Date: November 23, 2024

To The Compliance Manager BSELimited Corporate Relationship Dept., Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001.

To The Manager, Listing Department National Stock Exchange of India Ltd Exchange Plaza, Plot No. C/ 1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051.

Scrip Code: 544280

Symbol: AFCONS

Subject : Outcome of the Board Meeting held on Saturday November 23,2024

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform you that, the Board of Directors of the Company at its meeting held today i.e., Saturday November 23,2024, inter-alia, considered and approved the following.

• 1. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2024 along with Limited Review Reports of the Statutory Auditors thereon. A copy of the Results and Limited Review Reports are enclosed herewith.
• 1. Approved the winding-up of Afcons Infra Projects Kazakhstan LLP, a step-down subsidiary of the Company.

Further, it may be noted that Afcons Infra Projects Kazakhstan LLP is not a material subsidiary of the Company and didn't have any business activity and the winding-up of Afcons Infra Projects Kazakhstan LLP will not affect the turnover /revenue of the Company

1. Approved the acquisition of 500 Ordinary shares (0.99%) of Afcons Overseas Singapore Pte. Ltd (subsidiary of the Company) from Afcons Mauritius Infrastructure Limited (Wholly Owned Subsidiary of the Company) to make Afcons Overseas Singapore Pte. Ltd. a wholly owned subsidiary of the Company

Regd. Office: Afcons House, 16, Shah Industrials Estate, Veera Desai Road, Azad Nagar P.O. Box No. 11978, Andheri(W), Mumbai - 400 053, Tel.: +91-22-6719 1000 I 2673 0042 Fax: +91-22-2673 0047 / 2673 0026 I www.afcons.com CIN No.: U45200MH1976PLC019335

1. Approved the subscription to the share capital of Afcons Contracting Company (Saudi Arabia), a newly incorporated entity in Kingdom of Saudi Arabia.

The details are item 2 to 4 required under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular no. SEBI/HO/CFD/CFDPoDl/P/CIR/2023/ 123 dated July 13, 2023, are enclosed herewith as 'Annexure - A, B & C'.

1. The Press Release, covering the financials results is enclosed herewith

The meeting commenced at 3.44 P.M. and concluded around 5.30 P .M.

You are requested to take the same on record.

Thanking you, Yours faithfully, For Afcons Infrastructure Limited

~

Gaurang Maheshchandra Parekh Company Secretary and Compliance Officer Membership No.: F8764

The details of item no 2 required under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular no. SEBI/HO/CFD/CFDPoD-l/P/CIR/2023/ 123 dated July 13, 2023.

Regd. Office: Afcons House, 16, Shah Industrials Estate, Veera Desai Road, Azad Nagar P.O. Box No. 11978, Andheri(W), Mumbai - 400 053, Tel.: +91-22-6719 1000 / 2673 0042 Fax: +91-22-2673 0047 I 2673 0026 I www.afcons.com CIN No.: U45200MH1976PLC019335

Annexure-B

The details of item no 3 required under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular no. SEBI/HO/CFD/CFDPoD-l/P/CIR/2023/ 123 dated July 13, 2023.

Regd. Office: Afcons House, 16, Shah Industrials Estate, Veera Desai Road, Azad Nagar P.O. Box No. 11978, Andheri(W), Mumbai ~ 00 053, Tel.: +91-22-6719 1000 / 2673 0042 Fax: +91-22-2673 0047 I 2673 0026 I www.afcons.com

Regd. Office: Afcons House, 16, Shah Industrials Estate, Veera Desai Road, Azad Nagar P.O. Box No. 11978, Andheri(W), Mumbai - 400 053, Tel.: +91-22-6719 1000 / 2673 0042 Fax: +91-22-2673 0047 / 2673 0026 I www.afcons.com CIN No.: U45200MH1976PLC019335

The details of item no 4 required under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular no. SEBI/HO/CFD/CFDPoD-l/P/CIR/2023/ 123 dated July 13, 2023

Regd. Office: Afcons House, 16, Shah Industrials Estate, Veera Desai Road, Azad Nagar P.O. Box No. 11978, Andheri(W), Mumbai - 400 053, Tel.: +91-22-6719 1000 I 2673 0042 Fax: +91-22-2673 0047 / 2673 00261 www.afcons.com CIN No.: U45200MH1976PLC019335

