Adani Infrastructure and Management Services 2021 Annual Report.pdf

ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED
Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[700300] Disclosure of general information about company
Unless otherwise specified, all monetary values are in Crores of INR
01/04/2020
to
31/03/2021
01/04/2019
to
31/03/2020
Name of company
ADANI INFRASTRUCTURE
MANAGEMENT SERVICES
LIMITED
Corporate identity number U74999GJ2017PLC097813
Permanent account number of entity AAPCA6798M
Address of registered office of company
Adani Corporate House,
Shantigram, , Near
Vaishno Devi Circle, S.
G. Highway, Khodiyar, ,
Ahmedabad , GUJARAT ,
INDIA - 382421
Type of industry
C o m m e r c i a l a n d
Industrial
Name of parent entity
Adani Properties Private
Limited
Date of board meeting when final accounts were approved 03/06/2021
Date of start of reporting period 01/04/2020 01/04/2019
Date of end of reporting period 31/03/2021 31/03/2020
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Crores
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other relevant
books and papers in electronic form
Yes
Complete postal address of place of maintenance of computer
servers (storing accounting data)
Pl o t N o - B - 7 , S e c t o r - 1
3 2 , N o i d a ( U P ) .
201301.
Name of city of place of maintenance of computer servers (storing
accounting data)
Noida
Name of state/ union territory of place of maintenance of
computer servers (storing accounting data)
U t t a r
Pradesh
Pin code of place of maintenance of computer servers (storing
accounting data)
201301
Name of district of place of maintenance of computer servers
(storing accounting data)
Noida
ISO country code of place of maintenance of computer servers
+91 IN
Name of country of place of maintenance of computer servers
INDIA
Phone (with STD/ ISD code) of place of maintenance of computer
servers (storing accounting data) 079-25555650

2
ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Disclosure of principal product or services [Table] ..(1)
Types of principal product or services [Axis] 1
01/04/2020
to
31/03/2021
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 8483
Description of product or service category
TRNSMSN SHFTS &
CRNKS;GEARS;BALL
SCREWS; BEARING
HOUSING &OTHR
PLAIN SHFT BEARINGS
SPD CHNGRS INCL
T O R Q U E
CNVRTRSFFLYWHEELS;
Turnover of product or service category 531.28
Highest turnover contributing product or service (ITC 8 digit) code 84835010
Description of product or service
Textual information (1)
[See below]
Turnover of highest contributing product or service 531.28
Description of product or service
providing services of Operations and Maintenance to the Companies engaged in the Infrastructure Development Businesses including but not
limited to generation and distribution of Thermal Power, generation and distribution of Renewable Power, Setting up of Transmission
systems, development of Roads, Development of Ports facility and all other infrastructural facilities.
[700600] Disclosures - Directors report
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Principal business activities of company [Axis]
Product/service 1
[Member]
01/04/2020
to
31/03/2021
Details of principal business activities contributing 10% or more of total turnover of company [Abstract]
Details of principal business activities contributing 10% or more of total turnover of company
[LineItems]
Name of main product/service
Construction/erection
and maintenance of
p o w e r ,
telecommunication
and transmission
lines
Description of main product/service
Construction/erection
and maintenance of
p o w e r ,
telecommunication
and transmission
lines
NIC code of product/service 42202
Percentage to total turnover of company 100.00%

3
Particulars of holding, subsidiary and associate companies [Table] ..(1)
Particulars of companies [Axis] 1
01/04/2020
to
31/03/2021
Particulars of holding, subsidiary and associate companies [Abstract]
Particulars of holding, subsidiary and associate companies [LineItems]
Name of company
ADANI PROPERTIES
PRIVATE LIMITED
Country of incorporation of company INDIA
CIN of company U45201GJ1995PTC026067
Type of company Holding Company
Percentage of shares held 100.00%
Applicable section 2(46)
Details of indebtedness of company [Table] ..(1)
Indebtedness [Axis]
Secured loans excluding deposits
[Member]
Unsecured loans [Member]
01/04/2020
to
31/03/2021
31/03/2020
01/04/2020
to
31/03/2021
31/03/2020
Details of indebtedness of company [Abstract]
Details of indebtedness of company [LineItems]
Changes in indebtedness [Abstract]
Addition in indebtedness 58.99
Reduction in indebtedness (A) 61.79
Total changes in indebtedness -61.79 58.99
Principal amount at end of financial year 702.65 764.44 311.14 252.16
Interest accrued but not due at end of
financial year
5.64 6.56 17.36 18.94
Total indebtedness at end of financial year 708.29 771 328.5 271.1
(A) Adjustment (Amorisation during the Year) : -3.21
Details of shareholding pattern [Table] ..(1)
Shareholding pattern [Axis] Promoters [Member] Indian [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Details of shareholding pattern [Abstract]
Details of shareholding pattern [LineItems]
Number of demat shares held at end of period [shares] 9,994 [shares] 9,994 [shares] 9,994 [shares] 9,994
Number of physical shares held end of period [shares] 6 [shares] 6 [shares] 6 [shares] 6
Total number of shares held at end of period [shares] 10,000 [shares] 10,000 [shares] 10,000 [shares] 10,000
Percentage of total shares held at end of period 100.00% 100.00% 100.00% 100.00%
Percentage of total shares held at end of
period
100.00% 100.00% 100.00% 100.00%
period
100.00% 100.00% 100.00% 100.00%

4
Details of shareholding pattern [Table] ..(2)
Shareholding pattern [Axis] Corporate bodies [Member] Other [Member]
31/03/2021 31/03/2020 31/03/2021 31/03/2020
Details of shareholding pattern [LineItems]
Number of demat shares held at end of period [shares] 9,994 [shares] 9,994
Number of physical shares held end of period [shares] 6 (A) [shares] 6
Total number of shares held at end of period [shares] 9,994 [shares] 9,994 [shares] 6 [shares] 6
period
99.94% 99.94% 0.06% 0.06%
period
99.94% 99.94% 0.06% 0.06%
Footnotes
(A) Any Others (Nominee of Promoters)
Details of directors signing board report [Table] ..(1)
Directors signing board report [Axis] 1
01/04/2020
to
31/03/2021
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director ANIL
Middle name of director KUMAR
Last name of director GUPTA
Designation of director Director
Director identification number of director 06859132
Date of signing board report 03/06/2021

