KYC is one time exercise with a SEBI registered intermediary while dealing in securities markets (Broker/ DP/ Mutual Fund etc.). | No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.   |   Prevent unauthorized transactions in your account – Update your mobile numbers / email ids with your stock brokers. Receive information of your transactions directly from exchange on your mobile / email at the EOD | Filing Complaint on SCORES - QUICK & EASY a) Register on SCORES b) Mandatory details for filing complaints on SCORE - Name, PAN, Email, Address and Mob. no. c) Benefits - speedy redressal & Effective communication   |   BSE Prices delayed by 5 minutes... << Prices as on Dec 20, 2024 >>  ABB India 6923.8  [ -5.79% ]  ACC 2064.45  [ -2.43% ]  Ambuja Cements 548.85  [ -2.53% ]  Asian Paints Ltd. 2283.05  [ -0.43% ]  Axis Bank Ltd. 1072.1  [ -3.28% ]  Bajaj Auto 8786.65  [ -2.09% ]  Bank of Baroda 240.3  [ -3.20% ]  Bharti Airtel 1578.25  [ -1.34% ]  Bharat Heavy Ele 235.25  [ -2.89% ]  Bharat Petroleum 288.95  [ -1.92% ]  Britannia Ind. 4700.9  [ -1.70% ]  Cipla 1472.45  [ -2.22% ]  Coal India 382.75  [ -2.43% ]  Colgate Palm. 2750.95  [ -1.06% ]  Dabur India 501.9  [ -0.42% ]  DLF Ltd. 830.75  [ -3.86% ]  Dr. Reddy's Labs 1342.45  [ 1.24% ]  GAIL (India) 192.45  [ -0.59% ]  Grasim Inds. 2493.85  [ -1.72% ]  HCL Technologies 1911.2  [ -1.15% ]  HDFC 2729.95  [ -0.62% ]  HDFC Bank 1772.05  [ -1.19% ]  Hero MotoCorp 4339.85  [ -1.53% ]  Hindustan Unilever L 2334.95  [ -1.06% ]  Hindalco Indus. 623.75  [ -0.91% ]  ICICI Bank 1285.7  [ -0.12% ]  IDFC L 108  [ -1.77% ]  Indian Hotels Co 854  [ -3.03% ]  IndusInd Bank 930  [ -3.53% ]  Infosys L 1922.05  [ -1.34% ]  ITC Ltd. 464.6  [ -0.38% ]  Jindal St & Pwr 908.1  [ -1.51% ]  Kotak Mahindra Bank 1743.55  [ -1.04% ]  L&T 3630.6  [ -2.22% ]  Lupin Ltd. 2147.55  [ -0.68% ]  Mahi. & Mahi 2906.4  [ -3.60% ]  Maruti Suzuki India 10904.75  [ -0.46% ]  MTNL 52.47  [ -3.49% ]  Nestle India 2163.85  [ 0.12% ]  NIIT Ltd. 186.15  [ -5.41% ]  NMDC Ltd. 213.35  [ -0.35% ]  NTPC 333.3  [ -1.29% ]  ONGC 237.3  [ -1.92% ]  Punj. NationlBak 100.7  [ -2.71% ]  Power Grid Corpo 315.75  [ -1.90% ]  Reliance Inds. 1206  [ -2.00% ]  SBI 812.5  [ -2.44% ]  Vedanta 477.5  [ -2.99% ]  Shipping Corpn. 211.75  [ -3.77% ]  Sun Pharma. 1808.5  [ -0.81% ]  Tata Chemicals 1028.25  [ -2.94% ]  Tata Consumer Produc 889.75  [ -1.86% ]  Tata Motors 724  [ -2.73% ]  Tata Steel 140.85  [ -1.71% ]  Tata Power Co. 401.25  [ -2.75% ]  Tata Consultancy 4168.05  [ -2.42% ]  Tech Mahindra 1685.2  [ -3.97% ]  UltraTech Cement 11424.7  [ -2.14% ]  United Spirits 1545.75  [ -1.58% ]  Wipro 305.15  [ -2.41% ]  Zee Entertainment En 125.05  [ -4.14% ]  

Company Information

Indian Indices

  • Loading....

Global Indices

  • Loading....

Forex

  • Loading....

GPT INFRAPROJECTS LTD.