Regd. Office: Afcons House, 16, Shah Industrials Estate, Veera Desai Road, Azad Nagar P.O. Box No. 11978, Andheri(W), Mumbai - 400 053, Tel.: +91-22-6719 1000 I 2673 0042 Fax: +91-22-2673 0047 I 2673 0026 [ www.afcons.com CIN No.: U45200MH1976PLC019335

Chartered Accountants One International Center, Tower 3, 27th-32nd Floor, Senapati Bapat Marg Elphinstone Road (West), Mumbai - 400 013 Tele: + 91 22 6185 4000 Fax: +91 22 6185 4001

HOS& Associates LLP

Chartered Accountants 30-B, 4th Floor, Kamar Building Horniman Circle, Fort Mumbai-400 001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF AFCONSINFRASTRUCTURELIMITED

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of AFCONS INFRASTRUCTURE LIMITED (''the Company"), which includes 16 jointly controlled operations consolidated on a proportionate basis and 21 branches located at Mauritius, Mozambique, Gabon, Zambia, Mauritania, Ghana, Bhutan, Bangladesh, Liberia, Tanzania, Kuwait, Maldives, Indonesia, Qatar, Peru, Ivory Coast, Jordan, Oman, Abu Dhabi, Bahrain and Benin for the quarter and half year ended September 30, 2024 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the interim financial results of the Jointly controlled operations listed in Annexure A.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors as referred in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and~ er--~~u_nting ~ ~ p,rinciples generally accepted in India, has not disclosed the inform9.tm;wfiq~~o be ^~Ag~;t~~R=D ~,i~tlosed in terms of Regulation 33 of the Listing Regulations, inclu_dlfg the maq-r1~r in o> .-;,~rs hich it is to be disclosed, or that it contains any material misstate el t. t; ~" vr•,-,,.:_; #) ...., t1UMBAI ,~ o.~ ~ ~ - '5-: ^~

HDS& Associates LLP

• 6.
• (i) We draw attention to Note no. (x) of the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration and High Court in respect of variations recognised by the Company in terms of the provisions of the contract with the client, on account of matters stated therein .

Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note no. (x), the management of the Company is of the view that the amounts recognised as amount due from customers under construction contracts, are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain.

(ii) Review report on the Unaudited Financial Results of Transtonnelstroy Afcons Joint Venture (a jointly controlled operation included in the Statement of the Company) includes an emphasis of matter as under:

"We draw attention to Note no. (vii) to the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration, High Court and Supreme Court in respect of variations recognised by the jointly controlled operation in earlier years in terms of the provisions of the contract with the client, on account of matters stated therein.

Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, the management is of the view that the amounts recognised as amount due from customers under construction contracts and trade receivable including interest on trade receivables as per arbitration award, are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain.

Our conclusion on the Statement is not modified in respect of the above matter."

(iii) We draw attention to Note no. (viii) to the Statement, which describes the uncertainties relating to the outcome of the arbitration proceedings in respect of claims recognized by Afcons Gunanusa Joint Venture (a jointly controlled operation included in the Statement of the Company) in the earlier years, on account of change orders.

Based on the Management's assessment and technical evaluation of the recoverability in terms of the provisions of the contract, which is supported by legal opinion, the management is of the view that the amounts recognized as amount due from customers under construction contract are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the arbitration proceedings are ongoing, the duration and outcome is uncertain.

HDS & Associates LLP

Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid client claims which are already encashed and claims filed by the jointly controlled operation against the client, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note no. (ix), the management is of the view that the amounts recognised as amount due from customers under construction contracts and other receivable, are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain.

Our conclusion on the Statement is not modified in respect of the above matters.

1. We did not review the interim financial results 16 jointly controlled operations included in the Statement whose interim financial results reflect total assets of Rs. 2,278.46 crores as at September 30, 2024, total revenue of Rs. 229.08 crores and Rs 374.53 crores for the quarter and half year ended September 30, 2024 respectively, total net profit after tax of Rs. 36.28 crores and Rs. 36.30 crores for the quarter and half year ended September 30, 2024 respectively and total comprehensive income of Rs. 36.28 crores and Rs. 36.30 crores for the quarter and half year ended September 30, 2024 respectively, and net cash outflows of Rs. (1.43) crores for the half year ended September 30, 2024, as considered in this Statement. The interim financial results of these jointly controlled operations have been reviewed by either of us in our individual capacity or jointly with other auditors or other auditors whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these jointly controlled operations, is based solely on the report issued by either of us in our individual capacity or jointly with other auditors or such other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

1. As stated in Note no. (iv) of the Statement, financial results relating to the quarter ended June 30, 2024 and September 30, 2023 along with half year ended September 30, 2023 prepared in accordance with Ind AS 34, included in the Statement have been furnished to us by the Management and have not been subjected to review by us.

