Reliance Infrastructure : Annual Report 2024-25

Annual Report

2024-25

Resurgent

Reliance

Reliance Infrastructure Limited

R E I

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G O R A T R E L E T A L I S O R I E N E N A T E

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Resurgent Reliance marks a decisive moment in the evolution of Reliance Infrastructure Limited.

It is both a reaffirmation of its legacy and a bold stride into the future, a recognition of its proven capabilities and a vision to lead India's next phase of infrastructure growth. It is about recalibrating its capability to meet the urgent needs of a country undergoing profound economic and technological transformation.

Founded on the entrepreneurial spirit of Shri Dhirubhai H. Ambani, Reliance Infrastructure has spent decades delivering critical infrastructure that millions of Indians rely on. That legacy continues and today it is being revitalised through a new lens, one that prioritises speed without compromise, technology without complexity and growth without exclusion.

This resurgence starts with focus. The Company is prioritising sectors where it has demonstrated strength i.e. urban transit, highways, power distribution, engineering and construction as well as defence. Projects like the Mumbai Metro One and Delhi's smart power distribution network are not just feats of engineering, they are examples of delivery under constraint, complexity and public scrutiny.

A resurgent Reliance also means rethinking impact. Climate responsibility is no longer peripheral, it is built into how the Company plans, executes and operates. Whether through rooftop solar on metro stations, the adoption of green construction materials or the reduction of emissions, the Company is aligning growth with sustainability in tangible, measurable ways.

Resurgent Reliance is about building the future with renewed purpose, grounded in discipline, driven by technology and accountable to the people and places it touches. It reflects a Company that understands its past but is no

longer defined by it. Like a phoenix, Reliance rises revitalised, resilient and ready to soar higher.

The visionary who lit the spark

If you don't build your dream, someone else will hire you to build theirs.

Dhirubhai H Ambani: The Karmayogi

28 December 1932 - Forever Visionary Founder of Reliance

Reliance Infrastructure Limited is part of the Reliance Group, a prominent industrial conglomerate that traces its origins to the visionary leadership of Shri Dhirubhai H. Ambani (1932-forever). Dhirubhai Ambani began with a modest trading venture and went on to lay the foundation for one of the country's most influential business empires.

Reliance Infrastructure's foray into diverse sectors such as power, roads, metro systems, defense as well as engineering and construction was shaped by a clear vision and a deep understanding of India's evolving needs. Its foundation was built on oversight and a commitment to building assets of enduring national value.

The legacy of our founders continues to shape who we are i.e., visionary leadership, operational excellence, responsibility towards the nation and a culture that embraces innovation and change.

Corporate Pg

Overview 06-28

About Us 06

Business Overview 08

Strategic Initiatives and Growth Outlook 14

Human Capital 16

Occupational Health and Safety 22

Sustainability 24

Corporate Social Responsibility 26

Corporate Information 28

Forward-looking statements

Some information in this report may contain forward-looking statements which include statements regarding the Company's expected financial position and results of operations, business plans and prospects etc. and

are generally identified by forward-looking words such as "believe," "plan," "anticipate," "continue," "estimate," "expect," "may," "will" or other similar words. Forward-looking

statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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Statutory Pg

Reports 29-135

Notice 29

Directors' Report 43

Management Discussion and Analysis Report 62

Business Responsibility & Sustainability Report 78

Corporate Governance Report 110

To know more about the company, log on to https:// https://www.rinfra.com/

Reliance Infrastructure Limited Annual Report 2024-25

At the Core of India's Infrastructure Story

Established in 1929, Reliance Infrastructure Limited is a key player in India's infrastructure sector, with operations spanning power, transportation, engineering and construction (E&C), defence and urban mobility. Our strength lies in delivering complex, large-scale infrastructure projects, from development, execution and operation to maintenance.

We manage electricity distribution in large parts of Delhi through our majority-owned subsidiaries, BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL), serving millions of residential, commercial and industrial consumers.

In the urban transport space, we developed Mumbai Metro Line One under the Build, Own, Operate and Transfer (BOOT) model. It has transformed daily commuting in one of India's busiest corridors.

We contribute to national security by building critical facilities and systems that support the operational needs of India's armed forces.

Through our E&C division, we provide integrated solutions for thermal, gas-powered, nuclear, as well as roads and metro systems. We execute many of these projects through Special Purpose Vehicles (SPVs), which allow us to maintain sharp operational focus execution and efficient management.