20 December 2024 | 12:00

Industry >> Cement Products

Select Another Company

ISIN No INE390G01014 BSE Code / NSE Code 533761 / GPTINFRA Book Value (Rs.) 24.74 Face Value 10.00
Bookclosure 26/11/2024 52Week High 204 EPS 4.58 P/E 30.31
Market Cap. 1752.80 Cr. 52Week Low 69 P/BV / Div Yield (%) 5.61 / 2.16 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2024-03 

GPT Infraprojects Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of GPT Infraprojects Limited ("the Company"), which includes its joint operations, which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss, including Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditors (including joint auditor, Agarwal Lodha & Co.) on separate financial statements and other financial information of thirty (30) joint operations, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act') in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, its profit, other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further 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 the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 34(B) of the audited standalone financial statements in regard to the ongoing arbitration proceedings on a completed project initiated by the Company's Joint operation with one of its customers. This dispute has led to uncertainty on the recovery of the Company's share of unbilled revenue, trade receivables and other assets aggregating to H 662.58 lacs with regards to the Project. Since the matter is currently sub judice, no reliable estimates can be made in the said matter. Accordingly, no provision has been provided in the audited standalone financial statements of the Company for the year ended March 31, 2024.

Our opinion is not modified in respect of the above matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the year ended March 31, 2024. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below for key audit matters to be communicated in our report.

Sr.

Key Audit Matter No

How the Key Audit Matter was addressed in our audit

1. Revenue recognition - Construction Contracts (Refer to Note 42

Our audit procedures in respect of this area included:

of the standalone financial statements)

1.

Evaluated the accounting policy for revenue recognition

Revenue recognition involves usage of percentage of completion

of the Company and assessed compliance of the policy

("POC") method as per the input method prescribed under Ind AS

in terms of principles enunciated under Ind AS 115.

115 - Revenue from contracts with customers ("Ind AS 115") where

2.

Verified controls over revenue recognition with specific

performance obligations are satisfied over time. It is determined

focus on determination of progress of completion,

based on proportion of contract costs incurred to date compared

recording of costs incurred and estimation of total

to estimated total contract costs till completion, which involves following factors:

3.

project cost.

Inspected the underlying customer contracts,

i. there is an inherent estimation uncertainty relating to

verified costs incurred with estimated total project

determination of the progress of each contract, cost incurred

costs to identify significant variations and assess

till date and around the estimation of total future cost to

whether those variations have been considered in

complete the remaining performance obligation on the

estimating the total project costs and consequential

contract, given the customized nature of the contracts.

determination of stage of completion.

Sr.

No

Key Audit Matter

How the Key Audit Matter was addressed in our audit

ii. The estimation of total cost to complete the contract involves significant judgement throughout the period of contract and is subject to revision as the contract progresses based on latest

4.

Verified the management's evaluation process to recognize revenue over a period of time, status of completion for projects and total cost estimates.

available information and also involves critical estimates to make provision for onerous contract, if any. iii. Identification of contractual obligations in respect of Company's

5.

Evaluated the contracts to determine the level of provisioning required for loss making contracts/ onerous obligations, if any.

rights to receive payments for performance completed till date. iv. Estimation of period of recovery of receivables, consequential revised contract price, price escalations.

In view of the above and considering the materiality of the amounts involved and the significance of degree of the judgement and estimation uncertainty this has been identified as a key audit matter.

6.

Assessed the disclosures made by management is in compliance of Ind AS 115.

2.

Recoverability of contract assets comprising unbilled revenue

Our audit procedures in respect of this area included:

accrued on construction contracts, accrued unbilled price variations.

(Refer to Note 34(B) and 42 of the Standalone Financial Statements)

As of March 31, 2024, the value of contract assets aggregated H

1.

2.

Read the underlying construction contracts.

Verified on a sample basis the computation of unbilled revenue accrued on construction contracts and accrued unbilled price variations.

27,977.78 lacs which amounts to around 40% of the total assets of the Company.

Accrual of unbilled revenue involves significant judgements including determination of total contract costs including expected

3.

Verified on a sample basis subsequent invoicing by the Company and collections from customers to identify if there were any indicators of impairment of the contract assets.

cost to complete the project and percentage of completion of the respective construction contracts of the Company. The recoverability of the same is mainly based on certification of the work done by the customers as per the specific requirements of the contracts.

