the “Guidance Note”) and the are recorded as necessary to permit preparation of
Standards on Auditing, issued by ICAI and deemed to financial statements in accordance with generally
be prescribed under section 143(10) of the Companies accepted accounting principles, and that receipts and
Act, 2013, to the extent applicable to an audit of internal expenditures of the company are being made only in
financial controls, both applicable to an audit of Internal accordance with authorisations of management and
Financial Controls and, both issued by the Institute of directors of the company; and
Chartered Accountants of India. Those Standards and
the Guidance Note require that we comply with ethical (3) provide reasonable assurance regarding prevention
requirements and plan and perform the audit to obtain or timely detection of unauthorised acquisition, use,
reasonable assurance about whether adequate internal or disposition of the company's assets that could
financial controls over financial reporting was established have a material effect on the financial statements.
and maintained and if such controls operated effectively
in all material respects.
194
Inherent limitations of internal financial Opinion

controls over financial reporting In our opinion, the Company has, in all material respects,
Because of the inherent limitations of internal financial an adequate internal financial controls system over
controls over financial reporting, including the possibility financial reporting and such internal financial controls
of collusion or improper management override of controls, over financial reporting were operating effectively as
material misstatements due to error or fraud may occur at 31 March, 2024 based on the internal control over
and not be detected. Also, projections of any evaluation financial reporting criteria established by the Company
of the internal financial controls over financial reporting considering the essential components of internal control
to future periods are subject to the risk that the internal stated in the Guidance Note on Audit of Internal Financial
financial control over financial reporting may become Controls Over Financial Reporting issued by the Institute
inadequate because of changes in conditions, or that the of Chartered Accountants of India.
degree of compliance with the policies or procedures
may deteriorate.

FRN.: 000250N
Sd/-
(VIPUL GIROTRA)
PARTNER
195
Management Reply to the Emphasis of Matter of Statutory Auditor

on the Standalone Financial Statements of the Company for the
F.Y.2023-24
S.No. Emphasis of Matter Management Reply

1 The Company receives advance payment from Joint M/s Krishnapatnam Railways Company Limited (KRCL)
Venture Companies for incurring expenditures on is a Special Purpose Vehicle created especially for
their projects. However, in case of one joint venture providing rail connectivity to Krishnapatnam Port in
company i.e. Krishnapatnam Railway Company Limited Andhra Pradesh. As on 31st March 2024 Rail Vikas
(KRCL), the Company is incurring project expenditures Nigam Limited holds 49.76% equity shares in KPRCL.
on a regular basis but insignificant amount has been The work was executed in three phases. The execution
received from KRCL during the year and the total of the construction work was undertaken by RVNL. As
amount receivable from KRCL as on 31st March, 2024 is per the construction agreement, KPRCL was to pay
H 1453.39 crore (including accrued interest amounting quarterly advances to RVNL for execution of the work.
to H 14.32 crore) which includes H 797.55 crore on but due to dispute between MoR and KRCL regarding
account of interest (refer note nos. 10.1 & 10.6 to the apportionment of revenue from traffic receipts,
standalone financial statements KRCL have not able to generate enough revenue to
finance the construction work through RVNL. But as
the contracts had already been awarded by RVNL,
commitments had to be met out of its own source.
Also, as per the terms and conditions of the concession
agreement stopping of works would have resulted into
bigger loss to RVNL.
The pace of payment by KRCL has been improving

as the movement on this project has been increasing
continuously. It is expected that sufficient revenue
will be generated and KRCL will be paying back the
balance due to RVNL along with interest as per the
construction agreement. During the financial year
2023-24 H 141.42 crore were received and for the
current year already H 54.13 crores have been received
from KRCL by 31.08.24.
Authorities of KRCL are being pursued for arranging

payments to RVNL.
2. In view of the representation made by KRCL for waiver As per the construction agreement between RVNL and
of departmental charges and pending decision by KRCL, it has been decided to charge departmental
the Board of Directors of the Company, the claim for charges (5%) on completion of project i.e. on the basis
departmental charges @ 5% of the completion cost of completion report finalization. As per para 1705 of
of the project has not been raised on KRCL by the Engineering code of Indian Railway “the completion
Company (refer note no. 46 to the standalone financial Report of a project should be submitted to Railway
statements). Board within 18 months after the end of financial half
year in which completion estimate is submitted. It is
submitted that this project is not yet completed in full
respect and hence charging of departmental charges
is not yet due
196

3 Balances of some of the Trade Receivables, Other These are mainly advances to Zonal Railways given
Assets, Trade and Other Payable accounts are subject either for execution of works on behalf of RVNL or
to confirmation/reconciliation from the respective supply of sleepers and rails for utilization in RVNL
parties. The management does not expect to have any projects, which is a regular process. Zonal Railways
material differences affecting the financial statements are advised to give accountal of the advance given
for the year ended 31st March, 2024 (refer note no. 52 to but confirmations of outstanding balances from
the standalone financial statements). some Zonal Railways were not received in spite of
repeated requests. The advance was given to Electricity
Companies for either power supplies or for shifting of
cables in connection with the projects against which
the accountal is received on completion of the work.
Payables mainly include funds received from MoR

pending adjustment and security deposits/retention
monies.
Management does not expect to have any material

financial impact of such pending confirmations/
reconciliations.
197
Standalone Balance Sheet

as at 31 March 2024
(H in crore)
Note As at As at
Particulars
No. 31 March 2024 31 March 2023
I. ASSETS
1 Non-current assets
(a) Property, Plant and Equipment 3 28.62 26.48
(b) Right-of-use Assets 3.1 328.88 313.39
(c) Capital work in progress 4 93.79 1.27
(d) Other Intangible Assets 5 8.86 14.73
(e) Financial Assets 6
(i) Investments 6.1 1,610.75 1,186.64
(ii) Lease Receivables 6.2 4,492.36 4,964.36
(iii) Loans 6.3 4.07 4.87
(iv) Others 6.4 2,005.99 1,799.67
(f) Deferred tax assets (Net) 7 13.98 13.69
(g) Other Non-current assets 8 479.63 255.99
Total Non-Current Assets 9,066.93 8,581.09
2 Current assets
(a) Project Work-in-Progress 9 64.72 58.93
(b) Financial Assets 10
(i) Trade Receivables 10.1 1,106.48 969.30
(ii) Lease Receivables 10.2 472.00 377.28
(iii) Cash and Cash Equivalents 10.3 1,027.49 807.53
(iv) Bank Balances other than Cash and Cash Equivalents 10.4 1,969.64 1,001.94
(v) Loans 10.5 29.15 4.13
(vi) Others 10.6 1,958.21 2,596.42
(c) Current Tax Asset (Net) 11 - 11.58
(d) Other Current Assets 12 3,038.91 3,173.25
Total Current Assets 9,666.60 9,000.36
Total Assets 18,733.53 17,581.45
II. EQUITY AND LIABILITIES
1 Equity
(a) Equity Share Capital 13 2,085.02 2,085.02
(b) Other Equity 14 5,782.26 4,394.13
Total Equity 7,867.28 6,479.15
2 Liabilities
(i) Non-current liabilities
(a) Financial Liabilities 15
(i) Borrowings 15.1 5,515.77 6,030.58
(ii) Lease Liabilities 15.2 27.85 11.15
(iii) Other Financial Liabilities 15.3 706.46 521.92
(b) Provisions 16 15.46 31.70
(c) Other Non-Current Liabilities 17 17.21 59.60
Total Non-Current Liabilities 6,282.75 6,654.95
(ii) Current Liabilities
(i) Borrowings 18.1 472.00 377.29
(iii) Trade Payables 18.3
- Total outstanding dues of micro enterprise and small enterprises 4.10 34.61
- Total outstanding dues of creditors other than micro enterprises 248.30 591.68
and small enterprises
(iv) Other Financial Liabilities 18.4 1,472.29 1,929.31
(b) Other Current Liabilities 19 2,320.10 1,463.90
(c) Provisions 16 38.65 28.24
(d) Current Tax Liabilities (Net) 11 11.15 -
Total Current Liabilities 4,583.50 4,447.35
Total Equity and Liabilities 18,733.53 17,581.45
Face Value Per Equity Share 10.00 10.00
III Corporate Information and summary of Material Accounting Policies 1&2
IV Notes forming integral part of the Financial Statements 3 to 54
As per our Report of even date attached For and on behalf of Board of Directors
Sd/- Sd/-
For V.K. Dhingra & Co., Sanjeeb Kumar Pradeep Gaur
Chartered Accountants Director Finance Chairman & Managing Director
Firm Registration No.: 000250N DIN: 03383641 DIN: 07243986
Sd/- Sd/-
(CA Vipul Girotra) Kalpana Dubey
Partner Company Secretary
M.No. 084312 FCS No. F7396
Place : New Delhi

Date: 17.05.2024
198
Standalone Statement of Profit and Loss

for the year ended 31 March 2024
(H in crore except equity share and per equity share data)
Note Year Ended Year Ended
Particulars
No. 31 March 2024 31 March 2023
Revenue :
I. Revenue from operations 20 21,732.58 20,281.57
II. Other income 21 1,182.55 1,003.94
III. Total Income (I + II) 22,915.13 21,285.51
IV. Expenses:
Expenditure on Operations 22 20,041.24 18,727.60
Employee Benefits Expense 23 184.18 187.16
Finance Costs 24 568.49 581.37
Depreciation, Amortisation and Impairment 25 20.82 22.27
Other Expenses 26 161.00 122.73
Total Expenses (IV) 20,975.73 19,641.13
V. Profit before exceptional items and Tax (III - IV) 1,939.40 1,644.38
VI. Exceptional items - -
VII. Profit before tax (V + VI) 1,939.40 1,644.38
VIII. Tax expense: 27
Current tax 482.17 381.40
Earlier year tax (5.35) (4.23)
Deferred tax (0.37) (0.75)
Total Tax Expense (VIII) 476.45 376.42
IX. Profit after tax (VII - VIII) 1,462.95 1,267.97
X. Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to profit or loss 28 0.32 1.12
(ii) Income Tax relating to Items that will not be reclassified to profit or loss (0.08) (0.21)
B. Items that will be reclassified to profit or loss - -
Total other comprehensive income/(Loss) 0.24 0.91
XI. Total Comprehensive Income for the year (IX +X) 1,463.19 1,268.88
XII. Earnings Per Equity Share (Face Value H 10 per Equity Share): 40
Basic 7.02 6.08
Diluted 7.02 6.08
Weighted Average number of Equity Shares 2,08,50,20,100 2,08,50,20,100
XIII. Corporate information and summary of material accounting policies 1&2
XIV.Notes forming integral part of the Financial Statements 3 to 54
Sd/- Sd/-
Sd/- Sd/-
M.No. 084312 FCS No. F7396
Place : New Delhi

Date: 17.05.2024
199
Standalone Statement of Changes in Equity

A. Equity share capital
Amount
Particulars No. of Shares
(J in crore)
Balance as at 01 April, 2022 2,08,50,20,100 2,085.02
Changes in equity share capital during the year - -
Balance as at 31 March, 2023 2,08,50,20,100 2,085.02
Balance as at 31 March, 2024 2,08,50,20,100 2,085.02
B. Other Equity
(H in crore)
Reserves & Surplus Equity
Instruments
Particulars General Retained through other Total
Reserve Earnings comprehensive
Income
Balance as at 01 April, 2023 71.00 4,323.13 - 4,394.13
Profit for the year - 1,462.95 - 1,462.95
Other Comprehensive Income/(Loss)
Remeasurment of Defined Benefit Plans - 0.24 - 0.24
Total Comprehensive Income for the year - 1,463.18 - 1,463.18
Final dividend - FY 2022-23 - (75.06) - (75.06)
Balance as at 31 March, 2024 71.00 5,711.25 - 5,782.25
Other Comprehensive Income/(Loss)
Interim Dividend - FY 2022-23 - (369.05) - (369.05)
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Date: 17.05.2024
200
Standalone Statement of Cash Flows

(H in crore)
Year Ended Year Ended
S.N. Particulars
31 March 2024 31 March 2023
1 CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before taxation 1,939.40 1,644.38
Adjustment for :
Depreciation, Amortisation and Impairment 37.69 42.26
Unwinding of Interest Cost on Lease Obligation 4.02 3.10
Unwinding/(Amortisation) of Interest Cost on Retention Money (Net) (2.03) 0.09
Unwinding/(Amortisation) of Interest Cost on Performance And Security (14.50) 18.22
Deposit (Net)
Provision for Impairment of Investments in Dighi Roha Limited - 0.05
Allowance for Doubtful Debts - 0.78
(Profit)/Loss on Sale of Assets (Net) (0.23) 0.13
Share of Profit from RVNL DTCPL (0.48) -
Interest Expense 503.95 529.48
Interest Income (1,063.32) (954.22)
(Gain)/Loss on Modification on Lease (9.24) -
Provisions Written Back (25.81) -
Dividend Income - (9.68)
Unrealised Loss/(Gain) on forex Exchange fluctuation (0.19) -
Effects of Exchange Differences on translation of Foreign Currency Cash 1.40 -
and Cash Equivalents
Operating Profit Before Working Capital Changes 1,370.64 1,274.60
Adjustments for Changes in Working Capital:
Adjustments for (Increase)/Decrease in Operating Assets:
Trade Receivables (137.18) (31.91)
Lease Receivables (Current) (94.71) (97.33)
Lease Receivables (Non-Current) 472.00 (3,137.49)
Project work in progress (5.79) (9.02)
Other Current Financial Assets 1,431.22 1,298.01
Other Current Assets 134.65 350.98
Other Non Current Financial Assets (209.91) (711.50)
Other Non Current Assets (0.36) (0.00)
1,589.92 (2,338.27)
Adjustments for Increase/(Decrease) in Operating Liabilities:
Trade Payables (373.70) 395.80
Other Current Financial Liabilities (17.36) 180.84
Other Current Liabilities 837.20 (3,373.04)
Security Deposit Accepted (Net) (8.09) 217.50
Other Non Current Financial Liabilities (0.01) 0.01
Short Term Provisions 10.64 2.55
Long Term Provisions (16.24) (0.42)
432.44 (2,576.76)
Cash Generated from Operations 3,393.00 (3,640.43)
Income Taxes Paid (Net of Refund) (453.73) (387.49)
Net Cash Flow from Operating Activities (A) 2,939.27 (4,027.92)
2 CASH FLOW FROM INVESTING ACTIVITIES
Property, Plant & Equipment/Intangible Assets/CWIP (116.17) (10.01)
Sale of Property, Plant and Equipments & Intangible Assets 14.74 0.42
Advance for Capital Asset (224.07) (51.05)
Investment in Subsidiaries & Joint Ventures (424.12) (23.64)
Loan Given to Subsidiary (25.00) -
Interest Received 310.97 214.67
Dividend Received - 9.68
Bank Balances other than Cash and Cash Equivalents (967.70) 1,173.75
NET CASH FLOW FROM INVESTING ACTIVITIES(B) (1,431.35) 1,313.82
201
Standalone Statement of Cash Flows

(H in crore)
S.N. Particulars
31 March 2024 31 March 2023
3 CASH FLOW FROM FINANCING ACTIVITIES
Proceeds/(Repayment) From Long Term Borrowings (377.29) (279.95)
Payment of Interest (441.52) (309.11)
Payment of Principal Lease Payments (19.80) (22.68)
Payment of Interest Lease Payments (4.02) (3.10)
Dividend Paid (443.93) (433.47)
Net Cash Flow From Financing Activities (C) (1,286.56) (1,048.31)
Effects of Exchange Differences on translation of Foreign Currency (1.40) -
Cash and Cash Equivalents (D)
Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C+D) 219.96 (3,762.41)
Cash & Cash Equivalents at the beginning of the Period 807.53 4,569.93
Cash & Cash Equivalents at the end of Period 1,027.49 807.53
Cash and Cash Equivalents
Balance with Scheduled Banks
- On Current Account 877.49 807.53
- On Term Deposit Account 150.00 -
1,027.49 807.53
Note:
1. The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in the Indian
Accounting Standard (Ind AS) - 7 on Statement of Cash Flows.
2. Figures in brackets represent outflow of cash.
3. Figures of the previous year have been regrouped / recasted / restated wherever necessary.
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Date: 17.05.2024
202
Notes to the Standalone Financial Statements

1 :- Corporate Information (Ind-AS) notified under section 133 of the

Companies Act 2013 and Companies (Indian
a. Rail Vikas Nigam Limited (RVNL) is a public
Accounting Standards) Rules 2015 as amended
sector construction company domiciled in India
from time to time.
(CIN:L74999DL2003GOI118633) incorporated under
the provisions of the Companies Act 1956 on 24th b) Basis of Measurement
January 2003 with an authorized share capital of
The financial statements have been prepared
H 3000 crores. The shares of the Company are listed
under the historical cost convention and on
on National stock exchange and Bombay stock
accrual basis except for the following items that
exchange. The Company is a Schedule ‘A’ public
have been measured at fair value as required by
sector company and a NavRatna Company with
relevant Ind-AS.
effect from 1st May 2023.
i. Defined benefit Plan and other long term
The registered office of the Company is located at 1st
employee benefits
floor, August Kranti Bhawan, Bhikaji Cama Place, New
Delhi - 110066. President of India through Ministry of ii. Certain financial assets and liabilities
Railway(MoR) is holding 72.84% equity shares of the measured at fair value.
Company as on 31 March 2024.
c) Use of estimates and judgement
The objectives of the Company include:
The preparation of financial statements
(i) Fast track implementation of rail infrastructure is in conformity with Ind AS that requires
projects, diversifying its portfolio to encompass management to make judgements, estimates
highways, energy, Ports and metro rail projects. and assumptions that affect the application
of accounting policies and the reported
(ii) Raising extra budgetary resources for amounts of assets and liabilities, disclosure
project execution. of contingent assets and liabilities at the date
of financial statements and the reported
The Company is implementing various types
amount of income and expenses. Examples
of Rail infrastructure projects assigned by MoR
of such estimates include estimates of future
including doubling (including 3rd/4th lines) gauge
obligations under employee retirement benefit
conversion new lines railway electrification
plans and estimated useful life of property plant
major bridges workshops Production Units and
and equipment. Actual results may differ from
Metro Projects.
these estimates.
The Company has established four subsidiaries,
Estimates and underlying assumptions are
thirteen joint ventures, and one associate.
reviewed on a periodic basis. Future results
b. The reporting and functional currency of the could differ due to changes in these estimates.
Company is Indian Rupees (INR). Figures in financial Difference between the actual result and the
statements are presented in crore, by rounding off estimates are recognised in the period in which
upto two decimals except for per share data and as the results are known /materialize.
otherwise stated.
All financial information are presented in Indian
c. The standalone financial statements have been rupees and all values are rounded to the nearest
approved for issue by the company's Board of crore rupees with two decimal points except
Directors in their meeting held on 17th May 2024. where otherwise stated. Due to rounding off the
numbers presented throughout the document
may not add up precisely to the totals and
Summary of Material Accounting Policies:
percentages may not precisely reflect the
absolute figures.
Note 2:-
2.1 Basis of Preparation 2.2 Cash Flow Statement
a) Statement of Compliance Cash flow statement is reported using the indirect

method whereby profit / (loss) before tax is adjusted
These financial statements have been prepared
for the effects of transactions of non-cash nature
in accordance with Indian Accounting Standards
203

and any deferrals or accruals of past or future cash The estimated useful life of significant items of
receipts or payments. The cash flows from operating property plant and equipment are as follows:
investing and financing activities of the company are
segregated based on the available information. Estimated
Particulars
Useful Life
2.3 Property plant and equipment
Plant & Machinery - 20 years
a) Property plant and equipment are measured Track Machine
at cost less accumulated depreciation and Plant & Machinery - Others 8-12 years
impairment losses if any. Vehicles 8 years
Furniture and fixtures 4 years
Cost of asset includes the following Computers 3 years
Mobile phones & Tablets 2 years
I. Cost directly attributable to the
Office Equipments 5 years
acquisition of the assets
(excluding Mobile Phones
ii. Incidental expenditure during the & Tablets)
construction period is capitalized as part of
the indirect construction cost to the extent (b) Each part of an item of Property Plant and
to which the expenditure is directly related Equipment is depreciated separately if the cost
to construction or is incidental thereto. of part is significant in relation to the total cost
of the item and useful life of that part is different
iii. Present value of the estimated costs from the useful life of remaining asset.
of dismantling & removing the items &
restoring the site on which it is located if (c) Leasehold improvements are amortized over the
recognition criteria are met. lower of estimated useful life and lease term.
b) Cost of replacement, major inspection, repair of (d) Depreciation methods useful lives and residual
significant parts and borrowing costs for long- values are reviewed at each reporting date.
term construction projects are capitalised if the
(e) Depreciation on individual assets acquired for H
recognition criteria are met.
5000/- or less is depreciated at the rate of 100%
c) Upon sale of assets cost and accumulated in the year of purchase itself.
depreciation are eliminated from the financial
2.4 Capital Work-in-Progress
statements and the resultant gains or losses are
recognized in the statement of profit and loss. Capital work-in-progress, representing assets under
assembly or expenditure incurred in respect of assets
d) The cost of property plant and equipment under development and not ready for their intended
not ready for intended use as of end of use, are carried at cost. Cost includes related
reporting period are disclosed under capital acquisition expenses, construction cost, and other
work- in-progress. expenditure that are attributable to for development/
assembly of asset.
Depreciation
2.5 Intangible Assets
a) Depreciation on Property plant and Equipment
is provided on Straight Line basis (SLM) over the Intangible assets are recognized when it is probable
useful life of the assets as specified in Schedule that the future economic benefits that are attributable
II of the Companies Act, 2013 except in the case to the asset will flow to the enterprise and the cost
of (i) Furniture & Fixtures and (ii) Mobiles Phones of the asset can be measured reliably. Intangible
& Tablets. In both the categories of these assets assets are stated at historical cost less accumulated
Management has estimated the useful life after amortization and impairment loss if any.
taking into consideration the economic benefits
Intangible assets comprise of license fees other
embodied in these assets and other factors such
implementation costs for system software and other
as technical obsolescence and wear and tear etc.
application software acquired for in-house use.
The costs are capitalized in the year in which the
204

relevant software is implemented for use. The cost Investments in Joint Venture are accounted
of an intangible asset comprises its purchase price for at cost less impairment loss, if any, in
including any import duties and other taxes and any separate financial statements.
directly attributable expenditure on making the asset
ready for its intended use, intangible assets not ready 2.8 Project Work-in-Progress (PWIP)
for intended use as on reporting date is recognised Construction Development expenses are
as intangible assets under development. accumulated under Project Work-in-Progress (PWIP)
and the same are valued at cost.
Amortization of Intangible Assets
Intangible assets are amortized over their respective 2.9 Lease Receivables
estimated useful lives on a straight- line basis from In respect of IRFC Funded Projects of MoR amount
the date that they are available for use.The estimated receivable from MoR are shown as Lease Receivables.
useful life of acquired softwares (other than SAP Lease receivables are adjusted periodically on receipt
software) are finite i.e 3 years and estimated useful of funds from MoR based on the demand from IRFC
life of SAP software is 6 years. Amortisation methods for repayment of borrowings for these projects.
useful lives and residual values are reviewed at each
reporting date. 2.10 Revenue from Contracts with Customers
2.10.1 Company Recognises revenue from contracts
2.6 Impairment of non-financial assets
with customers based on a five-step criteria as
An asset is treated as impaired when the carrying set out in Ind AS-115: -
cost of assets exceeds its recoverable value and
(i) Identification of the contracts with a
impairment loss is charged to the Statement of
customer: - A contract is defined as an
Profit & Loss in the year in which an asset is identified
agreement between two or more parties
as impaired. At each reporting date company
that creates enforceable rights and
assesses the estimate amount of impairment loss.
obligations and sets out the criteria for
The impairment loss recognized in prior accounting
every contract that must be met.
periods is reversed if there has been a change in the
estimate of recoverable amount. Reversal of impaired (ii) Identification of the performance
loss is recognized in the Statement of Profit & Loss. obligations in the contract: A performance
obligation is a promise in a contract with
2.7 Investments in Subsidiaries, Associates and
a customer to transfer a good or service
Joint Arrangements
to the customer.
a) Investment in Subsidiaries and Associates
(iii) Determination of the transaction price:
Investments in subsidiaries and associates are
The transaction price is the amount of
accounted for at cost less impairment loss, if
consideration to which the company
any, in standalone financial statements.
expects to be entitled in exchange for
b) Joint Arrangement transferring promised goods or services to
a customer excluding amounts collected
Investment in joint arrangement are classified
on behalf of third parties.
as either joint operation or joint ventures. The
classification depends on the contractual rights (iv) Allocation of the transaction price to the
and obligations of each investors rather than the performance obligations in the contract:
legal structure of the joint arrangement. For a contract that has more than one
performance obligation the Company
i) Joint Operations
allocates the transaction price to each
Company recognizes its direct right to the performance obligation in an amount
assets, liabilities, revenue and expenses that depicts the amount of consideration
of joint operations and its share of any to which the Company expects to be
jointly held or incurred assets, liabilities, entitled in exchange for satisfying each
revenue and expenses. performance obligation.
ii) Joint Venture (v) Recognition of revenue when or as

the Company satisfies a performance
obligation.
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2.10.2 The Company satisfies a performance 2.10.4 Technical & Management fees: Revenue is
obligation and recognises revenue over the accounted when right to receive the income is
period of time when one of the following established as per terms of contract.
criteria is met:
2.10.5 Claims are accounted as income in the
(i) The customer simultaneously receives
year of acceptance by client or evidence of
and consumes the benefits provided
acceptance received.
by the Company's performance as the
Company performs 2.11 Other Revenue Recognition
(ii) The Company's performance creates or (i) In case of IRFC funded projects, amount of
enhances an asset that the customer interest accrued for the year on the Loan is
controls as the asset is created or enhanced. shown as finance cost and the same amount
which is receivable from Ministry of Railways
(iii) The Company's performance does not is shown as recovery from MoR under the
create an asset with an alternative use head other Income.
to the company and the company has
an enforceable right to payment for (ii) Dividend income is recognized when the right
performance completed to date. to receive is established.
For performance obligations where one of (iii) Interest income is recognized using Effective
the above conditions are not met revenue Interest Rate Method.
is recognised at the point in time at which
2.12 Employee Benefits
performance obligation is satisfied.
a) Short Term Employee Benefits
2.10.3 The company uses the input method to
All employee benefits payable wholly within
measure the progress of work. Considering the
twelve months of rendering the services are
current nature of contracts, management has
classified as short term employee benefits.
assessed the use of input method to be the
Benefits such as salaries, wages and short- term
most suited method to measure the progress
compensated absences, Performance Related
towards complete satisfaction of a performance
Pay (PRP), etc. are recognized in the period in
obligation satisfied over time.
which the employee renders the related service.
i) For Cost Plus contracts: Revenue is
b) Long Term Employee Benefits
recognised based on input method i.e.
cost incurred by including eligible items of The obligation for long-term employee benefits
expenditure in the bills raised on the clients such as Long-term compensated absences, Half
and charging specified margin thereon. pay leave & LTC is accounted for on actuarial
valuation made at the end of the year. Actuarial
ii) Fixed Price Contracts: Revenue is recognised gains/losses are recognised in the statement of
based on input method with reference to profit and loss for the year.
percentage of completion as at the reporting
date i.e contract revenue are recognised as c) Post Employment Benefits
revenue by reference to the stage of completion (i) Defined contribution plans:The Company
based on the contract costs incurred for work makes defined contribution to
performed till the reporting date, relative to the
estimated total Contract Cost. a. provident fund scheme, CGIS and
employee state insurance scheme.
In other cases, where the outcome of a
performance obligation is not reasonably b. the RVNL Medical and Welfare Trust
measured, but costs incurred are expected in respect of RVNL Medical and
to be recovered, the revenue is recognised Welfare Scheme.
only to the extent of the costs incurred
c. National Plan Scheme by the Govt.
upto the end of reporting period.
of India (PFRDA) in respect of the
iii) Unbilled Revenue represents value of pension scheme.
performance obligation performed in
The contribution paid/payable under
accordance with the contracts terms but
the schemes is recognized during the
not billed to the Client.
206

period in which the employee renders 2.14 Borrowing Cost

the related service.
Borrowing costs that are attributable to the
(ii) Defined benefit plans: Gratuity is a post- acquisition construction or production of a qualifying
employment defined benefit plan. The asset or asset are capitalized as part of cost of such asset till
liability recognized in the balance sheet is the such time as the asset is ready for its intended use. A
present value of the defined benefit obligation qualifying asset is an asset that necessarily requires a
at the balance sheet date less fair value of substantial period of time to get ready for its intended
plan assets. The defined benefit obligation is use. All other borrowing costs are recognized as an
calculated by an independent actuary using expense in the period in which they are incurred.
projected unit credit (PUC) method. Actuarial
2.15 Tax expenses represents the sum of current
gains and losses are recognised immediately
tax and deferred tax
in Other Comprehensive Income.
a) Current Income Tax
The gratuity is funded by the Company
i. Taxes including current income-tax
and is managed by a separate trust (RVNL
are computed using the applicable tax
Employees Gratuity Trust). The contributions
rates and tax laws.
to the gratuity trust for the period are
recognized as expense and are charged to ii. The tax rates and tax laws used to compute
statement of profit and loss. the amount are those that are enacted
or substantively enacted at the reporting
d) Retirement benefits of the ‘staff on deputation’
date in the countries where the company
have been accounted for on the basis of the
operates and generates taxable income.
guidelines of the Ministry of Railways.
iii. Current income tax assets and liabilities for
e) Re-measurements recognised in Other
current and prior periods are measured at
Comprehensive Income are comprising actuarial
the amount expected to be recovered from
gains or losses, the return on plan assets
or paid to the taxation authorities Liability
(excluding amount included in the net interest
for additional taxes if any is provided / paid
on the net defined benefit liability or asset) that
as and when assessments are completed.
are not reclassified to profit or loss from Other
Comprehensive Income in subsequent periods. iv. Current tax related to OCI Item are
recognized in Other Income (OCI).
2.13 Functional and presentation currency
Items included in the financial statements are b) Deferred tax
measured using the currency of the primary economic i. Deferred income tax is recognized using
environment in which the Company operates balance sheet approach.
(Functional Currency). The financial statements are
presented in Indian rupees which is also the functional ii. Deferred income tax assets and liabilities
and presentation currency of company. are recognized for temporary differences
which is computed using the tax rates
Foreign Currency Transactions and tax laws that have been enacted or
substantively enacted at the reporting date.
i. All foreign currency transactions are translated
into functional Currency at the rate prevalent on iii. Deferred income tax asset are recognized
the date of transaction. to the extent that it is probable that taxable
profit will be available against which the
ii. Non-monetary items are translated at the rate
deductible temporary differences and the
on the date of initial transaction.
carry forward of unused tax credits and
iii. Monetary items denominated in foreign unused tax losses can be utilized.
currency are translated at the prevailing closing
iv. The carrying amount of deferred income tax
buying rate at each reporting date.
assets is reviewed at each reporting date and
iv. Foreign exchange gain or losses in respect of reduced to the extent that it is no longer
monetary and non-monetary items is recognised probable that sufficient taxable profit will be
in statement of profit and loss. available to allow all or part of the deferred
income tax asset to be utilized.
207

v. Deferred tax related to OCI Item are iii) A reliable estimate of the amount of the
recognized in Other Comprehensive obligation can be made.
Income (OCI).
Reimbursement of the expenditure required to
2.16 Leases settle a provision is recognised as per contract
The Company’s leased asset primarily consists of provisions or when it is virtually certain that
leases for land and buildings. The Company assesses reimbursement will be received.
whether a contract contains a lease at inception of
Provisions are reviewed at each
a contract. The Company recognizes right-of-use
Balance Sheet date.
assets at the commencement date of the lease.
Right-of-use assets are measured at cost less any a) Discounting of Provisions
accumulated depreciation and impairment losses
and adjusted for any re-measurement of lease Provision which expected to be settled
liabilities. The cost of right-of-use assets includes the beyond 12 months are measured at the
amount of lease liabilities recognised, initial direct present value by using pre-tax discount
costs incurred and lease payments made at or before rate that reflects the risks specific to the
the commencement date less any lease incentives liability. The increase in the provision due
received. Right-of-use assets are depreciated on a to the passage of time is recognised as
straight-line basis over the shorter of the lease term interest expenses.
and the estimated useful lives of the assets.
2.18 Contingent Liabilities and Contingent Assets
If ownership of the leased asset is transferred to (a) Contingent Liabilities are disclosed in either of
the Company at the end of the lease term or the the following cases:
cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated i) A present obligation arising from a past
useful life of the asset. event when it is not probable that an
outflow of resources will be required to
The right-of-use assets are also settle the obligation; or
subject to impairment.
ii) A reliable estimate of the present obligation
Lease liabilities cannot be made; or
The Company recognizes lease liabilities
iii) A possible obligation unless the probability
measured at the present value of future lease
of outflow of resource is remote.
payments less any lease incentives receivable. In
addition, the carrying amount of lease liabilities (b) Contingent assets is disclosed where an inflow
is re-measured if there is a modification, a of economic benefits is probable.
change in the lease term or a change in the
lease payments. (c) Contingent Liability and Provisions needed
against Contingent Liability and Contingent
The Company applies the lease recognition Assets are reviewed at each Reporting date.
exemption to its short-term leases contracts (i.e.,
those leases that have a lease term of 12 months or (d) Contingent Liability is net of estimated provisions
less from the commencement date. It also applies considering possible outflow on settlement.
to the recognition exemption to leases of office
2.19 Earnings Per Equity Share
equipment that are considered to be low value.
Lease payments on short-term leases and leases In determining earnings per share the Company
of low-value assets are recognised as expense on a considers the net profit attributable to equity
straight-line basis over the lease term. shareholders. The number of shares used in
computing basic and diluted earnings per share is
2.17 Provisions the weighted average number of shares outstanding
Provision is recognised when: during the year.
i) The Company has a present obligation as a 2.20 Liquidated Damages and Penalties
result of a past event
Credit items arising on account of Liquidated
ii) A probable outflow of resources is expected to Damages and Penalties during execution of contract
settle the obligation and or due to termination of contract etc. are carried as
208

"Retained Amount for Damages A/c" under "Other (B) Subsequent measurement
Current Liabilities" until the management has
(i) Financial Assets
decided either to levy or waive the same before
financial closure of the project. Thereafter if these Financial assets are classified in
are not levied or waived by the management before following categories:
financial closure of the project such leftover balances
a) At Amortised Cost
of liquidated damages and penalties etc. are credited
to the total cost of the concerned project on financial b) Fair value through Other
closure of the project". Comprehensive Income.
2.21 Operating Segment c) Fair value through Profit and

Operating segments are reported in the manner loss account.
consistent with the internal reporting provided by the
a. Debt instrument at Amortised Cost
Chief Operating Decision Maker (CODM). Chairman and
Managing Director of the company has been identified A financial asset shall be measured
as CODM. Company has identified only one reportable at amortised cost if both of the
segment i.e. "Development of Railway Infrastructure". following conditions are met:
2.22 Fair Value Measurement (a) the financial asset is held within a
Company measures financial instruments at fair business model whose objective is
value at each reporting date. Fair value is the price to hold financial assets in order to
that would be received to sell an asset or paid to collect contractual cash flows and
transfer a liability in an orderly transaction between
(b) The contractual terms of the
market participants at the measurement date. The
financial asset give rise on
fair value measurement is based on the presumption
specified dates to cash flows that
that the transaction to sell the asset or transfer the
are solely payments of principal
liability takes place either:
and interest on the principal
in the principal market for the asset or liability or amount outstanding.
in the absence of a principal market in the most Financial assets measured at

advantageous market for the asset or liability. amortised cost using effective
interest rate method less
The principal or the most advantageous market must impairment if any. The EIR
be accessible to the company. The fair value of an amortisation is included in
asset or a liability is measured using the assumptions finance income in the statement
that market participants would use when pricing the of profit and loss.
asset or liability assuming that market participants
act in their economic best interest. The company b. Debt instrument at FVTOCI
uses valuation techniques that are appropriate in
A debt instrument is classified at
the circumstances and for which sufficient data are
FVTOCI if both of the following
available to measure fair value maximizing the use of
criteria are met:
relevant observable inputs and minimizing the use of
unobservable inputs. The objective of the business
model is achieved both by
2.23 Dividend to equity holders
collecting contractual cash
Dividend paid/payable shall be recognised in the flows and selling the financial
year in which the related dividends are approved by assets and
shareholders or board of directors as appropriate.
The asset’s contractual cash flows
2.24 Financial instruments:- represent SPPI.
(A) Initial recognition and measurement
Debt instruments included
Financial Instruments are recognized at its fair within the FVTOCI category are
value plus or minus transaction costs that are measured initially as well as
directly attributable to the acquisition or issue at each reporting date at fair
of the financial instruments. value. Fair value movements
209

are recognized in the Other in other comprehensive income

Comprehensive Income (OCI). subsequent changes in the fair
However the company recognizes value of equity investments not
interest income impairment held for trading.
losses & reversals and foreign
exchange gain or loss in the P&L. (ii) Financial liabilities
On de-recognition of the asset a) Financial liabilities at Amortised Cost
cumulative gain or loss previously
recognised in OCI is reclassified Financial liabilities at amortised cost
from the equity to P&L. Interest represented by trade and other payables
earned is recognised using security deposits and retention money
the EIR method. are initially recognized at fair value and
subsequently carried at amortized cost
c. Debt instrument at FVTPL using the effective interest rate method.
FVTPL is a residual category for b) Financial liabilities at FVTPL

financial Assets. Any financial
assets which does not meet the The company has not designated any
criteria for categorization as at financial liabilities at FVTPL.
amortized cost or as FVTOCI is
(C) Derecognition
classified at FVTPL.
Financial Asset
In addition the Company may
A financial asset (or where applicable a part of a
elect to designate financial
financial asset or part of a group of similar financial
asset which otherwise meets
assets) is derecognized only when the contractual
amortized cost or FVTOCI criteria
rights to the cash flows from the asset expires or
at FVTPL, if doing so reduces or
it transfers the financial assets and substantially all
eliminates a measurement or
risks and rewards of the ownership of the asset.
recognition inconsistency. The
Company has not designated any Financial Liability
financial asset at FVTPL.
A financial liability is derecognised when the
Financial assets included within obligation under the liability is discharged or
the FVTPL category are measured cancelled or expires. When an existing financial
at fair value with all changes liability is replaced by another from the same
recognized in the P&L. lender on substantially different terms or the
terms of an existing liability are substantially
Investment in Equity instruments modified such an exchange or modification is
are measured through FVTOCI. treated as a derecognition of the original liability
and the recognition of a new liability and the
d. Equity Instrument at FVTOCI
difference in the respective carrying amounts is
Financial Assets are measured recognised in the income statement.
at fair value through other
(D) Impairment of financial assets
comprehensive income if these
financial assets are held within Company applies expected credit loss (ECL)
a business whose objective is model for measurement and recognition of
achieved by both collecting impairment loss. The Company follows simplified
contractual cash flows and approach for recognition of impairment loss
setting financial assets and the allowance on trade receivable. The application
contractual terms of the financial of simplified approach does not require the
asset give rise on specified dates Company to track changes in credit risk. Rather
to cash flows that are solely it recognises impairment loss allowance based
payment of principal and invest in on lifetime ECLs at each reporting date right
the principal amount outstanding. from its initial recognition
The Company has made an Company assesses on a forward looking basis

irrevocable election to present the expected credit losses associated with its
210

assets carried at amortised cost and FVTOCI debt the error occurred. If the error occurred before the
instruments. The impairment methodology earliest period presented, the opening balances of
applies on whether there has been significant assets, liabilities and equity for the earliest period
increase in credit risk. presented, are restated.
2.25 Non-current Assets (or disposal groups) held 2.29 NEW STANDARDS/ AMENDMENTS AND
for Sale OTHER CHANGES EFFECTIVE APRIL 1,2023 OR
Non-current assets (or disposal groups) are classified
THEREAFTER
as assets held for sale when their carrying amount is Ministry of Corporate Affairs notifies new standard
to be recovered principally through a sale transaction or amendments to the existing standards. On 31st
and a sale is considered highly probable. The sale is March 2023, vide Notification G.S.R. 242(E) dated 31st
considered highly probable only when the asset or March 2023, modifications in existing standards have
disposal group is available for immediate sale in its been notified which will be applicable from April 1,
present condition it is unlikely that the sale will be 2023, as below:
withdrawn and sale is expected within one year from
the date of the classification. Disposal groups classified (a) Ind AS 1 - Presentation of Financial Statements:
as held for sale are stated at the lower of carrying
The Company has adopted the amendment
amount and fair value less costs to sell. Property
wherein the company was required to disclose
plant and equipment and intangible assets are not
the material accounting policy in its Financial
depreciated or amortised once classified as held for
Statements instead of the significant accounting
sale. Assets classified as held for sale are presented
policy. Accordingly, the company is disclosing
separately in the statement of financial position.
material accounting policies as Note-2.
If the criteria stated by IND AS 105 “Non-current
(b) Ind AS 8 - Accounting Policies, Changes in
Assets Held for Sale and Discontinued Operations”
Accounting Estimates and Errors:
are no longer met, the disposal group ceases to be
classified as held for sale. Non-current asset that The Company has adopted the amendments
ceases to be classified as held for sale are measured w.e.f. April 1, 2023. The impact of this
at the lower of (i) its carrying amount before the amendment is not material.
asset was classified as held for sale adjusted for
depreciation that would have been recognised had (c) Ind AS 12 - Income Taxes:
that asset not been classified as held for sale and (ii) The Company has adopted the amendments
its recoverable amount at the date when the disposal w.e.f. April 1, 2023. The impact of this
group ceases to be classified as held for sale. amendment is not material.
2.26 Cash and cash equivalents 2.30 NEW STANDARDS/ AMENDMENTS ISSUED BUT
Cash and cash equivalent comprise cash at bank and NOT YET EFFECTIVE
on hand. It includes term deposits and short term Recent Accounting Pronouncements Ministry of
money market deposits with original maturities of Corporate Affairs (“MCA”) notifies new standard or
three months or less that are readily convertible to amendments to the existing standards. There is no
known amounts of cash and which are subject to an such notification which would have been applicable
insignificant risk of changes in value. from April 1st, 2024.
2.27 Prepaid Expenses
Prepaid expenses up to INR 5,00,000/- in each case
are treated as expenditure/income of the year and
accounted for to the natural head of accounts.
2.28 Prior period errors

Material prior period errors are corrected
retrospectively by restating the comparative
amounts for the prior periods presented in which
211

NOTE: 3. PROPERTY, PLANT AND EQUIPMENT

(H in crore)
Furniture
Lease hold Plant and Office
Particulars and Computers Vehicles Total
Improvements Machinery Equipments
Fixtures
Gross (At Cost)
As at 1 April 2022 19.73 7.84 16.59 25.15 - 15.72 85.03
Additions 0.39 7.80 0.74 2.21 - 1.24 12.38
Disposals/Adjustments - - (0.30) (1.11) - (0.66) (2.07)
As at 31 March 2023 20.12 15.64 17.03 26.25 - 16.30 95.34
Additions 0.09 14.86 1.91 2.51 2.53 1.56 23.46
Disposals/Adjustments (0.64) (15.64) (0.85) (1.55) - (0.92) (19.60)
As at 31 March 2024 19.57 14.86 18.09 27.21 2.53 16.94 99.20
Depreciation and impairment
As at 1 April 2022 16.99 0.14 13.46 19.88 - 11.58 62.05
Depreciation for the year 1.27 1.14 1.52 2.73 - 1.69 8.35
Impairment - - - - - - -
As at 31 March 2023 18.26 1.28 14.74 21.78 - 12.81 68.87
Depreciation for the year 0.79 0.73 1.24 2.37 0.13 1.54 6.80
As at 31 March 2024 18.42 0.38 15.22 22.82 0.13 13.61 70.58
Net carrying amount
As at 31 March 2024 1.15 14.48 2.87 4.39 2.40 3.33 28.62
As at 31 March 2023 1.86 14.36 2.29 4.47 - 3.49 26.48
As on 31 March 2024, there are property, plants and equipment with net carrying value of H 28.62 crore (Previous year
H26.48 crore), out of which bill for assets with net carrying value of H0.44 crore (Previous year H 0.56 crore) are in the name
of employees of RVNL. However, ownership of these assets belongs to RVNL. During the year, the Company has charged
depreciation of H 0.06 crore (Previous year H 0.25 crore) on assets in the name of employees of RVNL.
NOTE: 3.1 RIGHT-OF-USE ASSETS

(H in crore)
Lease hold Residential Office
Particulars TOTAL
Land Building Premises
Gross (At Cost)
As at 1 April 2022 235.48 65.01 82.45 382.94
Additions - 8.07 8.07
Adjustments - (2.45) (2.45)
As at 31 March 2023 235.48 62.56 90.52 388.56
Additions - 40.32 40.32
Adjustments - - -
As at 31 March 2024 235.48 62.56 130.84 428.88
As at 1 April 2022 11.31 0.71 35.44 47.46
Depreciation for the year 2.61 2.06 23.04 27.71
Adjustment - -
As at 31 March 2023 13.93 2.76 58.48 75.17
Adjustment - -
As at 31 March 2024 16.55 4.85 78.60 100.00
Net carrying amount
As at 31 March 2024 218.93 57.71 52.24 328.88
As at 31 March 2023 221.56 59.79 32.04 313.39
The Company had taken a lease hold land from Noida Authority amounting to H235.48 crore on 04 December 2017
for 90 years and accordingly amortised over the lease period.
212

NOTE: 4 CAPITAL WORK IN PROGRESS

(H in crore)
Particulars Total
Gross (At Cost)
As at 1 April 2022 1.20
Additions 0.07
Capitalised/Transfer during the year -
As at 31 March 2023 1.27
Additions# 92.52
Capitalised/Transfer during the year. -
As at 31 March 2024 93.79
Net carrying amount
As at 31 March 2024 93.79
As at 31 March 2023 1.27
# represents machines under assembly.
Capital Work in Progress Ageing Schedule as at 31 March 2024

(H in crore)
Less than More than
Description of Assets 1-2 years 2-3 years Total
1 year 3 years
Project in Progress 92.52 0.07 1.11 0.09 93.79
Capital Work in Progress Ageing Schedule as at 31 March 2023

(H in crore)
Less than More than
1 year 3 years
Project in Progress 0.07 1.11 0.09 - 1.27
There are no projects where activity has been suspended.
NOTE: 5 OTHER INTANGIBLE ASSETS

(H in crore)
Computer
Particulars
Software
Gross (At Cost)
As at 1 April 2022 36.18
Additions 0.00
Disposals -
As at 31 March 2023 36.18
Additions 0.19
Disposals -
As at 31 March 2024 36.37
Amortisation and Impairment
As at 1 April 2022 15.28
Amortisation 6.18
As at 31 March 2023 21.46
Amortisation 6.05
As at 31 March 2024 27.51
Net carrying amount
As at 31 March 2024 8.86
As at 31 March 2023 14.73
213

NOTE: 6 FINANCIAL ASSETS - NON CURRENT

6.1 INVESTMENTS
Unquoted:
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
A. Investments measured at Cost:
a). Investment in subsidiary:
i. Investment in equity instruments:
HSRC Infra Services Limited 45.00 45.00
4,50,00,000 Shares of H 10 each, fully paid (Previous year:
4,50,00,000 Shares)
Masakani Paradeep Road Vikas Limited 27.65 -
27,65,462 Shares of H 100/- each, fully paid (Previous year : Nil)
RVNL Infra South Africa (Capital yet to be subscribed) - -
ii. Investment in Association of Person (AOP) :
RVNL-DTCPL JV (Refer Note 41 and 42.2) - -
Total 72.65 45.00
b). Investment in joint ventures (equity instruments):
Kutch Railways Company Limited 385.50 100.00
12,50,00,000 Shares)
Haridaspur Paradip Railways Company Limited 390.00 390.00
39,00,00,000 Shares of H 10 each, fully paid (Previous year :
39,00,00,000 Shares)
Krishnapatnam Railways Company Limited 311.00 311.00
31,10,00,000 Shares)
Bharuch Dahej Railways Company Limited 55.00 55.00
5,50,00,000 Shares)
Angul Sukinda Railways Company Limited 319.19 262.65
26,26,50,000 Shares)
Shimla Bypass Kaithlighat Shakral Private limited 55.05 12.55
5,50,50,000 Shares of H 10 each, fully paid (Previous Year:
1,25,50,000 Shares) #
Kyrgyzindustry-RVNL Closed Joint Stock Company 0.42 0.42
42,000 Shares of 100 Kyrgyzstani Som each (Previous Year: 42,000
Shares of 100 Kyrgyzstani Som each)
Chennai MMLP Private Limited 0.01 0.01
13,000 Shares of H 10 each, fully paid (Previous Year: 13,000 Shares)
Bengaluru MMLP Private Limited 0.01 0.01
Indore MMLP Private Limited 0.01 -
11,005 Shares of H 10 each, fully paid (Previous Year: Nil)
Chatra Expressways Private Limited 1.47 -
14,74,900 Shares of H 10 each, fully paid (Previous Year: Nil)
JGPL-RVNL EPC Private Limited 0.00 -
Dighi Roha Rail Limited 0.05 0.05
50,000 Shares of H 10 each, fully paid (Previous year: 50,000 Shares)
Less: : Provision for Impairment of Investments in Dighi Roha Limited -0.05 -0.05
Total 1,517.66 1,131.64
#1,65,15,000 Shares (Previous year : 37,65,000 shares) are pledged in favour of security trustee "Catalyst Trusteeship Limited" for the benefit
of Union Bank of India.
214

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
c). Investment in Associates (equity instruments):
Kinet Railway Solutions Limited 10.44 -
10,44,000 Shares of H 100 each (Previous year: Nil)
Total 10.44 -
B). Investments measured at Fair Value through other
Comprehensive Income (in equity instruments):
Indian Port Rail and Ropeway Corporation Limited 10.00 10.00
1,00,00,000 Shares (Previous year: 1,00,00,000 Shares) #
Total 10.00 10.00
Grand Total 1,610.75 1,186.64
Aggregate value of unquoted investments 1,610.80 1,186.69
Aggregate amount of impairment in value of investments (0.05) (0.05)
# Refer Note 31(ii)(vi)
6.2 LEASE RECEIVABLES

(H in crore)
Particulars As at 31 March 2024 As at 31 March 2023
Unsecured, considered good
Opening Balance 4,964.36 1,826.88
Add: Transfer during the Period (0.00) 3,514.76
Less: Receivable within 12 months (472.00) 4,492.36 (377.28) 4,964.36
Total 4,492.36 4,964.36
(i) Lease receivables represent the amount receivable from Ministry of Railways in respect of the projects which
were IRFC funded and have already been transferred to concerned zonal railways. Lease Receivable has been
recognised after adjusting the funds received from MoR for the projects transferred. (Refer Note 32 (c) & 10.2)
(ii) Lease receivables are interest bearing equal to the amount which has been charged by IRFC in respect of the
borrowings outstanding for projects.
6.3 LOANS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Loan to employees 4.07 4.87
Total 4.07 4.87
6.4 OTHERS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(a) Security Deposits* 1.48 5.90
(b) Receivable from Ministry of Railways (For interest accrued but not due 1,023.40 1,051.18
on IRFC Loan)
(c) Bank - Term deposit under lien (with more than 12 months maturity) 981.11 599.84
(d) Share Application Money- Kutch Railways Company Limited - 142.75
Total 2,005.99 1,799.67
*Refer note 31 for fair value measurements.
215

NOTE: 7 DEFERRED TAX ASSETS (NET)

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Deferred tax assets 13.98 13.69
Deferred tax assets (Net ) 13.98 13.69
The balance comprises of temporary differences attributable to:
Deferred Tax Assets/(Liabilities)
(a) Right of Use (1.88) 0.27
(b) Depreciation and amortisation 2.81 2.16
(c) Provision for Employee Benefits 9.54 11.12
(d) Provision for Impairment on Investment/ Bad Debts 3.52 0.14
13.98 13.69
Movement in Deferred Tax (Liability)/Asset

(H in crore)
Provision Provision for
Depreciation
Right of for Impairment on
Particulars and Total
Use Employee Investment/
Amortisation
Benefits Bad Debts
As at 1 April 2022 0.22 1.55 11.38 - 13.15
Charged/(credited)
To Profit & Loss 0.05 0.61 (0.47) 0.14 0.33
To other comprehensive income - - 0.21 - 0.21
As at 31 March 2023 0.27 2.15 11.12 0.14 13.69
Charged/(credited)
To Profit & Loss (2.15) 0.65 (1.66) 3.38 0.22
As at 31 March 2024 (1.88) 2.80 9.54 3.52 13.98
NOTE: 8 OTHER NON CURRENT ASSETS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Fair Value adjustment on Financial Assets 0.13 0.62
Capital Advances # 479.31 255.24
Advance Against Office Rent 0.19 0.13
Total 479.63 255.99
# The Company has been alloted built up area of 116972 sq. ft. (approx) for its office premise with parking slots at World Trade Centre, Nauroji
Nagar, New Delhi, through open bid by NBCC (India) Limited. It is being developed by M/s NBCC (India) Limited and is expected to be completed
at a total cost of H 539.99 crores (including applicable GST) which is payable in thirteen installments on completion of defined milestones. So far
RVNL has paid Eleven installments up to 31.03.2024 (Six installments up to 31.03.2023).
NOTE: 9 PROJECT WORK-IN-PROGRESS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Construction of Flats 64.72 58.93
Total 64.72 58.93
The Railway Board has entrusted RVNL the work of construction of residential accommodation for Railway/PSU officers
on a plot of Railway Land Near Safdarjung Railway Station in accordance with its Policy No. 15/LML/181/68 dated
19.05.1998 which inter-alia stipulates that total 54 flats are to be constructed and from which 27 flats will be handed
over to Railway Board towards cost /usage of land. Out of balance 27 flats, 18 flats will be retained by RVNL on lease of
30 year and 9 flats will be handed over to other PSUs against payment. Accordingly, Right to use asset has been created
in respect of 14 flats on completion.
216

NOTE: 10 FINANCIAL ASSETS - CURRENT

10.1 TRADE RECEIVABLES
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Unsecured
(i) (a) Receivables from related parties -Considered Good 933.90 819.14
(b) Receivables from related parties -Significant Increase in Credit Risk 1.62 1.56
Less: Allowance for Expected Credit Loss 0.78 0.78
Subtotal 0.84 0.78
(ii) Other Trade receivables -Considered Good 171.74 149.38
Total 1,106.48 969.30
Trade Receivables ageing schedule as at 31 March 2024
Outstanding for following periods from due date of payment

Particulars Unbilled Less than 6 months More than
1-2 years 2-3 years Total
6 months -1 year 3 years
(i) Undisputed Trade receivables 324.71 252.81 175.43 26.22 - 651.18 1,105.64
– considered good
(ii) Undisputed Trade - 0.06 0.73 - 0.83 1.62
receivables – Significant
Increase in Credit Risk
1,107.26
Less: Allowance for Expected 0.78
Credit Loss
Total 1,106.48

Particulars Unbilled Less than 6 months More than
6 months -1 year 3 years
(i) Undisputed Trade receivables 1,368.87 139.31 15.86 18.99 52.53 741.83 968.52
– considered good
(ii) Undisputed Trade 0.04 0.69 0.83 1.56
970.08
Less: Allowance for Expected 0.78
Credit Loss
Total 969.30

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Opening Balance 377.28 279.95
Add: Transfer during the Period 472.00 377.28
Less: Amount received (377.28) (279.95)
Total Lease Receivables 472.00 377.28
(i) Lease receivables represents receivable from railways within 12 months in respect of IRFC funded completed
projects which has been transferred to railways. (Refer note 6.2)
217

10.3 CASH AND CASH EQUIVALENTS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Balance with Banks
- Current Accounts # 877.49 807.53
- Fixed Deposits (Maturity of 3 Months or less) 150.00 -
Total 1,027.49 807.53
# Amount lying in current account includes flexi deposits of H 360.27 crores (Previous year H407.33 crores)
10.4 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(i) Term Deposit :
(a) Held as margin money (Deposits with original maturity of more
than 3 months but less than 12 months).
- Project Rishikesh Karnprayag - 247.50
- Other projects 112.36 264.71
(b) Held as margin money (Deposits with original maturity of more 1,856.46 120.03
than 3 months but remaining maturity of less than 12 months).
(ii) Earmarked balances with banks* 0.82 369.69
Total 1,969.64 1,001.94
*Balance is for unpaid dividend (Previous year includes H 369.44 crores for Interim dividend payable).
10.5 LOANS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Loan to Related Party
- Subsidiary* 25.00 -
Total 29.15 4.13
* Refer Note 42.6
10.6 OTHERS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Considered Good, Unsecured
Receivable from Ministry of Railways (For Interest Accrued but not due on 518.26 428.05
IRFC Loan)
Receivable from Ministry of Railways (Chardham Yatra) 1.94 1.94
Security Deposits 112.61 49.67
Other receivables 917.58 726.58
Deposits for Appeal - -
Interest accrued on bank deposits 83.11 21.31
Contract Assets (Unbilled Revenue) 324.71 1,368.87
Total 1,958.21 2,596.42
(i) Other receivable majorly includes H 811.87 crores (Previous year H671.81 crore) in respect of Interest due from
Krishnapatnam Railways Company Limited (Refer note no. 42.6).
(ii) Unbilled revenue represents, the revenue recognised for work executed upto 31 March 2024. These are billed in
subsequent periods as per the terms of the billing plans/ contractual arrangements. Unbilled revenue includes
H 66.87 crores (Previous year H 323.59 crores) from related parties.
218

NOTE: 11 CURRENT TAX ASSETS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Current Tax Asset /(Liabilities)
Advance Tax and TDS 471.02 392.98
Less: Provision of income-tax (482.17) (381.40)
Total (11.15) 11.58
NOTE: 12 OTHER CURRENT ASSETS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(a) Advances Other than Capital Advances
Project advances:
- Zonal Railways 589.00 759.96
- Electrification 293.25 442.95
- Sleepers 151.56 177.96
- Mobilization (Including interest accrued) 851.87 852.97
- Others 816.16 700.04
(C) Others
Balance with Government Authorities (GST Input) 334.62 238.74
Prepaid Expense 0.06 0.61
(c) Fair Value Adjustment on Financial Assets 2.39 0.03
Total 3,038.91 3,173.25
NOTE: 13 EQUITY SHARE CAPITAL

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Authorised share capital
3000000000 Equity shares of H 10 each (Previous Year: 3000000000) 3,000.00 3,000.00
3,000.00 3,000.00
Issued, Subscribed and Fully Paid up Capital
2085020100 Equity shares of H 10 each, Fully paid-up 2,085.02 2,085.02
(Previous Year: 2085020100)
2,085.02 2,085.02
Details of shareholders holding more than 5% in the Company
As at 31 March 2024 As at 31 March 2023

Name of the shareholder No. of Shares % holding No. of Shares % holding
(in crore) in the class (in crore) in the class
President of India acting through Ministry of Railways (MoR) 151.87 72.84 163.05 78.20
Life Insurance Corporation of India 12.52 6.00 13.29 6.38
Total 164.39 78.84 176.34 84.58
1. Rights, Preferences and Restrictions attaching to shares

Equity Shares: The Company has only one class of Equity Shares having face value of H 10 per share. Each shareholder
is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts, in proportion to their share holding.
All equity shareholders are having right to get dividend in proportion to paid up value of each equity share as
and when declared.
219

Reconciliation of the number of Issued, Subscribed and Fully Paid up equity shares and share capital

Particulars
No. of Shares J in crore No. of Shares J in crore
Issued/Subscribed and fully Paid up equity Capital 2,08,50,20,100 2,085.02 2,08,50,20,100 2,085.02
outstanding at the beginning of the Period
Add: Shares Issued during the Period - - - -
Issued/Subscribed and fully Paid up equity 2,08,50,20,100 2,085.02 2,08,50,20,100 2,085.02
Capital outstanding at the end of the Period
Shareholding of Promoters
Shares held by promoters as at 31 March 2024

Promoter Name % of total % Change during the year
No. of Shares
shares No. of Shares % Change
President of India acting through Ministry of 1,51,87,43,694 72.84 -11,17,57,277 -6.85%
Railways (MoR)
Total 1,51,87,43,694 72.84 -11,17,57,277 -6.85%

Promoter Name % of total % Change during the year
No. of Shares
shares No. of Shares % Change
President of India acting through Ministry of 1,63,05,00,971 78.20 - -
Railways (MoR)
Total 1,63,05,00,971 78.20 - -
NOTE: 14 OTHER EQUITY

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(a) Retained Earnings
Surplus in statement of profit and loss 1,462.95 1,267.97
Final dividend (75.06) (52.13)
Interim Dividend - (369.05)
Items of Other comprehensive income recognised directly in
retained earnings
Remeasurements of defined benefits plans( net of tax) 0.24 0.91
Closing Balance 5,711.26 4,323.13
(b) General Reserve
Closing balance 71.00 71.00
c) Items from other Comprehensive Income
Opening Balance - -
Change in fair value of FVTOCI equity instrument - -
Deferred Tax -
Closing Balance - -
Grand total of (a+b+c) 5,782.26 4,394.13
Nature and Purpose of Other Reserves:

Retained Earnings represent undistributed profits of the Company.
220

(b) General Reserve

General Reserve is a free reserve which is created from retained earnings. The Company may pay dividend and issue
fully paid-up bonus shares to its members out of the general reserve account, and company can use this reserve for
buy-back of shares.
(c) Items of Other Comprehensive Income

