1. Based on projections and estimates by the Company of the expected revenues and costs to completion, provision for Losses to completion and/ or write off of costs carried to inventory are made on projects where the expected revenues are Lower than the estimated costs to completion. In the opinion of the management, the net realisable value of the construction work in progress wiU not be lower than the costs so included therein. The amount of inventories recognised as an expense of ' 29,903.29 lakhs for the year ended 31st March, 2025.(31st March, 2024: ' 2,478.84 lakhs) include 31st March, 2025: ' 381.36 Lakhs (31st March, 2024: ' 1,719.82 lakhs) in respect of write down of inventory to net realisable value.
2. The Company has avaiLed Long term Loans from banks and financiaL institution wherein identified project inventories are mortgaged (refer note 19).
Terms/ rights attached to equity shares with voting rights
The Company has issued only one cLass of equity shares having par vaLue of ' 10 per share. Each hoLder of equity shares is entitled to one vote per share and carry a right to dividends. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuing AnnuaL GeneraL Meeting.
(iv) Shares reserved for issue under options
The Company has 218,370 (previous year 217,469) equity shares of ' 10/- each reserved for issue under options [refer note 26].
(v) The allotment of 153,189 (previous year 153,189) equity shares of the Company has been kept in abeyance in accordance with Section 206A of the Companies Act, 1956 (Section 126 of the Companies Act 2013), tiLL such time the title of the bonafide owner of the shares is certified by the concerned Stock Exchange or the Special Court (Trial of Offences relating to Transactions in Securities).
Description of the nature and purpose of other Equity:
General Reserve: General reserve comprises of transfer of profits from retained earnings for appropriation purposes. The reserve can be distributed / utilised by the Company in accordance with the Companies Act, 2013
Securities premium : The Securities Premium is created on issue of shares at a premium.
Share options outstanding Account: The Share Options Outstanding Account represents reserve in respect of equity settLed share options granted to the Company's employees in pursuance of the Employee Stock Option PLan.
Retained earnings: This reserve represents cumulative profits of the Company and effects of remeasurement of defined benefit obligations. This reserve can be utilised in accordance with the provisions of Companies Act, 2013.
Share Application Money pending allotment- This represents share application money received from the eligible employees upon exercise of employee stock option. The same wil be transferred to equity share capital account after the alotment of shares to the applicants.
Defect Liability Provisions:
Provision for defect LiabiLity represents present value of management's best estimate of the future outflow of economic resources that will be required in respect of residential units when controL over the property has been transferred to the customer, the estimated cost of which is accrued during the period of construction, upon sale of units and recognition of related revenue. Management estimates the related provision for future defect liability claims based on historical cost of rectifications and is adjusted regularly to reflect new information. The residential units are generaHy covered under the defect liability period limited to 5 years from the date when control over the property has been transferred to the customer.
Secured Borrowings
(a) Long term Loan from a bank carrying a variabLe interest rate ranging from 8.00% p.a. to 9.00% p.a. (Previous year : 8.00% p.a. to 9.00% p.a.) Linked to Repo Rate . The Loan is secured by way of equitabLe mortgage with first exclusive charge on land and building of an identified residential housing project and hypothecation of the cashflows of under construction residential housing project. The loan is repayable in 12 equal quarterly instalments starting from March 26, after moratorium period of 24 months.
(b) Loan from a financial institution carrying an interest rate ranging from 8.75% p.a. to 9.75% p.a. (Previous year : 8.50% p.a. to 9.50% p.a.) linked to SBI 3M MCLR. The loan is secured with exclusive first charge on land and building of an identified residential housing project including receivables from sold and unsold units of a residential housing project. The loan is repayable in 13 equal instalments starting from June 26, after a moratorium period of 24 months.
(c) Loan from a financiaL institution carrying an interest rate ranging from 8.50% p.a. to 9.50% p.a. Linked to SBI 3M MCLR. The Loan is secured with excLusive first charge on Land and buiLding of identified residentiaL housing projects incLuding receivabLes from soLd and unsoLd units of residentiaL housing projects. The Loan is repayable in 14 equal instalments starting from August 26, after a moratorium period of 18 months.
Unsecured Borrowings
(a) The cash credit facility is carrying interest rate in the range of 9.30% p.a. to 9.65% p.a. (Previous year 8.00% p.a. to 9.65% p.a.)
