Wapcos Annual Report 2021-22 (English)

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WAPCOS ANNUAL REPORT 2021-22
WAPCOS PROFILE
Corporate Overview
INTRODUCTION substation, transmission, distribution networks, rural

WAPCOS Limited is a “MINI RATNA-I” Public Sector electrification and renewable energy, industrial, IT,
Enterprise under the administrative control of Ministry telecommunications and related projects.
of Jal Shakti, Department of Water Resources, River WAPCOS ranked top by ADB amongst top ten (10)
Development and Ganga Rejuvenation, Government international consultancy firms in water and other
of India, incorporated on June 26, 1969 under the urban infrastructure sectors in terms of the ADB
Companies Act, 1956. WAPCOS is engaged in the finance account and also been ranked 3rd amongst top
engineering consultancy services and construction in 5 (five) companies from India in providing consulting
the fields of Water, Power and Infrastructure sectors services during the period 2017-2021.
in India and overseas. We have been providing
engineering consultancy services to various clients VISION
since our incorporation in over fifty (50) countries
“A Global Leader in Consultancy and Engineering,
particularly in South Asia and across Africa. The
Procurement & Construction (EPC) providing Integrated
Company has implemented a comprehensive
Statutory Reports
& Customized Solutions for Sustainable Development

quality management system in compliance with the
of Water, Power and Infrastructure Projects.”
requirements of both ISO 9001:2015 for consultancy
services in water resources, power and infrastructure
development projects as well as ISO 9001:2015 for MISSION
engineering, procurement and construction projects “Sustained Profitable Growth, Excellence in
related to residential, office buildings, civil works, Performance, Use of State-of-the-art Technical
roads and highways, irrigation, agriculture and water Expertise, Innovativeness and Capacity Building to
projects, electrical power projects for generation, Meet Society’s Needs Globally.”
FIELD OF SPECIALIZATION
Main field of Specialization of the Company cover-
Standalone Financial Statements
• Irrigation, Drainage and Water • Hydropower • Water Supply, Sanitation

Management • Thermal Power and Drainage
• Ground Water Exploration and Minor • Pumped Storage • Environmental Engineering
Irrigation Projects • Ports, Harbours and Inland
• Flood Control and River Morphology • Transmission & Waterways
• Dams and Reservoir Engineering Distribution • Urban and Rural Areas
• Water Bodies & Land Conservation • Rural Electrification development
• Agriculture • Renewable energy • Roads, Railways and
development such as Highway Engineering
• Watershed Management
solar and wind • Buildings & Townships
• Natural Resources Management
• Ropeways
• River Basin Planning
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RANGE OF SERVICES
WAPCOS render range of services from “concept-to-commissioning” and beyond to various projects in water, power
and infrastructure sectors to our clients. Our services for any given project includes any one or a combination of -
• Preliminary Investigations/ • Baseline and Socio-Economic Surveys • Operation &

Reconnaissance • Tender Engineering Maintenance
• Feasibility Studies/ Planning/ Project • Institutional/ Human Resource • EPC/ Turnkey &
Corporate Overview
Formulation Development Deposit Works
• Field Surveys & Investigations and • Project Management and
Testing Construction Supervision
• Design Engineering
The Unique Selling Prepositions (USPs) of WAPCOS We are also associated with key development projects
include Survey & Investigation/Pre-Feasibility/DPRs for as part of the bilateral funding initiative of the GOI
more than 550 Projects in Irrigation, Water Resources to various countries such as Afghanistan, Bhutan,
& Agricultural etc. contributing to development of Cambodia, Nepal, Ghana and Tanzania, amongst
over 17 Million Ha Irrigation Potential; more than others.
200 Projects in Ports & Inland Navigation; over
500 Projects in Water Supply & Sanitation, Rural & WAPCOS OPERATIONS
Urban Development, Roads & Highway Engineering;
WAPCOS comprising of highly qualified professionals,
EIAs for over 300 Projects in the fields of Irrigation,
vibrant management and excellent infrastructural
Hydro/Thermal Power, Ports & Harbours in India and
facilities is poised to meet the challenges of the 21st
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Abroad. Similarly, in Hydro-Power Sector; WAPCOS
century very effectively. We have been providing
has provided consultancy and EPC services for almost
engineering consultancy services to various clients
60 Hydro-Power Projects in 19 Countries with an
since our incorporation in over fifty (50) countries.
installed capacity of more than 9,500 MW; over
107 Hydro Power Projects in India with an installed We have developed global presence, particularly in
capacity of more than 22,500 MW. In Thermal Power; South Asia and across Africa, in areas of water, power
the Company has successfully provided engineering and infrastructure sectors by undertaking engineering
consultancy services for 10 overseas Projects with consultancy services for various development projects.
project capacity of around 6100 MW and more than Our wide presence and assignments undertaken
19 Projects in India with a project capacity of about overseas demonstrate our global experience and
15,000 MW. expertise over the years. Presently, we are undertaking
ongoing projects in thirty (30) countries i.e.,
ASSOCIATION WITH INTERNATIONAL Bangladesh, Bhutan, Burundi, Botswana, Cambodia,

Cuba, Central African Republic, DR Congo, Eswatini,
ORGANISATIONS Ethiopia, Fiji Islands, Ghana, Gambia, Indonesia,
WAPCOS is associated with a number of development Liberia, Lao PDR, Mozambique, Myanmar, Mongolia,
projects funded by multilateral funding agencies Nicaragua, Niger, Nepal, Rwanda, Suriname, Senegal,
like World Bank, Asian Development Bank, African Tanzania, Togo, Uganda and Zimbabwe including
Development Bank, Japan Bank for International India.
Cooperation, United Nations Office for Project
Services, French Development Agency and German WAPCOS operates in all the states of India through
Development Bank, Asian Infrastructure Investment more than 100 project offices spanning across all
Bank, European Investment Bank and European Bank Government and Private sectors, with the pride of
for Reconstruction and Development. having involved in almost all the premier Government
of India schemes.
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AWARDS/RECOGNITION Sector” - Instituted by Central Board of Irrigation

Our corporate ethos and achievements in the areas of and Power, a premier Institution setup by the
operational efficiencies, quality control, social welfare Government of India; EEPC Northern Region
and organizational standards are demonstrated by the Award for Excellence in Exports Scheme for
various awards and certifications that we have received the year - Star Performer in Product Groups for
over the years in relation to our business. We have 2015-16 (Silver Shield) Engineering Services-
also been recognized for our dedication to quality and Large Enterprises Instituted by Engineering
Corporate Overview
upholding high environment and social responsibility Export Promotion Council, Ministry of
standards. We have been recognised and admired by Commerce & Industry, Government of
following awards: India; Award for Excellence in Engineering
Consultancy Services under category Excellence
• Hon’ble President of India presented Award in Project Engineering by CEAI National
for Excellence and Outstanding Contribution Awards; Operational Performance Excellence
to the Public Sector Management-Institutional Award, Contribution of Women in PSEs Award,
instituted by Standing Conference of Public Company of the Year, Corporate Governance,
Enterprises, an apex body of Central Government Best Human Resource Management - PSE
owned Public Enterprises to recognize the Excellence Award instituted by Department of
contribution of Public Enterprises to WAPCOS. Public Enterprises, Ministry of Heavy Industry
• The Company has received several prestigious and Public Enterprises, Government of India
National/International Awards such as and Indian Chamber of Commerce to recognize
“Meritorious Award-Corporate Governance”, the contribution of Public Sector to the Indian
“Water Digest Awards” for Best Consultancy; Economy; “Corporate Social Responsibility
Best Water Management – Public Sector; & Sustainability Vision Award”, instituted by
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Best Community Project of the Year and Indian Chamber of Commerce; Indian Chamber
Made in India – Best Water Company (Public of Commerce - India Corporate Governance
Sector), “Business Leader of the Year” and & Sustainability Vision Summit - Corporate
“CEO with HR Orientation” Awards by Governance & Sustainability Vision Awards
World HRD Congress, “Industry Excellence 2018; CSR Leadership Awards by ET Now-Rise
Award 2021” by Institution of Engineers (India), Awards - Best Corporate Social Responsibility
“SCOPE Corporate Communication Excellence Practices, Corporate Affair Leadership Award
Awards 2018-Best Corporate Communication - Best Use of Media Relations; World Water
Campaign/Program-External” instituted by Leadership Congress Awards - Best Community
Standing Conference of Public Enterprises, an Water Project, Most Promising Brand
apex body of Central Government owned Public endorsed by Asian Confederation of Businesses;
Enterprises; “Top Performing CPSEs’ “MOU India Africa Champion in Biz & SME Awards
Excellence Award” instituted by Department of 2017 under Achievement in Power & Renewable
Public Enterprises, Government of India; “Best Energy, Exemplary services in Agriculture

Consultancy Organisation in Water Resources & Dedicated Leadership in Infrastructure
supported by ASSOCHAM.
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CHAIRMAN’S MESSAGE
Corporate Overview
Statutory Reports
Shri R.K. Agrawal
Chairman-cum-Managing Director
Dear Shareholders,
I am delighted to present you the performance of your Company during the financial year 2021-22. This year
played a significant role in combating the COVID-19 crises by a massive drive of vaccination in whole country. Your
Company had also taken the steps to vaccinate its employees and their family members.
Despite the impact of COVID-19, your Company has achieved Revenue from Operations (Project
Income) of Rs. 1373.72 Crore in 2021-22 as against Rs.1307.58 Crore in 2020-21. The Profit Before
Tax during the year has been Rs. 61.29 Crore against Rs. 58.15 Crore last year. A dividend of
Rs. 2.38 per Equity Share of Rs. 10/- each for the year ended 31st March 2022 aggregating to Rs. 31.00 Crore
has been recommended. These results reflect efficient execution of our assignments and efforts to bring in more
discipline in our cost and performance management on continuous basis.
It is my proud privilege to inform that your Company majorly being an Engineering Consultancy Company has been
ranked Top by Asian Development Bank (ADB) amongst top ten (10) international consultancy firms in Water and
other Urban Infrastructure sectors in terms of the ADB finance account as per 2021 Annual Procurement Report
and also ranked 3rd amongst top 5 (five) Companies from India involved in consulting services contracts under
ADB Loan, Grant and Technical Assistance Projects during the period 2017-2021. This is reflective of our core
strength and continued focus on core competencies and its further consolidation.
I am pleased to share that your Company has also received various Awards during the year for its outstanding
performance which include “Industry Excellence Award 2021” by Institution of Engineers (India); "Excellence in
Export of Engineering Service" by Engineering Export Promotion Council (EEPC), India; Water Digest Awards for 4
Categories i.e. Best Consultancy, Best Community Project of the year- ‘Commendable’, Best Water Management-
‘Public Sector’ and Made in India – Best Water Company (Public Sector) etc.
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Your Company has put firm focus on providing Concept to Commissioning Solutions, Capacity Building, Brand
Recognition and aggressive penetration into new markets. As a result, the Company’s presence has grown over
fifty (50) countries since its incorporation. As on March 31, 2022, the Company has more than eighty (80) ongoing
projects in over thirty three (33) countries and having more than four hundred (400) projects on PAN India basis.
Your Company has also completed various prestigious projects during the year. Some of these completed projects
are as mentioned below:
 Project Management Consultancy services of Astol Regional Water Supply Scheme to supply drinking water
Corporate Overview
for 174 villages of Dharampur and Kaprada Taluka under Dist. Valsad, Gujarat inaugurated by Hon’ble Prime
Minister
 Supply and Installation of Hand Pumps for Augmentation of Rural Water Supply in Cambodia
 Feasibility Study for the On–Grid Rural Electrification in Niassa Province, Mozambique
 Feasibility Studies and Preparation of Tender Documents for four number of mini hydropower potential sites
in Central African Republic (UNDP Funded)
 Owner's Engineers for Ash Pond project for 2X660 MW Thermal Power Plant at Banharpalli, Odisha
 Construction of In-Vessel Compost Plant including Development of Solid Waste Management in Leh
 Construction of Central Detective Training Institute at Jaipur
 Laying of FIH Certified Synthetic Hockey Surface at Northern Regional Centre of Sports Authority of India,
Sonipat
 Construction of Teaching Block - I & II for New Campus at Chaudhary Bansi Lal University at Prem Nagar,
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Bhiwani, Haryana
 Construction of Residential Quarters at Central Training College (CTC) of ITBP at Alwar, Rajasthan
 Construction of Residential & Non Residential buildings at 27th Bn HQ, ITBP, Noornad (Kerala)
In India, your Company is providing Consultancy services for developmental projects in all the States and is
involved in key Government of India Schemes such as Jal Jeevan Mission, Atal Mission for Rejuvenation and
Urban Transformation (AMRUT), Atal Bhujal Yojana, Pradhan Mantri Gram Sadak Yojana (PMGSY), Swachh Bharat
Mission, Integrated Power Development Scheme (IPDS), Deen Dayal Upadhyaya Gram Jyoti Yojana, (DDUGJY),
Smart City Mission, Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), Pradhan Mantri Awas Yojana (PMAY),
Revamped Distribution Sector Scheme (RDSS), PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan
Mahabhiyan) etc. In the year under review, your Company has secured record new orders of Rs. 3739.74 Crore.
I wish to inform that based on the excellent performance of your Company, the Government of India has approved
Disinvestment of upto 25% of its shares in the Company through Initial Public Offering (IPO) and listing of its
shares in the Stock Markets. The Company has filed its Draft Red Herring Prospectus (DRHP) with Securities
Exchange Board of India (SEBI) on September 24, 2022 as per SEBI (ICDR) Regulations. Further, the application for
in-principal approval from Stock Exchanges namely; Bombay Stock Exchange and National Stock Exchange have
been made which are under process.
As a Responsible Corporate Citizen, your Company, beyond its business, strives to fulfill its social responsibilities and
contribute towards improving the quality of life and economic well-being of society and protect the environment.
During the year under review, programmes undertaken in this regard included Health Care/ Preventive Health Care,
School Education/Skill Development, Environment Sustainability etc. For the purpose, provisions of Companies
Act, 2013 and the rules made there under along with DPEs guidelines on the subject were given due consideration.
Under the CSR initiatives, the Company has contributed Rs. 2 Crore to the PM CARES fund.
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Your Company has qualified and professional employee base with 1034 regular cadre employees as on March
31, 2022. Consultancy services are essentially knowledge based and rely heavily on the intellectual prowess of its
team members. As such, regular training programmes for technology absorption, adoption and innovation were
conducted through online/virtual modes to the extent possible for upgradation of skills. Employees are encouraged
and motivated to perform at higher levels and due attention is paid to their welfare in order to maintain work-life
balance. Further, to encourage the employees and to acknowledge their hard efforts for sustainable growth and
achievements the Company, we have initiated the program of “Employee of the Month”.
Corporate Overview
Your Company is committed for adoption and adherence of best Corporate Governance practices and has been
graded as “Excellent” for the year 2020-21 by the Department of Public Enterprises on compliance of its Corporate
Governance Guidelines. The Company continued to comply with these Guidelines in this year as well.
Your Company is paying utmost attention to Clients’ satisfaction and is building long term relationship with them
by responding to and anticipating their needs. We accord highest priorities to the quality of our deliverables to
the clients in time bound manner. I assure you that future of your Company is very promising. We firmly feel that
regardless of our aspiration, our future rests firmly on foundation of our core values as contained in our Vision
and Mission statements.
Your Company is also committed for growth of its Subsidiary Company, National Projects Construction Corporation
(NPCC). With the synergy of strengths of both the Companies and recent interventions made by us, the performance
of NPCC has improved significantly. I have a firm belief that both the Companies will continue to grow and achieve
newer heights in years to come.
I take this opportunity to express my sincere gratitude to the members of the Board of Directors for their proactive
participation and contribution towards growth of the Company.
I am thankful to the Hon’ble Minister of Jal Shakti; Hon’ble Ministers of State for Jal Shakti; Secretary, Department
Statutory Reports
of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti and senior officials in the
Ministry of Jal Shakti for providing valuable guidance and support from time to time.
I am also thankful to the Ministries/Departments/Autonomous Bodies of Govt. of India especially Ministry of
Agriculture and Farmers Welfare; Ministry of Ayush; Ministry of Chemicals & Fertilizers; Ministry of Culture; Ministry
of Defence; Ministry of Development of North Eastern Region; Ministry of Home Affairs; Ministry of External
Affairs; Ministry of Housing and Urban Affairs; Ministry of Mines; Ministry of Railways; Ministry of Tourism;
Ministry of Tribal Affairs; Ministry of Youth Affairs and Sports without whose help it would not have been an easy
journey for achieving the Company’s Goals.
I also take this opportunity to thank Department of Public Enterprises; Department of Investment and Public
Asset Management; Ministry of Finance; Comptroller & Auditor General of India; Statutory Auditors and other
Professionals associated with the Company for their valued contribution and support at all times.
On behalf of the Board of Directors and Management, I would like to place on record sincere appreciation to the

Employees of the Company for their exemplary contribution towards growth of the Company.
Sd/-
(R.K. Agrawal)
Place: New Delhi
Date: 20th December, 2022
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Standalone Financial Statements Statutory Reports Corporate Overview
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Corporate Overview Statutory Reports Standalone Financial Statements
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WAPCOS AT A GLANCE - FINANCIAL STATISTICS
Corporate Overview
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DIRECTORS’ REPORT
Your Directors have the pleasure in presenting the 53rd Annual Report and the Audited Financial Statement of the
Corporate Overview
Company for the financial year ended 31st March, 2022.
1. FINANCIAL PERFORMANCE
(Rs. in Crore)
Particulars Actuals for 2021-22 Actuals for 2020-21
A. INCOME
Revenue from Operations
i) Consultancy Services 695.70 681.12
ii) Construction Projects 678.02 626.46
Total Revenue from Operations (Project Income) 1373.72 1307.58
iii) Other income 32.52 23.59
Total Income (A) 1406.24 1331.17
B. EXPENDITURE
Statutory Reports
i) Consultancy Services 496.60 481.64
ii) Construction Projects 712.40 644.56
Total Project Expenses 1209.00 1126.20
iii) Admn./General expenses 125.67 133.82
iv) Depreciation 10.44 12.99
Total Expenditure (B) 1345.11 1273.01
Profit before Exceptional Items and Tax C = (A-B) 61.13 58.16
Add: Exceptional Items 0.16 -0.01
Profit Before Tax 61.29 58.15
The consolidated performance of the group as per consolidated financial statements is
as under:
(Rs. in Crore)
Particulars Year ended 31st March 2022
Turnover 2797.99
Profit/(Loss) before taxation 101.85
Less: Tax Expense 35.79
Profit/(Loss) after Tax 66.06
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2. TRANSFER TO RESERVE
The Company has not transferred any amount to General reserve.
3. CAPITAL STRUCTURE
There was no change in the Share Capital of the Company. The Company has Authorized Share Capital of Rs.
200 Crore divided into 20 Crore Equity Shares of face value of Rs. 10/- each and Paid-up Share Capital of Rs.
Corporate Overview
130 Crore divided into 13 Crore Equity Shares of face value of Rs. 10/- each.
4. DIVIDEND
For the year under review, the Board has recommended a dividend of Rs. 2.38 per Equity Share of Rs.10 each
for the year ended 31.03.2022 aggregating to Rs. 31.00 Crore, being 23.85% of the paid up capital of the
Company.
5. DEPOSITS
The Company has neither invited nor accepted any Deposits during the financial year under review.
6. BUY-BACK OF SHARES
The Company has not resorted to any buy-back of shares during the year under review.
DETAILS OF SUBSIDIARY/JOINT VENTURES AND ASSOCIATE COMPANY

7.
Statutory Reports
NATIONAL PROJECTS CONSTRUCTION CORPORATION LIMITED (NPCC) - SUBSIDIARY COMPANY

NPCC Limited, a “Mini Ratna-I” Central Public Sector Enterprise under the aegis of Ministry of Jal Shakti was
incorporated on 9th January, 1957 under the Companies Act, 1956. WAPCOS acquired 98.89% shareholding
of National Projects Construction Corporation Limited (NPCC) as a result of which the Company has become
subsidiary of WAPCOS. Our subsidiary is engaged in the business of construction of infrastructure and
development projects. It has undertaken multiple projects in various sectors such as construction of townships
and other residential buildings, institutional buildings, office complexes, roads, bridges and fly-over, hospitals
and health sector projects, industrial structures, surface transport projects, environmental projects, thermal
projects, hydro-electric power projects, dams, barrages and canals, tunnels and underground projects. Our
Subsidiary has also successfully completed several national projects from concept to commissioning stage and
is also rendering services to certain projects of strategic importance.
During the year under review, NPCC has achieved revenue from operations of Rs. 1432.09 Crore. The Company
has earned the profit before tax of Rs. 50.45 Crore and profit after tax for the year 2021-22 is Rs. 35.10 Crore.
The Company Secured New Business of Rs. 2204.83 Crore in the year 2021-22.
8. DISINVESTMENT OF THE COMPANY AND LISTING OF ITS SHARES

The Government of India has approved Disinvestment of upto 25% of its shares in the Company through
Initial Public Offering (IPO) and listing of its shares in the Stock Market. The Company has filed its Draft Red
Herring Prospectus (DRHP) with Securities Exchange Board of India (SEBI) on September 24, 2022 as per SEBI
(ICDR) Regulations. Further, the applications for in-principal approval from Stock Exchanges namely; Bombay
Stock Exchange and National Stock Exchange have been made which are under process.
9. QUALITY MANAGEMENT SYSTEM

The Company has implemented a comprehensive Quality Management System in compliance with the
requirements of both ISO 9001:2015 for consultancy services in water resources, power and infrastructure
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development projects as well as ISO 9001:2015 for engineering, procurement and construction projects
related to residential, office buildings, civil works, roads and highways, irrigation, agriculture and water
projects, electrical power projects for generation, substation, transmission, distribution networks, rural
electrification and renewable energy, industrial, IT, telecommunications, and related projects.
The Company is accredited as Category A under the Quality Council of India-National Accreditation Board
for Education & Training (QCI-NABET) Scheme for Accreditation of EIA Consultant Organization, Version 3:
for preparing EIA-EMP reports in the Sectors namely (1) Mining of minerals including opencast /underground
Corporate Overview
mining (2) offshore and onshore oil and gas exploration, development & production (3) River Valley projects
(4) Thermal power plants (5) Oil & Gas transportation pipeline (crude and refinery/ petrochemical products),
passing through national parks/sanctuaries/coral reefs/ecologically sensitive areas including LNG terminal
(6) Airports (7) Industrial estates/ parks/complexes/areas export processing Zones (EPZs), Special Economic
Zones (SEZs) Biotech Parks, Leather Complexes (8) Ports, harbours, break waters and dredging (9) Highways
(10) Aerial ropeways (11) Building and Construction projects.
10. AWARDS AND RECOGNITION

• Ranked No.1 among top ten Global Consultancy Firms in Water and other Urban Infrastructure Sectors
in terms of the ADB Finance account.
(Source: 2021 Annual Procurement Report dated March 2022 issued by ADB)
• Ranked 3rd amongst top five Companies from India in providing Consulting services during the period
2017-2021 from India
(Source: Asian Development Bank Member Fact Sheet-April 2022)
Statutory Reports
• Conferred with the award for “Excellence in Export of Engineering Service” by Engineering Export
Promotion Council (EEPC), India in an event held in Jammu on November 17, 2021.
• Conferred with the award for “Company of the Year” and “Best Water Infrastructure” from Stars
of the Industry Awards 2021 at a function held in New Delhi on December 23, 2021.
• Conferred with “IEI Industry Excellence Award 2021” under the category of engineering services and
consultancy in category A by the Institution of Engineers (India) at a function held at Vigyan Bhawan,
New Delhi on December 26, 2021
• Mr. R.K. Agrawal, CMD WAPCOS and NPCC conferred with “Business Leader of the Year” and “CEO
with HR Orientation” Awards by World HRD Congress at a glittering ceremony held in Mumbai on 21st
& 22nd March, 2022.
• Conferred with “4 Water Digest Awards for Best Consultancy; Best Water Management – Public
Sector; Best Community Project of the Year and Made in India – Best Water Company (Public
Sector)” at a glittering ceremony held in New Delhi on March 29, 2022.
11. BUSINESS DEVELOPMENT
WAPCOS is associated with a number of development projects funded by multilateral funding agencies like
World Bank, Asian Development Bank, African Development Bank, Japan Bank for International Cooperation,
United Nations Office for Project Services, French Development Agency, German Development Bank, Asian
Infrastructure Investment Bank, European Investment Bank and European Bank for Reconstruction and
Development.
WAPCOS is also associated with key development projects as part of the bilateral funding initiative of
the Government of India to various countries such as Afghanistan, Bhutan, Cambodia, Nepal, Ghana and
Tanzania, amongst others.
The Company has secured new orders of Rs. 3739.74 Crore.
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12. CORPORATE PLANNING /MARKETING STRATEGY

Our marketing strategy is primarily focused on client engagement for long-term relationships. This is taken
care of by an in-house team that is tasked with business development and client relationship management
and is led by our Chairman cum Managing Director, Director (Commercial & HRD) and Chief Executive
Directors. In order to continue to generate business, our corporate planning and corporate communications
divisions, who monitor market intelligence, coordinate our submissions of expressions of interest and maintain
our registration statuses with multilateral funding agencies and other executing agencies. Our Company
Corporate Overview
participates in deliberations at Joint Commissions/ Mission meetings, technical and trade associations as
well as Joint Business Councils for exploring job opportunities and membership of various agencies. We also
send personnel to various Government and community events in order to explore business procurement
opportunities and becoming members of various agencies. We also use social media to further connect with
our potential customers and other business counterparts. We also submit nominations for various awards,
prepare press releases, publish marketing brochures, and network with other organizations like SCOPE,
EEPC, FICCI, CBIP, CII, CEAI, INCOLD, IWRS, ISRMTT, IMarEST, ASCE, IE, ISH and KUFOS, for the purpose of
generating publicity and business.
13. FOREIGN PROJECTS

AFRICAN REGION
BURUNDI
• Project Management Consultancy (PMC) for execution of Kabu 16 Hydro Electric Project (20 MW) under the
Line of Credit of Government of India
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Construction of Power House Concreting of Dam left bank blocks
CENTRAL AFRICAN REPUBLIC

• Feasibility Study, Detailed Preliminary Design and Preparation of Technical Documents for the Development
of 4 Mini Hydropower sites funded by UNDP.
Mbecko Project Site Gbassem Project Site
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Corporate Overview
Baidou Project Site Gamboula Project Site
DR CONGO
• Project Management Consultant for Power Transmission & Distribution in Kwilu (Bandundu) Province under
the Line of Credit of Government of India
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66/33 kV Kikwit Substation 66 kV Transmission line
ESWATINI
• Technical Feasibility Studies and Detailed Design for the proposed North-Eastern Grid Reinforcement Project
• Owner’s Engineer for the Network Reinforcement and Access Project funded by World Bank Standalone Financial Statements
ETHIOPIA
• Feasibility Study, Detail Design and Tender Document Preparation for Tiliku Aleltu and Robi Jida Surface Water
Sources and Identification of Potential Water Resources for future Water Supply of Addis Ababa
• Strategic Environmental and Social Assessment (SESA) for Drainage Master Plan preparation for Addis Ababa
City funded by World Bank
GAMBIA
• Detailed Study, assistance for Procurement, Control and Supervision of Construction Works for Rural
Electrification of 59 Rural Communities from Brikama and Soma Substations funded by African Development
Bank
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GHANA
• Preparation of Detailed Project Report (DPR) and Project Management Consultancy for Rehabilitation and
Up-gradation of Potable Water System in Yendi under Line of Credit of Government of India
• Preparation of Detailed Project Report and Project Management Consultancy for Strengthening of Agriculture
Mechanization & Food Processing Centers under Line of Credit of Government of India
Corporate Overview
Processing Plants
• Construction Supervision of Rehabilitation and Completion of Kpong Left Bank Irrigation Project funded by
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World Bank
• Construction Supervision of the Rehabilitation and Modernization of Tono Irrigation Scheme funded by World
Bank
• Architectural and Engineering Services for Design and Supervision and Prescription and Supervision of
Installation of Processing Equipment for Eleven District Agricultural Commodity Processing Centers – Fruits,
Nuts & Oils and Others funded by African Development Bank.
• Preparation of Detailed Project Report, Bidding Documents and Project Management Consultancy for Self-
help Electrification Project for selected Communities in the Brong- Ahafo and Ashanti Regions
LIBERIA
• Supervision Engineer for Construction of 66/33/22 kV Transmission and Distribution Network in Paynesville,
Monrovia, Schefflin and Ria/Margibi County and Pleebo to Fish Town and two Substations in Schefflin, Ria/
Margibi County for Liberia Electricity Corporation (LEC), Liberia funded by African Development Bank
• Construction Supervision for Electrification and Grid Upgrade along the CLSG Transmission Line in Monrovia
funded by KfW
• Owner’s Engineer for the construction of the Kaiha River Mini-Grid system in Lofa for Rural and Renewable
Energy Agency (RREA) funded by World Bank
• Preparation of Detailed Design, Bidding Documents, Tendering and Supervision of Construction works for the
construction of the Gbedin Falls Hydropower plant on Mani river, 33kV Evacuation System funded by African
Development Bank
LAO PDR
• Project Management Consultancy for Construction of Storage Dams & Development of Irrigation Systems
under Line of Credit of Government of India
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MOZAMBIQUE
• Feasibility Study for On-Grid Rural Electrification in Niassa Province
• +/-533 kV Energized DC Lines Overhead Shield Wire Insulator Replacement Project
• Project Management Consultancy for 2x15 MW Solar Power Plant with Storage along with Single Circuit 66
kV Transmission Line & subsequent 66/33 kV substation at Zitundo
• Design and Supervision works for Mozambique Energy for All (Proenergia) Project – Package -1 & 2 funded
Corporate Overview
by World Bank
• Feasibility Studies for the Rehabilitation of Nampula, Xai-Xai and Angoche Distribution Networks funded by
Swedish International Development Cooperation Agency (Sida)
• Project Management Consultancy for Construction of 1600 Borewells and 8 Water Supply Systems under the
• Design and Construction Supervision of Rehabilitation of Road N280/281 between Tica, Buzi and Nova Sofala
in Sofala Province under Line of Credit of Government of India
Statutory Reports
• Design check and Supervision of Transmission Main in Tete funded by World Bank
Design Check and Construction Supervision of Excavation and pipe laying on T4, Airport area
Rehabilitation and Construction of Tete Transmission Main
39
• Design for improvement of quality of Power Supply Distribution (Lot-1) and (Lot-2) under the Line of Credit
of Government of India
Corporate Overview
Existing 33/11kV Substation, iIlha De Mozambique 400/275/66 kV Substation at Maputo
NIGER
• Project Management Consultancy for Rural Electrification of 50 villages using Solar Photovoltaic System under
RWANDA
Statutory Reports
• Project Management Consultancy for Export Targeted Modern Irrigated Agriculture Projects under Line of
Credit of Government of India
Pump House for Mpanga Irrigation Scheme Installation of Centre Pivots in Command Area
SENEGAL
• Lifting of water from Senegal River valley to irrigate areas of Dagana, Bakel and Matam in northern valley of
Senegal under Rice Self Sufficiency Programme under Line of Credit of Government of India.
40
SIERRA LEONE
• Preparation of Bidding Documents and Conducting Construction Administration for Construction of a 225 kV
(Double circuit), 66 kV (Multi circuit/Double circuit), 33 kV (Single circuit) Transmission Lines and associated
Substations under Line of Credit of Government of India
Corporate Overview
Site Visit with Client Officials Indicative sketch for 225 kV network
TANZANIA
• Preparation of Detailed Project Report and Project Management Consultancy for Water Supply Scheme in
various Towns under Line of Credit of Government of India
• Preparation of Detailed Project Report and Tender Documents for extension of Lake Victoria Pipeline to Tinde
Statutory Reports
& Shelui Towns and enroute Villages under Line of Credit of Government of India
• Community Facilitation, Preparation of Detailed Design, Bidding Documents and Construction Supervision of
the Off-Grid Water Supply Works in Dar Es Salaam funded by World Bank
• Construction Supervision of the Off-Grid Water Supply Works in Dar Es Salaam funded by World Bank
• Supervision of Augmentation of Water Supply Schemes in Chalinze
DI 300mm Pipe Laying works at Mazizi
41
Corporate Overview
Clarifier at Upper Ruvu Water Treatment Plant
• Review and Updation of the Detailed Engineering Designs of the Proposed Wastewater Infrastructure for
Statutory Reports
Tanga City funded by World Bank

• Preparation of Detailed Designs, Bidding Document of Distribution Network, Transmissions and Services
Reservoirs in the Southern Part of Dar Es Salaam (Bangulo, Mwanagati, Kitunda, Kipunguni, Majohe, Kivule,
Magole, Msongola, Chanika and Chalambe)
TOGO
• Engineering Studies, Supervision and Control of Work of Electrification of 150 rural communities under Line
of Credit of Government of India
Tower erection works in progress for 161 kV transmission line
42
Corporate Overview
Equipment foundations works in progress at Dapaong and Mandouri Substations
UGANDA
• Construction Supervision of the proposed Grid Extension Projects in Wandi –Yumbe-Moyo and Onduparaka-
Odramakachu-Abiria (345.8km) funded by World Bank
• Feasibility Study and Detailed Design of Medium & Large Scale Irrigation Schemes covering Central Region
• Construction Supervision and Project Management for Rural Electrification Projects in Six Districts funded by
Kuwait Fund for Arab Economic Development
Statutory Reports
• Feasibility Study, Detailed Engineering Design and Environment Impact Assessment of piped water supply and
sanitation system in selected 30 nos. rural growth across the country
• Feasibility Studies and Detailed Engineering Design for Aswa and Ayila proposed Irrigation Schemes in Nwoya
and Amuru funded by World Bank
ZIMBABWE
• Up-Gradation of Deka Pumping Station and River Water Intake System at Hwange Thermal Power Station
(HPS) under Line of Credit of Government of India
Excavation of Trenches in progress
43
• Detailed Feasibility, Climate Proof Designs and Construction supervision of GCF funded Irrigation Schemes
Corporate Overview
Topography Survey Site Preview
• Project Management Consultancy for Hwange Life Extension project and Deka Extension project
ASIAN REGION
BANGLADESH
• Project Management Consultancy Services for development of Fairway from Ashuganj to Zakiganj Stretch &
from Sirajganj to Daikhowa Stretch of Indo-Bangladesh Inland Water Transit & Trade Protocol Route under
Statutory Reports
Line Credit of Government of India

• Engineering Support and Supervision of 400 kV Substations - Southwest Transmission Grid Expansion Project
funded by Asian Development Bank
400kV GIS foundation casting 8M Internal Road Casting Work
BHUTAN
• Punatsangchhu-I HE Project (1200 MW) - Engineering and Design Consultancy of Main Civil Works & for Electro-
Mechanical, Hydro-Mechanical and Infrastructure works funded by Ministry of External Affairs, Government
of India
44
Corporate Overview
Pothead Yard Building – GIS Equipment Erection Pothead Yard Building
Statutory Reports
View of Main Access Tunnel Portal Tail Race Tunnel Outfall
• Punatsangchhu-II HE Project (1020 MW) - Engineering and Design Consultancy of Main Civil Works & for
Electro-Mechanical, Hydro-Mechanical and Infrastructure works funded by Ministry of External Affairs,
Government of India
Highway Tunnel -1.5km Dam-Downstream View
45
• Design & Engineering of 600 MW Kholongchhu Hydro Electric Project

• Preparation of Detailed Project Report (DPR) for Kuri-Gongri Hydro Electric Project (2640 MW) funded by
Ministry of External Affairs, Government of India
Corporate Overview
Location of Kuri-Gongri Dam Axis
CAMBODIA
• Supply and Installation of 1500 Afridev Hand Pumps for augmentation of Rural Water Supply under Grant-in-
aid from Government of India
Statutory Reports
WAPCOS Team along with officials of Provincial Department of Rural Development, Ministry of Rural Development at
hand pump sites in Tboung Khmum Province
• Preparation of Detailed Report (DPR) and Project Management Consultant (PMC) for Stung Sva Hab Water
Resources Development Project under Line of Credit of Government of India
• Feasibility Study and Project Preparation for Climate Adaptive Irrigation and Sustainable Agriculture for
Resilience (CAISAR) funded by Asian Infrastructure Investment Bank
MALDIVES
• Project Management Services for Kulhudhuffushi Harbour Expansion Project funded by Asian Development
Bank
46
MONGOLIA
• Project Management Consultancy for Construction and Establishment of Atal Bihari Vajpayee Center of
Excellence in Information Technology, Communication and Outsourcing Center at Ulaanbaatar under the Line
of Credit of Government of India
Corporate Overview
Reinforcement for Raft Foundation Laying of PCC
Statutory Reports
Site Visit of Hon’ble MoS for External Affairs Government of India on 25.11.2021
• Detailed Engineering Design and Supervision of various Infrastructure Development works under Ulaanbaatar
Urban Services and Ger Areas Development Investment Program funded by Asian Development Bank
MYANMAR
• Development of Irrigation schemes in Myanmar under Line of Credit of Government of India
NEPAL
• Rahughat Hydro Electric Project (40MW) - Design Review and Construction Management for Civil, Electro-
Mechanical, Hydro-Mechanical and Transmission Line works under Line of Credit of Government of India
• Detailed Engineering Design and Preparation of Bidding Documents for Lower Seti Hydro Electric Project (126
MW) funded by Asian Development Bank
47
• Project Management and Construction Supervision for Koshi Corridor 220 kV Double Circuit Transmission
Lines and Associated Substations under Line of Credit of Government of India
Corporate Overview
Switch Yard at Basantapur Substation Switch Yard at Baneshwar Substation
• Power Transmission System Planning, Feasibility Study and Project Preparation for Major Cities funded by
Asian Development Bank
Statutory Reports
66/11kV New Patan substation, Lalitpur 132/66/11kV Siuchatar substation, Kathmandu
• Project Supervision Consultant of South Asia Subregional Economic Cooperation: Power Transmission and
Distribution System Strengthening Project funded by Asian Development Bank
• Survey, Detailed Design, Cost Estimates including preparation of Bidding Documents, Safeguards requirement
and IEEE/EIA of Integrated Water supply and sewerage Management of Six towns namely Bharatpura,
Hetauda, Birgunj, Janakpurdham, Biratnagar and Dharan
• ESIA study of the priority transmission line projects (i) Arun Hub-lnaruwa Transmission Line and substations (ii)
Arun Hub-Dudhkoshi-Tingla Transmission Lines and substations (iii) lnaruwa-Anarmani Transmission Line and
Substations funded by World Bank
48
INDONESIA
• Project Preparation Consultant (PPC) for accelerating infrastructure delivery through better Engineering
Services Project (ESP) funded by Asian Development Bank
SRI LANKA
• Planning, Detailed Design and Procurement of Environment Management Services Component for Trincomalee,
Dambulla, Kurunegala and Ratnapura Cities funded by Asian Development Bank
Corporate Overview
VIETNAM
• Third Party Independent Supervision and Internal Audit Consultant for Vietnam Dam Rehabilitation and Safety
Improvement Project funded by World Bank
FIJI
• Engineer to Contract - Queen Elizabeth Drive (QED) Road Upgrade Stage 2 and VUCI Road Drainage Upgrade
and Footpath Construction Project
Statutory Reports
Nasese bridge construction work in progress Drainage works in progress
• Professional Services - Client’s Representative for Work Contract Projects, Water Authority of Fiji
Trial Run for New Bubble Diffusers at Setting up of Desludging Equipment at

Idea Basins Natabua Waste Water Treatment Plant
49
• Upgradation of Government Shipping Services for Seawall Ramp Area at Walu bay, Suva
CENTRAL AND SOUTH AMERICA

BELIZE
• Consultancy services for Energy Resilience for Climatic Adaptation - Strengthening of Transmission Line funded
by World Bank
Corporate Overview
NICARAGUA
• Consultancy services for Design, Supply, Installation, Construction and Commissioning of (i) 66 KMs Length -
138 kV Electricity Transmission Line (ii) 11 KMs Length - 69 kV Electricity Transmission Line, (iii) a new electric
Sub-Station at ‘La Esperanza’ and, (iv) Relocation & Expansion of Electric Sub-Station located at ‘La Gateada’
under Line of Credit of Government of India
SURINAME
• Preparation of bidding Documents for Electricity System Upgrade and Expansion Project in Suriname (Caribbean
development bank Funded)
• Project Management Consultancy Services for upgrade to Transmission Line Network infrastructure in
Suriname under Line of Credit of Government of India
NORTH AMERICA
CUBA
Statutory Reports
• Preparation of Detailed Project Report (DPR) for Installation of 75 MW Solar Photovoltaic Parks under Line of
Credit of Government of India
14. INDIAN PROJECTS

Andhra Pradesh
• Project Monitoring and Co-ordination services for execution of Polavaram Irrigation Project
• Supervision of Bathymetric Survey for Dredging work for Indian Navy at Vizag
• Establishment of Aquatic Quarantine Facility (AQF) for L. Vannamei Shrimp, at Bangarammapeta (V),
Nakkapalli (M), Visakhapatnam
• Preparation of Detailed Project Report and Project Management Consultant for Development of Fishery Harbour
at 9 Locations i.e. Juvvaladinne in Nellore district, Vodarevu in Prakasam district, Machilipattnam Fishing
Harbour, Krishna district, Nizampatnam Fishing Harbour, Uppada in East Godavari district, Budagatlapalem
in Srikakulam district, Pudimadaka in Visakhapatnam district, Kothapatnam in Prakasham district and
Edduvanipalem in Srikakulam district
50
• Project Management and Quality checking for the underground cable works in Visakhapatnam City funded
by World Bank
Corporate Overview
Charging of 500kVA distribution transformer Site verification
• Project Management Consultancy for HPCL 220 kV Projects at HPCL-Visakh Refinery, Visakhapatnam
• APPDCL - 2 x 800 MW - Sea Water Intake & Outfall System - Consultancy Studies for periodical monitoring of
the received body at the Discharge point (Diffuser Outlet Point) for SWIO System
Statutory Reports
• Third Party Quality Control Services under Jal Jeevan Mission
Field Visit in Vizainagaram Raft Concrete Work is in progress for 10KL Service
Reservoir at Vizainagaram
• Preparation of Detailed Project Report (DPR) and obtaining CWC clearance for Rayalaseema Lift Irrigation
Scheme
51
• Preparation of DPR for Gandikota Pumped Storage Project (1000 MW)

Corporate Overview
Geo-Technical Investigation works (Drilling) Geo-Physical survey at Project site
• APGENCO – PHEP (12x80MW) – Design Review and Third Party Quality Monitoring Works for Civil, H&M and
E&M components of Polavaram Hydro Electric Project including Survey, Investigation, Design and Construction
Statutory Reports
Drawings of Iconic Bridge

• Third Party Quality Monitoring Services for construction of EWS houses under PMAY – HFA (u) in different
ULBs
• Project Management Consultancy (PMC) including Third Party Quality Control Agency (TPQCA) to execute the
works at Multi-Purpose Facility Centers (MPFCs) of Agriculture Marketing Department
Brick work in progress for the 500 MT Godown Pre-Engineered Building Work in progress for the
500 MT Godown at Satyasai District
52
• Third Party Quality Control for all Engineering works in Vijayawada Municipal Corporation (VMC)
Corporate Overview
Checking the thickness of the Bituminous Concrete layer at Verification of dimensions and fabrication of FSTP
the site Equipment
Arunachal Pardesh
• Third Party Monitoring of Projects under Border Area Development Programme (BADP) (2017-18 & 2018-19)
• Physical Quality Monitoring of the RE/RIDF/NESID/Untied Fund projects for the year 2018-19
• Construction of Crematorium in Pasighat
Statutory Reports
Assam
• Preparation of Techno Economic Feasibility Report (TEFR) for Construction of Passenger Ropeway over River
Brahmaputra connecting Biswanath Ghat and Umatumam Island at Biswanath Ghat to Biswanath District
Proposed Alignment
• Project Management Agency (PMA) of projects under DDUGJY Scheme

• Project Management Agency (PMA) for DDG(Standalone and Micro Grid) under DDUGJY Scheme
• Construction of office and Storage Building for the Directorate of Census Operations, Guwahati
53
• Safeguards Consultant for Environmental and Social Assessment Studies for Assam Inland Water Transport
Project, Phase-II
• Third Party Inspection Agency for Projects under Jal Jeevan Mission
• Project Development and Management Consultants (PDMC) for Projects under Atal Mission for Rejuvenation
and Urban Transformation (AMRUT 1.0)
• Establishment of Ground Control Network including preparation of Detailed Project Report (DPR) and Tender
Corporate Overview
Engineering for LiDAR Survey for the entire state

• Project Management Consultancy for the Construction of Integrated Directorate Complex at Betkuchi
• Construction of 150 capacity Girls Hostel no. 4 (A) at National Institute of Technology (NIT) Silchar
Bihar
• Preparation of DPR for Irrigation, Flood Control & Drainage in Saran district (Phase-I)
• Design Review and Project Management Consultancy Services for Six (6) Ropeway Projects
• Engineering, Procurement and Construction (EPC) of Intake Pump House, Sedimentation Tank and Raw Water
Reservoir for HURL, Barauni Fertilizer Plant
Statutory Reports
• Project Management Consultancy for Ganga Jal Aapurti Yojana

Intake Well cum Pump House at Maranchi Detention tank with Pump House at Rajgir
54
Corporate Overview
Water Treatment Plant, Rajgir Reservoir, Rajgir
• Project Development & Management Consultant (PDMC) for Projects under Atal Mission for Rejuvenation and
Urban Transformation Scheme (AMRUT 1.0)
Statutory Reports
Patna Park Inaugurated by Hon'ble CM Bihar
Overhead Tank at Buxar Municipal Corporation Aurangabad Park
55
• Preparation of DPR and Construction of Ghat at Vaishali
Chhattisgarh
• Preparation of Detailed Project Report (DPR) for Bodhghat Multi-Purpose Project
• Preparation of Concept, DPR and Infrastructure Development of Project Sites under Ram Van Gaman Path
Scheme
Corporate Overview
• Project Management Consultancy for Package-3: Construction of roadbed, Major & Minor bridges, Track
Linking (excluding supply of rails, ordinary track sleepers and track web switches), outdoor singnaling and
electrical (General) works in connection with doubling of Arand (ex) – Raipur (ex) section (57.404 kms) part
of Raipur- Titlagarh doubling in Sambalpur & Raipur divisions of East Coast & South East Central Railways
Statutory Reports
Foot Over Bridge at Arand - Raipur Major Bridge-77 Steel Girder at Arand-Raipur
• Third Party Quality Assurance Services for various Construction works at permanent Campus of IIT, Bhilai
• Package wise Delay Analysis Report of 19 packages of 3 MTPA Integrated Steel Plant at Nagarnar, district
Jagdalpur
• Construction of Eklavya Model Residential Schools in Chhattisgarh
• Feasibility Study and Detailed Project Report for selected stretches/corridors of National Highways for
upgradation to two/four lane with paved shoulder configuration of section, Kondagaon-Narayanpur (48.70
km.) Geedam-Dantewada (12.00 km.) & Narayanpur-Kutul-Farasbeda-MH Border (50.00 km.) (Package NH/
CE/PWD /16, 17 & 11)
Environmental Testing at Project Site on Soil Exploration/Geotechnical

NH 130 D and NH 163A (Air quality & Index Investigation on NH 130 D
56
Corporate Overview
Topographical Survey on NH 130 D Axle Load & O-D Survey (Traffic Survey)
using Total Station on NH 130 D
Gujarat
• Construction of various Buildings along with associated Infrastructure for Bhakta Kavi Narsinh Mehta University
New Campus Phase-I at Kohadiya, Junagadh
Statutory Reports
Construction Work in Progress
• Construction works at Gujarat National Law University (GNLU)
Construction of Director’s Bungalow (5bhk) Works carried out at canteen area
57
• Development/ Modernization/ Upgradation of Fishery Harbours, Fish Landing Centers, Shore Protection
Works, Dredging activities and Ancillary Facilities in the State
Corporate Overview
• Technical scrutiny and physical inspection at various locations of Ahmedabad of Solar based Cold Storage
• Providing Project Management Consultancy service (PMC) for Remodeling and Restructuring of Koyali Creek
including vehicle track in Surat city
• Supervision for Smooth Functioning of Ro-Ro Facility Services located at Hazira, Dahej & Ghogha
• Third Party Government Survey agency for the Dredging at Kandla and Deendayal Port
Statutory Reports
Bar Check Process

• Project Management Consultancy for Water Supply projects in the State
Vapi RWSS – 49 MLD Treatment Plant Sub Head work of Lunadra Under D.I pipe inspection at
the Shankheda Pavijetpur RWSS Factory site
58
Corporate Overview
Intake well -75 MLD in 150 MLD Capacity V.T pump
Damanganga River Installation in Tappar Intake well
• Project Management Consultancy (PMC) for various Bulk Water Supply Projects under Gujarat Water
Infrastructure Limited
Statutory Reports
Excavation of Trench at Kariyani Pipe Laying Work Under Progress
Pipeline Alignment Survey U.T. Performing at Site
• Preparation of Integrated Master Plan for GIDC Bulk Drug Park at Jambusar
• Planning, Design, and Project Management for the Development of the Islands of Shiyal & Savai Beyt
59
• Project Management Consultancy Service for Gandhinagar Municipal Corporation

Corporate Overview
BEFORE AFTER
Retaining Wall With Diaphragm Structure - Mithi Creek
• Project Management Consultancy for in-Village Water Supply Schemes for Water and Sanitation Management
• Project Management Consultancy for Construction of 4-Lane Road for R&B Department
Statutory Reports
5*5 Box Culvert 320 Meter Ch 96.390 Arial Image at Ch. 98.00 km Drone survey view at Ch. 86.110 km
to Ch 96.710 km structure (Posina Crossing)
• Design and Supervision of works under Pradhan Mantri Awas Yojana (PMAY)
• Project Management Consultancy for development of various lakes in Vadodara City
Gotri Lake - Before Gotri Lake - After
60
• Third Party Insepction for interception and diversions works at various outfalls of River Tapi including Sewage
Pumping Stations and Sewage Treatment Plant with civil-electrical-mechanical accessories within the limits
of Surat Municipal Corporation (SMC) and Surat Urban Development Authority (SUDA) for the project of
pollution abatement and conservation of the River Tapi under National River Conservation Plan (NRCP)
• Detailed Design Review and Designer’s Surveillance for Construction of Bhadbhut Barrage across River
Narmada
Corporate Overview
• City survey records of town planning scheme in Ahmedabad, Rajkot, Jamnagar Cities (GIS enabled)
• City survey records in extended City Survey limits in Jamnagar & Junagadh Municipal Corporation (GIS enabled)
• Physical & Technical Scrutiny of Onion Meda & Solar Panel Projects
• Architect / Project Management Consultants (PMC) for Development of Sports Infrastructure : Development
of Dormitory at Rajpipala Sport Complex
• Project Management Services to Sardar Sarovar Narmada Nigam Limited (SSNNL) for UGPL, Canal & Other
works in SSNNL command area
• Preparation of Gamthan (Abadi Area) Survey Records at Zone-3, Vadodara, Surat, Rajkot & Bhavnagar
Division/ Divisions
• Architectural and Engineering Design Services for Designing & Development of 480 bedded Medical College
in Porbandar
• Third Party Techno/Financial Evaluation Report on CADWM works done for Sardar Sarovar Narmada Project,
Gujarat for the financial year 2019-20 & onwards under Pradhan Mantri Krishi Sinchai Yojana (PMKSY) under
Statutory Reports
HAR KHET KO PANI scheme
• Providing EPC Services including PMC for University Campus Construction works to be carried out for Gujarat
Organic Agricultural University at Halol
• Preparation of DPR for Water Supply of Bhuj City under AMRUT mission SAAP 2016-18 and Project Management
Consultancy services for various water supply projects in Junagadh Municipal Corporation under AMRUT 2.0
Scheme
• Feasibility Report, DPR, Tender Process and Supervision of Construction and Inspection of Material, Machineries
and Equipment’s of Water Supply System for 1000 MW Dholera Ultra Mega Power Plant
• Project Management Consultancy for Water Treatment Plant Augmentation in DTA Area of GIFT City
Goa

• Independent Third Party Survey for the work of Maintenance Dredging at Mormugao Port
• Project Implementation Unit for Construction and Maintenance of Roads and Bridges under Pradhan Mantri
Sadak Yojana
• Project Implementing Agency for implementation of Swachha Bharat Mission Urban 2.0
• Project Development and Management Consultant for Projects under AMRUT 2.0
Haryana
• Construction of 2 Nos. of Teaching Block and Infrastructure works for new campus of Chaudhary Bansi Lal
University, Bhiwani
• Construction of Administrative and Academic Block for new campus of Gurugram University at Gurugram
61
• Construction of 300 bedded Hostel Building with 24 Studio Apartment at SAI Centre, Sonipat
• Creation of Archery Center of Excellence including high performance lab with allied facilities at SAI NRC,
Sonipat
• Construction of Multipurpose Indoor Hall at Choudhary Charan Singh Haryana Agriculture University, Hisar
• Project Development and Management Consultancy Services for projects under Atal Mission for Rejuvenation
and Urban Transformation (AMRUT)
Corporate Overview
• Project Management Agency for implementation of projects under Deendayal Upadhyaya Gram Jyoti Yojana
(DDUGJY)
• Construction Supervision for works awarded for Farrukhnagar town, Nuh town, Pataudi town & Sonipat town
under PHED, Haryana with financial assistance from ADB/KfW through National Capital Region Planning
Board (NCRPB)
• Preparation of Structural Design, Drawings & Estimates for Parallel Lined Channel & Western Jamuna Canal
(Main Line Lower)
Statutory Reports
Existing Head Regulator at RD 1000 of WJC (MLL) Existing Cross Regulator of WJC (MLL) at RD 68220
• Preparation of Structural Design & Drawings of Augmentation Canal

Existing Bridge at RD 12.320 Km Augmentation Head At RD 68036 Existing Head Regulator
62
• Technical Assistance & Tender Management for Execution of Remodeling of Gurgaon Water Supply Channel
(GWS) from RD 0 to 64.55
Corporate Overview
Algae Formation in Silt Disposal on the banks of GWS Vegetation along Off Take Point at
GWS canal water canals Delhi Branch
• Third Party Quality Assurance service for establishment of Pt. Deen Dayal Upadhyaya University of Health
Sciences at Village Kutail, Karnal
Statutory Reports
Casting of slab Academic Block Staff Quarter
• Third Party Quality Assurance for Establishment of Pt. Neki Ram Sharma Government Medical College, Bhiwani
Hospital Building Hostel Building for Junior Doctors Nurse Hostel

(Male & Female)
63
• Third Party Inspection for Infrastructure Development Works in the State

Corporate Overview
Community Centre - Karnal Road Work - Panchkula STP- Yamunanagar
• Third Party Inspection for Water Supply and Sanitation Development Works in the State
Statutory Reports
STP at Kalayat STP at Ambala STP at Kaithal
• Third Party Inspection of Civil/Mechanical/Construction and Installation works under Jal Jeevan Mission
Gravel Pit at Ambala Laying of Water supply in Dist. Karnal Water supply in Dist.
Yamunanagar
64
• Third Party Inspecting Agency (TPIA) for Quality Assurance, Inspection & Monitoring of Projects under DHBVN
• Preparation of Detailed Project Report for projects under Revamped Distribution Sector Scheme
• Third party Inspection agency for development works under Haryana Tourism Corporation
• Updation of Master Plan-1998 regarding Management of Water Logging and Salinity Problem in Haryana
• Preparation of Detailed Project Reports (DPRs) of New Generation Watershed Project 2.0 under State level
Nodal Agency (SLNA)
Corporate Overview
• Construction of 250 bedded National Institute of Naturopathy (NIN), Panchkula
Hospital Building PG Hostel Boys College Building

• Project Development and Management Consultancy (PDMC) for the Construction of intermediate pumping
Statutory Reports
station, 100 MLD sewage treatment plant (STP) at Partapgarh and 80 MLD STP at Mirzapur in Faridabad
• Preparation of master plan of Sewerage and Storm Water Drainage system in Faridabad
Himachal Pradesh
• Identification, Planning and Construction Supervision of Shimla, Dharamshala & Manali Ropeway & other
Mass Rapid Transport Systems, Lifts & Escalators
Geotechnical and Traffic Analysis Ropeway Network (Shimla – PH-I, II & III)
65
• Construction of Academic and Hostel buildings including Shop Floor at Central Institute of Petrochemicals
Engineering & Technology (CIPET), Baddi
Corporate Overview
Academic Block
• Preparation of Detailed Project Report for Water Harvesting Structure at village Satkandi (Satrukha), Una
• Prefeasibility Report & Detailed Project Report for Irrigation Reclaimed Area under Swan River Channelization
Management Programme including adjoining Irrigable Area in district Una
Statutory Reports
• Third Party Inspection under Jal Jeevan Mission in Mandi, Hamirpur, Dharamshala, Shimla & Solan Zones
66
• Project Implementation Support Agency for Providing Management Consulting Services for MIS data
management, Analysis, Monitoring and support services at State Level for Rural Water Supply Schemes under
Jal Jeevan Mission
Corporate Overview
• Survey of Schools & Anganwadis regarding Drinking Water, Toilets & Hand Washing Facilities under Jal Jeevan
Mission
Statutory Reports
• Technical Audit for Verification of Disbursement Linked Indicator under Himachal Pradesh Road Transformation
Program (HPSRTP) funded by World Bank
• Consultancy services for Environment Clearance of Sach Khas Hydro Electric Power Plant
• Environmental Impact Assessment (EIA)/ Environmental Management Plan (EMP) for Proposed Reoli-Dugli
HEP, Purthi HEP & Bardang HEP
67
• Construction of Type II & Type III Quarters at Kusumpti, Shimla

Corporate Overview
Front Elevation of Type-II Quarters Front Elevation of Type-III Quarters
• Construction of Women Police Station Nahan, Sirmaur

Statutory Reports
Front Elevation of Women Police Station

• Construction of Modern Barrack at 6th IRBn at Dhaulakuna, Sirmaur
Front Elevation Modern Barrack at 6th IRBn
68
• Project Management Consultancy Services for Construction of Police Station Building at Barotiwala, Baddi
Corporate Overview
Police Station Building (Outside view)
• Project Management Consultancy Services for Construction of Type-V SP Residence, Solan
Statutory Reports
3D view of SP Residence On-going Construction work on site
• Conducting Topography and Dominant Obstacle survey by Aerial LiDAR and preparation of Detailed Project
Report for Development of Green Field Airport at Nagchala, Mandi
Bird’s eye view of project site
69
• Construction of FIH Approved Global Category WET Hockey Field with sitting gallery in the Existing Campus
of Government Sr. Secondary School, Majra, district Sirmaur
• Construction of Indoor Stadium Category-II at Thodo Ground, Solan
Corporate Overview
3D View of Stadium
Statutory Reports
• Construction of Indoor Sports Stadium at Chamba and Palampur

• Project Feasibility Studies for Four Ropeway Projects in Kinnaur and Lahaul-Spiti districts
• Providing Flood Protection work to various Khads/Nallah in Dharampur, Mandi
• Construction of 3 No. 120 jawan barrack at 1st IRBn,PL Bangarh, Police Line Una and 6th IRBn Dhaulakuan,
Sirmaur
70
• Construction of 1 No. Multipurpose Hall at 3rd IRBN Pandoh, Mandi
Corporate Overview
• Construction of 1No. Type V Residence for SP Solan
Statutory Reports
• Construction of S.P. Office at Mandi
71
• Channelization of Nallah at Police Lines Kishanpura, Baddi

Corporate Overview
Jharkhand
• Preparation of Detailed Project Report (DPR) for construction of the diversion canal of the Pakri River Project
• Construction of Eklavya Model Residential Schools in Jharkhand
• Laying of Synthetic Hockey Turf at Sports Authority of India Center, Hazaribagh
• Construction of temporary Diversion Canal for catchment water of Pakri-Barwadih Coal Mine of NTPC Ltd.
Statutory Reports
• Project Management Consultancy for Beneficiaries Led Construction / Vertical IV under Paradhan Mantri
Awas Yojana-Urban for 17 ULBs.
• Feasibility Report, Preliminary Project Reports & Customised Standard Bidding Documents for Bhognadih
Mega Lift Irrigation Scheme
• Detailed Project Report (DPR) for Construction of 200 meter long High Level Bridge with approach road across
Punasi Spill Channel, Punasi
• Development of Permanent Campus of Central University of Jharkhand at Cheri-Manatu, Ranchi
• Preparation of DPR for Lugupahar Pumped Storage Project (1500 MW)
Topographical Survey with Total Station DGPS Survey
72
• Renovation and Repair of Pump House at Sindri
Corporate Overview
• Project Management Consultancy services for Zone-1-Ranchi Sewerage Drainage Project
• Preparation of DPR for Mahanalia Nala Diversion of Chakla Coal Mines of HINDALCO Ltd.
• Revision of existing detail project report (DPR), integration with final Details Project Report (DPR) and providing
Project Management Consultancy (PMC) services for Augmentation and strengthening of Urban Water Supply
System phase-II, Medininagar
Karnataka
Statutory Reports
• Detailed Project Report for Sharavathy Pumped Storage Hydro Electric Project (8x250 MW)
• Construction of 300 bedded Hostel Building with 24 Studio Apartment at Sports Authority of India Centre,
Bengaluru
• Construction of Multipurpose Indoor Hall at Sports Authority of India Regional Centre, Bengaluru
• Preparation of DPR, DNIT and Construction Supervision of Fecal Sludge Treatment Plant (FSTP) in 28 ULBS
• Site and Service Scheme at BLOCK-8 Suryanagara 4th Phase, Swami Vivekananda Layout (Pradhana Manthri
Township) at Bagganadoddi, Indlvadi & Kadujakkanhalli Villages, Anekal Taluk, Bengaluru Urban district
Progress of works at various sites
73
• Project Management Consultant (PMC) services for construction of Annex Building-Krishi Bhavan
Corporate Overview
Aluminum Composite Panel for Building Front Elevation Building Side Elevation
• Construction Supervision for 24 x 7 Water Supply at Kollegala

Statutory Reports
C.C Road Restoration at Zone 1 Ward No 6 400 mm DI Sluice valve fixing at Zone 7 Feeder main
• Preparation of Master Plan for Greater Bengaluru Bidadi Smart City Local Planning Area & Design of Bidadi
Township
• Architectural and Civil Consultants for Leather Industries Development Corporation of Karnataka
• Project Management Consultancy Services for Construction of 3 MLD STP at Hesaraghatta, Bengaluru
• Project Management Consultancy Services for Sites and Service Schemes (4th Phase) in Bengaluru
74
Kerala
• Project Management Consultancy for Schools under Kerala Infrastructure and Technology for Education
(KITE) - North, Central and South Zone
Corporate Overview
Government Model Boys HSS Attingal (G+2) GHSS Pulamanthole Academic Block (G+2)
• Construction of Office Buildings and Residential Buildings for National Investigation Agency (NIA) at Kochi
• Construction of 300 bedded Hostel Building with 24 Studio Apartments at Sports Authority of India Centre,
Thiruvananthapuram
Statutory Reports
• Development of Healthcare Infrastructure under National Health Mission
• Environmental and Social Impact Assessment for development of National Waterways No. 8, 9 and 59
• Development of District Hospital, Chengannur, Alappuzha
Shuttering Work in progress
75
• Development of Malabar Cancer Centre as Post Graduate Institute of Oncology Sciences & Research and
Guest House, Thalassery, Kannur
Corporate Overview
3D View , Malabar Cancer center 3D View, Guest House
• Development of General Hospital, Thiruvanthapuram

Statutory Reports
3D view of General Hospital
• Development of Government Medical College Pariyaram, Kannur District - Phase-1 and Maintenance/
Renovation of existing Buildings
Phase-1, Government Medical College, Kannur Maintenance/Renovation of Existing Building, Kannur
76
• Various Tourism Development Projects in Kerala
Corporate Overview
Renovation of Kappad Beach Development of Sreenarayanpuram Waterfalls
• Feasibility Study Report/Detailed Project Report and Tender Documents for Idukki H.E. Project extension
scheme
Statutory Reports
Existing Idukki Arch Dam Location of Existing Tail Race Tunnel Outlet
Undertaking DGPS Survey at Site for GCP Establishment
77
• Development of Government Taluk Hospital at Feroke, Koyilandy and Balusseri, district Kozhikode
Corporate Overview
Shuttering for Taluk Hospital, Feroke, Kozhikode 3D View of Taluk Hospital, Koyilandy, Kozhikode
Statutory Reports
3D View of Taluk Hospital, Balusseri, Kozhikode
• Development of Government Taluk Hospital, Peravoor, Kannur

3D View of Taluk Hospital, Peravoor, Kannur
78
• Modernization of 50 schools as Centres of Excellence and betterment of Infrastructure facilities
Corporate Overview
GHSS ATHOLI GHSS CHALAPPURAM
• Rejuvenation of Akkulam Lake and its Watershed
Statutory Reports
• Project Management Consultancy (PMC) for Operation and Maintenance of various facilities under Cochin
Special Economic Zone Authority (CSEZA)
• Implementation of Zero Liquid Discharge Plant of 1 MLD Capacity at Cochin Special Economic Zone
• Preparation of Comprehensive Master Plan for Cochin Special Economic Zone
• Third Party Quality Assurance (TPQA) for all Engineering works of Kerala Irrigation Infrastructure Development
Corporation
• Third Party Certification cum Survey agency for monitoring the dredging work for maintenance of the channels Standalone Financial Statements
and basins in Cochin Port
79
Madhya Pradesh
Bhopal
• Construction of 400 bedded hostel at Laxmibai National Institute of Physical Education, Gwalior
• Project Management Consultant for World Bank Funded Projects under MP Urban Development Company
Corporate Overview
28 MLD STP, Chhindwara Aerator, F. Mixer & Clariflocculator ESR – 1250 KL/22 m
No-2
Master Colony
• Construction Supervision and Quality Control Services for Multi Village Rural Water Supply Schemes in
Umariya, Balaghat, Chhindwara, Seoni & Anuuppur
• Supervision & Quality Control Consultant (SQC) for Multi Village Rural Water Supply Schemes under Project
Statutory Reports
Implementation Unit, Jal Nigam Indore
Over Head Tank -Indore Scheme Water Treatment Plant- Indore Scheme Intake Well- Indore Scheme
• Supervision & Quality Control Consultant (SQC) for Multi Village Rural Water Supply Schemes under Project
Implementation Unit, Jal Nigam Gwalior
Water Treatment Plant- Gwalior Scheme Over Head Tank- Gwalior Scheme WTP Construction Site Datehra
80
• Preparation of DPR, Tender Documents, assistance in Tender Technical Evaluation and Finalization of successful
bidder for Renovation & Modernization of 5x23 MW Units of Gandhisagar Hydel Power Station
• Supervision of implementation of the Green Energy Corridors Projects, Intra State Transmission Systems
(InSTS)
• Project Development & Management Consultant for projects under Atal Mission for Rejuvenation and Urban
Transformation
Corporate Overview
Inauguration of Extended Water Bhopal Water Treatment Plant 50 22.25 MLD Vidisha Sewage Treatment
Supply Project (50 MLD) by Hon. Chief MLD Plant
Minister of Madhya Pradesh.
• Supervision & Quality Control Consultancy for works under Pradhan Mantri Gram Sadak Yojana in Rewa and
Katni
• Development of Sewerage Network and Sewage Treatment Plant at Shajapur
Statutory Reports
• Carry out River Cruise Tourism Study for Development of Cruise Tourism from Barwani Point to Statue of
Unity in River Narmada
• Assessment of Reduction in Capacity of Bargi Reservoir using Integrated Approach of Satellite Remote Sensing
Technique and Hydrographic Survey
• Third-Party Inspection Agency for inspection of works under Jal Jeevan Mission (JJM) in districts Neemuch &
Mandsaur under Ujjain Circle
Construction of Over Head Tank Over Head Tank Under JJM Drinking Water Facilities in
Under JJM Anganwadi
81
• Supervision and Quality Control (SQC) Consultant for Rajghat Dam Multi Village Scheme (MVS) under Jal
Jeevan Mission (JJM) in district Guna and Ashok Nagar
Corporate Overview
Site Visit for MVS scheme

Statutory Reports
• Supervision and Quality Control (SQC) Consultant for Rajond Multi Village Scheme (MVS) under Jal Jeevan
Mission (JJM) ) in district Dhar
Excavation & laying Construction of OHT
82
• Project Management Consultancy for Design, Supply, Erection, Testing & Commissioning of 25 kV, 50 Hz, Single
Phase, Traction Over-head Equipment, Switching Stations, Traction Sub-stations, SCADA, General services
works, Signal and Telecommunication works and Civil Engineering work i.e. Service Buildings, Quarters, TW
sidings, TSS cross track and other associated works between section Guna (Excl.)- Gwalior (Excl.) 227 RKM /
236 TKM of BPL Division in West Central Railway
Corporate Overview
Sub-Sectioning & Paralleling Post, Padarkheda Traction Sub Station, Shivpuri commissioned successfully
after CRS
Statutory Reports
• Preparation of DPR and Construction of development works of Murar River, Gwalior under Namami Gange
Programme
• Construction of 12 Nos. Type-III, 04 Nos Type-IV and 02 Nos Type-V Residential Quarters for SHQ BSF, Bhopal
Maharashtra
• Construction of Lifts and Skywalk at Renuka Mata Temple, Mahurgad, district Nanded
Renuka Mata Temple Anusuya Mata temple
83
• Development of Facilities at Khandoba Temple Complex, Nimgaon, district Pune

Corporate Overview
Proposed Development Plan Khandoba Temple

Pune and Aurangabad
• Construction of Multipurpose Indoor Hall at Sports Authority of India, Regional Center Mumbai
• Feasibility Study for Construction of New Jetty/Sea Water Intake System for Dhruva Reactor, BARC, Trombay,
Mumbai
Statutory Reports
• Structural Audit for 6 Dams under Central Railway, Mumbai

• Feasibility Study of Improving Storage Capacity of Lake No. 11 at BARC, Trombay, Mumbai
Location of Site
• Concept Design, Detailed Design, Environmental Impact Study (EIA) along with CRZ clearance from MoEF,
Forest Clearance from MoEF and Project Management Consultancy Services for the Construction of Suspension
Pedestrian Bridge over the Mithi River at Bandra Kurla Complex, Mumbai
3D view of proposed bridge
84
• Consultancy services for restorative repairs to the damaged portions of New Ferry Wharf, Passenger Water
Terminal, Mazgaon
• Repair & Upgradation of Duncan dock & Bombay dock with allied facilities
• Construction of 250 bedded National Institute of Naturopathy (NIN), Pune
Corporate Overview
Hospital Building – Block 2 Academic Building Boys hostel
• Execution of Water Supply Distribution Infrastructure including Unauthorized /Localities/ Slums in Nagpur
City under AMRUT
• Employer’s Engineer for Mhalunge-Man Town Planning Scheme in Pune Metropolitan Area
• Project Management Consultant (PMC) for Construction of Warali Haat Complex at Manor, District Palghar
• Project Management Consultancy (PMC) for Thane Water Front Development Project
Statutory Reports
Compound wall, Nagalabander Kolshet Site 3 D View
• Project Management Consultancy (PMC) for Talegaon Dabhade Water Supply Scheme under Maharashtra
Suvarna Jayanti Nagarotthan Maha-Abhiyan
85
• Independent Engineer for Project Engineering, Execution and O&M Review of Supply of 190 MLD Tertiary
Treated Sewage water from Nagpur Municipal Corporation’s 200 MLD STP to Koradi and Khaperkheda
Thermal Power Stations, Nagpur
• Condition analysis, structural audit of existing weir and detailed engineering for the New Pick-up Weir at Pise
Tehsil Bhivandi, district Thane
Corporate Overview
View of D/S side Slope of Guide Wall
• PMC for Construction of Cement Concrete Road From Devali, Kumbharshiv, Bhobari, Talavali and Vadavali
– Part work. Khaling, Pundas, Khandape, Dhamangaon, Kashivali and Nimbavali – Part work, in Bhiwandi
Taluka, under OARDS.
• Project Management Consultancy for DPR /Supervision in Aurangabad Municipal Corporation for Satara
Deolai Area
Statutory Reports
• Pre-PMC & PMC for Repair/ Reconstruction of Harvey Road Sewage Pumping Station and Nepean-Sea Road
Sewage Pumping Station
Existing Harvey Road Pumping Station

• PMC for Construction of Concrete Road from NH-4 to Shivkar in Panvel Taluka, district Raigad under OARDS
Construction in Progress
86
• Third Party Inspection & Monitoring Agency for various project works under Thane Municipal Corporation
• Environmental Impact Assessment ( EIA) Study for Mazagon Dock Project, MDL
• Environmental Impact Assessment (EIA) Study for Shipbuilding and Ship repair yard at Nhava Yard, MDL
• Preparation of PFR & DPR for River Indrayani in Pune
• Project Management Consultancy for Preparation, Monitoring, Supervision & Surveillance of Rural Water
Supply Scheme executed under Jal Jeevan Mission (JJM) at Village/ Block/ Districts for Aurangabad, Nagpur
Corporate Overview
and Amravati Regions
• Repair, Maintenance and Upgradation Works of Social Welfare Department Buildings in Mumbai Suburb
• Third Party Audit of various Works in Mira-Bhayandar Municipal Corporation (MBMC)
• Design Review, Supervision and Project Management Consultancy for Balance Works of Implementation of
Equitable Water Supply System (24x7) and Construction of Optical Fiber Ducts in Pune City
Manipur
• Project Management and Supervision Services for Manipur Water Supply Project funded by New Development
Bank
Statutory Reports
0.80 ML OVERHEAD TANK AT LALAMBUNG 5.45 MLD WATER TREATMENT PLANT AT

NINGTHEMPUKHRI
87
Corporate Overview
Site visit of Honorable Minister, PHED Sh. Leishangthem Susindro Meitei for the works of Manipur Water Supply Project.
Imphal
• Preparation of Detailed Project Report for Loktak Lift Irrigation Scheme Phase-II
• Preparation of Detailed Project Report to redress all the critical issues in respect of Khuga Multipurpose Project
Statutory Reports
Photographs of Dam Site during site Inspection by WAPCOS Team

Mizoram
• Project Management Consultant (PMC) to Design, Develop, Manage and Supervise Smart City Projects under
Smart City Mission (SCM) in Aizawl
ICCC Floor Room, Building, Treasury Square 3-D View of Playground at Tuivamit
88
• Construction and Development of Convention Centre at Aizawl
Corporate Overview
3D Views Visit of Hon’ble CM and Sports Minister at Site
Meghalaya
• Project Management Agency (PMA) for projects under Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
• Preparation of Water Resources Master plan
Statutory Reports
• Preparation of Detailed Project Report (DPR) for Development and Promotion of Water Sports and Tourism at
Dabit Wari Village, Simsang River, South Garo Hills
• Construction of Eklavya Model Residential Schools in Meghalaya
Nagaland
• Project Management Consultant (PMC) to Design, Develop, Manage and Supervise Smart City Projects under
Smart City Mission (SCM) in Kohima
• Project Management Agency (PMA) for works under Integrated Power Development Scheme (IPDS)
• Preparation of Detailed Project Report for projects under Saubhagya Scheme
• Project Management Agency (PMA) for projects under Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
New scheme
• Third Party Inspection Agency (TPIA) for works under RE-DDUGJY XII plan Standalone Financial Statements
Odisha
• Construction of PEB shed, structures, water supply arrangement, drainage, sewerage, road works, track
works, OHE works, Power Supply and General Electrical works and supply, installation and commissioning
of machinery & plant in connection with construction of Main Line Electrical Multiple Unit (MEMU) car shed
(phase-2) at Khurda Road
• Illumination work at Sun Temple & Raja Rani Temple, Konark under Archaeological Survey of India (ASI)
• Model Studies for Wave Tranquility for Multipurpose Clean Cargo Berth at Paradip Port
• Developments of 6 Nos. Play Fields namely Handball Ground, D.N High School Grounds, Keonjhar stadium,
89
Odisha school of Mining, Ranki ground, DD College ground under District Mineral Foundation
• Renovation and Modernization of Fire Fighting System at Rengali HEP
• Project Management Consultancy (PMC) for Rengali Irrigation Project Phase-II
• Restoration of damaged Generator including dismantling, rectification, reassembling of Generator of Unit
No.1 of 2X80 MW PHPS Totladoh
Corporate Overview
Removal of Soldering/Wedges Removed stator coils

• Project Management Consultancy for implementation of Mega Lift Projects in Cluster No. III, IX and XIII and
Malkangiri
Statutory Reports
Riughat Pump House Jamsera Intake Well
• Proof Engineering Consultancy for execution of lift canal system of Upper Indravati Irrigation Project
• Owner’s Engineer for Construction of Ash pond for 2 x 660 MW– IB valley Thermal Power Plant expansion
Project in Jharsuguda district
• Renovation and Modernization of unit no. 3 of Chiplima Hydro Electric Project, Chiplima
90
• Repair and Rehabilitation of Chiplima forebay, Spillway and Surplus Escape on deposit work basis
Corporate Overview
Ongoing excavation works at site Batching plant commissioning at site
• Comprehensive Contract Management Services for Renovation & Modernization of Hirakud HEP, Burla, unit
no. 5 & 6 (2x43.6 MW)
Statutory Reports
ACP cladding works inside power house Transformer yard meshing works completed

• Comprehensive Contract Management Services for implementation of Renovation & Modernization of
Balimela HEP, unit no. 1 to 6 (6x60 MW)
• Preparation of Tender Documents and Selection of EPC Contractor for Mandira SHEP (10 MW)
• Project Management Consultant (PMC) for Infrastructure Development work for Community Health Centre at
Laxmipur in the district of Koraput
• Owners Proof Engineering Consultancy for implementation of Under Ground Pipeline (UGPL) system to the
command area of the Lower Indra Irrigation Project, Naupada, Khariar
• Construction of 12 nos. of ‘D’ type Qrs. at Chiplima Hydroelectric Project, Sambalpur on deposit basis
• Construction of OHPC Office building at Upper Indravati Hydroelectric Project, Mukhiguda on deposit basis
• Construction of 20 nos. of ‘D’ type Qrs. at Balimela Hydroelectric Project, Malkangiri on deposit basis
91
• Project Management Consultancy for construction of 241 nos. 33/11kV substations & associated lines under
phase-I, phase-II and phase-III of Odisha Distribution System Strengthening Project (ODSSP) in NESCO &
WESCO area
Corporate Overview
33/11kV Switchyard for AIS PSS (Ambadali PSS)
• Owners Proof Engineering Consultancy for implementation of Under Ground Pipeline (UGPL) system in
command area of the Harbhanghi Irrigation Project
• Survey and preparation of DPR for implementation of Underground Pipeline (UGPL) Irrigation System in
command area of Subernarekha Irrigation Project
• Planning, Construction and Implementation of the project on Water Conservation and Ground Water
Statutory Reports
Recharge Management in rural areas of Sundargarh district

• Provision of renewal course over Barsuan-Khandhar road of Koira region in Sundergarh district
• Project Management Consultancy for Balance Work of Construction of Roadbed, Major & Minor Bridges,
Track Linking, Outdoor Signaling and Electrical Works in Connection with Doubling of Titlagarh (Ex.) –
Lakhna (in) Section (72.948 Kms) Part of Raipur – Titlagarh Doubling in Sambalpur divisions of East Coast
Railway
Major Bridge No. 242, Section: Titlagarh – Lakhna Harishankar Road Station Foot over bridge
92
• Authority’s Engineer for Supervision of Development of Water Supply Infrastructure in Baripada, Sambalpur,
Rourkela & Jharsuguda under UIDSSMT/ AMRUT on Engineering, Procurement & Construction (EPC) Mode.
Corporate Overview
Chemical House at WTP View of WTP Clariflocculator Aerial View of WTP
• Construction of Sports Infrastructure in Odisha for the Department of Sports & Youth Affairs, Government of
Odisha
• Preparation of Feasibility Report for 5 nos. of Small Hydro Electric project in different districts of Odisha
• Construction of Eklavya Model Residential Schools in Odisha
• Authority’s Engineer for Supervision of Improvement of Water Supply to Belpahar and Brajarajnagar
Municipality with Hirakud Reservoir as Source on Engineering, Procurement & Construction (EPC) Mode
• Project Management Consultancy (PMC) of Gangadhar Meher Lift Irrigation Project, Bijepur in the district of
Bargarh
Statutory Reports
MSDSS column shuttering work in progress MS Pressure Main Pipeline laying and Testing WIP
• Construction of intake structure along with pressure main from RD 0.00 KM to 24.10 KM along the right bank
of Bargarh Main Canal to Proposed intake location at RD 24.10 KM of Bargarh main Canal of Gangadhar
Meher Lift Irrigation Project, Bijepur on "EPC Turnkey" basis including power connectivity system and Operation
& Maintenance of complete commissioned project for five years Standalone Financial Statements
Turunga PS-1 Sump and Pump House at R.D. 34.1Km MS Pipe fabrication at Kanapali (Unit-3) Fabriction yard
93
Punjab
• Electro-Mechanical works of Shahpurkandi Hydro Electric Project (206 MW), Gurdaspur
• Construction of 300 bedded hostels and 24 Studio Apartment at Netaji Subhash National Institute of Sports,
Patiala for Sports Authority of India
• Third party inspection of the schemes under Jal Jeevan Mission
• Third Party Monitoring and Independent Concurrent Evaluation for relining of Rajasthan Feeder from RD
Corporate Overview
249000 to RD 359000 and RD 394000 to RD 496000
Brick work lining Laying of concrete lining on bed Relined Section
• Third Party Inspection for Relining of Sirhind Feeder Canal

Statutory Reports
Brick work lining Laying of concrete lining using Relined section

mechanical paver
• Third Party Techno Financial Audit of completed Projects and ongoing/ future Projects under OUVGL scheme,
PUDA
• Technical and Financial Audit of Infrastructure works under Smart City Scheme in Ludhiana
• Technical and Financial Audit of Infrastructure works to be executed by ULBS and PWSSB in various towns of
Punjab under PUEIP-I,II &III scheme and PIDB additional resource funding scheme
• Preparation of DPR and bidding documents for designing of 25 MGD capacity WTP of 2nd phase at village
Sinhpur SAS Nagar
• Special Third-party techno-financial audit for special repair and patch work for link roads under Punjab Mandi
Board
• Third party techno-financial audit agency for balance works of 480 numbers apartments in eight towers and
repair of defective work in 342 numbers apartments of Purab Premium apartments, Sector 88, Mohali
94
Rajasthan
• Project Comprehensive Study, Survey, Preparation of Detailed Project Report (DPR) and Tender Document for
strengthening of existing Cluster Distribution Network of 120 villages under Jayal Matasukh Project in Jayal
Tehsil and 244 Dhanies of 120 Villages
• Construction of Central Detective Training Institute for Bureau of Police Research and Development, Jaipur
• Construction of Toilet Block and Drinking Water Unit at Ghat Inscriptions Pavilions and Toranas together with
Corporate Overview
Adjacent Area at Navchowki Rajsamand under ASI Jodhpur Circle
• Preparation of DPR for Water Supply Schemes for Villages under Jal Jeevan Mission
• Preparation of Zonal/Sector Plan for Udaipur City
• Construction of Earthen Dams at 2 locations in Jodhpur District, Village Bastawa Mata, Tehsil Balesar and
Indroka, Tehsil Mandor
• Preparation of Detailed Project Report of Eastern Rajasthan Canal Project (ERCP)
• Preparation of DPR for Diversion of Surplus Water of Sabarmati Basin for filling of Jawai Dam
• Third party Inspection work of “Chora Duburi Four Lane Road Project” under District Mineral Foundation,
Jaipur
Statutory Reports
Ongoing Bituminous work progress at site Bituminous layer Compaction at site
• Project Management Consultancy for the project Ashokjhar Floor Hill to Lower Nagada Road under District
Mineral Foundation, Jaipur
• Monitoring, Evaluation, Learning & Documentation work under IWMP in Kota, Bharatpur and Jodhpur
Divisions for Batch-I to Batch-V Watershed Projects Standalone Financial Statements
• Preparation of DPR for Parwan Aawad Water Supply Project, District Jhalwar, Baran & Kota, Kaliteer Lift
Scheme, Dholpur district
• Construction of Permanent Boundary Wall at the Proposed Site for Establishment of National Institute &
Hunar Hub at Village Khohra Peepli, Tehsil Kishanganj, Baran district
• Execution of Interior fit-out Works of Agricultural Insurance Company of India Limited regional office in Jaipur
Sikkim
• Lender’s Engineer of 400kV Teesta III Hydroelectric Project to Kishanganj Transmission Line Project
• Review & Re-casting of Detailed Project Report and Project Management Agency services for Deen Dayal
Upadhyaya Gram Jyoti Yojana
95
• Detailed Design, Construction Supervision for Balance Works of 1,200 MW Teesta III HE Project
Corporate Overview
Soil sample collection in the project area Drilling at Power House Complex area
Tamil Nadu
• Preparation of Feasibility Report, Conducting Survey & Geophysical exploration work, Preparation of Detailed
Project Report, EIA/EMP, Study & Report and obtaining all statutory clearances for execution for Sillahalla
Pumped Storage Hydro-Electric Project Stage-I (1000 MW)
• Preparation of bid Document and providing Transaction Advisory Services including design evaluation for
the work of Athikadavu – Avinashi scheme as Irrigation, Ground water recharge and drinking water supply
scheme in Coimbatore, Tiruppur and Erode districts
Statutory Reports
• Third Party Quality Assurance Services (TPQAS) for the various Construction works at IIT Madras
• Consultancy for Civil works and Operation and Maintenance of assets belonging to Madras Export Processing
Zone Authority
• Project Management Agency for Implementation of projects under Integrated Power Development Scheme
(IPDS) and Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
• Third Party Technical Examination of Works of Tamil Nadu Irrigated Modernization (TN IAMP) Project funded
by World Bank
• Preparation of Detailed Project Report for Phase - I and Phase - II components, Environmental Impact
Assessment / Environmental Social Management Plan Studies of Nadanthaai Vaazhi Cauvery Project
• Project Management Consultancy for Monitoring of various sub- projects implemented under Integrated
Cooum River Eco-Restoration Project