The Company has elected to recognize changes in fair value of investment in equity securities of Indian Port
Rail and Ropeway Corporation Limited in other comprehensive income. The changes are accumulated within the
FVTOCI equity investments reserves within equity. The company transfers amounts from this reserve to retained
earnings when the relevant equity securities are de-recognized.
15.1 Borrowings
(H in crore)
Unsecured:
(i) Indian Railway Finance Corporation (IRFC)
Addition during the year - -
Less: Repayment to be made within 12 months (472.00) 4,492.36 (377.29) 4,964.36
(ii) Interest accrued but not due (IRFC Loan)
Opening Balance 1,066.22 973.77
Addition during the year 503.95 529.48
Less: payment to be made within 12 months (546.76) 1,023.41 (437.03) 1,066.22
Total 5,515.77 6,030.58
Terms of Repayment:
(i) There is a moratorium period of 3 years for each year's loan. During the said moratorium period, no amount on
account of interest and principal shall be payable. The interest shall be charged on yearly basis and repayment of
loan shall be once in a year (for a period of 12 years) after the completion of moratorium period. Ministry of Railways
would make available to RVNL the required funds thereafter, to enable them to do the debt servicing. The debt
servicing will pass through RVNL books.
(ii) The Company has not borrowed any funds during this F.Y 2023-24 (Previous year 2022-23: HNil) from Indian Railway
Finance Corporation (IRFC). The outstanding borrowing is H 4964.36 crores as on 31.03.2024 (as at 31.03.2023 : H
5,341.65 crore), which includes current liability i.e. repayable in next twelve months H 472.00 crores (as at 31.03.2023
: H 377.29 crore).
(iii) The Interest Liability has been assessed on the amount disbursed in the F.Y. 2006-07 to 2023-24 by applying the
Interest rate as advised by the IRFC for each Financial year (2023-24- No disbursement, 2022-23- No disbursement,
2021-22: 7.64%, 2020-21: 7.73%, 2019-20: 8.42%, 2018-19: 9.17% & 8.93%, 2017-18: 8.82%, 2016-17: 8.19%, 2015-16:
8.68%, 2014-15: 9.56%, 2013-14: 9.60%, 2012-13: 9.41%, 2011-12: 10.12%, 2010-11: 9.12%, 2009-10: 8.92%, 2008-09:
9.96%, 2007-08: 10.24%, 2006-07: 9.73%).
The interest accrued but not due on the IRFC loan amount has been shown in the Balance Sheet as recoverable
from MoR under Current Assets & Non-Current assets (for the interest non recoverable in next 12 Months) and the
interest payable but not due under the Current Liabilities and Non-Current Liabilities (for the interest not payable
in next 12 Months) payable to IRFC.
15.2 Lease Liabilities

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Non-current maturities of lease liabilities 27.85 11.15
Total 27.85 11.15
221

15.3 Other Financial Liabilities

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Performance and Security Deposit 641.37 488.77
Retention money 65.09 33.15
Total 706.46 521.92
NOTE: 16 PROVISIONS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Non Current
a) Provision for Employee Benefits 15.46 31.70
Total Non-Current Provisions 15.46 31.70
Current
b) Provisions for Expenses 3.04 2.83
c) Provision for Loss on ITC 13.19 -
Total Current Provisions 38.65 28.24
Total Provisions 54.11 59.95
(a) Provision for Employee Benefits
Provisions for employee benefits

Provision
Provision Provision Provision
Particulars for Foreign Provision Total
for for leave for Half
Service for LTC
Gratuity encashment Pay Leave
Contribution
As at 31 March 2022 18.45 18.81 1.48 10.29 6.59 55.62
Current 18.45 2.33 0.32 2.56 1.69 25.35
Non Current - 16.48 1.16 7.73 4.90 30.27
Provisions made (Adjusted) during 11.51 3.21 0.54 6.01 (1.65) 19.61
the period
Utilisation during the period (14.16) (1.43) (0.51) (2.01) 0.00 (18.11)
As at 31 March 2023 15.80 20.58 1.50 14.28 4.95 57.11
Current 15.80 2.99 0.42 4.55 1.64 25.41
Non Current - 17.60 1.08 9.73 3.30 31.70
the period
Utilisation during the period (9.79) (23.70) (0.29) (2.78) - (36.57)
As at 31 March 2024 15.39 1.09 1.58 16.49 3.34 37.89
Current 15.39 0.36 0.52 6.10 0.06 22.43
Non Current - 0.73 1.07 10.38 3.28 15.46
Foot Note
16.1 Foreign Service Contribution :
Foreign Service Contribution in respect of officers on deputation with RVNL, is recognised on accrual basis in the
statement of profit and loss account as per the terms of deputation with their parent organisations.
16.2 For RVNL Employees

The disclosure required under Indian Accounting Standard-19 “Employee Benefit” in respect of defined benefit plan is:
222

Reconciliation of opening and closing balances of the present value of the defined benefit obligation:
(H in crore)
Gratuity Leave Encashment Half Pay Leave LTC
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Opening Balance 20.58 18.81 14.28 10.29 4.95 6.59 1.50 1.48
Interest Cost 1.51 1.35 1.05 0.74 0.36 0.47 0.11 0.11
Current Service Cost 3.01 2.97 2.76 2.56 0.57 1.04 0.38 0.36
Benefit Paid (1.80) (1.43) (2.78) (2.02) - 0.01 (0.29) (0.51)
Actuarial (Gain)/ Loss (0.32) (1.12) 1.17 2.70 (2.54) (3.17) (0.12) 0.07
on Obligation
Closing Balance 23.00 20.58 16.49 14.28 3.34 4.95 1.58 1.50
Amount Recognised in Statement of Profit and Loss

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Interest Cost 1.51 1.35 1.05 0.74 0.36 0.47 0.11 0.11
Actuarial (Gain)/ Loss - - 1.17 2.70 (2.54) (3.17) (0.12) 0.07
on Obligation
4.53 4.33 4.99 6.01 (1.60) -1.64 0.37 0.54
Amount Recognised in Other Comprehensive Income account

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Actuarial (Gain)/ Loss (0.32) (1.12) - - - - - -
on Obligation
(0.32) (1.12) - - - - - -
Fair Value of Plan Assets

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Fair value of plan - - - - - - - -
assets at the
beginning of
the period
Actual return on plan 0.76 - - - - - - -
assets
Employer 21.15 - - - - - - -
contribution
Benefits paid - - - - - - -
Fair value of plan 21.90 - - - - - - -
assets at the end of
the period
Amount recognised in the balance sheet

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Defined benefit 23.00 20.58 16.49 14.28 3.34 57.11 1.58 1.50
obligation at the end
of the year
the year
(Surplus) / Deficit 1.09 20.58 16.49 14.28 3.34 57.11 1.58 1.50
223

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Current Portion of the 0.36 2.99 6.10 4.55 0.06 1.64 0.52 0.42
above
Non Current Portion 0.73 17.60 10.38 9.73 3.28 3.30 1.07 1.08
of the above
Maturtity profile of Defined benefit obligation (undiscounted amount)

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
0 to 1 Year 4.52 2.99 6.10 4.55 0.06 1.64 0.52 0.42
1 to 2 Year 4.40 2.19 5.07 1.54 2.32 0.62 1.07 1.08
2 to 3 Year 1.10 1.64 1.30 1.66 0.22 0.63 - -
3 to 4 Year 0.98 1.20 0.87 1.37 0.11 0.34 - -
4 to 5 Year 0.53 1.02 0.60 1.18 0.15 0.46 - -
5 to 6 Year 0.53 0.81 0.47 0.90 0.12 0.30 - -
6 Year onwards 10.94 10.75 2.08 3.07 0.37 0.96 - -
Weighted Average duration (in years) of Defined benefit obligation

(H in crore)
Particulars 31.03.2024 31.03.2023
Gratuity (Permanent) 5.12 4.68
Gratuity (Contractual) 20.96 21.63
Leave Encashment 5.12 4.68
Half Pay Leave 5.12 4.68
LTC 5.12 4.68
Major categories of plan assets (as percentage of total plan assets)

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Government of India - - - - - - - -
Securities
State Government - - - - - - - -
securities
High Quality - - - - - - - -
Corporate Bonds
Equity Shares of - - - - - - - -
listed companies
Funds Managed 100% - - - - - - -
by Insurer
Bank Balance - - - - - - - -
Total 100% - - - - - - -
Expected contribution for next annual reporting period

The expected contribution to the defined benefit plan for next annual reporting period is H 7.35 Crores.
ACTUARIAL ASSUMPTIONS: 31 March 2024 31st March 2023

Method Of Valuation : Projected Unit Projected Unit
Credit Method Credit Method
Discounting Rate: 7.22% 7.36%
Salary Escalation Rate: 6.50% 6.50%
Retirement Age: 60 Years 60 Years
224

ACTUARIAL ASSUMPTIONS: 31 March 2024 31st March 2023

Withdrawal Rate: 3% at younger 3% at younger
ages and reducing ages and reducing
to 1% at older to 1% at older
ages according to ages according to
graduated scale. graduated scale.
Mortality Rate India Assured Lives India Assured Lives
Mortality (2012-14) Mortality (2012-14)
Ult. Ult.
Sensitivity analysis:
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating
the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected
unit credit method) has been applied as when calculating the defined benefit obligation recognised within the
statement of financial position.
As at 31 March 2024
Effect on Effect Effect on

Change in Effect
Change in Gratuity on Leave Half pay
assumptions on LTC
obligation Encashment Leave
Discount Rate 0.50% (1.09) (0.26) (0.05) (0.04)
-0.50% 1.22 0.27 0.05 0.04
Salary Growth Rate 0.50% 1.06 0.27 0.05 -
-0.50% (0.26) (0.26) (0.05) -
Risk Analysis :
Company is exposed to a number of risks in the defined benefit plan which are as follows:
A) Salary Increases- Actual salary increases will increase the Plan’s liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.
B) Investment Risk – If Plan is funded then assets liabilities mismatch & actual investment return on assets lower
than the discount rate assumed at the last valuation date can impact the liability.
C) Discount Rate : Reduction in discount rate in subsequent valuations can increase the plan’s liability.
D) Mortality & disability – Actual deaths & disability cases proving lower or higher than assumed in the valuation
can impact the liabilities.
E) Withdrawals – Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal
rates at subsequent valuations can impact Plan’s liability.
NOTE: - 17 OTHER NON CURRENT LIABILITIES

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Fair Value adjustment on financial liabilities 17.21 59.60
Total 17.21 59.60
225

NOTE: 18 FINANCIAL LIABILITIES - (CURRENT)

18.1 Borrowings
(H in crore)
Indian Railway Finance Corporation#
Opening balance 377.29 279.95
Add: Addition during the year 472.00 377.29
Less: Repayment during the year (377.29) 472.00 (279.95) 377.29
Total 472.00 377.29
# For terms and conditions of IRFC loan refer note no 15.1 and 32(c)

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Current maturities of Lease Liabilities 16.91 22.32
Total 16.91 22.32
18.3 Trade Payables

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Micro and small Enterprises (Refer note-35) 4.10 34.61
Others than Micro and small Enterprises 248.30 591.68
Total 252.40 626.29
Trade Payables ageing schedule as at 31 March 2024

(H in crore)
Outstanding for following periods from due
date of payment
Particulars Total
Less than More than
1-2 years 2-3 years
1 year 3 years
(i) MSME 4.10 - - - 4.10
(ii) Others 200.91 17.33 9.79 20.28 248.30

(H in crore)
date of payment
Particulars Total
Less than More than
1-2 years 2-3 years
1 year 3 years
(i) MSME 34.61 - - - 34.61
(ii) Others 543.27 16.93 12.24 19.25 591.68

(H in crore)
Interest accrued but not due (IRFC Loan)
Less: Payment during the year (441.52) 518.26 (309.11) 413.02
Retention Money 430.26 459.77
226

(H in crore)
Unpaid Dividend* 0.82 0.25
Dividend payable - 369.44
Provision for PRP/PLI 36.22 41.82
Provision for Special Performance Award 13.61 28.11
Other Liabilities 42.59 56.90
Total 1,472.29 1,929.31
*No amount is due for payment to Investor Education & Protection Fund.
NOTE: 19 OTHER CURRENT LIABILITIES

(H in crore)
1. Contract Liabilities
i) Unsecured
Fund Received from MoR & State Govt.
Opening Balance 961.42 3,897.70
Add: Addition during the year 23,628.31 16,001.32
Less: Adjusted during the year (23,486.59) 1,103.14 (18,937.60) 961.42
ii) Unsecured
Advance from MoR for IRFC loan Repayment
Opening Balance - -
Less: Adjusted during the year (377.28) - (279.95) -
iii) Others
Related Parties (Refer note no. 42) 67.30 110.64
Other than Related Parties 889.86 957.16 196.16 306.80
2. Others
(a) Statutory Liabilities 185.99 141.03
(b) Employee Welfare Fund payable # 1.55 1.40
(c) RVNL Medical and Welfare Trust:
Add: Addition during the period (1.15) 1.36
Less: Adjustment during the period 1.15 0.25 (1.13) 0.25
(d) Fair Value Adjustment on financial liability 72.01 53.00
Total 2,320.10 1,463.90
# Company has provided contribution of H 0.15 crore (Previous year 0.20 crore) in Employee Welfare Fund.
NOTE: 20 REVENUE FROM OPERATIONS

(H in crore)
Particulars
31 March 2024 31 March 2023
Revenue from Operation:
A. Contract Revenue 21,725.63 20,278.37
B. Consultancy Services 6.95 3.20
Total 21,732.58 20,281.57
NOTE: 21 OTHER INCOME

(H in crore)
Particulars
31 March 2024 31 March 2023
Interest income
Banks 305.28 156.86
Others # 254.17 267.87
Dividend income - 9.68
227

(H in crore)
Particulars
31 March 2024 31 March 2023
Recovery from MoR 503.87 529.48
Unwinding of interest income on security deposit 1.85 1.04
Amortisation of deferred revenue on financial liabilities:
- Performance and Security Deposit 66.55 26.06
- Retention Money 8.42 2.13
Provisions Written Back 25.81 -
Miscellaneous Income 16.60 10.82
Total 1,182.55 1,003.94
# Interest income from "others" includes interest from SPVs against balances outstanding and interest on mobilization advance.(refer note no. 42)
NOTE: 22 EXPENDITURE ON OPERATIONS

(H in crore)
Particulars
31 March 2024 31 March 2023
Expenditure relating to Contract Revenue & Consultancy Services
Works Expenses 19,343.84 18,006.18
Consultancy Charges 500.74 526.97
Supervision Charges 88.36 93.25
Design and Engineering 62.73 52.99
Travelling and Conveyance 19.14 19.04
Depreciation 16.86 20.00
Rent 5.41 6.09
Other Expense 4.16 3.08
Total 20,041.24 18,727.60
NOTE: 23 EMPLOYEE BENEFITS EXPENSE

(H in crore)
Particulars
31 March 2024 31 March 2023
Salaries and Wages 162.56 166.64
Contribution to Provident & Other Funds 12.12 15.68
Staff Welfare 9.50 4.84
Total 184.18 187.16
NOTE: 24 FINANCE COSTS

(H in crore)
Particulars
31 March 2024 31 March 2023
Interest on Statutory Dues 0.22 1.57
Interest on Loan from IRFC (MoR Projects) 503.95 529.48
Unwinding of Interest Cost on Performance and Security Deposit 53.91 44.99
Unwinding of Interest Cost on Retention Money 6.39 2.23
Unwinding of Interest Cost on Lease obligation 4.02 3.10
Total 568.49 581.37
228

NOTE: 25 DEPRECIATION AND AMORTIZATION

(H in crore)
Particulars
31 March 2024 31 March 2023
Property, Plant and Equipment (Refer Note 3) 6.80 8.18
Intangible Assets (Refer Note 5) 6.05 6.18
Right-of-use Assets # (Refer Note 3.1) 7.97 7.91
20.82 22.27
# Balance remaining out of total depreciation of Right-to-use after allocation to project. Total depreciation amounting H 24.83 crore (Previous year
H 27.71 crore), out of which depreciation amounting H 16.86 crore (Previous year H 19.81 crore) is allocated on Project.
NOTE: 26 OTHER EXPENSES

(H in crore)
Particulars
31 March 2024 31 March 2023
Power & Fuel 5.37 4.43
Rent 9.66 9.02
Printing and Stationery 3.66 3.36
Training & Seminar Expense 2.99 0.60
Travel & Conveyance 18.90 16.30
Communication 5.81 3.81
Legal and Professional Charges 16.83 9.18
Payment to Auditors ## 0.74 0.70
Advertisement and Business Promotion 7.23 16.20
Expenditure towards Corporate Social Responsibility (CSR) 29.71 26.26
Provision for Impairment of Investments in Dighi Roha Limited - 0.05
Miscellaneous # 60.09 32.04
Total 161.00 122.73
# includes sitting fee paid to directors amounting to H 0.14 crore (previous year H 0.14 crore)
##Payment to Auditors
(H in crore)
Particulars
31 March 2024 31 March 2023
Audit Fee 0.24 0.22
Limited Review 0.20 0.18
Tax Audit & Audit under section 80IA 0.02 0.05
Other Services 0.24 0.21
Out of pocket expenses 0.04 0.04
Total 0.74 0.70
26.1 CSR Expenses

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend
at least 2% of its average net profit for the immediately preceding three financial years on Corporate Social
Responsibility (CSR) activities.
A. Gross amount required to be spent by the Company during the Current Year H 28.04 crore (Previous year
H 23.68 crore).
229

B. Amount spent during the year

(H in crore)
Particulars
31 March 2024 31 March 2023
(i) Construction/acquisition of any assets - -
(ii) On purpose other than (i) above
Healthcare & Sanitation 10.74 12.47
Education and livelihood 13.55 11.37
Environmental Sustainability 0.38 -
Rural Development 0.16 -
Skill Development 1.32 -
Administrative Expense 0.40 0.22
Restoration of building & site of historical importance 2.53 -
Promotion of Sports 0.55 -
Conservation of Natural Resources 0.08 2.20
29.71 26.26
(H in crore)
Particulars
31 March 2024 31 March 2023
(i) Amount required to be spent by the company during the year# 28.04 23.68
(ii) Amount of expenditure incurred, 29.71 26.26
(iii) Shortfall/(excess) at the end of the year, (1.67) (2.58)
(iv) Set off available (2.80) (0.23)
(v) Total of previous years (excess) (4.47) (2.80)
#There is no shortfall
#Nature of CSR activities:- The areas for CSR activities are promotion of education, eradicating extreme hunger and poverty, promoting
gender equality and empowering women and reducing child mortality and improving maternal health.
#Amount calculated as per Section 135 of the Companies Act, 2013
NOTE: 27 TAX EXPENSE

(H in crore)
Particulars
31 March 2024 31 March 2023
Current tax:
Income-tax for the year 482.17 381.40
Adjustments/(Credits) in respect of previous year (5.35) (4.23)
Deferred tax:
Relating to origination and reversal of temporary differences (0.37) (0.75)
Total 476.45 376.42
27.1 Other Comprehensive Income section

Deferred tax related to items recognised in OCI during the year:
(H in crore)
Particulars
31 March 2024 31 March 2023
Tax on net gain/(loss) on remeasurements of defined benefit plans (0.08) (0.21)
Total (0.08) (0.21)
230

27.2 Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31
March 2024 and 31 March 2023:
(H in crore)
Particulars
31 March 2024 31 March 2023
Accounting profit before tax from continuing operations 1,939.40 1,644.38
Calculation of Tax expense
Income-tax @ 25.168% (Previous year 34.944%) 488.11 574.61
Effect on Tax Adjustments
Ind-AS Adjustment (3.15) (1.64)
Non taxable Income/Exempt Income (0.12) -
Deductible expense tax (27.91) (22.36)
Interest on TDS and Tax 0.05 0.25
Non deductible expense tax 25.19 42.29
Deduction available-80IA, 80M and 80G
- 80IA - (205.51)
- 80M - (3.38)
- 80G - (2.87)
Tax payable 482.17 381.40
Add: Adjustments in respect of previous year (5.35) (4.23)
Less: Deferred Tax Assets (Refer note no. 7) (0.37) (0.75)
Tax Expenses reported in the statement of profit and loss 476.45 376.42
Effective Rate of income Tax 24.57% 22.89%
The applicable Indian statutory tax rate for financial year 2023-24 is 25.168% and for financial year 2022-
23 was 34.944%.
Pursuant to the introduction of Section 115BAA of the Income Tax Act,1961 ("New Tax Regime"), the Company has
an option to pay corporate income tax at a lower rate of 22% plus applicable surcharge and cess as against the
earlier applicable rate of 30% plus surcharge and cess,subject to certain conditions. Considering all the provisions
under said section 115BAA of the Income Tax Act, 1961, the company has decided to avail the lower rate from F.Y
2023-24, accordingly the company has recognised provision for income tax for the year ended March 31, 2024 and
remeasured its deferred tax assests on the basis of the rate prescribed in the said section.
NOTE: 28 OTHER COMPREHENSIVE INCOME (OCI)

The disaggregation of changes to OCI by each type of reserve in equity is shown below:
(H in crore)
Particulars
31 March 2024 31 March 2023
Remeasurement of Defined benefit plans 0.32 1.12
Income Tax relating to Items that will not be reclassified to profit and loss (0.08) (0.21)
Remeasurement of Investment of equity instrument - -
Income tax relating to Investment Through Other Comprehensive Income - -
Total 0.24 0.91
NOTE: 29 DIVIDEND
The Board of Directors has recommended the final dividend of H 2.11 per equity share having face value of H 10 each for
the financial year 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting.
NOTE: 30 CAPITAL MANAGEMENT

The Company manages its capital in a manner to ensure and safeguard their ability to continue as a going concern so
that Company can continue to provide maximum returns to shareholders and benefit to other stake holders. Company
has paid dividend as per the guidelines issued by Department of Public Enterprises (DPE) as follows:-
231

Dividends
(H in crore)
Particulars
31 March 2024 31 March 2023
Dividend Paid # 75.06 421.18
Total 75.06 421.18
# Final dividend for the FY 2022-23: H 75.06 crores.
Further, Company manages its capital structure to make adjustments in light of changes in economic conditions and
the requirements of the financial covenants. Company has borrowed the funds from IRFC for railway projects. For
repayment of IRFC loan, Ministry of Railways would make available to RVNL the required funds thereafter, to enable
them to do the debt servicing. The debt servicing will pass through RVNL books.
Debt Equity Ratio

(H in crore)
Particulars
31 March 2024 31 March 2023
Borrowing (Note No. 15.1) 5,515.77 6,030.58
Current Maturities of Long Term debt (Note No. 18.1) 472.00 377.29
Total debt 5,987.77 6,407.87
Equity (Note No.13) 2,085.02 2,085.02
Other equity (Note No.14) 5,782.26 4,394.13
Total equity 7,867.28 6,479.15
Debt equity Ratio 0.76 0.99
In order to achieve the overall objective of the Company's capital management, amongst other things, aims to
ensure that it meet financial covenants attached to the interest-bearing loans and borrowings that define capital
structure requirements.
No changes were made in the objectives, policies or processes for managing capital during the year ended 31 March 2024.
Note: 31 FAIR VALUE MEASUREMENTS

(i) Financial Instruments by Category
(H in crore)
Particulars Amortised Amortised
FVTPL FVTOCI FVTPL FVTOCI
Cost Cost
Financial Assets
Loan to employees - - 8.21 - - 9.00
Lease Receivables - - 4,964.35 - - 5,341.65
Trade Receivables - - 1,106.48 969.30
Investments - 10.00 1,600.75 - 10.00 1,176.64
Cash and Cash Equivalents - - 1,027.49 - - 807.53
Bank Balances other than Cash - - 1,969.64 - - 1,001.94
and Cash equivalent
Bank - Term deposit under lien (with - - 981.11 - - 599.84
more than 12 months maturity)
Receivable from Ministry - - 1,543.60 - - 1,481.17
of Railways
Security Deposits - - 114.09 - - 55.57
Deposit as security for court case - - - - - -
Other receivables - - 917.58 - - 726.58
Share Application Money - - - - - 142.75
Other financial assets - - 83.11 - - 21.31
Unbilled Revenue - - 324.71 - - 1,368.87
Total Financial Assets - 10.00 14,641.13 - 10.00 13,702.14
232

(H in crore)
Cost Cost
Financial Liabilities
Borrowings - - 5,987.77 - - 6,407.87
Lease Liability 44.75 - - 33.47
Trade Payables - - 252.41 - - 626.30
Performance & Security Deposit - - 1,071.90 - - 1,048.77
Retention Money - - 495.35 - - 492.91
Other financial liabilities - - 611.49 - - 909.54
Total Financial Liabilities - - 8,463.67 - - 9,518.86
(ii) Fair value of financial assets and liabilities that are measured at amortised cost:
(H in crore)
Particulars Carrying Carrying
Fair value Fair value
value value
Financial Assets
Security deposits 114.09 114.09 55.57 55.57
Total Assets 114.09 114.09 55.57 55.57
Other financial liabilities
Performance & Security Deposit 1,071.90 1,071.90 1,048.77 1,048.77
Retention Money 495.35 495.35 492.91 492.91
Total Liabilities 1,567.25 1,567.25 1,541.68 1,541.68
i) The carrying amounts of trade receivables, trade payables, unbilled revenue, cash and cash equivalents and
other short term trade receivables and payables which are due to be settled within 12 months are considered
to the same as their fair values, due to short term nature.
ii) Long term variable rate borrowings and lease receivables are evaluated by Company on parameters such as
interest rates, specific country risk factors and other risk factors. Based on this evaluation the fair value of such
payables are not materially different from their carrying amount.
iii) The fair value of Security Deposits, Performance Security Deposit, Miscellaneous Deposit and Retention Money
are calculated based on cash flows discounted using current market rate. Average SBI fixed deposit rate i.e
7.58% is being considered as discounting rate for financial Assets and Average SBI Lending rate i.e 10.18% is
being considered as discounting rate for financial liability for the FY 2023-24. They are classified as level 3 fair
values in fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.
iv) Investment in unquoted equity of subsidiaries, joint ventures and associates are stated at cost as per exemption
provided by Para 10 of IND-AS 27.
v) Staff loans and advances have been continued at carrying value as measurement implications are immaterial.
vi) RVNL determined fair value of investment those are carried through Other Comprehensive Income based on
adjusted intrinsic value, through independent valuer. Valuation of Investment of Indian Port Rail & Ropeway
Corporation Limited is based on financial statements for 31st March 2023 as financial statements for the year
ended on 31st March 2024 of the Indian Port Rail & Ropeway Corporation Limited are not available. Based on the
valuation, no changes has been made in the value of investment and investment is shown at its original cost.
Fair Value hierarchy

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2- Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either
directly (i.e. as prices) or indirectly (i.e. derived form prices)
233

Level 3- Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
Fair value hierarchies of assets and liabilities as on 31st March, 2024 are as follows:
As at 31 March 2024
(H in crore)
Particulars Level 1 Level 2 Level 3 Total
Financial Assets
Security deposits - - 114.09 114.09
Investment - - 10.00 10.00
- - 124.09 124.09
Performance and Security Deposit - - 1,071.90 1,071.90
Retention money - - 495.35 495.35
- - 1,567.25 1,567.25
Fair value hierarchies of assets and liabilities as on 31st March, 2023 are as follows:
As at 31 March 2023
(H in crore)
Financial Assets
Investment - - 10.00 10.00
- - 65.57 65.57
- - 1,541.68 1,541.68
(iii) Financial risk management i) Interest Rate Risk

The Company’s principal financial liabilities comprise Interest rate risk is the risk that the fair value
Borrowings from IRFC, trade payable and other of future cash flows of a financial instruments
payables. The Company’s principal financial assets will fluctuate because of change in market
include trade and lease receivables and cash & interest rate. The Company has only loan
cash equivalents that are derived directly from from IRFC, the payment of interest and
its operations. repayment of principal of that is ensured by
the Ministry of Railways; therefore the risk
The Company is exposed to market risk, credit risk and related to said loan is Nil, debt servicing will
liquidity risk. The Company's financial risk activities pass through RVNL books only.
are governed by appropriate policies and procedures
and that financial risk are identified, measured and ii) Foreign Currency Risk
managed in accordance with the company's policies The Company takes services from countries
and risk objectives. The board of directors reviews the outside India for projects and is exposed
policies for managing each of these risk, which are to foreign currency risk arising from such
summarised below:- foreign currency transactions. Due to
immateriality of foreign exchange amount,
a) Market Risk
Company does not hedge any risk.
Market risk is the risk that the fair value of future
cash flows of a financial instruments will fluctuate b) Credit risk
because of changes in market prices. Market risk Credit risk is the risk of financial loss to the
comprises Interest rate risk and foreign currency Company if a customer or counterparty to a
risk. Financial instruments affected by market financial instrument fails to meet its contractual
risk includes loans and borrowing, deposits and obligations, and arises principally from the
other non derivative financial instruments. Company’s receivables from customers. The
Company is exposed to credit risk from its
234

financial activities in respect of financial cost on group basis and Income and amortisation
instruments and the risk is negligible since the on such financial instruments has been considered
receivable are mainly from Ministry of Railways on yearly basis. Transaction value of 12.00 lakhs or
and State Governments. Also Company does not more are measured at fair value at initial recognition
have any history of bad debts. and subsequently at amortised cost on individual
transaction basis.
Financial instruments and cash deposits
Credit risk from balances with banks and Impact of fair valuation of Staff loans and advances
financial institutions is managed in accordance are immaterial therefore it has been continuing at
with the Company`s policy. Investment of the carrying value.
surplus are made only with approved with
The fair values of financial assets and financial
counterparty on the basis of the financial quotes
liabilities is measured the valuation techniques
received from the counterparty.
including the DCF model. The inputs to these
c) Liquidity risk method are taken from observable markets where
possible, but where this is not feasible, a degree
Liquidity risk is the risk that the company will of judgment is required in establishing fair values.
not be able to meet its financial obligations Judgements include considerations of inputs such
as they become due. The Company manages as liquidity risk, credit risk and volatility. Changes in
its liquidity risk by ensuring, as far as possible, assumptions about these factors could affect the
that it will always have sufficient liquidity reported fair value of financial instruments. See Note
to meet its liabilities when due, under both 31 for further disclosures.
normal and stressed conditions, without
incurring unacceptable losses or risk to the b) Taxes
Company's reputation. Deferred tax assets are recognized for unused tax
losses and unabsorbed depreciation to the extent it is
The Company's principal sources of liquidity
probable that taxable profit will be available against
are cash and cash equivalents and the cash
which losses can be utilised. Significant management
flow that is generated from operations. The
judgement is required to determine the amount of
Company believes that the working capital
deferred tax asset that can be recognised, based
is sufficient to meet its current operational
upon the likely timing and level of future taxable
requirements. Any short term- surplus cash
profit together with future tax planning strategies.
generated, over and above the amount required
for working capital management and other c) Borrowings from IRFC and Lease Receivables
operational requirements, are retained as from Railway
cash and investment in short term deposits
with banks. The said investments are made in Company has borrowed funds from Indian Railway
instruments with appropriate maturities and Finance Corporation for the purpose of construction
sufficient liquidity. of railway projects. There is a moratorium period
of 3 years for each year's loan. During the said
moratorium period, no amount on account of
Note 32 Key sources of estimation uncertainty interest and principal shall be payable. The interest
The followings are the key assumptions concerning the shall be charged on yearly basis and repayment of
future, and the key sources of estimation uncertainty at loan along with interest shall made be once in a
the end of the reporting period that may have a significant year (for a period of 12 years) after the completion of
risk of causing a material adjustment to the carrying moratorium period. Ministry of Railways would make
amount of assets and liabilities with next financial year. available to RVNL the required funds thereafter,
to enable them to do the debt servicing. The debt
a) Fair valuation measurement and valuation servicing will pass through RVNL books. Accordingly,
process funds are received by RVNL on each year from MoR
Financial instruments in respect of Security Deposit and the same is transferred to IRFC. Therefore, there
Asset Office Premise and Miscellaneous are measured is no major impact on Statement of Profit & Loss
initially at fair value and subsequently at amortised of the Company.
cost on the basis of materiality, transaction value
upto H 12.00 lakhs are measured at fair value on
initial recognition and subsequently at amortised
235

Note 33. Disclosure of Operating Profit/Loss as per DPE Guidelines:

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
CPSE with operating profit (Profit/Surplus before Tax excluding Other Income 1,260.79 1,169.92
and Exceptional Items)
Note 34. Revenue

A. Disaggregation of Revenue
Set out below is the disaggregation of the Company’s revenue into operating segments and geographical areas:
For the Year Ended March 31, 2024:
(H in crore)
Type of Product or Services Domestic Foreign Total
Railway 21,068.77 - 21,068.77
Highway 75.15 - 75.15
Port - 440.77 440.77
Energy 70.23 - 70.23
Others 70.71 - 70.71
Total Revenue as per Ind AS 115 21,284.86 440.77 21,725.63
Other Revenue 6.95
Total Revenue as per Statement of Profit/Loss 21,732.58
Out of the total revenue recognised under Ind AS 115 during the year, H 21,725.62 crore is recognised at over a
period of time as per Input method and Nil amount recognised at point in time.

(H in crore)
Railway 20,265.23 - 20,265.23
Highway - - -
Port - - -
Energy - - -
Others 13.14 - 13.14
Total Revenue as per Ind AS 115 20,278.37 - 20,278.37
Other Revenue 3.20
Out of the total revenue recognised under Ind AS 115 during the year, H 20,278.37 crore is recognised over a period
of time as per Input method and Nil amount recognised at point in time.
B. Contract balances
(H in crore)
Particulars
31 March 2024 31 March 2023
Trade Receivables 1,106.48 969.30
Contract Assets 324.71 1,368.87
Contract Liabilities 2,060.30 1,268.22
i) Trade receivables are non-interest bearing except receivable from related party (other than RVNL-DTCPL JV
and Dighi Roha Pvt Ltd) amounting to H 866.68 crore (Previous year H 819.14 crore) which are interest bearing
at SBI base rate +1%. Customer profile include Ministry of Railways, Public Sector Enterprises and State Owned
Companies in India. The Company’s average project execution cycle is around 24 to 36 months. General
payment terms include mobilisation advance, monthly progress payments with a credit period ranging
from 45 to 60 days.
236

ii) Contract Assets are recognised over the period in which services are performed to represent the Company`s
right to consideration in exchange for goods or services transferred to the customer. It includes balances due
from customers under construction contracts that arise when the Company receives payments from customers
as per terms of the contracts, however the revenue is recognised over the period under input method. Any
amount previously recognised as a contract asset is reclassified to trade receivables on satisfaction of the
condition attached i.e. future service which is necessary to achieve the billing milestone.
iii) Contract liabilities relating to construction contracts are obligation to transfer goods or services to a customer
for which the entity has received consideration (or the amount is due) from the customer. These mainly arise
when a particular milestone payment exceeds the revenue recognised to date under the input method and
advance received in long term construction contracts, the amount of advance received gets adjusted over the
construction period as and when invoicing is made to the customer.
Movement in contract balances during the year

(H in crore)
Particulars
31 March 2024 31 March 2023
Contract asset at the beginning of the year 1,368.87 2,261.18
Contract asset at the end of the year 324.71 1,368.87
Net (increase)/decrease 1,044.17 892.31
For the year 2023-24, there has been further net decrease of H 1044.17 crore as compared to the Previous year
net decrease of H 892.31 crore. This decrease is mainly attributed to the invoicing of contract assets based on
certification and contractual condition.
(H in crore)
Particulars
31 March 2024 31 March 2023
Contract liabilities at the beginning of the year 1,268.22 4,459.43
Contract liabilities at the end of the year 2,060.30 1,268.22
Net (increase)/decrease (792.07) 3,191.21
There has been net increase of H 792.07 crore as compared to Previous year net decrease of H 3,191.21 crore .
The increase is primarily attributed to receipt of advances from clients.
C. Set out below is the amount of revenue recognised from:

(H in crore)
Particulars
31 March 2024 31 March 2023
Amount included in contract liabilities at the beginning of the year 1,268.22 4,459.43
Performance obligation satisfied in previous years - -
D. Cost to obtain the contract

Amount recognised as asset as at 31 March 2024 is Nil (Previous year: Nil)
Amount of amortisation recognised in the Statement of profit and loss during the year is Nil (Previous year: Nil)
E. Performance obligation
Information about the company's performance obligations are summarised below:
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at
31 March 2024 are as follows:
(H in crore)
Particulars
31 March 2024 31 March 2023
Within one year 21,500 15,020
More than one year to 2 years 22,500 17,020
More than 2 years 28,554 28,074
Total 72,554 60,114
237

NOTE: 35 Disclosure as required by the Micro , Small and Medium Enterprises Development Act,
2006 are as under:-
(H in crore)
Particulars
31 March 2024 31 March 2023
Dues remaining unpaid as at Balance Sheet date:
a. the principal amount and the interest due thereon remaining unpaid to 4.10 34.61
any supplier as at the end of each accounting year:
Principal amount due to Micro, Small and Medium Enterprises
Interest due on above Nil Nil
b. the amount of interest paid by the Company in terms of section 16 of the Nil Nil
Micro, Small and Medium Enterprises Development Act, 2006, along with
the amount of the payment made to the supplier beyond the appointed
day during each accounting year;
c. the amount of interest due and payable for the period of delay in making Nil Nil
payment (which have been paid but beyond the appointed day during
the year) but without adding the interest specified under Micro, Small and
Medium Enterprises Development Act,2006
d. the amount of interest accrued and remaining unpaid at the end of each Nil Nil
accounting year;
e. The amount of further interest remaining due and payable even in the Nil Nil
succeeding years, until such date when the interest dues above are
actually paid to the small enterprise, for the purpose of disallowance of a
deductible expenditure under section 23 of the Micro, Small and Medium
Enterprises Development Act, 2006.
Note 36. Expenditure in Foreign Currency

(H in crore)
Particulars
31 March 2024 31 March 2023
A. Statement of Profit or loss (except those recognized as financial
instrument and measured at fair value)
Import of material 100.88 -
Import of capital goods 85.46 -
Travel and Training Expenses 1.11 1.09
Purchase of Tender form 0.09 0.12
Bank Charges - 0.09
187.54 2.32
NOTE: 37 CONTINGENT LIABILITIES

37.1 Claims Against the Company not acknowledged as debts:
In respect of claims pending under adjudication in arbitration invoked by the Contractor not acknowledged as
debts by the Company are H 3,364.10 crore as at 31 March 2024 (Previous year H3,276.71 crore). The cases pending
in courts involve an amount of H 551.99 crore as at 31st March 2024 (Previous year H551.99 crore). All the claims, if
become payable, will form part of the project cost and reimbursable by respective clients.
238

37.2 Direct taxes:

Income- tax demands raised by the Income-tax department as at 31st March 2024 is aggregating to H 1241.86
crore (Previous Year H1,442.52 crore) and Company has not accepted the claim and submitted its appeal to
department as follows:-
(H in crore)
Sr. Assessment As at As at
Authority
No. Year 31 March 2024 31 March 2023
1 CIT (Appeal), New Delhi 2018-19 0.02 0.02
2 CIT (Appeal), New Delhi 2020-21 - 228.64
3 Appeal filed with ITAT 2021-22 1,213.86 1,213.86
4 Rectification filed u/s 154 2022-23 27.98 -
Total 1,241.86 1,442.52
37.3. Indirect taxes:

a). Service Tax
In respect of Service-tax, the company has received show cause notice from Director General Goods & Service
Tax Intelligence, Delhi Zonal Unit raising a demand of H279.46 crore (Previous year H79.46 crore ) for non-
payment of service tax for the period from July 2012 to June 2017 under forward/reverse charge mechanism
on services provided/ received to/by Ministry of Railway and Zonal Railways contested by the company. The
Company has received order from Additional Director General(Adjudication) dated 24.08.2021 reduced the
demand to 148.68 crore plus applicable interest and imposed penalty of H 130.78 crore .The Company has filed
an appeal before CESTAT, New Delhi against the said demand. If the liability is decided against the Company
in future ,the same will be borne by Ministry of Railways.
b). GST:
GST department has raised demands of H 124.38 crore (Previous YearH 21.15 crore ). However, the Company has
not accepted the demand and submitted its representation/appeal to department as follows:-
(H in crore)
Sr. As at As at
Authority Financial Year
No. 31 March 2024 31 March 2023
1 GST Department, Uttar Pradesh 2017-18 7.76 7.05
2 GST Department, Andhra Pradesh 2017-18 0.93 -
5 GST Department, Jharkhand 2017-18 0.27 -
7 GST Department, Rajasthan 2017-18 2.99 -
8 GST Department, Telangana 2017-18 1.75 -
9 GST Department, Uttarakhand 2017-18 0.25 -
10 GST Department, Karnataka 2017-18 44.17 -
11 GST Department, Delhi 2017-18 13.95 -
13 GST Department, Assam 2017-18 0.51 -
14 GST Department, Bihar 2017-18 0.15 -
15 GST Department, Haryana 2018-19 4.34 -
17 GST Department, Tamil Nadu 2018-19 4.65 -
19 GST Department, Uttar Pradesh 2018-19 11.37 -
21 GST Department, Gujarat 2018-19 14.10 14.10
Total 124.38 21.15
239

37.4 National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE) have levied a fine of H1.31 Crore
(Upto Previous year H0.99 crore ) for non-compliance with the requirements pertaining to the composition of the
Board and its committees upto March 31, 2024. Directors of the Company are appointed by the Government of
India and the Company has no role to play in this regard and accordingly has requested Stock exchanges for waiver
of fine.
37.5 Amount of Letter of Credit/Bank Guarantee as on 31 March 2024 is H 2475.78 crore (Previous year
H 1,191.64 crore)
NOTE: 38 CAPITAL COMMITMENT:

- Contribution towards share capital in Joint Venture is H 34.96 crore (Previous Year: H163.25 crore).
- Contracts awarded for construction of flats is Nil (Previous Year: H2.81 crore ).
- Office Premise at World Trade Center, Nauroji Nagar New Delhi being constructed by NBCC H 60.68 crore incl. GST
(Previous Year: H270.28 crore)
- Implementation of ERP is H 1.01 crore (Previous Year: H Nil)
38.1 Other Commitment

Commitment towards Contractual Payments of Project expenditure is H 31,763.85 crores (Previous Year:
H 56,019.00 crore).
Note 39. Managerial Remuneration

(H in crore)
Sr. As at As at
Particulars
No. 31 March 2024 31 March 2023
1 Short Term Employee benefits
Salary & allowances 4.56 4.25
2 Post Employment benefits
Contribution to NPS 0.23 0.21
Contribution to provident fund 0.27 0.25
Retirement Benefits 0.00 0.11
3 Sitting Fee to independent directors 0.14 0.14
TOTAL 5.19 5.03
NOTE: 40 EARNING PER SHARE

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Basic EPS
From continuing operation 7.02 6.08
From discontinuing operation - -
Diluted EPS
Face Value Per Equity Shares 10.00 10.00
240

40.1 Computation of EPS

The Company did not have any potentially dilutive securities in any of the years presented. The earnings and
weighted average number of equity shares used in calculation of basic earning per share:-
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Profit attributable to equity holders of the company
Continuing operations 1,462.95 1,267.97
Discontinuing operations - -
Earnings used in calculation of Basic Earning Per Share 1,462.95 1,267.97
Weighted average number of shares 2085020100 2085020100
40.2 Details for calculation of Diluted Earning per Share

The earnings and weighted average number of equity shares used in calculation of diluted earning per share:-
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Profit attributable to equity holders of the Company:
Earnings used in calculation of diluted Earning Per Share from 1,462.95 1,267.97
continuing operations
The weighted number of equity shares for the purpose of diluted earning per share reconciles to the weighted
average number of equity shares used in calculation of basic earning per share as follows:
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Weighted average number of Equity shares used in calculation of basic 2085020100 2085020100
earnings per share
Weighted average number of Equity shares used in calculation of diluted 2085020100 2085020100
earnings per share
NOTE: 41 COMPOSITION OF GROUP

(H in crore)
Proportion of Ownership
Place of
interest and voting Power held
Incorporation
Name of Company Principal Activity by company
and
As at As at
Operation
31 March 2024 31 March 2023
(i) Subsidiary Company
HSRC Infra Services Limited Build, operate and transfer of INDIA 100.00% 100.00%
Railway line
Maskani Paradeep Road Civil Engineering INDIA 100.00% -
Vikas Limited
RVNL Infra South Africa Constrution of Rail Link South Africa 100.00% -
RVNL-DTCPL JV Development of Canal INDIA 74.00% 74.00%
241

(H in crore)
Place of
Incorporation
and
As at As at
Operation
31 March 2024 31 March 2023
(ii) Joint Ventures:
Kutch Railway Company Limited Build, operate and transfer of INDIA 50.00% 50.00%
Dighi Roha Rail Limited Railway line INDIA 50.00% 50.00%
Krishnapatnam Railway INDIA 49.76% 49.76%
Company Limited
Bharuch Dahej Railway INDIA 35.46% 35.46%
Company Limited
Angul Sukinda INDIA 34.06% 32.86%
Railway Limited
Haridaspur Paradip Railway INDIA 30.00% 30.00%
Company Limited
Shimla Bypass Kaithlighat Design, mintainence and INDIA 50.00% 50.00%
Shakral Private limited Constuction of Highway
Kyrgyzindustry-RVNL Closed Construction of Rail Roads and KYRGYZSTAN 50.00% 50.00%
Joint Stock Company Highways
Chennai MMLP Private Limited Establishment of Multimodal INDIA 26.00% 26.00%
Logistics Park
Bengaluru MMLP Establishment of Multimodal INDIA 16.33% 16.33%
Private Limited Logistics Park
Chatra Expressways Construction of Highway INDIA 49.00% -
Private Limited
Indore MMPL Private Limited Establishment of Multimodal INDIA 22.01% -
Logistics Park
JGPL- RVNL EPC Business of EPC of solar, INDIA 49.00% -
Private Limited Green Hydrogen & Ammonia,
Utility Battery Energy Storage
Systems (BESS)
(iii)Associates:
Kinet Railway Solutions Limited Manufacturing cum INDIA 25.00% -
maintenance of Vande Bharat
Trainsets
Note 42. Related Party disclosures as required by Ind-AS 24 "Related party Disclosure
42.1 Key Management Personnel:
Name Designation
Sh. Pradeep Gaur Chairman and Managing Director
Sh Vinay Singh Director (Projects)
Sh. Rajesh Prasad Director (Operations)
Sh. Sanjeeb Kumar Director (Finance) & Chief Financial Officer
Smt. Anupam Ban Director (Personnel)
Dr. M. V. Natesan Independent Director
Sh. Anupam Malik Independent Director
Sh. Dhananjaya Singh Govt. Nominee Director
Sh. A.K. Khandelwal (ceased on 01.11.2023) Govt. Nominee Director
Sh. Vivek Kumar Gupta (w.e.f. 12.12.2023 upto 04.02.2024) Govt. Nominee Director
Smt. Kalpana Dubey Company Secretary & Compliance Officer
242

42.2 Subsidiary
HSRC Infra Services Limited
Maskani Paradeep Road Vikas Limited
RVNL Infra South Africa
RVNL-DTCPL JV (Subsidiary due to Contractual Rights evidencing control as per Para 6 of Ind As 110)
42.3 Joint Ventures

Kutch Railway Company Limited
Dighi Roha Rail Limited
Krishnapatnam Railway Company Limited
Bharuch Dahej Railway Company Limited
Angul Sukinda Railway Limited
Haridaspur Paradip Railway Company Limited
Shimla Bypass Kaithlighat Shakral Private limited
Kyrgyzindustry-RVNL Closed Joint Stock Company
Chennai MMLP Private Limited
Bengaluru MMPL Private Limited
Chatra Expressways Private Limited
Indore MMPL Private Limited
JGPL- RVNL EPC Private Limited
42.4 Associates
Kinet Railway Solutions Limited
42.5 Trust Funds:

RVNL Medical and Welfare Trust
RVNL Employee Gratuity Trust
42.6 Disclosure of transactions with related parties:

1.(a) Outstanding Balances with Subsidiary:
(H in crore)
As at As at
Name of related party Nature of transaction
31 March 2024 31 March 2023
HSRC Infra Services Limited Project execution -9.16 -6.07
{Recoverable/(Payable)}
Maskani Paradeep Road Vikas Limited Reimbursement of Expenses 0.01 -
RVNL-DTCPL JV Project execution 67.22 15.77
Loan Given 25.00 -
243

1. (b) Transaction with Subsidiary:

(H in crore)
31 March 2024 31 March 2023
HSRC Infra Services Limited Purchase of Goods and 33.31 17.42
Service
Investment in Equity 0.01 -
Interest Income (Converted 0.64 -
to Equity)
Loan Given (Converted 27.00 -
to Equity)
RVNL-DTCPL JV Revenue from Operations 75.77 13.14
Loan Given 37.00 -
2. Transaction with Joint Ventures:

(H in crore)
Bharuch Haridaspur
Kutch Krishnapatnam Angul
Dahej Paradip
Railway Railway Sukinda
Nature of transaction Period ended Railway Railway
Company Company Railway
Company Company
Limited Limited Limited
Limited Limited
Dividend Received 31 March 2024 - - - - -
31 March 2023 - 1.10 - - 8.58
Revenue from Operations 31 March 2024 361.90 0.05 5.49 274.33 31.69
31 March 2023 551.90 - 1.58 327.04 72.13
Interest income on 31 March 2024 52.76 - 162.40 - 0.08
outstanding balances 31 March 2023 56.17 - 137.07 - 18.05
Interest on Mob Adv. 31 March 2024 - - - - -
31 March 2023 - - - - -
Investment in Shares 31 March 2024 142.75 - - 56.54 -
31 March 2023 - - - 10.65 -
Share Application Money 31 March 2024 - - - - -
31 March 2023 142.75 - - - -
Other Income 31 March 2024 - - - - -
31 March 2023 - - - - -
(H in crore)
Shimla
Bypass Kyrgyzindustry- Chennai Bengaluru
Dighi
Kaithlighat RVNL Closed MMLP MMPL
Nature of transaction Period ended Roha Rail
Shakral Joint Stock Private Private
Limited
Private Company Limited Limited
limited
31 March 2023 - - - - -
Revenue from Operations 31 March 2024 - - - - -
31 March 2023 0.57 - - - -
Interest income on 31 March 2024 - - - - -
outstanding balances 31 March 2023 - - - - -
31 March 2023 - - - - -
Investment in Shares 31 March 2024 - 42.50 - - -
31 March 2023 - 12.55 0.42 0.01 0.01
31 March 2023 - - - - -
244

(H in crore)
Indore
Chatra JGPL- RVNL Kinet Railway
MMPL
Nature of transaction Period ended Expressways EPC Private Solutions
Private
Private Limited Limited Limited
Limited
Dividend Received 31 March 2024 - - - -
31 March 2023 - - - -
Revenue from Operations 31 March 2024 - - - -
31 March 2023 - - - -
Interest income on outstanding 31 March 2024 - - - -
balances 31 March 2023 - - - -
Interest on Mob Adv. 31 March 2024 - - - -
31 March 2023 - - - -
Investment in Shares 31 March 2024 1.47 0.01 0.00 10.44
31 March 2023 - - - -
Other Income 31 March 2024 - - - -
31 March 2023 - - - -
3. Balance Outstanding with Joint Ventures

(H in crore)
Bharuch Haridaspur
Kutch Krishnapatnam Angul Chatra
Dighi Dahej Paradip
Nature of Railway Railway Sukinda Expressways
As at Roha Rail Railway Railway
transaction Company Company Railway Private
Limited Company Company
Limited Limited Limited Limited
Limited Limited
Recoverable/ 31 March 223.72 1.62 641.52 1.45 (40.21) (5.85) -
(Payable) 2024
31 March 52.12 1.56 761.90 1.45 (104.74) (5.90) -
2023
Interest 31 March 100.14 - 811.87 - - - -
recoverable 2024
31 March 51.47 - 671.81 - - - -
2023
(H in crore)
Indore JGPL- Kinet Shimla Chennai Bengaluru Kyrgyzindustry-
Nature of MMPL RVNL EPC Railway Bypass MMLP MMLP RVNL Closed
As at
transaction Private Private Solutions Kaithlighat Private Private Joint Stock
Limited Limited Limited Shakral Limited Limited Company
Recoverable/ 31 March - - - - - - -
(Payable) 2024
31 March - - - - - - -
2023
Interest 31 March - - - - - - -
recoverable 2024
31 March - - - - - - -
2023
4. Transaction with Post Employment Benefit Plans managed through separate Trust:
(H in crore)
Transcations (Net) Outstanding Amount
S.
Name of Trust Fund Description Year Ended Year Ended As at As at
No.
31 March 2024 31 March 2023 31 March 2024 31 March 2023
1 RVNL Medical and Subscription/ 0.00 0.23 0.25 0.25
Welfare Trust Adjustments
2 RVNL Employee Subscription/ 21.90 - 1.09 -
Gratuity Trust Adjustments
245

42.7 Transactions with the related Government Entities

Apart from transactions with related parties reported above, the company has transactions with Ministry of Railways,
Government of India related Government entities which included but not limited to the following :-
Nature of control:- Significant Control over the entity by shareholding
Transaction during the year:-

(H in crore)
S. As at As at
Particulars
No. 31 March 2024 31 March 2023
i) Revenue form Operations # 18,797.36 18,687.56
ii) Dividend Paid 58.70 329.36
# Includes Nil amount (Previous year H1815.79 crore) towards invoices related to projects funded by EBR(IF) and Nil (Previous year Nil)
towards EBR(S) sources raised on IRFC for the FY 2023-24 vide MOR letter No. RBA No.102/2019 (GST Circular no. 32/2019) dated 16.12.2019
and RBA No. 003/2021 (GST Circular no. 002/2021) dated 15.01.2021.
Closing Balances:
(H in crore)
S. As at As at
Particulars
No. 31 March 2024 31 March 2023
i) Interest Accrued but not due 1,541.66 1,479.23
ii) Lease Receivables 4,964.35 5,341.64
iii) Other Receivables 1.94 1.94
iv) Project execution 1,103.14 961.42
Note no. 43:

(A) Details of the aggregate amounts of share of the assets, liabilities, income and expenditure related to
the interest in the Subsidiary is as under:
a). HSRC Infra Services Limited
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Assets excluding preliminary expenditure 59.69 51.93
Liabilities 2.14 1.92
Income 36.97 18.75
Expenditure 26.75 14.32
Contingent liabilities: Nil (Previous Year Nil).
Capital commitment: Nil (Previous Year Nil).
b). Masakani Paradeep Road Vikas Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Assets excluding preliminary expenditure 26.60 -
Liabilities 0.09 -
Income 0.70 -
Expenditure 1.83 -
246

c). RVNL-DTCPL JV
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 178.34 12.46
(B) Details of the aggregate amounts of share of the assets, liabilities, income and expenditure related to
the interest in the Jointly Controlled Entities are as under:
a). Kutch Railway Company Limited
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Assets excluding preliminary expenditure 2190.57 2,037.28
Income 739.96 976.85
Contingent Liabilities: (RVNL share- 50%)
i) One of the former employees Mr. Devendra Singh on deputation from Indian Railways has filed a writ
petition on 22.07.2010 against the Company in respect of dues on account of difference in pay scales. The
impact of the same has not been quantified in the writ.
ii) During the financial year 2014-15, Company received a show cause notice from the Director General of
Central Excise Intelligence, regarding the liability of Service Tax of H213.59 crore and interest and penalty
thereon. The Company has not accepted the liability and has submitted its reply to the Show Cause
Notice on 06.01.2015. A personal hearing has also been held in this regard on 21.09.2015 before the
Principal Commissioner of Service Tax, Delhi-I. A similar statement of demand cum show cause notice
has also been received for F. Yr. 2014-15 on 05.04.2016 in which a demand of H82.07 crore has been
raised. It has also been replied on 24.05.2016. For F.Y. 2015- 16, 2016-17, 2017-18 (upto 30.06.2017), the
statement of demand cum show cause notice in which a total demand of H211.65 crore cum show cause
notice was served on 22.03.2018, which was replied on 18.05.2018. During the current financial year
department has communciated that matter is kept in abeyance in view of the appeal on the identical
issue filed by the department in the case of M/s Mundra port and special economic zone limited before
the Hon'ble supreme court.
iii) Western Railway has carried out the work of elimination of 30 level crossings by converting them into
mannad or by construction of RUB /LHS against the estimate of H 21.25 crore. H13.85 crore has been
deposited by the company towards this work till 31-03-2021 . For elimination of unmanned level crossing,
Railway Board has issued instructions that the cost shall be borne by Railways, Whereas WR is of opinion
that this amount should be borne by SPV/Company. Accordingly Company has requested to WR to
refund the amount of H13.85 crore paid to WR towards elimination of unmand level crossing.
iv) As per the Construction Agreement for Palanpur-Samakhiali doubling, there is a provision for contingencies
of 0.5% as mentioned in estimated project cost.
v) During the Financial year 2017-18 Goods and Service Tax(GST) has subsumed the Service Tax with effect
from 1st July 2017. The company has maintained same stand as was taken in the matter of service tax,
with respect to applicability of the taxes on the share of the freight recieved by the company from indian
railways and the operations & Maintainence cost recovered by the company. The company is of the view
that no supply is involved by the company to the railway and vice-versa in sharing of freight revenue &
247

cost by Railway with the Company including furnishing of the particulars/Details for the same. However /
Ministry of Railways has taken up the issue with Finance Ministry for issuing clarification/exemption.
Further, the matter had also been referred to Ministry of Railways for taking up the case with the Finance
Ministry Clarifications/ confirmation and resolution of issue in the best Interest both for Railways and SVPs
in this regard. During the current year, Tax Research Unit( TRU) of the Ministry of Finance, Government of
India, has conveyed the recommendations of the GST council In its 48th Meeting held on 17th December,
2022 to MOR that Indian Railways (IR) and SPV are distinct person and supply of services by SPV to
IR by way of allowing IR to use the infrastructure built and owned by them during the concession
period against consideration in form of pro rata share of revenue is a taxable supply, Similarly, service of
maintenance supplied by IR to SPV is also a taxable service.
TRU in Its decision has concluded the decision based on the fact that there is “supply of services by SPV to
IR by way of allowing IR to use the infrastructure built and owned by them during the concession period
against consideration in form of pro rata share of revenue.
However in case of company as per Clause 2.2 of concession agreement.""The Parties agree that the
Project Assets shall remain the property Assets shall remain the property of MoR, the Project Railway
being a Government Railway within the meaning of the Railway Act 1989.
It is clear from reading of above para that assets are not owned by company as well company is
Government Railway applied in case of company. Pursuant to this, MOR has made further representations
on various dates to ministry of finance, Government of India on the basis of representation made by
company requesting them to reconsider the recommendation:
Railway Board has informed to Company that in terms of the ministry of Finance Office Memorandum it
would transfer apportioned revenue to Company inclusive of GST.
Further Ministry has also issued guidelines for issuing of invoices for this transaction. Wherein it is provided
that revenue shall be inclusive of GST for example, in case of H100 as apportioned revenue.
GST shall be H15.25 and revenue shall be H 84.75 for SPVs. Company has not recorded any GST liability on
apportioned revenue and full amount recieved from railways is recorded as revenue, therefore company
reported revenue till March 2024 may be reduced in future by 15.25%(ie impact of GST liabilty).
The matter is subjudice before Hon'ble High Court of Delhi an interim stay has been awarded by Delhi
High Court, Therefore direction directions of railway board are on hold.
vi) KRCL has received claim of H1.43 Crore, towards expenditure incurred on doubling during the quarter
ending December 2023 and March 2024 from RVNL.
However the same has not been accounted, since the same is not approved by board of KRCL and
approved for increase in estimate was not taken from KRCL by RVNL. Further, corrosponding interest
component on the same has not been accounted.
Capital commitment: (RVNL share- 50%)
H307.60 Crores (Previous Year H666.38 crore)
b). Haridaspur Paradip Railway Company Limited
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 135.71 129.03
Contingent liabilities: (RVNL Share : 30%)
248

(i) Landowners (from whom land was purchased) have filed various cases from time to time for enhanced
compensation. The amount of claims pending as at year-end is not quantifiable.
(ii) Income-tax amounting H2.77 crore (Previous year H 2.77 crore) pertains to the AY-2013-14. 2014-15, &
2017-18.
(iii) A sum of H33.15 crore up to 31 March 2024 ( Previous year H 44.24 crore ) towards interest and other
changes demanded by M/s RVNL.
Capital Commitments: (RVNL Share : 30%)
(i) Estimated amount of works remaining to be executed on capital account (based on EPC cost) and not
provided for H150.62 Crores (Previous Year H174.96 crore ).
c). Krishnapatnam Railway Company Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 1110.78 1,178.78
Income 316.46 229.17
Contingent liabilities: (Share of RVNL:49.76%)
(i) Department has raised demand in respect of alleged offence of evasion of Service Tax amounting to
H 7.58 Crores and H 2.86 Crores for financial year 2014-15 and 2015-16 respectively. Also department has
raised demand of H 2.95 Crores for the F.Y. 2016-17 and 2017-18 (upto June'17), However Company has
not accepted the liability and has submitted its reply to department. Since the Company had earlier
received favourable ruling from CESTAT, it is confident that no additional liability will devolve on it. Further
for the period F.Y. 2011-12 to F.Y. 2013-14, KRCL has received favourable order from CESTAT for demand
of 13.42 Crores. In case of similar companies on same matter department has moved to Hon'ble Supreme
court in this case.
(ii) During the F.Y. 2019-20 Income Tax Department has moved to Hon'ble High Court of Delhi in respect of
Tax demand of H 5.17 Crores for A.Y. 2011-12, Company has already received favourable order from ITAT in
this case. Therefore, liability for this case has not been recorded in the books of Accounts.
(iii) Arbitration proceedings between KRCL and MOR (Respondent) is on going. As against the KRCL's
claim, MoR has also filed counter claims. It is to be stated that as per Section 42A of The Arbitration and
Conciliation Act 1996, Either Arbitral details of proceedings or of Claims ought to be kept confidential by
the parties till the same is concluded. Therefore, KRCL is not in a position to disclose details of Arbitration
proceedings including claims of KRCL/counter claims of MoR in Financial Statements.
(iv) During the previous years, company has received certain bills under protest from contractor pertaining to
phase 1 on which a future liability may arise. Financial impact of the same is not ascertainable at present.
(v) Contingent liability in respect of departmental charges not claimed by RVNL @ 5% of project cost is
estimated at 114.49 Crores.
Capital commitment: (Share of RVNL:49.76%) NIL (Previous Year NIL)
d). Bharuch Dahej Railway Company Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 39.04 44.11
249