With a focus on operational excellence, innovation and timely execution, Reliance Infrastructure continues to build infrastructure that supports India's growth and improves lives across the country.

06

Corporate Overview

Statutory Reports

Financial Statements

07

Reliance Infrastructure Limited Annual Report 2024-25

Delivering Value Across Sectors

Power Distribution - BSES Rajdhani & Yamuna Power (Delhi Discoms)

BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL) are among the most advanced private power distribution utilities in India. Together serving over 52 lakh consumers across South, West, East and Central Delhi, the Delhi Discoms combine operational scale with continuous innovation. Through efficient distribution, reliable infrastructure, and digital-first consumer services, the Discoms have emerged as benchmark entities within the power sector. FY25 marked strong growth, operational discipline and deeper customer engagement.

Key Projects

Network Modernisation

Capital expenditure of H1,330 crore was directed towards upgrading transformers, substations, and grid infrastructure across the licensed areas.

Smart Metering & Grid Automation

Large-scale rollout of smart meters, GIS mapping, SCADA upgrades, and predictive maintenance frameworks to improve service reliability and fault response.

J22,017.01crores

(9.39%) Aggregate income

Consumer-Centric Platforms

"Connect Virtually": Live video interaction for service requests and issue resolution.

e-LECTRIC Rewards: A loyalty program to encourage timely digital payments and reduce paper billing.

New Connection Digitisation: AI/ML-based feasibility checks, OCR-based verification, and auto-assignment of field resources for faster turnaround.

J1,330.58 crores

Capital expenditure

Clean Energy Facilitation

Support for rooftop solar net metering and coordination for BEE 5-star AC and fan replacement scheme.

Community Programs

Road safety education, flood relief aid, and digital literacy programs across schools and RWAs.

Strategic Importance & Innovation

Omnichannel Digital Access

Grievance Management

BSES offers seamless services across platforms, with 23.5 lakh+ mobile app downloads and 24.44 lakh+ users on the "My Account" portal. WhatsApp Enterprise handles over 21,400 daily transactions, enabling quick access to services like bill copies and outage reporting. A 24x7 multilingual IVRS, AI voice bot, and call-back feature ensure round-the-clock support and faster resolution.

The Internal Consumer Grievance Redressal Cell (ICGRC) ensures structured complaint handling under DERC norms. A QR code-based queue system at offices streamlines visits, while feedback is collected across WhatsApp, app, website, and helpline to enhance responsiveness.

08

Corporate Overview

Statutory Reports

Financial Statements

Mumbai Metro One Private Limited (MMOPL)

Mumbai Metro One, operated by Mumbai Metro One Private Limited (MMOPL), is India's first metro project developed under a Public-Private Partnership (PPP) model. Covering the 11.4 km Versova-Andheri-Ghatkopar corridor, Line-1 has become a vital urban transport link since operations began in June 2014. With seamless connectivity to suburban rail and new metro lines, Line-1 plays a key role in reducing congestion and enabling fast, reliable commutes across one of the country's densest transit zones.

>99% punctuality

Maintained

Inclusivity Measures

To support diverse users, BSES offers Braille bills and voice-assistance options for visually impaired consumers. All platforms support both Hindi and English, making services accessible and inclusive.

1,101 million passengers (highest in India for any single metro line) served as of April 30, 2025

100%

train availability

09

Reliance Infrastructure Limited Annual Report 2024-25

Defence Manufacturing

Reliance Defence represents a core pillar of Reliance Infrastructure's diversified operations, aligned with India's long-term strategic goal of defence self-reliance. Anchored in the Government's Make in India and Atmanirbhar Bharat initiatives, the business has established a wide spectrum of capabilities across aerospace systems, electronic warfare, artillery solutions and ammunition manufacturing. By combining world-class infrastructure with deep engineering expertise and international partnerships, Reliance Defence is positioned to serve both Indian and global defence markets with advanced, future-ready solutions.

Key Projects and Joint Ventures

Dassault Reliance Aerospace Limited (DRAL) New Age Artillery Ammunition Development

A joint venture with Dassault Aviation, DRAL has become a hub for advanced aerospace manufacturing at the Dhirubhai Ambani Aerospace Park (DAAP). It manufactures aero-structures for Falcon 2000 LXS business jets and subassemblies for Rafale fighters. Future plans include setting up Dassault's first final assembly line outside France for the Falcon 2000 LXS with the first India-assembled jet expected by 2028.