• Environmental and Social Impact Assessment for Extension, Renovation and Modernisation of Grand Anicut
Canal system funded by Asian Infrastructure Investment Bank
• Project Management Consultancy to implement Smart City Projects under Smart City Mission (SCM) in
Thoothukudi Corporation
• Third-Party Inspection Agencies (TPIAs) for inspection of works under Jal Jeevan Mission (JJM)
• Conducting Concurrent Evaluation study for Phase – IV, Repair, Renovation and Restoration (RRR) of water
bodies’ scheme in 83 tanks in seven districts of Tamil Nadu under PMKSY
• Project Management Consultancy (PMC) for Extension, Renovation and Modernization (ERM) of Grand Anicut
Canal Project
• Construction of Eklavya Model Residential Schools in Tamil Nadu
96
• Engineering Consultancy Services for executing Kundah Pumped Storage Hydro Electric Project (4X125MW)
in the Nilgiris district
Corporate Overview
TRT Gate Shaft Power House Cavern Transformer hall Cavern
Telangana
• Independent Review and Monitoring Agency (IRMA) under AMRUT Scheme
Statutory Reports
1000 KL capacity of ELSR, Staging 15 Mtrs at Bhagya Aerial View of Komati Cheruvu park, Siddipet ULB
Nagar, Adilabad ULB
• Preparation of Detailed Project Report for Vetting of Alignment from Mallanna Sagar to Singur Reservoir
97
• Preparation of Detailed Project Report (DPR) for creating an additional ayacut of 2 lakh acres in Adilabad
district
Corporate Overview
Field visit of Ayacut finalisation with Department Drilling of boreholes at site as a part of
officials Geotechnical Investigations
• Third Party Quality Control Consultant for Infrastructure works under TUFIDC Assistance, Package-I
Statutory Reports
Development Park SVS Township at Kalwakurthy CC Drain and CC road works Core Extraction work at
Municipality Cherial ULB
• Vetting of DPRs, Project Monitoring, Supervision and Quality control of works under Telangana Drinking
Water Supply Project (TDWSP)
Aerial View of Water Treatment plant Aerial Photographs of 120 MLD WTP at Agraharam of
SVC Segment in Mission Bhagiratha Project
98
Uttarakhand
• Preparation of Detailed Feasibility Report for Haridwar Ropeways Project
Corporate Overview
Joint Site Visit of Ropeway Alignments
• Independent Third Party Construction Supervision Agency for Quality Assurance under Uttarakhand Water
Supply Program for Peri- Urban Areas
Statutory Reports
Checking of OHT Beam Checking of OHT Bottom Dom Construction of SCADA Room
Reinforcement Reinforcement
• Implementation of works under Pradhan Mantri Gram Sadak Yojna for the construction of Roads and Bridges
in the State
99
• Preparation of DPR for identified projects at Tehri for External Financing

• Lenders Engineer for THDC Pumped Storage Hydroelectric Project (4×250MW)
• Geo-technical Investigations, Detail Design, Review of Design, Technical Supervision, Monitoring and
Quality Assurance during construction of projects namely Kaliganga-I (2x2MW), Kaliganga-II (2x3MW) and
Madhyamaheshwar (3x5MW) Small Hydro Projects, Distt. Rudraprayag funded by Asian Development Bank
• Preparation of Detailed Project Report (DPR) and Construction of Ghat at Badrinath and Ajeetpur under
Corporate Overview
Namami Gange Programme

• Preparation of Detailed Project (DPR) and Construction of Ghat and Crematoria at Gangotri under Namami
Gange Programme
• Cumulative Environment Impact Assessment (CEIA) of Dhauliganga & its tributaries
• Cumulative EIA studies for Goriganga & its tributaries
• Preparation of Detailed Project Report (DPR) for Song Dam Water Supply Scheme for Municipal Area in
Dehradun Town
• Concept-cum-Feasibility Report for Development of MICE Centre at Garhi Cantt, Dehradun
• Construction of Union Bank of India Building at IT Park, Dehradun
• Geotechnical Investigation, Detail Design, Technical Supervision, Monitoring & Quality Assurance during
construction of Kaliganga-II and Madhyamaheshwar SHP
• Detailed Design Engineering of Bhilangna-IIA SHP (24 MW)
Statutory Reports
• Develop, Design and establishment of Electric-cum-Gas fired Cremetoria-1 unit, Improved Wooden Cremetoria-2
units and Conventional Cremetoria-3 units at Ranibhag-Chirashila Ghat and other appurtenant works specified
in BOQ of tender document including confirmatory survey and design including supply of all materials, labour
and T&P
• Preparation of Detailed Project Report for Integrated Solid Waste Management for Roorkee Cluster
Uttar Pradesh
• Preparation of Detailed Feasibility Report and Tender Documents for Varanasi Ropeways Pilot Project
Ropeway Pilot Project Alignment Traffic Surveys
100
• Renovation of Punj Vihar Residential Complex, Vibhuti Khand, Gomti Nagar, Lucknow
• Construction of 300 bedded hostels and 24 Studio Apartment at Sports Authority of India, Regional Centre,
Lucknow
• Project Management Consultancy for Construction of Substructure Superstructure and River Training/
Protection Works for Rail-cum-Road Bridge over River Ganga between Ghazipur & Tarighat in connection with
construction of New B.G. Line from Mau to Tarighat
Corporate Overview
Deck Slab work in progress at Abutment-1 Site River Protection work & Earth Work
• Project Management Consultancy for Construction of PEB shed, structure, building, water supply arrangement,
drainage, sewerage, road works, track works, power supply and general electrical works, OHE works, signal
& telecommunication works and supply, installation and commissioning of machinery and plant in connection
with setting up of Electric Loco Shed at Saiyedpur Bhitri
Statutory Reports
Sub-Sectioning & Paralleling Post, Padarkheda Traction Sub Station, Shivpuri
PEB Shed Erection, Saiyedpur Bhitri Heavy Repairs Bay, Saiyedpur Bhitri
101
• Providing Maintenance Services at Noida Special Economic Zone (NSEZ)

• Development of Heritage Circuit Projects under Swadesh Darshan Scheme, Ministry of Tourism, Government
of India
• Independent Review and Monitoring Agency under AMRUT Mission
• Preparation of Detailed Project Report (DPR) & Providing PMC Services for Projects under Beneficiary Led
Construction in Jalaun, Lalitpur, Baghpat and Meerut Districts under Pradhan Mantri Awas Yojna (PMAY)
Corporate Overview
• Detailed Design Engineering, Procurement and Construction i.e. concept to commissioning of 200 bedded
National Institute of Unani Medicine (NIUM) Hospital, Ghaziabad
Hospital Building Residential Buildings

Statutory Reports
• Dredging of Chilwa Taal at Gorakhpur

• Construction of Rubber Dam and Intake well at Chilwa Taal, Gorakhpur
• Assisting and supporting in Project Management to Dakshinanchal Vidyut Vitran Nigam Limited (DVVNL),
Agra under “Revamped Distribution Sector Scheme” (RDSS)
• Assisting and supporting in Project Management to Kanpur Electricity Supply Company Limited (KESCO),
Kanpur under “Revamped Distribution Sector Scheme” (RDSS)
• Assisting and supporting in Project Management to Madhyanchal Vidyut Vitran Nigam Limited (MVVNL),
Lucknow under “Revamped Distribution Sector Scheme (RDSS)
• Feasibility study to maintain discharge/qualitative water in Ranney Wells as well as in Tubewells, Noida
Ranney well no.7, Noida

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West Bengal
• Project Management Consultancy Services for Turga Pumped Storage Project (1000 MW)
Corporate Overview
Joint Site Visit of MOEF&CC, WBSEDCL and WAPCOS officials
• Preparation of Pre-Feasibility Report & Detailed Project Report for Teesta Low Dam Stage I & II, 71 MW and
Statutory Reports
Teesta Intermediate 90 MW Hydroelectric Project
• Preparation of DPR for all types of schemes under Jal Jeevan Mission (JJM)
• Technical Auditing of Maintenance Dredging in Hooghly Estuary, Haldia
Dredging by Rainbowing Method
• Feasibility Study for Inland Water Transport Improvement in Kolkata Metropolitan Area
• Detailed Project Report of the Proposed Karru Irrigation Scheme in Block- Bagmundi, District Purulia
103
• Repair & Construction works at Falta Special Economic Zone (FSEZ), Falta
Corporate Overview
Repairing of Building
• Project Management Consultancy for New Water Supply Project of IIT Kharagpur
• Construction Supervision for implementation of Master Plan for the work of Construction of 3024 nos. of flats
along with other amenities, at Bijoynagar and Daskeary (J.L. no. 02) Mouza in Raniganj Area, Asansol
Statutory Reports
• Construction of 300 bedded hostel Building with 24 Studio Apartment at Sports Authority of India Centre,
Kolkata
• Project Management Consultancy Services for Reconstruction of Assam House at 8-Russel Street, Kolkata
Union Territory
Andaman and Nicobar Islands
• EIA and EMP studies towards Environmental Clearance for development of Fresh Water Lake at Flat Bay, Port
Blair
• Conducting Revalidation of Traffic Study and Techno-Economic Feasibility for Creating Trans-shipment Port at
South Bay, Great Nicobar Island
• Preparation of Detailed Project Report for Construction of Andaman Marine Drive (AMD) road from Dollygunj
junction to North Bay

• Additional Geotechnical Investigations (Marine BH - 20 nos.) for DPR of freshwater lake at Flat Bay in Port Blair
• Detailed Project Report for Construction of Flyovers/Crossovers and Under Passes at Various Places in Port
Blair
• Preparation of Detailed Project Report for Construction of Andaman Marine Drive (AMD) from Prem Nagar
Junction to Dundas Point Jetty
• Construction of Jetty and associated facilities for Indian Coast Guard at Campbell Bay, Great Nicobar Islands
Chandigarh
• Construction of Office cum Residential Complex for Narcotics Control Bureau
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Delhi
• Construction of 162 bedded Hostel at Dr. Karni Singh Shooting Range, Tughlakabad
• Construction of Multi-storeyed office building for Office of Registrar General of India at Mansingh Road
• Replacement of Synthetic Athletic track at Jawahar Lal Nehru Stadium
• Preparation of Detailed Project Report for Exploration of Fresh Water in Dwarka Area as well as Brackish
Water in entire Delhi
Corporate Overview
• Preparation of Feasibility Report, Detailed Project Report and Tender Documents for Reuse of Treated Effluents
from Sewage Treatment Plant
• Preparation of Detailed Project Report and Construction Supervision of 2nd 50 MGD Water Treatment Plant at
Dwarka and its allied including modifications in Raw Water Pumping Stations & Transmission mains to various
Reservoirs
• Project Design & Management Agency (PDMA) for implementation of SMART Grid Infrastructure including
enhancing of Existing Network in NDMC Power Distribution Area
• Third Party Quality Assurance Services for drainage project of Kirari Assembly
• Feasibility Study for Planning and Implementation including cost estimates of Rain Water Harvesting and
Artificial Ground Water Recharge in NCT Delhi
Statutory Reports
Drainage Network KSN Drain to be remodelled passing through
Railway Line

• Comprehensive Integrated Scheme of Water Supply Arrangement for all six corridors (Tughlakabad to
Terminal-1 of IGI Airport, Lajpat Nagar to Saket G Block, Janakpuri to R.K. Ashram, Majlis Park to Maujpur
and Inderlok to Indraprastha) of Delhi Metro Project, Phase-IV
• Construction of 2 Nos. Atithi Grah at STS Border Security Force (BSF), Tigri
• Construction of 1 No. 120 Men Barrack at 25 Bn. Border Security Force (BSF) Campus of Chhawla
• Rehabilitation of Yamuna Vihar STP PH-II (10MGD) based of conventional activated sludge Process
• Third Party Quality, Quantity Assurance and Project Management Consultants for monitoring the various
development works in unauthorized colonies, Industrial Area, and several other deposit works, viz- Institutional
Buildings, Residential Buildings, Bus Depots, Industrial Building etc. to be carried out by DSIIDC on behalf of
Government of NCT of Delhi
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• Third Party Inspection /Quality Assurance Service for execution of various development works under various
heads like DRDB, DUDA, MLA LAD, Unauthorized colonies, Urban villages, SC/ST, Panchayat and Plan works
etc. being executed by Irrigation and Flood Control Department
Jammu & Kashmir

• Construction of Office Buildings and Residential Buildings for National Investigation Agency (NIA) at Jammu
Corporate Overview
• Third Party Verification Agencies to Check the Quality of Works executed by the Agencies, Quality of Materials
used for Construction and Quality of Machinery Installed in each Scheme under JJM
• Hydrogeological Study for Water Depletion & its Remedial measures and submission of Detailed Report &
Estimate along the Railway Alignment in Reasi district
Statutory Reports
Construction of filtration plant Water Supply Scheme Construction of OHT of Water Supply Scheme Bonibagh,
Jeelpora, District Baramulla Lelhar, District Pulwama
Ladakh
• Construction & Setting up of Inspection & Certification Center at Phyand Leh
• Construction of various buildings for Police Department of Ladakh
• Construction of Sports Complex in districts of Leh & Kargil
Site survey at Leh Site survey at Kargil
106
• Construction of various works for Rural Development
Corporate Overview
Site survey in progress, Block Diskit Site survey in progress, Block Saspol
• Construction of In-Vessel Compost Plant including Development of Solid Waste Management System in Leh
Town
• Providing Comprehensive Contract Management Services for Implementation of EPC Contracts for Construction
Statutory Reports
of 9 MW Dah & 9 MW Hanu H.E. Project
• Project Management Consultancy of Construction of 66 KV D/C Transmission Line for Power Evacuation from
9 MW DAH and 9 MW HANU SHEPs
Pondicherry
• Construction of 100 Bedded Girls hostel at Sports Authority of India, Pondicherry
Multi-State Projects
• Completion of Balance works of North Koel Reservoir Project, Jharkhand & Bihar
Porous sleeper work in Right Main Canal Bed lining of Right Main Canal
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• Revision and Preparation of CPHEEO Manual on Water Supply, Government of India

• Preparation of DPR with LiDAR Survey for one Pilot watershed in forest area of each State / UT
Corporate Overview
• Project Management Consultancy Services for “Design, Supply, Erection, Testing & Commissioning of 25 KV,
50 Hz, Single Phase, Traction Over Head Equipment, Switching Stations, TSS, SCADA and other associated
works, and electrical general services works for Railway Electrification of second Line between Yelahanka
(Excl.) – Penukonda (Incl.) (152 TKM) of Bangalore Division of South Western Railway in the State of Karnataka
& Andhra Pradesh
Statutory Reports
CRS Inspection, Section: Yelahanka-Makalidurga OHE Mast Erection Works, Rajankunti
• Preparation of Action Plan & Detailed Road Map for Development of River Cruise Tourism in India
• REC Quality Monitors for Rural Electrification works under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
XI Plan Phase-II in the States of Uttar Pradesh, Bihar, Haryana and West Bengal
XII Plan in the States of Uttar Pradesh, Jharkhand, Karnataka, Assam and Tripura
New in the States/DISCOMs of Andaman & Nicobar Islands, MESCOM (Karnataka), CESCOM (Karnataka),
GESCOM (Karnataka), PsVVNL (U.P.), Puducherry and West Bengal
• REC Quality Monitors for Rural Electrification works under Saubhagya Scheme in the States of Uttar Pradesh,
Karnataka, Arunachal Pradesh, Meghalaya, Mizoram and Nagaland
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• Third Party Concurrent Evaluation Agency (TPCEA) under Integrated Power Development Scheme (IPDS) for
the States of Uttar Pradesh, Andhra Pradesh, Telangana, Maharashtra, Goa, Chhattisgarh and Odisha
• Project Management Consultancy for Design, Supply, Erection, Testing & Commissioning of 25 kV, 50 Hz,
Single Phase, Traction Over-head Equipment, Switching Stations, Traction Sub-stations, SCADA, General
Electrical Services works along with Civil Engineering work i.e. Service Buildings, Quarters, TW sidings, TSS
cross track and other associated works between section Chhindwara - Kalumna 142 RKM / 172 TKM of NGP
Division in South East Central Railway, M.P and Maharashtra
Corporate Overview
Electric Loco Trial between Section: Traction Substation, Linga
Bhimalgondi to Bhandarkund
• Basin Wise Review of Hydroelectric Potential in the country and Preparation of Basin reports
• Project Management Consulting Services for feasibility studies, finalization of specifications & design of system
as part of pre-implementation and thereafter implementation of Integrated Water and Crop Information and
Statutory Reports
Management System (IWCIMS) including O&M during post implementation phase
• Providing services of experts (RS&GIS, Software Developers, IT, data base and networking etc.) for development,
improvement, operation & maintenance of India WRIS/NWIC
• Providing services of experts (Software Developers, Test Engineers, support staff etc.) for Development,
Improvement, Operation & Maintenance of Water Information Management System (WIMS).
15. HUMAN RESOURCE MANAGEMENT

Human Resource Management is an integral part of the overall Management. The employees being the
key asset of the Company were continuously trained to keep pace with the fast changing technological
advancements.
We have a qualified and professional employee base with 1034 regular cadre employees as on March
31, 2022. Our permanent employees include personnel engaged in management, administration, human
resource, engineering, auditing, finance, sales and marketing, procurement, logistics and legal functions. In Standalone Financial Statements
addition to regular employees, we hire consultants on a project basis as well as contract engineers for short
durations, depending on our needs for a specific venture.
Appointment of Candidates Belonging to SC/ST/OBC/Minority/Ex-Servicemen
The Company follows Government’s guidelines/instructions on reservation policies. Accordingly, the guidelines/
instructions of the Government on reservation matters in respect of SCs/STs/OBCs and for appointment of Ex-
servicemen have been/are taken care of while making recruitments and promotions in the Company. Relevant
Rosters are maintained as per guidelines for proper projection of reservation quota fixed for these categories.
Due consideration has been given to the representation of Weaker Sections in Selection Committees. The
Company has also maintained level of representation of minorities as per Government instructions in service
matters during the year 2021-2022.
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During the year, the Company has followed the recruitment process by notifying the posts through
advertisement in Newspapers for inviting nominations/applications of eligible candidates. Selection on most
of the posts has been made and the selected candidates have joined the Company.
The instructions/guidelines given in Prime Minister’s 15 Point Programme for the Welfare of Minorities
are complied with while making recruitments in the Company. Accordingly, special consideration is given
to the candidates belonging to Minority communities during the selection process. All the appointments
are given wide publicity by publishing vacancies in Newspapers even in the languages(s) spoken by large
Corporate Overview
number of people in the State/UT, apart from English & Hindi. Due consideration has also been given to the
representation of minorities in the Selection Board.
Appointment of Persons with Disabilities
The instructions/guidelines given earlier as well as in Persons with Disabilities (Equal Opportunities, Protection
of Rights and Full Participation) Act, 1995 are being followed in the Company. WAPCOS has identified various
posts to be reserved for Persons with Disabilities on the basis of the list of posts notified by the Ministry of
Social Justice & Empowerment. The posts identified for Persons with Disabilities have been filled up. 4% of
posts/vacancies, as per Government directions, are reserved to be filled up from the Persons with Benchmark
Disabilities. Concessions and facilities are extended to disabled employees as per rules.
There is a separate Liaison Cell in the Company for implementing the guidelines/instructions of the
Government on reservation policies for SC/ST/OBC/PWBMD/Ex-Servicemen and to redress their grievances.
As per instructions of the Government, the Company has appointed a separate Liaison Officer for OBC (Other
Backward Classes) who is responsible for implementing the guidelines/instructions of the Government on
reservation policy for OBCs.
Statutory Reports
Periodical inspections are carried out by the Liaison Officers and reports/suggestions are given by them to the
Competent Authority for consideration. Periodical reports/returns are also sent to the D/o Water Resources,
River Development & Ganga Rejuvenation, MoJS; Department of Public Enterprises and other Government
Departments timely on action taken for the implementation of reservation policy.
Women Empowerment
Special emphasis has been given towards women empowerment. Several women employees are holding
responsible positions in the organization. The Company also motivates women employees to attain higher
qualification for career growth and advancement. Women’s Day is celebrated annually as a gesture towards
their contribution and recognition.
Complaint Mechanism for Women
A complaint mechanism has been set up in the Company to deal with the complaint of sexual harassment of
women employees at workplace. Periodical meetings are being held by its members to review its functioning.
Scholarship Scheme
As per the policy of the Company, 12 children of employees working in the scale of Rs. 24000-82000 or
below, who have passed 10th & 12th Standard, have been awarded scholarship @ Rs.1500/- p.m. each for a
period of one year, in order of merit.
Redressal of Staff Grievances
The Grievance Cell set up by the Company is functioning promptly in dealing with day-to-day grievance of
officers and staff working in the Company. The Staff Grievance Director nominated by the Company has
been vested with powers to call for files/papers in respect of grievances and to take decision to settle the
same with the approval of Chairman-cum-Managing Director. The Staff Grievance Director is available to
hear the grievances personally on every Wednesday in the week for redressal of grievances. There is NIL
Grievance pending for settlement as on date.
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16. PROGRESSIVE USE OF HINDI IN WAPCOS

Constant emphasis was laid on the implementation of Official language policy of the Government of India.
TOLIC Activities
• Online meeting of Town Official Language Implementation Committee (TOLIC), Gurugram was held on
December 24, 2021 under the chairmanship of Shri R. K. Agrawal, CMD, WAPCOS and Chairman, Town
Corporate Overview
Official Implementation Committee. Dy. Director (Implementation), Department of Official Language, Ministry
of Home Affairs and almost all the Heads/Representatives of Member Offices and Hindi Officers were present
in the online meeting. This meeting was coordinated by Shri P.P. Bhardwaj, Head (Personnel & OLI) and
Member Secretary, TOLIC. In the meeting, WAPCOS showcased a presentation on the works being done
in Hindi by all the member offices, which was appreciated by the Dy. Director (Implementation) and all the
member offices
• Online meeting of Town Official Language Implementation Committee, Gurugram was held on July 23, 2021
under the chairmanship of the then CMD, WAPCOS and Chairman, Town Official Implementation Committee.
Dy. Director (Implementation), Department of Official Language, Ministry of Home Affairs, Government of
India and almost all the Head/Representatives of Member Offices and Hindi Officers were present in the
meeting. This meeting was coordinated by Shri P.P. Bhardwaj, Head (Personnel & OLI) and Member Secretary,
TOLIC
Statutory Reports
Online TOLIC Meeting
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• WAPCOS has organized online “Rajbhasha Niti Gyan Competition” on Google Form on June 23, 2021 under
the aegis of Town Official Language Implementation Committee, Gurugram. In this competition, 19 Officers/
employees participated from WAPCOS and Member’s Offices of Town Official Language Implementation
Committee, Gurugram. Shri P.P. Bhardwaj, Head (Pers.& OLI) and Dy. Director (Implementation), Department
of Official Language also expressed their views to encourage the participants on this occasion.
Official Language Inspections

Corporate Overview
• The Second Sub-Committee of Committee of Parliament on Official Language carried out inspection of
WAPCOS Bhopal Office on March 2, 2022 at Indore (M.P.) to review progressive use of Hindi in official work
Statutory Reports
The Second Sub-Committee of Committee of Parliament on Official Language

inspection of WAPCOS Bhopal Office on 2-3-2022
• Official Language inspection was carried out by Shri Dalip Kumar Sethi, Manager (OLI) on February 19, 2022
to review the progressive use of Hindi in Official work in WAPCOS Pune Office
• Official Language inspection of WAPCOS Nagpur Office was carried out by Shri Vijay Singh Meena, Director
(OL), Ministry of Jal Shakti, Department of Water Resources, River Development and Ganga Rejuvenation on
December 26, 2021 to review progressive use of Hindi in official work
• Official Language inspection of WAPCOS Pune Office was carried out by Shri Vijay Singh Meena, Director
December 28, 2021 to review progressive use of Hindi in official work. Shri P.P. Bhardwaj, Head (Personnel &
OLI) was also present during this inspection.
WAPCOS Kolkata Office on November 23, 2021 to review progressive use of Hindi in official work.
The Second Sub-Committee of Committee of Parliament on Official Language inspection of

WAPCOS Kolkata Office on 23-11-2021
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• Official Language inspection of WAPCOS Hyderabad Office was carried out by Shri Vijay Singh Meena, Director
September 27, 2021 to review progressive use of Hindi in Official work. Shir D.K. Sethi, Manager (OLI) was
also present during this inspection
• The Second Sub-Committee of Committee of Parliament on Official Language carried out online inspection of
WAPCOS Hyderabad Office on September 29, 2021 to review progressive use of Hindi in official work.
Corporate Overview
Statutory Reports
inspection of WAPCOS Hyderabad Office on 29-9-2021
• Shri P.P. Bhardwaj, Head (Pers.& OLI) visited Patna Field Office on August 23, 2021 and carried out inspection
on Implementation of Official Language.
WAPCOS Chennai Office and WAPCOS Bangluru Office on April 17, 2021 & April 19, 2021 respectively to
review progressive use of Hindi in official work.

inspection of WAPCOS Chennai Office on 17-4-2021
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Corporate Overview

inspection of WAPCOS Bangaluru Office on 19-4-2021
Hindi Fortnight
• Hindi Fortnight from September 1 to September 15, 2021 was observed in WAPCOS under the guidance
of Chairman cum Managing Director. All officers/employees of WAPCOS were requested to do their official
work in Hindi. During the fortnight, various competitions were organized and various schemes were also
implemented to encourage officers/employees to do their work in Hindi. Officers from Deptt. of WR, RD &
Statutory Reports
GR, Ministry of Jal Shakti were invited on these occasions. A large number of Official/Staff took part in these
programmes
Hindi fortnight 2021
114
• On the Occasion of Hindi Fortnight, a Message was released on behalf of Chairman cum Managing Director
to all Field and Regional offices of WAPCOS to encourage officers/employees to do their maximum official
work in Hindi
• Department of Official Language, Ministry of Home Affairs, Government of India, initiated the pledge taking
on the occasion of Hindi Diwas. Accordingly, Company organized the official language pledge taking ceremony
on September 14, 2021 in all offices of WAPCOS across India and abroad
Corporate Overview
DOLIC Meetings/Workshops
• During the year, meeting of Departmental Official Language Implementation Committee was held regularly
in every quarter under the chairmanship of Director (Comml. & HRD) and Chairman, DOLIC
Statutory Reports
• Hindi Workshop was organized on December 26, 2021 in Nagpur Office. On this occasion Director (OL),
Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti was invited
to apprise the participants about Voice Typing and Official Language Policy, Official Language Act & Official
Language Rules
• Hindi Workshop was organized on December 28, 2021 in Pune Office. On this occasion Director (OL),
Language Rules
115
• Hindi Workshop was organized on September 27, 2021 in Hyderabad Office. On this occasion Director (OL),
Language Rules in India
Corporate Overview
Official Language Seminar

Statutory Reports
• Official Language Department, Ministry of Home Affairs, Government of India organized “Two Day All India
Official Language Seminar” of Northern Region 1 and Northern Region 2 on November 13-14, 2021 in
Varanasi. Shri P.P. Bhardwaj, Head (Personnel & OLI) participated on behalf of WAPCOS
Miscellaneous
• Various kinds of Technical Reports, WAPCOS Presentation, WAPCOS Organizational Chart, Misc. work etc.
were prepared in bilingual form
• A quarterly in-house Magazine ‘WAPCOS DARPAN’ in Hindi, continued to be brought out regularly during the
year
• Emphasis was laid on ensuring compliance of the provisions of Section 3(3) of the Official Language Act
• Under Rule 5 of the Official Language Act, replies to the letter received in Hindi were given in Hindi only
• Necessary help material like Dictionaries, Compilation of Standard Drafts and glossaries & Technical Glossaries
were made available to all the officers/employees to motivate them to do their official work in Hindi
• Pay slips, which are issued to officers/employees every month and CPF Statements, are continued to be issued
in bilingual. Entries in Service Books were made in Hindi during this period
• Efforts were also made to persuade, motivate and encourage officers and employees to do their maximum
official work in Hindi
17. VIGILANCE
Vigilance Section in WAPCOS has been issuing norms and guidelines as and when received from the Department
of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti, Central Vigilance
Commission and the Department of Public Enterprises regarding measures to strengthen all aspects of preventive
116
vigilance for compliance in WAPCOS, periodically conducting preventive vigilance inspections and also surprise
checks of various Divisions.
Periodical returns are being submitted regularly to the Department of Water Resources, River Development &
Ganga Rejuvenation, Ministry of Jal Shakti, Central Vigilance Commission and the Central Bureau of Investigation
and inquiries are properly and promptly attended to. Besides, surprise checks and inspections are carried out from
time to time and constant vigil is also kept.
Corporate Overview
Central Vigilance Commission in recognition towards the movement of paying tribute to 75 years of Independence,
the Commission accomplishes its duty as the apex anti-corruption body in the country, reaffirms its resolve to
fight corruption and ensure integrity in public life to usher in new era of a self-reliant India.
In this regard, WAPCOS had observed Vigilance Awareness Week– 2021 from October 26, 2021 to November 1,
2021 with the theme “Independent India @75: Self Reliance with Integrity”; ÞLora= Hkkjr@75% lR;fu"Bk ls
vkRefuHkZjrkß by strictly adhering to the advice of CVC by following Covid-19 guidelines and also adhering to the
economy measures issued by Ministry of Finance, Government of India.
In addition, the following activities were carried out in WAPCOS during the Vigilance Awareness Week-2021:-
• Details of activities as desired by CVC Circular No.15/09/2021 (F.No.021/VGL/045/490679) dated 01.09.2021
in prescribed format was submitted to CVC
• Displayed Banners/e-Banners with the theme “Independent India@75: Self Reliance with Integrity”;
ÞLora= Hkkjr@75% lR;fu"Bk ls vkRefuHkZjrkß in all offices of WAPCOS in India and abroad and Two Posters
of PIDPI as desired by CVC
Statutory Reports
Display of Banners at Corporate Office, WAPCOS Limited from 26.10.2021 to 01.11.2021
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Corporate Overview
Displayed Two Posters on Public Interest Disclosure and Protection of Informer’s (PIDPI), Gujarat Office
Statutory Reports
Displayed Two Posters on Public Interest Disclosure and Protection of Informer’s

(PIDPI) at Vigilance Section, Gurugram Office
• Integrity Pledge/E-Pledge taking ceremony presided over by CMD, WAPCOS in all WAPCOS offices in India
and aboard through virtual conferencing on October 26, 2021 at 11.00 AM
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Corporate Overview
Statutory Reports
Pledge taking ceremony at Gurugram Office
• An Essay Writing Competition on the topic “Independent India@75: Self Reliance with Integrity”; ÞLora=
Hkkjr@75% lR;fu"Bk ls vkRefuHkZjrkß (bilingual) for WAPCOS employees was organised on October 27, 2021
119
Corporate Overview
Employees of WAPCOS participating in Essay Writing Competition on 27.10.2021

Statutory Reports
• A workshop on “Preventive Vigilance” was organised for all the HoDs of WAPCOS & NPCC at Corporate
office, Gurugram.
Shri R.K Agrawal, CMD, WAPCOS & NPCC along with HoDs during the workshop
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18. DIGITIZATION details and reflect Company’s transactions and

With Rapid advancement in technologies, conform to applicable legal requirements.
management envisaged the concept of “Paper Increasing business verticals of the Company,
Less Office” towards creating employee’s the Company is under consideration of making
friendly environment. We took initiatives, necessary changes in the existing system of
and implemented various IT activities in our working. Among such steps taken in this direction,
organization to make more efficient, seamless, the Company took the decision to implement the
Corporate Overview
transparent work environment, and to take a leap ERP system to combat the increasing fast moving
towards DIGITAL WAPCOS. IT division is providing requirements of the Company in line with the
following IT services to the Company on pan India regulatory framework.
basis:
Every effort is made to present reliable financial
• E-tendering through Central Public information to the users on a timely basis to
Procurement Portal of Government of India ensure that financial decisions are based on up to
• E-Office date information.
• GeM Portal Procurement
• Video Conferencing 21. INDEPENDENT AUDITORS
M/s Serva Associates Chartered Accountants
19. RISK MANAGEMENT POLICY were appointed as Independent Auditors for
The Company has Board approved Risk the financial year ended 31.03.2022. The Board
Management Policy. The risk areas identified places on record its appreciation for audit process
in the policy are Competition/Market Share rendered by them.
Statutory Reports
Risks, Human Resource Risks, Insurance Risks,
Realization Risks, System Risks, Fraud Risks, 22. IMPLEMENTATION OF RIGHT TO
Business Operations Risks, Credit Risks, Contract INFORMATION ACT, 2005
Formulation and Execution Risks, Legal Risks and In compliance to the various provisions of Right to
Disaster Risks. The action plan for mitigation of Information Act, 2005, the Company has placed
these identified Risks is contained in the Risk various documents/records at its website which
Management Policy. Heads of Departments are being updated regularly. The company has
are responsible for implementation of the Risk appointed Shri Sumir Chawla, Additional Chief
Management Policy, as applicable to their Manager (HRD) as Public Information Officer (PIO)
respective areas of functioning, and submission and Dr Aman Sharma, Chief Executive Director
of reports on half yearly basis for review by the (Environment, Construction Management &
Audit Committee. Admn.)/First Appellate Authority. 135 applications
of RTI and 23 appeals received during the year

20. INTERNAL FINANCIAL CONTROLS 2021-22 were handled promptly and information
The Company has in place adequate Internal was provided to the applicants.
Financial Controls with reference to Internal
Financial Statements. WAPCOS has a number 23. CORPORATE GOVERNANCE
of policies/plans relating to different areas and A Report on Corporate Governance, as per DPE
laid out procedures for ensuring the orderly Guidelines, is at Annexure-A.
and efficient conduct of its business. Physical
verification of assets is conducted periodically and
24. COMPLIANCE OF SECRETARIAL
is put up to the Audit Committee.
STANDARDS
Company’s operations comply with applicable
During the year under review, the Company
accounting standards and financial reporting rules
complied with applicable Secretarial Standards
and regulations. All books, records, accounts and
issued by Institute of Company Secretaries of
financial statements are maintained in reasonable
India.
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25. M
ANAGEMENT DISCUSSION AND technology absorption, foreign exchange earnings
ANALYSIS REPORT and outgo, as required to be disclosed under the
Act, are provided in Annexure-D to this Report.
A Report on Management Discussion and Analysis
is at Annexure-B.
31. COST RECORDS
26. ANNUAL RETURN Maintenance of cost records, as specified by the
Central Government under the provision of sub-
Corporate Overview
Annual Return pursuant to Section 92 (3) of the

section (1) of the section 148 of the Companies
Companies Act, 2013, read with Section 134(3)
Act, 2013, is not required by the Company.
(a) and rule 12(1) of the Company (Management
& Administration) Rules, 2014 for the Financial
Year ended 31st March 2022 is available on the 32.
LOANS, GUARANTEES OR
Company’s website i.e. http://www.wapcos. INVESTMENTS UNDER SECTION 186
co.in/. OF THE COMPANIES ACT, 2013
Details of Loans, Guarantees and Investments
27. PARTICULARS OF EMPLOYEES covered under the provisions of Section 186 of
There was no employee in the company falling the Companies Act, 2013 are given in the notes
under the category of employees required to to the Financial Statements.
be reported under the provisions of Rules 5(2)
and 5(3) of the Companies (Appointment and 33. SECRETARIAL AUDIT
Remuneration of Managerial Personnel) Rules, Pursuant to the provisions of Section 204 of
2014. the Companies Act, 2013 and the Companies
Statutory Reports
(Appointment and Remuneration of Managerial

28.
PROCEEDINGS PENDING UNDER THE Personnel) Rules, 2014, the Company appointed
INSOLVENCY AND B A N K R U P T C Y M/s Harbans Lal & Co., Company Secretary in
CODE, 2016 Practice, to undertake the Secretarial Audit of the
Company for the financial year 2021-22. The report
During the year under review, no application made
of the Secretarial Auditors is at Annexure-E.
by the Company and two applications were filed
against the Company under the Insolvency and
Bankruptcy Code, 2016 (IBC) with NCLT. Further, 34.
MANAGEMENT REPLIES ON QUALI-
as on March 31, 2022, five (5) legal proceedings FICATIONS OF STATUTORY AUDITORS
are pending under IBC. AND OBSERVATION OF SECRETARIAL
AUDITORS
29. CORPORATE SOCIAL RESPONSIBILITY The management replies on Qualifications of
INITIATIVES
Statutory Auditors are placed at Annexure-F and

The Company has a Board approved Corporate Observation of Secreatrial Auditors are placed at
Social Responsibility Policy, which is available at Annexure-G respectively.
Company’s website, and may be accessed on
the Company’s website http://www.wapcos. 35. DIRECTORS
co.in/. The Annual Report on CSR activities is at
During the year under review, Shri Rajni Kant
Annexure-C.
Agrawal was appointed as CMD, WAPCOS w.e.f.
October 04, 2021 in place of Ms. Debashree
30.
CONSERVATION OF ENERGY, Mukherjee, Additional Secretary, Ministry of
TECHNOLOGY ABSORPTION, FOREIGN Jal Shakti, Department of Water Resources,
EXCHANGE EARNINGS AND OUTGO RD&GR. Shri Abhay Thakur, Additional Secretary
The particulars relating to conservation of energy, (ER) Ministry of External Affairs was appointed
122
as Government Nominee Director on WAPCOS care for the maintenance of adequate

Board w.e.f. December 16, 2021. Shri Anil accounting records in accordance with the
Kumar Trigunayat, Shri Jasbir Singh Thakur, Shri provisions of this Act for safeguarding the
Lakhan Lal Sahu and Shri Partha Sarathi Ghosh assets of the Company and for preventing
were appointed as Independent Directors w.e.f. and detecting fraud and other irregularities;
January 12, 2022, January 15, 2022, February (d) The Directors have prepared the annual
02, 2022 and February 23, 2022 respectively. accounts on a “going concern” basis;
Corporate Overview
Ms. Debashree Mukherjee, Additional Secretary,
(e) The Directors had laid down internal financial
Ministry of Jal Shakti, Department of Water
controls to be followed by the company
Resources, RD&GR, ceased to be CMD, WAPCOS
and that such internal financial controls are
w.e.f. October 04, 2021 and Shri P. Harish,
adequate and were operating effectively; and
Additional Secretary (ER) Ministry of External
Affairs ceased to be Government Nominee (f) The Directors had devised proper system to
Director on WAPCOS Board w.e.f. November ensure compliance with the provisions of all
05,2021. applicable laws and that such system are
adequate and operating effectively.
36.
DECLARATION BY INDEPENDENT 39. RELATED PARTY TRANSATIONS
DIRECTORS All related party transactions entered during the
The Independent Directors of the Company financial year under review were in ordinary course
have given declaration of Independence in the of business and on arm’s length basis. None of
Board Meetings that she meets the criteria of the transactions with any of the related parties
independence as provided in Section 149(6) of were in conflict with the Company’s interest.
Statutory Reports
the Companies Act, 2013. Accordingly, the disclosure of related party
transactions as required under section 134(3)(h)
37. NUMBER OF THE MEETINGS OF THE of the Companies Act, 2013 in form AOC-2 is not
BOARD applicable.
During the year under review, four Board Meetings The Company has laid down processes to ensure
were held, the details of which are provided in the compliance to the Companies Act, 2013 and the
Report on Corporate Governance at Annexure-A. corresponding Rules on the matter.
The details of the related party transactions during
38. DIRECTORS’ RESPONSIBILITY the financial year under review are mentioned
STATEMENT in note no. 41 of the notes to the Financial
It is hereby confirmed that: Statements for the financial year ended March
31, 2022.
a) In the preparation of the annual accounts,
the applicable accounting standards had
40. COMPOUNDING OF OFFENCES UNDER Standalone Financial Statements
been followed;
(b) The Directors have selected such accounting THE COMPANIES ACT, 2013
policies and applied them consistently and During the period under review, the Company
made judgments and estimates that were had filed a compounding application u/s 441 of
reasonable and prudent so as to give a true the Companies Act, 2013 for delay in holding
and fair view of the state of affairs of the 51st AGM. Further, compounding fee of Rs.
Company as on 31st March, 2022 and of the 1,00,000/- on the Company and Rs. 10,000/- per
profit or loss of the Company for the year Director/ MD/WTD/CS have been levied by the
ended on that date; Regional Director (North). The same has been
(c) The Directors have taken proper and sufficient paid by the Company; CMD; Director (Finance);
123
Director (Comm. & HRD); and Company Secretary. taking loan from the Banks or Financial
Accordingly, the offence has been compounded Institutions along with the reasons thereof.
vide order of Regional Director (North) dated
November 25, 2021. ACKNOWLEDGMENT
The Board expresses its deep sense of appreciation and
41. GENERAL gratitude to the valuable clients in India and abroad
The information may be treated as “Nil” with for their continued patronage as well as for the trust
Corporate Overview
respect to following items during the year under and confidence reposed in the Company. The Board
review: also expresses its sincere thanks for the assistance, co-
operation and support of the Ministry of Jal Shakti,
• The change in the nature of business Department of Water Resources, RD&GR, Ministry
• Material changes and commitments, if of External Affairs, Ministry of Corporate Affairs
any, affecting the financial position of the and Registrar of Companies various other Ministries
company which have occurred between the and Departments of the Government of India, State
end of the financial year of the company to Governments, Comptroller and Auditor General of
which the financial statements relate and the India, Statutory Auditors and Bankers. The Board
date of the report also deeply appreciates the hard work, enthusiasm,
• Significant or material orders passed by untiring efforts and contribution of the employees
the Regulators or Courts or Tribunals without which the present growth and achievements
which impact the going concern status and would not have been possible.
Company’s operations in future
• Issue of equity shares with differential rights
For and on behalf of the Board of Directors
as to dividend, voting or otherwise
Statutory Reports
• Issue of shares (including sweat equity

shares) to employees of the Company under
any scheme Sd/-
• Fraud, reported by Auditors under sub Section (R.K. Agrawal)
(12) of Section 143 other than those which Chairman-cum-Managing Director
are reportable to the Central Government. DIN: 09344894
• Details of difference between amount of Place : New Delhi
the valuation done at the time of one time Date : 18.11.2022
settlement and the valuation done while
124
Annexure-A
REPORT ON CORPORATE GOVERNANCE
Corporate Overview
1. COMPANY’S PHILOSOPHY ON 3. BOARD OF DIRECTORS
CORPORATE GOVERNANCE The Board comprises of three Functional
The Company’s philosophy is to achieve business Directors namely Chairman-cum-Managing
excellence and maximize long-term value for all Director, Director (Commercial and HRD) and
its stakeholders on a sustained basis through Director (Finance), two Government Directors –
ethical business conduct. The Company follows one from Ministry of Jal Shakti, Department of
the guidelines of Corporate Governance issued Water Resources, River Development & Ganga
by Department of Public Enterprises (DPE), Rejuvenation and other from Ministry of External
Government of India. During the year under Affairs – and five Independent Directors as on
review, the grading of the Company issued by the 31.03.2022.
DPE on the compliance of guidelines on Corporate During the year under review, Four Board Meetings
Governance for CPSE for the year 2020-21 is were held on 18th June 2021, 19th August 2021,
"Excellent". 8th December 2021 and 3rd March 2022.
The names and categories of Directors of the
2. DPE’S GUIDELINES Board, their attendance at Board meetings held
Statutory Reports
The compliance report on DPE’s guidelines for in 2021-2022 during the tenure of each one of
Financial Year 2021-22 was sent to Ministry of them and the number of Directorships held, as
Jal Shakti, Department of Water Resources, River informed to the company by Directors, are given
Development & Ganga Rejuvenation vide letter on below:
29.04.2022.
Whether
Board Meetings held/ attended
Number of Directorship
Name of the Director/ attended in 2021-22 last AGM
in other companies/
Director Identification Category during the tenure of held on 8th
Names of Companies
Number (DIN) Director December,
2021
Held Attended Chairman Member

Ms. Debashree Mukherjee Functional
CMD (Additional Charge) Director
1
DIN 06374549 2 2 No -
NPCC Ltd.,
(From 01.10.2020
to 04.10.2021)
Shri Rajni Kant Agrawal Functional 1
CMD Director GPCL
1
DIN 09344894 2 2 Yes Consulting
NPCC Ltd.,
(From 04.10.2021 Services
to 31.03.2022) Limited
Shri Pankaj Kapoor Functional
1
Director (Finance) Director 4 4 Yes -
NPCC Ltd.,
DIN 07290569
125
Whether
Board Meetings held/ attended
Number of Directorship
Name of the Director/ attended in 2021-22 last AGM
in other companies/
Director Identification Category during the tenure of held on 8th
Names of Companies
Number (DIN) Director December,
2021
Held Attended Chairman Member
Corporate Overview
Shri Anupam Mishra Functional

1
Director (Comml. & HRD) Director 4 4 Yes -
NPCC Ltd.,
DIN 08271048
Shri Subodh Yadav Govern-

DIN 06829082 ment 4 4 Yes - -
Director
Shri P Harish Govern-
DIN 08525384 ment 2
(From 31.07.2019 Director 2 1 No - ITPO &
to 05.11.2021) Invest India
Shri Abhay Thakur Govern-

DIN 09439132 ment
(From 16.12.2021 Director 1 1 No - -
to 31.03.2022)
Statutory Reports
Ms. Preeti Madan Indepen-

DIN 08384644 dent 4 4 Yes - -
Director
Shri Anil Kumar Indepen-
Trigunayat dent
DIN 07900294 Director 1 1 No - -
(From 12.01.2022
to 31.03.2022)
Shri Jasbir Singh Thakur Indepen-
DIN 09469477 dent
1 1 No - -
(From 15.01.2022 Director
to 31.03.2022)
Shri Lakhan Lal Sahu Indepen-
DIN 09488818 dent
1 1 No - -
(From 02.02.2022 Director
to 31.03.2022)
Shri Partha Sarathi Indepen-
Ghosh dent
DIN 09517108 Director 1 1 No - -
(From 23.02.2022
to 31.03.2022)
126
During the year under review, the following 19) and High Commissioner of India to Nigeria
directors were appointed in WAPCOS Limited: with concurrent accreditation to Benin, Chad
and ECOWAS Commission (2019-2021). At the
• Shri R.K. Agrawal Ministry of External Affairs, New Delhi, he worked
Shri R.K. Agrawal has been appointed as Chairman- as Director in External Affairs Minister’s Office
cum-Managing Director of the Company w.e.f. (2008-10) and also as Joint Secretary (North)
04/10/2021. (2013-16). He assumed charge as Additional
Corporate Overview
Secretary (Economic Relations) in December 2021.
Brief Profile of Shri R.K. Agrawal is as follows:
• Shri Anil Kumar Trigunayat
R.K. Agrawal, aged fifty-two (52) years, is
the Chairman-cum-Managing Director of our Shri Anil Kumar Trigunayat was appointed as
Company with effect from October 4, 2021. He Independent Director on WAPCOS Board w.e.f.
has been associated with our Company since 12/01/2022.
June 28, 1991. He holds a Bachelor’s degree Brief profile of Shri Anil Kumar Trigunayat is as
in Civil Engineering from BITS Pilani, Rajasthan follows:
and also holds a Master’s degree in Water
Anil Kumar Trigunayat aged sixty six (66) years, is
Resources Engineering from IIT Delhi. He also
a Non-Official Part-time Independent Director of
has a Master’s degree in Business Administration
our Company since January 12, 2022. He holds a
from Sikkim Manipal University (formerly known
bachelor’s degree in Science from Agra University
as Sikkim Manipal University of Health, Medical
and a post graduate degree in physics from
and Technological Sciences). He has more than
Kumaon University. He also holds a certificate in
thirty-two (32) years of experience in the field of
diplomatic studies from the University of Oxford.
Statutory Reports
planning, design and implementation of water
He has over thirty five (35) years of experience
resources, power and infrastructure development
as a professional Indian diplomat during which
projects in India and overseas. He also holds rich
he has served from Asia to Africa to Europe to
experience and expertise in project planning,
America.
contract management, construction supervision
and project implementation and actively involved
• Shri Jasbir Singh Thakur
in business development activities of our Company.
He is also the Chairman cum Managing Director Shri Jasbir Singh Thakur was appointed as
(Additional Charge) and Director (Engineering) Independent Director on WAPCOS Board w.e.f.
(Additional Charge) of our Subsidiary and a 15/01/2022
Director in GPCL Consulting Services Limited. Brief profile of Shri Jasbir Singh Thakur is as
follows:
• Shri Abhay Thakur
Jasbir Singh Thakur aged forty-eight (48) years,
Shri Abhay Thakur, Additional Secretary (ER) is a Non-Official Part-time (Independent) Director
Ministry of External Affairs, Government of India of our Company since January 12, 2022. He has
was appointed as Government Nominee Director done Bachelor of Laws and also holds a diploma
on WAPCOS Board w.e.f. 16.12.2021. in Yoga studies both from Himachal Pradesh
Brief profile of Shri Abhay Thakur is as follows: University. He has over twenty three (23) years
of experience as an Advocate. He was enrolled
Abhay Thakur has served in various capacities in
in the bar council of Himachal Pradesh on March
the Indian Missions abroad in Moscow (1992-
23, 1999. He has been practicing as an advocate
94 & 2005-08), London (1998-2001), Tel Aviv
in sub divisional Bar Association, Barsar Distt.
(2001-2005), Ho Chi Minh City (2010-13) and as
Hamirpur, Himachal Pradesh.
High Commissioner of India to Mauritius (2016-
127
• Shri Lakhan Lal Sahu Role of the Audit Committee

Shri Lakhan Lal Sahu was appointed as The Role of Audit Committee includes the
Independent Director on WAPCOS Board w.e.f. following: -
02/02/2022 (a) Oversight of the company’s financial reporting
Brief profile of Shri Lakhan Lal Sahu is as follows: process and the disclosure of its financial
information to ensure that the financial
Lakhan Lal Sahu aged fifty-one (51) years, is a statement is correct, sufficient and credible
Corporate Overview
Non-Official Part-time (Independent) Director of

(b) Recommending to the Board the fixation of
our Company since February 2, 2022. He holds a
audit fees
bachelor’s degree in Arts and a masters degree in
Hindi literature from D.P. Vipra College, Bilaspur, (c) Approval of payment to Statutory Auditors for
Chhattisgarh. He also hold an LL.B degree from any other services rendered by the Statutory
D.P. Vipra College, Bilaspur, Chhattisgarh. He Auditors
served as Secretary Bar Association of District (d) Reviewing with management the annual
Mungeli. He was a Member of Parliament from financial statements before submission to the
179 Bilaspur Lok Sabha C.G. from 2014 to 2019. Board for approval with particular reference
During his tenure as Lok Sabha Member, he was to:
a member of many committees like Standing • Matters required to be included in the
Committee on Railway Ministry, Member of Director’s Responsibility Statement to be
Consultative Committee in Ministry of Coal, included in the Board’s Report;
MPLADS and Member in the Hindi Committee
• Changes, if any, in accounting policies
in the Ministry of Textiles wherein he actively
and practices and reasons for the same;
participated and played dynamic role in these
Statutory Reports
committees. • Major accounting entries involving

estimates based on exercise of judgment
• Shri Partha Sarathi Ghosh by Management;
• Significant adjustments made in the
Shri Partha Sarathi Ghosh was appointed as
financial statements arising out of audit
Independent Director on WAPCOS Board w.e.f.
findings;
23/02/2022
• Compliance with legal requirements
Brief profile of Shri Partha Sarathi Ghosh is as relating to financial statements;
follows:
• Disclosure of any related party
Partha Sarathi Ghosh aged forty-nine (49) years, is transactions;
a Non-Official Part-time (Independent) Director of • Qualifications in the draft audit report
our Company since February 23, 2022. He holds
(e) Reviewing with the management, the
a bachelor’s degree in commerce from North
quarterly financial statements before

Bengal University. He has eighteen (18) years of
submission to the Board for approval
experience in the Hotel business. Further, he is
a member of Aurobinda Park Saraswati Shishu (f) Reviewing with the management,
Mandir, an institution in the field of education. performance of internal auditors and
adequacy of internal control systems
4. AUDIT COMMITTEE (g) Reviewing the adequacy of internal audit
function, if any, including the structure
The Company has an Audit Committee pursuant
of the internal audit department, staffing
to Section 177 of Companies Act, 2013 and DPE’s
and seniority of the official heading the
Guidelines on Corporate Governance. The details
department, reporting structure coverage
are as follows: -
and frequency of internal audit
128
(h) Discussion with internal auditors, any of the Independent Auditor and Internal
significant findings and follow-up thereon Auditor, together with the management
(i) Reviewing the findings of any internal responses
investigations by the internal auditors into (s) Consider and review the following with
matters where there is suspected fraud or the management, Internal Auditor and
irregularity or a failure of internal control the Independent Auditor
systems of a material nature and reporting • Significant findings during the year,
Corporate Overview
the matter to the Board including the status of previous audit
(j) Discussion with statutory auditors before recommendations
the audit commences about the nature and • Any difficulties encountered during audit
scope of audit as well as post-audit discussion work including any restrictions on the
to ascertain any area of concern scope of activities or access to required
(k) To look into the reasons for substantial information
defaults in the payment to the depositors, (t) Carrying out any other function as is
debenture holders, shareholders (in case of mentioned in the terms of reference of
non-payment of declared dividends) and the Audit Committee
creditors
Review of Information by Audit Committee
(l) To review the functioning of the Whistle
Blower Mechanism (i) Management discussion and analysis of
financial condition and results of operations;
(m) To review the follow-up action on the audit
observations of the C&AG Audit (ii) Statement of significant related party
transactions (as defined by the audit
(n) To review the follow-up action taken on the
Statutory Reports
committee), submitted by management;
recommendations of Committee on Public
Undertakings of the Parliament (iii) Management letters/letters of internal
control weaknesses issued by the Statutory
(o) Provide an open avenue of communication
Auditors;
between The Independent Auditor, Internal
Auditor and the Board of Directors (iv) Internal audit reports relating to internal
control weaknesses;
(p) Review all related party transactions in
the company. For this purpose, the Audit (v) The appointment and removal of the Chief
Committee may designate a member who Internal Auditor shall be placed before the
shall be responsible for reviewing related Audit Committee; and
party transactions (vi) Certification/declaration of financial
(q) Review with the Independent Auditor the statements by the Chief Executive/Chief
co-ordination of audit efforts to assure Finance Officer

completeness of coverage, reduction of During the year under review, the Audit
redundant efforts and the effective use of all Committee comprised of Smt. Preeti Madan,
audit resources Independent Director as Chairperson and two
(r) Consider and review the following with the Functional Directors as Members namely Shri
independent auditor and the management; Anupam Mishra, Director (Comml. & HRD) and
Shri Pankaj Kapoor, Director (Finance).
• The adequacy of internal controls
including computerized information Four meetings of Audit Committee were held
system controls and security, and during the year under review on 17th June 2021,
• Related findings and recommendations 19th August 2021, 8th December 2021 and 2nd
March 2022. All members of the Audit Committee
attended all the meetings.
129
5. NOMINATION AND REMUNERATION COMMITTEE

Pursuant to Section 178 of Companies Act, 2013, the Company has changed the nomenclature of the
Remuneration Committee as Nomination and Remuneration Committee in its 245th Board Meeting held on
19.08.2021. During the year under review, no meeting of the Committee was held.
6. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Corporate Overview
A. Remuneration to Chairman-cum-Managing Director, Whole-time Directors and/ or Manager:

(Amount in Rs.)
Sl. Particulars of Name of MD/ Name of MD/ Name of MD/ Total
No. Remuneration WTD/ Manager WTD/ Manager WTD/ Manager Amount
1 Gross salary R. K. Agrawal, Pankaj Kapoor Anupam Mishra
Chairman-cum- Director (Finance) Director
Managing Director (Commercial &
(From 04.10.2021 HRD)
to 31.03.2022)
(a) Salary as per provi- 3570157 3767654 3727382 11065193
sions contained in
section17(1) of the
Income-tax Act, 1961
(b) Value of perquisites u/ 1042532 1587270 1283452 3913254
Statutory Reports
s17(2) Income- tax Act,

1961
(c) Profits in lieu of salary - - - -
under section 17(3)
Income- tax Act,1961
2 Stock Option - - - -
3 Sweat Equity - - - -
4 Commission - - - -
- as % of profit
- others, specify..
5 Others, please specify - - - -
Total(A) 4612689 5354924 5010834 14978447

Ceiling as per the Act -
130
B. Remuneration to other Directors: (Amount in Rs.)
S. Particulars of Name of Name of Name of Name of Name of Total

No. Remuneration Director Director Director Director Director Amount
Anil Kumar Lakhan Lal Partha Sarathi Jasbir Singh
Independent Director Preeti Madan
Trigunayat Sahu Ghosh Thakur
1 Independent Directors
Corporate Overview
Fee for attending
2,70,000 45,000 45,000 45,000 15,000 4,20,000
board/committee
meetings
Commission - - - - - -
Others, please specify - - - - - -
Total (1) 2,70,000 45,000 45,000 45,000 15,000 4,20,000
Other Non-Executive
- - - - - -
2 Directors
Fee for attending
board/committee - - - - - -
meetings
Commission - -
Others, please specify - - - - - -
Total (2) - - - - - -
Statutory Reports
Total (B)=(1+2) 2,70,000 45,000 45,000 45,000 15,000 4,20,000
Total Managerial
- - - - - -
Remuneration
Overall Ceiling as per
- - - - - -
the Act
C. Remuneration to Key Managerial Personnel other than MD/MANAGER/WTD (Amount in Rs.)
SN Particulars of Remuneration Key Managerial Personnel

CEO CS CFO Total
1 Gross salary Ms. Kavita Parmar Mr. Pankaj Kapoor

(a) Salary as per provisions contained in - 992550 3767654 4760204
section 17(1) of the Income-tax Act,
1961
(b) Value of perquisites u/s 17(2) Income- - 87000 1587270 1674270
tax Act, 1961
(c) Profits in lieu of salary under section - - -
17(3) Income-tax Act, 1961
2 Stock Option NA
3 Sweat Equity NA
4 Commission - as % of profit others, specify... NA
5 Others, please specify NA
Total 6434474
131
7. CORPORATE SOCIAL RESPONSIBILITY attend the 38th and 40th CSR Committee Meetings
COMMITTEE held on 17th June 2021 and 16th February, 2022
respectively.
A two tier structure for Corporate Social
Responsibility Activities is in place in line with
DPE’s Guidelines on the subject. During the year 8. INDEPENDENT DIRECTORS’ MEETING
under review, the Corporate Social Responsibility During the year under review, there were five
Committee comprised of Ms. Preeti Madan, Independent Directors in the Company. In
Corporate Overview
Independent Director as Chairperson and two accordance with DPE’s O.M. No. 16(4)/2012-GM
Functional Directors as Member namely Shri dated 28.12.2012 and O.M. No.16(4)/2012-GM
Anupam Mishra, Director (Comml. & HRD) and dated 20.6.2013 and also pursuant to Section
Shri Pankaj Kapoor, Director(Finance). The CSR 149(8) read with Schedule IV – Part VII of the
Committee was Re-constituted by the Board Companies Act, 2013 on the subject of Role
through circulation vide resolution no.32/2022 & Responsibilities of Non-official Directors, a
approved dated 30.03.2022 as follows: “Separate Meeting” of available Independent
Directors viz., Shri Lakhan Lal Sahu as Chairman,
Shri Anil Trigunayat Chairman
Shri Anil Kumar Trigunayat, Ms. Preeti Madan, Shri
Ms. Preeti Madan Member Jasbir Singh Thakur and Shri Partha Sarathi Ghosh
Shri Lakhan Lal Sahu Member as Members was held on 29th March, 2022 without
Shri Jasbir Singh Thakur Member the attendance of Functional and Government
Shri Anupam Mishra Member Directors and Members of Management, in which
the quality, quantity and timeliness of flow of
The CSR Committee met three times in 2021-22
information between the Company Management
on 17th June 2021, 12th August 2021 and 16th
and the Board that is necessary for the Board to
Statutory Reports
February 2022. All members attended all the

effectively and reasonably perform their duties
meetings held during their tenure except Shri
were assessed.
Pankaj Kapoor, Director (Finance), who could not
9. ANNUAL GENERAL MEETINGS/EXTRAORDINARY GENERAL MEETINGS

The date, time and venue of the AGMs/EGMs held during the preceding three years are as under: -
Annual General Meetings
Year Date Time (IST) Venue

Kailash, 5th Floor, 26, Kasturba Gandhi
2018-19 27.09.2019 05.00 P.M.
Marg, New Delhi-110 001
31.12.2020 04.00 P.M.

Kailash, 3rd Floor, 26, Kasturba Gandhi
2019-20 25.02.2021
02.00 P.M. Marg, New Delhi-110 001
(Adjournd AGM)
Kailash, 3rd Floor, 26, Kasturba Gandhi
2020-21 08.12.2021 01.00 P.M.
Marg, New Delhi-110 001
The following special resolutions were passed in the 52nd AGM:
S. No. Date Special Resolution(s) Passed

♦ Borrowing Powers of the Board of Directors of the Company
1 08.12.2021
♦ Creation of Charges on the Company’s Assets
132
Extraordinary General Meetings

Date Time (IST) Venue
01.08.2019 11.00A.M. Kailash, 5th Floor, 26, Kasturba Gandhi Marg, New Delhi-110 001
25.02.2021 02.30 P.M. Kailash, 3rd Floor, 26, Kasturba Gandhi Marg, New Delhi-110 001
03.03.2022 01.00 P.M. Kailash, 3rd Floor, 26, Kasturba Gandhi Marg, New Delhi-110 001
Corporate Overview
The following special resolutions were passed in the EGMs
S. No. Date Special Resolution(s) Passed

• Conversion of the Company from a Private to a Public Company
• Sub-division of each equity share of nominal value of Rs.100/- (Rupees One
Hundred) each fully paid up of the Company into 10 equity shares of nominal
value of Rs.10/- (Rupees Ten) each fully paid up
1. 25.02.2021 • Increase in authorized share capital from Rs.100 Crore to Rs. 200 Crore
• Alterations in Memorandum of Association
• Alterations in the Articles of Association and adoption of new set of Articles of
Association in place of the existing Articles of Association of the Company
• Issue of Three Crore Equity Shares of Rs. 10 each as Bonus Shares
10. DISCLOSURES 10.11.2021 was made a part of the Annual
Statutory Reports
• No materially significant related party Report for the year 2020-21
transactions, that may have potential conflict • During the year under review, no expenditure
with the interest of the Company at large, was debited in the books of accounts, which
were entered into in the year under review was not for the purposes of the business
except remuneration paid to CMD, Functional • No expenses, which are of personal nature,
Directors and sitting fee paid to Independent were incurred for the Board of Directors and
Director. top management
• During the period under review, the Company
had filed compounding application u/s 441 11. MEANS OF COMMUNICATION
of the Companies Act, 2013 for delay in The company is wholly owned by the Government
holding 51st AGM. Further, compounding of India. It submits periodical results to the Ministry
fee of Rs. 1,00,000/- on the Company and of Jal Shakti, Department of Water Resources,
Rs. 10,000/- per Director/ MD/WTD/CS have River Development & Ganga Rejuvenation. The

been levied by the Regional Director (North). Company displays its audited financial statements
The same has been paid by the Company, on its website. Press releases are made by the
CMD, WAPCOS; Director (Finance); Director Company about its achievements from time to
(Comm.& HRD); and Company Secretary on time.
01.11.2021.
• The Company has Board approved “Whistle 12. CODE OF CONDUCT
Blower Policy” The Company has in place a Code of Conduct
• The Company is complying with the applicable to the Board Members as well as the
requirements of the Department of Public Senior Management and the same has been
Enterprise’s Guidelines on Corporate hosted on the Company’s website. All the Board
Governance. A practicing Company Secretary Members and the Senior Management Personnel
examined compliance of DPE’s guidelines on have affirmed compliance with the Code of
Corporate Governance for the year 2020-21 Conduct as on 31st March, 2022. A declaration
by the Company and his certificate dated by Chairman-cum-Managing Director regarding
133
Compliance with the Code of Conduct by Board Business Operations Risks, Credit Risks, Contract
Members and Senior Management during Formulation and Execution Risks, Legal Risks,
the Financial Year 2021-22 will be made as Disaster Risks. The action plan for mitigation
Annexure-I. of these identified Risks is contained in the Risk
Management Policy. Heads of Departments
13.
CHARTER OF THE BOARD OF are responsible for implementation of the Risk
DIRECTORS Management Policy, as applicable to their
respective areas of functioning, and submission
Corporate Overview
The Company has Charter of the Board of Directors,

which clearly defines the roles and responsibilities of reports on half yearly basis for review by the
of the Board and individual Directors. Audit Committee.
14. TRAINING OF BOARD MEMBERS 17. WHISTLE BLOWER POLICY

The Company, with the approval of the Board, The Company believes in the conduct of the affairs
formulated Training Policy for Board Members. of its constituents in a fair and transparent manner
Besides, Company furnishes a set of documents by adopting highest standards of professionalism,
to the Directors on their joining the Board. The honesty, integrity and ethical behavior. In this
set includes Company’s brochure, Annual Report, regard, the Company has Whistle Blower Policy
Memorandum and Articles of Association, approved by the Board.
Corporate Governance Guidelines and various
policies etc. formulated. Detailed presentations 18. SUBMISSION OF DATA SHEET FOR PE
are made in Board Meetings about affairs of the SURVEY
Company. The data sheet for Public Enterprises Survey 2020-
21 was submitted to the DPE on 29.10.2021 as
During the year under review, Smt. Preeti Madan,
per requirement of the DPE.
Shri Anil Trigunayat, Shri Lakhan Lal Sahu, Shri
Statutory Reports
Partha Sarathi Ghosh and Shri Jasbir Singh Thakur,

Independent Directors of the Company attended 19. INTEGRITY PACT
the following training programmes: - Company has a system of entering into Integrity
Pacts in respect of procurement transactions
• Online orientation programme for Non-
contracts over the decided threshold value.
official (Independent) Director on 15th March
2022 and 22nd March, 2022 on Capacity
Building for Directors of CPSEs Organised by 20. CEO/CFO CERTIFICATION
DPE through online mode. Chairman-cum-Managing Director (CEO) / Director
• Orientation Programmes for capacity (Finance) (CFO) certification will be included in the
building of newly appointed NoDs of CPSEs Report as Annexure-II.
on 24-25 March, 2022 (Kolkata) organized
by DPE (attended by Shri Anil Trigunayat; 21. COMPLIANCE CERTIFICATE
Shri Lakhanlal Sahu and Shri Partha Sarathi Compliance Certificate from a Practicing Company
Ghosh). Secretary on compliance of DPE’s guidelines on

Corporate Governance will be included in this
15. FRAUD PREVENTION POLICY report as Annexure-III.
The Company has Fraud Prevention Policy, which
is established to facilitate the development
of controls that will aid in the detection and For and on behalf of the Board of Directors
prevention of fraud against it.
Sd/-
16. RISK MANAGEMENT POLICY
The Company has Board approved Risk (R.K. Agrawal)
Management Policy. The risk areas identified Chairman-cum-Managing Director
in the policy are Competition/Market Share DIN: 09344894
Risks, Human Resource Risks, Insurance Risks, Place : New Delhi
Realization Risks, System Risks, Fraud Risks, Date : 18.11.2022
134
ANNEXURE-I
DECLARATION BY CHAIRMAN-CUM-MANAGING DIRECTOR REGARDING COMPLIANCE

WITH THE CODE OF CONDUCT BY BOARD MEMBERS AND SENIOR MANAGEMENT
DURING THE FINANCIAL YEAR 2021-22.
Corporate Overview
I, R.K. Agrawal, Chairman-cum-Managing Director, WAPCOS Limited, do hereby declare that all the Members of
the Board of Directors and the Senior Management Team of the Company have affirmed their compliance of the
Code of Conduct of the Company during 2021-22.
Sd/-
(R.K. Agrawal)
DIN: 09344894
Place : New Delhi
Date : 18.11.2022
Statutory Reports
135
ANNEXURE-II
CERTIFICATION BY CHAIRMAN-CUM-MANAGING DIRECTOR (CEO)

AND DIRECTOR (FINANCE) (CFO)
(a) We have reviewed financial statements and the cash flow statement for the financial year 2021-22 (Standalone
Corporate Overview
and Consolidated) and that to the best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material factor contain
statements that might be misleading; and
(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 fraudulent, illegal or violative of the Company’s Code of Conduct.
(c) We accept responsibility for establishing and maintaining internal controls and we have evaluated the
effectiveness of the Internal Control Systems of the company. We have disclosed to the Auditors and the
Audit Committee, deficiencies in the design or operation of internal controls of which we are aware and the
steps we have taken or propose to take to rectify these deficiencies.
(d) We have indicated, wherever applicable, to the Auditors and the Audit Committee:
(i) significant changes made/to be made in internal control during the year,
Statutory Reports
(ii) significant changes in accounting policies during the year, if any, and the same have been disclosed in the
notes to the financial statements; and
(e) There is no instance of significant fraud of which we are aware nor there has been involvement of the
management or any employee having a significant role in the company’s internal control system.
Sd/- Sd/-
(Pankaj Kapoor) (R.K. Agrawal)
Director (Finance) & CFO Chairman-cum-Managing Director
DIN: 07290569 DIN: 09344894
Place : New Delhi

Date : 18.11.2022
136
ANNEXURE-III
HARBANS LAL & CO. Off.: 23696096
COMPANY SECRETARIES Phones Resi : 23696831
Mob: 9811627414
E-mail: hlalcs@yahoo.co.in
L-15, Pratap Nagar, Delhi-110007
Corporate Overview
(Near Pratap Nagar Metro Station)
Dated: November 14, 2022

To,
The Members
WAPCOS Limited
5th Floor, “Kailash” 26,
Kasturba Gandhi Marg
New Delhi-110001
We have examined the relevant records and documents as furnished to us pertaining to compliance of the
conditions of Corporate Governance by WAPCOS Limited (hereinafter referred as ‘the Company’) for the year
ended on 31st March, 2022, as stipulated in ‘Guidelines on Corporate Governance for Central Public Sector
Enterprises’ issue vide O.M. No. 18(8)/2005-GM dated 14.05.2010 by the Department of Public Enterprises,
Ministry of Heavy Industries and Public Enterprises, Government of India (hereinafter referred as “DPE Guidelines”).
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our responsibility
is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring
Statutory Reports
compliance of the conditions of Corporate Governance as stipulated in DPE Guidelines. It is neither an audit nor
an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we hereby certify
that the company has generally complied with the conditions of Corporate Governance, as stipulated in the DPE
Guidelines during the Financial Year ended March 31, 2022.
We report that the approval of President of India for appointment of four Independent Directors on the Board
of the Company during the period under report has been received and hence the requirements for having the
requisite number of Independent Directors on the Board of the Company has been complied.
We also report that the Board of Subsidiary of the Company did not have an Independent Director of the Company
as per clause 6.1 of DPE Guidelines which requires that at least one Independent Director on the Board of Directors
of the holding company shall be a Director on the Board of Directors of its subsidiary company. Further, the matter
for aforesaid appointment is pending with the Administrative Ministry i.e. Ministry of Jal Shakti.

We also report that the Company has received order of Regional Director (North) on 25th, November, 2021
compounding offence for delay in holding of 51st AGM for the Financial year 2019-20.
The 52nd AGM of the Company was held on December 08, 2021 i.e. within extended time period of three
months as granted by Registrar of Companies, NCT of Haryana and Financial Statements were adopted.
We further state that such compliance is neither an assurance as to the future viability of the company nor the
efficacy of the effectiveness with which the Management has conducted the affairs of the company.
For Harbans Lal & Co.
Company Secretaries
Sd/-
(Harbans Lal)
CSP No. 3944
UDIN: F001022D00170015
137
ANNEXURE-B
MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Corporate Overview
1. INDUSTRY STRUCTURE AND and Africa. As per FSIAPL estimates, the global
DEVELOPMENTS engineering consultancy market is about 2.5%-
3% of the global engineering services market
WAPCOS is engaged in the business of providing
which is expected to increase from USD 24.9
engineering consultancy services and construction
billion in CY18 to USD 45.5 billion in CY22 growth
in the fields of water, power and infrastructure
rate being in-line with global engineering services
sectors for businesses and communities in India
market.
and overseas. Over the last 5 (five) decades,
the Company has been providing engineering
consultancy services for projects in water, power 2. INDIAN SCENARIO
and infrastructure sectors which have made 2.1 Water Resources
significant contribution within India and overseas.
Growing population and urbanization, combined
Further, we render range of services from “concept- with fast increasing developmental needs, have
to-commissioning” and beyond to various projects put a tremendous pressure on India’s water
in water, power and infrastructure sectors to our availability. Challenges are going to be further
Statutory Reports
clients by leveraging our diverse experience, core compounded, due to the climate change. India
competencies and using the latest technologies stores less than one-tenth of annual rainfall.
available at our disposal. Our concept-to- Furthermore, disproportionate use of water for
commissioning services caters to a variety of sub- agricultural use, excessive ground water pumping
sectors and services in our domain areas including and deficient monsoon in the last couple of years
some of the key areas comprising of dams and make the demand-supply balance even more
reservoir engineering, irrigation, flood control critical.
and river morphology, ground water exploration,
In India, Water Resources Development is a
agriculture, watershed management and river
State subject and projects thereof are planned,
basin planning, environmental engineering,
funded and implemented by the concerned State
hydro power and pump storage, thermal power,
Governments from their own resources as per
renewable energy development such as solar
their own priorities. At the Centre, the Ministry
and wind, water supply and sanitation, ports and
connected with Water resources was renamed
harbors, road, railway and highway engineering,

on 14.06.2019 as “Ministry of Jal Shakti” with
urban and rural development and ropeways.
two Departments, one of which is Department
The global engineering services market is expected of Water Resources, River Development and
to grow from USD 830.5 billion in CY18 to USD Ganga Rejuvenation. The work assigned to this
1,515.7 billion in CY22 at a CAGR of 10.3%. The Department includes development, conservation
engineering services market is expected to benefit and management of water as a national resource;
from steady economic growth in developed and overall national perspective of water planning and
developing countries. The International Monetary coordination in relation to diverse uses of water
Fund (IMF) predicts that the global real GDP and inter linking of rivers.
growth will be mainly driven by regions of Asia
138
Indian Rivers Inter-link aims to effectively manage provide tap water connection to 19.27 Crore rural
water resources in India by linking Indian rivers households by 2024. The movement of “Har Ghar
by a network of reservoirs and canals. National Jal” will gain momentum.
Water Development Agency, Ministry of Jal
“Namami Gange” Programme is an integrated
Shakti has studied and prepared reports on 14
Conservation Mission, approved as “Flagship
inter-link projects for Himalayan component, 16
Programme” by the Union Government in June
inter-link projects for Peninsular component and
2014 with budget outlay of Rs.20,000 Crore.
Corporate Overview
37 intrastate river linking projects. In the Union
Under “Namami Gange” programme, diverse set
Budget, 2022-23 the implementation of Ken-
of interventions for cleaning and rejuvenation of
Betwa rivers linking at an estimated cost of Rs
river Ganga have been taken up. These include
44,605 crore has been approved and the draft
pollution abatement activities including domestic
detailed project report of five river links, namely
sewage, industrial effluent, solid waste etc., river
Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-
front management, aviral dhara, rural sanitation,
Krishna, Krishna-Pennar, and Pennar-Cauvery
afforestation, bio-diversity conservation, public
have been finalized.
participation etc. A total of 364 projects have
This year’s Union Budget (2022-23) shows the been taken up at a sanctioned cost of Rs.30,853
priority and seriousness of the Government on the Crore, out of which 183 projects are completed.
issues of water and sanitation. The coverage of
For successful implementation of this scheme
Har Ghar Nal Se Jal under Jal Jeevan Mission (JJM)
active engagement of community is of paramount
will be increased by 3.8 crore households in 2022-
importance. A series of activities such as events,
23. Rs 60,000 crore have been allocated towards
workshops, seminars, conferences and numerous
this mission for the year 2022-23. Drinking Water
IEC activities were organized to make a strong pitch
and Sanitation Department under the Ministry
Statutory Reports
for public outreach and community participation
of Jal Shakti has been allocated Rs 67,221 crore,
in the programme. Various awareness activities
while Rs.18,967.88 crore has been earmarked
through rallies, campaigns, exhibitions, shram
for the Department of Water Resources, River
daan, cleanliness drives, competitions, plantation
Development and Ganga Rejuvenation. The
drives and development and distribution of
fund allocation to centrally-sponsored schemes
resource materials were organized and for wider
has been increased from Rs. 5,688.49 crore to
publicity the mass mediums such as TV/Radio,
Rs.12,605.12 crore.
print media advertisements, featured articles
The total allocation under Water Resources and advertorials were published. NMCG ensured
Management that includes schemes like Atal presence at Social Media platforms like Facebook,
Bhujal Yojna and Ground Water Management Twitter, and You Tube etc. Initiatives like LiDAR
and Regulation, has also been increased from Mapping of Ganga, Aquifer Mapping, new
Rs. 729 crore in 2021-22 to Rs 2,112 crore in paradigm for river city planning, cultural planning

2022-23. etc., were taken up apart from Policy, Research
and Technology (GyanGanga) Initiatives.
Further, the Budget also provides allocation of Rs.
2.97 Lakh Crore to be spent in five years for Jal WAPCOS’ competitors in Water Resources include
Jeevan Mission (Urban)/ AMRUT 2.0 to provide DHV Consultants, Mott Mac Donald, MWH, Nor
100% coverage of water supply to all households consult, SMEC, Saman, KECC, Sino-Tech, Nippon
in around 4,700 ULBs, by providing 3.8 crore urban Koei and Tahal Consultants. In addition, there
household tap connections, thereby benefitting are a large number of small consultants, who
around 10.7 crores people. The budget has also compete in this business area with WAPCOS
been increased for Jal Jeevan Mission (Rural) to
139
2.2 Power with average peak demand of 203 GW. The

Power sector is a key enabler for India’s economic following steps are taken to meet the future
growth. India’s power sector is one of the demand:
most diversified in the world. Sources of power • Thermal Projects totaling to 28460 MW are
generation range from conventional sources under construction in the country.
such as coal, lignite, natural gas, oil, hydro • Presently, there are 36 Large Hydro Projects
and nuclear power to viable non-conventional (above 25 MW) totaling to 12663.5 MW
Corporate Overview
sources such as wind, solar, tidal and agricultural which are under implementation in the
and domestic waste. Electricity demand in the country. Out of which, 27 projects totaling to
country has increased rapidly and is expected 11427.5 MW are under active construction.
to rise further in the years to come. In order to
meet the increasing demand for electricity in • Nuclear projects amounting to 8700 MW
the country, massive addition to the installed capacity are under construction and 7000
generating capacity is required. The sector with MW nuclear power projects have been
its three pillars of generation, transmission and accorded administrative approval and
distribution is crucial to India’s infrastructure and financial sanction.
economic growth. Generation is done through The Union Budget 2022-23 pushed energy
three sectors, these are Central Sector, State transition by encouraging domestic production of
Sector and Private Sector. The Indian Electricity solar power equipment and batteries, in line with
Industry is dominated by Central and State India’s commitments on climate change actions.
Government Organizations. Major players are the Further allocations have been made in the budget
State Electricity Boards (SEB’s), which generate, 2022-23 for energy efficiency, electric mobility,
transmit and distribute power. The power sector building efficiency, grid-connected energy storage
Statutory Reports
in India is mainly governed by the Ministry of and green bonds.