5
01/04/2020
to
31/03/2021
Disclosure in board of directors report explanatory [TextBlock]
[See below]
Description of state of companies affair
[See below]
Disclosure relating to amounts if any which is proposed to carry to any
reserves
In order to conserve
r e s o u r c e s f o r
operational purposes as
well as expansion of
business, your Directors
have not recommended any
dividend on equity shares
f o r t h e
year.
Disclosures relating to amount recommended to be paid as dividend
In order to conserve
r e s o u r c e s f o r
operational purposes as
well as expansion of
business, your Directors
have not recommended any
dividend on equity shares
f o r t h e
year.
Details regarding energy conservation
[See below]
Details regarding technology absorption
[See below]
Details regarding foreign exchange earnings and outgo
[See below]
Disclosures in director’s responsibility statement
[See below]
Details of material changes and commitment occurred during period
affecting financial position of company
[See below]
Particulars of loans guarantee investment under section 186 [TextBlock]
[See below]
Particulars of contracts/arrangements with related parties under section
188(1) [TextBlock]
[See below]
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
length basis
No
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
arm's length basis
No
Disclosure of extract of annual return as provided under section 92(3)
[TextBlock]
[See below]
Details of principal business activities contributing 10% or more
of total turnover of company [Abstract]
Particulars of holding, subsidiary and associate companies [Abstract]
Details of shareholding of promoters [Abstract]
Details of change in promoters shareholding [TextBlock]
Details of change in promoters’ shareholding [Abstract]
Details of shareholding pattern of top 10 shareholders [Abstract]
Details of shareholding pattern of directors and key managerial
personnel [TextBlock]
Details of shareholding pattern of directors and key managerial
personnel [Abstract]
Details of indebtedness of company [Abstract]
Changes in indebtedness [Abstract]
Disclosure of statement on declaration given by independent directors
under section 149(6) [TextBlock]
N o t
Applicable.
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters
provided under section 178(3) [TextBlock]
N o t
Applicable.
Disclosure of statement on development and implementation of risk
management policy [TextBlock]
[See below]

6
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year
[TextBlock]
[See below]
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock]
[See below]
Disclosure of change in nature of business [TextBlock]
N o t
Applicable.
Details of directors or key managerial personnels who were
appointed or have resigned during year [TextBlock]
[See below]
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during
year [TextBlock]
N o t
Applicable.
Details relating to deposits covered under chapter v of companies act
[TextBlock]
During the year under
review, your Company has
not accepted any deposits
within the meaning of
Section 73 of the
Companies Act, 2013 read
w i t h r u l e s m a d e
thereunder.
Details of deposits which are not in compliance with requirements
of chapter v of act [TextBlock]
N o t
Applicable.
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern
status and company’s operations in future [TextBlock]
[See below]
Details regarding adequacy of internal financial controls with
reference to financial statements [TextBlock]
that proper internal
financial controls were
in place and that the
financial control were
adequate and were
operating effectively;
Disclosure of appointment and remuneration of director or
managerial personnel if any, in the financial year [TextBlock]
[See below]
Details of remuneration of director or managerial personnel [Abstract]
Number of meetings of board [pure] 8
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]

7
Disclosure in board of directors report explanatory [Text Block]
DIRECTORS' REPORT
Dear Shareholders,
Your Directors are pleased to present the 4th Annual Report along with the audited accounts of your Company for the Financial Year ended
31st March, 2021.
Financial Highlights:
The audited financial statements of the Company as on 31st March, 2021 are prepared in accordance with the relevant applicable IND AS
and provisions of the Companies Act, 2013 (Act).
The financial highlight of your Company for the year ended 31st March, 2021 is summarized as below:
(Rs. in Crores)
Particulars For the year ended 31st March, 2021 For the year ended 31st March, 2020
Revenue from operations 531.28 506.64
Other Income 98.15 96.19
Total Revenue 629.43 602.83
Operating & Administrative Expenses 501.63 477.28
Operating Profit before Interest and Tax 127.8 125.55
Finance Costs 99.66 95.47
Profit/(Loss) Before Tax 28.14 30.08
Tax Expense (Including Deferred Tax) 7.38 7.96

8
Profit / (Loss) After tax 20.76 22.12
Other Comprehensive Income -0.73 0.1
Total Comprehensive Income for the Period/year 20.03 22.22
Financial Performance of the Company:
Your Company has recorded total income to the tune of Rs. 629.43 Crores during the financial year 2020-21 compared to Rs. 602.83 Crores
in the corresponding previous financial year.
Net Profit for the financial year 2020-21 is Rs. 20.76 Crores as compared to Profit of Rs. 22.12 Crores in the previous financial year.
Earnings per share stood at Rs. 20,759.70 on face value of Rs. 10 each.
Dividend:
In order to conserve resources for operational purposes as well as expansion of business, your Directors have not recommended any dividend
on equity shares for the year.
Material changes and commitments:
No material changes and commitments have occurred between the end of financial year of the company and the date of this report affecting
the financial position of the company as at 31st March, 2021.
Deposits:
During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013
read with rules made thereunder.

9
Subsidiaries, Joint Ventures and Associate Companies:
As at March 31, 2021, Your Company continues to be Whollyowned Subsidiary (WOS) of Adani Properties Private Limited (APPL).
Since the Company is WOS of APPL, the financials of the Company is consolidated in the financials of APPL pursuant to the provisions of
Section 129, 134 and 136 of the Companies Act, 2013 read with rules framed thereunder and the Company is therefore not required to
prepare the consolidated financial statements separately.
Particulars of Loans, Guarantee or Investment:
The provisions of Section 186 of the Companies Act, 2013, with respect to a loan, guarantee or security is not applicable to the Company as
the Company is engaged in providing infrastructural facilities and is exempted under Section 186 of the Companies Act, 2013. The Company
has not made any investment during the year under review.
Directors & Key Managerial Personnel:
During the year, Mrs. Maitri Kirankumar Mehta (DIN: 07549243) appointed as an Additional Director (Independent) on the Board of the
Company w.e.f 02.02.2021.
There is no other changes in directors of the Company
Pursuant to the requirements of the Companies Act, 2013 and Articles of Association of the Company, Mr. Jigar Maneklal Thakkar (Din:
08276831) is liable to retire by rotation and being eligible offers himself for re-appointment.
Directors Responsibility Statement:

10
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the
following:
that in the preparation of the annual financial statements, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any; that such accounting policies have been selected and applied consistently and judgement
and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at
31st March, 2021 and of the loss of the Company for the year ended on that date; that proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities; that the annual financial statements have been prepared on a going
concern basis; that proper internal financial controls were in place and that the financial control were adequate and were operating
effectively; that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and
operating effectively.
Secretarial Standards:
During the year under review, your company has complied with all the applicable Secretarial Standards.
No. of Board Meetings:
In compliance with the Companies Act, 2013 and the rules made thereunder, where permitted, Directors are provided the facility to join the
proceedings of the meeting through video conferencing.
During the period under review, The Board of Directors met 08 (Eight) times on 25th April, 2020, 03rd June, 2020, 09thJune, 2020, 17th
June, 2020, 07th September, 2020, 28th October, 2020, 14th December, 2020, 02nd February, 2021. The maximum time gap between any
two meetings is not more than 120 days.
The attendance of each Director at the Board Meetings held during the year under review is as under:
Name of Directors Meetings
Held Attended
Mr. Vneet S Jaain 8 8
Mr. Anil Kumar Gupta 8 8
Mr. Jigar Maneklal Thakkar 8 8
Mrs. Maitri Kirankumar Mehta* 0 0
*Appointed w.e.f. 02nd February, 2021