Our conclusion on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018

Nilesh Shah Partner Membership No. 049660 UDIN: 1.lt0 1.fq.bbVBKFRWbit'-4t"L-I

Place: Mumbai Place: Mumbai

For HDS & Associates LLP Chartered Accountants Firm Registration No. W-100144

1 ^~oY-- ./~s3-oc,07'p y,- -0 ff// ¼

Vaibhav R Haldankar ,/ Ml':V:JBA1 * {::: Partner ( _ ^~ Membership No. 16725'&.._ ;- ~-o/ UDIN: 2.ylb':J-2~2SKBO;n-15.Q ~-

Date: November 23, 2024 Date: November 23, 2024

Deloitte HDS & Haskins & Sells LLP Associates LLP

Annexure A

Afcons Infrastructure Limited Regd office: Afcons House,16, Shah Industrial Estate,Veera Desai Road, Azad Nagar, Andheri (West), Mumbai-400053 CIN:U45200MH1976PLC019335 I Website: www.afcons.com

AFCONS INFRASTRUCTURE LIMITED

Unaudited Standalone Balance Sheet as at September 30, 2024

• Notes: (i) The Unaudited Standalone financial results (the "Results") of Afcons Infrastructure Limited (the 'Company') for the quarter and half year ended September 30, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 23, 2024. The Joint Statutory Auditors of the Company have carried out Limited Review of the aforesaid results.
• (ii) The Unaudited Standalone financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015, as amended (''the Regulations").
• (iii) Subsequent to the quarter ended September 30,2024, the Company has completed an Initial Public Offering ('IPO') aggregating to f 5,430.00 crores comprising total number of equity shares of 11, 73,27, 139 equity shares which comprises of Fresh issue of 2,70,46,362 equity shares aggregating to IPO proceeds of f 1,250.00 crores (i.e. face value oft 10 per share and securities premium off 409/- and t 453/- per share) and offer for sale portion ("OFS") of 9,02,80,777 equity shares aggregating to proceeds off 4,180.00 crores (i.e. face value of INR f 10 each per share and share premium off 453/- per share) The Company's equity shares were listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 04, 2024.Thus, this statement
• Listing Regulations. (iv) The financial results for the quarter ended June 30, 2024 and September 30, 2023 and the half year ended September 30, 2023, as reported in the results have been approved by the Company's Board of Directors but have not been subjected to limited review since the requirement of submission of quarterly standalone financial

of unaudited consolidated financial results for the quarter and half year ended September 30, 2024, is prepared for the first time in compliance with Regulation 33 of the

• (v) The Company is primarily engaged in a single business segment viz 'Engineering, procurement and construction'( 'EPC'). The Chief Operating Decision Makers (CODM) monitor and review the operating results of the Group as a whole. Therefore there are no other reportable segments for the company as per requirements of Ind AS 108 'Operating Segment'.The margins in the quarterly results vary based on the nature, type and quantum of project work executed during the quarter. Due to this reason, quarterly results may vary in different quarters and may not be indicative of annual results.
• (vi) Other Income includes f 74.21 Crores money received towards Interest on Arbitration awarded in favour of the Company.

results is applicable on listing of equity shares of the Company from the quarter ended September 30, 2024.

(vii) The Transtonnelstroy Afcons Joint Venture ("TTA JV"- the Joint Venture) had submitted variations to the client for two projects (package UAA-01 and package UAA-05) arising on account of cost overruns, due to unforeseen geological conditions, delays in handing over of land and change in scope of work etc., in terms of the provisions of the contract with the Chennai Metro Rail Limited ("the client"), which the Management believes is attributable to the client. These variations are in various stages of arbitration, Madras High Court and Supreme Court.

Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint Ventura's management, after considering the current facts and status of proceedings in arbitration, High Court and Supreme Court as of date, which is supported by legal opinion, the management of Joint Venture is confident of getting favourable order/ award and is of the opinion that amount off 659.87 Crores recognized towards such variations/ claims in 'Contract assets' as non-current assets, an amount of t 120.81 Crores towards the arbitration award recognized as 'Non-current Trade Receivables', an amount off 30.63 Crores towards the interest on arbitration award as 'Other non-current financial assets' and an amount off 25.77 Crores towards bank guarantee encashed by client as 'Other current financial assets', is appropriate and the same is considered as good and fully recoverable. Joint Venture management does not anticipate any loss to be recognized at this stage. However, considering that the negotiation, proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain.

• (viii) Afcons Gunanusa Joint Venture ("AGJV'' the Joint Venture) had submitted claims to ONGC, arising on account of cost overruns due to change orders, in terms of the provisions of the contract. Claims against change orders and counter claims by ONGC is currently being discussed in arbitration. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims and counter claims, carried out by Joint Venture's management, after considering the current facts and status of proceedings in arbitration as of date, which is supported by legal opinion, management of Joint Venture is of the view that the 'Contract assets - Non-current assets' of f 124.05 Crores as on September 30, 2024 is appropriate and no provision is required to be made as these have been considered as good and fully recoverable by the Management. However, considering that the arbitration proceedings are ongoing, the duration and outcome is uncertain.
• (Ix) Dahej Standby Jetty Project Undertaking ("DJPU"- the Joint Venture)- An unfavourable award granted in Arbitration during the earlier year, towards claims of liquidated damages for delay in completion of works by the Joint Venture has been challenged by the Joint Venture at Hon'ble High Court, Delhi for setting aside the unfavourable award and also submitted claims for additional cost incurred w.r.t extended stay and acceleration cost, considering that the delay is attributable to the client and in terms of the contractual provisions. This petition is admitted by Hon'ble High Court, Delhi and hearings is currently in process.

Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint Ventura's management, after considering the current facts and status of proceedings in High Court as of date, which is supported by legal opinion, management of Joint Venture is of the view that the amount recoverable from the client of f 79.28 Crores disclosed as 'Other Non-current Financial assets' and the 'Contract assets • Noncurrent assets' of f 11.10 Crores is appropriate and no further provision for aforesaid claims and receivables is required to be made as these have been considered as good and fully recoverable by the Management. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain.

(x) Chenab Bridge Project Undertaking ("CBPU") - Konkan Railway Corporation Limited ('KRCL") had issued a contract for construction of Steel Arch Bridge across river Chenab on August 24, 2004. The Company has raised claims towards reimbursement of additional expenses on account of extended stay, categorization of excavation works, compensation due to loss of productivity, expenses incurred due to change in alignment etc. in terms of the provisions of the contract, which the management believes are attributable to the client. These claims are in various stages of arbitration and High Court.

Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims carried out by the management, after considering the current facts and status of proceedings in arbitration and High Court as of date, which is supported by legal opinion, the management is confident of getting a favourable judgement and recover amount of f192.92 Crores recorded in books as 'Contract assets - Non-current assets' related to this project. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain.

'f~

SUBRAMANIAN KRISHNAMURTHY Executive Vice Chairman DIN: 00047592

Place : Mumbai

Date : November 23rd ,2024.

Chartered Accountants One International Center, Tower 3, 27th-32nd Floor, Senapati Bapat Marg Elphinstone Road (West), Mumbai - 400 013 Tele: + 91 22 6185 4000 Fax: +91 22 6185 4001

HDS & Associates LLP

Chartered Accountants 30-B, 4th Floor, Kamar Building Horniman Circle, Fort Mumbai-400 001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF AFCONS INFRASTRUCTURE LIMITED

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of AFCONS INFRASTRUCTURE LIMITED ("the Parent") and its subsidiaries (the Parent and its 11 subsidiaries together referred to as "the Group") for the quarter and half year ended September 30, 2024, ("the Statement") which includes 21 branches of the Group located at Mauritius, Mozambique, Gabon, Zambia, Mauritania, Ghana, Bhutan, Bangladesh, Liberia, Tanzania, Kuwait, Maldives, Indonesia, Qatar, Peru, Ivory Coast, Jordan, Oman, Abu Dhabi, Bahrain and Benin and 16 jointly controlled operations of the Group accounted on a proportionate basis, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the interim financial results of the entities listed in Annexure A.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and me surement principles laid down in the aforesaid Indian Accounting Standard and ot ., r- 0 cc:0u,,_n t ing principles generally accepted in India, has not disclosed the informati [ J eqwred 1 to be

Deloitte HOS & Haskins & Sells LLP Associates LLP

disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6.