(b) Commercial papers is carrying interest rate in the range of 7.32% p.a. to 7.44% p.a. which is payable on 16th May, 2025 and 16th June, 2025
(c) Other loans from banks include short term loan carrying interest rate in the range of 7.45% p.a. to 9.65% p.a. (Previous Year 7.55% p.a. to 9.20% p.a.)
(d) Loans from related party is carrying interest rate of 8.00% p.a. repayable after 6 months from the date of drawdown.
(b) During the year the Company has converted CompuLsory Convertible Debentures (CCD) of ' 100 each into equity shares of ' 10 each in the ratio 10 equity shares for each CCD of Ample Parks Project 1 Private Limited and AmpLe Parks Project 2 Private Limited. (Refer note 36)
(1) Notes :
(a) Amounts received before the related performance obligation is satisfied are incLuded in the baLance sheet (Contract Liability) as "Advances received from Customers" in note no. 22 - Other Current Liabilities. Amounts biLLed for development milestone achieved but not yet paid by the customer are incLuded in the baLance sheet under trade receivabLes in note no. 12.
(b) During the year, the Company recognised Revenue of ' 30,373.88 Lakhs (31st March, 2024: ' 732.84 lakhs) from opening contract UabiUty included in the balance sheet as "Advances received from Customers" in note no. 22 - Other Current LiabiLities of ' 146,955.87 Lakhs (1st ApriL, 2023 : ' 77,664.07 Lakhs).
(c) There were no significant changes in the composition of the contract LiabiLities and Trade receivable during the reporting period other than on account of periodic invoicing and revenue recognition.
(d) Amounts previousLy recorded as contract LiabiLities increased due to further miLestone based invoices raised during the year and decreased due to revenue recognised during the year on compLetion of the construction.
(e) Amounts previousLy recorded as Trade receivabLes increased due to further miLestone based invoices raised during the year and decreased due to coLLections during the year.
(f) There are no contract assets outstanding at the end of the year.
(g) The aggregate amount of the transaction price aLLocated to the performance obLigations that are compLeteLy or partiaLLy unsatisfied as at 31st March, 2025, is ' 555,852 Lakhs (31st March, 2024 : ' 353,734 Lakhs). Out of this, the Company expects, based on current projections, to recognize revenue of around 24% (31st March, 2024 : 16%). within the next one year and the remaining thereafter. This incLudes contracts that can be terminated for convenience with a penaLty as per the agreement since, based on current assessment, the occurrence of the same is expected to be remote.
(a) The Company incurs commissions that are incrementaL costs of obtaining a contract with a customer. Under Ind AS 115, the Company recognises the incrementaL costs of obtaining a contract as assets under Prepaid Expenses under note no. 10 - Other Assets and amortises it upon compLetion of the reLated property saLe contract.
(b) For the period ended 31st March 2025 amortisation amounting to ' 1,676.55 Lakhs (31st March 2024: ' 41.01 Lakhs) was recognised as Brokerage cost in note no. 25 - Cost of SaLes. There were no impairment Loss in reLation to the costs capitaLised.
Share based payment
The Company has granted options to its eLigibLe employees under the Employee Stock Options Scheme 2006 ("ESOS 2006") and the Employee Stock Options Scheme 2012 ("ESOS 2012). The options granted under both the schemes are equity settLed.
ESOS 2006:- Options granted under ESOS 2006 vest in 4 equaL instalments of 25% each on expiry of 12 months, 24 months, 36 months and 48 months respectively from the date of grant. The options may be exercised on any day over a period of five years from the date of vesting.
ESOS 2012 (Options granted tiLL 16th March, 2021):- Options granted under ESOS 2012 vest in 4 instalments bifurcated as 20% each on the expiry of 12 months and 24 months, 30% each on the expiry of 36 months and 48 months respectiveLy from the date of grant. The options may be exercised on any day over a period of five years from the date of vesting.
ESOS 2012 (Options granted from 17th March, 2021):- Options granted under ESOS 2012 vest in 3 equaL instaLments of 33.33% each on expiry of 12 months, 24 months, and 36 months respectiveLy from the date of grant. The options may be exercised within a period of five years from the date of grant.
Share Options outstanding at the end of the year
The share options outstanding at the end of the year had a exercise prices of ' 10 (as at 31st March, 2024: ' 10), and weighted average remaining contractual Life of 1,346 days (as at 31st March, 2024: 1,453 days).
