Dear Members,
 
 The Directors have pleasure in presenting the 21st Annual Report
 together with Audited Statement of Accounts of the Company for the year
 ended 31st March, 2011.
 
 FINANCIAL RESULTS:
 
 Summarized financial results of the Company for the year under review
 are as below:
 
                                                       (Rs. in lacs)
 
 PARTICULARS                           Year Ended         Year Ended
 
                                 31st March, 2011   31st March, 2010
 
 Total Income                          387,156.47         344,048.73
 
 Profit before depreciation & tax       44,122.84          42,109.39
 
 Depreciation                            8,401.29           7,151.27
 
 Profit before tax                      35,721.55          34,958.12 
 
 Provision for tax
 
 - Current                               7,118.17           5,931.86
 
 - Deferred Tax                          2,778.81           6,739.81
 
 - MAT Credit/Fringe Benefit Tax         1,071.18          (1,109.34)
 
 - Tax adjustment for earlier years         70.01             281.22 
 
 Profit after tax                       24,683.38          23,114.57 
 
 Extra Ordinary Items (Net) (Profit on 
 Buy Back of FCCB''s)                            -           4,826.21 
 
 Proposed Dividend together with 
 Tax thereon                               845.30             850.79 
 
 Transfer to General Reserve             2,468.00           2,790.00 
 
 Transfer to Debenture Redemption 
 Reserve                                 1,060.00             390.00
 
 Surplus carried to Balance Sheet       78,138.50          57,828.54
 
 FINANCIAL PERFORMANCE
 
 The turnover of the Company for the year ended 31st March, 2011,
 reported an increase of 12.53 % rising to Rs. 387,156.47 lacs from Rs.
 344,048.73 lacs in the previous year.
 
 Profit before depreciation and taxation was Rs. 44,122.84 lacs and after
 providing Rs. 8,401.29 lacs towards depreciation and Rs. 11,038.17 lacs
 towards tax, the net profit amounts to Rs. 24,683.38 lacs.
 
 BUSINESS PERFORMANCE
 
 Era Infra Engineering Limtied is an Integrated Infrastructure
 Development Company. The Company is primarily engaged in construction
 activities of power projects, roads, railways & other infrastructure
 projects. It has a strong presence in the construction sector with an
 impressive track record.
 
 The Company has completed various projects since inception for renowned
 clients like NTPC, PGC, NHPC, RVNL, BHEL, IRWO, NBCC, PWD, NALCO, RVNL,
 AAI, DMRC, CPWD to name a few. The company has received repeat orders
 from reputed clients like NTPC, Gujarat Ambuja, Rajasthan Spinning,
 Birla Tyres, Indian Glycols, National Dairy Development Board, Bharat
 Heavy Electrical Limited etc. The key factor that has contributed to
 the company''s success is in-house technical expertise and strong
 project management capabilities, which ensures timely execution of the
 projects within budgeted costs and continued emphasis on maintaining
 quality standards.
 
 The Company is professionally managed with well-qualified and
 experienced personnel in all areas including engineering, finance and
 administration combined with a full-fledged Enterprise Resource
 Planning (ERP) and MIS system. The Company has on its roll over Three
 Thousand Nine Hundred and Ninety Six employees, which includes over One
 Thousand and Five Hundred experienced and skilled engineers.
 
 The Order Book of Company has increased from approx Rs. 8,395 Cr. in 2010
 to over Rs. 10,422 Cr. as on 31st March, 2011 across sectors, to be
 implemented over a period of next two to three years. All ongoing
 projects are monitored on a regular basis by the senior management
 based at Delhi and Noida offices. The company has aggressively invested
 in an in- house ERP system, which encompasses different areas of
 efficient construction management with greater efficiency, accuracy and
 predictability.
 
 In tandem with the growth momentum of the earlier years, your company
 has strengthen its position in the market by stepping in diversified
 segments, in this financial year they are focusing more on the complex
 projects with longer duration which will truly portrays the in-built
 capability of your company.
 
 A few of the projects for this financial year are as follows:
 
 - Infrastructure: In infrastructure space we have received orders from
 Mumbai Rail Vikas Corporation for construction of EMU maintenance crash
 between Nallasopara and Virar. Also, bagged project from Airport
 Authority of India for construction of enclave at Jaisalmer Airport.
 Era bagged its biggest project from National Highways Authority of
 India for up gradation of Bareilly-Sitapur from KM 262 to KM 413.20 in
 state of Uttar Pradesh.
 
 - Power: Bagged projects from MP Poorv Kshetra Vidyut Vitran, Hyderabad
 Vidyut Prasaran Nigam, and Bajaj Infra.
 
 - Social Infra:
 
 (a) Bagged project in housing segment from Parinda Buldicon, Golden
 Glow.
 
