Provisions are recognised only when:

(i) the Company has a present obligation (legal or constructive) as a result of a past event; and

(ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and

(iii) a reliable estimate can be made of the amount of the obligation.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of
time value of money is material, the carrying amount of the provision is the present value of those cash flows.

(i) Possible obligations where the probability of the final outcome in favour of the company is not certain

(ii) a present obligation arising from past events, when it is not probable that an outflow of resources will be
required to settle the obligation; and

(iii) a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions, contingent
liabilities and contingent assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits
expected to be received under such contract, the present obligation under the contract is recognised and
measured as a provision.

(o) Financial Instruments

(i) Financial assets:

Financial assets are recognized when the Company becomes a party to the contractual provisions of
the instrument. All financial assets are recognised initially at fair value. These assets are subsequently
classified and measured at:

i) Amortised cost

ii) Fair Value Through Profit and Loss (FVTPL)

iii) Fair Value Through Other Comprehensive Income (FVTOCI).

All equity instruments other than in subsidiaries and associates in scope of Ind AS 109 are measured at
fair value, the Company may, on initial recognition, irrevocably elect to measure the same either at FVOCI
or FVTPL.

The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity
instrument is recognised as other income in the Statement of Profit and Loss unless the Company has
elected to measure such instrument at FVOCI. Fair value changes excluding dividends, on an equity
instrument measured at FVOCI are recognised in OCI. Amounts recognised in OCI are not subsequently
reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments
are recognised as ‘other income’ in the Statement of Profit and Loss.

Debt instruments are measured at amortised cost, fair value through other comprehensive income (‘FVOCI’)
or fair value through profit or loss (‘FVTPL’) till derecognition on the basis of (i) the entity’s business model
for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.

The Company derecognises a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the contractual rights to receive the cash flows from the asset.

Investment in subsidaries and associates are carried at cost.

Expected credit losses are recognised for financial assets other than those classified under FVTPL
category. The expected credit losses are measured as lifetime expected credit losses if the credit risk on
financial asset increases significantly since its initial recognition. The Company’s trade receivables do
not contain significant financing component and loss allowance on trade receivables is measured at an
amount equal to lifetime expected credit losses ie., expected credit short fall. The impairment losses and
reversals are recognised in Statement of Profit and Loss.

(ii) Financial liabilities:

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial liabilities are classified and measured at amortised cost / fair value through profit and
loss (FVTPL). In case of trade payables, they are initially recognised at fair value and subsequently, these
liabilities are held at amortised cost, using effective interest method.

Financial liabilities are subsequently measured at amortised cost. Financial liabilities carried at fair value
through profit or loss are measured at fair value with all changes in fair value recognised in the Statement
of Profit and Loss.

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled
or expires.

(p) Investment Property

Properties held to earn rentals and/or capital appreciation or for undetermined future use are classified as
investment property and are measured and reported at cost, including transaction costs and borrowing cost
capitalised for qualifying assets, in accordance with the Company’s accounting policy. Policies with respect to
depreciation, useful life and derecognition are followed on the same basis as stated for PPE

(q) Discontinued operations and non-current assets held for sale

Discontinued operation is a component of the Company that has been disposed of or classified as held for sale
and represents a major line of business.

Non-current assets and disposal groups are classified as held for sale if their carrying amount is intended to be
recovered principally through a sale (rather than through continuing use) when the asset (or disposal group) is
available for immediate sale in its present condition subject only to terms that are usual and customary for sale
of such asset (or disposal group) and the sale is highly probable and is expected to qualify for recognition as a
completed sale within one year from the date of classification.

Non-current assets and disposal groups classified as held for sale are measured at lower of their carrying
amount and fair value less costs to sell.

(r) Use of Estimates

The preparation of financial statements in conformity with Ind AS requires that the management of the Company
makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the
reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of
the financial statements, and the reported amounts of revenues and expenses during the year. Actual results
could differ from those estimates.

The estimates and underlying assumptions are reviewd on ongoing basis . Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the
period of the revision and future periods if the revison affects both current and future periods.