(ii) Diluted earnings per share
The diluted earnings per share has been computed by dividing the net Profit /(Loss) after tax avaiLabLe for equity shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding stock options for the respective periods.
The Company has incurred a Loss for the year ended March 31, 2024 and accordingly, the effect of potential equity shares to be issued wouLd be anti-diLutive.
31 FiNANCiAL iNSTRUMENTSCapital management
The Company's capital management objectives are:
- safeguard its abiLity to continue as a going concern, so that it can continue to maximise the returns for shareholders and benefits for other stakeholders
- maintain an optimal capital structure to reduce the cost of capital
The management of the Company monitors the capital structure using debt equity ratio which is determined as the proportion of total debt to total equity.
Financial Risk Management Framework
The Company's activities expose it to a variety of financial, risks: credit risk, Liquidity risk and market risk. In order to manage the aforementioned risks, the Company operates a risk management poLicy and a program that performs cLose monitoring of and responding to each risk factor.
CREDiT RiSK
(i) Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial Loss to the Company. Credit risk arises from trade receivables, cash and cash equivalents & other financial assets.
Trade Receivables:
The Company's trade receivables include receivables on sale of residential flats and rent receivable. As per the Company's flat handover policy, a flat is handed over to a customer only upon payment of entire amount of consideration. The rent receivables are secured by security deposits obtained under the lease agreement. Thus, the Company is not exposed to any credit risk on receivables from sale of residential flats and rent receivables.
The concentration of credit risk is limited due to the fact that the customer base is large. The Company determines the allowance for expected credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. Basis this assessment, the akowance for expected credit losses on trade receivables as at 31st March, 2025 is considered adequate.
Cash and Cash equivalents & other Financial Assets
For banks and financial institutions, only high rated banks/institutions are accepted. The Company holds cash and cash equivalents with bank and financial institution counterparties, which are having highest safety ratings based on ratings published by various credit rating agencies. The Company considers that its cash and cash equivalents have Low credit risk based on external credit ratings of the counterparties.
For Other FinanciaL Assets, the Company assesses and manages credit risk based on reasonabLe and supportive forward looking information. Other Financial Assets are considered to be Low credit risk exposure assets.
LiQUiDiTY RiSK
(i) Liquidity risk management
Ultimate responsibiLity for Liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company's short-term, medium-term and Long-term funding and Liquidity management requirements. The Company manages Liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
(ii) Maturities of financial liabilities
The Throwing tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows.
MARKET RiSK
Market risk is the risk that the fair value or future cash flows of a financial instrument wik fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk such as equity price risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. all such transactions are carried out within the guidelines set by the Board of Directors.
Future specific market movements cannot be normaky predicted with reasonable accuracy.
Currency Risk
Foreign currency risk is the risk that the fair vaLue or the future cash flows of an exposure wiLL fluctuate because of changes in the foreign exchange rate. The Company undertakes few transactions denominated in foreign currencies only for availing certain services. Hence Foreign currency risk is not significant in comparison to company's operations
interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument wiLL fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with floating interest rates.The Company manages its interest rate risk by having a balanced portfolio of fixed and floating rate loans and borrowings.
interest rate sensitivity
The foLLowing table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With aLL other variables held constant, the Company's profit before tax is affected through the impact on floating rate borrowings, as foLLows:
33 LEASES As lessee
The Company has entered into operating Lease arrangements for its registered office at WorLi, Mumbai and Pune office. The Company has also entered into lease arrangements for CTC vehicles. The lease is non-canceLLabLe for a period of 1 - 5 years and may be renewed based on mutual agreement between the parties. The leases have varying terms, escalation clauses and renewal rights. The Company has recognised right of use assets for these leases, except for short term Leases.
Cash outflow for leases for the year ended 31st March, 2025 is ' 214.16 lakhs (31st March, 2024 is ' 411.18 lakhs).
Expense reLating to Leases of Low-vaLue assets of ' 287.16 lakhs for the year ended 31st March, 2025 (' 151.20 Lakhs for the year ended 31st March, 2024) is included in "Rent, Rates & Taxes" in Note 28 "Other Expenses"
34 SEGMENT iNFORMATiON
From the current year, considering simiLar and interconnected nature of the services and products and associated risk and returns, the Chief Operating Decision Maker has started akocating resource and assessing the performance of the operating segment i.e. construction and development of real estate projects as a single operating segment, which has resuLted in change in segment discLosure compared to earLier year.