 (b) Bagged project from prestigious Central Public Works Department for
 construction of office building and guest house at Lucknow and also
 from Department of Atomic Energy.
 
 Presently the company has three strategic divisions which help the
 company in maintaining its growth momentum.
 
 Engineering, Procurement and Construction (EPC) Division: This division
 is in a growth phase, the order book position has improved considerably
 over the years and it has bagged orders from prestigious clients like
 NTPC, Airport Authority of India, Delhi Metro Rail Corporation Limited,
 Naya Raipur Development Authority etc.
 
 BOT Division: This division predominantly looks after the procurement
 and engineering designing part and has bagged orders for up gradation
 of Bareilly-Sitapur from KM 262 to KM 413.20 in state of Uttar Pradesh.
 In future we are planning to bag orders for underground Automated Car
 Parking, Bus Terminals, Highways, Railways, Airports etc.
 
 Equipment Management Division (EMD): In today''s infrastructure
 development sector the demand for construction equipments are huge. To
 tap this huge opportunity and making efficient use of large equipment
 base the company has started this division. The aim of starting this
 division is to make revenue by using the equipments in most efficient
 manner and further to provide the strength to internal execution.
 
 Today the company is a known name in the field of Infrastructure
 projects contributing to the Infrastructure development of modern
 India. The Company has transformed from a mere construction company to
 a major player in the Roads, Bridges, Power sector building, to BOOT
 and BOT projects. Successful completion of projects in hand is a habit
 of the company. No major Labour disputes, no Strikes/Labour unrest is a
 something which speaks about the other good attributes of the company.
 
 DIVIDEND
 
 Your Directors are pleased to recommend a Dividend of Rs. 0.40/-per
 Equity Share (20 per cent) for the financial year 2010- 11. If the
 dividend, as recommended by the Board of Directors, is approved at this
 Annual General Meeting, payment of such dividend will be made on or
 before October 19, 2011.
 
 MATERIAL CHANGES
 
 There are no material changes and commitments, affecting the financial
 position of the company between the end of financial year of your
 company and the date of this Report.
 
 PUBLIC DEPOSITS
 
 Your Company has not accepted any deposits from the public or its
 employees during the year under review. The details of loans and
 advances, which are required to be disclosed in the annual accounts of
 the Company pursuant to Clause 32 of the Listing Agreement with the
 Company, are furnished separately.
 
 DIRECTORS
 
 Mr. S.D. Sharma and Mr. S.D. Kapoor retire by rotation at the
 forthcoming Annual General Meeting and being eligible offer themselves
 for reappointment.
 
 Mr. Amit Bharana was appointed as Additional Director of the company
 with effect from 15.12.2010. He hold office up to the date of this
 Annual General Meeting.
 
 Mr. Amit Bharana is an MBA from Central Queensland University,
 Australia and also holds BBA (Hons.) from Thames Valley University,
 United Kingdom. He also holds a Diploma in Import and Exports from
 Foreign Trade Development Centre, New Delhi.
 
 The re-appointments of Mr. S.D. Sharma, Mr. S.D. Kapoor and appointment
 of Mr. Amit Bharana as Directors require the approval of the members at
 the ensuing Annual General Meeting.
 
 AUDITORS
 
 M/s G. C. Sharda & Co., Chartered Accountants, the Statutory Auditors,
 will retire at the conclusion of the forthcoming Annual General Meeting
 and are eligible for re-appointment. The Audit Committee and your Board
 recommends their re-appointment as Auditors of the Company. The company
 has received a letter from them to the effect that their reappointment,
 if made, would be within the prescribed limit under Section 224 (1B) of
 the Companies Act, 1956.
 
 AUDIT COMMITTEE
 
 The Audit Committee consists of four members namely Mr. A.K. Mehta, Mr.
 S.D. Sharma, Mr. J.L. Khushu and Mr. Arvind Pande out of which three
 are independent. Mr. A. K. Mehta is the Chairman of Audit Committee.
 All members of the Audit Committee possess sufficient knowledge and
 experience in the field of Finance and Accounts.
 
 AUDITORS'' REPORT
 
 The Auditors'' Report does not contain any adverse remark or
 qualification hence the same do not call for further information or
 explanation.
 
 SUBSIDIARY COMPANIES
 
 As per Section 212 of the Companies Act, 1956, we are required to
 attach the Directors Report, Balance Sheet and Profit and Loss Account
 of our Eighteen subsidiary companies. We believe that the Consolidated
 Financial Statements present a more comprehensive picture rather than
 the standalone financial statements.
 