Power (MoP). Power is among the most critical
component of infrastructure, crucial for the 2.2.1 Hydropower
economic growth and welfare of nations. India has considerable hydro power potential,
India is the third-largest producer and second- which can play a key role in reducing the
largest consumer of electricity in the world, carbon footprint of the Indian power sector. For
with an installed power capacity 403.759 GW assessment of the hydroelectric potential in the
as of 30 June 2022. India was ranked fourth in country, Central Electricity Authority carried out a
wind power, fifth in solar power and fourth in Reassessment study in various river basins during
renewable power installed capacity, as of 2020. the period 1978-87. As per these studies, total
Solar energy is estimated to contribute 114 GW, hydropower potential in the country was assessed,
followed by 41.20 GW from wind power and 15 as 84,044 MW (at 60% load factor) from a total
number of 845 identified hydroelectric schemes
GW from biomass and hydropower by 2022. The

target for renewable energy has increased to 227 which when fully developed would result in an
GW by 2022. India is the only country among the installed capacity of about 1,48,701 MW. These
G20 nations that is on track to achieve the targets potential hydroelectric schemes above 25 MW
under the Paris Agreement. As of March 2019, installed capacity works out to be 1, 45,320
more than 26.2 mn households were electrified MW from a total of 592 H.E. schemes on the
under the Saubhagya scheme. Adequate installed basis of probable average load factor. The total
capacity exists in the country to meet the demand energy potential is assessed as 600 billion units
including for new household connections under per year. As on 31st March 2022, Hydro Electric
SAUBHAGYA. The total installed capacity of the Schemes (above 25 MW capacity) have a total
country stands at 395.6 GW as on 28.02.2022 installed capacity of 46,722.52 MW including
140
Pumped storage schemes (PSS) capacity of 4,745.6 MW. Summary of the status of Hydro Electric Potential
development in the country is indicated Table below:
Table: Summary of the status of Hydro Electric Potential (As on 31.03.2022)

Conventional Pumped Storage
Nos Capacity (MW) (%) Nos Capacity (MW) (%)
Corporate Overview
Total Potential 592 145320 63 96529.6
Schemes under Operation 203 41976.90 28.75 8 4745.6 4.92
Schemes under Construction 24 9747.50 6.71 2 1500 1.55
Schemes in which construction is 8 1156.00 0.80 1 80 0.08
held up
DPRs Concurred by CEA & yet to be 29 22268 15.32 2 2200 2.28
taken up for construction
DPRs under Examination by CEA 2 756 0.52 - - -
DPRs returned by CEA for 25 7777.1 5.35 - - -
resubmission
Under S & I for preparation of DPRs 14 4295 2.96 17 16770 17.37
Schemes under S&I- Held up 61 14069 9.68 1 660 0.68
Total Developed/ Under 203/163 41976.90 / 28.89/ 8/23 4745.6/ 4.92/
Development 60068.6 41.34 21210 21.97
In India, hydro power plants of 25MW or below Power-Japan, Manitoba- Canada, Trans Africa
Statutory Reports
capacity are classified as small hydro, which Projects-South Africa, CESI-Italy, Bureau de
have further been classified into micro (100kW Recherches Geologiqueset Minieres-France, Mott
or below), mini (101kW-2MW) and small hydro Mac Donald-UK, SMEC International Pvt. Ltd.,
(2-25MW) segments. -Australia, Norconsult-Norway, Dolsar-Turkey,
Fitchner-Germany, Parsons Brickerh of Africa (Ptv)
The installed capacity of Small Hydro power in the
Ltd-South Africa, Lahmeyer International Gmbh-
country as on 31.03.2022 is 4848.90 MW
Germany, Sheladia Associates-USA, Wallingford-
2.2.2 Renewable Energy UK, Energy Infra tech Limited, CES Consulting and
AECOM New Zealand.
The Union Budget 2022-23 has provided a
budgetary allocation of Rs. 3365 crore for the
solar power sector, including both grid-interactive 2.3 Infrastructure
and off-grid projects. This is a 29 per cent increase Infrastructure sector is a key driver for the Indian
over the previous year budget of Rs. 2606 crore. economy. Thrust to infrastructure development
The budget has given a major push to the solar across sectors such as roads, railways, airports, Standalone Financial Statements
energy sector under renewable energy with ports, economic corridors, affordable housing,
an additional allocation of Rs.19,500 crore for solar energy, water supply & sanitation, health
production linked incentives for manufacturing of and education is identified as an important lever
high efficiency solar photo voltaic modules. to generate growth and social well-being.
The budget ensures the domestic manufacturing The PM Gati Shakti has a huge role in improving
required for achieving the ambitious goal of infrastructure efficiency. The PM Gati Shakti
280 GW of installed solar capacity by 2030. The will ensure true public-private partnership in
budget also provides for Sovereign Green Bonds infrastructure creation from infrastructure
to be issued for mobilizing resources for green planning to development and utilisation stage.
infrastructure. 24 digital systems of six Ministries are being
integrated through Unified Logistic Interface
The key competitors in Power Sector include J
141
Platform (ULIP) and this will create a National Ministry of Road Transport and Highways. A
Single Window Logistics Portal that will help in large chunk of the additional Rs. 81,000 crore
reducing the logistics cost. granted to the Ministry this year is earmarked for
investment in the National Highways Authority of
Budget FY22-2023- Impact on Infrastructure
India, with its allocation seeing a 133% increase
sector
(Rs. 76,665 crore) to Rs.1,34,015 crore. The target
• PM Gatishakti: PM GatiShakti Program to be of 25,000 km includes addition to the network
Corporate Overview
driven by seven sectors which includes Roads, and development of existing roads Rs. 20,000
Railways, Airports, Ports, Mass Transport, crore will be raised through “innovative ways of
Waterways, and Logistics Infrastructure. The financing to complement the public resources.
projects pertaining to these sectors in the
As per the Union Budget 2022-23:
National Infrastructure Pipeline will be aligned
with PM GatiShakti framework. • Proposal to award approx. 25,000 km of
• Road Construction: The government is National Highways road projects
targeting to expand national highways • Rs. 20,000 crore will be mobilized through
(NH) network by 25,000 km in FY23 i.e. innovative ways of financing to complement
at rate of 68.5 km/day (vs 22.5 km/day public resources.
of NH construction reported during April- • PM Gati Shakti Master Plan for Expressways
December’21 by MoRTH). Overall allocation will be formulated in 2022-23 to facilitate
to NHAI has improved to 134,015 crore in faster movement of people and goods.
FY23E (Rs.57,350 crore/ Rs.65,060 crore in
FY22 BE, FY22RE respectively). 2.3.2 Ports, Harbours and Inland Waterways
• River Linking Project: Implementation of According to the Ministry of Ports, Shipping and
Statutory Reports
the Ken-Betwa Link Project at an estimated Waterways, around 95 percent of India’s trading
cost of Rs. 44,605 crore will be taken up by volume and 70 per cent by value is done
in FY23. The Government has allocated Rs. through maritime transport.
4,300 crore in FY22 RE and Rs.1,400 crore in India has 13 major seaports (12 Government-
FY23E for this project. owned and one private) and 205 notified minor
• Railways: 2,000 km of rail network to and intermediate ports that handle a huge
be brought under indigenous technology volume of traffic. Ports play a very central role
KAWACH for safety and capacity in the development of a nation. Cost, capacity,
augmentation. 400 new generation Vande and easiness of transportation via ports are most
Bharat trains to be manufactured in next 3 effective compared to other modes available.
years. India is the sixteenth largest maritime country in
• Housing for All: PM Awas Yojana (rural and the world with a coast line of about 7,517 kms.
urban) is allocated Rs.48,000 crore during

FY23E (vs Rs.27,500 crore/ Rs. 47,390 crore As per Union Budget 2022-23
in FY22 BE, FY22RE respectively). • In the Union Budget 2022-23, the Ministry of
• Har Ghar, Jal se Nal: The Government Ports, Shipping and Waterways (MoPSW) has
has allocated Rs.60,000 crore under “Jal received an allocation of Rs 17.09 billion of
se Nal” scheme with an aim to cover 3.8 the total allocation in 2022-23.
crore households in FY23 (Rs.50,011 • Rs 4.12 billion has been allocated for the
crore/ Rs.45,011 crore in FY22 BE, FY22RE Sagarmala programme, Rs 0.96 billion for
respectively). Inland water transport and Rs 0.01 billion for
the development of ports, among others.
2.3.1 Roads
• India has enacted Recycling of Ships Act, 2019
Under the Union Budget 2022-23, the GoI has and acceded to the Hong Kong International
allocated Rs.1,99,107.71 Lakh Crore to the Convention. Around 90 ship recycling yards at
142
Alang in Gujarat have already achieved HKC- also take steps towards integration of postal
compliant certificates. Efforts will be made and railway networks to provide seamless
to bring more ships to India from Europe solutions for movement of parcels.
and Japan. Recycling capacity of around 4.5 • Multimodal connectivity between mass
million Light Displacement Tonne (LDT) will urban transport and railway stations will be
be doubled by 2024. facilitated on priority.
The shipping and shipbuilding segment received The key competitors of the Company in
Corporate Overview
a total allocation of Rs 1.12 billion. Meanwhile, Infrastructure include Lea Associates, India, MSV
the Government has come out with the Maritime International (India), REPL, Egis, Almondz, Dolsar,
Vision 2030, which envisages aggressive targets SREI, PWC, ILFS, KPMG, Deloitte, NBCC, IRCON,
to be achieved by the sector by 2030. ICT, E&Y, Grant Thornton, Darashaw, L&T, CRISIL,
SMEC International, Pacific Consultants, Japan,
2.3.3 Railways Bureau de Recherches, Géophysiqueset Minières,
India’s national rail network is the fourth-largest SCOTT Wilson, SPAN Consultant, STUP, KECC,
in the world. As of April 2022, 52,247 km or 80% MOTT Mac Donald, Shah Consultant, AECOM,
of the broad-gauge routes have been electrified TCE, Wilbur Smith, JPS Associates Pvt. Ltd, TERI
with 25 KV AC electric traction. It is one of the and Nippon Koei.
busiest networks in the world, transporting 8.086
It is reiterated that more and more consultants
billion passengers and 1.208 billion tonnes of
from developed countries seek business in
freight annually. Successive administrations of the
African and Asian Countries by quoting at very
Government of India have worked on improving
low margins. Companies from China offer
the railways. Projects include the electrification of
Consultancy Services as a package for Turnkey
the entire IR network by 2023.
Statutory Reports
Projects or quote very low. Further, large number
An amount of Rs. 1,40,367.13 crore has been of International Consultants has registered
allocated to the Ministry of Railways in this Budget themselves in India and compete for business
2022-23.’Kavach’, the indigenously developed meant for Indian Companies under Grants/Lines
Automatic Train Protection (ATP) system, will be of Credit of Government of India. Besides, large
deployed across the entire rail network beginning number of Local Consultants (with 2 or 3 Experts)
with 2,000 km in the 2022-23 fiscal and will be have started operations and getting business
rolled out in 4,000 to 5,000 km every subsequent from their parent Departments/Organizations by
year. quoting at 1/10th of Market rates because of no
Key announcements and proposals related to overheads/establishment costs.
Railways made in Budget 2022-23 include:
2.3.4 National Infrastructure Pipeline (NIP)
• 400 new generation Vande Bharat trains will The National Infrastructure Pipeline (NIP), which
be manufactured over next 3 years. was launched with 6,835 projects, has been
• 2000 km of network will be brought under expanded to 9,335 projects with total envisaged
Kavach, the indigenous technology for the investments of almost 108 trillion between FY20
safety and the capacity augmentation and FY25. Tamil Nadu accounts for the highest
• “One station one product “concept will be number of projects with estimated capital outlay
popularized to help local business and supply of Rs 8.44 trillion, followed by Andhra Pradesh
chains. (Rs 8.04 trillion), Maharashtra (Rs 7.69 trillion),
• 100 PM-Gati Shakti Cargo Terminals for Uttar Pradesh (Rs 5.26 trillion), Karnataka (Rs
multimodal logistics facilities will be developed 3.96 trillion) and West Bengal (Rs 3.65 trillion).
over next three years. Just four infrastructure sectors make up 71% of
the projected infrastructure investments under
• Railways will develop new products and
the NIP: roads (23%), energy (21%), water and
efficient logistics services for small farmers,
sanitation (15%) and railways (12%).
and small and medium enterprises. It will
143
3. INTERNATIONAL SCENARIO the world market followed by Mozambique,

Zimbabwe, Nigeria, Tanzania and Swaziland in
3.1 WATER RESOURCES African Market. Africa is the hottest continent
There are ample opportunities coming in the on earth; dry lands and deserts comprise 60% of
field of Water Resources in various regions the entire land surface. Total Installed capacity
across the globe. To aid this development various in Africa is about 106 GW but the consumption
international funding institutions including the is very low. For Africa as a whole, per capita
Corporate Overview
World Bank, Asian Development Bank (ADB), electricity consumption is one-fifth the global
Asian Infrastructure Investment Bank (AIIB), average. Inadequate power transmission and
African Development Bank (AfDB), KfW, EXIM distribution capacity, further adds to the cost of
Bank, JICA, the United Nations and its specialized getting electricity resulting the lowest access to
agencies (UNDP, FAO) etc. are providing grants electricity rates, compared to other regions in
and loans to the low- and middle-income countries. the world. Due to this industrial activities are also
In South America, there is an uneven distribution compromised.
of water resources among the countries in the The transmission and distribution networks
region. South America has some of the richest available in the region also lack efficiency, resulting
water resources in the world after Asia. However, in significant electric power distribution losses and
due to the lack of management, these resources reducing the access for the end-uses. Thus there
have not been properly and fully utilized. There is is an increasing need to improve the Transmission
a great potential in the field of Water Resources & Distribution network including emphasis on
in various South American Countries. utilizing the huge amount of available renewable
Among Common wealth of Independent energy like solar, wind, tide, wave and biomass.
Statutory Reports
Countries, commonly known as CIS countries In terms of hydroelectricity generation, the

like Georgia, Belarus and Armenia etc., Georgia potential (between100 GW to 150 GW) can be
is having a very good potential of developing assessed by investing in transmission lines to
several multipurpose projects across the country. connect projects to demand centres.
3.2 POWER 3.2.3 Solar

3.2.1 Hydro Majority of the African continent lies between the
Tropic of Cancer and the Tropic of Capricorn; and
Africa & Asia have abundant hydropower
the equator passes through Gabon, Republic of
resources. The hydroelectricity generation is very
Congo, the Democratic Republic of the Congo
low as compared to their total potential which
(DR Congo),Uganda, Kenya and Somalia. Africa
requires significant investments in transmission
has a huge resource of high quality solar power,
lines to connect projects to demand centers. In
particularly North Africa and some parts of
the sector of hydropower generation, with the
Southern and East Africa, which have long sunny

growth in economies, there is huge need of
days.
reliable power. Hence there is good scope of
hydropower energy generation as it is a reliable Kenya is the world leader in the number of solar
source of continuous power. In addition to power power systems installed per capita (but not the
generation, this sector also helps in improved number of watts added). More than 30,000 small
infrastructure, safety from floods, availability of solar panels, each producing 12 to 30 watts, are
clean energy, water availability for other uses like sold in Kenya annually. Kenya was the first African
drinking, irrigation, fisheries, tourism etc. country to use geothermal power, and still has the
largest installed capacity of geothermal power in
3.2.2 Thermal Africa at 200 MW, with a potential of up to 10
South Africa is the fifth largest hard coal producer GW. WAPCOS with its capabilities and experience
in the world and a major exporter of coal into of design and implementation of Solar Projects
can avail opportunities in this sector.
144
3.2.4 Transmission & Distribution Projects Company are as follows:

Electrification is strongly correlated with the GDP a) Jal Jeevan Mission
size of an economy. Lack of timely and quality b) Atal Mission for Rejuvenation and Urban
access to electricity affects GDP per capita and Transformation (AMRUT)
thus growth of a country. In Africa, Mozambique
has the largest power generation potential of all c) Atal Bhujal Yojana
Southern African countries. It could generate d) Tourism Infrastructure Development under
Corporate Overview
187 Gigawatts of power from coal, hydro, gas, Infrastructure Development Investment
and wind resources, excluding solar. Most of the Program of ADB.
power currently generated is from hydroelectric e) Pradhan Mantri Gram Sadak Yojna (PMGSY)
projects, however, coal, gas, and renewable f) Swachh Bharat Abhiyan
energy sources will have a significant impact in
g) Integrated Power Development Scheme
the future, with natural gas expected to provide
(IPDS)
44% of total energy generation in the next
decade. In order to meet growing requirement, h) Smart City Mission
development of strong transmission system i) Pradhan Mantri Krishi Sinchayee Yojna
is required. WAPCOS with its capabilities and (PMKSY)
experience of design and implementation of such j) Pradhan Mantri Awas Yojana (PMAY)
Projects can avail opportunities in Africa, Asia and k) Monitoring of Medium and Small Irrigation
South America. Projects
l) National Urban Livelihoods Mission (NULM)
3.3 INFRASTRUCTURE
m) Revamped Reforms-Linked Results-Based
Africa is the fastest growing economy having vast
Distribution Sector Scheme
Statutory Reports
business potential in different sectors. Countries
like Egypt, South Africa, Uganda, Nigeria, and n) PM-KUSUM (Pradhan Mantri Kisan Urja
Kenya led in the number of infrastructure projects Suraksha evam Utthaan Mahabhiyan)
in Africa. Egypt and South Africa counted each
40 construction projects valued at over 50 million 5. SEGMENT REPORTING
U.S. dollars. Uganda had 27 projects, while Para 47 of Notes on Accounts attached with
Nigeria and Kenya registered 26 each have shown the Balance Sheet for the year 2021-22 may be
excellent upward economic growth over the past referred to.
few years and thus opened their doors for major
infrastructure works in the region. As a result of 6. FINANCIAL PERFORMANCE WITH
this upward economic growth, these countries are RESPECT TO OPERATIONAL
witnessing a rapid increase in population in their PERFORMANCE
cities and towns. Due to this urbanization, there The Company in 2021-22, as regards revenue
is an urgent need for the water supply, sanitation attributable to location of customers, has earned
and sewerage management in these cities. Rs.499.52 Crore in Consultancy and Rs.677.70
There are various upcoming opportunities in Crore in construction projects on domestic front.
water supply and road infrastructure development On the international side, revenue has been
projects in Georgia, Uzbekistan, Kyrgyzstan etc. Rs.196.18 Crore in Consultancy and Rs.0.32 Crore
There are a lot of opportunities in Infrastructure in construction projects. The total Segmental
sector in Egypt, Azerbaijan, Guatemala, Jamaica, profit from operations has been Rs.164.72 Crore.
Ecuador, Chile, Cuba, Suriname, Costa Rica, The Operating Profit of the Company for the
Honduras, Indonesia, Papa New Guinea, Solomon Financial Year 2021-22 has been Rs.28.77 Crore.
Islands, Vanuatu, and Philippines etc. The reserves and surplus have been Rs.489.45
Crore in 2021-22.
4. OUTLOOK Intense focus was given on customer satisfaction
Some of the flagship schemes of the Government and timely completion of projects.
of India, wherein opportunities available for the
145
7. BUSINESS ANALYSIS
1 Strengths
• Technical Expertise
Challenges
Corporate Overview
• Knowledge and Presence in Business Areas

• Image as a “Technical Consultancy” Organization
• Ensuring Growth against Recession/COVID
• Experience of Working in India and Abroad (more
• High Client Expectations on Schedules than 50 Countries)
• Intense Focus on Quality Services • Focus on Business Performance and Productivity
• Retaining Skilled Task Force • Rich experience in executing River Valley, Hydro,
Thermal, Industrial Complex, Building, Health
• Multi National Companies operating in
Sector, Roads, Flyovers & other Infrastructural
India through their subsidiaries as Indian projects
Companies
• Experience of working in remote & in-accessible
• Clients’ preference for EPC Projects area as well as terrorist infected area of North
East, Jharkhand etc.
• Focus on Infrastructure and allocation of
funds by Government
• Implementation of State of Art
Technology 2
Statutory Reports
Analysis
3 Projections
• Leader in Business Area
• High Productivity-High Levels of staff occupancy
Opportunities with low level of Support Costs
• Trained and Empowered Employees who
• Funding is available
Contribute to Organization Growth and Image
• Demand for Consultants
• High on Both Profitability and Growth
• Who go the ‘Extra Mile’
• Investment in Productivity Enhancement
• Communication Technology Leading to Areas, especially Information Technology (IT)

Increased Networking and Human Resources
• Availability of Indian Line of Credits (LOCs) • Focus to Company’s expansion through Brand
Building and Business Promotion in new
territories
• Diversification into State of Art
4 Technology
146
8. HUMAN RESOURCE MANAGEMENT 8.2 Training and Skill Development

INCLUDING NUMBER OF THE PEOPLE Training is an integral part of human resource
EMPLOYED development programme. It is the cornerstone
of effective management because it makes
The Company had strength of 1034 regular
employees more efficient and productive. Training
employees as on 31stMarch, 2022. Besides
isn’t just important to any company, it is vital. It
Contract Staff, Consultants, Deputationist and
helps in improved productivity and adherence to
Corporate Overview
Experts are engaged for project works in India
quality standards. Employees develop skill sets
and Abroad. The technical know-how possessed
that allow them to undertake a greater variety of
by such experts has been got transferred
work.
to Company’s own Engineers to reduce the
dependency on them. To develop its own cadre The key aim of the human resource development is
and to attract young talent, Experts/Engineer to organize learning activities in order to improve
Trainees and Management Trainees have also performance and enhance personal growth, for
been recruited in the Company during the year. the purpose of improving the job, the individual
and the organization. There is a particular
Considering the larger proportion of younger
emphasis on the development of comprehensive,
people in the Company, the Company has
coordinated and dynamic approaches for major
witnessed a demographic shift. In order to
learning initiatives.
inculcate the sense of belongingness and induce
enthusiasm in employees, the Personnel Division Training presents a prime opportunity to expand
has taken various measures. the knowledge base of all employees. Training
and development provides both the company as a
In past few years, the turnover of Company has
whole and the individual employees with benefits.
Statutory Reports
grown manifold. The Personnel Division with its
A development program brings all employees to
various measures have succeeded in achieving
a higher level so they all have similar skills and
the increased work commitments by motivating
knowledge. Therefore WAPCOS has organised
employees and deriving optimum of their
different training programmes for the employees.
employee’s capabilities and with limited increase
in manpower. Training Programmes / Workshops (2021-22)
Some of the Training Programmes organised for
8.1 Welfare Measures/Industrial Relations the employees are:
The Company through its various motivational • Safety and Emergency response procedure
and welfare measures such as medical scheme,
• Use of remote sensing data & GIS for failure
health check-up scheme, scholarship scheme for
analysis of a transmission Tower
employee’s children, benevolent fund scheme,
insurance scheme etc. have maintained amiable • Geotechnical Investigations for Earth and

relations with employees across all level. Rock Fill Dams
• e-Office Application
The Industrial Relations in the Company have
been very cordial and harmonious. The meetings • Implementation of Corporate Governance
of the Industrial Relations Committee have been Framework for enhancing performance in
held from time to time with the representatives CPSEs
of Trade Union for better understanding. Due • Technical presentation on BIM for Design
consideration has been given to the views/opinion Management of Infrastructure Projects
of representatives of the Officers’ Association • Technical presentation on ERW & Structural
for implementing the new schemes and policies Hollow Section pipes
having direct or indirect impact on employees’ • ETAB - RCC Detailing
interest in general.
147
• Reservoirs Triggered Seismicity Water Day. Secretary, DoWR, RD & GR, Ministry
• Seismic Aspects of Dam Design of Jal Shakti presided over the event and
administered the World Water Day oath to all the
• Sexual Harassment at workplace (Prevention,
employees present during the event.
Prohibition and Redressal) Act, 2013
• Preventive Vigilance
10.
ENVIRONMENTAL PROTECTION AND
• EOI & Tender Documents
CONSERVATION, TECHNO-LOGICAL
Corporate Overview
• Developing Yourself for Managerial Excellence

CONSERVATION, RENEWABLE ENERGY
• Sensitization of Government Functionaries on
DEVELOPMENTS, FOREIGN EXCHANGE
issues relating to Minorities
CONSERVATION
• MDP - Developing Managerial Effectiveness
WAPCOS is not engaged in Manufacturing and
During the period 1st April 2021 – 31st March
process based Industries. However, WAPCOS
2022, a total of 798 officers were trained,
provides consultancy on various sectors of
covering a total of 937 training man-days.
Environment including Environmental Impact
Assessment Studies on various infrastructure
9. SWACHHTA ACTIVITIES 2021-22 projects; Environmental Management Plans;
9.1 Swachhta Activity 23.10.2021 at Chhat Environmental Modeling Studies; Aquatic
Ghat Ecological Studies; Bio-diversity Conservation and
Catchment Area Treatment. In the year 2020-21,
To continue the awareness regarding cleanliness
Environmental Impact Assessment Studies for
among General public, WAPCOS along with
various Irrigation, Hydroelectric, Ports and Harbor,
Senior officials from Department of Water
Mines projects were conducted, which covered
Statutory Reports
Resources, River Development and Ganga

various aspects of Environmental Conservation
Rejuvenation cleaned the Chatt Ghat, Delhi again
through Environmental Management Plan,
on 23.10.2021. Around 200 Officials participated
Environmental Modeling Studies, Bio-diversity
in the programme.
conservation etc. The Company is also involved in
9.2 Swachhta Campaign w.e.f. 12.11.2021 Basin Study of various river basins to formulate
measures for sustainable development of
To accelerate the Swachhta Campaign, all officers hydropower on a basin level.
and staff working in WAPCOS including all field
units are devoting extra hours every Friday from The Company is also involved in Ghats and River
5:00 pm – 8:00 pm for clearing pending cases, Front Development Works in various States in
cleanliness in the office, record rooms etc. w.e.f. Ganga Basin and other river basins.
12.11.2021. As regards, Renewable Energy Developments, it
is stated that the Company provides consultancy
9.3 Swachhta Pakhwada – 16.03.2022 to
services for Solar Power, Small Hydro and Micro

31.03.2022 Hydel schemes. The Company provides consultancy
As per DoWR, RD & GR’s letter no. B-11011/3/ pertaining to topographical surveys, geotechnical
2021-General Admin-MoWR dated December, mapping, geo-technical investigations as a part
2021, “Swachhta Pakhwada from 16.03.2022 to of preparation of feasibility studies and bankable
31.03.2022” was organized and various activities Detailed Project Reports.
were carried out. Swachhta Pledge taking
ceremony was held on 16th March, 2022 at all 11. RISK AND CONCERNS
the offices of WAPCOS.
WAPCOS is basically a consultancy company
During this, Cleanliness drive was held at Chhat and provides engineering consultancy services
Ghat, Delhi on 22nd March, 2022 during World in all facets of Water Resources, Power and
148
Infrastructure sectors in India and Abroad. 13. CAUTIONARY STATEMENT

Taking into account Business Operations, Risk Statements in Management Discussion
Management Policy was formulated with the and Analysis are based on current business
approval of the Board. environment. Actual results could differ from
The general concerns of the Company include those expressed or implied based on future
Recession in Global Markets, Operations at low economic and other developments, both in India
margins, need for Partnering with Construction and Abroad.
Corporate Overview
Companies/Manufacturers before bidding due to
increase in demand for Engineering, Procurement
and Construction Contracts, High Turnover of
skilled manpower, which is moving to greener For and on behalf of the Board of Directors
pastures etc. The constraints are being overcome
with the hard work, devotion and initiative
exhibited by the employees.
Specific concerns for the Company include Sd/-
COVID-19 Pandemic spread across the globe. (R.K. Agrawal)
12. INTERNAL CONTROL SYSTEMS AND DIN: 09344894
THEIR ADEQUACY Place : New Delhi
The Company has Internal Control Systems for Date : 18.11.2022
achieving its objective and these systems are
adequate.
Statutory Reports
149
Annexure-C
ANNUAL REPORT ON CSR ACTIVITIES

Corporate Overview
FOR FINANCIAL YEAR COMMENCING ON OR AFTER 1st DAY OF APRIL, 2021
1. Brief outline on CSR Policy of the Company Attached at Annexure-C/CSR-I

2. Composition of CSR Committee:
Sl. Name of Director Designation/ Nature of Number of meeting Number of meeting of CSR
No. Directorship of CSR Committee Committee attended during
held during the year the year
1 Ms Preeti Madan Chairperson- 03 03
Independent Director
2 Shri Anupam Mishra Director (C & HRD)- 03 03
Functional Director
3 Shri Pankaj Kapoor Director (Finance) 03 01
Functional Director
Statutory Reports
3. Provide the web-link where Composition of CSR http://www.wapcos.co.in/corporate-social-

committee, CSR Policy and CSR projects approved responsibility.aspx
by the board are disclosed on the website of the
company.
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 (attach the report).
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
Sl. Financial Year Amount available for set-off from Amount required to be set-off for
No. preceding financial year (in Rs.) the financial year, if any (in Rs.)
—
6. Average net profit of the company as per section 135(5). Rs.1,48,04,50,957/-

7. (a) Two percent of average net profit of the company as Rs. 2,96,09,019/-
per section 135 (5)
(b) Surplus arising out of the CSR projects or programmes -
or activities of the previous financial years.
(c) Amount required to be set off for the financial year, if -
any
(d) Total CSR obligation for the financial year (7a+7b-7c). Rs. 2,96,09,019/-
150
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent (In Rs.)
Spent for the Total Amount transferred to Amount transferred to any fund specified under
Financial Year. Unspent CSR Account as per Schedule VII as per second proviso to section 135(5)
(in Rs.) section 135 (6)
Amount. Date of transfer. Name of the Amount. Date of
Fund transfer.
Rs. 2,56,78,923/- Rs. 39,30,096/-
(Rs. 26,30,253/- 30.04.2022
+
Rs. 12,99,843/-) 12.09.2021
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (6) (7) (8) (9) (10)
Sl. Name Item from the list Local Area Location of the Project Amount allo- Amount spent Amount transferred Mode of Implemen- Mode of Implementation-
No of the of activities in (Yes/ No). project. Duration cate for the in the current to Unspent CSR Ac- tation- Direct (yes/ Through Implementing
Project. schedule VII of project (in financial year count for the project NO). Agency
the Act. Rs.) (in Rs.) as per Section 135 (6)
State District Name CSR
(in Rs.).
Registration
number.
Rs 49,10,409/- (Attached at Annexure C-CSR- 2)
(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
Sl. Item from the list of activities Location of the project Amount spent for the Mode of Implementation-
Name of the Project Local area (Yes/ No) Implementing Agency
No. in schedule VII to the Act. project (in Rs. in Crore). Direct (Yes/No)
State District Name CSR Registration Number
1 PM CARE FUND VIII 2.00 Crore --
Rs 2,00,00,000/-
151
(d) Amount spent in Administrative Overheads Rs. 7,68,514/-

(e) Amount spent on Impact Assessment, if applicable __
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) Rs. 2,56,78,923/-
(g) Excess amount for set off, if any
Sl. Particular Amount (In Rs.)

Corporate Overview
No.
(i) Two percent of average net profit of the company as per section 135(5) 2,96,09,019/-
(ii) Total amount spent for the Financial Year 2,56,78,923/-
(iii) Excess amount spent for the financial year [(ii)-(i)] __
(iv) Surplus arising out of the CSR projects or programmes or activities of the
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)]
9.(a) Details of Unspent CSR amount for the preceding three financial years:
Sl.No. Preceding Fi- Amount Amount spent Amount transferred to any fund spec- Amount
nancial Year. transferred to in the report- ified under Schedule VII as per section remaining to
Unspent CSR ing Financial 135 (6), if any. be spent in
Account under Year (in Rs.). succeeding fi-
section 135 (6) Name of Amount Date of nancial years.
(in Rs.) the Fund (in Rs.). transfer. (in Rs.)
Statutory Reports
1 2020-21 12,99,843 12,99,843 - - - -
(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)
Sl. Project ID. Name of the Financial Project Total Amount Cumulative Status of
No. Project. Year in duration. amount spent on amount the project-
which the allocated for the project spent at Completed/
project was the project in the the end of Ongoing.
commenced (in Rs.). reporting reporting
Financial Financial
Year (in Rs). Year. (in Rs.)
Attached at Annexure C3
Attached at Annexure-C/CSR-III
152
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.
(a) Date of creation or acquisition of the capital asset (s). __
(b) Amount of CSR spent for creation or acquisition of capital asset. __
(c) Details of the entity or public authority or beneficiary under whose name __
such capital asset is registered , their address etc.
Corporate Overview
(d) Provide details of the capital asset (s) created or acquired (including complete __
address and location of the capital asset).
11. Specify the reason(s), if the company has failed to spend two percent of the average net profit as
per section 135(5) -
During 2021-22, the Company has taken up CSR works for 2% of the average net profit as per section 135(5). However,
against the target of 2% the expenditure incurred is 1.73%. The remaining amount could not be released due to non-
completion of activities. Accordingly the remaining has been transferred to unspent CSR account as indicated in Item no
8 (a) column 2 above.
Statutory Reports
Sd/- Sd/-
(RK Agrawal) (Anil Trigunayat)
(Chairman-cum-Managing Director) (Independent Director)
DIN No. 09344894 (Chairman CSR Committee)
DIN:07900294
Place: New Delhi

Dated: 18.11.2022
153
Annexure-C1
BRIEF OUTLINE OF CSR POLICY

Corporate Overview
WAPCOS Limited is a “MINI RATNA” Public WAPCOS CSR VISION

Sector Enterprise under the Department of “To be a Responsible Corporate Citizen striving to
Water Resources, River Development & Ganga improve the quality of life and economic well be-
Rejuvenation, Ministry of Jal Shakti, Government ing of the society and protect the environment.”
of India. Incorporated on 26th June, 1969 under
the Companies Act 1956, WAPCOS has been OBJECTIVES OF CSR POLICY
providing consultancy services in all facets of • To enhance commitment at all levels in the
Water Resources, Power and Infrastructure sectors organization to conduct its business in an
in India and Abroad. The quality management economically, socially and environmentally
systems of WAPCOS comply with the Quality sustainable manner that is transparent and ethical.
Assurance requirements of ISO 9001:2015 for • To provide guidance for identifying suitable CSR
Consultancy Services. projects and implementing the same.
• To assist socially and economically weaker
Statutory Reports
WAPCOS has been undertaking various social

segments of society to overcome their hardship
welfare and environment protection related and impoverishment.
activities for last several years. Since 2010 it
• To create community assets for improving the
has been steering its efforts to align with the quality of life in rural/urban society.
guidelines issued by DPE in respect of CSR &
• To act as good corporate citizen, subscribing to the
Sustainable Development and subsequently principles of Global Compact for implementation
with the revised guidelines applicable since April
• To reinforce the image of WAPCOS as a responsible
2013. Being a Public Sector Enterprise, WAPCOS
corporate entity.
abides by the guidelines and notification issued
by the Department of Public Enterprises (DPE), THRUST AREAS FOR CSR
Government of India from time to time. With the WAPCOS CSR policy in line with its stated vision,
issue of notification dated 27.2.14 by the Ministry
mission and objectives revolves around providing

of Corporate Affairs, WAPCOS follows the complete solutions for societal needs using its existing
section 135 of the Company Act alongwith CSR competence in the key areas of specialization.
Rules relating to Corporate Social Responsibility WAPCOS views CSR as a way of conducting business
activities undertaken by the Company. which enables the creation and distribution of wealth
for the betterment of its stakeholders through
As a conscious corporate citizen, WAPCOS’ well- implementation and integration of ethical systems
designed policy for CSR and Sustainability not only and sustainable management practices. The CSR
Agenda of WAPCOS mandates the Company to
fulfills its obligations but also makes a meaningful
conduct its business in a socially responsible way
impact on society. by maintaining high level of organizational integrity
154
and ethical behavior; conforming to the expected Before taking final decision on the selection of CSR
standards of transparency in reporting and disclosing and Sustainability project, WAPCOS assess the needs
its performance in all the spheres of its activities; of the intended beneficiaries for a realistic assessment
demonstrating concern for the welfare of its of the resource inputs required for the expected level
employees; adopting production methods, commercial of social / economic / environmental impact through
operations and management practices that promote the implementation of the project.
social and environmental sustainability; and, retaining
Corporate Overview
the trust and confidence of the investors and
shareholders by matching its financial performance IMPLEMENTATION:
with equally commendable achievements in non- Activities selected under CSR and Sustainability agenda
financial parameters. This approach to CSR reinforces by WAPCOS are normally implemented in a project
WAPCOS role as a consultancy organization in making mode, which entails charting the stages of execution
an impact on socio economic growth and environment through planned processes, with mobilization of
protection. pre-estimated quantum of resources, and within
the allocated budgets and prescribed timelines.
INSTITUTIONAL SET-UP It also involves assigning clear responsibility and
The institutional set-up for CSR activities at WAPCOS accountability of the designated officials / agencies
is as follows: who are entrusted with the task of implementation.
All CSR and sustainability projects are carried out with
A two tier structure for Corporate Social Responsibility defined deliverables, planned timelines and through
Activities was created in line with DPE’s Guidelines on implementation partners.
the subject. The Board Level Committee in this struc-
ture comprised of Two Functional Directors with an MONITORING:
Statutory Reports
Independent Director as Chairman. The Below Board
To assess if the progress is on expected lines in terms
Level Committee is comprised of Chief Executive Di-
of timelines, budgetary expenditure and achievement
rector ( Envt., C.M & Admn.) as Nodal Officer, Chief
of physical targets,monitoring isundertaken periodi-
Executive Director (PD&L),Chief Manager (C.P), Chief
cally with the help of identified key performance in-
(PR) and Addl. Chief Manager (Finance) as Members.
dicators; periodicity being determined largely by the
nature of performance indicators. Continuous feed-
Source of Funds
back and mid-course correction in implementation,
Prescribed limit of 2% of the average net profit (to whenever required are key components of effective
be calculated in accordance with the provision of monitoring process.
section 198) of the company made during the three
immediately preceding financial years to be spent
IMPACT ASSESSMENT:
during 2021-22 in pursuance of its Corporate Social
Responsibility activities as stipulated in the Act and the Impact assessment wherever required iscarried out in-
CSR rules. line with the policy/ guidelines issued from time to
time.
CSR & SUSTAINABILITY PROCESS AT The thrust of CSR and Sustainability is clearly on
WAPCOS PLANNING: sustainable development, inclusive growth, capacity
In the first phase of planning, the broad areas/ proj- building, empowerment of communities, inclusive
ects of CSR are identified. It is undertaken based on socio-economic growth, environment protection,
the budget allocation and identification of area/loca- promotion of backward regions and upliftment of
tion of the CSR projects. the marginalized and under privileged sections of
the society. While selecting the activities, the main
155
focus is on sustainability development and inclusive Organizing Health Check up cum awareness
growth to address the basic needs of the deprived, camps on Nutrition & Hygiene in Shravasti
under-privileged, neglected and weaker sections of district, Uttar Pradesh.
the society . • Swastha Bharat project- Providing Healthcare
Priority is given to the issues which are of foremost Services to Schools children by Organising
concern in the National Development agenda, like General Health Check up Camps , Adolescent
Workshop, Swachhta Rally and Tree Plantation
Corporate Overview
;School Education, Healthcare & Nutrition etc. for

sustainable development and inclusive growth of in Kaiserganj Block, Bahraich district , Uttar
deprived. Pradesh
WAPCOS has undertaken CSR and Sustainability • School Education/ Skill Development
initiatives in the diverse fields in different states of • School Education through reconstruction
India for Healthcare &Nutrition ,School Education, of four class rooms including electric fitting
Environmental Sustainability and Socio-economic and furniture for students of Lala Baijnath
development of underprivileged during 2021- Janki Pathshala Inter College, Tilhar, Distt-
22. Broadly, WAPCOS has undertaken CSR and Shahjahanpur, Uttar Pradesh
Sustainability activities in the following fields which
have been successfully implemented:- • Environmental Sustainability
• Construction of Rain Water Harvesting at
• Health Care/ Preventive Health Care Humayun’s Tomb site Museum, New Delhi
• Arogya Project- Providing Healthcare • Installation of Roof Top Rainwater Harvesting
Services to Government Schools children by Structure in Government Schools of Haryana
Statutory Reports
156
Annexure-C3
8(b) Details of CSR amount spent against ongoing projects for the financial year:
Sl. No Name of the Project. Item from the Local Location of the project. Project Duration Amount Amount Amount Mode of Mode of Implementation- Through
list of activities Area allocate for spent in transferred Implemen- Implementing Agency
in schedule VII (Yes/ State. District the project the current to Unspent tation- Name CSR
of the Act. No). (in Rs.) financial CSR Account Direct (yes/ Registration
year (in Rs.) for the project NO). number.
as per Section
135 (6) (in Rs.).
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1 Construction of Rainwater Harvesting at Item No 4 Yes New Delhi Nizamuddin 03.08.2021- 24,18,700 21,05,454 - No Aga Khan Foundation, CSR00008713
Humayun’s Tomb Site Museum under CSR Environmental 02.11.2021 6 Bhagwan Dass Road,
activity of WAPCOS during 2021-22 Sustainability New Delhi,110001
2 Installation of Roof Top Rainwater Harvest- Item No 4 No Haryana Bhiwani, Faridabad, 01.10.2021- 17,99,700 17,09,893 89,807 No Empathetic Humane CSR00012973
ing Structure in Government Schools of Environmental Gurugram, 30.11.2021 Socially Awakened
Haryana -under CSR activity of WAPCOS Sustainability Jhajjar,Palwal, Panipat, Samaj (EHSAS),
during 2021-22 Rewari, Rohtak and
Sonipat Mahendru Enclave,
New Delhi
3 School Education through providing set of Item No 2 School NO Uttrakhand UdhamSingh Nagar 23.03.2022- 9,27,500 0 9,27,500 No Devwani Propkar CSR00013924
Table and Chair in 3 Schools of Khatima Education 22.06.2022 Mission,
Block , Udham Singh Nagar, Uttrakhand.
Bhupatwala, Haridwar,
Uttarakhand
4 School Education through construction of Item No 2 School No Uttar Pradesh Shahjahanpur 29.03.2022- 24,91,000 0 24,91,000 No Gurgia Charities, CSR00010365
3 class rooms including electric fitting & Education 28.12.2022 Khanpur, New Delhi
fixture for students of Lala Baijnath Janki
Pathshala (LBJP) Inter-College, Tilhar, Distt-
Shahjahanpur, Uttar Pradesh.
5 Installation of Hot Water Dispenser Ma- Item No-1 Health No Odisha Mayurbhanj 17.03.2022 5,58,272 0 4,21,789 No Amarabati Charitable CSR00020682
chine in 39 Health Centres/Hospitals (DHH/ Care - Educational Trust
SDH/AH and CHC) of Mayurbhanj District, 16.09.2022 Mayurbhanj, Odisha
Odisha.
6 Arogya Project- Providing Healthcare Ser- Item No-1 Health No Uttar Pradesh Shravasti 01.01.2020- 2,17,226 2,17,226 - No Sustainable Action CSR00005293
vices to Schools children in 45 Government Care 31.12.2021 Towards Human
Schools by Organising Health Check up Empowerment
cum awareness camps on Nutrition & Hy- ,Sector-5, Ghaziabad
giene in Shravasti district ,Uttar Pradesh
7 Swastha Bharat project- Providing Health- Item No-1 Health No Uttar Pradesh Bahraich 26.09.2019- 4,19,400 4,19,400 - No Aroh Foundation, CSR00000044
care Services to Schools children by Organ- Care 31.12.2021 Sector-8, Noida
ising General Health Check up Camps ,Ado-
lescent Workshop, Swachhta Rally and Tree
Plantation in Kaiserganj Block, Bahraich
district , Uttar Pradesh.
8 School Education through reconstruction of Item No 2 School No Uttar Pradesh Shahjahanpur 04.03.2020- 5,12,718 4,58,436 - No Gurgia Charities, CSR00010365
four class rooms including electric fitting Education 16.08.2021 Khanpur, New Delhi
and furniture & fixture for students of Lala-
BaijnathJankiPathshala (LBJP) Inter-College,
Tilhar, Distt- Shahjahanpur, Uttar Pradesh.
157
Annexure-C/CSR-3
158
9(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)
Financial Year Total amount Amount spent on Cumulative amount Status of
in which the Project allocated for the project in the spent at the end of the project-
Sl.No. Project ID. Name of the Project.
project was duration. the project (in reporting Financial reporting Financial Completed/
commenced Rs.). Year (in Rs). Year. (in Rs.) Ongoing.
School Education through reconstruction of
WAP/
four class rooms including electric fitting 04.03.2020- 21,55,718
CSR/2019-
and furniture & fixture for students of 16.08.2021
1 20/S.E/ 2019-20 22,10,000 4,58,436 Completed
Lala Baijnath Janki Pathshala (LBJP) Inter-
Tilhar/U.P/31
College, Tilhar, Distt- Shahjahanpur, Uttar
Pradesh.
Swastha Bharat project- Providing

WAP/ Healthcare Services to Schools children 26.09.2019- 24,91,500

CSR/2019-20/ by Organising General Health Check up 31.12.2021
2 2019-20 24,91,500 4,19,400 Completed
H.C/Bahraich/ Camps ,Adolescent Workshop, Swachhta
U.P/13 Rally and Tree Plantation in Kaiserganj
Block, Bahraich district , Uttar Pradesh
Arogya Project- Providing Healthcare

WAP/ Services to Schools children in 45 01.01.2020-
CSR/2019-20/ Government Schools by Organising Health 31.12.2021
3 2019-20 24,43,793 2,17,226 24,43,793 Completed
H.C/Shravasti/ Check up cum awareness camps on
U.P/24 Nutrition & Hygiene in Shravasti district
,Uttar Pradesh
Annexure-D
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,

FOREIGN EXCHANGE EARNINGS AND OUTGO
CONSERVATION OF ENERGY
WAPCOS, being mainly a consultancy organization, has no significant consumption of energy in its operations.
Corporate Overview
However, wherever possible we use energy efficient equipments and machineries. Upgradation of old equipments
with upgraded versions were also being used time to time like use of LED bulbs in place of old fluorescent bulbs.
TECHNOLOGY ABSORPTION
1 The efforts made towards technology absorption Purchase of the following softwares :
a) PSSE- Power System Simulator for Engineering
for Power System Studies
b) ETAP- Power System Studies (module)
c) PLS-CADD – Transmission line design software
d) PLS TOWER - Design of Power Transmission
Towers
e) PLS POLE - Design of Distribution Pole
f) PV Syst – Software to study solar power
generation
g) PLS – SAPS – Structural Analysis of Power and
Statutory Reports
Communication system
h) MS-Projects-2016 Professional – project
monitoring tool
i) STADD PRO – structural analysis and design
computer program
j) Artificial Intelligence
k) ArcGIS Software - ArcGIS is a geographic
information system (GIS) application. The
software allows to view and query maps
created with the other ArcGIS products.
2 The benefits derived like product improvement, The softwares deliver high quality of work within
cost reduction, product development, import minimum time period and accuracy of results are

substitution 100%. These are :
(a) ETAP
Electrical Transient Analyzer Program (ETAP) is being
used in electrical network modeling and simulation
software while creation and analysis of an electrical
systems including their dynamics, transients and
protection. Used in:
159
• Short circuit studies - Used to determine the

available fault at each point in the system.
These studies helps in determining the required
interrupting capacity of the circuit breakers
which forms the basis of designing a proper
relaying system
• Load Flow studies – These are important in
Corporate Overview
investigating problems in power

system operation and planning.
b) PLS-CADD – Used for quick sag-tension,
clearance and loads calculations for designing
and development of transmission line route
profile based on survey data.
• Design and development of transmission line
route profile based on survey data
c) PLS-TOWER
• Design/modelling of Power Transmission
Tower
d) PLS-POLE
Helps in building structures (e.g. designing of
Distribution Pole) in faster mode.
Statutory Reports
e) PV Syst
Used in calculating solar power generation
and performance evaluation (technical and
financial) of solar PV based systems.
f) PLS – SAPS
Structural Analysis of Power and Communi-
cation system. It is a general structural analysis
program and is used to calculate sag-tension
capabilities, Structural Analysis of Power and
communication system.
g) MS-Projects-2016 (Professional)
Project monitoring, analysis of projects,
allocation of financial resources, HR ma
agement
h) STADD PRO
Structural analysis, model designing, accurate
and economical design, determination of
loading conditions.
h) PSSE - POWER SYSTEM SIMULATOR FOR
ENGINEERING
It is a software tool used by power power
transmission networks in steady-state
conditions as well as over timescales of a few
seconds to tens of seconds.
160
3 In case of imported technology (imported during the last 3 years reckoned for the beginning of the financial
year)
a) The details of technology imported a) PSSE – Imported from Germany
b) ETAP- Imported from USA
c) PLS-CADD/Tower/Pole – Imported from USA
d) PV Syst – India
Corporate Overview
e) PLS – SAPS - Imported from USA
f) MS-Projects-2016 (Professional)
g) STADD PRO
h) ArcGIS – from India
b) The year of import a) ETAP- 2012 (upgraded as on date)
b) PLS-CADD/Tower/Pole-2013 (Last upgraded in
2018)
c) PV Syst – 2013
d) PLS – SAPS - 2019
e) MS-Projects-2014 (Professional)
f) STADD PRO – 2013/2014
g) PSSE
h) ArcGIS
Statutory Reports
c) Whether the technology been fully absorbed Yes and are in operation
d) If not absorbed, areas where NA
absorption has not taken place, and
the reasons thereof; and
4. The expenditure incurred on Research NIL
and Development
FOREIGN EXCHANGE EARNINGS AND OUTGO
The foreign exchange earnings and outgo during the year under review were as follows:-

Earnings Outgo
Rs. 142.52 Crore Rs. 60.69 Crore
Sd/-
(RK Agrawal)
Place: New Delhi
Dated: 18.11.2022
161
Annexure-E
HARBANS LAL & CO. Off : 23696096
COMPANY SECRETARIES Phones Resi :23696831
Mob: 9811627414
Email: hlalcs@yahoo.co.in
Corporate Overview
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2022
[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,
WAPCOS Limited
5thFloor, Kailash
26Kasturba Gandhi Marg
New Delhi-110001
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence
Statutory Reports
to good corporate practices by WAPCOS LIMITED (herein after called “the Company”). Secretarial Audit was
conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other
records maintained by the Company and also the information provided by the Company, its officers, agents and
authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the
Company has, during the audit period covering the financial year ended on 31st March, 2022 complied with the
statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-
mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by
WAPCOS LIMITED for the financial year ended on 31st March, 2022 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made there under;
(ii) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(iii) DPE Guidelines on Corporate Governance for CPSE.
(iv) Secretarial Standards issued by The Institute of Company Secretaries of India.
We have also examined the Compliances/processes/systems under other specific applicable Laws, as applicable
to the Company, which are being verified on the basis of periodic certificate under internal compliance system
submitted to the Board of Directors of the Company and to the Administrative Ministry of the Company.
162
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. as applicable to the Company, subject to the following observations:
Observation No. 1: Non compliance of clause 6.1 of the DPE Guidelines on Corporate Governance for Central
Public Sector Enterprises which requires that at least one Independent Director on the Board of Directors of the
holding company shall be a Director on the Board of Directors of its subsidiary company.
We further report that the Company has complied with the requirements pertaining to the composition of the
Corporate Overview
Board of Directors, which is to be constituted as per the Companies Act, 2013 and DPE Guidelines. The changes
in the composition of the Board of Directors that took place during the period under review were carried out in
compliance with the provisions of the Act.
We further report that the Company has complied with provisions of the Companies Act, 2013 with regard to
holding of Annual General Meeting for the Financial Year 2020-21. The Accounts for the Financial Year were
adopted in the AGM held on 08.12.2021 i.e within the extended period by ROC.
Generally, adequate notice is given to all Directors for scheduled Board Meetings, Agenda and detailed notes on
agenda were sent at least seven days in advance and a system exists for seeking and obtaining further information
and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. In case
of convening of meetings at short notice including sending of notice and agenda, consent of members present in
the meetings were taken.
All the decisions made in the General/Board/Committee meeting(s) were carried out with unanimous consent of
all the Shareholders/Directors/Committee Members present during the meetings.
We further report that there are adequate systems and processes in the Company commensurate with the size
Statutory Reports
and operations of the company to monitor and ensure compliance as per applicable laws, rules, regulations and
guidelines.
We further report that as per DPE Guidelines on Corporate Governance, Quarterly Reports confirming compliance
of applicable laws to the Divisions of the Company, are being submitted to the Board for review of the same.
We further report that during the year under report, the following were the important events:
(i) The Company has received order of Regional Director (North) on 25th November, 2021 compounding offence
for late holding of 51st AGM for the Financial Year 2019-20.
(ii) Consequent upon conversion from a Private to a Public Company, fresh certificate of Incorporation has been
received from Registrar of Companies, New Delhi on April, 27, 2021.

Company Secretaries
Sd/-
(Harbans Lal)
FCS No. 1022
Place: New Delhi CSP No. 3944
Date: 01.11.2022 UDIN: F001022D001429295
163
HARBANS LAL & CO. Off : 23696096

COMPANY SECRETARIES Phones Resi :23696831
Mob: 9811627414
Email: hlalcs@yahoo.co.in
To,
Corporate Overview
The Members,
WAPCOS Limited
5thFloor, Kailash
26 Kasturba Gandhi Marg
New Delhi-110001
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 our opinion on these secretarial records, based on our inspection of records produced before us
for 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 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.
Statutory Reports
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company and our report is not covering observations/ comments/ weaknesses/qualified opinion already
pointed out by the other Auditors.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules
and regulation 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 test basis and
to give our opinion whether the Company has proper Board-processes and Compliance-mechanism in place
or not.
6. The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company

Company Secretaries
Sd/-
(Harbans Lal)
FCS No. 1022
Place: New Delhi CSP No. 3944
Date: 01.11.2022 UDIN: F001022D001429295
164
Annexure-F
MANAGEMENT REPLIES ON QUALIFICATIONS OF STATUTORY AUDITORS

Auditor’s Qualifications Management’s Responses
That the holding company is maintaining the books of The Company is executing projects for which site offices
accounts in decentralized manner where the physical records are maintained & during the currency of the project, the
Corporate Overview
pertaining to contract measurements, inspection logs, physical records pertaining to contract measurements,
progress review documents etc. are kept at the branch or inspection logs, progress review documents etc. are
site offices whereas the financial records and accounts are maintained at the site office. However, the measurement
centralized at the corporate office on a technologically details & progress documents are sent to Head office on
obsolete software application namely, “Foxpro 2.60” which periodic basis alongwith RA bills of the contractors. Thus,
lacks access controls, posting controls, account classification the company is having full control of information. Further,
controls, nomenclature controls and reporting requirements. these records are brought to head office at the end of the
That the said system is deprived of requisite IT Controls and project.
reliance is represented to have been made on Manual Controls
Further the company is having various policies / plans in
by the management. That despite having large number of
place such as Delegation of power, budgetary control,
projects geographically spread all over Indian and abroad,
periodic project review meetings, Risk Management Policy,
the financial data pertaining to the Project Management is
Fraud Prevention Policy, Whistle Blower Policy, HR Plan, CSR
controlled manually and the project reports shared during the
Policy, Succession Plan, Standing tender committee etc.
course of audit underwent several corrections and revisions.
We performed the analytical procedures for our sample The Books of accounts of the company are maintained in
selection and testing purpose under the current system and accordance with Accounting Standards/ Guidelines issued
expanded the sample size accordingly and placed reliance on by the Ministry of the Corporate Affairs from time to time.
Statutory Reports
management reports and representations for the purpose of The company is ensuring the compliance of statutory acts
our audit. such as Income Tax Act, Goods & Service tax Act, PF Act,
Payment of Gratuity Act, Payment of Bonus Act, Professional
tax/ Labour Cess Act etc.
Further, the Company is following GFR, Works Manual,
Procurement of Goods and services manual issued by the
Ministry of Finance, Government of India. Also the company
is ensuring compliance with Vigilance/DPE Guidelines issued
from time to time.
The company is following practices of Corporate Governance
and has Board Level Audit/CSR /R&D /Remuneration/
Project Review committee in place for overseeing the affairs

of the company which are in turn reviewed by the Board
of Directors of the Company. Besides the Administrative
Ministry of the Company also undertakes periodical reviews.
To ensure compliance with various policies & procedures,
the company issues guidelines/circulars from time to time.
The company is following imprest system of accounting
wherein all site offices send all original bills, vouchers &
expenditure statements etc. along with supporting approval
& other documents to head office wherein such imprest
accounts are examined by the respective project finance
division & are accounted for in the books of accounts in
accordance with rules and procedures of the company.
165

The company has well defined system of delegation of
power at various hierarchy levels of the company for
approval & incurrence of the expenditure. The expenditure
proposals are initiated by the technical / Administration
division & are routed through the respective project finance
division for ascertaining availability of project estimates &
Corporate Overview
appropriate level of delegation of power for approving the

expenditure. After approval of the expenditure proposal,
the purchases are made or agreements are signed for
procurement of goods or services which are made through
open tender system from CPP portal / E-gem.
On receipt of the vendor bills, the same are vetted by the
respective Technical /Administration division & are sent to
the respective project finance division after approval of the
competent authority. The bills so received are examined to
ensure that the desired quantity of Goods & Services have
been received at the contacted price in accordance with the
project agreements / Work Orders.
The basic accounting in Foxpro starts with the allocation of
Project Code on the basis of project code sheet prepared by
the technical division and vetted by the respective finance
division. The project code allocation captures name of the
Statutory Reports
project, client, value of project, state, Date of start , date

of completion, along with the project cost estimate and
the contingency, overhead and fees to be generated by
particular project.
The project code allocation also captures the status of
Taxability/ Non taxability of the project under GST to create
Master Data file of Bill of Supply / Non taxable Projects.
After allocation of Project code, a unique client code is
allocated for capturing clients PAN /GSTIN, state, location
clients contact details. Also a supplier code is generated for
capturing supplier PAN /GSTIN, contact details for creation
of master data.
With the above information, the foxpro system is able to

generate project wise data base of Value of Project, Income
& Expenditure booked during a particular month/year as
well as cumulative income & expenditure. This enables the
company to exercise budgetary control as well as monitor
the financial progress of the projects.
The Income, Expenditure, Assets & Liabilities are captured
through Journal entry/ Vouchers.
166

At the time of Income booking, system captures Invoice
number & date, amount , state GST code, Taxable, non
taxable status. With the entry of Project code & income
head & selection of state code; the entire income Journal
entry is automatically generated by the system which
includes Debtors & taxability.
Corporate Overview
In the case of expenditure booking, the system requires
selection of taxable / non taxable expenditure. The system
captures bill number, expenditure head, selection of state
code & GST rate, the entire expenditure Journal entry is
automatically generated including input GST , GST TDS ,
Income tax TDS & amount payable to the vendor. PAN, GST
number & bill number of the vendors are validated by the
system from the master data.
While recording the assets booking, the system captures
bill number, date, state code, location, GSTIN, HSN Code,
stock entry. After entering the above data, the coding
sheets of assets are automatically generated by the system.
Depreciation is calculated automatically based on the useful
life of each asset. Besides, depreciation as per Income tax
rules is also calculated automatically by the system.
Statutory Reports
The data entered by the individual user is merged in the
main system. Once a data is entered in the system, it does
not permits modification, editing or deletion of the entered
data by the user.
The salary payable to the employee is also processed through
Foxpro programme. The salary structure is designed as per
DPE guidelines & in accordance with terms & conditions of
the individual appointment which is done in accordance
with the R&P rules of the company. At the time of joining of
new employee, the personnel division issues office order on
the basis of which, the salary record of individual is created
in the payroll system. Annual increments are also granted
after approval of competent authority & issue of necessary

office orders by the personnel division. Income tax, EPF &
statutory dues are automatically deducted by the system
from the salary due to particular employee. The system also
generates annual salary /EPF register.
The Financial Statements of the company are drawn from
the books of accounts maintained in the system. System also
generates all the schedules, ageing of all Assets & Liabilities,
GST Liability payable to supplier. The system also generates
Monthly Project Monitoring sheets of all the projects which
167

enables the company to exercise budgetary control.
The company also maintains subsidiary books of accounts.
All payments are made through digital platform to the bank
accounts of respective beneficiaries.
The internal Audit department also carries out quarterly
Corporate Overview
audit of all transactions of the company and also ensure

the rules and procedures of the company.
It is further submitted that data entry in all types of
accounting software is required to be done by the individual
either by entry or through selection of the populated data &
thus is always subject to human error & omission.
It may not be out of context to mention that before the
introduction of computers in India in 1986, the accounts &
related records were maintained in manual mode only.
That in our opinion owing to inadequate internal financial The company is having offices in all 30 states of India & in
controls and lack of appropriate financial accounting system, more than 34 countries abroad. Most of the project offices
there have been continuous trend of material restatement are at remote location & flow of information / documents
to the reported Profitability during the previous financial etc. is time consuming.
years on account of errors and omissions identified in the
The company has been issuing instructions from time
succeeding years. That whereas the Net Impact on Profit
to time directing officials and staff to follow the laid
Statutory Reports
and Loss Account may reduce on account of netting of prior

down procedures and guidelines for booking of income,
period income and expenses, the quantum of Prior Period
expenditure, Assets and Liabilities in a time bound manner.
Items identified in subsequent years have a significant
The company has once again sensitized its officer to
increasing trend.
minimize the errors and omissions.
Most of the prior period transaction relate to the Corona
period during which people were working from home or
with skeleton staff in office without having sufficient access
to data, records, documents etc.
The company has already floated tender on E-Gem
portal on 08.08.2022 for implementation of ERP
system in the company which will greatly improve
the efficiency flow of documents /information etc. in a
time bound manner.
That during the Financial Year under consideration, the The sanction letter issued by the bank, Companies Act, RBI
holding company has got disbursed a sum of INR 40 Crores Guidelines do not contain any restrictive clause. However,
against Credit Facility of INR 200 Crores from State Bank note has been taken of the Audit suggestion for future.
of India as Working Capital Loan out of which sum of INR
16 Crores has been utilized for payment of Dividend to the
Shareholders.
168

That the management of the group has voluntarily changes The company has adopted simplified approach using the
it’s yearly ECL Provisioning Matrix citing harmonization of the provision matrix method for recognition of Expected credit
outliers in the year 3-4 and 4-5 out of 10-year provision policy. loss for trade receivables. The provision matrix is based
The above change has resulted in increase in the profit of on the historical default rates observed over the expected
the company during the year to the tune of INR 6243.39 life of the trade receivable & is adjusted towards forward
Crore (Refer to Note 54). In our opinion, a scientific basis looking estimates. As per company’s accounting policy, at
Corporate Overview
after assessment of the Probability of Default and Present every reporting date, the company can update the default
Value loss on account of deferred cash realizations etc. may rates & also change the forward looking estimates.
be considered as a correct basis for the ECL Provisioning in
The company has a policy to write off debts of more than
terms of Ind AS 109. However, neither a scientific basis used
10 years. During the last 5 years, the average write off has
at the time of original matrix, nor the revised matrix has been
been of the order of 0.80% only of the trade receivables.
provided to us during the course of audit. In our opinion the
revision of the ECL matrix by the management has material The company has analyzed the trend of realization & it is
implication on the profits of the earlier financial years as well anticipated that the company shall be able to improve its
as current year under audit which has been subsumed with realization in future owing to the dispersal of the CORONA
in the current year provision expense rather than disclosing Pandemic effects & new strategic being adopted for
the same as an exceptional item or restatement as a material realization of trade receivables. Accordingly, ECL interse
error in estimation to the respective financial year(s). In the matrix has been rationalized in terms of provision of IND
absence of relevant information being shared with us, the AS & Company’s accounting policy duly approved by Board
year wise impact could not be ascertained. Further in the of Director’s.
opinion Trade Receivables against projects executed in the The current cumulative provision for trade receivable &
Country of Afghanistan, Sri Lanka etc. carry a significant retention money as at 31.03.2022 stands at Rs. 266.29
level of realization risk considering the present economic and
Statutory Reports
Crores which works out to 14.18% of the total trade
political situation in the countries. However, the company has receivables, which effectively covers the time value of
made provision only as per standard ECL Matrix against such money & probable default.
receivables. Total outstanding receivables from the above 2
countries in INR 2084.76 Lacs (Net of amount received in
Apr 22). Similarly balance held in the bank accounts in these It is further submitted that the company’s current provision
countries may also be subject to repatriation restrictions. rate is higher than that of its peers engaged in the similar
kind of business.
The company has also taken actuarial valuation of its
expected credit loss matrix & as per actuarial report, the
cumulative provision for trade receivable & retention money
as at 31.03.2022 stands at Rs. 250.56 Crores, whereas the
company carries cumulative provision of Rs. 266.29 Crores
which is 6.28% higher than actuary report.
The company was executing Five number of projects Standalone Financial Statements
in Afghanistan when the political situation changed
on 15.08.2021. Owing to change of Government in
Afghanistan, all project operations were temporarily
suspended. The company had trade receivable amounting
to Rs. 40.34 Crores due from Afghanistan projects as on
15.08.2021. Out of this, the company has received Rs.
20.65 Crores on 04.04.2022. Thus the balance value of
Note: *The auditor has issued a clarificatory letter stating that figure of Rs. 6243.39 crore may be read as Rs. 6243.39 lacs.
169

trade receivables due from Afghanistan projects is Rs.19.69
Crores.
The company has received affirmative confirmation from
respective clients that the pending payments shall be
released in due course of time. The company has made
provision of Rs. 4.07 Crores in respect of receivables from
Corporate Overview
Afghanistan Projects.
In respect of Sri Lanka project, the company is confident of
realising the debtors after restoration of normalcy.
That the direct confirmations could not be received for a The company had obtained balance confirmation letters
substantial number of trade payables, trade receivables, fixed from banks, the copies of which were submitted to the
deposited with the Indian Banks and some foreign banks Audit team for perusal.
including all banks in Afghanistan. Further, as represented by
Further, as per the directions of Audit team, emails were
the management owing to government clientele aggressive
sent to all the banks requesting them to send a copy of
or legal measures are not resorted to for the purpose of
balance confirmation to the Statutory Auditors. Also, the
realization of the dues. In our opinion, there have been
Audit team member physically verified the balances of all
substantial increase in the outstanding receivables and
Indian banks by logging into the internet banking facility
accordingly direct confirmations from the respective parties
available to the company in their respective banks.
is must for assurance on the amount of receivables. That the
late delivery charges or contract deductions (if any) made by It is further submitted that the company accords at most
such customers or consequential impact of stalled projects priority for realization of trade receivables. The realization
Statutory Reports
for which no separate record is maintained by the company of debtors is followed up by company’s project site offices
could not be identified in the absence of the such external which chase the payment on a daily basis with the client.
confirmations. Similarly, there are instances of unrealized Besides senior officials of the company including CMD also
advances paid/ security deposits & employee payable/ undertake periodic visit to the client offices or write formal
advances for which no confirmations could be obtained communication regarding realization of pending payments.
from the respective parties. Furthermore, the confirmations Periodic meetings are conducted to review the realization
wherever received were in denial to the book balances and status of different projects. The company also deputes
claims which have been represented to be under reconciliation specific officers at certain project sites for regular persuasion
and the balance as per booked duly authenticated by the & realisation of pending payments. Also the company has
management is stated to be fully recoverable and likewise all requested assistance from Ministry of Jal Shakti and the
liabilities are claimed to be duly accounted for. The financial Ministry has written letters to various state Government’s
implications (if any) is subjected to final reconciliations with requesting for speedy release of payments to WAPCOS.
the respective parties. It is also submitted that, most of the company’s clients are
Government departments which follow single entry system
of accounting & as such no assets or liabilities, expenditure

or Income is reflected in their books on accrual basis which
affects the confirmation of the balance of invoices raised by
the company to the Clients.
The company releases advances to suppliers/ contractor’s
against bank Guarantee or material & hence are secured
in nature.
The company is taking steps for further improving the
position with regard to above.
170

That the identification of the Trade Payables as Micro and Our Company is a fully owned Government of India Public
Small has been prepared by the management and relied Sector enterprise under the aegis of Union Ministry of Jal
upon by us. However, no provision for interest has been Shakti. Most of the company’s clients are Central / State
made by the company on the overdue balances outstanding Government departments which have multiple levels of
for payment to the MSME vendors since in view of the committees /multi layer decision making process.
management, the payment to such vendors have been made
As part of the business execution process, the company is
Corporate Overview
as per terms agreed and duly accepted by them. In our
engaging outside vendors (Some of which happen to be
opinion, the company shall be liable for payment of interest
MSME) for providing specialised technical services which
on delayed payments in terms of the MSME Act, 2006. There
have direct link on the final output prepared by WAPCOS
are in fact even claims made by the vendors with the Micro
Limited for onward acceptance by the client for which the
and Small Enterprise Facilitation Council which have been
project is being executed by WAPCOS.
included in the contingent liabilities disclosed in the financial
statements & hence adequate measures be taken for seeking The agreements entered into with outside vendors contain a
legal immunity (if any) against consequences of delay in clause that payment shall be released only after acceptance
payment to such vendors or the provision for interest on such of work & receipt of corresponding payment from the client.
delay may be duly provided in the financial statement (Refer
Note 38).
Statutory Reports
171
Annexure-G
Management replies on Qualifications of Secretarial Auditors

Secretarial Auditors’ Observations Company’s Response to Observations
Non-compliance of clause 6.1 of the DPE Guidelines on The Appointing Authority of Directors in Government
Corporate Governance for Central Public Sector Enterprises Companies is President of India.
Corporate Overview
which requires that at least one Independent Director on the We have requested our Administrative Ministry i.e. Ministry
Board of Directors of the holding company shall be a Director of Jal Shakti to expedite the appointment of Independent
on the Board of Directors of its subsidiary company. Director of the Company on the Board of our subsidiary
i.e. National Projects Construction Corporation Limited
(“NPCC”).
The appointment is awaited.
Statutory Reports
172
173
174
175
INDEPENDENT AUDITOR’S REPORT
To The Members of M/s WAPCOS Limited namely, “Foxpro 2.60” which lacks access
Corporate Overview
controls, posting controls, account classification

Report on the Audit of the Standalone Financial
controls, nomenclature controls and reporting
Statements
requirements. That the said system is deprived of
requisite IT Controls and reliance is represented
Qualified Opinion to have been made on Manual Controls by the
We have audited the accompanying standalone management. That despite having large number
financial statements of M/s WAPCOS Limited (the of projects geographically spread all over India
“Company”), which comprise the Balance Sheet and abroad, the financial data pertaining to the
as at March 31, 2022, the Statement of Profit and Project Management is controlled manually and
Loss (including Other Comprehensive Income), the the project reports shared during the course of
Statement of Changes in Equity and the Statement audit underwent several corrections and revisions.
of Cash Flows for the year ended on that date and a We performed the analytical procedures for our
summary of significant accounting policies and other sample selection and testing purpose under the
explanatory information (hereinafter referred to as the current system and expanded the sample size
“standalone financial statements”). accordingly and placed reliance on management
Statutory Reports
reports and representations for the purpose of

In our opinion and to the best of our information and our audit.
according to the explanations given to us, except for the
b. That in our opinion owing to inadequate internal financial
possible effects of the matters described in the Basis for
controls and lack of appropriate financial accounting system,
Qualified Opinion section of our report, the aforesaid
there have been continuous trend of material restatement
standalone financial statements give the information
to the reported Profitability during the previous financial
required by the Companies Act, 2013 (the “Act”) in
years on account of errors and omissions identified in the
the manner so required and give a true and fair view
succeeding years. That whereas the Net Impact on Profit
in conformity with the Indian Accounting Standards
and Loss Account may reduce on account of netting of
prescribed under Section 133 of the Act read with
prior period income and expenses, the quantum of Prior
the Companies (Indian Accounting Standards) Rules,
Period Items identified in subsequent years have a significant
2015, as amended, (“Ind AS”) and other accounting
increasing trend. (Refer to Note ...)
principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2022 and its c. That during the Financial Year under consideration, the
Profit, total comprehensive income, changes in equity company has got disbursed a sum of INR 40 Crores against
and its cash flows for the year ended on that date. Credit Facility of INR 200 Crores from State Bank of India as
Working Capital Loan out of which sum of INR 16 Crores has
been utilized for payment of Dividend to the Shareholders.
Basis for a Qualified Opinion
d. That the management has voluntarily changed its yearly ECL
a. That the company is maintaining the books
Provisioning Matrix citing harmonization of the outliers in the
of accounts in decentralized manner where
year 3-4 and 4-5 out of 10-year provisioning policy. The above
the physical records pertaining to contract
change has resulted in increase in the profit of the company
measurements, inspection logs, progress review
during the year to the tune of INR 51.19 Crores (Refer to
documents etc. are kept at the branch or
Note 49). In our opinion, a scientific basis after assessment of
site offices whereas the financial records and
the Probability of Default and Present Value loss on account
accounts are centralized at the corporate office
of deferred cash realizations etc. may be considered as a
on a technologically obsolete software application
176
correct basis for the ECL Provisioning in terms of Ind AS 109. be under reconciliation and the balance as per
However, neither a scientific basis used at the time of original books duly authenticated by the management
matrix, nor the revised matrix has been provided to us during is stated to be fully recoverable and likewise
the course of our audit. In our opinion the revision of the ECL all liabilities are claimed to be duly accounted
matrix by the management has material implication on the for. The financial implications (if any) is subject to
profits of the earlier financial years as well as current year final reconciliations with the respective parties.
under audit which has been subsumed within the current
f. That the identification of the Trade Payables
Corporate Overview
year provision expense rather than disclosing the same as
as Micro and Small has been prepared by the
an exceptional item or restatement as a material error in
management and relied upon by us. However,
estimation to the respective financial year(s). In the absence
no provision for interest has been made
of relevant information being shared with us, the year wise
by the company on the overdue balances
impact could not be ascertained. Further in our opinion Trade
outstanding for payment to these MSME
Receivables against projects executed in the Country
vendors since in view of the management, the
of Afghanistan, Sri Lanka etc. carry a significant level
payment to such vendors have been made as per
of realization risk considering the present economic and
terms agreed and duly accepted by them. In our
political situation in the countries. However, the company has
opinion, the company shall be liable for payment
made provision only as per standard ECL Matrix against such
of interest on delayed payments in terms of the
receivables. Total outstanding receivables from the above 2
MSME Act, 2006. There are in fact even claims
countries is INR 2084.76 Lacs (Net of amount received in
made by the vendors with the Micro and Small
Apr 22). Similarly balance held in the bank accounts in these
Enterprise Facilitation Council which have been
countries may also be subject to repatriation restrictions.
included in the contingent liabilities disclosed
(Refer Note No.63 & 64)
in the financial statements & hence adequate
e. That the direct confirmations could not be measures be taken for seeking legal immunity (if
Statutory Reports
received for a substantial number of trade any) against consequences of delay in payment
payables, trade receivables, fixed deposits to such vendors or the provision for interest on
with the Indian Banks and some foreign such delay may be duly provided in the financial
banks including all banks in Afghanistan. statement. (Refer Note 38).
Further, as represented by the management
We conducted our audit of the standalone financial
owing to government clientele aggressive or legal
statements in accordance with the Standards on
measures are not resorted to for the purpose
Auditing (“SA”s) specified under Section 143(10)
of realization of the dues. In our opinion, there
of the Act. Our responsibilities under those
have been substantial increase in the outstanding
Standards are further described in the Auditor’s
receivables and accordingly direct confirmations
Responsibilities for the Audit of the Standalone
from the respective parties is must for assurance
Financial Statements Section of our report. We
on the amount of receivables. That the late
are independent of the Company in accordance
delivery charges or contract deductions (if any)
with the Code of Ethics issued by the Institute of
made by such customers or consequential impact
Chartered Accountants of India (“ICAI”) together
of stalled projects for which no separate record is
with the ethical requirements that are relevant to
maintained by the company could not be identified
our audit of the standalone financial statements
in the absence of the such external confirmations.
under the provisions of the Act and the Rules
Similarly, there are instances of unrealized
made there under, and we have fulfilled our other
advances paid / security deposits & employee
ethical responsibilities in accordance with these
payable/advances for which no confirmations
requirements and the ICAI’s Code of Ethics. We
could be obtained from the respective parties.
believe that the audit evidence obtained by us is
Furthermore, the confirmations wherever
sufficient and appropriate to provide a basis for
received were in denial to the book balances
our modified audit opinion on the standalone
and claims which have been represented to
financial statements.
177
Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
the standalone financial statements, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. In addition to the matters described in the Basis for Qualified Opinion section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
Corporate Overview
Key Audit Matter Auditor’s Response

Accuracy of recognition, measurement, presentation and That the revenue from Construction Contracts includes
disclosures of revenues and other related balances in view Projects where the company is appointed as Project
of adoption of Ind AS 115 “Revenue from Contracts with Management Consultant where the terms of contract
Customers” require the preparation of tender documents, floating
tenders & selection of the contractor for construction of
1. Revenue from PMC & Construction Contracts
project on behalf of the client. The company is entitled to
The application of this standard involves certain key a Project Management Consultancy Fee as a percentage of
judgements relating to identification of distinct performance construction cost. Further, the cost-of construction work is
obligation, determination of the transaction price of billed by the contractor to the company and in-turn billed
identified performance obligations, appropriateness of to the client on cost-to-cost basis by the company as per the
basis used to measure revenue recognized over the period contract terms. The company considering itself as a principal
and disclosures including presentations of balances in the employer recognises the gross amount (construction cost
financial statements. plus the PMC Service Fee) as revenue and corresponding
Statutory Reports
Further the appropriate judgement needs to be applied in back-to-back construction cost as expenses in the profit and
assessing the roles and responsibilities of various parties in loss account.
the contract which shall play a key role in determining the Our Audit approach consisted of the examining of sample
amount and nature of revenue to be recoginsed by each agreement to assess the role of the company in such contracts
party to the contract. The standard makes a distinction or memorandum of understandings, the key
between the parties having the role of principal or an agent
highlights/observations of which are stated hereunder:
and accordingly the nature and amount of revenue that shall
be recognised in each of such scenario. i. The core skill and expertise of the company is the
Provision of Engineering, Procurement, Construction related
When an entity that is a principal satisfies a performance
Consultancy Services and not of providing construction
obligation, the entity recognises revenue in the gross amount
services. Accordingly, the company is engagement is as a
of consideration to which it expects to be entitled in exchange
Project Management Consultant by various clients. Such
for those goods or services transferred.
engagement further includes appointment of a contractor

When an entity that is an agent satisfies a performance for the construction work.
obligation, the entity recognises revenue in the amount of
ii. The terms of engagement of the contractors/sub-
any fee or commission to which it expects to be entitled in
contractors on behalf of the client, specifically state a back-
exchange for arranging for the other party to provide its
to-back payment obligation of the company i.e. the company
goods or services.
has the immunity from any credit risk. The company is
obliged to pay to the contractor to the extent and only once
the payment is received from the client.
178

iii. That agreement/MOU between the company & the client,
does not even include basic components of construction
related engagements like material quality, quantities,
labour engagements, construction milestones etc which
in fact are indicated only in the contracts the company
Corporate Overview
executes with the contractors to whom mostly the work is
allotted on turnkey basis along with all risks and obligations
pertaining to construction work. The terms of agreement
or MOU of the company with the clients emphasise
primarily on the roles and responsibilities in the capacity of
a Project Management Consultant only. Further on account
of back-to-back engagement there is no inventory held by
the company.
iv. That the engagement terms indicate the company being

engaged as a consultant whereas the work of construction
is to be executed through the contractor appointed through
the consultant on behalf of the client. In fact in number of
agreements, only the Rate of PMC or Centage is stated to
be computed on the construction cost. Construction cost/
Statutory Reports
amount may or may not be stated in such agreements or
MOU’s
v. That unlike the contract terms generally stipulated in cost

plus contract, in the present contracts under consideration
the construction quotes are obtained from the contractors
generally on turnkey basis and as against the profit margins
of the contractor, the PMC fee is charged over and above
the construction cost, which is the actual earning of the
company.
vi. That in fact, in terms of the Procurement Guidelines

& practice of the Government of Kerela (one of the

customers), the payments are made directly to the
contractor based on the advise of Wapcos (as per
circular) whereas Wapcos is issuing Invoice and accruing
the same as it’s own Revenue (INR 66.87 Lacs in CY
Year).
The above instances require significant judgment while

assessing the role of company as an PMC or as an agent
rather that the EPC Contractor. However, the representation
179

of the management that the performance obligation in the
capacity of PMC and the execution of the work through
a construction contractor is a single obligation, expert
opinion(s) in possession & further the industry practice
represented to be followed in similar engagements have
Corporate Overview
been taken into consideration by us in context to the

disclosure of revenue on gross amount basis. That whereas
during the previous year reliance was placed on the
management representation that necessary directions
shall to be obtained from regulatory bodies or advisory
committees on the subject matter under discussion, the
same is still pending to be initiated by the company.
That as quantified and valued by the management the

total amount of revenue booked on account of the above
construction work during the FY under consideration &
corresponding amount of Construction Cost during the year
is around Rs. 650 Crores, however the same does not have
any impact on the Profitability of the company.
2. Identification of Salary Cost in the Projects That the Revenue from Consultancy Income comprises
Statutory Reports
of major part of the company revenue wherein primarily

the activities are performed by In-house Personnel of the
Company. In view of the management owing to large number
of projects, the apportionment of efforts on each project
cannot be done. The same is also indicated in the accounting
policy that the personnel cost incurred is fully charged off
to profit and loss on periodical basis. Accordingly, there is
no element of personnel cost in the unbilled work/work in
progress on account of contribution of personnel efforts as
at March 31”’ 2022.
3. Provisions and Contingent Liabilities Our audit procedures in response to this key audit
matter
The company is involved in various taxes and other disputes
for which final outcomes cannot be easily predicted and included amongst others,
which could potentially result in significant liabilities. The i. Assessment of the process and relevant controls
Assessment of the risks associated with the litigations is based implemented to identify legal and tax litigations and
on complex assumptions, which require the use of judgment pending proceedings
and such judgement relates, primarily, the assessment of the ii. Assessment of assumptions used in the evaluation of the
uncertainties connected with the prediction of the outcome potential legal and tax risks performed by the legal and
of the proceedings and to the adequacy of the disclosures in tax department of the company.
the financial statements. Because of the judgement required,
iii. Inquiry with legal and tax department regarding status
the materiality of such litigations and complexity of the
of the significant disputes and inspection of the key
assessment process, the area is key matter for our audit.
documents produced before us.
180

iv. Management representations on the possible outcomes
of the ongoing disputes.
v. Review of the adequacy of disclosure in the Notes to
Accounts.
4. Provision for Performance Related Payments Our audit procedures in response to this key audit matter
included amongst others,
Corporate Overview
That in terms of the CPSE Guidelines, the Performance
Related Payment is payable to employees based on the Profit i. Review of the CPSE Guidelines to identify the mode and
Before Tax for the relevant financial year under consideration mechanism of calculation of Performance Related Payments
and accordingly the provisions is duly made in the respective
ii. Inquiry with the concerned department regarding
financial year.
communication or clarification on the above said restated
That in terms of the Ind AS Provisions and the Accounting adjustments.
Policy of the company, the preceding financial year results
iii. Review of the provision in terms of the present guidelines
are restated for Prior Period Adjustments thereby impacting
and adoption of the most practical approach based on
the Profit Before Tax of the previous years
present guidelines.
iv. That the company has represented that the adjustments

if any shall be taken into consideration at the time of actual
disbursement in compliance with necessary directions from
the CPSE.
Statutory Reports
The calculations have been made based on the Audited Profit
before Tax for each Financial Year without considering the
impact of prior period adjustments based on audited financials
for respective year and future adjustment (if any) shall be
considered at the time of actual disbursement.
Emphasis on Matter Interest payable against such earmarked funds

used for other projects, as at 31’’ March 2022
1. That the company is in receipt of advances or
stood at INR 57.31 Crores which needs to be
deposits from clients for meeting the construction
repatriated to the relevant Government (s) or
cost of their respective projects. In terms of
Undertakings.
stipulations, the company is required to keep such
unutilized funds in the form of deposits and the 2. That in terms of the contingent liabilities disclosed
income earned on such deposits is also required by way of Note 50 to the financial statements,
to be transferred back to the client. In fact some reference is drawn to the need to have in place Standalone Financial Statements
of the arrangement requires the opening of a scientific mechanism to assess and provide for
earmarked Bank Accounts. However, such funds the probable liabilities on account of matters
have been utilized for non-earmarked projects and under dispute. That although, the contingent
also instances have been observed where funds liabilities have been disclosed with regards to
withdrawn from the dedicated accounts have not disputed claims, there is no practice of making
been utilized for the earmarked projects. Although adequate provisions with regards to the claims
interest liability has been computed & provided until Arbitration Awards and payment. Further, in
for yet in our opinion such utilizations may pose case of one PSU, there is a claim of Interest to the
risk of breach of contract, liquidity challenges & tune of INR 15 Crores which is being demanded
non-compliance in terms of advancement of such by the party but shown as contingent liability in
funds by the client. (Refer to Note 19 & 60). The the financial statements.
181
3. That considering the nature and volume of accordance with the Ind AS and other accounting
transactions involved there is a need to periodically principles generally accepted in India. This responsibility
reconcile the Inputs as well as the output liability also includes maintenance of adequate accounting
as per books with the returns as per the Goods records in accordance with the provisions of the Act
and Service Tax Act. Further, liability under Goods for safeguarding the assets of the Company and for
and Service Tax may accrue on receipt of the preventing and detecting frauds and other irregularities;
Adjustable Advances/deposits Received by the selection and application of appropriate accounting
Corporate Overview
company on which the tax liability is deposited at policies; making judgments and estimates that are
the time of invoicing by the company. (Refer to reasonable and prudent; and design, implementation
Note No.6!) and maintenance of adequate internal financial
controls, that were operating effectively for ensuring
Our Opinion is not modified on the above matters.
the accuracy and completeness of the accounting
records, relevant to the preparation and presentation
Information Other than the Financial of the standalone financial statements that give a true
Statements and Auditor’s Report Thereon and fair view and are free from material misstatement,
whether due to fraud or error.
The Company’s Management & Board of Directors
is responsible for the other information. The other In preparing the standalone financial statements,
information comprises the information included in the Management & Board of Directors are responsible for
Board’s Report including Annexures to Board’s Report assessing the Company’s ability to continue as a going
but does not include financial statements and our concern, disclosing, as applicable, matters related
auditor’s report thereon. to going concern and using the going concern basis
of accounting unless management either intends to
Our opinion on the standalone financial statements
liquidate the Company or to cease operations, or has
Statutory Reports
does not cover the other information and we do not

no realistic alternative but to do so.
express any form of assurance conclusion thereon.
The Management & Board of Directors a also
In connection with our audit of the standalone
responsible for overseeing the Company’s financial
financial statements, our responsibility is to read the
reporting process.
other information and, in doing so, consider whether
the other information is materially inconsistent with
the standalone financial statements or our knowledge Auditor’s Responsibilities for the Audit of the
obtained during the course of our audit or otherwise Standalone Financial Statements
appears to be materially misstated.
Our objectives are to obtain reasonable assurance
If, based on the work we have performed, we about whether the standalone financial statements as
conclude that there is a material misstatement of this a whole are free from material misstatement, whether
other information; we are required to report that fact. due to fraud or error, and to issue an auditor’s report
We have nothing to report in this regard. that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee
Management’s and Board of Directors that an audit conducted in accordance with SAs will
always detect a material misstatements when it exists.
Responsibilities for the Standalone Financial
Misstatements can arise from fraud or error and are
Statements considered material if, individually or in the aggregate,
The Company’s Management & Board of Directors they could reasonably be expected to influence the
are responsible for the matters stated in Section economic decisions of users taken on the basis of
134(5) of the Act with respect to the preparation these standalone financial statements.
of these standalone financial statements that give a As part of an audit in accordance with SAs, we exercise
true and fair view of the financial position, financial professional judgment and maintain professional
performance, including other comprehensive income, skepticism throughout the audit. We also:
changes in equity and cash flows of the Company in
182
• Identify and assess the risks of material misstatement in aggregate, makes it probable that the economic
of the standalone financial statements, whether due decisions of a reasonably knowledgeable user of the
to fraud or error, design and perform audit procedures standalone financial statements may be influenced.
responsive to those risks, and obtain audit evidence We consider quantitative materiality and qualitative
that is sufficient and appropriate to provide a basis factors in (i) planning the scope of our audit work
for our opinion. The risk of not detecting a material and in evaluating the results of our work; and (ii) to
misstatement resulting from fraud is higher than for evaluate the effect of any identified misstatements in
Corporate Overview
one resulting from error, as fraud may involve collusion, the standalone financial statements.
forgery, intentional omissions, misrepresentations, or
We communicate with those charged with governance
the override of internal control.
regarding, among other matters, the planned scope
• Obtain an understanding of internal financial and timing of the audit and significant audit findings,
control relevant to the audit in order to design including any significant deficiencies in internal control
audit procedures that are appropriate in the that we identify during our audit.
circumstances. Under Section 143(3) (i) of the
We also provide those charged with governance with
Act, we are also responsible for expressing our
a statement that we have complied with relevant
opinion on whether the Company has adequate
ethical requirements regarding independence, and to
internal financial controls system in place and the
communicate with them all relationships and other
operating effectiveness of such controls.
matters that may reasonably be thought to bear on
• Evaluate the appropriateness of accounting our independence, and where applicable, related
policies used and the reasonableness of accounting safeguards.
estimates and related disclosures made by the
From the matters communicated with those charged
management.
with governance, we determine those matters
Statutory Reports
• Conclude on the appropriateness of Management that were of most significance in the audit of the
& Board of Directors use of the going concern standalone financial statements of the current period
basis of accounting and, based on the audit and are therefore the key audit matters. We describe
evidence obtained, whether a material uncertainty these matters in our auditor’s report unless law or
exists related to events or conditions that may regulation precludes public disclosure about the
cast significant doubt on the Company’s ability matter or when, in extremely rare circumstances, we
to continue as a going concern. If we conclude determine that a matter should not be communicated
that a material uncertainty exists, we are required in our report because the adverse consequences of
to draw attention in our auditor’s report to the doing so would reasonably be expected to outweigh
related disclosures in the standalone financial the public interest benefits of such communication.
statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based
Report on Other Legal and Regulatory
on the audit evidence obtained up to the date of
our auditor’s report. However, future events or Requirements
conditions may cause the Company to cease to 1. As required by Section 143(3) of the Act,
continue as a going concern. based on our audit we report that:
• Evaluate the overall presentation, structure and a. We have sought and obtained all the
content of the standalone financial statements, information and explanations which to
including the disclosures, and whether the the best of our knowledge and belief were
standalone financial statements represent the necessary for the purposes of our audit.
underlying transactions and events in a manner
b. In our opinion, proper books of account
that achieves fair presentation.
as required by law have been kept by the
Materiality is the magnitude of misstatements in the Company so far as it appears from our
standalone financial statements that, individually or examination of those books.
183
c. The Balance Sheet, the Statement of Profit and according to the explanations given to
and Loss including Other Comprehensive us:
Income, Statement of Changes in Equity and
(a) The Company has disclosed the impact
the Statement of Cash Flows dealt with by
of pending litigations on its financial
this Report are in agreement with the books
position in its financial statements in
of account.
Note 51.
d. In our opinion, the aforesaid standalone
Corporate Overview
(b) The Company had not entered into any

financial statements comply with the Ind AS
long-term contracts including derivative
specified under Section 133 of the Act.
contracts.
e. On the basis of the written representations
(c) There was no amount which was required
received from the directors as on March
to be transferred to investors education
31, 2022 taken on record by the Board of
& protection fraud.
Directors, none of the directors is disqualified
as on March 31, 2022 from being appointed (d) i. The Management has represented that,
as a director in terms of Section 164(2) of the to the best of its knowledge and belief,
Act. no funds (which are material either
individually or in the aggregate) have
f. With respect to the adequacy of the internal
been advanced or loaned or invested
financial controls over financial reporting of
(either from borrowed funds or share
the Company and the operating effectiveness
premium or any other sources or kind
of such controls, refer to our separate Report
of funds) by the Company to or in any
in “Annexure A”. Our report expresses an
other person or entity, including foreign
Disclaimer Opinion on the adequacy and
Statutory Reports
entity (“Intermediaries”), with the

operating effectiveness of the Company’s
understanding, whether recorded in
internal financial controls over financial
writing or otherwise, that the Intermediary
reporting.
shall, whether, directly or indirectly lend
g. That as required by Section 143(5) of the or invest in other persons or entities
Act, and as per the directions issued by the identified in any manner whatsoever by
Comptroller and Auditor General of India, or on behalf of the Company (“Ultimate
refer to our report in “Annexure - B” Beneficiaries”) or provide any guarantee,
security or the like on behalf of the
h. With respect to the other matters to be
Ultimate Beneficiaries;
included in the Auditor’s report in accordance
with the requirements of Sec 197(16) of ii.
The Management has represented,
the Act, the same are not applicable to the that, to the best of its knowledge and
company in view of the exemption given by belief, no funds (which are material
notification no. G.S.R. 463(E) dated June, either individually or in the aggregate)
5th 2015 issued by the Ministry of Corporate have been received by the Company
Affairs. from any person or entity, including
foreign entity (“Funding Parties”), with
i. With respect to the other matters to be
the understanding, whether recorded in
included in the Auditor’s Report in accordance
writing or otherwise, that the Company
with Rule 11 of the Companies (Audit and
shall, whether, directly or indirectly, lend
Auditors) Rules, 2014, as amended, in our
opinion and to the best of our information
184
or invest in other persons or entities 2. As required by the Companies (Auditor’s Report)

identified in any manner whatsoever Order, 2020 (the “Order”) issued by the Central
by or on behalf of the Funding Party Government in terms of Section 143(11) of the
(“Ultimate Beneficiaries”) or provide any Act, we give in “Annexure C” a statement on the
guarantee, security or the like on behalf matters specified in paragraphs 3 and 4 of the
of the Ultimate Beneficiaries; Order.
iii.
Based on the audit procedures that For Serva Associates
Corporate Overview
have been considered reasonable and Chartered Accountants
appropriate in the circumstances, nothing Form Registration Number: 000272N
has come to our notice that has caused us
to believe that the representations under Sd/-
sub-clause (i) and (ii) of Rule ll (e), as Nitin Jain
provided under (a) and (b) above, contain (Partner)
any material misstatement. Membership Number: 506898
UDIN: 22506898AQHOTQ6072
(e) That the company has declared dividend
Place: Delhi
during the year under consideration against
Date: August 30th, 2022
in terms of the provision of Section 123 of
the Companies Act, 2013.
Statutory Reports
185
ANNEXURE A TO THE INDEPENDENT

AUDITOR’S REPORT
Corporate Overview
(Referred to in paragraph 1(f) under ‘Report on Other Management’s & Board of Director’s
Legal and Regulatory Requirements’ Section of our Responsibility for Internal Financial Controls
report to the Members of M/s Wapcos Limited
The Management & Board of Directors of the Company
Report on the Internal Financial Controls Over Financial are responsible for establishing and maintaining
Reporting under Clause (i) of sub-section 3 of Section internal financial controls based on the internal control
143 of the Companies Act, 2013 (the “Act”) over financial reporting criteria established by the
Company considering the essential components of
Disclaimer Opinion internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting
We have audited the internal financial controls over issued by the Institute of Chartered Accountants
financial reporting of Wapcos Limited (the “Company”) of India (the “ICAI”). These responsibilities include
as of March 31, 2022 in conjunction with our audit the design, implementation and maintenance of
of the standalone Ind AS financial statements of the adequate internal financial controls that were
Company for the year ended on that date. operating effectively for ensuring the orderly and
Statutory Reports
In our opinion, the conventional Financial Accounting efficient conduct of its business, including adherence
System has pose serious limitations in implementing to company’s policies, the safeguarding of its assets,
Internal Financial Controls within the company and the prevention and detection of frauds and errors,
as represented the reliance is presently being made the accuracy and completeness of the accounting
on manual controls and procedures for which no records, and the timely preparation of reliable financial
documentation or records could be place before us for information, as required under the Act.
verification. In the absence of sufficient audit evidence
pertaining to the Internal Financial Control related
Auditor’s Responsibility·
documents produced before us during the course of
our audit, we are unable to comment whether the Our responsibility is to express an opinion on the
internal financial controls over the financial reporting Company’s internal financial controls over financial
were operating effectively as at March 31st 2022 reporting of the Company based on our audit. We
based on the internal control over Financial reporting conducted our audit in accordance with the Guidance
criteria established by the Company considering the Note on Audit of Internal Financial Controls Over
essential components of internal control stated in the Financial Reporting (the “Guidance Note”) issued by
Guidance Note on Audit of Internal Financial Controls the ICAI and the Standards on Auditing prescribed
Over Financial Reporting issued by the Institute of under Section 143(10) of the Companies Act, 2013, to
Chartered Accountants of India. Accordingly, suitable the extent applicable to an audit of internal financial
audit techniques and substantive procedures were controls. Those Standards and the Guidance Note
adopted by us while conducting our audit and these require that we comply with ethical requirements
facts does not impact our opinion on the financial and plan and perform the audit to obtain reasonable
statements except to the extent on the matters where assurance about whether adequate internal financial
we have issued a Modified Opinion. controls over financial reporting was established and
186
maintained and if such controls operated effectively in preparation of financial statements in accordance
all material respects. with generally accepted accounting principles, and
that receipts and expenditures of the company are
Our audit involves performing procedures to obtain
being made only in accordance with authorisations of
audit evidence about the adequacy of the internal
management and directors of the company; and (3)
financial controls system over financial reporting and
provide reasonable assurance regarding prevention or
their operating effectiveness. Our audit of internal
timely detection of unauthorised acquisition, use, or
financial controls over financial reporting included
Corporate Overview
disposition of the company’s assets that could have a
obtaining an understanding of internal financial
material effect on the financial statements.
controls over financial reporting, assessing the risk that
a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal Inherent Limitations of Internal Financial
control based on the assessed risk. The procedures Controls over Financial Reporting
selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement Because of the inherent limitations of internal
of the financial statements, whether due to fraud or financial controls over financial reporting, including
error. the possibility of collusion or improper management
override of controls, material misstatements due to
We believe that the audit evidence we have obtained, error or fraud may occur and not be detected. Also,
is sufficient and appropriate to provide a basis for projections of any evaluation of the internal financial
our audit opinion on the Company’s internal financial controls over financial reporting to future periods are
controls system over financial reporting. subject to the risk that the internal financial control
over financial reporting may become inadequate
Meaning of Internal Financial Controls over because of changes in conditions, or that the degree
Statutory Reports
of compliance with the policies or procedures may
Financial Reporting
deteriorate.
A company’s internal financial control over financial
reporting is a process designed to provide reasonable For Serva Associates
assurance regarding the reliability of financial reporting Chartered Accountants
and the preparation of financial statements for external Form Registration Number: 000272N
purposes in accordance with generally accepted
accounting principles. A company’s internal financial Sd/-
control over financial reporting includes those policies Nitin Jain
and procedures that (1) pertain to the maintenance of (Partner)
records that, in reasonable detail, accurately and fairly Membership Number: 506898
reflect the transactions and dispositions of the assets UDIN: 22506898AQHOTQ6072
of the company; (2) provide reasonable assurance Place: Delhi

that transactions are recorded as necessary to permit Date: August 30th, 2022
187
ANNEXURE - B TO THE AUDITOR’S REPORT

Corporate Overview
Report under Section 143(5) of the Act, and as 3. Whether funds (grant/subsidy etc.) received/
per the directions issued by the Comptroller and receivable for specific schemes from central/
Auditor General of India on Financials of M/s state Government or its agencies were properly
Wapcos Limited for the Financial Year ended 31st accounted for/ utilized as per its term and
March 2022 conditions? List the cases of deviation.
Directions under Section 143(5) of the Companies Act Reply: As informed and represented to us no
2013 applicable. such funds have been received/utilized during
the financial year under consideration under any
1. Whether the company has system in place to
scheme of the central/state government. ( that
process all the accounting transactions through IT
advances/funds received under deposit work are
system? If yes, the implications of processing of
for business transactions not under any scheme)
accounting transactions outside IT system on the
integrity of the accounts along with the financial
implications, if any, may be stated. Sub-directions
Reply: No, the financial records and accounts i. Whether company has raised invoices on
are centralized at the corporate office on a it’s customers in respect of unbilled revenue
Statutory Reports
technologically obsolete software application recognized in one or more previous years? If not,
namely, “Foxpro 2.60” which lacks access what are the reasons for the same? Impact on the
controls, posting controls, account classification financial statements due to non-raising of invoices
controls, nomenclature controls and reporting may be stated.
requirements. That the said system is deprived
Reply: That out of the total unbilled amount of INR
of requisite IT Controls, measures and reliance
1230.14 Lacs as at 31st March 2021, during the
is represented to have been made on Manual
financial year under consideration the company
Controls by the management. That despite having
has invoiced INR 595.60 Lacs and booked the
large number of projects geographically spread all
same as revenue. Amount of INR 52.16 Lacs
over India and abroad, the financial data pertaining
has been fully impaired during the year. Further
to the Project Management is controlled manually
INR 582.38 Lacs had remained unbilled as at
and the project reports shared during the course
31st March 2022 which pertains to a Project in
of audit underwent several corrections and
Myanmar and against which sum of INR 105.29

revisions.
Lacs was billed before the date of our audit report
2. Whether there is any restructuring of an existing and as represented by the management the
loan or cases of waiver/write off debts/loans/ balance amount shall be billed in FY 2022-23. In
interest etc. made by a lender to the company due the absence of any documents pertaining to work
to the company’s inability to repay the loan? If termination or suspension provided to us during
yes, the financial impact may be stated. Whether the course of our audit and considering the fact
such cases are properly accounted for? (In case, that partial payment was received we have relied
lender is the Government Company, then this on such representation.
direction is also applicable for statutory auditor of
ii. What is the impact on financial statements of
lender company)
Wapcos Limited due to change in Government
Reply: No of Afghanistan in August 2021 and it’s impact
188
on various undergoing projects in or related to needs to assess the Probability of default and
Afghanistan? Whether Company has made any also the delay in realization into consideration
accounting/adjustment in the books of accounts and compute the adequate provisioning required
of this? against the above said receivables and projects.
Reply: No. The management has represented that
out of the total outstanding receivable of INR 40.34 For Serva Associates
Crores as on the August, 1sth, 2022 it has already Chartered Accountants
Corporate Overview
received INR 20.65 Crores on April 4th, 2022 Form Registration Number: 000272N
and have received affirmative confirmations for
receipt of balance amount from respective clients. Sd/-
A provision of INR 4.07 Crores has been made as Nitin Jain
per the ECL Policy of the Company. Our opinion (Partner)
is modified on account of inadequate provision Membership Number: 506898
been made by the company in the absence of UDIN: 22506898AQHOTQ6072
direct confirmation from the funding agency or Place: Delhi
organization. In our opinion the management Date : August 30th, 2022
Statutory Reports
189
ANNEXURE - C TO THE AUDITORS’ REPORT

Corporate Overview
(Referred to in paragraph 2 under ‘Report on d. The Company has not revalued any of its
Other Legal and Regulatory Requirements’ Property, Plant and Equipment (including
Section of our report to the Members of M/s right of-use assets) and intangible assets
Wapcos Limited during the year.
To the best of our information and according to the e. No proceedings have been initiated during
explanations provided to us by the Company and the the year or are pending against the Company
books of account and records examined by us in the as at March 31, 2022 for holding any benami
normal course of audit, we state that: property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016)
i. a. (A) The Company is in possession of asset
and rules made thereunder.
wise records showing full particulars, including
quantitative details and situation of Property, ii . a. The physical verification of inventory has been
Plant and Equipment however neither there is any stated to be conducted at reasonable intervals
distinct marking on the physical assets nor such by the company & no material discrepancies
marking is available in the location wise physical have been stated to be noticed on physical
Statutory Reports
verification asset sheet. verification of the inventory during the year.