Considering that there is only one reportable segment, there are no additional disclosures to be provided under Ind AS 108 - Segment information, other than to the extent already provided in these financial, statements.
35 EMPLOYEE BENEFiTS(a) Defined Contribution Plan
The Company's contribution to Provident Fund and Superannuation Fund aggregating ' 554.28 Lakhs (31st March, 2024 : ' 423.08 Lakhs) has been recognised in the Statement of Profit or Loss under the head EmpLoyee Benefits Expense.
(b) Defined Benefit plans: gratuity
The Company operates a gratuity pLan covering qualifying empLoyees. The benefit payabLe is the greater of the amount calculated as per the Payment of Gratuity Act, 1972 or the Company scheme applicable to the empLoyee. The benefit vests upon compLetion of five years of continuous service and once vested it is payabLe to employees on retirement or on termination of employment. In case of death while in service, the gratuity is payabLe irrespective of vesting. The Company makes contribution to the group gratuity scheme administered by the Life Insurance Corporation of India through its Gratuity Trust Fund.
Through its defined benefit pLans the Company is exposed to a number of risks, the most significant of which are detaiLed beLow:
investment risk
The present vaLue of the defined benefit pLan LiabiLity is caLcuLated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds.
interest risk
A decrease in the bond interest rate wiLL increase the pLan LiabiLity; however, this wiLL be partiaLLy offset by an increase in the return on the plan's debt investments.
Longevity risk
The present vaLue of defined benefit pLan LiabiLity is caLcuLated by reference to the best estimate of the mortaLity of pLan participants both during and after their empLoyment. An increase in the Life expectancy of the plan participants wik increase the plan's liability.
The above sensitivity analyses are based on a change in an assumption whiLe hoLding aLL other assumptions constant. In practice this is unLikeLy to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the Balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to previous year.
The Company expects to contribute ' NIL lakhs (31st March, 2024 ' NIL Lakhs) to the gratuity trusts during the next financial year.
The weighted average age considered for defined benefit obligation as at 31st March, 2025 is 35.46 years (31st March, 2024: 34.44 years)
The average expected future service considered for defined benefit obligation as at 31st March, 2025 is 4 years (31st March, 2024 - 4 years)
* The above inter corporate deposit have been given for general, business purposes
# As the LiabiLity for gratuity and Leave encashment is provided on an actuariaL basis for the Company as a whoLe, the amount pertaining to the Key Management PersonneL is not ascertained separately, and therefore, not incLuded above.
(A) 407,633 8% CompuLsory Convertible Debentures of ' 100 each of AmpLe Parks Project 1 Private Limited. were converted into equity shares of ' 10 each in the ratio 10 equity shares for each CCD.
(aa) 234,630 8% CompuLsory Convertible Debentures of ' 100 each of AmpLe Parks Project 2 Private Limited. were converted into equity shares of ' 10 each in the ratio 10 equity shares for each CCD.
Terms and conditions of transactions with related parties
The transactions with reLated parties are made on terms equivalent to those that prevaiL in arm's Length transactions. Outstanding baLances at the year-end are unsecured and settLement occurs in cash. There have been no guarantees provided or received for any reLated party receivabLes or payabLes.
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37 CONTiNGENT LiABiLiTiES
(' in lakhs)
|
|
Particulars
|
As at
31st March, 2025
|
As at
31st March, 2024
|
|
(a) Claims against the Company not acknowledged as debt*
|
|
|
(i) Demand from a local authority for energy dues, project related approval and works which is disputed by the Company.
|
2,683.00
|
2,925.00
|
|
(ii) Qaim from welfare association in connection with project work, disputed by the Company
|
4,513.00
|
4,550.00
|
|
(iii) Cases fiLed by parties in the Consumer forum incLuding RERA and Civil Courts disputed by the Company as advised by advocates.
|
2,045.75
|
1,575.00
|
|
(iv) Cases filed by parties in the Consumer forum including SoLe arbitrator and CiviL Courts disputed by the Company as advised by advocates.