11
Board Evaluation:
The Board adopted a formal mechanism for evaluating its performance as well as that of its Committees and individual Directors, including
the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the Board
functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations,
contribution at the meetings and otherwise, independent judgment, governance issues etc.
Risk Management:
Your Company has a formal risk assessment and management system which periodically identifies risk areas, evaluates their consequences,
initiates risk mitigation strategies and implements corrective actions where required.
Committees of the Board:
Corporate Social Responsibility Committee (CSR):
The Present members of the Corporate Social Responsibility Committee are of Mr. Jigar Thakkar, Mr. Vneet S Jaain and Mr. Anil Kumar
Gupta.
During the year under review a Meeting of CSR Committee was held on 6th September, 2020.
The Company has identified Primary Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure
Development as the core sectors for CSR. The role and functions of the CSR Committee are in conformity with the requirements of Section
135 of the Companies Act, 2013 and the rules made thereunder. The Annual Report on CSR activities is annexed, as Annexure D which
forms part of this report.
Related Party Transactions:

12
All the related party transactions entered into during the financial year were in the ordinary course of business and on an arms length pricing
basis and none of the transactions with the related parties fall under the scope of Section 188(1) of the Companies Act, 2013. Accordingly,
the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24) has been made in the notes to the Financial Statements.
Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company:
There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status
and the Companys future operations.
Internal control systems and their adequacy:
The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Internal Audit
Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating
systems, accounting procedures and policies of the Company. Based on the report of internal audit function, process owners undertake
corrective action in their respective areas and thereby strengthen the controls.
Disclosure in relation to the Sexual Harassment of Women at workplace (prevention, prohibition & redressal) Act, 2013:
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made
thereunder, your Company has constituted Internal Complaints Committee which is responsible for redressal of complaints related to sexual
harassment.
Auditors & Auditors Report:
Earlier, on the recommendation of the Board, in the year of 2017-18, M/s Dharmesh Parikh & Co. LLP, Chartered Accountants, has been
appointed as Statutory Auditors of the Company from the conclusion of the 01st Annual General Meeting in the year of 2017-18 till the
conclusion of 06th Annual General Meeting of the company to be held in the Calendar Year 2023.
Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under
Section 134 of the Companies Act, 2013.
Audit Qualification:
There were no qualifications, reservation or adverse remarks given by Statutory Auditors of the Company.

13
Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the rules made thereunder, the Company had appointed M/s.
Samdani Shah & Kabra, Company Secretaries to undertake the Secretarial Audit of the Company.
The Secretarial Audit Report for FY 2020-21 in form MR-3 is annexed, which forms part of this report.
Extract of Annual Return:
The details forming part of the extract of the Annual Return in Form MGT-9 are annexed as an Annexure-A herewith, which forms part of
this Report.
Insurance:
The Company has taken appropriate insurance for all assets against foreseeable perils.
Particulars of Employees:
The Company has not employed any individual whose remuneration falls within the purview of the limits prescribed under the provisions of
Section 197 of the Companies Act, 2013, read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014.
A. Personnel who are in receipt of remuneration aggregating not less than Rs. 102 lacs per annum and employed throughout the year: Nil
B. Employed for a part of the financial year and were in receipt of remuneration for any part of the financial year at a rate which in
aggregate was not less than Rs. 8.5 lacs per month: Nil

14
C. Disclosures pertaining to remuneration of top ten employees of the company as on 31st March, 2021 are provided as Annexure - C to
this Report.
Cost Records:
Requirement of maintenance of cost records as specified by the central government under subsection (1) of section 148 of the companies act,
2013 is not applicable to the company.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section
134(3)(m) of the companies Act, 2013 read with Rule, 8 of the Companies (Accounts) Rules, 2014, as amended from time to time is annexed
as an Annexure - B to this report.
Acknowledgement:
Your Directors have pleasure in taking this opportunity to thank, Government Agencies, bankers and all other personnel of their continued
support and co-operation to the Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Date : 03.06.2021
Place : Ahmedabad
ANIL KUMAR GUPTA
CHAIRMAN
DIN:06859132
Annexure - A

15
ANNEXURE TO DIRECTORS REPORT
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
As on the financial year ended March 31, 2021
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN : U74999GJ2017PLC097813
Registration Date : 09th June, 2017
Name of the Company : Adani Infrastructure Management Services Limited
Category / Sub-Category of the Company : Company limited by Shares
Address of the Registered office and contact details :
Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway,
Khodiyar, Ahmedabad - 382421
Whether listed company : Unlisted
Name, Address and Contact details of Registrar and
Transfer Agent, if any
: LINK INTIME INDIA PRIVATE LIMITED
C 101, 247 Park, L.B.S. Marg,
Vikhroli (West)-400083
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the company shall be stated:

16
Name and description of main Products/Services
NIC Code of the Product/
service
% to total turnover of the
company
Construction/erection and maintenance of power, telecommunication and
transmission lines
42202 100
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Name and address of the Company
CIN/GLN
Holding/ Subsidiary/ Associate
% of shares held
Applicable Section
Adani Properties Private Limited U45201GJ1995PTC026067 Holding Company 100% 2(46)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i) Category-wise Share Holding
Category of Shareholders
No of Shares held
at the beginning of
the year
No. of Shares
held at the
end of the
year
%
Change
during
the
year
Demat Physical Total
% of
total
Shares
% of
total
Shares
A. Promoter
1 Indian

17
a) Individuals/ -- -- -- -- -- -- -- -- --
HUF
b) Central Government -- -- -- -- -- -- -- -- --
c) State Government(s) -- -- -- -- -- -- -- -- --
d) Bodies Corporate 9994 -- 9994 0.9994 9994 -- 9994 0.9994 Nil
e) Banks/FI -- -- -- -- -- -- -- -- --
f)
Any Others (Nominee of
Promoters)
-- 6 6 0.006 -- 6 6 0.006 Nil
Sub
Total(A)(1)
9994 6 10000 1 9994 6 10000 1 Nil
2 Foreign
a) NRIs-Individuals -- -- -- -- -- -- -- -- --
b) Other-Individuals -- -- -- -- -- -- -- -- --
c) Bodies Corporate -- -- -- -- -- -- -- -- --
d) Banks/FI -- -- -- -- -- -- -- -- --
e) Any Other -- -- -- -- -- -- -- -- --
Sub
Total(A)(2)
-- -- -- -- -- -- -- -- --
Total
Shareholding
9994 6 10000 1 9994 6 10000 1 Nil
of Promoter
and Promoter
Group
(A)=
(A)(1)+(A)(2)
B. Public shareholding
1 Institutions
a) Mutual Funds/ UTI -- -- -- -- -- -- -- -- --

