Corporate Overview Notice Statutory Reports Financial Statements

Annual Report 2023-24 1

 Dedicated Freight Corridor Corporation of India Limited

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Corporate Overview Notice Statutory Reports Financial Statements

Annual Report 2023-24 3

 Data As of July, 2024*

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Data As of July, 2024*

Annual Report 2023-24 5

 Dedicated Freight Corridor Corporation of India Limited

Strategic. Transformative. Sustainable

Freight Corridors of New India
Connecting freight with Ports. Reducing Logistics Costs. Reducing
Carbon Footprints
In a developing economy, the efficient use of limited national resources is essential for
achieving optimal results. The Dedicated Freight Corridor (DFC) has been specifically
designed to connect India’s eastern and western regions, and northern hinterlands to the
major consumer markets in western India & also the overseas markets; like our iconic
truck-on-trains service is transporting milk, that is perishable in nature, from Amul’s Banas
plant in Gujarat to the National Capital Region, in a specified time frame.
The major objective of DFC is to enable Indian Railways to reclaim its market share in freight
transport by expanding capacity and providing efficient, reliable, and safe transportation
options for goods. DFCCIL aims to reduce the country's logistics costs from the current 14%
to single digits in the near future by using international best practices including long
haul/heavy haul operations, that will in turn boost the competitiveness of Indian
businesses in global markets.
National initiatives like ‘Make in India’ and ‘One District One Product’ will receive significant
fillip, benefiting entrepreneurs and artisans across the country. The development of
Multimodal Logistics Parks along the DFC and Gati Shakti cargo terminals at DFC stations,
further underscores the transformative potential of these corridors as the initiatives
enhance comprehensive transport solutions for customers including last-mile
connectivity.
DFCCIL's "Track on Green" mission is centered on achieving the objective of net-zero carbon
emissions. Additionally, as part of our Green Belt Development Project, we have planted
over 1 Lakh trees. We also strive to lower energy consumption by utilising 5-star rated
electrical equipment, LED lighting and solar panels at railway stations and yards. By
implementing the ToT service, we have saved approximately 11.62 lakh litres of diesel,
thereby conserving our nation’s valuable foreign currency reserves. Additionally, this has
led to a reduction of approximately 3075 tonnes of CO2 emissions, aligning with the
DFCCIL's Pledge to a Greener Tomorrow.

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Corporate Overview Notice Statutory Reports Financial Statements

Annual Report 2023-24 7

 Dedicated Freight Corridor Corporation of India Limited

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Corporate Overview Notice Statutory Reports Financial Statements

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 Dedicated Freight Corridor Corporation of India Limited

Chairman’s Message

A total of 1272 track kms of Dedicated Freight

Corridor (DFC) sections were completed and
commissioned, resulting in a 42% increase
in daily train operations, from 170 trains per
day in FY 2022-23 to 241 trains per day in FY
2023-24.

Dear Shareholders, evident and contributing towards 15% of GDP—higher than global
“Atma Nirbhar Bharat”.. standards—the Dedicated Freight
It is with great honour and humility Corridors (DFC) are expected to
that I address you as the Chairman Infrastructure: A Catalyst reduce these costs.
of DFCCIL. I am grateful for the trust
and confidence placed in me to
for Economic Progress The GCTs along the dedicated
steer this remarkable organisation freight corridors provide several
India has to enhance its
towards new heights. I am delighted key advantages, including faster
infrastructure to reach the economic
to share with you the Auditor’s and cargo movement, improved freight
growth target of US$ 5 trillion by
Directors’ Report, as well as the earnings, and decongestion of
2025. DFCCIL is committed to align
Annual Audited Accounts for the railway tracks for passenger trains.
its journey with India’s remarkable
year ended 2023-24. These terminals enhance logistics
growth story. As on date, 96.4%
efficiency by facilitating seamless
of the total 2,843 kms network,
As we all know, the Nation is in the multimodal connectivity between
spanning through 56 districts across
mission mode to achieve ‘Viksit rail, road, and other transport
7 states, has been completed. DFCs
Bharat, Sashakt Bharat’, which is modes, and increase capacity to
account for only 4% of the total Rail
envisaged by the Hon’ble Prime handle bulk cargo. Additionally, they
network but handle over 10% of the
Minister Shri Narendra Modi as stimulate economic development by
Gross Tonne Kilometres (GTKMs).
‘Viksit Bharat @2047’. In fulfilling promoting the efficient movement
It shows that we are exponentially
this dream of developed India, of goods and encouraging private
increasing our presence in the
Infrastructure plays a crucial role, sector participation.
transportation of goods through the
and when it comes to the rail
DFCs.
infrastructure, DFCCIL, stands as a Notable Accomplishments
game changer in India’s logistics. The Gati Shakti Cargo Terminals during the FY 2023-2024
(GCT) initiative by Indian Railways
DFCCIL: Our Objective is a transformative government As we reflect on the past year, I am
effort to upgrade India’s logistics proud to highlight over significant
DFCCIL is entrusted with infrastructure. DFCCIL is promoting achievements and milestones
comprehensive planning, development of freight terminals during the year 2023-24.
construction and development along its corridors under this policy.
of Eastern and Western Freight This initiative is central to Indian As of March 31, 2024, a cumulative
Corridors. It is to ensure efficient Railways’ strategy to increase its amount of INR 94,091 crore was
and safe operation of the freight share of national freight traffic from spent in executing the DFC project.
corridors. This project is nearing 27% to 45% by 2030. With logistics This excludes land acquisition costs.
completion, and benefits of this costs currently amounting to 14- During FY 2023-24, the Company
accomplishment are becoming

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 Corporate Overview Notice Statutory Reports Financial Statements

spent INR 10,576.44 crore To enhance public safety, DFCCIL NMGHS bookings were made,
specifically for capital expenditure commissioned 40 Road Over generating a revenue of Rs. 2.42
related to project execution. Bridges during this financial year. crores.

A total of 1272 track kms of Additionally, the Truck on Train For its transparent & effective
Dedicated Freight Corridor (DFC) (ToT) service offered by DFCCIL, is procurement policy, DFCCIL has
sections were completed and a revolutionary logistics solution been felicitated by the Government
commissioned, resulting in 42% that combines the flexibility of e-Marketplace (GeM) for achieving
increase in daily train operations, truck transport with the speed a record-breaking procurement of
from 170 trains per day in FY 2022- and efficiency of railways. Since its Rs. 185.76 crore during the financial
23 to 241 trains per day in FY 2023- inception, DFCCIL has successfully year 2023-24.
24. This surge in operations was operated over 1000 ToT trips
accompanied by a remarkable 142% between New Rewari and New We also acknowledge that use of
increase in Gross Ton Kilometers Palanpur stations of Western digital infrastructure entails cyber
(GTKMs), reaching 119,129 million Dedicated Freight Corridor (WDFC), as well as data security threats.
GTKMs, while Net Ton Kilometers attracting clients across industries, To address these risks, we strive
(NTKMs) rose by 198% to 66,719 cementing its position as a to identify potential vulnerabilities
million NTKMs. transformative force in the nation’s and create thorough risk mitigation
freight transport landscape. procedures for the entire digital
On the Western DFC (WDFC), The Truck on Train (ToT) service ecosystem including Applications,
important sections commissioned offers a faster and more efficient Information Technology (IT),
include the Sanand North to alternative to road transport, with and Operational Technology
Makarpura (138 km), Makarpura to traffic moving at 80 km/h and (OT) infrastructure. DFCCIL
Bhestan (130 km), and Gholvad to reducing transit time to just 10 places a strong emphasis on risk
Vaitarna (90 km). On the Eastern hours, compared to the 24-36 management to ensure safe and
DFC (EDFC), sections commissioned hours typically required by road. efficient operation of its dedicated
are the Ahruara Road to DDU (27 This improved speed leads to better freight corridor.
km), Sahnewal to Shambhu (80 km), truck turnaround, reducing the need
and Shambhu to Khatauli (187 km). for capital investment in additional Innovation in DFCs: The
Dadri-Rewari section was
vehicles. The service is also highly New Normal
cost-effective, eliminating toll
dedicated to the nation by Hon’ble
charges, paperwork or detentions We have made significant strides in
Prime Minister Shri Narendra Modi
along the route. Additionally, ToT modernising our operations through
on 25.01.2024. On 12.03.2024, the
offers enhanced cargo safety, the implementation of the Dedicated
Hon’ble Prime Minister inaugurated
as goods are more secure, while Freight Information System (DFIS),
state-of-the-art Operations Control
improving driver welfare by which serves as a central hub for
Centre (OCC) in Ahmedabad, Gujarat
providing rest and minimising their seamless communication and data
on Western Dedicated Freight
fatigue during transit. integration across various systems.
Corridor (WDFC). This centralised
By fetching real-time data from the
nerve centre will ensure seamless During the financial year 2023-24, Crew Management System (CMS)
operations of freight trains. to leverage the growing potential and integrating with key Indian
of the e-commerce sector in Railways applications such as the
rail logistics, approximately 561 Control Office Application (COA),

Annual Report 2023-24 11

 Dedicated Freight Corridor Corporation of India Limited

Integrated Coaching Management transportation, tapping e-commerce Dedicated Freight Corridor under
System (ICMS), Freight Operation potential is the need of the hour. By the compensatory afforestation
Information System (FOIS), and converting obsolete GS Coaches into program. DFCCIL is also committed
CMS, DFIS ensures efficient and advanced NMGHS coaches, DFCCIL to supporting the green economy
uninterrupted data flow. efficiently transports smaller cargo through its plans to earn carbon
consignments across its Dedicated credits for its services, further
Additionally, in FY 2023-24, Freight Corridor network. Strategic advancing national goals of reducing
DFCCIL achieved substantial collaborations with e-commerce carbon emissions and promoting
progress in track development, leaders encourage a shift to rail sustainable development.
with 652 kilometres of track linking freight transportation, harnessing
completed using the modern New sustainability and efficiency gains. One of the DFCCIL’s eco-friendly
Track Construction (NTC) machine, DFCCIL’s small cargo services initiatives is the iconic Trucks on
bringing the cumulative track length launched on July 10, 2023, between Train (ToT) service. In FY 2023-24,
to 5,765.7 TKM. Furthermore 1,125 New Rewari and New Palanpur a total of 442 rakes transported
TKM of Overhead Electrification stations, exemplifies its innovative 11,259 trucks, generating earnings
(OHE) wiring was successfully approach to logistics. of approximately

completed using a mechanised Sustainable Footsteps: ` 31.18 crore. This service saved
over 1 lakh litres of diesel, reducing
wiring train, further bolstering the In Sync with the Global 270 tons of CO₂ emissions and
electrification and modernisation of
the freight corridor. Sustainability Goal contributing to the nation’s foreign
currency savings.
DFCCIL has implemented the By facilitating the shift of freight
advanced 2x25 KV Auto Transformer transport from road to rail, DFCCIL Over a 30-year period, the
(AT) feeding system to meet the plays a pivotal role in reducing Dedicated Freight Corridor (DFC)
heavy haul traction requirements, the carbon footprint associated is projected to save 457 million
offering an impressive electrical with logistics. Rail transport is tons of CO2 emissions, making a
distribution efficiency of 97.6%, significantly more energy-efficient significant long-term contribution
significantly higher than the 92.95% and environment friendly compared to environmental conservation
efficiency of the conventional 25 to road transport, emitting only and international commitments to
KV system. This system provides 28 grams of carbon per Net Ton
SDGs.
several key advantages over Kilometre (NTKM), in contrast to 64
grams per NTKM by road transport.
traditional methods, including the Ethics in Corporate
ability to operate higher tonnage
freight trains (6000/12000
This shift aligns with global Governance at DFCCIL
sustainability goals and reduces
tons) at increased speeds. These environmental pollution,
advancements enhance the overall At DFCCIL, we are firmly dedicated
contributing to India’s efforts to to upholding business ethics
efficiency and reliability of the rail lower carbon emissions. As part
freight system. and values. Our commitment to
of its Green Belt Development these principles is unwavering. A
As we strive to propel innovation in initiative, DFCCIL has successfully report on “Corporate Governance”
planted over 22,000 trees along the

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 Corporate Overview Notice Statutory Reports Financial Statements

and “Management Discussion & the DFC is poised to generate a ripple transportation network by DFCCIL,
Analysis Report” forms the part of effect of development, enabling is set to play a crucial role on the
the Annual Report. the growth of Industrial Corridors, economy and on social & human
New Private Freight Terminals development indicators, fostering
I am delighted to state that (PFTs), Goods Sheds, Multi-Modal holistic growth of the Nation.
DFCCIL has consistently received Logistics Parks (MMLPs), and Inland
the highest credit ratings from Container Depots (ICDs) across its I would like to extend my gratitude
renowned Credit Rating Agencies, routes. to the Board of Directors, employees
including CARE Ratings Limited, for being pillar of strength. I
CRISIL Rating Limited among These developments will not would like to thank Ministry of
others. These exceptional only strengthen the nation’s Railways, Union Government, State
ratings are a testament to our supply chains but also integrate Governments, Zonal Railways,
organisation’s financial stability, underdeveloped regions into and Statutory Authorities for their
robust governance, and unwavering national and international markets, positive role in all the endeavours of
commitment to excellence. This promoting inclusive growth. the DFCCIL.
recognition also reinforces our
As DFCCIL continues to drive I would also wish to place on record
credibility with stakeholders and
innovation and expansion, we our appreciation for the cooperation
underscores our ability to drive
remain committed to our mission extended and services provided by
growth and development in India’s
of contributing to India’s economic the Comptroller & Auditor General of
rail infrastructure.
progress and achieving our vision of India (C&AG), the Statutory Auditors,
seamless, efficient, and sustainable Internal Auditors, Secretarial
The Way Forward freight transportation. Auditors and the Bankers.
As we look to the future, the
Dedicated Freight Corridor (DFC) will Endnote Warm regards,
continue to play a transformative Satish Kumar
DDFC will continue to stand Chairman, DFCCIL
role in enhancing the country’s
as a pivotal force in propelling
logistics infrastructure. With its
India’s economic growth. Freight Date: 27-09-2024
impressive rail transport network,

Annual Report 2023-24 13

 Dedicated Freight Corridor Corporation of India Limited

DFCCIL Financial Performance: A Snapshot

(All amounts in ` Crore)

Particulars As At 31st As At 31st As At 31st As At 31st As At 31st As At 31st As At 31st As At 31st As At 31st
March, 2024 March, March, March, March, March, March, March, March,
2023 2022 2021 2020 2019 2018 2017 2016

A Income

Revenue from Operations 4,484.90 3,141.48 1,949.15 289.89 - - - - -

Other income 167.25 67.44 78.51 228.41 61.40 108.55 120.89 151.38 100.82

Total income 4,652.15 3,208.92 2,027.66 518.30 61.40 108.55 120.89 151.38 100.82

B Expenses

(a) Employee benefits expense 272.06 200.33 143.50 39.28 15.88 14.47 10.53 - -

(b) Finance costs 1,697.69 1,407.05 896.71 79.21 7.36 0.44 0.45 0.57 -

(c) Depreciation and amortization expense 2,055.89 1,239.71 833.55 183.77 22.23 2.11 2.78 2.55 2.11

(d) Other expenses 459.27 296.53 155.97 64.25 136.09 49.94 78.01 30.00 23.87

Total Expense 4,484.91 3,143.62 2,029.73 366.51 181.56 66.96 91.77 33.12 25.98

Profit/ (loss) before exceptional items and tax 167.24 65.30 (2.07) 151.79 (120.16) 41.59 29.12 118.26 74.84

Exceptional Items - - -

Profit/ (loss ) before tax 167.24 65.30 (2.07) 151.79 (120.16) 41.59 29.12 118.26 74.84

Total tax expense 196.83 85.00 14.08 39.34 (29.64) 17.06 10.93 42.30 26.34

Profit/(loss) for the year (29.59) (19.70) (16.15) 112.45 (90.52) 24.53 18.19 75.96 48.50

Other comprehensive income for the year, net of tax (0.60) 0.88 (3.50) 1.82 (1.37) (0.55) (0.40) (0.17) (0.05)

Total comprehensive income/(loss) of the year, (30.19) (18.82) (19.65) 114.27 (91.89) 23.98 17.79 75.79 48.45
net of tax

C ASSETS

Non-Current Assets

Property, plant and equipment 51,860.56 35,952.38 22,759.57 13,666.51 25.30 17.65 13.69 14.54 14.96

Capital work-in-progress 34,949.56 41,621.29 41,676.68 38,015.20 37,956.62 25,382.86 14,757.08 8,861.64 5,681.95

Other intangible assets 0.14 0.17 0.08 0.08 0.10 0.09 0.28 0.74 1.40

Intangible assets under development 21.47 21.47 21.47 21.47 17.71 11.36 11.31 11.31 9.89

Right-of-use assets 9.54 10.49 31.83 49.50 75.41 - - -

Trade Receivables - unbilled - - - - - - -

Other non-current financial assets 8.99 27.80 24.97 21.81 24.22 18.02 8.09 2.30 6.11

Deferred tax assets (net) - - - 33.54 47.44 15.71 20.96 21.32 7.77

Other non-current assets 4,296.45 5,236.50 6,138.61 6,981.27 7,637.69 7,635.12 7,827.87 6,815.71 4,533.67

Non current tax assets (net) - - - 10.18 51.87 50.42 47.68 - -

Total Non Current Assets 91,146.71 82,870.10 70,653.21 58,799.55 45,836.36 33,131.23 22,686.96 15,727.56 10,255.75

Current Assets

Trade Receivables 9,865.42 5,380.52 2,239.04 - - - - -

Cash and cash equivalents 45.81 58.12 632.80 262.06 256.67 280.91 1,479.54 1,446.01 1,575.08

Other Balances with Banks 3,490.31 896.80 259.03 205.67 85.76 70.15 39.76 2,188.06 26.83

Other current financial assets 1,704.21 1,139.00 231.06 422.94 51.63 41.38 86.59 48.76 58.60

Current tax assets (net) 15.74 12.40 14.28 - - - - 15.38 3.05

Other current assets 1,758.46 983.33 892.44 10.44 13.80 11.03 13.59 8.43 3.44

Inventories 22.18 15.53 - - - - - -

Total Current Assets 16,902.13 8,485.70 4,268.65 901.11 407.86 403.47 1,619.48 3,706.64 1,667.00

Total Assets 1,08,048.84 91,355.80 74,921.86 59,700.66 46,244.22 33,534.70 24,306.44 19,434.20 11,922.75

D EQUITY AND LIABILITIES

Equity share capital 15,729.00 15,729.00 14,076.62 14,076.62 14,076.62 10,768.73 7,658.27 7,658.27 4,802.67

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DFCCIL Financial Performance: A Snapshot

(All amounts in ` Crore)

Other equity 216.76 246.94 1,918.14 293.94 179.67 530.17 3,362.60 234.35 3,014.16

Total Equity 15,945.76 15,975.94 15,994.76 14,370.56 14,256.29 11,298.90 11,020.87 7,892.62 7,816.83

Liabilities

Non-Current Liabilities

Financial liabilities

(i) Borrowings 44,095.15 37,396.24 32,422.07 26,738.78 22,187.92 15,084.53 10,012.02 6,945.46 3,268.99

(ii) Lease liabilities 8.57 9.00 8.76 22.63 46.80 - - - -

(iii) Other financial liabilities 5,209.46 4,470.69 3,387.41 2,717.05 2,442.10 1,548.58 932.24 501.86 281.34

Provisions 88.12 70.85 42.10 28.56 28.09 22.14 20.80 14.57 10.32

Deferred tax liabilities (net) 296.03 99.40 14.10 - - - - - -

Other non-current liabilities 483.60 441.98 475.11 662.92 513.16 400.86 398.02 322.42 59.33

Total Non-Current Liabilities 50,180.93 42,488.16 36,349.55 30,169.94 25,218.07 17,056.11 11,363.08 7,784.31 3,619.98

Current Liabilities

Financial liabilities

(i) Borrowings 964.13 950.85 728.73 - - - 68.01 -

(ii) Lease Liabilities 0.43 0.34 22.95 26.38 27.16 - - -

(iii) Trade payables

a) Total outstanding dues of micro 1.28 0.40 0.08 0.13 0.19 - - -

enterprises and small enterprises

b) Total outstanding dues of creditors 14.10 3.07 0.10 77.91 27.59 20.82 36.74 -
other than micro enterprises and small
enterprises

(iv) Other financial liabilities 39,429.44 31,288.12 20,626.86 14,445.86 6,384.73 4,871.15 1,481.45 3,648.86 411.24

Other current liabilities 863.63 298.01 780.44 319.32 189.84 191.96 134.48 107.00 72.74

Provisions 649.14 350.91 418.39 263.60 140.35 95.76 201.81 -

Current tax liabilities (net) - - 26.96 - - - - 1.14

Short-term provisions - - - - - - 1.41 0.82

Total Current Liabilities 41,922.15 32,891.70 22,577.55 15,160.16 6,769.86 5,179.69 1,922.49 3,757.27 485.94

Total Equity and Liabilities 1,08,048.84 91,355.80 74,921.86 59,700.66 46,244.22 33,534.70 24,306.44 19,434.20 11,922.75

E Net Worth 15,945.76 15,975.94 15,994.76 14,370.56 14,256.29 11,298.90 11,020.87 7,892.62 7,816.83

F Ratio

" Return on Equity -0.19 -0.12 -0.11 0.79 -0.71 0.22 0.19 0.97 0.76
(Profit of the year/Average Shareholder's Equity) (%) "

" Basic Earning Per Share (1.88) (1.26) (1.15) 7.99 (7.82) 2.38 2.37 9.92 10.33
(Profit/ (loss) for the year/Weighted Avg. Number
of Equity Share) "

Diluted Earning Per Share (1.88) (1.26) (1.15) 7.99 (7.82) 2.36 2.37 9.92 10.08

" Current Ratio 0.40 0.26 0.19 0.06 0.06 0.08 0.84 0.99 3.43
(Current Assets/Current Liabilities) "

" Debt Equity Ratio 2.83 2.40 2.07 1.90 1.58 1.35 0.91 0.88 0.42
(Total Debt/Shareholder's Equity) "

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 Dedicated Freight Corridor Corporation of India Limited

DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED

CIN: U60232DL2006GOI155068
Regd. Office: 5th Floor, Supreme Court Metro Station Building Complex, New Delhi-110001 Phone No. +91-11-
23454890 Fax No. +91-11-23454701
Email - contactdfccil@dfcc.co.in Website: https://dfccil.com/

NOTICE FOR THE 18th ANNUAL GENERAL MEETING

NOTICE is hereby given that the 18th Annual General by Comptroller and Auditor General of India for FY
Meeting of the Members of Dedicated Freight Corridor 2024-25.”
Corporation of India Limited (DFCCIL) will be held on
27.09.2024 (Friday) at 17:00 Hrs. at Panchvati, 2nd Special Business
Floor, Rail Bhawan, Raisina Road, New Delhi - 110001, 3. To consider appointment of Shri Pranai Prabhakar
to transact the following business: [DIN: 10546309] as Part-time Official Director
Ordinary Business (Nominee Director, Ministry of Railways,
Government of India) of the Company and if
1. To consider and adopt the Audited Financial thought fit, to pass with or without modification(s),
Statements of the Company for the year ended the following Ordinary Resolutions:
on 31st March 2024, together with the Directors’
Report, Independent Auditors’ Report and the “RESOLVED THAT pursuant to the provisions of
comments of the Comptroller and Auditor General Section 152 and other applicable provisions, if
of India thereon and if thought fit, to pass with or any, of the Companies Act 2013 read with Article
without modification(s), the following Ordinary 81 of the Articles of Association of the Company,
Resolution: the consent of the Members of the Company be
and is hereby accorded to the appointment, made
“RESOLVED THAT members be and hereby consider by the President of India vide Railway Board’s
and adopt the Financial Statements for the year Order No. 2022/PL/57/10 dated 20.03.2024, of
ended on 31st March 2024 comprising of Balance Shri Pranai Prabhakar, Principal Executive Director
Sheet as at 31st March 2024, the Statement of (Infrastructure), Railway Board as Part-time
Profit & Loss for the year ended on 31st March 2024, Official Director (Nominee Director, Ministry of
Cash Flow Statement for the year ended on 31st Railways, Government of India) on the Board of the
March 2024 along with Notes thereto, along with Company till he holds the post of Principal Executive
Independent Auditors’ Report and comments of the Director (Infrastructure), Railway Board or until
Comptroller and Auditor General of India thereon, as further orders, whichever is earlier.
well as the Directors’ Report along with its Integral
Reports.” “RESOLVED FURTHER THAT the Director Finance/
Company Secretary be and is hereby authorized to
2. To authorize the Board of Directors to fix the do all such acts, deeds and things and to sign all such
remuneration of the Statutory Auditor for the documents as may be necessary, expedient and
financial year 2024-25 to be appointed by incidental thereto to give effect to this resolution.”
Comptroller and Auditor General of India and if
thought fit, to pass with or without modification(s), 4. To consider appointment of Shri Shobhit Bhatnagar
the following Ordinary Resolution: [DIN: 10519881], IRTS (DOB: 02.02.1967, DITS:
20.09.1993), as Director (Operations & Business
“RESOLVED THAT pursuant to Section 139, Section Development) of the Company and if thought fit, to
142 and other applicable provisions, if any, of pass with or without modification(s), the following
the Companies Act, 2013 and the rules framed Ordinary Resolution:
thereunder, the members be and hereby authorize
the Board of Directors, on the recommendation of “RESOLVED THAT pursuant to the provisions of
the Audit Committee, to fix the remuneration of the Section 152 and other applicable provisions, if any,
Statutory Auditor of the Company to be appointed of the Companies Act 2013 read with Article 81

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 Corporate Overview Notice Statutory Reports Financial Statements

of the Articles of Association of the Company, the framed thereunder, as amended from time to time,
consent of the Members of the Company be and and subject to such other approvals as may be
is hereby accorded to the appointment, made by necessary, consent of the Members of the Company
the President of India vide Railway Board’s order is hereby accorded for adoption of amended Articles
no. 2022/E(O)II/40/19 dated 16.02.2024, of Shri of Association by aligning with the provisions of the
Shobhit Bhatnagar, IRTS (DOB: 02.02.1967, DITS: Companies Act, 2013 as laid before the Members.”
20.09.1993) as Director (Operation & Business
Development) on the Board of the Company from “RESOLVED FURTHER THAT the Director Finance/
28.02.2024, i.e., date of assumption of charge of Company Secretary, be and are hereby authorized
office till date of his superannuation or until further severally to file, sign, verify and execute all such
orders, whichever is earlier”. e-forms, papers or documents, as may be required
and do all such acts, deeds and things and to sign all
“RESOLVED FURTHER THAT the Director Finance/ such documents as may be necessary, expedient and
Company Secretary be and is hereby authorized to incidental thereto to give effect to this resolution.”
do all such acts, deeds and things and to sign all such
documents as may be necessary, expedient and 7. To consider appointment of Shri Praveen Kumar,
incidental thereto to give effect to this resolution.” (DOB:30.09.1966), Executive Director/Asset
Management/WDFC as Managing Director,
5. To adopt amended Memorandum of Association Dedicated Freight Corridor Corporation of India
of the Company in line with the provisions of the Limited, DFCCIL and if thought fit, to pass with or
Companies Act, 2013. without modification, the following resolution as
Ordinary Resolution:
To consider and to pass with or without
modification(s), the following resolution as Special “RESOLVED THAT pursuant to the provisions of
Resolutions: Section 152(2) and other applicable provisions,
if any, of the Companies Act 2013 read with the
“RESOLVED THAT pursuant to the provisions of relevant Articles of Articles of Association of the
Section 4 and 13 and other applicable provisions, Company, the consent of the Company be and
if any, of the Companies Act, 2013 (including any is hereby accorded to the appointment made by
statutory modification or re- enactment thereof the President of India vide Railway Board’s order
for the time being in force) and the rules framed no.2023/E(O)II/40/12. dated 21.08.2024, of Shri
thereunder, as amended from time to time, and Praveen Kumar,(DOB: 30.09.1966),ex Executive
in accordance with the Table A of Schedule I of Director/Asset Management/WDFC as Managing
the Act, and subject to such other approvals as Director, on the Board of Dedicated Freight Corridor
may be necessary, consent of the Members of the Corporation of India Limited(DFCCIL) from the date
Company be and is hereby accorded for adoption of of assumption of charge of the post till 30.09.2026
amended Memorandum of Association by aligning i.e. the date of his superannuation or until further
the existing Memorandum of Association as per orders, whichever is earlier.
the provisions of the Companies Act, 2013 as laid
before the Members.” “RESOLVED FURTHER THAT the Director Finance/
Company Secretary be and is hereby authorized to
“RESOLVED FURTHER THAT the Director Finance/ do all such acts, deeds and things and to sign all such
Company Secretary, be and are hereby authorized documents as may be necessary, expedient and
severally to file, sign, verify and execute all such incidental thereto to give effect to this resolution.”
e-forms, papers or documents, as may be required
and do all such acts, deeds and things and to sign all 8. To consider appointment of Shri Satish Kumar,
such documents as may be necessary, expedient and Chairman & CEO, Railway Board as Part- time
incidental thereto to give effect to this resolution.” Chairman of the Company and if thought fit, to
pass with or without modification(s), the following
6. To adopt amended Articles of Association in line Ordinary Resolution:
with the provisions of the Companies Act, 2013.
“RESOLVED THAT pursuant to the provisions of
To consider and to pass with or without Section 152 and other applicable provisions, if any,
modification(s), the following resolution as Special of the Companies Act, 2013 read with Article 81
Resolutions: of the Articles of Association of the Company, the
“RESOLVED THAT pursuant to the provisions of consent of the members be and is hereby accorded
Sections 5 and 14 and other applicable provisions, to the appointment made by the President of India
if any, of the Companies Act, 2013 read with vide Railway Board’s order no. 2021/PL/61/2 Pt.
Companies (Incorporation) Rules, 2014 (including dated 03.09.2024, of Shri. Satish Kumar, Chairman
any statutory modification or re-enactment & CEO, Railway Board as Part-time Chairman on
thereof for the time being in force) and the rules the Board of the Company (vice Smt. Jaya Varma

Annual Report 2023-24 19

 Dedicated Freight Corridor Corporation of India Limited

Sinha, Ex-Chairman & CEO, Railway Board [DIN: Company Secretary be and is hereby authorized to
09295401] who held office of Part-time Chairman do all such acts, deeds and things and to sign all such
of the Company from 06.09.2023 till 31.08.2024), documents as may be necessary, expedient and
till he holds the post of Chairman & CEO, Railway incidental thereto to give effect to this resolution.”
Board or further orders, whichever is earlier.
“RESOLVED FURTHER THAT the Director Finance/
By Order of the Board of Directors
For Dedicated Freight Corridor
Corporation of India Limited

Sd/-
Place: New Delhi Meenu Kapoor
Date: 05.09.2024 Company Secretary

NOTE

1) Pursuant to Section 102 of the Companies Act, Registered Office, duly completed and signed, not
2013, Explanatory Statement, in respect of the less than FORTY-EIGHT HOURS before the meeting.
business under Item Nos. 3 - 8 of the Notice, are
annexed herewith. 3) The Notice of the AGM along with the Annual
Report 2023-24 is being sent by electronic mode
2) A Member entitled to attend and vote at the Annual to those Members whose e-mail addresses are
General Meeting (AGM) is entitled to appoint a proxy registered with the Company, unless any Member
to attend and vote instead of himself/herself and has requested a physical copy of the same. For
the proxy need not be a Member of the Company. Members who have not registered their e-mail
The instrument appointing the proxy, in order to addresses, physical copies are being sent by the
be effective, must be deposited at the Company’s permitted mode.

20
 Corporate Overview Notice Statutory Reports Financial Statements

Explanatory Statement In Respect of (1) The President shall have powers to appoint:
The Special Business Items Pursuant (a) Full-time Chairman or, Part-time Chairman,
Full-time Managing Director(s) or a Full-
To Section 102 of The Companies Act, time Chairman-cum-Managing Director
2013 and other Full-time Directors;
ITEM NO. 3 (b) The Directors representing the Government
of India and/or any State Government; and
I. Article 81 of Articles of Association of the Company
(Appointment of Chairman, Chairman-cum (c) Other Directors including Independent
Managing Director, Directors and their terms of Directors in consultation with the Chairman.
Office) provides: The Directors appointed by the President
shall hold office until removed by him or
(1) The President shall have powers to appoint:
until their resignation, retirement, death or
(a) Full-time Chairman or, Part-time Chairman, otherwise.
Full-time Managing Director(s) or a Full-
II. Vide Railway Board’s Order No. 2022/E(O)
time Chairman-cum-Managing Director
II/40/19 dated 16.02.2024, Shri Shobhit
and other Full-time Directors;
Bhatnagar, IRTS (DOB: 02.02.1967, DITS:
(b) The Directors representing the Government 20.09.1993) as Director (Operations &
of India and/or any State Government; and Business Development) on the Board of the
Company with effect from date of assumption
(c) Other Directors including Independent of charge of office, i.e., 28.02.2024, till date
Directors in consultation with the Chairman. of his superannuation or until further orders,
The Directors appointed by the President whichever is earlier.
shall hold office until removed by them or III. Section 152(2) of the Companies Act, 2013
until their resignation, retirement, death or provides that “Save as otherwise expressly
otherwise. provided in this Act, every director shall be
II. Vide Railway Board’s Order No. 2022/PL/57/10 appointed by the company in general meeting.”
dated 20.03.2024, Shri Pranai Prabhakar, Accordingly, all the appointments made by the
Principal Executive Director (Infrastructure), President of India, are required to be consented
Railway Board has been appointed as Part-time to by the Shareholders in the AGM.
Official Director (Nominee Director, Ministry of IV. None of the Directors, Key Managerial Personnel
Railways, Government of India) on the Board and their relatives are concerned or interested,
of the Company with immediate effect, i.e., financially or otherwise, in this item of business,
20.03.2024 till he holds the post of Principal except Shri Shobhit Bhatnagar, being a Director
Executive Director (Infrastructure), Railway of the Company.
Board or further orders, whichever is earlier.
ITEM NO. 5 & 6
III. Section 152(2) of the Companies Act, 2013
provides that “Save as otherwise expressly I. The Board of Directors at its meeting held on
provided in this Act, every director shall be 13th June 2016 had recommended the proposal
appointed by the company in general meeting.” to amend the existing Memorandum and Articles
Accordingly, all the appointments made by the of Association of the Company in line with the
President of India, are required to be consented provisions of Companies Act, 2013.
to by the Members in the AGM.
The Ministry of Railways, Government of India,
IV. None of the Directors, Key Managerial Vide Letter No. 2021/PL/61/10 dated 04.07.2023
Personnel and their relatives are concerned or conveyed approval to adopt the proposed amended
interested, financially or otherwise, in this item Memorandum and Articles of Association of the
of business, except Shri Pranai Prabhakar, being Company in line with the provisions of Companies
a Director of the Company. Act, 2013.
ITEM NO. 4 II. The existing Memorandum of Association of the
Company are proposed to be adopted in line with
I. Article 81 of Articles of Association of the the provisions of contained in the new Companies
Company (Appointment of Chairman, Chairman- Act, 2013. Major changes proposed are as follows:
cum Managing Director, Directors and their
terms of Office) provides: (a) renaming of Clause III(B) reading “The
objects incidental or ancillary to the

Annual Report 2023-24 21

 Dedicated Freight Corridor Corporation of India Limited

attainment of the main objects are as (b) The Directors representing the
follows;” with “The objects which are Government of India and / or any State
necessary for the furtherance of objects Government; and
specified in Clause III(A) are;”
(c) Other Directors including independent
(b) merging of “Other Objects” of the Directors in consultation with the
Company under the “The Objects which Chairman. The Directors appointed by the
are necessary for furtherance of the objects President shall hold office until removed by
specified in clause 3(III) are:”; him or until their resignation, retirement,
and death or otherwise.
(c) substituting Clause III(A), sub-clause (iii)
(j) reading “Providing and arranging III. vide Railway Board’s order no.2023/E(O)
integration of various freight systems II/40/12 dated 21.08.2024, Competent
including but not limited to feeder transport Authority has approved appointment of Shri
services and ancillary arrangements like Praveen Kumar,(DOB:30.09.1966), Executive
logistic parks, container terminals, freight Director/Asset Management as Managing
terminals, ports, mines, warehouses” Director, on the Board of Dedicated Freight
with “Providing, Developing and arranging Corridor Corporation of India Limited (DFCCIL)
integration of various freight systems from the date of assumption of charge
including but not limited to feeder transport of the post till 30.09.2026 i.e. the date of
services and ancillary arrangements like his superannuation or until further orders,
logistic parks, container terminals, freight whichever is earlier.
terminals, ports, mines, warehouses”;
IV. None of the Directors, Key Managerial
(d) renaming of Clause IV reading “THE Personnel and their relatives are concerned
LIABILITY OF THE MEMBERS IS LIMITED.” or interested, financially or otherwise, in this
with “THE LIABILITY OF THE MEMBERS IS item of business, except Shri Praveen Kumar,
LIMITED AND THIS LIABILITY IS LIMITED TO being a Director of the Company.
THE EXTENT OF UNPAID AMOUNT.”;
ITEM NO. 8
(e) consequent re-numbering of remaining
clauses. I. Article 81 of Articles of Association of the Company
(Appointment of Chairman, Chairman-cum
III. Further, the existing Articles of Association of Managing Director, Directors and their terms of
the Company are proposed to be adopted in line Office) provides:
with the provisions of Companies Act, 2013.
(1) The President shall have powers to appoint:
Thus, existing and proposed changes in the
Memorandum and Articles of Association (a) Full-time Chairman or, Part-time Chairman,
of DFCCIL in juxta-position in placed at Full-time Managing Director(s) or a Full-
time Chairman-cum-Managing Director
ANNEXURE- A. and other Full-time Directors;
ITEM NO. 7 (b) The Directors representing the Government
I. Section 152 (2) of the Companies Act, 2013 of India and/or any State Government; and
provides that “Save as otherwise expressly provided (c) Other Directors including Independent
in this Act, every director shall be appointed by Directors in consultation with the Chairman.
the company in general meeting. Accordingly, it is
mandatory to take the appointments made by the The Directors appointed by the President shall hold
President of India for consent of the Shareholders. office until removed by him or until their resignation,
retirement, death or otherwise.
II. Article 81 of Articles of Association of the Company
(Appointment of Chairman, Chairman- cum- II. Section 152(2) of the Companies Act, 2013 provides
Managing Director, Directors and their terms of that “Save as otherwise expressly provided in
Office) provides – this Act, every director shall be appointed by the
company in general meeting.” Accordingly, all the
(1) The President shall have powers to appoint: appointments made by the President of India, are
(a) Full time Chairman or, Part time Chairman, required to be consented to by the Members in the
full time Managing Director(s) or a full time AGM.
Chairman-cum-Managing Director and III. Vide Railway Board’s Order No. 2021/PL/61/2Pt.
other full time Directors. dated 03.09.2024, Shri. Satish Kumar has been

22
 Corporate Overview Notice Statutory Reports Financial Statements

appointed as Part-time Chairman on the Board of the Kumar is to be noted by the Members.
Company, with immediate effect from 03.09.2024
till he holds the post of Chairman & CEO, Railway V. None of the Directors, Key Managerial Personnel
Board or until further orders, whichever is earlier. and their relatives are concerned or interested,
financially or otherwise, in this item of business
IV. His appointment is vice Smt. Jaya Varma Sinha, except Shri Satish Kumar, being a Director of the
Ex-Chairman & CEO, Railway Board who held the Company.
office of Part-time Chairman of the Company from
06.09.2023 till 31.08.2024 (date of superannuation).
By Order of the Board of Directors
Due to the statutory requirement of section 152(2)
For Dedicated Freight Corridor
and in view of the fact that the appointment and
Corporation of India Limited
cessation occurred between the date of the last
AGM and this AGM, appointment of Shri. Satish

Sd/-
Place: New Delhi Meenu Kapoor
Date: 05.09.2024 Company Secretary

Annual Report 2023-24 23

 Dedicated Freight Corridor Corporation of India Limited

FORM MGT-11
PROXY FORM

[Pursuant to the provisions of Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies
(Management and Administration) Rules, 2014]

DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED

CIN: U60232DL2006GOI155068
Regd. Office: 5th Floor, Supreme Court Metro Station Building Complex, New Delhi-110001

Name of the Member(s): ____________________________________________________________

Registered Address: _______________________________________________________________

E-mail ID: _____________________________________________________________________

Folio No./Client ID: ________________________________________________________________

I/We being the Member(s) of ____________________ equity shares of Rs. 1000 each of Dedicated Freight

Corridor Corporation of India Limited hereby appoint:

1. Name:____________________E-mail Id: ________________Address: ______________________

Signature:_____________________
or failing him/her
2. Name:____________________E-mail Id: ________________Address: ______________________
Signature:_____________________
or failing him/her
3. Name:____________________E-mail Id: ________________Address: ______________________

Signature:_____________________
as my/our proxy to attend and vote for me/us and on my/our behalf at the 18th Annual General Meeting of the
Company, to be held on 27.09.2024 (Friday) at 17:00 hrs at Panchvati, 2nd floor, Rail Bhawan, Raisina Road, New Delhi
– 110001 and at any adjourned meeting thereof, in respect of the resolutions, as indicated below:

Resolution No.
1.
2.
3. Affix
4. Revenue
Signed: this________day of________2024
Stamp

Signature of shareholder: ______________

Signature of the Proxy holder(s):__________

Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of
the Company, not less than 48 hours before the commencement of the Meeting.

24
 Corporate Overview Notice Statutory Reports Financial Statements

DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED

CIN: U60232DL2006GOI155068
Regd. Office: 5th Floor, Supreme Court Metro Station Building Complex, New Delhi-110001
Phone No. +91-11-23454890 Fax No. +91-11-23454701
Email - contactdfccil@dfcc.co.in | Website: https://dfccil.com/

Registered Folio:_________________________________________________________________

Name: ________________________________________________________________________

Address: ______________________________________________________________________

I/ We hereby record my/our presence at the 18th Annual General Meeting of the Company in Panchvati, 2nd Floor, Rail
Bhawan, Raisina Road, New Delhi – 110001 on 27.09.2024 (Friday) at 17:00 hrs.

Annual Report 2023-24 25

 Dedicated Freight Corridor Corporation of India Limited

Annexure A

AMENDMENTS IN ARTICLES OF ASSOCIATION

Particulars Articles of Association as per Articles of Association as per Companies Act,
Companies Act, 1956 2013
Article No. Provision Article No. Provision
The Act / or 1(a) "The Act" or "the said Act" means 1(a) "The Act" or "the said Act" means
the said Act "The Companies Act, 1956", for "The Companies Act, 2013", for the
the time being in force. time being in force.

The Board 1(c) "The Board" or the "Board of 1(c) "The Board" or the "Board of
Directors" means a meeting Directors" means the collective
of a directors duly called and body of the Board of Directors of the
constituted or as the case may Company.
be, the Directors assembled at a
Board, or the requisite number
of Directors entitled to pass
a resolution by Circulation in
accordance with the Act.

The Company 1(g) “The Company or this Company 1(g) “The Company” means a company
means “Dedicated Freight Corridor incorporated under this Act or
Corporation of India Limited” under any previous Company Law.
and at all times be deemed to For the Purpose of these Articles,
be a Railway Administration as The Company or this Company
defined under The Railways Act, means “Dedicated Freight Corridor
1989, as amended from, time to Corporation of India Limited” and at
time, or equivalent definition of all times be deemed to be a Railway
Railway Administration in the new Administration as defined under The
or amended Act which may come Railways Act, 1989, as amended
into force. from time to time, or equivalent
definition of Railway Administration
in the new or amended Act which
may come into force.

Debenture 1(h) "Debenture" includes debenture 1(h) "Debenture" includes debenture

stock. stock, bonds or any other instrument
of a company evidencing a debt,
whether constituting a charge on
the assets of the company or not.

Depository 1(j) "Depository" has the same 1(j) "Depository" means a depository as
meaning as in the Depositories defined in clause (e) of sub-section
Act, 1996; (1) of section 2 of the Depositories
Act, 1996.

The Directors 1(k) “The Directors” mean the 1(k) "The Directors" mean the Directors
Directors for the time being of the appointed to the Board of the
Company and includes persons Company.
occupying the position of Directors
by whatever name called.

26
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per Companies Act,

Companies Act, 1956 2013
Article No. Provision Article No. Provision
CALL ON SHARES
Dividend 1(l) "Dividend" includes bonus 1(l) "Dividend" includes interim Dividend.
Government 1(p) “Government Company” means a 1(p) "Government Company" means any
Company Government Company within the Company in which not less than
meaning of Section 617 of the fifty- one per cent of the paid-up
Companies Act, 1956. share capital is held by the Central
Government, or by any State
Government or Governments, or
partly by the Central Government
and partly by one or more State
Governments, and includes a
Company which is a subsidiary of a
The 1(q) "The Managing Director" includes 1(q) "The Managing Director" means a
Managing one or more persons appointed Director who, by virtue of the articles
Director as such or any of such persons of a Company or an agreement with
or Directors for the time being the Company or a resolution passed
be the Managing Director of the in its general meeting, or by its
Company. Board of Directors, is entrusted with
substantial powers of management
of affairs of the Company and
includes a director occupying the
position of Managing Director, by
whatever name called.
"Meeting" 1(s) "Meeting" or "General Meeting" 1(s) "Meeting" or "General Meeting" or
or "General means a meeting of Members. “Annual General Meeting” or “Extra-
Meeting" Ordinary General Meeting” means a
duly convened, held and conducted
meeting of Members and any
adjourned holding thereof.
“Annual 1(t) “Annual General Meeting” means 1(t) "Annual General Meeting" means a
General a general meeting of the members general meeting of the members held
Meeting”/ held in accordance with the in accordance with the provisions of
“Extra- provisions of the Section 166 of the Section 96 of the Act and subject
Ordinary the Act and adjourned holding to relevant rules as prescribed from
General thereof, as provided under section time to time and adjourned holding
Meeting” 169 of the Companies Act, 1956. thereof, as provided under section
100 of the Companies Act, 2013 read
‘Extra-Ordinary General Meeting with relevant rule as prescribed from
‘means an Extra- Ordinary General time to time.
Meeting of members dulyc a l l e d
and constituted and any adjourned
holding there of.
Ordinary 1(w) 'Ordinary Resolution' and 'Special 1(w) ‘Ordinary Resolution’ and ‘Special
Resolution Resolution' shall have the meaning Resolution’ shall have the meaning
and Special assigned thereto by Section 189 assigned thereto by Section 114 of
Resolution of the Act. the Act.
Table “F” not 2 The Regulations contained in Table 2 The Regulations contained in Table
to apply "A" in the First Schedule to the Act "F" in the First Schedule to the Act
shall not apply to the Company shall with modifications apply to the
except in so far as they are Company except in so far as they are
embodied in the following Articles embodied in the following Articles
which shall be Regulations for the which shall be Regulations for the
Management of the Company. Management of the Company.

Annual Report 2023-24 27

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
CAPITAL AND SHARES
Power 6 Subject to the approval of the 6 Subject to the approval of the President,
to increase President, the Company shall have the Company shall have the power to
Share the power to issue Shares with issue Shares with Differential Rights so as
Capital Differential Rights so as dividend, dividend, voting or hybrid securities or any
voting or hybrid securities or any other other marketable securities or otherwise to
marketable securities or otherwise the extent permissible under the provisions
to the extent permissible under the of the Companies Act, 2013 or any Rules
provisions of the Companies Act, thereunder.
1956 or any Rules thereunder.
Redeemable 10 Subject to the provisions of Section 10 Subject to the provisions of Section 55 of
Preference 80 of the Act, the Company shall have the Act, and the Companies (Share Capital
Shares the power to issue Preference Shares and Debentures) Rules, 2014 and such
which are or at the option of the other rule as may be prescribed from time
Company are liable to be redeemed to time the Company shall have the power
and the resolution authorizing such to issue Preference Shares which are or at
issue shall prescribed the manner, the option of the Company are liable to be
terms and conditions of redemption. redeemed and the resolution authorizing
such issue shall prescribed the manner,
terms and conditions of redemption.
Provisions 11 Where any such share is redeemed 11 Where any such share is redeemed
to apply otherwise than out of the proceeds of otherwise than out of the proceeds of a fresh
on issue of a fresh issue there shall, out of profits issue there shall, out of profits which would
Redeemable which would otherwise have been otherwise have been available for dividend,
Preference available for dividend, be transferred be transferred to a reserve fund, to be called
Shares to a reserve fund, to be called the “Capital Redemption Reserve Account,”
the “Capital Redemption Reserve a sum equal to the nominal amount of
Account,” a sum equal to the nominal the shares redeemed and the provisions
amount of the shares redeemed and of the Act relating to the reduction of the
the provisions of the Act relating to share capital of the Company shall, except
the reduction of the share capital as provided in Section 55 of the Act and
of the Company shall, except as subject to the Companies (Share Capital and
provided in Section 80 of the Act, Debentures) Rules, 2014 and other relevant
apply as if the Capital Redemption Rules as may be prescribed from time to
Reserve Account were paid-up share time, apply as if the Capital Redemption
capital of the Company. Reserve Account were paid-up share capital
of the Company.
Reduction 12 Subject to the provisions of Section 12 Subject to the provisions of Section 52, 55,
of Capital 78, 80, 100 to 105 of the Act and and 66 of the Act and the Companies (Share
to such directions as may be issued Capital and Debenture) Rules, 2014 and the
by the President in this behalf, the relevant rules as may be prescribed from
Company may, from time to time, by time to time, and such directions as may be
special resolution reduce its capital issued by the President in this behalf, the
by paying off Capital or canceling Company may, from time to time, by special
capital which has been lost or is resolution reduce its capital by paying off
unrepresented by available assets, or Capital or canceling capital which has been
is superfluous by reducing the liability lost or is unrepresented by available assets,
on the shares or otherwise as may be or is superfluous by reducing the liability on
expedient, and capital may be paid off the shares or otherwise as may be expedient,
upon the footing that it may be called and capital may be paid off upon the footing
up again or otherwise; and the Board that it may be called up again or otherwise;
may, subject to the provisions of the and the Board may, subject to the provisions
Act, accept surrender of shares. of the Act, accept surrender of shares.

28
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Sub-division 13 Subject to the approval of the 13 Subject to the approval of the President, the
and consol- President, the Company in general Company in general meeting may, from time
idation of meeting may, from time to time, sub- to time, sub- divide or consolidate its shares
Shares divide or consolidate its shares or or any of them and exercise any of the other
any of them and exercise any of the powers conferred by Section 61 of the Act
other powers conferred by Section and the Companies (Share Capital and
94 of the Act and shall file with the Debenture) Rules, 2014 and the relevant
Registrar such notice of exercise of rules as may be prescribed from time to
any such powers as may be required time shall file with the Registrar such notice
by the Act. of exercise of any such powers as may be
required by the Act.
Power to 14 If at any time, the Capital of the 14 If at any time, the Capital of the Company by
modify Company by reason of the issue reason of the issue of preference shares or
of preference shares or otherwise, otherwise, is divided into different classes
is divided into different classes of shares, all or any of the rights attached to
of shares, all or any of the rights the shares of each class may, subject to the
attached to the shares of each class provisions of Section 48 of the Act be varied
may, subject to the provisions of with the consent in writing of the holders of
Section 106 and 107 of the Act be at least three fourth of the issued shares of
varied with the consent in writing of that class or with the sanction of the special
the holders of at least three fourth of resolution passed at a separate meeting of
the issued shares of that class or with the holders of the issued shares of that class
the sanction of the special resolution and all the provisions hereinafter contained
passed at a separate meeting of as to general meeting shall, mutatis
the holders of the issued shares mutandis, apply to every such meeting.
of that class and all the provisions
hereinafter contained as to general
meeting shall, mutatis mutandis,
apply to every such meeting.
Register 15 The Company shall cause to keep a 15 The Company shall cause to keep a Register
and Index of Register and Index of Members in and Index of Members in accordance with
Members accordance with Section 150 and Section 88 of the Act and the Companies
151 of the Act. The Company shall (Management and Administration) Rules,
be entitled to keep in any State or 2014 and such other rules as may be
Country outside India a Foreign prescribed from time to time. The Company
Register of Members resident, in that shall be entitled to keep in any State or
State or Country. Country outside India a Foreign Register of
Members resident, in that State or Country.

Annual Report 2023-24 29

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Share 21 Every member or allottee of shares 21 Every member or allottee of shares shall be
Certificate shall be entitled without payment, entitled without payment, to receive one
to receive one certificate specifying certificate specifying the name of the person
the name of the person in whose in whose favour it is issued, the shares to
favour it is issued, the shares to which it is relates and the amount paid up
which it is relates and the amount thereon. Such certificate shall be issued only
paid up thereon. Such certificate in pursuance of a resolution passed by the
shall be issued only in pursuance Board and on surrender to the Company of
of a resolution passed by the Board its letter of allotment, if any, or its fractional
and on surrender to the Company coupons of requisite value, save in cases
of its letter of allotment, if any, or of issues against letter of acceptance or of
its fractional coupons of requisite renunciation or in cases of issues of bonus
value, save in cases of issues shares. Every such certificate shall be issued
against letter of acceptance or of under the seal of the Company, which shall
renunciation or in cases of issues of be affixed in the presence of and signed by
bonus shares. Every such certificate two Directors duly authorized by the Board
shall be issued under the seal of of the Directors of the Company for the
the Company, which shall be affixed purpose or the Committee of the Board (if
in the presence of two Directors so authorized) and the Secretary, provided
or persons acting on behalf of the that if the composition of the Board permits
Directors under a duly registered it, at least one of the aforesaid two Directors
power of attorney and the secretary shall be a person other than Managing or a
or some other person shall sign the whole time Director. Particulars of every
share certificate, provided that if the share certificate issued shall be entered in
composition of the Board permits the Register of Members against the name
it, at least one of the aforesaid two of the person, to whom it has been issued,
Directors shall be a person other indicating the date of the issue.
than Managing or a whole time
Director. Particulars of every share
certificate issued shall be entered
in the Register of Members against
the name of the person to whom it
has been issued, indicating the date
of the issue.
Issue of 22 If a share certificate is worn out, 22 If a share certificate is worn out, defaced,
new shares defaced, lost or destroyed it may lost or destroyed it may be renewed in
certificate be renewed in accordance with accordance with the Debenture) Rules
in place of the Issue of Share Certificate Rules 2014 and such other Rules as may be
worn out, under the Act on Payment of a fee as prescribed from time to time. under the Act
defaced, ost may be prescribed under the Act and, on Payment of a fee as may be prescribed
or destroyed on such terms, it may, as to evidence under the Act and, on such terms, it may, as
and indemnity and the payment of to evidence and indemnity and the payment
out-of pocket expenses incurred of out-of pocket expenses incurred by the
by the Company in investigating Company in investigating evidence, as the
evidence, as the Board may think fit. Board may think fit.
Securities in 25 All securities held by a depository 25 All securities held by a depository shall be
depositories shall be dematerialized and be in dematerialized and be in fungible form.
to be in fungible form. Nothing contained in
fungible sections 153, 153A and 153B of the
form Act shall to the depository in respect
of the securities held by it on behalf
of the beneficial owners.

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Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Transfer of 28 Nothing contained in Section 108 of 28 Nothing contained in Section 56 and the
Securities the Act or these Articles shall apply Companies (Share Capital and Debenture)
to a transfer of securities affected Rules, 2014 and any other Rules as may be
by a transferor and transferee both prescribed from time to time, of the Actor
of whom are entered as beneficial these Articles shall apply to a transfer of
owners in the records of a depository. securities affected by a transferor and
transferee both of whom are entered
as depository.
Interest out 32 Where any shares are issued for the -- Deleted as no provision exist in Companies
of Capital purpose of raising money to defray Act, 2013.
the expenses of the construction of
any work of building, or the provision
of any plant, which cannot be made
profitable for a lengthy period, the
Company maypay interest on so
much of that share capital as is
for the time being paid up, for the
period, at the rate and subject to the
conditions and restrictions provided
by Section 208 of the Act and may
charge the same to capital as part of
the cost ofconstructionofthework or
building or the provisions of

ON ACCOUNT OF DELETION OF ARTICLE 32 AOA, THE SUBSEQUENT ARTICLE NUMBERS WILL BE CHANGED.
Funds of 33(a) None of the Funds of the Company 32(a) None of the Funds of the Company shall be
Company shall be applied in the purchase applied in the purchase of any shares of the
may not be of any shares of the Company Company and it shall not give any financial
applied in and it shall not give any financial assistance for/or in connection with the
purchase of assistance for/or in connection with purchase or subscription of any shares in
the purchase or subscription of the Company or in its holding Company save
shares any shares in the Company or in its as provided by Section 67 of the Act.
of the holding Company save as provided
Company by Section 77 of the Act.

Funds of 33(b) Notwithstanding anything contained 32(b) Notwithstanding anything contained in

Company in these Articles, the Board of these Articles, the Board of Directors may,
may not be Directors may, when and if thought when and if thought fit, buy back such of the
applied in fit, buy back such of the Company's Company’s own shares or other securities
purchase own shares or other securities as as it may think proper subject to such
of shares it may think proper subject to such limits, upon such terms & conditions and
of the limits, upon such terms & conditions subject to such approvalas may be provided
Company and subject to such approval as may by Section68, 69 and 70 of the Act and
be provided by Section 77A, 77AA & Companies (Share Capital and Debentures)
77AB of the Act. Rules, 2014 and any such other Rule as may
be prescribed from time to time.

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 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Transfer and 44 Subject to the provisions of 43 Subject to the provisions of Section
transmission Companies Act, 1956, the right of 56 Companies Act, 2013, the right of
of shares members to transfer their shares members to transfer their
shall be restricted as follows : securities shall be restricted as follows:
(a) A share may be transferred by (a) A share may be transferred by a
a member or other persons member or other persons entitled to
entitled to transfer to a person transfer to a person approved by the
approved by the President. President.
(b) Subject to the Act and subject (b) Subject to the Act and subject as
as aforesaid, the Board may, in aforesaid, the Board may, in their
their absolute and uncontrolled absolute and uncontrolled discretion,
discretion, refuse to register any refuse to register any proposed
proposed transfer of shares. transfer of shares.
(c) If the Board refuse to register (c) If the Board refuse to register transfer
transfer of any shares the of any shares the Board shall within
Board shall within two months two months of the date on which the
of the date on which the instrument of transfer is delivered to
instrument of transfer is the Company, send to the transferee
delivered to the Company, and the transferor notice of the
send to the transferee and the refusal. But the Board shall not
transferor notice of the refusal. refuse to register transfer of any
But the Board shall not refuse share on the ground of the transferor
to register transfer of any share being either alone or jointly with any
on the ground of the transferor other person or persons indebted
being either alone or jointly with to the Company on any account,
any other person or persons whatsoever.
indebted to the Company on
any account, whatsoever. (d) Subject to the provisions of the Act and
save as herein otherwise provided,
(d) Subject to the provisions of the Board shall be entitled to treat
the Act and save as herein the persons whose name appears
otherwise provided, the Board on the register of members as the
shall be entitled to treat the holder of any share as the absolute
persons whose name appears owner thereof and accordingly shall
on the register of members not (except as order by court of
as the holder of any share as competent jurisdiction or as by law
the absolute owner thereof required) be bound to recognize any
and accordingly shall not benami, trust or equity or equitable
(except as order by court of contingent or other claim to or
competent jurisdiction or as interest in such share on the part
by law required) be bound to of any person whether or not it
recognize any benami, trust or shall have express or implied notice
equity or equitable contingent thereof.
or other claim to or interest in
such share on the part of any
person whether or not it shall
have express or implied notice
thereof.