|
372.93
|
|
|
(b) income Tax Matter under appeal
|
|
|
In respect of certain business incomes re-classified by the Income tax Department as income from house property and other disaLLowances, the Company has partiaLLy succeeded in appeaL and is pursuing the matter further with the appropriate appeLLate authorities
|
1,532.82
|
1,441.98
|
|
(c) indirect Tax Matters under appeal
|
|
|
VAT, Service Tax and Entry Tax claims disputed by the Company relating to issues of applicability and interest on demand. The Company is pursuing the matter with the appropriate Appelate Authorities.
|
13,665.33
|
12,383.95
|
|
*In the opinion of the management the above claims are not sustainable and the Company does not expect any outflow of economic resources in respect of above claims and therefore no provision is made in respect thereof
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|
38
|
commitments
|
|
(' In lakhs)
|
| |
particulars
|
As at
31st March, 2025
|
As at
31st March, 2024
|
| |
(a) CapitaL Commitments : Estimated amount of contracts remaining to be executed on capitaL account and not provided for (net of advances)
|
4.37
|
57.01
|
| |
(b) Other Commitment : Commitment for investment in equity shares and debentures of an Associate Company
|
800.00
|
3,784.10
|
During the year Company has given comfort Letter to its Joint venture Mahindra Happinest DeveLopers Limited for roLL over of inter company deposit of ' 1900 lakhs facing due in next 12 months.
40 RECENT PRONOUNCEMENTS
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) RuLes as issued from time to time. For the year ended March 31, 2025, MCA has notified Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to saLe and Leaseback transactions, appLicabLe to the Company w.e.f. ApriL 1, 2024. The Company has reviewed the new pronouncements and based on its evaLuation has determined that it does not have any significant impact in its financiaL statements.
The company operates in real, estate business and is governed by IND AS 115 for recording the revenue as per completion contract method. Accordingly, abovementioned ratios may not be strictly comparable.
Formula used for calculation of Ratios and Financial indicators are as below :
1) Debt = Borrowing
2) Earning for Debt Service = Net Profit before taxes Non-cash operating expenses Like depreciation and other amortizations Interest.
3) Debt Service = Borrowing Interest Payment
4) Working Capital = Current Asset (excluding asset held for sale) - Current Liabilities
5) Earning before interest & taxes = Profit/^oss) before Tax (ind Exceptional Item) Finance Cost
6) Capital Employed = Equity Borrowing - Intangible Assets
7) Income generated from Investment = Dividend Income Interest Income Net Gain/^oss) arising on Financial Assets measured at Fair Value through Profit and Loss
42 OTHER STATUTORY INFORMATIONa) Security of current assets against borrowings
The Company has not been sanctioned working capital limits in excess of ' 5 crores, in aggregate, at points of time during the year, from banks or financial institutions on the basis of security of current assets. However, the quarterLy returns or statements comprising quarterLy financiaL resuLts are not fiLed by the Company to such bank or financial institution as these are published financial results and are available on the Company's website for public including such banks or financial institutions. These quarterly financial results are in agreement with the unaudited books of account of the Company of the respective quarters.
b) The company do not have any benami property, where any proceeding has been initiated on or are pending against the company for holding benami property.
c) Transactions with struck off companies
During the year ended 31st March, 2025, the Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
d) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behaLf of the group (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the group shaLL directly or indirectly Lend or invest in other persons or entities identified in any manner whatsoever by or on behaLf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
e) Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
f) Details of crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
g) Registration of Charges or satisfaction with Registrar of Companies (ROC)
There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.
h) Audit trail
The Company has used accounting softwares for maintaining its books of account that has a feature of recording audit trail of each and every transaction and same has operated throughout the year creating an edit log of each change made in the books of account. This feature of recording audit trail has operated throughout the year. In previous year ended 31st March 2024, in respect of one of the software the audit trail log at data base level was being maintained for a period of six months.
i) Corporate Social responsibility (CSR)
The provision of Section 135 to Companies Act, 2013 on Corporate Social responsibility (CSR) are not applicable to the Company.
43. The Board of Directors of the Company has recommended a dividend of ' 2.80 per share on Equity Share of ' 10 each (28%) (31st March, 2024: ' 2.65 per share - (26.5%) subject to approval of members of the company at the forthcoming Annual General Meeting.
44. EVENTS AFTER THE REpoRTiNG pERioD
No material events have occurred after the Balance Sheet date and upto the approval of the financial statements.
45. pREViouS YEAR FIGuRES
The figures for previous year have been regrouped wherever necessary to confirm to current year's grouping.
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