Integrated

Annual Report 2023-24

Engineers India Limited

Engineering

Sustainable
Energy Infrastructure
Globally
At Engineers India Limited (EIL), Committed to becoming a
we are committed to creating
Net Zero Emission Corporate
Entity by 2035, we continue to
sustainable accelerate our Environmental,
energy infrastructure, Social and Governance (ESG)
initiatives to lead the march
offering a pathway to reduce carbon emissions,
enhance energy security, and foster economic
towards a sustainable and
development. We deploy state-of-the-art resilient future.
engineering and project management solutions
to steer these projects from concept to
commissioning, while adhering to international
standards and sustainability benchmarks.

We have developed stellar In addition to engineering

credentials as a leading global excellence, EIL emphasizes
consultant, thanks to an environmental stewardship
impeccable track record of and social responsibility
implementing mega projects in all its projects, fostering
in diverse geographies across community engagement
the globe. This year, the and promoting eco-friendly
commissioning of Dangote practices. Our sustainability
Refinery & Petrochemical Project mandate entails operating
in Nigeria, the world’s largest our business in a manner
single train refinery complex, that is responsible, value-
exemplified our world class accretive and transparent
project execution capabilities. The to all our stakeholders.
ongoing Mongol Refinery project
in Mongolia also demonstrates
our ability to execute challenging
projects in extreme climatic and
geographical conditions.
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Reference
OUR INTEGRATED APPROACH FORWARD-LOOKING OUR SIX CAPITALS OUR STAKEHOLDERS
Online Download This Report offers a comprehensive
STATEMENTS The Report identifies six essential capitals for long-term value creation beyond financial We serve a diverse range of
Reference
overview of our performance and This Report contains forward-looking resources. These capitals are represented through icons within our business model stakeholders, including:
value creation processes over the statements regarding our business as per the integrated reporting framework:
Weblink short, medium, and long term. It operations, financial position, and future
Reference
highlights how we generate and strategies. These statements, identified
sustain stakeholder value by effectively by terms such as ‘believes’, ‘estimates’,
utilising various capitals. Through our ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’,
strategic deployment of these capitals, ‘plans’, and similar expressions, are based Financial Capital Natural Capital
RELATED TO UN SDGS we formulate and execute strategies on current expectations and assumptions Funds deployed to create Earth’s resources utilised in Customers Government
aimed at long-term value creation. The that involve risks and uncertainties. Actual stakeholder value our operations
Report also evaluates the outcomes of results may differ materially from those
our business strategies by measuring projected due to various factors.
their impact on stakeholders, while
adopting a forward-looking perspective
REPORTING PERIOD Manufactured and
that discusses the opportunities and Social and Relationship Capital
challenges we face. This Report includes data for the full Intellectual Capital Employees Regulatory
Partnerships, networks, and
fiscal year from April 1, 2023, to March Digital infrastructure assets, and Industry
communities we serve
31, 2024. It also incorporates relevant systems, R&D, and processes Bodies
OUR REPORTING FRAMEWORK information from previous years to
Our Integrated Annual Report adheres provide a comprehensive view for our
ASSURANCE
to the framework and guiding principles stakeholders, including customers, The facts and figures in this Report have
established by the International Integrated employees, investors, and other been reviewed by the Management. The
Reporting Council (IIRC). It illustrates interested parties. Human Capital financial statements have been audited by
how sustainability is integrated into our our statutory auditors, Datta Singla & Co.,
Our talented workforce
business management, thereby creating with their Independent Auditor’s Report Media and Investors and
REPORTING SCOPE AND
value for our customers and other incorporated as part of this Report. Analysts Shareholders
BOUNDARY
stakeholders. Additionally, the financial
and statutory sections comply with the The Integrated Annual Report covers
Engineers India Limited’s (EIL) global MANAGEMENT REVIEW FEEDBACK
requirements of:
operations, with information on The facts and figures in this Report have We welcome feedback from our
€ The Companies Act, 2013 subsidiaries, Joint Ventures and been reviewed by the Management. stakeholders. For any comments or
€ Indian Accounting Standards associates disclosed where relevant. This The financial statements have been concerns, please contact our Company
report aims to present a holistic view of audited by our statutory auditors, M/s Secretarial team or Queries related to Communities Service Provider
€ The Securities and Exchange Board of
EIL’s value creation journey throughout Datta Singla & Co., Charted Accountants ESG and Sustainability may be directed to and NGOs and Suppliers
India (Listing Obligations and Disclosure
the reporting year, with any exclusions with their Independent Auditor’s Report [email protected].
Requirements) Regulations, 2015
noted in the respective sections. incorporated as part of this Report.
€ Secretarial Standards
00-00 01 06
CORPORATE OVERVIEW

00 EIL at a glance
00 Geographic presence
00 Our journey 04
00 Services spectrum
00 Chairman and Managing Director’s Message
00 Governance Human
00
00
Business model
Stakeholder engagement
Capital
00 Risk Management
00
00
Financial Capital
Manufactured and Intellectual Capital pg. 000
00
EIL at a
Human Capital
00 Social and Relationship Capital
00 Natural Capital glance
Governance
000
pg. 000
pg.

Navigate 05
00-00
00 Ten Years’ Performance at a Glance

through the
00 Notice - 58th Annual General Meeting (AGM)
Directors’ Report along with following
00 Annexures
00 Management Discussion & Analysis

pages
00 Business Responsibility & Sustainability Report
00 Annual Report on CSR Activities
03 Particulars of Contracts entered into by the
00 Company with Related Parties (AOC-2)
Natural 00 Report on Corporate Governance

Capital 00
00
C&MD and CFO Certification
Auditors’ Report on Corporate Governance
00 Secretarial Audit Report

02 000
pg.
00
00
Independent Auditor’s Report
Balance Sheet
00 Statement of Profit & Loss
00 Statement of Changes in Equity

Services 00 Cash Flow Statement

Summary of significant accounting policies
spectrum and accompanying notes for the year ended
00 31st March, 2023

000
CAG Comments on the Accounts (Standalone)
pg. 00 of EIL
Consolidated Accounts with Independent
Services Auditor’s Report thereon and CAG Comments

spectrum
000
pg.
 Corporate Overview

06 07
Engineers India Ltd

Annual Report 2023-24 EIL at a glance

EIL at a glance

Delivering essential engineering

expertise for nation-building
Driven by our Guided by our
Established in 1965, Engineers India Limited (EIL), Vision mission
has been instrumental in shaping the national To be a Global Leader € Achieve ‘Customer Delight’ through

energy infrastructure for almost six decades. offering Total Energy innovative, cost effective and value
added consulting and EPC services.
Solutions for a
Over the decades, we have built a reliable track record across the We have diversified into various sectors such as infrastructure, Sustainable Future € To maximize creation of wealth,
value and satisfaction for
entire oil & gas value chain. Our involvement in landmark projects strategic crude oil storage, fertilisers, ports, LNG, water and
stakeholders with high standards
reflects our expertise in project management, engineering and wastewater management, coal gasification, ferrous and non-
of business ethics and aligned with
procurement, and construction management making us a ferrous metals, defence, renewables and clean energy. Our
national policies.
preferred partner for both domestic and international clients. commitment to sustainable growth is evident in our activities
in sunrise sectors such as biofuels, green hydrogen / green and
Our global presence spans the Middle East, Africa, South Asia, other key imperatives of the ongoing global energy transition.
Central Asia, East Asia (Mongolia), and South America (Guyana).
This demonstrates our capability to deliver tailored solutions
in diverse environments. Our dedicated team ensures the
successful execution of complex and challenging projects.

Anchored in our

Values
€ Benchmark to learn from superior role models.

€ Nurture the essence of Customer Relationship and bonding.

€ Foster Innovation with emphasis on value addition.

€ Integrity and Trust as fundamental to functioning.

€ Passion in pursuit of excellence.

€ Thrive upon constant Knowledge updation as a Learning organisation.

€ Quality as a way of life.

€ Collaboration in synergy through cross-functional Team efforts.

€ Sense of ownership in what we do.

 Corporate Overview

08 09
Engineers India Ltd

Annual Report 2023-24 EIL at a glance

07

Sectors we serve
01 02

Government
Ownership

Navratna
Sunrise Sectors
08 Status
03
Offshore Fixed Platforms Onshore Oil & Gas Pipelines, Terminals & Petroleum Refining &
(Wellhead / Injection & Processing Storages Petrochemicals
Process Platforms), Subsea
Pipelines

KEY FACTS
Assignments
Sectors we serve

07

04

International Fertilizers Mining/ Metallurgy (Ferrous Underground Caverns Utility & Offsite facilities
Technologies & Non Ferrous) for storage of Crude oil & including Captive Power
Presence
petroleum products Plants

06 Workforce
05

01 02 03 04 Infrastructure Ports LNG Water & wastewater

management
Government Ownership Navratna Status Assignments Technologies

Government of India
through Ministry of
Operational and
financial autonomy for Over 7,000 In-house and
collaborative R&D with
08

Sunrise Sectors
Petroleum & large-scale 40+
assignments, including

Natural Gas investments 600 process technologies

holds a majority stake. major projects

05 06 Coal gasification Renewables and Defence

clean energy
Workforce International Presence

~2,658 Middle East, Africa, South Asia,

Central Asia, East Asia (Mongolia),
Biofuels, green hydrogen
& green ammonia,
employees South America (Guyana) energy transition etc.
We have leveraged our stellar track
record in India’s hydrocarbon sector to
successfully foray into overseas markets.
Over the years, we have

GLOBAL
established ourselves as a

PLAYER with the execution of a number of prestigious

assignments for international energy majors
in the MIDDLE EAST, AFRICA, SOUTH EAST
ASIA AND SOUTH AMERICA.
 Corporate Overview

12 13
Engineers India Ltd

Annual Report 2023-24 Geographic presence

Geographic presence
EIL FOOTPRINT IN OIL & GAS SECTOR

Widening our footprint in

high-potential markets
At EIL, we have established a strong geographic presence, both HMEL Petro Plant
nationally and internationally. Domestically, our operations span key BRP
industrial hubs in India, with regional offices strategically located to HMEL GGSR Refinery
Bongaigaon Petro. Plant

provide optimal support and services. PUNJAB

Panipat Petro. Plant 1&2 Digboi Refinery
Panipat Refinery Guwahati Refinery
Internationally, our presence is spread across the Middle East, Africa, South East Asia and Europe, demonstrating our ability to
HARYANA
operate in diverse environments and deliver tailored solutions to a global clientele. Our presence in these geographies highlights Barauni Refinery
Mathura Refinery
our capability to undertake and execute projects of various scales and complexities.
Vadinar Refinery Pata Petro Plant 1&2

EIL INTERNATIONAL PRESENCE ASSAM

UTTAR PRADESH
Koyali Refinery Gandhar Petro Plant BIHAR Bongaigaon Refinery
Branch Office JV Office Inspection Office Site / Client Office Brahmaputra Petro. Plant
ABU DHABI LLC-BEO (BHARAT ENERGY OFFICE) LONDON, UK SAINSHAND / ULAANBAATAR, MONGOLIA
(JV OF 5 OIL PSUS: OIL, OVL, GAIL, MILAN, ITALY LAGOS, NIGERIA GUJARAT MADHYA PRADESH
Numaligarh Refinery
IOCL & EIL) SHANGHAI, CHINA GUYANA WEST BENGAL

Dahej Petro Plant

150 Projects for
ADNOC Group • ADOC(Japan) • Borouge • FERTIL Baroda Petro Plant
• NPCC • ORPIC • BAPCO, BANAGAS • KNPC • KIPIC Bina Refinery
MAHARASHTRA
Sonatrach Mumbai Refinery
Mongol Refinery 34 kbpsd
Refinery Haldia Refinery
MOSCOW Grassroot Refinery
Rehabilitation
LONDON Haldia Petro Plant
~330 & 70 kbpsd Mumbai Refinery
Refinery
MILAN MONGOLIA
TURKEY Mega Petchem under
IRAN commissioning.
SHANGHAI KARNATAKA Visakh Refinery
ALGERIA
BPC 68 kbpsd
MIDDLE EAST
BANGLADESH Grassroot Refinery ANDHRA PRADESH
Ongoing:
NIGERIA
GUYANA IBF Pipeline Mangalore Refinery Tatipaka Refinery Grassroot
SRILANKA
Integrated Rajasthan
KENYA
Engineered 10
Refinery, Panipat &
INDONESIA Kochi PDPP Petro Plant Grassroot Refineries.
Manali Refinery Nagapattinam Refinery,
Integrated Natural Gas
Liquids (NGL) Plant and DORC 650 TAMILNADU 20 out of 23 Refineries and Usar PDH
MAURITIUS Panca Amara Utama
300 MW CCGT Power Plant kbpsd Fertilizer Plant Kochi Refinery in India have EIL
Grassroot KPRL
Refinery cum
Footprints In offshore, 150 well
Refinery IOC, COT KERALA
Petchem Expansion and JETTY platforms, 40 Process
Study Installed 10 out of the platforms, 4,500 sub-
PADAH LNG
STC, POL Nagapattanam Refinery 11 mega petrochemical sea pipelines has been
Marketing
complexes in India executed by EIL
Terminal
Antarctica,
Environmental Studies
All Onshore Facilities in
ANTARCTICA India has EIL footprint. 13,000 KM liquid,
10000 KM Gas, 2,000
Refinery Mega Petrochemical Plant Forayed into new KM LPG Pipeline
ONGOING OVERSEAS PROJECTS areas such as projects have been
DORC, Nigeria • BPC, Bangladesh • Mongol Refinery • Indo-Bangladesh Pipeline • Sri Lanka Tankage & Jetty • Guyana NGL and Power Project
underground caverns executed by EIL
Map not to scale, for representation purposes only Map not to scale, for representation purposes only
for storages.
 Corporate Overview

14 15
Engineers India Ltd

Annual Report 2023-24 Our journey

Our journey

Resolute steps to strengthen

market leadership
DRIVEN BY VISION TO BUILD PIONEERING INNOVATIONS AND ACHIEVING GLOBAL RECOGNITION
INDIA’S INDUSTRIAL BACKBONE EXPANDING HORIZONS AND EMBRACING SUSTAINABILITY

1965-1988 1989-2010 2011-2024

1965 1970-1972 1989 2017-2024
Incorporated pursuant to First international Established R&D centre in Major refinery project in
a formation agreement assignment; Commenced Gurgram; completed the Mongolia; expanded into LNG,
between GoI and Bechtel; work in fertilizer and non- longest gas pipeline in India. cryogenics, Underground
began work in refineries. ferrous metallurgy.
2000-2010 LPG storage, gasification, and
biofuel projects..
Diversified into
infrastructure; started

1967 sub-surface crude storage

projects in Vizag, Padur, 2011-2016
Became a wholly-owned
GoI company
1969 and Mangalore.
Entered the water sector;
Entered the
petrochemical sector
1975-1988 expanded in chemicals
and fertilizers; secured

1997
with IPCL Expanded into offshore, largest overseas order from
pipelines, and onshore Nigeria; awarded Navratna
oil and gas projects. Listed on BSE and status in 2015.
NSE; awarded
Mini Ratna status.
 Corporate Overview

16 17
Engineers India
Engineers India Ltd
Ltd

Annual Report 2023-24 Services spectrum

Services spectrum We provide comprehensive engineering consultancy and

advanced technology solutions across various sectors. Our

Comprehensive services - services are aligned with the latest industry trends, with a
strong emphasis on sustainability, digitalisation, and innovation.

from concept to commissioning We are dedicated to delivering high-quality, cost-effective, and timely solutions that cater to the evolving
needs of our clients in the oil and gas, petrochemicals, infrastructure, and environmental sectors.

TECHNOLOGY LICENSING PROCESS DESIGN PROJECT MANAGEMENT

€ Conceptualization of Process € Pre-feasibility studies € Integrated Project
€ Process Modelling & simulation € Technology and licensor selection Management services

€ Bench / Pilot Studies € Conceptual design & feasibility € Project Control - Planning
& Scheduling, Monitoring,
€ Technology Development & € Process design package
Costing
Licensing

ENGINEERING CONSTRUCTION SUPPLY CHAIN

€ Residual engineering and FEED
MANAGEMENT MANAGEMENT
€ Detailed engineering € Materials /warehouse management € Supplier and contractor
€ Quality assurance and health, safety management
€ Engineering for procurement
& environment € Expediting and inspection
€ Engineering for construction
€ Progress monitoring/ Scheduling € Vendor development
€ Mechanical completion
€ Site closure

COMMISSIONING SPECIALIZED SERVICES CERTIFICATION

€ Pre-commissioning and € Environment engineering
(THROUGH CEIL)
commissioning assistance € Heat and mass transfer € EIL subsidiary – Certification
€ Safety audit Engineers International Limited
€ Plant operations and safety
(CEIL)
€ HAZOP and SIL studies management
€ Certification and re-certification
€ Risk analysis € Specialist materials and
services
maintenance services
€ Third party inspection
 Corporate Overview

18 19
Engineers India Ltd

Annual Report 2023-24 Chairman and Managing Director’s Message

Chairman and Managing Director’s Message

Engineering Sustainable
Energy Infrastructure Globally
Dear Shareholders,

With a rich legacy spanning nearly six Your Company’s debtor position improved, declining to 35 days of
turnover in the current financial year (FY24), compared to 39 days
decades, Engineers India Limited (EIL) (FY23) in the previous year, improving our cashflow.
has emerged as India’s premier ‘Total EIL’s financial strength enables efficient expense management.
Solution’ engineering consultancy The Company’s prudent financial management prioritises internal
funding and, as a majority government-owned PSU, we have a strong
company, offering design, engineering, dividend paying track record. Exceeding minimum requirements,
procurement, construction, and EIL has distributed Rs. 4,340 crore in dividends since inception,
including Rs. 3,105 crore to the Government of India.
integrated project management
Five Key Pillars of EIL’s Strategic Growth:
services worldwide adhering to the
EIL has strategized its growth plan with five-pronged strategy of
highest quality and safety standards. Strategic collaboration, Diversification in new areas, Innovation
through Technology, Expanding Geographies, and Operational
Excellence.
We are steadfast in our commitment to create sustainable energy
In all these areas EIL has made significant progress in the
infrastructure, to reduce carbon emissions, enhance energy
previous year and is accelerating its efforts to increase revenue
security, and help accelerate socio-economic development. We also
by securing more business in the sunshine areas beyond its
continue to uphold the highest standards of corporate governance,
robust oil & gas portfolio both in India and overseas.
transparency and accountability, ensuring that the interests of all
our customers and other stakeholders are protected. For instance, your company achieved strong business performance
in FY 2023-24, securing a total of Rs 4748 crore in new contracts.
Over the decades since its inception, we have participated in
Our domestic segment remains a significant driver of growth,
India’s stellar journey from a developing nation to an emerging
accounting for Rs 4249 crore of this total. Within the domestic
superpower. We continue to play a pivotal role in shaping the
segment, we secured a healthy mix of OBE/LSTK (Owning, Building,
national energy infrastructure and are contributing our expertise
Equipping, Leasing/Lump Sum Turnkey) assignments valued at
to other crucial sectors for nation-building. On the strength of our
Rs 3022 Crores, including a substantial change order of Rs 1386
robust credentials in India, we are implementing mega projects in
Crores from HPCL. This demonstrates our continued commitment
diverse geographies globally
to delivering complex engineering projects in India. Our domestic
consultancy business also performed well, securing Rs 1726 Crores
FINANCIAL PERFORMANCE AND in new orders, further bolstered by a Rs 131 Crore change order.
STRATEGIC OUTLOOK
Our overseas segment secured Rs 499 crores worth of business.
Despite a challenging global environment, EIL’s financial performance
Looking towards our international footprint, we are excited to
during the reporting year remained robust. For the year ended
announce our re-entry into two key markets. We secured an
March 31, 2024, your Company recorded a turnover of Rs. 3,232
Sustainability is at the heart of our operations. We have crore. The Consultancy & Engineering segment generated Rs. 1,454
assignment in Algeria for FEED and PMC services for a new NHT/CCR
reforming unit, showcasing our expanding capabilities in the region.
transitioned to digital platforms to minimize paper usage and crore, while the Turnkey segment contributed Rs. 1,778 crore. The
Additionally, we were awarded a FEED contract for the revamp of
Profit After Tax stood at Rs. 357 crore (Profit before tax: Rs. 470
implemented resource optimisation strategies. To further crore). On a consolidated basis, your Company earned a profit of
the AGRP unit at the MAA Refinery in Kuwait. These projects mark
a significant milestone in our international growth strategy.
reduce our carbon footprint, we are encouraging employee Rs. 445.26 crore.

adoption of electric vehicles through incentives. These efforts While the overall revenue remained comparable to the previous year,
Aligning with this strategy, the organisation’s new vision
statement “To be a Global Leader Offering Total Energy
have already yielded a 6% reduction in emissions. the Consultancy & Engineering segment experienced an increase
Solutions for a Sustainable Future” clearly showcase the
of 3%. On the consolidated front, EIL witnessed a significant 29%
company’s commitment in this direction.
increase in profit year-on-year, from Rs. 346 crore to Rs. 445 crore.
 Corporate Overview

20 21
Engineers India Ltd

Annual Report 2023-24 Chairman and Managing Director’s Message

Study for RRPCL’s ambitious 20 MMTPA West Coast Refinery and Metallurgy
Petrochemical Complex project.
EIL has also established itself as a leading Engineering Consultancy
We are nearing completion of the world’s largest Residue Service Provider in the non-ferrous metallurgy sector of India. We
Upgradation Unit (RUF) with a capacity of 3.55 MMTPA for HRRL’s have a proven track record of successfully executing numerous
9.0 MMTPA Rajasthan Refinery Project. Similarly, for IOCL’s Barauni greenfield smelter and alumina refinery projects across the country.
Refinery Capacity Expansion Project, we provided EPCM services In the previous, we delivered exceptional service on a multitude of
for their Coker-B Revamp, significantly increasing its processing key metallurgy assignments.
capacity. We are also deeply involved in the ongoing expansion of
For NALCO’s Alumina Refinery at Damanjodi, Odisha, we provided
IOCL’s Panipat Refinery, providing Phase-II Consultancy for overall
consultancy services for the procurement and installation of a
project management and EPCM/PMC services. Additionally, we are
Reclaimer and its associated facilities. Furthermore, we assisted
consultants for the Green Hydrogen Plant project at Bharat Oman
NALCO in preparing a Detailed Project Report (DPR) and selecting
Refinery, a testament to our commitment to clean energy solutions.
the optimal technology for their Bauxite Conveying System, which will
transport bauxite from Pottangi mines to their Damanjodi refinery.
Petrochemicals
Our ongoing projects showcase our growing footprint in the
In addition to our pre-eminence in Petroleum Refining, EIL holds Metallurgy segment. We are providing consultancy services for
a distinguished record in India’s Petrochemicals sector. We have NALCO’s retrofitting of HRD (High-Rate Decanter) and DCW (Deep
played a pivotal role in establishing several large-scale Petrochemical Cone Washer) units across three streams at their Damanjodi facility.
Complexes, providing comprehensive Engineering Consultancy Additionally, we are working on NALCO’s 2nd Raw Water Intake
DOMESTIC CONSULTANCY SERVICES track record in executing complex pipeline projects in diverse services across various processes. Pump House and Pipeline project, ensuring a reliable supply of
geographies and terrains makes EIL a highly sought-after technical
Upstream Oil and Gas water for their refinery operations.
consultant for major clients in the oil and gas industry. This past year we conducted a Techno-Economic Valuation (TEV)
EIL has maintained its strong position in the Upstream Oil and Gas study for HMEL’s 1.2 Million Metric Tonnes Per Annum (MMTPA) Our expertise extends beyond the aluminium sector. We were
During FY2023-24, we successfully completed a variety of pipeline Petrochemical Project, acting as a trusted advisor to State Bank
and LNG sectors this year. We successfully achieved significant entrusted by IPICOL to assess the land and water requirements for
projects, including PMC services for the Kochi-Salem LPG Pipeline of India (SBI). Moreover, we leveraged our expertise to provide
milestones on several key projects. Bhushan Power and Steel Limited’s (BPSL) proposed expansion of
and the installation of a Gas Turbine Compressor at GAIL’s Gandhar Due Diligence reports, such as the technical assessment of JBF their existing 5 Million Tonnes Per Annum (MTPA) integrated steel
Firstly, we completed the mechanical completion of all three facility in Gujarat. We are currently executing a significant number Petrochemicals’ PTA plant for GAIL/SBI Capital. plant to 15 MTPA at Sambalpur, Odisha.
EPC (Engineering, Procurement, and Construction) packages for of major pipeline projects for various clients, including capacity
the LNG Import, Storage, and Regasification Terminal Project in augmentation of the Jamnagar-Loni LPG Pipeline for GAIL, the 827 We were entrusted with Licensor Selection, Engineering, and Infrastructure
Chhara, Gujarat. Furthermore, we successfully commissioned the km Dobhi-Durgapur-Haldia Natural Gas Pipeline, and the 18” x 680 Construction Management (LEPCM) services for Assam
SPM (Single Point Mooring) systems for the crude handling facility km Nagpur-Jharsuguda section of the Mumbai-Nagpur-Jharsuguda Petrochemicals Limited’s 500 Tonnes Per Day (TPD) Methanol We are proud to partner with key clientele on some of India’s most
at Vadinar, Gujarat, further enhancing India’s import capabilities. Natural Gas Pipeline Project. Project, along with its associated facilities. For Petronet LNG Ltd., significant infrastructure projects. This past year, we successfully
we played a key role in finalising the Master Plan and Pre-feasibility completed a diverse set of projects. For the National High-Speed
Our expertise continues to be in high demand. We are currently report (PFR) for their proposed 500 KTPA PDH/PP/Propylene-based Rail Corporation Limited (NHSRCL), we provided Supervision and
Petroleum Refining
undertaking a diverse range of projects in this segment. These Derivatives Petrochemical Complex at Dahej, Gujarat. PMC services for their high-speed rail terminal project at Sabarmati,
include developing a Detailed Feasibility Report (DFR) and Front-End Your Company has carved a significant niche in the Petroleum Gujarat. Additionally, we delivered PMC services for the construction
Engineering Design for HPCL’s LPG Import Jetty at Dahej, Gujarat, Refining sector of India. We have a proven track record, having We are making significant progress on the Hydrogenated Pyrolysis of a residential complex for the Unique Identification Authority of
and conducting a study for GAIL to explore potential ports for been involved in 20 out of 23 operational refineries in the country, Gasoline (HPG)-2, Butene-1, and Pressure Swing Adsorption (PSA) India (UIDAI) in Delhi. Our dedication to quality is evident in our
importing Ethane on the Western Coast of India. Additionally, we including 10 grass root refineries. Our expertise spans a wide units for BCPL. Similarly, we are providing EPCM services for the
are providing consultancy services for the life extension of Wellhead range of projects, from major undertakings such as Diesel Hydro- 500 KTPA Propane Dehydrogenation (PDH)/Polypropylene (PP)
Platforms 1, 2, and 4 for ONGC. desulphurisation and Fuel Specification Upgradation projects to Unit at GAIL’s Usar facility in Maharashtra.
revamps and modernisation initiatives for leading oil and gas
We are also actively involved in several large-scale LNG projects. companies. Storage of crude and petroleum
We are serving as the Project Management Consultant (PMC)
for HPLNG’s LNG import, storage and re-gasification terminal at This past year, we successfully completed a multitude of refinery Recognising the importance of energy security, EIL is actively involved
Chhara, Gujarat, with a potential expansion capacity of 10 MMTPA projects. A major highlight of the year is the successful completion in the Government of India’s Strategic Crude Oil Storage Program.
(Million Metric Tonnes Per Annum). We are also providing EPCM of the HPCL Visakhapatnam Refinery Modernisation Project (VRMP), This critical initiative aims to create a buffer stock of crude oil by
(Engineering, Procurement, and Construction Management) services In another important project, we delivered the LOBS-II Project storing it in underground caverns, mitigating the impact of potential
for the expansion projects of Petronet LNG Ltd’s Dahej Regasification (CDWU & OHCU Revamp) for CPCL’s Manali Refinery, significantly disruptions in foreign oil supplies.
Terminal, significantly increasing India’s LNG handling capacity. enhancing its capacity. Additionally, we were entrusted with the
This past year, we have achieved a milestone in our Project
EPCM services for MRPL Refinery’s BS-VI project, ensuring their
Management Consultancy (PMC) services for a strategic storage
products meet the latest emission standards.
Pipeline project undertaken by HPCL. The project involves storing 80,000
EIL has established an outstanding track record in design, We played a critical role in selecting a BOO (Build-Own-Operate) Metric Tonnes (MT) of Liquefied Petroleum Gas (LPG) in underground
engineering and execution worldwide. We offer a comprehensive contractor for the NRL’s Numaligarh Refinery Expansion Project rock caverns at Mangalore, Karnataka. While the Strategic Storages
range of services throughout the entire project lifecycle, from (NREP) HGU (Hydrogen Generation Unit). Additionally, we provided segment is currently a nascent area for EIL, we are committed to
initial feasibility studies to EPC (Engineering, Procurement, and Phase-I PMC and FEED Services for the DCU Revamp Project at leveraging our expertise and experience to contribute to this vital
Construction Management) and PMC (Project Management Nayara Energy’s Vadinar Refinery. We conducted a Site Development national programme.
Consultancy) services, all the way to integrity studies. Our proven
 Corporate Overview

22 23
Engineers India Ltd

Annual Report 2023-24 Chairman and Managing Director’s Message

Recognising the growing need for sustainable solutions, we have project includes the preparation of tender documents, the tendering Our commitment to alternative energy extends beyond biofuels.
also developed standard modules for municipal sewage treatment process, and the selection of a suitable firm for project execution We recently secured the opportunity to provide PMC services
plants and standalone recycling plants. on a Lump Sum Turnkey (LSTK)/LEPC/EPC basis. The successful for setting up a 13.7 MWp rooftop solar project for HMEL Green
implementation of this project has the potential to revolutionise Energy Pvt. Ltd. The project will contribute to India’s growing
This past year, we provided PMC services for the development India’s fuel landscape by converting lignite into a cleaner-burning renewable energy capacity. Furthermore, we were entrusted with
of final effluent treatment and infrastructure facilities at the and versatile fuel source like methanol. Independent Engineer services for the Production Linked Incentive
Jhagadia Pumping Station, contributing to cleaner water discharge. (PLI) scheme for Advanced Chemistry Cell (ACC) by the Ministry of
Furthermore, we leveraged our expertise to conduct a technical and Additionally, we are conducting a techno-economic feasibility study Heavy Industries, Government of India. This project aligns with
financial audit of infrastructure works undertaken by various Urban for Singareni Collieries Company Limited (SCCL). This study explores our mission to support the development and manufacturing of
Local Bodies (ULBs) in Punjab for the Punjab Municipal Infrastructure the establishment of a plant capable of producing 400 TPD (Tonnes cutting-edge battery technologies in India.
Development Company (PMIDC). Additionally, we delivered PMC Per Day) of Ammonium Nitrate Melt through the gasification of coal
services for the construction of a sewerage system in Ponda Colony, within SCCL’s command areas. Moving further, EIL executed an MoU with M/s Sunrise CSP Group,
Goa, for the Sewerage and Infrastructure Development Corporation Australia for providing services to integrate Concentrated Solar
of Goa Limited (SIDCGL). These projects highlight our commitment Thermal (CST) technology in the existing process units to reduce the
Green Business on the Rise
to improving India’s water and sanitation infrastructure. consumption of fossil fuels. For instance, around 10% reduction in
In addition to engineering excellence, EIL emphasises environmental the crude heater duty can be achieved by integrating Concentrated
We are currently conducting a technical assessment and providing stewardship and social responsibility in all its projects. The Company Solar Technology (CST) in the crude preheating train showcasing
transaction advisory services for Bio-Methanation and Waste-to- is at the forefront of India’s transition towards a cleaner energy future its potential to reduce the GHG emissions in the fossil fuel firing
Energy projects on behalf of the Ministry of Housing and Urban through our offerings in the alternative fuels sector. We are proud in refinery processes.
role as Third-Party Inspectors (TPI) for ONGC’s India Energy Week Affairs (MoHUA), promoting sustainable waste management to be providing EPCM (Engineering, Procurement, and Construction
(IEW) 2024 infrastructure-related works at IPSHEM, Goa. practices. Additionally, we are providing PMC services for the Management) services for the Assam Bio Refinery Project – the first- As you know, Oil & Gas sector in India has already initiated activities
construction of critical water infrastructure at Narmada Clean of-its-kind facility in India The Biorefinery is intended to produce 2G to install green hydrogen production facilities using different water
We are continuing to provide OBE services for the upgrade of ONGC’s Tech’s (NCT) Final Effluent Treatment Plant in Ankleshwar, Gujarat. Ethanol along with other value added chemicals to fulfill the Ethanol electrolysis technologies available in the market. EIL has also
IPSHEM institute in Goa to a world-class facility. Furthermore, we blending requirement in the northeastern region of our country. established itself as a key player in green hydrogen value chain
are serving as the Principal Consultant Firm (PCF) for the Reserve The Ethanol Blended Motor Spirit System (EBMS) has already fully aligned with the GoI’s Green Hydrogen Mission to enhance
Fertilisers
Bank of India’s (RBI) greenfield Data Center and Training Institute been commissioned and the remaining construction activities are the country’s green hydrogen production capacity to 5 MMTPA
project in Bhubaneswar, Odisha. We were additionally entrusted EIL recognises the strategic importance of the fertiliser sector in nearing completion.Additionally, This project represents a significant by the year 2025. The company is already providing services to
with the construction of a multi-storied building for the Intelligence India and is actively leveraging its capabilities to capitalise on exciting milestone in India’s journey towards biofuel adoption. several clients in India for the production of green hydrogen/ green
Bureau’s integrated office-cum-data centre complex in Delhi. growth opportunities, both domestically and internationally. We ammonia through the water electrolysis pathway.
hold a 26% equity stake in a Joint Venture company, Ramagundam It is worth noting that EIL is also spearheading the country’s Bio-ATF
Fertilsers and Chemicals Ltd. (RFCL), alongside NFL and FCIL. This project implementation crusade to decarbonise the aviation sector. For instance, EIL is providing EPCM services to GAIL for the execution
Airport
JV was established to spearhead the revival of the Ramagundam The company has already prepared the Basic Engineering and of the balance of plant (BoP) and associated facilities for the
EIL has established itself as a key player in India’s Airport sector. Fertiliser Project in Telangana. The project is a resounding success Design Package (BEDP) for MRPL intended to produce Sustainable installation of a 10 MW green hydrogen production facility in Vijaipur,
We offer a comprehensive suite of project management services, story, with the plant currently operating at full capacity and having Aviation Fuel (SAF) from Used Cooking Oil (UCO). EIL is offering this Uttar Pradesh. This plant is designed to produce 4.3 tonnes per day
including DPR (Detailed Project Report) preparation, Independent been dedicated to the nation by the Honorable Prime Minister of HEFA based technology in collaboration with CSIR-IIP, Dehradun. (TPD) of green hydrogen using renewable energy from the grid and
Engineering services, and PMC (Project Management Consultancy) India. has been recently commissioned.
services.
We are currently conducting a Techno-Commercial Viability study
This past year we played a pivotal role in preparing the DPR for the and preparing a Detailed Project Report (DPR) for a Technical and
development of a greenfield international airport at Chinen in Great Food Grade Phosphoric Acid Project at GSFC’s Sikka Unit in Jamnagar,
Nicobar Island. We leveraged our expertise to provide independent Gujarat. This project aligns with our commitment to supporting the
cost assessments for Bangalore International Airport Limited, development of new fertiliser production facilities in India.
ensuring project financial viability. Additionally, we were entrusted
with Independent Engineering Services for the development and During the reporting year, we completed a Detailed Feasibility
expansion of Delhi’s Indira Gandhi International Airport (IGI Airport), Study for a significant project– a 4,000 Tonnes Per Day (TPD) Green
contributing to the expansion of India’s largest airport. Ammonia Plant and its associated facilities for HMEL. This project
represents a major step forward in India’s efforts to achieve self-
We are making significant progress on several ongoing airport sufficiency in ammonia production.
projects. For instance, we are providing PMC services for the
construction of the domestic terminal at Leh Airport, improving
Coal
regional air connectivity. We are serving as Independent Engineers
for the Bhogapuram International Airport project, ensuring the Coal still accounts for 55% of our country’s energy needs. EIL is
project adheres to the highest safety and quality standards. actively involved in providing consultancy services for various coal-
based projects in India, recognising coal’s continued importance
in the country’s energy mix. Currently, we are making significant
Water and Waste Management
progress on two key projects in this segment.
We offer a comprehensive range of services for water treatment
projects, including the design and implementation of raw water For Neyveli Lignite Corporation Limited (NLCIL), we are providing
intake and treatment systems, desalination plants, cooling water PMC services for pre-award activities related to their Lignite to
plants, water injection plants, and various purification systems. Methanol via Gasification Project in Neyveli, Tamil Nadu. This
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Engineers India Ltd

Annual Report 2023-24 Chairman and Managing Director’s Message

It is worth noting that EIL has enhanced its green business portfolio One of our most prestigious endeavours is the Dangote Refinery Refinery in Algeria, along with engineering services for Sonatrach to our extensive engineering and project management expertise
by XX % in the previous year and is anticipating more business in the and Petrochemical Project in Nigeria. This colossal undertaking reduce flare gas emissions from the Ourhoud Field. Furthermore, with cutting-edge advancements in information technology and
emerging green energy sectors in the years to come leveraging its involves EPCM services for a 650,000 BPSD grass root petroleum we are contributing to the modernization of Bahrain’s refining artificial intelligence.
strong design & engineering capabilities and diversified experiences refinery and an 830 KTPA petrochemical complex, making it the sector through the design package preparation for a desalination
across industrial sectors. world’s largest single-train refinery. installation. In Kuwait, we are consultants for the FEED and ITB We have developed an indigenous Earthquake Warning System,
preparation for revamping the existing AGRP-1 Unit at MAA Refinery. currently operational in the Delhi Metro network to mitigate the
Further,we are providing PMC services for two additional grass impact of seismic events. We launched EngAICosting, an AI-powered
TURNKEY PROJECTS root refineries: a 3.0 MMTPA facility for Eastern Refinery Limited in In the recent years, Ell has enhanced with presence in the tool that leverages project data to generate accurate procurement
EIL offers a comprehensive range of turnkey project solutions, Bangladesh and a 1.5 MMTPA refinery in Mongolia. The Mongolia prestigious global energy events including World Petroleum cost estimates. In addition, we introduced EngProjectView, a real-
delivered through both LSTK (Lump Sum Turnkey) and Open Book Refinery project, financed by a Line of Credit from the Indian Congress, World Economic Forum Annual Meeting at Daves, time digital project monitoring platform with insightful dashboards,
Estimate (OBE) models. This past year, we successfully completed government, is being executed through four EPC packages. India Energy Week etc. empowering stakeholders with actionable data-driven insights. In
the revamp of Slug Catcher IIA (5 Fingers) at ONGC’s Uran Plant in While initial work on EPC 1 is nearing completion, engineering, the sustainability arena, we completed EngCO2 ,a web-based
procurement, and construction activities for EPC 2 and 3 (Open The company had a significant footprint in the 2nd Edition of software for CO2 emission estimation across various industries.
Maharashtra, demonstrating our expertise in executing complex
Art Units, Utilities & Offsites, and Captive Power Plant) are ongoing. India Energy Week 2024 (lEW 2024), held during February 6-9 at Finally, we conducted a digital and AI technology assessment for
projects.
This project is a testament of EIL’s capabilities to handle complex ONGC IPSHEM in Goa, under the patronage of the Ministry of an international project, formulating a comprehensive digital and
We are also making significant progress on several ongoing OBE/ project in harsh climatic conditions like Mongolia. Petroleum & Natural Gas (MoPNG). The company showcased its AI design basis to optimize project functionality.
LSTK projects. These include the replacement of compressor advanced technological solutions in Oil & Gas, Petrochemicals,
units at ONGC’s Uran facility, the restoration of the Gas Terminal Our international reach extends to Guyana, where we are serving and Green Energy at its pavilion.
Phase-1 at ONGC Hazira, and the modernization of the Vizag as consultants for the supervision of the Guyana Integrated NGL DELIVERING EXCELLENCE
Plant and 300MW CCGT Power Plant. Significant progress has been The custom-curated Petrochemical Pavilion, in collaboration with
Refinery. Additionally, we are revamping Slug Catchers at the Uran With over 2300 highly experienced professionals and technical
made on engineering and procurement, with some of the activities MoPNG, highlighted the sector’s growth potential. featuring key
Plant and executing residual utilities and offsites for the Rajasthan workforce and an in-house collaborative R&D support team and
nearing completion. stakeholders. The ‘Make in India’ theme pavilion underscored
Refinery Project. clients from diverse sectors and geographies comprising India, the
our commitment to fostering se lf-reliance in the energy sector.
Middle East, South East Asia, along with other parts of Asia, Africa
We are excited about a number of recently secured overseas lEW 2024 provided an exceptional platform for networking.
and South America, we are well positioned for continued growth
EXPANDING THE INTERNATIONAL FOOTPRINT assignments. These include various engineering services for ADNOC knowledge exchange, and exploring new business opportunities,
and value creation.
EIL is actively engaged in diverse overseas projects, validating in the UAE, encompassing projects like the SARB Produced Water attracting both domestic and international participants. We
expertise and global reach. Our overseas operations are thriving, Treatment Project, facility upgrades for MOL Welding Workshop thank all our partners. stakeholders, and visitors for their We continue to upskill our people and empower them to deliver
with ongoing projects in engineering, design, and construction and JD, and a FEED study for replacing an obsolete F&G detection enthusiastic participation and look forward to continued excellence. Our efforts have been recognised by the Golden
supervision for refineries, pipelines, and power plants across Africa, system. Furthermore, we are undertaking FEED services for HALON collaboration in driving innovation and sustainability in the Peacock National Training Award for commitment to development
Asia, and the Middle East. We recently completed a successful year, Systems Replacement and the RMU Substation in ADNOC Offshore. energy industry. in the domain of training and staff development programmes
delivering key projects such as the India-Bangladesh Friendship for improving the effectiveness, performance and goals of the
Our expertise extends beyond the Middle East, with projects in
Pipeline and a FEED study for an LNG terminal in Nigeria. In organisation. We have also received the ‘Project of The Year’ Award
North Africa like the design and PMC services for a new NG/Off Gas SUSTAINABLE TO THE CORE- LEADING BY EXAMPLE
addition, we are providing design and detailed engineering services in PMI South Asia Awards 2023 for INDJET Project at IOCL Barauni
fired boiler for Dangote Fertilizer in Nigeria. We are also providing EIL has crafted a decisive pathway to net-zero emissions by 2035.
for cryogenic storage tanks for Ethane and Propane in Aja Energy on EPCM mode.
FEED and PMC services for the NHT-CCR Reforming Unit at Arzew We are implementing a multi-phased plan with a strong focus on
FZE, Nigeria.
energy efficiency. This includes utilising Building Management Our dedication to corporate social responsibility ensures that our
Systems to optimise HVAC operations in our facilities and significantly success translates into positive change for the communities we
expanding solar power at our Gurugram headquarters and branch serve. The Company’s CSR initiatives focus on education, art and
offices. We are even exploring wind power with a pilot project. culture, healthcare, drinking water and sanitation, rural electrification,
women empowerment and skills training.
Sustainability is at the heart of our operations. We have transitioned
to digital platforms to minimize paper usage and implemented I would like to express my sincere gratitude to our teams for their
resource optimisation strategies. To further reduce our carbon dedication, innovation and hard work, our clients for their trust
footprint, we are encouraging employee adoption of electric vehicles and partnership and our investors and regulatory authorities for
through incentives. These efforts have already yielded a 6% reduction their continued support and encouragement.
in emissions.
Thank you.

DIGITALISATION & AUTOMATION

Vartika Shukla
Integrating AI in Systems and ProcessesDigital technologies and AI
(Chairman & Managing Director)
are revolutionizing the energy industry by making operations more
efficient, sustainable, and customer-focused. These advancements
are critical for addressing the challenges of energy demand, resource
management, and environmental impact, paving the way for a
more resilient and sustainable energy future.

At EIL, we recognise that digital technologies are revolutionising the

engineering sector in an unprecedented manner. To harness this
transformative potential, we have established a dedicated Digital
Technology Solutions (DTS) division. This team brings together
At EIL leadership goes
hand in hand with

to safeguard the interests

of our esteemed clients,
employees, business
associates, investors,
government, regulatory
bodies, communities and the
wider stakeholder fraternity.
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Engineers India Ltd

Annual Report 2023-24 Governance

Governance
€ Compliance: The Board ensures that
BOARD OF DIRECTORS Roles and Responsibilities:

Ensuring Transparency, The Board of Directors at EIL plays a vital

role in steering EIL towards sustainable
€ Strategic Oversight: The Board sets the
overall direction and strategy of the
the company complies with all relevant
laws, regulations, and corporate

Professionalism and
governance standards.
growth and long-term value creation for company, aligning it with the long-term
our stakeholders. Comprising a diverse interests of stakeholders.
COMMITTEES AND THEIR ROLES

Accountability
group of individuals with extensive
€ Financial Governance: It ensures
experience and expertise across various At Engineers India Limited (EIL), we have
the integrity of financial reporting
fields, our Board provides well-rounded established several key committees to
and the robustness of internal
guidance and oversight, ensuring that ensure effective governance and decision-
controls, overseeing the preparation
EIL navigates challenges effectively and making. These committees play a crucial
Our governance framework is shaped by the values of seizes opportunities for growth.
and presentation of accurate and
role in guiding the company’s direction,
transparency, professionalism and accountability in transparent financial statements.
overseeing compliance, and enhancing
all aspects of our operations. Composition: The Board includes a € Risk Management: The Board identifies stakeholder value. The Committee is
prudent mix of executive, non-executive, and monitors key risks, ensuring that guided through Charter adopted by
and independent directors. This effective risk management policies and the Board. The Board of Directors has
By cultivating a culture of integrity and responsibility, we aim to build trust with our
composition is structured to balance practices are in place. formulated separate Charter for each
stakeholders and ensure the long-term success and sustainability of our business.
the representation of management and of the Committee in order to carry out
The Company is committed to attain highest standard of Corporate Governance.
€ Corporate Social Responsibility in more focused manner on the affairs
independent perspectives, enabling
(CSR): It oversees the company’s CSR of the Committee.
robust decision-making.
initiatives, ensuring they are aligned
with our commitment to sustainable
development and community welfare.
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Annual Report 2023-24 Governance

BOARD OF DIRECTORS

Ms. Shukla’s leadership acumen Ms. Shukla’s dynamic leadership catalyzed

has steered EIL towards numerous the formulation of EIL’s new vision
triumphs. Her profound technical statement “To be a Global Leader Offering
expertise and consulting experience Total Energy Solutions for a Sustainable
have been instrumental in successfully Future”. She has also played a crucial
implementing prestigious projects in the role in strategizing EIL’s commitment to
high-impact sectors such as refineries, achieve Net Zero carbon emissions by
petrochemical complexes, and fertilizer the year 2035.
plants both in India and overseas. She
has adeptly navigated the dynamic global She is an esteemed member of
energy transition, strengthening the prominent industry forums like FIPI, CII,
organization’s Oil & Gas portfolio while and FICCI and contributed significantly
pioneering diversification into renewable as member of several committees & task
energy, 2G Ethanol, Sustainable Aviation force constituted by the Govt. of India
Smt. Vartika Shukla Fuel (SAF), Digitalization & Automation, on diverse subject matter pertaining Shri Sanjay Jindal Shri Atul Gupta
Chairman & Managing Director (C&MD) Environment & Sustainability, Waste to the industry. She is co-inventor of Director (Finance) & CFO Director (Commercial)
valorization among other system more than 30 patents in the area of
improvement practices leading towards proprietary hardware, process design &
operational excellence. futuristic energy technologies suggesting
Ms. Vartika Shukla serves as the Chairman strategies and technical solutions for Shri Sanjay Jindal is the Director (Finance) Shri Atul Gupta, a Mechanical Engineer responsible growth. Throughout his
& Managing Director of Engineers India Under her guidance, EIL has extended various Industries. & CFO of our Company. Shri Jindal is from GBPUAT Pantnagar, has been career, Shri Gupta has demonstrated
Limited (EIL), one of Asia’s leading Energy its influence to strategic collaborations B.Com (Hons.) from Delhi University with our company since joining EIL as his expertise across diverse domains,
consultancies under the Ministry of with global industry giants as well as the Her contributions have been recognized and a member of the Institute of Cost a Management Trainee in 1992. With showcasing his ability to lead
Petroleum and Natural Gas, Govt. of institutions of excellence in academia through an array of prestigious awards, Accountants of India. Shri Jindal had over 32 years of extensive experience, multidisciplinary teams through various
India. She has a strong track record of including state-of-the-art national including 1st recipient of the Outstanding joined EIL in 1992 and has rich and he has been instrumental in successful stages of project implementation. His
successfully implementing mega projects laboratories. This collaborative approach Executive Award for 2006-07 from versatile experience in finance and cost execution of numerous mega projects, contributions span Process, Engineering,
both in India and the international market. has not only enriched EIL’s technological PetroFed, SCOPE Excellence award for accounting of more than 30 years in both domestically and internationally. Contracts & Procurement, Manufacturing,
She is a Member of the Oil Industry prowess but has also fostered a culture Outstanding Women Manager in PSEs, Hydrocarbon sector. He has handled Shri Gupta has been heading the Construction and Commissioning for a
Development Board (OIDB) under the of innovation that culminated in the Legend PSU for R&D (2015), Recognition entire spectrum of Finance and Accounts Commercial Directorate of our company wide array of greenfield and brownfield
Ministry of Petroleum & Natural Gas. She organization’s entry into the niche for Innovative R&D, Sustainability Award functions, especially Facilitating Project since August 2022, providing crucial projects in India and abroad. Notably,
is also the chairperson of the CSIR-CSIO chemicals & petrochemicals and Green for Best Green Process in Petrochemicals execution from Bidding to Contract leadership in key functions such as he had also accumulated rich field
Research Council, Part-time Chairman of Hydrogen/ Green Ammonia segments. for the team, FICCI (2017) to name a closure, Project Financing, investments, Business Development and Supply Chain experience on projects related to
CEIL (a subsidiary of EIL), Invitee to the few. She is an Elected Fellow of Indian taxation, implementation of Internal Management. His recent endevours Refinery, Petrochemicals, Pipeline and
Boards of Numaligarh Refinery Limited Ms. Shukla’s policy influence resonates National Academy of Engineering (INAE) Financial Control Systems, Financial includes steering business in international Fertilizer sectors, both within India and
(NRL) and Indian Strategic Petroleum far and wide. Her instrumental role in and has been conferred with the INAE Reporting etc. Shri Jindal has also served segment, sustainable technology projects, internationally before moving to our
Reserves Limited (ISPRL). shaping national policies, including the Women Engineer Award for the year as Chief Financial Officer of Ramagundam advancing initiatives in infrastructure corporate office in 2007, where he has
Auto Fuel vision, National Bio-Fuel Policy, 2021. She has been conferred with Fertilizers and Chemicals Limited and other diversified business domains since leveraged his vast experience in a
With a distinguished career spanning over and a visionary road map for refining the Distinguished Alumnus Award by (RFCL). He is also a part-time director and to lead our company expand its broader strategic capacity.
34 years, she has exemplified exceptional and petrochemical sectors, has indelibly IIT-Kanpur in recognition of her stellar on the Board of Certification Engineers portfolio into innovative and environment
leadership, policy advocacy, fostering impacted the energy spectrum both in contributions in the field of Chemical International Limited, a wholly owned friendly solutions, thereby reinforcing
strategic alliances and innovation in terms of technological advancement Engineering and Technology. She was subsidiary of EIL. our commitment to sustainable and
the realm of energy, environment and and investments. Her concerted efforts featured in the India Today SHE list of
sustainability. A luminary in the energy have enabled the energy ecosystem fully the top 100 women achievers in India.
sector, Ms. Shukla’s impactful journey aligned with the Govt. of India’s vision of
began way back in 1988 as Management ‘Atmanirbhar Bharat’. Her commitment to Ms. Shukla’s achievements and
Trainee in EIL. She holds a degree in quality and innovation is reflected in the transformational leadership stand as
Chemical Engineering from the renowned adoption of unique initiatives such as the a beacon of inspiration for industry
Indian Institute of Technology (IIT), implementation of Quality Circle and Six professionals to emerge as leaders in
Kanpur and is certified with an Executive Sigma approaches – a rarity in the realm their respective domains towards a
General Management from IIM, Lucknow. of engineering consultancy. greener and sustainable tomorrow.

C- Chairman M- Member C- Chairman M- Member

Audit Committee HR Committee Nomination and Remuneration Committee Audit Committee HR Committee Nomination and Remuneration Committee
Risk Management Committee Stakeholders’ Relationship Committee CSR Committee Risk Management Committee Stakeholders’ Relationship Committee CSR Committee
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Annual Report 2023-24 Governance

Shri Rajiv Agarwal Shri Rajeev Gupta Shri Arun Kumar Shri Deepak Mhaskey Dr. Prashant Vasantrao Patil
Director (Technical) Director (Projects) with additional Director (Government Nominee) Non-official Independent Director Non-official Independent Director
charge of Director (HR) (w.e.f.14.05.2024)

Shri Rajiv Agarwal is Director (Technical) Divisions under his portfolio. He is leading Shri Rajeev Gupta is Director (Projects) Shri Arun Kumar is a Government Shri Deepak Mhaskey is a Non-official Dr. Prashant Vasantrao Patil is a Non-
of the Company. He joined Engineers the new initiatives in the company to take of our Company. He is having more Nominee Director of our Company. Independent Director of our Company. official Independent Director of our
India Limited as Management Trainee on the challenges because of net zero than 38 years experience in Project Presently, Working as Director He started his Career as a College Company. He is anc Orthopedic Surgeon
in 1988 after graduating in Chemical targets of the nation set by Government Management, Engineering and Supply (Marketing), Ministry of Petroleum and Chemistry Professor for few years, being by profession practicing over 21 years.
Engineering from the Indian Institute of of India. Under his leadership, EIL is Chain Management. He has successfully Natural Gas, Have worked in various an avid Agriculturist with an overall 36+ Dr. Patil is as Consultant and Director
Technology, Roorkee (Formerly known taking up several projects in Green executed projects in Refineries, capacities in Ministry of Home Affairs, years of working experience in various of Suyash Medical Foundation (P) Ltd.
as University of Roorkee). He has more Hydrogen / Green Ammonia / Sustainable Petrochemicals, Gas Processing, Offshore, Erstwhile Planning Commission, Ministry innovative practices in Horticulture Crops He has been associated with various
than 35 years of experience in Process ATF / biofuels & Carbon Capture / Solar Pipelines, LNG Terminals, Ports & Harbour of Education, Ministry of Labour & and Organic Farming. Actively involved social work in medical field for poor and
Design & Engineering of Refineries CSP & Wind Energy. He has also led within and outside India. Employment, Ministry of Steel, Ministry in various social welfare programs underprivileged people of the society. He
/ Petrochemicals, Fertilizers & Gas several strategic alliances with academic/ of Mines, Ministry of Rural Development across State Including “Beti Bachao Beti is recipient of Girna Gaurav Puraskar for
Processing Complexes, Offshore facilities R&D Institutions & Industry partners to and Ministry of Agriculture and Farmers Padhao”, Organization of health camps, exemplary work in orthopedic profession
& Coal /Coke gasification plants. He has enable the company to foray in new areas Welfare. Library Development in rural areas and & social work and Lokmat Icon Award
successfully led concept to commissioning of technologies and hardware supply. awareness drive in Digital Transactions from Chief Minister of Maharashtra for
of grass root petrochemical complexes to Empower the Rural Sector in this field. exemplary work in emergency trauma
and very large expansion of Refineries. He is also on the Board of Ramagundam Worked in Road Construction field for a care and emergency free ambulance
Process design of India’s first grass root Fertilizers & Chemicals Ltd (RFCL), a brief period. Passionate worker in the service.
integrated Refinery cum Petrochemical Joint Venture company of EIL & NFL field of data accumulation and analysis.
Complex, has been carried out under as major partners. He is part of many Specially data analysis of electoral data
his supervision. He has widely travelled committees and working group under nation wise and government beneficiary
and worked with most of International MoPNG and has represented EIL in schemes. His many reports have been
Licensors of technologies in the field of steering committee of OISD. He was submitted and used by certain private
Refinery & Petrochemicals. He has the also member of ETAC Committee set up and government agencies.
experience of working in the offices of by MoPNG under the chairmanship of
international engineering companies & Shri Tarun Kapur to carve out a vision
contractors. for the country for energy transition. He
has also been a part of Committee for
He is responsible for functioning of Assessment of Domestic Demand, Fuel
Technology Divisions including R&D, Exports and Refining Capacity by 2047,
Engineering Divisions & Equipment and also member of Committee on “New
Capacity for Production of Petrochemical”
constituted by MoPNG.

C- Chairman M- Member C- Chairman M- Member

Audit Committee HR Committee Nomination and Remuneration Committee Audit Committee HR Committee Nomination and Remuneration Committee
Risk Management Committee Stakeholders’ Relationship Committee CSR Committee Risk Management Committee Stakeholders’ Relationship Committee CSR Committee
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Annual Report 2023-24 Governance

Shri Harishkumar Madhusudan Joshi Shri Jai Prakash Tomar Smt. Karuna Gopal Vartakavi Shri Ravi Shankar Prasad Singh
Non-official Independent Director Non-official Independent Director Non-official Independent Director Non-official Independent Director

Shri Harishkumar M Joshi is a Non-official level e-learning courses by IICA. Shri Shri Jai Prakash Tomar is a Non-official Smt. Karuna Gopal is a Non-official launch of the Mission by the Prime Shri Ravi Shankar Prasad Singh is a Non-official
Independent Director of our Company. Joshi is Chairman of Audit Committee Independent Director of our Company. Independent Director of our Company. Minister. Her innovation SCULPT Independent Director of our Company. He is born
He is Science Graduate in Chemistry and and member of Nomination and Shri Tomar is Post Graduate in Political She is an Internationally acclaimed YOUR CITY- 2009 (Crowd Sourced and brought up in an ancient Historical land of
PGDMCJ (Post Graduate Diploma in Mass Remuneration Committee as well as Science from Chaudhary Charan Singh Thought Leader, Keynote Speaker and Protocol for Co-Creation) has shaped Nalanda, Bihar. Nalanda needs no introduction
Communication and Journalism). A self- Research Advisory Council of EIL. University, Meerut. Presently, he is a Futurist. She is the Founder President the Mission guidelines and has been in the field of education. It is actually an ancient
made successful business entrepreneur, Member of Finance Committee Guru of Foundation for Futuristic Cities a declared a National Best Practice. seat of learning. Mr. Singh is an engineering
has experience in sectors including A Good analytical skill, habit of indepth Gobind Singh Indraprastha University think tank that has influenced Urban graduate from the Branch of Civil Engineering from
Chemicals, Petrochemicals, Pigment study, his wider knowledge on various (GGSIP), Delhi and Red Cross Society, Transformation in India for over two In the past, she served as an Urban prestigious Govt. Magadh Engineering College,
Dispersions, IT & media. A key promoter aspects and expressing his independent Delhi. He has been associated as a decades. Her work is at the Intersection Expert for The WORLD BANK, DFID Gaya. He has been associated with sectors i.e.
and a director in Pigment dispersion and views helping organisation to fulfil a Member in Backward Commission, UP, of TECHNOLOGY | INNOVATION | (Department for International field of waste land development to green fields,
formulation unit. His other directorship vision. He took a keen interest in social as Vice Chairman and Chairman, Labour FUTURE CITIES. As a Plenary Speaker, Development, UK), USAID (United skill development, education and social welfare.
includes in media and entertainment activities for the betterment of society on Federation, UP and as Central Zone she represented India at the Common States Agency for International
and management consultancy service the environment & education front. He is Chairman and Member, KVIC. Wealth Government Conference Development) & ADB (Asian His association with Waste Land Development
companies. He is playing an important the Past President of the Bharuch District (CLGC) 2023 Rwanda, AFRICA | BRICS Development Bank). Scheme and Water Shed Management Scheme
role in raising various infrastructure Management Association (2020-2023) and Innovation Forum 2023 Moscow, under the Rural Development Dept., which was
Vice President of Vilayat GIDC Industries Ms Gopal lectures senior IAS officers the combined venture of Government of India as
needs in PCPIR (Petro Chemicals= and RUSSIA and COP21-UNFCCC (United
Association. He was a member of IQAC at India’s Premier Academy LBSNAA, well as Government of Bihar, was a mile stone in
Petroleum Investment Region), Dahej in Nations Framework Convention on
(Internal Quality Assurance Cell) of Veer Mussoorie and has given more than which he was as a Project Officer. The scheme
Gujarat. He is having a rich and varied Climate Change) Paris, FRANCE 2015.
Narmada South Gujarat University. 100 Keynote addresses globally - she covered the area of at about 5000 hectares of
exposure of more than 33 years of In 2018, Ms Gopal was invited by the
He is Past President of an Intellectual was invited to address HARVARD land in Sarmera Block of Nalanda district. The
managing businesses and as an Advisor/ Prime Minister of UAE to address their
movement — Bhartiya Vichar Manch, ASIA – BUSINESS CONFERENCE Whole Waste-land was converted into green
Consultant for various Corporates like flagship event – World Government
Bharuch Region in Gujarat. He has a 2020 at Harvard University, USA. land and thus this project was later named as
MRF, Grasim etc. He has a range of Summit at Dubai.
passion to write as a freelancer on socio- She has been widely published in “Hariyali Scheme”. In this project the 4J were very
expertise in Strategic Planning, Risk
economic issues. Governments of USA, Sweden, South National & International media and popular viz Jameen, Jal, Jungle, Jaanwar. It means
Management, CSR, ESG, Compliance
Korea, Russia, UK, Philippines, Malaysia, her articles have been incorporated the scheme paved path for poor peasants. He is
and leadership. He is IICA certified
UAE, Singapore, Turkey, Sri Lanka and into Parliamentary Documentation very keenly associated with Skill Development
professional in Corporate Governance
Israel have invited her for inputs on of Lok Sabha. and Education from last 21 years. He worked as
& also in Business & Human Rights.
He possess more than 29 certificates Smart Governance. a Director and CEO of K. K. Group of Institutions,
She is currently Advisor for the Centre
on Corporate Governance and Board now turned into K. K. University, Nalanda, Bihar.
Ms Gopal contributed to the design of of Excellence in Artificial Intelligence
Mr. Singh believes what Robert Frost told:
the ‘100 Smart Cities Mission’ of India (AI) for Sustainable Cities at IIT Kanpur
and has been invited to speak at the and has contributed to the ‘India “The woods are lovely, dark and deep,But I have
Technology Road Map 2047’. promises to keep,And miles to go before I sleep,
And miles to go before I sleep.”

C- Chairman M- Member C- Chairman M- Member

Audit Committee HR Committee Nomination and Remuneration Committee Audit Committee HR Committee Nomination and Remuneration Committee
Risk Management Committee Stakeholders’ Relationship Committee CSR Committee Risk Management Committee Stakeholders’ Relationship Committee CSR Committee
 Corporate Overview

36 37
Engineers India Ltd

Annual Report 2023-24 Governance

GOVERNANCE PRACTICES AND € Financial Reporting: We provide operations. The IEM independently Corporate Information
POLICIES accurate and timely financial reports, reviews and monitors our processes,
ensuring that stakeholders have a providing an additional layer of
Our governance framework is designed clear understanding of our financial accountability and ethical oversight.
to uphold the highest standards of performance and position. COMPANY SECRETARY Jhandewalan Extension Tel. : 011-26762121, Fax : 011- 26174868,
transparency, ethics, and adherence to € Corporate Social Responsibility 26186245
our Code of Conduct. These principles € Stakeholder Communication: We (CSR): Our CSR initiatives reflect our New Delhi-110055
Suvendu Kumar Padhi
guide our actions and decisions, ensuring maintain open lines of communication commitment to ethical practices, E-Mail : [email protected]
Tel No.: 011-42541234
that we operate with integrity and with all stakeholders, including focusing on sustainable development, STATUTORY AUDITORS Website: www.ceil.co.in
accountability, ultimately contributing to shareholders, employees, customers, environmental stewardship, and Fax No.: 011-42541201
the long-term success and sustainability and the community. Regular community welfare.
M/S Datta Singla & Co
of our company. updates and disclosures ensure Email: [email protected] MAIN BANKERS
that stakeholders are well-informed 409,4th Floor
DIVERSITY AND INCLUSION Website: www.alankit.com
about the company’s activities and State Bank Of India
CODE OF CONDUCT We are committed to creating a diverse Sethi Bhawan Rajendra Place
performance. Corporate Accounts Group
Our Code of Conduct serves as the and inclusive workplace where all REGISTERED & HEAD OFFICE
New Delhi-110008
cornerstone of our corporate governance € Decision Making Processes: Our employees are valued and respected. 11th Floor, Jawahar Vyapar, Bhawan, 1,
framework. It is a comprehensive guide decision-making processes are Our policies promote equal opportunity Janpath,
Engineers India Bhawan, 1, Bhikaji
that outlines the ethical standards and documented and communicated and non-discrimination, ensuring a STOCK EXCHANGES WHERE
Cama Place,
professional behaviour expected from clearly, ensuring that stakeholders work environment that is inclusive and SHARES OF THE COMPANY ARE New Delhi-110 001
all directors & senior management. This understand how and why decisions supportive of all individuals. LISTED New Delhi-110 066
code is intended to serve as a basis for are made. For effective operations
Cin: L74899dl1965goi004352 Indian Overseas Bank
ethical decision making in the conduct of appropriate delegation of power across Bse Limited
Compliance and Regulatory F-47, Malhotra Building, Janpath,
professional work. The Code of Conduct the sections is in place. The delegation Phiroze Jeejeebhoy Towers, Dalal Street, Tel. : 011-26762121, Fax : 011- 26178210,
Adherence
includes key principles such as: of power ensures faster decision 26194715
EIL is committed to complying with New Delhi - 110 001
making with appropriate accountability. Mumbai - 400 001
€ Integrity and Honesty: Employees all applicable laws, regulations, and E-Mail : [email protected] Union Bank Of India
are expected to act with integrity and standards. Our Compliance Program National Stock Exchange Of India Ltd.
honesty in every aspect of their work. ETHICS Website : www.engineersindia.com
is designed to ensure that all business 3, Ansal Chamber - I, Bhikaiji Cama Place,
Exchange Plaza, Plot No. C/1,
Ethics form the bedrock of our corporate practices adhere to legal and regulatory
€ Compliance with Laws: We adhere governance framework. At EIL, we are New Delhi - 110 066
requirements, minimising compliance G Block Bandra-Kurla Complex, SUBSIDIARY COMPANY
strictly to all applicable laws, committed to conducting our business in risks and promoting a culture of ethical
regulations, and internal policies. an ethical manner that respects the rights Bandra (E), Mumbai - 400 051
conduct. Certification Engineers Hdfc Bank Ltd.
and interests of all our stakeholders. Our International Limited
€ Confidentiality: Safeguarding B-6/3, Safdarjung Enclave, Dda Complex,
ethical practices include:
confidential information is paramount, Audit and Internal Controls REGISTRAR AND SHARE Engineers India Bhawan
and employees must ensure that € Ethical Leadership: Our leadership team Our Audit Committee oversees the
TRANSFER AGENT New Delhi - 110 029
sensitive data is protected and used 1, Bhikaji Cama Place, New Delhi - 110 066
sets the tone for ethical behaviour, financial reporting process, ensuring
appropriately. demonstrating a commitment to M/S Alankit Assignments Limited
the accuracy and integrity of financial Cin: U74899dl1994goi062371
integrity and ethical decision-making. statements. We have robust internal 205-208, Anarkali Complex,
€ Conflict of Interest: Employees
must avoid situations where personal control systems in place, regularly
€ Training and Awareness: We provide
interests conflict with the interests of reviewed and updated to maintain
regular training and resources to
the company. effectiveness. Internal audits are
ensure that all employees understand
conducted to assess the adequacy of
and adhere to our ethical standards
€ Fair Dealing: We promote fair controls and ensure compliance with
and Code of Conduct.
and transparent dealings with all established policies.
stakeholders, including clients, € Whistleblower Policy: We have a robust
suppliers, and competitors. Whistleblower Policy that encourages Sustainability Practices
employees and other stakeholders
Sustainability is integral to our operations.
TRANSPARENCY to report unethical practices or any
We incorporate environmental and social
violations of the Code of Conduct.
Transparency is a key aspect of our considerations into our business practices,
Reports are handled confidentially,
governance practices. We believe that aiming to minimise our environmental
and whistleblowers are protected from
open and honest communication builds footprint and promote sustainable
retaliation.
trust and strengthens relationships with development. Our sustainability
our stakeholders. Our commitment to € Independent External Monitor (IEM): initiatives focus on energy efficiency,
transparency is reflected in the following We have appointed an Independent waste management, and the promotion
practices: External Monitor to oversee and ensure of renewable energy.
the transparency and integrity of our
 Corporate Overview

38 39
Engineers India Ltd

Annual Report 2023-24 Dynamic Strategies

Dynamic Strategies for

Exceptional Performance

We are focused on navigating the changing landscape of

engineering consultancy and EPC sectors through a clear and
practical strategy. Our approach is based on five primary areas STRATEGIC ALLIANCES EXPANDING GEOGRAPHIES
environmental solutions (SWS, off-gas
treatment), sunshine areas (SAF, 2G
that drive our growth, create value for our stakeholders, and Building strong Extending our presence ethanol, CCUS), and hardware (structured
ensure sustainable development. Our goal is to stay competitive partnerships to enhance into new regions to tap into packing, internals). Our Digital Technology
Solutions Division has introduced tools
and meet the evolving needs of our clients and the industry. our capabilities and reach emerging markets like EngCHP for combined heat and
Our strategic alliances enhance our power networks, EngHTr for optimizing
We expanded our global presence,
capabilities and extend our reach. furnace efficiency, the Earthquake
marking our footprint in key international
Through collaborations, we have Warning System (EqWS), and EngCO2
markets. Our strategic initiatives include
developed clean and green energy for assessing GHG emissions.
securing consultancy assignments and
solutions like Bio-ATF and 2G Ethanol, major projects in Latin America, Africa,
advanced refining and petrochemical and the Middle East. EIL received the CHT Innovation
technologies, and specialised process Award for Best Indigenously
innovations. Additionally, we have Latin America Developed Technology with our
introduced innovative solutions such as IndJet® Technology
earthquake warning systems and rare Secured consultancy services for an
gas recovery from natural gas, and have Integrated Natural Gas Liquids (NGL)
embarked on international and upstream plant and a 300 MW CCTG Power
projects. These partnerships enable plant in Guyana.
us to deliver cutting-edge, sustainable
technologies, providing valuable solutions Africa OPERATIONAL EXCELLENCE
to our clients across various sectors.
Commenced commissioning of the Regularly improving our
STRATEGY FRAMEWORK Dangote Oil Refinery Project (DORC) operations to achieve
and initiated a grassroots fertilizer
plant project in Nigeria, valued at
higher efficiency and
Profitable Growth DIVERSIFICATION effectiveness
$40 million.
Exploring new Our approach to operational excellence
Middle East
Stakeholder Value Maximization opportunities in green and includes system improvements
clean energy to broaden Strengthened our Abu Dhabi office through quality circles and Six Sigma
and secured several projects across methodologies, establishing profit centres
our services and markets for niche services, and implementing ERP
the region.
We have into various clean, green, and systems. We utilise a project management
sustainable technologies. Our initiatives dashboard and robust file management
span energy-efficient infrastructure, bio- systems to ensure efficient operations.
fuels, green hydrogen, waste-to-wealth Additionally, our online inspection call
projects, and niche petrochemicals. These module and HSE portal & gallery enables
INNOVATION THROUGH us in maintaining high standards of
efforts demonstrate our commitment
TECHNOLOGY efficiency and safety.
to sustainability and innovation across
diverse sectors. Leveraging advanced
Key Areas of Diversification
technologies to drive
Alliances Diversification Expanding Innovation thru Operational € Energy Efficient Infrastructure & Green
progress and efficiency
Geographies Technology Excellence Building Projects In 2023, we declared the “Year of
€ Bio-Fuels Innovation” to inspire employees and
€ Green Hydrogen/Green Ammonia drive innovation in our work processes.
Expansion of Core Business - Oil & Gas, Petchem Expanding & Strengthening Supplier & Vendor Base Projects Our technology advancements span
refining (DHDT, LPGTU, SRU, DCU), gas
€ Waste to Wealth
processing (C2/C3 recovery, sweetening),
Robust Internal Motivated & Competent Enabling € Niche Petrochemicals Projects
renewables (solar power integration),
Processes Employees Culture
€ Mining & Metallurgy, LNG
 Corporate Overview

40 41
Engineers India Ltd

Annual Report 2023-24 Business model

Business model

Sustainable value creation is

a rewarding journey
INPUT VALUE CREATION PROCESS OUTPUT OUTCOMES SDG’S

Financial Capital B U S I N E S S P R O C E S S E S Financial Capital

J 2,311.28 Cr
Net worth J 3232.16 Cr Revenue
Debt free Company J 507.94 Cr EBITDA
J 209.54 Cr J 356.99 Cr PAT Financial Performance
Cash flow from operation Steady revenue growth and profitability,
activities Value creation for shareholders and
stakeholders
Human Capital
Human Capital
2,658 Workforce Project Acquisition Project Planning and Design Project Execution
Identification and bidding Detailed engineering and Procurement of materials 100 Safe working hours
295 Training Programmes for projects in hydrocarbons, project planning, Development and equipment, Construction 137 New employees hired
chemicals, infrastructure, of project schedules, budgets, and installation at project 97.59% Retention rate
Intellectual Capital and process industries, and resource allocation plans sites, Monitoring and control Client Satisfaction
Diversification into new for quality, safety, and High levels of client satisfaction and
Proprietary methodologies sectors environmental standards repeat business, Strong reputation in the
and engineering standards
engineering consultancy and EPC market
Intellectual Capital
In-house and collaborative
R&D with more than 47 live Patents
40 process technologies
36 Patent Applications in progress

Manufactured Capital
Employee Development
Advanced infrastructure and Manufactured Capital
Enhanced skills and knowledge among
technology for project execution Quality Assurance and Research and Development employees, Increased employee
50 Live Projects
Compliance- Rigorous quality Continuous innovation through engagement and retention
Regional offices and project sites control measures, Compliance in-house and collaborative R&D, Projects having > 50 thousand
across India and internationally with regulatory requirements Development of new process manhours for HO & Technical
and industry standards technologies
Social and
Relationship Capital Social and Relationship Capital
Strong relationships with V A L U E E N H A N C E M E N T Technological Advancement
~2.67 lakhs CSR beneficiaries
clients, suppliers, and partners Contribution to the advancement of
14 Vendor Development programs engineering and technology, Improved
J 11.87 Cr (CSR) Expenditure
Implementing Promoting Strengthening project efficiency and effectiveness
best practices sustainability partnerships
and lean initiatives and
Natural Capital methodologies Leveraging across all Focus on collaborations Natural Capital
to enhance digital projects employee to expand
Utilisation of operational technologies well- capabilities 654.63 MWh Renewable energy used
natural resources in efficiency for project being and and market 22886 KL Total quantity of water/sewage Sustainable Development
a sustainable manner management continuous reach
recycled in 2023-24 Positive impact on the environment and
and execution improvement
Focus on programs 7.83 T Total solid waste (in tonnes) society through sustainable practices,
renewable energy recycled in all offices of EIL in FY23-24 Contribution to national goals of energy
and environmental 64.635 T Total Waste Disposed through security and infrastructure development
sustainability Waste Disposal Agency

*financial figures on standalone basis

 Corporate Overview

42
42 43
Engineers India
Engineers India Ltd
Ltd

Annual Report 2023-24 Stakeholder engagement

Stakeholder engagement

Fostering enduring
relationships of trust Engagement Frequency Importance to Us Importance to Them

At Engineers India Limited (EIL), we prioritise building strong

relationships with our stakeholders. We achieve this through SHAREHOLDERS

open communication, active engagement, and collaboration Annual General Meetings, Provide essential capital Transparency, consistent
Organising Earning Calls for growth and expect performance, long-term
with a diverse group of individuals and organisations. post declaration of quarterly returns on investments value creation
/ Annual Results, regular
Our stakeholders include our shareholders, clients, employees, suppliers, and the communities where we operate. We tailor our updates
approach to each group, ensuring transparency, trust, and mutual respect. This alignment between EIL’s goals and stakeholder
expectations is essential for our continued success.

CUSTOMERS
Continuous project updates, Drive our business and Reliable project execution,
regular meetings, feedback revenue through projects adherence to timelines,
BUILDING STRONG How we sessions and contracts quality deliverables
RELATIONSHIPS
At EIL, we believe in clear
Approach
communication and active
engagement with all our EMPLOYEES
stakeholders. These Regular internal Full awareness, keeping Career growth, job
stakeholders include our communications, training oneself aligned, ownership satisfaction, safe working
Open Valuing Collaboration Investing in
shareholders, clients, programs, performance feeling environment
Communication Feedback in Action Communities
employees, suppliers, and reviews, Fortnightly address
the communities where by C&MD Backbone of our operations,
we operate. contributing to project
success and innovation

SUPPLIERS (VENDORS/ CONTRACTORS )

Periodic performance Ensure availability of Consistent orders, timely

reviews, contract essential materials and payments, long-term
negotiations, collaborative services partnerships
planning

COMMUNITY
CSR initiatives, community Support our social license Social development,
meetings, environmental to operate, contribute to employment opportunities,
impact assessments corporate reputation environmental stewardship

GOVERNMENT AND REGULATORY BODIES

Compliance reporting, Regulatory compliance for Adherence to regulations,
policy advocacy, regular uninterrupted operations contributions to economic
consultations and project approvals growth, responsible
corporate behaviour
 Corporate Overview

44 45
Engineers India
Engineers India Ltd
Ltd

Annual Report 2023-24 Risk Management

Risk Management RISK ASSESSMENT AND MITIGATION STRATEGIES

EIL employs a structured risk assessment process that includes the identification, analysis, and prioritisation of risks. Our

Navigating
risk mitigation strategies are designed to minimise the impact and likelihood of identified risks. This involves developing and
implementing control measures, regularly reviewing their effectiveness, and making necessary adjustments.

uncertainty
1. Risk Identification 2. Risk Analysis

Objective: Identify potential risks that could impact Objective: Understand the nature, likelihood, and impact

proactively
the organisation. of identified risks.

Activities: Tools: Activities: Tools:

€ Conduct brainstorming € Risk registers, € Categorise risks based on their € Risk matrices,
sessions with key sources (strategic, operational,
€ SWOT € statistical
stakeholders. financial, compliance, technological).
analysis, analysis,
€ Review past project data € Determine the likelihood of each
€ industry € impact
and incident reports. risk occurring using historical data
reports. assessment
and predictive analysis.
€ Analyse industry trends models.
and regulatory changes. € Assess the potential impact on
business operations, financial
€ Engage with external
performance, and reputation.
experts for risk insights.

3. Risk Evaluation 4. Risk Mitigation

Objective: Prioritise risks based on their significance. Objective: Develop and implement strategies to manage and
mitigate identified risks.

Activities: Tools: Activities: Tools:

€ Rank risks according € Risk € Design risk mitigation plans for € Mitigation
to their likelihood and prioritisation high-priority risks, including plans,
impact scores. matrices, preventive and corrective actions.
€ responsibility
€ Determine the risk € heat maps, € Assign responsibilities for matrices
appetite and tolerance implementing risk mitigation
€ decision trees.
levels of the organisation. measures.

€ Identify which risks € Develop contingency plans for

require immediate critical risks.
Our risk management framework attention and which can
is designed to identify, be monitored.
assess, and mitigate potential
risks that could impact our 5. Risk Monitoring and Review 6. Communication and Reporting
business operations, financial Objective: Continuously monitor and review risks Objective: Ensure transparent communication of risks
performance, and reputation. We and mitigation strategies. and mitigation efforts.

have established comprehensive Activities: Tools: Activities: Tools:

risk assessment processes that € Regularly review and € Audit reports, € Communicate risk management € Risk
align with ISO 31000 principles update the risk register. performance policies and procedures to all communication
metrics. employees.
and regulatory requirements. € Monitor the effectiveness € plans,
of risk mitigation measures. € Provide regular updates on risk stakeholder
By regular monitoring and status to Board and to stakeholders. reports,
€ Conduct periodic risk
addressing risks across various assessments to identify € board
business functions, we ensure new or evolving risks. presentations.

our ability to navigate complex € Report risk status to senior

and dynamic environments. management and the

board.
 Corporate Overview

46 47
Engineers India Ltd

Annual Report 2023-24 Risk Management

CRISIS MANAGEMENT AND BUSINESS CONTINUITY PLANNING

Financial Risks
EIL has established a robust crisis management framework to address potential emergencies and disruptions. Our business
continuity plans ensure that critical operations can continue with minimal interruption. This includes predefined roles and Risk Description Impact on Business Capitals Connected Mitigation Strategies
responsibilities, communication protocols, and resource allocation strategies to manage crises effectively.

Foreign Exchange Volatility in currency Financial losses and Currency fluctuation

Key Risks and Mitigation Exposure exchange rates reduced profitability. risk is mitigated
affecting international through internal
revenue. hedging of revenue;
Strategic Risks maintain a balanced
mix of domestic and
Risk Description Impact on Business Capitals Connected Mitigation Strategies international projects.

Liquidity Insufficient cash flow Inability to fund Maintain robust cash

Market Volatility Fluctuations Revenue loss and Diversify service Constraints to meet operational projects and flow management
in demand for reduced market portfolio across needs operations. practices;
engineering services share. sectors; engage in optimization
and project delays. long-term contracts of returns and
to stabilise revenue deployment of
streams. surplus in safe
instruments as per
Geopolitical Regional instability Disruptions in Diversify geographical
the investment policy
Instability affecting project international presence; establish
of the company.
execution. operations and flexible project plans
revenue. and contingency
measures.

Compliance and Regulatory Risks

Risk Description Impact on Business Capitals Connected Mitigation Strategies

Operational Risks
Regulatory Non-compliance with Legal penalties Regular updates and
Risk Description Impact on Business Capitals Connected Mitigation Strategies Changes evolving laws and and operational compliance checks;
regulations. disruptions. employ dedicated
Project Execution Delays or Increased costs and Implement robust compliance teams.
Challenges inefficiencies in client dissatisfaction. project management
project management. practices; regular Environmental Stricter Increased operational Adopt environmental
audits and advanced Regulations environmental laws costs and project management
tracking software. impacting project delays. systems (ISO
operations. 14001); implement
Supply Chain Interruptions in the Project delays and Quick decision sustainable practices.
Disruptions supply of critical cost overruns. making & Develop
materials / failure of multiple supplier
contractors relationships.
Technological and Cyber Risks

Risk Description Impact on Business Capitals Connected Mitigation Strategies

Cybersecurity Cyber-attacks Data breaches Strengthen

Threats compromising and operational cybersecurity
sensitive data. disruptions. measures; conduct
regular audits and
employee training
programs.

Financial Capital Human Capital Intellectual Capital Manufactured Capital Social and Relationship Capital Natural Capital Financial Capital Human Capital Intellectual Capital Manufactured Capital Social and Relationship Capital Natural Capital
At EIL, we possess over six decades of extensive
expertise in engineering and consulting in the
Hydrocarbon sector. Based on this proven track
record and supported by our unrivalled leadership
in the domestic sector, we are now judiciously
leveraging our six capitals to venture into
global markets, engineering sustainable energy HUMAN
infrastructure worldwide. CAPITAL

Our Capitals
SOCIAL AND
FINANCIAL RELATIONSHIP
CAPITAL CAPITAL

MANUFACTURED AND NATURAL

INTELLECTUAL CAPITAL CAPITAL
50 51
Engineers India Ltd Corporate Overview

Annual Report 2023-24 Financial Capital

DIVIDEND POLICY AND FACTORS CONTRIBUTING TO CAPITAL EXPENDITURE AND

SHAREHOLDER RETURNS FINANCIAL PERFORMANCE INVESTMENT DECISIONS
Our dividend policy is governed by Our order inflow of H3,406 crore and an Our capital expenditure primarily involves
the Dividend Distribution Policy, in order book of H7,823 crore, as of 31st expenses on office renovation, furniture
accordance with SEBI (LODR) Regulations, March 2024, has helped us to maintain fixtures, R&D activities and IT assets. We

FINANCIAL
2015, the Companies Act, 2013, and the strength of our balance sheet. have made strategic equity investments
DIPAM guidelines. We consider various Moreover, the efficiency of our business in Numaligarh Refinery Limited (NRL) and
financial parameters, such as current model and our ability to sustain in a Ramagundam Fertilizers and Chemicals

CAPITAL
year profits, operating cash flow, net competitive environment has allowed Limited (RFCL), holding minority stake at
worth and evaluate internal factors us to deliver consistent revenues and 4.37% and 26% equity, respectively. These
like company outlook, future capital profit. Notably, on a consolidated basis, investments are crucial for our long-term
expenditure, investment programmes, our profit increased by 29%, driven growth and value creation.
working capital requirements and by substantial contributions from
provision for contingency funds Ramagundam Fertilizers and Chemicals
SOURCES OF FINANCING
before declaring dividends. External Limited’s (RFCL) profit share.
Our financial capital plays a pivotal factors, including regulatory and legal We manage our financial requirements

role in driving sustainable growth. requirements, industry trends, market

perceptions, and macro-economic
COST MANAGEMENT AND
through internal accruals, with the
Government of India holding a majority
With an emphasis on prudent conditions also influence the dividend
OPERATIONAL EFFICIENCY stake of 51.32%. We consistently pay
Our primary costs are related to dividend to our shareholders, reflecting
capital allocation, we ensure return distribution policy. Over the last five
years, we have maintained consistent manpower and outsourcing. We regularly the strength of our capital structure and
on investment, optimum resource dividend payouts ranging from 43% to monitor administrative expenses and
implement cost-effective measures to
financial stability.
76% of PAT, reflecting our commitment
allocation and enhance operational to rewarding shareholders. enhance operational efficiency. This

efficiency. It also empowers us as a vigilant approach helps us maintain a

competitive edge in the industry.
value-accretive business, committed
to sustaining strong financial
performances in the long run. Turnover (Rs. Mn) Total Income (INR Mn) PAT (INR Mn)
FY20 32,030 FY20 34,921 FY20 4,238
FY21 31,047 FY21 33,329 FY21 2,489
FY22 28,704 FY22 30,427 FY22 1,395
FY23 32,837 FY23 34,946 FY23 3,463
FY24 32,322 FY24 35,000 FY24 4,453

PAT (%) (PAT/ Turnover) Order Book (INR Mn) Consulting & Engineering
Revenue (INR Mn)
FY20 13 FY20 95,554 FY20 15,988
FY21 8 FY21 79,819 FY21 14,228
FY22 5 FY22 76,549 FY22 14,999
FY23 10 FY23 76,946 FY23 14,643
FY24 14 FY24 78,235 FY24 15,030

Turnkey Projects Revenue (INR Mn) Revenue Segmentation* (%)

CONSULTING TURNKEY

FY20 16,377 FY20 49 FY20 51

SDGS IMPACTED STAKEHOLDERS IMPACTED FY21 17,214 FY21 45 FY21 55
FY22 14,129 FY22 51 FY22 49
FY23 18,658 FY23 44 FY23 56
FY24 17,779 FY24 46 FY24 54
Shareholders
*financial figures on standalone basis
52 53
Engineers India Ltd Corporate Overview

Annual Report 2023-24 Manufactured and Intellectual Capital

INTEGRATED FUNCTIONING OF EIL DIVISIONS

Engineers India Limited (EIL) operates through a well-coordinated system of specialised divisions, each contributing to the
overall success of our projects. The seamless integration of these departments ensures that we deliver high-quality, timely and
cost-effective solutions to our clients.

MANUFACTURED AND
How our departments collaborate to achieve our objectives:

INTELLECTUAL CAPITAL
Project Initiation and Planning Engineering and Design Implementation and
Monitoring
Marketing & Business Engineering
Development (M&BD) Project Controls (Ministry
Projects Monitoring)
Our decades-rich experience and expertise of Role Role

operating in the oil & gas and petrochemical Role

M&BD provides significant importance Provides detailed engineering services
industries as well as in other sectors have enabled to maintain a healthy and cordial ensuring optimised designs and quality Responsible for overseeing and reporting
us to provide design, engineering, procurement, relationship with all clientele. Active deliverables. on the progress of ministry projects. It
construction and integrated project management participations are made in various ensures that project milestones are
prestigious conferences, exhibitions, and
services from ‘Concept to Commissioning’ with the forums where in one keeps abreast with
Collaboration met and communicates the status to all
relevant stakeholders.
highest quality and safety standards sustainably. Our the latest happenings, shares ideas with
Works closely with Project Engineering
R&D efforts focus on developing innovative solutions, industry stakeholders and also maintain
Management to ensure that engineering Collaboration
a good networking.
improving existing technologies, and facilitating deliverables meet project requirements.
knowledge transfer within the organisation. Collaborates closely with both Project
Collaboration
Cost Engineering Controls and the Engineering teams. By
Our Project Planning and Control integrating data from these sources, it
Marketing and Business Development at provides precise and up-to-date project
Department plays a critical role in EIL drives the organisation’s growth by
Role
status updates to stakeholders.
ensuring that projects are completed on engaging with key ministries, participating
Develops capital cost estimates, financial/
time, within budget, and to the highest in working group committees, and
economic analyses and feasibility reports.
maintaining relations with MEA agencies.
quality standards. Additionally, we EIL fosters strategic collaborations with IT and Knowledge
provide specialist services such as heat clients, technology licensors, startups, and Collaboration Management
and mass transfer equipment design, equipment manufacturers. This year, EIL
signed MoUs/MoAs with NTPC, Sunrise Project Controls (Ministry
environmental engineering, specialist CSP Group, Australia, GPCL, and Detect
Supports Project teams in bid
Projects Monitoring)
preparation, ensuring accurate and
materials and maintenance, along with Technologies Pvt Ltd, aiming to provide competitive pricing.
plant operations and safety services. value-added and niche solutions to clients. Role

Procurement and Vendor Research & Development and Enhances IT-enabled services, focusing
Development Innovation on cybersecurity and infrastructure
upgradation
Procurement Research & Development

Collaboration
Role Role

Supports all departments by providing

Sources and manages the supply of Drives innovation through technology
robust IT solutions and ensuring secure
SDGS IMPACTED STAKEHOLDERS IMPACTED materials and services required for development and commercialisation.
data management.
project execution.

Collaboration Collaboration
Customers shareholders
Works with Project Controls and Partners with Engineering to develop and
Engineering to ensure timely procurement, implement best-in-class technologies and
aligned with project schedules. improve project outcomes.
54 55
Engineers India Ltd Corporate Overview

Annual Report 2023-24 Manufactured and Intellectual Capital

Detailed Project Planning and Scheduling KEY ONGOING PROJECTS

Project Controls Project Engineering Management Environmental Engineering

(Planning & Scheduling)

Role Role Role

Manages planning, scheduling, Oversees and coordinates engineering Ensures projects comply with
monitoring and risk management. activities across various disciplines. environmental regulations and standards.

Collaboration Collaboration Collaboration

Coordinates with Engineering and Project Bridge between Engineering, Integrates with Engineering for compliance
Engineering Management to align project Procurement and Construction teams of statutory environmental regulations
timelines and milestones. to ensure cohesive project execution. & standards into project designs and
execution Project Project Project Project
Cauvery Basin Refinery EPCM Services for Panipat PMC and Turnkey-OBE PMC and Turnkey-OBE
Specialist Material and Maintenance Services (SMMS)
(CBR) Project – 9 MMTPA Refinery Expansion (15 to 25 Services for Visakh Refinery Services for Rajasthan
(Package - EPCM-1 with MMTPA) Modernisation Project Refinery Project
Role MPMC and EPCM-3 Services)

Provides expertise in materials, corrosion

Client Client Client Client
and asset integrity management. 91 Major Refinery
Projects incl 10
Chennai Petroleum Indian Oil Corporation Hindustan Petroleum HPCL Rajasthan Refinery
Collaboration Green-field Projects
Corporation Limited Limited Corporation Limited Limited
45 Oil & Gas
Processing Projects
Supports Engineering
Location Location Location Location
in selecting appropriate
materials and ensuring 12 Major
51 Pipeline Petrochemical Nagapattinam, Tamil Nadu Panipat Visakhapatnam Rajasthan
quality standards.
Projects Projects

213
Offshore
14 Ports &
Projects
Terminals
including
STRONG TRACK Process
RECORD WITH Platforms
DIVERSE CLIENT BASE

33 Mining &
Metal 12 Project Project Project
Projects Fertiliser EPCM Services for Bio EPCM Services for Coker-B Licensing and EPCM Services
Projects Refinery Project Revamp Project for Delayed Coker Unit
(DCU) Revamp Project

Strategic Client Client Client

Storages 40+
3 Locations Infrastructure Assam Bio Refinery Pvt Ltd Indian Oil Corporation Numaligarh Refinery Limited
Projects Limited

Location Project Location Location

Power/Captive 24 Turnkey
Power Projects Projects
Numaligarh Barauni Numaligarh
56 57
Engineers India Ltd Corporate Overview

Annual Report 2023-24 Manufactured and Intellectual Capital

Project Project Project Project Project Project Project Project

EPCM Services for PMC Services for 80,000 MT PMC Services for De- PMC for New Domestic Consulting Services for the Dangote Refinery & Eastern Refinery Limited PMC Services for Crude Oil
Krishnapatnam Hyderabad LPG Cavern Bottlenecking and Terminal Building and supervision of the Guyana Petrochemical Project Unit – II Project Refinery in Mongolia
Multiproduct Pipeline Augmentation of Cryogenic associated works at Leh Integrated NGL Plant and
Facilities - LPG Import Airport 300 MW CCGT Power Plant
Terminal Project

Client Client Client Client Client Client

Client Client
Bharat Petroleum Hindustan Petroleum Bharat Petroleum AAI DORC BPC
Corporation Limited Guyana Power and Gas Mongol Refinery
Corporation Limited Corporation Limited
Inc., Ministry of Natural
Resources
Location Location Location Location Location Location

Location Location
Krishnapatnam, Hyderabad Mangalore Uran Leh, J&K Nigeria Bangladesh

Guyana Mongolia

Project Project Project Project

EPCM Services for 500 EPCM Contract for Methyl PMC Services for setting-up Upgrading of IPSHEM to
KTPA Petrochemical Project Isobutyl Carbinol (MIBC), RBI’s Green Field Data Centre World-Class Facility at
(PDH/PP) Methyl Isobutyl Ketone (MIBK) & Training Institute IPSHEM
and U&O Project at Dahej

Client Client Client Client

GAIL (India) Limited Deepak Chemicals and RBI/IFTAS ONGC

Trading Limited

Location Location Location Location

Usar Dahej Bhubaneswar Goa

 Corporate Overview Corporate Overview

58 58 59
Engineers India Ltd

Annual Report 2023-24 Manufactured and Intellectual Capital Manufactured and Intellectual Capital

KEY PROJECTS IN GREEN HYDROGEN SPACE Project Planning among employees, conducting vertigo tests previously imported high-tech equipment
at certain sites. domestically. This collaboration enhances
At Engineers India Limited (EIL), our local capacities and supports the overall
Project Planning and Control Department Our safety structure includes a Safety COF development of the domestic industry.
integrates inputs from various disciplines to (safety supervisor) for every 100 people, We have developed desalter technology
develop comprehensive project schedules, with a safety engineer overseeing every 10 and empanelled several vendors to supply
manage resources effectively and monitor COFs. This ensures stringent adherence to desalter packages and internals. Similarly,
progress meticulously. safety mandates and regulations. we have collaborated on the engineering
and fabrication of double wall column trays
Project Scheduling and Procurement
and vacuum ejector systems with local
Management
The Procurement Department at EIL plays suppliers.
We begin by receiving project details and a crucial role in our mission to support
time horizons from our clients. Using and enhance domestic manufacturing
Primavera software, we create a broad capabilities. By collaborating with local
Alignment with Government
outline for the project, which, upon client equipment vendors and manufacturers,
Initiatives
approval, is refined into an overall project the department ensures the acquisition EIL actively aligns its procurement practices
Project Project Project Project
schedule. This schedule is subsequently of high-quality goods and services, while with key government initiatives such as
Consultancy Service for PMC Services for 10 MW Hydrogen Blending in NG DFR of setting up of 4000 TPD distributed among all relevant departments aligning with key government initiatives Make In India and Start-up India. Our
LEPC selection for water electrolyser based Green pipeline/ CGD Network & Green Ammonia plant for further input and finalisation. such as Make In India. Make In India policy encourages foreign
electrolyser based on 20 Hydrogen plant of 4.3 TPD impact on end user companies to establish subsidiaries in
MW Green Hydrogen plant
To complete projects on time, we Developing Domestic India or enhance their existing domestic
of capacity ~ 8.5 TPD
implement catch-up plans to recover lost Manufacturing Capabilities operations. Indian subsidiaries can
time. Communication with all departments participate in tenders using the experience
Client Client Client Client EIL’s Procurement Development
is crucial, ensuring that schedules are and support of their foreign principals.
Department (PDD) has been dedicated to
made with their input and understanding.
........ GAIL GAIL HMEL catering the growth and development of
We utilise a multi-disciplinary approach, In addition, we have introduced a prototype
domestic manufacturing and production
holding regular meetings to ensure that route to accelerate the growth of domestic
capabilities. This focus on import
no department has idle time and that all industries. This policy allows manufacturers
substitution and export orientation has
Location Location Location Location activities run smoothly. to qualify based on successful prototype
involved engaging Indian industries to
development and testing, even without
Comprehensive Planning Approach develop indigenous capabilities.
Bina refinery Vijaipur Nigeria Delhi, Mumbai, Gopalpur, Odisha prior experience. These initiatives have
Indore, Ahmedabad, Our scheduling process involves backward EIL has successfully developed engineering significantly increased domestic capabilities
Bengaluru calculations for procurement and approvals, technologies and collaborated with and capacities, creating a robust local
ensuring all necessary steps are accounted various manufacturers to produce industry.
for. This meticulous planning helps us
complete projects within the stipulated

1
timeframe. To mitigate delays, we maintain
a buffer, allowing for minor adjustments
without impacting the overall schedule.
Application Submission:
In the event of client specifications that do
Suppliers and contractors apply
not meet requirements, we flag these issues

5 2
online and submit necessary documents.
and address them separately. After the
engineering process, variations and changes
are minimised to maintain project integrity.
For sectors with unique requirements, we Committee Approval Review of Application:
Project Project Project
collect data from licensors and clients to Our committee reviews We review applications
Feasibility & Basic Conceptual Study for Project Management develop an informed approach. recommendations and, for statutory and
Engineering of Hydrogen Setting up Green Hydrogen Consultant for upon approval, issues commercial criteria,
Pipeline (more than 200 KM) Facility in Dhorela Special “Establishing 4 MW PEM Monitoring and Safety an enlistment letter. including company
Enlistment
Investment Region (DSIR) Electrolyzer based Green We monitor projects using our Construction profiles and financial
Process
Hydrogen plant” reports.

4
Planning Engineering System, tracking
Client Client Client

3
progress and ensuring compliance with
safety standards. Our Lost Time Accident
Adani M/s NICDC, New Delhi NLC India Limited, Neyveli. (LTA) metric helps us track and address Shop Survey:
safety incidents. We also implement a We conduct surveys Technical Criteria Review:
Location Project Location Location Health, Safety and Environment (HSE) for suppliers to verify Applications are evaluated
calendar to increase safety awareness manufacturing and for technical specifications
Khavda to Mundra Gujarat Neyveli, Tamil Nadu testing facilities. and product details.
60 61
Engineers India Ltd Corporate Overview
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Statutory and Commercial Requirements Supply Chain Management (SCM)

To qualify for enlistment, suppliers and contractors must provide Our SCM Department at EIL ensures transparency and efficiency in procurement processes. Utilising authorised portals such
as GEM and NIC, we maintain a high level of integrity and digitisation throughout the procurement cycle.

1 2 3 4 Processes established government and company Risk Mitigation and Sustainability

policies. Preference is accorded to MSEs
We conduct pre-tender meetings for large
Valid ISO 9001 certification Udyam Registration Audited annual reports GST and PAN certificates, and Class I Local Suppliers, guided by the We take into cognisance global scenarios
tenders to gauge market conditions and
and Occupational Health Certificate (if applicable). for the past three financial along with other statutory Public policies. into our procurement strategies,
requirements. Our procurement methods
& Safety Management years. documents. ensuring adequate compensation and
include open and limited tendering, with all
System certification risk mitigation.
queries and submissions handled digitally. Integration and Efficiency
(ISO-45001).
We generally operate a two-bid system,
Our in-house software, Electronic
where bidders submit both technical and
Procurement System (EPS), minimizes
We have successfully
price bids, ensuring a fair and transparent
manual intervention and eliminates human indigenised 95% of
process.
errors. The EPS integrates seamlessly with
refineries and 65% of
Approval processes are conducted different departments softwares which
offline and then updated on the portal, automatically captures material requisition petrochemical plants,
Technical Requirements Continuous Improvement and maintaining transparency. Our procurement inputs from engineering, etc.. Our Project earning customer trust
Interface Portal streamlines the seamless
Suppliers and contractors must meet
Knowledge Sharing Notable Achievements development department independently
flow of project related inputs to the SCM for our quality and
enlists suppliers & contractors, through a
specific technical requirements. This We stay updated on industry-best
EIL’s efforts to align with government robust and impartial process, which is live department into EPS, facilitating efficient regulatory compliance.
includes submitting detailed product practices and sunrise technologies by data handling and decision-making.
initiatives have yielded tangible results. on 24*7 basis.
catalogues and descriptions of the participating in national and international Our sustainability practices are closely
For example, in FY 2023-24 alone, we
items for which enlistment is sought. industry conferences and technical We are committed to source from local Data from preceding projects is archived, linked with our partners’ sustainability.
enlisted and upgraded manufacturers
Additionally, they must provide supply events. This engagement facilitates allowing us to leverage from past We invest in start-ups and engage in
for 15 product categories, bringing the vendors in alignment with the directives
reference details for the past 10 years interaction with peer organisations experiences to make informed decisions equity participation, driving innovation
total to 42 product categories and 23 of the Government of India. We prioritize
to demonstrate their experience and and keeps us informed about the latest and align our future plans and schemes. and growth.
suppliers under the Make In India procurement from small and Micro
reliability. Contractors are also required developments. Additionally, we promote Enterprises (MSEs), in accordance with
policy. Critical items such as Liquid Ring
to furnish completion certificates and a culture of knowledge sharing through
Vacuum Pumps, which previously had
work orders to validate their capability lessons learnt workshops, a knowledge
no local suppliers, now have Indian
to meet various project demands. management portal, and feedback
manufacturers.
mechanisms. Adherence to national
and international codes and standards Through the prototype route, we have We invest in sustainable practices Projects are scheduled using backward
ensures that our projects maintain the developed and enlisted suppliers for and start-ups, aligning our growth calculations to align procurement and
highest quality and safety standards. eight product categories. with environmental and social approvals, with buffers to mitigate
responsibilities. minor delays.

Key Practices
and Policies
Our EPS and Project Interface Portal Stringent safety measures, including
enhances efficiency and reduce regular Health Safety and Environment
manual errors through seamless digital (HSE) initiatives and monitoring, ensure
integration. a safe working environment.

Construction
At EIL, our Construction Department is
critical to the successful execution of
projects. From initial planning through
to final handover, we ensure projects
are executed efficiently, safely and to
the highest quality standards.
62 63
Engineers India Ltd Corporate Overview
Annual Report 2023-24 Manufactured and Intellectual Capital

Core Responsibilities
well in advance so that same reaches site
without impacting the project progress
Health, Safety, and and construction activities.
Project Planning Construction Environment (HSE) Quality Assurance
€ Harsh Weather Conditions-Refinery site
and Resource Allocation Management Management and Control
experiences temperatures ranging from
Our resource mobilisation We oversee all project We develop and enforce Implementing a three-tier +38 deg C to (-) 35 deg C during the
strategy ensures that ~1000 activities from initial stages comprehensive HSE plans site inspection process, year along with frequent sandstorms.
construction engineers to mechanical completion and documents, promoting we maintain high-quality Also, due to temperature falling below
are deployed, based on and commissioning. This a culture of safety through standards across all subzero level, working at site is impacted
specific project needs and includes administering initiatives such as the Safety projects. Our quality for around Four (4) months in a calendar
contractual provisions. contracts and ensuring Gallery at project sites. assurance protocols include year.
compliance with project Regular HSE audits and generating and resolving
We meticulously plan ƒ Design Basis along with Specification
specifications. safety training programmes non-conformity reports
our human resources to for Winterization Requirements have
are conducted to ensure promptly, ensuring that any
been developed by EIL and included
ensure that each phase Our construction compliance and awareness quality issues are addressed MONGOL REFINERY PROJECT as part of FEED to cater to these
of the project is staffed management services among all stakeholders. immediately.
with qualified personnel, span total construction temperature conditions. Material
Government of Mongolia is setting up a 2) EPC-2 : Open Art Units, Utilities &
guaranteeing that the management, including of Construction for Structure Steel,
grass root 1.5 MMTPA Crude Oil Refinery Offsites, Plant Buildings
necessary expertise is contract administration, Piping and Equipment etc. have been
in Mongolia. The Refinery Project located
always available. construction quality 3) EPC-3: Captive Power Plant accordingly selected.
at Sainshand in Mongolia is being executed
surveillance, HSE and through Line of Credit (LoC) extended by
4) EPC-4 : Licensed Units ƒ Foundation and underground services
warehouse management. the Government of India (GoI) which is the have been designed considering frost
single largest LoC project being funded by Mechanical Completion for EPC 01(Early depth of 3.2 m
GoI across the globe. Mongol Refinery State Project Activities) has been declared by
Our Offerings Owned LLC is the owner for the project. Mongol Refinery and this package is ƒ Limited Working weather window of 7
executed by M/s. Kalpataru Projects to 8 months (i.e. from April to October)
Workflow This Refinery once commissioned will
International Limited (KPIL). EPC 02 (Open is available and all site activities have

1 2
Pre-Construction Phase be the only crude oil processing plant in to be planned during this working
Art Units, Utilities & Offsites) & EPC 03(CPP)
Mongolia and envisaged to utilize the crude window only
€ Provide proposal inputs for new jobs packages are awarded to M/s. Megha
from Mongolian oil fields to produce LPG
€ Contract Management € Construction Quality Engineering & Infrastructure Limited
€ Review bid inputs and plot plans & transport fuels meeting Euro-V/MNS € Non availability of requisite material/
Surveillance (MEIL) and activities are in progress. EPC
Administering contracts specifications which will cater to domestic experienced manpower in Mongolia-
4 Package has been partially awarded to
between EIL, project owners Implementing rigorous quality Construction Phase energy demand of Mongolia. Manpower is being sourced from India
MEIL by Mongol Refinery and likely to be
and contractors, ensuring clear assurance protocols to meet € Conduct kick-off meetings with and adequate facilities are being created
Engineers India Limited (EIL) is the Project awarded soon in totality.
terms and compliance. specified standards and contractors at site to accommodate the same.
regulatory requirements. Management Consultant (PMC) for the
€ Review and synchronise construction € Local Statutory approval/clearances
Refinery Project. Detailed Feasibility
micro-planning with overall project requirements not customized for such
Study was also carried out by EIL which Refinery Project is consistently facing
schedules refinery projects-Mongol Refinery is
was approved by Professional Council of following challenges which have been
providing necessary support to EPC
€ Ensure key personnel deployment as Ministry of Mining & Heavy Industries- mitigated by EIL as PMC with the support
entities (with adequate support of
per contract Mongolia and the project execution of Mongol Refinery and EPC Contractors –
EIL) in coordinating with various local
commenced in May 2019.
€ Line of Credit Project-Being Line of Credit statutory bodies for various engineering

4 3
Post-Construction Phase approvals/construction licenses.
Crude/Vacuum Distillation Unit along with Project, minimum Indian Content as per
€ Finalise as-built drawings and Offsites/Utilities have been designed by EIL Dollar Credit Line Agreement has to be Refinery Project is being monitored on
documentation as Open Art Units. Secondary Processing ensured by EPC entities during project regular basis by Government of Mongolia
€ Coordinate pre-commissioning and Units (7 nos.) are Licensed Units wherein execution. and Ministry of External Affairs (Govt. of
€ Warehouse Management € HSE Management licensors from across the globe are
commissioning activities € Geography-Mongolia being landlocked India). Progress of the project was initially
Efficiently managing Proactively identifying and supplying technology for the same. impacted mainly due to covid pandemic and
€ Administer final contract closure and country and non-availability of sea
construction materials and mitigating construction hazards, port, construction material has to be the same is being taken care by catching up
site handover Project Cost (as on September 2023) is USD
equipment to support project ensuring compliance with HSE transported through sea port of third the delays. Now, the Project is progressing
1698 Million and is being implemented on
timelines and reduce costs. standards through regular country and travel almost 1100 km well with EPC-1 Package already completed
EPC mode. The entire Project scope has
audits and safety training through road to reach site (Sainshand). and other packages under execution.
been divided into four EPC Packages.
programs. Supply of raw material along with Refinery project is likely to be completed
1) EPC-1: Early Project Activities equipment & Over-dimensional by last quarter of 2027.
Consignments etc. are being planned
64 65
Engineers India Ltd Corporate Overview
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Integrating Sustainability in
Engineering Design EIL’s Experience in the 2G Ethanol Sector
EIL integrates sustainability principles EIL has developed unique expertise and market presence in € Sizing/Specification of equipment, Equipment
into its engineering practices, focusing on the area of 2G Ethanol. EIL carried out the Feasibility study Optimization, Removal of spare/ additional equipment
energy conservation and environmental for setting up of 2G Ethanol production facilities at different ie Standby Rice straw shredder, additional pumps
impact reduction. Key initiatives include: locations in India by major Oil Marketing Companies (OMC) for and exchangers, Silo
a diverse range of feedstocks.
€ Process Optimization with removal of simmering
Biorefineries
In the DFR studies the role of EIL besides the Selection of coluw and associated equipment considering revision
We are implementing a biorefinery suitable Technology includes: in BIS specification, Defer CO2 plant
project in Assam for ABRPL (a JV of
Numaligarh Refinery Limited, Fortum, and € Optimised material balance, Water balance, Optimal Process € Vendor Development - Facilitated platform of
Chempolis, OY, Finland), which enhances Flow Diagram (PFD), equipment suppliers and technology provider
our green technology portfolio.
EIL was awarded the project for offering the EPCM services for setting up a commercial 186 kLPD ethanol capacity 2G
Carbon Capture Bio-Ethanol plant using bamboo as feedstock in the state of Assam, India. EIL is executing this project directly from
the demo plant stage to full commercial capacity based on the technology supplied by M/s Chempolis OY, Finland.
Studies have been conducted on using
carbon dioxide for sequestration as Value addition by EIL in the project to make the project a success:
carbonated water in wells and recovering
CO2 from sour gas for sequestration. € Being one of the unique plants in India, EIL assisted the € In order to valorize the carbon dioxide being produced
technology licensor to develop the Basic Engineering and through fermentation, a liquid CO2 production plant
Energy-Efficient Design Design package (BEDP) and Conceptualisation of scope of was incorporated into the design
various packages of the plant
Our designs for crude and vacuum € To optimize the capital and operating cost of the
distillation units achieve high energy € EIL assisted in the development of the scheme to transport plant, based on vendor suggestion, several vacuum
efficiency. We focus on minimising CO2 anhydrous ammonia and dilute it at site to save the systems were changed from Liquid Ring Vacuum
emissions in furnaces and use heat transportation cost of ammonia to the plant Pumps (LRVPs) to Water Jet Ejectors (WJEs) with EIL
pumps in propylene recovery units. assistance leading to substantial savings, both on
Additionally, we utilize cold recovery from capital cost as well as steam consumption
cryogenic terminals within processes or
auxiliaries like HVAC.

Waste to Energy
We provide consultancy services to Biorefinery Project: ABRPL
industries and municipalities to convert
EIL is providing EPCM services for one of the highest capacities Biorefinery
waste (municipal solid waste/ agriculture
project in India for Assam Bio Refinery Private Limited (ABRPL) in the state
waste/ etc.) to valuable energy resources
of Assam under the Bio Fuel policy of GOI. ABRPL is a joint venture of NRL,
(CBG/ Electricity) while also mitigating
Fortum and Chempolis(Finland). The Project involves processing of 300 KTPA
adverse environmental impacts of waste
of Bamboo producing 49 KTPA of Ethanol. It also produces value added by
disposal to landfills.
products such as Furfural (19 KTPA) and Acetic Acid (11 KTPA).

