Measurement of fair value of investment properties:A. Fair value hierarchy

The fair vaLue of investment properties has been determined by registered vaLuer as defined u/r 2 of Companies (Registered Valuer and Valuation) Rules, 2017.

The fair value measurement of the investment properties has been categorised as Level 3 fair value based on the inputs to the valuation techniques used.

* At the time of transition to Ind AS effective from 1 April 2016, the Company had opted to measure its investments in subsidiaries, Joint ventures and associate at deemed cost, i.e. previous GAAP carrying amount, except for its investment in one of the Joint venture - Romanovia Industrial Park Private Limited, which has been measured at fair value at the date of transition to Ind AS. If an entity chooses to measure its investment at fair value at the date of transition to Ind AS than that is deemed cost of such investment for the Company and, therefore, it shall carry its investment in at that amount (i.e. fair value at the date of transition) after the date of transition.

B. Terms / rights attached to Equity shares

The company has singLe cLass of equity shares having a par vaLue of ?1 per share. Each sharehoLder is eLigibLe for one vote per share heLd. The dividend proposed by the Board of Directors is subject to the approvaL of the sharehoLders in the ensuing AnnuaL GeneraL Meeting. In the event of Liquidation, the equity sharehoLders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Gratuity

The Company provides for gratuity for empLoyees in India as per the Payment of Gratuity Act, 1972. EmpLoyees who are in continuation 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.

Leave encashment

Provision for leave encashment cover the Company's liability for earned leave.

The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information available with the Company. This has been relied upon by the auditors.

Trade payabLes - dues to others incLude retention money payabLe amounting to ?224.06 Lakhs (31 March 2023: ? 368.69 Lakhs).

(I) * Nature of CSR activities undertaken by company incLudes healthcare and medicaL faciLities, promotion of education and food distribution.

(II) Excess amount spend for CSR during the FY 2023-24 of ? 11.84 Lakhs and for FY 2022-23 of ? 20.84 Lakhs, available for set off In succeeding financial years.

Note 33

Employee benefits

A. Defined benefit plans:Gratuity

The Company operates a defined benefit pLan (the gratuity pLan) covering eLigibLe empLoyees, which provides a Lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective empLoyees salary and tenure of employment.The Liability in respect of gratuity being defined benefit schemes, payabLe in future, are determined by actuariaL vaLuation as on balance sheet date.

The sensitivity anaLyses presented above may not be representative of the actuaL change in the defined benefit obLigation as it is unLikeLy that the change in assumptions wouLd occur in isoLation of one another as some of the assumptions may be correLated. Furthermore, in presenting the above sensitivity anaLysis, the present vaLue of the defined benefit obLigation has been caLcuLated using the projected unit credit method at the end of the reporting period, which is the same as that appLied in caLcuLating the defined benefit obLigation LiabiLity recognised in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

The obLigations are measured at the present vaLue of estimated future cash flows by using a discount rate that is determined with reference to the market yieLds at the BaLance Sheet date on Government Bonds which is consistent with the estimated terms of the obligation.

B. Other long term employee benefits Compensated absences

The accrual for unutilised Leave is determined for the entire available Leave balance standing to the credit of the employees at the year end. The value of such leave balances that are eligible for carry forward is determined by an acturial valuation as at the end of the year and acturial gains and losses are charged to the statement of profit and Loss. Amount of ? 2.82 Lakhs (31 March 2023: ? 0.89 Lakhs) towards Leave benefits is recognised as (credit)/expense to saLaries,wages and bonus under "EmpLoyee benefits expenses" in the Statement of Profit and Loss.

C. Defined contributionContribution to provident fund and employee state insurance contribution

Amount of ? 3.69 Lakhs (31 March 2023: ? 2.68 Lakhs) paid towards contribution to provident funds and EmpLoyee state insurance contribution is recognised as an expense and incLuded in "SaLaries, wages and bonus" under "EmpLoyee benefits expense" in the Statement of Profit and Loss.

Note 34

Operating segment

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components, and for which discrete financiaL information is avaiLabLe. ALL operating segments’ operating results are reviewed reguLarLy by the Company’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segments and assess their performance. The Company’s operations fall under single segment namely “Infrastructure Business”, taking into account the risks and returns, the organization structure and the internal reporting systems. Board of Directors are Chief Operating Decision Maker (CODM) of the Company and hence financial statement represents disclosure of primary segment. Further, there are no export sales and hence there is no reportable secondary segment. All assets are located in the company’s country of domicile.

