G R Infraprojects Ltd Management Discussions

Economic Overview

Global Economy1

The global economy demonstrated strong resilience despite initial worries of a downturn triggered by supply chain issues, geopolitical tensions and inflationary challenges. With a notable growth rate of 3.3%, the global economy sustained its growth momentum in the face of multiple obstacles. This consistent performance amid various challenges shows the persistence of economies around the globe.

The economic growth observed in Calender Year (CY) 2024 is largely be attributed to the stringent monetary policies implemented by central banks and an increase in energy supply, both of which have been instrumental in stabilising prices and promoting economic expansion. Further, the global headline inflation sustained its downward trajectory to 6.6% in CY 2023 to 5.7% in CY 2024.

Emerging markets and developing economies outperformed advanced economies by exhibiting a growth rate of 4.3%, compared to just 1.8% of advanced economies. This robust performance was driven by strong domestic demand, increased foreign investments and sustained growth in key sectors such as manufacturing and technology. The ability of these economies to sustain growth amid various challenges exhibits the resilience and the overall strength of global economies.

Outlook

The global growth is foreseen to remain moderate at 2.8% in CY 2025 and 3.0% in CY 2026 bolstered by accommodative monetary policies and disinflationary changes. Disinflationary trends are foreseen to persist, driven by a moderating labour market and the downward trajectory of oil prices. Central banks around the world are expected to further cut rates to inject liquidity in the market and propel growth. Despite recent challenges in global trade due to rising tariffs, the world economy continues to show adaptability and resilience. Both governments and businesses are responding proactively by exploring alternative markets and enhancing operational efficiency. At the same time, targeted investments in technology, healthcare, and infrastructure are poised to drive productivity and lay the groundwork for sustained, long-term economic growth.

Indian Economy

India remains a significant driver of global economic growth, with an estimated GDP growth rate of 6.5% for FY 2024-252. This growth was primarily fuelled by strong macroeconomic fundamentals, a strong services sector, favourable agriculture performance and rising foreign investments and government policies aimed at augmenting consumption and investment.

Rural spending grew well during the year, while urban spending stayed stable. The governments fiscal deficit was kept between 4.4% and 4.5% of the GDP, showing good financial management. Indias infrastructure sector also made strong progress, helping the country remain the worlds fifth-largest economy. Investment in infrastructure increased significantly, with both government and private companies playing a big role. Major initiatives such as the PM Gati Shakti National Master Plan, Bharatmala Pariyojana and the National Infrastructure Pipeline are helping different departments work together better, improving connectivity and cutting down transport costs.

Outlook

The Indian economy is set for sustainable growth. It is primarily supported by lower inflation, strengthened consumer spending and heightened Foreign Direct Investments (FDI). The Governments pre-emptive policy actions coupled with an elevation in public Capital Expenditure will provide a boost to the domestic industries and reinforce growth. Uncertainty about international developments such as shifting tariff laws, geo-economic fragmentation, sustained geo-political conflicts will pose downside risks. Despite these economic hurdles, Indias overall economic growth is envisioned to remain strong in the coming years, driven by heightened investments, augmented government expenditure, strong consumption and global disinflationary changes.

*Projected

Source: MoSPI Second Advances Estimates

Industry Overview

Indias Infrastructure Sector3

Indias infrastructure sector has witnessed substantial growth, playing a crucial role in augmenting economic progress and connectivity. During the year under review, India has made strategic investments to enhance its public infrastructure including roads and railways and to expedite urban development. These investments are key to bolstering trade, industrial expansion and elevating the overall quality of life for citizens.

The total infrastructure investment (capital expenditure) in India is projected to RS.11.2 Lakhs Crores in the FY 2025-26.4 The heightened investment reflects the governments dedication to modernise transport, energy and digital infrastructure. Both public and private sector contributions have been instrumental in shaping the countrys growth trajectory.

Strategic initiatives such as the PM Gati Shakti National Master Plan and the National Logistics Policy have been implemented to expedite project execution and enhance logistical efficiency. The cooperative of 44 Central Ministries , 28 states and 8 union territoriesunder PM Gati Shakti demonstrates a collaborative approach towards infrastructure planning. This has led to the assessment and execution of major infrastructure projects worth RS.15.39 Lakhs Crores, further strengthening connectivity across the nation.