One of the key advantages of this project is that the bamboo feedstock supply
chain which is being grown locally adds income to farmers in the area besides
the employment generation. Product Ethanol is going to support GoI’s Ethanol
Blending Program (EBP) in the northeast region of the country to fulfill GoI’s
vision to achieve 20% ethanol blending in the Gasoline pool by the year 2025.
Power and steam are generated captively using Bio Coal (Stillage cake).
66 67
Engineers India Ltd Corporate Overview
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Visakh Refinery Modernisation Project (VRMP)

Key Achievements:

€ A new 9 MMTPA CDU/VDU constructed in a reduced space € Integrated document management of system to streamline
surrounded by operating facilities in three sides. the organisation, storage retrieval and sharing of project
documents and data ensuring access of most up to date
€ One of the most Energy Efficient CDU/VDU with a
information by relevant stakeholders
guaranteed energy number in design and same could
be established in Performance Guarantee Test Run for € Online inspection and Built clean concept
the Unit
€ Highest Capacity Single Train Full Conversion Hydrocracker Key Challenges :
– 3.053 MMTPA in India
€ Highest Capacity per Train Hydrogen Generation Unit € Unavailability of encumbrance free land due to presence
in India of existing facilities and live hydrocarbon lines

€ SRU with Oxygen Enrichment Facility € Work Inside operating refinery complying with operational
safety guidelines
€ Residue Upgradation Facility - First of its kind in India with
a huge capacity of 3.5 MMTPA having bottom conversion € Reduced Land availability nearly 40% less area compared
of 93% into useful Products to similar expansion projects
EIL’s Foray in the Green Hydrogen Value Chain- A Success Story € Highly steam conserved and energy optimized plant for € At the onset COVID-19, the 14,000-personnel workforce
EIL has been the frontrunner in delivering services to various clients for green hydrogen projects that are critical this size coming down to zero and recovered within a year and
to decarbonise the industrial sectors. The company has already secured a strong foothold in the execution of saw a new peak of 16,000 working in various places inside
€ Make in India - Fabrication and transportation of largest the refinery.
green hydrogen projects for various clients in the entire green hydrogen value.
single piece equipment (Crude Column), Widest Single
Piece Equipment (Vacuum Column) and Heaviest Single € Varied soil conditions inside refinery needing deployment
Green Hydrogen Production: PMC Services for 10 MW PEM based Green Hydrogen Plant at GAIL, Vijaipur Piece Equipment (RUF reactors) and erecting the same in of innovative excavation and foundation.

EIL provided the PMC services for the execution of 10 MW green hydrogen production facility for GAIL in the water single piece for Oil & Gas Industry. € • Ensuring retention of skilled workforce throughout
electrolysis pathway utilising Proton Exchange Membrane (PEM) technology. The unit was successfully commissioned € Modularized Construction, precast Piperack and bolted the project despite three waves of COVID.
recently. This plant is designed to produce 4.3 tonnes per day (TPD) of green hydrogen using renewable energy from structures € Being located in highly secured defence zone and
the grid. complying to various defence restrictions.
€ Use of Precast Buildings

€ More than 150 million LTA free manhours € Multiple Heavy rains and Cyclones

Transportation of Hydrogen: € Construction in majority area of Operating Refinery without

hindering operations
Consultancy Services for Feasibility Study of Hydrogen Gas Transportation through Pipeline from Khavda to Mundra,
Gujarat for Adani New Energies Ltd.

Length of Pipeline: Flowrate of Hydrogen handled: Design Pressure:

202 km 300-600 TPH 99.9 kg/cm2(g)

Challenges Faced EIL’s Experience: Hydrogen

€ Finalizing suitable material of construction for Pipeline & Fittings.
Storage Bullets Installed in
Refineries:
€ Identification of available OEMs/ vendors for special requirements like: € Single Bullet Capacity: 15 m3 to
€ Suitable Leak Detection system 285 m3, 158 kg to 2857 kg

€ Pigging systems € Design Pressure Range: 110 to

150 kg/cm2g
€ Gas turbines or engines running on Hydrogen for meeting
compressor driver requirements at remote intermediate stations.

€ Availability & Applicability of prevalent design codes & standards

€ Scarcity of past references and bankable data

68 69
Engineers India Ltd Corporate Overview
Annual Report 2023-24 Manufactured and Intellectual Capital

Continuous Improvement and € Ensuring that our engineering work € Unconventional Sources of Energy Important projects from FY 2023-24
Adoption of Best Practices adheres to national and international € Biotechnologies
codes and standards, as well as
EIL is committed to continuous € Renewable Energy Technologies Technology Development
established design guidelines and
improvement and staying updated
practices. This adherence guarantees € Hardware Development € Process for the prevention of SO2
on industry best practices and new
that our projects meet the highest Slippage into TGTU Quench Column
technologies. We achieve this through € Product Quality Upgradation
quality and safety standards.
a robust culture of knowledge sharing, € Clean Coal Technologies € New CDU-VDU Configuration for
adherence to national and international € Advancing our technologies in areas Improved Operations and Energy
€ Computational Fluid Dynamics (CFD)
standards, and active participation in such as gas sweetening and sulphur Optimization
Capabilities
industry events. Our efforts include: recovery. For instance, we have € Design Capabilities for
implemented the use of additive Multi-Downcomer Trays
€ Engaging with national and Recent Innovations and Pilot Plant
amines in recent projects, which has
international industry conferences Studies € De-Oxo Reactor Technology for
enabled more efficient processes and
and technical events, which facilitates We have undertaken several innovative Green Hydrogen Purification
reduced energy consumption.
interaction with peer organizations projects and pilot plant studies that € Design Methodology for Slurry
and keeps us informed about the contribute to knowledge advancement and Pipeline for Long-Distance Coal
latest developments and technologies. R&D Endeavours provide customised solutions for clients. Transportation
The Research & Development (R&D) These projects are for developing and
€ Maintaining a culture of knowledge € Multi-Functional Tailored
division at EIL plays a critical role in commercialising cutting-edge technologies
sharing through lessons learnt Heterogeneous Catalyst for Green
advancing our technical services and that meet industry demands and
workshops, a knowledge management Hydrogen Synthesis from Biomass Oil
enhancing intellectual capital. contribute to sustainable development.
portal, and feedback notes. These € Process for Recovering Rare Gas from
platforms ensure that insights and Natural Gas
best practices are disseminated Key Focus Areas
€ Process for Converting Agricultural
throughout the organization,
€ Energy Efficiency Improvement and Organic Waste to Biofuels
promoting an environment of learning
and improvement. € Environmental Technologies

Knowledge Sharing and Training Initiatives

To ensure effective knowledge transfer within EIL, our R&D, Engineering, and Equipment divisions work closely with various
internal departments. This collaboration includes

Development of Basic Support for Training Programs:

Engineering Design Patent Applications: We provide various internal
Packages (BEDP): Our engineering disciplines and external training programs
We collaborate with receive support from across the company to enhance
departments such as Process, R&D for validating data knowledge of new technologies.
Heat Transfer, Mass Transfer, through experiments or Cross-functional training is also
and Safety to develop computational offered on a need basis.
comprehensive BEDPs. tools like CFD.

Intellectual Property
€ Dearomatization of ATF technologies such as liquid sulphur seal
We hold numerous patents and
devices, de-foaming cyclonic devices,
intellectual property rights, which € Separation of Lighter Hydrocarbons
desalter vessels, and novel gas-liquid
cover process developments, hardware € Desalting inlet diffusers. These intellectual assets
apparatus, and proprietary engineered
enhance our competitiveness by
products. € Cryogenic Recovery of Hydrogen
improving efficiency, cost-effectiveness,
Areas where we hold patents € DME Production from Methanol and resource utilization. Additionally, our
role as a process licensor and supplier
€ Hydroprocessing € Deodorising Industrial Waste Gases of proprietary hardware items further
€ Sulphur Recovery solidifies our market position and
The patents and trademarks granted
revenue-generating capabilities.
€ LPG Treatment in FY 2023-24 include innovative
 Corporate Overview

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Engineers India Ltd

Annual Report 2023-24 Manufactured and Intellectual Capital

Emerging Technologies Collaborative Research and Notable collaborations Digitalization & AI Technology ƒ Benefits: Streamlines processes, industrial and municipal sectors. Our
Partnerships Assessment reduces paperwork, and enhances capabilities include:
Our R&D division is actively pursuing € MoUs with Industry and Academic
data accuracy.
research in emerging technologies Our R&D division engages in collaborative Institutions: We have partnerships We executed a comprehensive Digital € Environmental Feasibility Studies:
with significant potential for the research with various engineering firms, with organizations such as BPCL, & AI technology assessment for an Our studies help industries and
€ Integrated Standard Design Basis
engineering and consultancy sector. research institutions, and industry Hindustan Petroleum Corporation international project, preparing a Digital municipalities understand the
We offer these technologies to associations. These collaborations Limited, and IITs for joint technology & AI Design Basis. Our team conducted ƒ Action: Upgraded and integrated environmental implications of their
clients through comprehensive BEDP enhance our technological capabilities and development and research in areas workshops to evaluate various digital and design basis for piping, operations and guide them towards
preparation and subsequent phases of facilitate the implementation of innovative like CO2 conversion and biomass AI technology options based on project instrumentation, Static & Machinery sustainable solutions.
detailed engineering, plant setup, and solutions in the industry. processing. scope, functionality, use cases, technology Equipment (SME), and FEM.
commissioning. € Environmental Impact Assessment
maturity, benefits, and the client’s digital ƒ Benefits: Ensures seamless
€ International Research Consortiums: (EIA): We conduct thorough
and AI roadmap. integration between various
€ Bio-ATF Production from Used Cooking We participate in consortiums such environmental impact assessment
Oil as the Process Integration Research disciplines, incorporating lessons studies to ensure sustainable
Digitalising Internal Workflow
Consortium and Fractionation Research learned and project feedback for development practices, including
€ Recovery of NH3 from Waste Gas
Inc., providing valuable insights and We have undertaken several initiatives to continuous improvement. development of environmental
data for refining processes. digitalize internal workflows, enhancing management plans. We are accredited
efficiency, accuracy, and real-time € Supplier List Revalidation by Quality Council of India for carrying
Key Performance Indicators (KPIs) collaboration across various business out EIA studies in India in various
ƒ Action: Automated system for
functions. sectors.
revalidating the MR Supplier List.
€ HSE Incident Reporting App ƒ Benefits: Reduces the time required € Integrated Water Management: We

1 3 13 16
for revalidation and improves the cover the entire spectrum of integrated

Trademarks Granted New Trademarks Filed New Patents Filed Patents Granted
J8.17Cr
R&D Expenses
ƒ Action: Mobile-based application
for reporting HSE incidents/non-
conformities.
efficiency of supplier management. water management starting from
intake works to treatment, storage,
€ Financial Analysis System (FAS) and distribution. We have also executed
ƒ Benefits: Facilitates quick reporting sea water desalination projects to meet
from remote sites, ensures early ƒ Action: Web-based system for project fresh water demand.
resolution of issues, and improves financial analysis.
adherence to safety guidelines. € Water and Wastewater Solutions: Our
Embracing Digital Transformation ƒ Benefits: Aids management in
innovative and integrated water and
making informed investment
In the rapidly evolving landscape of digital technologies, businesses must leverage the opportunities provided by digital € Automated Data Flow for Cost
wastewater management solutions are
decisions using metrics such as
transformation to address current challenges and explore new horizons. At Engineers India Limited (EIL), we recognize the Engineering designed to optimize and conserve
Payback Period, IRR, NPV, and ROI.
immense potential of digitalization, artificial intelligence (AI), and other emerging technologies. To harness these opportunities, fresh water, integral to our design
we have established a dedicated Digital Technology Solutions (DTS) Division. This division integrates the latest advancements in ƒ Action: Automated extraction philosophy.
IT and AI with our extensive expertise in various engineering disciplines, project management, and supply chain management. and flow of technical parameters Environmental Engineering
€ Effluent Recycle and Reuse: We enable
from engineering to downstream We are dedicated to provide comprehensive
Key Activities and Achievements in 2023-2024 disciplines. industries to recycle and reuse treated
solutions for environmental compliance
effluents, reducing their environmental
equipment and items. This application visibility, key performance indicators ƒ Benefits: Eliminates manual data with a focus on protecting and restoring
Earthquake Warning System footprint.
uses machine learning models trained (KPIs), critical issues, and health, safety, and entry, reduces errors, and streamlines our ecosystems. Our commitment extends
Our DTS Division, in collaboration with on data from past projects executed by environmental (HSE) statistics, all accessible the costing process. to ensuring that all health, safety, and € Air Quality Management: We provide
CSIR-CSIO, has developed an IoT-based EIL. It generates estimated procurement on various devices. We have registered a environmental requirements are met services for air quality modelling
Earthquake Warning System. This system costs and provides a breakdown of trade name for this application. € Construction Planning Application during the delivery of products and and the implementation of control
activates safety measures during an cost contributions from various input services to our customers. We have measures to reduce air pollution.
impending earthquake, aiming to reduce EngCO2 {MÌU™ ƒ Action: Digital application for spearheaded projects that promote
parameters. We have applied for a trade
the catastrophic impact of seismic events preparing monthly and weekly sustainable practices and technologies.
name for this application.
We have completed the development of construction progress reports. Our integrated approach to water and
on human life, plants, and infrastructure.
EngProjectView™ EngCO2{MÌU™, a web-based software for wastewater management addresses
The system is operational in the Delhi ƒ Benefits: Boosts productivity and
estimating CO2 emissions (Scope 1 & 2) for current environmental challenges and
Metro network since 2016, and we have efficiency in construction planning
EngProjectView™ is our real-time the upstream oil and gas sector. This tool contributes to the conservation of vital
completed all AMC services for this activities at sites.
digital integrated project monitoring was previously launched for refineries, freshwater resources. By implementing
network during the year.
solution with analytical dashboards. infrastructure, and power plants. We have advanced treatment solutions and
€ Instrumentation Materials
EngAICosting™ This tool is used in EIL projects and is applied for a trade name and patent for promoting the reuse of treated water,
Management
also offered commercially. It provides this application. EIL offers this service we help industries and municipalities
We have developed and launched a comprehensive view of single or to organizations, helping them estimate ƒ Action: Web-based system for achieve their sustainability goals. We
EngAICosting™, an AI-based software multiple projects, allowing users to their CO2e emissions and generate reports managing material requisitions, offer a wide range of services related
application for estimating the compare projects based on location, type, suitable for SEBI requirements for BRSR. vendor data, technical bid analysis, to environmental pollution assessment,
procurement cost of industrial progress status, risk level, and more. Future revisions will include Scope-3 and purchase requisitions. control, and management across various
The dashboards offer increased data emissions and sectors like petrochemicals
and fertilizers.
72 73
Engineers India Ltd Corporate Overview
Annual Report 2023-24 Human Capital

Our Human Resources department conducted from time to time to gauge

supports our organisational goals, employee satisfaction and engagement,
encourages employee engagement and thereby continuously improving our work
develops a productive work environment environment and addressing employee
by implementing several initiatives. In the concerns, if any. Holistic review of various

HUMAN
year gone by, we have launched an array Advances granted to the employees was
of key programmes aligned with our focus also carried out during the year and
on achieving excellence in HR procedures. enhancement in ceiling of advances was

CAPITAL
carried out considering the requirement
of the employees.
TALENT ACQUISITION
Our strategic approach to talent A robust performance management
acquisition and development ensures system has been implemented that
that we attract, nurture and retain the maintains a robust and transparent
best talent to meet our dynamic business system for performance assessment
needs. We offer numerous opportunities aligned with industry-best practices.
for career advancement and professional
development to bolster our ability to retain
top talent. Key initiatives
€ Company promotes a culture of sports by organizing Annual Sports Day at
With a persistent focus on Key initiatives Head office, Regional offices and project sites. Employees are encouraged to

creating a collaborative € Diverse recruitment models included

participate in marathons, cyclothon, various trekking expeditions and sports
tournaments at regional and national levels.
workplace, we have cultivated fresh talent intake, domain specialists,
short-term hiring, fixed-term hiring € Under the Mentorship Development Programme, trained mentors are assigned
an organisational culture that and onboarding consultants/advisors to new employees and management trainees in a 1:3 ratio, where each mentor

empowers diverse talent. In € Planned job rotation for optimum

trains three new hires. In FY 2023-24, this programme covered new management
trainees as well as full-time employees who joined during the fiscal year
keeping with this, we provide utilization of available human resources
has been implemented. € For engaging the youth, we leverage the ‘Youphoria’ platform. This past year, we
our people with several held the photography competition, ‘Darpan,’ on the theme of ‘Essence of Life.’

opportunities for training and

97.59%
Also, we conducted a two-day intra-industry technical paper writing competition,
‘URJAALEKH’. These initiatives encourage millennials across all oil and gas PSUs
skill development to facilitate Employee retention rate
to share their knowledge and experience

their career advancement. This € To sustain and enhance the competitive edge of our human resources and keep

137
abreast with Industry trends and practices in the current as well as avant-garde
approach not only enables us areas of Technology, Management and Leadership, the ‘SUVIGYA VYAKHYAAN
to become a forward-thinking New hires
SHRINKHALA’ is in place, wherein Expert Lecture Sessions were held on monthly
basis through speakers from Industry and Academia
organisation but also sharpens
our competitive edge. Employees awarded
EMPLOYEE ENGAGEMENT

15 15 80
At EIL, we cultivate a culture of
appreciation and excellence where the
diligent efforts of our team members
are recognised and rewarded. Our Executive Professional Management trainees
engagement initiatives ensure that of the Year of the Year and new employees
employees feel valued and motivated, were assigned mentors
fostering a sense of belonging and
commitment. Through our engagement
SDGS IMPACTED STAKEHOLDERS IMPACTED programmes, For instance, the Annual
Awards Scheme recognises individual
contributions and team efforts &
4 4 3
Best
Employees Team
honouring meritorious employees for Employee
Innovation Innovation
Employees exemplary work. Additionally, surveys
such as the Great Place to Work and
Employee Engagement surveys are
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Annual Report 2023-24 Human Capital

LEARNING AND DEVELOPMENT

We understand that continuous learning is crucial for maintaining
SYNERGIA – What Employees Say
our competitive edge. To accelerate the professional development € “It was fantastic program with a very pragmatic approach to
of our team, we offer them ongoing training programmes. These everything that was taught. Learnt the importance of team
initiatives also prioritise enhancing the leadership quality of our work, leadership and decision making.”
personnel. Through this approach, we ensure that our workforce
stays ahead of the curve in a rapidly evolving business landscape. € “The complete program was full of energy and team building
. It was an opportunity to break the shell & showcase the
hidden talents.”
Key initiatives
€ “Overall very effective training program with direct relation
€ 17 technical training programs for various national and
to day to day working. If introspected and implemented
international clients in Oil & Gas, Fertilizer, Infrastructure sectors
earnestly, it can do wonders for workplace.”
were organized. Leadership and management programmes such
as Shikhar, Aarohan and Daksh were organized during the year. € “Way of learning through activities (no classroom passive
EIL’s Advance Leadership Development Program Shikhar was type training) is different approach and liked this very much.
organized for officers in level 19-20 wherein focus is on enhancing Every trainees contributed and lived the activities to their
productivity and professional excellence. Aarohan- -Leadership full potential and enjoyed the same along with learning
Development Programme features Action Labs centred around of different phases of Project execution through games /
‘Leading Self, Leading Teams and Leading Organisations.’ Daksh activities.”
is a Management Developmet Programme that is conducted for
mid-level officers to create continuous learning opportunities.

€ In order to further strengthen the spirit of working cohesively WELFARE & EMPLOYEE
in a team and bring in enhanced engagement, activity-based WELL-BEING € To ensure the well-being of employees, Participation in health checkups
programme on Team Building Programmes (Synergia) was a number of online health talks were

416
Our initiatives are directed towards
organized onsite for employees across Levels 12 to 20 with ensuring the holistic well-being of organised under Health Awareness
expert facilitators. our employees, fostering a conducive and Life Enrichment (HALE) Program
atmosphere where individuals can thrive for the benefit of employees and
€ The Leadership Journey programme (Aarohan) was carried out employees i..e
both personally and professionally. By support staff.

15.65%
during the year. The programme is uniquely designed to include
investing in the well-being of our team,
Action Labs that provide Development Inputs on themes centred € A new advance scheme ‘Sahyog
we cultivate a strong sense of community
MENTORSHIP PROGRAMME - Feedback by around ‘Leading Self, Leading Teams & Leading Organisations’. Advance Scheme’ was introduced
and productivity within our organisation.
Mr. Sourabh Kumar Rathod Further, participants are put in cross functional teams to work on during the year for cater various participation in health checkups
assigned Action Learning Projects (ALPs) related to Organisational general needs of employees. A
€ EIL provides exceptional standards and learning opportunities
goals and Strategic Intent. Assessment & Development Centre Key initiatives considerable number of employees
to newcomers, as it operates as a knowledge-driven
and Psychometric Profiling of Seniors € Flexi Time Approach: Offering flexible benefited from the scheme during
institution that places a strong emphasis on the contributions
working hours, including options for the year.
of its workforce to uphold excellence within the company. € Developed e-learning modules to supplement training for
short leaves and early coming
management trainees and new hires. e-learning module gives
€ In comparison to other public sector undertakings (PSUs),
flexibility to the learner where he/she can learn through it at any € Health Check-up Scheme: Regular
EIL boasts a work culture and organizational structure
time, any place and at their own pace. These modules contain health checkups for employees aged
characterized by openness and diversity. This environment
knowledge check and assessment in the form of MCQ, Match 40 and above
significantly contributes to the enthusiastic personal growth
the Following and Drag & Drop type quizzes.
of individuals within the company.

17 72
€ Wellness Programmes: Health
€ EIL maintains an open stance towards various opportunities, checkup camps, health talk sessions
awarding individuals the chance to engage in a wide range and daily yoga sessions
of tasks without compromising on quality and integrity. Industry Training No of mentees for
programmes conducted mentorship programmes € Medical and Welfare Scheme:
This, in turn, contributes to enhancing the market value of
Comprehensive medical coverage,
both individual employees and the organization as a whole.
including allopathy, homeopathy and

20 113
€ Within the organization, EIL excels in fostering a work-life Ayurveda.
balance superior to that of its competitors. This balance
€ Aarogyam i.e. Daily Online Yoga
brings with it a sense of satisfaction derived from contributing
Daksh participants Total training programs Session for Employees and their
to the nation-building effort.
family members has been initiated to
€ Management trainees are encouraged to remain receptive propagate the concept of wholesome

32 18
to various tasks and learning experiences presented to fitness which will lead to enhancement
them. They should make concerted efforts to extract the of employee productivity
maximum benefit from each situation.
Aarohan participants Shikhar participants
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Annual Report 2023-24 Human Capital

OCCUPATIONAL SAFETY
Ensuring a safe and healthy work CASE STUDY
WORKFORCE DIVERSITY
As on March 31, 2024, our workforce
4
Training sessions on diversity
9.7%
environment is our foremost priority. HSE Initiatives at EIL Project Sites comprises 2,658 employees, including Women employees holding
Through comprehensive health, safety 2,368 professionally qualified employees. and inclusion senior position
and environmental (HSE) practices, we We emphasise diversity and inclusion
protect our employees and business within our workforce, ensuring
partners, especially in hazardous project balanced representation across various
environments. demographics. At EIL, we understand
that a diverse workforce offers varied
€ Regular fire and safety trainings for perspectives and promotes innovation.
employees and contractual workers We recruit individuals from varied
are conducted backgrounds and promote an inclusive
culture where all employees feel valued.
€ HSE awareness talks before meetings
with external stakeholders are Through targeted policies, we support
organised Engineers India Limited (EIL) has introduced Safety Galleries at various project the inclusion of underserved groups,
sites to promote safety awareness among workers, supervisors, site engineers, including those who are differently
€ Provide a conducive work environment
and the workforce. Our Safety Management System (SMS) is designed to manage abled (PWD) and those who belong to
equipped with air conditioners, clean
and mitigate risks to ensure safety at construction sites. the economically weaker sections (EWS).
drinking water and proper lighting
This reflects our commitment to ensuring
€ Regular monitoring of ambient air
Safety Management System inclusion in the workplace and providing
quality in office complexes is ensured Our SMS follows a systematic approach: equal opportunities to all for career
advancement.
NEW MOTHER MENTORSHIP PROGRAMME - Feedback by Ms. Shruti Chopra
€ Necessary personal protective
equipment (PPE) is offered to workers Thank you for helping me be a part of this ever-growing and everlasting community
Describing Identifying Assessing Key initiatives for promoting of working mothers of EIL. The knowledge that I have people who will understand and
€ Hazard identification and risk the system Hazards Risks diversity and inclusion help me get through the ups and downs of motherhood while working is a blessing.
assessments are conducted and € Diverse recruitment panels ensure
control measures are implemented minority and women representatives
are included in selection committee DIGITALISING OUR HUMAN Key initiatives
Analyzing Controlling
panels, minimising unconscious bias CAPITAL € Talent acquisition modes- Diverse
Risks Risks
and promoting fair hiring practices We leverage technology to enhance recruitment strategies, including regular,
our human capital management consultant/advisor, fixed-term hiring
€ Support programmes for women, and outsourcing
processes, ensuring the efficiency of
such as the New Mother Mentoring
our HR operations. Several digitisation
HSE Gallery Programme, provide support to € Strategic HR teams- Dedicated
initiatives have streamlined processes
The HSE Gallery serves as a training facility for those in the construction industry, women employees, helping them teams working on HR initiatives
and improved the user experience.
educating employees and citizens on safety practices and policies. It comprises balance both work and family aligned with business needs
For instance, we transitioned various
19 zones, each focusing on different safety aspects. and geographic expansion.
€ A zero-tolerance stance against employee claim processes online to make
discrimination and harassment them more user-friendly. Additionally,
As a part of Government of India’s “SKILL
maintains a safe and inclusive work we implemented the Grievance
INDIA MISSION”, Training of Apprentices
environment Management System (GMS), an online
was undertaken as per the Apprentices
portal where employees can register
Act 1961 during the year. Learning
€ Cultural celebrations and events, and track grievances, ensuring timely
interventions were organized in both
including festivals and cultural resolution and promoting a transparent
online and offline mode with the aim to
activities, celebrate the diverse and responsive HR environment.
make the apprentices more employable.
backgrounds of our employees,

120
creating a sense of community and
ALIGNMENT WITH BUSINESS
belonging
STRATEGY AND SUSTAINABILITY
€ Regular training sessions on diversity, GOALS
Apprentices trained in various trades
equity and inclusion educate Our human capital management practices joined
employees and promote a more align closely with our overall business
inclusive work culture. strategy and sustainability goals. These
practices ensure that our workforce is well-

11.6%
prepared to meet business needs and
contribute to our long-term objectives.

Gender diversity
78 79
Engineers India Ltd Corporate Overview
Annual Report 2023-24 Social and Relationship Capital

Our efforts to build and maintain SUPPORTING STARTUPS

robust relationships with stakeholders
have been instrumental in promoting Engineers India Limited (EIL) actively supports the startup ecosystem through strategic
transparency, enhancing communication initiatives designed to cultivate innovation and entrepreneurship. Our initiative,
and supporting the overall growth and EngSUI, aligns with the Government of India’s vision to create a conducive climate
for startups to grow through innovation and financial support.

SOCIAL AND
brand reputation of our Company. Here
are the key initiatives and achievements
in our relationship capital during FY KEY COMPONENTS OF ENGSUI

RELATIONSHIP CAPITAL
2023-24
Project Categories
VALUE CREATION FOR
STAKEHOLDERS
Through focused initiatives and judicious
We at EIL seek to contribute to financial management, we have created Innovation Challenge Seed Fund Equity Funding

a society where health and well- substantial value for our shareholders.
To enhance shareholder value, we
Supports the Assists startups in scaling Provides funding up to
development of up prototypes with H5 crore for startups with
being for all are prioritised with the maintain regular dividend payouts, share
no vel ideas into funding up to H100 lakh. marketable products or
our financial performance and make
same rigour as financial growth. prudent investments.
demonstrable models
or prototypes with
processes, including
equity funding through
Staying committed to acting as a funding up to H20 lakh. host institutions and

responsible corporate citizen, we Financial performance and

dividends
directly.

contribute to the socio-economic Our track record of strong financial

development of our communities. performance is reflected in our
consistent dividend payouts and stable
Focus Areas

We nurture robust and mutually share price. Our Dividend Distribution

€ Development of new processes and technologies in the hydrocarbon sector.

beneficial relationships with Policy ensures substantial profit returns

to shareholders, with a payout ratio
€ Capability building for the commercial manufacture and supply of oil and gas
technology hardware.
all our stakeholders to ensure ranging between 43% and 76% of
PAT over the past five years. Further, € IT and Industrial Internet of Things (IIOT) interventions relevant to the hydrocarbon
that we craft a better future investments in high-growth areas, sector.

for all. Through dedicated CSR such as equity holdings in Numaligarh

€ Other areas such as renewable energy, waste-to-energy, biofuels, and net zero
Refinery Limited minority stake at
interventions and effective (4.37%) and RFCL (26%), have fortified
initiatives.

engagement practices, we build our market position and capabilities,

maximising financial returns and long- Host Institutions
stronger communities. term value creation. EIL collaborates with institutions such as IITs and NITs, including IIT Roorkee, IIT
Delhi, IIT Kanpur, IIT Madras, IIT BHU, IIT Gandhinagar, and IIT Bombay.

3097
Enlisted vendors

Score* 8.6/10
Customer perspection survey

SDGS IMPACTED STAKEHOLDERS IMPACTED

2.67 Lakhs
Lives impacted through CSR initiatives

Supplier shareholders

* 10 high value projects

80 81
Engineers India Ltd Corporate Overview
Annual Report 2023-24 Social and Relationship Capital

HEALTHCARE AND NUTRITION (PROJECT SANJIVANI)

Steel-Integrated Floating Jetty (SIFJ)

The Steel-Integrated Floating

Jetty (SIFJ) project, developed by
Acquafront Infrastructure Pvt
Ltd, incubated at IIT Kanpur, is a
notable success.

Objective Use of Solid Waste for Energy and Cleaner

Revolutionize floating infrastructure with a modular dock
Technologies Generation using SSF Reactor Initiative Initiative
system offering easy installation, minimal maintenance, Another significant project is the “Use of Solid Waste for
cost-effectiveness, and improved environmental impact. Energy and Cleaner Technologies Generation using SSF
Reactor,” a collaboration between IIT Roorkee, Fermentech
Community Healthcare Mobile Medical Units
Features Labs Pvt. Ltd., and EIL.
Services and Ambulance Services
Equipped with SAFTJ technology, SIFJ modules adapt to
Objective
fluctuating water levels and handle heavy loads. They are
Develop high-yield cellulases from agricultural and

?
used in floating bridges, walkways, event stages, pump

?
pontoons, and charging stations. industrial wastes using a novel Solid-State Fermentation
(SSF) bioreactor.
What What
Impact is it about
Features is it about
Improved accessibility and safety for waterfront
activities and a significant reduction in microplastic The SSF bioreactor achieves a cellulase yield almost
release. double that of traditional methods. By-products
like lignin-rich residue are repurposed into valuable Providing access to quality healthcare services to Enhancing emergency medical
products. underprivileged communities response and accessibility

Impact
Key actions taken Key actions taken
Provides a sustainable solution for agricultural waste
disposal and promotes cleaner technologies in industrial € Supported a mobile medical van in Barmer district, Rajasthan, to offer € Provided advanced life support
operations. door-step healthcare services ambulances in Assam for mobile
medical camps and life support
€ Established 140 model Anganwadi centres in Dhubri, Assam, to combat treatment
malnourishment among children and women
BUILDING STRONGER COMMUNITIES € Supported a cardiac ambulance
€ Provided innovative school bags with desks to over 27,700 children in unit in Mumbai slums to provide
In adherence to our CSR Policy, we aim to elevate Nandurbar, Maharashtra, to improve spine and optical health medical services to the poor
the quality of life of our community members. Our
and needy.
efforts are focused on driving social upliftment, € Financial assistance for the treatment of underprivileged cancer patients
promoting inclusive growth and enhancing at the Rajiv Gandhi Cancer Institute and Research Centre, New Delhi.
environmental sustainability. At EIL, we seek to Impact
ensure that our initiatives align with national priorities,
Impact € Enhanced access to emergency
with the objective of transforming the country’s
medical services, benefiting
social infrastructure in a responsible manner. In € Improved healthcare access for rural populations, reaching over
around 4,800 individuals in
FY 2023-24, we allocated 2% of our average net 25,800 beneficiaries in Barmer. Enhanced health outcomes for children
Nagaon, Morigaon and Dima
profits from the past three years to CSR activities, and women in Dhubri, benefiting approximately 8,000 individuals.
Hasao districts in Assam.
focusing on key areas such as healthcare, education, Supported critical medical treatments for eight underprivileged cancer
skill development, women’s empowerment and patients in New Delhi. € Provided medical services to
environmental protection. approximately 1,000 residents
dwelling in slums in Mumbai.
82 83
Engineers India Ltd Corporate Overview
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Initiative DRINKING WATER (PROJECT JAL DHARA) EDUCATION (PROJECT PRAGYATA)

Medical Equipment and

Health Camps

What
is it about ?
Supporting healthcare A 57-year-old lady from a lower-middle- A 71-year old man suffering with
class family in Uttar Pradesh. Her husband severe skin allergy symptoms from two
infrastructure and increasing
is the only earning member of the family, months and could not get any medical
accessibility
working as a labourer in Meerut, UP, help as he was living in a remote village
to support their household and her in Rajasthan. EIL’s Mobile Medical Van
Key actions taken treatment. Previously, she was diagnosed running in the rural areas around
with Uterine Cancer and underwent Barmer district in Rajasthan came to
€ Supplied 66 pieces of medical
surgery twice at the Rajiv Gandhi Cancer his rescue and the Medical van doctor
equipment to the TLM Purulia
Institute for further treatment. diagnosed it as a fungal infection and
Leprosy Hospital, West Bengal

Initiative Initiative
provided medicines to him. After five
When she was diagnosed with Ovarian days, the patient felt much better. He
€ Organised health camps for
Cancer for the second time, her husband appreciated the medical van’s efficient
distributing aids and assistive
was shocked. As a 60-year-old man, service and quality treatment. He
devices to 427 Divyangjans across
he is unable to afford the expenses of stated that their accessibility was a
Ayodhya, Uttar Pradesh, Nalanda,
cancer treatment again. He benefited Access to Safe Drinking Water School Infrastructure Development
Bihar and Raipur, Chhattisgarh. big relief as he could get treatment on
from a grant provided by the ‘Corporate his doorstep.
Social Responsibility of Engineers India
Impact Limited’ and his wife has been receiving

? ?
€ Enhanced healthcare treatment since then.
services, benefiting around
65,000 marginalised patients in
She has been recovering well. Her What What
husband is pleased with her improving is it about is it about
West Bengal. Improved the quality
condition. Her family is very thankful
of life for Divyangjans through
to the EIL team for their timely help.
assistive device distribution.
Ensuring access to safe drinking water Enhancing educational infrastructure in rural areas

Key actions taken Key actions taken

€ Installed four water coolers in public places in Buland € Constructed a state-of-the-art building for a government
Shahar, Uttar Pradesh school in Dharwad, Karnataka

€ Installed five RO water vending machines in Purnia, Bihar. € Built additional classrooms in Darrang, Assam and
Karaikal, Puducherry

Impact € Maintained school toilets in Assam and Tamil Nadu.

€ Provided safe drinking water to approximately 20,000

people in Buland Shahar in Uttar Pradesh and Purnia, in
Bihar enhancing public health and well-being. Impact
€ Improved the learning environment for over
2,500 students. Reduced dropout rates and enhanced
sanitation facilities, benefiting around 10,000 students
across various states.
84 85
Engineers India Ltd Corporate Overview
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VOCATIONAL TRAINING AND SKILL WOMEN’S EMPOWERMENT ENVIRONMENT PROTECTION RURAL DEVELOPMENT
DEVELOPMENT (PROJECT PRAVEEN) (PROJECT SHAKTI) (PROJECT PRAKRITI) (PROJECT PRAGATI)

Initiative Initiative Initiative Initiative

Skill Development for Youth Menstrual Hygiene Awareness Miyawaki Forest Community Infrastructure Development

What
is it about ? What
is it about? What
is it about ? What
is it about ?
Improving employability through Promoting health and hygiene among rural Creating a sustainable and greener environment Enhancing rural infrastructure
skill development. women and girls
Key actions taken
Key actions taken Key actions taken Key actions taken
€ Constructed a community hall in Chero village,
€ Contributed to the operational funding of the Skill € Conducted health and menstrual hygiene awareness € Developed a Miyawaki forest in Gurugram, Haryana, Nalanda, Bihar.
Development Institute in Ahmedabad, Gujarat. camps in Giridih, Jharkhand. with around 8,000 trees.

Impact
Impact Impact Impact € Provided a central space for community activities,
€ Enhanced skill levels and employability for approximately € Improved health and confidence among over € Improved air quality, and overall ecosystem. benefiting around 5,000 villagers.
300 youth annually. 3,041 rural women and girls.
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Annual Report 2023-24 Natural Capital

€ Water Sprinklers on Taps

EIL'S NET ZERO AMBITION
In alignment with the nation’s objective of attaining Net Zero by 2070, we have set an Installed to minimise water wastage in
ambitious goal to reach Net Zero emissions by 2035. We have taken a proactive approach Gurgaon and Delhi offices
to minimise carbon emissions and limit our ecological footprint. Our efforts encompass
€ Use of Recycled Paper
a broad spectrum of initiatives undertaken to ensure environmental sustainability.

NATURAL
Implemented across the Company to
EIL’s Net Zero Target reduce paper waste

CAPITAL
€ Replacement of Old ACs

Upgraded to 5-star rated ACs and partially

solar-generated street lights at Gurgaon
Reduction in Direct CO2e Emission Phaseout of Fossil Fuel Vehicles office
by 2030
Implementing measures to
significantly lower CO2 equivalent Gradually replacing fossil fuel-driven Current Initiatives
emissions across all operations. vehicles with more sustainable

Environmental sustainability alternatives for official transportation.

€ Solar Power Expansion

has always been a core priority Installed 540 KWe capacity solar power

for EIL. We believe in making panels, increasing total capacity to 940

KWe
a positive difference by Creating Miyawaki Forest Biogas Plant Installation
€ Energy-Efficient Equipment

incorporating an eco-conscious Establishing a dense, biodiverse forest

within our Gurugram complex to
Setting up a plant that uses
mixed feed to produce biogas for
Replaced 850 PCs with power-efficient
laptops in FY 2023-24 , increasing total
approach, limiting our carbon enhance carbon sequestration and cooking, reducing dependence on
laptops replaced to 2350.
biodiversity. conventional energy sources.
footprint and adhering to € Miyawaki Forest

environmental regulations. It Planted over 8,000 plants from 28

indigenous species
continues to bolster our Net Zero € CO2e Emission Estimation Platform
ambition and prepares us for a Reduction in Power Demand Increased Solar Power Generation
Launched EngCO2 TM
, a web-
Capacity
brighter tomorrow. Aiming to reduce power demand
by 25% by 2030, with an additional Expanding our solar power
based platform for estimating CO2e
emissions, covering Scope-1 and
10% reduction by 2035, through the generation capacity to reduce Scope-2 emission
adoption of energy efficient systems. reliance on fossil fuel and promote € Enhanced Digitisation
the use of renewable energy.
Increased digitisation of internal
processes to reduce paper use,
with online access to national and
international codes and standards
Maximising Electric Vehicle Use by 2035
Increasing the use of electric vehicles for employee transportation to minimise Future Initiatives
emissions.

€ Additional Solar Power Installation

EIL’S JOURNEY TO NET ZERO
Planning to install an additional 427
To achieve our ambitious target of Net Zero emissions by 2035, we have implemented KWe capacity solar power panels
a variety of initiatives focused on reducing our carbon footprint and enhancing
environmental sustainability. € Energy Efficiency

Enhancing energy efficiency of the

Past Initiatives
HVAC system at Gurugram office and
SDGS IMPACTED STAKEHOLDERS IMPACTED
implementing measures to foster
€ EV Charging Points € Ceramic Cups
energy efficiency at the Delhi office
Installed atGurugram and Delhi offices for Distributed to employees to discourage
€ Renewable Energy Transition
employees and official vehicle charging use of disposable paper cups.
Employees Gradual shift from conventional
€ Occupancy Sensor-Based LED Lights € E-Golf Carts & E-Bicycles electricity to renewable energy sources
Installed to reduce electricity consumption Used within the Gurugram office campus through long-term agreements
to encourage eco-friendly transportation.
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€ Rooftop Wind Power Plant Pilot

EDUCATING AND TRAINING EMPLOYEES ON ENVIRONMENTAL
Implementing a rooftop wind power AWARENESS
plant in Mumbai office as a pilot project EIL emphasizes the importance of educating and training employees on environmental
€ Compressed Biogas (CBG) Plant awareness and sustainable practices. We organise various initiatives to promote
sustainability within the organisation. These initiatives help build a deep understanding
Planning a demonstration CBG plant,
of environmental issues and encourage proactive participation in sustainability
with a 20 Nm3/day output capacity,
efforts across the organisation. By embedding these practices into our operations
utilising kitchen and horticulture waste
and culture, EIL contributes to environmental stewardship and sustainability.
at the Gurugram office

€ Waste Paper Recycling

Installing a demonstration scale waste

paper recycling facility at Gurgaon
office complex

INTEGRATING ENVIRONMENTAL
CONSIDERATIONS INTO PROCESS
DESIGN
At EIL, integrating environmental
considerations into our process design and
development processes is a priority. We
adhere to best industry practices, ensuring
compliance with local and international
environmental norms as per project
requirements.

Our Approach
Implementation of technology to
minimise environmental impact.

Adoption of cleaner fuel to WATER CONSERVATION

reduce emissions. EIL is committed to sustainable water management practices to minimise our environmental footprint. During
the fiscal year under review, we have taken significant steps to conserve water and reduce consumption across
Introduction of systems to reduce € We conduct lecture sessions on ƒ Plantation Drives are organised at our operations. These efforts demonstrate our approach to responsible water use and long-term sustainability.
and recycle effluents and minimise ‘Sustainable Solutions towards various offices and construction
water consumption. Achieving Net Zero and Carbon sites. It encourage employees to
Neutrality’ to educate employees plant trees to improve the green
Utilisation of methods for about our sustainability goals and the cover.
Rainwater Harvesting Pits: Sewage Treatment Plant (STP):
reducing unintentional emissions. actions needed to achieve them. These
sessions provide valuable insights ƒ Green Awareness Campaigns help Constructed for collection and storage A state-of-the-art STP at the Gurugram, Mumbai and Chennai
into the company’s environmental to disseminate knowledge about of rainwater to reduce dependence on offices treats sewage, which is then used for horticulture
Minimise flaring activities. strategies and individual contributions sustainable practices through social municipal water supply. purposes within the office complex.
to these goals. media and internal communication
channels.
Incorporate closed systems to prevent € We celebrate World Environment Day
the release of harAmful gases. annually on 5th June, a major highlight ƒ Employee Competitions are held and
in our calendar, raising awareness activities are organised to engage
about environmental issues and employees and their families in Water Usage: Compliance:
Installing suitable monitoring promoting sustainable practices environmental conservation efforts.
Limited to essential activities such as Ensuring the reuse of treated sewage for horticultural purposes
devices to ensure compliance with among employees. The main event,
ƒ Awareness campaigns are conducted drinking, cleaning and horticulture. and ensuring responsible discharge to city sewer systems.
environmental standards. organised at the EIL Gurugram Office,
to limit food wastage in cafeterias
is attended by EIL Management and
and during official meetings.
Integrating systems to recover and other officials. Celebrations extend Key Performance Indicator: Reduction in municipal water usage by XX% due to rainwater harvesting and
reuse flare gases. across all offices and construction STP utilisation.
ƒ Nature Warrior's Contest is a tree
sites, ensuring participation of all plantation competition, promoted
departments. through EIL’s social media platforms,
Implementing measures to reduce
the load on flaring systems. to encourage public participation for
a sustainable initiative.
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WASTE MANAGEMENT ENERGY MANAGEMENT

Effective waste management is a crucial aspect of To reduce our carbon footprint, we continue to explore
EIL’s environmental strategy. Our approach focuses renewable energy sources and adopt energy conservation
on minimising waste generation, enhancing waste measures to strengthen our sustainability efforts.
segregation at source and promoting recycling to mitigate
the environmental impact of our operations. These
initiatives align with our approach to sustainability and
environmental responsibility. Solar Power Expansion Energy-Efficient Equipment
Installed 540 KWe of solar Replaced 850 PCs with
power panels, increasing power-efficient laptops in
the total capacity to 940 FY 2023-24, totaling 2,350
Solid Waste Management Compost Facility KWe within its premises. replacements.
Generation of municipal Installed a compost
solid waste (MSW) and facility with a 200 kg/day
electronic waste (e-waste) feed input capacity at the
is limited due to the nature Gurgaon office to convert
of our business. Waste canteen and horticulture Renewable Energy Transition Pilot Wind Power Project
management practices waste into compost used
include reduction at as manure within the Gradually shifting from Implementing a rooftop
source, segregation and complex. conventional electricity wind power plant in the
proper disposal through to renewable energy Mumbai office as a pilot
authorised recyclers. sources through long-term project.
agreements.
BIODIVERSITY ENHANCEMENT
EIL is dedicated to improving the biodiversity through various initiatives that positively impact the environment.
Our efforts focus on creating green spaces, promoting indigenous plant species and involving employees in
biodiversity projects.

Recycling Initiatives Compliance Compliance

Segregation of municipal Adhering to regulations Ensuring all statutory norms related to DG set emissions
waste and disposal for the segregation and are adhered to, for minimising emissions. Miyawaki Forest Employee Awareness and Participation
through authorized disposal of solid and
Developed a forest on half an acre in the Gurgaon Engaging employees in plantation drives and
third parties, as per the electronic waste, ensuring
office complex, planting over 8,000 plants from 28 biodiversity improvement activities.
regulations of Solid Waste all waste management
indigenous species, including medicinal, flowering,
Management Rules 2016. practices meet statutory
fruit and timber species.
requirements.

Key Performance Indicator: Waste sent to landfills has Key Performance Indicator: Increase in renewable Key Performance Indicator: Increase in green cover by XX%.
reduced by XX% through composting and recycling energy usage by XX% and reduction in energy
initiatives. consumption by XX%.
 Corporate Overview

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Ms. Vartika Shukla, C&MD conferred with Business Leader of the Year Award at the Global Refining and
Petrochemicals Congress 2023 in New Delhi

Ms. Vartika Shukla, C&MD bestowed with “CMD of the Year” award under the Navaratna category at XIII PSE
Excellence Awards

Awards CIDC Vishwakarma Awards for “Best Construction

Project” and “Construction Health, Safety &
Environment”
National Awards for Excellence in PSU for “Increasing
the Geo-Strategic Reach” category
Golden Peacock National Training Award 2024 ‘Project of The Year’ Award in the Medium Category in
the PMI South Asia Awards 2023 for the indJet project

Governance Now 10th PSU Awards for Digital Ms. Divya Dutta, EWS Department received the Young
Procurement Excellence, Nation Building and Achiever of the Year in the Oil & Gas Industry (Female)
Reskilling of Employees (Training & Development) Award at the FIPI Awards 2022

SCOPE Eminence Award in the category of Women Best Exhibition Stall Award in Category I at 26th Energy
Empowerment for the period 2019-20 received by Sh. Technology Meet
Sanjay Jindal, Director (Finance) and Sh. Atul Gupta,
Director (Commercial) from Hon’ble Vice-President of
India, Sh. Jagdeep Dhankhar
 95
Financial Statements
Consolidated Statement of Independent Auditor’s Report

Ten Year’s Performance at a Glance

(H in Lakhs)

PARTICULARS / YEARS 2014-15 2015-16** 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

A OPERATING STATISTICS
Turnover* 1,71,300.42 1,51,101.47 1,44,864.31 1,78,758.25 2,44,433.85 3,20,305.08 3,10,468.78 2,87,039.90 3,28,375.96 3,23,216.50
Other Income 27,310.80 24,779.26 22,366.04 17,947.07 22,508.09 25,803.46 19,487.87 13,673.19 16,911.69 22,459.96
Expenditure 1,51,037.44 1,33,899.99 1,17,212.28 1,39,895.17 2,10,191.32 2,78,557.64 2,79,403.40 2,55,928.77 3,01,283.78 2,98,635.74
Prior Period 818.15 - - - - - - - - -
Adjustments (Net)
Profit before Tax & 46,755.63 41,980.74 50,018.07 56,810.15 56,750.62 67,550.90 50,553.25 44,784.32 44,003.87 47,040.72
Exceptional Items
Exceptional Items - - - - - - -15,496.48 - - -
Profit before Tax 46,755.63 41,980.74 50,018.07 56,810.15 56,750.62 67,550.90 35,056.77 44,784.32 44,003.87 47,040.72
Tax 16,048.18 11,927.49 21,472.27 22,202.33 18,872.56 21,886.97 15,338.10 11,300.81 9,234.30 12,899.82
Deferred Tax -90.19 2,433.86 -3,957.89 -3,179.42 871.04 2,639.56 -6,231.06 -957.15 554.39 -1,558.16
(Assets)/Liability
Profit after Tax 30,797.64 27,619.39 32,503.69 37,787.24 37,007.02 43,024.37 25,949.73 34,440.66 34,215.18 35,699.06
Other - -225.53 -2,323.06 459.61 -157.75 -3,057.73 -84.19 2,576.24 707.48 1,724.05
Comrehensive Income
Total Comprehensive - 27,393.86 30,180.63 38,246.85 36,849.27 39,966.64 25,865.54 37,016.90 34,922.66 37,423.11
income for the year
Dividend including 20,148.82 16,129.55 28,285.30 22,674.46 36,052.02 33,005.42 17,663.22 14,613.10 16,861.27 16,861.27
Dividend Tax
B FINANCIAL POSITION
CAPITAL EMPLOYED 2,56,790.09 2,75,700.66 2,77,595.99 2,26,787.27 2,27,584.52 2,34,545.74 1,70,100.86 1,92,504.66 2,10,566.05 2,31,127.89
NON CURRENT ASSETS 58,394.32 66,011.19 78,919.19 87,425.20 93,641.51 1,06,313.21 1,86,244.84 1,97,274.17 2,10,581.46 2,18,022.15
CURRENT ASSETS 3,33,200.35 3,43,027.81 3,52,940.92 3,55,606.38 3,74,807.32 3,96,567.75 2,51,578.35 2,34,398.65 2,40,608.42 2,59,122.11
EQUITY & LIABILITIES
i) Share Capital 16,846.84 16,846.84 33,693.67 31,595.58 31,595.58 31,595.58 28,102.13 28,102.13 28,102.13 28,102.13
ii) Other Equity 2,39,943.25 2,58,853.82 2,43,902.32 1,95,191.69 1,95,988.94 2,02,950.16 1,41,998.73 1,64,402.53 1,82,463.92 2,03,025.76
NON CURRENT 1,968.61 2,365.20 2,105.00 2,239.28 851.18 1,442.28 831.38 603.58 1,993.56 3,608.54
LIABILITIES
CURRENT LIABILITIES 1,32,835.97 1,30,973.14 1,52,159.12 2,14,005.03 2,40,013.13 2,66,892.94 2,66,890.95 2,38,564.58 2,38,630.27 2,42,407.83
C RATIOS
PBT / Turnover 27.29% 27.78% 34.53% 31.78% 23.22% 21.09% 11.29% 15.60% 13.40% 14.55%
PAT/ Turnover 17.98% 18.28% 22.44% 21.14% 15.14% 13.43% 8.36% 12.00% 10.42% 11.04%
PBT / Capital Employed 18.21% 15.23% 18.02% 25.05% 24.94% 28.80% 20.61% 23.26% 20.90% 20.35%
PAT / Net Worth 11.99% 10.02% 11.71% 16.66% 16.26% 18.34% 15.26% 17.89% 16.25% 15.45%
Turnover / Net Worth 0.67 0.55 0.52 0.79 1.07 1.37 1.83 1.49 1.56 1.40
(number of times)
Trade Receivables / 2.98 2.88 3.17 3.66 2.03 2.50 2.00 1.55 1.29 1.17
Turnover (Month’s
Turnover)

Notes:
* Turnover includes accretion/decretion to Work in Progress.
**The Company has adopted Indian Accounting Standards ('Ind AS') from April 1, 2016 and accordingly, financials from 2015-16 presented in
accordance with Ind AS.
 Regd. Office: Engineers India Bhawan, 1, Bhikaji Cama Place, New Delhi - 110066
Tel: 011-26762121, Email: [email protected]
Website: www.engineersindia.com
CIN: L74899DL1965GOI004352

Notice
NOTICE is hereby given that the 59th Annual General Meeting offers himself for re-appointment and to pass the
of the Members of Engineers India Limited will be held on following resolution as an Ordinary Resolution:
Wednesday, 11th September, 2024 at 11:00 A.M. (IST) through
Video Conferencing (VC)/ Other Audio Visual Means (OAVM) “RESOLVED THAT Shri Rajiv Agarwal (DIN: 09748894),
facility to transact the following business: who retires by rotation and being eligible, be and
is hereby re-appointed as a Director (Technical)
of the Company.”
ORDINARY BUSINESS
1. To receive, consider and adopt the Audited Standalone 4. To appoint a Director in place of Shri Rajeev Gupta (DIN:
and Consolidated Financial Statements of the Company 09839662), who retires by rotation and being eligible,
for the financial year ended on 31.03.2024, together offers himself for re-appointment and to pass the
with the Directors’ Report and the Auditors’ Report following resolution as an Ordinary Resolution:
thereon and Comments of the Comptroller and Auditor
“RESOLVED THAT Shri Rajeev Gupta (DIN: 09839662),
General of India and to pass the following resolution as
who retires by rotation and being eligible, be and
an Ordinary Resolution:
is hereby re-appointed as a Director (Projects)
“RESOLVED THAT the Audited Standalone and of the Company.”
Consolidated Financial Statements of the Company
5. To authorize Board of Directors of the Company to
for the financial year ended on 31.03.2024, together
fix remuneration of Auditors for the Financial Year
with the Directors’ Report and the Auditors’ Report
2024-25 and to pass the following resolution as an
thereon and Comments of the Comptroller and
Ordinary Resolution:
Auditor General of India be and are hereby received,
considered and adopted.” “RESOLVED THAT pursuant to provisions under
section 139(5) read with Section 142 of the Companies
2. To declare final dividend for the financial year ended
Act, 2013, approval of the Members be and is hereby
31.03.2024 and to pass the following resolution as an
accorded, authorizing the Board of Directors of the
Ordinary Resolution:
Company to decide and fix the remuneration, Out of
“RESOLVED THAT approval of the members be and is Pocket, Statutory Taxes and other Ancillary Expenses
hereby accorded for payment of final dividend of H 1/- payable to Auditors of the Company to be appointed by
per share (on face value of H 5/- each) on equity share the Comptroller and Auditors General of India, for the
capital of the Company amounting to H 5620.42 lakhs for Financial Year 2024-25.”
the financial year ended 31.03.2024 as recommended
by the Board in addition to the payment of interim SPECIAL BUSINESS
dividend of H2/- per share as already declared by the
6. To appoint Shri Arun Kumar (DIN: 10627518) as
Board and paid accordingly.”
Director (Government Nominee) of the Company and
3. To appoint a Director in place of Shri Rajiv Agarwal (DIN: in this regard to consider and if thought fit, to pass,
09748894), who retires by rotation and being eligible,
 97
Notice
Notice

with or without modification(s), the following as an in writing proposing Shri Arun Kumar as a candidate
Ordinary Resolution: for the office of Director, be and is hereby appointed as
Director (Government Nominee) of the Company, liable
“RESOLVED THAT in accordance with the Section 149, to retire by rotation, to hold office w.e.f. 14.05.2024 for a
152, 161 and other applicable provisions, if any, of the period of three years (i.e till 09.05.2027) on co-terminus
Companies Act, 2013 read with Rules made thereunder basis or until further orders, whichever is earlier.”
(including any statutory modification(s) or re-enactment
thereof for the time being in force) and other applicable
By order of the Board of Directors
provisions of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Place: New Delhi (S. K. Padhi)
Regulations, 2015 and the Articles of Association of Date: 12.08.2024 Company Secretary
the Company, Shri Arun Kumar (DIN: 10627518), who
was nominated as Director (Government Nominee) Registered Office: Engineers India Bhawan 1,
by the MoP&NG vide its letter No. CA-31032/1/2021- Bhikaji Cama Place,
PNG-37493 dated 10.05.2024 and appointed as an New Delhi –110066
Additional Director w.e.f. 14.05.2024 (Date of Allotment CIN:L74899DL1965GOI004352
of DIN) by the Board of Directors to hold the post of Tel : 011-26762121
Director (Government Nominee) of the Company upto Email : [email protected]
the date of this Annual General Meeting and in respect Website: www.engineersindia.com
of whom the Company has, pursuant to Section 160 of
the Companies Act, received a notice from a member
98
Engineers India Ltd (EIL)

Annual Report 2023-24

Notes

1. The relevant Explanatory Statement pursuant to Section 6. Members can also access the Annual Report/AGM
102 of the Companies Act, 2013 setting out material Notice at website of the Company/NSE/BSE (www.
facts concerning the business under item No. 6 of engineersindia.com/www.nseindia.com/www.bseindia.
the Notice, is annexed hereto. Other relevant details, com respectively) and on the website of NSDL (agency
pursuant to applicable Regulations of the Securities for providing the Remote Voting facility) i.e. www.
and Exchange Board of India (Listing Obligations and evoting.nsdl.com.
Disclosure Requirements) Regulations, 2015 and
Secretarial Standard on General Meeting in respect of 7. The facility for joining the 59th AGM by Members through
all Business items, as set out above is given hereunder. VC/OAVM shall be kept open 30 minutes before the time
scheduled to start the Meeting and shall remain open
2. The Ministry of Corporate Affairs (MCA) General Circular till the expiry of 30 minutes after such scheduled time
No. 09/2023 dated 25.09.2023 read with General of the Meeting. Members can join the same by following
Circular No. 20/2020 dated 05.05.2020, 02/2022 dated the procedure mentioned in the Notice. The facility of
05.05.2022 and 10/2022 dated 28.12.2022 (MCA participation at the 59th AGM through VC/OAVM will be
Circulars) and SEBI Circular No. SEBI/HO/CFD/CFD-PoD- made available for 1000 members on first-come-first-
2/P/CIR/2023/167 dated 07.10.2023 (SEBI Circular), served basis. This will not include large Shareholders
permitted conviening the Anual General Meeting (AGM) (Shareholders holding 2% or more shareholding),
through video conferencing (VC) or other audio visual Promoters, Institutional Investors, Directors, Key
means (OAVM) without physical presence of members Managerial Personnel, the Chairpersons of the Audit
at a common venue. The forthcoming AGM will thus be Committee, Nomination and Remuneration Committee
held through VC or OAVM in compliance with applicable and Stakeholder’s Relationship Committee, Auditors
provisions of the Companies Act, 2013 read with above etc., who are allowed to attend the AGM without
mentioned Circulars. Hence, Members can attend and restriction on account of first-come first-served basis.
participate in the ensuing AGM through VC/OAVM.
8. The attendance of the Members attending the AGM
3. Pursuant to the provisions of Section 108 of the through VC/OAVM will be counted for the purpose
Companies Act, 2013 read with Rule 20 of the of reckoning the quorum under Section 103 of the
Companies (Management and Administration) Rules, Companies Act, 2013.
2014 (as amended) and Regulation 44 of SEBI (Listing
Obligations & Disclosure Requirements) Regulations 9. If the final dividend, as recommended by the Board
2015 (as amended) and MCA Circulars, the Company of Directors, is approved at the AGM, payment
is providing facility of remote e-voting to its Members of such dividend will be made on Tuesday, 24th
in respect of the business to be transacted at the AGM. September, 2024 as under:
For this purpose, the Company has entered into an
i. to all Beneficial Owners in respect of shares held
agreement with National Securities Depository Limited
in dematerialized form as per the data as may
(NSDL) for facilitating voting through electronic means,
be made available by the National Securities
as authorized e-Voting agency. The facility of casting
Depository Limited (NSDL) and the Central
votes by a member using remote e-voting as well as
Depository Services (India) Limited (CDSL) as on
the e-voting system on the date of the AGM will be
record date i.e. the close of business hours on
provided by NSDL.
Wednesday, 21st August, 2024.
4. Pursuant to MCA Circulars, the facility to appoint
ii. to all Members in respect of shares held in physical
proxy to attend and cast vote for the members is
form after giving effect to valid transmission or
not available for this AGM. However, in pursuance
transposition requests lodged with the Company/
of Section 112 and Section 113 of the Companies Act,
Registrar and Share Transfer Agent as on the close
2013, representatives of the members such as the
of business hours on Wednesday, 21st August, 2024.
President of India or the Governor of a State or body
corporate can attend the AGM through VC/OAVM 10. Members may note that pursuant to Income Tax Act
and cast their votes through e-voting. 1961, as amended by Finance Act, 2020, dividend is
taxable in the hands of shareholders and the Company
5. In view of MCA directives, Notice along with Annual
is required to deduct tax at source from dividend paid
Reports of the Company is being sent through e-mail
to shareholders at the prescribed rates. For prescribed
only to those shareholders whose email ID are
rates of various categories, shareholders are requested
registered with the Company/Depository Participants.
to refer to the Income Tax Act.
Shareholders desiring a physical copy of Annual Report
may send their request to Company/Registrar and Members are requested to complete and/or update
Share Transfer Agent (RTA) or send e-mail at company. their Residential Status, PAN, Category as per the Income
[email protected] or [email protected]. Tax Act and email ID with their Depository Participants
 99
Notice
Notice

(‘DPs’) or with the Registrar and Transfer Agent of the (FPIs)], have option to be governed by provisions of
Company in case shares are held in physical form before Double Taxation Avoidance Agreement (DTAA) read with
the Record date, to enable the Company to determine Multilateral Instrument (MLI) between India and country of
the appropriate TDS / withholding tax rate applicable. Tax residency of shareholders, if they are more beneficial to
them. Thus, TDS as per Income Tax Act, 1961 or Tax treaty
Higher Tax Deduction shall apply in following cases: rates, whichever is beneficial shall be applied provided the
Non-residents submits specified documents:
i. If shareholder is classified as "specified person" as per
the provision of section 206AB, tax will be deducted at Self- attested copy of PAN, if available
the rate higher of the following:
Tax Residency Certificate (TRC) valid for FY 2024-25
a. Twice the rate specified in the relevant provision obtained from authorities of the Country of which the
of the Income-tax Act; or shareholder is a Resident

b. Twice the rate or rates in force; or Form 10F duly filled (Filed online at Income Tax Portal
for shareholders with Valid PAN)
c. The rate of 5%.
Declaration to the effect that:
ii. If the PAN is not as per the database of the Income-
tax Portal, it would be considered as invalid PAN and i. Dividend Income is not attributable to
tax at higher rate u/s 206AA shall apply as per the any Permanent Establishment (PE) or
Income-tax Act. Fixed Base in India.

ii. Non-Resident is Eligible to claim benefit of

iii. As per Section 139AA of the Act every person who
DTAA. Shareholder has no reason to believe
has been allotted a PAN and who is eligible to obtain
that his/ her claim for the benefits of the DTAA
Adhar shall be required link the PAN with Adhar.
is impaired in any manner.
In case of failure to comply with this, PAN shall be
deemed inoperative/invalid and tax shall be deducted iii. Non- Resident receiving Dividend Income is the
at higher rate in accordance with Section 206AA. beneficial owner of shares.

iv. Shareholder is and will continue to remain a tax

FOR RESIDENT SHAREHOLDERS: resident of the country of its residence during
1. Tax shall be deducted u/s 194 @ 10% in case the financial year 2024-25.
shareholder PAN is valid.
Please note that Company is not obligated to apply
2. No TDS shall be deducted for Resident Individual DTAA rates at time of Tax deduction. Application
shareholders in case dividend paid to resident individual of beneficial Tax Treaty Rate shall depend upon
does not exceed H 5000/- during the FY 2024-25. the completeness and review of the documents
submitted by the Non-Resident shareholder, to the
3. For list of exempted categories shareholders are requested satisfaction of the Company.
to refer details at our website.
General Points:
4. Valid declaration in Form 15H/15G as applicable (in
duplicate in the prescribed form) may be submitted by TDS certificates will be shared with the respective
resident shareholders in case tax for the Current Financial shareholders in due course as per due dates under Income
Year on Shareholder's estimated total income will be Tax Act. Shareholders can also view the credit of TDS in
NIL. This shall be submitted along with copy of PAN to their respective Form 26AS.
avail the benefit of non-deduction of tax at source by
In case the tax on Dividend is deducted at a higher rate
email to the RTA.
in absence of receipt of or satisfactory completeness of
5. For shareholders submitting valid Lower Deduction the afore-mentioned details / documents by Tuesday 27th
certificates u/s 197, rates of tax deduction shall be rates August, 2024 {till 11:59 P.M. (IST)}, the shareholder may
as mentioned in the Lower Deduction Certificate. These claim an appropriate refund in the return of income filed
shall be submitted by Shareholder to RTA of the Company with their respective Tax authorities. No claim shall lie
at [email protected] by Tuesday 27th August, 2024 {till against the Company for such taxes deducted.
11:59 P.M. (IST)}.
In case the shareholder is a mere custodian of the shares
and not the beneficial owner of the dividend payable
FOR NON-RESIDENT SHAREHOLDERS: thereof, in order to effect TDS credit to the beneficial
1. Withholding Tax shall be deducted@ 20% (plus applicable owner, shareholder may submit a declaration as per Rule
Surcharge and Cess) as per Income Tax Act. 37BA of Income Tax Rules. The declaration shall contain the
name, address and PAN, residential status and holding of
2. However, Non-Resident shareholders [Including Foreign the person to whom the tax credit is to be given along with
Institutional Investors (FIIs)/Foreign Portfolio Investors reasons for giving credit to such person.
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The applicable rates and documentation requirement for note that SEBI has mandated the Listed Companies to
each category of shareholders is available at our website issue securities in demat form only while processing
www.engineersindia.com. Members wish to avail no Tax service requests. Accordingly, Shareholders are requested
/ Lower Tax /DTAA benefit or submit 37BA declaration to make service requests by submitting a duly filled and
etc. are required to submit all specified documents at signed Form ISR–4, available at Company’s website www.
[email protected] latest by Tuesday 27th August, 2024 {till engineersindia.com. In view of the same and to eliminate
11:59 P.M. (IST)}. all risks associated with physical shares and avail various
benefits of dematerialisation, Members are advised
No communication on the tax determination / deduction
to dematerialise the shares held by them in physical
shall be entertained beyond 11:59 P.M., Tuesday
form. Members can contact the Company or Company’s
27th August, 2024.
Registrars and Transfer Agents, M/s Alankit Assignments
11. SEBI vide circulars dated May 7, 2024 & June 10, 2024 has Limited | 205-208, Anarkali Complex, Jhandewalan
made it mandatory for all the shareholders, who are holding Extension | New Delhi - 110055, India (Tel No.91-11-4254
shares in physical mode, to update the KYC details such as 1234 | Fax No.91-11-42541201, Email: [email protected],
updation of PAN, Contact details (Postal Address with PIN Website: www.alankit.com for assistance in this regard.
and Mobile Number), Email Address, Bank Account details,
14. In case of joint holders, the Member whose name appears
Specimen Signature, etc. Members who are holding shares
as the first holder in the order of names as per the
in Demat form are requested to contact their respective
Register of Members of the Company will be entitled to
Depository Participants (DPs) for updation of these details.
vote at the AGM.
Members holding shares in Physical form are required
to approach RTA to update the KYC details in their folios. 15. Members are requested to note that, dividend, if not
SEBI has mandated payment of dividend only through encashed for a period of 7 years from the date of transfer
electronic mode w.e.f. April 01, 2024 to those members to Unpaid Dividend Account of the Company, are liable to
holding shares in Physical form who have their KYC details be transferred to the Investor Education and Protection
updated in their folios. The physical security holders shall Fund (“IEPF”). The shares in respect of such unclaimed
be eligible to lodge grievance or avail any service request dividends are also liable to be transferred to the demat
from the RTA only after furnishing PAN, KYC details. account of the IEPF Authority, if they remain unclaimed
for seven consecutive years. In view of this, Members/
12. Company has sent individual letters to all the Members
Claimants are requested to claim their dividends from
holding shares in physical form whose KYC details are
the Company, within the stipulated timeline. For details of
not updated/available with RTA. The forms for updation
unpaid/unclaimed dividends, Shareholders may refer our
of PAN, KYC, Bank details, Choice of Nomination & service
website at www.engineersindia.com. The Members, whose
request form alongwith the said SEBI circulars are available
unclaimed dividends/shares have been transferred to IEPF,
on the Company’s website https://engineersindia.com/
may claim the same by making an application to the IEPF
Investor/Landing :
Authority, in Form No. IEPF-5 available on www.mca.gov.
ISR-1 Request for Registering Pan, KYC Details or in. The Members/Claimants can file only one consolidated
Changes / Updation claim in a financial year as per the IEPF Rules.

ISR-2 Confirmation of Signature of securities 16. All documents referred to in the Notice calling the AGM and
holder by the Banker the Explanatory Statement are available on the website of
the Company for inspection by the Members.
ISR-3 Declaration Form for Opting-out of Nomination by
holders of physical securities in Listed Companies 17. Pursuant to the requirements of Corporate Governance,
brief resume of the Directors proposed for appointment/
ISR-4 Request for issue of Duplicate Certificate and other re-appointment are annexed with the Notice.
Service Requests
18. Voting through electronic means/Venue e-voting
SH-13 Nomination Form
i. In compliance with the provisions of Section
SH-14 Cancellation or Variation of Nomination 108 of the Companies Act, 2013 read with
Rule 20 of the Companies (Management and
All the members are requested to update their KYC details Administration) Rules, 2014 as amended from
for seamless transfer of final divided recommended by time to time and Regulation 44 of the SEBI
Board of Directors for shareholders approval at the 59th Listing Regulations, the Members are provided
AGM and also for future remittance. the facility to cast their vote electronically,
through the e-voting services of National
13. As per Regulations 39 and 40 of SEBI Listing Regulations
read with SEBI Master Circular No. SEBI/HO/MIRSD/POD-
1/P/CIR/2024/37 dated May 7, 2024, Members may please
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Notice
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Securities Depositories Limited (NSDL) on all the shall be in proportion to their share in the paid-up
resolutions set forth in this Notice. equity share capital of the Company as on the cut-
off date being Wednesday, 4th September, 2024.
ii. The Board of Directors has appointed Ms. Parul
Jain, Practicing Company Secretary (C.P. No. How do I vote electronically using NSDL e-Voting
13901) of M/s VAP & Associates as the Scrutinizer system?
to scrutinize the remote e-Voting process and
The way to vote electronically on NSDL e-Voting system
casting vote through the e-Voting system during
consists of “Two Steps” which are mentioned below:
the meeting in a fair and transparent manner.

19. THE INSTRUCTIONS FOR MEMBERS FOR A) Step 1: Access to NSDL e-Voting system
REMOTE E-VOTING AND JOINING GENERAL Login method for e-Voting and joining virtual meeting
MEETING ARE AS UNDER:- for Individual shareholders holding securities in demat
mode
i) The remote e-voting period begins on Saturday,
7th September, 2024 at 9.00 am (IST) and ends on In terms of SEBI circular dated December 9, 2020
Tuesday, 10th September, 2024 at 5.00 pm (IST). on e-Voting facility provided by Listed Companies,
The remote e-voting module shall be disabled Individual shareholders holding securities in demat
by NSDL for voting thereafter. The Members, mode are allowed to vote through their demat
whose names appear in the Register of Members account maintained with Depositories and Depository
/ Beneficial Owners as on the cut-off date i.e. Participants. Shareholders are advised to update their
Wednesday, 4th September, 2024, may cast their mobile number and email Id in their demat accounts in
vote electronically. The voting right of shareholders order to access e-Voting facility.

Login method for Individual shareholders holding securities in demat mode is given below:

Type of shareholders Login Method

Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com
holding securities in either on a Personal Computer or on a mobile. On the e-Services home page click on the
demat mode with “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section , this will
NSDL. prompt you to enter your existing User ID and Password. After successful authentication,
you will be able to see e-Voting services under Value added services. Click on “Access
to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on
company name or e-Voting service provider i.e. NSDL and you will be re-directed to e-Voting
website of NSDL for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.

2. If you are not registered for IDeAS e-Services, option to register is available at https://
eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at https://eservices.
nsdl.com/SecureWeb/IdeasDirectReg.jsp

3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://
www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page
of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
Member’ section. A new screen will open. You will have to enter your User ID (i.e. your sixteen
digit demat account number hold with NSDL), Password/OTP and a Verification Code as shown
on the screen. After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting service provider i.e.
NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility by
scanning the QR code mentioned below for seamless voting experience.
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Type of shareholders Login Method

Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing user
holding securities in id and password. Option will be made available to reach e-Voting page without any further
demat mode with CDSL authentication. The users to login Easi /Easiest are requested to visit CDSL website www.
cdslindia.com and click on login icon & New System Myeasi Tab and then use your existing
Myeasi username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting option for eligible
companies where the evoting is in progress as per the information provided by company. On
clicking the evoting option, the user will be able to see e-Voting page of the e-Voting service provider
for casting your vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting. Additionally, there is also links provided to access the system of all e-Voting Service
Providers, so that the user can visit the e-Voting service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL website
www.cdslindia.com and click on login & New System Myeasi Tab and then click on
registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account Number
and PAN No. from a e-Voting link available on www.cdslindia.com home page. The system will
authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat
Account. After successful authentication, user will be able to see the e-Voting option where the
evoting is in progress and also able to directly access the system of all e-Voting Service Providers.
Individual Shareholders You can also login using the login credentials of your demat account through your Depository
(holding securities Participant registered with NSDL/CDSL for e-Voting facility. upon logging in, you will be able to see
in demat mode) e-Voting option. Click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after
login through their successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting
depository participants service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your
vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL.

Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending
securities in demat mode with NSDL a request at [email protected] or call at 022 - 4886 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a
securities in demat mode with CDSL request at [email protected] or contact at toll free no. 1800 22 55 33

B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual
shareholders holding securities in demat mode and shareholders holding securities in physical
mode.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/
either on a Personal Computer or on a mobile.

2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
Member’ section. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification
Code as shown on the screen.

3. Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with
your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and
you can proceed to Step 2 i.e. Cast your vote electronically. (Serial No. 19 (i) (C)

4. Your User ID details are given below :

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Notice
Notice

Manner of holding shares i.e. Demat

Your User ID is:
(NSDL or CDSL) or Physical
a) For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID
demat account with NSDL. For example if your DP ID is IN300*** and Client ID is 12****** then your
user ID is IN300***12******.
b) For Members who hold shares in 16 Digit Beneficiary ID
demat account with CDSL. For example if your Beneficiary ID is 12************** then your user ID is
12**************
c) For Members holding shares in EVEN Number followed by Folio Number registered with the company.
Physical Form. For example if folio number is 001*** and EVEN is 101456 then user ID is
101456001***

5. Password details for shareholders other than at [email protected] mentioning your demat
Individual shareholders are given below: account number/folio number, your PAN,
your name and your registered address etc.
a) If you are already registered for e-Voting, then
you can user your existing password to login d) Members can also use the OTP (One Time
and cast your vote. Password) based login for casting the votes
on the e-Voting system of NSDL.
b) If you are using NSDL e-Voting system for the
first time, you will need to retrieve the ‘initial 7. After entering your password, tick on Agree to “Terms
password’ which was communicated to you. and Conditions” by selecting on the check box.
Once you retrieve your ‘initial password’, you
need to enter the ‘initial password’ and the 8. Now, you will have to click on “Login” button.
system will force you to change your password.
9. After you click on the “Login” button, Home page of
c) How to retrieve your ‘initial password’? e-Voting will open.

(i) If your email ID is registered in your demat

C) Step 2: Cast your vote electronically and join
account or with the company, your ‘initial
General Meeting on NSDL e-Voting system
password’ is communicated to you on
your email ID. Trace the email sent to you How to cast your vote electronically and join
from NSDL from your mailbox. Open the General Meeting on NSDL e-Voting system
email and open the attachment i.e. a .pdf 1. After successful login at Step 1, you will be able
file. Open the .pdf file. The password to to see all the companies “EVEN” in which you are
open the .pdf file is your 8 digit client ID for holding shares and whose voting cycle and General
NSDL account, last 8 digits of client ID for Meeting is in active status.
CDSL account or folio number for shares
held in physical form. The .pdf file contains 2. Select “EVEN” of company for which you wish to
your ‘User ID’ and your ‘initial password’. cast your vote during the remote e-Voting period
and casting your vote during the General Meeting.
(ii) If your email ID is not registered, please For joining virtual meeting, you need to click on
follow steps mentioned below in process “VC/OAVM” link placed under “Join Meeting”.
for those shareholders whose email ids
are not registered. 3. Now you are ready for e-Voting as the
Voting page opens.
6. If you are unable to retrieve or have not received the
“Initial password” or have forgotten your password: 4. Cast your vote by selecting appropriate options
i.e. assent or dissent, verify/modify the number of
a) Click on “Forgot User Details/Password?”(If shares for which you wish to cast your vote and click
you are holding shares in your demat account on “Submit” and also “Confirm” when prompted.
with NSDL or CDSL) option available on www.
evoting.nsdl.com. 5. Upon confirmation, the message “Vote cast
successfully” will be displayed.
b) Physical User Reset Password?” (If you are
holding shares in physical mode) option 6. You can also take the printout of the votes cast
available on www.evoting.nsdl.com. by you by clicking on the print option on the
confirmation page.
c) If you are still unable to get the password by
aforesaid two options, you can send a request
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Annual Report 2023-24

7. Once you confirm your vote on the resolution, you an Individual shareholders holding securities
will not be allowed to modify your vote. in demat mode, you are requested to refer to
the login method explained at step 1 (A) i.e.
Login method for e-Voting and joining virtual
D) General Guidelines for Shareholders
meeting for Individual shareholders holding
1. Institutional shareholders (i.e. other than individuals, securities in demat mode. (Serial No. 19(i)(A)).
HUF, NRI etc.) are required to send scanned copy
(PDF/JPG Format) of the relevant Board Resolution/ 3. Alternatively, shareholder/members may
Authority letter etc. with attested specimen send a request to [email protected] for
signature of the duly authorized signatory(ies) who procuring user id and password for e-voting
are authorized to vote, to the Scrutinizer by e-mail to by providing above mentioned documents.
[email protected] with a copy marked
4. In terms of SEBI circular dated December 9, 2020
to [email protected]. Institutional shareholders
on e-Voting facility provided by Listed Companies,
(i.e. other than individuals, HUF, NRI etc.) can also
Individual shareholders holding securities in
upload their Board Resolution / Power of Attorney
demat mode are allowed to vote through their
/ Authority Letter etc. by clicking on “Upload Board
demat account maintained with Depositories
Resolution / Authority Letter” displayed under
and Depository Participants. Shareholders are
“e-Voting” tab in their login.
required to update their mobile number and
2. It is strongly recommended not to share your email ID correctly in their demat account in order
password with any other person and take utmost to access e-Voting facility.
care to keep your password confidential. Login
to the e-voting website will be disabled upon
iii. THE INSTRUCTIONS FOR MEMBERS FOR
five unsuccessful attempts to key in the correct
e-VOTING ON THE DAY OF THE AGM ARE AS
password. In such an event, you will need to go
UNDER:-
through the “Forgot User Details/Password?” or i. The procedure for e-Voting on the day of the
“Physical User Reset Password?” option available AGM is same as the instructions mentioned
on www.evoting.nsdl.com to reset the password. above for remote e-voting.
3. In case of any queries, you may refer the Frequently ii. Only those Members/ shareholders, who will
Asked Questions (FAQs) for Shareholders and be present in the AGM through VC/OAVM
e-voting user manual for Shareholders available facility and have not casted their vote on
at the download section of www.evoting.nsdl. the Resolutions through remote e-Voting
com or call on.: 022 - 4886 7000 or send a and are otherwise not barred from doing
request to Ms. Pallavi Mhatre, Senior Manager at so, shall be eligible to vote through e-Voting
[email protected] system in the AGM.
ii. Process for those shareholders whose email iii. Members who have voted through Remote
ids are not registered with the depositories e-Voting will be eligible to attend the
for procuring user id and password and AGM. However, they will not be eligible to
registration of e mail ids for e-voting for the vote at the AGM.
resolutions set out in this notice:
iv. The details of the person who may be
1. In case shares are held in physical mode please
contacted for any grievances connected with
provide Folio No., Name of shareholder,
the facility for e-Voting on the day of the AGM
scanned copy of the share certificate (front
shall be the same person mentioned for
and back), PAN (self attested scanned
Remote e-voting.
copy of PAN card), AADHAR (self attested
scanned copy of Aadhar Card) by email to iv INSTRUCTIONS FOR MEMBERS FOR
[email protected]. ATTENDING THE AGM THROUGH VC/OAVM
ARE AS UNDER:
2. In case shares are held in demat mode, please
provide DPID-CLID (16 digit DPID + CLID or a. Member will be provided with a facility to
16 digit beneficiary ID), Name, client master attend the AGM through VC/OAVM through
or copy of Consolidated Account statement, the NSDL e-Voting system. Members may
PAN (self attested scanned copy of PAN access by following the steps mentioned
card), AADHAR (self-attested scanned copy of above for Access to NSDL e-Voting system.
Aadhar Card) to [email protected]. If you are After successful login, you can see link of
 105
Notice
Notice

“VC/OAVM link” placed under “Join General a request at [email protected]. For obtaining user id
meeting” menu against company name. You and password, members are requested to follow the
are requested to click on VC/OAVM link placed instructions given under note no. 19 (ii).
under Join General Meeting menu. The link
for VC/OAVM will be available in Shareholder/ iii. The Chairman & Managing Director shall, at the 59th
Member login where the EVEN of Company will AGM, at the end of discussion on the resolutions on
be displayed. Please note that the members which voting is to be held, allow venue e-voting with
who do not have the User ID and Password the assistance of Scrutinizer, for all those members
for e-Voting or have forgotten the User ID and who have attended 59th AGM through VC/OAVM and
Password may retrieve the same by following have not casted their votes by availing the remote e-
the remote e-Voting instructions mentioned voting facility.
in the Notice to avoid last minute rush.
iv. The Scrutinizer shall, immediately after the conclusion
b. Members are encouraged to join the Meeting of voting at the AGM, unblock the votes cast through
through Laptops for better experience. remote e-voting and venue e-voting in the presence
of at least two witnesses not in the employment of the
c. Further, Members will be required to allow Company and make, not later than two working days of
Camera and use Internet with a good speed the conclusion of the AGM, a consolidated Scrutinizer’s
to avoid any disturbance during the meeting. Report of the total votes cast in favour or against, if
any, to the Chairman & Managing Director or a person
d. Please note that Participants Connecting authorized by him/her in writing, who shall countersign
from Mobile Devices or Tablets or through the same and declare the result of the voting forthwith.
Laptop connecting via Mobile Hotspot
may experience Audio/Video loss due to v. The Results declared along with the Report of the
fluctuation in their respective network. It is Scrutinizer shall be placed on the website of the
therefore recommended to use Stable Wi- Company at www.engineersindia.com and on the
Fi or LAN Connection to mitigate any kind of website of NSDL (agency for providing e-voting platform)
aforesaid glitches. at www.evotingindia.nsdl.com immediately. The results
shall be forwarded to BSE Limited and National Stock
e. Shareholders who would like to express their Exchange of India Limited, where the shares of the
views/ask questions during the meeting may Company are listed within statutory period. The results
register themselves as a speaker by sending shall also be displayed on the Notice Board of the
their request in advance at least 7 days prior Registered Office of the Company.
to meeting mentioning their name, demat
account number/folio number, email id, vi. The Resolutions, if passed by the requisite majority,
mobile number at company.secretary@eil. shall be deemed to have been passed on the date of the
co.in. The shareholders who do not wish to 59th Annual General Meeting i.e. 11th September, 2024.
speak during the AGM but have queries may
send their queries in advance 7 days prior
EXPLANATORY STATEMENT
to meeting mentioning their name, demat
account number/folio number, email id, mobile As required under Section 102 of the Companies Act, 2013
number at [email protected]. These (“Act”), the following explanatory statement sets out all
queries will be replied to by the company material facts relating to special business mentioned under
suitably during the meeting, if time permits. Item No. 6 of the accompanying Notice:

f. Those Shareholders who have registered Item no. 6

themselves as speaker will only be allowed to Shri Arun Kumar (DIN: 10627518) was appointed as an
express their views/ask questions, subject to Additional Director designated as Director (Government
the availability of time during the meeting. Nominee) w.e.f. 14.05.2024 (date of Allotment of DIN) in
terms of Ministry of Petroleum & Natural Gas, Government
Other Instructions of India letter No. CA-31032/1/2021-PNG-37493 dated
10.05.2024, for a period of 3 years on co-terminus basis or
i. The voting rights of Members shall be in proportion to
until further orders, whichever is earlier.
their shares in the paid-up equity share capital of the
Company as on the cut-off date. Pursuant to the provisions under Section 161 of the
Companies Act, 2013, he holds office up to the ensuing
ii. Any person, who acquires shares of the Company and
Annual General Meeting of the Company.
becomes a Member of the Company after sending of
the Notice and holding shares as on the cut-off date i.e. The Company has received a notice in writing from a member
Wednesday, 4th September, 2024 can also request for pursuant to the provisions of Section 160 of the Companies
the soft/hard copy of Annual Report/Notice by sending Act, 2013, signifying intention to propose Shri Arun Kumar
106
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Annual Report 2023-24

as candidate for the office of Director. Shri Arun Kumar, if By order of the Board of Directors
appointed, will be liable to retire by rotation under Section
152 of the Companies Act, 2013 and in terms of provisions
Place: New Delhi (S. K. Padhi)
under the Articles of Association of the Company, on such
Date : 12.08.2024 Company Secretary
terms and conditions, tenure as may be determined by the
President of India/Govt. of India from time to time. Brief
Registered Office: Engineers India Bhawan 1,
resume containing, inter- alia, the statutory disclosures have
Bhikaji Cama Place,
been given in the Annexure to the Notice of 59th AGM.
New Delhi –110066
Except Shri Arun Kumar, none of the Directors, Key CIN:L74899DL1965GOI004352
Managerial Personnel and their relatives, is interested or Tel : 011-26762121
concerned financially or otherwise in the resolution. Email : [email protected]
Website: www.engineersindia.com
The Board of Directors considers that in view of the background
and experience, it would be in the interest of the Company to
appoint Shri Arun Kumar as Director (Government Nominee)
of the Company. The Board recommends the resolution
for your approval.
 107
Notice
Notice

ANNEXURE TO THE NOTICE

DETAILS OF DIRECTORS RETIRING BY ROTATION/SEEKING APPOINTMENT
AT THE 59TH ANNUAL GENERAL MEETING
[Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and Secretarial
Standard – 2 on General Meetings]

Item No. 3, 4 & 6

Name : Shri Rajiv Agarwal Shri Rajeev Gupta Shri Arun Kumar
Date of Birth/Age : 27.03.1967/57 Years 10.09.1964/59 Years 15.05.1969/55 Years
Date of appointment : 26.09.2022 28.12.2022 14.05.2024
Qualification : B.E. (Chemical Engineering) B.E (Electrical Engineering) B. Sc. (Hons)
Shareholding in EIL : 2800 equity shares 2060 equity shares Nil
(Self and as a beneficial
owner)
Brief Resume & : Shri Rajiv Agarwal is Director (Technical) Shri Rajeev Gupta is Director Shri Arun Kumar is a Government
of our Company. He joined Engineers (Projects) of our Company. He Nominee Director of our Company.
Experience in specific
India Limited as Management Trainee is having more than 38 years Presently, Working as Director
Functional Areas in 1988 after graduating in Chemical experience in Project Management, (Marketing), Ministry of Petroleum and
Engineering from the Indian Institute of Engineering and Supply Chain Natural Gas, Have worked in various
Technology, Roorkee (Formerly known as Management. He has successfully capacities in Ministry of Home Affairs,
University of Roorkee). He has more than executed projects in Refineries, Erstwhile Planning Commission,
33 years of experience in Process Design & Petrochemicals, Gas Processing, Ministry of Education, Ministry of
Engineering of Refineries / Petrochemicals, Offshore, Pipelines, LNG Terminals, Labour & Employment, Ministry of
Fertilizers & Gas Processing Complexes, Ports & Harbour within and Steel, Ministry of Mines, Ministry of
Offshore facilities & Coal /Coke gasification outside India. He is also holding the Rural Development and Ministry of
plants. He is responsible for functioning additional charge of Director (HR) in Agriculture and Farmers Welfare.
of Technology Divisions including R&D, our company w.e.f 01.01.2024.
Engineering Divisions & Equipment
Divisions under his portfolio. He is leading
the new initiatives in the company to take
on the challenges because of net zero
targets of the nation set by Government of
India. Under his leadership, EIL is taking up
several projects in Green Hydrogen / Green
Ammonia / Sustainable ATF / biofuels &
Carbon Capture. He is also on the Board
of Ramagundam Fertilizers & Chemicals
Ltd. (RFCL). He is part of many committees
and working group under MoPNG and
has represented EIL in steering committee
of OISD. He was also member of ETAC
Committee set up by MoPNG to carve out a
vision for the country for energy transition.

Number of Board 5 (Five) 5 (Five) NA

Meeting attended (FY
2023-24)
Directorship held in Ramagundam Fertilizers and Ramagundam Fertilizers Nil
other Public Companies Chemical Limited and Chemical Limited
Resigned from listed Nil Nil Nil
company in past three
years
Chairmanship/ Nil Member-Audit Committee- Nil
Membership EIL
Committees across **Member- Stakeholders’
all public companies* Relationship Committee-
(Including EIL) EIL
Relationship between None None
Directors / Key
Managerial Personnel
inter-se
Terms and Conditions As per the letter issued by the Ministry of Petroleum & Natural Gas, Government of India.
of Appointment

*Audit & Stakeholders’ Relationship Committee. * Holding in the capacity of Director (HR)
Director’s Report
 109
Statutory Report
Director’s Report

Director’s Report
Dear Shareholders,

The Directors present the 1st Integrated Report prepared as per the Integrated Repoting Framework of the International
Integrated Reporting Council (IIRC) and 59th Annual Report of Engineers India Limited (the Company or Your Company or EIL)
along with Audited Standalone and Consolidated Financial Statements of Accounts, the Auditors’ Report and Review of the
Accounts by the Comptroller & Auditor General of India for the Financial Year ended March 31, 2024.

1. 2023-24 in Retrospect
Your Company sustained its good performance during FY 2023-24. The key highlights of the financial performance of the
Company for the year, as stated in the audited financial statement, along with the corresponding performance for the
previous year are as under:

Financial Performance -
(Figures in H Lakhs)
Sl.
Description For 2023-24 For 2022-23
No.
A. INCOME
i) Consultancy & Engineering Contracts 145429 141791
ii) Turnkey Contracts 177787 186585
iii) Other Income 22460 16918
TOTAL INCOME 345676 345294
B. EXPENDITURE
Cost of rendering services 295182 298768
Depreciation & Amortization 3453 2522
Total 298635 301290
C. PROFIT BEFORE TAX (A-B) 47041 44004
D. Provision for Current tax 13033 9223
E. Provision for Deferred Tax (1558) 554
F. Earlier Year Tax Adjustments, Short/(Excess) (133) 12
G. PROFIT FOR THE YEAR (C-D-E-F) 35699 34215
H. OTHER COMPREHENSIVE INCOME 1724 708
I. TOTAL COMPREHENSIVE INCOME 37423 34923

Segment wise Performance

(Figures in H Lakhs)
Consultancy & Engineering Projects For 2023-24 For 2022-23
Segment Revenue
Consultancy & Engineering Projects 145429 141791
Turnkey Projects 177787 186585
Total 323216 328376
Segment Profit from Operations
Consultancy & Engineering Projects 32531 38302
Turnkey Projects 10242 5211
Total (A) 42773 43513
Interest 299 144
Other un-allocable expenditure* 17893 16283
Total (B) 18192 16427
Other Income (C) 22460 16918
Profit Before Tax (A-B+C) 47041 44004
Income Tax Expense 11342 9789
Profit for the year 35699 34215
Capital Employed** 231128 210566

*includes H 1,423.23 Lakhs (previous year: H 3144.20 Lakhs) towards provident fund liability/ provision for impairment on account of Provident Fund
Trust investment.
*Property, Plant & Equipment and other assets used in the Company’s business or segment liabilities contracted have not been identified to any of the
reportable segments, as these assets and support services are used interchangeably between segments. Accordingly, no disclosure relating to total
segment assets and liabilities has been made and capital employed has been presented.
110
Engineers India Ltd

Annual Report 2023-24

2. Dividend 5. Management Discussion and Analysis Report

The Board of Directors of your Company has recommended The Management Discussion & Analysis Report, as
final dividend of H 1/- per share (on face value of H 5/- per required in terms of the Securities and Exchange Board
share) for the financial year 2023-24, in addition to H 2/- per of India (Listing Obligations & Disclosures Requirements)
share interim dividend already paid during the year. With Regulations, 2015, (Listing Regulations) and Corporate
this, the total dividend for the financial year 2023-24 works Governance Guidelines for CPSEs issued by DPE and forms
out to H 3/- per share amounting to H 16,861.27 Lakhs and a part of this Annual Report.
Dividend payout of 47.23% of standalone profits of the
Company. The final dividend shall be paid to the Members
6. Business Responsibility and Sustainability
whose names appears in the Register of Members as
Report
well as beneficial ownership position provided by NSDL/
CDSL as on record date on 21st August, 2024. The Board The Company has provided Business Responsibility
has formulated Dividend Distribution Policy, in terms of and Sustainability Report in the new reporting format
Regulation 43A of the Securities and Exchange Board of which indicates the Company’s performance against the
India (Listing Obligations and Disclosure Requirements) principles of the ‘National Guidelines on Responsible
Regulations, 2015 (“SEBI Listing Regulations”) and dividends Business Conduct’. This would enable the Stakeholders
declared/ recommended as per the Policy. The Policy is to have an insight into Environmental, Social and
hosted on the website of the Company at https://www. Governance initiatives of the Company and forms a part of
engineersindia.com/Investor/Landing. this Annual Report.

3. Transfer to Reserves 7. Net Zero

Your Company is proposing to transfer to general reserves
in FY 2024-25, after adjustment of payment of proposed
EIL is expanding its solar PV installation
final dividend, if approved by the shareholders in the
Annual General Meeting for FY 2023-24, from balance of
at the Gurugram Campus, aiming for a
retained earnings of H25,306.21 Lakhs as on March 31, total capacity of approximately 800 kW
2024 excluding loss on account of remeasurement of to reduce scope-2 emissions.
Defined Benefit Plans of H9,000.32 Lakhs.

EIL is committed to achieve net-zero carbon emissions by

4. Investor relations 2035 through a phased approach, implementing several
It has been a constant endeavour of your Company to strategic initiatives. The company has prioritized enhancing
achieve highest standards of corporate governance and all energy efficiency across its assets including application of
measures are being taken to enhance market confidence Building Management Systems (BMS) to automate HVAC
and improve shareholder engagement through periodic, operations. Furthermore, EIL is expanding its solar PV
regular, transparent and open communication. installation at the Gurugram Campus, aiming for a total
capacity of approximately 800 kW to reduce scope-2
The Management is committed to sharing information emissions. The company has also initiated activities to
with investor community on the Company’s performance enhance the solar power generation capacity of its Branch
and convey essential updates on expected projects, new Offices. Recently, a showcase windmill of 600 W capacity
business initiatives, future outlook, industry insights pilot project was also executed at one of the Branch
and avenues of growth potential and investment offices of EIL. In addition, several initiatives have been
plans periodically. taken by the company including transforming the systems
towards digital platforms to minimize use of papers and
Investor Relations provides timely communication of such
optimization of resources. In the long run, the company has
information which acts as an effective bridge between
been nudging the employees through various incentives to
the management and investor community. The Investor
adopt low carbon emission modes of travel such as using
Relations Cell handles all investor concerns and issues
Electric Vehicles (EVs) thereby reducing scope-3 emissions.
efficiently, aligning it with disclosure requirements,
It is worth noting that EIL has reduced its total scope-1 and
transparency and Corporate Governance Rules &
scope-2 emissions in the previous fiscal year by around 6%
Regulations, thereby inculcating a “trust relationship” with
compared to the FY 2022-23 and is committed to assist its
the stakeholders.
clients in achieving their decarbonization journey using the
The Management and Investor Relations Cell are actively organizational vast experience and capabilities.
communicating with the investors by means of one-on-
one meetings, conference calls/earning call, investor 8. Consultancy Assignments (Domestic)
conferences, etc. The print and web media are also being
During the year, your Company has successfully completed
utilized for timely dissemination of vital information, which
major assignments across its business operations and
is extremely significant in the financial world.
 111
Statutory Report
Director’s Report

achieved considerable progress in other assignments as MMTPA capacity at Chhara, Gujarat. The project is
highlighted below: under commissioning.
Upstream Oil and Gas 
C onsultancy services for design, engineering,
During the year, your Company continued to achieve technical studies, supervision and assistance for
new benchmarks in Offshore Oil & Gas and LNG sectors. crude handling facilities project in Gulf of Kutch off
The following consultancy assignment was successfully Vadinar, Gujarat of IOCL.
completed during the year:
MC Services for Two LNG Storage Tanks Project
P
Mechanical Completion of all three EPCCs achieved at Dahej LNG Terminal of Petronet LNG Ltd.,
for LNG Import, Storage and Regasification Terminal Dahej, Gujarat.
Project, Chhara (Gujarat).
PCM Services for Dahej Regasification Expansion
E
SPM (N1 & N2) successfully commissioned for Crude Project (17.5 to 20 MMTPA) of Petronet LNG Ltd.
handling facility at Vadinar (Gujarat).

Engineering, Procurement and Construction
The following assignments are currently under execution: Management (EPCM) Services for Dahej
Regasification Expansion Project (20 to 22.5 MMTPA)
etailed Feasibility Report (DFR) and Front-End
D of Petronet LNG Ltd.
Engineering Design of LPG Import Jetty at Dahej,
Gujarat of HPCL.  onstruction work of Breakwater at LNG Terminal,
C
Dabhol Maharashtra has achieved a major milestone
tudy of potential ports to explore possibility of
S with the successful completion of stretch of 100
Ethane Imports on Western Coast of India for GAIL. meter with Accropode placement.

 FR for Augmentation of 400 KTA Ethane Feedstock

D  evamp of Gas Terminal II of ONGC, Hazira Plant
R
to Pata Petrochemical Complex, GAIL. under OBE mode.

 easibility study for removal of impurities from Natural

F  onsultancy service for Debottlenecking studies of
C
gas for OIL Gas processing plant at Dandewala. Gas Compression, GDU, Rich Lean Gas Pipeline, GSU/
C2+ recovery unit at BCPL Lepetkata.
 onsultancy Services for Life Extension of Wellhead
C
Platform (LEWP) 1, 2 and 4, Western Offshore of ONGC.  onsultancy service for DFR study of Debottlenecking
C
of GSU/ C2+ Recovery unit of BCPL Lakwa.
 roject Management Consultant (PMC) for HPLNG’s
P
LNG import, storage and re-gasification terminal with  dditional Facilities for modifications required at GAIL
A
capacity of 5 MMTPA with potential expansion to 10 PATA/ Vijaipur after new C2/ C3 pipeline for receiving
C2/C3 liquid to existing storage at GAIL PATA.
112
Engineers India Ltd

Annual Report 2023-24

 FR to study the potential ports to explore possibility

D
of Ethane imports on Western Coast of India including By virtue of EIL’s skills in executing
HVJ pipeline adequacy and C2/C3 unit adequacy of world class pipeline projects, EIL is the
GAIL Vijaipur and PATA. most sought-after technical consultant
The following are the new jobs secured by your company for major clientele. Considering
during the year: Government of India’s (GOI) thrust on
National Gas Grids, EIL is best placed
PMC Services of EPC-1 & EPC-3 Packages for LNG
Liquefaction, Storage and Export Terminal Project at
to exploit the opportunities in pipeline
Akwa Ibom, Nigeria” from Padah LNG FZE. sector which are likely to unfold in the
next few years.
FEED Engineering Services for Unloading Pipelines,
Onshore Storage Tank Farm and Associated Facilities
at Dahej, Gujarat from GCPL. MC services for Installation of Gas Turbine
P
Compressor (GTC) at GAIL, Gandhar, Gujarat.
Detailed Feasibility Report for transportation of LNG
through ISO containers from Kochi to Colombo  Your Company is executing following major pipeline
in Srilanka in line with the Neighbour first policy projects and associated facilities assignments for various
of Government of India, which will assure energy clients which are in advance stages of execution:
security and boost bi-lateral relation in the region
 MC services for Capacity Augmentation of Jamnagar
P
Detailed Feasibility study for 5 mmtpa land-based - Loni LPG Pipeline for GAIL.
LNG terminal at Gopalpur Orissa which can be further
expanded to 10 mmtpa to ensure Petrochemical feed MC services for Storage Augmentation of Light
P
security and flexibility, focusing on high value product Hydrocarbon (LHC) Products at GAIL, Vijaipur,
import substitution. Madhya Pradesh.

Prefeasibility report for LNG storage and  MC services for 30”/ 24”/ 18”/ 12” x 827 km Dobhi –
P
regassification facilities at Hazira for Shell India. Durgapur – Haldia Natural Gas pipeline of GAIL.

Evaluation of various last mile connectivity options of LNG  MC services for C2 - C3 product injection scheme in
P
in domestic and international consumer base remain focus HVJ Pipeline at GAIL, Vijaipur, Madhya Pradesh.
of the evolving trend.
 MC services for Part-B for 18” x 680 km (Nagpur -
P
The LNG import facilities at Chara is Ready Jharsuguda mainline and NTPC Korba Spurline of
for Commissioning. MNJPL Project (Mumbai - Nagpur - Jharsuguda Natural
gas Pipeline) of GAIL.
All these projects focus towards energy security and low
carbon energy usage hence of major significance for the  MC services for 24” x 300 km Krishnagiri Coimbatore
P
Organization and the Nation. section of Kochi – Koottanad - Bangalore - Mangalore
Gas Pipeline - II (KKBMPL) Project of GAIL.
Pipelines
 MC services for 18” x 253 km Dhamra Haldia Pipeline
P
Your Company has established an outstanding track
Project of GAIL.
record in design, engineering and execution of cross-
country pipelines for transportation of crude oil, refined MC services for HRRL Onshore Pipeline Project,
P
petroleum products, natural gas and LPG across diverse Rajasthan and Gujarat.
geographies and demanding terrains in domestic as
well as international geographies. EIL scope of services  MC services for Sustained Evacuation of Natural Gas
P
encompasses the entire project life cycle ranging from DFR, from ONGC Gandhar Fields into High Pressure HVJ
EPCM services, PMC services, Integrity Studies etc. By virtue - DVPL and DVPL Upgradation Natural Gas Pipeline
of EIL’s skills in executing world class pipeline projects, EIL network, Gujarat.
is the most sought-after technical consultant for major
MC Services for Balance Jobs of Dabhol LNG
P
clientele. Considering Government of India’s (GOI) thrust
Terminal, Maharashtra of Konkan LNG Pvt. Ltd.
on National Gas Grids, EIL is best placed to exploit the
opportunities in pipeline sector which are likely to unfold in nhancement of pumping capacity of Barauni -
E
the next few years. Bongaigaon - Guwahati Sector of Naharkatia - Barauni
Crude Oil Pipeline for Oil India Ltd.
Your Company had successfully completed the following
pipeline assignment during the year: odification/Revamp of Vijaipur and Vaghodia
M
(HBJ/DVPL) system for GAIL for rich gas/lean gas
 MC services for 12”/ 8” x 450 km Kochi - Salem LPG
P
interconnection.
Pipeline for Kochi Salem Pipeline Pvt. Ltd.
 113
Statutory Report
Director’s Report

 PCM Services for Krishnapatnam - Hyderabad Multi

E Petroleum Refining
Product Pipeline (16” x 450 km), of BPCL (Part B & C).
Your Company has carved a niche as one of the leading
PCM Services for Upgradation of Facilities of
E Engineering Consultancy service providers to the
Numaligarh - Siliguri Product Pipeline (NSPL) for Petroleum Refining Sector in India, having its footprints in
transportation of additional products. 20 out of 23 operating refineries including 10 grass root
refineries in the country. Your Company has also executed
 PCM services for Pipeline(22 “ X 43.5 Km, 10” X 46
E Major Projects like, Diesel Hydro-desulphurization Projects,
Km and 8” X 46 Km) from Mumbai Refinery, Mahul to Fuel Specification Upgradation Projects and Revamp/
Rasayani complex, Raigad of BPCL. Modernization Projects for most of the Oil and Gas majors.
 PCM Services for Crude Oil Import Terminal (COIT)
E The following Refinery Projects/Assignments were
at Paradip, Paradip - Numaligarh Crude Oil Pipeline successfully completed during the year:
(PNCPL) with cumulative length of 1637 Km and NRL -
Siliguri Marketing Terminal (SMT). 
Refinery Modernization Project of HPCL,
Visakhapatnam (VRMP), Andhra Pradesh: After
 FR, Quantitative Risk Assessment (QRA)/ Rapid Risk
D stabilization of CDU-IV of 9 MMTPA capacity,
Assessment (RRA) for Revamp of LPG Import Facility Secondary Process Unit of FCHCU and NIU, Auxiliary
at Uran, Gujarat for BPCL. Units of HGU and SRU, Utilities/ Offsite units as CPP,
ETP, Cooling Towers, Compressed Air/ Nitrogen along
The following Major Projects were secured by the Company
with all Offsite Storage completed and commissioned.
in the Pipeline Segment of hydrocarbon value chain during
the year and are in progress:  ffsite work (OBE): Offsite works associated with
O
CDU/VDU, FCHCU, HGU, SRU, NIU, and CPP / other
 tudy for Hydrogen Blending in Natural Gas Pipeline/
S
utilities commissioned
CGD Network of GAIL, Uttar Pradesh. This project
is significant in terms of EIL’s entry into Green OBS-II Project (CDWU & OHCU Revamp) of 270
L
Hydrogen space. TMTPA along with offsites of CPCL, Manali Refinery at
Chennai, Tamil Nadu. Final DFR issued
 easibility Study for Jalandhar – Gurdaspur – Jammu -
F
Srinagar Pipeline (JGSPL) Project of GAIL.  PCM services for BS-VI project & associated facilities
E
at MRPL Refinery, Mangalore, Karnataka to upgrade
 8” SPM Subsea Crude Line Support Rectification of
4
their products to BS- VI standards.
HPCL, Andhra Pradesh.
 election of BOO contractor for HGU of NREP Project
S
 onsultancy Services for various Critical/ Emergency
C
of NRL, Numaligarh.
Jobs encountered during Operation and Maintenance
of Pipeline, Pipeline Installation and Gas Processing  hase-I of PMC & FEED Services for DCU Revamp
P
Unit of GAIL, Uttar Pradesh. Project, Nayara Energy, Vadinar Refinery.
114
Engineers India Ltd

Annual Report 2023-24

ite Development Study for Setting up 20 MMTPA

S  ngineering services to BHEL for 525 TPD standby
E
West Coast Refinery and Petrochemical Complex for Sulphur Recovery Unit (SRU) train at IOCL Paradip
RRPCL at Barsu-Solgaon, Rajapur Taluka, Ratnagiri Refinery, Odisha.
District, Maharashtra
 ender’s Independent Engineer for State Bank of India
L
Residue upgradation unit, largest process unit in the world (SBI) for Project Review and Assessment for financing
having capacity 3.55 MMTPA and Utility RO/DM Plant are of HRRL’s 9.0 MMTPA Refinery cum Petrochemical
nearing completion. complex, Barmer, Rajasthan.

Offsite work (OBE): Offsite works associated with RUF Unit dditional services (Change order) for Bitumen
A
and RO/DM Plant is in advance stage of completion. Blowing unit (BBU) of MRPL, BS-VI Project.

 iping Stress Analysis of FSS to TSS Line for HMEL

P PCM services for Coker-B Revamp of Barauni
E
Refinery, Bathinda. Refinery Capacity Expansion (from 6.0 MMTPA to 9.0
MMTPA) Project of IOCL in Bihar.
 etail Engineering for Installation of Automated Valve
D
Blind in FCC Reactor Overhead Line, Provision of  hase - II, Consultancy for overall project management
P
parallel catalyst loading/ unloading from regenerator and EPCM/ PMC services for capacity expansion of
to hopper in FCCU and Segregation of PRU from FCC IOCL Panipat Refinery, Haryana from 15 MMTPA to 25
Unit for HMEL Refinery, Bathinda. MMTPA (P-25) project.

 upply of License, Basic Engineering Design Package

S EPCM services for DCU-Revamp of Numaligarh
L
(BEDP), Catalyst and Other Related Services for Sulphur Refinery Expansion Project (NREP), Assam.
Recovery Unit (SRU) with TGTU for NREP, Assam.

PMC/ EPCM consultancy services for 9
 nergy Optimization Study for M/s Bharat Petroleum
E MMTPA Cauvery Basin Refinery (CBR) project,
Corporation Limited (BPCL)’s Mumbai Refinery. Nagapattinam, Tamil Nadu.

onceptual Study for setting up of a Green

C The following projects were secured during the year and
Hydrogen Plant for M/s National Industrial Corridor work is in progress:
Development Corporation Limited (NICDC).
 upply of License, Basic Design Engineering Package
S
MC services for 9.0 MMTPA Rajasthan Refinery
P (BDEP), Catalyst, Proprietary Equipment and other
Project of HRRL at Barmer, Pachpadra, Rajasthan. related Services for LPG Treating Unit (LPGTU - 1 and
2) of NREP for NRL in Assam.
roject Management Consultancy Services for De-
P
Bottlenecking and Augmentation of Cryogenic facilities  etail engineering services for ISO Butane unit for
D
of BPCL LPG Import Terminal at Uran, Maharashtra. HMEL Refinery, Bathinda


Consultancy service for LEPC Selection, DFR  FR, FEED and EIA/RRA for MREP Phase-II: LOBS &
D
preparation and Basic design of OSBL for Green SDA expansion project at HPCL Mumbai Refinery:
Hydrogen Plant for Bharat Oman Refinery, Bina, Final FEED for SDA and Final BDEP for ARU and SWS
Madhya Pradesh. issued. Draft FEED for IHCD is under progress.

 ydrogen Blending in Natural Gas Pipeline / City

H easibility Study for Crude Distillation Unit (CDU)-
F
Gas Distribution (CGD) Network for M/s GAIL India 2 Revamp for M/s Nayara Energy Limited at
Limited (GAIL). Vadinar, Gujarat.

onsultancy services for Bitumen Maximization

C  asic Engineering and Detail Engineering (Phase-I)
B
Project at IOCL Gujarat Refinery. of Crude Distillation Unit (CDU)-1 Revamp for M/s
Nayara Energy Limited at Vadinar, Gujarat.
 MC services for New Biturox Plant along with Allied
P
Facilities at IOCL Paradip Refinery.  asic Engineering and Detail Engineering (Phase-I)
B
of Crude Distillation Unit (CDU)-2 Revamp for M/s
Nayara Energy Limited at Vadinar, Gujarat.
Your Company has carved a niche
as one of the leading Engineering  etailed Feasibility report (DFR) for LNG transport
D
from Kochi to Sri Lanka through ISO-Container
Consultancy service providers to the
Petroleum Refining Sector in India, MC and Detail Engineering job of DCU heater
P
having its footprints in 20 out of 23 Run Length Improvement job of IOCL, Digboi
operating refineries including 10 grass Refinery, Assam.

root refineries in the country.

 115
Statutory Report
Director’s Report

 hase - I, Project Management Consultancy (PMC)

P
Services for Retrofit of Steam Driven DHDS Recycle Consultancy Service for debottlenecking
Gas Compressor (DDC - 2), VGO HDS Recycle Gas studies of gas compression, GDU, Rich
Compressor (VHC-1) and CCR Net Gas Compressor and lean pipeline and GSU/C2+ recovery
(CRC - 2) with Electric Motors at BPCL Kochi
unit at BCPL.
Refinery, Kerala.

 esign, Detail Engineering, Procurement and PMC

D
Services to Revamp Existing Integrated Refinery for Technical Due Diligence of old PTA Plant of JBF
Expansion Project (IREP) DHDT Charge Heater IG-H- Petrochemicals, Mangalore for GAIL/ SBI Capital
101 for efficiency improvement of BPCL, Kerala.
 aster Plan finalization and Pre-feasibility report
M
 onsultancy Services for Energy Optimization Studies
C (PFR) for Setting up of 500 KTPA PDH/ PP/ Propylene
for Bharat Petroleum Corporation Limited (BPCL)’s based Derivatives Petrochemical Complex at Dahej of
Kochi & Bina Refineries. Petronet LNG Ltd., Gujarat.

 roject Management Consultancy (PMC) Services for

P  etailed Feasibility Report (DFR) including Licensor
D
the Sustainable Aviation Fuel (SAF) Project at Panipat Selection for Polypropylene (PP) and Propane
Refinery & Petrochemical Complex (PRPC), Indian Oil Dehydrogenation (PDH) Units for M/s Petronet LNG
Corporation Limited Limited (PLL) at Dahej, Gujarat.

hase-II of DCU Revamp Project, Nayara Energy,

P 
EPCM/PMC services for Guru Gobind Singh
Vadinar Refinery. Refinery (GGSR) Polymer Addition Project (PAP) of
HMEL at Bhatinda, Punjab - Overall Complex has
 PCM services for New Biturox plant (300 KTPA) and
E been Commissioned.
allied facilities Phase-II, Barauni Refinery, IOCL
 ender’s Independent Engineer (LIE) for SBI for Guru
L
 PCM services for New Biturox plant (300 KTPA) and
E Gobind Singh Polymer Addition Project (GGSPAP) of
allied facilities Phase-II, Barauni Refinery, IOCL HMEL at Bhatinda, Punjab.

