IRB Infrastructure Developers Limited

rs,

February 23, 2024 To, Corporate Relationship Department, BSE Limited P.J. Towers, 1st Floor, Dalal Street, Mumbai - 400 001 Dear Sir / Madam, Ref: Scrip Code 532947; Symbol: IRB

20%

n India c. 22 years Weighted average residual concession life 15,444 lane KM Road portfolio c. 20% Of Golden Quadrilateral owned and operated BOT, TOT & HAM Diversified portfolio with optimal

38%

operated BOT, TOT & HAM Diversified portfolio with optimal mix of projects Portfolio with 38% market share of TOT Projects awarded so far 2 InvIT platforms for asset rotation Strong AAA r

17%

reign counterparty (NHAI) Pan India presence 12 States in India where assets are present c. 17% Revenue CAGR of the EPC business since listing De-risked capex Through extensive site studies

24.86%

rack record of robust performance  Backed by marquee investors, to capture the growth potential (24.86% shareholding) (16.94% shareholding1) Note: Exchange rate as per RBI reference rate on December 29

16.94%

erformance  Backed by marquee investors, to capture the growth potential (24.86% shareholding) (16.94% shareholding1) Note: Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164

1 crore

hareholding1) Note: Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million; 1. GIC’s public fund owns additional c. 3% stake in the company 4 Largest and well

10 million

g1) Note: Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million; 1. GIC’s public fund owns additional c. 3% stake in the company 4 Largest and well Diversified P

3%

n December 29, 2023: USDINR: 83.1164; 1 crore = 10 million; 1. GIC’s public fund owns additional c. 3% stake in the company 4 Largest and well Diversified Portfolio of Roads in India Owns and Manages

75%

l 2,001 7,156 2,421 11,578 Overview of IRB’s portfolio2 Lane KM under construction & tolling at 75% - 928 - 928 Lane KM under development/ construction (not tolling) 455 2,483 - 2,938 Note: 1. Da

16%

HAM projects in high growth states (in Lane KMs) 2,432 2,567 1,948 1,442 2,966 665 410 395 16% 17% 13% 9% 19% 4% 3% 3% Maharashtra Rajasthan Gujarat Karnataka Uttar Pradesh Haryana

13%

ts in high growth states (in Lane KMs) 2,432 2,567 1,948 1,442 2,966 665 410 395 16% 17% 13% 9% 19% 4% 3% 3% Maharashtra Rajasthan Gujarat Karnataka Uttar Pradesh Haryana Punjab T

“Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million Tariff increase effective from 1st April of respective year, next revision due in FY26 for NH-48 section only 10 IRB Private InvIT Asset overview Key Highlights Sr.”

“Project State Project cost (USD mn) Lane KM Status 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Goa Kundapur Karnataka Solapur Yedeshi Maharashtra Yedeshi Aurangabad Maharashtra Kaithal Rajasthan Border Haryana Agra Etawah Hapur Moradabad U.P.”

“158 Km TOT project Lalitpur Lakhnadon TOT – 12 Gwalior Jhansi & Kota Bypass TOT - 14 1st Private InvIT in India listed on NSE Constantly enhancing capabilities to undertake larger and more complex projects, across BOT, TOT and HAM Note: Timeline based on calendar years; Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million 22 Wholly Owned Concessions 1 TOT project 1 BOT project 3 HAM projects- Under Construction S.”

“Project Counterparty Concession Period Appointed Date Concession Period End* Tariff Hike Formula 1 Mumbai – Pune Expressway MSRDC 10 years and 2 months March 1, 2020 April, 2030 Sub-concession agreement provides for toll rate increase of 18% for YCEW every 3 years until FY24 and by 16% for NH48 every 3rd year until end of the concession period1 S.”

“Project Counterparty Concession Period Appointed Date Concession Period End* Tariff Hike Formula 1 Ahmedabad Vadodara NHAI 25 years January 1, 2013 December, 2037 Toll rate is revised annually in April at 3% fixed rate, plus 40% of change in WPI for December S.”

“No.` 1 2 3 Project Counterparty Concession Period Appointed Date Concession Period End* Construction period end date Vadodara-Mumbai Expressway NHAI 15 years after construction November 9, 2021 June, 2039 June 30, 2024 Pathankot-Mandi NH 154 NHAI 15 years after construction May 18, 2022 May, 2039 May 20, 2024 Chittoor-Thachur NH 716B NHAI 15 years after construction January 24, 2023 January, 2040 January 23, 2025 1.”