(i) We draw attention to Note no. (x) of the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration and High Court in respect of variations recognised by the Parent in terms of the provisions of the contract with the client, on account of matters stated therein.

Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note no. (x), the management of the Parent is of the view that the amounts recognised as amount due from customers under construction contracts, are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain.

(ii) Review report on the Unaudited Financial Results of Transtonnelstroy Afcons Joint Venture (a jointly controlled operation included in the Statement of the Company) includes an emphasis of matter as under:

"We draw attention to Note no. (vii) to the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration, High Court and Supreme Court in respect of variations recognised by the joint venture in earlier years in terms of the provisions of the contract with the client, on account of matters stated therein.

Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, the management is of the view that the amounts recognised as amount due from customers under construction contracts and trade receivable including interest on trade receivables as per arbitration award, are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain.

Our conclusion on the Statement is not modified in respect of the above matter."

(iii) We draw attention to Note no. (viii) to the Statement, which describes the uncertainties relating to the outcome of the arbitration proceedings in respect of claims recognized by Afcons Gunanusa Joint Venture (a jointly controlled operation included in the Statement of the Company) in the earlier years, on account of change orders.

Based on the Management's assessment and technical evaluation of the recoverability in terms of the provisions of the contract, which is supported by legal opinion, the management is of the view that the amounts recognized as amount due from customers under construction contract are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the arbitration proceedings are ongoing, the duration and outcome is uncertain .

(iv) We draw attention to Note no. (ix) to the Statement, which describes the uncertainties relating to the outcome of the Hon'ble High Court Delhi, proceedings, where Dahej Standby Jetty Project Undertaking (a jointly controlled operation included in the Statement of the Company) has filed appeal to set aside an unfavourable award_granted in Arbitration, towards claims of liquidated damages for delay in completionJ)fcwa·r;ks by ,. '-' , • ' I~---~ jointly controlled operation. ; ce,~~--- \r;\

HDS& Associates LLP

-;:;cif/·

Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid client claims which are already encashed and claims filed by the jointly controlled operation against the client, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note no. (ix), the management is of the view that the amounts recognised as amount due from customers under construction contracts and other receivable, are considered as good and fully recoverable and no provision is considered necessary at this stage. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain.

Our conclusion on the Statement is not modified in respect of the above matters.

1. We did not review the interim financial results of 16 jointly controlled operations included in the unaudited interim financial results of the entities included in the Group, whose interim financial results reflect total assets of Rs. 2,278.46 crores as at September 30, 2024, total revenues of Rs. 229.08 crores and Rs. 374.53 crores for the quarter and half year ended September 30, 2024 respectively, total net profit after tax of Rs. 36.28 crores and Rs. 36.30 crores for the quarter and half year ended September 30, 2024 respectively and total comprehensive income of Rs. 36.28 crores and Rs. 36.30 crores for the quarter and half year ended September 30, 2024 respectively and net cash outflows of Rs. (1.43) crores for the half year ended September 30, 2024, as considered in the respective unaudited interim financial results of the entities included in the Group. The interim financial results of these jointly controlled operations have been reviewed by either of us in our individual capacity or jointly with other auditors or other auditors whose report have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these jointly controlled operations, is based solely on the report issued by either of us in our individual capacity or jointly with other auditors or such other auditors and the procedures performed by us as stated in paragraph 3 above.

We did not review the interim financial results of 6 subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total assets of Rs. 993.15 crores as at September 30, 2024, total revenues of Rs. 19.17 crores and Rs. 48.34 crores for the quarter and half year ended September 30, 2024 respectively, total net (loss) after tax of Rs. (4.83) crores and Rs. (16.53) crores for the quarter and half year ended September 30, 2024 respectively, total comprehensive loss of Rs. ( 4.83) crores and Rs. (16.53) crores for the quarter and half year ended September 30, 2024 respectively and net cash outflows of Rs. (6. 78) crores for the half year ended September 30, 2024, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