EPCM services for Aqueous Ammonia Project of

L icensor Selection, Engineering and Construction
L
Numaligarh Refinery, NRL, Assam Management (LEPCM) services for 500 TPD
Methanol Project and Associated Facilities for Assam
 echnical & Consultancy Services for BR-9 Expansion
T
Petrochemicals Limited, Namrup, Assam.
Project of IOCL, Barauni Refinery.
 onsultancy Service for debottlenecking studies of
C
 PCM Services for Site Enabling for Bina Petrochemical
E
gas compression, GDU, Rich and lean pipeline and
and Refinery Expansion Project (BPREP) at
GSU/C2+ recovery unit at BCPL.
Bina, Madhya Pradesh
Significant progress has been made on the following
 itumen Maximization Project of 300 KTPA along with
B
Petrochemical Projects, some of which are under final
offsites of IOCL Refinery at Barauni, Bihar.
stage of completion:
Petrochemicals
 ervices for Hydrogenated Pyrolysis Gasoline (HPG)-2,
S
Your Company has been involved in the establishment Butene-1 and Pressure Swing Adsorption (PSA) units
of several Mega Petrochemical Complexes in India. The in BCPL, Lepetkata, Assam.
Company has provided Engineering Consultancy services
for various processes including Gas based/ Naphtha icensor Selection, Preparation of DFR and Review
L
based Cracker Complexes and Aromatic plants comprising of Licensor’s BEDP for Poly-Propylene Unit (PPU)
Naphtha Splitters, Pre-treaters/ Reformers, Benzene - of NREP, Assam.
Toluene Extraction units, Pyrolysis Gasoline Hydrogenation
Units, Xylene Fractionation and Isomerization units  echno-Economic Feasibility report for Polycarbonate
T
including overall integration and optimization of (PC) Plant along with Bis-Phenol A (BPA) for Gujarat
such complexes. Narmada Valley Fertilizers & Chemicals Ltd. (GNFC) at
Bharuch, Gujarat.
The following Petrochemical Assignments were successfully
completed during the year:  MC services for setting up 4.3 TPD Electrolyser at
P
GAIL, Vijaipur.
 echno Economical valuation (TEV) study for HMEL’s
T
1.2 MMTPA Petrochemical Project at Bhatinda for 
PMC services for Styrene Project, IOCL
State Bank of India (SBI). Panipat Refinery.

 ue Diligence report of PTA plant of JBF Petrochemicals,

D  MC Services for De-Aromatized Solvents (DAS) unit
P
Mangaluru for HMEL. Engagement as Consultant at BPCL Mumbai Refinery, Maharashtra.
116
Engineers India Ltd

Annual Report 2023-24

onsultancy service for Licensor selection and

C Guru Gobind Singh Refinery (GGSR) Polymer Addition
preparation of Detailed Feasibility Report for 1200 Project of HMEL at Bhatinda, Punjab
KTPA Petrochemical Plant at Bharat Oman Refinery
for BORL, Bina, Madhya Pradesh.  MC Services for De-Aromatized Solvents (DAS) unit
P
at BPCL Mumbai Refinery, Maharashtra.
 PCM services for 500 KTPA Propane Dehydrogenation
E
(PDH)/ Polypropylene (PP) Unit at GAIL, Usar 
Project Management Consultant (PMC) and
in Maharashtra. Engineering Procurement & Construction
Management (EPCM) Services for the setting up
 PCM services for 60 KTPA Polypropylene plant at
E of a Glacial Acrylic Acid Unit at Bharat Petroleum
Pata Petrochemical Complex, Uttar Pradesh of GAIL. Corporation Limited (BPCL)’s Kochi Refinery.

 etailed Study Report for Debottlenecking GSU C2+

D 
EPCM Consultancy Services for Petchem
Unit at BCPL Lakwa, Assam. Barmer Marketing Terminal of HPCL at Barmer,
Pachpadra, Rajasthan.
 ervices for Hydrogenated Pyrolysis Gasoline (HPG)-2,
S
Butene-1 and Pressure Swing Adsorption (PSA) units 
Preparation of Feasibility Report for
in BCPL, Lepetkata, Assam. Petchem Project, MRPL.

Ethane Cracker DFR at Aurangabad for GAIL  iring Of Consultancy Service for Detail Feasibility
H
(DFR) Study for Capacity Expansion of BCPL.
The following Projects were secured by the Company in
Petrochemical Sector during the year and are in progress:  onsultancy services for PDH-PP Plant with Ethane
C
Propane import facility at Dahej Petchem Complex.
easibility study including economic analysis of
F
Propylene to ACN & Acrylates project of IOCL and DFR for Ethane Cracker project in Madhya Pradesh, GAIL
partners, Paradip.
Feasibility study of chemical cluster at IOCL Panipat
FR including Licensor Selection for setting up
D
a Polypropylene (PP) Unit at Bharat Petroleum In addition, conceptualization and preparation of
Corporation Limited (BPCL)’s Kochi Refinery. various feasibility and detailed feasibility studies have
commenced and in advanced stage. Few of the important
 FR for the setting up of a Greenfield Petrochemical
D achievements are
Complex based on Imported Ethane for M/s GAIL
India Limited (GAIL). easibility Study Report for MIDC for independent
F
Dual Feed cracker Unit and associated downstream
 etailed Study Report for Debottlenecking GSU C2+
D petrochemical units.
Unit at BCPL Lakwa, Assam.
 easibility Study Report for M/s AVPL for a mega Crude
F
 icensor selection/Detail Feasibility Report (DFR) for
L Oil to Chemical complex in the eastern coast of India.
setting up of Toluene and Xylene extraction unit at
 117
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 echnical Due Diligence study of Crude to Chemical

T  dditional land assessment for Proposed 24 MTPA
A
project for ONGC. Integrated Steel Plant including Ancillary, Downstream
and Social Infrastructure facilities of M/s. AMNSI at
GGSPAP Cracker Complex Capacity expansion Kendrapara District, Odisha.

Strategic Storages  pdation of DPR for proposed Brownfield Expansion

U
The Strategic Crude Oil Storage Program is the flagship of Smelter by addition of 5th Potline and upgradation
Energy Security initiative of the Govt. of India which aims of existing Potlines at Angul, Odisha for Nalco.
at creating a buffer stock of crude oil in underground
 FR for Kodingamali Bauxite Mines of Odisha Mining
D
caverns to meet requirements in case of any disruption of
Corporation Ltd., Odisha.
supplies from abroad.
During the year, the Company achieved significant progress
During the year, the Company achieved significant
in following projects:
progress in PMC services for storage of 80,000 MT
of LPG in underground rock caverns at Mangalore,  onsultancy services for Retrofitting of HRD (High-
C
Karnataka for HPCL. Rate Decanter) and DCW (Deep Cone Washer) in
Metallurgy Stream - 1, Stream - 2 and Stream - 3 of NALCO at
Damanjodi, Odisha.
Your Company is a leading Engineering Consultancy Service
 onsultancy services for 2nd Raw Water Intake Pump
C
Provider for non-ferrous metallurgy having executed
House and Pipeline at Damanjodi, Odisha of NALCO.
a large number of greenfield Smelter and Alumina
Refineries in India.  onsultancy services and construction management
C
for addition of 11th Rectifier Group (Swing Group)
During the year, following key Metallurgy Assignments
between Potlines 3 and 4 of Aluminium Smelter at
were completed:
NALCO, Angul, Odisha.
 onsultancy services for procurement and installation
C
 wner’s Engineer Services for MDO and Evacuation
O
of Reclaimer and Associated Facilities in NALCO’s
facilities at Kurmitar Iron Ore Mines for Odisha Mining
Alumina Refinery at Damanjodi, Odisha.
Corporation Ltd., Odisha.
 reparation of DPR and Selection of Technology for
P
 onsultancy services for Capacity Enhancement of
C
Bauxite Conveying System from Pottangi Mines to
Tailing Dam of Malanjkhand Copper Project of HCL,
Alumina Refinery, Damanjodi, Odisha of NALCO.
Madhya Pradesh.
ssessment of Land and Water requirement for
A
 asic & Detailed Engineering of balance of plant for
B
Expansion of 5 MTPA existing Integrated Steel Plant of
direct reduce Iron plant at Angul, Odisha.
Bhushan Power and Steel Limited (BPSL) to 15 MTPA
at Sambalpur, Odisha for IPICOL.  onsultancy service for 6MMTPA project at Daitari
C
Iron Ore mines for Institution in MDO mode.
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Annual Report 2023-24

 pdation of DPR for 4.2 MTPA production Costing for

U
MDO mode of execution, Tender activities for MDO
selection, Owner Engineer’s services of Kodingamali
Bauxite Deposit in Koraput District of Odisha.

The following assignments were secured by the Company

during the year and work is in progress:

 pdation of Detailed Project Report (DPR) for Pottangi

U
bauxite mines, NALCO, Odissa

 ssessment of Land and Water requirement for the

A
proposed 4.0 MMTPA Alumina Refinery and 175 MW
CPP of M/S Kalinga Alumina Limited in Rayagada
District of Odisha for IPICOL.

Infrastructure
Your Company has developed a strong track record
in Infrastructure sector by providing a wide spectrum
of services such as Project Management (including on Completion of Sabarmati High-Speed Rail Terminal in
Depository Basis), Third Party Inspection (TPI), Quality Ahmedabad, Gujarat
Assurance, Independent Engineer and Lender’s Engineer
services, Project Appraisal and Project Execution Services in
some of the important Projects of Key Clientele in the Sector.  MC services for Rajiv Gandhi Knowledge Service &
P
Innovation Hub at Jodhpur, Rajasthan for RajCOMP
During the year, following major projects were completed: Info Services Ltd.

upervision and PMC services for High-Speed Rail

S  MC services for Construction of Petronet LNG Ltd.’s
P
Terminal Project at Sabarmati of National High Speed office Building at Dwarka Sector - 14, Delhi.
Rail Corporation Limited (NHSRCL), Gujarat.
 BE services for “Upgrading of IPSHEM (Institute
O
MC Services for Residential Complex of Unique
P of Petroleum Safety, Health and Environment
Identification Authority of India (UIDAI) in Delhi. Management) to World-Class Facility” of ONGC in Goa.

MC services for Development of infrastructure

P The Company’s footprints in Infrastructure Sector received
facilities at Khajekhalan Ghat at Patna, Bihar. an impetus with securing of the following assignments
during the year:
 BE services for India Energy Week (IEW) 2024
O
Infrastructure related works at IPSHEM, Goa for ONGC. MC Services for Development India International
P
Horticulture Market at Ganaur, Haryana of
Upholding our commitments to customers, your Company
Haryana International Horticultural Marketing
continued to achieve substantial progress in following
Corporation Limited.
infrastructure projects:
 onstruction of Multi-storied Building for Integrated
C
hird Party Inspection services for completing
T
Office-cum-Data Centre Complex in Delhi for
Unitech’s incomplete Projects across India.
Intelligence Bureau.
 hird Party Assessment for Engineering Review and
T
MC services for Rajiv Gandhi Center for IT
P
Project Management for Fintech Digital Institute,
Development and E-governance, Jaipur, Rajasthan.
Jodhpur, Rajasthan.
omprehensive Design Engg & PMC services
C
 hird Party Inspection Services for Indo-China Border
T
for Development and Upgradation of
Road (ICBR-1) for Border Management-Ministry of
Infrastructure at NSEZ Noida.
Home Affairs (MHA).

 xtension of TPI services for Infrastructure Projects of

E
Pune Municipal Corporation, Maharashtra.  rincipal Consultant Firm (PCF) for
P
Setting up of Reserve Bank of India’s
epair and Redevelopment of Various Public
R
amenities at NAMO Ghat at Varanasi, Uttar Pradesh.
(RBI) Greenfield Data Center and
Training Institute at Bhubaneswar in
rincipal Consultant Firm (PCF) for Setting up of
P Odisha.
Reserve Bank of India’s (RBI) Greenfield Data Center
and Training Institute at Bhubaneswar in Odisha.
 119
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Director’s Report

Airport Water and Waste Management

Your Company has established a robust presence in the Your Company has the expertise to provide the entire
Airport sector, offering wide range of project management range of services related to water & waste management.
services such as DPR preparation & Independent EIL’s services focus on integrated water & wastewater
Engineering services and PMC services for some of the management covering the gamut of water intake works
important Projects of key Clientele in the Airport Sector. and treatment systems, desalination plants, industrial
water treatment plants, effluent treatment plants, effluent
During the year, following major projects were completed:
recycle & zero liquid discharge systems, sewage treatment
 reparation of DPR for Development of Greenfield
P & reuse plants, etc. The Company also has the expertise to
International Airport at Chinen in Gr. Nicobar. provide services in the fields of solid & hazardous waste
management, municipal solid waste management, waste
Independent Assessment of costs for Bangalore to energy plants, etc.
International Airport Limited, Bangalore.
Fertilizers
Independent Engineering Services for Development
Your Company is a undertaking Techno - Commercial
and Expansion of IGI Airport at Delhi for AAI.
Viability and Preparation of DPR for Technical and
Upholding our commitments to customers, your Company Food Grade Phosphoric Acid Project at Sikka Unit,
continued to achieve substantial progress in following Jamnagar, Gujarat.
infrastructure projects:
During the year, following major projects were completed:
 MC Services for Construction of Domestic Terminal
P
etailed Feasibility Study for 4000 TPD Green
D
of Leh Airport.
Ammonia Plant & Associated facilities of HMEL.
Independent Engineers’ Services for Bhogapuram
The following assignments were secured by the Company
International Airport.
during the year and work is in progress:
The Company has secured the following major assignments
Green Field Fertilizer Project in Nigeria (Train II)
during the year in the Airport Sector of Infrastructure and
ork is done in actual size W48in XH36in substantial progress achieved in the Project:  etailed Project Report for 40000 MTPA Melamine-IV
D
project of GSFC.
Independent Engineers’ Services for Noida
International Airport, Jewar, Uttar Pradesh for Noida
GMR GOA INTERNATIONAL AIRPORT
International Airport Limited (NIAL).

PASSENGER TERMINAL BUILDING (AIRSIDE VIEW)

120
Engineers India Ltd

Annual Report 2023-24

ompleted Detailed Feasibility Study report for

C  etailed feasibility Report for 200 klpd Bamboo based
D
4000 TPD Green Ammonia Plant & Associated 2G Ethanol Plant at Bongaigaon Assam for NTPC
facilities of HMEL. Limited has been completed.

 reparation of Pre-feasibility report for a 150 TPD

P The following assignments were secured by the Company
Green Urea Project for NTPC is in progress during the year and are in various stages of execution:

ompleted Detailed Feasibility Report for shifting

C  MC Services for setting up of 13.7 MWp Roof Top
P
of Fertilizer plant (1880 TPD Ammonia & 3150 TPDs Solar Project for HMEL Green Energy Pvt Ltd.
Urea) from Kuwait to Oman
Independent Engineers’ Services for the Production
Coal linked Incentives (PLI) scheme for Advanced
During the year, following major coal-based Projects were Chemistry Cell (ACC) for Ministry of Heavy Industries,
successfully completed: Govt. of India.

 onsultancy services for finalization of Build Own

C
9. Overseas Consultancy Assignments
and Operate (BOO) package and preparing Detailed
Feasibility Report (DFR)/ Detailed Project Report Your Company has leveraged its strong track record in
(DPR) for the proposed Coal to Ammonium Nitrate the Indian Hydrocarbon sector to successfully expand its
Project for Western Coalfields Limited (WCL) at international operations. Over the years, the Company has
Juna, Maharashtra. emerged as a global player with the execution of a number
of prestigious assignments for International Energy majors
 re-Feasibility Study to establish a plant to Gasify
P in Middle East, South America, Africa and South East Asia.
1000 TPD Margherita Coal to produce Synthetic
Natural Gas in Margherita Assam for M/s Numaligarh During the year, following Overseas Assignments were
Refinery Limited. successfully completed:

 etailed Project Study to establish a pilot plant to

D  EED Study for LNG Tanks, Jetty Topside and Plant
F
produce 40 TPD capacity FT Diesel through gasification Process System for LNG liquefaction and Export
of lignite for NLC India Ltd at Neyveli, Tamil Nadu. Terminal at Akwa Ibom state, Nigeria for M/S
Padah LNG FZE (PLF).
Following projects are in progress and at various
stages of execution ooling Water Network Hydraulic Analysis and
C
Thermal Design of Heat Exchangers for Dangote
MC Services for Pre-award activities such as
P Fertilizer Limited, Nigeria
preparation of tender Documents, Tendering,
Selection of suitable firm on Lumpsum Turnkey ngineering Services for Site Survey and Stress
E
(LSTK) / LEPC / EPC Basis), Lignite to Methanol via Analysis regarding Supports, Bellows and PDS Valves
Gasification Project (1200 MTPD of Methanol), NLCIL for Petrochemical Industries Company, Kuwait.
at Neyveli, Tamil Nadu.
etailed Engineering for Power requirement for
D
 echno-economic feasibility study to establish a plant
T WHPTS PC-55 AND PC-110 and M1637: Deck Pipe
to produce 400 TPD capacity Ammonium Nitrate Melt Supports (E & F), ADNOC Offshore, UAE.
through gasification of coal in command areas of

Zirku and Das Islands: Feasibility Study for
Singareni Collieries Company Ltd.
Underground Oil Storage Tanks, ADNOC
Alternative Fuel Offshore, UAE.

Your Company is providing EPCM services for Assam  ED FWA T.3: Engineering Work requests (EWRs) &
C
Bio Refinery Project of M/s Assam Bio Refinery Pvt. Ltd, Plant Modification Requests (PMRs) for US NASR and
the first of its kind plant in India. Construction activities UZ, ADNOC Offshore, UAE.
related to Civil/Structural works are under advanced
stage of completion. Tankages erection, Mechanical/  ED FWA T.1: Brown Field Engineering Work requests
C
Piping work, Electrical & Instrumentation work are in (EWRs) & Plant Modification Requests (PMRs) for
progress in full swing. Ethanol blended Motor Spirit system ZIRKU and SARB, ADNOC Offshore, UAE.
(EBMS) commissioned.
 esign Integrity and adequacy study of CFP, BBP and
D
During the year, following major Projects were CDP Offshore Platforms, ADOC UAE.
successfully completed:
ssessment Study for PV System Installation at
A
 refeasibility Report for 100 klpd Bamboo based 2G
P Offshore Facility (Verification Study), ADOC UAE
Ethanol Plant at Meghalaya for Numaligarh Refinery
 tudy of Tank Bund Walls in Mubarraz Island & AR Site
S
Limited has been completed.
Terminal, ADOC UAE
 121
Statutory Report
Director’s Report

ATF etc.). Other units are under advanced stage of

completion and commissioning.

PMC services for 1.5 MMTPA grass root refinery

in Mongolia which is being set up under Line of Credit
extended by Govt. of India to Govt of Mongolia. The Mongol
refinery project is being implemented through Four nos.
of EPC packages. EPC 1 work (Early Project activities) is in
advanced stage of completion. Engineering, Procurement
and Construction work for EPC 2 (Open Art Units, Utilities
& offsites) and EPC 3 (Captive Power Plant) are in progress.
EPC 4 (Licensed Units) is yet to be awarded.
Dangote Refinery in Lekki Free Trade Zone, Lagos, Nigeria
Consultancy Service for the Supervision of the Guyana
commences production
Integrated NGL Plant and 300MW CCGT Power Plant for
Guyana Power & Gas Inc. (A wholly owned Company of
 esign Integrity and adequacy of CFP, BBP & CDP
D Government of Guyana (GoG)), under Ministry of Natural
platforms at Mubarraz Field for ADOC JAPAN. Resources (MNR). Substantial amount of Engineering and
Procurement has been completed. Soil Remediation work
afeguarding Memorandum for all Habshan 5
S is nearing completion and piling works are expected to
Plant areas and Revalidation HAZOP for Area 3, commence soon.
ADNOC Gas, UAE.
Design and Detailed engineering services for
rovision of PMC Services on Call - off basis for
P setting up cryogenic tanks of Ethane and Propane for Aja
ADNOC Offshore, UAE. Energy FZE, Nigeria.
 PCM services for 10” x 131 km, HSD India-Bangladesh
E The following assignments were secured by the Company
Friendship Pipeline Project (IBFPL) from Siliguri, India during the year and are in various stages of execution:
to Parbatipur, Bangladesh.
CED FWA T.2 : Brown Field EWRS-PMRS for LZ and
Various FEED Engineering, PMC, Technical Support services DAS Concept Design, Pre-FEED & FEED Services-Phase 2.
are being provided to ADNOC, UAE under the following
service agreements: FEED of SARB Produced Water Treatment Project at
Zirku Island - E-2041 (11549), ADNOC Offshore, UAE.
echnical Support Services Agreement (TSSA) of
T
ADNOC Gas Processing and ADNOC IG, UAE. Engineering Services for MOL Welding Workshop,
FEED for Upgradation of Crude Storage Tanks Foam System
 MC Services on Call Off Basis for Construction of
P and FEED for Replacement of the Obsolete F&G Detection
Industrial Projects Facilities and other Civil Projects, System at JD, ADNOC Onshore, UAE.
ADNOC Distribution, UAE.
Revalidation Of Pre-FEED Process Waste Steam
rocess Engineering Services for Hydro Cracker
P for Power Generation through BPST in Ruwais Train -4,
Revamp Projects, ADNOC Refining, UAE. ADNOC Gas, UAE.
General Engineering Services of ADNOC Onshore, UAE.  ED FWA T10 - ABK Facilities Engineering Framework
C
Package-2, ADNOC Offshore, UAE.
 oncept, Pre-Feed and Feed Framework agreement
C
-Phase II of ADNOC EED Services for HALON Systems Replacement
F
PHASE-2 AT LZK and USSC, ADNOC Offshore, UAE
Following overseas assignments are in progress and at
various stages of execution: 
FEED Services for RMU Substation - E1846,
ADNOC Offshore, UAE.

EPCM services for the prestigious Dangote Refinery
and Petrochemical Project, Nigeria comprising a ngineering Services for Reduction of Flare Gas
E
650,000 BPSD grass root Petroleum Refinery and from the Ourhoud Field, Sonatrach -Ourhoud
830 KTPA Petrochemical Complex at Lekki Free Trade Organisation, Algeria.
Zone, Nigeria for Dangote Oil Refining Company
(DORC). This is the largest single train refinery in the  esign package preparation for desalter installation
D
world. The Project facilities include crude oil receipt in 4A CDU & 5 CDU of Bahrain Refinery.
and storage including SPMs with associated offshore/
onshore pipelines. The project has achieved significant  onsultancy Services for FEED and ITB preparation
C
milestone with the commissioning of primary unit for revamp of existing AGRP-1Unit in MAA Refinery
(AVU) and taking out products like (Diesel, LPG, RCO, for KNPC, Kuwait.
122
Engineers India Ltd

Annual Report 2023-24

evamp of Slug Catcher at Uran Plant of ONGC

R
in Maharashtra.
The Mongol refinery project is being
implemented through Four nos. of xecution of Residual Utilities and Offsites for
E
EPC packages. EPC 1 work (Early Rajasthan Refinery Project, HRRL, Rajasthan on OBE
Project activities) is in advanced basis. Construction of Offsite Pipe racks and buildings
stage of completion. Engineering, nearing completion. Mechanical/ Piping, Electrical
& Instrumentation works are under progress
Procurement and Construction work
in full swing.
for EPC 2 (Open Art Units, Utilities &
offsites) and EPC 3 (Captive Power
11. Specialty Chemicals & Energy Study
Plant) are in progress. EPC 4 (Licensed
The following assignments were secured by the Company
Units) is yet to be awarded.
during the year and are in various stages of execution:

 etailed Feasibility Report (DFR) for Setting up of an

D
ED FWA T.16 : Lower Zakum Facilities Hazop/
C Iso Propyl Alcohol (IPA) Unit, Methyl Iso Butyl Ketone
Engineering Packages and C5934 - Study requirements (MIBK) Unit and Methyl Ethyl Ketone (MEK) Unit for
to put DIYAB Appraisal well ZK420 (WHT ZK-374) on M/s GAIL India Limited (GAIL).
Production, ADNOC Offshore, UAE.

Engineering, Procurement and Construction
 esign and PMC services for Setting up New NG/ Off
D Management (EPCM) Services for the setting up of
Gas fired Boiler 250TPH capacity and BoP for Dangote a 50 KTPA Iso-Propyl Alcohol Unit for M/s GAIL India
Fertilizer, Nigeria. Limited (GAIL) at Usar, Maharashtra.

 EED and PMC Services For NHT-CCR Reforming Unit

F MC Services for ambient air heating system
P
at Arzew Refinery, Sonatrach, Algeria. at KLL, Dabhol.


The following jobs achieved considerable progress
10. Turnkey Projects during the year:
Your Company’s turnkey project portfolio consists of
 IBC, MIBK and O & U Projects at DCTL Dahej,
M
projects executed on LSTK mode or on the ‘Open Book
Gujarat, India.
Estimate (OBE)’ basis.
 etail Engineering Consultancy (DEC) Services for
D
The following assignments were secured by the Company
New Turbine Generator Set related System, New
during the year and are in various stages of execution:
FBC Boiler and Interconnecting Piping at DCTL / DNL
 evamping of Sectionalizing Valves Stations of 36”
R Nandesari Site, Vadodara, Gujarat, India.
& 42” TPLS and Additional Requirements for GT &
 EFR for Poly carbonate (PC) along with Bisphenol-A
T
Kribhco (Part-B) at ONGC Hazira
(BPA) project for GNFC
The following OBE/ LSTK job was successfully completed
OBE for TNT plant at HFF Khadki, Pune.
during the year:
 FR for 5 MMSCMD NG valorisation from Bhasker-II
D
 evamp of Slug Catcher IIA (5 Fingers) at Uran Plant of
R
field, i. e. stripping NG of N2 content and Ammonia +
ONGC in Maharashtra
Methanol plant.
The following OBE/ LSTK jobs achieved considerable
With focus towards mission of Import substitution and
progress during the year:
Atmanirvarta, no of speciality chemicals and other products
 eplacement of 3 nos CSU Off Gas Compressors, 06
R have been in focus. The Feasibility or Detailed Feasibility
nos Regeneration Gas Compressors & Installation of studies which are either completed or advanced stage of
01 CBD Vessel at Uran, ONGC completion are

 estoration of Gas Terminal Phase-1, Part-A at ONGC

R 
Feasibility study for Specialty Chemicals for
Hazira Plant, Gujarat, India GGSPAP complex

 izag Refinery Modernization Project Offsite in Vizag,

V 
Feasibility study for various speciality
Andhra Pradesh. chemicals for GNFC

 evamp of Slug Catcher IIA New (12 Fingers) at Uran

R Specialty chemical complex for GSFC new complex
Plant of ONGC in Maharashtra.
 123
Statutory Report
Director’s Report

In addition Design and FEED engineering activities Internal HSE Audits are conducted across Division/
for Ethyl Benzene and Styrene Monomer (EB/ Departments by qualified independent auditors to verify
SM) is in progress compliance to the defined procedures. This year, your
company has released a Mobile Application for Incident
Reporting purpose. Employees can report all types of
Energy study
incidents seamlessly through the Application.
EIL is also actively pursuing Energy optimization studies for
various complexes and proposing measures for enhanced On the occupational health front, your company conducted
energy efficiency which will thereby lead to reduced carbon various health talks under the umbrella of HALE (Health
footprint of the complex. Following projects were secured by the Assessment and Lifestyle enrichment). Also, numerous
Company in this segment in the last FY. vaccination camps and health camps were conducted
under this umbrella to address specific and generic health
Energy study for Nayara Train II Refinery conditions. On the occasion of International Yoga Day
2023, EIL organized an Asanas Contest for its employees
Energy optimization study for BPCL Bina Refinery.
all around the globe. To enhance the fitness of the women
 FD for electrification of NG driven equipment at
P employees, your company conducted specific interventions
various processing unit of GAIL in the form of Zumba classes and Walkathons.

Energy optimization study for BPCL Kochi Refinery. On the engineering front, HSE aspects that are to be
addressed in the design engineering phases are built
into the procedures/specifications of various engineering
Carbon Capture & Sustainability : departments. Exhaustive HSE checklists are in place to
easibility Study has been carried out for Carbon
F ensure that these aspects are complied positively during
Capture from Gas produced from OIL’s Gas process design and engineering phases.
field at Rajasthan. This gas will be used for
sequestration by OIL.

 esign, Engineering & Costing Study completed for

D EIL is also actively pursuing Energy
OIL’S Pilot Carbonated Water Injection, CO2 Capture optimization studies for various
& Compression Plant and Liquid CO2 Transportation. complexes and proposing measures
This is an important step towards future development
for enhanced energy efficiency
of Decarbonization goals
which will thereby lead to reduced
 ustainability focused studies e.g., Flare Gas recovery
S carbon footprint of the complex.
for Ourhoud Organisation Algeria and Steam network Following projects were secured by
study for IOCL BGR has been completed.
the Company in this segment in the
 IL is also providing service for design of Flare Gas
E last FY.
Recovery in HMEL GGSPAP complex .

Captive Power Plant

Being a renowned engineering consultant in the
The following assignment was secured by the Company hydrocarbon sector, your company deploys proven risk
during the year and is under execution: assessment methodologies like HAZOP (Hazard and
Operability Study), RRA (Rapid Risk Assessment), QRA
ngineering & Project Management Consultancy
E (Quantitative risk assessment) and SIL (Safety Integrity Level)
Service for creation of CPP at ONGC Geleki. Assam asset. to ensure the process safety of the plants being designed.

On the Environment preservation front, EIL executed a

12. HSE Management System
Green Campaign on its social media handles for creating
Your company’s ISO 45001 (Occupational Health and environmental awareness. The campaign covered topics
Safety Assessment Series) and ISO 14001 (Environmental like how to beat plastic pollution, the importance of
Management system) certifications were successfully waste segregation, the 3Rs of waste disposal i.e. reduce,
recertified by accredited certification body during this year. reuse and recycle and the benefits of tree plantation. EIL
Apart from ensuring effectiveness of the HSE Management called upon its stakeholders and the local community to
system, these certifications provide an edge in securing participate in the Nature Warriors Contest where everyone
business, especially overseas. was encouraged to plant multiple tree saplings in public
parks, demarcated forest lands or in their respective
HSE matters are discussed in the Management Review
colonies. EIL also conducted in house competitions as a
Committee (MRC) meeting and resolved. C&MD, Functional
prelude to World Environment Day such as Poster making,
Directors are members of the MRC and all Executive
Poem and Photography competitions. Also, various in-
Directors and Senior officials participate in the meeting.
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Engineers India Ltd

Annual Report 2023-24

house processes have been digitized with the objective of

reducing paper consumption (carbon footprint).

On the construction front, the specification for HSE

Management at construction sites, which specifies the HSE
requirements to be complied by construction contractors,
has been revised during this year in line with the current
trends and to improve the HSE performance. Award to
construction sites based on HSE performance, Issue of
appreciation certificates in best performing construction
contractors are being continued. Your company
celebrated National Safety week across its offices and
sites and the celebrations were used as a platform for
improving safety awareness amongst the employees. HSE
award mechanism for Individuals, which was introduced in
year 2022 is being sustained with high participation levels
across our construction sites. The objective of these reward Development & maintenance of a Miyawaki Forest at EIL
mechanism is to foster and promote the culture of Safety. Gurugram Office Complex
Also, a Mobile application has been released for reporting
of safety observations at construction sites. credibility. QMS implementation and its effectiveness
have been further increased by using in-house developed
To enhance your company’s HSE competence, employees
software. The Quality Management System of EIL’s Abu
have attended various trainings in HSE domain, namely, ISO
Dhabi office was also separately audited and reassessed
45001 auditor certification, ISO 14001 auditor certification
during financial year and declared conforming to ISO 9001:
and other special trainings specific to HSE.
2015 standard. Quality Management System provides a
A quarterly HSE Newsletter is being issued to all employees competitive edge in securing and executing projects with
to communicate the happenings on the HSE front. focus on full customer satisfaction. A digital newsletter
“Eminence” is being issued to all employees, to promote
awareness and to improve the Quality Management
13. Quality Management System culture. In addition, the Company participated as a
Quality Management System Quality is inbuilt into the prominent and active member in various committees for
processes, workplace, deliverables and services of your formulating quality system standards under the aegis of
Company. Quality Management System of the Company Bureau of Indian Standards.
is being reassessed through External Audits across the
company for continual conformance to ISO 9001:2015,
14. Risk Management system
by third party certification agency. During the year, your
Company was audited and reassessed during surveillance The objective of the Corporate Risk Management
audit and declared conforming to International ISO 9001: function is to ensure sustainability of the organization by
2015 standard. The current Certificate is valid up to professionally managing the Enterprise Risks. Enterprise
13.10.2024. For operational excellence, Quality Circle/Six Risk Management (ERM) involves identification, assessment,
Sigma Projects are executed in various departments to analysis, mitigation and monitoring of the Risks. The ERM
promote the culture of decision making at working level. system of your Company performs the above-mentioned
Our quality circle teams won accolades in prestigious Risk Management activities across the business functions
domestic competitions. During the year, Lean Management of the organization. EIL`s Risk Management framework
(LM) principle implementation in various processes of EIL to is based on ISO 31000 (Risk Management Principles and
remove waste to improve process efficiency was completed Guidelines) and meets regulatory requirements namely
and outcome of the Lean Management recommendations SEBI LODR, Companies Act and Department of Public
are being implemented in System and Processes of the Enterprise (DPE) Guidelines. Risk Management process has
company. System Committee spearheaded the Quality also been integrated with the Quality and HSE Management
Movement in EIL and improve “operational excellence”. System requirements as per ISO 9001:2015 & ISO
Important ingredients of our quality initiatives are effective 45001:2018 standards. The Risk Management framework
& comprehensive Internal Quality Audit process, planned of your Company is overseen by the Risk Management
customer perception surveys, analysis of feedbacks from Committee of the Board. Key risks across various business
stakeholders and regular reviews & directions from the processes namely Procurement, Construction, Project
Management Review Committee (MRC). The MRC is chaired Management, Business Development, Cyber Security, ESG
by the C&MD with all functional Directors being members. (Environmental, Social & Governance), Human Resources,
Regular monitoring is being done to analyse the data & Legal, Accounts & Recovery have been identified.
feedback for recommending improvements in processes,
deliverables and QMS to reduce costs, shorten cycle time,
address cross functional issues, improve visibility and
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Changes in the Key Risks have been approved by the Risk detailed investigation, recommendation of penalties and
Management Committee of the Board. Mitigation plans are systemic improvements. These helped in strengthening
in place for these risks and deployed across the organization. systems and procedures in the organization. During the
An independent group (Corporate Risk Assurance) audits year 52 Disciplinary matters related to Vigilance cases
the compliance verification of these mitigation action were disposed off and 3 cases were pending at the
plans regularly and the results are presented to the Risk end of the year.
Management Committee of the Board. Your Company
uses its in-house developed software package ‘Enterprise In the course of this year, various effective Systemic
Risk Management System (ERMS)’ to conduct these audits Improvements have been proposed to ensure
across multiple locations and departments. Being a Project transparency, efficiency and automation of processes.
Management organization, Project Risk Management There has been a review of policies and procedures that
framework has been put in place so that project specific can facilitate in reducing shortcomings and ensuring overall
risks are identified, assessed and mitigated. Regular Risk good governance. Vigilance clearances (approximately
Management meetings are conducted and reports are 715 nos.) were given during the financial year by Vigilance
issued to the stakeholders. section for various purposes including Board level
appointments. Vigilance awareness programs / trainings
The status of Enterprise Risk Management (ERM) & were also arranged during the year to enhance awareness
Project Risk Management (PRM) System is presented to amongst the employees and approximately 300 employees
the Risk Management Committee of the Board regularly. participated. CTE Type Intensive examinations (6 nos) were
A digital newsletter ‘Risk Screen’ is being issued to all also conducted during the year. Systemic Improvements
employees, to promote awareness and to sustain & such as better handling of in-house contracts, improved
improve the Risk Management culture. The newsletter guidelines for licensor evaluation, and guidelines for
covers case studies, survey reports and best practices on identifying personnel for leadership positions in EIL’s
Risk Management apart from apprising the employees subsidiaries and JVs were suggested.
on the Risk Management updates within the company.
Employees across all levels are being continuously trained The Vigilance Awareness Week (VAW-2023) was celebrated
on Risk Management to improve awareness levels and with a series of programmes on the theme “Say no to
increase their contribution and improvement towards the corruption; commit to the Nation, ^«ïmMma H$m {damoY H$ao;§ amï— Ho$
Risk Management function. EIL is continuously improving à{V g_{n©V aho.§ “
its risk management capabilities in order to protect and
enhance the interests of its stakeholders. 16. Human Resources & Industrial Relation
Human resources play a crucial role in driving sustainable
15. Vigilance performance within the Organization, and the company
The objective of the vigilance function is to ensure the highly values its human capital and is dedicated to fostering
highest level of integrity & transparency in the company. EIL an environment that empowers them, fosters their growth,
has a separate Vigilance Department, headed by the Chief and acknowledges their contributions.
Vigilance Officer. The department acts as a link between
As on March 31 2024, EIL has a total employee strength of
EIL and the Chief Vigilance Commissioner and advises the
2658 employees, wherein 89% areprofessionally qualified
company on all matters relating to fair and transparent
and almost 12% are women. Approximately 2.93 % of
business operations. The Vigilance Department takes
our employees are located outside India functioning in
preventive, punitive and participative measures with
international work environments. Company has engaged
emphasis on the preventive and participative aspects, and
187 apprentices which constitutes about 7% of the total
also assists in establishment of effective internal systems
workforce and is committed towards the Skill India Mission
and procedures thereby maximising transparency and
of the Government.
accountability. The Vigilance Administration is based on
the CVC Vigilance Manual / Policy Circulars as well as the Presidential Directives and Guidelines issued by GOI
guidelines of the Department of Personnel and Training regarding reservation in service for SC/ST/OBC/PwD
(DoPT) and the Ministry of Petroleum and Natural Gas. (Persons with Disability)/ EWS (Economically Weaker
Timely Quarterly performance reports on Vigilance matters Section) were conscientiously implemented to promote
are provided to CVC and MoP&NG. Diversity & Inclusion.

Vigilance Department continuously endeavours to ensure During the year appropriate mix of talent was maintained
fair and transparent dealings by leveraging technology to meet the dynamic market and specialist talent pool was
and recommending systemic improvements in line with developed to cater to emergent areas of business. The
guidelines issued by the Commission from time to time. performance based culture was further strengthened by
Various routine vigilance activities were carried out during
the year, such as an in-depth examination of complaints,
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Trainees prepared the fresh professional graduates for a

With a view to accelerate the pace of corporate career.
socio-economic development of the
‘Youphoria’ – Engagement initiatives for Millennials were
nation, EIL has always endeavoured
organized both within the Company as well as across the
to safeguard the interests of SC/ Oil & Gas Industry.
ST employees. The Company has
appointed a Liaison Officer to work The Company was recognized as a ‘Great Place to Work’
during the year 2023-24.
as a facilitator in ensuring that due
attention is paid to the issues of SC/ 
Implementation of Government Directives on
ST employees. Scheduled Caste/ Scheduled Tribes
With a view to accelerate the pace of socio-economic
enabling holistic assessment of performance and potential.
development of the nation, EIL has always endeavoured to
Various employee welfare and well being measures were
safeguard the interests of SC/ST employees. The Company
undertaken like HALE (……)programmes, Health Checkups
has appointed a Liaison Officer to work as a facilitator in
and Medical Camps, ‘Aarogyam’- Daily Yoga Programme
ensuring that due attention is paid to the issues of SC/ ST
for Employees, Ex-employees & their Families, Sports Day
employees. Management also encourages communication
Celebrations, Trekking Expeditions, Sports Competitions,
with the office bearers of the SC/ST Employees’ Welfare
introduction of ‘Sahyog’ Loan and ‘WEvolve’ for nurturing
Association by holding periodical meetings with the
psychological well being of New Mothers.
Association. Scholarships were awarded by EIL to 15 SC & ST
Structured and periodic meetings were held with the (SC-10 and ST–5) undergraduate engineering students. The
collectives to maintain cordial industrial relations. percentage of employees belonging to Scheduled Castes
and Scheduled Tribes was 18.5 % and 5.2% respectively
As an endeavour towards competency building, focus of the total employee strength of the Company (as on
was maintained by enabling acquisition of certifications March 31, 2024).
by employees in specialized domain areas. ‘Shikhar’-
advance leadership programme focussed on enhancing
Implementation of Government Directives on
the professional capabilities and productivity of the senior
Other Backward Class
executive team, whereas ‘Aarohan’ enhanced Leadership The Company has appointed a separate Liaison Officer
Capabilities and ‘Daksh’ aimed at sharpening managerial for OBCs, to work as a facilitator in ensuring that due
and functional effectiveness. Collaboration with the ITEC attention is paid to the issues of OBC employees. The
(International Technical and Economic Cooperation) percentage of employees belonging to Other Backward
Programme of Ministry of External Affair to design Class (OBC) was 19.6% of the total employee strength of
and deliver 10-week technical training programme for the Company (as on March 31, 2024).
employees of Mangol Refinery consolidated EIL’s position
as the Global Knowledge Partner. Comprehensive and 
Implementation of Government Directives on
structured one-year training programme for Management Economically Weaker Section

Sh. Sharath Kamal Achanta and Ms. Mouma Das, Table Tennis legends from India were felicitated at the inaugural
ceremony of the 41st PSPB Inter-Unit TT Tournament by Former Hon’ble Minister of State of P&NG and L&E, Sh. Rameswar
Teli and C&MD, EIL, Ms. Vartika Shukla
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The Company has implemented government directives & Research Centre, New Delhi and has contributed to
pertaining to reservation of Economically Weaker the PM CARES Fund; Medical equipment were provided
Section (EWS). to TLM Purulia Leprosy Hospital in Purulia, West Bengal;
EIL has provided Advance Life Ambulance for medical

Initiatives for the Benefit of Persons with camps & life support treatment in 4 districts of Assam;
Disabilities Conducted 4 camps in different locations for distributing
EIL is implementing the provisions of “The Rights of aids and assistive devices to poor & needy Divyangjans;
Persons with Disabilities Act, 2016” by way of providing Provided Ambulance for catering to the needy people
reservation for Persons with Disabilities. The Company residing in the slums of Mumbai.
has also formulated Equal Opportunity Policy and
appointed a Grievance Redressal Officer for Persons with Drinking Water (ObYmam): Availability of safe drinking-
water is crucial to human health & well-being, EIL, as
Disabilities (PwD) (Divyangjan). As on March 31, 2024,
part of this thrust area, supported the installation of four
there are 46 PwD employees on the rolls of the Company.
units of water coolers at common public places in Buland
Special Transport Allowance is being granted to eligible
Shahar in Uttar Pradesh and five units of RO Water
Persons with Disabilities as per guidelines.
Vending Machines in aspirational district of Purnia, Bihar.

17. Corporate Social Responsibility Education (àkmVm): Education is the most powerful
tool to empower underprivileged people, enhance
EIL’s CSR Policy envisions to enrich the lives of people
employability and in turn improve the living standards.
through social upliftment, promotion of inclusive
Through its CSR initiatives in the education sector, EIL has
growth and recharging the environment in a sustainable
reinforced school infrastructure of numerous schools
manner. EIL has set clear objectives towards assisting the
in rural parts of the country to benefit thousands of
transformation of the Country’s social infrastructure in
deprived students. EIL supported construction of a state-
an environmentally sustainable manner and has aligned
of-the-art building for a government school in Dharwad,
its CSR initiatives to the national priorities. As per The
Karnataka; Supported creation of additional school
Companies Act, 2013, a budgetary allocation of 2% of
infrastructure in aspirational district Darrang, Assam and
the average net profit made during three immediately
Karaikal, Puducherry.
preceding financial years has been done in the financial
year 2023-24 for CSR activities. Some of key initiatives that To make education accessible to all and control the drop
the Company has been engaged in are as follows:- out of children especially girl children due to inadequate
sanitation facilities, EIL undertook the maintenance of
Health Care & Nutrition (g§OrdZr): Healthcare
school toilets constructed by EIL at Assam, Odisha &
continues to be a national priority and EIL has been
Tamil Nadu as part of Swachh Vidyalaya Abhiyan.
contributing majorly in healthcare sector by providing
access to quality healthcare services to underprivileged Vocational Training/ Skill Development (àdrU):
people. EIL supported running of a medical van in areas
Skill development is an important driver to address
around Barmer district of Rajasthan to provide door-
poverty reduction by improving employability and
step healthcare services in rural areas. To address the
inclusive growth. EIL has contributed towards operational
malnourishment issue amongst children and women,
funding of Skill Development Institute (SDI) at Ahmedabad
EIL established 140 Model Anganwadi Centres by
which caters to the skill development needs of youth for
providing basic infrastructure at aspirational district
enhancing employability.
Dhubri in Assam.
Women Empowerment (epº$): – Awareness on
The company has provided financial assistance for
personal hygiene can empower women in rural areas
programme on children’s spine & optical health
by helping them stay healthy and feel more confident.
improvement by distribution of innovative school
EIL conducted health and menstrual hygiene awareness
bags with desks in aspirational district Nandurbar,
camps for rural girls/ women in aspirational district of
Maharashtra to over 27,700 children. The company is also
Giridih district in Jharkhand.
providing financial assistance for treatment of 8 under-
privileged Cancer Patients in Rajiv Gandhi Cancer Institute Environment Protection (àH¥${V): – As part of its efforts
towards creating a more sustainable and greener
environment, EIL developed Miyawaki forest in Gurugram,
EIL has contributed towards Haryana for improving ambient Air quality, Water
operational funding of Skill conservation, flora & fauna and overall Environment &
Development Institute (SDI) at eco system for the benefit of the general population in
Ahmedabad which caters to the skill and around the area.
development needs of youth for
enhancing employability.
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18. Make In India – Aatmanirbhar Bharat domestic manufacturers is classified as A-2

(Aatmanirbhar-2) category.
Since inception in 1965, EIL has been continuously engaged
in the process of creating an ecosystem conducive to the In FY 2023-24 Indigenous Suppliers base have been
growth of Indian industry promoting import substitution enhanced, as follows:
and engaging Indian Industry.
IL has added First Indian supplier in 12 different
E
EIL is in the continuous process of stimulating and item categories.
promoting local/domestic manufacturing and production
capacities besides providing support to priority sectors in  IL has added Second Indian supplier in 02 different
E
becoming more competitive and export oriented. item categories.

Towards Make in India and Aatmanirbhar Bharat, EIL has  IL has added Third Indian supplier in 15 different
E
taken several initiatives and implemented various policies item categories.
to enhance indigenous manufacturing and develop import
India Energy Week
substitution. Some of these initiatives, polices and progress
achieved are listed as below: During the flagship event of MoP&NG titled India Energy
Week held during February 6-9, 2024 at IPSHEM Complex,
Enlistment in EIL is focused on import substitution ONGC at Goa, EIL showcased a Make In India (MII) Pavilion
wherein development/ enhancement of indigenous with participation of 47 EIL enlisted suppliers displaying
capabilities deserves a special focus and attention; such various latest Industrial products viz Static Equipment,
items (and corresponding applications) are classified Rotating Equipment, Piping, Electrical & Instrumentation,
under Aatmanirbhar-1 & 2 categories to give importance etc. operating in the MII ecosystem.
to Aatmanirbhar Bharat Abhiyan in the right perspective.
In view of the foregoing, the following initiatives have Lakshya Bharat Portal
been taken by EIL: Under the guidance of MoPNG, EIL has developed a
reliable, scalable information system (Named as “Lakshya

The enlistment applications for items/
Bharat Portal”). This web-based portal is intended to
equipment/products wherein the existing lists
provide opportunities for new entrepreneurs as well as
of approved manufacturers do not contain any
existing manufacturers both Indian & Foreign, to invest/
domestic manufacturer will be classified as A-1
expand their manufacturing base in India under the
(Aatmanirbhar-1) category.
Make In India policy, with an endeavour to make India an

The enlistment applications for items/ Aatmanirbhar Bharat.
equipment/products wherein the existing list
of approved manufacturers contains up to two
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EIL Other Efforts for growth of domestic industry

a. EIL is engaged as Project Management Consultant
for Pre-award activities for India’s first Lignite to
Methanol Project of NLC India Ltd under Hon’ble
Prime Minister’s target of 100MTPA coal gasification
by the year 2030.

b. EIL is also mapping all the emerging areas where the

government, with the aim of strengthening domestic
manufacturing, is announcing PLI schemes, and
has been entrusted as ‘Independent Engineer’ for
Advanced Chemistry Cells (ACCs).

Subsequently, in order to facilitate real time data update c. EIL has developed indigenous Desalter and Double
by various OPSUs, EIL has developed APIs (Application Wall Column (DWC) Trays technology in association
Programming Interface) and successfully integrated with BPCL and making efforts to indigenized
same with EIL database. This portal is being used by Oil manufacturing of these items.
& Gas companies to highlight all Capital goods & MRO
(Maintenance Repair & Overhaul) items procured by OPSUs. Start Up India
Under the Government of India “Start-up India” Campaign,
Regular Vendor Meets
EIL has implemented the policy wherein start-ups (with
EIL has been organizing manufacturers’ meets from no PTR for item under consideration) are encouraged and
time to time with an intention to meet the entire vendor supported to manufacture the item and get enlisted with
community to understand their issues and pain areas. EIL based on successful manufacturing of the item.
In addition, focused meets have been held on specific
items providing the intending entrepreneurs and existing Online 24x7 empanelment process
manufacturers with the detailed perspective of the product To facilitate the empanelment process for various goods
under consideration. In FY 2023-24, EIL had organized and services, enlistment portal in EIL is made live on
14 Vendor Meets. 24x7 basis for all suppliers and contractors seeking
empanelment in EIL Master Supplier / Contractor list.
EIL’s Make In India Policy
Under GOI’s Make In India campaign, EIL had issued a Make Handholding through a chain of Regional Procurement
In India Policy in 2016 & revised the same in 2017, with the Offices
objective that foreign companies would get encouragement EIL has 09 (Nine) Procurement offices located throughout
to set up their subsidiary in India or enhance the already India which are closely interacting with the Indian
existing portfolio. This policy encourages Indian subsidiary Manufacturers in respective regions and providing all
of a foreign company (holding 51% or above shares) in necessary procedural and technical support & guidance to
case of selective capital goods and technologies where improve quality and range of manufacturing.
India has limited number of manufacturers and there was
tremendous scope for technology up-gradation. Compressed Bio Gas( CBG)
In order to promote the setting up of 195 CBG Plants in
As per this policy, Indian subsidiary can be enlisted/ qualified
the country through various Oil and Gas companies
in the tenders subject to certain conditions, using the
under the administrative control of MoPNG, a committee
experience & support of either foreign principal or another
was set up by MoPNG to explore information on
subsidiary of the foreign principal, carrying the required
technologies, critical equipment, benchmarks, validation
experience. In FY 2023-24, for 15 product categories, 5
of technologies, standardization of capacities and land
manufacturers have been enlisted / upgraded by EIL.
requirements for the same.
Enlistment through Prototype route
The committee comprised of representatives from EIL
EIL has also issued a policy wherein for sectors where (committee head), IOCL, GAIL, HPCL & BPCL.
only one or two players exist, even manufacturers
without PTR are being allowed to develop prototypes with The committee studied and discussed on technologies for
handholding by EIL. various sections of CBG manufacturing plants like (1) Feed
Pre-treatment (2) Digestion (3) Raw Biogas Upgradation
They were considered qualified based on the successful and found that several technologies are available for
development & testing of a prototype, meeting the performing these functions effectively.
stipulated technical specifications as well as capability
and capacity of the plant being upgraded to meet the Several mature and validated technologies for production of
requisite standards. In FY 2023-24, product profile of one compressed Biogas are available to pave the way for setting
manufacturer is enhanced by EIL. up of several CBG Plants in the country. However, CBG
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Annual Report 2023-24

industry being nascent in India at present, scope exists for ix. The Parliamentary Standing Committee on Official
optimization in the design, technology selection, operation Language inspected EIL’s Head office, Branch office
etc. thereby reducing the overall cost of CBG plants. Mumbai and Regional Office Chennai and were
satisfied with the implementation of official Language
Submission of revised list under 3(a) of revised PPP-MII Policy in the respected office.
order dt 16/9/2020-reg
Based on MoPNG direction , EIL after detail analysis at their Hindi Teaching & Training:
end has submitted revised list of items notified under 3(a) In pursuance of the Official Language Policy of the
which identifies Class -I local suppliers having local content Government of India, 14 employees, not knowing Hindi
≥ 50% eligible to bid for these items irrespective of PO language, are nominated in correspondence course of
values -a earnest step towards growth and development of Ministry of Home Affairs. Cent percent target has been
domestic suppliers. achieved in respect of stenographers and typists.

Hindi Workshops:
19. Official Language
Total 38 nos. of workshops in different Offices were
Implementation of official language organized during the year.
Policy & New Initiatives:
Hindi Fortnight Celebration:
i. Quarterly meetings were held regularly wherein the
progress of progressive use of Hindi was reviewed. The Hindi Fortnight was celebrated during 14 - 29
The meetings of different OLICs of Regional/ Field/ September 2023 in the Company. Various competitions
Procurement Offices were organized and the targets were organized to encourage the progressive use of Hindi
of four meetings as per schedule was achieved during wherein winners were awarded. On this occasion such
financial year. HODs/Head of office and their Hindi Coordinators were
also awarded who have done maximum work in Hindi
ii. Provisions of the Section 3(3) of the Official during the year.
Language Act and the Official Language Rules have
been complied with. Official Language Award
EIL, Research and Development Centre was awarded
iii. Senior Officers of the Company participated the TOLIC Official Language Award for the year 2022-
in the meetings of the Town Official Language 23 by the City Official Language Implementation
Implementation Committee (TOLIC). Committee, Gurugram.
iv. A workshop on “Kanthasth” was organized In the half yearly meeting of TOLIC on 25 August 2023,
under the aegis of TOLIC, Gurugram for the Regional Office Kolkata received the Official Language
members undertakings. Shield as the second prize in the Regional Office category-II.
v. The initiatives taken in the field of IT includes activating
Unicode facilities in all computers, Providing Indic IME, 20. 
Subsidiary, Joint Ventures and Associate
booklet for Standard Noting, PDF of Email Signature Companies
in Hindi and Google voice typing & other software on As on March 31, 2024, your Company has one wholly
the computers and training of all above software’s owned subsidiary, two Joint Ventures including a JV under
were given during Hindi Workshop. Necessary liquidation and one Associate company.
Hindi software’s, Glossary and other material are
installed in the Company Portal for spontaneous 20.1 Subsidiary Company
use of employees.
Certification Engineers International Limited (CEIL), a
vi. Online software for compilation of Hindi QPR of the wholly owned subsidiary of EIL, continued to provide
Company was updated and new features are in the Certification as well as Third Party Inspection (TPI) services
testing process. The Hindi QPR and claim process of to various clients. During the year, CEIL secured a number
Hindi Coordinators is now fully paperless. of assignments from ONGC, MRIDC, Gujarat Metro Rail
Corporation Limited , MEGHA Engineering, Ujjain Smart
vii. Rajbhasha portal is updated and latest annual City Limited, KRCL, East Coast Railway, GSPL, GIGL, MP Jal
programme of Official Language 2024-25 is Nigam Maryadit, Pimpri Chinchwad Municipal Corporation,
uploaded. For better compliance of implementation VMSS, RVNL, L&T, RINL, NLC, SAIL, ISPRL and various
of Official Language in the Company inspections of 09 State Governments.
departments and 06 EIL offices have been conducted.
The Board of Directors of CEIL have recommended final
viii. Three Hindi regional conference were organized for dividend of Rs. 75/- per share (on face value of Rs. 100
the EIL office situated in each region i.e, A, B and C. per share) for the financial year 2023-24, in addition to
Rs. 60/- per share interim dividend already paid during
the year. With this, the total dividend for the financial year
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Director’s Report

2023-24 works out to Rs. 135/- per share amounting to 23. Composition of Audit Committee
Rs. 12.15 Crore.
The recommendations made by the Audit Committee
20.2 Joint Ventures during the year were accepted by the Board. The other
details of the Audit Committee, like its composition, terms
RFCL is a Joint Venture Company of National Fertilizers
of reference, meetings held, etc., are provided in the
Limited (NFL), Engineers India Limited (EIL) and Fertilizer
Corporate Governance Report.
Corporation of India Limited (FCIL) (Promoters) with 26%
equity each by NFL & EIL. FCIL has been granted 11% equity
in terms of CCEA approval. Govt. of Telangana has also 24. Declaration by Independent Director
taken equity participation of 11% equity. The plant with the Independent Directors of the Company have submitted
capacity of 2,200 MTPD Ammonia Unit and 3,850 MTPD the declaration confirming that they meet the criteria of
Urea Plant has declared its commercial operation of the independence as prescribed under Section 149(6) of the
Ramagundam Unit on March 22, 2021 and is operating at Companies Act, 2013, Regulation 16(1)(b) of SEBI (Listing
100% capacity utilization. For financial year 2023–24, RFCL Obligations and Disclosure Requirements) Regulations,
produced 11,14,472 MT of Urea. 2015 and they are not aware of any circumstance or
situation, which exist or may be reasonably anticipated,
20.3 Associate Company
that could impair or impact their ability to discharge their
EIL along with ONGC Videsh Singapore Pte. Ltd., GAIL (India) duties with an objective of independent judgment and
Ltd., IOCL Singapore Pte. Ltd. and Oil India International without any external influence.
Pte. Ltd., having participating interest of 20% each, had
incorporated a Limited Liability Company namely LLC The Board is of the opinion that the Independent Directors
Bharat Energy Office (LLC BEO) in Moscow, Russia to of the Company possess requisite qualifications, experience
facilitate liaising with the Russian Hydrocarbon Industry and expertise and they hold highest standards of integrity.
and to monitor the existing investments in Russia. During Further, Independent Directors of the Company have
the financial year 2023-24, the Company has contributed complied and affirmed to abide by Rule 6 (Creation and
20% share amounting to Rs. 64.59 lakhs towards the Maintenance of Data Bank of Persons Offering to become
administrative expenditures for Office Maintenance and Independent Directors) of the Companies (Appointment
Operations of LLC BEO. and Qualification of Directors) Rules, 2014, as amended
from time to time, and have also declared their inclusion
Further, pursuant to the provisions of Section 136 of the in the data bank of Independent Directors maintained by
Companies Act, the financial statements of the Company, Indian Institute of Corporate Affairs (‘IICA’).
consolidated financial statements along with relevant
documents and separate audited financial statements in
25. Directors and Key Managerial Personnel
respect of subsidiary, is available on the Company’s website
on https://www.engineersindia.com/Investor/Landing The following changes occurred in the Board/Key
Managerial Personnel of the Company:

21. Corporate Governance 1) Shri Ashok Kumar Kalra, Director (HR) ceased to
The Company is committed to good Corporate Governance be director w.e.f 01.10.2023 consequent upon his
as per the requirements of SEBI Listing Regulations and superannuation.
DPE Guidelines. The Board of Directors support the broad
2) Smt. Vartika Shukla, C&MD was holding the additional
principles of Corporate Governance. In addition to the basic
charge of Director (HR) from October 01, 2023 to
issues, EIL Board lays strong emphasis on transparency,
December 31, 2023.
professionalism and accountability. As required under
SEBI Listing Regulations and DPE Guidelines on Corporate 3) Shri Rajeev Gupta, Director (Projects) is holding the
Governance, the Report on Corporate Governance, together additional charge of Director (HR) w.e.f 01.01.2024.
with the Auditors’ Certificate on compliance of conditions
of Corporate Governance is annexed to this report. 4) Shri Arun Kumar, Director, MoPN&G was appointed
as Director (Govt. Nominee) w.e.f.14.05.2024 (date
of allotment of DIN) in place Shri Rohit Mathur
22. Number of Meetings of the Board
who ceased to be Director (Govt. Nominee)
The Board met 5 (five) times during the financial year. The w.e.f 10.05.2024.
meeting details are provided in the Corporate Governance
Report which forms part of this Annual Report. The In terms of the provisions of the Companies Act, 2013
intervening gap between any two meetings was within the and the Articles of Association of the Company, Shri
period prescribed under Companies Act, 2013, SEBI (Listing Rajiv Agarwal, Director (Technical) and Shri Rajeev Gupta,
Obligations and Disclosure Requirements) Regulations, Director (Projects) are liable to retire by rotation and being
2015 and DPE Guidelines on Corporate Governance. eligible are proposed to be re-appointed at the forthcoming
59th Annual General Meeting (AGM).
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The Board places on record its deep sense of appreciation relating to performance evaluation of directors. However,
for the guidance and invaluable contribution made by the the performance evaluation of Directors is carried out by
Directors, who have ceased during the year as Directors the Administrative Ministry, Govt. of India.
of the Company.

Details of the proposals for appointment/re-appointment

27. Vigilance Mechanism/Whistle Blower Policy
of Directors along with their brief profile are provided in the The Company has a Whistle Blower Policy and has
notice of the AGM. established the necessary vigil mechanism for directors
and employees in confirmation with Section 177(9) of
the Companies Act and Regulation 22 of SEBI Listing
26. Secretarial Auditors
Regulations, to report concerns about unethical behavior.
M/s VAP & Associates, Company Secretaries, was This Policy is available at the Company’s website https://
appointed to conduct the Secretarial Audit of the Company www.engineersindia.com/Investor/Landing.
for the financial year 2023-24, as required under Section
204 of the Companies Act, 2013 and Rules there under.
The Secretarial Audit Report for the financial year 2023-24
28. 
Transfer of unpaid/unclaimed dividend
is annexed in this Report.
amounts/ Securities to Investors Education
and Protection Fund
All the comments of Secretarial Auditor were primarily A detailed disclosure on unpaid/unclaimed dividend and
related to Composition of Board of Directors and its shares transferred to the IEPF in Compliance with the
performance evaluation etc. In this regard, it is clarified provisions of the Companies Act, 2013 has been given in
that EIL, being a Public Sector Undertaking (Government the Corporate Governance Report which forms part of this
Company), composition of its Board of Directors is the Annual Report. The same is also available on the website
prerogative of the President of India as provided under the of the Company at https://www.engineersindia.com/
Articles of Association of the Company. Since Government Investor/Landing.
of India is appointing authority for Directors, the Company
communicates to the Administrative Ministry (MoPNG)
as and when a vacancy is created and requests to fill up 29. Nomination and Remuneration Committee
the position. Further, the Ministry of Corporate Affairs EIL is a Public Sector Undertaking (Government Company)
(MCA) vide notifications dated 05.07.2017, inter-alia, had and the appointment of Directors, both Executive and
exempted government companies from the provisions Non-Executive are made by the Government of India
 133
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Director’s Report

and are being paid remuneration as per the terms of 35. Cost Auditors
their appointment. The Company has a Nomination and
EIL does not fall under the cost audit rules and therefore,
Remuneration Committee and detailed disclosure in this
there is no requirement of cost audit for the Company
regard has been given in the Corporate Governance Report
in terms of amended Companies (Cost Records
which forms part of this Annual Report.
and Audit) Rules.

30. Performance Evaluation of the Board

36. 
Conservation of Energy, Research and
EIL is a Public Sector Undertaking (Government Company) Development, Technology Absorption, Foreign
and the appointment of Directors, both Executive and Non- Exchange Earnings and Outgo
Executive are made by the Government of India. Therefore,
In accordance with the provision of the Companies Act,
the Company has not laid down any criteria for performance
2013 and rules framed thereunder, particulars relating
evaluation of the Independent Directors and the Board.
to Energy Conservation Technology Absorption are
However, regular inputs on performance of Independent
given under Research & Development and Sustainable
Directors are being provided to administrative Ministry as
Development Sections of the Directors’ Report.
well as Department of Public Enterprises (DPE).
Information regarding imports, foreign exchange earnings
31. 
Particulars of Contracts or Arrangements and expenditures etc. (excluding exchange difference on
made with Related Parties (RPTs). conversion of foreign currency) is as following:

In line with the provisions of the Companies Act, 2013 and

the SEBI Listing Regulations, the Company has a policy 37. Significant and Material Orders
on materiality of Related Party Transactions and also on There are no significant and material orders passed by
dealing with Related Party Transactions. The same has the regulators or courts or tribunals impacting the going
been posted on the website of the Company at https:// concern status and Company’s operations in future.
www.engineersindia.com/Investor/Landing. The Company
gives the disclosure regarding material transactions with
38. Other Disclosures
related parties on quarterly basis along with the compliance
report on Corporate Governance. As per requirements of No disclosure or reporting is required in respect of the
Section 134 (3) of Companies Act, 2013 read with Rule 8 of following item as either these were not applicable or
Companies ((Accounts) Rule, 2014, particulars of contracts there were no transactions on these items during the
or arrangements with related parties as referred in section financial year 2023-24: -
188 (1) of the Companies Act, 2013 (AOC-2) is annexed
1. Details relating to deposits covered under
to this report. Further, suitable disclosure as required
Chapter V of the Act.
by the Indian Accounting Standard (Ind AS-24) “Related
Party Disclosures” has been given in the Notes to the 2. Issue of equity shares with differential rights as to
Financial Statements. dividend, voting or otherwise.

3. Issue of shares (including sweat equity shares) to

32. Details of Loans/Investments/Guarantees
employees of the Company under any scheme.
In compliance with the provisions of the Companies
Act, 2013, the details of investments made and loans/ 4. Neither the Managing Director nor the Whole–time
guarantees provided as on 31.03.2024 are given in the Directors of the Company receive any remuneration
respective Notes to the financial statements. or commission from any of its subsidiaries.

The names of companies which have become or ceased

33. Reporting of Frauds by Auditor- to be joint ventures or subsidiary companies during
During the year under review, neither the statutory the year are NIL.
auditors nor the secretarial auditor has reported to the
The Company has complied with the applicable
Audit Committee, under Section 143(12) of the Companies
Secretarial Standards (SS-1 & SS-2).
Act, 2013, any instances of fraud committed against the
Company by its officers or employees, the details of which The Company has complied with the provisions and
would need to be mentioned in the Directors’ Report. has in place Internal Complaints Committee under
the Sexual Harassment of Women at Workplace
34. Annual Return (Prevention, Prohibition and Redressal) Act, 2013.
Further, during the financial year 2023-24, no case was
Pursuant to Section 134(3)(a) read with Section 92(1) of
filed under the above Act.
the Companies Act, Annual Return of the Company for
FY 2023-24 is placed at https://www.engineersindia.com/ There were no procedings, either filed by the company
Investor/Landing. or against the company, pending under the Insolvency
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to comply with the requirements of the Act. Besides

the RTI applications received physically, the Company
receives and addresses the online RTI applications
received through the RTI portal www.rtionline.gov.in,
which is a unified RTI portal of the Government of India.
Under the proactive disclosure of the information as per
section 4(1)(b), information has been made available on
Company’s official website – www.engineersindia.com/
RTI and has displayed and regularly update the details
of CPIO, APIO, First Appellate Authority.

During the year 2023-2024, a total of 195 RTI applications

were disposed off timely, by providing information in line
with provisions mentioned in the Act. The Company also
received First Appeals in response to the information
provided by CPIO. 28 RTI Appeals were attended to and
appropriately disposed off by First Appellate Authority
during the aforesaid period.

41. Directors’ Responsibility Statement

Your Directors state that:
a) in the preparation of the annual accounts for
the year ended March 31, 2024, the applicable
accounting standards read with requirements
set out under Schedule III to the Companies Act,
have been followed and there are no material
departures from the same;

b) the Directors have selected such accounting

policies and applied them consistently and made
judgments and estimates that are reasonable and
and Bankruptcy Code, 2016 before National Company
prudent so as to give a true and fair view of the
Law Tribunal or any other court.
state of affairs of the Company as at March 31,
There were no material changes and commitments 2024 and of the profit of the Company for the year
affecting the financial position of the Company which ended on that date;
have occurred between the end of the financial year and
c) the Directors have taken proper and sufficient
the date of this report.
care for the maintenance of adequate accounting
records in accordance with the provisions of the
39. Code of Conduct Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other
EIL has formulated a Code of Business Conduct and
irregularities;
Ethics for Board of Directors and Senior Management
Personnel. All Board Members and Senior Management d) the Directors have prepared the annual accounts
Personnel have given their confirmation of compliance on a ‘going concern’ basis;
for the year under review. A declaration duly signed
by C&MD is given under para 2(vi) of the Report on e) the Directors have laid down internal financial
Corporate Governance annexed to this Report. The Code controls to be followed by the Company and that
of Business Conduct and Ethics for Board of Directors such internal financial controls are adequate and
and Senior Management Personnel are given on the are operating effectively; and
website of the Company at https://www.engineersindia.
com/Investor/Landing. f) the Directors have devised proper systems
to ensure compliance with the provisions of
all applicable laws and that such systems are
40. Right to Information adequate and operating effectively.
EIL, as a Public Authority is implementing various
provisions of the Right to Information Act, 2005 (RTI Act)
42. Statutory Auditors
in true spirit. A dedicated RTI Cell is available at HO-New
Delhi to deal with the matters pertaining to the Act and M/s Datta Singla & Co, Chartered Accountants were
appointed as Auditors of the Company for the financial
 135
Statutory Report
Director’s Report

year 2023-24 by the Office of Comptroller & Auditor Gas and from other Ministries of the Government
General of India. The Statutory Auditor’s Report on of India. Directors are also grateful to the Bankers,
standalone and consolidated financial statements do Statutory Auditors, Comptroller & Auditor General of
not contain any qualifications, reservations, or adverse India and the investors for their continued patronage
remarks or disclaimer. and confidence in the Company.

The Directors thank all our esteemed clients for the faith
43. Comptroller and Auditor General of India’s and trust reposed in the Company. With continuous
(C&AG)’s Audit learning, skill upgradation, technology development,
The C&AG has conducted supplementary audit under your Company continue to provide world class
Section 143(6) (b) of the Companies Act, 2013 and issued professionalism and services to our clients.
Nil comments. The Nil comments report is annexed in
this Annual Report. The Directors thank all associates, vendors and
contractors within the country and abroad, for their
C&AG Paras from other Audit continued support without which EIL could not have
achieved the desired results. Your directors are grateful
As at 31st March, 2024, there is no pending C&AG Paras.
to all the Foreign Missions in India and Indian Missions
abroad in countries where EIL has business operations
44. Bankers for their continued help and support.
Bankers of the Company include State Bank of India,
The Directors wish to convey their appreciation to all
Indian Overseas Bank, Bank of Baroda, Punjab National
employees for the valuable services and cooperation
Bank, Union Bank of India (erstwhile corporation bank),
extended by them and are confident that they will
HDFC Bank, ICICI Bank, Indian Bank, Bank of India,
continue to contribute their best towards achieving still
Canara Bank, Axis Bank, Standard Chartered Bank, EXIM
better performance in future.
bank, HSBC and IndusInd Bank.

45. Particulars of Employees

As per the provisions of Section 197 of the Companies For and on behalf of the Board of Directors
Act, 2013 and Rules made thereunder, Government
Companies are exempted from inclusion of the
statement of particulars of employees. The information
has, therefore, not been included as part of the Place: New Delhi Vartika Shukla
Directors’ Report. Date: 12.08.2024 Chairman & Managing Director

46. Acknowledgement
The Directors are grateful for all the help, guidance and
support received from Ministry of Petroleum & Natural
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Management Discussion & Analysis

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Management Discussion & Analysis

Economic overview & Future Outlook further towards heavier and more sour crudes. In 2023, India
was the fourth-largest exporter of middle distillates globally
India
and the sixth largest refinery product exporter at 1.2 mb/d.
Since the beginning of the 21st century, India’s economic New refining capacity is forecast to boost product supplies
performance has been stellar. Annual GDP growth averaged to global markets to 1.4 mb/d through mid-decade before
6.8% in the decade before 2020 and quickly reverted to edging lower to 1.2 mb/d by 2030 given the steady rise in
trend after the pandemic. India is now a global economic domestic demand.
powerhouse and the uncontested favourite with emerging
market investors. India is on track to register the world’s In India’s energy transition pathway, diminishing demand
fastest expansion among major economies in 2024 for a for transportation fuel such as diesel is projected with the
third straight year, with the International Monetary Fund penetration of Electric Vehicles in the market. The production
projecting that it will contribute more than 16% to global and utilisation of Bioethanol for blending in Gasoline is
economic growth this year. another important area in India’s energy transition. India
is already the world’s third-largest producer and consumer
India ranks third after the USA and China in terms of primary of ethanol, as domestic production has tripled over the last
energy consumption with a global share of around 6 percent, five years. Supported by the country’s abundant feedstocks,
of which the contribution of coal in the energy basket is the political support and effective policy implementation, its
highest, with crude oil taking the second place. With an 18 ethanol blending rate of around 12% is amongst the world’s
percent share of the world’s population, India’s per capita highest. India has advanced by five years its deadline
energy consumption equals 0.6 tonnes of oil equivalent (toe) for doubling nationwide ethanol blending in gasoline to
as compared to the global per capita average of 1.8 toe. Given 20% in Q4 2026.
the anticipated growth of the Indian economy (to 5 trillion
dollars by 2025 and 10 trillion dollars by 2030), India’s energy Natural gas is one of the most important fuels in India’s
demand is set to double in the next two decades. Besides, energy transition journey. India is aiming for a gas-based
India is poised to set up renewable power infrastructure economy by broadening energy access for masses as well as
on a significantly large scale to meet the twin objectives of decarbonizing existing energy sources. The government is
meeting its burgeoning energy demand as well as achieving also targeting to increase the natural gas share in the primary
its Intended Nationally Determined (INDC) targets. energy basket to 15 percent by 2030 from its current share of
around 6 percent. India’s gas demand is expected to almost
As per International Energy Agency (IEA), India is forecast double to reach 115 BCM by 2030 and 170 BCM by 2050.
to be the single largest source of global oil demand growth It has also been proposed that all smart cities be covered
from 2023 to 2030, narrowly ahead of China. Underpinned under the CGD network. Presently, ~38 out of 98 smart
by strong economic and demographic growth, the country is cities (announced) are covered or have an approved CGD
on track to post an increase in oil demand of almost 1.2 mb/d network. The remaining will be considered for CGD network
over the forecast period, accounting for more than one-third development in synchronisation with the development of the
of the projected 3.2 mb/d global gains. The global energy crisis National Gas Grid. To achieve the gas economy vision of the
has cast energy security as a key political priority for countries government, robust investments are planned in LNG and Gas
across the world – and it is a critical imperative for India space wherein Regasification Facilities are being proposed at
given it is highly dependent on oil imports to meet its supply the Western and Eastern Coast of the Nation by both Private
needs. The crisis has also boosted the momentum behind and Public players. LNG Regasification facilities are being
clean energy transitions. Urbanisation, industrialisation, the developed by the Private and Public organizations. Additional
emergence of a wealthier middle-class keen for mobility capacity of 30 MMT is expected to be added in next 10 years
and tourism, plus efforts to achieve greater access to clean to enhance the existing capacity of 42.7 MMT.
cooking, will underpin the expansion in oil demand.
With its coal reserve of almost 300 billion tonnes, India
Consequently, India is on track to post an increase of almost uses about 80 percent of it for power generation. Presently,
1.2 mb/d, accounting for more than one-third of the projected coal forms almost 55 percent of India’s total energy mix.
3.2 mb/d global gains, to reach 6.6 mb/d by 2030. Indian oil With rising environmental concerns, the Ministry of Coal is
companies are investing heavily in the refining sector to meet considering the diversification of coal for its sustainable use.
the rise in domestic oil demand. Over the next seven years, 1 Although coal gasification is a capital-intensive process, it
mb/d of new refinery distillation capacity will be added – more can be a potential source of providing affordable Synthetic
than any other country in the world outside of China. Several Natural Gas to CGD. In this regard, NITI Aayog has prepared
other large projects are currently under consideration that a “National Coal Gasification Mission” to achieve a 100 MT
may lift capacity beyond the 6.8 mb/d capacity. Continued capacity of Coal Gasification by 2030.
investment in refining capacity and complexity will boost light
and middle distillate production, even as the industry pivots
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India is emerging as one of the competitive and high- labour costs and strategic location of the country, which
quality manufacturing destinations in the global market, can be leveraged and turned in to tangible outcomes for the
attracting foreign investments. The Indian Chemical and Chemical and Petrochemical industry.
Petrochemical industry has entered a new phase of growth,
where the world is acknowledging the tremendous potential, The Indian steel industry is very modern with state-of-the-art
it carries to become one of the crucial sectors contributing steel mills. It has always strived for continuous modernization
to the expected 9% growth rate of the economy, which and up-gradation of older plants and higher energy efficiency
would drive India’s quest towards its 5 trillion goal. The levels. Indian steel industries are classified into three
growth and development of the sector are crucial as it is categories such as major producers, main producers and
the mainstay of industrial and agriculture development in secondary producers. TATA Steel, SAIL, NMDC, JSW, JSPL
the country, providing building blocks for downstream and etc are under major producer. India has overtaken Japan
upstream related industries like textiles, paper, fertilizers, to become the world’s second largest steel producer and
pharmaceuticals and others. Presently, India’s chemical and has envisaged achieving 300 MT of annual steel production
petrochemical (CPC) industry holds a significant position in capacity by 2030.
the world market, worth 178 billion USD, and it is expected to
A robust macroeconomic framework, increasing domestic
grow to about 300 billion USD by 2025.
demand and prudent monetary policies implemented by the
The pandemic has compelled the global chemical and Reserve Bank of India (RBI), facilitated the growth of India’s
petrochemical industry to diversify its supply chain base to real GDP by 8.2%. This strategic investment in infrastructure
regions which offer a more lucrative business ecosystem and development projects stimulated private investment and
with favourable investment policies. India appears as one of fuelled domestic demand, playing a crucial role in propelling
the major potential investment regions with Asia’s growing the economy forward.
contribution to the production and sales of the CPC industry.
India’s GDP growth is expected to remain robust in the
Though India at present is well known in the global chemical
financial year 2024-25, projected to grow at a predicted rate
market, to further strengthen its position, it needs to fully
of 7%. India has the potential to become 5 Trillion Economy
utilize the advantages and opportunities it possesses. These
by 2025-26 and 7 Trillion Economy by 2030.
growth drivers are backed up by advantages like lower
The government’s increasing capital expenditure, reaching
India GDP growth rate H12.7 lakh crore in FY241 have played an instrumental role in
the growth of the Indian economy. This strategic investment
FY 2022 9.7
in infrastructure and development projects stimulated
FY 2023 7.0
FY 2024 8.2 private investment and fuelled domestic demand, playing a
FY 2025 7.0(P) crucial role in propelling the economy forward.

Trend in Capital Expenditure (H in lakh crores)

14.0

12.0

10.0

8.0

6.0
11.1
4.0 7.4 9.5
4.1 5.9
2.0 2.8 2.6 3.1 3.4
1.7 1.9 1.9 1.9 2.3 2.4 3.1 3.2 3.9
0.0
8 9 0 1 2 3 4 5
-17 7-1 8-1 9-2 0-2 1-2 2-2 -2 -2
16 01 01 01 02 02 02 23 24
20 2 2 2 2 2 2 RE BE

Grant in Aid for creation of capital assets Capital Expenditure Effective Capital Expenditure

https://www.indiabudget.gov.in/doc/Budget_at_Glance/budget_at_a_glance.pdf
1
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India’s journey towards becoming a developed nation by to November 2023, cargo of 86.47 MMT moved through
2047 hinges significantly on improving its infrastructure, Waterways as compared to 80.44 MMT during April to
a cornerstone for fostering liveable, climate-resilient, and November 2022, i.e. an increase of 7.49%. The government
inclusive cities that drive economic growth. The government’s also aims to operationalise 23 waterways by 2030.
commitment is evident through its allocation of 3.3% of
GDP to the infrastructure sector in the fiscal year 2024, with India has made significant strides in digital infrastructure
particular focus on the transport and logistics segments. development, with rural areas expected to contribute
The outlay for infrastructure development in FY 2024-25 significantly to new internet user growth, with around 56%
has been increased to 11.11 lakh sector. When compared to of total new internet users coming from rural India by
last year, the outlay has seen an 11.1% increase. More cities 2025, according to a report by TransUnion CIBIL. This trend
will get Namo Bharat and Metro Rail infrastructure projects. underscores the increasing connectivity between rural and
Charging infrastructure will be supported by the government urban regions in the country. Massive upsurge in Data
to promote the e-vehicle ecosystem. Centres across the nation is envisaged in the near future.

The Budget for 2023–24 allocated INR 1,244.07 Cr to UDAN, As the country continues on its path towards becoming
doubling the previous year’s budget, with plans to revive 22 a global economic powerhouse, the need for revival of
airports. Additionally, the government outlined the revival economy becomes increasingly apparent, it is quintessential
of 50 additional airports, heliports, water aerodromes, and that Future Ready infrastructure and energy projects are set
advanced landing grounds. up not only as per envisaged plans but at an accelerated
pace. The slew of announcements by the GoI, would provide
India’s railway sector is undertaking ambitious projects enormous job opportunities in the organised as well as un
such as the Mumbai-Ahmedabad Speed Rail Corridor, the organised sector and also create a series of service industry
world’s highest pier bridge under construction, and the and ancillary industries that push the regional growth creating
Chenab bridge in Jammu & Kashmir - the world’s highest new urban centres. Moreover, India’s pledge towards green
railway bridge. With a total Broad Gauge network of 61,508 economy will also ensure opportunities cropping up within
km electrified as of December 2023, the sector has also definite timeline.
introduced 35 indigenously designed Vande Bharat Express
trains, with six more set to launch soon. These trains serve The Company expects that the planned projects and
up to 247 districts across the country. Indian Railways investments related to Refining projects LNG Terminals,
aims to become a Net Zero Carbon Emitter by 2030, with Petrochemical Complexes, Coal gasification, Fertilizers,
211 MW of solar plants and 103 MW of wind power plants Bio-fuels, Green Ammonia and Green Hydrogen as well as
commissioned as of October 2023, along with 2150 MW of Energy transition, Decarbonisation and Net Zero related
renewable capacity tied up. assignments & Renewable Energy would provide good
business opportunities in near future. Necessary reforms/
Sagarmala, the flagship Central Sector Scheme of the revamps within the Offshore/ on-shore installation, Refineries,
Ministry of Ports, Shipping and Waterways, promotes port- petrochemicals, fertiliser, NFM and other installations could
led development in the country through harnessing India’s also probably be taken up in future.
7,500 km long coastline, 14,500 km of potentially navigable
waterways and strategic location on key international
Government Initiatives and Policies
maritime trade routes. The Union Minister for Ports, Shipping
and Waterways said that the country’s total port capacity National Infrastructure Pipeline (NIP)
will increase from the existing 2,600 MTPA (Mn Tonnes per The National Infrastructure Pipeline (NIP) is a forward-
annum) to more than 10,000 MTPA in 2047. From April looking initiative launched by the Indian government with
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Annual Report 2023-24

a projected infrastructure investment of around H111 lakh

crore during FY20-25. The NIP aims to provide high-quality
infrastructure across the country, encompassing key sectors
such as transportation, energy and urban development. As
of now, the NIP includes 8,964 projects at various stages of
implementation, with a total investment exceeding H108 lakh
crore. This initiative is designed to enhance economic growth,
create jobs, and improve the quality of life for citizens by
ensuring equitable access to infrastructure.

PM Gati Shakti National Master Plan

The PM Gati Shakti National Master Plan, launched on
October 13, 2021, is a transformative initiative aimed
at providing multimodal connectivity infrastructure to
various economic zones. This digital platform integrates
the infrastructure schemes of 16 central ministries and the risk of geopolitical fragmentation, pose increasing risks to
departments, facilitating seamless planning and execution global trade and industrial production.
of projects. The plan focuses on enhancing the efficiency
of logistics and transportation networks, thereby reducing Despite facing headwinds such as persistent geopolitical
travel time and costs. By leveraging advanced technologies turmoil, fluctuating commodity prices and elevated
like GIS-based spatial planning tools, the PM Gati Shakti inflationary pressures across both advanced and emerging
plan aims to optimize resource utilization and improve the markets, the global economy demonstrated resilience and
competitiveness of Indian businesses. grew at a rate of 3.2%. With central banks implementing more
accommodating monetary policies and inflationary pressures
Public-Private Partnerships (PPPs) reducing in most regions, the outlook for the global economy
To facilitate private sector participation, the government holds cautious optimism. International Monetary Fund (IMF)
has actively promoted Public-Private Partnerships (PPPs) projections indicate that the GDP growth rate will remain
across various infrastructure domains. This approach has steady at 3.2% in CY 2024 and CY 2025. Growth prospects
opened up opportunities for engineering firms to engage for many developing countries, especially vulnerable and
in the construction and management of airports, ports, low-income countries, have remained weak, making a full
highways and logistics parks. Initiatives like the Bharatmala recovery of pandemic losses ever more elusive.
Pariyojana for road development, Sagarmala for port-led
Gross domestic product in South Asia grew by an estimated
5.3 per cent in 2023 and is projected to increase by 5.2 per
Global GDP growth rate cent in 2024, driven by a robust expansion in India, which
remains the fastest growing large economy in the world.
CY 2023 3.2% Growth in India is projected to reach 6.2 per cent in 2024,
CY2024 3.2% (P) slightly lower than the 6.3 per cent estimate for 2023,
CY2025 3.2% (P)
amid robust domestic demand and strong growth in the
manufacturing and services sectors.
industrialization and UDAN for regional air connectivity
have created a robust pipeline of projects, driving demand The International Energy Agency forecasts oil demand
for specialized engineering and consultancy services. The will rise 1.3 MMbpd in 2024. By 2028, global oil demand is
PPP Appraisal Committee has cleared numerous projects forecast to reach 110.2 million barrels per day. Oil demand
with substantial investments, highlighting the government’s has stayed very strong, both in the U.S. and in other
commitment to fostering private sector participation in countries, both developed countries and emerging markets.
infrastructure development China is expected to account for 17.5 million barrels of daily
oil demand while India is expected to account for 6.8 million
barrels worth.
Global
The global economy continues to display remarkable Amidst the ongoing crises in the middle east, the O&G
resilience, with inflation declining steadily and growth holding companies recognize geopolitical and macroeconomic
up. The chance of a ‘soft landing’ has increased, we are very uncertainty in the year ahead, they’ve also been given a
far from a global recession scenario is the anticipation at IMF. clear mandate to secure supply in the short term while
While rich economies have largely bounced back from the transitioning to cleaner energy in the long term. Increases
COVID-19 pandemic, developing economies have lost ground. in natural gas investment are expected to continue in 2024,
Many are drowning in debt, with more than a third at risk of including investments related to energy transition. In the
crisis. Also, many risks still remained, including geopolitical United States, more natural gas is being produced with a view
tensions in the Middle East and attacks in the Red Sea that to reducing carbon and methane emissions and exporting
could disrupt commodity prices and supply chains. Moreover incremental supplies, especially to Europe. Certified natural
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Director’s Report

gas and carbon-neutral LNG are expected to continue Over close to 6 decades of its existence, the Company has
increasing momentum in 2024. grown and evolved, overcoming numerous challenges
and obstacles to become leading engineering & consulting
Several LNG, petrochemical, Fertiliser are envisaged to organization in Hydrocarbon and other diversified areas.
come up in Africa and Middle East region. In addition to it,
plethora of CCUS projects driven by both need for Blue H2
and decarbonization are being planned in EU, US and Middle 1. Performance highlights for FY2023-24
East region where strong tax credit or clean energy funding is For the year 2023-24, the Company secured
available for such projects. business worth H3406 Crores with segment-wise
breakup as follows: -
The major emerging global themes during the last few years,
besides the rise of Renewables & Digitization, have been Domestic: H 2907 Crores
De- Carbonisation & Hydrogen. Last couple of years have Overseas : H 499 Crores
seen significant investments in projects related to these 2
themes. With the Hydrogen policy in place, India is on green Of the above, OBE/LSTK assignments worth H2111
H2 map of the world attracting technocrats and developers Crores were secured in the Domestic Segment and the
for new projects. Investments are expected in these Company also secured orders worth H1295 Crores in the
emerging areas as well. Consultancy segment

The world’s best chance of avoiding the worst effects of The biggest boost to the Company’s International
climate change requires accelerating the shift to non-emitting footprints was through securing of two assignments
sources of energy, such as wind and solar; increasing energy thereby marking the re-entry of the Company to these
efficiency; electrifying transport, industry and buildings; locations; one in Algeria for FEED and PMC Services for
expanding the use of clean hydrogen and other low-emission new NHT/CCR-Reforming unit and other in Kuwait for
fuels; and investing in emissions abating technologies, FEED for AGRP revamp at MAA Refinery.
including negative emission technologies. The countries in
the developing as well as developed nations have increased Apart from this couple of major assignments won in
their ambitions on climate change. Middle East (ME) region were the award of FEED for
halon Replacement work and CED FWA T.2: Brown Field
The needed increase in clean energy investment is most EWRs - PMRs for LZ and DAS.
stark in emerging market and developing economies outside
China, where clean energy investment needs to increase
almost seven-fold by 2030. Achieving this will require a
Domestic
combination of scaled-up international public support,
international private capital and domestic investment, Hydrocarbon
facilitated by stronger and more effective policies and The hydrocarbons sector plays a vital role in the
Technology availability. economic growth of the country. India’s energy demand
is projected to increase at a rate of 3% till 2040 as the
In line with the emerging trends, the Company is well geared
country aims to achieve a 10 trillion-dollar economy.
up to leverage its technical prowess for rendering service in
The energy sector plays a crucial role in sustaining and
conceptualization and implementation of projects in these
accelerating India’s economic growth. The country has
evolving areas.
already made progress in adopting cleaner energy.

Company overview GoI’s vision of providing clean and affordable energy for
all is central to India’s energy policy. India has committed
Engineers India Ltd (EIL), is a ‘Total Solutions’ engineering
to become net zero by 2070, with five promises
consultancy company providing design, engineering,
(Panchamrit) made at Glasgow COP26. The Company is
procurement, construction and integrated project
committed to continue and excel its business operations
management services from ‘Concept to Commissioning’
in synergy with the vision of GoI. The Company has
with highest quality and safety standards.
been awarded the following Major projects in the
The company is also working towards realising government’s Hydrocarbon sector across Upstream, Midstream and
Decarbonisation and Net Zero vision by playing a key role in Downstream. The projects in the Offshore include
projects evolving out of these themes. Accordingly, EIL has Revamping of Sectionalizing valve stations of 36”& 42”
updated its vision “To be a global leader offering Total energy TPLs and additional requirements for GT and KRIBHCO
Solutions for a sustainable future”. To realize this vision, the at ONGC Hazira on EPC Reimbursable Basis (Part B);
Company is developing clear and executable strategies based Replacement & Additional Installation Of Compressors
on five pillars of growth of Entering into Strategic Alliances, At ONGC, Uran Plant (PART-A); Design Engineering and
Swift Diversification in sunrise sectors, Expand International Project Management Consultancy of Project ‘Creation
Business, Focus on innovation through technologies and of CPP at Geleki, Assam Asset’; Consultancy services for
Achieving Operational Excellence. “Health assessment of Structures for ONGC- Uran Plant
(Phase-1)”; Renovation of living quarter and revamping
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of HVAC of IC, BHS-SCA, MHN, NQO, and WIN complexes Chemicals and Petrochemicals sector the following
on LSTK basis.’; Consultancy services for engineering major assignments have been secured. EPCM Services
document generation for Well Head platforms, ONGC; for 50 KTA ISO-Propyl Alcohol (IPA)nt at Usar - GAIL;
Consultancy (Engineering/ Technical Consultancy) Consultancy Service for Detail Feasibility (DFR) Study for
services for 06 nos. of revamping/ replacement jobs Capacity Expansion of BCPL, Lepetkata; Preparation of
of FEG Section of MH Asset; Consultancy services for Feasibility Report for New Petchem Project – MRPL; DFR
preparation of execution methodology, SOW and cost and EPCM Services for Toluene Xylene Extraction Unit at
estimates for replacement/ refurbishment of bridges in HMEL; Preparation of Detailed Project Report for GSFC’s
MH asset; Consultancy services for LQBM revamping of Dahej Complex; Pre-Feasibility Report for Methylamine
Neelam & Heera Asset; Production from Methanol – NRL; BDEP for 20 KTPA
Super Absorbent Polymer (SAP) Production Plant at
Major assignments secured in the Refinery Sector include KR – BPCL; Project Management Consultancy (PMC)
ARC for Basic & Detail Engineering of CDU-2 Revamp Services for Glacial Acrylic Acid (GAA) Unit at BPCL Kochi
Project - Nayara Energy Limited; EPCM Services for Site Refinery (Phase-1); Techno-Economic Feasibility Study
Enabling for Bina Petrochemical and Refinery Expansion for Standalone Petrochemical Complex at additional
Project (BPREP) at Bina - BPCL; EPMC Consultancy Butibori Industrial Area, Nagpur, Maharashtra –
Services for Petrochemical Evacuation Marketing MIDC; Consultancy Service for Detail Feasibility (DFR)
Terminal Project at Barmer- HPCL; Consultancy study of debottlenecking of GSU/C2+ recovery unit
Services for Coke Drum Replacement at PRPC – IOCL; of BCPL, Lakwa.
Ph-II- Consultancy Services for New Bitumen Plant at
Gujarat Refinery – IOCL; Phase-II of EPCM Services for Pipelines, LNG Projects, Storage terminals and
Biturox Unit at Barauni Refinery – IOCL, Post Bid Design Strategic Storage
& Engineering of Prefabricated Automated Let Down
India has around 17,000 km of pipelines, the majority on
Stations for RPTU Project at Numaligarh Refinery –
the west coast. Further in pursuit of the goal of energy
BAPL; Preparation of BDEP for ARU, SWS, Utilities and
security and to increase the gas share in the country’s
Offsite package, Integrated Detailed Feasibility Report
energy mix from the present 6% to 15% by 2030,
(DFR) for Integrated Hydrocracker Catalytic De-waxing
significant pipeline network expansions are underway.
and SDA unit at HPCL, Mumbai Refinery – HPCL; Study
India’s growing natural gas demand outstripping
for setting up of Aqueous Ammonia unit at Numaligarh
domestic gas production, LNG is playing an increasingly
Refinery – NRL; FEED Preparation for LOBS and SDA Unit
important role. Today, more than half of India’s gas
– HPCL; Detailed Engineering Services for Iso- butane
needs are met with LNG from overseas. India to increase
Production Project at “Guru Gobind Singh Refinery Site”
its LNG import capacity to 155 MMTPA considering 80%
Bathinda (Punjab) – HMEL;
utilization to enhance the use of the cleaner fuel. The
Chemicals and Petrochemicals Company has been instrumental in setting up the LNG
Plants for its clients. The Company secured several
The foundation of a strong nation in today’s era assignments in this segment. EIL was awarded the
depends on how versatile its refineries are in using Project Management Consultancy Services for Proposed
petrochemicals to the best advantage because Pipeline From Mumbai Refinery, Mahul To Rasayani
petrochemicals have become the backbone of Complex, Raigad of BPCL; Engineering Procurement
manufacturing, agriculture, healthcare, and many other Construction Management (EPCM) Services for Ambient
sectors. In India, petrochemicals are a major factor in Air Heating System at KLL; DFR for Land based Terminal
helping the nation become an economic superpower. (Phase-II) and FEED works for (Phase-I & Phase-II) for
It is estimated that the growth trajectory of this sector proposed LNG Terminal at Gopalphur Odisha; Feasibility
shall continue its upward trend owing to the shifting Study for 2nd SPM – HPCL; PMC Services for Additional
consumer preferences, innovations happening in this
sector, and rise in consumer demand. India’s chemical
and petrochemical industry is expected to grow to
about USD 300 billion by 2025.

According to the estimates by the Ministry of Petroleum,

the demand for petrochemicals is expected to triple
by 2040 and touch USD 1 trillion. The Company has
built an unmatched track record of providing services
to major petrochemical projects, having established
10 of the 11 mega petrochemical complexes in the
country. The Company has also ventured into the Niche
petrochemical segment of Acrylic Acid/ Oxo Alcohol/
Acrylates with the implementation of the Propylene
Derivative Petrochemical Project (PDPP) for BPCL, Kochi.
In its pursuit to further strengthen its stronghold in the
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Two Truck Loading Bays of LNG Truck Loading Facility Construction and Operation of Greenfield International
(TLF) at KLL; Consultancy Services for FEED Engineering Airport at Bhogapuram, Vizianagaram District, Andhra
Services for unloading pipelines, onshore storage tank Pradesh – AAI; Review/Due Diligence of Existing Detailed
farm and associated facilities at GCPL Dahej – GCPL; Project Report & PMC Services to Augment & Up-Grade
PMC for the project of “Engineering, Procurement and Water Supply in the Jhagadia Industrial Area – NAA-
Construction for Development of Mechanized Fertilizer GIDC Jhagadia; PMC services for IT Development &
and Other Clean Cargo Handling Facility at Berth No.14 In E-Governance at Jaipur, Rajasthan – DoIT; Preparation
Deendayal Port, Kandla” - DPT; Preparation of Detailed of Environmental Impact Assessment Report (EIA) for
Feasibility Report (DFR) and EIA/RRA Study for Crude Oil EC Clearance including CRZ for proposed International
Terminal (COT) and product tanks at MBPT – Jawahar Airport at Puri, Odisha – IDCO;
Dweep Island - HPCL; Detailed Feasibility Report (DFR)
for LNG Transport from Kochi to Sri Lanka through ISO Metallurgy
Container – PLL; Part-A-Pre-Feasibility Report for LNG
The surge in infrastructure development directly
Storage, LNG reloading and regas opportunity – SHELL;
translates into increased demand for metals and
Third party inspection services for design, supply and
minerals, driving the growth of the metal and mining
installation of flexible, articulated concrete mattress
sector in India. As a result steel consumption is expected
on 48-inch subsea crude line at HPCL, Vizag Refinery –
to reach 230 million tonnes by 2030 from a current
COMACOE, Preparation of FEED Package for 3rd LNG
119 million tonnes in 2023. Additionally, projections
Storage Tanks – PLL; Engineering Consultancy works
indicate that aluminium consumption in India will more
for rerouting of imported Crude Oil HRRL Pipeline at
than triple from 2.6 million tonnes in 2021 to reach an
Gundala Land – APSEZL; etc.
impressive 9.5 million tonnes by 2030.
Infrastructure
In the Metallurgy segment, major assignments secured
India’s infrastructure sector has emerged as a key include Consultancy Services for Daitari Iron Ore Mines
driver of economic growth, with robust demand fueled for execution in MDO mode – OMC; Consultancy Services
by rapid urbanization, population growth and the for JSPL’S New DRI-2 Plant at Angul – JSPL; Consultancy
government’s vision of achieving a $5 trillion economy services for “Execution of the proposed 4.2 MTPA
by 2025. The infrastructure sector in India is expected to project through MDO mode at Kodingamali Bauxite
grow at a CAGR of 8.2% by 2027, government initiatives Mines – OMC; Updation of DPR for Pottangi Bauxite
such as the PM Gati Shakti, Housing for All, National Mines of NALCO; Preparation of tender document,
Infrastructure Pipeline, etc being the key enablers. cost estimation, evaluation of proposal and selection
These initiatives are bound to increase the construction of agency for construction & monitoring of the Gabion
of homes, roads, airports, and railways – the process Wall (RE Wall with Gabion facia) for enhancing the
of which requires substantial amounts of steel and holding capacity of overburden dump of South Kaliapani
construction materials. Chromite Mine – OMC; Engagement of Consultant for
obtaining Environmental Clearance (EC) and Consent
These initiatives have created numerous opportunities to Establish (CTE) for brownfield expansion of Smelter
for both domestic and international players in the at Angul by addition of 5th Pot line – NALCO, Technical
infrastructure sector. The government’s emphasis Report to assess the requirement of Land and water for
on public-private partnerships (PPPs) has opened up the proposed 4.0 MTPA Green Field Alumina Refinery
avenues for private sector participation in various and 175 MW CPP of M/s Kalinga Alumina Limited in
infrastructure domains, including the construction of Rayagada district of Odisha – IPICOL; Detail feasibility
airports, ports, highways and logistics parks. study of Permanent approach road with soil stability
measures to outside dumping area over 168 Ha. in
In Infrastructure segment, the Company bagged several South Kaliapani Chromite Mine of OMC Ltd.; Updation
assignments. Major assignments secured are PMC of Cost Estimates of the DPR for Brownfield expansion
(Depository Basis) for Construction of Multi-Storied of Smelter & Upgradation of existing Pot lines – NALCO.
Building for Integrated Office-cum-Data Centre Complex
at Patel Dham, 35 S.P. Marg, New Delhi – Intelligence Sunrise Sector & Energy Transition (BioFuels/
Bureau; Upgrading of IPSHEM to World-Class Facility” Green H2/ Ammonia/ CCUS/ Coal Gasification /
at IPSHEM, Goa, on EPC reimbursable basis – ONGC; Waste to Fuel)
PMC (Depository Basis) for Comprehensive Design
Engineering & Project Management Consultancy for Several key assignments have been bagged catering
Development and Upgradation of Infrastructure at to Nation’s decarbonisation & Net zero commitments.
NSEZ Noida on Deposit Basis - Noida SEZ; IEW-2024 Your esteemed company bagged Project Management
related Infrastructure works in ONGC scope on EPC Consultancy (PMC) Services for the Sustainable
Reimbursable basis – ONGC; Independent Engineer Aviation Fuel (SAF) Project at Panipat Refinery &
Services for PLI Scheme for Advance Chemistry Cell Petrochemical Complex (PRPC) – IOCL; Project
of MHI; Independent Engineer for Development, Management Consultancy services for establishing
4 MW PEM Electrolyzer based Green Hydrogen Plant
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at Neyveli, Tamil Nadu – NLC; PFR for 2G Ethanol Steam for Power Generation through BPST in Ruwais
Bamboo based Bio-Refinery at Meghalaya – NRL; Train-4 (on TSA basis) etc
Collaborative Development of Technology Document
required for subsequent Tendering and Award of 150 EIL is consistently in pursuit of enhancing its geostrategic
TPD Green Urea R&D – NTPC; Pre-Feasibility Report for outreach in lines with the vision of GoI.
Coal Gasification Project at Margherita – NRL; Techno-
Economic Feasibility Study to establish Ammonium 2. Financial Performance
Nitrate plant of 400 TPD capacity for commercial The key highlights of the financial performance of the
operation in SCCL through gasification of coal – SCCL. Company for the year, as stated in the audited financial
statement, along with the corresponding performance
Overseas
for the year are as under:
The Company has leveraged its strong track record to
(Figures in H Lakhs)
successfully expand its operations internationally. The
Company has earned recognition for jobs executed Sl.
Particulars For 2023-24 For 2022-23
in several countries of Middle East, North Africa and No.
South East Asia including Algeria, Bahrain, Iraq, Kuwait, A. Income
Qatar, Saudi Arabia, UAE etc. Most of the major oil & gas i) Consultancy & 145429 141791
companies in these regions like ADNOC, GASCO, ADCO, Engineering Contracts
ZADCO, KNPC, BAPCO, BANAGAS etc. have utilized EIL’s ii) Turnkey Contracts 177787 186585
services for their prestigious projects. EIL’s Delhi office iii) Other Income 22460 16918
and Abu Dhabi office is catering to clients in ME region. TOTAL INCOME 345676 345294
The Dangote Refinery and Petrochemical Project, B. EXPENDITURE
Nigeria, comprising a 650,000 BPSD grassroot Petroleum i) Cost of rendering 295182 298768
Refinery and 830 KTPA Petrochemical Complex, is in full services
swing and the Company is contemplating its focus on the ii) Depreciation & 3453 2522
African countries as a part of its geo-strategic outreach. Amortization
Apart from this, the Company has also been leveraging Total 298635 301290
C. PROFIT BEFORE TAX 47041 44004
its presence in Middle East, Africa, Latin America and
(A-B)
neighbouring countries.
D. Provision for Current 13033 9223
Some of the major assignments secured by the tax
Company include Change Order for EPCM Services for E. Provision for Deferred (1558) 554
Green-field 4000 TPD Urea and 2300 TPD Ammonia Tax
Complex in Nigeria; FEED and PMC Services for new F Earlier Year Tax (133) 12
NHT/CCR-Reforming unit in Algeria – SONATRACH; Adjustments, Short/
PMC Services for EPC-1(LNG Storage) & EPC-3 (Utilities (Excess)
& BOP) Packages of LNG Terminal; FEED for AGRP G. PROFIT FOR THE YEAR 35699 34215
revamp at MAA Refinery from KNPC; Engineering (C-D-E-F)
Services for Reduction of Flare Gas from the Ourhoud H. OTHER 1724 708
Field – Sonatrach; Engineering Design Package (Pre- COMPREHENSIVE
FEED) for Installation of Desalters in No 4A and 5 CDU INCOME
I. TOTAL 37423 34923
at Bapco Refinery (on ESA basis); Engineering & Project
COMPREHENSIVE
Management Consultancy Services for the proposed
INCOME
new NG/Off Gas Fired Boiler of 250 TPH capacity and
BOP at DFL site – Dangote Fertilizers etc.
2.1 Segment wise Performance
The Company also received several assignments for
from ADNOC Group. Major ones being FEED for halon Segment wise Performance In line with the Indian
Replacement work; CED FWA T.2: Brown Field EWRs Accounting Standard (Ind AS-108) “Operating Segments”,
- PMRs for LZ and DAS; CED FWA T16: Lower Zakum the Company has (segmented) strategized its business
Facilities Hazop / Engineering Packages and C5934 activity into two business segments i.e., Consultancy
- Study requirements to put DIYAB Appraisal well & Engineering Projects and Turnkey Projects, taking
ZK420 (WHT ZK-374) on Production; CED.FWA.T10-Abu into account the organizational structure and
Al Bukhoosh (ABK) Facilities Engg. Framework PMRs internal reporting system as well as different risks
& EWRs Package - 2 (M1564/20175); FEED for SARB and rewards of these segments. Segment results
Produced Water treatment value; ES for MOL Welding are given below:
Workshop, FEED for Upgradation of Crude Storage
Tanks Foam System & Replacement of the Obsolete F&G
Detection System; FEED services for RMU substation at
Zirku Island; Revalidation of Pre-FEED Process Waste
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(Figures in H Lakhs)
Year ended Year ended Particulars 2023-24 2022-23
Particulars
31.03.20224 31.03.2023 Trade Receivables / 1.17 1.29
Segment Revenue Turnover (Month's
Consultancy & Engineering 145429 141791 Turnover)
Projects
Turnkey Projects 177787 186585
Total 323216 328376 As there is no significant change (i.e., change of 25% of or
Segment Profit From more as compared to the immediately previous financial
Operations year) as per SEBI (Listing Obligations and Disclosure
Consultancy & Engineering 32531 38309 Requirements) Regulations, 2015 in above key financial
Projects ratios. Hence, no explanation is annexed thereto.
Turnkey Projects 10242 5211
Total(A) 42773 43520 3. Risk & Concerns
Interest 299 144
Other un-allocable 17893 16284 The Company has a Risk Management Policy with a
expenditure* robust Risk Management frame work, which facilitates
Total(B) 18192 16428 assessment of new risk and review of presently identified
Other Income(C) 22460 16912 risks. Based on the probability and impact of the risk,
Profit Before Tax(A-B+C) 47041 44004 requisite controls and action plans have been designed
Income Tax Expense 11342 9789 and implemented. The objective of the corporate
Profit for the year 35699 34215 Risk Management function is to ensure sustainability
Capital Employed** 231128 210566 of the organization by professionally managing
the Enterprise Risks. Enterprise Risk Management
involves Identification, assessment, analysis, mitigation
*includes H1,423.23 Lakhs (previous year: H3144.20
and monitoring of the Risks. The Enterprise Risk
Lakhs) towards provident fund liability/ provision
Management framework at EIL is designed towards
for impairment on account of Provident Fund
the above. The Enterprise Risk Management system
Trust investment.
of the Company performs the above mentioned Risk
**Property, Plant & Equipment and other assets used in Management activities across the business functions
the Company’s business or segment liabilities contracted of the organization. The Company’s Risk Management
have not been identified to any of the reportable process has also been integrated with the Quality & HSE
segments, as these assets and support services are Management System requirements as per ISO 9001 &
used interchangeably between segments. Accordingly, ISO 45001, so that the same is taken care effectively on
no disclosure relating to total segment assets and day to day basis for all deliverables and activities. The Risk
liabilities has been made and capital employed has Management framework of the Company is overseen by
been presented. the Risk Management Committee of the Board. EIL has
identified Key Risks across various business processes
2.2 Financial Performance in relation to Operational namely Procurement, Construction, Engineering,
Performance Project Management, Marketing, Human Resources,
The Company has registered turnover of H3,23,216 Lakhs in Cyber Security, ESG, Legal, Accounts & Recovery. An
FY 2023-24, as stated in the audited financial statement. The independent group (Corporate Risk Assurance) audits
revenue from consultancy business is H1,45,429 Lakhs and the compliance verification of mitigation action plans
from Turnkey Project is H1,77,787 Lakhs.

The Company has recommended a final dividend of H1/-

per share (Face value H5/- per share) in addition to interim
dividend of H2/- per share paid during the year.

