BS R & Co. LLP Chartered Accountants

Building No .10, 8th Floor, Tower-B DLF Cyber City, Phase - II Gurugram - 122 002, India

Telephone: + 91 124 719 1000 Fax: + 91 124 235 861 3

Independent Auditors' Report on the Statement of Audited Results of Green Infra Wind Energy Limited pursuant to the Regulations 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015

The Board of Directors of Green Infra Wind Energy Limited

We have audited the annual financial results ('financial results') of Green Infra Wind Energy Limited ('the Company') for the year ended 31 March 2019, attached herewith, being submitted by the company pursuant to the requirement of Regulation 52 of the Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations ' ). Attention is drawn to the fact that figures for last half year ended 31 March 2019 and the corresponding half year ended in the previous year as reported in these annual financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the half year ended 30 September 2018 and 30 September 2017. Also the figures up to the end of the half year ended 30 September 2018 and 30 September 2017 had only been reviewed and not subjected to audit.

These annual financial results have been prepared on the basis of the annual financial statements and reviewed half yearly financial results upto the end of the half year ended 30 September 2018 which are the responsibility of the Company's Management. Our responsibility is to express an opinion on these annual financial results based on our audit of the annual financial statements which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015 as per Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 52 of the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the annual financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis for our opinion.

In our opinion and to the best of our information and according to the explanations given to us these financial results:

(i) are presented in accordance with the requirements of Regulation 52 of the Listing Regulations in this regard; and

(J

B S R & Co (a partnershin firm w ith Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with ettect from October 14, 2013

Registered Office: 5th Floor, Lodha Excelus Apol lo Mills Compound N.M. Joshi Marg, Mahalakshmi Mumbai - 400 011

)

BS R & Co. LLP

(ii) give a true and fair view of the net profit and other comprehensive income and other financial information for the year ended 31 March 2019.

Place : Gurugram Date : 7 May 2019

ForB SR & Co. LLP Chartered Accountants ICAI firm registration no.: 101248W/W-100022

p no.: 094549

GREEN INFRA WIND ENERGY LIMITED CIN: U23200DL2005PLC213430

Regd. Office: 5th Floor, Tower C, Building No. 8, DLF Cybercity, Gurugram -122002, Haryana Telephone No.: 0124-3896700, Fax No.: 0124-3896710, Email: sgil.complianceofficer@sembcorp.com

ST A TEMENT OF ASSETS AND LIABILITIES

Particulars

ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Financial assets

Investments Loans Other financial assets

Non-current tax assets (net) Other non-current assets Total non-current assets

Current assets Inventories Financial assets

Investments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Loans Other financial assets

Other current assets Total current assets

Total assets

EQUITY AND LIABILITIES Equity Equity share capital Instruments entirely equity in nature Other equity Total equity

Liabilities Non-current liabilities Financial liabilities

Long-term borrowings Provisions Deferred tax liabilities (net) Other non-current liabilities Total non-current liabilities

Current liabilities Financial liabilities

Short-term borrowings Trade payables

- total outstanding dues of micro enterprises and small enterprises

- total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities (refer note 1)

Other current liabilities Current tax liabilities ( net) Total current liabilities

Total liabilities

Total equity and liabilities

Note:

Rs. in million As at March 31, 2019 As at March 31, 2018

Audited Audited

10,327.98 18,714.52

99.00 5,037.09

250.68 42.44

6,503.51 40,975.22

10.09

254.44 417.93

2,103.81 21.58

677.04 399.70 272.56

4,157.15

45,132.37

I 0,591.82 1,406.23 (900.59)

11,097.46

13,675.73 71.23 77.32

141.29 13,965.57

12,307.06

0.12

36.43 7,692.17

23.18 10.38

20,069.34

34,034.91

45,132.37

11,332.01 267.17

99.00

68.91 42.44

4,301.56 16,111.09

189.97 978.58 739.52 294.42

3,666.98 246.99

66.79 6,183.25

22,294.34

10,191.82 300.00

(1,588.54) 8,903.28

1,964.32 110.53

172.59 2,247.44

10,149.56

101.16 778.70 114.20

11,143.62

13,391.06

22,294.34

GREEN INFRA WIND ENERGY LIMITED CIN: U23200DL2005PLC213430

Regd. Office : 5th Floor, Tower C, Building No. 8, DLF Cybercity, Gurugram -122002, Haryana Telephone No.: 0124-3896700, Fax No.: 0124-3896710, Email: sgil.complianceofficer@semhcorp.com

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2019

(Rs,mm1 ion) Particulars Half year ended Year ended

Income Revenue from operations Other income (refer note 4)

Total income

Expenses Employee benefits expense Finance costs Depreciation expenses Operating and other expenses Total expenses

(Loss)/ profit before tax

Tax expenses Current tax (credit)/expense Deferred tax (credit)/charge Total tax expense

(Loss)/ profit after tax

Other comprehensive income Items that will not be reclassified subsequently to profit or loss: Actuarial (loss)/gain on employee benefits obligations Tax effect on above item Other comprehensive (loss)/ income (net of tax) that will not to be reclassified subsequently to profit or loss

Total comprehensive (loss) I income for the year

Earnings/(loss) per share (Nominal value of shares Rs. 10 per share) Basic (loss)/eamings per share (Rs.) Diluted (loss)/earnings per share (Rs.)