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Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Execution of 45 The instrument of transfer of any 44 The instrument of transfer of any share
transfer share in the Company shall be in the Company shall be executed both
executed both by Transferor and by Transferor and Transferee and the
Transferee and the Transferor Transferor shall be deemed to remain
shall be deemed to remain holder holder of the share until the name of
of the share until the name of the Transferee is entered in the register
the Transferee is entered in the of members in respect thereof. Unless
register of members in respect Specific Exempted by way of Notification,
thereof. or otherwise as may be issued from time
to time. However the provision of this
article shall not apply if the provisions of
the section are exempted.
Form of 48 Shares in the Company shall be 47 Shares in the Company shall be
transfer transferred in the form prescribed by transferred in the form prescribed by the
the Companies (Central Government’s) Companies (Share Capital & Debentures)
General Rules and Forms 1956 or in Rules 2014 or in such other form as may
such other form as maybe prescribed be prescribed by Government from time
by Government from time to time in to time in this behalf.
this behalf.
COPIES OF MEMORANDUM AND ARTICLES OF ASSOCIATION TO BE SENT TO MEMBERS
Copies of 54 Copies of Memorandum and Articles 53 Copies of Memorandum and Articles of
Memorandum of Association of the Company Association of the Company and other
and Articles of and other documents referred to documents referred to Section 17 of the
Association Section 39 of the Act shall be sent Act shall be sent by the Company to every
to be Sent by the Company to every member at member at his request within seven days
to Members his request within seven days of the of the request on payment of such fee as
request on payment of the sum of may be prescribed under the Companies
Rupee One of each copy. (Incorporation) Rules 2014 or such other
Rules as may be prescribed from time
to time. The person demanding a copy
should be member of the Company on
the date of said demand.
BORROWING POWERS
Power of 55 (1) Subject to the provision of Sections 54 (1) Subject to the provision of Sections 73
borrowing 58a, 292 and 293 of the Companies and 180 of the Companies Act, 2013 and
Act, 1956 the Directors shall have the Companies (Meetings of Board and its
the power from time to time at their Powers) Rules 2014 and such other rules
discretion to borrow, raise or secure as may be prescribed from time to time the
the payment of any sum of money Directors shall have the power from time to
for the purpose of the Company in time at their discretion to borrow, raise or
such manner and upon such terms secure the payment of any sum of money for
and conditions in all respects as the purpose of the Company in such manner
they think fit and in particular by the and upon such terms and conditions in all
issue of debentures or bonds of the respects as they think fit and in particular
Company or by mortgage charge by the issue of debentures or bonds of the
upon all or any of the properties Company or by mortgage charge upon all or
of the Company both present and any of the properties of the Company both
future including its uncalled capital present and future including its uncalled
capital for the time being.

Annual Report 2023-24 33

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.

COPIES OF MEMORANDUM AND ARTICLES OF ASSOCIATION TO BE SENT TO MEMBERS.

How 55 (3) Debentures, bonds, etc. of the 54 (3) Debentures, bonds, etc. of the Company
debentures etc. Company shall be transferred or shall be transferred or transmitted
shall be transmitted In accordance with the In accordance with the procedure
transferred procedure prescribed for shares prescribed for shares in Section 56 of
in Section 108 of the Companies the Companies Act and the Companies
Act and the prevailing rules made (Share Capital and Debenture) Rules,
thereunder by Central Government 2014 and such other rules as may be
from time to time, unless different prescribed from time to time, unless
provisions are made specifically different provisions are made specifically
in terms of issue governing such in the terms of issue governing such
debentures, bonds etc. debentures, bonds etc.

Issue of 57 Subject to Sections 79 and 117 of 56 Subject to Sections 53 and 71 of the Act
discount etc. the Act, any debentures, debenture and the Companies (Share Capital and
with special stock, bonds or other securities may debenture Rules) 2014, and any such
privileges be issued at a discount, premium other Rules as may be prescribed from
or otherwise, and with any special time to time any debentures, debenture
privileges to redemption, surrender, stock, bonds or other securities may
drawings, allotment of shares, be issued at a discount, premium or
appointment of Directors and otherwise, and with any special privileges
otherwise. to redemption, surrender, drawings,
allotment of shares, appointment of
Directors and otherwise.

Inviting / 58 Subject to the provisions of Section 57 Subject to the provisions of Section 73,
accep- ting 58A, 292 and 293 of the Companies 179 and 180 of the Companies Act and the
deposits Act and the rules made thereunder Companies (Acceptance of Deposits) Rules,
from time to time, the Board of 2014 and any such other rule as may be
Directors may, from time to time, prescribed from time to time, the Board of
invite and/or accept deposits from Directors may, from time to time, invite and/
the members of the public and/ or accept deposits from the members of the
or employees of the Company/or public and/or employees of the Company/or
otherwise at such interest rates otherwise at such interest rates as may be
as may be decided by the Board. decided by the Board.
Board may also pay commission
to any person for subscribing or Board may also pay commission to any
agreeing to subscribe or procure or person for subscribing or agreeing to
agreeing to procure these deposits. subscribe or procure or agreeing to procure
these deposits.

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Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
GENERAL MEETINGS
Notice 59 (1) A general meeting of the 58 (1) A general meeting of the company
of General company may be called by may be called by giving not less than
Meeting giving not less than twenty twenty one days clear notice either
one days clear notice either in in writing or through electronic
writing. mode in accordance with Companies
(Management and Administration)
(2) A general meeting may be Rules, 2014and such other Rules, as
called after giving shorter notice may be prescribed from time to time.
than that specified in clause
(1) of this Article if consent is (2) A general meeting may be called
accorded thereto: after giving shorter notice than that
specified in clause (1) of this Article
I. In case of an annual if consent is accorded by at least
general meeting, by all the ninety five percent of the members
members entitled to vote entitled to vote there at.
thereat, and
II. In the case of any other
meeting subject to the
provisions of Section 171
of the Act, by members
of the Company holding
not less than ninety five
percent of such part of the
paid up share capital of the
Company as gives a right
to vote at the meeting.
Business 60 The business of an annual general 59 In the case of an annual general meeting,
of Annual meeting shall be to receive, consider all business to be transacted thereat
General and adopt the profit and loss shall be deemed special, other than—
Meeting account, the balance sheet, and the
report of the Board of Directors and (i) the consideration of financial
of the Auditors, to declare dividends, statements and the reports of the
confirmation of interim dividend(s) Board of Directors and auditors;
and or ratification of interim (i) the declaration of any dividend;
dividend(s) declared by the Company
from time to time. All other business (ii) the appointment of directors in place
transacted at such meeting shall be of those retiring;
deemed special. (iv) the appointment of, and the fixing
of the remuneration of, the auditors
In the case of any other meeting, all
business shall be deemed to
be special.

Annual Report 2023-24 35

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
General 62 The first annual general meeting 61 The provisions of Section 96 and other
Meeting of the Company shall be held applicable provisions of Companies Act,
within eighteen months of its 2013 and the Rules made thereunder
incorporation and thereafter, the shall apply with respect to the General
annual general meeting shall held Meetings of the Company. The maximum
within six months after the expiry gap between two AGMs shall not be
of each financial year, except in more than fifteen months. Every Annual
the case when for any reason time General Meeting shall be called during
for holding any annual general business hours that are between 9
meeting (not being the first annual a.m. and 6 p.m. on any day that is not a
general meeting) is extended by the National Holiday.
Registrar under Section 166 of the
Act, no greater interval than fifteen The AGM shall be held either at
months shall be allowed to elapse Registered Office of the company or such
between the date of one annual other place as the Central Government
general meeting and that of the may approve in this behalf.
next. Every annual general meeting All other meetings of the Company
shall be held during business hours shall be called “Extra-ordinary General
on a day other than a public holiday Meeting”.
either at the registered office of the
Company or at some other place as
the Central Government may direct,
and the notice calling the meeting
shall specify it as the annual general
meeting. All other meetings of the
Company shall be called “Extra-
ordinary General Meeting”.
When 63 The Board may, whenever, they 62 Subject to the provisions of Section 100
Extraordinary think fit and shall on the requisition and other applicable provisions of the Act
General of the holders of not less than one and the Companies (Management and
Meeting to be tenth of the paid- up capital of the Administration) Rules, 2014 and such
called Company upon which all calls or other Rules, as may be prescribed from
other sums then due have been paid, time to time, the Extraordinary General
as the date carry the right of voting Meeting of the members may be called.
in regard to that matter or forthwith
proceed to convene an extraordinary
general meeting of the Company,
and in the case of such requisition,
the following provisions shall have
effect:-
1) The requisition must state
the objects of the meeting
and must be signed by the
requisitionists a n d
deposited at the office and may
consist of several documents, in
like-form each signed by one or
more requisitionists.

36
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
2) If the Board of Directors of
the Company do not proceed
within twenty one days from
the date of the requisition being
so deposited to cause meeting
to be called on a day not later
than 45 days from the date of
deposit of the requisition, the
requisitionists or a majority of
them in value may themselves
convene the meeting but any
meeting so convened shall be
held within three months from
the date of the deposits of the
requisition.
3) Any meeting convened under
this Article by the requisitions
shall be convened in the same
manner as nearly as possible as
that in which meetings are to be
convened by the Board. If after,
a requisition has been received,
it is not possible for a sufficient
number of Directors to meet in
time so as to form a quorum
any Director may convene an
extraordinary general meeting
in the same manner as nearly
as possible as that in which
meetings may be convened by
the Board.
When, if 66 If within half an hour from the 65 If the quorum is not present within half-
quorum not time appointed for the meeting a an-hour from the time a appointed for
present, quorum is not present the meeting, holding a meeting of the company—
meetings to be if convened upon such requisition as
dissolved aforesaid, shall be dissolved; but in (a) the meeting shall stand adjourned
and when any case it shall stand adjourned to to the same day in the next week at
to be adjourned the same day in the next week at the the same time and place, or to such
same time and place, and if at such other date and such other time and
adjourned meeting a quorum is not place as the Board may determine;
present, those members who are or
present shall be quorum and may (b) The meeting, if called by
transact the business for which the requisitionists under section 100,
meeting was called. shall stand cancelled.
If at the adjourned meeting also, a
quorum is not present within half-
an- hour from the time appointed
for holding meeting, the members
present shall be the quorum.

Annual Report 2023-24 37

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Notice of 68 (3) When a meeting is adjourned for 67 (3) If the meeting is adjourned due to lack
adjourned 30 days or more, notice of the of quorum, the meeting shall stand
meeting adjourned meeting shall be given as adjourned to the same day in the next
was given in the case of an original week at the same time and place, or to
meeting. such other date and such other time
and place as the Board may determine.
In case of an adjourned meeting or of a
change of day, time or place of meeting),
the company shall give not less than
three days’ notice to the members
Individually.
Resolution to 69 (3) Company, in the case of resolution 68 (3) Company, in the case of resolution
be passed by relating to such business as the relating to such business as the Central
postal ballot Central Government may by Government may by notification declare
notification declare to be conducted to be conducted only by postal ballot,
only by postal ballot, shall get shall get resolution passed by means
resolution passed by means of postal of postal ballot instead of transacting
ballot instead of transacting the the business in general meeting of the
business in general meeting of the Company in accordance with Section 110
Company in accordance with Section of the Companies Act 2013 and Rule 22
192A of the Companies Act 1956 and of The Companies (Management and
Rule 22 of The Companies (Passing Administration) Rules, 2014 including
of the Resolution by Postal Ballot) any amendment thereof from time to
Rules 2001 including any amendment time.
thereof from time to time.
Poll 69 (4) If a poll is duly demanded, it shall be 68 (4) If a poll is duly demanded/ordered, it shall
taken in such manner and at such be taken in such manner and at such time
time and place as the Chairman and place as the Chairman of the meeting
of the meeting directs and either directs and either at once or after an
at once or after an interval or interval or adjournment or otherwise,
adjournment or otherwise, be and the result of the poll shall be deemed
deemed to be the resolution of to be the resolution of demanded. The
the meeting at which the poll was demand of a poll may bewithdrawn.
demanded. The demand of a poll
may be withdrawn.
Poll demanded/ 69 (5) Subject to the provisions of 68 (5) Subject to the provisions of Section 109
Ord ered Section 180 of the Act any poll of the Companies Act, 2013and subject
to duly demanded on the election of to the Companies (Management and
be taken a Chairman of a meeting or on any Administration) Rules, 2014 or any such
at the question or adjournment shall be other rule as may be prescribed from
meeting taken at the meeting and without time to time any poll duly demanded on
adjournment. the election of a Chairman of a meeting
or on any question or adjournment shall
be taken at the meeting.
No 74 No member shall be entitled to be 73 No member shall be entitled to be
member present or to vote on any question present or to vote on any question either
entitled to either personally or by proxy at any personally or by proxy at any general
vote etc. while general meeting or upon a poll, or be meeting or upon a poll, or be reckoned in
call due to the reckoned in a quorum of whilst any a quorum of which any call or other sum
Company call or other sum shall be due and shall be due and payable to the Company
payable to the Company in respect of in respect of any of the shares of such
any of the shares of such members. members.

38
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Form of proxy 76 An instrument appointing proxy shall 75 An instrument appointing proxy
be in either of the form in schedule IX shall be inform as prescribed under
to the Act or a form as near thereto The Companies (Management and
as circumstances admit. Administration) Rules 2014.
BOARD OF DIRECTORS
Number of 80 (a) Subject to the provisions of 79 (a) Subject to the provisions of section
Directors section 252 of the Companies Act 149 of the Companies Act,2013 the
the President shall, from time to President shall, from time to time,
time, determine, in writing, the determine, in writing, the number
number of Directors of the Company of Directors of the Company which
which shall not be less than 6 (six) shall not be less than 6 (six) and
and not more than not more than 12 (Twelve)including
independent directors, Woman
12 (Twelve) including Independent Director. The Directors shall not be
Directors. The Directors shall not required to hold any qualification
be required to hold any qualification shares and their remuneration, if any,
shares and their remuneration, if shall be determined by the President.
any, shall be determined by the
President. For the purpose of this clause the
expression ‘independent directors’
For the purpose of this clause the means directors who is in opinion of
expression ‘independent directors’ Ministry or Department of Central
means directors who apart from government which is administratively
receiving director’s remuneration, in charge of the company, or, as the
do not have any other material case may be, the State Government is
pecuniary relationship or the person of integrity and possesses
transactions with the Company, its relevant expertise, who is / or was not
promoters, its management or its a promoter or related to promoters .
subsidiaries, which in judgment of Nominee directors on the boards of
the Board may effect independence companies should not be considered
of judgment of the director. as independent directors whether the
Institutional directors on the boards institution is an investing institution or a
of companies should be considered lending institution.
as independent directors whether
the institution is an investing (b) The Company shall have atleast one
institution or a lending institution. director who has stayed in India for
a total period of not less than 182
(B) The following shall be the first days in the previous calendar year.
Directors of the Company:
(B) The following persons are the
1. Shri Shri Prakash directors of the Company at the time
2. Shri Rakesh Chopra of amendment and adoption thereof
of these Articles of Association.
3. Shri R. Ashok
1. Sh. Satish Kumar
2. Sh. Praveen Kumar
3. Sh. Hira Ballabh
4. Sh. Pankaj Saxena
5. Sh. Shobhit Bhatnagar
6. Sh. Pranai Prabhakar
7. Sh. Sudhendu Jyoti Sinha
8. Prof. Pawan Palta
9. Sh. Amarnath Yadav

Annual Report 2023-24 39

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Appointment 81 (1) The President shall have powers to 80 (1) Subject to the applicable provisions of
of Chairman, appoint: section 149(6), 150, 152(2) and section
Chairman- 196 of the Act read with relevant Rules,
cum- Managing (a) Full time Chairman or, Part time as may be prescribed, from time to
Director, Chairman, full time Managing time, and the Exemption
Directors and Director(s) or a full time notifications issued by the Central
their terms of Chairman-cum-Managing Government from time to time, The
Office Director and other full time President shall have powers to appoint:
Directors.
(a) Full time Chairman or, Part time
(b) The Directors representing the Chairman, full time Managing
Government of India and / or Director(s) or a full time Chairman-
any State Government; and cum-Managing Director and other
(c) Other Directors including full time Directors.
Independent Directors in (b) The Directors representing the
consultation with the Chairman. Government of India and / or any
The Directors appointed by the State Government; and
President shall hold office until (c) Other Directors including
removed by him or until their Independent Directors in
resignation, retirement, death or consultation with the Chairman.
otherwise. The Directors appointed by the President
shall hold office until removed by him or
until their resignation, retirement, death
or otherwise.
Provided further that the Board of
Directors of the Company has the Power
to appoint additional directors in terms
of section 161 of the Act read with the
relevant Rules made thereunder.

Vacation 81 (3) The President shall have the power 80 (3) The provisions of Section 167,168 and
of Office, to remove any Director including 169 and the rules made thereunder, shall
Resignation the Chairman, Managing Director, apply for vacation of office of director,
and Removal of and the Chairman-cum-Managing Resignation of Director and removal of
Directors Director, if any, from office at any Director respectively.
time in his absolute discretion.

Filling of 81 (4) The President shall have the right 80 (4) The President shall have the right to
vacancies to fill any vacancy in the office fill any vacancy in the office of Chairman,
of Directors of Chairman, Chairman- cum- Chairman-cum- Managing Director,
Managing Director, Managing Managing Director or Director(s) caused
Director or Director(s) caused by by removal, resignation, death or
removal, resignation, death or otherwise, as provided in the Article
otherwise, as provided in the Article 80(1).
81(1).

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Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
General powers 82 Subject to the provisions of the Act 81 Subject to the provisions of the Act read
of the Company and the directives or instructions, if with applicable rules the directives or
vested in the any the President may issue from instructions, if any the President may
Board of time to time, the business of the issue from time to time, the business of
Directors Company shall be managed by the the Company shall be managed by the
Directors who may pay or cause to Directors who may pay or cause to pay
pay all expenses incurred in setting all expenses incurred in setting up and
up and registering the Company and registering the Company and who may
who may exercise all such powers exercise all such powers and all such acts
and all such acts and things as the and things as the Company is authorized
Company is authorized to exercise to exercise and do. Provided that the
and do. Provided that the Directors Directors shall not exercise any power
shall not exercise any power or do or do any act or thing which is directed
any act or thing which is directed or or required whether by the Act or any
required whether by the Act or any other act or by the Memorandum or
other act or by the Memorandum Articles of the Company or otherwise, to
or Articles of the Company or be exercised or done by the Company in
otherwise, to be exercised or done general meeting. Provided further that in
by the Company in general meeting. exercising any such power or doing any
Provided further that in exercising such act or thing, the Directors shall be
any such power or doing any such subject to the provisions contained in
act or thing, the Directors shall be that behalf in the Act or any other statute,
subject to the provisions contained or in the Memorandum or Articles of the
in that behalf in the Act or any other Company, or in any regulations made
statute, or in the Memorandum or by the Company in general meeting.
Articles of the Company, or in any No regulation made by the Company in
regulations made by the Company general meeting shall invalidate any prior
in general meeting. act of the Directors which would have
been valid if that regulation had not been
No regulation made by the Company made.
in general meeting shall invalidate
any prior act of the Directors which
would have been valid if
that regulation had not been made.

Annual Report 2023-24 41

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Delegation of 83 (1) Subject to the provisions of the 82 (1) Subject to the provisions of the
powers Act the Board may from time Section 179, 180 of the Act and
to time, delegate such of its subject to the relevant rules as may
powers as it may think fit to be prescribed from time to time the
the Chairman, Chairman-cum- Board may from time to time, entrust
Managing Director and/or and confer upon the committee of
Managing Director(s), directors, the managing director,
Whole time Director subject to the manager or any other principal
such terms & conditions and officer for the time being, such of
restrictions as it may deem the powers as it may think fit and
necessary to impose and may, may confer such powers for such
from time to time, revoke, time and to be exercised for such
amend or vary all or any of the objects and purpose and upon such
powers so delegated. terms and conditions and with such
restrictions as it may think expedient
(2) The Chairman, the Chairman- and may, from time to time, revoke
cum-Managing Director and/ , withdraw, alter or vary all or any
or Managing Director(s) whole such powers.
time Director may sub-delegate
any of thepowers, delegated (2) The Chairman, the Chairman- cum-
to him by the Board to any Managing Director and/or Managing
officer or other employees of Director(s) whole time Director may
the Company, sub-delegate any of the powers,
subject to conditions delegated to him by the Board to
that every such sub-delegation any officer or other employees of
of his powers will be the Company, subject to conditions
reported to the Board. that every such sub- delegation of
his powers will be reported to the
Board.
Specific powers 87 Without prejudice to the general 86 Without prejudice to the general powers
of the Board of powers conferred by these Articles, conferred by these Articles, but subject
Directors but subject to the provisions of to the provisions of Sections 179, 180,
Sections 292, 293A and 294 of the 181, 182 and 188 of the Act and the
Act, the Board of Directors shall Companies (Meetings of Board and its
have the following powers, that is to Powers)Rules,2014 and such other rule
say power: - as may be prescribed fromtime to time
the Board of Directors shall have the
(1) To purchase, take on lease or following powers, that is to say power: -
otherwise acquire for the
Company property, rights or (1) To purchase, take on lease or
privileges which the Company otherwise acquire for the Company
is authorized to acquire at such property, rights or privileges which
price, and generally on such the Company is authorized to acquire
terms and conditions as they at such price, and generally on such
think fit. terms and conditions as they think
fit.
(2) To authorize without reference
to the Central Government, (2) To authorize without reference
the undertaking of works of to the Central Government,
a capital nature within the the undertaking of works of a
limits stated in Articles 84 capital nature within the limits
(2) (b) above. stated in Articles 83 (2) (b)
above.

42
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Meeting of 89 A meeting of the Board of Directors 88 The Board of Directors shall meet at least
the Board shall be held for the dispatch of the 4 times in a Calendar year and there shall
business of the Company at least not be a gap of 120 Days between two
once in every three months and such meetings.
atleast four such meetings shall be
held in every year.
Directors 90 A Director in consultation with and 89 Any Director of a Company may, at any
may summon under the authority of the Chairman time, summon a meeting of the Board,
meeting may at any time convene a meeting and the Company Secretary or where
of the Board of Directors. Questions there is no Company Secretary, any person
arising at any meeting shall be authorized by the Board in this behalf, on
decided by majority of votes. The the requisition of a Director, shall convene
Chairman shall have a second or a Meeting of the Board, in consultation
casting vote. with the Chairman or in his absence, the
Managing Director or in his absence, the
Whole-time Director, if any. Questions
arising at any meeting shall be decided
by majority of votes. The Chairman shall
have a second or castingvote.
Notice of 91 Notice of every meeting of the Board 90 Notice of every meeting of the Board of
meeting of Directors of the Company shall be Directors of the Company shall be given
given in writing to every Director in writing to every Director at his address
at his usual address in India. An registered with the company not less than
accidental omission to give notice 7 (seven) days before the meeting and such
of any such meeting to a Director(s) notice shall be sent by hand delivery or by
shall not invalidate the meeting. post or by electronic means. A meeting of
the Board can be convened at the shorter
notice to transact urgent business subject
to the condition that atleast one
Independent Director if any, shall be present
at the meeting. In case of absence of an
independent director from such meeting of
the Board, decision taken at such meeting
shall be circulated to all the directors and
shall be final only on ratification thereof
by atleast one Independent director, if any.
Quorum of 92 The quorum for a meeting of the 91 (A) The quorum for a meeting of the Board
meetings of Board of the Company shall be of the Company shall be one-third of
Board of the one-third of its total strength (total its total strength (total strength as
Company strength as determined by the Act determined by the Act and any fraction
and any fraction in that one-third in that one-third being rounded off
being rounded off as one) or 2 as one) or 2 Directors, whichever is
Directors, whichever is higher. higher.
(B) The quorum for the meetings of sub-
committees of the Board shall be
1/3rd of its total strength (any fraction
in that one-third being rounded off as
one) or 2 directors whichever is higher.
The participation of director through video-
conferencing or other audio- visual means
shall also be counted for the Quorum.

Annual Report 2023-24 43

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
BOARD OF DIRECTORS
Delegation 95 The Board may, subject to the 94 The Board may, subject to the restrictions
of powers to restrictions laid down in Section laid down in Section 179,180 of the Act
committees 292 of the Act, delegate any of their and the rules made thereunder, delegate
powers to Committees consisting any of their powers to Committees
of such member or members of consisting of such member or members
their body as they think fit, and of their body as they think fit, and may
may from time to time, revoke from time to time, revoke such delegation.
such delegation. Any Committee so Any Committee so formed shall in the
formed shall in the exercise of the exercise of the power so delegated,
power so delegated, conform to conform to any regulation that may, from
any regulation that may, from time time to time, be imposed upon it by the
to time, be imposed upon it by the Board of Directors. The provisions of the
Board of Directors. The proceedings Board Meetings contained in Articles
of such a Committee shall be placed of Association shall Mutatis Mutandis
before their Board of Directors at its apply to the Committee Meetings. The
next meeting proceedings of such a Committee shall
be placed before their Board of Directors
at its next meeting
Resolution 98 Subject to the provisions of Section 97 Subject to the provisions of Section
without Board 292 of the Act, resolutions of the 175 of the Companies Act 2013, and
Meeting valid Board can be passed by circulation applicable Secretarial Standards issued
and they shall be valid and effectual by The Institute of Company Secretaries
as if they have been passed at a of India ,No resolution shall be deemed
meeting of the Board of Directors to have been duly passed by the Board or
duly called and constituted. No by a committee thereof by circulation,
resolution shall, however, be unless the resolution has been
deemed to have been duly passed by circulated in draft, together with the
the Board or by a Committee thereof necessary papers, if any, to all the
by circulation unless the resolution directors, or members of the committee,
has been circulated in draft, together as the case may be, at their addresses
with the necessary papers, if any, registered with the company in India by
to all the Directors, or to all the hand delivery or by post or by courier, or
members of the Committee then in through such electronic means as may
India (not being less in number than be prescribed and has been approved by
the quorum fixed for a meeting of a majority of the directors or members,
the Board or Committee as the case who are entitled to vote on the resolution:
may be), and to all other Directors
or members at their usual address (1) Provided that, where not less than
in India, and has been approved by one-third of the total number of
such of the Directors as are then directors of the company for the time
in India or by a majority of such of being require that any resolution
them, as are entitled to vote on the under circulation must be decided
resolution. at a meeting, the chairperson shall
put the resolution to be decided at a
meeting of the Board.
(2) A resolution passed by circulation
shall be noted at a subsequent
meeting of the Board or the
committee thereof, as the case may
be, and made part of the minutes of
such meeting.

44
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
RESERVES AND DIVIDENDS
Reserve Fund 99 Subject to Section 205 of the Act, the 98 Subject to Section 123 of the Companies
Board may, before recommending Act 2013, the Board may, before
any dividend, set apart out of the recommending any dividend, set apart out
profits of the Company such sums of the profits of the Company such sums
as they think proper as a reserve as they think proper as a reserve fund
fund to meet contingencies or to meet contingencies or for equalizing
for equalizing dividends, or for dividends, or for special dividends, or
special dividends, or for repairing, for repairing, improving and maintaining
improving and maintaining any of any of the property of the Company, and
the property of the Company, and for amortization of capital and for such
for amortization of capital and for other purposes as the Board of Directors
such other purposes as the Board shall in their absolute discretion think
of Directors shall in their absolute conducive to the interest of the Company,
discretion think conducive to the and may invest the several sums so set
interest of the Company, and may aside upon such investments, (other than
invest the several sums so set aside shares of the Company) as they may
upon such investments, (other than think fit from time to time to deal with
shares of the Company) as they may and vary such investments and dispose
think fit from time to time to deal of all or any part thereof for the benefit of
with and vary such investments and the Company, and may divide the reserve
dispose of all or any part thereof funds into such special funds, as they
for the benefit of the Company, and think fit and employ the reserve funds
may divide the reserve funds into or any part thereof in the business of the
such special funds, as they think fit Company and that without being bound
and employ the reserve funds or to keep the same separate from
any part thereof in the business of
the Company and that without being
bound to keep the same separate
from the other assets.
Dividends out 105 No dividend shall be declared or paid 104 No dividend shall be declared or paid
of profits only by the Company for any financial by the Company for any financial year
and not to carry year except out of profits of the except out of profits of the Company
interest Company for that year arrived at for that year arrived at after providing
after providing for the depreciation for the depreciation in accordance with
in accordance with the provisions of the provisions of Section 123 of the
Sub- Section (2) of Section 205 of the Companies Act, 2013 and the Companies
Act or out of profits of the Company (Declaration and Payment of
for any previous financial year or Dividends) Rules,2014 and such other
years arrived at after providing for rule as may be prescribed from time to
the depreciation in accordance with time or out of profits of the Company
those provisions and remaining for any previous financial year or
undistributed or out of both or out of years arrived at after providing for the
money provided by the Government depreciation in accordance with those
for the payment of dividend in provisions and remaining undistributed
pursuance of a guarantee given by or out of both or out of money provided
the Government. No dividend shall by the Government for the payment of
carry interest against the Company. dividend in pursuance of a guarantee
given by the Government. No dividend
shall carry interest against the Company.

Annual Report 2023-24 45

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Dividends are 108 Subject to the provisions of Section 107 Subject to the provisions of Section
to be paid in 205 of the Act, no dividend shall be 123 of the Companies Act 2013, no
cash payable except in cash. dividend shall be payable except in cash.
It shall not be deemed to prohibit the
capitalization of profits or reserves of a
company for the purpose of issuing fully
paid-up bonus shares or paying up any
amount for the time being unpaid on
any shares held by the members of the
company.
Payment 109 Unless otherwise directed any 108 Unless otherwise directed any dividends
by Post dividends may be paid by cheque may be paid by cheque or warrant sent
or warrant sent by hand or through by hand or in electronic mode to the
post to the registered address of shareholder entitled to the payment of
the member or person entitled or dividend or through post to the registered
in the case of joint holders, to the address of the member or person
registered address of that one whose entitled or in the case of joint holders,
name stands first in the register to the registered address of that one
in respect of the joint holding; and whose name stands first in the register
every cheque or warrant so sent in respect of the joint holding; and every
shall be made payable to the order cheque or warrant so sent shall be made
of the person to whom it is sent. payable to the order of the person to
whom it is sent.
ACCOUNTS
Accounts 111 The Company shall cause to be 110 The Company shall cause to be kept
to be kept kept proper books of accounts with proper books of accounts with respect
respect to:- to:-
a) all sums of money received and (i) all sums of money received and
expended by the company and expended by a company and matters
matters in respect of which the in relation to which the receipts and
receipt and expenditure take expenditure take place;
place; (ii) all sales and purchases ofgoods and
b) all sales and purchases made by services by the company;
the company; (iii) the assets and liabilities of the
c) the assets and liabilities of the company; and
company. (iv) The items of cost as may be prescribed
under section 148 of the Act.
Annual 114 Subject to Section 210 (3) of the Act, 113 Subject to Section 129 of the Act and
accounts at the First Annual General Meeting the Companies (Accounts) Rules, 2014
& Financial and subsequently at every annual as may be prescribed from time to time,
Statements general meeting, the Board shall at every annual general meeting, the
lay before the Company, a Balance Board of the company shall lay before
Sheet and Profit and Loss Account such meeting financial statements for
in the case of the first account since financial year.
the incorporation of the Company,
and in other case since the preceding
account made up to a date not
earlier than the date of the meeting
by more than six months and the
extension so granted.

46
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Annual Report 115 The Board shall make out and attach 114 The Board shall make out and attach
of the Board of to every balance sheet a report to statements a report with respect to
Directors with respect to the state of the the state of the Company’s affairs, the
Company’s affairs, the amount, amount, if any, which they recommended
if any, which they recommended should be paid by way of dividend and
should be paid by way of dividend the amount, if any, which they propose
and the amount, if any, which they to carry to the Reserve Fund, General
propose to carry to the Reserve Fund, Reserve or Reserve Account shown
General Reserve or Reserve Account specifically in a subsequent balance
shown specifically in a subsequent sheet. The report shall be signed by the
balance sheet. The report shall Chairman of the Board of Directors on
be signed by the Chairman of the behalf of the Directors authorized in that
Board of Directors on behalf of the behalf by the Board, and when he is not
Directors authorized in that behalf so authorized, shall be signed by atleast
by the Board, and when he is not so two directors, one of whom shall be a
authorized, shall be signed by such managing Director, or by the director
number of directors as are required where there is one director by virtue of
to sign the balance sheet and the applicable provision of Section 134 of the
profit and loss account by virtue of Act and the Companies (Accounts) Rules,
sub-section (1) and (2) of Section 2014 and such other rules as may be
215 of the Act. prescribed from time to time

Content 116 Balance Sheet & Profit and Loss 115 Financial statements shall be in
of Financial account shall be in accordance with accordance with the provisions of Section
Statements the provisions of Section 211 of the 129 of the Act and the Companies
Act. The profit & loss account shall (Accounts) Rules, 2014 or such other
in addition to the matters referred rules as may be prescribed from time
to in Section 211 of the Act show, to time. The profit & loss account shall
arranged under the most convenient in addition to the matters referred to in
head, the amount of gross income Section 129 of the Act show, arranged
distinguishing the several sources under the most convenient head, the
from which it has been derived and amount of gross income distinguishing
the amount of gross expenditure the several sources from which it has
distinguishing the expenses of been derived and the amount of gross
the establishment, salaries and expenditure distinguishing the expenses
other like matters. Every item of of the establishment, salaries and other
expenditure fairly chargeable against like matters. Every item of expenditure
the year’s income shall be brought fairly chargeable against the year’s
into account so that just balance of income shall be brought into account so
profit and loss may be laid before that just balance of profit and loss may
the meeting, and in cases where any be laid before the meeting, and in cases
item of expenditure which may in where any item of expenditure which may
fairness be distributed over several in fairness be distributed over several
years has been incurred in any one years has been incurred in any one year,
year, the whole amount of such item the whole amount of such itemshall be
shall be stated, with addition of the stated, with addition of the reason why
reason why only a portion of such only a portion of such expenditure is
expenditure is charged against the charged against the income of the year.
income of the year.

Annual Report 2023-24 47

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Financial 117 The Company shall send a copy of 116 The Company shall send a copy of
statements Balance Sheet and Profitand Loss Financial statements together with a
to be sent Account together with a copy of the other document required by law to be
to members Auditor’s Report to the registered annexed or attached to the financial
address of every member of the statements to the registered address
Company in the manner in which of every member of the Company in the
notices are to be given hereunder manner in which notices are to be given
at least twenty-one days before hereunder at least twenty-one days
the meeting at which it is to be before the meeting at which it is to be
laid before the members of the laid before the members of the Company.
Company. The financial statements may be sent-
(a) by electronic mode to such
members whose shareholding
is in dematerialized format and
whose email IDs are registered
with Depository for communication
purposes;
(b) where Shareholding is held
otherwisethan by dematerialized
format, to such members who have
positively consented in writing for
receiving by electronic mode; and
(c) By dispatch of physical copies
through any recognised mode of
delivery as specified under section
20 of the Act, in all other cases.
Directors 118 The Board shall in all respects 117 The Board shall in all respects comply
to comply comply with the provisions of with the provisions of Sections 128 to
with Section Sections 209 to 222 of the
128 to 137 of Act, or any statutory modification 137 of the Act and the Companies
the Act thereof for the time being in force as (Accounts) Rules, 2014, or such other
may be applicable to the Company. Rules as may be prescribed from time
to time or any statutory modification
thereof for the time being in force as may
be applicable to the Company.
AUDIT
Accounts to 119 Once at least in every financial year 118 Once at least in every financial year
be audited the accounts of the Company shall the accounts of the Company shall be
annually be examined and the correctness examined and the correctness of the
of the Profit and Loss Account and Financial statements shall be certified by
Balance Sheet shall be certified by one or more auditors.
one or more auditors.
Appointment of 120 The Auditors of the Company shall 119 The Auditors of the Company shall
Auditors be appointed or reappointed by the be appointed or reappointed by the
Comptroller and Auditor General of Comptroller and Auditor General of India
India and their remuneration, rights and their remuneration, rights and duties
and duties shall be regulated by shall be regulated by Section 139 to 147
Section 224 to 233 of the Act. and The Companies (Audit and Auditors)
Rules, 2014 and any other Rules as may
be prescribed from time to time.

48
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
Power of the 121 The Comptroller and Auditor General 120 The Comptroller and Auditor General of
Comptroller and of India shall have the powers: India shall have the powers:
Auditor General (a) To direct the manner in which the
(a) To direct the manner in which the
Company’s accounts shall be Company’s accounts shall
audited by the auditors appointed be audited by the auditors appointed
in pursuance of Article 120 in pursuance of Article 119 thereof
thereof and to give such auditors and to give such auditors instruction
instruction in regard to any matter in regard to any matter relating to
relating to the performance of the performance of their functions
their functions as such. as such.
(b) to conduct a supplementary or test
(b) to conduct a supplementary
audit of the Company’s accounts
or test audit of the Company’s
by such person or persons as he
accounts by such person or
may authorize in this behalf, and
persons as he may authorize
for the purposes of such audit, to
in this behalf, and for the
have access at all reasonable times,
purposes of such audit, to have
to all accounts, account
access at all reasonable times,
books, vouchers, documents and
to all accounts, account books,
other papers of the Company and
vouchers, document and other
to require information or additional
papers of the Company and to
information to be furnished to any
require information or additional
person or persons so authorized
information to be furnished
on such matters, by such person
to any person or persons so
or persons and in such form as the
authorized on such matters, by
Comptroller and Auditor General
such person or persons and in
may, by general or special order,
such form as the Comptroller
direct.
and Auditor General may, by
general or special order, direct.
Audit 125 The Company shall set up an 124 The Company shall set up an independent
Committee independent Audit Committee as Audit Committee as under:
under: (a) The Audit Committee shall consist
(a) The Audit Committee shall have of a minimum of three directors
minimum three directors and with independent directors forming
such number of other directors a majority and majority of members
as the Board may determine of Audit Committee including its
of which two- third of the total Chairperson shall be persons with
number of members shall be ability to read and understand the
directors, other than Managing financial statement.
or whole-time Directors. (b) Every Audit Committee shall act in
(b) Every Audit Committee shall accordance with terms of reference
act in accordance with terms to be specified in writing by the
of reference to be specified in Board which shall inter-alia include
writing by the Board. i. The recommendations for
(c) The Annual report of the remuneration of auditors of the
Company shall disclose the Company.
composition of the Audit ii. Review and monitor the
Committee. auditors’ independence and
performance and effectiveness
of audit process.

Annual Report 2023-24 49

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
(d) The auditors, the internal auditor, iii. Examination of financial statements
if any, and the Director in charge of and the auditor’s report thereon.
finance shall attend and participate
at meetings of the Audit Committee iv. Approval of any subsequent
but shall not have the right to vote. modification of transaction of the
Company with Related Parties.
(e) The Audit Committee shall have
discussions with the auditors v. Scrutiny of inter corporate Loans
periodically about internal control and investments.
systems, the scope of audit including vi. Valuation of undertakings or assets
the observations of the auditors of the Company wherever it is
and review the half yearly and necessary.
annual financial statements before
submission to the Board and also vi. Evaluation of internal financial
ensure compliance of internal control controls and Risk management
systems. systems.

(f) The Audit Committee shall have vii. Monitoring the end use of funds
authority to investigate into any raise through public offers and
matter in relation to the items related matters.
specified in this section or referred to (c) The Audit Committee may call for the
it by the Board and for the purpose, comments for the auditors about the
shall have access to information internal control system, the scope of
contained in the records of the audit including observations of the
company and external professional auditors and review of the Financial
advice, if necessary. statements before their submission
(g) The recommendation of the to the Board and may also discuss
any related issue with the internal
Audit Committee on any matter relating and statutory auditors and the
to financial management, including management of the Company.
the audit report, shall be binding on
the Board. (d) The Audit Committee shall have
authority to investigate into any
(h) If the Board does not accept the matter in relation to the items
recommendations of the Audit specified in sub-section (b) or
Committee, it shall record the referred to it by the Board and for
reasons therefore and communicate this purpose, shall have power to
such reasons to the shareholders. obtain professional advice from
(i) The members of the Audit Committee external sources and have full
shall elect a Chairman from amongst access to information contained in
themselves. the records of the Company.

(j) The Chairman of the Audit (e) The auditors of a company and the
Committee shall attend the Annual key managerial personnel shall have
General Meeting of the Company to a right to be heard in the meetings
provide any clarifications or matters of the Audit Committee when it
relating to audit. considers the auditor’s report but
shall not have the right to vote.
(k) The Secretary of the Company shall
be Secretary of the Audit Committee.

50
Corporate Overview Notice Statutory Reports Financial Statements

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
(f) The Board’s report under sub-
section (3) of section 134 shall
disclose the composition of an Audit
Committee and where the Board had
not accepted any recommendation
of the Audit Committee, the same
shall be disclosed in such report
along with the reasons therefore.
(g) Company shall establish a vigil
mechanism for directors and
employees to report genuine
concerns in such manner as may be
prescribed.

How 126 A notice may be given by the Company 125 A notice may be given by the Company
notices to any member either personally or by to any member either personally or by
to be sending it by post to him to his registered sending it by post to him to his registered
served on address; if he has no registered address, address or through electronic mode;
members to the address, if any, supplied by him to if he has no registered address, to the
the Company for the giving of notice to address, if any, supplied by him to the
him. Company for the giving of notice to him.

To whom 129 Notice of every general meeting shall be 128 Notice of every general meeting shall be
notice given in the same mannerhereinbefore given in the same manner hereinbefore
of general authorized to (a) every member of the authorized to (a) every member of the
meeting to Company except those members who Company except those members who
be given having no registered address have n o t having no registered address have not
supplied to the Company an address supplied to the Company an address
for giving of notice to them, and also to for giving of notice to them, and also to
(b) every person entitled to a share in (b) every person entitled to a share in
consequence of the death or insolvency, consequence of the death or insolvency,
would be entitled to receive notice of the would be entitled to receive notice of the
meeting, provided the Company has been meeting, provided the Company has been
given due notice and (c) every Director of given due notice and (c)every Director of
the Company. the Company (d) Auditor or auditors of a
Company.

How notice 131 The signature to any notice to be given 130 The signature to any notice to be given by
to be by the Company may be written or the Company may be written or printed
signed printed. or digitally signed.

Annual Report 2023-24 51

 Dedicated Freight Corridor Corporation of India Limited

Particulars Articles of Association as per Articles of Association as per

Companies Act, 1956 Companies Act, 2013
Article Provision Article Provision
No. No.
INDEMNITY AND RESPONSIBILITY
Directors’ 136 Subject to the provisions of Section 201 135 Subject to the provisions of Section
and others’ of the Companies Act, every Director, 197(13) of the Companies Act, every
rights to Manager, Auditor, Secretary or other Director, Manager, Auditor, Secretary
indemnity officer or employee of the Company shall or other officer or employee of the
be indemnified by the Company against, Company shall be indemnified by the
and it shall be the duty of the Directors Company against, and it shall be the duty
out of the funds of the Company to pay of the Directors out of the funds of the
all costs, losses and expenses (including Company to pay all costs, losses and
traveling expenses) which such Director, expenses (including traveling expenses)
Manager, Auditor, Secretary or the which such Director, Manager, Auditor,
office or employee or servant may incur Secretary or the office or employee or
or become liable to by reason of any servant may incur or become liable to
contract entered into or act or thing done by reason of any contract entered into
by him as such officer or servant or in any or act or thing done by him as such
other way in the discharge of his duties officer or servant or in any other way
and the amount for which such indemnity in the discharge of his duties and the
is provided shall immediately attach as a amount for which such indemnity is
lien on the property of the Company and Provided shall immediately attach as a
have priority as between the members lien on the property of the Company and
over all other claims. have priority as between the members
overall other claims. Subject as aforesaid
Subject as aforesaid every Director, every Director, Manager or officer of the
Manager or officer of the Company Company shall be indemnified against
shall be indemnified against any liability any liability incurred by him or them in
incurred by him or them in defending defending any proceedings whether civil
any proceedings whether civil or criminal or criminal in which judgment is given
in which judgment is given in his or in his or their favour or in which he is or
their favour or in which he is or they they are acquitted or in connection with
are acquitted or in connection with any any application under Section 463 of the
application under Section 633 of the Act Act in which relief is given to him or them
in which relief is given to him or them by by the Court.
the Court.

52
Corporate Overview Notice Statutory Reports Financial Statements

BOARD’S REPORT

Ladies/Gentlemen, He highlighted the importance of DFCs in

eliminating congestion/detention of trains and
The Board of Directors take a pleasure in presenting linking the industries of eastern and northern
the Eighteenth Board’s Report of the Company which India with parts of western India.
includes the audited Financial Statements for the year
ended 31st March 2024, together with Reports of 1.3 652 km of DFC sections were completed and
the Statutory Auditors and the Comptroller & Auditor commissioned during FY 2023-24. Important
General of India (C&AG) thereon. sections are as mentioned below:-
Dedicated Freight Corridor (DFC) projects experienced
significant progress during 2023-2024 under the
steadfast guidance and support from the Ministry of
Railways. During this period, DFC has successfully
commissioned 652 Rkm of the network, bringing the
total commissioned route length to 2,741 Rkm. This
accomplishment represents 96.4% of the entire DFC
network, reflecting our commitment to advancing this
critical infrastructure. These efforts were crucial in
meeting our ambitious timelines.
1 Highlights & Major Achievements
1.1 Sh. Hira Ballabh, Director/Finance and Managing Hon’ble Prime Minister Shri Narendra Modi dedicated
Director (Additional Charge) welcomed Khurja-Sahnewal section of EDFC, Makarpura-Gholvad section
Hon’ble Prime Minister Sh. Narendra Modi. of WDFC, and Operation Control Centre, Ahmedabad to the
Nation on 12.03.2024.
Hon’ble Prime Minister Sh. Narendra Modi __________________________________________
inaugurated New Khurja Junction (KRJN)- New
Rewari Junction (REJN) Double Line, Electrified • Sanand North - Makarpura (138 km) of WDFC.
section, spanning a significant 173 Kilometers, • Makarpura - Bhestan (130 km) section of
holds unparalleled importance in establishing WDFC.
crucial connectivity between the Western and
• Gholvad - Vaitarna (90 km) section of WDFC.
Eastern Dedicated Freight Corridors (DFCs) on
25.01.2024. • Ahruara Road - DDU (27km) section of EDFC.
• Sahnewal- Shambhu (80 km) section of EDFC.
• Shambhu-Khatauli (187 km) section of EDFC.

Hon’ble Prime Minister Shri Narendra Modi inaugurated New Trial of goods train between Shambhu-Sahnewal completed
Khurja Junction (KRJN) - New Rewari Junction (REJN) Double Line successfully on 13.06.2023
Electrified section on 25.01.2024. __________________________________________
__________________________________________
1.4 State -of -the art Operations Control Central (OCC)
1.2 Hon’ble Prime Minister Sh. Narendra Modi of WDFC was commissioned at Ahmedabad. OCC
dedicated Khurja-Sahnewal section (401 km) will act as nerve centre for the entire 1506 km
of EDFC, Makarpura-Gholvad section (242 route of WDFC and facilitate smooth controlling and
km) of WDFC, and Operation Control Centre, operations of freight trains.
Ahmedabad to the nation on 12.03.2024.

Annual Report 2023-24 53

 Dedicated Freight Corridor Corporation of India Limited

88,000+ trains were run over the Dedicated Freight Corridors.

__________________________________________

1.9 DFCs carried 1,19,129 million GTKMs during the

The 1.5 km long haul train flagged off by Hon’ble Prime Minister financial year 2023-2024.
on EDFCs from New Bhaupur to New Pt. Deen Dayal Upadhyaya
on 18.12.2023
1.10 Track linking with modern New Track Construction
__________________________________________
(NTC) machine of 615 Km track linking was done in
1.5 Electric Loco Trial Run was successfully from FY 2023-24 taking the cumulative linking to 5775
New Palghar Crossing Station to DFC-IR Saphale TKM.
Connectivity, New Saphale Yard of WDFC in both UP
& DN direction on 13.03.2024.

Track linking work in Progress

__________________________________________

Electric Loco Trial Run was successfully conducted from New

Palghar Station to DFC-IR Saphale Connectivity, New Saphale
Yard of WDFC in both UP & DN direction
__________________________________________

1.6 DFCCIL commissioned 40 Road Over Bridges during

the 2023-2024 financial year. This will enhance
public safety and improve train operations.

1.7 12 Rail Fly Overs were completed during the

financial year 2023-2024.

1.11 OHE wiring of 1125 TKM was completed by

Mechanized wiring train in the FY 2023-24.
Cumulative 5639 TKM OHE wiring has been
completed till March 2024.

Open Web Girder of 71.1 m on LC 161 was launched on

07.06.2023 in Palanpur-Makarpura Section of WDFC.
__________________________________________

1.8 88,225 trains were run during the financial year

2023-2024 over DFC

54
 Corporate Overview Notice Statutory Reports Financial Statements

2 Source of Funds
2.1 Capital Structure
As on 31st March 2024, the Authorized Share Capital of Company stands at Rs. 22000,00,00,000 (Rupees
Twenty-Two Thousand Crores) divided into 22,00,00,000 (Twenty-Two Crores) Equity shares of Rs. 1,000/- each
against which paid up share capital is Rs. 15,729 Crores.
The capital structure of the company (Equity & Borrowings) is as follows:
(INR in Crore)
PARTICULARS As on 31.03.2024 As on 31.03.2023
EQUITY FUNDING
Shareholder’s Fund 15,729.00 15,729.00
Other Equity 216.76 246.95
Subtotal 15,945.76 15,975.95
DEBT FUNDING
JICA 31,442.22 26,288.59
IBRD 13,617.06 12,058.49
Subtotal 45,059.28 38,347.08
Grand Total 61,005.04 54,323.03

2.2 Debt Funding

Sr. Phase Particulars of Loan Date of Terminal date of Amount Utilization

No. Signing disbursement Sanctioned till
31.03.2024
A Eastern Dedicated Freight Corridor (EDFC)
1. New Khurja – Loan from IBRD 27.10.2011 31.05.2019 USD 555 Mn USD 530.81 Mn
New Bhaupur vide Loan No.
(343 km) 80660IN (EDFC-I)

2. New Bhaupur Loan from IBRD 11.12.2014 31.12.2020 USD 660 Mn USD 653.64 Mn
to New DDU vide Loan No.
(398.9 km) 83180IN (EDFC-II)

3. New Khurja to Loan from IBRD 21.10.2016 30.09.2022 USD 560 Mn USD 541.11 Mn
New Ludhiana vide Loan No.
(447 km) 85130IN (EDFC-III)

4. New Khurja to Loan from IBRD 13.01.2023 30.06.2027 USD 245 Mn USD 182.50 Mn
New Ludhiana vide Loan No.
(401 km) and 94000IN (EDFC
Kanpur to – Rail Logistic
Mugalsarai Project)
(393 km)
and MMLP
Connectivity.
5. External Loan from MUFG 17.01.2024 - USD 100 Mn USD 100.00 Mn
Commercial Bank backed
Borrowing by guarantee
(ECB) of Multilateral
Investment
Guarantee Agency
(MIGA)

Annual Report 2023-24 55

 Dedicated Freight Corridor Corporation of India Limited

Sr. Phase Particulars of Loan Date of Terminal date of Amount Utilization

No. Signing disbursement Sanctioned till
31.03.2024
B Western Dedicated Freight Corridor (WDFC)
1 Loan from JICA vide 27.10.2009 23.02.2017 JPY 2.606 JPY 2.086 Bn
Loan No. 205 Bn
2 Loan from JICA vide 31.03.2010 18.02.2023 JPY 90.262 JPY 88.632 Bn
Phase I Loan No. 209 Bn
(Vadodara -
3 Loan from JICA vide 31.03.2016 30.03.2023 JPY 103.664 JPY 103.074 Bn
Rewari)
Loan No. 253 Bn
947 km
4 Loan from JICA vide 27.03.2020 31.03.2027 JPY 130.000 JPY 64.784 Bn
Loan No. 288 Bn
5 Loan from JICA vide 20.02.2024 20.02.2034 JPY 40.000 Yet to be
Loan No. 319 Bn effectuated
6 Phase II Loan from JICA vide 26.07.2010 15.11.2017 JPY 1.616 JPY 1.224 Bn
(Vadodara Loan No. 212 Bn
7 - JNPT and Loan from JICA vide 28.03.2013 25.07.2023 JPY 136.119 JPY 134.361 Bn
Rewari - Loan No. 229 Bn
Dadri) 557 km
8 Loan from JICA vide 31.03.2022 28.07.2028 JPY 116.520 JPY 22.842 Bn
Loan No. 297 Bn
3 Financial Summary
The Financial Statements for financial year 2023-24 have been prepared in accordance with Schedule III of the
Companies Act, 2013 and are in compliance of IndAS as notified under Companies Act, 2013.
3.1 Capital Expenditure on Project Execution
(INR in Crore)

Descriptio As at During As at
31.03.2023 FY 2023-24 31.03.2024
CAPEX (without cost of land)
Property, Plant and 35952.37 15,908.19 51,860.56
Equipment
Capital work in Progress 41621.29 -6,671.73 34,949.56
Other Intangible assets 0.17 -0.04 0.13
Intangible Assets under 21.47 - 21.47
development
Right-of-use assets 10.49 -0.95 9.54
Capital Advances* 3731.48 -696.24 3,035.24
Depreciation on capital- 2177.30 2037.21 4214.51
ization
Total Capex (without 83514.57 10,576.44 94,091.01
cost of land)
Add: Cost of land (Borne 19773.00 627.80 20400.80
by the Ministry of Rail-
ways)
Total Capex with cost of 103287.57 11204.24 114491.81
land
* Including amount of Rs. 550.35 crores released towards 75% advance released in DAB/ Arbitration cases which have been further
challenged by DFCCIL

56
Corporate Overview Notice Statutory Reports Financial Statements

3.2 Development Account

During the FY under consideration, the following balance in the Development Account INR 1,614.75 Crore has
been transferred to Capital Work-in-progress Account.
(INR in Crore)
Particulars As at 31.03.2024 As at 31.03.2023
Employee benefit expenses 135.90 178.57
Finance cost 1,442.15 1,852.27
Depreciation & amortization expenses 6.29 19.04
Administration & Other expenses 124.57 125.80
Subtotal 1,708.91 2,175.68
Less: Other Income 94.16 (21.50)
Total transferred to CWIP 1,614.75 2,197.18
3.3 Revenue from Operations
Consequent to commissioning of new sections during the year, revenue from operations in form of Track Access
Charges (TAC) booked in financial statements has increased to INR 4484.90 Crore in FY 2023-24 as against INR
3141.48 Crore booked in FY 2022-23, registering an increase of 42.76%.
3.4 Commissioning and Capitalisation of new sections
DFCCIL had already capitalized Sections of 1459.281 Route Kms till 31.03.2023. During the year, the company has
achieved capitalization of a further 450.425 Route Km. The position of Sections which have been commissioned
during the FY 2023-24 as follows:

Sr. Section Name Route Kms Date of Capitalization

1 New Khurja to New Boraki with Dadri Yard 45.595 24th April 2023
2 New Bhimsen to New Bhaupur, New Kanpur to New Bhimsen, 237.094 12th July 2023
New Karchana to New Shujatpur
3 New Karchana – Iradatganj and Chunar Jn to New Karchana.
4 New Chunar to New DDU 37.495 11th Sept 2023
5 New Rewari to New Dadri(Excluding ICD Connectivity 1.901 130.241 31st Jan 2024
KM)
Total (Route Kms) 450.425
Capitalized Value of Sections commissioned is as follows:
(INR in Crore)
Nature of Assets Up to 31st March 2023 During 2023-24 Total
Civil 27967.70 13718.02 41685.72
Electrical 5845.85 2466.31 8312.16
S&T 3933.80 1262.40 5196.20
Total 37747.35 17446.73 55194.08
3.5 Amount, if any, which the Board proposes to carry to the reserves.
The Board of Directors of your company has decided not to transfer any amount to the Reserves for the year
under review.
3.6 Dividend
The Board of Directors of the company, after considering holistically the relevant circumstances, has decided that
it would be prudent not to recommend any Dividend for the year under review.

Annual Report 2023-24 57

 Dedicated Freight Corridor Corporation of India Limited

4 State of Affairs of the Company

4.1 Contracts
4.1.1 Contracts of value of more than INR 50 Crore awarded during the FY 2023-24 – WDFC and EDFC
S. Nature of the Work Eastern/ Work/ Date of Amount Funded
No. Western Consultancy Award of Award By
DFC (in crores)
WDFC
1 Construction of formation, allied WDFC Work 05.04.2023 98.76 DFC
formation construction works like
const of toe wall , retaining wall, drain
pitching etc and track laying for providing
connectivity from Panoli (IR) to New
Sajali(DFCCIL) and from Gothangam (IR)
to New Gothangam (DFCCIL) , in the
juridiction of CGM-Vadodara-DFCCIL.
2 Construction of Embankment, Minor WDFC Work 30.08.2023 119.75 DFC
bridges, RUBs etc including supply of
Pway ites &track laying for providing
connectivity between chainage 5.2 km
(on New Rewari- Kishangarh BalaWAS
connecting line) to IR Kumbhawas
station under jurisdiction of CPM/JP.
3 Construction of Embankment, Minor WDFC Work 30.08.2023 78.09 DFC
brideges, RUBs etc including supply of
Pway ites &track laying for providing
connectivity between chainage 5.2 km
(on New Rewari- Kishangarh BalaWAS
connecting line) to IR Kumbhawas
station under jurisdiction of CPM/JP.
No such contract was awarded with respect to EDFC.
4.1.2 Contracts of value of more than INR 50 Crore awarded after end of FY 2023-24 till date of Report–
WDFC and EDFC
No contract of value more than INR 50 crore has been awarded after the end of FY 2023-24 till the date
of this report with respect to either WDFC or EDFC.
4.1.3 Physical & Financial Progress of the Major Contracts of value more than INR 50 Crore – WDFC and
EDFC
Western Dedicated Freight Corridor (WDFC)

S. Nature of Work Work/ Date of Date of Financial Physical

No. Consultancy Award Commencement Progress Progress
A. Civil & Track work package
1 CTP1&2: Design and Work 06.08.2023 30.08.2023 100% 100%
construction of Civil, Building
and Track Works for double
line Railway involving
formation in embankments /
cuttings, bridges , structures,
building, ballast on formation,
track works including testing
and commissioning on design
- build lump sum price basis
for Rewari-Iqbalgarh section
WDFC-Phase-I. (CTP-1&2)

58
Corporate Overview Notice Statutory Reports Financial Statements

S. No. Nature of Work Work/ Date of Date of Financial Physical

Consultancy Award Commencement Progress Progress
2. CTP-3(R): Work 25.02.2016 06.06.2016 87.29% 92.84%
Design & Construction of
Civil, Building Track Works
for double line railway……
excluding Bridge across
rivers Mahi & Sabarmati
……. (Iqbalgarh – Makarpura,
Vadodara Section – 289 Km)
3. CTP-13: Work 22.05.2015 15.10.2015 96.09% 96.82%
Design & Construction of
Civil, Building Track Works
for double line railway……
excluding 4 bridges already
under execution and 03
bridges over existing railway
and across rivers Tapi &
Narmada……. (Makarpura,
Vadodara-Sachin Section –
131 Km)
4. CTP-12: Work 22.02.2015 15.10.2015 82.45% 92.33%
Design & Construction of
Civil, Building Track Works
for double line railway……
excluding 50 bridges already
under execution and 02
bridges on Damanganga &
Par …….. (Sachin-Vaitarana
Section – 186 Km)
5. CTP-11: Work 15.07.2016 07.03.2017 43.05% 51.07%
Design & Construction of
Civil, Building Track Works
for double line railway……
(Vaiterna-JNPT Section – 102
Km)
B. Special Steel Bridge package
1. CTP-3A(R): Work 26.08.2014 20.11.2014 93.79% 93.79%
Design & Construction of
Special Steel Bridges across
Mahi & Sabarmati Rivers..….
(Ikbalgarh-Vadodara Section)
2. CTP-15A: Work 03.06.2015 15.10.2015 95.89% 98.93%
Design & Construction of 08
Special Steel Bridges over
Water Main and Railways
and across Creek and Rivers
including Ulhas, Damanganga,
Par and Tapi ……... (JNPT-
Makarpura Section)

Annual Report 2023-24 59

 Dedicated Freight Corridor Corporation of India Limited

S. No. Nature of Work Work/ Date of Date of Financial Physical

Consultancy Award Commencement Progress Progress
3. CTP-15B: Work 03.06.2015 15.10.2015 97.86% 97.86%
Design & Construction of
Special Steel Bridge across
Narmada River with RUB…….
(Sachin-Vadodara Section)
4. CTP-15C: Work 03.06.2015 15.10.2015 95.27% 95.77%
Design & Construction of 03
Special Steel Bridges over
existing Railways and across
Rivers Yamuna & Hindon ……..
(Dadri-Rewari Section)
C. Integrated package
1 CTP-14: Work 14.10.2016 01.02.2017 98.15% 99.20%
Integrated Package of Civil,
Building & Track Work, E&M
and S&T Works……. (Dadari-
Rewari Section – 127 Km)
D. Electrical package
1. EMP-4: Work 18.11.2014 15.05.2015 94.38% 96.65%
Design, Supply, Installation,
Testing and Commissioning
of 2x25kV Traction Power
Supply System, Traction Sub-
Station, Auxiliary Stations,
Switching Stations, Auto
Transformer Stations and
SCADA system…… (Rewari-
Makarpura Vadodara Section
– 914 Km)
2. EMP-16: Work 21.01.2016 02.05.2016 87.27% 90.61%
Design, Supply, Installation,
Testing and Commissioning
of 2x25kV Traction Power
Supply System, Traction Sub-
Station, Auxiliary Stations,
Switching Stations, Auto
Transformer Stations and
SCADA system…… (Vadodara-
JNPT Section – 419 Km)
E. S&T package
1. STP-5: Work 22.06.2015 11.01.2016 90.04% 91.44%
Design & Construction of
Signal & Telecom Works
for double line railway……
(Rewari-Makarpura Vadodara
Section – 914 Km)

60
Corporate Overview Notice Statutory Reports Financial Statements

S. No. Nature of Work Work/ Date of Date of Financial Physical

Consultancy Award Commencement Progress Progress
2. STP-5A: Work 12.08.2015 01.06.2016 50.29% 51.07%
Design & Construction of
Train Protection & Warning
System (TPWS) …… (Rewari-
JNPT Section – 1333 Km)
i.e. for Phase-I & Phase-II
3. STP-17: Work 13.05.2016 29.08.2016 70.22% 72.21%
Design & Construction of
Signal & Telecom Works
for double line railway……
(Vadodara-JNPT Section –
419 Km)
Supply of Machines
1. Design, Manufacturing, Supply & 16.11.2020 15.01.2025 50.14% 59.20%
Supply, Testing, testing &
Commissioning and Training commissioning
of Plant and Equipment for Work
Railway Track and Electric
Overhead Equipment
(OHE) on Dadri-Rewari-
JNPT Network of Western
Dedicated Freight Corridor
(PEP-6)
F. Project Consultancy Contract
1. PMC-1: Consultancy 21.02.2014 11.04.2014 90.49% 93.04%
PMC Services for
Construction of Double
line Electrified Railway
Track with S&T and related
Infrastructure ……..Phase-I,
Rewari-Vadodara Section
2. PMC-2(R): Consultancy 15.02.2016 31.03.2016 73.85% 77.06%
PMC Services for
Construction of Double
line Electrified Railway
Track with S&T and related
Infrastructure …….Phase-II
(Dadri-Rewari & Vadodara-
JNPT Section)
Other works costing>50 Crores
1. Construction of 01 No of ROB Work 22.07.2021 22.07.2021. 82% 86%
ROB including approaches
complete in lieu of L.C.
No. 16 A of Ahmedabad-
Viramgam section of
Ahmedabad Division of
Western Railway.

