We have audited the accompanying standalone financial
statements of Embassy Developments Limited (Formerly
known as Equinox India Developments Limited, and
earlier Indiabulls Real Estate Limited) (‘the Company’),
which comprise the Balance Sheet as at 31 March 2025,
the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes
in Equity and the Statement of Cash Flow for the year
then ended, and a summary of the material accounting
policies and other explanatory information (hereinafter
referred to as ‘standalone financial statements’).
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 (‘the Act’) in the
manner so required and give a true and fair view in
conformity with the accounting principles generally
accepted in India including Indian Accounting Standards
(‘Ind AS’) specified under section 133 of the Act, of the
state of affairs of the Company as at 31 March 2025, and
its profit and total comprehensive income, changes in
equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards
on Auditing ("SA’s”) specified under section 143(10) of
the Act. Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the
Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (‘ICAI’) together with the
ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the
Act and the Rules made thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the current period.
These matters were addressed in the context of our audit
of the Standalone Financial Statements as a whole, and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key audit matter
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How our audit addressed the key audit matter
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Business combination
(Refer to note 50 of the notes forming part of the Standalone
Financial Statements)
During the year, a Composite Scheme of Amalgamation and
Arrangement ("the Scheme”) between NAM Estates Private
Limited ("Amalgamating Company 1” or "NAM Estates”) and
Embassy One Commercial Property Developments Private
Limited ("Amalgamating Company 2” or "EOCPDPL”),
both Embassy group entities, with Equinox India
Developments Limited
(formerly Indiabulls Real Estate Limited) ("Amalgamated
Company” or the "Company”), was approved by Hon’ble
National Company Law Appellate Tribunal, New Delhi
Bench, New Delhi ("NCLAT”).
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Principal audit procedures performed
With respect to the accounting for business
combination, we:
• Obtained an understanding of the transaction from
the management and identified key terms relevant to
the accounting for the transaction.
• Read relevant parts of the approved Scheme and
assessed the Company’s conclusion as regard
business combination accounting in accordance with
Ind AS 103 with respect to Reverse Acquisition and
its impact on the financial statements.
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Key audit matter
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How our audit addressed the key audit matter
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The above business combination has been treated as a
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Obtained an understanding of management process
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reverse acquisition in accordance with Ind AS 103 with
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and tested the Design, Implementation and Operating
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effect from January 24, 2025 (‘acquisition-date’) with
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effectiveness of controls over Purchase Price
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business of NAM Estates Private Limited as the ‘Accounting
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Allocation (PPA) performed by the management in
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Acquirer’ and Equinox India Developments Limited
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consultation with external fair valuation specialist
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(formerly Indiabulls Real Estate Limited) as the ‘Accounting
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(Management expert) and internal controls relating
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Acquiree’ and accordingly, the assets and liabilities
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to accounting for the business combination.
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of NAM Estates Private Limited are measured at their
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•
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Assessed the competence, capabilities and
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pre-combination carrying value and the identified assets
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objectivity of the management expert engaged by
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acquired and liabilities taken over with respect to Equinox
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the Company and obtained understanding of the
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India Developments Limited (formerly Indiabulls Real
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work of the management experts by reviewing the
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Estate Limited), being Accounting Acquiree, measured at
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valuation reports.
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acquisition-date fair values.
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Evaluated the appropriateness of the valuation
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Identification and valuation of assets (including intangible
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methodology and reasonableness of the key
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assets) and liabilities (including contractual obligations) as
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valuation assumptions used by management and
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at the acquisition date was performed by the management
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tested mathematical accuracy of the calculations
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as part of the Purchase Price Allocation (PPA) in consultation
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used in the PPA.
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with external fair value specialists (management expert).
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The assets and liabilities were measured at fair value using
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•
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Evaluated the appropriateness of the accounting and
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various valuation methodology applied according to the
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disclosures in the financial statements in compliance
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nature of respective assets and liabilities. The estimation
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with the accounting standards.
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of fair value requires use of various assumptions, estimates
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of future cash flows as well as use of suitable discount rate.
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The above transaction has been identified as a Key Audit
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Matter as this is significant event which happened during the
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year and it required compliance of scheme and application
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of complex accounting policies, mainly Ind AS 103 Business
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Combinations, and involved significant judgments and
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assumptions as part of estimation fair value of asset and
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liabilities recognised as part of the reverse acquisition.
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Revenue recognition
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Our audit procedures related to the revenue recognition
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Revenue recognition - The Company’s policies on revenue
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included, but not limited to the following:
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recognition is set out in Note 3.07 to the standalone
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Evaluated the appropriateness of the Company’s
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financial statements.