The inventory has been taken as qualified,
(B) The company has maintained proper records
valued and certified by management.
showing full particulars of intangible assets.
b. That the company has been sanctioned
b.
That there is a need to streamline and
working capital limit from 1 bank or financial
formalize the process of physically verifying
institutions on the basis of security of
the assets at regular intervals according to
current assets. That the quarterly returns or
a regular program of verification which, in
statements filed with the Bank are not in
our opinion having regard to the size of the
reconciliation with the books of accounts and
company and nature of its assets is necessary.
the difference observed are disclosed in 17(B)
That the management has represented that
to the financial statements. As represented to
no discrepancy has been observed on such
us the company has unilaterally filed revised
physical verification however in the absence of
statements with the banks the consequential
distinctive marking in the physical verification
impact of which could not be assessed during

sheet as stated above, we have relied upon
the course of our audit. Further in case of
the management representation.
Non-Funded Facilities from 4 Banks, as per
c. Based on our examination of the property statement required to be filed in case of
tax receipts for land on which building is one of the banks the same was found to be
constructed & conveyance deed provided to incomplete or while in case of another bank
us, we report that self-constructed buildings the same was not filed as per representations
and title deeds of immovable properties as made to us.
disclosed in the financial statements included
iii. a) That with regard to the security, guarantee
under Property, Plant and Equipment are
and loan provided:
held in the name of the Company as at the
balance sheet date. A. the company does not have any subsidiaries, Joint
190
venture and associate, and hence, clause (iii) (a) vi. The maintenance of cost records has
(A) is not applicable. not been specified by the Central
Government under sub-section (1) of
B. That company has not granted security and
Section 148 of the Companies Act, 2013
guarantee to its holding company, subsidiary or
for the business activities carried out by
Group company and hence, clause (iii) (a) (B) is
the Company. Hence, reporting under
not applicable.
clause (vi) of the Order is not applicable
Corporate Overview
b) That the company has not given any loan, to the Company.
guarantee & securities given to parties
vii. In respect of statutory dues:
covered under Section 189 of the Companies
Act, 2013 as at 31st March, 2022, and clause (a) The company is regular in depositing with
(iii) (b) is not applicable. appropriate authorities undisputed statutory dues
including Income Tax, Cess and other statutory
c) That the company has not given any loan,
dues applicable to it. According to the information
guarantee & securities and hence clause (iii)
and explanations given to us, no undisputed
(c) is not applicable.
amounts payable in respect of provident fund,
d) That the company has not given any loan, employees state insurance, income tax, duty of
guarantee & securities and hence clause (iii) customs, Goods & Services Tax (GST), cess and
(d) is not applicable. other statutory dues were in arrears as at 31st
e) That the company has not given any loan, March 2022 for a period of more than six months
guarantee & securities and hence clause (iii) from the date they become payable.
(e) is not applicable. (b) There were no undisputed amounts payable
in respect of Goods and Service tax, Provident
Statutory Reports
f) That the company has not given any loan,
guarantee & securities and hence clause (iii) Fund, Employees’ State Insurance, Income Tax,
(f) is not applicable. Sales Tax, Service Tax, duty of Custom, duty of
Excise, Value Added Tax, Cess and other material
iv. That the company has not granted any statutory dues in arrears as at March 31, 2022 for
loans, guarantees & securities and hence a period of more than six months from the date
clause (iv) is not applicable. they became payable.
v. The Company has not accepted any deposit (c) According to the information and explanation
or amounts which are deemed to be given to us, there was no outstanding statutory
deposits covered under Sections 73 to dues which have been deposited on account of
76 of the Companies Act, 2013. Hence, dispute with the authorities except as under:
reporting under clause 3(v) of the Order
is not applicable.

Period to
Forum where
Sl. Name of the Nature of which it
the dispute is Amount in Rs. Present Status
No. Stature Dues relates
pending
(Fin Year)
Demand on E-Portal, request
Income Tax Act Income Tax
1. Income tax 2001-02 5,00,000.00 for disagreement & necessary
1961 Department
rectification made
1961 Department
rectification made
3. Income tax 2007-08 3,98890.00 for disagreement & necessary
1961 Department
rectification made
191
Period to
Forum where
Sl. Name of the Nature of which it
the dispute is Amount in Rs. Present Status
No. Stature Dues relates
pending
(Fin Year)
1961 Department
rectification made
Corporate Overview

5. Income tax 2010-11 2,68,73,896.00 for disagreement & necessary
1961 Department
rectification made
Income Tax Act Income tax
6. Income tax Appellate 2013-14 48,51870.00 Pending for Hearing
1961 Tribunal
Income Tax Act Income Tax Demand on E-Portal, request for
7. Income tax 2014-15 25,23,255.00
1961 Department necessary rectification made
Income Tax Act
8. Income tax CIT Appeals 2017-18 36,69,73,000.00 Pending for Fixation
1961
Appeal filed for non-
Income Tax Act consideration of payment of
9. Income tax CIT Appeals 2020-21 11,13,68,580.00
1961 Dividend Distribution Tax and
application u/s 154 also filed
Appeal fixed for various
Statutory Reports
Income Tax Act additions made in the Intimation

10. Income tax CIT Appeals 2020-21 22,13,60,180.00
1961 Order and application u/s 154
also filed
Uttrakhand GST Disagre with demand and reply
11. GST 2020-21 50,000.00
GST· Department submitted
GST Appeals- Cash ledger attached and appeal
12. GST Odisha GST Jan,2021 57,87,158.00
ASMT 10 has been filed
GST Appeals-
13. GST Odisha GST Jan,21 37,86,198.00 Appeal filed and hearing awaited
ASMT 13
GST Appeals-
14. GST Odisha GST Feb,21 2,62,13,860.00 Appeal filed and hearing awaited
ASMT 13
GST Appeals-
15. GST Odisha GST Mar,21 4,65,84,548.00 Appeal filed and hearing awaited
ASMT 13
GST Appeals-
16. GST Odisha GST Apr,21 54,25,072.00 Appeal filed and hearing awaited
ASMT 13
GST Appeals-
17. GST Odisha GST May,21 53,37,158.00 Appeal filed and hearing awaited
ASMT 13
GST Appeals-
18. GST Odisha GST June,21 38,64,086.00 Appeal filed and hearing awaited
ASMT 13
Madhya GST Appeals-
19. GST Jan,21 2,33,18,072.00 Appeal filed and hearing awaited
Pradesh GST ASMT 13
Madhya GST Appeals-
20. GST Feb,21 1,58,58,372.00 Appeal filed and hearing awaited
Pradesh GST ASMT 13
Madhya GST Appeals-
21 GST Mar,21 1,89,64,550.00 Appeal filed and hearing awaited
Pradesh GST ASMT 13
192
viii. There were no transactions relating to previously xi. a)

That as represented by the management,
unrecorded income that have been surrendered no fraud by the Company and no material
or disclosed as income during the year in the tax fraud on the Company has been noticed or
assessments under the Income Tax Act, 1961 (43 reported during the year.
of 1961).
b) No report under sub-Section (12) of Section
ix. a) The Company has not defaulted in repayment 143 of the Companies Act has been filed in
of loans or in the payment of interest thereon Form ADT-4 as prescribed under rule 13 of
Corporate Overview
to any lender. Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year
b) That no instance or information has come
and up to the date of this report.
on our records in context to the Company
been declared wilful defaulter by any bank c) That as represented by the management,
or financial institution or government or any there are no whistle blower complaints
government authority. received by the company during the year.
c) That the loans have been applied for the xii. The Company is not a Nidhi Company and hence
purpose for which the loans were obtained reporting under clause (xii) of the Order is not
except to the extent that sum of INR 16 applicable.
Crores was utilized for payment of dividend to
xiii. In our opinion, the Company is in compliance with
the shareholders of the company as reported
Section 177 and 188 of the Companies Act, 2013
above.
with respect to applicable transactions with the
d) On an overall examination of the financial related parties, where applicable and the details
statements of the Company, funds raised on of related party transactions have been disclosed
Statutory Reports
short term basis have, prima facie, not been in the standalone financial statements as required
used during the year for long-term purposes by the applicable accounting standards.
by the Company.
xiv. In our opinion the Internal Audit System of the
e) The company does not have any subsidiaries, Company is not commensurate with the size of
Joint venture or associate, therefore clause the company and the nature of its operations.
(ix) (e) is not applicable.
a) That based on the review of the Internal
f) The company does not have any subsidiaries, Audit reports, it has been observed that there
Joint venture or associate, therefore clause has been no compliance revert to the internal
(ix) (f) is not applicable. audit observations and hence the financial
implications as well as the corrective measures
x. a) The Company has not raised moneys by way
taken/to be taken could not be identified. The
of initial public offer or further public offer
Internal Auditor has cited limitations relating
(including debt instruments) during the year
to non-availability of the data or information
and hence reporting under clause 3(x)(a) of
to the auditors. Further as informed to us the
the Order is not applicable.
internal audit was restricted to the financial
b) According to the information and explanations documents located at the corporate office
given to us and on an overall examination only which in our opinion are not adequate for
of the balance sheet, during the year, the the purpose of verification of decentralized
Company has not made any preferential records maintained at the project site offices
allotment of shares during the year under on PAN India Basis.
review and hence compliance with the
xv. Based on our audit procedures performed for
provisions of Section 42 of Companies Act
the purpose of reporting the true and fair view
2013 is not applicable.
of the financial statements and according to
193
the information and explanations given by the report and we neither give any guarantee nor any
management, the Company has not entered assurance that all liabilities falling due within a
non-cash transactions with directors or persons period of one year from the balance sheet date1
connected for acquiring of any asset by the will get discharged by the Company as and when
directors or persons connected. they fall due.
xvi. In our opinion, the Company is not required to xx. a. That unspent amount of INR 13 Lacs s towards
be registered under Section 45-IA of the Reserve Corporate Social Responsibility (CSR) on other
Corporate Overview
Bank of India Act, 1934. Hence, reporting under than ongoing projects has been transferred
clause 3(xvi) (a), (b) and (c) of the Order is not to a separate bank account. That as at 31’’
applicable. March 2022 the same does not require a
transfer to a Fund specified in Schedule VII
xvii. The Company has not incurred Cash losses during
to the Companies Act in compliance with
the financial year covered by our audit and the
second proviso to sub-Section (5) of Section
immediately preceding financial year.
135 of the said Act.
xviii. There has been no resignation of
b. That there is no amount which has remained
the statutory auditors of the Company during the
unspent amount under sub-Section (5) of
year.
Section 135 of the Companies Act1 therefore
xix. On the basis of the financial ratios1 ageing and clause (xx) (b) is not appliable.
expected dates of realisation of financial assets and
xxi. That the above reporting is pertaining to
payment of financial liabilities/ other information
Standalone Financial Statements and hence
accompanying the financial statements and
reporting under clause (xxi) is not required.
our knowledge of the Board of Directors and
Statutory Reports
Management plans and based on our examination

of the evidence supporting the assumptions/
For Serva Associates
nothing has come to our attention1 which causes
Chartered Accountants
us to believe that any material uncertainty exists
Form Registration Number: 000272N
as on the date of the audit report indicating that
Company is not capable of meeting its liabilities
Sd/-
existing at the date of balance sheet as and when
Nitin Jain
they fall due within a period of one year from the
(Partner)
balance sheet date. We1 however/ state that this
Membership Number: 506898
is not an assurance as to the future viability of
UDIN: 22506898AQHOTQ6072
the Company. We further state that our reporting
Place: Delhi
is based on the facts up to the date of the audit
194
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
BALANCE SHEET AS AT 31ST MARCH, 2022 (` in Lakhs)
Particulars Note No. As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
ASSETS
NON CURRENT ASSETS
(a) Property, Plant And Equipment 2 1,954.60 1,894.95 2,186.85
(b) Capital Work-In-Progress - - -
Corporate Overview
(c) Right of Use Assets 2A 1,218.03 2,041.91 2,367.52
(d) Investment Property - - -
(e) Goodwill - - -
(f) Other Intangible Assets 2B 269.14 63.92 115.48
(g) Intangible Assets under Development - - -
(h) Biological Assets other than Bearer Plants - - -
(i) Financial Assets
(i) Investment 3 8,019.52 8,017.25 8,015.03
(ii) Trade Receivables - - -
(iii) Loans - -
(iv) Other Financial Assets 4A 2,390.51 2,068.48 10,544.35
(j) Deferred Tax Assets (Net) 5 9,663.34 8,827.60 7,391.15
(k) Other Non-Current Assets 6 153.62 394.18 263.33
CURRENT ASSETS
(a) Inventories - - -
(b) Financial Assets
(i) Investments - - -
(ii) Trade Receivables 7 161,274.08 157,283.96 148,156.45
(iii) Cash and Cash Equivalents 8 19,243.59 22,598.56 10,746.93
(iv) Bank Balances other than (iii) above 9 32,984.30 33,204.45 28,932.66
(v) Other Financial Assets 4B 3,246.41 2,775.41 2,652.87
(c) Current Tax Assets (Net) 10 8,104.07 4,335.38 4,090.17
(d) Other Current Assets 11 23,219.81 24,411.34 17,558.84
TOTAL ASSETS 271,741.02 267,917.38 243,021.63
EQUITY AND LIABILITIES
EQUITY
Statutory Reports
(a) Equity Share Capital 12 13,000.00 13,000.00 10,000.00
(b) Other Equity 13 48,944.86 47,146.12 48,925.03
LIABILITIES
NON CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 17A 3,785.37 - -
(ia) Lease Liability 18A 920.75 1,634.38 1,847.82
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 14A 41.46 262.39 960.23
(B) total outstanding dues of creditors other than micro and small enterprises 14A 815.99 1,557.03 1,850.29
(iii) Other Financial Liabilities 19A 7,281.32 6,498.35 5,092.97
(b) Provisions 15A 7,187.88 6,710.35 5,843.55
(c) Deferred Tax Liabilities(Net) - - -
(d) Other Non-Current Liabilities 16A 5,990.98 8,996.57 14,284.25
CURRENT LIABILITIES
(i) Borrowings 17B 4,299.87 4,820.03 405.18
(ia) Lease Liability 18B 492.46 630.03 652.52
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 14B 34,141.12 36,339.57 26,956.71
(B) total outstanding dues of creditors other than micro and small enterprises 14B 75,595.77 75,061.55 71,666.67
(iii) Other Financial Liabilities 19B 12,002.32 10,980.13 10,748.52

(b) Provisions 15B 3,131.93 2,900.46 2,237.31
(c) Current Tax Liabilities (Net) - - -
(d) Other Current Liabilities 16B 54,108.94 51,380.42 41,550.58
TOTAL EQUITY & LIABILITIES 271,741.02 267,917.38 243,021.63
Significant Accounting Policies and Notes to Accounts forming an integral part of financial statements Note 1-67
For and on behalf of the Board

Sd/- Sd/- Sd/- Sd/- Sd/-
(Kavita Parmar) (Anil Trigunayat) (Anupam Mishra) (Pankaj Kapoor) (R K Agrawal)
Company Secretary Director Director (C & HRD) Director (Finance) Chairman-cum-Managing Director
(DIN No. 07900294) (DIN No. 08271048) (DIN No. 07290569) (DIN No. 09344894)
As per our Report of even date attached

Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
195
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
Figures as at the end of Current Figures as at the end of Current
Particulars Note No.
reporting period (31st March, 2022) reporting period (31st March, 2021)
REVENUE
I Revenue from operations 20 1,37,372.56 1,30,758.06
Corporate Overview
II Other income 21 3,251.70 2,358.52

III Net gain on De-recognition of Financial Assets at Amortised Cost - -
IV Net gain on Reclassification of Financial Asset - -
V Total Income (I+II+III+IV) 1,40,624.26 1,33,116.58
VI EXPENSES
Construction Expenses 22 64,935.27 59,456.64
Employee Benefit Expenses 23 31,276.36 27,522.13
Finance Cost 24 1,910.86 1,797.78
Services Obtained 25 17,712.20 18,629.40
Depreciation and Amortisation Expenses 26 1,044.32 1,298.74
Net Loss on De-recognition of Financial Assets at Amortised Cost - -
Net Loss on Reclassification of Financial Asset - -
Corporate Social Responsibility Expenses (Recommendatory as per Guidence Note on 27 296.09 186.03
Schedule III)
Other Expenses 28 17,335.89 18,409.99
Total Expenses (VI) 1,34,510.99 1,27,300.71
Prior Period (Netting) - -
VII Profit/ (loss) before Share of Profit/(loss) of an Associates/ a joint Venture and 6,113.27 5,815.87
Exceptional Items and Tax (V-VI)
VIII Share of Profit/(loss) of an Associates/ a joint Venture - -
IX Profit/ (loss) before Exceptional Items and Tax (VII+VIII)
X Exceptional Items 29 15.86 (1.27)
XI Profit/ (loss) before tax (IX+X) 6,129.13 5,814.61
XII TAX EXPENSE 30
(1) Current Tax 2,669.49 3,632.64
Statutory Reports
(2) Income Tax Earlier Years 282.33 (70.59)

(3) Deferred Tax (907.64) (1,444.52)
XIII Profit/ (Loss) for the period from Continuing Operations (XI-XII) 4,084.95 3,697.08
XIV Profit/ (Loss) for the Discontinued Operations - -
XV Tax Expenses of Discontinued Operations -
XVI Profit/ (Loss) for the Discontinued Operations after Tax (X-XI) -
XVII Profit/ (Loss) for the Period (IX-XII) 4,084.95 3,697.08
XVIII OTHER COMPREHENSIVE INCOME
Items
Remeasurement of Defined Benefit Plans Gain/(Loss) - PRMS 117.86 (114.30)
Deferred tax impact (29.66) 28.77
Remeasurement of Defined Benefit Plans Gain/(Loss) - Leave Encashment - -
Deferred tax impact - -
Remeasurement of Defined Benefit Plans Gain/(Loss) - Gratuity 165.54 144.18
Deferred tax impact (41.66) (36.29)
Gains / Losses From Investment in Equity Instruments Designated at Fair Value through OCI 2.27 2.21
Income Tax Relating to Items that will not be reclassified to Statement of Profit & Loss - -
XIX Total Other Comprehensive Income of the Year (Net of Tax) 213.78 24.02
Total Comprehensive Income of the Year 4,298.73 3,721.10
XX Earning per equity share (Refer Note No. - 34)
Equity share of par value of ` 10/- each

(1) Basic (In ` Only) 3.14 2.84
(2) Diluted (In ` Only) 3.14 2.84
Significant Accounting Policies and Notes referred to above forming an integral part of the Note 1-67
Statement of Profit & Loss


Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
196
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
STATEMENTS OF CHANGES IN EQUITY AS AT 31ST MARCH, 2022
A. Equity Share Capital

(1) Current Reporting Period FY 2021-2022 (` in Lakhs)
Corporate Overview
Balance as the Changes in Equity Restated balance at Changes in equity Balance at the
beginning of the Share Capital due to the beginning of the share capital during end of the current
Current reporting prior period errors current reporting the current year reporting period
period period
13,000.00 - - - 13,000
(2) Previous Reporting Period FY 2020-2021

period period
10,000.00 - - 3,000.00 13,000.00
(3) Previous Reporting Period FY 2019-2020
Statutory Reports
period period
10,000.00 - - - 10,000.00
B OTHER EQUITY
Description Share Equity Reserves and Surplus Other Comprehensive Income (OCI) Money Total
Application component received
money pending of compound against
allotment Financial Share
Instruments Warrants
General Retained Capital Remeasurement Gains / Other Items
Reserve Earnings Reserve of Defined (Losses) from of Other
(A) (B) (C) Benefit Plans (D) Investments Comprehensive
in Equity Income (Specify
Instruments Income)
designated head
FVOCI (E)

Balance as at 31 March, 2021 - - 6,969.25 40,741.23 - (593.98) 29.62 - - 47,146.12
Profit for the year - 4,084.95 - - - 4,084.95
Dividend paid during the year (2,500.00) - - - - (2,500.00)
Other Comprehensive Income - - - 283.40 - 283.40
Fair Value Gain on Equity Share - - - - 2.27 2.27
Investment
Income Tax impact on OCI - - - (71.33) (0.57) (71.90)
197
(2) Previous Reporting Period FY 2020-2021 (` in Lakhs)

General Retained Capital Remeasurement Gains / Other Items
Instruments Income)
designated head
Corporate Overview
FVOCI (E)
Dividend paid during the year (2,500.00) - - - - (2,500.00)
Less: Bonus issue (3,000.00) - - - - (3,000.00)
Fair Value Gain on Equity Share - - - - 2.21 2.21
Investment
Other Comprehensive Income - - - 29.88 - 29.88
Income Tax impact on OCI - - - (7.52) (0.56) (8.08)
Other Changes (Refer Note 1) - 115.36 - (115.36) - -

w General Retained Capital Remeasurement Gains / Other Items
Instruments Income)
designated head
Statutory Reports
FVOCI (E)
Balance as at 31 March, 2019 - - 2,469.25 39,922.45 - 394.44 26.02 - - 42,812.17
Effect of changes in Prior Period - (802.97) - - - (802.97)
Expenses / Income
Restated Balance as at 01 April, - - 2,469.25 39,119.48 - 394.44 26.02 - - 42,009.20
2019
Effect of changes in Prior Period - (409.72) - - -
Expenses / Income
Transfer to General Reserve 10,000.00 (10,000.00) - - - -
Other Comprehensive Income - - - (1,350.73) 2.59 (1,348.14)
Income Tax impact on OCI - - - 339.95 (0.65) 339.30
Dividend paid including DDT - (5,184.00) - - - (5,184.00)
Paid during the year
Prepaid exp and lease - - - (1.10) - (1.10)
discounting
Other changes (Lease - - - 116.47 - 116.47
Equalisation reserve)
Note 1: Being Lease Equalisation Reserve, Lease Discounting and Prepaid expense adjusted through Other Comprehensive Income transferred to Reserves and Surplus during the period under consideration.
Significant Accounting Policies and Notes to Accounts form an integral part of standalone financial statements (Note 1-67)


Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
198
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
S. No. Particulars For the year ended 31st March, 2022 For the year ended 31st March, 2021
A) Cash Flow From Operating Activities
Net Profit Before Tax As Per Statement Of Profit And Loss 6,129.13 5,814.61
Corporate Overview
i) Adjustment For:
Interest Income Recognised In Statement Of Profit/ (Loss) (749.82) (1,295.39)
Dividend Income (989.41) (0.48)
Concessional Rent / Lease Termination (74.36) - (16.16)
(Profit) Loss On Account Of Exchange Variation (1,211.35) - 1,049.58
(Profit)/Loss On Sale Of Fixed Assets (Net) 6.19 1.27
Fixed Assets written off 2.79 -
Provision For Trade Receivable And Retention Money 4,838.41 6,549.19
Provision For Advance rent 25.00 -
Provision For Advance to supplier 5.81 -
Depreciation And Amortisation 391.26 487.79
Depreciation And Amortisation On Right to Use 653.06 810.95
Provision Written Back (22.05) -
Finance Cost Rou Assets 157.88 213.66
Finance Cost Term Loan 63.61 -
Finance Cost CASH CREDIT 343.35 280.60
EIR Adjustment in Long term Borrowings 0.57
3,440.96 8,080.99
Operating Profit Before Working Capital Changes 9,570.09 13,895.60
ii) Changes In Assets And Liabilities
Trade Receivable (8,766.46) - (15,750.29)
Statutory Reports
Trade Payable (2,626.20) 11,786.65
Other Current Assets 1,160.72 (6,852.50)
Non- Current Assets 240.57 (130.85)
Other Current Financial Assets (471.00) (122.54)
Non Current Financial Assets (384.10) - 8,549.46
Other Current Liabilities 2,728.52 9,829.84
Non Current Liabilities (3,005.59) (5,287.68)
Other Current Financial Liabilities 1,044.24 231.60
Non Current Financial Liabilities 782.98 1,405.37
Current Provisions 514.88 693.03
Non-Current Provision 477.54 866.80
(8,303.92) 5,218.90
Cash Generated From Operating Activities Before Taxes 1,266.17 19,114.50
Less: Corporate Tax Paid (6,720.51) (6,720.51) (3,807.26) (3,807.26)
Less: Corporate Tax Paid / Adjusted For Earlier Years - -
Net Cash Flow From Operating Activities (5,454.34) 15,307.24
B) Cash Flow From Investing Activities
Dividend Income 989.41 0.48

Sale Of Property, Plant & Equipment 1.37 0.20
Disposal Of Intangible Assets - -
Purchase Of Property, Plant & Equipment (410.65) (122.60)
Purchase Of Intangible Assets (255.84) (23.20)
Deposit Not Considered As Cash & Cash Equivalent 220.15 (4,271.79)
Interest Income Recognised In Statement Of Profit/ (Loss) 749.82 1,295.39
Interest of Lease Liability
Net Cash Flow From Investing Activities 1,294.27 (3,121.50)
C) Cash Flow From Financing Activities
Principal elements of lease payments (606.02) (705.11)
Interest element of lease payments (157.88) (213.66)
Proceeds from long term borrowings 3,982.30 -
(Repayment) of long term borrowings (197.49) -
Repayments from short term borrowings (net) (520.16) 4,414.85
Dividend paid to Company's shareholders (Including Tax) (2,500.00) (2,500.00)
Finance Cost paid (406.96) (280.60)
Net Cash Flow From Financing Activities (406.22) 715.49
199
S. No. Particulars For the year ended 31st March, 2022 For the year ended 31st March, 2021
Effect Of Exchange Difference On Translation Of Foreign Currency 1,211.35 (1,049.58)
Cash & Cash Equivalents
Net Increase / Decrease In Cash & Bank Balances (3,354.94) 11,851.64
Cash & Bank Balances At The Beginning Of The Year 22,598.56 10,746.93
Cash & Bank Balances At The Closing Of The Year 19,243.59 22,598.56
Notes (3,354.97) 11,851.63
1.Indirect Method Has Been Followed For Preparing Cash Flow As 19,243.59 22,599.56
Per Ind As-7
2. Cash & Bank Balances Represents: 19,243.63 22,598.57
Corporate Overview
A. Cash & Cash Equivalents :

(A) Balance With Banks In Current A/C'S 19,095.98 22,586.35
(B ) Remittance In Transit
(C) Bank Deposits Having Original Maturity Less Than 3 Months 137.61 2.21
(D) Cash On Hand 10.00 10.00
(E) Postage Stamps - -
19,243.59 22,598.56
Note: Reconciliation of liabilities arising from Financing activities under Ind AS 7

(` in Lakhs)
Borrowings For the year ended For the year ended
31st March, 2022 31st March, 2021
Balance at the beginning of the year 4,820.03 405.18
Cash flow - Proceeds / (Repayments) 3,264.65 4,414.85
Non cash changes 0.57 -
Balance at the end of the year 8,085.25 4,820.03

Statutory Reports

Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
200
ACCOUNTING POLICIES
1. ACCOUNTING POLICIES Consultancy Services in Water Resources., Power
Corporate Overview
and Infrastructure Development Projects related
The following accounting policies have been
to Residential, Office Buildings, Civil Works, Roads
adopted for preparation of Financial statements
& Highways, Irrigation, Agriculture and Water
for the Financial Year ending 2021-22
Projects, Electrical Power Projects for Generation,
Company Overview substation, Transmission etc.
WAPCOS Limited (the Company) is a "MINI The Company is incorporated under Companies
RATNA-1" Public Sector Enterprise under the aegis Act 1956 and domiciled in India having registered
of the Union Ministry of Jal Shakti, Department office at Kailash, 5th Floor, 26 Kasturba Gandhi
of Water Resources, Ganga Rejuvenation & River Marg, New Delhi — 110001 (India) and Corporate
Development, Incorporated on June 26th, 1969 office at 76-C, Sector -18, Gurugram, Haryana
under the Companies Act, 1956; WAPCOS is a -122015 (India).
technology driven consultancy and Engineering, The entire shareholding of the company is held by
Procurement and Construction Organization with the President & its nominees. The Government of
strong home country and global presence in the India has decided to divest part shareholding of
field of Water, Power and Infrastructure sectors. the company through IPO & also get the company
Statutory Reports
Engineering Excellence, Exceptional Workforce listed in the process. The IPO is planned to be
and Customer Centric Approach has enabled to done during the Financial Year 2022-23 & DIPAM
deliver projects consistently to clients. WAPCOS is taking necessary action in this regard.
has the requisite experience & expertise to
The company has also received approval from
undertake Consultancy & EPC projects of any scale
Ministry of Jal Shakti for merger of M/s NPCC
and complexity in the sectors of its operation.
Limited with WAPCOS. The company has already
WAPCOS portfolio of projects is both impressive
issued tender for engagement of transaction
and diverse in nature. The quality management
advisor for assisting the company in the merger
systems of WAPCOS comply with the Quality
transaction which is expected to be over by the
Assurance requirements of ISO-9001:2008 for
end of the Financial year 2022-23.
The shareholding pattern of the company is as under:
As at 31.03.2022 As at 31.03.2021
S. Status of
Name of the Shareholder No. of Shares at No. of Shares at
No. Shareholding
Rs. 10/- each Rs. 10/-each
1. President of India Beneficial Owner 129981800 129981800
2. Sh. R.K. Agrawal, Chairman-Cum- Holding Shares 2600 -
Managing Director as Nominee
3. Ms. Debashree Mukherjee, Chairperson- Shareholder of - 2600
cum-Managing Director(Ex) President ofIndia
4. Sh. Manoj Sethi, Joint Secretary & Financial 2600 -

Advisor, Ministry of Jal Shakti, Department
of Water Resources, RD & GR
201
As at 31.03.2022 As at 31.03.2021
S. Status of
Name of the Shareholder No. of Shares at No. of Shares at
No. Shareholding
Rs. 10/- each Rs. 10/-each
5. Sh. Abhay Thakur, Government Nominee 2600 -
Director, Additional Secretary (ER), Ministry
of External Affairs
Corporate Overview
6. Sh. Subod Yadav, Joint Secretary 2600 2600

(Admn., IC & GW), Ministry of Jal Shakti,
Department of Water Resources, RD & GR
7. Sh. Sanjay Awasthi, Joint Secretary (RD & 2600 2600
PP), Ministry of Jal Shakti, Department of
Water Resources, RD & GR
8. Sh Pankaj Kapoor, Director(Finance) 2600 -
9. Sh Anupam Mishra, Director (Comm. & 2600 -
HRD)
The reporting and functional currency of the Company (b) Basis of Preparation of Financial
is Indian Rupees (INR). Figures in financial statements Statements.
are presented in Rs Lakh, by rounding off upto two
decimals except for per share data and as otherwise The financial statements of the Company are
stated. prepared based on principle of the historical cost
except for certain financial assets and liabilities
Statutory Reports
The financial statements are approved for issue by the and defined benefit plans that are measured at fair
company's Board of Directors at its meeting held on
value, and are drawn up to comply in accordance
28th August, 2022
with the Indian Accounting Standards (Ind AS)
notified by Ministry of Corporate affairs (“the
SIGNIFICANT ACCOUNTING POLICIES
MCA”) under section 133 of the Companies Act,
1.1 GENERAL 2013 (the Act) read with Rule 4 of the Companies
(Indian Accounting Standards) Rules 2015, as
(a) Statement of Compliance
amended by Companies (Indian Accounting
The financial statements of the company have Standards) amendment Rules from time to time.
been prepared in accordance with Indian The Ind AS Accounting policies have been applied
Accounting Standards (Ind AS) notified by Ministry consistently to all years presented in the financial
of Company Affairs (“the MCA”) under Section statements.
133 of the Companies Act, 2013 (the Act) read
All assets and liabilities have been classified as
together with Companies (Indian Accounting

current or non-current as per Company’s operating
Standards) Rules, 2015 as amended by Companies
cycle and other criteria set out in Schedule – III
(Indian Accounting Standards) amendment Rules,
to the Companies Act, 2013. Based on nature
2016 and 2017 and onwards.
of activities and the time between acquisition of
Accounting Policies have been consistently applied assets for processing and their realization in cash
except where a newly issued Indian accounting and cash equivalents, the company has ascertained
standard is initially adopted or a revision to an its operating cycle as 12 months for the purpose
existing accounting standard requires a change of current or non-current classification of assets
in the accounting policy hitherto in use. These and liabilities.
financial Statements for the year ended 31st
1.2 Use of Estimates
March 2022, have been prepared in accordance
with all applicable Ind AS. In preparing the financial statements, the
202
management has to make certain judgments, obligation(s) is/are performed

estimates and assumptions. These estimates, The company often enters into transactions
judgments, and assumptions affect the application involving a range of the company’s services . In all
of accounting policies and the reported amount cases, the total transaction price for a contract is
of assets and liabilities, disclosure of contingent based on performance obligations.
assets and contingent liabilities as at the date of
the financial statements and the reported amount Revenue is recognized either at a point of time
Corporate Overview
of revenues and expenses for the year. or over time, when (or as) the Company satisfies
performance obligations by transferring the
The estimates and judgments used in the promised goods or services to its customers.
preparation of the financial statements are
continuously evaluated by the Company and are Transaction price is the amount to which the
based on historical experience and various other company expects to be entitled in exchange for
assumptions and factors (including expectations transferring good or service to a customer. The
of future events) that the Company believes to consideration promised in a contract may include
be reasonable under the existing circumstances. fixed amounts, variable amounts or both. Variable
Although the Company regularly assesses these consideration is estimated using the expected
estimates, actual results could differ from the value method or most likely amount as appropriate
estimates. Appropriate changes in estimates in a given circumstance . Payment terms agreed
are made as the Management becomes aware with customers are as per business practice and
of changes in circumstances surrounding the there is no financing component involved in the
estimates. Changes in estimates are reflected in transaction price.
the financial statements in the period in which The company does not incur any cost for obtaining
changes are made and, if material, their effects are
Statutory Reports
contracts except administrative cost required for
disclosed in the notes to the financial statements. preparation of offers and the same is charged to
1.3 Revenue Recognition the Statement of Profit and Loss.
Revenue from Operations Cost incurred in fulfilling the contract is charged

against the revenue of the respective contract in
1.3.1 The Company derives operating revenue the Statement of Profit and Loss.
primarily from Consultancy & Construction
Contracts. Revenue on contracts are recognized as the
related services are performed and revenue from
1.3.2
The general parameters for recognizing the end of the last billing to the Balance Sheet
revenue in the financial statements date is recognized as unbilled revenue in the
are stated below which are applicable balance sheet.
to all streams of revenue while specific
parameters are stated in the accounting The company recognizes contract liabilities for

policy of the respective stream of revenue. consideration received in respect of unsatisfied
performance obligations and reports these
General Parameters amounts as other liabilities in the balance sheet.
For the purpose of revenue recognition, the Similarly, if the company satisfies a performance
company follows a five step process : obligation but consideration is yet to be received
, then before the consideration is received, the
- Identifying the contract with a customer
company recognizes a contract asset in its balance
- Identifying the performance obligations sheet.
- Determining the transaction price 1.3.3 Revenue is recognized exclusive of Goods
- Allocating the transaction price to the & Service Tax (GST).
performance obligations 1.3.4 Contract revenue comprises of the initial
- Recognising revenue when / as performance amount of revenue agreed in the contract
203
1.3.5 Consultancy Fee In Construction contracts / projects, the company

recognizes revenue over time. Due to high degree
• Revenue from providing services is recognized
of interdependence among various elements
in the accounting period in which services are
of these projects , revenue is accounted for
rendered. Revenue is recognized based on
considering these projects as a single performance
performance obligation satisfied either over
obligation.
time or at a point of time when (or as) the
Company satisfies performance obligations Cost plus contracts
Corporate Overview
by transferring the promised goods or services

• Revenue from cost plus contracts is recognized
to its customers.
over time and is determined with reference
• In case performance obligations are satisfied to the extent performance obligations have
over time, revenue is recognized based on been satisfied. To depict the progress by
the actual service provided to the end of the which the company transfers control of the
reporting period depending on the nature of promised goods to the customer and to
transaction as per contractual stipulations. establish when and to what extent revenue
can be recognized , the company measures
• In other cases where performance obligation is
its progress towards complete satisfaction of
not satisfied over time, revenue is recognized
the performance obligation based on work
at a point of time.
done.
• In the case of Cost Plus contracts, the
• The amount of transaction price allocated
revenue is recognized on the basis of amount
to the performance obligations satisfied
billable commensurate with the progress of
represents the recoverable costs incurred
work under the contract and completion
during the period plus the margin as agreed
Statutory Reports
of associated performance obligations by

with the customer.
transferring the promised goods or services
to its customers. • In case of a cost plus contract if Consultancy
income / fee is stipulated as a separate
• Non-Adjustable Mobilization advance/fee
item, such consultancy income / fee is
is recognized as revenue considering that
recognized as revenue over a period of time
the associated performance obligations
or at a point of time as the company satisfies
have been satisfied. However , recoverable
performance obligations by transferring the
mobilization advance is adjusted against
promised goods or services to its customers
subsequent revenue bookings.
in accordance with the terms of the contract.
• In construction Management / Supervision
• In other cases, Revenue is recognized over
contracts , revenue is recognized as a
time to the extent of performance obligations
percentage of the value of work done / built
satisfied and control is transferred to the
up cost of each contract as determined by the
customer. Contract revenue is recognized at

management , pending customer’s approval,
allocable transaction price which represents
if any.
the cost of work performed on the contract
• Revenue on contracts are recognized as the plus proportionate margin.
related services are performed and revenue
• Any expected loss is recognized as a provision
from the end of the last billing to the Balance
for foreseeable losses at reporting date.
Sheet date is recognized as unbilled revenue
in the balance sheet. 1.3.7 Revenue from sale of goods including
contracts for supply / commissioning of plant and
1.3.6 Construction Projects
equipment is recognized as follows:
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Revenue from sale of goods is recognized when 1.4 Property, Plant and Equipment (PPE)
the control of the same is transferred to the
Free hold land is carried at historical cost. Property,
customer and it is probable that the company will
Plant and Equipment are initially recognized at cost
collect the consideration to which it is entitled for
i.e, cost of acquisition or construction inclusive of
the exchanged goods. Performance obligations in
freight, erection and commissioning charges, non-
respect of contract for sale of goods is considered
refundable duties and taxes, expenditure during
as satisfied at a point of time when the control
construction period, borrowing costs, in case of
Corporate Overview
of the same is transferred to the customer and
a qualifying asset, upto the date of acquisition
where there is an alternate use of the asset or the
/ installation, net of accumulated depreciation
company does not have either implicit or explicit
and impairment losses, if any. Subsequent
right of payment for performance completed till
measurement is done at cost less accumulated
date. In case where there is no alternative use
depreciation and impairment loss, if any. Cost
of the asset and the company has either implicit
includes expenditure that is directly attributable
or explicit right of payment considering legal
for bringing the asset ready for its intended use
precedents, performance obligation is considered
by management.
as satisfied over a period of time and revenue is
recognized over time. Subsequent expenditures relating to property,
plant and equipment are capitalized only when
1.3.8 The reimbursable expenses recoverable are
it is probable that future economic benefits
in the nature of current assets and are adjusted to
associated with these will flow to the Company
the extent reimbursed by the client.
and the cost of the item can be measured reliably.
1.3.9 Interest income is recognized using the Repairs and maintenance costs are recognized
effective interest method when it is probable in the Statement of Profit & Loss when incurred.
Statutory Reports
that the economic benefits associated with the An item of property, plant and equipment
transaction will flow to the entity and amount can and any significant part initially recognized, is
be measured reliably. derecognized upon disposal or when no future
1.3.10 Dividend income is recognized when the economic benefits are expected from its use or
right to receive payment is established and it is disposal. Any gain or loss arising on derecognition
probable that the economic benefits associated of the asset (Calculated as the difference between
with the transaction will flow to the entity and the net disposal proceeds and the carrying amount
amount can be measured reliably. of the asset) is included in the statement of Profit
and Loss when the asset is derecognized. Assets
1.3.11 Others to be disposed off are reported at the lower of
The company has a policy of taking bond money the carrying value or the fair value less cost to sell.
from new regular recruits engaged in the Depreciation on Property, Plant and Equipment
company . The bond money is kept in the form is provided under Straight Line Method (SLM)
of fixed deposit receipts with banks in the name based on the useful life as prescribed in Schedule
of the company. The interest accrued on the II to the Companies Act, 2013 which matches the
deposits along with principal amount is treated assessment of the Management. Depreciation
as Asset & Liability in the books of the Company. method, useful lives and residual values are
On successful completion of the bond period, the reviewed at the end of each financial year. The
bond money is returned to the respective officials useful lives of assets are as prescribed in Part C
with interest accrued thereon. If the official of schedule II of the Companies Act, 2013. In
leaves the company before the completion of the respect of additions to / deductions from assets
bond period, the same is forfeited and the same during the year, depreciation is charged on pro
is treated as Income. rata basis.
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The estimated useful lives of the various assets are Amortization:

as under:-
Computer software is amortized over a period of
Useful lives 3 years or over their license period, as applicable,
Asset Class at the end of the reporting period.
(Years)
Office Buildings with RCC Frame 60 1.6 Financial Instruments
Structures
Initial recognition
Corporate Overview
Furniture & Fixtures 10

Company recognizes financial assets and
Vehicles – Motor Cars 8
financial liabilities when it becomes a party to
Vehicles – Motor Cycles, Scooters 10 the contractual provisions of the instrument. All
and other mopeds financial assets and liabilities are recognized at
Office Equipments 5 fair value on initial recognition except for trade
Electrical Works 10 receivables / trade payables which are initially
measured at transaction date. Transaction costs
Computers 3
that are directly attributable to the acquisition or
Networking Server 6 issue of financial assets and financial liabilities that
Temporary Wooden Structure 3 are not at fair value through profit and loss are
added or deducted to / from the fair value on
Engineering and other Books 3
initial recognition.
Capital Work in Progress Subsequent measurement
Assets which are not ready for intended use are (a) Financial assets are subsequently measured at
carried at cost comprising direct cost, related
Statutory Reports
amortized cost if these are held with in a business

incidental expenses and attributable interest. model whose objective is to hold the asset in order
1.5 Intangible Assets to collect cash flows and the contractual terms of
the financial assets give rise on specific dates to
An intangible asset is an identifiable non-monetary
cash flows that are solely payments of principal
asset without physical substance such as a technical
and Interest on the principal amount outstanding
knowhow, computer software. It is capitalized if
using the effective interest rate (EIR) method. The
the future economic benefits attributable to the
EIR amortization is included in finance income
asset will probably flow to the company and the
in the Statement of Profit and Loss. The losses
cost of acquisition or generation of the asset can
arising from impairment are recognized in the
be reliably measured. It is amortized from the
Statement of Profit and Loss.
point at which the asset is available for use.
(b) Financial assets at fair value through profit or
Intangible assets acquired / developed are
loss
measured on recognition at cost less accumulated
amortization and impairment losses if any. The financial assets are measured at fair value
through profit and loss unless it is classified at
Gains or losses arising from derecognition of
amortized cost.
intangible assets are measured as the difference
between the net disposal proceeds and the (c) Financial Liabilities at fair value through profit
carrying amount of the asset and are recognized or loss include financial liabilities held for trading
in the statement of profit and loss when the asset and financial liabilities designated upon initial
is de-recognized. recognition as at fair value through fair value
method.
Intangible assets are amortized on straight line
basis over estimated useful lives from the date on All other financial liabilities are subsequently
which they become available for use. measured at amortized cost using EIR method.
Gains and losses are recognized in Statement
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of Profit and Loss when the liabilities are de- Receivables are presented as current financial
recognized as well as through the EIR amortization assets, except for those maturing later than
process. 12 months after the reporting date which are
presented as non-current financial assets. Loans
The Company holds non-derivative financial
and Receivables are initially recognized at fair value
instruments. The Non-derivative financial
and are subsequently measured at amortized cost
instruments comprises of:
using effective interest method (EIR).
Corporate Overview
i. Financial assets, which include cash and cash
(iv) Financial Assets at fair value through
equivalents, investments in equity, trade
profit or loss:
receivables, retentions by Project Authorities,
unbilled revenues, employee and other A, financial asset, which is not classified in any of
advances (including Security deposits given the above categories, is subsequently fair valued
which are refundable to company). through profit and loss (FVTPL).
ii.
Financial liabilities, which include trade De-recognition of financial instruments
payables, retentions from contractual
A financial asset is derecognized when:
payments (including security deposits taken
which are payable by company) • The rights to receive cash flows from the
asset have expired, or
Subsequent to initial recognition, non-derivative
instruments are measured as follows: • The Company has transferred substantially
all the risks and rewards of the asset, or the
(i) Cash & Cash Equivalents :
company has neither transferred nor retained
Cash comprises cash on hand and demand substantially all the risk and rewards of the
Statutory Reports
deposits with banks. Cash equivalents includes asset, but has transferred control of the asset.
short term deposits with an original maturity of
A financial liability or a part of financial liability is
three months or less from the date of acquisition
derecognized from the Balance Sheet when the
which are readily convertible into known amounts
obligation specified in the contract is discharged,
of cash and be subject to an insignificant risk of
cancelled or expired. When an existing financial
change of value. Cash and cash equivalents consist
liability is replaced by another from the same lender
of balances with banks which are unrestricted for
on substantially different terms, or the terms of
withdrawal and usage.
an existing liability are substantially modified,
(ii) Investment in Subsidiary such an exchange or modification is treated as
the derecognition of the original liability and the
Investment in Subsidiary has been carried at
recognition of a new liability. The difference in the
cost (as per IND AS 27) which comprises of
respective carrying amounts is recognized in the
consideration paid to acquire 98.89% Equity
statement of profit or loss.
holding in the Subsidiary Company.
Investment - Others
1.7 Impairment Standalone Financial Statements
a. Financial Assets :
All equity investments in scope of Ind AS 109
are measured at fair value. Equity instruments (other than at fair value)
which are held for trading are classified as at
In accordance with Ind AS 109, the Company
fair value through profit and loss (FVTPL). For all
applies Expected Credit Loss (ECL) model for
other equity instruments, the company decides to
measurement and recognition of impairment loss
classify the same either as at fair value through
for financial assets.
other comprehensive income (FVOCI) or fair value
through profit and loss (FVTPL). ECL is the difference between all contractual cash
flows that are due to the Company in accordance
(iii) Financial Assets at Amortized Cost.
with the contract and all the cash flows that the
Loans, Advances other than capital advances and Company expects to receive. When estimating the
207
cash flows, the Company is required to consider:- Such Assets including Property, Plant and
Equipment, Intangible Assets, etc, are written off
• All contractual terms of the financial assets
when, in the opinion of the management such
(including prepayment and extension) over
assets have become obsolete, damaged beyond
the expected life of the assets.
repair, stolen and uneconomical to use.
• Cash flows from the sale of collateral held or
Such items of Inventory are disposed off when, in
other credit enhancements that are integral
the opinion of the management, such items have
Corporate Overview
to the contractual terms.

become obsolete, damage beyond repair, stolen
Trade Receivables and uneconomical to use.
As a practical expedient the Company has adopted 1.8 Provisions, Contingent Liabilities and
“Simplified approach” using the provision matrix Contingent Assets
method for recognition of expected loss on trade
(i) Provisions are recognized only when :
receivables. The provision matrix is based on
historical default rates observed over the expected a. The Company has a present obligation (legal
life of the trade receivables and is adjusted for or constructive) arising as a result of a past
forward – looking estimates. At every reporting event;
date, the historical default rates are updated and
a. That will probably give rise to a future outflow
changes in the forward – looking estimates are
of resources embodying economic benefits
analysed. Further receivables are segmented for
will be required to settle the obligation ; and
this analysis where the credit risk characteristics of
the receivables are similar. b. A reliable estimate can be made of the
amount of the obligation.
i) Non-financial assets:
Statutory Reports
Provision is determined by estimating the cash

(Tangible and Intangible Assets)
flows required to settle the obligation and if the
An asset is treated as impaired when carrying cost effect of the time value of money is material,
of an asset exceeds its recoverable amount (i.e the carrying amount of the provisions is the
higher of the fair value less cost to sell and the present value of the cash outflows. The amount
value in use). Impairment loss is charged to the recognized as a provision is the best estimate of
Statement of Profit & Loss in the year in which an the consideration required to settle the present
asset is identified as impaired. The impairment loss obligation at reporting date, taking into account
recognized in prior accounting periods is reversed the risks and uncertainties surrounding the
if there has been a change in the estimate of obligation.
recoverable amount and such losses either no
(ii) Contingent Liabilities are not recognized
longer exits or has decreased. Reversal of impaired
but are disclosed in the notes in any of the
loss is recognized in the statement of Profit & Loss
following cases:-
to the extent of previously recognized or balanced

impairment loss. a. A present obligation arising from a past
event, when it is not probable that an outflow
Write Off
of resources will be required to settle the
Financial Assets (other than at fair value) obligation; or
Such assets including Trade Receivables, Retention b. A reliable estimate of the present obligation
Money, and security deposit outstanding for a cannot be made; or
period exceeding ten years are written off.
c. A possible obligation, unless the probability
Non-Financial Assets (Tangible and of outflow of resources is remote.
Intangible Assets)
208
Contingent liability is net of estimated provisions The Company makes contribution to the
considering possible outflow on settlement recognized provident fund – “WAPCOS
EMPLOYEES CONTRIBUTORY PF TRUST” for its
(iii) Contingent assets are not recognized but are
employees which is a defined benefit plan to
disclosed when an inflow of an economic
the extent that the Company has an obligation
benefit is a probable.
to make good the shortfall, if any, between the
Contingent assets, contingent liability and returns from the investments of the trust and the
Corporate Overview
provisions needed against contingent liabilities notified interest rate. The Company’s obligation
are reviewed at each balance sheet date. in this regard is determined by an independent
1.9 Employees Benefits actuary and provided for if the circumstances
indicate that the trust may not be able to
1.9.1 Defined Contribution Plan generate adequate returns to cover the interest
A defined contribution plan is a post –employment rates notified by the Government. . Company’s
benefit plan under which an entity pays fixes contribution to the Fund is charged to Statement
contribution into separate funds and will have of Profit and Loss.
no legal or constructive obligation to pay further 1.1.2 Defined Benefit Plans
amounts. The Company recognizes contribution
payable to such funds / schemes as an expense, 1.9.2.1 Gratuity
when an employee renders the related services. Company provides gratuity, a defined benefit plan
If the Contribution payable to the schemes covering eligible regular and contract employees.
for services received before the balance sheet The gratuity plan provides a lump sum payment
exceeds the contribution already paid, the deficit to vested employees of an amount based on the
payable to the scheme is recognized as a liability respective employee’s salary and the tenure of
Statutory Reports
after deducting the contribution paid. If the employment with the company at retirement,
contribution already paid exceeds the contribution death, in capacitation, or on completion of the
due for services received before the balance sheet, terms of employment.
then excess is recognized as an asset to the extent
The liabilities with regard to the Gratuity Plan
that the prepayment will lead to, for example, a
are determined by actuarial valuation at each
reduction in future payment or a cash refund.
reporting date using the “Projected Unit Credit
Obligations of contributions to defined benefit Method”, performed by an independent actuary,
plans are recognized as an employee benefits at the year end as follows:
expenses in the Statement of Profit & Loss in
(i) Company has set up a Gratuity Trust Fund
the period during which services are rendered by
which is being administered by Life Insurance
employees.
Corporation of India (LIC) who invests the
The company has a defined contribution pension contribution in the schemes permitted by laws of
scheme which is administered through a separate India.
trust. The obligation of the company is to
(ii) The Company recognizes the net obligation of
contribute to the trust to the extent an amount
a defined benefit plan in its balance sheet as an
not exceeding 30 % of basic pay and dearness
asset or liability.
allowance less employer’s contribution towards
provident fund, gratuity, post-retirement medical (iii) Gain or loss through re measurements of net
scheme. The contributions to the fund for the defined benefit liability / (asset) is recognized in
year are recognized as an expense and charged Other Comprehensive Income (OCI).
to the Statement of Profit & Loss.
209
(iv) The actual return of the portfolio of plan assets, In case of lease to be short term or low value,
in excess of the yields computed by applying the lease payments associated with those leases
discount rate used to measure the defined benefit shall be charged as an expense on either a
obligation is recognized in Other Comprehensive straight-line basis over the lease term or another
Income (OCI). systematic basis. The company as a lessee applies
another systematic basis if that basis is more
(v) Service Cost and net interest cost / (income)
representative of the pattern of the company as a
on the net defined benefit liability / (asset) are
Corporate Overview
lessee’s benefit.
recognized in Statement of Profit and Loss.
The interest element of lease payments is charged
The effects of any plan amendments, if any, are
to Statement of Profit and Loss, as Finance Costs
recognized in the Statement of Profit and Loss.
over the period of the lease.
1.9.2.2 Compensated Absences
Subsequent measurement (Depreciation)
The company operates defined benefit plan for
The right of use is depreciated over the useful
compensated absences. The cost of providing
life of the underlying asset or the validity of the
such defined benefits is determined by actuarial
lease term whichever is shorter and is subject to
valuation at each balance sheet date using the
impairment loss.
“projected unit credit method”.
The residual values, useful lives and methods of
1.9.2.3 Post-Retirement Medical Scheme
depreciation of right of use are reviewed at each
Obligations on Post-Retirement Medical Benefits financial year end and adjusted prospectively, if
are determined by actuarial valuation at each appropriate.
balance sheet date using the projected unit credit
Re-measurement of lease liability
Statutory Reports
method. Actuarial gains/losses are recognized in

the Statement of Other Comprehensive Income. The lease liability is re-measured (with
corresponding adjustment to the right of use
1.9.2.4 Other short-term benefits are
asset) when:
accounted in the period during which the
services are rendered and accordingly charged to 1. The lease term is revised – the lessee must
Statement of Profit and Loss. reassess whether it is reasonably certain
to exercise an extension option, or not to
1.9 Lease
exercise a termination option, if there is a
The Ministry of Corporate Affairs have notified significant event or change in circumstances
Ind AS 116 replacing existing Ind AS 17- Leases that:
with effect from accounting year beginning on or
• is within the lessee’s control; and
after 01, April 2019.
• affects whether exercise (or non-exercise)
Company as a lessee
is reasonably certain.
Recognition
2. Future lease payment based on an index or
At the inception of the lease, right of use shall be rate are revised.
recognised at cost including any indirect costs to
3. The lease is modified
acquire the asset and dismantling costs (if any),
reduced by lease incentives with a corresponding 4. There is a change in the amounts expected to
lease liability equal to the present value of unpaid be paid under residual value guarantees.
lease payments except in the following cases :
A lessee shall remeasure the lease liability by
i. short-term leases; or discounting the revised lease payments, if either:
ii. leases for which the underlying asset is of low (a) there is a change in the amounts expected to
value be payable under a residual value guarantee. A
lessee shall determine the revised lease payments
210
to reflect the change in amounts expected to be For a lease modification that is not accounted for
payable under the residual value guarantee. as a separate lease, the lessee shall account for
the remeasurement of the lease liability by:
(b) there is a change in future lease payments
resulting from a change in an index or a rate (a) decreasing the carrying amount of the right-of-
used to determine those payments, including for use asset to reflect the partial or full termination
example a change to reflect changes in market of the lease for lease modifications that decrease
rental rates following a market rent review. the scope of the lease. The lessee shall recognise
Corporate Overview
The lessee shall remeasure the lease liability to in profit or loss any gain or loss relating to the
reflect those revised lease payments only when partial or full termination of the lease.
there is a change in the cash flows (i.e. when the
(a) making a corresponding adjustment to the
adjustment to the lease payments takes effect). A
right-of-use asset for all other lease modifications
lessee shall determine the revised lease payments
for the remainder of the lease term based on the (‘c) As a practical expedient, a lessee may elect not
revised contractual payments. to assess whether a rent concession that meets
the conditions in Para 46B is a lease concession.
A lessee shall use an unchanged discount rate,
A lessee that makes this election shall account for
unless the change in lease payments results from
any change in lease payments resulting from the
a change in floating interest rates. In that case,
rent concession the same way it would account
the lessee shall use a revised discount rate that
for the change applying this Standard if the
reflects changes in the interest rate.
change were not a lease modifications
Lease modification
(d) rent concession occurring as a direct
A lessee shall account for a lease modification as consequence of Covid 19 pandemic and only if all
Statutory Reports
a separate lease if both: of the following conditions are met :-
(a) the modification increases the scope of the (i) the change in lease payments results in revised
lease by adding the right to use one or more consideration for the lease that is substantially the
underlying assets; and same as or less than, the consideration for the
lease immediately preceding the change;
(b) the consideration for the lease increases by an
amount commensurate with the stand-alone price (ii) any reduction in lease payments affects only
for the increase in scope and any appropriate payments originally due on or before the 30th
adjustments to that stand-alone price to reflect June, 2021 ( a concession would meet this
the circumstances of the particular contract. condition if it results in reduced lease payments
on or before the 30th June 2021, and increased
For a lease modification that is not accounted for
lease payments that extend beyond the 30th June
as a separate lease, at the effective date of the
2021);
lease modification a lessee shall:

(iii) there is no substantive change to other terms
(a) allocate the consideration in the modified
and conditions of the lease.
contract
(b) determine the lease term of the modified lease De-Recognition
(c) remeasure the lease liability by discounting the A right of use asset initially recognised is
revised lease payments using a revised discount derecognised upon disposal or when no future
rate. The revised discount rate is determined economic benefits are expected from its use
as the interest rate implicit in the lease for the or disposal. Any gain or loss arising on de-
remainder of the lease term, if that rate can be recognition of the right of use asset (calculated as
readily determined, or the lessee’s incremental the difference between the net disposal proceeds
borrowing rate at the effective date of the and the carrying amount of the asset) is included
modification, if the interest rate implicit in the in the Statement of Profit and Loss account when
lease cannot be readily determined.
211
the right of use asset is derecognised. 1.12.1 Current Income Tax

Company as a Lessor Current Income Tax assets and liabilities are
Finance Lease measured at the amount expected to be recovered
from or paid to the taxation authorities. The rates
The company recognise assets held under a finance and tax laws used to compute the amount are
lease as a receivable at an amount equal to the those that are enacted or substantively enacted in
net investment in the lease. The company further India at the reporting date.
Corporate Overview
recognises finance income over the lease term,

based on straight-line basis reflecting a constant Management periodically evaluates positions
periodic rate of return on the net investment in taken in the tax assessments with respect to
the lease. situations in which applicable tax regulations are
subject to interpretation and establishes provisions
Operating lease where appropriate.
Leases in which the Company does not transfer Current tax assets are offset against current
substantially all the risks and rewards of ownership tax liabilities, if and only if a legally enforceable
of an asset are classified as operating leases. Assets rights exists to set off the recognized amounts
leased out under operating leases are capitalized. and there is an intention either to settle on a net
Rental income is recognized on straight-line basis basis, or to realize the asset and settle the liability
over the lease term except where scheduled simultaneously.
increase in rent compensates the Company with
expected inflationary costs. Additional taxes, interest and / or penalties levied
/ imposed by the tax authorities / Appellate
1.11 Foreign Currency Transactions authorities on finality are recognized in the
Statutory Reports
The financial statements are presented in Indian Statement of Profit and Loss.
Rupee, which is the Company’s functional and Current tax relating to items recognized outside
presentation currency. A Company’s functional profit or loss is recognized outside profit or loss
currency is that of the primary economic (either in other comprehensive income or in
environment in which the Company operates. equity)
Transcations in foreign currencies are initially 1.12.2 Deferred income taxes
recorded by the Company at functional currency
spot rates at the date transaction first qualifies Deferred tax is provided on temporary differences
for recognition. However, for practical reasons, between the tax bases of assets and liabilities
the company uses an available average rate when and their carrying amounts for financial reporting
average approximates the actual rate at the date purposes at the reporting date.
of the transaction. Deferred tax assets are recognized for all
deductible temporary differences, the carry
Monetary assets and liabilities denominated in

foreign currencies are translated at the functional forward of unused tax credits and any unused tax
currency spot rates of exchange at the reporting losses. Deferred tax assets are recognized to the
date. extent that it is probable that taxable profit will be
available against which the deductible temporary
Exchanges differences arising on settlement or differences, and the carry forward of unused tax
translation of monetary items are recognized in credits and unused tax losses can be utilized.
the Statement of Profit or Loss.
The carrying amount of deferred tax assets is
Non-monetary assets and liabilities that are reviewed at each reporting date and reduced
measured in terms of historical cost in foreign to the extent that it is no longer probable that
currencies are not retranslated. sufficient taxable profit will be available to allow
1.12 Income Taxes all or part of the deferred tax asset to be utilized.
Unrecognized deferred tax assets are re-assessed
212
at each reporting date and are recognized to the restated unless it is impracticable, in which case,
extent that it has become probable that future the comparative information is adjusted to apply
taxable profits will allow the deferred tax asset to the new accounting policy prospectively from the
be recovered. earliest date practicable.
Deferred tax assets and liabilities are measured at 1.15 Liquidated Damages/ Claims
the rates that are expected to apply in the year
Liquidated damages / Claims are considered
when the asset is realized or the liability is settled,
Corporate Overview
on admittance basis and are recognized as
based on tax rates (and the laws) that have been
expense/income in Statement of Profit or Loss on
enacted or substantively enacted at the reporting
crystallization.
date.
1.16 Corporate Social Responsibility Fund
Deferred tax relating to items recognized outside
profit or loss is recognized outside profit or loss is Unspent balance, if any remaining against
recognized (either in other comprehensive income stipulated percentage of profits under the statute,
or equity). for Corporate Social Responsibility activities are
appropriated to CSR Fund Account for future
Deferred tax assets and deferred tax liabilities are
utilization.
offset if a legally enforceable right exists to set
off current tax assets against current tax liabilities 1.17 Dividends:
and the deferred taxes relate to the same taxable Final dividend on shares is recorded as a liability
entity and the same taxation authority. on the date of approval by the shareholders and
1.13 Rates and Taxes interim dividends are recorded as liability on the
date of declaration by the company’s Board of
Overseas taxes on foreign assignments, service
Statutory Reports
Directors.
tax, GST,value added tax, alike taxes, professional
tax, property taxes, entry tax, labour cess, Octroi, 1.18 Earnings per share
etc. paid / accrued in India or abroad, based on In determining basic earnings per share, net profit
availability of scrutiny documents / admissibility attributable to equity shareholders is divided
proofs are charged to statement of profit or loss by weighted average number of equity shares
upon and of limitation period for admissibility of outstanding during the period.
such claims.
In determining diluted earnings per share, net
1.14 Prepaid Expenses and Prior Period profit attributable to equity shareholders is
Adjustments divided by weighted average number of equity
Prepaid Expenses shares considered for deriving basis earning per
share and also weighted average number of
Prepaid Expenses, in the year of incurrence, are
equity shares that could have been issued upon
treated as current /non-current assets of the
conversion of all dilutive potential equity shares.
Company as may be the case & are treated as
Dilutive potential equity shares are deemed
expenditure/income of the respective Financial
converting as of the beginning of the period,
Year to which it belongs and accounted for to the
unless issued at the later date. Dilutive potential
natural head of accounts in that respective year.
equity share are determined independently for
Prior Period Adjustments each period presented.
Prior period errors are corrected retrospectively by The number of equity shares and potentially
restating the comparative amounts for the prior dilutive equity shares are adjusted retrospectively
periods presented in which the error occurred. for all periods presented for bonus shares issues
If the error occurred before the earliest period including for changes effected prior to the
presented, the opening balance of assets liability approval of the financial statements by the Board
and equity for the earliest period presented, are of Directors.
213
1.19 Statement of Cash Flow Standards Amendments Rules, 2022, amendments

has been made in following standards:-
For the purpose of presentation in the Statement
of Cash Flow, Cash and Cash equivalents comprise 1. First-time Adoption of Indian Accounting
cash on hand, balances with banks including Standards (Ind AS-101)
demand deposits, other short term highly liquid 2. Business Combinations (Ind AS-103)
investments that are subject to an insignificant
risk of changes in value, are easily convertible into 3. Financial Instruments (Ind AS-109)
Corporate Overview
known amount of cash and have a maturity of 4. Property, Plant and Equipment (Ind AS-16)
three months or less from the date of acquisition
or investment. The cash flow from operating, 5. Provisions, Contingent Liabilities and
financing and investing activities is segregated. Contingent Assets (Ind AS-37)
1.20 Leave Travel Concession benefit is 6. Agriculture (Ind AS-41).

accounted for on actual availment basis. The effective date of these amendments is annual
1.21 STANDARDS ISSUED BUT NOT EFFECTIVE periods beginning on or after 1st April 2022. The
Company is currently evaluating the impact of
MCA had issued the Indian Accounting Standards the amendments and has estimated no material
Amendments Rules, 2022 vide notification dated financial impact on the financial statements.
23rd March 2022.In the Indian Accounting
Statutory Reports
214
WAPCOS LIMITED FY 2021-22
NOTE - 2
PROPERTY, PLANT & EQUIPMENT
(` in Lakhs)
Temporary
Furniture & Office Electrical Networking
Gross Carrying Amount Freehold Land Building Vehicle Computers Wooden Books Total
Fixture Equipment Works Servers
Structure
GROSS BLOCK - ASSETS
Opening Balance as at 01.04.2019 17.28 474.93 678.39 19.26 779.64 74.10 852.26 166.13 - 5.55 3,067.53
Additions during FY 2019-20 - 339.06 62.77 18.46 162.25 - 144.23 22.80 - 9.16 758.72
Disposal / Assets written off - - (44.95) (0.03) (48.50) - (102.29) - - - (195.78)
Balance as at 31.03.2020 17.28 813.99 696.20 37.69 893.38 74.10 894.20 188.93 - 14.70 3,630.48
Additions during FY 2020-21 - 3.18 23.67 0.59 18.10 - 77.06 - - - 122.60
Disposal / Assets written off - - (2.32) - (3.73) - (15.91) - - - (21.96)
Balance as at 31.03.2021 17.28 817.17 717.56 38.28 907.75 74.10 955.35 188.93 - 14.70 3,731.12
Additions during FY 2021-22 - - 24.53 81.50 130.01 - 174.60 - - - 410.65
Disposal / Assets written off - - (7.72) - (27.64) - (48.54) - - - (83.90)
Balance as at 31.03.2022 17.28 817.17 734.37 119.78 1,010.12 74.10 1,081.41 188.93 - 14.70 4,057.87
ACCUMULATED DEPRECIATION
Opening Balance as at 01.04.2019 - 24.37 143.79 4.55 366.68 21.49 459.75 133.85 - 4.06 1,158.54
Charge for the year - 12.90 72.71 2.93 141.78 7.37 196.82 10.90 - 1.61 447.03
Adjustment for Disposals - - (26.91) (0.03) (38.81) - (96.20) - - - (161.94)
Balance as at 31.03.2020 37.27 189.59 7.45 469.66 28.86 560.38 144.75 - 5.67 1,443.63
Adjustment for Disposals - - (2.04) - (3.39) - (15.05) - - - (20.49)
Balance as at 31.03.2021 51.94 261.77 12.36 605.65 36.21 707.70 151.59 - 8.94 1,836.17
Adjustment for Disposals - - 4.14 - 23.67 - 45.73 - - - 73.54
Balance as at 31.03.2022 66.64 332.84 17.38 688.46 43.49 785.52 156.86 - 12.07 2,103.26
Net Book Value as at 31.03.2020 17.28 776.72 506.61 30.25 423.73 45.23 333.82 44.18 - 9.04 2,186.85
Note: Capital Commitments*

215
(` in Lakhs)
216
As at As at As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
CAPITAL COMMITMENT
Opening Balance - - -
Additions during the year 644.44 - -
Adjustment during the year - - -
Closing Balance 644.44 - -
*Estimated amount of contracts remaining to be executed on Capital account and not provided for (Refer Note No. 51)
NOTE - 2A
Right of Use Assets
(` in Lakhs)
Consolidated Consolidated Consolidated

ROU Building ROU Vehicle Total
GROSS BLOCK - Opening Balance as at 01.04.2019 - - -
Corporate Overview
Additions 4,035.98 135.76 4,171.74
Disposal / Assets written off - - -
Balance as at 31.03.2020 4,035.98 135.76 4,171.74
Reclassification to ROU Building due to IND AS 116 (1,022.96) - (1,022.96)
Restated Balance as at 31.03.2020 3,013.02 135.76 3,148.78
DEPRECIATION - Opening Balance as at 01.04.2019 - - -
Amortisation for the Year 1,339.86 39.51 1,379.37
Adjustment for Disposal - - -
Reclassification to Depreciation due to IND AS 116 (598.10) - (598.10)
Balance as at 31.03.2020 741.76 39.50 781.26
Net Book Value as at 31.03.2020 2,271.26 96.26 2,367.52
GROSS BLOCK - Opening Balance as at 01.04.2020 3,013.03 135.76 3,148.79
Statutory Reports
Additions 494.40 - 494.40
Disposal / Assets written off (9.08) - (9.08)
Balance as at 31.03.2021 3,498.35 135.76 3,634.11
DEPRECIATION - Opening Balance as at 01.04.2020 741.76 39.50 781.25
Amortisation for the Year 770.00 40.95 810.95
Balance as at 31.03.2021 1,511.76 80.45 1,592.21
Additions 279.78 - 279.78
Disposal / Assets written off (449.81) (0.78) (450.59)
Balance as at 31.03.2022 3,328.32 134.98 3,463.30 Standalone Financial Statements
DEPRECIATION - Opening Balance As on 01-04-2021 1,511.76 80.45 1,592.21
Balance as at 31.03.2022 2,136.02 109.25 2,245.27
217
NOTE - 2B
Other Intangible Assets (` in Lakhs)

Computer Software
GROSS BLOCK
Corporate Overview
Opening Balance as at 01.04.2019 375.65

Additions 28.79
Balance as at 31.03.2020 404.44
Additions 23.20
Balance as at 31.03.2021 427.64
Additions 255.84
Balance as at 31.03.2022 683.48
Amortisation charge for the year 85.50
Balance as at 31.03.2020 288.96
Balance as at 31.03.2021 363.72
Statutory Reports

Balance as at 31.03.2022 414.34
Net Book Value as at 31.03.2020 115.48
218
NOTE - 3
Non-Current Investments
(` in Lakhs)
As at As at As at
Particulars
No. of No. of
Amount No. of Units Amount Amount
Units Units
Equity Investment
Investment in company (unquoted) Equity Shares carried at Fair Value

through Other Comprehensive income (OCI)
GPCL Consulting Services Ltd.