Opportunities

Expansion of Roads and Highways

The governments continued thrust on infrastructure expansion under key programs like Bharatmala Pariyojana and Vision 2047 ensures sustained growth in the roads and highways sector. With a strong emphasis on developing access-controlled expressways, boosting multimodal logistics connectivity and upgrading rural and border area infrastructure, significant opportunities emerge for engineering and construction players to support nation-building efforts while expanding their project portfolios.

Development of Multi-Modal Logistic Parks (MMLP)

The focus on enhancing logistics infrastructure through MMLPs is gaining momentum, which aims to streamline transportation and improve supply chain efficiency, presenting Engineering, Procurement, and Construction (EPC) companies with opportunities to design and construct integrated logistics solutions.

Airport Runway Enhancement

Augmented air traffic has made modernisation and expansion of airport runways essential. The governments push for better connectivity is likely to result in significant contracts for runway construction and maintenance, providing a lucrative opportunity for specialised firms.

Renewable Energy Projects

India is working to increase its renewable energy capacity every year, which is leading to higher demand for Engineering, Procurement, and Construction (EPC) services in solar and wind projects. This move towards clean energy creates a good opportunity for companies that provide renewable energy solutions to grow their business.

Tunnelling Projects

The need for efficient urban transportation has led to elevated investments in tunnelling projects across major cities. The Company can capitalise on this trend by offering specialised services in tunnelling technology and project management.

Manufacturing of Construction Materials

There is a rising demand for locally manufactured construction materials such as Bitumen Emulsions and

Indias transportation infrastructure has also seen stable progress, with rapid expansion of the National Highway network, improved logistics performance and successful implementation of flagship programmes like ‘Bharatmala Pariyojana and ‘Pradhan Mantri Gram Sadak Yojana. These efforts have augmented road coverage and enhanced last-mile connectivity, ensuring that both rural and urban areas benefit from Indias infrastructure boom.

Glass Fiber Reinforced Polymer (GFRP) rebar due to the governments promotion of the Make in India initiative. Companies involved in manufacturing of these materials can benefit from reduced import costs and increased project efficiency.

Expansion in Ropeways

The Government of India has intensified its emphasis on alternative transportation and infrastructure development, opening up promising avenues in the ropeway sector. Multiple ropeway projects are being prioritised under national connectivity programs, boosting the need for robust execution and engineering capabilities.

Growth in Power Transmission

Indias increasing focus on expanding its power generation capacity and ensuring reliable electricity access across regions presents a significant opportunity for growth in the power transmission sector. With rising energy demand and a push for cleaner, more efficient power distribution, there is a growing need for advanced transmission infrastructure. This creates scope for investment in high-capacity transmission corridors and greater integration of renewable energy sources into the national grid, supporting long-term sustainable development.

Challenges

Supply Chain Disruptions

Global supply chain issues can cause delays in procuring materials. These delays, in turn, impact project timelines.

Land Acquisition

Acquiring land for infrastructure projects often leads to delays and cost escalations due to resistance from local communities and lengthy approval processes.

Financial Constraints

Securingfinancingforlarge-scaleprojectscanbechallenging, particularly under uncertain economic conditions.

Environmental Concerns

Large-scale projects often face opposition due to ecological damage, deforestation and displacement. To deliver infrastructure projects within the framework of sustainable development can be challenging.

Roads and Highways6

India is the second-largest road network in the world, with its National Highways reaching 146,204 km, 60% growth since 2013-14. Over the last 11 years, nearly 54,917 km of highways were added, including 2,474 km of high-speed corridors. Highway construction accelerated from 11.6 km/day in 2014 to 34 km/day in 2025, supported by a six-fold rise in investment and a 570% increase in transport budget over the decade.