2.3 Key Financial Ratios

Particulars 2023-24 2022-23

PBT / Turnover 14.55% 13.40%
PAT/ Turnover 11.04% 10.42%
PBT / Capital Employed 20.35% 20.90%
PAT / Net Worth 15.45% 16.25%
Turnover / Net Worth 1.40 1.56
(number of times)
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regularly and the results are presented to the Risk reasonable assurance with regard to maintenance of proper
Management Committee of the Board. The Company accounting controls, monitoring economy and efficiency
uses its in-house developed software package Enterprise of operations, protecting assets from unauthorized use or
Risk Management System (ERMS) to conduct these losses and ensuring reliability of financial and operational
audits across multiple locations and departments. information. The Company has continued its efforts to align
Being a Project Management organization, Project all its processes and controls with global best practices. Some
Risk Management framework has been put in place so significant features of the internal control systems are:
that project specific risks are identified, assessed and
mitigated. Regular Risk Management meetings are Preparation and monitoring of Annual budgets for all
conducted and reports are issued to the stakeholders. operating and service functions.
The status of Enterprise Risk Management (ERM) &
Well established reviews by Internal Audit teams and
Project Risk Management (PRM) Systems is presented to
reports to Management / Audit Committee regularly
the Risk Management Committee of the Board regularly.
on the adequacy and compliance of internal controls
A digital newsletter ‘Risk Screen’ is being issued to all
across the Organization.
employees, to promote awareness and to sustain &
improve the Risk Management culture. The newsletter Clear delegation of power with authority limits for
covers case studies, survey reports and best practices on incurring Capital and Revenue expenditure.
Risk Management apart from apprising the employees
on the Risk Management updates within the company. Corporate policies on Accounting and Capital Acquisition.
Employees across all levels are being continuously trained
Corporate Management Information System (CMIS) for
on Risk Management to improve awareness levels and
Management Information System etc.
increase their contribution and involvement towards the
Risk Management function. EIL is continuously improving MoPNG Pariyojana Dashboard is used by Ministry
its risk management capabilities in order to protect and Monitoring Cell (MMC), EIL, for third party monitoring
enhance the interests of its stakeholders. of projects on behalf of MoPNG

4. Internal Control System-

5. Memorandum of Understanding (MoU) with
The Company has adequate systems of internal controls and Govt. of India
documented procedures covering all financial and operating
functions, in place. These have been designed to provide
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Memorandum of Understanding (MoU) with MoPNG Project Report & PMC Services to Augment & Up-Grade
(Ministry of Petroleum & Natural Gas) for the financial Water Supply in the Jhagadia Industrial Area for NAA-
year 2023-24 was signed on September 27, 2023. With GIDC Jhagadia; PMC services for IT Development &
a focus on profitability and sustainable growth, various E-Governance at Jaipur, Rajasthan for DoIT; Preparation
financial and non-financial parameters like revenue from of Environmental Impact Assessment Report (EIA) for
operations, return on net worth, asset turnover ratio, EC Clearance including CRZ for proposed International
export/ income from overseas and commissioning of Airport at Puri, Odisha for IDCO
solar power system etc. have been included in the MoU
for the year 2023-24. Besides, certain Government’s EIL is also playing a crucial role in providing technological
priorities/ programmes such as procurement from GeM, solutions for decarbonizing the aviation sector in
MSE sector have been also included for compliance. collaboration with CSIR-IIP, Dehradun. In this regard,
EIL is providing technology support and consultancy
During 2023-24, the Company was awarded “Very Good” services for production of Bio-ATF for MRPL. EIL is
rating in MoU for the financial year 2022-23. poised to take several upcoming opportunities in the
Biofuels segment based on its project implementation
Significant Initiatives – credentials in this sector. In addition, EIL is involved in
The country is gearing up to witness a slew of investments the preparation of DFR for setting up bamboo based
in the Refinery and Petrochemical sector. Various biorefinery project at NTPC Bongaigaon and also in
Feasibility studies were prepared by the Company in preparation of Detail Feasibility Report for Biomass
this regard. Further, these Feasibility assignments shall to Ethanol via Gasification and Gas Fermentation
culminate into big ticket investments, and not only route for SEDL.
bring revenue for client and EIL, but also development
for the nation. In line with EIL’s vision “To be a Global Leader offering
Total Energy Solutions for a Sustainable Future.”
Having consolidated its leadership position in Oil & Technical Support Services (TSS) contracts are also being
Gas (including Refinery & Petrochemicals), Fertiliser worked in Private and PSU Clients in domestic sector.
and NFM sector, the Company is also focussing on
emerging opportunities in Coal to Chemicals, projects The Company is also conceptualizing and mapping
under decarbonisation theme, viz. Energy efficiency opportunities in the GATI SHAKTI Mission for providing
& emission reduction projects, Green H2/ Ammonia/ services in the Port & Terminals, Containers and Ware
Chemicals and CCUS projects. The Company has houses across the identified regions. Key assignments
secured several such consultancy assignments which have also been bagged in the area of energy efficient
are in line with the vision of GoI. Leveraging its rich infrastructure. Some of them include consultancy
experience technical prowess, EIL envisions to be global services as Independent Engineer for Development,
leader offering Total Energy Solutions for Sustainable Construction and Operation of Greenfield International
Future. EIL is committed to play a crucial role for helping Airport at Bhogapuram, Vizianagaram District, Andhra
nation fulfil its Net Zero pledge by offering its services to Pradesh for AAI; We are anticipating more such projects
clients in setting up sustainability related projects. in this sector in near future. It is worth noting that EIL
is already implementing infrastructure projects related
As a part of strategic diversification initiative, Engineers to Data Centres, Leh Airport, Fintech University &
India Limited (EIL) has entered into a Memorandum of Technological Park, Horticulture Marketing, Restoration
Understanding (MoU) with GPCL MoU between EIL and of Heritage buildings etc
GPCL for their various Projects, also EIL has entered in
to MoU with Sunrise CSP India Private Limited, Sunrise EIL has also made significant suo-moto initiatives to offer
CSP PTY Ltd, Sunrise CSP International Ltd for projects in prospective clients with opportunities for improving
the renewable sector. performance by means of Energy Optimization, Yield
Improvement, Refinery Petrochemical Integration, Pet-
The Company has secured Major assignments secured Coke Gasification for Refinery-Fertilizer Integration,
such as the PMC (Depository Basis) for Construction Bottoms Upgradation, Coal Gasification, Bio Fuels,
of Multi-Storied Building for Integrated Office-cum- Green Hydrogen etc.
Data Centre Complex at Patel Dham, for Intelligence
Bureau; Upgrading of IPSHEM to World-Class Facility” Continuing to our entry into Green H2/ Chemical
at IPSHEM, Goa, on EPC reimbursable basis for ONGC; segment by securing a Study assignment from NRL, a
PMC (Depository Basis) for Comprehensive Design PFR for 2 G Ethanol ( Bamboo Based Bio Refinery) at
Engineering & Project Management Consultancy for Meghalaya. Further EIL has also secured PMC services
Development and Upgradation of Infrastructure at for establishing 4 MW PEM Electrolyzer based Green
NSEZ Noida on Deposit Basis for Noida SEZ; IEW-2024 Hydrogen Plant at Neyvelli, Tamilnadu along with
related Infrastructure works in ONGC scope on EPC Collaborative development of Technology document
Reimbursable basis for ONGC; Independent Engineer required for subsequent tendering and award of 150
Services for PLI Scheme for Advance Chemistry Cell TPD Green Urea.
of MHI; Review/Due Diligence of Existing Detailed
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Synergizing with the government’s emphasis on Some of HR’s Key Initiatives and Best Practices include:
Valorization of coal for energy security and petrochemical
import substitution, the Company bagged several • In order to address short term & long-term
consultancy assignments from major players in Coal, requirements and to cater to dynamic business needs,
power and Steel sectors such as the Pre-Feasibility Study diverse recruitment models are adopted with intake
for Coal Gasification Project at Margharita , Techno of fresh talent, domain specialists, short-term hiring
Economic Feasibility Study to establish Ammonium through agencies, fixed term hiring and on boarding
Nitrate plant of 400 TPD Capacity for commercial consultants/advisors.
operation in Singareni Colleries Company Ltd through
• National Pension System was launched during the year.
Gasification of Coal as well as the Consultancy Services
Several awareness programmes were conducted for
for New DRI-2 Plant at Angul for M/s JSPL. EIL is in
employees posted all over India and abroad.
active discussion with these players to pursue other
opportunities arising in their othe expansion, Coal • Holistic review of various Loans and Advances granted
Gasification and decarbonisation projects to employees was done during the year. Accordingly,
enhancement in ceiling of various advances was
After consolidating its presence with Two Major
carried out and a new Advance named Sahyog was
Contracts in Nigeria, the Company is contemplating
also introduced.
its focus on the other African countries as a part of
its geo-strategic outreach, and is in active discussion • A robust and transparent Performance Management
with various other countries for several project System is in place which enables fostering of a
opportunities. EIL, in its endeavour to seek projects in performance-based culture & performance assessment
Middle East, has managed to secure assignments from in line with Industry best practices.
the ADNOC Group Companies for Technical Support
Services (TSS) contracts, General Service Agreement • As an endeavor to continuously align Company’s
with BAPCO, Bahrain. processes with objective of sustainability and for
achievement of Net Zero target by 2035, digitization
The Company has also been leveraging its presence in exercise of various employee claims was taken up
Middle East, Latin America and neighbouring countries. during the year to make the processes more user and
In Russia, EIL is in discussions with clients for projects / nature friendly.
assignments in the hydrocarbon sector.
• Recognition of individual contribution as well as team
EIL has identified opportunities that are being pursued efforts of Talented Professionals, Functional Experts,
in view of the Bilateral Engagements with Countries and Innovators & Supporting Staff was carried through
Line of Credit offered by Government of India to countries Annual Awards scheme.
for Energy Projects. Emerging opportunities arising in Oil
and Gas ( incl Refineries and Petrochemicals), Fertilizer, • Training & Development Division succeeded in its
Metallurgy, Infrastructure sector in Core areas as well endeavour in conducting training programs as per
as sustainability domain are being actively pursued with Annual Training Calendar 2023-24 to enhance domain
clients in SE Asia, Middle East, Africa, CIS, Latin America and behavioural competencies of the employees. In
& SAARC countries. addition, need based programmes such as Workshop
on “Presentation Skills”, “Synergia- Team Building
It is imperative for a company like EIL to leverage Programmes at onsite and offsite locations, Contract
its technical prowess for rendering service in Management etc. were conducted to address specific
conceptualization and implementation of projects in domain and business needs.
area of evolving themes. While executing projects, EIL is
actively involved in giving fillip to Government’s Make in • Expert Lecture Session series named ‘SUVIGYA
India and Atmanirbhar Bharat theme. VYAKHYAAN SHRINKHALA’ was carried out on monthly
basis through speakers from Industry and Academia.

6. Human Resources • In continuation of EIL’s efforts to augment technical

HR plays a pivotal role in the Company by enabling capabilities of Industry, 17 training programs for
strategic utilization of Human resources to serve national & international clients in Oil & Gas, Fertilizer &
business goals. EIL has always placed a strong emphasis Infrastructure sectors were organized.
on the ongoing transformation of HR processes to
• EIL’s Advance Leadership Development Program was
cater to rapidly changing business requirements and
organized covering 18 officers in level 19-20, with focus
developments that are occurring in the energy sector.
on enhancing productivity and augmenting Professional
As a people-centric business, the HR department
& Personal Excellence.
consistently aligns with the organization’s growth
objectives and develops procedures and policies to • Aarohan-Leadership Development programme,
enable its Human Resources to meet objectives and designed to include Action Labs that provide
produce desired outcomes. Development Inputs on themes centered around
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‘Leading Self, Leading Teams & Leading Organizations, System), Piping (Plant Design Management System),
was organized for 32 participants of Batch XIV Structure (STAAD. Pro) etc.for improving the operational
commenced in January 2024. efficiency of EIL system.

• In endeavour to create continuous learning

opportunities for professionals, ’Daksh’ the 11 days 8. Marketing
Management Development Program was organized for The Company is constantly evolving its operations
officers in level 16 to 18 during the year. to enhance brand value and create avenues for
sustained growth in this VUCA world. A robust TEAM
• Mentorship Development Programme is in place
at Marketing & Business Development at EIL ensures
wherein trained mentors have been assigned to the new
to provide the much-needed outreach to fulfil the
comers (mentees) in the ratio of 1:3 (Mentor: Mentee).
growth ambitions of the organization. EIL has over the
Mentors were assigned to 80 MTs as well as regular
decades under taken various endeavours to establish a
employees who joined during FY 2023-24.
strategic and sustainable portfolio. We have adapted,
• Leveraging “YOUPHORIA” , a Photography Competition evolved and built our strengths and capacities in this
“Darpan” on the theme of “Essence of Life” was organized environment of immense competition in the areas of
for officers millennials in EIL. Further, Intra-Industry our business operations. The team at Marketing and
Technical Paper Writing Competition - ‘URJAALEKH’ Business Development is pursuing new sunrise sectors,
was also organized to encourage millennials across all sustainable sectors, New Geographies as well as new
OIL & Gas PSUs. business models. The team is also providing support
to the Abu Dhabi office of EIL in its pursuit for projects
• Mother to Mother (M2M)- New Mother Mentoring from the Middle East and North Africa region.
Programme was undertaken that facilitated one-on-one
advice to new mothers with children upto 2 years of age
by more experienced working mothers towards creating
In the past couple of years EIL has augmented its
opportunities for discussion on Women’s Health and
clientele with clients from the Govt/ Private sector in its
Financial Well-being.
core as well as diversified areas of business operations.
• e-Learning Modules have been developed to augment the The team at Marketing and Business Development is
training inputs provided to Management Trainees and engaged in anticipating the requirements of the clients,
other New Joinees on Company Business, Department carrying out regular interactions and providing the
Functions, Key Processes. Thus, the learner has the solutions in the best possible manner along with value
flexibility to learn at his/her own pace and schedule. add suggestions, if any.

• Various employee welfare initiatives were taken EIL is also keen to offer its engineering and innovative
ranging from organizing talk cum interactive sessions technology services in the emerging areas like CCUS,
on emerging health issues and building awareness Waste to-Energy, niche chemicals, Crude-Oil-to-
on lifestyle enrichment matters, extension of medical Chemicals (COTC), evolving green hydrogen (GH2)
benefits through empanelment of hospitals etc. production technologies, etc. to buttress the efforts led
Aarogyam i.e. Daily Online Yoga Session for Employees by the industries toward the stated net-zero objectives
and their Family members have been initiated to of the country. The company management is actively
propagate the concept of wholesome fitness which will engaged with the clients with the evolving business
lead to enhancement of employee productivity. scenario and is providing significant direction to the
team with regular interactions.

7. Operational Improvements The Regional Offices and Procurement/ Inspection

Offices in India and abroad, International offices at
Keeping in view the Company’s emphasis on improving
Abu Dhabi & Russia have been mandated by the
the operational efficiency, various initiatives have
management with scouting for business opportunities
been undertaken to move towards creating a robust
in their respective regions of operation.
Knowledge Management (KM) System. Electronic
Document Management System (eDMS) is being utilized
for live projects effectively for this purpose. Other 9. Diversification
softwares are also being used by various divisions like EIL is synergizing its areas of operations in line with
Project Controls such as Project Progress Monitoring the vision of the Government, while keeping its Core
System (PPMS), Project Material Management System Competencies intact. The business opportunities in the
(PMMS), Computerized Online System for Material relevant segments of the adjacent sectors are being
Allocation at Site (COSMAS), Hold Management System scrutinised for further deep dive.
(HMS) etc. for improving the efficiency of projects.
Technical departments are also using various other Your company has made a substantial headway in
software packages like Process (Process Data Integration diversified and new sectors of operation by leveraging
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its technical prowess in core Hydrocarbon, NFM and EIL is now leveraging its technical prowess and its
Infrastructure sectors. Your company has also achieved project management capabilities for sustained business
significant diversification in the Sunrise sectors & development activities in the sectors of Water and Waste
areas related to Energy transition ( Coal gasification, Water Treatment, Urban Infrastructure, Ware House and
Bio-Fuels, Green H2/ Ammonia/ Chemicals, CCUS) and Cold Storages, Data Centres, PCPIRs, Airports, AMRUT,
steel sector. We foresee plethora of opportunities etc as part of expansion into new lines of business. EIL
under decarbonization and Net zero theme, wherein is also preparing itself for strategic entry into the sectors
EIL’s experience in carrying out energy audit, energy of Ports, Harbours and Jetties. Active discussions are on
efficiency & Emission reduction studies and handling/ with major clients.
treatment of CO2 gases would prove beneficial in
securing assignments. In synergy with the various policy The Defence Sector also provides an array of
announcements by GoI in the Green H2/ Ammonia/ opportunities with complex and niche chemicals for
Methanol your company is focussed to secure weaponry being manufactured at Ordnance Factories.
assignments arising from such policies/ missions. EIL is making endeavour for leveraging its expertise of
Technical Consultancy in the Hydrocarbon and Chemical
EIL is also mapping all the emerging areas where in arena to the Defence sector to gain foothold.
Government, with the Aim of strengthening domestic
manufacturing, is announcing PLI Scheme or VGF for With reference to diversification in new territories, last 1
setting up projects. The Semiconductor, Battery Storage year has been very fruitful. After almost a decade, your
or Manufacturing of Solar Cell Modules through setting company made its re-entry into Algeria by bagging FEED
up Metallurgical grade silicon, Polysilicon plant route or and PMC Services for new NHT/CCR-Reforming unit of
Bio-Fuels projects or waste to Energy projects are the M/s Sonatrach and Engineering Services for Reduction
new sunrise sectors and are foreseen as projects of of Flare Gas from the Ourhoud Field for M/s Sonatrach.
future. EIL is in active discussion to render its services Attempts are on to win more projects in that region.
in capacity of a Technical consultant and is willing to EIL is consolidating its position in Nigeria on award of
collaborate with equivalent technology providers for EPCM Services for Green-field 4000 TPD Urea and 2300
securing its position in these sectors.. TPD Ammonia Complex. Your company is in active
discussion with clients from Latin America, Europe,
EIL is also in active discussion with Power sector clients Africa , ME region and Russia.
to pursue opportunities wrt rendering consultancy
services in expansion and greenfield` projects, and also
sustainability projects wrt Flue gas desulphurisation 10. Cost Control & Monitoring
and decarbonisation. Projects under Nuclear sector Effective cost control measures like reduction of
are being scouted and discussions are ongoing with support staff and overheads, better cost monitoring etc.
NTPC and NPCIL. have been taken up.

EIL has been in active discussion with Steel players

and also bagged assignments such as the Consultancy 11. Corporate Social Responsibility
Services for New DRI-2 Plant at Angul for M/s JSPL. The CSR Policy of the Company is aligned with the
Besides the core steel plant expansion, we do national focus on inclusive growth, DPE Guidelines on
foresee several opportunities in steel plants related CSR and the Companies Act 2013. The CSR Committee
to decarbonisation theme, viz. energy efficiency & of the Board and the CSR Council formed by EIL
emission reduction studies, Linking of natural gas and Management provide direction and oversee the CSR
H2 to furnace, Energy and Water optimisation etc. initiatives of the Company

Infrastructure, primarily being the main driver behind

economic growth of countries, continuous efforts in 12. Environment Protection & Conservation,
the sector being made by your Company. Stupendous Technological Conservation, Renewable.
success has been achieved in securing projects in Climate change is one of the most critical challenges
the Infrastructure segment this fiscal wherein your being encountered by human civilization. Communities
company through its strategic initiatives has managed across the globe have been pitching to mitigate the
to bag infrastructure and building projects which climate change for a long time. Various geo political
includes Independent Engineer Services for PLI Scheme conflicts across the world have further added to these
for Advance Chemistry Cell of MHI,PMC services for the challenges. All these are presenting an unprecedented
Project of Engineering, Procurement and Construction challenge to public health, food systems, fuel/gas
for development of Mechanized Fertilizer and other supply, energy security and the world economics.
Clean Cargo Handling Facility at Berth no. 14 in
Deendayal Port Kandla for M/s DPT, Construction In this era of new business dynamics, Companies are
of Multi Storied Building for Integrated Office cum focusing on providing innovative technological solutions
Data Centre Complex at Patel Dham, New Delhi for for energy security, carbon neutral technologies,
Intelligence Bureau and many others. measures to reduce energy and carbon footprints,
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Annexure to the Directors’ Report

renewable energy development including green come. EIL’s effort towards developing and initiating
hydrogen & solar power, improving bio-diversity, and Make-in-India technology program will go a long way for
similar measures to combat the challenges presented the sustainable growth of the country.
by existing scenario.

In the changing global energy landscape, carbon intensity 13. Corporate Management Information
is becoming a key performance indicator for the success Systems
of any organization. New project investments are also Management Information System in EIL is continuously
diverted towards clean & green technologies instead fine-tuned to cater to the information needs for
of carbon intensive technological solutions. Hence, it effective and quick decision making as well as statutory
is quintessential to become a net zero service provider requirements. CMIS delivers key project information
to enhance Company’s brand Image. The Company to the Management, through a Real-Time web
has always been conscious of the fact that we have to portal. The department prepares and circulates vital
respect nature and while doing so, we have evolved metrics to various Divisions and Senior Management
new technologies for effluent recycle/ reuse leading to for efficient monitoring highlighting operating
Zero Liquid Discharge (ZLD) requirements so that no variables, achievement vis-à-vis budget and other
polluted water is discharged into our clean rivers or decision support data.
sea. On similar grounds, EIL has invented several green
technologies & have also been providing consultancy
14. Disclosure by Senior Management Personnel
in the area of green hydrogen, Waste to Energy,
renewable energy, biodiversity improvement, control of Reflecting EIL’s commitment towards increasing
volatile organic compounds, hazardous and solid waste transparency in all spheres, Senior Management
management, municipal solid waste management, Personnel confirmed that none of them have material,
recovery of oil from oily sludge and its bio-remediation financial and commercial transactions with personal
thereafter, besides opting for energy efficient processes interest that may have a potential conflict with the
and treatment systems. interest of the Company at large.

EIL has declared 2035 as the year to achieve Net Zero

15. Cautionary Statement
from its operations aiming towards fulfilling our Hon’ble
Prime Minister’s vision to be Net Zero by 2070. In Statements in Management Discussion and Analysis
addition to fulfilling its own decarbonisation objectives, describing the Company’s objectives, projections,
EIL is committed towards assisting its esteemed clientele expectations and estimates are based on the current
in their energy transition journey towards net zero business environment. Actual results could differ
by providing clean and green technological solutions from those expressed or implied based on future
leading to a sustainable future for the generations to developments, both in India and abroad.
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Annual Report 2023-24

Business Responsibility &

Sustainability Report
SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity

1. Corporate Identity Number (CIN): L74899DL1965GOI004352

2. Name of the Company: Engineers India Limited
3. Year of incorporation: 15-03-1965
4. Registered Office Address: Engineers India Bhavan, 1, Bhikaji Cama Place,
New Delhi -110066
5. Corporate address: Engineers India Bhavan, 1, Bhikaji Cama Place,
New Delhi -110066
6. E-mail: [email protected]
7. Telephone: 011-26762121/2855
8. Website: https://www.engineersindia.com
9. Financial year for which reporting is being done: 2023-24
10. Name of the Stock Exchange(s) where shares BSE Ltd.
are listed: National Stock Exchange of India Limited
11. Paid-up Capital: H 281,02,11,865
12. Name and contact Details (telephone, email Name : Shri Atanu Bhowmik Designation : Executive Director (HR)
address) of the person who may be contacted Telephone Number : 011-26762901, e-mail id : [email protected]
in case of any queries on the BRSR:
13. Reporting Boundary: Standalone Basis
14. Name of assurance provider NA
15. Type of assurance obtained NA

II. Products/services
16. Details of business activities (accounting for 90% of the turnover):

S. % of Turnover
Description of Main Activity Description of Business Activity
No. of the entity
1. Professional, Scientific, Technical Consultancy & Engineering Services 45%
2. Professional, Scientific, Technical Turnkey Projects 55%

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):

S. % of total Turnover
Product/Service NIC Code
No. contributed
1. Consultancy & Engineering Services 71100 45%
2. Turnkey Projects 42901 55%

III. Operations:
18. Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of plants Number of offices Total

National 0 10 10
International 0 5 5
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19. Markets served by the entity:

a. Number of locations:

Locations Number of plants

National (No. of States) 17
International (No. of Countries) 07

b. What is the contribution of exports as a percentage of the total turnover of the entity?
Export % to total turnover is 8.69%.

c. A brief on types of customers

EIL’s clientele includes all major National and International Companies in both Public and Private Sector. EIL also provides
its services to the State Government, Central Government Ministries, Intitutions and other statutory bodies.

IV. Employees
20. Details as at the end of Financial Year 2023-24:
a. Employees and workers (including differently abled):

S. Male Female
Particulars Total (A)
No. No. (B) % (B / A)* No. (C) % (C / A)*
EMPLOYEES
1 Permanent (D) 2658 2350 88.41 308 11.59
2 Other than Permanent (E) 3 2 66.67 1 33.33
3 Total employees (D + E) 2661 2352 88.39 309 11.61
WORKERS
4 Permanent (F) - - - - -
5 Other than Permanent (G) - - - - -
6 Total workers (F + G) - - - - -

Note: All of EIL workforce is categorized as “Employees” and none as “Workers”. Hence in all the sections, details sought of the “Workers” category are not
applicable to EIL.
* Figures are rounded off upto 2 decimal.

b. Differently abled employees and workers:

S. Male Female
Particulars Total (A)
No. No. (B) % (B / A)* No. (C) % (C / A)*
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 46 42 91.3 4 8.7
2. Other than Permanent (E) - - - - -
3. Total differently abled employees (D + E) 46 42 91.3 4 8.7
DIFFERENTLY ABLED WORKERS
4. Permanent (F) - - - - -
5. Other than permanent (G) - - - - -
6. Total differently abled workers (F + G) - - - - -

Note: All of EIL workforce is categorized as “Employees” and none as “Workers”. Hence in all the sections, details sought of the “Workers” category are not
applicable to EIL.
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21. Participation/Inclusion/Representation of women

No. and percentage of Females

Locations Total (A)
No. (B) % (B / A)
Board of Directors* 12 2 16.67
Key Management Personnel# 1 0 -

* Includes Whole Time Director , Government nominee and Independent Director

# Company Secretary

22. Turnover rate for permanent employees and workers

FY 2023-2024 FY 2022-2023 FY 2021-2022

Male Female Total Male Female Total Male Female Total
Permanent Employees 4.81% 7.14% 5.08% 3.71% 5.06% 3.87% 3.4% 8.18% 3.97%
Permanent Workers - - - - - - - - -

Note: All of EIL workforce is categorized as “Employees” and none as “Workers”. Hence in all the sections, details sought of the “Workers” category are not
applicable to EIL.

V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. (a) Names of holding / subsidiary / associate companies / joint ventures

Does the entity indicated at

Name of the Holding / subsidiary Indicate whether % of shares
S. column A, participate in the
/ associate companies / joint holding/ Subsidiary/ Held by listed
No. Business Responsibility initiatives
ventures (A) Associate/ Joint Venture entity
of the listed entity? (Yes/No)
1 Certification Engineers International Subsidiary 100 No
Limited
2 Ramagundam Fertilizers and Joint Venture 26.00 No
Chemicals Limited
3. LLC Bharat Energy Office, Russia Associate 20 No

VI. CSR Details

24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
(ii) Turnover (J In lakhs): 323216.50
(iii) Net worth (in J in lakhs): 231127.89

VII. Transparency and Disclosures Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct:

FY 2023-24 FY 2022-23
Grievance Redressal Current Financial Year Previous Financial Year
Stakeholder Mechanism in Place Number of Number of
Number of
group from whom (Yes/No) (If Yes, then Number of complaints complaints
complaints
complaint is provide web-link for complaints pending pending
Remarks filed Remarks
received grievance redress filed during resolution at resolution
during the
policy) the year close of the at close of
year
year the year
Communities* NA - - - - - -
Investors (other NA - - - - - -
than shareholders)
Shareholders Yes, the company has 34 0 - 30 0 -
designated email ID
company.secretary@
eil.co.in
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FY 2023-24 FY 2022-23
Grievance Redressal Current Financial Year Previous Financial Year
Stakeholder Mechanism in Place Number of Number of
Number of
group from whom (Yes/No) (If Yes, then Number of complaints complaints
complaints
complaint is provide web-link for complaints pending pending
Remarks filed Remarks
received grievance redress filed during resolution at resolution
during the
policy) the year close of the at close of
year
year the year
Employees and Yes 3 0 4 complaints 8 4** -
workers https://connect.eil. closed of last
co.in year
Customers*** Yes 0 0 - 0 0
https://pgportal.gov.
in/
Value Chain Yes 3 0 - 4 0 -
Partners*** https://pgportal.gov.
in/
Other (please - - - - - - -
specify)

*Being a consultancy company, the company does not deal directly with the community at large.
** Grievances escalated to Grievance Committee in March 2023.
*** https://pgportal.gov.in/ is a centralized portal of Govt. of India where stakeholders can lodged their grievances for the consideration and resolution by
CPSEs. EIL is receiving such grievances through this centralized portal.

26. Overview of the entity’s material responsible business conduct issues.

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
mitigate the risk along-with its financial implications, as per the following format

Indicate
In case of risk, Financial implications of the risk
S. Material issue whether risk Rationale for identifying
approach to adapt or opportunity (Indicate positive
No. identified or opportunity the risk / opportunity
or mitigate or negative implications)
(R/O)
1 Environment: Risk There is a strong need for Increased focus Negative:
The climate the industry to reduce their on energy efficient The initial investments would be
change carbon footprints amidst processes and required to install clean energy
the growing concerns of minimization facilities to reduce the scope-1
global warming. of wastes. The and scope-2 emissions of the
company has company.
declared to become
net zero carbon
emitting corporate
by the year 2035.
2 Environment: Opportunity The ongoing energy - Negative: It requires manpower
To offer value- transition requires the efforts in development of
added and implementation of clean green energy technologies
clean energy energy technologies in the and investments/ funding for
technology energy sector which is our collaborative clean energy
to the clients core business segment. technology development. The
to meet EIL is already involved investment would be largely
their energy in development of clean funded by the R&D budget of the
transition energy technology both on company. It will help secure more
objectives. its own or in collaboration business in the clean energy
with the industry, national segment that will significantly
laboratory and academia. outnumber the initial investment
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SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting
the NGRBC Principles and Core Elements.
Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent
P1
and Accountable.
P2 Businesses should provide goods and services in a manner that is sustainable and safe.
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains.
P4 Businesses should respect the interests of and be responsive to all its stakeholders.
P5 Businesses should respect and promote Human Rights.
P6 Businesses should respect and make efforts to protect and restore the environment.
P7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent.
P8 Businesses should promote inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their consumers in a responsible manner.

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether your entity’s policy/policies cover each Yes Yes Yes Yes Yes Yes Yes Yes Yes
principle and its core elements of the NGRBCs. (Yes/No)
b. Has the policy been approved by the Board? Yes Yes Yes Yes Yes Yes Yes Yes Yes
(Yes/No)
c. Web Link of the Policies, if available The details are provided under each principle & information
thereof.
P1: h t t p s : / / e n g i n e e r s i n d i a . c o m / a d m i n / i m g /
UploadedFiles/InvestorInternal/Files/
English/7faac7c15dd041f3abc6f6e99268c1ca.pdf

P2: https://engineersindia.com/storage/2021/10/HSE-Policy.pdf

P3: https://engineersindia.com/storage/2021/10/HSE-Policy.pdf

P4: https://engineersindia.com/storage/2022/09/CSR-Policy-of-
EIL-w.e.f.-22.03.2023.pdf

P5: https://engineersindia.com/storage/2022/08/EQUAL-
OPPORTUNITY-POLICY.pdf

P6: https://engineersindia.com/storage/2021/10/HSE-Policy.pdf

P7: https://engineersindia.com/storage/2022/09/CSR-Policy-of-
EIL-w.e.f.-22.03.2023.pdf

P8: https://engineersindia.com/storage/2022/09/CSR-Policy-of-
EIL-w.e.f.-22.03.2023.pdf

P9: https://engineersindia.com/storage/2021/10/Quality-Policy.pdf
2. Whether the entity has translated the policy into Yes Yes Yes Yes Yes Yes Yes Yes Yes
procedures. (Yes / No)
3. Do the enlisted policies extend to your value chain Yes Yes Yes Yes Yes Yes Yes Yes Yes
partners? (Yes/No)
4. Name of the national and international codes/ - ISO ISO - - ISO - - ISO
certifications/labels/ standards (e.g. Forest Stewardship 45001, 45001 14001 9001
Council, Fairtrade, Rainforest Alliance, Trustee) ISO
standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by 14001
your entity and mapped to each principle.
5. Specific commitments, goals and targets set by the - - - - - - - - -
entity with defined timelines, if any.
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Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
6. Performance of the entity against the specific - - - - - - - - -
commitments, goals and targets along-with reasons in
case the same are not met.
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and
achievements (listed entity has flexibility regarding the placement of this disclosure:
In its long journey of six decades since its inception in the year 1965, EIL has remained focused in delivering innovative technological
solutions tailored to the evolving needs of the energy industry, aligning closely with both Indian energy sector demands and global
trends. The organization’s strategy has consistently integrated Environmental, Social, and Corporate Governance (ESG) principles,
which is exemplified by its vision statement: “To be a Global Leader Offering Total Energy Solutions for a Sustainable Future.”
One of the foremost ESG challenges across industrial sectors is the cultural shift towards sustainability, which EIL has addressed
through various initiatives aimed at optimizing water and electricity consumption, adhering to the 3Rs principle (Reduce, Reuse, and
Recycle) for resource conservation. Efforts such as providing washable tea mugs to employees have significantly reduced plastic
and other waste generation in office complexes. Moreover, the organization has progressively reduced paper use by embracing
digital interventions.
EIL’s Corporate Social Responsibility (CSR) Policy is dedicated to uplifting communities through inclusive growth and environmental
stewardship. The company is committed to transforming the nation’s social infrastructure sustainably, aligning its CSR initiatives
with national priorities.
In its commitment to fostering a greener environment, EIL spearheaded the development of a Miyawaki forest in Gurugram,
Haryana, aimed at enhancing air quality, conserving water, and supporting local flora and fauna. Over 8,250 saplings were planted
in April 2023, with a remarkable survival rate of around 95%.
Another critical ESG imperative is the development of sustainable technologies and products, which EIL has pursued by diversifying
its portfolio to include energy-efficient infrastructure, biofuels, green hydrogen and Solar CST. In the past year, EIL forged strategic
partnerships through MoUs with public and private entities to advance technologies relevant to the energy industry.
EIL is currently executing one of India’s largest Biorefinery projects in Assam for ABRPL (a JV of NRL, Fortum, and Chempolis, OY,
Finland) and has developed the technology for Sustainable Aviation Fuels (SAF) in collaboration with CSIR-IIP, Dehradun. Additionally,
EIL is at the forefront of green hydrogen projects in India, implementing various green hydrogen projects with applications in
refining and integrating into the City Gas Distribution (CGD) network.
In summary, EIL has emerged as a key stakeholder in providing ESG-compliant, sustainable, and low-carbon technological solutions
to industrial sectors in their journey towards decarbonization.
8. Details of the highest authority responsible for Functional Director
implementation and oversight of the Business
Responsibility policy (ies).
9. Does the entity have a specified Committee of the Board/ Yes
Director responsible for decision making on sustainability Shri Rajeev Gupta
related issues? (Yes / No). If yes, provide details.
Director (Projects) and Addl. Charge -Director (HR)

10. Details of Review of NGRBCs by the Company:

Indicate whether review was undertaken Frequency
by Director / Committee of the Board/ Any (Annually/ Half yearly/ Quarterly/ Any other –
Subject for Review
other Committee please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above
Director Annually
policies and follow up action
Compliance with statutory
requirements of relevance
to the principles, and, Director Half yearly
rectification of any non-
compliances
11. Has the entity carried out independent assessment/ evaluation of P 1 P 2 P 3 P 4 P5 P6 P7 P8 P9
the working of its policies by an external agency? (Yes/No). If yes, No Yes Yes No No Yes No No Yes M/s
provide name of the agency. M/s ICS M/s URS
Pvt. Ltd. ICS Certif-
Pvt. ication
Ltd. Services

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, Reasons to be stated:
Not Applicable
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SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

PRINCIPLE 1
Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent
and Accountable.

Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial
year.

Total number of %age of persons in respective

Topics/Principles covered under the
Segment training and awareness category covered by the
training and its impact
programmes held awareness programmes
Board of Directors 8 Induction Program, Capability 100%
Building, Corporate Governance
Key Managerial Personnel 4 Leadership, domain and general 100%
training programs
Employees other than BoD 302 Leadership, soft skill, domain and 87.4%
and KMPs general training programs
Workers - - -

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as
disclosed on the entity’s website): Nil
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
monetary or non-monetary action has been appealed. Not Applicable
4. Does the entity have anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Various policies/rules such as Code of Conduct, Conduct and Discipline Appeal (CDA) Rules and Whistle Blower Policy are
applicable to all EIL employees. Copy of CDA Rules is available on the Company webpage https://www.engineersindia.
com/Right-to-Information .

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
As per details available with Disciplinary Cell, no disciplinary action was taken by any law enforcement agency for the
charges of bribery/ corruption during past two financial years.

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Directors Nil Nil
KMPs Nil Nil
Employees Nil Nil
Workers Nil Nil

6. Details of complaints with regard to conflict of interest:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Number Remarks Number Remarks
Number of complaints received in relation to Nil - Nil -
issues of Conflict of Interest of the Directors
Number of complaints received in relation to Nil - Nil -
issues of Conflict of Interest of the KMPs
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8. Number of days of accounts payables {(Accounts payable *365) / Cost of goods/services procured} in the
following format:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Number of days of accounts payables 82 62

9. Open-ness of business
Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans
and advances & investments, with related parties, in the following format:

FY 2023-24 FY 2022-23
Parameter Metrics
(Current Financial Year) (Previous Financial Year)
Concentration of a. Purchases from trading houses as % of N.A. N.A.
Purchases total purchases
b. Number of trading Houses where N.A. N.A.
purchases are made from
c. Purchases from top 10 trading houses N.A. N.A.
as % of total purchases from trading
houses
Concentration of Sales a. Sales to dealers/ distributors as % of N.A. N.A.
total sales
a. Number of dealers/distributors to N.A. N.A.
whom sales are made
a. Sales to top 10 dealers/distributors as N.A. N.A.
% of total sales to dealers/ distributors
Share of RPTs In a. Purchases (Purchases with related 0.06% 0.16%
parties /Total Purchases)
b. Sales (Sales to related parties / Total 0.78% 0.18%
Sales)
c. Loans & advances (Loans & advances NIL NIL
given to related parties / Total loans &
advances)
d. Investments (Investments in related NIL NIL
parties/ Total Investments made)

PRINCIPLE 2
Businesses should provide goods and services in a manner that is sustainable and safe

Essential Indicators

1. Percentage of R&D and capital expenditure (Capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and Capex investments made by
the entity, respectively.

Current Financial Year Previous Financial Year Details of improvements in

2023-24 (J in Lakhs) 2022-23 (J in Lakhs) Environmental and Social impacts
R&D 549.94 (26.091%) 512.62 (22.62%) Note A
Capex 267.166 (33.21%) 213.76 (28.75%) Note B
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Note-A:
EIL has developed several innovative technological solutions to address the climate change issues pertinent to its domain
industries either on its own or in collaboration with private and public sector entities both in India and overseas. Sulphur
Recovery Unit is one of the important units in the oil refinery and EIL has designed several Sulphur Recovery Units (SRU) in the
past for its esteemed clients to mitigate emissions. Ammonia rich gases produced in SWSU are destructed in SRU to convert
NH3 into N2 and H2O. In this process, valuable NH3 molecule is lost. Technology has been developed to recover NH3 molecule
from ammonia rich sour gases and converted to valuable products like aqueous ammonia / anhydrous ammonia.

EIL has continued its efforts in BIO ATF technology development in the current financial year as well. Further, EIL executed
collaborative agreements with reputed national laboratories and Oil majors to catapult its efforts towards environment and
sustainability. Some of them includes, EIL has extended the synergistic potential with research organizations, educational
institutes and research wings of other corporate. The collaborative efforts are pursued in diverse fields where pressing needs
such as energy intensification, renewable energy, CCUS etc. are also addressed. Following fresh tie-ups were formalized:

MoU inked with SUNRISE GROUP for Collaboration to jointly pursue marketing & securing customer orders, including basic
design, detail engineering and project management and construction supervision services for providing cost competitive
technical solutions in integrating renewable energy in various industrial sectors in India and Overseas

MoU inked with HPCL to exchange scientific information, joint research, encourage demonstration in the field of
hydrocarbon, petrochemicals, energy technology and commercialization of HPCL developed technologies/jointly
developed technologies

MoU inked with BPCL for Development of Joint Technology for HiGee De-aeration Technology for BFW on knowhow
generated by BPCL

MoU inked with IIT Roorkee for collaborative activities for research in areas of mutual interest like Conversion of CO2 to
valuable chemicals, Catalytic conversion of CO2 & development of catalytic process for lingo-cellulosic biomass to chemicals

MoU for Centre of Excellence in Oil, Gas and Energy (CoE OGE) between IIT Bombay and PSU Oil companies extended
till 1st Jan’ 2029

Note-B:
EIL is committed to develop environmentally friendly technologies that create social impact. EIL invested in setting up the
pilot plant for Development of process for prevention of SO2 slippage into TGTU Quench column, Development of De-
Oxo reactor technology for green hydrogen purification, Development of design methodology for slurry pipeline for long
transportation of coal.

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No): Yes
EIL PDD is entrusted to empanel Suppliers & Contractors for various goods and services for its Project
Procurement requirements.

During enlistment process, compliance for factory license is ensured which ensures regulation of minimum wage policy,
safety of work place. Further, suppliers MSE status including SC/ST/ Women led is recorded and subsequently during
procurement process benefits as notified by latest GOI policies are extended to the eligible bidders.

Secondly, during enlistment process, verification of supplier’s HSE status is ensured which ensures storage and handling
of hazardous items, meeting pollution norms etc.

b. If yes, what percentage of inputs were sourced sustainably?

In EIL 100% goods are procured through sustainable sourcing.

Within our extensive supply chain, a strong sustainable data base is being maintained which are domestic suppliers,
vendors, and service providers for almost all major capital goods and services for EIL Project execution. To bolster local/
domestic market various policies like enlistment of entities such subsidiaries of foreign suppliers, empanelment of
domestic suppliers through Prototype/Demo route, Start Up India.

We are committed to source from local vendors in alignment with the directives of the Government of India, we prioritize
procurement from small and Micro Enterprises (MSEs), in accordance with established government and company policies.
Our procurement practices reflect our dedication to promoting local content. Preference is accorded to MSEs and Class I
Local Suppliers, guided by the Public policies.
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3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the
end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Due to the nature of our business, solid waste generation is also fairly limited in EIL offices and restricted primarily to
municipal solid waste (MSW). A major component of the solid waste generated is paper waste which is sent for recycling.
Other wastes include e-waste and a small proportion of wastes like batteries, electrical waste, waste lube oil, etc.

Processes in place to safely reclaim your products for reusing/ recycling and disposing at end of
Type of product
life (please provide a brief right-up of the process in place)
(a) Plastics (including Other mixed dry waste is sent to scrap dealers or municipal disposal. Also, EIL has state-of-the-art
packaging) & sewage treatment plants at its Gurugram, Chennai and Mumbai offices, wherein the treated sewage
(d) other waste. is recycled & reused for secondary applications within the office premises. Proper segregation
philosophy is used for segregation of municipal wastes and is disposed through third party adopting
standard practice as per applicable Municipal Waste handling Rules 2016.
(b) E-waste IT E-waste is disposed through E-waste disposal agencies registered with Central/State Pollution
Control Boards in accordance with the E-Waste Management Rules 2022 of the Govt. of India.
(c) Hazardous waste Our waste management practices seek to reduce the environmental impact of this limited waste
to the extent possible by reduction in generation, segregation at source and proper management
including recycling and disposal through authorized recyclers.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity's activities (Yes /No). If yes,
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted
to Pollution Control Boards? If not, provide steps taken to address the same.
Not Applicable, EIL being a consultancy organization.

PRINCIPLE 3
Businesses should respect and promote the well-being of all employees, including those in their value chains

Essential Indicators
1. a. Details of measures for the well-being of employees:

% of employees covered by
Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Category Total
Number % (B / Number % (C / Number % (D / Number % (E / Number
(A) % (F / A)
(B) A) (C) A) (D) A) (E) A) (F)
Permanent employees
Male 2350 2350 100 2350 100 2350 100 2350 2350
Female 308 308 100 308 100 308 100 308 308
Total 2658 2658# 100 2658 100 308 100 2350 100 2658 2658
Other than Permanent employees
Male 2 2 100 2 100 - - - - - -
Female 1 1 100 1 100 - - - - - -
Total 3 3 100 3 100 - - - - - -

# All employees are covered under Contributory Medical Scheme

b. Details of measures for the well-being of workers:

% of workers covered by#

Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Category Total
Number % (B / Number % (C / Number % (D / Number % (E / Number
(A) % (F / A)
(B) A) (C) A) (D) A) (E) A) (F)
Permanent workers
Male - - - - - - - - - - -
Female - - - - - - - - - - -
Total - - - - - - - - - - -
Other than Permanent workers
Male - - - - - - - - - - -
Female - - - - - - - - - - -
Total - - - - - - - - - - -
# No worker on EIL payroll.
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c. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent) in the following format –

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Cost incurred on 0.57% 0.54%w
wellbeing measures as
a % of total revenue of
the company

2. Details of retirement benefits, for Current FY and Previous Financial Year.

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers Deposited
Benefits
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 100% - Y 100% - Y
Gratuity 100% - N 100% - N
ESI NA - NA NA - NA
DCS 100% - N 100% - N
CPRMCS 100% - N 100% - N

3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the
entity in this regard. Yes

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If
so, provide a web-link to the policy.
Yes, link of policy is available on EIL Website https://engineersindia.com/storage/2022/08/EQUAL-OPPORTUNITY-POLICY.pdf

5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Permanent employees Permanent workers

Gender
Return to work rate Retention rate Return to work rate Retention rate
Male 100% 100% NA NA
Female 100% 100% NA NA
Total 100% 100% - -

6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief.

Yes/No (If Yes, then give details of the mechanism in brief)

Permanent Workers -
Other than Permanent -
Workers
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Yes/No (If Yes, then give details of the mechanism in brief)

Permanent Employees Yes.
For redressal of grievances of all the regular employees of the Company, an online Grievance
Management System (GMS) is in place at EIL. In case of any grievance, employees may register
their grievance online on ‘Grievance Management’ portal. GMS consists of structured formal
channel for resolution of employee grievances in the following order - Reporting Officer, Head of
Department, Grievance Redressal Committee (GRC) and Appellate Authority.
Other than Permanent No.
Employees The same is dealt by the concerned Department in coordination with the agency/contractor from
where such personnel are deployed.

7. Membership of employees and workers in association(s) or Unions recognized by the listed entity:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Total No. of employees / Total No. of employees /
employees workers in respective employees/ workers in respective
% (D /
Category / workers in category, who are part % (B / workers in category, who are
C)
respective of association(s)or A) respective part of association (s)
category Union category or Union
(A) (B) (C) (D)
Total Permanent 2658 2658 100% 2656 2656 100%
Employees
- Male 2350 2350 100% 2346 2346 100%
- Female 308 308 100% 310 310 100%
Total Permanent Workers - - - - - -
- Male - - - - - -
- Female - - - - - -
Note: All of EIL workforce is categorized as “Employees” and none as “Workers”. Hence in all the sections, details sought of the “Workers” category are not
applicable to EIL.

8. Details of training given to employees and workers.

FY 2023-24 Current Financial Year FY 2022-23 Previous Financial Year

On health and On skill On health and On skill
Category Total Total
safety measures upgradation safety measures upgradation
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 2350 247 10.51 2018 85.87 2346 774 32.99 1901 81.03
Female 308 31 10.06 254 82.47 310 42 13.55 235 75.8
Total 2658 278 10.46 2272 85.48 2656 816 30.72 2136 80.42
Workers
Male - - - - - - - - - -
Female - - - - - - - - - -
Total - - - - - - - - - -

9. Details of performance and career development reviews of employees and worker:

FY 2023-24 (Current Financial Year)* FY 2022-23 (Previous Financial Year)*

Category
Total (A) No.(B) %(B/A) Total (c) No. (D) %(D/C)
Employees
Male 2350 2346 99.83 2346 2346 100%
Female 308 307 99.68 310 310 100%
Total 2658 2653 99.81 2656 2656 100%
Workers
Male - - - - - -
Female - - - - - -
Total - - - - - -
*Directors and CMD not included
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10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/
No). If yes, the coverage such system?
Yes, EIL has implemented an integrated Health, Safety and Environment Management System through certification to ISO
45001:2018 and ISO 14001:2015.

The coverage of HSE Management System includes:

Feasibility Studies, Process Studies, Licensing; Design; Basic & Detailed Engineering; Procurement; Inspection; Construction;
Overall - Project Management; Project Control / Monitoring; and Other Associated Services including Specialized Engineering
and Commissioning Assistance Services for various Pre FEED Studies, BDEP (Basic Design Engineering Package, FEED
(Front End Engineering Design), PMC (Project Management Consultancy), EPCM (Engineering Procurement Construction
Management), OBE (Open Book Estimate) and EPC (Engineering Procurement and Construction) Projects.

b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis
by the entity?
Hazard Identification Risk assessment and Control process and Job Safety Analysis process are used to assess risks on
routine and non-routine basis.

c. Whether you have processes for workers to report the work related hazards and to remove themselves from such
risks. (Y/N) -Yes
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/
No) - Yes
11. Details of safety related incidents, in the following format:

FY 2023-24 FY 2022-23
Safety Incident/Number Category
(Current Financial Year) (Previous Financial Year)
Lost Time Injury Frequency Rate (LTIFR) Employees 0 0
(per one million-person hours worked) Workers NA# NA#
Total recordable work-related injuries Employees 2 0
Workers NA NA
No. of fatalities Employees 0 0
Workers NA NA
High consequence work-related Injury or ill- Employees 0 0
health (excluding fatalities) Workers NA NA

# No Workers on EIL rolls.

12. Describe the measures taken by the entity to ensure a safe and healthy work place.
EIL has certified its HSE Management system to ISO 45001:2018 (Occupational Health and Safety Management System)
and ISO 14001:2015 (Environmental Management system). An independent department (CQA-HSSE) audits the HSE
Management System of all divisions/departments including construction sites. The results of these audits are reported
to the Management through Management Review Committee Meetings. Apart from other agenda, the performance of
the HSE management system and opportunities for improvement are presented to the Management in these meetings.
A number of improvements pertaining to Health, Safety and Environment are triggered and addressed through these
meetings. Improvements are also initiated based on the feedbacks received on HSE from EIL employees through Feedback
Management System (FBMS). Digitization of employee claims, Organizing Health camps, health talks, improvement in
safety processes are few examples.

On the engineering front, HSE aspects that are to be addressed in the design engineering phases are built into the
procedures/specifications of various engineering departments. Exhaustive HSE checklists are in place to ensure that these
aspects are compiled positively during process design and engineering phases.

Being a renowned engineering consultant in the hydrocarbon sector, EIL deploys proven risk assessment methodologies
like HAZOP, RRA, QRA and SIL to ensure the process safety of the plants being designed.

On the office infrastructure front, EIL is continuously making efforts to provide a Healthy, Safe and environment friendly
work place to its employees. Mock Evacuation Drills and Fire Safety Trainings are conducted periodically. In this Financial
year, an Incident Reporting has been implemented for ease of reporting of Safety incidents by EIL employees.
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On the construction front, the specification for HSE Management at construction sites, which specifies the HSE requirements
to be complied by construction contractors, has been revised during this year in line with the current trends and to
improve the HSE performance. Award to construction sites based on HSE performance, Issue of appreciation certificates
in best performing construction contractors, are a couple of other examples of improvements implemented during the
year. EIL celebrated National Safety week across its offices and sites and the celebrations were used as a platform for
improving safety awareness among the employees. In this Financial Year, a Site Incident Reporting application has been
implemented for ease of reporting of Safety non compliances occurring at EIL sites.

HSE Performance Rating system for Construction Sites and HSE award mechanism for Individuals are in place to foster
and promote HSE culture both at site as well as individual level.

To enhance HSE competence, employees have attended various trainings in HSE domain, namely, ISO 45001 Lead Auditor
certification, ISO 14001 Lead Auditor certification and other special trainings specific to construction safety. In house HSE
awareness sessions are also organized from time to time for sensitization of employees.

A quarterly HSE Newsletter is being issued to all employees to communicate the happenings on the HSE front.

13. Number of Complaints on the following made by employees and workers:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Filed Pending Pending
Benefits Filed during
during the resolution at Remarks resolution at the Remarks
the year
year the end of year end of year
Working Conditions 650 Nil - 880 Nil -
Health & Safety Nil - - Nil - -

14. Assessments for the year:

% of your plants and offices that were assessed by entity or statutory authorities or third
parties)
Health and safety Locations for audit are covered by the third-party auditors on sampling and rotation basis, every
practices year. Typically, around 10% of the sites/offices are covered every year.
Working Conditions Locations for audit are covered by the third-party auditors on sampling basis, every year. Typically,
around 10% of the sites/offices are covered every year.

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and
on significant risks / concerns arising from assessments of health & safety practices and working conditions.
No significant risks/concerns related to health and safety.

PRINCIPLE 4
Businesses should respect the interests of and be responsive to all its stakeholders

Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity.
EIL stakeholders includes our Investors, Clients, Employees, Vendors/Partners, Government and Local Communities.
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2. List stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group.

Whether Channels of communication Frequency of

identified as (Email, SMS, Newspaper, engagement
Purpose and scope of engagement
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually/ Half
including key topics and concerns
Group Marginalized Community Meetings, yearly/ Quarterly
raised during such engagement
Group (Yes/ Notice Board, Website), / others – please
No) Other specify)
Customer No Email Quarterly For collecting customer perception
survey. Customers provide their
views on EIL's services.
Supplier – No NIC – CPP Portal, GeM Portal, others – as per To disseminate key information
(Vendors / EIL Tender Portal, E-mails, procurement about the Projects and briefly
Contractors) Contractor/Vendor meetings requirement. elaborate on key components like
at EIL-Delhi / Gurugram Scope of works/services, completion
schedules, Conditions of Contract,
bidder qualification criteria, HSE ,
Quality requirements, etc.
Employees No Email, Employee Portal EIL Quarterly Employees welfare/ working
Connect conditions etc.
Shareholders No Website Quarterly Share price appreciation, dividends,
profitability and financial stability,
robust ESG, practices, cyber risks,
growth prospects

PRINCIPLE 5
Businesses should respect and promote human rights

Essential Indicators

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the
entity, in the following format:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Category Total No. of employees/ No. of employees/
% (B / A) Total (C) % (D / C)
(A) workers covered (B) workers covered (D)
Employees
Permanent - - - - - -
Other than permanent - - - - - -
Total Employees - - - - - -
Workers
Permanent - - - - - -
Other than permanent - - - - - -
Total Workers - - - - - -
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2. Details of minimum wages paid to employees and workers, in the following format:

FY 2023-24 Current Financial Year FY 2022-23 Previous Financial Year

Equal to More than Equal to More than
Category Total Total
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Permanent
Male - - - - - - - - - -
Female - - - - - - - - - -
Other than Permanent
Male - - - - - - - - - -
Female - - - - - - - - - -
Workers
Permanent
Male - - - - - - - - - -
Female - - - - - - - - - -
Other than Permanent
Male - - - - - - - - - -
Female - - - - - - - - - -
Note: All the employees of EIL are out of the purview of payment of Minimum Wages Act.

3. Details of remuneration/salary/wages, in the following format:

a. Median remuneration/ wages:
(Amount in H)
Male Female
Median remuneration/ Median remuneration
Gender
Number salary/wages of Number /salary/ wages of
respective category respective category
Board of Directors (BoD) 5 63,37,209 1 73,91,164
Key Managerial Personnel 1 39,80,880 - -
Employees other Than BoD and KMP* 2,345 26,77,304 307 25,96,288
Workers - - - -

* information pertains to employees engaged as on 31.03.2024

b. Gross wages paid to females as % of total wages paid by the entity:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Gross wages paid to females as % of total wages 11.33% 11.20%

4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or
issues caused or contributed to by the business?
Yes, for redressal of grievances of all the regular employees of the Company, an online Grievance Management
System (GMS) is in place at EIL. In case of any grievance, employees may register their grievance online on ‘Grievance
Management’ portal.

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
For redressal of grievances of all the regular employees of the Company, an online Grievance Management System (GMS) is
in place at EIL. In case of any grievance, employees may register their grievance online on ‘Grievance Management’ portal.
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6. Number of Complaints on the following made by employees and workers:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Filed Pending Filed Pending
Benefits
during resolution at Remarks during resolution at Remarks
the year the end of year the year the end of year
Sexual Harassment Nil - Nil -
Discrimination at work place Nil - Nil -
Child Labour Nil - Nil -
Forced Labour/Involuntary Labour Nil - Nil -
Wages 2 0 2 nos. carry 2 2 2 nos. carry
forward from forward to
last year next year
Other human Rights related issues Nil - Nil -

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Total Complaints reported under Sexual Harassment on of Women at NIL NIL
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees/ workers NIL NIL
Complaints on POSH upheld NIL NIL

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
To prevent adverse consequences to the complainant, immediate Disciplinary action is taken in the matter to appropriately
discipline personnel who are involved in harassment. Awareness is also generated among the employees by imparting
Training on Sexual harassment from time to time.

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No) – Yes
10. Assessments for the year:

% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)
Child labour NIL
Forced/involuntary labour NIL
Sexual harassment NIL
Discrimination at workplace NIL
Wages NIL (Paid as per wage act)
Others – please specify NA

11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from the assessments at Question 10 above: Not Applicable
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PRINCIPLE 6
Businesses should respect and make efforts to protect and restore the environment

Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
From renewable sources
Total electricity consumption (A) 23,54,788 MJ --
Total fuel consumption (B) 0 --
Energy consumption through other sources (C) 0 --
Total energy consumed from renewable sources (A+B+C) 23,54,788 MJ --
From non-renewable sources
Total electricity consumption (D) 3,37,11,030 MJ 361,67,263 MJ
Total fuel consumption (E) 12,38,528 MJ 3,67,798 MJ
Energy consumption through other sources (F) 0 5,12,629 MJ
Total energy consumed from non renewable sources (D+E+F) 3,49,49,558 MJ 370,39,219 MJ
Total energy consumed (A+B+C+D+E+F) 3,73,04,346 MJ 37047690 MJ
Energy intensity per rupee of turnover (Total energy consumed / 0.0011541597 MJ/Rs 0.0011282096 MJ/Rs
Revenue from operations)
Energy intensity per rupee of turnover adjusted for Purchasing Power
Parity (PPP) (Total energy consumed / Revenue from operations
adjusted for PPP)
Energy intensity in terms of physical output
Energy intensity (optional) – the relevant metric may be selected by the -
entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency. - No -

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set
under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial
action taken, if any. No
3. Provide details of the following disclosures related to water, in the following format:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Water withdrawal by source (in kilolitres)
(i) Surface water --- ---
(ii) Groundwater 18,665 KL ---
(iii) Third party water 74,154 KL 85,193 KL
(iv) Seawater / desalinated water --- ---
(v) Others --- ---
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 92,819 KL 85,193 KL
Total volume of water consumption (in kilolitres) 92,819 KL 85,193 KL
Water intensity per rupee of turnover (Total water consumption / 0.0000028717 KL/Rs. 0.0000025944 KL/Rs.
Revenue from operations)
Water intensity per rupee of turnover adjusted for Purchasing Power
Parity (PPP) (Total water consumption / Revenue from operations
adjusted for PPP)
Water intensity in terms of physical output -
Water intensity (optional) –the relevant metric may be selected by the
entity
-
Note (*) : The Figure for water withdrawal has been revised as per actual.
Note : Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency. No
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4. Provide the following details related to water discharged:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment NIL NIL
- With treatment – please specify level of treatment NIL NIL
(ii) To Groundwater
- No treatment NIL NIL
- With treatment – please specify level of treatment NIL NIL
(iii) To Seawater
- No treatment NIL NIL
- With treatment – please specify level of treatment NIL NIL
(iv) Sent to third-parties
- No treatment NIL NIL
- With treatment – please specify level of treatment NIL
(v) Others
- No treatment NIL NIL
- With treatment – please specify level of treatment NIL NIL
Total water discharged (in kilolitres) NIL NIL

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency. No

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation.
Yes. Zero discharge implemented in EIL Office Complex Gurgaon and EIL Mumbai Office.

6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
(Source)

FY 2023-24 (Current FY 2022-23 (Previous

Parameter Please specify unit
Financial Year) Financial Year)
NOx Mg/m3 0.031 0.046
Sox Mg/m3 0.014 0.029
Particulate matter (PM) Mg/m3 0.087 0.072
Persistent organic pollutants (POP) ppm 0.94 <0.1
Volatile organic compounds (VOC) --- ---
Hazardous air pollutants (HAP) ppm <0.1 <0.1
Others –CO,C6H6,NH3,Ozone Mg/m3 CO - 0.94 Ozone- 0.015 0.673

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency. Yes

Details w.r.t. assessment carried out by External agency for the year 2023-24 is as given below:

For the period of 01.04.2023 to 31.08.2023, analysis of all 7 parameters were done with the following agency for EIL HO Delhi & EIL Gurugram:

1. WINMET Technologies Pvt Ltd

Plot No. E-65, Site UPSIDC, Near Radisson Blue Hotel, Greater Noida, UP-201306

For the period of 01.09.2023 to 31.03.2024, analysis of all 7 parameters were done with the following agency for Gurugram:

2. Newcon Consultant & Laboratories

A-1/156, Sec-17, Kavinagar Industrial Area, Ghaziabad-201002

For the period of 01.09.2023 to 31.03.2024, analysis of all 7 parameters were done with the following agency for EIL HO Delhi:

3. Global Enviro Laboratories

Plot No. 4, Khasara No. 45, 8th KM, Milestone, Industrial Area,
Meerut Road, Ghaziabad-201003, U.P.
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7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format:

FY 2023-24 (Current FY 2022-23 (Previous

Parameter Unit
Financial Year) Financial Year)
Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, Metric tonnes 269 MT CO2e 217 MT CO2e
N2O, HFCs, PFCs, SF6, NF3, if available) of CO2
equivalent
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, Metric tonnes 6648 MT CO2e 7137 MT CO2e
N2O, HFCs, PFCs, SF6, NF3, if available) of CO2
equivalent
Total Scope 1 and Scope 2 emission intensity per rupee MT CO2e/ 0.000000214 0.000000224 CO2e/
of turnover (Total Scope 1 and Scope 2 GHG emissions / Turnover (H in MT CO2e/Rs. Rs. (Turnover)
Revenue from operations) Cr.) (Turnover)
Total Scope 1 and Scope 2 emission intensity per rupee
of turnover adjusted for Purchasing Power Parity (PPP)
(Total Scope 1 and Scope 2 GHG emissions / Revenue from
operations adjusted for PPP)
Total Scope 1 and Scope 2 emission intensity in terms of
physical output
Total Scope 1 and Scope 2 emission intensity (optional) –
the relevant metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency. -No

8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
Yes (source). Yes
Miyawaki forest has been developed in Gurugram wherein approximate 8000 trees have been planted. 540 KWp roof top
SPV System installed in FY 2023-24.

9. Provide details related to waste management by the entity, in the following format:

FY 2023-24 (Current FY 2022-23 (Previous

Parameter
Financial Year) Financial Year)
Total Waste generated (in metric tonnes)
Plastic waste (A) NIL ---
E-waste (B) NIL ---
Bio-medical waste (C) NIL ---
Construction and demolition waste (D) NIL ---
Battery waste (E) NIL NIL
Radioactive waste (F) NIL ---
Other Hazardous waste. Please specify, if any. (G) 1.3 0.127
Other Non-hazardous waste generated (H). Please specify, if any. (Break-up by 71.16 88.979
composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E + F + G+ H) 72.46 89,106
Waste intensity per rupee of Turnover 0.0000000022 0.0000000027
(Total waste generated / Revenue from operations)
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity
(PPP) (Total waste generated / Revenue from operations adjusted for PPP)
Waste intensity in terms of physical output
Waste intensity (optional) – the relevant metric may be selected by the entity
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled 7.83 ---
(ii) Re-used Nil ---
(iii) Other recovery operations N ---
Total 7.83 ---
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
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Annual Report 2023-24

FY 2023-24 (Current FY 2022-23 (Previous

Parameter
Financial Year) Financial Year)
(i) Incineration nil ---
(ii) Landfilling nil ---
(iii) Other disposal operations 64.63 ---
Total 64.63

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the
external agency.- Yes M/s R.K.Waste Supply Co. Delhi.

10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes
and the practices adopted to manage such wastes.
EIL has engaged authorized waste disposal agency for waste management who handle both Hazardous and non-hazardous
waste as per Govt. guidelines.

11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.)
where environmental approvals / clearances are required, please specify details in the following format:

Whether the conditions of Environmental approval / clearance are being

S. Location of operations/ Type of
complied with? (Y/N) If no, the reasons thereof and Corrective action taken,
No. offices operations
if any.
NOT APPLICABLE

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable
laws, in the current financial year:

Whether conducted by
Name and brief EIA Notification Results communicated in Relevant
Date independent external
details of project No. public domain (Yes / No) Web link
agency (Yes / No)
As per Note below

Note : EIL being a Consultancy Organization, has not undertaken any EIA study for its own installations. However, as part of its business operations, EIL
has undertaken several EIA studies for its clients. Following is the list of projects for which EIA studies have been carried out and environmental clearances
have been obtained from Ministry of Environment, Forest and Climate Change of India (MoEFCC) during FY 2023-24.

- Petrochemical Complex at Dahej for Petronet LNG Limited (PLL)

- IOCL Digboi Refinery Capacity Augmentation Project
- Bharat Petroleum Corporation Limited (BPCL)’s Polypropylene & pipelines Project at Rasayani.

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
protection Act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the
following format: Yes
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PRINCIPLE 7
Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that
is responsible and transparent

Essential Indicators

1. a. Number of affiliations with trade and industry chambers/ associations. 30 (Thirty)

b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to.

S. Reach of trade and industry chambers/

Name of the trade and industry chambers/associations
No. associations (State/National)
1 Federation of Indian Petroleum Industry National
2 Standing Conference of Public Enterprises National
3 Federation of India Chambers of Commerce and Industry (FICCI) National
4 Confederation of Indian Industry (CII) National
5 Bureau of Indian Standards (BIS) National
6 The Institution of Engineers (India) National
7 Heat Transfer Research Inc. (HTRI) International
8 University of Manchester Institute of Science & Technology (UMIST) International
9 The Center for Chemical Process Safety International
10 Fractionation Research Inc. International

2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct
by the entity, based on adverse orders from regulatory authorities.

Name of authority Brief of the case Corrective action taken

NOT APPLICABLE

PRINCIPLE 8
Businesses should promote inclusive growth and equitable development

Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year.

Whether conducted by Results communicated

Name and brief SIA Notification Date of Relevant
independent external agency in public domain
details of project No. notification Web link
(Yes / No) (Yes / No)
As per Note below

Note: EIL being a Consultancy Organization, has not undertaken any SIA study for its own installations. However, as part of its business operations, EIL has
undertaken several Social Studies as part of EIA studies for its clients.
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2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:

S. Name of Project for which R&R No. of Project Affected % of PAFs Amounts paid to PAFs
State District
No. is ongoing Families (PAFs) covered by R&R in the FY (In INR)
NOT APPLICABLE

3. Describe the mechanisms to receive and redress grievances of the community. NOT APPLICABLE
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Directly sourced from MSMEs/ small producers 51.91% 48.75%
Sourced directly from within the district and neighbouring districts NA NA

Above % shows the overall procurement of goods & services from Micro & Small Enterprises (MSEs) by EIL for client’s projects
executed by EIL as a contractor (LSTK/ OBE jobs) as well as for EIL’s Inhouse requirements.

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total
wage cost:

FY 2023-24 FY 2022-23
Location
(Current Financial Year) (Previous Financial Year)
Rural 3.58% 4.22%
Semi-urban 1.69% 1.28%
Urban 49.18% 46.02%
Metropolitan 45.55% 48.48%

PRINCIPLE 9
Businesses should engage with and provide value to their consumers in a responsible manner

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
EIL provides its services to other companies. It does not deal directly with consumers.

2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
information about: NOT APPLICABLE

As a percentage to total turnover

Environmental and social parameters relevant to the product -
Safe and responsible usage -
Recycling and/or safe disposal -
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3. Number of consumer complaints in respect of the following:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Pending Received Pending
Benefits Received
resolution at Remarks during resolution at Remarks#
during the year
end of year the year end of year
Data privacy - - - - - -
Advertising - - - - - -
Cyber-security (ITS) - - - - - -
Delivery of essential services - - - - - -
Restrictive Trade Practices - - - - - -
Unfair Trade Practices - - - - - -
Other - - - - - -

# EIL provides its services to other companies. It does not deal directly with consumers.

4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall

Voluntary recalls NA NA
Forced recalls NA NA

5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
available, provide a web-link of the policy. Not Applicable
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product
recalls; penalty / action taken by regulatory authorities on safety of products / services. Not Applicable
7. Provide the following information relating to data breaches: Not Applicable
a. Number of instances of data breaches:
b. Percentage of data breaches involving personally identifiable information of customers
c. Impact, if any, of the data breaches
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Annual Report 2023-24

Annual Report on CSR Activities

FORMAT FOR THE ANNUAL REPORT ON CSR ACTIVITIES TO BE INCLUDED IN THE BOARD’S REPORT FOR FINANCIAL YEAR
COMMENCING ON OR AFTER THE 1ST DAY OF APRIL, 2020
1. Brief outline on CSR Policy of the Company:
Engineers India Limited (EIL), a Design, Engineering and Project Management consultancy organization, is committed for
operating its core business as a socially responsible corporate, by taking into consideration the wider interests of the
community including the environment, with a vision of promoting sustainable development.

EIL has a Board approved CSR policy, in line with provisions of the Companies Act 2013 that aims at bringing a positive
change in the quality of lives of people by undertaking focused interventions through social upliftment programs. The CSR
Policy defines the broad framework for undertaking CSR activities and modalities involved while doing so.

2. Composition of CSR Committee:

Number of Number of meetings

Sl. meetings of CSR of CSR Committee
Name of Director Designation / Nature of Directorship
No. Committee held attended during the
during the year year
1 Smt. Vartika Shukla C&MD-Chairman 2 2
2 Shri Deepak Mhaskey Non Official Independent Director-Member 2 2
3 Shri Ravi Shankar Prasad Singh Non Official Independent Director-Member 2 2
4 Shri Ashok Kumar Kalra Director (HR)- Member 2 2
(Till 30.09.2023)
5 Shri Sanjay Jindal Director (Finance)- Member 2 2
6 Shri Rajeev Gupta Director (Projects) with addl. charge Dir. - -
(HR) (w.e.f 01.01.2024) - Member

3. Provide the web-link(s) Composition of CSR (c) Surplus arising out of the CSR Projects or
Committee, CSR Policy and CSR Projects programmes or activities of the previous
approved by the board are disclosed on the financial years.
website of the Company. NIL.
The web link for CSR Policy and CSR projects approved by
(d) Amount required to be set-off the financial
the Board is as below:
year, if any.
Web-link for composition of CSR Committee – https://
engineersindia.com/sustainability/corporate- H 475.53 Lakh
social-responsibility/
(e) Total CSR obligation for the financial year
[(b)+(c)-(d)].
4. Provide the executive summary along web-
H 274.47 Lakh
link(s) of Impact Assessment of CSR Projects
(Note: H 475.53 Lakh is excess expenditure of FY 2021-
carried out in pursuance of sub-rule (3) of rule
22 and is required to be set-off in FY 2023-24. Thus,
8, if applicable.
Total CSR Obligation for the financial year is
Impact Assessment of an eligible CSR project was carried H 274.47 Lakh, i.e. H 750 Lakh- H 475.53 lakh)
out in FY 2023-24. This Impact Assessment Report along
with the executive summary has been uploaded on 6. (a) Amount spent on CSR Projects (both Ongoing
following web-link: Project and other than Ongoing Project).
https://engineersindia.com/sustainability/corporate- H 1181.60 Lakh
social-responsibility/
(b) Amount spent in Administrative Overheads.
5. (a) Average net profit of the company as per sub-
section (5) of section 135. NIL.

Average net profit for last three preceding FYs i.e. (c) Amount spent on Impact Assessment, if
2020-21, 2021-22 and 2022-23 was H 37,500.43 Lakh. applicable.
H 5.67 Lakh
(b) Two percent of average net profit of the
company as per sub-section (5) of Section 135. (d) Total amount spent for the Financial Year
H 750 Lakh. [(a)+(b)+(c)].
H 1187.27 Lakh
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(e) CSR amount spent or unspent for the Financial Year:

Amount Unspent (in J Lakh)

Total Amount
Total Amount transferred to Amount transferred to any fund specified under
Spent for the
Unspent CSR as per sub-section(6) Schedule VII as per second proviso to sub-section (5) of
Financial Year
of section 135 section 135 (*)
(in J Lakh)
Amount Date of transfer Name of the Fund Amount Date of transfer
1187.27 5.00 30.04.2024 Prime Minister’s 10.48 15.09.2023
Citizen Assistance 13.35 23.04.2024
and Relief in 85.41 29.04.2024
Emergency Situations
(PM CARES) Fund

Note for (e): (*) These transfers are in line with or in compliance with Rule 2.(i) & 10 of The Companies (Corporate
Social Responsibility Policy) Rules, 2014 (inclusive of all amendments) and with Sub-Section (5) or/and (6) of Section
135 of The Companies Act, 2013 (inclusive of all amendments).

(f) Excess amount for set-off, if any:

Sl. Amount
Particular
No. (in J Lakh)
(1) (2) (3)
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 750*
(ii) Total amount spent for the Financial Year 1187.27**
(iii) Excess amount spent for the Financial Year [(ii)-(i)] 60.05**
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Nil
Financial Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] 60.05**

Note for (f):

(*) Two percent of average net profit of the company as per sub-section (5) of Section 135 is H 750 Lakh whereas Total
CSR Obligation for the financial year is H 274.47 Lakh [Please refer inputs against 5.(e)].

(**) The total CSR amount spent (inclusive of provisions) in FY 2023-24 is H 1187.27 Lakh. Out of this, H 852.75 Lakh
has been spent on ‘Ongoing CSR Projects’, i.e. from Unspent CSR Accounts whereas H 334.52 Lakh has been spent on
CSR Projects sanctioned against Budget of FY 2023-24.

Accordingly, excess amount spent on CSR projects sanctioned from the available Budget of FY 2023-2024 is H 60.05
Lakh (i.e. H 334.52 Lakh- H 274.47 Lakh).

7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial
Years:

1 2 3 4 5 6 7 8
Amount Balance Amount transferred Amount
transferred to Amount in Amount to a Fund as specified remaining to
Unspent CSR Unspent CSR Spent in the under Schedule VII as per be spent in
Preceding
Sl. Amount under Account under Financial Year second proviso to sub- succeeding Deficiency, if
Financial
No. sub-section(6) sub-section (6) (Rounded off section (5) of section 135, Financial any
Year(s)
of section 135 of section 135 in J Lakh) if any Years
(in J Lakh) (in J Lakh) (***) Amount Date of (Rounded off
(*) (**) (in J Lakh) Transfer in J Lakh)
1 FY 2020-21 1890.74 Nil 647.32 9.71 15.09.2023 Nil (^) --
13.35 23.04.2024
85.41 29.04.2024
2 FY 2021-22 55.69 Nil 0.50 0.50 15.09.2023 Nil --
3 FY 2022-23 244.11 Nil 204.93 -- -- 39.18 (^^) --
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Note for 7:

(*) These amounts refer to amount transferred when the Unspent CSR Accounts were opened in respective preceding
financial years (i.e. ‘Unspent CSR A/c FY 20-21’, ‘Unspent CSR A/c FY 21-22’ and ‘Unspent CSR A/c FY 22-23’ respectively).

(**) The Balance leftover/ unspent amount in the respective Unspent accounts pertains to only Ongoing Projects in line
with sub-section (6) of section 135. Unspent/ leftover amounts arising in SN 1 & 2 accounts were transferred to Schedule
VII Funds within stipulated timelines, as referred in Column no. 6 above. Balance leftover/ unspent amount pertaining to
SN 3 account (^^) is shown above in Column no. 7.

(^) This balance is at end of April, 2024 (as H 73.99 Lakh released was provisioned and was part of CSR Expense for FY 23-24).

(^^) & (***) This is inclusive of amounts provisioned in FY 2023-24.

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year:

Yes No

If yes, enter the number of Capital assets created/ acquired 153

Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent
in the Financial Year:

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
1 Construction of a 581201 25.02.2023** 119.58 Not Applicable Head Govt. Lower
new School Building Master, Primary School,
in Kabbenur village, Govt. Lower Kabbenur
Dharwad, Karnataka Primary Village, Dist &
[Govt. Lower Primary School, Tq- Dharwad,
School, Kabbenur Kabbenur Karnataka-
Village, Dist & Tq- 581201
Dharwad, Karnataka-
581201]
2 Setting up of 5 TPD 281001 16.06.2021** 191.75 Not Applicable M/s Bhavani
capacity plant for Paterson Mansion, No.
conversion of Waste to Energy 3, 4th Lane,
Fuel in Mathura, Uttar Private Nungambakkam,
Pradesh Limited Chennai- 600034
[Plant created on land
which is on lease from
Mathura-Vrindavan
Nagar Nigam: Khasra
No. 71 & 77 & 78 & 80
& 81, Bhoomi Rajasva
Graam, Shahjadhpur
Tappa Sonayl, Trans
Yamuna, Lakshmi
Nagar, Mathura, Uttar
Pradesh-281001]
 179
Statutory Report
Annexure to the Directors’ Report

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
3 Construction of 21 no. of additional class rooms 57.82
in 21 Government schools at Darrang district
(Aspirational), Assam**
Details of 21 ACRs are detailed as follows:-
3.1 No. 1 Atakata 784146 15.03.2022 Not Applicable Head Head Teacher
Janakalyan L.P. School, Teacher No. 1 Atakata
Village- No. 1 Atakata Janakalyan L.P.
PO Dhula- 784146 School, Village-
Darrang, Assam No. 1 Atakata
PO Dhula-
784146
Darrang, Assam
3.2 Kenduguri L.P. School 784148 18.03.2024 Not Applicable Head Head Teacher
Village- Taragaon Teacher Kenduguri L.P.
PO- Kenduguri School

Pin- 784148 Village- Taragaon

Darrang, Assam PO- Kenduguri

Pin- 784148
Darrang, Assam
3.3 No. 683, Bhakatpara 784190 18.01.2022 Not Applicable Head Head Teacher
L.P. School, Teacher No. 683,
Village- Sherpur, Bhakatpara L.P.
PO- Bhakatpara- 784190 School,

Darrang, Assam Village- Sherpur,

PO- Bhakatpara-
784190
Darrang, Assam
3.4 Rawmari Chapari (II) L.P. 784116 05.07.2020 Not Applicable Head Master Head Master
School Rawmari Chapari
Village- Rawmari (II) L.P. School
Chapari Village- Rawmari
PO- Dalgaon- 784116 Chapari
Darrang, Assam Shyampur Uttar
Cluster
PO- Dalgaon-
784116
Darrang, Assam
180
Engineers India Ltd

Annual Report 2023-24

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
3.5 Roumari Practicing L.P. 784116 27.03.2024 Not Applicable Head Head Teacher
School Teacher Roumari
PO- Dalgaon- 784116 Practicing L.P.
Darrang, Assam School
PO- Dalgaon-
784116
Darrang, Assam
3.6 Salaipara L.P. School 784529 27.01.2024 Not Applicable Head Head Mistress
PO- Chapaichowka Mistress Salaipara L.P.
Pin-784529 School

Darrang, Assam PO-

Chapaichowka
Pin-784529
Darrang, Assam
3.7 No.3 Shyampur M.E. 784116 06.08.2022 Not Applicable Head Master Head Master
Madrassa No.3 Shyampur
Village- No.3 Shyampur M.E. Madrassa
PO- Dalgaon- 784116 Village- No.3
Darrang, Assam Shyampur
PO- Dalgaon-
784116
Darrang, Assam
3.8 No.2 Shyampur I 784116 10.08.2020 Not Applicable Head Master Head Master
Dakshin L.P. School No.2 Shyampur
Village- No. 2 Shyampur I Dakshin L.P.
PO- Dalgaon- 784116 School

Darrang, Assam Village- No. 2

Shyampur
PO- Dalgaon-
784116
Darrang, Assam
3.9 No. 2 Shyampur Uttar 784116 20.08.2020 Not Applicable Head Master Head Master
L.P. School No. 2 Shyampur
Village- No. 2 Shyampur Uttar L.P. School
PO- Dalgaon- 784116 Village- No. 2
Darrang, Assam Shyampur
PO- Dalgaon-
784116
Darrang, Assam
 181
Statutory Report
Annexure to the Directors’ Report

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
3.10 Pachim Chuba No. 2 784116 20.08.2020 Not Applicable Head Head Teacher,
Shyampur Teacher S.M.C.
L.P. School Pachim Chuba
Village- No. 2 Shyampur No. 2 Shyampur

PO- Dalgaon- 784116 L.P. School

Darrang, Assam Village- No. 2

Shyampur
PO- Dalgaon-
784116
Darrang, Assam
3.11 Rawmari Chapari 784116 05.07.2020 Not Applicable Head Head Teacher
Dakhin L.P. School Teacher Rawmari Chapari
Village- Rawmari Dakhin L.P.
Chapari School
Shyampur Uttar Cluster Village- Rawmari
PO- Dalgaon- 784116 Chapari

Darrang, Assam Shyampur Uttar

Cluster
PO- Dalgaon-
784116
Darrang, Assam
3.12 250 No. Bajnapathar 784145 27.03.2024 Not Applicable Head Head Teacher
L.P. School Teacher 250 No.
Village & PO- Bajnapathar L.P.
Bajnapathar School
Pin- 784145 Village & PO-
Darrang, Assam Bajnapathar
Pin- 784145
Darrang, Assam
3.13 Lawduar Uttar Chuba 784190 07.08.2020 Not Applicable Head Head Teacher
L.P. School Teacher Lawduar Uttar
Village- Lawduar Chuba L.P.
PO- Shyamtila- 784190 School

Darrang, Assam Village- Lawduar

PO- Shyamtila-
784190
Darrang, Assam
182
Engineers India Ltd

Annual Report 2023-24

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
3.14 South Pub Podukhat 784190 20.10.2023 Not Applicable Head Head Teacher
L.P. School Teacher South Pub
Village- Pub Podukhat Podukhat L.P.
PO- Shyamtila- 784190 School

Darrang, Assam Village- Pub

Podukhat
PO- Shyamtila-
784190
Darrang, Assam
3.15 Dongpara L.P. School 784116 04.01.2024 Not Applicable Head Head Teacher
Village- Dongpara Teacher Dongpara L.P.
PO- Jagalpara School

Pin-784116 Village- Dongpara

Darrang, Assam PO- Jagalpara

Pin-784116
Darrang, Assam
3.16 Charandhara ME School 784147 11.03.2024 Not Applicable Head Master Head Master
Village- Gariapara Charandhara ME
Pin- 784147 School

Darrang, Assam Village- Gariapara

Pin- 784147
Darrang, Assam
3.17 Kashomari L.P. School 784115 27.03.2024 Not Applicable Head Head Teacher
Village- Kashomari Teacher Kashomari L.P.
Pin- 784115 School

Darrang, Assam Village-

Kashomari
Pin- 784115
Darrang, Assam
3.18 Kajiachar L.P. School 784125 05.03.2024 Not Applicable Head Head Teacher
Village- No. 1 Gadhowa Teacher Kajiachar L.P.
PO/ PS- Mangaldoi School

Pin- 784125 Village- No. 1

Gadhowa
Darrang, Assam
PO/ PS-
Mangaldoi
Pin- 784125
Darrang, Assam
 183
Statutory Report
Annexure to the Directors’ Report

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
3.19 No 3 Borolekhaity L.P. 784529 25.11.2021 Not Applicable Head Head Teacher
School Teacher No 3
Village- Borolekhaiti Borolekhaity L.P.
PO- Rangamati School

PS- Mangaldoi Village-

Borolekhaiti
Darrang, Assam
PO- Rangamati
PS- Mangaldoi
Darrang, Assam
3.20 Tengabari L.P. School 784525 21.07.2020 Not Applicable Head Head Teacher
Village & PO- Tengabari Teacher Tengabari L.P.
Kalaigaon Block School

Pin-784525 Village & PO-

Tengabari
Darrang
Kalaigaon Block
Pin-784525
Darrang
3.21 Athiabari M.E. School 784522 25.12.2021 Not Applicable Head Head Teacher
Village- Athiabari Teacher Athiabari M.E.
PO-Baralakhat- 784522 School

Darrang Village- Athiabari

PO-Baralakhat-
784522
Darrang
4 Construction of 3 609602 & 21.11.2021** 9.68 Not Applicable Director I floor, PKC
classrooms in 2 Govt. 609603 of School Educational
Primary Schools Education, Complex, 100
in Karaikal district, Puducherry feet road,
Puducherry Anna nagar,
[1 no. of classroom at Puducherry-
GPS Mathalangudy, 605005
Karaikal- 609603
And
2 no. of classrooms at
GPS Vadamaraicadu,
Karaikal- 609602,
Puducherry]
184
Engineers India Ltd

Annual Report 2023-24

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
5 Establishment of 783301 07.08.2023 122.91 Not Applicable District Ward No-1,
50 nos. of Model Social Dhubri Town,
Anganwadi Centers Welfare PO-Dhubri,
[District Social Welfare Officer, PSDhubri,
Officer- Dhubri, Ward Dhubri District-Dhubri
No-1, Dhubri Town, Assam, Pin-
PO-Dhubri, PS Dhubri, 783301
District-Dhubri (Assam),
Pin-783301]
6 Support for providing 723101 30.03.2023** 22.38 CSR00001796 The Leprosy Purulia Leprosy
medical equipment (64 Mission Home and
no. of physiotherapy Trust India Hospital, Post &
equipment and 2 no. of dist Purulia, West
ophthalmic equipment) Bengal- 723101
at TLM Purulia
Leprosy Home and
Hospital, Purulia, West
Bengal[Purulia Leprosy
Home and Hospital,
Post & dist Purulia, West
Bengal- 723101]
7 Installation of 5 no. 854304 30.03.2023** 19.88 Not Applicable Pandit Gauri Priest, Kamakhya
of RO Water Vending Kant Jha Sthan, K. Nagar,
Machines (along with Purnea, Bihar
maintenance for 5 854315 Sh. Narayan Priest, Durga
years) in aspirational Jha Mandir, Kochaili,
district Purnia, Bihar Dagraua, Purnea,
[(1) Kamakhya Sthan, Bihar
K. Nagar; (2) Durga 854206 Sh. Sushil Priest, Kali
Mandir, Kochaili, Dev Mandir,
Dagraua; (3) Kali Goswami Kusahadhar,
Mandir, Kusahadhar,(4) Purnea, Bihar
854327 Sh. Manager, Kali
Kali Mandir, Jalalgarh
Kusheshwar Mandir, Jalalgarh,
and (5) Hanuman
Yadav Purnea, Bihar
Mandir, R.N. Shah
854301 Sh. Nathuni Priest, Hanuman
Chowk- All in Purnia
Das Mandir, R.N.
district, Bihar]
Shah Chowk,
Purnea, Bihar
 185
Statutory Report
Annexure to the Directors’ Report

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
8 Installation of 4 units 203001 21.06.2023 2.82 Not Applicable Govt. Medical Officer,
of water coolers at Combined Govt. Combined
common public places Hospital Hospital,
of Gulaothi, Buland Sikandarabad,
Shahar, Uttar Pradesh Bulandshahr,
[(a) Govt. Combined Uttar Pradesh
Hospital, Sikandarabad, Primary Pharmacist,
(b) Primary Health Health Primary Health
Centre, Khurja, (c) Centre Centre, Khurja,
Primary Health Bulandshahr,
Centre, Kakore and Uttar Pradesh
(d) Community Health Primary Medical Officer,
Centre, Muni - All in Health Primary
district Bulandshahr, Centre Health Centre,
Uttar Pradesh] Kakore, Near
Police Station,
Bulandshahr,
Uttar Pradesh
Community Medical
Health Superintendent,
Centre Community
Health
Centre, Muni,
Bulandshahr,
Uttar Pradesh
9 Financial assistance to 782427 09.03.2024 24.18 CSR00048343 Gram Vikas Gram Vikas
provide Advance Life Parishad Parishad, Village
Ambulance for mobile Rangaloo, P.O.
medical camps & life Jumamur, PS
support treatment at Sadar, Dist.-
Nagaon, Morigaon & Nagaon, Assam-
Dima-Hasao districts of 782427
Assam
[Gram Vikas Parishad,
Village Rangaloo, P.O.
Jumamur, PS Sadar,
Dist.- Nagaon, Assam-
782427]
186
Engineers India Ltd

Annual Report 2023-24

Short particulars of the Amount

Pincode
property or asset(s) of CSR
of the
SI. Date of amount Details of entity/ Authority/ beneficiary of the
[including complete property
No. creation spent registered owner
address and location of or
(in J
the property] asset(s)
Lakh) (*)
-1 -2 -3 -4 -5 -6
CSR Registration
Registered
Number, if Name
address
applicable
10 Support for an 400049 06.12.2023 24.57 CSR00002183 RK HIV G3, Ravi Kiran
Ambulance to provide & AIDS Apartment,
medical services to Research 10, NS Road,
poor and needy in slum and Care Juhu, Mumbai,
areas of Mumbai Centre Maharashtra-
[RK HIV & AIDS 400049
Research and Care
Centre, G3, Ravi Kiran
Apartment, 10, NS
Road, Juhu, Mumbai,
Maharashtra- 400049]

Note:

(*) This column mentions amount spent (inclusive of provisioning) only in FY 2023-24. The projects mentioned at SN 1, 2,
3, 4, 5, 7 and 8 are multi-year projects.

(**) These are the Ongoing Projects which have been completed/ closed in FY 2023-24 (including provisions). So, these
have been reported in FY 2023-24.

Project at SN 2 was initiated in year 2017 [i.e. before notification of the Companies (Corporate Social Responsibility Policy)
Amendment Rules, 2021]. This project was supported for implementation through Viability Gap Funding (VGF).

(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/ Municipal
Corporation/ Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)

9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per sub-section (5)
of section 135.

Not applicable.
 187
Financial Statements
FORM NO. AOC -2

FORM NO. AOC -2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014.

Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in
sub section (1) of section 188 of the Companies Act, 2013 including certain arms length transaction under third proviso thereto.

1. Details of contracts or arrangements or transactions not at Arm’s length basis.- NIL

SL.
Particulars Details
No.
a) Name (s) of the related party & nature of relationship
b) Nature of contracts/arrangements/transaction
c) Duration of the contracts/arrangements/transaction
d) Salient terms of the contracts or arrangements or transaction including the value, if any
e) Justification for entering into such contracts or arrangements or transactions’
f) Date of approval by the Board
g) Amount paid as advances, if any -
h) Date on which the special resolution was passed in General meeting as required under first -
proviso to section 188

2. Details of material contracts or arrangements or transactions at Arm’s length basis.-NIL

SL.
Particulars Details
No.
a) Name (s) of the related party & nature of relationship
b) Nature of contracts/arrangements/transaction
c) Duration of the contracts/arrangements/transaction
d) Salient terms of the contracts or arrangements or transaction including the value, if any
e) Date of approval by the Board
f) Amount paid as advances, if any
188
Engineers India Ltd

Annual Report 2023-24

Report on Corporate Governance

1. Company’s Philosophy on Corporate Company has an engaged and well-informed Board with
Governance qualifications and experience in diverse areas.

The Company firmly believes in and has consistently As on March 31, 2024, the Company had 12 Directors,
practiced good Corporate Governance. The Company’s out of which 5 were Whole-Time Directors (Executive)
essential character is shaped by the values of including Chairman & Managing Director, 1 Part-
transparency, professionalism and accountability. The time (Ex-officio) Director (Government Director) and 6
Company is committed to attain the highest standard of Non-Official Independent Directors including Woman
Corporate Governance. The philosophy of the Company Independent Director. The composition of Board was
in relation to Corporate Governance is to ensure not in compliance with SEBI (Listing Obligations and
transparency in all its operations, make disclosures and Disclosure Requirements) Regulations, 2015 and DPE
enhance all stakeholders’ value within the framework of Guidelines on Corporate Governance for CPSEs between
laws and regulations. Key Policies that are adopted and 01.04.2023 to 30.09.2023 as there was a shortfall of 1
are available on website of the Company (https://www. Independent Director position.
engineersindia.com/Investor/Landing) are as follows:
None of the Directors/KMP of the Company are related
Code of Conduct for Board Members and to each other and there are no inter-se relationships
Senior Management between the Directors/KMP. As on March 31, 2024, none
Code of Conduct for Prevention of Insider Trading of the Non-Executive Directors holds equity shares in
and Code of Fair Disclosure of Unpublished Price the Company except Shri Deepak Mhaskey, Non-Official
Sensitive Information Independent Director, who holds 160 equity shares
of the Company.
Policy on Board Diversity
The Chairman & Managing Director and Executive
Whistle Blower Policy
Directors do not serve as Independent Director in any
Corporate Social Responsibility Policy listed company. Further, none of the Non-Executive
Directors is an Independent Director in more than 7 listed
Policy on Related Party Transactions
entities as required under the SEBI Listing Regulations.
Policy for determining Material Subsidiaries None of the Directors held Directorships in more than 20
Policy for determination of Materiality of companies, with more than 10 public limited companies.
Events / Information None of the Directors on the Board is a member of
more than 10 Committees or Chairman of 5 Committees
Dividend Distribution Policy (committees being Audit Committee and Stakeholders
Risk Management Policy Relationship Committee) across all Public Companies,
in which he/ she is a Director. All the Directors have
declared their Directorship and Membership in various
2. Board of Directors: Boards/Committees of other companies.
(i) Composition of the Board of Directors
(ii) Number of Board Meetings
The Board of Directors along with its committees
provide leadership and guidance to the Management The Board of Directors met 5 times during the financial
and directs and supervises the performance of the year 2023-24. The details of said meetings along with
Company, thereby enhancing stakeholder value. Board strength and actual in attendance is given below.
The Board has a fiduciary relationship in ensuring Video conferencing facility is used to facilitate Directors
that the rights of all stakeholders are protected. Your to participate in the meetings.

Sl. No. of Directors

Date of Meeting Place Board Strength
No. present
1. May 26, 2023 New Delhi 13 13
2. August 02, 2023 New Delhi 13 13
3. August 24, 2023 Gurugram, Haryana 13 13
4. November 09, 2023 New Delhi 12 12
5. February 02, 2024 New Delhi 12 12
100% attendance marked in all the board meetings held during the year.
 189
Statutory Report
Annexure to the Directors’ Report

(iii) Details of attendance of each Director at Board Meetings held during the year and Last Annual General
Meeting, the number of Directorships, Committee Chairpersonships/Memberships held by them in other
listed entities as on March 31, 2024

Other listed entity

Number of other Directorships/ Committee where Directors of
Attendance Particulars
Memberships / Chairpersonships the Company held
Directorship
Name of Directors
Last Annual Committee Committee Name
Board General Other Memberships Chairpersonships of the
Category
Meetings Meeting held Directorships (Including EIL) (Including EIL) Listed
on 15.09.2023 Entity

Executive Directors
Smt. Vartika Shukla1 5 Yes 1 - - - -
(DIN – 08777885)
Chairman & Managing Director
Shri Ashok Kumar Kalra2 3 Yes - - - - -
(DIN – 08698203)
Director (HR)
Shri Sanjay Jindal 5 Yes - 1 - - -
(DIN – 09223617)
Director (Finance)
Shri Atul Gupta 5 Yes - - - - -
(DIN – 09704622)
Director (Commercial)
Shri Rajiv Agarwal 5 Yes 1 - - - -
(DIN – 09748894)
(Director (Technical)
Shri Rajeev Gupta3 5 Yes 1 2 - - -
(DIN – 09839662)
Director (Projects)
Non-Executive Directors (Government Nominee)
Shri Rohit Mathur4 5 Yes - - - - -
(DIN- 08216731)
Shri Dheeraj Kumar Ojha5 NA NA - - - - -
(DIN – 09639759)
Non-Executive Directors (Independent Directors)
Shri Deepak Mhaskey 5 Yes - 1 - - -
(DIN- 09396329)
Shri Harishkumar 5 Yes - 1 1 - -
Madhusudan Joshi
(DIN – 01201050
Dr. Prashant Vasantrao Patil 5 Yes - 1 - -
(DIN – 01398774)
Smt. Karuna Gopal Vartakavi 5 Yes - - - - -
(DIN – 05304803)
Shri Ravi Shankar Prasad Singh 5 Yes - 1 - -
(DIN – 09260909)
Shri Jai Prakash Tomar 5 Yes - 1 1 - -
(DIN – 09401504)

Note:

1. Ministry of Petroleum & Natural Gas, Government of India vide its letter no. CA-31018/2/2023-CA-PNG (47633) dated September 29, 2023
had entrusted additional charge of the post of Director (HR) to Smt. Vartika Shukla, for a period of three months w.e.f. 01.10.2023, or till
the appointment of a regular incumbent to the post, or until further orders, whichever is the earliest. Smt. Vartika Shukla was holding the
additional charge of the post of Director (HR) till 31.12.2023.

2. Shri Ashok Kumar Kalra ceased to be the Director (HR) of the Company w.e.f. October 01, 2023 due to his retirement on attaining the age of
superannuation on September 30, 2023.
190
Engineers India Ltd

Annual Report 2023-24

3. Ministry of Petroleum & Natural Gas, Government of India the decisions are tracked. The Terms of Reference/
vide its letter no. CA-31018/2/2023-CA-PNG (47633) dated Charters are reviewed and updated from time to time
February 09, 2024 entrusted additional charge of the post
in order to keep the functions and role of the Board and
of Director (HR) to Shri Rajeev Gupta, Director (Projects) for
a period w.e.f. 01.01.2024 to 30.09.2024, or till the regular Committees aligning with the changing statutes. Action
incumbent joins the post, or until further orders, whichever Taken Reports are put up to the Board periodically.
is the earliest. To enable better and more focused attention on the
affairs of the Company, the Board has delegated certain
4. Shri Rohit Mathur was appointed as an Additional Director
in the capacity of Director (Government Nominee) w.e.f. powers to C&MD and Board Sub-Committee set up
16.05.2023 in terms of Ministry of Petroleum & Natural for the purpose.
Gas, Government of India vide letter No. CA-31032/1/2021-
PNG-37493 dated May 16, 2023 and his appointment (vi) Code of Business Conduct and Ethics for Board
was approved by Shareholders in the 58th AGM held on Members and Senior Management
September 15, 2023.
The Board of Directors has laid down the Code of
5. Shri Dheeraj Kumar Ojha ceased to be Director (Government Business Conduct and Ethics for all Board Members and
Nominee) of the Company w.e.f. May 16, 2023. Senior Management of the Company which includes
the duties of Independent Directors as per statutory
(iv) Chart/ Matrix setting out the skills/expertise/
requirements. The same has also been posted on the
competence of the Board
Website of the Company.
The Company being a Government Company, all
the Directors on its Board viz. Whole time Directors,
Government Nominee Directors and Non-official
Independent Directors are selected and appointed Declaration as required under SEBI (Listing
by the Government as per laid down process for each Obligations and Disclosure Requirements)
category of Director. The list of core skills, expertise Regulations, 2015, DPE Guidelines on Corporate
and competency required for the Board to function Governance for CPSEs and Companies Act, 2013.
effectively in context of the Company’s business, All the Members of the Board and Senior Management
forms an integral part of the Government’s process for Personnel have affirmed compliance of the Code of
selection of the Directors. In view thereof, the Board of Business Conduct and Ethics for the financial year
the Company has not identified separately any such core ended on March 31, 2024.
skills or expertise or competency required by a Director
and those are available as required under SEBI Listing Place: New Delhi (Vartika Shukla)
Regulations. However, the Company has laid down Date: 28.05.2024 Chairman & Managing Director
Board Diversity Policy as per SEBI Listing Regulations.

(v) Board Procedure

The meetings of the Board of Directors are generally The Senior Management of the Company have made
held at the Company’s Registered Office in New Delhi. disclosures to the Board confirming that there are no
The meetings are scheduled well in advance. In case material financial and/or commercial transactions
of exigencies or urgency, resolutions are passed by that could have potential conflict of interest with the
circulation. The Board meets at least once a quarter to Company at large.
review the quarterly financial results and other items
(vii) Independent Directors & Separate meeting of
of agenda. The time gap between any two meetings do
Independent Directors
not exceed three months. The agenda for the meetings
are prepared by the concerned officials, sponsored by The Company has received declaration from the
the concerned Functional Directors and approved by Independent Directors confirming that they meet the
C&MD. The Board papers are circulated to the Directors criteria of independence as prescribed under Section
in advance. For paperless Board, the agenda items are 149(6) of the Companies Act, 2013 read with Regulation
uploaded on a digital platform which can be accessed 16(1)(b) of the SEBI Listing Regulations. In terms of
electronically in their device in a secured manner. The Regulation 25(8) of the SEBI Listing Regulations, the
members of the Board have access to all information Independent Director has confirmed that they are not
and are free to recommend inclusion of any matter in aware of any circumstances or situations which exist
the agenda for discussion. Senior executives are invited or may be reasonably anticipated that could impair or
to attend the Board meetings and provide clarification impact their ability to discharge their duties.
as and when required.
The Board is of the opinion that the Independent
The Company Secretary tracks and monitors Board Directors fulfill the conditions specified in the Companies
and Committee proceedings to ensure that the Terms Act and the SEBI Listing Regulations and that they are
of Reference /Charters are adhered to, decisions independent of the management. In terms of Section
are properly recorded in the minutes and actions on 150 of the Companies Act, 2013 read with Rule 6 of the
Companies (Appointment & Qualification of Directors)
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Annexure to the Directors’ Report

Rules, 2014, the Independent Directors have confirmed programme conducted by DPE, IICA, etc. to familiarize
that they have enrolled themself in the Independent the Independent Directors.
Directors’ Databank maintained with the Indian Institute
of Corporate Affairs (IICA). The details of such familiarization programmes/Training
Policy have also been posted on the website of the Company
A separate Meeting of the Independent Directors was https://www.engineersindia.com/Investor/Landing.
held on February 10, 2024 in pursuance of Schedule IV
of the Companies Act, 2013 and DPE Guidelines on Role (ix) Compliance Reports
& Responsibilities of Non-Official Independent Directors The Company has proper online systems to enable the
of CPSEs which was attended by all the Independent Board to review compliance reports of all laws applicable
Directors. This Meeting assessed the quality, quantity to the Company, on half yearly basis as well as to assess
and timeliness of flow of information necessary for the the steps taken by the Company to rectify instances of
Board to effectively and reasonably perform their duties. non-compliances, if any.

(viii) Familiarization Programme for Board Members

3. Board Committees
The Company has a well-defined Training Policy for
training of Board Members which, inter-alia, includes The Committees constituted by the Board focus on
various familiarization programmes aligned with their specific areas and take informed decisions within the
roles, rights, responsibilities in the Company, nature of framework designed by the Board and make specific
the industry in which the Company operates, business recommendations to the Board on matters in their
model of the Company etc. The Board members are areas or purview. All decisions and recommendations
provided with the necessary documents, reports and of the Committees are placed before the Board for
internal policies to enable them to familiarize with the information or for approval, if required. To enable
Company’s procedures and practices. The Company better and more focused attention on the affairs of the
has arranged site visit to one of the refinery project Company, the Board has delegated particular matters
which is under execution by the Company to showcase to the Committees of the Board set up for the purpose.
complete capability at site. Independent Directors The composition of various committees of the Board
were also invited to attend India Energy Week (IEW) is also hosted on the website of the company. The
2024, Goa which was held under the patronage of following Board Sub-Committee are functioning:
the Ministry of Petroleum & Natural Gas (MoPNG),
i) Audit Committee
Government of India. The 4 days event provided an
extensive platform for energy sector to acquire strategic As on March 31, 2024, the Audit Committee comprises
insights, expand network and remain informed about of Shri Harish M Joshi, Non-official Independent Director
industry advancement, support the roles in navigating as Chairman, Dr. Prashant Vasantrao Patil, Shri Deepak
the complexities of global energy sector. In addition, Mhaskey, Non-official Independent Directors and
the Company has also nominated to various training Director (Projects) as members of the Committee.

The Audit Committee met Ten (10) times during Financial Year 2023-24 and the gap between any two meetings did not
exceed 120 days. Details of meetings held and attendance of the Members in these meetings are as under:

Date of Meetings
Name
Sl.
of the Category 25.05. 2023 26.05. 2023 07.07. 2023 02.08. 2023 28.09. 2023 08.11. 2023 09.11. 2023 01.02. 2024 02.02. 2024 22.03. 2024
No.
Members

1 Shri Harish Non Official

         
M Joshi Independent
Director-
Chairman
2 Dr. Non Official
         
Prashant Independent
Vasantrao Director
Patil
3 Shri Non Official
         
Deepak Independent
Mhaskey Director
4 Shri Rajeev Director
         
Gupta (Projects)

Director (Finance) is permanent invitee for all meetings. Head (Internal Audit) and Statutory Auditor are specifically invited
to be present as invitee for the meetings. The Audit Committee also invites Senior Executives whenever it considers
appropriate to be present in the meetings.
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Role/Scope of Audit Committee includes: 9. Scrutiny of inter-corporate loans and investments;

1. Oversight of the company's financial reporting 10. Valuation of undertakings or assets of the company,
process and the disclosure of its financial wherever it is necessary;
information to ensure that the financial statement
11. Evaluation of internal financial controls and risk
is correct, sufficient and credible;
management systems;
2. Recommendation to the Board, the fixation
12. Reviewing, with the management, performance of
of Audit fees payable to Statutory Auditors
statutory and internal auditors, adequacy of the
appointed by C&AG;
internal control systems;
3. Recommendation to the Board, the appointment 13. Reviewing the adequacy of internal audit function
of Cost Auditors of the Company and fixation of including the structure of the internal audit
their cost Audit Fees; department, staffing and seniority of the official
heading the department, reporting structure
4. Approval of payment to statutory auditors for any
coverage and frequency of internal audit;
other services rendered by the statutory auditors;
14. Discussion with internal auditors and/or auditors
5. Reviewing, with the management, the annual of any significant findings and follow up there on;
financial statements and auditor's report thereon
before submission to the board for approval, with 15. Reviewing the findings of any internal investigations
particular reference to: by the internal auditors/auditors/agencies into
matters where there is suspected fraud or irregularity
a. Matters required to be included in the or a failure of internal control systems of a material
Director's Responsibility Statement to be nature and reporting the matter to the board;
included in the Board's report in terms of
16. Discussion with statutory auditors before the audit
clause (c) of sub-section 3 of section 134 of
commences, about the nature and scope of audit
the Companies Act, 2013
as well as post-audit discussion to ascertain any
b. Changes, if any, in accounting policies and area of concern;
practices and reasons for the same 17. To look into the reasons for substantial defaults in
the payment to the depositors, debenture holders,
c. Major accounting entries involving
shareholders (in case of non-payment of declared
estimates based on the exercise of
dividends) and creditors;
judgment by management
18. To review the functioning of the Whistle
d. Significant adjustments made in the financial Blower mechanism;
statements arising out of audit findings
19. To review the follow-up action on the audit
e. Compliance with listing and other legal observations of C&AG Audit;
requirements relating to financial statements
20. To review the follow-up action taken on the
f. Disclosure of any related party transactions recommendation of Committee on Public
Undertakings (COPU) of the Parliament;
g. Modified Opinion(s) in the draft audit report.
21. Provide an open avenue of communication
6. Reviewing, with the management, the quarterly between the Independent auditor, internal auditor
financial statements before submission to the and the Board of Directors;
Board for approval; 22. Review with the independent auditor the co-
ordination of audit efforts to assure completeness
7. Reviewing, with the management, the statement
of coverage, reduction of redundant efforts, and
of uses/ application of funds raised through an
the effective use of all audit resources.
issue (public issue, rights issue, preferential issue,
etc.), the statement of funds utilized for purposes 23. Consider and review the following with the
other than those stated in the offer document / independent auditor and the management:
prospectus/ notice and the report submitted by
the monitoring agency monitoring the utilization - The adequacy of internal controls including
of proceeds of a public or rights issue, and making computerized information system controls
appropriate recommendations to the Board to and security, and
take up steps in this matter;
- Related findings and recommendations of
8. Review and monitor the auditor's independence and the Independent auditor and internal auditor,
performance, and effectiveness of audit process; together with the management responses
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Statutory Report
Annexure to the Directors’ Report

24. The Audit Committee shall mandatorily review the committee of the listed entity if the value
following information: of such transaction whether entered into
individually or taken together with previous
a. Management discussion and analysis of transactions during a financial year, exceeds
financial condition and results of operations; ten per cent of the annual standalone
turnover, as per the last audited financial
b. Statement of significant related party
statements of the subsidiary;
transactions (as defined by the Audit
Committee), submitted by Management; 26. To grant omnibus approval for related party
transactions, subject to applicable provisions
c. Management letters /letters of internal control
under Companies Act/Listing Regulations, and to
weaknesses issued by the statutory auditors;
review at least on quarterly basis the details of
d. Internal audit reports relating to internal related party transactions entered pursuant to
control weaknesses; and omnibus approval.

e. The appointment, removal and terms of 27. Review all Related Party Transactions in the
remuneration of the Chief internal auditor. Company. For this purpose, the Audit Committee
may designate a member who shall be responsible
f. Certification/Declaration of Financial for reviewing related party transactions.
Statements by the Chief Executive/Chief
Financial Officer. 28. Approval of appointment of Chief Financial Officer
after assessing the qualifications, experience and
g. statement of deviations: background, etc. of the candidate;

(i) quarterly statement of deviation(s) 29. Reviewing the utilization of loans and/ or advances
including report of monitoring agency, from/investment by the holding company in the
if applicable, submitted to stock subsidiary exceeding rupees 100 crore or 10% of
exchange(s) in terms of Regulation 32(1) the asset size of the subsidiary, whichever is lower
of SEBI(LODR) Regulations,2015. including existing loans / advances / investments
existing as on the date of coming into force of
(ii) annual statement of funds utilized for
this provision.
purposes other than those stated in the
offer document/prospectus/notice in 30. To perform the role as defined in the code of
terms of Regulation 32(7) of SEBI(LODR) conduct to regulate, monitor and report trading by
Regulations,2015. insiders of the Company.

25. Approval or any subsequent modification of 31. To review the financial statements, in particular,
transactions of the company with related parties. the investments made by the unlisted subsidiary

Note: 32. Carrying out any other function as is mentioned in

the terms of reference of the Audit Committee.
(i) The audit committee of a listed entity shall
define “material modifications” and disclose it 33. The Audit Committee shall have additional
as part of the policy on materiality of related functions/features as prescribed under Companies
party transactions and on dealing with related Act 2013, Listing Regulations, DPE Guidelines as
party transactions. amended from time to time.

(ii) A related party transaction to which the Explanation (i): The term "related party
subsidiary of a listed entity is a party but the transactions" shall have the same meaning as
listed entity is not a party, shall require prior provided in the Listing Regulations, DPE Guidelines
approval of the audit committee of the listed and Companies Act 2013 read with related
entity if the value of such transaction whether rules issued thereon including any statutory
entered into individually or taken together modifications and amendments as may be issued
with previous transactions during a financial from time to time.
year exceeds ten per cent of the annual
consolidated turnover, as per the last audited ii. Nomination and Remuneration Committee
financial statements of the listed entity; In terms of the provisions of Section 178(3) of the
Companies Act and Regulation 19(4) read with Part
(iii) with effect from April 1, 2023, a related party
D of Schedule II to the SEBI Listing Regulations and
transaction to which the subsidiary of a listed
Corporate Governance Guidelines for CPSEs issued by
entity is a party but the listed entity is not a
DPE, Nomination and Remuneration Committee (NRC)
party, shall require prior approval of the audit
has been constituted by the Board.
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Annual Report 2023-24

Terms of Reference management in accordance with the criteria

a) Issues relating to pay and perks prior to laid down and recommend to the Board their
consideration by the Board. appointment and removal to enable succession
planning for the Company.
b) Deliberate and decide on Performance Related
Pay (PRP) pool and policy of distribution of g) Recommend to the Board, all remuneration, in
PRP to employees. whatever form, payable to employees.

c) Formulation of the criteria for determining h) To decide issues like ESOP schemes, Performance
qualifications, positive attributes and independence Incentive Schemes, Superannuation Benefits
of a director and recommend to the Board a policy, and any other Fringe Benefits which may be
relating to the remuneration of the directors, key considered appropriate.
managerial personnel and other employees;
Composition of the Committee and Attendance at
d) Formulation of criteria for evaluation of meetings during the year
Independent Directors and the Board; As on March 31, 2024, the Nomination and Remuneration
e) Devising a policy on Board diversity; Committee comprises of Dr. Prashant Vasantrao Patil,
Non-official Independent Director as Chairman, Shri
f) Identifying persons who are qualified to become Harish M. Joshi and Shri Jai Prakash Tomar, Non-official
directors and who may be appointed in senior Independent Directors as the members of the Committee.

The NRC met once during Financial Year 2023-24 i.e., on 25.05.2023. Details of attendance by members as under:

Date of Meeting
Sl.
Name of the Members Category 25.05.2023
No.
1 Dr. Prashant Vasantrao Patil Non-Official Independent Director - Chairman 
2 Shri Harish M. Joshi Non-Official Independent Director 
3 Shri Jai Prakash Tomar Non-Official Independent Director 

Performance Evaluation
EIL being a Government Company, the performance evaluation of the Directors is carried out by the Administrative
Ministry (MoP&NG), Government of India, as per applicable Government guidelines. However, inputs on performance of
Independent Directors are being provided to the Administrative Ministry as well as Department of Public Enterprises (DPE)
as and when called for.

Remuneration of Directors
There is no pecuniary relationship or transactions of the Non-Executive Directors vis-à-vis the Company. The Non-official
Independent Directors nominated on the Board do not draw any remuneration from the Company for their role as
Director except sitting fees of H40,000/- for each meeting of the Board of Directors and H30,000/- for each meeting of the
Committees of the Board of Directors & Meeting of Independent Directors (once a year) attended by them. The Functional
Directors including the Chairman & Managing Director are appointed by the Government of India and are being paid
remuneration as per the terms of their appointment.

The details of remuneration paid to the Functional Directors during the financial year ended March 31, 2024 are as under:

(Amount in H)
Performance
Stock Option
Sl. Related Pay/ Other
Name of Director Gross Salary during the Total
No. Productivity Benefits
year 2023-24
Linked Reward
1. Smt. Vartika Shukla 57,17,916 1,12,249 15,60,999 NA 73,91,164
2. Shri Ashok Kumar Kalra 26,21,549 0 6,63,175 NA 32,84,724
(upto 30.09.2023)
3. Shri Sanjay Jindal 52,58,635 82,357 9,96,217 NA 63,37,209
4. Shri Atul Gupta 51,32,968 75,198 9,18,556 NA 61,26,722
5. Shri Rajiv Agarwal 53,87,369 78,477 9,07,033 NA 63,72,879
6. Shri Rajeev Gupta 55,23,117 72,373 9,48,780 NA 65,44,270
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Statutory Report
Annexure to the Directors’ Report

Details of payments towards sitting fees to Independent Directors during the financial year 2023-24 are given below:-

(Amount in H)
Sitting Fees
Committee
Sl.
Name of Non-official Independent Director Board Meeting/ Total
No.
Meeting Independent
Director Meeting
1. Shri Deepak Mhaskey 2,00,000 3,90,000 590000
2. Shri Harishkumar Madhusudan Joshi 2,00,000 3,60,000 560000
3. Dr. Prashant Vasantrao Patil 2,00,000 3,60,000 560000
4. Smt. Karuna Gopal Vartakavi 2,00,000 2,40,000 440000
5. Shri Ravi Shankar Prasad Singh 2,00,000 2,70,000 470000
6. Shri Jai Prakash Tomar 2,00,000 2,10,000 410000
Total 12,00,000 18,30,000 30,30,000
*Gross fees excluding taxes as per applicable Tax Laws and Rules

iii. Stakeholders Relationship Committee of the Board

The Stakeholders’ Relationship Committee (SRC) has been constituted by the Board in compliance with the requirements
of Section 178 (5) of the Companies Act and Regulation 20 of the SEBI Listing Regulations. As on March 31, 2024 the
Committee comprises of Shri Jai Prakash Tomar, Non-official Independent Director as Chairman, Shri Ravi Shankar Prasad
Singh, Non-official Independent Director, Director (HR) and Director (Finance) as members of the Committee.