Annual Report 2023-24 61

 Dedicated Freight Corridor Corporation of India Limited

S. No. Nature of Work Work/ Date of Date of Financial Physical

Consultancy Award Commencement Progress Progress
2. Tender No. AII/EN/WC/ ROB Work 15.07.2016 17.07.2016 91% 95%
ROBs/3(2015-16)-
Construction of 02 Nos.
Two Lane ROBs (including
approaches) in lieu of Level
crossings No. 53 & 70 at
Km. 414/4-5 between Sojat
Road – Bhesana Section
& Km. 471/4-5 between
Bhagwanpura– Jawali of
Madar-Palanpur section of
Ajmer Division of North-
western Railway
3. Construction of 2-Lane ROB Work 27.05.2019 12.10.2019 100% 100%
Road over Bridge including
approaches in lieu of
existing Level Crossing Nos
i) LC 150 at Km 278/14-
16 (DFCC Ch:28967.59)
between Gotham gam and
Sayan station of Western
Railway. Ii) LC 156 at
Km 287/11-13 (DFC CH:
37875.65) between Kudsad
and Sayan stations of
Western Railway.
4. Construction of ROB LC-68 ROB Work 22.03.2019 22.03.2019 100% 100%
5. Construction of ROB LC-66 ROB Work 22.03.2019 22.03.2019 70% 75%
6. Const. of Major/Important Major bridges 05.09.2019 07.09.2019 100% 100%
Bridges No 115,144,1
63,166,169,173,182,1
92. Balance work work
between Vaitarna -Saphale
Railway station of Virat-
Surat section of Mumbai
Division of Western Railway
in connection with Western
Dedicated Freight corridor.
(PKG-V)
7. Const. of Major/Important Major bridges 30.12.2019 30.01.2019 100% 100%
Bridges No 92, 93. Balance
work between Vaitarna
-Saphale Railway station
of Virat-Surat section of
Mumbai Division of Western
Railway in connection with
Western Dedicated Freight
corridor. (PKG-IV)

62
Corporate Overview Notice Statutory Reports Financial Statements

S. No. Nature of Work Work/ Date of Date of Financial Physical

Consultancy Award Commencement Progress Progress

8. Const of two-lane ROB ROB 27.05.2019 11.06.2019 90% 94%

including approaches in lieu
of existing Level Crossing
nos 142 &,153 & 163 in
section of CGM/BRC in
WDFC.
9. Construction of ROB in lieu ROB 13.03.2023 14.03.2023 10% 15%
of LC 2/958
10. Interior work such as Corporate 03.06.2022 04.06.2022 55% 60%
Flooring, ceiling, wood work, -Office
plumbing, electric work etc building
in newly constructed DFCCIL
office in Sec-145, Noida .
11. Construction of formation, Civil & Track 05.04.2023 06.04.2023 83% 85%
allied formation construction work
works like const of toe
wall, retaining wall, drain
pitching etcand track laying
for providing connectivity
from Panoli (IR) to New
Sajali(DFCCIL) and from
Gothangam (IR) to New
Gothangam (DFCCIL) , in
the juridiction of CGM-
Vadodara-DFCCIL.
12. Construction of Civil & track 30.08.2023 30.08.2023 4% 6%
Embankment, Minor Work
Bridges, RUBs etc including
Supply of P-Way Items &
Track Laying for providing
Connectivity between
chainage 5.2 km (on New
Rewari - Kishangarh
Balawas Connecting line)
to IR Kumbhawas station
under Jurisdiction of CGM/JP.
13. Construction of Railway Major bridges 30.08.2023 30.08.2023 - 1%
Bridges in connection with
providing Connectivity
between chainage 5.2 km
(on DFCCIL New Rewari
- Kishangarh Balawas
Connecting line) to IR
Kumbhawas station under
Jurisdiction of CGM/Jaipur.

Annual Report 2023-24 63

 Dedicated Freight Corridor Corporation of India Limited

Eastern Dedicated Freight Corridor (EDFC)

S. Nature of Work Work/ Date of Financial Progress Financial

No. Consultancy Commencement (with respect to Progress
Original Contract
Value)
A Civil & Track work package
1. CP-201: Works 12.05.2015 97% 100%
Design and Construction
of Civil, Structures and
Track Works for Double
Line Railway (DDY-New
Karchana[including]-192 km)
2. CP-202: Works 12.05.2015 97% 100%
Design and Construction of
Civil, Structures and Track
Works for Double Line Railway
(New Karchana[Excluding]-
New Bhaupur[Excluding]
230km)
3. CP-203(R): Works 01.12.2020 125% 92.7%
Balance Works of Design,
Supply, Construction, Testing
and Commissioning of
Signalling, Telecommunication
and Associated Works (DDU-
New Bhaupur section-422 km
Double Line)
4. CP-204: Works 15.06.2016 101% 99%
Design,Supply, Construction
installation, Testing
and Commissioning of
2x25kv, 50Hz AC Traction
Electrification, E&M and
Associated Works (DDU-New
Bhaupur section -422 km
Double Line
5. CP-301: Works 14.07.2016 91.78% 96%
Design and Construction of
Civil, Structures and Track
Works for Single Line Railway
(Sahnewal- Pilkhani-175 km)
6. CP-302: Works 14.07.2016 97% 100%
Design and Construction of
Civil, Structures and Track
Works for Double Line Railway
(Dadri- Khurja Section -46 km)
7. CP-303: Works 12.03.2018 96% 100%
Design and Construction of
Civil, Structures and Track
Works for Single Line Railway
(Khurja-Pilkhani Section -222
km)

64
Corporate Overview Notice Statutory Reports Financial Statements

S. Nature of Work Work/ Date of Financial Financial

No. Consultancy Commencement Progress (with Progress
respect to
Original Contract
Value)
8. DDU-Sonnagar Works 07.03.2017 100% 100%
Design and Construction of Civil,
Structures and Track related Works
including Testing & Commissioning
for Double Track Railway Line (DDU to
New Sonnnagar and Chiraila Pauthu
[Excluding New Karwandiya- New
Durgauti Section])
B System Works Package

S. Nature of Work Work/ Date of Financial Physical

No. Consultancy Commencement Progress (with Progress
respect to
Original Contract
Value)
1. CP-105: Works 04.06.2020 96.5% 100%
Design, Supply, Construction,
Installation, Testing and
Commissioning 2x25kv AC
Electrification, Signalling &
Telecommunication, E&M and
Associalted Works (Dadri- Khurja
Section -47 km Double Line)
2. CP-304: Works 03.06.2020 80% 90%
Design, Supply, Construction,
Installation, Testing and
Commissioning 2x25kv AC
Electrification, Signalling &
Telecommunication, E&M and
Associated Works (Sahnewal-
Pilkhani-175 km Single Line)
3. CP-305: Works 04.06.2020 79% 90%
Design, Supply, Construction,
Installation, Testing and
Commissioning 2x25kv AC
Electrification, Signalling &
Telecommunication, E&M and
Associalted Works (Khurja-Pilkhani
Section -220km Single Line)
4 Design, Supply, Construction, System 21.11.2018 100% 100%
Installation of 2x25kv Electrification,
Signalling & Telecommunication and
Associated works including Testing
and Commissioning of Double Track
Electrifies Railway Line (DDU to
New Sonnagar and Chraila Pauthu
[Excluding New Karwandiya-New
Durgauti Section])

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 Dedicated Freight Corridor Corporation of India Limited

C. RFO & ROB Work Contract

S. Nature of Work Work/ Date of Financial Physical

No. Consultancy Commencement Progress (with Progress
respect to
Original Contract
Value)
1. DDU-Sonnagar: RFO 25.09.2020 95% 92%
Construction of Rail Fly Over (RFO)
and its approaches for single Track
electrified Railway line for Sasaram-
Ara line of East Central Railway
connecting Sasaram Yard with Ara
line over IR and DFC track and related
works in East Central Railway.
2. DDU Yard: ROB 26.02.2020 14% 23%
Construction of Rail Fly Over (RFO)
and its approaches for single track
Bi-directional electrified railway
track for DDu B-rout RFO connecting
DFCCIL DDU Yard with Vyasnagar
Station of Norther Railway and other
related works.
3. Construction of ROBs in EDFC (13 ROB 05.10.2018 90% 94%
Nos. Contract)
4 Construction of 8 no. ROB (excluding ROB 02.08.2019 100% 90%
approaches) in lieu of level crossings
of tundla unit.
4.2 Land Acquisition Land Gazette Notifications, etc. LA&SEMU is also
Land acquired for the DFC project vests with the involved in examination of policy issues concerning
MoR. DFCCIL facilitated land acquisition process Environment Management, Land Acquisition, RFCT-
by rendering necessary assistance to designated LARR Act, 2013, Entitlement Matrix, 2015, Public
competent authorities for speedily concluding the Grievances, CPGRAMS, legal notices, RTI, etc.
acquisition process. The land of 3314 Ha acquired 4.2.1 Land acquisition over DFCCIL
by Indian Railways for DFC project is leased to Corridor Land Length Cumulative
DFCCIL for INR 1. Acquired Acquired position
In exercise of the powers conferred by clause 37A of in 2023-24 in 2023-24 of Land
section 2 of the Railways Act 1989, EDFC and WDFC (In Ha.) (In Km.) Acquisition
have been notified as “special railway project” by the (in Ha)
Ministry of Railways (MoR) vide Gazette Notification EDFC 29 2 5996
SO 360(E), dated 19th February, 2008. In terms of
WDFC 51 19 6184
provisions of section 2(7A) of the Railways Act 1989,
“competent authority” has been notified by the MoR for Total 80 21 12180
each District through which DFC alignment is passing.
Functions related to preparation of notification, Land Acquired EDFC & WDFC in Year 23-24
disbursement of compensation and handing over
possession of land, etc. as per above provisions of
the Railways Act, 1989 have been performed by the
designated competent authority of concerned district
for acquisition of land for DFC Project.
Land Acquisition and Social & Environmental issues
over both Eastern and Western Corridors are
monitored by ‘LA&SEMU’ Department. Sphere of
activities of LA&SEMU includes coordination with
the World Bank, liaison with Statutory Bodies and
Central/State Government Agencies, publication of

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Corporate Overview Notice Statutory Reports Financial Statements

4.2.2 Disbursement of Land Compensation Mutation & Resumption in EDFC & WDFC in Year
2023-24
Disbursement of land compensation to the tune of
Rs. 20375.6 Cr to more than 2 lakh PAPs through
concerned Slaos has been completed over both
the Corridors of EDFC and WDFC. The position of
disbursement in the year 2023-24 and cumulative
position till date is as under:

Corridor Disbursement of Cumulative

land fund to SLAOs position of
during 2023-24 disbursement
(Rs. in Cr) of land fund to
SLAOs till date
(Rs. in Cr)
EDFC 207 10731
WDFC 378 9670
4.2.4 Handing Over of Land Plans to Railways
Total 585 20401

Compensation Disbursement Corridor Scope Land Plans Land Plans

Prepared Handed Over
EDFC 1275 805 655
WDFC 1514 1438 1238
Total 2789 2243 1893

Details of Land Plans Handover

4.2.3 Mutation & Resumption of Acquired Land

Corridor Mu- Resum- Cumu- Cumulative

tation ption lative position of
done in done in position Resumption
2023- 2023- of Mu- completed
24 (In 24 (In tation (in Ha.)
Ha.) Ha.) com-
pleted
(in Ha)
EDFC 141 27 4565 1061
WDFC 45 2 4897 1003
Total 186 29 9462 2064

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 Dedicated Freight Corridor Corporation of India Limited

4.2.5 Resolution of Pending Issues

Issue of perpetual transfer of 41956 sqm NTPC
land (in place of leasing arrangement) in favour
of MoR for DFC project in district GB Nagar in the
State of Uttar Pradesh was resolved through inter-
ministerial consultations with the Ministry of Power,
NTPC and Railway Board.
A total of 64 issues (hindrance in possession of land
for ROB approaches, utility shifting, slow progress of
Installed Noise Barrier at Lot 303
ROB works, hindrance in stringing work, etc.) were
__________________________________________
got resolved in active coordination with concerned
State government, DFC Field unit and Railway Board
through PMG Portal under the aegis of DPIIT.
4.2.6 Legal Issues
A total of 9.79 hectares of land (no longer required
due to change in alignment and other reasons)
was de-notified with publication of gazette de-
notification concerning district Auraiya, Etawah,
Kanpur Dehat and Chandauli.
Overall, 77 Gazette Notifications were got published
under section 20A/20E of the Railways Act, 1989 in Noise Barrier Inspection by World Bank at Lot 303
coordination with L&A Directorate/Railway Board, __________________________________________
Legislative Department of the Ministry of Law &
Justice and Government of India Press, Mayapuri. 2. CLOSURE of BATCHING PLANTS AND BORROW
AREAS
On repatriation of DlR/Legislative Counsel/MolJ to
his parent Ministry, actively coordinated with MoLJ Closure and Reclamation of Batching Plants and
& Railway Board laying down fresh mechanism for Borrow Areas is one of the major concerns as
processing of notification files. It has also resulted in DFCCIL is committed towards ethical practices
saving of financial implication incurred by DFCCIL in in construction phase. During the year 2023-24,
operating the post of Director (LC) manned by an ILS DFCCIL reclaimed 9 Batching Plants and closed 4
officer at Railway Board. Batching Plants, besides closing and reclaiming 366
of Borrow Areas.
4.2.7 Environment Protection, Conservation and
Social Safeguard Measures 3. SAFE WORKING HOUR
Social & Environmental Management Unit (SEMU) During the year 2023-2024, Project has been
has been created for the purpose to implement and executed in safe manner during the construction
monitor the Land Acquisition process and implement phase and 10 Million safe hours has been achieved
Social & Environment safeguards in DFC corridors. with a cumulative achievement of 127 million safe
SEMU facilitates land acquisition gazette publication working hours without any fatal accident and Loss
(20A, 20E), it monitors the disbursement of land time injury accident.
compensation and disbursement of Resettlement
& Rehabilitation assistance to PAPs. SEMU monitor 4. WASTE TO WONDER PRACTICES
active environment issues, and get environment
compliances implemented and adhered to as per In the series of Green Initiatives taken by DFC,
the applicable policy of funding agencies (World practices like reuse of concrete waste in making
Bank and JICA) and other statuary provisions. stages, repairing of haul road and seating area in
project vicinity area based on demand raised have
1. INSTALLATION OF NOISE BARRIERS
been regularly done. Waste rebars and safety
Six (06) noise barriers have been erected at sensitive helmets and plastic bottle etc. have been reused for
locations like schools and hospitals located within various purposes to reuse the waste and minimize
100 m from DFC Track center during the year 2023- waste generation due to project activity.
24. The Noise Barriers will eliminate approximately
10-15 db (A) noise generating from train during train 5. TREE PLANTATION DRIVE
running operation. This is the first time in India that More than 22000 trees planted as part of Green
noise barriers are installed in any railway project: Belt Development along the DFC row under

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 Corporate Overview Notice Statutory Reports Financial Statements

The World Bank visits the site of Miyawaki Forest being developed by DFCCIL in lot 303
________________________________________________________________________________________________

compensatory afforestation programme. Dis- 8 161 66 1125 1082

6. REDUCTION IN ENERGY CONSUMPTION posed
Energy saving measures like use of 5 Star electrical
equipment, LED Light, solar panels at Station
building rooftop, yards etc. have been implemented.
Installations are configured to adopt Green Energy
Concept to meet minimum 10% energy requirement
through renewable sources. Harnessing of solar
power is also underway to meet a part of the energy
requirement.
7. DISPOSAL OF PUBLIC GRIEVANCE/ARBITRATION
AND COURT CASES
The disposal of public grievances, arbitration,
and court cases in Dedicated Freight Corridor
Corporation of India Limited (DFCCIL) involves 8. OTHER HIGHLIGHTS
structured procedures to ensure that all the Capacity building workshops for DFCCIL officials,
grievances pertaining to land acquisition are PMC, Contractor are regularly being organized by
addressed and resolved efficiently in accordance engaging teams of environment experts. National
with legal and administrative guidelines. The status Days related to Environment, Workmen Safety, Fire
of VIP references , grievances, Arbitration cases and Safety etc. are being observed in the organization
Court Cases are as under: from time to time. No reported case of gender
violence so far has been reported at work fronts
VIP CP- Public Arbi- Court
construction site and the area where DFCCIL
Ref- GRAMS Grie- tration Cases
construction workers are residing. Time to time
rences vances Cases
sensitization programme for workers being carried
Filed 8 167 69 1774 499 out to avoid such incidents at worksite and nearby

Annual Report 2023-24 69

 Dedicated Freight Corridor Corporation of India Limited

areas. Strictly World bank guidelines for prevention

Jul 54.3 154.9 218.7
of GBV being followed.
Aug 56.1 159.9 228.0
Sep 56.2 154.4 241.2
4.3 Operation & Business Development
Oct 67.1 150.0 245.4
4.3.1 Operation Nov 63.0 175.2 241.5
DFCCIL is approaching the final stages of a Dec 0.5 77.9 194 250.9
remarkable journey of growth and progress, steadily
integrating new sections into its expansive network. Jan 20.8 96.0 214.6 250.6
This capacity expansion, fuelled by a determined Feb 28.1 94.6 222.0 284.1
mission-oriented approach, has led to significant
improvements not only in DFCCIL’s Key Performance Mar 32.0 99.5 226.1 301.9
Indicators (KPIs) but also in India’s broader economic Avg. 20 64 170 241
and logistical infrastructure.
As we explore DFCCIL’s operations, we uncover
a compelling story of transformation that brings
the corporation’s visionary aspirations to life. This
journey is distinguished by several key aspects:
• Number of Trains Run (Train Trips)
In the financial year 2023-24, DFCCIL successfully
operated an average of 241 trains per day.

DFCR Yearwise : Number of Trains per day

Month 2020-21 2021-22 2022-23 2023-24
Apr 25.7 113.5 211.7
May 34.5 129.7 209.0
Jun 46.7 148.1 210.5

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 Corporate Overview Notice Statutory Reports Financial Statements

Yearwise: Total Number of Trains – DFC

Month 2020-21 2021-22 2022-23 2023-24

Apr 771 3,405 6,350

May 1,071 4,021 6,478

Jun 1,402 4,444 6,315

Jul 1,683 4,802 6,779

Aug 1,740 4,956 7,067

Sep 1,687 4,633 7,237

Oct 2,081 4,650 7,608

Nov 1,890 5,255 7,245

Dec 17 2,416 6,013 7,778

Jan 646 2,975 6,652 7,768

Feb 815 2,744 6,438 8,240

Mar 992 3,084 7,008 9,360

Total 2470 23544 62277 88225

Corridor Wise Number of Trains per day

Month 2020-21 2021-22 2022-23 2023-24

EDFC WDFC Total EDFC WDFC Total EDFC WDFC Total EDFC WDFC Total
Apr 21 5 26 48 65 114 127 85 212
May 27 8 35 61 69 130 129 80 209
Jun 34 12 47 76 72 148 137 74 211

Jul 30 24 54 85 70 155 135 84 219

Aug 26 30 56 89 71 160 137 91 228

Sep 24 32 56 88 67 154 151 90 241

Oct 31 36 67 87 63 150 151 94 245

Nov 29 34 63 108 67 175 156 86 242
Dec 1 1 30 48 78 122 72 194 158 93 251
Jan 18 3 21 32 64 96 135 80 215 152 99 251
Feb 21 7 28 28 67 95 142 80 222 175 109 284
Mar 24 8 32 26 73 99 140 86 226 177 125 302
Avg 16 6 20 28 36 64 98 72 170 149 92 241

GTKMs & NTKMs: in the FY 2023-24, DFCCIL achieved a substantial 119 billion Gross Tonne Kilometres & 66 Billion
Net Tonne Kilometres respectively.

Annual Report 2023-24 71

 Dedicated Freight Corridor Corporation of India Limited

Corridor Wise Total GTKMs since inception : 119 Billion Kilometres

FY > 2020-21 2021-22 2022-23 2023-24
Month EDFC WDFC Total EDFC WDFC Total EDFC WDFC Total EDFC WDFC Total

Apr 498 49 547 1398 1551 2949 3384 2438 5822

May 809 12 821 1762 1634 3396 3791 2780 6571

Jun 948 57 1005 1890 1667 3557 4122 2374 6496

Jul 955 497 1452 2039 1814 3853 5850 3005 8855

Aug 775 924 1699 1920 1809 3729 6512 3400 9911

Sep 646 1000 1646 1767 1745 3512 7076 3360 10436

Oct 865 1021 1886 1697 1723 3420 7637 3508 11145

Nov 859 989 1848 2164 1776 3940 7851 3198 11048

Dec 19 19 816 1185 2001 2374 2003 4377 8008 3553 11561

Jan 431 70 501 887 1424 2311 2793 2268 5061 7834 3480 11314

Feb 489 118 607 710 1474 2184 3080 2229 5309 8626 3500 12126

Mar 642 136 778 708 1887 2595 3460 2625 6085 9699 4144 13843

Total 1581 324 1905 9476 10519 19995 26344 22844 49188 80390 38739 119129

Avg/Month 395 108 476 790 877 1666 2195 1904 4099 6699 3228 9927

• DFC - DFC Speeds

During FY 2023-24, the Eastern Dedicated Freight Corridor (EDFC) maintained an average speed of 48 kmph, while
the Western Dedicated Freight Corridor (WDFC) closely followed with an average speed of 54 kmph. These speeds
exemplify the efficiency and effectiveness of the DFC in facilitating freight transportation. The DFC has achieved
impressive average speeds, with the highest recorded at 93.03 kmph in the fiscal year 2023-24.

Yearwise / Monthwise Average Speeds

EDFC 2020-21 2021-22 2022-23 2023-24 WDFC 2020-21 2021-22 2022-23 2023-24

Apr 64.5 62.0 50.2 Apr 38.0 55.5 57.0

May 59.0 51.0 50.4 May 41.5 42.5 53.3

Jun 67.0 49.5 48.4 Jun 26.0 41.4 53.0

Jul 67.0 51.1 45.3 Jul 27.0 45.5 49.7

Aug 62.5 53.0 47.6 Aug 33.5 50.1 52.5

Sep 54.5 53.9 44.8 Sep 49.5 49.6 55.4

Oct 49.0 51.0 44.6 Oct 44.0 54.1 55.5

Nov 57.0 54.3 45.1 Nov 52.5 54.4 56.0

Dec 58.6 60.5 54.7 41.7 Dec 55.0 57.4 54.9

Jan 61.8 62.0 51.2 39.2 Jan 47.0 54.0 57.7 53.8

Feb 68.3 65.5 50.9 41.9 Feb 42.0 53.5 59.3 54.6

Mar 64.8 69.0 43.7 42.1 Mar 37.5 54.0 48.7 53.6

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 Corporate Overview Notice Statutory Reports Financial Statements

• Interchange Points: WDFC 21 Points, EDFC 24 Points

WDFC Interchange Points Division Wise
S.No From Zone Zone/Divn I/C POINT I/C POINT
1 WR BCT UBRN-SJN New Umbergaon - Sanjan
2 WR BCT BHET-BHETN New Bhestan - Bhestan
3 WR BCT UDHN-NOL New Udhna - NIYOL
4 WR BRC MPRN-MPR New Makarpura - Makarpura
5 WR BRC GTXN-GTX New Gothangam - Gothangam
6 WR ADI SAUS-GGM New Sanand South - Goraghuma
7 WR ADI SAUS-SAU New Sanand South - Sanand
8 WR ADI SAUN-GGM New Sanand North - Goraghuma
9 WR ADI SAUN-SAU New Sanand North - Sanand
10 WR ADI BHUN New Bhandu - Mehsana
11 WR ADI CDQN New Chadotar - Chadotar End Cabin
12 WR ADI PNUN New Palanpur - Karjoda
1 NWR AII MJND New Marwar - Marwar
2 NWR AII BGMN New Bangurgram - Bangurgram
3 NWR JP FLN-FL New Phulera - Phulera
4 NWR JP FLN-HDA New Phulera - Hirnoda
5 NWR JP AELN New Ateli - Kathuwas
6 NWR BKN REJN New Rewari - Kishangarh Balawas
1 NR NR/DLI PRLN New Prithla - Asaoti
1 NC NCR/PRYJ DERN New Dadri - Dadri
1 DFCR WDFC to EDFC BRKN New Boraki - New Dadri
Total 21 Points (With WR :12, NWR : 6, NR: 1, NCR:1, EDFC : 1)

EDFC Interchange Points Division Wise

S.No From Zone Zone/Divn I/C POINT I/C POINT
1 EC DDU CPBN New Chirala Pathu
2 EC DDU SEBN New Sonnagar
3 EC DDU GAQN New Ganj Khawaja
4 EC DDU DDUN New Pt. Deen Dayal Upadhyay
1 NC DDU JEPN New Ahraura Road
2 NC PRYJ DAPN New Dagmagpur
3 NC PRYJ KCNN-IDGJ New Karchana - Iradatganj
4 NC PRYJ KCNN-PCOI New Karchana - Prayagraj Cheoki
5 NC PRYJ SJTN New Shujatpur
6 NC PRYJ CNBN New Kanpur
7 NC PRYJ BPUN New Bhaupur
8 NC PRYJ DAQN New Daudkhan
9 NC PRYJ KRJN New Khurja
10 NC PRYJ BRKN New Boraki
11 NC AGRA TDLN New Tundla
12 NC JHS BZMN New Bhimsen
1 NR DLI KATN New Khatauli
2 NR UMB PKYN-PKY New Pilkhani
3 NR UMB NSIR-SIR New Sirhind
4 NR UMB KNJN-KNZ New Kalanaur
5 NR UMB SBJN-SBJ New Sarai Banjara
6 NR UMB SMUN-SMU New Sambhu
7 NR UMB CHAN-SNL New Chawapail
1 DFCR EDFC -WDFC BRKN New Boraki
Total 24 Points (With ECR : 4, NCR : 12+1 Bhadan provisional, NR : 7, WDFC : 1)

Annual Report 2023-24 73

 Dedicated Freight Corridor Corporation of India Limited

• Impact of DFC operation Alleviation With the recent fast commissioning

of DFC, there has been a significant improvement
• The Dedicated Freight Corridors (DFC) are in the average speed of freight traffic, which
poised to revolutionize freight transportation helps alleviate congestion on IR tracks. This
in India by addressing several key challenges improvement allows for more passenger trains
faced by the Indian Railways (IR) network. and enhances train punctuality, especially on
• Coexistence of passenger and freight trains heavily congested routes.
on the same tracks within the IR network has
posed significant challenges. Passenger trains
are often given priority, which reduces the
average speed of freight trains. The introduction
of DFC, however, changing this scenario.
• The integration of DFCC operations has
substantially optimized freight movement and
increased operational efficiency across the
railway network.
• The DFC, despite comprising only 4% of the
Indian Railway Network, handles over 10% of
the Gross Ton Kilometres (GTKMs).
• Improved Freight Speed and Congestion

EDFC Interchange Points Division Wise

Data as per IR’s yearbook > 2018-19 2019-20 2020-21 2021-22
Average speed of Goods Train (kmph) 23.2 23.6 43.2 37.08
(Covid period)

• Enhanced Turnaround and Reduced Inventory • Higher Carrying Capacity

The DFC fosters better turnaround times for The existing track structure of Indian Railways allows
wagons, leading to sufficient buffer stock with trains with 20.32/22.9 tonnes axle load. In contrast,
customers and reduced mandatory inventory levels the DFC track structure is designed for a 25-tonne
at powerhouses and various other sectors. This axle load, The maximum moving dimension on DFC
results in notable service reliability and an overall is also greater than on Indian Railways, allowing for
superior customer experience. movement of larger wagons with higher carrying
capacity. The DFC can also run long-haul trains
• IT-Enabled Accessibility with a rake length of 1500 meters. This increased
DFC offers stakeholders invaluable real-time freight carrying capacity, along with higher average
tracking and visibility into cargo status and location speed, contributes to greater throughput of freight
through DFIS. Priority cargo receives special movement.
attention, ensuring swift and secure transportation. • Contribution to the Growing Economy
• Cost Savings and Economic Competitiveness DFC will contribute to India’s growing economy
The efficient operation of DFC leads to substantial through the spillover effect of the rail transport
cost savings in commodity transportation, network. It will lead to the development of industrial
enhancing their competitiveness in the global corridors, new Gati Shakti Cargo Terminals (GCTs),
market. By reducing inventory levels, improving Multi-Modal Logistic Parks (MMLP) & Inland
turnaround times, and boosting throughput, DFC Container Depots (ICD) along its routes. New feeder
mitigates transportation costs, making goods lines and sidings will connect underdeveloped but
movement more economically viable. Currently, high-potential areas with the mainstream, giving
logistics costs in India account for approximately them access to national and international markets.
14-15% of the total GDP, relatively high compared Development of Industrial Hubs.
to developed countries where it is typically below
10%. DFC aims to align India’s logistics industry with
international standards, promoting global economic
competitiveness.

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 Corporate Overview Notice Statutory Reports Financial Statements

The DFC facilitates the development of industrial hubs o With improvement in mobility which assured
like NICDC along the western corridor and connections timely empty supply to siding and Goods sheds
to inland waterways and the Amritsar-Kolkata corridor associated with DFC has shown significant
(AKIC) along the eastern corridor. improvement in originating loading.
• Boost to Export-Import Traffic o Transit Times between Sonnagar and Dadri
The DFC connects major industrial hubs, mining areas, was 34 hours, now after connection of EDFC,
and ports, providing faster connectivity that boosts transit times are in the range of 19-20 hours, an
export-import traffic. For example, the connectivity impressive reduction of 40% transit time.
of West Coast Ports with the National Capital Region o Essential commodities movement to
(NCR) has seen container traffic transit times reduced consumption centers has become faster. Milk
to one-third of the previous duration, making rail from Palanpur to the NCR region which used to
transportation viable for perishable commodities. take about 24 hrs has been reduced to 16 hrs.
Environmentally Friendly Mode of Transport (reduction of approx. 30% of transit time)
Train transportation emits 28 gm of carbon per o Transit time of EXIM traffic to and from the NCR
NTKM, significantly less than the 64 gm per NTKM area to Western ports has come down from
for road transportation, making rail transport an about 72 hours to 24-28 hours.
eco-friendly option. DFC contributes significantly to o De-congested routes improving mobility,
the environment by saving 457 million tons of CO2 throughput, loading and other KPIs of the DFC
emissions over 30 years. connected zonal railways.
• Safe Operations
There will be no level crossings along the DFC
alignment, making it much safer for commuters and
residents near railway tracks. Advanced signalling
and safety systems like train protection systems are
used to maintain safe operations.
• Innovative Services
DFC has the potential to introduce innovative services
like Truck on Trains (ToT), Small cargo through
NMGHS, refrigerated special trains for perishable
commodities, e-commerce special trains, and triple-
stack dwarf container services.
• Improved Mobility and Throughput
De-congested routes improve mobility, throughput,
loading, and other key performance indicators in
connected zones.

DFCR Wagon Turnround (WTR) (in days)

Corridor EDFC WDFC
Month 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24
Apr 0.65 0.53 0.62 0.57 0.75 0.84
May 0.41 0.50 0.83 4.00 0.84 0.68
Jun 0.45 0.54 0.91 2.19 0.87 0.90
Jul 0.43 0.53 1.14 1.33 0.76 0.75
Aug 0.43 0.52 1.15 1.11 0.75 0.79
Sep 0.58 0.44 1.26 0.87 0.80 0.87
Oct 0.72 0.57 1.31 0.79 0.79 0.86
Nov 0.55 0.67 1.30 0.83 0.78 0.83
Dec 0.55 0.73 1.37 0.85 0.77 0.87
Jan 0.55 0.67 1.75 0.73 0.75 0.81
Feb 0.62 0.74 1.55 0.70 0.70 0.73
Mar 0.65 0.67 1.50 0.67 0.79 0.65
Avg 0.55 0.59 1.22 1.22 0.78 0.80

Annual Report 2023-24 75

 Dedicated Freight Corridor Corporation of India Limited

• O&M Improvements and Effective Asset consideration all the concerned (Department
Monitoring supervisor, Controllers and Station Masters)
along with real time tracking of Blocks through
Effective asset monitoring is done by DFCCIL through interactive dashboards.
innovative Section Availability Performance on a
daily basis. to improve efficiency, reduce downtime, o Crew management module tracking duty sign-
and enhance the overall performance of the system. on, sign-off, and real time duty hours of Crew
o Continuous and rigorous Asset monitoring and running trains in DFC . Data fetched from CMS
maintenance followed in the DFCCIL for the (Crew Management System) on a real time
systematic tracking and upkeep of equipment basis.
and infrastructure to ensure safe and reliable o Integration with different IR Applications - Control
operations. Office Application (COA), Integrated Coaching
o 106 HABDs (58 EDFC & 48 WDFC) and 01 Management System (ICMS), Crew Management
MVIS at Daudkhan already installed and many System (CMS), Freight Operation information
more in pipeline as a predictive and preventive System(FOIS). For seamless data flow.
measures.
• DFIS Station Modules
o Follow the strict 4 hours corridor block regime
for maintenance and upgradation of our o Interactive and user-friendly Interface for
systems. Station Masters ensuring faster and smooth
data feeding.
o Thorough analysis of each and every failure and
lesson learnt is disseminated to all concerned. o Running Blocks display on SM(Station Master)
dashboard along with Incoming and Outgoing
o DFCCIL effectively monitors assets through
Trains.
innovative Section Availability Performance
on a daily basis to improve efficiency, reduce o Auto generated e-TSR(electronic- Train Signal
downtime, and enhance overall system Register)based on data feeding.
performance. Continuous and rigorous asset
monitoring and maintenance ensure safe and o Accurate data reporting as all entries are duly
reliable operations. verified by on duty Station Masters.

• Innovation in DFC Freight Operation: DFIS o Auto generated authorities for running trains.

Dedicated Freight Information System (DFIS) is an o Voice alerts of train movement and other alerts
inhouse developed information system by a team of for station masters.
executives of OP&BD in DFCCIL. Which is the best 4.3.2 Business Development
illustration of Atma Nirbhar Bharat & utilization of
internal talent pool. a. Connecting New Terminals
Business Development is actively engaged in
the expansion of new terminals in alignment
with the Gati Shakti Multi-Modal Cargo Terminal
(GCT) policy of the Indian Railways, as part of the
Dedicated Freight Corridor Corporation of India
Limited (DFCCIL) network. This initiative involves
the integration of multiple rail connectivity projects
from various organizations into the DFCCIL network.
This application has several models and key Notably, there are two (2) rail connectivity projects
performance indicators of DFC monitored through from the National Industrial Corridor Development
DFIS. Corporation (NICDC), four (4) from the Container
o DFIS will act as a facilitator/a central system Corporation of India Limited (CONCOR), and one
for communication of data between different each from Pristine Logistics and Adani. All these
systems. projects are seamlessly being incorporated into the
DFC network.
o Aim: To develop AI powered DSS for increased
control, competitiveness and capability of In response to interest expressed by fourteen
futuristic decision-making of the organization. (14) prospective applicants in establishing cargo
terminals at twenty-seven (27) strategically
o Block Management System- Secured and identified stations under Schedule ‘2’ of GCT policy,
Paperless block maintenance in DFC from tenders were issued for 8 locations.
Block Demand to cancellation taking into

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Corporate Overview Notice Statutory Reports Financial Statements

Through open tender process, the Letter of • Major e-commerce companies like M/s Amazon
Allotment (LoA) has been granted to the lowest Seller Services, M/s Flipkart, M/s Meesho etc.
bidder for the “Development & Operation of Gati
Shakti Multi-Modal Cargo Terminal (GCT)” at three • Major logistics and supply chain players like
locations which are New Bhaupur, New Saradhana DHL, Delhivery, Bluedart, DP World, TVS Supply
and New Gothangam under Schedule 2 of the GCT • Amul and Agri produce transportation, etc.
Policy. The winning bidder at New Bhaupur not only
offered a 100% share in the Terminal Access Charge/ • Terminal Management Companies such as
Terminal Charges for Railways but also an additional Adani Ports and Special Economic Zone Limited,
52% share of Terminal Charges and Terminal Access SKN Freight Terminal and JM Baxi.
Charges. This significant financial commitment • Key customers like National Industrial Corridor
highlights stakeholders’ dedication to the successful Development Corporation (NICDC), Inland
development and operation of the terminals over Waterways Authority of India (IWAI), Nabha,
DFCCIL. Terminals at New Rewari and New Bhaupur Jawaharpur Thermal and Meja Thermal.
have been commissioned.
• Container Train Operators (CTOs) like CONCOR
and Pristine Logistics.
• Organizations including the Gujarat Cooperative
Milk Marketing Federation Ltd (GCMMF),
Hind Terminals, Ameya Logistics, TCI Supply
Chain Solutions, All Cargo Logistics, Sawariya
Shakti, MOL Shipping, Vinsum Express, District
Administration in Ambala, Globecoast Shipping.
• Cargo aggregators, industrial associations, and
terminal developers.

GCTs under Schedule ‘1’ of the GCT Policy (on Non- Consistently and routinely conducting meetings
Railway land) are coming up in New Sanjali, New with these stakeholders to seek their support and
Rewari, New Malikpur, New Dadri & New Dabla etc. encourage their active participation in establishing
mutually beneficial partnerships with DFCCIL.
Furthermore, to expedite the development of a DFCCIL’s goal is to collaboratively advance the
Multimodal Logistics Park (MMLP) in New Kanpur, a creation of Gati Shakti Multimodal Cargo Terminals
stakeholders’ conference was held. (GCTs), Private Freight Terminals (PFTs), Multi-Modal
b. Reaching out to Potential customers: Logistics Parks (MMLPs), Freight Terminals, Sidings,
and various other essential logistics infrastructure.
Actively engaged in various initiatives to establish Together, aim to facilitate efficient and sustainable
connections with potential customers for the freight transportation solutions for the benefit of all
Dedicated Freight Corridor Corporation of India parties involved.
Limited (DFCCIL) with focus on fostering active
engagement with a diverse range of customers c. Launch of small cargo services over DFC:
and promoting modal shifts through innovative Pursuing opportunities to tap into the vast potential
services such as Trucks on Train (TOT), Small Cargo of the e-commerce sector within the realm of rail
through NMGHS and Road-Railer options. Efforts transportation and to achieve this ambitious goal,
are directed towards reaching out to numerous DFCCIL initiated a transformative process, by using
stakeholders, including: Indian Railway’s converted old GS Coaches into
state-of-the-art NMGHS coaches. These coaches
are specifically designed to enable the efficient
transportation of smaller cargo consignments over
the Dedicated Freight Corridor (DFC) network.
In line with these efforts, DFCCIL is strategically
engaged with leading e-commerce companies with
primary objective is to encourage and facilitate their
shift from road-based cargo transportation to the
significantly more efficient and environmentally
sustainable rail transport alternatives. DFCCIL
launched small cargo services on 10.07.2023
between New Rewari and New Palanpur railway

Annual Report 2023-24 77

 Dedicated Freight Corridor Corporation of India Limited

stations of DFC. Further on completion of section Furthermore, DFCCIL has established an

up to New Sanand North station, the services have interdisciplinary committee to collaborate
been extended up to New Sanand North and shall effectively with the insurance consultant. This
run between New Rewari and New Sanand North committee, comprised of internal experts, playing
stations. a vital role in comprehensively addressing DFCCIL’s
insurance requirements throughout the policy life
cycle. The Insurance consultant will actively manage
claims processing to ensure timely resolution of any
potential issues. Through this proactive approach,
DFCCIL mitigates financial risks associated with the
project, contributing to its long-term success.
e. Operation of Trucks on Train (TOT) service
between New Rewari and New Palanpur

These services shall be extended as further sections

of DFCCIL get commissioned. During the FY 2023-
24, approx. 561 NMGHS were booked with an
earning of Rs 2.42 crores.
DFCCIL’s commitment to harnessing the potential With a triumph of strategic ingenuity, the DFCCIL
of the e-commerce sector in rail transportation orchestrated the seamless operation of the Trucks
reflects dedication to offering efficient, eco-friendly, on Train (TOT) service between New Palanpur and
and reliable freight solutions that can benefit both New Rewari along the illustrious Western Dedicated
businesses and the environment. Freight Corridor (WDFC). This pioneering endeavour
has not only been marked by its operational success
but also by the grandeur of its fiscal accomplishment,
yielding a commendable revenue stream to the tune
of Rs. 31.19 Crores during the year 2023-24.
The TOT service garnered widespread recognition
and admiration among truck operators for freight
transportation.

d. Empanelment of Insurance Consultant to obtain

Insurance Policies to insure the DFCCIL’s Assets
and Liabilities
The Dedicated Freight Corridor Corporation of
India (DFCCIL) prioritizes robust risk management
practices to ensure the project’s financial
sustainability. Recognizing the inherent operational
risks associated with large-scale infrastructure
development, DFCCIL has implemented a
comprehensive insurance strategy to safeguard its
assets and liabilities.
This strategy leverages two key elements.
DFCCIL, through a transparent selection process, Efficiency is the watchword for this remarkable
has appointed M/s K.M. Dastur as its insurance service, epitomized by the streamlining of operations
consultant. This esteemed firm possesses the that ensured seamless cargo movement. Its
expertise to meticulously assess DFCCIL’s specific popularity can be attributed to a range of attractive
insurance needs and procure optimal coverage.

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 Corporate Overview Notice Statutory Reports Financial Statements

features, including unmatched speed, unwavering and logistics management. Equally noteworthy
reliability, and uncompromising safety standards. is the improved wagon turnaround time, a key
These qualities have not only facilitated seamless metric that underscores the system’s proficiency
cargo movement but have also elevated the overall in expediting the loading and unloading processes,
standard of freight transportation services. ultimately enhancing the throughput capacity of
these terminals.
f. Brownfield Terminals attached with DFCCIL
Commodity Wise Traffic Streams
In a commendable display of progress and synergy
within the realm of rail freight operations, four • Iconic Trucks on Train (ToT) service is operational
strategically significant Brownfield Terminals on the Rewari-Palanpur section of WDFC.
have now been seamlessly integrated into the During the year 2023-24, 442 rakes carried
sophisticated Freight Operations Information 11259 Trucks with a total earning of Rs. 31.18
System (FOIS) by the esteemed Railway Board. These Crore approx., saving more than 1 lakh Liters
terminals, namely CONCOR PFT CMLK at New Ateli, of Diesel (approx.), thereby saving the nation’s
Shree Cement Siding at New Bangurgram, Ultratech foreign currency and reducing 270 tons of CO2
Cement Siding at New Keshavganj, and J K Lakshmi emission.
Cement Siding at New Banas, Powerhouses at New o Carrying loaded and empty trucks on flat rail
Sarai Banjara (M/s Nabha TPP) and at New Unchdih wagons, which will enable door to door
(M/s Meja TPP) represent crucial nodes within the
evolving logistical landscape. The introduction of o service piggyback on fast and safe movement
these terminals into the FOIS ecosystem stands as on Tracks.
a testament to the relentless pursuit of excellence o Trucks on train benefits
within the Indian railway infrastructure.
• Reduced Carbon Emission: 28gm vs 64 gm CO2
The transformative potential of DFCCIL (Dedicated Emission/NTKM
Freight Corridor Corporation of India Limited) is • Less Congestion on Roads
acutely evident in the tangible benefits witnessed
since the commencement of this integration. • Less wear & tear of trucks Reduced expenditure
Notably, a discernible reduction in transit time has on maintenance.
been achieved, signalling a noteworthy improvement • Generation of new man-days work
in the overall performance of these terminals. This • Proper Rest to Driver and Cleaner and better-
outcome is of profound significance, as it directly quality time to them
contributes to the expeditious movement of goods
across the railway network, crucial for economic • Saving of Diesel import Bill.
vitality and competitiveness. Container Loading
Furthermore, the integration with DFCCIL has Container rake handling at CONCOR freight terminal
empowered these terminals to display an increased at Kathuwas (CMLK), New Swarupganj (CPFS) has
capacity to handle freight rakes, attesting to the witnessed significant growth and turn-round of
system’s efficacy in optimizing resource allocation container rakes also improved significantly.

Overall Loading

Cmdt. 2021-22 2022-23 2023-24

Rakes MT Rs. Crore Rakes MT Rs. Crore Rakes MT Rs. Crore
Cement 1476 4.16 310.66 1908 5.39 472.72 1789 5.20 456.80
Container 3394 3.76 265.50 5641 6.67 475.03 6135 7.63 647.56
Other 36 0.13 4.61 198 0.46 23.05 229 0.30 14.18
ToT 167 0.14 10.51 71 0.06 4.40 442 0.20 31.18
Total 5073 8.19 591.28 7818 12.58 975.20 8595 13.33 1149.72

Annual Report 2023-24 79

 Dedicated Freight Corridor Corporation of India Limited

Container Loading (Rakes & Million Tonne) and Earning (Rs Crore)
CMLK 2021-22 2022-23 2023-24
Rakes Tonnage Earning Rakes Tonnage Earning Rakes Tonnage Earning
Apr 423 0.467 33.155 425 0.485 34.392
May 449 0.485 33.688 296 0.351 25.531
Jun 454 0.518 36.896 262 0.323 25.812
Jul 27 0.031 2.207 406 0.483 35.518 358 0.441 28.621
Aug 335 0.387 28.449 420 0.488 34.956 324 0.408 27.912
Sep 384 0.421 31.067 369 0.414 32.982 293 0.379 25.468
Oct 377 0.388 26.304 410 0.478 31.110 286 0.326 26.124
Nov 414 0.406 28.826 343 0.417 27.218 276 0.330 27.148
Dec 414 0.416 26.720 404 0.494 33.134 272 0.351 28.475
Jan 434 0.482 32.831 441 0.546 35.770 271 0.332 27.684
Feb 214 0.454 34.528 380 0.507 34.420 266 0.340 28.942
Mar 417 0.456 36.314 420 0.520 37.297 284 0.372 33.000
Total 3016 3.44 247.24 4919 5.82 406.14 3613 4.44 339.11
Avg/Month 335 0.38 27.47 410 0.48 33.85 301 0.37 28.26

Container Loading (Rakes & Million Tonne) and Earning (Rs Crore)
CPFS 2021-22 2022-23 2023-24
Rakes Tonnage Earning Rakes Tonnage Earning Rakes Tonnage Earning
Apr 53 44037 26470122 42 52269 32766344
May 46 41369 29535297 37 48275 37007496
Jun 58 80345 82962506 65 76999 53154640
Jul 64 87335 74564278 60 94611 54830573
Aug 72 107872 105669914 56 77414 46055538
Sep 56 61986 52861188 55 82805 47999001
Oct 4 2485 1428042 81 90598 76661362 46 57464 26004879
Nov 67 52827 32976579 56 60610 61465222 44 74299 37897796
Dec 76 63249 37019616 42 47031 35025367 49 76777 46591988
Jan 77 73081 39672330 67 78297 54740477 60 81363 40136972
Feb 78 64780 38458785 54 66025 36280430 49 64423 40354808
Mar 76 64902 32967769 73 90312 52667611 25 34165 19741864
Total 378 0.32 18.25 722 0.86 68.89 588 0.82 48.25
Avg/Month 63 53554 3.04 60 71318 5.74 49 68405 4.02

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 Corporate Overview Notice Statutory Reports Financial Statements

DGRN 2023-24 ICDD 2023-24

Rakes Tonnage Earning Rakes Tonnage Earning
Apr 8 9491 6258549 Apr
May 15 15830 6079074 May
Jun 23 19011 21531164 Jun
Jul 42 44759 24985895 Jul 158 189220 209799200
Aug 63 75350 32329759 Aug 178 234900 247864900
Sep 42 51166 23284913 Sep 176 233440 259286700
Oct 35 43065 18626031 Oct 175 222460 285867900
Nov 33 40726 14951404 Nov 169 202970 266511800
Dec 37 43896 22977730 Dec 170 208230 269391900
Jan 152 180510 260039600
Jan 40 47244 24519817
Feb 164 207830 265511700
Feb 42 44423 36039236
Mar 173 213680 275099700
Mar 39 45195 31043774
Total 1515 1.89 233.94
Total 419 0.48 26.26
Avg/Month 168 210360 25.99
Avg/Month 35 40013 2.19
Cement Loading
Cement sidings - JK Lakshmi Cement at New Banas(LCTS), Shree Cement at New Bangurgram-(BNGS) & Ultratech
Nathdwara Cement at New Keshavganj (UNCK) have witnessed growth after connection with DFC. The spike in
unloading is testament to the freight transportation prowess of DFC.
Cement Loading (Rakes & Million Tonne) and Earning (Rs Crore)
Cement 2021-22 2022-23 2023-24
Plant Rakes MT Rs. Cr. Rakes MT Rs. Cr. Rakes MT Rs. Cr.
BNGS 514 1.27 105.25 497 1.31 134.44 582 1.52 154.21
LCTS 483 1.39 110.04 620 1.82 159.95 529 1.61 138.99
UNCK 479 1.50 95.36 791 2.26 178.33 678 2.07 163.61
Total 1476 4.16 310.66 1908 5.39 472.72 1789 5.20 456.80

Slight reduction observed in FY 2023-24 was due to prolonged rainy season.

Overall Loading

Cmdt. 2021-22 2022-23 2023-24

Rakes MT Rs. Crore Rakes MT Rs. Crore Rakes MT Rs. Crore
Cement 1476 4.16 310.66 1908 5.39 472.72 1789 5.20 456.80
Container 3394 3.76 265.50 5641 6.67 475.03 6135 7.63 647.56
Other 36 0.13 4.61 198 0.46 23.05 229 0.30 14.18
ToT 167 0.14 10.51 71 0.06 4.40 442 0.20 31.18
Total 5073 8.19 591.28 7818 12.58 975.20 8595 13.33 1149.72

Other Coaching Loading

Small Cargo In NMGHS wagons between 561 0.006 2.41

New Rewari - New Palanpur - New Rewari

Annual Report 2023-24 81

 Dedicated Freight Corridor Corporation of India Limited

Others Loading (Rakes & Million Tonne) and Earning (Rs Crore)

Terminal 2021-22 2022-23 2023-24

Rakes MT Rs. Crore Rakes MT Rs. Crore Rakes MT Rs. Crore
DBLN 18 0.07 2.75 86 0.30 17.56 41 0.14 9.04
SMPN 3 0.01 0.28 0 0.00 0.00 0 0.00 0.00
SDHN 3 0.01 0.18 38 0.05 1.05 42 0.02 0.79

KSGN 2 0.01 0.20 0 0.00 0.00 0 0.00 0.00

BAGN 4 0.02 0.99 31 0.06 2.94 39 0.05 1.53
BRLN 6 0.01 0.21 26 0.03 0.80 19 0.01 0.24
SKNN 0 0.00 0.00 14 0.02 0.63 7 0.00 0.19
BHUN 0 0.00 0.00 2 0.00 0.05 38 0.02 0.52
CDQN 0 0.00 0.00 1 0.00 0.02 6 0.01 0.10
UMND 2 0.00 0.04
BDNN 23 0.02 0.80
GUSN 5 0.00 0.24
KNNN 6 0.02 0.00
GVGN 1 0.00 0.69
Total 36 0.13 4.61 198 0.46 23.05 229 0.29 14.18

Commencement of Commercial Operation on new Sections

In the fiscal year 2023-24, DFCCIL undertook a significant expansion of its railway network, marking a pivotal moment
in the evolution of India’s transportation infrastructure. Multiple new railway sections were meticulously planned,
constructed, and successfully completed during this period, each representing a vital link in the broader network.
These newly established sections are as follows:

Commissioning of sections over DFCCIL during FY 2023-24

S.N. Corridor Field Unit Section Station from Station To Date of Commission
1 EDFC Meerut KRJN-BRKN New Khurja New Boraki 24.04.2023
2 EDFC Prayagraj (East) DAPN-KCNN New Dagmagpur - New Karchana 12.07.2023
Chunar (IR)
3 EDFC Prayagraj (East) KCNN-IDGJ New Karchana Iradatganj 12.07.2023
4 EDFC Prayagraj (West) KCNN-SJTN New Karchana New Shujatpur 12.07.2023
5 EDFC Prayagraj (West) CNBN-BZMN New Kanpur New Bhimsen 12.07.2023
6 EDFC Prayagraj (West) BZMN-BPUN New Bhimsen New Bhaupur 12.07.2023
7 EDFC Prayagraj (East) CAR-DDUN Chunar (IR) - New New Deen Dayal 11.09.2023
Dagmagpur Upadhyay Junction
8 WDFC Ahmedabad BHUN-MSH New Bhandu Mahesana Junction 20.10.2023
9 WDFC Nodia REJN-DERN New Rewari New Dadri 31.01.2024

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 Corporate Overview Notice Statutory Reports Financial Statements

The Railway Board, recognizing substantial progress and The comparative figures of procurement on GeM
adherence to rigorous quality standards, has accorded portal during last 03 years are displayed in the bar
its valuable permission for the commencement of chart hereunder.
commercial operations of goods traffic on these newly
inaugurated sections. This significant development
marks a momentous milestone in the history of India’s
railway infrastructure, unlocking new avenues for trade
and commerce. To ensure seamless operation and
facilitate transparency, DFCCIL has integrated these
newly commissioned stations into its comprehensive
Rates Branch System. Moreover, pertinent Inter Station
Distance information, critical for logistics planning and
scheduling, is now readily accessible to both the general
public and stakeholders. This transparency serves as
a testament to DFCCIL’s commitment to fostering an
environment of open and efficient rail transportation
services, thereby bolstering economic growth and
connectivity across the nation.

Track Access Charges

DFCCIL has meticulously drafted Track Access Charges
(TAC) amounting to a cumulative sum of INR 4485 crore
approx. for the fiscal year 2023-2024. Approval and
disbursement awaited from Railway Board.
During the period April 2023 to March 2024, DFCCIL
achieved a commendable originating loading volume
of 13.22 million tonnes. This robust performance
translated into substantial revenue generation of INR 4.4.2 E-Procurement
1035.82 crore for Indian Railways.
The buyers were guided for preparing E-bids on
The impressive loading figures were achieved through IREPS as well as Online finalization of tenders for
efficient cargo handling, reflected in the movement improving transparency and quick decision making.
of 561 NMGHS during the year. These statistics are a During the year 2023-24, total 185 numbers of
testament to DFCCIL’s operational diligence and efficacy. tenders valuing Rs. 1063.76 Cr have been finalised
DFCCIL remains committed to facilitating seamless on IREPS.
freight transportation, thereby contributing significantly The comparative figure of last two years are
to the nation’s economic vitality. Looking ahead, displayed in chart hereunder for the number of
the organization remains steadfast in its pursuit of contracts finalised and its values.
excellence and continued growth in the realm of rail
transportation.

4.4 Procurement
4.4.1 GeM Procurement
Procurement of Goods and Services of common use
took a giant leap in the year 2023-24. Contracts
valuing INR 185,76 Cr were placed on GeM during
2023-24, out of which 72.24 % of procurement were
made from MSE firms. There was 44.94 % increase
in GeM Procurement in 2023-24 as compared to the
year 2022-23.
GeM has recognized DFCCIL for achieving highest
procurement ever of Rs 185.76 Cr during financial
year 2023-24 through platform, contributing to
GeM’s total procurement surprising 3 Lakh Cr for
the fiscal year.

Annual Report 2023-24 83

 Dedicated Freight Corridor Corporation of India Limited

exemption from application of Section 152(6)

and 152(7) vide MCA Notification dated 13th
June 2017. During the year under review,
there were changes in the composition of the
Board of Directors of the Company on account
of appointments and cessations, which are as
follows:
5.1.1 Appointments/Extensions during the FY
2023-24.
• Shri Shobhit Bhatnagar as Director/
Operations & Business Development w.e.f
28.02.2024.
[Vide Railway Board’s Order No. 2022/E(O)
II/40/19 dated 16.02.2024, appointed
by the President of India from the date of
assumption of charge of the post or till
superannuation, i.e., 28.02.2027, or until
further orders, whichever is earlier. He
4.4.3 Training assumed the charge on 28.02.2024 vide
HR Office Order No. 176/2024.]
DFCCIL coordinated with the buyers of various
departments and field units and guided them for • Shri Pranai Prabhakar, Principal Executive
procurement of items available on GeM portal. Director (Infrastructure), Railway Board
The various functionalities on Government-e- as Part-time Official Director w.e.f.
Marketplace are evolving on continuous basis. In 20.03.2024
order to make the officials working on GeM platform
acquainted with the functionalities of GeM Portal, [Vide Railway Board’s Order No. 2022/
the trainings have been organised from time to time PL/57/10 dated 20.03.2024, appointed
for them by co-ordinating with training team of by the President of India with immediate
GeM. effect till he holds the post of Principal
Executive Director (Infrastructure), Railway
4.4.4 Other Procurement related information Board or until further orders, whichever is
earlier.]
• MM department prepared and circulated policy
documents regarding Scrap Disposal/Sale after 5.1.2 Appointments after the close of Financial
approval of MD. Year 2023-24 till the date of report.
• MM department finalised the MoU for DFCCIL • Shri Praveen Kumar as Managing Director
with Railway Board for availing the Tendering/ w.e.f 21.08.2024.
Auction facilities of IREPS Portal for period of
11.07.23 to 11.07.27. [Vide Railway Board’s Order No. 2023/E(O)
II/40/12 dated 21.08.2024, appointed
• 2370 new material code has been created by the President of India from the date of
during 2023-24 for enabling transaction assumption of charge of the post or till
through SAP for these items. superannuation, i.e., 30.09.2026, or until
further orders, whichever is earlier. He
• Certificate of appreciation has been conferred by
assumed the charge on 21.08.2024 vide
Ministry of MSME to DFCCIL at CPSE conclave on
HR Office Order No. 741/2024.]
Procurement held at 29.02.24 for third highest
percentage in procurement for women owned • Shri Pankaj Saxena as Director/Infra w.e.f
micro and small enterprises among CPSE in the 02.07.2024.
category of total procurement between Rs 100
Cr to 1000 Cr for Financial year 2022-23. [Vide Railway Board’s Letter No. 2019/E(O)
II/40/16 dated 02.07.2024, the competent
5 Management authority has approved entrustment of
additional charge of the post of Director
5.1 Directors (Infrastructure), in addition to his own,
for the period of three months w.e.f.
The Company, being a wholly owned
02.07.2024 or till the appointment of a
Government Company, has been granted

84
 Corporate Overview Notice Statutory Reports Financial Statements

regular incumbent to the post or untill • Shri Ravindra Kumar Jain, Managing
further orders, whichever is the earliest. Director w.e.f 01.08.2024.
Further, [Vide Railway Board’s [Vide Railway Board’s Order No. 2019/E(O)
Letter No. 2019/E(O)II/40/16 II/40/17 dated 08.12.2020, ceased to
dated 21.08.2024, the competent hold office upon superannuation w.e.f.
authority has approved extension of 01.08.2024.]
additional charge of the post of Director
(Infrastructure),in addition to his own, for 5.2 Director’s Responsibility Statement
the period of nine months w.e.f. 02.10.2024 In terms of section 134(5) read with section
or till the regularly selected incumbent joins 134(3)(c) of the Companies Act, 2013, the
the post or untill further orders, whichever Board of Directors state that-
is the earliest.
a) in the preparation of the annual accounts,
• Shri Satish Kumar as part- time Chairman the applicable accounting standards
w.e.f 03.09.2024. had been followed along with proper
[Vide Railway Board’s Order No. 2021/ explanation relating to material departures;
PL/61/2 Pt. dated 03.09.2024, appointed b) the Directors had selected such accounting
by the President of India from the date policies and applied them consistently and
of assumption of charge of the post, or made judgments and estimates that are
until further orders, whichever is earlier. reasonable and prudent so as to give a true
Appointment will be effective from the date and fair view of the state of affairs of the
of Allotment of DIN.] company at the end of the financial year
5.1.3 Cessations during the Financial Year 2023- and of the profit and loss of the company
24. for that period;

• Shri Nanduri Srinivas, as Director/ c) the Directors had taken proper and sufficient
Operartions & Business Development of care for the maintenance of adequate
the Company w.e.f 15.06.2020. accounting records in accordance with the
provisions of this Act for safeguarding the
[Vide Railway Board Order No. 2018/E(O) assets of the company and for preventing
II/40/3 dated 15.06.2020, ceased to and detecting fraud and other irregularities;
hold office upon superannuation w.e.f
01.01.2024] d) the Directors had prepared the annual
accounts on a going concern basis; and
• Shri Mukul Saran Mathur, Principal
Executive Director (Infrastructure), e) the Directors, had laid down internal
Railway Board as Part-time Official financial controls to be followed by the
Director w.e.f 20.03.2024. company and that such internal financial
controls are adequate and were operating
[Vide Railway Board Order No. 2022/ effectively.
PL/57/10 dated 03.01.2023, ceased to
hold office upon ceasing to hold office of f) the Directors had devised proper systems
Principal Executive Director (Infrastructure), to ensure compliance with the provisions of
Railway board. Cessation was w.e.f all applicable laws and that such systems
20.03.2024] were adequate and operating effectively.