(i) The Company had received a Show Cause Notice (SCN) during financial year 2014-15 from tax
authorities in the matter of applicability of service tax on the Company in respect of apportioned
freight received by the Company from Railways. The SCN covered a period of three years from financial
year 2011-12 to financial year 2013-14 and involved service tax of H 16.33 Crores plus interest and
penalties. The Company contested the SCN and submitted its position through are joinder thereon
to the adjudicating authorities, pleading that no service is rendered by BDRCL to Western Railway
that might warrant liability to pay Service Tax. The Company got relief and favorable order from the
Commi ssioner of Service Tax vide her order dated 25.01.2016 and has therefore not provided for
the amount in the aforesaid claim its books for the above period. However, the department has filed
appeal with CESTAT against the order of Commissioner for 25/03/2019 rejected the appeals filed by
department. The Department has filed a appeal in Hon'ble Supreme Court against the order of
CESTAT in response to the same the company has submitted a statement in Hon'ble Supreme Court.
The tax authorities issued another SCN to the Company on the same grounds of involving a demand of
H 16.38 Crores plus interest and penalties for the FY 2014-15. The company has duly submitted its reply
to the adjudicating authorities for withdrawal of the claim in the aforesaid SCN on the same grounds as
pleaded in the earlier rejoinder. Since the Company's stand is based on sound principles and immutable
facts, and it had received a favourable ruling from the Commissioner of Service Tax. on the earlier occasion,
it is confident that no additional liability on account of Service Tax will devolve on it. The Company has
not yet received any adjudication order in the matter. Further, the tax authorities issued another SCN to
the Company on the same grounds involving a demand of H 16.15 Crores plus interest and penalties for
FY 2015-16 on 21st March 2018, the company has duly submitted its reply to the adjudicating authorities
for withdrawal of the claim in the aforesaid SCN on the same grounds as pleaded in the earlier rejoinder.
Furthermore, the tax authorities issued another SCN to the Company on the same grounds involving a
demand of H8.99 Crores plus interest and penalties for FY 2016-17 & 2017-18 (Upto Jun-17) on 22th April
2019. The company has duly submitted its reply to the adjudicating authorities for withdrawal of the
claim in the aforesaid SCN on the same grounds as pleaded in the earlier rejoinder.
(ii) The O & M expenditure pertaining to Bharuch-Chavaj section has been provided in financial statement to
the extent information provided by Western Railway and information available with company, remaining
O & M will be provided in the year in which information will be received from Railways.
(iii) Company has terminated some contractual employees, due to misconduct at workplace and unauthorised
absence from office, aggreived by the decision of the company employees have filed application with
labour court for compensation towards their termination. However, based on the facts of the case,
company expects favourable decision. Financial impact of the same is not ascertainable.
(iv) The Company has acquired land for its project. The compensation paid at the time of acquisition was on
the basis of collector order. Further, some of the person has disputed the compensation and file a case
before the Civil Court. The Civil Court order additional compensation of H315per sq. meter plus increment
a 12% PA from the 23-11-2010 to date of award plus 30% solatium plus interest @ 9% for one year from
date of possession and thereafter @ 15% pa vide order dated 03-02-2018. The amount of compensation
determined by the Civil Court is H0.6074 Crores.The estimated liability of the interest that may arise on the
amount of compensation is about H0.7681 Crores upto 31-03-2020. Against the said order, the Company
has filed an appeal in Hon'ble High Court of Gujarat. The Hon'ble High Court of Gujarat has instructed for
deposit of the 50% of the amount of claim of H0.6074 Crores for admitting the appeal. Accordingly, during
the FY 2019-20 the Company has deposited a sum of H0.3037 Crores in lieu of the instruction made by
Hon'ble High Court of Gujarat and the appeal has been admitted by the Hon'ble High Court of Gujarat.
Further, it has come to knowledge that the HC has passed further order vide order dated 30.06.2023, it
has been submitted that the remaining 50% amount of the compensation shall be deposited within
a period of four weeks from 30.06.2023. The Court shall disburse the 50% amount to the claimants
and remaining 50% amount shall be Invested in a 1 cumulative fixed deposit initially for a period of
five years to he renewed from time to time till final disposal of the appeals in the name of claimants.
250

Accordingly, the Company has provided a cheque an amount of H 30,37,214/- with the High Court of
Ahmedabad, for the same.
(v) The Company had received a claim of H6.96 Crores from Rail Vikas Nigam Limited (RVNL) pertaining to
arbitral award for construction of BDRCL Project under construction agreement for gauge conversion of
Bharuch Samni-Dahej Section. The claim of H5.51 Crores has been accepted and paid by the company.
The remaining amount of H 1.45 Crores has not been accepted by the Company and the necessary facts
in this regard have been intimated to RVNL.Till date there is no details and clarification on the same is
received from RVNL
Capital commitment: (Share of RVNL:35.46%)
(i) Capital commitment in respect of S&T Work-project H 4.59 crore (Previous year H 1.87 crore)
e). Angul Sukinda Railway Limited
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Assets excluding preliminary expenditure 1,143.85 974.24
Income 94.06 173.04
(i) During the financials year 2022-23, Company had received a show cause notice dated 23.12.2022 from
the Principal Commissioner (Audit) Central GST & Central Excise Bhubaneshwar ,regarding the liability of
irregular availment of ITC amounting H 209.02 Crores along with the interest under section 50 of the CGST
Act, 2017 and also Penalty under Section 73 of the CGST Act. The Company had appeared before the
Principal Commissioner (Audit) Central GST & Central Excise Bhubaneshwar for adjudication.
An order has issued by the Adjudicating Authority on 30-11-23 against the company. Therefore, the
Adjudicating authority has imposed interest of H 4,09,41,732 and penalty of H 20,90,15,258 under GST Act,
2017. However, the company has filed appeal against the order on 7th March, 2024.
H 167.11 Crore (Previous Year H 399.74 Cr. ).
f). Dighi Roha Rail Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income - -
Contingent liabilities: (Share of RVNL:50.00%) RVNL has incurred project expenditure of HNil crore
(Previous year H Nil).
Capital commitment: (Share of RVNL:50.00%) H 0.42 Crores (previous year: Nil)
251

g). Kyrgyzindustry-RVNL Closed Joint Stock Company

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 0.02 -
Income - -
Contingent liabilities: (Share of RVNL:50.00%) Nil
Capital commitment: (Share of RVNL:50.00%) Nil
h). Chennai MMLP Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 1.87 -
i). Bengaluru MMPL Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 49.00 -
Income 0.00 -
Expenditure 0.01 -
j). Shimla Bypass Kaithlighat Shakral Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 111.80 1.62
Contingent liabilities: (Share of RVNL:50.00%) Nil (Previous Year: Nil)
Capital commitment: (Share of RVNL:50.00%) Nil (Previous Year: Nil)
k). Chatra Expressways Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 0.01 -
Income 0.00 -
Expenditure 0.69 -
Contingent liabilities: (Share of RVNL:49.00%) Nil (Previous Year:Nil)

Capital commitment: (Share of RVNL:49.00%) H 0.01 Crore ( Previous Year: Nil)
252

l). Indore MMPL Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 29.82 -
Income 0.11 -
Expenditure 0.01 -
m). JGPL- RVNL EPC Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 0.97 -
Income - -
Expenditure 0.04 -
n). Kinet Railway Solutions Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 11.44 -
Income 0.01 -
Expenditure 2.89 -
NOTE 44: Disclosure as per Ind AS 116: Leases

I. The table below provides details regarding the contractual maturities of Lease Liabilities as at 31.03.2024 on an
undiscounted basis.
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Not later than one year 20.85 25.37
Later than one year and not later than five years 29.73 12.60
More than five years 0.05 -
Total 50.64 37.97
1. The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as and when they fall due
2. During the year ended 31 March 2024, the Company incurred expenses amounting to H 15.47 crores (Previous
year H 15.27 crores) on account of short-term leases and leases of low-value assets.
3. The company does not have any lease restrictions and commitment towards variable lease rent as
per the contract.
253

4. Company has no commitments towards Leases yet to be commenced as on 31.03.2024.
5. The company has not sub-leased any of the assets taken on lease.
II. The Company elected to use the recognition exemptions for lease contracts that, at the commencement date, have
a lease term of 12 months or less and do not contain a purchase option ('short- term leases') and lease contracts for
which the underlying asset is of low value ('low-value assets').
Changes in the carrying value of Right of Use Assets for the year ended 31 March 2024
(H in crore)
As at As at Increase/
Particulars
31 March 2024 31 March 2023 (Decrease)
Right-of-use assets 328.88 313.39 15.49
Total Right of Use assets 328.88 313.39 15.49
Changes in the carrying value of Lease Liabilities for the year ended 31 March 2024
(H in crore)
Particulars
Non-current maturities of Lease Obligation 27.85 11.15 16.69
Current maturities of Lease Obligation 16.91 22.32 (5.41)
Total lease liabilities 44.75 33.47 11.28
The following are amounts recognised in profit or loss:

(H in crore)
Particulars
Depreciation expense of right-of-use assets 24.83 27.72 (2.89)
Interest expense on lease liabilities 4.02 3.10 0.93
The movement in lease liabilities during the year ended March 31, 2024 and March 31, 2023 is as follows :
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Balance at the beginning 33.47 48.09
Additions 51.18 8.06
Finance cost accrued during the period 4.02 3.10
Deletions/Adjustments (20.09) -
Payments (23.83) (25.78)
Balance at the end 44.75 33.47
Note 45.
Based on the upto date reconciliation of GST accounts as per financial books with the GST portal and considering the
outcome of GST proceedings for F.Y 2017-18 and F.Y 2018-19, Company has reviewed its likely liability on account of
GST for the pending assessments.
Company has also accepted and accounted for liability of 0.88 crores in the books of accounts for F.Y 2017-18 and
F.Y 2018-19. In cases, where based on the opinion obtained from experts, the company has filed appeal in respect of
adjudication orders passed during the assessment proceedings for F.Y 2017-18 and F.Y 2018-19.
In respect of pending assessments, based on the experts advice company does not foresee further GST liability for the
company for the amount not exceeding H2.60 crores for the pending assessment years. Accordingly the provision of H 2.60 Crores
has been made in the financial accounts for the F.Y 2023-24 in line with the concept of conservatism and as a prudent measure.
The above amount of provision has been made after considering the accounting of RVNL for GST which has been strengthened
on implementation of auto populated GSTR-2A/2B by the authority. Demand raised by department which, in the opinion
of Management and based on the experts advice is not likely to sustain amounting to H124.38 Crores has been shown as
contingent liability. (Refer Note no 37.3)
254

Note 46.
In respect of Krishnapatnam Railway Company Limited (KRCL), RVNL is entitled for departmental charges @ 5% of the
total cost of work as per the detailed estimate/revised estimate/completion estimate as provided in paragraph 1137 of
the Code for Engineering Department of Indian Railways. RVNL has received representation from KRCL for waiver of the
aforesaid departmental charges apart from other relaxations from contractual obligations. Based on the representation
made by KRCL, the management of the Company has decided to keep in abeyance the claim of the said departmental
charges pending detailed review of the subject matter by the Board of Directors of the Company.
Note 47. Segment Reporting as per IND AS 108

General Information
Operating segments are defined as components of an enterprise for which discrete financial information is available
which is being evaluated regularly by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources
and assessing performance. Chairman and Managing Director of the company has been identified as CODM.
The company has identified one reportable operating segments as "Development of Rail Infrastructure".
Information about reportable segments and reconciliation to amounts reflected in the financial statement:
Income and expenses directly attributable to segments are reported under the respective operating segment. Income
and Expenses which are not directly identifiable have been disclosed as un-allocable expenses or income.
For the year ended 31st March 2024:

(H in crore)
Segment Revenue Railways Others Total
Contract Revenue from external customers 21,068.76 663.82 21,732.58
Other unallocable Income - - 678.68
Interest Income 503.87 - 503.87
Total Income 22,915.13
Segment Results
Profit before interest, depreciation, exceptional item and tax. 1,628.30 63.01 1,691.31
Depreciation And Amortization Unallocable - - -20.82
Finance Cost -503.95 - -503.95
Other unallocable Expenditure - - -409.71
Profit before tax 1,939.40
Tax Expense -476.45
Profit after tax 1,462.95

(H in crore)
Segment Results
Finance Cost -529.48 - -529.48
Tax Expense - - -376.42
A Measure of total assets and Liabilities is not reported since amounts are not regularly provided to CODM.
255

Information about major customer:

During the year ended March 31, 2024, Operating Revenue of approximately 89.39% (Previous Year 93.29%) derived
from a single external customer in Domestic Segment.
Note: 48. Additional reporting requirement (Schedule III):

(i) The Company does not have any Benami Property and further no proceedings has been initiated or pending
against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any pending charges or satisaction to be registered with ROC.
(iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
(v) The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Act, 1961 (such as
search or survey or any other relevant provisions of the Income Tax Act, 1961).
(vi) The Company has no loans and advances which are either repayable on demand or are without specifying any
terms or period of repayment.
(vii) The Company has not been classified as willful defaulter by the Bank or Financial Instituitions.
(viii) The Realisable Value of financial assets of the Company is not lower than value disclosed in financial statements
and subject to confirmation.
Note 49. Operating Cycle

Earlier, the operating cycle of the Company was more than 12 months and extends upto 5 to 6 years based on the
time required from initiation of the project to completion of the project. Now the operating cycle of the Company is 12
months after change in procedure order of MoR in respects of transfer of PWIP as per the note no 9.
Note 50. Securities released to State Electricity Board/Public Companies

Securities paid to Electricity Boards/ Public Companies towards provision of High Tension Power Lines for electricity
connections are booked as project expenditure being part of the project cost.
Note 51. The President of India, acting through and represented by the Ministry of Railways, disinvested 5.36% (Offer
Shares) of its holdings through an Offer for Sale (OFS) to retail and non-retail investors on July 26, 2023, and July 27,
2023. The OFS was successful.
Additionally, the Department of Investment and Public Asset Management, via a letter dated August 1, 2023 offered
5,58,785 equity shares of H 10 each to employees, representing approximately 0.5% of the ""Offer Shares,"" i.e., 5.36% of
RVNL. Against the offer, employees exercised an option for 200 shares. The total holding of the Government of India as
of March 31, 2024, is 72.84% (compared to 78.20% in the previous year).
Note 52. Balances of some of the Trade receivables, Other assets, Trade and Other payables accounts are subject to
confirmations/reconciliations and consequential adjustment, if any. Reconciliations are carried out on on-going basis.
Provisions, wherever considered necessary, have been made. However, management does not expect to have any
material financial impact of such pending confirmations/reconciliations.
256

Note: 53 Disclosure of Financial Ratios

Particulars 31 March 2024 31 March 2023 % of Variance Reasons
Current Ratio -
Current Asset/Current Liabilities 2.11 2.02 4.41%
Debt-Equity Ratio
Total Debts/Share Holder's Equity 0.76 0.99 -23.12% -
Debt Service Coverage Ratio
Earnings available for debt service/Debt Service NA NA NA -
Return on Equity Ratio
Net Profit After Tax- Preference Dividend/ 20.39% 20.94% -2.60% -
Average Share Holder's Equity
Inventory turnover ratio -
Sales/Average Inventory NA NA NA
Trade Receivables turnover ratio
Net Credit Sales including taxes/Average 24.71 24.77 -0.25% -
Accounts Receivables
Trade payables turnover ratio -
Net Credit Purchase including taxes/Average 53.40 51.15 4.39%
Trade Payables
Net capital turnover ratio -
Net Sales/Working Capital 4.28 4.45 -3.92%
Net profit ratio
Net Profit after Tax/Net Sales 6.73% 6.25% 7.71% -
Return on Capital employed
Earning Before Interest and Tax /Capital 18.10% 17.27% 4.81% -
Employed #
Return on investment ## Throughout the year
significant investments
have been made, with
anticipated returns to be
realised over time.
Profit after tax/ Average investment 7.99% 13.81% -42.13%
# Tangible Net worth + Total Debt + Deferred Tax Liability

## Held as investment as per note 6.1
Capital employed (Hin crore) 13,855.05 12,887.02
Note: 54
Previous year figures has been reaaranged, reclassified and regrouped to make them confirmatory with current year
reported figures.
Sd/- Sd/-
Sd/- Sd/-
M.No. 084312 FCS No. F7396
Place : New Delhi

Date: 17.05.2024
257

TO THE MEMBERS OF RAIL VIKAS NIGAM these requirements and the Code of Ethics. We believe
LIMITED that the audit evidence obtained by us, is sufficient and
appropriate to provide a basis for our opinion on the
Report on the Audit of the Consolidated Financial
consolidated financial statements.
Statements
Opinion Emphasis of matter

We have audited the accompanying consolidated financial We draw your attention to the following matters:
statements of RAIL VIKAS NIGAM LIMITED, (“hereinafter
a. The Holding Company receives advance payment
referred to as the “Holding Company””) and its subsidiaries
from Joint venture companies for incurring
(the Holding and its subsidiary together referred to as
expenditures on their projects. However, in case of one
‘the Group’) and its associate and joint venture entities,
joint venture company i.e. Krishnapatnam Railway
which comprise the Consolidated Balance Sheet as at
Company Limited (KRCL), the Holding Company is
31st March 2024, the Consolidated Statement of Profit
incurring project expenditures on a regular basis but
and Loss (including Other Comprehensive Income), the
insignificant amount has been received from KRCL
Consolidated Statement of Changes in Equity and the
during the year and the total amount receivable
Consolidated Statement of Cash Flows for the year then
from KRCL as on 31st March, 2024 is Rs. 1453.39 crore
ended and notes to the financial statements, including
(including accrued interest amounting to
a summary of significant accounting policies and other
explanatory information (hereinafter referred to as the Rs. 14.32 crore) which includes Rs. 797.55 crore on
“Consolidated Financial Statements”). account of interest (refer note nos. 10.1 & 10.6 to the
consolidated financial statements).
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid b. In view of the representation made by KRCL for
consolidated financial statements give the information waiver of departmental charges and pending
required by the Companies Act, 2013 (“the Act”) in decision by the Board of Directors of the Holding
the manner so required and give a true and fair view Company, the claim for departmental charges @ 5%
in conformity with the Indian Accounting Standards of the completion cost of the project has not been
prescribed under section 133 of the Act read with the raised on KRCL by the Company (refer note no. 46 to
Companies (Indian Accounting Standards) Rules, 2015, the consolidated financial statements).
as amended, (“Ind AS”) and other accounting principles
generally accepted in India, of the Consolidated state c. Balances of some of the Trade Receivables, Other
of affairs of the Group as at 31st March, 2024 and their Assets, Trade and Other Payable accounts of the
consolidated profit (including consolidated other Holding Company are subject to confirmation/
comprehensive profit), their consolidated changes in reconciliation from the respective parties The Holding
equity and their consolidated cash flows for the year Company’s management does not expect to have
ended on that date. any material differences affecting the consolidated
financial statements for the year ended 31st
March, 2024 (refer note no. 52 to the consolidated
Basis of Opinion
financial statements).
We conducted our audit of the consolidated financial
statements in accordance with the Standards on Our opinion is not modified in respect of these matters.
Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those Standards are further
Key audit matters
described in the “Auditor’s responsibilities for the audit
of the consolidated financial statements” section of our Key audit matters are those matters that, in our professional
report. We are independent of the Group in accordance judgment, were of most significance in our audit of the
with the Code of Ethics issued by the Institute of consolidated financial statements of the current period.
Chartered Accountants of India (“ICAI”) together with the These matters were addressed in the context of our audit
ethical requirements that are relevant to our audit of the of the consolidated financial statements as a whole, and
consolidated financial statements under the provisions of in forming our opinion thereon, and we do not provide a
the Act and the Rules thereunder, and we have fulfilled separate opinion on these matters
our other ethical responsibilities in accordance with
258

Provisions and Contingent liabilities relating to Our audit procedures included, but were not limited
ongoing litigations to the following:
The Holding Company is subject to a number of legal, Obtained understanding of the process of identification
arbitration and tax cases for which final outcome cannot and measurement of provisions and contingent
be easily predicted and which could potentially result in liabilities relating to ongoing litigation implemented
significant liabilities. by the Management, through various discussions held
with Holding Company’s finance personnel.
Management’s disclosures with regards to provisions
and contingent liabilities relating to provisions and Tested the design and operating effectiveness of the
contingent liabilities relating to ongoing litigations are controls put in place by the management in relation to
presented in note 37 to the Company’s consolidated assessment of the outcome of the pending litigations.
financial statements.
Inspected the summary of litigation matters and
The assessment of whether a liability is recognised as discussed key developments during the year with the
a provision or disclosed as a contingent liability in the Company’s Finance personnel
consolidated financial statements is inherently subjective
and requires significant management judgement in Inspected and evaluated, where applicable, external
determination of the cash outflows from the business, legal advice sought by the Holding Company.
interpretation of applicable laws and regulations, and careful
Discussed and challenged the management’s
examination of pending assessments at various levels
assessment of the likelihood, magnitude and
Since the amounts involved are significant and due to the accounting of any liability that may arise in certain
range of possible outcomes leading to high estimation material cases. Accordingly, we reviewed the amount
uncertainty that requires significant management and of provisions recognized and contingent liabilities
auditor judgement, this matter is considered to be a key disclosed in the consolidated financial statements
audit matter for the current year audit. and exercised our professional judgement to assess
appropriateness of such conclusions, involving
experts as required.
Evaluated the adequacy of disclosures made in the

consolidated financial statements in accordance with
the applicable accounting standards..
Recognition, measurement, estimation, presentation We assessed the Holding company’s internal process for
and disclosures in respect of “Revenue from contracts adoption and evaluating the impact of this Ind AS. Our audit
with Customers” under Ind AS 115 approach consisted design and testing of effectiveness of
internal controls and procedures as follows:
The application of this Ind AS 115 involves certain
key judgments, estimation, identification of distinct Evaluated the process of implementation of this Ind AS
performance obligations, determination of transaction on revenue recognition and effectiveness of controls
price, measurement of revenue recognition and over the preparation of information that are designed
disclosures including presentations of balances in the to ensure the completeness and accuracy.
financial statements. Refer note no. 34 to the consolidated Selected a sample of existing continuing contracts and
financial statements. new contracts, and tested the operating effectiveness
of the internal control, relating to identification of the
The Company engages in Cost Plus contracts and Fixed
distinct performance obligations and determination of
Price contracts, wherein, revenue is recognised as per
transaction price.
the input method based on the Company’s estimate of
contract cost. Tested the relevant information accounting systems
and change relating to contracts and related
Since the amounts involved are significant this matter is information used in recording and disclosing revenue
considered to be a key audit matter for the current year and presentation of contract balances and trade
audit. receivables in accordance with the Ind AS.
We have performed analytical procedure including
Further explanation why we consider this as a key audit
comparison of the financial information and other
matter is as follows:
related items considering materiality.
259

The application of the revenue accounting standard
involves certain key judgements relating to identification
of distinct performance obligations, determination
of transaction price of the identified performance
obligations, the appropriateness of the basis used to
measure revenue recognised at a point in time or over
time. Additionally, revenue accounting standard contains
disclosures which involves collation of information in
respect of disaggregated revenue and periods over which
the remaining performance obligations will be satisfied
subsequent to the balance sheet date.
Assessment and recoverability of Trade Receivables Principal Audit Procedures
and Contract Assets
We have assessed the Holding Company’s internal
The Holding Company has trade receivables outstanding process to recognize the revenue and review
(net of provision) of Rs. 1077.38 crore and contract assets mechanism of trade receivables and contract assets.
of Rs. 325.84 crore at the end of 31st March, 2024. These Our audit approach consisted testing of the design
balances are related to revenue recognized in line with and operating effectiveness of internal controls and
Ind AS 115 “Revenue from contracts with customers” procedures as follows:
for ongoing contracts and completed contracts. The Evaluated the process of invoicing, verifications, and
assessment of its recoverability is a key audit matters in reconciliations with customers.
the audit due to its size and high level of management
Obtained the list of project wise outstanding details
judgment Refer note nos.10.1 & 10.6 to the consolidated
and its review mechanism by the management.
financial statement
Reviewed the guidelines and policies of the Holding
Company on impairment of trade receivables and
contract assets.
Tested the accuracy of aging of trade receivables and
contract assets at the year-end on sample basis.
Performed analytical procedures and test of details
for reasonableness, recoverability and other related
material items.
Information other than the financial statements If, based on the work we have performed, we conclude
and auditor’s report thereon that there is a material misstatement of this other
information, we are required to communicate the fact. We
The Holding Company’s Management and Board of
have nothing to report in this regard.
Directors are responsible for the other information. The
other information comprises the information included
in the Management Discussion and Analysis, Director’s Responsibilities of the management and those
Report including Annexures to Director’s Report, charged with governance for the consolidated
Business Responsibility Report, Corporate Governance financial statements
and Shareholder’s Information, but does not include
The accompanying consolidated financial statements have
the consolidated financial statements and our auditor’s
been approved by the Holding Company’s management
report thereon. The annual report is expected to be made
and Board of Directors. The Holding Company’s
available to us after the date of this auditor’s report.
Management and Board of Directors is responsible for
Our opinion on the consolidated financial statements the preparation and presentation of these consolidated
does not cover the other information and we do not financial statements in terms of the requirements of the Act
express any form of assurance conclusion thereon. that give a true and fair view of the consolidated financial
position, consolidated financial performance (including
In connection with our audit of the consolidated financial other comprehensive income), consolidated statement
statements, our responsibility is to read the other of changes in equity and consolidated statement of cash
information identified above when it becomes available flows of the Group including its associate and joint venture
and, in doing so, consider whether the other information entities in accordance with the accounting principles
is materially inconsistent with the consolidated financial generally accepted in India, including the Ind AS specified
statements or our knowledge obtained during the course under section 133 of the Act, read with the Companies
of audit or otherwise appears to be materially misstated. (Indian Accounting Standards) Rules, 2015.The respective
260
management and Board of Directors of the companies to provide a basis for our opinion. The risk of not
included in the Group and its associate and joint venture detecting a material misstatement resulting from
entities are responsible for maintenance of adequate fraud is higher than for one resulting from error,
accounting records in accordance with the provisions of as fraud may involve collusion, forgery, intentional
the Act for safeguarding of the assets of the Group, its omissions, misrepresentations, or the override of
associate and joint venture entities for preventing and internal control.
detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making Obtain an understanding of internal financial
judgments and estimates that are reasonable and control relevant to the audit in order to design
prudent; and design, implementation and maintenance audit procedures that are appropriate in the
of adequate internal financial controls that were operating circumstances. Under Section 143(3)(i) of the Act, we
effectively for ensuring the accuracy and completeness of are also responsible for expressing our opinion on
the accounting records, relevant to the preparation and whether the Group and its joint venture entities have
presentation of the financial statements that give a true adequate internal financial controls system in place
and fair view and are free from material misstatement, and the operating effectiveness of such controls.
whether due to fraud or error, which have been used for
Evaluate the appropriateness of accounting policies
the purpose of preparation of the consolidated financial
used and the reasonableness of accounting estimates
statements by the Management and Directors of the
and related disclosures made by Management and
Holding Company, as aforesaid.
Board of Directors.
In preparing the consolidated financial statements, the
Conclude on the appropriateness of Management
respective Management and Board of Directors of the
and Board of Directors use of the going concern
companies included in the Group, its associate and joint
basis of accounting and, based on the audit
venture entities are responsible for assessing the ability
evidence obtained, whether a material uncertainty
of the respective entities, to continue as a going concern,
exists related to events or conditions that may cast
disclosing, as applicable, matters related to going
significant doubt on the ability of the Group, its
concern and using the going concern basis of accounting,
associate and joint venture entities to continue
unless the respective Board of Directors either intends
as a going concern. If we conclude that a material
to liquidate the Group or to cease operations, or has no
uncertainty exists, we are required to draw attention
realistic alternative but to do so.
in our auditor’s report to the related disclosures in
The respective Board of Directors of the companies the consolidated financial statements or, if such
included in the Group, its associates and joint venture disclosures are inadequate, to modify our opinion.
entities, are responsible for overseeing the financial Our conclusions are based on the audit evidence
reporting process of the companies included in the obtained up to the date of our auditor’s report.
respective entities. However, future events or conditions may cause
the Group, its associate and joint venture entities to
cease to continue as a going concern.
Auditor’s responsibilities for the audit of the
consolidated financial statements Evaluate the overall presentation, structure and
content of the consolidated financial statements,
Our objectives are to obtain reasonable assurance about
including the disclosures, and whether the
whether the consolidated financial statements as a whole
consolidated financial statements represent the
are free from material misstatement, whether due to fraud
underlying transactions and events in a manner that
or error, and to issue an auditor’s report that includes
achieves fair presentation.
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted Obtain sufficient appropriate audit evidence
in accordance with SAs will always detect a material regarding the financial information of the entities
misstatement when it exists. Misstatements can arise from within the Group, its associate and joint venture
fraud or error and are considered material if, individually entities to express an opinion on the consolidated
or in the aggregate, they could reasonably be expected to financial statements. We are responsible for the
influence the economic decisions of users taken on the direction, supervision and performance of the audit
basis of these consolidated financial statements. of the financial statements of such entities included
in the consolidated financial statements of which
As part of an audit in accordance with Standards on
we are the independent auditors. The other entities
Auditing specified under section 143(10) of the Act, we
included in the consolidated financial statements
exercise professional judgment and maintain professional
have not been audited. We remain solely responsible
for our audit opinion.
Identify and assess the risks of material misstatement
We communicate with those charged with governance
of the consolidated financial statements, whether
regarding, among other matters, the planned scope
due to fraud or error, design and perform audit
and timing of the audit and significant audit findings,
procedures responsive to those risks, and obtain
including any significant deficiencies in internal control
audit evidence that is sufficient and appropriate
that we identify during our audit.
261
We also provide those charged with governance with and thirteen joint venture entities have not been
a statement that we have complied with relevant audited till the date of our audit report, accordingly,
ethical requirements regarding independence, and to no comments for the said subsidiaries, associate and
communicate with them all relationships and other joint ventures entities have been included for the
matters that may reasonably be thought to bear on our purpose of reporting under clause 3(xxi) of the Order.
independence, and where applicable, related safeguards.
2. As required by Section 143(3) of the Act, we report, to
From the matters communicated with those charged the extent applicable, that:
with governance, we determine those matters that were
of most significance in the audit of the consolidated (a) We have sought and obtained all the
financial statements of the current period and are information and explanations which to the best
therefore the key audit matters. We describe these of our knowledge and belief were necessary
matters in our auditor’s report unless law or regulation for the purposes of our audit of the aforesaid
precludes public disclosure about the matter or when, in consolidated financial statements;
extremely rare circumstances, we determine that a matter
(b) Except for the effects of the matter described
should not be communicated in our report because the
in the Basis for qualified opinion section, in our
adverse consequences of doing so would reasonably
opinion, proper books of account as required
be expected to outweigh the public interest benefits of
by law relating to preparation of the aforesaid
such communication.
consolidated financial statements have been
kept so far as it appears from our examination
Other matters of those books;
The Consolidated Financial Statement include the
(c) The consolidated financial statements dealt
financial information/financial results of four subsidiaries
with by this report are in agreement with the
(including one Foreign Subsidiary having no financial
relevant books of account maintained for the
figures for F.Y. 2023-24 to be consolidated) reflect total
purpose of preparation of the consolidated
assets of Rs. 166.93 crore as at 31st March 2024, total
financial statements;
revenue of Rs. 159.67 crore, total net profit/(loss) after
tax of Rs. 6.59 crore, and total comprehensive income/ (d) Except for the effects of the matter described
(loss) of Rs. 6.59 crore for the year ended 31st March, 2024 in the Basis for qualified opinion section in our
respectively. These financial information/financial results opinion, the aforesaid consolidated financial
have not been audited by their auditors. The same have statements comply with the Indian Accounting
been furnished to us by the Holding’s management and Standards specified under Section 133 of the Act;
our opinion on the consolidated financial results, in so
far as it relates to the amounts and disclosures included (e) As per the notification number G.S.R. 463(E)
in respect of these subsidiaries is based solely on such dated 5th June, 2015 issued by Ministry of
financial information/ financial results. Corporate Affairs, section 164(2) of the Act
regarding the disqualifications of Directors is
The Consolidated Financial Statement also include the not applicable to the Group, since these are
Holding’s share of one associate and thirteen joint ventures Government companies;
whose financial information/financial results reflect total
net profit/ (loss) after tax of Rs. 104.94 crore and total (f) With respect to the adequacy of the internal
comprehensive income/ (loss) of Rs. 104.94 crore for the financial controls over financial reporting with
year ended 31st March, 2024, respectively, as considered reference to consolidated financial statements
in the Statement. These financial information/financial of the Group and the operating effectiveness
results have not been audited by their auditors. The same of such controls, refer to our separate Report
have been furnished to us by the Holding’s management in “Annexure A”;
and our opinion on the consolidated financial results, in so
(g) With respect to the other matters to be included
far as it relates to the amounts and disclosures included
in the Auditor's Report, as per notification
in respect of these associate and joint ventures are based
number G.S.R. 463 (E) dated 5th June, 2015
solely on such financial information/ financial results.
issued by Ministry of Corporate Affairs, section
Our opinion is not modified in respect of these matters. 197(16) of the Act regarding the Managerial
Remuneration is not applicable to the Holding
company and its subsidiaries, since these are
Report on other legal and regulatory Government Companies;
requirements
1. With respect to the matters specified in paragraphs (h) With respect to the other matters to be included
3(xxi) and 4 of the Companies (Auditor’s Report) Order, in the auditor’s report in accordance with rule
2020 (“the Order”), issued by the Central Government 11 of the Companies (Audit and Auditors) Rules,
of India in terms of sub-section (11) of Section 143 2014 (as amended), in our opinion and to the
of the Act, to be included in the Auditor’s Report, best of our information and according to the
since the accounts of four subsidiaries, one associate explanations given to us:
262
i) The consolidated financial statements (c) Based on the audit procedures that
disclose the impact of pending litigations have been considered reasonable
on the consolidated financial position of and appropriate in the circumstances,
the Group, its associate and joint venture nothing has come to our notice that
entities (refer note no.37 to the consolidated has caused us to believe that the
financial statements); representations under sub-clause
(i) and (ii) of Rule 11(e), as provided
ii) The Group, its associate and joint venture under (a) and (b) above, contain any
entities did not have any long-term contracts material misstatement.
including derivative contracts for which
there were any material foreseeable losses; v) The dividend declared or paid during
the year by the Holding Company is in
iii) There were no amounts required to be compliance with Section 123 of the Act.
transferred to the Investor Education and
Protection Fund by the Holding Company. vi) Based on the information and explanations
furnished to us, our examination which
iv) (a) The management of the Holding included test checks and in accordance
company has represented to us that, with requirements of the Implementation
to the best of its knowledge and belief, Guide on Reporting on Audit Trail under
no funds (which are material either Rule 11(g) of the Companies (Audit and
individually or in the aggregate) have Auditors) Rules, 2014 (revised 2024 edition)
been advanced or loaned or invested issued by the Institute of Chartered
(either from borrowed funds or share Accountants of India, the Holding
premium or any other sources or kind Company has used accounting software
of funds) by the Holding company to or for maintaining its books of account, which
in any other person or entity, including has a feature of recording audit trail (edit
foreign entity (“Intermediaries”), with log) facility and the same has operated
the understanding, whether recorded throughout the year. However, as explained
in writing or otherwise, that the a separate log file has not been maintained
Intermediary shall, directly or indirectly due to resource constraint for all relevant
lend or invest in other persons or entities transactions recorded in the software.
identified in any manner whatsoever by
or on behalf of the Holding company However, as explained to us, editing facility
(“Ultimate Beneficiaries”) or provide any is not available in accounting software
guarantee, security or the like on behalf except for in the fields of assignments/texts.
of the Ultimate Beneficiaries;
We did not come across any instance of the
(b) The management of the Holding audit trail feature being tampered with.
company has represented to us that,
to the best of its knowledge and Our examination of the audit trail was
belief, no funds (which are material in the context of an aud by Rule 11(g)
either individually or in the aggregate) of the Companies (Audit and Auditors)
have been received by the Holding Rules, 2014 (revised 2024 edition) issued
company from any person or entity, by the Institute of Chartered Accountants
including foreign entity (“Funding of India. We have not carried out any audit
Parties”), with the understanding, or examination of the audit trail beyond the
whether recorded in writing or matters required by the aforesaid Rule 11(g)
otherwise, that the Holding company nor have we carried out any standalone
shall, directly or indirectly, lend or audit or examination of the audit trail.
invest in other persons or entities
We are unable to comment on the maintenance of audit
identified in any manner whatsoever
trail (edit log) by the four subsidiaries, one associate
by or on behalf of the Funding Party
and thirteen joint ventures whose unaudited financial
(“Ultimate Beneficiaries”) or provide
statements have been furnished to us by the Holding
any guarantee, security or the like on
Company’s Management.
behalf of the Ultimate Beneficiaries;
FRN.: 000250N
Sd/-
(VIPUL GIROTRA)
PARTNER
Date: 17th May, 2024 UDIN: 24084312BKCTEU3491
263
ANNEXURE-‘A’ TO THE INDEPENDENT AUDITOR’S REPORT
Referred to in paragraph 2(f) under ‘Report on other to obtain reasonable assurance about whether adequate
legal and regulatory requirements’ section of our internal financial controls over financial reporting was
report of even date for the year ended 31st March, established and maintained and if such controls operated
2023 to the members of Rail Vikas Nigam Limited. effectively in all material respects.
Report on the Internal Financial Controls Over Our audit involves performing procedures to obtain audit
Financial Reporting under Clause (i) of Sub-section 3 evidence about the adequacy of the internal financial
of Section 143 of the Companies Act, 2013 (“the Act”) controls system over financial reporting and their
In conjunction with our audit of the consolidated operating effectiveness. Our audit of internal financial
financial statements as of and for the year ended 31st controls over financial reporting included obtaining
March, 2024, we have audited the internal financial an understanding of internal financial controls over
controls over financial reporting of Rail Vikas Nigam financial reporting, assessing the risk that a material
Limited (“the Holding company”) and its subsidiaries (the weakness exists, and testing and evaluating the design
Holding company and is subsidiaries together referred to and operating effectiveness of internal control based on
as “the Group”) , its associate and joint venture entities the assessed risk. The procedures selected depend on
as of that date. the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements,
whether due to fraud or error.
Management’s and Board of Directors’
responsibility for internal financial controls We believe that the audit evidence we have obtained
The respective Company’s Management and Boards of and the audit evidence obtained by the other auditors
Directors of the Holding company, its subsidiary companies, in terms of their report referred to in the Other matters
associates and joint venture entities are responsible for paragraph below, is sufficient and appropriate to provide
establishing and maintaining internal financial controls a basis for our audit opinion on the internal financial
based on the internal control over financial reporting controls system over financial reporting of the Holding
criteria established by the respective companies/entities company, its subsidiary companies, associate and joint
considering the essential components of internal control venture entities.
stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute Meaning of internal financial controls over
of Chartered Accountants of India (‘the ICAI’). These financial reporting
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that A company's internal financial control over financial
were operating effectively for ensuring the orderly and reporting is a process designed to provide reasonable
efficient conduct of its business, including adherence assurance regarding the reliability of financial reporting
to the respective company’s policies, the safeguarding and the preparation of financial statements for external
of its assets, the prevention and detection of frauds and purposes in accordance with generally accepted
errors, the accuracy and completeness of the accounting accounting principles. A company's internal financial
records, and the timely preparation of reliable financial control over financial reporting includes those policies
information, as required under the Act. and procedures that
(1) pertain to the maintenance of records that, in

Auditors’ responsibility reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets
Our responsibility is to express an opinion on the internal
of the company;
financial controls over financial reporting of the Holding
company, its subsidiary companies, associate and joint (2) provide reasonable assurance that transactions
venture entities based on our audit. We conducted our are recorded as necessary to permit preparation of
audit in accordance with the Guidance Note on Audit of financial statements in accordance with generally
Internal Financial Controls over Financial Reporting (the accepted accounting principles, and that receipts and
“Guidance Note”) and the Standards on Auditing, issued by expenditures of the company are being made only in
ICAI and deemed to be prescribed under section 143(10) accordance with authorisations of management and
of the Companies Act, 2013, to the extent applicable to directors of the company; and
an audit of internal financial controls, both applicable to
an audit of Internal Financial Controls and, both issued (3) provide reasonable assurance regarding prevention
by the Institute of Chartered Accountants of India. Those or timely detection of unauthorised acquisition, use,
Standards and the Guidance Note require that we comply or disposition of the company's assets that could
with ethical requirements and plan and perform the audit have a material effect on the financial statements.
264
Inherent limitations of internal financial controls over been audited by us. The internal financial controls with
financial reporting reference to consolidated financial statements in so far as
it relates to such subsidiary companies, associate company
Because of the inherent limitations of internal financial and joint venture entities have not been audited by the
controls over financial reporting, including the possibility other auditors till the date of our audit report.
of collusion or improper management override of controls,
material misstatements due to error or fraud may occur Our opinion is not modified in respect of this matter.
and not be detected. Also, projections of any evaluation
of the internal financial controls over financial reporting
Opinion
to future periods are subject to the risk that the internal
financial control over financial reporting may become In our opinion and to the best of our information and
inadequate because of changes in conditions, or that the according to the explanation given to us, the Holding
degree of compliance with the policies or procedures Company has, in all material respects, an adequate
may deteriorate. internal financial controls system over financial reporting
and such internal financial controls over financial reporting
were operating effectively as at 31st March, 2024, based
Other matters on the internal control over financial reporting criteria
We did not audit the internal financial controls with established by the Holding company considering the
reference to financial statements in so far as it relates to essential components of internal control stated in the
four subsidiary companies, one associate company and Guidance Note on Audit of Internal Financial Controls Over
thirteen joint venture entities, whose internal financials Financial Reporting issued by the Institute of Chartered
controls with reference to financial statements have not Accountants of India

FRN.: 000250N
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(VIPUL GIROTRA)
PARTNER
Date: 17th May, 2024 UDIN: 24084312BKCTEU3491
265
Management Reply to the Emphasis of Matter of Statutory Auditor

on the Consolidated Financial Statements of the Company for the
F.Y.2023-24

1 The Holding Company receives advance payment from M/s Krishnapatnam Railways Company Limited (KRCL)
Joint venture companies for incurring expenditures is a Special Purpose Vehicle created especially for
on their projects. However, in case of one joint venture providing rail connectivity to Krishnapatnam Port in
company i.e. Krishnapatnam Railway Company Limited Andhra Pradesh. As on 31st March 2024. Rail Vikas
(KRCL), the Holding Company is incurring project Nigam Limited holds 49.76% equity shares in KPRCL.
expenditures on a regular basis but insignificant The work was executed in three phases. The execution
amount has been received from KRCL during the year of the construction work was undertaken by RVNL. As
and the total amount receivable from KRCL as on per the construction agreement, KPRCL was to pay
31st March, 2024 is H 1453.39 crore (including accrued quarterly advances to RVNL for execution of the work.
interest amounting to H 14.32 crore) which includes but due to dispute between MoR and KRCL regarding
H 797.55 crore on account of interest (refer note nos. apportionment of revenue from traffic receipts,
10.1 & 10.6 to the consolidated financial statements). KRCL have not able to generate enough revenue to
finance the construction work through RVNL. But as
the contracts had already been awarded by RVNL,
commitments had to be met out of its own source.
Also, as per the terms and conditions of the concession
agreement stopping of works would have resulted into
bigger loss to RVNL.
The pace of payment by KRCL has been improving

as the movement on this project has been increasing
continuously. It is expected that sufficient revenue
will be generated and KRCL will be paying back the
balance due to RVNL along with interest as per the
construction agreement. During the financial year
2023-24 H 141.42 crore were received and for the
current year already H 54.13 crores have been received
from KRCL by 31.08.24.
Authorities of KRCL are being pursued for arranging

payments to RVNL.
266

2. In view of the representation made by KRCL for waiver As per the construction agreement between RVNL and
of departmental charges and pending decision by the KRCL, it has been decided to charge departmental
Board of Directors of the Holding Company, the claim charges (5%) on completion of project i.e. on the basis
for departmental charges @ 5% of the completion of completion report finalization. As per para 1705 of
cost of the project has not been raised on KRCL by Engineering code of Indian Railway “the completion
the Company (refer note no. 46 to the consolidated Report of a project should be submitted to Railway
financial statements). Board within 18 months after the end of financial half
year in which completion estimate is submitted. It is
submitted that this project is not yet completed in full
respect and hence charging of departmental charges
is not yet due.
3 Balances of some of the Trade Receivables, Other Assets, These are mainly advances to Zonal Railways given
Trade and Other Payable accounts of the Holding either for execution of works on behalf of RVNL or
Company are subject to confirmation/reconciliation supply of sleepers and rails for utilization in RVNL
from the respective parties. The Holding Company’s projects, which is a regular process. Zonal Railways
management does not expect to have any material are advised to give accountal of the advance given
differences affecting the consolidated financial but confirmations of outstanding balances from
statements for the year ended 31st March, 2024 (refer some Zonal Railways were not received in spite of
note no. 52 to the consolidated financial statements). repeated requests. The advance was given to Electricity
Companies for either power supplies or for shifting of
cables in connection with the projects against which
the accountal is received on completion of the work.
Payables mainly include funds received from MoR

pending adjustment and security deposits/retention
monies.
Management does not expect to have any material

financial impact of such pending confirmations/
reconciliations.
267
Consolidated Balance Sheet

as at 31 March 2024
(H In crore)
Note As at As at
Particulars
No. 31 March 2024 31 March 2023
I. ASSETS
(a) Property, Plant and Equipment 3 28.86 26.63
(b) Right-of-use Assets 3.1 328.88 313.39
(c) Capital work in progress 4 93.79 1.27
(d) Other Intangible Assets 5 8.86 14.73
(e) Investments in Joint Ventures/Associate (Equity Method) 6.1 2,395.17 1,893.76
(f) Financial Assets
(i) Investments 6.1 10.00 10.00
(ii) Lease Receivables 6.2 4,492.36 4,964.36
(iii) Loans 6.3 4.07 4.87
(iv) Others 6.4 2,010.59 1,799.66
(g) Deferred tax assets (Net) 7 13.99 13.81
(h) Other Non-current assets 8 479.63 255.99
Total Non-Current Assets 9,866.20 9,298.47
2 Current assets
(a) Project-Work-in-Progress 9 64.72 58.93
(b) Financial Assets 10
(i) Trade Receivables 10.1 1,077.38 969.30
(ii) Lease Receivables 10.2 472.00 377.28
(iii) Cash and Cash Equivalents 10.3 1,104.05 836.67
(iv) Bank Balances other than Cash and Cash Equivalents 10.4 2,008.59 1,016.64
(v) Loans 10.5 4.15 4.13
(vi) Others 10.6 1,960.92 2,597.07
(c) Current Tax Asset (Net) 11 - 12.03
(d) Other current assets 12 3,053.98 3,173.27
Total Current Assets 9,745.79 9,045.32
Total Assets 19,611.99 18,343.79
1 Equity
(b) Other Equity 14 6,660.66 5,161.18
(c) Non-Controlling Interest 0.17 -
Total Equity 8,745.85 7,246.20
2 Liabilities
(i) Non-current liabilities
(i) Borrowing 15.1 5,515.77 6,030.59
(iii) Other financial liabilities 15.3 710.50 521.91
(b) Provisions 16 15.49 31.84
(c) Other Non current liabilities 17 17.21 59.60
Total Non-Current Liabilities 6,286.82 6,655.09
(ii) Current liabilities
(i) Borrowings 18.1 471.99 377.28
(iii) Trade payables 18.3
- Total outstanding dues of micro enterprise and small enterprises 9.32 35.53
- Total outstanding dues of creditors other than micro enterprises and 240.68 585.03
small enterprises
(iv) Other Financial Liabilities 18.4 1,472.45 1,929.84
(b) Other current liabilities 19 2,321.66 1,464.25
(c) Provisions 16 38.92 28.25
(d) Current Tax liability (Net) 11 7.39 -
Total Current Liabilities 4,579.32 4,442.50
Face Value Per Equity Share 10.00 10.00
III. Corporate Information and summary of Material Accounting Policies 1&2
IV. Notes forming integral part of the Financial Statements 3 to 58
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Consolidated Statement of Profit and Loss

(H in crore except equity share and per equity share data)
Note Year Ended Year Ended
Particulars
No. 31 March 2024 31 March 2023
Revenue :
II. Other income 21 1,185.57 996.44
III. Total Income (I + II) 23,074.80 21,278.01
IV. Expenses:
Expenditure on Operations 22 20,181.86 18,720.07
Employee Benefits Expense 23 188.91 190.98
Finance Costs 24 568.49 581.37
Depreciation, Amortisation and Impairment 25 20.94 22.32
Other Expenses 26 165.63 124.10
Total Expenses (IV) 21,125.83 19,638.84
V. Profit before exceptional items and Tax (III - IV) 1,948.97 1,639.17
VI. Exceptional items - -
VII Share in Profit/(Loss of Joint Ventures) 104.94 80.11
VIII. Profit/(Loss) before tax (V+VI+VII) 2,053.91 1,719.28
IX. Tax expense: 27
Current tax 485.05 382.62
Earlier year tax (5.35) (4.23)
Deferred tax (0.26) (0.86)
Total Tax Expense (IX) 479.44 377.53
X. Profit after tax (VIII - IX) 1,574.47 1,341.75
XI. Other Comprehensive Income/(Loss)
A. Items that will not be reclassified to profit or loss 28
(i) Net actuarial gains/(losses) on remeasurements of defined benefit plans 0.32 1.13
Income Tax relating to net actuarial gains/(losses) on remeasurements of (0.08) (0.21)
defined benefit plans
(ii) Share of other comprehensive income/ (expense) of joint ventures accounted 0.00 0.01
for using the equity method (net of tax)
B. Items that will be reclassified to profit or loss - -
Total other comprehensive income/(Loss) 0.24 0.93
XII. Total Comprehensive Income for the year (X +XI) 1,574.71 1,342.68
Net Profit Attributable to
a) Owners of the Company 1,574.30 1,341.75
b) Non-Controlling Interest 0.17 -
Other Comprehensive Income Attributable to:
a) Owners of the Company 0.24 0.93
b) Non-Controlling Interest - -
Total Comprehensive Income attributable to:
a) Owners of the Company 1,574.54 1,342.68
b) Non-Controlling Interest 0.17 -
XIII. Earnings Per Equity Share (Face Value H 10 per Equity Share): 40
Basic 7.55 6.81
Diluted 7.55 6.81
Weighted Average number of Equity Shares 2085020100 2085020100
XIV. Corporate information and summary of material accounting policies 1&2
XV. Notes forming integral part of the Financial Statements 3 to 58
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Consolidated Statement of Changes in Equity

A. Equity share capital
Amount
Particulars No of Shares
(J in crore)
Balance as at 01 April, 2022 2085020100 2,085.02
Balance as at 31 March, 2023 2085020100 2,085.02
Balance as at 31 March, 2024 2085020100 2,085.02
B. Other Equity
(H in crore)
Reserves & Surplus Equity
Instruments
Particulars General Retained through other Total
Reserve Earnings comprehensive
Income
Other Comprehensive Income/(loss) - - - -
Share in Comprehensive income of Joint Ventures 0.00 0.00
Other Comprehensive Income/(loss)
Share in Comprehensive income of Joint Ventures - 0.01 - 0.01
Change in fair value of FVTOCI equity instrument - - -
Interim Dividend - FY 2022-23 - (369.05) - (369.05)
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Consolidated Statement of Cash Flows

(H in crore)
S.N. Particulars
31 March 2024 31 March 2023
1 CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before taxation 2,053.91 1,719.28
Adjustment for :
Depreciation, Amortisation and Impairment 37.78 42.32
Share in (Profit)/Losses of Joint Ventures (104.94) (80.11)
Unwinding/(Amortisation) of Interest Cost on Retention Money (Net) (2.03) 0.09
Unwinding/(Amortisation) of Interest Cost on Performance And Security (14.50) 18.22
Deposit (Net)
(Profit)/Loss on sale of assets (net) (0.23) 0.13
(Gain)/Loss on Modification on Lease (9.24) -
Provisions Written Back (25.81) -
Interest Expense 503.95 529.48
Interest Income (1,066.75) (956.39)
Dividend Income - -
Unrealised Loss/(Gain) on forex Exchange fluctuation (0.19) -
Effects of Exchange Differences on translation of Foreign Currency Cash 1.40 -
and Cash Equivalents
Operating Profit Before Working Capital Changes 1,377.37 1,276.90
Adjustments for Changes in Working Capital:
Adjustments for (Increase)/Decrease in Operating Assets:
Trade Receivables (Current) (108.08) (31.91)
Lease Receivables (Current) (94.71) (97.33)
Lease Receivables (Non-Current) 472.01 (3,137.49)
Project work in progress (5.79) (9.02)
Other Current Financial Assets 1,425.98 1,258.09
Other Current Assets 121.65 351.03
Other Non Current Financial Assets (214.54) (711.49)
Other Non Current Assets (0.07) 0.01
1,596.45 (2,378.11)
Adjustments for Increase/(Decrease) in Operating Liabilities:
Trade Payables (370.37) 397.21
Other current Financial Liabilities (13.69) 181.21
Other Current Liabilities 838.40 (3,372.81)
Security Deposit Accepted (Net) (8.09) 217.50
Short Term Provisions 10.68 0.79
Long Term Provisions (16.03) 1.52
440.90 (2,574.57)
Cash Generated from Operations 3,414.72 (3,675.78)
Income Taxes Paid (net of refund ) (460.29) (388.18)
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 2,954.43 (4,063.97)
2 CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure on Property, Plant & Equipment/Intangible (116.36) (10.13)
Assets/CWIP
Sale of Property, Plant and Equipments & Intangible Assets 14.74 0.42
Advance for capital asset (224.07) (51.05)
Investment in Joint Ventures (396.48) (13.96)
Bank Balances other than cash and cash equivalents (991.95) 1,212.89
NET CASH FLOW FROM INVESTING ACTIVITIES (B) (1,399.09) 1,354.98
271
Consolidated Statement of Cash Flows

(H in crore)
S.N. Particulars
31 March 2024 31 March 2023
3 CASH FLOW FROM FINANCING ACTIVITIES
Proceeds/(Repayment) from Long Term Borrowings (377.29) (279.95)
Payment of Interest (441.52) (309.12)
Payment of Principal Lease Payments (19.80) (22.68)
Payment Of Interest Lease Payments (4.02) (3.10)
Dividend paid (443.93) (433.47)
NET CASH FLOW FROM FINANCING ACTIVITIES (C) (1,286.56) (1,048.32)
Effects of Exchange Differences on translation of Foreign Currency (1.40) -
Cash and Cash Equivalents (D)
Net Increase/(Decrease) in Cash & Cash Equivalent (A+B+C+D) 267.38 (3,757.30)
Cash & Cash Equivalent at the beginning of the Period 836.67 4,593.97
Cash & Cash Equivalent at the end of Period 1,104.05 836.67
Cash and Cash Equivalents
Balance with Scheduled Banks
- On Current Account 954.05 836.67
- On term Deposit Account 150.00 -
1,104.05 836.67
Note:
1. The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in the Indian
2. Figures in brackets represent outflow of cash.
3. Figures of the previous year have been regrouped / recasted / restated wherever necessary.
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Notes to the Consolidated Financial Statements

1 :- Corporate Information Summary of Material Accounting Policies:

a. Rail Vikas Nigam Limited (RVNL), its subsidiaries,
and joint ventures (collectively referred to as the
Note 2:-
""Group"") are actively involved in executing various 2.1 Basis of Preparation
railway infrastructure projects assigned by the Ministry a) Statement of Compliance
of Railways (MoR). These projects include doubling
(including 3rd/4th lines), gauge conversion, new lines, These financial statements have been prepared
railway electrification, major bridges, workshops, in accordance with Indian Accounting Standards
production units, and revenue sharing agreements (Ind-AS) notified under section 133 of the
with the Railways as per concession agreements Companies Act 2013 and Companies (Indian
entered into with the Ministry of Railways. The Accounting Standards) Rules 2015 as amended
Company has established four subsidiaries, thirteen from time to time.
joint ventures, and one associate.
b) Basis of Measurement
b. RVNL, a public sector construction company The financial statements have been prepared
domiciled in India (CIN: L74999DL2003GOI118633) under the historical cost convention and on
incorporated under the provisions of the Companies accrual basis except for the following items that
Act 1956 on January 24, 2003, operates with an have been measured at fair value as required by
authorized share capital of H 3000 crores. The relevant Ind-AS.
Company's shares are listed on the National Stock
Exchange and the Bombay Stock Exchange. It holds i. Defined benefit Plan and other long term
the status of a Schedule ‘A’ public sector company employee benefits
and was conferred with NavRatna status effective
ii. Certain financial assets and liabilities
from May 1, 2023. The registered office is situated
measured at fair value.
at 1st floor, August Kranti Bhawan, Bhikaji Cama
Place, New Delhi - 110066. As of March 31, 2024, the c) Use of estimates and judgement
President of India, through the Ministry of Railways
The preparation of financial statements is in
(MoR), holds 72.84% equity shares of the Company.
conformity with Ind AS that requires management
The objectives of the Company include: to make judgements, estimates and assumptions
that affect the application of accounting policies
(i) Fast track implementation of rail infrastructure and the reported amounts of assets and liabilities,
projects, diversifying its portfolio to encompass disclosure of contingent assets and liabilities at
highways, energy, Ports and metro rail projects. the date of financial statements and the reported
amount of income and expenses. Examples
(ii) Raising extra budgetary resources for
of such estimates include estimates of future
project execution.
The Company is implementing various types of Rail plans and estimated useful life of property plant
infrastructure projects assigned by MoR including and equipment. Actual results may differ from
doubling (including 3rd/4th lines) gauge conversion these estimates.
new lines railway electrification major bridges
Estimates and underlying assumptions are
workshops Production Units and Metro Projects.
reviewed on a periodic basis. Future results
The Company has established four subsidiaries, could differ due to changes in these estimates.
thirteen joint ventures, and one associate. Difference between the actual result and the
estimates are recognised in the period in which
c. The company's reporting and functional currency the results are known /materialize.
is the Indian Rupee (INR). Financial figures are
presented in crore, rounded off to two decimals, All financial information are presented in Indian
except for per share data and as otherwise stated. rupees and all values are rounded to the nearest
crore rupees with two decimal points except
d. The Consolidated financial statements have been where otherwise stated. Due to rounding off the
approved for issuance by the company's Board of numbers presented throughout the document
Directors in their meeting held on May 17, 2024 may not add up precisely to the totals and
273

percentages may not precisely reflect the receipts or payments. The cash flows from operating
absolute figures. investing and financing activities of the company are
segregated based on the available information.
2.2 Basis of Consolidation
(i) Consolidation of subsidiary
2.4 Property plant and equipment
a) Property plant and equipment are measured
The Consolidated Financial Statements of the
at cost less accumulated depreciation and
Group combines Standalone Financial Statements
impairment losses if any.
of the Parent Company and its subsidiary line-by-
line by adding together the like items of assets, Cost of asset includes the following
liabilities, income and expenses.
I. Cost directly attributable to the
All intra-group assets, liabilities, income, expenses
acquisition of the assets
and unrealised profits/losses on intra-group
transactions are eliminated on consolidation. ii. Incidental expenditure during the
The accounting policies of subsidiary have been construction period is capitalized as
harmonised to ensure the consistency with the part of the indirect construction cost
policies adopted by the Parent Company. to the extent to which the expenditure
is directly related to construction or is
The consolidated financial statements have
incidental thereto.
been presented in the same manner as Parent
Company’s standalone financial statements. iii. Present value of the estimated costs
(ii) Investments in Joint Ventures
restoring the site on which it is located
Investment in Joint Ventures has been accounted if recognition criteria are met.
under the equity method as per Ind AS 28 -
Investments in Associates and Joint Ventures. b) Cost of replacement, major inspection, repair of
The Company accounts for its share of post significant parts and borrowing costs for long-
acquisition changes in net assets of joint term construction projects are capitalised if the
ventures, after eliminating unrealised profits recognition criteria are met.
and losses resulting from transactions between
c) Upon sale of assets cost and accumulated
the Company and its joint ventures to the extent
depreciation are eliminated from the financial
of its share, through its Consolidated Statement
statements and the resultant gains or losses are
of Profit and Loss, to the extent such change
recognized in the statement of profit and loss.
is attributable to the associates’ Statement
of Profit and Loss and through its reserves for d) The cost of property plant and equipment
the balance based on available information. not ready for intended use as of end of
When the Group’s share of losses of joint reporting period are disclosed under capital
venture exceeds the Group’s interest in that work- in-progress.
joint venture (which includes any long term
interests that, in substance, form part of the Depreciation
Group’s net investment joint venture), the Group
a) Depreciation on Property plant and Equipment
discontinues recognising its share of further
is provided on Straight Line basis (SLM) over the
losses. Additional losses are recognised only to
useful life of the assets as specified in Schedule
the extent that the Group has incurred legal or
II of the Companies Act, 2013 except in the case
constructive obligations or made payments on
of (i) Furniture & Fixtures and (ii) Mobiles Phones
behalf of the joint venture.
& Tablets. In both the categories of these assets
2.3 Cash Flow Statement Management has estimated the useful life after
taking into consideration the economic benefits
Cash flow statement is reported using the indirect
embodied in these assets and other factors such
method whereby profit / (loss) before tax is adjusted
as technical obsolescence and wear and tear etc.
for the effects of transactions of non-cash nature
and any deferrals or accruals of past or future cash
274

The estimated useful life of significant items of ready for its intended use, intangible assets not ready
property plant and equipment are as follows: for intended use as on reporting date is recognised
as intangible assets under development.
Estimated
Particulars Amortization of Intangible Assets
Useful Life
Plant & Machinery - 20 years Intangible assets are amortized over their respective
Track Machine estimated useful lives on a straight- line basis from
Plant & Machinery - Others 8-12 years the date that they are available for use.The estimated
Vehicles 8 years useful life of acquired softwares (other than SAP
Furniture and fixtures 4 years software) are finite i.e 3 years and estimated useful
Computers 3 years life of SAP software is 6 years. Amortisation methods
Mobile phones & Tablets 2 years useful lives and residual values are reviewed at each
Office Equipments 5 years reporting date.
(excluding Mobile Phones
& Tablets) 2.7 Impairment of non-financial assets
An asset is treated as impaired when the carrying
(b) Each part of an item of Property Plant and cost of assets exceeds its recoverable value and
Equipment is depreciated separately if the cost impairment loss is charged to the Statement of
of part is significant in relation to the total cost Profit & Loss in the year in which an asset is identified
of the item and useful life of that part is different as impaired. At each reporting date company
from the useful life of remaining asset. assesses the estimate amount of impairment loss.
The impairment loss recognized in prior accounting
(c) Leasehold improvements are amortized over the
periods is reversed if there has been a change in the
lower of estimated useful life and lease term.
estimate of recoverable amount. Reversal of impaired
(d) Depreciation methods useful lives and residual loss is recognized in the Statement of Profit & Loss.
values are reviewed at each reporting date.
2.8 Project Work-in-Progress (PWIP)
(e) Depreciation on individual assets acquired for Construction Development expenses are accumulated
H 5000/- or less is depreciated at the rate of under Project Work-in-Progress (PWIP) and the same are
100% in the year of purchase itself. valued at cost.
2.5 Capital Work-in-Progress 2.9 Lease Receivables