Terms of Reference
The role of the Committee is as follows:

a) Resolving the grievances of the security holders of the Company including complaints related to Transfer/
Transmission of Shares, non-receipt of Annual Report, non-receipt of declared Dividends, issue of new/duplicate
Certificates, General Meetings etc.

b) Review of measures taken for effective exercise of voting rights by Shareholders.

c) Review of adherence to the service standards adopted by the Company in respect of various services being rendered
by the Registrar & Share Transfer Agent.

d) Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed
dividends and ensuring timely receipt of Dividend Warrants/Annual Reports/Statutory Notices by the shareholders
of the Company.

The SRC met two (2) times during Financial Year 2023-24. Details of attendance of members in these meetings are as under:

Date of Meetings
Sl.
Name of the Members Category 25.05.2023 01.02.2024
No.
1 Shri Jai Prakash Tomar Non Official Independent Director - Chairman  
2 Shri Ravi Shankar Prasad Singh Non Official Independent Director  
3 Shri Ashok Kumar Kalra1 Director (HR)  NA
4 Shri Sanjay Jindal Director (Finance)  
1
Shri Ashok Kumar Kalra, Director (HR) ceased to be the Director of the Company w.e.f. 01.10.2023 on attaining the age of superannuation on 30.09.2023.

Compliance Officer
Shri Narendra Kumar, Sr. Manager (CS), is Compliance officer of the Company is responsible for compliance under SEBI
Listing Regulations.

Status of Investor Complaints

Complaints pending on 01.04.2023 NIL

Complaints received during the financial year 2023-24 34
Complaints disposed off during the financial year 2023-24 34
Complaints pending as on 31.03.2024 NIL
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Transfer of Unclaimed/Unpaid Amounts to the Investor Education and Protection Fund:

In accordance with the provisions of Section 124, 125 and other applicable provisions, if any, of the Companies Act read
with Investors Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter
referred to as ‘IEPF Rules’) including any statutory modification(s) or re-enactment(s) thereof for the time being in force,
the amount of dividend remaining unclaimed or unpaid for a period of seven years from the date of transfer to the
Unpaid Dividend Account is required to be transferred to the Investor Education & Protection Fund (IEPF) maintained
by the Central Government. In pursuance of this, the Unpaid Dividend which remained unclaimed and unpaid for the
financial years 2015-16 (Final), and 2016-17 (interim) have accordingly been transferred to IEPF on 13.11.2023 and
30.04.2024 respectively. Unpaid/ Unclaimed Dividend for the Financial Year 2016-17 (final) is due for transfer to IEPF on
24.10.2024. The Company sends communication to the concerned shareholders well in advance, advising them to lodge
their claim with respect to unclaimed dividend and shares before it is due for transfer to IEPF. The subsequent due dates
of transfer of unpaid/unclaimed dividend to IEPF for the respective financial years have been provided herein below and
also at Company’s website. Therefore, the members who have not encashed their dividend so far for these years are
also requested to write to the Company or its Registrar & Share Transfer Agent for claiming the unpaid dividend before
their due dates of transfer to IEPF. Given below are the due dates for transfer of the unpaid/unclaimed dividend to IEPF
by the Company:

Date of Declaration Due dates for

Financial Year
of Dividend transfer to IEPF
2016-17(Final) 19.09.2017 24.10.2024
2017-18 (Interim) 12.03.2018 17.04.2025
2017-18 (Final) 19.09.2018 24.10.2025
2018-19 (Interim) 08.02.2019 13.03.2026
2018-19 (Final) 26.09.2019 29.10.2026
2019-20 (Interim) 05.02.2020 06.03.2027
2019-20 (Final) 28.09.2020 30.10.2027
2020-21 (Interim) 11.03.2021 12.04.2028
2020-21 (Final) 29.09.2021 03.11.2028
2021-22 (Interim) 09.02.2022 14.03.2029
2021-22 (Final) 27.09.2022 29.10.2029
2022-23 (Interim) 13.02.2023 09.03.2030
2022-23 (Final) 15.09.2023 19.10.2030
2023-24 (Interim) 02.02.2024 03.03.2031

In accordance with Section 124(6) of the Companies Terms of reference

Act, 2013 read with Rule 6(3)(a) of the IEPF Rules, all
The terms of reference of the CSR Committee are:
the shares in respect of which dividend have not been
paid or claimed for seven consecutive years or more (a) Formulate and recommend to the Board, a
shall be transferred to IEPF. In this regard, the Company Corporate Social Responsibility Policy which
has completed the posting of specific communications shall indicate the activities to be undertaken by
to the concerned shareholders whose dividend has the company in areas or subject as specified in
not been paid or claimed for seven consecutive years, Schedule VII of the Companies Act,2013;
at their latest available address and published a
(b) Recommend the amount of expenditure (Annual
newspaper advertisement in this regard. The details of
Budget) to be incurred on the activities referred to
such shares are available on the Company’s website at
in clause (a); and
https://engineersindia.com/Investor/Landing.
(c) Monitor the Corporate Social Responsibility Policy
iv. Corporate Social Responsibility Committee of the company from time to time.
The Corporate Social Responsibility (CSR) Committee has
(d) Approve the contribution on any projects/ activities
been constituted by the Board in compliance with the
having financial implication more than H25 lakhs.
requirements of Section 135 of the Companies Act, 2013.
As on March 31, 2024, the CSR Committee comprises (e) Recommend to the Board, for inclusion of any
of Chairman & Managing Director as Chairman, Shri activities/project which is not covered in the broad
Deepak Mhaskey, Shri Ravi Shankar Prasad Singh, Non- plan as approved by the Board.
official Independent Directors, Director (HR) and Director
(f) Recommend to the Board, for approval for
(Finance) as the members of the Committee.
additional budget if expenditure exceeds the
allocated amount against such projects/activities.
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The Board has adopted the CSR Policy as formulated and recommended by the Committee. The Annual Report on CSR
activities for Financial Year 2023-24 forms part of the Directors’ Report.

The CSR Committee met two (2) times during the year on 25.05.2023 and 02.08.2023. Details of attendance of the Members
in these meetings are as under:

Date of Meetings
Sl.
Name of the Members Category 25.05.2023 02.08.2023
No.
1 Smt. Vartika Shukla C&MD-Chairman  
2 Shri Deepak Mhaskey Non-Official Independent Director  
3 Shri Ravi Shankar Prasad Singh Non-Official Independent Director  
4 Shri Ashok Kumar Kalra Director (HR)  
5 Shri Sanjay Jindal Director (Finance)  

v. Risk Management Committee (3) To monitor and oversee implementation of the

risk management policy, including evaluating the
Risk Management Committee (RMC) is a key governing
adequacy of risk management systems;
body of the Risk Management function at EIL and has
been constituted by the Board in compliance with (4) To periodically review the risk management
the requirements of Regulation 21 of the SEBI Listing policy, at least once in two years, including by
Regulations, the Companies Act and DPE guidelines considering the changing industry dynamics and
on Corporate Governance. The Risk Management evolving complexity;
Committee of the Board comprises both Independent
Directors and Functional Directors and is headed by an (5) To keep the board of directors informed about
Independent Director. The Risk Management Committee the nature and content of its discussions,
is supported by the Corporate Risk Assurance (CRA) recommendations and actions to be taken;
group, which performs day-to-day activities required to
maintain and improve Risk Management. (6) The appointment, removal and terms of
remuneration of the Chief Risk Officer (if
Terms of Reference: any) shall be subject to review by the Risk
The terms of reference of the Risk Management Management Committee.
Committee are:
The Committee guide Corporate Risk Assurance
(1) To formulate a detailed risk management policy (CRA) group (a part of Company’s Risk Organizational
which shall include: Structure) in integration of Enterprise Risk Management
(ERM) with other business planning, business strategy,
a) A framework for identification of internal management activities and operational objectives.
and external risks specifically faced by the
Company, in particular including financial, The status of Enterprise Risk Management (ERM) and
operational, sectoral, sustainability Project Risk Management Plans (PRMPs) is reviewed on
(particularly, ESG related risks), information, a Quarterly basis by the Risk Management Committee.
cyber security risks or any other risk as may The Risk Management Committee plays an active role
be determined by the Committee. in reviewing the status and providing the required
interventions for improving the effectiveness of
b) Measures for risk mitigation including the Risk Management System and aligning it with
systems and processes for internal control of business objectives.
identified risks.
Composition of the Committee and Attendance at
c) Business continuity plan. meetings during the year
As on March 31, 2024, the Risk Management Committee
(2) To ensure that appropriate methodology,
comprises of Smt. Karuna Gopal Vartakavi, Non-official
processes and systems are in place to monitor
Independent Director as Chairman, Shri Ravi Shankar
and evaluate risks associated with the business
Prasad Singh, Non-Official Independent Director,
of the Company;
Director (Finance), Director (Technical) and Director
(Projects) as members of the Committee.
198
Engineers India Ltd

Annual Report 2023-24

The Committee met four (4) times during the year on 25.05.2023, 06.07.2023, 08.11.2023 and 01.02.2024. Details of
attendance of the Members in these meetings are as under:
Date of Meetings
Sl.
Name of the Members Category 25.05.2023 06.07.2023 08.11.2023 01.02.2024
No.
1 Smt. Karuna Gopal Vartakavi Non-Official Independent    
Director-Chairman
2 Shri Ravi Shankar Prasad Singh Non-Official Independent    
Director
3 Shri Sanjay Jindal Director (Finance)    
4 Shri Rajiv Agarwal Director (Technical)    
5 Shri Rajeev Gupta Director (Projects)    

vi. Particulars of Senior Management (Executive Director - one level below the Board of Directors) as on
31.03.2024 including the changes therein since the close of previous financial year is given below:

S. Effective Date
Name Designation Details of change
No. of change
1 Smt. Jayati Ghosh Executive Director (Process) - -
2 Shri Ram Parkash Batra Executive Director (F&A) - -
3 Shri Snigdho Majumdar Executive Director (Corporate Quality and - -
Assurance/HSSE)
4 Shri Sunil Kumar Saxena Executive Director (Equipment) - -
5 Shri Atanu Bhowmik Executive Director (HR) - -
6 Shri Asheesh Sengupta Executive Director (Supply Chain - -
Management)
7 Shri Subhas Balakumar Executive Director (Projects) - -
8 Shri Rajeev Kumar Executive Director (Supply Chain - -
Management)
9 Shri Dinesh Kumar Kesri Executive Director (Projects) - -
10 Shri Rajkumar Rathi Executive Director (Marketing & Business - -
Development)
11 Shri Anurag Sinha Executive Director (Structural) Promoted as 01.04.2023
Executive Director
12 Shri Upendra Kumar Verma Executive Director (Process) Promoted as 01.07.2023
Executive Director
13 Shri Rupesh Kumar Singh Executive Director (Construction) Promoted as 01.07.2023
Executive Director
14 Shri Ayush Mathur Executive Director (Projects) Promoted as 01.07.2023
Executive Director
15 Shri Alok Singhal Executive Director (Construction) Promoted as 01.07.2023
Executive Director
16 Shri N S Vasudev Executive Director (Projects) Promoted as 01.09.2023
Executive Director
17 Shri Mainak Nandi Executive Director (Technical) Promoted as 01.11.2023
Executive Director
18 Shri Vijay Shahri Executive Director (Projects) Promoted as 01.11.2023
Executive Director
19 Shri E Murugesan Executive Director (Marketing & Business Promoted as 01.01.2024
Development) Executive Director
20 Shri John Paul Valiyapunam Executive Director (Construction) Superannuation 31.08.2023
21 Shri Kamal Narayan Choudhary Executive Director (Ministry Projects Superannuation 31.10.2023
Monitoring)
22 Shri Sanjay Mazumdar Executive Director (Technical) Superannuation 31.10.2023
23 Shri Amit Sengupta Executive Director (Supply Chain Superannuation 31.12.2023
Management)
24 Shri Janak Kishore Executive Director (Projects) Superannuation 31.12.2023
25 Shri Sanjoy Mukherjee Executive Director (Projects) Separation on 01.01.2024
account of death
 199
Statutory Report
Annexure to the Directors’ Report

vi. Human Resource Committee

HR Committee has been constituted to deal with some specific HR issues including revision in HR Policies and Rules. As
on March 31, 2024, the HR Committee comprises of Chairman & Managing Director as Chairman, Smt. Karuna Gopal
Vartakavi, Shri Jai Prakash Tomar, Non-official Independent Directors, Director (Finance), Director (Commercial), Director
(Technical), Director (Projects) and Director (HR) as the members of the Committee.

The Committee met three (3) times during the year on 05.06.2023, 28.06.2023 and 15.12.2023. Details of attendance of
the Members in these meetings are as under:
Date of Meetings
Sl.
Name of the Members Category 05.06.2023 28.06.2023 15.12.2023
No.
1 Smt. Vartika Shukla1 C&MD -Chairman   
2 Smt. Karuna Gopal Vartakavi Non-Official Independent Director   
3 Shri Jai Prakash Tomar Non-Official Independent Director   
4 Shri Ashok Kumar Kalra2 Director (HR)   NA
5 Shri Sanjay Jindal Director (Finance)   
6 Shri Atul Gupta Director (Commercial)   
7 Shri Rajiv Agarwal Director (Technical)   
8 Shri Rajeev Gupta Director (Projects)   x
1
Smt. Vartika Shukla, C&MD was holding Addl. Charge of Director (HR) w.e.f. 01.10.2023 till 31.12.2023.
2
Shri Ashok Kumar Kalra, Director (HR) ceased to be the Director of the Company w.e.f. 01.10.2023 on attaining the age of superannuation on 30.09.2023.

vii. Share Transfer Committee

The Company has a Share Transfer Committee in place. Presently, the Share Transfer Committee comprises of three
Directors viz. Director (Commercial), Director (HR) and Director (Finance). Senior most director is acting as Chairman of
the meeting. The Committee met two (2) times during the Financial Year 2023-24.

viii. Committee of Functional Directors

The Board of Directors has constituted the Committee of Functional Directors of the Company to deliberate and decide on
the matters as per defined scope of the Committee. The Committee is comprising of all the functional Directors headed
by C&MD as Chairman. The Committee met 34 times during the Financial Year 2023-24.

4. Subsidiary Companies
The Company is having one wholly owned subsidiary viz. Certification Engineers International Limited (CEIL). This subsidiary
Company does not fall under the category of “Unlisted Material Subsidiary Company” within the meaning of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and DPE Guidelines on Corporate Governance. The Audit
Committee of EIL has reviewed the financial statements and performance, in particular, the investments made by CEIL. The
Minutes of the Board Meetings of CEIL have also been placed before the Board Meetings of EIL. The Board of Directors of the
Company periodically review the details of all significant transactions and arrangements entered into by CEIL, being un-listed
subsidiary Company. The Company has a policy for determining Material Subsidiaries and the same has also been posted on
the website of the Company at https://www.engineersindia.com/Investor/Landing.

5. General Body Meetings

(i) Annual General Meeting (AGM)
The details of Annual General Meetings held during the last three years are as under:

Whether Special
AGM Year Day, Date & Time Venue
Resolution Passed or not
56th 2020-21 Wednesday, 29.09.2021, 3.00 P.M. Virtual Meeting through Video No
57th 2021-22 Tuesday, 27.09.2022, 3.00 P.M. Conferencing (VC)/ Other Audio Visual No
58th 2022-23 Friday, 15.09.2023, 11.00 A.M. Means (OAVM) No
(Deemed Venue for Meeting:
Registered Office: EI Bhawan, 1, Bhikaji
Cama Place, New Delhi – 110 066)
200
Engineers India Ltd

Annual Report 2023-24

ii) No Extra-ordinary General Meeting of the members was same. Please include details of Folio No./DP ID and Client
held during the financial year 2023-24. ID and holding details in the said communication.

iii) Postal Ballot: The Company has not conducted any f) Exclusive email id for redressal of investors’
business through Postal Ballot during the Financial Year complaint
2023-24. None of the business proposed to be transacted [email protected] is exclusively email ID for
in the ensuing Annual General Meeting require passing Investors services.
of special resolution through postal Ballot.
g) Green Initiatives – Service of Documents in
6. Means of Communication to the Electronic Form
shareholders The provisions of the Companies Act permit paperless
a) Financial Results communication by allowing services of all documents in
electronic mode. Further, the Ministry of Corporate Affairs
Quarterly and Annual Audited Financial Results are (MCA) as well as SEBI, has permitted that all communication,
announced within the time prescribed under the SEBI including Annual Report, send through email to those
Listing Regulations. The results are published in leading members whose email id is available as per registered
newspapers like Economic Times, Mint, Business records and physical copy to those who request for the same.
Standard, Financial Express, Hindu Business Line (All
editions), Hindustan Times & Times of India (Delhi) in h) SEBI Complaints Redressal System (SCORES)
English and Nav Bharat Times and Hindustan (Delhi) SEBI has upgraded the SEBI Complaint Redressal System
in Hindi. The Financial Results are also hosted on (SCORES). The new version of SCORES strengthens
company’s website www.engineersindia.com. the investor complaint redressal mechanism in the
b) Investors / Analyst Meet securities market by making the process more efficient
through auto-routing, auto-escalation, monitoring by
EIL holds investors / analyst calls after every quarterly the ‘Designated Bodies and reduction of timelines.
results announcement, which is accessible to all investors
and general public. Prior intimation of conference
calls, if any, to discuss financial performance of the 7. General Shareholders Information
Company is given to the stock exchanges and is also i) 59th Annual General Meeting
hosted on the website of the Company. EIL’s Investors
Relation Cell also participates in various sell side/broker
Day & Date Wednesday, 11th September, 2024
arranged investor conferences and interacts with
Time 11:00 AM (IST)
investors in one-to-one or group meetings. The Investor
Venue The Company is conducting AGM
Presentation, audio call recordings of the analyst calls
through VC / OAVM pursuant to the MCA
and transcript are submitted with the stock exchanges
General Circular Nos. 09/2023 dated
and also uploaded on the Company’s website.
25.09.2023 read within General Circular
c) News Releases No. 20/2020 dated 05.05.2020, 02/2022
dated 05.05.2022 and 10/2022 dated
Official Press releases, detail presentations made to
28.12.2022 (collectively referred to as
analysts, institutional investors, etc. are displayed on
“MCA” Circular).
the Company’s website.
[Deemed Venue for Meeting: Registered
d) Website Office: EI Bhawan, 1, Bhikaji Cama Place,
The Company’s website www.engineersindia.com provides New Delhi–110 066].
a separate section for investors where relevant information For details, please refer to the Notice of
as per Regulation 46 of SEBI Listing Regulations is available. this AGM.

e) Annual Reports ii) Financial Year

The Annual Report is available on the Company’s website April 1 to March 31 every year.
at www.engineersindia.com. The Notice of the AGM
alongwith Annual Report for Financial Year 2023-24 will iii) Record Date
be sent only through electronic mode to those Members The Record Date for the purpose of entitlement of Final
whose email addresses are registered with the Company/ Dividend for the financial year ended 31st March, 2024 is
Depositories in compliance with MCA General Circular Wednesday, 21st August, 2024.
No. 09/2023 dated 25.09.2023 and SEBI Circular No. SEBI/
HO/CFD/CFD-PoD-2/P/CIR/2023/167 dated 07.10.2023. In iv) Dividend
case Members desires to have a physical copy of the same, The Board of Directors of the Company have
either may write to us or email on company.secretary@ recommended payment of Final Dividend of H1/- per
eil.co.in, to enable the Company to dispatch a copy of the share (on the face value of H5/- each) for the Financial
 201
Statutory Report
Annexure to the Directors’ Report

Year ended 31st March, 2024 subject to approval of the a) BSE Limited, Phiroze Jeejeebhoy Towers, Dalal
shareholders in the ensuing AGM. This is in addition Street, Mumbai - 400 001.
to the Interim Dividend of H2/- per share (on the face
value of H5/- each). With this, the total dividend for the b) National Stock Exchange of India Ltd., Exchange
financial year 2023-24 works out to H 3/- per share. Plaza, 5th floor, Plot No. C/1, G Block, Bandra-Kurla
Complex, Bandra (E), Mumbai - 400051.
Date of Payment of Final Dividend, if approved, will be
Tuesday, 24th September, 2024. The Company has paid Listing fees for the Financial Year
2023-24 to the above Stock Exchanges. The Company
v) E-voting dates has also made the payment of Annual fee to National
The e-voting commences on Saturday, 7th september, Securities Depository Limited (NSDL) and Central
2024 from 9:00 AM (IST) and end on Tuesday, 10th Depository Services (India) Limited (CDSL) for the
September, 2024 at 5:00 PM (IST). The cut-off date for Financial Year 2023-24.
the purpose of determining the shareholders eligible for vii) Stock Code
e-voting, is Wednesday, 4th September, 2024.
ISIN INE510A01028
vi) Listing on Stock Exchanges Scrip Code 532178
The Equity Shares of the Company are listed on two Scrip Symbol ENGINERSIN
Stock Exchanges in India viz.

viii) Monthly Share Price Data

(Amount in H)
Bombay Stock Exchange National Stock Exchange
Month & Year
High Low High Low
April, 2023 84.80 73.94 84.90 73.80
May, 2023 113.47 81.51 113.45 82.10
June, 2023 122.40 106.30 122.45 106.25
July, 2023 160.00 112.60 160.00 112.85
August, 2023 166.55 143.00 166.50 142.95
September, 2023 167.25 141.25 167.30 141.25
October, 2023 147.40 116.50 147.55 116.45
November, 2023 151.80 122.40 151.70 122.30
December, 2023 177.25 147.60 177.35 147.40
January, 2024 255.00 170.35 256.20 170.25
February, 2024 273.80 192.20 273.90 192.15
March, 2024 237.80 173.55 237.90 173.50

ix) Performance of EIL’s Share price in comparison to NIFTY/Sensex and BSE Industrial Index during the
financial year 2023-24.
BSE Industrial Index Monthly High vs EIL Monthly High Price
EIL STOCK PRICE AT NSE (RS./SHARE)

310 76000
280 74000
BSE INDUSTRIAL INDEX

250 11800
220 11000
190 10200
160 9400
130 8600
100 7800
70 7000
23 23 23 23 23 23 23 23 23 24 24 24
, 20 , 20 , 20 20 20 20 20 20 20 20 20 ,2
0
ril ay ne ly, st
,
er
,
er
,
er
,
er
,
ry
,
ry
,
rc
h
Ap M Ju Ju gu b ob b b a ua a
Au em ct em em nu br M
t O v c Ja Fe
Sep No De

EIL Share price BSE INDUSTRIAL INDEX

202
Engineers India Ltd

Annual Report 2023-24

Sensex Monthly High vs EIL Monthly High Price

EIL STOCK PRICE AT NSE (RS./SHARE)

310 76000
280 74000
250 72000
220 70000

SENSEX
190 68000
160 66000
130 64000
100 62000
70 60000
23 23 23 23 23 23 23 23 23 24 24 24
20 ,2
0 20 20 20 20 20 20 20 20 20 20
r il, ay e, ly, s t, r, r, r, r, y, y, h,
Ap M Ju
n Ju gu be ob
e be be ua
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ar
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Au m ct m m n br M
te ve ce Ja
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No De Fe
Se
EIL Share price SENSEX

Nifty Monthly High vs EIL Monthly High Price

EIL STOCK PRICE AT NSE (RS./SHARE)

310 22800
280 22200
250 21600
220 21000

NIFTY
190 20400
160 19800
130 19200
100 18600
70 18000
2 3 2 3 2 3 2 3 2 3 2 3 2 3 3 3 4 4 2 4
20 20 20 20 20 20 20 202 202 2 02 202 20
ril, ay
, e, ly, st, r, r, r, r, y, y, ch
,
Ap M Ju
n Ju gu be ob
e be be ua
r
ua
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ar
Au em ct em em Ja
n br M
pt O v c Fe
Se No De

EIL Share price NIFTY

ix) Liquidity
EIL shares are actively traded on National Stock Exchange of India Limited and BSE Limited.

(x) Dematerialization/Rematerialization of Shares

Shareholding in Demat Mode as on 31.03.2024

Depository No. of Shares Percentage

NSDL 203306556 36.17
CDSL 358417055 63.76
Total 561723611 99.93

President of India has held 51.32% of the total shares, all in dematerialized form. Out of the balance 48.68% shares held
by others, 48.62% have been held in dematerialized form as on March 31, 2024. The trading in the equity shares of the
Company is compulsory in dematerialized segment as per Notification issued by the Securities and Exchange Board of India.

Dematerialized/Rematerialized for the period from 01.04.2023 to 31.03.2024.

NSDL CDSL
No. of Shares Percentage No. of Shares Percentage
Dematerialized 63909 0.011 8660 0.001
Rematerialised Nil - NIL -
Total 63909 0.011 8660 0.001
 203
Statutory Report
Annexure to the Directors’ Report

(xi) Distribution of Shareholding as on March 31, 2024.

The shareholding in EIL by major categories of Shareholders as at the end of March 31, 2024 is presented hereunder:

a. Shareholding Pattern

S.
Category of Shareholders No. of Shares held % of Total
No.
1 PROMOTERS 288458584 51.32
2 INDIVIDUALS 132082161 23.50
3 INSURANCE COMPANIES 42024072 7.48
4 FOREIGN PORTFOLIO - CORP. 39369584 7.00
5 OTHER MUTUAL FUND 33529678 5.97
6 NRI 5692349 1.01
7 DOMESTIC COMPANIES 12409240 2.21
8 HUF 6432872 1.14
9 CLEARING MEMBERS 901471 0.16
10 TRUSTS 110280 0.02
11 INVESTOR EDUCATION AND PROTECTION FUND 135566 0.02
12 OTHER BANK 689 0.00
13 FOREIGN NATIONAL /ENTITY 400 0.00
14 CENTRAL GOVERNMENT 59531 0.01
15 DIRECTORS RELATIVE 7994 0.00
16 ALTERNATIVE INVESTMENT FUND 827797 0.15
17 FINANCIAL INSTITUTIONS 105 0.00
TOTAL 562042373 100.00

b. Distribution Schedule

S. No. of % to Total % of Total

Category No. of Shares
No. Shareholders Shareholders Shares
1 Up to 500 341507 88.48 37195519 6.62
2 501 - 1000 23222 6.02 18306543 3.26
3 1001 - 2000 11133 2.88 16706732 2.97
4 2001 - 3000 3732 0.97 9553984 1.70
5 3001 - 4000 1627 0.42 5864303 1.04
6 4001 - 5000 1313 0.34 6231356 1.11
7 5001 - 10000 2010 0.52 14810918 2.64
8 10001 and above 1406 0.36 453373018 80.67
Total 385950 100.00 562042373 100.00

(xii) Registrar & Share Transfer Agent (RTA) (xiii) Share Transfer System
M/s Alankit Assignments Limited acting as Registrar and Members may please note that as per Section III of Master
Share Transfer Agent (RTA) for handling all matters relating Circular SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated
to the shares of EIL (both physical as well as demat mode). 07.05.2024, Company shall issue securities in dematerialized
All matters relating to the shares of the Company such as form only while processing the service requests in relation
transmission, dematerialization, rematerialisation, dividend, to issue of duplicate share certificate, claim from Unclaimed
change of address etc. and related correspondence and Suspense Account, Renewal/Exchange of Share Certificate,
queries may be addressed to:- Endorsement, Sub-division/ Splitting of share certificate,
Consolidation of share certificates/folios, Transmission
M/s Alankit Assignments Limited and Transposition. Accordingly, members holding shares
205-208, Anarkali Complex, Jhandewalan Extension in physical form are requested to make service requests
New Delhi-110055 by submitting a duly filled and signed Form ISR-4, available
on the Company’s website at https://engineersindia.com/
Tel No.: 011-42541234
Investor/Landing and on the website of the Company’s RTA
Fax No.: 011-42541201 at www.alankit.com. It may be noted that any service request
Email : [email protected] can be processed only after furnishing PAN, Contact details
Website:www.alankit.com (Postal Address with PIN and Mobile Number), Bank A/c
details and Specimen signature. In view of the same and to
eliminate all risks associated with physical shares and avail
204
Engineers India Ltd

Annual Report 2023-24

various benefits of dematerialization, Members are advised ISR-3 Declaration Form for Opting-out of Nomination by
to dematerialize the shares held by them in physical form. holders of physical securities in Listed Companies
Members can contact the Company or Company's RTA, for
SH-13 Nomination Form
assistance in this regard.
SH-14 Cancellation or Variation of Nomination
(xiv) Norms for furnishing of PAN, KYC, Bank details and
Nomination All the members are requested to update their KYC details
SEBI vide circulars dated May 7, 2024 & June 10, 2024 for seamless transfer of final divided recommended by
has made it mandatory for all the shareholders, holding Board of Directors for shareholders approval at the 59th
shares in physical mode to update the KYC details such as AGM and also for future remittance.
updation of PAN, Contact details (Postal Address with PIN
and Mobile Number), Email Address, Bank Account details, (xv) Online Dispute Resolution Mechanism
Specimen Signature, etc. Members who are holding shares SEBI vide master circular SEBI/HO/OIAE/OIAE_IAD-3/P/
in Demat form are requested to contact their respective CIR/2023/195 dated 28.12.2023 established a common
Depository Participants (DPs) for updation of these details. Online Dispute Resolution Portal (“ODR Portal”) which
Members holding shares in Physical form are required to harnesses online conciliation and online arbitration for
approach RTA to update the KYC details in their folios. SEBI resolution of disputes arising in the Indian Securities
has mandated payment of dividend only through electronic Market. The companies or their clients/investors may also
mode w.e.f. April 01, 2024 to those members holding refer any unresolved issue of any service requests / service-
shares in Physical form who have their KYC details updated related complaints for due resolution by harnessing online
in their folios. The physical security holders shall be eligible conciliation and/or online arbitration as specified in the
to lodge grievance or avail any service request from the RTA abovementioned circular. As per circular, an investor shall
only after furnishing PAN, KYC details. first take up their grievance directly with the Company. If
the grievance is not redressed satisfactorily, the investor
Company has sent individual letters to all the Members may, in accordance with the SCORES framework notified by
holding shares in physical form whose KYC details are not SEBI vide circular No. SEBI/HO/OIAE/IGRD/CIR/P/2023/156
updated/available with RTA. The forms for updation of dated 20.09.2023, escalate the same through the SCORES
PAN, KYC, Bank details, Choice of Nomination & service Portal. After exhausting these options for resolution of
request form alongwith the said SEBI circulars are available the grievance, if the investor is still not satisfied with the
on the Company’s website https://engineersindia.com/ outcome, investor can initiate dispute resolution through
Investor/Landing : the ODR Portal.
ISR-1 Request for Registering Pan, KYC Details or The Company has registered itself with ODR portal as
Changes / Updation prescribed in the circular and the link to Login To ‘Smart
ODR Portal’ is available on the website of the Company at
ISR-2 Confirmation of Signature of securities
https://engineersindia.com/Investor/Landing.
holder by the Banker

(xvi) Demat Suspense Account

Details of unclaimed shares in respect of EIL FPO-2010 and FPO-2013 are furnished below:-

Shareholders approached Shareholders to whom

Opening Balance as on for Transfer of shares from shares were transferred from Closing Balance as on
1.4.2023 Suspense Account during Suspense Account during 31.03.2024
2023-24 2023-24
Cases Shares Cases Shares Cases Shares Cases Shares
7 1154 0 0 0 0 7 1154

The voting rights on the shares mentioned in the closing (xviii) Regional Offices / Branch Office / Overseas Offices
balances as stated above shall remain frozen till the rightful
List of Regional Offices / Branch Office / Overseas Offices
owner of such shares claims the shares.
are given in back cover of annual report.
(xvii) Registered & Head Office
(xix) Statutory Auditors
Engineers India Bhawan, 1, Bhikaji Cama Place,
DATTA SINGLA & CO.
New Delhi – 110066
Chartered Accountants
CIN: L74899DL1965GOI004352
409, 4th Floor, Sethi Bhawan
Tel: 011-26762121
Rajendra Place, Delhi – 110008
Email: [email protected]|Website: www.engineersindia.com
Tel. No : +91 (0) 011-43008642
 205
Statutory Report
Annexure to the Directors’ Report

(xx) Address for correspondence c) Proceeds from Public Issues, Right Issues and Preferential
Issues: The Company has not raised any money through
All correspondence relating to the shares of the Company
Public Issue, Right Issues or any Preferential Issues during
should be sent to the Company’s Registrar & Share
the financial year 2023-24.
Transfer Agents as mentioned in Item 14 (xii) till further
communication from the Company. d) Details of transactions between the Company and its
subsidiaries, associates, key managerial personnel during
8. Other Disclosures : the year 2023-24 are given in Note No. 38 to the Annual
Accounts for the year ended 31st March, 2024. These
a) Related Party Transactions: The Company has a Policy
transactions do not have any potential conflict with the
on “Materiality of Related Party Transactions and dealing
interests of the Company at large.
with Related Party Transactions” in line with SEBI (LODR)
Regulations, 2015. The same is posted on the website of e) There were no penalties or strictures imposed on the
the Company at https://www.engineersindia.com/Investor/ Company by any Statutory authorities for non-compliance
Landing. The Company gives the disclosure regarding the on any mater related to capital markets, during the
details of all the material transactions with related parties last three years.
on quarterly basis along with the compliance report on
Corporate Governance. As per Regulation 23(9) of SEBI However, NSE and BSE has imposed fines as per SEBI
Listing Regulations, the Company is also disclosing Related Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated
Party Transactions on consolidated basis on half yearly January 22, 2020 for non-compliance of certain provisions
basis to Stock Exchanges. Further, suitable disclosure as of SEBI Listing Regulations. As the non-compliance was
required by the Accounting Standard (Ind AS-24) has been purely beyond the control of the Company, representation
made in the notes to the Financial Statements. were made to stock exchanges for waiver of fines.
Simultaneously, the same was informed to the Board
b) Accounting Treatment: The Financial statements and communicated to the Administrative Ministry for
have been prepared in accordance with the Indian appointment of sufficient number of Independent
Accounting Standards and as per generally accepted Directors on the Board of the Company in compliance with
accounting principles. SEBI Listing Regulations. Details of fines imposed during FY
2023-24 and status of waiver is given below:

NSE BSE
Regulation under
Amount of Fine Regulation under Non- Amount of Fine
Quarter ended Non-Compliances Quarter ended
in J Compliances made in J
made
March, 2023 Regulation 17 (1) 5,31,000 March, 2023 Regulation 17 (1) 5,31,000
June, 2023 Regulation 17(1) 5,36,900 June, 2023 Regulation 17(1) 5,36,900
Sept., 2023 Regulation 17(1) 5,42,800 Sept., 2023 Regulation 17(1) 5,42,800

Pursuant to the request by the Company, NSE (Designated h) During the last three years, one Presidential Directive was
Stock Exchange as per aforesaid SOP) vide its letter no. NSE/ received by the Company on the Review of affordability
LIST/SOP/0021 dated 24.04.2024 has waived of fine imposed of CPSE for continued implementation of Pay Revision of
till date on the company (including aforesaid quarters as Board Level and Below Board Level Executives as per DPE
well as prior period for quarter Sept., 2022 & Dec.2022). guidelines and the same was complied with.

f) The Company has in place a Vigil Mechanism/Whistle i) Director(s) are nominated on training programmes and
Blower Policy and no personnel has been denied access they have also attended various seminars/conferences
to the Audit Committee. The details of the same have also from time to time.
been posted on the website of the Company.
j) No Expenditures were debited in the Books of Accounts
g) The Company has complied with all mandatory during the financial year 2023-24 which are not for the
requirements of SEBI (Listing Obligations and Disclosure purposes of the Business.
Requirements) Regulations, 2015 and DPE Guidelines on
Corporate Governance for CPSEs except the Composition k) No expenses had been incurred which were personal in
of the Board (from 01.04.2023 to 30.09.2023) with respect nature and incurred for the Board of Directors and the
to Independent Directors during the year and Performance top Management.
Evaluation of Independent Directors as required by
l) The administrative and office expenses are 4.41% of the
Regulation 17 of SEBI (Listing Obligations and Disclosure
total expenses in the financial year 2023-24 as against
Requirements) Regulations, 2015.
3.77% during the financial year 2022-23.
206
Engineers India Ltd

Annual Report 2023-24

m) It is always Company’s endeavour to present unqualified v) Disclosures in relation to the Sexual Harassment of
financial statements. Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013:
n) Details of utilization of funds raised through preferential
allotment or qualified institutions placement as specified (i) Number of complaints filed during the financial year : None
under Regulation 32 (7A) of Listing Regulations-N.A.
(ii) Number of complaints disposed of during the
o) List of all credit ratings obtained by the Company for financial year :N.A
mobilization of funds -N.A
(iii) Number of complaints pending as at end of the
p) The Board of Directors have also confirmed that in the financial year: None
opinion of the Board, the Independent Director(s) fulfill the
conditions specified in the SEBI Listing Regulations and are w) Disclosures regarding commodity price risk or foreign
independent of the management. exchange risk and hedging activities are given in Note No.35
of the Notes to the Annual Accounts for the year ended
q) The Company has obtained Directors’ and Officers’ Liability 31st March, 2024.
Insurance Coverage in respect of any legal action that might
be initiated against Directors/ Officers of the Company. x) The Company does not have any material subsidiary as
defined in SEBI Listing Regulations.
r) CEO/CFO Certification: The CEO and Director (Finance) & CFO
have given the certificate to the Board as well as disclosed y) Disclosure of certain types of agreements binding
the required information to the Statutory Auditors and the company (clause 5A of paragraph A of Part A of
the Audit Committee in terms of SEBI (LODR) Regulations, Schedule III of SEBI Listing Regulations): There are no
2015 and DPE Guidelines on Corporate Governance for agreements impacting management or control of the
CPSEs. The said certificate is annexed and forms part of company or imposing any restriction or create any liability
the Annual Report. upon the company.

s) Certificate from Company Secretary in practice regarding z) Total fees for all services paid by the Company and its
debarment/disqualification of Directors: All the Directors subsidiaries, on a consolidated basis, to the Statutory
of the Company have submitted a declaration stating that Auditor is as under:
they are not debarred or disqualified by the Securities and (H in lakhs)
Exchange Board of India / Ministry of Corporate Affairs Particulars 2023-24 2022-23
or any such Statutory Authority from being appointed or For Audit 20.50 19.80
continuing as Directors of Companies. M/s VAP & Associates, For Tax Audit 3.70 3.60
Practicing Company Secretaries, has submitted a certificate Others 15.54 14.82
to this effect. Total 39.74 38.22

t) A compliance certificate from M/s Datta Singla & Co.,

Statutory Auditors, pursuant to the requirements aa) The Company has not adopted any discretionary
of Schedule V to the SEBI Listing Regulations requirement as specified under Schedule II (Part E) of
regarding compliance of conditions of Corporate SEBI (Listing Obligations and Disclosure Requirements)
Governance is attached. Regulations, 2015.

u) In the Current Financial Year, there has been no instance bb) Particulars of Directors seeking appointment / re-
where Board has not accepted the recommendation of any appointment at the 59th Annual General Meeting have been
Committee which is mandatorily required. provided in the Notice of the Annual General Meeting.
 207
Statutory Report
Annexure to the Directors’ Report

CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL

OFFICER (CFO) CERTIFICATION
We Vartika Shukla, CEO and Sanjay Jindal, Director (Finance) & CFO of Engineers India Limited certify that:

A. We have reviewed Financial Results for the quarter and year ended 31st March 2024 and that to the best of our
knowledge and belief:

(1) these results do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;

(2) these results together present a true and fair view of the Company's affairs and are in compliance with existing
accounting standards, applicable laws and regulations.

B. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the quarter and
year which are fraudulent, illegal or violative of the Company's Code of Conduct.

C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and we have
disclosed to the auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any,
of which we are aware and the steps we have taken or propose to take to rectify these ueficiencies.

D. We have indicated to the Auditors and the Audit Committee:

(1) Significant changes in internal control over financial reporting during the quarter and year;

(2) Significant changes in Accounting Policies during the quarter & year and that the same have been disclosed in the
Notes to the Financial Results; and

(3) Instances of significant fraud of which we have become aware anc the involvement therein, if any, of the management
or an employee having a significant role in the Company's internal control system over financial reporting.

New Delhi (Sanjay Jindal) (Vartika Shukla)

May 28, 2024 Director (Finance) & CFO CEO
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Engineers India Ltd (EIL)

Annual Report 2023-24

Independent Auditors’ Certificate on Corporate Governance

To,
THE MEMBERS OF ENGINEERS INDIA LIMITED

1. We have examined the compliance of conditions of Special Purposes issued by the ICAI which requires that
Corporate Governance by ENGINEERS INDIA Limited (“the we comply with the ethical requirements of the Code of
Company”) for the financial year ended March 31, 2024, Ethics issued by the ICAI.
as stipulated in SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”) 6. We have complied with the relevant applicable
(as amended) and Guidelines on Corporate Governance requirements of the Standard on Quality Control (SQC)
for Central Public Sector Enterprises (CPSEs), issued by 1, Quality Control for Firms that Perform Audits and
the Department of Public Enterprises (DPE), Ministry of Reviews of Historical Financial Information, and Other
Finance, Government of India. Assurance and Related Services Engagements.

Managements’ Responsibility Opinion

2. The compliance of conditions of Corporate Governance 7. In our opinion and to the best of our information and
is the responsibility of the Management. This according to the explanations given to us, we certify that
responsibility includes the design, implementation as on March 31, 2024, the Company was in compliance
and maintenance of internal control and procedures with the requirement of Corporate Governance as
to ensure the compliance with the conditions of the stipulated in Listing Regulations and Guidelines on
Corporate Governance stipulated in Listing Regulations. Corporate Governance for CPSEs, except for:

(i) Appointment of requisite number of independent

Auditor’s Responsibility directors for the period 1st April 2023 to
30th Sept. 2023.
3. Our examination has been limited to review of the
procedures and implementation thereof, adopted (ii) The performance evaluation of independent
by the Company, for ensuring the compliance with directors has not been carried out by company.
the conditions of Corporate Governance. It is neither
an audit nor an expression of opinion of financial 8. We further state that such compliance is neither an
statements of the Company. assurance as to the future viability of the Company
nor the efficiency or effectiveness with which the
4. We have examined the books of account and other management has conducted the affairs of the Company.
relevant records and documents maintained by the
Company for the purposes of providing reasonable
assurance on the compliance with Corporate
Governance requirements by the Company.
For Datta Singla & Co.
5. We have carried out an examination of the relevant Chartered Accountants
records of the Company in accordance with the Guidance Firm’s Registration No.: 006185N
Note on Certification of Corporate Governance issued
by the Institute of the Chartered Accountants of India
(the 'ICAI'), the Standards on Auditing specified under VISHAKHA HARIT
section 143(10) of the Companies Act 2013, in so far Partner
as applicable for the purpose of this certificate and as Place: New Delhi Membership No.:096919
per the Guidance Note on Reports or Certificates for Date : 28th May 2024 UDIN:
 209
Statutory Report
Annexure to the Directors’ Report

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To b) Securities and Exchange Board of India (Issue

The Members, of Capital and Disclosure Requirements),
Engineers India Limited (“EIL”) Regulations 2018, to the extent applicable;
Engineers India Bhawan, 1,
Bhikaji Cama Place, New Delhi-110066. c) Securities and Exchange Board of India
(Substantial Acquisition of Shares and
We have conducted the secretarial audit of the compliance Takeovers) Regulations, 2011 and
of applicable statutory provisions and the adherence to amendment thereof;
good corporate practices by Engineers India Limited
(CIN: L74899DL1965GOI004352) (hereinafter called the d) Securities and Exchange Board of India
‘Company’). Secretarial Audit was conducted in a manner (Buyback of Securities) Regulations, 2018 and
that provided us a reasonable basis for evaluating the amendment thereof (No such event during
corporate conducts/statutory compliances and expressing Audit Period);
our opinion thereon.
e) Securities and Exchange Board of India
A. Based on our verification of the Company’s books, (Share Based Employee Benefits and Sweat
papers, minute books, forms and returns filed and Equity) Regulations, 2021 (No such event
other records maintained by the company and also during Audit Period);
the information provided by the Company, its officers
f) Securities and Exchange Board of India (Issue
and authorized representatives during the conduct of
and Listing of Debt Securities) Regulations,
secretarial audit, we hereby report that in our opinion,
2008 and amendment thereof (No such
the Company has, during the audit period covering the
event during Audit Period);
financial year ended on 31st March, 2024 (Audit Period)
complied with the statutory provisions listed hereunder g) Securities and Exchange Board of India (Issue
and also that the Company has proper Board processes and Listing of Non-Convertible Securities)
and compliance mechanism in place to the extent, in the Regulations, 2021 (No such event during
manner and subject to the reporting made hereinafter: Audit Period);

B. We have examined the books, papers, minute books, h) Securities and Exchange Board of India
forms and returns filed and other records maintained (Prohibition of Insider Trading) Regulations,
by the Company for the financial year ended on 31st 2015 and amendment thereof;
March 2024 according to the provisions of:
i) Securities and Exchange Board of India
(i) The Companies Act, 2013 (‘the Act’) and the rules (Delisting of Equity Shares) Regulations, 2021
made thereunder; (No such event during Audit Period);

(ii) The Securities Contracts (Regulation) Act, 1956 j) The Depositories Act, 1996 and the Regulations
(‘SCRA’) and the rules made there under; and Bye Laws framed there under to the
extent of Regulation 76 of the Securities and
(iii) The Depositories Act, 1996 and the Regulations
Exchange Board of India (Depositories and
and Bye-laws framed there under;
Participant) Regulations, 2018;
(iv) Foreign Exchange Management Act, 1999 and the
k) The Securities and Exchange Board of India
rules and regulations made there under to the
(Registrar to an Issue and Share Transfer
extent of Foreign Direct Investment, Overseas
Agents) Regulation, 1993 regarding the
Direct Investment and External Commercial
Companies Act, 2013 and dealing with the
Borrowings, to the extent applicable;
client to the extent of securities issued.
(v) The following Regulations and Guidelines
(vi) Guidelines on Corporate Governance for Central
prescribed under the Securities and Exchange
Public Sector Enterprises (CPSEs), 2010 issued by
Board of India Act, 1992 (‘SEBI Act’), to the
Department of Public Enterprises (‘DPE Guidelines’).
extent applicable:
(vii) We further report that, having regards to the
a) Securities and Exchange Board of India (Listing
compliance system prevailing in the Company for
Obligations and Disclosure Requirement)
the specifically applicable laws to the Company as
Regulations, 2015 and Amendments thereof;
identified by the Management, are being verified
210
Engineers India Ltd (EIL)

Annual Report 2023-24

on the basis of periodic certificate under internal E. We further report that

Compliance system submitted to the Board of
I. The Board of Directors of the Company is duly
Directors of the Company.
constituted with proper balance of Executive
C. We have also examined compliance with the applicable Directors and Non-Executive Directors except
clauses of the following: as enumerated in para D(i) above regarding
Independent Directors. The changes in the
I. Secretarial Standards (‘SS’) with regard to Meetings composition of the Board of Directors that took
of the Board of Directors (SS-1) and General place during the period under review were carried
Meetings (SS-2) issued by The Institute of Company out in compliance with the provisions of the Act.
Secretaries of India.
II. Adequate notice is given to all Directors to schedule
II. Listing Agreements entered by the Company with the Board Meetings, agenda and detailed notes on
the National Stock Exchange of India Limited agenda were sent at least seven days in advance,
(NSE) and the BSE. except in case of one Board Meeting notice and
agenda were circulated on shorter notice with due
D. During the period under review, the Company has compliance of law and a system exists for seeking
generally complied with the provisions of the Act, Rules, and obtaining further information and clarifications
Regulations, Guidelines, Standards, etc. mentioned on the agenda items before the meeting and for
above subject to the following observations: meaningful participation at the meeting.

i) As per Regulation 17(1)(b) of LODR and Clause III. All decisions at Board Meetings and Committee
3.1.4 of the DPE Guidelines, not less than fifty Meetings are carried out by majority as recorded
percent of the Board of Directors shall comprise of in the minutes of the meetings of the Board
Independent directors, however, half of the Board of Directors or Committee of the Board, as
did not comprise of Independent Directors from the case may be.
01.04.2023 till 30.09.2023.
F. We further report that based on the information
As per the information and explanation provided provided and review of compliance reports taken on
by the management, the Company has made record by the Board of Directors of the Company, in
submissions to NSE and BSE with a request to our opinion, there are adequate systems and processes
waive off the fine imposed for the Quarter ended in the Company commensurate with the size and
30.06.2023 and 30.09.2023 and NSE vide their operations of the company to monitor and ensure
letter dated 24th April, 2024 has waived off the fine compliance with applicable laws, rules, regulations
for the quarter ended 30.06.2023 and 30.09.2023. and guidelines.

ii) As per Regulation 17(10) of LODR the Company has G. We further report that based on the information
not carried out the performance evaluation of the provided, there were no specific events/actions having a
independent directors. major bearing on the Company’s affairs in pursuance of
the above referred laws during the audit period.
As per the information and explanation provided
by the Company, EIL is a Public Sector Undertaking
(Government Company) and the appointment of
Directors, both Executive and Non-Executive are
made by the Government of India.

Note:
This report is to be read with our letter of even date which is annexed as “Annexure A” and forms an integral part
of this report.

For VAP & Associates

Company Secretaries
FRN: P2023UP098500
Peer Review No: 1083/2021

Parul Jain
Managing Partner
M. No. F8323
C.P. No. 13901 Date: 22.05.2024
UDIN: F008323F000425861 Place: Ghaziabad
 211
Statutory Report
Annexure to the Directors’ Report

Annexure – ‘A’

To
The Members,
Engineers India Limited

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial record. We believe that the process and practices, we followed provide a reasonable basis
for our opinion.

3. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedures on test check basis.

4. Our Audit examination is restricted only upto legal compliances of the applicable laws to be done by the Company, we
have not checked the practical aspects relating to the same.

5. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company as
well as correctness of the values and figures reported in various disclosures and returns as required to be submitted by the
Company under the specified laws, though we have relied to a certain extent on the information furnished in such returns.

6. The compliance by the Company of applicable financial laws such as direct and indirect tax laws has not been reviewed in
this Audit since the same have been subject to review by statutory auditors and other designated professionals and the
contents of this Report has to be read in conjunction with and not in isolation of the observations, if any, in the report(s)
furnished/to be furnished by any other auditor(s)/agencies/authorities with respect to the Company.

7. Wherever required, we have obtained the management representation about the compliance of laws, rules and regulations
and happening of events, etc.

8. The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.

For VAP & Associates

Company Secretaries
FRN: P2023UP098500
Peer Review No: 1083/2021

Parul Jain
Managing Partner
M. No. F8323
C.P. No. 13901 Date: 22.05.2024
UDIN: F008323F000425861 Place: Ghaziabad
212
Engineers India Ltd Financial Statements
Annual Report 2023-24 Standalone Independent Auditor’s Report

Independent Auditor’s Report

TO
THE MEMBERS OF
ENGINEERS INDIA LIMITED

Report on the Audit of Standalone Financial Statements

Opinion
1. We have audited the accompanying Standalone Financial Statements of ENGINEERS INDIA LIMITED (“the company”),
which comprise the Balance Sheet as at 31st March 2024, the statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and Statement of Cash Flow for the year then ended, and a summary
of material accounting policies and other explanatory information (hereinafter referred to as “the Standalone Financial
Statements”) which include two joint operations accounted for on proportionate basis.
2. 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 31 March 2024, the profit and total comprehensive
income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit of Standalone Financial Statements in accordance with the Standards on Auditing (“SAs”) specified
under section 143(10) of the Act. 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 ethical 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 opinion on the Standalone Financial Statements.

Emphasis of Matter Paragraph

4. We draw reference to Note 51 of Standalone Financial Statements related to contractor’s claim H 40960.75 Lakh and
counter claim by company H 12907.15 Lakh, in litigation pending with Hon’ble Supreme Court in respect of termination of
contract by company in 2016.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone Financial Statements of the current period. These matters were addressed in the context of our audit
of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be the key audit matters to be
communicated in our report:

Sr.
Key Audit Matter How our audit addressed the key audit matter
No.
A Revenue Recognition from Construction Contracts Our audit procedures included, but were not limited to the
(Refer Note 3B and 24 of Standalone Financial following:
Statements) Evaluating the appropriateness of the Company’s
The Company’s revenue primarily arises from accounting policy for revenue recognition.
construction contracts which, may be rendered in Obtaining an understanding of the Company’s processes
the form of engineering consultancy services and and evaluating the design and testing the effectiveness of
engineering procurement and construction (EPC) key internal financial controls, including those related to
services through design-build contracts, and cost plus review and approval of contract estimates.
forms of construction contracts which by their nature,
For a sample of contracts, testing the appropriateness
are complex given the significant judgments involved
of amount recognized as revenue, basis percentage
in the assessment of current and future contractual
of completion method by evaluating key management
performance obligations.
judgments inherent in determining forecasted contract
revenue and costs to complete the contract, including:
 213
Financial Statements
Standalone Statement of Independent Auditor’s Report

Sr.
Key Audit Matter How our audit addressed the key audit matter
No.
The Company recognizes revenue relying on the Verifying the underlying documents such as original
estimates in relation to forecast contract revenue contract and its amendments, if any, for reviewing the
and forecast contract costs on the basis of stage significant contract terms and conditions;
of completion which is determined based on the Evaluating the identification of performance obligation
proportion of contract costs incurred at balance of the contract;
sheet date, relative to the total estimated costs of the
Testing the existence and valuation of variable consideration
contract at completion.
with respect to the contractual terms and inspecting the
These contract estimates are reviewed by the related correspondences with customers; and
management on a periodic basis. In doing so, the
Testing the estimates for consistency with the status
management is required to exercise judgment in its
of delivery of milestones and customers’ acceptance to
assessment of the valuation of contract variations, claims
identify possible delays in achieving milestones, which
and liquidated damages as well as the completeness and
require changes in estimated costs or efforts to complete
accuracy of forecast costs to complete and the ability
the remaining performance obligation.
to deliver contracts within contractually determined
timelines. For cost incurred to date, testing samples to appropriate
supporting documents and performing cut-off procedures;
The revenue on contracts may also include variable
considerations which are recognized when the Performing analytical procedures for reasonableness of
recovery of such consideration is highly probable. revenue recognized; and

Changes in these judgments, and the related Evaluating the appropriateness and adequacy of the
estimates as contracts progress can result in material disclosures related to contract revenue and costs in the
adjustments to revenue. In view of the involvement of Standalone Financial Statements in accordance with the
significant estimates by the management and material applicable accounting standards.
impact on the Financial Statements, the matter has
been determined as Key Audit Matter.
B Contingent liabilities (Refer note 40A and 52 of Our audit procedures included but were not limited to:
Standalone Financial Statements) Obtaining a detailed understanding processes and controls
The Company is subject to number of commercial claims of the Management with respect to claims or disputes.
including employees claims and tax & legal disputes, Evaluation of the design of the controls relating to
which have been disclosed in the financial statements compilation of the claims, assessment of probability of
based on the facts and circumstances of each case. outcome, estimates of the timing and the amount of the
Taxation and litigation exposures have been identified outflows, an appropriate reporting by the management
as a key audit matter due to the complexities involved and testing implementation and operating effectiveness of
in these matters, time scales involved for resolution the key controls.
and the potential financial impact of these on the Performing following procedures on sample selected:
financial statements.
Further, significant management judgment is Understanding the matters by reading the
involved in assessing the exposure of each case and correspondences, communications, minutes of the Audit
thus a risk that such cases may not be adequately Committee and or the Board meetings and discussions
provided for or disclosed. with the appropriate management personnel.
Making corroborative inquiries with appropriate level
of the management personnel including status update,
expectation of outcomes with the basis, and the future
course of action contemplated by the Company, and
perusing legal opinions, if any, obtained by the management.
Considering their opinions of attorney wherever available
on probability assessment of the outcomes.
Evaluating the evidence supporting the judgment of
the management about possible outcomes and the
reasonableness of the estimates.
Evaluating appropriateness of adequate disclosures in
accordance with the applicable accounting standards.
214
Engineers India Ltd Financial Statements
Annual Report 2023-24 Standalone Independent Auditor’s Report

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon
6. The Company’s Board of Directors is responsible for the preparation of 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 & Sustainability Report, Corporate Governance and Shareholders’ Information, but does not include the
Standalone Financial Statements and our auditor’s report thereon.

7. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any
form of assurance thereon.

8. In connection with our audit of the Standalone 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 audit, or otherwise appears to be materially misstated.

9. 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 to those charged with governance and review the steps taken by the management to
communicate to those in receipt of the other information, if previously issued, to inform them of the revision.

The Other information is expected to be made available to us after the date of this auditor’s report and if we conclude that
there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Management Responsibility for the Standalone Financial Statements

10. The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation
of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, changes in equity and cash flows of the company in accordance with the Ind AS and accounting
principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of 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.

11. 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.

12. The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

13. 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 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.

14. 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.
 215
Financial Statements
Standalone Statement of Independent Auditor’s Report

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.

15. Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of reasonably knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

16. 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.

17. 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.

18. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Other Matters
19. We did not audit the financial information of 2 joint operations which are unincorporated entities, whose financial
information reflect total assets of H 165.49 Lakh as at 31st March, 2024, total revenue of H 85.20 Lakh and net cash inflow
of H 14.65 Lakh for the year ended on that date, as considered in the Standalone Financial Statements. The financial
information of these joint operations is unaudited and has been furnished to us by the Management and our opinion
on the Standalone Financial Statements, in so far as it relates to the amounts and disclosures included in respect of
these joint operations and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the
joint operations, is based solely on such unaudited financial information certified by management. In our opinion and
according to the information and explanations given to us by the Management, this financial information is not material
to the Company.

Our opinion is not modified in respect of the above said matter.

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Report on Other Legal and Regulatory Requirements

20. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A”, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

21. As required by Section 143(5) of the Act, we give in “Annexure B”, a statement on the matters specified by the Comptroller
and Auditor General of India for the company.

22. 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 including other comprehensive income, the Statement of Changes
in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account.

d. In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified
in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act.

e. As per notification number G.S.R. 463(E) dated 5 June, 2015 issued by Ministry of Corporate Affairs, section 164(2) of
the Act regarding the disqualifications of Directors is not applicable to the company, since it is a Government Company.

f. With respect to the adequacy of the internal financial controls with reference to financial statements of the company and
the operating effectiveness of such controls, refer to our separate Report in “Annexure C”.

g. With respect to the other matters to be included in the Auditor’s Report, as per notification number G.S.R. 463(E) dated
5 June, 2015 issued by Ministry of Corporate Affairs, section 197 of the Act regarding the Managerial remuneration is
not applicable to the company, since it is a Government Company.

h. 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 (as amended), 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 Standalone Financial
Statements – Refer Note 40A to the Standalone Financial Statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long term contracts including derivative contracts;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the company.

iv (a) The Management has represented that, to the best of its knowledge and belief no funds have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other persons or entities, including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the Company or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

(b) The Management has represented that, to the best of its knowledge and belief no funds have been
received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”)
by or on behalf of the Funding Parties or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e) contain any material mis-statement.
 217
Financial Statements
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v) The final dividend paid by the Company during the current year in respect of the same declared for the previous
year is in accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of dividend.
The interim dividend declared and paid by the Company during the year and until the date of this report is in
compliance with Section 123 of the Act. As stated in note 37 to the financial statements, the Board of Directors
of the Company have proposed final dividend for the current year which is subject to the approval of the
members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of
the Act to the extent it applies to declaration of dividend.

vi) Based on our examination which included test checks, the company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Further, during the course
of our audit we did not come across any instance of audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rule 2014 is applicable from April 2023, reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per statutory
requirement for record retention is not applicable for the financial year ended 31st March, 2024.

For Datta Singla & Co.

Chartered Accountants
Firm’s Registration No.: 006185N

Sd/-
VISHAKHA HARIT
Partner
Place: New Delhi Membership No.:096919
Date : 28th May 2024 UDIN: 24096919BKGXUL7500
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Engineers India Ltd Financial Statements
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Annexure A to Independent Auditors’ Report

Referred to in Paragraph 20 under the heading of “Report on Other Legal and Regulatory Requirements” in the Independent
Auditor’s Report of even date

i. (a) (A) The company has maintained proper records showing full particulars, including quantitative details and
situation of Property, plant and equipment and relevant details of right of use asset.

(B) The company has maintained proper records showing full particulars of Intangible Assets.

(b) The company has a program of physical verification of its property, plant and equipment by which Property, plant and
equipment are verified in a phased manner over a period of three years, which in our opinion, is reasonable having
regard to the size of the company and the nature of its assets. Pursuance to program, certain Property, plant and
equipment were physically verified by the Management during the year and according to information and explanations
given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us by the management and on the basis of our examination
of the records of the company, title deeds of all the immovable properties (other than properties where the company
is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements
are held in the name of the company, except in the following cases:

Whether
Gross Period held
promoter,
Description carrying Held in – indicate Reason for not being held in name
director or
of property value name of range, where of company
their relative
(J in Lakhs) appropriate
or employee
Two Flats at 8.45 Engineers No Since 02-08-1991 Following documents are available:
Viman Nagar, India 1. Agreement
Pune Limited
2. Sales Deed
Property card not available.
Six Flats in 9.93 Engineers No Since 29-12-1977 Following documents are available:
Andheri East, India 1. Registered sales agreement
Mumbai Limited
2. Share certificate
property card not available.

(d) According to the information and explanations given to us by the management and on the basis of our examination
of the records of the company, the company has not revalued its Property, Plant and Equipment (including Right of
Use assets) and intangible assets during the year.

(e) According to the information and explanations given to us by the management and on the basis of our examination
of the records of the Company, there are no proceedings initiated or pending against the Company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

ii. (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of
such verification is reasonable and procedures and coverage as followed by management were appropriate. No
discrepancies were noticed on verification between the physical stocks and the book records that were 10% or more
in the aggregate for each class of inventory.

(b) According to the information and explanations given to us by the management and on the basis of our examination
of the records of the Company, the Company has not been sanctioned working capital limits from banks or financial
institutions on the basis of security of current assets.
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Financial Statements
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iii During the year the Company has not made investment in firms, limited liability partnerships or any other parties. The
company has made investments in companies. During the year Company has not provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured to companies, firms, limited liability partnerships
or any other parties except loans to employees to which we report as under:

Particulars Loans (J In Lakh)

Aggregate amount during the year
- Subsidiaries NIL
- Joint ventures NIL
- Associates NIL
- Others
Employees 4,267.48
Balance outstanding as at the balance sheet date
- Subsidiary NIL
- Joint venture NIL
- Associate NIL
- Others
Employees * 11,454.18

* Includes accrued interest

(b) In our opinion, the investments made, and the terms and conditions of the grant of loans during the year are, prima
facie, not prejudicial to the interest of Company. The Company has not provided any guarantee or security or granted
any advances in the nature of loans during the year.

(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been
stipulated and the repayments of principal amounts and receipts of interest are generally regular as per stipulation.

(d) In respect of loans granted by the Company outstanding as at the balance sheet date remaining overdue for more
than ninety days is as under:
(J In Lakh)
Principal
No Of cases Interest overdue Total overdue Remarks if any
amount overdue
28 31.49 22.68 54.17 The loans are recoverable against
retirement dues to the employees

(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans
granted to settle the overdue of existing loans given to the same parties.

(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without
specifying any terms or period of repayment during the year.

iv. In our opinion and according to the information and explanation given to us, the Company has not directly or indirectly
advanced loan to the persons covered under Section 185 of the Act or given guarantees or securities in connection with
the loan taken by such persons and has complied with the provisions of section 186 of the Act, in respect of investments,
loans, guarantee or security given, as applicable.

v. In our opinion and according to the information and explanations given to us by the management, the company has
not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Companies Act, 2013 or any
other relevant provisions of the Companies Act and the rules made there under. Accordingly, clause 3(v) of the order is
not applicable.

vi. As per the information and explanations given to us by the management, the maintenance of cost records has not
been prescribed by the Central Government under section 148(1) of the Companies Act, 2013 for services rendered
by the company.

vii. (a) Undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees' State Insurance, Income-Tax,
Sales-Tax, Service Tax, duty of customs, duty of excise, Value Added Tax, cess and any other statutory dues applicable
to company have generally been regularly deposited by company with appropriate authorities during the year.
220
Engineers India Ltd Financial Statements
Annual Report 2023-24 Standalone Independent Auditor’s Report

There were no undisputed amounts payable in respect of Goods and Services Tax, Provident Fund, Employees' State
Insurance, Income-Tax, Sales-Tax, Service Tax, duty of customs, duty of excise, Value Added Tax, cess and any other
statutory dues in arrears as at 31 March 2024 for a period more than six months from the date they became payable
except as under:

Name of Nature of Amount Period to which the Date of

Due Date Remarks, if any
the Statute the Dues (J in lakhs) amount relates Payment
EPF ACT FPS 0.28 Apr22-Sept 23 15-05-22 NA Employees Aadhar no. not
To 15-09-23 ceded

(b) Details of statutory dues referred to in sub clause (a) above which have not been deposited by the company on
account of disputes is given below:

S. Forum where dispute is Period to which Amount Including

Name of Statue Nature of Dues
No pending amount relates Interest (J In Lakhs)

1 Sales Tax VAT Hon’ble Supreme Court F.Y. 2009-10 4,777.74

2 Sales Tax VAT Hon’ble Supreme Court F.Y. 2010-11 38,472.56
3 Sales Tax VAT Hon’ble Supreme Court F.Y. 2013-14 841.87
4 Sales Tax VAT Hon’ble Karnataka High Court F.Y. 2015-16 770.78
5 Sales Tax VAT Hon’ble Karnataka High Court F.Y. 2016-17 65.81
6 Sales Tax VAT Hon’ble Karnataka High Court F.Y. 2014-15 1,059.89

viii. According to the information and explanations given to us by the management and on the basis of our examination of
the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as
income in the books of account, in the tax assessments under the Income-Tax Act, 1961 as income during the year.

ix. (a) In our opinion and according to the information and explanations given to us by the management and on the basis of
our examination of the records of the Company, the company did not have any loans or borrowings from any lender
during the year. Accordingly, paragraph 3(ix)(a) of the order is not applicable.

(b) According to the information and explanations given to us by the management and on the basis of our examination
of the records of the Company, the Company has not been declared a willful defaulter by any bank or financial
institution or government or government authority.

(c) In our opinion and according to the information and explanations given to us by the management, the Company has
not obtained any term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable.

(d) In our opinion and according to the information and explanations given to us by the management and on an overall
examination of the balance sheet of the Company, we report that no funds have been raised on short-term basis by
the Company. Accordingly, clause 3(ix)(d) of the Order is not applicable.

(e) In our opinion and according to the information and explanations given to us by the management and on an overall
examination of the financial statements of the Company, we report that the Company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries as defined under the Companies Act,
2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.

(f) In our opinion and according to the information and explanations given to us by the management and audit
procedures performed by us, we report that the Company has not raised loans during the year on the pledge of
securities held in its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order
is not applicable.

x. (a) The company did not raise any money by way of initial public offer or further public offer (including debt instruments)
during the year. Accordingly, clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us by the management, the company has not made any
preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally
convertible) during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
 221
Financial Statements
Standalone Statement of Independent Auditor’s Report

xi. (a) According to the information and explanations given to us by the management and based on audit procedures
performed, no material fraud by the company or on the company by its officers or employees has been noticed or
reported during the year.

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the
Companies Act, 2013 has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit
and Auditors) Rules, 2014 with the Central Government.

(c) According to the information and explanations given to us by the management, no whistle-blower complaints have
been received by the company during the year.

xii. According to the information and explanations given to us by the management, the company is not a Nidhi company.
Accordingly, clause 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on our examination of the records of the company,
transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and
details of such transactions have been disclosed in the standalone financial statements as required by the applicable
accounting standards.

xiv. (a) According to the information and explanations give to us by the management and based on our examination of
the records of the company, the company has an internal audit system commensurate with the size and nature
of its business.

(b) We have considered reports of the Internal Auditors for the period under audit.

xv. According to the information and explanations given to us and based on our examination of the records of the company,
the company has not entered into non-cash transactions with directors or persons connected with them. Accordingly,
provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.

xvi. (a) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly,
clause 3(xvi)(a) of the Order is not applicable

(b) According to the information and explanations given to us, the company has not conducted any Non-Banking
Financial or Housing Finance activity. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

(c) According to the information and explanations given to us, the Company is not a Core Investment Company
(CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is
not applicable.

(d) According to the information and explanations provided to us during the course of audit, the Group does not have
any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

xvii. According to the information and explanations given to us and based on our examination of the records, the company has
not incurred cash losses in the financial year and in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year.

xix. In our opinion and according to the information and explanations given to us by the management, on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the Board of Directors and management plans,
nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the
audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall
due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the
future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report
and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the
balance sheet date, will get discharged by the Company as and when they fall due.
222
Engineers India Ltd Financial Statements
Annual Report 2023-24 Standalone Independent Auditor’s Report

xx. (a) In our opinion and according to the information and explanations given to us by the management, there is no
unspent amount towards Corporate Social Responsibility (CSR) on other than ongoing projects, requiring a transfer
the unspent amount to a Fund specified in Schedule VII to the Act within a period of six months of the expiry of the
financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act;

(b) In respect of On-going projects, the Corporation has transferred amount remaining unspent as at the year end to a
special account with in a period of 30 days from the end of the said financial year in compliance with the provisions
of subsection (6) of section 135 of the said Act.

For Datta Singla & Co.

Chartered Accountants
Firm’s Registration No.: 006185N

Sd/-
VISHAKHA HARIT
Partner
Place: New Delhi Membership No.:096919
Date : 28th May 2024 UDIN: 24096919BKGXUL7500
 223
Financial Statements
Standalone Statement of Independent Auditor’s Report

Annexure B to Independent Auditors’ Report

Referred to in Paragraph 21 under the heading of “Report on Other Legal and Regulatory Requirements” in the Independent
Auditor’s Report of even date.

According to the information and explanations given to us we report as under:

S. No Areas Examined Observations/Findings

1 Whether the Company has system in place to process The Company has in-house developed IT software and
all the accounting transactions through IT system? If yes, systems in place to process all the accounting transactions.
the implications of processing of accounting transactions The Company has adequate internal control system to
outside IT system on the integrity of the accounts along process all the accounting transactions through IT system.
with the financial implications, if any, may be stated.
2 Whether there is any restructuring of an existing loan The company has not taken any loan as on balance sheet
or cases of waiver/write off of debts/ loans/interest etc. date. Therefore, there is no case of restructuring of an
made by a lender to the Company due to the Company’s existing loan or cases of waiver/write off of debts/ loans/
inability to repay the loan? If yes, the financial impact may interest etc.
be stated whether such cases are properly accounted
for? ( In case, lender is a government company).
3 Whether funds (grants/subsidy etc.) received/ receivable No funds were received during the year however funds
for specific schemes from Central/State Government or receivable for specific schemes from Central/State agencies
its agencies were properly accounted for/ utilized as per were properly accounted for/utilized as per its terms and
its term and conditions? List the cases of deviation. conditions.

For Datta Singla & Co.

Chartered Accountants
Firm’s Registration No.: 006185N

Sd/-
VISHAKHA HARIT
Partner
Place: New Delhi Membership No.:096919
Date : 28th May 2024 UDIN: 24096919BKGXUL7500
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Engineers India Ltd Financial Statements
Annual Report 2023-24 Standalone Independent Auditor’s Report

Annexure C to Independent Auditors’ Report

Referred to in Paragraph 22(f) under the heading of “Report on Other Legal and Regulatory Requirements” in the Independent
Auditor’s Report of even date.

Report on the Internal financial controls with reference to financial statements under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to financial statements of ENGINEERS INDIA LIMITED (“the
company”) as of 31 March 2024 in conjunction with our audit of the standalone financial statements of the company for the
year ended on that date.

Management’s Responsibility for Internal Financial Controls

The company’s management is responsible for establishing and maintaining internal financial controls based on the internal
controls with reference to financial statements criteria established by the company considering the essential components
of internal control stated in the Guidance Note on Audit of Internal financial controls with reference to financial statements
issued by the Institute of Chartered Accountants of India (“ICAI”). 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 with reference to financial statements
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal financial controls
with reference to financial statements (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.
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 with reference to financial statements 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 with reference to financial
statements included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that
a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls with Reference to Financial Statements

A Company's internal financial control with reference to financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A Company's internal financial controls with reference to financial
statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on
the financial statements.
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Financial Statements
Standalone Statement of Independent Auditor’s Report

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility
of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future
periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion
In our opinion and to the best of our information and according to the explanations given to us, the company has, in all
material respects, an adequate internal financial controls system over financial reporting and such internal financial controls
with reference to financial statements were operating effectively as at 31 March 2024, 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 with reference to financial statements issued by the Institute of Chartered
Accountants of India.

For Datta Singla & Co.

Chartered Accountants
Firm’s Registration No.: 006185N

Sd/-
VISHAKHA HARIT
Partner
Place: New Delhi Membership No.:096919
Date : 28th May 2024 UDIN: 24096919BKGXUL7500
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Engineers India Ltd Financial Statements
Annual Report 2023-24 Standalone Independent Auditor’s Report

Compliance Certificate
We have conducted audit of annual accounts of ENGINEERS INDIA LIMITED for the year ended 31st March, 2024 in accordance
with the directions/sub directions issued by the C&AG of India under Section 143(5) of the Companies Act, 2013 and certify that
we have complied with all the Directions/Sub Directions issued to us.

For Datta Singla & Co.

Chartered Accountants
Firm’s Registration No.: 006185N

Sd/-
VISHAKHA HARIT
Partner
Place: New Delhi Membership No.:096919
Date : 28th May 2024 UDIN: 24096919BKGXUM2269
 227
Financial Statements
Standalone Statement of Balance Sheet & Profit & Loss

CIN: L74899DL1965GOI004352

Standalone Balance Sheet

as at 31 March 2024
(J in Lakhs)

Note As at As at
Particulars
No. 31 March 2024 31 March 2023
I Assets
Non-Current Assets
(a) Property, Plant and Equipment 4 21,449.59 20,982.43
(b) Right-of-Use Assets 39 3,914.81 2,606.10
(c) Capital work-in-progress 4 3,568.31 2,591.70
(d) Investment Property 5 3,676.68 3,851.25
(e) Other Intangibles Assets 6A 488.23 229.27
(f) Intangible Assets under development 6B - -
(g) Financial Assets
(i) Investments 7A 1,37,641.19 1,25,874.13
(ii) Loans 8A 9,591.66 7,249.23
(iii) Other Financial Assets 9A 258.42 3,268.06
(h) Deferred Tax Assets (net) 10 34,510.10 33,373.89
(i) Non-Current Tax Assets (net) 11 A 995.64 8,373.03
(j) Other Non-Current Assets 12 A 1,927.52 2,182.37
Total Non-Current Assets 2,18,022.15 2,10,581.46
Current Assets
(a) Inventories 13 56.20 109.03
(b) Financial Assets
(i) Investments 7B 15,257.12 14,542.39
(ii) Trade receivables 14 31,439.35 35,294.02
(iii) Cash and cash equivalents 15 24,959.66 6,024.39
(iv) Other Bank balances 16 89,375.32 96,750.20
(v) Loans 8B 1,859.36 1,408.19
(vi) Other Financial Assets 9B 59,540.84 46,680.01
(c) Current Tax Assets (net) 11 B - 44.78
(d) Other Current Assets 12 B 36,632.65 39,753.80
(e) Assets Held for Sale 64 1.61 1.61
Total Current Assets 2,59,122.11 2,40,608.42
Total Assets 4,77,144.26 4,51,189.88
II Equity and Liabilities
Equity
(a) Equity Share capital 17 28,102.13 28,102.13
(b) Other Equity 18 2,03,025.76 1,82,463.92
Total Equity 2,31,127.89 2,10,566.05
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Lease Liabilities 39 1,937.43 1,280.69
(ii) Other Financial Liabilities 19 A 170.92 230.35
(b) Provisions 20 A 354.03 341.91
(c) Other Non-Current Liabilities 21 A 1,146.16 140.61
Total Non-Current Liabilities 3,608.54 1,993.56
Current Liabilities
(a) Financial Liabilities
(i) Lease Liabilities 39 1,347.91 575.69
(ii) Trade payables 22
Total outstanding dues of Micro Enterprises and Small Enterprises 7,754.86 8,584.13
Total outstanding dues of creditors other than Micro Enterprises and Small 36,300.48 25,716.21
Enterprises
(iii) Other Financial Liabilities 19 B 41,180.80 39,397.57
(b) Other Current Liabilities 21 B 80,552.79 90,872.70
(c) Provisions 20 B 75,141.52 73,354.50
(d) Current Tax Liabilities (net) 23 129.47 129.47
Total Current Liabilities 2,42,407.83 2,38,630.27
Total Equity and Liabilities 4,77,144.26 4,51,189.88

Summary of material accounting policies and accompanying notes form 1 to 68

an integral part of these financial statements.
This is the balance sheet referred to in our report of even date.

For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN: AHYPP2198P PAN: AHPPB4262M DIN: 09223617 DIN: 08777885

Place : New Delhi

Date : 28 May 2024
228
Engineers India Ltd

Annual Report 2023-24 Standalone Statement of Profit & Loss

CIN: L74899DL1965GOI004352

Standalone Statement of Profit and Loss

for the year ended 31 March 2024
(J in Lakhs)

Note Year Ended Year Ended

Particulars
No. 31 March 2024 31 March 2023

Revenue
I Revenue From Operations 24 3,23,216.50 3,28,375.96
II Other Income 25 22,459.96 16,917.92
III Total Income (I+II) 3,45,676.46 3,45,293.88
Expenses
Techincal assistance/sub-contracts 26 1,20,373.47 1,18,572.44
Construction materials and equipments 27 48,302.18 64,221.15
Employee benefits expenses 28 96,933.06 93,615.95
Finance costs 29 299.53 144.35
Depreciation and amortisation expense 30 3,453.47 2,521.61
Other expenses 31 29,274.03 22,214.51
IV Total expenses 2,98,635.74 3,01,290.01
V Profit/(Loss) before exceptional items and tax (III-IV) 47,040.72 44,003.87
VI Exceptional Items - -
VII Profit before tax (V-VI) 47,040.72 44,003.87
VIII Less: Tax expense 32
(1) Current tax
- For the year 13,033.08 9,222.73
- For earlier years tax adjustments (net) (133.26) 11.57
(2) Deferred tax (1,558.16) 554.39
IX Profit for the year from continuing operations (VII-VIII) 35,699.06 34,215.18
X Profit/(Loss) from discontinued operations (After Tax) - -
XI Profit for the year (IX+X) 35,699.06 34,215.18
XII Other Comprehensive Income
Items that will not be reclassified to profit and loss
- Re-measurement gains/ (losses) on defined benefit plans (2,372.26) (1,341.08)
Income tax effect thereon that will not be reclassified to profit and loss 597.05 337.52
- Net gain / (loss) on Equity Shares Carried at Fair value through OCI 4,851.57 2,191.92
Income tax effect thereon that will not be reclassified to profit and loss (1,221.04) (551.66)
Items that will be reclassified to profit and loss
- Exchange differences on translation of foreign operations (175.42) 94.58
Income tax effect thereon that will be reclassified to profit and loss 44.15 (23.80)
XIII Total Comprehensive Income for the year (XI+XII) 37,423.11 34,922.66
XIV Earnings per equity share (Face value H 5 per share) 33
(for continuing and discontinued operations)
Basic (H) 6.35 6.09
Diluted (H) 6.35 6.09

Summary of material accounting policies and accompanying notes form 1 to 68

an integral part of these financial statements.
This is the statement of profit and loss referred to in our report of even date.
For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN: AHYPP2198P PAN: AHPPB4262M DIN: 09223617 DIN: 08777885

Place : New Delhi

Date : 28 May 2024
 229
Financial Statements
Standalone Statement of Changes in Equity & Cash Flow

CIN: L74899DL1965GOI004352

Standalone Statement of Changes in Equity

for the year ended 31 March 2024
A Equity Share Capital*
(J in Lakhs)

Particulars 2023-24 2022-23

Balance at the beginning of the year 28,102.13 28,102.13
Changes in Equity share capital due to prior period errors - -
Restated Balance at the beginning of the reporting period - -
Changes in equity share capital during the year : -
Addition of equity share capital during the year - -
Redemption of equity share capital during the year (Buy Back of Shares) - -
Balance at the end of the year 28,102.13 28,102.13

B Other equity**
(J in Lakhs)

Other Comprehensive
Reserves and surplus
Income
Corpus for Exchange Net gain/
Medical difference (loss) on
Description Capital CSR Total
General Retained Benefits for on Equity Shares
Redemption activity
reserve Earnings^ Employees translation carried at
reserve reserve
retired prior of foreign Fair Value
to 01.01.2007 operation through OCI

Balance as at 1 April 2022 1,35,158.79 5,591.54 18,717.60 1,103.49 421.97 94.46 3,314.68 1,64,402.53
Profit for the year - - 34,215.18 - - - - 34,215.18
Other comprehensive income - - (1,341.08) - - 94.58 2,191.92 945.42
Income tax related to items of - - 337.52 - - (23.80) (551.66) (237.94)
other comprehensive income
Dividend (refer note 37) - - (16,861.27) - - - - (16,861.27)
Transfer from retained earnings 19,318.73 - (20,923.06) 944.27 660.06 - - -
Transfer to retained earnings - - 1,595.79 (1,117.82) (477.97) - - -
Balance as at 31 March 2023 1,54,477.52 5,591.54 15,740.68 929.94 604.06 165.24 4,954.94 1,82,463.92
Profit for the year - - 35,699.06 - - - - 35,699.06
Other comprehensive income - - (2,372.26) - - (175.42) 4,851.57 2,303.89
Income tax related to items of - - 597.05 - - 44.15 (1,221.04) (579.84)
other comprehensive income
Dividend (refer note 37) - - (16,861.27) - - - - (16,861.27)
Transfer from retained earnings 17,345.37 - (18,800.99) 750.01 705.61 - - -
Transfer to retained earnings - - 2,303.62 (1,602.74) (700.88) - - -
Balance as at 31 March 2024 1,71,822.89 5,591.54 16,305.89 77.21 608.79 33.97 8,585.47 2,03,025.76

*Refer note 17 for details

**Refer note 18 for details
^ Includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit Plans.

This is the statement of changes in equity referred to in our report of even date.

For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN: AHYPP2198P PAN: AHPPB4262M DIN: 09223617 DIN: 08777885

Place : New Delhi

Date : 28 May 2024
230
Engineers India Ltd Financial Statements
Annual Report 2023-24 Standalone Statement of Cash Flows

CIN: L74899DL1965GOI004352

Standalone Cash Flow Statement

for the year ended 31 March 2024
(J in Lakhs)

Year Ended Year Ended

Particulars
31 March 2024 31 March 2023

A CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax 47,040.72 44,003.87
Adjustments for:
Depreciation and amortisation expense 3,453.47 2,521.61
Fixed assets written off 22.79 18.18
Deposits/other Assets written off 0.46 20.64
Bad debts written off 7.87 162.65
Dry well written off 425.09 -
Allowance for expected credit losses - trade receivables and advances (net) (2,099.17) 2,334.99
Provision for Impairment of Oil Block (501.72) 34.24
Provision Employees' post retirement/long-term benefits (3,742.80) (3,051.32)
Provision for corporate social responsibility 94.41 72.23
(Reversal of provision)/provision for contractual obligations (net) 3,083.64 (3,926.08)
(Reversal of provision)/provision for expected losses (net) (8.08) (13.06)
Interest expense 299.53 144.35
(Profit)/loss on sale of fixed assets 1.18 (6.20)
Interest income (14,048.24) (6,778.28)
Loss/(gain) on modification of employee advances (555.31) (141.44)
Loss/(gain) on modification of Leases (0.34) (3.83)
Amortization of deferred income (35.44) (30.23)
Capital gain from investments in mutual funds (924.38) (376.30)
Dividend income (3,885.96) (6,238.98)
Operating profit before changes in Assets & Liabilities 28,627.72 28,747.04
Movement in Assets and Liabilities
(Increase)/decrease in Trade and Other Receivables (5,668.10) (32,451.28)
(Increase)/decrease in Inventories 52.83 117.45
Increase/(decrease) in Trade and Other Payables 3,127.24 4,449.60
Cash flow from operations 26,139.69 862.81
Income tax paid (net) (5,185.58) (13,171.00)
Net cash flow from operating activities (A) 20,954.11 (12,308.19)
B CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, investment property, intangibles (3,336.16) (3,470.05)
assets and intangible assets under development (including capital work-in-
progress)
Sale of fixed assets 9.95 23.07
Interest received 13,396.25 6,034.96
Dividend received 3,885.96 6,238.98
Receipt of Capital Grant - 8.72
Investment in liquid plans of mutual funds (net) 209.65 (5,649.69)
Fixed deposit placed with banks having original maturity of more than (93,513.16) (1,59,037.85)
three months
Fixed deposit with banks matured having original maturity of more than 1,02,193.00 1,89,048.00
three months
 231
Financial Statements
Standalone Statement of Changes in Equity & Cash Flow

CIN: L74899DL1965GOI004352

Standalone Cash Flow Statement

for the year ended 31 March 2024
(J in Lakhs)

Year Ended Year Ended

Particulars
31 March 2024 31 March 2023

Other Investment (unquoted Equity Shares) (6,915.49) -

Net cash flows from investing activities (B) 15,930.00 33,196.14
C CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (16,861.27) (16,861.27)
Payment of Lease Liabilities (1,087.57) (667.51)
Net cash used in financing activities (C) (17,948.84) (17,528.78)
Increase/(decrease) in cash and cash equivalents (A+B+C) 18,935.27 3,359.17
Cash and cash equivalents at the begining of the year (refer note 15) 6,024.39 2,665.22
Cash and cash equivalents at the end of the year (refer note 15) 24,959.66 6,024.39

This is the cash flow statement referred to in our report of even date.

For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN: AHYPP2198P PAN: AHPPB4262M DIN: 09223617 DIN: 08777885

Place : New Delhi

Date : 28 May 2024
232
Engineers India Ltd

Annual Report 2023-24

Summary of Material Accounting Policies

for the year ended 31 March 2024

1. NATURE OF PRINCIPAL ACTIVITIES

Engineers India Limited (referred to as “EIL” or “the company”) is a Government of India Enterprise under Ministry of
Petroleum and Natural Gas.

The company is principally engaged in providing design, engineering, procurement, construction, and integrated project
management services primarily for oil, gas, fertilizers, steel, railways, power, infrastructure and petrochemical industries.
It operates into two major segments namely Consultancy and engineering projects and Turnkey projects.

2. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE

The Company is a public Company headquartered in India having its registered office situated at 1 Bhikaji Cama Place,
New Delhi 110066, India. The shares of the Company are listed on National Stock Exchange and Bombay Stock Exchange.

The financial statements of the company have been prepared in accordance with Indian Accounting Standards (Ind
AS) notified under the Companies (Indian Accounting Standards) Rules, 2015, and relevant amended rules issued
thereafter. These are Company’s standalone financial statements. The company also prepares consolidated financial
statements separately.

The financial statements for the year ended 31 March 2024 were authorized and approved for issue by the Board of
Directors on 28 May 2024.

3. SUMMARY OF MATERIAL ACCOUNTING POLICIES

A. ACCOUNTING CONCEPTS
The financial statements have been prepared using the material accounting policies and measurement bases
summarised below. These were used throughout all periods presented in the financial statements, except where
the Company has applied certain accounting policies and exemptions upon transition to Ind AS. The accounts are
prepared on historical cost concept based on accrual method of accounting as a going concern.

B. REVENUE RECOGNTION
REVENUE RECOGNTION
Revenue from contracts with customers is recognised upon transfer of control of promised services to customers in
an amount that reflects the consideration which the Company expects to receive in exchange for those services. The
services performed by the Company fall into the criteria of the transfer of control over a period of time and hence,
revenue is recognized over a period of time.

Revenue is measured based on the transaction price, which is the consideration, adjusted for variable considerations,
if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.

Arrangements with customers are either on a cost plus, rate plus jobs, lump sum services, turnkey contracts and
Inspection contracts.

Revenue from services is accounted as follows:

i) In the case of cost plus and rate plus jobs on the basis of services rendered and amount billable under the contract.

ii) In the case of lump sum services and turnkey contracts, consideration of the respective contract agreed with
the customer multiplied by proportion of actual direct costs of the work performed to latest estimated total
direct cost of the work performed i.e. percentage completion method.

iii) In the case of inspection contracts providing for a percentage fee on project cost, on the basis of physical
progress duly certified.

Contract modifications are accounted for when additions, deletions or changes are approved either to the contract
scope or contract price (or both). The accounting for modifications of contracts involves assessing whether the services
added to an existing contract are distinct and whether the pricing is at the standalone selling price. Services added
that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for
 233
Financial Statements
Notes to financial statements

prospectively, either as a separate contract, if the additional services are priced at the standalone selling price, or as
a termination of the existing contract and creation of a new contract if not priced at the standalone selling price.

Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses
become probable based on the expected contract estimates at the reporting date.

Other claims including interest on outstanding are accounted for when there is probability of ultimate collection.

TURNOVER/WORK-IN-PROGRESS
a) No income has been taken into account on jobs for which:

(i) The terms of consideration receivable by the Company have not been settled and/or scope of work has not
been clearly defined and therefore, it is not possible in the absence of settled terms to determine whether
there is a profit or loss on such jobs. However, Expenditures incurred by the Company during the year are
recognised as revenue. Further, in cases where minimum undisputed terms have been agreed to by the
clients, income has been accounted for on the basis of such undisputed terms though the final terms are
still to be settled.

(ii) The terms have been agreed to at lumpsum services/turnkey contracts and outcome of job cannot be
estimated reliably.

b) The cost of such jobs as stated in ‘a’ above is carried forward as work-in- progress at actual direct cost.

DIVIDEND INCOME
Dividend on units/shares is accounted for when right to receive payment is established.

INTEREST INCOME ON INCOME TAX REFUND

Interest on income tax refund is accounted for upon receipt of such interest.

(Refer note 46 of financial statements for accounting treatment in respect of unbilled revenue, income received in
advance (contract liabilities) and performance related obligations.)

C. INTANGIBLE ASSETS
Recognition
Intangible assets (softwares) are stated at their cost of acquisition less accumulated amortization less impairment, if any.

Subsequent measurement (amortisation)

The cost of capitalized software is amortized over a period of three years from the date of its acquisition. However,
software individually costing upto H 5 lakhs is fully amortized during the year of its acquisition.

The amortisation period and the amortisation method of software are reviewed at least at the end of each
reporting period.

The residual value of software is considered as nil. Day to day maintenance of intangibles is charged to the Statement
of Profit and Loss.

Exchange difference arising on translation of foreign operations pertaining to intangible assets are added/deducted
from the Gross block of Intangible assets.

De-recognition
An intangible asset is derecognised upon disposal or when no future economic benefits are expected from its
use or disposal.

D. PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK IN PROGRESS

Recognition
Properties plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment
losses, if any. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. The cost of
property, plant and equipment comprises purchase price, borrowing cost (if capitalization criteria are met), directly
attributable cost of bringing the asset to its working condition for the intended use and the present value of the initial
estimate of any decommissioning or site abandonment obligation, wherever applicable. Any trade discount and
rebates are deducted in arriving at the cost of property, plant and equipment. When significant parts of plant and
234
Engineers India Ltd

Annual Report 2023-24

equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific
useful lives. The cost of any software purchased initially along with the computer hardware is being capitalized
along with the cost of the hardware. Any subsequent acquisition/up-gradation of software is being capitalized as an
intangible asset.

Whenever any new office space is acquired and partitions/fixtures and fittings are provided to make it suitable for
use, the expenditure on the same is capitalized as furniture fixtures and depreciation is charged thereon. When
significant parts of the property are required to be replaced at intervals, the Company depreciates them separately
based on their specific useful lives. All other repair and maintenance costs are recognised in statement of profit and
loss as incurred.

Subsequent measurement (depreciation)

Depreciation on Property, plant and equipment is charged on straight line method either on the basis of rates arrived at
with reference to the useful life of the assets evaluated by the Committee consisting of technical experts and approved
by the management or rates arrived at based on the useful life prescribed under Part C of Schedule II of the Companies
Act, 2013, whichever is higher. Refer Note 43 for the useful life of various assets under PPE.

100% depreciation is provided on library books in the year of purchase.

Property, plant and equipment individually costing less than INR 5,000 are fully depreciated in the year of acquisition.

Residual value of property plant and equipment is upto 5% of the original cost till such assets is disposed.

The residual values, useful lives and method of depreciation of property, plant and equipment are reviewed at each
financial year end and adjusted prospectively.

De-recognition
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition
of the asset is recognised in the statement of profit and loss when the asset is derecognised.

Physical verification of the property, plant and equipment is carried out by the Company in a phased manner to cover
all the items over a period of three years. The discrepancies noticed, if any, are accounted for in the year in which
such differences are found, after obtaining the requisite approvals.

E. LEASES
Company as a lessee
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the
economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct
the use of the asset.

The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered
by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered
by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing
whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option
to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the
Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding
lease liability for all lease arrangements.

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have
a lease term of twelve months or less from the commencement date and do not contain a purchase option) and low
value exemption for low value leases. For these short-term and low value leases, the Company recognizes the lease
payments as an operating expense on a straight-line basis over the term of the lease.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for
any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease
incentives. They are subsequently measured at cost less accumulated depreciation, and impairment losses, if any.
 235
Financial Statements
Notes to financial statements

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the
lease term and useful life of the underlying asset except for perpetual lease. Right of use assets are tested for
impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss,
if any, is recognised in the statement of profit and loss.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. In
calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been
classified as financing cash flows.

The carrying amount of Right of use assets and lease liabilities is adjusted for early termination of lease.

Company as a lessor
Operating lease
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are
classified as operating leases. Assets leased out under operating leases are capitalized.

When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sub lease
separately. The sublease is classified as a finance lease or operating lease by reference to the right of use asset
arising from the head lease.

Rental income from operating leases is recognized on straight line basis over the lease term.

F. INVESTMENT PROPERTIES
Recognition
Investment properties are properties held to earn rentals or for capital appreciation, or both. Investment properties are stated at
cost, net of accumulated depreciation, and accumulated impairment losses, if any. The cost comprises purchase price, borrowing
cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended
use. Any trade discount and rebates are deducted in arriving at the purchase price. An investment property held as right-of use
asset are measured initially at its cost in accordance with Ind AS 116.

When significant parts of the property are required to be replaced at intervals, the Company depreciates them
separately based on their specific useful lives. All other repair and maintenance costs are recognised in statement of
profit and loss as incurred.

Subsequent measurement (depreciation)

Depreciation on investment properties is charged on straight line method, either on the basis of rates arrived
at with reference to the useful life of the assets evaluated by the Committee consisting of technical experts and
approved by the management or rates arrived at based on useful life prescribed under Part C of Schedule II of the
Companies Act, 2013, whichever is higher (refer note 43 for the useful life of various categories of assets, classified
as investment property).

Premium paid on land where lease agreements have been executed for specified period are written off over the
period of lease proportionately.

Transfers are made to (or from) investment properties only when there is an actual change in use of such property
rather than the intended change and there is evidence of the change in use. Transfers between investment property,
owner-occupied property do not change the carrying amount of the property transferred.

De-recognition
Investment properties are derecognised either when they have been disposed off or when they are permanently
withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net
disposal proceeds and the carrying amount of the asset is recognised in statement of profit and loss in the year of
de-recognition.

G. FOREIGN CURRENCY
Functional and presentation currency
The financial statements are presented in INR, which is also the functional currency of the Company.
236
Engineers India Ltd

Annual Report 2023-24

Foreign currency transactions and balances

Initial recognition
Foreign currency transactions are accounted for at average monthly rates based on market rates for preceding
month in respect of Pound Sterling, US Dollars, Euro, Australian Dollar, Canadian Dollar, Swiss Franc and Japanese
Yen and in respect of other currencies at Government rates prevailing in the month. However, foreign currency
transactions in respect of sub-contractors/vendors are recorded at bank rate prevailing on the date of transaction.

Conversion
Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non-
monetary items which are measured in terms of historical cost denominated in a foreign currency are reported using
the exchange rate at the date of the transaction.

Assets and liabilities of foreign operations are translated into INR using the exchange rate prevailing at the balance
sheet date and their statement of profit and loss are translated at exchange rates prevailing at the dates of the
transactions. For practical reasons, the Company uses an average exchange rate for previous month.

Exchange differences
Exchange differences arising on the settlement of monetary items, or on reporting such monetary items at rates
different from those at which they were initially recorded during the year, or reported in previous financial statements,
are recognized as income or as expenses in the year in which they arise.

For the foreign operation of the Company, exchange differences arising on translation are recognised under other
comprehensive income as exchange differences on translation of foreign operations and accumulated under the
head other equity.

H. IMPAIRMENT OF NON-FINANCIAL ASSETS

Impairment of cash generating assets are reviewed for impairment whenever an event or changes in circumstances
indicate that carrying amount of such assets may not be recoverable. If such assets are considered to be impaired,
the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the
fair value of assets.

Impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s
recoverable amount since the last impairment loss was recognised. If it is found that some of the impairment losses
already recognized needs to be reversed the reversals are recognized in the statement of profit and loss in the year
of reversal and is restricted to the carrying amount of the asset does not exceed its recoverable amount, nor exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised
for the asset in prior years.

I. FINANCIAL INSTRUMENTS
Financial assets
Initial recognition and measurement
All financial assets are recognized initially at fair value, plus in case of financial assets not recorded at fair value
through profit or loss (FVTPL), transaction cost that are directly attributable to the acquisition of the financial asset,
except for trade receivables which are initially measured at transaction price.

Subsequent measurement
The Company determines the classification of its financial assets based on its business model for managing the
financial assets and the contractual terms of the cash flows. The Company’s financial assets are classified into the
following categories: -

those to be measured at fair value (either through other comprehensive income or through profit or loss).
These includes equity securities at fair value through other comprehensive income (FVTOCI) and investment in
mutual fund at fair value through profit or loss (FVTPL).

those to be measured at amortized cost using the effective interest rate (EIR) method. These comprises trade
receivables, loan receivables, security deposit, deposit with banks, unbilled revenue, retention against contracts,
cash and bank balances, other assets, and receivables.
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Financial Statements
Notes to financial statements

On initial recognition, the Company has made an irrevocable election to present the subsequent changes in fair value
through other comprehensive income for equity instruments (other than subsidiaries, joint ventures and associates)
that are not held for trading.

De-recognition of financial assets

A financial asset is primarily de-recognised when the contractual rights to receive cash flows from the asset have
expired or the Company has transferred its rights to receive cash flows from the asset.

Financial liabilities
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and transaction cost that is attributable to the acquisition of
the financial liabilities is also adjusted.

Subsequent measurement
The Company’s financial liabilities are subsequently measured at amortised cost using the effective interest method
which mainly include lease liabilities, trade payables, security deposit, retentions, and other liabilities.

De-recognition of financial liabilities

A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis,
to realize the assets and settle the liabilities simultaneously.

Forward contracts
A forward contract is recognised as an asset or a liability on the commitment date. Outstanding forward contracts
as at reporting date are restated using the mark to market information and resultant gain/(loss) is accounted in
statement of profit and loss.

J. IMPAIRMENT OF FINANCIAL ASSETS

In accordance with Ind-AS 109, the Company applies Expected Credit Loss (ECL) model for measurement and
recognition of impairment loss for financial assets.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract
and all the cash flows that the Company expects to receive. When estimating the cash flows, the Company is
required to consider –

All contractual terms of the financial assets (including prepayment and extension) over the expected
life of the assets.

Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

Trade receivables and contract assets

As a practical expedient the Company has adopted ‘simplified approach’ using the provision matrix method for recognition
of expected loss on trade receivables. The provision matrix is based on historical default rates observed over the expected
life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical default
rates are updated and changes in the forward-looking estimates are analysed. Further receivables are segmented for this
analysis where the credit risk characteristics of the receivable are similar.

Expected credit loss on contract assets is determined based on management judgement.

Other financial assets

For recognition of impairment loss on other financial assets and risk exposure, the Company determines whether
there has been a significant increase in the credit risk since initial recognition and if credit risk has increased
significantly, impairment loss is provided.
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K. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the Company has a present obligation as a result of past event and it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation, based on all the relevant facts, available at the end of the reporting period.
Provisions are determined based on the best estimate of the consideration required to settle the obligation at the
reporting date, taking into account the risks and uncertainties surrounding the obligation. These estimates are reviewed
at each reporting date and adjusted to reflect the current best estimates.

The provision for estimated liabilities on account of guarantees and warranties etc. in respect of lumpsum services
and turnkey contracts awarded to the Company are being made on the basis of management’s assessment of risk
and consequential probable liabilities on each such jobs.

Provisions are discounted to their present values, where the time value of money is material.

Contingent Liabilities are possible obligation arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company
or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of
resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be
estimated reliably, the obligation is disclosed as measured with sufficient reliability. Where it is not probable that a present
obligation exists, the Company discloses contingent liability unless the possibility of an outflow of resources embodying
economic benefits is remote.

Contingent liabilities relating to direct taxes, indirect taxes, financial liabilities, legal cases and others, whether disputed
or not, are disclosed on the basis of judgment of the management using the above policy backed by independent
expert’s opinion/guidance, wherever required and reviewed at year end to reflect the current management estimate.

In respect of disputed cases, wherein the Company has lost the case in any forum including in arbitration, if the
management determines that there is no present obligation, on the basis of evidence available (including expert’s
opinion), the same is disclosed as a contingent liability, unless the possibility of outflow of resources is remote.

Refer note 40 for the detailed discussion on the nature of contingent liabilities of the Company existing as on the
balance sheet date.

L. GOVERNMENT GRANTS
Government grants are recognized where there is reasonable assurance that the grant will be received, and all
attached conditions will be complied with.

Government grants related to a revenue item, are recognized in statement of profit and loss as a deduction from
related reported expense.

Government grants related to an asset are recognized as deferred income in the balance sheet and are recognised
as income in the ratio of depreciation over the expected useful life of the related asset.

When the Company receives grant as a non-monetary asset, the asset and the grant are recorded at fair value. The
amount is then recognised in statement of profit and loss over the expected useful life in a pattern of consumption
of the benefit of the underlying asset.

M. OIL AND GAS EXPLORATION ACTIVITIES

The Company follows ‘Successful Efforts Method’ in accounting for Oil and Gas exploration and production activities
as detailed below:

Survey costs are charged as expense in the year of its incurrence.

Acquisition costs, cost of incomplete/undecided exploratory wells and development costs are carried as
intangible assets under development till these are either transferred to producing properties on completion or
expensed in the year when determined to be dry, as the case may be.

The Company share of proved oil and gas reserves are disclosed when notified by the operator of the relevant block.

The Company proportionate share in the assets, liabilities, income and expenditure of jointly controlled assets are
accounted for as per the participating interest.
 239
Financial Statements
Notes to financial statements

Capitalization of Producing Properties

Producing Properties are capitalised as “completed wells/producing wells” when the wells in the area/field are ready
to commence commercial production on establishment of proved developed Oil and Gas reserves.

Cost of Producing Properties includes cost of successful exploratory wells, developed wells, initial depreciation of
support equipment & facilities and estimated future abandonment cost.

Depletion of producing Properties

Producing Properties are depleted using the “Unit of Production Method (UOP)”. The depletion or unit of production
charged for all the capitalized cost is calculated in the ratio of production during the year to the proved developed
reserves at the year end.

Production Cost of producing Properties

Company share of production costs as indicated by Operator consists of pre well head and post well head expenses
including depreciation and applicable operating cost of support equipment and facilities.

N. RESEARCH AND DEVELOPMENT EXPENDITURE

Revenue expenditure on Research and Development is charged to statement of profit and loss in the year
the expenditure is incurred. Capital Expenditure on Research and Development is capitalized under property,
plant and equipment.

O. FINANCIAL GUARANTEES
Financial guarantee contracts
Financial guarantee contracts are those contracts that require a payment to be made to reimburse the holder for
a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a
debt instrument.

Initial recognition
Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee.

Subsequent recognition
Subsequently, the liability is measured at the higher of the amount of expected loss allowance determined as per
impairment requirements of Ind-AS 109 and the amount recognised less cumulative amortisation.

P. INVENTORIES
Inventories in respect of stores, spares and chemicals etc. are valued at lower of cost and net realizable value.

Cost is determined on “First In, First Out” basis.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
and estimated costs necessary to make the sale.

Physical verification of inventory including store and spare items (excluding materials in-transit) is carried out by the
Company annually. The discrepancies noticed, if any, are accounted for in the year in which such differences are found.

Q. INCOME TAXES
Tax expense recognized in statement of profit and loss comprises the sum of deferred tax and current tax except the
ones recognized in other comprehensive income or directly in equity.

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. Calculation of current tax is based on tax rates and tax laws that have been enacted for the
reporting period.

Current income tax relating to items recognised outside profit and loss is recognised outside profit and loss (either
in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in other comprehensive income or directly in equity.

Management evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and establish provisions, wherever applicable.
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Annual Report 2023-24

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are
recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be
utilized against future taxable income. This is assessed based on forecast of future operating results, adjusted for
significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset
is realised, or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted
at the reporting date. Deferred tax relating to items recognised outside profit and loss is recognised outside profit
and loss (either in other comprehensive income or in equity).

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognised to the extent
that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

The Company offsets deferred tax assets and deferred tax liabilities as it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which
intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected
to be settled or recovered.

R. INVESTMENT IN EQUITY INSTRUMENTS OF CONSOLIDATED ENTITIES

The Company’s investment in equity instruments of subsidiaries, associates and joint ventures are accounted for at cost.

S. INVESTMENT IN JOINTLY CONTROLLED OPERATIONS

A joint operation is one whereby the jointly controlling parties, known as the joint operators, have rights to the
assets, and obligations for the liabilities, relating to the arrangement. A joint operation is generally not structured
through a separate legal vehicle.

The particulars of joint operations considered in the financial statements are as under:

S. Country of
Name of the Company Relationship 31 March 2024 31 March 2023
No. Incorporation
1 CB-ONN-2010/11 India Joint Operation 23.53% 23.53%
2 CB-ONN-2010/08 India Joint Operation 22.22% 22.22%

The Company accounts for proportionate share in the assets, liabilities, income and expenditure of the said jointly
controlled operations as participating interest.

T. CASH AND CASH EQUIVALENTS

Cash comprises cash on hand and demand deposits i.e., balances held with banks in current accounts for unrestrictive
use. Cash equivalents are short term, highly liquid investments that are readily convertible into known amount of
cash and which are subject to an insignificant risk of changes in value. The Company considers unrestrictive time
deposits with banks having an original maturity of three months or less as cash equivalent.

U. POST-EMPLOYMENT BENEFITS, LONG-TERM AND SHORT-TERM EMPLOYEE BENEFITS

Defined benefit plans
Under the defined benefit plans, the amount that an employee will receive on retirement is defined by reference to
the employee’s length of service and final salary. The legal obligation for any benefits remains with the Company,
even if plan assets for funding the defined benefit plan have been set aside. Plan assets may include assets
specifically designated to a long-term benefit fund as well as qualifying insurance policies. Defined benefit plans
include gratuity, provident fund, leave encashment, post-retirement medical benefit, long service awards and other
retirement benefit plans.

The liability recognised in the statement of financial position for defined benefit plans is the present value of the
Defined Benefit Obligation (DBO) at the reporting date less the fair value of plan assets.

Management estimates the DBO annually with the assistance of independent actuaries using the projected unit credit
method. Remeasurements, comprising of actuarial gains/losses, the effect of the asset ceiling, excluding amounts included
in net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined
 241
Financial Statements
Notes to financial statements

benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings
through included in other comprehensive income in the period in which they occur. Remeasurements are not reclassified
to profit or loss in subsequent periods.

The current service cost is recognized in the statement of profit and loss under ‘employee benefits expense’.

Net interest which is recognized in the statement of profit and loss under ‘employee benefits expense’ represents
the net change in present value of plan obligations and the value of plan assets resulting from the passage of time,
and is determined by applying the discount rate to the present value of the benefit obligation and to the fair value
of plan assets at the beginning of the year, taking into account expected changes in the obligation or plan assets
during the year.

Other long-term benefits

The liabilities for leave (earned and half pay leave) not expected to be settled wholly within 12 months after the end
of the period in which the employees render the related service. The Company has secured these liabilities against
the plan assets. The liability is recognised in the statement of financial position basis the present value of expected
future payments to be made in respect of services provided by employees upto the end of reporting period (using
the projected unit credit method) less the fair value of plan assets.

Liability in respect of long-service awards is recognised in the statement of financial position basis the present value
of expected future payments to be made in respect of services provided by employees up to the end of reporting
period (using the projected unit credit method).

Short-term employee benefits

Short term benefits comprising of employee costs such as salaries, bonus etc. are accrued in the year in which the
associated service is rendered by employees.

Defined contribution plans

Contributions with respect to pension scheme and superannuation fund are made to the trust set-up by the Company for
the purpose and are charged to the statement of profit and loss, when employees have rendered service entitling them
to the contributions.

Other benefits
Voluntary retirement expenses are charged to statement of profit and loss in the year of its incurrence.

V. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding
during the period. The weighted average number of equity shares outstanding during the period is adjusted for
events including a bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects
of all dilutive potential equity shares.

W. RECENT ACCOUNTING PRONOUNCEMENT

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended
the Companies (Indian Accounting Standards) Amendment Rules, 2023. Following are the amendments which are
applicable on the Company:

Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material
accounting policies rather than their significant accounting policies and adding guidance on how entities apply the
concept of materiality in making decisions about accounting policy disclosures. The effective date for adoption of this
amendment is annual periods beginning on or after April 1, 2023.
The amendments have an impact on the Company’s disclosures of accounting policies, but not on the measurement,
recognition or presentation of any items in the financial statements.
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Annual Report 2023-24

For the year ended March 31,2024, MCA has not notified any new standards or amendments to the existing standards
applicable to the company.

X. SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION

UNCERTAINTY
Significant management judgements
When preparing the financial statements, management undertakes a number of judgements, estimates and
assumptions about the recognition and measurement of assets, liabilities, income and expenses, accompanying
disclosures (including disclosure of contingent liabilities).

The following are significant management judgements in applying the accounting policies of the Company that have
the most significant effect on the financial statements.

Revenue – For Lumpsum services and Turnkey Contracts, the Company recognises revenue using the percentage
completion method. Use of the percentage completion method requires the Company to estimate the cost incurred
relative to total expected cost to the satisfaction of performance obligation. This requires estimates to be made of
the outcomes of long-term construction and service contracts, which require assessments and judgements to be
made on changes in work scopes, balance efforts, cost and time to complete the contract including probability of levy
for liquidated damages and price reduction for delay to the extent they are probable and they are capable of being
reliably measured. Cost and time incurred have been used to measure progress towards completion as there is a direct
relationship between input and satisfaction of performance obligation.
Recognition of deferred tax assets – The extent to which deferred tax assets can be recognized is based on an
assessment of the probability of future taxable income against which the deferred tax assets can be utilized.
Property lease classification as a lessor- The Company has entered into leases for office/residential premises.
The Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as the
lease term not constituting a major part of the economic life of the commercial property and the present value of the
minimum lease payments not amounting to substantially all of the fair value of the commercial property, that it retains
substantially all the risks and rewards incidental to ownership of these properties and accounts for the contracts as
operating leases.

Estimation uncertainty

Information about estimates and assumptions that have the most significant effect on recognition and measurement
of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.