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revenue recognition policies with respect to the
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As per the principles of Ind AS 115 "Revenue from Contracts
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principles of Ind AS 115;
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with Customers”, revenue from sale of residential/
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Enquiring from the management and inspecting the
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commercial properties is recognized when the performance
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internal controls related to revenue recognition for
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obligations are essentially complete.
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ensuring the completeness of the customer sales,
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The performance obligations are considered to be complete
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issue of possession letters and the recording of
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when control over the property has been transferred to
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customer receipts;
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the buyer i.e. offer for possession of properties have been
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We have performed the following procedures for
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issued to the customers.
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revenue recognition:
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The amount of revenue and cost thereon on contracts with
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a. Verification of the collection from customers for
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customers forms a substantial part of the consolidated
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the units sold from the statement of accounts on
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statement of profit and loss and management judgement is
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a sample basis to ensure receipt of the amount;
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also involved in the interpretation of these conditions.
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and
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The above transaction required audit focus due to the
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b. Performing cut-off procedures and other analytical
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significant impact of the same on the accompanying
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procedures like project wise variance analysis and
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consolidated financial statement of the Group. The matter
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margin analysis to find any anomalies.
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has been considered to be of most significance to the audit
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Ensured that the disclosure requirements of Ind AS
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and accordingly, has been considered as a key audit matter
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115 have been complied with.
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for the current year audit.
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Key audit matter
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How our audit addressed the key audit matter
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Accuracy and completeness of disclosure of related
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Our audit procedures in relation to the disclosure of
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party transactions and compliance with the provisions of
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related party transactions included the following:
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Companies Act 2013 and SEBI (Listing Obligations and
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• We obtained an understanding, evaluated the design
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Disclosure Requirements) Regulations, 2015, as amended
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and tested operating effectiveness of the controls
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(‘SEBI (LODR) 2015’)
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related to capturing of related party transactions and
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(Refer to note 49 of the notes forming part of the Standalone
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management’s process of ensuring all transactions
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Financial Statements)
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and balances with related parties have been disclosed
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We identified the accuracy and completeness of disclosure
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in the standalone Ind AS financial statements.
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of related party transactions as set out in respective notes
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• We obtained an understanding of the Company’s
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to the standalone Ind AS financial statements as a key audit
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policies and procedures in respect of evaluating
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matter due to:
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arms-length pricing and approval process by the
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• the significance of transactions with related parties
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audit committee and the board of directors.
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during the year ended 31 March 2025.
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• We agreed the amounts disclosed with underlying
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• Related party transactions are subject to the compliance
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documentation and read relevant agreements,
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requirement under the Companies Act 2013 and
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evaluation of arms-length by management,
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SEBI (LODR) 2015
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on a sample basis, as part of our evaluation of
the disclosure.
• We assessed management evaluation of compliance
with the provisions of Section 177 and Section 188 of
the companies Act 2013 and SEBI (LODR) 2015.
• We evaluated the disclosures through reading of
statutory information, books and records and other
documents obtained during the course of our audit
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Assessing the carrying value of inventory
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Our procedures in relation to the valuation of inventory
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The accounting policies for Inventories are set out in Note
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held by the Company included, but not limited to
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3.11 to the standalone financial statements.
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the followings:
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Inventories of the company comprises of real estate
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• Obtained an understanding of the management
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properties (including land) and are disclosed under Note 14
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process for identification of possible impairment
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to the standalone financial statements.
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indicators and process performed by the management
for impairment testing and the management process
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Impairment assessment of inventory is considered as a
significant risk as there is a risk that recoverability of the
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of determining the Net Realizable Value (NRV);
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carrying value of the inventory could not be established,
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• Enquired of the management and inspected the
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and potential impairment charge might be required
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internal controls related to inventory valuation along
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to be recorded in the standalone financial statements.
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with the process followed to recover/adjust these and
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Management’s assessment of the recoverable amounts is a
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assessed whether impairment is required;
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judgmental process which requires the estimation of the net
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• All material properties under development as
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realizable value, which takes into account the valuations of
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at 31 March 2025 were discussed on case-to-
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the properties held and cash flow projections of real estate
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case basis with the management for their plan of
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properties under development.