Capital work-in-progress, representing assets under In respect of IRFC Funded Projects of MoR amount
assembly or expenditure incurred in respect of receivable from MoR are shown as Lease Receivables.
assets under development and not ready for their Lease receivables are adjusted periodically on receipt
intended use, are carried at cost. Cost includes of funds from MoR based on the demand from IRFC
related acquisition expenses, construction cost, and for repayment of borrowings for these projects.
other expenditure that are attributable to form
development/ assembly of asset. 2.10 Revenue from Contracts with Customers
2.10.1 Company Recognises revenue from contracts
2.6 Intangible Assets
with customers based on a five-step criteria as
Intangible assets are recognized when it is probable set out in Ind AS-115: -
that the future economic benefits that are attributable
(i) Identification of the contracts with a
to the asset will flow to the enterprise and the cost
customer: - A contract is defined as an
of the asset can be measured reliably. Intangible
agreement between two or more parties
assets are stated at historical cost less accumulated
that creates enforceable rights and
amortization and impairment loss if any.
obligations and sets out the criteria for
Intangible assets comprise of license fees other every contract that must be met.
implementation costs for system software and other
(ii) Identification of the performance
application software acquired for in-house use.
obligations in the contract: A performance
obligation is a promise in a contract with
relevant software is implemented for use. The cost
a customer to transfer a good or service
of an intangible asset comprises its purchase price
to the customer.
including any import duties and other taxes and any
directly attributable expenditure on making the asset
275

(iii) Determination of the transaction price: ii) Fixed Price Contracts: Revenue is recognised
The transaction price is the amount of based on input method with reference
consideration to which the company to percentage of completion as at the
expects to be entitled in exchange for reporting date i.e contract revenue are
transferring promised goods or services to recognised as revenue by reference to the
a customer excluding amounts collected stage of completion based on the contract
on behalf of third parties. costs incurred for work performed till the
reporting date, relative to the estimated
(iv) Allocation of the transaction price to the total Contract Cost.
performance obligations in the contract: For a
contract that has more than one performance In other cases, where the outcome of a
obligation the Company allocates the performance obligation is not reasonably
transaction price to each performance measured, but costs incurred are expected
obligation in an amount that depicts the to be recovered, the revenue is recognised
amount of consideration to which the only to the extent of the costs incurred
Company expects to be entitled in exchange upto the end of reporting period.
for satisfying each performance obligation.
iii) Unbilled Revenue represents value of
(v) Recognition of revenue when or as the performance obligation performed in
Company satisfies a performance obligation. accordance with the contracts terms but
not billed to the Client.
2.10.2 The Company satisfies a performance
obligation and recognises revenue over the 2.10.4 Technical & Management fees: Revenue is
period of time when one of the following accounted when right to receive the income is
criteria is met: established as per terms of contract.
(i) The customer simultaneously receives
2.10.5 Claims are accounted as income in the
and consumes the benefits provided
year of acceptance by client or evidence of
by the Company's performance as the
acceptance received.
Company performs
2.11 Other Revenue Recognition
(ii) The Company's performance creates or
enhances an asset that the customer (i) In case of IRFC funded projects, amount of
controls as the asset is created or enhanced. interest accrued for the year on the Loan is
shown as finance cost and the same amount
(iii) The Company's performance does not which is receivable from Ministry of Railways
create an asset with an alternative use is shown as recovery from MoR under the
to the company and the company has head other Income.
an enforceable right to payment for
performance completed to date. (ii) Dividend income is recognized when the right
to receive is established.
For performance obligations where one of
the above conditions are not met revenue (iii) Interest income is recognized using Effective
is recognised at the point in time at which Interest Rate Method.
performance obligation is satisfied.
2.12 Employee Benefits
2.10.3 The company uses the input method to a) Short Term Employee Benefits
measure the progress of work. Considering the
All employee benefits payable wholly within
current nature of contracts, management has
twelve months of rendering the services are
assessed the use of input method to be the
classified as short term employee benefits.
most suited method to measure the progress
Benefits such as salaries, wages and short- term
towards complete satisfaction of a performance
compensated absences, Performance Related
obligation satisfied over time.
Pay (PRP), etc. are recognized in the period in
i) For Cost Plus contracts: Revenue is which the employee renders the related service.
recognised based on input method i.e.
b) Long Term Employee Benefits
cost incurred by including eligible items of
expenditure in the bills raised on the clients The obligation for long-term employee benefits
and charging specified margin thereon. such as Long-term compensated absences, Half
276

pay leave & LTC is accounted for on actuarial environment in which the Company operates
valuation made at the end of the year. Actuarial (Functional Currency). The financial statements are
gains/losses are recognised in the statement of presented in Indian rupees which is also the functional
profit and loss for the year. and presentation currency of company.
c) Post Employment Benefits Foreign Currency Transactions

(i) Defined contribution plans:The Company i. All foreign currency transactions are translated
makes defined contribution to into functional Currency at the rate prevalent on
the date of transaction.
a. provident fund scheme, CGIS and
employee state insurance scheme. ii. Non-monetary items are translated at the rate
on the date of initial transaction.
b. the RVNL Medical and Welfare Trust
in respect of RVNL Medical and iii. Monetary items denominated in foreign
Welfare Scheme. currency are translated at the prevailing closing
buying rate at each reporting date.
c. National Plan Scheme by the Govt.
of India (PFRDA) in respect of the iv. Foreign exchange gain or losses in respect of
pension scheme. monetary and non-monetary items is recognised
in statement of profit and loss.
The contribution paid/payable under
the schemes is recognized during the 2.14 Borrowing Cost
period in which the employee renders
the related service. Borrowing costs that are attributable to the acquisition
construction or production of a qualifying asset are
(ii) Defined benefit plans: Gratuity is a post- capitalized as part of cost of such asset till such time
employment defined benefit plan. The asset or as the asset is ready for its intended use. A qualifying
liability recognized in the balance sheet is the asset is an asset that necessarily requires a substantial
present value of the defined benefit obligation period of time to get ready for its intended use. All other
at the balance sheet date less fair value of borrowing costs are recognized as an expense in the
plan assets. The defined benefit obligation is period in which they are incurred.
calculated by an independent actuary using
projected unit credit (PUC) method. Actuarial 2.15 Tax expenses represents the sum of current
gains and losses are recognised immediately tax and deferred tax
in Other Comprehensive Income. a) Current Income Tax
The gratuity is funded by the Company i. Taxes including current income-tax

and is managed by a separate trust (RVNL are computed using the applicable tax
Employees Gratuity Trust). The contributions rates and tax laws.
to the gratuity trust for the period are
ii. The tax rates and tax laws used to compute
recognized as expense and are charged to
the amount are those that are enacted
statement of profit and loss.
or substantively enacted at the reporting
d) Retirement benefits of the ‘staff on deputation’ date in the countries where the company
have been accounted for on the basis of the operates and generates taxable income.
guidelines of the Ministry of Railways.
e) Re-measurements recognised in Other current and prior periods are measured at
Comprehensive Income are comprising actuarial the amount expected to be recovered from
gains or losses, the return on plan assets or paid to the taxation authorities Liability
(excluding amount included in the net interest for additional taxes if any is provided / paid
on the net defined benefit liability or asset) that as and when assessments are completed.
are not reclassified to profit or loss from Other
iv. Current tax related to OCI Item are recognized
Comprehensive Income in subsequent periods.
in Other Comprehensive Income (OCI).
2.13 Functional and presentation currency
b) Deferred tax
Items included in the financial statements are
i. Deferred income tax is recognized using
measured using the currency of the primary economic
balance sheet approach.
277

ii. Deferred income tax assets and liabilities The Company applies the lease recognition
are recognized for temporary differences exemption to its short-term leases contracts
which is computed using the tax rates (i.e., those leases that have a lease term of 12
and tax laws that have been enacted or months or less from the commencement date.
substantively enacted at the reporting date. It also applies to the recognition exemption to
leases of office equipment that are considered
iii. Deferred income tax asset are recognized to be low value. Lease payments on short-
to the extent that it is probable that taxable term leases and leases of low-value assets are
profit will be available against which the recognised as expense on a straight-line basis
deductible temporary differences and the over the lease term.
carry forward of unused tax credits and
unused tax losses can be utilized. 2.17 Provisions
Provision is recognised when:
iv. The carrying amount of deferred income tax
assets is reviewed at each reporting date and i) The Company has a present obligation as a
reduced to the extent that it is no longer result of a past event
probable that sufficient taxable profit will be
available to allow all or part of the deferred ii) A probable outflow of resources is expected to
income tax asset to be utilized. settle the obligation and
v. Deferred tax related to OCI iii) A reliable estimate of the amount of the
Item are recognized in Other obligation can be made.
Comprehensive Income (OCI).
Reimbursement of the expenditure required to settle
2.16 Leases a provision is recognised as per contract provisions
or when it is virtually certain that reimbursement
The Company’s leased asset primarily consists of
will be received.
leases for land and buildings. The Company assesses
whether a contract contains a lease at inception of Provisions are reviewed at each Balance Sheet date.
a contract. The Company recognizes right-of-use
a) Discounting of Provisions
assets at the commencement date of the lease.
Right-of-use assets are measured at cost less any Provision which expected to be settled beyond
accumulated depreciation and impairment losses 12 months are measured at the present value
and adjusted for any re-measurement of lease by using pre-tax discount rate that reflects
liabilities. The cost of right-of-use assets includes the the risks specific to the liability. The increase
amount of lease liabilities recognised, initial direct in the provision due to the passage of time is
costs incurred and lease payments made at or before recognised as interest expenses.
the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a 2.18 Contingent Liabilities and Contingent Assets
straight-line basis over the shorter of the lease term (a) Contingent Liabilities are disclosed in either of
and the estimated useful lives of the assets. the following cases:
If ownership of the leased asset is transferred to i) A present obligation arising from a past
the Company at the end of the lease term or the event when it is not probable that an
cost reflects the exercise of a purchase option, outflow of resources will be required to
depreciation is calculated using the estimated settle the obligation; or
useful life of the asset.
ii) A reliable estimate of the present obligation
The right-of-use assets are also cannot be made; or
subject to impairment.
iii) A possible obligation unless the probability
Lease liabilities of outflow of resource is remote.
The Company recognizes lease liabilities measured
(b) Contingent assets is disclosed where an inflow
at the present value of future lease payments less
of economic benefits is probable.
any lease incentives receivable. In addition, the
carrying amount of lease liabilities is re-measured if (c) Contingent Liability and Provisions needed
there is a modification, a change in the lease term against Contingent Liability and Contingent
or a change in the lease payments. Assets are reviewed at each Reporting date.
278

(d) Contingent Liability is net of estimated provisions available to measure fair value maximizing the use of
considering possible outflow on settlement. relevant observable inputs and minimizing the use of
unobservable inputs.
2.19 Earnings Per Equity Share
In determining earnings per share the Company
2.23 Dividend to equity holders
considers the net profit attributable to equity Dividend paid/payable shall be recognised in the
shareholders. The number of shares used in year in which the related dividends are approved by
computing basic and diluted earnings per share is shareholders or board of directors as appropriate.
the weighted average number of shares outstanding
during the year. 2.24 Financial instruments:-
(A) Initial recognition and measurement
2.20 Liquidated Damages and Penalties
Financial Instruments are recognized at its fair
Credit items arising on account of Liquidated Damages
value plus or minus transaction costs that are
and Penalties during execution of contract or due to
directly attributable to the acquisition or issue
termination of contract etc. are carried as "Retained
of the financial instruments.
Amount for Damages A/c" under "Other Current
Liabilities" until the management has decided either (B) Subsequent measurement
to levy or waive the same before financial closure of
(i) Financial Assets
the project. Thereafter if these are not levied or waived
by the management before financial closure of the Financial assets are classified in
project such leftover balances of liquidated damages following categories:
and penalties etc. are credited to the total cost of the
concerned project on financial closure of the project".
b) Fair value through Other
2.21 Operating Segment
Comprehensive Income.
Operating segments are reported in the manner
consistent with the internal reporting provided by the c) Fair value through Profit
Chief Operating Decision Maker (CODM). Chairman and loss account.
and Managing Director of the company has been
a. Debt instrument at
identified as CODM. Company has identified only
Amortised Cost
one reportable segment i.e. "Development of Railway
Infrastructure". A financial asset shall be measured
at amortised cost if both of the
2.22 Fair Value Measurement
following conditions are met:
Company measures financial instruments at fair
value at each reporting date. Fair value is the price (a) the financial asset is held within a
that would be received to sell an asset or paid to business model whose objective is
transfer a liability in an orderly transaction between to hold financial assets in order to
market participants at the measurement date. The collect contractual cash flows and
fair value measurement is based on the presumption
(b) The contractual terms of the
that the transaction to sell the asset or transfer the
financial asset give rise on
liability takes place either:
specified dates to cash flows that
in the principal market for the asset or liability or are solely payments of principal
and interest on the principal
in the absence of a principal market in the most amount outstanding.
advantageous market for the asset or liability.
Financial assets measured at
The principal or the most advantageous market must amortised cost using effective
be accessible to the company. The fair value of an interest rate method less
asset or a liability is measured using the assumptions impairment if any. The EIR
that market participants would use when pricing the amortisation is included in
asset or liability assuming that market participants finance income in the statement
act in their economic best interest. The company of profit and loss.
uses valuation techniques that are appropriate in
the circumstances and for which sufficient data are b. Debt instrument at FVTOCI
279

A debt instrument is classified at Financial Assets are measured at fair

FVTOCI if both of the following value through other comprehensive
criteria are met: income if these financial assets
are held within a business whose
The objective of the business objective is achieved by both
model is achieved both by collecting contractual cash flows
collecting contractual cash flows and setting financial assets and the
and selling the financial assets and contractual terms of the financial
asset give rise on specified dates to
The asset’s contractual cash flows
cash flows that are solely payment
represent SPPI.
of principal and invest in the
Debt instruments included within principal amount outstanding.
the FVTOCI category are measured
The Company has made an
initially as well as at each reporting
irrevocable election to present
date at fair value. Fair value
in other comprehensive income
movements are recognized in the
subsequent changes in the fair
Other Comprehensive Income (OCI).
value of equity investments not
However the company recognizes
held for trading.
interest income impairment losses
& reversals and foreign exchange (ii) Financial liabilities
gain or loss in the P&L. On de-
a) Financial liabilities at Amortised Cost
recognition of the asset cumulative
gain or loss previously recognised in Financial liabilities at amortised cost
OCI is reclassified from the equity to represented by trade and other payables
P&L. Interest earned is recognised security deposits and retention money
using the EIR method. are initially recognized at fair value
c. Debt instrument at FVTPL and subsequently carried at amortized
cost using the effective interest
FVTPL is a residual category for rate method.
financial Assets. Any financial
assets which does not meet the b) Financial liabilities at FVTPL
criteria for categorization as at
The company has not designated any
amortized cost or as FVTOCI is
financial liabilities at FVTPL.
classified at FVTPL.
(C) Derecognition
In addition the Company may
elect to designate financial Financial Asset
asset which otherwise meets A financial asset (or where applicable a part of
amortized cost or FVTOCI criteria a financial asset or part of a group of similar
at FVTPL, if doing so reduces or financial assets) is derecognized only when the
eliminates a measurement or contractual rights to the cash flows from the
recognition inconsistency. The asset expires or it transfers the financial assets
Company has not designated any and substantially all risks and rewards of the
financial asset at FVTPL. ownership of the asset.
Financial assets included within Financial Liability

the FVTPL category are measured
at fair value with all changes
obligation under the liability is discharged or
recognized in the P&L.
cancelled or expires. When an existing financial
Investment in Equity instruments liability is replaced by another from the same
are measured through FVTOCI. lender on substantially different terms or the
d. Equity Instrument at FVTOCI modified such an exchange or modification is
treated as a derecognition of the original liability
280

and the recognition of a new liability and the known amounts of cash and which are subject to an
difference in the respective carrying amounts is insignificant risk of changes in value.
recognised in the income statement.
2.27 Prepaid Expenses
(D) Impairment of financial assets
Prepaid expenses up to INR 5,00,000/- in each case
Company applies expected credit loss (ECL) model are treated as expenditure/income of the year and
for measurement and recognition of impairment accounted for to the natural head of accounts.
loss. The Company follows simplified approach for
recognition of impairment loss allowance on trade 2.28 Prior period errors
receivable. The application of simplified approach Material prior period errors are corrected retrospectively
does not require the Company to track changes by restating the comparative amounts for the prior
in credit risk. Rather it recognises impairment loss periods presented in which the error occurred. If the
allowance based on lifetime ECLs at each reporting error occurred before the earliest period presented, the
date right from its initial recognition Company opening balances of assets, liabilities and equity for the
assesses on a forward looking basis the expected earliest period presented, are restated.
credit losses associated with its assets carried at
amortised cost and FVTOCI debt instruments. The 2.29 NEW STANDARDS/ AMENDMENTS AND
impairment methodology applies on whether OTHER CHANGES EFFECTIVE APRIL 1,2023 OR
there has been significant increase in credit risk. THEREAFTER
Ministry of Corporate Affairs notifies new standard
2.25 Non-current Assets (or disposal groups) held
or amendments to the existing standards. On 31st
for Sale
March 2023, vide Notification G.S.R. 242(E) dated 31st
Non-current assets (or disposal groups) are classified as March 2023, modifications in existing standards have
assets held for sale when their carrying amount is to be been notified which will be applicable from April 1,
recovered principally through a sale transaction and a 2023, as below:
sale is considered highly probable. The sale is considered
highly probable only when the asset or disposal group (a) Ind AS 1 - Presentation of Financial Statements:
is available for immediate sale in its present condition The Company has adopted the amendment
it is unlikely that the sale will be withdrawn and sale wherein the company was required to disclose
is expected within one year from the date of the the material accounting policy in its Financial
classification. Disposal groups classified as held for sale Statements instead of the significant accounting
are stated at the lower of carrying amount and fair policy. Accordingly, the company is disclosing
value less costs to sell. Property plant and equipment material accounting policies as Note-2.
and intangible assets are not depreciated or amortised
once classified as held for sale. Assets classified as held (b) Ind AS 8 - Accounting Policies, Changes in
for sale are presented separately in the statement of Accounting Estimates and Errors:
financial position.
The Company has adopted the amendments
If the criteria stated by IND AS 105 “Non-current w.e.f. April 1, 2023. The impact of this
Assets Held for Sale and Discontinued Operations” amendment is not material.
are no longer met, the disposal group ceases to be
classified as held for sale. Non-current asset that (c) Ind AS 12 - Income Taxes:
ceases to be classified as held for sale are measured The Company has adopted the amendments
at the lower of (i) its carrying amount before the w.e.f. April 1, 2023. The impact of this
asset was classified as held for sale adjusted for amendment is not material.
depreciation that would have been recognised had
that asset not been classified as held for sale and (ii) 2.30 NEW STANDARDS/ AMENDMENTS ISSUED BUT
its recoverable amount at the date when the disposal NOT YET EFFECTIVE
group ceases to be classified as held for sale. Recent Accounting Pronouncements Ministry of
Corporate Affairs (“MCA”) notifies new standard or
2.26 Cash and cash equivalents
amendments to the existing standards. There is no
Cash and cash equivalent comprise cash at bank and such notification which would have been applicable
on hand. It includes term deposits and short term from April 1st, 2024.
money market deposits with original maturities of
three months or less that are readily convertible to
281

NOTE: 3 PROPERTY, PLANT AND EQUIPMENT

(H in crore)
Furniture
Lease hold Plant and Office
Particulars and Computers Vehicles Total
Improvements Machinery Equipments
Fixtures
Gross (At Cost)
As at 1 April 2022 19.73 7.84 16.62 25.20 - 15.77 85.16
Additions 0.39 7.80 0.75 2.30 - 1.27 12.51
As at 31 March 2023 20.12 15.64 17.07 26.39 - 16.37 95.59
Additions 0.09 14.86 1.91 2.65 2.53 1.60 23.65
As at 31 March 2024 19.57 14.86 18.13 27.49 2.53 17.05 99.61
As at 1 April 2022 16.99 0.14 13.46 19.89 - 11.58 62.07
Depreciation for the year 1.27 1.14 1.53 2.77 - 1.70 8.42
As at 31 March 2023 18.27 1.28 14.75 21.84 - 12.82 68.96
Depreciation for the year 0.79 0.73 1.25 2.44 0.13 1.56 6.90
As at 31 March 2024 18.43 0.38 15.24 22.95 0.13 13.64 70.75
Net carrying amount
As at 31 March 2024 1.14 14.48 2.89 4.54 2.40 3.41 28.86
As at 31 March 2023 1.85 14.36 2.31 4.55 - 3.55 26.63
As on 31 March 2024, there are property, plants and equipment with net carrying value of H 28.86 crore (Previous year
H 26.63 crore), out of which bill for assets with net carrying value of H 0.44 crore (Previous year H 0.56 crore) are in the
name of employees of RVNL. However, ownership of these assets belongs to RVNL. During the year, the Company has
charged depreciation of H 0.06 crore (Previous year H 0.25 crore) on assets in the name of employees of RVNL.
NOTE: 3.1 RIGHT-OF-USE ASSETS

(H in crore)
Land
Residential Office
Particulars (Lease TOTAL
Building Premises
hold Land)
Gross (At Cost)
As at 1 April 2022 235.48 65.01 82.46 382.95
Additions - - 8.06 8.06
Adjustment - (2.45) - (2.45)
As at 31 March 2023 235.48 62.56 90.52 388.56
Additions - - 40.32 40.32
Adjustment - - - -
As at 31 March 2024 235.48 62.56 130.84 428.88
As at 1 April 2022 11.31 0.71 35.45 47.45
Adjustment - -
As at 31 March 2023 13.93 2.76 58.49 75.17
Adjustment - - - -
As at 31 March 2024 16.55 4.85 78.61 100.00
Net book value
As at 31 March 2024 218.94 57.71 52.23 328.88
As at 31 March 2023 221.56 59.79 32.03 313.39
The Company had taken a lease hold land from Noida Authority amounting to H235.48 crore on 04 December 2017
for 90 years and accordingly amortised over the lease period.
282

NOTE: 4 CAPITAL WORK IN PROGRESS

(H in crore)
Particulars Amount
Gross (At Cost)
As at 1 April 2022 1.20
Additions 0.07
As at 31 March 2023 1.27
Additions# 92.52
As at 31 March 2024 93.79
Net carrying amount
As at 31 March 2024 93.79
As at 31 March 2023 1.27
# represents machines under assembly.
Capital Work in Progress Aging Schedule as at 31 March 2024

(H in crore)
Less than More than
1 year 3 years
Project in Progress 92.52 0.07 1.11 0.09 93.79
Capital Work in Progress Aging Schedule As at 31 March 2023

(H in crore)
Less than More than
1 year 3 years
Project in Progress 0.07 1.11 0.09 - 1.27
There are no projects where activity has been suspended.
NOTE: 5 OTHER INTANGIBLE ASSETS

(H in crore)
Computer
Particulars
Software
Gross (At cost)
As at 1 April 2022 36.18
Additions 0.01
Disposals
As at 31 March 2023 36.19
Additions 0.19
Disposals -
As at 31 March 2024 36.38
Amortisation and Impairment
As at 1 April 2022 15.28
Amortisation 6.18
As at 31 March 2023 21.46
Amortisation 6.06
As at 31 March 2024 27.52
Net carrying amount
As at 31 March 2024 8.86
As at 31 March 2023 14.73
283

6.1 INVESTMENTS IN JOINT VENTURES/ASSOCIATE (EQUITY METHOD)

Unquoted:
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
a). Investment in joint ventures (equity instruments):
Kutch Railways Company Limited 1,164.28 870.88
41,05,00,000 Shares of H 10 each, fully paid (Previous year: 12,50,00,000 Shares)
Haridaspur Paradip Railways Company Limited 431.76 416.45
Krishnapatnam Railways Company Limited 292.38 222.64
Bharuch Dahej Railways Company Limited 98.43 86.13
Angul Sukinda Railways Company Limited 341.38 284.68
Shimla Bypass Kaithlighat Shakral Private limited 5,50,50,000 Shares of H 56.54 12.53
10 each, fully paid (Previous Year: 1,25,50,000 Shares) #
Kyrgyzindustry-RVNL Closed Joint Stock Company 0.31 0.42
42,000 Shares of 100 soms each (Previous Year: 42,000 Shares of 100 soms
each)
Chennai MMLP Private Limited 1.63 0.01
Bengaluru MMLP Private Limited 0.01 0.01
Indore MMLP Private Limited 0.11 -
Chatra Expressways Private Limited 0.79 -
14,74,900 Shares of H 10 each, fully paid (Previous Year : Nil)
JGPL-RVNL EPC Private Limited - -
4,900 Shares of H 10 each, fully paid (Previous Year : Nil)
Dighi Roha Rail Limited - -
50,000 Shares of H 10 each, fully paid (Previous year: 50,000 Shares)
Total 2,387.61 1,893.76
#1,65,15,000 Shares (Previous year : 37,65,000 shares) are pledged in favour of security trustee "Catalyst Trusteeship Limited" for the benefit of
Union Bank of India.
b). Investment in Associates (equity instruments):
Kinet Railway Solutions Limited 7.56 -
10,44,000 Shares of H 100 each (Previous year: Nil)
Total 7.56 -
Aggregate value of unquoted investments 2,395.17 1,893.76
Aggregate amount of impairment in value of investments - -
6.1 INVESTMENTS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
At Fair Value through Other Comprehensive Income
Indian Port Rail and Ropeway Corporation Limited 1,00,00,000 Shares 10.00 10.00
(Previous year: 1,00,00,000 Shares) #
Total 10.00 10.00
Aggregate value of unquoted investments 10.00 10.00
Aggregate amount of impairment in value of investments - -
# Refer Note 31(ii)(v)
284


(H in crore)
Add: Transfer during the Period (0.00) 3,514.77
Less: Receivable within 12 months (472.00) 4,492.36 (377.28) 4,964.36
Total 4,492.36 4,964.36
(i) Lease receivables represent the amount receivable from Ministry of Railways in respect of the projects which were
IRFC funded and have already been transferred to concerned zonal railways. Lease Receivable has been recognised
after adjusting the funds received from MoR for the projects transferred. (Refer Note 32 (c) & 10.2)
(ii) Lease receivables are interest bearing equal to the amount which has been charged by IRFC in respect of the
borrowings outstanding for projects.
6.3 LOANS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(a) Loan to employees 4.07 4.87
Total 4.07 4.87
6.4 OTHERS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(a) Security Deposits# 6.08 5.89
(b) Receivable from Ministry of Railways (Interest accrued but not due on IRFC 1,023.40 1,051.18
Loan)
(c) Bank - Term deposit under lien (with more than 12 months maturity) 981.11 599.84
(e) Share Application Money- Kutch Railways Company Limited - 142.75
Total 2,010.59 1,799.66
#Refer note 31 for fair value measurements
NOTE: 7 DEFERRED TAX ASSETS (NET)

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Deferred tax assets (Net) 13.99 13.81
The balance comprises to temporary differences attributable to:
Deferred Tax Assets/(Liabilities)
(a) Right of Use -1.88 0.27
(b) Depreciation and Amortisation 2.81 2.16
(c) Provision for Employee Benefits 9.54 11.24
(d) Provision for Impairment on Investment/ Bad Debts 3.52 0.14
13.99 13.81
285

Movement in Deferred Tax (Liability)/Asset

(H in crore)
Provision Provision for
Depreciation
Right of for Impairment on
Particulars and Total
Use Employee Investment/
Amortisation
Benefits Bad Debts
As at 1 April 2022 0.22 1.54 11.39 - 13.16
Charged/(credited) -
To Profit & Loss 0.05 0.62 (0.36) 0.14 0.44
As at 31 March 2023 0.27 2.16 11.24 0.14 13.81
Charged/(credited)
To Profit & Loss (2.15) 0.65 (1.77) 3.38 0.10
As at 31 March 2024 (1.88) 2.81 9.54 3.52 13.99
NOTE: 8 OTHER NON CURRENT ASSETS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Fair Value adjustment on Financial Assets 0.13 0.62
Capital Advances # 479.31 255.24
Advance Against Office Rent 0.19 0.13
Total 479.63 255.99
# The Company has been alloted built up area of 116972 sq. ft. (approx) for its office premise with parking slots at World Trade Centre, Nauroji
Nagar, New Delhi, through open bid by NBCC (India) Limited. It is being developed by M/s NBCC (India) Limited and is expected to be completed
at a total cost of H 539.99 crores (including applicable GST) which is payable in thirteen installments on completion of defined milestones. So far
RVNL has paid Eleven installments up to 31.03.2024 (Six installments up to 31.03.2023).
NOTE: 9 PROJECT WORK-IN-PROGRESS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Construction of Flats 64.72 58.93
Total 64.72 58.93
The Railway Board has entrusted RVNL the wok of construction of residential accommodation for Railway/PSU officers
on a plot of Railway Land Near Safdarjung Railway Station in accordance with its Policy No. 15/LML/181/68 dated
19.05.1998 which inter-alia stipulates that total 54 flats are to be constructed and from which 27 flats will be handed
over to Railway Board towards cost /usage of land. Out of balance 27 flats, 18 flats will be retained by RVNL on lease of
30 year and 9 flats will be handed over to other PSUs against payment. Accordingly, Right to use asset has been created
in respect of 14 flats on completion.
NOTE: 10 FINANCIAL ASSETS - CURRENT

10.1 TRADE RECEIVABLES
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Unsecured
(i) Receivables from related parties
(a) Receivables from related parties - Considered Good 864.88 819.14
(b) Receivables from related parties - Significant Increase in Credit Risk 1.62 1.56
Less :Allowance for Expected Credit Loss 0.78 0.78
Subtotal 0.84 0.78
(ii) Other Trade receivables- Considered Good 211.66 149.38
Total 1077.38 969.30
286


Less
Particulars Unbilled 6 months More than
than 6 1-2 years 2-3 years Total
-1 year 3 years
months
(i) Undisputed Trade receivables 325.84 223.71 175.43 26.22 - 651.18 1,076.54
– considered good
(ii) Undisputed Trade - 0.06 0.73 - 0.83 1.62
1,078.16
Less :Allowance for Expected 0.78
Credit Loss
Total 1,077.38

Less
Particulars Unbilled 6 months More than
than 6 1-2 years 2-3 years Total
-1 year 3 years
months
(i) Undisputed Trade receivables 1,368.87 139.31 15.86 18.99 52.53 741.83 968.52
– considered good
(ii) Undisputed Trade 0.04 0.69 - - 0.83 1.56
receivables – -Significant
970.08
Less :Allowance for Expected 0.78
Credit Loss
Total 969.30

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Add: Transfer during the Period 472.00 377.28
Less: Amount received (377.28) (279.95)
Total Lease Receivables 472.00 377.28
(i) Lease receivables represents receivable from railways within 12 months in respect of IRFC funded completed
projects which has been transferred to railways. (Refer note 6.2)
10.3 CASH AND CASH EQUIVALENTS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Balance with Banks
- Current Accounts # 954.05 836.67
- Fixed Deposits (Maturity of 3 Months or less) 150.00 -
Total 1,104.05 836.67
# Amount lying in current account includes flexi deposits of H 390.24 crores (Previous year H 414.34 crores)
287

10.4 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(i) Term Deposit
(a) Held as margin money (Deposits with original maturity of more -
than 3 months but less than 12 months).
- Project Rishikesh Karnprayag - 247.50
- Other projects 112.36 264.71
(b) Held as margin money (Deposits with original maturity of more 1,856.46 120.03
than 3 months but remaining maturity less than 12 months).
(c) Others 38.95 14.70
(ii) Earmarked balances with banks# 0.82 369.69
Total 2,008.59 1,016.64
#Balance is for unpaid dividend (Previous year includes H 369.44 crores for Interim dividend payable).
10.5 LOANS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Total 4.15 4.13
10.6 OTHERS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Receivable from Ministry of Railways (For Interest Accrued but not due for 518.26 428.05
IRFC Loan)
Receivable from Ministry of Railways (Chardham Yatra) 1.94 1.94
Security Deposits 112.63 49.69
Other receivables (refer Note (i) below) 917.09 726.57
Interest accrued on bank deposits 85.16 21.93
Contract Assets (Unbilled Revenue) 325.84 1,368.87
Total 1,960.92 2,597.07
(ii) Unbilled revenue represents, the revenue recognised for work executed upto 31 March 2024. These are billed in
subsequent periods as per the terms of the billing plans/ contractual arrangements. Unbilled revenue includes
H 66.87 crores (Previous year H 323.59 crores) from related parties.
NOTE: 11 CURRENT TAX

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Current Tax Asset /(Liabilities)
Advance Tax and TDS 477.66 394.63
Less: Provision of income-tax (485.05) (382.60)
Total (7.39) 12.03
288

NOTE: 12 OTHER CURRENT ASSETS

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
(a) Advances Other than Capital Advances
Project advances:
- Zonal Railways 589.00 759.95
- Electrification 293.25 442.95
- Sleepers 151.56 177.96
- Mobilization (Including interest accrued) 851.87 852.97
- Others 819.61 700.06
(b) Others
Balance with Government Authorities (GST) 343.73 238.74
Prepaid expenses 2.57 0.61
(c) Fair Value Adjustment on Financial Assets 2.39 0.03
Total 3,053.98 3,173.27
NOTE: 13 EQUITY SHARE CAPITAL

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
3,00,00,00,000.00 Equity shares of H 10 each (Previous year :3,00,00,00,000) 3,000.00 3,000.00
3,000.00 3,000.00
Issued/Subscribed and Fully Paid up Capital
2,08,50,20,100.00 Equity shares of H 10 each (Previous year : 2,08,50,20,100) 2,085.02 2,085.02
2,085.02 2,085.02
Details of shareholders holding more than 5% in the Company

Name of the shareholder No. of Shares % holding in No. of Shares % holding in
(in crore) the class (in crore) the class
President of India acting through Ministry of 151.87 72.84 163.05 78.20
Railways (MoR)
Life Insurance Corporation of India 12.52 6.00 13.29 6.38
Total 164.39 78.84 176.34 84.58
1. Rights, Preferences and Restrictions attaching to shares

Equity Shares: The Company has only one class of Equity Shares having face value of H 10 per share. Each shareholder
is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts, in proportion to their share holding.
All equity shareholders are having right to get dividend in proportion to paid up value of each equity share as
and when declared.
Reconciliation of the number of Issued, Subscribed and Fully Paid up equity shares and share capital

Name of the shareholder
No. of Shares J in crore No. of Shares J in crore
Issued/Subscribed and fully Paid up equity Capital 2,08,50,20,100 2,085.02 2,08,50,20,100 2,085.02
outstanding at the beginning of the Period
Add: Shares Issued during the Period - - - -
Issued/Subscribed and fully Paid up equity 2,08,50,20,100 2,085.02 2,08,50,20,100 2,085.02
Capital outstanding at the end of the Period
289

Shareholding of Promoters

% Change during the year
Promoter Name % of total
No. of Shares No. of % of total
shares
Shares shares
President of India acting through Ministry of 1,51,87,43,694 72.84 -11,17,57,277 -6.85%
Railways (MoR)
Total 1,51,87,43,694 72.84 -11,17,57,277 -6.85%

% Change during the year
Promoter Name % of total
No. of Shares No. of % of total
shares
Shares shares
President of India acting through Ministry of 1,63,05,00,971 78.20 - -
Railways (MoR)
Total 1,63,05,00,971 78.20 - -
NOTE: 14 OTHER EQUITY

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Surplus in statement of profit and loss 1,574.30 1,341.75
Final dividend (75.06) (52.13)
Interim Dividend - (369.05)
Items of Other comprehensive income recognised directly in
retained earnings
Remeasurements of defined benefits plans( net of tax) 0.24 0.92
Share in Comprehensive income of Joint Ventures 0.00 0.01
Closing balance 6,589.66 5,090.18
(b) General Reserve
Closing balance 71.00 71.00
c) Items from other Comprehensive Income
Opening Balance - -
Change in fair value of FVTOCI equity instrument - -
Deferred Tax - -
Closing balance - -
Grand total of (a+b+c) 6,660.66 5,161.18
Nature and Purpose of Other Reserves:

Retained Earnings represents the undistributed profits of the Company.
(b) General Reserve

General Reserve is a free reserve which is created from retained earnings. The Company may pay dividend and issue
fully paid-up bonus shares to its members out of the general reserve account, and company can use this reserve for
buy-back of shares.
290

(c) Items of Other Comprehensive Income

The Company has elected to recognize changes in fair value of investment in equity securities of Indian Port
Rail and Ropeway Corporation Limited in other comprehensive income. The changes are accumulated within the
FVTOCI equity investments reserves within equity. The company transfers amounts from this reserve to retained
earnings when the relevant equity securities are de-recognized.
15.1 Borrowings
(H in crore)
Unsecured:
(i) Indian Railway Finance Corporation (IRFC)
Addition during the Period - -
Less Repayment made within 12 months (472.00) 4,492.36 (377.28) 4,964.36
(ii) Interest accrued but not due (IRFC Loan)
Opening Balance 1,066.22 973.78
Addition during the year 503.95 529.48
Less Repayment made with in 12 months (546.76) 1,023.41 (437.04) 1,066.22
Total 5,515.77 6,030.59
Terms of Repayment:
(i) There is a moratorium period of 3 years for each year's loan. During the said moratorium period, no amount on
account of interest and principal shall be payable. The interest shall be charged on yearly basis and repayment of
loan shall be once in a year (for a period of 12 years) after the completion of moratorium period. Ministry of Railways
would make available to RVNL the required funds thereafter, to enable them to do the debt servicing. The debt
servicing will pass through RVNL books.
(ii) The Company has not borrowed any funds during this F.Y 2023-24 (Previous year 2022-23: H Nil) from Indian Railway
Finance Corporation (IRFC). The outstanding borrowing is H 4964.36 crores as on 31.03.2024 (as at 31.03.2023 : H
5,341.65 crore) , which includes current liability i.e. repayable in next twelve months H 472.00 crores (as at 31.03.2023
: H 377.28 crore).
(iii) The Interest Liability has been assessed on the amount disbursed in the F.Y. 2006-07 to 2023-24 by applying the
Interest rate as advised by the IRFC for each Financial year (2023-24- No disbursement, 2022-23- No disbursement,
2021-22: 7.64%, 2020-21: 7.73%, 2019-20: 8.42%, 2018-19: 9.17% & 8.93%, 2017-18: 8.82%, 2016-17: 8.19%, 2015-16:
8.68%, 2014-15: 9.56%, 2013-14: 9.60%, 2012-13: 9.41%, 2011-12: 10.12%, 2010-11: 9.12%, 2009-10: 8.92%, 2008-09:
9.96%, 2007-08: 10.24%, 2006-07: 9.73%).
The interest accrued but not due on the IRFC loan amount has been shown in the Balance Sheet as recoverable
from MoR under Current Assets & Non-Current assets (for the interest non recoverable in next 12 Months) and the
interest payable but not due under the Current Liabilities and Non-Current Liabilities (for the interest not payable
in next 12 Months) payable to IRFC.

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Non-current maturities of lease liabilities 27.85 11.15
Total 27.85 11.15
291


(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Performance & Security Deposit 641.37 488.76
Retention money 69.13 33.15
Total 710.50 521.91
NOTE: 16 PROVISIONS
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Non Current
Total Non-Current Provisions 15.49 31.84
Current
b) Provisions for Expenses 3.30 2.84
c) Provision for Loss on ITC 13.19 -
Total Current Provisions 38.92 28.25
Total Provisions 54.41 60.09
(a) Provision for Employee Benefits
Provisions for employee benefits

Provision
Provision Provision Provision
Particulars for Foreign Provision Total
for for leave for Half
Service for LTC
Gratuity encashment Pay Leave
Contribution
As at 1 April 2022 18.45 18.82 1.48 10.31 6.59 55.65
Current 18.45 2.33 0.32 2.56 1.69 25.35
Non Current - 16.50 1.16 7.75 4.90 30.31
the period
Utilisation during the period (14.16) (1.43) (0.51) (2.02) 0.00 (18.11)
As at 31 March 2023 15.80 20.66 1.50 14.34 4.95 57.26
Current 15.80 2.99 0.42 4.56 1.64 25.41
Non Current - 17.67 1.08 9.79 3.30 31.84
the period
Utilisation during the period (9.79) (23.70) (0.29) (2.78) - (36.57)
As at 31 March 2024 15.39 1.17 1.58 16.44 3.34 37.92
Current 15.39 0.36 0.52 6.10 0.06 22.43
Non Current - 0.81 1.06 10.34 3.28 15.49
Foot Note
16.1 Foreign Service Contribution :
Foreign Service Contribution in respect of officers on deputation with RVNL, is recognised on accrual basis in the
statement of profit and loss account as per the terms of deputation with their parent organisations.
16.2 For RVNL Employees

The disclosure required under Indian Accounting Standard-19 “Employee Benefit” in respect of defined benefit plan is:
292

Reconciliation of opening and closing balances of the present value of the defined benefit obligation:
(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Opening Balance 20.66 18.82 14.34 10.31 4.94 6.59 1.50 1.48
Interest Cost 1.51 1.35 1.05 0.74 0.36 0.47 0.11 0.11
Benefit Paid (1.80) (1.43) (2.78) (2.02) - 0.01 (0.29) (0.51)
Actuarial (Gain)/ Loss (0.32) (1.12) 1.17 2.69 (2.54) (3.17) (0.12) 0.07
on Obligation
Closing Balance 23.07 20.66 16.44 14.34 3.34 4.95 1.58 1.50
Amount Recognised in Statement of Profit and Loss

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Interest Cost 1.51 1.35 1.05 0.74 0.36 0.47 0.11 0.11
Actuarial (Gain)/ Loss - - 1.17 2.69 (2.54) (3.17) (0.12) 0.07
on Obligation
4.53 4.38 4.87 6.05 (1.60) (1.65) 0.37 0.54
Amount Recognised in Other Comprehensive Income account

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Actuarial (Gain)/ Loss (0.32) (1.12) - - - - - -
on Obligation
(0.32) (1.12) - - - - - -
Fair Value of Plan Assets

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Fair value of plan - - - - - - - -
assets at the
beginning of
the period
Actual return on 0.76 - - - - - - -
plan assets
Employer 21.15 - - - - - - -
contribution
Benefits paid - - - - - - -
the period
Amount recognised in the balance sheet

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Defined benefit 23.07 20.66 16.44 14.34 3.34 4.95 1.58 1.50
obligation at the end
of the year
the year
(Surplus) / Deficit 1.16 20.66 16.44 14.34 3.34 4.95 1.58 1.50
293

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Current Portion of the 0.36 2.99 6.10 4.56 0.06 1.64 0.52 0.42
above
Non Current Portion 0.81 17.67 10.34 9.79 3.28 3.30 1.06 1.08
of the above
Maturtity profile of Defined benefit obligation (undiscounted amount)

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
0 to 1 Year 4.52 2.99 6.10 4.55 0.06 1.64 0.52 0.42
1 to 2 Year 4.40 2.19 5.07 1.54 2.32 0.62 1.07 1.08
2 to 3 Year 1.10 1.64 1.30 1.66 0.22 0.63 - -
3 to 4 Year 0.98 1.20 0.87 1.37 0.11 0.34 - -
4 to 5 Year 0.53 1.02 0.60 1.18 0.15 0.46 - -
5 to 6 Year 0.53 0.81 0.47 0.90 0.12 0.30 - -
6 Year onwards 10.94 10.75 2.08 3.07 0.37 0.96 - -
Weighted Average duration (in years) of Defined benefit obligation :

(H in crore)
Particulars 31.03.2024 31.03.2023
Gratuity (Permanent) 5.12 4.68
Gratuity (Contractual) 20.96 21.63
Half Pay Leave 5.12 4.68
LTC 5.12 4.68
Major categories of plan assets (as percentage of total plan assets)

(H in crore)
Particulars
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Government of - - - - - - - -
India Securities
State Government - - - - - - - -
securities
High Quality - - - - - - - -
Corporate Bonds
Equity Shares of - - - - - - - -
listed companies
Funds Managed 100% - - - - - - -
by Insurer
Bank Balance - - - - - - - -
Total 100% - - - - - - -
Expected contribution for next annual reporting period

The expected contribution to the defined benefit plan for next annual reporting period is H 7.35 Crores.
(H in crore)
ACTUARIAL ASSUMPTIONS: 31 March 2024 31 March 2023
Method Of Valuation : Project Unit Credit Project Unit Credit
Method Method
Discount Rate : 7.22% 7.36%
Salary Escalation Rate: 6.50% 6.50%
Retirement Age: 60 Years 60 Years
294

(H in crore)
ACTUARIAL ASSUMPTIONS: 31 March 2024 31 March 2023
Withdrawal Rate: 3% at younger 3% at younger
ages and reducing ages and reducing
to 1% at older to 1% at older
ages according to ages according to
graduated scale. graduated scale.
Mortality Rate India Assured Lives India Assured Lives
Mortality (2012-14) Mortality (2012-14)
Ult. Ult.
Sensitivity analysis:
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating
the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected
unit credit method) has been applied as when calculating the defined benefit obligation recognised within the
statement of financial position.
As at 31 March 2024
Effect on Effect Effect on

Change in Effect
Change in Gratuity on Leave Half pay
assumptions on LTC
obligation Encashment Leave
Discount Rate +0.5% (1.05) (0.26) (0.08) (0.04)
-0.5% 1.17 0.27 0.08 0.04
Salary Growth Rate +0.5% 1.06 0.27 0.08 -
-0.5% (1.00) (0.26) (0.08) -
Risk Analysis :
Company is exposed to a number of risks in the defined benefit plan which are as follows:
A) Salary Increases- Actual salary increases will increase the Plan’s liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.
B) Investment Risk – If Plan is funded then assets liabilities mismatch & actual investment return on assets lower
than the discount rate assumed at the last valuation date can impact the liability.
C) Discount Rate : Reduction in discount rate in subsequent valuations can increase the plan’s liability.
D) Mortality & disability – Actual deaths & disability cases proving lower or higher than assumed in the valuation
can impact the liabilities.
E) Withdrawals – Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal
rates at subsequent valuations can impact Plan’s liability.
NOTE: - 17 OTHER NON CURRENT LIABILITY

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Fair Value adjustment on financial liabilities 17.21 59.60
Total 17.21 59.60
295

NOTE: 18 FINANCIAL LIABILITIES - (CURRENT)

18.1 Borrowings
(H in crore)
Indian Railway Finance Corporation #
Add: Addition during the period 472.00 377.28
Less: Repayment during the period (377.29) 471.99 (279.95) 377.28
Total 471.99 377.28
# For terms and conditions of IRFC loan refer note no 15.1 and 32(c)

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Current maturities of Lease Liabilities 16.91 22.32
Total 16.91 22.32
18.3 Trade Payables

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Micro and small Enterprises (Refer note-35) 9.32 35.53
Others than Micro and small Enterprises 240.68 585.03
Total 250.00 620.56

(H in crore)
date of payment
Particulars Total
Less than More than
1-2 years 2-3 years
1 year 3 years
(i) MSME 9.32 - - - 9.32
(ii) Others 193.29 17.33 9.79 20.28 240.68

(H in crore)
date of payment
Particulars Total
Less than More than
1-2 years 2-3 years
1 year 3 years
(i) MSME 35.53 - - - 35.53
(ii) Others 536.61 16.93 12.24 19.25 585.03

(H in crore)
Interest accrued but not due (IRFC Loan)
Add: Addition during the period 546.76 437.04
Less: Payment during the period (441.52) 518.25 (309.12) 413.01
Retention Money 430.26 459.77
Unpaid Dividend* 0.82 0.25
296

(H in crore)
Dividend payable - 369.44
Provision for PRP/PLI 36.22 42.14
Provision for Special Performance Award 13.61 28.11
Other Liabilities 42.76 57.12
Total 1,472.45 1,929.84
*No amount is due for payment to Investor Education & Protection Fund.
NOTE: 19 OTHER CURRENT LIABILITIES

(H in crore)
1. Contract Liabilities:
i) Unsecured
Fund Received from MoR & State Govt.
Opening Balance 961.42 3,897.70
Add: Addition during the year 23,628.31 16,001.32
Less: Adjusted during the year (23,486.59) 1,103.14 (18,937.59) 961.42
ii) Unsecured
Advance from MoR for IRFC loan Repayment
Opening Balance - -
Less: Adjusted during the year (377.28) - (279.95) -
iii) Others
Related Parties (Refer note no. 42) 67.23 110.64
Other than Related Parties 889.89 957.12 196.16 306.81
2. Others
(a) Statutory Liabilities 187.59 141.36
(b) Employee Welfare Fund payable # 1.55 1.40
(c) RVNL Medical and Welfare Trust:
Add: Addition during the period (1.15) 1.36
Less: Adjustment during the period 1.15 0.25 (1.13) 0.25
(d) Fair Value Adjustment on financial liability 72.01 53.00
Total 2,321.66 1,464.25
# Company has provided contribution of H 0.15 crore (Previous year 0.20 crore) in Employee Welfare Fund.
NOTE: 20 REVENUE FROM OPERATIONS

(H in crore)
Particulars
31 March 2024 31 March 2023
Revenue from Operation:
A. Contract Revenue 21,882.28 20,278.37
B. Consultancy Services 6.95 3.20
Total 21,889.23 20,281.57
NOTE: 21 OTHER INCOME

(H in crore)
Particulars
31 March 2024 31 March 2023
Interest income
Banks 309.33 158.98
Others # 253.55 267.93
Recovery from MoR 503.87 529.48
297

(H in crore)
Particulars
31 March 2024 31 March 2023
Unwinding of interest income on security deposit 1.85 1.04
Amortisation of deferred revenue on financial liabilities:
- Performance and Security Deposit 66.55 26.06
- Retention Money 8.42 2.13
Provision Written Back 25.81 -
Miscellaneous Income 16.19 10.81
Total 1,185.57 996.44
# Interest income from "others" includes interest from SPVs against balances outstanding and interest on mobilization advance.(refer note no. 42)
NOTE: 22 EXPENDITURE ON OPERATIONS

(H in crore)
Particulars
31 March 2024 31 March 2023
Expenditure relating to Contract Revenue & Consultancy Services
Works Expenses 19,484.46 17,998.65
Consultancy Charges 500.74 526.97
Supervision Charges 88.36 93.25
Design and Engineering 62.73 52.99
Travelling and Conveyance 19.14 19.04
Depreciation 16.86 20.00
Rent 5.41 6.09
Other Expense 4.16 3.08
Total 20,181.86 18,720.07
NOTE: 23 EMPLOYEE BENEFITS EXPENSE

(H in crore)
Particulars
31 March 2024 31 March 2023
Salaries and Wages 166.75 169.98
Contribution to Provident & Other Funds 12.41 15.92
Staff Welfare 9.75 5.07
Total 188.91 190.98
NOTE: 24 FINANCE COSTS

(H in crore)
Particulars
31 March 2024 31 March 2023
Interest on Statutory Dues 0.22 1.57
Interest on Loan from IRFC (MoR Projects) 503.95 529.48
Unwinding of Interest Cost on Performance and Security Deposit 53.91 44.99
Unwinding of Interest Cost on Retention Money 6.39 2.23
Total 568.49 581.37
298

NOTE: 25 DEPRECIATION AND AMORTIZATION

(H in crore)
Particulars
31 March 2024 31 March 2023
Property, Plant and equipment (Refer Note 3) 6.91 8.23
Intangible Assets (Refer Note 5) 6.06 6.18
Right-of-use Assets # (Refer Note 3.1) 7.97 7.91
20.94 22.32
# Balance remaining out of total depreciation of Right-to-use after allocation to project. Total depreciation amounting H 24.83 crore (Previous year
H 27.72 crore), out of which depreciation amounting H 16.86 crore (Previous year H 19.81 crore) is allocated on Project.
NOTE: 26 OTHER EXPENSES

(H in crore)
Particulars
31 March 2024 31 March 2023
Power & Fuel 5.37 4.43
Rent 9.66 9.02
Printing and Stationery 3.78 3.36
Training Expense 2.99 0.60
Travel & Conveyance 19.82 16.98
Communication 5.82 3.82
Legal and Professional Charges 17.75 9.77
Payment to Auditors ## 0.77 0.73
Advertisement and Business Promotion 7.23 16.20
Expenditure towards Corporate Social Responsibility (CSR) 29.71 26.26
Miscellaneous # 62.73 32.15
Total 165.63 124.10
# includes sitting fee paid to directors amounting to H 0.14 crore (previous year H 0.14 crore)
##Payment to Auditors
(H in crore)
Particulars
31 March 2024 31 March 2023
Audit Fee 0.25 0.24
Limited Review 0.20 0.18
Tax Audit & Audit under section 80IA 0.03 0.06
Other Services 0.24 0.21
Out of pocket expenses 0.05 0.05
Total 0.77 0.73
26.1 CSR Expenses

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend
at least 2% of its average net profit for the immediately preceding three financial years on Corporate Social
Responsibility (CSR) activities.
A. Gross amount required to be spent by the Company during the Current Year H 28.04 crore (Previous year
H 23.68 crore).
B. Amount spent during the year

(H in crore)
Particulars
31 March 2024 31 March 2023
(i) Construction/acquisition of any assets - -
(ii) On purpose other than (i) above
Healthcare & Sanitation 10.74 12.47
299

(H in crore)
Particulars
31 March 2024 31 March 2023
Education and livelihood 13.55 11.37
Environmental Sustainability 0.38 -
Rural Development 0.16 -
Skill Development 1.32 -
Restoration of building & site of historical importance 2.53 -
Promotion of Sports 0.55 -
Administrative Expense 0.40 0.22
Conservation of Natural Resources 0.08 2.20
Total Expenses (ii) 29.71 26.26
(H in crore)
Particulars
31 March 2024 31 March 2023
(i) Amount required to be spent by the company during the year# 28.04 23.68
(ii) Amount of expenditure incurred, 29.71 26.26
(iii) Shortfall/(excess) at the end of the year, (1.67) (2.58)
(iv) Set off available (2.80) (0.23)
(v) Total of previous years (excess) (4.47) (2.80)
#There is no shortfall
#Nature of CSR activities:- The areas for CSR activities are promotion of education, eradicating extreme hunger and poverty, promoting
gender equality and empowering women and reducing child mortlity and improving maternal health.
#Amount calculated as per Section 135 of the Companies Act, 2013.
NOTE: 27 TAX EXPENSE

(H in crore)
Particulars
31 March 2024 31 March 2023
Current tax:
Income-tax for the year 485.05 382.62
Adjustments/(Credits) in respect of previous year (5.35) (4.23)
Deferred tax:
Total 479.44 377.54
27.1 Other Comprehensive Income section

Deferred tax related to items recognised in OCI during the year:
(H in crore)
Particulars
31 March 2024 31 March 2023
Tax on net gain/(loss) on remeasurements of defined benefit plans (0.08) (0.21)
Total (0.08) (0.21)
27.2 Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31
March 2024 and 31 March 2023:
(H in crore)
Particulars
31 March 2024 31 March 2023
Accounting profit before tax from continuing operations 2,053.91 1,719.28
Accounting profit before income tax 2,053.91 1,719.28
Calculation of Tax expense
Income-tax @ 25.168% (Previous year 34.944%) 516.93 600.78
Effect on Tax Adjustments
300

(H in crore)
Particulars
31 March 2024 31 March 2023
Ind-AS Adjustment (3.15) (1.64)
Non taxable Income/Exempt Income (0.12) -
Deductable expense tax (27.91) (22.36)
Interest on TDS and Tax 0.05 0.25
Non deductable expense tax 25.19 42.29
Deduction available-80IA , 80M and 80G
- 80IA - (205.51)
- 80M - (3.38)
- 80G - (2.87)
Subsidiary Deductible Tax Expense (2.98) (1.12)
Tax Effect due to Income effect of Joint Venture (26.41) (27.99)
Others 3.45 4.17
Tax payable 485.05 382.62
Add: Adjustments in respect of previous year (5.35) (4.23)
Less: Deferred Tax Assets (Refer note no. 7) (0.26) (0.86)
Tax Expenses 479.44 377.53
Effective Rate of income Tax 23.34% 21.96%
The applicable Indian statutory tax rate for financial year 2023-24 is 25.168% and for financial year
2022-23 was 34.944%.
Pursuant to the introduction of Section 115BAA of the Income Tax Act,1961 ("New Tax Regime"), the group has an
option to pay corporate income tax at a lower rate of 22% plus applicable surcharge and cess as against the earlier
applicable rate of 30% plus surcharge and cess,subject to certain conditions. Considering all the provisions under
said section 115BAA of the Income Tax Act, 1961, the group has decided to avail the lower rate from F.Y 2023-24,
accordingly the group has recognised provision for income tax for the year ended March 31, 2024 and remeasured
its deferred tax assets on the basis of the rate prescribed in the said section.
NOTE: 28 OTHER COMPREHENSIVE INCOME (OCI)

The disaggregation of changes to OCI by each type of reserve in equity is shown below:
(H in crore)
Particulars
31 March 2024 31 March 2023
Remeasurement of Defined benefit plans 0.32 1.13
Share of other Comprehensive Income in Joint Venture 0.00 0.01
Income Tax relating to Items that will not be reclassified to profit and loss (0.08) (0.21)
Total 0.24 0.93
NOTE: 29 DIVIDEND
The Board of Directors has recommended the final dividend of H 2.11 per equity share having face value of H 10 each for
the financial year 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting.
NOTE: 30 CAPITAL MANAGEMENT

The Group manages its capital in a manner to ensure and safeguard their ability to continue as a going concern so that
group can continue to provide maximum returns to shareholders and benefit to other stake holders. Group has paid
dividend as per the guidelines issued by Department of Public Enterprises (DPE) as follows:-
301

Dividends
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Dividend Paid # 75.06 421.18
Total 75.06 421.18
# Final dividend for the FY 2022-23: H 75.06 crores.
Further, Group manages its capital structure to make adjustments in light of changes in economic conditions and the
requirements of the financial covenants. RVNL has borrowed the funds from IRFC for railway projects. For repayment of
IRFC loan, Ministry of Railways would make available to RVNL the required funds thereafter, to enable them to do the
debt servicing. The debt servicing will pass through RVNL books.
Debt Equity Ratio

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Borrowing (Note No. 15.1) 5,515.77 6,030.59
Current Maturities of Long Term debt (Note No. 18.1) 471.99 377.28
Total debt 5,987.76 6,407.87
Equity (Note No.13) 2,085.02 2,085.02
Other equity (Note No.14) 6,660.66 5,161.17
Total equity 8,745.68 7,246.19
Debt equity Ratio 0.68 0.88
In order to achieve the overall objective of the group's capital management, amongst other things, aims to ensure that it
meet financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
No changes were made in the objectives, policies or processes for managing capital during the year ended 31 March 2024.
Note: 31 Fair Value measurements

(H in crore)
Cost Cost
Financial Assets
Loan to employees - - 8.21 - - 9.00
Lease Receivables - - 4,964.35 - - 5,341.65
Trade Receivables - - 1,077.38 - - 969.30
Investments - 10.00 2,395.17 - 10.00 1,893.76
Cash and Cash Equivalents - - 1,104.05 - - 836.67
Bank Balances other than Cash - - 2,008.59 - - 1,016.64
and Cash equivalent
Bank - Term deposit under lien (with - - 981.11 - - 599.84
more than 12 months maturity)
Bank Term Deposit having original - - - - - -
maturity more than 12 months
Receivable from Ministry - - 1,543.60 - - 1,479.23
of Railways
Security Deposits - - 118.71 - - 55.58
Deposit as security for court case - - - - - -
Other receivables - - 917.09 - - 726.57
Share Application Money - - - - - 142.75
Other financial assets - - 85.16 - - 21.93
Unbilled Revenue - - 325.84 - - 1,368.87
Total Financial Assets - 10.00 15,529.26 - 10.00 14,461.79
302

(H in crore)
Cost Cost
Borrowings - - 5,987.76 - - 6,407.87
Lease Liability - - 44.75 - - 33.47
Trade Payables - - 250.00 - - 620.56
Performance & Security Deposit - - 1,071.90 - - 1,048.76
Retention Money - - 499.39 - - 492.91
Other financial liabilities - - 611.66 - - 910.07
Total Financial Liabilities - - 8,465.47 - - 9,513.65
(ii) Fair value of financial assets and liabilities that are measured at amortised cost:
(H in crore)
Particulars Carrying Carrying
Fair value Fair value
value value
Financial Assets
Security deposits 118.71 118.71 55.58 55.58
Total Assets 118.71 118.71 55.58 55.58
Other financial liabilities
Performance and Security Deposit 1,071.90 1,071.90 1,048.76 1,048.76
Retention Money 499.39 499.39 492.91 492.91
Total Liabilities 1,571.29 1,571.29 1,541.67 1,541.67
i) The carrying amounts of trade receivables, trade payables, unbilled revenue, cash and cash equivalents and
other short term trade receivables and payables which are due to be settled within 12 months are considered
to the same as their fair values, due to short term nature.
ii) Long term variable rate borrowings and lease receivables are evaluated by group on parameters such as
interest rates, specific country risk factors and other risk factors. Based on this evaluation the fair value of such
payables are not materially different from their carrying amount.
iii) The fair value of Security Deposits, Performance Security Deposit, Miscellaneous Deposit and Retention Money
are calculated based on cash flows discounted using current market rate. Average SBI fixed deposit rate i.e
7.58% is being considered as discounting rate for financial Assets and Average SBI Lending rate i.e 10.18% is
being considered as discounting rate for financial liability for the FY 2023-24. They are classified as level 3 fair
values in fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.
iv) Staff loans and advances have been continued at carrying value as measurement implications are immaterial.
v) Group determined fair value of investment those are carried through Other Comprehensive Income based on
adjusted intrinsic value, through independent valuer. Valuation of Investment of Indian Port Rail & Ropeway
Corporation Limited is based on financial statements for 31st March 2023 as financial statements for the year
ended on 31st March 2024 of the Indian Port Rail & Ropeway Corporation Limited are not available. Based on
the valuation, no changes has been made and investment is shown at its original cost.
Fair Value hierarchy

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2- Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either
directly (i.e. as prices) or indirectly (i.e. derived form prices)
Level 3- Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)
303

Fair value hierarchies of assets and liabilities as on 31 March, 2024 are as follows:
As at 31 March 2024
(H in crore)
Financial Assets
Investment - - 10.00 10.00
- - 128.71 128.71
- - 1,571.29 1,571.29
As at 31 March 2023
(H in crore)
Financial Assets
Investment - - 10.00 10.00
- - 65.58 65.58
- - 1,541.67 1,541.67
(iii) Financial risk management change in market interest rate. The group
has only loan from IRFC, the payment of
The group’s principal financial liabilities comprise
interest and repayment of principal of
Borrowings from IRFC, trade payable and other
that is ensured by the Ministry of Railways;
payables. The group’s principal financial assets
therefore the risk related to said loan
include trade and lease receivables and cash &
is Nil, debt servicing will pass through
cash equivalents that are derived directly from
RVNL books only.
its operations.
ii) Foreign Currency Risk
The group is exposed to market risk, credit risk and
liquidity risk. The group's financial risk activities are The group takes services from countries
governed by appropriate policies and procedures outside India for projects and is exposed
and that financial risk are identified, measured and to foreign currency risk arising from such
managed in accordance with the group's policies foreign currency transactions. Due to
and risk objectives. The board of directors reviews the immateriality of foreign exchange amount
policies for managing each of these risk, which are group does not hedge any risk.
summarised below:-
b) Credit risk
a) Market Risk Credit risk is the risk of financial loss to the
Market risk is the risk that the fair value of future group if a customer or counterparty to a
cash flows of a financial instruments will fluctuate financial instrument fails to meet its contractual
because of changes in market prices. Market risk obligations, and arises principally from the
comprises Interest rate risk and foreign currency group’s receivables from customers.The group is
risk. Financial instruments affected by market exposed to credit risk from its financial activities
risk includes loans and borrowing, deposits and including deposits with banks, financial
other non derivative financial instruments. institutions and other financial instruments.
There is negligible risk for receivable from
i) Interest Rate Risk Ministry of railways also group does not have any
Interest rate risk is the risk that the fair history of bad debts.
value of future cash flows of a financial
instruments will fluctuate because of
304

Financial instruments and cash deposits and subsequently at amortised cost on individual
Credit risk from balances with banks and transaction basis.
financial institutions is managed in accordance
Impact of fair valuation of Staff loans and advances
with the group`s policy. Investment of surplus
are immaterial therefore it has been continuing at
are made only with approved with counterparty
the carrying value.
on the basis of the financial quotes received
from the counterparty. The fair values of financial assets and financial
liabilities is measured the valuation techniques
c) Liquidity risk
including the DCF model. The inputs to these
Liquidity risk is the risk that the group will not method are taken from observable markets where
be able to meet its financial obligations as they possible, but where this is not feasible, a degree
become due. The group manages its liquidity risk of judgment is required in establishing fair values.
by ensuring , as far as possible, that it will always Judgments include considerations of inputs such
have sufficient liquidity to meet its liabilities as liquidity risk, credit risk and volatility. Changes in
when due, under both normal and stressed assumptions about these factors could affect the
conditions, without incurring unacceptable reported fair value of financial instruments. See Note
losses or risk to the group's reputation. 31 for further disclosures.
The group's principal sources of liquidity are b) Taxes

cash and cash equivalents and the cash flow Deferred tax assets are recognized for unused tax
that is generated from operations. The group losses and unabsorbed depreciation to the extent
believes that the working capital is sufficient that it is probable that taxable profit will be available
to meet its current operational requirements. against which losses can be utilised. Significant
Any short term- surplus cash generated, over management judgment is required to determine
and above the amount required for working the amount of deferred tax asset that can be
capital management and other operational recognised, based upon the likely timing and level
requirements, are retained as cash and of future taxable profit together with future tax
investment in short term deposits with banks. The planning strategies.
said investments are made in instruments with
appropriate maturities and sufficient liquidity. c) Borrowings from IRFC and Lease Receivables
from Railway.
Note 32 Key sources of estimation uncertainty RVNL has borrowed funds from Indian Railway
Finance Corporation for the purpose of construction
The followings are the key assumptions concerning the
of railway projects. There is a moratorium period of 3
future, and the key sources of estimation uncertainty at the
years for each year's loan. During the said moratorium
end of the reporting period that may have a significant risk
period, no amount on account of interest and
of causing a material adjustment to the carrying amount
principal shall be payable. The interest shall be
of assets and liabilities with next financial year.
charged on yearly basis and repayment of loan along
a) Fair valuation measurement and valuation with interest shall be once in a year (for a period of
process 12 years) after the completion of moratorium period.
Ministry of Railways would make available to RVNL the
Financial instruments in respect of Security Deposit
required funds thereafter, to enable them to do the
Asset Office Premise and Miscellaneous are measured
debt servicing. The debt servicing will pass through
initially at fair value and subsequently at amortised
RVNL books. Accordingly, funds are received by RVNL
cost on the basis of materiality, transaction value
on each year from MoR and the same is transferred
upto H 12.00 lakhs are measured at fair value on
to IRFC immediately. Therefore, there is no major
initial recognition and subsequently at amortised
impact on the Statement of Profit and Loss.
cost on group basis and Income and amortisation
on such financial instruments has been considered
on yearly basis. Transaction value of 12.00 lakhs or
more are measured at fair value at initial recognition
305

Note 33. Disclosure of Operating Profit/Loss as per DPE Guidelines:

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
CPSE with operating profit (Profit/Surplus before Tax excluding Other Income 1,267.35 1,172.21
and Exceptional Items)
Note 34. Revenue

A. Disaggregation of Revenue
Set out below is the disaggregation of the Company’s revenue into operating segments and geographical areas:
(H in crore)
Railway 21,068.77 - 21,068.77
Highway 75.15 - 75.15
Port - 440.77 440.77
Energy 70.23 - 70.23
Others 227.36 - 227.36
Total Revenue as per Ind AS 115 21,441.50 440.77 21,882.28
Other Revenue 6.95
Out of the total revenue recognised under Ind AS 115 during the year, H 21,882.28 crore is recognised at over a
period of time and Nil amount recognised at point in time.