5.1.4 Cessation after the close of Financial Year 5.3 Declaration by Independent Directors
2023-24 till the date of report. In terms of Section 149(7) of the Companies
• Shri Hari Mohan Gupta, Director/ Act, 2013, Independent Directors, Prof. Pawan
Infrastructure w.e.f 01.07.2024 (AN). Palta and Shri Amarnath Yadav have submitted
a declaration that they meet the criteria of
[Vide Railway Board’s Order No. 2023/E(O) independence as provided under Section 149(6)
II/40/15 dated 01.07.2024 the Competent of the Companies Act, 2013.
Authority has approved the appointment
of Sh. Hari Mohan Gupta, Director 6 Particulars of Employees under Rule 5(2) Of the
(Infrastructure), DFFCIL to the post of CMD/ Companies (Appointment and Remuneration
IRCON International Limited with effect of Managerial Personnel) Rules, 2014.
from the date of assumption of charge i.e During the year under review, the particulars of
01.07.2024 (AN).] Employees to be disclosed under Rule 5(2) of the

Annual Report 2023-24 85

 Dedicated Freight Corridor Corporation of India Limited

Companies (Appointment and Remuneration Auditor under para 3 clause (xi) of the Annexure
of Managerial Personnel) Rules, 2014 may be A to the Independent Auditor’s Report.
treated as NIL as none of the employees was
in receipt of remuneration more than INR 1.02 7.5.2 Secretarial Auditor
crores per annum. No fraud has been reported by the Secretarial
Auditor under Section 143(12) read with section
7 Auditors 143(14)(b) of the Companies Act, 2013 for the
7.1 Statutory Auditor FY 2023-24.

The Comptroller and Auditor General (C&AG) of India 8 Risk Management

had appointed M/s Suresh Chandra & Associates, The Company has consistently demonstrated
Chartered Accountants as Statutory Auditor of the its unwavering commitment to maintaining the
Company for the year 2023-24 and in exercise of highest standards of operational excellence. In line
powers conferred by the shareholders, the Board of with this commitment, the company has diligently
Directors have fixed their remuneration at a fee of pursued an effective Enterprise Risk Management
Rs. 16,10,000/- (Sixteen Lakhs Ten Thousand only) (ERM) framework to identify, assess, and mitigate
plus GST as per applicable rate and out of pocket risks that could potentially impact its long-term
expenses to be paid extra. objectives.
7.2 Secretarial Auditor In FY2022-23, considering company transition
Pursuant to the requirements of Section 204 read from construction phase to operational phase and
with Rule 9 of the Companies (Appointment and to recognize the evolving nature of risks associated
Remuneration of Managerial Personnel) Rules, with operational phase, company took an initiative
2014, the Board of Directors had appointed M/s A. to revise its existing ERM policy in line with the
K. Rastogi & Associates, Company Secretaries as globally recognized ISO 31000-2018 standard. In
the Secretarial Auditor for the financial year 2023- FY 2023-24, it has come towards its completion.
24. Once completed, this comprehensive framework
will facilitate a systematic approach to risk
7.3 Explanation/comments by Management on identification, analysis, evaluation, treatment, and
reservation, qualification or adverse remarks by monitoring across all construction and operational
auditors facets of the company.
7.3.1 Statutory Auditor’s Report The company recognizes that implementation of
enterprise risk management policy is a collective
The Independent Auditor’s Report dated 25 th
responsibility that permeates throughout the
June 2024 submitted by M/s Suresh Chandra
organization. Therefore, the company has fostered
& Associates, Chartered Accountants does not
a risk-aware culture by promoting employee
contain any reservation, qualification or adverse
engagement, training, and awareness programs.
remarks and hence, no explanation/ comments
By encouraging employees at all levels to actively
are required.
participate in risk identification and mitigation, the
7.3.2 Secretarial Audit Report organization aims to enhance its risk management
capabilities and establish a resilient corporate
The Secretarial Audit Report in Form MR-3 ecosystem. The ERM framework is spearheaded
dated 02nd September 2024 submitted by M/s A by the Risk Management Committee (RMC), who
K Rastogi and Associates, Company Secretaries actively ensures that risk management activities
along with Management’s Reply is placed at across the company are undertaken as per guidelines
Annexure A and Annexure A1, respectively. and established policies. Further, the Risk Owners
7.4 Comments of Comptroller & Auditor General at all Field Units/Corporate Office Departments are
made responsible for identifying and assessing the
Comptroller & Auditor General of India has risks in their respective areas.
issued “Nil” comments on Financial Statements
of the Company. The Final comment of By fostering a risk-aware culture, engaging
Comptroller & Auditor General of India is placed stakeholders, and continuously refining its risk
as Annexure B. management strategies, the company is poised to
achieve sustained business operations aligned with
7.5 Fraud reported by Auditor its long-term objectives.
7.5.1 Statutory Auditor Further, company is at the forefront of technological
advancements aimed at enhancing operational
No fraud has been reported the Statutory
efficiency and quality by developing a Tool which

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Corporate Overview Notice Statutory Reports Financial Statements

shall perform robust data analysis on the registered company can proactively address systemic issues,
defects and risks and generates actionable insights implement preventive measures, and allocate
that provide valuable information to decision- resources more effectively.
makers. By leveraging data driven decision making,

S.No. Risks identified Mitigation Initiatives by DFCCIL

1 Cyber Attacks: The digital nature of • Develop, implement and communicate an Information Security
our operations (Use of FOIS, TMS, Management System (ISMS) policy
Kavach, SCADA and other IT based
applications) makes us vulnerable • Implement security measures in line with IEC 62443 standards
to cyber threats such as hacking, • Conduct annual cyber audits of third-party applications, signaling,
malware, and unauthorized access, and SCADA systems.
potentially disrupting operations
and causing financial implications. • Formalize an organization for Cyber Security, reporting to
Management on monitoring compliance on Cyber Security issues.
2 High embankment, deep cut and • Use of UAVs, photogrammetry techniques, and hydrological and
drainage failure: Structural failure geotechnical investigations to evaluate earthwork conditions.
can cause significant disruptions.
• Implement disaster management plans for rehabilitation.
• Conduct preventive maintenance, such as drain cleaning, turfing
and slope repairs, before the monsoon season.
3 Non-availability of soil for • Conduct a comprehensive soil assessment to determine the
earthwork activities: Lack of available soil quality and quantity at proposed project site
suitable soil can delay projects. in comparison to the required earthwork quantity, and then
accordingly plan design parameters before award of the tender.
4 Dependency on OEMs for • Consider entering into long-term contracts or agreements with
Maintenance of S&T Equipment: OEMs. Providing volume commitments or assured business can
Reliance on Original Equipment incentivize OEMs to provide more favorable pricing terms.
Manufacturers (OEMs) for S&T
equipment (EI, MSDAC, TPWS, • Conduct thorough market research to identify alternative vendors
Telecom) can pose supply chain or suppliers who can provide similar spares or maintenance
and maintenance challenges. services. Evaluate these vendors based on factors such as price
competitiveness, quality, reliability, and market reputation.
5 Delay in finalization of Maintenance • Standardize the maintenance philosophy between outsourced
philosophy for all departments activities and inhouse activities.
(Short term maintenance contract
or long-term comprehensive • Analyze the best industry practices & global benchmarks to
maintenance contract): develop the comprehensive maintenance philosophy in line with
Inconsistent maintenance practices DFCCIL objectives.
can affect operations • Communicate the maintenance philosophy clearly to all field
units.
6 Interoperability of Train protection • Interoperability of Train protection & warning system (TPWS)
& warning system (TPWS) installed in WDFC network with Train collision avoidance system
installed in WDFC network with (TCAS) installed in IR Loco: Compatibility issues between different
Train collision avoidance system train protection systems can cause operational challenges..
(TCAS) installed in IR Loco:
Compatibility issues between
different train protection systems
can cause operational challenges.

Annual Report 2023-24 87

 Dedicated Freight Corridor Corporation of India Limited

S.No. Risks identified Mitigation Initiatives by DFCCIL

7 Enroute Hot axle detection: Hot axle • 101 HABDs have been installed over DFC so far and these
issues can lead to derailments, acci- have been installed in almost every block section to detect
dents, and operational disruptions. Hot axle. Further, additional 42 HABDs would be installed in
new sections/commissioned sections.
8 Inconsistency in maintaining average • Invest in data analytics tool to identify the critical areas of
speed of 60 Km/h for goods train on improvement in terms of defects management.
DFCCIL network: May lead to Customer
dissatisfaction, Loss of market share to • Regular site inspections to ensure the implementation of
other transportation modes with faster maintenance activities as per the decided schedule.
solution for short or medium distances • Evaluate the effectiveness of existing maintenance
and DFCCIL Network underutilization. philosophy of organization in consultation with all relevant
stakeholders
• Implement virtual crew lobby at DFCCIL stations with IR
approval to avoid late arrival of loco driver & guard.
9 Non availability of skilled technical • Implement a prequalification process for contractors that
manpower with outsourced O&M assesses their technical staff capabilities and resources.
contractor: This may increase the This helps ensure that only contractors with sufficient
downtime and the maintenance costs, technical staff are considered for the project. Evaluate their
safety outreach and may deteriorate qualifications, experience, and expertise in relevant areas to
asset life. determine their suitability as per DFCCIL expectations
10 Non availability of Specially • Urge the Ministry of Railways (MoR) to invest in the design
designed wagons compatible with and production of DFC standard wagons.
DFC standards wrt speed, axle load
and SoD etc.; and special purpose • Propose private wagon investment schemes for these
wagons for non-conventional traffic wagons.
like RO-RO, e-commerce etc.: This • Propose RO-RO traffic under SFTO to be treated at par with
badly impacts the Speed, loadability, other permitted commodities by MoR
throughput. Network utilization is
negatively impacted, and Competitive
edge of DFC goes waste
11 Unpredictability on revenue model: • Request the Indian Railways (IR) to develop an effective
Uncertain revenue models can affect operating model and structured revenue model to align with
financial stability. our project objectives.

By addressing these risks proactively through strategic financial year of the company to which the financial
initiatives and technological advancements, we are well- statements relate and the date of the report. 53rd
positioned to navigate challenges and achieve our long- GST Council meeting held on 22.06.2024 has
term goals. recommended that –
9 Particulars of Loans, guarantees and Investments “To exempt GST on the services provided by Special
Purpose Vehicles (SPV) to Indian Railway by way of
The particulars of loans, guarantees and investments allowing Indian Railway to use infrastructure built
under Section 186 of Companies Act, 2013 are ‘NIL’ & owned by SPV during the concession period and
during the year under review. maintenance services supplied by Indian Railways
10 Material changes and commitments, if any, to SPV. The issue for the past will be regularized on
affecting the financial position of the company ‘as is where is’ basis for the period from 01.07.2017
which have occurred between end of Financial Year till the date of issue of exemption notification in this
of the company to which the financial statements regard.”
relate and the date of the report- However Pending receipt of formal notification,
There are no Material changes and commitments, if no provision / adjustment has been made in the
any, affecting the financial position of the company financials of the current year in respect of GST,
which have occurred between the end of the if any and to the extent exempted in pursuant to

88
 Corporate Overview Notice Statutory Reports Financial Statements

above recommendation. Adjustment if any shall be Ind AS 24, entities over which the same government
carried out in the books as and when the notification has control or joint control of, or significant influence,
is published and made effective. then the reporting entity and other entities shall
be regarded as related parties. The Company has
11 Particulars of contracts or arrangements with applied the exemption available for government
related parties related entities and have made limited disclosures
The Company is a Central Public Sector Undertaking in the financial statements. Entities with which the
(CPSU) controlled by Central Government through Company has significant transactions with MOR,
Ministry of Railways by holding its entire shares RDSO, Rites Ltd, Konkan, RailTel, IRCTC, CONCOR,
(refer Note 15). Pursuant to Paragraph 25 & 26 of RVNL, Indian Railway, CRIS.
(INR in crore)
Name of Related Party Nature of Transaction For the year ended
March 31, 2024 March 31, 2023
AMOUNT RECEIVED
Receipt pending 12,241.00 14,865.50
adjustment*
*Transfer towards Share
Application Money (out
of receipts) is Nil (PY Rs,
165237 Lakh Only)
Advance for Land 1,083.00 529.48
Advance for ROB/RUB 61.26 271.79
CAPITAL ALLOTED - 1,652.37
AMOUNT PAID
For Capital Advances 529.57 695.94
Ministry
For purchase of Inventory - 0.01
of
ON BEHALF OF MOR
Railways
& Land facilitation 2.82 1.70
its constituent expenses
Cost Sharing towards 8.64 367.88
ROB/RUB - Adjusted
Recoverable from MOR 180.23 359.85
- Sonnagar - Dankuni
Project
Expenditure on PETS 35.57 51.89
Survey Recoverable from
MoR
Outsourced Staff Salary 0.96 0.92
on behalf of MOR

Annual Report 2023-24 89

 Dedicated Freight Corridor Corporation of India Limited

(INR in crore)

Name of Related Party Nature of Transaction For the year ended

March 31, 2024 March 31, 2023
INCOME
Track Access charge 4,484.90 3,141.48
DPR - PETS Survey 4.19 -
Miscellaneous Income 0.03 -
EXPENSES
Renting/ Hiring Charges - 2.03
Training Expenses 5.00 17.22
Project Related Expenses 23.71 1.65
Repair and Maintenance Expenses 13.78 25.08

Electricity Expenses 0.37 13.27

AMOUNT PAID/PAYABLE
Railway Design and Standards Organization
(RSDSO)
Recruitment Expenses - 0.13

Inspection Charges 2.03 2.81

Professional and Consultancy Charges 0.99 -
Rail India Technical and Economic Services
Limited (Rites Ltd)
Advance For ROB/RUB - -
Project Management Consultancy services 50.12 34.81
Inspection Charges 1.28 1.24
Entities under Miscellaneous Income 0.03 -
Ministry
of Centre for Railway Information System
Railways
Advance for implementation of BMS and 1.61 0.63
TMS Application
Kolkata Metro Rail Corporation Limited
Office Rent 0.52 0.83
Indian Railway Catering and Tourism
Corporation (IRCTC)
Inspection Charges 1.86 2.53
Rail Vikas Nigam Limited (RVNL)
Advance for IR Connectivity - -
Adv for Const/purchase of Flat/GH-HO - 7.92
Adv for Construction of FOB - 0.41
Payment of Office Rent 0.02 0.06

90
 Corporate Overview Notice Statutory Reports Financial Statements

(INR in crore)
Name of Related Party Nature of Transaction For the year ended
March 31, 2024 March 31, 2023
Railtel Corporation of India Limited
Professional & Consultancy Charges 0.63 0.34
Internet & Telephone Charges 12.55 5.59
Annual Maintenance Charges 1.53 1.34
Shifting of Utilities - 0.64
Container Corporation of India Limited
Rent Expenses 0.01 -
Deposit Work Expenses 10.08 -
National Rail Museum

Meeting and Conference Expenses 0.00 -

AMOUNT RECEIVED/ RECEIVABLE

Container Corporation of India Limited
Advance for Deposit Work & Other - 19.01

Sale of Tender - 0.20

Miscellaneous Income - 7.65
Total 18758.31 22084.23
Nature of Transaction For the year ended
March 31, 2024 March 31, 2023
A) Short-term Employee Benefits 3.76 3.12
Remuneration
to Key B) Post-Employment Benefits 0.26 0.23
Managerial
C) Other Long-Term Benefits 0.14 0.28
Personnel
D) Share Based Payment - -
E) Sitting Fee 0.04 0.07
Total 4.20 3.70

12 Corporate Social Responsibility units have been replaced with new units
which are IGBT based, thereby consumes
A report on Corporate Social Responsibility pursuant less energy in comparison with old and
to Section 135 of the Companies Act, 2013 read non-energy efficient units.
with Companies (Corporate Social Responsibility)
Rules, 2014 is placed at Annexure C. ii) Energy management system based on
smart metering & cloud-based application
13 Conservation of Energy, Technology Absorption, is under procurement in DFCCIL. It is
Foreign Exchange Earnings and Outgo envisaged to deploy an Internet based
13.1 Conservation of Energy energy monitoring and control solution at
DFCCIL Corporate office. Similar systems
a) Steps taken for conservation of energy: deployed for pumping automation & street
i) DFCCIL has adopted Variable Refrigerant light control are running successfully in the
Flow based heating ventilation & air- Indian Railways & Municipal Corporations.
conditioning system (VRF-HVAC) for The solution shall comprise of energy
the corporate office with centralized monitoring at various loads points along
monitoring & control features. Old Outdoor with control capability. There shall also be

Annual Report 2023-24 91

 Dedicated Freight Corridor Corporation of India Limited

a Central Energy Management Software (ii) Consultancy Services Contract for Engagement
(EMS) system for reporting, analysis of General Consultant study for setting up of
and controlling the load points. The EMS solar power plants along the ROW in EDFC
shall also have web-based monitoring & WDFC was awarded through World Bank
and control based on user requirements. Technical Assistance Program. The pilot project
EMS will also be used for lighting & pump will cover 850 km (350 km in EDFC & 500 in
monitoring in non-traction area. WDFC). Consultant has submitted detailed
feasibility study report for capacity assessment.
iii) LED type fittings are being provided in all Based on the outcome of this study, decision
facilities across the DFCCIL. shall be taken for implementation of the project
b) Steps taken for utilisation of alternate source in the identified sections.
of energy 13.2 Technological absorption
Based on DFCCIL’s vision, various installations in a) Adoption of 2X25 KV Overhead system
the DFCCIL network are planned to adopt Green
Energy Concept so as to meet minimum 10% energy DFCCIL has adopted 2x25 kV AT feeding system
requirements through renewable sources. It is for heavy haul traction requirements, having
proposed to harness solar power to meet part of electrical distribution efficiency of 97.6% against
the energy requirement and install 645 KWP solar 92.95% efficiency in 25 kV system.
capacity by providing integrated modules at level
crossing gates, signalling huts, crossing & junction The system offers following inherent advantages
stations, Operation Control Centre (OCC) Building, over conventional system:
Corporate & Regional Offices, Maintenance Depots 1. Operation of higher tonnage (6000/12000
and Workshops, etc. Ton) freight trains at higher speeds.
S. Location Capacity of Solar Integrated
2. Reduced unbalance on the utility
No Module at various Buildings
transmission network due to use of three
1 Level crossing 0.2 kWp phase transformer.
Gates
3. Higher spacing between sub-stations (60-
2 Signalling Huts 0.2kWp
90km)
3 Crossing 2kWp
Stations 4. Better voltage regulation even at heavier
loads
4 Junction 5kWp
Stations 5. Reduced inductive interference due to
5 IMD 5kWp minimized return current through rails/
earth.
6 Sub Depot 1kWp
7 Operational 50kWp 6. Reduced unbalance in the utility network
Control Centre due to use of three phase EHV connection.
8 Staff Quarter 2kWp b) Use of Re-generative braking in Locomotives

(i) DFCCIL has provided grid connected Solar 3-Phase Electric Locomotives (IGBT based
Power generating units in “Operations Control 7000KW/9000HP 3 phase locomotives with
Centre” (OCC) Building in Prayagraj for EDFC to state of art features such as, VVVF drive, vehicle
contribute for renewable energy. control unit, vigilance control, constant mode
of operation features etc., which facilitates
regeneration of 14%- 15% of energy consumed
by utilizing the braking energy for traction
purpose will be deployed. This is likely to
fetch carbon credits under clean development
mechanism (CDM) projects of the United
Nations Framework Convention on Climate
Change (UNFCCC).
c) Distributed Power Control System (DPCS)
DPCS allows multiple locomotives to be used
at different locations over entire train consist.
System leverages the existing rolling stock and

92
 Corporate Overview Notice Statutory Reports Financial Statements

allows much longer trains to be run by minor up

gradation of the locomotives. It is operated for
long haul operation. DPCS uses only manning in
leading locomotive.

Simultaneous stringing of Contact and Catenary Wire by self-

propelled wiring train
_____________________________________
e) TDMS
d) Construction Activities through Mechanized
Its a customized Traction Assets Management tool,
Approach
which is being developed by CRIS for entire EDFC and
I. Foundations through auger WDFC, Traction Distribution Management System is
a single point destination for all needs of Traction
II. Mast erection by machine and grouting by Assets information and maintenance. It will improve
concrete mixing plant mounted on rail cum Data collection Mechanism through digitalization of
road vehicle. traction assets and its maintenance records.
III. Conductor (contact and catenary wire) 13.3 Foreign Exchange Earnings and Outgo
stringing by rail mounted twin conductor INR in crore
stringing machine (Wiring Train). Sr. Details of Foreign March 31, March 31,
IV. Droppering and clipping by rail/road No. Exchange 2024 2023
mounted trolleys Earnings/Outgo
A. Foreign Exchange Nil Nil
Earnings
B. Foreign Exchange 1768.40 1470.50
Outgo
Interest Outgo 537.75 184.47
Tour & Travelling 1.58 0.29
Expenses
L.C Charges on 0.55 0.64
JICA Loan Charges
Commitment fee 2.85 1.48
OHE Foundation Auguring by Colmar for Loan
_____________________________________ Guarantee Fees 3.33 -
for Loan
Upfront fees for 5.05 -
Loan
Consultancy 557.59 789.36
(15CA/CB) &
Work
Repayment of 659.70 494.26
IBRD Loan

14 Material Orders of Judicial Bodies/Regulators

There are no significant material orders passed by
the Judicial Bodies/Regulators/Courts which would
impact the going concern and future operations of
Mast Erection by Mast Grabber
______________________________________________
the Company.

Annual Report 2023-24 93

 Dedicated Freight Corridor Corporation of India Limited

15 Compliance with Secretarial Standards improvements etc. DFCCIL Vigilance lays high degree
of emphasis on Preventive Vigilance and strives to
During the year under review, the Company is in study and analyse the systems and procedures to
compliance with the applicable Secretarial Standards understand the loopholes and inadequacies that
issued by the Institute of Company Secretaries of might be prone to corruption and suggest necessary
India. system improvements. Besides, Vigilance focuses
16 Annual Return on generating awareness among the officials and
staff for anti-corruption measures etc.
In terms of Section 134(3) of the Companies Act,
2013, the Annual Return in Form MGT-7 is placed 17.1 Preventive Vigilance and Complaints
on the website of the Company at https://dfccil.com/ a) Total 02 Preventive Checks (PCs) were
Home/DynemicPages?MenuId=307. registered, and 20 Preventive Checks (including
17 Vigilance that of previous Financial Year) were disposed
of during the year. The preventive checks
Vigilance is an integral function of the organization included areas and issues related to estimation
like other functions of management. If the vigilance of tenders, quotation works, cash imprest,
set up is effective in an organization, it will certainly passing of bills, check on quality aspects, lease
ensure the functioning of other segments in an payment, establishment matter etc.
efficient way. DFCCIL has given a rightful place
to Vigilance in the overall management of the b) DFCCIL has well defined complaint handling
organization. One of the primary objectives of policy which is also available under the vigilance
vigilance function in any organization is to assist the section on DFCCIL’s official website, wherein
management to achieve its goal by ensuring that the procedure for sending and handling of the
all businesses are carried out as per the laid down complaints has been clearly indicated. During
rules and procedures while minimizing the scope of the year 2023-24, a total of 56 complaints
malpractices and misuse of powers and funds. were received and 56 (including that of previous
Financial Year) were disposed of.
Vigilance helps in analyzing the system to highlight
the loopholes and inadequacies so that prompt c) Based on the inquiry report of various checks,
corrective action is taken. It helps in simplifying the a total of 08 key system improvements were
complexities of the system thereby increasing the suggested and most of it has been implemented
transparency which in turn helps in improving the by DFCCIL. These are from diverse activities, e.g.,
overall efficiency of the organization. Vigilance also 08 Nos. (Related to Cash Imprest, Procurement,
helps in promoting a culture of honesty and integrity, Establishment matters, Company lease
besides helping in reforming systems for corruption accommodation, Implementation of penalty
free delivery. In brief, it helps in striving for zero orders, Audit Paras etc.
tolerance for corruption and thereby enhances the 17.2 Other Vigilance Activities
image of the organization. Therefore, vigilance helps
in improving the efficiency and effectiveness of the a) A total of 07 CVC/ Railway Board references
employees as well as the organisations by promoting were received and disposed of. Compliance/
transparency and ethical practices. Needles to reply of the same were sent to the concerned
state, the objective of corruption free and efficient authority during the year.
organization cannot be achieved without the active
support and participation of all the functionaries in b) Structured meetings During the year, 01
the organization. At the same time, it is imperative Structured meeting was held with MD for
that every employee who is part of any decision- reviewing the status of pending vigilance cases
making process should exercise due vigilance on his and to take remedial measures for early closure
own. of the same, along with other important issues.
05 number of issues were raised in the meeting
Vigilance Unit, DFCCIL is the nodal section for and all the issues were considered by the
handling all vigilance matters of the Dedicated Management, reflecting a positive intervention
Freight Corridor Corporation of India Limited by the Vigilance.
(DFCCIL), headed by a full time CVO. Besides this,
the Vigilance branch has other officers drawn from c) Scrutiny of Internal Audit, Statutory Audit &
various areas of specialisation like Civil, Electrical, CAG Audit were undertaken during the Financial
S&T engineering, finance, HR and administrative Year. As a result of the scrutiny, 05 paras were
side. The role of vigilance in DFCCIL is multifarious. taken for detailed investigation.
It undertakes preventive vigilance activities, d) A total of 126 IPRs were scrutinized during the
punitive vigilance activities and various system year.

94
Corporate Overview Notice Statutory Reports Financial Statements

e) During the year, vigilance clearance/status of g) Awareness programms/Events/

1741 officials were given. Competitions conducted in schools and
colleges
f) 02 Amendment slips on Para-709 & Para-
5.16 of existing DFCCIL Vigilance Manual were h) Grievance Redressal Camps, Awareness
issued. Gramsabha and Knowledge sharing
programs.
17.3 Training/Awareness Programmes
i) Movie Show based on corruption.
A total of approx. 50 officers/ officials were covered j) Lectures/discussion sessions on Vigilance
under training and awareness generation programs related issues
related to Vigilance matters during the year
conducted by HR Deptt. Besides this a total of 119 k) Publishing of Vigilance Journal ‘Sanchetna’
Master trainers were trained who further trained l) Use of Social Media platforms for
1560 officials of 14 Field Units as a part of VAW awareness generation
campaign-2023.
The observance of Vigilance Awareness Week-2023
17.4 Vigilance Awareness Week (VAW) – 2023 in DFCCIL was highly successful and has been able
to achieve the desired objectives.
i) As a pre-cursor to VAW-2023, DFCCIL undertook
several Preventive Vigilance cum Capacity 18 Other Compliances
building activities as a 3 month’s campaign
from 16th August 2023 to 15th November’ 18.1 Rajbhasha
2023. Three (03) sessions of Training of Trainers During the FY 2023-24, greater emphasis was laid
(ToT) were organized on three subjects viz. on maximum use of Official Language and ensuring
(i) Public Procurement 100% compliance of Official Language Policy in
DFCCIL Corporate Office and Field Units. In this
(ii) Ethics and Governance, & regard, following activities promoting the official
language were organised:–
(iii) Cyber Hygiene and security.
Quarterly meetings of Official Language
Total 119 Master trainers were trained who
Implementation Committee were conducted in
further trained 1560 officials of 14 Field Units.
every quarter at Corporate Office. The quarterly
ii) DFCCIL observed Vigilance Awareness Week- progress report related to official language were
2023 from 30th October’ 2023 to 5th November’ sent to the Ministry of Railways, Ministry of Home
2023 with the theme “Say no to corruption; Affairs, and Town Official Language Implementation
commit to the nation- Committee (TOLIC) (Delhi Undertaking-2) within the
Efforts were made to include stipulated period.
all strata of officials to have some or the other
• “Hindi Pakhwada” was celebrated at
involvement in the observance of Vigilance
Corporate Office from 14.09.2023 to
Awareness Week-2023. Creative Posters, use
28.09.2023, to promote the use and to
of Movie show, Interactive Quiz competition,
propagate the Official Language. During
inviting external Speakers who used Case
the Hindi Pakhwada, various Hindi
studies to make the sessions participative was
competitions were organised for the
attempted.
officers and employees of DFCCIL and the
iii) A number of steps were undertaken by DFCCIL first, second and third place winners were
Vigilance for awareness generation as well as to awarded by the Managing Director. A Hindi
educate the officials regarding issues related to seminar was also organised on Hindi Day
Vigilance etc. Highlights of VAW-2023 is listed during which speeches and lectures were
below for better appreciation: given on the importance of Hindi language.

a) Pledge taking ceremony • Hindi workshop was organised for

imparting practical training in Hindi to the
b) Display of posters and banners, distribution
officers/employees working in various
of pamphlets
departments and field units in which about
c) Signature campaign 112 officers/ employees were participated.
d) Walkhathon • Though the bilingualisation of DFCCIL
e) Slogan writing competition website (Hindi/English) is an ongoing
f) Quiz Competition. process, is constantly updated with
necessary modifications.

Annual Report 2023-24 95

 Dedicated Freight Corridor Corporation of India Limited

• To ensure 100% compliance of Section to the General Manager (Administration). The CPIO
3(3) of the Official Languages Act, 1963, represents the Company in the hearings in the
formats of office orders, circulars, notices, Central Information Commission’s (CIC) office and
notifications, advertisements, tenders, etc., ensures implementation of the Hon’ble CIC’s order
in routine nature were prepared and issued in coordination with the concerned Field Unit or
in bilingual form. Directorate/Corporate Office, as the case may be.
• Parliamentary Committee on Official During the year 2023-24, total 1339 applications
Language inspected the compliance of (including 57 Appeal cases) were received and were
Official Language Policy in the office of replied within the stipulated time period. All the
Chief General Manager/Kolkata, Prayagraj replies have been uploaded on the website of the
and Tundla. The progress of the Company Company which can be accessed at https://dfccil.
was appreciated by the Committee. com/Home/RTILI ST. The status of RTI replies are
updated regularly on the website of the Company.
• From time to time, innovative programs
to convey the meaning in Hindi by reciting 18.3 Parliament Questions
poetry in Indian languages were organised
during the year. Dealing with Parliamentary matters calls for
utmost accuracy, swiftness and confirmation to the
• The birth anniversary of famous Hindi poet prescribed norms and procedures as laid down by
‘Maithili Sharan Gupt’ was celebrated. the nodal authorities. An officer has been designated
especially for dealing with all Parliamentary matters
• Departmental Hindi magazine ‘Manthan’ in coordination with other Directorates in DFCCIL.
was published every six months. During the year 2023-2024, total 47 Parliament
• Field Unit Kolkata was awarded ‘Managing references such as Parliament Questions, matters
Director Rajbhasha Shield’ for doing the pertaining to Zero-hour, Lok Sabha Estimate
best work in Hindi during the year. Committee, Public Accounts Committee & Standing
Committee on Railways etc. were received. All
• Newly appointed workers were also given the references have been dealt with as per the
training related to official language. norms/procedures laid down for dealing with such
• DFCCIL officials/staff participated in various important references and replied in time.
programs and competitions organized by 18.4 MCA-21 E-filing
Narakas.
For the FY under review, the Company filed all the
18.2 RTI Act, 2005 statutory forms and returns electronically with the
The enactment of Right to Information Act, 2005 is Registrar of Companies on relevant portal as per
a historic event in the annals of democracy in India. the manner and conditions for filing prescribed
The Act mandated a legal–institutional framework under Companies (Registration Offices and Fees)
for setting out the practical regime of right to Rules, 2014. The financial statements for the year
information for every citizen to secure access to under review will be filed in accordance with the
information under the control of Public Authorities requirements of Section 135 read with Companies
in order to promote transparency and accountability (Filing of Documents and Forms in Extensible
in the working of every Public Authority. Business Reporting Language) Rules, 2015

The Company has been able to fulfil the mandatory 18.5 Department of Public Enterprises -
requirements as well as its obligations toward the Memorandum of Understanding
citizens in providing information sought for by them. For the year 2023-24, the Company has been
The Chief Public Information Officer (CPIO) in the exempted from the applicability of MoU Guidelines
Corporate Office coordinates with the designated vide DPE Letter No. M-03/0012/2021-DPE(MoU)
Assistant Public Information Officers (APIOs) at Field dated 30.11.2021.
Units along with the Nodal Officers in Corporate
Office for the purpose of obtaining information in 19 Application made or proceeding pending under
the desired format and within stipulated time period Insolvency and Bankruptcy Code, 2016 during the
from Field United situated in different geographical year along with their status as at the end of the
locations in the country, as the case may be, so that financial year
any information sought concerning Field Units is sent No application has been made nor is any proceeding
to the applicant in time. Pursuant to the mandatory pending against the company under the Insolvency
requirements, the duties and responsibilities of an and Bankruptcy Code, 2016 during the financial year
Appellate Authority have been presently assigned under review.

96
 Corporate Overview Notice Statutory Reports Financial Statements

20 Change in nature of business disclosures is placed at Annexure D.

There has been no change in the nature of business The Corporate Governance Report comprises the
of the Company during the year under review. following:
21 Maintenance of Cost Record • Certification of Financial Statements by Chief
Executive Officer and Chief Financial Officer is
The Company is not required to maintain cost placed at Annexure D1.
records as per the provisions of Section 148(1) of
the Companies Act, 2013 since the said section is • A declaration signed by Managing Director
not applicable to the Company. affirming the compliance with the Code of
Business Conduct and Ethics by Board Members
22 Valuation with reference to one time settlement and Senior Management Personnel during the
and loan taken from banks and financial year 2023-24 is placed at Annexure D2.
institutions
• A Certificate from Company Secretary in
During the FY 2023-24, no one-time settlement Practice regarding compliance of Corporate
has been done with any bank or financial institution. Governance Guidelines issued by Department
Hence, the requirement of disclosing the difference of Public Enterprises is placed at Annexure D3.
of details between amount of valuation done at the
time of one-time settlement and the valuation done • A Management Discussion and Analysis Report
at the time of taking loan from banks or financial is placed at Annexure E.
institutions is not applicable to the Company.
25 Acknowledgement
23 Disclosure under the Sexual Harassment of
Women at workplace (Prevention, Prohibition and The Board of Directors are extremely thankful and
Redressal) Act, 2013 acknowledge the excellent support extended by
the Government of India, in particular the Ministry
The Company has in place an Anti-Sexual of Railways, State Governments, Zonal Railways,
Harassment Policy in line with the requirements Statutory Authorities, and Government in all the
of the Sexual Harassment of Women at Workplace endeavours of the Company.
(Prevention, Prohibition and Redressal Act), 2013.
Internal Committee (IC) has been set up to redress The Company wishes to place on record its
complaints received regarding sexual harassment. appreciation for the cooperation extended and
All employees (permanent, contractual, temporary, services provided by the Comptroller & Auditor
trainees) are covered under this policy. During the General of India (C&AG), the, Statutory Auditors,
FY 2023-24, one complaint of sexual harassment Internal Auditors, Secretarial Auditors, Bankers.
under PoSH Act was received and disposed off. Your Directors are also thankful to the Ministry of
24 Corporate Governance Railways for the trust and confidence reposed in
the Company and look forward to their continued
In terms of Companies Act, 2013 read with support to propel the Company to greater heights.
Guidelines on Corporate Governance issued by
the Department of Public Enterprises (DPE), the Your Directors also wish to place on record their
Corporate Governance Report highlighting the deep sense of appreciation for the committed
philosophy of the Company on the Corporate services by the Company’s Executives and Workmen
Governance, composition of Board of Directors for progress and prosperity of the Company.
and of its Committees, including the attendance of
Directors in various meetings and other relevant

For and on behalf of the Board of Directors

of Dedicated freight Corridor Corporation of India Limited

Sd/- Sd/-
Hira Ballabh Praveen Kumar
Place: New Delhi Director/Finance & CFO Managing Director
Date: 05.09.2024 DIN: 08738632 DIN: 10751601

Annual Report 2023-24 97

 Dedicated Freight Corridor Corporation of India Limited

Annexure A
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and
Remuneration Personnel) Rules, 2014]

To, listed with stock exchanges during audit period).

The Members, (a) The Securities and Exchange Board of India
Dedicated Freight Corridor Corporation of India Limited (Substantial Acquisition of Shares and
5th Floor, Supreme Court Metro Station Building Takeovers) Regulations, 2011;
Complex, New Delhi - 110001 (b) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations,
We have conducted the secretarial audit of the
2015;
compliance of applicable statutory provisions and the
adherence to good corporate Practices by Dedicated (c) The Securities and Exchange Board of India
Freight Corridor Corporation of India Limited (CIN: (Issue of Capital and Disclosure Requirements)
U60232DL2006GOI155068) for the financial year Regulations, 2018;
ended on 31st March 2024. Secretarial Audit was (d) The Securities and Exchange Board of
conducted in a manner that provided us a reasonable India (Shares based employee Benefits)
basis for evaluating the corporate conducts/statutory Regulations,2014 and Securities and Exchange
compliances and expressing our opinion thereon. Board of India (Share Based Employee Benefits
Based on verification of the Company’ books, papers, and Sweat Equity) Regulations, 2021;
minute books, forms and returns filed and other records (e) The Securities and Exchange Board of
maintained by the company and also the information India (Issue and Listing of Debt Securities)
provided by the Company, its officers, agents and Regulations, 2008,
authorized representatives during the conduct of
(f) The Securities and Exchange Board of India
secretarial audit, we hereby report that in our opinion,
(Registrars to an Issue and Share Transfer
the company has, during the audit period covering the
Agents) Regulations, 1993 regarding the
financial year ended on 31st March, 2024 (Audit period)
Companies Act and dealing with client;
complied with the statutory provisions listed hereunder
and also that the Company has proper Board-processes (g) The Securities and Exchange Board of India
and compliance-mechanism in place to the extent, in the (Delisting of Equity Shares) Regulations, 2009; and
manner and subject to the reporting made hereinafter: (h) The Securities and Exchange Board of India
We have examined the books, papers, minute books, (Buyback of Securities) Regulations, 2018;
forms and Returns filed and other records maintained As explained by the management, following laws/
by the Company for the financial year ended on 31st regulations/rules are specifically applicable to the
March 2024 according to the provisions of: Company based on their sector/industry:
(i) The Companies Act, 2013 (the Act) and the rules 1. The Railways (Amendment)Act,2008
made thereunder; 2. National Rehabilitation & Resettlement Policy, 2007
(ii) The Securities Contracts (Regulation) Act, 3. The Right to Fair Compensation and
1956 (‘SCRA’) and the rules made thereunder;- Transparency in Land Acquisition, Rehabilitation
NOT APPLICABLE and Resettlement Act, 2013
(iii) The Depositories Act, 1996 and the Regulations and 4. Environment Impact Assessment Notification,
Bye-laws framed thereunder;- NOT APPLICABLE 2006
(iv) Foreign Exchange Management Act, 1999 and the 5. The Wildlife (Protection) Act, 1972
rules and regulations made thereunder to the extent
of Foreign Direct Investment, Overseas Direct 6. The Forest (Conservation)Act, 1980
Investment and External Commercial Borrowings; - 7. The Ancient Monuments and Archaeological
NOT APPLICABLE Sites and Remains (Amendment and Validation)
(v) The following Regulations and Guidelines Act, 2010
prescribed under the Securities and Exchange Board 8. Coastal Regulation Zone Notification, 2011
of India Act, 1992 (‘SEBI Act’) are not applicable to
9. Dahanu Taluka Environment Protection
the company as the shares of the company are not
Authority,1986

98
 Corporate Overview Notice Statutory Reports Financial Statements

We further report that Compliances/ processes/ systems We further report that:

under other specific applicable laws (as applicable to Generally, adequate notice was given to all directors
the Industry) are being relied on the basis of periodical to schedule the Board Meetings. Agenda and detailed
certificate under internal compliance system submitted notes on agenda were sent at least seven days in
to the Board of Directors of the Company. advance and in some cases at shorter notice, and
a system exists for seeking and obtaining further
We have also examined compliance with the applicable information and clarifications on the agenda items
clauses of the following: before the meeting and for meaningful participation
(i) Secretarial Standards as amended from time at the meeting. Majority decision was carried through
to time issued by The Institute of Company while the dissenting members’ views are captured
Secretaries of India. and recorded as part of the minutes.

(ii) The Listing Agreements entered into by We further report that there are adequate systems
the Company with Stock Exchange(s) and and processes in the company commensurate with
SEBI (Listing Obligations and Disclosures the size and operations of the company to monitor
Requirements), 2015 (Not applicable to the and ensure compliance with applicable laws, rules,
company during Audit period) regulations and guidelines.

During the period under review the Company has We further report that during the audit period
complied with the provisions of the Act, Rules, the company had following major events/ action
Regulations, Guidelines, Standards, etc. mentioned bearing on the company’s affairs in pursuance of the
above subject to the following observations: above referred laws, rules, regulations, guidelines,
standards, etc.
1. The Board of Directors of the Company is duly
constituted with proper balance of Executive • Hon’ble Prime Minster Sh. Narendra Modi.
Directors and Non-Executive Directors except Hon’ble Prime Minister Sh. Narendra Modi
that there was no woman Director on the inaugurated New Khurja junction (KRJN)- New
Board during the period from 1st April, 2023 Rewari junction (REJN) Double Line, Electrified
to 5th September, 2023 during the Financial section, spanning a significant173Kilometers,
Year 2023-24. In this regard, Section 149(1) holds unparalleled importance in establishing
read with Rule 3 of Companies (Appointment & crucial connectivity between the Western and
Qualification of Directors) Rules, 2014 inter alia Eastern Dedicated Freight Corridors (DFCs) on
provides that every public company having Paid 25.01.2024.
up share capital of one hundred crore rupees or • 652 km of DFC sections were completed and
more shall appoint at least one woman director. commissioned during FY 2023-24. Important
Accordingly, DFCCIL is also required to appoint sections are as mentioned below: -
at least one woman director but the company
has not complied with the provision of Act Sanand North - Makarpura (138 km) of WDFC.
regarding appointment of women director from Makarpura - Bhestan (130 km) section of WDFC.
01.04.2023 to 05.09.2023. In the FY 2022- Gholvad - Vaitarna (90 km) section of WDFC.
2023, the Registrar of Companies, NCT of Delhi Ahruara Road - DDU (27km) section of EDFC.
& Haryana vide Order no. ROC/D/Adj/2022/ Sahnewal- Shambhu (80 km) section of EDFC.
Section149 (1)/6205 dated 19.10.2022 has Shambhu-Khatauli (187 km) section of EDFC.
imposed a penalty of Rs. 2,31,500 on the • State -of -the art Operations Control Central (OCC)
company which has been challenged before of WDFC was commissioned at Ahmedabad.
Regional Director by the Company, an appeal is
• Track linking with modern New Track Construction
still under consideration at RD office and next
(NTC) machine of 615 Km track linking was done
date of hearing is 12.09.2024
in FY 2023-24 taking the cumulative linking to
5775 TKM.
For A. K. Rastogi & Associates
Company secretaries

Sd/-
(A. K. RASTOGI)
PROPRIETOR
Date: 02.09.2024 FCS No 1748
Place: Ghaziabad CP No.:22973
UDIN: F001748F001105730
Note: This Certificate is to be read with our letter of even date which is annexed herewith and marked as Annexure
A and forms integral part of this certificate.

Annual Report 2023-24 99

 Dedicated Freight Corridor Corporation of India Limited

ANNEXURE TO SECRETARIAL AUDIT REPORT

To,
The Members,
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 the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide
a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. 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 basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficiency
or effectiveness with which the management has conducted the affairs of the company.

For A. K. Rastogi & Associates

Company Secretaries

Sd/-
(A.K. RASTOGI)
PROPRIETOR
Place: Ghaziabad FCS No 1748
Date: 02.09.2024 CP No.:22973
UDIN: F001748F001105730

100
 Corporate Overview Notice Statutory Reports Financial Statements

ANNEXURE – A1

Management Reply to the Comment of Secretarial Auditor on the Composition of the Board of the Company

Comment of Secretarial Auditor Management Reply to the Comment of Secretarial Auditor

The Board of Directors of the Company is duly As per Article 81(1) of Articles of Association of the Company –
constituted with proper balance of Executive
The President shall have powers to appoint-
Directors and Non-Executive Directors except
that there was no woman Director on the Board (a) Full-time Chairman or, Part-time Chairman, Full-time
during the period from 1st April, 2023 to 5th Managing Director(s) or a Full-time Chairman-cum-
September, 2023 during the Financial Year 2023- Managing Director and other Full-time Directors;
24. In this regard, Section 149(1) read with Rule
3 of Companies (Appointment & Qualification of (b) The Directors representing the Government of India and/or
Directors) Rules, 2014 inter alia provides that any State Government; and
every public company having Paid up share capital
(c) Other Directors including Independent Directors in
of one hundred crore rupees or more shall appoint
consultation with the Chairman.
at least one-woman director. Accordingly, DFCCIL
is also required to appoint at least one-woman The Directors appointed by the President shall hold office until
director but the company has not complied with removed by him or until their resignation, retirement, death or
the provision of Act regarding appointment of otherwise.
women director from 01.04.2023 to 05.09.2023.
In FY 2022-23 Registrar of Companies, NCT Since, the power to appoint Directors on the Board of the
of Delhi & Haryana vide Order No. ROC/D/ Company is dealt by Ministry of Railways, representations
Adj/2022/Section149 (1)/6205 dated 19.10.2022 requesting appointment of Woman Director have been made
has imposed a penalty of Rs. 2,31,500 on the to the Ministry.
company which has been challenged before
Regional Director by the Company, an appeal is vide Railway Board’s Order No. 2021/PL/61/2 Pt. dated
still under consideration at RD office and next 06.09.2023, Smt. Jaya Varma Sinha has been appointed as the
date of hearing is 12.09.2024. Part-time Chairperson on the Board of the Company.

Annual Report 2023-24 101

 Dedicated Freight Corridor Corporation of India Limited

ANNEXURE – B

102
 Corporate Overview Notice Statutory Reports Financial Statements

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143 (6) (b) OF THE
COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF DEDICATED FREIGHT CORRIDOR CORPORATION OF
INDIA LIMITED FOR THE YEAR ENDED ON 31ST MARCH 2024.

The preparation of financial statements of Dedicated Freight Corridor Corporation of India Limited for the year ended
31st 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
25 June 2024.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the financial
statements of Dedicated Freight Corridor Corporation of India Limited for the year ended on 31st 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 the behalf of the

Comptroller & Auditor General of India

Sd/-
Dr. Nilotpal Goswami
Director General of Audit
Place: New Delhi Railway Commercial,
Dated: 27.08.2024 New Delhi

Annual Report 2023-24 103

 Dedicated Freight Corridor Corporation of India Limited

ANNEXURE – C
Annual Report on CSR Activities to be Included in the Board’s Report for Financial Year Commencing on or After
1st Day of April 2023 (FY 2023-24) .
1. Brief outline on CSR Policy of the Company
Vision : To meet social obligations by playing active role to improve quality of life of communities and stakeholders
Mission : To remain a responsible corporate entity to all stakeholders and society at large.
Consequent upon introduction of the Companies Act , 2013 , a new CSR Policy of DFCC IL was formulated which
was approved by the BoD in its 471h meeting held on 13.11.2014. Based on the recommendations of CSR
comm1ttee in meeting held on 19.09.2023, Board of Directors (BOD) gave approval that , the CSR obligation for
the FY 23-24 shall be NIL as the 2% of the average net profit of last three years is Rs. 33.26 Lakh and an amount
Rs. 70.76 Lakh is available for Set-Off.

2. Composition of CSR Committee

Name of Director Designation / Nature of Number of meetings of CSR Number of meetings of

Directorship Committee held CSR Committee attended
during the year during the year
Shri Hari Mohan Gupta Chairman, Director
(Infrastructure)
Shri Amarnath Yadav Member, One One
Independent Director
Prof. Pawan Palta Member,
Independent Director

3. Provide the web-link where Composition of CSR committee , CSR Policy and CSR projects approved by the
board are disclosed on the website of the company :­dfccil.com/Home/Dynemicpages?Menuld=72
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report):- Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any:-

Sl. Financial Amount available for set-off for the Amount required to be set-off from
No. Year financial year, if any preceding financial years
1 2021-22 Nil (-)46.46 Lakhs
2 2022-23 Nil (-)70.77 Lakhs
3 2023-24 33.26 Lakhs (-)37.51 Lakhs
Balance amount to be set off (-)37.51 Lakhs
6. Average net profit of (the company as per section 135(5): Rs.1663.02 Lakhs
7. (a) Two percent of average net profit of the company as per section 135(5): Rs. 33.26 Lakhs
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(c) Amount required to be set off for the financial year, if any: Rs.33.26 Lakhs
(d) Total csR obligation for the financial year (7a+tb-7cl): Nil

104
 Corporate Overview Notice Statutory Reports Financial Statements

8. (a) CSR amount spent or unspent for the financial year: Nil
(b) Details of CSR amount spent against ongoing projects for the financial year: Nil
(c) Details of CSR amount spent against other than ongoing projects for the financial year: Nil
(d) Amount spent in Administrative Overheads: Nil
(e) Amount spent on Impact Assessment , if applicable: Nil
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ­Nil
(g) Excess amount for set off, if any

Sl. No. Particular Amount in Lakhs

(i) Two percent of average net profit of the company as per section 135(5) 33.26

(ii) Total amount spent fo-r the Financial Year Nil

(iii) Excess amount spent for the financial year Nil
(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 37.51

9. (a) Details of Unspent CSR amount for the preceding Three financial years: Nil
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Nil
10. In case of creation or acquisition of capital asset,furnish the details relating to he asset so created or acquired
through CSR spent in the financial year (Asset-wise details).
(a) Date of creation or acquisition of the capital asset(s): Not Applicable
(b) Amount of CSR spent for creation or acquisition of capital asset: Not Applicable
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered,their
address etc. : Not Applicable
(d) Provide details Not Applicable of the capital asset(s) created or acquired (Including complete address and
location of the capital asset): Not Applicable
11. Specify the reason(s) , if the company has failed to spend two percent of the average net profit as per section
135(5): Not Applicable

Sd/- Sd/- Sd/-

Praveen Kumar Pankaj Saxena Person specified under clause
(Chief Executive Officer (Chairman CSR Committee) (d) of sub-section
Or (1) of section 380 of the Act]
Managing Director (Wherever applicable).
or Director)

Annual Report 2023-24 105

 Dedicated Freight Corridor Corporation of India Limited

ANNEXURE – D

CORPORATE GOVERNANCE REPORT • Five Full-time Functional Directors including

Managing Director.
1 A brief statement on Company’s philosophy on
Corporate Governance • One Part-time Official Director from Ministry of
Railways, Government of India.
The Company believes that the best levels of
transparency and accountability in all areas of its • One Part-time Official Director from NITI Aayog.
operations and in all of its transactions will enable
it to achieve its goals and objectives. The Company • Four Non-official Part-time / Independent
places key value in the philosophy of “Speed, Directors including one from Financial
Sincerity, and Success”. Corporate Governance Institution depending on requirement.
is the application of best management practices, 2.2 Strength of the Board
compliance of laws, rules, regulation and adherence
to standards to accomplish the objectives. For In terms of Article 81(1) of the Articles of Association
this reason, the Company continually strives to of the Company, the President of India has the
uphold the corporate governance concepts, such as power to appoint Directors of the Company. As on
“Accountability, Responsibility, Transparency, and the date of report, the total strength of the Board
Fair Disclosures” in managing its business. of Directors of the Company is nine, comprising of
one Part-time Chairman, four Whole-time Directors
2 Board of Directors including Managing Director, one Part-time Official
2.1 Composition of the Board Director from Ministry of Railways, Government
of India, one Part-time Official Director from NITI
In terms of Article 80 of the Articles of Association of Aayog and two Part-time Non-official Directors.
the Company, the President of India has determined
that there shall be minimum 6 Directors subject The detail pertaining to Appointments/Cessations of
to a maximum of 12 Directors on the Board of the Directors to/from Board of the Company during the
Company. The President of India vide letter no. FY 2023-24 and during the period after the end of
2008/Infra/6/1 dated 04.05.2010 has approved the FY till the date of this report is mentioned under
the composition of the Board of Directors of the Point 5 “Directors and Key Managerial Personnel” of
Company as follows: the Director’s Report.

• Chairman & Chief Executive Officer of Railway

Board as Part-time Chairman.

2.3 Particulars of Directors, their Directorships, attendance in the Board Meetings held during the FY 2023-24 and
in the last Annual General Meeting:
Sr. No. of No. of No. of No. of Last
No. Directorship Committee Board Meetings Board Meetings Annual
/ Membership held during attended (during General
Particulars of Directors Chairmansh / Chairmansh 2023-24 the respective Meeting
ip in other ip in other (during the tenure of attended
companies companies respective Directors)
including including DFCCIL tenure of
DFCCIL Directors
1. Shri Anil Kumar Lahoti 3** 0 2 2 N/A
Chairman & CEO/
Railway Board & Part-
time Chairman/DFCCIL
(DIN - 10053659)
(Held office from date
of allotment of DIN, i.e.,
22.02.2023 to
31.08.2023)

106
Corporate Overview Notice Statutory Reports Financial Statements

Sr. No. of No. of No. of No. of Last

No. Directorship Committee Board Meetings Board Meetings Annual
/ Membership held during attended (during General
Particulars of Directors Chairmansh / Chairmansh 2023-24 the respective Meeting
ip in other ip in other (during the tenure of attended
companies companies respective Directors)
including including DFCCIL tenure of
DFCCIL Directors
2. Smt. Jaya Varma Sinha 3*** 0 2 2 Yes
Chairman & CEO/Rail-
way Board & Part-time
Chairman/DFCCIL (DIN
- 09295401)
(Holds office
06.09.2023)
II. Functional Directors (Whole-time Directors
1. Shri Ravindra Kr. Jain 1 0 4 4 Yes
Managing Director
(DIN – 08641707)
(Holds office since
11.12.2020)
2. Shri Hira Ballabh 1 AC/DFCCIL 4 4 Yes
Director (Finance) (Member)
(DIN – 08738632)
(Holds office since
05.05.2020)
3. Shri Nanduri Srinivas 1 0 4 4 Yes
Director (Operations &
Business Development)
(DIN – 08763509)
(Holds office since
15.06.2020 till
01.01.2024)
4. Shri Shobhit Bhatnagar 1 0 N/A N/A N/A
Director (Operations &
Business Development)
(DIN – 10519881)
(Holds office since
28.02.2024)
5. Shri Hari Mohan Gupta 1 CSRC/DFCC 4 4 Yes
Director (Infrastructure) IL (Chairman
(DIN – 08453476) from 20.12.2021)
(Holds office since
13.10.2020)
6. Shri Pankaj Saxena 1 0 4 3 Yes
Director (Project
Planning)
(DIN – 09399859)
(Holds office since
19.04.2022)

Annual Report 2023-24 107

 Dedicated Freight Corridor Corporation of India Limited

Sr. No. of No. of No. of Board No. of Board Last

No. Directorship Committee Meetings held Meetings Annual
/Chairmansh Membership during 2023-24 attended General
Particulars of Directors ip in other / Chairmansh (during the (during the Meeting
companies ip in other respective respective attended
including companies tenure of tenure of
DFCCIL including DFCCIL Directors Directors)
III. Part-time Official Director (Nominee Director)
1. Shri Sudhendu Jyoti 1 0 4 4 No
Sinha
Advisor (Infrastructure
Connectivity)/NITI
Aayog & Nominee
Director/DFCCIL
(DIN- 09560426)
(Held office from
allotment of DIN, i.e.,
04.04.2022)
2. Shri Mukul Saran Mathur 2***** NRC/DFCCI L 4 4 Yes
PED(Infrastructure)/ (Member from (Throug h
Railway Board & Nominee 28.02.2023 Proxy)
Director/DFCCIL to 26.03.2024)
(DIN – 07361718)
(Held office from
03.01.2023 till 20.03.2024)
3. Shri Pranai Prabhakar 2* NRC/DFCCI L N/A N/A N/A
PED(Infrastructure)/ (Member from
Railway Board & Nominee 26.03.2024)
Director/DFCCIL
(DIN – 10546309) (Held
office from 20.03.2024)
IV Part-time Non-official Directors (Independent Director)
1. Prof. Pawan Palta 2****** AC/DFCCIL 4 4 No
(DIN - 08480388) (Member) NRC/
(Holds office since DFCCI
09.11.2021) L (Member)
CSRC/DFCC IL
(Member from
29.07.2022)
2. Shri Amarnath Yadav Chairman from 4 4 Yes
(DIN - 09428165) 29.07.2022)
(Holds office since date NRC/DFCCI L
of allotment of DIN, i.e., (Chairman)
07.12.2021) CSRC/DFCC IL
(Member)
* Shri Pranai Prabhakar held the office of Director in National High speed Rail Corporation of India Limited (CIN: U60200DL2016GOI291002) along
with holding Directorship in DFCCIL.
** Shri Anil Kumar Lahoti held the office of Director in National High speed Rail Corporation of India Limited (CIN: U60200DL2016GOI291002) and
NRTU Foundation (CIN: U80904DL2018NPL333437) along with holding Directorship in DFCCIL.
***Smt. Jaya Varma Sinha is holding the office of Director in National High speed Rail Corporation of India Limited (CIN: U60200DL2016GOI291002)
and NRTU Foundation (CIN: U80904DL2018NPL333437) along with holding Directorship in DFCCIL.
*****Shri Mukul Saran Mathur is holding the office of Director in National High speed Rail Corporation of India Limited (CIN: U60200DL-
2016GOI291002) along with holding Directorship in DFCCIL.
******Prof. Pawan Palta is holding the office of Director in LTR Smartapp Private Limited (CIN: U72900PB2019PTC049614) along with holding
Directorship in DFCCIL.

108
 Corporate Overview Notice Statutory Reports Financial Statements

NOTES: Railway Board.