(b) The Hon’bLe Supreme Court of India (“SC”) by their order dated 28 February 2019, in the case of Surya Roshani Limited & others v/s EPFO, set out the principLes based on which aLLowances paid to the empLoyees shouLd be identified for incLusion in basic wages for the purposes of computation of Provident Fund contribution. The Company has provided the impact of the said supreme court Judgement with effect from 1 January 2020. In view of the management, any additionaL LiabiLity for the period from date of the SC order (28 February 2019) to 31 December 2019 is not materiaL and hence have not been provided in the books of account. In addition, management is of the view that there is a considerabLe uncertainty around the timing and extent in which the judgement will be interpreted and applied by the regulatory authorities and accordingLy, the impact for periods prior to the date SC order (28 February 2019), if any, is not ascertainabLe and consequentLy no financiaL effect has been provided for in the standaLone financiaL statements. AccordingLy, this has been discLosed as a contingent LiabiLity in the standaLone financiaL statements.

(C) The Income-Tax Department had carried out a search operation at the Company's various business premises and residentiaL premises of promoters and certain key empLoyees of the company, under Section 132 of the Income-tax Act, 1961 on September 08, 2021. The Company had made the necessary disclosures to the stock exchanges in this regard on September 12, 2021, in accordance with ReguLation 30 of the SEBI (LODR) ReguLations, 2015 (as amended). As of the date of issuing these financiaL results, the Company has received notices under Section 148 and / or Section 142(1)/143(2) of the Income Tax Act, 1961 for the assessment years 2014-15, 2016-17 to 2022-23, to which the Company has responded. During the financial year ended March 31, 2024, the Company received orders for all the assessment years, and the Company has filed the necessary response and / or appeal. Management believes that these developments are unlikely to have a significant impact on the Company's financial position as of March 31, 2024, and its performance for the quarter and year ended on that date, as presented in these standalone financial results. However, for the other assessment years due to the nature and complexity of the matter, the final outcome remains uncertain, making it currently impossible for the management to determine the potential impact, if any, on the results related to this issue. The statutory auditors have issued an Emphasis of Matter in their audit report on the standalone financial results for the year ended March 31, 2024, highlighting this matter.

(iii) Corporate guarantees

The company has not provided any corporate guarantees or any security as at 31 March 2024 as well as 31 March 2023 for Loans or any other financial aid obtained by its subsidiary, Joint ventures and associate or by any other person.

Note 36 Leasesa) As a lessor

The Company’s significant Leasing arrangements are in respect of operating Leases for commercial premises. Lease income from operating leases is recognised on a straight-line basis over the period of lease. The aggregate Lease rental income including maintenance of ? 122.31 Lakhs (31 March 2023: 114.22) Lakhs is accounted in the statement of profit and Loss. (refer note 23).

There are no contingent rents which are recognised in statement of profit and Loss. The future minimum Lease receivables of non-cancellable operating leases are as under:

b) As a lessee

The Company has taken office premises on Lease. The terms of Lease includes terms of renewals, increase in rent in future periods, terms of cancellation, etc. The agreement is executed for a period of 3 years with a renewable clause and also provide for termination at will by either party giving a prior notice of 3 months at any time during the lease term and hence considered the same to be of short term lease in nature under Ind AS 116. Accordingly, no further disclosures are applicable.

Lease rentaL (incL. maintenance charges) expense debited to statement of profit and Loss is ? 8.67 Lakhs (31 March 2023: ? 7.66 Lakhs).

Note 37

Disclosures as per Ind AS 115 "Revenue from contracts with customers"

(b) Contract balances

The contract assets, Land and transferable development rights receivable represents amount due from customers which primariLy reLate to the Company’s rights to consideration for work executed but not biLLed at the reporting date. The contract assets or Land and transferable development rights are transferred to receivables when the rights become unconditional. i.e. when invoice is raised on achivement of contractual milestones. This usually occurs when the Company issues an invoice to the customer. The contract liabilities primarily represent advances received from customers for which invoices are yet to be raised on customers pending achivement of milestone.

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

Contract Liabilities include amount received for sales of transferable development rights for PPP projects in which BU certificate is yet to be received.

(c) Movement of Expected Credit Loss during the year

For the year ended 31 Mar 2024, ? (156.07) Lakhs (31 Mar 2023, ? 112.29 Lakhs) was recognised as provision for expected credit losses on Trade Receivables.

(d) Performance obligation

The Company recognises revenue from contracts with customers when it satisfies a performance obLigation by transferring promised goods or service to a customer. The revenue is recognised to the extent of transaction price aLLocated to the performance obLigation satisfied. Performance obLigation is satisfied over time when the transfer of control of asset (goods or service) to a customer is done over time and in other cases, performance obLigation is satisfied at a point in time. For performance obLigation satisfied over time, the revenue recognition is done by measuring the progress towards complete satisfaction of performance obligation

For contracts where the aggregate of contract cost incurred to date pLus recognised profits (or minus recognised losses as the case may be) exceeds the progress billing, the surplus is shown as contract asset and termed as “Due from customers”. For contracts where progress billing exceeds the aggregate of contract costs incurred to-date plus recognised profits (or minus recognised losses, as the case may be), the surplus is shown as contract liability and termed as “Due to customers”. Amounts or Contract Assets received before the related work is performed are disclosed in the Balance Sheet as contract liability and termed as “Advances from customer”. The amounts billed on customer for work performed and are unconditionally due

for payment i.e. onLy passage of time Is required before payment faLLs due, are discLosed in the BaLanceSheet as trade receivables. The amount of retention money held by the customers pending completion of performance miLestone is discLosed as part of contract asset and is recLassified as trade receivabLes when it becomes due for payment.