(H in crore)
Railway 20,265.23 - 20,265.23
Highway - - -
Port - - -
Energy - - -
Others 13.14 - 13.14
Total 20,278.37 - 20,278.37
Other Revenue 3.20
Out of the total revenue recognised under Ind AS 115 during the year, H 20278.37 crore is recognised over a period
of time and Nil amount recognised at point in time.
B. Contract balances
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Trade Receivables 1,077.38 969.30
Contract Assets 325.84 1,368.87
Contract Liabilities 2,060.26 1,268.23
i) Trade receivables are non-interest bearing except receivable from related party (other than Dighi Roha Pvt Ltd)
amounting to H 866.68 crore (Previous year H 819.14 crore) which are interest bearing at SBI base rate +1%.
Customer profile include Ministry of Railways, Public Sector Enterprises and State Owned Companies in India.
The Company’s average project execution cycle is around 24 to 36 months. General payment terms include
mobilisation advance, monthly progress payments with a credit period ranging from 45 to 60 days.
306

ii) Contract Assets are recognised over the period in which services are performed to represent the group`s right
to consideration in exchange for goods or services transferred to the customer. It includes balances due from
customers under construction contracts that arise when the group receives payments from customers as per
terms of the contracts, however the revenue is recognised over the period under input method. Any amount
previously recognised as a contract asset is reclassified to trade receivables on satisfaction of the condition
attached i.e. future service which is necessary to achieve the billing milestone.
iii) Contract liabilities relating to construction contracts are obligation to transfer goods or services to a customer
for which the entity has received consideration (or the amount is due) from the customer. These mainly arise
when a particular milestone payment exceeds the revenue recognised to date under the input method and
advance received in long term construction contracts, the amount of advance received gets adjusted over the
construction period as and when invoicing is made to the customer.
Movement in contract balances during the year

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Contract asset at the beginning of the year 1,368.87 2,261.18
Contract asset at the end of the year 325.84 1,368.87
Net (increase)/decrease 1,043.04 892.31
For the year 2023-24, there has been further net decrease of H 1043.04 crore as compared to the Previous year
net decrease of H 892.31 crore. This decrease is mainly attributed to the invoicing of contract assets based on
certification and contractual condition.
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Contract liabilities at the beginning of the year 1,268.23 4,459.45
Contract liabilities at the end of the year 2,060.26 1,268.23
Net (increase)/decrease (792.03) 3,191.22
There has been net increase of H 792.03 crore as compared to Previous year net decrease of
H 3,191.21 crore. The increase is primarily attributed to receipt of advances from clients.
C. Set out below is the amount of revenue recognised from:

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Amount included in contract liabilities at the beginning of the year 1,268.23 4,459.45
Performance obligation satisfied in previous years - -
D. Cost to obtain the contract

Amount recognised as asset as at 31 March 2024 is Nil (Previous year: Nil)
Amount of amortisation recognised in the Statement of profit and loss during the year is Nil (Previous year: Nil)
E. Performance obligation
Information about the Group’s performance obligations are summarised below:
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at
31 March 2024 are as follows:
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Within one year 21,500 15,020
More than one year to 2 years 22,500 17,020
More than 2 years 28,554 28,074
Total 72,554 60,114
307

NOTE: 35 Disclosure as required by the Micro , Small and Medium Enterprises Development Act,
2006 are as under:-
(H in crore)
Particulars
31 March 2024 31 March 2023
Dues remaining unpaid as at Balance Sheet date:
a. the principal amount and the interest due thereon remaining unpaid to 9.32 35.53
any supplier as at the end of each accounting year:
Principal amount due to Micro, Small and Medium Enterprises
Interest due on above Nil Nil
b. the amount of interest paid by the Company in terms of section 16 of the Nil Nil
Micro, Small and Medium Enterprises Development Act, 2006, along with
the amount of the payment made to the supplier beyond the appointed
day during each accounting year;
c. the amount of interest due and payable for the period of delay in making Nil Nil
payment (which have been paid but beyond the appointed day during
the year) but without adding the interest specified under Micro, Small and
Medium Enterprises Development Act,2006
d. the amount of interest accrued and remaining unpaid at the end of each Nil Nil
accounting year;
e. The amount of further interest remaining due and payable even in the Nil Nil
succeeding years, until such date when the interest dues above are
actually paid to the small enterprise, for the purpose of disallowance of a
deductible expenditure under section 23 of the Micro, Small and Medium
Enterprises Development Act, 2006.
Note 36. Expenditure in Foreign Currency

(H in crore)
Particulars
31 March 2024 31 March 2023
A. Statement of Profit or loss (except those recognized as financial
instrument and measured at fair value)
Import of material 100.88 -
Import of capital goods 85.46
Travel and Training Expenses 1.11 1.09
Purchase of Tender form 0.09 0.12
Bank Charges - 0.09
187.54 2.32
NOTE: 37 CONTINGENT LIABILITIES

37.1 Claims Against the Company not acknowledged as debts:
In respect of claims pending under adjudication in arbitration invoked by the Contractor not acknowledged as
debts by the Company are H 3364.10 crore as at 31 March 2024 (Previous year H 3,276.71 crore). The cases pending
in courts involve an amount of H 551.99 crore as at 31st March 2024 (Previous year H 551.99 crore). All the claims, if
become payable, will form part of the project cost and reimbursable by respective clients.
308

37.2 Direct taxes:

Income- tax demands raised by the Income-tax department as at 31st March 2024 is aggregating to
H 1241.86 crore (Previous Year H 1,442.52 crore) and Company has not accepted the claim and submitted its appeal
to department as follows:-
(H in crore)
Sr. Assessment As at As at
Authority
No. Year 31 March 2024 31 March 2023
1 CIT (Appeal), New Delhi 2018-19 0.02 0.02
2 CIT (Appeal), New Delhi 2020-21 - 228.64
3 Appeal filed with ITAT 2021-22 1,213.86 1,213.86
4 Rectification filed u/s 154 2022-23 27.98 -
Total 1,241.86 1,442.52
37.3. Indirect taxes:

a). Service Tax
In respect of Service-tax, the company has received show cause notice from Director General Goods & Service
Tax Intelligence, Delhi Zonal Unit raising a demand of H279.46 crore (Previous year H279.46 crore) for non-
payment of service tax for the period from July 2012 to June 2017 under forward/reverse charge mechanism
on services provided/ received to/by Ministry of Railway and Zonal Railways contested by the company. The
Company has received order from Additional Director General(Adjudication) dated 24.08.2021 reduced the
demand to 148.68 crore plus applicable interest and imposed penalty of H 130.78 crore. The Company has filed
an appeal before CESTAT, New Delhi against the said demand. If the liability is decided against the Company
in future, the same will be borne by Ministry of Railways.
b). GST:
GST department has raised demands of H 124.38 crore (Previous Year H 21.15 crore). However, the Company has
not accepted the demand and submitted its representation/appeal to department as follows:-
(H in crore)
Sr. As at As at
Authority Financial Year
No. 31 March 2024 31 March 2023
1 GST Department, Uttar Pradesh 2017-18 7.76 7.05
9 GST Department, Uttarakhand 2017-18 0.25 -
13 GST Department, Assam 2017-18 0.51 -
14 GST Department, Bihar 2017-18 0.15 -
15 GST Department, Haryana 2018-19 4.34 -
17 GST Department, Tamil Nadu 2018-19 4.65 -
19 GST Department, Uttar Pradesh 2018-19 11.37 -
21 GST Department, Gujarat 2018-19 14.10 14.10
Total 124.38 21.15
37.4 National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE) have levied a fine of
H 1.31 Crore (Upto Previous year H 0.99 crore) for non-compliance with the requirements pertaining to the
309

composition of the Board and its committees upto March 31, 2024. Directors of the Company are appointed by
the Government of India and the Company has no role to play in this regard and accordingly has requested Stock
exchanges for waiver of fine.
37.5 Amount of Letter of Credit/Bank Guarantee as on 31 March 2024 is H 2475.78 crore (Previous year
H 1,191.64 crore)
NOTE: 38 CAPITAL COMMITMENT:

- Contribution towards share capital in Joint Ventures is H 34.96 crore (Previous Year: H 163.25 crore).
- Contracts awarded for construction of flats is Nil (Previous Year: H 2.81 crore).
- Office Premise at World Trade Center, Nauroji Nagar New Delhi being constructed by NBCC H 60.68 crore (Previous
Year: H 270.28 crore)
- Implementation of ERP is H 1.01 crore (Previous Year: H Nil)
38.1 Other Commitment

Commitment towards Contractual Payments of Project expenditure is H 31,763.85 crores (Previous Year:
H 56,019.00 crore).
Note 39. Managerial Remuneration

(H in crore)
Sr. As at As at
Particulars
No. 31 March 2024 31 March 2023
1 Short Term Employee benefits
Salary & allowances 4.56 4.26
2 Post Employment benefits
Contribution to NPS 0.23 0.21
Contribution to provident fund 0.27 0.25
Retirement Benefits 0.00 0.11
3 Sitting Fee to independent directors 0.14 0.14
TOTAL 5.19 5.03
NOTE: 40 EARNING PER SHARE

(H per share)
As at As at
Particulars
31 March 2024 31 March 2023
Basic EPS
Diluted EPS
Face Value Per Equity Shares 10 10.00
40.1 Computation of EPS

The Company did not have any potentially dilutive securities in any of the years presented. The earnings and
weighted average number of equity shares used in calculation of basic earning per share:-
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Profit attributable to equity holders of the company
Earnings used in calculation of Basic Earning Per Share 1,574.47 1,420.55
Weighted average number of shares 2085020100 2085020100
310

40.2 Details for calculation of Diluted Earning per Share

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Profit attributable to equity holders of the company:
Earnings used in calculation of diluted Earning Per Share from 1,574.47 1,420.55
The weighted number of equity shares for the purpose of diluted earning per share reconciles to the weighted
average number of equity shares used in calculation of basic earning per share as follows:
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Weighted average number of Equity shares used in calculation of basic 2085020100 2085020100
earnings per share
Effect of dilution:
Share Options - -
Weighted average number of Equity shares used in calculation of 2085020100 2085020100
diluted earnings per share
NOTE: 41 COMPOSITION OF GROUP

(H in crore)
Place of
Incorporation
and
As at As at
Operation
31 March 2024 31 March 2023
(i) Subsidiary company
HSRC Infra Services Limited Build, operate and transfer of INDIA 100.00% 100.00%
Railway line
Maskani Paradeep Road Civil Engineering INDIA 100.00% -
Vikas Limited
RVNL Infra South Africa Construction of Rail Link South Africa 100.00% -
RVNL-DTCPL JV Development of Canal INDIA 74.00% 74.00%
(ii) Joint Ventures:
Kutch Railway Build, operate and transfer of INDIA 50.00% 50.00%
Company Limited Railway line
Dighi Roha Rail Limited INDIA 50.00% 50.00%
Krishnapatnam Railway INDIA 49.76% 49.76%
Company Limited
Bharuch Dahej Railway INDIA 35.46% 35.46%
Company Limited
Angul Sukinda INDIA 34.06% 32.86%
Railway Limited
Haridaspur Paradip Railway INDIA 30.00% 30.00%
Company Limited
Shimla Bypass Kaithlighat Design, maintenance and INDIA 50.00% 50.00%
Shakral Private limited Construction of Highway
Kyrgyzindustry-RVNL Closed Construction of Rail roads KYRGYZSTAN 50.00% 50.00%
Joint Stock Company
311

(H in crore)
Place of
Incorporation
and
As at As at
Operation
31 March 2024 31 March 2023
Chennai MMLP Private Limited Establishment of Multimodal INDIA 26.00% 26.00%
Logistics Park
Bengaluru MMPL Establishment of Multimodal INDIA 16.33% 16.33%
Private Limited Logistics Park
Chatra Expressways Construction of Highway INDIA 49.00% -
Private Limited
Indore MMPL Private Limited Establishment of Multimodal INDIA 22.01% -
Logistics Park
JGPL- RVNL EPC Business of EPC of solar, INDIA 49.00% -
Private Limited Green Hydrogen & Ammonia,
Utility Battery Energy Storage
Systems (BESS)
(iii)Associates:
Kinet Railway Manufacturing cum INDIA 25.00% -
Solutions Limited maintenance of Vande
Bharat Trainsets
Note 42. Related Party disclosures as required by Ind-AS 24 "Related party Disclosure"
42.1 Key Management Personnel:
Name Designation
Sh. Pradeep Gaur Chairman and Managing Director
Sh Vinay Singh Director (Projects)
Sh. Rajesh Prasad Director (Operations)
Sh. Sanjeeb Kumar Director (Finance) & Chief Financial Officer
Smt. Anupam Ban Director (Personnel)
Dr. M. V. Natesan Independent Director
Sh. Anupam Malik Independent Director
Sh. Dhananjaya Singh Govt. Nominee Director
Sh. A.K. Khandelwal (ceased on 01.11.2023) Govt. Nominee Director
Sh. Vivek Kumar Gupta (w.e.f. 12.12.2023 upto 04.02.2024) Govt. Nominee Director
Smt. Kalpana Dubey Company Secretary & Compliance Officer
42.2 Subsidiary
Maskani Paradeep Road Vikas Limited
RVNL-DTCPL JV (Subsidiary due to Contractual Rights evidencing control as per Para 6 of Ind As 110)
42.3 Joint Ventures

Dighi Roha Rail Limited
Krishnapatnam Railway Company Limited
Bharuch Dahej Railway Company Limited
Angul Sukinda Railway Limited
312

Haridaspur Paradip Railway Company Limited
Shimla Bypass Kaithlighat Shakral Private limited
Kyrgyzindustry-RVNL Closed Joint Stock Company
Chennai MMLP Private Limited
Bengaluru MMPL Private Limited
Chatra Expressways Private Limited
Indore MMPL Private Limited
JGPL- RVNL EPC Private Limited
42.4 Associates
Kinet Railway Solutions Limited
42.5 Trust Funds:

RVNL Medical and Welfare Trust
RVNL Employee Gratuity Trust
42.6 Disclosure of transactions with related parties:

1.(a) Outstanding Balances with Subsidiary:
(H in crore)
As at As at
31 March 2024 31 March 2023
HSRC Infra Services Limited Project execution -9.16 -6.07
RVNL-DTCPL JV Project execution 67.22 15.77
Loan Given 25.00 -
1. (b) Transaction with Subsidiary:

(H in crore)
31 March 2024 31 March 2023
HSRC Infra Services Limited Purchase of Goods and Service 33.31 17.42
Maskani Paradeep Road Reimbursement of Expenses 0.01 -
Vikas Limited Investment in Equity 0.01 -
Interest Income (Converted 0.64 13.14
to Equity)
Loan Given (Converted to Equity) 27.00 -
RVNL-DTCPL JV Revenue from Operations 75.77 13.14
Loan Given 37.00 -
2. Transaction with Joint Ventures:

(H in crore)
Bharuch Haridaspur
Dahej Paradip
Company Company
Limited Limited
31 March 2023 - 1.10 - - 8.58
Revenue from Operations 31 March 2024 361.90 0.05 5.49 274.33 31.69
31 March 2023 551.90 - 1.58 327.04 72.13
313

(H in crore)
Bharuch Haridaspur
Dahej Paradip
Company Company
Limited Limited
Interest income on 31 March 2024 52.76 - 162.40 - 0.08
outstanding balances 31 March 2023 56.17 - 137.07 - 18.05
31 March 2023 - - - - -
Investment in Shares 31 March 2024 142.75 - - 56.54 -
31 March 2023 - - - 10.65 -
Share Application Money 31 March 2024 - - - - -
31 March 2023 142.75 - - - -
31 March 2023 - - - - -
(H in crore)
Shimla
Bypass Kyrgyzindustry- Chennai Bengaluru
Dighi
Kaithlighat RVNL Closed MMLP MMPL
Nature of transaction Period ended Roha Rail
Shakral Joint Stock Private Private
Limited
Private Company Limited Limited
limited
31 March 2023 - - - - -
Revenue from Operations 31 March 2024 - - - - -
31 March 2023 0.57 - - - -
Interest income on 31 March 2024 - - - - -
outstanding balances 31 March 2023 - - - - -
31 March 2023 - - - - -
Investment in Shares 31 March 2024 - 42.50 - - -
31 March 2023 - 12.55 0.42 0.01 0.01
31 March 2023 - - - - -
(H in crore)
Chatra Indore Kinet
JGPL- RVNL
Expressways MMPL Railway
Nature of transaction Period ended EPC Private
Private Private Solutions
Limited
Dividend Received 31 March 2024 - - - -
31 March 2023 - - - -
Revenue from Operations 31 March 2024 - - - -
31 March 2023 - - - -
Interest income on outstanding 31 March 2024 - - - -
balances 31 March 2023 - - - -
Interest on Mob Adv. 31 March 2024 - - - -
31 March 2023 - - - -
Investment in Shares 31 March 2024 1.47 0.01 0.00 10.44
31 March 2023 - - - -
Other Income 31 March 2024 - - - -
31 March 2023 - - - -
314

3. Balance Outstanding with Joint Ventures

(H in crore)
Bharuch Haridaspur
Kutch Krishnapatnam Angul Chatra
Dighi Dahej Paradip
Nature of Railway Railway Sukinda Expressways
As at Roha Rail Railway Railway
transaction Company Company Railway Private
Limited Company Company
Limited Limited Limited Limited
Limited Limited
Recoverable / 31 March 223.72 1.62 641.52 1.45 (40.21) (5.85) -
(Payable) 2024
31 March 52.12 1.56 761.90 1.45 (104.74) (5.90) -
2023
Interest 31 March 100.14 - 811.87 - - - -
recoverable 2024
31 March 51.47 - 671.81 - - - -
2023
(H in crore)
JGPL-
Indore Kinet Shimla Chennai Bengaluru Kyrgyzindustry-
RVNL
Nature of MMPL Railway Bypass MMLP MMLP RVNL Closed
As at EPC
transaction Private Solutions Kaithlighat Private Private Joint Stock
Private
Limited Limited Shakral Limited Limited Company
Limited
Recoverable/ 31 March - - - - - - -
(Payable) 2024
31 March - - - - - - -
2023
Interest 31 March - - - - - - -
recoverable 2024
31 March - - - - - - -
2023
4. Transaction with Post Employment Benefit Plans managed through separate Trust:
(H in crore)
Transactions(Net) Outstanding Amount
S.
Name of Trust Fund Description Year Ended Year Ended As at As at
No.
1 RVNL Medical and Subscription/ 0.00 0.23 0.25 0.25

Welfare Trust Adjustments
2 RVNL Employee Subscription/ 21.90 0.00 1.09 0.00
Gratuity Trust Adjustments
42.7 Transactions with the related Government Entities

Apart from transactions with related parties reported above, the company has transactions with Ministry of Railways,
Government of India related Government entities which included but not limited to the following:-
Nature of control:- Significant Control over the entity by shareholding
Transaction during the year:-

(H in crore)
S. As at As at
Particulars
No. 31 March 2024 31 March 2023
i) Revenue form Operations # 18,797.36 18,687.56
ii) Dividend Paid 58.70 329.36
# Includes Nil amount (Previous year H1815.79 crore) towards invoices related to projects funded by EBR(IF) and Nil (Previous year Nil)
towards EBR(S) sources raised on IRFC for the FY 2023-24 vide MOR letter No. RBA No.102/2019 (GST Circular no. 32/2019) dated 16.12.2019
and RBA No. 003/2021 (GST Circular no. 002/2021) dated 15.01.2021.
315

Closing Balances:
(H in crore)
S. As at As at
Particulars
No. 31 March 2024 31 March 2023
i) Interest Accrued but not due 1,541.66 1,479.83
ii) Lease Receivables 4,964.35 5,341.65
iii) Other Receivables 1.94 1.94
iv) Project execution 1,103.14 961.42
Note no. 43:

(A) Details of the aggregate amounts of share of the assets, liabilities, income and expenditure related to
the interest in the Subsidiary is as under:
a). HSRC Infra Services Limited
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 36.97 18.75
b). Masakani Paradeep Road Vikas Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 0.09 -
Income 0.70 -
Expenditure 1.83 -
c). RVNL-DTCPL JV
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 178.34 12.46
316

(B) Details of the aggregate amounts of share of the assets, liabilities, income and expenditure related to
the interest in the Jointly Controlled Entities are as under:
a). Kutch Railway Company Limited
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Assets excluding preliminary expenditure 2,190.57 2,037.28
Income 739.96 976.85
Contingent Liabilities: (RVNL share- 50%)
i) One of the former employees Mr. Devendra Singh on deputation from Indian Railways has filed a writ
petition on 22.07.2010 against the Company in respect of dues on account of difference in pay scales. The
impact of the same has not been quantified in the writ.
ii) During the financial year 2014-15, Company received a show cause notice from the Director General of
Central Excise Intelligence, regarding the liability of Service Tax of H2 13.59 crore and interest and penalty
thereon. The Company has not accepted the liability and has submitted its reply to the Show Cause
Notice on 06.01.2015. A personal hearing has also been held in this regard on 21.09.2015 before the
Principal Commissioner of Service Tax, Delhi-I. A similar statement of demand cum show cause notice has
also been received for F. Yr. 2014-15 on 05.04.2016 in which a demand of H 82.07 crore has been raised. It
has also been replied on 24.05.2016. For F.Y. 2015- 16, 2016-17, 2017-18 (upto 30.06.2017), the statement
of demand cum show cause notice in which a total demand of H 211.65 crore cum show cause notice was
served on 22.03.2018, which was replied on 18.05.2018. During the current financial year department
has communicated that matter is kept in abeyance in view of the appeal on the identical issue filed by
the department in the case of M/s Mundra port and special economic zone limited before the Hon'ble
supreme court.
iii) Western Railway has carried out the work of elimination of 30 level crossings by converting them into
mannad or by construction of RUB /LHS against the estimate of H 21.25 crore. H 13.85 crore has been
deposited by the company towards this work till 31-03-2021. For elimination of unmanned level crossing,
Railway Board has issued instructions that the cost shall be borne by Railways, Whereas WR is of opinion
that this amount should be borne by SPV/Company. Accordingly Company has requested to WR to
refund the amount of H 13.85 crore paid to WR towards elimination of unmand level crossing.
iv) As per the Construction Agreement for Palanpur-Samakhiali doubling, there is a provision for contingencies
of 0.5% as mentioned in estimated project cost.
v) During the Financial year 2017-18 Goods and Service Tax(GST) has subsumed the Service Tax with effect
from 1st July 2017. The company has maintained same stand as was taken in the matter of service tax,
with respect to applicability of the taxes on the share of the freight received by the company from indian
railways and the operations & Maintenance cost recovered by the company. The company is of the view
that no supply is involved by the company to the railway and vice-versa in sharing of freight revenue &
cost by Railway with the Company including furnishing of the particulars/Details for the same. However
/Ministry of Railways has taken up the issue with Finance Ministry for issuing clarification/exemption.
Further, the matter had also been referred to Ministry of Railways for taking up the case with the Finance
Ministry Clarifications/ confirmation and resolution of issue in the best Interest both for Railways and SVPs
in this regard. During the current year, Tax Research Unit( TRU) of the Ministry of Finance, Government of
India, has conveyed the recommendations of the GST council In its 48th Meeting held on 17th December,
2022 to MOR that Indian Railways (IR) and SPV are distinct person and supply of services by SPV to IR by
way of allowing IR to use the infrastructure built and owned by them during the concession period against
consideration in form of pro rata share of revenue is a taxable supply, Similarly, service of maintenance
supplied by IR to SPV is also a taxable service.
317

TRU in Its decision has concluded the decision based on the fact that there is “supply of services by SPV to
IR by way of allowing IR to use the infrastructure built and owned by them during the concession period
against consideration in form of pro rata share of revenue.
However in case of company as per Clause 2.2 of concession agreement.""The Parties agree that the
Project Assets shall remain the property Assets shall remain the property of MoR, the Project Railway
being a Government Railway within the meaning of the Railway Act 1989.
It is clear from reading of above para that assets are not owned by company as well company is
Government Railway applied in case of company. Pursuant to this, MOR has made further representations
on various dates to ministry of finance, Government of India on the basis of representation made by
company requesting them to reconsider the recommendation:
Railway Board has informed to Company that in terms of the ministry of Finance Office Memorandum it
would transfer apportioned revenue to Company inclusive of GST.
Further Ministry has also issued guidelines for issuing of invoices for this transaction. Wherein it is provided
that revenue shall be inclusive of GST for example, in case of H 100 as apportioned revenue. GST shall be H
15.25 and revenue shall be H 84.75 for SPVs. Company has not recorded any GST liability on apportioned
revenue and full amount received from railways is recorded as revenue, therefore company reported
revenue till March 2024 may be reduced in future by 15.25%(ie impact of GST liabilty).
The matter is subjudice before Hon'ble High Court of Delhi an interim stay has been awarded by Delhi
High Court, Therefore direction directions of railway board are on hold.
vi) KRCL has received claim of H 1.43 Crore, towards expenditure incurred on doubling during the quarter
ending December 2023 and March 2024 from RVNL.
However the same has not been accounted, since the same is not approved by board of KRCL and
approved for increase in estimate was not taken from KRCL by RVNL. Further, corresponding interest
component on the same has not been accounted.
Capital commitment (RVNL share- 50%): H 307.60 Crores (Previous Year H 666.38 crore)
b). Haridaspur Paradip Railway Company Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 135.71 129.03
Contingent liabilities: (RVNL Share : 30%)
(i) Landowners (from whom land was purchased) have filed various cases from time to time for enhanced
compensation. The amount of claims pending as at year-end is not quantifiable.
(ii) Income-tax amounting H 2.77 crore (Previous year H 2.77 crore) pertains to the AY-2013-14. 2014-15, &
2017-18.
(iii) A sum of H 33.15 crore up to 31 March 2024 ( Previous year H 44.24 crore ) towards interest and other
changes demanded by M/s RVNL.
Capital Commitments: (RVNL Share : 30%)
(i) Estimated amount of works remaining to be executed on capital account (based on EPC cost) and not
provided for H150.62 Crores (Previous Year H 174.96 crore).
318

c). Krishnapatnam Railway Company Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 1110.78 1,178.78
Income 316.46 229.17
(i) Department has raised demand in respect of alleged offence of evasion of Service Tax amounting to
H 7.57 Crores and H 2.86 Crores for financial year 2014-15 and 2015-16 respectively. Also department has
raised demand of H 2.95 Crores for the F.Y. 2016-17 and 2017-18 (upto June'17), However Company has
not accepted the liability and has submitted its reply to department. Since the Company had earlier
received favourable ruling from CESTAT, it is confident that no additional liability will devolve on it. Further
for the period F.Y. 2011-12 to F.Y. 2013-14, KRCL has received favourable order from CESTAT for demand
of 13.42 Crores. In case of similar companies on same matter department has moved to Hon'ble Supreme
court in this case.
(ii) During the F.Y. 2019-20 Income Tax Department has moved to Hon'ble High Court of Delhi in respect of
Tax demand of H 5.17 Crores for A.Y. 2011-12, Company has already received favourable order from ITAT in
this case. Therefore, liability for this case has not been recorded in the books of Accounts.
(iii) Arbitration proceedings between KRCL and MOR (Respondent) is on going. As against the KRCL's
claim, MoR has also filed counter claims. It is to be stated that as per Section 42A of The Arbitration and
Conciliation Act 1996, Either Arbitral details of proceedings or of Claims ought to be kept confidential by
the parties till the same is concluded. Therefore, KRCL is not in a position to disclose details of Arbitration
proceedings including claims of KRCL/counter claims of MoR in Financial Statements.
(iv) During the previous years, company has received certain bills under protest from contractor pertaining to
phase 1 on which a future liability may arise. Financial impact of the same is not ascertainable at present.
(v) Contingent liability in respect of departmental charges not claimed by RVNL @ 5% of project cost is
estimated at 114.49 Crores.
Capital commitment (Share of RVNL: 49.76%): NIL (Previous Year NIL)
d). Bharuch Dahej Railway Company Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 39.04 44.11
(i) The Company had received a Show Cause Notice (SCN) during financial year 2014-1 5 from tax
authorities in the matter of applicability of service tax on the Company in respect of apportioned
freight received by the Company from Railways. The SCN covered a period of three years from financial
year 2011-12 to financial year 2013-14 and involved service tax of H 16.33 Crores plus interest and
penalties. The Company contested the SCN and submitted its position through are joinder thereon
to the adjudicating authorities, pleading that no service is rendered by BDRCL to Western Railway
that might warrant liability to pay Service Tax. The Company got relief and favorable order from the
Commi ssioner of Service Tax vide her order dated 25 01.2016 and has therefore not provided for
the amount in the aforesaid claim its books for the above period. However, the department has filed
appeal with CESTAT against the order of Commissioner for 25/03/2019 rejected the appeals filed
319

by department. The Department has filed a appeal in Hon'ble Supreme Court against the order of
CESTAT in response to the same the company has submitted a statement in Hon'ble Supreme Court.
The tax authorities issued another SCN to the Company on the same grounds of involving a demand of
H 16.38 Crores plus interest and penalties for the FY 2014-15. The company has duly submitted its reply
to the adjudicating authorities for withdrawal of the claim in the aforesaid SCN on the same grounds as
pleaded in the earlier rejoinder. Since the Company's stand is based on sound principles and immutable
facts, and it had received a favourable ruling from the Commissioner of Service Tax. on the earlier occasion,
it is confident that no additional liability on account of Service Tax will devolve on it. The Company has
not yet received any adjudication order in the matter. Further, the tax authorities issued another SCN to
the Company on the same grounds involving a demand of H 16.15 Crores plus interest and penalties for
FY 2015-16 on 21st March 2018, the company has duly submitted its reply to the adjudicating authorities
for withdrawal of the claim in the aforesaid SCN on the same grounds as pleaded in the earlier rejoinder.
Furthermore, the tax authorities issued another SCN to the Company on the same grounds involving a
demand of H8.99 Crores plus interest and penalties for FY 2016-17 & 2017-18 (Upto Jun-17) on 22th April
2019. The company has duly submitted its reply to the adjudicating authorities for withdrawal of the
claim in the aforesaid SCN on the same grounds as pleaded in the earlier rejoinder.
(ii) The O & M expenditure pertaining to Bharuch-Chavaj section has been provided in financial statement to
the extent information provided by Western Railway and information available with company, remaining
O & M will be provided in the year in which information will be received from Railways.
(iii) Company has terminated some contractual employees, due to misconduct at workplace and unauthorised
absence from office, aggrieved by the decision of the company employees have filed application with
labour court for compensation towards their termination. However, based on the facts of the case,
company expects favourable decision. Financial impact of the same is not ascertainable.
(iv) The Company has acquired land for its project. The compensation paid at the time of acquisition was on
the basis of collector order. Further, some of the person has disputed the compensation and file a case
before the Civil Court. The Civil Court order additional compensation of H 315per sq. meter plus increment
a 12% PA from the 23-11-2010 to date of award plus 30% solatium plus interest @ 9% for one year from
date of possession and thereafter @ 15% pa vide order dated 03-02-2018. The amount of compensation
determined by the Civil Court is H 0.6074 Crores.The estimated liability of the interest that may arise on the
amount of compensation is about H0.7681 Crores upto 31-03-2020. Against the said order, the Company
has filed an appeal in Hon'ble High Court of Gujarat. The Hon'ble High Court of Gujarat has instructed for
deposit of the 50% of the amount of claim of H 0.6074 Crores for admitting the appeal. Accordingly, during
the FY 2019-20 the Company has deposited a sum of H 0.3037 Crores in lieu of the instruction made by
Hon'ble High Court of Gujarat and the appeal has been admitted by the Hon'ble High Court of Gujarat.
Further, it has come to knowledge that the HC has passed further order vide order dated 30.06.2023, it has
been submitted that the remaining 50% amount of the compensation shall be deposited within a period
of four weeks from 30.06.2023. The Court shall disburse the 50% amount to the claimants and remaining
50% amount shall be Invested in a 1 cumulative fixed deposit initially for a period of five years to he renewed
from time to time till fina] disposal of the appeals in the name of claimants. Accordingly, the Company has
provided a cheque an amount of H 30,37,214/- with the High Court of Ahmedabad, for the same.
(v) The Company had received a claim of H 6.96 Crores from Rail Vikas Nigam Limited (RVNL) pertaining to
arbitral award for construction of BDRCL Project under construction agreement for gauge conversion of
Bharuch Samni-Dahej Section. The claim of H5.51 Crores has been accepted and paid by the company.
The remaining amount of H 1.45 Crores has not been accepted by the Company and the necessary facts
in this regard have been intimated to RVNL.Till date there is no details and clarification on the same is
received from RVNL
(i) Capital commitment in respect of S&T Work-project H 4.59 crore (Previous year H 1.87 crore)
320

e). Angul Sukinda Railway Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Assets excluding preliminary expenditure 1,143.85 974.24
Income 94.06 173.04
(i) During the financials year 2022-23, Company had received a show cause notice dated 23.12.2022 from
the Principal Commissioner (Audit) Central GST & Central Excise Bhubaneshwar, regarding the liability
of irregular availment of ITC amounting H209.02 Crores along with the interest under section 50 of the
CGST Act, 2017 and also Penalty under Section 73 of the CGST Act. The Company had appeared before
the Principal Commissioner (Audit) Central GST & Central Excise Bhubaneshwar for adjudication. An order
has issued by the Adjudicating Authority on 30-11-23 against the company. Therefore, the Adjudicating
authority has imposed interest of H 4,09,41,732 and penalty of H 20,90,15,258 under GST Act, 2017. However,
the company has filed appeal against the order on 7th March, 2024.
Capital commitment: (Share of RVNL:34.06%) H 167.11 Crore (Previous Year H 399.74 Cr.).
f). Dighi Roha Rail Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income - -
Contingent liabilities: (Share of RVNL: 50.00%) RVNL has incurred project expenditure of H Nil crore
(Previous year H Nil).
Capital commitment: (Share of RVNL: 50.00%) H 0.42 Crores (previous year: Nil)
g). Kyrgyzindustry-RVNL Closed Joint Stock Company

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 0.02 -
Income - -
h). Chennai MMLP Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Income 1.87 -
Contingent liabilities: (Share of RVNL: 26.00%) Nil

Capital commitment: (Share of RVNL: 26.00%) Nil
321

i). Bengaluru MMPL Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 49.00 -
Income 0.00 -
Expenditure 0.01 -
j). Shimla Bypass Kaithlighat Shakral Private Limited (H in crore)

As at As at
Particulars
31 March 2024 31 March 2023
Income 111.80 1.62
Contingent liabilities: (Share of RVNL: 50.00%) Nil (Previous Year: Nil)
Capital commitment: (Share of RVNL: 50.00%) Nil (Previous Year: Nil)
k). Chatra Expressways Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 0.01 -
Income 0.00 -
Expenditure 0.69 -
Contingent liabilities: (Share of RVNL:49.00%) Nil (Previous Year:Nil)
Capital commitment: (Share of RVNL:49.00%) H 0.01 Crore (Previous Year: Nil)
l). Indore MMPL Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 29.82 -
Income 0.11 -
Expenditure 0.01 -
m). JGPL- RVNL EPC Private Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 0.97 -
Income - -
Expenditure 0.04 -
322

n). Kinet Railway Solutions Limited

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Liabilities 11.44 -
Income 0.01 -
Expenditure 2.89 -
NOTE: 44 Disclosure as per Ind AS 116 'Leases'

1. The table below provides details regarding the contractual maturities of lease liabilities as at 31 March 2024 on an
undiscounted basis:
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Not later than one year 20.85 25.37
Later than one year and not later than five years 29.73 12.60
More than five years 0.05 0.00
Total 50.64 37.97
1. The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as and when they fall due
2. During the year ended 31 March 2024, the Company incurred expenses amounting to H 15.47 crores (Previous
year H 15.27 crores) on account of short-term leases and leases of low-value assets.
3. The company does not have any lease restrictions and commitment towards variable lease rent as
per the contract.
4. Company has no commitments towards Leases yet to be commenced as on 31.03.2024.
5. The company has not sub-leased any of the assets taken on lease.
II. The Company elected to use the recognition exemptions for lease contracts that, at the commencement date, have
a lease term of 12 months or less and do not contain a purchase option ('short- term leases') and lease contracts for
which the underlying asset is of low value ('low-value assets').
Changes in the carrying value of Right to use Assets for the year ended 31 March 2024
(H in crore)
Particulars
Right-of-use assets 328.88 313.39 15.49
Total Right of Use assets 328.88 313.39 15.49
Changes in the carrying value of Lease Liabilities for the year ended 31 March 2024
(H in crore)
Particulars
Non-current maturities of Lease Obligation 27.85 11.15 16.69
Current maturities of Lease Obligation 16.91 22.32 (5.41)
Total lease liabilities 44.75 33.47 11.28
323

The following are amounts recognised in profit or loss:

(H in crore)
Particulars
Depreciation expense of right-of-use assets 24.83 27.72 (2.89)
Interest expense on lease liabilities 4.02 3.10 0.93
The movement in lease liabilities during the year ended March 31, 2024 and March 31, 2023 is as follows :
(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Balance at the beginning 33.47 48.09
Additions 51.18 8.06
Finance cost accrued during the period 4.02 3.10
Deletions (20.09) -
Payment of lease liabilities (23.83) (25.78)
Balance at the end 44.75 33.47
Note 45.
Based on the upto date reconciliation of GST accounts as per financial books with the GST portal and considering the
outcome of GST proceedings for F.Y 2017-18 and F.Y 2018-19, Company has reviewed its likely liability on account of
GST for the pending assessments.
Company has also accepted and accounted for liability of 0.88 crores in the books of accounts for F.Y 2017-18 and
F.Y 2018-19. In cases, where based on the opinion obtained from experts, the company has filed appeal in respect of
adjudication orders passed during the assessment proceedings for F.Y 2017-18 and F.Y 2018-19.
In respect of pending assessments, based on the experts advice company does not foresee further GST liability for the
company for the amount not exceeding H 2.60 crores for the pending assessment years. Accordingly the provision of H
2.60 Crores has been made in the financial accounts for the F.Y 2023-24 in line with the concept of conservatism and
as a prudent measure.
The above amount of provision has been made after considering the accounting of RVNL for GST which has been
strengthened on implementation of auto populated GSTR-2A/2B by the authority. Demand raised by department
which, in the opinion of Management and based on the experts advice is not likely to sustain amounting to H 124.38
Crores has been shown as contingent liability. (Refer Note no 37.3)
Note 46.
In respect of Krishnapatnam Railway Company Limited (KRCL), RVNL is entitled for departmental charges @ 5% of the
total cost of work as per the detailed estimate/revised estimate/completion estimate as provided in paragraph 1137 of
the Code for Engineering Department of Indian Railways. RVNL has received representation from KRCL for waiver of the
aforesaid departmental charges apart from other relaxations from contractual obligations. Based on the representation
made by KRCL, the management of the Company has decided to keep in abeyance the claim of the said departmental
charges pending detailed review of the subject matter by the Board of Directors of the Company.
Note 47. Segment Reporting as per IND AS 108

General Information
Operating segments are defined as components of an enterprise for which discrete financial information is available
which is being evaluated regularly by the Chief Operating Decision Maker (CODM) in deciding how to allocate
resources and assessing performance. Chairman and Managing Director of the company has been identified as CODM.
The company has identified one reportable operating segments as "Development of Rail Infrastructure".
324

Information about reportable segments and reconciliation to amounts reflected in the financial statement:
Income and expenses directly attributable to segments are reported under the respective operating segment. Income
and Expenses which are not directly identifiable have been disclosed as un-allocable expenses or income.

(H in crore)
Segment Results
Finance Cost -503.95 - -503.95
Share of net profit of Joint Ventures accounted for using - - 104.94
equity method

(H in crore)
Segment Results
Depreciation And Amortization Unallocable -22.32
Finance Cost -529.48 - -529.48
Other unallocable Expenditure - -366.97
Share of net profit of Joint Ventures accounted for using 80.11
equity method
A Measure of total assets and Liabilities is not reported since amounts are not regularly provided to CODM.
Information about major customer:

During the year ended March 31, 2024, Operating Revenue of approximately 88.75% (Previous Year 93.29%) derived
from a single external customer in Domestic Segment.
Note: 48. Additional reporting requirement (Schedule III):

(i) The Company does not have any Benami Property and further no proceedings has been initiated or pending
against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any pending charges or satisfaction to be registered with ROC.
325

(iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
(v) The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Act, 1961 (such as
search or survey or any other relevant provisions of the Income Tax Act, 1961).
(vi) The Company has no loans and advances which are either repayable on demand or are without specifying any
terms or period of repayment.
(vii) The Company has not been classified as willful defaulter by the Bank or Financial Institutions
(viii) The Realisable Value of financial assets of the Company is not lower than value disclosed in financial statements
and subject to confirmation.
Note 49. Operating Cycle

Earlier, the operating cycle of the Company was more than 12 months and extends upto 5 to 6 years based on the
time required from initiation of the project to completion of the project. Now the operating cycle of the Company is 12
months after change in procedure order of MoR in respects of transfer of PWIP as per the note no 9.
Note 50. Securities released to State Electricity Board/Public Companies

Securities paid to Electricity Boards/ Public Companies towards provision of High Tension Power Lines for electricity
connections are booked as project expenditure being part of the project cost.
Note 51. The President of India, acting through and represented by the Ministry of Railways, disinvested 5.36% (Offer
Shares) of its holdings through an Offer for Sale (OFS) to retail and non-retail investors on July 26, 2023, and July 27,
2023. The OFS was successful.
Additionally, the Department of Investment and Public Asset Management, via a letter dated August 1, 2023 offered
5,58,785 equity shares of H 10 each to employees, representing approximately 0.5% of the ""Offer Shares,"" i.e., 5.36% of
RVNL. Against the offer, employees exercised an option for 200 shares. The total holding of the Government of India as
of March 31, 2024, is 72.84% (compared to 78.20% in the previous year).
Note 52.
Balances of some of the Trade receivables, Other assets, Trade and Other payables accounts are subject to confirmations/
reconciliations and consequential adjustment, if any. Reconciliations are carried out on on-going basis. Provisions,
wherever considered necessary, have been made. However, management does not expect to have any material financial
impact of such pending confirmations/reconciliations.
Note 53.1 Following Previous year unaudited figures of Subsidiaries has been replaced by
audited figures:
(H in crore)
HSRC Infra Services Limited RVNL-DTCPL JV
Particulars
Audited Difference Audited Unaudited
Unaudited Difference
Balance Sheet
Non Current Assets
(a) Property, Plant and equipment 0.16 0.16 (0.00) - - -
(b) Right of Use Assets - - - - - -
(c) Other Intangible assets 0.00 0.00 - - - -
(d) Intangible assets - - - - - -
under development
(e) Financial Assets - - - - - -
(f) Deferred Tax Assets(Net) 0.11 0.03 0.08 - - -
(g) Other non-current assets - - - - - -
326

(H in crore)
Particulars
Audited Difference Audited Unaudited
Unaudited Difference
Current assets
(a) Financial Assets 51.15 50.87 0.28 20.78 20.78 -
(b) Current Tax Assets (Net) 0.46 0.57 (0.11) - - -
(c) Other current assets 0.03 0.03 - 0.04 0.04 -
Equity
(a) Equity Share Capital 45.00 45.00 - (0.00) (0.00) -
(b) Other Equity 5.02 5.33 (0.31) -
Non Current Liabilities
(a) Financial Liabilities - - - - - -
(b) Provisions 0.13 0.14 (0.00) - - -
(c) Deferred Tax Liabilities (Net) - - - - - -
(d) Other Non-Current Liabilities - - - - - -
Current Liabilities
(a) Financial Liabilities 1.14 1.10 0.04 20.82 20.82 -
(b) Other current liabilities 0.32 0.11 0.21 - - -
(c) Short Term Provisions 0.32 0.00 0.32 - - -
(d) Current tax Liabilities (Net) - - - - - -
Statement of Profit & Loss
Revenue from Operation 16.57 16.74 (0.17) 16.83 16.83 -
Other Income 2.18 2.20 (0.03) - - -
Operating and Other Expenses 9.04 9.16 (0.13) 16.83 16.83 -
Employee benefits expenses 3.81 3.52 0.30 - - -
Finance Cost - - - - - -
Depreciation and 0.05 0.05 0.00 - - -
amortisation expenses
Other Expenses 1.42 1.41 0.01 0.00 0.00 -
Profit from continuing operations 3.30 3.61 (0.30) (0.00) (0.00) -
Profit for the year 3.30 3.61 (0.30) (0.00) (0.00) -
Other comprehensive income 0.00 0.01 (0.01) - - -
327
328
Note 53.2 Following Previous year unaudited figures of Joint Ventures has been replaced by audited figures:
Restatement of JV`s
(H in crore)
Haridaspur Paradip Railway Bharuch Dahej Railway
Particulars Company Limited Company Limited
Audited Unaudited Difference Audited Unaudited Difference Audited Unaudited Difference

Balance Sheet
Non Current Assets
(a) Property, Plant and equipment 0.54 0.53 0.01 0.29 0.29 0.00 0.29 0.29 (0.00)
(b) Right of Use Assets 3.52 3.52 (0.00) 0.38 0.38 - - - -
(c) Other Intangible assets 3,530.55 1,336.11 2,194.44 2,398.86 2,394.24 4.62 259.35 259.35 -
(d) Intangible assets under development 176.46 2,458.43 (2,281.97) - - - 0.70 0.70 -
(e) Financial Assets 28.35 27.98 0.37 12.70 12.70 - 0.73 0.73 -
(f) Deferred Tax Assets(Net) 147.59 95.14 52.45 - - - - - -
(g) Other non-current assets 108.41 108.41 (0.00) 47.53 4.13 43.40 0.30 0.30 -
- -
Current assets - -
(a) Financial Assets 69.83 128.29 (58.46) 184.05 167.90 16.15 91.02 96.46 (5.44)
(b) Current Tax Assets (Net) 8.08 - 8.08 2.10 2.10 0.00 0.47 0.10 0.37
(c) Other current assets 1.23 5.29 (4.06) 2.71 50.63 (47.92) 2.00 0.72 1.27
Equity - - -
(a) Equity Share Capital 250.00 250.00 - 1,300.00 1,300.00 - 155.11 155.11 -
(b) Other Equity 1,874.14 2,050.85 (176.71) 90.87 80.50 10.37 95.29 102.90 (7.61)
- -
Non Current Liabilities - -
(a) Financial Liabilities 1,158.24 1,158.02 0.22 1,200.20 1,200.20 - 40.05 27.22 12.83
(b) Provisions 1.79 1.23 0.56 0.49 0.46 0.03 0.66 0.28 0.39
(c) Deferred Tax Liabilities (Net) - - - 44.01 38.21 5.80 40.95 42.40 (1.45)
(d) Other Non-Current Liabilities 205.55 205.55 - - - - 8.00 12.69 (4.69)
- -
Current Liabilities - -
(a) Financial Liabilities 553.79 435.89 117.91 11.27 11.27 - 13.66 15.25 (1.58)
(b) Other current liabilities 27.56 20.90 6.66 1.64 1.64 - 1.11 2.03 (0.91)
(c) Short Term Provisions 3.48 6.50 (3.01) 0.13 0.10 0.03 0.02 0.01 0.02
(d) Current tax Liabilities (Net) - 34.77 (34.77) - - - - 0.78 (0.78)
Restatement of JV`s
(H in crore)
Haridaspur Paradip Railway Bharuch Dahej Railway
Corporate Overview
Particulars Company Limited Company Limited

Revenue from Operation 1,927.38 1,857.16 70.23 422.00 404.96 17.04 123.12 123.35 (0.23)
Other Income 26.31 21.83 4.48 8.10 8.10 - 1.28 2.57 (1.29)
Operating and Other Expenses 1,598.68 1,424.56 174.12 188.29 187.39 0.90 44.46 42.30 2.16
Employee benefits expenses 4.81 4.59 0.21 1.50 1.42 0.08 1.78 1.22 0.56
Statutory R
Finance Cost 31.38 21.65 9.74 84.21 84.21 - 5.26 4.66 0.59
Depreciation and amortisation expenses 198.07 81.33 116.74 85.79 85.79 - 13.54 13.54 -
eports
Other Expenses 6.05 5.18 0.87 1.93 2.04 (0.10) 6.81 1.62 5.18
Profit from continuing operations 73.82 232.61 (158.79) 48.19 37.82 10.37 39.27 46.89 (7.62)
Profit for the year 73.82 232.61 (158.79) 48.19 37.82 10.37 39.27 46.89 (7.62)
Other comprehensive income (0.01) (0.01) - 0.01 0.00 0.01 0.01 - 0.01
329
Rail Vikas Nigam Ltd
330
Restatement of JV`s
(H in crore)
Krishnapatnam Railway Angul Sukinda Bengaluru MMLP
Particulars Company Limited Railway Limited Private Limited

Balance Sheet
Non Current Assets
(a) Property, Plant and equipment 2.10 2.11 -0.01 0.24 0.24 0.00 - - -
(b) Right of Use Assets - - - 0.46 0.46 - - - -
(c) Other Intangible assets 2,443.72 2,442.64 1.08 0.00 0.00 - - - -
(d) Intangible assets under development - - - 2,748.89 2,748.83 0.06 - - -
(e) Financial Assets 21.31 21.31 - 21.82 21.82 - - - -
(f) Deferred Tax Assets(Net) 60.51 61.97 -1.46 - - - - - -
(g) Other non-current assets - - - 34.91 34.90 0.01 - - -
Current assets
(a) Financial Assets 294.95 294.39 0.56 158.20 158.20 - 0.05 0.05 -
(b) Current Tax Assets (Net) 5.40 4.99 0.41 0.19 0.18 0.01 - - -
(c) Other current assets 1.55 1.51 0.03 0.03 0.03 0.00 - - -
Equity
(a) Equity Share Capital 625.00 625.00 - 798.97 798.97 - 0.05 0.05 -
(b) Other Equity -164.39 -165.39 1.01 121.74 83.84 37.89 - - -
Non Current Liabilities -
(a) Financial Liabilities 776.92 777.05 -0.13 2,039.73 2,039.73 - - - -
(b) Provisions - 0.69 0.65 0.04 - - -
(c) Deferred Tax Liabilities (Net) - - - - - - -
(d) Other Non-Current Liabilities 0.16 0.16 - - - - - - -
Current Liabilities -
(a) Financial Liabilities 1,538.82 1,539.08 -0.26 2.99 2.99 -0.00 - - -
(b) Other current liabilities 3.03 3.03 - 0.06 37.96 -37.90 - - -
(c) Short Term Provisions 50.00 50.00 - 0.57 0.53 0.04 - - -
(d) Current tax Liabilities (Net) - - - - - - -
Restatement of JV`s
(H in crore)
Krishnapatnam Railway Angul Sukinda Bengaluru MMLP
Corporate Overview
Particulars Company Limited Railway Limited Private Limited

Revenue from Operation 450.64 449.01 1.63 525.02 524.96 0.06 - - -
Other Income 9.92 9.47 0.45 1.57 1.57 - - - -
Operating and Other Expenses 73.28 73.66 -0.38 524.95 524.89 0.06 - - -
Statutory R
Employee benefits expenses 2.15 2.12 0.03 0.49 0.47 0.02 - - -

Finance Cost 242.35 242.35 - 0.04 0.04 - - - -
Depreciation and amortisation expenses 95.87 95.84 0.02 0.25 0.25 - - - -
eports
Other Expenses 6.57 6.62 -0.05 0.34 0.34 - - - -

Profit from continuing operations 29.53 28.52 1.01 0.44 0.44 -0.01 - - -
Profit for the year 29.53 28.52 1.01 0.44 0.44 -0.01 - - -
Other comprehensive income - - - 0.03 0.03 - - - -
331
332
Restatement of JV`s
(H in crore)
Shimla Bypass Kaithlighat Shakral Kyrgyzindustry-RVNL Closed Joint Chennai MMLP
Particulars Private Limited Stock Company Private Limited

Balance Sheet
Non Current Assets
(a) Property, Plant and equipment - - - - - - - -
(b) Contract Assets 3.23 3.23 - - - - - - -
(c) Other Intangible assets - - - - - - - - -
(d) Intangible assets under development - - - - - - - - -
(e) Financial Assets - - - - - - - - -
(f) Deferred Tax Assets(Net) - - - - - - - - -
(g) Other non-current assets 2.61 2.61 - - - - - - -
Current assets
(a) Financial Assets 0.14 0.14 - 0.856 0.856 - - - -
(b) Current Tax Assets (Net) - - - - - - - - -
(c) Other current assets 19.24 19.24 - - - - 50.03 50.03 -
Equity - -
(a) Equity Share Capital 25.10 25.10 - 0.05 0.05 -
(b) Other Equity (0.03) (0.03) - - - - (0.02) (0.02) -
Non Current Liabilities
(a) Financial Liabilities - - - - - - - - -
(b) Provisions - - - - - - - - -
(c) Deferred Tax Liabilities (Net) - - - - - - - - -
(d) Other Non-Current Liabilities - - - - - - - - -
Current Liabilities
(a) Financial Liabilities 0.03 0.03 - 0.00 0.00 - - - -
(b) Other current liabilities 0.00 0.00 - - - - 50.00 50.00 -
(c) Short Term Provisions - - - - - - - - -
(d) Current tax Liabilities (Net) 0.12 0.12 - - - - - - -
Restatement of JV`s
(H in crore)
Shimla Bypass Kaithlighat Shakral Kyrgyzindustry-RVNL Closed Joint Chennai MMLP
Corporate Overview
Particulars Private Limited Stock Company Private Limited

Revenue from Operation 3.23 3.23 - - - - - - -
Other Income 0.01 0.01 - - - - - - -
Operating and Other Expenses - - - 0.00 0.00 - - - -
Statutory R
Employee benefits expenses - - - - - - - - -

Finance Cost 0.00 0.00 - - - - - - -
Depreciation and amortisation expenses - - - - - - - - -
eports
Other Expenses 3.15 3.15 - - - - 0.02 0.02 -

Profit from continuing operations (0.03) (0.03) - - - - (0.02) (0.02) -
Profit for the year (0.03) (0.03) - - - - (0.02) (0.02) -
Other comprehensive income - - - - - - - - -
333

Note 54:- Statement containing salient feature of Financial Statements of Subsidiaries, Joint
ventures and Associates as at 31 March 2024
Part "A": Subsidiaries [Statement pursuant to first proviso to sub-section 3 of section 129 of the Companies
Act, 2013]
Masakani Paradeep Road

Vikas Limited
Masakani Masakani
Name of the HSRC Infra HSRC Infra
S. RVNL- RVNL- Paradeep Paradeep
Subsidiary Company Services Services
No. DTCPL JV DTCPL JV Road Vikas Road Vikas
Limited Limited
(Unaudited) (Audited) Limited Limited
(Unaudited) (Audited)
(Unaudited) (Audited)
Financial Period ending on 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
1 Date of Acquisition of Control 13 August 13 August 18 August 18 August 28 August 28 August
2012 2012 2022 2022 2023 2023
2 Principal Place of business India India India India India India
3 Reporting period for the NA NA NA NA NA NA
subsidiary concerned, if
different from the holding
company's reporting period.
4 Reporting Currency and NA NA NA NA NA NA
Exchange rate as on the last
date of the relevant Financial
year in the case of
foreign subsidiaries.
5 Share Capital 45.00 45.00 0.65 0.00 27.65 -
6 Reserves & surplus 12.55 5.02 - - -1.13 -
7 Total assets 59.69 51.93 80.63 20.82 26.54 -
8 Total Liabilities 2.14 1.92 79.99 20.82 0.017621 -
9 Investments - - - - - -
10 Turnover 33.60 16.57 240.93 16.83 - -
11 Profit before taxation 10.22 4.43 0.95 0.00 -1.1316961 -
12 Provision for taxation 2.57 1.23 0.30 - - -
13 Profit after taxation 7.54 3.30 0.65 0.00 -1.1316961 -
14 Proposed Dividend - - - - - -
15 % of shareholding 100% 100% 74% 74 100% -

S. Name of the Subsidiary Company RVNL Infra South RVNL Infra South
No. Africa (Audited) Africa (Unaudited)
Financial Period ending on 31-Mar-24 31-Mar-23
1 Date of Acquisition of Control 15 January 2024 15 January 2024
2 Principal Place of business India India
3 Reporting period for the subsidiary concerned, if different from the holding NA NA
company's reporting period.
4 Reporting Currency and Exchange rate as on the last date of the relevant NA NA
Financial year in the case of foreign subsidiaries.
5 Share Capital - -
6 Reserves & surplus - -
7 Total assets - -
8 Total Liabilities - -
9 Investments - -
10 Turnover - -
11 Profit before taxation - -
12 Provision for taxation - -
13 Profit after taxation - -
14 Proposed Dividend - -
15 % of shareholding - -
334

Part “B”: Associates and Joint Ventures [Statement pursuant to first proviso to sub-section 3 of section 129
of the Companies Act, 2013]
Haridaspur Bharuch Angul