1. The Directorships held by the Directors are within Sh. Bhatnagar was part of the team that
the limits laid down under Section 165 of the had developed the prototype of the FOIS in
Companies Act, 2013. For reckoning the limit of 1999-2000 where he had programmed the
public companies in which a person can be appointed prototype application. He was the convenor of
as director, directorship in private companies that the Directors level committee of the Railway
are either holding or subsidiary company of a public Board that had developed the procedure for
company is included. the e-registration of demand and electronic
2. For the purpose of reckoning Membership/ transmission of Railway receipt (e-TRR).
Chairmanship in Board Committees, the Audit He is a BE (Computer Science) from Shri
Committee, Corporate Social Responsibility Govindram Seksaria Institute of Technology,
Committee and Nomination and Remuneration Indore. His hobbies include music and
Committee of public and private companies are astronomy. He likes to play electronic keyboards
considered. and piano accordion in his free time and look at
3. The acronym “AC” denotes “Audit Committee”, the universe with his telescope.
“NRC” denotes “Nomination and Remuneration • Shri Pranai Prabhakar, Principal Executive
Committee” and “CSRC” denotes “Corporate Social Director(Infrastructure)/Railway Board as
Responsibility Committee”. Part-time Official Director w.e.f 20.03.2024
4. The acronym “N/A” denotes “Not Applicable” as the Dr. Pranai Prabhakar joined the Railway Board
concerned Directors have joined the Board after the as Principal Executive Director (Infrastructure)
FY 2023-24. on 27th February 2024. Before joining the
Railway Board, Dr. Prabhakar held the post of
2.4 Board Meetings
Principal Operating Manager, North Western
During the FY 2023-24, the Board of Directors met Railway since October, 2023. Dr. Prabhakar is an
four times to transact business. The meetings of officer of 1990 Batch of Indian Railway Traffic
the Board of Directors of the Company were held on Services and joined as AOM in BRC Division of
below-mentioned dates- the Western Railway. Dr. Prabhakar held the
Meeting Dates post of Chief Vigilance Officer in the Central
Warehousing Corporation from November
1st Meeting 26.05.2023
2018 to July 2021. It was during Dr. Prabhakar’s
2nd Meeting 24.07.2023 tenure as CVO, that CWC became the first PSU
3rd Meeting 20.09.2023 in India to be ISO 37001: 2016. He has also held
4th Meeting 26.12.2023 the post of Chief General Manager/CONCOR
during the period July 2016 to October 2018.
2.5 Brief Resume of Directors appointed on the Board He has done M.A. and M. Phil in International
till the date of report Economic Relations from the Jawahar Lal Nehru
• Shri Shobhit Bhatnagar, as Director (Operations University, Delhi. Dr. Prabhakar did his PhD in
& Business Development) w.e.f 28.02.2024. Management Studies from the Jamnalal Bajaj
Shri Shobhit Bhatnagar is an Indian Railways Institute of Management Studies (JBIMS),
Traffic Service (IRTS) officer of the 1992 Batch. Mumbai. He also holds the MBA degree from
With DFCCIL fast nearing completion (with 88.4% the same institute.
complete), he assumes charge at a pivotal time • Shri Praveen Kumar as Managing Director w.e.f
when the organisation is transitioning into the 21.08.2024
Operations phase. A consummate technocrat,
he has the distinction of having served as Group Shri Praveen Kumar belongs to 1989 batch
General Manager (GGM) Operations & Business of Indian Railway Service of Engineers (IRSE).
Development at DFCCIL from 27.09.2021 to With over three decades of exemplary service,
09.03.2023. Prior to that has served as GGM Shri Kumar has established himself as a
(Commercial & Operations), at CONCOR, Chief visionary leader in the realm of mega Railway
Freight Transportation Manager (CFTM), as well Infrastructure projects. His experience spans the
as Chief Passenger Transportation Manager entire project lifecycle, from conceptualization
(CPTM) North Western Railway. He also served to commissioning. Shri Kumar has expertise
as CFTM North Eastern Railway, Gorakhpur. in international tendering, procurement and
He has been the Deputy Chief Operation dealing with multi- lateral funding agencies,
Manager (DCOM) Freight Operation Information including the Japan International Cooperation
System (FOIS), Northern Railway and Director Agency (JICA) and the World Bank. Shri Kumar
Computerisation & Information Systems (CRIS) has been involved with Dedicated Freight

Annual Report 2023-24 109

 Dedicated Freight Corridor Corporation of India Limited

Corridors for more than a decade and handled of Railways.

complex challenges related to land acquisition,
project execution and procurement. He has been In respect of Managing Director, the evaluation includes
instrumental in commissioning critical Rewari- self-evaluation and final evaluation by the Ministry
Dadri section of DFC connects WDFC with EDFC. of Railways. In respect of Government Nominee
His ability to resolve intricate contractual issues Directors, their evaluation is done by the Ministry of
in Engineering, Procurement, and Construction Railways as per the procedure laid down. In respect of
(EPC) contracts through amicable means has Independent Directors, their evaluation is done by the
earned him widespread respect in the industry. Ministry of Railways and finally by the Department of
Shri Kumar has authored two authoritative books Public Enterprises.
on railway engineering displaying his technical 2.7 Training of Board Members
prowess and commitment to knowledge-sharing.
Shri Praveen Kumar has completed his Bachelors The Board Members and Senior Management
and Masters degree in Civil Engineering from Personnel are nominated for various training programs
IIT, Roorkee. He has also done Post Graduate from time to time. New Directors joining the Board
Diploma in Public Policy and Management from are provided with documents about the Company
MDI, Gurgaon. which includes the Company’s profile, Memorandum
and Articles of Association, Brochure, previous
• Shri Satish Kumar as part-time Chairman w.e.f. Annual Reports, MoU Documents, DPE Guidelines on
05.09.2024 Corporate Governance, terms of reference of various
Shri Satish Kumar a distinguished officer of committees of the Board.
the 1986 batch of Indian Railway Service of 3 Board Committees
Mechanical Engineers. He joined Railways in
March, 1988, and has a rich experience of 38 In compliance with requirements under the
years of working on Indian Railways. He, worked Companies Act, 2013 and DPE Corporate
as GM/North Central Railways and also worked as Governance Guidelines 2010 as amended from time
SDGM & CVO on North Western Railways, Jaipur. to time, the Board of Directors have constituted the
He worked on Jhansi Division of erstwhile Central following committees:
Railway and DLW (Diesel Locomotive Works, 1. Audit Committee
Varanasi), North Eastern Railways, Gorkahpur, 2. Nomination & Remuneration Committee
Patiala Locomotive Works. He was trained in 3. Corporate Social Responsibility Committee
Total Quality Management, under United Nation 4. Investment Committee
Development Programme in 1996. He also 3.1 Audit Committee
worked as Divisional Railway Manager, Lucknow 3.1.1 Composition
Division on Northen Railway from April, 2017 to
April, 2019. A large nos. of infrastructural works The composition, quorum, role, and terms
were accomplished during his tenure as DRM/ of reference of the Audit Committee are in
Lucknow. His works during Kumbh, 2019 was also accordance with Section 177 of the Companies
appreciated by all levels which was mammoth Act, 2013, read with Rule 6 of the Companies
taskand was successfully accomplished by his (Meetings of the Board and its Power) Rules,
Lucknow Division team. 2014, and Chapter 4 of the DPE Corporate
Governance Guidelines, 2010 as amended
2.6 Board Evaluation from time to time. The Audit Committee was
The Company is a Government Company under originally constituted on 14.03.2008 and has
the administrative control of Ministry of Railways. been reconstituted as and when there has been
The selection procedure for all the directors is also a change in directors. The composition thereof
laid down by the Government of India, and all the during the FY 2023-24 was as follows:
directors of the Company have been appointed in
accordance with the said procedure. The functional Designation in From 01.04.2023 till
directors including Managing Director are selected on Committee 31.03.2024
the recommendations of Public Enterprises Selection Chairman Shri Amarnath Yadav
Board (PESB) in accordance with the procedure and Independent Director
guidelines laid down by Government of India, and there Members Prof. Pawan Palta
are system and procedure laid down by Department of Independent Director
Public Enterprises (DPE) for evaluation of its functional
Shri Hira Ballabh
directors including Managing Director.
Director (Finance)
In respect of Functional Directors, the evaluation
includes self-evaluation by the respective functional Special Invitee Shri Hari Mohan Gupta
directors and subsequent assessment by Managing Director (Infrastructure)
Director, and thereafter final evaluation by the Ministry
110
Corporate Overview Notice Statutory Reports Financial Statements

3.1.2 Meetings reporting process and the disclosure of its

financial information to ensure that the
During the FY 2023-24, five meetings of the Audit financial statement is correct, sufficient,
Committee were held on 30.06.2023, 24.07.2023, and credible.
20.09.2023, 14.12.2023, and 16.02.2024 respec-
tively. 2. Recommending to the Board the fixation of
audit fees.
Name of Total meetings No. of meetings
Member held attended 3. Approval of payment to statutory auditors
during the ten- during the ten- for any other services rendered by the
ure of Member ure of Member statutory auditors.
Prof. Pawan 5 5 4. Reviewing, with the management, the
Palta annual financial statements before
Shri Amar- 5 5 submission to the Board for approval.
nath Yadav 5. Matters required to be included in the
Shri Hira 5 5 Directors’ Responsibility Statement to
Ballabh be included in the Board’s report in terms
of clause (2AA) of section 217 of the
3.1.3 Terms of Reference Companies Act, 1956;
The Terms of Reference of the Committee as • Changes, if any, in accounting policies and
prescribed by the Board in its 6th Meeting held on practices and reasons for the same;
14.03.2008.
• Major accounting entries involving
The terms of reference of the Committee shall estimates based on the exercise of
include the following- judgment by management;
1. To discuss with the auditors periodically about
• Significant adjustments made in the
internal control systems.
financial statements arising out of audit
2. To discuss and decide about the scope of audit findings;
including the observations of auditors.
• Compliance with legal requirements
3. To review the half-yearly and annual financial relating to financial statements;
statements before submission to the Board and
ensure compliance of internal control systems. • Disclosure of any related party transactions;
and
4. To investigate into any matter relating to
financial management including the audit • Qualifications in the draft audit report.
report.
6. Reviewing, with the management, the
5. Any other matter brought to the notice of the quarterly financial statements before
Audit Committee by Board of Directors. submission to the Board for approval.
The Terms of Reference of the Committee as 7. Reviewing, with the management,
prescribed by the Board in its 65th Meeting held on performance of internal auditors and
13.08.2018. adequacy of the internal control systems.
The terms of reference of the Committee shall
8. Reviewing the adequacy of internal audit
additionally include the following-
function, if any, including the structure of
1. The Audit Committee shall review the internal audit department, staffing,
and recommend the appointment of and seniority of the official heading the
Internal Auditors, terms & conditions of department, reporting structure, coverage
appointment and remuneration etc. for the and frequency of internal audit.
consideration of BoD.
9. Discussion with internal auditors and/or
The Additional Terms of Reference for the auditors any significant findings and follow
Committee as prescribed by the Board in its 17th up there on.
Meeting held on 25.06.2010.
10. Reviewing the findings of any internal
The role of the Audit Committee shall include the investigations by the Internal Auditors/
following- Auditors/ Agencies into matters where
there is suspected fraud or irregularity or
1. Oversight of the company’s financial

Annual Report 2023-24 111

 Dedicated Freight Corridor Corporation of India Limited

a failure of internal control systems of a including the status of previous audit

material nature and reporting the matter to recommendations
the Board.
• Any difficulties encountered during audit
11. Discussion with statutory auditors before work including any restrictions on the
the audit commences, about the nature scope of activities or access to required
and scope of audit as well as post-audit information.
discussion to ascertain any area of concern.
21. Carrying out any other function as is
12. To look into the reasons for substantial mentioned in the terms of reference of the
defaults in the payment to the depositors, Audit.
debenture holders, shareholders (in case of The Additional Terms of Reference for the
non-payment of declared dividends) and Committee as prescribed by the Board in its 34th
creditors. Meeting held on 07.08.2012.
13. To review the functioning of the Whistle In terms of Clause 4.5 of the Chapter-4 of the DPE
Blower Mechanism. Guidelines, the Committee shall review the following
14. To review the follow up action on the audit information-
observations of the C&AG audit. 1. Management discussion and analysis
15. To review the follow up action taken on the of financial condition and results of
recommendations of Committee on Public operations.
Undertakings (COPU) of the Parliament. 2. Statement of related party transactions
16. Provide an open avenue of communication submitted by Management.
between the Independent Auditor, Internal 3. Management letters/letters of internal
Auditor and the Board of Directors. control weakness issued by the Statutory
17. Review all related party transactions in Auditors.
the company. For this purpose, the Audit 4. Internal audit reports relating to internal
Committee may designate a member who control weakness.
shall be responsible for reviewing related
party transactions. 5. The appointment and removal of the Chief
Internal Auditor shall be placed before the
Explanation: The term “related party Audit Committee; and
transactions” shall have the same meaning
as contained in the Accounting Standard 6. Certification/declaration of financial
18, issued by the Institute of Chartered statements by the Chief Executive/Chief
Accountants of India. Finance Officer.
18. Review with the Independent Auditor the Additional Terms of Reference for the Audit
co-ordination of audit efforts to assure Committee in terms of section 177(4) of the
completeness of coverage, reduction of Companies Act, 2013 as prescribed by Board
redundant efforts, and the effective use of of Directors in its 45th Meeting held on
all audit resources. 13.06.2014.
19. Consider and review the following with the Every Audit Committee shall act in accordance
independent auditor and the management: with the terms of reference specified in writing
by the Board which shall, inter alia, include—
• The adequacy of internal controls including
computerized information system controls 1. The recommendation for Nomination and
and security; and Remuneration and terms of appointment
of auditors of the company;
• Related findings and recommendations
of the Independent Auditor and Internal 2. Review and monitor the auditor’s
Auditor, together with the management independence and performance, and
responses. effectiveness of audit process;
20. Consider and review the following with 3. Examination of the financial statement and
the Management, Internal Auditor and the the auditors’ report thereon;
Independent Auditor:
4. Approval or any subsequent modification of
• Significant findings during the year, transactions of the company with related

112
 Corporate Overview Notice Statutory Reports Financial Statements

parties; 1. The Audit Committee may call for the

comments of the auditors about internal
5. Scrutiny of inter-corporate loans and control systems, the scope of audit,
investments; including the observations of the auditors
6. Valuation of undertakings or assets of the and review of financial statement before
company, wherever it is necessary; their submission to the Board and may
also discuss any related issues with the
7. Evaluation of internal financial controls and internal and statutory auditors and the
risk management systems; management of the company.
8. Monitoring the end use of funds raised 2. All powers, as may be required, for executing
through public offers and related matters; the Scope of the Audit Committee.
and
3. The Audit Committee shall have authority
9. To oversee the vigil mechanism and to to investigate into any matter in relation
provide for adequate safeguards against to the items specified in sub-section (4)
victimization of employees and directors of section 177 of the Companies Act,
who avail of the Vigil Mechanism and 2013, or referred to it by the Board and
also provide direct access to Chairman, for this purpose shall have power to
Audit Committee and in case of repeated obtain professional advice from external
frivolous complaints by a director or an sources and have full access to information
employee, the Audit Committee may take contained in the records of the company.
suitable action against the concerned
director or employee including reprimand. 3.2 Nomination and Remuneration Committee

The Board of Directors entrusted the Committee 3.2.1 Composition

with the following powers, commensurate with The composition, quorum, role, and terms of
its role, in its 17th Meeting held on 25.06.2010- reference of the Nomination and Remuneration
1. To investigate any activity within its terms Committee are in accordance with Section
of reference. 178 of the Companies Act, 2013, read with
Rule 6 of Companies (Meetings of Board and
2. To seek information on and from any its Powers) Rules, 2014 and Rule 4 of the
employee. Companies (Appointment and Qualification of
3. To obtain outside legal or other professional Directors) Rules, 2014, and Chapter 4 of the
advice, subject to the approval of the Board DPE Corporate Governance Guidelines, 2010
of Directors. as amended from time to time. The Committee
was constituted on 13.08.2015 by dissolving
4. To secure attendance of outsiders with and merging erstwhile HR Committee and
relevant expertise, if it considers necessary. Remuneration Committee. During FY 2023-24,
the Nomination and Remuneration Committee
5. To protect whistle blowers. was reconstituted one time and the composition
The Board of Directors entrusted the Committee with thereof during the FY 2023-24 was as follows:
the following additional powers, commensurate with
its role, in its 45th Meeting held on 13.06.2014-

Designation in Committee From 01.04.2023 till 25.03.2024 From 26.03.2024 till 31.03.2024
Members Prof. Pawan Palta Prof. Pawan Palta
Shri Mukul Saran Mathur Shri Pranai Prabhakar
Nominee Director, MoR Nominee Director, MoR
Shri Amarnath Yadav Shri Amarnath Yadav
Independent Director Independent Director
Special Shri Nanduri Srinivas Shri Shobhit Bhatnagar
Invitee Director (OP&BD) Director (OP&BD)
Shri Hari Mohan Gupta Shri Hari Mohan Gupta
Director (Infrastructure) Director (Infrastructure)

Annual Report 2023-24 113

 Dedicated Freight Corridor Corporation of India Limited

3.2.2 Meetings
During the FY 2023-24, One meeting of the Nomination and Remuneration Committee were held on 05.06.2023
respectively

Name of Member Total meetings held during the No. of meetings attended during the tenure
tenure of Member of Member
Prof. Pawan Palta 1 1

Shri Amarnath Yadav 1 1

Shri Mukul Saran Mathur 1 1

Shri Hari Mohan Gupta 1 1

(Special Invitee)

3.2.3 Terms of Reference 3.3 Corporate Social Responsibility Committee

The Terms of Reference of the Committee as prescribed 3.3.1 Composition
by the Board in its 51st Meeting held on 13.08.2015.
The composition, quorum, role, and terms of
The terms of reference of the Committee shall include reference of the Corporate Social Responsibility
the following- Committee are in accordance with Section 135
1. The Nomination and Remuneration Committee shall of the Companies Act, 2013. The Committee
identify persons who may be appointed in senior was constituted on 13.06.2014 and has been
management in accordance with the criteria laid reconstituted as and when there has been a change
down, recommend to the Board their appointment in directors. The composition thereof during the FY
and removal. 2022- 23 was as follows:

Note: With reference to clause 2.5 of the Code Designation in From 01.04.2023 till 31.03.2024
of Business Conduct and Ethics for Board Committee
Members and Senior Management Prof. Pawan Palta
Personnel duly approved by the Board, Independent Director
the term “Senior Management Personnel” Members Shri Amarnath Yadav
shall mean personnel of the Company who
Independent Director
are members of its core management team
excluding Board of Directors and would Shri Hari Mohan Gupta
comprise all members of management Director (Infrastructure)
one level below the Whole Time Directors Special Invitee Shri Hira Ballabh
including all functional heads. Director (Finance)
2. The Nomination and Remuneration Committee shall 3.3.2 Meetings
recommend to the Board a policy, relating to the
remuneration of the Senior Management and other During the FY 2023-24, one meeting of the
employees. Corporate Social Responsibility Committee was held
on 19.09.2023.
3. The nomination and Remuneration Committee shall,
while formulating the policy under point (2) ensure Name of Member Total No. of
that- meetings meetings
held during attended
• Relationship of remuneration to performance
tenure during tenure
is clear and meets appropriate performance
benchmarks; and Shri Amarnath Yadav 1 1
Prof. Pawan Palta 1 1
• Remuneration to senior management involves
a balance between fixed and incentive pay Shri Hari Mohan Gupta 1 1
reflecting short and long-term performance
objectives appropriate to the working of the 3.3.3 Terms of Reference
company and its goals.
The Terms of Reference of the Committee as prescribed

114
 Corporate Overview Notice Statutory Reports Financial Statements

by the Board in its 51st Meeting held on 13.08.2015. 5 Remuneration

The Corporate Social Responsibility Committee shall, - The Company being a wholly owned Government
Company under the Companies Act, 2013, the
1. Formulate and recommend to the Board, a Corporate Functional Directors (Whole Time Directors) of
Social Responsibility Policy which shall indicate the Company are appointed by the President of
the activities to be undertaken by the company as India through Ministry of Railways. The Functional
specified in Schedule VII of the Companies Act, 2013; Directors so appointed, draw remuneration under
2. Recommend the amount of expenditure to be Industrial Dearness Allowance (IDA) pattern of pay
incurred on the activities referred to in point (1); and scale pre-determined by the Government of India
and as per the terms and conditions issued by the
3. Monitor the Corporate Social Responsibility Policy Government of India from time to time.
of the company from time to time.
The Part-time Official Directors (Government
4 Independent Directors’ Meeting Nominee Directors) on the Board of the Company
In terms of Section 149(8) read with Schedule IV do not draw any remuneration from the Company.
“Code for Independent Directors” of the Companies They draw remuneration from the Government only
Act, 2013, the Independent Directors’ Meeting was as Government Officials. The Part-time Non-official
held on 29.12.2023 which was attended by all the Directors (Independent Directors) are paid sitting
Independent Directors through video-conferencing. fees for the Board/Committee Meetings attended
during the FY 2023-24.
5.1 Remuneration paid to the Whole Time Directors and Key Managerial Personnel during the year under review

S. Name and Salary and Other Benefits Perform Total

No Designation Allowances and Perks* Ance Linked
Incentive
1 Shri Ravindra Kumar Jain INR 62,11,765 INR 906669.23 Nil INR 71,18,434.23
2 Shri Pankaj Saxena INR 59,31,524 INR 1030733.46 Nil INR 69,62,257.46
3 Shri Hira Ballabh INR 56,12,568 INR 799505.46 Nil INR 64,12,073.46
4 Shri Nanduri Srinivas INR 47,36,894 INR 6,96,004 Nil INR 54,32,898.13
5 Shri Hari Mohan Gupta INR 58,22,553 INR 940683.54 Nil INR 67,63,236.54
6 Ms. Meenu Kapoor INR 39,93,992 INR 427654.53 Nil INR 44,21,646.53
7* Shri Shobhit Bhatnagar INR 4,46,862 0 Nil INR 4,46,862.00
Total INR 327,56,158 INR 48,01,250.35 Nil INR 75,57,408.35
*In case of Sr no 7, the income is for the period of March 2024.

5.2 Sitting Fees paid to Independent Directors during the year under review

Name of Director Sitting Fees paid** Total no. of Board Meetings and
Committee Meetings attended
Prof. Pawan Palta INR 2,20,000 11
Shri Amarnath Yadav INR 2,20,000 11
Total INR 4,40,000 22
**Sitting fees paid excludes GST paid under reverse charge mechanism.
6 Annual General Meetings
The Annual General Meetings of the Company are held at New Delhi, where the registered office of the
Company is situated. The details of meetings held during the last three years are as under-

AGM Year Venue Date Time

15 th
2020-21 Committee Room, 2nd Floor, Rail Bhawan, 16.11.2021 15:30 Hrs
Raisina Road, New Delhi- 110001
16th 2021-22 Committee Room, 2nd Floor, Rail Bhawan, 26.09.2022 15:00 Hrs
Raisina Road, New Delhi- 110001
17th 2022-23 Committee Room, 2nd Floor, Rail Bhawan, 29.09.2023 16:30 Hrs
Raisina Road, New Delhi- 110001
No Special Resolution was passed at above-mentioned meetings held during theAnnual
last three
Reportyears
2023-24 115
 Dedicated Freight Corridor Corporation of India Limited

7 Audit Qualifications supports and aligns with the company’s broader

strategic objectives.
The Auditors’ Report submitted by M/s Suresh
Chandra & Associates, Chartered Accountants The commissioning of over 96% of the section
doesn’t contain any qualification and hence no has not only bolstered the reputation of DFCCIL,
explanation or comments are required. it has emerged as a gamechanger for the logistics
sector of the nation. Hon’ble Prime Minister Shri
8 CEO/CFO Certification Narendra Modi, Hon’ble Union Minister for Railways
Certification of Financial Statements by Chief and Communications, Electronics & Information
Executive Officer and Chief Financial Officer is placed Technology Shri Ashwini Vaishnaw and other
at Annexure D1. ministers have highlighted the company’s critical role
in nation-building time and again. This governmental
9 Other Disclosures recognition has propelled the company to garner
• No materially significant related party extensive attention across Print, Electronic, and
transaction has been reported except those Digital media.
which have been disclosed vide Note 35 of the
The company’s dynamic online presence spans
Notes to financial statements.
various social media platforms such as X, Facebook,
• All the items of expenditure debited in the books YouTube, Instagram and LinkedIn which has been
of accounts of Company are for the purpose of attracting a substantial following from diverse
project execution and operation & maintenance stakeholders and the general public. These
expenses entrusted to the Company and are platforms highlight key milestones, achievements,
related to project execution and operation & inaugurations, project updates, events and
maintenance. exhibition participation, showcasing the DFCCIL’s
• There are no personal expenses incurred for the active engagement on social media channels. The
Board of Directors. status of the company’s Social Media presence as of
31.03.2024 is as follows:
• The Net administrative expenses as a percentage
of total expenses have increased from 4.99% in Platform Followers
2022-23 to 6.59% in 2023-24.
Formerly Twitter) 32,100+
10 Code of Business Conduct and Ethics LinkedIn 26,200+
A Code of Business Conduct and Ethics for the Instagram 1450+
Board Members and Senior Management Personnel Facebook 57,000+
based on the Model Code of Conduct suggested in
the DPE Guidelines on Corporate Governance, 2010 Press Releases: Throughout the fiscal year, DFCCIL
as approved by the Board of Directors, is placed has issued press releases to journalists, highlighting
on the website of the Company at https://dfccil. key commissioning and operating milestones. More
com/Home/DynemicPages?MenuId=71. An annual than 25 press releases were shared with the national
affirmation to the Code of Business Conduct and media during this period.
Ethics was received from all the Board Members and
One-on-one interaction with the media: The
Senior Management Personnel. A declaration signed
Managing Director and senior officials of DFCCIL
by Managing Director affirming the compliance with
engage directly with press correspondents from
the Code of Business Conduct and Ethics by Board
prominent news organizations at regular intervals,
Members and Senior Management Personnel during
resulting in interviews published across leading
the FY 2023-24 is placed at Annexure D2.
publications. Six visits of media persons were
11 Corporate Communication organized during the inauguration of important
sections of the DFC including the sections inaugurated
DFCCIL has established a dedicated Corporate by Hon’ble Prime Minister in the presence of Hon’ble
Communication department, recognizing the vital Railway Minister & other dignitaries.
role effective communication plays in strengthening
and maintaining the organization’s brand identity. Coverage in Electronic Media: There has been
This initiate aims to develop and implement extensive coverage of DFC in leading electronic and
communication plans for both internal and external digital media channels including the one-on-one
audiences, ensuring consistent and meaningful interviews of the company leadership.
engagement with all stakeholders. Additionally, it
Coverage in Print Media: During the period, National
is pivotal in managing crisis communication and
and local media coverage with various facets of
mitigating reputational risks. By upholding a unified
construction and completion of important segments
and positive company image, the department

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of DFC has been provided by Hindi, English and be safe for all the employees to raise concerns about
vernacular media. any unethical practices or misconduct. This policy
provides a framework to enable employees wishing
Publishing of Advertisements: DFCCIL periodically to raise a concern about serious irregularities
publishes advertisements in national and regional within the Company without fear of victimization
newspapers regarding land acquisitions, tenders, and covers protected disclosures by employees of
section openings, and recruitment that are issued DFCCIL including those on deputation. DFCCIL is
from the Corporate Office. committed to ensuring that no unfair treatment
Corporate Films: Regular films about DFCCIL have is meted out to a Whistle Blower by virtue of his/
been produced to effectively convey key information her having reported a Protected Disclosure under
about the organization to both internal and external this Policy in good faith including protection against
stakeholders at various occasions. discrimination, harassment, threat or intimidation,
termination/ suspension of service, disciplinary
Communication Strategy: The Communication action and victimization. A person making a
Strategy of the company has been designed “Protected Disclosure” under this Policy can request
to inform various stakeholders – including the CVO for such protection. Complete details
government agencies, the Ministry of Railways, the regarding the Whistle-blower Policy of DFCCIL
media, opinion leaders, lending institutions, and the is clearly provided under the vigilance section on
broader community – about the development of one DFCCIL’s website.
of Independent India’s most pivotal infrastructure
projects. This is accomplished by sharing updates 13 Compliance Certificate
on the project’s progress, milestones, and other A Certificate from Company Secretary in Practice
relevant information with these stakeholders. regarding compliance of Corporate Governance
12 Whistle Blower Policy Guidelines, 2010 issued by Department of Public
Enterprises is placed at Annexure D3.
DFCCIL believes in creating a culture where it should

****

Annual Report 2023-24 117

 Dedicated Freight Corridor Corporation of India Limited

ANNEXURE-D1

MANAGING DIRECTOR AND DIRECTOR FINANCE/CFO CERTIFICATION

We have reviewed the Financial Statements including the Balance sheet. Statement of Profit & Loss. Cash Flow
Statement. Statement or changes in equity and related explanatory notes for the financial year 2023-24 and to the
best or our knowledge and belief:

(i) These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;

(ii) These statements together present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations;

(iii) There are to the best or our knowledge and belief no transactions entered into by the Company during the year
which are fraudulent, illegal or in violation or the Company’s code of conduct;

(iv) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of the internal control systems of the company pertaining to financial reporting. We
have disclosed to the Auditors and the Audit Committee deficiencies in the design or operation of such internal
controls of which we are aware and the steps we have taken or proposed to take to rectify these deficiencies;

(v) We have indicated to Auditors and the Audit Committee. improvements in Accounting Policies during the year,
and that the same have been disclosed in the notes to the Financial Statements; and

(vi) There was no instance of fraud nor there has been involvement of the Management or an employee having a
significant role in the Company’s internal control system over financial reporting, or which we are aware.

Sd/-

Hira Ballabh
Place: New Delhi Managing Director &
Date: 14.08.2024 Director Finance

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Corporate Overview Notice Statutory Reports Financial Statements

ANNEXURE-D2

Declaration by Managing Director regarding compliance with the Code of Business Conduct
and Ethics by Board Members and Senior Management during the Financial Year 2023-24.

l, Ravindra Kumar Jain, Managing Director, Dedicated Freight Corridor Corporation of lndia
Limited, do hereby declare that all the functional members of the Board of Directors and the
Senior Management Personnel have affirmed compliance of the Code of Business Conduct and
Ethics during the Financial Year 2023-24.

Sd/-

Ravindra Kumar Jain

Place: New Delhi Managing Director
Date: 01-07-2024 DIN: 08641707

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 Dedicated Freight Corridor Corporation of India Limited

ANNEXURE-D3

COMPLIANCE CERTIFICATE ON CORPORATE GOVERNANCE

To,
The Members
Dedicated Freight Corridor Corporation of India Limited
5th Floor, Supreme Court Metro Station Building Complex,
New Delhi - 110001

REG: COMPLIANCE CERTIFICATE WITH REFERENCE TO COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE

UNDER GUIDELINES ON CORPORATE GOVERNANCE FOR CENTRAL PUBLIC SECTOR ENTERPRISES, 2010.

1. This Certificate is in accordance with compliance of conditions of Corporate Governance by DEDICATED FREIGHT
CORRIDOR CORPORATION OF INDIA LIMITED (CIN: U60232DL2006GOI155068) hereinafter referred to as (“the
Company”) for the Financial Year ended on 31st March, 2024 as stipulated in Guidelines on Corporate Governance
for Central Public Sector Enterprises, 2010 issued by Department of Public Enterprise (DPE), Government of
India.
2. The Compliance of conditions of Corporate Governance is the responsibility of management. Our examination
was limited to procedures and implementation thereof, adopted by the Company to ensure the compliance of the
conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
3. I have obtained all the information and explanations which to the best of my knowledge and belief were necessary
for the purposes of certification and have been provided with such records, documents, certifications, etc. as had
been required by me.
4. I certify that in respect of the aforesaid financial year ended on 31st March 2024, the Company has complied with
various provisions of the Guidelines in its Corporate Governance Report except:
Clause No. 3.1 relating to Composition of Board of Directors – Independent Directors
5. I certify that in respect of the aforesaid financial year ended on 31st March 2024, the Company has complied with
various provisions of the Guidelines with respect to its Corporate Governance.

For Balika Sharma & Associates

Company Secretaries

Sd/-
(Balika Sharma)
Partner
FCS No.: 4816
Place: New Delhi CP No.: 3222
Date: 22.08.2024 UDIN Number F004816F001018862

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ANNEXURE-E
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
1. The Indian Economy Outlook Equity investments in Indian start-ups reached $18
billion in FY 2023-24, a 15% rise from the previous
The Indian economy continued to demonstrate year.
resilience in the financial year 2023-24, achieving
a growth rate of 8.2% despite global economic Foreign investment continues to see the upward
uncertainties and continued slowdown in many tick unabatedly. Total FDI inflows in India in the
western economies. India stays in the spotlight FY 2023-24 is $70.95 billion and total FDI equity
among the large economies as it clocks the highest inflows stands at $44.42 billion.
growth rate in the comity. This growth, although
strong, marks a slight decline from the previous Despite challenges such as global economic
year’s 7%. The economic expansion was largely uncertainties and geopolitical tensions, India’s
fuelled by sustained domestic demand, increased economic outlook remains predominantly positive.
public infrastructure investment, and a rebound Political stability, policy continuity and commitment
in manufacturing. The exports of the country are to reforms are bolstering investment outlook that
at unprecedented high. The Reserve Bank of India would push-up economic activities. The country’s
has forecasted the GDP expansion at 7.2% for the strong domestic market, enhanced ease of doing
Financial Year 2024-25. business, and strategic policy initiatives continue
to strengthen its position as one of the fastest-
However, the robust economic growth was growing major economies globally.
accompanied by some challenges as well. Inflation,
though lower than the previous year, remained a 3. Industry Structure and Developments:
concern, averaging around 5.4% for most of the India’s freight and logistics sectors continue their
fiscal year, straining household budgets, particularly upward trajectory, with new forecasts predicting
in food and fuel costs. The external sector faced a compound annual growth rate (CAGR) of 7.2%
difficulties due to the global economic slowdown, between 2024 and 2030. This momentum in
which is hampering the export potential, but a the freight & logistic segment is driven by rising
decrease in global commodity prices offered some consumer demands, the swift expansion of
relief on the import front. e-commerce, and the government’s unwavering
In summary, the fiscal year 2023-24 saw the Indian focus on infrastructure development. The Union
economy grow by 8.2%, reflecting its ability to Budget for 2024-25 reflects this focus, with a
sustain steady growth amid global uncertainties & significant allocation of INR 2.7 trillion to the railway
international conflicts. A strong domestic demand sector, highlighting the government’s dedication to
and strategic government initiatives played a key boosting logistics capabilities.
role in this economic expansion. The Dedicated Freight Corridor (DFC) remains central
2. Outlook to India’s logistics strategy. By March 2024, over
96% of the DFC network has become operational,
The strong credentials of the Indian economy demonstrating substantial progress from the
continue to infuse confidence among the domestic previous year. The impact of DFC is already being
& global investors. The optimism is further bolstered felt, with industries along the corridor reporting
by strong Purchasing Managers’ Index (PMI) figures. an average 30% reduction in freight transit times.
In March 2024, the manufacturing PMI stood at Cement companies, in particular, have experienced
57.8, and the services PMI reached 61.2, both well a 25% improvement in freight evacuation efficiency.
above the 50-point threshold that separates growth The development of Gati Shakti cargo terminals at
from contraction. These numbers reflect significant DFC stations is gaining momentum. With two new
expansion in both sectors, reinforcing the positive Gati Shakti cargo terminals becoming operational
economic outlook. in FY 2023-24, the last-mile connectivity is further
enhanced.
Moreover, the Reserve Bank of India’s latest business
confidence survey shows a marked improvement in India’s Export and Import (EXIM) trade demonstrated
sentiment. The Business Expectation Index for Q1 impressive resilience, growing by 12.5% in FY 2023-
2024-25 rose to 114.5, up from 111.2 in the previous 24, reaching a valuation of USD 1,870 billion. A major
quarter. This increase in business confidence points contributor to this growth is the Western Dedicated
to a favourable environment for investment and Freight Corridor (WDFC), which has seen increased
growth. In line with this, Venture Capital and Private container movement since achieving continuous

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 Dedicated Freight Corridor Corporation of India Limited

connectivity from Rewari to Vaitarna. Innovation 5. SWOT Analysis

in the rail freight continues to thrive and the recent
example is the successful implementation of the 5.1. Strengths
modified NMG coaches. The newly incorporated 5.1.1 Government Backing and Support
coaches are meant especially for the small cargo DFCCIL has strong support from the Indian
transportation leading to increase in small parcel Government which helps in sustained funding, policy
shipments via rail. backing and political commitment. This support
Technological upgradation gained momentum and includes large-scale investments and favourable
the implementation of end-to-end cargo tracking policies which facilitate smooth execution of
on DFC routes is helping the businesses of India. projects and help overcome regulatory hurdles.
Now India’s freight and logistics sector is set for 5.1.2. Superior design and features
transformative growth. The government’s National
Logistics Policy, implemented in late 2022, has The tracks of Dedicated Freight Corridor are capable
started showing results as India’s ranking in the of running 25T axle load trains. The bridges and
World Bank’s Logistics Performance Index improved foundations on the DFC network are designed for
from 44 in 2018 to 38 in 2024. The policy aims to 32.5T axle load. The loop lines are designed to run
reduce the cost of logistics in the country from the 1.5 km long haul trains. In WDFC, the high rise OHE
current 13-14% of GDP to 8% by the end of this makes it capable of running double stack container
decade. trains. Hence, double stack & double length
optimizes the efficiency of the corridor. DFC has a
The contribution of the logistic sector to India’s track capacity of running 480 trains per day. The
economic landscape is becoming increasingly Operational Control Centres (OCC) in Prayagraj for
significant. It is estimated that improvements in EDFC and Ahmedabad for WDFC are equipped with
logistics efficiency could add 0.5-0.8 percentage state-of-the-art systems making them efficient
points to India’s GDP growth annually over the and more robust railways capable of computerized
next five years. With a continued emphasis train operations. Today, the DFC is emerging as
on infrastructure development, technological an economical, environment friendly and efficient
integration, and policy support, the freight and mode of freight transportation. These factors
logistics sector is not just facilitating trade but is give DFC a clear yet major advantage over Indian
also emerging as a key driver of India’s economic Railways and other modes of transportation.
growth and global competitiveness.
5.1.3. Expertise in Infrastructure Development
4. Vision and Mission of the Company
DFCCIL has distinguished itself as a specialized
4.1. Vision organization, capable of developing a world-class
dedicated rail corridor for rapid and high-capacity
• To create a partnership with Indian Railway for
movement of freight. The company possesses
retaining and expanding the market share of
the organizational expertise to execute large-
railways through efficient and reliable service
scale railway infrastructure projects within strict
with customer focus.
timelines. DFCCIL’s proficiency in land acquisition,
4.2. Mission implementing FIDIC-based EPC contracts and
managing disputes stand out as core strengths.
As the dedicated agency to make the vision into
reality, the Company’s mission is – 5.1.4 Technological Advancements

• To build freight corridor connecting appropriate DFCCIL is deploying modern & state-of-the-
technology that enables Indian Railways to art technologies in its operations which include
regain its market share in freight transport by advanced signalling, automated control systems and
creating additional capacity and guaranteeing real-time tracking capabilities. These technologies
efficient, reliable, safe and economical options enhance safety, reliability and operational efficiency
for goods mobility to its customers. making the corridors more effective in handling high
volumes of freight.
• To set up multimodal logistic parks along the
DFC to provide complete transport solutions to 5.1.5. Operational Capability
customers. DFCCIL has established itself as a pioneer in India
by running faster, higher-capacity and longer
• To support the government’s initiatives toward
‘heavy-haul’ trains. This is resulting in a significant
ecological sustainability by encouraging users
increase in transportation capacity of the railways.
to adopt railways as the most environment
It is also the first organization in the country to
friendly mode for their freight requirements.
operate scheduled, time-tabled freight trains

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with guaranteed transit times. These operational 5.1.10 Environmental Benefits

strengths are effectively supported by real-time
train operation monitoring through the Dedicated By facilitating the shift of freight transport from road
Freight Information System (DFIS). This system to rail, DFCCIL contributes to reducing the carbon
integrates closely with the Indian Railways’ IT footprint associated with logistics. Rail transport
systems, including FOIS, COA and TMS to ensure is more energy- efficient and environmentally
seamless operations. friendly compared to road transport, aligning with
global sustainability goals and much reducing
5.1.6. Safety and Efficiency environmental pollution.
`The DFC network has achieved significant 5.2. Weaknesses
advancements in safety by incorporating cutting-
edge technologies which includes the Machine 5.2.1 Land Acquisition Challenges
Vision-Based Inspection of Rolling Stock. This has Acquiring land for the construction of DFCs has been
been developed in partnership with the Indian a major challenge for DFCCIL. Land acquisition often
Institute of Science (IISc), Bangalore. Moreover, faces legal, social and environmental hurdles causing
the strategic installation of Hot Axle Box Detectors delays in the project timelines and increased costs.
at key locations before stations further enhances Resistance from local communities and lengthy
safety. These innovations not only help prevent legal disputes can further complicate the process.
accidents but also improve efficiency and the
manpower requirement is also minimal with just 5.2.2. Financial and Operational Constraints
0.82 per track kilometre. The elimination of level The financial stability of the Company is at risk
crossings in the entire network also bolsters safety due to its continued reliance on the Ministry of
for both road and rail traffic. Railways and other external bodies for funding. This
5.1.7. Strategic Development and Cost-Efficiency dependence also affects operational aspects. The
Company also relies on Indian Railways for traffic as
Optimal freight options are important in well as for the supply & maintenance of the rolling
reducing logistics costs which help in raising the stock.
competitiveness of the indigenous companies.
The Company plays a pivotal role in reducing 5.2.3. Limited Business Autonomy
logistics costs by enhancing operational efficiency. There are limitations to the Company’s decision-
The strategic vision of DFCCIL is evident from the making especially when it is related with freight
sprouting of industrial hubs along the dedicated tariffs and business development. Operating as
freight corridors which are also connected to inland a mere concessionaire rather than a landowner
waterways. The extensive DFC network ensures further constrains its operational independence.
seamless connectivity to the key seaports of Gujarat
and Maharashtra which is boosting export-import 5.2.4. Dependence on Bulk Commodities
traffic and strengthening integration with domestic
and global supply chains. The freight transported by DFCCIL is heavily reliant on
bulk commodities such as coal, iron ore and cement.
5.1.8 Focus on Core Freight Sectors This dependence poses a risk if there is a downturn
in these industries or a shift in the economic
DFCCIL focuses on key sectors such as coal, iron structure, potentially leading to underutilization of
ore, steel, cement and agriculture which are the corridors and affecting revenue generation.
among the top sectors of the Indian economy.
This specialization ensures that the corridors are 5.2.5 Dependence on Traditional Commodities
designed and optimized to handle the specific
needs of these high- volume and heavy-duty freight The freight transported by DFCCIL is heavily
categories. dependent on traditional bulk commodities like coal,
iron ore, and cement. Any decline in these sectors
5.1.9. Social Responsibility and Governance could impact the utilization and revenue generation
of the corridors.
The Company’s transparent and robust mechanism
for the rehabilitation and resettlement of project- 5.2.6. Safety and Disaster Management
affected people is equally significant. The just
mechanism has ensured a transparent disbursement The DFC network largely runs parallel to the Indian
of compensation to the affected. This showcases Railways network. This raises safety risks of
the organisation’s commitment to ethical practices multiple kinds. Moreover, the Company has limited
and social responsibility. capacity to manage disasters and relies on external
resources for emergency responses.

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 Dedicated Freight Corridor Corporation of India Limited

5.2.7. Operational dependence on Indian Railways 5.3.5 Adoption of Green Logistics Practices
Train detentions at interchange points with Indian With increasing global emphasis on sustainability,
Railways negate the Company’s advantage in DFCCIL has the opportunity to lead the shift towards
offering higher-speed freight services. greener logistics practices. The DFC network can
support the transportation of environmentally
5.2.8. Crew Management friendly goods and promote the use of rail over road
The Company faces operational efficiency challenges as the rail transportation has a much lower carbon
due to its reliance on Indian Railways for trained footprint. DFCCIL could also explore opportunities in
personnel and the lack of an adequate monitoring renewable energy including solar power for railway
system. operations.

5.3 Opportunities 5.3.6 Technological Innovations

5.3.1 Business Development and Economic The rapid advancement of technologies in logistics
Progress and transportation presents opportunities for
DFCCIL to adopt innovations like automation,
The DFC network has significant potential for growth artificial intelligence (AI), and Internet of Things (IoT)
within the logistics sector and is already being in freight management. These technologies can
touted as ‘Game Changer’ in freight transportation. enhance operational efficiency, improve safety and
By furthering the faster and timely movement of provide better tracking and predictive maintenance
containers to ports, e-commerce parcels and other capabilities.
types of cargo, there are substantial opportunities
for the Company for expansion. DFCCIL is also well- 5.3.7 Expansion into New Markets and Sectors
positioned to become a leader in providing seamless DFCCIL can explore opportunities to expand its
multimodal logistic solutions, thanks to its existing services to new markets and sectors beyond
network, which is offering extensive connectivity traditional bulk commodities. This includes targeting
to the major ports on the Western Coast, inland the containerized freight market, e-commerce
waterways and the Indian Railways network. logistics and specialized transportation services for
5.3.2 Economic Growth and Industrial Expansion high-value goods, pharmaceuticals and perishable
goods.
As India’s economy continues to grow, with
expanding industrial and manufacturing sectors, 5.3.8 Government Initiatives and Reforms
there will be an increasing demand for efficient The Indian Government’s focus on infrastructure
freight transportation. DFCCIL can capitalize on this development, such as the ‘Gati Shakti’ initiative and
by providing high-capacity, reliable freight corridors the National Infrastructure Pipeline (NIP), provides
that cater to the growing needs of industries, thus a favourable environment for DFCCIL to expand its
becoming a key enabler of economic growth. projects. These initiatives aim to create a unified and
5.3.3 Expansion of Multi-Modal Logistics efficient logistics ecosystem in which DFCCIL can
play a central role.
The integration of rail transport with other modes
of transportation, such as road, sea, and air, through 5.3.9 Technological and Project Consultancy
Multi-Modal Logistics Parks (MMLPs) presents a The company has become a repository of knowledge
significant opportunity. DFCCIL can collaborate with after gaining strong experience in constructing the
logistics providers to develop integrated solutions, Eastern and Western Dedicated Freight Corridors
improving supply chain efficiency and reducing (EDFC and WDFC) successfully. DFCCIL can now
overall logistics costs. offer consultancy services in areas like Contract
5.3.4 Public-Private Partnerships (PPPs) Management, Technological Innovation and Project
Management. These services can be extended to
There is a growing opportunity for DFCCIL to both domestic and international clients, presenting
attract private investment through Public- Private an opportunity to diversify revenue streams.
Partnerships (PPPs). Private sector involvement
can bring in additional capital, innovation and 5.3.10 Infrastructure and Research Development
operational efficiency, helping to accelerate the There are ample opportunities for DFCCIL for the
development and expansion of freight corridors and development of multi-modal logistic parks and
associated infrastructure. freight terminals across various locations on the
2843-km long DFC network. Collaborations with
organisations such as DMIDC and AKIDC will further

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enhance traffic on the Dedicated Freight Corridor 5.4.6 Technological Disruptions

(DFC). Additionally, the Company could establish a
research facility focused on heavy-haul operations Rapid advancements in logistics technologies, such
and pursue international partnerships to set new as autonomous vehicles, drones and advanced
operational standards. digital platforms, could disrupt traditional freight
transport models. DFCCIL will need to continuously
5.3.11 National Infrastructure Integration innovate to stay competitive and integrate new
technologies effectively.
As the DFC network connects three major metro
cities and several industrial clusters, the Company 5.4.7 Geopolitical and Trade Uncertainties
has a unique opportunity to establish exclusive cargo
routes. There is also potential to expand its role in Geopolitical tensions, conflicts and trade
integrated transport development in alignment with uncertainties, including changes in international
the National Infrastructure Pipeline, including the trade policies and tariffs, can impact the flow of
operation of Road Railer services to provide door- goods and influence freight volumes. This can affect
to-door solutions. revenue and operational planning of the DFCCIL.

5.4. Threats 5.4.8 Market Demand Fluctuations

5.4.1. Financial and Operational Constraints Fluctuations in market demand for key commodities
transported via DFC, such as coal and iron ore,
The financial sustainability of the company is at risk can impact the utilization and profitability of the
due to uncertainties in securing adequate funding corridors. Economic shifts or changes in industry
for both capital and operational expenses. The demand patterns can affect overall freight volumes.
concession agreement with the Ministry of Railways
(MoR) is limited in duration which further restricts 5.4.9 Security Concerns
the company’s operational capabilities. Security threats which include sabotage, vandalism
5.4.2. Regulatory and Legal Challenges and terrorism, could hamper the safety and
operation of the freight corridors. Robust security
The changes in legislation, especially those measures and contingency plans are necessary to
which affect the land acquisition and operational address potential threats.
processes, could negatively impact the performance
of DFCCIL. Moreover, the company faces significant 5.5. Strategies to Overcome Shortcomings
financial and operational risks from ongoing high- DFC has already been defined as the ‘Jewel of the
value disputes, which could be detrimental if Indian Railways.’ The Company is committed to
arbitration rulings are not in its favor. systematically addressing its weaknesses with the
5.4.3. Competitive and Infrastructure Pressures goal of strengthening its position as a key player
in India’s economic landscape, while ensuring the
The full potential of the DFC network is heavily reliant on efficient and effective delivery of its services.
the timely upgrade of feeder routes which is a prerogative
of the Indian Railways. Moreover, the development & 5.5.1. Strengthening Organizational Resilience
modernization of alternative transportation systems Recognizing its significant role in the economic
like the highways and the inland waterways, could pose development of the country and the commendations
serious competition challenges. received, the Company aims to maintain its positive
5.4.4. Resource and Supply Chain Issues image and secure ongoing support from key
stakeholders, including the Ministry of Railways, the
DFCCIL’s dependence on the Indian Railways for World Bank and JICA. The focus will be on leveraging
rolling stock and on the state governments for its expertise in project implementation and technical
land acquisition and other approvals could lead to innovation.
operational delays, thereby affecting its overall
competitiveness. 5.5.2. Bridging the Gap between Services and
Public Needs
5.4.5 Competition from Alternative Transport Modes
To enhance its brand image, the Company is
Road transport and other logistics options may focusing on improving public relations. The objective
continue to be competitive, particularly for short is to demonstrate how the logistics services offered
and medium distances. Innovations in road logistics, by the DFC network are not only cost-effective and
such as the development of faster and more environmentally friendly but are also positively
efficient trucking solutions, could affect DFCCIL’s impacting the daily lives of the people at large. This
market share. strategy is expected to strengthen the Company’s
connection with the broader community.

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 Dedicated Freight Corridor Corporation of India Limited

5.5.3. A Multi-Faceted Approach to Operational including safety training for field personnel in FY
Efficiency 2023-24.
To smooth execution of the project works, the As of March 31, 2024, DFCCIL has commissioned
Company has refined its dispute resolution cumulative 2,741 Route km of DFC Network out of
processes for quicker settlements. This has not the planned 2,843 Route km. A major achievement
just helped maintain its reputation for effective in FY 2023-24 was the commissioning of 652 km
implementation over litigation. An online of track in both the Eastern and Western DFCs. This
dashboard would keep stakeholders updated on milestone ensures continuous connectivity from
dispute statuses. Furthermore, the Company is Sonanagar in Bihar to Vaitarna in Maharashtra.
decentralizing decision-making by empowering Some of the key sections commissioned last fiscal
field units, which will facilitate faster progress. were New Sahnewal to New Khatauli, Ahraura Road
Coordination with Zonal Railways for upgrading to DDU, Makarpura to Bhestan, Gholvad to Vaitarna,
feeder routes is a priority and the Railway Board will Sanand North to Makarpura. DFCCIL has also seen a
be engaged in cases of serious delays. notable improvement in operational efficiency, with
a 45% increase in train operations. Currently, DFCCIL
5.5.4. Preparedness for Unforeseen Events handles more than 10% of India’s total railway
The Company is investing in the creation of in- freight traffic, despite operating just 4% of the Indian
house Emergency Response Teams (ERTs) to handle Railways’ network.
the cases of derailments and other emergencies. 7 Way Forward
This would help in reducing its reliance on external
entities. As the Dedicated Freight Corridors (DFCs) is nearing
the full-scale operations, the Company is ramping
5.5.5. Flexibility and Future Adaptation up efforts to integrate with feeder routes and
To stay ahead in the competition, DFCCIL is exploring broaden its customer base. In FY 2023-24, the DFC
a more flexible approach to setting freight tariffs network saw a 30% increase in traffic compared to
and considering the acquisition of specialized rolling the previous year, reflecting a significant rise in the
stocks to meet future market demands. adoption of DFC as a reliable freight partner.

5.5.6. Fostering Public Relations through Brand The Company is now focusing on business
Image Development development, inviting proposals for new Goods
and Cargo Terminals (GCTs) to transform each DFC
Acknowledging the importance of a robust brand station into a business hub of its own kind. Also, to
image beyond operational achievements, the attract new traffic, DFCCIL is introducing innovative
Company will implement a targeted public relations services such as Truck- on-Train (ToT) and NMG for
strategy to highlight its technical innovations, high-speed small cargo movement.
project implementation skills, contract management
expertise, proficiency in land acquisition and overall With increasing speed, decreasing wagon turnaround
game changing spirit in freight transportation. times and improving punctuality advantages of the
DFC network, Indian Railways is also planning to
6. Outlook for the Company launch specialized services for high-value, time-
The Company is increasingly receiving recognition for sensitive cargo. The development of Multi-Modal
its transformative impact on India’s transportation Logistics Parks along the DFC has accelerated and
sector and overall development of the economy. In two new parks become operational in FY 2023-24,
FY 2023-24, Honourable Prime Minister reiterated which will help lower last-mile logistics costs.
the role of DFC as a ‘Game Changer,’ emphasizing its In response to market demands and increased
contribution to India’s goal of achieving a $5 trillion efficiency, the Company aims to reduce logistics
economy and becoming the third largest in the near costs across all commodity groups in FY 2023-
future. 24. The Detailed Project Reports (DPRs) for three
Completion of Vaitarna – JNPT (102 Km) of WDFC is new DFCs—the East-West Corridor, the North-
the topmost priority. This will complete sanctioned South Corridor, and the East Coast Corridor—have
DFC & connect important JN port in Maharashtra. been submitted to the Ministry of Railways and
decisions on these are expected soon. DFCCIL is also
Quality and safety are priorities for DFCCIL. Advanced committed to the green economy and plans to earn
monitoring systems, such as MVIS and HABD, have carbon credits for its services, aligning with India’s
been implemented to significantly reduce defects goal of reducing carbon emissions.
and incidents. Additionally, the Company has made
substantial investments in staff development, Today, the Company’s initiatives, supported
by favourable government policies, are rapidly

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advancing India’s freight infrastructure to global Para 9 of the Director’s Report.

standards. The DFC project remains an inalienable
element of India’s economic growth strategy with 11. Internal Control Systems
its full potential anticipated in the coming years. As Internal control is an important process put into
India targets sustained economic growth of 7-8% action by the management and the staff of any
annually, the efficient logistics backbone, just as responsible organisation. Internal control is designed
being provided by the DFC network, will be essential to address risks and ensure that the organization’s
for achieving and maintaining this growth. mission is pursued in an orderly, ethical, economical,
8. Credit Ratings efficient and effective manner. This process also
aims to safeguard resources against loss, misuse
The financial discipline and prudence of DFCCIL are and damage.
reflected in the strong credit ratings given by the Hence, DFCCIL has established internal systems and
leading agencies. Committed to prudent financial processes that are both adequate and appropriate
management and cost reduction, the Company for its size to ensure that operations are conducted
holds the highest credit ratings from agencies in an orderly, ethical, economical, efficient and
like CRISIL, ICRA, CARE and India Ratings. The top effective fashion. However, recognizing that internal
ratings are supported by its robust balance sheet. control is a continuous process, management
Credit Rating of Company as reported by Credit Rating remains committed to its continuous improvement.
Agencies Statutory Auditor of the Company vide Annexure
“C” to the Independent Auditor’s Report on the
Name of Credit Rating Latest date of
Internal Financial Control in compliance of Clause (i)
Credit Rating Obtained Report
of Sub-section 3 of Section 143 of the Companies
Agency
Act, 2013 have commented that the Company
CRISIL CRISIL April 2024 has, in all material respects, an adequate internal
AAA/Stable financial control system over financial reporting
ICRA ICRA 10th September and such internal financial controls over financial
AAA/Stable 2024 reporting were operating effectively as at 31st
March, 2024, based on “the internal control over
CARE CARE 5th January 2024
financial reporting criteria established by the
AAA/Stable
Company considering the essential components
India Ratings IND 28th August of Internal Control stated in the Guidance note on
AAA/Stable 2024 Audit of Internal Financial Controls Over Financial
There has not been any revision in the credit rating Reporting issued by ICAI.
of above-mentioned domestic credit instruments as 12. Environmental Protection, Promotion & Social
compared to last year. Safeguards
9. Capital Expenditure on Project Execution The Company has established a Social &
As of March 31, 2024, DFCCIL had invested a Environmental Management Unit (SEMU) with
cumulative amount of INR 94,091.01 crore in the the objective of supervising and managing
execution of the DFC project. This excludes land the Land Acquisition process and ensuring
costs incurred to the Company. In FY 2023-24, the the implementation of social & environmental
Company dedicated INR 10,576.44 crore towards safeguards in the DFC corridors. SEMU facilitates
capital expenditure specifically for project execution. the publication of land acquisition gazettes
For more detailed information, please refer to (20A, 20E), monitors the disbursement of land
Paragraph 4.1 of the Directors’ Report. Moreover, compensation and oversees the distribution of
the Ministry of Railways has formally confirmed Resettlement & Rehabilitation assistance to
that the ownership of these assets lies with the Project Affected Persons (PAPs). Apart from this,
Company, reinforcing its financial and operational SEMU monitors environmental issues, ensuring
stability. compliance with environmental policies set by
funding agencies such as the World Bank and JICA ,
10. Risk Management in addition to other relevant statutory provisions.
A statement indicating the development and 12.1. Installation Of Noise Barriers
implementation of risk management policy along
with the identification of various risks, in the opinion Noise pollution can lead to stress related illnesses,
of the Board of the Company that may threaten the high blood pressure, speech interference, hearing
existence or operations of the Company is placed at loss, sleep disruption and productivity challenges.
DFCCIL has erected six (06) noise barriers at

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 Dedicated Freight Corridor Corporation of India Limited

sensitive places like schools and hospitals that are VIP CP- Public Arbi- Court
located within 100 meters from the DFC tracks Refer- GRAMS Grie- tra- Cas-
during FY 2023-24. These noise barriers are ences vances tion es
created to eliminate approximately 10-15 db (A) Cases
noise generated from freight trains running on the
DFC tracks. This is the first time in India that noise Filed 8 167 69 1774 499
barriers are installed in any railway project. Dis- 8 161 66 1125 1082
posed
12.2. Closure Of Batching Plants And Borrow Areas.
12.7 Other Highlights
Closure and reclamation of batching plants and
borrow areas has been one of the major concerns for Capacity building of manpower has become an
DFCCIL as the Company is committed towards ethical important tool for the organizations to improve
practices in the construction phase. During the their performance, resilience and strategic growth.
financial year 2023-24, DFCCIL reclaimed 9 batching Capacity-building workshops are regularly organized
plants and closed 4 batching plants, besides closing for DFCCIL officials, PMC and contractors, with
and reclaiming 366 of borrow areas. the involvement of environmental experts. The
organization consistently observes national days
12.3. Safe Working Hours dedicated to the environment, workmen safety, and
Throughout FY 2023-24, the DFC project was carried fire safety. To date, there have been no reported
out with utmost safety during the construction cases of gender violence at construction sites or in
phase, achieving 10 million safe working hours. This the areas where DFCCIL construction workers reside.
contributes to a cumulative total of 127 million safe Sensitization programs are periodically conducted to
working hours in the entire DFC project without any prevent such untoward incidents at worksites and
fatal accident or lost time injury. areas nearby. The World Bank’s guidelines for the
prevention of gender-based violence (GBV) are being
12.4. Afforestation/Plantation Drive strictly followed.
Afforestation is a positive action that supports 13. Human Resource
the necessary ecological balances in the natural
environment. DFCCIL has planted more than 22,000 The Human Resources Department is instrumental
trees as part of Green Belt Development along the in serving the key interests of the Company,
DFC corridors under the compensatory afforestation focusing its efforts on nurturing, supporting and
programme. safeguarding its most valuable asset—its team
members. In a dynamic operating environment, the
12.5. Reduction In Energy Consumption department remains steadfast in delivering high-
quality services, thereby facilitating the Company’s
DFCCIL has taken several measures to reduce energy
business objectives through the cultivation of
consumption in the operations. The positive actions
enhanced HR core competencies. Further, the
include the use of 5-star rated electrical equipment,
department fosters an environment conducive to
LED lighting and the installation of solar panels
innovation and facilitates consistent learning and the
on station building rooftops and in rail yards. The
empowerment of employees. All these efforts are
installations are designed to follow the Green Energy
undertaken within a collaborative framework that
Concept, ensuring that at least 10% of energy needs
is both challenging and supportive. This represents
are met from renewable energy sources. Additionally,
mutual growth opportunities for both the employees
efforts are being made to harness solar power to
and the Company as a whole. In all these endeavours,
further support energy requirements of DFC.
the HR department remains firmly grounded in both
12.6. Handling Of Public Grievances, Arbitration, ethical and professional standards.
And Court Cases
13.1. Manpower Mobilisation
The Company follows a systematic and hassle-free
For the Company to function effectively, the strategic
approach to handle public grievances, arbitration
placement of the right manpower at the right places
matters and court cases. This ensures that issues
and at the right time is essential. Considering the long-
related to land acquisition are addressed and
term objectives and requirements of the organisation,
resolved efficiently, in compliance with legal and
manpower has been sourced and inducted through
administrative guidelines. The current status of VIP
various channels. Specifically, 179 individuals were
references, grievances, arbitration cases, and court
recruited through open market channels, 8 through
cases is as follows:
permanent or immediate absorption and another 5
via campus recruitments. In addition to these new
hires, 367 retired government employees have been

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Corporate Overview Notice Statutory Reports Financial Statements

re-engaged or inducted as consultants or advisors focused initiatives aimed at the skill enhancement
across various departments for specialised roles. and knowledge development of its workforce.
During the past year, 75 individuals also joined the
Company on a deputation basis. The Department of 13.4. Heavy Haul Institute (HHI) Noida: Company’s
Public Enterprise has granted a special exemption, World Class Training School
allowing 341 positions below Board level to bypass The Heavy Haul Institute (HHI) in Noida serves
the rule of immediate absorption, effective until as a hub for continuous learning. The current
December 31, 2024. infrastructure accommodates 240 students
across four lecture halls.
As a result of these strategic efforts, the total
workforce strength of the Company as on March Additionally, 79 twin-occupancy rooms are
31, 2024, stood at 3,428. This tally includes operational. Now model rooms for hands- on
2,563 permanent employees, 221 individuals on training across multiple operational areas are being
deputation and 644 who are either re-employed or planned.
serving in other contractual roles.
13.5. World Bank Collaboration For Trainings
Particulars Numbers Besides the Company’s internal programmes, a
Total Workforce 3,428 meticulously planned training regimen is prepared
Strength annually in collaboration with the World Bank.
During FY 2023- 24, 701 employees underwent
Permanent Employees 2,563
various training sessions, contributing to a total of
Employees on 221 1,565 training man-days. Multiple areas, such as
Deputation Contract Management and Risk Management, were
Re-employed/ 644 covered.
Contractual
The Company’s workforce is further divided 13.6. Internships
into various grades, ranging from executive to
A practical learning opportunity was offered to 14
non-executive roles, providing a comprehensive
students across diverse functions and additionally,
snapshot of the skill and responsibility levels within
16 students from various educational institutions
the organisation.
participated in regular internships.
S.No. Grade Numbers
Particulars Numbers
1. MD 01
Total Training Man- 1,413
2. Dir/CVO 05
Days
3. E9 04
Employees Trained 392
4 E8 52
5. E5-E7 161 13.8. Employee Grievances
6. E2-E4 557 In order to facilitate close monitoring and immediate
disposal of various grievances of DFCCIL employees
7. E0-E1 1090
pertaining to HR matters, a grievance redressal cell
8. N5-N7 877 has been created. A well-defined procedure exists
9. N1-N4 681 wherein, grievances of employees of various field
Total 3428 units as well as Corporate Office are reviewed on
fortnightly basis and it is ensured that the pending
13.2. Promotions grievances are resolved within stipulated timelines.