18
b) Banks/FI -- -- -- -- -- -- -- -- --
c) Central Govt. -- -- -- -- -- -- -- -- --
d) State Govt. -- -- -- -- -- -- -- -- --
e) Venture Capital Funds -- -- -- -- -- -- -- -- --
f) Insurance Companies -- -- -- -- -- -- -- -- --
g) FII -- -- -- -- -- -- -- -- --
h) Foreign Venture Capital Funds -- -- -- -- -- -- -- -- --
i) Any Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(1)
2 Non-institutions
a) Bodies Corporate -- -- -- -- -- -- -- -- --
I Indian -- -- -- -- -- -- -- -- --
Ii Overseas -- -- -- -- -- -- -- -- --
b) Individuals -- -- -- -- -- -- -- -- --
I
Individuals shareholders holding
nominal share capital up to Rs 1
lakh
-- -- -- -- -- -- -- -- --
ii
Individual shareholders holding
nominal share capital in excess
of Rs. 1 lakh.
-- -- -- -- -- -- -- -- --
c) Other (specify) -- -- -- -- -- -- -- -- --
Sub-Total
(B)(2)
-- -- -- -- -- -- -- --
Total
Public
Shareholding
-- -- -- -- -- -- -- -- --
(B)=
(B)(1)+(B)(2)

19
C. Shares held by Custodians for
GDRs & ADRs
-- -- -- -- -- -- -- -- --
GRAND
TOTAL
(A)+(B)+(C)
9994 6 10000 1 9994 6 10000 1 Nil
ii) Shareholding of Promoter
Shareholders Name
No of Shares held at the
beginning of the year
No. of Shares held at
the end of the year
% Change
during the
year
% of
total
Shares
% of
total
Shares
1
Adani Properties
Private Limited *
9994 6 10000 1 9994 6 10000 1 Nil
* Shares held by Adani Properties Private Limited (APPL) including six nominees of APPL
iii) Change in Promoters Shareholding
Shareholding at the
beginning of the
year
Cumulative
Shareholding
during the year
No. of Shares
% of total
shares of the
Company
No. of Shares
At the beginning of the year
No change during
the year
Date wise Increase / Decrease in Promoters Shareholding during the year
specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/
sweat equity etc):
No change during
the year

20
At the end of the year
No change during
the year
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders
of GDRs and ADRs):
For each of the Top 10 Shareholder Shareholding at the beginning of the year Shareholding at the end of the year
No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company
NIL
v) Shareholding of Directors and Key Managerial Personnel
For each of the Directors and KMP Shareholding at the beginning of the year
Shareholding
at the end of
the year
No. of Shares % of total shares of the Company
No. of
Shares
% of total
shares of the
Company
None of the Directors and Key Managerial Personnel hold
share in the Company except, Mr. Vneet S Jaain are holding
one share each as nominee of Adani Properties Private
Limited.
Date wise Increase / Decrease in Promoters
Shareholding during the year specifying the reasons for
increase / decrease (e.g. allotment / transfer / bonus/
sweat equity etc):

21
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Amount in Rs)
Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 7644389910 2521562744 10165952654
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 65618082 189430618 - 255048701
Total (i+ii+iii) 7710007992 2710993363 - 10421001355
Change in Indebtedness during the financial year
Addition - 589884251 - 589884251
Reduction 650000000 - - 650000000
Adjustment (Amorisation during the Year) -32117716 - - -32117716
Net Change -617882284 589884251 -27998033
Indebtedness at the
end of the financial year
i) Principal Amount 7026507626 3111446995 - 10137954621

22
Total (i+ii+iii) 7082935270 3285073272 - 10368008542
VI.REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager: l
Sr No Particulars of Remuneration Not Applicable
1 Gross salary
a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961
b) Value of perquisites u/s 17(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)
Ceiling as per the Act

23
B. Remuneration to other Directors:
(Amount in Rs.)
Sr No Particulars of Remuneration
Not Applicable
1 Independent Directors
a) Fee for attending board, committee meetings
b) Commission
c) Others, please specify
Total (1)
2 Other Non-Executive Directors
b) Commission
Total (2)
Total (B) = (1+2)
Total Managerial Remuneration
C. Remuneration to key managerial personnel other than MD/manager/WTD
Not Applicable
1 Gross salary

24
2 Stock Option
3 Sweat Equity
4 Commission
- as % of profit
- others, specify
Total (A)
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type
Section of the
Companies Act
Brief
Description
Details of penalty/ punishment/
compounding fees imposed
Authority
[RD / NCLT/
COURT]
Appeal made, if any
(give details)
A. Company
Penalty
None
Punishment
Compounding
B. Directors
Penalty
None
Punishment
Compounding

25
C. Other Officers
in default
Penalty
None
Punishment
Compounding
Annexure B
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
A. Conservation of Energy:
(i) Steps taken or impact on conservation of energy:
AIMSL helped different customer for ESG initiatives like harvesting of Rainwater, Auxiliary consumption through Green sources, land
utilization through green cover, avoiding single use plastic etc.
Replace compact florescent lamp ( CFL ) with LED device in current year as well
High Efficiency Lighting control, Motors, Pumps and Fans installation in current year as well
(ii) Steps taken by the company for utilizing alternate sources of energy:
At present we are Providing Operation and Maintenance Services to different Customer. We have advised our Customer for use of renewable
energy source (Solar) as an alternate source of energy.
(iii) Capital investment on energy conservation equipment:

26
NIL
B. Technology Absorption:
Adopting the best technologies in our business is essential in ensuring and maintaining global benchmarks in performance. We ensure this
through our in house engineering and adopting best technologies available in the market. We have advised our customers for new technology
by way of remote operation of cluster of substations from single location. Advised customers for creation of Asset Health Dashboards for
analytics of health of assets.
C. Foreign Exchange Earnings and Outgo:
The particulars relating to foreign exchange earnings and outgo during the year under review are as under:
(Rs. In Crores)
Particulars 2020-21 2019-20
Foreign exchange earned -- --
Foreign exchange outgo 2.42 4.39
Annexure-C
Sr
No.
Name
Age
(yrs)
Designation
Gross
Remuneration
Qualification
Exp
(yrs)
Date of
joining
Previous Employment
1. MULA RAVI 51 Associate Vice President - O&M 5993495 B.E./B.Tech 31 05/02/2010
GVK Power and
Infrastructure Ltd.
2.
SUBRATA
KUMAR AICH
53
Associate General Manager -
O&M
5297192 B.E./B.Tech 24 07/06/2010
Tenughat Vidyut
Nigam Ltd
3.
AVESH KUMAR
SINGH
47 Associate General Manager - TC 4721748 B.E./B.Tech. 26 17/11/2010
GMR Group, Vedanta
Aluminium Ltd.
4.
VIDYADHAR
MULAY
50
Associate General Manager
-O&M
4578950
B.E./B.Tech.
- M.B.A.
28 25/03/2011 RELIANCE INFRA
5.
SUSHEEL
KUMAR
PANDEY
51
Associate General Manager-
O&M
4575113 B.E./B.Tech. 30 01/07/2020 NA
6.
BIBHAS
KARMAKAR
48
Associate General Manager
O&M
4539549 B.E./B.Tech. 26 01/07/2020 NA