The aggregate vaLue of performance obLigations that are compLeteLy or partiaLLy unsatisfied as at 31 March 2024 is ? 1,31,465 Lakhs and 31 March 2023 is ? 68,399 Lakhs. The revenue recognition mainLy depends on meeting the delivery schedules, contractual terms and conditions with customers, availability of customer sites, changes in scope, variation in prices etc. In view of these, it is not practicaL to define the accurate percentage of conversion to revenue on yearLy basis. However, a tentative bifurcation of remaining performance obligation is as follows :

Transaction price allocated to remaining performance obligations

TabLe beLow shows the forward order book for the Company at the reporting date with the time bands of when the Company expects to recognise secured revenue on its contracts with customers. Secured revenue corresponds to fixed work contracted with customers and excLudes the impact of any anticipated contract extensions or modifications, and new contracts with customers.

* Fair vaLue of financial assets and LiabiLities measured at amortised cost is not materiaLLy different from the amortised cost. Further, impact of time vaLue of money is not significant for the financial instruments classified as current. Accordingly, the fair value has not been disclosed separately.

Note 1: Investments in associate, joint ventures and subsidiary have been accounted at historical cost. Since

these are scoped out of Ind AS 109 for the purposes of measurement, the same have not been disclosed in the tables above.

Note 2: At the time of transition to Ind AS effective from 1 ApriL 2016, the Group had opted to measure its investments in subsidiaries, Joint ventures and associate at deemed cost, i.e. previous GAAP carrying amount, except for its investment in one of the Joint venture - Romanovia Industrial Park Private Limited, which has been measured at fair value at the date of transition to Ind AS. If an entity chooses to measure its investment at fair value at the date of transition to Ind AS than that is deemed cost of such investment for the Group and, therefore, it shaLL carry its investment in at that amount (i.e. fair vaLue at the date of transition) after the date of transition.

Fair value hierarchy

The fair vaLue of financiaL instruments as referred above have been classified into three categories depending on the inputs used in valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or Liabilities (Level I measurements) and Lowest priority to unobservable inputs (LeveLIII measurments).

The categories used are as follows:-

Input Level I (Directly Observable) : which includes quoted prices in active markets for identical assets such as quoted price for an equity security on Security Exchanges.

Input Level II (Indirectly Observable) : which includes prices in active markets for similar assets such as quoted price for similar assets in active markets, valuation multipLe derived from prices in observed transactions involving similar businesses, etc.

Input Level III (Unobservable): which includes management's own assumptions for arriving at a fair value such as projected cash flows used to value a business, etc.

B. Measurement of fair values

i) Valuation techniques and significant unobservable inputs

The fair value of the investment in quoted investment in equity shares is based on the current bid price of investment at balance sheet date

ii) Transfers between Levels I and II

There has been no transfer in between Level I and Level II

iii) Level III fair values

There are no items in Level III fair values.

C. Financial risk management

The Company has a well-defined risk management framework. The Board of Directors of the Company has adopted a Risk Management Policy. The Company has exposure to the following risks arising from financial instruments:

Ý Credit risk ;

Ý Liquidity risk ; and

Ý Market risk

Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The board of directors evaluate and exercise independent control over the entire process of risk management. The board also recommends risk management objectives and policies.

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 and 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 audit committee oversees how management monitors compliance with the company’s risk management policies and procedures, 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 adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

Credit risk Is the risk that a counterparty wILL not meet its obligations under a financiaL instrument or customer contract, Leading to a financiaL Loss. The Company is exposed to credit risk primariLy trade receivabLes and other financiaL assets incLuding deposits with banks. The Company's exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties.

Trade receivables and other receivables

The Company’s exposure to credit risk is influenced mainLy by the individuaL characteristics of each customer. The demographics of the customer, incLuding the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables. The Company considers the probability of default and whether there has been a significant increase in the credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of default occurring on financial assets as on the reporting date.

Impairment

Credit risk arising from trade receivables is managed in accordance with the Company’s established policy, procedures and control relating to customer credit risk management. An impairment analysis is performed at each reporting date based on the facts and circumstances existing on that date to identify expected Losses on account of time value of money and credit risk. The calculation is based on defined percentage based on past experiences in the business ascertained by the management. Receivables from group companies and receivables against sale of contract assets (i.e., TDR and LDR) are generally excluded for the purposes of this analysis since no credit risk is perceived on them.