During the year under review, the Company promoted 13.9 Policy Initiatives- Human Resource
206 employees across various departments which The following are the major policies that were
reflects DFCCIL’s objective to recognise and reward released during the year:
employee contributions and performance.
¯ Amendment in Recruitment Rules.
¯ Modification in Promotion Policy.
Particulars Numbers
¯ Amendment in DFCCIL Medical Rules.
Employees Promoted 206 ¯ Revision in reimbursement limit for engagement
13.3. Learning and Development of TADK.
¯ Rates of Honorarium for Internal and External
The Company realises the crucial role of learning and
Faculty members for delivering lectures.
development in driving sustainable. It implements

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 Dedicated Freight Corridor Corporation of India Limited

¯ Transfer of posts to Security department. improvement, focusing on leveraging AI and

¯ Facilities for employees deputed for attending machine learning to further refine our processes.
breakdown. Going forward, the Company aims to drive
¯ Keeping Double-Additional Transport Allowance digital transformation that not only supports the
out of the 35% ceiling of cafeteria relating to company’s growth but also sets new standards in
Divyangan. the rail freight industry.
¯ Amendment in Rules for Travel Entitlements
Progress on this front reflects our dedication to
and other benefits including CTG on Transfer,
integrating technology that enhances operational
Retirement etc.
capabilities, customer satisfaction, and overall
¯ Amendment in Permanent Absorption Policy.
business sustainability.
¯ Conversion of one Quarter at Stations
(where required) as transit accommodation. 15. Safety and Security
¯ Empanelment of Hospitals for indoor/outdoor
medical treatment. During the financial year 2023 – 2024, the Security
¯ Redistribution of Safety posts in DFCCIL. office/DFCCIL has taken following steps for
¯ Special duty incentive to Junior Executives/ improvement of overall security environment over
OP&BD DFCCIL as under:

13.10 Industrial Relations 15.1 CRIME

The Industrial Relations climate in the Company has 15.1.1 Close coordination was established with
traditionally been harmonious. A collaborative IR various Divisional Units of RPF as well as local police
atmosphere has been maintained in the Company stations having jurisdiction over DFC and conducted
so that employees are ready for the challenges joint raids, nabbing criminals/offenders etc. as
faced by the Company due to the changing business under:
environment. An effective work culture has been
established in the company through empowerment, Railway Act RP (UP) Act IPC
transparency, decentralization and practice of Joint Raids 268 Case 21 Case 50
participative management to support the management Conducted Registered Regis-
in overcoming challenges faced by the Company. tered
14 Information Technology No. of 290 No. of 37 No. of 70
In the previous fiscal, the Information Technology Pesons Persons Persons
Department has played an important role in Arrested Arrested Arrested
driving innovation and efficiency across our various
business operations at DFCCIL. The IT department 15.1.2 For smooth & safe operation of goods trains
has successfully implemented advanced digital over DFC as under following initiatives were taken:
solutions like e-Office, SPARROW, DFIS and
ERP(SAP) that enhance office functioning, APAR Public Awareness Removal of Encroachment
monitoring, train operations and improve overall Drives to control over DFCCIL area. No. of drives
operational efficiency. Furthermore, applications TPRO/CRO / Stone
on DFCCIL Archives, Digitisation of Recruitment pelting etc
Process, Tour Module and Tablet/Laptop
683 76
reimbursements have been rolled out to improve
service delivery to DFCCIL employees. 15.1.3 Co-ordination with other authorities:
Cybersecurity is important for organizations to Regular coordination meetings are held at all
protect sensitive data, prevent financial losses, stay levels with civil authorities, the police, and
ahead of the competition, safeguard intellectual RPF/IR to enhance security across the DFC
property and also meet regulatory requirements. The network and ensure the smooth operation of
cybersecurity framework has been strengthened in freight trains. These meetings have effectively
the Company to safeguard end points and networks addressed critical issues such as crime
and maintain the integrity of DFCCIL systems registration, law and order, and encroachment,
against emerging threats. Towards achieving this significantly accelerating the project’s timely
effort a Managed End Point Security Solution and completion.
Centrally Managed Secure Internet Services have
been rolled out. 15.2 Security Structure:

The department is committed to continuous 15.2.1. Regular security audits are conducted

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 Corporate Overview Notice Statutory Reports Financial Statements

for the DFC network, offering recommendations with minimal manpower requirement. The S&D
to enhance various security aspects. The security system also reduces the equipment’s mean
audits help expedite project work and ensure time to repair (MTTR).
timely commissioning of sections. Several theft
preventive measures have been provided to the • The Karanavati River – a tributary of the Ganges
units for implementation, strengthening the – flows perilously close to the EDFC track for
security system and minimizing theft incidents. approximately 150 meters, making this stretch
highly vulnerable to severe erosion during
15.2.2. A holistic policy for the hiring DGR heavy rains & floods. To counteract this, DFCCIL
guards has been established to enhance the has installed a specially designed flexible
security framework and streamline the hiring concrete mattress, anchored securely down to
process for DGR security personnel. A total the scouring level of the river. This mattress
of 704 DGR guards are being recruited for is engineered to be robust enough to prevent
deployment across the DFC network. erosion, flexible enough to adapt to potential
unevenness in the riverbed, and anchored
15.2.3. A total of 905 CCTVs have been installed sufficiently to resist uplift. This solution stands
and commissioned successfully across the as one of the engineering marvels of the
Tundla unit, ensuring 24/7 monitoring of all corridor.
vulnerable DFC assets which includes DFC
Stations, RHs, IMDs/IMSDs, ALHs, SPs/SSPs/ • Tubular steel sections are an excellent
TSS and GSMR buildings. Additionally, 70 CCTVs alternative to conventional ones due to their
have been installed at OCC/Ahmedabad to superior properties and practical advantages.
further enhance security measures. In Bow String Girder launching, DFCCIL opted
for tubular structures in trestles as temporary
15.2.4. The implementation of innovations supports instead of the traditional steel
to enhance the basic security measures sections used in CC cribs. Multiple studies have
of DFC assets including ALHs/THs, ATs, shown that this substitution can result in cost
counterweights/guide rods, S&T cables, and savings of up to 40-50%. Additionally, tubular
more has been thoroughly deliberated and steel sections occupy less space than CC cribs
executed in the field. The updates have also which offers another significant benefit.
been shared on the DFIS portal.
• In the Deendayal Upadhyay (DDU) Unit, a PTFE
16. Innovation (Poly Tetrafluoroethylene) pad has been used
Innovation allows companies to adapt, grow, stay in place of a roller-based skid for sliding Bow
competitive and penetrate new markets. DFCCIL String Girders. The roller-
has a strong emphasis on innovation to elevate its based skidding method involves components
operations and realize its full potential. Focused like nuts, bolts, and fasteners, which not only
innovations reaffirm the Company’s commitment add friction but also increase the maintenance
to develop solutions that optimise freight costs of the system.
transportation in the country, further strengthening
India’s rail infrastructure. Furthermore, DFCCIL • Heavy rains can cause flooding in the
has implemented innovative safety measures underpasses often causing calamities. To
to minimize accidents and safeguard cargo on prevent flooding in Roads Under Bridges
its network. The Company fosters a culture of (RUBs) and ensure safe passage of vehicles &
innovation by adapting to shifting market demands, people during heavy rains, the Jaipur unit has
leveraging advanced technologies for improved data developed a RUB Flooding Alert System. This
management and continuously evolving to enhance system triggers an alarm when water levels
service quality, reduce costs, and meet the changing rise in RUBs and automatically activates pumps
needs of freight transportation in India. to remove the water. The status of the system
can be monitored in real-time via a dedicated
• The use of eco-friendly geotextiles for slope dashboard.
protection on high embankments is a practical
alternative where direct turfing is not advisable. • Reconditioning of Rail Using Robotic
On the other hand, installing these geotextiles Technology Wheel burns were detected on the
is economical, easy and time-saving. DN line between HPRN and BGMN. To address
these issues, the Ajmer unit utilized Robotic
• A Service and Diagnostic (S&D) system has been Technology to recondition the HH rail.
implemented to monitor the health of signalling
equipment, enabling efficient maintenance • The Ajmer Unit has achieved 100% use of Off

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 Dedicated Freight Corridor Corporation of India Limited

Tack Tempers (OTT) for regular maintenance has been utilised.

of the track and for attending OMS peaks.
Trials from all vendors and the most effective • Under sleeper pads and under ballast mats
tampers are now procured through GeM. have been provided in track which has reduced
ballast thickness near Khurja city station. This
• A Bridge Transition system using 3 layers of Geo will also impact environment in positive way
cell of 200 mm thickness and Blanket material due to lesser consumption of stones in the form
on the approach of 21 major bridges in CTP-13 of ballast for equal length of track.

****

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 Corporate Overview Notice Statutory Reports Financial Statements

Independent Auditors’ Report

To by the Management in respect of transactions

and balances resulting from the execution of the
The Members of Concession agreement between the Ministry of
Railways (MoR) and the Company, to implement
Dedicated Freight Corridor Corporation of India Limited
the project of construction of Eastern and Western
Report on the audit of the financial statements. Dedicated Rail freight corridors and to operate and
maintain the new railway for a period of 30 years.
Opinion Pending a response to the clarification sought by
the Company from the MoR, on the accounting
We have audited the financial statements of Dedicated treatment and disclosures made by the Company,
Freight Corridor Corporation of India Limited (DFCCIL- while finalizing its financial statement for the
“the Company”), which comprise the Balance sheet as year 2020-2021, recognized the infrastructural
at March 31, 2024, and the statement of Profit and Loss expenditure as ‘Property, Plant and Equipment/
(including other comprehensive income), the Statement Capital work in progress; which as per C & A G was
of Changes in Equity and the Statement of Cash stated as in violation of IND AS 115; and as per the
Flows for the year ended, and notes to the Financial EAC of ICAI opinion, the consideration received by the
Statements, including a material accounting policies and Company (not considered as a public sector entity),
other explanatory information. would result in consideration being classified partly
as financial asset and partly as intangible assets.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid C&AG had also commented on the accounting
Financial Statements give the information required treatment adopted by the Company in the financial
by the Companies Act 2013 (“Act”) in the manner so statements for the year ended March 31, 2022 and
required and give a true and fair view in conformity with March 31, 2023.
the accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, MoR vide its letters dated 11th January 2022 and
2024, and its loss, Total Comprehensive Income, the 10th February 2023 clarified that DFCCIL will own
Changes in Equity and Cash Flows for the year ended as the assets created by them and amount spent
on that date. on creation of such assets shall continue to be
capitalized in the books of DFCCIL and that this
Basis for opinion clarification may be treated as part of Concession
Agreement. Based on the aforesaid clarification /
We conducted our audit in accordance with the
response /re-affirmation, the management has, as
Standards on Auditing (SAs) specified under section 143
hitherto fore, continued its accounting treatment
(10) of the Companies Act, 2013. Our responsibilities
and disclosures, in the preparation and presentation
under those Standards are further described in the
of its financials for the year 2023-24.
Auditor’s Responsibilities for the audit of the Financial
Statements section of our report. We are independent b) Note no. 23 to the financial statements with
of the Company in accordance with the code of ethics regard to the Track Access charge (TAC) receivable
issued by the Institute of Chartered Accountants of India amounting to Rs. 986542.08 lakhs (Previous Year
(ICAI) together with the ethical requirements that are Rs.538052.11 lakhs) where the Management has
relevant to our audit of the financial statements under stated that the amounts are good and recoverable
the provisions of the Act and the rules thereunder, and with regard to which there is exchange of
we have fulfilled our other ethical responsibilities in communication inter-se the Company and MOR for
accordance with these requirements and the code of formal approval.
ethics.
Our opinion is not modified in respect of the above
We believe that the audit evidence we have obtained matters.
is sufficient and appropriate to provide a basis for our
opinion. Information Other than the Financial Statements and
Auditors’ Report Thereon
Emphasis of Matter
The Company’s Board of Directors is responsible for
Attention is drawn to the following notes – the preparation of the other information. The other
information comprises the information included in the
a) Note No. 41 to the Financial Statement as regards
Board’s Report including Annexures to Board’s Report,
the accounting treatment and disclosures made

Annual Report 2023-24 133

 Dedicated Freight Corridor Corporation of India Limited

Business Responsibility Report but does not include the Auditor’s Responsibilities for the Audit of the Financial
Financial Statements and our Auditor’s report thereon. Statements

Our opinion on the Financial Statements does not cover Our objectives are to obtain reasonable assurance
the other information and we do not express any form of about whether the Financial Statements as a whole
assurance conclusion thereon. are free from material misstatement, whether due to
fraud or error, and to issue an Auditor’s Report that
In connection with our audit of the Financial Statements, includes our opinion. Reasonable assurance is a high
our responsibility is to read the other information and, level of assurance but is not a guarantee that an audit
in doing so, consider whether the other information is conducted in accordance with SAs will always detect a
materially inconsistent with the Financial Statement, or material misstatement when it exists. Misstatements
our knowledge obtained during our audit or otherwise can arise from fraud or error and are considered material
appears to be materially misstated. If, based on the work if, individually or in aggregate, they could reasonably be
we have performed, we conclude that there is a material expected to influence the economic decisions of users
misstatement of this other information, we are required taken based on these Financial Statements.
to report that fact. We have nothing to report in this
regard. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
Management’s Responsibility for the Financial skepticism throughout the audit. We also:
Statements
• Identify and assess the risks of material
The Company’s Board of Directors is responsible for the misstatement of the Financial Statements, whether
matters stated in section 134 (5) of the Act with respect due to fraud or error, design and perform audit
to the preparation of these Financial Statements that procedures responsive to those risks, and obtain
give a true and fair view of the financial position, financial audit evidence that is sufficient and appropriate
performance including other comprehensive income, to provide a basis for our opinion. The risk of not
cash flows and changes in equity of the Company in detecting a material misstatement resulting from
accordance with the Indian Accounting Standards (Ind fraud is higher than for one resulting from error,
AS) prescribed under section 133 of the Act read with as fraud may involve collusion, forgery, intentional
the Companies (Indian Accounting Standards) Rules, omissions, misrepresentations, or the override of
2015 and Companies (Indian Accounting Standards) internal control.
Rules, 2016, as amended from time to time, and other
accounting principles generally accepted in India. • Obtain an understanding of internal financial control
relevant to the audit to design audit procedures
This responsibility also includes maintenance of that are appropriate in the circumstances. Under
adequate accounting records in accordance with the section 143(3)(i) of the Companies Act, 2013, we
provisions of the Act for safeguarding of the assets of are also responsible for expressing our opinion
the Company and for preventing and detecting frauds on whether the Company has adequate internal
and other irregularities; selection and application of financial controls system in place and the operating
appropriate accounting policies; making judgments and effectiveness of such controls
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal • Evaluate the appropriateness of accounting
financial controls, that were operating effectively policies used and the reasonableness of accounting
for ensuring the accuracy and completeness of the estimates and related disclosures made by
accounting records, relevant to the preparation and management.
presentation of the Financial Statement that give a true
and fair view and are free from material misstatement, • Conclude on the appropriateness of management’s
whether due to fraud or error. use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
In preparing the Financial Statements, management a material uncertainty exists related to events or
is responsible for assessing the Company’s ability to conditions that may cast significant doubt on the
continue as a going concern, disclosing, as applicable, Company’s ability to continue as a going concern.
matters related to going concern and using the going If we conclude that a material uncertainty exists,
concern basis of accounting unless management either we are required to draw attention in our Auditor’s
intends to liquidate the Company or to cease operations, report to the related disclosures in the Financial
or has no realistic alternative but to do so. Statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based
The board of directors are also responsible for overseeing on the audit evidence obtained up to the date of
the Company’s financial reporting process. our Auditor’s report. However, future events or
conditions may cause the Company to cease to

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 Corporate Overview Notice Statutory Reports Financial Statements

continue as a going concern. representation received from the management,

we give our report on the matters specified in
• Evaluate the overall presentation, structure and Annexure-B.
content of the Financial Statements, including the
disclosures, and whether the Financial Statements 3. As required by Section 143(3) of the Act, we report
represent the underlying transactions and events in that:
a manner that achieves fair presentation.
a) We have sought and obtained all the information
Materiality is the magnitude of misstatements in the and explanations which to the best of our knowledge
Financial Statements that, individually or in aggregate, and belief were necessary for the purposes of our
makes it probable that the economic decisions of a audit.
reasonably knowledgeable user of the standalone
financial statements may be influenced. We consider b) In our opinion, proper books of account as required
quantitative materiality and qualitative factors in (i) by law have been kept by the Company so far as it
planning the scope of our audit work and in evaluating the appears from our examination of those books.
results of our work; and (ii) to evaluate the effect of any
c) The financial statements i.e., Balance Sheet, the
identified misstatements in the Financial Statements.
Statement of Profit and Loss including other
We communicate with those charged with governance Comprehensive Income, statement of Changes in
regarding, among other matters, the planned scope Equity and the Statement of Cash Flow dealt with
and timing of the audit and significant audit findings, by this report are in agreement with the Books of
including any significant deficiencies in internal control Account.
that we identify during our audit.
d) In our opinion, the aforesaid Financial Statements
We also provide those charged with governance with comply with the Indian Accounting Standards
a statement that we have complied with relevant specified under section 133 of the Act, read with
ethical requirements regarding independence, and to Companies (Indian Accounting Standards) Rules,
communicate with them all relationships and other 2015, as amended.
matters that may reasonably be thought to bear on our
e) Pursuant to the notification no. G.S.R. No. 463(E)
independence, and where applicable, related safeguards.
dated 05th June 2015 issued by Ministry of
From the matters communicated with those charged Corporate Affairs, Government of India, the
with governance, we determine those matters that provisions of section 164(2) of the Companies Act
were of most significance in the audit of the Financial 2013 regarding disqualification of directors, are
Statements of the current period and are therefore not applicable to the company, being a government
the key audit matters. We describe these matters in company.
our Auditor’s report unless law or regulation precludes
f) We are enclosing herewith a report in “Annexure-C”
public disclosure about the matter or when, in extremely
for our opinion on adequacy of internal financial
rare circumstances, we determine that a matter
controls system in place in the Company and the
should not be communicated in our report because the
operating effectiveness of such controls.
adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of g) Pursuant to the Notification No. GSR 463(E) dated
such communication. 5th June 2015 issued by the Ministry of Corporate
Affairs, Government of India, provisions of Section
Report on other Legal and Regulatory Requirements
197 of the Companies Act, 2013, are not applicable
1. As required by the Companies (Auditor’s report) to the Company, being a Government Company; and
Order, 2020 (“the Order”) issued by the Central
h) With respect to the other matters to be included
Government of India in terms of section 143 (11)
in the Auditor’s Report in accordance with Rule 11
of the Act, and on the basis of such checks of the
of the Companies (Audit and Auditors) Rules, 2014
books and records of the company as we considered
(as amended), in our opinion and to the best of our
appropriate and according to information and
information and according to the explanations given
explanation given to us, we give in the “Annexure-A”,
to us:
a statement on the matters specified in paragraphs
3 and 4 of the Order. i. The Company has disclosed the impact of pending
litigations on its financial position in its Financial
2. The Comptroller and Auditor General of India
Statements – Refer Note no.32 to the Financial
has issued directions indicating the areas to be
Statements.
examined in terms of sub-section (5) of Section
143 of the Companies Act 2013. Based on written ii. The Company did not have any long-term contracts

Annual Report 2023-24 135

 Dedicated Freight Corridor Corporation of India Limited

including derivative contracts for which there were misstatement.

any material foreseeable losses.
v. The company has neither declared nor paid any
iii. There was no amount required to be transferred to dividend during the year.
the Investor Education and Protection Fund by the
Company. Hence, there is no delay in transferring vi. The Reporting under Rule 11(g) of the Companies
amounts required to be transferred to the Investor (Audit and Auditors) Rules, 2014 is applicable from
Education and Protection Fund by the Company. 1st April 2023.

iv. a) The Management has represented that, to the Based on our examination, which included test checks,
best of its knowledge and belief, no funds (which the Company has used accounting software for
are material either individually or in the aggregate) maintaining its books of account for the financial year
have been advanced or loaned or invested (either ended March 31, 2024, which has a feature of recording
from borrowed funds or share premium or any audit trail (edit log) facility and the same has operated
other sources or kind of funds) by the Company to throughout the year for all relevant transactions
or in any other person or entity, including foreign recorded in the softwares. Further, during the course
entity (“Intermediaries”), with the understanding, of our audit we did not come across any instance of the
whether recorded in writing or otherwise, that the audit trail feature being tampered with.
Intermediary shall, whether, directly or indirectly
As proviso to Rule 3(1) of the Companies (Accounts)
lend or invest in other persons or entities identified
Rules, 2014 is applicable from April 1, 2023, reporting
in any manner whatsoever by or on behalf of the
under Rule 11(g) of the Companies (Audit and Auditors)
Company (“Ultimate Beneficiaries”) or provide
Rules, 2014 on preservation of audit trail as per the
any guarantee, security or the like on behalf of the
statutory requirements for record retention is not
Ultimate Beneficiaries;
applicable for the financial year ended March 31, 2024
b) The Management has represented, that, to the best
of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have Suresh Chandra & Associates
been received by the Company from any person or Chartered Accountants
entity, including foreign entity (“Funding Parties”), FRN-001359N
with the understanding, whether recorded in writing UDIN – 24500369BKAGGN2860
or otherwise, that the Company shall, whether,
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 Sd/-
Beneficiaries”) or provide any guarantee, security or CA Ved Prakash Bansal
the like on behalf of the Ultimate Beneficiaries; Place: New Delhi (Partner)
Date: 25.06.2024 M. No. 500369
c) Based on the audit procedures 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), as provided
under (a) and (b) above, contain any material

136
 Corporate Overview Notice Statutory Reports Financial Statements

Annexure A to the Independent Auditor’s Report

The Annexure referred to in Paragraph 1 under (e) According to the information and explanations
the heading ‘Report on other legal and regulatory given to us, no proceedings have been initiated
requirements’ section of our report of even date to the during the year or are pending against the
members of Dedicated Freight Corridor Corporation of company for holding any benami property
India Ltd. on the financial statements for the financial under the Benami Transactions (Prohibition)
year ended March 31, 2024, we report that- Act, 1988 (as amended in 2016) and rules made
thereunder.
To the best of our information and according to the
explanations provided to us by the Company and the ii. (a) Physical verification of the inventory has
books of account and records examined by us in the been conducted by the management in
normal course of audit, we state that: accordance with the perpetual inventory
programme, at regular intervals during the
i. In respect of the Company’s Property, Plant and year. In our opinion, the frequency of such
Equipment and Intangible Assets: verification is reasonable having regard to
(a) (A) The Company has maintained proper the size of the Company and the nature of
records showing full particulars, including its business. The Company is maintaining
quantitative details and situation of proper records of inventory. No material
Property, Plant and Equipment and relevant discrepancies were noticed on verification
details of right-of-use assets. between the physical stocks and the book
records.
(B) The Company has maintained proper
records showing full particulars of (b) According to information and explanations
intangible assets. given to us and based on our examination of
the records of the Company, the Company
(b) The Company has a program of physical does not have sanctioned working capital
verification of Property, Plant and Equipment more than five crores’ rupees in aggregate,
and right-of-use assets so to cover all the from banks or financial institutions based
assets once every three years which, in our on security of current assets.
opinion, is reasonable having regard to the size
of the Company and the nature of its assets. iii. According to information and explanations
Pursuant to the program, certain Property, given to us and based on our examination of the
Plant and Equipment were due for verification records of the Company, the Company has not
during the year and were physically verified by made investments in, companies, firms, Limited
the Management during the year. According to Liability Partnerships, and granted unsecured
the information and explanations given to us, loans to companies, firms, Limited Liability
no material discrepancies were noticed on such Partnerships, or other parties, during the year.
verification. Accordingly, paragraph 3(iii) (a), (b), (c), (d), (e), (f)
of the order is not applicable.
(c) Based on the information and explanations
given to us and on the basis of our examination iv. In our opinion and according to the information
of the records of the Company, we report that, and explanations given to us, the Company has
the title in respect of self-constructed buildings not granted any loans, or made any investments,
and title deeds of all other immovable properties or provided any guarantee and security to the
(other than properties where the company is parties covered under section 185 and 186 of
the lessee and the lease agreements are duly the Act.
executed in favour of the lessee), disclosed v. The Company has not accepted any deposit or
in the Financial Statements included under amounts from the public within the meaning
Property, Plant and Equipment are held in the of section 73 to 76 of the Act and the rules
name of the Company as at the Balance Sheet made there under to the extent notified. Hence,
date. reporting under clause 3(v) of the Order is not
(d) According to the information and explanations applicable.
given to us and based on our examination of vi. The maintenance of cost records has not been
the records of the Company, the Company has specified by the Central Government under sub-
not revalued any of its Property, Plant and section (1) of section 148 of the Companies Act,
Equipment (including right-of-use assets) and 2013 for the business activities conducted by
intangible assets during the year. the Company. Hence, reporting under clause (vi)

Annual Report 2023-24 137

 Dedicated Freight Corridor Corporation of India Limited

of the Order is not applicable to the Company.

vii. In respect of statutory dues:
a) The Company has generally been regular in depositing undisputed statutory dues, including Goods and
Services tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of
Custom, duty of Excise, Value Added Tax, Cess, and other material statutory dues applicable to it with the
appropriate authorities.
There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund,
Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value
Added Tax, Cess and other material statutory dues in arrears as at March 31, 2024 for a period of more
than six months from the date they became payable except the following –

Nature of Dues Amount (In Lakhs)

Provident fund 3.47
New Pension Scheme 297.11

b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31,
2024, on account of disputes are given below:

Name of the Statue Nature of Dispute Amount in Lakhs Period (Asst. Year) Forum where Dispute is
Pending

Income Tax Act, 1961 Income Tax 0.23 2013-14 ACIT-TDS

Income Tax Act, 1961 Income Tax 50.86 2017-18 CIT (Appeals)
Income Tax Act, 1961 Income Tax 92.38 2019-20 CIT (Appeals)
Income Tax Act, 1961 Income Tax 15.09 2021-22 CIT (Appeals)
CGST ACT 2017 UP GST 1209.69 2017-18 Joint Commissioner
CGST ACT 2017 HARYANA GST 178.63 2018-19 Appeal yet to be filed
CGST ACT 2017 RAJASTHAN GST 16320.49 2018-19 Appeal yet to be filed
Companies Act, 2013 2.32 2022-23 Adjudicating Authority (MCA)
viii. According to the information and explanations associate, or Joint venture. hence, reporting
given to us and on the basis of our examination under clause 3(ix)(e) of the Order is not
of the records of the Company, there were no applicable.
transactions relating to previously unrecorded
income that have been surrendered or disclosed (f) The Company does not have any subsidiary,
as income during the year in the tax assessments associate or Joint venture and hence
under the Income Tax Act, 1961 (43 of 1961). reporting on clause 3(ix)(f) of the Order is
not applicable.
ix. (a) The Company has not defaulted in repayment
of loan or other borrowings or in the x. (a) The Company has not raised moneys by way
payment of interest thereon to the lenders. of initial public offer or further public offer
(including debt instruments) during the year
(b) The Company has not been declared wilful and hence reporting under clause 3(x)(a) of
defaulter by any bank or financial institution the Order is not applicable.
or government or any government authority.
(b) During the year, the Company has not
(c) The term loans raised during the year were made any preferential allotment or
applied for the purpose for which the same private placement of shares or convertible
has been raised. debentures (fully, partly, or optionally) and
hence reporting under clause 3(x)(b) of the
(d) On an overall examination of the financial Order is not applicable.
statements of the Company, the company
has not raised any funds on short-term xi. (a) No fraud by the Company and no material
basis which has been used during the year fraud on the Company has been noticed or
for long-term purposes. reported during the year.
(e) The Company does not have any subsidiary, (b) No report under sub-section (12) of section

138
Corporate Overview Notice Statutory Reports Financial Statements

143 of the Companies Act has been filed in xix. On the basis of the financial ratios, ageing
Form ADT-4 as prescribed under rule 13 of and expected dates of realisation of financial
Companies (Audit and Auditors) Rules, 2014 assets and payment of financial liabilities,
with the Central Government, during the other information accompanying the financial
year and upto the date of this report. statements and our knowledge of the Board of
Directors and Management plans and based on
(c) As represented to us by the management, our examination of the evidence supporting the
there are no whistle blower complaints assumptions, nothing has come to our attention,
received by the company during the year. which causes us to believe that any material
xii. The Company is not a Nidhi Company and hence uncertainty exists as on the date of the audit
reporting under clause (xii) of the Order is not report indicating that Company is not capable
applicable. of meeting its liabilities existing at the date of
Balance Sheet as and when they fall due within a
xiii. The Company is in compliance with Section period of one year from the Balance Sheet date.
177 and 188 of the Companies Act, 2013 with
respect to applicable transactions with the We, however, state that this is not an assurance
related parties and the details of related party as to the future viability of the Company. We
transactions have been disclosed in the financial further state that our reporting is based on the
statements as required by the applicable Indian facts up to the date of the audit report and we
Accounting Standards. neither give any guarantee nor any assurance
that all liabilities falling due within a period of
xiv. (a) The Company has an adequate internal one year from the balance sheet date, will get
audit system commensurate with the size discharged by the Company as and when they
and the nature of its business. fall due.
(b) We have considered the Internal Audit xx. There are no unspent amounts towards
Reports for the year under audit, issued to Corporate Social Responsibility (CSR) requiring
the Company during the year and till date, a transfer to a Fund specified in Schedule VII to
in determining the nature, timing and extent the Companies Act in compliance with second
of our audit procedures. proviso to sub-section (5) of Section 135 of the
xv. During the year, the Company has not entered said Act. Accordingly, reporting under clause
any non-cash transactions with its directors or 3(xx)(a) and clause 3(xx) (b) of the Order is not
persons connected with its directors. and hence applicable for the year.
provisions of section 192 of the Companies Act, xxi. As the company does not have any Subsidiary/
2013 are not applicable to the Company. Joint Venture entities, the Consolidated Financial
xvi. (a) The Company is not required to be registered Statements are not prepared. Hence reporting
under section 45-IA of the Reserve Bank under Clause No. 3(xxi) of order is not applicable.
of India Act, 1934. Hence, reporting under
clause 3(xvi)(a) of the Order is not applicable.
(b) As explained to us, the Company has not
conducted any Non-Banking Financial or For Suresh Chandra & Associates
Housing Finance activities during the year Chartered Accountants
Hence, reporting under clause 3(xvi)(b) of FRN – 001359N
the Order is not applicable. UDIN – 24500369BKAGGN2860
(c) As explained to us, the Company is not a
Core Investment Company (CIC) as defined
in the regulations made by the Reserve Sd/-
Bank of India, therefore, sub clause (c) and CA Ved Prakash Bansal
(d) are not applicable. Place: New Delhi (Partner)
Date: 25.06.2024 M. No. 500369
xvii. The Company has not incurred cash losses
during the financial year covered by our audit
and during the immediately preceding financial
year.
xviii. There has been no resignation of the statutory
auditors of the Company during the year.

Annual Report 2023-24 139

 Dedicated Freight Corridor Corporation of India Limited

ANNEXURE-B to the Independent Auditors’ Report

The Annexure referred to in Paragraph 2 under the heading ‘Report on other legal and regulatory requirements’
section of our report of even date to the members of Dedicated Freight Corridor Corporation of India Ltd. on the
financial statements for the financial year ended March 31, 2024
Report on matters referred to in Section 143 (5) of Companies Act 2013.

S. No. Directions Reply

1 Whether the company has system in place to process Yes, the company has system in place to process all
all the accounting transactions through IT system? the accounting transactions through IT system and
If yes, the implication of processing of accounting company is currently using “Tally.Server-9” package
transactions outside IT system on the integrity of for the same till 31st March 2024. Company is also
the accounts along with the financial implication, if parallelly recording the accounting transactions on
any may be stated. SAP and company is conducting the reconciliation
between transactions recorded in Tally vis-à-vis
SAP.
As per information and explanations given to us
and during the course of our audit, we have not
come across any accounting transactions which
were outside the IT system and hence no financial
implication.
2 Whether there are any restructuring of an existing According to information and explanation given to us,
loans or cases of waiver/ write-off of debts/ loans/ there is no restructuring of an existing loan or cases
interest etc. made by a lender to the company due of waiver / write-off of debts/ loan/ interest etc.
to company’s inability to repay the loan? If yes, the made by a lender to the company due to company’s
financial impact may be stated. Whether such cases inability to repay the loan. Therefore, there is no
are properly accounted for? (In case lender is a Govt. financial impact which needs to be accounted for.
Company, then this direction is also applicable for
Statutory Auditor of lender company).
3 Whether funds (grant / subsidy etc.) received / According to information and explanation given to
receivable for specific schemes from Central / us, the company has not received any funds (grant/
State Governments or its agencies were properly subsidy etc.) from Central / State Governments or its
accounted for / utilised as per its term and agencies for specific schemes. Hence, this clause is
conditions? List the cases of deviation. not applicable. Therefore, no deviations need to be
reported.
The above information has been verified based on the information and explanations furnished to us at the Corporate
Office.

For Suresh Chandra & Associates

Chartered Accountants
FRN – 001359N
UDIN – 24500369BKAGGN2860

Sd/-
CA Ved Prakash Bansal
Place: New Delhi (Partner)
Date: 25.06.2024 M. No. 500369

140
 Corporate Overview Notice Statutory Reports Financial Statements

Annexure C to the Independent Auditor’s Report

(Referred to in paragraph 3 (f) under ‘Report on other Controls Over Financial Reporting (the “Guidance Note”)
Legal and Regulatory Requirements’ section of our issued by the Institute of Chartered Accountants of India
report to the Members of Dedicated Freight Corridor (ICAI) and the Standards on Auditing (SAs) prescribed
Corporation of India Ltd. of even date). under Section 143 (10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial
Report on the internal financial controls over financial controls. Those standards and the guidance note require
reporting under clause (i) of sub – section 3 of section that we comply with ethical requirements and plan
143 of the Companies Act, 2013 (“the Act”) and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls over
We have audited the internal financial controls over
financial reporting was established and maintained and if
financial reporting of Dedicated Freight Corridor
such controls operated effectively in all material respects.
Corporation of India Ltd. (“the Company”) as of March
31, 2024, in conjunction with our audit of the financial Our audit involves performing procedures to obtain audit
statements of the Company for the period ended on that evidence about the adequacy of the internal financial
date. controls system over financial reporting and their
operating effectiveness. Our audit of internal financial
Opinion
controls over financial reporting included obtaining
In our opinion and according to the information and an understanding of internal financial controls over
explanations given to us, the Company has, in all material financial reporting, assessing the risk that a material
respects, an adequate internal financial control system weakness exists, and testing and evaluating the design
over financial reporting and such internal financial controls and operating effectiveness of internal control based
over financial reporting were operating effectively as on the assessed risk. The procedures selected depend
at March 31, 2024, based on the internal control over on the auditor’s judgement, including the assessment
financial reporting criteria established by the Company of the risks of material misstatement in the financial
considering the essential components of internal control statements, whether due to fraud or error.
stated in the Guidance Note on Audit of Internal Financial
We believe that the audit evidence we have obtained
Controls Over Financial Reporting issued by the Institute
is sufficient and appropriate to provide a basis for our
of Chartered Accountants of India.
audit opinion on the Company’s internal financial control
Management’s responsibility for internal financial system over financial reporting.
controls
Meaning of internal financial controls over financial
The board of directors of the Company is responsible for reporting
establishing and maintaining internal financial controls
A company’s internal financial control over financial
based on the internal control over financial reporting
reporting is a process designed to provide reasonable
criteria established by the Company considering the
assurance regarding the reliability of financial reporting
essential components of internal control stated in the
and the preparation of Financial Statements for external
Guidance Note on Audit of Internal Financial Controls Over
purposes in accordance with Generally Accepted
Financial Reporting issued by the Institute of Chartered
Accounting Principles. A company’s internal financial
Accountants of India. These responsibilities include the
control over financial reporting includes those policies
design, implementation and maintenance of adequate
and procedures that (i) pertain to the maintenance of
internal financial controls that were operating effectively
records that, in reasonable detail, accurately and fairly
for ensuring the orderly and efficient conduct of its
reflect the transactions and dispositions of the assets
business, the safeguarding of its assets, the prevention
of the company; (ii) provide reasonable assurance
and detection of frauds and errors, the accuracy and
that transactions are recorded as necessary to permit
completeness of the accounting records, and the timely
preparation of Financial Statements in accordance with
preparation of reliable financial information, as required
Generally Accepted Accounting Principles, and that
under the Companies Act, 2013.
receipts and expenditures of the company are being made
Auditors’ responsibility only in accordance with authorizations of management
and directors of the company; and (iii) provide reasonable
Our responsibility is to express an opinion on the internal assurance regarding prevention or timely detection of
financial controls over financial reporting of the Company un-authorized acquisition, use, or disposition of the
based on our audit. We conducted our audit in accordance company’s assets that could have a material effect on
with the Guidance Note on Audit of Internal Financial the financial statements.

Annual Report 2023-24 141

 Dedicated Freight Corridor Corporation of India Limited

Inherent limitations of Internal Financial Controls Over For Suresh Chandra & Associates
Financial Reporting Chartered Accountants
FRN-001359N
Because of the inherent limitations of internal financial UDIN – 24500369BKAGGN2860
controls over financial reporting, including the possibility
of collusion or improper management of 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 Sd/-
reporting to future periods are subject to the risk that
the internal financial control over financial reporting may CA Ved Prakash Bansal
become inadequate because of changes in conditions, Place: New Delhi (Partner)
or that the degree of compliance with the policies or Date: 25.06.2024 M. No. 500369
procedures may deteriorate.

142
Corporate Overview Notice Statutory Reports Financial Statements

Balance Sheet as at March 31, 2024

(All amounts in ` Lakhs, unless otherwise stated)

Particulars Note No. For the year ended For the year ended
March 31, 2024 March 31, 2023

I. ASSETS

Non-current assets
(a) Property, plant and equipment 3 51,86,055.83 35,95,237.36
(b) Capital work-in-progress 4 34,94,956.10 41,63,511.02
(c) Other intangible assets 5 13.31 16.82
(d) Intangible assets under development 6 2,147.20 2,147.20
(e) Right-of-use assets 7 954.27 1,048.86
(f) Financial assets
(i) Other non-current financial assets 8 899.09 2,780.38
(g) Deferred tax assets (net) 10 - -
(h) Other non-current assets 11 4,29,644.94 5,23,650.11

Total non current assets 91,14,670.74 82,88,391.75

Current assets

(a) Inventories 9 2,218.00 1,553.36

(b) Financial assets
(i) Trade Receivable 12 9,86,542.08 5,38,052.11
(ii) Cash and cash equivalents 13.1 4,581.18 5,811.58
(iii) Other Balances with bank 13.2 3,49,030.51 89,679.78
(iv) Other current financial assets 8 1,70,421.35 1,13,900.44
(c) Current Tax Assets (net) 14 1,573.84 1,240.13
(d) Other current assets 11 1,75,845.83 98,332.75
Total current assets 16,90,212.79 8,48,570.15
Total assets 1,08,04,883.53 91,36,961.90
II. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 15 15,72,899.50 15,72,899.50
(b) Other equity 16 21,676.08 24,694.84
Total equity 15,94,575.58 15,97,594.34
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 17 44,09,514.50 37,39,623.52
(ii) Lease liabilities 22 857.39 900.43
(iii) Other non-current financial liabilities 18 5,20,946.21 4,47,069.30
(b) Provisions 19 8,811.98 7,085.35

Annual Report 2023-24 143

 Dedicated Freight Corridor Corporation of India Limited

Balance Sheet as at March 31, 2024

(All amounts in ` Lakhs, unless otherwise stated)

(c) Deferred tax liabilities (net) 10 29,602.93 9,939.79
(d) Other non-current liabilities 20 48,359.87 45,579.56

Total non-current liabilities 50,18,092.88 42,50,197.95

Current liabilities
(a) Financial liabilities
(i) Borrowings 17 96,413.30 95,084.68
(ii) Lease Liabilities 22 43.04 34.02
(iii) Trade payables 21
a) Total outstanding dues of micro enterprises
127.72 40.49
and small enterprises
b) Total outstanding dues of creditors other than
1,409.62 306.81
micro enterprises and small enterprises
(iv) Other current financial liabilities 18 39,42,944.13 31,28,828.86
(b) Other current liabilities 20 86,363.21 29,800.78
(c) Provisions 19 64,914.05 35,073.97
(d) Current Tax Liabilites (Net)
Total current liabilities 41,92,215.07 32,89,169.61
Total liabilities 92,10,307.95 75,39,367.56
Total equity and liabilities 1,08,04,883.53 91,36,961.90
Summary of Material Accounting Policies 2.1

The accompanying notes 1 to 46 form an integral part of these financial statements as per our Report of even date
attached

For Suresh Chandra & Associates For and on behalf of Board of Directors of
Chartered Accountants Dedicated Freight Corridor Corporation of India Limited
Firm’s Registration Number: 001359N

Sd/- Sd/- Sd/- Sd/-

(Ved Prakash Bansal) (Ravindra Kumar Jain) (Hira Ballabh) (Meenu Kapoor)
Partner Managing Director Director Finance Company Secretary
Membership Number: 500369 DIN-08641707 DIN-08738632 FCS-13161

Place: New Delhi

Date: 25.06.2024

144
 Corporate Overview Notice Statutory Reports Financial Statements

Statement of Profit and Loss for the year ended March 31, 2024
(All amounts in ` Lakhs, unless otherwise stated)

Particulars Note For the year ended For the year ended
No. March 31, 2024 March 31, 2023

I Revenue from Operations 23 4,48,489.97 3,14,147.96

II Other income 24 16,725.67 6,744.08
III Total income 4,65,215.64 3,20,892.04
IV Expenses
Operating Expenses
(a) Employee benefits expense 25 27,205.69 18,983.96
(b) Finance costs 26 1,69,769.23 1,40,704.76
(c) Depreciation and amortization expense 27 2,05,589.36 1,23,971.19
(d) Other expenses 28 45,926.91 30,677.99

(e) Corporate Social Responsibility Expenses 36 - 24.31

Total Expenses 4,48,491.19 3,14,362.21
V Profit/ (loss) before exceptional items and tax (III-IV) 16,724.45 6,529.83
VI Exceptional Items - -
VII Profit/ (loss ) before tax (V-VI) 16,724.45 6,529.83
VIII Tax expense:
(a) Current tax
(b) Deferred tax 10 19,683.29 8,500.12
(c) Adjustment of tax relating to earlier periods
Total tax expense (IX) 19,683.29 8,500.12
IX Profit/(loss) for the year (VII-VIII) (2,958.84) (1,970.29)
X Other Comprehensive Income 29
(A) (i) Items that will not be reclassified to profit or loss
Re-measurement gains/ (losses) on defined benefit plans (80.07) 118.19
(ii) Income tax relating to items that will not be 20.15 (29.75)
reclassified to profit or loss
(B) (i) Items that will be classified to profit or loss - -
(ii) Income tax on items that will be reclassified to profit or loss - -
Total other comprehensive income for the year, net of tax (59.92) 88.44
XI Total comprehensive income of the year, net of tax (3,018.76) (1,881.85)
XII Earnings per share: (Face value ` 1,000 per share) 30
1) Basic (amount in ` ) (1.88) (1.26)
2) Diluted (amount in `) (1.88) (1.26)
Summary of Material Accounting Policies 2.1
The accompanying notes 1 to 46 form an integral part of these financial statements
As per our Report of even date attached

For Suresh Chandra & Associates For and on behalf of Board of Directors of
Chartered Accountants Dedicated Freight Corridor Corporation of India Limited
Firm’s Registration Number: 001359N
Sd/- Sd/- Sd/- Sd/-
(Ved Prakash Bansal) (Ravindra Kumar Jain) (Hira Ballabh) (Meenu Kapoor)
Partner Managing Director Director Finance Company Secretary
Membership Number 500369 DIN-08641707 DIN-08738632 FCS-13161
Place of Signature: New Delhi
Date: 25.06.2024

Annual Report 2023-24 145

 Dedicated Freight Corridor Corporation of India Limited

Statement of Cash Flows for the year ended March 31, 2024
(All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended For the year ended

March 31, 2024 March 31, 2023
I. Cash flow from operating activities
Profit/ (Loss) before tax 16,724.45 6,529.83
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortization expense 2,05,589.36 1,23,971.19
Loss on sale of assets 38.16 33.49
Gain on lease modification - (0.08)
Interest income on financial assets/ Income Tax Refund (14,633.12) (5,246.58)
Unrealized foreign exchange fluctuation (164.20) 1,218.52
Finance Cost 1,69,769.23 1,40,704.76
Operating profit before working capital changes 3,77,323.88 2,67,211.13
Change in working capital:
(Increase)/ Decrease in other financial assets (60,720.76) (35,751.47)

(Increase)/ Decrease in Trade Receivable (4,48,489.97) (3,14,147.96)

(Increase)/ Decrease in other assets (53,212.33) (64,163.68)
Increase / (Decrease) in other financial liabilities 6,058.20 (537.36)
Increase / (Decrease) in provisions 6,510.16 (35,142.53)
Increase / (Decrease) in other liabilities 2,135.06 (2,773.39)
(Increase) / Decrease in Inventories (664.64) (1,553.36)
Cash Generated / (used in) operations (1,71,060.40) (1,86,858.62)
Net Income Tax (Paid)/ Refund (333.71) 184.76
Net Cash generated from /(used in) operating activities (1,71,394.11) (1,86,673.86)
II. Cash flow from investing activities:
Purchase of capital work in progress, Intangible asset under development (7,97,909.34) (11,10,084.83)
Purchase of property, plant & equipments and Intangible Assets (51,779.37) (21,260.76)
Sale of property, plant & equipments 34.95 34.79
Net movement in other bank balances (2,02,259.66) (44,346.20)
Interest received 11,587.83 5,144.81
Net Cash Generated / (Used in) Investing Activities (10,40,325.59) (11,70,512.19)
III. Net cash flow from financing activities:
Receipt / (Payments) out of Earmarked Land Funds 0.00 (37,376.61)
Net Fund Received/(Utilised) from MOR 7,08,737.14 10,24,344.52
Proceeds from Long Term Borrowings 7,48,240.50 5,02,552.71
Repayment of Long Term Borrowings (95,739.29) (77,878.52)
Payment of principal portion of lease liabilities (34.02) (2,291.49)
Interest Expense Paid (1,50,715.03) (84,102.31)
Net Cash generated / (used in) Financing Activities 12,10,489.30 13,25,248.30
Net change in Cash & cash equivalents (I+II+III) (1,230.40) (31,937.75)
Cash and cash equivalents as at the beginning of the year 5,811.58 37,749.33
Cash and cash equivalents at the end of the year (Note No. 13.1) 4,581.18 5,811.58
Components of Cash And Cash Equivalents
With banks - on current account and deposits with banks 4,581.11 4,812.15
In deposit accounts with initial maturity of 3 months or less - 999.43
Cheques in hand 0.07 -
Total Cash and Cash equivalent 4,581.18 5,811.58

146
 Corporate Overview Notice Statutory Reports Financial Statements

Statement of Cash Flows for the year ended March 31, 2024
Cash Flow has been prepared under the Indirect Method” as set out in Indian Accounting Standard (Ind AS) 7 - Statement of
Cash Flows”

Changes in liabilities (All amounts in ` Lakhs, unless otherwise stated)

Non-cash change on account of

As at March 31,
Particulars As at April 1 2023 Cash Flows EIR Adjustment, Foreign Exchange
2024
Fluctuation and Discounting effect
Long Term Borrowings 38,34,708.19 6,52,501.21 18,718.40 45,05,927.80
Deposits/ Retention
24,237.08 3,932.95 1,122.73 29,292.76
money
Total 38,58,945.27 6,56,434.16 19,841.13 45,35,220.56

(All amounts in ` Lakhs, unless otherwise stated)

Non-cash change on account of
As at March 31,
Particulars As at April 1 2022 Cash Flows EIR Adjustment, Foreign Exchange
2023
Fluctuation and Discouting effect
Long Term Borrowings 33,15,080.94 4,24,674.19 94,953.06 38,34,708.19
Deposits/ Retention
25,941.96 (3,054.45 ) 1,349.58 24,237.08
money
Total 33,41,022.90 4,21,619.74 96,302.64 38,58,945.27

Details of amount incurred in relation to CSR activities is mentioned below:

Section 135(5) of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Amendment Rules,
requires that the board of directors of every eligible company, shall ensure that the company spends, in every financial year, at
least 2% of the average net profits of the company made during the three immediately preeding financial years, in pursuance of
its Corporate Social Responsibility Policy
Particulars For the year ended For the year
March 31, 2024 ended March 31,
2023
Amount required to be spent by the company during the year 33.26 -
Amount of expenditure incurred during the year - 24.31
Excess amount spent during the financial year, if any - 24.31
Shortfall, if any, before utilising set off amount 33.26 -
Amount available for set off from preceeding financial year 70.77 46.46
Shortfall, if any, after utilising set off amount - -
Amount available for set off in succeeding financial year 37.51 70.77
The details of amount of expenditure is as follows:
Payment for educational & employment enhancing vocation skills - 24.31

Summary of Material Accounting Policies Note 2.1

The accompanying notes 1 to 46 form an integral part of these financial statements

As per our Report of even date attached

For Suresh Chandra & Associates For and on behalf of Board of Directors of
Chartered Accountants Dedicated Freight Corridor Corporation of India Limited
Firm’s Registration Number: 001359N
Sd/- Sd/- Sd/- Sd/-
(Ved Prakash Bansal) (Ravindra Kumar Jain) (Hira Ballabh) (Meenu Kapoor)
Partner Managing Director Director Finance Company Secretary
Membership Number 500369 DIN-08641707 DIN-08738632 FCS-13161
Place of Signature: New Delhi
Date: 25.06.2024

Annual Report 2023-24 147

 Dedicated Freight Corridor Corporation of India Limited

Statement of Changes in Equity for the year ended March 31, 2024
A. Equity share capital
(All amounts in ` Lakhs, unless otherwise stated)
Particulars Number of Shares Amount
Equity shares of INR 1000 each issued, subscribed and fully paid
As at April 1, 2022 14,07,66,250 14,07,662.50
Changes in Equity Share capital due to prior period errors - -
Restated balance as at April 1, 2022 14,07,66,250 14,07,662.50
Issue of share capital during the year 1,65,23,700 1,65,237.00
As at March 31, 2023 15,72,89,950 15,72,899.50

Equity shares of INR 1000 each issued, subscribed and fully paid
As at April 1, 2023 15,72,89,950 15,72,899.50
Changes in Equity Share capital due to prior period errors - -
Restated balance as at April 1, 2023 15,72,89,950 15,72,899.50
Issue of share capital during the year - -
As at March 31, 2024 15,72,89,950 15,72,899.50

B. Other equity
(All amounts in ` Lakhs, unless otherwise stated)

Particulars Share application Reserves & Other Total

money pending surplus comprehensive
allotment income (Net of
Retained earnings Taxes)
As at April 1, 2022 1,65,237.00 26,490.80 85.89 1,91,813.69
Profit/(loss) for the year - (1,970.29) - (1,970.29)
Other comprehensive income/(loss) for the year* - 88.44 88.44
Total comprehensive income for the year - (1,970.29) 88.44 (1,881.85)
Shares issued during the year (1,65,237.00) 1,65,237.00)
Share application money received during the year - -
Balance at March 31,2023 - 24,520.51 174.33 24,694.84
As At April 1, 2023 - 24,520.51 174.33 24,694.84
Profit/(loss) for the year (2,958.84) (2,958.84)
Other comprehensive income / (loss) for the year* (59.92) (59.92)
Total comprehensive income for the year - (2,958.84) (59.92) (3,018.76)
Shares issued during the year - -
Share application money received during the year - -
Balance at March 31, 2024 - 21,561.67 114.41 21,676.08
* Represents Re-measurement Gain/(Loss) of defined benefit plans (net)
Notes:
Retained earnings represents accumulated profit of company as on March 31,2024
Summary of Material Accounting Policies 2.1
The accompanying notes 1 to 46 form an integral part of these financial statements as per our Report of even date attached

For Suresh Chandra & Associates For and on behalf of Board of Directors of
Chartered Accountants Dedicated Freight Corridor Corporation of India Limited
Firm’s Registration Number: 001359N
Sd/- Sd/- Sd/- Sd/-
(Ved Prakash Bansal) (Ravindra Kumar Jain) (Hira Ballabh) (Meenu Kapoor)
Partner Managing Director Director Finance Company Secretary
Membership Number 500369 DIN-08641707 DIN-08738632 FCS-13161
Place of Signature: New Delhi
Date: 25.06.2024

148
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to Financial Statements

Note 1 : Corporate Information effects on the amounts recognised in the financial
statements have been given below:
Dedicated Freight Corridor Corporation of India Limited
(“DFCCIL” or “the Company”) is a public company Leases:
incorporated and domiciled in India and having its
registered office at 5th Floor, Supreme Court Metro Where the Company is the lessee, key judgements
Station Building Complex, New Delhi – 110001. includes assessing whether arrangements contain
a lease and determining the lease term. To assess
The Company has been registered on October 30, 2006 whether a contract contains a lease requires
under the provisions of the Companies Act 1956. DFCCIL judgement about whether it depends on a specified
is in the business of construction, maintenance and asset, whether the Company obtains substantially
operation of the Dedicated Freight Corridors. all the economic benefits from the use of that
asset and whether the Company has a right to
Note 2 : Basis of preparation and measurement direct the use of the asset. In order to determine
the lease term judgement is required as extension
These Financial Statements have been prepared in
and termination options have to be assessed along
accordance with Indian Accounting Standards (Ind AS)
with all facts and circumstances that may create an
issued by the Ministry of Corporate Affairs notified
economic incentive to exercise an extension option,
under the Companies (Indian Accounting Standards)
or not exercise a termination option. The Company
Rules, 2015 as amended and presentation requirements
revises the lease term if there is a change in the
of Division II of Schedule III to the Companies Act, 2013
non-cancellable period of a lease. Estimates include
issued by the Institute of Chartered Accountants of India
calculating the discount rate which is generally
(ICAI).
based on the incremental borrowing rate specific to
The financial statements are prepared on going concern the lease being evaluated or for a portfolio of leases
basis under the historical cost convention using accrual with similar characteristics.
basis of accounting except for assets and liabilities
Where the Company is the lessor, the treatment
which have been measured at fair value such as certain
of leasing transactions is mainly determined by
financial assets and financial liabilities (refer note 37 for
whether the lease is considered to be an operating
financial instruments measured at fair value)
or finance lease. In making this assessment,
The financial statements are presented in Indian National management looks at the substance of the lease, as
Rupee (INR) which is Company’s functional currency and well as the legal form, and makes a judgement about
all values are rounded to the nearest two decimals of whether substantially all of the risks and rewards
lakh, unless otherwise stated. of ownership are transferred. Arrangements which
do not take the legal form of a lease but that
Note 2.1 : Material accounting policies nevertheless convey the right to use an asset are
also covered by such assessments.
a) Use of judgments and estimates
ii. Assumptions and estimation uncertainties
In preparing these financial statements,
management has made judgements, estimates Information about assumptions and estimation
and assumptions that affect the application of the uncertainties that have a significant risk of resulting
company’s accounting policies and the reported in a material adjustment is included below:
amounts of assets, liabilities, income and expenses. - Measurement of defined benefit obligations:
Management believes that the estimates used in key actuarial assumptions;
the preparation of the financial statements are
prudent and reasonable. Actual results may differ - Recognition of deferred tax assets: availability
from these estimates. of future taxable profit against which carry-
forward tax losses can be used;
Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to estimates are - Impairment test: key assumptions underlying
recognised prospectively. recoverable amounts, including the
recoverability of development costs;
i . Judgements
- Useful life of property, plant and equipment and
Information about the judgements made in applying intangible assets
accounting policies that have the most significant

Annual Report 2023-24 149

 Dedicated Freight Corridor Corporation of India Limited

Notes to Financial Statements

- Recognition and measurement of provisions Property, plant, and equipment are stated
and contingencies: key assumptions about at historical cost / deemed cost (elected in
the likelihood and magnitude of an outflow of accordance with Ind AS 101, First-time Adoption
resources of Indian Accounting Standards), as applicable,
less accumulated depreciation and cumulative
- Income Tax: determining provision for income impairment losses, if any. Historical cost includes
taxes. purchase price, borrowing costs and any cost
directly attributable to bringing the assets to its
b) Current versus non-current classification
working condition for its intended use.
The Company presents assets and liabilities in
Subsequent costs are included in the asset’s
the balance sheet based on current/ non-current
carrying amount or recognized as a separate asset,
classification.
as appropriate, only when it is probable that the
Assets: future economic benefits associated with the item
will flow to the entity and the cost of the item can
An asset is treated as current when it is: be measured reliably. Cost includes expenditure
that is directly attributable to qualifying assets and
i. Expected to be realised or intended to be sold or borrowing costs capitalized in accordance with the
consumed in normal operating cycle. Company’s accounting policy. Such properties are
classified to the appropriate categories of property,
ii. Held primarily for the purpose of trading.
plant and equipment when completed and ready for
iii. Expected to be realised within twelve months intended use.
after the reporting period, or
Capital Work-in-Progress is carried at Cost, net of
iv. Cash or cash equivalent unless restricted from accumulated impairment loss, if any. Expenditure
being exchanged or used to settle a liability for at during construction period net of any incidental
least twelve months after the reporting period. income is capitalized as part of relevant assets.