27
7. JAIRAJ BAYAD 54 Head - AENOC 4414021 Others-1998 29 01/11/2018
Essar Power Gujarat
Limited
8. MILAN POPAT 53 General Manager - O&M 3987553 B.E./B.Tech. 31 02/07/2018
Power grid corporation
of India Limited,
9. KAMAL KAK 47
Associate General Manager -
O&M
3106218 B.E./B.Tech. 22 25/04/2016 Ultratech Cement Ltd
10.
ATUL SADARIA 42
Deputy General Manager -
Operation & Maintenance
3060437 B.E./B.Tech. 19 17/07/2010 Torrent power ltd.
ANNEXURE D
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. A brief outline of the Companys CSR policy, including overview of projects or programmes proposed to be undertaken and a reference
to the web-link to the CSR policy and projects or programmes:
The Company (AIMSL) has framed Corporate Social Responsibility (CSR) Policy which encompasses its philosophy and guides its
sustained efforts for undertaking and supporting socially useful programs for the welfare & sustainable development of the society.
The Company has also carried out/get implemented its CSR activities projects through Adani Foundation. The Company has identified
Primary Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure Development as the core sectors for
CSR activities.
2. Composition of the CSR Committee:

28
Mr. Jigar Thakkar, Chairman Mr. Vneet S Jaain, Member Mr. Anil Kumar Gupta, Member
3. Average net profit of the Company for last three financial years:
Average net profit/(loss) is: Rs. 14,61,63,293
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above):
In view of average profit, the Company is required to make mandatory CSR expenditure during the year 2020-21 as per Section 135 of the
Companies Act, 2013. Company has spent Rs. 29,23,266 towards various CSR activity during the year through Adani Foundation.
5. Details of CSR spent for the financial year:
a) Total amount spent for the financial year: Rs. 29,23,266
b) Amount unspent, if any: : NIL
c) Manner in which the amount spent during the financial year is detailed below: Amount spent through Adani Foundation
6. In case the company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof:
N.A.
7. The CSR Committee confirms that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and
policy of the company.

29
Jigar Thakkar
ChairmanCSR Committee
(DIN: 08276831)
Anil Kumar Gupta
Director
(DIN: 06859132)
Description of state of companies affair
(Rs. in Crores) Particulars For the year ended 31st March, 2021 For the year ended 31st March, 2020 Revenue from operations
531.28 506.64 Other Income 98.15 96.19 Total Revenue 629.43 602.83 Operating & Administrative Expenses 501.63 477.28 Operating
Profit before Interest and Tax 127.8 125.55 Finance Costs 99.66 95.47 Profit/(Loss) Before Tax 28.14 30.08 Tax Expense (Including
Deferred Tax) 7.38 7.96 Profit / (Loss) After tax 20.76 22.12 Other Comprehensive Income -0.73 0.1 Total Comprehensive Income for the
Period/year 20.03 22.22
Details regarding energy conservation
Details regarding technology absorption
Details regarding foreign exchange earnings and outgo

30
Disclosures in director’s responsibility statement
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the
following: that in the preparation of the annual financial statements, the applicable accounting standards have been followed along with
proper explanation relating to material departures, if any; that such accounting policies have been selected and applied consistently and
judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company as at 31st March, 2021 and of the loss of the Company for the year ended on that date; that proper and sufficient care has been
taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities; that the annual financial statements have been prepared
on a going concern basis; that proper internal financial controls were in place and that the financial control were adequate and were operating
effectively; that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and
operating effectively.
Details of material changes and commitment occurred during period affecting financial position of company
No material changes and commitments have occurred between the end of financial year of the company and the date of this report affecting
the financial position of the company as at 31st March, 2021.
Particulars of loans guarantee investment under section 186 [Text Block]
The provisions of Section 186 of the Companies Act, 2013, with respect to a loan, guarantee or security is not applicable to the Company as
the Company is engaged in providing infrastructural facilities and is exempted under Section 186 of the Companies Act, 2013. The Company
has not made any investment during the year under review.
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
All the related party transactions entered into during the financial year were in the ordinary course of business and on an arm’s length pricing
basis and none of the transactions with the related parties fall under the scope of Section 188(1) of the Companies Act, 2013. Accordingly,
the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24) has been made in the notes to the Financial Statements.

31
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
Annexure - A
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
As on the financial year ended March 31, 2021
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN : U74999GJ2017PLC097813
Registration Date : 09th June, 2017
Name of the Company : Adani Infrastructure Management Services Limited
Category / Sub-Category of the Company : Company limited by Shares
Address of the Registered office and contact details :
Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway,
Khodiyar, Ahmedabad - 382421
Whether listed company : Unlisted
Name, Address and Contact details of Registrar and
Transfer Agent, if any
: LINK INTIME INDIA PRIVATE LIMITED
C 101, 247 Park, L.B.S. Marg,
Vikhroli (West)-400083

32
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Name and description of main Products/Services
NIC Code of the Product/
service
% to total turnover of the
company
Construction/erection and maintenance of power, telecommunication and
transmission lines
42202 100
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Name and address of the Company
CIN/GLN
Holding/ Subsidiary/ Associate
% of shares held
Applicable Section
Adani Properties Private Limited U45201GJ1995PTC026067 Holding Company 100% 2(46)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i) Category-wise Share Holding
Category of Shareholders
No of Shares held
at the beginning of
the year
No. of Shares
held at the
end of the
year
%
Change
during
the
year

33
% of
total
Shares
% of
total
Shares
A. Promoter
1 Indian
a) Individuals/ -- -- -- -- -- -- -- -- --
HUF
b) Central Government -- -- -- -- -- -- -- -- --
c) State Government(s) -- -- -- -- -- -- -- -- --
d) Bodies Corporate 9994 -- 9994 0.9994 9994 -- 9994 0.9994 Nil
e) Banks/FI -- -- -- -- -- -- -- -- --
f)
Any Others (Nominee of
Promoters)
-- 6 6 0.006 -- 6 6 0.006 Nil
Sub
Total(A)(1)
9994 6 10000 1 9994 6 10000 1 Nil
2 Foreign
a) NRIs-Individuals -- -- -- -- -- -- -- -- --
b) Other-Individuals -- -- -- -- -- -- -- -- --
c) Bodies Corporate -- -- -- -- -- -- -- -- --
d) Banks/FI -- -- -- -- -- -- -- -- --
e) Any Other -- -- -- -- -- -- -- -- --
Sub
Total(A)(2)
-- -- -- -- -- -- -- -- --
Total
Shareholding
9994 6 10000 1 9994 6 10000 1 Nil
of Promoter
and Promoter
Group

