1. Consolidation and Segment Reporting

a. Pursuant to the provisions of Clause 41 of the Listing Agreement, the company has opted to publish only the consolidated results. The Company carries its four business verticals viz., Airports, Energy, Roads and Others through various subsidiaries and an associate, being Special Purpose Vehicles exclusively formed to build and operate various infrastructure projects. While the full revenues, expenses and results of the subsidiaries are consolidated, those of the associate are consolidated to the extent of the Company’s shareholding in such associate.

b. The above published consolidated results have been extracted from consolidated financial statements prepared in accordance with principles and procedures as set out in the Accounting Standard (AS) - 21 on ´Consolidated Financial Statements´, AS - 23 on ´Accounting for Investments in Associates in Consolidated Financial Statements´ and AS - 27 on ´Financial Reporting of Interests in Joint Venture´, as referred to in section 211(3C) of the Companies Act, 1956.

c. The segment report of the Company and its consolidated subsidiaries and associate has been prepared in accordance with Accounting Standard 17 on Segment Reporting as referred to in Section 211(3C) of the Companies Act, 1956.

The business segments of the Company comprise of the following:


----------------------------------------------------------------------------------------------------------------------Segment					Description of Activity----------------------------------------------------------------------------------------------------------------------Airports				Development and operation of airportsPower					Generation of power & provision of related servicesRoads					Development and operation of roadwaysOthers					Urban Infrastructure and other residual activities----------------------------------------------------------------------------------------------------------------------


2. The Ministry of Corporate Affairs, Government of India has vide its Notification No GSR 225(E) dated March 31, 2009 has announced Companies Accounting Standards (Amendment) Rules 2009 prescribing changes to Accounting Standard 11 on ´The Effects of Changes in Foreign Exchange Rates´

The Company and its subsidiaries have, pursuant to the adoption of such principles of Companies (Accounting Standards) Amendment Rules 2009, exercised the option of recognising the exchange differences arising on reporting of foreign currency monetary items at rates different from those at which they were recorded earlier, in the original cost of such depreciable fixed assets in so far such exchange differences arose on foreign currency monetary items relating to the acquisition of a depreciable asset as below:

a) Exchange differences amounting to Rs 1,819 lakhs hitherto recognized as income in the Profit and Loss Account in respect of the financial year ended March 31, 2008, have now been adjusted to the cost of assets by carrying out a corresponding adjustment to the opening balance of Profit and Loss Account under Reserves & Surpluses

b) An amount of Rs 18,053 lakhs being the exchange loss arising in the financial year ended March 31, 2009 has now been added to the cost of the depreciable assets. Such exchange fluctuation differences were previously recognised in the Profit and Loss Account.

c) An amount of Rs 928 lakhs, being the exchange gain on other long term monetary assets arising in the financial year ended March 31, 2009 has now been accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortized over the balance period of such long term monetary asset in the Profit and Loss Account. The unamortized balance as at March 31, 2009 amounts to Rs 687 lakhs. Such exchange fluctuation differences were previously recognised in the Profit and Loss Account.

3. GMR Jadcherla Expressways Pvt Ltd (GJEPL), a subsidiary of the Company, has commenced the commercial operations from February 11, 2009. The consolidated financial results of the Company include Revenue of Rs 563 lakhs representing income from Toll operations and Loss of Rs 151 lakhs of the subsidiary.

4. GMR Pochanpalli Expressways Pvt Ltd (GPEPL), a subsidiary of the Company, has commenced the commercial operations from March 26, 2009. The consolidated financial results of the Company include Revenue of Rs 178 lakhs representing income from Toll operations and Loss of Rs 16 lakhs of the subsidiary.

5. GMR Aviation Pvt Ltd, a subsidiary of the Company, had entered into an agreement with GMR Industries Ltd (GIDL), a fellow subsidiary of the Company, for purchase of GIDL’s aviation division with effect from October 01, 2008, under slump sale for a consideration of Rs 2,900 lakhs subject to regulatory and other approvals. The required approvals were obtained during the quarter and accordingly, results of the said division have been considered in consolidated results of the Company.

6. GMR Hyderabad International Airport Ltd (GHIAL) has taken a variable rate currency loan to the tune of USD125 mn which was converted into Fixed Rate Loan by entering into an arrangement of Interest Rate Swap (IRS) over the tenure of the loan. Accordingly the interest cost on the said loan has been accounted for taking into consideration the amount payable as per the terms of the loan and the IRS taken together. As such, the IRS has not been separately accounted for.

7. The Company, through its step-down subsidiary, GMR Energy Global Ltd, has entered into necessary arrangements to acquire 50% equity stake in Intergen NV by means of Compulsory Convertible Debentures (CCD). The Company has also given a corporate guarantee up to a maximum of USD 1.38 billion to the lenders on behalf of a fellow subsidiary to enable it to raise debt for financing the aforesaid acquisition. Intergen NV is a global energy company, which operates 8086 MW capacity across five countries in four continents and is further developing 4686 MW. The financial results of Intergen NV have not been considered in the consolidated results of the Company pending conversion of such CCDs.

8. Interest and other finance charges are net of interest income, amounting to Rs 4,022 lakhs for current quarter ended March 31, 2009 (2008: Rs 502 lakhs) and for the Financial Year ended March 31, 2009 Rs 9,667 lakhs (2008: Rs 4,222 lakhs)

9. Minority Interest:

Minority Interest represents that share of the profits and losses of various subsidiaries which relates to the minority shareholders (shareholders other than the Company) in various subsidiaries of the Company.

The share of Minority Interest for the Quarter ended March 31, 2009 resulted in a loss of Rs 1,207 lakhs (2008: Loss of Rs 874 lakhs) and in a loss of Rs 234 lakhs (2008: Profit or Rs 5,257 lakhs) for the financial year ended March 31, 2009 as its share of loss in GHIAL and Delhi International Airport Pvt Ltd is higher than its aggregate share or profit in other subsidiaries.

10. The Consolidated audited results for the quarter and year ended March 31, 2009 have been reviewed by the Audit Committee at their meeting on June 04, 2009 and approved by the Board of Directors at their meeting held on June 04, 2009.

11. Figures pertaining to previous periods have been regrouped, reclassified and restated, wherever necessary, to conform to the classification adopted in the current quarter.

G M Rao
Chairman