All other assets are classified as non-current. Capital stores are valued on weighted average cost
basis.
Liabilities:
In case where the final settlement of bills with
A liability is current when: contractors is pending, but the asset is complete
and ready to use, capitalisation is done based
i. It is expected to be settled in normal operating on the best estimate on that date subject to
cycle necessary adjustment, including those arising out of
settlement of arbitration/ court cases, in the year(s)
ii. It is held primarily for the purpose of trading
of final settlement.
iii. It is due to be settled within twelve months
Deposit works/Cost plus contracts are accounted
after the reporting period, or
for on the basis of statement of account received
iv. There is no unconditional right to defer the from executing agencies and in its absence on the
settlement of the liability for at least twelve basis of technical assessment of the work executed.
months after the reporting period
If significant parts of an item of property, plant and
All other liabilities are classified as non-current. equipment have different useful lives compared to
main asset, then the Company depreciates them
Deferred tax assets and liabilities are classified as non- separately based on their specific useful lives. An
current assets and liabilities. item of property, plant and equipment and any
significant part initially recognised is derecognised
Operating Cycle upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or
The operating cycle of an entity is the time between the
loss arising on derecognition of the asset (calculated
acquisition of assets for processing and their realization
as the difference between the net disposal proceeds
in cash or cash equivalents. The Company recognizes 12
and the carrying amount of the asset) is included in
months period as its operating cycle.
the statement of profit and loss when the asset is
c) Property, plant and equipment derecognised. Depreciation on property plant and
Recognition and measurement equipment has been provided on Straight line basis
at the estimated useful life as defined in Schedule

150
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to Financial Statements

II of the Companies Act, 2013 except in case of whichever is shorter.
certain assets where the estimated useful life has
been determined based on the technical evaluation
done by the management’s technical expert or as
Where the life and / or efficiency of an asset is increased
per Para 219 of the Indian Railway Finance Code
due to renovation and modernization, the expenditure
Volume I, considering that management is of the
thereon along-with its unamortized depreciable amount
opinion that these estimated useful lives are more
is charged prospectively over the revised / remaining
realistic and reflect fair approximation of the time
useful life determined by technical assessment.
period over which these assets are likely to be used.

For the following categories of property, plant &

equipment the estimated useful life considered Where the cost of the depreciable assets has undergone
for charging depreciation is different from the a change during the year due to price adjustment,
estimated useful life defined in the Schedule II of the change in duties or similar factors the unamortised
Companies Act, 2013: balance of such assets is depreciated prospectively over
the residual life of such assets.
Useful life
used based
Useful life as
Particulars on Para 219/ Depreciation methods, useful lives and residual values
per Schedule II
Technical are reviewed in each financial year end and changes, if
evaluation any, are accounted for prospectively.
EDP Assets (includes
computers, laptops, 3 to 6 Years 3-8 Years
server etc.)
Residual value of the assets/components of assets
Office Equipment 5 Years 5-10 Years having life less than 30 years has been considered based
Machinery 15 Years 5-40 Years* on the technical evaluation carried out by the engineers
Building and other of the company.
60 years 50 years*
civil structure
Viaduct, Bridges, 50-100
30 years Assets purchased during the year costing Rs. 5,000 or
Tunnels, Culverts years*
Track Works: less are depreciated fully in the year of purchase.
10-100
Not Available
Earth Works years*
Not Available
Track Main Line 5-35 years* Physical verification of the property, plant and
Not Available equipment is carried out by the Company in a phased
Track Yard Line 5-50 years*
manner to cover all the items on regular intervals. The
Electrical assets discrepancies noticed, if any, are accounted for in the
such as Overhead year in which such differences are found, after obtaining
Not Available 4-80 years*
equipments and the requisite approvals.
SCADA
d) Intangible Assets
Signalling & Telecom
13-18 years 3-40 years*
equipments Intangible assets are stated at cost less accumulated
*Restricted to 30 years, over which the assets are likely to be used, in line with
amortization and cumulative impairment loss, if any.
the arrangement entered with the Ministry of Railways (MoR).

Cost of software is recognised as intangible assets and

Property plant and equipment created on Leasehold is amortized on straight line basis over a period of legal
Land and Leasehold Premises Improvements are right to use or three years, whichever is earlier. Other
depreciated fully over the residual period of lease of intangible assets are amortized on Straight line basis
respective Leasehold Land/ Leasehold Premises or over the period of legal right to use.
over the estimated useful life of the respective asset
as defined in Schedule II of the Companies Act, 2013, Subsequent expenditure is capitalised only if it is

Annual Report 2023-24 151

 Dedicated Freight Corridor Corporation of India Limited

Notes to Financial Statements

probable that the future economic benefits associated or fair value depending on the company’s business
with the expenditure will flow to the company. model for managing the financial assets and the
contractual cash flow characteristics of the financial
An intangible asset is derecognised on disposal, or when assets.
no future economic benefits are expected from use or
disposal. Financial assets that meet the following conditions
are subsequently measured at amortised cost
Research & Development Expenditure (unless the same are designated as fair value
through profit or loss (FVTPL)):
Research expenditure and development expenditure that
do not meet the criteria mentioned below are recognised • The asset is held within a business model
as an expense as incurred. Development costs previously whose objective is to hold assets in order to
recognised as an expense are not recognised as an asset collect contractual cash flows; and
in a subsequent period. Property, plant and equipment
used in Research and Development are capitalised. • The contractual terms of instrument give rise
on specified dates to cash flows that are solely
Development costs are recognised as intangible assets payments of principal and interest on the
when the following criteria are met: principal amount outstanding.
a. it is technically feasible to complete the Financial assets at FVTPL is a residual category and
intangible assets so that it will be available for all changes are recognized in profit or loss.
use
Income is recognized on an effective interest
b. management intends to complete the intangible method as per Ind AS 109 for financial assets other
asset and use or sell it than those financial assets classified as at FVTPL.
Interest income is recognized in the Statement of
c. there is an ability to use or sell the intangible
Profit and Loss and is included in the “Other income”.
asset
An impairment loss on financial asset is established
d. it can be demonstrated how the intangible
when there is objective evidence that the Company
asset will generate probable future economic
will not be able to collect all amounts due according
benefits
to the original terms of the receivables. Impairment
e. adequate technical, financial and other loss if any are recognised in Statement of Profit or
resources to complete the development and to Loss for the period.
use or sell the intangible asset are available and
With regard to trade receivable, the Company
f. the expenditure attributable to the intangible applies the simplified approach as permitted by
asset during its development can be reliably Ind AS 109, Financial Instruments, which requires
measured capitalised development cost are expected lifetime losses to be recognised from the
recorded as intangible assets and amortised initial recognition of the trade receivables.
from the point at which the asset is available
The Company derecognize a financial asset when
for use.
the contractual rights to the cash flows from the
e) Financial instruments asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of
Financial Assets ownership of the asset to another party.

Initial recognition and measurement On de-recognition of a financial asset in its entirety,

the difference between the asset’s carrying amount
All financial assets are recognised initially at fair value and the sum of the consideration received and
plus, in the case of financial assets not recorded at receivable and the cumulative gain or loss that had
fair value through profit or loss (FVTPL), transaction been recognized in other comprehensive income
costs that are attributable to the acquisition of the and accumulated in equity is recognized in profit or
financial asset. loss if such gain or loss would have otherwise been
recognized in the Statement of Profit or Loss on
Classification and subsequent measurement
disposal of that financial asset.
The company classifies its financial assets as
Financial liabilities
subsequently measured at either amortised cost

152
Corporate Overview Notice Statutory Reports Financial Statements

Notes to Financial Statements

Initial recognition and measurement difficulties of the borrower, then the gain or loss
is presented together with impairment losses. In
Financial liabilities are classified, at initial recognition, other cases, it is presented as interest income.
as financial liabilities at fair value through profit or
loss, amortised cost, as appropriate. Financial Liabilities

All financial liabilities are recognised initially at fair The company derecognises a financial liability when
value and, in the case of amortised cost, net of its terms are modified and the cash flows of the
directly attributable transaction costs. modified liability are substantially different. In this
case, a new financial liability based on the modified
Classification and Subsequent measurement terms is recognised at fair value. The difference
between the carrying amount of the financial liability
Financial liabilities are subsequently measured at
extinguished and the new financial liability with
fair value through profit or loss or amortised cost.
modified terms is recognised in profit or loss.
Financial liabilities at fair value through profit or loss
f) Revenue from contract with customer
(FVTPL) are subsequently measured at fair value.
Revenue from contracts with customers is
After initial recognition, interest-bearing loans and
recognised when control of the goods or services
borrowings are subsequently measured at amortised
are transferred to the customer at an amount that
cost using the effective interest rate method. Gains
reflects the consideration to which the Company
and losses are recognised in the Statement of Profit
expects to be entitled in exchange for those goods
or Loss when the liabilities are derecognised as well
or services. The Company has concluded that it is
as through the EIR amortisation process.
the principal in its revenue arrangements because
Financial liability is derecognized when the it typically controls the services before transferring
obligation under the liability is discharged or them to the customer. Revenue is recognised to
cancelled or expires. When an existing financial the extent that it is probable that the economic
liability is replaced by another from the same benefits will flow to the Company and the revenue
lender on substantially different terms, or the can be reliably measured, regardless of when the
terms of an existing liability substantially modified, payment is being made. Revenue is measured at
such an exchange or modification is treated as the transaction price of the consideration received
the de-recognition of the original liability and the or receivable, excluding the estimates of variable
recognition of the new liability. The difference in consideration that is allocated to that performance
the respective carried amount is recognized in the obligation, taking into account contractually defined
Statement of Profit and Loss. terms of payment and excluding taxes or duties
collected on behalf of the government.
Modifications of financial assets and financial
liabilities Revenue is recognised either at a point in time
or over time, when (or as) the Company satisfies
Financial assets performance obligations by transferring the
promised goods or services to its customers.
If the terms of a financial asset are modified, the
company evaluates whether the cash flows of the The Company is engaged in the business of
modified asset are substantially different. If the construction, maintenance and operation of the
cash flows are substantially different, then the Freight Corridor and recognises revenue over time
contractual rights to cash flows from the original because the customer simultaneously receives
financial asset are deemed to have expired. In this and consumes the benefits provided to them.
case, the original financial asset is derecognised and The Company uses an input method in measuring
a new financial asset is recognised at fair value. progress of the services provided because there is
a direct relationship between the Company’s efforts
If the cash flows of the modified asset carried at and the transfer of the service to the customer. The
amortised cost are not substantially different, then Company recognises revenue on the basis of cost
the modification does not result in derecognition incurred towards the satisfaction of its performance
of the financial asset. In this case, the company obligation.
recalculates the gross carrying amount of the
financial asset and recognises the amount arising Interest Income
from adjusting the gross carrying amount as a
modification gain or loss in profit or loss. If such Interest income from a financial asset is recognized,
a modification is carried out because of financial when it is probable that the economic benefits will

Annual Report 2023-24 153

 Dedicated Freight Corridor Corporation of India Limited

Notes to Financial Statements

flow to the Company and the amount of income can Rules & Regulations for employees on
be measured reliably, using the Effective Interest deputation.
Rate (‘EIR’) method.
ii. Retirement benefit costs and termination
Other items of Income are accounted for as and benefits:
when the right to receive is established.
Payments to defined contribution plans (such as
Service charges income is recognised as per terms provident fund, National Pension Scheme and
of contract. Post Retirement Medical Scheme) are charged
to the statement of profit and loss (other than
g) Foreign currency translation expenses to be capitalized), when employees
have rendered service entitling them to the
Foreign currency transactions are translated into
contributions.
the functional currency using the exchange rates
prevailing on the date of the transactions. The cost of providing benefits under defined
benefit plans (such as gratuity) is determined
Foreign exchange gains and losses resulting from
separately for each plan using the projected
the settlement of such transactions and from
unit credit method, with actuarial valuations
the translation of monetary assets and liabilities
being carried out annually. This attributes the
denominated in foreign currencies at year end
increase in present value of the defined benefit
exchange rates are generally recognised in
obligation resulting from employee service in
statement of profit and loss.
the current period to determine current service
Foreign exchange differences regarded as an cost. The current service cost as stated above
adjustment to borrowing costs, in terms of Para and past service costs, resulting from a plan
6(e) of Ind AS-23, are presented in the statement amendment, are recognized in the statement
of profit and loss, within finance costs. All other of profit and loss under ‘employee benefits
foreign exchange gains and losses are presented expense’.
in the Statement of profit and loss on a net basis
Net interest which is recognized in the
within other gains/ (losses).
Statement of Profit and Loss under ‘employee
h) Employee benefits benefits expense’ represents the net change
in present value of plan obligations and the
Employee benefits includes below: value of plan assets resulting from the passage
of time, and is determined by applying the
i. Short term and other long term employee discount rate to the present value of the benefit
benefits obligation and to the fair value of plan assets
at the beginning of the year, taking into account
A liability is recognized for benefits accruing to
expected changes in the obligation or plan
employees in respect of wages and salaries,
assets during the year.
annual leave, sick leave etc in the period the
related service is rendered at the undiscounted Re-measurement of the defined benefit
amount of the benefits expected to be paid in liability and asset, comprising actuarial gains
exchange for that service. and losses, and the return on plan assets
(excluding amounts included in net interest
Liabilities recognized in respect of short-
described above) other than capitalised portion
term employee benefits are measured at the
are recognized in other comprehensive income
undiscounted amount of the benefits expected
in the period in which they occur and are not
to be paid in exchange for the related service.
subsequently reclassified to the statement of
Liabilities recognized in respect of other long- profit and loss.
term employee benefits (earned leave, half-
Surplus or deficit recognized in the balance
day leave, leave travel concession, ex gratia
sheet for each defined benefit plan is the
payment) are measured at the present value of
difference between the present value of the
the estimated future cash outflows expected to
defined benefit obligation and the fair value of
be made by the Company in respect of services
plan assets.
provided by employees up to the reporting date.
i) Borrowing Costs
Provision/liabilities towards Foreign Service
Contribution are made in terms of Government Borrowing costs consist of interest and other costs

154
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to Financial Statements

that are incurred in connection with the borrowing Deferred tax assets are recognized for all deductible
of funds and includes exchange differences arising temporary differences, unused tax losses and unused
from foreign currency borrowings to the extent that tax credits only if it is probable that future taxable
they are regarded as an adjustment to the borrowing amounts will be available to utilize those temporary
cost. Borrowing cost also includes finance cost on differences and losses.
lease liability.
Current and deferred tax is recognized in profit or
The Company is following cumulative approach for loss, except to the extent that it relates to items
accounting of exchange loss arising from foreign recognized in other comprehensive income or directly
currency borrowings. in equity wherein the related tax is also recognized
in other comprehensive income or directly in equity,
Borrowing costs directly attributable to the respectively.
acquisition, construction or production of a
qualifying assets are capitalised to the cost of those The carrying amount of deferred tax assets is
assets, until such time the assets are substantially reviewed at the end of each reporting period and
ready for their intended use or sale. reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow
Investment income earned on the temporary the benefits of all or part of the deferred tax asset to
investment of specific borrowings pending their be utilized. Any such reduction shall be reversed to
expenditure on qualifying assets is deducted from the extent when it becomes probable that sufficient
the borrowing costs eligible for capitalisation. taxable profit will be available.
All other borrowing costs are recognized in the Unrecognized deferred tax assets are reassessed at
statement of profit and loss in the period in which each reporting date and recognised to the extent that
they are incurred. it has become probable that future taxable profits will
be available against which they can be used.
j) Taxation
k) Provisions, Contingent Liabilities and Contingent
The income tax expense or credit for the year is
Assets
the tax payable on current year’s taxable income
based on the applicable income tax rate adjusted Provisions are recognised when the Company has a
by changes in deferred tax assets and liabilities present obligation (legal or constructive) as a result
attributable to temporary differences and to unused of past events and it is probable that the Company
tax losses. The current income tax charge is calculated will be required to settle the obligation in respect of
based on tax laws enacted or substantively enacted which a reliably estimate can be made. Provisions
at the end of the reporting period. are not recognised for future operating losses.
Management periodically evaluates, positions taken Where there are a number of similar obligations,
in tax returns with respect to situations in which the likelihood that an outflow will be required in
applicable tax regulation is subject to interpretation settlement is determined by considering the class
and provisions are established where appropriate of obligations as a whole. A provision is recognised
based on amounts expected to be paid to the tax even if the likelihood of an outflow with respect
authorities. to any one item included in the same class of
obligations may be small.
Deferred income tax is provided in full, using the
liability method on temporary differences arising Provisions are discounted to their present values,
between the tax bases of assets and liabilities and where the time value of money is material.
their carrying amounts in the financial statements.
However deferred income tax is not accounted if it Provisions are measured at the present value of
arises from the initial recognition of an asset or liability management’s best estimate of the consideration
that at the time of the transaction affects neither required to settle the present obligation at the end of
the accounting profit nor taxable profit (tax loss). the reporting period taking into account the risks and
Deferred income tax is determined using tax rates uncertainties surrounding the obligation. The discount
and laws that have been enacted or substantively rate used to determine the present value is a pre-
enacted by the end of the reporting period and are tax rate that reflects current market assessments
expected to apply when the related deferred income of the time value of money and the risks specific to
tax asset/liability is realized or settled. the liability. The increase in the provision due to the

Annual Report 2023-24 155

 Dedicated Freight Corridor Corporation of India Limited

Notes to Financial Statements

passage of time is recognised as interest expense. Company as a lessee

The provisions are reviewed at each Balance Sheet The Company applies a single recognition and
date and adjusted to reflect the current best estimate. measurement approach for all leases, except
for short-term leases and leases of low-value
Contingent liabilities are disclosed in notes in case assets. The Company recognises lease liabilities
of a present obligation arising from past events, to make lease payments and right-of-use assets
when it is not probable that an outflow of resources representing the right to use the underlying assets
will be required to settle the obligation or a present
obligation arising from past events, when no reliable i) Right-of-use assets
estimate is possible.
Right-of-use assets are measured at cost, less
l) Impairment of non-financial assets any accumulated depreciation and impairment
losses, and adjusted for any re-measurement
At each reporting date, the Company reviews of lease liabilities. Right-of-use assets are
the carrying amounts of its non-financial assets depreciated on a straight-line basis over the
to determine whether there is any indication on shorter of the lease term and the estimated
impairment. If any such indication exists, the asset’s useful lives of the assets.
recoverable amount is estimated.
The right-of-use assets are also subject to
For impairment testing, assets are grouped together impairment. Refer note 2.1 (l) for accounting
into the smallest group of assets that generates policy for impairment of non- financial assets.
cash inflows from continuing use that are largely
independent of the cash inflows of other assets or ii) Lease liabilities
CGUs.
At the commencement date of the lease, the
The recoverable amount of an asset or CGU is the Company recognises lease liabilities measured
greater of its value in use and its fair value less costs at the present value of lease payments to be
to sell. Value in use is based on the estimated future made over the lease term.
cash flows, discounted to their present value using
a pre-tax discount rate that reflects current market In calculating the present value of lease
assessments of the time value of money and the payments, the Company uses its incremental
risks specific to the asset or CGU. borrowing rate at the lease commencement
date because the interest rate implicit in the
An impairment loss is recognised if the carrying lease is not readily determinable. After the
amount of an asset or CGU exceeds its recoverable commencement date, the amount of lease
amount. The impairment loss is recognized as an liabilities is increased to reflect the accretion
expense in the Statement of Profit and Loss. of interest and reduced for the lease payments
made. In addition, the carrying amount of
Impairment loss in respect of assets other than lease liabilities is re-measured if there is a
goodwill is reversed only to the extent that the modification, a change in the lease term, a
assets carrying amount does not exceed the carrying change in the lease payments (e.g., changes
amount that would have been determined, net of to future payments resulting from a change in
depreciation or amortisation, if no impairment loss an index or rate used to determine such lease
had been recognised. payments) or a change in the assessment of an
option to purchase the underlying asset.
m) Leases
The Company’s lease liabilities are included in
Leases are recognized as a right-to-use assets
financial liability.
and corresponding liability at the date at which the
leased asset is available for use by the Company. iii) Short-term leases and leases of low-value
assets
The Company assesses at contract inception
whether a contract is, or contains, a lease. That is, if The Company applies the short-term lease
the contract conveys the right to control the use of recognition exemption to its short-term leases
an identified asset for a period of time in exchange contracts including lease of guest houses (i.e.,
for consideration. those leases that have a lease term of 12
months or less from the commencement date
and do not contain a purchase option). It also
applies the lease of low-value assets recognition

156
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to Financial Statements

exemption to leases of office equipment that are received for mitigating extra project cost
are considered to be low value. Lease payments to be incurred by the company, which will be
on short-term leases and leases of low-value capitalized as part of the project cost. Where
assets are recognised as expense on a straight- and to the extent the liquidated damages
line basis over the lease term. meet the aforesaid stipulations in affirmative,
the same will be adjusted with the cost of the
Company as a lessor project. Otherwise the same will be accounted
for as income.
Leases in which the Company does not transfer
substantially all the risks and rewards incidental to b. Insurance claims are accounted for based on
ownership of an asset are classified as operating Management best assessment of the quantum
leases. Rental income arising is accounted for on of loss & coverage thereof in terms of Insurance
a straight-line basis over the lease terms. Initial policy. Any shortfall excess are adjusted on
direct costs incurred in negotiating and arranging an the settlement of claims. Claim towards loss
operating lease are added to the carrying amount of of CWIP, for which Insurance are obtained by
the leased asset and recognised over the lease term Contractors under the provisions of respective
on the same basis as rental income. Contingent contract agreement, are not accounted in the
rents are recognised as revenue in the period in books of the company.
which they are earned.
c. Liabilities for goods in transit/ Capital works
n) Cash and cash equivalents executed but not certified are not provided
Cash and cash equivalents comprise cash at for, pending inspection and acceptance by the
bank and on hand and short-term money market corporation.
deposits with original maturities of three months or d. Claims including price variation are accounted
less that are readily convertible to known amounts for on acceptance.
of cash and which are subject to an insignificant risk
of changes in value. e. Dividends and interim dividends payable to
the Company’s shareholders are recognized as
o) Segment Reporting
changes in equity in the period in which they are
Operating segments are reported in a manner approved by the shareholders’ meeting and the
consistent with the internal reporting provided to Board of Directors respectively.
the Chief Operating Decision Maker (CODM). r) Recent Accounting Pronouncements
The Board of Directors of the Company have been Ministry of Corporate Affairs (“MCA”) notifies new
identified as being the CODM by the Management of standards or amendments to the existing standards
the company. Refer note 33 for segment information under Companies (Indian Accounting Standards)
presented. Rules as issued from time to time. There is no such
p) Inventory notification which would have been applicable from
April 01, 2024.
Inventories including loose tools are valued at the
lower of cost (determined on weighted average
basis) and net realisable value.
q) Others

a. Liquidated damages are recognized at the time

of actual recovery. Whether or not liquidated
damages should be adjusted against the project
cost would depend upon the fact whether the
liquidated damages are directly identifiable
with the project and whether, in fact, they

Annual Report 2023-24 157

158
Notes to the financial statements
Note 3 : Property, plant and equipment (All amounts in ` Lakhs, unless otherwise stated)

Particulars Leasehold Office/ Signaling Furniture

Viaduct, Bridges, Electrical Plant & Office EDP
premises Station Track Work & Telecom and Total
Tunnels, Culverts Equipments Equipments Equipments Assets
improvement building Equipments Fixtures
Gross Block
As at April 1, 2022 422.74 1,21,940.31 5,13,106.31 10,73,576.19 4,03,021.89 2,41,309.88 17,133.53 950.81 1,866.16 1,527.08 23,74,854.90
Add: Additions made during the year - 58,649.75 8,75,098.07 1,54,398.01 1,81,564.40 1,52,070.66 20,174.33 274.50 317.43 480.27 14,43,027.42
Less: Disposals / adjustments during the year - - - - - - - (17.08) (46.88) (133.25) (197.21)
Less: Transfer to Capitalisation - - - - - - - - - - -
Add: Acquisitions through Business Combinations - - - - - - - - - - -
Amount of Change due to revaluation - - - - - - - - - - -
As at March 31, 2023 422.74 1,80,590.06 13,88,204.38 12,27,974.20 5,84,586.29 3,93,380.54 37,307.86 1,208.23 2,136.71 1,874.10 38,17,685.11

As at April 01, 2023 422.74 1,80,590.06 13,88,204.38 12,27,974.20 5,84,586.29 3,93,380.54 37,307.86 1,208.23 2,136.71 1,874.10 38,17,685.11
Dedicated Freight Corridor Corporation of India Limited

Add/Less: Amount of Change due to regrouping - 1,997.28 (4,76,403.21) 4,74,405.93 - - - - - - -

Add: Additions made during the year 4.78 1,08,745.22 4,40,371.66 8,22,686.03 2,46,631.22 1,26,240.30 49,958.46 848.82 378.18 576.45 17,96,441.12
Less: Disposals / adjustments during the year (38.48) (42.90) (148.71) (230.09)
Less: Transfer to Capitalisation - - - - - - - - - -
Add: Acquisitions through Business Combinations - - - - - - - - - - -
Add/Less: Amount of Change due to revaluation - - - - - - - - - - -
Add/Less: Other Adjustments - - - - - - 557.96 (0.14) 0.80 (0.86) 557.76
As at March 31, 2024 427.52 2,91,332.56 13,52,172.83 25,25,066.16 8,31,217.51 5,19,620.84 87,824.28 2,018.43 2,472.79 2,300.98 56,14,453.90
Depreciation and impairment
As at April 1, 2022 386.52 4,713.08 14,993.60 49,117.81 13,530.92 13,603.66 454.34 448.06 693.48 956.36 98,897.83
Add: Depreciation charge for the year 22.00 5,851.34 45,894.46 36,057.92 16,911.88 17,055.25 1,137.60 210.72 185.38 351.44 1,23,677.99
Less: On disposals/adjustments during the year - - - - - - - (5.48) (11.62) (110.97) (128.07)
Add/Less: Amount of Change due to revaluation - - - - - - - - - - -
As at March 31, 2023 408.52 10,564.42 60,888.06 85,175.73 30,442.80 30,658.91 1,591.94 653.30 867.24 1,196.83 2,22,447.75
As at April 01, 2023 408.52 10,564.42 60,888.06 85,175.73 30,442.80 30,658.91 1,591.94 653.30 867.24 1,196.83 2,22,447.75
Add/Less: Amount of Change due to regrouping (22,573.05) 22,573.05
Add: Depreciation charge for the year 1.49 12,438.11 36,160.86 1,01,645.42 25,157.08 27,410.01 2,050.99 594.97 229.35 419.01 2,06,107.29
Less: On disposals / adjustments during the year (0.03) (18.57) (12.51) (125.86) (156.97)
Add/L ess: Amount of Change due to revaluation - - - - - - - - - - -
As at March 31, 2024 410.01 23,002.53 74,475.87 2,09,394.20 55,599.88 58,068.92 3,642.90 1,229.70 1,084.08 1,489.98 4,28,398.07
Net book value
As at March 31, 2024 17.51 2,68,330.03 12,77,696.96 23,15,671.96 7,75,617.63 4,61,551.92 84,181.38 788.73 1,388.71 811.00 51,86,055.83
As at March 31, 2023 14.22 1,70,025.64 13,27,316.32 11,42,798.47 5,54,143.49 3,62,721.63 35,715.92 554.93 1,269.47 677.27 35,95,237.36
Note : Following Sections are Commissioned during the FY 2023-24 :-
1. New Khurja to New Boraki (45.595 Kms) on 24.04.2023
2. Karchana to new Shujatpur, New Kanpur to New Bhimsen, New Bimsen to New Bhaupur (102.751 Kms) on 12.07.2023
3. Chunar Jn to New Karchana, New Karchana to Iradatganj (134.343 Kms) on 12.07.2023
4. New Chunar to DDU (37.495) on 11.09.2023
5. New Rewari to New Dadri (130.241 Kms) on 31.01.2024
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 4 : Capital Work-in-progress* (All amounts in ` Lakhs, unless otherwise stated)

For the year ended For the year ended

Particulars
March 31, 2024 March 31, 2023
Opening Balance 41,63,511.02 41,54,858.77
Add: Additions made during the year 10,76,119.51 14,29,051.14
Less: Disposals during the yea - -
Less: Transfer to Capitalisation (17,44,674.43) (14,21,780.89)
Add: Acquisitions through Business Combinations - -
Add: Other Adjustments - 1,382.00
Add/Less: Amount of Change due to revaluation - -
Closing Balance 34,94,956.10 41,63,511.02
‘*Capital Work in Progress mainly comprises track, earthwork, bridges and other electrical equipment.During the year, an amount of INR 1,44,215.05 lakhs (P.Y INR
1,85,227.42 lakhs) has been capitalized on account of Borrowing Cost as per Ind AS-23 Borrowing Cost.

Capital work in progress (CWIP) Ageing Schedule

(All amounts in ` Lakhs, unless otherwise stated)
As at March 31, 2024 Amount in CWIP for a period of
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
Projects in progress (EDFC &
WDFC)
EDFC 1,24,722.01 2,26,864.33 1,73,203.11 4,06,864.10 9,31,653.55
WDFC 5,61,374.90 4,18,214.56 6,77,786.36 9,05,926.73 25,63,302.55
Projects temporarily - - - - -
Suspended
6,86,096.91 6,45,078.89 8,50,989.477 13,12,790.83 34,94,956.10

(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2023 Amount in CWIP for a period of
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
Projects in progress (EDFC &
WDFC)
EDFC 4,09,361.13 3,00,730.15 3,70,867.76 5,06,727.09 15,87,686.13
WDFC 5,27,649.09 7,89,018.88 6,87,338.64 5,71,818.28 25,75,824.89
Projects temporarily - - - - -
Suspended
9,37,010.22 10,89,749.03 10,58,206.40 10,78,545.37 41,63,511.02

Capital work in progress (CWIP) Completion Schedule

(All amounts in ` Lakhs, unless otherwise stated)
As at March 31, 2024 To be completed in
Less than 1 year 1-2 years 2-3 years More than 3 years Total
EDFC 9,31,653.55 - - - 9,31,653.55
WDFC 25,63,302.55 - - - 25,63,302.55
34,94,956.10 - - - 34,94,956.10

(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2023 To be completed in
Less than 1 year 1-2 years 2-3 years More than 3 years Total
EDFC 15,87,082.36 - - - 15,87,082.36
WDFC 21,49,792.62 4,26,636.04 - - 25,76,428.66
37,36,874.98 4,26,636.04 - - 41,63,511.02

Annual Report 2023-24 159

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 5: Other Intangible Assets (All amounts in ` Lakhs, unless otherwise stated)

Particulars Licenses/ Softwares Total

Gross block
As at April 1, 2022 269.83 269.83
Add: Additions during the year 14.22 14.22
Less: Disposals / adjustments during the year - -
Add: Acquisitions through Business Combinations - -
Amount of Change due to revaluation - -
As at March 31, 2023 284.05 284.05
As at April 1, 2023 284.05 284.05
Add: Additions during the year 12.67 12.67
Less: Disposals / adjustments during the year - -
Add: Acquisitions through Business Combinations - -
Amount of Change due to revaluation - -
As at March 31, 2024 296.72 296.72
Amortisation and impairment
As at April 1, 2022 261.47 261.47
Add: Amortisation charge for the year 5.76 5.76
Less: On disposals / adjustments during the year - -
Amount of Change due to revaluation - -
As at March 31, 2023 267.23 267.23
As at April 1, 2023 267.23 267.23
Add: Amortisation charge for the year 16.18 16.18
Less: On disposals / adjustments during the year - -
Amount of Change due to revaluation - -
As at March 31, 2024 283.41 283.41
Net book value
As at March 31, 2024 13.31 13.31
As at March 31, 2023 16.82 16.82

Note 6 : Intangible Assets under Development (All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
Opening Balance 2,147.20 2,147.20
Add: Additions made during the year - -
Less: Disposals / adjustments during the year - -
Less: Transfer to Capitalisation - -
Add: Acquisitions through Business Combinations - -
Add/Less: Amount of Change due to revaluation - -
Closing Balance 2,147.20 2,147.20

Intangible Assets under development Ageing Schedule

(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2024 Amount in CWIP for a period of

Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total

Projects in progress - - 2,147.20 2,147.20

Projects temporarily Suspended - - - - -
- - - 2,147.20 2,147.20

160
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

(All amounts in ` Lakhs, unless otherwise stated)
As at March 31, 2023 Amount in CWIP for a period of
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
Projects in progress - 376.29 1,770.91 2,147.20
Projects temporarily Suspended - - - - -
- - 376.29 1,770.91 2,147.20
Intangible Assets under development completion Schedule
(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2024 To be completed in

Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress
-SAP Implementation 2,147.20 - - -

(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2023 To be completed in
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress -
-SAP Implementation 2,147.20 - - -

Note 7: Right-of use assets

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:

(All amounts in ` Lakhs, unless otherwise stated)

Right-of-use assets : For the year ended For the year ended
March 31, 2024 March 31, 2023
Particulars Right-of-Use: Building Right-of-Use: Building

Balance at opening 1,048.86 3,183.40

Less : Adjustment due to lease modification - 16.24

Add: Additions - 73.08

Less: Depreciation expense 94.59 2,191.38

Balance at Closing 954.27 1,048.86

Amounts recognised in profit and loss : (All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Depreciation expense of right-of-use assets (Refer Note 94.59 2,191.38
No. 27)
Interest expense on lease liabilities (Refer Note No. 26) 63.39 123.14

Expense relating to short-term leases (Refer Note No. 28) 3,323.12 381.17

Annual Report 2023-24 161

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 8 : Other financial assets
(All amounts in ` Lakhs, unless otherwise stated)
Particulars Non-Current Current

As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
(Unsecured and considered good, unless otherwise
stated)

Security Deposits -

- Considered Good* 694.05 2,647.36 2,483.60 453.72

- Considered Doubtful - - 146.36 146.36

Term Deposits with Forest Department 3.30 3.30 - -

Interest Accrued on Term Deposits with Forest 4.09 3.70 - -

Department

Employee advances** 197.65 126.02 234.08 176.03

Interest accrued on fixed deposit 3,398.94 354.04

Expenditure on land acquisition - Recoverable from 7,251.87 6,969.58

MOR

Expenditure on PETS/DPR survey - Recoverable 12,379.19 8,822.11

from MOR***

Recoverable from MOR - Sonnagar - Dankuni 69,578.25 51,555.57

Project^

Recoverable for Share of ROB/RUB## 73,456.76 45,013.69

Other recoverable # 1,638.66 555.70

899.09 2,780.38 170,567.71 114,046.80

Less: Loss Allowance (146.36) (146.36)

899.09 2,780.38 170,421.35 113,900.44

# Includes recoverable from MOR` INR 321.96 lakhs (March 31, 2023 : INR 316.56 lakhs )

# Includes recoverable from IROAF` INR 00.27 lakhs (March 31, 2023 : INR 01.42 lakhs )

# Includes recoverable from CONCOR` INR 1,008.36 lakhs (March 31, 2023 : INR 09.91 lakhs )

# Includes recoverable from CRIS` INR 00.00 lakhs (March 31, 2023 : INR 08.28 lakhs )

## Includes recoverable from MOR` INR 20,954.75 lakhs (March 31, 2023 : INR 2,862.24 lakhs )

* Includes security deposit with MOR` INR 244.97 lakhs (March 31, 2023 : INR 244.97 lakhs )
**The company has not granted any loans or advance in the nature of loan to promotors, directors, KMP’s and related parties
either severally or jointly with any other person that are either repayable on demand or where the terms or period of repayment is
not specified.

*** Includes INR 10,389.51 Lakhs towards Billed Receivable on Account of DPR PETS Survey and INR 1,989.68 towards Unbilled
Receivable on Account of DPR PETS Survey (PY Includes INR 8,822.11 Lakhs towards Unbilled Receivable on Account of DPR PETS
Survey
^During the year Railway Board has sanctioned Sonagram Andal section of Son Nagar-Dankuni section of EDFC as Muti tracking
work to be executed by ECR and ER. Accordingly DFCCIL vide its letter no. . 2023/HQ/EN/D(PP)/KKK dated 06.09.2023 confirmed
the taking of necessary steps for handing over of the said section of the project to ECR & ER for further action.

162
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 9 : Inventories
(All amounts in ` Lakhs, unless otherwise stated)

As at As at
March 31, 2024 March 31, 2023
Stores and Spares* 2,218.00 1,553.36

2,218.00 1,553.36

*Certified & Verifed by the Management and valued at lower of cost or Net Realisable Value

Note 10 : Deferred tax assets/(liabilities) (net)

(All amounts in ` Lakhs, unless otherwise stated)

As at As at
March 31, 2024 March 31, 2023

Deferred tax assets:

Unabsorbed depreciation 243,063.26 141,811.05

Unabsorbed losses 18,507.72 18,507.72

Loss Allowance 36.84 36.84

Provision for Leave Encashment 439.97 113.81

Provision for Leave Travel Concession 35.90 6.21

Provision for Post Retirement Medical Scheme 200.54 120.18

Provision for Ex-Gratia 133.37 104.24

Deferred tax liabilities: 262,417.60 160,700.05

Property, plant & equipment and intangible assets 256,949.64 137,458.05

Foreign exchange on reinstatement of loan 35,057.34 33,153.00

Right-of-use assets (ROU) 13.55 28.79

292,020.53 170,639.84

Deferred tax assets/(liabilities) (net) (29,602.93) (9,939.79)

Deferred Tax/ Income Tax

A. Amounts recognised in statement of profit and loss
(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2024 As at March 31, 2023

Current tax expense

Current year - -
Adjustment for change in estimates for prior period - -
Deferred tax expense

Origination and reversal of temporary differences 19,663.14 8529.87

19,663.14 8529.87
Total Tax Expense 19,663.14 8529.87

Annual Report 2023-24 163

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

B. Amounts recognised in Other Comprehensive Income

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the Year Ended March 31, 2024 For the Year Ended March 31, 2023
Before tax Tax (Expense)/ Net of tax Before tax Tax (Expense)/ Net of
Income Income tax
Remeasurement Gain/(Loss) of 20.15 (59.92) 118.19 (29.75) 88.44
(80.07)
defined benefit liability
(80.07) 20.15 (59.92) 118.19 (29.75) 88.44

C. Reconciliation of Effective Tax

(All amounts in ` Lakhs, unless otherwise stated)
Particulars
For the Year Ended March 31, 2024 For the Year Ended March 31, 2023
Rate Amount Rate Amount

Profit before tax from

16,724.45 6,529.83
continuing operations
Tax using the Company’s
25.17% 4,209.21 25.17% 1,643.43
domestic tax rate
Tax effect of amounts which
are not deductible (taxable) in
calculating taxable income

- Corporate social responsibility

- 6.12
expense
Depreciation /Amortization
Expense
15,490.96 6,389.88
(including true impact of
deferred tax workings)
Reversal of provision - 181.49
True-up of tax losses (51.58) 788.56
Remeasurement of lease
(39.22) (520.34)
obligation
Non-Taxable incomes (IND AS
- (0.85)
adjustment on Security deposit)
Other items 53.78 41.58
19,663.14 8,529.87
*The Company has opted to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as promulgated by the GOI vide the Taxation Laws
(Amendment) Ordinance, 2019 and has taken 25.168% (Income tax 22%+ Surcharge 10% + Cess 4%) rate of Corporate tax in its accounts.

D. Movement in deferred tax balances

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at Recognized Charged to Recognized As at March
March 31, in P&L Retained in OCI 31, 2024
2023 Earning
Deferred Tax Assets
Unabsorbed depreciation 141,811.05 101,252.21 - - 243,063.26
Unabsorbed losses 18,507.72 - - - 18,507.72
Loss Allowance 36.84 - - - 36.84
Provision for Leave Encashment 113.81 326.16 - - 439.97
Provision for Leave Travel Concession 6.21 29.69 - - 35.90
Provision for Post Retirement Medical 120.18 80.36 - - 200.54
Scheme

164
Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Provision for Ex-Gratia 104.24 29.13 - - 133.37

Remeasurements Gain/ (Loss) of defined - (20.15) - 20.15
benefit liability
160,700.05 101,697.40 - 20.15 262,417.60
Deferred Tax Liabilities
Property, plant & equipment and intangible 137,458.05 119,491.59 - - 256,949.64
assets
Foreign exchange on reinstatement of loan 33,153.00 1,904.34 - - 35,057.34
Right-of-use assets (ROU) 28.79 (15.24) - - 13.55
170,639.84 121,380.69 - - 292,020.54
Net deferred tax asset (9,939.79) (19,683.29) - 20.15 (29,602.93)

(All amounts in ` Lakhs, unless otherwise stated)

Particulars As at Recognized Charged to Recognized As at
March 31, 2022 in P&L Retained Earning in OCI March 31, 2023
Deferred Tax Assets

Unabsorbed depreciation 61,342.00 80,469.05 - - 141,811.05

Unabsorbed losses 18,507.72 - - 18,507.72
Loss Allowance 36.84 - - - 36.84
Provision for Leave Encashment - 113.81 - - 113.81
Provision for Leave Travel - 6.21 - - 6.21
Concession
Provision for Post Retirement - 120.18 - - 120.18
Medical Scheme
Provision for Ex-Gratia - 104.24 - - 104.24
Right-of-use assets (ROU) 42.62 (71.41) - - (28.79)
Remeasurements Gain/ (Loss) of - 29.75 - (29.75) -
defined benefit liability
79,929.18 80,771.83 - (29.75) 160,671.26
Deferred Tax Liabilities
Property, plant & equipment and 62,018.57 75,439.48 - - 137,458.05
intangible assets
Foreign exchange on reinstatement 19,320.54 13,832.46 - - 33,153.00
of loan
81,339.11 89,271.94 - - 170,611.05

Net deferred tax asset (1,409.93) (8,500.11) - (29.75) (9,939.79)

The Company offsets tax assets and liabilities if and only if 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 tax authority.

DTA amounting to INR 18,507.72 Lakhs has been created on business losses amounting to INR 73,536.71 Lakhs (i.e. INR
1,40,059.5 Lakhs and INR 59,530.74 Lakhs pertaining to FY 2018-19 and FY 2019-20, respectively) and same can be validated
from tax return for FY 2022-23.

Annual Report 2023-24 165

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 11 : Other assets

(All amounts in ` Lakhs, unless otherwise stated)
Particulars Non-Current Current
As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023

(Unsecured and considered good, unless

otherwise stated)

Capital advances

- Mobilisation Advance 31,172.81 59,001.03 - -

- Advance for Shifting of Utilities* 90,151.01 161,060.06 - -
- Advance for ROB/RUB* (refer note 20 (i)) 91,791.74 83,530.10 - -
- Advance for Capital Works-Others* 33,710.64 28,642.91 - -
Deposit with Court 1,662.11 1,662.11 - -
Interest accrued on mobilization advances &
- - 65.28 708.87
others
Gratuity Fund - - 314.68 714.25
Prepaid expenses - - 130.22 6.08
Balance with Government Authorities 119,706.71 146,003.12 175,335.65 96,903.32
Amount paid against Arbitration/ DAB Awards
towards Capital Works-Secured 55,035.44 39,251.91 - -

Other advances 6,414.48 4,498.87 - 0.23

429,644.94 523,650.11 175,845.83 98,332.75

* includes advances given to related parties INR 124,392.17 Lakhs (March 31, 2023 INR 137,383.45 Lakhs)

Note 12 : Trade Receivables

(All amounts in ` Lakhs, unless otherwise stated)
As at March 31, 2024
Outstanding for following periods from due date of payment / transaction date
Particulars Less than 6 6 months - 1 1-2 year 2-3 years More than 3 Total
months year years

(i) Trade Receivables –

Considered Good - Secured

(ii) Trade Receivables –

Considered Good - Unsecured
- From Related Party #

A. Unbilled - Track Access 448,489.97 - 314,147.96 194,915.31 28,988.84 986,542.08

Charges (Refer Note 23)*

(iii) Trade Receivables – - - - - - -

which have significant
increase in credit risk

(iv) Trade Receivables - credit - - - - - -

impaired
448,489.97 - 314,147.96 194,915.31 28,988.84 986,542.08

166
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2023
Outstanding for following periods from due date of payment / transaction date
Particulars Less than 6 6 months - 1 1-2 year 2-3 years More than 3 Total
months year years

(i) T
 rade Receivables –
Considered Good - Secured

(ii) Trade Receivables

– Considered Good -
Unsecured - From Related
Party #
A. Unbilled - Track Access 314,147.96 - 194,915.31 28,988.84 - 538,052.11
Charges (Refer Note 23)*

(iii) Trade Receivables – - - - - - -

which have significant
increase in credit risk

(iv) Trade Receivables–credit - - - - - -

 impaired
314,147.96 - 194,915.31 28,988.84 - 538,052.11
* As per the directions of Ministry of Railways (MOR), land for the project shall be acquired in the name of MOR under The Railways
Act, 1989 as modified by The Railways (Amendment) Act, 2008 and the land so acquired shall be leased to the Company at lease
rent of INR 1 vide letter no. DFCCIL Letter No./HQ/OP&BD/Business Plan/ Pt.6(TAC) - IV dated May 22, 2018 on the date of
handing over to the company. Lease rent shall commence from the date of commissioning.
No trade receivable are due from directors or other officers of the company either severally or jointly with any other person. Nor
any trade receivable are due from firms or private companies respectively in which any director is a partner, a director or a member.

#The company does not hold collateral as security.

Note 13.1 : Cash and cash equivalents

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
Balance with banks:
- In current account 4,581.11 4,812.15
Cheque in hand 0.07 -

- Flexi with original maturity of less than 3 months - 999.43

4,581.18 5,811.58

Note 13.2 : Other Balances with Banks

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023

Earmarked balances with banks (refer note 20(ii)) 76,382.00 19,290.94

Flexi Deposits with original maturity of more than 3 months but less 271,788.89 69,529.22
than 12 months
Deposits with original maturity of more than 3 months but less than 859.62 859.62
12 months*
349,030.51 89,679.78

*This fixed deposit is pledged with Delhi Metro Rail Corporation Limited

Annual Report 2023-24 167

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 14: Current tax assets (net)

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023

Income Tax Paid/Deducted 1,355.64 1,021.93

Amount paid under protest:

- Income Tax 218.20 218.20
1,573.84 1,240.13

Note 15 : Equity Share capital

(All amounts in ` Lakhs, unless otherwise stated)

Particulars As at March 31, 2024 As at March 31, 2023

Authorised:

22,00,00,000* (March 31, 2023 : 22,00,00,000 ) equity shares of 22,00,000.00 22,00,000.00

` 1,000 each
Issued, subscribed & fully paid up:
15,72,89,950* (March 31, 2023 : 15,72,89,950 ) equity shares of 15,72,899.50 15,72,899.50
` 1,000 each
15,72,899.50 15,72,899.50
*Number of shares are presented in actual numbers.

a) Reconciliation of authorised, issued and subscribed share capital:

i. Reconciliation of authorised share capital as at year end :
(All amounts in ` Lakhs, unless otherwise stated)
(Number of Shares) (Amount in INR Lakhs)

Particulars As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023

Balance at the beginning of the year 22,00,00,000 22,00,00,000 22,00,000.00 22,00,000.00

Increase/(decrease) during the year - - - -
Balance at the end of the year 22,00,00,000 22,00,00,000 22,00,000.00 22,00,000.00

ii. Reconciliation of issued and subscribed share capital as at year end :

(All amounts in ` Lakhs, unless otherwise stated)

(Number of Shares) (Amount in INR Lakhs)

Particulars As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023

Balance at the beginning of the year 15,72,89,950 14,07,66,250 15,72,899.50 14,07,662.50

Increase/(decrease) during the year - 1,65,23,700 - 1,65,237.00

Balance at the end of the year 15,72,89,950 15,72,89,950 15,72,899.50 15,72,899.50

168
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

b) Terms/ rights attached to equity shares:
The company has only one class of equity shares having par value of INR 1,000 per share. Each holder of equity
shares is entitled to one vote per share and entitled to receive dividends as declared from time to time.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets
of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.

c) Shareholders holding more than 5% shares in the company

(All amounts in ` Lakhs, unless otherwise stated)

Particulars As at March 31, 2024 As at March 31, 2023

No. of Shares Percentage No. of Shares Percentage

The President of India & his nominees 15,72,89,950 100.00% 15,72,89,950 100.00%

d) Shares held by promoters at the end of the year

(All amounts in ` Lakhs, unless otherwise stated)
As at March 31, 2024 As at March 31, 2023
Equity Share of INR 1000 Each

Name of The Promoter

No. of Shares % of % change No. of % of % change
total during Shares total during
shares the year shares the year

15,72,89,950 100.00% - 15,72,89,950 100.00% -

The President of India & his nominees

Note 16: Other equity

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
a) Share Application Money Pending Allotment

Balance at the beginning of the year - 1,65,237.00

Add: Share application money received from Ministry of Railways - -

Less: Shares issued during the year to Ministry of Railways - 1,65,237.00

Balance at the end of the year - -

b) Retained earnings As at March 31, 2024 As at March 31, 2023

Balance at the beginning of the year 24,694.84 26,576.69

Add: Profit/(Loss) for the year after taxation as per statement of (2,958.84) (1,970.29)
Profit and Loss

Add/ Less: Remeasurement gain/(loss) of defined employee benefits (59.92) 88.44

plan (Net of Tax)

Balance at the end of the year 21,676.08 24,694.84

Total (a+b) 21,676.08 24,694.84

Annual Report 2023-24 169

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 17: Borrowings

(All amounts in ` Lakhs, unless otherwise stated)

Particulars Non-Current Current

As at March 31, As at March As at March 31, As at March 31, 2023
2024 31, 2023 2024
Term loans (unsecured)
- JICA 31,44,221.93 26,28,859.06
- IBRD 12,65,292.57 11,10,764.46
Total 44,09,514.50 37,39,623.52 - -

- IBRD - Current maturities of long term 96,413.30 95,084.68

borrowings
44,09,514.50 37,39,623.52 96,413.30 95,084.68

Term of repayment and interest are as follows :

(All amounts in ` Lakhs, unless otherwise stated)
Carrying Amount
Rate of
Repayment Year of As at As at
Loan From Interest
Terms Maturity March 31, March 31,
p.a.
2024 2023
MoR for EAP Projects JICA - 205 Refer Note (a) below 2050 7% - Fixed 12,335.03 12,335.03
MoR for EAP Projects JICA - 209 Refer Note (a) below 2050 7% - Fixed 4,94,346.31 4,94,346.31
MoR for EAP Projects JICA - 209 A Refer Note (a) below 2050 7% - Fixed 30,365.34 30,365.34
MoR for EAP Projects JICA - 212 Refer Note (a) below 2050 7% - Fixed 7,431.72 7,431.72
MoR for EAP Projects JICA - 229 Refer Note (a) below 2053 7% - Fixed 8,35,251.45 8,26,172.86
MoR for EAP Projects JICA - 229 A Refer Note (a) below 2053 7% - Fixed 41,941.74 41,464.85
MoR for EAP Projects JICA - 253 Refer Note (a) below 2056 7% - Fixed 6,41,764.16 6,41,764.16
MoR for EAP Projects JICA - 253A Refer Note (a) below 2056 7% - Fixed 26,954.91 26,954.91
MoR for EAP Projects JICA - 288 Refer Note (a) below 2060 7% - Fixed 6,27,067.68 4,06,229.14
MoR for EAP Projects JICA - 288 A Refer Note (a) below 2060 7% - Fixed - -
MoR for EAP Projects JICA - 297 Refer Note (a) below 2062 7% - Fixed 4,20,235.13 1,41,794.74
MoR for EAP Projects JICA - 297 A Refer Note (a) below 2062 7% - Fixed 6,528.46 -
MoR for EAP/IBRD Projects - Half Yearly 2033 in remaining 6.3585 % - 2,84,743.12 3,10,247.28
8066 19 instalments Variable*
IBRD for EAP Projects- 8318 Half Yearly 2035 in 24 6.3585 % - 4,38,301.64 4,68,048.63
instalments Variable*
IBRD for EAP Projects- 8513 Half Yearly 2037 in 27 6.5585 % - 4,04,070.02 4,27,553.23
instalments Variable*
IBRD for EAP Projects- 9400 Half Yearly 2045 in 30 6.5585 % - 1,51,497.69 -
instalments Variable*
ECB- MUFG Bank backed by MIGA Half Yearly 2032 in remaining 6.3512 % - 83,093.40 -
Guarantee (LRN -202401143) 10 instalments Variable*

45,05,927.80 38,34,708.20
* Interest Rates applicable as on 31.03.2024

170
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

a) Externally Aided Projects (‘EAP’)/ Japan International Cooperation Agency (‘JICA’) Loan

Above referred loans by JICA are being given to Ministry of Railways as an externally aided components of
Gross Budgetary Support (GBS) through Ministry of Finance. JICA Loans are governed by STEP (Special Terms
for Economic Partnership) conditions which provide that the eligible nationality of the supplier(s) shall be Japan
in the case of the prime contractor. In case where the prime contractor is a joint venture, such joint venture
will be eligible provided that the nationality of the lead partner is Japan, that the nationality of the other
partners is Japan and/or India and that the total share of work of Japanese partners in the Joint venture is
more than fifty percent (50%) of the contract amount. Further not less than thirty percent (30%) of the total
price of contract(s) (excluding consulting services) financed by a STEP loan shall be accounted for by either
goods from Japan and services provided by a Japanese company(ies), or goods from Japan only, depending on
the nature of the project. The Company is committed to follow the STEP loan conditions. This loan is passed
on to the company on back-to-back basis and will be utilized for Western Dedicated Freight Corridors (WDFC).

As per clarification received from MoR vide letter number 2009/Infra/3/1/26 Pt-1 dated 06.02.2015, the tenure
of loan is 40 years, rate of interest is 7% and moratorium period is 10 years. The accumulated interest accrued
during the period of moratorium is payable after completion of 10 years. This interest will accrue on simple
interest basis. A clarification from Ministry of Railway was again received vide letter no. 2021/Infra/6/10 dated
28.06.2022 that in terms of Cabinet approvals, only interest will be paid by Ministry of Railway to Ministry of
Finance @ 7% over the loan period after the moratorium period of 10 years without any repayment of principal.
EAP/ International Bank for Reconstruction and Development (‘IBRD’) Loan
The Government of India (GOI) through the Ministry of Finance has entered into a Loan Agreement dated
October 27, 2011 with IBRD to avail a loan of USD 975 Million that has been reduced to USD 555 Million and
terminal date extended upto May 31, 2019 vide world bank letters dated December 18, 2018 and December
27, 2018. In terms of the Loan Agreement, the company has been identified as the Project Implementing
Entity for implementation of the project. Total final withdrawals against this loan was USD 530.81 Million.
The debt servicing against this loan is being carried out as per terms of the loans without any default.

Further, to facilitate the carrying out of the project by the company, GOI through the MOR is required to make the
proceeds of the loan available to the company by way of MOR Loan under a Subsidiary Loan Agreement between
the GOI through MOR and the company, under terms and conditions satisfactory to the Bank. The repayment of
IBRD Loan ID-8066 IN along with interest will be made by the company to MOF in Rupee equivalent of the USD
loan/interest amount.
The Company signed another loan agreement with the IBRD dated 11.12.2014 with ID-8318 IN to avail a loan of
USD 1100 Million that was subsequently reduced to USD 660 Million and terminal date extended to 31.12.2020
vide World Bank letter dated 30.01.2020. This loan was utilized towards Institutional Development Activities and
Design, Construction and Commissioning of 393 km of double track electrified railway on the Kanpur-Mughal
Sarai & balance activities of Khurja - Bhaupur section of the EDFC. In this agreement, the GOI has given Sovereign
Guarantee and charges guarantee fees which has been included in Note 26. The debt servicing against this loan
is being carried out as per terms of the loans without any default.
The company signed 3rd loan agreement with the IBRD dated October 21, 2016 with ID-8513 IN to avail a loan of
USD 650 Million with Loan ID-8513 IN. This loan was reduced to USD 560 Million vide letter dated June 30, 2020.
This Loan was utilized towards Institutional Development Activities and Design, Construction and Commissioning
of 401 Kms of double track electrified railway on the Ludhiana - Khurja section of the EDFC. In this agreement
also, the Government of India (GOI) has given Sovereign Guarantee and charges guarantee fees which has been
included in Note 26. The debt servicing against this loan is being carried out as per terms of the loans without any
default.
The company has signed a new loan with IBRD i.e. Rail Logistic Project on 13.01.2023 for USD 245 Million. This
loan is to be utilised towards Institutional capacity strengthening, Construction of the EDFC Corridor: (a) design,
construction, commissioning and testing of Khurja – Ludhiana section (401 kms) and Kanpur – Mughal Sarai

Annual Report 2023-24 171

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

section (393 kms) of EDFC; and (b) provision of consultancy services relating to overall project management, social
and environment management, and quality and safety audit and Last mile connectivity: Design, construction,
commissioning and testing of civil, structure track, electrical and signaling systems work and related supervision
consulting to provide last mile connectivity to terminals, on the basis of terminal feasibility studies and engineering
designs undertaken by DFCCIL. The terminal date of the loan has been fixed at June 30th 2027. In this agreement
also Government of India (GOI), has given sovereign guarantee and charges guarantee fees which has been
included in Note 26. However. the loan got effectuated w.e.f. 13.04.2023 and total withdrawal up to 31.03.2024
is USD 182 Million. The debt servicing against this loan is being carried out as per terms of the loans without any
default.
The company has also signed A new External Commercial Borrowing (ECB) with MUFG Bank Ltd, Gift City on
17.01.2024 for USD 100 Million backed by MIGA Guarantee. This loan is to be utilized for towards Institutional
capacity strengthening, Construction of the EDFC Corridor: (a) design, construction, commissioning and testing of
Khurja – Ludhiana section (401 kms) and Kanpur – Mughal Sarai section (393 kms) of EDFC; and (b) provision of
consultancy services relating to overall project management, social and environment management, and quality
and safety audit and Last mile connectivity: Design, construction, commissioning and testing of civil, structure
track, electrical and signaling systems work and related supervision consulting to provide last mile connectivity
to terminals, on the basis of terminal feasibility studies and engineering designs undertaken by DFCCIL. The
tenure of the loan is 8 year with the principal moratorium of 3 years. In this agreement Multilateral Investment
Guarantee Agency (MIGA) has given guarantee for 95% of the Loan, outstanding interest & Guarantee Premium
payable to MUFG. MUFG charges MIGA premium which has been included in Note 26. The loan has been full
drawn in one instalment on 11.03.2024. The debt servicing against this loan is being carried out as per terms of
the loans without any default.

Note 18 : Other financial liabilities

(All amounts in ` Lakhs, unless otherwise stated)

Particulars Non-Current Current

As at March 31, As at March 31, As at March 31, As at March 31,
2024 2023 2024 2023
Deposits/ Retention money*** 4,108.29 6,829.63 25,184.47 17,407.45

Interest accrued but not due on loan 5,16,837.92 4,40,239.67 1,62,617.13 95,787.26
Earnest money deposit 1,176.99 1,632.01

Employee related liabilities* 3,313.66 2,934.13

Creditors for capital expenditure** 1,39,034.94 1,08,188.46

Funds received from MOR pending 36,11,615.61 29,02,878.47

adjustment

Others 1.33 1.08

5,20,946.21 4,47,069.30 39,42,944.13 31,28,828.86

Note:

*Employee related liabities includes INR 00.24 lakhs (March 31, 2023 : INR Nil lakhs ) due to related parties

**Creditors for capital expenditure includes INR 18,980.00 lakhs (March 31, 2023 : INR 5,492.40 lakhs ) due to related parties

***Deposits/ Retention Money includes INR 26.39 lakhs (March 31, 2023 : INR 24.54 lakhs ) due to related parties

172
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 19 : Provisions
(All amounts in ` Lakhs, unless otherwise stated)
Particulars Non-Current Current
As at March As at March As at March 31, As at March 31,
31, 2024 31, 2023 2024 2023

Provision for employee benefits

- Gratuity - - - -
- Leave encashment (Ref: Note 34 (iii) (a)) 5,924.14 4,749.40 664.96 543.77

- Leave travel concession (Ref: Note 34 (iii) (b)) 789.88 659.61 88.56 69.46

- Post Retirement Medical Scheme (Ref:

1,246.13 926.84 - -
Note 34 (i) (c))
- Ex - Gratia (Ref: Note 34 (iii) (c)) 851.83 749.50 67.84 54.43
Provisions for expenses (refer note below) 64,092.69 34,406.31
8,811.98 7,085.35 64,914.05 35,073.97

Note: Movement of provision for expenses

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
Balance at the beginning 34,406.31 41,414.50

Provision during the year 61,460.40 34,406.31

Provision used during the year -31,774.02 -41,414.50
Balance at the end 64,092.69 34,406.31

Note 20 : Other liability

(All amounts in ` Lakhs, unless otherwise stated)
Particulars Non-Current Current
As at March 31, As at March 31, As at March 31, As at March 31,
2024 2023 2024 2023
Advance for ROB/ RUB (refer note i below) 13,037.84 12,921.22 - -
Ind AS Security Deposit Adjustment 1,138.75 1,382.00 - -
Advance received from customers against
34,183.28 31,276.34 - -
deposit work**
Advance for land (Pending for transfer to
73,797.56 16,906.83
SLAO A/c) (refer note ii below)
Duties and taxes payable 12,564.28 12,892.58
Others 1.37 1.37
48,359.87 45,579.56 86,363.21 29,800.78
Notes:

i. The company is working on ROBs on cost sharing basis which is being done in terms of MOR letter number 2007/Infra/6/8-Pt
II dated February 03, 2012. As per this arrangement, sharing of cost of ROB between Railways and State Government shall be
as per the principle of 50:50. Further, sharing of railways share of cost of ROB between Railways and the company will be on
50:50 basis. On receipt of final bill/ completion of works, final adjustments shall be carried out.

ii. The above liability represents amount received from MOR for acquisition of land through SLAOs and the same is being kept in
a separate earmarked bank account (refer note 13.2)

**Advance received from customers against deposit work includes INR 17,154.29 Lakhs as at March 31,2024 (March 31,
2023 : INR 17,278.95 Lakhs) due to related parties.