"30,000 Equity shares of ` 10/- each fully paid up, totalling to ` 3,00,000 32,279 39.52 32,279 37.25 32,279 35.03
2,279 Equity shares of ` 10/- each fully paid, purchased @ ` 20 per share
totalling to ` 45,580*"
Investment in Subsidiary company (unquoted) Equity Share carried at

cost
NPCC LTD.**
9,34,821 Equity shares of ` 1,000/- each fully paid up, acquired @ ` 853.64 9,34,821 7,980.00 9,34,821 7,980.00 9,34,821 7,980.00
per share totalling to ` 79.80 Crore
Total 9,67,100 8,019.52 9,67,100 8,017.25 9,67,100 8,015.03
*In absence of fair value, same has been revalued at book value per share
'**'The Company has acquired 98.89% Equity Shares holding of NPCC Ltd., having principal place of business in India effective from 26/04/2019
219
NOTE - 4
Other Financial Assets
A. Other Financial Assets - Non-Current
(` in Lakhs)
Particulars As at As at As at
Security Deposits / EMD
Corporate Overview
Unsecured, Consider Good 181.12 184.67 27.30

Retention Money - - -
Credit impaired 53.90 70.69 242.24
Advances to suppliers & sub contractors - - -
Unsecured, Considered Good 845.68 845.68 845.68
Term deposits having remaining maturity of more 1,230.02 394.80 9,066.21
than 12 months (a), (b) (including interest accrued)
2,444.41 2,139.17 10,786.59
Less: Allowance for expected credit loss (c) (53.90) (70.69) (242.24)
Total 2,390.51 2,068.48 10,544.35
(a) The above includes EMD in the form of Bank FDR with maturity more than 12 months amounting to `367.48 Lakhs
(Previous Year `108.91 Lakhs) and interest accrued but not due thereon amounting to Rs. 107.46 lakhs (Previous year Rs.
32.97 Lakhs)
Statutory Reports
(b) The above includes Bank deposit of `616.71 Lakhs and accrued interest of `38.09 Lakhs held as margin money /
security against bank guarantees. (Previous year `109.95 and accrued interest `16.51 lakhs
(c) In the opinion of the Management, the Allowance held against Doubtful Retention Money is adequate to meet any loss
on account of irrecoverability of retention money. Note No. 49.
B. Other Financial Assets - Current (` in Lakhs)

Unsecured, Considered Good, unless otherwise stated
Security Deposits / EMD 2,447.60 2,418.44 2,384.47
Other Recoverables 578.27 130.24 93.91
Advances to Staff (a) 220.54 226.73 174.49
Total 3,246.41 2,775.41 2,652.87
NOTE - 5
Deferred Tax Assets (Net)
(` in Lakhs)
Deferred tax assets arising on
Depreciation and amortization of Property, Plant and 11.04 19.27 2.09

Equipment and Intangible assets
Employee Benefits 2,890.21 2,926.01 2,388.02
Provision of Supplier Advance 1.46 - -
220
(` in Lakhs)
Provision of Rent Advance 6.29 - -
Lease Liability (Net of ROU) 49.12 56.00 38.77
Corporate Overview
Allowance for Expected Credit Loss 6,715.17 5,835.69 4,971.09
Deferred Tax Assets (a) 9,673.29 8,836.97 7,399.97
Deferred Tax Liabilities arising on
Depreciation and amortization of Property, Plant and - - -

Provision for Valuation gain on Investment (9.95) (9.37) (8.82)
Deferred Tax Liabilities (b) (9.95) (9.37) (8.82)
Net Deferred Tax Assets 9,663.34 8,827.60 7,391.15
Movement in Deferred Tax Asset / (Liability)

(` in Lakhs)
Particulars As at Recognized Recognized As at Recognized Recognized As at
31st in other Com- in Statement 31st March in other in Statement April 01,
March prehensive of Loss 2021 Comprehen- of Loss 2020
Statutory Reports
2022 Income sive Income
Deferred Tax Assets arising
on:
Employee Benefits 2,890.21 (71.33) 35.53 2,926.01 (7.52) 545.51 2,388.02
Lease Liability 49.12 - (6.88) 56.00 - 17.23 38.77
Provision for expected credit loss 6,715.17 - 879.48 5,835.69 - 864.59 4,971.09
Others 7.76 - 7.76 - - - -
Deferred Tax Liabilities arising on:
Depreciation 11.04 - (8.24) 19.27 - 17.19 2.08
Others (9.95) (0.58) - (9.37) (0.56) - (8.82)
Total 9,663.34 (71.91) 907.65 8,827.60 (8.08) 1,444.52 7,391.14
NOTE - 6 Standalone Financial Statements
Other Non - Current Assets

(` in Lakhs)
Prepaid Expenses 143.72 371.47 227.74
Fair Value Reserve on Security Deposit 9.90 22.54 35.42
Advances to suppliers & sub contractors
Unsecured, Considered Good - 0.17 0.17
Total 153.62 394.18 263.33
221
NOTE - 7
Trade Receivables*
(` in Lakhs)
Trade Receivables
Corporate Overview
Unsecured, considered good** 1,61,274.08 1,57,283.96 1,48,156.45

Credit impaired 26,575.29 23,116.22 18,947.52
1,87,849.37 1,80,400.18 1,67,103.97
Less: Allowance for expected credit loss# (26,575.29) (23,116.22) (18,947.52)
Total 1,61,274.08 1,57,283.96 1,48,156.45
*In the opinion of the Management, the Allowance against Credit impaired Trade Receivables is adequate to meet any
loss on account of irrecoverability of Trade Receivables. Refer Note No. - 49
**Includes Current Retention Money amounting to ` 1,945.45 Lakhs (Previous Year amounting to ` 1,000.43 Lakhs)
#Includes Allowance for Expected Credit Loss on Current Retention Money amounting to ` 1212.13 Lakhs (Previous Year
amounting to ` 1171.73 Lakhs)
Trade Receivables Ageing schedule

(` in Lakhs)
Particulars Unbilled Not due Outstanding for following periods from due date of payment
Less than 6 6 months - 1 1 - 2 years 2 - 3 years More than Total
months year 3 years
Statutory Reports
Undisputed Trade receivables - considered good 5,790.70 16,613.83 38,313.42 4,024.59 32,915.17 34,661.29 28,955.08 1,61,274.08
Undisputed Trade receivables - credit impaired - - 1,440.55 123.93 2,067.82 3,028.64 19,914.35 26,575.29
As at March 31, 2022 5,790.70 16,613.83 39,753.97 4,148.52 34,982.99 37,689.93 48,869.43 1,87,849.37
Undisputed Trade receivables - considered good 942.09 20,366.48 48,053.31 3,081.94 48,928.66 19,042.88 16,868.60 1,57,283.96
As at March 31, 2021 942.09 20,366.48 49,091.88 3,142.24 50,923.92 20,275.16 35,658.41 1,80,400.18
Undisputed Trade receivables - considered good 954.50 22,461.63 56,755.90 6,698.97 31,527.98 20,229.22 9,528.25 1,48,156.45
As at March 31, 2020 954.50 22,461.63 58,065.80 6,837.65 32,827.25 21,502.44 24,454.70 1,67,103.97
NOTE - 8
Cash and Cash Equivalent
(` in Lakhs)
Balance with banks in current accounts (a), (b), (c) & 19,095.98 22,586.35 10,319.44
(d)
Bank deposits having original maturity less than 3 137.61 2.21 417.49
months (e), (f) (including interest accrued)
Cash on Hand 10.00 10.00 10.00
Total 19,243.59 22,598.56 10,746.93
222
(a) The following Bank Balances out of Note 8 are held in seprate bank accounts maintained on behalf of clients/ ministries:
(` in Lakhs)
Balance with Banks in current accounts 6,511.14 10,004.64 166.04
Total 6,511.14 10,004.64 166.04
(b) Includes Balance in foreign currency held in Bank, balance with foreign banks and foreign branches of India Banks.
Corporate Overview
Further sum of ` 172.19 Lakhs (Previous Year ` 254.01 Lakhs) held with Banks in the foreign countries with Repatriable
restrictions.
(c) Includes sum of `0.25 Lakhs (Previous Year `90.35 Lakhs) under lien with bank against bank guarantees.
(d) Includes balance of ` 13.13 Lakhs towards Unspent CSR Fund.
(e) The above include bank deposits ` 3.93 Lakhs and accrued interest of ` 0.19 Lakhs held as margin money/ security
against bank guarantees having maturity of less than 3 months from date of inception. (Previous Year ` Nil)
(f) The above includes EMD in the form of Bank FDR with maturity less than 3 months amounting to ` 6.09 Lakhs
(Previous Year ` 1.82 Lakhs) and Interest accrued but not due thereon amounting to ` 0.48 Lakhs (Previous Year ` 0.40
Lakhs)
NOTE - 9
Other Bank Balances
(` in Lakhs)
Balance with bank in deposit account having maturity 32,984.30 33,204.45 28,932.66
Statutory Reports
of more than three months but are due for maturity
within twelve months from balance sheet date (a),
(b), (c), (d) ((including interest accrued)
Total 32,984.30 33,204.45 28,932.66
(a) The above include bank deposits ` 6575.94 Lakhs and accrued interest of ` 54.90 Lakhs held as margin money/ security
against bank guarantees having maturity of less than 12 months from reporting date. (Previous Year ` 5572.55 Lakhs and
accrued interest ` 157.71 Lakhs)
(c) Includes Fixed Deposit with PNB London amounting to ` 177.73 Crores (and accrued interest amounting to ` 1.18
Crores) as at 31st March, 2022 payable in USD & INR, made from project proceeds of M/s Afghan India Friendship Dam
to be utilized towards discharge of corresponding Vendor Payable related to the said project (Principal O/s amount of
` 154.37 Crores payable in USD & INR). The company does not for see any interest liability on such principle outstanding.
(d) The above includes EMD In the form of Bank FDR with maturity less than 12 months amounting to ` 805.90 Lakhs
(Previous Year ` 853.12 Lakhs) and interest accrued but not due thereon amounting to ` 160.96 Lakhs (Previous Year
` 184.87 Lakhs)
NOTE - 10
Current Tax Assets (Net)
(` in Lakhs)
Advance Income Tax and TDS {net of provision of 8,104.07 4,335.38 4,090.17
taxation amounting ` 2,669.60 Lakhs (Previous Year
` 3,632.64 Lakhs)} (a)
Total 8,104.07 4,335.38 4,090.17
(a) Provision for Income tax has been shown net of TDS and Advance tax.
223
NOTE - 11
Other Current Assets
(` in Lakhs)
Advances to Suppliers & Sub-Contractors
Corporate Overview
Secured, considered Good (a) 1,759.25 4,737.25 1,734.20
Unsecured, Considered Good 756.03 1,321.31 1,464.07
Credit impaired 5.81 - -
Advance Rent - - -
Credit impaired 25.00 - -
Balance with Government authorities 20,208.73 17,958.91 13,886.45
23,250.62 24,411.34 17,558.84

Statutory Reports
Less: Doubtful Provision for Advance to Supplier (5.81) - -
Less: Provision for Advance Rent (25.00) - -
Total 23,219.81 24,411.34 17,558.84
(a) Secured against Bank Guarantee ` 1,759.25 Lakhs (Previous year ` 1,166.42 Lakhs)
(a) Secured against material procured at site by contractor amounting to ` Nil (Previous Year ` 3,570.82 Lakhs)
224
NOTE - 12
Share Capital
Equity Share Capital
(` in Lakhs)
Particulars As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
Number Amount Number Amount Number Amount
Authorised
Equity Shares of ` 10/- each at par 20,00,00,000 20,000.00 20,00,00,000 20,000.00 1,00,00,000 10,000.00
Value (Previous Year March 31, 2021
` 10/- each and April 01, 2020 `
100/- each)
Issued, Subscribed & Paid up
Equity Shares of ` 10/- each at par 13,00,00,000 13,000.00 13,00,00,000 13,000.00 1,00,00,000 10,000.00
Value (Previous Year March 31, 2021
` 10/- each and April 01, 2020 `
100/- each)
Total 13,00,00,000 13,000.00 13,00,00,000 13,000.00 1,00,00,000 10,000.00
225
Reconciliation of shares outstanding as at March 31, 2022 , March 31, 2021 and April 01, 2020
226
(` in Lakhs)
Shares outstanding at the beginning of 13,000.00 1,00,00,000 10,000.00 1,00,00,000 10,000.00
the year 13,000.00
Add: Increase due to Split - - 9,00,00,000 - - -
Add: Shares Issued during the year - - - 3,00,00,000 3,000.00 - -
Bonus Issue
Shares outstanding at the end of the year 13,000.00 13,000.00 3,00,00,000 13,000.00 1,00,00,000 10,000.00
Equity Shares of ` 10/- each at par Value (Previous Year March 31, 2021 ` 10 each and April 01, 2020 ` 100 each)
Previous year (FY 2020-21): Pursuant to the approval of shareholders granted in the extra-ordinary general meeting held on 25 Feb-
ruary 2021, the Company issued and allotted fully paid-up “bonus shares” at par in proportion of three new equity shares of ` 10
each for every ten existing fully paid up equity share of ` 10 each held as on the record date of 25 February 2021. Pursuant to the
approval of shareholders granted in the extra-ordinary general meeting held on 25 February 2021, the Company undertook a stock
split of 10 equity shares of Re. 10 each for one existing fully paid up equity share of ` 100. As a result of the above transactions,
the issued, subscribed and paid up number of equity shares have been increased by 1200 Lakhs.
Terms/ Rights attached to equity shares
The Company has only one class of shares referred to as Equity Shares having a par value of ` 10 each. Each holder of equity share
is entitled to one vote per share.
List of shareholders holding more than 5% shares in the Company
Number % of Holding Number % of Holding Number % of Holding
Equity share of ` 10 each fully paid-
up (Previous Year March 31, 2021
` 10 each and April 01, 2020 ` 100
each)
President of India & its nominees 13,00,00,000 100.00% 13,00,00,000 100.00% 1,00,00,000 100.00%
Aggregate no. of Equity Shares allotted as fully paid up by way of bonus shares in the last five years preceeding the date
of Balance Sheet.
Particulars As at As at As at As at As at
March 31, March 31, April 01, April 01, 2019 April 01,
2022 2021 2020 2018
No. of No. of No. of No. of Shares No. of
Shares Shares Shares Shares
Equity Shares allotted as fully paid bonus shares by NIL 3,00,00,000 NIL NIL 98,00,000
capitalising General Reserve
Total - 3,00,00,000 - - 98,00,000
227
Shares held by promoters at the end of the year

As at 31st March 2022
S. No. Promoter Name No. of Shares % of Total % Change

Shares during the
year
1 President of India and its nominees 13,00,00,000 100% -
Corporate Overview
Total 13,00,00,000 100% -

Shares during the
year
Total 13,00,00,000 100% -

Shares during the
Statutory Reports
year
Total 10,00,00,000 100% -
NOTE - 13
Other Equity
Nature and Purposes of Reserves & Surplus
1. General Reserves:
General reserve means the portion of earnings of an enterprise appropriated by the management to
meet future known or unknown obligation instead of distributing the same among shareholders.
2. Retained Earnings:
Profits made by the company during the year are transferred to retained earnings from Statement of
Profit and Loss.
3. Other Comprehensive Income:
Other Comprehensive Income represents balance arising on account of Gain/ (Loss) booked on Re-
measurement of Defined Benefit Plans in accordance with Ind AS 19 "Employee Benefits" and Gain/
(Loss) booked from Investment in unquoted equity instruments designated at fair value through other
comprehensive income (FVTOCI) in accordance with Ind AS 109 "Financial Instruments".
228
(` in Lakhs)
Reserve & Surplus
General Reserve 4,469.25 6,969.25 12,469.25
Retained Earnings 44,826.18 40,741.23 36,928.79
Corporate Overview
Other Comprehensive Income (350.57) (564.36) (473.01)
Total 48,944.86 47,146.12 48,925.03
NOTE - 14
Trade Payables
A. Trade Payables - Non- Current*
(` in Lakhs)
Total outstanding dues of Micro & Small 41.46 262.39 960.23
Enterprises
Total outstanding dues of creditors other 815.99 1,557.03 1,850.29
Statutory Reports
than Micro & Small Enterprises
Total 857.45 1,819.42 2,810.52
*Retention Money payable to Vendor/Supplier
229
Trade Payables - Non - Current - Ageing schedule
230
(` in Lakhs)
Particulars Unbilled Not due Outstanding for following periods from due date of
payment
Less than 1-2 years 2-3 years More than Total
3 years
1 year
Total outstanding dues of Micro & Small Enter- - 41.46 - - - - 41.46
prises
Total outstanding dues of creditors other than - 815.99 - - - - 815.99
Micro & Small Enterprises
As at March 31, 2022 857.45 - - - - 857.45
prises
Total outstanding dues of creditors other than - 1,557.03 - - - - 1,557.03
As at March 31, 2021 1,819.42 - - - - 1,819.42
prises
Total outstanding dues of creditors other than - 1,850.29 - - - - 1,850.29
As at April 01, 2020 2,810.52 - - - - 2,810.52
B. Trade Payables - Current

(` in Lakhs)
Total outstanding dues of Micro & Small Enterprises* 34,141.12 36,339.57 26,956.71
Total outstanding dues of creditors other than Micro & Small Enterprises 75,595.77 75,061.55 71,666.67
Total 1,09,736.89 1,11,401.13 98,623.38

*Refer Note No. - 36
Trade Payables - Current - Ageing schedule
(` in Lakhs)
Particulars Unbilled Not due Outstanding for following periods from due date of
payment
Less than 1-2 years 2-3 years More than Total
3 years
1 year
Total outstanding dues of Micro & Small Enter- 39.21 - 12,283.47 5,920.13 7,054.95 8,843.37 34,141.12
prises
Total outstanding dues of creditors other than 2,034.72 - 31,576.53 11,195.69 10,791.16 19,997.67 75,595.77
As at March 31, 2022 2,073.93 43,860.00 17,115.82 17,846.11 28,841.04 1,09,736.89
Total outstanding dues of Micro & Small Enter- 38.76 - 16,938.49 10,069.29 4,715.86 4,577.17 36,339.57
prises
Total outstanding dues of creditors other than 1,581.23 - 33,503.59 15,978.92 5,877.94 18,119.88 75,061.56
As at March 31, 2021 1,619.99 50,442.08 26,048.21 10,593.80 22,697.05 1,11,401.13
Total outstanding dues of Micro & Small Enter- 38.76 - 16,564.33 5,388.70 4,161.72 803.20 26,956.71
prises
Total outstanding dues of creditors other than 951.93 - 38,229.40 11,386.73 3,633.74 17,464.87 71,666.67
As at April 01, 2020 990.69 54,793.73 16,775.43 7,795.46 18,268.07 98,623.38
231
NOTE - 15
Provisions
A. Provisions - Non-Current
(` in Lakhs)
Corporate Overview
Provision for Employees Benefits

Leave Encashment - Non-funded (Refer 3,516.50 3,300.34 3,095.46
Note No. - 32)
Post Retirement Medical Scheme - Non- 2,561.05 2,463.28 2,147.81
funded (Refer Note No. - 32)
Gratuity - Funded (Refer Note No. - 32) 1,110.33 946.73 600.28
Total 7,187.88 6,710.35 5,843.55
For movements in each class of provisions during Financial Year (Refer Note No. - 33)
B. Provisions - Current
(` in Lakhs)
Provision for Employee Benefits
Statutory Reports
Post Retirement Medical Scheme - Non- 64.89 61.98 49.18

funded (Refer Note No. - 32)
Pension 1,603.02 1,507.73 833.41
Leave Travel concession 54.71 54.71 54.71
Leave Encashment - Non-funded (Refer 423.61 328.12 346.23
Note No. - 32)
Gratuity-Funded (Refer Note No. - 32) 985.70 947.92 953.78
Total 3,131.93 2,900.46 2,237.31
NOTE - 16
Other Liabilities
A. Other Non-Current Liabilities
(` in Lakhs)
Advances from Clients 4,799.66 7,387.25 13,575.85
Unearned Income 1,120.50 1,331.50 699.87
Other Liabilities 70.82 277.82 8.53
Total 5,990.98 8,996.57 14,284.25
232
B. Other Current Liabilities

(` in Lakhs)
Unearned Income 10,290.63 15,489.64 16,960.36
Corporate Overview
Total 54,108.94 51,380.42 41,550.58
NOTE - 17
Borrowings
A. Long term Borrowings
(` in Lakhs)
Loans from Bank (Secured)
Indian rupees loan from Bank (a) 3,785.37 - -
Total 3,785.37 - -
Statutory Reports
(a) Secured Term loan from Bank:
Company has availed term loan of ` 20,000 Lakhs from an Indian Bank out of which ` 4,000 Lakhs has been disbursed up to 31st
March 2022, at 3 months' MCLR (with quarterly reset), present effective rate of 6.65%p.a., and secured by way of:
(ia) Primary security - a) Exclusive charge on entire fixed assets of the Company, both present and future and 1st Pari passu charge on
entire current assets of the company for corporate loan
(ib) Omnibus counter guarantee of the company for NFB Limits
'- Repayment terms - Loan tenure of 9 years 6 moths with following repayment:
(i) Principal loan outstanding shall be repaid in Quarterly payments starting from June 2022 to March 2031. As on 31st March 2022,
original outstanding balance is ` 3982.86 Lakhs (excluding EIR adjustment due to Processing fees).
(ii) Interest payable monthly commencing from December 2021 - present effective rate of interest of the loan is 6.65%, and effective rate
of interest is 6.74%. The difference is due to amortisation of processing charges of ` 17.70 lakhs.
B. Short term Borrowings

(` in Lakhs)
Particulars As at As at As at Standalone Financial Statements

Cash Credit Facility (a) 4,102.38 4,820.03 405.18
Loans from Bank (Secured) - - -
Short term maturity of long term borrowing 197.49 - -
(Refer Note No. 17A)
Total 4,299.87 4,820.03 405.18
(a) Company has availed following Cash credit Facilities:
I) HDFC Bank of ` 5,000 lacs at MCLR payable monthly and secured by way of:
(i) First Pari Passu charge over entire current assets of the Company both present and future.
233
Name of the Bank HDFC Bank

Quarter Particulars of Amount as Amount Amount of Reason for material discrepancies
Security provided per Books of reported in the difference
Accounts quarterly return/
statements
Jun-21 Book debts upto 68,140.00 73,417.00 (5,277.00) There have been some variations in
180 days stock statement figures submitted
Corporate Overview
Creditors 59,448.00 59,040.00 408.00 originally to the bank (Column

A) as compared to the current
Sep-21 Book debts upto 14,943.00 60,783.00 (45,840.00) corresponding figures as per books
180 days of accounts. The variations identified
Creditors 64,045.00 54,426.00 9,619.00 owe to technical issues in the report
drawn from the programme. The
Dec-21 Book debts upto 28,059.00 77,262.00 (49,203.00) programming errors has now been
180 days rectified & revised stock statement
Creditors 69,582.00 70,129.00 (547.00) for June 2021 , September 2021
, December 2021 & March 2022
Mar-22 Book debts upto 39,036.35 56,000.00 (16,963.65)
have been furnished to the bank.
180 days
Dues measures shall be taken to
Creditors 43,859.99 47,500.00 (3,640.01) substantiate the compliances with
the sanction terms based on the
revised submissions.
(b) Company has availed Non funded Facility from Punjab National Bank, Indian Overseas Bank, State Bank of India and
IDFC amounting to ` 1,11,500.00 Lakhs (Previous Year ` 81,500.00 Lakhs) out of which ` 60,988.10 Lakhs (Previous year
Statutory Reports
` 61,367.16 Lakhs) have been utilised upto March 31st 2022 against bank deposits of ` 7,289.76 Lakhs (Previous Year
` 5,706.29 Lakhs) held as security. (Refer Note No. - 4, 8 & 9)
NOTE - 18
Lease Liability
A. Lease Liability - Non-Current
(` in Lakhs)
Lease Liability 920.75 1,634.38 1,847.82
Total 920.75 1,634.38 1,847.82
B. Lease Liability - Current

(` in Lakhs)
Lease Liability 492.46 630.03 652.52
Total 492.46 630.03 652.52
234
NOTE - 19
Other Financial Liabilities
A. Other Non-Current Financial Liabilities
(` in Lakhs)
Corporate Overview
Interest Payable on Customer deposit 5,730.74 4,894.76 3,593.48
Work (a)
Other Liabilities 1,434.18 1,434.18 1,434.17
Earnest Money and Security Deposits 116.40 169.41 65.32
Total 7,281.32 6,498.35 5,092.97
(a) Refer Note No. - 60
B. Other Current Financial Liabilities

(` in Lakhs)
Performance related pay/ Bonus 1,802.82 2,370.66 2,259.91
Corporate Social Responsibility Payable (a) 38.76 13.00 -
Statutory Reports
Pension (Voluntary) - 0.84 1.29
Earnest Money and Security Deposits 1,157.79 887.62 903.43
Payable to Employees 5,128.66 5,272.83 4,423.26
Advances from clients - Refundable 3,024.88 1,613.62 2,017.76
Other Payables (b) 88.92 61.07 425.00
Total 12,002.32 10,980.13 10,748.52
(b) Includes Security from employees against which counter Fixed deposits have been created. Refer
Note No. - 63

NOTE - 20
(` in Lakhs)
Particulars For the year ended For the year ended
Consultancy Income 69,569.86 68,111.56
Construction Contracts 67,802.70 62,646.50
Total 1,37,372.56 1,30,758.06
235
NOTE - 21
Other Income
(` in Lakhs)
Interest Income 749.82 1,295.39
Corporate Overview

Exchange Variation 1,364.20 975.05
Other non-operating income 148.27 87.60
Total 3,251.70 2,358.52
NOTE - 22
Construction Expenses
(` in Lakhs)
For Construction Projects 64,935.27 59,456.64
Total 64,935.27 59,456.64
Statutory Reports
NOTE - 23
Employee Benefit Expenses
(` in Lakhs)
Salaries, Remuneration and Incentives 29,049.29 25,428.67
Contributions to Provident & Other Funds 1,940.64 1,833.62
Staff Welfare Expenses 286.43 259.84
Total 31,276.36 27,522.13
NOTE - 24
Finance Cost
(` in Lakhs)
Interest Paid on
Cash Credit facility 343.35 280.60
Term Loan 63.61 -
Customer Deposit fund (a) 1,346.02 1,303.52
Lease Liabilities 157.88 213.66
Total 1,910.86 1,797.78
236
NOTE - 25
Services Obtained
(` in Lakhs)
For Consultancy Projects 17,497.93 18,283.55
Corporate Overview
For Construction Projects 214.27 345.85
Total 17,712.20 18,629.40
NOTE - 26
Depreciation and Amortization Expenses
(` in Lakhs)
Depreciation on Tangible Assets 340.64 413.03
Depreciation on Intangible Assets 50.62 74.76
Total (a) 391.26 487.79
Amortisation on Right of Use 653.06 810.95
Statutory Reports
Total (b) 653.06 810.95
Total (a+b) 1,044.32 1,298.74
NOTE - 27
Corporate Social Responsibility
(` in Lakhs)
Corporate Social Responsibility (a) 296.09 186.03
Total 296.09 186.03

237
NOTE - 28
Other Expenses
(` in Lakhs)
Power and Fuel 249.65 250.48
Corporate Overview
Rent (a) 1,369.99 1,088.77

Repairs & Maintenance - Office Premises 581.20 555.81
Repairs & Maintenance - Others 122.71 116.34
Insurance 162.80 174.51
Rates and taxes 2,230.74 1,724.27
Printing and Stationery 1,043.28 1,171.88
Travelling Expenses - India 706.79 549.34
- Overseas 588.27 234.95
Expenditure on Vehicle & Conveyance 1,216.19 948.64
Hiring of Vehicle 960.02 747.31
Directors' Sitting Fees 4.20 3.45
Postage Telephone & Telegram 249.35 244.62
Advertisement & Publicity 116.79 84.05
Statutory Reports
Exchange Variation 798.86 1,402.63

Payment to Auditors - - -
(a) Statutory Audit Fees 12.50 12.50
(b) Tax Audit Fee 3.75 3.75
(c) For Other Services (b) 5.10 24.30
Provision for Trade Receivables and 4,838.41 6,549.19
Retention Money
Provision for Advance Rent 25.00 -
Bank Charges and Guarantee Commission 782.69 1,224.92
Miscellaneous expenses 1,375.73 1,400.72
Less: Expenditure Reimbursable (c) (108.12) (102.46)
Total 17,335.89 18,409.99

(a) Refer to Note No. - 42 regarding lease payment
(b) Paid to previous auditors (in FY 2020-21)
(c) Refer Note No. - 38 regarding reimbursement
238
NOTE - 29
Exceptional Items
(` in Lakhs)
Expenses
Corporate Overview
Loss on sale of Property, and Equipment 6.19 1.27
(A) 6.19 1.27
Income
Provision written back 22.05 -
(B) 22.05 -
Total (B-A) 15.86 (1.27)
NOTE - 30
Income Tax Expense
(` in Lakhs)
Statutory Reports
Current Year Tax
Current Year Tax charge 2,669.49 3,632.64
Previous year Tax charge 282.33 (70.59)
Deferred Tax
In Respect of current year (907.64) (1,444.52)
Total 2,044.19 2,117.53
Income Tax Expense in Other comprehensive income

(` in Lakhs) Standalone Financial Statements
Deferred Tax
In Respect of current year 71.90 8.08
Total 71.90 8.08
239
Reconciliation between Tax Expense and the Accounting Profit

(` in Lakhs)

Accounting profit before tax from continuing 6,129.13 5,814.61
operations
At India’s statutory income tax rate of 25.168%
Corporate Overview
1,542.59 1,463.42
Tax effect of amounts which are not deductible
(taxable) in calculating Taxable income
Expenditure not allowed in Income Tax (Net) 147.36 179.54
Impact of Tax in OCI 71.90 (8.08)
Impact of prior period adjustments - 553.24
219.26 724.70
At Effective Tax Rate 1,761.85 2,188.12
Income Tax Expense reported in statement of 1,761.85 2,188.12
Profit and loss accounts for current year
Effective Tax Rate 28.75% 37.63%
Ratio Analysis
Statutory Reports
S. Name of Numerator / Denominator FY 2021-22 FY 2020-21 Variation Reasons for

No. Ratios Variation > 25%
1 Current Ratio Current Assets / Current Liabilities = 1.35 1.34 0.50% -
2 Debt Equity Long term Borrowings + Short = 0.13 0.08 62.87% Due to increase in long
Ratio term Borrowings / Total Sharehold- term debt
ers' Equity
3 Debt Service EBIDTA / Debt Repayment Obliga- = 1.07 1.75 -38.77% Due to increase in
Coverage Ratio tions (Interest After Tax+Principal) debt and finance cost
and decrease in Profit
before Tax owing to
Covid-19
4 Return on Net Profit After Tax After Dividend = 0.03 0.02 28.56% Due to increase in Profit
Equity Ratio / Average Shareholder's Funds after Tax
5 Trade Receiv- Net Credit Sales / Average Trade = 423.21 426.31 -0.73% -
ables Turnover Receivables

Ratio (in days)
6 Trade Payable Net Credit Purchases / Average = 494.22 501.68 -1.49% -
Turnover Ratio Trade Payable
(in days)
7 Net Capital Net Annual Sales / Working = 2.14 2.09 2.11% -
Turnover Ratio Capital
8 Net Profit Net Profit after Tax / Total Turn- = 0.03 0.03 5.17% -
Ratio over
9 Return on Cap- EBIT (Operating) / Capital Em- = 0.13 0.14 -1.45% -
ital Employed ployed
10 Return on EBIT (Operating) /Total Investment = 0.78 0.76 2.86% -
Investments
240
NOTES TO STANDALONE FINANCIAL

STATEMENTS FOR THE FINANCIAL YEAR
ENDED 31ST MARCH 2022
Corporate Overview
31. Impact due to Covid-19
In December 2019, Coronavirus Disease (COVID-19) was reported and since then, has not only
affected the health of people across the globe, but it has also caused severe disturbance to the
global economic environment. The Management has made an assessment of its liquidity position for
the next year including that of recoverability of carrying value of its Financial and non-Financial assets.
The Company expects to recover the carrying amounts of these assets based on the assessment.
Since there are inherent uncertainties arising out of the rapidly changing environment caused by
the pandemic, the situation as predicted from the estimations and assumptions undertaken in
the preparation of the financial statements may vary with the actual outcome in the future. The
Management continues to monitor any material changes arising due to future economic conditions
and making any significant impact on the financials of the Company. The management does not
Statutory Reports
see any risk in the ability of the Company to continue as a going concern and meeting its liabilities
as and when due.
32. Employee Benefits
Defined Contribution Plan
The amount recognized as an expense in defined contribution plan is as under:
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Contributory Provident Fund 1431.65 1339.82
All eligible employees of the company are entitled to receive benefits under the Provident Fund, a defined Standalone Financial Statements
contributory plan, set up through a Trust named as “WAPCOS Employees Contributory Provident
Fund Trust”. Both employee and employer contribute monthly at a determined rate as specified under
the law to the Trust. The obligation of the company is limited to such contribution and to make good
the shortfall, if any, between the returns from the investments of the trust and the notified interest rate.
Short fall, if any, is recognized as an expense during the year. As per actuarial valuation, present value
of the expected future earnings on the fund is higher than the expected amount to be contributed to
the individual members based on the expected guaranteed rate of interest, resulting in no liability on the
241
company. In terms of said valuation the Company has no liability towards interest rate guarantee as on
31st March 2022 and 31st March 2021
Defined Benefit Plans
Company is having the following Defined Benefit Plans:
• Gratuity (Funded)
Corporate Overview
• PRMS (Unfunded)
• Leave Encashment (Unfunded)
Risks associated with the Plan provisions are actuarial risks. These risks are:
i. Investment Risk,
ii. Interest Risk (Discount Rate Risk),
iii. Mortality Risk
iv. Salary Risk
Investment Risk The present value of the defined benefit plan liability is calculated using a
discount rate determined by reference to Government Bonds Yield. If plan
Statutory Reports
liability is funded and return on plan assets is below this rate, it will create
a plan deficit.
Interest Risk (Discount A decrease in the bond interest rate (discount rate) will increase the plan
Rate Risk) liability.
Mortality Risk The present value of the defined benefit plan liability is calculated by refer-
ence to the best estimate of the mortality of plan participants. For this re-
port we have used Indian Assured Lives Mortality (2006-08) ultimate table
A change in mortality rate will have a bearing on the plan’s liability.
Salary Risk The present value of the defined benefit plan liability is calculated with the
assumption of salary increase rate of plan participants in future. Deviation
in the rate of increase of salary in future for plan participants from the rate
of increase in salary used to determine the present value of obligation will
have a bearing on the plan’s liability.
Medical Expense Infla- The present value of the defined benefit plan liability is calculated with the
tion Risk assumption of medical expense inflation increase rate of plan participants
in future. Deviation in the rate of increase of medical expense inflation in
future for plan participants from the rate of increase in medical expense
used to determine the present value of obligation will have a bearing on
the plan’s liability.
242
Cash Allowance Infla- The present value of the defined benefit plan liability is calculated with the
tion Risk assumption of cash allowance inflation increase rate of plan participants in
future. Deviation in the rate of increase of cash allowance in future for plan
participants from the rate of increase in cash allowance used to determine
the present value of obligation will have a bearing on the plan’s liability.
Corporate Overview
Disclosures Related to Funded / Unfunded obligations
i. Amounts recognized in the Balance Sheet
(` in Lakhs)
Gratuity (Funded) PRMS (Unfunded) Leave Encashment
(Unfunded)
Particulars 31st 31st 31st 31st 31st 31st
March March March March March March
2022 2021 2022 2021 2022 2021
Present value of obligations as 5378.28 5176.12 2625.94 2525.25 3940.11 3628.46
at the end of year
Fair value of plan assets as at 3282.25 3281.47 - - - -
the end of the year
Statutory Reports
Funded / Unfunded status 2096.03 1894.65 2625.94 2525.25 3940.11 3628.46
Net (asset) / liability recog- 2096.03 1894.65 2625.94 2525.25 3940.11 3628.46
nized in Balance Sheet
ii. Expenses recognized in the Statement of Profit & Loss

(` in Lakhs)
(Unfunded)
2022 2021 2022 2021 2022 2021
Current Service Cost 375.93 388.17 121.89 117.77 140.95 134.71 Standalone Financial Statements
Past Service Cost - - - - - -
Interest cost on defined bene- 357.15 337.87 174.50 149.61 250.36 236.10
fit obligation
Interest income on plan assets 226.42 231.26 - - -
Re-measurements - - - - -
Actuarial (Gains/ Losses) - - - - 203.89 77.42
Expenses recognized in the 506.66 494.78 296.39 267.38 595.20 448.23
243
iii. Expenses recognized in Other Comprehensive Income

(` in Lakhs)
(Unfunded)
Corporate Overview
2022 2021 2022 2021 2022 2021

Return on Plan Assets 14.99 10.60 - - - -
Actuarial (gains)/ loss (180.53) (154.78) (117.86) 114.30 - -
Expenses recognized in Oth- (165.54) (144.18) (117.86) 114.30 - -
er Comprehensive Income
iv. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation

(` in Lakhs)
(Unfunded)
2022 2021 2022 2021 2022 2021
Statutory Reports
Present value of obligations as 5176.12 4925.20 2525.25 2196.99 3628.46 3441.69

at beginning of year
Interest cost 357.15 337.87 174.50 149.61 250.36 236.10
Current service cost 375.93 388.17 121.89 117.77 140.95 134.71
Actuarial (gains)/ losses arising - - - - -
from
Changes in demographic as- (5.14) - (5.72) 143.82 (1.33) -
sumptions
Changes in financial assump- (219.15) (19.85) (226.71) (41.38) (164.22) (14.07)
tions
Experience adjustments 43.75 (134.93) 114.57 11.86 369.44 91.49

Past service cost - - - - - -
Benefits paid (350.40) (320.34) (77.84) (53.42) (283.55) (261.46)
Present value of obligations 5378.26 5176.12 2625.94 2525.25 3940.11 3628.46
as at end of year
244
Reconciliation of Opening and Closing Balances of Fair Value of Plan Assets

(` in Lakhs)
(Unfunded)
Corporate Overview
2022 2021 2022 2021 2022 2021
Fair value of plan assets on 3281.47 3371.15 - - - -
beginning of year
Interest Income 226.42 231.26 - - - -
Re-measurement gain/(loss)- (14.98) (10.60) - - - -
Return on Plan Assets exclud-
ing amounts included in net
interest expense
Contribution from the em- 139.74 10.00 - - - -
ployer
Benefits Paid (350.40) (320.34) - - - -
Fair value of plan assets at end 3282.25 3281.47 - - - -
of year
Statutory Reports
v. Actuarial Assumptions
(` in Lakhs)
(Unfunded)
2022 2021 2022 2021 2022 2021
Discount rate 7.33% 6.90% 7.40% 6.91% 7.33% 6.90%
Expected rate of future salary 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
increase Standalone Financial Statements
Increase in Compensation - - - - - -
levels
Retirement age - - - - - -
245
vi. Maturity profile of Defined Benefit Obligation

(` in Lakhs)
Gratuity (Funded) PRMS (Unfunded) Leave Encash-

ment
(Unfunded)
Particulars
31st 31st 31st 31st 31st 31st
Corporate Overview

2022 2021 2022 2021 2022 2021
Weighted average of the - - 18 18 - -
defined benefit obligation
Duration of defined benefit - - - - - -

obligation- from the fund
Duration (years)
1 567.90 435.46 - - - -
2 269.42 231.01 - - - -
3 483.81 499.13 - - - -
4 421.12 447.39 - - - -
Statutory Reports
5 515.88 388.35 - - - -
Above 5 11283.30 10636.12 - - - -
Total 13541.43 12637.46 - - - -
Duration of defined - - - - - -
benefit payments-from the
employer
Duration (years)
1 - - 64.89 61.97 - -
2 - - 78.64 69.97 - -
3 - - 89.82 83.63 - -
4 - - 100.73 94.87 - -
5 - - 114.07 105.50 - -
Above 5 - - 14770.30 11567.10 - -
Total - - 15218.45 11983.04 - -
246
vii. Major categories of plan assets (as percentage of total plan assets)
(` in Lakhs)

(Unfunded)
Corporate Overview
2022 2021 2022 2021 2022 2021
Insurance fund 100% 100% - - - -
viii. Sensitivity Analysis

(` in Lakhs)
Sensitivity analysis in respect of Gratuity

Change in Increase in defined Decrease in
Assumption benefit obligation defined benefit
Statutory Reports
obligation
Particulars
2022 2021 2022 2021 2022 2021
Increase/(Decrease) in dis- +/- 1% +/- 1% 537.08 542.48 450.36 453.10
count rate
Expected rate of future salary +/- 1% +/- 1% 355.08 389.99 341.61 369.40
increase
Expected change in rate of +/- 1% +/- 1% 101.65 66.13 117.39 76.73
employee turnover
247
(` in Lakhs)
Sensitivity analysis in respect of PRMS

Particulars Assumption benefit obligation defined benefit
obligation
Corporate Overview

2022 2021 2022 2021 2022 2021
Increase/(Decrease) in dis- +/- 1% +/- 1% 496.41 467.10 383.12 362.98
count rate
Expected rate of future salary +/- 1% +/- 1% - 163.46 - 138.79
increase
Expected change in rate of +/- 1% +/- 1% - 455.07 - 455.27
employee turnover
Expected change in medical +/- 1% +/- 1% - - - -
cost inflation
(` in Lakhs)
Statutory Reports
Sensitivity analysis in respect of Leave Encashment (Unfunded)

Particulars Assumption benefit obligation defined benefit
obligation
2022 2021 2022 2021 2022 2021
Increase/(Decrease) in dis- - - - - -
count rate
Expected rate of future salary - - - - -
increase
*Changes in Defined benefit obligation due to 1% Increase / Decrease in Mortality Rate if all
other assumptions remain constant is negligible.
The sensitivity analysis presented above may not be representative of the actual change in the defined
benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another
as some of the assumptions may be correlated.
248
Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation
has been calculated using the projected unit credit method at the end of the report period, which is the
same as that applied in calculating the defined benefit obligation liability recognized in the statement of
financial position.
There is no change in the method of the valuation for the prior period. For change in assumption please
Corporate Overview
refer to table (v) above, where assumptions for prior period are given.
33. Provisions, Contingent Liabilities and Contingent Assets (Ind AS 37)
Movement of Provisions
Movements in each class (Current & Non-Current) of Provision during the financial year are set
out below:
(` in Lakhs)
Gratuity PRMS Leave Encashment

2022 2021 2022 2021 2022 2021
Opening Balance 1894.65 1554.05 2525.25 2196.99 3628.46 3441.69
Statutory Reports
Additional Provisions during the 341.12 350.60 178.53 381.68 595.20 448.23
Year
Provision used during the Year (139.74) (10.00) (77.84) (53.42) (283.55) (261.46)
Provision reversed during the - - - - -
Year
Closing Balance 2096.03 1894.65 2625.94 2525.25 3940.11 3628.46
(` in Lakhs)
Leave Travel Concession Pension*
Particulars 31st 31st 31st 31st

March March March March
2022 2021 2022 2021
Opening Balance 54.71 54.71 1507.73 833.41
Additional Provisions during the Year - - 783.55 674.32
Provision used during the Year - - (688.26) -
Provision reversed during the Year - - -
Closing Balance 54.71 54.71 1603.02 1507.73
*The Company has pension plan in place for its employees in accordance with D.P.E Guidelines. The pension plan has been
taken from LIC of India for this purpose.
249
34. Earnings Per Share (EPS) (Ind AS 33)

(` in Lakhs)
Earnings per Equity Shares 31st March 2022 31st March 2021*
Profit attributable to Equity Holders 4084.95 3697.08
Continuing Operations 4084.95 3697.08
Discontinued Operations - -
Corporate Overview
Profit attributable to Equity Holders for basic Earnings 4084.95 3697.08

Profit attributable to Equity Holders adjusted for the effect of dilution 4084.95 3697.08
Weighted average number of Equity shares for basic EPS 130000000 130000000
Face value Per Equity Share 10 10
Earnings Per Equity Share (for continuing operation)
Basic (in `) 3.14 2.84
Dilutive (in `) 3.14 2.84
*The Earning per share for F.Y 2021-22 had been calculated on outstanding numbers of equity shares treating if the share
split and bonus issue had occurred before the beginning of 2019 i.e. the earliest period presented in current year financial
statements.
35. Dividend and Reserves

Statutory Reports
(` in Lakhs)
Cash dividend on Equity Shares declared and Paid - -
Final Dividend Paid 2500.00 2500.00
Dividend Distribution Tax on Final Dividend Paid - -
Interim Dividend - -
Dividend Distribution Tax on Interim Dividend - -
The Dividends on equity shares declared by the Company is in accordance with DPE guidelines.
Dividend declaration date for FY 2020-2021 is 08th December 2021 and dividend payment date is 06th January 2022.
36. In terms of Section 22 of the Micro, Small and Medium Enterprises Development Act 2006,
the amount due to these enterprises are required to be disclosed. These enterprises are required to
be registered under that Act. The Company has asked the vendors the status of MSME registration.
Details of dues to micro & small enterprises are given on the basis of information available with the
management:
250
(` in Lakhs)
S. No. Particulars 31st March 2022 31st March 2021
1 (a) The Principal amount due thereon remaining unpaid to any supplier as 34182.59 36601.96
at the end of each accounting year
1 (b) The interest due thereon remaining unpaid to any supplier as at the -
end of each accounting year on the above amount
2 The amount of interest paid by the buyer in terms of Section 16 of -
Corporate Overview
the Micro and Small Enterprise Development Act 2006, along with the
amounts of the payment made to the supplier beyond the appointed
day during each accounting year.
3 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 Micro
and Small Enterprises Development Act, 2006
4 The amount of interest due and remaining unpaid at the end of each -
accounting year.
5 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 Micro and Small Enter-
prise Development Act, 2006
*The company has initiated the process of identification of suppliers registered under Micro and Small Enterprise Development
Statutory Reports
Act, 2006, by obtaining confirmation from all supplies. Above Information has been collated only to the extent of information
received and available on records.
37. Balances shown under Claims recoverable, Trade Receivables, Advances to contractors, Trade
Payables and Security deposits/ Retention money from contractors are subject to confirmation and
respective consequential adjustments. The status of Balance Confirmations received is as follows:

(` in Lakhs)
Central / State Government Foreign Governments Others

Departments
Particulars
Dues Confirmation Dues Confirmation Dues Confirmation
received received received
Trade Receivables 153670.11 998.29 24763.00 46.82 6258.68 8.76
Retention Money 2776.47 14.56 378.16 - 2.95 -
Trade Payables 4856.54 190.24 - - 105737.80 11895.05
Advance to Contractors 1931.20 - - - 1435.58 -
251

(` in Lakhs)
Central / State Government Foreign Governments Others

Departments
Particulars
Corporate Overview
Trade Receivables 143389.35 330.87 25796.73 2487.03 9041.94 -

Retention Money 1710.06 - 335.50 - 126.60 -
Trade Payables 6300.10 70.80 1458.15 - 105462.30 268.73
Advance to Contractors 891.59 - 5.82 - 6137.22 -
The balances of Trade Receivables and Trade Payables are truly reflected in the Books of Accounts. With
regard to the differences as stated by the parties, the company is in the process of coordinating and shall
obtain the corrected confirmation in due course of time.
In the opinion of the management, the value of Trade Receivables, Loans and Advances on realization in
the ordinary course of business, will not be less than the value at which these are stated in the Balance
Sheet. The total Trade Receivables are ` 184691.79 Lakhs out of which ` 16613.83 Lakhs are deferred
debts presently not due for payment. (Previous Year ` 178228.01 Lakhs out of which ` 20366.47 Lakhs
were Deferred debt).
Statutory Reports
38. During the year, the company has acquired fixed assets / loose tools (not forming part of the
company’s assets i.e., PPE) on behalf of clients amounting to ` 151.83 Lakhs (Previous Year ` 116.98
Lakhs). Further ` 108.12 Lakhs (Previous Year ` 102.45 Lakhs) has been Set-off against Reimbursement
received from client.
39. Liability in respect of “Performance Related Pay”, amounting to ` 223.24 Lakhs (Previous Year
` 139.26 Lakhs) for the employees for the year ended on 31st March 2022 has been estimated and
provided based on scheme formulated in accordance with D.P.E guidelines, based upon certain ranking
parameter. Movement chart is as under:
(` in Lakhs)
S. No. Period 31st March 2022 31st March 2021

1 Opening Balance 2199.05 2059.79
2 Add: Additions during the year 223.24 139.26
3 Less: Paid during the year (799.51) -
4 Closing Balance 1622.78 2199.05
252
40. Corporate Social Responsibility (CSR) expenses
The requisite disclosures relating to CSR expenditure in terms on Guidance Note on Corporate Social Responsibility (CSR) issued by The
Institute of Chartered Accountants of India
Financial Year 2021-2022
(a) CSR amount spent or unspent for the financial year:
(` in Lakhs)
Amount Unspent
Total Amount transferred to Un- Amount transferred to any fund specified under Schedule
Total Amount Spent for spent CSR Account as per section VII as per second proviso to section 135(5)
the Financial Year 135 (6)
Amount Date of Transfer Name of Amount Date of Transfer
the Fund
269.79 39.30 30.04.2022 -
253
254
(` in Lakhs)
Item from the list of Local Location of the Project Project Amount Amount spent Amount transferred to Mode of Mode of implementation
S.
Name of the Project activities in Schedule Area State District Duration allocated for the in the current Unspent CSR Account for the implementation - - Through Implementing
No.
7 of the Act (Yes/No) Project Financial Year Project as per Section 135(6) Direct (Yes/No) Agency
1 Construction of Rainwater Item No 4 Environ- Yes New Delhi Nizamuddin 03.08.2021- 24.19 21.05 - No Aga Khan Foundation,
Harvesting at Humayun’s mental Sustainability 02.11.2021 6 Bhagwan Dass Road,
Tomb Site Museum under New Delhi, 110001 -
CSR activity of WAPCOS CSR00008713
during 2021-22.
2 Installation of Roof Top Rain- Item No 4 Environ- No Haryana Bhiwani, Faridabad, 01.10.2021- 17.80 17.10 0.90 No Empathetic Humane
water Harvesting Structure mental Sustainability Gurugram, Jhajjar, 30.11.2021 Socially Awakened Samaj
in Government Schools of Palwal, Panipat, (EHSAS), Mahendru
Haryana -under CSR activity of Rewari, Rohtak and Enclave, New Delhi -
WAPCOS during 2021-22 Sonipat CSR00012973
3 School Education through Item No 2 School NO Uttrakhand UdhamSingh Nagar 23.03.2022- 9.28 2.32 6.96 No Devwani Propkar
providing set of Table and Education 22.06.2022 Mission, Bhupatwala,
Chair in 3 Schools of Khatima Haridwar, Uttralhand -
Block , Udham Singh Nagar, CSR00013924
Uttrakhand.
4 School Education through Item No 2 School No Uttar Shahjahanpur 29.03.2022- 24.91 4.98 18.45 No Gurgia Charities,
construction of 3 class rooms Education Pradesh 28.12.2022 Khanpur, New Delhi
including electric fitting & -CSR00010365
fixture for students of Lala
Baijnath Janki Pathshala (LBJP)
Inter-College, Tilhar, Distt-
5 Arogya Project- Providing Item No-1 Health Care No Uttar Shravasti 01.01.2020- 2.17 2.17 - No Sustainable Action
Healthcare Services to Schools Pradesh 31.12.2021 Towards Human Empow-
children in 45 Government erment ,Sector-5, Ghazia-
Schools by Organising Health bad -CSR00005293
Check up cum awareness
camps on Nutrition & Hygiene
in Shravasti district ,Uttar
Pradesh
6 Swastha Bharat project- Pro- Item No-1 Health Care No Uttar Bahraich 26.09.2019- 4.19 4.19 - No Aroh Foundation,
viding Healthcare Services to Pradesh 31.12.2021 Sector-8, Noida -
Schools children by Organising CSR00000044
General Health Check up
Camps ,Adolescent Workshop,
Swachhta Rally and Tree
Plantation in Kaiserganj Block,
Bahraich district , Uttar
Pradesh.
7 School Education through Item No 2 School No Uttar Shahjahanpur 04.03.2020- 5.13 5.13 - No Gurgia Charities,
reconstruction of four class Education Pradesh 16.08.2021 Khanpur, New Delhi -
rooms including electric fitting CSR00010365
and furniture & fixture for
students of Lala Baijnath Janki
Pathshala (LBJP) Inter-College,
Tilhar, Distt- Shahjahanpur,
Uttar Pradesh.
(` in Lakhs)
S. Name Item from Local Location of the Amount Mode of implemen- Mode of implementation
No. of the the list of Area Project spent tation - Direct (Yes/ - Through Implementing
Project activities in (Yes/ for the No) Agency
Schedule 7 No) State District project Name CSR Registration
of the Act
Corporate Overview
number
1 PM VIII - - - 200.00 - - -
CARES
FUND
(d) Amount spent on Administrative Overheads - ` 12.84 Lakhs

(e) Amount spent on Impact Assessment, if applicable - ` NIL
(f) Total amount spent for the Financial Year (b+c+d+e) - ` 269.79 Lakhs
(g) Excess amount for set off, if any:
(` in Lakhs)
S. No. Particulars Amount
1 Two percent of average net profit of the company as per section 135(5) 296.09
2 Total amount spent for the Financial Year 269.79
Statutory Reports
3 Excess amount spent for the financial year [(ii)-(i)] -
4 Surplus arising out of the CSR projects or programmes or activities of the previous -
financial years, if any
5 Amount available for set off in succeeding financial years [(iii)-(iv)] -
(h) Details of Unspent CSR amount for the preceding three financial years:
(` in Lakhs)
S. Preceeding Amount transferred Amount spent Amount transferred to any fund spec- Amount remaining to
No. Financial to Unspent CSR Ac- in the reporting ified under Schedule VII as per section be spent in succeeding
Year count under section Financial Year 135 (6), if any financial years
135 (6)

Name of the Amount Date of
Fund transfer
1 FY 13.00 13.00 - - - -
2020-2021
255
(` in Lakhs)
256
S. Name of Activity Sector in which the "Projects/ Programmes Amount outlay (Budget) Amount spent on the Amount Spent direct /
No. project is covered 1 local area/Others of Project/ Program project for Unspent through implementing
2 Specify the State/ district wise CSR Account for the Agency
(Name of the Name of the year 2020-21
District/State where project/
programme was undertaken"
1 Socio Economic Empowerment of Poor Girls Skill Development 1 Amritsar 4.80 1.68 Shree Durgiana Commit-
through skill Development training program 2 Punjab" (3.12 spent during 2020- teee
in Amritsar, Punjab. 21)"
2 School Education – Setting up of Smart School Education 1 Bhagwanpur, Laksar and Narsan 12.00 1.20 District Administration,
Class Rooms for 12 Rajkiya Middle Schools 2 Haridwar, Uttrakhand" (10.80 spent during Haridwar
in Bhagwanpur, Laksar and Narsan Blocks 2020-21)"
at Haridwar District, Uttrakhand.
3 Swastha Bharat project- Providing Preventive Health 1 Kaiserganj 24.92 2.07 M/s Aroh Foundation
Healthcare Services to Schools children by Care 2 Bahraich, Uttar Pradesh" (12.46 spent during
Organising General Health Check up Camps 2019-20 and 6.19 spent

, Adolescent Workshop, Swachhta Rally and during 20-21)"
Tree Plantation in Kaiserganj Block, Bahraich
district , Uttar Pradesh
4 Renovation of existing main academic build- School Education 1 Gobindpur Bajidpur 50.00 5.28 M/s Rajkiya Middle
ing block including boundary wall, construc- 2 Vaishali, Bihar" (20.00 spent during School, Gobindpur
tion of one room and water supply arrange- 2019-20 and ` 20.00
ment including bore well for students of during 2021-22)"
Rajkiya Middle School, Gobindpur Bajidpur,
Block-Bidupur, Distt- Vaishali, Bihar
5 Arogya Project- Providing Healthcare Ser- Preventive Health 1 Sirsia, Hariharpurani, Jamunaha, 24.45 2.23 M/S Sustainable Action
vices to Schools children in 45 Government Care Ikona, Gilola (12.22 spent during Towards Human Empow-
Schools by Organising Health Check up cum 2 Shravasti, Uttar Pradesh" 2019-20 and 7.82 during erment (SATHEE)
awareness camps on Nutrition & Hygiene in 2020-21)"
Shravasti district ,Uttar Pradesh
6 School Education through reconstruction of School Education 1 Tilhar 22.10 0.54 M/s Gurgia Charities
four class rooms including electric fitting 2 Shahjahanpur, Uttar Pradesh" (16.43 spent during
and furniture & fixture for students of Lala 2020-21)"
Baijnath Janki Pathshala (LBJP) Inter-College,
Tilhar, Distt- Shahjahanpur, Uttar Pradesh.
(i) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year (s)
(` in Lakhs)
S. Project ID Name of the Project Financial Year Project Total amount Amount spent Cumulative Status of the
No. in which the duration allocated for on the project amount project- Completed/
project was the project in the reporting spent at Ongoing.
commenced Financial Year the end of
reporting
Financial
Year
1 WAP/ School Education through 2019-20 04.03.2020- 22.10 5.13 22.10 Completed
CSR/2019- reconstruction of four class 16.08.2021
20/S.E/Til- rooms including electric
har/U.P/31 fitting and furniture &
Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar,
Distt- Shahjahanpur, Uttar
Pradesh.
2 WAP/ Swastha Bharat project- 2019-20 26.09.2019- 24.92 4.19 24.92 Completed
CSR/2019- Providing Healthcare Ser- 31.12.2021
20/H.C/Bah- vices to Schools children by
raich/U.P/13 Organising General Health
Check up Camps ,Adoles-
cent Workshop, Swachhta
Rally and Tree Plantation in
Kaiserganj Block, Bahraich
3 WAP/ Arogya Project- Providing 2019-20 01.01.2020- 24.44 2.17 24.44 Completed
CSR/2019- Healthcare Services to 31.12.2021
20/H.C/ Schools children in 45
Shravasti/ Government Schools by
U.P/24 Organising Health Check
up cum awareness camps
on Nutrition & Hygiene
Pradesh
257
(j) 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. Nil.
1. Date of creation or acquisition of the capital asset (s). Nil
2. Amount of CSR spent for creation or acquisition of capital asset. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered
, their address etc. Nil
Corporate Overview
4. Provide details of the capital asset (s) created or acquired (including complete address and location
of the capital asset). Nil
(k) Specify the reason (s), if the company has failed to spend two percent of the average net profit as
per section 135(5)
During 2021-22, the Company has taken up CSR works for 2% of the average net profit as per section
135(5). However, against the target of 2% the expenditure incurred is 1.82%. The remaining amount
could not be released due to non-completion of activities. Accordingly the remaining has been transferred
to unspent CSR account as indicated in Item no 8 (a) column 2 above.

Statutory Reports

(` in Lakhs)
Amount Unspent
Total Amount
Spent for the Total Amount transferred to Unspent CSR Amount transferred to any fund specified under
Financial Year Account as per section 135 (6) Schedule VII as per second proviso to section
135(5).
Amount Date of Name of the Fund Amount Date of Trans-
Transfer fer
373.03 13.00 12.09.2021 -
258
(` in Lakhs)
S.
No.
1 Socio Economic Empowerment Item No 2 School No Punjab Amristar 1.12.2019- 4.80 3.12 1.68 No Shree Durgiana Commit-
of Poor Girls through Skill Education 30.08.3021 tee, Amritsar
Development training program
in Amritsar, Punjab
2 School Education - Construc- Item No 2 School No Uttrakhand Haridwar 03.02.2020- 17.00 16.29 - No District Administration,
tion of Two Classrooms in Education 31.03.2021 Haridwar
Rajkia Inter College Gandikhata,
Bahadrabad, District - Haridwar,
Uttrakhand
3 School Education – Setting Item No 2 School No Uttrakhand Haridwar 03.02.2020- 12.00 10.80 1.20 No District Administration,
up of Smart Class Rooms for Education 31.03.2021 Haridwar
12 Rajkiya Middle Schools in
Bhagwanpur, Laksar and Narsan
Blocks at Haridwar District,
Uttrakhand.
4 School Education through recon- Item No 2 School No Uttar Shahjahanpur 04.03.2020 - 22.10 16.43 0.54 No Gurgia Charities, Khan-
struction of four class rooms Education Pradesh 16.08.2021 pur, New Delhi
including electric fitting and
furniture & fixture for students
of Lala Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar, Distt-
5 Development of Recreation Item No 3 Recreation No Delhi West Delhi 02.05.2019- 0.56 0.47 - No Shri Gyan Gangotri Vikas
Centre for Senior Citizens at Centre for Senior 01.05.2020 Sanstha, Uttam Nagar,
Madhu Vihar, New Delhi Citizens New Delhi
6 Construction of Double Storey Item No 10 Rural No Bihar Vaishali 22.09.2019- 24.00 24.00 - No Sarvodaya Kissan Club,
block of 4 rooms, Drinking Development 21.06.2020 Vaishali, Bihar
water facility with Bore well
including network, Male and
Female Toilet Block and Lighting
arrangement in Sarvodya Kissan
Club (Atma) for villagers of
Baitpur Saidat, Block-Bidupur,
Distt-Vaishali, Bihar.
7 Swastha Bharat project- Pro- Item No-1 Health Care No Uttar Bahraich 26.09.2019- 12.46 6.19 2.07 No Aroh Foundation, Sec-
viding Healthcare Services to Pradesh 31.12.2021 tor-8, Noida
Schools children by Organising
General Health Check up Camps
,Adolescent Workshop, Swach-
hta Rally and Tree Plantation
in Kaiserganj Block, Bahraich
district , Uttar Pradesh.
8 "(a) Health Care - Accredited Item No-1 Health Care No Uttar Bahraich 21.10.2019 - 18.00 18.00 - No District Administration,
social health activist (ASHA) Pradesh 31.12.2020 Bahraich through U.P
health
worker waiting room in District
Women Hospital and 14 in
Community Health Centres
(CHCs) in Bahraich Distict, Uttar
Pradesh. "
(b) Maintenance cost of 15 01.01.2021- 7.50 - -
ASHA Waiting Hall for Three 31.12.2023
years
259
(` in Lakhs)
260
S.
No.
9 Provision of medicines for needy Item No-1 Health Care No Gujarat Botad 01.11.2019- 4.80 1.16 - No Shree Kashtbhanjandev
poor patients of the hospital 31.10.2020 Hanumanji Mandir,
being run by Shree Kasht bhan- Botad, Gujarat
jan Dev Hanumanji Mandir in
Salangpur, Distt. Botad, Gujarat
10 Health Care Program for Item No-1 Health Care No Uttrakhand Haridwar 31.12.2019- 18.75 18.75 - No Artificial Limbs Manu-
Distribution of Aids & Assistive 30.10.2020 facturing Corporation of
devices to Divyangjan living India, Kanpur
in the District of Haridwar,
Uttrakhand
11 Renovation of existing main ac- Item No 2 School No Bihar Vaishali 24.09.2019- 30.00 20.00 5.28 No Rajkiya Middle School,
ademic building block including Education 31.03.2021 Gobindpur, Vaishali, Bihar
boundary wall, construction
of one room and water supply
arrangement including bore well
for students of Rajkiya Middle
School, Gobindpur Bajidpur,

Block-Bidupur, Distt- Vaishali,
Bihar
12 Arogya Project- Providing Item No-1 Health Care No Uttar Shravasti 01.01.2020- 12.22 7.82 2.23 No Sustainable Action
Healthcare Services to Schools Pradesh 31.12.2021 Towards Human
children in 45 Government Empowerment, Sector-5,
Schools by Organising Health Ghaziabad
Check up cum awareness camps
on Nutrition & Hygiene in
Shravasti district ,Uttar Pradesh
13 Renovation of Library room Item No 5, setting up No Bihar Vaishali 03.10.2019- 3.30 3.30 - No Shree Mahavir Pushtaka-
librarian Room Hall, Corridor, public libraries 02.04.2020 laya , Vaishali, Bhar
Construction of toilets and
upliftment of Library in Shree
Mahavir Pushtakalaya, Pull Ghat,
Hazipur, Distt. Vaishali, Bihar
14 Sanitation and Public Utility Item No 1 Sanitation No Bihar Sitamarhi 15.10.2018- 4.50 4.50 - No Aroh Foundation, Noida
Program Construction of Toilets 14.01.2019
in village Singhwahini, District
Sitamarhi, Bihar
15 Supporting the Liver Transplan- Item No-1 Health Care Yes Delhi South West 01.04.2020- 14.00 14.00 - No Institute of Liver and Bil-
tation Surgeries of Economically 31.03.2021 iary Sciences, New Delhi
Weaker Patients
(` in Lakhs)
S. Name Item from Local Location of the Amount Mode of implemen- Mode of implementation
No. of the the list of Area Project spent tation - Direct (Yes/ - Through Implementing
Project activities in (Yes/ for the No) Agency
Schedule 7 No) State District project Name CSR Registration
of the Act
Corporate Overview
number
1 PM - - - 200.00 - - -
CARES
FUND

(e) Amount spent on Impact Assessment, if applicable - ` Nil

Statutory Reports
4 Surplus arising out of the CSR projects or programmes or activities of the previous -
financial years, if any
S. Preceeding Amount transferred Amount spent Amount transferred to any fund spec- Amount remaining to
No. Financial to Unspent CSR Ac- in the reporting ified under Schedule VII as per section be spent in succeeding
Year count under section Financial Year 135 (6), if any financial years

135 (6)
Fund transfer
-
261
262
(` in Lakhs)
reporting
Financial
Year
1 WAP/ Socio Economic Empower- 2019-20 1.12.2019- 4.80 3.12 3.12 Ongoing
CSR/2019- ment of Poor Girls through 30.08.2021
20/Amrit- Skill Development train-
sar/20 ing program in Amritsar,
Punjab
2 WAP/ School Education - Con- 2019-20 03.02.2020- 17.00 16.29 16.29 Completed
CSR/2019- struction of Two Class- 31.03.2021
20/S.E/Harid- rooms in Rajkia Inter
war/26 College Gandikhata, Bahad-
rabad, District - Haridwar,
Uttrakhand
3 WAP/ School Education – Setting 2019-20 03.02.2020- 12.00 10.80 10.80 Completed
CSR/2019- up of Smart Class Rooms 31.03.2021
20/S.E/Harid- for 12 Rajkiya Middle
war/27 Schools in Bhagwanpur,
Laksar and Narsan Blocks
at Haridwar District, Uttra-
khand.
20/S.E/Til- rooms including electric
har/U.P/31 fitting and furniture &
Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar,
Distt- Shahjahanpur, Uttar
Pradesh.
(` in Lakhs)
reporting
Financial
Year
5 WAP/ Development of Recreation 2019-20 02.05.2019- 3.67 0.47 3.58 Completed
CSR/2019- Centre for Senior Citizens 01.05.2020
20/MadhuVi- at Madhu Vihar, New Delhi
har/6
6 WAP/ Construction of Double 2019-20 22.09.2019- 40.00 24.00 40.00 Completed
CSR/2019- Storey block of 4 rooms, 21.06.2020
20/Kissan Drinking water facility
Club/Bi- with Bore well including
har/09 network, Male and Female
Toilet Block and Lighting
arrangement in Sarvodya
Kissan Club (Atma) for
villagers of Baitpur Saidat,
Block-Bidupur, Distt-Vaish-
ali, Bihar.
CSR/2019- Providing Healthcare Ser- 31.12.2021
20/H.C/Bah- vices to Schools children by
raich/U.P/13 Organising General Health
Check up Camps ,Adoles-
cent Workshop, Swachhta
Rally and Tree Plantation in
Kaiserganj Block, Bahraich
8 WAP/ Health Care - Accredited so- 2019-20 21.10.2019- 105.00 18.00 105.00 Completed
CSR/2019- cial health activist (ASHA) 31.12.2020
20/H.C/Bah- health worker waiting
raich/U.P/16 room in District Women

Hospital and 14 in Commu-
nity Health Centres (CHCs)
in Bahraich Distict, Uttar
Pradesh.
263
(` in Lakhs)
264
reporting
Financial
Year
Maintenance cost of 15 01.01.2021- 7.50 - - Ongoing
ASHA Waiting Hall for 31.12.2023
Three years
9 WAP/ Provision of medicines for 2019-20 01.11.2019- 8.00 1.16 4.36 Completed
CSR/2019- needy poor patients of the 31.10.2020
20/Medi- hospital being run by Shree
cines/21 Kasht bhanjan Dev Ha-

numanji Mandir in Salang-
pur, Distt. Botad, Gujarat
10 WAP/ Health Care Program for 2019-20 31.12.2019- 25.00 18.75 25.00 Completed
CSR/2019- Distribution of Aids & Assis- 30.10.2020
20/H.C/ tive devices to Divyangjan
Haridwar/25 living in the District of
Haridwar, Uttrakhand
11 WAP/ Renovation of existing 2019-20 24.09.2019- 50.00 20.00 40.00 Completed
CSR/2019- main academic building 31.03.2021
20/S.E/ block including boundary
Gibindpur/ wall, construction of one
Bihar/08 room and water supply ar-
rangement including bore
well for students of Rajkiya
Middle School, Gobindpur
Bajidpur, Block-Bidupur,
Distt- Vaishali, Bihar
12 WAP/ Arogya Project- Providing 2019-20 01.01.2020- 24.44 7.82 20.04 Ongoing
CSR/2019- Healthcare Services to 31.12.2021
20/H.C/ Schools children in 45
Shravasti/ Government Schools by
U.P/24 Organising Health Check
up cum awareness camps
on Nutrition & Hygiene
in Shravasti district, Uttar
Pradesh
(` in Lakhs)
reporting
Financial
Year
13 WAP/ Renovation of Library room 2019-20 03.10.2019- 22.00 3.30 22.00 Completed
CSR/2019- librarian Room Hall, Corri- 02.04.2020
20/Library/ dor, Construction of toilets
Bihar/10 and upliftment of Library
in Shree Mahavir Pushtaka-
laya, Pull Ghat, Hazipur,
Distt. Vaishali, Bihar
14 WAP/ Sanitation and Public Utility 2018-19 15.10.2018- 22.50 4.50 22.50 Completed
CSR/2018- Program Construction of 14.01.2019
19/Sitamar- Toilets in village Singh-
dhi/Toilet/7 wahini, District Sitamarhi,
Bihar
15 WAP/ Supporting the Liver 2017-18 01.04.2020- 14.00 14.00 14.00 Ongoing
CSR/2017- Transplantation Surgeries 31.03.2021
18/ILBS/21 of Economically Weaker
Patients
265
(j) 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. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered,
their address etc. Nil
Corporate Overview
4. Provide details of the capital asset (s) created or acquired (including complete address and location
of the capital asset). Nil
(k) Specify the reason (s), if the company has failed to spend two percent of the average net profit as
per section 135(5)
During 2020-21, the Company has taken up CSR works for 2% of the average net profit as per section
135(5). However, against the target of 2% the expenditure incurred is 1.93%. The remaining amount
of ` 13 Lakhs could not be released due to non-completion of activities because of COVID conditions in
the country. Accordingly the unspent amount has been transferred to unspent CSR account as indicated
in Item no 8 (a) column 2 above.
41. Related Party Disclosures (Ind AS 24)

i. Related Parties: Financial Year 2021-22
Statutory Reports
Name of Other Related Parties Country Nature of Relationship

WAPCOS Employees Contributory Provident Fund India Post – Employment Benefit Plan of
Trust WAPCOS Limited
WAPCOS Employees Defined Contribution Super- India Post – Employment Benefit Plan of
annuation Benefit (Pension Trust) WAPCOS Limited
WAPCOS Employees Gratuity Fund Trust India Post – Employment Benefit Plan of
WAPCOS Limited
National Projects Construction Company India Majority owned Subsidiary
Other Related Parties: Financial Year 2020-21


WAPCOS Employees Contributory Provident Fund India Post – Employment Benefit Plan of
Trust WAPCOS Limited
WAPCOS Employees Defined Contribution Super- India Post – Employment Benefit Plan of
annuation Benefit (Pension Trust) WAPCOS Limited
WAPCOS Employees Gratuity Fund Trust India Post – Employment Benefit Plan of
WAPCOS Limited
National Projects Construction Company India Majority owned Subsidiary
266
ii. Key Management Personnel

Directors / Key Management Personnel

Chairman-Cum-Managing Director
Corporate Overview
Shri R.K Agrawal (w.e.f. 04.10.2021)
Ms. Debashree Mukherjee (Up to 03.10.2021)
Whole Time Directors

Shri Pankaj Kapoor, Director (Finance)
Shri Anupam Mishra, Director (Commercial & HRD)
Government Nominee Directors

Shri P Harish (Upto 04.11.2021)
Shri Subodh Yadav
Shri Abhay Thakur (w.e.f. 16.12.2021)
Statutory Reports
Non – Executive (Independent Directors)
Ms. Preeti Madan
Shri Anil Kumar Trigunayat (w.e.f. 12.01.2022)
Shri Jasbir Singh Thakur (w.e.f. 15.01.2022)
Shri Lakhan Lal Sahu (w.e.f. 02.02.2022)
Shri Partha Sarathi Ghosh (w.e.f. 23.02.2022)
Company Secretary
Shri K.K. Kandwal (Up to 31.01.2021)

Ms. Kavita Parmar (w.e.f. 10.02.2021)
267
iii. Transactions with Key Managerial Personnel
268
(` in Lakhs)

Short Term Post – Other Share based Short Term Post – Other Long-term Share based
Particulars Employees Employment Long-term payment & Employees Employment benefits payment &
benefits benefits benefits Termination benefits benefits Termination
Benefits Benefits
CMD, Whole time Directors & Company Secretary
Sh. R.K. Agrawal 46.13 0.85 4.09 - - - - -

Sh. R.K. Gupta - - - - 69.59 - - -
Sh. Pankaj Kapoor 53.55 0.05 3.76 - 54.85 0.99 2.23 -
Sh. Anupam Mishra 50.11 0.22 2.58 - 48.55 1.53 1.99 -

Sh. K.K. Kandwal - - - - 44.35 0.15 1.43 -
Ms. Kavita Parmar 10.79 0.46 0.52 - 1.44 1.02 0.05 -
Total 160.58 1.58 10.95 - 218.78 3.69 5.70 -
Disclosures in respect of transactions with identified related parties are given only for such period during which such relationships
existed.
Chairman–cum–Managing Director is allowed use of staff car for private journeys up to a ceiling of 1000 kms per month on payment
of ` 2000/- per month (Previous Year ` 2000/- PM).
Director (Finance) & Director (Commercial & HRD) are allowed use of staff car for private journeys up to ceiling of 1000 kms per month
on payment of ` 490/- per month (Previous Year ` 490/- per month)
iv. Transaction with Subsidiary Company

(` in Lakhs)
Description of Transaction 31st March, 2022 31st March, 2021
Rent & Maintenance 54.59 -
Corporate Overview
v. Details of Remuneration/sitting fees paid to Independent Directors
(` in Lakhs)
Name & Designation 31st March, 2022 31st March, 2021
Dr Preeti Madan 2.70 3.45
Shri Anil Kumar Trigunayat 0.45 -
Shri Lakhan Lal Sahu 0.45 -
Shri Partha Sarathi Ghosh 0.45 -
Shri Jasbir Singh Thakur 0.15 -
Total 4.20 3.45
vi. Balances outstanding with Key Management Personnel (Payable)
Statutory Reports
(` in Lakhs)
Particulars
Payables Payables
Sh. R.K. Agrawal 6.66 -
Sh. Anupam Mishra 9.44 9.16
Sh. Pankaj Kapoor 9.30 8.22
Sh. K.K. Kandwal - 4.14
Ms. Kavita Parmar 0.77 1.44
Total 26.17 22.96
No money is due from Key Management Personnel as on 31st March 2022.
vii. Closing Balances outstanding Subsidiary Company

(` in Lakhs)
Equity Investment in subsidiary (98.89%) 7980 7980
269
viii. Transactions with Government Related Entities

Government of India (GOI) is holding 100% equity shares of the company, which are held by President
of India & its nominees.
The Company has made various transactions with the Ministry of Jal Shakti and entities being controlled
or jointly controlled or having significant influence of the Ministry of Jal Shakti. The Transactions with
them are as under:
Corporate Overview
Significant Transactions with Government related entities

(` in Lakhs)
Revenue 5123.45 8376.04
Procurements 841.55 911.73
Training Expenses - -
Total 5965.00 9287.77

(` in Lakhs)
Statutory Reports

Other Advances 1.69 425.18
Payables 3021.42 1713.61
Advance Received 3701.18 3145.45
Receivables 8465.13 10248.31
42. Leases
a. Amounts recognised in the Balance Sheet

The balance sheet shows the following amounts relating to leases:

Right of Use Assets (` in Lakhs)
Particulars 31st March, 2022 31st March, 2021
Buildings 1192.30 1986.60
Vehicle 25.73 55.30
270
Lease Liability
As at 31st March 2022 (` in Lakhs)

Particulars Current Non-Current Total
Buildings 471.77 912.88 1384.65
Vehicle 20.69 7.87 28.56
Corporate Overview
Total 492.46 920.75 1413.21
(` in Lakhs)
Buildings 599.49 1605.81 2205.30
Vehicle 30.52 28.56 59.08
Total 630.01 1634.37 2264.38
Additions to the Right of use during FY 2021-22 were ` 279.78 Lakhs
b. Amounts recognised in Statement of Profit or Loss:
Statutory Reports
The Statement of Profit or Loss shows the following amounts relating to Leases
(` in Lakhs)
Depreciation Charge of Right of Use assets 31st March 2022 31st March 2021
Buildings 624.27 769.99
Vehicles 28.79 40.95
Interest Expenses (Included in Finance Cost) 31st March 2022 31st March 2021
Interest Expense 157.88 213.66
The total cash outflow for leases in 2021-2022 ` 763.90 Lakhs (` 730.30 Lakhs for ROU Building &
`33.60 Lakhs for ROU Vehicle).
c. The Company’s leasing activities and how these are accounted for
The Company leases various offices and vehicles. Rental contracts are typically made for fixed periods of
6 months to 8 years, but may have extension options as described below:
Contracts may contain both lease and non-lease components. The Company allocates the consideration in
the contract to the lease and non-lease components based on their relative stand-alone prices. However,
for leases of real estate for which the company is a lessee, it has elected to separate lease and non-lease
components and instead accounts for these as a single lease component.
271
Lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants other than the security interests in
the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing
purposes.
d. Lease payments are allocated between principal and finance cost. The finance cost is charged to
Corporate Overview
profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
· the amount of the initial measurement of lease liability
· any lease payments made at or before the commencement date less any lease incentives received
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term
on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-
use asset is depreciated over the underlying asset’s useful life.
Payments associated with short-term leases of Office Buildings and all leases of low-value assets are
recognised on a straight-line basis as an expense in profit or loss.
Lease Payments not included in the measurements of Lease Liability:

Statutory Reports
The Expense relating to payments not included in the measurement of lease liability is as follows:
(` in Lakhs)
Short Term Leases 1359.45 1083.47
Variable Lease Payments - -
Total rental expenses relating to operating leases 1359.45 1083.47
e. Extension and Termination option

Extension and termination options are included in a number of property leases across the company.
These are used to maximise operational flexibility in terms of managing the assets used in the company’s
operations.
f. The lease term is reassessed if an option is actually exercised (or not exercised) or the company
becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised
if a significant event or a significant change in circumstances occurs, which affects this assessment, and
that is within the control of the lessee.
Pursuant to Para 58 of Ind AS 116, a maturity analysis of lease liabilities applying Para 39 and B11 of Ind
AS 107, Financial Instruments; Disclosures separately from maturity analyses of other financial liabilities.
Maturities of Lease liabilities
The amounts disclosed in the table below are the contractual undiscounted cash flows.
272

(` in Lakhs)
Contractual Less than 6 6-12 Between Between Over Total
maturities of months months 1 and 2 2 and 5 years
financial liabilities years 5 years
Lease Liabilities 310.66 293.47 457.21 506.26 102.61 1670.21
Corporate Overview
(` in Lakhs)
Contractual Less than 6 6-12 Between Between Over Total
maturities of months months 1 and 2 2 and 5 years
financial liabilities years 5 years
Set out below are the carrying amount of Lease liabilities and the movement during the period
(` in Lakhs)
Particulars 31st March, 2022
As at 01 April 2021
st
2264.38
Statutory Reports
Addition during the Year 279.77
Assets Written off (524.92)
Finance Cost of Lease Liabilities 157.88
Payments (763.90)
As at 31st March 2022 1413.21
Current 492.46
Non-Current 920.75
(` in Lakhs)
As at 01st April 2020 2500.35 Standalone Financial Statements
Payments (918.77)
As at 31st March 2021 2264.38
Current 630.01
Non-Current 1634.37
273
43. Capital Management

The Company’s objectives when managing capital are:
· To ensure Company’s ability to continue as a going concern, and
· To provide adequate returns to shareholders
The Company manages its capital structure and makes adjustments to it in the light of changes in
Corporate Overview
economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust
the capital structure, the Company may adjust the amount of dividends paid to shareholders, return
capital to shareholders or issue new shares
The amounts managed as capital by the company are summarized as follows:
(` in Lakhs)
Particulars 31 March, 2022
st
31 March, 2021
st
Equity Share Capital 13000 13000

Other Equity 48944.86 47146.12
Total Equity of the company 61944.86 60146.12
Borrowings 8085.25 4820.03
Net debt to equity ratio 0.13 0.08
Statutory Reports
44. The Management is of opinion that there is no impairment of cash generating assets in terms of Ind
AS 36 (Impairment of Assets).
45. Accounting Policies, Change in Accounting Estimates and Errors (Ind AS 8)
i. Prior Period Transactions are as follows: (` in Lakhs)
Nature of Expenditure / Income Related to FY 2020-21 Prior to 1st April 2020
Expenditure:
Bank Charges and Guarantee Commission 291.64 35.56
Services Obtained 718.01 926.05
Salary, Remuneration and Incentives 1.36 2.91
Others 22.36 33.43

Provision for Trade Receivable and Retention (1,901.18) (561.89)
Money
Total Expenditure (increase/(Decrease) (867.81) 436.06

Income:
Revenue from Operation (598.55) (776.63)
Other Income (624.29) -
Total Income Increase/(Decrease) (1,222.84) (776.63)
274
ii. Impact on Balance Sheet items is as follows:
(` in Lakhs)
Prior Period for the Year Head Grouping Note Impact on Prior to Total
2020-21 01-04-2020
Liabilities
Trade Payables Trade Payable-Current 14B 735.81 956.32 1692.13
Income Accrued but not due Other Non-Current Liabilities 16A 737.86 61.81 799.67
Employee Payable Other Current Financial Liabilities 19B 5.93 5.71 11.64
Statutory dues Other Current Liabilities 16B 0.002 0.002
Total Change in Liabilities 1479.60 1023.84 2503.44
Assets
Accrued Interest Other Financial Assets - Non-Cur- 4A (4.39) - (4.39)
rent
Trade Receivable - Unsecured, considered good Trade Receivable 7 2328.54 (152.93) 2175.61
Balance with Government Authorities Other Current Assets 11 - (0.35) (0.35)
Unbilled Revenue Trade Receivable 7 (288.05) -
(288.05)
Prepaid Expenses Other Current Assets 11 (247.95) (35.56)
(283.51)
Deferred Tax Assets Deferred Tax Assets 5 (619.90) -
(619.90)
Balance with banks in Current A/C's Cash and Cash Equivalents 8 (43.69) - (43.69)
Total Change in Assets 1,124.56 (188.84) 935.72
275
iii. Impact on Statement of Profit and Loss items is as follows:

(` in Lakhs)
Prior Period for the Year Note As on 31st March 2022

Impact on 2020-21
Expenditure
Corporate Overview
Bank Charges and Guarantee Commission 28 291.64

Services Obtained 25 718.01
Salary, Remuneration and Incentives 23 1.36
Others 28 22.36
Provision for Trade Receivable and Retention Money 28 (1901.18)
Total Expenditure (867.81)
Income
Revenue from operation 19 (598.55)
Other Income 20 (624.29)
Statutory Reports
Total Income (1222.84)

Net Impact on Profit after Tax (355.03)
46. Computer Software in form of Intangible Assets disclosed as per Note no. 2B are amortized over
the period of three years on straight line basis or over their license period, as applicable. The amount
amortized is as under:
(` in Lakhs)
Amortization recognized in the Statement of 50.62 74.76
Profit & Loss
The Management is of opinion that there is no impairment of Intangible Assets (i.e. Software) in terms
of Ind AS – 36 (Impairment of Assets) as notified by Ministry of Corporate Affairs (‘the MCA’).

276
47. Disclosures on Operating Segments (Ind AS 108)

Operating Segments are defined as components of company 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. The Company’s CODM is Chairman-cum-Managing
Director.
Corporate Overview
i. The Company has identified two operational reportable segments based on operations being carried
out which are as under:
a. Consultancy Services
b. Construction Contracts.
ii. Geographical wise revenues segment is disclosed as under:
a. Revenue within India from consultancy includes quality assurance & project management
services, turnkey construction projects.
b. Revenue from outside India includes services rendered towards project management consultancy
services, turnkey construction projects.
iii. The accounting principles used in the preparation of the financial statements are consistently applied
to record revenue & expenditure in individual segment, as set out in the note of significant accounting
policies.
Statutory Reports
iv. Revenue and expenses directly attributable to segments are reported under each reportable segment.
All other expenses which are not attributable or allocable to the segments have been disclosed as
un- allocable expenses.
v. Assets and liabilities used in the Company’s business are not identified to any of the reportable
segments as these are used interchangeably between segments. Depreciation, amortization &
impairment on Property, Plant & Equipment and Intangible Assets cannot be allocated to a specific
segment. Company believes that it is currently not practicable to provide segmental disclosure
relating to total assets, total liabilities and depreciation, amortization & impairment since a meaningful
segregation of the available data could be onerous.
277
vi. Operational Segments

(Information has been extracted from Books of Accounts certified by the management)

(` in Lakhs)
Corporate Overview
Consultancy Services Construction Projects Total

Description
Domestic Abroad Domestic Abroad
Revenue 49951.85 19618.01 67770.44 32.26 137372.56
Identifiable Operating Expenses 35003.01 14657.06 70722.29 518.03 120900.39
Segmental Profit / (Loss) from 14948.84 4960.95 (2951.85) (485.77) 16472.17
operations
Add: Interest Income 749.82
Add: Other Income 2501.88
Less: Un – allocable Expenses 13594.73
including exceptional item
Net Profit Before Tax 6129.13
Statutory Reports
"Less: Income Tax 2044.18

(Including Deferred Tax)"
Net Profit after Tax 4084.95
Additional Information
Depreciation and amortization 1044.30
Non-cash expenses / (Income) -
other than depreciation and am-
ortization
Reversal of Provisions 22.05
Profit on Sale of PPE -

Loss on Sale of PPE 6.19
278
(` in Lakhs)
Consultancy Services Construction Projects Total
Description
Corporate Overview
Revenue 45981.53 22130.04 61226.73 1419.77 130758.07
Segmental Profit / (Loss) from 11274.46 8673.17 (1,015.38) (794.65) 18137.60
operations
Less: Un – allocable Expenses 14681.50
including exceptional item
Statutory Reports
Non-cash expenses / (Income) -
other than depreciation and am-
ortization
Reversal of Provisions -
Loss on Sale of PPE 1.27 Standalone Financial Statements
279
vii. Revenue of ` 34058.61 Lakhs (Previous Year ` 25399.50 Lakhs) from major customers is given
below:
(` in Lakhs)
Description 31st March 31st March
2022 2021
Corporate Overview
Consultancy Turnkey / Total Consultancy Turnkey / Total

Services Engineering Services Engineering
Projects Projects
Customer-1 5380.85 20118.76 25499.61 4060.76 11976.52 16037.28
Customer-2 2428.69 6130.31 8559.00 3523.94 5838.28 9362.22
Total 7809.54 26249.07 34058.61 7584.70 17814.80 25399.50
48. Financial Assets and Liabilities

The carrying amounts of Financial Assets and Financial Liabilities in each category are as follows
Financial Instruments by Category

Statutory Reports
(` in Lakhs)
31st March 2022 31st March 2021
Particulars FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Financial Assets:
Other Financial Assets includ- - 2390.51 - 2390.51 - 2068.48 - 2068.48
ing Retention money and se-
curity deposits (Non-current)
Investments – Non- - - 39.52 39.52 - - 37.25 37.25
Current*
Trade Receivables - 161274.08 - 161274.08 - 157283.96 - 157283.96
Cash and Cash Equivalents - 19243.59 - 19243.59 - 22598.56 - 22598.56

Other Bank Balances - 32984.30 - 32984.30 - 33204.45 - 33204.45
Other Financial Assets - 3246.41 - 3246.41 - 2775.41 - 2775.41
including security deposits
(Current)
Total Financial Assets - 219138.89 39.52 219178.41 - 217930.86 37.25 217968.11
* Excluding investment in subsidiary ` 7980 Lakhs (Previous Year ` 7980 Lakhs) measured at cost.
280
(` in Lakhs)
Particulars FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Trade Payables (Current & - 110594.34 - 110594.34 - 113220.55 - 113220.55
Non-Current)
Other Financial Liabilities - 19283.63 - 19283.63 - 17478.47 - 17478.47
Corporate Overview
(Current and Non-current)
Total Financial Liabilities - 129877.97 - 129877.97 - 130699.02 - 130699.02
The Carrying amount of Trade Receivables, Trade Payables and Cash and Cash Equivalent are considered to be same as their
Fair Values.
The Carrying amount of the Financial Assets and Liabilities carried at Amortized Cost is considered a reasonable approximation
of Fair Value.
i. Fair Value Hierarchy
Financial Assets and Financial Liabilities measured at fair value in the Balance Sheet are grouped into three levels of a fair
value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:
Level – 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level – 2: The fair value of Financial Instruments that are not traded in an active market is determined using valuation
Statutory Reports
techniques which maximize the use of observable market data rely as little as possible on entity specific estimates
Level – 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Level 3
The following tables shows the levels within the hierarchy of Financial Assets and Liabilities measured at Fair Value on a
recurring basis at 31st March 2022 and 31st March 2021:
ii. Financial Assets measured at Fair value – Recurring Fair Value Measurements
(` in Lakhs)
Particulars Period Note Ref. Level - 1 Level - 2 Level – 3 Total
Financial Instruments at - - - -
FVTOCI
Non-Current Investments – 31st March 2022 - - 2.27 2.27
Equity Shares Standalone Financial Statements
31st March 2021 - - 2.22 2.22
iii. Valuation Technique used to determine fair value
Specific Valuation Techniques used to value financial instruments includes the use of Net Assets Value of
Unquoted Equity Shares on the basis of the Audited Financial Statements received from investee party.
281
49. Financial Risk Management
The Company’s activities expose it to credit risk, liquidity risk and market risk. The Company’s Board of
Directors has overall responsibility for the establishment and oversight of company’s risk management
framework. This note explains the sources of risk which the entity is exposed to and how the entity
manages the risk and related impacts in the financial statements.
Corporate Overview
i. Credit risk
The company is exposed to credit risk from its operating activities (Primarily trade receivables) and from
its financing activities including Deposits with Banks, Mutual funds and financial institutions and other
financial instruments.
Credit Risk Management
The company assesses and manages credit risk of Financial Assets based on following categories arrived
on the basis of assumption, inputs and factors specific to the class of Financial Assets.
A: Low Credit Risk on financial reporting date

B: Moderate Credit Risk
C: High Credit Risk
Statutory Reports
In accordance with Ind AS 109, the company is required to apply Expected Credit Loss Model for
measurement and recognition of impairment loss for Financial Assets which comprise of Cash & Cash
Equivalent. Bank balances, Investments, Trade Receivables, SD/Retention Money etc. As a practical
expedient, the company has adopted "Simplified Approach using the provision matrix method for
recognition of expected credit loss on trade receivables and SD/Retention Money as there is no risk of
default in respect of Cash & Cash Equivalent, Bank balances, Investments etc. This adopted provision
matrix is based on historical default rates observed over the expected life of the trade receivables and is
adjusted for forward – looking estimates. At every reporting date, the historical default rates are updated
and changes in the forward – looking estimates are analysed. Further receivables are segmented for this
analysis where the credit risk characteristics of the receivables are similar.
While working out the ECL provision, the quantum of advance available against a particular project
shall be set off against the current year outstanding debtors of respective project. Further, the quantum
of trade payables in respect of back to back contracts shall be set off against the respective project
trade receivables of respective years. No provision shall be made in respect of deferred debts (debtors
which have not become due for payment as at 31 March of respective financial year). The company has
reviewed the existing ECL matrix grade percentages for the F.Y 2021-22 on the basis of forward looking
estimates and following ECL grade matrix has been applied in respect of trade receivables / retention
money for the F.Y 2021-22:
282
Current 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10
Grade Matrix for year years years years years years years years years years
FY 2021-2022
5% 7% 10% 30% 40% 55% 70% 85% 90% 100%
Current 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10
Grade Matrix for
Corporate Overview
year years years years years years years years years years
FY 2021-2022
3% 5% 8% 40% 70% 82% 83% 84% 85% 100%
Impact on Profitability due to change in Grade Matrix
(` in Lakhs)
Particulars Before Rate Change After Rate Change Impact
Provision Created 9958.32 4838.41 5119.91
The Company provides for Expected Credit Loss based on the following:
Asset Group Basis of categorization Provision for Expenses

credit loss
Statutory Reports
A: Low Credit Risk Cash and cash Equivalents, other Bank 12 months expected credit loss
Balances, other Financial Assets and
Non-current investments.
B: Moderate Credit Risk Trade Receivables & Retention Money Lifetime expected credit loss
C: High Credit Risk Trade Receivables and other Financial Lifetime expected credit loss or
Assets fully provided for
In respect of Trade Receivables, the Company recognizes a provision for lifetime Expected Credit Loss.
Based on business environment in which the Company operates, a default on a Financial Asset is considered when the
counter party fails to make the payment within agreed time period as per contract or decided later based upon the factual

circumstances on case-to-case basis. Loss rates reflecting defaults are based on actual credit loss experience and considering
differences between current and historical economic conditions.
Assets are written off when there is no reasonable expectation of recovery, such s a debtor declaring bankruptcy or litigation
decided against the company. The company continues to engage with parties whose balances are written off and attempts
to enforce repayment. Recoveries made are recognized in Statement of Profit & Loss.
283
(` in Lakhs)
Asset Group Basis of categorization 31st March 2022 31st March 2021
A: Low Credit Risk Cash and cash Equivalents, other Bank 57864.80 60646.89
Balances, other Financial Assets and
Non-current investments.
B: Moderate Credit Trade Receivables & Retention Money 138979.94 144741.76
Corporate Overview
Risk
C: High Credit Risk Trade Receivables and other Financial 48869.43 35658.41
Assets
Concentration of Trade Receivables

The company’s major exposure to credit risk for trade receivables are from various Central and State
Government departments/ Ministries.
Credit Risk Exposure
Provision for Expected Credit Losses
The Company provides for Expected Credit Losses based on 12 month and lifetime expected credit loss
basis for following financial assets
A: Low Credit Risk

Statutory Reports
31st March 2022

(` in Lakhs)
Particulars Note Ref. Carrying Impairment Carrying amount net of
Amount Provision of impairment
Cash and Cash equivalents 8 19243.59 - 19243.59
Other bank balances 9 32984.30 - 32984.30
Other Financial Assets 4A & 4B 5690.82 (53.90) 5636.92
Non-Current investments 3 39.52 - 39.52
31st March 2021

(` in Lakhs)
Particulars Note Ref. Carrying Impairment Carrying amount net of
Amount Provision of impairment
Cash and Cash equivalents 8 22598.56 - 22598.56
284
B: Moderate Credit Risk (consisting of Trade Receivables and Retention ageing from 1-3 years)
Expected credit loss for trade receivables & retention money under simplified approach
31st March 2022

(` in Lakhs)
Corporate Overview
Ageing Note Up to 1 year Between 1 Between 2 Total
Ref. year and 2 year and 3
years years
Gross carrying amount (consid- 7 66307.02 34982.99 37689.93 138979.94
ered good)
Loss Allowance Provision on (1,564.48) (2,067.81) (3,028.64) (6,660.93)
Expected credit losses
Carrying amount of trade receiv- 64,742.54 32,915.18 34,661.29 1,32,319.01
able (Net of impairment)
31st March 2021

(` in Lakhs)
Ageing Note Up to 1 year Between 1 Between 2 Total
Statutory Reports
Ref. year and 2 year and 3
years years
Gross carrying amount (consid- 7 73542.69 50923.92 20275.16 144741.77
ered good)
Carrying amount of trade receiv- 72,443.82 48,928.66 19,042.88 1,40,415.36
able (Net of impairment)
C: High credit risk

31st March 2022
(` in Lakhs)
Particulars Note Ref. Period Carrying Impairment Carrying amount net of
amount Impairment provision
Trade Receivables 7 Above 48869.43 (19914.35) 28955.08
& Retention Money 3 years
285
31st March 2021

(` in Lakhs)
Particulars Note Ref. Period Carrying Impairment Carrying amount net of
amount Impairment provision
Trade Receivables 7 Above 35658.41 (18789.81) 16868.60
& Retention Money 3 years
Corporate Overview
Reconciliation of Loss Provision – Trade Receivables and Retention Money

(` in Lakhs)
Reconciliation of Loss Allowance 31st March 2022 31st March 2021
Opening Loss allowance 23186.91 19189.75
Impairment loss recognized 4786.25 6549.19
Reversal/ Recovery (1343.97) (2552.03)
Closing Loss allowance 26629.19 23186.91
Statutory Reports
ii. Liquidity Risk
The Company’s principal sources of liquidity are Cash and Cash Equivalents which are generated from
Cash Flow from Operations. The company considers that the Cash Flow from Operations is sufficient to
meet its current liquidity requirements.
Maturities of Financial Liabilities
The tables below analyze the Company’s financial liabilities into relevant maturity groupings based on
their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
flows. Balances due within 12 months equal their carrying balances as the impact of discounting is
insignificant.
31st March 2022

(` in Lakhs)
Particulars Note Ref. Up to More than one Total
one year year
Trade Payable 14 109736.89 857.45 110594.34
Earnest Money and Security Deposits 17 1157.79 116.40 1274.19
Total 110894.68 973.85 111868.53
286
31st March 2021

(` in Lakhs)
Particulars Note Ref. Up to More than one Total
one year year
Trade Payable 14 111401.12 1819.42 113220.54
Corporate Overview
Total 112288.74 1988.83 114277.57
iii. Market risk
The Company’s exposure towards Price rise arises from investments held and classified in the Balance
Sheet at fair value through Other Comprehensive Income.
The Company’s exposure to equity securities price risk arises from Investments held by the company and
classified in the Balance Sheet as Fair Value through Other Comprehensive Income (OCI).
(` in Lakhs)
Particulars Note Ref. 31st March 2022 31st March 2021
Investments - Unquoted Investments 3 39.52 37.25
Statutory Reports
iv. Foreign Exchange risk
The Company has international transactions and is exposed to foreign exchange risk arising from foreign
currency transactions. Foreign exchange risk arises from future commercial transactions and recognized
assets and liabilities denominated in a currency that is not the Company’s functional currency.
Earnings in Foreign Currencies
(` in Lakhs)
Description of Transaction 31st March 2022 31st March 2021

Construction 27.05 1334.54
Consultancy 14,030.22 13550.09
Other Income (includes interest on FDR’s) 195.14 326.21
Total 14252.41 15210.84
287

(` in Lakhs)
Fee for Services obtained 1,520.27 2698.55
Employee Benefit Expenses 2,100.74 1487.62
Corporate Overview
Travel 289.61 165.05

Others 2,158.19 1789.46
Total 6068.80 6140.68
Foreign currency risk exposures

(Currency in Lakhs)
31st March 2022
Particulars
USD EURO BIRR UGX NOK LKR YR OR MZM SEK BDT
Financial Assets
Trade Receivables 165.17 11.35 35.06 14121.97 7.18 149.93 - - - 25.98 96.45
Cash and cash equivalent 346.13 0.55 1.96 5277.97 - 22.82 0.09 0.002 17.31 - 25.23
Other Bank Balance 1.61 - - - - - - - - - -
Statutory Reports
Security Deposit 0.03 - - 76.64 - - - - - - 1.84

Total 512.94 11.90 37.02 19476.58 7.18 172.75 0.09 0.002 17.31 25.98 123.51
(Currency in Lakhs)
31st March 2022
Particulars
Financial Assets
Trade Payables 55.44 0.14 10.1 2845.56 - 145.94 - - - - 56.78
Payable to employees 23.67 - - - - - - - - - -
Renention money 157.32 - - - - - - - - - -
Total 236.43 0.14 10.10 2845.56 0.00 145.94 0.00 0.00 0.00 0.00 56.78
(Currency in Lakhs)
31st March 2021
Particulars
Financial Assets
Trade Receivables 202.61 11.07 0.28 15301.38 21.53 479.97 22.27 -
Cash and cash equivilant 389.73 10.94 11.89 3792.99 - 20.79 0.09 0.002 17.31 - 64.51
Other Bank Balance 1.95 - - - - - - -
Security Deposit 0.33 - - - - - - - - - -
Total 594.62 22.01 12.17 19094.37 21.53 500.76 0.09 0.00 17.31 22.27 64.51
288
(Currency in Lakhs)
31st March 2021
Particulars
Financial Liabilities
Trade Payables 87.86 0.14 10.10 2845.56 - 478.07 - - - - -
Payable to employees 2.17 - - - - - - -
Corporate Overview
Renention money 173.56 - - - - - - - - - -
Total 263.59 0.14 10.10 2845.56 0.00 478.07 0.00 0.00 0.00 0.00 0.00
Sensitivity Analysis of 5% change in exchange rate at the end of reporting period

(` in Lakhs)
Foreign Currency Sensitivity
Particulars 31st March 2022
USD EURO BIRR UGX NOK LKR SEK BDT Total
5% depreciation in INR
Impact on Profit and Loss 1,048.08 49.78 2.00 17.63 3.10 0.35 10.51 2.94 1,134.38
Account - Income/ (Expense)
5% appreciation in INR
Statutory Reports
Impact on Profit and Loss (1,048.08) (49.78) (2.00) (17.63) (3.10) (0.35) (10.51) (2.94) 1,134.38)
(` in Lakhs)
Impact on Profit and Loss 1,216.62 94.03 0.18 16.17 9.21 0.42 9.33 2.78 1,348.74
Impact on Profit and Loss (1,216.62) (94.03) (0.18) (16.17) (9.21) (0.42) (9.33) (2.78) 1,348.74) Standalone Financial Statements
289
v. Interest Rate risk
The company is also exposed to Interest Rate risk, changes in interest rate will affect future cash flows
or fair value of its financial instrument, principally debt.
The exposure of the company's borrowings at the end of the reporting period are as follows:
Corporate Overview
(` in Lakhs)
Interest Rate Exposure 31st March 2022 31st March 2021
Borrowings
Non Current - Floating (including Current Maturities) 3982.87 -
Current 4102.38 4820.03
Total 8085.25 4820.03
Sensitivity Analysis for Non-Current Borrowings of 1% change in interest rate at the end of
reporting period
(` in Lakhs)
Statutory Reports
Interest Rate Sensitivity

Particulars
1% increase in 1% decrease in 1% increase in 1% decrease in
Interest rate Interest rate Interest rate Interest rate
Impact on Profit and Loss Account - Income/ 243.68 (243.68) - -
(Expense)
50. Net Gain/Loss on Foreign Currency Exchange transaction & translation
(` in Lakhs)
Exchange Variation Income 1364.20 975.05

Exchange Variation Expenditure 798.86 1402.63
Net Effect – Gain / (Loss)* 565.34 (427.58)
*That effective current financial year under considerations, exchange fluctuation is not calculated on
Non-monetary items being adjustable Trade advances received or paid.
290
51. Contingent Liabilities, Contingent Assets and Commitments

(To the extent not provided for) (As certified by management)
Particulars 31st March 31st March

2022 2021
Corporate Overview
i. Contingent Liabilities
1. Claims against the company not acknowledged as debt. 27356.48 29984.57

2022 2021
By Employee 35.31 47.14
By Others 27321.17 29937.43
(Counter claims of the company against above claims amounts to ` Nil for 31st
March 2022 (Previous Year ` 9603.49 Lakhs) not accounted for in books.)
2. Demand cum Show-Cause notice issued by Service Tax Department (The above 16667.99 16667.99
show-cause notice issued by the Service tax Department in the year 2014. The
company had contested the said show cause notice and submitted its replies to
the department. Several hearings have been conducted by the department and
no further demand notice has been issued after the initial show cause notice.)
Statutory Reports
"3. Others – Liquidated Damages 10316.87 12084.97
The Company is executing a large number of projects which have long gestation
period & require clearances/ approval from various Government agencies, which
is a time-consuming process. The amount depicted in the note relates to the
probable amount of liquidated damages that may be levied on the company if
the project is not completed in time schedule. "
ii. Contingent Assets - -
iii. Commitments
1. Bank Guarantees for Performance, Earnest Money Deposits and Security 60986.58 61367.16
Deposits

2. Estimated amount of contracts remaining to be executed on Capital account 644.44 -
and not provided for (Refer Note No. 2)
Total 115972.36 120104.69
291
Movement Chart for Contingent Liability
(` in Lakhs)
Opening Balance 120104.69 97782.88
Corporate Overview
Addition: During the year 16128.41 35047.65

Less: Adjusted / Settled during the year (20260.74) (12725.84)
Closing Balance 115972.36 120104.69
52. Revenue from Contracts with Customers (Ind AS 115)
i. Significant Management judgments on Revenue Recognition
Recognized amounts of contract revenues and related receivables reflect management ‘s best estimates
of each contract’s outcome and stage of completion which is determined based on progress, efforts, cost
incurred to date bear to the total estimated cost of the transaction, time spend, service performed or any
other method that management considered appropriate. For more complex contracts in particular, cost
to complete and contract profitability are subject to significant estimation and uncertainty.
Statutory Reports
ii. Company has contract with customers for different services which are given below:
• Consultancy services
• Turnkey construction projects
iii. Company has recognized revenue either on the basis of over time or point of time depends upon
satisfaction of performance obligation on transferring control of goods or services to customers. Revenue
has been recognized by the company over time basis if any one of the following conditions is met:
• Customer simultaneously receives and consumes the benefits.