1. The consolidated unaudited financial results includes the interim financial results of 5 subsidiaries which have not been reviewed by their auditors, whose interim financial results reflect total assets of Rs. 56.95 crores as at September 30, 2024, total revenue of Nil and Nil for the quarter and half year ended September 30, 2024 respectively, total net loss after tax of Rs. (0.24) crores and Rs. (0.56) crores for the quarter and half year ended September 30, 2024 respectively, total comprehensive loss of Rs. (0.24) crores and Rs. (0.56) crores for the quarter and half year ended September 30, 2024 respectively and net cash inflows of Rs. 0.24 crores for the half year ended September 30, 2024, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our Conclusion on the Statement is not modified in respect of ou ~~~ o't'fne. interim financial results certified by the Management. rEQ( "{"

HDS & Associates LLP

1. As stated in Note no. (iv) of the Statement, financial results relating to the quarter ended June 30, 2024 and September 30, 2023 along with half year ended September 30, 2023 prepared in accordance with Ind AS 34, included in the Statement have been furnished to us by the Management and have not been subjected to review by us.

Our conclusion on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018

Nilesh Shah Partner Membership No. 049660 UDIN: 2.1.jDl.tqbbO&K~""tlqw~

Place: Mumbai Date: November 23, 2024

For HDS & Associates LLP Chartered Accountants Firm Registration No. W-100144

l av--. \lo ^v hf;,r.,'i'--~ ~ - ~. ~'--'"'\ lie, • . .,;-

/'l? \~ Vaibhav R Haldankar \I, ~ MU:MBA., 1;; Partner i .!i; Membership No. 167252 ~ /):. _ t-"(; UDIN: .21.f lb+~2Bl<.BO:l'I'\O4:f lrto Acco..:S

Place: Mumbai Date: November 23, 2024

Deloitte HDS & Haskins & Sells LLP Associates LLP

Annexure A

Afcons Infrastructure Limited Regd office: Afcons House, 16, Shah Industrial Estate,Veera Desai Road, Azad Nagar, Andheri (West), Mumbai- 400053 CIN:U45200MH1976PLC019335 I Website: www.afcons.com

AFCONS INFRASTRUCTURE LIMITED

Unaudited Consolidated Balance Sheet as at September 30,2024

• Notes: (i) The Unaudited Consolidated financial results (the "Results") of Afcons Infrastructure Limited (the 'Parent' and the 'Company') and its subsidiaries (Parent and subsidiaries together referred to as 'the Group') for the quarter and half year ended September 30, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 23, 2024. The Joint Statutory Auditors of the Company have carried out Limited Review of the aforesaid results.
• (ii) The Unaudited Consolidated financial results of the Group have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015, as amended ("the Regulations").
• (iii) The Consolidated financial results for the quarter ended June 30, 2024 and September 30, 2023 and the half year ended September 30, 2023, as reported in the results have been approved by the Company's Board of Directors but have not been subjected to limited review since the requirement of submission of quarterly consolidated financial results is applicable on listing of equity shares of the Company from the quarter ended September 30, 2024.
• (iv) Subsequent to the quarter ended September 30,2024, the Company has completed an Initial Public Offering ('IPO') aggregating to at' 5,430.00 crores comprising total number of equity shares of 11,73,27,139 equity shares which comprises of Fresh issue of 2,70,46,362 equity shares aggregating to IPO proceeds of at' 1,250.00 crores (i.e. face value of at' 10 per share and securities premium of at' 409/- and at' 453/- per share) and offer for sale portion ("OFS") of 9,02,80,777 equity shares aggregating to proceeds of at' 4,180.00 crores (Le.face value of at'10 each per share and share premium of at' 453/- per share).
• The Company's equity shares were listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 04, 2024.Thus, this statement of unaudited consolidated financial results for the quarter and half year ended September 30, 2024, is prepared for the first time in compliance with Regulation 33 of the Listing Regulations.
• (v) The Company is primarily engaged in a single business segment viz 'Engineering, procurement and construction'( 'EPC'). The Chief Operating Decision Makers (CODM) monitor and review the operating results of the Group as a whole. Therefore there are no other reportable segments for the company as per requirements of Ind AS 108 'Operating Segment'.The margins in the quarterly results vary based on the nature, type and quantum of project work executed during the quarter. Due to this reason, quarterly results may vary in different quarters and may not be indicative of annual results.
• (vi) Other Income includes at' 74.21 Crores money received towards Interest on Arbitration awarded in favour of the Company.
• (vii) The Transtonnelstroy Afcons Joint Venture ("TTA JV" the Joint Venture) had submitted variations to the client for two projects (package UAA-01 and package UAA-05) arising on account of cost overruns, due to unforeseen geological conditions, delays in handing over of land and change in scope of work etc., in terms of the provisions of the contract with the Chennai Metro Rail Limited ("the client"), which the Management believes is attributable to the client. These variations are in various stages of arbitration, Madras High Court and Supreme Court.

Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint Venture's management, after considering the current facts and status of proceedings in arbitration, High Court and Supreme Court as of date, which is supported by legal opinion, the management of Joint Venture is confident of getting favourable order/ award and is of the opinion that amount of at' 659.87 Crores recognized towards such variations/ claims in 'Contract assets' as non-current assets, an amount of, 120.81 Crores towards the arbitration award recognized as 'Non-current Trade Receivables', an amount of, 30.63 Crores towards the interest on arbitration award as 'Other non-current financial assets' and an amount of at' 25. 77 Crores towards bank guarantee encashed by client as 'Other current financial assets', is appropriate and the same is considered as good and fully recoverable. Joint Venture management does not anticipate any loss to be recognized at this stage. However, considering that the negotiation, proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain.

• viii Afcons Gunanusa Joint Venture ("AGJV"- the Joint Venture) had submitted claims to ONGC, arising on account of cost overruns due to change orders, in terms of the provisions of the contract. Claims against change orders and counter claims by ONGC is currently being discussed in arbitration. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims and counter claims, carried out by Joint Venture's management, after considering the current facts and status of proceedings in arbitration as of date, which is supported by legal opinion, management of Joint Venture is of the view that the 'Contract assets - Non-current assets' of at' 124.05 Crores as on September 30, 2024 is appropriate and no provision is required to be made as these have been considered as good and fully recoverable by the Management. However, considering that the arbitration proceedings are ongoing, the duration and outcome is uncertain.
• (ix) Dahej Standby Jetty Project Undertaking ("DJPU"- the Joint Venture)-An unfavourable award granted in Arbitration during the earlier year, towards claims of liquidated damages for delay in completion of works by the Joint Venture has been challenged by the Joint Venture at Hon'ble High Court, Delhi for setting aside the unfavourable award and also submitted claims for additional cost incurred w.r.t extended stay and acceleration cost, considering that the delay is attributable to the client and in terms of the contractual provisions. This petition is admitted by Hon'ble High Court, Delhi and hearings is currently in process. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint

Venture's management, after considering the current facts and status of proceedings in High Court as of date, which is supported by legal opinion, management of Joint Venture is of the view that the amount recoverable from the client of at' 79.28 Crores disclosed as 'Other Non-current Financial assets' and the 'Contract assets - Noncurrent assets' of at' 11.10 Crores is appropriate and no further provision for aforesaid claims and receivables is required to be made as these have been considered as good and fully recoverable by the Management. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain.

(x) Chenab Bridge Project Undertaking ("CBPU") - Konkan Railway Corporation Limited ("KRCL") had issued a contract for construction of Steel Arch Bridge across river Chenab on August 24, 2004. The Company has raised claims towards reimbursement of additional expenses on account of extended stay, categorization of excavation works, compensation due to loss of productivity, expenses incurred due to change in alignment etc. in terms of the provisions of the contract, which the management believes are attributable to the client. These claims are in various stages of arbitration and High Court.

Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims carried out by the management, after considering the current facts and status of proceedings in arbitration and High Court as of date, which is supported by legal opinion, the management is confident of getting a favourable judgement and recover amount of, 192.92 Crores recorded in books as 'Contract assets - Non-current assets' related to this project. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain.

For and On behalf of the Board of Directors

Afcons Infra u 1ed '\

SUBRAMANIAN KRISHNAMURTHY Executive Vice Chairman DIN: 00047592

Place : Mumbai

Date : November 23rd ,2024.

Investor Release

Afcons Reports Record Order Book and Improved Profitability

Mumbai, November 23, 2024 – Afcons Infrastructure Limited, one of India's largest international infrastructure players, today announced its unaudited financial results for the quarter and half year ended September 30, 2024.