Cash and bank balances

The Company Is aLso exposed to credit risks arising on cash and cash equivaLents and term deposits with banks. The Company beLieves that its credit risk in respect to cash and cash equivaLents and term deposits Is insignificant as funds are invested in term deposits at pre-determined interest rates for specified period of time. For cash and cash equivaLents and other bank baLances, onLy high rated banks are accepted.

Other financial assets

Other financiaL assets incLudes Loan to empLoyees and reLated parties, security deposits, etc. Credit risk arising from these financiaL assets Is Limited and there Is no coLLateraL heLd against these because the counterparties are group companies, banks. Banks have high credit ratings assigned by the credit rating agencies.

(ii) Liquidity Risk

Liquidity risk Is the risk that the Company wiLL encounter difficulty in meeting the obLigations associated with its financial Liabilities that are proposed to be settled by delivering cash or other financial asset. The Company’s financial planning has ensured, as far as possible, that there Is sufficient Liquidity to meet the Liabilities whenever due, under both normal and stressed conditions, without incurring unacceptable Losses or risking damage to the Company’s reputation. In addition to the Company's own Liquidity, it enjoys credit facilities with the reputed bank and financial institutions.

Management monitors the Company’s Liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company’s Liquidity management policy involves periodic reviews of cash flow projections and considering the level of liquid assets necessary, monitoring balance sheet, liquidity ratios against internal and external regulatory requirements.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial Liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Market risk Is the risk that changes in market prices - such as foreign exchange rates and interest rates - wiLL affect the Company’s income. Market risk is attributabLe to aLL market risk sensitive financiaL instruments incLuding foreign currency receivables and payables and debt. The company does not have any transactions in foreign currency. And accordingLy, company does not have currency risk.

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 Liquidity and borrowing are managed by professionaL at senior management level. The interest rate exposure of the Company is reduced by matching the duration of investments and borrowings. The interest rate profiLe of the Company’s interest - bearing financiaL instrument as reported to management is as follows:

Interest rate sensitivity

Profit or Loss is sensitive to higher/Lower interest expense from borrowings as a resuLt of change in interest rates. The foLLowing tabLe demonstrates the sensitivity of floating rate financiaL instruments to a reasonabLy possibLe change in interest rates. The risk estimates provided assume a paraLLeL shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the baLance sheet date and has been caLcuLated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

Note 38

Capital management

The Company’s poLicy Is to maintain a strong capitaL base so as to maintain investor, creditor and market confidence and to sustain future deveLopment of the business. The board of directors seeks to maintain a balance between the higher returns that might be possible with higher Levels of borrowings and the advantages and security afforded by a sound capitaL position. The Company monitors capitaL using a ratio of ‘Debt’ to ‘Equity’. For this purpose, ‘Debt’ is meant to incLude Long-term borrowings, short-term borrowings and current maturities of long-term borrowings. ‘Equity’ comprises all components of equity. The Company’s debt to equity ratio as at the end of the reporting periods are as follows:

Details of Investments made by the company are given in Note 7.

ALL Loans are given for the purposes of the business and are repayable as per agreed schedule of repayment.

* Loan baLance of VyapniLa TerminaLs (Modasa) Private Limited is after adjustment of effective interest rate, the loan is interest free.

Note 43

Other Statutory Information

a The company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for Lending or investing or providing guarantee to/on behaLf of the ultimate beneficiary during the reporting periods.

b There are no proceedings initiated or pending against the company under section 24 of the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder for holding any benami property.

c The company has been sanctioned working capital Limit in the form of term Loans and overdraft facilities, however the terms and conditions of the sanctions does not specify to submit any monthly or quarterly statements of current assets of the company, hence the company is not submitting such statements to the Lending banks and financial institutions.

d The company has not been declared a wilful Defaulters by any bank or financial institution or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

e The company has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.

f There is no immovabLe property in the books of the company whose title deed is not heLd in the name of the company.

g There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

h The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

i The company has not entered into any scheme of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.

J The company does not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

k The company has not entered into any non-cash transactions with directors or any person connected with the directors.

Note 44Audit Trail

As per the requirements of Rule 3(1) of the Companies (Accounts) Rules 2014, the Company uses an accounting software for maintaining its books of account that have a feature of, recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and who made those changes within such accounting software. This feature of recording audit trail has operated throughout the year and was not tampered with during the year.

In respect of aforesaid accounting software, after thorough testing and validation, it was noted that audit trail was not available for changes made in master data. In respect of master data changes, the Company has established and maintained an adequate internal control framework and based on its assessment, believes that this was effective for the year ended March 31, 2024.

Note 45

Approval of the Financial Statements

The Board of Directors have approved the financial statements for the Financial Year ended on 31 March 2024 on 04 May 2024.