34
(A)=
(A)(1)+(A)(2)
B. Public shareholding
1 Institutions
a) Mutual Funds/ UTI -- -- -- -- -- -- -- -- --
b) Banks/FI -- -- -- -- -- -- -- -- --
c) Central Govt. -- -- -- -- -- -- -- -- --
d) State Govt. -- -- -- -- -- -- -- -- --
e) Venture Capital Funds -- -- -- -- -- -- -- -- --
f) Insurance Companies -- -- -- -- -- -- -- -- --
g) FII -- -- -- -- -- -- -- -- --
h) Foreign Venture Capital Funds -- -- -- -- -- -- -- -- --
i) Any Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(1)
2 Non-institutions
a) Bodies Corporate -- -- -- -- -- -- -- -- --
I Indian -- -- -- -- -- -- -- -- --
Ii Overseas -- -- -- -- -- -- -- -- --
b) Individuals -- -- -- -- -- -- -- -- --
I
Individuals shareholders holding
nominal share capital up to Rs 1
lakh
-- -- -- -- -- -- -- -- --
ii
Individual shareholders holding
nominal share capital in excess
of Rs. 1 lakh.
-- -- -- -- -- -- -- -- --
c) Other (specify) -- -- -- -- -- -- -- -- --

35
Sub-Total
(B)(2)
-- -- -- -- -- -- -- --
Total
Public
Shareholding
-- -- -- -- -- -- -- -- --
(B)=
(B)(1)+(B)(2)
C.
Shares held by Custodians for
GDRs & ADRs
-- -- -- -- -- -- -- -- --
GRAND
TOTAL
(A)+(B)+(C)
9994 6 10000 1 9994 6 10000 1 Nil
ii) Shareholding of Promoter
Shareholders Name
No of Shares held at the
beginning of the year
No. of Shares held at
the end of the year
% Change
during the
year
% of
total
Shares
% of
total
Shares
1
Adani Properties
Private Limited *
9994 6 10000 1 9994 6 10000 1 Nil
* Shares held by Adani Properties Private Limited (APPL) including six nominees of APPL
iii) Change in Promoters Shareholding
Shareholding at the
beginning of the
year
Cumulative
Shareholding
during the year
No. of Shares
% of total
shares of the
Company
No. of Shares

36
No change during
the year
Date wise Increase / Decrease in Promoters Shareholding during the year
specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/
sweat equity etc):
No change during
the year
No change during
the year
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders
of GDRs and ADRs):
For each of the Top 10 Shareholder Shareholding at the beginning of the year Shareholding at the end of the year
No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company
NIL
v) Shareholding of Directors and Key Managerial Personnel
For each of the Directors and KMP Shareholding at the beginning of the year
Shareholding
at the end of
the year
No. of Shares % of total shares of the Company
No. of
Shares
% of total
shares of the
Company

37
At the beginning of the year None of the Directors and Key Managerial Personnel hold
share in the Company except, Mr. Vneet S Jaain are holding
one share each as nominee of Adani Properties Private
Limited.
Date wise Increase / Decrease in Promoters
Shareholding during the year specifying the reasons for
increase / decrease (e.g. allotment / transfer / bonus/
sweat equity etc):
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Amount in Rs)
Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 7644389910 2521562744 10165952654
Total (i+ii+iii) 7710007992 2710993363 - 10421001355
Change in Indebtedness during the financial year
Addition - 589884251 - 589884251
Reduction 650000000 - - 650000000
Adjustment (Amorisation during the Year) -32117716 - - -32117716
Net Change -617882284 589884251 -27998033

38
Indebtedness at the
end of the financial year
i) Principal Amount 7026507626 3111446995 - 10137954621
Total (i+ii+iii) 7082935270 3285073272 - 10368008542
1 Gross salary
2 Stock Option -
3 Sweat Equity
4 Commission
- as % of profit
- others, specify

39
Total (A)
(Amount in Rs.)
Not Applicable
b) Commission
Total (1)
b) Commission
Total (2)
Total (B) = (1+2)

40
Not Applicable
1 Gross salary
2 Stock Option
3 Sweat Equity
4 Commission
- as % of profit
- others, specify
Total (A)
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type
Section of the
Companies Act
Brief
Description
Details of penalty/ punishment/
compounding fees imposed
Authority
[RD / NCLT/
COURT]
Appeal made, if any
(give details)
A. Company
Penalty
None
Punishment
Compounding

41
B. Directors
Penalty
None
Punishment
Compounding
C. Other Officers
in default
Penalty
None
Punishment
Compounding
Disclosure of statement on development and implementation of risk management policy [Text Block]
Your Company has a formal risk assessment and management system which periodically identifies risk areas, evaluates their consequences,
initiates risk mitigation strategies and implements corrective actions where required.

42
Details on policy development and implementation by company on corporate social responsibility initiatives taken
during year [Text Block]
ANNEXURE – D
ANNEXURE TO DIRECTOR’S REPORT
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. A brief outline of the Company’s CSR policy, including overview of projects or programmes proposed to be undertaken and a
reference to the web-link to the CSR policy and projects or programmes:
The Company (AIMSL) has framed Corporate Social Responsibility (CSR) Policy which encompasses its philosophy and guides its
sustained efforts for undertaking and supporting socially useful programs for the welfare & sustainable development of the society.
The Company has also carried out/get implemented its CSR activities projects through Adani Foundation. The Company has identified
Primary Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure Development as the core sectors for
CSR activities.
2. Composition of the CSR Committee:
Mr. Jigar Thakkar, Chairman Mr. Vneet S Jaain, Member Mr. Anil Kumar Gupta, Member
3. Average net profit of the Company for last three financial years:
Average net profit/(loss) is: Rs. 14,61,63,293
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above):

43
In view of average profit, the Company is required to make mandatory CSR expenditure during the year 2020-21 as per Section 135 of the
Companies Act, 2013. Company has spent Rs. 29,23,266 towards various CSR activity during the year through Adani Foundation.
5. Details of CSR spent for the financial year:
a) Total amount spent for the financial year: Rs. 29,23,266
b) Amount unspent, if any: : NIL
c) Manner in which the amount spent during the financial year is detailed below: Amount spent through Adani Foundation
6. In case the company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof:
N.A.
7. The CSR Committee confirms that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and
policy of the company.
Jigar Thakkar
Chairman–CSR Committee
(DIN: 08276831)
Anil Kumar Gupta
Director
(DIN: 06859132)

44
Disclosure of financial summary or highlights [Text Block]
(Rs. in Crores)
Particulars For the year ended 31st March, 2021 For the year ended 31st March, 2020
Revenue from operations 531.28 506.64
Other Income 98.15 96.19
Total Revenue 629.43 602.83
Operating & Administrative Expenses 501.63 477.28
Operating Profit before Interest and Tax 127.8 125.55
Finance Costs 99.66 95.47
Profit/(Loss) Before Tax 28.14 30.08
Tax Expense (Including Deferred Tax) 7.38 7.96
Profit / (Loss) After tax 20.76 22.12
Other Comprehensive Income -0.73 0.1
Total Comprehensive Income for the Period/year 20.03 22.22

45
Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block]
Details of significant and material orders passed by regulators or courts or tribunals impacting going concern
status and company’s operations in future [Text Block]
There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status
and the Company’s future operations.