Krishnapatnam
Kutch Railway Paradip Dahej Sukinda Dighi
S. Name of Joint Railways
Company Railways Railways Railways Roha rail
No. Venture / Associate Company
Limited Company Company Company Limited
Limited
1 Latest Unaudited Balance 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-
Sheet Date 24 24 24 24 24 24
Shares of Joint Ventures
held by the company on
the year end
Number of shares held 12,50,00,000 39,00,00,000 31,10,00,000 5,50,00,000 26,26,50,000 50,000
(in numbers)
2
Amount of Investment in 410.50 390.00 311.00 55.00 319.19 0.05
Joint Venture
Total No of Shares 25,00,00,000 1,30,00,00,000 62,50,00,000 15,51,10,000 79,89,70,000 1,00,000
(in numbers)
Extent of Holding/Control 50.00% 30.00% 49.76% 35.46% 32.86% 50.00%
3 Description of how there is Joint Joint Joint Joint Joint Venture Joint
significant influence Venture Venture Venture Venture Venture
4 Reason why the joint NA NA NA NA NA NA
venture/ associate is
not consolidated
5 Net worth attributable to 2,567.32 1,441.92 600.76 285.07 1,021.33 (1.60)
shareholding as per latest
Unaudited balance
sheet (In crore)
Profit/(loss) for the year
(In crore)
(i) Considered in 15.80 51.05 140.14 34.67 0.47 -0.03
6
consolidation
(ii) Not considered in - - - - - -
consolidation
Shimla Bypass
Kyrgyzindustry- Indore
Bengaluru Chennai Kaithlighat Kinet Railway
S. Name of Joint RVNL Closed MMLP
MMLP Private MMLP Private Shakral Solutions
No. Venture / Associate Joint Stock Private
Limited Limited Private Limited
Company Limited
Limited
1 Latest Unaudited Balance 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-
Sheet Date 24
Shares of Joint Ventures
held by the company on
the year end
Number of shares held 42,000 8,165 13,000 1,25,50,000 N.A N.A
(in numbers)
2
Amount of Investment in 0.42 0.01 0.01 55.05 10.44 0.01
Joint Venture
Total No of Shares 84,000 50,000 50,000 2,51,00,000 N.A N.A
(in numbers)
Extent of Holding/Control 50.00% 16.33% 26.00% 50.00% 25.00% 22.02%
335

Shimla Bypass
Kyrgyzindustry- Indore
Bengaluru Chennai Kaithlighat Kinet Railway
S. Name of Joint RVNL Closed MMLP
MMLP Private MMLP Private Shakral Solutions
No. Venture / Associate Joint Stock Private
Limited Limited Private Limited
Company Limited
Limited
3 Description of how there is Joint Venture Joint Venture Joint Venture Joint Venture Refer Note 1 Joint
significant influence (Below) Venture
4 Reason why the joint NA NA NA NA NA NA
venture is not consolidated
5 Net worth attributable to 0.86 0.03 6.26 113.08 -0.00 -0.00
shareholding as per latest
Unaudited balance
sheet (In crore)
Profit/(loss) for the year
(In crore)
(i) Considered in -0.21 -0.02 6.23 3.01 -11.53 0.44
6
consolidation
(ii) Not considered - - - - - -
in consolidation
Chatra
S. JGPL- RVNL EPC
Name of Joint Venture Expressways
No. Private Limited
Private Limited
1 Latest Unaudited Balance Sheet Date 31-Mar-24 31-Mar-24
2 Shares of Joint Ventures held by the company on the year end
Number of shares held (in numbers) - -
Amount of Investment in Joint Venture 0.00 0.00
Total No of Shares (in numbers) - -
Extent of Holding/Control 0.49% 49.00%
3 Description of how there is significant influence Joint Venture Joint Venture
4 Reason why the joint venture is not consolidated NA NA
Net worth attributable to shareholding as per latest Unaudited balance sheet - -
5
(In crore)
Profit/(loss) for the year ( In crore)
6 (i) Considered in consolidation -1.40 -0.07
(ii) Not considered in consolidation - -
Note 1: Significant influence is demonstrated by holding 20% or more of the voting power of the investee.
336
Note 55:-Additional information pursuant to Schedule III to the Companies Act, 2013
For the year ended 31 March 2024
Corporate Overview
Net Assets, i.e., total assets Share in other Share in total

Share in profit or (loss)
minus total liabilities comprehensive income comprehensive income
As % of As % of
Name of the entity As % of As % of
Amount Amount consolidated other Amount consolidated total Amount
consolidated consolidated
(crore) (crore) comprehensive (crore) comprehensive (crore)
net assets profit or loss
income income
Parent Company
Statutory R
Rail Vikas Nigam Limited 72.61% 6,350.69 93.48% 1,471.79 93.71% 0.22 93.48% 1,472.01
Subsidiaries
1. HSRC Infra Services Limited 0.58% 50.33 0.23% 3.61 4.24% 0.01 0.23% 3.62
eports
2. RVNL DTCPL JV 0.01% 0.48 0.03% 0.48 0.00% - 0.03% 0.48

3. Masakani Paradeep Road Vikas Limited 0.30% 26.52 -0.07% (1.14) 0.00% - -0.07% (1.14)
4. Non-Controlling Interests in the Subsidiary 0.00% 0.17 0.01% 0.17 - - 0.01% 0.17
Total Subsidiaries 77.50 3.12 0.01 3.13
Net Amount of Subsidiaries
Joint Ventures
1. Kutch Railway Company Limited 13.31% 1,164.28 0.50% 7.90 0.00% - 0.50% 7.90
2. Haridaspur paradip Railway 4.94% 431.76 0.97% 15.31 1.16% 0.00 0.97% 15.31
Company Limited
3. Krishnapatnam Railway Company Limited 3.34% 292.38 4.43% 69.73 0.00% - 4.43% 69.73
4. Bharuch Dahej Railways Company Limited 1.13% 98.43 0.78% 12.30 0.00% - 0.78% 12.30
5. Angul sukinda Railway Limited 3.90% 341.38 0.01% 0.16 0.90% 0.00 0.01% 0.16
6. Dighi roha rail Limited 0.00% - 0.00% (0.02) 0.00% - 0.00% (0.02)
7. Share Capital Kyrgz 0.00% 0.31 -0.01% (0.11) 0.00% - -0.01% (0.11)
8. Bengaluru MMLP Private Limited 0.00% 0.01 0.00% (0.00) 0.00% - 0.00% (0.00)
9. Chennai MMLP Private Limited 0.02% 1.63 0.10% 1.62 0.00% - 0.10% 1.62
10. Shimla Bypass Kaithlighat Shakral 0.65% 56.54 0.10% 1.51 0.00% - 0.10% 1.51
Private Limited
11. Chatra Expressways Private Limited 0.01% 0.79 -0.04% (0.69) 0.00% - -0.04% (0.69)
12. Indore MMLP Private Limited 0.00% 0.11 0.01% 0.10 0.00% - 0.01% 0.10
13. JGPL- RVNL EPC Private Limited 0.00% - 0.00% (0.04) 0.00% - 0.00% (0.04)
2,387.61 107.77 0.00 107.78
Associates
1. Kinet Railway Solutions Limited 0.09% 7.56 -0.18% (2.88) 0.00% - -0.18% (2.88)
Total Associates 7.56 (2.88) - (2.88)
Inter Company Elimination & Consolidation -0.89% (77.50) -0.34% (5.33) 0.00% - -0.34% (5.33)
Adjustments
Net Total 100.00% 8,745.85 100.00% 1,574.47 100.00% 0.24 100.00% 1,574.71
337

Note 56:-Disclosure in respect of subsidiary that has non-controlling interests:

Non-controlling interest
(a) Percentage of voting power/ Ownership interest held by Group and NCI:
Unless otherwise stated, the proportion of ownweship interest held in RVNL-DTCPL JV is equals the voting right
held by the group.
% voting power/ ownership % voting power/ ownership

interest held by the group interest held by the NCI
Name of Company
As at As at As at As at
RVNL- DTCPL JV 74% 74% 26% 26%
(b) The following table summarises the information relating to the subsidiary that has NCI. The amounts disclosed
are before intra group eliminations
Summarised balance sheet
(H in crore)
RVNL-DTCPL JV
Particulars As at As at
31 March 2024 31 March 2023
Current assets
Cash and cash equivalents 19.09 -
Other current assets 56.93 20.78
Total current assets 76.02 20.78
Total non-current assets 4.60 -
Current liabilities
Financial liabilities (excluding trade and other payables and provisions) 20.00 -
Other liabilities (including trade and other payables and Provisions) 55.95 20.82
Total current liabilities 75.95 20.82
Non-current liabilities
Financial liabilities (excluding trade and other payables and provisions) - -
Other liabilities (including trade and other payables and provisions) 4.04 -
Total non-current liabilities 4.04 0.00
Net assets 0.63 -0.04
Net assets attributable to non controlling interest 0.16 -0.01
Summarised Statement of Profit and Loss

(H in crore)
DTCPL
Particulars
2023-24 2022-23
Revenue 241 16.83
Interest Income - -
Depreciation and amortisation - -
Interest expense - -
Income tax expenses 0.30 -
Profit from continuing operations 0.65 -
Profit for the year 0.65 -
Other comprehensive income - -
Total comprehensive income 0.65 -
Profit/(Loss) allocated to NCI 0.17 -
OCI allocated to NCI - -
Summarised Cash Flow Statement

(H in crore)
For the period For the period
Particulars ended on ended on
31st March 2024 31st March 2023
Net cash generated from/ (used in) operating activities -0.91 -
Net cash flows from investing activity - -
Net cash used in financing activity 20.00 -
Net increase/ (decrease) in cash and cash equivalents 19.09 -
338
Note 57 :- Disclosure pursuant to Indian Account Standard (IND AS-112): Disclosure of interest in Other Entities:- Joint Ventures/ Associate
(a) Summarized Balance Sheet for material joint venture(s)/ associate
Corporate Overview
Haridaspur Paradip Krishnapatnam Bharuch Dahej

Kutch Railway Angul Sukinda Dighi Roha
Railway Railway Railway
Company Limited Railway Limited Rail Limited
Company Limited Company Limited Company Limited
Particulars
As at As at As at As at As at As at As at As at As at As at As at As at
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Current assets
Statutory R
Cash and cash equivalents 21.33 7.21 60.46 42.21 0.00 85.01 22.51 23.12 88.49 147.70 0.83 0.00
Other current assets 344.58 71.92 179.00 146.66 391.47 216.89 95.72 70.36 61.58 10.72 - -
eports
Total current assets 365.91 79.13 239.46 188.86 391.47 301.89 118.23 93.49 150.07 158.42 0.83 0.00
Total non-current assets 4015.23 3,995.42 2399.27 2,459.75 2441.57 2,527.65 248.35 261.38 3208.26 2,806.32 0.02 0.02
Current liabilities
Financial liabilities (excluding trade 259.26 465.52 0.39 11.27 1,603.84 1,526.17 2.34 1.71 0.35 2.99 2.44 1.52
and other payables and provisions)
Other liabilities (including trade and 53.08 119.32 0.47 1.77 61.16 65.68 8.58 13.10 0.74 0.63 0.00 0.06
other payables and Provisions)
Total current liabilities 312.35 584.84 0.85 13.03 1664.99 1591.85 10.92 14.80 1.09 3.62 2.44 1.58
Financial liabilities (excluding trade 1,090.79 927.95 1,132.03 1,200.20 567.29 776.67 48.79 64.85 2,334.74 2,039.73 - -
Other liabilities (including trade and 410.68 437.64 63.93 44.50 - 0.41 21.80 24.80 1.17 0.69 - -
other payables and provisions)

Total non-current liabilities 1501.47 1365.58 1195.96 1244.71 567.29 777.08 70.59 89.66 2335.91 2040.42 0.00 0.00
Net assets 2567.32 2,124.14 1441.92 1,390.87 600.76 460.61 285.07 250.40 1021.33 920.71 -1.60 -1.56
339
340
Kyrgyzindustry- Shimla Bypass

Bengaluru MMLP Chennai MMLP Kinet Railway Chatra Expressways
RVNL Closed Joint Kaithlighat Shakral
Private Limited Private Limited Solutions Limited Private Limited
Stock Company Private Limited
Particulars
As at As at As at As at As at As at As at As at As at As at As at As at
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Current assets
Cash and cash equivalents 0.44 0.44 30.04 0.05 199.20 50.04 14.65 0.14 93.20 - 1.42 0.00
Other current assets 0.42 0.42 0.01 - 3.04 - 16.32 0.92 12.15 - 0.21 -
Total current assets 0.86 0.86 30.05 0.05 202.23 50.04 30.97 1.06 105.35 0.00 1.63 0.00
Total non-current assets - - 270.06 - 82.49 - 133.58 24.15 53.12 - 0.00 -
Current liabilities - - - - - - -
Financial liabilities (excluding trade - - 300.06 - 277.08 50.00 0.52 0.00 - - -
Other liabilities (including trade and - 0.00 0.02 - 1.38 0.01 35.38 0.15 45.75 - 0.02 -
other payables and Provisions)
Total current liabilities 0.00 0.00 300.08 - 278.46 50.00 35.90 0.15 45.75 - 0.02 0.00
Non-current liabilities - - - - - - - - -
Financial liabilities (excluding trade - - - - - - 13.96 - - - - -
Other liabilities (including trade and - - - - - - 1.62 - - - - -
Total non-current liabilities 0.00 - 0.00 - 0.00 - 15.57 0.00 0.00 0.00 0.00 0.00
Net assets 0.86 0.86 0.03 0.05 6.26 0.03 113.08 25.07 112.73 0.00 1.61 0.00

Indore MMLP Private Limited JGPL- RVNL EPC Private Limited

Particulars As at As at As at As at
Current assets
Cash and cash equivalents 50.42 - 0.01 -
Other current assets 0.10 - 1.67 -
Total current assets 50.52 - 1.68 -
Total non-current assets 85.45 - 0.24 -
Current liabilities - -
Financial liabilities (excluding trade and - - - -
Other liabilities (including trade and other 135.48 0.00 1.98 -
payables and Provisions)
Total current liabilities 135.48 0.00 1.98 -
Financial liabilities (excluding trade and - - - -
Other liabilities (including trade and other - - - -
payables and provisions)
Total non-current liabilities 0.00 - 0.00 -
Net assets 0.49 (0.00) -0.06 -
(b) Summarised Statement of Profit and Loss of material Joint Ventures/Associate:
Kutch Railway Haridaspur Paradip Krishnapatnam Railway

Particulars Company Limited Railway Company Limited Company Limited
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Revenue 1,450.85 1927.38 441.63 422.00 616.00 450.64
Interest Income 12.84 6.41 9.45 6.95 17.22 7.37
Depreciation and amortisation 257.61 198.07 89.00 85.79 96.32 95.87
Interest expense 123.53 31.38 105.03 84.21 279.66 242.35
Income tax expenses 3.81 43.11 19.13 20.19 25.34 10.81
Profit from 15.80 73.82 51.04 48.19 140.14 29.53
Profit for the year 15.80 73.82 51.04 48.19 140.14 29.53
Other comprehensive income - -0.01 0.01 0.01 - 0.00
Total comprehensive income 15.80 73.80 51.05 48.20 140.14 29.53
Bharuch Dahej Railway Angul Sukinda Dighi Roha Rail

Particulars Company Limited Railway Limited Limited (Unaudited)
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Revenue 108.95 123.12 274.47 525.02 - -
Interest Income - 1.02 - - - -
Depreciation and amortisation 13.74 13.54 0.27 0.25 - -
Interest expense 13.93 5.26 0.04 0.04 - -
Income tax expenses 11.85 13.28 0.09 0.08 - -
Profit from 34.67 39.27 0.46 0.44 (0.03) (0.70)
Profit for the year 34.67 39.27 0.46 0.44 (0.03) (0.70)
Other comprehensive income - 0.01 0.01 0.03 - -
Total comprehensive income 34.67 39.28 0.47 0.47 (0.03) (0.70)
341

Kyrgyzindustry-RVNL
Bengaluru MMLP Chennai MMLP
Closed Joint
Particulars Private Limited Private Limited
Stock Company
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Revenue - - 0.01 - 7.17 -
Interest Income - - - - - -
Depreciation and amortisation - - - - - -
Interest expense - - - - - -
Income tax expenses - - - - - -
Profit from (0.21) - (0.02) - 6.23 -
Profit for the year (0.21) - (0.02) - 6.23 -
Other comprehensive income - - - - - -
Total comprehensive income -0.21 - -0.02 - 6.23 -
Shimla Bypass
Kinet Railway Chatra Expressways
Kaithlighat Shakral
Particulars Solutions Limited Private Limited
Private Limited
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Revenue 223.50 3.23 - - - -
Interest Income 0.11 0.01 - - 0.01 -
Depreciation and amortisation - - - - - -
Interest expense 0.45 0.00 - - 0.84 -
Income tax expenses 2.68 0.12 - - - -
Profit from 3.01 -0.03 -11.53 - (1.40) -
Profit for the year 3.01 -0.03 -11.53 - (1.40) -
Other comprehensive income - - - - - -
Total comprehensive income 3.01 (0.03) (11.53) - (1.40) -
Indore MMLP JGPL- RVNL EPC

Particulars Private Limited Private Limited
2023-24 2022-23 2023-24 2022-23
Revenue 0.48 - - -
Interest Income - - - -
Depreciation and amortisation - - - -
Interest expense - - - -
Income tax expenses - - - -
Profit from continuing operations 0.44 - (0.07) -
Profit for the year 0.44 - (0.07) -
Other comprehensive income - - - -
Total comprehensive income 0.44 - (0.07) -
342

(c) Reconciliation of carrying amounts of material joint ventures:
Kutch Railway Haridaspur Paradip Krishnapatnam Railway

Company Limited Railway Company Limited Company Limited
Particulars As at As at As at As at As at As at
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Opening net assets 2,124.14 1,907.58 1,390.87 1,358.27 460.61 431.08
Profit for the period 15.80 73.82 51.04 48.19 140.14 29.53
Increase in Paid-up - 142.75 - - - -
Share Capital
Other Comprehensive Income - (0.01) 0.01 0.01 - -
Dividends paid - - (15.60) - -
Other Adjustment - - - - - -
Closing net assets 2,139.94 2,124.14 1,441.92 1,390.87 600.76 460.61
Group's share in % 50% 50% 30.00% 30.00% 49.76% 49.76%
Group's share 1,069.97 1,062.07 432.58 417.29 298.94 229.20
Other Adjustments 94.32 (191.18) (0.81) (0.84) (6.56) (6.56)
Carrying amount 1,164.28 870.88 431.76 416.45 292.38 222.64
Bharuch Dahej Railway Angul Sukinda Dighi Roha

Company Limited Railway Limited Rail Limited
Particulars As at As at As at As at As at As at
2024 2023 2024 2023 2024 2023
Opening net assets 250.40 214.22 920.71 867.07 (1.56) (0.86)
Profit for the year 34.67 39.27 0.46 0.44 (0.03) (0.70)
Increase in Paid-up - - 100.17 53.17 - -
Share Capital
Net profit for the year - - - - -
not considered for equity
accounting of joint venture #
Other Comprehensive Income - 0.01 0.01 0.03 - -
Dividends paid -3.10 - - - -
Closing net assets 285.07 250.40 1,021.35 920.71 (1.60) (1.56)
Group's share in % 35.46% 35.46% 34.06% 32.16% 50.00% 50.00%
Group's share 101.09 88.79 347.87 296.06 (0.80) (0.78)
Other adjustments (2.66) (2.66) (6.49) (11.37) 0.80 0.43
Carrying amount 98.43 86.13 341.38 284.68 - -
Kyrgyzindustry-RVNL
Closed Joint
Private Limited Private Limited
Stock Company
Particulars
As at As at As at As at As at As at
2024 2023 2024 2023 2024 2023
Opening net assets 0.81 0.05 0.03
Profit for the year -0.21 (0.02) 6.23 (0.02)
Increase in Paid-up - 0.79 - 0.05 - 0.05
Share Capital
343

Kyrgyzindustry-RVNL
Closed Joint
Stock Company
Particulars
2024 2023 2024 2023 2024 2023
Net profit for the year - - - - -
Other Comprehensive Income - - - - - -
Dividends paid - - - - - -
Equity component of other - - - - -
financial instruments
Other Adjustment - 0.02 - - - -
Closing net assets 0.60 0.81 0.03 0.05 6.23 0.03
Group's share in % 50.00% 50.00% 16.33% 16.33% 26.00% 26.00%
Group's share 0.30 0.41 0.01 0.01 1.62 0.01
Other adjustments 0.01 1.74 (0.00) 0.22 0.01 (0.00)
Carrying amount 0.31 0.42 0.01 0.01 1.63 0.01
Shimla Bypass
Kinet Railway Chatra Expressways
Kaithlighat Shakral
Solutions Limited Private Limited
Private Limited
Particulars
2024 2023 2024 2023 2024 2023
Opening net assets 25.07 - 0.04 - - -
Profit for the year 3.01 -0.03 (11.53) (1.40) -
Increase in Paid-up 85.00 25.10 124.26 0.04 3.01 -
Share Capital
Net profit for the year - - - - - -
Other Comprehensive Income - - - - - -
Dividends paid - - - - - -
Equity component of other - - - - - -
financial instruments
Closing net assets 113.08 25.07 112.77 0.04 1.61 -
Group's share in % 50.00% 50.00% 25.00% - 49.00% -
Group's share 56.54 12.53 28.19 - 0.79 -
Other adjustments - 38.10 141.21 - - -
Carrying amount 56.54 12.53 7.56 - 0.79 -
344

Indore MMLP JGPL- RVNL EPC

Particulars As at As at As at As at
31 March 31 March 31 March 31 March
2024 2023 2024 2023
Opening net assets - - - -
Profit for the year 0.44 - (0.07) (0.00)
Increase in Paid-up Share Capital 0.05 - 0.01 -
Net profit for the year not considered for equity - - - -
Other Comprehensive Income - - - -
Dividends paid - - - -
Equity component of other financial instruments - - - -
Other Adjustment - - - -
Closing net assets 0.49 - (0.06) -
Group's share in % 22.01% - 49.00% -
Group's share 0.22 - (0.03) -
Other adjustments (0.11) - 0.03 -
Carrying amount 0.11 - - -
The financial statements of the joint venture for the year ended 31 March, 2024 are unaudited and the above
disclosures have been extracted from management certified accounts
(d) Carrying amount of investments in joint ventures/associates:

(H in crore)
As at As at
Particulars
31 March 2024 31 March 2023
Non-material associates - -
Non-material joint ventures - -
Sub-total - -
Material joint ventures 2,387.61 1,893.76
Material associate 7.56 -
Total 2,395.17 1,893.76
Note 58.
Previous year figures has been reaaranged, reclassified and regrouped to make them confirmatory with current year
reported figures.
Sd/- Sd/-
Sd/- Sd/-
M.No. 084312 FCS No. F7396
Place : New Delhi

Date: 17.05.2024
345
(A Government of India Enterprise)
Registered office: 1st Floor, August Kranti Bhawan, Bhikaji Cama Place,
R. K. Puram, New Delhi, South Delhi- 110066
CIN: L74999DL2003GOI118633
Email: [email protected], Website: www.rvnl.org,
Phone No.: 011-26738299, Fax: 011-26182957
NOTICE
Notice is hereby given that the 21st Annual General “RESOLVED THAT pursuant to section 139(5) read
Meeting (AGM) of the members of RAIL VIKAS NIGAM with the provisions of Section 142 of the Companies
LIMTED (“the Company”) will be held on Monday, 30th Act, 2013 and the Companies (Audit and Auditors)
September, 2024 at 11:30 A.M. Indian Standard Time (IST) Rules, 2014 (including any statutory modification(s)
through Video Conferencing (VC) / Other Audio Visual or re- enactment thereof, for the time being in
Means (OAVM) to transact the following business(s): force), the Board of Directors of the Company,
on the recommendations of Audit Committee,
be and is hereby authorized to decide and fix the
ORDINARY BUSINESS:
remuneration and other terms and conditions,
To consider, and, if thought fit, to pass the following including re-imbursement of out of pocket expenses
resolutions as Ordinary Resolutions, with or without in connection with the audit work, to the Statutory
modification(s): Auditors appointed by Comptroller and Auditor
General of India (C&AG) for the financial year 2024-25.
1. To receive, consider, approve and adopt the Audited
Financial Statements including Consolidated
Financial Statements of the Company for the SPECIAL BUSINESS:
Financial Year ended 31st March, 2024, along with 6. To Appoint Shri N.C. Karmali, Executive Director
the Board’s Report, the Auditor’s Report thereon (Coord.)/ Gati Shakti, Railway Board, as Part-
and comments of the Comptroller and Auditor time (Official) Government Nominee Director on
General of India (C&AG), and management replies, the Board of Rail Vikas Nigam Limited (RVNL).
if any, thereon.
To consider and, if thought fit, to pass with or
2. To declare final dividend @ H 2.11 per equity share for without modification(s), the following resolution as
the financial year 2023-24. “Ordinary Resolutions”:
3. To appoint a director in place of Mr. Dhananjaya “RESOLVED THAT pursuant to the provisions of
Singh (DIN: 08955500), Government Nominee Section 149, 152, 160 and other applicable provisions,
Director, who retires by rotation and being eligible, if any, of the Companies Act, 2013, Rules made there
offers himself for re- appointment. under, Shri N.C. Karmali (DIN: 09103211), Executive
Director (Coord.)/ Gati Shakti, Railway Board, who
4. To appoint a director in place of Mrs. Anupam Ban was appointed as Part-time Government Nominee
(DIN: 07797026), Director, who retires by rotation and Director, by the President of India vide Ministry of
being eligible, offers herself for re- appointment. Railways letter no. 2022/PL57/10 dated 20.05.2024.
and subsequently in terms of Section 161 of the
5. To authorize the Board of Directors of the Company
Companies Act, 2013 appointed as an Additional
to fix the remuneration of the Statutory Auditors for
Director by the Board of Directors with effect from
the Financial Year 2024-25, and to pass the following
20.05.2024 to hold office up to the date of this Annual
Resolution as Ordinary Resolution:
General Meeting and who has consented to act as a
346
Notice Rail Vikas Nigam Ltd
director, in respect of whom the Company has received a notice in writing under Section 160 of the Companies
Act, 2013, be and is hereby appointed as Part-time Government Nominee Director on the Board of the Company,
liable to retire by rotation.
7. Ratification of remuneration of the Cost Auditors for the Financial Year 2024-25
To consider and, if thought fit, to pass with or without modification(s), the following resolution as
“Ordinary Resolutions”:
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions of the Companies Act,
2013, and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment
thereof for the time being in force), the remuneration of ₹ 75,000 (Rupees Seventy-Five Thousand only) plus Goods
and Services Tax (GST) as applicable, payable to the Cost Auditors appointed by the Board of Directors of the
Company for conducting the Cost Audit for the Financial Year 2024-25, be and is hereby ratified and confirmed.
“RESOLVED FURTHER THAT the Board of Directors be and is hereby authorized to take all necessary actions and
do all such acts, deeds, and things as may be required to give effect to this resolution.”
By Order of the Board of Directors

Sd/-
(Kalpana Dubey)
Place: New Delhi Company Secretary & Compliance Officer
Date: 06.09.2024 Membership No. FCS: 7396
Regd. Office:
1st Floor, August Kranti Bhawan, Bhikaji Cama Place,
R.K. Puram, New Delhi – 110066.
CIN: L74999DL2003GOI118633
347
NOTES: and Remuneration Committee and Stakeholders
Relationship Committee, Auditors etc. who are
1. Pursuant to the General Circular No. 09/2023 dated allowed to attend the AGM without restriction on
25th September, 2023 read with General Circular account of first come first served basis.
Nos. 14/2020, 17/2020, 20/2020, issued by Ministry
of Corporate Affairs and Circular dated 7th October, 4. The attendance of the Members attending the AGM
2023 read with Circular No. SEBI/HO/CFD/CFD-PoD- through VC/OAVM will be counted for the purpose
2/P/CIR/2023/167 dated 7th October, 2023 issued by of reckoning the quorum under Section 103 of the
the Securities and Exchange Board of India read with Companies Act, 2013.
the circulars issued earlier on the subject (hereinafter
collectively referred to as the “Circulars”), the 21st AGM 5. In compliance with provisions of MCA Circulars and
of the Company is being held through VC/OAVM SEBI Circulars as referred above, Section 108 of
without the physical presence of the members at the Companies Act, 2013 read with Rule 20 of the
a common venue and members can attend and Companies (Management and Administration) Rules,
participate in the ensuing AGM through VC/OAVM. 2014, Regulation 44 of SEBI (LODR) Regulations,
The deemed venue for the AGM shall be Registered 2015 (as amended), and Secretarial Standards (SS-
Office of the Company. 2) on General Meetings issued by ICSI, the Members
are provided with the facility to cast their vote
2. APPOINTMENT OF PROXY/REPRESENTATIVE electronically, through the e-voting services provided
Pursuant to the provisions of the Act, a member by National Securities Depository Limited (NSDL)
entitled to attend and vote at the meeting, is entitled on all resolutions set forth in this Notice, from a
to appoint a proxy / proxies to attend and vote place other than the venue of the Meeting (Remote
instead of himself/herself, such proxy/ proxies need e- voting). CS Naresh Kumar Sinha, Proprietor, of
not be member(s) of the company. Since this AGM is M/s Kumar Naresh Sinha & Associates, Company
being held pursuant to the MCA Circulars through Secretaries, has been appointed as Scrutinizer for
VC / OAVM, physical attendance of Members has conducting voting for the AGM.
been dispensed with. Accordingly, the facility
6. NSDL will be providing facility for remote e-voting,
for appointment of proxies by the Members
participation in the 21st AGM through VC/OAVM
will not be available for the AGM and hence the and voting during the 21st AGM through electronic
Attendance Slip, Proxy Form and Route Map of voting system. The remote e-voting period begins on
AGM are not annexed to this Notice. However, in Friday, September 27, 2024 (09:00 A.M.) and ends
pursuance of Section 112 and Section 113 of the Act, on Sunday, September 29, 2024 (05:00 P.M). The
representatives of the Members may be appointed remote e-voting module shall be disabled by NSDL
for the purpose of casting vote through remote for voting thereafter.
e-Voting prior to the AGM, participation in the 21st
AGM through VC/OAVM Facility and for electronic 7. Please refer to detailed instructions for remote
voting during the AGM. e-voting, attending the 21st AGM through VC/
OAVM and electronic voting during the AGM,
However, Institutional / Corporate Shareholders (i.e. annexed to this Notice
other than individuals / HUF, NRI, etc.) are required
to send a scanned copy (PDF/JPG Format) of its 8. CUT- OFF DATE
Board or governing body Resolution/Authorization The voting rights of Members shall be in proportion
etc., authorizing its representative to attend the AGM to the equity shares held by them in the paid-up
through VC / OAVM on its behalf and to vote through equity share capital of the Company as on Monday,
e-voting. The said Resolution/ Authorization shall be 23rd September, 2024 (Cut-off date). Any person,
sent to the Scrutinizer by email through its registered who is a Member of the Company as on the cut-off
email address to [email protected] and date is eligible to cast vote electronically on all the
a copy marked to [email protected] resolutions set forth in the Notice of AGM. Any person
who acquires shares of the Company and becomes
3. The Members can join the AGM in the VC/ OAVM a Member of the Company after sending of the
mode 15 minutes before and after the scheduled Notice and is holding shares as on the cut-off date,
time of the commencement of the Meeting by may obtain the login ID and password by sending
following the procedure mentioned in the Notice. a request at [email protected]. However, if he / she
The facility of participation at the AGM through VC/ is already registered with NSDL for remote e-voting,
OAVM will be made available for 1000 members then he / she can use his / her existing user ID and
on first come first served basis. This will not include password for casting the vote. Any shareholder who
large Shareholders (Shareholders holding 2% disposes off his shareholding such that he/she is not
or more shareholding), Promoters, Institutional a member as on the cut-off date should treat this
Investors, Directors, Key Managerial Personnel, the Notice for information purposes only.
Chairpersons of the Audit Committee, Nomination
348
9. ELECTRONIC DISPATCH OF ANNUAL REPORT AND In respect of dematerialized shares, the final dividend
PROCESS FOR REGISTRATION OF EMAIL ADDRESS shall be payable to the “beneficial owners” of the
FOR OBTAINING COPY OF ANNUAL REPORT: shares whose names appear in the Statement of
Beneficial Ownership furnished by M/s National
In line with the MCA Circulars and SEBI Circulars Securities Depository Limited (NSDL) and M/s Central
as referred above, the Notice of the 21st AGM along Depository Services (India) Limited (CDSL) at the
with Annual Report is being sent only through close of business hours on Monday, 23rd September,
electronic mode to all members, whose e-mail IDs 2024 Members who have not received nor encashed
are registered with the Company/Depositories. their Dividend warrants may approach M/s Alankit
Assignments Limited, Registrar and Share Transfer
10. The said documents are available on the website of
Agent of the Company for obtaining duplicate warrant
the Company at www.rvnl.org and on the website of
or revalidating the warrant.
National Stock Exchange of India Limited at www.
nseindia.com and BSE Limited at www.bseindia. The Company has fixed Monday, 23rd September,
com and also on the website of National Securities 2024 as the ‘Record Date’ for determining entitlement
Depository Limited (“NSDL”) at www.evoting.nsdl.com. of members to final dividend for the financial year
ended March 31, 2024, if approved at the AGM.
11. Members who have not updated their email
addresses with the Company are requested to update 14. Members are requested to address all correspondence,
their email addresses in the following manner: including dividend related matters, to the
Company’s Registrar & Transfer Agent (RTA) i.e. M/s
Shares held in dematerialized form:
Alankit Assignments Limited. The Communication
Register/update their email address with their address of the RTA is 205-208, Anarkali Complex,
respective DPs. Jhandewalan Extension, New Delhi -110055, Please
write Unit: RVNL.
Shares held in physical form:
15. BOOK CLOSURE
Members can register/ update their email
Pursuant to Section 91 of the Companies Act, 2013,
address by writing to Company’s RTA i.e. Alankit
the Register of Members and Share Transfer Books
Assignments Limited, 4E/2, Alankit House,
will remain closed from Tuesday, 24th September,
Jhandewalan Extension, New Delhi-110055 or
2024 to Monday, 30th September, 2024 (both
through mail at [email protected], at the
days inclusive) for the purpose of determining
earliest by any one of the following modes:
entitlement of Members to Final Dividend for the
a. Through hard copies which should be self - financial year ended on 31st March, 2024.
attested and dated.
16. TAX DEDUCTED AT SOURCE (TDS) FOR DIVIDEND
b. Through electronic mode, provided that DISTRIBUTION
they are sent through E-mail Id of the a. Pursuant to Finance Act, 2020, dividend income
Shareholder registered with RTA and all will be taxable in the hands of shareholders
documents should be electronically / w.e.f. April 1, 2020 and the Company is required
digitally signed by the Shareholder and in to Deduct Tax at Source (TDS) from dividend
case of joint holders, by first joint holder. paid to shareholders at the prescribed rates
in the Income Tax Act, 1961 (“the IT Act”). For
12. Members who have already registered their email
the prescribed rates for various categories,
address are requested to keep their email address
the shareholders are requested to refer to the
validated/ updated at all times for prompt receipt of
Finance Act, 2020 and amendments thereof.
documents and communications (including Annual
Further, SEBI has mandated the submission of
Reports, AGM notices) etc. sent from time to time
Permanent Account Number (PAN) by every
electronically by the Company.
participant in the securities market. Therefore,
13.
INFORMATION RELATED TO DIVIDEND AND the shareholders are requested to update their
RECORD DATE: PAN with the Company/ Alankit Assignments
Limited (in case of shares held in physical mode)
The Board had recommended a Final Dividend of H
and with depository participants (in case of
2.11/- per equity share in its 141st Board Meeting held
shares held in Demat mode).
on May 17, 2024. The dividend, once approved by the
members in the ensuing AGM will be paid within a b. A Resident individual shareholders with PAN
period of 30 days from the date of approval, to the and who is not liable to pay income tax can
members or their mandates whose names appear in submit a yearly declaration in Form No.15G/15H
the Register of Members of the Company on Monday, (applicable to individuals aged 60 years or more),
23rd September, 2024 in respect of physical shares.
349
to avail the benefit of non-deduction of tax. The 19. INVESTOR EDUCATION AND PROTECTION FUND
aforesaid mentioned documents are required (IEPF)
to be sent an email id- [email protected] upto
Members wishing to claim dividends that remain
Wednesday, 25th September, 2024.
unclaimed are requested to correspond with the
c. Shareholders are requested to note that in case RTA as mentioned above, or with the Company
their PAN is not registered, the tax will be Secretary, at the Company’s registered office.
deducted at a higher rate of 20%. Members are requested to note that dividends that
are not claimed within seven years from the date of
d. Non-resident shareholders can avail beneficial transfer to the Company’s Unpaid Dividend Account
rates under tax treaty between India and their will be transferred to the Investor Education and
country of residence, subject to providing Protection Fund (IEPF). Shares on which dividend
necessary documents i.e. No. of Permanent remains unclaimed for seven consecutive years shall
Establishment and Beneficial Ownership be transferred to the IEPF as per Section 124 of the
Declaration, Tax Residency Certificate, Form Act, read with applicable IEPF rules.
10F, any other document which may be
required to avail the tax treaty benefits. The 20. PROCEDURE FOR UPDATION OF BANK DETAILS
aforesaid mentioned documents are required FOR DIRECT RECEIPT OF DIVIDEND IN THE
to be sent an email id- [email protected] upto BANK ACCOUNT
Wednesday, 25th September, 2024. Members who have not updated their bank account
details for receiving the dividends directly in their
e. We request you to visit Company’s website for bank accounts through Electronic Clearing Service
more instructions and information in this regard. (ECS) or any other means are requested to follow the
No communication would be accepted from below procedure for updation of mandate for receipt
members after Wednesday, 25th September, of dividend directly in their bank account:
2024 regarding the tax withholding matters.
Shares held in physical form:
f. A detailed notice regarding “Communication
w.r.t. Tax Deducted at Source (TDS) on Final Members are requested to send a hard
Dividend for the Financial Year 2023-24” has copy of the following details / documents
been posted on the website, www.rvnl.org to the Company’s RTA at: Alankit
Assignments Limited (RVNL), 4E/2, Alankit
g. Members can download their TDS Certificates House, Jhandewalan Extension, New
from Company’s website at www.rvnl.org Delhi-110055, Email: virenders@alankit.
com The documents to be sent should
PROCEDURE FOR INSPECTION OF DOCUMENTS
include the following:
17. The Register of Directors and Key Managerial
Personnel and their shareholding, maintained A signed request letter/Form ISR-1 by the
under Section 170 of the Act, and the Register of first holder, mentioning the name, folio
Contracts or Arrangements in which the directors are number, complete address and following
interested, maintained under Section 189 of the Act, details relating to bank account in which
will be available electronically for inspection by the the dividend is to be received:
members during the AGM. All documents referred
to in the Notice will also be available for electronic i)
Name of Bank, Bank Branch and
inspection without any fee by the members from Bank Account Type;
the date of circulation of this Notice upto the date
ii) Bank Account Number;
of AGM, i.e. 30th September, 2024 Members seeking
to inspect such documents can send an email to iii) 11-digit IFSC Code; and
[email protected].
iv) 9 digit MICR Code
18. Members desirous of getting any information on any
item(s) of business of this meeting are requested Original cancelled cheque bearing the
to send an e-mail mentioning their name, Demat name of the member or first holder, in case
account number / folio number, email id, mobile shares are held jointly;
number to [email protected], at least seven days
Self-attested copy of the PAN Card; and
prior to the date of the AGM and the same will be
replied by the Company suitably. Self-attested copy of any document (such
as AADHAR Card, Driving License, Election
Identity Card, Passport) in support of the
address of the member as registered
with the Company.
350
Shares held in dematerialised form: Directors to fix the remuneration of Statutory Auditors
for the Financial Year 2023-24. Total fees paid to the
Members may please note that their bank details statutory auditor for all services for the year ended
as furnished by the respective Depositories to March 31, 2024 is H 0.74 Crore.
the Company will be considered for remittance
of dividend as per the applicable regulations The appointment of Statutory Auditor for the
of the Depositories and the Company will Financial Year 2024-25 is yet to be received from
not entertain any direct request from such C&AG. The Members may authorize the Board
members for change/addition/deletion in to fix remuneration of Statutory Auditors as may
such bank details. be deemed fit by the Board of Directors for the
Financial Year 2024-25.
Accordingly, the Members holding shares in
Demat form are requested to update their 25. Any person who acquires shares of the Company and
Electronic Bank Mandate with their respective becomes a Member of the Company after sending of
DPs. Further, please note that instructions, if any, the Notice and holding shares as of the cut-off date,
already given by members in respect of shares may obtain the login ID and password by sending
held in physical form, will not be automatically a request at [email protected]. However, if he / she
applicable to the dividend paid on shares held is already registered with NSDL for remote e-voting
in dematerialised form. then he / she can use his / her existing user ID and
password for casting the vote.
Members who are unable to receive the
dividend directly in their bank accounts through 26. As per the provisions of Section 72 of the Act, the
Electronic Clearing Service or any other means, facility for making nomination is available for
due to non registration of the Electronic Bank the Members in respect of the shares held by
Mandate, the Company shall dispatch the them. Members who have not yet registered their
dividend warrant/Banker’s cheque/demand nomination are requested to register the same
draft to such Members, as soon as possible. by submitting Form No. SH-13. The form can be
downloaded from the Company’s website at www.
21. The relevant details, pursuant to Regulations 26(4) rvnl.org. Members are requested to submit these
and 36(3) of the SEBI Listing Regulations and details to their DP in case the shares are held by
Secretarial Standard on General Meetings issued by them in electronic form, and to the RTA, M/s Alankit
the Institute of Company Secretaries of India (ICSI), Assignments Limited, in case the shares are held in
in respect of Director seeking re-appointment at this physical form. If a Member desires to opt out or cancel
AGM is annexed. the earlier nomination and record a fresh nomination,
he/she may submit the same in ISR-3 or SH-14 as
22. None of the Directors of the Company is in any way
the case may be. The said forms can be downloaded
related to each other. None of the Directors, KMP
from the company’s website. In case of shares held
and their relatives are in any way concerned and
in dematerialized form, the nomination has to be
interested in any of the ordinary business items.
lodged with the respective Depository Participant.
23. Annual listing fee for the year 2024-25 has been
27. In terms of Regulation 44 of SEBI (LoDR), the
paid to all Stock Exchanges wherein shares of the
Company is providing one-way live “Webcast” of
Company are listed. Also, the Annual Custodian
the proceedings of the Annual General Meeting for
Fee for the year 2024 was paid to both Depositories
shareholders on Monday, September 30, 2024 from
i.e. Central Depository Services (India) Limited and
11:30 A.M, onwards till conclusion of the AGM.
National Securities Depository Limited.
28. SEBI vide SEBI (Listing Obligations and Disclosure
24. Pursuant to Section 139(5) of the Companies Act,
Requirements) (Amendment) Regulations, 2022
2013, the Statutory Auditors of the Government
dated 24th January, 2022 has amended Regulation
company are appointed by the Comptroller & Auditor
40 of the SEBI (Listing Obligations and Disclosure
General of India (C&AG) and in terms of Section 142
Requirements) Regulations, 2015 and has mandated
of the Companies Act, 2013, the remuneration has
that all requests for transfer of securities including
to be fixed by the company in the Annual General
transmission or transposition shall be processed only
Meeting or in such manner as the company in
in dematerialised form. In view of the same and to
Annual General Meeting may determine.
eliminate all risks associated with physical shares and
Comptroller & Auditor General of India (C&AG) avail various benefits of dematerialization, members
had appointed M/s V K Dhingra & Co, Chartered are requested to dematerialize their physical holding.
Accountants, as the Statutory Auditors of the Members can contact the Company’s Registrars and
Company for the financial year 2023-24. The Members Transfer Agent, M/s Alankit Assignments Limited at
of the Company, in its 20th Annual General Meeting [email protected]
held on 27.09.2023 had authorized the Board of
351
29. Members holding shares in multiple folios in physical lodge grievances only after furnishing the complete
mode are requested to apply for consolidation of documents. If the securities continue to remain
shares to the Company or to the Registrar & Share frozen till December 31, 2025, the RTA shall refer such
Transfer Agent along with relevant Share Certificates. securities to the administering authority under the
In case of joint holders, the Member whose name Benami Transactions (Prohibitions) Act, 1988, and/ or
appears as the first holder in the order of names as the Prevention of Money Laundering Act, 2002.
per the Register of Members of the Company will be
entitled to vote at the AGM 31. Members are requested to intimate changes, if
any, pertaining to their name, postal address, email
30. SEBI vide its circular dated 16th March, 2023 has address, telephone/ mobile numbers, Permanent
mandated all holders of physical securities in listed Account Number (PAN), Dividend mandates,
company to furnish PAN, Nomination and Contact nominations, power of attorney, bank details such as,
details, Bank A/c details and specimen signature name of the bank and branch details, bank account
for their corresponding folio numbers. The folio number, MICR code, IFSC code, etc., to their DPs in
wherein any one of the cited documents/ details is case the shares are held by them in electronic form
not available on or after 1st October, 2023, such folio and to the Company’s Registrars and Transfer Agent
shall be frozen by the RTA. The Shareholders are (RTA), M/s Alankit Assignments Limited in case the
requested to submit their PAN, KYC, Bank details and shares are held by them in physical form.
nomination details in prescribed form ISR-1, ISR-2,
ISR-3 and SH-13/14 to Alankit Assignments Limited Members holding Shares in Demat mode, who have
(“Alankit” or “RTA”). The forms for updating the same not registered their email addresses, are requested
are available on the website of the Company. The to register their email and bank details with their
Company has requested R&TA to send letters to the respective depository participant. Members holding
Members holding shares in physical form in relation shares in physical mode are requested to register/
to above referred SEBI Circular. Members holding update their email addresses, mobile no and
shares in electronic form are requested to submit bank details with the Company’s RTA, M/s Alankit
their PAN to their Depository Participant(s). In case Assignments Limited at [email protected] to
a holder of physical securities fails to furnish these receive the copies of Annual Report and Dividend
details or link their PAN with Aadhaar before 1st directly into their bank account.
October, 2023, the RTA is obligated to freeze such
Kindly visit the investor section on Company’s website
folios. The security holder(s) whose folio(s) have been
www.rvnl.org for list of documents to be submitted
frozen shall be eligible to receive payments (including
for Updation of Email Id’s and Bank Details.
dividend, interest or redemption payment) and
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THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND

JOINING GENERAL MEETING ARE AS UNDER:-
The remote e-voting period begins on Friday, 27th September, 2024 at 9:00 A.M. and ends on Sunday, 29th September,
2024 at 5:00 P.M. The remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose
names appear in the Register of Members / Beneficial Owners as on the record date (cut-off date) i.e. Monday, 23rd
September, 2024 may cast their vote electronically. The voting right of shareholders shall be in proportion to their share
in the paid-up equity share capital of the Company as on the cutoff date, being 23.09.2024
How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual
shareholders holding securities in demat mode are allowed to vote through their demat account maintained
with Depositories and Depository Participants. Shareholders are advised to update their mobile number and
email Id in their demat accounts in order to access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given below
Type of shareholders Login Method

Individual 1.
Existing IDeAS user can visit the e-Services website of NSDL Viz.
Shareholders holding https://eservices.nsdl.com either on a Personal Computer or on a mobile. On the
securities in demat e-Services home page click on the “Beneficial Owner” icon under “Login” which
mode with NSDL. is available under ‘IDeAS’ section, this will prompt you to enter your existing User
ID and Password. After successful authentication, you will be able to see e-Voting
services under Value added services. Click on “Access to e-Voting” under e-Voting
services and you will be able to see e-Voting page. Click on company name or
e-Voting service provider i.e. NSDL and you will be re-directed to e-Voting website
of NSDL for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.
2. If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following
URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login”
which is available under ‘Shareholder/Member’ section. A new screen will open.
You will have to enter your User ID (i.e. your sixteen digit demat account number
hold with NSDL), Password/OTP and a Verification Code as shown on the screen.
After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting service
provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility
by scanning the QR code mentioned below for seamless voting experience.
353
Type of shareholders Login Method
Individual 1. Users who have opted for CDSL Easi / Easiest facility, can login through their
Shareholders holding existing user id and password. Option will be made available to reach e-Voting
securities in demat page without any further authentication. The users to login Easi /Easiest are
mode with CDSL requested to visit CDSL website www.cdslindia.com and click on login icon & New
System Myeasi Tab and then user your existing my easi username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting option
for eligible companies where the e voting is in progress as per the information
provided by company. On clicking the e voting option, the user will be able to see
e-Voting page of the e-Voting service provider for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
Additionally, there is also links provided to access the system of all e-Voting
Service Providers, so that the user can visit the e-Voting service providers’ website
directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL
website www.cdslindia.com and click on login & New System Myeasi Tab and
then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available on www.cdslindia.com home
page. The system will authenticate the user by sending OTP on registered Mobile &
Email as recorded in the Demat Account. After successful authentication, user will
be able to see the e-Voting option where the e voting is in progress and also able to
directly access the system of all e-Voting Service Providers.
Individual You can also login using the login credentials of your demat account through your
Shareholders (holding Depository Participant registered with NSDL/CDSL for e-Voting facility. Upon logging
securities in demat in, you will be able to see e-Voting option. Click on e-Voting option, you will be
mode) login through redirected to NSDL/CDSL Depository site after successful authentication, wherein
their depository you can see e-Voting feature. Click on company name or e-Voting service provider
participants i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your
vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Forget Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related
to login through Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Individual Shareholders holding securities in Members facing any technical issue in login can contact NSDL helpdesk
demat mode with NSDL by sending a request at [email protected] or call at 022 - 4886 7000
Individual Shareholders holding securities in Members facing any technical issue in login can contact CDSL helpdesk
demat mode with CDSL by sending a request at [email protected] or contact at
toll free no. 1800-21-09911
B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders
holding securities in demat mode and shareholders holding securities in physical mode.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.
com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section.
354
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as
shown on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with
your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting
and you can proceed to Step 2 i.e. Cast your vote electronically.
4. Your User ID details are given below :
Manner of holding shares i.e. Demat (NSDL or

Your User ID is:
CDSL) or Physical
a) F
or Members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID
account with NSDL. For example if your DP ID is IN300*** and Client ID is 12******
then your user ID is IN300***12******.
b) F
or Members who hold shares in demat 16 Digit Beneficiary ID
account with CDSL. For example if your Beneficiary ID is 12************** then your
user ID is 12**************
c) For Members holding shares in Physical Form. EVEN Number followed by Folio Number registered with
the company
For example if folio number is 001*** and EVEN is 101456
then user ID is 101456001***
5. Password details for shareholders other than 6. If you are unable to retrieve or have not
Individual shareholders are given below: received the “Initial password” or have
forgotten your password:
a) If you are already registered for e-Voting,
then you can user your existing password a) Click on “Forgot User Details/Password?”(If
to login and cast your vote. you are holding shares in your demat
account with NSDL or CDSL) option
b) If you are using NSDL e-Voting system for available on www.evoting.nsdl.com.
the first time, you will need to retrieve the
b) Physical User Reset Password?” (If you are
‘initial password’ which was communicated
holding shares in physical mode) option
to you. Once you retrieve your ‘initial
available on www.evoting.nsdl.com.
password’, you need to enter the ‘initial
password’ and the system will force you to c) If you are still unable to get the password by
change your password. aforesaid two options, you can send a request
at [email protected] mentioning your demat
c) How to retrieve your ‘initial password’? account number/folio number, your PAN,
your name and your registered address etc.
(i) If your email ID is registered in your
demat account or with the company, d) Members can also use the OTP (One Time
your ‘initial password’ is communicated Password) based login for casting the votes
to you on your email ID. Trace the on the e-Voting system of NSDL.
email sent to you from NSDL from your
7. After entering your password, tick on Agree
mailbox. Open the email and open
to “Terms and Conditions” by selecting
the attachment i.e. a .pdf file. Open
on the check box.
the .pdf file. The password to open
the .pdf file is your 8 digit client ID for 8. Now, you will have to click on “Login” button.
NSDL account, last 8 digits of client ID
9. After you click on the “Login” button, Home
for CDSL account or folio number for
page of e-Voting will open.
shares held in physical form. The .pdf
file contains your ‘User ID’ and your Step 2: Cast your vote electronically and join General
‘initial password’. Meeting on NSDL e-Voting system.
(ii) If your email ID is not registered, please How to cast your vote electronically and join General
follow steps mentioned below in Meeting on NSDL e-Voting system?
process for those shareholders whose 1 After successful login at Step 1, you will be able to see
email ids are not registered. all the companies “EVEN” in which you are holding
shares and whose voting cycle and General Meeting
is in active status.
355
2 Select “EVEN” of company for which you wish to Process for those shareholders whose email
cast your vote during the remote e- Voting period ids are not registered with the depositories
and casting your vote during the General Meeting. for procuring user id and password and
For joining virtual meeting, you need to click on “VC/ registration of e mail ids for e-voting for the
OAVM” link placed under “Join General Meeting”. resolutions set out in this notice:
3 Now you are ready for e-Voting as the 1. In case shares are held in physical mode please
Voting page opens provide Folio No., Name of shareholder, scanned
copy of the share certificate (front and back), PAN
4 Cast your vote by selecting appropriate options i.e. (self attested scanned copy of PAN card), AADHAR
assent or dissent, verify/modify the number of shares (self attested scanned copy of Aadhar Card) by email
for which you wish to cast your vote and click on to [email protected].
“Submit” and also “Confirm” when prompted.
2. In case shares are held in demat mode, please provide
5 Upon confirmation, the message “Vote cast DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary
successfully” will be displayed. ID), Name, client master or copy of Consolidated
Account statement, PAN (self attested scanned
6 You can also take the printout of the votes cast copy of PAN card), AADHAR (self attested scanned
by you by clicking on the print option on the copy of Aadhar Card) to ([email protected]). If you
confirmation page are an Individual shareholders holding securities in
demat mode, you are requested to refer to the login
7 Once you confirm your vote on the resolution, you
method explained at step 1 (A) i.e. Login method for
will not be allowed to modify your vote.
e-Voting and joining virtual meeting for Individual
General Guidelines for shareholders shareholders holding securities in demat mode.
1 Institutional shareholders (i.e. other than individuals, 3. Alternatively shareholder/members may send a
HUF, NRI etc.) are required to send scanned copy request to [email protected] for procuring user
(PDF/JPG Format) of the relevant Board Resolution/ id and password for e-voting by providing above
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356
INSTRUCTIONS FOR MEMBERS FOR ATTENDING Mobile Hotspot may experience Audio/Video loss
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357
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE
COMPANIES ACT, 2013
ITEM NO. 6: - To Appoint Shri N.C. Karmali, Executive Director (Coord.)/ Gati Shakti, Railway Board, as Part-time
(Official) Government Nominee Director on the Board of Rail Vikas Nigam Limited (RVNL).
Shri N.C. Karmali (DIN: 09103211) was appointed as part time Government Nominee Director of the Company by
the President of India vide Ministry of Railways Order No. 2022/PL/57/10 dated 20.05.2024. He was appointed as an
Additional Director w.e.f. 20.05.2024 as per provisions of Section 161 and other applicable provisions of the Companies
Act, 2013 on the Board of Directors of your Company upto the date of this AGM and who has consented to act as
director. The Company has received requisite notice in writing under Section 160 of the Act in respect of appointment
of Shri N.C. Karmali (DIN: 09103211) as Director on the Board of RVNL.
The Board recommends that Shri N.C. Karmali (DIN: 09103211) may be appointed as part time Government Nominee
Director of the Company, liable to retire by rotation on such terms and Conditions as may be determined by President
of India, Government of India from time to time.
Shri N.C. Karmali is interested in this resolution to the extent of his appointment as a Director / Shareholder of
the Company.
No Director, KMP and or their relatives, is/are interested or concerned, financially or otherwise in the resolution except may
be deemed to be concerned or interested in the proposed resolution to the extent of their shareholding in the Company.
The Board of Directors of the Company recommends the passing of resolution as an ordinary Resolution.
Disclosure u/r 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are set out in the
annexure to the Explanatory Statement. Other details as required under ICSI Secretarial Standard (SS-2) are also
included in the Corporate Governance Report of the Annual Report of the Company.
ITEM NO. 7: - Ratification of remuneration of the Cost Auditors for the Financial Year 2024-25
Pursuant to Section 148 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, the Board of
Directors of the Company appointed M/s R M Bansal & Co., Cost Accountants, as the Cost Auditors for the Financial Year
2024-25, to conduct the cost audit of the Company.
The remuneration for the Cost Auditors for the Financial Year 2024-25 has been proposed to be fixed at ₹75,000 (Rupees
Seventy-Five Thousand only) plus Goods and Services Tax (GST) as applicable. This remuneration is subject to ratification
by the shareholders of the Company at the Annual General Meeting.
In accordance with the provisions of Section 148 of the Companies Act, 2013, and the Companies (Audit and Auditors)
Rules, 2014, the remuneration payable to the Cost Auditors appointed by the Board of Directors is required to be ratified
by the shareholders.
The Board of Directors, based on the recommendation of the Audit Committee, has proposed this remuneration for the
Financial Year 2024-25, which includes the cost audit fees and applicable GST.
The resolution seeks the approval of the shareholders for the ratification of the proposed remuneration and authorizes
the Board of Directors to take all necessary actions to implement the resolution.
No Director, KMP and or their relatives, is/are interested or concerned, financially or otherwise in the resolution except may
be deemed to be concerned or interested in the proposed resolution to the extent of their shareholding in the Company.
The Board of Directors of the Company recommends the passing of resolution as an ordinary Resolution.
358
ANNEXURE
PURSUANT TO REGULATION 36 OF THE SEBI (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND SECRETARIAL STANDARD
2 ISSUED BY ICSI, INFORMATION ABOUT THE DIRECTORS PROPOSED TO BE
APPOINTED/ RE-APPOINTED IS FURNISHED BELOW:
Name of
Date of Name of Committees
Qualification
Birth (No. Companies of the
Name of (Relationship
of Equity Nature of Expertise in which he/ Companies
Director (DIN) with other
Shares she holds of which he/
Directors)
held) Directorship she holds
Membership
Shri N.C. 27/10/1967 B. Tech (Hons) Naresh Chandra Karmali is an Indian Rail Vikas NA
Karmali graduate Railways Service of Engineers (IRSE) Officer Nigam Ltd
(DIN: (NIL) in Civil from the 1990 batch. He is a B. Tech (Hons)
09103211) Engineering graduate in Civil Engineering from IIT
from IIT Kharagpur. Further, he has also undergone
Kharagpur. Leader Programme in Urban Transport
Planning from Korean Transport Institute,
(Not related South Korea. He served Indian Railways at
with any various reputed posts in Kolkata from May
Director of the 2007 till March, 2023. Thereafter, he served
Company) as Chief Engineer /Construction, Indian
Railways at Bilaspur from April, 2023 till
March, 2024 for projects related to Railway
Construction. He is currently working as
Executive Director (Co-ord) in Railway
Board, New Delhi.
359
(Wholly Owned Subsidiary)
ANNUAL REPORT 2023-24
Chairman’s
Message
It gives me immense pleasure

to present before you, the
12th Annual Report of your
Company. The Audited
Accounts of the Company for
the financial year 2023-24,
along with the Directors’ Report
and reports of Auditors and
comments of Comptroller and
Auditor General of India yet to
be circulated.
As we all are aware, your Company was Financial Performance

established with the mandate of High- In 2023-24, HSRC Infra Services Limited increased its Total
Speed Rail Corridor Feasibility Studies Income from H 1875.18 Lakhs in FY 2022-23 to H 3644.81
Lakhs in FY 2023-24; resulting in an increase of 94.37%
for and on behalf of Ministry of Railways. over the previous year. The Profit After Tax (PAT) of the
Later, after successful completion of Company increased from H 330.37 lakhs in FY 2022-23 to H
HSRC Feasibility Studies, your company 706.65 in FY 2023-24, resulting in an increase of 113.90%
over the previous year.
expanded its horizons and at present,
the Company is executing PMC contracts
Physical performance
awarded by RVNL & JSW and acting as
At present, the core activities of HSRC Infra Services
bidding branch of RVNL (the holding Ltd., includes domestic and international bidding on
Company). The contribution of HSRC behalf RVNL and execution of PMC Contracts. As regards,
bidding activities, your company has made remarkable
Infra Services Limited in the domain of
achievement by participating in 142 bids valuing
Transportation Infrastructure has been H 65,159.53 Cr. during FY 2023-24 on behalf of RVNL and
amply demonstrated by its performance as a result thereof, RVNL has bagged 26 Contracts valuing
H 9,272 Crores. As regards execution of PMC Contracts,
and presence in 22 Project Sites
the numbers of Contracts reached have increased from
across the length and breadth of the 13 to 22 resulting in increase of Annual Turnover from
Country. As bidding branch of RVNL, its H 1657.39 Lakhs to H 3353.59 Lakhs (102.34% increase
over past year). This reflects the exponential growth of the
accomplishments are highly appreciable.
company in its core area of functioning. I am also happy
362
eports Financial S
tatements HSRC INFRA SERVICES LIMITED
to report that Company’s HR has taken commendable Acknowledgements

initiatives in 2023-24 in deputing required manpower to
In the end, I would like to mention that all the
various PMC sites all over the India.
achievements of HSRC Infra Services Limited, would not
have been possible without exemplary efforts made by
Corporate Governance the Core & Support team involved in Bidding & PMC and
HSRC Infra Services Limited maintains a robust system the support provided by the holding company RVNL and
of checks and balances to ensure that the authority Ministry of Railways, as well.
of decision making is exercised with due care and
Finally, I, express my sincere thanks to Rail Vikas Nigam
responsibility to meet the aspirations of Shareholders and
Limited (Holding Company), Department of Public
Society. Your Company meticulously complies all Legal
Enterprises, Financial Institutions, C&AG’s office, our
& Statutory Compliances and Government guidelines
bankers and other stakeholders in various projects for
regarding Corporate Governance. A Report on Corporate
their generous cooperation to HSRC Infra Services Limited.
Governance and Management Discussion and Analysis
I would also like to place on record my deep appreciation
forms part of the Annual Report.
for the exemplary dedication of all my fellow HSRC Infra
Services Limited Colleagues, who have been the pillars of
strength for the Company and have delivered their best,
despite various limitations & challenges.
(Pradeep Gaur)
Chairman & Managing Director
363
DIRECTORS’ REPORT
The Directors of your Company are privileged to present the 12th Annual Report of the Company together with the
Audited Financial Statements and Auditors’ Report for the year ended 31st March, 2024.
The Company is a wholly-owned Subsidiary of Rail Vikas Nigam Limited (RVNL), which is a Navratna CPSE under the
Ministry of Railways, Government of India. In the year 2020-2021, the name of the Company was changed from “High
Speed Rail Corporation of India Limited” to “HSRC Infra Services Limited”. Your Company is presently engaged in
managing Project Management Consultancy Contracts awarded by RVNL and managing the Bidding activities of RVNL.
The business and financial performance of the Company during the year 2023-24 was as under: -
Business Performance & State of Affairs
Project Consultancy Services Contracts:
HSRC Infra Services Ltd is presently executing the following PMC Contracts awarded by RVNL: -
1. Kolkata-JOKA:
LOA No. RVNL/KOL/M/JOKA/PMC/2/LOA/1710 dated 15.12.2020.
Name of the Work PMC Contract for a) Site development of Metro Car Depot at Joka,
b) Setting up of Metro Car Depot at Joka and c) Construction of
Metro viaduct & stations from Majerhat to Mominpur in connection
with Joka-Esplanade Metro Railway Project in Kolkata West Bengal.
Date of Completion inclusive 6-month DLP 31-12-2024
CA Value H 19.56 Cr
2. Jhansi:
LOA No. RVNL/M/CNB/JHS/PMC/LOA/01 dated 20.10.2020.
Name of the Work PMC Contract for “Construction of PEB sheds structures buildings
boundary wall, water supply arrangement drainage, sewerage,
road works, track works, power supply and general electrical
works, telecommunication works and supply, installation and
commissioning of machinery and plant in connection with
setting up of Rail Coach Naveenikaran Karkhana at Jhansi, Uttar
Pradesh(India).
Date of Completion inclusive 6 month DLP 30.06.2024
CA Value H 6.32 Cr.
3. Waltair:
LOA No. RVNL/CPM/II/WAT/TIG-VZM/3rd Line/PKG5-B/PMC dated 23.12.2020.
Name of the Work: PMC Contract for “Construction of Roadbed, Minor bridges, Major
bridges and ROBs/RUBs, S&T, OHE and general electrification works
for 3rdline of track between Gotlam (Incl) (KM459.540)-Vizianagaram
(Inc) (KM 818.65 on HWH-VSKP Main line) for a length of 6KM and
Construction of New Single line BG track, Bye Pass line between
Gotlam and Nellimarla (8.035km) on HWH-VSKP main line in
Waltair Division of East Coast Railway, Andhra Pradesh State, India.”
Package 5B
Date of Completion inclusive 6-month DLP 31.12.2024
CA Value H 7.69 Cr
4. Kolkata-AVNS:
364
eports Financial S
LOA No. RVNL/KOL/METRO/NEW GARIA- AIRPORT/PMC/LOA/1414 dated