Recoverability of advances/receivables – At each balance sheet date, based on historical default rates observed
over expected life, the management assesses the expected credit loss on outstanding receivables and advances.
Defined benefit obligation (DBO) – Management’s estimate of the DBO is based on a number of critical underlying
assumptions such as standard rates of inflation, medical cost trends, mortality, discount rate and anticipation of
future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual
defined benefit expenses. The assumptions for each plan are reviewed annually and adjusted if necessary.
Provisions – At each balance sheet date, based on the management judgment, changes in facts and legal aspects,
the Company assesses the requirement of provisions against the outstanding warranties and guarantees. However,
the actual future outcome may be different from this judgement.
Determination of functional currency- The Company has determined that INR is the functional currency as a
substantial amount of its revenue and cost is in INR.
Determination of Materiality- Ind AS requires assessment of materiality by the Company for accounting and
disclosure of various transactions in the financial statements. Accordingly, the Company assesses materiality limits
for various items for accounting and disclosures and follows on a consistent basis.
Note - 4
Property, Plant and Equipment (J in Lakhs)

Furniture,
fixtures E&P Assets Capital
Freehold Plant and Computer Library
Particulars Building and office / Vehicles Producing Total work-in-
land machinery hardware books
construction Property progress
equipments
Gross carrying amount
At 1 April 2022 298.08 24,023.72 922.00 4,222.59 2,974.21 8.52 78.28 - 32,527.40 -
Additions - 297.05 213.76 877.49 322.79 - - - 1,711.09 -
Reclassification from/to investment property due to change in use - (14.72) - - - - - - (14.72) -
Exchange difference on translation of foreign operation - 0.99 - (8.85) 31.28 - - - 23.42 -
Transfer from Intangible Assets under Development- Exploration and evaluation assets - - - - - - - 749.76 749.76 -
Disposals/assets written off/Adjustment - (5.10) (2.79) (38.61) (44.03) - (0.02) - (90.55) -
Balance as at 31 March 2023 298.08 24,301.94 1,132.97 5,052.62 3,284.25 8.52 78.26 749.76 34,906.40 -
Additions - 1,122.03 21.18 774.52 441.36 - - 1.02 2,360.11 -
Reclassification from/to investment property due to change in use - (14.72) - - - - - - (14.72) -
Exchange difference on translation of foreign operation - 0.19 - (2.93) 2.34 - - - (0.40) -
Transfer from Intangible Assets under Development- Exploration and evaluation assets - - - - - - - - - -
Disposals/assets written off/Adjustment - (12.89) - (25.89) (67.95) - - - (106.73) -
Balance as at 31 March 2024 298.08 25,396.55 1,154.15 5,798.32 3,660.00 8.52 78.26 750.78 37,144.66 -
Accumulated depreciation
At 1 April 2022 - 6,314.09 125.79 3,677.13 1,597.22 0.40 78.28 - 11,792.91 -
Charge for the year - 958.14 80.67 234.18 324.59 1.13 - 1.49 1,600.20 -
Reclassification from/to investment property due to change in use - (7.44) - - - - - - (7.44) -
Exchange difference on translation of foreign operation - 0.71 - 0.05 30.46 - - - 31.22 -
Adjustments for disposals - (3.31) - (31.65) (20.44) - (0.02) - (55.42) -
Balance as at 31 March 2023 - 7,262.19 206.46 3,879.71 1,931.83 1.53 78.26 1.49 13,361.47 -
Charge for the year - 964.97 93.28 419.67 341.75 1.14 - 82.11 1,902.92 -
Reclassification from/to investment property due to change in use - (8.43) - - - - - - (8.43) -
Exchange difference on translation of foreign operation - 0.32 - (3.07) 12.60 - - - 9.85 -
Adjustments for disposals - (10.89) - (25.17) (36.37) - - - (72.43) -
Balance as at 31 March 2024 - 8,208.16 299.74 4,271.14 2,249.81 2.67 78.26 83.60 15,193.38 -
Accumulated Impairment
Opening Balance - - - - - - - 562.50 562.50
Transfer from Intangible Assets under Development- Exploration and evaluation assets - - - - - - - - -
Provision for Impairment provided during the year - - - - - - - (60.81) (60.81)
Notes to financial statements
Financial Statements

Balance as at 31 March 2024 - - - - - - - 501.69 501.69

Net book value as at 31 March 2023 298.08 17,039.75 926.51 1,172.91 1,352.42 6.99 - 185.77 20,982.43 2,591.70
Net book value as at 31 March 2024 298.08 17,188.39 854.41 1,527.18 1,410.19 5.85 - 165.49 21,449.59 3,568.31

(i) Contractual obligations

Refer to note 40B(a) for disclosure of contractual commitments for the acquisition of property, plant and equipment.
(ii) Restirction on title of property, plant and equipment, refer note 42 (ii).
243
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Annual Report 2023-24

Note - 5
Investment Property (J in Lakhs)

Building and related

Particulars Leasehold land* Total
fixtures/assets
Gross carrying amount
At 1 April 2022 615.37 4,175.77 4,791.14
Additions - 56.91 56.91
Reclassification from/to property, plant and equipment due - 14.72 14.72
to change in use
Disposals/assets written off/Adjustment - - -
Balance as at 31 March 2023 615.37 4,247.40 4,862.77
Additions - - -
Reclassification from/to property, plant and equipment due - 14.72 14.72
to change in use
Disposals/assets written off/Adjustment - (2.67) (2.67)
Balance as at 31 March 2024 615.37 4,259.45 4,874.82
Accumulated depreciation
At 1 April 2022 20.35 806.47 826.82
Charge for the year 7.55 169.71 177.26
Reclassification from/to property, plant and equipment due - 7.44 7.44
to change in use
Adjustments for disposals - - -
Balance as at 31 March 2023 27.90 983.62 1,011.52
Charge for the year 7.55 172.65 180.20
Reclassification from/to property, plant and equipment due - 8.43 8.43
to change in use
Adjustments for disposals - (2.01) (2.01)
Balance as at 31 March 2024 35.45 1,162.69 1,198.14
Net book value as at 31 March 2023 587.47 3,263.78 3,851.25
Net book value as at 31 March 2024 579.92 3,096.76 3,676.68
*Refer note 39 for details

(i) Amounts recognised in statement of profit and loss for investment properties
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Rental income (net) 2,105.13 1,819.96
Less:
Direct operating expenses generating rental income 507.45 393.02
Direct operating expenses that did not generate rental income 223.28 269.30
Profit/(Loss) from leasing of investment properties 1,374.40 1,157.64

(ii) Leasing arrangements

Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. Refer
note 39 for details.

(iii) Fair value of investment property

Fair Value (H in Lakhs)

Description
31 March 2024 31 March 2023
Residential flats 11,401.07 9,338.22
Land and building 34,050.31 32,175.33
Office premises 2,419.15 2,326.52

Fair value hierarchy and valuation technique

The fair value of investment property has been determined by external, independent property registered valuers,as defined under
Rule 2 of Companies (Registered Valuers and Valuation) Rules 2017, having appropriate recognised professional qualification and
recent experience in the location and category of the property being valued. The Company obtains independent valuations for its
investment properties annually and fair value measurement has been categorised as Level 3. The fair valuation has been carried out
using current prices in an active market for similar properties (market approach) and under replacement cost method (cost approach).
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Financial Statements
Notes to financial statements

Note - 6A
Other Intangible Assets
(J in Lakhs)

Computer
Particulars Total
software
Gross carrying amount
At 1 April 2022 2,935.51 2,935.51
Additions 180.78 180.78
Exchange difference on translation of foreign operation 10.03 10.03
Disposals/assets written off - -
Balance as at 31 March 2023 3,126.32 3,126.32
Additions 641.96 641.96
Exchange difference on translation of foreign operation (25.97) (25.97)
Disposals/assets written off (8.19) (8.19)
Balance as at 31 March 2024 3,734.12 3,734.12
Accumulated amortisation
At 1 April 2022 2,743.81 2,743.81
Amortisation charge for the year 138.54 138.54
Exchange difference on translation of foreign operation 14.70 14.70
Adjustments for disposals - -
Balance as at 31 March 2023 2,897.05 2,897.05
Amortisation charge for the year 366.36 366.36
Exchange difference on translation of foreign operation (9.33) (9.33)
Adjustments for disposals (8.19) (8.19)
Balance as at 31 March 2024 3,245.89 3,245.89
Net book value as at 31 March 2023 229.27 229.27
Net book value as at 31 March 2024 488.23 488.23

Note - 6B
Intangible assets under development *
(J in Lakhs)

Exploration and
Particulars Total
evaluation assets
Gross carrying amount
At 1 April 2022 3,047.28 3,047.28
Additions 190.48 190.48
Transfer/adjustment (749.76) (749.76)
Disposals/assets written off - -
Balance as at 31 March 2023 2,488.00 2,488.00
Additions 2.97 2.97
Transfer/adjustment - -
Disposals/assets written off (443.89) (443.89)
Balance as at 31 March 2024 2,047.08 2,047.08
Provision for Impairment
At 1 April 2022 3,016.26 3,016.26
For the year 18.37 18.37
Transfer/adjustment (546.63) (546.63)
Balance as at 31 March 2023 2,488.00 2,488.00
For the year - -
Transfer/adjustment (440.92) (440.92)
Balance as at 31 March 2024 2,047.08 2,047.08
Net book value as at 31 March 2023 - -
Net book value as at 31 March 2024 - -

*Refer note 44
246
Engineers India Ltd

Annual Report 2023-24

Note - 7
A Investments - Non-Current
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Equity instruments
Investment in subsidiary companies (unquoted)
Certification Engineers International Limited 20.00 20.00
9,00,000 (previous year 31 March 2023: 900,000) equity shares of H 100
each fully paid up in wholly owned subsidiary, out of which 8,80,000 equity
shares were received by way of Bonus shares
Sub-total (A) 20.00 20.00
Investment in joint venture companies (unquoted)
TEIL Projects Limited 541.61 541.61
5,500,000 (previous year 31 March 2023 : 5,500,000) equity shares of H 10
each fully paid up
Less: Impairment in value of investments (541.61) (541.61)
Sub-total (B) - -
Ramagundam Fertilizers and Chemicals Limited 49,146.24 49,146.24
491,462,400 (previous year 31 March 2023: 491,462,400) equity shares of
H 10 each fully paid up
Sub-total (C) 49,146.24 49,146.24
Investment in Associate companies (unquoted)
LLC Bharat Energy Office 75.97 75.97
Participating interest of 20%(previous year 31 March 2023: 20%)
Sub-total (D) 75.97 75.97
Other Investment (unquoted)
Unquoted equity shares (Fair Value) through OCI
Numaligarh Refinery Limited # 88,398.98 76,631.92
6,42,93,914 (previous year 31 March 2023: 6,42,93,914) equity shares
of H 10 each fully paid up, out of which 3,21,46,957 equity shares were
received by way of Bonus shares and 1,25,73,627 (previous year 31 March
2023: Nil) equity shares of H 10 each partly paid of H 5 each
Sub-total (E) 88,398.98 76,631.92
Grand total (A+B+C+D+E) 1,37,641.19 1,25,874.13
Aggregate book value of unquoted investments - Gross book value 1,38,182.80 1,26,415.74
Aggregate amount of impairment in value of investments 541.61 541.61

Principal
Particulars Ownership interests Accounted on
place of business
Certification Engineers International Limited India 100% Stated at cost as per
TEIL Projects Limited (under liquidation) India 50% the provisions of Ind AS
LLC Bharat Energy Office Russia 20% 27 'Separate Financial
Ramagundam Fertilizers and Chemicals Limited India 26% Statements'

#
During the FY 2020-21 Company has acquired 4.37% Equity Share Capital ( Equity Shares 3,21,46,957 of H 10 each fully paid up) in Numaligarh
Refinery Limited purchased at H 217.75 per share.
#
During the FY 2023-24 Company has subscribed right issue of 1,25,73,627 equity shares of H 10 each, partly paid of H 5 each in Numaligarh Refinery
Limited purchased at H 110 per share.
 247
Financial Statements
Notes to financial statements

B Investments - Current
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Liquid plan of mutual funds (quoted)
Kotak Liquid Fund 2,64,486.273 units (Previous year 31 March 2023: Nil units) 12,904.38 -
- Direct Growth Plan 31 March 2024 NAV -H 4879.037 (Previous Year 31
March 23 NAV- Nil)
Union Liquid Fund 1,01,040.329 units (Previous year 31 March 2023: 2,352.74 5,002.44
2,30,585.676 units)
- Direct Growth Plan 31 March 2024 NAV -H 2328.5165 (Previous Year 31
March 23 NAV- H 2169.4479)
SBI Liquid Fund Nil units (Previous year 31 March 2023: 2,70,767.402 units) - 9,539.95
- Direct Growth Plan 31 March 2024 NAV -H Nil (Previous Year 31 March
23 NAV- H 3523.3030)
15,257.12 14,542.39
Aggregate book value of quoted investments 15,257.12 14,542.39
Aggregate market value of quoted investments 15,257.12 14,542.39

Note - 8
A Loans - Non-Current
(Considered good unless otherwise stated)
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Secured
Loans to related parties* :
Loans to directors - 0.07
Loans to employees 5,063.32 4,032.93
Unsecured
Loans to related parties* :
Loans to directors 6.11 7.51
Loans to employees 4,522.23 3,208.72
9,591.66 7,249.23

B Loans - Current
(Considered good unless otherwise stated)
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Secured
Loans to related parties*:
Loans to directors 0.07 0.89
Loans to employees 616.60 561.60
Unsecured
Loans to related parties* :
Loans to directors 1.66 1.95
Loans to employees :
Considered good 1,241.03 843.75
Considered doubtful 3.16 3.16
1,862.52 1,411.35
Less: Allowance for expected credit losses (3.16) (3.16)
1,859.36 1,408.19
* Refer note 38 (D)
248
Engineers India Ltd

Annual Report 2023-24

Note - 9
A Other Financial Asset - Non-Current
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Security deposits 247.40 155.46
Bank deposits with maturity more than 12 months 11.02 3,112.60
258.42 3,268.06

(i) The above bank deposits includes H 11.02 lakhs (previous year as at 31 March 2023: H 10.86 lakhs) held as margin
money/security against bank guarantees.

(ii) The above also includes interest accrued on bank deposits of Nil (previous year 31 March 2023: H 1.75 lakhs )

B Other Financial Asset - Current

(Unsecured, considered good unless otherwise stated)
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Security deposits :
Considered good 235.35 423.37
Considered doubtful 4.75 4.23
Retention against contracts 18.64 18.64
Work-in-progress*:
Considered good 10.43 71.75
Considered doubtful 334.50 403.76
Unbilled revenue :
Considered good 58,863.51 45,721.17
Considered doubtful 395.77 232.25
Others 412.91 445.08
60,275.86 47,320.25
Less: Allowance for expected credit losses (735.02) (640.24)
59,540.84 46,680.01
*As taken, valued and certified by the management

Note - 10
Deferred Tax Assets (net) (J in Lakhs)

Particulars 31 March 2024 31 March 2023

Deferred tax assets arising on:
Employee benefits:
Provision for leave encashment 8,296.66 7,577.39
Provision for post retirement medical benefits 8,190.92 7,493.86
Provision for other benefits on retirement 62.21 61.72
Provision for long service awards 30.26 30.58
Provision for employee related expenses allowed on payment basis 933.17 781.78
Provision for Provident Fund Liability 2,476.81 2,476.81
Provision to MSE vendors allowed on payment basis 1,134.18 -
Provision for contractual obligations 14,999.55 14,186.51
Provision for estimated losses 4.10 6.14
Provision for doubtful debts and advances 3,235.30 3,763.62
Provision for Impairment of Oil Blocks 641.48 767.75
Others:
Provision for loss in joint venture 126.17 126.17
Amortised cost financial instruments 87.36 173.80
Leases 44.76 17.20
Capital Grant 7.66 8.74
Foreign currency translation reserve 10.81 2.25
Deferred tax liabilities arising on:
Depreciation (2,883.78) (2,433.95)
Net gain/(loss) on Equity Shares Carried at Fair value through OCI (2,887.52) (1,666.48)
34,510.10 33,373.89
 249
Financial Statements
Notes to financial statements

Movement in above mentioned deferred tax assets and liabilities

(J in Lakhs)

Recognised Recognised
Recognised Recognised
in in
1 April in other 31 March in other 31 March
Particulars statement statement
2022 comprehensive 2023 comprehensive 2024
of profit of profit
income income
and loss and loss

Deferred tax assets arising on:

Employee benefits 17,701.47 728.24 (7.57) 18,422.14 790.54 777.35 19,990.03
Provision to MSE vendors allowed on - - - - - 1,134.18 1,134.18
payment basis
Provision for contractual obligations 15,174.63 - (988.12) 14,186.51 - 813.04 14,999.55
Provision for estimated losses 9.42 - (3.28) 6.14 - (2.04) 4.10
Provision for Impairment of Oil Blocks 762.90 - 4.85 767.75 - (126.27) 641.48
Provision for doubtful debts and advances 3,172.18 - 591.44 3,763.62 - (528.32) 3,235.30
Others 296.73 5.00 26.43 328.16 8.56 (59.96) 276.76
Deferred tax liabilities arising on:
Depreciation (2,255.81) - (178.14) (2,433.95) - (449.83) (2,883.78)
Net gain/(loss) on Equity Shares Carried at (1,114.82) (551.66) - (1,666.48) (1,221.04) - (2,887.52)
Fair value through OCI
Others - - - - - - -
Total 33,746.70 181.58 (554.39) 33,373.89 (421.94) 1,558.15 34,510.10

Note - 11
A Non-Current Tax Assets (net)
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Advance income tax (net of provision for taxation amounting to H 22,699.96 995.64 8,373.03
lakhs (Previous year 31 March 2023: H 21,613.94 lakhs)
995.64 8,373.03

B Current Tax Assets (net)

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Advance income tax (net of provision for taxation amounting to Nil (previous - 44.78
year 31 March 2023: Nil)
- 44.78

Note - 12
A Other Non-Current Assets
(Unsecured, considered good unless otherwise stated)
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Capital advances 0.23 0.23
Prepaid expense and rent advance 1,927.29 2,182.14
1,927.52 2,182.37
250
Engineers India Ltd

Annual Report 2023-24

B Other Current Assets

(Unsecured, considered good unless otherwise stated)
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Advances to vendors/contractors:
Considered good * 27,223.00 28,352.22
Considered doubtful 5.49 8.59
Prepaid expenses 1,453.13 1,287.44
Deposit with statutory authorities 7,173.29 8,822.22
Claims receivable :
Considered good 0.60 0.37
Considered doubtful 1.79 2.02
Advances to employees :
Considered good 778.32 1,288.55
Considered doubtful 0.09 0.09
Other advances 4.30 3.00
36,640.01 39,764.50
Less: Impairment of non-financial assets (7.36) (10.70)
36,632.65 39,753.80
* Includes H 17,800.15 Lakhs (previous year as at 31 March 2023: H 17,800.15 Lakhs) being amount deposited with courts/legal authorities, realisation
of same is subject to final outcome of legal proceedings

Note - 13
Inventories
(lower of cost or net realizable value) (J in Lakhs)

Particulars 31 March 2024 31 March 2023

Stores, spares and chemicals in hand* 56.20 109.03
56.20 109.03
* Includes projects inventory to the tune of H 3.45 lakhs (previous year 31 March 2023: H 6.23 lakhs)

Note - 14
Trade receivables
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Trade receivable (Unsecured):
Considered good 31,439.35 35,294.02
Considered Doubtful (Credit Impaired) 12,192.26 14,310.51
43,631.61 49,604.53
Less: Allowance for expected credit losses (12,192.26) (14,310.51)
31,439.35 35,294.02

Trade receivable ageing schedule for the year ended as on March 31, 2024 and March 31, 2023:

31 March 2024
(J in Lakhs)

Outstanding for following periods from due date of payment

Particulars Less than 6 months- More than Total
1-2 years 2-3 years
6 months 1 year 3 years
(i) Undisputed Trade receivables- considered good 20,166.89 2,241.24 2,842.62 1,946.20 4,242.40 31,439.35
(ii) Undisputed Trade Receivables- Credit impaired 334.92 259.02 937.02 1,116.85 9,544.43 12,192.26
(iii) Disputed Trade receivables- considered good - - - - - -
(iv) Disputed Trade receivables- Credit impaired - - - - - -
Total 20,501.81 2,500.27 3,779.64 3,063.05 13,786.83 43,631.61
Less: Allowance for expected credit losses (12,192.26)
Trade receivables 31,439.35
 251
Financial Statements
Notes to financial statements

31 March 2023
(J in Lakhs)

Outstanding for following periods from due date of payment

Particulars Less than 6 months More than Total
1-2 years 2-3 years
6 months - 1 year 3 years
(i) Undisputed Trade receivables- considered good 20,788.12 3,950.96 3,777.44 2,210.12 4,567.38 35,294.02
(ii) Undisputed Trade Receivables- Credit impaired 332.42 616.23 1,614.42 1,457.92 8,779.47 12,800.46
(iii) Disputed Trade receivables- considered good - - - - - -
(iv) Disputed Trade receivables- Credit impaired - - - - 1,510.05 1,510.05
Total 21,120.54 4,567.19 5,391.86 3,668.04 14,856.90 49,604.53
Less: Allowance for expected credit losses (14,310.51)
Trade receivables 35,294.02

Note - 15
Cash and cash equivalents
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Balances with banks in current account* 20,478.57 6,013.44
Banks deposits having maturity of less than three months** 4,471.65 -
Cash and stamps on hand* 9.44 10.95
24,959.66 6,024.39
* Includes H 129.11 lakhs (previous year 31 March 2023: H 141.33 lakhs) in currencies which are not repatriable.
** Includes interest accrued on bank deposits H 1.65 lakhs (previous year 31 March 2023: Nil)

Note - 16
Other Bank balances
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Unpaid dividend account 167.55 195.93
Unspent CSR on Ongoing Project 215.69 718.31
Amount held on behalf of clients 727.68 1,845.36
Banks deposits having maturity of more than three months but are due for 88,264.40 93,990.60
maturity within twelve months from balance sheet date (refer Notes below)
89,375.32 96,750.20

Notes:
(i) Includes bank deposits having more than twelve months original maturity of H 29,994.00 lakhs (previous year 31 March
2023: H 31,826.00 lakhs)

(ii) Includes interest accrued on bank deposits H 1,651.40 lakhs (previous year 31 March 2023: H 1,797.60 lakhs)

Note - 17
Equity Share Capital
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Authorised share capital
800,000,000 (previous year 31 March 2023: 800,000,000) equity shares of par value 40,000.00 40,000.00
of H 5 each
40,000.00 40,000.00
Issued share capital
562,123,373 (previous year 31 March 2023: 562,123,373) equity shares of par value 28,106.17 28,106.17
of H 5 each
28,106.17 28,106.17
252
Engineers India Ltd

Annual Report 2023-24

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Subscribed and paid up
562,042,373 (previous year 31 March 2023: 562,042,373) equity shares of par value 28,102.12 28,102.12
of H 5 each
Add: Forfeited shares 0.01 0.01
Amount originally paid up on 2,600 equity shares of par value of H 5 each (previous
year 31 March 2023: 2,600 equity shares of par value of H 5 each )
28,102.13 28,102.13

a) Reconciliation of shares outstanding at the beginning and at the end of the year

31 March 2024 31 March 2023

Equity shares
Number Number
Shares outstanding at the beginning of the year 56,20,42,373 56,20,42,373
Less : Buy back of shares during the year - -
Shares outstanding at the end of the year 56,20,42,373 56,20,42,373

b) Details of share holding of promoters

31 March 2024 31 March 2023

Promoter name
Number Number
President of India 28,84,58,584 28,84,58,584
% of total shares 51.32% 51.32%
% Change During the Year - -

c) Details of shareholders holding more than 5% equity shares in the Company

31 March 2024 31 March 2023

Name of shareholders
Number Number
President of India 28,84,58,584 28,84,58,584
51.32% 51.32%

d) Other disclosures

31 March 2024 31 March 2023

Number Number
Aggregate number of equity shares having par value of H 5 each has been 6,98,69,047 6,98,69,047
bought back by way of buy back during the period of five years immediately
preceding the Balance sheet date

e) Terms and rights attached to equity shares

The Company is having only one class of equity shares having par value of H 5 each. Each Shareholder is eligible for
one vote per share held. The Dividend proposed by Board of Directors is subject to the approval of Shareholders in the
ensuing Annual General Meeting except in case of Interim Dividend. In the event of Liquidation, Equity Shareholders
are eligible to receive the remaining assets of the Company after distribution of all preferential amount in proportion to
their shareholding.
 253
Financial Statements
Notes to financial statements

Note - 18
Other equity
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

A. General reserve
Balance at the beginning of the year 1,54,477.52 1,35,158.79
Add: Transferred from retained earnings 17,345.37 19,318.73
Sub-total (a) 1,71,822.89 1,54,477.52
B. Capital Redemption reserve
Balance at the beginning of the year 5,591.54 5,591.54
Add: Transfer from General reserve - -
Sub-total (b) 5,591.54 5,591.54
C. Retained earnings
Balance at the beginning of the year 15,740.68 18,717.60
Add: Transferred from Statement of Profit and Loss 35,699.06 34,215.18
Add: Transferred from CSR Activity Reserve 1,602.74 1,117.82
Add: Transferred from Corpus for Medical Benefits for Employees retired prior 700.88 477.97
to 01.01.2007
Less OCI of remeasurement of defined benefit plans (net of tax) 1,775.21 1,003.56
Less: Transfer to General reserve 17,345.37 19,318.73
Less: Interim and Final Dividend 16,861.27 16,861.27
Less: Transferred to CSR Activity Reserve 750.01 944.27
Less: Transferred to Corpus for Medical Benefits for Employees retired prior to 705.61 660.06
01.01.2007
Sub-total (c) 16,305.89 15,740.68
D. CSR activity reserve
Balance at the beginning of the year 929.94 1,103.49
Add: Transferred from retained earnings 750.01 944.27
Less: Transferred to Retained earnings 1,602.74 1,117.82
Sub-total (d) 77.21 929.94
E. Corpus for Medical Benefits for Employees retired prior to 01.01.2007
Balance at the beginning of the year 604.06 421.97
Add: Transferred from retained earnings 705.61 660.06
Less: Transferred to Retained earnings 700.88 477.97
Sub-total (e) 608.79 604.06
F. Exchange difference on translation of foreign operation
Balance at the beginning of the year 165.24 94.46
Add: Transferred from Statement of Profit and Loss (OCI) (net of tax) (131.27) 70.78
Sub-total (f) 33.97 165.24
G. Net gain/(loss) on Equity Shares carried at Fair Value through OCI
Balance at the beginning of the year 4,954.94 3,314.68
Add: Transferred from Statement of Profit and Loss (OCI) (net of tax) 3,630.53 1,640.26
Sub-total (g) 8,585.47 4,954.94
Grand total (a+b+c+d+e+f+g) 2,03,025.76 1,82,463.92

Nature and purpose of other reserves

General Reserve
General Reserve is created out of the accumulated profits of the Company as per the provisions of Companies Act.

Capital Redemption Reserve

The Company has Created Capital Redemption Reserve out of free reserves, a sum equal to the nominal value of the shares
purchased transferred to the capital redemption reserve account.

Retained Earnings
Retained Earnings (excluding accumulated balance of remeasurement of Defined Benefit Plans) represents surplus/
accumulated earnings of the company and are available for distribution to Shareholders.
254
Engineers India Ltd

Annual Report 2023-24

CSR Activity Reserve

The Company is required to create the CSR Activity Reserve for the allocation of expenses in respect of CSR activities. CSR Activity
Reserve represents unspent amount, out of amounts set aside of profit earned in the past years for meeting social obligations
as per Department of Public Enterprise guidelines for Corporate Social Responsibility and provisions of the Companies Act,
2013 and rules made thereunder.

Corpus for Medical Benefits for Employees retired prior to 01.01.2007

The Company has created separate corpus of medical benefits to retired employees who have retired prior to 01.01.2007 in
terms of DPE guidelines.

Other Comprehensive Income (OCI)

Other comprehensive income represents balance arising on account of translation of foreign operation and gains/(loss) from
investments in equity instruments designated at fair value.

Note - 19
A Other Financial Liabilities - Non-Current
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Security deposits and retentions 170.92 230.35
170.92 230.35

B Other Financial Liabilities - Current

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Security deposits and retentions 34,624.16 33,774.44
Capital creditors 2,237.88 1,611.93
Accrued employees benefits 3,423.53 1,969.91
Unpaid dividend* 167.55 195.93
Amount held on behalf of clients 727.68 1,845.36
41,180.80 39,397.57
*Excluding amount due for payment to Investor Education And Protection Fund

Note - 20
A Provisions - Non-Current
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Employees' post retirement/long-term benefits 328.05 315.63
Provision for abandonment costs 25.98 26.28
354.03 341.91

B Provisions - Current
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Employees' post retirement/long-term benefits 8,372.01 6,902.74
Provision for contractual obligations 59,597.71 56,514.06
Provision for expected losses 16.30 24.38
Provision for corporate social responsibility 166.64 72.23
Provision for Impairment in PF Trust Investment [refer note 53 (C )] 6,988.86 9,841.09
75,141.52 73,354.50
 255
Financial Statements
Notes to financial statements

Note - 21
A Other Non-Current Liabilities
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Advances received from clients 1,092.90 91.75
Deferred income 53.26 48.86
1,146.16 140.61

B Other Current Liabilities

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Advances received from clients* 5,448.57 9,522.95
Income received in advance 61,130.27 65,604.58
Service tax/GST payable 5,265.00 6,853.53
Withholding for employees including employers contribution 1,924.38 1,594.34
Withholding for income taxes/TDS 2,128.61 2,657.99
Deferred income 24.05 24.90
Accrued provident fund liability** 4,299.72 4,263.04
Other liabilities 332.19 351.37
80,552.79 90,872.70
* Includes Nil (previous year 31 March 2023 : H 7,114.09 lakhs) received pursuant to the order of Hon'able court against which appeal has been
filed by the client.
** Represents H 4,299.72 Lakhs (previous year 31 March 2023 : H 4,263.04 Lakhs) of accrued provident fund liability for default on account of
Provident Fund Trust investment.

Note - 22
Trade payables
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Total outstanding dues of Micro Enterprises and Small Enterprises (refer note 55) 7,754.86 8,584.13
Total outstanding dues of creditors other than Micro Enterprises and Small 36,300.48 25,716.21
Enterprises
44,055.34 34,300.34

Trade payables ageing schedule for the year ended as on March 31, 2024 and March 31, 2023:
31 March 2024
(J in Lakhs)

Outstanding for following periods from due date of payment

Particulars Not Due Less than More than Total
1-2 years 2-3 years
1 year 3 years
(i) MSME 6,531.58 1,223.28 - - - 7,754.86
(ii) Others 22,985.97 8,988.82 - - - 31,974.79
(iii) Disputed dues- MSME - - - - - -
(iv) Disputed dues- Others 956.50 - - - 3,369.19 4,325.69
Grand Total 30,474.05 10,212.10 - - 3,369.19 44,055.34

31 March 2023
(J in Lakhs)

Outstanding for following periods from due date of payment

Particulars Not Due Less than More than Total
1-2 years 2-3 years
1 year 3 years
(i) MSME 4,856.82 3,727.31 - - - 8,584.13
(ii) Others 8,792.99 12,596.53 1.00 - - 21,390.52
(iii) Disputed dues- MSME - - - - - -
(iv) Disputed dues- Others 956.50 - - - 3,369.19 4,325.69
Grand Total 14,606.31 16,323.84 1.00 - 3,369.19 34,300.34
256
Engineers India Ltd

Annual Report 2023-24

Note - 23
Current Tax Liabilities (net)
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Provision for taxation (net of advance tax amounting to Nil (previous year 31 129.47 129.47
March 2023 :Nil)
129.47 129.47

Note - 24
Revenue from operations*
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

I Consultancy and engineering services 1,45,498.02 1,41,683.94
Increase/(decrease) in work-in-progress
Closing work-in-progress 334.50 403.76
Less: Opening work-in-progress 403.76 286.42
(69.26) 117.34
Other operating income
Income under service export from India scheme # 0.00 (9.80)
Sub-total (A) 1,45,428.76 1,41,791.48
II Turnkey projects 1,77,849.06 1,86,512.73
Increase/(decrease) in work-in-progress
Closing work-in-progress 10.43 71.75
Less: Opening work-in-progress 71.75 -
(61.32) 71.75
Sub-total (B) 1,77,787.74 1,86,584.48
Grand total (A+B) 3,23,216.50 3,28,375.96
* Excludes Goods and Services Tax (GST)
# For Previous Year adjustment of Income from SEIS due to capping notified by Government on 23 September 21

Note - 25
Other income
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Interest income :
Bank deposits 7,102.25 5,396.09
Loan to employees 625.04 528.29
Income-tax refunds 449.96 378.46
Financial Assets carried at amortised cost 3.01 18.63
Others 5,867.98 456.81
Gain on modification of employee advances 555.31 141.44
Gain on modification of Leases 0.34 3.83
Amortization of deferred income 35.44 30.23
Dividend income from subsidiary company 927.00 774.00
Dividend income from Equity Investment 2,958.96 5,464.98
Capital gain from investments in mutual funds 924.38 376.30
Funds received against research and development (netting off the utilisation) - -
(31 March 2024: Received H 8.72 lakhs and utilised H 8.72 lakhs and 31 March 2023:
Received H 12.88 lakhs and utilised H 12.88 lakhs)
Profit on sale of assets 0.71 10.36
Foreign exchange difference (net) 204.58 1,142.92
Rental income (net) 2,127.83 1,844.41
Income from exploration & production activities 85.20 6.23
Miscellaneous income 591.97 344.94
22,459.96 16,917.92
 257
Financial Statements
Notes to financial statements

Note - 26
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Technical assistance/sub contracts 1,20,373.47 1,18,572.44
1,20,373.47 1,18,572.44

Note - 27
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Construction materials and equipments 48,302.18 64,221.15
48,302.18 64,221.15

Note - 28
Employee benefits expense (J in Lakhs)

Particulars 31 March 2024 31 March 2023

Salaries and allowances @

Staff 77,911.67 73,355.06

Directors 300.62 266.85
Contribution towards employees pension and provident fund and administration
charges thereon*
Staff 7,909.28 9,304.23
Directors 26.54 22.08
Contribution towards employees defined contributory superannuation scheme/
National Pension Scheme (NPS)
Staff 5,413.34 5,697.94
Directors 24.46 23.90
Staff Welfare #
Staff 4,150.48 3,732.50
Directors 8.95 4.11
Contribution to gratuity fund (net of contribution received from others)** 1,187.72 1,209.28
96,933.06 93,615.95

@ Salaries and Allowances Includes :

a) H 3,859.60 lakhs (previous year : H 2,989.93 lakhs) on account of Leave Encashment Funded Scheme with LIC of India.
b) H 518.96 lakhs (previous year : H 639.48 lakhs) on account of estimated enhanced Gratuity ceiling due to increase in Dearness Allowance in terms of
DPE guidelines (refer note no.56)
#
Includes expenditure for medical benefits of H 700.88 lakhs (previous year : H 477.97 lakhs) for employees retired prior to 01.1.2007.
*Includes H 1,423.23 Lakhs (previous year: H 3,144.20 Lakhs) towards expense on account of impairment of Provident Fund Trust investment.
**Includes Term Insurance Premium paid to LIC of India.

Note - 29
Finance cost (J in Lakhs)

Particulars 31 March 2024 31 March 2023

Unwinding of discount on security deposit 30.30 21.91
Interest on Lease Liabilities 204.16 122.44
Others 65.07 -
299.53 144.35

Note - 30
Depreciation and amortization
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Depreciation on property, plant and equipment 1,902.92 1,600.20
Depreciation of investment property 180.20 177.26
Amortization of other intangible assets 366.36 138.54
Depreciation on Right of use Assets 1,003.99 605.61
3,453.47 2,521.61
258
Engineers India Ltd

Annual Report 2023-24

Note - 31
Other expenses (J in Lakhs)

Particulars 31 March 2024 31 March 2023

A Facilities
Rent expense - office 589.31 700.55
Rent - residential accommodation :
Staff (net of recovery of H 68.30 lakhs (previous year: H 67.37 lakhs)) 642.54 354.78
Light, water and power 1,522.33 1,525.65
Insurance 369.39 245.92
Miscellaneous repair and maintenance 5,032.61 3,748.66
Repair and maintenance of own building 236.86 251.12
Repair and maintenance of plant and machinery 293.92 829.80
Hire charges of office equipments 21.94 21.57
Sub total (A) 8,708.90 7,678.05
B Corporate costs
Bank charges 196.76 149.02
Sitting fees to independent directors 30.30 35.80
Advertisement for tender and recruitment 61.18 33.70
Publicity 1,252.94 828.19
Subscription 153.87 147.36
Entertainment 197.31 133.73
Remuneration to auditors :
For Audit 15.90 15.90
For Tax Audit 3.00 3.00
Others 12.68 12.55
Filing fee 0.24 0.19
Legal and professional charges 899.63 920.32
Licences and taxes 789.88 367.16
Loss on sale of assets 1.89 4.16
Fixed assets written off 22.79 18.18
Sub total (B) 3,638.37 2,669.26
C Other costs
Consumables/stores/equipment - R&D Centre 8.45 19.84
Travel and conveyance
Directors* 325.89 223.01
Others 9,246.15 10,288.33
Printing, stationery and general Office supplies 392.00 395.89
Newspapers and periodicals 42.75 17.59
Postage and telecommunications 527.95 452.75
Courier, transportation and handling 15.17 30.42
Commission to foreign agents 391.32 123.75
Allowance for expected credit losses - trade receivables and advances (net) (2099.17) 2334.99
Bad debts written off 7.87 162.65
Deposits/Other Assets written off 0.46 20.64
Dry well written off 425.09 -
Provision for contractual obligations (net) 5094.61 (3926.08)
Provision for expected losses (net) (8.08) (13.06)
Provision for Impairment of Oil Block (501.72) 34.24
Training Expenses :
Travel 33.96 62.20
Others 215.50 184.37
CSR Expenses (Refer note 65 ) 1,602.74 1,117.82
Expenditure relating to oil and gas exploration blocks 128.29 40.40
Miscellaneous expenses 1,077.53 346.72
16,926.76 11,916.47
Less: Inhouse expenditure relating to
Capital works - (49.27)
Sub total (C) 16,926.76 11,867.20
Grand total (A+B+C) 29,274.03 22,214.51
*Includes recovery of H 1.32 lakhs on account of use of car (previous year : H 1.17 lakhs)
 259
Financial Statements
Notes to financial statements

Note - 32
Income tax
Tax expense comprises of:
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Current income tax 13,033.08 9,222.73
Earlier years tax adjustments (net) (133.26) 11.57
Deferred tax (1,558.16) 554.39
11,341.66 9,788.69

The major components of income tax expense and the reconciliation of expected tax expense based on the domestic effective
tax rate of the Company at 25.168% (Previous year :25.168%) and the reported tax expense in statement of profit and loss
are as follows:

Statement of profit and loss

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Accounting profit before tax 47,040.72 44,003.87
At India’s statutory income tax rate of 25.168% (31 March 2023: 25.168%) 11,839.21 11,074.89
Adjustments in respect of tax expense
Tax impact of exempted income and deductions (978.02) (1,570.23)
Tax impact of expenses which will never be allowed 480.47 283.39
Earlier years current tax adjustments (net) (133.26) 11.57
Earlier years deferred tax adjustments (net) 133.26 (6.51)
Others - (4.42)
11,341.66 9,788.69

The provision for current income-tax has been worked out taking into consideration the provisions of Income Computation
and Disclosure Standards notified by Central Board of Direct Taxes vide Notification No. 87/2016 dated September 29, 2016.

Note - 33
Earnings per share (EPS)
Earnings per Share ("EPS") is determined based on the net profit attributable to the shareholders' of the Company. Basic
earnings per share is computed using the weighted average number of shares outstanding during the year. Diluted earnings
per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding
during the year including share options, except where the result would be anti-dilutive.

Particulars 31 March 2024 31 March 2023

Profit attributable to equity shareholders (Amount in H lakhs) 35,699.06 34,215.18
Weighted average number of equity shares 56,20,42,373 56,20,42,373
Nominal value per share in J 5.00 5.00
Earnings per equity share in J
Basic 6.35 6.09
Diluted 6.35 6.09
260
Engineers India Ltd

Annual Report 2023-24

Note - 34
(i) Fair value hierarchy
Financial assets and financial liabilities are measured at fair value in the financial statement and are grouped into three
Levels of a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the
measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly

Level 3: unobservable inputs for the asset or liability.

(ii) Financial assets and liabilities measured at fair value – recurring fair value measurements
(J in Lakhs)

31 March 2024 Level 1 Level 2 Level 3 Total

Financial assets
Liquid plan of mutual funds 15,257.12 - - 15,257.12
Unquoted equity shares (Fair Value) through OCI - - 88,398.98 88,398.98
Total financial assets 15,257.12 - 88,398.98 1,03,656.10

Financial assets and liabilities measured at fair value – recurring fair value measurements
(J in Lakhs)

31 March 2023 Level 1 Level 2 Level 3 Total

Financial assets
Liquid plan of mutual funds 14,542.39 - - 14,542.39
Unquoted equity shares (Fair Value) through OCI - - 76,631.92 76,631.92
Total financial assets 14,542.39 - 76,631.92 91,174.31

(iii) Valuation technique used to determine fair value

Specific valuation techniques used to value Liquid plan of mutual funds include - the use of net asset value for mutual
funds on the basis of the statement received from investee party.

Specific valuation techniques used to value Unquoted equity shares (Fair Value) through OCI include - income approach
(DCF), comparable companies approach and historical transaction method.

(iv) Reconciliation Level 3 fair values

The following table shows a reconciliation of opening balances to the closing balances for Level 3 fair values:
(J in Lakhs)

Particulars FY 2023-24 FY 2022-23

Balance as at the beginning of the year 76,631.92 74,440.00
Add: Additional investment during the year 6,915.49 -
Add: Fair Value gain recognized in Other Comprehensive Income 4,851.57 2,191.92
Less: Fair Value loss recognized in Other Comprehensive Income - -
Balance as at the end of the year 88,398.98 76,631.92
 261
Financial Statements
Notes to financial statements

Note - 35
Financial instruments
(i) Financial instruments by category
(J in Lakhs)

31 March 2024 31 March 2023

Particulars Amortised Amortised
FVTOCI FVTPL FVTOCI FVTPL
cost cost
Financial assets
Investments - Equity Shares 88,398.98 - - 76,631.92 - -
(Fair Value) through OCI
Investments - mutual funds - 15,257.12 - - 14,542.39 -
Trade receivables - - 31,439.35 - - 35,294.02
Loans - - 11,451.02 - - 8,657.42
Other financial assets - - 59,799.26 - - 49,948.07
Cash and cash equivalents - - 24,959.66 - - 6,024.39
Other bank balances - - 89,375.32 - - 96,750.20
Total financial assets 88,398.98 15,257.12 2,17,024.61 76,631.92 14,542.39 1,96,674.10
Financial liabilities
Trade payables - - 44,055.34 - - 34,300.34
Security deposits and retentions - - 34,795.08 - - 34,004.79
Lease Liabilities - - 3,285.34 - - 1,856.38
Other financial liabilities (Others) - - 4,318.76 - - 4,011.20
Capital creditors - - 2,237.88 - - 1,611.93
Total financial liabilities - - 88,692.40 - - 75,784.64

Investment in mutual funds are valued at fair value through P&L at each Balance Sheet date.

Investment in subsidiaries, associate and joint venture are measured at cost as per Ind AS 27, 'Separate financial statements'.

Investment in other than subsidiaries, associates, joint ventures and mutual funds are valued at fair value through OCI at
each Balance Sheet date.

The carrying value of the amortised financial assets and liabilities approximate to the fair value on the respective
reporting dates.

(ii) Risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk. The Company's board of directors has
overall responsibility for the establishment and oversight of the Company's risk management framework. This note
explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in
the financial statements.

(A) Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company's exposure
to credit risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets measured
at amortised cost. The Company continuously monitors defaults of customers and other counterparties and
incorporates this information into its credit risk controls.

a) Credit risk management

i) Credit risk rating
The Company assesses and manages credit risk of financial assets based on following categories arrived
on the basis of assumptions, inputs and factors specific to the class of financial assets.

A: Low credit risk on financial reporting date

B: Moderate credit risk

C: High credit risk

262
Engineers India Ltd

Annual Report 2023-24

The Company provides for expected credit loss based on the following:

Asset group Basis of categorisation Provision for expected credit loss

Low credit risk Cash and cash equivalents, other bank 12 month expected credit loss
balances, loans, trade receivables and
other financial assets
Moderate credit risk Trade receivables, loans and other Life time expected credit loss or 12
financial assets month expected credit loss
High credit risk Trade receivables Life time expected credit loss or fully
provided for

In respect of trade receivables, the company recognises a provision for lifetime expected credit loss.

Based on business environment in which the Company operates, a default on a financial asset is considered
when the counter party fails to make payments within the agreed time period as per contract. Loss rates
reflecting defaults are based on actual credit loss experience and considering differences between current
and historical economic conditions.

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring
bankruptcy or a litigation decided against the Company. The Company continues to engage with parties
whose balances are written off and attempts to enforce repayment. Recoveries made are recognised in
statement of profit and loss.
(J in Lakhs)

Credit rating Particulars 31 March 2024 31 March 2023

A: Low credit risk Cash and cash equivalents, other bank 2,17,024.61 1,96,674.10
balances, loans, trade receivables and other
financial assets
B: Moderate credit risk Trade receivables, loans and other financial 3,386.01 4,664.39
assets
C: High credit risk Trade receivables 9,544.43 10,289.52

ii) Concentration of trade receivables

The Company's exposure to credit risk for trade receivables is presented as below.
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Chemical Fertilizer 3,603.39 3,822.64
Hydro Carbon 33,863.27 38,909.13
Infrastructure 3,016.32 3,276.90
Metallurgy 491.52 200.55
Power 30.81 30.24
Others 2,626.30 3,365.08
Total 43,631.61 49,604.54

b) Credit risk exposure

(i) Provision for expected credit losses
The Company provides for 12 month expected credit losses for following financial assets –

31 March 2024
(J in Lakhs)

Estimated gross Expected credit Carrying amount net of

Particulars
carrying amount at default losses impairment provision
Cash and cash equivalents 24,959.66 - 24,959.66
Other bank balances 89,375.32 - 89,375.32
Loans 11,454.18 3.16 11,451.02
Other financial assets 60,534.28 735.02 59,799.26
 263
Financial Statements
Notes to financial statements

31 March 2023
(J in Lakhs)

Estimated gross Expected credit Carrying amount net of

Particulars
carrying amount at default losses impairment provision
Cash and cash equivalents 6,024.39 - 6,024.39
Other bank balances 96,750.20 - 96,750.20
Loans 8,660.58 3.16 8,657.42
Other financial assets 50,588.31 640.24 49,948.07

(ii) Expected credit loss for trade receivables under simplified approach
As at 31 March 2024
(J in Lakhs)

0 - 90 90 - 180 180 - 270 270 - 360 360 -450 450 - 540

Particulars
Days Days Days Days Days Days
Gross carrying value 17,702.41 2,799.41 1,376.85 1,123.42 771.60 568.21
Expected credit loss (provision) 192.12 142.80 102.19 156.83 82.62 92.38
Carrying amount (net of impairment) 17,510.29 2,656.61 1,274.66 966.59 688.97 475.83

(J in Lakhs)

540- 630 630 - 720 720 - 1095

Particulars >1095 days
Days Days Days
Gross carrying value 462.39 1977.44 3063.05 13786.83
Expected credit loss (provision) 201.18 560.85 1116.85 9544.43
Carrying amount (net of impairment) 261.21 1416.59 1946.20 4242.40

As at 31 March 2023
(J in Lakhs)

0 - 90 90 - 180 180 - 270 270 - 360 360 -450 450 - 540

Particulars
Days Days Days Days Days Days
Gross carrying value 17,135.92 3,984.61 1,526.75 3,040.44 735.22 1,801.10
Expected credit loss (provision) 90.87 241.55 131.33 484.90 76.40 472.12
Carrying amount (net of impairment) 17,045.05 3,743.06 1,395.42 2,555.54 658.83 1,328.99

(J in Lakhs)

540- 630 630 - 720 720 - 1095

Particulars >1095 days
Days Days Days
Gross carrying value 2,467.51 388.04 3,668.03 14,856.90
Expected credit loss (provision) 942.73 123.19 1,457.92 10,289.52
Carrying amount (net of impairment) 1,524.78 264.85 2,210.12 4,567.38

Reconciliation of loss provision – lifetime expected credit losses

(J in Lakhs)

Other Trade
Reconciliation of loss allowance Loans
financial assets receivables
Loss allowance on 1 April 2022 3.16 469.33 12,144.82
Impairment loss recognised/reversed during the year - 170.91 2,279.87
Amounts written off - - (114.18)
Loss allowance on 31 March 2023 3.16 640.24 14,310.51
Impairment loss recognised/reversed during the year - 94.78 (2,110.42)
Amounts written off - - (7.83)
Loss allowance on 31 March 2024 3.16 735.02 12,192.26
264
Engineers India Ltd

Annual Report 2023-24

(B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing
liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents
on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the
entity operates.

Maturities of financial liabilities

The tables below analyse the Company’s financial liabilities into relevant maturity groupings based on their
contractual maturities.
(J in Lakhs)

Less than More than

31 March 2024 1 - 2 years Total
1 year 2 years
Non-derivatives
Trade payable 44,055.34 - - 44,055.34
Security deposits and retentions 34,630.21 76.34 137.23 34,843.78
Capital creditors 2,237.88 - - 2,237.88
Other financial liabilities (Others) 4,318.76 - - 4,318.76
Total 85,242.19 76.34 137.23 85,455.76

(J in Lakhs)

Less than More than

31 March 2023 1 - 2 years Total
1 year 2 years
Non-derivatives
Trade payable 34,300.34 - - 34,300.34
Security deposits and retentions 33,777.14 185.27 82.40 34,044.81
Capital creditors 1,611.93 - - 1,611.93
Other financial liabilities (Others) 4,011.20 - - 4,011.20
Total 73,700.61 185.27 82.40 73,968.28

(C) Market risk

(i) Foreign exchange risk
The Company has international transactions and is exposed to foreign exchange risk arising from foreign
currency transactions (imports and exports). Foreign exchange risk arises from future commercial transactions
and recognised assets and liabilities denominated in a currency that is not the company’s functional currency.
The Company does not hedge its foreign exchange receivables/payables.
Foreign currency risk exposure:
(J in Lakhs)

Particulars Currency 31 March 2024 31 March 2023

Trade payables,security deposits and retentions AED 793.04 372.73
USD 360.82 434.39
EURO 505.78 357.09
GBP 455.64 462.92
Others 48.01 10.29
Trade receivables and security deposits AED 1,752.77 557.74
USD 12,647.07 13,944.83
EURO 2.49 107.09
GBP 1.58 1.52
Others 197.44 29.83
Cash and bank balance AED 1,789.20 370.25
USD 1.17 1.56
GBP 29.09 27.77
Others 130.12 144.00
 265
Financial Statements
Notes to financial statements

Sensitivity
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated
financial instruments.
(J in Lakhs)

Exchange rate Exchange rate

increase by 1% decrease by 1%
Particulars Currency
31 March 31 March 31 March 31 March
2024 2023 2024 2023
Trade payables,security deposits AED (7.93) (3.73) 7.93 3.73
and retentions USD (3.61) (4.34) 3.61 4.34
EURO (5.06) (3.57) 5.06 3.57
GBP (4.56) (4.63) 4.56 4.63
Others (0.48) (0.10) 0.48 0.10
Trade receivables and deposits AED 17.53 5.58 (17.53) (5.58)
USD 126.47 139.45 (126.47) (139.45)
EURO 0.02 1.07 (0.02) (1.07)
GBP 0.02 0.02 (0.02) (0.02)
Others 1.97 0.30 (1.97) (0.30)
Cash and bank balance AED 17.89 3.70 (17.89) (3.70)
USD 0.01 0.02 (0.01) (0.02)
GBP 0.29 0.28 (0.29) (0.28)
Others 1.30 1.44 (1.30) (1.44)

(ii) Price risk

The Company’s exposure to price risk arises from investments held and classified as FVTPL. To manage the price
risk arising from investments in mutual funds, the Company diversifies its portfolio of assets.

Sensitivity analysis
Profit or loss and Equity is sensitive to higher/lower prices of instruments on the Company’s profit for the periods -
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Price sensitivity
Price increase by (3 %)- FVTPL 457.71 436.27
Price decrease by (3 %)- FVTPL (457.71) (436.27)

Note –36
Capital management
The Company’s objectives when managing capital are:

To ensure Company’s ability to continue as a going concern, and

To provide adequate return to shareholders
The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the
amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The amounts managed as capital by the Company are summarised as follows:

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Equity share capital 28,102.13 28,102.13
Other equity 2,03,025.76 1,82,463.92

The Company has no outstanding debt as at the end of the respective years. Accordingly, the Company has nil capital gearing
ratio as at 31 March 2024 and 31 March 2023.
266
Engineers India Ltd

Annual Report 2023-24

Note –37
Dividends
(J in Lakhs)

Nature 31 March 2024 31 March 2023

Cash dividend on equity shares declared and paid
Final dividend for 31 March 2023 (H 1.00 per share) 5,620.42 5,620.42
(previous year 31 March 2022: H 1.00 per share)
Interim dividend for 31 March 2024 (H 2.00 per share) 11,240.85 11,240.85
(previous year 31 March 2023: H 2.00 per share)
Total 16,861.27 16,861.27

(J in Lakhs)

Proposed dividend on equity shares 31 March 2024 31 March 2023

Proposed Final dividend for 31 March 2024 (H 1.00 per share) 5,620.42 5,620.42
(previous year 31 March 2023: H 1.00 per share)
Total 5,620.42 5,620.42

Proposed dividend on equity shares are subject to approval at the annual general meeting and are not recognised as liability.

Note – 38
Related party

Principal place
Particulars Ownership interests Accounted on
of business
Certification Engineers International Limited (“CEIL”) India 100% Stated at cost as
TEIL Projects Limited (“TEIL”) (Under liquidation) India 50% per the provisions
Ramagundam Fertilizers and Chemicals Limited (“RFCL”) India 26% of Ind AS 27
LLC Bharat Energy Office (“BEO”) Russia 20% 'Separate Financial
Statements'

Serial
Name of the Related Party Nature of Relationship
Number
1. Certification Engineers International Limited (“CEIL”) Wholly owned subsidiary
2. TEIL Projects Limited (“TEIL”) – Under Liquidation Joint venture company
3. Ramagundam Fertilizers and Chemicals Limited (“RFCL”) Joint venture company
4. Oil And Gas Exploration and Production Block No. CB-ONN-2010/8 * Joint operation - Participating Interest 22.22%
5. Oil And Gas Exploration and Production Block No. CB- Joint operation - Participating Interest 23.53%
ONN-2010/11 *
6. LLC Bharat Energy Office (“BEO”) Associate company
7. EIL Employees Gratuity Trust Trust
8. EIL Employees PF Trust Trust
9. EIL Employees DCS Trust Trust
10. Directors/key management personnel (KMP) (31 March 2024)
Smt. Vartika Shukla Chairman & Managing Director [Addl. Charge
Director (HR) from 01.10.2023 to 31.12.2023]
Mr. Dheeraj Kumar Ojha Ceased to be Director (Government
Nominee) w.e.f. 16.05.2023
Mr. Rohit Mathur Director (Government Nominee) w.e.f.
16.05.2023
Mr. Deepak Mhaskey Non-Official Independent Director
Mr. Harish kumar Madhusudan Joshi Non-Official Independent Director
Dr. Prashant Vasantrao Patil Non-Official Independent Director
Ms. Karuna Gopal Vartakavi Non-Official Independent Director
Mr. Ravi Shanker Prasad Singh Non-Official Independent Director
Mr. Jai Prakash Tomar Non-Official Independent Director
 267
Financial Statements
Notes to financial statements

Serial
Name of the Related Party Nature of Relationship
Number
Mr. Ashok Kumar Kalra Ceased to be Director (HR) w.e.f. 01.10.2023
Mr. Sanjay Jindal Director (Finance) & C.F.O
Mr. Atul Gupta Director (Commercial)
Mr. Rajiv Agarwal Director (Technical)
Mr. Rajeev Gupta Director (Projects) & Addl. Charge Director
(HR) w.e.f. 01.01.2024.
Mr. Suvendu Kumar Padhi Company Secretary
Directors/key management personnel (KMP) (31 March 2023)
Smt. Vartika Shukla Chairman & Managing Director
Mr. Dheeraj Kumar Ojha Director (Government Nominee) w.e.f
15.06.2022
Mr. Deepak Mhaskey Non-Official Independent Director
Mr. Harishkumar Madhusudan Joshi Non-Official Independent Director
Dr. Prashant Vasantrao Patil Non-Official Independent Director
Ms. Karuna Gopal Vartakavi Non-Official Independent Director
Mr. Ravi Shanker Prasad Singh Non-Official Independent Director
Mr. Jai Prakash Tomar Non-Official Independent Director
Mr. Ashok Kumar Kalra Director (Human Resource)
Mr. Sanjay Jindal Director (Finance) w.e.f 10.06.2022, C.F.O
w.e.f 20.06.2022
Mr. Atul Gupta Director (Commercial) w.e.f 16.08.2022
Mr. Rajiv Agarwal Director (Technical) w.e.f 26.09.2022
Mr. Rajeev Gupta Director (Projects) w.e.f 28.12.2022
Mr. Suvendu Kumar Padhi Company Secretary
Mr. Rakesh Kumar Sabharwal Ceased to be Director (Commercial) w.e.f.
01.06.2022
Mr. Sanjeev Kumar Handa Ceased to be Director (Project) w.e.f
01.10.2022
Mr. Sunil Kumar Ceased to be Director (Govt. Nominee) w.e.f.
12.12.2022
Mr. M. Arulmurugan Ceased to be Non-official Independent
Director w.e.f. 12.07.2022
Smt. Vartika Shukla Ceased to be C.F.O w.e.f 20.06.2022
* These have been accounted for as joint operation in financial statements of the company.

Related party transactions

A. Transactions during the year
(J in Lakhs)

Wholly Joint
Associate Joint
Owned Venture EIL Employees Trust
Company Operations
Particulars Year Ended Subsidiary Companies Total
Block Block Gratuity PF DCS
CEIL RFCL BEO
2010-11 2010-8 Trust Trust Trust

Deputation of 31 March 2024 - 314.42 - - - - - - 314.42

employees and 31 March 2023 - 382.96 - - - - - - 382.96
reimbursement of
expenses (at cost)
Dividend 31 March 2024 927.00 - - - - - - - 927.00
31 March 2023 774.00 - - - - - - - 774.00
Rendering of 31 March 2024 337.05 1,882.69 - - - - - - 2219.74
services and 31 March 2023 216.11 - - - - - - - 216.11
other transactions
Services and 31 March 2024 3.18 - - - - - - - 3.18
facilities received 31 March 2023 16.32 - - - - - - - 16.32
Equity 31 March 2024 - - - - - - - - -
contribution 31 March 2023 - - - - - - - - -
268
Engineers India Ltd

Annual Report 2023-24

(J in Lakhs)

Wholly Joint
Associate Joint
Owned Venture EIL Employees Trust
Company Operations
Particulars Year Ended Subsidiary Companies Total
Block Block Gratuity PF DCS
CEIL RFCL BEO
2010-11 2010-8 Trust Trust Trust

Survey 31 March 2024 - - - 57.34 - - - - 57.34

cost, capital 31 March 2023 - - - 173.09 53.06 - - - 226.15
expenditure and
other costs
Office 31 March 2024 - - 64.59 - - - - - 64.59
Maintenance/ 31 March 2023 - - 97.70 - - - - - 97.70
Administrative
Expenses
Employers 31 March 2024 - - - - - - 10,334.31 3,983.23 14,317.54
contribution 31 March 2023 - - - - - 144.37 7,923.23 6,747.56 14,815.16

B. Balances during the year

(J in Lakhs)

Wholly Joint
Associate
Owned Venture Joint Operations EIL Employees Trust
Company
Particulars As at Subsidiary Companies Total
Block Block Gratuity PF DCS
CEIL RFCL BEO
2010-11 2010-8 Trust Trust Trust

Outstanding 31 March 2024 125.40 1,408.24 - 20.55 1.83 - - - 1,556.02

receivables/ 31 March 2023 193.33 2,443.04 - 9.66 1.83 - - - 2647.86
unbilled/advances
paid/prepaid /
deposits and other
assets
Outstanding 31 March 2024 19.63 - 15.82 25.98 119.71 - - - 181.14
payable/retentions31 March 2023 20.54 - 13.41 33.97 51.69 - - - 119.61
Intangible assets 31 March 2024 - - - 165.49 - - - - 165.49
under development 31 March 2023 - - - 185.80 - - - - 185.80
& PPE (net of
impairment)
Employers 31 March 2024 - - - - - (41.96) 4,811.17 - 4,769.21
contribution 31 March 2023 - - - - - (392.59) 4,751.33 - 4358.74
Outstanding

C. Transactions and balances pertaining to KMP’s

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Transaction during the year
Remuneration/sitting fees# 430.68 390.21
Interest income on loans given 0.25 0.22
Balance as at year end
Outstanding loans and interest 7.84 10.42
#
This does not include the impact of provisions made on actuarial valuation of retirement benefits / long term benefit Schemes as the same are not
separately ascertainable for individual directors.

D. Loans to Specified persons

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Loans % of Loans % of
Type of Borrower
Outstanding Total Loans Outstanding Total Loans
Director 7.84 0.07% 10.42 0.12%
Total 7.84 0.07% 10.42 0.12%
 269
Financial Statements
Notes to financial statements

E. Defined benefit obligation for key management personnel

Funded
(J in Lakhs)

Defined benefit obligation for key management personnel

Leave encashment Post-retirement medical
Gratuity (funded)
(funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Total defined benefit obligation 90.44 102.63 166.41 190.30 81.94 85.48

Unfunded
(J in Lakhs)

Defined benefit obligation for key management personnel

Long service award Other benefits on retirement
Particulars
(unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Total defined benefit obligation 0.18 0.20 2.07 2.36

Note – 39
A. Leases
Company as a lessee
The Company’s lease assets primarily consist of leases of lands, cars, office/residential premises and Computer Hardware.
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if
the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less
(short-term leases) and low value leases.
Following are changes in the carrying value of right of use assets for the year ended 31 March 2024:
(J in Lakhs)

Category of ROU asset

Particulars Computer Total
Land Building Vehicles
Hardware
Balance as of 1 April 2023 818.06 159.74 3.57 1,624.73 2,606.10
Additions - 985.63 296.79 1,035.36 2,317.77
Depreciation (10.73) (320.92) (63.39) (608.96) (1,003.99)
Deletion - (2.40) - (2.67) (5.06)
Balance as of 31 March 2024 807.33 822.05 236.98 2,048.46 3,914.81

Following are changes in the carrying value of right of use assets for the year ended 31 March 2023:
(J in Lakhs)

Category of ROU asset

Particulars Computer Total
Land Building Vehicles
Hardware
Balance as of 1 April 2022 828.79 219.19 71.58 - 1,119.56
Additions - 112.69 - 2,005.85 2,118.54
Depreciation (10.73) (145.75) (68.01) (381.12) (605.61)
Deletion - (26.39) - - (26.39)
Balance as of 31 March 2023 818.06 159.74 3.57 1,624.73 2,606.10
270
Engineers India Ltd

Annual Report 2023-24

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the
statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities:

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Current lease liabilities 1,347.91 575.69
Non-Current lease liabilities 1,937.43 1,280.69
Total 3,285.34 1,856.38

The following is the movement in lease liabilities:

(J in Lakhs)

Year ended Year ended

Particulars
31 March 2024 31 March 2023
Balance at the beginning 1,856.38 313.13
Additions 2,317.77 2,118.54
Finance cost accrued during the year 204.16 122.44
Deletion (5.40) (30.22)
Payment of lease liabilities (1,087.57) (667.51)
Balance at the end 3,285.34 1,856.38

The detail regarding the contractual maturities of lease liabilities on undiscounted basis is as follows:
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Less than one year 1,558.20 673.43
One year to two years 1,271.54 638.97
More than two years 822.37 754.45
Total 3,652.11 2,066.85

The Company does not face a significantly liquidity risk with regard to its lease liabilities as the current assets (including
cash and bank balances) are sufficient to meet the obligations related to lease liabilities as and when they fall due.

During the year Company recognise as operating expenses of H 582.08 Lakhs (Previous year :H 545.36 Lakhs) towards short
term leases for certain office/residential premises, cars and Computer Hardware.

Company as a lessor
The Company has given certain office/residential premises on operating lease. During the year an amount of H 2,105.13
Lakhs (including reimbursement of operating expenditure of H 444.88 Lakhs)(Previous year: H 1,819.96 Lakhs (including
reimbursement of operating expenditure of H 337.31 Lakhs)) has been accounted for as rental income (net) in respect of
these operating leases.

The detail regarding the contractual maturities of lease payments to be received on undiscounted basis is as follows:
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Less than one year 1,418.73 190.30
One year to two years 1,232.36 -
More than two years - -
Total 2,651.09 190.30
 271
Financial Statements
Notes to financial statements

Note – 40
A. Contingent Liabilities:
Below are the contingent liabilities of the company existing as on reporting date.
(J in Lakhs)

Sl Note As at As at
Particulars
No. Reference 31 March 2024 31 March 2023
1 Claim Not acknowledge as debt (a)
- Commercial Claim (i) 22,798.77 26,084.60
- Employees Claim (ii) 177.20 171.00
- Others 13.81 381.97
Sub Total - A 22,989.78 26,637.57
2 Other money for which the company is contingently liable.
- Demand raised by authorities against which appeals are (b)
pending in different forums (Under Indirect Tax Matters)
- VAT* (i) to (vi) 45,988.65 43,592.66
Sub Total- B 45,988.65 43,592.66
Total (A+B) 68,978.43 70,230.23
Note * In terms of the contract(s) entered into with the client, the liability shall be reimbursed by the client whenever, it reaches to its finality.

a) Claims against the Company not acknowledged as debt.

(i) Commercial claims including employee’s claims pending in the Courts or lying with Arbitrators amounting to H
22,975.97 Lakhs (previous year 31 March 2023: H 26,255.60 Lakhs).

(ii) During the year an amount of H 13.81 Lakhs (previous year: H 381.97 Lakhs) reduced from vendors invoices for
‘delayed supply’ on account of PRS in terms of provision of contract, for which credit note is yet to be received.

b)

(i) The Company has filed a Special Leave Petition (SLP) before Hon’ble Supreme Court against the dismissal of
Writ appeal filed before Hon’ble Karnataka High Court against VAT Assessment Order of Deputy Commissioner
of commercial Taxes dated 29th July 2016 levying tax of H 4,777.74 Lakhs (including interest) (Previous year 31st
March 2023: H 4,540.02 Lakhs (including interest)) for the financial year 2009-10.

(ii) The Company has filed a Special Leave Petition (SLP) before Hon’ble Supreme Court against the dismissal of Writ
appeal filed before Hon’ble Karnataka High Court against the VAT Assessment Order of Deputy Commissioner
of commercial Taxes dated 14th March 2017 levying tax of H 38,472.56 Lakhs (including interest) (Previous year
31st March 2023: H 36,492.56 Lakhs (including interest)) for the financial year 2010-11.

(iii) The Company has filed a Special Leave Petition (SLP) before Hon’ble Supreme Court against the dismissal of Writ
appeal filed before Hon’ble Karnataka High Court against the VAT Assessment Order of Deputy Commissioner
of commercial Taxes dated 25th March 2019 levying tax of H 841.87 Lakhs (including interest) (Previous year 31st
March 2023: H 790.48 Lakhs (including interest)) for the financial year 2013-14.

(iv) The Company has filed writ petition before Hon’ble Karnataka High Court against the VAT Assessment Order of
Deputy Commissioner of Commercial Taxes dated 30th September 2020 levying tax of H 770.78 Lakhs (including
interest) (Previous year 31 March 2023: H 717.55 Lakhs (including interest)) for the financial year 2015-16.

(v) The Company has filed writ petition before Hon’ble Karnataka High Court against the VAT Assessment Order
of Deputy Commissioner of Commercial Taxes dated 27th April 2021 levying tax of H 65.81 Lakhs (including
interest) (previous year 31 March 2023: H 60.39 Lakhs (including interest)) for the financial year 2016-17.

(vi) The Company has filed writ petition before Hon’ble Karnataka High Court against the Proposition Notice issued by Assistant
Commissioner of Commercial Taxes dated 21st February 2019 for the financial year 2014-15. The Hon’ble Karnataka High
Court vide order dated 25th April 2019 issued directions to commercial tax department not to enforce demand order
without leave of the court. However, the company received demand order dated 30th March 2019 levying tax of H 1,059.89
Lakhs (including interest) (Previous year 31 March 2023: H 991.66 Lakhs (including interest)) on 2nd May 2019.

In terms of the contract(s) entered into with the client, the liability as referred to S.no. (i) to (vi) above shall be
reimbursed by the client whenever, it reaches to its finality.

In respect of above contingent liabilities, it is not probable to estimate the timing of cash outflow, if any, pending the
resolution of Arbitration/Appellate/Court/assessment proceedings.
272
Engineers India Ltd

Annual Report 2023-24

B. Commitments:
a) Property, plant and equipment – estimated amount of contracts remaining to be executed on capital account (net of
advances) and not provided for amount to H 9,649.31 Lakhs (inclusive of taxes wherever applicable) (previous year 31
March 2023: H 4,141.41 Lakhs (inclusive of taxes wherever applicable)).

b) The Company’s estimated share in work programmes committed under production sharing contract and Field
development plan in respect of oil & gas exploration blocks as on 31 March 2024 is H 3,739.28 Lakhs (previous year
31 March 2023: H 3,878.77 Lakh).

c) Commitment towards Right issue of equity shares w.r.t. M/s Numaligarh Refinery Limited is H 6915.50 Lakhs (Previous
year 31st March 2023; H 13,830.99 Lakhs).

Note – 41
a) Guarantees issued by the banks and outstanding as on 31 March, 2024: H 61,855.59 Lakhs (previous year 31 March 2023:
H 58,567.38 Lakhs), against which a provision of H 53,021.23 Lakhs (Previous year 31 March 2023: H 51,172.43 Lakhs) has
been made in the books towards liability for performance guarantees/warranties.

b) Corporate Guarantees issued by the Company on its behalf for contractual performance and outstanding as on 31March,
2024: H 7,214.04 Lakhs (previous year 31 March 2023: H 617.19 Lakhs).

Note – 42
Land and buildings
i) Land and Buildings includes H 0.07 Lakhs (previous year: 31 March 2023: H 0.07 Lakhs) being amount invested as share
money in Cooperative Housing Societies as detailed below:

Twintowers Premises Cooperative Society Limited, Mumbai 10 ordinary shares of H 50 each fully paid.

Gardenview Premises Cooperative Society Limited, Mumbai 10 ordinary shares of H 50 each fully paid.

HeeraPanna Towers Cooperative Housing Society Limited, Vadodara 10 ordinary shares of H 50 each fully paid.

Suflam Cooperative Housing Society Limited, Ahmedabad 8 ordinary shares of H 250 each fully paid.

Darshan Co-operative Society Limited, Vadodara 80 ordinary shares of H 50 each fully paid.

ii) Additional Regulatory Information with respect to Title Deeds of Immovable properties

For the following Land and Buildings, title deed/property card/mutations etc is yet to be executed in the favour
of the company:

Whether title deed

Relevant Gross holder is promoter,
Description WDV Title deeds Property Status with respect to the
line item in carrying director or relative
of item of (J in held in the held since documents available in the name of
the Balance value (Cost) of promoter/director
property Lakhs) name of which date the company
sheet (J in Lakhs) or employee of
promoter/director

PPE Two Flats 8.45 1.83 Engineers - 02-08-1991 The following building documents
at Viman India are available:
Nagar, Limited a) Sale Deed
Pune
b) Agreement
Matter has been taken up
continuously with Konark Nagar
society for issue of property card.
PPE Six Flats 9.93 0.16 Engineers - 29-12-1977 In this regard, following documents
in Andheri India are available with company:
East, Limited 1) Registered sale agreement
Mumbai
2) Share certificate issued by
Andheri Garden View Co-Op Housing
Society Ltd.
The matter is being followed with
the society for issuing property card.
 273
Financial Statements
Notes to financial statements

The fees for property card/mutation etc. for above properties, being not ascertainable has not been provided for.

Further, one of the properties consisting of plot measuring 6,826.95 square meters with three Buildings, comprising of 84 flats
at Gokuldham, Goregaon (East), Mumbai 4,297.34 square meter of area only is in the Company’s possession. The Company has
initiated action by filing an application for eviction under the Public Premises (Eviction of Unauthorised Occupants) Act 1971
and related proceedings under MLRC are in progress. The said property is partially presented as property, plant and equipment
and partially as investment property.

Note – 43
Useful life of assets
i) The useful life and depreciation rates for fixed assets in terms of the Accounting Policy defined are as below:

Sl. Useful Life Sl. Useful Life

Particulars Rates (%age) Particulars Rates (%age)
No. (Years) No. (Years)

1. Land Freehold Nil Perpetual 4. Plant and Machinery

2. Land Leasehold Over a Over a Plant and Machinery 8.0 12
lease period lease period
except for except for
perpetual perpetual
lease Nil lease Nil
percentage percentage
3. Building Laboratory Equipment 9.6 10
Office Building 2.4 40 Storage Tank 6.0 16
R&D Centre, Gurgaon 4.0 24 5. Furniture and
Fixtures, Office
and Construction
Equipment
Window/Split AC 15.84 6 Furniture and Fixtures 9.6 10
AC Central Plant 6.5 15 Chairs 16.0 6
Lifts 6.5 15 Office Equipment 19.2 5
Electric Power Sub 9.6 10 Construction 12.0 8
Station Equipment
Invertors 19.2 5 6. Computer Software/
Hardware
Solar photovoltaic 9.6 10 PC/Laptop/Printer 32.43 3
modules
Solar power 9.6 10 Server, LAN 19.45 5
conditioning system and Networking
Components
Tube well and Pumps 19 5 Projector, Video 19.20 5
Conference Equipments
Fire Alarm System 6.52 15 Software * 33.33 3
Fire Fighting System 9.5 10 7. Vehicles 13.75 7
Chilling Plant 9.6 10 8. Library Books 100 1
Rain Harvesting System 19.20 5
Building Management 6.5 15
System
Hydraulic Access 6.5 15
Control System
Roads 9.6 10
External Lighting 9.6 10

* Software individually costing up to H 5.00 Lakhs is fully amortized during the year of its acquisition.
274
Engineers India Ltd

Annual Report 2023-24

ii) The Capital work in progress comprises cost of Property Plant and Equipment and Investment Property that are not yet
ready for their intended use at the balance sheet date, the details of which are as under:
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Capital expenditure incurred/Capital Assets acquired, but not yet ready for 3,568.31 2,591.70
use at balance sheet date
Total 3,568.31 2,591.70

Capital work-in-progress ageing schedule for the year ended March 31, 2024 is as follows:
(J in Lakhs)

Amount in CWIP for a period of

Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Projects in progress 2,707.39 675.14 185.78 - 3,568.31
Total 2,707.39 675.14 185.78 - 3,568.31

Capital work-in-progress ageing schedule for the year ended March 31, 2023 is as follows:
(J in Lakhs)

Amount in CWIP for a period of

Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Projects in progress 2,284.53 307.17 - - 2,591.70
Total 2,284.53 307.17 - - 2,591.70

Note – 44
Intangible assets under development ageing schedule for the year ended March 31, 2024 is as follows:
(J in Lakhs)

Amount in CWIP for a period of

Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Intangible assets under development 2.97 4.99 55.56 1983.56 2,047.08
(Exploration and evaluation assets)
Less: Provision for Impairment (2,047.08)
Total -

Intangible assets under development ageing schedule for the year ended March 31, 2023 is as follows:
(J in Lakhs)

Amount in CWIP for a period of

Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Intangible assets under development 18.37 57.89 48.82 2,362.92 2,488.00
(Exploration and evaluation assets)
Less: Provision for Impairment (2,488.00)
Total -

Note – 45
The details of revenue are as below:
(J in Lakhs)

Year Ended Year Ended

Particulars
31 March 2024 31 March 2023
Revenue from Operations 3,23,216.50 3,28,375.96
Other Income 22,459.96 16,917.92
Total Revenue 3,45,676.46 3,45,293.88
 275
Financial Statements
Notes to financial statements

Note – 46
Disaggregate revenue
The table below presents disaggregated revenues from contracts with customers disaggregated by nature of services and
primary geographical region. The Company believe that this disaggregation best depicts how the nature, amount, timing and
uncertainty of revenues and cash flows are affected by economic factors.
(J in Lakhs)

Year Ended Year Ended

Particulars
31 March 2024 31 March 2023
Revenue by nature of services
Consultancy and engineering projects 1,45,428.76 1,41,791.48
Turnkey projects 1,77,787.74 1,86,584.48
Total 3,23,216.50 3,28,375.96
Revenues by geographical region
India (A) 2,95,133.56 3,04,701.63
Overseas: (B)
United Arab Emirates (UAE) 11,285.45 3,527.45
Nigeria 7,055.66 14,374.09
Guyana 5,144.95 465.46
Mongolia 3,746.97 4,827.63
Algeria 329.35 -
Bharain 208.15 190.66
Others 312.41 289.04
Total (B) 28,082.94 23,674.33
Total (A+B) 3,23,216.50 3,28,375.96

Trade receivables and Contract Balances

The following table provides information about Trade receivable, Contract assets and Contract Liabilities from Contract
with Customers:
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Trade Receivables (Note No. 14) – Net of Allowance for expected credit losses 31,439.35 35,294.02
Contract Assets (Unbilled Revenue) (Note No. 9 B) – Net of Allowance for expected 58,863.51 45,721.17
credit losses
Contract Liabilities (Income Received in Advance) (Note No. 21 B) 61,130.27 65,604.58
Advance received from clients (Note No. 21 A and 21 B) 6,541.47 9,614.70

The company classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue.

A receivable is a right to consideration that is unconditional upon passage of time. Trade receivable and unbilled revenue are
presented net of impairment in the Balance Sheet.

Revenues in excess of Invoicing is recorded as unbilled revenue (contract assets) and is classified as a financial asset. Revenue
recognition for Lump sum services and Turnkey contracts is based on percentage of completion method based on cost
progress. Invoicing to the clients is based on milestones as defined in the contract. Revenue from Cost plus and rate plus jobs
are recognized when the related services are performed and revenue from the end of the last invoicing to the reporting date
is recognized as unbilled revenue.

Invoicing in excess of earnings are classified as Income received in advance (contract liabilities) and is classified as other
current liabilities.

During the year ended 31 March 2024 and 31 March 2023, H 29,529.29 Lakhs and H 21,607.98 Lakhs of Contract assets (unbilled
revenue) as of 1 April 2023 and 1 April 2022 respectively has been reclassified to Trade receivables upon billing to customers.

During the year ended 31 March 2024 and 31 March 2023, the company recognized revenue of H 56,638.10 Lakhs and H 48,054.68
Lakhs arising from opening Contract liabilities (Income Received in Advance) as of 1 April 2023 and 1 April 2022 respectively.
276
Engineers India Ltd

Annual Report 2023-24

Remaining performance obligations

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized
at the end of the reporting period and an explanation as to when the Company expects to recognize these amounts in revenue.
Performance obligation estimates are subject to change and are affected by several factors, including termination, changes in
the scope of work, adjustment for revenue that has not materialized, and adjustments for currency.

The aggregate value of performance obligations that are completely or partially unsatisfied as of 31 March 2024 is H 7,82,353.95
Lakhs. Out of this, the Company expects to recognize revenue of around 47% within the next one year and the remaining
thereafter. The aggregate value of performance obligations that are completely or partially unsatisfied as of 31 March 2023
was H 7,69,455.91 Lakhs.

The revenue recognised with the contracted price is as follows:

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Contracted price 3,29,833.00 3,36,776.16
Reduction towards variable consideration components* 6,616.50 8,400.20
Revenue recognised 3,23,216.50 3,28,375.96
* The reduction towards variable consideration comprises of price reduction.

Types of warranties and related obligations

The company is executing consultancy and engineering services and turnkey contracts. The company is providing provision
for estimated liabilities on account of guarantees and warranties etc. in respect of consultancy and engineering services and
turnkey contracts executed by the Company. The said obligation covers performance as well as defect liability period defined
in the respective contracts.

For turnkey contracts, the estimated liability on account of contractual obligations is provided at 1% of revenue recognized
based on risk assessment made by the management. For consultancy and engineering services contracts the estimated liability
on account of contractual obligations is provided as per assessment of probable liability made by the management based on
liability clauses in respective contracts.

Note – 47
Brief description of the Company’s joint ventures/ Associates
a) TEIL Projects Limited (‘TEIL’)
A joint venture with Tata Projects Limited was formed in the financial year 2008-09 for pursuing projects on engineering
procurement and construction basis (EPC Projects) in selected sectors such as oil and gas, fertilizers, steel, railways, power
and infrastructure.

TEIL has been formed in this regard having its Registered Office at New Delhi has an Authorized capital of H 1,500 Lakhs
(Previous year 31 March 2023: H 1,500 lakhs) and Issued, Subscribed and Paid-up capital of H 1,100 lakhs (Previous year 31
March 2023: H 1,100 lakhs).

Of the issued, subscribed and paid-up capital, 5,500,000 shares of H 10 each fully paid-up amounting H 550.00 lakhs
(previous year: 31 March 2023 H 550.00 lakhs) are held by the Company, being 50% of paid-up capital of TEIL.

In the financial year 2015-16, it was decided to wind up TEIL and in this regard liquidator has already been appointed on
29 July 2016 and liquidation proceedings are in progress as per provisions of Companies Act.

Till 31 March 2021, the Company’s share of negative ‘other equity’ of H 541.61 Lakhs has been accounted for as impairment
in value of investment.

During the current financial year 2023-24, TEIL had a net loss of Nil.

During the year 2020-21, H 8.39 lakhs towards final distribution of remaining funds of TEIL on account of return of Share
capital of company has been received by the company.
 277
Financial Statements
Notes to financial statements

b) Ramagundam Fertilizers and Chemicals Limited (‘RFCL’)

The Company has, along with National Fertilizers Limited (NFL) and Fertilizer Corporation of India Limited (FCIL)
incorporated a joint venture for setting up and operation of a gas based urea and ammonia complex in February 2015
namely Ramagundam Fertilizers and Chemicals Limited (‘RFCL’) having registered office in Delhi.

The Company has Authorized share capital of H 200,000 Lakhs (previous year: 31 March 2023: H 200,000 Lakhs) consisting
20,000 Lakhs (Previous year: 31 March 2023: 20,000 Lakhs) equity shares of face value of H 10 each.

The Shareholding of the RFCL, on the finalisation of project cost and requirement of equity for funding the project cost
shall be in the following proportion:

Engineers India Limited (EIL): 26%

National Fertilizers Limited (NFL): 26%
The Fertilizer Corporation of India Limited (FCIL): 11%
State Government of Telangana: 11%
GAIL (India) Limited: 14.30%
HT Ramagundam A/c : 3.90%
Danish Agribusiness Fund IK/S: 3.90%
Investment Fund for Developing Countries: 3.90%

RFCL has entered into concession agreement with FCIL on 23 March 2016 towards award of rights and concession to
the RFCL in regard to facility area (Lease hold land admeasuring approximately 1284 acre) for financing, designing,
engineering, procurement, construction, development, operation and maintenance of the project.

In terms of Shareholders agreement (SHA), FCIL is to be issued equity shares equal to 11% of equity portion of the capital
expenditure of the project. During the Financial year 2020-21 project cost estimate was revised to H6,33,816.00 Lakhs to be
funded through equity of H 1,89,025.00 Lakhs and accordingly total equity issuance to FCIL based on revised project cost
is H 20,793 Lakhs.

The paid up capital by Joint Venture Partners as on 31 March 2024 is as under:

(J in Lakhs)

31 March 2024 31 March 2023

No. of Shares No. of Shares
Shareholder Paid up Share Paid up Share
held of face value held of face value
Capital Capital
of J 10 each of J 10 each
EIL 4,914.62 H 49,146.24 4,914.62 H 49,146.24
NFL 4,914.62 H 49,146.24 4,914.62 H 49,146.24
FCIL 2,079.36 H 20,793.64 2,079.36 H 20,793.64
State Government of Telangana 2,079.26 H 20,792.64 2,079.26 H 20,792.64
GAIL (India) Limited 2,703.04 H 27,030.43 2,703.04 H 27,030.43
Others 2,211.60 H 22,115.81 2,211.60 H 22,115.81
Total 18,902.50 J 1,89,025.00 18,902.50 J 1,89,025.00

Summarised financial information for Joint Venture is set out below:

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Cash and cash equivalents 10,093.80 21,776.33
Other Current assets 1,60,887.80 1,23,132.28
Total Current assets (A) 1,70,981.60 1,44,908.61
Non-current assets (B) 5,20,341.03 5,65,806.77
Current financial liabilities (excluding trade payables and provisions) 1,35,278.55 58,727.70
Trade payables and provisions 65,234.84 1,69,269.38
Other Current liabilities 1,074.87 1,187.13
Total Current liabilities (C) 2,01,588.26 2,29,184.21
278
Engineers India Ltd

Annual Report 2023-24

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Non current financial liabilities (excluding trade payables and provisions) 3,51,600.81 3,76,297.58
Other Non current liabilities 2,861.48 2,794.51
Total Non-current liabilities (D) 3,54,462.29 3,79,092.09
Net assets (A+B-C-D) 1,35,272.08 1,02,439.08
Capital Expenditure during the year 3,292.80 4,483.80
Right of use Assets addition during the year - 178.23
Capital Work in Progress 116.30 695.38

Summarised Statement of profit and loss

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Revenue from operations 4,91,886.17 4,56,989.06
Interest income 1,750.31 822.32
Other income 523.86 822.93
Total revenue (A) 4,94,160.34 4,58,634.31
Depreciation and Amortization 29,535.91 29,018.19
Interest Expenses 48,467.99 45,320.59
Other expense 3,72,060.34 3,82,852.24
Total expenses (B) 4,50,064.24 4,57,191.02
Profit before tax (C = A-B) 44,096.10 1,443.29
Tax expense (D) 11,282.71 583.45
Profit/(Loss) for the year (E = C-D) 32,813.39 859.84
Other comprehensive income (F) 19.61 19.44
Total comprehensive income (E+F) 32833.00 879.28

c) LLC Bharat Energy Office (‘BEO’) –Associate Company

During the financial year 2021-22, the Company along with ONGC Videsh Singapore Pte. Ltd., GAIL (India) Limited, IOCL
Singapore Pte. Ltd. and Oil India International Pte. Ltd. having participating interest of 20% each has incorporated a
Limited Liability Company namely LLC Bharat Energy Office in Russia to facilitate liaising with the Russian petroleum
industry and to monitor the existing investments.

During the financial year 2021-22, company has contributed its 20% contribution amounting to H 75.97 Lakhs.

Till financial year ended 31 March 2024, the Company had incurred losses to the tune of RU 2,37,06,000 (Previous year 31
March 2023 : RU 1,15,82,000) of which the Company’s share is RU 47,41,200 (equivalent Indian H 47.77 Lakhs) (Previous
Year 31 March 2023: RU 23,16,400 (equivalent Indian H 25.94 Lakhs)).

Note– 48
Employee benefits
Defined Contribution Plan
Superannuation Fund
The Corporation has Superannuation – Defined Contribution Scheme (DCS) maintained by “Superannuation Pension Trust”
wherein Employer makes a monthly contribution of a certain percentage of ‘Basic salary and Dearness Allowance (DA)’, out of
30% earmarked for various superannuation benefits. This is in accordance with the Department of Public Enterprises (DPE)
guidelines. These contributions are credited to Individual Employee’s Account maintained with the trust managed by Life
Insurance Corporation of India (LIC) or an optional National Pension Scheme (NPS) account. For the financial year 2023-24,
the corporation has made an overall contribution of H 5437.80 lakhs (previous year 31 March 2023 ; H 5721.84 lakhs) towards
Superannuation -DCS by charging it to statement of Profit and Loss.

Employee Pension Scheme (EPS-95)

During the year, Corporation has recognised H 321.49 lakhs (previous year 31 March 2023; H 332.58 Lakhs) as contribution to
Employee Pension Scheme (EPS-95) in the statement of Profit and Loss.
 279
Financial Statements
Notes to financial statements

Defined Benefit Plan

Company is having the following Defined Benefit Plans:

Gratuity (Funded)
Leave encashment (Funded)
Provident Fund * (Funded)
Post-Retirement Medical Benefits (Funded)
Long Service Awards (Unfunded)
Other benefits on Retirement (Unfunded)

* The employee benefit of PF is administered through a separate irrevocable EIL Employees Provident Fund Trust for managing
the Provident Fund accumulation of employees. The company’s contribution towards Provident Fund is remitted to this trust
based on a fixed percentage of eligible employee’s salary and charged to statement of Profit and Loss.

Shortfall of net income of trust below government specified minimum rate of return, if any, and loss to the trust due to its
investments turning stressed are being made good by the Company. Out of the investments made by PF Trust in the past, some
issuers of securities have defaulted in interest payments and / or principal repayments. Company, as principal employer under
the Provident fund regulations has made good the loss in value of these investments.

In this regard, Actuarial valuation as on 31 March, 2024 was carried out by the Actuary to find out value of Projected Benefit
Obligation of the Company towards Provident Fund. The present value of benefit obligation for the period ended 31 March
2024 is H 1,92,720.10 lakhs (Previous year 31 March 2023: H 1,84,650.88 lakhs). The fair value of the assets of Provident Fund
trust as of balance sheet date is greater than the present value of benefit obligation. The Company has net surplus of H 8,687.05
lakhs (previous year 31 March 2023: H 5,525.65 lakhs) determined through actuarial valuation. Accordingly, Company has not
recognised surplus as an asset, and the remeasurement loss/gain in ‘other Comprehensive Income’ other than loss due to
stressed Investment, as these pertains to Provident Fund Trust and not to the company.

During the year, Company has recognised loss of H 1,423.23 Lakhs (previous year 31 March 2023: H 3,144.20 Lakhs) in the
statement of profit and loss and H 24.25 lakhs (previous year 31 March 2023: Nil) in Other Comprehensive Income towards
provident fund expenditure for impairment on account of Provident Fund Trust investment.

Risks associated with plan provisions

Risks associated with the plan provisions are actuarial risks. These risks are: (i) Investment risk, (ii) interest risk (discount rate
risk), (iii) mortality risk and (iv) salary risk.

Investment risk If Plan is funded then assets liabilities mismatch & actual investment return on assets lower
than the discount rate assumed at the last valuation date can impact the liability.
Interest risk (discount rate risk) Reduction in discount rate in subsequent valuations can increase the plan’s liability.
Mortality risk Actual deaths & disability cases proving lower or higher than assumed in the valuation can
impact the liabilities.
Salary risk Actual salary increases will increase the Plan’s liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.
Medical expense inflation risk Increase in actual medical cost per retiree will increase the Plan’s liability. Increase in medical
Cost per Retiree rate assumption will also increase the liability.
Cash allowance variation risk Actual award cost increases will increase the Plan’s liability. Increase in award cost increase
rate assumption in future valuations will also increase the liability.
280
Engineers India Ltd

Annual Report 2023-24

Disclosures related to funded obligations

a) The amounts recognized in the balance sheet
(J in Lakhs)

Leave encashment Provident Fund Post-retirement medical

Gratuity (funded)
(funded) (funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Present value of obligations as 21,976.61 21,764.45 32,965.11 30,107.25 1,92,720.10 1,84,650.87 32,544.97 29,775.35
at the end of year
Fair value of plan assets as at 22,018.57 22,157.04 29,105.51 27,117.16 2,01,407.15 1,90,176.52 28,548.94 26,160.69
the end of the year
Funded status 41.96 392.59 (3,859.60) (2,990.09) 8,687.05 5,525.65 (3,996.03) (3,614.66)
Net (asset)/liability recognized (41.96) (392.59) 3,859.60 2,990.09 (8,687.05) (5,525.65) 3,996.03 3,614.66
in balance sheet

b) Expenses recognized in statement of profit and loss

(J in Lakhs)

Leave encashment Provident Fund Post-retirement medical

Gratuity (funded)
(funded) (funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Current service cost 1,173.04 1,154.01 3,271.81 3,081.62 6,094.66 5,723.48 581.83 517.17
Past service cost - - - - - - - -
Expected Contribution towards - - - - 1,423.23 2,730.55 - -
Stressed Investments
Interest cost on defined benefit 1,606.22 1,589.70 2,221.91 2,009.45 - - 2,197.42 1,968.53
obligation
Interest income on plan assets (1,635.19) (1,579.28) (2,001.24) (1,846.86) - - (1,930.66) (1,773.76)
Re-measurements - - 367.12 (254.28) - - - -
Expenses recognized in 1,144.07 1,164.44 3,859.60 2,989.93 7,517.89 8,454.03 848.59 711.94
statement of profit and loss

c) Expenses recognized in Other comprehensive income

(J in Lakhs)

Leave encashment Provident Fund Post-retirement medical

Gratuity (funded)
(funded) (funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Return on plan assets (35.62) (53.63) - - (683.92) (511.40) (237.34) (110.81)

Actuarial (gains)/loss (757.41) (1,498.80) - - (178.93) 127.86 3384.77 3,013.53
Expenses recognized in other (793.03) (1,552.43) - - (862.85) (383.54) 3,147.43 2,902.72
comprehensive income

d) Reconciliation of opening and closing balances of defined benefit obligation

(J in Lakhs)

Leave encashment Provident Fund Post-retirement medical

Gratuity (funded)
(funded) (funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Present value of obligations as 21,764.45 22,018.03 30,107.25 27,831.85 1,84,650.87 1,74,484.41 29,775.35 27,265.05
at beginning of year
Interest cost 1,606.22 1,589.70 2,221.91 2,009.45 14,840.07 13,944.09 2,197.42 1,968.53
Current service cost 1,173.04 1,154.01 3,271.81 3,081.62 6,094.66 5,723.48 581.83 517.17
Contribution by plan - - - - 10,846.97 11,190.82 - -
participants/ employees
Actuarial (gains)/losses arising
from
 281
Financial Statements
Notes to financial statements

(J in Lakhs)

Leave encashment Provident Fund Post-retirement medical

Gratuity (funded)
(funded) (funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Changes in demographic - - - - - - - -
assumptions
Changes in financial 262.51 (285.20) 323.31 (274.58) 13.69 (5.07) 520.22 (497.23)
assumptions
Experience adjustments (1,019.93) (1,213.59) 247.93 122.41 140.99 (570.83) 2864.56 3,510.76
Past service cost - - - - - - - -
Benefits paid (1,809.68) (1,498.50) (3,207.10) (2,663.50) (23,913.46) (20,186.33) (3,394.41) (2,988.93)
Settlements/ Transfer In - - - - 46.31 70.30 - -
Present value of obligations 21,976.61 21,764.45 32,965.11 30,107.25 1,92,720.10 1,84,650.87 32,544.97 29,775.35
as at end of year

e) Reconciliation of opening and closing balances of fair value of plan assets

(J in Lakhs)

Leave encashment Provident Fund Post-retirement medical

Gratuity (funded)
(funded) (funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Fair value of plan assets as on 22,157.04 21,873.66 27,117.16 25,579.83 1,90,176.52 1,76,761.38 26,160.69 24,567.33
beginning of year
Interest income 1,635.19 1,579.28 2001.25 1,846.86 - - 1,930.66 1,773.76
Opening adjustment as per - - - - - (15.84) - -
Balance Sheet
Gain on Equity and IDF - - - - 4,000.00 3,200.00 - -
Investments
Actual Return - - - - 14,156.15 13,432.69 - -
Estimated Provision for - - - - (1,447.49) (3178.59) - -
expected defaults
Plan Participants/ Employee - - - - 10,846.97 11,190.82 - -
Contribution
Settlements/ Transfer In - - - - 46.32 70.31 - -
Re-measurement gain/(loss) – 35.62 53.63 204.12 102.10 - - 237.34 110.81
return on plan assets excluding
amounts included in net interest
expense
Contributions from the 0.40 148.97 2,990.08 2,251.87 6,094.65 5,723.48 3,614.66 2,697.72
employer
Receivable from EIL against - - - - 1,447.49 3,178.59 - -
estimated provision for
Expected defaults
Benefits paid (1,809.68) (1,498.50) (3,207.10) (2,663.50) (23,913.46) (20,186.32) (3,394.41) (2,988.93)
Fair value of plan assets at 22,018.57 22,157.04 29,105.51 27,117.16 2,01,407.15 1,90,176.52 28,548.94 26,160.69
the end of year
282
Engineers India Ltd

Annual Report 2023-24

f) Actuarial Assumptions

Post-retirement
Leave encashment Provident Fund
Gratuity (funded) medical benefits
(funded) (funded)
Particulars (funded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Discount rate 7.23% 7.38% 7.23% 7.38% 7.23% 7.38% 7.23% 7.38%
Expected rate of future salary 9.00% 9.00% 9.00% 9.00% - - - -
increase
Increase in compensation levels - - - - - - 8.50% 8.50%
Expected Statutory Interest Rate - - - - 8.25% 8.15% - -
on the ledger Balance
Expected Shortfall in Interest - - - - 0.05% 0.05% - -
Earnings on the fund
Retirement age 60 years 60 years 60 years 60 years - - - -

Mortality rates inclusive of provision for disability -100% of IALM (2012 - 14).
g) Maturity Profile of defined benefit obligation
(J in Lakhs)

Leave encashment Post-retirement medical

Gratuity (funded)
(funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Weighted average of the defined benefit 13.00 12.94 13.00 12.56 13.00 years 12.94 years
obligation years years years years
Duration of defined benefit obligation
Duration (years)
1 2,217.80 2,288.79 2,755.47 2,662.21 3,517.80 3,195.84
2 1,557.69 1,653.51 2,201.22 2,066.27 3,814.91 3,510.04
3 1,405.09 1,403.03 2,031.12 1,826.86 4,015.43 3,736.44
4 1,407.83 1,254.88 2,034.02 1,714.28 4,221.34 3,932.84
5 1,474.51 1,259.28 2,139.69 1,716.50 4,547.97 4,134.51
Above 5 13,913.69 13,904.96 21,803.59 20,121.13 12,427.52 11,265.68
Total 21,976.61 21,764.45 32,965.11 30,107.25 32,544.97 29,775.35
Duration of defined benefit payments
Duration (years)
1 2,296.36 2,394.76 2,853.34 2,758.70 3,628.89 3,296.76
2 1,729.16 1,839.89 2,444.20 2,299.17 4,043.80 3,720.64
3 1,672.22 1,676.39 2,418.39 2,182.80 4,511.74 4,198.27
4 1,796.28 1,610.03 2,596.95 2,199.45 5,027.68 4,684.08
5 2,017.01 1,734.92 2,929.37 2,364.82 5,741.70 5,219.73
Above 5 32,981.89 39,044.42 51,914.67 42,496.00 1,04,572.00 94,795.58
Total 42,492.92 48,300.41 65,156.92 54,300.94 1,27,525.81 1,15,915.06

h) Maturity Profile of defined benefit obligation (Provident Fund)

(J in Lakhs)

Year Ended Year Ended

Durations
31 March 2024 31 March 2023
Within next 12 months 15,762.45 15,414.86
Between 1 and 5 years 44,444.79 39,546.81
Between 5 and 10 years 35,646.65 39,961.12
Beyond 10 years 96,866.21 89,728.08
Total 1,92,720.10 1,84,650.87
 283
Financial Statements
Notes to financial statements

i) Major Categories of Plan Assets (as percentage of total plan assets)

Leave encashment Post-retirement medical

Gratuity (funded)
(funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Fund managed by insurer 100% 100% 100% 100% 100% 100%

j) Sensitivity analysis
Sensitivity analysis in respect of gratuity
(J in Lakhs)

Change in Increase in defined Decrease in defined

Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 1921.66 1,902.76 1658.25 1639.55
Expected rate of future salary increase +/-1% +/-1% 163.11 184.78 181.86 222.77

Sensitivity analysis in respect of leave encashment

(J in Lakhs)

Change in Increase in defined Decrease in defined

Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 2,263.46 2,093.00 2,143.03 1,965.42
Expected rate of future salary increase +/-1% +/-1% 2,236.47 2,074.70 2,126.36 1,946.77

Sensitivity analysis in respect of Provident Fund

(J in Lakhs)

Change in Increase in defined Decrease in defined

Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/- 0.50% +/-0.50% 28.37 23.38 27.15 22.38

Sensitivity analysis in respect of post-retirement medical benefits

(J in Lakhs)

Change in Increase in defined Decrease in defined

Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 4,922.07 4,414.90 3,898.65 3,496.93
Expected rate of future cost increase +/-1% +/-1% 4,212.88 3,778.78 3,362.74 3,016.24

*Changes in Defined benefit obligation due to 1% Increase/Decrease in Mortality Rate, if all other assumptions remain constant is negligible.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions
may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation has been calculated
using the projected unit credit method at the end of the report period, which is the same as that applied in calculating the
defined benefit obligation liability recognised in the statement of financial position.

There is no change in the method of the valuation for the prior period. For change in assumption please refer to table (f)
above, where assumptions for prior period are given.
284
Engineers India Ltd

Annual Report 2023-24

Disclosures related to unfunded obligations

a) The amounts recognized in the balance sheet
(J in Lakhs)

Long service award Other benefits on retirement

Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Present value of obligations as at the end of year 120.24 121.51 247.18 245.22
Net (asset)/liability recognized in balance sheet 120.24 121.51 247.18 245.22

b) Expenses recognized in statement of profit and loss

(J in Lakhs)

Long service award Other benefits on retirement

Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Current service cost 8.48 8.58 12.93 12.78
Past Service Cost - - - -
Interest cost 8.97 9.15 18.10 17.78
Re-measurements (7.04) (2.63) - -
Expenses recognized in statement of profit and loss 10.41 15.10 31.03 30.56

c) Expenses recognized in other comprehensive income

(J in Lakhs)

Long service award Other benefits on retirement

Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Return on plan assets - - - -
Actuarial (gains)/losses - - (6.40) (9.21)
Expenses recognized in other comprehensive - - (6.40) (9.21)
income

d) Reconciliation of opening and closing balances of defined benefit obligation

(J in Lakhs)

Long service award Other benefits on retirement

Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Present value of obligations as at beginning of year 121.51 126.78 245.22 246.29
Interest cost 8.97 9.15 18.10 17.78
Current service cost 8.48 8.58 12.93 12.78
Actuarial (gains)/losses arising from
Changes in demographic assumptions - - - -
Changes in financial assumptions 1.08 (1.05) 3.70 (3.43)
Experience adjustments (8.12) (1.57) (10.09) (5.78)
Past service cost, including losses/(gains) on - - - -
Curtailments
Benefits paid (11.68) (20.38) (22.68) (22.42)
Present value of obligations as at end of year 120.24 121.51 247.18 245.22

e) Actuarial Assumptions

Long service award Other benefits on retirement

Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Discount rate 7.23% 7.38% 7.23% 7.38%
Increase in compensation levels - - 5.00% 5.00%

Mortality rates inclusive of provision for disability -100% of IALM (2012 - 14).
 285
Financial Statements
Notes to financial statements

f) Maturity profile of defined benefit obligation

(J in Lakhs)

Long service award Other benefits on retirement

Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Weighted average of the defined benefit obligation 13.00 years 12.94 years 13.00 years 12.94 years
Duration of defined benefit obligation
Duration (years)
1 16.35 26.49 23.02 24.61
2 20.53 24.64 21.18 22.64
3 17.83 17.12 18.22 19.47
4 13.02 10.42 15.90 16.99
5 11.66 9.33 13.88 14.84
Above 5 40.85 33.51 154.98 146.67
Total 120.24 121.51 247.18 245.22
Duration of defined benefit payments
Duration (years)
1 17.28 27.32 24.34 25.38
2 22.30 26.12 21.94 22.88
3 20.53 19.24 19.06 19.88
4 15.89 12.41 16.81 17.53
5 15.09 11.78 15.27 15.92
Above 5 128.69 102.95 704.59 650.56
Total 219.78 199.82 802.01 752.15

g) Sensitivity analysis
Sensitivity analysis in respect of long service award
(J in Lakhs)

Change in Increase in defined Decrease in defined

Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 7.60 6.91 6.92 6.31

Sensitivity analysis in respect of other benefits of retirement

(J in Lakhs)

Change in Increase in defined Decrease in defined

Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 26.93 22.05 23.10 21.44
Expected rate of future salary increase +/-1% +/-1% 26.87 22.02 22.98 21.13
*Changes in Defined benefit obligation due to 1 % Increase/Decrease in Mortality Rate, if all other assumptions remain constant is negligible.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions
may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation has been calculated
using the projected unit credit method at the end of the report period, which is the same as that applied in calculating the
defined benefit obligation liability recognised in the statement of financial position.

There is no change in the method of the valuation for the prior period. For change in assumption please refer to table (e)
above, where assumptions for prior period, if applicable, are given.
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Note – 49
The Company has entered into Production Sharing Contracts with Government of India along with other partners for Exploration
and Production of Oil and Gas. The Company is a non-operator and is having following participating interest in the ventures.
The Company would share Expense/Income/Assets/Liabilities of the ventures on the basis of its percentage in the production
sharing contracts. The detail of the Company’s interest in blocks is as under:

Participating
Block No.
Interest*
CB-ONN-2010/11 23.53%
CB-ONN-2010/08 22.22%

Based on unaudited financial statements of Block No. CB-ONN-2010/08 and CB-ONN-2010/11 the revenue expenditure and
capital expenditure has been accounted for in financial statements is as follows-:
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Revenue expenditure 210.40 35.66
Dry well Written off 425.09 -
Provision/(Reversal) for impairment of Oil Blocks (501.72) 34.24
Capital expenditure (E&P Assets- Producing Property & Exploration) - 190.48
*The original participating interest in production sharing contract of company in both blocks is 20% each. In Block No. CB-ONN-2010/08 and CB-
ONN-2010/11 one of the consortium members has defaulted in its obligation towards cash calls. The Company along with other partners has acquired
the share of defaulted partner in proportion to their original participating interest and the share of company is 22.22% and 23.53% in the blocks CB-
ONN-2010/08 and CB-ONN-2010/11 respectively.

Quantitative Disclosure:
a. Crude Oil- Block CB-ONN-2010/11 (EIL Share @23.53%)

Particulars Opening Stock Production Sales Closing Stock

Value Value* Value Value
Crude Oil Qty. (MT) Qty. (MT) Qty. (MT) Qty. (MT)
(J in Lakhs) (J in Lakhs) (J in Lakhs) (J in Lakhs)
Year ended 31st 3.73 6.23 206.92 - 204.53 87.98 6.12 3.45
March, 2024
Year ended 31st - - 3.73 - - - 3.73 6.23
March, 2023
*Production value not provided by Operator

b. Net Quantity of Company’s Interest in Proved Reserves and Proved Developed Reserves
Block CB-ONN-2010/11, Gujarat, India (EIL Share @23.53%)

Proved Reserves Proved Developed Reserves

Particulars
2023-24 2022-23 2023-24 2022-23
Crude Oil (in ‘000 MT)
Beginning of the year 1.888 - 1.888 -
Additions (H in Lakhs) - 1.891 - 1.891
Deletion (H in Lakhs) - - - -
Production (H in Lakhs) 0.206 0.003 0.206 0.003
Closing Balance (H in Lakhs) 1.682 1.888 1.682 1.888

Notes :
(i) The company is Non-operating partner in E&P blocks for which reserves are disclosed.

(ii) The initial oil and gas reserves assessment was made through respective operator of E&P Blocks. The year end oil
reserves are estimated based on information obtained from operator.

(iii) E&P blocks are assessed individually for impairment.

 287
Financial Statements
Notes to financial statements

Note – 50
Segment reporting
In line with Indian Accounting Standard (IndAS 108) “Operating Segments”, the Company has (segmented) identified its
business activity into two business segment i.e. Consultancy and Engineering Projects and Turnkey Projects, taking into account
the organizational structure and internal reporting system as well as different risk and rewards of these segments. Segment
results are given below:
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Segment revenue
Consultancy and engineering projects 1,45,428.76 1,41,791.48
Turnkey projects 1,77,787.74 1,86,584.48
Total 3,23,216.50 3,28,375.96
Segment profit
Consultancy and engineering projects 32,531.24 38,302.37
Turnkey projects 10,242.14 5,211.04
Total (a) 42,773.38 43,513.41
Interest 299.53 144.35
Other un-allocable expenditure* 17,893.09 16,283.11
Total (b) 18,192.62 16,427.46
Other income (c) 22,459.96 16,917.92
Profit before tax (a-b+c) 47,040.72 44,003.87
Income tax expense 11,341.66 9,788.69
Profit for the year 35,699.06 34,215.18
Capital employed** 2,31,127.89 2,10,566.05

* Includes H 1,423.23 Lakhs (previous year: H 3,144.20 Lakhs) towards provident fund liability/provision for impairment on account of Provident Fund
Trust investment.
**Property Plant and Equipment and other assets used in the Company’s business or segment liabilities contracted have not been identified to any of
the reportable segments, as these assets and support services are used interchangeably between segments. Accordingly, no disclosure relating to total
segment assets and liabilities has been made and capital employed has been presented.

Geographical information with respect to segment revenue

(J in Lakhs)

Consultancy and engineering projects Turnkey projects

Country Name
31 March 2024 31 March 2023 31 March 2024 31 March 2023
India 1,17,345.82 1,18,117.15 1,77,787.74 1,86,584.48
United Arab Emirates (UAE) 11,285.45 3,527.45 - -
Nigeria 7,055.66 14,374.09 - -
Guyana 5,144.95 465.46 - -
Mongolia 3,746.97 4,827.63 - -
Algeria 329.35 - - -
Baharin 208.15 190.66 - -
Others 312.41 289.04 - -
Total 1,45,428.76 1,41,791.48 1,77,787.74 1,86,584.48

Segment revenue with major customers

During the year 31 March 2024, H 38,002.12 Lakhs (Previous year 31 March 2023: H 38,940.54 Lakhs) of the Company’s revenues,
each individually exceeding 10% in the consultancy and engineering projects segment was generated from two (previous year
31 March 2023: two) customers.

During the year 31 March 2024, H 1,70,262.76 Lakhs (Previous year 31 March 2023: H 1,76,269.16 Lakhs) of the Company’s
revenues, each individually exceeding 10% in the turnkey projects segment was generated from three (Previous year 31 March
2023: two) customers.
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Annual Report 2023-24

Note – 51
The company in the month of April 2016 terminated a contract, consequent to receipt of findings of investigating agency that
certificate submitted by the contractor for qualifying the contract was bogus. The facts in this regard including lodging of claim,
subsequent to termination of contract had been disclosed in the annual account from financial year 2015-16.

Subsequent to the termination of contract, the company is completing the project at the risk and cost of contractor in terms
of provisions of the contract. Contractor has gone into arbitration and had submitted arbitration notice and as such Arbitral
Tribunal had been constituted. Contractor had filed its statement of claim amounting to H 40,960.75 Lakhs. EIL had also filed its
reply along with its counter claim for H 12,907.15 Lakhs and application to implead the parent company of contractor, decision
on which was pending with the Arbitral Tribunal. Meanwhile, a third party creditor of the contractor has filed an application
with NCLT under Insolvency and Bankruptcy Code (IBC) and Insolvency Resolution Professional (IRP) has been appointed
and arbitration proceedings have been stayed sine die. EIL has filed its claim against the contractor with the IRP. Hon’ble
Supreme Court, on the application of contractor, has stayed the Resolution proceedings. The company has approached Arbitral
Tribunal and NCLT for revival of its counter claims wherein company has been directed to approach the appropriate forum
and accordingly company has filed an impleadment application before the Hon’ble Supreme Court. The management does not
consider any possible obligation on this account requiring future probable outflow of resources of the company.

Note – 52
During the year 2001, one of Clients had invited bids for carrying out certain works at its Bombay High Off-shore Exploration
Site. The entire work consisted of a number of activities, including survey, design, engineering, procurement, fabrication,
transportation and commissioning of two well head platforms with associated equipment.

For submission of the said bid, the company had entered into Business Cooperation Agreement (BCA) with sub-contractor &
Vendor (which are “Group Companies”) and accordingly these Group Companies, in accordance with their respective scope of
works, valued and classified the platforms and submitted the same to company for inclusion in its price bid to Client. The process
of classification and valuation of platforms and calculation of corresponding customs duty were done by Group Companies as
per their scope of work. Customs Duty element as submitted by the Group Companies, had simply been incorporated by the
company in its price bid to Client.

During FY 2002-03, the Contract was awarded to the Company by the Client. Out of the entire scope of work under the above
Project, the Company issued a Purchase Order for supply of the Platforms along with jackets, piles and other material , and
sub-contracted transportation and installation works, on back to back basis, to vendor and sub-contractor respectively (above
mentioned Group Companies) which constituted approximately 95% of the entire scope of work.The custom duty amount was
included in the Sub-contract as also in the main contract with client as worked out by Group Companies themselves.

Group Companies represented to the company and persuaded that it was not possible for them to become the consignee for
the subject materials and to avoid any delay in the execution of the project it would be prudent and expedient to mention the
name of the company as the consignee for the subject material (Though as per the express contractual stipulation it was Group
Companies who had to assume the role & responsibility of the consignee of the goods). Further they represented that they do
not have IEC Code and hence, they could not have imported the goods and there would not be sufficient time for them to get
such a code to enable imports. Believing the aforesaid advice to be bonafide and true and that company being the importer
would aid speedy and prompt clearance of the Goods, Company agreed to become the Consignee.

A Show Cause Notice was issued by Custom authorities to the Group Companies and the Company on account of misclassification
and undervaluation of equipment’s at the time of import for the above said Project of Oil Well Platform. On account of non-
cooperation by the Group Companies, (who had actually carried out the classification and valuation), in replying to the Show
Cause Notice, the Company was constrained to approach the Custom and Central Excise Settlement Commission in the FY
2006-07. During the Settlement Commission proceedings, which was also participated in by the Group Companies, on account
of noncooperation of the latter, Company was constrained to admit the liabilities to the tune of H2,309.80 Lakhs. During the FY
2007-08, Custom and Central Excise Settlement Commission passed Final Order determining the total Differential Custom Duty
liability at H 4,277.21 Lakhs with Interest@ 10% per annum thereon and Penalty of H10 Lakhs. The total amount of H 6,224.20
Lakhs (H 4,277.21 Lakhs towards differential custom duty and H1,946.99 Lakhs towards Interest & Penalty) was deposited during
the FY 2007-08 and accounted for during the FY 2006-07 & FY 2007-08.