46
Disclosure of appointment and remuneration of director or managerial personnel if any, in the financial year
[Text Block]
1 Gross salary
2 Stock Option -
3 Sweat Equity
4 Commission
- as % of profit
- others, specify
Total (A)

47
(Amount in Rs.)
b) Commission
Total (1)
b) Commission
Total (2)
Total (B) = (1+2)
1 Gross salary
2 Stock Option
3 Sweat Equity
4 Commission

48
- as % of profit
- others, specify
Total (A)
[700500] Disclosures - Signatories of financial statements
Details of directors signing financial statements [Table] ..(1)
Directors signing financial statements [Axis] 1 2
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Details of signatories of financial statements [Abstract]
Details of directors signing financial statements [Abstract]
Details of directors signing financial statements [LineItems]
Name of director signing financial statements [Abstract]
First name of director JIGAR ANIL
Middle name of director MANEKLAL KUMAR
Last name of director THAKKAR GUPTA
Designation of director DIRECTOR DIRECTOR
Director identification number of director 08276831 06859132
Date of signing of financial statements by director 03/06/2021 03/06/2021

49
[700400] Disclosures - Auditors report
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis]
Auditor's
favourable remark
[Member]
01/04/2020
to
31/03/2021
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report
[LineItems]
Disclosure in auditors report relating to fixed assets
(i) The company
does not have any
property, plant and
equipment.
Accordingly the
provisions of
paragraph 3 (i) (a)
to (c) of the Order
are not applicable.
Disclosure in auditors report relating to inventories
Textual information
(18) [See below]
Disclosure in auditors report relating to loans
Textual information
(19) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013
Textual information
(20) [See below]
Disclosure in auditors report relating to deposits accepted
Textual information
(21) [See below]
Disclosure in auditors report relating to maintenance of cost records
Textual information
(22) [See below]
Disclosure in auditors report relating to statutory dues [TextBlock]
Textual information
(23) [See below]
Disclosure in auditors report relating to default in repayment of financial dues
Textual information
(24) [See below]
Disclosure in auditors report relating to public offer and term loans used for purpose for which
those were raised
Textual information
(25) [See below]
Disclosure in auditors report relating to fraud by the company or on the company by its officers
or its employees reported during period
(x) No fraud by the
Company or on the
Company by its
officers or
employees have
been noticed or
reported during the
period covered by
our audit.
Disclosure in auditors report relating to managerial remuneration
Textual information
(26) [See below]
Disclosure in auditors report relating to Nidhi Company
(xii) As the
Company is not a
Nidhi Company and
the Nidhi Rules,
2014 are not
applicable to it.
Accordingly the
provisions of
paragraph 3 (xii) of
the Order are not
applicable.
Disclosure in auditors report relating to transactions with related parties
Textual information
(27) [See below]
Disclosure in auditors report relating to preferential allotment or private placement of shares or
convertible debentures
Textual information
(28) [See below]
Disclosure in auditors report relating to non-cash transactions with directors or persons connected
with him
Textual information
(29) [See below]
Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India
Act, 1934
Textual information
(30) [See below]

50
Details regarding auditors [Table] ..(1)
Auditors [Axis] 1
01/04/2020
to
31/03/2021
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
Name of audit firm
DHARMESH
PARIKH & CO. LLP
Name of auditor signing report
SHAH CHIRAG
JITENDRA
Firms registration number of audit firm 112054W/W100725
Membership number of auditor 122510
Address of auditors
303/304,"Milestone",
N r .
Drive-in-Cinema,Opp.
T. V Tower, Thaltej,
Ahmedabad-380 054
Permanent account number of auditor or auditor's firm AAGFD1279G
SRN of form ADT-1 H22931232
Date of signing audit report by auditors 03/06/2021
Date of signing of balance sheet by auditors 03/06/2021
01/04/2020
to
31/03/2021
Disclosure in auditor’s report explanatory [TextBlock]
[See below]
Whether companies auditors report order is applicable on company Yes
Whether auditors' report has been qualified or has any reservations or
contains adverse remarks
No
Disclosure in auditors report relating to inventories
The inventories have been physically verified by the Management during the year at reasonable interval, which were verified with reference
to subsequent receipts. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on physical verification of
inventories as compared to book records were not material and have been properly dealt with in the books of account.
Disclosure in auditors report relating to loans
According to the information and explanation given to us and the records produced to us for our verification, the company has not granted
loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under
section 189 of the Companies Act, 2013. Accordingly the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable.
Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013
(iv) According to the information and explanations given to us and representations made by the Management, the Company has not done any
transactions covered under section 185 and 186 in respect of loans, investments, guarantees and security. Accordingly the provisions of
paragraph 3 (iv) of the Order are not applicable.
Disclosure in auditors report relating to deposits accepted
(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public and hence the
directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the
Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

51
Disclosure in auditors report relating to maintenance of cost records
(vi) As informed to us, the maintenance of cost records under section 148(1) of the Act as prescribed by the Central Government are not
applicable to the company. Accordingly the provisions of paragraph 3 (vi) of the Order are not applicable.
Disclosure in auditors report relating to statutory dues [Text Block]
(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed statutory dues including income tax, goods and service tax, duty of
customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the
appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state insurance, provident fund and
duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax,
service tax, duty of customs, goods and service tax, cess and other material statutory dues were in arrears as at 31 March 2021 for a period of
more than six months from the date they became payable. (b) According to the records of the Company and information and explanation
given to us, following statutory dues as mentioned in paragraph 3(vii)(a) which have not been deposited on account of any dispute. Name of
the Statute - Income Tax Act Nature of the Dues - Tax Forum Where dispute is pending - CIT(Appeal) Amount (Rs. In Crores) * - 0.01
Amount Paid Under Protest (Rs in Crores) - 0.01 Period to which the amount Relates - 2018-2019 (*)Including Interest/ Penalty where the
notice specifies the same.
Disclosure in auditors report relating to default in repayment of financial dues
(viii) According to the records of the Company examined by us and the information and explanation given to us, the Company has not
defaulted in repayment of dues of loans or borrowings to any bankers. The Company has neither taken any loans or borrowings from the
Government, financial institution nor issue any debentures.
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
(ix) The Company did not raised moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the
term Loans availed during the year, were applied for the purposes for which the loans were obtained.
Disclosure in auditors report relating to managerial remuneration
(xi) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
managerial remuneration has been paid / provided in accordance with the requisite approval mandated by the provisions of Section 197 read
with Schedule V to the Act.
Disclosure in auditors report relating to transactions with related parties
As per information and explanation given to us and on the basis of our examination of the records of the Company, all the transaction with
related parties are in compliance with section177 and 188 of Companies Act 2013 and all the details have been disclosed in financial
statements as required by the applicable Indian Accounting Standards.
Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible
debentures
xiv) According to the information and explanations given to us and on the basis of our examination of the records, the Company has not
made any preferential allotment or private placement or not issued any debenture during the year under review. Accordingly the provisions of
paragraph 3(xiv) of the Order are not applicable.