06.11.2022.
Name of the Work PMC Contract for “A.PACKAGE-1(BLT):”Construction of Double
Line Ballast less Track (BLT) for elevated viaduct portion between
Nicco Park having ch.(13841.585 m) to Titumir Ch.(25891.527)
including points and crossings, etc.in connection with construction
of metro railway corridor from new Garia to Airport Corridor, in the
city of Kolkata” and for B.PACKAGE-2 (ANV-3/1): “Construction of
viaduct including related works for 2.025 km length from chainage
15442.610 to chainage 17027.740 between WBSETCL substation
Salt Lake (P429) to Mahisbathan Bridge (CP-481) (near NKDA
office),P-575 to P-579 & P-650 to CPP-667 excluding station areas
in New Garia-Airport corridor of Kolkata Metro railway line package-
ANV-3/1”
Date of Completion inclusive 6-month DLP 31/12/24.
CA Value: H 8.73 Crores
5. ADI/ Dhasa-Jetalsar:
LOA No.
RVNL/ADI/RE/DAS-JLR/HSRC/PMC/LOA
dated 01.08.2022
Name of the Work PMC Contract for “"Design, Supply, Erection, Testing &
Commissioning of 25KV,50 Hz, Single Phase, Conventional
Traction over Head Equipment, Switching Stations and other
associated works, associated signal &Telecommunication work, civil
Engineering work i.e., Staff Quarters, T.W. Sidings, Service buildings
and electrical general services, works for Railway Electrification
between stations Dhasa (Excl.) - Jetalsar (Incl.) (104.44 RKM/118.09
TKM) in Bhavnagar Division of Western Railway in the state of
Gujarat, India".
CA Value H 7.35 Cr
6. Indore-Budni New Line:
LOA No. INDB-BNI/PMC/HSRC Crores dated 30.08.2022
Name of the Work PMC Contract for “Construction of Tunnel, Viaduct, ROBs/RUBs
and Waterways in connection with Construction of electrified new
BG railway line between Mangliya, Gaon(Indore) is Budni Station
(198 KMs) of West Central Railway and Western Railway in Madhya
Pradesh State, India".
CA Value H 54.90 Cr
7. Kolkata (HSRC-Kol-3):
LOA No. RVNL/KOL/Metro/NGA/CPM/KOL-1/PMC/980 dated 27.08.2022
Name of the Work PMC Contract for “Name of Work: PMC for package-1(ANS-1),
package-2(ANV-1), Package-2(ANV-1), package-3(ANV-2), package-
4(ANS- 2), package-5(BLT) of metro rail Kolkata Under CPM-I.
CA Value H 2.63 Cr
8. Vadodara:
LOA No. RVNL/BRC/PMC/DB dated 13.10.2022
365
Name of the Work PMC Contract for “Construction of PEB Sheds, structures, buildings,
overhead tank with water supply arrangement, drainage, road, track
works, signaling & telecommunication power supply arrangement,
OHE, general electrical works and supply, erection & commissioning
of machinery & plant in connection with setting up of POH
workshop for electric locomotives at Dabhoi, Vadodara, Gujarat
(India)”.
CA Value H 2.34 Cr
9. Lucknow RE:
LOA No. RVNL/LKO/RE/JNH-PFM/PMC dated 05.01.2023
Name of the Work PMC Contract for “Design, Supply, Erection, Testing, Commissioning
of 2X25 kV AC OHE and PSI Works between Phaphamau (Excl.)-
Janghai (Excl.) section on Lucknow Division of Northern Railway
for UP gradation of Electric Traction System in Connection with
Doubling of Track between Phaphamau (Excl.)- Janghai (Excl.)
section on Lucknow Division of Northern Railway in the state of
Uttar Pradesh India. (RKM 47/TKM 125).
CA Value: H 3.73 Cr
10. GM/Mech/SCR:
LOA No.: RVNL/M/KZJ/PMC/1/ dated 04.01.2023
Name of the Work: PMC Contract for “Construction of setting up of Wagon Repair
Workshop at Kazipet, Telangana through Engineering, Procurement
and Construction (EPC) Contract".
CA Value: H 8.15 Cr
11. LKO/S&T:
LOA No. GM/S&T/RVNL/JNH-PFM/PMC dated 23.01.2023
Name of the Work PMC Contract for “"Provision of S&T system supply, Installation,
Testing & Commissioning from JNH(Excl.)-PFM(Excl.) (46.79km) in
connection with doubling with Electrification of JNH-PFM sections,
NR Lucknow Division, Utter Pradesh, India.
CA Value H 2.28 Cr
12. Ahmedabad (PNU-SIOB):
LOA No. RVNL/RE/ADI/HSRC/PNU-SIOB dated 19.04.2023
Name of the Work PMC Contract for “Design, Supply, Erection, Testing &
Commissioning of 25 KV, AC, 50 HZ, Single Phase, Traction High
Rise Over Head Equipment, Traction Sub Stations, Switching
Stations, and other associated works, Civil engineering works
i.e. Service works and Signal & Telecommunication works for
Railway Electrification of PNU (excl.)-SIOB Double Line Section of
Ahmedabad Division of Western Railway in the Gujarat state of
Gujrat.
CA Value H 1.43 Cr
13. LKO (SG-MALA-PLT):
LOA No. GM/S&T/RVNL/JNH-PFM/PMC dated13.04.2023
Name of the Work Project Management Consultancy for "Provision of S&T system
supply, Installation, Testing & Commissioning from Shahgarh-Mala
-Pilibhit in connection with Gauge Conversion work of SG-Mala-PBE
sections, NER Lucknow Division, Uttar Pradesh, India.
CA Value H 94.49 Lakhs
14. RDSS (MP):
LOA No.: RVNL/B/E/RDSS/PMC/Part-1 (Loose)/NoA dated 27-04-2023
366
eports Financial S
Name of the Work: Project Management Consultancy for "Supply, Installation, Testing
and Commissioning of 33/11KV line associated works such as
33/11KV Line Bifurcation, 33/11KV Line Interconnection and
33/11KV Line Conductor Augmentation, additional 11KV bay
at 33KV sub-station augmentation of distribution transformer
sub-stations with associate 11KV new lines, LT line on AB cable,
conversion of bare LT line on AB Cable, augmentation on LT AB
cable, 11KV line crossing on agriculture and non-agriculture
feeders, other associated woks and supporting works such as DP's,
TP's and crossing etc. under Revamped-Reforms-Based and Result-
Linked Distribution Sector Scheme (RDSS) of Distribution Company
(DISCOM), state of Madhya Pradesh, India."
CA Value H 1.58 Cr
15. Ahmedabad-Surat Metro:
LOA No. RVNL/RE/ADI/HSRC/METRO dated 08.05.2023
Name of the Work Project Management Consultancy to HSRC Infra Services Ltd. on
nomination basis for "Supply, erection, testing and commissioning
of power supply receiving & distribution system, 750 v dc third rail
traction electrification and Scada system for Ahmedabad metro
rail project phase-ii & supply, erection, testing and commissioning
of power supply receiving & distribution system, 750 v dc third rail
traction electrification and Scada system for Ahmedabad metro rail
project Phase-I.
Date of Completion inclusive 6-month DLP 07/05/2027
CA Value H 12.98 Cr
16. SIPCOT (Chennai):
LOA No.: RVNL/CPM/MAS/CMRL/HSRC/LOA/001 dated 24-05-2023
Name of the Work: Project Management Consultancy contract for the Construction of
Elevated Viaduct (Approximate Length of 10 km), Nine (9) Elevated
Metro Stations at Sholinganallur Lake-I, Sholinganallur Lake- II,
Semmeancheri-I, Semmeancheri-II Gandhinagar Navalur, Siruseri,
Siruseri Sipcot-1, Siruseri Sipcot-2 and Stabling Viaduct at SIPCOT.
Date of Completion: 31.12.2024
CA Value: H 9.00 Lakh
17. Mumbai Metro:
LOA No. RVNL/Mumbai/Metro Line 2B/LOA dated 06-07-2023
Name of the Work PMC Contract for “Design Manufacturing, Supply, Installation,
Testing and Commissioning of Nos. 110KV Receiving Substation
including 110 KV, 33KV & 25 KV Cabling work, complete 25 KV
overhead catenary system along with switching station, 33KV
Auxiliary Power distribution system including 33/0.415 KV Auxiliary
Sub-station (ASS) and Complete SCADA system for main line &
Depot of Mumbai Metro Line 2B of MMRDA.
CA Value H 7.04 Cr
18. Indore Metro New:
LOA No. RVNL/Indore/HSRC/PMC/LOA/001 dated 14-07-2023
Name of the Work PMC Contract for “Project management consultancy contract top
HSRC Infra Services Ltd. on nomination basis for the works being
managed by RVNL Indore PIU.
CA Value H 1.64 Cr.
19. CPM/RE/ADI:
LOA No. RVNL/RE/ADI/PMC/SBI-BTD/LOA dated 24.08.2023
367
Name of the Work Project management consultancy contract top HSRC Infra
Services Ltd. on nomination basis for "Design, Supply, Erection,
Testing, & Commissioning of 2x25 KV, 50 Hz, Single Phase, Traction
Conventional and High Rise over Head Equipment, Traction Sub
Stations, Switching Stations, SCADA and other associated works,
Civil Engineering work i.e., Service buildings, quarters. Tower Car
sidings, Sheds and electrical general services works for Railway
Electrification of Sabarmati (Excl.)- Botad (Incl.) single line section
(165RKM/189TKM) of Bhavnagar Division of Western Railway in the
state of Gujarat. India.
CA Value H 8.33 Cr.
20. CPM /KOTA:
LOA No. CPM-KOTA-II/Bina-Kota Doubling/HSRC/970 Dated:06.01.2024
Name of the Work: Project Management Consultancy for Construction of Roadbed,
Major & Minor Bridges, Track Linking, S&T, OHE, Traction Sub-Station
& General Electrical Works in c/w doubling between BINA-SHDR
& MDVk-MAKR double & 3rd Line Bhopal Divisions of West Central
Railway in the state of Madhya Pradesh.
CA Value H 1.63 Cr.
21. CPM/RE/NGP:
LOA No.
CPM/RE/RVNL/NGP/HSRC/DRZ-RWGHT
dated: 08.01.2024
Name of the Work Project Management Consultancy Contract to HSRC Infra Services
Ltd. On nomination basis for “Design, Supply, Erection, Testing &
Commissioning of 1X25 KV, 50 Hz, Single Phase, Traction over-
Head Equipment works between section Dallirajhara (Excl.)-
BhanupratappurSp (Excl.) 27.850 RKM/30.580 TKM and Design,
Supply, Erection, Testing & Commissioning of 2X25 KV, 50 Hz,
Single Phase, Traction Over-Head Equipment, Switching stations,
SCADA, General Electrical Services Works along with signaling
& Telecommunication work, Civil Engineering work and other
associated works between section Bhanupratappur SP(Incl.)-
ROW(Incl.) 67.15 RKM/84.82 TKM” of Raipur in South East Central
Railway, Chhattisgarh, India.”
CA Value H 2.16 Cr.
22. CPM/LKO:
LOA No. RVNL/LKO/JNH-PFM/PMC/Civil/2024/05A, dated: 19.01.2024.
Name of the Work: Project Management Consultancy for “Construction of Roadbed,
Major Bridges, Platform, Buildings, Swithyards, FOB etc. & Electrical
General works along with track linking works (Excluding supply of
Rails PSC Line Sleepers) etc. Total 46.79 Kms. In connection with
doubling of Janghai-Phaphamau section on Lucknow Division of
Northern Railway in the state of Uttar Pradesh.”
Date of Completion inclusive 6-month DLP: 07.01.2026
CA Value: H2.98 Cr.
368
eports Financial S
FINANCIAL HIGHLIGHTS
The significant indicators of financial performance of the Company for the financial year 2023-24 are given below:
Amount (J in Lakhs)
S.
Particulars FY 2023-24 FY 2022-23
No
1 Authorized Share Capital 5000 5000
2. Subscribed & Paid-up share Capital 4500 4500
3. Total Income 3644.81 1875.18
4. Revenue from operation 3353.59 1657.39
5. Profit before Tax 945.76 442.83
6. Profit after Tax 706.65 330.37
7. Net Worth 5706.03 5001.56
8. Earnings Per Share
a). Basic 1.57 0.73
b). Diluted 1.57 0.73
During the Financial year 2023-24, Paid-up Share Capital of the Company was H 4500 Lakhs. The Current Liabilities for
the F.Y. 2023-24 were H 295.17 Lakhs, which shows an increase of H 116.79 Lakhs over the previous year. The current
assets for the F.Y. 2023-24 were H 5977.25 Lakhs which shows an increase of H 812.37 Lakhs over the previous year.
During the year, Revenue from operations was J 3353.59 Lakhs; the other income has increased to J 291.22 Lakhs from
J 217.79 Lakhs the previous year.
Capital Structure
As on 31.03.2024, the authorized share capital of the Company was J 5000 Lakhs and the paid-up share capital of the
Company was J 4500 Lakhs during the financial year. There has been no Change in the Capital Structure during the
year under review.
Rail Vikas Nigam Limited, Holding Company holds the entire share capital of the Company.
Dividend
The Company has not declared any dividend for the financial year 2023-24.
Fixed Deposits
The Company has not accepted any fixed deposits from public during the year under review.
Details of Significant and Material Orders passed by the Regulators or Courts or Tribunals impacting the going
concern status and Company’s Operations in future.
No Significant and Material Orders passed by the Regulators or Courts or Tribunals impacting the going concern status
and Company’s Operations in future during the year.
Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo
The provisions of conservation of energy, technology absorption is not applicable to the Company. During the year under
review, there is no foreign exchange earnings, but there is foreign exchange outgo on Travel and Consultancy related to
bidding in foreign countries, amounting J 7.5 Lakhs.
Subsidiaries, Joint Ventures and Associate Companies, names of companies which have become or ceased
to be its Subsidiaries, joint ventures, or associate companies during the year & highlights of performance of
subsidiaries, associates and joint venture companies and their contribution to the overall performance of the
company during the period under report
There are no Subsidiary/ Joint Venture/Associate Companies within the meaning of Section 2(87) and Section 2(6) of the
Companies Act, 2013.
Change in the Nature of Business and Material Changes and Commitments affecting Financial Position between
the end of the Financial Year and Date of Report
There are no Changes in the Nature of Business and Material changes and commitments affecting Financial Position
between the end of the Financial Year and Date of Report.
369
Statement on Compliance of Applicable Secretarial Standards
During the year, Company has complied with the applicable provisions of the Secretarial Standards (SS-1 & SS-2) as
issued by the Institute of Company Secretaries of India (ICSI) to the extent possible.
Contracts and Arrangements with Related Parties
Most of the Contracts/Arrangements/Transactions entered by the Company during the financial year with Related Parties
were in the ordinary course of business and on Arm’s Length Basis. Information on the Transactions with Related parties
pursuant to section 134(3)(h) of the Companies Act,2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014
are given in Annexure-I in Form AOC-2 and the same forms part of this Report.
Particulars of Loans, Investment and Guarantee
During the period under review, the Company has not advanced any loans/ given guarantees/ made investments under
section 186 of the Companies Act, 2013.
Constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 & Disclosure Under Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
The company has complied with provisions relating to the constitution of Internal Complaints Committee under the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 & Disclosure Under Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Statement on declaration given by Independent Directors under sub-section (6) of section 149 of the
Companies Act,2013
Company is not required to appoint Independent Directors as per section 149(4) of the Companies Act,2013.
Policy developed and implemented by the company on Corporate Social Responsibility (CSR) initiatives taken
during the year
The Provisions of Section 135 relating to Corporate Social Responsibility (CSR) were not applicable to the Company
during the year.
Presidential Directive
No Presidential Directive was received during the year.
Cost records
The provisions of sub-section (1) of section 148 of the Companies Act, 2013 was not applicable during period under review.
Integral Reports
“Management Discussion and Analysis Report” and “Corporate Governance Report” forms an integral part of this
Director’s Report, which are placed at Annexure-II & III.
Board of Directors
The Board of Directors consists of five (5) Part- time Directors nominated by the Holding Company, Rail Vikas Nigam
Limited as on the date of this report are mentioned below: -
S.
Name of Director DIN Designation Date of Joining
No
1. Mr. Pradeep Gaur 07243986 Director 10.09.2018
2. Mr. Vinay Singh 03324677 Director 12.09.2019
1. Mr. Rajesh Prasad 08585975 Director 03.03.2020
2. Mr. Sanjeeb Kumar 03383641 Director 10.07.2020
3. Mrs. Anupam Ban 07797026 Director 13.02.2023
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The following Directors or KMP ceased to hold office during the year 2023-24:
S.
Name of Director Designation Date of cessation
No
1. Ms. Kalpana Dubey Company Secretary 09.10.2023
The following Directors or KMP have been appointed during the year 2023-24:
S.
Name of Director Designation Date of Appointment
No
1. Ms. Deepika Mehta Company Secretary 09.10.2023
Number of Board Meetings
The Board of Directors met six (6) times during the financial year 2023-24:
S.
Name of Director Date of Meeting
No
1. 50th Board Meeting 19th May, 2023
2. 51st Board Meeting 10th July, 2023
3. 52nd Board Meeting 29th August, 2023
4. 53rd Board Meeting 25th October, 2023
5. 54th Board Meeting 4th January, 2024
6. 55th Board Meeting 14th March, 2024
Directors’ Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors confirms that:
a) In the preparation of annual accounts, the applicable accounting standards had been followed along with proper
explanation relating to material departures;
b) The directors had selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company
at the end of the financial year and of the profit and loss of the company for that period;
c) The directors had taken proper and sufficient care for the 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;
d) The directors had prepared the annual accounts on a going concern basis; and
e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that
such systems were adequate and operating effectively.
Pursuant to section 134 (3) (a) and of the Companies Act, 2013 read with Companies (Management and Administration)
Amendment Rules 2021, the annual return in Form No. MGT-7 and as per Section 92 (3) of the Companies Act, 2013,
Annual Return will be available on the website of the Company i.e., http://hsrc.in/.
Auditors
The Comptroller and Auditor General of India (C&AG) vide letter No./CA. V/COY/CENTRAL GOVERNMENT, HSRCISL (0)/1287
dated 21.09.2023 has appointed M/s. Anil K Goyal & Associates as Statutory Auditor of the Company for the year 2023-24.
Comments of Comptroller & Auditor General of India
The Comptroller & Auditor General of India has undertaken supplementary audit on the accounts of the Company for
the year ended 31st March, 2024 under Section 139 (5) of the Companies Act, 2013. The comments of the C&AG on the
Annual Accounts of the Company for the year ended 31st March, 2024 is still awaited.
371
Explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer
made by the Auditor
Explanations or replies of the Board on qualifications/reservations/adverse remarks, disclaimers in the Audit Report
issued by the Statutory Auditor of the Company shall also form part of this report.
Details in Respect of Frauds Reported by Auditors under Sub-Section (12) of Section 143 of the Companies Act, 2013
During the year under review, there were no frauds reported by statutory auditors of the Company to the Board under
section 143(12) of the Companies Act, 2013
Compliance of Companies Act, 2013 & filing of all disclosures in Statutory forms with the Ministry of Corporate Affairs
During the year under review, the Company has complied with the provisions of Companies Act, 2013 & has filed all the
disclosures in statutory forms with the Ministry of Corporate Affairs.
Particulars of Employees
During the year 2023-24, the Company has 01 Regular, 01 Deputationists, 28 Contract Engineers, 03 Advisors/Experts,
13 Outsourced Employees. Besides, the Company also has more than 250 outsourced Engineers/experts/others hired on
need basis for various PMC sites all over the India.
Secretarial Audit
During the year under review, provisions of Section 204 relating to secretarial audit are not applicable.
Acknowledgements
We record our appreciation and thanks to the Ministry of Railways and Holding Company, RVNL for their continued
support to the Company, and also the employees of the Holding Company for their efforts to take the company forward.
Sd/- Sd/-
(Rajesh Prasad) (Sanjeeb Kumar)
Place: New Delhi Director Director
Date: 08.08.2024 (DIN: 08585975) (DIN: 03383641)
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Annexure-I
Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and
Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred
to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third
proviso thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis:
HSRC Infra Services Limited has not entered into any contract or arrangement or transaction with its related parties
which is not at arm’s length during financial year 2023-24.
2. Details of material contracts or arrangement or transactions at arm’s length basis:
(a) Name(s) of the related party and nature of relationship:
i. Rail Vikas Nigam Limited: Holding Company: PMC Contracts & Bidding
ii. JSW Limited: PMC Contract
(b) Nature of contracts/arrangements/transactions:
i. Project Management Consultancy Contracts &
ii. Business Development
(c) Duration of the contracts / arrangements/transactions:
Ongoing Contracts
(d) Salient terms of the contracts or arrangements or transactions including the value, if any:
i. Project Management Consultancy Contracts:
Successful execution of 22 PMC Contracts awarded by RVNL and One PMC Contract awarded by JSW
during 2023-24; Turnover H 3353.53 Lakhs during 2023-24.
ii. Business Development Activities of RVNL:
Participated in 142 bids valuing H 65,159.53 Cr. during FY 2023-24 on behalf of RVNL and as a result
thereof, RVNL has bagged 26 Contracts valuing H 9,272 Crores during 2023-24
(e) Date (s) of approval by the Board, if any: NA
(f) Amount paid as advances, if any: NIL
Sd/- Sd/-
(Rajesh Prasad) (Sanjeeb Kumar)
Place: New Delhi Director Director
Date: 08.08.2024 (DIN: 08585975) (DIN: 03383641)
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Annexure-II
MANAGEMENT DISCUSSION AND ANALYSIS
An Overview
The company was incorporated on 25th July, 2012 in the name of High Speed Rail Corporation of India; as a wholly owned
Subsidiary (WOS) of Rail Vikas Nigam Limited, RVNL is a Navratna CPSE under the Ministry of Railways, Government of
India. Later the name was changed to HSRC Infra Services Limited, under Certificate of Incorporation issued by ROC
Delhi on 09.10.2020.
Mission
HSRCISL is committed to efficient, cost-effective and time-bound delivery of construction and infrastructure development
projects by providing comprehensive solutions from their inception to commissioning, through adoption of “best-in-the-
industry” practices.
Vision
To emerge as a trusted leader in the construction and development of rail, road and other infrastructure projects in India
and abroad and to build a pool of expertise in global construction, maintenance, supervision and operational practices
Objectives
To develop specialized human resources for project implementation by skill development training and
developing expertise for specific areas related to Transportation and Civil infrastructure in general and Railway
Infrastructure in particular.
To expand existing in-house knowledge & expertise base to provide consulting services.
To expand expertise and knowledge base for optimum utilization of existing assets & resources as well as to augment
capacity in order to meet emerging specialized transportation infrastructure needs.
To maintain a cost effective organizational set up to gain a competitive edge over potential competitors.
To undertake the project development and implementation of Transportation and Other Infrastructure Projects.
To evolve as a Transportation and Other Infrastructure Company committed to sustainable development and
environment friendly execution of Transportation and Other Infrastructure Projects.
To mobilize financial resources for project implementation as per project schedule.
To encourage public private participation in Transportation and Other Infrastructure Projects in India and abroad.
Thus, to contribute significantly in Transportation and Other Infrastructure so as to minimize General Transportation &
other Costs of the Economy as well as to optimize the Capital and other resources for faster GDP growth
Strengths
HSRCISL has developed expertise in execution and implementation all stages of project development - from
concept to commissioning – including feasibility/bankability studies, DPR (detailed project report), financing/
structuring of project specific SPVs, tendering, project supervision, commissioning etc.
HSRCISL has acquired experience of working with multiple study teams consisting of international experts involved
in conducting Feasibility studies of various High-Speed Rail corridors of Diamond Quadrilateral
HSRCISL has adequate capability and monitoring mechanism to enter into Private Public Partnership (PPP) models
for implementation and financing of technology driven innovative Transportation & other Infrastructure projects.
HSRCISL has adequate the requisite skills and experience to implement projects following the procedure laid
down by ADB/Word Bank/other International bodies including resettlement and rehabilitation of Project Affected
Persons and implementation of socio-economic safeguards for them.
HSRCISL has a sound and robust financial management system, which allows for effective monitoring and control
of expenditure.
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Weaknesses
The human resource of HSRCISL is limited and is dependent on the holding company (RVNL) for manpower support
as per project requirements.
Transportation Infrastructure projects are highly capital intensive with long gestation period. As of now, HSRCISL
doesn’t have the provision to raise private equity. Hence, such projects may be dependent on availability of suitable
financing and/or funding by the holding company.
Opportunities
Transportation Infrastructure is an emerging domain and position of HSRCISL is unique.
Transportation & other Infrastructure projects are priority projects for respective Governments and HSRCISL is an
emerging & potential name in this domain.
After Successful commissioning of PMC Contracts, HSRCISL has gained expertise and capability for Metro & Rail
projects, which will be helpful in capturing new opportunities.
Threats
The dependency for experienced of technical manpower over RVNL and other Railway bodies may put little
constraints in timely execution of projects.
Availability of adequate funds is a critical requirement for implementation of any project. As HSRCISL is a growing
entity, the time schedule of projected funds inflow, may deviate a little bit and cause similar deviation in the
project schedule.
As infrastructure projects involve Land acquisition & other critical issues, any such criticality may affect the project
cost and schedule.
Risks and Concerns
Transportation Infrastructure projects are always highly capital intensive.
The implementation of Infrastructure projects is dependent on specific policy directives of the Government of India.
Internal Control Systems
HSRCISL has a robust and effective Internal Control & monitoring system. HSRCISL has an effective & comprehensive
Internal Control & Monitoring System, which covers each segment of its operations.
Human Resources
The Company has limited need-based personnel on its rolls. At present, the activities of the Company are managed by
present strength with the support of RVNL personnel on need basis. HSRCISL, being a wholly owned subsidiary of RVNL,
is also engaged in Business Development of RVNL.
Financial Performance
During the year, the “Revenue from Operations” is H 3353.59 Lakhs as compared to H 1657.39 Lakhs in the previous year.
“Revenue from Other Sources” is H 291.22 Lakhs from H 217.79 Lakhs in the previous year.
375
Annexure-III
REPORT ON CORPORATE GOVERNANCE

1. Company’s Philosophy on Corporate Governance
Initiatives are being taken to implement Corporate Governance principles and measures as contained in the
Guidelines on Corporate Governance for Central Public Sector Enterprises May 2010 issued by the Department of
Public Enterprises.
2. Incorporation
The Company was incorporated on 25th July, 2012 as a wholly owned Subsidiary of RVNL Ltd. with an Authorized
Share Capital of H 500 Lakhs and paid-up share capital of H 10.74 Lakhs. In FY 2021-22, the authorized share capital
of the Company was increased from H 500 Lakhs to H 5,000 Lakhs with the paid-up share capital of the Company
was increased from H 10.74 Lakhs to H 4,500 Lakhs.
Hence, during the year 2023-24, the authorized share capital of the Company is H 5000 Lakhs with the paid-up
share capital of the Company is H 4500 Lakhs.
The Holding Company, RVNL, holds the entire paid-up share capital of the Company.
3. Board of Directors
Present strength of the Board of Directors is five comprising of part-time directors including part-time chairman-
nominated by the holding company.
The details of directors as on the date of this report are given below:
BOARD OF DIRECTORS (As on the date of this Report)

Total No. of Committee
Directorships/
Category of Membership** held (including
S. Chairmanships held
Name Directors Whole HSRCISL)
No. in Public companies
Time / Part Time As Member other
excluding HSRCISL* As Chairman
than Chairman
1. Mr. Pradeep Gaur Part -time Chairman 1 - -
(DIN:07243986) [RVNL]
(w.e.f 10.09.2018)
2 Mr. Vinay Singh Part -time Director 1 - -

(DIN: 03324677) [RVNL]
(w.e.f. 12.09.2019)
3 Mr. Rajesh Prasad Part -time Director 1 - 2

(DIN: 08585975)
(w.e.f. 03.03.2020)
4 Mr. Sanjeeb Kumar Part -time Director 1 - 1
(DIN: 03383641) [RVNL]
w.e.f.10.07.2020
5 Mrs. Anupam Ban Part -time Director 1 - -

(DIN: 07797026) [RVNL]
w.e.f. 13.02.2023
* Does not include Directorship in Private Companies, Section 8 Companies and Foreign Companies.
**Does not include Chairmanship / Membership in the Board of Committees other than the Audit Committee and Shareholders’/Grievance
Committees.
Note:
Full names of companies referred:

RVNL- Rail Vikas Nigam Limited
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3.1 Board Meetings, Annual General Meeting, and attendance during the financial year 2023-24.
The Board of Directors met 5 times during the financial year 2023-24 to discuss the activities of the Company.
Details of attendance of the Directors during the year 2023-24 are given below: -
Board Meetings held on-

19.05.2023
10.07.2023 Directorships/
S. 29.08.2023 Chairmanships held in
Name of Directors
No. 25.10.2023 Public companies excluding
04.01.2024 HSRCISL*
14.03.2024
Held during tenure Attended
1. Mr. Pradeep Gaur 6 6 Yes
(DIN:07243986)
2 Mr. Vinay Singh 6 6 Yes
(DIN: 03324677)
3 Mr. Rajesh Prasad 6 6 Yes
(DIN: 08585975)
4 Mr. Sanjeeb Kumar 6 6 Yes
(DIN: 03383641)
5 Mrs. Anupam Ban 6 6 Yes
(DIN: 07797026)
4. Remuneration of Directors
No sitting fee is paid to the part – time Directors.
5. Code of Conduct
All Directors of the company are whole-time Directors of the holding Company, RVNL. They have been following the
Code of Conduct laid down by RVNL.
6. Committees of the Board of Directors
Audit committee, Remuneration committee, CSR committee etc. will be constituted as and when the need arises.
7. Annual General Meeting
The Company will hold its 12th Annual General meeting in accordance with the provisions of section 96 of the
Companies Act, 2013 & General circular No. 096/2023 dated 25.09.2023 read with General circular No. 20/2020
dated 05.05.2020, General Circular No. 02/2022 dated 05.05.2022 and General Circular No. 10/2022 dated 28.72.2022
issued by the Ministry of Corporate Affairs (MCA).
The details relating to date, time and venue of the last three Annual General Meetings of the Company with details
of Special resolution passed are placed below:
Special
Year AGM Date Time Venue Resolution
Passed
2022-23 11th 26.09.2023 1130 Conference Hall, First Floor, August Kranti None
hrs Bhawan, Bhikaji Cama Place, R.K. Puram, New
Delhi-110066
2021-22 10th 28.09.2022 1130 Room No.260, conference Room, First Floor, None
hrs August Kranti Bhawan, BhikajiCama Place,
R.K.Puram, New Delhi-110066
2020-21 9th 15.11.2021 1730 Room No. 260, conference Room, First Floor, None
hrs August Kranti Bhawan, BhikajiCama Place,
R.K.Puram, New Delhi-110066
377
8. Means of Communication
The Annual Report of the Company including the audited financial statements for the year 2023-24 containing inter-
alia Directors’ Report, Report on Corporate Governance of HSRCISL are available on the website of the Company
www.hsrc.in and at the Registered Office of the company.
Annual General Meeting of the Current Year
Date: 30.09.2024
Time: 11:00 Hrs
Venue: Registered Office of the Company i.e., Conference Hall, First Floor, August Kranti Bhawan, Bhikaji Cama
Place, R.K. Puram, New Delhi-110066
Category Wise Shareholding Pattern (As on the date of this report)
No. of Shares held

Category in physical form % of Shares Held
(J10/- each)
Promoters 45000000 100%
(Rail Vikas Nigam Limited and its six Nominees)
Total 45000000 100%
Address for Correspondence:
The address of registered office of the company is:

(Formerly known as High Speed Rail Corporation of India Limited)
RVNL Corporate Office,
Room No.260,1st Floor, August Kranti Bhawan,
Bhikaji Cama Place, New Delhi - 110066
Contact. No.: 011-26738105
Email: [email protected]
Website: www.hsrc.in
378

To the Members of Report including Annexures to Board’s Report, Business
HSRC INFRA SERVICES LIMITED Responsibility Report, Corporate Governance and
Report on the Audit of Financial Statements Shareholder’s information, but does not include the
financial statements and our auditor’s report thereon. The
other information is expected to be made available to us
Opinion
after the date of this auditor’s report.
We have audited the accompanying financial statements
of HSRC Infra Services Limited (“the Company”), Our opinion on the financial statements does not cover
which comprises the Balance Sheet as at 31st March, the other information and we do not express any form of
2024, the Statement of Profit and Loss (including Other assurance conclusion thereon.
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year then In connection with our audit of the financial statements,
ended, and notes to the financial statements, including our responsibility is to read the other information
a summary of material accounting policies and other identified above when it becomes available and, in
explanatory information (hereinafter referred to as the doing so, consider whether such other information is
“financial statements”). materially inconsistent with the financial statements or
our knowledge obtained during the course of our audit or
In our opinion and to the best of our information and otherwise appears to be materially misstated.
according to the explanations given to us, the aforesaid
financial statements, give the information required If based on the work we have performed, we conclude
by the Companies Act, 2013, (“the Act”) in the manner that there is a material misstatement of this other
so required and give a true and fair view in conformity information, we are required to communicate the fact. We
with the Indian Accounting Standards prescribed under have nothing to report in this regard.
Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 as amended (‘Ind Management’s Responsibilities for the
AS’) and other accounting principles generally accepted Financial Statements
in India, of the state of affairs of the company as at 31st
The Company's Management and Board of Directors
March 2024, its profit including other comprehensive
are responsible for the matters stated in section 134(5)
income, the changes in equity and its cash flows for the
of the Act with respect to the preparation of these
year ended on that date.
financial statements that give a true and fair view of the
financial position, financial performance including other
Basis for Opinion comprehensive income, changes in equity and cash flows
We conducted our audit of the financial statements in of the company in accordance with the Ind AS and other
accordance with the Standards on Auditing (SAs) specified accounting principles generally accepted in India. This
under section 143(10) of the Act. Our responsibilities responsibility also includes maintenance of adequate
under those Standards are further described in the accounting records in accordance with the provision of
Auditor’s Responsibilities for the Audit of the Financial the Act for safeguarding of the assets of the Company
Statements section of our report. We are independent and for preventing and detecting the frauds and other
of the Company in accordance with the Code of Ethics irregularities; selection and application of appropriate
issued by the Institute of Chartered Accountants of India accounting policies; making judgments and estimates that
(ICAI) together with the ethical requirements that are are reasonable and prudent; and design, implementation
relevant to our audit of the financial statements under and maintenance of adequate internal financial controls,
the provisions of the Act and the Rules made thereunder, that were operating effectively for ensuring the accuracy
and we have fulfilled our other ethical responsibilities in and completeness of the accounting records, relevant
accordance with these requirements and the ICAI’s Code to the preparation and presentation of the financial
of Ethics. We believe that the audit evidence obtained by statements that give a true and fair view and are free from
us is sufficient and appropriate to provide a basis for our material misstatement, whether due to fraud or error.
audit opinion on the financial statements.
In preparing the financial statements, management
and Board of Directors are responsible for assessing
Information other than the financial the Company’s ability to continue as a going concern,
statements and auditors’ report thereon disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
The Company’s Management and Board of Directors
unless management either intends to liquidate the
are responsible for the other information. The other
Company or to cease operations, or has no realistic
information comprises the information included in
alternative but to do so.
the Management Discussion and Analysis, Board’s
379
The Company’s Management and Board of Director’s are auditor’s report. However, future events or conditions
also responsible for overseeing the Company’s financial may cause the Company to cease to continue as
reporting process. a going concern.
Evaluate the overall presentation, structure and

Auditor’s Responsibilities for the Audit of the content of the financial statements, including the
Financial Statements disclosures, and whether the financial statements
Our objectives are to obtain reasonable assurance about represent the underlying transactions and events in
whether the financial statements as a whole are free from a manner that achieves fair presentation.
material misstatement, whether due to fraud or error,
Materiality is the magnitude of misstatements in the
and to issue an auditor’s report that includes our opinion.
financial statements that, individually or in aggregate,
Reasonable assurance is a high level of assurance, but is
makes it probable that the economic decisions of a
not a guarantee that an audit conducted in accordance
reasonably knowledgeable user of the financial statements
with SAs will always detect a material misstatement when
may be influenced. We consider quantitative materiality
it exists. Misstatements can arise from fraud or error and
and qualitative factors in (i) planning the scope of our
are considered material if, individually or in the aggregate,
audit work and in evaluating the results of our work; and
they could reasonably be expected to influence the
(ii) to evaluate the effect of any identified misstatements
economic decisions of users taken on the basis of these
in the financial statements.
financial statements.
We communicate with those charged with governance
As part of an audit in accordance with SAs, we exercise
regarding, among other matters, the planned scope
professional judgment and maintain professional
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
Identify and assess the risks of material misstatement that we identify during our audit.
of the financial statements, whether due to fraud
or error, design and perform audit procedures We also provide those charged with governance with
responsive to those risks, and obtain audit evidence a statement that we have complied with relevant
that is sufficient and appropriate to provide a basis ethical requirements regarding independence, and to
for our opinion. The risk of not detecting a material communicate with them all relationships and other
misstatement resulting from fraud is higher than for matters that may reasonably be thought to bear on our
one resulting from error, as fraud may involve collusion, independence, and where applicable, related safeguards.
forgery, intentional omissions, misrepresentations, or
the override of internal control. Report on other Legal and Regulatory
Requirements
Obtain an understanding of internal financial
control relevant to the audit in order to design 1. As required by the companies (Auditor’s Report)
audit procedures that are appropriate in the Order, 2020 (‘’the Order’’) issued by the Central
circumstances. Under section 143(3)(i) of the Act, Government of India in terms of Section 143(11) of
we are also responsible for expressing our opinion the Act, we give in the “Annexure 1”, a statement on
on whether the company has adequate internal the matters specified in paragraphs 3 and 4 of the
financial controls system in place and the operating Order to the extent applicable.
effectiveness of such controls.
2. As required by the Section 143(5) of the Act, and on
Evaluate the appropriateness of accounting policies the basis of such checks of the books and records
used and the reasonableness of accounting estimates of the Company as we considered appropriate and
and related disclosures made by management and according to the information and explanations given
Board of Directors. to us, we give in “Annexure 2” of our report on the
compliances of the directions / additional directions,
Conclude on the appropriateness of management’s indicating the areas to be examined, issued by the
use of the going concern basis of accounting and, Comptroller and Auditor General of India.
based on the audit evidence obtained, whether
a material uncertainty exists related to events or 3. As required by section 143(3) of the Act, based on
conditions that may cast significant doubt on the our audit we report that:
Company’s ability to continue as a going concern.
a) We have sought and obtained all the information
If we conclude that a material uncertainty exists,
and explanations which to the best of our
we are required to draw attention in our auditor’s
knowledge and belief were necessary for the
report to the related disclosures in the financial
purpose of our audit.
statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on b) In our opinion, proper books of account as
the audit evidence obtained up to the date of our required by law have been kept by the Company
380
so far as it appears from our examination invested (either from borrowed funds
of those books. or share premium or any other sources
or kind of funds) by the Company to or
c) The Balance Sheet, the Statement of Profit and in any other person or entity, including
Loss including other comprehensive income, foreign entity (“Intermediaries”), with
Statement of changes in equity and the the understanding, whether recorded
Statement of Cash Flows dealt with by this Report in writing or otherwise, that the
are in agreement with the books of account. Intermediary shall, whether, directly
or indirectly lend or invest in other
d) In our opinion, the aforesaid financial statements
persons or entities identified in any
comply with the Indian Accounting Standards
manner whatsoever by or on behalf of
specified under Section 133 of the Act, read
the Company (“Ultimate Beneficiaries”)
with Companies (Indian Accounting standards)
or provide any guarantee, security
Rules, 2015, as amended.
or the like on behalf of the
e) Since it’s a Government company, so the Ultimate Beneficiaries;
provisions of section 164(2) of the act are
(b) The Management has represented,
not applicable.
that, to the best of its knowledge
f) With respect to the adequacy of the internal and belief, no funds (which are
financial controls over financial reporting of material either individually or in the
the Company with reference to these Financial aggregate) have been received by the
Statements and the operating effectiveness of Company from any person or entity,
such controls, refer to our separate Report in including foreign entity (“Funding
“Annexure 3” to this report. Our report expresses Parties”), with the understanding,
an unmodified opinion on the adequacy and whether recorded in writing or
operating effectiveness of the Company’s internal otherwise, that the Company shall,
financial controls over financial reporting. whether, directly or indirectly, lend
or invest in other persons or entities
g) As per notification No. GSR 463(E) dated 5th June identified in any manner whatsoever
2015 issued by the Ministry of Corporate Affairs, by or on behalf of the Funding Party
Government of India, Section 197 of the Act is (“Ultimate Beneficiaries”) or provide
not applicable to the Government Companies. any guarantee, security or the like on
Accordingly, reporting in accordance with behalf of the Ultimate Beneficiaries;
requirement of provision of section 197(16) of
the Act is not applicable on the company. (c) Based on the audit procedures that
have been considered reasonable
h) With respect to the other matters to be and appropriate in the circumstances,
included in the Auditor's Report in accordance nothing has come to our notice that
with Rule 11 of the Companies (Audit and has caused us to believe that the
Auditors) Rules, 2014, in our opinion and to the representations under sub-clause
best of our information and according to the (i) and (ii) of Rule 11(e), as provided
explanations given to us: under (a) and (b) above, contain any
material misstatement.
(i) The Company does not have any pending
litigation which would impact its (v) (a) The Company has not proposed any
Financial position; dividend in the previous year.
(ii) The company did not have any long-term (b) The company has not declared and
contracts including derivative contracts paid any interim dividend during the
for which there were any material year and until the date of this report.
foreseeable losses;
(c) The Board of Directors of the
(iii) There were no amounts which were required company has not proposed any final
to be transferred to the Investor Education dividend for the year.
and Protection Fund by the Company.
(vi) The reporting under Rule 11(g) of the
(iv) (a) The Management has represented Companies (Audit and Auditors) Rules,
that, to the best of its knowledge and 2014 is applicable from 1 April 2023.
belief, no funds (which are material Based on our examination which included
either individually or in the aggregate) test checks, except for the instances
have been advanced or loaned or mentioned below, the Company has used
381
accounting software for maintaining its Our examination of the audit trail was in the
books of account, which have a feature of context of an audit of financial statements
recording audit trail (edit log) facility and carried out in accordance with the Standard
the same has operated throughout the of Auditing and only to the extent required
year for all relevant transactions recorded by Rule 11(g) of the Companies (Audit
in the software: and Auditors) Rules, 2014 (revised 2024
edition) issued by the Institute of Chartered
The feature of recording audit trail (edit log) Accountants of India. We have not carried
facility was not enabled in the accounting out any audit or examination of the audit
software for the period from 1st April 2023 trail beyond the matters required by the
to 2nd April 2023. aforesaid Rule 11(g) nor have we carried
out any standalone audit or examination of
Further, for the periods where audit trail
the audit trail.
(edit log) facility was enabled and operated
for the respective accounting software, we
did not come across any instance of the
audit trail feature being tampered with.
For Anil K. Goyal & Associates

FRN 004558N
Sd/-
Alok Goyal
(Partner)
M. No. 501529
UDIN: 24501529BKAVEO4873
Place: New Delhi

Date: 18.07.2024
382
Annexure – “1” to the Independent Auditor’s Report

(Referred to in paragraph 1 of the ‘Report on Other Legal and Regulatory Requirements’ section of our
report of even date)
To the best of our information and according to the under clauses 3(iii)(a)(b)(c)(d)(e)(f) of the Order are
explanation provided to us by the Company and the not applicable.
books of accounts and records examined by us in the
normal course of audit, we state that: 4 There are no loans, investments, guarantees, and
securities granted by the company in respect of
1. In respect of the Company’s Property, Plant and which the provisions of Section 185 and 186 of the
Equipment and Intangible Assets: act are applicable. Hence reporting under clause
3(iv) of the Order is not applicable.
a. (A) The Company has generally maintained
proper records showing full particulars, 5 The Company has not accepted deposits or amounts
including quantitative details and situation which are deemed to be deposits. Hence, reporting
of Property, Plant and Equipment. under clause 3(v) of the Order is not applicable.
(B) The Company has maintained proper 6 The maintenance of cost records has not been
records showing full particulars of prescribed by the Central Government under
Intangible Assets. sub-section (1) of section 148 of the Companies
Act, 2013 in respect of activities of the company.
b. The Property, Plant and Equipment were Hence, reporting under clause 3(vi) of the Order is
physically verified by the Management not applicable.
in accordance with a regular program of
verification which, in our opinion, provides for 7 In respect of statutory dues:
physical verification of all the Property, Plant and
Equipment at reasonable intervals. According a. In our opinion, the company has generally been
to the information and explanations given to regular in depositing undisputed statutory dues,
us, no material discrepancies were noticed on including Provident Fund, employees’ state
such verification. insurance, income tax, goods & service tax, sales
tax, custom duty, excise duty, service tax and
c. The Company does not have any immovable cess and other statutory dues applicable to it
properties; hence reporting under clause 3(i)(c) with the appropriate authorities.
of the order is not applicable.
There were no undisputed amounts in arrears
d. The Company has not revalued any of its as at 31st March, 2024 for a period of more
Property, Plant and Equipment and Intangible than six months from the date they became
assets during the year. payable except GST payable of H 17.91 Lacs and
interest thereon amounting to H 2.78 Lacs and
e. No proceedings have been initiated during Professional Tax amounting of H 0.07 Lacs.
the year or are pending against the Company
as at 31st March, 2024 for holding any benami b. In our opinion and according to the information
property under the Benami Transactions and explanations given to us, there are no dues
(Prohibition) Act, 1988 (as amended in 2016) of income tax or Goods & Service Tax or sales tax
and rules made thereunder. or service tax or duty of customs or duty of excise
or value added tax, pending to be deposited on
2 a. The Company does not have any inventory and account of any dispute, hence, reporting under
hence reporting under clause 3(ii)(a) of the clause 3(vii)(b) of the Order is not applicable.
Order is not applicable.
8 There were no transactions relating to previously
b. The Company has not been sanctioned working unrecorded income that have been surrendered
capital limits in excess of ₹ 5 crore, in aggregate, or disclosed as income during the year in the
at any points of time during the year, from banks tax assessments under the Income Tax Act,
or financial institutions on the basis of security of 1961 (43 of 1961).
current assets and hence reporting under clause
3(ii)(b) of the Order is not applicable. 9 The Company has not taken any loans or other
borrowings from any lender. Hence reporting
3 The company has not made any investment in, under clauses 3(ix)(a)(b)(c)(d)(e)(f) of the Order are
provided any guarantee or securities or granted any not applicable.
loans or advances in the nature of loans, secured
or unsecured, to companies, firms, limited liability 10 a. The Company has not raised moneys by way
partnerships or other parties. Hence reporting of initial public offer or further public offer
383
(including debt instruments) during the year Hence, provisions of section 192 of the Companies
and hence reporting under clause 3(x)(a) of the Act, 2013 are not applicable to the Company.
Order is not applicable.
16 a. In our opinion, the Company is not required to
b. During the year, the Company has not made any be registered under section 45-IA of the Reserve
preferential allotment or private placement of Bank of India Act, 1934. Hence, reporting
shares or convertible debentures (fully or partly under clause 3(xvi)(a), (b) and (c) of the Order is
or optionally) and hence reporting under clause not applicable.
3(x)(b) of the Order is not applicable.
b. In our opinion, there is no core investment
11 a. No fraud by the Company and no material fraud company within the Group (as defined in
on the Company has been noticed or reported the Core Investment Companies (Reserve
during the year. Bank) Directions, 2016) and accordingly
reporting under clause 3(xvi)(d) of the Order is
b. No report under sub-section (12) of section 143 of not applicable.
the Companies Act has been filed in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and 17 The Company has not incurred cash losses during
Auditors) Rules, 2014 with the Central Government, the financial year covered by our audit and the
during the year and upto the date of this report. immediately preceding financial year.
c. No complaint has been received from any 18 There has been no resignation of the statutory
whistleblower by the company during the auditors of the Company during the year.
year (and upto the date of this report). Hence,
reporting under Clause 3(xi)(c) of the Order is 19 On the basis of the financial ratios, ageing and
not applicable. expected dates of realisation of financial assets and
payment of financial liabilities, other information
12 The Company is not a Nidhi Company and hence accompanying the financial statements and
reporting under Clause 3(xii) of the Order is our knowledge of the Board of Directors and
not applicable. Management plans and based on our examination
of the evidence supporting the assumptions, nothing
13 In our opinion, the Company is in compliance with has come to our attention, which causes us to believe
Section 177 and 188 of the Companies Act, 2013 with that any material uncertainty exists as on the date
respect to applicable transactions with the related of the audit report indicating that Company is not
parties and the details of related party transactions capable of meeting its liabilities existing at the date
have been disclosed in the financial statements as of balance sheet as and when they fall due within
required by the applicable accounting standards. a period of one year from the balance sheet date.
We, however, state that this is not an assurance as
14 a. The Central Government has not prescribed
to the future viability of the Company. We further
to appoint internal auditor under section 138
state that our reporting is based on the facts up to
of the Act, for any of the services rendered
the date of the audit report and we neither give any
by the Company.
guarantee nor any assurance that all liabilities falling
b. Since Internal Audit is not applicable to the due within a period of one year from the balance
company, hence, reporting under clause 3(xiv) sheet date, will get discharged by the Company as
(b) of the Order is not applicable. and when they fall due.
15 In our opinion during the year the Company has 20 The company does not meet the requirements of
not entered into any non-cash transactions with its Section 135 of the Act and therefore, CSR is not
Directors or persons connected with its directors. applicable to the company, hence reporting under
Clauses 3(xx)(a)(b) of the Order are not applicable.

FRN 004558N
Sd/-
Alok Goyal
(Partner)
M. No. 501529
Place: New Delhi

Date: 18.07.2024
384

(Referred to in paragraph 2 of the ‘Report on Other Legal and Regulatory Requirements’ section of our
Directions/ Additional Directions Indicating the areas to be examined by the Statutory auditors during the
course of audit of annual accounts of HSRC Infra Services Limited, New Delhi for the year 2023-24, issued
by the Comptroller & Auditor General of India Under Section 143(5) of the Companies Act, 2013.
S. No Directions Auditor’s Response

1. Whether the company has system in place to process Yes, as per the information and explanation given
all the accounting transactions through IT system? If yes, to us, the company maintains all accounting
the implications of processing of accounting transactions related records in computer accounting software.
outside IT system on the integrity of the accounts along There is no material impact on the integrity of
with the financial implications, if any, may be stated. the accounts or financial implication on the
processing of these accounting transactions
outside IT systems
2 Whether there is any restructuring of an existing loan No Loan has been taken by the Company and as
or cases of waiver/write off of debts/loans/interest etc. such it is not applicable.
made by a lender to the company due to the company’s
inability to repay the loan? If yes, the financial impact may
be stated. Whether such cases are properly accounted
for? (In case, lender is a Government company, then this
direction is also applicable for statutory auditor of lender
company).
3. Whether funds (grants/subsidy etc.) received/receivable No funds received / receivable for any schemes
for specific schemes from Central/State Government or its from central / state Government or its agencies
agencies were properly accounted for/utilized as per its and as such it is not applicable.
term and conditions? List the cases of deviation.

FRN 004558N
Sd/-
Alok Goyal
(Partner)
M. No. 501529
Place: New Delhi

Date: 18.07.2024
385
(Referred to in paragraph 3(f) of the ‘Report on Other Legal and Regulatory Requirements’ section of our
Report on the Internal Financial Controls over Our audit involves performing procedures to obtain audit
Financial Reporting under Clause (i) of Sub- evidence about the adequacy of the internal financial
section 3 of Section 143 of the Companies Act, controls over financial reporting with reference to these
2013 ("the Act")” Financial Statements and their operating effectiveness. Our
audit of internal financial controls over financial reporting
We have audited the internal financial controls over
included obtaining an understanding of internal financial
financial reporting of HSRC Infra Services Limited ("the
controls over financial reporting with reference to these
Company") as of 31st March, 2024 in conjunction with our
Financial Statements, assessing the risk that a material
audit of the financial statements of the Company for the
weakness exists, and testing and evaluating the design
year ended on that date.
and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on
Management's Responsibility for Internal the auditors’ judgments, including the assessment of the
Financial Controls risks of material misstatement of the financial statements,
The Company’s Management is responsible for whether due to fraud or error.
establishing and maintaining internal financial controls
We believe that the audit evidence we have obtained is
based on the internal control over financial reporting
sufficient and appropriate to provide a basis for our audit
criteria established by the Company considering the
opinion on the internal financial controls over financial
essential components of internal control stated in the
reporting with reference to these Financial Statements.
Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) issued by
the Institute of Chartered Accountants of India (the “ICAI”). Meaning of Internal Financial Controls over
These responsibilities include the design, implementation Financial Reporting
and maintenance of adequate internal financial controls A company’s internal financial control over financial
that were operating effectively for ensuring the orderly reporting with reference to these Financial Statements
and efficient conduct of its business, including adherence is a process designed to provide reasonable assurance
to the Company’s policies, the safeguarding of its assets, regarding the reliability of financial reporting and the
the prevention and detection of frauds and errors, the preparation of financial statements for external purposes
accuracy and completeness of the accounting records, and in accordance with generally accepted accounting
the timely preparation of reliable financial information, as principles. A company’s internal financial control over
required under the Act. financial reporting with reference to these Financial
Statements includes those policies and procedures that (1)
Auditor's Responsibility pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
Our responsibility is to express an opinion on the Company’s
dispositions of the assets of the Company; (2) provide
internal financial controls over financial reporting with
reasonable assurance that transactions are recorded as
reference to these financial statements based on our
necessary to permit preparation of financial statements in
audit. We conducted our audit in accordance with the
accordance with generally accepted accounting principles,
Guidance Note on Audit of Internal Financial Controls
and that receipts and expenditures of the Company
Over Financial Reporting (the ‘Guidance Note’) issued
are being made only in accordance with authorizations
by the ICAI and the Standards on Auditing as specified
of management and directors of the Company; and (3)
under Section 143(10) of the Act, to the extent applicable
provide reasonable assurance regarding prevention or
to an audit of internal financial controls. Those Standards
timely detection of unauthorized acquisition, use, or
and the Guidance Note require that we comply with
disposition of the Company’s assets that could have a
ethical requirements and plan and perform the audit to
material effect on the financial statements.
obtain reasonable assurance about whether adequate
internal financial controls over financial reporting with
reference to these Financial Statements was established
and maintained and if such controls operated effectively
in all material respects.
386
Inherent Limitations of Internal Financial Opinion

Controls over Financial Reporting In our opinion, to the best of our information and according
Because of the inherent limitations of internal financial to the explanations given to us, the Company has, in all
controls over financial reporting with reference to these material respects, an adequate internal financial controls
Financial Statements, including the possibility of collusion system over financial reporting with reference to the
or improper management override of controls, material financial statements and such internal financial controls
misstatements due to error or fraud may occur and not over financial reporting with reference to the financial
be detected. Also, projections of any evaluation of the statements were operating effectively as at 31st March
internal financial controls over financial reporting with 2023, based on the criteria for internal financial controls
reference to these Financial Statements to future periods over financial reporting with reference to the financial
are subject to the risk that the internal financial control statements established by the Company considering the
over financial reporting with reference to these Financial essential components of internal control stated in the
Statements may become inadequate because of changes Guidance Note issued by ICAI.
in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

FRN 004558N
Sd/-
Alok Goyal
(Partner)
M. No. 501529
Place: New Delhi

Date: 18.07.2024
387
Balance Sheet
as at 31st March 2024
(J in Lakhs)
Note
Particulars As at 31st March 2024 As at 31st March 2023
No.
I. ASSETS
(a) Property, Plant and equipment 3 25.47 16.48
(b) Intangible Assets 4 0.35 0.48
(c) Deferred Tax Asset (Net) 5 16.73 11.31
42.55 28.27
2 Current assets
(a) Financial Assets
(i) Trade Receivables 6 1,078.30 665.37
(ii) Cash and cash equivalents 7 3,160.96 2,914.60
(iii) Other financial asset 8 1,558.25 1,535.14
(b) Current Tax Assets (Net) 17 133.02 46.28
(c) Other current assets 9 46.72 3.49
5,977.25 5,164.88
Total Assets 6,019.80 5,193.15
1 Equity
(b) Other Equity 11 1,206.03 501.56
5,706.03 5,001.56
Liabilities
2 Non-current Liabilities
(a) Provisions 12 18.60 13.21
18.60 13.21
3 Current liabilities
(a) Financial Liabilities
(i) Trade Payable 13
(A) total outstanding dues of micro enterprises and 205.44 92.07
small enterprises
(B) total outstanding dues of creditors other than - -
micro enterprises and small enterprises
(ii) Other financial liabilities 14 22.71 22.05
(b) Other current liabilities 15 19.00 32.11
(c) Provisions 16 48.02 32.15
(d) Current Tax Liabilities (Net) 17 - -
295.17 178.38
Corporate Information and Summary of Material Accounting Policies (1-2)
Notes to the financial statements (3-38)
This is balance sheet referred to in our report of even date attached
For Anil K. Goyal & Associates For and on behalf of Board of Directors of HSRC Infra Services Limited
FRN : 004558N
Sd/- Sd/- Sd/-

CA Alok Goyal Sanjeeb Kumar Rajesh Prasad
Partner Director Director
M. No. 501529 DIN:03383641 DIN:08585975
Sd/- Sd/-
Place : New Delhi Mudit Mittal Deepika Mehta
Date : 18.07.2024 Chief Financial Officer Company Secretary
M. No. A27038
388
Statement of Profit and Loss

for the year ended 31st March 2024
(J in Lakhs)
Note For the year ended For the year ended
Particulars
No. 31st March 2024 31st March 2023
Other income 19 291.22 217.79
Total Income 3,644.81 1,875.18
II. Expenses:
Expenses on operations 20 1,934.88 903.73
Employee Benefit Expenses 21 541.72 381.24
Finance costs 22 - -
Depreciation and amortization expenses 23 10.42 5.33
Other expenses 24 212.02 142.05
Total Expenses 2,699.05 1,432.35
III Profit/(Loss) Before exceptional items and Tax (I-II) 945.76 442.83
IV Exceptional Items
V Profit/(Loss) before tax (III-IV) 945.76 442.83
VI Tax expense: 25
(1) Current tax
- For the year 243.73 122.29
- For earlier years (net) 0.06 0.59
(2) Deferred tax (net) 5 (4.68) (10.42)
Total Tax Expense (VI) 239.11 112.46
VII Profit/(loss) for the period from continuing operation (V-VI) 706.65 330.37
VIII Profit/(loss) from discontinued operations
IX Tax Expense of discontinued operations
X Profit/(loss) from discontinued operations (after tax) (VIII-IX)
XI Profit/(loss) for the period (VII+X) 706.65 330.37
XII Other Comprehensive Income
A. (i) Items that will not be reclassified to profit and loss
Remeasurment of defined benefit plans (2.93) 0.02
(ii) Income Tax relating to Items that will not be 0.74 (0.01)
reclassified to profit and loss
B. (i) Items that will be reclassified to profit and loss - -
(ii) Income Tax relating to Items that will be - -
reclassified to profit and loss
XIII Total Comprehensive Income for the period (XI +XII) 704.46 330.38
(Comprehensive profit and other comprehensive
income for the period)
XIV Earnings Per Equity Share:
(For Continuing Operation) 26
(1) Basic (Face Value H 10 Per Share) (In ₹) 1.57 0.73
(2) Diluted (Face Value H 10 Per Share) (In ₹) 1.57 0.73
This is statement of profit and loss referred to in our report of even date attached
FRN : 004558N
Sd/- Sd/- Sd/-