This rapid expansion has been fuelled by a massive increase in capital expenditure, including private investments. Over the past decade, government spending on road infrastructure has risen from RS. 31,130 Crores in 2013-14 to a record RS. 3,00,019 Crores in 2024-25.7 This investment has enhanced connectivity across the country and also facilitated economic growth by improving trade routes, reducing travel time and boosting logistics efficiency. As India continues to develop its road network, these infrastructure advancements are expected to strengthen the countrys transportation sector and support future economic expansion. For FY 2025–26, the budget outlay for roads and highways continues to reflect the governments strong commitment to expanding and modernising national infrastructure. The emphasis remains on capital investments for expressway development, multi-laning and improving connectivity in remote and strategic areas.

Government Initiatives

Bharatmala Pariyojana8

The Bharatmala Pariyojana, launched in 2017, is a major infrastructure project aimed at improving road connectivity and freight movement across India. It plans to develop around 26,000 km of Economic Corridors, which, along with the Golden Quadrilateral and the North-South and East-West Corridors, are expected to carry most of the countrys road freight traffic. The project also includes building ring roads, bypasses, and elevated corridors to reduce traffic congestion in cities and improve logistics efficiency. As of November 2024, about 18,926 km of roads have been completed under this scheme. This massive roadway development initiative has significantly contributed to the improvement of logistical efficiency and reduction of travel time across the country.

One of the key components under Bharatmala is the development of Multi-Modal Logistics Parks (MMLPs), aimed at strengthening Indias freight transportation network. These logistics hubs will enhance connectivity between industrial, agricultural and consumer markets while promoting multimodal transport solutions, including integration with inland waterways and railways. The successful execution of Bharatmala projects will not only amplify economic growth but also create employment opportunities and enhance Indias competitive edge in global trade.

PPP Model

Public-Private Partnerships (PPP) are a useful way to fill gaps in infrastructure by bringing together the strengths of both the government and private companies. This partnership allows the government to use private money and expertise, especially for big projects like roads, power, and city development. By clearly sharing the risks and responsibilities, PPPs aim to deliver projects on time and within budget. This model helps ensure public interests are protected while making use of private sector efficiency. PPPs continue to play an important role in helping India grow and meet its long-term development goals.

Fast-track Project Approvals

Fast-track project approvals help speed up the process of starting new projects by reducing delays in getting the necessary permissions and clearances. This approach allows companies to begin work sooner, saving time and costs. It also encourages more investment by making the approval process easier and more predictable. Overall, fast-track approvals support quicker development and timely completion of important projects.

Infrastructure Investment Trusts

Infrastructure Investment Trusts (InvITs) are investment vehicles designed to facilitate infrastructure development by allowing investors to invest in income-generating assets. These trusts operate as pooled investment structures, channelling funds into infrastructure projects associated with roads, power transmission, renewable energy and telecom towers. By offering stable and predictable returns through dividends and capital appreciation, InvITs offer a lucrative opportunity for institutional and retail investors who seek long-term growth in infrastructure.

Viability Gap Funding (VGF)

Viability Gap Funding (VGF) for FY 2024-25 continues to support infrastructure projects through government scheme that provides financial support to Public-Private Partnership (PPP) projects in sectors such as transportation, renewable energy and social infrastructure. For 2024-25, VGF aims to accelerate private sector investment, enhance infrastructure development and bridge critical funding gaps, particularly in emerging sectors like green energy and digital connectivity. The funding is typically granted as a capital subsidy to make projects financially viable while ensuring long-term sustainability and public benefit. The Government has approved a VGF scheme for 30 GWh of Battery Energy Storage Systems (BESS), supplementing the ongoing 13.2 GWh projects.

This initiative of RS.5,400 Crores is expected to draw investment worth RS.33,000 Crores, the nations BESS target for 2028.9

Hydro Power Infrastructure

Indias hydropower infrastructure is poised for significant advancement, driven by substantial policy support and strategic investments. The Union Cabinet has approved a budgetary outlay of RS. 12,461 Crores to support the development of 31,350 MW of hydropower projects over the next eight years.10 This scheme, effective from FY 2024-25 to FY 2031-32, is applicable to all hydropower projects exceeding 25 MW capacity, including private sector initiatives. It aims to improve infrastructure in remote and hilly areas, thereby encouraging fresh investments and ensuring the timely completion of new projects. These initiatives reflect Indias strategic focus on expanding its hydropower infrastructure to meet growing energy demands and transition towards a more sustainable future.

