(a) The recoverable amounts of the investments in subsidiaries have been computed based on value in use of the underlying properties, computed semi-annually in March and September of each financial year. The value in use is determined by L Anuradha, independent external property valuers appointed under Regulation 21 of REIT regulations, having appropriately recognised professional qualifications and recent experience in the location and category of the properties being valued in conjunction with value assessment services undertaken by Cushman & Wakefield India Private Limited on discounted cash flow method.

During the year, the Trust has recognised an impairment loss on its investment in the subsidiary namely Quadron Business Park Private Limited amounting to H2,336.42 million (31^st March 2024 : 711.89 million), primarily due to slower-than-anticipated lease-up of commercial properties and impairment loss on investment in Embassy Energy Private Limited amounting to H667.36 (31 March 2024 : Nil), following a reduction in applicable tariffs as per the order dated 27 March 2025 issued by the Karnataka Electricity Regulatory Commission (KERC). This tariff revision is expected to impact the revenue and Net Operating Income (NOI) of EEPL. The total impairment recognized in the Profit and Loss account for the year stood at H3,003.78 million.

Considering the ramp up of room occupancy and recovery in the Hospitality business operations of Umbel Properties Private Limited, the Trust had updated the financial projections basis which the future cash flows was estimated for the purpose of determining the recoverable amount of the subsidiary as at 31 March 2024. Since the recoverable amount was exceeding the carrying value of the subsidiary as at 31 March 2024, the Trust had reversed the impairment loss of H1,348.68 million and recognised in the statement of profit and loss during the year ended 31 March 2024.

4.    Tenure : Debentures shall be redeemed 7 years from the deemed date of allotment. Early redemption of debentures shall be permitted subject to availability of Net cash flows on such date.

5.    With effect from 27 September 2024, the parties have amended the terms to the existing debenture agreement as follows:

a.    Interest rate : 8.50% p.a.

b.    Tenure : 10 years EMI structure. Interest reset every 3 years to be mutually agreed between the parties.

c.    Security : The debentures are secured by first ranking exclusive security interest over identified land and building of Embassy Golflinks Business Park.

d.    Other terms : No pre-payment rights till 2 years 6 months.

(d) Investment in debentures of joint venture entity

1.    1,800 (31 March 2024: Nil) unlisted, unrated, secured, redeemable, non-convertible debentures of Golflinks Software Parks Private Limited with face value of HI,000,000 each was issued on 27 September 2024. Outstanding (including current investments) as on 31 March 2025 of H1,526.24 million (31 March 2024 : HNil).

2.    Interest Rate : 8.50% p.a

3.    Security : The debentures are secured by first ranking exclusive security interest over identified land and building of Embassy Golflinks Business Park.

4.    Tenure : 10 year EMI structure. Interest reset every 3 years to be mutually agreed between the parties.

5.    Other terms : No pre-payment rights till 2 years 6 months.

(c) Investment in debentures of joint venture entity

1.    9,500 (31 March 2024: 9,500) unlisted, unrated, secured, redeemable, non-convertible debentures of Golflinks Software Parks Private Limited with face value of H1,000,000 each was issued on 6 April 2022 as per agreement dated 5 April 2022. Outstanding (including current investments) as on 31 March 2025 of H5,829.73 million (31 March 2024 : H6,700.00 million).

2.    Interest Rate : 8.15% p.a. on monthly outstanding balance.

3.    Security : The debentures are secured by first ranking exclusive security interest over identified land and building of Embassy Golflinks Business Park.

Terms attached to loan to subsidiaries

Security: Unsecured

Interest: 12.50% per annum. The Lender may reset the rate of interest applicable to all or any tranche of the loan amount on: (i) any drawdown date; and (ii) any interest payment date prior to the repayment date, by giving a notice of not less than 5 (five) days to the borrower, provided that pursuant to any such reset, the interest rate shall continue to be not less than 12.50% per annum and not more than 14.00% per annum for any disbursements of the loan amount out of the proceeds of Listing.

Repayment:

(a)    Bullet repayment on the date falling at the end of 15 (fifteen) years from the first drawdown date.

(b)    Early repayment option (wholly or partially) is available to the borrower (SPV’s).

Terms attached to loan to subsidiaries

Security: Unsecured

Interest: 12.50% per annum. The Lender may reset the rate of interest applicable to all or any tranche of the loan amount on: (i) any drawdown date; and (ii) any interest payment date prior to the repayment date, by giving a notice of not less than 5 (five) days to the borrower.