M. No. 501529 DIN:03383641 DIN:08585975
Sd/- Sd/-
M. No. A27038
389
Statement of Cash Flow
for the period ended on 31st March 2024
(J in Lakhs)
For the year ended For the year ended
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before taxation 945.76 442.83
Adjustment for :
Depreciation and amortization 10.42 5.33
Interest Income (291.22) (217.79)
Other comprehensive income (2.93) 0.02
Operating Profit before working capital changes (1) 662.03 230.39
Adjustment for :
Decrease / (Increase) in Trade Receivables (412.93) 105.31
Decrease / (Increase) in Other Financial Assets 1.40 (1.40)
(Decrease) / Increase in Other Financial Liabilities 0.66 6.28
(Decrease) / Increase in Other Liabilities & Provisions 21.26 41.00
(Decrease) / Increase in Trade Payable 113.37 36.14
(Decrease) / Increase in Other Current Liabilities (13.11) 24.21
Decrease / (Increase) in Other Current Assets (43.23) 5.22
(2) (332.58) 216.76
Cash generated from operation (1+2) 329.46 447.15
Income Tax Paid (Net of refunds) (330.53) (70.85)
NET CASH FROM OPERATING ACTIVITIES (A) (1.07) 376.30
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, plant and equipment (Net of sale proceed) (19.28) (12.03)
Term Deposit in having original maturity more than 12 months (3.20) (70.00)
NET CASH FROM INVESTING ACTIVITIES (B) 247.43 133.32
CASH FLOW FROM FINANCING ACTIVITIES
Cash flows - -
NET CASH FROM FINANCING ACTIVITIES (C) - -
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENT (A+B+C) 246.36 509.62
CASH AND CASH EQUIVALENT (OPENING) (D) 2,914.60 2,404.98
Balance with Banks on current account 2,213.63 23.18
Balances with Banks on Flexi Accounts 700.90 2,381.50
Imprest Account 0.07 0.30
CASH AND CASH EQUIVALENT (CLOSING) (E) 3,160.96 2,914.60
Balance with Banks on current account 163.49 2,213.63
Balances with Banks on Flexi Accounts 2,997.10 700.90
Imprest Account 0.37 0.07
NET INCREASE/ (DECREASE) IN CASH & CASH EQUIVALENT (D - E) 246.36 509.62

a. The above statement of Cash Flows has been prepared under the “Indirect Method” as set out in the Indian
b. Figures in brackets represent outflow of cash
This is statement of cash flow referred to in our report of even date attached
FRN : 004558N
Sd/- Sd/- Sd/-
M. No. 501529 DIN:03383641 DIN:08585975
Sd/- Sd/-
M. No. A27038
390
Statement of Changes in Equity

A. Equity Share Capital

1. As at 31st March, 2024
(J in Lakhs)
Balance as Changes Restated Changes in equity Issue of equity
Balance as at
Particulars at 1st April due to Prior Balance as at share capital shares capital
31st March 2024
2023 Period Errors 1 April 2023
st
during the year during the year
Number of Share in Lakhs 450.00 - 450.00 - - 450.00

Amount 4,500.00 - 4,500.00 - - 4500.00

(J in Lakhs)
Balance as Changes Restated Changes in equity Issue of equity Balance as
Particulars at 1st April due to Prior Balance as at share capital shares capital at 31st March
2022 Period Errors 1st April 2022 during the year during the year 2023
Number of Share in Lakhs 450.00 - 450.00 - - 450.00
Amount 4,500.00 - 4,500.00 - - 4500.00
B. Other Equity
(J in Lakhs)
Reserve & Surplus
Particulars Total
Retained Earnings
Balance as at 1st April 2023 501.56 501.56
Changes in accounting policy or prior period errors - -
Restated Balance as at 1st April 2023 501.56 501.56
Profit (Loss) for the year 704.46 704.46
Other Comprehensive Income for the year (net of income tax) -2.93 -2.93
Total Comprehensive Income for the year 701.53 701.53
Share application money received during the period - -
Share issued during the year - -
Share issue expenses - -
Balance as at 31st March, 2024 1,203.09 1,203.09

(J in Lakhs)
Reserve & Surplus
Particulars Total
Retained Earnings
Balance as at 1st April 2022 171.18 171.18
Changes in accounting policy or prior period errors - -
Restated Balance as at 1st April 2022 171.18 171.18
Profit (Loss) for the year 330.37 330.37
Other Comprehensive Income for the year (net of income tax) 0.01 0.01
Total Comprehensive Income for the year 330.38 330.38
Share application money received during the period - -
Share issued during the year - -
Share issue expenses - -
Balance as at 31st March, 2023 501.56 501.56
This is statement of changes in equity referred to in our report of even date attached
FRN : 004558N
Sd/- Sd/- Sd/-
M. No. 501529 DIN:03383641 DIN:08585975
Sd/- Sd/-
M. No. A27038 391
Notes forming Part of the Financial Statement
Note- 1: - Corporate Information and equipment. Actual results may differ from
these estimates.
HSRC Infra Services Limited is public limited, CIN:
U45204DL2012GOI239289 company domiciled and Estimates and underlying assumptions are
was incorporated in India under the Provisions of the reviewed on a periodic basis. Future results
Company Act, 1956 on July 25, 2012 with the Object could differ due to changes in these estimates
of carrying out Business related to Planning, designing, and difference between the actual result and
development, construction, manufacturing, assembling, the estimates are recognised in the period
fabricating, processing, installing, maintenance, operation, in which the results are known/ materialize.
and financing of Railway Infrastructure and related logistic All financial information presented in Indian
support systems, including rolling stock, of all types in rupees and all values are rounded to the nearest
India and abroad of High Speed Rail Projects and other rail lakhs rupees with two decimal points except
based traffic, as may be approved by Government of India where otherwise stated. Due to rounding
or Rail Vikas Nigam Limited or any other such Competent off the numbers presented throughout the
Authority. The registered office of the company is located documentary may not add up precisely to the
at 1st Floor August Kranti Bhawan, Bhikaji Cama Place, totals and percentage may not precisely reflect
New Delhi- 110066, India. the absolute figures.
d) Functional and presentation currency

Note 2:- Summary of Material Accounting
Policies: Items included in the financial statements are
measured using the currency of the primary
2.1) Basis of Preparation
economic environment in which the Company
a) Statement of Compliance operates (Functional Currency). The financial
The financial statements as at end for the period statements are presented in Indian rupees,
ended 31st March, 2024 have been prepared in which is presentation currency of company.
accordance with Indian Accounting Standards
e) Current versus Non-current classification
(Ind-AS) notified under section 133 of the
Companies Act, 2013 as companies (Indian The Company presents assets and liabilities
Accounting Standards) Rules, 2015 as amended in the Balance Sheet based on current/non-
from time to time. current classification.
b) Basis of Measurement An asset is treated as current when it is:
The financial statements have been prepared on Expected to be realized or intended to be sold
a historical cost convention and on an accrual or consumed in normal operating cycle
basis, except for the following items that have
Expected to be realized within twelve months
been measured at fair value as required by
after the reporting period, or
relevant Ind AS:
Cash or cash equivalent unless restricted from
i. Defined benefit Plan and other long term
being etc. is due to be settled within twelve
employee benefits
months after the reporting period, or exchanged
c) Use of estimates and judgement or used to settle a liability for at least twelve
months after the reporting period
Primary Estimates-
The preparation of financial statements in All other assets are classified as non-current.
conformity with Ind AS requires management
A liability is current when:
to make judgments, estimates and assumptions
that affect the application of accounting It is expected to be settled in normal
policies and the reported amounts of assets, operating cycle
liabilities, disclosure of contingent assets and
liabilities at the date of financial statements It is due to be settled within twelve months after
and the reported amount of income and the reporting period, or
expenses. Examples of such estimates includes
There is no unconditional right to defer the
estimates of provision for doubtful debts, future
settlement of the liability for at least twelve
months after the reporting period
plans and estimated useful life of property, plant
392
Corporate Overview Statutory Reports Financial Statements HSRC INFRA SERVICES LIMITED

All other liabilities are classified as non-current. 2.4) Intangible Assets
Deferred tax assets and liabilities are classified Intangible assets are recognized when it is probable
as non-current assets and liabilities. that the future economic benefits that are attributable
to the asset will flow to the enterprise and the cost
Based on the nature of business and the time of the asset can be measured reliably. Intangible
between the acquisition of assets for running assets are stated at historical cost less accumulated
the business and their realization in cash and amortization and impairment loss, if any.
cash equivalents, the company has ascertained
its operating cycle as twelve months for the Intangible assets comprise of license fees, other
purpose of current/ non-current classification of implementation costs for system software and other
assets and liabilities. application software acquired for in-house use.
2.2) Cash flow statement relevant software is implemented for use. The cost
of an intangible asset comprises its purchase price,
Cash flows are reported using the indirect method,
including any import duties and other taxes, and
whereby profit / (loss) before tax is adjusted for the
any directly attributable expenditure on making the
effects of transactions of non-cash nature and any
asset ready for its intended use."
deferrals or accruals of past or future cash receipts
or payments. The cash flows from operating, 2.5) Depreciation
investing and financing activities of the Company are
segregated based on the available information. (a) Depreciation on Property, plant and Equipment
is provided on Straight Line basis (SLM) over the
For the purposes of the cash flow statement, cash useful life of the assets.
and cash equivalents include cash in hand, cash
at banks and demand deposits with banks, net of (b) Each part of an item of Property, Plant and
outstanding bank overdrafts that are repayable on Equipment is depreciated separately if the cost
demand are considered part of the Company’s cash of part is significant in relation to the total cost
management system. of the item and useful life of that part is different
from the useful life of remaining asset.
2.3) Property, plant and equipment
Estimated useful life of assets are as specified
1- Property, plant and equipment are measured in Schedule II of the Companies Act, 2013.
at cost less accumulated depreciation and The estimated useful life of assets for current
impairment losses, if any. and comparative period of significant items of
property, plant and equipments for assets other
Cost of asset includes the following:
than given to employees are as follows:
i. Cost directly attributable to the
acquisition of the assets. Useful Life
Particulars
(years)
ii. Present value of the estimated costs
Computers 3
Furniture and Fixtures 10
restoring the site on which it is located if
Office Equipments 5
recognition criteria are met.
The estimated useful life of assets for current
2- Cost of replacement, major inspection, repair of
and comparative period of significant items of
significant parts are capitalized if the recognition
property, plant and equipments for assets given
criteria are met.
to employees are as follows:
3- An item of property, plant and equipment is
derecognised upon disposal or when no future Useful Life
Particulars
economic benefits are expected to arise from (years)
continued use of assets. Any gain or loss arising Mobile 2
on disposal or retirement of an item of property, Residence Furnishing 5
plant and equipment is determined as the Tablet/Laptop 3
difference between the sale proceeds and the
carrying amount of the asset and is recognised
in statement of profit or loss.
393
(c) Depreciation methods, useful lives and residual (iv) Allocate the transaction price to the
values are reviewed at each reporting date, with performance obligations in the contract:
the effect of change in estimate accounted for For a contract that has more than one
on a prospective basis. performance obligation the Company
allocates the transaction price to each
(d) Residual value of Assets is considered as 5% performance obligation in an amount
of cost of assets that depicts the amount of consideration
to which the Company expects to be
2.6) Provisions
entitled in exchange for satisfying each
Provision is recognised when: performance obligation.
i) The Company has a present obligation as a (v) Recognise revenue when or as the Company
result of a past event, satisfies a performance obligation.
ii) A probable outflow of resources is expected to The Company assesses its revenue arrangements
settle the obligation and against specific criteria to determine if it
is acting as principal or agent. Revenue is
iii) A reliable estimate of the amount of the
recognized based on the nature of activity when
obligation can be made.
consideration can be reasonably measured and
Reimbursement of the expenditure required to settle there exits reasonable certainty of its recovery.
a provision is recognised as per contract provisions Revenue from construction/project related
or when it is virtually certain that reimbursement activity is measured at the amount company
will be received. expects to be entitled taking into account
contractually defined terms of payment and
Provisions are reviewed at each Balance Sheet date. excluding taxes and duty
Provision which expected to be settled beyond 12 II) Other Revenue Recognition

months are measured at the present value by using
Interest income is recognized on a time
pre-tax discount rate that reflects the risks specific to
proportion basis taking into account the amount
the liability. The increase in the provision due to the
outstanding and the interest rate applicable
passage of time is recognized as interest expenses.
using Effective Interest rate Method.
2.7) Revenue Recognition
2.8) Impairment of non-financial assets
I) Revenue from Contracts with Customers
In accordance with Indian Accounting Standard-36
Company recognises revenue from contracts Impairment of Assets, the carrying amounts of
with customers based on a five-step as set out Company’s assets are reviewed at each Balance Sheet
in Ind AS-115:- date to determine whether there is any indication of
impairment. If any such indication exists, the asset’s
(i) Identify contracts with a customer:- A
recoverable amount is estimated as the higher of the
contract is defined as an agreement
net selling price or the value in use. An impairment
between two or more parties that creates
loss is recognized whenever the carrying amount
enforceable rights and obligations and
of an asset or its cash generating unit exceeds its
sets out the criteria for every contract
recoverable amount.
that must be met.
On the basis of the review, the management is of
(ii) Identify performance obligations in the
the opinion that the economic performance of Fixed
contract: A performance obligation is a
Assets of the Company is not lower than expected
promise in a contract with a customer to
and therefore there is no impairement of any assets
transfer a good or service to the customer.
as on the Balance Sheet date.
(iii) Determine the transaction price: The
2.9) Taxes.
transaction price is the amount of
consideration to which the company a) Current income tax
expects to be entitled in exchange for i. Taxes including current income-tax
transferring promised goods or services to are computed using the applicable tax
a customer excluding amounts collected rates and tax laws.
on behalf of third parties.
394

ii. The tax rates and tax laws used to compute 2.11) Contingent Liabilities and Contingent Assets
the amount are those that are enacted
(a) Contingent Liabilities are disclosed in either of
or substantively enacted, at the reporting
the following case
date in the countries where the company
operates and generates taxable income. i) A present obligation arising from a past
event, when it is not probable that an
outflow of resources will be required to
current and prior periods are measured at
settle the obligation; or
the amount expected to be recovered from
or paid to the taxation authorities, liability ii) A reliable estimate of the present obligation
for additional taxes if any, is provided / paid cannot be made; or
as and when assessments are completed.
iii) A possible obligation, unless the probability
iv. Current tax related to OCI Item are of outflow of resource is remote.
recognized in Other Comprehensive
Income (OCI). (b) Contingent assets is disclosed where an inflow
of economic benefits is probable.
b) Deferred tax
(c) Contingent Liability and Provisions needed
i. Deferred income tax is recognized using
against Contingent Liability and Contingent
balance sheet approach.
Assets are reviewed at each Reporting date.
ii. Deferred income tax assets and liabilities
(d) Contingent Liability is net of estimated provisions
are recognized for temporary differences
considering possible outflow on settlement.
which is computed using the tax rates
and tax laws that have been enacted or 2.12) Employee Benefits
substantively enacted at the reporting date.
a. Short term employee Benefits
iii. Deferred income tax asset are recognized All employee benefits payable wholly within
to the extent that it is probable that taxable twelve months of rendering the services are
profit will be available against which the classified as short term employee benefits.
deductible temporary differences, and the Benefits such as salaries, wages and short-term
carry forward of unused tax credits and compensated absensces etc. are recognised
unused tax losses can be utilized. in the period in which employee renders the
related service.
iv. The carrying amount of deferred income
tax assets is reviewed at each reporting b. Long Term Employee Benefits
date and reduced to the extent that it is
The obligation for long-term employee benefits
no longer probable that sufficient taxable
such as Long-term compensated absences etc. is
profit will be available to allow all or part of
accounted for on acturial valuation made at the
the deferred income tax asset to be utilized.
end of year. Acturial gains/losses are recongised
v. Deferred tax related to OCI in statement of profit and loss for the year.
Item are recognized in Other
c. Post Employment Benefits
Comprehensive Income (OCI).
(i) Defined Contribution plans: The Company
2.10) Earnings Per Share. makes the defined contribution to
In determining basic earnings per share, the
a) Provident Fund Scheme
company considers the net profit attributable to
equity shareholders. The number of shares used in b) National Plan Scheme by the Govt.
computing basic earnings per share is the weighted of India (PFRDA) in respect of the
average number of shares outstanding during the pension scheme.
period. In determining diluted earnings per share,
the net profit attributable to equity shareholders and The Conribution paid / payable under the
weighted average number of shares outstanding schemes is recognized during the period in
during the period are adjusted for the effect of all which employee renders the related servcie.
dilutive potential equity shares.
395
(ii) Defined Benefit Plans: Gratuity is a post- c) Fair value through Profit and
employment defined benefit plan. The loss account.
liability recognized in the balance sheet
is the present value of the defined benefit a). Debt instrument at Amortised Cost
obligation at the balance sheet date. The A financial asset shall be measured at
defined benefit obligation is calculated by amortised cost if both of the following
an independent actuary using projected conditions are met:
unit credit (PUC) method. Actuarial gains
and losses are recognized immediately in (a) the financial asset is held within a
Other Comprehensive Income. business model whose objective is
to hold financial assets in order to
c) Re-measurements comprising of collect contractual cash flows and
actuarial gains and losses, the effect of
the asset ceiling, excluding amounts (b) The contractual terms of the
included in net interest of defined financial asset give rise on
benefit liability and the return on plan specified dates to cash flows that
assets (excluding amounts included are solely payments of principal
in the net interest on the net defined and interest on the principal
benefit liability), are recognised amount outstanding.
immediately in Other Comprehensive
Financial assets measured at
Income(OCI) in the period in which
amortised cost using effective interest
they occur. Re-measurements are
rate method less impairment if any.
not reclassified to Profit & Loss in
The EIR amortisation is included in
subsequent period.
finance income in the statement of
2.13) Cash and cash equivalent profit and loss.
Cash and cash equivalent comprise cash at bank and
b). Debt instrument at FVTOCI
on hand. It includes term deposits and short term
money market deposits with original maturities of A ‘debt instrument’ is classified as at
three months or less that are readily convertible to the FVTOCI if both of the following
known amounts of cash and which are subject to an criteria are met:
insignificant risk of changes in value.
The objective of the business model
2.14) Financial instruments is achieved both by collecting
A) Initial recognition and measurement contractual cash flows and selling
the financial assets, and
Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are The asset’s contractual cash flows
directly attributable to the acquisition or issue represent SPPI.
of financial assets and financial liabilities (other
than financial asset and liabilities at fair value Debt instruments included within the
through profit & loss) are added to or deducted FVTOCI category are measured initially
from the fair value measured on initial recognition as well as at each reporting date at
of the financial assets or financial liabilities. fair value. Fair value movements are
However, trade receivables that do not contain a recognized in the other comprehensive
significant financing component are measured income (OCI). However, the company
at transaction price. recognizes interest income, impairment
losses & reversals and foreign exchange
B). Subsequent measurement
gain or loss in the P&L. On de-
i) Financial Assets recognition of the asset, cumulative
financial assets are classified in gain or loss previously recognised in
following categories: OCI is reclassified from the equity to
P&L. Interest earned is recognised using
the EIR method.
b) Fair value through Other
c). Debt instrument at FVTPL
Comprehensive Income.
396

FVTPL is a residual category for D). Impairment of financial assets

financial Assets. Any financial assets,
In according with Ind AS 109, the company
which does not meet the criteria for
applies expected credit loss (ECL) model for
categorization as at amortized cost or
measurement and recognition of impairment
as FVTOCI, is classified as at FVTPL.
loss on the following financial assets and credit
In addition, the company may elect risk exposure :
to designate financial asset, which
a) Financial Assets that are debt instruments,
otherwise meets amortized cost or
are measured at an amortised cost e.g.
FVTOCI criteria, as at FVTPL. If doing so
loans, debt securities, deposits, trade
reduces or eliminates a measurement
receivables and bank balance.
or recognition inconsistency. The
company has not designated b) Trade receivables or any contractual right to
any financial asset as at FVTPL. receive cash or another financial asset that
Financial assets included within the result from transactions that are within the
FVTPL category are measured at fair scope of Ind AS 115.
value with all changes recognized in
the profit and loss. The Company follows’ simplified approach’ for
recognition of impairment loss allowance on
ii) Financial liabilities
- Trade receivables and
a) Financial liabilities at Amortised Cost
Financial liabilities at amortised - Other financial assets
cost represented by trade and other
Trade receivable:
payables, security deposits and
retention money are initially recognized Also the receivable from company comapnies
at fair value and subsequently carried are considered to be good and there are neither
at amortized cost using the effective been any past instances of default and also
interest rate method. management does not expect any default in case
of comapany receivables, therefore impairment
b) Financial liabilities at FVTPL
losses are not recognised as per Ind AS 109.
The company has not designated any
financial liabilities at FVTPL. 2.15) Prior Period Errors
C). Derecognition Material Prior period errors are corrected
Financial Asset restrospectively by restating the comparative
amounts for the period presented in which the
A financial asset (or, where applicable, a part
eorror occurred. If the error occurred before the
of a financial asset or part of a group of similar
earliest period presented, the opening balance of
financial assets) is derecognized only when the
assets, liabilities and equity for the earliest period.
contractual rights to the cash flows from the
asset expires or it transfers the financial assets 2.16) Project Transfer
and substantially all risks and rewards of the
MoR Funded Projects through RVNL: PWIP of MoR
ownership of the asset.
funded projects are adjusted against fund received
Financial Liability from MoR through RVNL. The amount of expenditure
incurred on projects recognised during the period
including opening balance of PWIP for MoR funded
obligation under the liability is discharged or
projects are being adjusted as at 31.03.2018 from
cancelled or expires. When an existing financial
the fund received from MoR through RVNL and
liability is replaced by another from the same
from subsequent year adjustment are carried out on
lender on substantially different terms or the
annually basis.
modified, such an exchange or modification is 2.17) The Accounting Policies that are currently not
treated as a derecognition of the original liability relevant to the company have not been disclosed,
and the recognition of a new liability and the
difference in the respective carrying amounts is
recognised in the income statement.
397
when such accounting policies become relevant, the (b) Ind AS 8 - Acconting Policies, Changes in
same shall be disclosed. Accounting Estimates and Errors”
2.18) New Standards / Amendments and Other The Company has adopted the amendment w.e.f.
Changes effective April 1, 2023 or thereafter April 1, 2023. The impact of this amendment
Ministry of Corporate Affairs notifies new standard is not material.
or amendments to the existing standards. On 31st
March, 2023, vide Notification G.S.R. 242(E) dated 31st (c) Ind AS 12 - Income Taxes:
March 2023, modification in existing standards have
The Company has adopted the amendments
been nofified which will be applicable from April 1,
w.e.f. April, 2023. The impact of this amendment
2023, as below:
is not material.
(a) Ind AS 1 - Presentation of Financial Statements:
2.19) New Standard / Amendments issued but not
The Company has adopted the amendment yet effective
wherein the company was required to disclose Recent Accounting Pronouncements Ministry of
the material accounting policy in its Financial Corporate Affairs (“MCA”) notifies new standard or
Statements instead of the significant accounting amendments to the existing standards. There is no
policy. Accordingly, the company is disclosing such notification which would have been applicable
material accouning plicies as Note-2. from April 1st, 2024.
Note 3 : Property, Plant and equipment

(J in Lakhs)
Office Furniture &
Particulars EDP Asset Total
Equipments Fixtures
Gross carrying amount
1st April 2022 4.11 2.80 4.88 11.79
Additions 2.18 0.97 8.33 11.48
Disposals/Adjustments - - - -
As at 31st March 2023 6.29 3.77 13.21 23.27
Additions 4.35 0.71 14.23 19.29
As at 31st March 2024 10.64 4.48 27.44 42.56
Depreciation
1st April 2022 0.43 0.20 0.90 1.53
Depreciation charge for the year 0.81 0.50 3.96 5.27
As at 31st March 2023 1.24 0.70 4.86 6.80
Depreciation charge for the year 2.48 0.58 7.23 10.29
As at 31st March 2024 3.72 1.28 12.09 17.09
Net book value
As at 31st March 2024 6.92 3.20 15.35 25.47
As at 31st March 2023 5.05 3.07 8.35 16.48
Note 3.1 : Property, Plant and Eqiupments has not been revalued during the year
Note 3.2 : There are no capital work in progress as on balance sheet date
Note 4 : Intangible Assets

(J in Lakhs)
Particulars Software Total
1st April 2022 - -
Additions 0.54 0.54
Disposals/Adjustments - -
As at 31st March 2023 0.54 0.54
Additions - -
Disposals/Adjustments
As at 31st March 2024 0.54 0.54
398

Note 3 : Property, Plant and equipment (Contd..)

(J in Lakhs)
Particulars Software Total
Amortisation
1st April 2022 - -
Amortisation for the year 0.06 0.06
Disposals/Adjustments - -
As at 31st March 2023 0.06 0.06
Amortisation for the year 0.14 0.14
Disposals/Adjustments
As at 31st March 2024 0.19 0.19
Net book value
As at 31st March 2024 0.35 0.35
As at 31st March 2023 0.48 0.48
Note : There is no intangible assets under development as on balance sheet date.
Note 5 : Deferred Tax

(J in Lakhs)
As at As at
Particulars
Deferred tax liability - -0.05
Deferred tax liability (Net of deferred tax assets) 16.73 11.31
The balance comprises to temporary differences attributable to:

(J in Lakhs)
As at As at
Particulars
Deferred Tax Assets
Provision for employee benefits 16.71 11.36
Property, Plant and Equipment & Intangible Assets 0.02 -
Deferred tax liability
Property, Plant and Equipment & Intangible Assets - (0.05)
16.73 11.31
Note 5.1 : Movement in Deferred Tax (Liability)/Assets

(J in Lakhs)
Property, Plant
Employee
Particulars and Intangible Total
Benefits
Equipment
Balance as at 1st April 2022 -0.14 1.04 0.90
Charged/(credited) during the period
To Statement of Profit and Loss 0.09 10.33 10.42
To Other comprehensive Income - (0.01) (0.01)
Balance as at 31st March 2023 (0.05) 11.36 11.31
Charged/(credited) during the period
To Statement of profit and loss 0.07 4.61 4.68
To Other comprehensive Income 0.74 0.74
Balance as at 31st March 2024 0.02 16.71 16.73
Note 6 : Trade Receivables

(J in Lakhs)
As at As at
Particulars
Unsecured Considered good
- Trade Receivables 218.11 277.81
- Unbilled Revenue 860.19 387.56
Total 1,078.30 665.37
399
Note 6.1 : Trade Receivable Ageing Schedule

As at 31st March 2024
(J in Lakhs)
Outstanding for a periods
from due date of payment Unbilled
Particulars Total
Less Than 6 Months 1-2 2-3 More than Revenue
6 Months -1 Year Years Years 3 Years
(i) Undisputed 218.11 - - - - 860.19 1,078.30
Trade receivables – considered good - - - - - - -
(ii) Undisputed Trade Receivables – which - - - - - - -
have significant increase in credit risk
(iii) Undisputed Trade Receivables – credit - - - - - - -
impaired
(iv) Disputed Trade Receivables– considered - - - - - - -
good
(v) Disputed Trade Receivables – which have - - - - - - -
significant increase in credit risk
(vi) Disputed Trade Receivables – credit - - - - - - -
Impaired
Total 218.11 - - - - 860.19 1,078.30

(J in Lakhs)
Outstanding for a periods
from due date of payment Unbilled
Particulars Total
Less Than 6 Months 1-2 2-3 More than Revenue
6 Months -1 Year Years Years 3 Years
(i) Undisputed 277.81 - - - - 387.56 665.37
Trade receivables – considered good - - - -
(ii) Undisputed Trade Receivables – which - - - - - - -
have significant increase in credit risk
(iii) Undisputed Trade Receivables – credit - - - - - - -
impaired
(iv) Disputed Trade Receivables– considered - - - - - - -
good
(v) Disputed Trade Receivables – which have - - - - - - -
significant increase in credit risk
(vi) Disputed Trade Receivables – credit - - - - - - -
Impaired
Total 277.81 - - - - 387.56 665.37
Note 6.2 : Trade receivables includes H 187.43 Lakhs from Related Party (Refer Note No. 28 for details)
Note 6.3 : Transaction date of trade receivable is considered as due date of payments for the purpose of calculation of
aging of trade receivables.
Note 7 : Cash and cash equivalents

(J in Lakhs)
As at As at
Particulars
Balances with banks:
– On Current accounts 163.49 2,213.63
– Flexi Accounts 2,997.10 700.90
Imprest to Employees 0.37 0.07
Total 3,160.96 2,914.60
400

Note 8 : Other Financial Asset

(J in Lakhs)
As at As at
Particulars
Unsecured, Considered Good
Security Deposit 0.88 2.28
Accrued Interest on FDR 84.17 62.86
Term Deposit in having original maturity of 12 months or more 1,473.20 1470.00
Total 1,558.25 1,535.14
Note 9 : Other current assets

(J in Lakhs)
As at As at
Particulars
Goods and Service Tax (Net of GST Liability) 32.17 -
Prepaid Expenses 5.02 2.98
Advance for Travelling Expenses - 0.51
Recoverable from Employee 9.53 -
Total 46.72 3.49
Note 10 : Equity Share capital

(J in Lakhs)
As at As at
Particulars
5,00,00,000 (March 31, 2023: 5,00,00,000 Equity share of ₹10 each 5,000.00 5,000.00
5,000.00 5,000.00
Issued/Subscribed and Paid up Capital
4,50,00,000 ( March 31, 2023: 4,50,00,000) Equity share of ₹10 each 4,500.00 4,500.00
4,500.00 4,500.00
Note 10.1 : Reconciliation of the number of equity shares and share capital
As at 31st March 2024 As at 31st March 2023

Particulars No of shares No of shares
(₹ in Lakhs) (₹ in Lakhs)
(in Lakhs) (in Lakhs)
Equity Share Capital outstanding at the beginning of the year 450.00 4,500.00 450.00 4,500.00
Changes in Equity Share Capital due to prior period error - - - -
Restated balance at the beginning of current year 450.00 4,500.00 450.00 4,500.00
Shares issued during the year - - - -
Issued/Subscribed and Paid up equity Capital 450.00 4,500.00 450.00 4,500.00
outstanding at the end of the year
Terms/Rights attached to Equity Shares

The Company has only one class of equity shares referred to as equity shares having at par value of ₹ 10/-. Each holder of
one equity share is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares
shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts.
Shares held by Holding Company

The Company is a 100% Wholly Owned Subsidiary of Rail Vikas Nigam Limited (along with 6 Nominees of Holding
Company). Rail Vikas Nigam Limited holds shares & its Nominee holds 6 shares, Face value of share is ₹ 10 each.
401
Note 10.2 : Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Name of the shareholder No of shares % holding in No of shares % holding in
(In Lakhs) the class (In Lakhs) the class
Rail Vikas Nigam Limited (along with 6 Nominees) 450.00 100.00% 450.00 100.00%
-Holding Company ( 4,50,00,000 shares fully paid up @ ₹
10/- per share)
Total 450.00 100.00% 450.00 100.00%
Note 10.3 : Aggregate no. of equity shares issued as bonus, shares issued for consideration other than cash
and shares bought back during the period of five years immediately preceding the reporting date
31st March 2024 31st March 2023 31st March 2022 31st March 2021 31st March 2020
Particulars
Number Number Number Number Number
Equity shares allotted other than - - - - -
cash
Equity shares issue as bonus - - - - -
Total - - - - -
Note 10.4 : Details of shares held by Promoters

Name of Promoters No. of shares % of holding No. of shares % of holding
(In lakhs) in the class (In lakhs) in the class
Rail Vikas Nigam Limited 450.00 100.00% 450.00 100.00%
There is no change in shareholding % of promoters during the year as well as in previous year.
No Interim or final dividend is declared / paid or proposed during the year.
Note 11 : Other Equity

(J in Lakhs)
As at As at
Particulars
Retained Earnings (Refer Note 11.1 ) 1,206.03 501.56
Total 1,206.03 501.56
Note 11.1 Retained Earnings

(J in Lakhs)
As at As at
Particulars
Add : Profit for the Year 704.46 330.38
Closing Balance 1,206.03 501.56
Note 12 : Non Current Provisions

(J in Lakhs)
As at As at
Particulars
Provision for Employee Benefits
Gratuity 11.02 7.50
Total 18.60 13.21
402

Note 13 : Trade payable

(J in Lakhs)
As at As at
Particulars
Total outstanding dues of micro enterprises and small enterprises 205.44 92.07
Total outstanding dues of creditors other than micro enterprises and - -
small enterprises
Total 205.44 92.07
Note 13.1 Trade Payables Ageing Schedule

Micro and small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been
determined based on the information available with the Company and the required disclosures are given below:
(J in Lakhs)
As at As at
Particulars
(i) Principal amount remaining unpaid 205.44 92.07
(ii) Interest due thereon - -
(iii) The amount of interest paid by the buyer in terms of section 16 - -
of the MSMED Act, 2006 along with the amounts of the payment
made to the supplier beyond the appointed day during each
accounting year.
(iv) The amount of interest due and payable for the period of delay - -
in making payment (which have been paid but beyond the
appointed day during the year) but without adding the interest
specified under the MSMED Act, 2006
(v) The amount of interest accrued and remaining unpaid at the end - -
of each accounting year
(vi) The amount of further interest remaining due and payable even -
in the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise for the purpose of
disallowance as a deductible expenditure under section 23 of the
MSMED Act, 2006.

(J in Lakhs)
Particulars Less than More than
1 year 3 years
(i) MSME 205.44 - - - 205.44
(ii) Others - - - - -
(iii) Disputed dues – MSME - - - - -
(iv) Disputed dues - Others - - - - -

(J in Lakhs)
Particulars Less than More than
1 year 3 years
(i) MSME 92.07 - - - 92.07
(ii) Others - - - - -
(iii) Disputed dues – MSME - - - - -
(iv) Disputed dues - Others - - - - -
403
Note 14 : Other financial liabilities

(J in Lakhs)
As at As at
Particulars
Other Payables
Related party 4.33 3.40
Others 18.38 18.65
Total 22.71 22.05
Note 14.1 : Amount of H 4.33 lakhs (FY 2022-23 H 3.40 Lakhs) represents amount of expenditure incurred by RVNL on
behalf of HSRC towards provident fund, this amount is payable by company.
Note 15 : Other current liabilities

(J in Lakhs)
As at As at
Particulars
Statutory Liabilities -
Tax Deducted at Source 18.78 10.25
Professional tax 0.07 0.07
Goods and Serivces Tax - 21.25
Provident Fund 0.15 0.54
Total 19.00 32.11
Note 16 : Current Provisions

(J in Lakhs)
As at As at
Particulars
Provision for Employee Benefits
Gratuity 0.01 0.02
Performance realted pay and others 47.54 31.74
Provision for Stamp Duty 0.22 0.22
Total 48.02 32.15
Note 17 : Current Tax

(J in Lakhs)
As at As at
Particulars
Current Tax Assets/ (Liabilities)
Prepaid taxes 376.75 168.57
Provision for Current Tax (243.73) (122.29)
Net Current Assets/ (Liabilities) 133.02 46.28
Note 17.1 : Diffreence in 26AS reconciliation - It is noted during the reconciliation process of Form 26AS, specifically
related to RVNL's TDS return for the fourth quarter, which is currently under processing by the tax authorities.
404

Note 18 : Revenue from Operation

(J in Lakhs)
Particulars
Sale of Services 3,353.59 1,657.39
3,353.59 1,657.39
Note 18.1 : As per Para 31 of Ind AS 115, an Entity shall recognise the revenue when (or as) the entity satisfies a
performance obligation by transferring a promised good or services (i.e., an assets) to a customer. An asset is transferred
when (or as) the customer obtains control of that asset.
Revenue for JSW is recognised for 40% of Contract price on submission of draft feasibility report for 100% Electrification
at JSW Steel Plant, Vijaynagar Karnataka in FY 2023-24 and remaining 60% of such revenue will be recognised on
submission of final report of Comprehensive Feasibility Study of Electrification at JSW Steel Plant.
Note 18.2 TA/DA expenses are first incurred by employees who are employed through GA Digital Web World Pvt. Ltd. (a
man power providing outsourcing company) on behalf of HSRCISL on Project Management Consultancy (PMC) project.
Thereafter such expenses are claimed by HSRCISL from RVNL. In the financial statement since it is only reimbursement
of expenses so such TA/DA expense and its reimbursement is netted off.
Note 19 : Other Income

(J in Lakhs)
Particulars
Interest on Flexi Account 188.77 76.76
Interest on Fixed deposits Account 99.61 135.02
Interest on Income Tax Refund 2.37 6.01
Misc. Income 0.47 -
Total 291.22 217.79
Note:- 20 Expenses on Operation

(J in Lakhs)
Particulars
Expense on Operation 1934.88 903.73
Total 1,934.88 903.73
Note:- 21 Employee Benefit Expenses

(J in Lakhs)
Particulars
Salary and Wages 481.97 334.38
Contribution to Provident and other funds 35.07 23.71
Staff Wefare Expenses 24.68 23.15
Total 541.72 381.24
Note:- 22 Finance Costs

(J in Lakhs)
Particulars
Interest Expenses - -
Total - -
405
Note:- 23 Depreciation and amortization expenses

(J in Lakhs)
Particulars
Property Plant and equipment 10.29 5.27
Intangible Assets 0.14 0.06
Total 10.42 5.33
Note:- 24 Other expenses

(J in Lakhs)
Particulars
Payment to Auditors:
As Auditors 2.37 2.16
For Taxation Matter 0.71 0.65
For Reimbursement of Expenses 0.14 0.14
Website Maintenance charges 0.44 0.44
Legal & Professional Fees 76.52 58.73
Office Expenses 1.72 0.45
Communication Expenses 1.18 1.15
Meeting and Confrence Expenses 6.16 4.67
Printing & Stationary 12.08 0.63
Subscription Charges 0.16 0.88
Travelling & Conveyance 96.70 68.08
Misc. Expenses 11.62 3.92
ROC Fee Expenses 0.23 0.14
Business development expenses 0.70 -
Software Charges 1.30 0.01
Total 212.02 142.05
Note: - 25 Tax Expense

(J in Lakhs)
As at As at
Particulars
Current income tax:
Current income tax charge 243.73 122.29
Adjustments in respect of current income tax of previous year 0.06 0.59
Deferred tax:
Income tax expense reported in the statement of profit or loss 239.11 112.46
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for period
ended 31st March 2024
(J in Lakhs)
As at As at
Particulars
Accounting profit before tax from continuing operations 945.76 442.83
Profit/(loss) before tax from a discontinued operation
Accounting profit before income tax 945.76 442.83
At India’s statutory income tax rate of 25.168% 238.03 111.45
Adjustments in respect of current income tax of previous year 0.06 0.59
Expenses Not deductable for Income Tax Purpose 0.20 0.42
Income Tax expenses reported in Statement of profit and loss 238.29 112.46
Effective tax Rate
Income tax expense reported in the statement of profit and loss 239.11 112.46
Income tax attributable to a discontinued operation
239.11 112.46
Effective tax Rate 25.28% 25.40%
406

Note: - 26 Earnings per share (EPS)

(in J)
Particulars
Basic EPS
Diluted EPS
From discontinuing operation -
26.1 Basic Earning per Share

Basic EPS amounts are calculated by dividing the profit for the period attributable to equity holders of the company by
weighted average number of equity shares outstanding during the period.
The earnings and weighted average number of equity shares used in calculation of basic earning per share:-
(Number of Shares in Lakhs)
Particulars
Continuing operations 706.65 330.37
Discontinuing operations
Earnings used in calculation of Basic Earning Per Share 706.65 330.37
Weighted average number of shares for the purpose of basic earnings 450.00 450.00
per share (in Lakhs)
26.2 Diluted Earning per Share

Particulars
Continuing operations 706.65 330.37
Discontinuing operations
Effect of Dilution -
Earnings used in calculation of diluted Earning Per Share from 706.65 330.37
The weighted number of equity shares for the purpose of diluted earning per share reconciles to the weighted average
number of equity shares used in calculation of basic earning per share as follows:
Particulars
Weighted average number of Equity shares used in calculation of 450.00 450.00
basic earnings per share
Effect of dilution: - -
Share Options
Weighted average number of Equity shares used in calculation of 450.00 450.00
diluted earnings per share
407
27 IND AS-115 Disclosures

The Company has adopted IND AS 115 Revenue from contracts with customers.
Transition Method:
The Company has applied modified retrospective approach for the application of Ind AS 115 "Revenue from contracts
with customers"
27.1 Disaggregation Of Revenue

(J in Lakhs)
As at As at
Particulars
Income From Project Management Consultancy 2,642.71 1,386.42
Income from Project Feasibility Study 131.36 -
Income from Business Development Services 579.52 270.97
Total 3,353.59 1,657.39
(J in Lakhs)
As at As at
Particulars
Trade receivables 218.11 277.81
Contract assets 860.19 387.56
Contract liabilities - -
Advance from Customers/ Trade Receivables

(J in Lakhs)
As at As at
Particulars
(Advance from Customer)/ Trade Receivables at the beginning of the year 277.81 619.86
Net Revenue Recognized during the year 3,353.59 1,657.39
GST Billed to RVNL 524.25 242.58
Adjustments (472.63) (236.74)
Payment received during the year (3,088.29) (2,005.28)
Closing Balance of the Trade Receivables/ (Advances) 218.11 277.81
Contract Assets
(J in Lakhs)
As at As at
Particulars
Contract Asset at the beginning of the year 387.56 150.82
Transfer from Contract Asset to Trade Receivable and increase as a 472.63 236.74
result of changes in measure of progress
Contract Asset at the end of the year 860.19 387.56
Impairment loss recognized on any receivables or contract assets arising from an the company's contracts with customers
is Nil during the year.
Contract Liabilities
(J in Lakhs)
As at As at
Particulars
Contract Liabilities at the beginning of the year - -
Transfer from Contract Liabilities to Revenue and increase as a result - -
of changes in measure of progress
Contract Liabilities at the end of the year - -
There was no revenue recognized in the current reporting period that related to performance obligations that were
satisfied in a prior year.
408

Note-28 Related Party Disclosures:

a) Related Parties holding equity of the Company

Name Relationship Number of Number of
% of Holding % of Holding
shares held shares held
Rail Vikas Nigam Limited Parent 4,50,00,000.00 100.00% 4,50,00,000.00 100.00%
(along with 6 Nominees) Company
b) Key Managerial personnel of the entity

(i) Pradeep Gaur : Chairman
(ii) Rajesh Prasad : Director
(iii) Vinay Singh : Director
(v) Sanjeeb Kumar : Director
(vi) Anupam Ban : Director
(vi) Ajit Singh: CEO
(vii) Kalpana Dubey : CS (Upto 09/10/2023)
(viii) Deepika Mehta : CS (From 09/10/2023)
(ix) Mudit Mittal : CFO
c) Disclosure of transactions with related parties:

(J in Lakhs)
Transactions Transactions Particulars of contracts/
Particulars during the during the Arrangements
Year 23-24 year 2022-23 Nature of Transaction
3,322.91 1,657.39 Income from operations
4.33 40.08 PF Payment to RVNL
1. Transactions with Rail Vikas Nigam Limited
- 59.63 Reimbursement of Expenses
(RVNL)
32.00 19.77 TA/DA and Imprest expenses
reimbursement by RVNL
* Out of H 3322.91 lakh, H 860.18 Lakh (PY 2022-2023, H 1,657.39 out of which 387.56 Lakhs unbilled ) is towards unbilled Revenue.
Expenditure reimbursed by RVNL to HSRC in the capcacity of pure agent are not considered as part of turnover.
d) Amount of outstanding balance

(J in Lakhs)
Amount outstanding Amount outstanding
Particulars
as at 31st March 2024 as at 31st March 2023
Rail Vikas Nigam Limited-Other Payable 4.33 3.40
Rail Vikas Nigam Limited-As Advance - -
Rail Vikas Nigam Limited- Share Application Money Pending - -
Allotment
Rail Vikas Nigam Limited-Receivable 190.03 277.81
The amount outstanding are unsecured and will be settled in cash. There have been no guarantees provided or
received for any related party receivable or payable.
Sub-contract work have been received from Ministry of Railways which has been made at the price prevailing in market.
409
e) Compensation to Key Managerial Personnel

(J in Lakhs)
Compensation for Compensation for
Particulars
FY 2023-24 FY 2022-23
CS Kalpana Dubey - 0.30
* Remuneration in the FY 2023-24 consists the Honorarium paid for assisting in managing the work of Company Secretary (as per board's
resolution) (H Nil Lakhs)
Note: - 29 Capital Management

The Company’s objective is to manage its capital in a manner to ensure and safeguard their ability to continue as
a going concern so that the Company can continue to provide maximum returns to shareholders and benefit to
other stakeholders.
Further, the Company manages its capital structure to make adjustments in light of changes in economic conditions
and the requirements of the financial covenants. The Company does not have any liability towards borrowings as at 31st
March 2024 . The Company manages its working capital requirement through internal accruals.
No changes were made in the objectives, policies or processes for managing capital during the year ended on
March 31, 2024.
Capital Commitment as on 31st March 2024 is Nil.
Note: - 30 Contingent Liablities

Contingent liability as on 31st March 2024 is Nil.
Note:- 31 Fair Value measurements

(J in Lakhs)
Cost Cost
Financial Assets
(i) Trade Receivables - - 1,078.30 - - 665.37
(ii) Cash and Cash Equivalents - - 3,160.96 - - 2,914.60
(iii) Other financial asset - - 1,558.25 - - 1,535.14
Total Financial Assets - - 5,797.51 - - 5,115.11
(i) Trade Payable - - 205.44 - - 92.07
(ii) Other Payable - - 22.71 - - 22.05
Total Financial Liabilities - - 228.15 - - 114.12
Financial risk management

The Company’s principal financial liabilities comprise Trade and other payables. The main purpose of these financial
liabilities is to finance the company’s operations. The Company’s principal financial assets include 'Cash and cash
equivalents', 'trade recievable' and 'other financial assets represented mainly by Term deposits with bank. The
Company's activities are exposed it to a variety of financial risks: market risk, credit risk and liquidity risk. Company
has not hedged its Financial risks. All risks are Uncovered risk.
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations. Credit risk arises from cash held with banks and financial institutions. The
maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing
counterparty credit risk is to prevent losses in financial assets. Trade recievable mainly include reciveable from
410

promoter company, other financial assets include balances lying with banks in the form of bank balances and Term
deposits, therefore risk of failure of counterparty to meet its contractual obligation is not considered material.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due.
The Company take care for liquidity, funding as well as settlement management. In addition, processes and policies
related to such risks are overseen by senior management. As on balance sheet date company has sufficient liquidty
avaialble for current liabilities, therefore it does not see any material risk for liquidty.
Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed in accordance with the companies
policy. Investment of surplus are made only with approved with counterparty.
d) Liquidity risk
Ultimate responsibility for liquidity risk management rest with the board of directors the company manages
maintaining adequate banking facilitiess by continuously monitoring forecast and actual cash flows and by
matching the maturities of financial liabilities.
The table below provides details regarding the contractual maturities of financial liabilities. The table has been
drawn up based on cash flows of the financial liabilities based on the earliest date on which the company may be
required to pay.
Details as on 31st March 2024 are as follows:-

(J in Lakhs)
More than
Particulars Upto 1 Year 1 to 3 years 3 to 5 years Total
5 years
Trade Payable 205.44 - - - 205.44
Other Financial Liabilities 22.71 - - - 22.71
Total 228.15 - - - 228.15
Details as on 31st March 2023 are as follows:-

(J in Lakhs)
More than
Particulars Upto 1 Year 1 to 3 years 3 to 5 years Total
5 years
Trade Payable 92.07 - - - 92.07
Other Financial Liabilities 22.05 - - - 22.05
Total 114.12 - - - 114.12
Note 32: Previous Year figures has been rearranged, reclassified and regrouped wherever necessary to make them
confirmatory with current year figures.
Note 33:- There are no leases in company accordingly due to Ind AS 116 (leases) there is no impact on Financial
Statements.
Note 34: Segment Reporting Ind AS 108

Operating segments are defined as components of an enterprise for which discreate financial statement is available
which is being evaluated regulary by the the Chief Operating Decision Maker (CODM) in deciding how to allocate
resources and assessing performance, Chairman of the company has been identified as CODM. The company operates
within India and does not have operations in economic environments with different risks and returns. Hence, it is
considered operating in single segment. The amounts appearing in the financial statements relate to the company’s
single operating segment.
411
Note 35: General description of various defined employee’s benefits schemes are as under:
a) Provident Fund:
The company pays fixed contribution to provident fund and National pension scheme at pre-determined rate. The
liability is recognised on accrual basis.
b) Gratuity:
The Company provides financial assistance to the employees of the Company as a social security measures on the
termination of their employment due to superannuation, retirement, resignation, physical incapacitation or death
as per the provisions of Payment of Gratuity Act, 1972.
The disclosure of information as required under Ind AS-19 have been made in accordance with the actuarial
valuation and liability is recognized on the basis of Actuarial valuation.
c) Leave:
The company provides for earned leave benefits to the employees of the company, which accrue annually at 30
days respectively. Only the leave in the encashable leave account is encashable once in a calendar year while in
service and a maximum of 300 days on superannuation.
The liability on this account is recognized on the basis of actuarial valuation.
The summarized position of various defined benefits recognized in the Statement of Profit & Loss, Other
Comprehensive Income (OCI) and Balance Sheet & other disclosures are as under:
(a) Assumptions
As at 31.03.2024 As at 31.03.2023
Particulars Gratuity Earned Leave Gratuity Earned Leave
(Unfunded) (Unfunded) (Unfunded) (Unfunded)
Discounting Rate 7.25 7.25 7.39 7.39
Future salary Increase 7.00 7.00 7.00 7.00
Expected Rate of return on plan assets - - - -
Retirement Age 60 60 60 60
Mortality rates inclusive of provision for disability IALM (2012 IALM (2012 IALM (2012 IALM (2012
- 14) - 14) - 14) - 14)
(b) Net defined benefit obligation

(J in Lakhs)
As at 31.03.2024 As at 31.03.2023
Opening Present value of obligation 7.52 5.88 1.84 2.30
Acquisition Adjustment - 20.79 - -
Interest Cost 0.56 0.43 0.13 0.17
Current service cost 5.86 16.02 5.56 4.46
Benefits paid/written off -5.83 -38.64 - -5.40
Actuarial loss/(gain) on obligations 2.93 3.34 -0.02 4.37
Closing Present value of obligation 11.03 7.83 7.52 5.88
412

(c) Fair Value of Plan Assets

(J in Lakhs)
As at 31.03.2024 As at 31.03.2023
Opening Fair value of plan assets - - - -
Actual Return on Plan Assets - - - -
Employer Contributions - - - -
Benefits Paid - - - -
Fair value of plan assets at the end of the year - - - -
(d) Amount recognized in balance sheet

(J in Lakhs)
As at 31.03.2024 As at 31.03.2023
Present value of obligation 11.03 7.83 7.52 5.88
Fair value of plan assets - - - -
Net assets / (liability) recognized in balance -11.03 -7.83 -7.52 -5.88
sheet as provision
(e) Expense recognized in the statement of Profit & Loss Account

(J in Lakhs)
As at 31.03.2024 As at 31.03.2023
Current service cost 5.86 16.02 5.56 4.46
Interest Cost 0.56 0.43 0.13 0.17
Actuarial Gain and loss - 3.34 - 4.37
Total expenses recognized in Profit & Loss Account 6.41 19.79 5.70 8.99
(f) Expense recognized in the other comprehensive Income

(J in Lakhs)
As at 31.03.2024 As at 31.03.2023
Actuarial loss/(gain) on obligations 2.93 - -0.02 -
Total expenses (Income) recognized in other 2.93 - -0.02 -
comprehenisve income
(g) Enterprise best estimate of expense for the next Annual reporting period J 8.52 Lakhs for Gratuity and
J 6.27 Lakhs for the Earned Leave Liability.
(h) Bifurcation of PBO at the end of year as per schedule III to the companies Act, 2013.
(J in Lakhs)
As at 31.03.2024 As at 31.03.2023
Current liability (Amount due within one year) 0.01 0.25 0.02 0.16
Non-Current liability (Amount due over one year) 11.02 7.58 7.50 5.72
Total PBO at the end of year 11.03 7.83 7.52 5.88
413
(i) Sensitivity Analysis of the defined benefit obligation.

(J in Lakhs)
As at 31.03.2024 As at 31.03.2023
Impact of Change in Discount rate
Present Value of Obligation at the end of the period 11.03 7.83 7.52 5.88
Impact due to increase of 0.50% -0.97 -0.64 -0.57 -0.38
Impact due to decrease of 0.50 % 1.09 0.71 0.63 0.41
Impact of Change in Salary increase
Present Value of Obligation at the end of the period 11.03 7.83 7.52 5.88
Impact due to increase of 0.50% 1.08 0.71 0.63 0.41
Impact due to decrease of 0.50 % -0.97 -0.64 -0.57 -0.38
Note 36: Disclosures pursuant to amendment in Schedule III of the Companies Act 2013:
Certain other disclosures as required by Companies Act, 2013 are as follow :
(i) The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or
Section 560 of Companies Act, 1956 during the period.
(ii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the period.
(iii) The Compnay do not have any Benami property, where any proceeding has been initiated or pending against the
company for holding any Benami property.
(iv) The Company do not have any prior period errors to be disclosed separately in statement of changes in equity.
(v) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
(vi) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vii) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(viii) The Company does not have any loans and advances in the nature of loans to promoters, directors, KMP and other
related parties without terms or repayable on demand.
(ix) The Company does not have any transaction which is not recorded in the books of accounts that has been
subsequently surrendered or disclosed as income during the year as part of the on going tax assessments under
the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
(x) The Company has not been declared as wilful defaulter by any bank or financial institution or government or any
government authority.
(xi) The Company does not have investment in shares of any company therefore compliance for laters of companies as
prescribed under companies Act 2013 are not applicable.
414

(xii) The Company do not have any immovable property therefore further disclosure as required by company act is
not applicable.
(xiii) The Company does not have any investment property.
(xiv) Company is not required to submit statement of current assets with the bank and therefore reconcilation of the
statement filed by the company with bank and the books of accounts is not applicable.
(xv) The Company has not revalued any item of property, plant and equipment.
(xvi) The Company does not have any transactions where the company has not used the borrowings from banks and
financial institutions for the specific purpose for which it was taken at the balance sheet date.
(xvii) The Company have not entered into any scheme(s) of arrangements during the financial year.
(xviii) The Company do not get covered under Section 135 of Companies Act.
(xix) Items not applicable in current financial year are not disclosed in financial statement.
(xx) The following accounting ratios are disclosed:
As at 31st As at 31st %
Ratio Numerator Denominator Reason for Variance
March 2024 March 2023 Variance
Current Ratio Current Assets Current 20.25 28.95 -30.05% Due to increase in
Liabilities Creditors and provisions
for expenses as compared
to last year. Although
Current assets is increased
but not in proportion of
current liabilities.
Debt-equity Total Debt Shareholder’s - - There are no debts in
Ratio Equity company therefore
debt equity ratio is not
applicable
Debt service Earnings Debt Service - - There are no debts in
coverage ratio available for company therefore debt
debt service Service Coverage Ratio
is not applicable to
company.
Return on Net Profits Average 0.13 0.07 92.62% Due to increase in current
equity ratio after taxes – Shareholder’s year net profits for the year
Preference Equity
Dividend (if any)
Inventory Cost of goods Average - - There are no inventory
turnover ratio sold OR sales Inventory in company therefore
inventory Turnover ratio is
not applicable
Trade Net Credit Sales Avg. Accounts 3.85 2.31 0.67 NA
receivables Receivable
turnover ratio
Trade payables Net Credit Average Trade 13.01 12.21 6.51% NA
turnover ratio Purchases Payables
Net capital Net Sales Working 0.59 0.33 77.57% Due to incrase in Revenue
turnover ratio Capital from operations for the
current financial year
415
As at 31st As at 31st %
Ratio Numerator Denominator Reason for Variance
March 2024 March 2023 Variance
Net profit ratio Net Profit Net Sales 0.20 55.55% Since operation of
company has increased
from previous year during
the current financial year
Return Earning before Capital 0.17 0.09 87.20% Since operation of
on capital interest and Employed company has increased
employed taxes from previous year during
the current financial year
Return on Net return on Total - - There are no investment
Investment investment Investment therefore Investment
Turnover ratio is not
applicable
Note 37: On the basis of review, the management is of the opinion that the economic performance of Assets of the
Company is not lower than expected and therefore there is no impairment of any assets as on the Balance Sheet date.
Further, no impairment indicators exisits on balance sheet date.
Note 38: Approval of Financial Statements

The financial statements were approved for issue by the Board of Directors on 18.07.2024.
FRN : 004558N
Sd/- Sd/- Sd/-

M. No. 501529 DIN:03383641 DIN:08585975
Sd/- Sd/-
M. No. A27038
416
Notice HSRC INFRA SERVICES LIMITED
HSRC INFRA SERVICES LIMITED

(Formerly High Speed Rail Corporation of India Limited)
(A subsidiary of Rail Vikas Nigam Limited)
Regd. Office: R.No. 260, First Floor, August Kranti Bhawan,
Bhikaji Cama Place, R.K. Puram, New Delhi-110066
Ph. No. 011-26738299
Email Id: [email protected] Website http://hsrc.in
Notice is hereby given that the 12th Annual General Meeting (AGM) of the members of HSRC Infra Services Limited
(“the company”) will be held on Monday, 30th September, 2024 at 1100 Hrs at the Registered Office of the Company
i.e., Conference Hall, First Floor, August Kranti Bhawan, Bhikaji Cama Place, R.K. Puram, New Delhi-110066 in
compliance with the applicable provisions of the Companies Act, 2013 and the Rules made thereunder to transact the
businesses set out in the Notice.
ORDINARY BUSINESS:
To consider, and, if thought fit, to pass the following resolutions as Ordinary Resolutions, with or without modifications:
1. To receive, consider and adopt the financial statements of the Company for the financial year ended 31st March,
2024 on that date and the reports of the Board of Directors and Auditors thereon and the comments of the
Comptroller and Auditor General of India (CAG) thereon.
2. To appoint a director in place of Shri Pradeep Gaur, (DIN: 07243986), Director, who retires by rotation and being
eligible, offers himself for reappointment.
3. To authorize Board of Directors to fix the remuneration of Statutory Auditors for the financial year 2024-25.
To consider and if thought fit, to pass with or without modification, the following resolution as Ordinary Resolution:“
RESOLVED THAT the Board of Directors be and are hereby authorized to fix, the remuneration of the auditors
of the Company to be appointed by the office of the Comptroller & Auditor General of India for the financial
year 2024-25.”
By order of the Board of Directors

For HSRC Infra Services Limited

Sd/-
(Deepika Mehta)
Date: 08.08.2024 Company Secretary
Place: Delhi M. No.: A27038
417
NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND
AND VOTE AT THE MEETING INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY
2. HE INSTRUMENT APPOINTING PROXY, IN ORDER TO BE EFFECTIVE, MUST BE DEPOSITED AT THE REGISTERED

T
OFFICE OF THE COMPANY ATLEAST 48 HOURS BEFORE THE COMMENCEMENT OF THE MEETING. PROXY
FORM IS ENCLOSED
3. A Proxy Form (MGT-11) is annexed to this Notice. Proxies submitted on behalf of company must be supported by
appropriate resolution or authority as applicable.
4. A person can act as a proxy on behalf of members not exceeding 50 (Fifty) and holding in the aggregate not
more than 10% of the total share capital of the Company carrying voting rights. In case a proxy is proposed to be
appointed by a member holding more than 10% of the total share capital of the Company carrying voting rights,
then such proxy shall not act as a proxy for any other person or member.
5. Minimum of five members personally present will be quorum for the meeting.
6.
Corporate members are requested to send a duly certified copy of the board resolution authorizing their
representatives to attend and vote at the meeting.
7.
The documents referred to in the Notice of the AGM & related documents/registers etc. shall be available
electronically for inspection without any fee by the members from the date of circulation of this Notice up to the
date of AGM. Members seeking to inspect such documents can send an email to [email protected]
8. The venue for 12th AGM shall be the Registered Office of the Company i.e., Conference Hall, First Floor, August
Kranti Bhawan, Bhikaji Cama Place, R.K. Puram, New Delhi-110066
9. The Route Map of the venue of the Annual General Meeting forms part of this Notice.
To:
1. All the shareholders of the Company
2. M/s. Anil K. Goyal & Associates, Chartered Accountants (Statutory Auditors)
3. All the Directors of the Company
418
Notice HSRC INFRA SERVICES LIMITED
ROUTE MAP
Venue: Registered Office of the Company i.e., Conference Hall,
First Floor, August Kranti Bhawan, Bhikaji Cama Place, R.K. Puram,
New Delhi-110066
419
Notes
26

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RVNL/SECY/STEX/AGM-21/2024 06.09.

This is for your information and record.

KALPANA Digitally signed by

DUBEY Date: 2024.09.06

Statutory Reports Notice 346

Business Responsibility and Sustainability Reporting 131 Directors’ Report 364

To build world-class durable To be a leading Construction

To mobilise financial and human

To foster a culture of continuous

Ahmedabad Indore Kharagpur

Abu Dhabi Maldives

South Africa Dubai

From Vision to Vanguard:

Turnover H Crore EBITDA H Crore

FY 2024 21,733 FY 2024 2,529

FY 2023 20,282 FY 2023 2,248

FY 2022 19,381 FY 2022 1,991

FY 2021 15,403 FY 2021 1,264

FY 2020 14,530 FY 2020 1,111

PAT H Crore EPS H

FY 2024 1,463 FY 2024 7.02

FY 2023 1,268 FY 2023 6.08

FY 2022 1,087 FY 2022 5.22

FY 2021 941 FY 2021 4.51

FY 2020 790 FY 2020 3.79

Cash and Cash Equivalent H Crore Net Worth H Crore

FY 2024 1,027 FY 2024 7,867

FY 2023 808 FY 2023 6,479

FY 2022 4,570 FY 2022 5,631

FY 2021 1,416 FY 2021 4,966

FY 2020 272 FY 2020 4,500

Your Company was established with the mandate of

It gives me immure pleasure to inform that with

In view of the improved financial performance, the

These SPVs have generated Rs.

VRJN By-Pass line on Obulavaripalle- Saudi Arabia- Solar PV Project 1 896

3. RVNL Medical and Welfare scheme- RVNL Medical MOU Performance

2. Northern Railway Rajpura-Bhatinda Doubling with Electrification Doubling 172.64

3. Southern Railway Madurai-Maniyachi-Tuticorin (160 km) Doubling 160

4. Southern Railway Maniyachi-Nagercoil DL Doubling 102

5. West Central Railway Barkhera - Budni 3rd line Doubling 26.5

6. North Eastern Railway Mau-Gazipur-Tarighat New Line New Line 16.79

7. North Eastern Railway Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76 GC 262.76

8. South Central Railway Hyderabad-Secunderabad - Multi modal transport MTP 78

9. Railway Electrification Kasganj-Bareilly-Bhojipura-Daliganj RE (401 km) RE 401

10. Western Railway RE of Dhasa - Jetalsar (104.44 km) RE 104.44

Barkhera-Budni 3rd Line

Joka- Majerhat Metro Station of Joka-Esplanede Metro Corridor

Mr. Pradeep Gaur

Mr. Vinay Singh Mr. Rajesh Prasad

Mr. Sanjeeb Kumar Mrs. Anupam Ban

Mr. Anupam Mallik Mr. Vivek Kumar Gupta Mr. A. K. Khandelwal

Mrs. Kalpana Dubey

State Bank of India Rail Vikas Nigam Limited

M/s. V. K. Dhingra & Co.

Capital Structure Acceptance of Deposits

Turnover 2. INTEGRAL REPORTS

The list of 12 projects completed in 2023-24 is as under:

The list of 137 projects commissioned till March 2023 is as under: