(p) Provisions, contingent liabilities and contingent assets

(i) Provisions are recognised when the Company's has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses. Provisions are measured at the present value of management's best
estimate of the expenditure required to settle the present obligation at the end of the reporting period.

Provisions (excluding retirement benefits) are discounted using pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised
as interest expense

(ii) A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the Group. The Group does not recognize a
contingent liability but discloses its existence in the financial statements.

(iii) Contingent assets are not recognized, but disclosed in the financial statements where an inflow of economic benefit is
probable.

(q) Leases

The Company has adopted Ind AS 116-Leases effective 01 April, 2019, using the modified retrospective method. The Group has
applied the standard to its leases with the cumulative impact recognised on the date of initial application (1st April, 2019).
Accordingly, previous period information has not been restated.

The Company's lease asset classes primarily consist of leases for buildings. The Company assesses whether a contract is or
contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether:(I) the contract involves the use of an identified asset (ii) the Company has
substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to
direct the use of the asset.

At the date of commencement of the lease, the Company recognises a right-of-use asset (“ROU") and a corresponding lease liability
for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short term leases) and
leases of low value assets. For these short term and leases of low value assets, the Group recognises the lease payments as an
operating expense on a straight line basis over the term of the lease.

3. Significant accounting judgements, estimates and assumptions

The preparation of the Company's financial statements in conformity with Ind AS requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Estimates and judgements are continuously evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable. Uncertainty about
these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

a) Classification of property

The Company determines whether a property is classified as investment property or inventory:

Investment property comprises land and buildings that are not occupied substantially for use by, or in the operations of, the
Company, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation.
These buildings are substantially rented to tenants and not intended to be sold in the ordinary course of business.

Inventory comprises property that is held for sale in the ordinary course of business. Principally, the Company develops and
intends to sell before or on completion of construction.

b) Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted
prices in active markets, their fair value is measured using appropriate valuation techniques. The inputs to these models are taken

from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair
values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about
these factors could affect the reported fair value of financial instruments.

c) Evaluation of performance obligation over time

Determination of revenues over time necessarily involves making estimates, some of which are of a technical nature, concerning,
where relevant, costs to completion, the expected revenues from the project or activity and the foreseeable losses to completion.
Estimates of project income, as well as project costs, are reviewed periodically. The effect of changes, if any, to the estimates is
recognised in the financial statements for the period in which such are determined.

d) Taxes

The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to scrutiny based on
latest information available. For matters where it is probable that an adjustment will be made, the Company records its best
estimates of the tax liability in the current tax provision. The Management believes that they have adequately provided for the
probable outcome of these matters.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against
which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets
that can be recognised, based upon the likely timing and the level of future taxable profits.

e) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions
include discount rate, trends in salary escalation and attrition rate. The discount rate is determined by reference to market yields
at the end of the reporting period on government securities.

(ii) On October 29, 2024 Board of Directors, approved the allotment of 14,70,000 fully paid equity shares of ^ 10 each at a price of ^ 62 per
equity share, including a premium of ^ 52 per share, on preferencial basis, for an aggregate consideration of ^ 911.40 lakhs to Non¬
Promoters category.

(iii) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of ^ 10 per share. Each holder of equity shares is entitled to one vote
per share. The Company declares and pays dividend in Indian rupees. The final dividend when 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 of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.

Note - 33 Financial risk management objectives and policies

The Company's principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance and support Company's operations. The Company's principal financial assets include loans given, trade and
other receivables, cash and cash equivalents, other bank balances and refundable deposits that are derived directly from its
operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of
these risks. The Company's senior management ensures that the Company's financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and
risk objectives. The Board of Directors review and agree policies for managing each of these risks.

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

(i) Market risk

Market risk arises from the Company's use of interest bearing financial instruments. It is the risk that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial
instruments affected by market risk include borrowings, loans given, fixed deposits and refundable deposits.

a. 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 Group is not exposed to the risk of changes in market interest rates as the funds borrowed by the
Company is at fixed interest rate.

b. Foreign currency risk

Currency risk is not material, as the Company's primary business activities are within India and does not have significant
exposure in foreign currency.

(ii) Credit risk

Credit risk is the risk that 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 from its operating activities (primarily trade receivables) and from its
financing activities including security deposits, advance to employees/suppliers and other financial instruments.

b) Financial instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash and cash
equivalents, investments, loans to related parties and other parties, other receivables and deposits, the Company's exposure to
credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company's treasury in accordance with the Company's policy. The Group
limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not
expect any counter party to fail in meeting its obligations.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its
risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments
and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of the treasury team. The objective is to
optimize the efficiency and effectiveness of the management of the Company's capital resources. The Company’s objective is to
maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate
reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of
financial assets and liabilities.

Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to
maximise the shareholders' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Note-35 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments could be exchanged in a current

transaction between willing parties other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities,
approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as
interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account
for the expected losses of these receivables.

Note-36 Employee benefits

Defined benefit plans:

Gratuity

The Companyis exposed to various risks in providing the gratuity benefit which are as follows:

Interest rate risk:

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost
of providing the above benefit and will thus result in an increase in the value of the liability.

Liquidity risk:

This is the risk that the Company will not able to meet the short-term gratuity payouts. This may arise due to non availabilty of
enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary escalation risk:

The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in
future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine
the present value of obligation will have a bearing on the plan's liabilty.

Demographic risk:

The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk
of actual experience turning out to be worse compared to the assumption.

Note - 45

Pursuant to the notification issued by the Ministry of Corporate Affairs (MCA), effective April 1, 2023, it is mandatory for every
company maintaining its books of accounts using accounting software to ensure that the software includes an audit trail (edit log)
feature. This feature must record each and every transaction, log all changes made (including the date of such changes), and must not
allow the audit trail functionality to be disabled.

The Company is in compliance with the aforementioned requirement and currently uses Tally Edit Log, an accounting software
solution that fully supports audit trail functionalities. This software automatically records an edit log for every transaction, including
modifications, along with timestamps. Furthermore, the audit trail feature in Tally Edit Log cannot be disabled, ensuring the integrity
and traceability of the accounting data.

In addition to the use of compliant software, and to mitigate risks associated with unauthorized direct changes at the database level,
the Company has established and implemented appropriate alternate mitigating controls. These controls are designed to detect,
prevent, and address any potential deviations from standard accounting practices, thereby ensuring comprehensive compliance with
the MCA guidelines.

Note - 46 Debit and Credit balances are subject to confirmation and reconciliation if any.

Note - 47 Previous year figures have been rearranged / recompanyed, wherever necessary in terms of current year's
companying.

For and on behalf of the Board

For Mittal Agarwal & Company Deepesh Mittal Vidip Jatia Namita Jatia

Chartered Accountants Partner Managing Director & CFO Executive Director

Registration No. 131025W M. No. 539486 DIN: 06720329 DIN: 07660840

Date : 30th May, 2025 Place : Pune