Thales Reliance Defence Systems Limited (TRDS)

This JV with Thales focuses on the assembly and integration of AESA radars, Electronic Warfare Suites, and navigation equipment for the Rafale fleet. TRDS is the first in India to

indigenize critical radar components like TR Modules and Micro Modules, in collaboration with Bharat Electronics Limited (BEL), enabling strategic self-reliance in high-technology systems.

As a Development cum Production Partner with DRDO's ARDE, Reliance Defence is co-developing next-generation 155mm Bourrelet ammunition for Indian artillery. The company co-owns the IP for this ammunition and is actively targeting global exports post final trials.

Dhirubhai Ambani Defence City (DADC), Ratnagiri

Planned as an integrated defence manufacturing campus spread over 1,000 acres, DADC will house facilities for 155mm artillery shells (HE, smoke, illumination, cargo) Military-grade and commercial explosives (TNT, RDX, HMX) Single, double and triple-base propellants Precision small arms, designed and manufactured in-house.

Strategic Importance & Innovation

Technology Transfer & Localisation

Indigenisation of AESA radar components and co-development of high-precision ammunition reflect a shift toward intellectual and manufacturing autonomy.

Export Readiness

With production infrastructure aligned to global defence export norms, Reliance Defence is poised to serve international markets, strengthening India's presence in global security supply chains.

Integrated Capability Model

From aerospace systems to propellants and precision weaponry, the business spans the full spectrum of high-impact defence technologies under one umbrella.

In-house Expertise

Reliance Defence benefits from a dedicated talent pool of engineers and domain specialists, enabling quicker turnaround from concept to production and minimising external dependency.

10

Corporate Overview

Statutory Reports

Financial Statements

11

Engineering & Construction (E&C)

4

large ongoing EPC contracts across nuclear, metro and highway sectors

Our Engineering & Construction division delivers large-scale infrastructure across key sectors including energy, transport and defence. Backed by decades of technical expertise, we manage every aspect of the project lifecycle. We combine deep engineering knowledge with precise execution, ensuring reliable outcomes even under the most demanding conditions.

Roads and Highways

Our Roads and Highways business build and maintains national and state highway projects that connect key economic regions across the country. Through strategic collaboration with the public sector, the integration of advanced tolling systems and robust safety practices, the division ensures seamless and reliable travel experiences for millions of commuters each day.

2,468

lane kilometers under management

J3.15

crore average daily toll collection

~3.1

lakh vehicles served daily

9%

YoY reduction in accidents

Shaping the Future

We are committed to strengthening our presence across core infrastructure sectors while driving strategic expansion, digital transformation and sustainable innovation.

Our approach integrates focused investments, operational excellence and market diversification, ensuring alignment with India's dynamic infrastructure landscape and the government's development priorities.

Digital Leadership

Across critical sectors such as power distribution, metro systems, and defence, we are strengthening infrastructure performance by integrating advanced technologies that improve efficiency, responsiveness and security. Our focus is on practical, value-led adoption of digital tools that enhance service continuity and operational control.

We are implementing AI-driven analytics to monitor system behaviour in real time, detect anomalies early, and improve decision-making. In areas such as cybersecurity, a zero-trust framework has been adopted to enforce strict access protocols and minimise exposure across digital interfaces.

Additionally, we are exploring applications of IoT-based sensing and monitoring systems, and Automated Guided Vehicles (AGVs) in controlled environments, aiming to streamline processes, reduce manual intervention and enhance precision in operations.

These technology deployments reflect our ongoing commitment to future-

readiness, while ensuring that infrastructure performance remains dependable, adaptive and secure.

Sustainability Focus

We are embedding sustainability principles into project execution, aligning with India's national ESG (Environmental, Social, Governance) priorities. These initiatives reflect Reliance Infrastructure's long-term commitment to environmental responsibility ans sustainable development.

Key efforts include:

Market Expansion

Resilience & Adaptability

We are aligning our business with emerging industry trends to expand market share and strengthen our presence in high-growth sectors. Key opportunities include:

Our adaptive approach enables us to navigate a dynamic infrastructure landscape while capitalising on emerging opportunities.