In terms of agreements entered into by the Company with the Group Companies, Custom Duty was to be borne by the Group
Companies and they were required to indemnify the Company for any liabilities in this respect and accordingly the Company
 289
Financial Statements
Notes to financial statements

invoked the indemnity clause and paid the Differential Custom Duty from the retention monies of the Group Companies along
with some additional amount from its own account. The Group Companies raised disputes on their obligations on this account
and invoked arbitration clause under the sub-contract and Purchase Order. The Company has also lodged its Counter-Claim
on the Group Companies for recovery of differential Custom Duty Liability as detailed above.

During the FY 2011-12, the Arbitral Tribunal awarded an amount of $1,26,47,033 plus applicable interest in favour of the Group
Companies. The Company, aggrieved by the arbitral award and considering the legal opinion obtained in this respect, filed a
challenge petition before the Hon’ble High Court of Delhi against the said arbitral award in its entirety.

In the financial year 2021-22, in the appeal filed by the Company, Hon’ble High Court of Delhi gave interim order directing the
Company as follows:-

1. The Court gave interim direction to the Company to deposit the Awarded Amount with the Registrar General of the Court.
Subject to the said deposit being made by the Company, the enforcement of the award shall be stayed.

2. The Court further directed that if the award amount is deposited, the same shall be released to Group Companies against an
unconditional Bank Guarantee equivalent to 105% of the amount, to the satisfaction of the Registrar General of the Court.

3. In the event the Company prevails in its challenge against the Arbitral Award which is currently sub-judice and being heard
by the Court, any amount collected by the Group Companies from Registrar General of the Court shall be refunded to the
Company along with interest at the rate of 10% per annum.

The interim order was challenged before Supreme Court by the Company, however the Supreme Court has not intervened.
Therefore In compliance to the directive of Hon’ble High Court of Delhi, an amount of H 16,476.20 Lakhs (awarded amount of
$1,26,47,033 plus applicable interest) was deposited by the Company with the Registrar General of Hon’ble High Court of Delhi
on 18th May 2022. However the main challenge petition filed by the Company against the arbitral award is subjudice and being
heard by Hon’ble Court.

Pending final disposal of the challenge petition by the Hon’ble Court, considering the provisions of Ind AS 37 ‘Provisions,
Contingent Liabilities and Contingent Assets’ and Material Accounting Policies of the Company, H 6848.03 lakhs (H 6848.03
lakhs FY 2022-23) has been disclosed as contingent liability (Note-40) and H 9628.17 lakhs has been recognized in the books of
accounts in earlier years.

Note – 53
In terms of Indian Accounting Standard (Ind AS 37) “Provisions, contingent liabilities and contingent assets”, the requisite
disclosures are as under:

The movement in provisions are as under:

(J in Lakhs)

Additional Provision
S. Opening Provision used Closing
Class of Provision provision reversed
No. Balance during the year balance
during the year during the year
1. Contractual Obligation 31- Mar-24 56,514.06 9,298.02 2,010.96 4,203.41 59,597.71
31-Mar-23 60,440.14 10,706.68 - 14,632.76 56,514.06
2. Expected Losses 31- Mar-24 24.38 2.66 10.74 - 16.30
31-Mar-23 37.44 0.63 13.69 - 24.38
3. Impairment in PF Trust 31- Mar-24 9,841.09 - 2,852.23 - 6,988.86
Investment 31-Mar-23 12,446.27 448.05 3,053.23 - 9,841.09
4. Provision for Abandonment 31- Mar-24 26.28 - 0.30 - 25.98
31-Mar-23 - 26.28 - - 26.28

Nature of provision:
A) Contractual Obligations :
Contractual obligations represent provision for estimated liabilities on account of guarantees and warranties etc. in
respect of consultancy and engineering services and turnkey contracts executed by the Company. The said obligation
covers performance as well as defect liability period defined in the respective contracts.
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Engineers India Ltd

Annual Report 2023-24

For turnkey contracts, the estimated liability on account of contractual obligations is provided at 1% of revenue recognized
based on risk assessment made by the management. For consultancy and engineering services contracts the estimated
liability on account of contractual obligations is provided as per assessment of probable liability made by the management
based on liability clauses in respective contracts.

During the previous year ended 31st March 2023, pursuant to settlement with Client in Consultancy & Engineering Project
Segment, the contractual obligation in respect thereof amounting of H 7,877.75 lakhs has been written back.

B) Expected Losses:
For each contracts, at reporting date, total contract cost and total contract revenue are estimated. In respect of contracts,
where it is probable that total estimated contract cost will exceed the estimated total contract revenue, the expected loss
is recognised as an expense in the statement of Profit and Loss.

C) Impairment in PF Trust Investment:

The employee benefit of PF is administered through a separate EIL Employees Provident Fund Trust. Out of the investments
made by PF Trust in the past, some issuers of securities have defaulted in interest payments and / or principal repayments.
The amortised value of probable future principal defaults is H 8,736.07 lakhs as at 31 March 2024 (previous years: 31
March 2023: H 11,741.31 lakhs). Considering the Employers obligation to make good the loss in value of these investments
under the Provident Fund regulations, the Company has kept in its books of account the provision of probable future
principal defaults of the amortised value amounting to H 6,988.86 lakhs as on 31 March 2024 (previous years: 31 March
2023: H 9,841.09 lakhs).

D) Provision for Abandonment:

Provision for decommissioning cost/abandonment cost in respect of assets under Joint Operations is considered as
per participating interest of the Company on the basis of estimates approved by the respective operating committee.
Wherever the same are not approved by the respective operating committee, decommissioning cost/abandonment cost
estimates provided by the operator of the Block are considered.

E) The disclosure in respect of contingent liabilities is given as per note no. 40.

Note – 54
Details of loans given, investment made and guarantee given covered U/S 186 (4) of the Companies Act, 2013

a) Loans given- Nil

b) Investments done are given in Note. No. 7.

Note – 55
The dues to Micro and Small Enterprises as required under the Micro, Small and Medium Enterprises Development Act 2006 to
the extent information available with the company is given below:
(J in Lakhs)

S.
Particulars 31 March 2024 31 March 2023
No.
I Amount due and payable at the year end
- Principal 7,754.86 8,584.13
- Interest on above Principal - -
II The amount of interest paid along with the amounts of the payment after the - -
due date
III The amount interest due and payable for principals already paid - -
IV The amount of interest accrued and remaining unpaid at the year end - -
V The amount of interest which is due and payable which is carried forward from - -
last year
 291
Financial Statements
Notes to financial statements

Note – 56
In terms of DPE Guidelines, on increase of Dearness allowance to the tune of 50%, the gratuity ceiling shall enhance by
25%. Superannuation benefits which includes Gratuity, Post-Superannuation Medical Scheme, Provident Fund and Defined
Contribution Superannuation Scheme are to be met from 30% of Basic pay plus Dearness allowance. The company has
recognised the proportionate increase in gratuity ceiling corresponding to Dearness allowance as on 31 March 2024 based on
actuarial valuation. To the extent of the impact of such an increase of H 518.96 Lakhs (previous year 31 March 2023: H 639.48
Lakhs), the corresponding Defined Contribution Superannuation Scheme to the employees has been reduced to meet the
Superannuation benefits within 30% of Basic Pay plus Dearness allowance as per DPE Guidelines.

Note – 57
Remuneration to Chairman and Managing Director and full time Directors are as per their appointment letters from the
Ministry of Petroleum and Natural Gas, Government of India, New Delhi. They are also allowed to use the staff car for private
journeys up to a ceiling of 1000 kms per month.

Note – 58
The statement of profit and loss account includes research and development revenue expenditure of H 2107.72 Lakhs (previous
year 31 March 2023: H 2,266.14 Lakhs). The capital expenditure of research and development assets is H 804.46 Lakhs (previous
year 31 March 2023: H 743.47 Lakhs).

Note – 59

Capital Grant in respect of Research projects:

The Company has received capital grant from agency in respect of procurement/setting up of Capital assets for research
project undertaken. The unamortized capital grant amount as on 31 March 2024 is of H 30.42 Lakhs (previous year 31 March
2023: H 34.71 Lakhs). During the year, the Company has recognised H 4.29 Lakhs (previous year: H 8.10 Lakhs) in the statement
of profit and loss as amortisation of capital grants.

Note – 60
There is no impairment of cash generating assets during the year in terms of Indian Accounting Standard (Ind AS-36)
“Impairment of Assets”.

Note – 61
a) The company has not traded or invested in Crypto Currency or Virtual Currency during the financial year 2023-24.

b) The company has not been declared wilful defaulter by any bank or financial institution.

c) The working capital and non-fund based facilities from banks are secured by hypothecation of stocks, book debts and
other current assets of the Company, both present and future. The company is availing non fund based facilities from
the banks and furnishing statement of security as and when required by the bankers, more particularly at the time of
renewal exercise i.e. on yearly basis. Statement of security filed by the company with banks is in agreement with the
books of account.

d) There are no pending charges which is yet to be registered with Registrar of Companies (ROC) as on 31 March 2024 with
respect to the Non fund based facilities availed by company.

Note – 62
For lump-sum services and turnkey contracts, balance efforts, cost and time to complete the contract including probability of
levy for liquidated damages and price reduction schedules for delay as on reporting date are assessed by the management
and relied upon by the auditors.

Note – 63
The balances of trade receivables, loans and advances, customer’s advances, retention money, security deposits receivable/
payable and trade payables are subject to confirmation and reconciliation.
292
Engineers India Ltd

Annual Report 2023-24

Note – 64
The Company proposed to sale its old residential flats (‘Assets’) which is under the process of disposal and is expected to be
completed in the financial year 2024-25 based on the fair value as determine as approved by the competent authority in this
regard. These has been classified as Assets held for sale. The Company expects that the fair value less costs to sell is higher
than the carrying amount.

Note – 65
Corporate social responsibility expenses
The requisite disclosure relating to CSR expenditure in terms on amended Schedule III of the Companies Act and Guidance
Note on Corporate Social Responsibility (CSR) issued by the Institute of Chartered Accountants of India:

(a) Disclosure with regard to CSR activities:

(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Amount required to be spent by the Company during financial year 750.01 944.27
Amount spent during the year 1,187.26 642.29
Amount of Expenditure incurred 1,602.74 1,117.82
(including (including set-off
set-off of excess of excess amount
amount spent of spent of previous
previous year of year of H 475.53
H 475.53 lakhs) lakhs)
Excess at the end of the year 60.05 -
Amount available for Set Off 535.58 951.05
Total of Excess amount spent at the end of year including previous year 535.58 951.05
Surplus arising out of CSR Project - -
Reason for Shortfall Not Applicable Not Applicable
Details of related party transactions Not Applicable Not Applicable
Provision made with respect to a liability incurred* 166.64 72.23
*Movement of Provision
(J in Lakhs)

Particulars 31 March 2024 31 March 2023

Opening balance 72.23 -
Additional provision during the year 166.64 72.23
Provision used during the year 72.23 -
Closing balance 166.64 72.23

(b) Amount spent during the financial year ended 31 March 2024 and 31 March 2023 on:
(J in Lakhs)

Yet to
Particulars In cash Total
be paid in cash
(i) Construction/acquisition of any asset 31 March 2024 396.39 22.12 418.51
31 March 2023 341.14 5.63 346. 77
(ii) On purposes other than (i) above 31 March 2024 624.24 144.52 768.76
31 March 2023 228.92 66.60 295.52

(c) Nature of CSR activities:

(J in Lakhs)

Nature of CSR activities (Thrust Area-wise) 31 March 2024 31 March 2023

Promoting Education 223.95 110.89
Health care & nutrition 726.21 397.19
Skill Development /Vocational Training 25.00 104.74
Disaster Management - -
Benefit of armed forces veterans, war widows etc. - 22.00
Others 212.10 7.47
Total 1,187.26 642.29
 293
Financial Statements
Notes to financial statements

Note – 66
Relation with Struck off Companies:

Nature of Balance Balance

Relationship
transactions outstanding as outstanding as
Name of the struck off company with the struck
with struck at 31 March 2024 at 31 March 2023
off company
off company (J in lakhs) (J in lakhs)
Two Light Window Facility Management Service Pvt. Ltd. 8.02 8.02
Payables Vendor
Hindustan Relocator Private Limited 2.15 2.15
Balance Balance
Nature of
outstanding as outstanding as Relationship
transactions
Name of the struck off company at 31 March 2024 at 31 March 2023 with the struck
with struck
(Number of (Number of off company
off company
Shares) Shares)
Unicon Fincap Private Limited 626 -
Vaishak Shares Limited Shares held 2 2
Fayda Portfolio Private Limited by stuck off 100 100
Shareholder
Century Finvest Pvt. Ltd. company - 50
Kothari Intergroup Ltd. 2 2
Sincere Securities Private Limited - 7270

Note – 67
The following are ratios for the year ended March 31, 2024 and March 31, 2023

31st 31st
Particulars Numerator Denominator March March Variance
2024 2023

Current Ratio (in times) Current assets Current liabilities 1.07 1.01 5.94%
Debt-Equity Ratio (in times) Total Debt (represents lease liabilities) Shareholder's Equity 0.014 0.009 55.56%*
Debt Service Coverage Ratio (in times) Earnings available for debt service (1) Interest Cost and Lease 28.46 45.46 (37.40%)*
payments for the current year
Return on Equity Ratio (in %) Profit for the year (After Taxes) Average Shareholder's Equity 16.00% 17.00% (5.88%)
Trade Receivables turnover ratio (in times) Revenue Average Trade Receivable 6.93 6.64 4.37%
Trade payables turnover ratio (in times) Purchases of services and other expenses Average Trade Payable 5.05 6.19 (18.42%)
Net capital turnover ratio (in times) Revenue Working Capital 19.34 166.00 (88.35%)**
Net profit ratio (in %) Net Profit Revenue 11.00% 10.00% 10.00 %
Return on Capital employed (in %) Profit before tax and finance Cost Capital Employed (2) 19.75% 20.00% 0.00%
Return on investment:
Deposits with Banks (in %) Income generated from invested funds Average invested funds in Deposits 7.72% 5.27% 2.45%
Quoted Investments (in %) Income generated from invested funds Average invested funds in 7.02% 5.56% 1.46%
Investments

(1) Net Profit after taxes + Non-cash operating expenses (Depreciation) + Interest + other adjustments like loss on sale of Fixed assets etc.
(2) Tangible Net worth + Lease liabilities + deferred tax liabilities

* Increase Assets taken on Lease has resulted in increase/decrease in ratio.

** Decrease in Revenue and Increase in Working capital leads to variance in Net Capital Turnover Ratio

Note – 68
Previous year’s figures have been regrouped/reclassified wherever necessary to make them comparable to the figures of
the current year.

For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN: AHYPP2198P PAN: AHPPB4262M DIN: 09223617 DIN: 08777885

Place : New Delhi

Date : 28 May 2024
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Annual Report 2023-24

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION

143(6)(b) READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED
FINANCIAL STATEMENTS OF ENGINEERS INDIA LIMITED FOR THE YEAR ENDED 31 MARCH2024

The preparation of consolidated financial statements of Engineers India Limited for the year ended 31 March 2024 in accordance
with the financial reporting framework prescribed under the Companies Act, 2013 (Act) is the responsibility of the management
of the company. The statutory auditor appointed by the Comptroller and Auditor General of India under section 139(5) read
with section 129(4) of the Act is responsible for expressing opinion on the financial statements under section 143 read with
section 129(4) of the Act based on independent audit in accordance with the standards on auditing prescribed under section
143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 28 May 2024.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the consolidated
financial statements of Engineers India Limited for the year ended 31 March 2024 under Section 143(6)(a) read with section
129(4) of the Act. We conducted a supplementary audit of the financial statements of Engineers India Limited but did not
conduct supplementary audit of Certification Engineers International Limited, Ramagundam Fertilizers and Chemicals Limited
and TEIL. Projeets Limited for the year ended on that date. Further, section 139(5) and 143(6)(a) of the Act are not applicable
to LLC Bharat Energy Office being incorporated in foreign country under the respective laws for appointment of the Statutory
Auditors and for conduct of supplementary audit. Accordingly, Comptroller and Auditor General of India has neither appointed
the Statutory Auditors nor conducted the supplementary audit of this company. This supplementary audit has been carried
out independently without access to the working papers of the statutory auditor and is limited primarily to inquiries of the
statutory auditor and company personnel and a selective examination of some of the accounting records. On the basis of my
supplementary audit nothing significant has come to my knowledge which would give rise to any comment upon or supplement
to statutory auditor's report under section 143(6)(b) of the Act.

For and on behalf of the

Comptroller & Auditor General of India

Place: New Delhi (S. Ablladini Panda)

Date 07/08/2024 Director General of Audit (Energy)
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Director’s Report

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)
(b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF ENGINEERS INDIA
LIMITED FOR THE YEAR ENDED 31 MARCH 2024

The preparation of financial statements of Engineers India Limited for the year ended 31 March 2024 in accordance with the
financial reporting framework prescribed under the Companies Act, 2013 (Act) is the responsibility of the management of the
company. The statutory auditor appointed by the Comptroller and Auditor General of India under section 139(5) of the Act is
responsible for expressing opinion on the financial statements under section 143 of the Act based on independent audit in
accordance with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by
them vide their Audit Report dated 28 May 2024.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the financial statements
of Engineers India Limited for the year ended 31 March 2024 under Section 143(6)(a) of the Act. This supplementary audit
has been carried out independently without access to the working papers of the statutory auditor and is limited primarily to
inquiries of the statutory auditor and company personnel and a selective examination of some of the accounting records.

On the basis of my supplementary audit nothing significant has come to my knowledge which would give rise to any comment
upon or supplement to statutory auditor’s report under section 143(6)(b) of the Act.

For and on behalf of the

Comptroller & Auditor General of India

Place: New Delhi (S. Ablladini Panda)

Date 07/08/2024 Director General of Audit (Energy)
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Independent Auditor’s Report

TO
THE MEMBERS OF
ENGINEERS INDIA LIMITED

Report on the Audit of the Consolidated Financial Statements

Opinion
1. We have audited the accompanying Consolidated Financial Statements of ENGINEERS INDIA LIMITED (“hereinafter
referred to as the Holding Company”) and its Subsidiary Company (the Holding Company and its subsidiary together
referred to as “the Group”) and its Joint Venture and associate (refer Note 7A(i)) to the attached Consolidated Financial
Statements), comprising the Consolidated Balance Sheet as at 31st March 2024, the Consolidated Statement of Profit and
Loss (including other comprehensive income), the Consolidated Statement of Changes in Equity and the consolidated
Cash Flows Statement for the year then ended and a summary of the material accounting policies and other explanatory
information (hereinafter referred to as “the Consolidated Financial Statements”).

2. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of
reports of the auditors on financial statements and on the other financial information of subsidiary, joint venture and associate, the
aforesaid Consolidated 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 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 consolidated state of affairs of the Group as at March 31, 2024, the consolidated Profit, consolidated total
comprehensive income, consolidated cash flows and consolidated changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit of Consolidated Financial Statements in accordance with the Standards on Auditing (“SAs”)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the
Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with
the ethical requirements that are relevant to our audit of the Consolidated 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 opinion on the Consolidated Financial Statements.

Emphasis of Matter Paragraph

4. We draw reference to Note 51 of Consolidated Financial Statements related to Contractor’s claim Rs. 40960.75 Lakh and
counter claim by company Rs. 12907.15 Lakh in litigation pending with Hon’ble Supreme Court in respect of termination
of contract by company in 2016.

The management does not consider any possible obligation on these matters requiring future probable outflow of
resources of the company.

Our opinion is not modified in respect of the said matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit
of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be the key audit matters to be
communicated in our report:
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Sr.
Key Audit Matter How our audit addressed the key audit matter
No.
A Revenue Recognition from Construction Contracts Our audit procedures included, but were not limited
(Refer Note 3D and 24 of Consolidated Financial to the following:
Statements) Evaluating the appropriateness of the accounting policy for
The Group’s revenue primarily arises from revenue recognition.
construction contracts which, may be rendered Obtaining an understanding of the processes and evaluating
in the form of engineering consultancy services the design and testing the effectiveness of key internal
and engineering procurement and construction financial controls, including those related to review and
(EPC) services through design-build contracts, approval of contract estimates.
and cost plus forms of construction contracts which For a sample of contracts, testing the appropriateness
by their nature, are complex given the significant of amount recognized as revenue, basis percentage
judgments involved in the assessment of current and of completion method by evaluating key management
future contractual performance obligations. judgments inherent in determining forecasted contract
The Group recognizes revenue relying on the revenue and costs to complete the contract, including:
estimates in relation to forecast contract revenue verifying the underlying documents such as original contract
and forecast contract costs on the basis of stage and its amendments, if any, for reviewing the significant
of completion which is determined based on the contract terms and conditions;
proportion of contract costs incurred at balance evaluating the identification of performance obligation
sheet date, relative to the total estimated costs of the of the contract;
contract at completion.
testing the existence and valuation of variable consideration
These contract estimates are reviewed by the with respect to the contractual terms and inspecting the
management on a periodic basis. In doing so, the related correspondences with customers; and
management is required to exercise judgment in its
testing the estimates for consistency with the status of
assessment of the valuation of contract variations,
delivery of milestones and customers’ acceptance to identify
claims and liquidated damages as well as the
possible delays in achieving milestones, which require
completeness and accuracy of forecast costs to
changes in estimated costs or efforts to complete the
complete and the ability to deliver contracts within
remaining performance obligation.
contractually determined timelines.
For cost incurred to date, testing samples to appropriate
The revenue on contracts may also include variable
supporting documents and performing cut-off procedures;
considerations which are recognized when the
recovery of such consideration is highly probable. Performing analytical procedures for reasonableness of
revenue recognized; and
Changes in these judgments, and the related
estimates as contracts progress can result in material Evaluating the appropriateness and adequacy of the
adjustments to revenue. In view of the involvement disclosures related to contract revenue and costs in the
of significant estimates by the management and Consolidated Financial Statements in accordance with the
material impact on the Financial Statements, the applicable accounting standards.
matter has been determined as Key Audit Matter.
B Contingent liabilities ( Refer note 40A and 52 of Our audit procedures included but were not limited to:
Consolidated Financial Statements) Obtaining a detailed understanding processes and controls
The group is subject to number of commercial claims of the Management with respect to claims or disputes.
including employees claims and tax & legal disputes, Evaluation of the design of the controls relating to compilation
which have been disclosed in the financial statements of the claims, assessment of probability of outcome, estimates
based on the facts and circumstances of each case. of the timing and the amount of the outflows, an appropriate
Taxation and litigation exposures have been identified reporting by the management and testing implementation and
as a key audit matter due to the complexities involved operating effectiveness of the key controls.
in these matters, time scale involved for resolution and Performing following procedures on sample selected:
the potential financial impact of these on the financial
Understanding the matters by reading the correspondences,
statements.
communications, minutes of the Audit Committee and or
Further, significant management judgment is involved the Board meetings and discussions with the appropriate
in assessing the exposure of each case and thus a risk management personnel.
that such cases may not be adequately provided for or
Making corroborative inquiries with appropriate level of the
disclosed.
management personnel including status update, expectation
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Sr.
Key Audit Matter How our audit addressed the key audit matter
No.
of outcomes with the basis, and the future course of action
contemplated, and perusing legal opinions, if any, obtained
by the management.
Considering their opinions of attorney wherever available on
probability assessment of the outcomes.
Evaluating the evidence supporting the judgment of
the management about possible outcomes and the
reasonableness of the estimates.
Evaluating appropriateness of adequate disclosures in
accordance with the applicable accounting standards.

Information Other than the Consolidated Financial Statements and Auditor’s Report Thereon
6. The Company’s Board of Directors is responsible for 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 & Sustainability Report, Corporate Governance and Shareholders’ Information, but does not
include the Consolidated Financial Statements and our audit report thereon.

7. Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any
form of assurance thereon.

8. In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial
Statements or our knowledge obtained during the course of audit, or otherwise appears to be materially misstated.

9. if, based on the work we have performed, if we conclude that there is a material misstatement of this other information,
we are required to report that fact to those charged with governance and review the steps taken by the management to
communicate to those in receipt of the other information, if previously issued, to inform them of the revision.

The Other information is expected to be made available to us after the date of this auditor’s report and if we conclude that
there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Management Responsibility for the Consolidated Financial Statements

10. The Holding Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
to the preparation of these Consolidated Financial Statements that give a true and fair view of the consolidated financial
position, consolidated financial performance including consolidated comprehensive income, consolidated changes in
equity and consolidated cash flows of the group in accordance with the Ind AS and accounting principles generally accepted
in India. The respective Board of Directors of the companies included in the group are responsible for maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the group 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 Consolidated Financial Statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

11. In preparing the Consolidated Financial Statements, the respective Board of Directors of the companies included in the
Group and of its joint venture and associate are responsible for assessing the ability of the Group and of its joint venture
and associate 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 Group or to cease operations, or
has no realistic alternative but to do so.

12. The respective Board of Directors of the companies included in the Group and of its joint ventures and associate are
responsible for overseeing the financial reporting process of the Group and of its joint venture and associate.
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Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

13. Our objectives are to obtain reasonable assurance about whether the Consolidated 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 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 Consolidated Financial Statements.

14. 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 Consolidated 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 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 Group and its jointly controlled entities 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 ability of the Group and its joint venture and associate 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 Consolidated 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 Group and its joint venture and associate to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the
disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events in
a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group and its joint venture and associate to express an opinion on the Consolidated Financial Statements.
We are responsible for the direction, supervision and performance of the audit of the financial statements of such
entities included in the Consolidated Financial Statements of which we are the independent auditors. For the other
entities included in the Consolidated Financial Statements, which have been audited by other auditors, such other
auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

15. Materiality is the magnitude of misstatements in the Consolidated Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of reasonably knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and
in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated
Financial Statements.

16. 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.

17. 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.

18. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
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matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Other Matters
19. We did not audit the financial statements/financial information of subsidiary company, whose financial statements reflect
total assets of Rs. 11229.91 Lakh as of 31 March 2024, total revenues of Rs. 5593.11 Lakh and net cash outflow of Rs.
217.23 Lakh for the year ended on that date, as considered in the Consolidated Financial Statements. The auditor of
subsidiary company has issued the qualified audit report which in our opinion and according to the information and
explanations given to us by the Management, these qualifications are not material to the Group. Also we did not audit
the financial statements of 1 joint venture entity which is a company incorporated in India, in which Group’s share of net
profit is Rs. 8531.48 lakhs for year ended 31 March 2024, as considered in the Consolidated Financial Statements. These
financial statements have been audited by other auditor whose report has been furnished to us by the management and
our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in
respect of this associate, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the
aforesaid joint venture entity, is based solely on the report of the other auditor.

20. Also, we did not audit the financial statements of 1 foreign associate in which Group’s share of net loss is Rs. 21.83 Lakhs
for year ended 31 March 2024 on the basis of unaudited financial statements certified by management, as considered in
the Consolidated Financial Statements. In our opinion and according to the information and explanations given to us by
the Management, this unaudited financial statements/financial information are not material to the Group.

Further 1 jointly controlled entity is under liquidation. We did not audit the financial information of the said jointly
controlled entity in which Group’s share of net profit/(loss) is NIL for the year ended 31 March 2024, as considered in the
Consolidated Financial Statements. The liquidator’s statement as certified by the Liquidator has not been furnished to us
by the Management. In our opinion and according to the information and explanations given to us by the Management,
this financial statements/financial information are not material to the Group.

21. We did not audit the financial information of 2 joint operations which are unincorporated entities whose financial
information reflect total assets of Rs.165.49 Lakh as at 31st March, 2024, total revenue of Rs. 85.20 Lakh and net cash
inflow of Rs. 14.65 Lakh for the year ended on that date, as considered in respective the Standalone Financial Statements of
entities considered in the group. This financial information is unaudited and has been furnished to us by the management
and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included
in respect of these joint operations and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates
to the joint operations, is based solely on such unaudited financial information certified by the management. In our
opinion and according to the information and explanations given to us by the Management, this financial information is
not material to the Company.

Our opinion on the Consolidated Financial Statements, and our report on Other Legal and Regulatory Requirements and
Internal Financial Controls, is not modified in respect of the above matters with respect to our reliance on the work done
and the reports of the other auditors and the financial information certified by the Management.

Report on Other Legal and Regulatory Requirements

22. 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 of the aforesaid Consolidated Financial Statements.

b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated
Financial Statements have been kept so far as it appears from our examination of those books and the reports of the
other auditors.

c. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including other comprehensive
income), consolidated statement of Changes in Equity and the Consolidated Cash Flow Statement dealt with by
this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the
Consolidated Financial Statements.

d. In our opinion, the aforesaid Consolidated Financial Statements comply with the Indian Accounting Standards
specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act.
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e. In view of exemption given vide notification no. G.S.R. 463(E) dated June 5, 2015, issued by Ministry of Corporate
Affairs, provisions of Section 164(2) of the Act regarding disqualification of directors, is not applicable to
Government Companies.

f. With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness
of such controls, refer to our separate Report in “Annexure A” which is based on the report of the statutory auditors
of the respective Companies of the Group incorporated in India. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the internal financial control over financial reporting of those companies,
for reasons stated therein.

g. With respect to the other matters to be included in the Auditor’s Report, as per notification number G.S.R. 463(E) dated
5 June 2015 issued by Ministry of Corporate Affairs, section 197 of the Act regarding the Managerial remuneration is
not applicable on Government Companies.

h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us:

i. the Consolidated Financial Statements disclose the impact of pending litigations on the consolidated financial
position of the Group, Joint Ventures and Associate. – Refer Note 40A to the Consolidated Financial Statements.

ii. Provision has been made in the Consolidated Financial Statements, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding Company, its subsidiary and Joint Venture incorporated in India.

iv (a) The respective Managements of the holding company, its subsidiary and Joint Venture which is company
incorporated in India, whose financial statements have been audited under the Act, have represented to
us and to other auditors that, to the best of their knowledge and belief, no funds (which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company or any of such subsidiary to or in any
other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiary
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The respective Managements of the holding Company, its subsidiary and Joint Venture which is company
incorporated in India, whose financial statements have been audited under the Act, have represented to
us and to other auditors that, to the best of their knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company or any of such subsidiary from any
person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company or any of such subsidiaries shall, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances
performed by us on the holding Company, its subsidiary and joint venture which is company incorporated
in India whose financial statements have been audited under the Act, nothing has come to our notice that
has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material misstatement except for foreign joint venture.

v. The final dividend paid by the holding Company, its subsidiary and joint venture which are companies incorporated
in India, whose financial statements have been audited under the Act, where applicable, during the current year in
respect of the same declared for the previous year, is in accordance with section 123 of the Companies Act 2013,
as applicable.

The interim dividend declared and paid by the holding Company, its subsidiary and joint venture which are
companies incorporated in India, whose financial statements have been audited under the Act, where applicable,
during the year, and until the date of this report is in compliance with Section 123 of the Act.
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As stated in Note 37 to the financial statements, the Board of Directors of the Holding Company, its Subsidiary
and Joint Venture which are companies incorporated in India whose financial statements have been audited
under the Act, where applicable, have proposed final dividend for the current year which is subject to the
approval of the members of Holding Company, its Subsidiary and Joint Venture at the ensuing Annual General
Meeting. The dividend proposed is in accordance with section 123 of the Act, as applicable.

vi. Based on our examination which included test checks and that performed by the respective auditors of the
subsidiary, the company and its subsidiary have used an accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year
for all relevant transactions recorded in the software except in respect of maintenance of fixed assets records
wherein the audit trail feature is not available as reported by auditor of the subsidiary.

The audit trail (edit log) facility was not enabled and maintained for software recording the financial transactions
for the period 1st April 2023 to 21/02/2024 and in respect of payroll expenses, sales transactions and priced store
ledger audit trail (edit log) facility enabling and operation throughout the year could not be commented in respect
of joint venture entity as reported by auditor of the joint venture entity.

Further, during the course of our audit, we and respective auditors of the joint venture, did not come across any
instance of audit trail feature being tampered with. The tempering of audit trail feature in respect of subsidiary
could not be commented as not reported by the auditor of the subsidiary.

As proviso to Rule 3(1) of the Companies (Accounts) Rule 2014 is applicable from April 2023, reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per statutory requirement for
record retention is not applicable for the financial year ended 31st March, 2024.

23. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s Report) Order, 2020 (the
“Order”/ “CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditor’s
report, according to the information and explanations given to us, and based on the CARO report issued by us and the
auditors of the subsidiary and joint venture company included in the consolidated financial statements of the company, to
which reporting under CARO is applicable, we report there are no qualifications or adverse remarks in these CARO reports
except for following:

Holding Company /
Sr Clause No of CARO which
Name of Company CIN Subsidiary/Associate /Joint
No. is qualified or adverse
Venture
1 Certification Engineers U74899DL1994GOI062371 Subsidiary 3(xiv) a
International Limited
2 Ramagundam Fertilisers U24100DL2015PLC276753 Joint Venture 3(ii) b and 3(ix) c
and Chemicals Limited

For Datta Singla & Co.

Chartered Accountants
Firm’s Registration No.: 006185N

Sd/-
VISHAKHA HARIT
Partner
Place: New Delhi Membership No.:096919
Date : 28th May 2024 UDIN: 24096919BKGXUN2652
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Annexure - A to the Independent Auditors’ Report

Referred to in Paragraph 22 (f) under the heading of “Report on Other Legal and Regulatory Requirements” in the Independent
Auditor’s Report of even date

Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3
of Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the Consolidated Financial Statements as of and for the year ended 31 March 2024, we have
audited the internal financial controls over financial reporting of ENGINEERS INDIA LIMITED “the Holding Company”) and
its subsidiary (the Holding Company and its subsidiary together referred to as “the Group”) and its joint venture, which are
companies incorporated in India, as of that date.

Management’s Responsibility for Internal Financial Controls

The respective Board of Directors/Management of the Holding Company, its subsidiary company and joint ventures, which
are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the
internal control over financial reporting criteria established by the respective Companies 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 (“ICAI’). 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 respective 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 Act.

Auditors’ Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Group and its jointly
controlled entities, 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”) issued by ICAI 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. 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 understanding of internal financial controls over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and audit evidence obtained by other auditors of the subsidiary and
joint venture which are companies incorporated in India, in terms of their report referred to in other matter paragraph below,
is sufficient and appropriate to provide a basis for our audit opinion on internal financial controls system over financial
reporting of the Group.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded
304
Engineers India Ltd Financial Statements
Annual Report 2023-24 Consolidated Independent Auditor’s Report

as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion
or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the
risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.

Opinion
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration
of the reports of other auditors referred to in Other Matters paragraph below, the Group and its jointly controlled entities,
which are companies incorporated in India, have, 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 2024,
based on the internal control over financial reporting criteria established by the respective companies 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.

Other Matters
Our aforesaid reports under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial
controls over financial reporting with reference to Consolidated Financial Statements, in so far as it relates to subsidiary and
jointly controlled entity which are companies incorporated in India, is based on the corresponding reports issued by auditors
of such companies, which do not disclose any material inadequacy in the internal financial controls over financial reporting

Our opinion is not modified in respect of the above matters.

For Datta Singla & Co.

Chartered Accountants
Firm’s Registration No.: 006185N

Sd/-
VISHAKHA HARIT
Partner
Place: New Delhi Membership No.:096919
Date : 28th May 2024 UDIN: 24096919BKGXUN2652
 305
Financial Statements
Cosolidated Statement of Balance Sheet & Profit & Loss

CIN: L74899DL1965GOI004352

Consolidated Balance Sheet

as at 31 March 2024
(J in Lakhs)

Note As at As at
Particulars
No. 31 March 2024 31 March 2023
I Assets
Non-Current Assets
(a) Property, Plant and Equipment 4 22,144.78 21,676.00
(b) Right-of-Use Assets 39 4,061.68 2,941.87
(c) Capital work-in-progress 4 3,592.71 2,591.70
(d) Investment Property 5 3,063.88 3,040.77
(e) Other Intangibles Assets 6A 488.45 230.18
(f) Intangible Assets under development 6B - -
(g) Investments accounted using equity method 7 A (i) 35,198.68 26,683.93
(h) Financial assets
(i) Investments 7 A (ii) 88,398.98 76,631.92
(ii) Loans 8A 9,591.66 7,249.23
(iii) Other Financial Assets 9A 260.23 3,271.19
(i) Deferred Tax Assets (net) 10 34,913.14 33,694.89
(j) Non-Current Tax Assets (net) 11 A 1,038.38 8,517.37
(k) Other Non-Current Assets 12 A 1,928.25 2,184.28
Total Non-Current Assets 2,04,680.82 1,88,713.33
Current Assets
(a) Inventories 13 61.74 115.05
(b) Financial Assets
(i) Investments 7B 15,257.12 14,542.39
(ii) Trade receivables 14 33,563.03 36,764.50
(iii) Cash and cash equivalents 15 25,066.06 6,348.03
(iv) Other Bank balances 16 96,807.62 1,03,287.37
(v) Loans 8B 1,859.36 1,408.19
(vi) Other Financial Assets 9B 60,183.71 47,754.26
(c) Current Tax Assets (net) 11 B - 44.78
(d) Other Current Assets 12 B 36,706.05 39,820.05
(e) Assets Held for Sale 64 1.61 1.61
Total Current Assets 2,69,506.30 2,50,086.23
Total Assets 4,74,187.12 4,38,799.56
II Equity and Liabilities
Equity
(a) Equity Share capital 17 28,102.13 28,102.13
(b) Other Equity 18 1,97,429.25 1,68,049.76
Equity attributable to the owners of the parent company 2,25,531.38 1,96,151.89
Non-controlling interests - -
Total Equity 2,25,531.38 1,96,151.89
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Lease Liabilities 39 1,939.53 1,288.07
(ii) Other Financial Liabilities 19 A 229.69 230.51
(b) Provisions 20 A 1,234.19 1,149.74
(c) Other Non-Current Liabilities 21 A 1,146.16 140.61
Total Non-Current Liabilities 4,549.57 2,808.93
Current Liabilities
(a) Financial Liabilities
(i) Lease Liabilities 39 1,362.10 600.01
(ii) Trade payables 22
Total outstanding dues of Micro Enterprises and Small Enterprises 7,849.63 8,569.64
Total outstanding dues of creditors other than Micro Enterprises and 36,517.96 26,092.98
Small Enterprises
(iii) Other Financial Liabilities 19 B 41,603.08 39,685.29
(b) Other Current Liabilities 21 B 81,136.96 91,244.98
(c) Provisions 20 B 75,277.02 73,490.61
(d) Current Tax Liabilities (net) 23 359.42 155.23
Total Current Liabilities 2,44,106.17 2,39,838.74
Total Equity and Liabilities 4,74,187.12 4,38,799.56
Summary of material accounting policies and accompanying notes form 1 to 69
an integral part of these financial statements.
This is the consolidated balance sheet referred to in our report of even date.
For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN : AHYPP2198P PAN : AHPPB4262M DIN : 09223617 DIN : 08777885
Place : New Delhi
Date : 28 May 2024
306
Engineers India Ltd Financial Statements
Annual Report 2023-24 Cosolidated Statement of Profit & Loss

CIN: L74899DL1965GOI004352

Consolidated Statement of Profit and Loss

for the year ended 31 March 2024 (J in Lakhs)

Note Year Ended Year Ended

Particulars
No. 31 March 2024 31 March 2023

Revenue
I Revenue From Operations 24 3,28,085.85 3,33,014.03
II Other Income 25 21,916.45 16,441.75
III Total Income (I+II) 3,50,002.30 3,49,455.78
Expenses
Techincal assistance/sub-contracts 26 1,21,329.16 1,19,381.75
Construction materials and equipments 27 48,302.18 64,221.15
Employee benefits expenses 28 98,544.38 95,348.82
Finance costs 29 304.58 150.35
Depreciation and amortisation expense 30 3,500.05 2,569.88
Other expenses 31 30,203.60 23,232.41
IV Total expenses 3,02,183.95 3,04,904.36
V Profit/(Loss) before exceptional items and tax (III-IV) 47,818.35 44,551.42
VI Exceptional Items - -
VII Profit before tax (V-VI) 47,818.35 44,551.42
VIII Less: Tax expense 32
(1) Current tax
- For the year 13,575.68 9,618.91
- For earlier years tax adjustments (net) (133.26) 11.57
(2) Deferred tax (1,640.20) 497.48
IX Profit for the year from continuing operations (VII-VIII) 36,016.13 34,423.46
X Profit/(Loss) from discontinued operations (After Tax) - -
XI Profit after tax (IX+X) 36,016.13 34,423.46
XII Share of Profit/(loss) in joint venture entities/Associates 8,509.65 203.20
XIII Profit for the year (XI+XII) 44,525.78 34,626.66
XIV Other Comprehensive Income
Items that will not be reclassified to profit and loss
- Re-measurement gains/(losses) on defined benefit plans (2,384.38) (1,328.42)
Income tax effect thereon that will not be reclassified to profit and loss 600.10 335.61
- Net gain / (loss) on Equity Shares Carried at Fair value through OCI 4,851.57 2,191.92
Income tax effect thereon that will not be reclassified to profit and loss (1,221.04) (551.66)
Items that will be reclassified to profit and loss
- Exchange differences on translation of foreign operations (175.42) 94.58
Income tax effect thereon that will be reclassified to profit and loss 44.15 (23.80)
XV Total Comprehensive Income for the year (XIII+XIV) 46,240.76 35,344.89
XVI Profit for the year attributable to
Owners of the Parent Company 44,525.78 34,626.66
Non-controlling interests - -
44,525.78 34,626.66
XVII Other comprehensive income attributable to
Owners of the Parent Company 1,714.98 718.23
Non-controlling interests - -
1,714.98 718.23
XVIII Total comprehensive Income for the year attributable to
Owners of the Parent Company 46,240.76 35,344.89
Non-controlling interest - -
46,240.76 35,344.89
XIX Earnings per equity share (Face value H 5 per share) 33
(for continuing and discontinued operations)
Basic (H) 7.92 6.16
Diluted (H) 7.92 6.16
Summary of material accounting policies and accompanying notes form 1 to 69
an integral part of these financial statements.
This is the consolidated statement of profit and loss referred to in our report of even date.
For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN : AHYPP2198P PAN : AHPPB4262M DIN : 09223617 DIN : 08777885
Place : New Delhi
Date : 28 May 2024
 307
Financial Statements
Cosolidated Statement of Changes in Equity & Cash Flow

CIN: L74899DL1965GOI004352

Consolidated Statement of Changes in Equity

for the year ended 31 March 2024

A Equity Share Capital*

(J in Lakhs)
Particulars 2023-24 2022-23
Balance at the beginning of the year 28,102.13 28,102.13
Changes in Equity share capital due to prior period errors - -
Restated Balance at the beginning of the reporting period - -
Changes in equity share capital during the year :
Addition of equity share capital during the year - -
Redemption of equity share capital during the year (Buy Back of Shares) - -
Balance at the end of the year 28,102.13 28,102.13

B Other equity**
(J in Lakhs)

Other Comprehensive
Reserves and surplus
Income
Corpus for Net gain
Medical Exchange / (loss) Attributable
Benefits difference on Equity to Non
Description Capital Capital CSR Total
General Retained for on Shares Controlling
Redemption Reserve on activity
reserve Earnings^ Employees translation carried at Interest
reserve Consolidation reserve
retired of foreign Fair Value
prior to operation through
01.01.2007 OCI

Balance as at 1 April 2022 1,42,193.51 5,591.54 880.00 (4,714.77) 1,120.56 421.97 94.46 3,314.68 - 1,48,901.95
Profit for the year - - - 34,626.66 - - - - - 34,626.66
Other comprehensive income - - - (1,328.42) - - 94.58 2,191.92 - 958.08
Income tax related to items of - - - 335.61 - - (23.80) (551.66) - (239.85)
other comprehensive income
Dividend (refer note 37) - - - (16,861.27) - - - - - (16,861.27)
Share Issue Expenses in Joint - - - (0.53) - - - - - (0.53)
Venture
Change in Ownership interest - - - 664.72 - - - - - 664.72
in Joint Venture
Transfer from retained earnings 19,412.43 - - (21,043.59) 971.10 660.06 - - - -
Transfer to retained earnings - - - 1,610.13 (1,132.16) (477.97) - - - -
Balance as at 31 March 2023 1,61,605.94 5,591.54 880.00 (6,711.46) 959.50 604.06 165.24 4,954.94 - 1,68,049.76
Profit for the year - - - 44,525.78 - - - - - 44,525.78
Other comprehensive income - - - (2,384.38) - - (175.42) 4,851.57 - 2,291.77
Income tax related to items of - - - 600.10 - - 44.15 (1,221.04) - (576.79)
other comprehensive income
Dividend (refer note 37) - - - (16,861.27) - - - - - (16,861.27)
Share Issue Expenses in Joint - - - - - - - - - -
Venture
Change in Ownership interest - - - - - - - - - -
in Joint Venture
Transfer from retained earnings 17,388.15 - - (18,870.10) 776.34 705.61 - - - -
Transfer to retained earnings - - - 2,324.15 (1,623.27) (700.88) - - - -
Balance as at 31 March 2024 1,78,994.09 5,591.54 880.00 2,622.82 112.57 608.79 33.97 8,585.47 - 1,97,429.25
*Refer note 17 for details
**Refer note 18 for details

^ Includes accumulated Gain/(Loss) on account of remeasurements of Defined Benefit Plans.

This is the consolidated statement of changes in equity referred to in our report of even date.

For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN : AHYPP2198P PAN : AHPPB4262M DIN : 09223617 DIN : 08777885
Place : New Delhi
Date : 28 May 2024
308
Engineers India Ltd Financial Statements
Annual Report 2023-24 Cosolidated Statement of Cash Flows

CIN: L74899DL1965GOI004352

Consolidated Cash Flow Statement

for the year ended 31 March 2024
(J in Lakhs)
Year Ended Year Ended
Particulars
31 March 2024 31 March 2023

A CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax 47,818.35 44,551.42
Adjustments for:
Depreciation and amortisation expense 3,500.05 2,569.88
Fixed assets written off 22.79 18.18
Deposits/ other assets written off 0.46 20.64
Bad debts written off 7.87 162.65
Dry well written off 425.09 -
Allowance for expected credit losses - trade receivables and advances (net) (1,764.26) 2,545.50
Provision for Impairment of Exploration Expenditure (501.72) 34.24
Provision Employees' post retirement/long-term benefits (3,689.93) (2,967.66)
Provision for corporate social responsibility 94.33 46.99
(Reversal of provision)/provision for contractual obligations (net) 3,083.64 (3,926.08)
(Reversal of provision)/provision for expected losses (net) (8.08) 8.27
Interest expense 304.58 150.35
(Profit)/loss on sale of fixed assets 0.95 (6.20)
Interest income (14,511.64) (7,160.57)
Loss/(gain) on modification of employee advances (555.31) (141.44)
Loss/(gain) on modification of Leases (0.34) (3.83)
Amortization of deferred income (38.30) (31.35)
Capital gain from investments in mutual funds (924.38) (376.30)
Dividend income (2,958.96) (5,464.98)
Operating profit before changes in Assets and Liabilities 30,305.19 30,029.71
Movement in Assets and Liabilities
(Increase)/decrease in Trade and Other Receivables (6,085.15) (32,822.92)
(Increase)/decrease in inventories 53.31 117.28
Increase/(decrease) in Trade and Other Payables 3,484.92 4,871.70
Cash flow from operations 27,758.27 2,195.77
Income tax paid (net) (5,561.97) (13,468.55)
Net cash flow from operating activities (A) 22,196.30 (11,272.78)
B CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, investment property, intangibles assets (3,400.09) (3,470.32)
and intangible assets under development (including capital work-in-progress)
Sale of fixed assets 9.95 23.07
Interest received 13,765.57 6,406.97
Dividend received 2,958.96 5,464.98
Receipt of Capital Grant - 8.72
Investment in liquid plans of mutual funds (net) 209.65 (5,649.69)
Fixed deposit placed with banks having original maturity of more than three months (1,00,454.41) (1,65,870.05)
Fixed deposit with banks matured having original maturity of more than three months 1,08,330.76 1,95,294.21
Other Investment (unquoted Equity Shares) (6,915.49) -
Net cash flows from investing activities (B) 14,504.90 32,207.89
 309
Financial Statements
Notes to financial statements

CIN: L74899DL1965GOI004352

Consolidated Cash Flow Statement (Contd.)

for the year ended 31 March 2024
(J in Lakhs)
Year Ended Year Ended
Particulars
31 March 2024 31 March 2023

C CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid (16,861.27) (16,861.27)
Payment of Lease Liabilities (1,121.90) (706.94)
Net cash used in financing activities (C) (17,983.17) (17,568.21)
Increase/(decrease) in cash and cash equivalents (A+B+C) 18,718.03 3,366.90
Cash and cash equivalents at the begining of the year (refer note 15) 6,348.03 2,981.13
Cash and cash equivalents at the end of the year (refer note 15) 25,066.06 6,348.03

This is the consolidated cash flow statement referred to in our report of even date.
For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN : AHYPP2198P PAN : AHPPB4262M DIN : 09223617 DIN : 08777885
Place : New Delhi
Date : 28 May 2024
310
Engineers India Ltd

Annual Report 2023-24

Summary of Material Accounting Policies to the

Consolidated Financial Statements
for the year ended 31 March 2024

1. NATURE OF PRINCIPAL ACTIVITIES

Engineers India Limited and its subsidiary are a Government of India Enterprise under Ministry of Petroleum and Natural Gas.

The Group is principally engaged in providing design, engineering, procurement, construction, and integrated project
management services primarily for oil, gas, fertilizers, steel, railways, power, infrastructure and petrochemical industries and
manufacturing and sale of ammonia and urea. It operates into two major segments namely Consultancy and engineering
projects and Turnkey projects. It also offers certification, recertification, third party inspection services, supply chain management
services, heat and mass transfer equipment design, environmental engineering, specialist materials and maintenance, plant
operations, safety services and safety audits for offshore and onshore oil and gas facilities and other qualitative sensitive
sectors of the industry.

2. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE

The consolidated financial statements comprise financial statements of Engineers India Limited (referred to as “EIL” or
“the Company” or “Parent Company”) (CIN: L74899DL1965GOI004352) and its subsidiaries, associates and joint ventures
(collectively, the Group) for the year ended 31 March 2024.

The Company is a public Company headquartered in India having its registered office situated at 1 Bhikaji Cama Place,
New Delhi 110066, India. The shares of the Company are listed on National Stock Exchange and Bombay Stock Exchange.

The consolidated financial statements of the Group have been prepared in accordance with Indian Accounting Standards (Ind
AS) notified under the Companies (Indian Accounting Standards) Rules, 2015, and relevant amended rules issued thereafter.
The Group has uniformly applied the accounting policies during the period presented.

The consolidated financial statements for the year ended 31 March 2024 were authorized and approved for issue by the
Board of Directors on 28 May 2024.

3. SUMMARY OF MATERIAL ACCOUNTING POLICIES

A. OVERALL CONSIDERATIONS
The consolidated financial statements have been prepared using the material accounting policies and measurement
bases that are in effect as at 31 March 2024.

The consolidated financial statements are prepared on going concern basis under the historical cost convention
except for assets and liabilities which have been measured at fair value such as certain financial assets and financial
liabilities and such basis is disclosed in the relevant accounting policy.

The consolidated financial statements are presented in INR and all values are rounded to the nearest lakh (upto two
decimals), except when otherwise indicated.

B. BASIS OF CONSOLIDATION
The consolidated financial statements comprise those of the Parent Company, its subsidiary, associates and joint
ventures as at 31 March 2024. Subsidiaries are all entities over which the Group has the power to control the financial
and operating policies. The Group controls an investee when it has–

a) power over the investee;

b) exposure, or rights to variable returns from its involvement with the investee; and

c) the ability to use its power over the investee to affect the amount of the investors’ returns.
 311
Financial Statements
Notes to financial statements

The particulars of subsidiaries considered in the consolidated financial statements are as under:

Country of
S.No. Name of the Entity Relationship 31 March 2024 31 March 2023
Incorporation
1 Certification Engineers India Subsidiary 100% 100%
International Limited

The financial statements of all the entities used in the consolidation have reporting date of 31 March. In case
of associate, where the reporting period is different from that used by the Parent Company, which is not more
than three months, adjustments are made for the effect of significant transactions or events that occur between
the reporting date of associate and the date of the Company’s Consolidated Financial Statements.

All transactions and balances between Group companies are eliminated on consolidation, including unrealized
gains and losses on transactions between Group companies. Where unrealized losses on intra-group asset sales
are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective.

The consolidated financial statements have been prepared using uniform accounting policies, for like
transactions and other events in similar circumstances and are presented to the extent possible, in the same
manner as the Parent Company’s standalone financial statements.

Profit or loss and each component of other comprehensive income (‘OCI’) are attributed to the equity holders of
the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests
having a deficit balance.

Profit or loss and other comprehensive income of subsidiaries acquired or disposed off are recognized from the
effective date of acquisition, or up to the effective date of disposal, as applicable.

C. INVESTMENT IN JOINT VENTURES, ASSOCIATES AND JOINT OPERATIONS

The Company has investment in joint ventures with ownership interest ranging 26 to 50 percent that the Company
controls jointly with one or more other investors, and over which the Company has rights to a share of the
arrangement’s net assets rather than direct rights to underlying assets and obligations for underlying liabilities.
Further, decisions about the relevant activities require the unanimous consent of the parties sharing control.

The Company holds 20% of the voting power of the investee and has the power to participate in the financial and
operating policy decisions of the investee i.e., has significant influence.

The particulars of joint venture and associate considered in the consolidated financial statements are as under:

Country of
S.No. Name of the Entity Relationship 31 March 2024 31 March 2023
Incorporation
1 TEIL Projects Limited India Joint Venture 50% 50%
(Under Liquidation)
2 Ramagundam Fertilizers & India Joint Venture 26.00% 26.00%
Chemicals Limited
3 LLC Bharat Energy Office Russia Associate 20% 20%

The Company’s investments in its joint ventures and associate are accounted for using the equity method.

The carrying amount of the investment in joint ventures and associates is increased or decreased to recognize
the changes in the Group’s share of the profit or loss and other comprehensive income of the joint venture and
associate. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested
for impairment individually.

The statement of profit and loss reflects the Group’s share of the results of operations of the associate and joint
venture. Any change in OCI of those investees is presented as part of the Group’s OCI.

The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the
statement of profit and loss.
312
Engineers India Ltd

Annual Report 2023-24

After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on
its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective
evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the
amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying
value, and then recognises the loss as ‘Share of profit of an associate and a joint venture’ in the statement of profit and loss.

A joint operation is one whereby the jointly controlling parties, known as the joint operators, have rights to the assets,
and obligations for the liabilities, relating to the arrangement. A joint operation is generally not structured through a
separate legal vehicle. Joint operations are accounted using the proportionate consolidation method.

The particulars of joint operations considered in the consolidated financial statements are as under:

Country of
S.No. Name of the Entity Relationship 31 March 2024 31 March 2023
Incorporation
1 Oil And Gas Exploration And India Joint Operation 23.53% 23.53%
Production Block No.
CB-ONN-2010/11
2 Oil And Gas Exploration And India Joint Operation 22.22% 22.22%
Production Block No.
CB-ONN-2010/8

D. REVENUE RECOGNTION
REVENUE RECOGNTION
Revenue from contracts with customers is recognised upon transfer of control of promised services to customers
in an amount that reflects the consideration which the Group expects to receive in exchange for those services.
The services performed by the Group fall into the criteria of the transfer of control over a period of time and hence,
revenue is recognized over a period of time.

Revenue is measured based on the transaction price, which is the consideration, adjusted for variable considerations,
if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.

Arrangements with customers are either on a cost plus, rate plus jobs, lump sum services, turnkey contracts and
Inspection contracts.

Revenue from services is accounted as follows:

i) In the case of cost plus and rate plus jobs on the basis of services rendered and amount billable under the contract.

ii) In the case of lump sum services and turnkey contracts, consideration of the respective contract agreed with
the customer multiplied by proportion of actual direct costs of the work performed to latest estimated total
direct cost of the work performed i.e. percentage completion method.

iii) In the case of inspection contracts providing for a percentage fee on project cost, on the basis of physical
progress duly certified.

Contract modifications are accounted for when additions, deletions or changes are approved either to the contract
scope or contract price (or both). The accounting for modifications of contracts involves assessing whether the services
added to an existing contract are distinct and whether the pricing is at the standalone selling price. Services added
that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for
prospectively, either as a separate contract, if the additional services are priced at the standalone selling price, or as
a termination of the existing contract and creation of a new contract if not priced at the standalone selling price.

Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses
become probable based on the expected contract estimates at the reporting date.

Other claims including interest on outstanding are accounted for when there is probability of ultimate collection.

TURNOVER/WORK-IN-PROGRESS
a) No income has been taken into account on jobs for which:
 313
Financial Statements
Notes to financial statements

(i) The terms of consideration receivable by the Group have not been settled and/or scope of work has not
been clearly defined and therefore, it is not possible in the absence of settled terms to determine whether
there is a profit or loss on such jobs. However, Expenditures incurred by the Group during the year are
recognised as revenue. Further, in cases where minimum undisputed terms have been agreed to by the
clients, income has been accounted for on the basis of such undisputed terms though the final terms are
still to be settled.

(ii) The terms have been agreed to at lumpsum services/turnkey contracts and outcome of job cannot be
estimated reliably.

b) The cost of such jobs as stated in ‘a’ above is carried forward as work-in- progress at actual direct cost.

DIVIDEND INCOME
Dividend on units/shares is accounted for when right to receive payment is established.

INTEREST INCOME ON INCOME TAX REFUND

Interest on income tax refund is accounted for upon receipt of such interest.

(Refer note 46 of consolidated financial statements for accounting treatment in respect of unbilled revenue, income
received in advance (contract liabilities) and performance related obligations.

E. INTANGIBLE ASSETS
Recognition
Intangible assets (softwares) are stated at their cost of acquisition less accumulated amortization less
impairment, if any.

Subsequent measurement (amortisation)

The cost of capitalized software is amortized over a period of three years from the date of its acquisition. However,
software individually costing upto H 5 lakhs is fully amortized during the year of its acquisition.

The amortisation period and the amortisation method of software are reviewed at least at the end of each
reporting period.

The residual value of software is considered as nil. Day to day maintenance of intangibles is charged to the Statement
of Profit and Loss.

Exchange difference arising on translation of foreign operations pertaining to intangible assets are added/deducted
from the Gross block of Intangible assets.

De-recognition
An intangible asset is derecognised upon disposal or when no future economic benefits are expected from its
use or disposal.

F. PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK IN PROGRSS

Recognition
Properties plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses,
if any. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. The cost of property, plant
and equipment comprises purchase price, borrowing cost (if capitalization criteria are met), directly attributable cost
of bringing the asset to its working condition for the intended use and the present value of the initial estimate of any
decommissioning or site abandonment obligation, wherever applicable. Any trade discount and rebates are deducted
in arriving at the cost of property, plant and equipment. When significant parts of plant and equipment are required
to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. The cost of any
software purchased initially along with the computer hardware is being capitalized along with the cost of the hardware.
Any subsequent acquisition/up-gradation of software is being capitalized as an intangible asset.

Whenever any new office space is acquired and partitions/fixtures and fittings are provided to make it suitable for
use, the expenditure on the same is capitalized as furniture fixtures and depreciation is charged thereon. When
significant parts of the property are required to be replaced at intervals, the Group depreciates them separately
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based on their specific useful lives. All other repair and maintenance costs are recognised in statement of profit and
loss as incurred.

Subsequent measurement (depreciation)

Depreciation on Property, plant and equipment is charged on straight line method either on the basis of rates arrived at
with reference to the useful life of the assets evaluated by the Committee consisting of technical experts and approved
by the management or rates arrived at based on the useful life prescribed under Part C of Schedule II of the Companies
Act, 2013, whichever is higher. Refer Note 43 for the useful life of various assets under PPE.

100% depreciation is provided on library books in the year of purchase.

Property, plant and equipment individually costing less than INR 5,000 are fully depreciated in the year of acquisition.

Residual value of property plant and equipment is upto 5% of the original cost till such assets is disposed.

The residual values, useful lives and method of depreciation of property, plant and equipment are reviewed at each
financial year end and adjusted prospectively.

De-recognition
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition
of the asset is recognised in the statement of profit and loss when the asset is derecognised.

Physical verification of the property, plant and equipment is carried out by the Group in a phased manner to cover all
the items over a period of three years. The discrepancies noticed, if any, are accounted for in the year in which such
differences are found, after obtaining the requisite approvals.

G. LEASES
Group as a lessee
The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group
assesses whether: (i) the contract involves the use of an identified asset (ii) the Group has substantially all of the
economic benefits from use of the asset through the period of the lease and (iii) the Group has the right to direct the
use of the asset.

The Group determines the lease term as the non-cancellable period of a lease, together with both periods covered
by an option to extend the lease if the Group is reasonably certain to exercise that option; and periods covered by
an option to terminate the lease if the Group is reasonably certain not to exercise that option. In assessing whether
the Group is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a
lease, it considers all relevant facts and circumstances that create an economic incentive for the Group to exercise
the option to extend the lease, or not to exercise the option to terminate the lease.

At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding
lease liability for all lease arrangements.

The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a
lease term of twelve months or less from the commencement date and do not contain a purchase option) and low
value exemption for low value leases. For these short-term and low value leases, the Group recognizes the lease
payments as an operating expense on a straight-line basis over the term of the lease.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for
any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease
incentives. They are subsequently measured at cost less accumulated depreciation, and impairment losses, if any.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the
lease term and useful life of the underlying asset except for perpetual lease. Right of use assets are tested for
impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss,
if any, is recognised in the statement of profit and loss.
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The lease liability is initially measured at amortized cost at the present value of the future lease payments. In calculating
the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been
classified as financing cash flows.

The carrying amount of Right of use assets and lease liabilities is adjusted for early termination of lease.

Group as a lessor
Operating lease
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are
classified as operating leases. Assets leased out under operating leases are capitalized.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub lease separately.
The sublease is classified as a finance lease or operating lease by reference to the right of use asset arising from
the head lease.

Rental income from operating leases is recognized on straight line basis over the lease term.

H. INVESTMENT PROPERTIES
Recognition
Investment properties are properties held to earn rentals or for capital appreciation, or both. Investment properties
are stated at cost, net of accumulated depreciation, and accumulated impairment losses, if any. The cost comprises
purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its
working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price. An
investment property held as right-of use asset are measured initially at its cost in accordance with Ind AS 116.

When significant parts of the property are required to be replaced at intervals, the Group depreciates them separately
based on their specific useful lives. All other repair and maintenance costs are recognised in statement of profit and
loss as incurred.

Subsequent measurement (depreciation)

Depreciation on investment properties is charged on straight line method, either on the basis of rates arrived
at with reference to the useful life of the assets evaluated by the Committee consisting of technical experts and
approved by the management or rates arrived at based on useful life prescribed under Part C of Schedule II of the
Companies Act, 2013, whichever is higher (refer note 43 for the useful life of various categories of assets, classified
as investment property).

Premium paid on land where lease agreements have been executed for specified period are written off over the
period of lease proportionately.

Transfers are made to (or from) investment properties only when there is an actual change in use of such property
rather than the intended change and there is evidence of the change in use. Transfers between investment property,
owner-occupied property do not change the carrying amount of the property transferred.

De-recognition
Investment properties are derecognised either when they have been disposed off or when they are permanently
withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net
disposal proceeds and the carrying amount of the asset is recognised in statement of profit and loss in the year of
de-recognition.

I. FOREIGN CURRENCY
Functional and presentation currency
The consolidated financial statements are presented in INR, which is also the functional currency of the
Parent Company.
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Foreign currency transactions and balances

Initial recognition
Foreign currency transactions are accounted for at average monthly rates based on market rates for preceding
month in respect of Pound Sterling, US Dollars, Euro, Australian Dollar, Canadian Dollar, Swiss Franc and Japanese
Yen and in respect of other currencies at Government rates prevailing in the month. However, foreign currency
transactions in respect of sub-contractors/vendors are recorded at bank rate prevailing on the date of transaction.

Conversion
Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non-
monetary items which are measured in terms of historical cost denominated in a foreign currency are reported using
the exchange rate at the date of the transaction.

Assets and liabilities of foreign operations are translated into INR using the exchange rate prevailing at the balance
sheet date and their statement of profit and loss are translated at exchange rates prevailing at the dates of the
transactions. For practical reasons, the Group uses an average exchange rate for previous month.

Exchange differences
Exchange differences arising on the settlement of monetary items, or on reporting such monetary items at rates
different from those at which they were initially recorded during the year, or reported in previous financial statements,
are recognized as income or as expenses in the year in which they arise.

For the foreign operation of the Group, exchange differences arising on translation are recognised under other
comprehensive income as exchange differences on translation of foreign operations and accumulated under the
head other equity.

J. IMPAIRMENT OF NON-FINANCIAL ASSETS

Impairment of cash generating assets are reviewed for impairment whenever an event or changes in circumstances
indicate that carrying amount of such assets may not be recoverable. If such assets are considered to be impaired,
the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the
fair value of assets.

Impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable
amount since the last impairment loss was recognised. If it is found that some of the impairment losses already recognized
needs to be reversed the reversals are recognized in the statement of profit and loss in the year of reversal and is restricted
to the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would
have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.

K. FINANCIAL INSTRUMENTS
Financial assets
Initial recognition and measurement
All financial assets are recognized initially at fair value, plus in case of financial assets not recorded at fair value through
profit or loss (FVTPL), transaction cost that are directly attributable to the acquisition of the financial asset, except for
trade receivables which are initially measured at transaction price.

Subsequent measurement
The Group determines the classification of its financial assets based on its business model for managing the
financial assets and the contractual terms of the cash flows. The Group’s financial assets are classified into the
following categories: -

those to be measured at fair value (either through other comprehensive income or through profit or loss).
These includes equity securities at fair value through other comprehensive income (FVTOCI) and investment in
mutual fund at fair value through profit or loss (FVTPL).

those to be measured at amortized cost using the effective interest rate (EIR) method. These comprises trade
receivables, loan receivables, security deposit, deposit with banks, unbilled revenue, retention against contracts,
cash and bank balances, other assets, and receivables.
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On initial recognition, the Group has made an irrevocable election to present the subsequent changes in fair value
through other comprehensive income for equity instruments (other than subsidiaries, joint ventures and associates)
that are not held for trading.

De-recognition of financial assets

A financial asset is primarily de-recognised when the contractual rights to receive cash flows from the asset have
expired or the Group has transferred its rights to receive cash flows from the asset.

Financial liabilities
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and transaction cost that is attributable to the acquisition of
the financial liabilities is also adjusted.

Subsequent measurement
The Group’s financial liabilities are subsequently measured at amortised cost using the effective interest method
which mainly include lease liabilities, trade payables, security deposit, retentions, and other liabilities.

De-recognition of financial liabilities

A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis,
to realize the assets and settle the liabilities simultaneously.

Forward contracts
A forward contract is recognised as an asset or a liability on the commitment date. Outstanding forward contracts
as at reporting date are restated using the mark to market information and resultant gain/(loss) is accounted in
statement of profit and loss.

L. IMPAIRMENT OF FINANCIAL ASSETS

In accordance with Ind-AS 109, the Group applies Expected Credit Loss (ECL) model for measurement and recognition
of impairment loss for financial assets.

ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and
all the cash flows that the Group expects to receive. When estimating the cash flows, the Group is required to consider –

All contractual terms of the financial assets (including prepayment and extension) over the expected
life of the assets.

Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

Trade receivables and contract assets

As a practical expedient the Group has adopted ‘simplified approach’ using the provision matrix method for recognition of
expected loss on trade receivables. The provision matrix is based on historical default rates observed over the expected life
of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical default rates
are updated and changes in the forward-looking estimates are analysed. Further receivables are segmented for this analysis
where the credit risk characteristics of the receivable are similar.

Expected credit loss on contract assets is determined based on management judgement.

Other financial assets

For recognition of impairment loss on other financial assets and risk exposure, the Group determines whether there
has been a significant increase in the credit risk since initial recognition and if credit risk has increased significantly,
impairment loss is provided.
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M. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the Group has a present obligation as a result of past event and it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation, based on all the relevant facts, available at the end of the reporting
period. Provisions are determined based on the best estimate of the consideration required to settle the obligation
at the reporting date, taking into account the risks and uncertainties surrounding the obligation. These estimates are
reviewed at each reporting date and adjusted to reflect the current best estimates.

The provision for estimated liabilities on account of guarantees and warranties etc. in respect of lumpsum services
and turnkey contracts awarded to the Group are being made on the basis of management’s assessment of risk and
consequential probable liabilities on each such jobs.

Provisions are discounted to their present values, where the time value of money is material.

Contingent Liabilities are possible obligation arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Group or a present obligation that arises from past events but is not recognized because it is not probable that an
outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the
obligation cannot be estimated reliably, the obligation is disclosed as measured with sufficient reliability. Where it
is not probable that a present obligation exists, the Group discloses contingent liability unless the possibility of an
outflow of resources embodying economic benefits is remote.

Contingent liabilities relating to direct taxes, indirect taxes, financial liabilities, legal cases and others, whether disputed
or not, are disclosed on the basis of judgment of the management using the above policy backed by independent
expert’s opinion/guidance, wherever required and reviewed at year end to reflect the current management estimate.

In respect of disputed cases, wherein the Group has lost the case in any forum including in arbitration, if the
management determines that there is no present obligation, on the basis of evidence available (including expert’s
opinion), the same is disclosed as a contingent liability, unless the possibility of outflow of resources is remote.

Refer note 40 for the detailed discussion on the nature of contingent liabilities of the Group existing as on the
balance sheet date.

N. GOVERNMENT GRANTS
Government grants are recognized where there is reasonable assurance that the grant will be received, and all
attached conditions will be complied with.

Government grants related to a revenue item, are recognized in statement of profit and loss as a deduction from
related reported expense.

Government grants related to an asset are recognized as deferred income in the balance sheet and are recognised
as income in the ratio of depreciation over the expected useful life of the related asset.

When the Group receives grant as a non-monetary asset, the asset and the grant are recorded at fair value. The amount is
then recognised in statement of profit and loss over the expected useful life in a pattern of consumption of the benefit of
the underlying asset.

O. OIL AND GAS EXPLORATION ACTIVITIES

The Group follows ‘Successful Efforts Method’ in accounting for Oil and Gas exploration and production activities as
detailed below:

Survey costs are charged as expense in the year of its incurrence.

Acquisition costs, cost of incomplete/undecided exploratory wells and development costs are carried as
intangible assets under development till these are either transferred to producing properties on completion or
expensed in the year when determined to be dry, as the case may be.

The Group share of proved oil and gas reserves are disclosed when notified by the operator of the relevant block.
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Financial Statements
Notes to financial statements

The Group proportionate share in the assets, liabilities, income and expenditure of jointly controlled assets are
accounted for as per the participating interest.

Capitalization of Producing Properties

Producing Properties are capitalised as “completed wells/producing wells” when the wells in the area/field are ready
to commence commercial production on establishment of proved developed Oil and Gas reserves.

Cost of Producing Properties includes cost of successful exploratory wells, developed wells, initial depreciation of
support equipment & facilities and estimated future abandonment cost.

Depletion of producing Properties

Producing Properties are depleted using the “Unit of Production Method (UOP)”. The depletion or unit of production
charged for all the capitalized cost is calculated in the ratio of production during the year to the proved developed
reserves at the year end.

Production Cost of producing Properties

Group share of production costs as indicated by Operator consists of pre well head and post well head expenses
including depreciation and applicable operating cost of support equipment and facilities.

P. RESEARCH AND DEVELOPMENT EXPENDITURE

Revenue expenditure on Research and Development is charged to statement of profit and loss in the year
the expenditure is incurred. Capital Expenditure on Research and Development is capitalized under property,
plant and equipment.

Q. FINANCIAL GUARANTEES
Financial guarantee contracts
Financial guarantee contracts are those contracts that require a payment to be made to reimburse the holder for
a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a
debt instrument.

Initial recognition
Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee.

Subsequent recognition
Subsequently, the liability is measured at the higher of the amount of expected loss allowance determined as per
impairment requirements of Ind-AS 109 and the amount recognised less cumulative amortisation.

R. INVENTORIES
Inventories in respect of stores, spares and chemicals etc. are valued at lower of cost and net realizable value.

Cost is determined on “First In, First Out” basis.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
and estimated costs necessary to make the sale.

Physical verification of inventory including store and spare items (excluding materials in-transit) is carried out by the
Group annually. The discrepancies noticed, if any, are accounted for in the year in which such differences are found.

S. INCOME TAXES
Tax expense recognized in statement of profit and loss comprises the sum of deferred tax and current tax except the
ones recognized in other comprehensive income or directly in equity.

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. Calculation of current tax is based on tax rates and tax laws that have been enacted for the
reporting period.
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Current income tax relating to items recognised outside profit and loss is recognised outside profit and loss (either
in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in other comprehensive income or directly in equity.

Management evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations
are subject to interpretation and establish provisions, wherever applicable.

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are
recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be
utilized against future taxable income. This is assessed based on forecast of future operating results, adjusted for
significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset
is realised, or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted
at the reporting date. Deferred tax relating to items recognised outside profit and loss is recognised outside profit
and loss (either in other comprehensive income or in equity).

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognised to the extent
that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

The Group offsets deferred tax assets and deferred tax liabilities as it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which
intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected
to be settled or recovered.

T. CASH AND CASH EQUIVALENTS

Cash comprises cash on hand and demand deposits i.e., balances held with banks in current accounts for unrestrictive
use. Cash equivalents are short term, highly liquid investments that are readily convertible into known amount
of cash and which are subject to an insignificant risk of changes in value. The Group considers unrestrictive time
deposits with banks having an original maturity of three months or less as cash equivalent.

U. POST-EMPLOYMENT BENEFITS, LONG-TERM AND SHORT-TERM EMPLOYEE BENEFITS

Defined benefit plans
Under the defined benefit plans, the amount that an employee will receive on retirement is defined by reference
to the employee’s length of service and final salary. The legal obligation for any benefits remains with the Group,
even if plan assets for funding the defined benefit plan have been set aside. Plan assets may include assets
specifically designated to a long-term benefit fund as well as qualifying insurance policies. Defined benefit plans
include gratuity, provident fund, leave encashment, post-retirement medical benefit, long service awards and other
retirement benefit plans.

The liability recognised in the statement of financial position for defined benefit plans is the present value of the
Defined Benefit Obligation (DBO) at the reporting date less the fair value of plan assets.

Management estimates the DBO annually with the assistance of independent actuaries using the projected unit credit
method. Remeasurements, comprising of actuarial gains/losses, the effect of the asset ceiling, excluding amounts included
in net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined
benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings
through included in other comprehensive income in the period in which they occur. Remeasurements are not reclassified
to profit or loss in subsequent periods.

The current service cost is recognized in the statement of profit and loss under ‘employee benefits expense’.

Net interest which is recognized in the statement of profit and loss under ‘employee benefits expense’ represents
the net change in present value of plan obligations and the value of plan assets resulting from the passage of time,
and is determined by applying the discount rate to the present value of the benefit obligation and to the fair value
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Notes to financial statements

of plan assets at the beginning of the year, taking into account expected changes in the obligation or plan assets
during the year.

Other long-term benefits

The liabilities for leave (earned and half pay leave) not expected to be settled wholly within 12 months after the end
of the period in which the employees render the related service. The Group has secured these liabilities against
the plan assets. The liability is recognised in the statement of financial position basis the present value of expected
future payments to be made in respect of services provided by employees upto the end of reporting period (using
the projected unit credit method) less the fair value of plan assets.

Liability in respect of long-service awards is recognised in the statement of financial position basis the present value
of expected future payments to be made in respect of services provided by employees up to the end of reporting
period (using the projected unit credit method).

Short-term employee benefits

Short term benefits comprising of employee costs such as salaries, bonus etc. are accrued in the year in which the
associated service is rendered by employees.

Defined contribution plans

Contributions with respect to pension scheme and superannuation fund are made to the trust set-up by the Group
for the purpose and are charged to the statement of profit and loss, when employees have rendered service entitling
them to the contributions.

Other benefits
Voluntary retirement expenses are charged to statement of profit and loss in the year of its incurrence.

V. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders of Parent Company (after deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period. The weighted average number of equity shares outstanding during the period
is adjusted for events including a bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects
of all dilutive potential equity shares.

W. RECENT ACCOUNTING PRONOUNCEMENT

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended
the Companies (Indian Accounting Standards) Amendment Rules, 2023. Following are the amendments which are
applicable on the Group:

Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material
accounting policies rather than their significant accounting policies and adding guidance on how entities apply the
concept of materiality in making decisions about accounting policy disclosures. The effective date for adoption of this
amendment is annual periods beginning on or after April 1, 2023.
The amendments have an impact on the Group’s disclosures of accounting policies, but not on the measurement,
recognition or presentation of any items in the consolidated financial statements.

For the year ended March 31,2024, MCA has not notified any new standards or amendments to the existing standards
applicable to the Group.

X. SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION

UNCERTAINTY
Significant management judgements
When preparing the consolidated financial statements, management undertakes a number of judgements, estimates
and assumptions about the recognition and measurement of assets, liabilities, income and expenses, accompanying
disclosures (including disclosure of contingent liabilities).
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The following are significant management judgements in applying the accounting policies of the Group that have the
most significant effect on the consolidated financial statements.

Revenue – For Lumpsum services and Turnkey Contracts, the Group recognises revenue using the percentage
completion method. Use of the percentage completion method requires the Group to estimate the cost incurred
relative to total expected cost to the satisfaction of performance obligation. This requires estimates to be made of
the outcomes of long-term construction and service contracts, which require assessments and judgements to be
made on changes in work scopes, balance efforts, cost and time to complete the contract including probability of levy
for liquidated damages and price reduction for delay to the extent they are probable and they are capable of being
reliably measured. Cost and time incurred have been used to measure progress towards completion as there is a
direct relationship between input and satisfaction of performance obligation.

Recognition of deferred tax assets – The extent to which deferred tax assets can be recognized is based on an
assessment of the probability of future taxable income against which the deferred tax assets can be utilized.

Property lease classification as a lessor- The Group has entered into leases for office/residential premises. The
Group has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease
term not constituting a major part of the economic life of the commercial property and the present value of the
minimum lease payments not amounting to substantially all of the fair value of the commercial property, that it
retains substantially all the risks and rewards incidental to ownership of these properties and accounts for the
contracts as operating leases.

Estimation uncertainty
Information about estimates and assumptions that have the most significant effect on recognition and measurement
of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.

Recoverability of advances/receivables – At each balance sheet date, based on historical default rates observed
over expected life, the management assesses the expected credit loss on outstanding receivables and advances.

Defined benefit obligation (DBO) – Management’s estimate of the DBO is based on a number of critical underlying
assumptions such as standard rates of inflation, medical cost trends, mortality, discount rate and anticipation of
future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual
defined benefit expenses. The assumptions for each plan are reviewed annually and adjusted if necessary.

Provisions – At each balance sheet date, based on the management judgment, changes in facts and legal aspects,
the Group assesses the requirement of provisions against the outstanding warranties and guarantees. However, the
actual future outcome may be different from this judgement.

Determination of functional currency- The Group has determined that INR is the functional currency as a substantial
amount of its revenue and cost is in INR.

Determination of Materiality- Ind AS requires assessment of materiality by the Group for accounting and disclosure
of various transactions in the financial statements. Accordingly, the Group assesses materiality limits for various
items for accounting and disclosures and follows on a consistent basis.
Notes to the Consolidated Financial Statements
for the year ended 31 March 2024

Note - 4
Property, plant and equipment (J in Lakhs)

Furniture,
fixtures E&P Assets Capital
Freehold Plant and Computer Library
Particulars Building and office / Vehicles Producing Total work-in-
land machinery hardware books
construction Property progress
equipments
Gross carrying amount
At 1 April 2022 298.08 24,786.92 922.00 4,284.61 3,032.19 11.76 78.74 - 33,414.30 -
Additions - 297.05 213.76 877.49 323.06 - - - 1,711.36 -
Reclassification from/to investment property due to change in use - (14.72) - - - - - - (14.72) -
Exchange difference on translation of foreign operation - 0.99 - (8.85) 31.28 - - - 23.42 -
Transfer from Intangible Assets under Development -Exploration and Evaluation assets - - - - - - - 749.76 749.76 -
Disposals/assets written off/Adjustment - (5.10) (2.79) (38.61) (44.03) - (0.02) - (90.55) -
Balance as at 31 March 2023 298.08 25,065.14 1,132.97 5,114.64 3,342.50 11.76 78.72 749.76 35,793.57 -
Additions - 1,147.20 21.18 774.52 457.18 - - 1.02 2,401.10 -
Reclassification from/to investment property due to change in use - (14.72) - - - - - - (14.72)
Exchange difference on translation of foreign operation - 0.19 - (2.93) 2.34 - - - (0.40) -
Transfer from Intangible Assets under Development -Exploration and Evaluation assets - - - - - - - - - -
Disposals/assets written off/Adjustment - (13.93) - (25.93) (68.10) - - - (107.96) -
Balance as at 31 March 2024 298.08 26,183.88 1,154.15 5,860.30 3,733.92 11.76 78.72 750.78 38,071.59 -
Accumulated depreciation
At 1 April 2022 - 6,385.62 125.79 3,727.27 1,630.15 3.43 78.74 - 11,951.00 -
Charge for the year - 983.82 80.67 239.89 328.71 1.13 - 1.49 1,635.71 -
Reclassification from/to investment property due to change in use - (7.44) - - - - - - (7.44) -
Exchange difference on translation of foreign operation - 0.71 - 0.05 30.46 - - - 31.22 -
Adjustments for disposals - (3.31) - (31.65) (20.44) - (0.02) - (55.42) -
Balance as at 31 March 2023 - 7,359.40 206.46 3,935.56 1,968.88 4.56 78.72 1.49 13,555.07 -
Charge for the year - 993.47 93.28 424.62 346.44 1.14 - 82.11 1,941.06 -
Reclassification from/to investment property due to change in use - (8.43) - - - - - - (8.43) -
Exchange difference on translation of foreign operation - 0.32 - (3.07) 12.60 - - - 9.85 -
Adjustments for disposals - (10.89) - (25.17) (36.37) - - - (72.43) -
Balance as at 31 March 2024 - 8,333.87 299.74 4,331.94 2,291.55 5.70 78.72 83.60 15,425.12 -
Accumulated Impairment
Opening Balance - - - - - - - 562.50 562.50 -
Transfer from Intangible Assets under Development- Exploration and evaluation assets - - - - - - - - - -
Provision for Impairment provided during the year - - - - - - - (60.81) (60.81) -
Notes to financial statements
Financial Statements

Balance as at 31 March 2024 - - - - - - - 501.69 501.69 -

Net book value as at 31 March 2023 298.08 17,705.74 926.51 1,179.08 1,373.62 7.20 - 185.77 21,676.00 2,591.70
Net book value as at 31 March 2024 298.08 17,850.01 854.41 1,528.36 1,442.37 6.06 - 165.49 22,144.78 3,592.71

(i) Contractual obligations

Refer to note 40B(a) for disclosure of contractual commitments for the acquisition of property, plant and equipment.
(ii) Restriction on title of property, plant and equipment, refer note 42 (ii )
323
324
Engineers India Ltd

Annual Report 2023-24

Note - 5
Investment property
(J in Lakhs)
Building
Freehold Leasehold
Particulars and related Total
land land*
fixtures/assets
Gross carrying amount
At 1 April 2022 - 471.53 3,401.96 3,873.49
Additions - - 56.91 56.91
Reclassification from/to property, plant and equipment - - 14.72 14.72
and ROU assets due to change in use
Disposals/assets written off/Adjustment - - - -
Balance as at 31 March 2023 - 471.53 3,473.59 3,945.12
Additions - - - -
Reclassification from/to property, plant and equipment - - 185.82 185.82
and ROU assets due to change in use
Disposals/assets written off/Adjustment - - (2.67) (2.67)
Balance as at 31 March 2024 - 471.53 3,656.74 4,128.27
Accumulated depreciation
At 1 April 2022 - 16.85 733.25 750.10
Charge for the year - 4.75 142.06 146.81
Reclassification from/to property, plant and equipment - - 7.44 7.44
and ROU assets due to change in use
Adjustments for disposals - - - -
Balance as at 31 March 2023 - 21.60 882.75 904.35
Charge for the year - 4.75 148.87 153.62
Reclassification from/to property, plant and equipment - - 8.43 8.43
and ROU assets due to change in use
Adjustments for disposals - - (2.01) (2.01)
Balance as at 31 March 2024 - 26.35 1,038.04 1,064.39
Net book value as at 31 March 2023 - 449.93 2,590.84 3,040.77
Net book value as at 31 March 2024 - 445.18 2,618.70 3,063.88
*Refer note 39 for details

(i) Amounts recognised in statement of profit and loss for investment properties
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Rental income (net) 2,044.16 1,758.82
Less:
Direct operating expenses generating rental income 420.44 301.42
Direct operating expenses that did not generate rental income 223.28 269.30
Profit/(Loss) from leasing of investment properties 1,400.44 1,188.10

(ii) Leasing arrangements

Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. Refer
note 39 for details.
(iii) Fair value of investment property

Fair Value (J in Lakhs)

Description
31 March 2024 31 March 2023
Residential flats 11,401.07 9,338.22
Land and building 32,558.30 31,224.15
Office premises 2,621.26 2,326.52

Fair value hierarchy and valuation technique

The fair value of investment property has been determined by external, independent property registered valuers, as defined under
Rule 2 of Companies (Registered Valuers and Valuation) Rules 2017, having appropriate recognised professional qualification and
recent experience in the location and category of the property being valued. The Company obtains independent valuations for its
investment properties annually and fair value measurement has been categorised as Level 3. The fair valuation has been carried out
using current prices in an active market for similar properties (market approach) and under replacement cost method (cost approach).
 325
Financial Statements
Notes to financial statements

Note - 6A
Other Intangible Assets
(J in Lakhs)
Computer
Particulars Total
software
Gross carrying amount
At 1 April 2022 2,942.09 2,942.09
Additions 180.78 180.78
Exchange difference on translation of foreign operation 10.03 10.03
Disposals/assets written off - -
Balance as at 31 March 2023 3,132.90 3,132.90
Additions 641.96 641.96
Exchange difference on translation of foreign operation (25.97) (25.97)
Disposals/assets written off (8.19) (8.19)
Balance as at 31 March 2024 3,740.70 3,740.70
Accumulated amortisation
At 1 April 2022 2,748.65 2,748.65
Amortisation charge for the year 139.37 139.37
Exchange difference on translation of foreign operation 14.70 14.70
Adjustments for disposals - -
Balance as at 31 March 2023 2,902.72 2,902.72
Amortisation charge for the year 367.05 367.05
Exchange difference on translation of foreign operation (9.33) (9.33)
Adjustments for disposals (8.19) (8.19)
Balance as at 31 March 2024 3,252.25 3,252.25
Net book value as at 31 March 2023 230.18 230.18
Net book value as at 31 March 2024 488.45 488.45

Note - 6B
Intangible assets under development*
(J in Lakhs)
Exploration and
Particulars Total
evaluation assets
Gross carrying amount
At 1 April 2022 3,047.28 3,047.28
Additions 190.48 190.48
Transfer/adjustment (749.76) (749.76)
Disposals/assets written off - -
Balance as at 31 March 2023 2,488.00 2,488.00
Additions 2.97 2.97
Transfer/adjustment - -
Disposals/assets written off (443.89) (443.89)
Balance as at 31 March 2024 2,047.08 2,047.08
Provision for Impairment
At 1 April 2022 3,016.26 3,016.26
For the year 18.37 18.37
Transfer/adjustment (546.63) (546.63)
Balance as at 31 March 2023 2,488.00 2,488.00
For the year - -
Transfer/adjustment (440.92) (440.92)
Balance as at 31 March 2024 2,047.08 2,047.08
Net book value as at 31 March 2023 - -
Net book value as at 31 March 2024 - -
*Refer note 44
326
Engineers India Ltd

Annual Report 2023-24

Note - 7
A Investments - Non Current (J in Lakhs)

Particulars 31 March 2024 31 March 2023

Equity instruments
(i) Investments accounted using equity method
Investment in joint venture companies (unquoted) :
TEIL Projects Limited (under liquidation) - -
5,500,000 (previous year 31 March 2023: 5,500,000) equity shares of H 10
each fully paid up
Ramagundam Fertilizers and Chemicals Limited 35,170.48 26,633.90
491,462,400 (previous year 31 March 2023: 491,462,400 ) equity shares of
H 10 each fully paid up
Investment in Associate companies (unquoted) :
LLC Bharat Energy Office 28.20 50.03
Participating interest of 20%(previous year 31 March 2023: 20%)
Sub-total (a) 35,198.68 26,683.93
(ii) Other Investment (unquoted)
Unquoted equity shares (Fair Value) through OCI
Numaligarh Refinery Limited # 88,398.98 76,631.92
6,42,93,914 (previous year 31 March 2023: 6,42,93,914) equity shares
of H 10 each fully paid up, out of which 3,21,46,957 equity shares were
received by way of Bonus shares and 1,25,73,627 (previous year 31 March
2023: Nil) equity shares of H 10 each partly paid of H 5 each
Sub-total (b) 88,398.98 76,631.92
Grand total (a+b) 1,23,597.66 1,03,315.85
Aggregate book value of unquoted investments 1,23,597.66 1,03,315.85

#
During the FY 2020-21 Company has acquired 4.37% Equity Share Capital ( Equity Shares 3,21,46,957 of H 10 each fully paid up) in Numaligarh
Refinery Limited purchased at H 217.75 per share.
#
During the FY 2023-24 Company has subscribed right issue of 1,25,73,627 equity shares of H 10 each, partly paid of H 5 each in Numaligarh Refinery
Limited purchased at H 110 per share.

B Investments - Current
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Liquid plan of mutual funds (quoted)
Kotak Liquid Fund 2,64,486.273 units (Previous year 31 March 2023: Nil units) 12904.38 -
- Direct Growth Plan 31 March 2024 NAV -H 4879.037 (Previous Year 31
March 23 NAV- Nil)
Union Liquid Fund 1,01,040.329 units (Previous year 31 March 2023: 2352.74 5002.44
2,30,585.676 units)
- Direct Growth Plan 31 March 2024 NAV -H 2328.5165 (Previous Year 31
March 23 NAV- 2169.4479)
SBI Liquid Fund Nil units (Previous year 31 March 2023: 2,70,767.402 units) - 9539.95
- Direct Growth Plan 31 March 2024 NAV -H Nil (Previous Year 31 March
23 NAV- 3523.3030)
15,257.12 14,542.39
Aggregate book value of quoted investments 15,257.12 14,542.39
Aggregate market value of quoted investments 15,257.12 14,542.39
 327
Financial Statements
Notes to financial statements

Note - 8
A Loans - Non-Current
(Considered good unless otherwise stated)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Secured
Loans to related parties*:
Loans to Directors - 0.07
Loans to employees 5,063.32 4,032.93
Unsecured
Loans to related parties*:
Loans to Directors 6.11 7.51
Loans to employees 4,522.23 3,208.72
9,591.66 7,249.23

B Loans - Current
(Considered good unless otherwise stated)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Secured
Loans to related parties* :
Loans to directors 0.07 0.89
Loans to employees 616.60 561.60
Unsecured
Loans to related parties*:
Loans to directors 1.66 1.95
Loans to employees :
Considered good 1,241.03 843.75
Considered doubtful 3.16 3.16
1,862.52 1,411.35
Less: Allowance for expected credit losses (3.16) (3.16)
1,859.36 1,408.19
* Refer note 38 D

Note - 9
A Other Financial Asset - Non-Current
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Security deposits 249.21 158.59
Bank deposits with maturity more than 12 months 11.02 3,112.60
260.23 3,271.19

(i) The above bank deposits includes H 11.02 lakhs (previous year as at 31 March 2023: H 10.86 lakhs) held as margin
money/security against bank guarantees.

(ii) The above also includes interest accrued on bank deposits of Nil (previous year 31 March 2023: H 1.75 lakhs)
328
Engineers India Ltd

Annual Report 2023-24

B Other Financial Assets -Current

(Unsecured, considered good unless otherwise stated)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Security deposits :
Considered good 503.46 761.40
Considered doubtful 4.75 4.23
Retention against contracts 18.64 18.64
Work-in-progress*:
Considered good 10.43 71.75
Considered doubtful 334.50 403.76
Unbilled revenue :
Considered good 59,238.27 46,457.39
Considered doubtful 395.77 232.25
Others 412.91 445.08
60,918.73 48,394.50
Less: Allowance for expected credit losses (735.02) (640.24)
60,183.71 47,754.26
*As taken, valued and certified by the management

Note - 10
Deferred Tax Assets (net)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Deferred tax assets arising on:
Employee benefits:
Provision for leave encashment 8,524.13 7,788.28
Provision for post retirement medical benefits 8,190.92 7,493.86
Provision for other benefits on retirement 62.21 61.72
Provision for long service awards 34.74 37.21
Provision for employee related expenses allowed on payment basis 934.91 777.89
Provision for Provident Fund Liability 2,476.81 2,476.81
Provision to MSE vendors allowed on payment basis 1,134.18 -
Provision for contractual obligations 14,999.55 14,186.51
Provision for estimated losses 9.47 11.51
Provision for doubtful debts and advances 3,408.55 3,888.90
Provision for Impairment of Oil Blocks 641.48 767.75
Others:
Provision for loss in joint venture 126.17 126.17
Amortised cost financial instruments 88.63 168.55
Leases 44.76 17.20
Capital Grant 7.66 8.74
Foreign currency translation reserve 10.81 2.25
Deferred tax liabilities arising on:
Depreciation (2,894.32) (2,451.98)
Net gain/(loss) on Equity Shares Carried at Fair value through OCI (2,887.52) (1,666.48)
34,913.14 33,694.89
 329
Financial Statements
Notes to financial statements

Movement in above mentioned deferred tax assets and liabilities

(J in Lakhs)

Recognised Recognised
Recognised Recognised
in in
1 April in other 31 March in other 31 March
Particulars statement statement
2022 comprehensive 2023 comprehensive 2024
of profit of profit
income income
and loss and loss

Deferred tax assets arising on:

Employee benefits 17,914.51 728.24 (6.98) 18,635.77 790.54 797.41 20,223.72
Provision to MSE vendors allowed on - - - - - 1,134.18 1,134.18
payment basis
Provision for contractual obligations 15,174.63 - (988.12) 14,186.51 - 813.04 14,999.55
Provision for estimated losses 9.42 - 2.09 11.51 - (2.04) 9.47
Provision for Impairment of Oil Blocks 762.90 - 4.85 767.75 - (126.27) 641.48
Provision for doubtful debts and advances 3,249.33 - 639.57 3,888.90 - (480.35) 3,408.55
Others 297.08 5.00 20.83 322.91 8.56 (53.44) 278.03
Deferred tax liabilities arising on:
Depreciation (2,282.26) - (169.72) (2,451.98) - (442.34) (2,894.32)
Net gain/(loss) on Equity Shares Carried at (1,114.82) (551.66) - (1,666.48) (1,221.04) - (2,887.52)
Fair value through OCI
Total 34,010.79 181.58 (497.48) 33,694.89 (421.94) 1,640.19 34,913.14

Note - 11
A Non-Current Tax Assets (net)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Advance income tax (net of provision for taxation amounting to H 25,117.86 1,182.72 8,517.37
lakhs (previous year 31 March 2023: H 23,742.44 lakhs)
Advance fringe benefit tax 11.83 11.83
Less: Allowance for expected credit losses (156.17) (11.83)
1,038.38 8,517.37

(i) The above includes income tax refundable amounting to H 187.08 lakhs (previous year 31 March 2023: H 144.34
lakhs) of subsiduary company against which allowance for expected credit loss is H 144.34 lakhs (previous year 31
March 2023: Nil)

B Current Tax Assets (net)

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Advance income tax (net of provision for taxation amounting to Nil (previous - 44.78
year 31 March 2023: Nil)
- 44.78

Note - 12
A Other Non-Current Assets
(Unsecured, considered good unless otherwise stated)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Capital advances 0.23 0.23
Prepaid expense and rent advance 1,928.02 2,184.05
1,928.25 2,184.28
330
Engineers India Ltd

Annual Report 2023-24

B Other Current Assets

(Unsecured, considered good unless otherwise stated)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Advances to vendors/contractors :
Considered good * 27,224.15 28,350.61
Considered doubtful 5.49 8.59
Prepaid expenses 1,464.86 1,296.02
Deposit with statutory authorities :
Considered good 7,180.42 8,828.50
Considered doubtful 7.45 7.45
Claims receivable:
Considered good 0.60 0.37
Considered doubtful 1.79 2.02
Advances to employees :
Considered good 831.72 1,309.96
Considered doubtful 0.09 0.09
Other advances 4.30 34.59
36,720.87 39,838.20
Less: Impairment of non-financial assets (14.82) (18.15)
36,706.05 39,820.05
* Includes H 17,800.15 Lakhs (previous year as at 31 March 2023: H 17,800.15 Lakhs) being amount deposited with courts/legal authorities, realisation
of same is subject to final outcome of legal proceedings

Note - 13
Inventories
(lower of cost or net realizable value)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Stores, spares and chemicals in hand* 61.74 115.05
61.74 115.05
* Includes projects inventory to the tune of H 3.45 lakhs (previous year 31 March 2023: H 6.23 lakhs)

Note - 14
Trade receivables
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Trade receivable (Unsecured)
Considered good 33,563.03 36,764.50
Considered Doubtful (Credit Impaired) 12,880.59 14,808.28
46,443.62 51,572.78
Less: Allowance for expected credit loss (12,880.59) (14,808.28)
33,563.03 36,764.50

Trade receivable ageing schedule for the year ended as on March 31, 2024 and March 31, 2023:

31 March 2024
(J in Lakhs)
Outstanding for following periods from due date of payment
Particulars Less than 6 months- More than Total
1-2 years 2-3 years
6 months 1 year 3 years
(i) Undisputed Trade receivables- considered good 21,520.60 2,654.88 3,126.11 2,019.04 4,242.40 33,563.03
(ii) Undisputed Trade Receivables- Credit impaired 412.18 383.52 1,010.79 1,237.90 9,836.18 12,880.59
(iii) Disputed Trade receivables- considered good - - - - - -
(iv) Disputed Trade receivables- Credit impaired - - - - - -
Total 21,932.78 3,038.41 4,136.90 3,256.94 14,078.58 46,443.62
Less: Allowance for expected credit losses (12,880.59)
Trade receivables 33,563.03
 331
Financial Statements
Notes to financial statements

31 March 2023
(J in Lakhs)
Outstanding for following periods from due date of payment
Particulars Less than 6 months More than Total
1-2 years 2-3 years
6 months - 1 year 3 years
(i) Undisputed Trade receivables- considered good 21,852.19 4,111.69 3,965.06 2,268.18 4,567.38 36,764.50
(ii) Undisputed Trade Receivables- Credit impaired 395.34 646.09 1,692.10 1,492.76 9,071.94 13,298.23
(iii) Disputed Trade receivables- considered good - - - - - -
(iv) Disputed Trade receivables- Credit impaired - - - - 1,510.05 1,510.05
Total 22,247.53 4,757.78 5,657.16 3,760.94 15,149.37 51,572.78
Less: Allowance for expected credit losses (14,808.28)
Trade receivables 36,764.50

Note - 15
Cash and cash equivalents
(J in Lakhs)
31 March 2024 31 March 2023
Balances with banks in current account* 20,584.97 6,112.08
Banks deposits having maturity of less than three months** 4,471.65 225.00
Cash and stamps on hand* 9.44 10.95
25,066.06 6,348.03
* Includes H 129.11 lakhs (previous year 31 March 2023: H 141.33 lakhs) in currencies which are not repatriable.
** Includes interest accrued on bank deposits H 1.65 lakhs (previous year 31 March 2023: Nil)

Note - 16
Other Bank balances
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Unpaid dividend account 167.55 195.93
Unspent CSR on Ongoing Project 229.30 734.39
Amount held on behalf of clients 727.68 1,845.36
Banks deposits having maturity of more than three months but are due for 95,683.09 1,00,511.69
maturity within twelve months from balance sheet date (refer notes below)
96,807.62 1,03,287.37

Notes:
(i) Includes bank deposits having more than twelve months original maturity of H 29,994.00 lakhs (previous year 31 March
2023: H 31,826.00 lakhs)

(ii) Includes interest accrued on bank deposits H1955.36 lakhs (previous year 31 March 2023: H 2,007.48 lakhs)

Note - 17
Equity share capital
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Authorised share capital
800,000,000 (previous year 31 March 2023: 800,000,000) equity shares of par value 40,000.00 40,000.00
of H 5 each
40,000.00 40,000.00
Issued share capital
562,123,373 (previous year 31 March 2023: 562,123,373) equity shares of par value 28,106.17 28,106.17
of H 5 each
28,106.17 28,106.17
332
Engineers India Ltd

Annual Report 2023-24

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Subscribed and paid up
562,042,373 (previous year 31 March 2023: 562,042,373) equity shares of par value 28,102.12 28,102.12
of H 5 each
Add: Forfeited shares 0.01 0.01
Amount originally paid up on 2,600 equity shares of par value of H 5 each (previous
year 31 March 2023: 2,600 equity shares of par value of H 5 each )
28,102.13 28,102.13

a) Reconciliation of shares outstanding at the beginning and at the end of the year
(J in Lakhs)
31 March 2024 31 March 2023
Equity shares
Number Number
Shares outstanding at the beginning of the year 56,20,42,373 56,20,42,373
Less : Buy back of shares during the year - -
Shares outstanding at the end of the year 56,20,42,373 56,20,42,373

b) Details of share holding of promoters

(J in Lakhs)
31 March 2024 31 March 2023
Promoter name
Number Number
President of India 28,84,58,584 28,84,58,584
% of total shares 51.32% 51.32%
% Change During the Year - -

c) Details of shareholders holding more than 5% equity shares in the Parent Company
(J in Lakhs)
31 March 2024 31 March 2023
Name of shareholders
Number Number
President of India 28,84,58,584 28,84,58,584
51.32% 51.32%

d) Other disclosures
(J in Lakhs)
31 March 2024 31 March 2023
Number Number
Aggregate number of equity shares having par value of H 5 each has been 6,98,69,047 6,98,69,047
bought back by way of buy back during the period of five years immediately
preceding the Balance sheet date

e) Terms and rights attached to equity shares

The Parent Company is having only one class of equity shares having par value of H 5 each. Each Shareholder is eligible
for one vote per share held. The Dividend proposed by Board of Directors is subject to the approval of Shareholders in
the ensuing Annual General Meeting except in case of Interim Dividend. In the event of Liquidation, Equity Shareholders
are eligible to receive the remaining assets of the Company after distribution of all preferential amount in proportion to
their shareholding.
 333
Financial Statements
Notes to financial statements

Note - 18
Other equity
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
A. General reserve
Balance at the beginning of the year 1,61,605.94 1,42,193.51
Add: Transferred from retained earnings 17,388.15 19,412.43
Sub-total (a) 1,78,994.09 1,61,605.94
B. Capital Redemption reserve
Balance at the beginning of the year 5,591.54 5,591.54
Add: Transfer from General reserve - -
Sub-total (b) 5,591.54 5,591.54
C. Capital reserve on Consolidation
Balance at the beginning of the year 880.00 880.00
Add: Transfer from General reserve - -
Sub-total (c) 880.00 880.00
D. Retained earnings
Balance at the beginning of the year (6,711.46) (4,714.77)
Add: Transferred from Statement of Profit and Loss 44,525.78 34,626.66
Add: Transferred from CSR Activity Reserve 1,623.27 1,132.16
Add: Transferred from Corpus for Medical Benefits for Employees retired prior 700.88 477.97
to 01.01.2007
Less: OCI of remeasurement of defined benefit plans (net of tax) 1,784.28 992.81
Less: Transfer to General reserve 17,388.15 19,412.43
Less: Interim and Final Dividend 16,861.27 16,861.27
Less: Transferred to CSR Activity Reserve 776.34 971.10
Less: Transferred to Corpus for Medical Benefits for Employees retired prior to 705.61 660.06
01.01.2007
Less: Share Issue Expenses in Joint Venture - 0.53
Less: Change in Ownership interest in Joint Venture - (664.72)
Sub-total (d) 2,622.82 (6,711.46)
E. CSR activity reserve
Balance at the beginning of the year 959.50 1,120.56
Add: Transferred from retained earnings 776.34 971.10
Less: Transferred to Retained earnings 1,623.27 1,132.16
Sub-total (e) 112.57 959.50
F. Corpus for Medical Benefits for Employees retired prior to 01.01.2007
Balance at the beginning of the year 604.06 421.97
Add: Transferred from retained earnings 705.61 660.06
Less: Transferred to Retained earnings 700.88 477.97
Sub-total (f) 608.79 604.06
G. Exchange difference on translation of foreign operation
Balance at the beginning of the year 165.24 94.46
Add: Transferred from Statement of Profit and Loss (OCI) (net of tax) (131.27) 70.78
Sub-total (g) 33.97 165.24
H. Net gain/(loss) on Equity Shares carried at Fair Value through OCI
Balance at the beginning of the year 4,954.94 3,314.68
Add: Transferred from Statement of Profit and Loss (OCI) (net of tax) 3,630.53 1,640.26
Sub-total (h) 8,585.47 4,954.94
Grand total (a+b+c+d+e+f+g+h) 1,97,429.25 1,68,049.76

Nature and purpose of other reserves

General Reserve
General reserve is created out of the accumulated profits as per the provisions of Companies Act.
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Capital Reserve on Consolidation

On acquisition of investments in subsidiaries by the Parent Company at different point in time, it has resulted in capital reserve
on consolidation.

Capital Redemption Reserve

The Group has created Capital Redemption Reserve out of free reserves, a sum equal to the nominal value of the shares
purchased, transferred to the capital redemption reserve account.

Retained Earnings

Retained Earnings (excluding accumulated balance of remeasurement of Defined Benefit Plans) represents surplus/
accumulated earnings of the Group and are available for distribution to Shareholders.

CSR Activity Reserve

The Group is required to create the CSR Activity Reserve for the allocation of expenses in respect of CSR activities. CSR Activity
Reserve represents unspent amount, out of amounts set aside of profit earned in the past years for meeting social obligations
as per Department of Public Enterprise guidelines for Corporate Social Responsibility and provisions of the Companies Act,
2013 and rules made thereunder.

Corpus for Medical Benefits for Employees retired prior to 01.01.2007

The Group has created separate corpus of medical benefits to retired employees who have retired prior to 01.01.2007 in terms
of DPE guidelines.

Other Comprehensive Income

Other comprehensive income represents balance arising on account of translation of foreign operation and gains/(loss) from
investments in equity instruments designated at fair value.

Note - 19
A Other Financial Liabilities - Non-Current
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Security deposits and retentions 229.69 230.51
229.69 230.51

B Other Financial Liabilities - Current

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Security deposits and retentions 34,662.89 33,840.69
Capital creditors 2,237.88 1,611.93
Accrued employees benefits 3,807.08 2,191.38
Unpaid dividend* 167.55 195.93
Amount held on behalf of clients 727.68 1,845.36
41,603.08 39,685.29
*Excluding amount due for payment to Investor Education And Protection Fund

Note - 20
A Provisions - Non-Current
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Employees' post retirement/long-term benefits 1,208.21 1,123.46
Provision for abandonment costs 25.98 26.28
1,234.19 1,149.74
 335
Financial Statements
Notes to financial statements

B Provisions - Current
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Employees' post retirement/long-term benefits 8,486.18 7,017.44
Provision for contractual obligations 59,597.71 56,514.06
Provision for expected losses 37.63 45.71
Provision for corporate social responsibility 166.64 72.31
Provision for Impairment in PF Trust Investment [refer note 53 (C )] 6,988.86 9,841.09
75,277.02 73,490.61

Note - 21
A Other Non-Current Liabilities (J in Lakhs)
Particulars 31 March 2024 31 March 2023
Advances received from clients 1,092.90 91.75
Deferred income 53.26 48.86
1,146.16 140.61

B Other Current Liabilities (J in Lakhs)

Particulars 31 March 2024 31 March 2023
Advances received from clients* 5,832.61 9,668.17
Income received in advance 61,136.42 65,616.55
Service tax / GST payable 5,361.35 6,934.32
Withholding for employees including employers contribution 1,953.68 1,628.74
Withholding for income taxes/TDS 2,178.13 2,701.95
Deferred income 34.01 25.48
Accrued provident fund liability** 4,299.72 4,263.04
Other liabilities 341.04 406.73
81,136.96 91,244.98
* Includes Nil (previous year 31 March 2023 : H 7,114.09 lakhs) received pursuant to the order of Hon'able court against which appeal has been
filed by the client.
** Represents H 4,299.72 Lakhs (previous year 31 March 2023 : H 4,263.04 Lakhs) of accrued provident fund liability for default on account of
Provident Fund Trust investment.