“Project Equity Debt Grants Total Equity Debt Grants Total 1 2 3 Vadodara-Mumbai Expressway Pathankot-Mandi NH 154 Chittoor-Thachur NH 716B 30 15 14 90 45 52 84 40 44 205 100 110 15 7 7 44 37 52 33 26 39 92 70 98 IRB Pvt InvIT Total Appraised Cost (in USD mn) Balance Required as of 31 December 2023 (in USD mn) S.”

Length

5

Note

2

Cost

1

Note

1. 2. Concession agreement ended on till August 10, 2019 ; new concession started on March 01, 2020 3. Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million Tariff increase effective from 1st April of respective year, next revision due in FY26 for NH-48 section only 10 IRB Private InvIT Asset overview Key Highlights Sr. No. Project State Project cost (USD mn) Lane KM Status 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Goa Kundapur Karnataka Solapur Yedeshi Maharashtra Yedeshi Aurangabad Maharashtra Kaithal Rajasthan Border Haryana Agra Etawah Hapur Moradabad U.P. U.P. Udaipur - GJ Border Rajasthan Gulabpura – Chittorgarh Rajasthan Kishangarh – Gulabpura Rajasthan Palsit Dankuni West Bengal Samakhiyali Santalpur Gujarat 443 192 508 279 380 458 340 281 219 278 252 758 395 756 665 747 599 683 749 540 PCOD achieved COD achieved COD achieved COD achieved COD achieved COD achieved COD achieved COD achieved COD achieved 1 2 3 4 12 projects are currently re

Length

1,396 LKM Cost: USD 1,299mn Raised USD 638mn from GIC and Cintra Raised USD 481m from GIC (49%) in private InvIT Pvt. InvIT Length: 96 LKM Cost: USD 12mn Length: 1,014 LKM Cost: USD 156mn Ideal Road Builders incorporated 1st BOT venture (Thane – Bhiwandi bypass Phase 1) Mumbai Pune project 1.0 Successful launch of IRB Infrastructure Developers Limited IPO Six laning of Kishangarh – Udaipur – Ahmedabad section of NH8 / 79 / 79A (3 Pkgs) India’s 1st public InvIT New BOT projects and foray into HAM projects Private InvIT, Mumbai Pune 2.0 (TOT), Vadodra Mumbai Expressway (HAM) Equity investment from GIC and Cintra Palsit Dankuni (BOT), Pathankot Mandi (HAM), Chittoor Thachur (HAM), pkg 1 of Ganga Expressway (BOT)

Length

3,514 LKM Cost: USD 2,118mn Six laning of Samakhiyali Santalpur Section of NH-27 Nehru Outer Ring Road in Hyderabad . 158 Km TOT project Lalitpur Lakhnadon TOT – 12 Gwalior Jhansi & Kota Bypass TOT - 14 1st Private InvIT in India listed on NSE Constantly enhancing capabilities to undertake larger and more complex projects, across BOT, TOT and HAM Note: Timeline based on calendar years; Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million 22 Wholly Owned Concessions 1 TOT project 1 BOT project 3 HAM projects- Under Construction S. No. Project Counterparty Concession Period Appointed Date Concession Period End* Tariff Hike Formula 1 Mumbai – Pune Expressway MSRDC 10 years and 2 months March 1, 2020 April, 2030 Sub-concession agreement provides for toll rate increase of 18% for YCEW every 3 years until FY24 and by 16% for NH48 every 3rd year until end of the concession period1 S. No. Project Counterparty Concession Period Appointed Date Conce

Note

1. Original concession period; Maximum extension in concession period – 10 years Note: Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million 28 Details of Fixed Price O&M Contracts, provide strong revenue visibility O&M (in USD mn) 210.000 140.000 70.000 - 148 13% 16% 18% 53% 144 9% 3% 19% 69% 149 14% 3% 10% 72% 132 17% 4% 12% 67% 202 14% 3% 18% 220 11% 14% 17% 65% 58% FY25 FY26 FY27 FY28 FY29 FY30 Total Maintenance Public InvIT Ahmedabad Vadodara Mumbai Pune IRB Pvt InvIT* Note: Exchange rate as per RBI reference rate on December 29, 2023: USDINR: 83.1164; 1 crore = 10 million; * Exclude Lalitpur Lakhnadon and Kota Bypass and Cable Stay Bridge 29 Debt Repayment Schedule Mumbai Pune Ahmedabad Vadodara 74.9% 58.7% 41.3% 25.1% FY25 to FY28 FY29 FY25 to FY28 FY29 to FY32 Repayment as % outstanding Repayment as % outstanding IRB Pvt InvIT* 30.9% 26.1% 20.4% 7.6% 14.5% 0.6% FY25 to FY28 FY29 to FY32 FY33 to FY36 FY37 to FY40 FY41 to FY44 FY45 to