Repayment: Bullet repayment and to be payable within 364 days from the date of disbursement. Early repayment option (wholly or partially) is available to the borrower (SPV’s).

(a) Terms/rights attached to Units

The Trust has only one class of Units. Each Unit represents an undivided beneficial interest in the Trust. Each holder of Units is entitled to one vote per unit. The Unitholders have the right to receive at least 90% of the Net Distributable Cash Flows of the Trust at least once in every six months in each financial year in accordance with the REIT Regulations. The Board of Directors of the Manager approves distributions to Unitholders. The distribution will be in proportion to the number of Units held by the Unitholders. The Trust declares and pays distributions in Indian Rupees.

Under the provisions of the REIT Regulations, Embassy Office Parks REIT is required to distribute to Unitholders not less than 90% of the net distributable cash flows of Embassy Office Parks REIT for each financial year. Accordingly, a portion of the Unitholders’ funds contains a contractual obligation of the Trust to pay cash to the Unitholders. Thus, in accordance with the requirements of Ind AS 32 - Financial Instruments: Presentation, the Unit Capital should have been classified as compound financial instrument which contains both equity and liability components. However, the SEBI master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2024/43 dated 15 May 2024 issued under the REIT Regulations, and Section H of Chapter 3 to the SEBI master circular dated 15 May 2024 dealing with the minimum presentation and disclosures for key financial statements, require the Unit Capital in entirety to be presented/classified as "Equity”, which is at variance from the requirements of Ind AS 32. In order to comply with the aforesaid SEBI requirements, the Embassy Office Parks REIT has presented unit capital as equity in these financial statements. Consistent with Unitholders’ funds being classified as equity, the distributions to Unitholders are also being presented in Statement of Changes in Unitholders’ Equity and not as finance cost. In line with the above, the dividend payable to Unitholders is recognised as liability when the distributions are approved by the Board of Directors of the Investment Manager.

(c) The Trust has not allotted any fully paid-up units by way of bonus units nor has it bought back any class of units during the period of five years immediately preceding the balance sheet date. Further, the Trust had issued an aggregate of 111,335,400 Units at a price of H331.00 each for consideration other than cash during the period of five years immediately preceding the balance sheet date.

Note:

A 100,000 (31 March 2024: Nil) Embassy REIT Series XII, Non-Convertible debentures (NCD) 2024, face value of 7100,000 each

In December 2024, the Trust issued 100,000 listed, Dual AAA rated, secured, redeemable, transferable and non-convertible Embassy REIT Series XII NCD 2024 debentures having face value of H1 lakh each amounting to H10,000 million with a coupon rate of 7.73% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 18 December 2024.

Security terms :

The NCD’s are secured against each of the following in favour of the Debenture Trustee (holding for the benefit of the Debenture Holders):

1.    A first ranking pari passu charge by way of mortgage over multi-storied office building known by the name "Express Towers” with leasable area of 475,587 sq.ft along with underlying freehold land admeasuring 5,918.11 square meters

2.    A first ranking pari passu pledge created by Embassy REIT over its shareholding in EPTPL & IENMPL

3.    A first ranking pari passu charge by way of hypothecation created by Embassy REIT over identified receivables from EPTPL and IENMPL

4.    A first ranking pari passu charge by way of hypothecation created by EPTPL & IENMPL over identified bank accounts and receivables.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date

2.    These Debentures will be redeemed on the expiry of 4 Years and 363 days from Date of Allotment at par on 14 December 2029.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

The Trust has maintained security cover of 2.96 times as at 31 March 2025, which is higher than the limit of 2 times stipulated in the debenture trust deed dated 13 December 2024.

B 50,000 (31 March 2024: 50,000) Embassy REIT Series VIII Non-Convertible debentures (NCD) 2023, face value of 7100,000 each

In August 2023, the Trust issued 50,000 listed, Dual AAA rated, secured, redeemable, transferable and non-convertible Embassy REIT Series VIII NCD 2023 debentures having face value of H1 lakh each amounting to H5,000 million with a coupon rate of 8.10% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 30 August 2023.

Security terms :

The NCD’s are secured against each of the following in favour of the Debenture Trustee (holding for the benefit of the Debenture Holders):

1.    A first ranking charge by way of mortgage over commercial development along with undivided share of approximately 0.896 Acres (39,052.04 square feet) (i.e., 15.96% in the larger property) totally admeasuring to 1,94,947.56 square feet along with 254 car parking associated with the commercial development known as Embassy One.