Key assumption concerning the future, and other key sources of estimation uncertainly at the end ofg the
reporting period that may have a significant risk of causing a material addjustment to the carrying amounts of
assets and liabilities within the next financial year is as given below:

i. Fair value measurement and valuation processes

Some of the Comapny’s assets and liabilities are measured at fair value for financial reporting purposes. In
estimating the fair value of an asset or a liability, the Comapny uses market-observable data to the extent
it is avialable. Where Level 1 inputs are not available, the Company engagees third party qualified valuers
to perform the valuation.

ii. Useful life of Property, Plant and Equipment

The Company reviews the estimated useful lives of Property, Plant and Equipment at the end of each
reporting period. During the current year there has been no change in useful life considered for the assets.

iii. Actuarial Valuation

The determination of Company’s liability towards defined benefit obligations to employees is made through
independent acutuarial valuation including determination of amounts to be recognised in the Statement
of Profit and Loss and in the Other Comprehensive Income. Such valuation depend upon assumptions
determined after taking into account inflation, seniority, promotion and other relevant factors such as supply
and demand factors in the employment market. Information about such valuation is provided in notes to the
financial statements.

iv. Tax Expense Significant judgements and estimates are involved in estimating the budgeted profits for the
purpose of advance tax, determining the provision for income tax.

(s) Exceptional Items:

An item of income or expense which by its size, type or incidence requires disclosure in order to improve an
understanding of the performance of the Company is treated as an exceptional item and disclosed as such in
the financial statements.

(t) Events after reporting date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of
the reporting period, the impact of such events is adjusted within the Standalone Financial Statements. Non
Adjusting events after the Balance Sheet date which are material in size or nature are disclosed separately in
the Standalone Financial Statements.

2 OPERATIONS REVIEW:

(a) The operations for the financial year under review is from the continuing business of infrastructure operations.

(b) During the period the company has converted 2552000 warrants to equity shares fully paid on 21st May 2024.

During the period the company has converted 7969584 warrants to equity shares fully paid on 20th June 2024.

During the period the company has issued 2533798 equity shares on 5th September 2024.

During the period the company has alloted 2434786 convertible warrants on preferential basis on 5th September
2024.

3 SEGMENT

The Principal business of the Company is of ‘Infrastructure Construction’ . All other activities of the Company
revolve around its main business. The Company have concluded that there is only one operating reportable
segment as defined by Ind AS 108. Further, the Company has operations mainly in India and has no other
reportable segment.

Accordingly, the segment revenue, segment results, total carrying amount of segment assets and segment liability,
total cost incurred to acquire segment assets and total amount of charge for depreciation during the period, is as
reflected in the Standalone Financial Statements as on and for the financial year ended 31 March 2025.

4 CASH FLOW STATEMENT

Cash Flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of
transactions of non-cash nature and any deferals or accruals of past or future cash receipts or payments,
The cash flows from operating,investing and financing activities of the Company are segregated based on the
available information.

# The revaluation surplus pertains to Porur Land. Since the land has been sold during the previous year, the revaluation surplus was transferred
to Retained Earnings.

Description of nature and purpose of Reserve:

(i) Capital Reserve represents gain of a capital nature. It can be used in writing off the capital losses from sale
of fixed assets, shares & debentures and issue of fully paid up bonus shares to existing shareholders. Capital
Reserve is not available for distribution to shareholders as dividend.

(ii) Share Premium records the premium component on issue of shares and convertible warrants and can be utilised
only in accordance with the provisions of Companies Act, 2013.

(iii) Revaluation Reserve is the reserve which is created when any Fixed Asset / Non Current Asset (As per Ind AS) is
revalued. It cannot be utilised for the purpose of issue of fully paid up bonus shares or write off of capital losses,
unless the revalued fixed assets have been disposed off.

(iv) Capital redemption reserve is transferred from undistributed profits i.e. general reserves, profit or loss account. It
can be utilized for the purpose of buy back of shares, incremental effect of fresh equity shares or preference shares
issued to redeem the old preference shares, issuing fully paid bonus shares and not available for distribution to
shareholders as dividend.

(v) Special General reserve is created for specific purposes. It can be utilized only for the purpose for which it has been
created and cannot be utilized for other purposes and not available for distribution to shareholders as dividend.

(vi) Reserves for equity instruments through other comprehensive income is created with value changes recognised
in profit or loss on account of measurement at fair value of all equity investments, except for those investments
for which the entity has irrevocably elected to present value changes in other comprehensive income (OCI) and
not available for distribution to shareholders as dividend.

(b) Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments
by Valuation technique:

Level 1: Quoted (Unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based
on observable market data.