Notes pertaining to the financial results

October 1, 2018 to March 31, 2019

Unau.dited

769.92 219.21

989.13

43.25 604.26 455.88 246.83

1,350.22

(361.09)

(89.96) (107.88)

(197.84)

(163.25)

(0.10) 0.02

(0.08)

(163.33)

(0.35) (0.35)

October 1, 2017 to March 31, 2018

Unaudited

611.99 185.32

797.31

30.78 384.84 458.29 192.44

1,066.35

(269.04)

(42.29) 61.74 19.45

(288.49)

0.40 (0.14) 0.26

(288.23)

(0.27) (0.27)

March 31, 2019

Audited

2,621.11 858.63

3,479.74

83.88 1,106.06

915.47 426.89

2,532.30

947.44

180.72 77.72

258.44

689.00

(1.45) 0.40

(1.05)

687.95

0.67 0.60

March 31, 2018

Audited

2,101.16 213.24

2,314.40

61.58 947.73 910.14 496.46

2,415.91

(101.51)

32.52 32.52

(134.03)

(0.03)

(0.03)

(134.06)

(0.14) (0.14)

l. The audited financial results for the year ended March 31, 2019 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on May 7, 2019. The statutory auditors of the Company issued an unqualified audit opinion and their report is being filed with the Bombay Stock Exchange (BSE).

2. These audited financial results have been prepared in accordance with Ind AS prescribed under Section 133 of the Companies Act 2013 (read with relevant rules there under) and in terms of Regulation 52 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and SEBI circular dated August 10, 2016.

3. Figures of the half year ended March 3 1, 2019 and March 31, 2018 are the balancing figures between audited figures in respect of the year to date and the published figures for the half year ended September 30, 2018 and September 30, 2017 respectively which were only reviewed and not subjected to audit.

4. Other income for the year ended March 31. 20 I 9 includes an amount of Rs. 424.47 mi ll ion (March 31, 20 18: Nil), being an amount recovered as li quiduted damag.:s from w1 pc ralion and maintenance (O&M vendor The. c liquidated damages has been accounted based. on a ·ettk:ment agreement entered with (he endor on whom the Company had earl ier served dcf'auh / tem1ination notices. As the vendor was not able to rectify the defaults. the related bank guarantees were encashed and accounted lbr as liq,ildated damage . Further, the concerned O&M agreements with, the ·aid vendor have also been terminated. onsequently. the excess ofO&M equali ation reserves am unting to Rs. 100.20 million (March 3·1, 2018: R . 57.73 million) has accordingly been , ritten back and disclosed under Other income. Further, the ompany has written off Rs. 76.55 millions for the discarded component of wind turbine generators handed over by the O&M vendor.

5. No grievances has been received from the debenture holder during the year ended March 31, 2019.

6. Paid-up debt capital represents the value of debentures issued and does not include other long-term borrowings.

7. The Company's business activity falls within a single business segment in terms oflnd AS 108 'Operating Segments'.

8. Additional disclosures as per clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)

Regulations, 2015: a) The credit rat ing issued by CRISIL for the Non-Convertible Debentures ('NCDs') as at March 31, 2019 is AA(SO)/Stable (March 31, 2018: Not applicable).

b) The Company co□ r-inues to maintain 100% asset cover on its projeccs for the 11s. Thee N D's are ecured by a first ranking pari passu mo11gage on all the immovable properties of identified project , a Jirst ranking pari passu charge on all movable nsse · of identified projects. identified projects related documents. entire casb flow pr~ject escrow account, the curront account, the recei ables therefrom. Debt ervice Reserve Account and the amounts therein of the Company.

S No and Particulars As at March 31., 2019 As at March 31, 2018

(c) Debt-Equity ratio (in times)* 2.34 1.37

Amount Date Amount I Date (d) Previous due date and amount for payment on interest of

81.96 million March 31, 2019 Not Applicable 9.65%NCDs Interest has been paid Yes Yes

Amount Date Amount I Date Previous due date and amount for repayment of principal of

Not applicable Not applicable 9.65% NCDs

Amount Date Amount I Date (e) Next due date and amount for payment of

79.32 million April 30, 2019 Not applicable interest on 9.65% NCDs

Next due date and amount for repayment of 150.00 million October 31, 2020 Not applicable

principal of NCDs

(f) Debt service coverage ratio* 2.19 0.18

(g) Interest service coverage ratio* 2.19 1.95

(h) Outstanding redeemable preference shares Nil Nil

(i) Debenture redemption reserve Nil Nil

(j) Net worth (paid- up equity share capital Rs. 11,097.46 million Rs. 8,903.28 million

plus reserves and surplus)*

(k) Net profit after tax Rs. 689.00 million Rs. (134.03) million

(I) Earnings per share (Rs.) Basic 0.67 (0.14) Diluted 0.60 .(0. 14)

. /

* The ratios have been computed based on the following formulas: (a) Debt - Equity Ratio= Debt (long-term debt (including current maturities)+ short-term debt/ Equity (paid-up equity share capital

+ reserves and surplus).

(b) Reserves and surplus includes Debenture redemption reserve, Other comprehensive income and the balance of retained earnings. (c) Debt service coverage ratio= Earnings before interest#, depreciation and tax/ (interest# and principal oflong term borrowing repayable within the next financial year). (d) Interest service coverage ratio= Earnings before interest, depreciation and tax/ interest# oflong term borrowing repayable within the next financial year. For item (c) and (d) above, interest# means interest on long-term loans and debentures.

Place: Gurugram Date: May 7, 2019

For and on the be

Director

DIN: 07298251