Annual Report 2023-24 173

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 21 : Trade Payables
(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
- Outstanding dues of micro enterprises and small enterprises 127.72 40.49
- Outstanding dues of creditors other than micro enterprises and small 1,409.62 306.81
enterprises*

1,537.34 347.30

a) Trade payables are non-interest bearing and are normally settled as per the terms of the contract.
b) Trade payables includes INR 42.04 lakhs (March 31, 2023 : INR Nil lakhs ) due to related parties
c) As per Schedule III of the Companies Act, 2013 and as certified by the management, the amount due to Micro and Small
Enterprises as defined in Micro, Small and Medium Enterprises Development Act, 2006 is as under:

(All amounts in ` Lakhs, unless otherwise stated)

As at As at
March 31, March 31,
2024 2023
(i) the principal amount and the interest due thereon remaining unpaid to any supplier at the end of
each accounting year 129.09 41.86

(ii) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium
Enterprises Development Act, 2006 (27 of 2006), along with the amount of the payment made to Nil Nil
the supplier beyond the appointed day during each accounting year;
(iii) the amount of interest due and payable for the period of delay in making payment (which has been
paid but beyond the appointed day during the year) but without adding the interest specified under Nil Nil
the Micro, Small and Medium Enterprises Development Act, 2006
(iv) the amount of interest accrued and remaining unpaid at the end of each accounting year; and 1.37 1.37
(v) the amount of further interest remaining due and payable even in the succeeding years, until
such date when the interest dues above are actually paid to the small enterprise, for the purpose
of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Nil Nil
Enterprises Development Act, 2006

d) The amount does not include any amount due to be transferred to Investor Protection and Education fund.

e) Disclosure of payable to vendors as defined under the “Micro, Small and Medium Enterprise Development Act, 2006” is based
on the information available with the Company regarding the status of registration of such vendors under the said Act and
as per the intimation received from them, to the extent available, on requests made by the Company. There are no overdue
principal amounts / interest payable amounts for delayed payments to such vendors at the Balance Sheet date except
disclosed above.

Trade Payable Ageing Schedule

As at March 31, 2024

(All amounts in ` Lakhs, unless otherwise stated)
Particulars Outstanding for following periods from due date of payment
Less than 1 year 1-2 years 2-3 years More than 3 Total
years
(i) MSME 127.54 - 0.13 0.05 127.72
(ii) Others 1,341.51 26.45 0.32 41.34 1,409.62
(iii) Disputed dues - MSME - - - - -
(iv) Disputed dues - others - - - - -

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 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

As at March 31, 2023
(All amounts in ` Lakhs, unless otherwise stated)
Particulars Outstanding for following periods from due date of payment
Less than 1 year 1-2 years 2-3 years More than 3 Total
years
(i) MSME 40.49 - - 40.49
(ii) Others 300.62 2.40 0.68 3.11 306.81
(iii) Disputed dues - MSME - - - - -
(iv) Disputed dues - others - - - - -

Note 22 : Lease Liabilities

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
Balance at opening 934.45 3,170.50
Less : Adjustment due to lease modification 17.63
Add: Additions 73.08
Add: Accreditation of interest 63.39 123.14
Less: Payments 97.41 2,414.64
Balance at Closing 900.43 934.45
Current Part 43.04 34.02
Non-Current Part 857.39 900.43

Company as lessee
The Company has certain leases of offices and guest house with lease terms of 12 months or less. The Company applies the ‘short-
term lease’ recognition exemptions for these leases.

Leases: Cash Flows

Included in cash flows from operating activities is INR 3,323.12 lakhs (March 31, 2023 : INR 381.17 lakhs) and included in cash
flows from financing activities INR 34.02 lakhs (March 31, 2023: INR 2,291.49 lakhs).
Cash flows from operating activities include cash flows from short-term lease and leases of low-value assets. Cash flows from
financing activities include the payment of principal portion (net of interest) of lease liabilities.

Leases committed and not yet commenced: There are no leases committed which have not yet commenced as on reporting date.

The Company has several lease contracts that include extension and termination options. These options are negotiated by
management and align with the Company’s business needs. Management exercises significant judgement in determining
whether these extension and termination options are reasonably certain to be exercised.

Company as lessor
The Company is not required to make any adjustments on transition to Ind AS 116 for leases in which it acts as a lessor. The
Company accounted for its leases in accordance with Ind AS 116 from the date of initial application. The Company does not have
any significant impact on account of sub-lease on the application of this standard.

The Company’s significant leasing arrangements are in respect of operating leases of premises for offices and guesthouses.
Income from operating leases is recognised as revenue on a straight-line basis over the lease term.

Sub lease income of INR 455.34 lakhs (March 31, 2023: INR 455.34 lakhs) has been recognised and included under revenue from
other incomes.

The maturity analysis of lease liabilities is given in Note 37.

Annual Report 2023-24 175

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 23 : Revenue from Operations
(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
I. Sale of Services
Track Access Charges 4,48,489.97 3,14,147.96

4,48,489.97 3,14,147.96

a) Disaggregated revenue information

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Track Access Charges(TAC)* 4,48,489.97 3,14,147.96
4,48,489.97 3,14,147.96

*The Company, on the basis of the methodology for calculating Track Access charge as given in “In principle Approval“ letter
dated 3rd Dec 2018 of MOR, has computed and recorded its entitlement to the amounts receivable on account of the said
charge, which for the year amounts to INR 4,48,489.97 Lakhs (previous year INR 3,14,147.96 Lakhs), and the aggregate
amount receivable as at 31st march 2024, being INR 9,86,542.08 Lakhs (previous year INR 5,38,052.11 Lakhs). The said
receivable is good and recoverable and the Company is in correspondence with MOR for formal approval of the same.

Pending receipt of formal notification, no provision / adjustment has been made in the financials for the year 2023-24 in
respect of GST, if any and to the extent exempted pursuant to the recommendation of 53rd GST council dated 22nd June
2024 with regard to GST. Adjustment if any shall be carried out in the books as and when the notification is published and
made effective

b) Reconciliation of Revenue from operations with Contract Price

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Contract Price 4,48,489.97 3,14,147.96
Less:
Rebate and Discount - -
Total Revenue from operations 4,48,489.97 3,14,147.96

c) Movement in unbilled revenue (All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Balance at the beginning of the year 5,38,052.11 2,23,904.15
Add: Revenue recognized during the year 4,48,489.97 3,14,147.96

Less: Invoice raised during the year - -

Balance at the closing of the year 9,86,542.08 5,38,052.11

d) Remaining Performance obligations

The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at March
31st 2024 is INR Nil (March 31st 2023 - INR Nil).

e) Information about major customers

Ministry of Railway is the single customer of the Company during the year ended March 31st 2024 and year ended March
31st 2023.

176
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 24 : Other Income

(All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended March 31, For the year ended March 31,
2024 2023
Interest income
- on Flexi FDR 14,633.12 5,210.45

- on Income Tax Refund - 36.13

Rent Received for Tower Wagon 182.93 265.79

Foreign currency fluctuation gain 164.20 -
Miscellaneous income 1,739.24 1,216.23

Recovery on sub- lease 455.34 455.34

Less: Expenses on sub- lease (449.16) 6.18 (439.86) 15.48
Net other income 16,725.67 6,744.08

Note 25 : Employee benefits expense

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended March 31,
March 31, 2024 2023
Salaries and wages 34,253.86 30,834.87
Contribution to provident and other funds 4,221.15 4,055.68

Gratuity 555.79 460.22

Staff welfare expenses 1,764.96 1,489.33

40,795.76 36,840.10
Less: Transferred to development account (Refer note 31) (13,590.07) (17,856.14)

27,205.69 18,983.96

Note 26 : Finance cost

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended March 31,
March 31, 2024 2023
Interest Expenses on:

EAP/JICA loan 2,05,982.32 1,73,603.63

IBRD loan 78,793.72 46,331.97
Lease liabilities 63.39 123.14
Other Taxes 1.23 0.21
Other finance cost 11,222.78 11,902.68
Exchange differences regarded as adjustment to interest cost 17,920.84 93,970.55
3,13,984.28 3,25,932.18
Less: Transferred to development account (Refer note 31) (1,44,215.05) (1,85,227.42)
1,69,769.23 1,40,704.76

Annual Report 2023-24 177

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 27 : Depreciation & Amortization Expenses

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Depreciation on property, plant & equipment (Refer note 3) 2,06,107.29 1,23,677.99
Depreciation of Right-of-use assets (Refer note 7) 94.59 2,191.38
Amortisation of Intangible assets (Refer note 5) 16.18 5.76
2,06,218.06 1,25,875.13
Less: Transferred to development account (Refer note 31) (628.70) (1,903.94)
2,05,589.36 1,23,971.19

Note 28 : Other expenses

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Rent expense 3,323.12 381.17
Tours, travels and conveyance 7,671.70 6,852.84
Seminar and training expenses 1,051.20 2,009.89
Advertisement expenses 627.87 219.44
Housekeeping & manpower expenses 6,544.43 3,840.63
Office security expenses 2,074.21 1,183.28
Legal and professional charges 3,727.55 3,651.08
Communication expenses 1,747.09 827.22
Printing and stationary 431.00 225.34
Consultancy fees to consultants 791.26 795.17
Recruitment expenses 400.31 207.41
Electricity expenses 3,107.98 2,982.96
Repair and maintenance - others 22,806.03 14,560.67
Rates and taxes 239.86 522.97
Foundation day expense 42.53 33.78
Computer job work 64.58 41.44
Payment to statutory auditors * 14.00 22.80
Meeting and conference 408.54 72.80
Office expenses 213.09 348.30
Hospitality expenses 183.62 100.81
Foreign currency fluctuation loss - 1,218.52
Software Expenses 299.51 97.81
Inspection and Testing Expenses 610.57 1,029.72
Power and Fuel Expenses 622.29 395.82
Consumable Stores 401.47 652.56
Miscellaneous expenses 979.71 984.01
58,383.52 43,258.44
Less: Transferred to development account (Refer note 31) (12,456.61) (12,580.45)
Total 45,926.91 30,677.99

178
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

* Details of payment made to auditors is as follows:
(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
As statutory auditor: *
- For Audit 14.00 14.00
- For Taxation Matters - 2.80
- For Other Services - 6.00
14.00 22.80

* Shall be provided at the year end

Note 29 : Components of Other Comprehensive Income

(All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Re-measurement gains/ (losses) on defined benefit plans (80.07) 118.19
Income tax expense 20.15 (29.75)
(59.92) 88.44

Note 30 : Earning per share

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Basic earning per share
Total profit/ (loss) for the year (2,958.84) (1970.29)
Weighted average number of equity shares of ` 1,000 each 1,572.90 1568.37
(In Lakhs)
EPS - Basic (1.88) (1.26)
Diluted earning per share
Total profit/ (loss) for the year (2,958.84) (1,970.29)
Weighted average number of equity shares of ` 1,000 each 1,572.90 1,568.37
(In Lakhs) - Diluted
EPS - Diluted (1.88) (1.26)

*For the year ended 31-Mar-2023, Potential Equity Shares on account of Share Application Money Pending Allotment were
excluded from calculation of Diluted EPS as their effect would have been anti-dilutive.

Note 31 : Development Account

(All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Employees benefit expense 13,590.07 17,856.14
Finance cost 1,44,215.05 1,85,227.42
Depreciation and amortization expense 628.70 1,903.94
Other expenses 12,456.61 12,580.45
Total (A) 1,70,890.43 2,17,567.95
Note 31 : Development Account (Contd..)
(All amounts in ` Lakhs, unless otherwise stated)

Annual Report 2023-24 179

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Less:
Liquidated damages deducted/(released) 6,271.44 1,176.77
Interest on mobilization advance (291.76) (4,111.24)
Interest Expense Other 2,018.93 -
Security deposit/EMD forfeited 441.40 (2,944.84)
Sale of tender 4.91 9.15
Miscellaneous Interest Income 0.95 2,967.00
Others 970.03 752.98
9,415.90 (2,150.18)
Total (B) 9,415.90 (2,150.18)
Total transferred to capital work in progress (CWIP) 1,61,474.53 2,19,718.13

Note 32 : Contingent liabilities, contingent assets and commitments

A. Commitments

(i) Estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided for INR
9,15,571.07 lakhs (March 31, 2023: INR 11,23,729.52 lakhs).

(ii) Estimated amount of revenue commitments (net of advances) and not provided for INR 34,844.74 lakhs (March 31, 2023: INR
20,946.68 Lakhs).

(iii) As per JICA loan agreement, the eligible nationality of the supplier(s) shall be Japan in the case of of the prime contractor. In
case where the prime contractor is a joint venture, such joint venture will be eligible provided that the nationality of the lead
partner is Japan, that the nationality of the other partners is Japan and/or India and that the total share of work of Japanese
partners in the Joint venture is more than fifty percent (50%) of the contract amount. The Company is comiitted to follow the
aforementioned loan condition.

B. Contingent Liabilities

Particulars For the year ended For the year ended

March 31, 2024 March 31, 2023
Claims against Company not acknowledged as debt (refer(i) below) 12,74,832.22 5,32,006.61
Disputed liability under Income Tax and GST (refer (ii) below) 17,867.37 121.40
Contingent Liabilities under Companies Act 2.32 3.55
12,92,701.91 5,32,131.56

(i) The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are
required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the
outcome of these proceedings to have a materially adverse effect on its financial position.

(ii) The Company has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no
provision is considered necessary.

(iii) A number of cases are lying for adjudication at different forums pertaining to land compensation. Since land acquisition is
being done by the company as a facilitator for Ministry of Railways, Company is not subject to any liability that may arise
pursuant to the decision of aforesaid adjudicating authorities.

(iv) Includes claim to the tune of Rs. 21,300.00 Lakhs on account of Contract Nos. CP-203R , where there is an award in favour of
the company. However, the same has been considered as contingent liability as the award is still appealable by the claimant.

180
Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 33 : Segment information
A. Description of segments and principal activities
Segment information is presented in respect of the company’s key operating segments. The operating segments are based
on the company’s management and internal reporting structure.
Principal activity of the company is design, construction, operation, repair and maintenance of the Freight Corridor.

Operating Segments
The Company’s Board of Directors have been identified as the Chief Operating Decision Maker (‘CODM’), since they are
responsible for all major decision w.r.t. the preparation and execution of business plan, preparation of budget, planning,
expansion, alliance, and expansion of any new facility. Accordingly, management has identified Eastern corridor and Western
corridor as two operating segments for the Company.

B. Information about reportable segments

During the year, the Company has commissioned Five Sections (Five Sections in Previous Years) of its ongoing projects (refer note 3)
Information related to each reportable segment is set out below.

(All amounts in ` Lakhs, unless otherwise stated)

Particulars EDFC* WDFC# Unallocated Total

For the year ended March 31, 2024

Segment Revenue
Revenue from operation 2,04,920.85 2,43,569.12 4,48,489.97
Other Income 16,725.67 16,725.67

Total Revenue 2,04,920.85 2,43,569.12 16,725.67 4,65,215.65

Employee benefits expense 14,123.39 13,082.30 - 27,205.69

Corporate Social Responsibility Expenses - -
Other expenses 22,109.09 23,817.82 - 45,926.91

Segment Result (EBDIT) 1,68,688.37 2,06,669.00 16,725.67 3,92,083.05

Depreciation and amortization expense 1,05,135.10 1,00,454.26 - 2,05,589.36

Finance costs 63,553.27 1,06,214.74 1.22 1,69,769.23
Profit before tax - - 16,724.45 16,724.45
Tax expense 19,683.29 19,683.29
Profit for the year (2,958.84) (2,958.84)
(All amounts in ` Lakhs, unless otherwise stated)
Particulars EDFC* WDFC# Unallocated Total

For the year ended March 31, 2024

Segment Revenue
Revenue from operation 1,30,277.83 1,83,870.13 3,14,147.96
Other Income 6,744.08 6,744.08
Total Revenue 1,30,277.83 1,83,870.13 6,744.08 3,20,892.04
Employee benefits expense 8,252.04 10,731.92 18,983.96
Corporate Social Responsibility Expenses 24.31 24.31
Other expenses 11,787.11 18,700.90 189.87 30,677.99
Segment Result (EBDIT) 1,10,238.68 1,54,437.31 6,529.90 2,71,205.78
Depreciation and amortization expense 49,460.07 74,511.12 - 1,23,971.19
Finance costs 60,778.61 79,926.19 (0.04) 1,40,704.76
Profit before tax 6,529.83 6,529.83

Annual Report 2023-24 181

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Tax expense 8,500.12 8,500.12
Profit for the year (1,970.29) (1,970.29)
* New Khurja to New Boraki, Karchana to new Shujatpur, New Kanpur to New Bhimsen, New Bimsen to New Bhaupur,
Chunar Jn to New Karchana, New Karchana to Iradatganj, New Chunar to DDU (Previous Year Shujatpur to Rooma, New
ERC DDU Jn. to New Chiraila Pauthu (including loop line)

# New Rewari to New Dadri (Previous Year New Palanpur to New Bhandu, New Palanpur to New Chadotar, New Bhandu to
Sanand North)

(All amounts in ` Lakhs, unless otherwise stated)

Particulars Total assets Total liabilities
Segment Unallocated Total Assets Segment Unallocated Total liabilities
assets corporate liabilities corporate
assets liabilities
As at March 31, 2024

EDFC 42,79,317.66 42,79,317.66 16,03,362.41 16,03,362.41

WDFC 61,47,459.36 61,47,459.36 39,81,275.54 39,81,275.54

Unallocated 3,78,106.51 3,78,106.51 36,25,670.00 36,25,670.00

Total 1,04,26,777.02 3,78,106.51 1,08,04,883.53 55,84,637.95 36,25,670.00 92,10,307.95

As at March 31, 2023

EDFC 38,28,089.50 - 38,28,089.50 13,43,287.93 - 13,43,287.93

WDFC 51,90,595.77 - 51,90,595.77 32,65,417.22 - 32,65,417.22

Unallocated - 1,18,276.63 1,18,276.63 - 29,30,662.41 29,30,662.41

Total 90,18,685.27 1,18,276.63 91,36,961.90 6,08,705.15 29,30,662.41 75,39,367.56

C. Geographic information

The operation of the Company are mainly carried out within India and therefore there is no reportable geographical
segment.
D. Information about major contracts

Revenue from customers under ‘Track Access Charges’ segment which is more than 10% of the Company’s total
revenue is as under:

Name of the customer For the year ended March 31, 2024 For the year ended March 31, 2023
Amount % Amount %
Ministry of Railway (MOR) 4,48,489.97 100.00% 3,14,147.96 100.00%

182
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 34 : Employee benefits
The Company contributes to the following post-employment defined benefit plans in India.

(i) Defined Contribution Plans:

The Company makes contributions towards provident fund to a defined contribution retirement benefit plan for qualifying
employees. Under the plan, the Company is required to contribute a specified percentage of payroll cost to the retirement
benefit plan to fund the benefits.

(All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended March 31, 2024 For the year ended March 31, 2023

(a) Contribution to Provident Fund 2,187.13 1,611.54

(b) Contribution to National Pension Scheme* 1,714.73 1,518.78

* Ministry of Railways vide letter dated February 10, 2020 has conveyed the sanction of President of India for implementation
of the NPS Scheme in the company w.e.f. January 01, 2017. Accordingly, the company has notified the National Pension
Scheme for the regular employees vide letter dated May 01, 2020. The contribution of the employer will be 10% of Basic
Pay+DA. Benefits under scheme shall come into force w.e.f. January 01, 2017. Consequently, provision for NPS amount
has been started to make in financial statements from March 31, 2020 onwards.
(c) Post Retirement Medical Scheme

The Post Retirement Medical Benefit Scheme has been implemented in DFCCIL on 23.03.2023. The Scheme shall cater
the medical requirements of the eligible employees of DFCCIL and spouse of deceased DFCCIL employees in IDA pay -
scales. This scheme is applicable w.e.f 01.01.2017.

During the year ended March 31, 2024, the Company has made a provision of INR 319.29 Lakhs on post retirement
medical scheme. (March 31, 2023: 926.84).

(ii) Defined Benefit Plan:

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who
are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/
termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied
for the number of years of service. The gratuity plan is a funded plan.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity
were carried out as at March 31, 2023. The present value of the defined benefit obligations and the related current
service cost and past service cost, were measured using the Projected Unit Credit Method.

A. Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity
plan and the amounts recognised in the Company’s financial statements as at balance sheet date:

(All amounts in ` Lakhs, unless otherwise stated)

For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023
Net defined benefit liability NIL NIL
Liability for Gratuity - -
Total employee benefit liabilities - -
Non-current - -
Current - -

B. Movement in net defined benefit (asset)/liability

The following table shows a reconciliation from the opening balances to the closing balances for net defined
benefit (asset) liability and its components:

Annual Report 2023-24 183

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
(Gratuity Funded) (Gratuity Funded)
Defined benefit obligation
Balance at beginning of the year 3,058.60 2,574.72
Service Cost 608.57 506.33
Net Interest Cost 226.03 186.93
Actuarial (gain)/loss on obligation 53.17 (123.83)
Benefits paid directly by the enterprises (173.65) (85.54)
Balance at closing of the year 3,772.72 3,058.61

C. Cost for the year included under employee benefit

(All amounts in ` Lakhs, unless otherwise stated)
Current Service Cost 608.57 506.33
Interest Cost (Net) (52.78 ) (46.11)
555.79 460.22

D. Movement in Fair value of Plan Assets

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
(Gratuity Funded) (Gratuity Funded)
Fair value of plan assets at the beginning of 3,772.86 3,209.81
the period
Actual return on plan assets 290.35 260.80
Fund management charges (38.45) (33.41)
Employer contribution 236.29 395.57
Transfer Fund received from other unit - 25.63
Benefits paid (173.65) (85.54)
Fair value of plan assets at the end of the
4,087.40 3,772.86
period

E. Details of actuarial gain/loss recognized in OCI

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
(Gratuity Funded) (Gratuity Funded)
Actuarial gain / (loss) for the year on PBO (53.17) 123.83
Actuarial gain /(loss) for the year on Asset (26.90) (5.64)
Unrecognized actuarial gain/(loss) for the
(80.07) 118.19
period

F. Net (assets) / liabilities recognized in the Balance Sheet

(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
(Gratuity Funded) (Gratuity Funded)
Present value of Defined Benefit Obligation 3,772.72 3,058.61
Fair value of plan assets 4,087.40 3,772.86
Net Defined Benefit (assets) / liability (314.68) (714.25)

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Notes to the financial statements

G. Actuarial assumptions
a) Economic assumption
The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages).

(All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Discount rate 7.25% 7.39%
Expected rate of future salary increase 6.00% 6.00%

b) Demographic assumption
(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Retirement age (years) 60 60
Mortality rates inclusive of provision for disability IALM (2012-14) IALM (2012-14)
Attrition at Ages "Withdrawal Rate (%) Withdrawal Rate (%)
Up to 30 Years 5.00% 5.00%
From 31 to 44 years 5.00% 5.00%
Above 44 years 5.00% 5.00%

As at March 31, 2024, the weighted average duration of the defined benefit obligation was 13.91 years (March 31,
2023 : 14.06 years)

H. Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below.

(All amounts in ` Lakhs, unless otherwise stated)

Particulars For the year ended March 31, 2024 For the year ended March 31, 2023
Increase Decrease Increase Decrease
Discount rate (0.5% movement) (158.89) 172.83 (124.44) 135.05
Expected rate of future salary 145.43 (141.04) 117.92 (115.34)
increase (0.5% movement)

Sensitivities due to mortality & withdrawals are not material & hence impact of change not calculated.
Sensitivities as rate of increase of pensions in payment, rate of increase of pensions before retirement & life
expectancy are not applicable.
I. Maturity profile of defined benefit obligation is as follows:
(All amounts in ` Lakhs, unless otherwise stated)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
0 to 1 years 351.65 263.96
1 to 2 years 362.50 276.07
2 to 3 years 340.28 297.86
3 to 4 years 262.93 262.47
4 to 5 years 207.73 196.40
5 to 6 years 196.91 152.41
from 6 years onwards 2,050.72 1,609.42

Annual Report 2023-24 185

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

(iii) Other long-term employee benefits:

a) Earned leave and half pay leave

During the year ended March 31, 2024, the Company has incurred an expense on earned leave and half
pay leave amounting to INR 1,790.95 lakhs (March 31, 2023 : INR 1,557.39 lakhs expense incurred). The
Company determines the expense and the present value of the obligation for earned leave and half pay leave
as per actuarial valuation, using the Projected Unit Credit Method.
b) Leave travel concession
During the year ended March 31, 2024, the Company has incurred an expense on leave travel concession amounting to
INR 221.41 lakhs (March 31, 2023: INR 265.75 lakhs). The Company determines the expense and the present value of
the obligation for leave travel concession as per the actuarial valuation, using the Projected Unit Credit Method.

c) Ex - Gratia Liability

The Board of Directors in its 83rd meeting held on 27.07.2022 has accorded approval for “Financial Assistance in case
of death of an employee - payment of Ex - gratia” for DFCCIL employees. In case of natural as well as accidental death/
permanent total disability leading to being incapacitated, a lump sum ex-gratia payment equivalent to 70 times of last
pay drawn (Basic Pay + DA) or remaining months of service x last pay drawn (Basic pay + DA), whichever is less, subject
to minimum of INR 25.00 Lakhs will be payable to the family of the deceased/ permanent incapacitated employee.

During the year ended March 31, 2024, the Company has incurred an expense on Ex-Gratia amounting to INR 179.87
lakhs (March 31, 2023: INR 803.93 lakhs). The Company determines the expense and the present value of the obligation
for Ex - Gratia Liability as per the actuarial valuation, using the Projected Unit Credit Method.

Note 35 : Related Parties

A. Related parties and their relationships

i. Government entities
The Company is a Central Public Sector Undertaking (CPSU) controlled by Central Government through Ministry of
Railways by holding its entire shares (refer Note 15). Pursuant to Paragraph 25 & 26 of Ind AS 24, entities over which the
same government has control or joint control of, or significant influence, then the reporting entity and other entities shall
be regarded as related parties. The Company has applied the exemption available for government related entities and
have made limited disclosures in the financial statements.Entities with which the Company has significant transactions
with MOR,RDSO,Rites Ltd,Konkan,Railtel,IRCTC,Concor,RVNL,Indian Railway,CRIS.

ii. Key Managerial Personnel (KMP)

Sh. Ravindra Kumar Jain Managing Director (w.e.f. December 11, 2020)
Sh. Hira Ballabh Chief Financial Officer and Director Finance (w.e.f. May 05, 2020)
Sh. Hari Mohan Gupta Director (Infrastructure) (w.e.f. October 13, 2020)
Director (Operations & Business Development) (w.e.f. w.e.f. June 15, 2020 till December
Sh. Nanduri Srinivas
31, 2023)
Sh Pankaj Saxena Director (Project-Planning) (w.e.f. April 19, 2022)
Sh. Shobhit Bhatnagar Director (Operations & Business Development) (w.e.f. Febuary 28, 2024)
Part-Time Chairman-Chairman Railway Board-MOR (w.e.f. February 22, 2023 till August
Sh. Anil Kumar Lahoti
31, 2023)
Smt. Jaya Varma Sinha Part-Time Chairman-Chairman Railway Board-MOR (w.e.f. September 06, 2023)
Sh. Sudhendu Jyoti Sinha Part time Official Director - Government Nominee-NITI Aayog (w.e.f. April 04, 2022)
Part time Official Director - Government Nominee-MOR (w.e.f. January 03, 2023 till March
Sh. Mukul Saran Mathur
19, 2024)
Sh. Pranai Prabhakar Part time Official Director - Government Nominee-MOR (w.e.f. March 20, 2024)
Sh. Pawan Palta Independent Director (w.e.f. November 09, 2021)
Sh. Amarnath Yadav Independent Director (w.e.f. December 07, 2021)
Ms. Meenu Kapoor Company Secretary (w.e.f March 31, 2008)

186
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 35 : Related Parties (Contd...)
B. Transactions with the above in the ordinary course of business
(All amounts in ` Lakhs, unless otherwise stated)
Name of Related Party Nature of Transaction For the year ended
Ministry of railways & March 31, 2024 March 31, 2023
its constituent AMOUNT RECEIVED
Receipt pending adjustment 12,24,100.00 14,86,550.00
Advance for Land 1,08,300.00 52,948.45
Advance for ROB/RUB 6,126.00 27,179.00
CAPITAL ALLOTED - 1,65,237.00
AMOUNT PAID
For Capital Advances 52,957.36 69,594.33
For purchase of Inventory - 1.98
ON BEHALF OF MOR
Land facilitation expenses 282.29 170.43
Cost Sharing towards ROB/ 863.85 36,787.64
RUB - Adjusted
Recoverable from MOR - 18,022.68 35,985.45
Sonnagar -Dankuni Project
Expenditure on PETS Survey 3,557.08 5,189.95
Recoverable from MoR
Outsourced Staff Salary on 95.55 92.04
behalf of MOR
INCOME
Track Access Charges 4,48,489.97 3,14,147.96
DPR - PETS Survey 419.27
Miscellaneous Income 3.45
EXPENSES
Renting/ Hiring Charges - 202.71
Training Expenses 500.22 1,721.72
Project Related Expenses 2,371.43 164.86
Repair and Maintenance 1,378.34 2,508.38
Expenses
Electricity Expenses 36.62 1,327.01
Entities under AMOUNT PAID/PAYABLE
Ministry of Railways Railway Design and Standards
Organization(RDSO)
- Recruitment Expenses - 12.83
- Inspection Charges 202.57 280.84
- Professional and 99.44
Consultancy Charges
Rail India Technical and
Economic Services Limited
(Rites Ltd)
- Advance For ROB/RUB - -
- Project Management 5,012.44 3,481.25
Consultancy services
- Inspection Charges 127.95 123.59

Annual Report 2023-24 187

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 35 : Related Parties (Contd...)
(All amounts in ` Lakhs, unless otherwise stated)

- Miscellaneous Income 3.33 -

Centre for Railway
Information System
- Advance for implementation 160.99 63.47
of BMS and TMS Application
Kolkata Metro Rail
Corporation Limited
- Office Rent 52.40 82.77

Indian Railway Catering and

Tourism Corporation (IRCTC)
- Inspection Charges 186.15 253.00

Rail Vikas Nigam Limited

(RVNL)
- Adv for Const/purchase of - 792.00
Flat/GH-HO
- Adv for Construction of FOB - 40.51
- Payment of Office Rent 2.12 6.37

Railtel Corporation of India

Limited
- Professional & Consultancy 62.94 33.88
Charges

- Internet & Telephone 1,254.53 559.20

Charges

- Annual Maintenance Charges 152.51 133.99

- Shifting of Utilities - 64.23

Container Corporation of
India Limited

- Rent Expenses 0.81

- Deposit Work Expenses 1,008.36

National Rail Museum

- Meeting and Conference 0.32
Expenses

AMOUNT RECEIVED/
RECEIVABLE
Container Corporation of
India Limited
- Advance for Deposit Work & - 1,901.45
Other

- Sale of Tender - 19.80

- Miscellaneous Income - 764.76

Total 18,75,830.97 22,08,422.85

188
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 35 : Related Parties (Contd...)
(All amounts in ` Lakhs, unless otherwise stated)

Remuneration to Key Nature of Transaction For the year ended

Managerial Personnel
March 31, 2024 March 31, 2023

A) Short-term Employee
375.57 312.20
Benefits
B) Post-Employment Benefits 25.79 22.84
C) Other Long-Term Benefits 14.59 28.20
D) Share Based Payment - -

E) Sitting Fee 4.40 7.20

Total 420.35 370.44

Note : KMP wise break up is not available in Ex- Gratia provision expense Outstanding balances with related parties

Outstanding Balances with related paties (All amounts in ` Lakhs, unless otherwise stated)
Name of Related Party Nature of Transaction For the year ended
Ministry of Railways Debit/Recoverable Balances March 31, 2024 March 31, 2023
Expenditure on PETS/DPR 12,379.19 8,822.11
Survey
Land facilitation expenses 7,251.87 6,969.58
Unbilled Revenue towards TAC 9,86,542.08 5,38,052.11
Advance for Tower Wagon 876.25 876.25
Shifting of utilities, Capital 1,18,271.30 1,29,640.37
Advance, ROB works and
Construction of Flats.
Recoverable from MOR - 69,578.25 51,555.57
Sonnagar - Dankuni Project
Project Related work & Other 578.12 6,105.64
Services
Entities under Ministry Centre for Railway Information 724.45 571.75
of Railways System
Konkan Railway 13.19 13.19
Railtel Corporation of India Ltd. 760.21 1,151.50
Rail India Technical and 1,461.34 2,633.39
Economic Services Limited
Indian Railway Catering and 29.32 35.95
Tourism Corporation
Railway Design and Standards 40.46 72.39
Organization

Indian Railways Organization 0.27 1.42

For Alternate Fuels

Container Corporation of India 1,023.59 9.91

Rail Vikas Nigam Limited 3,091.91 3,091.91

National Rail Museum 0.22 -

Total 12,02,622.02 7,49,603.04

Annual Report 2023-24 189

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 35 : Related Parties (Contd...)
(All amounts in ` Lakhs, unless otherwise stated)

Ministry of Railways Credit/ Payable Balances

Funds received (Pending 36,11,615.61 29,02,878.47
Adjustment)
Advance for Land 73,797.56 16,906.83
Advance received for ROB/RUB 13,037.84 7,775.69
Project related work & Other 18,935.64 4,970.36
Services
Entities under Ministry Railtel Corporation of India Ldt. 65.73 139.14
of Railways
Rail India Technical and 141.69 479.86
Economic Services Limited
Railway Design and Standards - 2.84
Organization
Container Corporation of India 17,154.29 17,269.04
National Rail Museum - 0.32
Total 37,34,748.36 29,50,422.55
The actuarial liability for the key managerial personnel is as follows:

(All amounts in ` Lakhs, unless otherwise stated)

Remuneration to Key Nature of Transaction For the year ended
Managerial Personnel
A) Leave Encashment 87.16 74.03
B) Leave Travel Concession 2.06 2.26
C) Gratuity 33.92 28.24
D) PRMS 16.79 12.57
Total 139.93 117.10

Note : KMP wise break up is not available in Ex- Gratia provision expense
All the transaction with the related parties are made on terms equivalent to those that prevail in arm’s length transactions.
The Government of India (GOI) has given Sovereign Guarantee to IBRD in respect of Loan ID 8513 IN, 8318 IN and 9400 IN.
Note 36 : Corporate Social Responsibility

Section 135(5) of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Amendment
Rules, requires that the board of directors of every eligible company, shall ensure tha the company spends, in every financial
year, at least 2% of the average net profits of the company made during the three immediately preeding financial years, in
pursuance of its Corporate Social Responsibility Policy
(All amounts in ` Lakhs, unless otherwise stated)
For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023
Amount required to be spent by the company during the year 33.26 -
Amount of expenditure incurred during the year - 24.31
Excess amount spent during the financial year, if any - 24.31
Shortfall, if any, before utilising set off amount 33.26 -
Amount available for set off from preceeding financial year 70.77 46.46
Shortfall, if any, after utilising set off amount - -
Amount available for set off in succeeding financial year 37.51 70.77
The details of amount of expenditure is as follows:
Payment for educational & employment enhancing vocation skills - 24.31

190
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 37 : Financial instruments – Fair values and risk management

I. Fair value measurements

A. Financial instruments by category

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
FVTPL FVOCI Amortized FVTPL Amortized
Cost FVOCI Cost
Financial assets
Non-Current
Other non-current financial assets (Refer Note 8)
Security Deposits Considered Good - - 694.05 - - 2,647.36
Security Deposits Considered Doubtful - - - - - -
Term Deposits with Forest Department 3.30 3.30
Interest Accrued on Term Deposits with Forest 4.09 3.70
Department
Others - - 197.65 - - 126.02
Current
Cash and cash equivalents (Refer Note 13.1) - - 4,581.18 - - 5,811.58
Bank balances other than above (Refer Note 13.2) - - 3,49,030.51 - - 89,679.78
Other current financial assets (Refer Note 8)
-Interest accrued on fixed deposits - - 3,398.94 - - 354.04
-Expenditure on land acquisition - recoverable - - 7,251.87 - - 6,969.58
from MOR
-Expenditure on PETS survey - recoverable from - - 12,379.19 - - 8,822.11
MOR
Recoverable from MOR - Sonnagar - Dankuni 69,578.25 51,555.57
Project
-Recoverable for Share of ROB/RUB 73,456.76 45,013.69
-Other recoverable - - 1,638.66 - - 555.70
-Security deposits - Considered Good - - 2,483.60 - - 453.72
-Employee advances - - 234.08 - - 176.03
-Trade Receivables (Unbilled) - - 9,86,542.08 - - 5,38,052.11
- - 15,11,474.21 - - 7,50,224.29

Financial liabilities
Non-Current
Borrowings (Refer Note 17) - - 44,09,514.50 - - 37,39,623.52
Lease liabilities (Refer Note 22) - - 857.39 - - 900.43
Other non-current financial liabilities (Refer - - 5,20,946.21 - - 4,47,069.30
Note 18)
Current
Borrowings (Refer Note 17) - - 96,413.30 - - 95,084.68
Trade Payables (Refer Note 21) - - 1,537.34 - - 347.30
Other current financial liabilities
(Refer Note 18)

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 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 37 : Financial instruments – Fair values and risk management (Contd...)
(All amounts in ` Lakhs, unless otherwise stated)
-Earnest money deposit - - 1,176.99 - - 1,632.01
-Employee related liability - - 3,313.66 - - 2,934.13

-Deposits/ retention money - - 25,184.47 - - 17,407.45

-Creditors for capital expenditure - - 1,39,034.94 - - 1,08,188.46

-Funds received from MOR pending adjustment - - 36,11,615.61 - - 29,02,878.47

-Interest accrued but not due on loan - - 1,62,617.13 - - 95,787.26

-Others - - 1.33 - - 1.08
Lease liabilities (Refer Note 22) - - 43.04 - - 34.02

- - 89,72,255.91 - - 74,11,888.11

B. Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are:
(a) recognised and measured at fair value and
(b) measured at amortised cost and for which fair values are disclosed in the financial statements.
To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its
financial instruments into the three levels prescribed under the Indian accounting standard. An explanation of each level
follows underneath the table.
Assets and liabilities which are measured at amortised cost
(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024
Level 1 Level 2 Level 3 Total
Financial assets
Employee advances - - 431.73 431.73
Total financial assets - - 431.73 431.73
Financial liabilities
Borrowings - - 45,05,927.80 45,05,927.80
Lease liabilities (Refer Note 22) - - 900.43 900.43
Deposits/ Retention money - - 29,292.76 29,292.76
Total financial liabilities - - 45,36,120.99 45,36,120.99

Assets and liabilities which are measured at amortised cost

(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2023
Level 1 Level 2 Level 3 Total
Financial assets
Employee advances - - 302.05 302.05
Total financial assets - - 302.05 302.05
Financial liabilities
Borrowings - - 38,34,708.19 38,34,708.19
Lease liabilities (Refer Note 22) - - 934.45 934.45
Deposits/ Retention money - - 24,237.08 24,237.08
Total financial liabilities - - 38,59,879.72 38,59,879.72

The carrying amounts of current financial assets and liabilities such as cash and cash equivalent, bank balances, expenditure
on land acquisition, expenditure on pets survey, recoverable from staff/ consultants, security deposits, other payables,
interest accrued, security deposit NDMC, employee advances, earnest money deposit, other payables, funds received from

192
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 37 : Financial instruments – Fair values and risk management (Contd...)
MOR pending adjustment, interest accrued on loan from IBRD approximate their fair values, due to their short-term nature.

The borrowings, lease liability, deposit / retention money is classified as level 3 fair values in the fair value hierarchy due to the
use of un-observable inputs.

Measurement of Fair Value

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments,
traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are
traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the
counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as
little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
This is the case for unlisted equity securities.

There are no transfers between level 1 and level 2 during the year.

II. Financial risk management

The Company has exposure to the following risks arising from financial instruments:
- Credit risk;
- Liquidity risk; and
- Market risk
i. Risk management framework

The Company’s Audit Committee has overall responsibility for the establishment and oversight of the Company’s risk
management framework (‘RMF’). As per RMF Company has well laid down an organisation structure for identifying,
prioritising and mitigation of the risk. The Audit Committee has established the Risk Management Committee (‘RMC’),
which in association with Risk Mitigation Plan Owners is responsible for identification, prioritization, and mitigation of the
risk. A risk library of top 20 risk and mitigation plan is in place. These risks and mitigation plans are monitored periodically
for updation of risks and their mitigation. The RMC reports to the Audit Committee on periodical basis on its activities.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls, to monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its
training and management standards and procedures, aims to maintain a disciplined and constructive control environment
in which all employees understand their roles and obligations.

The Company’s Audit Committee oversees how management monitors compliance with the Company’s risk management
framework and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
The Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc
reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

ii. Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations and arises principally from the Company’s receivables from customers and investments in
debt securities.

The financial asset mainly consists of money held in banks pending utilisation in construction activity. The company does
not perceive any credit risk in respect of these financial assets.

Other receivables
The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of other
receivables. Based on the evaluation, the management has determined that there is no credit impairment loss on other
receivables. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial
assets disclosed in note no. 8.

iii. Liquidity risk

Annual Report 2023-24 193

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 37 : Financial instruments – Fair values and risk management (Contd...)
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, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions.

The company is in construction of freight corridor for which loans from World Bank and JICA have since been tied up. As
per the extant mechanism, based on the budget estimate and fund requirement, funds are received from the Ministry of
Railways (MOR) towards Equity and Externally Aided Component I.e. Loan. The company keeps on meeting contractual
liability from that fund and thereafter sought reimbursement from World Bank and JICA for the share of loan. Once
reimbursement is received from these agencies, equivalent amount is adjusted in account of Government of India. So,
Company at present does not have any liquidity risk.

(a) Financing arrangements

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
(All amounts in ` Lakhs, unless otherwise stated)
Particulars As at March 31, 2024 As at March 31, 2023
Loan from JICA 3,88,414.96 10,19,899.00
Loan from IBRD 52,153.90 -
4,40,568.86 10,19,899.00

The above mentioned amounts are INR equivalent and have been calculated at the closing exchange rate as at the
Balance Sheet date

The credit facilities may be drawn by the Company on the basis of the future cash projections. The loan facilities may be
drawn in INR (JICA) and USD (IBRD) and have an average maturity of 31.73 years (March 31, 2023 - 31.70 years) for JICA
loan and have an average maturity of 12.05 years (March 31, 2023 - 12.34 years) for IBRD loan.

(b) Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and excluding contractual interest payments the impact of netting agreements.

(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2024 Carrying Contractual cash flows
Amounts Between 1 Between 2 More than
Total Upto 1 year
and 2 years and 5 years 5 years
Non-derivative
financial liabilities
Borrowings 45,05,927.80 45,08,354.16 96,413.30 96,413.30 3,22,594.27 39,92,933.29
Deposit/ retention 29,292.76 30,398.29 25,184.47 5,213.82 - -
money
Lease liabilities 900.43 900.43 43.04 857.39 - -
Interest accrued but 6,47,491.14 6,25,814.38 1,30,585.96 1,30,788.82 2,61,360.59 1,03,079.01
not due on loan - JICA
Earnest money 1,176.99 1,176.99 1,176.99 - - -
deposit
Employee related 3,313.66 3,313.66 3,313.66 - - -
liability
Trade Payables 1,537.34 1,537.34 1,537.34 - - -
Creditors for capital 1,39,034.94 1,39,034.94 1,39,034.94 - - -
expenditure

194
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Notes to the financial statements

Note 37 : Financial instruments – Fair values and risk management (Contd...)

Funds received 36,11,615.61 36,11,615.61 36,11,615.61 - - -

from MOR pending
adjustment
Interest accrued but 31,963.91 31,963.91 31,963.91 - - -
not due on loan from
IBRD
Others 1.33 1.33 1.33 - - -
Total non-derivative 89,72,255.91 89,54,111.04 40,40,870.55 2,33,273.33 5,83,954.86 40,96,012.30
liabilities

(All amounts in ` Lakhs, unless otherwise stated)

As at March 31, 2023 Carrying Contractual cash flows
Amounts Between 1 Between 2 More than 5
Total Upto 1 year
and 2 years and 5 years years
Non-derivative
financial liabilities
Borrowings 38,34,708.19 38,36,995.77 95,084.68 95,084.68 2,85,254.03 33,61,572.38
Deposit/ retention 24,237.08 25,619.09 17,407.45 8,211.63 - -
money
Lease liabilities 934.45 934.46 34.02 900.44 - -
Interest accrued but 5,11,002.16 4,98,829.02 70,762.50 1,30,119.92 2,17,097.20 80,849.40
not due on loan - JICA
Earnest money deposit 1,632.01 1,632.01 1,632.01 - - -
Employee related 2,934.13 2,934.13 2,934.13 - - -
liability
Trade Payables 347.30 347.30 347.30 - - -
Creditors for capital 1,08,188.46 1,08,188.46 1,08,188.46 - - -
expenditure
Funds received 29,02,878.47 29,02,878.47 29,02,878.47 - - -
from MOR pending
adjustment
Interest accrued but 25,024.76 25,024.76 25,024.76 - - -
not due on loan from
IBRD
Others 1.08 1.08 1.08 - - -
Total non-derivative 74,11,888.09 74,03,384.55 32,24,294.86 2,34,316.67 5,02,351.23 34,42,421.78
liabilities
The interest payments on variable interest rate loans in the table above reflect current interest rates at the reporting date
and these amounts may change as market interest rates change.

iv. Market risk

Market risk is the risk that changes in market prices – such as foreign exchange rates and interest rates – will affect
the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters, while optimising the return. The Company
does not uses derivatives to manage market risks.

Currency risk
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the
US Dollar (USD) and Japanese Yen (JPY). 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 (INR). The risk is measured
through a forecast of highly probable foreign currency cash flows.
In respect of other monetary assets and liabilities denominated in foreign currencies, the Company’s policy is to ensure
that its net exposure is kept to an acceptable level.

Annual Report 2023-24 195

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Note 37 : Financial instruments – Fair values and risk management (Contd...)

The company has availed loans from the World Bank in USD which involves element of foreign exchange variation risk.
Although the variation in USD/INR rates was very less up to last year, with the commencement of the Ukraine-Russia War
in February 2022, the USD rates appreciated with a sudden spurt by more than 5% with respect to INR rates. To mitigate
this risk of currency fluctuations, the Risk Management Committee of the company is in the process of finalisation of
Hedging policy with the aim of minimising the loan repayment liability.

Exposure to currency risk

The Company’s exposure to foreign currency risk at the end of the reporting period expressed in INR is as follows:

(All amounts in ` Lakhs, unless otherwise stated)

Particulars Amount in Foreign Currency Amount in INR
As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023

Financial liabilities

USD 16,359.27 14,690.95 13,64,132.23 12,08,136.71

Borrowings
JPY - - - -
USD 214.15 23.10 17,857.41 1,899.30
Others payables
JPY 28,755.69 11,444.61 15,842.89 7,204.27
Interest accrued but not due USD 383.33 305.24 31,963.91 25,102.22
on loan from IBRD JPY - - - -

The following significant exchange rates have been applied

Particulars Year end spot rates

31-Mar-24 31-Mar-23
USD = INR 83.3859 82.2368
JPY = INR 0.5509 0.6295

Sensitivity analysis

A reasonably possible strengthening (weakening) of the INR against all other currencies at 31 March would have affected
the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.

(All amounts in ` Lakhs, unless otherwise stated)

Particulars Profit or loss after tax Equity, net of tax
Strengthening Weakening Strengthening Weakening
March 31, 2024
USD (1% movement) (10,580.90) 10,580.90 (10,580.90) 10,580.90
JPY (1% movement) (118.56) 118.56 (118.56) 118.56
March 31, 2023
USD (1% movement) (9,242.79) 9,242.79 (9,242.79) 9,242.79
JPY (1% movement) (53.91) 53.91 (53.91) 53.91

Interest rate risk

The Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Company
to cash flow interest rate risk. Company policy is to maintain most of its borrowings at fixed rate. During March 31, 2024
and March 31, 2023, the Company’s borrowings at variable rate were mainly denominated in USD.

The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as
defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in
market interest rates.

196
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 37 : Financial instruments – Fair values and risk management (Contd...)

Exposure to interest rate risk

The interest rate profile of Company’s interest-bearing financial instruments as reported to the management is as
follows.

(All amounts in ` Lakhs, unless otherwise state

Particulars Nominal Amount
As at March 31, 2024 As at March 31, 2023
Fixed-rate instruments
Financial liabilities 31,44,221.93 26,28,859.06
31,44,221.93 26,28,859.06
Variable-rate instruments
Financial liabilities 13,64,132.23 12,08,136.71
13,64,132.23 12,08,136.71

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date (Previous year 25 basis points)
would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all
other variables, in particular foreign currency exchange rates, remain constant.

(All amounts in ` Lakhs, unless otherwise stated)

Profit or loss Equity, net of tax
March 31, 2024 100 bps 100 bps 100 bps 100 bps
increase decrease increase decrease
Variable-rate instruments (10,208.07) 10,208.07 (10,208.07) 10,208.07
Cash flow sensitivity (net) (10,208.07) 10,208.07 (10,208.07) 10,208.07

Profit or loss Equity, net of tax

March 31, 2023 25 bps 25 bps 25 bps 25 bps
increase decrease increase decrease
Variable-rate instruments (9,040.73) 9,040.73 (9,040.73) 9,040.73
Cash flow sensitivity (net) (9,040.73) 9,040.73 (9,040.73) 9,040.73

Note 38 : Capital management

Company is in construction phase (except for the sections which has already been commissioned) for construction of railways track
for freight with equity funding from MOR and debt funding from World Bank and JICA. As per Letter No. 2013/Infra/6/30 dated
02.07.2015, MoR has approved cost estimate of Dedicated Frieght Corridor (DFC) Project for INR 73,392 Crores. The Company has
sought approval from MoR vide Letter No. HQ/EN/CO/WC/DFCC/Completion/Estimate dated 25.10.2021 for revised estimated
completion cost for INR 1,02,159 Crores which is under consideration. Considering the previous estimated cost, which was
approved by Cabinet Committee on Economic Affairs, Government of India, and further receipt of funds from MoR for execution
of project based on the periodic demand raised by the company, it indicates that the company has definitive source of capital.
Company expects to maintain adequate Capital in the Operation phase.

The Company’s Gearing ratio is as follows:

(All amounts in ` Lakhs, unless otherwise stated)
As at March 31, 2024 As at March 31, 2023
Borrowings (Refer Note 17) 45,05,927.80 38,34,708.19
Less: cash and cash equivalents (Refer Note 13.1) 4,581.18 5,811.58
Net debt 45,01,346.62 38,28,896.61
Equity share capital (Refer Note 15) 15,72,899.50 15,72,899.50
Other equity (Refer Note 16) 21,676.08 24,694.84
Total Capital 15,94,575.58 15,97,594.34

Annual Report 2023-24 197

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

Capital and net debt 60,95,922.20 54,26,490.95
Gearing ratio 73.84% 70.56%

Note 39: Ratio Analysis and its elements

Ratio Indicator Numerator Denominator March 31, 2024 March 31, 2023 % variance Reason for
variance
Current Ratio Current Assets Current Liabilities 0.40 0.26 56.28% Due to
increse
in Trade
Receivables
and other
current
financial
assets
Debt - Equity Total Debt (Borrowing Shareholder's 2.83 2.40 17.72%
Ratio + Lease Liability) Equity
Debt Service Earnings for Debt Debt service 1.45 1.34 7.97%
Coverage ratio Service = Net profit = Interest &
after taxes + Non cash Lease payment
operating expenses like + Principal
depreciation and other Repayments
amortizations +Interest
+other adjustments like
loss on sale of Fixed
assets etc.
Return on Net profit after taxes Average (0.19%) (0.12%) (50.40%) Due to
Equity ratio preference Dividend Shareholder's increase in
Equity Tax Expenses
Trade Track Access Charges Average Trade 0.59 0.82 (28.25%) Due to
Receivables Receivables increase in
Turnover Ratio average
trade
receivables
Trade Payable Operation & Average Trade 48.74 161.91 (69.90%) Due to
Turnover Ratio Maintenance Payables increase
Exps of Sections in Average
commissioned Trade
Payables
Inventory Consumption of Average Inventory 0.21 0.84 74.66% Increase
Turnover Ratio Stores in Average
Inventory
Net Capital Track Access Charges Net Working (0.18) (0.13) (39.26%) Due to
Turnover Capital = Current increase in
assets -Current Net Working
liabilities Capital
Net profit ratio Net profit After Tax Net Sales = Total (0.66%) (0.63%) (5.19%)
Sales - Sales return
Return Earnings before Capital Employed 3.04% 2.71% 12.45%
on Capital interest and taxes = Tangible Net
employed Worth + Total Debt
+ Deferred Tax
Liability
Return on Interest (Finance Investment NA NA
Investment Income)

198
 Corporate Overview Notice Statutory Reports Financial Statements

Notes to the financial statements

Note 40: Other Regulatory Disclosures Note no 41:
- Company doesn’t have any Benami Property,where any The Company had entered into an agreement with MOR to
Proceeding has been Initiated or Pending against the implement the project including its operation and maintenance
Company for holding any benami Property. for a period of 30 years. As per this agreement, the company
will charge track access charges for use of this facility. The
- Company doesn’t have execute any transaction with amount shown in the financial statement under Capital
companies Struck off. Work in Progress/Property, Plant & Equipment represents
- The Company doesn’t have any charges or satisfaction the expenditure incurred by the company on construction of
which is yet to be registered with ROC beyond statutory Eastern and Western Dedicated Rail Freight Corridors. C&AG
period. had different view on such classification in the financial
statement for the year ended March 31. 2018.
- The Company has not traded or invested in crypto-currency
or Virtual Currency during the financial year. Accordingly, reference was made by Management to the Expert
Advisory Committee (EAC) of the Institute of Chartered of India
- The Company Doesn’t have not any transaction which (ICAI) for seeking its opinion on the appropriateness of the
is not recorded in Books of Account that has been methodology followed as aforesaid i.e., as to the accounting
surrendered or disclose as income during the year. treatment of capital expenditure incurred by the company on
such project and its disclosure. Opinion of EAC was received
- The company Doesn’t give any advanced or received any vide its letter number TD/EAC/1694/19 dated 04/02/2020
loans from foreign entity. wherein it opined that if DFCCIL is not merely acting as an
- The company has not borrowed funds from banks and agent for MOR and has significant level of independence
financial institutions on the basis of security of current in providing the management of the infrastructure, the
assets. consideration received by DFCCIL would result in consideration
being classified partly as financial asset and partly as intangible
- There are no downstream companies and hence no asset. EAC was also of the view that the DFCCIL is not a public
disclosure is required to be made under clause 87 of sector entity envisaged under Appendix D of Ind AS 115 but is
section 2 of the Act read with the Companies(restriction a private sector entity.
of number of layers) Rules, 2017.
The Company submitted additional facts/information to the
- The company has not defaulted in repayment of principal EAC for a review of its opinion. However, EAC confirmed that
or interest on borrowings availed from various agencies. the opinion earlier given, was appropriate and did not call
The company has not been declared as a wilful defaulter for any revision. The management approached MoR seeking
by any of the lending agencies or government company. clarification and appropriate instructions in the above matter.
- The company does not have any immovable property Pending clarifications by MOR, C&AG had commented on
where the title deeds are not in the name of the company. the financial statements for the year ended March 31, 2021
u/s 143(6)(b) of the Companies Act, 2013 on the accounting
- The funds borrowed from various agencies have been treatment adopted by DFCCIL.
utilised for the purpose for which it has been availed.
- The company has not advance or loaned or invested MOR, having examined the matter in the backdrop of
funds (either from borrowed funds or share premium or C&AG comments and opinion furnished by EAC of ICAI, had
any other sources or kind of funds) to any other person conveyed, vide its letter no. 2021/infra/6/17 dated January
or entity (ies), including foreign entity (“Intermediaries”), 11, 2022, its decision as under -
with the understanding, whether recorded in writing or i) Amount spent on construction of DFCs shall continue
otherwise, that the Intermediary shall, whether, directly to be capitalized in the books of accounts of DFCCIL
or indirectly lend or invest in other persons or entities and, therefore, Ownership and control of assets will
identified in any manner whatsoever by or on behalf of vest with DFCCIL.
the Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate (ii) MOR will not capitalize the assets built by DFCCIL in
Beneficiaries; its books of accounts.
- The company has not received any funds from any person (iii) Arrangement between DFCCIL and MOR cannot be
or entity (ie), including foreign entity (“Funding Parties”), treated as Public-Private arrangement.
with the understanding, whether recorded in writing
or otherwise, that the Company shall, whether, directly It is also clarified that as of now DFCCIL is MoR’s PSU (with
or indirectly, lend or invest in other persons or entities 100% equity holding by IR) and not a private sector entity as
identified in any manner whatsoever by or on behalf of the being contended by EAC.
Funding Party (“Ultimate Beneficiaries”) or provide any On the basis the said clarification received from MOR, the
guarantee, security or the like on behalf of the Ultimate management of the company continued its accounting
Beneficiaries; treatment and disclosures as adopted in the previous year
in preparation and presentation of its financials for the year

Annual Report 2023-24 199

 Dedicated Freight Corridor Corporation of India Limited

Notes to the financial statements

2021-22. However, C&AG commented on the financial reconciliation. Adjustments, if any will be accounted for on
statement for the year ended March 31. 2022 and March confirmation/reconciliation of the same, which in the opinion
31 2023 u/s 143(6)(b) of the Companies Act, 2013 that of the management will not have a material impact.
infrastructure created under service Concession Agreement
cannot be recognized as Property, Plant and Equipment. Note 43:

The Code on Social Security 2020 (‘Code’) has been notified in

MOR vide its letter No. 2021/Infra/6/17 dated 10th February the Official Gazette on September 29, 2020. The Code is not
2023 reiterated that as per cabinet decision for formation yet effective and related rules are yet to be notified. Impact
of DFCCIL, DFCCIL will own the assets created by them and if any of the change will be assessed and recognized in the
amount spent on creation of such assets shall continue to be period in which said Code becomes effective and the rules
capitalized in the books of DFCCIL and that this clarification may framed thereunder are notified
be treated as part of concession Agreement; and accordingly,
based on the said communication , in the preparation and Note 44:
presentation of its financials for the year 2023-24, the
Management has continued its accounting treatment and Previous year figures have been regrouped wherever
disclosures as hithertofore.” considered necessary to make it comparable with current year.

Note 42: Note 45:

The Company has a system of obtaining periodic There were no significant adjusting events that occurred
confirmation of balances from banks and other parties. subsequent to the reporting period other than the events
There are no unconfirmed balances in respect of bank disclosed in the relevant notes.
accounts and borrowings from banks & financial institutions. Note 46:
With regard to payments made to JICA funded projects
which are covered under ‘Reimbursement Mechanism’ The financial statements of the Company for the year ended
all parties issue ‘Payment Receipt’ based on which JICA March 31st 2024 were approved by the Board of Directors and
releases loan disbursements. Payments covered under authorised for issue on 25-06-2024
Commitment mechanism are released directly by JICA to
account of Contractors through LC Mechanism. In both
JICA and World Bank funded Contracts, payment position
is indicated by parties in each bill preferred to the company
which in itself is acknowledgment of funds receipt.

Apart from above, so far as trade/other payables and loans and

advances are concerned, the balance confirmation letters with
the negative assertion as referred in the Standard on Auditing
(SA) 505 (Revised) ‘External Confirmations’, were sent to the
parties. Some of such balances are subject to confirmation/

For Suresh Chandra & Associates

Chartered Accountants For and on behalf of Board of Directors of
Firm’s Registration Number: 001359N Dedicated Freight Corridor Corporation of India Limited

Sd/- Sd/- Sd/- Sd/-

(Ved Prakash Bansal) (Ravindra Kumar Jain) (Hira Ballabh) (Meenu Kapoor)
Partner Membership Managing Director Director Finance Company Secretary
Number 500369 DIN-08641707 DIN-08738632 FCS-13161
Place: New Delhi
Date: 25.06.2024

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Annual Report 2023-24 201