(c) Valuation technique used to determine the fair value

Investments included in Level 3 of Fair Value Hierarchy have been estimated by the management using
acceptable valuation techniques

II - Financial Risk Management

The Board of Directors (BOD) has overall responsibility for the establishment and oversight of the Company’s risk
management framework and thus established a risk management policy to identify and analyse the risk faced by the
Company. Risk Management systems are reviewed by the BOD periodically to reflect changes in market conditions
and the Company’s activities. The Company through its training and management standards and procedures develop
a disciplined and constructive controlled environment.The Audit Committee oversees how management monitors
compliance with the Company’s risk management policies and procedures, and reviews the risk management
framework.

1. Credit Risk

Credit Risk is the risk of financial loss to the Company if the customer or counterparty to the financial instruments
fails to meet its contractual obligations and arises principally from the Company’s receivables, treasury operations
and other operations that are in the nature of lease.

a) Receivables

Concentration of credit risk with respect to trade receivables is low, due to the Company’s customer base
primarily are limited to government and other group entities. All trade receivables are reviewed and assessed
on a quarterly basis.

b) Financial Instruments and Cash deposits

Investments are made only with the approved counterparties. The Company places its cash equivalents based
on the creditworthiness of the financial institutions.

2. Liquidity Risk

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, medium and
long term funding and liquidity management requirements.

The Company makes an annual / long term financial plan so as to ensure there are no maturity mismatches in
settlement of liabilities

Working Capital borrowing facilities (? 25 Crores from Union Bank of India,Egmore Branch towards fund and
non-fund based facilities) secured by:- -

(i) Fixed Deposit of ? 6.25 Crores as a cash margin

(ii) Hypothecation of stocks of Raw Materials, Stores, Spares and others including Goods-in-Transit, Stock-in¬
Process, Finished Goods and Book Debts of the Company.

3. Market Risk

a) Cash flow and fair value interest rate risk

Credit facilities amounting to ?15 crores (fund-based) and ?10 crores (non-fund-based) were extended
to the Company by banks for its operations during the period under reviewand the outstanding as on
31.03.2025 with respect to the fund based limit is ?11.43 crores. The present interest rate is 10.50% per
annum and is subject to change based on the bank’s MCLR. The Company also has a long-term vehicle
loan from the bank with a fixed interest rate as at the end of the period under review; hence, there is no
exposure to cash flow interest rate risk with respect to the vehicle loan.

III) Capital Management

The Company adheres to a cautious capital management that seeks to trigger growth creation and maximisation
of shareholder’s value. For the purpose of the Company’s Capital management, capital includes issued capital
and all other equity reserves attributable to the shareholders of the Company. The Company has been funding

The Status of the cases filed before various courts and regulatory authorities as reported in the Annual Report 2021¬
2022 remains unchanged subject to the subsequent developments as reported in the Annual Report 2022-23 &
2023-2024 and further, the following in this financial year:

(i) The Company has entered into a full and final settlement with one of the supplier M/s. Union Roadways Ltd,
Vizag.

(ii) The Hon’ble High Court of Punjab and Haryana at Chandigarh, has appointed sole Arbitrator for the ARB appeal
made by M/s.Uttar Haryana Bijli Vitran Nigam Limited before High Court of Punjab and Haryana at Chandigarh.

(iii) The status on the appeal filed by the Company before the Central Government Industrial Tribunal Cum Labour
Court at Chennai against the Order No.TB/RO/TAM/5839/523/PDC/DAMAGES/2017 dated 26/12/2017 passed
by RPFC, Tambaram levying Penal Damages for delayed contribution, a sum of ?63,14,999/- under Sec 14-B of
the Employees Provident Fund Scheme, 1952 levying Penal Damages for delayed contribution. The Company
has deposited security deposit of ?10 Lakhs in court. The Tribunal has appointed the Presiding Judge and the
case is yet to be listed.

(iv) The Company was made respondent in Motor Accident case filed by 5 petitioners before Small Causes Court,
Chennai - II Judge pertains to a vehicle. The Company has taken action to defend the same.

(v) A Writ Petition has been filed by the trespasser before the High Court of Madras with respect to patta pertaining
to 54 cents of the Company’s land in Chennai. The Company has taken steps to defend the same.

(vi) A Writ Petition has been filed by the petitioner challenging the earlier GO issued by the Industires (MID.1)
Department and the earlier sale deed executed by the Company with its subsidiary. The Company has taken
steps to defend the same.

NOTE 49

With reference to SEBI Circular No.SEBI/HO/DDHS/CIR/P/2018/144 dt. 26 11 2018, on “Fund raising by issuance of
Debt Securities by Large Entities”, the company does not fall under the Large Corporate category.