Key Financial Highlights

Note: *Components of finance cost like Bank charges and commission, redemption premium on borrowing etc. is added to other expenses & deducted from finance cost, thereby adjusting the calculation of EBITDA & EBITDA Margins

Order Book Breakup

Highlights

• ➢ The order book as of Sept'24 stood at ₹ 34,152 Cr, reflecting a strong revenue visibility
• ➢ In H1 FY25, order momentum was strong as the company received orders worth ₹ 8,925 Cr. Additionally, the company has emerged as the L1 bidder for orders amounting to ₹ 10,154 Cr of which LOAs have been received for orders worth ₹ 3,752 post 30th Sept'24
• ➢ Total Income stood at ₹ 3,090 Cr in Q2 FY25, compared to ₹ 3,434 Cr in Q2 FY24. For H1 FY25, Total Income stood at ₹ 6,303 Cr compared to ₹ 6,655 Cr in H1 FY24
• ➢ EBITDA for Q2 FY25 stood at ₹ 427 Cr as compared to ₹ 394 Cr in Q2 FY24 representing a growth of 8.5% y-o-y. The company recorded highest ever EBITDA margin for the quarter which stood at 13.8% as against 11.5% for the same quarter last year. EBITDA for H1 FY25 stood at ₹ 799 Cr up by 12.8% while margins stood at 12.7%
• ➢ PAT for Q2 FY25 stood at ₹ 135 Cr as compared to ₹ 104 Cr in Q2 FY24 representing a growth of 30.0% y-o-y. PAT margin for the quarter stood at 4.4% as against 3.0% for the same quarter last year. PAT for H1 FY25 stood at ₹ 227 Cr up by 16.3%
• ➢ As of Sept'2024 the consolidated net debt stood at ₹ 2,640 Cr compared to ₹ 1,789 Cr as of Mar'24
• ➢ Post the IPO fund raise, the company has utilized the IPO proceeds to the extent of ₹ 600 Cr for repayment of debt and 320 Cr towards working capital requirements

Commenting on the Results, Mr. Subramanian Krishnamurthy, Executive Vice Chairman (Whole-time Director) said, "We are delighted to share Afcons Infrastructure's performance for the second quarter and first half of FY25. At the outset, I sincerely thank all our investors for their overwhelming support during our recent IPO. Your trust inspires us as we embark on this exciting new chapter of growth and value creation.

In Q2 FY25, we recorded total income of ₹3,090 crore, achieving our highest-ever quarterly EBITDA margin of 13.8% and a robust 30% year-on-year growth in profit after tax. Our strong order book of ₹34,152 crore, excluding L1 projects worth ₹10,154 crore, reflects our ability to secure high-quality projects and the confidence our clients place in our capabilities. This healthy and diversified orderbook provides strong revenue visibility for the future.

Aligned with our commitment to prudent financial management, we have utilized ₹600 crore from the IPO proceeds to repay debt, further strengthening our balance sheet. While our revenue performance reflects challenges stemming from both external factors and internal strategic decisions, our steady improvement in profitability and operational metrics underscores our resilience and focus on sustainable growth.

We remain dedicated to delivering long-term value to our stakeholders while contributing to the growth and development of our nation through transformative infrastructure projects and strengthening our presence on the global stage."

About Afcons Infrastructure Limited

Afcons Infrastructure Limited, the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, is one of India's largest international infrastructure players. The Company has a rich experience of over 60 years with a robust track record of timely execution of large-scale, complex and high-value projects in domestic and overseas markets. Afcons is a well-diversified infrastructure construction company, and it has delivered projects ranging from expressways, underground and elevated metros, railways, bridges, dams, irrigation systems, hydro, water supply, ports, breakwaters, and oil & gas around the world. Over the last eleven years, the Company has completed 79 projects across 17 countries. Headquartered in Mumbai, Afcons has 23 offices, 16 JVs and 12 subsidiaries globally.

Safe Harbor

Any forward-looking statements about expected future events, financial and operating results of the Company are based on certain assumptions which the Company does not guarantee the fulfilment of. Past performance also should not be simply extrapolated into the future. These statements are subject to risks and uncertainties. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Company's operations include a downtrend in the industry, global or domestic or both, significant changes in political and economic environment in India or key markets abroad, tax laws, litigation, labour relations, exchange rate fluctuations, technological changes, investment and business income, cash flow projections, interest, and other costs. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.