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recovery/adjustment;
• For real estate properties under development,
obtained and assessed the management evaluation
of the NRV. We also assessed the management’s
valuation methodology applied in determining
the recoverable amount and tested the underlying
assumptions used by the management in arriving at
those projections;
• We challenged the management on the underlying
assumptions used for the cash flow projections,
considering evidence available to support these
assumptions and our understanding of the business;
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Key audit matter
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How our audit addressed the key audit matter
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Due to their materiality in the context of the standalone
financial statements as a whole and significant degree of
judgement and subjectivity involved in the estimates and
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Where the management involved specialists to
perform valuations, evaluated the objectivity and
independence of those specialists;
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key assumptions used in determining the cash flows used in
the impairment evaluation, this is considered to be the area
which had the greatest effect on our overall audit strategy
and allocation of resources in planning and completing our
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For land parcels, obtained and verified the valuation
of land parcels as per the government prescribed
circle rates, wherever necessary;
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audit.
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• Tested the arithmetical accuracy of the cash flow
projections; and
We assessed the appropriateness and adequacy of the
disclosures made by the management for the impairment
losses recognized in accordance with applicable
accounting standards.
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Impairment assessment of investments and loans made to
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Our procedures in relation to the impairment assessment
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its subsidiaries
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of
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investments and loans included, but not limited to
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The Company’s policies on the impairment assessment of the
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the following:
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investments and loans are set out in Note 9(a) and Note 19 to
the standalone financial statements.
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•
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Assessed the appropriateness of the Company’s
accounting policy by comparing with applicable Ind AS;
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The Company has investments amounting to H 88,748.07 million
(net of impairment) and has outstanding loans amounting to
H 12,340.21 million (net of impairment) to its subsidiaries as at
31 March 2025 as disclosed under the Note 9(a) and 19 to the
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We obtained an understanding of the management
process for identification of possible impairment
indicators and process performed by the management
for impairment testing;
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standalone financial statements.
Impairment assessment of these investments and loans is
considered as a significant risk as there is a risk that recoverability
of the investments and loans could not be established, and
potential impairment charge might be required to be recorded
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Enquired of the management and understood the
internal controls related to completeness of the list of
loans and investment along with the process followed
to recover/adjust these and assessed whether further
provisioning is required;
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in the standalone financial statements. The recoverability of
these investments is inherently subjective due to reliance on
either the net worth of investee or valuations of the properties
held or cash flow projections of real estate properties in these
investee companies.
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Performed test of details:
a. For all significant additions made during the year,
underlying supporting documents were verified
to ensure that the transaction has been accurately
recorded in the standalone financial statement;
b. For all significant investments and loans
outstanding as at 31 March 2025, confirmations
were circulated and received. Further, all the
significant reconciling items were tested;
c. All material investments and significant loans
as at 31 March 2025 were discussed on case to
case basis with the management for their plan of
recovery/adjustment;
d. Compared the carrying value of material
investments and significant loans to the net assets
of the underlying entity, to identify whether the
net assets, being an approximation of their
minimum recoverable amount, were in excess of
their carrying amount; and
e. Wherever the net assets were lower than the
recoverable amount, for material amounts:
i. We obtained and verified the management
certified cash flow projections of real
estate properties and tested the underlying
assumptions used by the management in
arriving at those projections;
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Key audit matter
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How our audit addressed the key audit matter
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However, due to their materiality in the context of the
Company’s standalone financial statements as a whole and
significant degree of judgement and subjectivity involved
in the estimates and key assumptions used in determining
the cash flows used in the impairment evaluation, this is
considered to be the area to be of most significance to the
audit and accordingly, has been considered as a key audit
matter for the current year audit.
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ii. We examined the managements’ underlying
assumptions used for the cash flow projections,
considering evidence available to support
these assumptions and our understanding of
the business;
iii. We obtained and verified the valuation of land
parcels as per the government prescribed
circle rates; and
iv. We assessed the appropriateness and
adequacy of the disclosures made by the
management for the impairment losses
recognized in accordance with applicable
accounting standards.
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Information other than the Standalone Financial
Statements and Auditor’s Report thereon
The Company’s Board of Directors is responsible for
the other information. The other information comprises
the information included in the Annual Report, but
does not include the Standalone Financial Statements
and our auditor’s report thereon. The Annual Report is
expected to be made available to us after the date of this
auditor's report.
Our opinion on the Standalone Financial Statements does
not cover the other information and we will not express
any form of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed on the other
information obtained prior to the date of this auditor’s
report, we conclude that there is a material misstatement
of this other information, we are required to report
that fact. Reporting under this section is not applicable
as no other information is obtained at the date of this
auditor’s report.