• Company’s performance creates or enhances an asset that the customer controls as the assets is
created or enhanced.
• Company performance does not create with alternative use and company has enforceable right to
payment for performance completed to date.
Revenue from Contracts with Customers (Ind AS 115) establishes a framework for determining whether,
how much and when revenue is recognised and requires disclosures about the nature, amount, timing
and uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue
is recognized through a 5-step approach:
292
a. Identify the contract(s) with customer,
b. Identify separate performance obligations in the contract,
c. Determine the transaction price,
d. Allocate the transaction price to the performance obligations, and
Corporate Overview
e. Recognise revenue when a performance obligation is satisfied.
Contract Assets – Unbilled Revenue
Invoices are raised to the clients on the basis of milestones mentioned in the contract. In some of the
cases, performance obligation is completed, however billing is not done due to factors other than
passage of time as mentioned in the milestone. Revenue in excess of billing is unbilled revenue and is
classified as a contract asset. Any amount previously recognised as a contract asset is reclassified to trade
receivables as and when billing is done and respective milestone is achieved.
Movement of Contract Assets – Unbilled Revenue
(` in Lakhs)
Statutory Reports
Net addition 5974.55 275.64
Amount reversed (1144.29) (288.05)
Movement of Contract Assets - Retention Money

(` in Lakhs)
293
Movement of Contract Assets - Security Deposit

(` in Lakhs)
Net addition 1168.48 1442.69
Corporate Overview

Contract Liabilities – Revenue received in Advance
A contract liability is recognized if the entity receives consideration (or if it has the unconditional right to
receive consideration) in advance of performance.
Movement of Contract Liabilities - Revenue received in Advance
(` in Lakhs)
Statutory Reports
Net addition 71821.74 58696.06

Amount reversed (65092.90) (53988.18)
Movement of Contract Liabilities - Retention Money
(` in Lakhs)
Opening Balance 22669.98 21,019.24
Net addition 8142.88 5127.16

294
Movement of Contract Liabilities - Security Deposit
(` in Lakhs)
Corporate Overview
Closing Balance 1,274.19 1,057.04
Disclosure pursuant to para 116(b) & (c) of Ind AS 115 in respect of ‘revenue recognised in the reporting
period that was included in the contract liability balance at the beginning of the period’ and ‘revenue
recognised in the reporting period from performance obligations satisfied (or partially satisfied) in
previous periods are as below:
(` in Lakhs)
Revenue recognised in the reporting period that was included in the contract 26770.51
liability balance at the beginning of the period
Revenue recognised in the reporting period from performance obligations satis- 359.70
Statutory Reports
fied (or partially satisfied) in previous periods
Disaggregation Revenue Information
The below presents Disaggregated Revenues from contract with customer for the year ended 31st March
2022 from various streams of revenue. The company believe that this Disaggregation best depicts how
the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry,
market and other economic factor.
(` in Lakhs)

Consultancy Services Construction Projects
Particulars Total
2021-22 49951.85 19618.01 67770.44 32.26 137372.56
2020-21 45981.53 22130.04 61226.73 1419.77 130758.07
295
iv. Company is rendering many project management consultancy services for and on behalf of clients.
Payments from customers are linked with performance obligations. Wherever on the reporting date
work has been performed and payment is not received as per the contract, in such cases contract assets
have been created.
However, where payment is received in advance, but performance obligations have not been completed,
Corporate Overview
in such cases, contract liabilities have been created. Advances received by the company for are execution
of work and are in the nature of security i.e., a source of protection.
During the year provision for impairment of amount receivable from client for services rendered/goods
supplied amounting to ` 4838.41 Lakhs (Previous Year ` 6549.19 Lakhs has been provided).
53. During the year ended 31st March 2022, ` 359.70 Lakhs (Previous Year ` Nil) of unbilled revenue
as of 1st April 2021 has been reclassified to Trade receivables upon billing to customers on Completion
of milestones.
54. The aggregate value of performance obligations which are yet to be completed as at 31st March
2022 is ` 1139645.34 Lakhs which pertains to various segment of the company.

Statutory Reports
(` in Lakhs)
Particulars Active Projects Stalled Projects* Total
Balance Value of Projects 1073577.56 66067.78 1139645.34
(` in Lakhs)
*The Company is of the view that the suspension in some projects is temporary in nature and the
activities shall resume, once the constraining conditions go away. The company is confident of fulfilling
its technical and financial obligations as well as realization of money due from these projects. Hence,
the recoverable as well as payables, are not static in nature and stated at actual balances recoverable
and payables. Adequate provisioning is though made on such receivables in terms of the companies
Expected Credit Loss Policy. Further, in the absence of any formal communication, stalled projects have
been identified as ones on which there is no active working for more than 3 years.
55. Company has not incurred any cost for obtaining contracts except administrative cost required for
preparation of offers and the same is charged to statement of Profit and Loss.
296
56. Cost incurred (except procurement cost) in fulfilling the contract is charged to Statement of Profit
and Loss if it is not recoverable, otherwise the same is part of unbilled revenue and unbilled Assets.
57. Disclosure of Companies interest in Joint arrangements:
S.No. Name of the Company’s Interest Partners and their partnership Country
Corporate Overview
arrangement 2021-22 2020-21 Interest (PI)
1 Lower Seti (Tanahu) 84.80% 84.80% "Principal Joint Arrangement Nepal
Hydropower Project Partner-
(LSHEP) Nippon Koei Limited – 15.2%"
2 Power Transmission 81.65% 81.65% "Principal Joint Arrangement Part- Nepal
and Distribution ner-
System Strengthening SMEC International PTY. LTD. –
Project 18.35%"
58. The sum of ` 54.71 Lakhs pertains to old balance of Leave travel concession not likely payable by
the company. The requisite measures are being take for assessing likely liability of the company.
59. A sum of ` 220.54 Lakhs is appearing in Note No. 4B towards employee advances. That due
Statutory Reports
measure is being taken for recovery/adjustment of the same. The company is of the view that the
entire amount is fully recoverable.
60. The company is executing several projects on deposit works basis. Adequate provision for Interest
payable to the clients has been made in the books to the extent the ideal funds have been utilized by
the company. The total Interest cost provided for during the year is ` 1346.02 Lakhs (Previous Year
` 1303.52 Lakhs) and the interest payable has been duly disclosed in Note No. - 24 to the financial
statement.
61. The reconciliation of GST Portal with book amount of sales, purchase & credit ledger is in the
process which shall be accomplished after filing of requisite returns.
62. The company has a policy of taking bond money from new regular recruits engaged in the
company. The bond money is kept in the form of fixed deposit receipts with banks in the name of
the company. The interest accrued on the deposits along with principal amount is treated as Asset &
Liability in the books of the Company. On successful completion of the bond period, the bond money
is returned to the respective officials with interest accrued thereon. If the official leaves the company
before the completion of the bond period, the same is forfeited and the same is treated as Income.
The amount of such FDRs as on 31st March 2022 is ` 160.70 Lakhs (Previous Year ` 148.45 Lakhs).
297
The Company has adequate internal control for regulating the employees related FDRs & measures are
being taken for digitising the procedure for reconciliation at each employee level.
63. The company was executing Five number of projects in Afghanistan when the political situation
changed on 15.08.2021. Owing to change of Government in Afghanistan, all project operations were
temporarily suspended. The company had trade receivable amounting to ` 4033.88 Lakhs due from
Corporate Overview
Afghanistan projects as on 15.08.2021. Out of this, the company had received ` 2029.82 Lakhs vide
on 04.04.2022 (Total amount ` 2065.23 Lakhs and TDS ` 35.41 Lakhs) . Thus the balance value of
trade receivables due from Afghanistan projects is ` 1992.30 Lakhs. The management is confident
regarding the recovery of due balances in these projects.
64. The company was executing Two number of projects in Sri Lanka & is having trade receivable
amounting to ` 92.46 Lakhs due from Sri Lanka projects as on 31.03.2022. The management is
confident regarding the recovery of due balances in these projects.
65. Events occuring after Balance Sheet date Government of India has through Ministry of Jal
Shakti, conveyed approval for merger of NPCC Limited with WAPCOS Limited vide letter dated 18th
May 2022. The Company has issued tender for engagement of Transaction Advisors for the above
Statutory Reports
merger which process is expected to get completed during F.Y 2022-2023.
66. Other
Information
i) The Company does not have any Benami property, where any proceeding have been initiated or
pending against the Company for holding any Benami property.
ii) The Company did not have any transactions with Companies struck off.
iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC
beyond the statutory period.
iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the respective
financial years / period.
v) The Company has not advanced or loaned or invested funds to any 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 person or entities identified in any manner whatsoever
by or on behalf of the Company (Ultimate Beneficiaries) or
298
b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
vi) The Company has 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:
Corporate Overview
a) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries) or
vii) The Company does not have any 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
Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
viii) The Company has not been declared wilful defaulter by any bank or financial institution or other
lender.
ix) The Company has complied with the number of layers prescribed under Section 2(87) of the Act
read with Companies (Restrictions on Number of Layers) Rules, 2017.
Statutory Reports
67. Previous year figures have been regrouped and / or reclassified, whenever, necessary to confirm
to those of the current year grouping and / or classification. Negative figures have been shown in
brackets

(Kavita Parmar) (Anil Trigunayat) (Anupam Mishra) (Pankaj Kapoor) (RK Agrawal)
Company Secretary Director Director (C & HRD) Director (Finance) Chairman-cum-Managing
(DIN No. 07900294) (DIN No. 08271048) (DIN No. Director
07290569) (DIN No. 09344894)

Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Partner
Place: New Delhi M. No. 506898
Dated: 28 Aug. 2022 30 Aug. 2022
299
Consolidated Financial Statements Statutory Reports Corporate Overview
300
Corporate Overview Statutory Reports Consolidated Financial Statements
301
CLARIFICATORY NOTE WITH REGARDS TO THE

Corporate Overview
Statutory Reports
Consolidated Financial Statements
302
To The Members of M/s Wapcos Limited Basis for a Qualified Opinion
Corporate Overview
Report on the Audit of the Consolidated Financial a) That the holding company is maintaining the
Statements books of accounts in decentralized manner
where the physical records pertaining to contract
Qualified Opinion
measurements, inspection logs, progress
We have audited the accompanying consolidated review documents etc. are kept at the branch
financial statements of M/s Wapcos Limited (“herein or site offices whereas the financial records
referred to as the Holding Company”) and it’s and accounts are centralized at the corporate
subsidiary (Holding Company and its Subsidiary office on a technologically obsolete software
together referred to as “the Group”), which comprise application namely, “Foxpro 2.60” which
the Consolidated Balance Sheet as at 31st March lacks access controls, posting controls,
2022, and the Consolidated Statement of Profit account classification controls, nomenclature
and Loss (including Other Comprehensive Income), controls and reporting requirements. That the
Consolidated Statement of Changes in Equity and said system is deprived of requisite IT Controls
Consolidated Statement of Cash Flows for the year and reliance is represented to have been made on
then ended, and notes to the Consolidated Financial Manual Controls by the management. That despite
Statutory Reports
Statements, including a summary of significant having large number of projects geographically
accounting policies and other explanatory information spread all over India and abroad, the financial
(hereinafter referred to as “the Consolidated Financial data pertaining to the Project Management
Statements”). is controlled manually and the project reports
In our opinion and to the best of our information and shared during the course of audit underwent
according to the explanations given to us and based several corrections and revisions. We performed
on the consideration of the reports of other auditors the analytical procedures for our sample selection
on separate financial statements of the subsidiary and testing purpose under the current system
company as were audited by the other auditor, except and expanded the sample size accordingly and
for the possible effects of the matters described in the placed reliance on management reports and
Basis for Qualified Opinion section of our report, the representations for the purpose of our audit.
aforesaid consolidated financial statements give the b) That in our opinion owing to inadequate internal
information required by the Companies Act, 2013
financial controls and lack of appropriate financial
(the “Act”) in the manner so required and give a true accounting system, there have been continuous
and fair view in conformity with the Indian Accounting trend of material restatement to the reported
Standards prescribed under Section 133 of the Profitability during the previous financial years
Act read with the Companies (Indian Accounting on account of errors and omissions identified
Standards) Rules, 2015, as amended, (“Ind AS”) in the succeeding years. That whereas the Net
and other accounting principles generally accepted Impact on Profit and Loss Account may reduce
in India, of the consolidated state of affairs of the on account of netting of prior period income
Company as at March 31, 2022 and its Consolidated and expenses, the quantum of Prior Period Items
Profit, consolidated total comprehensive income, identified in subsequent years have a significant
consolidated changes in equity and its consolidated increasing trend.
cash flows for the year ended on that date.
303
c) That during the Financial Year under consideration, banks including all banks in Afghanistan.
the holding company has got disbursed a sum of Further, as represented by the management
INR 40 Crores against Credit Facility of INR 200 owing to government clientele aggressive or legal
Crores from State Bank of India as Working measures are not resorted to for the purpose
Capital Loan out of which sum of INR 16 Crores of realization of the dues. In our opinion, there
has been utilized for payment of Dividend to have been substantial increase in the outstanding
the Shareholders. receivables and accordingly direct confirmations
Corporate Overview
d) That the management of the group has voluntarily from the respective parties is must for assurance
changed it’s yearly ECL Provisioning Matrix citing on the amount of receivables. That the late
harmonization of the outliers in the year 3-4 and delivery charges or contract deductions (if any)
4-5 out of 10-year provisioning policy. The above made by such customers or consequential impact
change has resulted in increase in the profit of of stalled projects for which no separate record is
the company during the year to the tune of INR maintained by the company could not be identified
6234.39 Crores (Refer to Note 54). In our opinion, in the absence of the such external confirmations.
a scientific basis after assessment of the Probability Similarly, there are instances of unrealized
of Default and Present Value loss on account of advances paid/ security deposits & employee
deferred cash realizations etc. may be considered payable/advances for which no confirmations
as a correct basis for the ECL Provisioning in terms could be obtained from the respective parties.
of Ind AS 109. However, neither a scientific Furthermore, the confirmations wherever
basis used at the time of original matrix, nor received were in denial to the book balances
the revised matrix has been provided to us and claims which have been represented to
during the course of our audit. In our opinion be under reconciliation and the balance as per
the revision of the ECL matrix by the management books duly authenticated by the management
Statutory Reports
has material implication on the profits of the earlier is stated to be fully recoverable and likewise
financial years as well as current year under audit all liabilities are claimed to be duly accounted
which has been subsumed within the current year for. The financial implications (if any) is subject to
provision expense rather than disclosing the same final reconciliations with the respective parties.
as an exceptional item or restatement as a material f) That the identification of the Trade Payables
error in estimation to the respective financial as Micro and Small has been prepared by the
year(s). In the absence of relevant information management and relied upon by us. However,
being shared with us, the year wise impact could no provision for interest has been made
not be ascertained. Further in our opinion Trade by the company on the overdue balances
Receivables against projects executed in the outstanding for payment to these MSME
Country of Afghanistan, Sri Lanka etc. carry a vendors since in view of the management, the
significant level of realization risk considering payment to such vendors have been made as per
the present economic and political situation in terms agreed and duly accepted by them. In our
the countries. However, the company has made opinion, the company shall be liable for payment
provision only as per standard ECL Matrix against of interest on delayed payments in terms of the
such receivables. Total outstanding receivables MSME Act, 2006. There are in fact even claims
from the above 2 countries is INR 2084.76 Lacs made by the vendors with the Micro and Small
(Net of amount received in Apr 22). Similarly Enterprise Facilitation Council which have been
balance held in the bank accounts in these included in the contingent liabilities disclosed
countries may also be subject to repatriation in the financial statements & hence adequate
restrictions. (Refer to Note No. 67 & 68) measures be taken for seeking legal immunity (if
e) That the direct confirmations could not be any) against consequences of delay in payment
received for a substantial number of trade to such vendors or the provision for interest on
payables, trade receivables, fixed deposits such delay may be duly provided in the financial
with the Indian Banks and some foreign statement. (Refer Note 38).
304
We conducted our audit of the consolidated financial appropriate to provide a basis for our modified audit
statements in accordance with the Standards on opinion on the consolidated financial statements.
Auditing (“SA”s) specified under Section 143(10) of
the Act. Our responsibilities under those Standards
Key Audit Matter
are further described in the Auditor’s Responsibilities
for the Audit of the Consolidated Financial Statements Key audit matters are those matters that, in our
Section of our report. We are independent of the professional judgment, were of most significance in
Corporate Overview
Group in accordance with the Code of Ethics issued our audit of the financial statements of the current
by the Institute of Chartered Accountants of India period. These matters were addressed in the context
(“ICAI”) together with the ethical requirements that of our audit of the consolidated financial statements as
are relevant to our audit of the consolidated financial a whole, and in forming our opinion thereon, and we
statements under the provisions of the Act and the do not provide a separate opinion on these matters.
Rules made there under, and we have fulfilled our In addition to the matters described in the Basis for
other ethical responsibilities in accordance with these Qualified Opinion section, we have determined the
requirements and the ICAI’s Code of Ethics. We believe matters described below to be the key audit matters
that the audit evidence obtained by us is sufficient and to be communicated in our report.

Accuracy of recognition, measurement, presentation and That the revenue from Construction Contracts includes
disclosures of revenues and other related balances in view Projects where the company is appointed as Project
of adoption of Ind AS 115 “Revenue from Contracts with Management Consultant where the terms of contract
Customers” require the preparation of tender documents, floating
Statutory Reports
1. Revenue from PMC & Construction Contracts tenders & selection of the contractor for construction of
project on behalf of the client. The company is entitled to
The application of this standard involves certain key
a Project Management Consultancy Fee as a percentage of
judgements relating to identification of distinct performance
construction cost. Further, the cost of construction work is
obligation, determination of the transaction price of
billed by the contractor to the company and in-turn billed to
identified performance obligations, appropriateness of
the client on cost-to-cost basis by the company as per the
basis used to measure revenue recognized over the period
contract terms. The company considering itself as a principal
and disclosures including presentations of balances in the
employer recognises the gross amount (construction cost
financial statements.
plus the PMC Service Fee) as revenue and corresponding
Further the appropriate judgement needs to be applied in back-to-back construction cost as expenses in the profit and
assessing the roles and responsibilities of various parties in loss account.
the contract which shall play a key role in determining the
Our Audit approach consisted of the examining of sample

amount and nature of revenue to be recognised by each
agreement to assess the role of the company in such
party to the contract. The standard makes a distinction
contracts or memorandum of understandings, the key
between the parties having the role of principal or an agent
highlights/observations of which are stated hereunder:
and accordingly the nature and amount of revenue that shall
be recognised in each of such scenario. i. The core skill and expertise of the company is the provision
of Engineering, Procurement, Construction related
When an entity that is a principal satisfies a performance
Consultancy Services and not of providing construction
obligation, the entity recognises revenue in the gross
services. Accordingly, the company is engagement is as
amount of consideration to which it expects to be entitled in
a Project Management Consultant by various clients.
exchange for those goods or services transferred.
Such engagement further includes appointment of a
contractor for the construction work.
305

When an entity that is an agent satisfies a performance ii. The terms of engagement of the contractors/
obligation, the entity recognises revenue in the amount of subcontractors on behalf of the client, specifically state
any fee or commission to which it expects to be entitled in a back-to-back payment obligation of the company i.e.
the company has the immunity from any credit risk.
exchange for arranging for the other party to provide its
The company is obliged to pay to the contractor to the
goods or services. extent and only once the payment is received from the
Corporate Overview
client.
iii. That agreement/MOU between the company &
the client, does not even include basic components
of construction related engagements like material
quality, quantities, labour engagements, construction
milestones etc which in fact are indicated only in the
contracts the company executes with the contractors to
whom mostly the work is allotted on turnkey basis along
with all risks and obligations pertaining to construction
work. The terms of agreement or MOU of the company
with the clients emphasise primarily on the roles and
responsibilities in the capacity of a Project Management
Consultant only. Further on account of back-to-back
engagement there is no inventory held by the company.
iv. That the engagement terms indicate the company
being engaged as a consultant whereas the work of
Statutory Reports
construction is to be executed through the contractor

appointed through the consultant on behalf of the
client. In fact in number of agreements, only the Rate
of PMC or Centage is stated to be computed on the
construction cost. Construction cost/amount may or
may not be stated in such agreements or MOU’s
v. That unlike the contract terms generally stipulated
in cost plus contract, in the present contracts under
consideration the construction quotes are obtained
from the contractors generally on turnkey basis and as
against the profit margins of the contractor, the PMC
fee is charged over and above the construction cost,
which is the actual earning of the company.

vi. That in fact, in terms of the Procurement Guidelines
& practice of the Government of Kerela (one of the
customers), the payments are made directly to the
contractor based on the advise of Wapcos (as per
circular) whereas Wapcos is issuing Invoice and
accruing the same as it’s own Revenue. (INR 66.87
Lacs in CY Year).
306

The above instances require significant judgement while
assessing the role of company as an PMC or as an agent
rather that the EPC Contractor. However, the representation
of the management that the performance obligation in the
capacity of PMC and the execution of the work through
a construction contractor is a single obligation, expert
Corporate Overview
opinion(s) in possession & further the industry practice
represented to be followed in similar engagements have
been taken into consideration by us in context to the
disclosure of revenue on gross amount basis. That whereas
during the previous year reliance was placed on the
management representation that necessary directions
shall to be obtained from regulatory bodies or advisory
committees on the subject matter under discussion, the
same is still pending to be Initiated by the company.
That as quantified and valued by the management by
management of Holding Company the total amount of
revenue booked on account of the above construction work
during the FY under consideration & corresponding amount
of Construction Cost during the year is around Rs. 650
Crores, however the same does not have any impact on
the Profitability of the company.
Statutory Reports
2. Identification of Salary Cost in the Projects That the Revenue from Consultancy Income comprises
of major part of the company revenue wherein primarily
the activities are performed by In-house Personnel of the
Company. In view of the management owing to large
number of projects, the apportionment of efforts on each
project cannot be done. The same is also indicated in the
accounting policy that the personnel cost incurred is fully
charged off to profit and loss on periodical basis.
Accordingly, there is no element of personnel cost in
the unbilled work/work in progress on account of
contribution of personnel efforts as at March 31st 2022.
307

3. Provisions and Contingent Liabilities Our audit procedures in response to this key audit matter
The company is involved in various taxes and other disputes
for which final outcomes cannot be easily predicted and i. Assessment of the process and relevant controls
implemented to identify legal and tax litigations and
which could potentially result in significant liabilities. The
pending proceedings
Assessment of the risks associated with the litigations is based
Corporate Overview
on complex assumptions, which require the use of judgment ii. Assessment of assumptions used in the evaluation of
the potential legal and tax risks. performed by the legal
and such judgement relates, primarily, the assessment of the
and tax department of the company.
uncertainties connected with the prediction of the outcome
of the proceedings and to the adequacy of the disclosures in iii. Inquiry with legal and tax department regarding status
of the significant disputes and inspection of the key
the financial statements. Because of the judgement required,
documents produced before us
the materiality of such
iv. Management representations on the possible outcomes
litigations and complexity of the assessment process, the of the ongoing disputes
area is key matter for our audit.
v. Review of the adequacy of disclosure in the Notes to
Accounts.
4. Provision for Performance Related Payments Our audit procedures in response to this key audit matter
That in terms of the CPSE Guidelines, the Performance
Related Payment is payable to employees based on the Profit i. Review of the CPSE Guidelines to identify the mode
and mechanism of calculation of Performance Related
Before Tax for the relevant financial year under consideration
Payments
Statutory Reports
and accordingly the provisions is duly made in the respective

financial year. That in terms of the Ind AS Provisions and the ii. Inquiry with the concerned department regarding
communication or clarification on the above said
Accounting Policy of the company, the preceding financial
restated adjustments.
year results
iii. Review of the provision in terms of the present
are restated for Prior Period Adjustments thereby impacting guidelines and adoption of the most practical approach
the Profit Before Tax of the previous years based on present guidelines.
iv. That the company has represented that the adjustments
if any shall be taken into consideration at the time of
actual disbursement in compliance with necessary
directions from the CPSE.
The calculations have been made based on the Audited
Profit before Tax for each Financial Year without considering

the impact of prior period adjustments based on audited
financials for respective year and future adjustment (if any)
shall be considered at the time of actual disbursement.
Emphasis on Matter
1. That the company is in receipt of advances or deposits from clients for meeting the construction cost of
their respective projects. In terms of stipulations, the company is required to keep such unutilized funds in
the form of deposits and the income earned on such deposits is also required to be transferred back to the
client. In fact some of the arrangement requires the opening of earmarked Bank Accounts. However, such
funds have been utilized for non-earmarked projects and also instances have been observed where
funds withdrawn from the dedicated accounts have not been utilized for the earmarked projects.
Although interest liability has been computed & provided for yet in our opinion such utilizations may pose
308
risk of breach of contract, liquidity challenges & In connection with our audit of the consolidated
noncompliance in terms of advancement of such financial statements, our responsibility is to read the
funds by the client. (Refer to Note 64). The Interest other information and, in doing so, consider whether
payable against such earmarked funds used for the other information is materially inconsistent with the
other projects, as at 31st March 2022 stood at INR consolidated financial statements or our knowledge
57.31 Crores which needs to be repatriated to the obtained during the course of our audit or otherwise
relevant Government (s) or Undertakings. appears to be materially misstated.
Corporate Overview
2. That in terms of the contingent liabilities disclosed If, based on the work we have performed and based
by way of Note 56 to the financial statements, on the audit report of other auditors, we conclude
reference is drawn to the need to have in place a that there is a material misstatement of this other
scientific mechanism to assess and provide for information; we are required to report that fact. We
the probable liabilities on account of matters have nothing to report in this regard.
under dispute. That although, the contingent
liabilities have been disclosed with regards to
Management’s & Board of Director’s
disputed claims, there is no practice of making
adequate provisions with regards to the claims Responsibilities for the Consolidated
until Arbitration Awards and payment. Further, in Financial Statements
case of one PSU, there is a claim of Interest to the The Holding Company’s Management & Board
tune of INR 15 Crores which is being demanded of Directors is responsible for the matters stated
by the party but shown as contingent liability in in Section 134(5) of the Act with respect to the
the financial statements. preparation of these consolidated financial statements
3. That considering the nature and volume of that give a true and fair view of the consolidated
Statutory Reports
transactions involved there is a need to periodically financial position, consolidated financial performance,
reconcile the Inputs as well as the output liability including consolidated other comprehensive income,
as per books with the returns as per the Goods consolidated changes in equity and consolidated cash
and Service Tax Act. Further, liability under Goods flows of the Company in accordance with the Ind AS
and Service Tax may accrue on receipt of the and other accounting principles generally accepted
Adjustable Advances/deposits Received by the in India including the Indian Accounting Standards
company on which the tax liability is deposited at (Ind AS) under Section 133 of the Act. The respective
the time of invoicing by the company. (Refer Note Management and Board of Directors of the respective
65 & 69) companies included in the group are responsible for
the maintenance of adequate accounting records
Our Opinion is not modified on the above matters. in accordance with the provisions of the Act for
safeguarding the assets of each of the Company
Information Other than the Financial and for preventing and detecting frauds and other

Statements and Auditor’s Report Thereon irregularities; selection and application of appropriate
accounting policies; making judgments and estimates
The Holding Company’s Management & Board of that are reasonable and prudent; and design,
Directors is responsible for the other information. The implementation and maintenance of adequate internal
other information comprises the information included financial controls, that were operating effectively
in the Holding Board’s Report including Annexures for ensuring the accuracy and completeness. of the
to Board’s Report but does not include consolidated accounting records, relevant to the preparation and
financial statements and our auditor’s report thereon. presentation of the consolidated financial statements
Our opinion on the consolidated financial statements that give a true and fair view and are free from material
does not cover the other information and we do not misstatement, whether due to fraud or error which
express any form of assurance conclusion thereon. have been used for the purpose of preparation of the
309
consolidated financial statements by the Management • Obtain an understanding of internal financial

and Board of Directors of the Holding Company . control relevant to the audit in order to design
audit procedures that are appropriate in the
In preparing the consolidated financial statements,
circumstances. Under Section 143(3)(i) of the
the respective Management & Board of Directors of
Act, we are also responsible for expressing our
the respective companies included in the group are
opinion on whether the Company has adequate
responsible for assessing the ability of each company to
internal financial controls system in place and the
continue as a going concern, disclosing, as applicable,
Corporate Overview
operating effectiveness of such controls.

matters related to going concern and using the going
concern basis of accounting unless the respective • Evaluate the appropriateness of accounting
Board of Directors either intends to liquidate the policies used and the reasonableness of accounting
Company or to cease operations, or has no realistic estimates and related disclosures made by the
alternative but to do so. Management & Board of Directors.
The respective Board of Directors of the companies • Conclude on the appropriateness of Management
included in the Group is also responsible for overseeing and Board of Directors use of the going concern
the financial reporting process of each company. basis of accounting in preparation of the
Consolidated Financial Statements and, based
Auditor’s Responsibilities for the Audit of the on the audit evidence obtained, whether a
Consolidated Financial Statements material uncertainty exists related to events or
conditions that may cast significant doubt on the
Our objectives are to obtain reasonable assurance
appropriateness of this assumption. If we conclude
about whether the consolidated financial statements
that a material uncertainty exists, we are required
as a whole are free from material misstatement,
to draw attention in our auditor’s report to the
whether due to fraud or error, and to issue an
Statutory Reports
related disclosures in the consolidated financial

auditor’s report that includes our opinion. Reasonable
statements or, if such disclosures are inadequate,
assurance is a high level of assurance, but is not a
to modify our opinion. Our conclusions are based
guarantee that an audit conducted in accordance
on the audit evidence obtained up to the date
with SAs will always detect a material misstatement
of our auditor’s report. However, future events
when it exists. Misstatements can arise from fraud or
or conditions may cause the Group to cease to
error and are considered material if, individually or in
continue as a going concern.
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the • Evaluate the overall presentation, structure and
basis of these consolidated financial statements. content of the consolidated financial statements,
including the disclosures, and whether the
As part of an audit in accordance with SAs, we exercise
consolidated financial statements represent the
professional judgment and maintain professional
underlying transactions and events in a manner
scepticism throughout the audit. We also:
that achieves fair presentation.
• Identify and assess the risks of material

• Obtain sufficient appropriate audit evidence
misstatement of the consolidated financial
regarding the financial statements/financial
statements, whether due to fraud or error,
information of such entities or business activities
design and perform audit procedures responsive
within the Group to express an opinion on
to those risks, and obtain audit evidence that is
the consolidated financial statements. We
sufficient and appropriate to provide a basis for
are responsible for the direction, supervision
our opinion. The risk of not detecting a material
and performance of the audit of the financial
misstatement resulting from fraud is higher
statements/financial information of such entities
than for one resulting from error, as fraud may
included in the consolidated financial statements
involve collusion, forgery, intentional omissions,
of which we are the independent auditors. For
misrepresentations, or the override of internal
the other entities included in the consolidated
control.
financial statements, which have been audited
310
by other auditors, such other auditors remain Other Matters

responsible for the direction, supervision and
We did not audit the financial statements of the
performance of the audits carried out by them.
subsidiary company, whose financial statements
We remain solely responsible for our audit
reflect Group’s share of total assets of Rs. 2526 Lacs
opinion. Our responsibilities in this regard are
(before consolidated adjustment) as at 31 March
further described in paragraph (a) of the section
2022, Group’s share of total revenue of Rs. 1424.27
titled ‘Other Matters’ in this audit report.
Lacs (before consolidated adjustment) and Group’s
Corporate Overview
• Materiality is the magnitude of misstatements share of net cash inflows of negative Rs.38.48 Lacs
in the standalone financial statements that, (before consolidated adjustment) for the year ended
individually or in aggregate, makes it probable on that date, as considered in the Consolidated
that the economic decisions of a reasonably Financial Statements, which have been audited by
knowledgeable user of the standalone financial their respective independent auditor. The independent
statements may be influenced. We consider auditor’s report on financial statements of the subsidiary
quantitative materiality and qualitative factors have been furnished to us by the management and
in (i) planning the scope of our audit work and our opinion on the Consolidated Financial Statements,
in evaluating the results of our work; and (ii) to in so far as it relates to the amounts and disclosures
evaluate the effect of any identified misstatements included in respect of the subsidiary, is based solely on
in the standalone financial statements. the Independent Report of the Central Auditor of such
We communicate with those charged with subsidiary and the procedures performed by us are as
governance of Holding Company regarding, stated in paragraph above.
among other matters, the planned scope and Our opinion on the Consolidated Financial Statements,
timing of the audit and significant audit findings, and our report on Other Legal and Regulatory
Statutory Reports
including any significant deficiencies in internal Requirements below, is not modified in respect of
control that we identify during our audit. the above matters with respect to our reliance on the
We also provide those charged with governance work done and the reports of the other auditors.
with a statement that we have complied
with relevant ethical requirements regarding Report on Other Legal and Regulatory
independence, and to communicate with Requirements
them all relationships and other matters that
may reasonably be thought to bear on our 1. As required by Section 143(3) of the Act, based
independence, and where applicable, related on our audit and on the consideration of the
safeguards. reports of the other auditors on separate financial
statements of the subsidiary company as were
From the matters communi~ated with those audited by the other auditors as noted in the
charged with governance, we determine those “Other Matters” paragraph, we report to the

matters that were of most significance in the extent applicable that:
audit of the consolidated financial statements
of the current period and are therefore the key a. We have sought and obtained all the
audit matters. We describe these matters in our information and explanations which to
auditor’s report unless law or regulation precludes the best of our knowledge and belief we
public disclosure about the matter or when, in renecessary for the purposes of our audit of
extremely rare circumstances, we determine that a the consolidated financial statements.
matter should not be communicated in our report b. In our opinion, proper books of account
because the adverse consequences of doing so as required by law have been kept by the
would reasonably be expected to outweigh the Company so far as it appears from our
public interest benefits of such communication. examination of those books.
311
c. The Consolidated Balance Sheet, the statements of the subsidiary company as

Consolidated Statement of Profit and Loss noted in the “Other Matters” paragraph:
including Other Comprehensive Income,
a. The Consolidated Financial Statements
Consolidated Statement of Changes in Equity
disclose the impact of pending litigations
and the Consolidated Statement of Cash Flows
as at 31st March 2022 on the consolidated
dealt with by this Report are in agreement
financial position of the Group (Refer to Note
with the books of account maintained for the
45).
Corporate Overview
purpose of preparation of the consolidated

financial statements. b. The Group did not have any material
foreseeable losses on long-term contracts
d. In our opinion, the aforesaid consolidated
including derivative contracts during the year
financial statements comply with the Ind AS
ended 31st March 2022.
specified under Section 133 of the Act.
c. There was no amount which was required
e. On the basis of the written representations
to be transferred to investors education &
received from the directors of the Holding
protection fraud by the Holding Company or
Company as on March 31, 2022 taken
it’s subsidiary company during the year ended
on record by the Board of Directors of the
31st March 2022.
Holding Company and the report of the
statutory auditor of the subsidiary company, d.
none of the directors is disqualified as on a. The Management has represented that,
March 31, 2022 from being appointed as a to the best of its knowledge and belief, no
director in terms of Section 164(2) of the Act. funds (which are material either individually
f. With respect to the adequacy of the internal or in the aggregate) have been advanced or
Statutory Reports
financial controls over financial reporting loaned or invested (either from borrowed
of the Holding Company and its subsidiary funds or share premium or any other sources
companies the operating effectiveness of or kind of funds) by the Holding Company
such controls, refer to our separate Report in or it’s subsidiary company to or in any other
“Annexure A”. Our report expresses an person or entity, including foreign entity
Disclaimer Opinion on the adequacy and (“Intermediaries”), with the understanding,
operating effectiveness of the Company’s whether recorded in writing or otherwise,
internal financial controls over financial that the Intermediary shall, whether, directly
reporting. or indirectly lend or invest in other persons or
entities identified in any manner whatsoever
g. With respect to the other matters to be
by or on behalf of the Holding Company or
included in the Auditor’s report in accordance
it’s subsidiary (“Ultimate Beneficiaries”) or
with the requirements of Sec 197(16) of
provide any guarantee, security or the like on
the Act, the same are not applicable to the

behalf of the Ultimate Beneficiaries;
company in view of the exemption given by
notification no. G.S.R. 463(E) dated June, b. The Management has represented, that,
5th 2015 issued by the Ministry of Corporate to the best of its knowledge and belief, no
Affairs. funds (which are material either individually
or in the aggregate) have been received
h. With respect to the other matters to be
by the Holding Company or it’s subsidiary
included in the Auditor’s Report in accordance
company from any person or entity, including
with Rule 11 of the Companies (Audit and
foreign entity (“Funding Parties”), with the
Auditors) Rules, 2014, as amended, in our
understanding, whether recorded in writing
opinion and to the best of our information
or otherwise, that the Holding Company
and according to the explanations given to us
or it’s subsidiary company shall, whether,
and based on the consideration of the reports
directly or indirectly, lend or invest in other
of other auditor on the separate financial
312
persons or entities identified in any manner Retained earnings to the General Reserve in
whatsoever by or on behalf of the Funding context to such dividend distribution.
Party (“Ultimate Beneficiaries”) or provide
2. As required by the Companies (Auditor’s Report)
any guarantee, security or the like on behalf
Order, 2020 (“the Order”) issued by the Central
of the Ultimate Beneficiaries;
Government of India in terms of Section 143
c. Based on the audit procedures that have been (11) of the Act, we give in the “Annexure B” a
considered reasonable and appropriate in statement on the matters specified in paragraphs
Corporate Overview
the circumstances, nothing has come to our 3 and 4 of the Order, to the extent applicable.
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) For Serva Associates
above, contain any material misstatement. Chartered Accounts
Firm Registration No – 000272N
e. That the Holding company & the subsidiary
Nitin Jain
company has declared dividend during the
(Partner)
year under consideration against in terms of
Membership No 506898
the provision of Section 123 of the Companies
UDIN: 22506898AQHPFR1786
Act, 2013. Further the management has
Place: Delhi
opted not to transfer any amount from the
Statutory Reports
313
ANNEXURE “A” TO THE INDEPENDENT

AUDITOR’S REPORT
Corporate Overview
(Referred to in paragraph 1(f) under ‘Report substantive procedures were adopted by us while
on Other Legal and Regulatory Requirements’ conducting our audit and these facts does not impact
Section of our report to the Members of M/s our opinion on the financial statements except to
Wapcos Limited (“hereinafter referred to as the the extent on the matters where we have issued a
“The Holding Company”) for the year ended 31st Modified Opinion.
March 2022 That the Statutory Auditor of the Subsidiary
Report on the Internal Financial Controls Over Company has stated following material
Financial Reporting under Clause (i) of sub- weaknesses in their report on the standalone
section 3 of Section 143 of the Companies Act, financial statements of the Subsidiary Company,
2013 (the “Act”) with reference to the aforesaid while stating that such weakness do not effect
Consolidated Financial Statements their opinion on the Standalone Financial
Statements:
Disclaimer Opinion i. The company has a system of requesting for
balance confirmations in respect of Claims
In conjunction with our audit of the consolidated
Recoverable, Trade Receivables, Advances to
Statutory Reports
financial statements of the company as and for the

Contractors, Trade Payables, Balances to/from
year ended 31st March 2022, we were engaged to
Project Authorities and Security Deposits/Retention
audit the internal financial controls with reference to
money outstanding to/from contractors/Project
the consolidated financial statements of M/s Wapcos
Authorities. However, as per information and
Limited (hereinafter referred to as “Holding Company”)
explanations provided to us, the company is not
and the subsidiaries as of date.
able to obtain confirmations and prepare periodic
In our opinion, the conventional Financial Accounting reconciliation in respect of trade receivables and
System at the Holding Company has pose serious other recoverable and most of the payables.
limitations in implementing Internal Financial Controls Most of the Trade receivables are either Central
within the company and as represented the reliance or State Government/Local authority / Municipal
is presently being made on manual controls and Authorities and other autonomous bodies under
procedures for which no documentation or records various governmental ministries. Therefore, we
could be place before us for verification. In the absence
are of the opinion that the company needs to

of sufficient audit evidence pertaining to the Internal be involved in the process of obtaining the same
Financial Control related documents produced before more proactively to further strengthen the said
us during the course of our audit, we are unable to internal control procedures.
comment whether the internal financial controls over
ii. The Company does not have an adequate internal
the financial reporting were operating effectively as
control system with regard to reconciliation of
at March 31st 2022 based on the internal control
debit & credit balances lying in various accounting
over Financial reporting criteria established by the
heads of closed Units.
Company considering the essential components of
internal control stated in the Guidance Note on Audit iii. The Company does not have a proper system
of Internal Financial Controls Over Financial Reporting of evaluating claims of contractors vis-a-vis
issued by the Institute of Chartered Accountants of contractual terms leading to huge number of
India. Accordingly, suitable audit techniques and litigations and settlements with mounting interest
314
burden. The non-determination of the liability Standards on Auditing prescribed under Section
in a timely manner could significantly affect the 143(10) of the Companies Act, 2013, to the extent
financial reporting and could also affect the applicable to an audit of internal financial controls
functioning of the Company. with respect to the consolidated financial statements
were established and maintained and if such controls
iv. There is a need to periodically reconcile the input
operated effectively in all material respects.
credit and output liability appearing in books with
the GST returns. In respect of Jammu zone, the Our audit involves performing procedures to obtain
Corporate Overview
GST input credit amounting to Rs 19,08,848/- audit evidence about the adequacy of the internal
was not availed in the GST return for F.Y 21- financial controls with reference to the consolidated
22 resulting in input credit getting lapsed. This financial statements and their operating effectiveness.
resulted in payment of GST of Rs 17,29,484/- Our audit of internal financial controls with reference
being borne by the zone. Further, no approval to the consolidated financial statements included
from competent authority for this payment of obtaining an understanding of internal financial
GST of Rs 17,29,484/- was sought. controls with reference to consolidated financial
statements, assessing the risk that a material weakness
exists, and testing and evaluating the design and
Management’s & Board of Director’s
operating effectiveness of internal control based on
Responsibility for Internal Financial Controls the assessed risk. The procedures selected depend on
The respective companies management and the the auditor’s judgement, including the assessment of
Board of Directors are responsible for establishing and the risks of material misstatement of the consolidated
maintaining internal financial controls with reference financial statements, whether due to fraud or error.
to the Consolidated Financial Statements based on We believe that the audit evidence we have obtained
the internal control over financial reporting criteria
Statutory Reports
and the audit evidence obtained by the other auditor
established by the Company considering the essential the subsidiary company in terms of their audit reports
components of internal control stated in the Guidance referred to in “Other Matters” paragraph below, is
Note on Audit of Internal Financial Controls Over sufficient and appropriate to provide a basis for our
Financial Reporting issued by the Institute of Chartered audit opinion on the Company’s internal financial
Accountants of India (the “ICAI”). These responsibilities controls system with reference to the consolidated
include the design, implementation and maintenance financial statements.
of adequate internal financial controls that were
operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence Meaning of Internal Financial Controls over
to the respective company’s policies, the safeguarding Financial Reporting
of its assets, the prevention and detection of frauds
A company’s internal financial control with reference
and errors, the accuracy and completeness of the
to the consolidated financial statements is a process

accounting records, and the timely preparation of
designed to provide reasonable assurance regarding
reliable financial information, as required under the
the reliability of financial reporting and the preparation
Act.
of financial statements for external purposes in
accordance with generally accepted accounting
Auditor’s Responsibility principles. A company’s internal financial control with
reference to the consolidated financial statements
Our responsibility is to express an opinion on the
includes those policies and procedures that (1) pertain
Company’s internal financial controls with reference
to the maintenance of records that, in reasonable
to the consolidated financial statements over financial
detail, accurately and fairly reflect the transactions
reporting based on our audit. We conducted our audit
and dispositions of the assets of the company; (2)
in accordance with the Guidance Note on Audit of
provide reasonable assurance that transactions are
Internal Financial Controls Over Financial Reporting
recorded as necessary to permit preparation of
(the “Guidance Note”) issued by the ICAI and the
financial statements in accordance with generally
315
accepted accounting principles, and that receipts and conditions, or that the degree of compliance with the
expenditures of the company are being made only in policies or procedures may deteriorate.
accordance with authorisations of management and
directors of the company; and (3) provide reasonable
Other Matters
assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the Our aforesaid reports under Section 143(3)(i) of the
company’s assets that could have a material effect on Act on the adequacy and operating effectiveness
Corporate Overview
the financial statements. of the internal financial controls with reference

to consolidated financial statements insofar as it
relates to the Subsidiary Companies, is based on the
Inherent Limitations of Internal Financial corresponding reports of the auditor of such company.
Controls with reference to the Consolidated
Financial Statements
Because of the inherent limitations of internal financial
Chartered Accounts
controls with reference to consolidated financial
statements, including the possibility of collusion or
improper management override of controls, material
Sd/-
misstatements due to error or fraud may occur and
Nitin Jain
not be detected. Also, projections of any evaluation
(Partner)
of the internal financial controls with reference to
consolidated financial statements to future periods are
subject to the risk that the internal financial control
Place: Delhi
with reference to consolidated financial statements
Statutory Reports

may become inadequate because of changes in
316
ANNEXURE “B” TO THE AUDITORS’ REPORT
(Referred to In paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ Section of our
report on the Consolidated Financial Statements of M/s Wapcos Limited
Corporate Overview
To the best of our information and according to the explanations provided to us by the Company and the books
of account and records)
(xxi)
In our opinion and according to the information and explanations given to us, there are adverse remarks by the
respective auditors in the Companies (Auditor’s Report) Order, 2020 reports of the companies included in the
consolidated financial statements, the details of which arc as under:
S. Holding/ Clause number of the CARO report which is
Name CIN
No. Subsidiary qualified or adverse
Clause (i) (b): “That there is a need to streamline and
formalize the process of physically verifying the assets
at regular intervals according to a regular program of
verification which, in our opinion having regard to the size
Wapcos of the company and nature of its assets is necessary. That
1 074B99DL1969G01005070 Holding
Statutory Reports
Limited the management has represented that no discrepancy
has been observed on such physical verification however
in the absence of distinctive marking in the physical
verification sheet as stated above, we have relied upon
the management representation.”
Clause (ii) (b): “That the company has been sanctioned
working capital limit from 1 bank or financial institutions
on the basis of security of current assets. That the
quarterly returns or statements filed with the Bank are
not in reconciliation with the books of accounts and
the difference observed are disclosed in 17(8) to the
financial statements. As represented to us the company
Wapcos
2 074B99DL1969G01005070 Holding has unilaterally filed revised statements with the banks
Limited

the consequential impact of which could not be assessed
during the course of our audit. Further in case of Non-
Funded Facilities from 4 Banks, as per statement required
to be filed in case of one of the banks tlie same was
found to be incomplete or while in case of another bank
the same was not filed as per representations made to
us”
a) Clause (ix)(c): “That the loans have been applied for
the purpose for which the loans were obtained except
Wapcos
3 074B99DL1969G01005070 Holding to the extent that sum of INR 16 Crores was utilized for
Limited
payment of dividend to the shareholders of the company
1 as reported above.”
317
S. Holding/ Clause number of the CARO report which is

Name CIN
No. Subsidiary qualified or adverse
Clause (XIV)
(a): “In our opinion the Internal Audit System of the

Company is not commensurate with the size of the
company and the nature of it’s operations”
Corporate Overview
(b): “That based on the review of the Internal Audit

reports, it has been observed that there has been no
compliance revert to the internal audit observations and
hence the financial implications as well as the corrective
Wapcos
4 074B99DL1969G01005070 Holding measures taken/to be
Limited
taken could not be identified. The Internal Auditor has
cited limitations relating to non-availability of the data
or information to the auditors. Further as informed to us
the internal audit was restricted to
the financial documents located at the corporate

office only which in our opinion are not adequate for
the purpose of verification of decentralized records
maintained at the project site offices on PAN India Basis.”
National
Clause (ii) (a): “Inventories have been physically verified
Projects
Statutory Reports
as per reports furnished to us, except in respect of

5 Construction U45202DL1957GOI002752 Subsidiary material at closed sites to which the company does not
have access to. Refer to Note No 37 relating to certain
Corporation inventories impounded by the Project Authorities”
Limited
Clause (xiv)(a); “In our opinion and based on our
examination, the company has an internal audit system
National commensurate with the size and nature of business.
Projects However, the company needs to further strengthen the
6 Construction U45202DL1957GOI002752 Subsidiary Internal Audit system with regards to it’s periodicity and
timely completion. Clause (xiv)(b); “We have considered
Corporation the internal audit reports of the company issued till date
Limited for the
period under audit”

Chartered Accounts
Sd/-
Nitin Jain
(Partner)
Place: Delhi
318
WAPCOS LIMITED
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2022
(` in Lakhs)
Note Consolidated as at Consolidated as at Consolidated as at
Particulars
No. March 31, 2022 March 31, 2021 April 01, 2020
ASSETS
NON CURRENT ASSETS
(a) Property, Plant And Equipment 2 5,427.14 5,618.96 6,069.71
(b) Capital Work-In-Progress - - -
Corporate Overview
(c) Right of Use Assets 2A 1,260.63 2,105.56 2,456.42
(d) Investment Property 2C 142.80 -
(e) Goodwill - -
(f) Other Intangible Assets 2B 291.96 67.06 121.79
(g) Intangible Assets under Development - - -
(h) B iological Assets other than Bearer Plants - - -
(i) Financial Assets
(i) Investment 3 39.52 37.25 35.03
(ii) Trade Receivables 7A 14,129.96 14,618.73 12,583.22
(iii) Loans - - -
(iv) Other Financial Assets 4A 40,154.63 59,828.01 33,512.93
(j) Deferred Tax Assets (Net) 5 12,346.68 11,809.98 10,369.90
(k) Other Non-Current Assets 6 1,386.96 1,503.67 2,181.59
CURRENT ASSETS -
(a) Inventories 8 7.11 6.18 6.92
(b) Financial Assets
(i) Investments - - -
(ii) Trade Receivables 7B 201,127.98 191,911.81 203,676.88
(iii) Cash and Cash Equivalents 9 55,723.67 62,926.28 35,904.23
(iv) Bank Balances other than (iii) above 10 131,710.30 73,069.77 90,986.06
(v) Other Financial Assets 4B 3,488.18 3,008.33 3,109.78
(c) Current Tax Assets (Net) 11 16,201.58 10,882.74 9,983.11
(d) Other Current Assets 12 32,921.92 35,034.11 27,317.48
TOTAL ASSETS 516,361.02 472,428.44 438,315.05
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 13 13,000.00 13,000.00 10,000.00
(b) Other Equity 14 64,846.52 60,612.78 59,872.35
Statutory Reports
Equity attributable to Onwers of the Parent 77,846.52 73,612.78 69,872.35
Non Controlling Interest 266.45 239.73 211.45
TOTAL EQUITY 78,112.97 73,852.51 70,083.80
LIABILITIES
NON CURRENT LIABILITIES
(i) Borrowings 18A 3,785.37
(ia) Lease Liability 19A 936.70 1,665.24 1,896.68
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 15A 41.46 262.39 960.24
(B) total outstanding dues of creditors other than micro and small enterprises 15A 22,316.68 14,859.58 12,606.97
(iii) Other Financial Liabilities 20A 41,584.86 40,552.31 22,279.17
(b) Provisions 16A 8,236.45 8,028.20 7,789.57
(c) Deferred Tax Liabilities(Net) - - -
(d) Other Non-Current Liabilities 17A 25,796.96 13,146.13 19,116.46
CURRENT LIABILITIES
(i) Borrowings 18B 4,299.87 4,820.03 405.18
(ia) Lease Liability 19B 522.45 667.40 700.26
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 15B 36,560.18 38,883.74 27,795.53
(B) total outstanding dues of creditors other than micro and small enterprises 15B 121,826.65 129,725.49 132,016.71
(iii) Other Financial Liabilities 20B 27,773.91 25,005.44 33,289.38

(b) Provisions 16B 3,725.14 3,796.80 3,212.08
(c) Current Tax Liabilities (Net) - - -
(d) Other Current Liabilities 17B 140,841.37 117,163.18 106,163.02
TOTAL EQUITY & LIABILITIES 516,361.02 472,428.44 438,315.05
Significant Accounting Policies and Notes to Accounts forming Note
an integral part of financial statements 1-72


Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
319
WAPCOS LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
Note Figures as at the end of Current Figures as at the end of Current
Particulars
No. reporting period (31st March, 2022) reporting period (31st March, 2021)
REVENUE
I Revenue from operations 21 279,799.32 251,287.30
Corporate Overview
II Other income 22 6,838.02 6,762.58

III Total Income (I+II) 286,637.34 258,049.88
IV EXPENSES
Construction Expenses 23 199,862.80 172,595.34
Employee Benefit Expenses 24 36,574.23 33,223.51
Finance Cost 25 1,954.82 1,899.47
Services Obtained 26 17,712.20 18,629.40
Depreciation and Amortisation Expenses 27 1,237.64 1,503.57
Corporate Social Responsibility Expenses (Recommendatory as per Guidence Note on Schedule III) 28 364.70 314.92
Other Expenses 29 18,881.44 20,644.95
Total Expenses (IV) 276,587.83 248,811.16
V Profit/ (loss) before Share of Profit/(loss) of an Associates/ a joint Venture and 10,049.51 9,238.72
Exceptional Items and Tax (III-IV)
VI Share of Profit/(loss) of an Associates/ a joint Venture - -
VII Profit/ (loss) before Exceptional Items and Tax (V+VI)
VIII Exceptional Items 30 136.07 (25.28)
IX Profit/ (loss) before tax (VII+VIII) 10,185.58 9,213.44
X TAX EXPENSE 31
(1) Current Tax 3,861.91 4,629.33
(2) Income Tax Earlier Years 309.47 (67.81)
(3) Deferred Tax (592.24) (1,484.55)
XI Profit/ (Loss) for the period from Continuing Operations (IX-X) 6,606.44 6,136.47
XII Profit/ (Loss) for the Discontinued Operations - -
XIII Tax Expenses of Discontinued Operations - -
XIV Profit/ (Loss) for the Discontinued Operations after Tax (XII-XIII) - -
XV Profit/ (Loss) for the Period (XI-XIV) 6,606.44 6,136.47
Statutory Reports
XVI OTHER COMPREHENSIVE INCOME

Items
Remeasurement of Defined Benefit Plans Gain/(Loss) - PRMS 117.86 (114.30)
Deferred tax impact (29.66) 28.77
Remeasurement of Defined Benefit Plans Gain/(Loss) - Leave Encashment (37.68) 128.68
Deferred tax impact 9.48 (32.39)
Remeasurement of Defined Benefit Plans Gain/(Loss) - Gratuity 138.22 160.12
Gains / Losses From Investment in Equity Instruments Designated at Fair Value through OCI 2.27 2.21
Income Tax Relating to Items that will not be reclassified to Statement of Profit & Loss
XVII Total Other Comprehensive Income of the Year (Net of Tax) 165.13 132.24
Total Comprehensive Income of the Year 6,771.57 6,268.71
Profit/(Loss) attributable to
Owners of the Parent 6,568.07 6,109.39
Non Controlling Interests 38.37 27.08
Other Comprehensive Income attributable to
Owners of the Parent 165.67 131.04
Non Controlling Interests (0.54) 1.20
Total Comprehensive Income attributable to
Owners of the Parent 6,733.75 6,240.43
Non Controlling Interests 37.83 28.28

XVIII Earning per equity share (Refer Note No. - 36)
Equity share of par value of ₹ 10/- each
(1) Basic (In ₹ Only) 5.08 4.72
(2) Diluted (In ₹ Only) 5.08 4.72
Significant Accounting Policies and Notes referred to above forming an integral part of the Note
Statement of Profit & Loss 1-72

Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
320
WAPCOS LIMITED
STATEMENTS OF CHANGES IN EQUITY AS AT 31ST MARCH, 2022
A. Equity Share Capital

Corporate Overview
period period
13,000.00 - - - 13,000.00
(2) Previous Reporting Period FY 2020-2021 (In Lakhs)

period period
10,000.00 - - 3,000.00 13,000.00
(3) Previous Reporting Period FY 2019-2020 (In Lakhs)
period period
Statutory Reports
10,000.00 - - - 10,000.00
B OTHER EQUITY
Description Share Equity Reserves and surplus Other Comprehensive Income (OCI) Other Equity Equity Total
Application component General Retained Capital Remeasure- Gains / Other Items attributable attributable
money of Reserve Earnings Reserve ment of (Losses) from of Other to Parent to Non
pending compound (A) (B) (C) Defined Investments Comprehensive (A+B+C+D+E) Controlling
allotment Financial Benefit Plans in Equity Income (Specify Intrest (NCI)
Instruments (D) Instruments Income)
designated head
FVOCI (E)
Balance as at 31 March, - - 6,969.25 45,032.54 9,016.39 (434.60) 29.20 - 60,612.78 239.73 60,852.51
2021
Profit for the year - 6,568.07 - - - - 6,568.07 38.37 6,606.44

Dividend paid during the (2,500.00) - - - (2,500.00) (11.10) (2,511.10)
year
Other Comprehensive - - - 219.12 219.12 (0.72) 218.40
Income
Fair Value Gain on Equity - - - - 2.27 2.27 2.27
Share Investment
Income Tax impact on OCI - - - (55.15) (0.57) (55.72) 0.18 (55.54)
Balance as at 31 March, - - 4,469.25 51,600.62 9,016.39 (270.63) 30.90 - 64,846.52 266.45 65,112.98
2022
321

Application component General Retained Capital Remeasure- Gains / Other Items attributable attributable
money of Reserve Earnings Reserve ment of (Losses) from of Other to Parent to Non
pending compound (A) (B) (C) Defined Investments Comprehensive (A+B+C+D+E) Controlling
allotment Financial Benefit Plans in Equity Income Intrest (NCI)
Instruments (D) Instruments (Specify
designated Income)
head FVOCI (E)
Balance as at 31 March, 2020 - - 12,469.25 38,923.15 8,901.03 (448.62) 27.54 - 59,872.35 211.45 60,083.80
Profit for the year - 6,109.39 - - - - 6,109.39 27.08 6,136.47
Corporate Overview
Dividend paid during the year (2,500.00) - - - - (2,500.00) - (2,500.00)

Less: Bonus issue (3,000.00) - - - - - (3,000.00) - (3,000.00)
Fair Value Gain on Equity Share - - - - 2.21 - 2.21 - 2.21
Investment
Other Comprehensive Income - - - 172.89 - - 172.89 1.61 174.50
Income Tax impact on OCI - - - (43.51) (0.56) - (44.07) (0.40) (44.48)
Other Changes (Refer Note 1) - - 115.36 (115.36) - - - - -
Balance as at 31 March, 2021 - - 6,969.25 45,032.54 9,016.39 (434.60) 29.20 - 60,612.78 239.73 60,852.51

Application component General Retained Capital Remeasure- Gains / Other attribut-able attributable
money of Reserve Earnings (B) Reserve ment of (Losses) from Items of to Parent to Non
pending compound (A) (C) Defined Investments Other (A+B+C+D+E) Controlling
allotment Financial Benefit Plans in Equity Comprehen- Intrest (NCI)
Instruments (D) Instruments sive Income
designated (Specify
head FVOCI (E) Income)
Balance as at 01 April, 2019 2,469.25 39,922.45 - 394.44 26.02 - 42,812.17 - 42,812.17
Effect of changes in Prior Period - (708.82) - - - - (708.82) - (708.82)
Expenses / Income
Restated Balance as at 01 2,469.25 39,213.62 - 394.44 26.02 - 42,103.34 - 42,103.34
April, 2019
Effect of business combination 8,901.03 8,901.03 8,901.03
Statutory Reports
as on date of acquisitation (i.e.

26/04/2019)
Share of equity to NCI as Effect - 189.52 189.52
of business combination as
on date of acquisitation (i.e.
26/04/2019)
Profit for the year 15,388.76 15,388.76 21.34 15,410.11
Adjustment of profit on Business (84.54) (84.54) - (84.54)
Combination (a)
Effect of changes in Prior Period (410.70) (410.70) - (410.70)
Expenses / Income
Transfer to General Reserve 10,000.00 (10,000.00) - - -
Other Comprehensive Income - - (1,280.77) 2.03 (1,278.74) 0.77 (1,277.96)
Income Tax impact on OCI - 322.34 (0.51) 321.83 (0.20) 321.64
Dividend paid including DDT Paid - (5,184.00) - (5,184.00) (5,184.00)
during the year
Prepaid exp and lease (1.10) (1.10) (1.10)
discounting
Other changes (Lease - - 116.47 - 116.47 116.47
Equalisation reserve)
Balance as at 31 March, 2020 12,469.25 38,923.15 8,901.03 (448.62) 27.54 - 59,872.35 211.45 60,083.80
Note 1: Being Profit attributable to Pre-acquisition period on Business combinations

Note 2: Being Lease Equalisation Reserve,Lease discounting & Prepaid Expense adjusted through other comprehansive
Income transefered to Reserve & Surplus during the period year under consideration.
Significant Accounting Policies and Notes to Accounts form an integral part of standalone financial statements Note 1-72.

Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
322
WAPCOS LIMITED
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
S. For the year ended For the year ended
Particulars
No. 31st March, 2022 31st March, 2021
A) Cash Flow From Operating Activities
Net Profit Before Tax As Per Statement Of Profit And Loss 10,185.58 9,213.44
i) Adjustment For:
Corporate Overview
Interest Income Recognised In Statement Of Profit/ (Loss) (4,222.01) (4,530.97)
Dividend Income (0.55) (0.48)
Concessional Rent / Lease Termination (74.49) (19.50)
(Profit) Loss On Account Of Exchange Variation (1,211.35) 1,049.58
(Profit)/Loss On Sale Of Fixed Assets (Net) 8.01 0.71
Fixed Assets written off 3.51 1.66
Provision For Trade Receivable And Retention Money 5,059.65 7,806.35
Provision For Advance rent 25.00 -
Provision For Advance to supplier 5.81 -
Depreciation And Amortisation 547.35 648.14
Depreciation And Amortisation On Right to Use 690.29 855.43
Provision Written Back (125.72) (9.91)
Finance Cost Rou Assets 162.57 220.91
Finance Cost Term Loan 63.61 -
Finance Cost CASH CREDIT 343.35 280.60
Unadjusted Credit Balances Written Back (18.38) (144.33)
Provision For Employee Benefits 371.24 477.18
Adjustment of Reduction In Revenue and Expenses (0.13) -
Provision for Impairment losses - (50.19)
Trade Receivables Written off- Current - 160.48
EIR Adjustment in Long term Borrowings 0.57 -
Statutory Reports
1,628.31 6,745.65
Operating Profit Before Working Capital Changes 11,813.89 15,959.09
ii) Changes In Assets And Liabilities
Trade Receivable (13,621.24) 1,699.05
Trade Payable (2,967.80) 10,496.09
Other Current Assets 531.21 (8,371.04)
Non- Current Assets 116.71 728.10
Other Current Financial Assets (479.85) 101.45
Non Current Financial Assets 19,611.31 (26,241.49)
Inventories (0.93) 0.74
Other Current Liabilities 23,678.18 11,000.16
Non Current Liabilities 12,650.83 (5,970.33)
Other Current Financial Liabilities 2,790.51 (8,283.97)
Non Current Financial Liabilities 1,032.55 18,273.14
Current Provisions (224.50) 282.05
Non-Current Provision 208.26 238.63
43,325.24 (6,047.42)

Cash Generated From Operating Activities Before Taxes 55,139.13 9,911.67
Less: Corporate Tax Paid (7,912.93) (7,912.93) (4,803.95) (4,803.95)
Less: Corporate Tax Paid / Adjusted For Earlier Years (27.13) (27.13) (2.78) (2.78)
Net Cash Flow From Operating Activities 47,199.07 5,104.94
B) Cash Flow From Investing Activities
Sale Of Property, Plant & Equipment 20.91 15.19
Purchase Of Property, Plant & Equipment (473.92) (137.03)
Purchase Of Intangible Assets (281.73) (23.20)
Deposit Not Considered As Cash & Cash Equivalent (58,640.54) 17,916.29
Interest Income Recognised In Statement Of Profit/ (Loss) 4,222.01 4,530.97
Net Cash Flow From Investing Activities (55,152.72) 22,302.70
C) Cash Flow From Financing Activities
Principal elements of lease payments (644.36) (749.36)
Interest element of lease payments (162.54) (220.91)
Proceeds from long term borrowings 3,982.30 -
323
S. For the year ended For the year ended

Particulars
No. 31st March, 2022 31st March, 2021
(Repayment) of long term borrowings (197.49) -
Repayments from short term borrowings (net) (520.16) 4,414.85
Dividend payment (Including Tax) (2,511.11) (2,500.00)
Finance Cost paid (406.96) (280.60)
Net Cash Flow From Financing Activities (460.32) 663.99
Effect Of Exchange Difference On Translation Of Foreign Currency Cash & Cash 1,211.35 (1,049.58)
Equivalents
Net Increase / Decrease In Cash & Bank Balances (7,202.62) 27,022.05
Corporate Overview
Cash & Bank Balances At The Beginning Of The Year 62,926.28 35,904.23
Cash & Bank Balances At The Closing Of The Year 55,723.67 62,926.28
Notes (7,202.62) 27,022.05
1.Indirect Method Has Been Followed For Preparing Cash Flow As Per Ind As-7
2. Cash & Bank Balances Represents: 55,723.67 62,926.29
A. Cash & Cash Equivalents :
(A) Balance With Banks In Current A/C’S 53,978.00 57,879.10
(B ) Remittance In Transit - 1,780.00
(C) Bank Deposits Having Original Maturity Less Than 3 Months 1,735.66 2,857.18
(D) Cash On Hand 10.00 10.00
(E) Cheques in Hand -
(f) Postage Stamps - -
55,723.67 62,926.28
Note: Reconciliation of liabilities arising from Financing activities under Ind AS 7
Borrowings For the year ended For the year ended

Balance at the beginning of the year 4820.03 405.18

Cash flow - Proceeds / (Repayments) 3264.65 4,414.85
Non cash changes 0.57 -
Statutory Reports
Balance at the end of the year 8085.25 4,820.03


Serva Associates
FRN - 000272N
Sd/-
Nitin Jain
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
324
SIGNIFICANT ACCOUNTING POLICIES
1.1 GENERAL All assets and liabilities have been classified as
Corporate Overview
current or non-current as per Group’s operating
(a) Statement of Compliance cycle and other criteria set out in Schedule – III
The financial statements of the group have been to the Companies Act, 2013. Based on nature
prepared in accordance with Indian Accounting of activities and the time between acquisition of
Standards (Ind AS) notified by Ministry of Company assets for processing and their realization in cash
Affairs (“the MCA”) under Section 133 of the and cash equivalents, the group has ascertained
Companies Act, 2013 (the Act) read together its operating cycle as 12 months for the purpose
with Companies (Indian Accounting Standards) of current or non-current classification of assets
Rules, 2015 as amended by Companies (Indian and liabilities.
Accounting Standards) amendment Rules, 2016
and 2017 and onwards. (c) Principles of Consolidation
Accounting Policies have been consistently applied The consolidated financial statements comprise
except where a newly issued Indian accounting the financial statements of the Company and its
standard is initially adopted or a revision to an controlled entity i.e. subsidiary at the reporting
existing accounting standard requires a change date.
Statutory Reports
in the accounting policy hitherto in use. These
financial Statements for the year ended 31st Consolidated financial statements are
March 2022, have been prepared in accordance prepared using uniform accounting policies
with all applicable Ind AS. for like transactions and other events in similar
circumstances. If a member of the group uses
(b) Basis of Preparation of Financial accounting policies other than those adopted
in the consolidated financial statements for like
Statements. transactions and events in similar circumstances,
The Financial Statements of the Subsidiary appropriate adjustments are made to that group
Company in the consideration are drawn up to member’s financial statements in preparing the
the same reporting date as of the Company for consolidated financial statements to ensure
the purpose of consolidation. conformity with the group’s accounting policies.
The Consolidated financial statements of the The financial statements of all entities used for the

group have been prepared based on principle purpose of consolidation are drawn up to same
of the historical cost except for certain financial reporting date as that of the parent company.
assets and liabilities and defined benefit plans that
Consolidation procedure for Subsidiary
are measured at fair value, and are drawn up to
comply in accordance with the Indian Accounting Combine like items of assets, liabilities, equity,
Standards (Ind AS) notified by Ministry of Corporate income, expenses and cash flows of the parent
affairs (“the MCA”) under section 133 of the with those of its subsidiary.
Companies Act, 2013 (the Act) read with Rule 4 Offset (eliminate) the carrying amount of the
of the Companies (Indian Accounting Standards) parent’s investment in subsidiary and the parent’s
Rules 2015, as amended by Companies (Indian portion of equity of subsidiary.
Accounting Standards) amendment Rules from
time to time. The Ind AS Accounting policies have Eliminate in full intra group assets and liabilities,
been applied consistently to all years presented in equity, income, expenses and cash flows relating
the financial statements.
325
to transactions between entities of the group. identified all of the assets acquired and all
Intra group losses may indicate an impairment of the liabilities assumed and recognizes any
that requires recognition in the consolidated additional assets or liabilities that are identified in
financial statements. Ind AS12 Income Taxes that reassessment. The Group then reviews the
applies to temporary differences that arise from procedures used to measure the amounts that Ind
the elimination of profits and losses resulting from AS requires for the purposes of calculating the
intragroup transactions. bargain purchase. If the gain remains after this
Corporate Overview
reassessment and review, the Group recognizes

Profit or loss and each component of other
the same in equity as capital reserve. This gain is
comprehensive income (OCI) are attributed to the
attributed to the acquirer.
equity holders of the parent of the Group and to
the non-controlling interests, even if this results When the consideration transferred by the Group
in the non-controlling interests having a deficit in a business combination includes assets or
balance. liabilities resulting from a contingent consideration
arrangement, the contingent consideration is
measured at its acquisition date fair value and
Business Combinations
included as part of the consideration transferred
Acquisitions of businesses (except for Business in a business combination. Changes in the fair
Combinations under Common Control) are value of the contingent consideration that qualify
accounted for using the acquisition method. The as measurement period adjustments are adjusted
consideration transferred in a business combination retrospectively, with corresponding adjustments
is measured at fair value which is calculated as against goodwill or capital reserve, as the case
the sum of the acquisition date fair values of the may be. Measurement period adjustments are
assets transferred by the Group, liabilities incurred adjustments that arise from additional information
Statutory Reports
by the Group to the former owners of the acquire obtained by the Group during the measurement
and the equity interests issued by the Group in period’ about facts and circumstances that existed
exchange of control of the acquiree. at the acquisition date. Measurement period does
At the acquisition date, the identifiable assets not exceed one year from the acquisition date.
acquired and the liabilities assumed are recognized The subsequent accounting for changes in the
at the fair value, except that: — fair value of the contingent consideration that do
Deferred tax assets or liabilities or liabilities related not qualify as measurement period adjustments
to employee benefit arrangements are recognized depends on how the contingent consideration
and measured in accordance with Ind AS 12 is classified. Contingent consideration that is
‘Income Taxes’ and Ind AS 19 ‘Employee Benefits’ classified as equity is not remeasured at subsequent
respectively; reporting dates and its subsequent settlement
is accounted for within equity. Contingent
Goodwill is measured as the excess of the sum of consideration that is classified as an asset or a
the consideration transferred, the amount of any liability is remeasured at fair value at subsequent
non-controlling interests in the acquiree, and the reporting dates with the corresponding gain or loss
fair value of the acquirer’s previously held equity being recognized in the consolidated statement of
interest in the acquiree if any over the net of the profit and loss.
acquisition date amounts of the identifiable assets
acquired and the liabilities assumed. When a business combination is achieved in
stages, the Group’s previously held equity interest
In case of a bargain purchase, before recognizing in the acquire is remeasured to its acquisition
a gain in respect thereof, the Group determines date fair value and the resulting gain or loss, if
whether there exists clear evidence of the any, is recognized in the consolidated statement
underlying reasons for classifying the business of profit and loss. Amounts arising from interests
combination as a bargain purchase. Thereafter, in the acquire prior to the acquisition date
the Group reassesses whether it has correctly
326
that have previously been recognized in other The estimates and judgments used in the
comprehensive income are reclassified to the preparation of the financial statements are
consolidated statement of profit and loss where continuously evaluated by the Group and are
such treatment would be appropriate if that based on historical experience and various other
interest were disposed of. assumptions and factors (including expectations
of future events) that the Group believes to be
If the initial accounting for a business combination
reasonable under the existing circumstances.
is incomplete by the end of the reporting period in
Corporate Overview
Although the Group regularly assesses these
which the combination occurs, the Group reports
estimates, actual results could differ from the
provisional amounts for the items for which the
estimates. Appropriate changes in estimates
accounting is incomplete. Those provisional
are made as the Management becomes aware
amounts are adjusted during the measurement
of changes in circumstances surrounding the
period recognizing additional assets or liabilities
estimates. Changes in estimates are reflected in
(if any to reflect new information obtained
the financial statements in the period in which
about facts and circumstances that existed at
changes are made and, if material, their effects are
the acquisition date that, if known, would have
disclosed in the notes to the financial statements.
affected the amounts recognized at that date.
Non-Controlling Interests 1.3 Revenue Recognition

Non-Controlling Interests represent the proportion
of income, other comprehensive income and net 1.3.1 The Group derives operating revenue
assets in subsidiary that is not attributable to the primarily from Consultancy & Construction
Company’s Shareholders. Contracts.
Statutory Reports
Non-Controlling Interests are initially measured 1.3.2 The general parameters for recognizing
at the proportionate share of the recognized revenue in the financial statements are stated
amounts of the acquiree’s identifiable net assets. below which are applicable to all streams of
Subsequent to acquisition, the carrying amount revenue while specific parameters are stated in
of non-controlling interests is the amount of the accounting policy of the respective stream of
the interest at initial recognition plus the non- revenue.
controlling interests’s share of subsequent
General Parameters
changes in equity.
For the purpose of revenue recognition, the Group
follows a five step process :
Cost of Control on Consolidation
- Identifying the contract with a customer
Cost of control arising on all acquisition of a

business is carried at cost as established at the - Identifying the performance obligations
date of acquisition of the business. - Determining the transaction price
- Allocating the transaction price to the
1.2 Use of Estimates performance obligations
In preparing the financial statements, the - Recognising revenue when / as performance
management has to make certain judgments, obligation(s) is/are performed
estimates and assumptions. These estimates,
judgments, and assumptions affect the application The Group often enters into transactions involving
of accounting policies and the reported amount a range of the Group’s services . In all cases, the
of assets and liabilities, disclosure of contingent total transaction price for a contract is based on
assets and contingent liabilities as at the date of performance obligations.
the financial statements and the reported amount Revenue is recognized either at a point of time
of revenues and expenses for the year. or over time, when (or as) the Group satisfies
327
performance obligations by transferring the Group satisfies performance obligations by

promised goods or services to its customers. transferring the promised goods or services
to its customers.
Transaction price is the amount to which the
Group expects to be entitled in exchange for • In case performance obligations are satisfied
transferring good or service to a customer. The over time, revenue is recognized based on
consideration promised in a contract may include the actual service provided to the end of
fixed amounts, variable amounts or both. Variable the reporting depending on the nature of
Corporate Overview
consideration is estimated using the expected transaction as per contractual stipulations.

value method or most likely amount as appropriate
• In other cases where performance obligation is
in a given circumstance . Payment terms agreed
not satisfied over time, revenue is recognized
with customers are as per business practice and
at a point of time.
there is no financing component involved in the
transaction price. • In the case of Cost Plus contracts, the
revenue is recognized on the basis of amount
The Group does not incur any cost for obtaining
billable commensurate with the progress of
contracts except administrative cost required for
work under the contract and completion
preparation of offers and the same is charged to
of associated performance obligations by
the Statement of Profit and Loss.
transferring the promised goods or services
Cost incurred in fulfilling the contract is charged to its customers.
against the revenue of the respective contract in
• Non-Adjustable Mobilization advance/fee
is recognized as revenue considering that
Revenue on contracts are recognized as the the associated performance obligations
Statutory Reports
related services are performed and revenue from have been satisfied. However, recoverable
the end of the last billing to the Balance Sheet mobilization advance is adjusted against
date is recognized as unbilled revenue in the subsequent revenue bookings.
balance sheet.
• In construction Management / Supervision
The Group recognizes contract liabilities for contracts, revenue is recognized as a
consideration received in respect of unsatisfied percentage of the value of work done / built
performance obligations and reports these up cost of each contract as determined by the
amounts as other liabilities in the balance sheet. management, pending customer’s approval,
Similarly, if the Group satisfies a performance if any.
obligation but consideration is yet to be received,
• Revenue on contracts are recognized as the
then before the consideration is received, the
related services are performed and revenue
Group recognizes a contract asset in its balance
from the end of the last billing to the Balance
sheet.
Sheet date is recognized as unbilled revenue