We are strengthening our resilience by:

Building the Team That Builds India

We view human capital as a key enabler of operational resilience and long-term growth. As our businesses evolve through technology integration and infrastructure expansion, we remain focused on equipping our workforce with the right skills to navigate this transition. Future-readiness depends not just on systems, but on people and we are actively investing in capability-building initiatives to support this shift. In collaboration with DICT, we are running targeted skilling programs to help employees develop relevant competencies in digital tools, smart systems and emerging technologies, ensuring alignment with evolving industry demands.

Capability (Future-ready skills for future-ready projects.)

We embed continuous learning, technical upskilling, and cutting-edge knowledge in every layer of the company. Our people are equipped to navigate emerging challenges from digital grids to smart mobility and advanced construction technologies.

Pillar

Engagement (A workplace where every voice matters)

We cultivate a culture of trust, collaboration, and inclusion. Through open communication, recognition programs, and diversity initiatives, we empower employees to bring their

Pillar

Pillar

Leadership (Shaping tomorrow's leaders, today.)

We invest in structured leadership pathways that guide talent from early careers to executive roles. By

developing strategic thinking, innovation mindsets, and execution excellence, we ensure leadership strength at every level of the organization.

Pillar

Wellbeing (Supporting the whole person, not just the professional.)

best to work, every day. We care for the physical, mental, and emotional wellbeing of our workforce. Our programs extend support not only to employees but also to their families, creating a culture of holistic care and resilience.

1 Pillar

Leadership

Key Initiatives

Young Pioneer Program Leaders on Horizon

Developing early-career leaders with hands-on business exposure.

Senior Leaders Program

Using Gallup-based strengths assessments and executive coaching.

Building mid-level leadership readiness for larger roles.

2 Pillar

Capability

Key Initiatives

Skill First Learning Pathways Strategic Partnerships

Role-specific development from field to leadership levels. Training collaborations with IITs, NPTI, BIS and Power Sector Skill

Council.

Future Skills Training

Courses on AI, IoT, smart grids and emerging technologies.

3 Pillar

Engagement

Key Initiatives

Great Place to Work® Participation

Benchmarking against global engagement standards.

Recognition Programs

Sparkling Sheros (women achievers), R&R awards, and team excellence honors.

Station Connect & Field Visits

Direct leadership interactions at project sites.

4 Pillar

Wellbeing

Key Initiatives

Arogyamastu Framework

Health check-ups, vaccination drives, fitness, and stress management.

EAP Services

Confidential support for mental health and counselling needs.

Building the Team that Builds India

We implement comprehensive OHS practices across all operations to ensure a safe and risk-controlled work environment. Safety is not merely a compliance obligation, it is a core value embedded in every process, project and business vertical.

Zero Harm Culture

Leadership Commitment

Proactive identification and mitigation of risks to prevent

Involvement of senior leadership in reinforcing safety standards and culture.

Compliance and Best Practice Adoption

Adherence to applicable regulations while continuously incorporating relevant safety enhancements.

Stakeholder Responsibility

Employees, contractors, and partners share responsibility for maintaining safe workspaces.

Integrated HSE Management

Health, Safety, and Environment protocols are embedded across the project lifecycle.

Core Initiatives & Practices

We prioritise the wellbeing of our workforce through a structured framework focused on prevention, preparedness, and continuous learning. Our goal is to foster a culture where safety is understood, owned and upheld by every individual.

Safety Management Systems

Our in-house Safety Management System (SMS) integrates real-time reporting and control mechanisms to ensure high levels of operational safety.

Employee and Contractor Safety Training

We empower our workforce and partner network with the knowledge and tools required for safe execution.

Emergency and Disaster Management

We maintain readiness for a range of emergency scenarios through structured response plans and coordinated actions.

Responsibility that Goes Beyond Compliance

We are deeply committed to embedding sustainability across our operations, guided by principles of environmental stewardship, resource efficiency and social responsibility. Aligned with national and global sustainability goals, the company integrates climate action, circular economy practices and community partnerships to ensure that our infrastructure projects not only deliver value but also protect the planet and uplift surrounding communities.

Environmental Stewardship Sustainability & Energy Conservation

We approach every project with a clear goal to minimise environmental impact while maximising long-term value.

From design to execution, we leverage practical sustainability measures, such as energy-efficient construction methods, water recycling systems and emission control technologies. Our infrastructure projects are built to support India's climate commitments and global environmental standards.

Circular Economy and Resource Efficiency

02

Project Sites Rainwater harvesting systems installed.

20%

Reduction fresh water use for construction activities.