Management’s Responsibility for the Standalone
Financial Statements
The accompanying standalone financial statements have
been approved by the Company’s Board of Directors.
The Company’s Board of Directors is responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial
statements that give a true and fair view of the financial
position, financial performance, total comprehensive
income, changes in equity and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including the Ind AS
specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting
records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting
policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the
preparation and presentation of the financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management
is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless management either
intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
Those Board of Directors are also responsible for
overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the
basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the Standalone Financial Statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from
fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control;
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference to
standalone financial statements system in place and
the operating effectiveness of such controls;
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management;
• Conclude on the appropriateness of management’s
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report
to the related disclosures in the Standalone Financial
Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a
going concern; and
• Evaluate the overall presentation, structure and
content of the Standalone Financial Statements,
including the disclosures, and whether the financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the standalone
financial statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial
Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.
Other Matters
The audit of Standalone Financial Statements for the year
ended 31 March 2024 (refer note 77), was carried out and
reported by N S V M & Associates vide their unmodified
audit report dated 30 September, 2024, whose audit
report has been furnished to us by the management of
the Company. Our opinion is not modified in respect
of this matter.
Report on Other Legal and Regulatory
Requirements
As required by the Companies (Auditor’s Report) Order,
2020 ("the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of the
Act, we give in the ‘Annexure A’, a statement on the
matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
As required by section 143(3) of the Act, bases on our
audit, we report, to the extent applicable, that:
a) We have sought and obtained all the information and
explanations, which to the best of our knowledge and
belief were necessary for the purpose of our audit;
b) In our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books except
for the matters stated in the paragraph h(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014;
c) The standalone financial statements dealt with by this
report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
section 133 of the Act;
e) On the basis of the written representations received
from the directors and taken on record by the
Board of Directors as on 31 March 2025, none of the
directors is disqualified as on 31 March 2025 from
being appointed as a director in terms of section
164(2) of the Act;
f) The modifications relating to the maintenance of
accounts and other matters connected therewith are
as stated in the paragraph (b) above on reporting
under Section 143(3)(b) of the Act and paragraph
h(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014;
g) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer
to our separate Report in ‘Annexure B’. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s
internal financial controls over financial reporting;
h) With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014 (as amended), in our opinion and to the
best of our information and according to the
explanations given to us:
i. the Company, as detailed in Note 45 to the
standalone financial statements, has disclosed
the impact of pending litigations on its financial
position as at 31 March 2025.
ii. the Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2025.
iii. there has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company during the year ended 31 March 2025.
iv. (a) 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 been advanced or
loaned or invested (either from borrowed
funds or share premium or any other
sources or kind of funds) by the Company
to or in any other person or entity, including
foreign entity ("Intermediaries”), with
the understanding, whether recorded in
writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or
invest in other persons or entities identified
in any manner whatsoever by or on behalf
of the Company ("Ultimate Beneficiaries”)
or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(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 been
received by the Company from any person
or entity, including foreign entity ("Funding
Parties”), with the understanding, whether
recorded in writing 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 Beneficiaries”) or provide
any guarantee, security or the like on behalf
of the Ultimate Beneficiaries;
(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 misstatement.
v. The Company has not declared and paid any
dividend during the year.
vi. As stated in note 76 to the standalone financial
statements and based on our examination
which included test checks, the Company, in
respect of financial year commencing on 1 April
2024, has used an accounting software for
maintaining its books of account which has a
feature of recording audit trail (edit log) facility
at application level as well as database level and
the same has been operated throughout the
year for all relevant transactions recorded in the
software. except that, the audit trail logs were
not enabled for changes made using privileged
access rights for direct data changes at the
database level. Further, during the course of our
audit we did not come across any instance of
audit trail feature being tampered with other
than the consequential impact of the exception
given above. Furthermore, the audit trail has
been preserved by the Company as per the
statutory requirements for record retention
except that the audit trail at the database level
for the Company has not been preserved in the
accounting software for the period 1 April 2023
to 9 January 2024.
i) With respect to the matter to be included in the
Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended:
In our opinion and to the best of our information
and according to the explanations given to us, we
report that the Company has paid remuneration to
its directors during the year in accordance with the
provisions of and limits laid down under section 197
read with Schedule V to the Act.
For Agarwal Prakash & Co.
Chartered Accountants
Firm’s Registration No.: 005975N
Vikas Aggarwal
Partner
Place: Mumbai Membership No.: 097848
Date: 29 May 2025 UDIN: 25097848BMMKPT9509
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