Logistics Infrastructure

Indias logistics system includes roads, railways, ports, and airports that helps to move the goods across the country. To improve this system, the government is building 35 Multimodal Logistics Parks (MMLPs) under the Bharatmala Pariyojana project, with a total investment of about RS. 46,000 Crores. These parks will handle around 700 million metric tonnes of cargo once they are up and running.

In September 2022, the government introduced the National Logistics Policy (NLP) to make Indias logistics more efficient and cost-effective. The goal is to lower logistics costs, improve Indias ranking in the Logistics Performance Index, and create a data-driven system for better decision-making. This policy works alongside the PM Gati Shakti National Master Plan to ensure coordinated development of infrastructure.

Multi-Modal Logistics Parks (MMLP)11

The Ministry of Road Transport and Highways has undertaken significant initiatives to enhance Indias road infrastructure, augment connectivity and promote sustainable transportation. The National Highway network has expanded to 1,46,195 km, with major projects under the ‘Bharatmala Pariyojana, including the development of eight high-speed corridors spanning 936 km. The construction of roadways continues to accelerate, witRs. 5,852 km completed by December 2024, maintaining an average pace of 33.8 km per day.

The government has also prioritised Multimodal Logistics Parks, wayside amenities and ropeway projects under the ‘Parvatmala Pariyojana, ensuring last-mile connectivity and urban decongestion. Safety remains a core area of focus, with initiatives such as black spot rectification, FASTag adoption and the Vehicle Scrapage Policy gaining momentum. Additionally, the ministry has placed considerable emphasis on asset monetisation, raising RS.1,10,441 Crores through toll-operate-transfer, InvIT and project-based financing models. These efforts collectively aim to reduce logistics costs, improve road safety and enhance Indias transport efficiency, supporting economic growth and regional connectivity.

Tunnel Infrastructure12

Indias tunnel infrastructure witnessed significant expansion in FY 2024-25, powered by government initiatives aimed at enhancing connectivity and resolving geographical barriers to connectivity. The Ministry of Road Transport and Highways (MoRTH) has announced plans to construct 74 new tunnels covering a total distance of 273 km at an estimated cost of RS.1 trillion. Notable projects include the Zojila Pass Tunnel, which will be one of Asias longest bidirectional road tunnels aimed at improving year-round access between Srinagar, Kargil and Leh. Additionally, the Goregaon-Mulund Link Road Tunnel in Mumbai aims to facilitate faster travel across the citys hilly terrain. As of late 2024, over 210 tunnels are in various stages of development across India, with an inflow of substantial investments aimed at completing many of these projects by 2028.

The National Highways Authority of India (NHAI) currently has around 75 tunnel projects under construction, collectively valued at RS. 490 billion. These efforts are part of a larger strategy to bolster Indias infrastructure and resolve connectivity challenges posed by rugged terrain and adverse weather conditions. As the government prioritises infrastructure development, the focus will also be on public-private partnerships to enhance execution capabilities and ensure that India meets its ambitious infrastructure goals.

Railways and Metro13

The Government has allocated a capital expenditure budget of RS. 2,52,000 Crores to Indian Railways in FY 2024-2025. This heightened investment is directed towards the implementation of major economic railway corridor programmes: energy, mineral and cement corridors; port connectivity corridors; high traffic density corridors. These initiatives, identified under the PM Gati Shakti Plan, aim to enhance logistical efficiency and reduce costs.

In urban transportation, metro rail networks across India continue to expand, aiming to provide efficient and sustainable mobility solutions in densely populated cities. Several new metro projects are underway or have been recently completed, enhancing connectivity and reducing traffic congestion. These developments are part of a broader strategy to promote public transportation and reduce urban pollution.