52
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
(xv) According to the information and explanations given to us and on the basis of our examination of the records, Company has not entered
into any non-cash transactions with any director or any person connected with him. Accordingly the provisions of paragraph 3(xv) of the
Order are not applicable to the Company.
Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934
(xvi) According to the information and explanations given to us, the company is not required to be registered under section 45 IA of the
Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3(xvi) of the Order are not applicable..

53
Disclosure in auditor’s report explanatory [Text Block]
Independent Auditor’s Report
To the Members of Adani Infrastructure Management Services Limited
Report on the audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of Adani Infrastructure Management Services Limited (“the
Company”), which comprise the Balance Sheet as at 31st March, 2021, the Statement of Profit and Loss (including other comprehensive
income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of significant
accounting policies and other explanatory information (herein after referred to as “Standalone Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements
give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st
March, 2021, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10)
of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Other Information

54
The Company’s board of directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the financial statements and our auditor’s
report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with
respect to the preparation and presentation of these Standalone Financial Statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including the applicable Indian Accounting Standards (Ind AS) prescribed under Section
133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of

55
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
· Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such controls.
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made
by management.
· Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
· Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether
the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

56
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in “Annexure A” statement on the matters specified in the paragraph 3 and 4 of the Order,
to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of
those books;
c) the Balance Sheet, the Statement of Profit and Loss, the Statement Cash Flows and the Statement of Changes in Equity dealt with by
this Report are in agreement with the books of account;
d) in our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section
133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended;
e) on the basis of the written representations received from the directors as on 31st March, 2021 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2021 from being appointed as a director in terms of Section 164(2) of the
Act;
a) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate report in “Annexure B”;
b) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements, refer
Note 33 to the Ind AS financial statements;
ii. The Company did not have any long term contracts including derivatives contracts for which there were any material foreseeable
losses;

57
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
3. With respect to the matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as
amended:
According to the information and explanations given to us and on the basis of our examination of the records of the Company, managerial
remuneration has been paid /provided, in accordance with requisite approval mandated by the provisions of Section 197(16) of the
Act.
For, DHARMESH PARIKH & CO LLP
Chartered Accountants
Place: Ahmedabad Firm Reg. No. 112054W/ W100725
Date: 3rd June, 2021.
Chirag Shah
Partner
Membership No. 122510
UDIN : 21122510AAAAJT5923
ANNEXURE - A TO THE INDEPENDENT AUDITOR’S REPORT
RE: ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED
(Referred to in Paragraph 1 of our Report of even date)

58
The Annexure referred to in our Independent Auditor’s Report to the members of the Company on the standalone Ind AS financial statements
for the year ended 31 March 2021, we report that:
(i) The company does not have any property, plant and equipment. Accordingly the provisions of paragraph 3 (i) (a) to (c) of the Order
are not applicable.
(ii) The inventories have been physically verified by the Management during the year at reasonable interval, which were verified with
reference to subsequent receipts. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on physical
verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.
(iii) According to the information and explanation given to us and the records produced to us for our verification, the company has not
granted loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Accordingly the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable.
(iv) According to the information and explanations given to us and representations made by the Management, the Company has not done
any transactions covered under section 185 and 186 in respect of loans, investments, guarantees and security. Accordingly the provisions of
paragraph 3 (iv) of the Order are not applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public and hence the
directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the
Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
(vi) As informed to us, the maintenance of cost records under section 148(1) of the Act as prescribed by the Central Government are not
applicable to the company. Accordingly the provisions of paragraph 3 (vi) of the Order are not applicable.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including income tax, goods and service tax, duty
of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the
appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state insurance, provident fund and
duty of excise.
According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, service tax,
duty of customs, goods and service tax, cess and other material statutory dues were in arrears as at 31 March 2021 for a period of more than
six months from the date they became payable.
(b) According to the records of the Company and information and explanation given to us, following statutory dues as mentioned in
paragraph 3(vii)(a) which have not been deposited on account of any dispute.

59
Name of the
Statute
Nature
of
the Dues
Forum Where dispute is
pending
Amount
(Rs. In Crores)
*
Amount Paid Under
Protest
(Rs in Crores)
Period to which the amount
Relates
Income Tax
Act
Tax CIT (Appeal) 0.01 0.01
2018 - 2019
Total 0.01 0.01
(*)Including Interest/ Penalty where the notice specifies the same.
(viii) According to the records of the Company examined by us and the information and explanation given to us, the Company has not
defaulted in repayment of dues of loans or borrowings to any bankers. The Company has neither taken any loans or borrowings from the
Government, financial institution nor issue any debentures.
(ix) The Company did not raised moneys by way of initial public offer or further public offer (including debt instruments). In our opinion,
the term Loans availed during the year, were applied for the purposes for which the loans were obtained.
(x) No fraud by the Company or on the Company by its officers or employees have been noticed or reported during the period covered
by our audit.
(xi) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
managerial remuneration has been paid / provided in accordance with the requisite approval mandated by the provisions of Section 197 read
with Schedule V to the Act.
(xii) As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly the provisions of paragraph
3 (xii) of the Order are not applicable.
(xiii) As per information and explanation given to us and on the basis of our examination of the records of the Company, all the transaction
with related parties are in compliance with section177 and 188 of Companies Act 2013 and all the details have been disclosed in financial
statements as required by the applicable Indian Accounting Standards.
(xiv) According to the information and explanations given to us and on the basis of our examination of the records, the Company has not
made any preferential allotment or private placement or not issued any debenture during the year under review. Accordingly the provisions of
paragraph 3(xiv) of the Order are not applicable.

60
(xv) According to the information and explanations given to us and on the basis of our examination of the records, Company has not
entered into any non-cash transactions with any director or any person connected with him. Accordingly the provisions of paragraph 3(xv) of
the Order are not applicable to the Company.
(xvi) According to the information and explanations given to us, the company is not required to be registered under section 45 IA of the
Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3(xvi) of the Order are not applicable..
For, DHARMESH PARIKH & CO LLP
Chartered Accountants
Place: Ahmedabad Firm Reg. No. 112054W/ W100725
Date: 3rd June, 2021.
Chirag Shah
Partner
Membership No. 122510
UDIN : 21122510AAAAJT5923

61
ANNEXURE-B TO THE INDEPENDENT AUDITOR’S REPORT
RE: ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED
Report on the Internal Financial Controls under Clause i of sub-section 3 of section 143 of the Companies Act 2013 (the act).
Opinion
We have audited the internal financial controls over financial reporting of the company as of 31st March, 2021 in conjunction with our audit
of the Standalone Financial Statements of the company for the year ended on that date.
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such
internal financial controls over financial reporting were operating effectively as at 31st March 2021, based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Management’s Responsibilities for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of
India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation
of reliable financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance
Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the
Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an

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Adani Infrastructure and Management Services 2021 Annual Report.pdf