Note - 22
Trade payables
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Total outstanding dues of Micro Enterprises and Small Enterprises (refer Note 55) 7,849.63 8,569.64
Total outstanding dues of creditors other than Micro Enterprises and Small 36,517.96 26,092.98
Enterprises
44,367.59 34,662.62

Trade payables ageing schedule for the year ended as on March 31, 2024 and March 31, 2023:

31 March 2024
(J in Lakhs)
Outstanding for following periods from due date of payment
Particulars Not Due Less than More than Total
1-2 years 2-3 years
1 year 3 years
(i) MSME 6,626.57 1,223.06 - - - 7,849.63
(ii) Others 23,204.31 8,987.36 0.60 - - 32,192.27
(iii) Disputed dues- MSME - - - - - -
(iv) Disputed dues- Others 956.50 - - - 3,369.19 4,325.69
Grand Total 30,787.38 10,210.42 0.60 - 3,369.19 44,367.59
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31 March 2023
(J in Lakhs)
Outstanding for following periods from due date of payment
Particulars Not Due Less than More than Total
1-2 years 2-3 years
1 year 3 years
(i) MSME 4,842.54 3,727.09 - - - 8,569.63
(ii) Others 9,129.63 12,629.60 3.59 0.52 3.96 21,767.30
(iii) Disputed dues- MSME - - - - - -
(iv) Disputed dues- Others 956.50 - - - 3,369.19 4,325.69
Grand Total 14,928.67 16,356.69 3.59 0.52 3,373.15 34,662.62

Note - 23
Current Tax Liabilities (net)
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Provision for taxation (net of advance tax amounting to H 307.89 Lakhs (previous 359.42 155.23
year 31 March 2023: H 372.33 Lakhs)
359.42 155.23

Note - 24
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
I Revenue from operations*
Consultancy and engineering services 1,50,367.37 1,46,322.01
Increase/(decrease) in work-in-progress
Closing work-in-progress 334.50 403.76
Less: Opening work-in-progress 403.76 286.42
(69.26) 117.34
Other operating income
Income under service export from India scheme # - (9.80)
Sub-total (A) 1,50,298.11 1,46,429.55
II Turnkey projects 1,77,849.06 1,86,512.73
Increase/(decrease) in work-in-progress
Closing work-in-progress 10.43 71.75
Less: Opening work-in-progress 71.75 -
(61.32) 71.75
Sub-total (B) 1,77,787.74 1,86,584.48
Grand total (A+B) 3,28,085.85 3,33,014.03
* Excludes Goods and Services Tax (GST)
# For Previous Year adjustment of Income from SEIS due to capping notified by Government on 23 September 21

Note - 25
Other income
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Interest income :
Bank deposits 7,556.45 5,740.51
Loan to employees 625.04 528.29
Income-tax refunds 449.96 388.06
Financial Assets carried at amortised cost 3.01 45.49
Others 5,877.18 458.22
Gain on modification of employee advances 555.31 141.44
Gain on modification of Leases 0.34 3.83
Amortization of deferred income 38.30 31.35
 337
Financial Statements
Notes to financial statements

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Dividend income from Equity Investment 2,958.96 5,464.98
Capital gain from investments in mutual funds 924.38 376.30
Funds received against research and development (netting off the utilisation) - -
(31 March 2024: Received H 8.72 lakhs and utilised H 8.72 lakhs and 31 March 2023:
Received H 12.88 lakhs and utilised H 12.88 lakhs)
Profit on sale of assets 0.94 10.36
Foreign exchange difference (net) 204.74 1,142.93
Rental income (net) 2,044.67 1,758.81
Income from exploration & production activities 85.20 6.23
Miscellaneous income 591.97 344.95
21,916.45 16,441.75

Note - 26
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Technical assistance/sub contracts 1,21,329.16 1,19,381.75
1,21,329.16 1,19,381.75

Note - 27
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Construction materials and equipments 48,302.18 64,221.15
48,302.18 64,221.15

Note - 28
Employee benefits expense
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Salaries and allowances@
Staff 79,195.94 74,808.20
Directors 413.03 333.75
Contribution towards employees pension and provident fund and administration
charges thereon*
Staff 8,017.47 9,415.22
Directors 36.47 27.80
Contribution towards employees defined contributory superannuation scheme/
National Pension Scheme (NPS)
Staff 5,489.14 5,773.30
Directors 34.91 29.11
Staff Welfare #
Staff 4,155.68 3,742.06
Directors 9.07 4.26
Contribution to gratuity fund (net of contribution received from others)** 1,192.67 1,215.12
98,544.38 95,348.82
@ Salaries and Allowances Includes :
a) H 3,859.60 lakhs (previous year : H 2,989.93 lakhs) on account of Leave Encashment Funded Scheme with LIC of India.
b) H 518.96 lakhs (previous year : H 639.48 lakhs) on account of estimated enhanced Gratuity ceiling due to increase in Dearness Allowance in terms of
DPE guidelines (refer note no.56)
# Includes expenditure for medical benefits of H 700.88 lakhs (previous year : H 477.97 lakhs) for employees retired prior to 01.1.2007.
*Includes H 1,423.23 Lakhs (previous year: H 3,144.20 Lakhs) towards expense on account of impairment of Provident Fund Trust investment.
**Includes Term Insurance Premium paid to LIC of India.
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Note - 29
Finance cost
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Unwinding of discount on security deposit 32.97 24.74
Interest on Lease Liabilities 206.54 125.61
Others 65.07 -
304.58 150.35

Note - 30
Depreciation and amortization
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Depreciation on property, plant and equipment 1,941.06 1,635.71
Depreciation of investment property 153.62 146.81
Amortization of other intangible assets 367.05 139.37
Depreciation on Right of use Assets 1,038.32 647.99
3,500.05 2,569.88

Note - 31
Other expenses
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
A Facilities
Rent expense - office 607.83 728.39
Rent - residential accommodation
Staff (net of recovery of H 68.30 lakhs (previous year: H 69.39 lakhs)) 640.97 353.06
Light, water and power 1,527.35 1,571.90
Insurance 369.83 250.32
Miscellaneous repair and maintenance 5,050.90 3,790.56
Repair and maintenance of own building 236.86 303.34
Repair and maintenance of plant and machinery 293.92 829.80
Hire charges of office equipment 22.86 22.84
Sub total (A) 8,750.52 7,850.21
B Corporate costs
Bank charges 198.62 150.47
Sitting fees to independent directors 30.30 37.00
Advertisement for tender and recruitment 77.23 38.38
Publicity 1,256.12 828.19
Subscription 153.87 147.36
Entertainment 197.23 140.29
Remuneration to auditors :
For Audit 20.50 19.80
For Tax Audit 3.70 3.60
Others 15.54 14.82
Filing fee 0.73 0.51
Legal and professional charges 911.90 934.30
Licences and taxes 821.86 399.86
Loss on sale of assets 1.89 4.16
Fixed assets written off 22.79 18.18
Sub total (B) 3,712.28 2,736.92
 339
Financial Statements
Notes to financial statements

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
C Other costs
Consumables/stores/equipment - R&D Centre 8.45 19.84
Travel and conveyance :
Directors* 325.89 223.01
Others 9,656.19 10,782.62
Printing, stationery and general Office supplies 401.37 405.19
Newspapers and periodicals 42.87 17.72
Postage and telecommunications 544.36 472.69
Courier, transportation and handling 16.23 32.20
Commission to foreign agents 391.32 123.75
Allowance for expected credit losses - trade receivables and advances (net) (1,764.26) 2,545.50
Bad debts written off 7.87 162.65
Deposits/Other Assets written off 0.46 20.64
Dry well written off 425.09 -
Provision for contractual obligations (net) 5,094.61 (3,926.08)
Provision for expected losses (net) (8.08) 8.27
Provision for Impairment of Oil Block (501.72) 34.24
Training Expenses :
Travel 35.86 64.89
Others 215.50 184.37
CSR Expenses (Refer note 65 ) 1,623.27 1,132.16
Expenditure relating to oil and gas exploration blocks 128.29 40.40
Miscellaneous expenses 1,097.23 350.49
17,740.80 12,694.55
Less: Inhouse expenditure relating to
Capital works - (49.27)
Sub total (C) 17,740.80 12,645.28
Grand total (A+B+C) 30,203.60 23,232.41
*Includes recovery of H 1.32 lakhs on account of use of car (previous year : H 1.17 lakhs)

Note - 32
Income tax
Tax expense comprises of:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Current income tax 13,575.68 9,618.91
Earlier years tax adjustments (net) (133.26) 11.57
Deferred tax (1,640.20) 497.48
11,802.22 10,127.96

The major components of income tax expense and the reconciliation of expected tax expense based on the domestic effective
tax rate of the Group at 25.168% (Previous year 25.168%) and the reported tax expense in statement of profit and loss
are as follows:

Statement of profit and loss

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Accounting profit before tax 47,818.35 44,551.42
At India’s statutory income tax rate of 25.168% (31 March 2023: 25.168%) 12,034.92 11,212.70
Adjustments in respect of tax expense
Tax impact of exempted income and deductions (744.71) (1,375.43)
Tax impact of expenses which will never be allowed 521.96 287.00
Earlier years current tax adjustments (net) (133.26) 11.57
Earlier years deferred tax adjustments (net) 133.26 (6.51)
Others (9.95) (1.37)
11,802.22 10,127.96

The provision for current income-tax has been worked out taking into consideration the provisions of Income Computation
and Disclosure Standards notified by Central Board of Direct Taxes vide Notification No. 87/2016 dated September 29, 2016.
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Adjustments in respect of tax expense

(J in Lakhs)
31 March 2024 31 March 2023
Tax impact of exempted income and deductions (744.71) (1,375.43)
Tax impact of expenses which will never be allowed 521.96 287.00
Earlier years current tax adjustments (net) (133.26) 11.57
Earlier years deferred tax adjustments (net) 133.26 (6.51)
Others (9.95) (1.37)
11,802.22 10,127.96

The provision for current income-tax has been worked out taking into consideration the provisions of Income Computation
and Disclosure Standards notified by Central Board of Direct Taxes vide Notification No. 87/2016 dated September 29, 2016.

Note - 33
Earnings per share (EPS)
Earnings per Share ("EPS") is determined based on the net profit attributable to the shareholders' of the Parent Company. Basic
earnings per share is computed using the weighted average number of shares outstanding during the year. Diluted earnings
per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding
during the year including share options, except where the result would be anti-dilutive.

Particulars 31 March 2024 31 March 2023

Profit attributable to equity shareholders (Amount in H lakhs) 44,525.78 34,626.66
Weighted average number of equity shares 56,20,42,373 56,20,42,373
Nominal value per share in J 5.00 5.00
Earnings per equity share in J
Basic 7.92 6.16
Diluted 7.92 6.16

Note - 34
(i) Fair value hierarchy
Financial assets and financial liabilities are measured at fair value in the financial statement and are grouped into three
Levels of a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the
measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly

Level 3: unobservable inputs for the asset or liability.

(ii) Financial assets and liabilities measured at fair value – recurring fair value measurements
(J in Lakhs)
31 March 2024 Level 1 Level 2 Level 3 Total
Financial assets
Liquid plan of mutual funds 15,257.12 - - 15,257.12
Unquoted equity shares (Fair Value) through OCI - - 88,398.98 88,398.98
Total financial assets 15,257.12 - 88,398.98 1,03,656.10
 341
Financial Statements
Notes to financial statements

Financial assets and liabilities measured at fair value – recurring fair value measurements
(J in Lakhs)
31 March 2023 Level 1 Level 2 Level 3 Total
Financial assets
Liquid plan of mutual funds 14,542.39 - - 14,542.39
Unquoted equity shares (Fair Value) through OCI - - 76,631.92 76,631.92
Total financial assets 14,542.39 - 76,631.92 91,174.31

(iii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include - the use of net asset value for mutual funds on
the basis of the statement received from investee party.

Specific valuation techniques used to value Unquoted equity shares (Fair Value) through OCI include - income approach
(DCF), comparable companies approach and historical transaction method.

(iv) Reconciliation Level 3 fair values

The following table shows a reconciliation of opening balances to the closing balances for Level 3 fair values:
(J in Lakhs)
Particulars FY 2023-24 FY 2022-23
Balance as at the beginning of the year 76,631.92 74,440.00
Add: Additional investment during the year 6,915.49 -
Add: Fair Value gain recognized in Other Comprehensive Income 4,851.57 2,191.92
Less: Fair Value loss recognized in Other Comprehensive Income - -
Balance as at the end of the year 88,398.98 76,631.92

Note - 35
Financial instruments
(i) Financial instruments by category
(J in Lakhs)
31 March 2024 31 March 2023
Particulars Amortised Amortised
FVTOCI FVTPL FVTOCI FVTPL
cost cost
Financial assets
Investments - Equity Shares (Fair 88,398.98 - - 76,631.92 - -
Value) through OCI
Investments - mutual funds - 15,257.12 - - 14,542.39 -
Trade receivables - - 33,563.03 - - 36,764.50
Loans - - 11,451.02 - - 8,657.42
Other financial assets - - 60,443.94 - - 51,025.45
Cash and cash equivalents - - 25,066.06 - - 6,348.03
Other bank balances - - 96,807.62 - - 1,03,287.37
Total financial assets 88,398.98 15,257.12 2,27,331.67 76,631.92 14,542.39 2,06,082.77
Financial liabilities
Trade payables - - 44,367.59 - - 34,662.62
Security deposits and retentions - - 34,892.58 - - 34,071.20
Lease Liabilities - - 3,301.63 - - 1,888.08
Other financial liabilities (Others) - - 4,702.31 - - 4,232.67
Capital creditors - - 2,237.88 - - 1,611.93
Total financial liabilities - - 89,501.99 - - 76,466.50

Investment in mutual funds are valued at fair value through P&L at each Balance Sheet date.
Investment in other than subsidiaries, associates & joint ventures and mutual funds are valued at fair value through OCI
at each Balance Sheet date.
The carrying value of the amortised financial assets and liabilities approximate to the fair value on the respective
reporting dates.
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(ii) Risk management

The Group's activities expose it to market risk, liquidity risk and credit risk. The management has the overall responsibility
for the establishment and oversight of the Group's risk management framework. This note explains the sources of risk
which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

(A) Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Group. The Group's exposure to
credit risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets measured at
amortised cost. The Group continuously monitors defaults of customers and other counterparties and incorporates
this information into its credit risk controls.

a) Credit risk management

i) Credit risk rating
The Group assesses and manages credit risk of financial assets based on following categories arrived on
the basis of assumptions, inputs and factors specific to the class of financial assets.

A: Low credit risk on financial reporting date

B: Moderate credit risk

C: High credit risk

The Group provides for expected credit loss based on the following:

Asset group Basis of categorisation Provision for expected credit loss

Low credit risk Cash and cash equivalents, other bank 12 month expected credit loss
balances, loans, trade receivables and
other financial assets
Moderate credit risk Trade receivables, loans and other Life time expected credit loss or 12
financial assets month expected credit loss
High credit risk Trade receivables Life time expected credit loss or fully
provided for

In respect of trade receivables, the Group recognises a provision for lifetime expected credit loss.

Based on business environment in which the Group operates, a default on a financial asset is considered
when the counter party fails to make payments within the agreed time period as per contract. Loss rates
reflecting defaults are based on actual credit loss experience and considering differences between current
and historical economic conditions.

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring
bankruptcy or a litigation decided against the Company. The Company continues to engage with parties
whose balances are written off and attempts to enforce repayment. Recoveries made are recognised in
statement of profit and loss.
(J in Lakhs)
Credit rating Particulars 31 March 2024 31 March 2023
A: Low credit risk Cash and cash equivalents, other bank 2,27,331.67 2,06,082.77
balances, loans, trade receivables and other
financial assets
B: Moderate credit risk Trade receivables,loans and other financial 3,782.59 4,869.69
assets
C: High credit risk Trade receivables 9,836.18 10,581.99
 343
Financial Statements
Notes to financial statements

ii) Concentration of trade receivables

The Group's exposure to credit risk for trade receivables is as follows -
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Chemical Fertilizer 3,603.39 3,822.64
Hydro Carbon 34,355.44 39,633.80
Infrastructure 4,236.85 4,234.68
Mettallurgy 491.52 200.55
Power 30.81 30.24
Others 3,725.61 3,650.87
Total 46,443.62 51,572.78

b) Credit risk exposure

(i) Provision for expected credit losses
The Group provides for 12 month expected credit losses for following financial assets –

31 March 2024
(J in Lakhs)
Estimated gross Expected credit Carrying amount net of
Particulars
carrying amount at default losses impairment provision
Cash and cash equivalents 25,066.06 - 25,066.06
Other bank balances 96,807.62 - 96,807.62
Loans 11,454.18 3.16 11,451.02
Other financial assets 61,178.96 735.02 60,443.94

31 March 2023
(J in Lakhs)
Estimated gross Expected credit Carrying amount net of
Particulars
carrying amount at default losses impairment provision
Cash and cash equivalents 6,348.03 - 6,348.03
Other bank balances 1,03,287.37 - 1,03,287.37
Loans 8,660.58 3.16 8,657.42
Other financial assets 51,665.69 640.24 51,025.45

(ii) Expected credit loss for trade receivables under simplified approach
As at 31 March 2024
(J in Lakhs)
0 - 90 90 - 180 180 - 270 270 - 360 360 -450 450 - 540
Particulars
Days Days Days Days Days Days
Gross carrying value 18,935.11 2,997.69 1,626.87 1,411.53 875.84 654.08
Expected credit loss (provision) 246.55 165.63 135.15 248.39 108.66 101.36
Carrying amount (net of impairment) 18,688.56 2,832.05 1,491.73 1,163.14 767.18 552.72

(J in Lakhs)
540- 630 630 - 720 720 - 1095
Particulars >1095 days
Days Days Days
Gross carrying value 586.18 2,020.80 3,256.94 14,078.58
Expected credit loss (provision) 229.21 571.56 1,237.90 9,836.18
Carrying amount (net of impairment) 356.97 1,449.24 2,019.04 4,242.40
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As at 31 March 2023
(J in Lakhs)
0 - 90 90 - 180 180 - 270 270 - 360 360 -450 450 - 540
Particulars
Days Days Days Days Days Days
Gross carrying value 17,941.26 4,306.28 1,614.50 3,143.28 809.06 1,851.58
Expected credit loss (provision) 148.78 246.56 140.74 505.35 88.82 483.65
Carrying amount (net of impairment) 17,792.48 4,059.72 1,473.76 2,637.93 720.25 1,367.94

(J in Lakhs)
540- 630 630 - 720 720 - 1095
Particulars >1095 days
Days Days Days
Gross carrying value 2,569.38 427.14 3,760.92 15,149.37
Expected credit loss (provision) 971.93 147.72 1,492.76 10,581.99
Carrying amount (net of impairment) 1,597.45 279.42 2,268.17 4,567.38

Reconciliation of loss provision – lifetime expected credit losses

(J in Lakhs)
Other Trade
Reconciliation of loss allowance Loans
financial assets receivables
Loss allowance as on 1 April 2022 3.16 469.33 12,439.53
Impairment loss recognised/reversed during the year - 170.91 2,482.93
Amounts written off - - (114.18)
Loss allowance on 31 March 2023 3.16 640.24 14,808.28
Impairment loss recognised/reversed during the year - 94.78 (1,919.86)
Amounts written off - - (7.83)
Loss allowance on 31 March 2024 3.16 735.02 12,880.59

(B) Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is
to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.
Management monitors rolling forecasts of the liquidity position and cash and cash equivalents on the basis of
expected cash flows. The Group takes into account the liquidity of the market in which the entity operates.
Maturities of financial liabilities
The tables below analyse the financial liabilities into relevant maturity groupings based on their contractual maturities.
(J in Lakhs)
Less than More than
31 March 2024 1 - 2 years Total
1 year 2 years
Non-derivatives
Trade payable 44,367.59 - - 44,367.59
Security deposits and retentions 33,820.20 244.04 82.40 34,146.64
Capital creditors 2,237.88 - - 2,237.88
Other financial liabilities (Others) 4,702.31 - - 4,702.31
Total 85,127.98 244.04 82.40 85,454.42

(J in Lakhs)
Less than More than
31 March 2023 1 - 2 years Total
1 year 2 years
Non-derivatives
Trade payable 34,662.62 - - 34,662.62
Security deposits and retentions 33,843.39 185.43 82.40 34,111.22
Capital creditors 1,611.93 - - 1,611.93
Other financial liabilities (Others) 4,232.67 - - 4,232.67
Total 74,350.61 185.43 82.40 74,618.44
 345
Financial Statements
Notes to financial statements

(C) Market risk

(i) Foreign exchange risk
The Group has international transactions and is exposed to foreign exchange risk arising from foreign currency
transactions (imports and exports). Foreign exchange risk arises from future commercial transactions and
recognised assets and liabilities denominated in a currency that is not the functional currency. The Group does
not hedge its foreign exchange receivables/payables.

Foreign currency risk exposure:

(J in Lakhs)
Particulars Currency 31 March 2024 31 March 2023
Trade payables, security deposits and retentions AED 793.04 372.73
USD 360.82 434.39
EURO 505.78 357.09
GBP 455.64 462.92
Others 48.01 10.29
Trade receivables and security deposits AED 1,752.77 557.74
USD 12,647.07 13,944.83
EURO 2.49 108.23
GBP 10.50 1.52
Others 197.44 29.83
Cash and bank balance AED 1,789.20 370.25
USD 1.17 1.56
GBP 29.09 27.77
Others 130.12 144.00

Sensitivity
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated
financial instruments.
(J in Lakhs)
Exchange rate Exchange rate
increase by 1% decrease by 1%
Particulars Currency
31 March 31 March 31 March 31 March
2024 2023 2024 2023
Trade payables, security deposits AED (7.93) (3.73) 7.93 3.73
and retentions
USD (3.61) (4.34) 3.61 4.34
EURO (5.06) (3.57) 5.06 3.57
GBP (4.56) (4.63) 4.56 4.63
Others (0.48) (0.10) 0.48 0.10
Trade receivables and deposits
AED 17.53 5.58 (17.53) (5.58)
USD 126.47 139.45 (126.47) (139.45)
EURO 0.02 1.08 (0.02) (1.08)
GBP 0.11 0.02 (0.11) (0.02)
Others 1.97 0.30 (1.97) (0.30)
Cash and bank balance AED 17.89 3.70 (17.89) (3.70)
USD 0.01 0.02 (0.01) (0.02)
GBP 0.29 0.28 (0.29) (0.28)
Others 1.30 1.44 (1.30) (1.44)

(ii) Price risk

The Group's exposure to price risk arises from investments held and classified as FVTPL. To manage the price
risk arising from investments in mutual funds, the Group diversifies its portfolio of assets.
 346
Engineers India Ltd

Annual Report 2023-24

Sensitivity analysis
Profit or loss and equity is sensitive to higher/lower prices of instruments on the profit for the periods -
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Price sensitivity
Price increase by (3 %)- FVTPL 457.71 436.27
Price decrease by (3 %)- FVTPL (457.71) (436.27)

Note –36
Capital management
The Group’s objectives when managing capital are:

To ensure Group’s ability to continue as a going concern, and

To provide adequate return to shareholders

The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount
of dividends paid to shareholders, return capital to shareholders or issue new shares.

The amounts managed as capital by the Group are summarised as follows:

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Equity share capital 28,102.13 28,102.13
Other equity 1,97,429.25 1,68,049.76

The Group has no outstanding debt as at the end of the respective years. Accordingly, the Group has nil capital gearing ratio as
at 31 March 2024 and 31 March 2023.

Note –37
Dividends
(J in Lakhs)
Nature 31 March 2024 31 March 2023
Cash dividend on equity shares declared and paid
Final dividend for 31 March 2023 (H 1.00 per share) 5,620.42 5,620.42
(previous year 31 March 2022: H 1.00 per share)
Interim dividend for 31 March 2024 (H 2.00 per share) (previous year 31 March 11,240.85 11,240.85
2023: H 2.00 per share)
Total 16,861.27 16,861.27

(J in Lakhs)
Proposed dividend on equity shares 31 March 2024 31 March 2023
Proposed Final dividend for 31 March 2024 (H 1.00 per share) 5,620.42 5,620.42
(previous year 31 March 2023: H 1.00 per share)
Total 5,620.42 5,620.42

Proposed dividend on equity shares are subject to approval at the annual general meeting and are not recognised as liability.
 347
Financial Statements
Notes to financial statements

Note – 38
Related party

Principal place
Particulars Ownership interests Accounted on
of business
Certification Engineers International Limited(“CEIL”) India 100% Stated at cost as
TEIL Projects Limited(“TEIL”) India 50% per the provisions
Ramagundam Fertilizers and Chemicals Limited(“RFCL”) India 26% of Ind AS 27
LLC Bharat Energy Office (“BEO”) Russia 20% ‘Separate Financial
Statements’

Serial
Name of the Related Party Nature of Relationship
Number
1. Certification Engineers International Limited(“CEIL”) Wholly owned subsidiary
2. TEIL Projects Limited (“TEIL”) – Under Liquidation Joint venture company
3. Ramagundam Fertilizers and Chemicals Limited (“RFCL”) Joint venture company
4. Oil And Gas Exploration and Production Block No. CB-ONN-2010/8 * Joint operation - Participating Interest 22.22%
5. Oil And Gas Exploration and Production Block No. CB-ONN-2010/11 * Joint operation - Participating Interest 23.53%
6. LLC Bharat Energy Office (“BEO”) Associate company
7. EIL Employees Gratuity Trust Trust
8. EIL Employees PF Trust Trust
9. EIL Employees DCS Trust Trust
10. Directors/key management personnel (KMP) (31 March 2024)
Smt. Vartika Shukla Chairman & Managing Director [Addl. Charge
Director (HR) from 01.10.2023 to 31.12.2023]
Mr. Dheeraj Kumar Ojha Ceased to be Director (Government
Nominee) w.e.f. 16.05.2023
Mr. Rohit Mathur Director (Government Nominee) w.e.f.
16.05.2023
Mr. Deepak Mhaskey Non-Official Independent Director
Mr. Harishkumar Madhusudan Joshi Non-Official Independent Director
Dr. Prashant Vasantrao Patil Non-Official Independent Director
Ms. Karuna Gopal Vartakavi Non-Official Independent Director
Mr. Ravi Shanker Prasad Singh Non-Official Independent Director
Mr. Jai Prakash Tomar Non-Official Independent Director
Mr. Ashok Kumar Kalra Ceased to be Director (Human Resource)
w.e.f. 01.10.2023
Mr. Sanjay Jindal Director (Finance) & C.F.O
Mr. Atul Gupta Director (Commercial)
Mr. Rajiv Agarwal Director (Technical)
Mr. Rajeev Gupta Director (Projects) & Addl. Charge Director
(HR) w.e.f. 01.01.2024.
Mr. Suvendu Kumar Padhi Company Secretary
Mr. Sanjay Jindal Director (CEIL) till 01.08.2023
Mr. V.John Paul Director (CEIL) till 31.08.2023
Ms. Jayati Ghosh Director (CEIL)
Mr. R.P.Batra Director (CEIL) w.e.f. 31.08.2023
Mr. S.Balakumar Director (CEIL) w.e.f. 30.11.2023
Mr. Rajiv Ranjan Chief Executive Officer (CEIL)
Ms. P.Nagini Chief Financial Officer (CEIL)
Ms. Jaya Totlani Company Secretary (CEIL)
11. Directors/key management personnel (KMP) (31 March 2023)
Smt. Vartika Shukla Chairman & Managing Director
Mr. Dheeraj Kumar Ojha Director (Government Nominee) w.e.f
15.06.2022
Mr. Deepak Mhaskey Non-Official Independent Director
Mr. Harishkumar Madhusudan Joshi Non-Official Independent Director
348
Engineers India Ltd

Annual Report 2023-24

Serial
Name of the Related Party Nature of Relationship
Number
Dr. Prashant Vasantrao Patil Non-Official Independent Director
Ms. Karuna Gopal Vartakavi Non-Official Independent Director
Mr. Ravi Shanker Prasad Singh Non-Official Independent Director
Mr. Jai Prakash Tomar Non-Official Independent Director
Mr. Ashok Kumar Kalra Director (Human Resource)
Mr. Sanjay Jindal Director (Finance) w.e.f 10.06.2022, C.F.O
w.e.f 20.06.2022
Mr. Atul Gupta Director (Commercial) w.e.f 16.08.2022
Mr. Rajiv Agarwal Director (Technical) w.e.f 26.09.2022
Mr. Rajeev Gupta Director (Projects) w.e.f 28.12.2022
Mr. Suvendu Kumar Padhi Company Secretary
Mr. Rakesh Kumar Sabharwal Ceased to be Director (Commercial) w.e.f.
01.06.2022
Mr. Sanjeev Kumar Handa Ceased to be Director (Project) w.e.f
01.10.2022
Mr. Sunil Kumar Ceased to be Director (Govt. Nominee) w.e.f.
12.12.2022
Mr. M. Arulmurugan Ceased to be Non-official Independent
Director w.e.f. 12.07.2022
Smt. Vartika Shukla Ceased to be C.F.O w.e.f 20.06.2022
Mr. V. John Paul Director (CEIL)
Ms. Jayati Ghosh Director (CEIL) w.e.f. 05.01.2023
Ms. Anita Gurjar Non-Official Independent Director till
20.10.2022
Mr. Rajiv Ranjan Chief Executive Officer, CEIL w.e.f. 15.03.2023
Ms. P Nagini Chief Financial Officer, CEIL w.e.f. 27.01.2023
Mr. G Suresh Chief Executive Officer, CEIL till 14.03.2023
Mr. Inder Chawla Chief Financial Officer, Ramagundam
Fertilizers and Chemicals Ltd. (EIL
Representative till 31.10.2022)
Mr. Basant Kumar Das Chief Financial Officer, CEIL till 26.01.2023
Ms. Jaya Totlani Company Secretary, CEIL
* These have been accounted for as joint operation in financial statements of the Group.

Related party transactions

A. Transactions during the year
(J in Lakhs)

Joint
Associate
Venture Joint Operation EIL Employees Trust
Company
Particulars Year Ended Companies Total
Block Block Gratuity PF DCS
RFCL BEO
2010-11 2010-8 Trust Trust Trust

Deputation of employees and 31 March 2024 314.42 - - - - - - 314.42

reimbursement of expenses (at cost) 31 March 2023 382.96 - - - - - - 382.96
Rendering of services and other 31 March 2024 1,882.69 - - - - - - 1,882.69
transactions 31 March 2023 - - - - - - - -
Survey cost, capital expenditure 31 March 2024 - - 57.34 - - - - 57.34
and other costs 31 March 2023 - - 173.09 53.06 - - - 226.15
Office Maintenance/ 31 March 2024 - 64.59 - - - - - 64.59
Administrative Expenses 31 March 2023 - 97.70 - - - - - 97.70
Employers contribution 31 March 2024 - - - - - 10,334.31 3,983.23 14,317.54
31 March 2023 - - - - 144.37 7,923.23 6,747.56 14,815.16
 349
Financial Statements
Notes to financial statements

B. Balances during the year

(J in Lakhs)

Joint
Associate
Venture Joint Operation EIL Employees Trust
Company
Particulars As at Companies Total
Block Block Gratuity PF DCS
RFCL BEO
2010-11 2010-8 Trust Trust Trust

Outstanding receivables/unbilled/ 31 March 2024 1,408.24 - 20.55 1.83 - - - 1430.62

advances paid/prepaid /deposits 31 March 2023 2,443.04 - 9.66 1.83 - - - 2454.53
and other assets
Outstanding payable/retentions 31 March 2024 - 15.82 25.98 119.71 - - - 161.51
31 March 2023 - 13.41 33.97 51.69 - - - 99.07
Intangible assets under 31 March 2024 - - 165.49 - - - - 165.49
development & PPE (net of 31 March 2023 - - 185.80 - - - - 185.80
impairment)
Employers contribution 31 March 2024 - - - - (41.96) 4,811.17 - 4,769.21
Outstanding 31 March 2023 - - - - (392.59) 4,751.33 - 4358.74

C. Transactions and balances pertaining to KMP’s

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Transaction during the year
Remuneration/sitting fees# 549.11 508.75
Rent paid for residential accommodation - -
Interest income on loans given 0.25 0.24
Balance as at year end
Outstanding loans, interest and other receivables 7.84 10.42
#
This does not include the impact of provisions made on actuarial valuation of retirement benefits / long term benefit Schemes as the same are not
separately ascertainable for individual directors.

Chief Executive Officer & Chief Financial Officer of CEIL is on deputation from EIL and the salary for which is paid by
Engineers India Limited. EIL raises monthly bills on the basis of man-hour cost as per agreement with the Company which
are accounted for as professional charges, under the head “Manpower Services”. The bills raised by EIL are on hourly basis
and the bills are at actual cost-plus margin. EIL has also deputed other officials to CEIL and the same procedure is being
followed for the billing purposes.

Transactions during the year pertaining to KMP’s (Company Secretary)

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Remuneration 15.83 39.36

D. Loans to Specified persons

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Loans % of Loans % of
Type of Borrower
Outstanding Total Loans Outstanding Total Loans
Director 7.84 0.07% 10.42 0.12%
Total 7.84 0.07% 10.42 0.12%
350
Engineers India Ltd

Annual Report 2023-24

E. Defined benefit obligation for key management personnel

Funded
(J in Lakhs)
Defined benefit obligation for key management personnel related to Engineers India Limited
Leave encashment Post-retirement medical
Particulars Gratuity (funded)
(funded) benefits (funded)
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Total defined benefit obligation 90.44 102.63 166.41 190.30 81.94 85.48

Unfunded
(J in Lakhs)
Defined benefit obligation for key management personnel related to Engineers India Limited
Long service award Other benefits on retirement
(unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Total defined benefit obligation 0.18 0.20 2.07 2.36

Note – 39
A. Leases
Group as a lessee
The Group lease asset primarily consist of leases of lands, cars, office/residential premises and Computer Hardware. The
Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding lease
liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term
leases) and low value leases.

Following are changes in the carrying value of right of use assets for the year ended 31 March 2024:
(J in Lakhs)
Category of ROU asset
Particulars Computer Total
Land Building Vehicles
Hardware
Balance as of 1 April 2023 952.80 358.89 3.57 1,626.61 2,941.87
Additions - 1,002.17 296.79 1,035.34 2,334.30
Depreciation (13.53) (351.37) (63.39) (610.03) (1,038.32)
Reclassification from/to property, plant and equipment - (171.10) - - (171.10)
& Investment Property due to change in use
Deletion - (2.40) - (2.67) (5.07)
Balance as of 31 March 2024 939.27 836.19 236.97 2,049.25 4,061.68

Following are changes in the carrying value of right of use assets for the year ended 31 March 2023:
(J in Lakhs)
Category of ROU asset
Particulars Computer Total
Land Building Vehicles
Hardware
Balance as of 1 April 2022 966.33 447.90 71.58 2.95 1,488.76
Additions - 121.63 - 2,005.85 2,127.48
Depreciation (13.53) (184.25) (68.01) (382.19) (647.98)
Deletion - (26.39) - - (26.39)
Balance as of 31 March 2023 952.80 358.89 3.57 1,626.61 2,941.87
 351
Financial Statements
Notes to financial statements

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the
statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities:

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Current lease liabilities 1,362.10 600.01
Non-Current lease liabilities 1,939.53 1,288.07
Total 3,301.63 1,888.08

The following is the movement in lease liabilities:

(J in Lakhs)
Year ended Year ended
Particulars
31 March 2024 31 March 2023
Balance at the beginning 1,888.08 372.15
Additions 2,334.32 2127.48
Finance cost accrued during the year 206.54 125.61
Deletion (5.40) (30.22)
Payment of lease liabilities (1,121.90) (706.94)
Balance at the end 3,301.64 1,888.08

The detail regarding the contractual maturities of lease liabilities on undiscounted basis is as follows:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Less than one year 1,573.09 698.52
One year to two years 1,273.67 644.74
More than two years 822.37 756.44
Total 3,669.13 2,099.70

The Group does not face a significantly liquidity risk with regard to its lease liabilities as the current assets (including cash
and bank balances) are sufficient to meet the obligations related to lease liabilities as and when they fall due.

During the year Group recognise as operating expenses of H 599.77 Lakhs (previous year: H 556.49 Lakhs) towards short
term leases for certain office/residential premises and cars.

Group as a lessor
The Group has given certain office/residential premises on operating lease. During the year an amount of H 2,044.16
Lakhs (including reimbursement of operating expenditure of H 384.45 Lakhs) (previous year: H 1,758.82 Lakhs (including
reimbursement of operating expenditure of H 276.17 Lakhs)) has been accounted for as rental income (net) in respect of
these operating leases.

The detail regarding the contractual maturities of lease payments to be received on undiscounted basis is as follows:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Less than one year 1,418.73 190.30
One year to two years 1,232.36 -
More than two years - -
Total 2,651.09 190.30
352
Engineers India Ltd

Annual Report 2023-24

Note – 40
Contingent liabilities and commitments related to Engineers India Limited

A. Contingent Liabilities:
Below are the contingent liabilities of the company existing as on reporting date.
(J in Lakhs)
Sl Note As at As at
Particulars
No. Reference 31 March 2024 31 March 2023
1 Claim Not acknowledge as debt (a)
- Commercial Claim (i) 22,798.77 26,084.60
- Employees Claim (ii) 177.20 171.00
- Others 13.81 381.97
Sub Total - A 22,989.78 26,637.57
2 Other money for which the company is con-
tingently liable.
- Demand raised by authorities against which (b)
wappeals are pending in different forums
(under Indirect Tax Matters)
- VAT* (i) to (vi) 45,988.65 43,592.66
Sub Total- B 45,988.65 43,592.66
Total (A+B) 68,978.43 70,230.23
Note * In terms of the contract(s) entered into with the client, the liability shall be reimbursed by the client whenever, it reaches to its finality.

a) Claims against the Parent Company not acknowledged as debt.

(i) Commercial claims including employee’s claims pending in the Courts or lying with Arbitrators amounting
to H 22,975.97 Lakhs (previous year 31 March 2023: H 26,255.60 Lakhs)

(ii) During the year an amount of H 13.81 Lakhs (previous year: H 381.97 Lakhs) reduced from vendors invoices
for ‘delayed supply’ on account of PRS in terms of provision of contract, for which credit note is yet
to be received.

b)
(i) Parent Company has filed a Special Leave Petition (SLP) before Hon’ble Supreme Court against the dismissal
of Writ appeal filed before Hon’ble Karnataka High Court against VAT Assessment Order of Deputy
Commissioner of commercial Taxes dated 29th July 2016 levying tax of H 4,777.74 Lakhs (including interest)
(Previous year 31st March 2023: H 4,540.02 Lakhs (including interest)) for the financial year 2009-10.

(ii) Parent Company has filed a Special Leave Petition (SLP) before Hon’ble Supreme Court against the
dismissal of Writ appeal filed before Hon’ble Karnataka High Court against the VAT Assessment Order
of Deputy Commissioner of commercial Taxes dated 14th March 2017 levying tax of H 38,472.56 Lakhs
(including interest) (Previous year 31st March 2023: H 36,492.56 Lakhs (including interest)) for the
financial year 2010-11.

(iii) Parent Company has filed a Special Leave Petition (SLP) before Hon’ble Supreme Court against the
dismissal of Writ appeal filed before Hon’ble Karnataka High Court against the VAT Assessment Order of
Deputy Commissioner of commercial Taxes dated 25th March 2019 levying tax of H 841.87 Lakhs (including
interest) (Previous year 31st March 2023: H 790.48 Lakhs (including interest)) for the financial year 2013-14.

(iv) Parent Company has filed writ petition before Hon’ble Karnataka High Court against the VAT Assessment
Order of Deputy Commissioner of Commercial Taxes dated 30th September 2020 levying tax of H 770.78
Lakhs (including interest) (Previous year 31 March 2023: H 717.55 Lakhs (including interest)) for the
financial year 2015-16.

(v) Parent Company has filed writ petition before Hon’ble Karnataka High Court against the VAT Assessment
Order of Deputy Commissioner of Commercial Taxes dated 27April 2021 levying tax of H 65.81 Lakhs (including
interest) (previous year 31 March 2023: H 60.39 Lakhs (including interest)) for the financial year 2016-17.
 353
Financial Statements
Notes to financial statements

(vi) Parent Company has filed writ petition before Hon’ble Karnataka High Court against the Proposition Notice
issued by Assistant Commissioner of Commercial Taxes dated 21 February 2019 for the financial year 2014-15.
The Hon’ble Karnataka High Court vide order dated 25 April 2019 issued directions to commercial tax
department not to enforce demand order without leave of the court. However, the company received
demand order dated 30 March 2019 levying tax of H 1,059.89 Lakhs (including interest) (Previous year 31
March 2023: H 991.66 Lakhs (including interest)) on 2nd May 2019.

In terms of the contract(s) entered into with the client, the liability as referred to S.no. (i) to (vi) above shall
be reimbursed by the client whenever, it reaches to its finality.

In respect of above contingent liabilities, it is not probable to estimate the timing of cash outflow, if any,
pending the resolution of Arbitration/Appellate/Court/assessment proceedings.

B. Commitments:
a) Property, plant and equipment – estimated amount of contracts remaining to be executed on capital account
(net of advances) and not provided for amount to H 9,649.31 Lakhs (inclusive of taxes wherever applicable)
(previous year 31 March 2023: H 4,141.41 Lakhs (inclusive of taxes wherever applicable)).

b) The Company’s estimated share in work programmes committed under production sharing contract and Field
development plan in respect of oil & gas exploration blocks as on 31 March 2024 is H 3,739.28 Lakhs (previous
year 31 March 2023: H 3,878.77 Lakhs).

c) Commitment towards Right issue of equity shares w.r.t. M/s Numaligarh Refinery Limited is H 6,915.50 Lakhs
(Previous year 31st March 2023; H 13,830.99 Lakhs).

Contingent liabilities and commitments related to Certification Engineers International Limited (‘CEIL’)

A. Contingent liabilities:
a) The company has received a demand of Rs. 117.98 Lakh (previous for Rs. NIL) for assessment year 2019-
20 from GST department. The company is disagreeing with demand and is in process of filing reply against
the demand order.

b) One of our employee, was sent on assignment to offshore field with ONGC. He proceeded for assignment to
offshore on 12.04.2021 and was stationed on Board Barge Papaa 305. On 17.05.2021, Cyclone Tauktae struck
Mumbai offshore and Barge Papaa 305 got sunk. Unfortunately, our employee was not amongst the survivors.
The status of our employee is still unknown as on 31.03.2024. Board has accorded the approval for payment of
adhoc amount of Rs. 50,000/- per month to the wife of the employee and he is covered under company’s Group
Personal Accident Insurance.

c) The company has filed an application for rectification (u/s 154) of processing mistakes amounting to H 63.24
Lakhs for the assessment year 2016-17 and for H 124.37 Lakhs for the assessment year 2015-16.

d) The company has received a demand of H 7.17 Lakhs in intimation u/s 143(1) for assessment year 2021-22 from
income tax department.

Note – 41
a) Guarantees issued by the banks and outstanding as on 31 March, 2024: H 62,544.89 Lakhs, (previous year 31 March
2023: H 59,223.87 Lakhs, inclusive of Expired BG of H 2.70 Lakhs of CEIL), against which a provision of H 53,021.23
Lakhs (previous year 31 March 2023: H 51,172.43 Lakhs) has been made in the books towards liability for performance
guarantees/warranties.

b) Corporate Guarantees issued by the Company on its behalf for contractual performance and outstanding as on 31 March,
2024: H 7,214.04 Lakhs (previous year 31 March 2023: H 617.19 Lakhs).
354
Engineers India Ltd

Annual Report 2023-24

Note – 42
Land and buildings
i) Land and Buildings includes H 0.07 Lakhs (previous year: 31 March 2023: H 0.07 Lakhs) being amount invested as share
money in Cooperative Housing Societies as detailed below:

Twintowers Premises Cooperative Society Limited, Mumbai 10 ordinary shares of H 50 each fully paid.
Gardenview Premises Cooperative Society Limited, Mumbai 10 ordinary shares of H 50 each fully paid.
Heera Panna Towers Cooperative Housing Society Limited, Vadodara 10 ordinary shares of H 50 each fully paid.
Suflam Cooperative Housing Society Limited, Ahmedabad 8 ordinary shares of H 250 each fully paid
Darshan Co-operative Society Limited, Vadodara 80 ordinary shares of H 50 each fully paid
ii) Additional Regulatory Information with respect to Title Deeds of Immovable properties

For the following Land and Buildings, title deed/property card/mutuations etc is yet to be executed in the favour of the
Parent Company:

Gross Whether title deed

Relevant carrying holder is promoter,
Description WDV Title deeds Property Status with respect to the
line item in value director or relative
of item of (J in held in the held since documents available in the name of
the Balance of promoter/director
property (Cost) Lakhs) name of which date the company
sheet or employee of
(J in Lakhs) promoter/director

PPE Two Flats 8.45 1.83 Engineers - 02-08-1991 The following building documents
at Viman India are available:
Nagar, Limited a) Sale Deed
Pune
b) Agreement
Matter has been taken up
continuously with Konark Nagar
society for issue of property card.
PPE Six Flats 9.93 0.16 Engineers - 29-12-1977 In this regard, following documents
in Andheri India are available with company:
East, Limited 1) Registered sale agreement
Mumbai
2) Share certificate issued by
Andheri Garden View Co-Op
Housing Society Ltd.
The matter is being followed with
the society for issuing property card.

The fees for property card/mutation etc. for above properties, being not ascertainable has not been provided for.

Further, one of the properties consisting of plot measuring 6,826.95 square meters with three Buildings, comprising of 84
flats at Gokuldham, Goregaon (East), Mumbai 4,297.34 square meter of area only is in the Parent Company’s possession.
The Parent Company has initiated action by filing an application for eviction under the Public Premises (Eviction of
Unauthorised Occupants) Act 1971 and related proceedings under MLRC are in progress. The said property is partially
presented as property, plant and equipment and partially as investment property.
 355
Financial Statements
Notes to financial statements

Note – 43
Useful life of assets
i) The useful life and depreciation rates for fixed assets in terms of the Accounting Policy defined are as below :

Sl. Useful Life Sl. Useful Life

Particulars Rates (%age) Particulars Rates (%age)
No. (Years) No. (Years)

1. Land Freehold Nil Perpetual 4. Plant and Machinery

2. Land Leasehold Over a Over a Plant and Machinery 8.0 12
lease period lease period
except for except for
perpetual perpetual
lease Nil lease Nil
percentage percentage
3. Building Laboratory Equipment 9.6 10
Office Building 2.4 40 Storage Tank 6.0 16
R&D Centre, Gurgaon 4.0 24 5. Furniture and
Fixtures, Office
and Construction
Equipment
Window/Split AC 15.84 6 Furniture and Fixtures 9.6 10
AC Central Plant 6.5 15 Chairs 16.0 6
Lifts 6.5 15 Office Equipment 19.2 5
Electric Power Sub 9.6 10 Construction 12.0 8
Station Equipment
Invertors 19.2 5 6. Computer Software/
Hardware
Solar photovoltaic 9.6 10 PC/Laptop/Printer 32.43 3
modules
Solar power 9.6 10 Server, LAN 19.45 5
conditioning system and Networking
Components
Tube well and Pumps 19 5 Projector, Video 19.20 5
Conference Equipments
Fire Alarm System 6.52 15 Software * 33.33 3
Fire Fighting System 9.5 10 7. Vehicles 13.75 7
Chilling Plant 9.6 10 8. Library Books 100 1
Rain Harvesting System 19.20 5
Building Management 6.5 15
System
Hydraulic Access 6.5 15
Control System
Roads 9.6 10
External Lighting 9.6 10
* Software individually costing up to H 5.00 Lakhs is fully amortized during the year of its acquisition.

ii) The Capital work in progress comprises cost of Property Plant and Equipment and Investment Property that are not yet
ready for their intended use at the balance sheet date, the details of which are as under :
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Capital expenditure incurred/Capital Assets acquired, but not yet ready for 3,592.71 2,591.70
use at balance sheet date
Total 3,592.71 2,591.70
356
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Annual Report 2023-24

Capital work-in-progress ageing schedule for the year ended March 31, 2024 is as follows:
(J in Lakhs)
Amount in CWIP for a period of
Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Projects in progress 2,731.79 675.14 185.78 - 3,592.71
Total 2,731.79 675.14 185.78 - 3,592.71

Capital work-in-progress ageing schedule for the year ended March 31, 2023 is as follows:
(J in Lakhs)
Amount in CWIP for a period of
Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Projects in progress 2,284.53 307.17 - - 2,591.70
Total 2,284.53 307.17 - - 2,591.70

Note – 44
Intangible assets under development ageing schedule for the year ended March 31, 2024 is as follows:
(J in Lakhs)
Amount in CWIP for a period of
Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Intangible assets under development 2.97 4.99 55.56 1983.56 2,047.08
(Exploration and evaluation assets)
Less: Provision for Impairment (2,047.08)
Total -

Intangible assets under development for the year ended March 31, 2023 is as follows:
(J in Lakhs)
Amount in CWIP for a period of
Particulars Less than More than Total
1-2 years 2-3 years
1 year 3 years
Intangible assets under development 18.37 57.89 48.82 2,362.92 2,488.00
(Exploration and evaluation assets)
Less: Provision for Impairment (2,488.00)
Total -

Note – 45
The details of revenue are as below:
(J in Lakhs)
Year Ended Year Ended
Particulars
31 March 2024 31 March 2023
Revenue from Operations 3,28,085.85 3,33,014.03
Other Income 21,916.45 16,441.75
Total Revenue 3,50,002.30 3,49,455.78
 357
Financial Statements
Notes to financial statements

Note – 46
Disaggregate revenue
The table below presents disaggregated revenues from contracts with customers disaggregated by nature of services and
primary geographical region of Parent company. The Parent Company believe that this disaggregation best depicts how the
nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors.
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Revenue by nature of services
Consultancy and engineering projects 1,50,298.11 1,46,429.55
Turnkey projects 1,77,787.74 1,86,584.48
Total 3,28,085.85 3,33,014.03
Revenues by geographical region
India (A) 2,99,974.99 3,09,339.70
Overseas: (B)
United Arab Emirates (UAE) 11,285.45 3,527.45
Nigeria 7,055.66 14,374.09
Guyana 5,144.95 465.46
Mongolia 3,746.97 4,827.63
Algeria 329.35 -
Bharain 208.15 190.66
Others 340.33 289.04
Total (B) 28,110.86 23,674.33
Total (A+B) 3,28,085.85 3,33,014.03

Trade receivables and Contract Balances of Parent Company

The following table provides information about Trade receivable, Contract assets and Contract Liabilities from Contract
with Customers:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Trade Receivables (Note No. 14) – Net of Allowance for expected credit losses 31,439.35 35,294.02
Contract Assets (Unbilled Revenue) (Note No. 9 B) – Net of Allowance for expected 58,863.51 45,721.17
credit losses
Contract Liabilities (Income Received in Advance) (Note No. 21 B) 61,130.27 65,604.58
Advance received from clients (Note No. 21 A and 21 B) 6,541.47 9,614.70

The Group classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue.

A receivable is a right to consideration that is unconditional upon passage of time. Trade receivable and unbilled revenue are
presented net of impairment in the Balance Sheet.

Revenues in excess of Invoicing is recorded as unbilled revenue (contract assets) and is classified as a financial asset. Revenue
recognition for Lump sum services and Turnkey contracts is based on percentage of completion method based on cost
progress. Invoicing to the clients is based on milestones as defined in the contract. Revenue from Cost plus and rate plus jobs
are recognized when the related services are performed and revenue from the end of the last invoicing to the reporting date
is recognized as unbilled revenue.

Invoicing in excess of earnings are classified as Income received in advance (contract liabilities) and is classified as other
current liabilities.

Disclosure related to Engineers India Limited (Parent Company)

During the year ended 31 March 2024 and 31 March 2023, H 29,529.29 Lakhs and H 21,607.98 Lakhs of Contract assets (unbilled
revenue) as of 1 April 2023 and 1 April 2022 respectively has been reclassified to Trade receivables upon billing to customers.

During the year ended 31 March 2024 and 31 March 2023, the company recognized revenue of H 56,638.10 Lakhs and H 48,054.68
Lakhs arising from opening Contract liabilities (Income Received in Advance) as of 1 April 2023 and 1 April 2022 respectively.
358
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Annual Report 2023-24

Remaining performance obligations of Parent Company

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized
at the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue.
Performance obligation estimates are subject to change and are affected by several factors, including termination, changes in
the scope of work, adjustment for revenue that has not materialized, and adjustment for currency.

The aggregate value of performance obligations that are completely or partially unsatisfied as of 31 March 2024 is H 7,82,353.95
Lakhs. Out of this, the Company expects to recognize revenue of around 47% within the next one year and the remaining
thereafter. The aggregate value of performance obligations that are completely or partially unsatisfied as of 31 March 2023
was H 7,69,455.91 Lakhs.

The revenue recognised with the contracted price of Parent Company is as follows:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Contracted price 3,29,833.00 3,36,776.16
Reduction towards variable consideration components* 6,616.50 8,400.20
Revenue recognised 3,23,216.50 3,28,375.96
* The reduction towards variable consideration comprises of price reduction.

Types of warranties and related obligations

The Parent company is executing consultancy and engineering services and turnkey contracts. The Parent company is providing
provision for estimated liabilities on account of guarantees and warranties etc. in respect of consultancy and engineering
services and turnkey contracts executed by the Parent Company. The said obligation covers performance as well as defect
liability period defined in the respective contracts.

For turnkey contracts, the estimated liability on account of contractual obligations is provided at 1% of revenue recognized
based on risk assessment made by the management. For consultancy and engineering services contracts the estimated liability
on account of contractual obligations is provided as per assessment of probable liability made by the management based on
liability clauses in respective contracts.

Disclosure related to Certification Engineers International Limited (‘CEIL’)

The following table provides information about Trade receivable, Contract assets and Contract Liabilities from Contract
with Customers:
(J in Lakhs)
Year Ended Year Ended
Particulars
31 March 2024 31 March 2023
Trade Receivables – Net of Allowance for expected credit losses 2135.75 1,662.21
Contract Assets (Unbilled Revenue) 500.37 750.81
Contract Liabilities (Income Received in Advance) 6.15 11.97
Contract Liabilities (Advance from Customers) 384.04 145.22

During the year ended March 31, 2024, H 474.51 Lakhs of unbilled revenue as of April 1, 2023 (Previous year H 396.40 Lakhs) has
been reclassified to Trade receivables by CEIL upon billing to customers.

Remaining performance obligations of CEIL

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized
at the end of the reporting period and an explanation as to when CEIL expects to recognize these amounts in revenue.
Performance obligation estimates are subject to change and are affected by several factors, including termination, changes in
the scope of work, adjustment for revenue that has not materialized, and adjustments for currency.
 359
Financial Statements
Notes to financial statements

The aggregate value of performance obligations that are completely or partially unsatisfied as of 31 March 2024 is H 7,514.00
Lakhs (Previous year H 5,662.02 Lakhs). Out of this, the CEIL expects to recognize revenue of around 79.95 % within the next
one year and the remaining thereafter.

Note – 47
Brief description of the Group’s joint ventures
a) TEIL Projects Limited (‘TEIL’)
A joint venture with Tata Projects Limited was formed in the financial year 2008-09 for pursuing projects on engineering
procurement and construction basis (EPC Projects) in selected sectors such as oil and gas, fertilizers, steel, railways, power
and infrastructure.

TEIL has been formed in this regard having its Registered Office at New Delhi has an Authorized capital of H 1,500 Lakhs
(Previous year 31 March 2023: H 1,500 lakhs) and Issued, Subscribed and Paid-up capital of H 1,100 lakhs (Previous year 31
March 2023: H 1,100 lakhs).

Of the issued, subscribed and paid-up capital, 5,500,000 shares of H 10 each fully paid-up amounting H 550.00 lakhs
(previous year: 31 March 2023 H 550.00 lakhs) are held by the Company, being 50% of paid-up capital of TEIL.

In the financial year 2015-16, it was decided to wind up TEIL and in this regard liquidator has already been appointed on
29 July 2016 and liquidation proceedings are in progress as per provisions of Companies Act.

Till 31 March 2021, the Company’s share of negative ‘other equity’ of H 541.61 Lakhs has been accounted for as impairment
in value of investment.

During the current financial year 2023-24, TEIL had a net loss of Nil.

During the year 2020-21, H 8.39 lakhs towards final distribution of remaining funds of TEIL on account of return of Share
capital of company has been received by the company.

b) Ramagundam Fertilizers and Chemicals Limited (‘RFCL’)

The Company has, along with National Fertilizers Limited (NFL) and Fertilizer Corporation of India Limited (FCIL)
incorporated a joint venture for setting up and operation of a gas based urea and ammonia complex in February 2015
namely Ramagundam Fertilizers and Chemicals Limited (‘RFCL’) having registered office in Delhi.

The Company has Authorized share capital of H 200,000 Lakhs (previous year: 31 March 2023: H 200,000 Lakhs) consisting
20,000 Lakhs (Previous year: 31 March 2023: 20,000 Lakhs) equity shares of face value of H 10 each.

The Shareholding of the RFCL, on the finalisation of project cost and requirement of equity for funding the project cost
shall be in the following proportion:

Engineers India Limited (EIL): 26%

National Fertilizers Limited (NFL): 26%
The Fertilizer Corporation of India Limited (FCIL): 11%
State Government of Telangana: 11%
GAIL (India) Limited: 14.30%
HT Ramagundam A/s: 3.90%
Danish Agribusiness Fund IK/S: 3.90%
Investment Fund for Developing Countries: 3.90%

RFCL has entered into concession agreement with FCIL on 23 March 2016 towards award of rights and concession to
the RFCL in regard to facility area (Lease hold land admeasuring approximately 1284 acre) for financing, designing,
engineering, procurement, construction, development, operation and maintenance of the project.

In terms of Shareholders agreement (SHA), FCIL is to be issued equity shares equal to 11% of equity portion of the capital
expenditure of the project. During the Financial year 2020-21 project cost estimate was revised to H 6,33,816.00 Lakhs to be funded
through equity of H 1,89,025.00 Lakhs and accordingly total equity issuance to FCIL based on revised project cost is H 20,793 Lakhs.
360
Engineers India Ltd

Annual Report 2023-24

The paid up capital by Joint Venture Partners as on 31 March 2024 is as under:

(J in Lakhs)
31 March 2024 31 March 2023
No. of Shares No. of Shares
Shareholder Paid up Share Paid up Share
held of face value held of face value
Capital Capital
of H 10 each of H 10 each
EIL 4,914.62 H 49,146.24 4,914.62 H 49,146.24
NFL 4,914.62 H 49,146.24 4,914.62 H 49,146.24
FCIL 2,079.36 H 20,793.64 2,079.36 H 20,793.64
State Government of Telangana 2,079.26 H 20,792.64 2,079.26 H 20,792.64
GAIL (India) Limited 2,703.04 H 27,030.43 2,703.04 H 27,030.43
Others 2,211.60 H 22,115.81 2,211.60 H 22,115.81
Total 18,902.50 J 1,89,025.00 18,902.50 J 1,89,025.00

Summarised financial information for Joint Venture is set out below:

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Cash and cash equivalents 10,093.80 21,776.33
Other Current assets 1,60,887.80 1,23,132.28
Total Current assets (A) 1,70,981.60 1,44,908.61
Non-current assets (B) 5,20,341.03 5,65,806.77
Current financial liabilities (excluding trade payables and provisions) 1,35,278.55 58,727.70
Trade payables and provisions 65,234.84 1,69,269.38
Other Current liabilities 1,074.87 1,187.13
Total Current liabilities (C) 2,01,588.26 2,29,184.21
Non current financial liabilities(excluding trade payables and provisions) 3,51,600.81 3,76,297.58
Other Non current liabilities 2,861.48 2,794.51
Total Non-current liabilities (D) 3,54,462.29 3,79,092.09
Net assets (A+B-C-D) 1,35,272.08 1,02,439.08
Net Assets recognised in consolidated financial statements 35,170.74 26,634.16
Capital Expenditure during the year 3,292.80 4,483.80
Right of use Assets addition during the year - 178.23
Capital Work in Progress 116.30 695.38

Summarised Statement of profit and loss

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Revenue from operations 4,91,886.17 4,56,989.06
Interest income 1,750.31 822.32
Other income 523.86 822.93
Total revenue (A) 4,94,160.34 4,58,634.31
Depreciation and Amortization 29,535.91 29,018.19
Interest Expenses 48,467.99 45,320.59
Other expense 3,72,060.34 3,82,852.24
Total expenses (B) 4,50,064.24 4,57,191.02
Profit before tax (C = A-B) 44,096.10 1,443.29
Tax expense (D) 11,282.71 583.45
Profit/(Loss) for the year (E = C-D) 32,813.39 859.84
Other comprehensive income (F) 19.61 19.44
Total comprehensive income (E+F) 32,833.00 879.28

c) LLC Bharat Energy Office (‘BEO’) –Associate Company

During the financial year 2021-22, the Company along with ONGC Videsh Singapore Pte. Ltd., GAIL (India) Limited, IOCL
Singapore Pte. Ltd. and Oil India International Pte. Ltd. having participating interest of 20% each has incorporated a
Limited Liability Company namely LLC Bharat Energy Office in Russia to facilitate liaising with the Russian petroleum
industry and to monitor the existing investments.
During the financial year 2021-22, company has contributed its 20% contribution amounting to H 75.97 Lakhs.
Till financial year ended 31 March 2024, the Company had incurred losses to the tune of RU 2,37,06,000 (Previous year
31 March 2023: RU 1,15,82,000) of which the Company’s share is RU 47,41,200 (equivalent Indian H 47.77 Lakhs) (Previous
year 31 March 2023: RU 23,16,400 (Equivalent Indian H25.94 Lakhs)).
 361
Financial Statements
Notes to financial statements

Note – 48
Employee benefits
Disclosure related to Engineers India Limited (Parent Company)
Defined Contribution Plan
Superannuation Fund
The Corporation has Superannuation – Defined Contribution Scheme (DCS) maintained by “Superannuation Pension Trust”
wherein Employer makes a monthly contribution of a certain percentage of ‘Basic salary and Dearness Allowance (DA)’, out of
30% earmarked for various superannuation benefits. This is in accordance with the Department of Public Enterprises (DPE)
guidelines. These contributions are credited to Individual Employee’s Account maintained with the trust managed by Life
Insurance Corporation of India (LIC) or an optional National Pension Scheme (NPS) account. For the financial year 2023-24,
the corporation has made an overall contribution of H 5,437.80 lakhs (previous year 31 March 2023: H 5,721.84 lakhs) towards
Superannuation -DCS by charging it to statement of Profit and Loss.

Employee Pension Scheme (EPS-95)

During the year, Corporation has recognised H 321.49 lakhs (previous year 31 March 2023; H 332.58 Lakhs) as contribution to
Employee Pension Scheme (EPS-95) in the statement of Profit and Loss.

Defined Benefit Plan

Company is having the following Defined Benefit Plans:

Gratuity (Funded)
Leave encashment (Funded)
Provident Fund * (Funded)
Post-Retirement Medical Benefits (Funded)
Long Service Awards (Unfunded)
Other benefits on Retirement (Unfunded)

* The employee benefit of PF is administered through a separate irrevocable EIL Employees Provident Fund Trust for managing the Provident Fund
accumulation of employees. The company’s contribution towards Provident Fund is remitted to this trust based on a fixed percentage of eligible employee’s
salary and charged to statement of Profit and Loss.

Shortfall of net income of trust below government specified minimum rate of return, if any, and loss to the trust due to its
investments turning stressed are being made good by the Company. Out of the investments made by PF Trust in the past, some
issuers of securities have defaulted in interest payments and / or principal repayments. Company, as principal employer under
the Provident fund regulations has made good the loss in value of these investments.

In this regard, Actuarial valuation as on 31 March, 2024 was carried out by the Actuary to find out value of Projected Benefit
Obligation of the Company towards Provident Fund. The present value of benefit obligation for the period ended 31 March
2024 is H 1,92,720.10 lakhs (Previous year 31 March 2023: 1,84,650.88 lakhs). The fair value of the assets of Provident Fund trust
as of balance sheet date is greater than the present value of benefit obligation. The Company has net surplus of H 8,687.05
lakhs (previous year 31 March 2023: H 5,525.65 lakhs) determined through actuarial valuation. Accordingly, Company has not
recognised surplus as an asset, and the remeasurement loss/gain in ‘other Comprehensive Income’ other than loss due to
stressed Investment, as these pertains to Provident Fund Trust and not to the company.

During the year, Company has recognised loss of H 1,423.23 Lakhs (previous year 31 March 2023: H 3,144.20 Lakhs) in the
statement of profit and loss and H 24.25 lakhs (previous year 31 March 2023: Nil) in Other Comprehensive Income towards
provident fund expenditure for impairment on account of Provident Fund Trust investment.
362
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Annual Report 2023-24

Risks associated with plan provisions

Risks associated with the plan provisions are actuarial risks. These risks are: (i) Investment risk, (ii) interest risk (discount rate
risk), (iii) mortality risk and (iv) salary risk.

Investment risk If Plan is funded then assets liabilities mismatch & actual investment return on assets
lower than the discount rate assumed at the last valuation date can impact the liability.
Interest risk (discount rate risk) Reduction in discount rate in subsequent valuations can increase the plan’s liability.
Mortality risk Actual deaths & disability cases proving lower or higher than assumed in the valuation can
impact the liabilities.
Salary risk Actual salary increases will increase the Plan’s liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.
Medical expense inflation risk Increase in actual medical cost per retiree will increase the Plan’s liability. Increase in
medical Cost per Retiree rate assumption will also increase the liabil-ity.
Cash allowance variation risk Actual award cost increases will increase the Plan’s liability. Increase in award cost increase
rate assumption in future valuations will also increase the liability.

Disclosures related to funded obligations

a) The amounts recognized in the balance sheet
(J in Lakhs)

Post-retirement
Leave encashment Provident Fund
Gratuity (funded) medical benefits
(funded) (funded)
Particulars (funded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023
Present value of obligations as at 21,976.61 21,764.45 32,965.11 30,107.25 1,92,720.10 1,84,650.87 32,544.97 29,775.35
the end of year
Fair value of plan assets as at the 22,018.57 22,157.04 29,105.51 27,117.16 2,01,407.15 1,90,176.52 28,548.94 26,160.69
end of the year
Funded status 41.96 392.59 (3,859.60) (2,990.09) 8,687.05 5,525.65 (3,996.03) (3,614.66)
Net (asset)/liability recognized (41.96) (392.59) 3,859.60 2,990.09 (8,687.05) (5,525.65) 3,996.03 3,614.66
in balance sheet

b) Expenses recognized in statement of profit and loss

(J in Lakhs)

Post-retirement
Leave encashment Provident Fund
Gratuity (funded) medical benefits
(funded) (funded)
Particulars (funded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023
Current service cost 1,173.04 1,154.01 3,271.81 3,081.62 6,094.66 5,723.48 581.83 517.17
Past service cost - - - - - - - -
Expected Contribution towards - - - - 1,423.23 2,730.55 - -
Stressed Investments
Interest cost on defined benefit 1,606.22 1,589.70 2,221.91 2,009.45 - - 2,197.42 1,968.53
obligation
Interest income on plan assets (1,635.19) (1,579.28) (2,001.24) (1,846.86) - - (1,930.66) (1,773.76)
Re-measurements - - 367.12 (254.28) - - - -
Expenses recognized in 1,144.07 1,164.44 3,859.60 2,989.93 7,517.89 8,454.03 848.59 711.94
statement of profit and loss

c) Expenses recognized in other comprehensive income

(J in Lakhs)

Post-retirement
Leave encashment Provident Fund
Gratuity (funded) medical benefits
(funded) (funded)
Particulars (funded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Return on plan assets (35.62) (53.63) - - (683.92) (511.40) (237.34) (110.81)

Actuarial (gains)/loss (757.41) (1,498.80) - - (178.93) 127.86 3384.77 3,013.53
Expenses recognized in other (793.03) (1,552.43) - - (862.85) (383.54) 3,147.43 2,902.72
comprehensive income
 363
Financial Statements
Notes to financial statements

d) Reconciliation of opening and closing balances of defined benefit obligation

(J in Lakhs)

Post-retirement
Leave encashment Provident Fund
Gratuity (funded) medical benefits
(funded) (funded)
Particulars (funded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Present value of obligations as at 21,764.45 22,018.03 30,107.25 27,831.85 1,84,650.87 1,74,484.41 29,775.35 27,265.05
beginning of year
Interest cost 1,606.22 1,589.70 2,221.91 2,009.45 14,840.07 13,944.09 2,197.42 1,968.53
Current service cost 1,173.04 1,154.01 3,271.81 3,081.62 6,094.66 5,723.48 581.83 517.17
Contribution by plan participants/ - - - - 10,846.97 11,190.82 - -
employees
Actuarial (gains)/losses arising
from
Changes in demographic - - - - - - - -
. assumptions
Changes in financial assumptions 262.51 (285.20) 323.31 (274.58) 13.69 (5.07) 520.22 (497.23)
Experience adjustments (1,019.93) (1,213.59) 247.93 122.41 140.99 (570.83) 2864.56 3,510.76
Past service cost - - - - - - - -
Benefits paid (1,809.68) (1,498.50) (3,207.10) (2,663.50) (23,913.46) (20,186.33) (3,394.41) (2,988.93)
Settlements/ Transfer In - - - - 46.31 70.30 - -
Present value of obligations as 21,976.61 21,764.45 32,965.11 30,107.25 1,92,720.10 1,84,650.87 32,544.97 29,775.35
at end of year

e) Reconciliation of opening and closing balances of fair value of plan assets

(J in Lakhs)

Post-retirement
Leave encashment Provident Fund
Gratuity (funded) medical benefits
(funded) (funded)
Particulars (funded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Fair value of plan assets as on 22,157.04 21,873.66 27,117.16 25,579.83 1,90,176.52 1,76,761.38 26,160.69 24,567.33
beginning of year
Interest income 1,635.19 1,579.28 2001.25 1,846.86 - - 1,930.66 1,773.76
Opening adjustment as per - - - - - (15.84) - -
Balance Sheet
Gain on Equity and IDF - - - - 4,000.00 3,200.00 - -
Investments
Actual Return - - - - 14,156.15 13,432.69 - -
Estimated Provision for expected - - - - (1,447.49) (3178.59) - -
defaults
Plan Participants/ Employee - - - - 10,846.97 11,190.82 - -
Contribution
Settlements/ Transfer In - - - - 46.32 70.31 - -
Re-measurement gain/(loss) – 35.62 53.63 204.12 102.10 - - 237.34 110.81
return on plan assets excluding
amounts included in net interest
expense
Contributions from the employer 0.40 148.97 2990.08 2,251.87 6,094.65 5,723.48 3,614.66 2,697.72
Receivable from EIL against - - - - 1,447.49 3,178.59 - -
estimated provision for Expected
defaults
Benefits paid (1,809.68) (1,498.50) (3,207.10) (2,663.50) (23,913.46) (20,186.32) (3,394.41) (2,988.93)
Fair value of plan assets at the 22,018.57 22,157.04 29,105.51 27,117.16 2,01,407.15 1,90,176.52 28,548.94 26,160.69
end of year
364
Engineers India Ltd

Annual Report 2023-24

f) Actuarial Assumptions

Post-retirement
Leave encashment Provident Fund
Gratuity (funded) medical benefits
(funded) (funded)
Particulars (funded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023

Discount rate 7.23% 7.38% 7.23% 7.38% 7.23% 7.38% 7.23% 7.38%
Expected rate of future salary 9.00% 9.00% 9.00% 9.00% - - - -
increase
Increase in compensation levels - - - - - - 8.50% 8.50%
Expected Statutory Interest Rate - - - - 8.25% 8.15% - -
on the ledger Balance
Expected Shortfall in Interest - - - - 0.05% 0.05% - -
Earnings on the fund
Retirement age 60 years 60 years 60 years 60 years - - - -

Mortality rates inclusive of provision for disability -100% of IALM (2012 - 14).

g) Maturity Profile of defined benefit obligation

(J in Lakhs)
Leave encashment Post-retirement medical
Gratuity (funded)
(funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Weighted average of the defined benefit 13.00 12.94 13.00 12.56 13.00 years 12.94 years
obligation years years years years
Duration of defined benefit obligation
Duration (years)
1 2,217.80 2,288.79 2,755.47 2,662.21 3,517.80 3,195.84
2 1,557.69 1,653.51 2,201.22 2,066.27 3,814.91 3,510.04
3 1,405.09 1,403.03 2,031.12 1,826.86 4,015.43 3,736.44
4 1,407.83 1,254.88 2,034.02 1,714.28 4,221.34 3,932.84
5 1,474.51 1,259.28 2,139.69 1,716.50 4,547.97 4,134.51
Above 5 13,913.69 13,904.96 21,803.59 20,121.13 12,427.52 11,265.68
Total 21,976.61 21,764.45 32,965.11 30,107.25 32,544.97 29,775.35
Duration of defined benefit payments
Duration (years)
1 2,296.36 2,394.76 2,853.34 2,758.70 3,628.89 3,296.76
2 1,729.16 1,839.89 2,444.20 2,299.17 4,043.80 3,720.64
3 1,672.22 1,676.39 2,418.39 2,182.80 4,511.74 4,198.27
4 1,796.28 1,610.03 2,596.95 2,199.45 5,027.68 4,684.08
5 2,017.01 1,734.92 2,929.37 2,364.82 5,741.70 5,219.73
Above 5 32,981.89 3,9044.42 51,914.67 42,496.00 1,04,572.00 94,795.58
Total 42,492.92 48,300.41 65156.92 54,300.94 1,27,525.81 1,15,915.06

h) Maturity Profile of defined benefit obligation (Provident Fund)

(J in Lakhs)
Year Ended Year Ended
Durations
31 March 2024 31 March 2023
Within next 12 months 15,762.45 15,414.86
Between 1 and 5 years 44,444.79 39,546.81
Between 5 and 10 years 35,646.65 39,961.12
Beyond 10 years 96,866.21 89,728.08
Total 1,92,720.10 1,84,650.87
 365
Financial Statements
Notes to financial statements

i) Major Categories of Plan Assets (as percentage of total plan assets)

Leave encashment Post-retirement medical

Gratuity (funded)
(funded) benefits (funded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Fund managed by insurer 100% 100% 100% 100% 100% 100%

j) Sensitivity analysis
Sensitivity analysis in respect of gratuity
(J in Lakhs)
Change in Increase in defined Decrease in defined
Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 1921.66 1,902.76 1658.25 1639.55
Expected rate of future salary increase +/-1% +/-1% 163.11 184.78 181.86 222.77

Sensitivity analysis in respect of leave encashment

(J in Lakhs)
Change in Increase in defined Decrease in defined
Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 2,263.46 2,093.00 2,143.03 1,965.42
Expected rate of future salary increase +/-1% +/-1% 2,236.47 2,074.70 2,126.36 1,946.77

Sensitivity analysis in respect of Provident Fund

(J in Lakhs)
Change in Increase in defined Decrease in defined
Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/- 0.50% +/-0.50% 28.37 23.38 27.15 22.38

Sensitivity analysis in respect of post-retirement medical benefits

(J in Lakhs)
Change in Increase in defined Decrease in defined
Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 4,922.07 4,414.90 3,898.65 3,496.93
Expected rate of future salary increase +/-1% +/-1% 4,212.88 3,778.78 3,362.74 3,016.24

*Changes in Defined benefit obligation due to 1% Increase/Decrease in Mortality Rate, if all other assumptions remain constant is negligible.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions
may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation has been calculated
using the projected unit credit method at the end of the report period, which is the same as that applied in calculating the
defined benefit obligation liability recognised in the statement of financial position.

There is no change in the method of the valuation for the prior period. For change in assumption please refer to table (f)
above, where assumptions for prior period are given.
366
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Annual Report 2023-24

Disclosures related to unfunded obligations

a) The amounts recognized in the balance sheet
(J in Lakhs)
Long service award Other benefits on retirement
Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Present value of obligations as at the end of year 120.24 121.51 247.18 245.22
Net (asset)/liability recognized in balance sheet 120.24 121.51 247.18 245.22

b) Expenses recognized in statement of profit and loss

(J in Lakhs)
Long service award Other benefits on retirement
Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Current service cost 8.48 8.58 12.93 12.78
Past Service Cost - - - -
Interest cost 8.97 9.15 18.10 17.78
Re-measurements (7.04) (2.63) - -
Expenses recognized in statement of profit and loss 10.41 15.10 31.03 30.56

c) Expenses recognized in other comprehensive income

(J in Lakhs)
Long service award Other benefits on retirement
Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Return on plan assets - - - -
Actuarial (gains)/losses - - (6.40) (9.21)
Expenses recognized in other comprehensive - - (6.40) (9.21)
income

d) Reconciliation of opening and closing balances of defined benefit obligation

(J in Lakhs)
Long service award Other benefits on retirement
Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Present value of obligations as at beginning of year 121.51 126.78 245.22 246.29
Interest cost 8.97 9.15 18.10 17.78
Current service cost 8.48 8.58 12.93 12.78
Actuarial (gains)/losses arising from
Changes in demographic assumptions - - - -
Changes in financial assumptions 1.08 (1.05) 3.70 (3.43)
Experience adjustments (8.12) (1.57) (10.09) (5.78)
Past service cost, including losses/(gains) on - - - -
Curtailments
Benefits paid (11.68) (20.38) (22.68) (22.42)
Present value of obligations as at end of year 120.24 121.51 247.18 245.22

e) Actuarial Assumptions

Long service award Other benefits on retirement

Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Discount rate 7.23% 7.38% 7.23% 7.38%
Increase in compensation levels - - 5.00% 5.00%

Mortality rates inclusive of provision for disability -100% of IALM (2012 - 14).
 367
Financial Statements
Notes to financial statements

f) Maturity profile of defined benefit obligation

(J in Lakhs)
Long service award Other benefits on retirement
Particulars (unfunded) (unfunded)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Weighted average of the defined benefit obligation 13.00 years 12.94 years 13.00 years 12.94 years
Duration of defined benefit obligation
Duration (years)
1 16.35 26.49 23.02 24.61
2 20.53 24.64 21.18 22.64
3 17.83 17.12 18.22 19.47
4 13.02 10.42 15.90 16.99
5 11.66 9.33 13.88 14.84
Above 5 40.85 33.51 154.98 146.67
Total 120.24 121.51 247.18 245.22
Duration of defined benefit payments
Duration (years)
1 17.28 27.32 24.34 25.38
2 22.30 26.12 21.94 22.88
3 20.53 19.24 19.06 19.88
4 15.89 12.41 16.81 17.53
5 15.09 11.78 15.27 15.92
Above 5 128.69 102.95 704.59 650.56
Total 219.78 199.82 802.01 752.15

g) Sensitivity analysis
Sensitivity analysis in respect of long service award
(J in Lakhs)
Change in Increase in defined Decrease in defined
Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 7.60 6.91 6.92 6.31

Sensitivity analysis in respect of other benefits of retirement

(J in Lakhs)
Change in Increase in defined Decrease in defined
Assumption benefit obligation benefit obligation
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Increase/(Decrease) in discount rate +/-1% +/-1% 26.93 22.05 23.10 21.44
Expected rate of future salary increase +/-1% +/-1% 26.87 22.02 22.98 21.13
*Changes in Defined benefit obligation due to 1 % Increase/Decrease in Mortality Rate, if all other assumptions remain constant is negligible.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions
may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation has been calculated
using the projected unit credit method at the end of the report period, which is the same as that applied in calculating the
defined benefit obligation liability recognised in the statement of financial position.

There is no change in the method of the valuation for the prior period. For change in assumption please refer to table (e)
above, where assumptions for prior period, if applicable, are given.
368
Engineers India Ltd

Annual Report 2023-24

Disclosure related to Certification Engineers International Limited (‘CEIL’)

Defined contribution plan
The amount recognized as an expense in defined contribution plan is as under:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Contributory Provident Fund and Employees’ Pension Scheme, 1995 118.12 116.71
Contributory National Pension System (NPS) 86.25 80.57

Defined Benefit Plan

Defined Benefit Plans are as follows:

Gratuity (funded)
Leave encashment (unfunded)
Long service awards (unfunded)

In this regard, actuarial valuation as on 31 March 2024 was carried out by actuary in respect of all three plans, and the
details are as under:

Risks associated with plan provisions

Inherent risk The plan is of a final salary defined benefit in nature which is sponsored by the CEIL and
hence it underwrites all the risks pertaining to the plan. In particular, there is a risk for the
CEIL that any adverse salary growth or demographic experience or inadequate returns
on underlying plan assets can result in an increase in cost of providing these benefits to
employees in future. Since the benefits are lump sum in nature the plan is not subject to
any longevity risks

Disclosures related to funded/unfunded obligations

a) The amounts recognized in the balance sheet
(J in Lakhs)
Leave encashment Long service awards
Gratuity (funded)
(Unfunded) (unfunded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Present value of obligations as at the end of year 491.43 462.75 945.83 891.55 26.12 26.32
Fair value of plan assets as at the end of the year 484.51 478.22 - - - -
Amount Not Recognised due to asset limit - - - - - -
Funded status 6.93 (15.46) (945.83) (891.55) (26.12) (26.32)
Net (asset)/liability recognized in balance 6.93 (15.46) 945.83 891.55 26.12 26.32
sheet

b) Expenses recognized in statement of profit and loss

(J in Lakhs)
Leave encashment Long service awards
Gratuity (funded)
(Unfunded)* (unfunded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Current service cost 6.48 7.14 111.58 126.80 1.68 2.15
Past service cost - - - - - --
Interest on net benefit asset/liability (1.53) (1.30) 63.64 58.02 1.65 1.60
Remeasurements gains/losses - - (28.83) (53.70) (3.54) 1.95
Expenses recognized in statement of 4.95 5.84 146.39 131.12 (0.20) 5.70
profit and loss
* Amount debited to Profit & Loss is inclusive benefits availed.
 369
Financial Statements
Notes to financial statements

c) Expenses recognized in Other comprehensive income

(J in Lakhs)
Leave encashment Long service awards
Gratuity (funded)
(Unfunded) (unfunded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Actuarial (gains)/loss (13.74) (6.13) - - - -
Change in financial assumption 15.60 (11.01) - - - -
Change in demographic assumption - - - - - -
Experience adjustments (2.47) (0.87) - - - -
Actual return on plan assets 5.81 4.28 - - - -
Adjustments to recognise the effect of -- - - - - -
asset ceiling
Expenses recognized in other 5.19 (13.74) - - - -
comprehensive income

d) Reconciliation of opening and closing balances of defined benefit obligation

(J in Lakhs)
Leave encashment Long service awards
Gratuity (funded)
(Unfunded) (unfunded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Present value of obligations as at beginning 462.75 440.12 891.55 834.13 26.32 25.18
of year
Interest cost 34.27 31.72 63.64 58.02 1.68 2.15
Current service cost 6.48 7.14 111.58 126.80 1.65 1.60
Past service cost -- - -- - -- -
Actuarial (gain)/loss on obligations 15.60 (11.01) 28.82 (53.70) (3.54) 1.95
Benefit paid (25.19) (4.35) (92.12) (73.69) -- (4.55)
Present value of obligations as at end of year 491.44 462.75 945.83 891.55 26.12 26.32

e) Reconciliation of opening and closing balances of fair value of plan assets

(J in Lakhs)
Leave encashment Long service awards
Gratuity (funded)
(Unfunded) (unfunded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Fair value of plan assets as on beginning of 478.21 452.95 - - - -
year
Interest on plan assets 35.81 33.02 - - - -
Re-measurements due to actual return on (5.81) (4.28) - - - -
plan assets less interest on plan assets
Contributions 1.49 0.87 - - - -
Benefits paid (25.19) (4.35) - - - -
Fair value of plan assets at the end of year 484.51 478.22 - - - -

f) Actuarial Assumptions

Leave encashment Long service awards

Gratuity (funded)
(Unfunded) (unfunded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Discount rate 7.20 % 7.50 % 7.20 % 7.50 % 7.20 % 7.50 %
Expected rate of future salary increase 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
Retirement age 60 years 60 years 60 years 60 years 60 years 60 years
370
Engineers India Ltd

Annual Report 2023-24

4) Mortality rates inclusive of provision for disability -100% of IALM (2012 –14)

5) Rates of leaving service at specimen ages are as shown below-:

Age (Years) Rates (p.a.)

21 – 30 0%
31 – 40 1.24%
41 – 50 0.42%
51 – 59 0%

6) Leaving service due to disability is included in the provision made for all causes of leaving service (paragraph 5 above).
g) Maturity profile of defined benefit obligation
(J in Lakhs)

Leave encashment Leave encashment

Long service awards
Gratuity (funded) (Earned leave) (Half Pay Leave)
(unfunded)
Particulars (unfunded) (unfunded)
31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023 2024 2023
Weighted average of the defined 10.95 11.89 7.77 Years 8.10 Years 6.17 Years 6.44 Years 4.47 Years 4.55 Years
benefit obligation Years Years
Duration of defined benefit
obligation
Duration (years)
1 11.72 11.60 58.23 54.66 33.08 31.39 7.40 8.52
2 5.52 5.32 54.58 50.87 32.23 30.54 3.16 0.82
3 5.96 5.64 55.24 51.43 31.95 30.26 1.07 3.03
4 25.82 5.92 56.18 51.97 40.27 29.99 5.74 1.00
5 44.90 25.55 81.59 53.37 31.77 37.36 3.09 5.90
6 6.77 43.59 54.12 76.36 28.23 29.45 0.52 2.90
7 120.56 6.79 128.55 50.74 32.91 26.75 2.41 0.48
8 81.52 118.50 93.56 106.55 30.07 33.96 0.96 2.40
9 23.22 81.31 48.54 85.86 19.76 29.74 4.66 0.90
Above 10 860.22 950.69 665.46 700.02 175.17 190.75 5.60 10.49

h) Major Categories of Plan Assets (as percentage of total plan assets)

Leave encashment Long service awards

Gratuity (funded)
(Unfunded) (unfunded)
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2024 2023 2024 2023 2024 2023
Fund managed by insurer 100% 100% - - - -

i) Sensitivity analysis Gratuity (funded)

Discount rate Salary escalation rate

Particulars 31 March 31 March 31 March 31 March
2024 2023 2024 2023
Impact of increase in 50 bps on defined benefit obligation (5.29%) (5.73%) 0.37% 0.69%
Impact of decrease in 50 bps on defined benefit obligation 5.68% 6.18% (0.50%) (0.67%)

Leave encashment (Earned Leave) (unfunded)

Discount rate Salary escalation rate

Particulars 31 March 31 March 31 March 31 March
2024 2023 2024 2023
Impact of increase in 50 bps on defined benefit obligation (3.77%) (3.93%) 3.92% 4.15%
Impact of decrease in 50 bps on defined benefit obligation 4.00% 4.18% (3.73%) (3.89%)
 371
Financial Statements
Notes to financial statements

Leave encashment (Half Pay Leave) (Unfunded)

Discount rate Salary escalation rate

Particulars 31 March 31 March 31 March 31 March
2024 2023 2024 2023
Impact of increase in 50 bps on defined benefit obligation (3.01%) (3.13%) 3.10% 3.24%
Impact of decrease in 50 bps on defined benefit obligation 3.17% 3.31% (2.97%) (3.11%)

Long service awards (unfunded)

Discount rate Salary escalation rate

Particulars 31 March 31 March 31 March 31 March
2024 2023 2024 2023
Impact of increase in 50 bps on defined benefit obligation (2.18%) (2.22%) (2.35%) (2.40%)
Impact of decrease in 50 bps on defined benefit obligation 2.26% 2.31% 1.50% 1.62%

Note – 49
The Company has entered into Production Sharing Contracts with Government of India along with other partners for Exploration
and Production of Oil and Gas. The Company is a non-operator and is having following participating interest in the ventures.
The Company would share Expense/Income/Assets/Liabilities of the ventures on the basis of its percentage in the production
sharing contracts. The detail of the Company’s interest in blocks is as under:

Participating
Block No.
Interest*
CB-ONN-2010/11 23.53%
CB-ONN-2010/08 22.22%

Based on unaudited financial statements of Block No. CB-ONN-2010/08 and CB-ONN-2010/11 the revenue expenditure and
capital expenditure has been accounted for in financial statements is as follows-:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Revenue expenditure 210.40 35.66
Dry well Written off 425.09 -
Provision/(Reversal) for impairment of Oil Blocks (501.72) 34.24
Capital expenditure (E&P Assets- Producing Property & Exploration) - 190.48
*The original participating interest in production sharing contract of company in both blocks is 20% each. In Block No. CB-ONN-2010/08 and CB-
ONN-2010/11 one of the consortium members has defaulted in its obligation towards cash calls. The Company along with other partners has acquired
the share of defaulted partner in proportion to their original participating interest and the share of company is 22.22% and 23.53% in the blocks CB-
ONN-2010/08 and CB-ONN-2010/11 respectively.

Quantitative Disclosure:
a. Crude Oil- Block CB-ONN-2010/11 (EIL Share @23.53%)

Particulars Opening Stock Production Sales Closing Stock

Value Value* Value Value
Crude Oil Qty. (MT) Qty. (MT) Qty. (MT) Qty. (MT)
(J in Lakhs) (J in Lakhs) (J in Lakhs) (J in Lakhs)
Year ended 31st 3.73 6.23 206.92 - 204.53 87.98 6.12 3.45
March, 2024
Year ended 31st - - 3.73 - - - 3.73 6.23
March, 2023
*Production value not provided by Operator
372
Engineers India Ltd

Annual Report 2023-24

b. Net Quantity of Company’s Interest in Proved Reserves and Proved Developed Reserves Block CB-ONN-2010/11,
Gujarat, India (EIL Share @23.53%)

Proved Reserves Proved Developed Reserves

Particulars
2023-24 2022-23 2023-24 2022-23
Crude Oil (in ‘000 MT)
Beginning of the year 1.888 - 1.888 -
Additions (H in Lakhs) - 1.891 - 1.891
Deletion (H in Lakhs) - - - -
Production (H in Lakhs) 0.206 0.003 0.206 0.003
Closing Balance (H in Lakhs) 1.682 1.888 1.682 1.888

Notes:

(i) The company is Non-operating partner in E&P blocks for which reserves are disclosed.

(ii) The initial oil and gas reserves assessment was made through respective operator of E&P Blocks. The year end oil
reserves are estimated based on information obtained from operator.

(iii) E&P blocks are assessed individually for impairment.

Note – 50
Segment reporting
In line with Indian Accounting Standard (Ind AS 108) “Operating Segments”, the Group has (segmented) identified its business
activity into two business segment i.e. Consultancy and Engineering Projects and Turnkey Projects, taking into account the
organizational structure and internal reporting system as well as different risk and rewards of these segments. Segment results
are given below:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Segment revenue
Consultancy and engineering projects 1,50,298.11 1,46,429.55
Turnkey projects 1,77,787.74 1,86,584.48
Total 3,28,085.85 3,33,014.03
Segment profit
Consultancy and engineering projects 34,192.87 39,441.22
Turnkey projects 10,242.14 5,211.04
Total (a) 44,435.01 44,652.26
Interest 304.58 150.35
Other un-allocable expenditure * 18,228.54 16,392.24
Total (b) 18,533.12 16,542.59
Other income (c) 21,916.45 16,441.75
Profit before tax (a-b+c) 47,818.34 44,551.42
Income Tax Expense 11,802.22 10,127.96
Profit after Tax 36,016.12 34,423.46
Add/Less: Share of Profit/(loss) in joint venture entities/Associates 8,509.66 203.20
Profit for the Year 44,525.78 34,626.66
Capital employed** 2,25,531.38 1,96,151.89
* Includes H 1,423.23 Lakhs (previous year: H 3,144.20 Lakhs) towards provident fund liability/provision for impairment on account of Provident Fund
Trust investment.
**Property Plant and Equipment and other assets used in the Company’s business or segment liabilities contracted have not been identified to any of
the reportable segments, as these assets and support services are used interchangeably between segments. Accordingly, no disclosure relating to total
segment assets and liabilities has been made and capital employed has been presented.
 373
Financial Statements
Notes to financial statements

Geographical information with respect to segment revenue of Parent Company

(J in Lakhs)
Consultancy and engineering projects Turnkey projects
Country Name
31 March,2024 31 March,2023 31 March,2024 31 March,2023
India 1,17,345.82 1,18,117.15 1,77,787.74 1,86,584.48
United Arab Emirates (UAE) 11,285.45 3,527.45 - -
Nigeria 7,055.66 14,374.09 - -
Guyana 5,144.95 465.46 - -
Mongolia 3,746.97 4,827.63 - -
Algeria 329.35 - - -
Baharin 208.15 190.66 - -
Others 312.41 289.04 - -
Total 1,45,428.76 1,41,791.48 1,77,787.74 1,86,584.48

Segment revenue with major customers of Parent Company

During the year 31 March 2024, H 38,002.12 Lakhs (Previous year 31 March 2023: H38,940.54 Lakhs) of the Company’s revenues,
each individually exceeding 10% in the consultancy and engineering projects segment was generated from two (previous year
31 March 2023: two) customers.

During the year 31 March 2024, H1,70,262.76 Lakhs (Previous year 31 March 2023: H1,76,269.16 Lakhs) of the Company’s
revenues, each individually exceeding 10% in the turnkey projects segment was generated from three (Previous year 31 March
2023: two) customers.

Note – 51
The Group in the month of April 2016 terminated a contract, consequent to receipt of findings of investigating agency that
certificate submitted by the contractor for qualifying the contract was bogus. The facts in this regard including lodging of claim,
subsequent to termination of contract had been disclosed in the annual account from financial year 2015-16.

Subsequent to the termination of contract, the company is completing the project at the risk and cost of contractor in terms
of provisions of the contract. Contractor has gone into arbitration and had submitted arbitration notice and as such Arbitral
Tribunal had been constituted. Contractor had filed its statement of claim amounting to H 40,960.75 Lakhs. EIL had also filed its
reply along with its counter claim for H 12,907.15 Lakhs and application to implead the parent company of contractor, decision
on which was pending with the Arbitral Tribunal. Meanwhile, a third-party creditor of the contractor has filed an application
with NCLT under Insolvency and Bankruptcy Code (IBC) and Insolvency Resolution Professional (IRP) has been appointed and
arbitration proceedings have been stayed sine die. EIL has filed its claim against the contractor with the IRP. Hon’ble Supreme
Court, on the application of contractor, has stayed the Resolution proceedings. The Parent company has approached Arbitral
Tribunal and NCLT for revival of its counter claims wherein Parent company has been directed to approach the appropriate
forum and accordingly company has filed an impleadment application before the Hon’ble Supreme Court. The management
does not consider any possible obligation on this account requiring future probable outflow of resources of the Group.

Note – 52
During the year 2001, one of Clients had invited bids for carrying out certain works at its Bombay High Off-shore Exploration
Site. The entire work consisted of a number of activities, including survey, design, engineering, procurement, fabrication,
transportation and commissioning of two well head platforms with associated equipment.

For submission of the said bid, the Parent company had entered into Business Cooperation Agreement (BCA) with sub-contractor
& Vendor (which are “Group Companies”) and accordingly these Group Companies, in accordance with their respective scope
of works, valued and classified the platforms and submitted the same to Parent company for inclusion in its price bid to
Client. The process of classification and valuation of platforms and calculation of corresponding customs duty were done by
Group Companies as per their scope of work. Customs Duty element as submitted by the Group Companies, had simply been
incorporated by the Parent company in its price bid to Client.

During FY 2002-03, the Contract was awarded to the Parent Company by the Client. Out of the entire scope of work under
the above Project, the Parent Company issued a Purchase Order for supply of the Platforms along with jackets, piles and
other material, and sub-contracted transportation and installation works, on back to back basis, to vendor and sub-contractor
374
Engineers India Ltd

Annual Report 2023-24

respectively (above mentioned Group Companies) which constituted approximately 95% of the entire scope of work. The
custom duty amount was included in the Sub-contract as also in the main contract with client as worked out by Group
Companies themselves.

Group Companies represented to the Parent company and persuaded that it was not possible for them to become the
consignee for the subject materials and to avoid any delay in the execution of the project it would be prudent and expedient to
mention the name of the company as the consignee for the subject material (Though as per the express contractual stipulation
it was Group Companies who had to assume the role & responsibility of the consignee of the goods). Further they represented
that they do not have IEC Code and hence, they could not have imported the goods and there would not be sufficient time for
them to get such a code to enable imports. Believing the aforesaid advice to be bonafide and true and that company being the
importer would aid speedy and prompt clearance of the Goods, Parent Company agreed to become the Consignee.

A Show Cause Notice was issued by Custom authorities to the Group Companies and the Parent Company on account of
misclassification and undervaluation of equipment’s at the time of import for the above said Project of Oil Well Platform. On
account of non-cooperation by the Group Companies, (who had actually carried out the classification and valuation), in replying
to the Show Cause Notice, the Parent Company was constrained to approach the Custom and Central Excise Settlement
Commission in the FY 2006-07. During the Settlement Commission proceedings, which was also participated in by the Group
Companies, on account of noncooperation of the latter, Parent Company was constrained to admit the liabilities to the tune of
H 2,309.80 Lakhs. During the FY 2007-08, Custom and Central Excise Settlement Commission passed Final Order determining
the total Differential Custom Duty liability at H 4,277.21 Lakhs with Interest @ 10% per annum thereon and Penalty of H10 Lakhs.
The total amount of H 6,224.20 Lakhs (H 4,277.21 Lakhs towards differential custom duty and H 1,946.99 Lakhs towards Interest
& Penalty) was deposited during the FY 2007-08 and accounted for during the FY 2006-07 & FY 2007-08.

In terms of agreements entered into by the Parent Company with the Group Companies, Custom Duty was to be borne by the
Group Companies and they were required to indemnify the Parent Company for any liabilities in this respect and accordingly
the Parent Company invoked the indemnity clause and paid the Differential Custom Duty from the retention monies of the
Group Companies along with some additional amount from its own account. The Group Companies raised disputes on their
obligations on this account and invoked arbitration clause under the sub-contract and Purchase Order. The Parent Company
has also lodged its Counter-Claim on the Group Companies for recovery of differential Custom Duty Liability as detailed above.

During the FY 2011-12, the Arbitral Tribunal awarded an amount of $1,26,47,033 plus applicable interest in favour of the Group
Companies. The Parent Company, aggrieved by the arbitral award and considering the legal opinion obtained in this respect,
filed a challenge petition before the Hon’ble High Court of Delhi against the said arbitral award in its entirety.

In the financial year 2021-22, in the appeal filed by the Parent Company, Hon’ble High Court of Delhi gave interim order
directing the Parent Company as follows:-

1. The Court gave interim direction to the Parent Company to deposit the Awarded amount with the Registrar General of the
Court. Subject to the said deposit being made by the Parent Company, the enforcement of the award shall be stayed.

2. The Court further directed that if the award amount is deposited, the same shall be released to Group Companies against an
unconditional Bank Guarantee equivalent to 105% of the amount, to the satisfaction of the Registrar General of the Court.

3. In the event the Parent Company prevails in its challenge against the Arbitral Award which is currently sub-judice and
being heard by the Court, any amount collected by the Group Companies from Registrar General of the Court shall be
refunded to the Parent Company along with interest at the rate of 10% per annum.

The interim order was challenged before Supreme Court by the Parent Company, however the Supreme Court has not
intervened. Therefore In compliance to the directive of Hon’ble High Court of Delhi, an amount of H 16,476.20 Lakhs (awarded
amount of $1,26,47,033 plus applicable interest) was deposited by the Parent Company with the Registrar General of Hon’ble
High Court of Delhi on 18th May 2022. However the main challenge petition filed by the Parent Company against the arbitral
award is subjudice and being heard by Hon’ble Court.

Pending final disposal of the challenge petition by the Hon’ble Court, considering the provisions of Ind AS 37 ‘Provisions,
Contingent Liabilities and Contingent Assets’ and Material Accounting Policies of the Company, H 6848.03 lakhs (H 6848.03
lakhs FY 2022-23) has been disclosed as contingent liability (Note-40) and H 9628.17 lakhs has been recognized in the books of
accounts in earlier years.
 375
Financial Statements
Notes to financial statements

Note – 53
In terms of Indian Accounting Standard (Ind AS 37) “Provisions, contingent liabilities and contingent assets”, the requisite
disclosures are as under:

The movement in provisions are as under:

(J in Lakhs)
Additional Provision
S. Opening Provision used Closing
Class of Provision provision reversed
No. Balance during the year balance
during the year during the year
1. Contractual Obligation 31- Mar-24 56,514.06 9,298.02 2,010.96 4,203.41 59,597.71
31-Mar-23 60,440.14 10,706.68 - 14,632.76 56,514.06
2. Expected Losses 31- Mar-24 45.71 2.66 10.74 - 37.63
31-Mar-23 37.44 21.96 13.69 - 45.71
3. Impairment in PF Trust 31- Mar-24 9,841.09 - 2,852.23 - 6,988.86
Investment 31-Mar-23 12,446.27 448.05 3,053.23 - 9,841.09
4. Provision for Abandon- 31- Mar-24 26.28 - 0.30 - 25.98
ment 31-Mar-23 - 26.28 - - 26.28

Nature of provision:
A) Contractual Obligations:
Contractual obligations represent provision for estimated liabilities on account of guarantees and warranties etc. in
respect of consultancy and engineering services and turnkey contracts executed by the Company. The said obligation
covers performance as well as defect liability period defined in the respective contracts.

For turnkey contracts, the estimated liability on account of contractual obligations is provided at 1% of revenue recognized
based on risk assessment made by the management. For consultancy and engineering services contracts the estimated
liability on account of contractual obligations is provided as per assessment of probable liability made by the management
based on liability clauses in respective contracts.

During the previous year ended 31st March 2023, pursuant to settlement with Client in Consultancy & Engineering Project
Segment, the contractual obligation in respect thereof amounting of H 7,877.75 lakhs has been written back.

B) Expected Losses:
For each contracts, at reporting date, total contract cost and total contract revenue are estimated. In respect of contracts,
where it is probable that total estimated contract cost will exceed the estimated total contract revenue, the expected loss
is recognised as an expense in the statement of Profit and Loss.

C) Impairment in PF Trust Investment:

The employee benefit of PF is administered through a separate EIL Employees Provident Fund Trust. Out of the investments
made by PF Trust in the past, some issuers of securities have defaulted in interest payments and / or principal repayments.
The amortised value of probable future principal defaults is H 8,736.07 lakhs as at 31 March 2024 (previous years: 31
March 2023: H 11,741.31 lakhs). Considering the Employers obligation to make good the loss in value of these investments
under the Provident Fund regulations, the Company has kept in its books of account the provision of probable future
principal defaults of the amortised value amounting to H 6,988.86 lakhs as on 31 March 2024 (previous years: 31 March
2023: H 9,841.09 lakhs).

D) Provision for Abandonment:

Provision for decommissioning cost/abandonment cost in respect of assets under Joint Operations is considered as
per participating interest of the Company on the basis of estimates approved by the respective operating committee.
Wherever the same are not approved by the respective operating committee, decommissioning cost/abandonment cost
estimates provided by the operator of the Block are considered.

E) The disclosure in respect of contingent liabilities is given as per note no. 40.
376
Engineers India Ltd

Annual Report 2023-24

Note – 54
Details of loans given, investment made and guarantee given covered U/S 186 (4) of the Companies Act, 2013

a) Loans given- Nil

b) Investments done are given in Note. No. 7.

Note – 55
The dues to Micro and Small Enterprises as required under the Micro, Small and Medium Enterprises Development Act 2006 to
the extent information available with the Group is given below:
(J in Lakhs)
S.
Particulars 31 March 2024 31 March 2023
No.
i Amount due and payable at the year end
- Principal 7,849.63 8,569.64
- Interest on above Principal - -
ii The amount of interest paid along with the amounts of the payment after the - -
due date
iii The amount interest due and payable for principals already paid - -
iv The amount of interest accrued and remaining unpaid at the year end - -
v The amount of interest which is due and payable which is carried forward from - -
last year

Note – 56
In terms of DPE Guidelines, on increase of Dearness allowance to the tune of 50%, the gratuity ceiling shall enhance by
25%. Superannuation benefits which includes Gratuity, Post-Superannuation Medical Scheme, Provident Fund and Defined
Contribution Superannuation Scheme are to be met from 30% of Basic pay plus Dearness allowance. The parent company
has recognised the proportionate increase in gratuity ceiling corresponding to Dearness allowance as on 31 March 2024
based on actuarial valuation. To the extent of the impact of such an increase of H 518.96 Lakhs (previous year 31 March 2023:
H 639.48 Lakhs), the corresponding Defined Contribution Superannuation Scheme to the employees has been reduced to met
the Superannuation benefits within 30% of Basic Pay plus Dearness allowance as per DPE Guidelines.

Note – 57
Remuneration to Chairman and Managing Director and full time Directors are as per their appointment letters from the
Ministry of Petroleum and Natural Gas, Government of India, New Delhi. They are also allowed to use the staff car for private
journeys up to a ceiling of 1000 kms per month.

Note – 58
The statement of profit and loss account includes research and development revenue expenditure of H 2107.72 Lakhs (previous
year 31 March 2023: H 2,266.14 Lakhs). The capital expenditure of research and development assets is H 804.46 Lakhs (previous
year 31 March 2023: H 743.47 Lakhs).

Note – 59

Capital Grant in respect of Research projects:

The Group has received capital grant from agency in respect of procurement/setting up of Capital assets for research project
undertaken. The unamortized capital grant amount as on 31 March 2024 is of H 30.42 Lakhs (previous year 31 March 2023:
H 34.71 Lakhs). During the year, the Group recognised H 4.29 Lakhs (previous year: H 8.10 Lakhs) in the statement of profit and
loss as amortisation of capital grants.
 377
Financial Statements
Notes to financial statements

Note – 60
There is no impairment of cash generating assets during the year in terms of Indian Accounting Standard (Ind AS-36)
“Impairment of Assets”.

Note – 61
a) The Group has not traded or invested in Crypto Currency or Virtual Currency during the financial year 2023-24.

b) The Group has not been declared wilful defaulter by any bank or financial institution.

c) The working capital and non-fund based facilities from banks are secured by hypothecation of stocks, book debts and
other current assets of the Group, both present and future. The company is availing non fund based facilities from
the banks and furnishing statement of security as and when required by the bankers, more particularly at the time of
renewal exercise i.e. on yearly basis. Statement of security filed by the company with banks is in agreement with the
books of account.

d) There are no pending charges which is yet to be registered with Registrar of Companies (ROC) as on 31 March 2024 with
respect to the Non fund based facilities availed by Group.

Note – 62
For lump-sum services and turnkey contracts, balance efforts, cost and time to complete the contract including probability of
levy for liquidated damages and price reduction schedules for delay as on reporting date are assessed by the management
and relied upon by the auditors.

Note – 63
The balances of trade receivables, loans and advances, customer’s advances, retention money, security deposits receivable/
payable and trade payables are subject to confirmation and reconciliation.

Note – 64
During the current year, the Group proposed to sale its old residential flats (‘Assets’) which is under the process of disposal and
is expected to be completed in the financial year 2024-25 based on the fair value as determine as approved by the competent
authority in this regard. These has been classified as Assets held for sale. The Group expects that the fair value less costs to
sell is higher than the carrying amount.

Note – 65
A. Corporate social responsibility expenses
The requisite disclosure relating to CSR expenditure in terms on amended Schedule III of the Companies Act and Guidance
Note on Corporate Social Responsibility (CSR) issued by the Institute of Chartered Accountants of India:

(a) Disclosure with regard to CSR activities (Parent Company):

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Amount required to be spent by the Company during financial year 750.01 944.27
Amount spent during the year 1,187.26 642.29
Amount of Expenditure incurred 1,602.74 1,117.82
Excess at the end of the year (including set-off (including set-off
of excess amount of excess amount
spent of previous spent of previous
year of H 475.53 year of H 475.53
lakhs) lakhs)
Amount available for Set Off 60.05 -
Total of Excess amount spent at the end of year including previous year 535.58 951.05
Surplus arising out of CSR Project 535.58 951.05
Reason for Shortfall - -
Details of related party transactions Not Applicable Not Applicable
Provision made with respect to a liability incurred* Not Applicable Not Applicable
166.64 72.23
*Movement of Provision
378
Engineers India Ltd

Annual Report 2023-24

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Opening balance 72.23 -
Additional provision during the year 166.64 72.23
Provision used during the year 72.23 -
Closing balance 166.64 72.23

(b) Amount spent during the financial year ended 31 March 2024 and 31 March 2023 on:
(J in Lakhs)
Yet to
Particulars In cash Total
be paid in cash
(i) Construction/acquisition of any asset 31 March 2024 396.39 22.12 418.51
31 March 2023 341.14 5.63 346.77
(ii) On purposes other than (i) above 31 March 2024 624.24 144.52 768.76
31 March 2023 228.92 66.60 295.52

(c) Nature of CSR activities:

(J in Lakhs)
Nature of CSR activities (Thrust Area-wise) 31 March 2024 31 March 2023
Promoting Education 223.95 110.89
Health care & nutrition 726.21 397.19
Skill Development /Vocational Training 25.00 104.74
Benefit of armed forces veterans, war widows etc. - 22.00
Others 212.10 7.47
Total 1,187.26 642.29

B. Corporate social responsibility expenses (CEIL)

(a) Disclosure with regard to CSR activities:
(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Amount required to be spent by the Company during fi-nancial year 26.33 26.83
Amount spent during the year 20.60 14.34
Amount of Expenditure incurred 20.60 14.34
Shortfall at the end of the year 5.73 12.49
Total of previous years shortfall 29.61 17.12
Total Shortfall 35.34 29.61
Amount available for Set Off - -
Total of Excess amount spent at the end of year including previous year - -
Surplus arising out of CSR Project - -
Reason for Shortfall Pertains to Pertains to
ongoing projects ongoing projects
Details of related party transactions Not Applicable Not Applicable
Provision made with respect to a liability incurred - -
*Movement of Provision

(J in Lakhs)
Particulars 31 March 2024 31 March 2023
Opening balance 0.08 25.32
Additional provision during the year - -
Provision used during the year 0.08 25.24
Closing balance - 0.08
 379
Financial Statements
Notes to financial statements

(b) Amount spent during the financial year ended 31 March 2024 and 31 March 2023 on:
(J in Lakhs)
Yet to
Particulars In cash Total
be paid in cash
(i) Construction/acquisition of any asset 31 March 2024 - - -
31 March 2023 - - -
(ii) On purposes other than (i) above 31 March 2024 20.60 - 20.60
31 March 2023 14.34 - 14.34

(c) Nature of CSR activities:

(J in Lakhs)
Nature of CSR activities (Thrust Area-wise) 31 March 2024 31 March 2023
Health care & nutrition 4.48 9.99
Prime Minister National Relief Fund 16.12 4.35
Total 20.60 14.34

Note – 66
Relation with Struck off Companies:

Nature of Balance Balance

Relationship
transactions outstanding as outstanding as
Name of the struck off company with the struck
with struck at 31 March 2024 at 31 March 2023
off company
off company (J in lakhs) (J in lakhs)
Two Light Window Facility Management Service Pvt. Ltd. 8.02 8.02
Payables Vendor
Hindustan Relocator Private Limited 2.15 2.15
Balance Balance
Nature of
outstanding as outstanding as Relationship
transactions
Name of the struck off company at 31 March 2024 at 31 March 2023 with the struck
with struck
(Number of (Number of off company
off company
Shares) Shares)
Unicon Fincap Private Limited 626 -
Vaishak Shares Limited 2 2
Shares held
Fayda Portfolio Private Limited 100 100
by stuck off Shareholder
Century Finvest Pvt. Ltd. - 50
company
Kothari Intergroup Ltd. 2 2
Sincere Securities Private Limited - 7270

Note – 67
Previous year’s figures have been regrouped/reclassified wherever necessary to make them comparable to the figures of
the current year.
380
Engineers India Ltd

Annual Report 2023-24

Note – 68
Additional disclosure required under Schedule III of the Companies Act 2013 of the entities consolidated as subsidiaries and
joint ventures –

Net Assets i.e. total assets Share in other Share in total

Share in Profit or loss
minus total liabilities comprehensive income comprehensive income
Name of the Enterprise As % of As % of As % of As % of
Amount Amount Amount Amount
Consolidated Consolidated Consolidated Consolidated
(J in Lakhs) (J in Lakhs) (J in Lakhs) (J in Lakhs)
net assets profit or loss profit or loss profit or loss

Parent Company
Engineers India Limited 80.61 1,81,779.88 77.35 34,438.20 100.53 1,724.05 78.21 36,162.25
Subsidiaries:
Indian:
Certification Engineers 3.79 8,552.82 3.54 1,577.93 (0.83) (14.17) 3.38 1,563.76
International Limited
Joint Ventures
(Investment as per
the equity method)
Indian:
Ramagundam Fertilizers 15.59 35,170.48 19.16 8,531.48 0.30 5.10 18.46 8,536.58
and Chemicals Limited
TEIL Projects Limited - - - - - - - -
Associates
(Investment as per
the equity method)
Foreign:
LLC Bharat Energy Office 0.01 28.20 (0.05) (21.83) - - (0.05) (21.83)

Note – 69
SALIENT FEATURES OF FINANCIAL STATMENTS OF SUBSIDIARY/ASSOCIATES/ JOINT VENTURE AS PER
COMPANIES ACT, 2013

Part “A”: Subsidiaries

1 Sl.. No. 1
2 Name of Subsidiary Certification Engineers International Limited
3 Reporting period for the subsidiary concerned, if 31st March, 2024
different from the holding company’s reporting period
4 Reporting currency and Exchange rate as on the last INR - H
date of the relevant Financial year in the case of foreign
subsidiaries
5 Share capital 9 Lakh equity shares of H 100 each
6 Reserves & Surplus H 7,547.03 Lakhs
7 Total assets H 11,229.91 Lakhs
8 Total Liabilities H 2,782.88 Lakhs
9 Investments Nil
10 Turnover H 5,086.00 Lakhs
11 Profit before taxation H 1,704.62 Lakhs
12 Provision for taxation H 460.56 Lakhs
13 Profit after taxation H 1,244.06 Lakhs
14 Proposed Dividend H 675.00 Lakhs
15 % of shareholding 100%

Name of Subsidiaries which are yet to commence operations:- Nil

Name of Subsidiaries which have been liquidated or sold during the year: - Nil
 381
Financial Statements
Notes to financial statements

Part “B”: Associates and Joint Ventures

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

Ramagundam Fertilizers LLC Bharat Energy

Name of Associates/Joint Ventures TEIL Projects Limited
and Chemicals Limited Office
1 Latest audited Balance Sheet Date Under Liquidation Audited 31 March 2024 Un-audited 31 March
2024
2 Shares of Associate/Joint Ventures held
by the company on the year end
No. 55,00,000 Equity shares 491,462,400 Equity shares Participating interest
of H 10 each fully paid up of H 10 each fully paid up of 20%
Amount of Investment in Associates/ H 550.00 Lakhs H 49,146.24 Lakhs H 75.97 Lakhs
Joint Venture
Extent of Holding % 50.00% 26.00% 20.00%
3 Description of how there is significant Due to Control Due to Control Associate
influence
4 Reason why the associate/joint venture N.A N.A N.A
is not consolidated
5 Net worth attributable to shareholding Nil H 35,170.48 Lakhs H 28.20 Lakhs
as per latest audited Balance Sheet/
Liquidator Statement
6 Profit/(Loss) for the year:
i. Considered in Consolidation Nil H 8,531.48 Lakhs H (21.83) Lakhs
ii. Not Considered in Consolidation Nil H 24,281.92 Lakhs H (87.32) Lakhs

Name of Joint Ventures/Associates which are yet to commence operations:- Nil

Name of Joint Ventures/Associates which have been liquidated or sold during the year:- Nil

For Datta Singla & Co. For and on behalf of Engineers India Limited
Chartered Accountants
FRN No. 006185N

Sd/- Sd/- Sd/- Sd/- Sd/-

Vishakha Harit Suvendu Kumar Padhi R P Batra Sanjay Jindal Vartika Shukla
Partner Company Secretary E.D. [F&A] Director [Finance] & CFO Chairman & Managing Director
Membership No. 096919 PAN : AHYPP2198P PAN : AHPPB4262M DIN : 09223617 DIN : 08777885
Place : New Delhi
Date : 28 May 2024
EIL OFFICES
4th & 5th Floor, Meghdhanush Complex, Race
REGISTERED & HEAD OFFICE
Course Road Near Transpek Circle,
Vadodara - 390 015
Engineers India Bhawan, 1, Bhikaiji Cama Place, New
Tel.: 0265-2340326, 2340368, Fax: 0265-2340328
Delhi-110 066
E-mail: [email protected]
CIN: L74899DL1965GO1004352
Tel.: 011-26762121
Plot No. F9, SIPCOT IT Park, 1st Main Road, Siruseri,
E-mail: [email protected]
Chennai - 603 103
Website: www.engineersindia.com
Tel: 044-27469401/402; Fax: 044-27469000
E-mail: [email protected]
EIL Office Complex, Sector 16 (NH8),
Gurugram-122001, Haryana, Tel.: 0124-2891200
OVERSEAS OFFICES
BRANCH OFFICE
17th Floor, Business Avenue Tower, Salam Street,
P.O.Box 126592, Abu Dhabi, U.A.E, E-mail:
El Bhawan, Plot No.85, Sector-11 Kharghar-410210,
[email protected]
Navi Mumbai, Maharashtra
Tel.: 022-27740051, 27524801
487 Great West Road, Hounslow, Middlesex UK
E-mail: [email protected]
TW50BS, E-mail: [email protected]
REGIONAL OFFICES
Piazza Luigi Di Savoia 28, Apartment Number-109,
20124 Milano, Italy, Email: [email protected]
A.G. Towers (5th Floor), 125/1, Park Street Kolkata -
700 017
Room No. A0203, 6F, Building 1, No. 568 Tianshan
Tel.: 033-22276304, 222771118, Fax: 033-22277692
West Road Changning District, Shanghai E-Mail:
E-mail: [email protected]
[email protected]; [email protected]