Government Initiatives

National Rail Plan14

The National Rail Plan (NRP) aims to create a future ready railway system by 2030, targeting an increase in the modal share of railways in freight transport to 45%. Aligned with this vision, the Indian Railways has made significant progress in the FY 2024-

25. On July 23, 2024 a record capital expenditure allocation of RS. 2,62,200 Crores was announced, marking a substantial 77% rise compared to the investment levels over the past five years.15 This elevated investment showcases the dedication of the government to expand and modernise the railway infrastructure.

During the FY 2024-25, Indian Railways commissioned 3,433 km of new tracks, comprising 1,158 km of new lines, 259 km gauge conversion and 2,016 km of doubling projects.16 Additionally, 3,210 route kilometres were electrified, extending the electrified broad-gauge network to 97%. These developments are aligned with the National Rail Plan (NRP) objectives of enhancing capacity, efficiency and sustainability within the Indian Railways network.

High-speed Rail

High-Speed Rail (HSR) continues to be a key infrastructure priority for FY 2024-25, with several countries investing in the expansion and modernisation their networks. Governments around the world are heightening their focus on sustainable transportation solutions to reduce carbon emissions, ease congestion and promote economic development. India is advancing its Mumbai-Ahmedabad bullet train project, integrating Japanese Shinkansen technology.

For the FY 2024-25, funding allocations and technological advancements are set to expedite high-speed rail adoption. Governments and Private Investors are collaborating to overcome financial and logistical challenges, ensuring that HSR remains a viable and efficient mode of transportation. As these developments unfold, high-speed rail is expected to play a crucial role in shaping the future of global mobility.

Metro Rail Projects17

Metro Rail has changed the way people travel in cities across India. It has made daily travel faster, easier, and more comfortable for everyone. Around one Crores people use the metro every day, helping reduce traffic and pollution in big cities. Before the metro, people had to deal with long journeys, crowded roads, and high travel costs. The metro is a cleaner and cheaper option that saves time and improves the quality of life for city residents.

In the past 10 years, India has added many new metro lines. In 2014, only 248 km of metro tracks were working in 5 cities. By 2024, this increased to 945 km across 21 cities, and more are still being built. The government also introduced new technologies like unmanned trains, QR code tickets, and the National Common Mobility Card which works in many cities. High-speed Namo Bharat trains and smart safety systems have made metro travel even better. These changes show how metro rail is growing and helping build smarter cities.

Ropeways Infrastructure

The Indian government has significantly expedited the National Ropeways Development Programme, known as ‘Parvatmala Pariyojana, to enhance connectivity in hilly and urban regions. This initiative aims to develop over 200 ropeway projects with a total investment of RS.1.25 Lakhs Crores within five years.18 These projects are expected to facilitate tourism, improve urban public transport and generate employment opportunities across the country.

To promote indigenous manufacturing and cost-efficiency, the government is focusing on developing ropeway components under the ‘Make in India initiative. Additionally, to attract private investment, the government is offering construction support under the Hybrid Annuity Mode (HAM) for ropeways. This strategic approach is envisioned to transform ropeways into a viable alternative in urban rapid transit systems, thereby reducing congestion and pollution in cities.

Outlook

The outlook for FY 2025-26 remains positive, driven by the governments strong push for infrastructure as a key growth engine. The sustained emphasis on capital expenditure, asset monetisation and public-private partnerships is expected to enhance connectivity, urban transformation and economic expansion. Major initiatives like the Urban Challenge Fund, expansion of regional air travel and the Maritime Development Fund will improve sustainable growth and enhance job creation. Additionally, reforms in taxation and incentives for private sector participation are likely to elevate the inflow of investment. Overall, the budget aims to strengthen Indias infrastructure backbone, ensuring long-term economic resilience and progress.

Company Overview

G R Infraprojects Limited ("GRIL") is an Indian infrastructure Company with nearly three decades of experience. The Company has contributed significantly in the advancement of the nations infrastructure development. Specialising in the construction and upkeep of roads, bridges, highways and various civil infrastructure projects, the Company has established a significant presence in northern, central, western and southern regions. Through innovation and digitisation, G R Infraprojects Limited has modernised its project models, notably the Engineering, Procurement and Construction (EPC) model and the Build, Operate and Transfer (BOT) model and HAM projects in the road sector and EPC projects in railway, metro, airport runways and OFC (Optical Fiber Cable) projects. This modernisation offers the Company a competitive edge. The Company provides comprehensive solutions, ranging from project planning and design to construction and ongoing maintenance. The Companys project portfolio is diverse and encompasses railway overbridges, elevated metro lines, transmission lines, multi-modal logistics parks and ropeways.