Integrated stormwater management, reuse of treated water, and use of solar lighting on culverts and ROBs (qualitative).

Water Management

Circular Economy and Resource Efficiency

We actively promote circular economy principles by reducing, reusing

and recycling materials across our construction and operational

activities. Through efficient material management, waste reduction strategies and the use of digital tools, we improve resource efficiency and reduce our environmental footprint.

Carbon Footprint Reduction

98.7%

of toll transactions processed digitally via FASTag.

112.73

tonnes CO2Offset / year by planting 5,368 different trees at 7 Toll Roads.

20,800 km annually of supervisory travel avoided via remote monitoring (across 7 Toll Roads totalling 592 km).

Bridging Gaps, Creating Opportunities

Our CSR approach drives long-term positive impact by addressing critical needs in the communities we serve. Guided by national development priorities and our social commitments, we deliver targeted programmes in education, healthcare, skill development, rural upliftment, environmental conservation and women's empowerment.

Focus Areas and Key Initiatives

Rural Transformation and Women Empowerment

Handloom Incubation Centre (Thread of Trust): Empowering women through handloom and handicraft skills, enabling them to build sustainable livelihoods and access wider markets

Sashakt Beti Programme: Providing laptops and tablets to underprivileged female students at Delhi University, promoting digital inclusion and equal access to education

Financial Literacy and Self-Help Groups (SHGs): Supporting nine SHGs to enhance women's financial capabilities, helping them open bank accounts and integrating over 6,000 women into the formal banking system

Self-Defence Training for Girls: Conducted across 12 schools, this programme has benefitted over 1,200 girls with critical life skills, including situational awareness, self-protection techniques and confidence building.

Healthcare and Community Wellbeing

Community Health Camps and Mobile Medical Units: Delivered free health check-ups, medicines and diagnostic services in underserved rural areas near road and construction sites

Flood Relief in North East Delhi: Provided cooked meals and relief kits, including hygiene essentials, milk powder and medical supplies to support people displaced by flooding.

Road Safety Campaigns: Conducted public awareness drives during Road Safety Month, in partnership with district authorities, to reduce traffic accidents and promote safer road practices.

Environment and Sustainability

Tree Plantation Initiatives: Planted 64000 saplings across Delhi Police premises, government schools, community centres and crematoriums

Ecological Park Maintenance: Supported to maintenance of ecological parks along Delhi's riverbanks and public spaces

Cool Roof Cool Delhi Project: Applied reflective white paint to over 150,700 sq. ft. of rooftops

Electric Bus Donation to AIIMS: Donated eight electric buses to AIIMS for eco-friendly transportation within the hospital campus

Smart Energy Learning Centre at DAIICT, Ahmedabad: Establishment a dedicated facility to advance research and training in emerging technologies and sector-specific challenges.

Reliance Infrastructure Limited Annual Report 2024-25

Corporate Information

Board of Directors Key Managerial Personnel

Ms. Manjari Kacker

Non-Executive Independent Director

Ms. Chhaya Virani

Non-Executive Independent Director

Shri Virendra Singh Verma

Non-Executive Independent Director

Dr. Thomas Mathew

Non-Executive Independent Director

Shri Rajesh Kumar Dhingra

Non-Executive

Non-Independent Director

Shri Partha Pratim Sarma

Non-Executive

Non-Independent Director

Shri Vijesh Babu Thota

Executive Director and Chief Financial officer

Shri Paresh Rathod

Company Secretary & Compliance Officer

Auditors

Chaturvedi & Shah LLP

Registered Office Reliance Centre, Ground Floor, 19, Walchand Hirachand Marg,

Ballard Estate, Mumbai 400 001

CIN: L75100MH1929PLC001530

Tel: +91 22 4303 1000

E-mail: [email protected]

Website: https://www.rinfra.com

Registrar and Transfer Agent

KFin Technologies Limited

Unit: Reliance Infrastructure Limited Selenium Building, Tower-B,

Plot No 31 & 32,

Survey No. 116/22, 115/24, 115/25 Financial District,Nanakramguda Hyderabad, Telangana, India- 500 032 Website: https://www.kfintech.com

Investor Helpdesk

Toll free no. (India) : 1800 309 4001 E-mail : [email protected]

96th Annual General Meeting on Friday, August 08, 2025 at 10:00 A.M. (IST) through Video Conferencing (VC) / Other Audio Visual Means (OAVM)