NOTE 50

The Company had participated in an e-auction on 09.03.2023 pursuant to which the Company stood as the successful
bidder and purchased the land. Being an auction under SARFAESI, a Sale Certificate was issued confirming
the ownership and possession on 27.03.2023. Accordingly, the Company had remitted the sale consideration of
? 107,35,00,000/- which was recognised as capital advance during the financial year 2022-23 pending registeration
of the Sale Certificate with Sub Registrar Office of Sunguvarchatram. During the previous year pursuant to the order
of High Court of Madras directing the Registrar to register the land in the name of the company, said land had been
Capitalised.During the year under review, the title deeds of the said land were formally registered in the Company’s
name.

NOTE 51

During the previous year, Income tax exemption (Long term capital Gains) was claimed under section 47 of Income
tax act 1961 in regard to sale of land to wholly owned Subsidiary which meant that tax obligations if any will be
considered in the year in which the transaction is effected by the provisions of section 47(A) i.e. when the wholly
owned subsidiary ceases to be so.

During the year under review, with the induction of a new investor into the subsidiary the said relationship as a wholly
owned subsidiary ceased to exist and consequently the previously exempted capital gain became taxable. As a result
the Company has recognized a capital gain tax liability amounting to ?16.90 Crores.

Subsequent Events

1. M/s. WSI-P&C Verticals Private Limited, a wholly owned subsidiary of the Company, had entered into a binding
agreement for the acquisition of immovable property/undertaking measuring 74.94 acres at No.34, Sandavellur
Village, Sriperumbudur Taluk, Kancheepuram District, Tamil Nadu, for a total consideration of ?54.66 Crores as
on 10th January, 2025. Subsequently, for administrative convenience, the Board of Directors of the Company at
their meeting held on 11th April 2025 has approved the proposal to acquire the said property in the name of the
holding company, M/s. W.S. Industries (India) Limited. The transaction is being executed through Kotak Alternate
Asset Managers Limited (formerly known as Kotak Investment Advisors Limited), acting as the Constituted
Attorney on behalf of the following sellers: M/s. IVR Hotels and Resorts Limited, M/s. Eluru Developers Private
Limited, M/s. First STP Private Limited, M/s. Palladium Infrastructures & Projects Limited, M/s. Geo IVRCL
Engineering Limited, M/s. Rihim Developers Private Limited, M/s. IVRCL PSC Pipes Private Limited, M/s. Geo
Prime Developers Private Limited, M/s. Kasibugga Developers Private Limited, M/s. Theta Developers Private
Limited, and M/s. Vijayawada Developers Private Limited.

2 Shifting of the Registered Office from 108, Mount Poonamallee Road, Porur, Chennai-600116 to 3rd Floor, New
No.48, Old No.21, Savidhaanu Building, Casa Major Road, Egmore, Chennai-600008.

c) Details of Benami property held:

No proceedings have been initiated on or are pending against the Company for holding benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

d) Borrowing secured against current assets

Credit facilities amounting to ?15 crores (fund-based) and ?10 crores (non-fund-based) were extended to the
Company by banks for its operations secured against stock and book debts and cash margin of ?6.25 crores
during the period under review.

e) Wilful defaulter

The company has not been declared Wilful defaulter by any bank or financial institution or government or any
government authority.

f) Registration of charges

The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

g) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

h) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.

i) Utilization of borrowed funds and share premium

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.

j) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous financial year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

k) 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.

l) Valuation of PP&E, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous financial year.

m) Loans & Advances

There are no loans or advances in the nature of loans granted to promoter, directors, KMPs and related parties
(as defined under companies act, 2013), that are

a) Repayable on demand, or

b) Without specifying any terms or period of repayment.

NOTE 54

Figures have been regrouped/reclassified wherever necessary, to conform to this year’s classifications.

As per our report of even date For and on behalf of the Board of Directors

For M/s. Brahmayya & Co., SEYYADURAI NAGARAJAN C.K.VENKATACHALAM

Chartered Accountants CHAIRMAN MANAGING DIRECTOR

Firm No.: 000511S DIN: 07036078 DIN: 00125459

N.SRI KRISHNA
PARTNER

Membership No.: 026575

Place : Chennai T.R.SIVARAMAN V.BALAMURUGAN

Date : 27th May 2025 CHIEF FINANCIAL OFFICER COMPANY SECRETARY