Financial and operational overview

Order inflow and order book

The Company executes road projects on Engineering Procurement and Construction (EPC), Built, Operate, and Transfer (BOT), Design, Build, Finance, Operate and Transfer (DBFOT ) and on Hybrid Annuity Mode (HAM) basis. As on 31st March2025, the order book of the Company stands at RS.19,17,990.03 Lakhs.

During the Financial Year under review, the Company has been awarded Two (2) Road Projects amounting RS.5,57,207.07 Lakhs, further Company has also been awarded Two (2) Power Transmission Projects amounting RS.1,00,508.47 Lakhs and One (1) Metro from Nagpur Metro Rail Corporation Limited amounting RS.76,570.72 Lakhs.

As on date, the Company has a decent mix of 29 Projects. Out of total 29 Projects, 7 are Operational, 19 are under construction and 3 projects are awaiting appointed date.

From the above mentioned 29 projects, 21 are HAM, 1 is BOT, 5 are BOOT, 1 is DBFOT and 1 is DBFOT(Toll) projects.

During the Financial year under review, the Company has transferred its two wholly owned subsidiary companies, having HAM project, to Indus Infra Trust and thereby has earned Profit of RS.6,254.16 Lakhs (net of tax) in standalone financial statement.

Summarised profit and loss account of the Company

Particulars	Standalone			Consolidated
	FY 2024-25	FY 2023-24	Change (%)	FY 2024-25	FY 2023-24	Change (%)
Revenue from Operation	651,556.78	778,796.44	-16.34%	739,470.41	898,015.01	-17.66%
Other Income	50,034.40	22,528.93	122.09%	19,542.07	10,275.62	90.18%
Total Expenses	594,156.01	700,055.06	-15.13%	645,109.09	766,668.17	-15.86%
Depreciation and Amortisation	24,483.22	24,423.02	0.25%	24,457.94	24,423.02	0.14%
Finance Cost	8,568.67	10,380.51	-17.45%	44,804.62	56,460.99	-20.64%
Profit After Tax	80,660.69	197,743.15	-59.21%	101,539.53	132,296.63	-23.25%
Earnings Per Share	83.40	204.51461	-59.22%	104.88	136.90	-23.39%
Net worth	788,774.20	719,572.44	9.62%	850,320.35	760,239.75	11.85%
Capital Employed	852573.74	803,321.66	6.13%	1355783.6	1,146,073.12	18.30%
Return on Equity	10.80%	32.38%	-66.66%	12.72%	19.35%	-34.27%
Cash and Cash Equivalents	43,354.82	25,939.69	67.14%	65,948.99	53,387.39	23.53%
Adjusted Net Debt to Equity Ratio	0.01	0.07	-85.71%	0.51	0.43	18.60%
Total Borrowings	51,234.01	73,893.24	-30.66%	496,616.10	380,276.14	30.59%

Key financial ratios

Particulars	Standalone			Consolidated
	FY 2024-25	FY 2023-24	Change (%)	FY 2024-25	FY 2023-24	Change (%)
Operating Margin (%)	13.88%	14.58%	-4.78%	22.13%	23.63%	-6.79%
Debt/Equity Ratio (x)	0.07	0.10	-37.01%	0.59%	0.51%	15.69%
Return on Equity (%)	10.80%	32.38%	-66.65%	12.72%	19.35%	-34.27%
Earnings per Share (Basic)	83.40	204.51	-59.22%	104.88	136.90	-23.39%
Net Asset Value per Share (H)	815.59	744.21	9.59%	879.23	786.27	11.82%

Human Capital

The Company continues to strengthen its foundation by placing human capital at the core of business transformation and operational excellence. Its success is powered by a resilient and ambitious workforce committed to achieving strategic goals and project milestones.