1.3.3 Revenue is recognized exclusive of Goods & in the balance sheet.
Service Tax (GST).
1.3.4 Contract revenue comprises of the initial 1.3.5 Construction Projects
amount of revenue agreed in the contract
• In Construction contracts / projects, the
Group recognizes revenue over time. Due
1.3.4 Consultancy Fee to high degree of interdependence among
various elements of these projects, revenue is
• Revenue from providing services is recognized
accounted for considering these projects as a
in the accounting period in which services are
single performance obligation.
rendered. Revenue is recognized based on
performance obligation satisfied either over • In construction Management / Supervision
time or at a point of time when (or as) the contracts, revenue is recognized as a
328
percentage of the value of work done / built the customer receives and uses the benefits as the
up cost of each contract as determined by the company performs the obligations.
management, pending Customer/ Client’s
Any expected loss is recognized as a provision for
approval, if any.
foreseeable losses at reporting date.
1.3.6 Revenue from sale of goods including
Cost plus contracts contracts for supply / commissioning of plant and
Corporate Overview
• Revenue from cost plus contracts is recognized equipment is recognized as follows :
over time and is determined with reference Revenue from sale of goods is recognized when
to the extent performance obligations have the control of the same is transferred to the
been satisfied. To depict the progress by customer and it is probable that the Group will
which the Group transfers control of the collect the consideration to which it is entitled for
promised goods to the customer and to the exchanged goods. Performance obligations in
establish when and to what extent revenue respect of contract for sale of goods is considered
can be recognized, the Group measures its as satisfied at a point of time when the control
progress towards complete satisfaction of of the same is transferred to the customer and
the performance obligation based on work where there is an alternate use of the asset or the
done. Group does not have either implicit or explicit right
• The amount of transaction price allocated of payment for performance completed till date.
to the performance obligations satisfied In case where there is no alternative use of the
represents the recoverable costs incurred asset and the Group has either implicit or explicit
during the period plus the margin as agreed right of payment considering legal precedents,
with the customer. performance obligation is considered as satisfied
Statutory Reports
over a period of time and revenue is recognized
• In case of a cost plus contract if Consultancy
over time.
income / fee is stipulated as a separate
item, such consultancy income / fee is 1.3.7 The reimbursable expenses recoverable are
recognized as revenue over a period of time in the nature of current assets and are adjusted to
or at a point of time as the Group satisfies the extent reimbursed by the client.
performance obligations by transferring the 1.3.9 Interest income is recognized using the
promised goods or services to its customers effective interest method when it is probable
in accordance with the terms of the contract. that the economic benefits associated with the
• In other cases, Revenue is recognized over transaction will flow to the entity and amount can
time to the extent of performance obligations be measured reliably.
satisfied and control is transferred to the 1.3.10 Dividend income is recognized when the
customer. Contract revenue is recognized at
right to receive payment is established and it is
allocable transaction price which represents probable that the economic benefits associated
the cost of work performed on the contract with the transaction will flow to the entity and
plus proportionate margin. amount can be measured reliably.
Any expected loss is recognized as a provision for
foreseeable losses at reporting date. 1.3.11 Others
Engineering Procurement and Construction (EPC) The holding company of the Group has a policy
For EPC Contracts, transaction price is the of taking bond money from new regular recruits
price which is contractually agreed with the engaged in the Group . The bond money is kept in
customer for provision of services. The revenue is the form of fixed deposit receipts with banks in the
recognized over time based on the input method name of the Group. The interest accrued on the
of measuring progress because in such contracts, deposits along with principal amount is treated
329
as Asset & Liability in the books of the Group. On reviewed at the end of each financial year. The
successful completion of the bond period, the useful lives of assets are as prescribed in Part C
bond money is returned to the respective officials of schedule II of the Companies Act, 2013. In
with interest accrued thereon. If the official leaves respect of additions to / deductions from assets
the Group before the completion of the bond during the year, depreciation is charged on pro
period, the same is forfeited and the same is rata basis.
treated as Income.
The estimated useful lives of the various assets are
Corporate Overview
as under:-
1.4 Property, Plant and Equipment (PPE)
Asset Class Useful lives
Free hold land is carried at historical cost. Property, (Years)
Plant and Equipment are initially recognized at cost Office Buildings with RCC Frame 60
i.e, cost of acquisition or construction inclusive of Structures
freight, erection and commissioning charges, non- Furniture & Fixtures 10
refundable duties and taxes, expenditure during
Vehicles – Motor Cars 8
construction period, borrowing costs, in case of
a qualifying asset, upto the date of acquisition/ Vehicles – Motor Cycles, Scooters 10
and other mopeds
installation, net of accumulated depreciation
and impairment losses, if any. Subsequent Office Equipments 5
measurement is done at cost less accumulated Electrical Works 10
depreciation and impairment loss, if any. Cost Computers 3
includes expenditure that is directly attributable Networking Server 6
for bringing the asset ready for its intended use Temporary Wooden Structure 3
Statutory Reports
by management. Engineering and other Books 3

Subsequent expenditures relating to property, General Plant & Machinery 15
plant and equipment are capitalized only when
it is probable that future economic benefits Derecognition
associated with these will flow to the Group and An item of property, plant and equipment and any
the cost of the item can be measured reliably. significant part initially recognized is derecognized
Repairs and maintenance costs are recognized upon disposal or when no future economic
in the Statement of Profit & Loss when incurred. benefits are expected from its use or disposal.
An item of property, plant and equipment Any gain or loss arising on derecognition of the
and any significant part initially recognized, is asset (calculated as the difference between the
derecognized upon disposal or when no future net disposal proceeds and the carrying amount of
economic benefits are expected from its use or the asset) is included in the Statement of Profit
disposal. Any gain or loss arising on derecognition
and Loss when the asset is derecognized.

of the asset (Calculated as the difference between
the net disposal proceeds and the carrying amount Capital Work In Progress
of the asset) is included in the statement of Profit
Assets which are not ready for intended use are
and Loss when the asset is derecognized. Assets
carried at cost comprising direct cost, related
to be disposed off are reported at the lower of
incidental expenses and attributable interest.
the carrying value or the fair value less cost to sell.
Depreciation on Property, Plant and Equipment
is provided under Straight Line Method (SLM) 1.5 Intangible Assets
based on the useful life as prescribed in Schedule An intangible asset is an identifiable non-
II to the Companies Act, 2013 which matches the monetary asset without physical substance such
assessment of the Management. Depreciation as a technical knowhow, computer software.
method, useful lives and residual values are It is capitalized if the future economic benefits
330
attributable to the asset will probably flow to the contractual terms of the financial assets give
Group and the cost of acquisition or generation of rise on specific dates to cash flows that are
the asset can be reliably measured. It is amortized solely payments of principal and Interest on
from the point at which the asset is available for the principal amount outstanding using the
use. effective interest rate (EIR) method. The EIR
amortization is included in finance income in
Intangible assets acquired / developed are
the Statement of Profit and Loss. The losses
measured on recognition at cost less accumulated
Corporate Overview
arising from impairment are recognized in
amortization and impairment losses if any.
Intangible assets are amortized on straight line
(b) Financial assets at fair value through profit or
basis over estimated useful lives from the date on
loss
which they become available for use.
The financial assets are measured at fair value
Amortization:
through profit and loss unless it is classified
Computer software is amortized over a period of at amortized cost.
3 years or over their license period, as applicable.
(c) Financial Liabilities at fair value through
Licences of application and operating software
profit or loss include financial liabilities held
for specified periods are charged tom revenue
for trading and financial liabilities designated
with respect to period of licence.
upon initial recognition as at fair value
Derecognition through fair value method.
Gains or losses arising from derecognition of All other financial liabilities are subsequently
intangible assets are measured as the difference measured at amortized cost using EIR
Statutory Reports
between the net disposal proceeds and the method. Gains and losses are recognized
carrying amount of the asset and is included in in Statement of Profit and Loss when the
the Statement of Profit and Loss when the asset liabilities are de-recognized as well as through
is derecognized. the EIR amortization process.
The Group holds non-derivative financial
1.6 Financial Instruments instruments. The Non-derivative financial
Initial recognition instruments comprises of:
Group recognizes financial assets and financial i. Financial assets, which include cash and
liabilities when it becomes a party to the cash equivalents, investments in equity,
contractual provisions of the instrument. All trade receivables, retentions by Project
financial assets and liabilities are recognized at Authorities, unbilled revenues, employee
fair value on initial recognition except for trade and other advances (including Security

receivables / trade payables which are initially deposits given which are refundable to
measured at transaction date. Transaction costs Group).
that are directly attributable to the acquisition or ii. Financial liabilities, which include trade
issue of financial assets and financial liabilities that payables, retentions from contractual
are not at fair value through profit and loss are payments (including security deposits
added or deducted to / from the fair value on taken which are payable by Group)
initial recognition.
Subsequent to initial recognition, non-derivative
Subsequent measurement instruments are measured as follows:
(a) Financial assets are subsequently measured
(i) Cash & Cash Equivalents :
at amortized cost if these are held with in a
business model whose objective is to hold the Cash comprises cash on hand and demand
asset in order to collect cash flows and the deposits with banks. Cash equivalents includes
331
short term deposits with an original maturity of derecognized from the Balance Sheet when the
three months or less from the date of acquisition obligation specified in the contract is discharged,
which are readily convertible into known amounts cancelled or expired. When an existing financial
of cash and be subject to an insignificant risk of liability is replaced by another from the same lender
change of value. Cash and cash equivalents consist on substantially different terms, or the terms of
of balances with banks which are unrestricted for an existing liability are substantially modified,
withdrawal and usage. such an exchange or modification is treated as
Corporate Overview
the derecognition of the original liability and the

(ii) Investment in Equity recognition of a new liability. The difference in the
All equity investments in scope of Ind AS 109 respective carrying amounts is recognized in the
are measured at fair value. Equity instruments statement of profit or loss.
which are held for trading are classified as at
1.7 Impairment
fair value through profit and loss (FVTPL). For all
other equity instruments, the Group decides to a. Financial Assets :
classify the same either as at fair value through
(other than at fair value)
other comprehensive income (FVOCI) or fair value
through profit and loss (FVTPL). In accordance with Ind AS 109, the Group
applies Expected Credit Loss (ECL) model for
(iii) Financial Assets at Amortized Cost measurement and recognition of impairment loss
for financial assets.
Loans, Advances other than capital advances and
Receivables are presented as current financial ECL is the difference between all contractual cash
assets, except for those maturing later than flows that are due to the Group in accordance
Statutory Reports
12 months after the reporting date which are with the contract and all the cash flows that the
presented as non-current financial assets. Loans Group expects to receive. When estimating the
and Receivables are initially recognized at fair value cash flows, the Group is required to consider:-
and are subsequently measured at amortized cost
• All contractual terms of the financial assets
using effective interest method (EIR).
(including prepayment and extension) over
the expected life of the assets.
(iv) Financial Assets at fair value through
profit or loss: • Cash flows from the sale of collateral held or
other credit enhancements that are integral
A, financial asset, which is not classified in any of
to the contractual terms.
the above categories, is subsequently fair valued
through profit and loss (FVTPL).
Trade Receivables
De-recognition of financial instruments As a practical expedient the Group has adopted
“Simplified approach” using the provision matrix

A financial asset is derecognized when:
method for recognition of expected loss on trade
• The rights to receive cash flows from the receivables. The provision matrix is based on
asset have expired, or historical default rates observed over the expected
• The Group has transferred substantially all life of the trade receivables and is adjusted for
the risks and rewards of the asset, or the forward – looking estimates. At every reporting
Group has neither transferred nor retained date, the historical default rates are updated and
substantially all the risk and rewards of the changes in the forward – looking estimates are
asset, but has transferred control of the asset. analysed. Further receivables are segmented for
this analysis where the credit risk characteristics of
A financial liability or a part of financial liability is the receivables are similar.
332
i) Non-financial assets: the opinion of the management, such items have

become obsolete, damage beyond repair, stolen
and uneconomical to use.
PPE and Intangible Assets with definite lives,
are reviewed for impairment, whenever events 1.8 Provisions, Contingent Liabilities and
or changes in circumstances indicate that their Contingent Assets
carrying values may not be recoverable. For the (i) Provisions are recognized only when :
Corporate Overview
purpose of impairment testing, the recoverable
amount (that is, higher of the fair value less costs to a. The Group has a present obligation (legal
sell and value in use) is determined on an individual or constructive) arising as a result of a
asset basis, unless asset does not generate cash past event;
flows that are largely independent of those from b. That will probably give rise to a future
other assets, in which case recoverable amount is outflow of resources embodying
determined at the cash generating – unit (‘CGU”) economic benefits will be required to
level to which the said assets belongs. settle the obligation ; andcb. A
An asset is treated as impaired when carrying cost reliable estimate can be made of the
of an asset exceeds its recoverable amount (i.e amount of the obligation.
higher of the fair value less cost to sell and the Provision is determined by estimating the cash
value in use). Impairment loss is charged to the flows required to settle the obligation and if the
Statement of Profit & Loss in the year in which an effect of the time value of money is material,
asset is identified as impaired. The impairment loss the carrying amount of the provisions is the
recognized in prior accounting periods is reversed present value of the cash outflows. The amount
if there has been a change in the estimate of
Statutory Reports
recognized as a provision is the best estimate of
recoverable amount and such losses either no the consideration required to settle the present
longer exits or has decreased. Reversal of impaired obligation at reporting date, taking into account
loss is recognized in the statement of Profit & Loss the risks and uncertainties surrounding the
to the extent of previously recognized or balanced obligation.
impairment loss.
(ii) Contingent Liabilities are not recognized
Write Off but are disclosed in the notes in any of the
following cases:-
Financial Assets
a. A present obligation arising from a past
(other than at fair value) event, when it is not probable that an
Such assets including Trade Receivables, Retention outflow of resources will be required to
Money, and security deposit outstanding for a settle the obligation; or

period exceeding ten years are written off. b. A reliable estimate of the present
obligation cannot be made; or
Non-Financial Assets
c. A possible obligation, unless the
probability of outflow of resources is
Such assets including property, plant and remote.
equipment, intangible assets, inventory etc.
Contingent liability is net of estimated provisions
are written off when, in the opinion of the
considering possible outflow on settlement
management, such assets have become obsolete,
damaged beyond repair, stolen and uneconomical (iii) Contingent assets are not recognized but are
to use. disclosed when an inflow of an economic
benefit is a probable.
Such items of Inventory are disposed off when, in
333
Contingent assets, contingent liability and regard is determined by an independent actuary

provisions needed against contingent liabilities and provided for if the circumstances indicate that
are reviewed at each balance sheet date. the trust may not be able to generate adequate
returns to cover the interest rates notified by the
1.9 Employees Benefits Government. . Group’s contribution to the Fund is
1.9.1 Defined Contribution Plan charged to Statement of Profit and Loss.
A defined contribution plan is a post –employment

Corporate Overview
1.1.2 Defined Benefit Plans

benefit plan under which an entity pays fixes
1.9.2.1 Gratuity
contribution into separate funds and will have
no legal or constructive obligation to pay further Group provides gratuity, a defined benefit plan
amounts. The Group recognizes contribution covering eligible regular and contract employees.
payable to such funds / schemes as an expense, The gratuity plan provides a lump sum payment
when an employee renders the related services. to vested employees of an amount based on the
If the Contribution payable to the schemes respective employee’s salary and the tenure of
for services received before the balance sheet employment with the Group at retirement, death,
exceeds the contribution already paid, the deficit in capacitation, or on completion of the terms of
payable to the scheme is recognized as a liability employment.
after deducting the contribution paid. If the
The liabilities with regard to the Gratuity Plan
contribution already paid exceeds the contribution
are determined by actuarial valuation at each
due for services received before the balance sheet,
reporting date using the “Projected Unit Credit
then excess is recognized as an asset to the extent
Method”, performed by an independent actuary,
that the prepayment will lead to, for example, a
at the year end as follows:
Statutory Reports
reduction in future payment or a cash refund.

(i) Holding company of the Group has set
Obligations of contributions to defined benefit
up a Gratuity Trust Fund which is being
plans are recognized as an employee benefits
administered by Life Insurance Corporation of
expenses in the Statement of Profit & Loss in
India (LIC) who invests the contribution in the
the period during which services are rendered by
schemes permitted by laws of India. Similarly,
employees.
the subsidiary company of the group has
The holding company of the Group has a defined also set up a Gratuity Trust Fund which is
contribution pension scheme which is administered managed by the subsidiary.
through a separate trust. The obligation of the
(ii) The Group recognizes the net obligation of a
holding company of the Group is to contribute to
defined benefit plan in its balance sheet as an
the trust to the extent an amount not exceeding
asset or liability.
30 % of basic pay and dearness allowance less
employer’s contribution towards provident fund, (iii) Gain or loss through re measurements of net
gratuity, post-retirement medical scheme in defined benefit liability / (asset) is recognized
respect of its employees. The contributions to the in Other Comprehensive Income (OCI).
fund for the year are recognized as an expense (iv) The actual return of the portfolio of plan
and charged to the Statement of Profit & Loss. assets, in excess of the yields computed by
The Group makes contribution to the recognized applying the discount rate used to measure
provident fund trust of its holding and subsidiary the defined benefit obligation is recognized
for its employees which is a defined benefit plan in Other Comprehensive Income (OCI).
to the extent that the Group has an obligation (v) Service Cost and net interest cost / (income)
to make good the shortfall, if any, between the on the net defined benefit liability / (asset)
returns from the investments of the trust and the are recognized in Statement of Profit and
notified interest rate. The Group’s obligation in this Loss.
334
The effects of any plan amendments, if any, are Subsequent measurement (Depreciation)
recognized in the Statement of Profit and Loss.
The right of use is depreciated over the useful
1.9.2.2 Compensated Absences life of the underlying asset or the validity of the
The Group operates defined benefit plan for lease term whichever is shorter and is subject to
compensated absences. The cost of providing impairment loss.
such defined benefits is determined by actuarial The residual values, useful lives and methods of
Corporate Overview
valuation at each balance sheet date using the depreciation of right of use are reviewed at each
“projected unit credit method”. financial year end and adjusted prospectively, if
1.9.2.3 Post-Retirement Medical Scheme appropriate.
Obligations on Post-Retirement Medical Benefits Re-measurement of lease liability

are determined by actuarial valuation at each The lease liability is re-measured (with
balance sheet date using the projected unit credit corresponding adjustment to the right of use
method. Actuarial gains/losses are recognized in asset) when:
the Statement of Other Comprehensive Income.
1. The lease term is revised – the lessee must
The PRMS scheme is applicable only in the holding
reassess whether it is reasonably certain
company of the group.
to exercise an extension option, or not to
1.9.2.5 Other short-term benefits are accounted in exercise a termination option, if there is a
the period during which the services are rendered significant event or change in circumstances
and accordingly charged to Statement of Profit that:
and Loss.
• is within the lessee’s control; and
Statutory Reports
1.10 Leases • affects whether exercise (or non-exercise)
is reasonably certain
Group as a lessee
2. Future lease payment based on an index or
Recognition rate are revised
At the inception of the lease, right of use shall be 3. The lease is modified
recognised at cost including any indirect costs to
acquire the asset and dismantling costs (if any), 4. There is a change in the amounts expected to
reduced by lease incentives with a corresponding be paid under residual value guarantees.
lease liability equal to the present value of unpaid A lessee shall remeasure the lease liability by
lease payments except in the following cases : discounting the revised lease payments, if either:
i. short-term leases; or (a) there is a change in the amounts expected to
ii. leases for which the underlying asset is of low be payable under a residual value guarantee.
value A lessee shall determine the revised lease
payments to reflect the change in amounts
In case of lease to be short term or low value, expected to be payable under the residual
lease payments associated with those leases shall value guarantee.
be charged as an expense on either a straight-line
basis over the lease term or another systematic (b) there is a change in future lease payments
basis. The Group as a lessee applies another resulting from a change in an index or a rate
systematic basis if that basis is more representative used to determine those payments, including
of the pattern of the Group as a lessee’s benefit. for example a change to reflect changes
in market rental rates following a market
The interest element of lease payments is charged rent review. The lessee shall remeasure the
to Statement of Profit and Loss, as Finance Costs lease liability to reflect those revised lease
over the period of the lease. payments only when there is a change in the
335
cash flows (i.e. when the adjustment to the in profit or loss any gain or loss relating to the
lease payments takes effect). A lessee shall partial or full termination of the lease.
determine the revised lease payments for the
(b) making a corresponding adjustment to the
remainder of the lease term based on the
right-of-use asset for all other lease modifications
revised contractual payments.
De-Recognition
A lessee shall use an unchanged discount rate,
unless the change in lease payments results from A right of use asset initially recognised is
Corporate Overview
a change in floating interest rates. In that case, derecognised upon disposal or when no future
the lessee shall use a revised discount rate that economic benefits are expected from its use
reflects changes in the interest rate. or disposal. Any gain or loss arising on de-
recognition of the right of use asset (calculated as
Lease modification
the difference between the net disposal proceeds
A lessee shall account for a lease modification as and the carrying amount of the asset) is included
a separate lease if both: in the Statement of Profit and Loss account when
the right of use asset is derecognized
(a) the modification increases the scope of the
lease by adding the right to use one or more
underlying assets; and 1.11 Foreign Currency Transactions
(b) the consideration for the lease increases by an The financial statements are presented in Indian
amount commensurate with the stand-alone price Rupee, which is the Group’s functional and
for the increase in scope and any appropriate presentation currency. A Group’s functional
adjustments to that stand-alone price to reflect currency is that of the primary economic
the circumstances of the particular contract. environment in which the Group operates.
Statutory Reports
For a lease modification that is not accounted for Transactions in foreign currencies are initially
as a separate lease, at the effective date of the recorded by the Group at functional currency
lease modification a lessee shall: spot rates at the date transaction first qualifies
(a) allocate the consideration in the modified for recognition. However, for practical reasons,
contract the Group uses an available average rate when
average approximates the actual rate at the date
(b) determine the lease term of the modified lease of the transaction.
(c) remeasure the lease liability by discounting the Monetary assets and liabilities denominated in
revised lease payments using a revised discount foreign currencies are translated at the functional
rate. The revised discount rate is determined currency spot rates of exchange at the reporting
as the interest rate implicit in the lease for the date.
remainder of the lease term, if that rate can be
readily determined, or the lessee’s incremental Exchanges differences arising on settlement or

borrowing rate at the effective date of the translation of monetary items are recognized in
modification, if the interest rate implicit in the the Statement of Profit or Loss.
lease cannot be readily determined. Non-monetary assets and liabilities that are
For a lease modification that is not accounted for measured in terms of historical cost in foreign
as a separate lease, the lessee shall account for currencies are not retranslated.
the remeasurement of the lease liability by:
(a) decreasing the carrying amount of the right-of- 1.12 Income Taxes
use asset to reflect the partial or full termination 1.12.1 Current Income Tax
of the lease for lease modifications that decrease
Current Income Tax assets and liabilities are
the scope of the lease. The lessee shall recognise
measured at the amount expected to be recovered
336
from or paid to the taxation authorities. The rates taxable profits will allow the deferred tax asset to
and tax laws used to compute the amount are be recovered.
those that are enacted or substantively enacted in
Deferred tax assets and liabilities are measured at
India at the reporting date.
the rates that are expected to apply in the year
Management periodically evaluates positions when the asset is realized or the liability is settled,
taken in the tax assessments with respect to based on tax rates (and the laws) that have been
situations in which applicable tax regulations are enacted or substantively enacted at the reporting
Corporate Overview
subject to interpretation and establishes provisions date.
where appropriate.
Deferred tax relating to items recognized outside
Current tax assets are offset against current profit or loss is recognized outside profit or loss is
tax liabilities, if and only if a legally enforceable recognized (either in other comprehensive income
rights exists to set off the recognized amounts or equity).
and there is an intention either to settle on a net
Deferred tax assets and deferred tax liabilities are
basis, or to realize the asset and settle the liability
offset if a legally enforceable right exists to set
simultaneously.
off current tax assets against current tax liabilities
Additional taxes, interest and / or penalties levied and the deferred taxes relate to the same taxable
/ imposed by the tax authorities / Appellate entity and the same taxation authority.
authorities on finality are recognized in the
Statement of Profit and Loss. 1.13 Rates and Taxes
Current tax relating to items recognized outside Overseas taxes on foreign assignments, service
profit or loss is recognized outside profit or loss tax, GST,value added tax, alike taxes, professional
Statutory Reports
(either in other comprehensive income or in tax, property taxes, entry tax, labour cess, Octroi,
equity) etc. paid / accrued in India or abroad, based on
availability of scrutiny documents / admissibility
1.12.2 Deferred income taxes proofs are charged to statement of profit or loss
upon and of limitation period for admissibility of
Deferred tax is provided on temporary differences
such claims.
between the tax bases of assets and liabilities
and their carrying amounts for financial reporting
1.14 Prepaid Expenses and Prior Period
purposes at the reporting date.
Adjustments
Deferred tax assets are recognized for all
Prepaid Expenses
deductible temporary differences, the carry
forward of unused tax credits and any unused tax Prepaid Expenses, in the year of incurrance, are
losses. Deferred tax assets are recognized to the treated as current /non current assets of the Group
as may be the case & are treated as expenditure/
extent that it is probable that taxable profit will be
available against which the deductible temporary income of the respective Financial Year to which
differences, and the carry forward of unused tax it belongs and accounted for to the natural head
credits and unused tax losses can be utilized. of accounts in that respective year.
The carrying amount of deferred tax assets is Prior Period Adjustments
reviewed at each reporting date and reduced
to the extent that it is no longer probable that Prior period errors are corrected retrospectively by
sufficient taxable profit will be available to allow restating the comparative amounts for the prior
all or part of the deferred tax asset to be utilized. periods presented in which the error occurred.
Unrecognized deferred tax assets are re-assessed If the error occurred before the earliest period
at each reporting date and are recognized to the presented, the opening balance of assets liability
extent that it has become probable that future and equity for the earliest period presented, are
337
restated unless it is impracticable, in which case, The number of equity shares and potentially
the comparative information is adjusted to apply dilutive equity shares are adjusted retrospectively
the new accounting policy prospectively from the for all periods presented for bonus shares issues
earliest date practicable. including for changes effected prior to the
approval of the financial statements by the Board
1.15 Liquidated Damages/ Claims of Directors.
Liquidated damages / Claims are considered
Corporate Overview
1.19 Statement of Cash Flow

on admittance basis and are recognized as
expense/income in Statement of Profit or Loss on For the purpose of presentation in the Statement
crystallization. of Cash Flow, Cash and Cash equivalents comprise
cash on hand, balances with banks including
1.16 Corporate Social Responsibility Fund demand deposits, other short term highly liquid
Unspent balance, if any remaining against investments that are subject to an insignificant
stipulated percentage of profits under the statute, risk of changes in value, are easily convertible into
for Corporate Social Responsibility activities are known amount of cash and have a maturity of
appropriated to CSR Fund Account for future three months or less from the date of acquisition
utilization. or investment. The cash flow from operating,
financing and investing activities is segregated.
1.17 Dividends:
1.20 Inventory
Final dividend on shares is recorded as a liability
on the date of approval by the shareholders Direct Materials, Stores and Spare Parts are valued
and interim dividends are recorded as liability on at lower of cost or net realizable value. Cost is
Statutory Reports
the date of declaration by the Group’s Board of determined on First in First Out (FIFO) Method.
Directors. Inventories includes Spare parts of heavy vehicles,
Loose Tools, welding materials, Spare parts for
1.18 Earnings per share Plant and Machineries& others which are valued
In determining basic earnings per share, net profit on the basis of realizable value, based on the
attributable to equity shareholders is divided engineering estimate.
by weighted average number of equity shares Provision for obsolescence and slow moving
outstanding during the period. inventory is made based on management’s
In determining diluted earnings per share, net best estimates of net realisable value of such
profit attributable to equity shareholders is inventories.
divided by weighted average number of equity
shares considered for deriving basis earning per 1.21 Leave Travel Concession
share and also weighted average number of Leave Travel Concession benefit is accounted for
equity shares that could have been issued upon on actual availment basis.
conversion of all dilutive potential equity shares.
Dilutive potential equity shares are deemed 1.22 Investment property
converting as of the beginning of the period,
Investment property is property (land or a
unless issued at the later date. Dilutive potential
building—or part of a building—or both) that is
equity share are determined independently for
held to earn rentals or for capital appreciation
each period presented.
or both, rather than for sale in the ordinary
338
course of business or for use in production or for are permanently withdrawn from use and no
administrative purposes. future economic benefit is expected from their
disposal.
Recognition:-
The difference between the net disposals
Investment Property is recognised as an asset
proceeds if any and the carrying amount of the
when:
asset is recognised in statement of profit or loss in
(a) It is probable that the future economic the period of derecognition.
Corporate Overview
benefits that are associated with the
investment property will flow to the entity;
and 1.23 S
TANDARDS ISSUED BUT NOT
EFFECTIVE
(b) The cost of investment property can be
measured reliably. MCA had issued the Indian Accounting Standards
Amendments Rules, 2022 vide notification dated
Subsequent additions are made if recognition 23rd March 2022.In the Indian Accounting
criteria are met. Standards Amendments Rules, 2022, amendments
Transfer to or from investment property is made has been made in following standards:-
when there is a change in use i.e. an asset meets 1. First-time Adoption of Indian Accounting
or ceases to meet the definition of investment Standards (Ind AS-101)
property and there is evidence of the change in
use. 2. Business Combinations (Ind AS-103)
3. Financial Instruments (Ind AS-109)
Subsequent measurement (Depreciation)
4. Property, Plant and Equipment (Ind AS-16)
Statutory Reports
Depreciation on buildings held as investment
property is provided on straight line method as 5. Provisions, Contingent Liabilities and
specified in Schedule II of the Companies Act, Contingent Assets (Ind AS-37)
2013. 6. Agriculture (Ind AS-41).
Derecognition The effective date of these amendments is annual

periods beginning on or after 1st April 2022. The
An item of Investment property and any significant Company is currently evaluating the impact of
part initially recognised is derecognised either the amendments and has estimated no material
when they have been disposed of or when they financial impact on the financial statements.
339
WAPCOS LIMITED FY 2021-22
340
NOTE - 2
PROPERTY PLANT & EQUIPMENT
(` in Lakhs)
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Gross Carrying Amount Freehold Leasehold Furniture & Office Works Electrical Networking
Building Machinery Vehicle Computers Books Total
Land Land Fixture Equipment Equipment Works Servers
GROSS BLOCK - ASSETS
Opening Balance as at 252.96 19.45 3,883.10 1,132.06 899.90 371.40 849.07 109.42 461.51 1,003.56 166.13 9.96 9,158.52
01.04.2019
Additions during FY 2019-20 - - 339.21 2.28 67.86 58.10 177.18 - 13.64 159.10 22.80 9.21 849.38
Disposal / Assets written off - - (13.39) (111.52) (66.46) (50.09) (73.71) (14.68) (14.67) (132.36) - (3.60) 88.94
Balance as at 31.03.2020 252.96 19.45 4,208.92 1,022.82 901.30 379.41 952.55 94.73 460.47 1,030.31 188.93 15.57 9,527.41
Additions during FY 2020-21 - - 3.18 - 25.42 0.59 19.43 - 3.78 84.64 - - 137.03
Disposal / Assets written off - - 42.16 0.03 0.67 - (1.69) 5.64 9.34 (2.07) - - 54.07
Balance as at 31.03.2021 252.96 19.45 4,169.94 1,022.79 921.42 380.00 966.20 89.09 454.91 1,085.20 188.93 15.57 9,566.45
Additions during FY 2021-22 - - - - 38.40 121.54 136.60 - 0.14 177.25 - - 473.92
Disposal / Assets written off - - - 0.79 9.21 - (26.28) - 8.29 (41.00) - - (49.00)
Transferred to Investment (2.39) - (184.30) - - - - - - - - - (186.69)
Property
Balance as at 31.03.2022 250.56 19.45 3,985.64 1,022.01 935.17 501.54 1,073.79 89.09 446.76 1,206.38 188.93 15.57 9,734.89
Opening Balance as at - 3.55 478.22 898.04 233.49 273.66 411.11 79.13 126.18 573.23 133.85 7.79 3,218.24
01.04.2019
Charge for the year - 0.21 61.75 17.04 88.72 18.58 148.55 3.09 43.25 216.11 10.90 1.68 609.88
Adjustment for Disposals - - 13.39 103.80 (6.70) 28.14 (14.52) 11.97 13.53 (68.02) - 3.20 84.80
Balance as at 31.03.2020 - 3.77 526.57 811.28 275.10 264.04 496.57 70.25 155.89 664.96 144.75 6.26 3,419.44
Adjustment for Disposals - - 42.16 0.03 (0.40) - (2.28) 3.29 1.80 (5.15) - - 39.45
Balance as at 31.03.2021 - 3.98 547.93 827.62 361.76 282.80 638.98 69.07 197.42 818.47 151.59 9.60 3,909.22
Adjustment for Disposals - - - 0.75 6.72 - 23.45 - 3.59 51.86 - - 86.37
Transferred to Investment - - (41.04) - - - - - - - - - (41.04)
Property
Balance as at 31.03.2022 - 4.19 567.60 843.20 446.17 301.24 729.87 70.89 236.58 900.11 156.86 12.78 4,269.49
IMPAIRMENT PROVISION
Opening Balance as at - - - 32.33 - 1.65 - 4.28 - - - - 38.26
01.04.2019
Impairment during the year - - - - - - - - - - - - -
Provision reversed during the year - - - - - - - - - - - - -
Balance as at 31.03.2020 - - - 32.33 - 1.65 - 4.28 - - - - 38.26
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Gross Carrying Amount Freehold Leasehold Furniture & Office Works Electrical Networking
Building Machinery Vehicle Computers Books Total
Land Land Fixture Equipment Equipment Works Servers
Balance as at 31.03.2021 - - - 32.33 - 1.65 - 4.28 - - - - 38.26
Balance as at 31.03.2022 - - - 32.33 - 1.65 - 4.28 - - - - 38.26
Net Book Value as at 31.03.2020 252.96 15.68 3,682.34 179.21 626.21 113.72 455.97 20.21 304.58 365.34 44.18 9.31 6,069.71
Note: Capital Commitments*
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at

Particulars
CAPITAL COMMITMENT
Opening Balance - - -
Additions during the year 644.44 - -
Adjustment during the year - - -
Closing Balance 644.44 - -
*Estimated amount of contracts remaining to be executed on Capital account and not provided for (Refer Note No. 56)
341
NOTE - 2A
Right of Use Assets
(` in Lakhs)
ROU Building ROU Vehicle Total
GROSS BLOCK - Opening Balance as at 01.04.2019 276.14 - 276.14
Corporate Overview
Additions 4,086.29 135.76 4,222.06

Balance as at 31.03.2020 4,359.57 135.76 4,495.33
Reclassification to ROU Building due to IND AS 116 (1,177.46) - (1,177.46)
Restated Balance as at 31.03.2020 3,182.11 135.76 3,317.88
DEPRECIATION - Opening Balance as at 01.04.2019 97.47 - 97.47
Amortisation for the Year 1,446.85 39.51 1,486.36
Reclassification to Depreciation due to IND AS 116 (722.37) - (722.37)
Balance as at 31.03.2020 821.95 39.51 861.45
Additions 531.32 - 531.32
Statutory Reports

Balance as at 31.03.2021 3,676.65 135.76 3,812.41
DEPRECIATION - Opening Balance as at 01.04.2020 821.95 39.51 861.45
Adjustment for Disposal (10.03) - (10.03)
Balance as at 31.03.2021 1,626.39 80.46 1,706.85
Additions 297.61 - 297.61
Disposal / Assets written off (451.47) (0.78) (452.26)
Balance as at 31.03.2022 3,522.79 134.98 3,657.77

DEPRECIATION - Opening Balance As on 01-04-2021 1,626.39 80.46 1,706.85
Balance as at 31.03.2022 2,287.89 109.25 2,397.14
342
NOTE - 2B
Other Intangible Assets
(` in Lakhs)
Consolidated
Computer Software
GROSS BLOCK
Corporate Overview
Additions 28.79
Balance as at 31.03.2020 414.44
Additions 23.20
Balance as at 31.03.2021 437.64
Additions 281.73
Balance as at 31.03.2022 719.37
Balance as at 31.03.2020 292.65
Balance as at 31.03.2021 370.58
Statutory Reports
Balance as at 31.03.2022 427.41
343
NOTE - 2C
Investment Property
(` in Lakhs)
Freehold Land Freehold Building Total
GROSS BLOCK
Corporate Overview
Opening Balance as at 01.04.2019 - - -

Additions - - -
Balance as at 31.03.2020 - - -
Additions - - -
Balance as at 31.03.2021 - - -
Additions - - -
Transferred from PPE 2.39 184.30 186.69
Disposal / Assets written off
Balance as at 31.03.2022 2.39 184.30 186.69
Opening Balance as at 01.04.2019 - - -
Statutory Reports
Depreciation charge for the year - - -

Balance as at 31.03.2020 - - -
Depreciation charge for the year - - -
Balance as at 31.03.2021 - - -
Depreciation charge for the year - 2.85 2.85
Transferred from PPE - 41.04 41.04
Adjustment for Disposal - -
Balance as at 31.03.2022 - 43.89 43.89
Net Book Value as at 31.03.2020 - - -

Net Book Value as at 31.03.2021 - - -
Net Book Value as at 31.03.2022 2.39 140.41 142.80
*Amount of land lying in the books of CSW unit-faridabad and amount of building ` 4.39 Lakhs in the books of faridabad
and ` 179.91 Lakhs in the corporate office.
During the F.Y 2021-22 by Committee report 14.03.2022, Subsidiary Company has invited tender for leasing out
of NPCC Faridabad Industrial Plot-67-68 Sector-25 Faridabad-1211004 Haryana-Except admin Block for five years
extended up to ten years on as is where basis as per HUDA norms. Party for Leasing of the Property is finalized
during the F.Y 2022-23, However Management has intention to hold the property with the purpose to earn
rental income as on 31st March 2022, hence the property has been classified as Investment Property, as per the
requirement of the Ind AS-40.
344
NOTE: 4.2 VALUATION OF INVESTMENT PROPERTY
Cost of Land
Total area of plot 14555.55 Sq. Yds
Rate of land ` 25000/Sq.Yds
Total cost of plot 3638.75 Lakhs
Total Cost of Construction 163.15 Lakhs
Fair Market Value of Property 3800.00 Lakhs
Fair value determined based on an annual evaluation performed by a registered valuer as defined under rule 2 of Companies (Registered Valuers
and Valuation) Rules, 2017 applying valuation model acceptable internationally.
NOTE - 3
Non-Current Investments
(` in Lakhs)
As at As at As at
Particulars
No. of No. of
Amount No. of Units Amount Amount
Units Units
Equity Investment
Investment in company (unquoted) Equity Shares carried at Fair
Value through Other Comprehensive income (OCI)
GPCL Consulting Services Ltd.
30,000 Equity shares of ` 10/- each fully paid up, totalling to ` 3,00,000 32,279 39.52 32,279 37.25 32,279 35.03
2,279 Equity shares of ` 10/- each fully paid, purchased @ ` 20 per share
totalling to ` 45,580*
Total 32,279 39.52 32,279 37.25 32,279 35.03
*In absence of fair value, same has been revalued at book value per share
345
NOTE - 4
Other Financial Assets
A. Other Financial Assets - Non Current
(` in Lakhs)
Particulars Consolidated As Consolidated As at Consolidated As at
at March 31, 2022 March 31, 2021 April 01, 2020
Corporate Overview
Unsecured, Consider Good 1,345.26 1,328.41 1,309.86

Unsecured, Considered Doubtful 220.99 211.44 219.19
Retention Money - - -
Advances to suppliers & sub contractors - - -
Term deposits having remaining maturity of more 32,765.91 50,707.40 29,191.91
than 12 months (a), (b) (including interest accrued)
40,820.72 60,395.22 34,291.78
Less: Allowance for expected credit loss (c) (666.09) (567.21) (778.85)
Total 40,154.63 59,828.01 33,512.93
(a) The above includes EMD in the form of Bank FDR with maturity more than 12 months amounting to ` 453.92
Lakhs (Previous Year ` 196.25 Lakhs) and interest accrued but not due thereon amounting to ` 153.84 Lakhs
Statutory Reports
(Previous Year ` 103.10 Lakhs)

(b) The above includes Bank deposit of ` 1545.87 Lakhs and accrued interest of ` 565.88 Lakhs held as margin
money / security against bank guarantees. (Previous year ` 2892.02 Lakhs and accrued interest ` 1146.69
Lakhs)
(c) In the opinion of the Management, the Allowance held against Doubtful Retention Money is adequate to
meet any loss on account of irrecoverability of retention money. Refer Note No. - 54
B. Other Financial Assets - Current (` in Lakhs)
Particulars

Other Recoverables 578.27 130.23 93.90
Advances to Staff (a)
CPF Trust
Unsecured, Considered Doubtful 200.00 200.00 -
Silver Momentos 0.45 0.45 0.57
3,717.11 3,238.08 3,143.72
Less: Allowance for expected credit loss (228.93) (229.75) (33.93)
Total 3,488.18 3,008.33 3,109.78
346
NOTE - 5
Deferred Tax Assets (Net)
(` in Lakhs)
Particulars Consolidated As at Consolidated As at Consolidated As at
Deferred tax assets arising on
Corporate Overview
Depreciation and amortization of Property, Plant and 11.04 19.27 2.09
Employee Benefits 3,655.04 3,813.94 2,388.02
Provision of Supplier Advance 1.46 - -
Allowances for Property, Plant & Equipment And 36.59 36.59 -
Inventory
Provision for Litigation Expenses 53.59 221.83 204.51
Provision of Rent Advance 6.29 - -
Lease Liability (Net of ROU) 49.96 57.15 41.45
Allowance for Expected Credit Loss 8,916.48 8,016.44 6,875.04
Deferred Tax Assets (a) 12,730.45 12,165.22 10,691.85
Deferred Tax Liabilities arising on
Depreciation and amortization of Property, Plant and (373.82) (345.87) (313.13)
Statutory Reports
Provision for Valuation gain on Investment (9.95) (9.37) (8.82)
Deferred Tax Liabilities (b) (383.77) (355.24) (321.95)
Net Deferred Tax Assets 12,346.68 11,809.98 10,369.90
347
Movement in Deferred Tax Asset / (Liability) (` in Lakhs)
348
Particulars As at Recognized Recognized As at Recognized Recognized in As at
31st March in other in Statement 31st March in other Statement of April 01,
2022 Comprehensive of Loss 2021 Comprehensive Loss 2020
Income Income
Deferred Tax Assets arising on:
Employee Benefits 3,655.04 (54.97) (103.93) 3,813.94 (43.92) 289.09 3,568.77
Lease Liability 49.96 - (7.19) 57.15 - 15.71 41.44
Allowance for Expected Credit Loss 8,916.48 - 900.03 8,016.44 - 1,141.40 6,875.04
Others 97.93 - (160.48) 258.42 - 53.91 204.51
Deferred Tax Liabilities arising on: -
Depreciation (362.78) - (36.19) (326.60) - (15.55) (311.05)

Others (9.95) (0.57) - (9.38) (0.56) - (8.82)
Total 12,346.68 (55.54) 592.24 11,809.98 (44.48) 1,484.56 10,369.90
NOTE - 6
Other Non - Current Assets
(` in Lakhs)
Particulars
Corporate Overview
Advances to suppliers & sub contractors
Secured, Considered Good 285.40 226.52 1,141.29
Unsecured, Considered Doubtful 1,802.35 1,799.17 1,802.04
3,189.31 3,302.84 3,983.63
Less: Allowance for expected credit loss (1,802.35) (1,799.17) (1,802.04)
Total 1,386.96 1,503.67 2,181.59
NOTE - 7A
Trade Receivables* - Non-Current
Statutory Reports
(` in Lakhs)
Particulars
Trade Receivables
Unsecured, considered good** 14,129.96 14,618.73 12,583.22
Credit impaired 2,542.47 3,143.33 2,986.15
16,672.43 17,762.06 15,569.37
Total 14,129.96 14,618.73 12,583.22
*In the opinion of the Management, the Allowance against Credit impaired Trade Receivables is adequate to meet any loss
on account of irrecoverability of Trade Receivables. Refer Note No. - 54
Trade Receivables Ageing schedule Consolidated Financial Statements

(` in Lakhs)
Outstanding for following periods from due date of
payment
Not
Particulars Unbilled Less Total
due 6 months 1-2 2-3 More than
than 6
- 1 year years years 3 years
months
Undisputed Trade 293.19 180.32 80.39 1,769.54 1,621.89 9,795.71 13,741.04
receivables - considered
good
349
(` in Lakhs)
payment
Not
Particulars Unbilled Less Total
due 6 months 1-2 2-3 More than
than 6
- 1 year years years 3 years
months
Undisputed Trade - - 8.42 21.41 10.79 1,423.87 1,464.49
Corporate Overview
receivables - credit
impaired
Disputed Trade - - - - 106.01 282.91 388.92
Receivables – considered
good
Disputed Trade 282.24 - - - 7.22 788.52 1,077.98
Receivables – credit
impaired
As at March 31, 2022 575.43 - 180.32 88.81 1,790.95 1,745.92 12,291.01 16,672.43
Undisputed Trade 293.19 - 241.38 1,370.74 1,597.62 10,923.52 14,426.45

good
Statutory Reports
impaired
Disputed Trade - - - - 2.00 190.28 192.28
good
Disputed Trade 282.24 - - - - 905.83 1,188.07
impaired
As at March 31, 2021 575.43 - - 249.82 1,375.57 1,617.24 13,943.99 17,762.06
Undisputed Trade 93.64 - 437.50 1,095.87 5,274.48 5,412.86 12,314.35

good

impaired
Disputed Trade - - 113.23 - - 155.64 268.87
good
Disputed Trade 234.22 - - - - 930.71 1,164.93
impaired
As at March 31, 2020 327.86 - - 566.05 1,095.88 5,392.42 8,187.16 15,569.37
350
NOTE - 7B
Trade Receivables* - Current
(` in Lakhs)
Particulars
Trade Receivables
Corporate Overview
Unsecured, considered good** 201,127.98 191,911.81 203,676.88
Credit impaired 29,676.82 25,513.67 20,464.36
230,804.80 217,425.48 224,141.25
Total 201,127.98 191,911.81 203,676.88
*In the opinion of the Management, the Allowance against Credit impaired Trade Receivables is adequate to meet any loss
on account of irrecoverability of Trade Receivables. Refer Note No. - 54
**Includes Current Retention Money amounting to ` 2612.30 Lakhs (Previous Year amounting to ` 1681.52 Lakhs)

#Includes Allowance for Expected Credit Loss on Current Retention Money amounting to ` 1300.61 Lakhs (Previous Year
amounting to ` 1267.71 Lakhs)
Statutory Reports
Trade Receivables Ageing schedule
(` in Lakhs)
payment
Particulars Unbilled Not due Total
Less than 6 months - 1-2 More than
2 - 3 years
6 months 1 year years 3 years
Undisputed 13,676.59 16,613.83 51,519.92 10,309.53 38,076.28 37,704.42 32,478.62 200,379.19
Trade receivables -
considered good
Undisputed Trade - - 1,440.55 274.56 2,277.76 3,311.61 22,077.00 29,381.48
impaired

Disputed Trade - - 748.79 - - - - 748.79
Receivables –
considered good
Disputed Trade - - 295.34 - - - - 295.34
impaired
As at March 31, 13,676.59 16,613.83 54,004.60 10,584.09 40,354.05 41,016.03 54,555.62 230,804.80
2022
Undisputed 6,717.79 20,366.48 62,441.55 9,512.50 53,404.10 20,609.51 18,859.90 191,911.81
Trade receivables -
considered good
351
(` in Lakhs)
payment
Less than 6 months - 1-2 More than
2 - 3 years
6 months 1 year years 3 years
Corporate Overview
impaired
Disputed Trade - - - - - - - -
Receivables –
considered good
impaired
As at March 31, 6,717.79 20,366.48 63,480.12 9,679.88 55,556.59 21,927.91 39,696.72 217,425.48
2021
Undisputed 25,442.02 22,461.63 73,613.95 15,133.46 34,111.41 21,661.69 11,252.73 203,676.88

Trade receivables -
considered good
Statutory Reports
impaired
Receivables –
considered good
impaired
As at March 31, 25,442.02 22,461.63 74,923.85 15,438.93 35,480.09 23,025.71 27,369.03 224,141.25
2020
NOTE - 8
Inventories*
(` in Lakhs)
Particulars
Stores and Spares (including construction material in 114.07 113.14 113.88
hand, at sites and in transit)
Less: Provision of loss obselences# (107.11) (107.11) (107.11)
Tools in hand 6.96 6.03 6.77
0.15 0.15 0.15
Total 7.11 6.18 6.92
*Inventory of stores & spares and tools has been taken, valued & certified by the Management.
#Refer Note No. 42
352
NOTE - 9
Cash and Cash Equivalent
(` in Lakhs)
Particulars
Balance with banks in current accounts (a), (b), (c) & (d) 54,361.70 58,262.79 32,993.92
Corporate Overview
Less: Allowance for Impairment (383.69) (383.69) (383.69)
53,978.01 57,879.10 32,610.23
Bank deposits having original maturity less than 3 1,735.66 2,857.18 3,207.80
months (e), (f) (including interest accrued)
Remittance in Transit - 1,780.00 -
Cheques in Hand - 400.00 76.20
Cash on Hand 10.00 10.00 10.00
Total 55,723.67 62,926.28 35,904.23
(a) The following Bank Balances out of Note 8 are held in seprate bank accounts maintained on behalf of clients/ ministries:
(` in Lakhs)
Particulars
Balance with Banks in current accounts 11,480.00 13,599.84 5,205.72
Statutory Reports
Total 11,480.00 13,599.84 5,205.72
(b) Includes Balance in foreign currency held in Bank, balance with foreign banks and foreign branches of India Banks.
Further sum of ` 555.88 Lakhs (Previous Year ` 637.70 Lakhs) held in foreign countries with Repatriable restrictions.
(c) Includes sum of ` 0.25 Lakhs (Previous Year ` 90.35 Lakhs) under lien with bank against bank guarantees.
(d) Includes balance of ` 13.13 Lakhs towards Unspent CSR Fund.
(e) The above include bank deposits ` 1276.43 Lakhs and accrued interest of ` 13.91 Lakhs held as margin money/ security
against bank guarantees having maturity of less than 3 months from date of inception. (Previous Year ` 1228.02 Lakhs
and accrued interest ` 68.52 Lakhs)
(f) The above includes EMD in the form of Bank FDR with maturity less than 3 months amounting to ` 12.09 Lakhs
(Previous Year ` 7.88 Lakhs) and Interest Accrued but not due thereon amounting to ` 1.19 Lakhs (Previous Year ` 0.54

Lakhs)
NOTE - 10
Other Bank Balances
(` in Lakhs)
Particulars
Balance with bank in deposit account having maturity 131,710.30 73,069.77 90,986.06
of more than three months but are due for maturity
within twelve months from balance sheet date (a), (b),
(c), (d) ((including interest accrued)
Total 131,710.30 73,069.77 90,986.06
353
(a) The above include bank deposits ` 8804.27 Lakhs and accrued interest of ` 1705.62 Lakhs held as margin money/
security against bank guarantees having maturity of less than 12 months from reporting date. (Previous Year ` 9774.22
Lakhs and accrued interest ` 1000.92 Lakhs)
(b) Includes Employee Fixed deposit, refer Note No. - 66
(c) Includes Fixed Deposit with PNB London amounting to ` 177.73 Crores (and accrued interest amounting to ` 1.18
Crores) as at 31st March, 2022 payable in USD & INR, made from project proceeds of M/s Afghan India Friendship Dam
to be utilized towards discharge of corresponding Vendor Payable related to the said project (Principal O/s amount of `
Corporate Overview
154.37 Crores payable in USD & INR). The company does not for see any interest liability on such principle outstanding.
(d) The above includes EMD In the form of Bank FDR with maturity less than 12 months amounting to ` 1015.45 Lakhs
(Previous Year ` 1064.84 Lakhs) and interest accrued but not due thereon amounting to ` 198.49 Lakhs (Previous Year
` 292.73 Lakhs)
NOTE - 11
Current Tax Assets (Net)
(` in Lakhs)
Particulars
Advance Income Tax and TDS {net of provision of 16,201.58 10,882.74 9,983.11
taxation amounting ` 3862.02 Lakhs (Previous Year `
4629.33 Lakhs)} (a)
Total 16,201.58 10,882.74 9,983.11
Statutory Reports
(a) Provision for Income tax has been shown net of TDS and Advance tax.
NOTE - 12
Other Current Assets

(` in Lakhs)
Particulars
Advances to Suppliers & Sub-Contractors
Secured, considered Good (a) 3,530.04 8,125.5341 6,521.00
Unsecured, Considered Good 1,646.40 3,780.1523 2,448.49
Unsecured, Considered Doubtful 22.15 16.3373 -

Advance Rent
Unsecured, Considered Doubtful 25.00 - -
Prepaid Expenses on discounting of SD 0.20 0.2584 0.24
Balance with Government authorities 26,309.91 21,892.2698 16,876.89
Amount deposited with various Courts/Authorities 898.80 820.1162 988.61
Inter-unit Remittance Account (0.2300) 1.77
32,969.08 35,050.45 27,317.48
354
(` in Lakhs)
Particulars
Less: Doubtful Provision for Advance to Supplier (22.16) (16.34) -
Less: Provision for Advance Rent (25.00) - -
Total 32,921.92 35,034.11 27,317.48
Corporate Overview
(a) Secured against Bank Guarantee ` 1,759.25 Lakhs (Previous year ` 1,166.42 Lakhs)
(b) Secured against material procured at site by contractor amounting to ` Nil (Previous Year ` 3,570.82 Lakhs)
NOTE - 13
Share Capital
Equity Share Capital
(` in Lakhs)
As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
Particulars
Authorised
Equity Shares of ` 10/- each at 200,000,000 20,000.00 200,000,000 20,000.00 10,000,000 10,000.00
par Value (Previous Year March
31, 2021 ` 10/- each and April
Statutory Reports
01, 2020 ` 100/- each)
Issued, Subscribed & Paid up

Equity Shares of ` 10/- each at 130,000,000 13,000.00 130,000,000 13,000.00 10,000,000 10,000.00
par Value (Previous Year March
31, 2021 ` 10/- each and April
01, 2020 ` 100/- each)
Total 130,000,000 13,000.00 130,000,000 13,000.00 10,000,000 10,000.00
Reconciliation of shares outstanding as at March 31st, 2022, March 31st, 2021 and April 01, 2020
(` in Lakhs)

Particulars
Shares outstanding at the 130,000,000 13,000.00 10,000,000 10,000.00 10,000,000 10,000.00
beginning of the year
Add: Increase due to Split - - 90,000,000 - - -
Add: Shares Issued during the - - 30,000,000 3,000.00 - -
year - Bonus Issue
Shares outstanding at the end 130,000,000 130,000.00 130,000,000 13,000.00 10,000,000 10,000.00
of the year
Equity Shares of ` 10/- each at par Value (Previous Year March 31, 2021 ` 10 each and April 01, 2020 ` 100 each)
Previous year (FY 2020-21):Pursuant to the approval of shareholders granted in the extra-ordinary general meeting
355
held on 25 February 2021, the Company issued and allotted fully paid-up “bonus shares” at par in proportion of
three new equity shares of ` 10 each for every ten existing fully paid up equity share of ` 10 each held as on the
record date of 25 February 2021. Pursuant to the approval of shareholders granted in the extra-ordinary general
meeting held on 25 February 2021, the Company undertook a stock split of 10 equity shares of Re. 10 each for
one existing fully paid up equity share of ` 100. As a result of the above transactions, the issued, subscribed and
paid up number of equity shares have been increased by 1200 Lakhs.
Terms/ Rights attached to equity shares
Corporate Overview
The Company has only one class of shares referred to as Equity Shares having a par value of ` 10 each. Each holder
of equity share is entitled to one vote per share.
List of shareholders holding more than 5 % shares in the Company

(` in Lakhs)
Name of Shareholder % of % of % of
Number Number Number
Holding Holding Holding
Equity share of ` 10 each fully paid-up (Previous Year March 31, 2021 ` 10 each and April 01, 2020 ` 100 each)
President of India & its 130,000,000 100.00% 130,000,000 100.00% 10,000,000 100.00%
nominees
Aggregate no. of Equity Shares allotted as fully paid up by way of bonus shares in the last five
Statutory Reports
years preceeding the date of Balance Sheet.

(` in Lakhs)
As at As at As at As at As at
Particulars March 31, 2022 March 31, 2021 April 01, 2020 April 01, 2019 April 01, 2018
No. of Shares No. of Shares No. of Shares No. of Shares No. of Shares
Equity Shares allotted as NIL 30,000,000 NIL NIL 9,800,000
fully paid bonus shares by
capitalising General Reserve
Total - 30,000,000 - - 9,800,000
Shares held by promoters at the end of the year


% Change during
S. No. Promoter Name No. of Shares % of Total Shares
the year
1. President of India and its nominees 13,00,00,000 100% -
Total 13,00,00,000 100% -
356

% Change during
the year
Total 13,00,00,000 100% -
Corporate Overview
% Change during
the year
Total 1,00,00,000 100% -
NOTE - 14
Other Equity
Nature and Purposes of Reserves & Surplus
1. General Reserves:
General reserve means the portion of earnings of an enterprise appropriated by the management to meet future
known or unknown obligation instead of distributing the same among shareholders.
Statutory Reports
2. Retained Earnings:
Profits made by the company during the year are transferred to retained earnings from Statement of Profit and
Loss.
3. Other Comprehensive Income:
Other Comprehensive Income represents balance arising on account of Gain/ (Loss) booked on Re-measurement of
Defined Benefit Plans in accordance with Ind AS 19 "Employee Benefits" and Gain/ (Loss) booked from Investment
in unquoted equity instruments designated at fair value through other comprehensive income (FVTOCI) in
accordance with Ind AS 109 "Financial Instruments".
(` in Lakhs)

Reserve & Surplus
General Reserve 4,469.25 6,969.25 12,469.25
Retained Earnings 51,600.62 45,032.54 38,923.15
Capital Reserve 9,016.39 9,016.39 8,901.03
Other Comprehensive Income (239.73) (405.40) (421.08)
Total 64,846.52 60,612.78 59,872.35
357
NOTE - 15
Trade Payables
A. Trade Payables - Non- Current*
(` in Lakhs)
Particulars
Corporate Overview

Total outstanding dues of Micro & Small 41.46 262.39 960.24
Enterprises**
Total outstanding dues of creditors other than 22,316.68 14,859.58 12,606.97
Total 22,358.14 15,121.97 13,567.21
*Includes Retention Money payable to supplier / vendor

**Refer Note No. - 38
Trade Payables - Non - Current - Ageing schedule
(` in Lakhs)
Outstanding for following periods from due
date of payment
Less than More than
1-2 years 2-3 years
Statutory Reports
1 year 3 years
Total outstanding dues of - 41.46 - - - - 41.46
Total outstanding dues of 815.99 3,878.43 1,578.97 2,981.99 13,053.85 22,309.23
creditors other than Micro &
Small Enterprises
Total outstanding dues of - -
Micro & Small Enterprises-
Disputed
Total outstanding dues of 7.45 7.45
Small Enterprises- Disputed
As at March 31, 2022 857.45 3,878.43 1,578.97 2,981.99 13,053.85 22,358.14
Total outstanding dues of - 262.39 - - - 262.39

Total outstanding dues of 1,557.03 2,213.35 1,459.90 2,074.62 7,554.67 14,859.58
Small Enterprises
Total outstanding dues of -
Disputed
358
(` in Lakhs)
date of payment
Less than More than
1-2 years 2-3 years
1 year 3 years
As at March 31, 2021 1,819.42 2,213.35 1,459.90 2,074.62 7,554.67 15,121.97
Corporate Overview
Total outstanding dues of - 960.24 - - - 960.24
Total outstanding dues of 1,850.29 1,779.28 632.72 1,443.27 6,901.40 12,606.97
Small Enterprises
Disputed
As at March 31, 2022 2,810.52 1,779.28 632.72 1,443.27 6,901.40 13,567.21
B. Trade Payables - Current
Statutory Reports
(` in Lakhs)
Particulars
Total outstanding dues of Micro & Small 36,560.18 38,883.74 27,795.53
Enterprises*
Total outstanding dues of creditors other than 121,826.65 129,725.49 132,016.71
Total 158,386.83 168,609.23 159,812.24
*Refer Note No. - 38

Trade Payables - Current - Ageing schedule
(` in Lakhs)
Not date of payment
Particulars Unbilled Total
due Less than More than
1-2 years 2-3 years
1 year 3 years
359
(` in Lakhs)
Not date of payment
Particulars Unbilled Total
due Less than More than
1-2 years 2-3 years
1 year 3 years
Corporate Overview
Small Enterprises
Total outstanding dues of - - - - -
Disputed
As at March 31, 2022 8,709.71 - 74,105.59 23,187.73 19,613.11 32,770.68 158,386.83

Small Enterprises
Statutory Reports

Disputed
Total outstanding dues of - - - 7.45 7.45
As at March 31, 2021 8,690.10 - 87,494.84 28,149.40 11,976.90 32,297.99 168,609.23
Total outstanding dues of 309.95 16,898.60 5,622.06 4,161.71 803.20 27,795.53
Small Enterprises

Disputed
Total outstanding dues of 0.18 - - 7.45 7.63
As at March 31, 2022 7,626.46 - 96,456.98 19,906.57 15,491.68 20,330.54 159,812.24
360
NOTE - 16
Provisions
A. Provisions - Non-Current
(` in Lakhs)
Particulars
Corporate Overview
Provision for Employees Benefits
Leave Encashment - Non-funded (Refer Note 4,338.67 4,189.96 4,236.82
No. - 34)
Post Retirement Medical Scheme - Non-funded 2,561.06 2,463.28 2,147.81
(Refer Note No. - 34)
Gratuity - Funded (Refer Note No. - 34) 1,110.33 946.73 600.28
Gratuity-Workmen-Non Funded (Refer Note 226.41 428.23 804.66
No. - 34)
Total 8,236.45 8,028.20 7,789.57
B. Provisions - Current
(` in Lakhs)
Statutory Reports
Particulars
Provision for Employee Benefits
Post Retirement Medical Scheme - Non-funded 64.89 61.97 49.18
(Refer Note No. - 34)
Pension 1,603.02 1,507.73 833.41
Leave Travel concession 54.71 54.71 54.71
Leave Encashment - Non-funded (Refer Note 726.14 737.86 797.79
No. - 34)
Gratuity-Funded (Refer Note No. - 34) 985.70 947.92 953.78
Gratuity-Workmen-Non Funded (Refer Note 290.69 486.61 523.21

No. - 34)
Total 3,725.14 3,796.80 3,212.08
361
NOTE - 17
Other Liabilities
A. Other Non-Current Liabilities
(` in Lakhs)
Particulars
Corporate Overview

Unearned Income 1,120.50 1,331.50 699.87
Total 25,796.96 13,146.13 19,116.48
B. Other Current Liabilities

(` in Lakhs)
Particulars
Unearned Income 16,814.14 20,197.53 21,083.84
Total 140,841.37 117,163.18 106,163.02
Statutory Reports
NOTE - 18
Borrowings
A. Long term Borrowings
(` in Lakhs)
Particulars
Indian rupees loan from Bank (a) 3,785.37 - -
Total 3,785.37 - -
(a) Secured Term loan from Bank:

Company has availed term loan of ` 20,000 Lakhs from an Indian Bank out of which ` 4,000 Lakhs has been disbursed
up to 31st March 2022, at 3 months' MCLR (with quarterly reset), present effective rate of 6.65% p.a., and secured by
way of:
• Primary security - a) Exclusive charge on entire fixed assets of the Company, both present and future and 1st Pari
passu charge on entire current assets of the company for corporate loan
• Omnibus counter guarantee of the company for NFB Limits
362
- Repayment terms - Loan tenure of 9 years 6 moths with following repayment:

(i) Principal loan outstanding shall be repaid in Quarterly payments starting from June 2022 to March 2031. As on
31st March 2022, original outstanding balance is ` 3982.86 Lakhs (excluding EIR adjustment due to Processing
fees).
(ii) Interest payable monthly commencing from December 2021 - present effective rate of interest of the loan is
6.65%, and effective rate of interest is 6.74%. The difference is due to amortisation of processing charges of
` 17.70 Lakhs.
Corporate Overview
B. Short term Borrowings
(` in Lakhs)
Particulars
Cash Credit Facility (a) 4,102.38 4,820.03 405.18
- - -
Loans from Bank (Secured) - - -
Short term maturity of long term borrowing 197.49 - -
(Refer Note No. 18A)
Total 4,299.87 4,820.03 405.18
(a) Company has availed following Cash credit Facilities:
Statutory Reports
I) HDFC Bank of ` 5,000 lacs at MCLR payable monthly and secured by way of:
(i) First Pari Passu charge over entire current assets of the Company both present and future.
363
Name of the Bank HDFC Bank

(` in Lakhs)
Amount
Amount as reported in
Amount of
Particulars of Security per Books the quarterly Reason for material
Quarter difference
provided of Accounts return / discrepancies
(C )
(A) statements
Corporate Overview
(B)
Jun-21 Book debts upto 180 days 68,140.00 73,417.00 (5,277.00) There have been some variations
Creditors 59,448.00 59,040.00 408.00 in stock statement figures
submitted originally to the bank
Sep-21 Book debts upto 180 days 14,943.00 60,783.00 (45,840.00) (Column A) as compared to the
Creditors 64,045.00 54,426.00 9,619.00 current corresponding figures
as per books of accounts. The
Dec-21 Book debts upto 180 days 28,059.00 77,262.00 (49,203.00)
variations identified owe to
Creditors 69,582.00 70,129.00 (547.00) technical issues in the report
Mar-22 Book debts upto 180 days 39,036.35 56,000.00 (16,963.65) drawn from the programme.
The programming errors has
Creditors 43,859.99 47,500.00 (3,640.01)
now been rectified & revised
stock statement for June 2021,
September 2021, December
2021 & March 2022 have been
furnished to the bank. Dues
measures shall be taken to
Statutory Reports
substantiate the compliances

with the sanction terms based
on the revised submissions.
(b) Company has availed Non funded Facility from Punjab National Bank, Indian Overseas Bank, State Bank of India and
IDFC amounting to ` 1,11,500.00 Lakhs (Previous Year ` 81,500.00 Lakhs) out of which ` 60,988.10 Lakhs (Previous
year ` 61,367.16 Lakhs) have been utilised upto March 31st 2022 against bank deposits of ` 7,289.76 Lakhs (Previous
Year ` 5,706.29 Lakhs) held as security. (Refer Note No. - 4, 9 & 10)
NOTE - 19
Lease Liability
A. Lease Liability - Non-Current

(` in Lakhs)
Particulars
Lease Liability 936.70 1,665.24 1,896.68
Total 936.70 1,665.24 1,896.68
364
B. Lease Liability - Current

(` in Lakhs)
Particulars
Lease Liability 522.45 667.40 700.26
Total 522.45 667.40 700.26
Corporate Overview
NOTE - 20
Other Financial Liabilities
A. Other Non-Current Financial Liabilities
(` in Lakhs)
Particulars
Interest Payable on Customer deposit Work (a) 5,730.74 4,894.76 3,593.48
Interest Payable on Advances from Clients 341.18 341.18 341.18
Other Liabilities 4,552.10 6,679.19 5,513.33
Earnest Money and Security Deposits 30,960.84 28,637.18 12,831.18
Total 41,584.86 40,552.31 22,279.17
Statutory Reports
B. Other Current Financial Liabilities

(` in Lakhs)
Particulars
Performance related pay/ Bonus 1,802.82 2,370.66 2,259.91
Corporate Social Responsibility Payable (a) 146.77 120.20 -
Pension (Voluntary) - 0.84 1.29
Earnest Money and Security Deposits 9,720.60 10,911.17 18,779.19
Payable to Employees 5,715.21 6,085.24 4,988.50
Advances from clients - Refundable 3,024.88 1,613.62 2,017.76 Consolidated Financial Statements
Payable to Gratuity Trust 1,197.95 1,308.73 1,626.26
Other Liabilities (b) 6,165.68 2,594.98 3,616.47
Total 27,773.91 25,005.44 33,289.38

(b) Includes Security from employees against which counter Fixed deposits have been created. Refer Note No. - 66
365
NOTE - 21
(` in Lakhs)
Consolidated Consolidated
Corporate Overview
Consultancy Income 69,569.86 68,111.57

Construction Contracts 210,229.46 183,175.73
Total 279,799.32 251,287.30
NOTE - 22
Other Income
(` in Lakhs)
Interest Income 749.82 1,295.39
a. Bank Deposits 3,244.04 2,790.79
b. Interest on refund of Income Tax 4.99 146.31
Statutory Reports
c. On Others 228.15 444.38

Exchange Variation 1,364.20 975.05
Other non-operating income 1,246.27 1,110.18
Total 6,838.02 6,762.58
NOTE - 23
Other Income
(` in Lakhs)
For Construction Projects 199,862.80 172,595.34
Total 199,862.80 172,595.34
366
NOTE - 24
Employee Benefit Expenses
(` in Lakhs)
Corporate Overview
Salaries, Remuneration and Incentives 33,109.72 29,963.58
Contributions to Provident & Other Funds 3,072.98 2,912.38
Staff Welfare Expenses 391.53 347.55
Total 36,574.23 33,223.51
NOTE - 25
Finance Cost
(` in Lakhs)
Interest Paid on
Cash Credit facility 343.35 280.60
Statutory Reports
Term Loan 63.61 -
Customer Deposit fund (a) 1,385.29 1,397.96
Lease Liabilities 162.57 220.91
Total 1,954.82 1,899.47
NOTE - 26
Services Obtained
(` in Lakhs)

For Consultancy Projects 17,497.93 18,283.55
For Construction Projects 214.27 345.85
Total 17,712.20 18,629.40
367
NOTE - 27
Depreciation and Amortization Expenses
(` in Lakhs)
Corporate Overview
Depreciation on Tangible Assets 490.52 570.21

Depreciation on Intangible Assets 56.83 77.93
Total (a) 547.35 648.14
Amortisation on Right of Use 690.29 855.43
Total (b) 690.29 855.43
Total (a+b) 1,237.64 1,503.57
NOTE - 28
Corporate Social Responsibility
(` in Lakhs)
Statutory Reports
Corporate Social Responsibility (a) 364.70 314.92

Total 364.70 314.92
NOTE - 29
Other Expenses
(` in Lakhs)
Power and Fuel 297.53 303.88

Rent (a) 1,398.76 1,155.40
Repairs & Maintenance - Office Premises 646.90 652.73
Repairs & Maintenance - Others 125.18 119.02
Insurance 171.22 180.91
Rates and taxes 2,231.07 1,726.84
Printing and Stationery 1,075.61 1,195.69
Travelling Expenses - India 838.34 642.29
- Overseas 588.27 234.94
Expenditure on Vehicle & Conveyance 1,324.85 1,029.97
368
(` in Lakhs)
Hiring of Vehicle 1,064.70 842.88
Directors' Sitting Fees 4.65 3.45
Postage Telephone & Telegram 270.55 265.95
Corporate Overview
Advertisement & Publicity 121.29 96.67
Exchange Variation 798.86 1,402.63
Payment to Auditors - - -
(a) Statutory Audit Fees 24.10 23.70
(b) Tax Audit Fee 8.80 8.65
(c) For Other Services (b) 5.10 32.30
(d) Travelling Expenses 7.10 4.20
Provision for Trade Receivables and Retention Money and Others 5,059.64 7,756.16
Provision for Advance Rent 25.00 -
Provision for Legal Claims 212.93 73.79
Bank Charges and Guarantee Commission 867.90 1,289.47
Miscellaneous expenses 1,821.21 1,705.89
Statutory Reports
Less: Expenditure Reimbursable (b) (108.12) (102.46)
Total 18,881.44 20,644.95
(a) Refer to Note No. - 49 regarding lease payment

(b) Refer Note No. - 40 regarding reimbursement
NOTE - 30
Exceptional Items
(` in Lakhs)

Expenses
Loss on sale of Property, and Equipment 8.01 1.27
Litigation - 18.33
Reduction in Construction Expenses (0.05) -
Bad Debts/Other Balances Written off - 160.48
(A) 7.96 180.08
Income
Provision written back 125.72 9.91
Liabilities Written Back 18.38 144.33
369
(` in Lakhs)
Profit on sale of Property, Plant and Equipment 0.00 0.55
Reduction in Revenue (0.08) -
(B) 144.03 154.80
Corporate Overview
Total (A-B) 136.07 (25.28)
NOTE - 31
Income Tax Expense
(` in Lakhs)
Current Year Tax
Current Year Tax charge 3,861.91 4,629.33
Previous year Tax charge 309.46 (67.81)
Statutory Reports
- -
Deferred Tax - -
In Respect of current year (592.24) (1,484.55)
Total 3,579.14 3,076.96
Income Tax Expense in Other comprehensive income

(` in Lakhs)
Deferred Tax
In Respect of current year 88.26 (28.32)

Total 88.26 (28.32)
Reconciliation between Tax Expense and the Accounting Profit

(` in Lakhs)
Accounting profit before tax from continuing operations 10,185.58 9,213.44
- -
At India’s statutory income tax rate of 25.168% 2,563.51 2,318.84
370
(` in Lakhs)
- -
Tax effect of amounts which are not deductible (taxable) in - -
calculating Taxable income
Corporate Overview
Expenditure not allowed in Income Tax (Net) 357.92 314.26
Impact of Tax in OCI 88.26 (44.48)
Prior period adjustments not allowed in Income Tax 11.12 -
Impact of Change in Rate of Income Tax - -
Impact of Previous year Tax expense & Other Impacts 27.13 2.78
Impact of prior period adjustments - 556.16
Others 248.87 -
- -
733.31 828.71
- -
At Effective Tax Rate 3,296.81 3,147.55
- -
Statutory Reports
Income Tax Expense (Current Year) reported in statement of 3,296.81 3,147.55
Profit and loss accounts
Effective Tax Rate 32.37% 34.16%
371
Ratio Analysis
372
S. No. Name of Ratios Numerator / Denominator FY 2021-22 FY 2020-21 Variation Reasons for
Variation > 25%
1 Current Ratio Current Assets / Current Liabilities = 1.315 1.177 11.67% -
2 Debt Equity Ratio Long term Borrowings + Short term = 0.104 0.065 58.59% Due to increase
Borrowings / Total Shareholders' Equity in long term debt
3 Debt Service EBIDTA / Debt Repayment Obligations = 1.575 2.474 -36.31% Due to increase
Coverage Ratio (Interest After Tax+Principal) in debt and
finance cost and
decrease in Profit
before Tax owing
to Covid-19
4 Return on Equity Net Profit After Tax After Dividend / Average = 0.053 0.049 6.76%
Ratio Shareholder's Funds
5 Trade Receivables Net Credit Sales / Average Trade Receivables = 275.113 307.056 -10.40% -
Turnover Ratio (in
days)
6 Trade Payable Net Credit Purchases / Average Trade = 305.719 340.817 -10.30% -
Turnover Ratio (in Payable
days)
7 Net Capital Net Annual Sales / Working Capital = 2.649 4.426 -40.15% Due to increase
Turnover Ratio in Current Assets
8 Net Profit Ratio Net Profit after Tax / Total Turnover = 0.024 0.024 -3.31% -
9 Return on Capital EBIT (Operating) / Capital Employed = 0.165 0.166 -0.80% -
Employed
10 Return on EBIT (Operating) / Total Investment = 2.11 1.94 8.58% -
Investments
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31ST MARCH
2022
32. GROUP INFORMATION
S. Name of Entity Country of The date since Proportion of Proportion of
Corporate Overview
No. Incorporation when subsidiary Ownership (%) Ownership (%)
was acquired as on 31st March as on 31st March
2022 2021
1 National Projects India 26 April 2019
th
98.89% 98.89%
Construction Corporation
Limited
SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTEREST (‘NCI’)

The Group includes following subsidiary, with material non-controlling interests, as mentioned below:
(` in Lakhs)
Description NPCC Limited

Country India
Capital contribution by NCI (%) 1.11% 1.11%
Statutory Reports
NCI’s profit share (%) 1.11% 1.11%
Accumulated Profit and Loss of non-controlling interest 38.97 27.08
Accumulated Other Comprehensive Income of non-controlling interest (0.54) 1.20
Accumulated Total Comprehensive Income of non-controlling interest 38.43 28.28
The summarized financial information of Subsidiary Company, before intragroup eliminations are set out below:
(` in Lakhs)
Name of the Subsidiary National Projects Construction National Projects Construction
Corporation Limited Corporation Limited

Date of becoming subsidiary 26th April 2019 26th April 2019
Equity share Capital 9453.16 9453.16
Other Equity 14694.95 12233.24
Total Assets 252650.49 212491.08
Total Liabilities 228502.38 190804.68
Revenue from Operations 143209.93 121128.72
Profit before Taxation 5045.28 3398.83
Tax Expense 1534.97 959.43
Other comprehensive income (48.64) 108.22
Total comprehensive income 3461.67 2547.62
373
Additional information in pursuant to Schedule III of the companies Act 2013
374
(` in Lakhs)
Name of Ownership Net Assets, i.e., Share in Profit Share in other Share in total
the Entity Interest Total assets and loss comprehensive comprehensive
minus total Income Income
liabilities
As % of Amount As % of Amount As % of Amount As % of Amount

Consolidated Consolidated Consolidated Consolidated
Assets Profit and loss other total
comprehensive comprehensive
Income Income
Parent - 69.09% 53964.86 47.69% 3150.71 129.46% 213.77 49.69% 3364.48

Subsidiaries:
a) National 98.99% 30.91% 24148.11 52.31% 3455.73 -29.46% (48.64) 50.31% 3407.09
Projects
Construction
Corporation
Limited
Total 78112.97 6606.44 165.13 6771.57
33. IMPACT DUE TO COVID-19

In December 2019, Coronavirus Disease (COVID-19) was reported and since then, has not only affected the health
of people across the globe, but it has also caused severe disturbance to the global economic environment. The
Management has made an assessment of its liquidity position for the next year including that of recoverability of
carrying value of its Financial and non-Financial assets. The Company expects to recover the carrying amounts of
these assets based on the assessment.
Corporate Overview
Since there are inherent uncertainties arising out of the rapidly changing environment caused by the pandemic,
the situation as predicted from the estimations and assumptions undertaken in the preparation of the financial
statements may vary with the actual outcome in the future. The Management continues to monitor any material
changes arising due to future economic conditions and making any significant impact on the financials of the
Company. The management does not see any risk in the ability of the Company to continue as a going concern
and meeting its liabilities as and when due.
34. EMPLOYEE BENEFITS

Defined Contribution Plan
The amount recognized as an expense in defined contribution plan is as under:

Contributory Provident Fund 1822.28 1768.81
Statutory Reports
All eligible employees of the Group are entitled to receive benefits under the Provident Fund, a defined contributory
plan, set up through a Trust named as “WAPCOS Employees Contributory Provident Fund Trust” in Holding
Company and “NPCC LTD. Employees Contributory Provident Fund Trust” in Subsidiary Company. Both employee
and employer contribute monthly at a determined rate as specified under the law to the Trust. The obligation
of the Group is limited to such contribution and to make good the shortfall, if any, between the returns from
the investments of the trust and the notified interest rate. Short fall, if any, is recognized as an expense during
the year. As per actuarial valuation, present value of the expected future earnings on the fund is higher than the
expected amount to be contributed to the individual members based on the expected guaranteed rate of interest,
resulting in no liability on the Group. In terms of said valuation the Group has no liability towards interest rate
guarantee as on 31st March 2022 and 31st March 2021.
Defined Benefit Plans
Group is having the following Defined Benefit Plans:

· Gratuity (Funded)
· Gratuity (Unfunded)
· PRMS (Unfunded)
· Leave Encashment (Unfunded)
Risks associated with the Plan provisions are actuarial risks. These risks are:
i. Investment Risk,
ii. Interest Risk (Discount Rate Risk),
iii. Mortality Risk
iv. Salary Risk
375
Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate
determined by reference to Government Bonds Yield. If plan liability is funded and return
on plan assets is below this rate, it will create a plan deficit.
Interest Risk A decrease in the bond interest rate (discount rate) will increase the plan liability.
(Discount Rate Risk)
Mortality Risk The present value of the defined benefit plan liability is calculated by reference to the
Corporate Overview
best estimate of the mortality of plan participants. For this report we have used Indian
Assured Lives Mortality (2006-08) ultimate table A change in mortality rate will have a
bearing on the plan’s liability.
Salary Risk The present value of the defined benefit plan liability is calculated with the assumption
of salary increase rate of plan participants in future. Deviation in the rate of increase of
salary in future for plan participants from the rate of increase in salary used to determine
the present value of obligation will have a bearing on the plan’s liability.
Medical Expense The present value of the defined benefit plan liability is calculated with the assumption
Inflation Risk of medical expense inflation increase rate of plan participants in future. Deviation in the
rate of increase of medical expense inflation in future for plan participants from the rate
of increase in medical expense used to determine the present value of obligation will
have a bearing on the plan’s liability.
Cash Allowance The present value of the defined benefit plan liability is calculated with the assumption of
Inflation Risk cash allowance inflation increase rate of plan participants in future. Deviation in the rate
of increase of cash allowance in future for plan participants from the rate of increase in
Statutory Reports
cash allowance used to determine the present value of obligation will have a bearing on
the plan’s liability.
Disclosures Related to Funded / Unfunded obligations

i. Amounts recognized in the Consolidated Balance Sheet
(` in Lakhs)
Particulars Gratuity (Funded) Gratuity Regular Gratuity Workmen PRMS (Unfunded) Leave Encashment
(Holding (Funded) (Unfunded) (Holding Company) (Unfunded) for
Company) (Subsidiary Company) (Subsidiary Group
Company)
31st 31st 31st 31st 31st 31st 31st 31st 31st 31st
March March March March March March March March March March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Present value of obligations as 5378.28 5176.12 1353.22 1453.26 517.11 914.83 2625.94 2525.25 5064.78 4927.82
at the end of year
Fair value of plan assets as at 3282.25 3281.47 228.03 205.91 - - - - - -
the end of the year
Funded / Unfunded status 2096.03 1894.65 1125.19 1247.34 517.11 914.83 2625.94 2525.25 5064.78 4927.82
Net (asset) / liability 2096.03 1894.65 1125.19 1247.34 517.11 914.83 2625.94 2525.25 5064.78 4927.82
recognized in Balance Sheet
376
ii. Expenses recognized in the Consolidated Statement of Profit & Loss

(` in Lakhs)
(Holding (Funded) (Unfunded) (Holding Company) (Unfunded) for
Company) (Subsidiary Company) (Subsidiary Group
Company)
Corporate Overview
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Current Service Cost 375.93 388.17 86.86 88.51 13.91 25.06 121.89 117.77 234.55 236.17
Past Service Cost - - - - - -
Interest cost on defined benefit 357.15 337.87 106.52 121.79 67.06 91.62 174.50 149.61 345.6 346.01
obligation
Interest income on plan assets 226.42 231.26 15.09 15.62 - - -
Re-measurements - - - - -
Actuarial (Gains/ Losses) - - - - 203.89 77.42
Expenses recognized in the 506.66 494.78 178.30 194.68 80.97 116.68 296.39 267.38 784.04 659.6
iii. Expenses recognized in Other Comprehensive Income

(` in Lakhs)
Statutory Reports
(Holding Company) (Funded) (Unfunded) (Holding Company) (Unfunded) for
(Subsidiary (Subsidiary Group
Company) Company)
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Return on Plan Assets 14.99 10.60 7.56 (1.48) - - - - - -
Actuarial (gains)/ loss (180.53) (154.78) 7.56 (1.48) 27.32 (15.93) (117.86) 114.30 37.68 (128.68)
Expenses recognized in Other (165.54) (144.18) - - 27.32 (15.93) (117.86) 114.30 37.68 (128.68)
Comprehensive Income
377
iv. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation

(` in Lakhs)
(Subsidiary Company) (Subsidiary Group
Company)
Corporate Overview
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Present value of obligations 5176.12 4925.20 1453.26 1765.14 914.84 1327.88 2525.25 2196.99 4927.81 5034.6
as at beginning of year
Interest cost 357.15 337.87 106.52 121.79 67.06 91.62 174.50 149.61 345.6 346.01
Current service cost 375.93 388.17 86.86 88.51 13.91 25.06 121.89 117.77 234.55 236.17
Actuarial (gains)/ losses - - - - - - -
arising from
Changes in demographic (5.14) - - - - (5.72) 143.82 (1.33) -
assumptions
Changes in financial (19.85) (34.70) (2.91) (7.25) (1.11) (226.71) (41.38) (16.90)
assumptions (219.15) (199.81)
Experience adjustments 43.75 (134.93) 215.66 (1.79) 34.57 (14.82) 114.57 11.86 442.71 (34.36)
Past service cost - - - - - - - -
Benefits paid (320.34) (474.39) (517.48) (513.79) (77.84) (53.42) (637.71)
Statutory Reports
(350.40) (506.02) (684.76)

Present value of 5378.28 5176.12 1353.22 1453.26 517.11 914.83 2625.94 2525.25 5064.78 4927.82
obligations as at end of
year
Reconciliation of Opening and Closing Balances of Fair Value of Plan Assets

(` in Lakhs)
(Subsidiary Company) (Subsidiary Group
Company)
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Fair value of plan assets on 3281.47 3371.15 205.91 226.42 - - - - - -
beginning of year
Interest Income 226.42 231.26 15.09 15.62 - - - - - -
Re-measurement gain/(loss)- (14.98) (10.60) 7.56 (1.48) - - - - - -
Return on Plan Assets excluding
amounts included in net interest
expense
Contribution from the employer 139.74 10.00 473.85 482.83 - - - - - -
Benefits Paid (350.40) (320.34) (474.39) (517.48) - - - - - -
Fair value of plan assets at 3282.25 3281.47 228.03 205.91 - - - - - -
end of year
378
v. Actuarial Assumptions
(` in Lakhs)
Company) Company)
Corporate Overview
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Discount rate 7.33% 6.90% 7.33% 6.90% 7.33% 6.90% 7.40% 6.91% 7.33% 6.90%
Expected rate of future salary 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
increase
Increase in Compensation levels - - - - - - - - - -
Retirement age - - 58 60/58 58 58 - - 58 60/58
vi. Maturity profile of Defined Benefit Obligation

(` in Lakhs)
Company) Company)
Statutory Reports
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Weighted average of the - - - - - 18 18 - -
defined benefit obligation
Duration of defined benefit - - 7 6 1 1 - - - -
obligation- from the fund
Duration (years)
1 567.9 435.46 412.71 413.43 290.69 486.60 - - - -
2 269.42 231.01 177.57 292.43 158.98 237.24 - - - -
3 483.81 499.13 184.95 124.52 46.68 129.81 - - - -
4 421.12 447.39 94.49 154.94 11.84 38.16 - - - -
5 515.88 388.35 49.88 70.87 4.82 9.70 - - - -

Above 5 11283.3 10636.12 433.63 397.04 4.08 13.30 - - - -
Total 13541.43 12637.46 1353.22 1453.23 517.10 914.81 - - - -
Duration of defined benefit - - - - - - - - - -
payments-from the employer
Duration (years)
1 - - - - - - 64.89 61.97 - -
2 - - - - - - 78.64 69.97 - -
3 - - - - - - 89.82 83.63 - -
4 - - - - - - 100.73 94.87 - -
5 - - - - - - 114.07 105.50 - -
Above 5 - - - - - - 14770.3 11567.10 - -
Total - - - - - - 15218.45 11983.04 - -
379
vii. Major categories of plan assets (as percentage of total plan assets)
(` in Lakhs)
Particulars Gratuity (Funded) PRMS (Unfunded) Leave Encashment
(Unfunded)
31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021
Insurance fund 100% 100% - - - -
Corporate Overview
viii.
Sensitivity Analysis
Sensitivity analysis in respect of Gratuity (Funded) (Holding Company)
(` in Lakhs)
Particulars Change in assumption Increase in defined benefit Decrease in defined benefit
obligation obligation
2022 2021 2022 2021 2022 2021
Increase/ +/- 1% +/- 1% 537.08 542.48 450.36 453.10
(Decrease) in
discount rate
Expected rate +/- 1% +/- 1% 355.08 389.99 341.61 369.40
of future salary
increase
Statutory Reports
Expected +/- 1% +/- 1% 101.65 66.13 117.39 76.73

change in rate
of employee
turnover
Sensitivity analysis in respect of Gratuity Regular (Funded) (Subsidiary Company)
(` in Lakhs)
2022 2021 2022 2021 2022 2021