The unbilled price variations are accrued as per the relevant escalation index of material and labour on specific contracts on the basis of amount of expenditure incurred by the Company during the period, under subject to approval from the customer. We have considered recoverability of the contract assets as a key audit matter as it involves key management's estimates and judgements of the percentage completion of the contract, estimated total project cost and compliance with the key contractual terms over the contract period.

4.

5.

6.

In respect of material contract balances, inspected relevant contracts and correspondence with the customers.

Verified management's control for evaluation of recoverability of assets.

Verified that the adequate disclosure has been made in respect of revenue from contracts with customers, contract assets (unbilled revenue) etc in compliance with the requirements of Ind AS 115 - Revenue from contracts with customer'.


Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the corporate information, Chairman's statement, Director's report, Management discussion and analysis and report on Corporate Governance, but does not include the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements

or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the

Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

We give in "Annexure A" a detailed description of Auditor's responsibilities for Audit of the Standalone Financial Statements.

Other Matter

a. We did not audit the financial statements and other financial information of twenty seven (27) joint operations included in the standalone financial statements of the Company, whose financial statements and other financial information reflect Company's share of total assets of H 5,585.16 lacs as at March 31, 2024, Company's share of total revenue of H 12,924.03 lacs, Company's share of total net profit after tax of H 677.01 lacs, and Company's share of total comprehensive income of H 677.01 lacs for the period from April 01, 2023 to March 31,2024 and Company's net cash flows of H(26.61) lacs for the year ended March 31,2024 as considered in the financial statements of these joint operations. The financial statements and other financial information of these joint operations have been audited by other auditors (including one of the joint auditors of the Company, Agarwal Lodha & Co.) whose reports have been furnished to us and our opinion in so far as it relates to the

amounts and disclosures included in respect of these joint operations, is based solely on the report of such auditors.

b. We did not audit the financial statements and other financial information of three (3) joint operations included in the standalone financial statements of the Company, whose financial statements and other financial information reflect Company's share of total assets of H 389.33 lacs as at March 31, 2024, Company's share of total revenue of H 2,108.66 lacs, Company's share of total net profit after tax of H 127.85 lacs, and Company's share of total comprehensive income of H 127.85 lacs for the period from April 01, 2023 to March 31,2024 and Company's net cash flows of H 38.45 lacs for the year ended March 31,2024 as considered in the financial statements of these joint operations. The financial statements and other financial information of these joint operations have been certified by the management whose reports have been furnished to us. According to the information and explanations given to us by the Management, these financial informations are not material to the Company.

c. Figures for the year ended March 31, 2023 have been audited by M S K A and Associates, Chartered Accountants and S N Khetan & Associates, Chartered Accountants.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure C".

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Note 34(A) to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. 1. The Management has represented that,

to the best of its knowledge and belief as disclosed in Note 49(iv) to the Standalone Financial Statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

2. The Management has represented, that, to the best of its knowledge and belief as

disclosed in Note 49(v) to the Standalone Financial Statements, no funds have been received by the Company from any persons or entities, including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, as on the date of this audit report, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

3. Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, and according to the information and explanations provided to us by the Management in this regard nothing has come to our notice that has caused us to believe that the representations under subclause (i) and (ii) of Rule 11(e) as provided under (1) and (2) above, contain any material mis-statement.

v. The interim dividend declared and paid by the Company during the year and until the date of this audit report is in accordance with section 123 of the Companies Act 2013.

vi. Based on our examination, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility. The audit trail feature has been operated throughout the year for all transactions recorded in the accounting software. Further, during the course of our audit, we did not come across any instance of the audit trail feature being tampered with.

3. In our opinion, according to information, explanations given to us, the remuneration paid by the Company to its directors is within the limits laid prescribed under Section 197 read with Schedule V of the Act and the rules thereunder.

For M S K A & Associates For Agarwal Lodha & Co

Chartered Accountants Chartered Accountants

ICAI Firm Registration No.105047W ICAI Firm Registration No. 330395E

Dipak Jaiswal Vikram Agarwal

Partner Partner

Membership No.: 063682 Membership No.: 303354

UDIN: 24063682BKATDD9939 UDIN: 24303354BKAJSW6565

Place: Kolkata Place: Kolkata

Date: May 17, 2024 Date: May 1 7, 2024