Anchored in integrity, accountability, and a shared vision, the Company fosters a culture where employees are empowered to lead with purpose, take ownership, and drive results. This culture not only accelerates personal development but also enhances the Companys collective agility and execution capability.

In FY 2024–25, GRILs diverse and passionate talent pool played an important role in advancing its transformation journey. Through targeted capability building, adoption of digital tools, and inclusive engagement, the Company ensured its people strategy remained in sync with evolving business needs.

This employee centric approach has not only enhanced GRILs agility and execution capabilities but also reinforced its resilience. It has laid the groundwork for sustained growth and long-term value creation.

Sustainability and CSR

Corporate Social Responsibility (CSR) is an integral part of G R Infraprojects Limited identity. The Company believes that true success includes the well-being of the communities it serves, making CSR a key priority. As a responsible corporate entity, it embeds sustainable practices across its operations. Additionally, it has established a strong supplier code of conduct to ensure its entire supply chain aligns with its ESG commitments.

Quality management

The Company is committed to maintaining top quality standards in every phase of its projects. By optimising resource utilisation, it seeks to minimise costs and reduce cycle times. A dedicated team of engineers and professionals oversee quality assurance, ensuring adherence to established standards. During project execution, the Company closely monitors and tests all materials for compliance, promptly identifying any non conformities and implementing corrective measures as needed.

Risks and concerns

The Company recognises the factors that could hinder its long-term growth and is committed to protect stakeholder interest. To mitigate potential challenges, it has established a robust Risk Management framework with strategic measures designed to minimise the impact of both external and internal risks on its operations and profitability.

Information technology

The Company operates in a fast-evolving environment where advanced technology is essential for sustaining a competitive edge. To stay ahead, it has integrated cutting-edge innovations such as Artificial Intelligence (AI), the Internet of Things (IoT), data analytics and comprehensive cyber security protocols. Our in-house Information Technology team plays a pivotal role in developing digital platforms that offer real-time visibility into various aspects of project execution, ranging from on-site workforce management and material logistics to project progress and construction quality monitoring.

To enhance operational efficiency and safety, the company leverages AI-powered facial recognition, advanced surveillance technologies, drone-based monitoring and other intelligent tools. The adoption of RISE with SAP is streamlining our core business processes through cloud-based automation and enterprise integration. The BI dashboards enable real-time monitoring of key operational metrics. Through continual investment in next-generation technologies, GR Infraprojects is building future-ready capabilities to deliver superior value to stakeholders.

Environment, Health and Safety (EHS)

The Company is strongly committed to following the best global practices in Health, Safety, and Environmental (HSE) management. The Company is certified under ISO 45001 for occupational health and safety and ISO 14001 for environmental management. The Company follows all legal, regulatory and contractual HSE requirements across its operations.

This commitment applies to all its project sites and manufacturing units, where the safety, health, and well-being of all employees, sub-contractors, and partners are always our top priority. The Company makes sure make sure to follow safety rules and protect the environment at every stage of our work.

GRIL focuses on timely reporting and proper investigation of any incidents or near-misses. This helps to find areas for improvement and avoid future risks.

The Company is creating a culture that is safe, healthy, and environmentally sustainable for all people with the support of its staff and a strong commitment from our leaders.

Internal Control Systems and their Adequacy

The internal policies and controls of the Company are appropriate for its size and operations, ensuring compliance with legal and corporate governance standards, as well as strategic and financial goals. It aims to provide reasonable assurance against risks, with a focus on promoting compliance and ethical behaviour among employees. The Board of Directors regularly reviews and updates this system to keep it relevant and thorough.

Cautionary Statement

Statements made in this document or discussions about future conditions, events, or circumstances, including the Companys objectives, projections, estimates and expectations, might be considered ‘forward-looking statements according to relevant laws and regulations. These statements are subject to numerous risks and uncertainties and may not necessarily predict future outcomes accurately. Actual results could significantly differ from those expressed or implied in these statements. Key factors that could impact the Companys operations include economic conditions affecting demand and supply, market price conditions, changes in Government regulations, tax laws and other statutes, as well as various incidental factors.