Increase/ +/- 1% +/- 1% 69.67 65.24 (61.57) (58.51)
(Decrease) in
discount rate
Expected rate +/- 1% +/- 1% 69.86 65.01 (62.87) (59.34)
of future salary
Increase/
(Decrease)
Expected +/- 1% +/- 1% 4.68 1.78 (5.32) (2.15)
change in rate
of employee
turnover
380
Sensitivity analysis in respect of Gratuity Workmen (Unfunded) (Subsidiary Company)
(` in Lakhs)
2022 2021 2022 2021 2022 2021
Corporate Overview
Increase/ +/- 1% +/- 1% 7.91 15.20 (7.68) (14.78)
(Decrease) in
discount rate
Expected rate +/- 1% +/- 1% 7.91 15.18 (7.85) (15.05)
of future salary
Increase/
(Decrease)
Expected +/- 1% +/- 1% 0.05 0.08 (0.07) (0.10)
change in rate
of employee
turnover
Sensitivity analysis in respect of PRMS (Unfunded) (Holding Company)
Statutory Reports
(` in Lakhs)
2022 2021 2022 2021 2022 2021
Increase/ +/- 1% +/- 1% 496.41 467.10 383.12 362.98
(Decrease) in
discount rate
Expected rate +/- 1% +/- 1% - 163.46 - 138.79
of future salary
increase
Expected +/- 1% +/- 1% - 455.07 - 455.27
change in rate
of employee
turnover
Expected change +/- 1% +/- 1% - - - -
in medical cost
inflation
381
Sensitivity analysis in respect of Leave Encashment (Unfunded) for Group

(` in Lakhs)
2022 2021 2022 2021 2022 2021
Corporate Overview
Increase/ - - 73.13 67.58 (63.50) (59.49)

(Decrease) in
discount rate
Expected rate - - 73.35 67.51 (64.82) (60.50)
of future salary
Increase/
(Decrease)
*Changes in Defined benefit obligation due to 1% Increase / Decrease in Mortality Rate if all other assumptions
remain constant is negligible.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation has been
calculated using the projected unit credit method at the end of the report period, which is the same as that
Statutory Reports
applied in calculating the defined benefit obligation liability recognized in the statement of financial position.
There is no change in the method of the valuation for the prior period. For change in assumption please refer to
table (v) above, where assumptions for prior period are given.
35. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (IND AS 37)

Movement of Provisions
Movements in each class (Current & Non-Current) of Provision during the financial year are set out below:
(` in Lakhs)

2022 2021 2022 2021 2022 2021
Opening Balance 1894.65 1554.05 914.83 1,327.88 2525.25 2196.99
Additional 341.12 350.60 108.29 100.75 178.53 381.68
Provisions during
the Year
Provision used (139.74) (10.00) (506.01) (513.79) (77.84) (53.42)
during the Year
Provision reversed - - -- -
during the Year
Closing Balance 2096.03 1894.65 517.11 914.83 2625.94 2525.25
382
(` in Lakhs)
Particulars Leave Encashment Leave Travel Concession Pension* (Holding
(Unfunded) for Group (Holding Company) Company)
2022 2021 2022 2021 2022 2021
Opening Balance 4927.82 5034.61 54.71 54.71 1507.72 833.41
Corporate Overview
Additional 821.73 530.92 - - 783.55 674.31
Provisions during
the Year
Provision used (684.76) (637.71) - - (688.25) -
during the Year
Provision reversed - - - - -
during the Year
Closing Balance 5064.79 4927.82 54.71 54.71 1603.02 1507.72
*The Holding Company has pension plan in place for its employees in accordance with D.P.E Guidelines. The
pension plan has been taken from LIC of India for this purpose.
36. EARNINGS PER SHARE (EPS) (IND AS 33)

(` in Lakhs)
Statutory Reports
Earnings per Equity Shares 31st March 2022 31st March 2021
Profit attributable to Equity Holders 6606.44 6136.47
Continuing Operations 6606.44 6136.47
Discontinued Operations - -
Profit attributable to Equity Holders for basic Earnings 6606.44 6136.47
Profit attributable to Equity Holders adjusted for the effect 6606.44 6136.47
of dilution
Weighted average number of Equity shares for basic EPS 130000000 130000000
Face value Per Equity Share 10 10
Earnings Per Equity Share (for continuing operation)
Basic (in `) 5.08 4.72 Consolidated Financial Statements
Dilutive (in `) 5.08 4.72
383
*The Earning per share for F.Y 2021-22 had been calculated on outstanding numbers of equity shares treating
if the share split and bonus issue had occurred before the beginning of 2019 i.e. the earliest period presented in
current year financial statements.
37. DIVIDEND AND RESERVES

(` in Lakhs)
Corporate Overview
Cash dividend on Equity Shares declared and Paid - -

Final Dividend Paid 2511.11 2500.00
Dividend Distribution Tax on Final Dividend Paid - -
Interim Dividend - -
Dividend Distribution Tax on Interim Dividend - -
The Dividends on equity shares declared by the Group is in accordance with DPE guidelines.
Holding company - Dividend declaration date for FY 2020-2021 is 08th December 2021 and dividend payment
date is 06th January 2022.
Subsidiary company - Dividend declaration date for FY 2020-2021 is 07th December 2021 and dividend payment
date is 18th December 2021.
38. In terms of Section 22 of the Micro, Small and Medium Enterprises Development Act 2006, the amount
due to these enterprises are required to be disclosed. These enterprises are required to be registered under that
Statutory Reports
Act. The Group has asked the vendors the status of MSME registration. Details of dues to micro & small enterprises
are given on the basis of information available with the management:
(` in Lakhs)
S. Particulars 31st 31st
No. March March
2022 2021
1 (a) The Principal amount due thereon remaining unpaid to any supplier as at the 36601.64 39146.13
end of each accounting year
1 (b) The interest due thereon remaining unpaid to any supplier as at the end of - -
each accounting year on the above amount
2 The amount of interest paid by the buyer in terms of Section 16 of the Micro - -
and Small Enterprise Development Act 2006, along with the amounts of
the payment made to the supplier beyond the appointed day during each
accounting year.
3 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 Micro and Small Enterprises
Development Act, 2006
4 The amount of interest due and remaining unpaid at the end of each accounting - -
year.
5 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 Micro and Small Enterprise Development Act,
2006
384
*The Group has initiated the process of identification of suppliers registered under Micro and Small Enterprise
Development Act, 2006, by obtaining confirmation from all supplies. Above Information has been collated only to
the extent of information received and available on records.
39. Balances shown under Claims recoverable, Trade Receivables, Advances to contractors, Trade Payables and
Security deposits/ Retention money from contractors are subject to confirmation and respective consequential
adjustments. The status of Balance Confirmations received is as follows:
Corporate Overview
AS AT 31ST MARCH 2022
(` in Lakhs)
Particulars Central / State Government Foreign Governments Others
Departments
Trade 203428.04 998.29 25504.76 46.82 6208.20 8.76
Receivables
Retention 10310.18 16.56 575.12 - 2.95 -
Money
Trade Payables 4856.54 190.24 - - 175888.43 16320.45
Advance to 1931.20 - - - 7143.33 -
Contractors
Statutory Reports
AS AT 31ST MARCH 2021
(` in Lakhs)
Particulars Central / State Government Foreign Governments Others

Departments
Trade 190410.03 330.87 26538.49 2487.03 9041.94 -
Receivables
Retention 10349.81 - 532.46 - 126.60 -
Money

Trade Payables 6300.10 70.80 1458.15 - 175953.77 7185.98
Advance to 891.59 - 5.82 - 14946.63 1.87
Contractors
The balances of Trade Receivables and Trade Payables are truly reflected in the Books of Accounts. With regard to
the differences as stated by the parties, the Group is in the process of coordinating and shall obtain the corrected
confirmation in due course of time.
In the opinion of the management, the value of Trade Receivables, Loans and Advances on realization in the
ordinary course of business, will not be less than the value at which these are stated in the Balance Sheet. The
total Trade Receivables are ` 235141.00 Lakhs out of which ` 16613.83 Lakhs are deferred debts presently not
due for payment. (Previous Year ` 225990.46 Lakhs out of which ` 20366.47 Lakhs were Deferred debt).
385
40. During the year, the Group has acquired fixed assets / loose tools (not forming part of the company’s assets
i.e., PPE) on behalf of clients amounting to ` 151.83 Lakhs (Previous Year ` 116.98 Lakhs). Further ` 108.12 Lakhs
(Previous Year ` 102.45 Lakhs) has been Set-off against Reimbursement received from client.
41. The Subsidiary company is generally executing contracts by engaging sub-contractors. The company,
therefore, does not procure materials directly and therefore, primarily, information in respect of para
5(viii)(c) of general instructions for preparation of the Statement of Profit & Loss as per Schedule III to the
Companies Act, 2013 is NIL. However, stores and spares consumed on departmental works is as under:
Corporate Overview
Indigenous Stores & Spares – ` 0.42 Lakhs (Previous Year ` 1.92 Lakhs)"
42. Inventories include ` 107.11 Lakhs (Previous Year ` 107.11 Lakhs) confiscated by Project Authorities which
are unadjusted pending settlement of account. However, there exist unadjusted liabilities in excess of the value of
assets confiscated.
43. In case of Parent company, Liability in respect of “Performance Related Pay”, amounting to ` 223.24 Lakhs
(Previous Year ` 139.26 Lakhs) for the employees for the year ended on 31st March 2022 has been estimated
and provided based on scheme formulated in accordance with D.P.E guidelines, based upon certain ranking
parameter. Movement chart is as under:
(` in Lakhs)
S. No. Period 31st March 2022 31st March 2021
1 Opening Balance 2199.05 2059.79
2 Add: Additions during the year 223.24 139.26
3 Less: Paid during the year (799.51) -
Statutory Reports
4 Closing Balance 1622.78 2199.05
44. CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES

The requisite disclosures relating to CSR expenditure in terms on Guidance Note on Corporate Social Responsibility
(CSR) issued by The Institute of Chartered Accountants of India
PARENT COMPANY
FINANCIAL YEAR 2021-2022

(` in Lakhs)
Amount Unspent
Total Amount transferred to Amount transferred to any fund specified under
Total Amount Spent Unspent CSR Account as per Schedule VII as per second proviso to section
for the Financial Year section 135 (6) 135(5)
Amount Date of Transfer Name of the Fund Amount Date of Transfer
269.79 39.30 30.04.2022 -
386
(` in Lakhs)
S. No. Name of the Item from the Local Location of the Project Project Amount Amount Amount Mode of Mode of
Project list of activities in Area Duration allocated spent in transferred to implementation - implementation -
Schedule 7 of (Yes/ for the the current Unspent CSR Direct (Yes/No) Through
the Act No) Project Financial Year Account for the Implementing
Project as per Agency
Section 135(6)
State District
1 Construction Item No 4 Yes New Delhi Nizamuddin 03.08.2021- 24.19 21.05 - No Aga Khan Foundation,
of Rainwater Environmental 02.11.2021 6 Bhagwan Dass Road,
Harvesting at Sustainability New Delhi, 110001 -
Humayun’s Tomb CSR00008713
Site Museum
under CSR activity
of WAPCOS during
2021-22.
2 Installation of Roof Item No 4 No Haryana Bhiwani, 01.10.2021- 17.80 17.10 0.90 No Empathetic Humane
Top Rainwater Environmental Faridabad, 30.11.2021 Socially Awakened Samaj
Harvesting Sustainability Gurugram, (EHSAS), Mahendru
Structure in Jhajjar, Palwal, Enclave, New Delhi -
Government Panipat, Rewari, CSR00012973
Schools of Haryana Rohtak and
-under CSR activity Sonipat
of WAPCOS during
2021-22
3 School Education Item No 2 School NO Uttrakhand UdhamSingh 23.03.2022- 9.28 2.32 6.96 No Devwani Propkar
through providing Education Nagar 22.06.2022 Mission, Bhupatwala,
set of Table and Haridwar, Uttralhand -
Chair in 3 Schools CSR00013924
of Khatima
Block, Udham
Singh Nagar,
Uttrakhand.
387
(` in Lakhs)
388
Section 135(6)
State District
4 School Education Item No 2 School No Uttar Pradesh Shahjahanpur 29.03.2022- 24.91 4.98 18.45 No Gurgia Charities,
through Education 28.12.2022 Khanpur, New Delhi
construction of -CSR00010365
3 class rooms
including electric
fitting & fixture

for students of
Lala Baijnath Janki
Pathshala (LBJP)
Inter-College,
Tilhar, Distt-
Shahjahanpur,
Uttar Pradesh.
5 Arogya Project- Item No-1 Health No Uttar Pradesh Shravasti 01.01.2020- 2.17 2.17 - No Sustainable Action
Providing Care 31.12.2021 Towards Human
Healthcare Services Empowerment,Sector-5,
to Schools children Ghaziabad -CSR00005293
in 45 Government
Schools by
Organising Health
Check up cum
awareness camps
on Nutrition
& Hygiene
in Shravasti
district,Uttar
Pradesh
(` in Lakhs)
Section 135(6)
State District
6 Swastha Bharat Item No-1 Health No Uttar Pradesh Bahraich 26.09.2019- 4.19 4.19 - No Aroh Foundation,
project- Providing Care 31.12.2021 Sector-8, Noida -
Healthcare Services CSR00000044
to Schools children
by Organising
General Health
Check up
Camps,Adolescent
Workshop,
Swachhta
Rally and Tree
Plantation in
Kaiserganj Block,
Bahraich district,
Uttar Pradesh.
7 School Education Item No 2 School No Uttar Pradesh Shahjahanpur 04.03.2020- 5.13 5.13 - No Gurgia Charities,
through Education 16.08.2021 Khanpur, New Delhi -
reconstruction CSR00010365
of four class
rooms including
electric fitting and
furniture & fixture
for students of
Lala Baijnath Janki
Pathshala (LBJP)
Inter-College,
Tilhar, Distt-
Shahjahanpur,
Uttar Pradesh.
389
(c) Details of CSR amount spent against other than ongoing projects for the financial year: The balances of Trade
(` in Lakhs)
S. Name Item from Local Location of Amount Mode of Mode of implementation

No. of the the list of Area the Project spent implementation - Through Implementing
Project activities (Yes/ for the - Direct (Yes/No) Agency
in No) project
Schedule
Corporate Overview
7 of the
Act
State District Name CSR Registration
number
1 PM VIII - - - 200.00 - - -
CARES
FUND

(` in Lakhs)
Statutory Reports

4 Surplus arising out of the CSR projects or programmes or activities of the previous financial -
years, if any
(` in Lakhs)
S. No. Preceeding Amount Amount Amount transferred to any fund Amount
Financial transferred to spent specified under Schedule VII as remaining to

Year Unspent CSR in the per section 135 (6), if any be spent in
Account under reporting succeeding
section Financial financial years
135 (6) Year
Fund transfer
1 FY 2020-2021 13.00 13.00 - - - -
390
(` in Lakhs)
S. Name of Activity Sector in which Projects/ Amount Amount spent Amount Spent direct /
No. the project is Programmes outlay on the project through implementing
covered 1 local area/Others (Budget) for Unspent Agency
2 Specify the State/ of Project/ CSR Account
district (Name Program wise for the year
of the Name of 2020-21
Corporate Overview
the District/State
where project/
programme was
undertaken
1 Socio Economic Empowerment of Skill Development 1 Amritsar 4.80 1.68 Shree Durgiana
Poor Girls through skill Development 2 Punjab" (3.12 spent Committeee
training program in Amritsar, Punjab. during 2020-
21)"
2 School Education – Setting up of School Education 1 Bhagwanpur, 12.00 1.20 District Administration,
Smart Class Rooms for 12 Rajkiya Laksar and Narsan (10.80 spent Haridwar
Middle Schools in Bhagwanpur, 2 Haridwar, during 2020-
Laksar and Narsan Blocks at Uttrakhand" 21)"
Haridwar District, Uttrakhand.
3 Swastha Bharat project- Providing Preventive Health 1 Kaiserganj 24.92 2.07 M/s Aroh Foundation
Healthcare Services to Schools Care 2 Bahraich, Uttar (12.46 spent
Statutory Reports
children by Organising General Pradesh" during 2019-
Health Check up Camps, Adolescent 20 and 6.19
Workshop, Swachhta Rally and spent during
Tree Plantation in Kaiserganj Block, 20-21)"
Bahraich district, Uttar Pradesh
4 Renovation of existing main School Education 1 Gobindpur 50.00 5.28 M/s Rajkiya Middle
academic building block including Bajidpur (20.00 spent School, Gobindpur
boundary wall, construction of one 2 Vaishali, Bihar" during 2019-
room and water supply arrangement 20 and `
including bore well for students of 20.00 during
Rajkiya Middle School, Gobindpur 2021-22)"
Bajidpur, Block-Bidupur, Distt-
Vaishali, Bihar

5 Arogya Project- Providing Healthcare Preventive Health 1 Sirsia, 24.45 2.23 M/S Sustainable Action
Services to Schools children in 45 Care Hariharpurani, (12.22 spent Towards Human
Government Schools by Organising Jamunaha, Ikona, during 2019- Empowerment (SATHEE)
Health Check up cum awareness Gilola 20 and 7.82
camps on Nutrition & Hygiene in 2 Shravasti, Uttar during 2020-
Shravasti district,Uttar Pradesh Pradesh" 21)"
6 School Education through School Education 1 Tilhar 22.10 0.54 M/s Gurgia Charities
reconstruction of four class rooms 2 Shahjahanpur, (16.43 spent
including electric fitting and furniture Uttar Pradesh" during 2020-
& fixture for students of Lala Baijnath 21)"
Janki Pathshala (LBJP) Inter-College,
Tilhar, Distt- Shahjahanpur, Uttar
Pradesh.
391
(` in Lakhs)
S. Project ID Name of the Project Financial Year in Project Total Amount spent Cumulative Status of the project-
No. which the project duration amount on the project amount spent Completed/ Ongoing.
was commenced allocated in the reporting at the end
for the Financial Year of reporting
project Financial Year
Corporate Overview
20/S.E/ rooms including electric fitting
Tilhar/ and furniture & fixture for
U.P/31 students of Lala Baijnath Janki
Tilhar, Distt- Shahjahanpur, Uttar
Pradesh.
CSR/2019- Providing Healthcare Services to 31.12.2021
20/H.C/ Schools children by Organising
Bahraich/ General Health Check up
U.P/13 Camps,Adolescent Workshop,
Swachhta Rally and Tree
Plantation in Kaiserganj Block,
Bahraich district, Uttar Pradesh
3 WAP/ Arogya Project- Providing 2019-20 01.01.2020- 24.44 2.17 24.44 Completed
CSR/2019- Healthcare Services to Schools 31.12.2021
20/H.C/ children in 45 Government
Statutory Reports
Shravasti/ Schools by Organising Health

U.P/24 Check up cum awareness camps
on Nutrition & Hygiene in
Shravasti district,Uttar Pradesh
(j) 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. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc. Nil
4. Provide details of the capital asset (s) created or acquired (including complete address and location of the
capital asset). Nil

(k) Specify the reason (s), if the company has failed to spend two percent of the average net profit as per section
135(5)
During 2021-22, the Company has taken up CSR works for 2% of the average net profit as per section 135(5).
However, against the target of 2% the expenditure incurred is 1.82%. The remaining amount could not be
released due to non-completion of activities. Accordingly the remaining has been transferred to unspent CSR
account as indicated in Item no 8 (a) column 2 above.
392
(` in Lakhs)
Total Amount Amount Unspent
Spent for Total Amount transferred to Unspent CSR Account as per sec- Amount transferred to any fund specified under Schedule VII as
the Financial tion 135 (6) per second proviso to section 135(5).
Year
373.03 13.00 12.09.2021 -
(` in Lakhs)
S. Name of the Project Item from Local Location of the Project Project Amount Amount Amount Mode of Mode of
No. the list of Area Duration allocated spent transferred implemen- implemen-
activities in (Yes/ for the in the to Unspent tation - tation - Through
Schedule 7 of No) Project current CSR Account Direct (Yes/ Implementing
the Act Financial for the No) Agency
Year Project as
State District
per Section
135(6)
1 Socio Economic Empowerment Item No No Punjab Amristar 1.12.2019- 4.80 3.12 1.68 No Shree Durgiana
of Poor Girls through Skill 2 School 30.08.3021 Committee,
Development Training Education Amritsar
Programme in Amritsar, Punjab
2 School Education - Item No No Uttrakhand Haridwar 03.02.2020- 17.00 16.29 - No District
Construction of Two 2 School 31.03.2021 Administration,
Classrooms in Rajkia Inter Education Haridwar
College Gandikhata,
Bahadrabad, District -
3 School Education – Setting Item No No Uttrakhand Haridwar 03.02.2020- 12.00 10.80 1.20 No District
up of Smart Class Rooms for 2 School 31.03.2021 Administration,
12 Rajkiya Middle Schools Education Haridwar
in Bhagwanpur, Laksar and
Narsan Blocks at Haridwar
District, Uttrakhand.
4 School Education through Item No No Uttar Shahjahanpur 04.03.2020 22.10 16.43 0.54 No Gurgia Charities,
reconstruction of four class 2 School Pradesh - 16.08.2021 Khanpur, New

rooms including electric fitting Education Delhi
and furniture & fixture for
students of Lala Baijnath Janki
Tilhar, Distt- Shahjahanpur,
393
Uttar Pradesh.

394
Year Project as
State District
per Section
135(6)
5 Development of Recreation Item No 3 No Delhi West Delhi 02.05.2019- 0.56 0.47 - No Shri Gyan Gangotri
Centre for Senior Citizens at Recreation 01.05.2020 Vikas Sanstha,
Madhu Vihar, New Delhi Centre for Uttam Nagar, New
Senior Citizens Delhi
6 Construction of Double Storey Item No No Bihar Vaishali 22.09.2019- 24.00 24.00 - No Sarvodaya Kissan
block of 4 rooms, Drinking 10 Rural 21.06.2020 Club, Vaishali,
water facility with Bore well Development Bihar
including network, Male
and Female Toilet Block and
Lighting arrangement in
Sarvodya Kissan Club (Atma)
for villagers of Baitpur Saidat,
Block-Bidupur, Distt-Vaishali,
Bihar.
7 Swastha Bharat project- Item No-1 No Uttar Bahraich 26.09.2019- 12.46 6.19 2.07 No Aroh Foundation,
Providing Healthcare Services Health Care Pradesh 31.12.2021 Sector-8, Noida
to Schools children by
Organising General Health
Check up Camps ,Adolescent
Workshop, Swachhta Rally and
Tree Plantation in Kaiserganj
Block, Bahraich district , Uttar
Pradesh.
8 (a) Health Care - Accredited Item No-1 No Uttar Bahraich 21.10.2019 18.00 18.00 - No District
social health activist (ASHA) Health Care Pradesh - 31.12.2020 Administration,
health Bahraich through
worker waiting room in District U.P
Women Hospital and 14 in
Community Health Centres
(CHCs) in Bahraich Distict,
Uttar Pradesh.
(b) Maintenance cost of 15 01.01.2021- 7.50 - -
ASHA Waiting Hall for Three 31.12.2023
years
9 Provision of medicines for Item No-1 No Gujarat Botad 01.11.2019- 4.80 1.16 - No Shree
needy poor patients of the Health Care 31.10.2020 Kashtbhanjandev
hospital being run by Shree Hanumanji Mandir,
Kasht bhanjan Dev Hanumanji Botad, Gujarat
Mandir in Salangpur, Distt.
Botad, Gujarat
Year Project as
State District
per Section
135(6)
10 Health Care Program for Item No-1 No Uttrakhand Haridwar 31.12.2019- 18.75 18.75 - No Artificial Limbs
Distribution of Aids & Assistive Health Care 30.10.2020 Manufacturing
devices to Divyangjan living Corporation of
in the District of Haridwar, India, Kanpur
Uttrakhand
11 Renovation of existing main Item No No Bihar Vaishali 24.09.2019- 30.00 20.00 5.28 No Rajkiya Middle
academic building block 2 School 31.03.2021 School, Gobindpur,
including boundary wall, Education Vaishali, Bihar
construction of one room and
water supply arrangement
including bore well for
students of Rajkiya Middle
School, Gobindpur Bajidpur,
Block-Bidupur, Distt- Vaishali,
Bihar
12 Arogya Project- Providing Item No-1 No Uttar Shravasti 01.01.2020- 12.22 7.82 2.23 No Sustainable Action
Healthcare Services to Schools Health Care Pradesh 31.12.2021 Towards Human
children in 45 Government Empowerment,
Schools by Organising Health Sector-5,
Check up cum awareness Ghaziabad
camps on Nutrition & Hygiene
Pradesh
13 Renovation of Library room Item No 5, No Bihar Vaishali 03.10.2019- 3.30 3.30 - No Shree Mahavir
librarian Room Hall, Corridor, setting up 02.04.2020 Pushtakalaya ,
Construction of toilets and public libraries Vaishali, Bhar
upliftment of Library in Shree
Mahavir Pushtakalaya, Pull
Ghat, Hazipur, Distt. Vaishali,
Bihar
14 Sanitation and Public Utility Item No 1 No Bihar Sitamarhi 15.10.2018- 4.50 4.50 - No Aroh Foundation,
Program Construction of Sanitation 14.01.2019 Noida
Toilets in village Singhwahini,
District Sitamarhi, Bihar

15 Supporting the Liver Item No-1 Yes Delhi South West 01.04.2020- 14.00 14.00 - No Institute of
Transplantation Surgeries of Health Care 31.03.2021 Liver and Biliary
Economically Weaker Patients Sciences, New
Delhi
395
396
(` in Lakhs)
S. Name of the Item from the list of Local Area (Yes/ Location of the Project Amount Mode of im- Mode of implementation -
No. Project activities in Schedule No) spent plementation - Through Implementing Agency
7 of the Act District for the Direct (Yes/No)
State project Name CSR Registra-
State District
tion number
1 PM CARES - - - 200.00 - - -
FUND

(` in Lakhs)
4 Surplus arising out of the CSR projects or programmes or activities of the -
previous financial years, if any
(h) Details of Unspent CSR amount for the p0receding three financial years:
(` in Lakhs)
S. Preceeding Finan- Amount transferred to Un- Amount spent in the re- Amount transferred to any fund spec- Amount remaining to
No. cial Year spent CSR Account under porting Financial Year ified under Schedule VII as per section be spent in succeed-
section 135 (6) Name of 135 (6), if any ing financial years
the Fund
Name of Amount Date of transfer
the Fund
-
(` in Lakhs)
S. Project ID Name of the Project. Financial Project Total Amount spent Cumulative Status of
No. Year in duration. amount on the project amount spent the project-
which the allocated in the reporting at the end Completed/
project was for the Financial Year of reporting Ongoing
commenced project Financial Year
1 WAP/CSR/2019-20/ Socio Economic Empowerment of Poor 2019-20 1.12.2019- 4.80 3.12 3.12 Ongoing
Amritsar/20 Girls through Skill Development training 30.08.2021
program in Amritsar, Punjab
2 WAP/CSR/2019-20/S.E/ School Education - Construction of 2019-20 03.02.2020- 17.00 16.29 16.29 Completed
Haridwar/26 Two Classrooms in Rajkia Inter College 31.03.2021
Gandikhata, Bahadrabad, District -
3 WAP/CSR/2019-20/S.E/ School Education – Setting up of Smart 2019-20 03.02.2020- 12.00 10.80 10.80 Completed
Haridwar/27 Class Rooms for 12 Rajkiya Middle 31.03.2021
Schools in Bhagwanpur, Laksar and
Narsan Blocks at Haridwar District,
Uttrakhand.
4 WAP/CSR/2019-20/S.E/ School Education through reconstruction 2019-20 04.03.2020- 22.10 5.13 22.10 Completed
Tilhar/U.P/31 of four class rooms including electric 16.08.2021
fitting and furniture & fixture for
students of Lala Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar, Distt-
5 WAP/CSR/2019-20/ Development of Recreation Centre for 2019-20 02.05.2019- 3.67 0.47 3.58 Completed
MadhuVihar/6 Senior Citizens at Madhu Vihar, New 01.05.2020
Delhi
6 WAP/CSR/2019-20/Kissan Construction of Double Storey block of 4 2019-20 22.09.2019- 40.00 24.00 40.00 Completed
Club/Bihar/09 rooms, Drinking water facility with Bore 21.06.2020
well including network, Male and Female
Toilet Block and Lighting arrangement in
Sarvodya Kissan Club (Atma) for villagers
of Baitpur Saidat, Block-Bidupur, Distt-
Vaishali, Bihar.
7 WAP/CSR/2019-20/H.C/ Swastha Bharat project- Providing 2019-20 26.09.2019- 24.92 4.19 24.92 Completed
Bahraich/U.P/13 Healthcare Services to Schools children 31.12.2021
by Organising General Health Check up
Camps ,Adolescent Workshop, Swachhta

Rally and Tree Plantation in Kaiserganj
Block, Bahraich district , Uttar Pradesh
397
S. Project ID Name of the Project. Financial Project Total Amount spent Cumulative Status of
398
No. Year in duration. amount on the project amount spent the project-
which the allocated in the reporting at the end Completed/
project was for the Financial Year of reporting Ongoing
commenced project Financial Year
8 WAP/CSR/2019-20/H.C/ Health Care - Accredited social health 2019-20 21.10.2019- 105.00 18.00 105.00 Completed
Bahraich/U.P/16 activist (ASHA) health worker waiting 31.12.2020
room in District Women Hospital and 14
in Community Health Centres (CHCs) in
Bahraich Distict, Uttar Pradesh.
Maintenance cost of 15 ASHA Waiting 01.01.2021- 7.50 - - Ongoing
Hall for Three years 31.12.2023
9 WAP/CSR/2019-20/ Provision of medicines for needy poor 2019-20 01.11.2019- 8.00 1.16 4.36 Completed
Medicines/21 patients of the hospital being run by 31.10.2020
Shree Kasht bhanjan Dev Hanumanji
Mandir in Salangpur, Distt. Botad,

Gujarat
10 WAP/CSR/2019-20/H.C/ Health Care Program for Distribution of 2019-20 31.12.2019- 25.00 18.75 25.00 Completed
Haridwar/25 Aids & Assistive devices to Divyangjan 30.10.2020
living in the District of Haridwar,
Uttrakhand
11 WAP/CSR/2019-20/S.E/ Renovation of existing main academic 2019-20 24.09.2019- 50.00 20.00 40.00 Completed
Gibindpur/Bihar/08 building block including boundary wall, 31.03.2021
construction of one room and water
supply arrangement including bore well
for students of Rajkiya Middle School,
Gobindpur Bajidpur, Block-Bidupur, Distt-
Vaishali, Bihar
12 WAP/CSR/2019-20/H.C/ Arogya Project- Providing Healthcare 2019-20 01.01.2020- 24.44 7.82 20.04 Ongoing
Shravasti/U.P/24 Services to Schools children in 45 31.12.2021
Government Schools by Organising
Health Check up cum awareness camps
on Nutrition & Hygiene in Shravasti
district, Uttar Pradesh
13 WAP/CSR/2019-20/Library/ Renovation of Library room librarian 2019-20 03.10.2019- 22.00 3.30 22.00 Completed
Bihar/10 Room Hall, Corridor, Construction of 02.04.2020
toilets and upliftment of Library in Shree
Mahavir Pushtakalaya, Pull Ghat, Hazipur,
Distt. Vaishali, Bihar
14 WAP/CSR/2018-19/ Sanitation and Public Utility Program 2018-19 15.10.2018- 22.50 4.50 22.50 Completed
Sitamardhi/Toilet/7 Construction of Toilets in village 14.01.2019
Singhwahini, District Sitamarhi, Bihar
15 WAP/CSR/2017-18/ILBS/21 Supporting the Liver Transplantation 2017-18 01.04.2020- 14.00 14.00 Ongoing
Surgeries of Economically Weaker 31.03.2021 14.00
Patients
(j) 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. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered , their
address etc. Nil
4. Provide details of the capital asset (s) created or acquired (including complete address and location of the capital
Corporate Overview
asset). Nil
135(5)
During 2020-21, the Company has taken up CSR works for 2% of the average net profit as per section 135(5). However,
against the target of 2% the expenditure incurred is 1.93%. The remaining amount of ` 13 Lakhs could not be released
due to non-completion of activities because of COVID conditions in the country. Accordingly the unspent amount has been
transferred to unspent CSR account as indicated in Item no 8 (a) column 2 above.
In a matter of NPCC Limited a subsidiary of the Parent Company
FINANCIAL YEAR 2021-2022

(` in Lakhs)
Amount Unspent
Total Amount transferred to Amount transferred to any fund specified under
Total Amount Spent Unspent CSR Account as per Schedule VII as per second proviso to section
for the Financial Year section 135 (6) 135(5)
Statutory Reports
39.64 - - Clean Ganga Fund 49.01 To be transferred
under NMCG by 30th Sept 2022
399
400
(` in Lakhs)
S. No. Name of the Project Item from the Local Location of the Project Project Amount Amount Amount Mode of Mode of
list of activities in Area Duration allocated spent in transferred to implementation - implementation -
the Act No) Project Financial Account for the Implementing
Year Project as per Agency
Section 135(6)
State District
1 Construction of One toilet Item no i Yes Dhalai District 3 years 8.00 7.77 0.23 Yes
block at social study centre
under Dhalai District and
one toilet block of Sub-

dispensary centre under
Dhalai District.
2 "Nutritional Security and Item no i Yes Palghar 3 years 12.04 12.04 - Yes
Immunity for Women and District
Families" -An Awareness
and training Campaign
for the 500 Women
SHGs of Palghar District,
Maharashtra
3 One day cleaning program Item no. iv Yes Imhal District 1 day 2.00 1.94 0.06 Yes
in and around 3(three)
Ima market and 1(one)
temporary Ima market in
Imphal, Manipur
4 Providing an Ambulance Item no. i Yes Lunglei 1 day 18.46 17.89 0.57 Yes
Van in Civil Hospital, Lunglei District
District, Mizoram
(` in Lakhs)
S. Name Item from Local Location of Amount Mode of Mode of implementation

No. of the the list of Area the Project spent implementation - Through Implementing
Project activities (Yes/ for the - Direct (Yes/No) Agency
in No) project
Corporate Overview
Schedule
7 of the
Act
number
1 Clean Clean - - - 28.16 - - -
Ganga Ganga
Fund Fund
under
NMCG
(d) Amount spent on Administrative Overheads - ` Nil

(g) Excess amount for set off, if any - NA
Statutory Reports
(` in Lakhs)
S. No. Preceeding Amount Amount Amount transferred to any fund Amount
Financial transferred to spent specified under Schedule VII as remaining to
Year Unspent CSR in the per section 135 (6), if any be spent in
Account under reporting succeeding
section Financial financial years
135 (6) Year
Fund transfer

1 2019-20 - 22.72
2 2020-21 79.04 21.68 28.16 Transferred in September,2021
in Clean Ganga Fund
3 2021-22 59.00 39.64 ` 49.01
Lakhs by
September,22
401
(` in Lakhs)
S. Project ID Name of the Project Financial Year in Project Total Amount spent Cumulative Status of the project-
No. which the project duration amount on the project amount spent Completed/ Ongoing.
was commenced allocated in the reporting at the end
for the Financial Year of reporting
project Financial Year
Corporate Overview
1 Construction of One toilet block 2021-22 3 Year 8.00 7.77 7.77 Completed
at social study centre under
Dhalai District and one toilet
block of Sub- dispensary centre
under Dhalai District.
2 "Nutritional Security and 2020-21 3 Year 12.04 10.20 12.04 Completed

Immunity for Women and
Families" -An Awareness and
training Campaign for the
500 Women SHGs of Palghar
District, Maharashtra
(j) 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. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
Statutory Reports
address etc. Nil

4. Provide details of the capital asset (s) created or acquired (including complete address and location of the
capital asset). Nil
135(5) Nil

(` in Lakhs)
Total Amount Spent Amount Unspent
Total Amount transferred to Amount transferred to any fund specified Remarks
for the Financial

Year Unspent CSR Account as per under Schedule VII as per second proviso
section 135 (6) to section 135(5).
Amount Date of Name of the Amount Date of
Transfer Fund Transfer
21.69 79.04* 30.09.2021 Clean Ganga 28.16 17.09.2021 *79.04 Lakh consist of ongoing unspent amt
Fund under Rs 77.20 Lakh & 1.84 Lakh against GST
NMCG
402
(` in Lakhs)
Section 135(6)
State District
1 Renovation for the Item no i Yes Begusarai (Bihar) 3 years 19.21 19.21 - Yes
Training Centre at
Sadar Hospital’ in
Begusarai, Bihar.
2 "Nutritional Item no i Yes Palghar District 3 years 12.00 1.80 10.20 Yes
Security and
Immunity for
Women and
Families" -An
Awareness and
training Campaign
for the 500
Women SHGs of
Palghar District,
Maharashtra
403
(` in Lakhs)
S. Name of the Item from Local Location of the Amount Mode of Mode of
No. Project the list of Area Project spent for the implementation - implementation -
activities in (Yes/ project Direct (Yes/No) Through Implementing
Schedule 7 No) Agency
of the Act
Corporate Overview

number
1 Swachhta Item no i Yes Guwahati, 0.68 Yes -
Activities Nava
Raipur,
Bilaspur,
Ranchi,
Lucknow
and
Kolkata
45. RELATED PARTY DISCLOSURES (IND AS 24)

Statutory Reports
(Information has been extracted from books of accounts certified by the management)
PARENT COMPANY

WAPCOS Employees Contributory Provident India Post – Employment Benefit Plan of WAPCOS
Fund Trust Limited
WAPCOS Employees Defined Contribution India Post – Employment Benefit Plan of WAPCOS
Superannuation Benefit (Pension Trust) Limited
WAPCOS Employees Gratuity Fund Trust India Post – Employment Benefit Plan of WAPCOS
Limited

WAPCOS Employees Contributory Provident India Post – Employment Benefit Plan of WAPCOS
Fund Trust Limited
WAPCOS Employees Defined Contribution India Post – Employment Benefit Plan of WAPCOS
Superannuation Benefit (Pension Trust) Limited
WAPCOS Employees Gratuity Fund Trust India Post – Employment Benefit Plan of WAPCOS
Limited
404

Chairman-Cum-Managing Director
Shri R.K Agrawal (w.e.f. 04.10.2021)
Ms. Debashree Mukherjee (Up to 03.10.2021)
Corporate Overview
Whole Time Directors
Shri Pankaj Kapoor, Director (Finance)
Shri Anupam Mishra, Director (Commercial & HRD)

Shri P Harish (Upto 04.11.2021)
Shri Subodh Yadav
Shri Abhay Thakur (w.e.f. 16.12.2021)
Non – Executive (Independent Directors)

Ms. Preeti Madan
Shri Anil Kumar Trigunayat (w.e.f. 12.01.2022)
Shri Jasbir Singh Thakur (w.e.f. 15.01.2022)
Shri Lakhan Lal Sahu (w.e.f. 02.02.2022)
Shri Partha Sarathi Ghosh (w.e.f. 23.02.2022)
Statutory Reports
Company Secretary
Shri K.K. Kandwal (Up to 31.01.2021)
Ms. Kavita Parmar (w.e.f. 10.02.2021)

(` in Lakhs)
Short Term Post – Other Long- Share based Short Term Post – Other Long- Share based
Employees Employment term benefits payment & Employees Employment term benefits payment &
benefits benefits Termination benefits benefits Termination
Benefits Benefits
Sh. R.K. Agrawal 46.13 0.85 4.09 - - - - -

Sh. R.K. Gupta - - - - 69.59 - - -
Sh. Pankaj Kapoor 53.55 0.05 3.76 - 54.85 0.99 2.23 -
Sh. Anupam Mishra 50.11 0.22 2.58 - 48.55 1.53 1.99 -
Sh. K.K. Kandwal - - - - 44.35 0.15 1.43 -
Ms. Kavita Parmar 10.79 0.46 0.52 - 1.44 1.02 0.05 -
Total 160.58 1.58 10.95 - 218.78 3.69 5.70 -
405
Disclosures in respect of transactions with identified related parties are given only for such period during which
such relationships existed.
Chairman–cum–Managing Director is allowed use of staff car for private journeys up to a ceiling of 1000 kms per
month on payment of ` 2000/- per month (Previous Year ` 2000/- PM).
Director (Finance) & Director (Commercial & HRD) are allowed use of staff car for private journeys up to ceiling of
1000 kms per month on payment of ` 490/- per month (Previous Year ` 490/- per month).
Corporate Overview
iv. Details of Remuneration/sitting fees paid to Independent Directors

(` in Lakhs)
Dr Preeti Madan 2.70 3.45
Shri Anil Kumar Trigunayat 0.45 -
Shri Lakhan Lal Sahu 0.45 -
Shri Partha Sarathi Ghosh 0.45 -
Shri Jasbir Singh Thakur 0.15 -
Total 4.20 3.45
v. Balances outstanding with Key Management Personnel (Payable)

Statutory Reports
(` in Lakhs)

Payables Payables
Sh. R.K. Agrawal 6.66 -
Sh. Anupam Mishra 9.44 9.16
Sh. Pankaj Kapoor 9.30 8.22
Sh. K.K. Kandwal - 4.14
Ms. Kavita Parmar 0.77 1.44
Total 26.17 22.96
No money is due from Key Management Personnel as on 31st March 2022.

vi. Transactions with Government Related Entities
Government of India (GOI) is holding 100% equity shares of the company, which are held by President of India
& its nominees.
The Company has made various transactions with the Ministry of Jal Shakti and entities being controlled or jointly
controlled or having significant influence of the Ministry of Jal Shakti. The Transactions with them are as under:
406

(` in Lakhs)
Revenue 5123.45 8376.04
Procurements 841.55 911.73
Corporate Overview
Total 5965.00 9287.77
Significant balances with Government related Parties

(` in Lakhs)
Other Advances 1.69 425.18
Payables 3021.42 1713.61
Receivables 8465.13 10248.31
In a matter of NPCC Limited a subsidiary of the Parent Company

Statutory Reports
NPCC Ltd. Employees Contributory Provident Fund Trust and NPCC India Post – Employment Benefit
Limited Employee Gratuity Trust Plan of NPCC Limited

NPCC Ltd. Employees Contributory Provident Fund Trust and NPCC India Post – Employment Benefit
Limited Employee Gratuity Trust Plan of NPCC Limited

Period
From To
Ms. Debashree Additional Charge of CMD 01st October, 2020 4th Oct, 2021
Mukherjee
Sh R.K Agrawal Additional Charge of CMD 4th Oct, 2021 Till date
Sh Manohar Kumar Director Engineering 21st April, 2016 20th April, 2021
Sh. Pankaj Kapoor Additional Charge of D(F) 04th September, 2020 Till date
Smt. Rajni Agarwal Company Secretary 09th November, 2006 Till date
407
Period
From To
Sh. Jagmohan Gupta Government Nominee Director 21st July, 2015 13th May, 2021
Sh. Anupam Mishra "Government Nominee Director 13th August, 2019 Till date
Corporate Overview
(Part Time Director)"

Sh Manoj Sethi "Government Nominee Director 2nd July, 2021 8th March, 2022
(Part Time Director)"
Independent Directors
Period
From To
Smt Anupama Hoskere Independent Director 21st January, 2022 Till Date
Shri Yajurvendra Ail Mahajan Independent Director 21st January, 2022 Till date
*All the 3 position of Independent directors was vacant during the FY 2020-21 and part of FY 2021-22.Also one
position of independent director is still vacant.
Statutory Reports
(` in Lakhs)
Short Term Post – Other Long- Share based Short Term Post – Other Long- Share based
Employees Employment term benefits payment & Employees Employment term benefits payment &
benefits benefits Termination benefits benefits Termination
Benefits Benefits
Sh Manohar Kumar 5.21 - - - 41.72 1.25 - -
Sh Sahab Narain - - - - 17.12 2.23 - -
Sh. Pankaj Kapoor - - - - - - - -
Smt. Rajni Agarwal 24.96 3.31 - - 24.42 - - -

Total 30.17 3.31 - - 83.26 3.48 - -
Disclosures in respect of transactions with identified related parties are given only for such period during which
such relationships existed.
408
iv. Details of Remuneration/sitting fees paid to Independent Directors

(` in Lakhs)
Ms. Anupama Hoskere 0.23 -
Shri. Yajvendra Anil Mahajan 0.23 -
Total 0.46 -
Corporate Overview
*All the 3 position of Independent directors was vacant during the FY 2020-21 and part of FY 2021-22.Also one
position of independent director is still vacant.
v. Balances outstanding with Key Management Personnel (Payable)

(` in Lakhs)

Payables Payables
Sh Manohar Kumar 4.16 -
Sh Sahab Narain - -
Sh. Pankaj Kapoor - -
Smt. Rajni Agarwal - -
Total 4.16 -
Statutory Reports
vi. Transactions with Government Related Entities
Government of India (GOI) is holding 100% equity shares of WAPCOS Ltd.( the parent company), which are held
by President of India acting through Ministry of Jal Shakti and its nominees.
The company has made various transactions with the Ministry of Jal Shakti and entities being controlled or jointly
controlled or having significant influence of the Ministry of Jal Shakti. The Transactions with them are as under:

(` in Lakhs)

Revenue 706.68 3307.12

Procurements - -
Total 706.68 3307.12
409
Significant balances with Government related Parties

(` in Lakhs)

Other Advances - -
Payables 319.12 -
Corporate Overview

Receivables 584.40 401.45
46. LEASES
a. Amounts recognised in the Balance Sheet
The balance sheet shows the following amounts relating to leases:
Right of Use Assets

Buildings 1234.90 2050.26
Vehicle 25.73 55.30
Lease Liability
Statutory Reports

(` in Lakhs)
Buildings 501.76 928.83 1430.59
Vehicle 20.69 7.86 28.55
Total 522.45 936.69 1459.14

(` in Lakhs)
Buildings 636.87 1636.67 2273.54

Vehicle 30.52 28.56 59.08
Total 667.39 1665.23 2332.62
Additions to the Right of use during FY 2021-22 were ` 297.63 Lakhs
410
b. Amounts recognised in Statement of Profit or Loss:

The Statement of Profit or Loss shows the following amounts relating to Leases
(` in Lakhs)
Depreciation Charge of Right of Use assets 31st March, 2022 31st March, 2021
Buildings 661.51 814.47
Corporate Overview
Vehicles 28.79 40.95
(` in Lakhs)
Interest Expenses (Included in Finance Cost) 31st March, 2022 31st March, 2021
Interest Expense 162.53 220.91
The total cash outflow for leases in 2021-2022 ` 806.89 Lakhs (` 781.85 Lakhs for ROU Building & ` 33.60 Lakhs
for ROU Vehicle).
c. The Group’s leasing activities and how these are accounted for
The Group leases various offices and vehicles. Rental contracts are typically made for fixed periods of 6 months to
8 years, but may have extension options as described below:
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of
real estate for which the Group is a lessee, it has elected to separate lease and non-lease components and instead
Statutory Reports
accounts for these as a single lease component.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The
lease agreements do not impose any covenants other than the security interests in the leased assets that are held
by the lessor. Leased assets may not be used as security for borrowing purposes.
d. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability
for each period.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a
straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset’s useful life.
Payments associated with short-term leases of Office Buildings and all leases of low-value assets are recognised on
a straight-line basis as an expense in profit or loss.
411
Lease Payments not included in the measurements of Lease Liability:

The Expense relating to payments not included in the measurement of lease liability is as follows:
(` in Lakhs)

Short Term Leases 1425.86 1150.10
Corporate Overview
Variable Lease Payments - -

Total rental expenses relating to operating leases 1425.86 1150.10
e. Extension and Termination option

Extension and termination options are included in a number of property leases across the company. These are
used to maximise operational flexibility in terms of managing the assets used in the company’s operations.
f. The lease term is reassessed if an option is actually exercised (or not exercised) or the company becomes obliged
to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a
significant change in circumstances occurs, which affects this assessment, and that is within the control of the
lessee.
Pursuant to Para 58 of Ind AS 116, a maturity analysis of lease liabilities applying Para 39 and B11 of Ind AS 107,
Financial Instruments; Disclosures separately from maturity analyses of other financial liabilities.
Maturities of Lease liabilities
Statutory Reports
The amounts disclosed in the table below are the contractual undiscounted cash flows.
(` in Lakhs)
Contractual maturities Less than 6 6-12 months Between 1 and Between 2 Over 5 Total
of financial liabilities months 2 years and 5 years years

(` in Lakhs)
Contractual maturities Less than 6 6-12 months Between 1 and Between 2 Over 5 Total
of financial liabilities months 2 years and 5 years years
Set out below are the carrying amount of Lease liabilities and the movement during the period
412
(` in Lakhs)
As at 01st April 2021 2332.61
Corporate Overview
Payments (806.89)
As at 31st March 2022 1459.16
Current 522.47
Non-Current 936.69
(` in Lakhs)
As at 01st April 2020 2596.93
Payments (970.52)
Statutory Reports
As at 31st March 2021 2332.61
Current 667.38
Non-Current 1665.23
47. Operations in Iraq have ceased since many years and due to repatriation restrictions, full provision has been
made against the Bank Balances of ` 383.69 Lakh (ID 381403.165). Revaluation of balance in the bank account
in foreign currency was last made on 31st March, 1995.
The Exim Bank which is intermediary for settlement of the outstanding in Iraq, has vide letter dated 30/7/2013,
advised that the notional credit entries for interest earned on the outstanding credit balance of NPCC in the bank
account has been made for US $ 7.17 Lakh (equivalent to ` 544.28 Lakh converted @` 75.9103 per USD as at 31st
March 2022) by Central Bank of Iraq in its books, not amounting to actual credit to the account of the Exim Bank.
48. CAPITAL MANAGEMENT Consolidated Financial Statements

The Group’s objectives when managing capital are:
• To ensure Group’s ability to continue as a going concern, and
• To provide adequate returns to shareholders
The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions
and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
413
The amounts managed as capital by the Group are summarized as follows:

(` in Lakhs)
Equity Share Capital 13000 13000
Other Equity 65112.98 60852.51
Total Equity of the Group 78112.98 73852.51
Corporate Overview
Borrowings 8085.25 4820.03

Net debt to equity ratio 0.10 0.07
49. The Management is of opinion that there is no impairment of cash generating assets in terms of Ind AS 36
(Impairment of Assets).
50. ACCOUNTING POLICIES, CHANGE IN ACCOUNTING ESTIMATES AND ERRORS (IND

AS 8)
i. Prior Period Transactions are as follows:
(` in Lakhs)
Statutory Reports
Expenditure:
Bank Charges and Guarantee Commission 291.64 35.56
Services Obtained 718.01 926.05
Salary, Remuneration and Incentives 1.36 2.91
Others 26.83 (59.03)
Construction Expenses 7.60 11.59
Depreciation on Tangible Assets 0.05 -
CSR Expenses 1.84 -
Provision for Trade Receivable and Retention Money (1,901.18) (561.89)
Total Expenditure (increase/(Decrease) (853.85) 355.19

Income:
Revenue from Operation (597.94) (764.32)
Other Income (622.52) -
Total Income Increase/(Decrease) (1,220.46) (764.32)
414
ii. Impact on Balance Sheet items is as follows:

(` in Lakhs)
Prior Period for the Year Head Grouping Note Impact on Prior to Total
2020-21 01-04-2020
Liabilities
Trade Payables Trade Payable-Current 14B 743.41 969.61 1713.02
Corporate Overview
Other Payable Other Current Financial 16A 2.88 - 2.88
Liabilities
CSR Payable Other Current Financial 19B 1.84 - 1.84
Liabilities
Income Accrued but not due Other Non-Current Liabilities 737.86 61.81 799.67
Employee Payable Other Current Financial 6.16 5.71 11.87
Liabilities
Statutory dues Other Current Liabilities 16B 0.002 - 0.002
Total Change in Liabilities 1492.15 1037.13 2529.28
Assets
Accrued Interest Other Financial Assets - Non- 4A (4.39) - (4.39)
Current
Statutory Reports
Trade Receivable - Unsecured, Trade Receivable 7 2329.15 (140.62) 2188.53
considered good
Amount deposited with courts/ Other Current Assets 11 - 56.75 56.75
authorities
Advances to suppliers/sub Other Non Current Assets 7 - 37.40 37.40
contractors
Bank deposits having original Cash and Cash Equivalents 0.42 - 0.42
maturity less than 3 months
(interest accrued)
Accumulated depreciation Property, Plant and (0.05) - (0.05)
Equipment
Balance with Government Other Current Assets - (0.35) (0.35) Consolidated Financial Statements
Authorities
Deferred Tax Assets Deferred Tax Assets (619.90) - (619.90)
Unbilled Revenue Trade Receivable 11 (288.05) - (288.05)
Prepaid Expenses Other Current Assets 5 (247.95) (35.56) (283.51)
Balance with banks in Current Cash and Cash Equivalents 8 (43.69) - (43.69)
A/C's
Total Change in Assets 1,125.54 (82.38) 1,043.16
415
iii. Impact on Statement of Profit and Loss items is as follows:
(` in Lakhs)
Prior Period for the Year Note As on
31st March 2022
Impact on 2020-21
Corporate Overview
Expenditure
Bank Charges and Guarantee Commission 28 291.64
Services Obtained 25 718.01
Salary, Remuneration and Incentives 1.36
Others 26.83
Provision for Trade Receivable and Retention Money (1,901.18)
Construction Expenses 23 7.60
Depreciation on Tangible Assets 28 0.05
CSR Expenses 28 1.84
Total Expenditure (853.85)
Income
Revenue from operation 19 (597.94)
Statutory Reports
Other Income 20 (622.54)

Total Income (1220.48)
Net Impact on Profit after Tax (366.63)
51. Computer Software in form of Intangible Assets disclosed as per Note no. 2B are amortized over the period
of three years on straight line basis or over their license period, as applicable. The amount amortized is as under:
(` in Lakhs)
Amortization recognized in the Statement of Profit & Loss 56.83 77.93
The Management is of opinion that there is no impairment of Intangible Assets (i.e. Software) in terms of Ind AS
– 36 (Impairment of Assets) as notified by Ministry of Corporate Affairs (‘the MCA’).
52. DISCLOSURES ON OPERATING SEGMENTS (IND AS 108)

Operating Segments are defined as components of company 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. The Group’s CODM is Chairman-cum-Managing Director.
i. The Group has identified two operational reportable segments based on operations being carried out which are
as under:
a. Consultancy Services
b. Construction Contracts.
416
ii. Geographical wise revenues segment is disclosed as under:

a. Revenue within India from consultancy includes quality assurance & project management services, turnkey
construction projects.
b. Revenue from outside India includes services rendered towards project management consultancy services,
turnkey construction projects.
iii. The accounting principles used in the preparation of the financial statements are consistently applied to record
Corporate Overview
revenue & expenditure in individual segment, as set out in the note of significant accounting policies.
iv. Revenue and expenses directly attributable to segments are reported under each reportable segment. All
other expenses which are not attributable or allocable to the segments have been disclosed as un- allocable
expenses.
v. Assets and liabilities used in the Group’s business are not identified to any of the reportable segments as
these are used interchangeably between segments. Depreciation, amortization & impairment on Property, Plant &
Equipment and Intangible Assets cannot be allocated to a specific segment. Group believes that it is currently not
practicable to provide segmental disclosure relating to total assets, total liabilities and depreciation, amortization
& impairment since a meaningful segregation of the available data could be onerous.
vi. Operational Segments
(Information has been extracted from Books of Accounts certified by the management)
(` in Lakhs)
Statutory Reports
Description Consultancy Services Construction Projects Total
Revenue 49951.85 19618.01 210197.19 32.26 279799.31
Segmental Profit / (Loss) from 14948.84 4960.95 4547.36 (485.77) 23971.38
operations
Less: Un – allocable Expenses including 20623.81
exceptional item
"Less: Income Tax 3579.14 Consolidated Financial Statements
Non-cash expenses / (Income) other -
than depreciation and amortization
417

(` in Lakhs)
Description Consultancy Services Construction Projects Total

Revenue 45981.53 22130.04 181755.96 1419.77 251287.30
Corporate Overview
Segmental Profit / (Loss) from 11274.46 8673.17 6,375.15 (794.65) 25528.13

operations
Less: Un – allocable Expenses including 23077.27
exceptional item
Statutory Reports
Non-cash expenses / (Income) other -

than depreciation and amortization
Profit on Sale of PPE 0.55
vii. Revenue of Rs. 77467.98 Lakhs (Previous Year Rs. 65532.50 Lakhs) from major customers is given below:
(` in Lakhs)
Description 31st March 2022 31st March 2021
Consultancy Turnkey / Total Consultancy Turnkey / Total
Services Engineering Services Engineering
Projects Projects
Customer-1 28141.52 24866.25 53007.77 20003.76 16898.52 36902.28
Customer-2 14546.99 9913.22 24460.21 18375.94 10254.28 28630.22
Total 42688.51 34779.47 77467.98 38379.70 27152.80 65532.50
418
53. FINANCIAL ASSETS AND LIABILITIES

The carrying amounts of Financial Assets and Financial Liabilities in each category are as follows
Financial Instruments by Category
(` in Lakhs)
Corporate Overview
FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Financial Assets:
including Retention
money and security
deposits (Non-current)
Investments – Non- - - 39.52 39.52 - - 37.25 37.25
Current*
Trade Receivables - 215257.94 - 215257.94 - 206530.54 - 206530.54
Cash and Cash - 55723.67 - 55723.67 - 62926.28 - 62926.28
Equivalents
Other Bank Balances - 131710.30 - 131710.30 - 73069.73 - 73069.73
Statutory Reports
including security
deposits (Current)
Total Financial Assets - 446334.72 39.52 446374.24 - 405362.9 37.25 405400.15
(` in Lakhs)
FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Financial Liabilities:
Trade Payables 180744.97 180744.97 - 183731.21 - 183731.21

(Current & Non-
Current)
Other Financial 69404.70 69404.70 - 65625.98 - 65625.98
Liabilities (Current and
Non-current)
Total Financial - 250149.67 - 250149.67 - 249357.19 - 249357.19
Liabilities
419
The Carrying amount of Trade Receivables, Trade Payables and Cash and Cash Equivalent are considered to be
same as their Fair Values.
The Carrying amount of the Financial Assets and Liabilities carried at Amortized Cost is considered a reasonable
approximation of Fair Value.
i. Fair Value Hierarchy
Financial Assets and Financial Liabilities measured at fair value in the Balance Sheet are grouped into three
Corporate Overview
levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the
measurement, as follows:
Level – 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level – 2: The fair value of Financial Instruments that are not traded in an active market is determined using
valuation techniques which maximize the use of observable market data rely as little as possible on entity specific
estimates
Level – 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in Level 3
The following tables shows the levels within the hierarchy of Financial Assets and Liabilities measured at Fair Value
on a recurring basis at 31st March 2022 and 31st March 2021:
ii. Financial Assets measured at Fair value – Recurring Fair Value Measurements
(` in Lakhs)
Statutory Reports
Particulars Period Note Ref. Level - 1 Level - 2 Level – 3 Total

Financial Instruments at - - - -
FVTOCI
Non-Current Investments – 31st March 2022 - - 2.27 2.27
Equity Shares
31st March 2021 - - 2.22 2.22
iii. Valuation Technique used to determine Fair Value

Specific valuation techniques used to value financial instruments includes the use of Net Assets Value of Unquoted
Equity Shares on the basis of the Audited Financial Statements received from investee party.
420
54. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to credit risk, liquidity risk and market risk. The Group’s Board of Directors has
overall responsibility for the establishment and oversight of company’s risk management framework. This note
explains the sources of risk which the entity is exposed to and how the entity manages the risk and related impacts
in the financial statements.
i. Credit risk
Corporate Overview
The Group is exposed to credit risk from its operating activities (Primarily trade receivables) and from its financing
activities including Deposits with Banks, Mutual funds and financial institutions and other financial instruments.
Credit Risk Management
The Group assesses and manages credit risk of Financial Assets based on following categories arrived on the basis
of assumption, inputs and factors specific to the class of Financial Assets.
A: Low Credit Risk on financial reporting date
B: Moderate Credit Risk
C: High Credit Risk
In accordance with Ind AS 109, the Group is required to apply Expected Credit Loss Model for measurement and
recognition of impairment loss for Financial Assets which comprise of Cash & Cash Equivalent. Bank balances,
Investments, Trade Receivables, SD/Retention Money etc. As a practical expedient, the Group has adopted
"Simplified Approach using the provision matrix method for recognition of expected credit loss on trade receivables
and SD/Retention Money as there is no risk of default in respect of Cash & Cash Equivalent, Bank balances,
Statutory Reports
Investments etc. This adopted provision matrix is based on historical default rates observed over the expected life
of the trade receivables and is adjusted for forward – looking estimates. At every reporting date, the historical
default rates are updated and changes in the forward – looking estimates are analysed. Further receivables are
segmented for this analysis where the credit risk characteristics of the receivables are similar.
While working out the ECL provision, the quantum of advance available against a particular project shall be set
off against the current year outstanding debtors of respective project. Further, the quantum of trade payables
in respect of back to back contracts shall be set off against the respective project trade receivables of respective
years. No provision shall be made in respect of deferred debts (debtors which have not become due for payment
as at 31 March of respective financial year). The Group has reviewed the existing ECL matrix grade percentages
for the F.Y 2021-22 on the basis of forward looking estimates and following ECL grade matrix has been applied
in respect of trade receivables / retention money for the F.Y 2021-22:

Current 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10
Grade Matrix for FY year years years years years years years years years years
2021-2022
5% 7% 10% 30% 40% 55% 70% 85% 90% 100%
Current 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10
Grade Matrix for FY year years years years years years years years years years
2021-2022
3% 5% 8% 40% 70% 82% 83% 84% 85% 100%
421
Impact on Profitability due to change in Grade Matrix

(` in Lakhs)
Particulars Before Rate Change After Rate Change Impact

Net Provision Created 11020.29 4776.90 6243.39
Corporate Overview
The Group provides for Expected Credit Loss based on the following:
Asset Group Basis of categorization Provision for Expenses credit

loss
A: Low Credit Risk Cash and cash Equivalents, other Bank Balances, 12 months expected credit loss
other Financial Assets and Non-current
investments.
B: Moderate Credit Risk Trade Receivables & Retention Money Lifetime expected credit loss
C: High Credit Risk Trade Receivables and other Financial Assets Lifetime expected credit loss or
fully provided for
In respect of Trade Receivables, the Group recognizes a provision for lifetime Expected Credit Loss.
Based on business environment in which the Group operates, a default on a Financial Asset is considered when
the counter party fails to make the payment within agreed time period as per contract or decided later based
Statutory Reports
upon the factual circumstances on case-to-case basis. Loss rates reflecting defaults are based on actual credit loss
experience and considering differences between current and historical economic conditions.
Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy
or litigation decided against the company. The Group continues to engage with parties whose balances are
written off and attempts to enforce repayment. Recoveries made are recognized in Statement of Profit & Loss.
(` in Lakhs)
Asset Group Particulars 31st March 2022 31st March 2021
A: Low Credit Risk Cash & Cash Equivalents, Other Bank 231116.30 198869.64
balances, other financial assets and non-
current investments.
B: Moderate Credit Risk Trade receivables and other financial 180630.59 181546.82
assets
C: High Credit Risk Trade receivables and other financial 66846.64 53640.71
assets
Concentration of Trade Receivables

The Group's major exposure to credit risk for trade receivables are from various Central and State Government
departments/ Ministries.
Credit Risk Exposure
Provision for Expected Credit Losses
The Group provides for Expected Credit Losses based on 12 month and lifetime expected credit loss basis for
following financial assets
422
A: Low Credit Risk

31st March 2022
(` in Lakhs)
Particulars Note Ref. Carrying Amount Impairment Carrying amount net of

Provision of impairment
Cash and Cash equivalents 9 56107.36 (383.69) 55,723.67
Corporate Overview
31st March 2021

(` in Lakhs)
Particulars Note Ref. Carrying Amount Impairment Carrying amount net of
Provision of impairment
Cash and Cash equivalents 9 63309.97 (383.69) 62926.28
B: Moderate Credit Risk (consisting of Trade Receivables and Retention ageing from 1-3 years)
Statutory Reports
Expected credit loss for trade receivables & retention money under simplified approach
31st March 2022
(` in Lakhs)
Note Up to 1 Between 1 year Between 2 year
Ageing Ref. year and 2 years and 3 years Total
Gross carrying amount 7 95723.66 42145.00 42761.93 180630.59

(considered good)
Carrying amount of trade 93,422.55 39,845.82 39,432.32 1,72,700.69

receivable (Net of impairment)
31st March 2021 (` in Lakhs)

Note Up to 1 Between 1 year Between 2 year
Ageing Ref. year and 2 years and 3 years Total
Gross carrying amount 7 101069.51 56932.16 23545.15 181546.82

(considered good)
Carrying amount of trade 99,572.87 54,774.84 22,209.12 1,76,556.83
receivable (Net of impairment)
423
C: High credit risk

31st March 2022
(` in Lakhs)
Particulars Note Ref. Period Carrying Impairment Carrying amount
amount net of Impairment
provision
Corporate Overview
Trade Receivables & 7 Above 3 years 66846.64 (24289.39) 42557.25

Retention Money
31st March 2021

(` in Lakhs)
Particulars Note Ref. Period Carrying Impairment Carrying amount
amount net of Impairment
provision
Trade Receivables & 7 Above 3 years 53640.71 (23667.01) 29973.70
Retention Money
(` in Lakhs)
Reconciliation of Loss Allowance 31st March 2022 31st March 2021
Statutory Reports
Opening Loss allowance 28942.21 23999.78

Impairment loss recognized 5934.38 7806.33
Reversal/ Recovery (2275.05) (2863.90)
Closing Loss allowance 32601.54 28942.21
ii. Liquidity Risk
The Group's principal sources of liquidity are Cash and Cash Equivalents which are generated from Cash Flow
from Operations. The Group considers that the Cash Flow from Operations is sufficient to meet its current liquidity
requirements.
Maturities of Financial Liabilities
The tables below analyze the Group's financial liabilities into relevant maturity groupings based on their contractual
maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within
12 months equal their carrying balances as the impact of discounting is insignificant.
424
31st March 2022

(` in Lakhs)
Particulars Note Ref. Up to one year More than one year Total
Trade Payable 15 158386.83 22358.13 180744.96
Total 168107.43 53318.96 221426.39
Corporate Overview
31st March 2021
(` in Lakhs)
Particulars Note Ref. Up to one year More than one year Total
Trade Payable 15 168609.23 15121.97 183731.2
Total 179520.40 43759.15 223279.55
iii. Market risk

The Group's exposure towards Price rise arises from investments held and classified in the Balance Sheet at fair
value through Other Comprehensive Income.
The Group's exposure to equity securities price risk arises from Investments held by the company and classified in
Statutory Reports
the Balance Sheet as Fair Value through Other Comprehensive Income (OCI).
(` in Lakhs)
Particulars Note Ref. 31st March 2022 31st March 2021
Investments - Unquoted Investments 3 39.52 37.25
iv. Foreign Exchange risk

The Group has international transactions and is exposed to foreign exchange risk arising from foreign currency
transactions. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities
denominated in a currency that is not the Group's functional currency.
(` in Lakhs)

Construction 27.05 1334.54
Consultancy 14,030.22 13550.09
Other Income (includes interest on FDR’s) 195.14 326.21
Total 14252.41 15210.84
425

(` in Lakhs)
Fee for Services obtained 1,520.27 2698.55
Employee Benefit Expenses 2,100.74 1487.62
Travel 289.61 165.05
Corporate Overview
Others 2,158.19 1789.46

Total 6068.80 6140.68
Foreign currency risk exposures

(Currency in Lakhs)
31st March 2022
Particulars
Financial Assets
Trade Receivables 165.17 11.35 35.06 14121.97 7.18 149.93 - - - 25.98 96.45
Cash and cash equivalent 346.13 0.55 1.96 5277.97 - 22.82 0.09 0.002 17.31 - 25.23
Other Bank Balance 1.61 - - - - - - - - - -
Security Deposit 0.03 - - 76.64 - - - - - - 1.84
Total 512.94 11.90 37.02 19476.58 7.18 172.75 0.09 0.002 17.31 25.98 123.51
Statutory Reports
(Currency in Lakhs)
31st March 2022
Particulars
Trade Payables 55.44 0.14 10.1 2845.56 - 145.94 - - - - 56.78
Payable to employees 23.67 - - - - - - - - - -
Renention money 157.32 - - - - - - - - - -
Total 236.43 0.14 10.10 2845.56 0.00 145.94 0.00 0.00 0.00 0.00 56.78
(Currency in Lakhs)
31st March 2021

Particulars
Trade Receivables 202.61 11.07 0.28 15301.38 21.53 479.97 22.27 -
Cash and cash 389.73 10.94 11.89 3792.99 - 20.79 0.09 0.002 17.31 - 64.51
equivilant
Other Bank Balance 1.95 - - - - - - -
Security Deposit 0.33 - - - - - - - - - -
Total 594.62 22.01 12.17 19094.37 21.53 500.76 0.09 0.00 17.31 22.27 64.51
426
(Currency in Lakhs)
31st March 2021
Particulars
Trade Payables 87.86 0.14 10.10 2845.56 - 478.07 - - - - -
Payable to employees 2.17 - - - - - - -
Corporate Overview
Renention money 173.56 - - - - - - - - - -
Total 263.59 0.14 10.10 2845.56 0.00 478.07 0.00 0.00 0.00 0.00 0.00
Sensitivity Analysis of 5% change in exchange rate at the end of reporting period

(` in Lakhs)
Impact on Profit and Loss Account 1,048.08 49.78 2.00 17.63 3.10 0.35 10.51 2.94 1,134.38
- Income/ (Expense)
Impact on Profit and Loss Account (1,048.08) (49.78) (2.00) (17.63) 3.10) (0.35) (10.51) (2.94) (1,134.38)
- Income/ (Expense)
Statutory Reports
(` in Lakhs)
Impact on Profit and Loss Account 1,216.62 94.03 0.18 16.17 9.21 0.42 9.33 2.78 1,348.74
- Income/ (Expense)
Impact on Profit and Loss Account (1,216.62) (94.03) (0.18) (16.17) 9.21) (0.42) (9.33) (2.78) (1,348.74)
- Income/ (Expense)
427
v. Interest Rate risk

The Group is also exposed to Interest Rate risk, changes in interest rate will affect future cash flows or fair value
of its financial instrument, principally debt.
The exposure of the Group's borrowings at the end of the reporting period are as follows:
(` in Lakhs)
Interest Rate Exposure 31st March 2022 31st March 2021
Corporate Overview
Borrowings
Non Current - Floating (including Current Maturities) 3982.87 -
Current 4102.38 4820.03
Total 8085.25 4820.03
Sensitivity Analysis for Non-Current Borrowings of 1% change in interest rate at the end of reporting
period
(` in Lakhs)
Interest Rate Sensitivity

Particulars 1% increase in Interest rate 1% decrease 1% increase in 1% decrease
in Interest Interest rate in Interest
rate rate
Impact on Profit and Loss 243.68 (243.68) - -
Statutory Reports
55. NET GAIN/LOSS ON FOREIGN CURRENCY EXCHANGE TRANSACTION &

TRANSLATION
(` in Lakhs)
Exchange Variation Income 1364.20 975.05
Exchange Variation Expenditure 798.86 1402.63
Net Effect – Gain / (Loss)* 565.34 (427.58)
*That effective current financial year under considerations, exchange fluctuation is not calculated on Non-monetary
items being adjustable Trade advances received or paid.
428
56. CONTINGENT LIABILITIES, CONTINGENT ASSETS AND COMMITMENTS
(To the extent not provided for) (As certified by management)

(` in Lakhs)
i. Contingent Liabilities - Parent Company
Corporate Overview
1. Claims against the company not acknowledged as debt. 27356.48 29984.57
2022 2021
By Employee 35.31 47.14
By Others 27321.17 29937.43
(Counter claims of the company against above claims amounts to ` Nil
for 31st March 2022 (Previous Year ` 9603.49 Lakhs) not accounted
for in books.)
2. Demand cum Show-Cause notice issued by Service Tax Department 16667.99 16667.99
(The above show-cause notice issued by the Service tax Department
in the year 2014. The company had contested the said show cause
notice and submitted its replies to the department. Several hearings
have been conducted by the department and no further demand
notice has been issued after the initial show cause notice.)
Statutory Reports
"3. Others – Liquidated Damages 10316.87 12084.97
The Company is executing a large number of projects which have
long gestation period & require clearances/ approval from various
Government agencies, which is a time-consuming process. The amount
depicted in the note relates to the probable amount of liquidated
damages that may be levied on the company if the project is not
completed in time schedule. "
Contingent Liabilities - Subsidiary Company
Outstanding claims of contractor pending in arbitration and Courts 17850.15 11205.49
Service tax and Income tax demands and interest on income tax 28043.85 22603.29
demad disputed in appeals / rectification

ii. Contingent Assets - -
iii. Commitments
1. Bank Guarantees for Performance, Earnest Money Deposits and 83817.40 75193.23
Security Deposits
2. Estimated amount of contracts remaining to be executed on Capital 644.44 -
account and not provided for (Refer Note No. 2)
Total 184697.18 167739.54
429
Movement Chart for Contingent Liability

(` in Lakhs)
Addition: During the year 47951.08 36086.05
Less: Adjusted / Settled during the year (30993.44) (15253.80)
Corporate Overview
57. REVENUE FROM CONTRACTS WITH CUSTOMERS (IND AS 115)

i. Significant Management judgments on Revenue Recognition
Recognized amounts of contract revenues and related receivables reflect management ‘s best estimates of each
contract’s outcome and stage of completion which is determined based on progress, efforts, cost incurred to
date bear to the total estimated cost of the transaction, time spend, service performed or any other method
that management considered appropriate. For more complex contracts in particular, cost to complete and
contract profitability are subject to significant estimation and uncertainty.
ii. Group has contract with customers for different services which are given below:·
• Consultancy services
• Turnkey construction projects
Statutory Reports
iii. Group has recognized revenue either on the basis of over time or point of time depends upon satisfaction of
performance obligation on transferring control of goods or services to customers. Revenue has been recognized
by the company over time basis if any one of the following conditions is met:
• Customer simultaneously receives and consumes the benefits.
• Company’s performance creates or enhances an asset that the customer controls as the assets is created or
enhanced.
• Company performance does not create with alternative use and company has enforceable right to payment
for performance completed to date.
Revenue from Contracts with Customers (Ind AS 115) establishes a framework for determining whether,
how much and when revenue is recognised and requires disclosures about the nature, amount, timing
and uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is
recognized through a 5-step approach:
a. Identify the contract(s) with customer,
b. Identify separate performance obligations in the contract,
c. Determine the transaction price,
d. Allocate the transaction price to the performance obligations, and
e. Recognise revenue when a performance obligation is satisfied.
430
Contract Assets – Unbilled Revenue
Invoices are raised to the clients on the basis of milestones mentioned in the contract. In some of the cases,
performance obligation is completed, however billing is not done due to factors other than passage of time as
mentioned in the milestone. Revenue in excess of billing is unbilled revenue and is classified as a contract asset.
Any amount previously recognised as a contract asset is reclassified to trade receivables as and when billing is
done and respective milestone is achieved.
Corporate Overview
Movement of Contract Assets – Unbilled Revenue
(` in Lakhs)
Amount reversed (1144.29) (18752.30)
Movement of Contract Assets - Retention Money

(` in Lakhs)
Statutory Reports
Movement of Contract Assets - Security Deposit

(` in Lakhs)
Net addition 1209.67 1442.69
Closing Balance 4608.03 4541.24 Consolidated Financial Statements
Contract Liabilities – Revenue received in Advance
A contract liability is recognized if the entity receives consideration (or if it has the unconditional right to receive
consideration) in advance of performance.
431
Movement of Contract Liabilities - Revenue received in Advance

(` in Lakhs)
Net addition 106612.24 58696.06
Amount reversed (65092.90) (54084.94)
Corporate Overview
Movement of Contract Liabilities - Retention Money

(` in Lakhs)
Net addition 8142.88 5127.16
Movement of Contract Liabilities - Security Deposit

(` in Lakhs)
Statutory Reports

Net addition 1363.94 8733.82
Disclosure pursuant to para 116(b) & (c) of Ind AS 115 in respect of ‘revenue recognised in the reporting period
that was included in the contract liability balance at the beginning of the period’ and ‘revenue recognised in the
reporting period from performance obligations satisfied (or partially satisfied) in previous periods are as below:
(` in Lakhs)

Revenue recognised in the reporting period that was included in the contract liability 26770.51
balance at the beginning of the period
Revenue recognised in the reporting period from performance obligations satisfied (or 359.70
partially satisfied) in previous periods
432
Disaggregation Revenue Information
The below presents Disaggregated Revenues from contract with customer for the year ended 31st March 2022
from various streams of revenue. The Group believe that this Disaggregation best depicts how the nature, amount,
timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factor.
(` in Lakhs)
Corporate Overview
Particulars Consultancy Services Construction Projects Total
2021-22 49951.85 19618.01 210197.19 32.26 279799.31
2020-21 45981.53 22130.04 181755.96 1419.77 251287.30
iv. Group is rendering many project management consultancy services for and on behalf of clients.
Payments from customers are linked with performance obligations. Wherever on the reporting date work has
been performed and payment is not received as per the contract, in such cases contract assets have been created.
However, where payment is received in advance, but performance obligations have not been completed, in such
cases, contract liabilities have been created. Advances received by the Group for are execution of work and are in
the nature of security i.e., a source of protection.
During the year provision for impairment of amount receivable from client for services rendered/goods supplied
amounting to ` 5059.64 Lakhs pertaining to current year (Previous Year ` 7756.16 Lakhs has been provided).
Statutory Reports
58. During the year ended 31st March 2022, ` 5341.86 Lakhs (Previous Year ` Nil) of unbilled revenue as of 1st
April 2021 has been reclassified to Trade receivables upon billing to customers on Completion of milestones.
In case of Subsidiary company, unbilled revenue of ` 1368.97 Lakh is pending in litigation/disputes and have been
duly impaired in books of accounts.
59. The aggregate value of performance obligations which are yet to be completed as at 31st March 2022 is
` 1587491.56 Lakhs which pertains to various segment of the Group.
(Information has been extracted from books of accounts certified by the management.)

(` in Lakhs)

(` in Lakhs)
433
*The Group is of the view that the suspension in some projects is temporary in nature and the activities shall
resume, once the constraining conditions go away. The Group is confident of fulfilling its technical and financial
obligations as well as realization of money due from these projects. Hence, the recoverable as well as payables,
are not static in nature and stated at actual balances recoverable and payables. Adequate provisioning is though
made on such receivables in terms of the companies Expected Credit Loss Policy. Further, in the absence of any
formal communication, stalled projects have been identified as ones on which there is no active working for more
than 3 years.
Corporate Overview
60. Group has not incurred any cost for obtaining contracts except administrative cost required for preparation
of offers and the same is charged to statement of Profit and Loss. Cost incurred (except procurement cost) in
fulfilling the contract is charged to Statement of Profit and Loss if it is not recoverable, otherwise the same is part
of unbilled revenue and unbilled Assets.
61. Disclosure of Group interest in Joint arrangements:

(` in Lakhs)
S.No. Name of the arrangement Group’s Partners and their Country

Interest partnership Interest (PI)
2021-22 2020-21
1 Lower Seti (Tanahu) 84.80% 84.80% "Principal Joint Arrangement Nepal
Hydropower Project (LSHEP) Partner-
Nippon Koei Limited – 15.2%"
2 Power Transmission 81.65% 81.65% "Principal Joint Arrangement Nepal
Statutory Reports
and Distribution System Partner-

Strengthening Project SMEC International PTY. LTD.
– 18.35%"
62. The sum of ` 54.71 Lakhs pertains to old balance of Leave travel concession not likely payable by the Group.
The requisite measures are being take for assessing likely liability of the Group.
63. A sum of Rs. 228.75 Lakhs is appearing in Note No. 4B towards employee advances. That due measure is
being taken for recovery/adjustment of the same and impairment of Rs. 26.77 Lakhs have been duly provided.
The Group is of the view that the balance amount is fully recoverable.
64. The Group is executing several projects on deposit works basis. Adequate provision for Interest payable to
the clients has been made in the books to the extent the ideal funds have been utilized by the Group. The total
Interest cost provided for during the year is ` 1385.29 Lakhs (Previous Year ` 1397.96 Lakhs) and the interest
payable has been duly disclosed in Note No. - 25 to the financial statement.
65. The reconciliation of GST Portal with book amount of sales, purchase & credit ledger is in the process which
shall be accomplished after filing of requisite returns.
66. The Group has a policy of taking bond money from new regular recruits engaged in the Group. The bond
money is kept in the form of fixed deposit receipts with banks in the name of the Group. The interest accrued on
the deposits along with principal amount is treated as Asset & Liability in the books of the Group. On successful
completion of the bond period, the bond money is returned to the respective officials with interest accrued
thereon. If the official leaves the Group before the completion of the bond period, the same is forfeited and the
same is treated as Income. The amount of such FDRs as on 31st March 2022 is `. 160.70 Lakhs (Previous Year `.
148.45 Lakhs). The Group has adequate internal control for regulating the employees related FDRs & measures
are being taken for digitising the procedure for reconciliation at each employee level.
434
67. The Group was executing Five number of projects in Afghanistan when the political situation changed on
15.08.2021. Owing to change of Government in Afghanistan, all project operations were temporarily suspended.
The Group had trade receivable amounting to ` 4033.88 Lakhs due from Afghanistan projects as on 15.08.2021.
Out of this, the Group had received ` 2029.82 Lakhs vide on 04.04.2022 (Total amount ` 2065.23 Lakhs and TDS
` 35.41 Lakhs). Thus the balance value of trade receivables due from Afghanistan projects is ` 1992.30 Lakhs. The
management is confident regarding the recovery of due balances in these projects.
Corporate Overview
68. The Group was executing Two number of projects in Sri Lanka & is having trade receivable amounting to
` 92.46 Lakhs due from Sri Lanka projects as on 31.03.2022. The management is confident regarding the recovery
of due balances in these projects.
69. The Subsidiary Company is not paying GST on deposit received from Project authority in terms of proviso to
section 2(31) of the CGST Act. However Group is also in process to file a representation seeking relaxation for GST
to be paid on advances for services rendered under works contract.
As per section 2(31) of CGST Act 2017, funds received as deposits are not in the nature of consideration and hence
GST liability on the same does not arise at the time of receipt of deposit. Rather the GST liability is discharged at
the time of provision of services. On funds received other than for deposit works projects, GST is paid at the time
of receipt of advance fund by the Company.
70. In case of Subsidiary company, The Board of Directors in its 333rd meeting held on 18th August, 2021 has
decided vide agenda no 333.11 to consider for creation of a corpus and framing of Post Retirement Medical
Scheme in order to take care of medical and any other emergency needs of retired employees retired on or before
01.01.2007 and Board desired that assessment should be done for a uniform policy for all employees (even those
Statutory Reports
who retired after 01.01.2007). Same will be put up in next board meeting.
71. OTHER INFORMATION

i) The Group does not have any Benami property, where any proceeding have been initiated or pending against
the Group for holding any Benami property.
ii) The Group did not have any transactions with Companies struck off.
iii) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
iv) The Group has not traded or invested in Crypto currency or Virtual Currency dusring the respective financial
years / period.

v) The Group has not advanced or loaned or invested funds to any 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 person or entities identified in any manner whatsoever by or on
behalf of the Group (Ultimate Beneficiaries) or
vi) The Group has 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 Group shall:
a) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or
435
vii) The Group does not have any 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 Tax Act, 1961 (such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
viii) The Group has not been declared wilful defaulter by any bank or financial institution or other lender.
Corporate Overview
ix) The Group has complied with the number of layers prescribed under Section 2(87) of the Act read with
Companies (Restrictions on Number of Layers) Rules, 2017.
72. Previous year figures have been regrouped and / or reclassified, whenever, necessary to confirm to those of
the current year grouping and / or classification. Negative figures have been shown in brackets.

(Kavita Parmar) (Anil Trigunayat) (Anupam Mishra) (Pankaj Kapoor) (RK Agrawal)
Company Secretary Director Director (C & HRD) Director Chairman-cum-Managing
(DIN No. 07900294) (DIN No. 08271048) (Finance) Director
(DIN No. (DIN No. 09344894)
07290569)
Serva Associates
Statutory Reports
FRN - 000272N
Sd/-
Nitin Jain
Partner
M. No. 506898
30 Aug. 2022
Place: New Delhi
Dated: 28 Aug. 2022
436

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8

INTRODUCTION substation, transmission, distribution networks, rural

& Customized Solutions for Sustainable Development

• Irrigation, Drainage and Water • Hydropower • Water Supply, Sanitation

• Preliminary Investigations/ • Baseline and Socio-Economic Surveys • Operation &

Standalone Financial Statements

AWARDS/RECOGNITION Sector” - Instituted by Central Board of Irrigation

Public Enterprises, Government of India; “Best Energy, Exemplary services in Agriculture

Standalone Financial Statements

WAPCOS AT A GLANCE - FINANCIAL STATISTICS

DETAILS OF SUBSIDIARY/JOINT VENTURES AND ASSOCIATE COMPANY

NATIONAL PROJECTS CONSTRUCTION CORPORATION LIMITED (NPCC) - SUBSIDIARY COMPANY

8. DISINVESTMENT OF THE COMPANY AND LISTING OF ITS SHARES

9. QUALITY MANAGEMENT SYSTEM

10. AWARDS AND RECOGNITION

12. CORPORATE PLANNING /MARKETING STRATEGY

13. FOREIGN PROJECTS

Construction of Power House Concreting of Dam left bank blocks

CENTRAL AFRICAN REPUBLIC

Mbecko Project Site Gbassem Project Site

Standalone Financial Statements

Existing 33/11kV Substation, iIlha De Mozambique 400/275/66 kV Substation at Maputo

Standalone Financial Statements

DI 300mm Pipe Laying works at Mazizi

Clarifier at Upper Ruvu Water Treatment Plant

Tanga City funded by World Bank

Tower erection works in progress for 161 kV transmission line

Standalone Financial Statements

Excavation of Trenches in progress

Topography Survey Site Preview

Line Credit of Government of India

400kV GIS foundation casting 8M Internal Road Casting Work

Standalone Financial Statements

Highway Tunnel -1.5km Dam-Downstream View

• Design & Engineering of 600 MW Kholongchhu Hydro Electric Project

Location of Kuri-Gongri Dam Axis

Switch Yard at Basantapur Substation Switch Yard at Baneshwar Substation

66/11kV New Patan substation, Lalitpur 132/66/11kV Siuchatar substation, Kathmandu

Standalone Financial Statements

Trial Run for New Bubble Diffusers at Setting up of Desludging Equipment at

CENTRAL AND SOUTH AMERICA

14. INDIAN PROJECTS

Standalone Financial Statements

• Preparation of DPR for Gandikota Pumped Storage Project (1000 MW)

Geo-Technical Investigation works (Drilling) Geo-Physical survey at Project site

Drawings of Iconic Bridge

Standalone Financial Statements

• Project Management Agency (PMA) of projects under DDUGJY Scheme

Engineering for LiDAR Survey for the entire state

• Project Management Consultancy for Ganga Jal Aapurti Yojana

Standalone Financial Statements

Overhead Tank at Buxar Municipal Corporation Aurangabad Park

• Preparation of DPR and Construction of Ghat at Vaishali

Environmental Testing at Project Site on Soil Exploration/Geotechnical

• Construction works at Gujarat National Law University (GNLU)

Standalone Financial Statements

Construction of Director’s Bungalow (5bhk) Works carried out at canteen area

Bar Check Process

• Project Management Consultancy for Water Supply projects in the State

Standalone Financial Statements

Pipeline Alignment Survey U.T. Performing at Site

• Project Management Consultancy Service for Gandhinagar Municipal Corporation

Gotri Lake - Before Gotri Lake - After

Standalone Financial Statements

8. DISINVESTMENT OF THE COMPANY AND LISTING OF ITS SHARES

12. CORPORATE PLANNING /MARKETING STRATEGY