 Ministry of Corporate Affairs (MCA), Government of India (GOI), vide
 its General Circular No. 2/2011 dated 8th February, 2011 has granted a
 general exemption from the requirement of attaching the Balance Sheet
 and Profit & Loss Account, Schedules to Accounts and Notes forming part
 of the Accounts, Report of the Board of Directors, Report of the
 Auditors etc., of subsidiary companies with the Annual Accounts of the
 Company under Section 212(8) of the Companies Act, 1956 subject to
 compliance of conditions mentioned therein.
 
 In terms of the aforesaid general exemption granted by MCA, the Board
 of Directors of the Company has given its consent for not attaching the
 Balance Sheet and Profit & Loss Account, Schedules to Accounts and
 Notes forming part of the Accounts, Report of the Board of Directors,
 Report of the Auditors etc., of its aforesaid eighteen subsidiaries
 with the Annual Accounts of the Company, in relation to the financial
 year ending on 31st March, 2011.
 
 As permitted by SEBI guidelines and The Companies Act, 1956, we have
 included Consolidated financial statements of your company in this
 Annual Report. The detailed financial statements and audit reports of
 the subsidiaries are available for inspection at the Registered Office
 of the Company and upon written request from a shareholder; we will
 arrange to send the full balance sheet, profit and loss account and
 auditors'' report to the said shareholder.
 
 LISTING
 
 The Equity shares continue to be listed on the Bombay Stock Exchange
 Ltd. (BSE) and the National Stock Exchange of India Ltd. (NSE). Both
 these Stock Exchanges have nation wide terminals and therefore,
 shareholders/investors are not facing any difficulty in trading the
 shares of the Company from any part of the Country. The Company has
 paid annual listing fee for 2011-12 to the Bombay Stock Exchange Ltd.
 and the National Stock Exchange of India Ltd. and annual custody fee to
 National Securities Depository Limited and Central Depository Services
 (India) Limited. FCCB''s issued are listed at Singapore Stock Exchange,
 Singapore.
 
 The GDR''s issued by the Company were listed at Luxembourg Stock
 Exchange, Luxembourg. The same were delisted w.e.f December 10, 2010,
 as there were no GDR outstanding for conversion.
 
 CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS
 
 A Company holds fiduciary relationship with its stakeholders and
 community, here the Board of Directors of the Company act as trustee to
 all the stakeholders of the Company to enhance the stakeholder''s value
 and protect their interest. Your Company is committed to benchmark
 itself with global standards in all areas including appropriate
 standards for Good Corporate Governance. Towards this end, an effective
 Corporate Governance System has been put in place in the Company which
 also ensures that the provisions of Clause 49 of the Listing Agreement
 are duly complied with. A report on Corporate Governance, and
 Management Discussion and Analysis, along with Certificate on its
 compliance from Mr.  R.S. Bhatia, Company Secretary in Practice is
 enclosed with this Annual Report.
 
 OVERSEAS JOINT VENTURE
 
 Your Company holds minority stake in M/s SPA Group Era India Algeria, a
 company which is engaged in construction activity.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Your Company has no activity relating to conservation of energy as
 prescribed under the rules, however all steps are taken to conserve
 energy at all levels of operations wherever possible. Further your
 Company is not using any foreign technology.
 
 The foreign exchange earning /outgo during the year are as under: 
 
                                                    (Rs. in Lacs)
 
 Pariculars                        Current Year     Previous Year
 
 Foreign Exchange Earnings                 Nil           51.65
 
 Foreign Exchange Outgo                8788.67         7753.84
 
 PARTICULARS OF EMPLOYEES
 
 Particulars of employees as required under Section 217(2A) of the
 Companies Act, 1956, read with the Companies (Particulars of Employees)
 Rules, 1975 as amended from time to time are given in Annexure A and
 form part of this report.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirements of Section 217(2AA) of the Companies Act,
 1956, it is confirmed that:
 
 1.  The applicable accounting standards have been followed by the
 Company in preparation of the annual accounts for the financial year
 ended 31st March, 2011.
 
 2.  The Directors have selected 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 31st March, 2011 and of
 the profit of the Company for the financial year ending 31st March,
 2011.
 
 3.  The Directors have 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 fraud and other irregularities.
 
 4.  The Directors have prepared accounts for the financial year ended
 31st March, 2011 on a going concern basis.
 
 ACKNOWLEDGEMENT
 
 Your Directors take this opportunity to place on record their
 appreciation towards bankers, clients and all the business associates
 for their continuous support to the Company and to the shareholders for
 the confidence reposed in the Company''s Management. The Directors also
 convey their appreciation to the employees at all levels for their
 enormous personal efforts as well as collective contribution.
 
                                     For and on Behalf of the Board
 
 Place: New Delhi
 
 Date: August 13, 2011                       (H.S. Bharana)
 
                                      Chairman & Managing Director