2.    A first ranking pari passu charge by way of mortgage created by SIPL on the constructed, under-construction buildings, erections, constructions of every description and related parcels identified as Block 9, admeasuring 1.1 million square feet and forming part of the development known as Embassy TechVillage to the extent of H1,500 million (SIPL Guarantee Amount).

3.    A first ranking pledge created by Embassy REIT over its shareholding in QBPPL.

4.    A first ranking charge by way of hypothecation created by QBPPL including over receivables.

5.    A first ranking charge by way of hypothecation by SIPL including over identified bank accounts and receivables to the extent of SIPL guarantee Amount.

6.    A corporate guarantee issued by QBPPL.

7.    A corporate guarantee issued by SIPL upto an extent of SIPL guarantee amount.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date.

2.    These Debentures will be redeemed on the expiry of 60 months from Date of Allotment at par on 28 August 2028.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    The issuer shall have the option of redeeming all or part of the Series VIII debentures on a prorata basis at any time on a specified call option date (between February 2028 to May 2028) delivering a Call Option Notice to the debenture holders prior to the relevant call option date, subject to certain agreed minimum aggregate nominal value of debentures being redeemed.

The Trust has maintained security cover of 4.01 times as at 31 March 2025, which is higher than the limit of 2 times stipulated in the debenture trust deed dated 25 August 2023.

C 90,000 (31 March 2024: Nil) Embassy REIT Series XI, Non-Convertible debentures (NCD) 2024, face value of 7100,000 each

In September 2024, the Trust issued 90,000 listed, AAA rated, secured, redeemable, transferable and non-convertible Embassy REIT Series XI NCD 2024 debentures having face value of H1 lakh each amounting to H9,000 million with a coupon rate of 7.96% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 27 September 2024.

Security terms :

The NCD’s are secured against each of the following in favour of the Debenture Trustee (holding for the benefit of the Debenture Holders) :

1.    A first ranking charge by way of mortgage created on the constructed buildings and related parcels identified as Tower A, Tower B and Tower C, having aggregate leasable area of 1,186,149 sq ft and underlying land situated at Embassy 247, Mumbai.

2.    A first ranking pledge created by Embassy REIT over its shareholding in VCPPL.

3.    A first ranking charge by way of hypothecation created by Embassy REIT over identified receivables from VCPPL.

4.    A first ranking charge by way of hypothecation created by VCPPL over identified bank accounts and receivables.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date.

2.    These Debentures will be redeemed on the expiry of 3 Years and 1 days from Date of Allotment at par on 27 September 2027.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

The Trust has maintained security cover of 2.21 times as at 31 March 2025, which is higher than the limit of 2 times stipulated in the debenture trust deed dated 25 September 2024.

D 10,000 (31 March 2024: 10,000) Embassy REIT Series VI - Non-Convertible debentures (NCD) 2022, face value of 71,000,000 each

In April 2022, the Trust issued 10,000 listed, AAA rated, secured, redeemable, transferable and nonconvertible Embassy REIT Series VI NCD 2022 debentures having face value of H1 million each amounting to H10,000 million with a coupon rate of 7.35% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 07 April 2022.

Security terms :

The NCD’s are secured against each of the following in favour of the Security Trustee (holding for the benefit of the Debenture Trustee and ranking pari passu inter se the Debenture Holders) :

1.    A sole and exclusive first ranking pari passu pledge created by MPPL over the 50% shareholding of GLSP.

2.    A sole and exclusive first ranking pari passu pledge created by Embassy REIT over all the debentures issued by GLSP ("GLSP NCDs”)

3.    A first ranking pari passu charge by way of hypothecation created by Embassy REIT over the identified receivables/ cashflows of GLSP NCDs issued by GLSP.

4.    A first ranking pari passu charge by way of hypothecation created by MPPL over the identified receivables from GLSP.

5.    A corporate guarantee issued by MPPL. Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date.

2.    These Debentures will be redeemed on the expiry of 60 months from Date of Allotment at par on 05 April 2027.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    The issuer shall have the option of redeeming all or part of the Series VI debentures on a prorata basis at any time on a specified call option date (October 2026) delivering a Call Option Notice to the debenture holders prior to the relevant call option date, subject to certain agreed minimum aggregate nominal value of debentures being redeemed.

The Trust has maintained security cover of 4.11 times as at 31 March 2025, which is higher than the limit

of 2 times stipulated in the debenture trust deed dated 31 March 2022.

E 11,000 (31 March 2024: 11,000) Embassy REIT Series V - Series B, Non-Convertible debentures (NCD) 2021, face value of 71,000,000 each

In October 2021, the Trust issued 11,000 listed, AAA rated, secured, redeemable, transferable and nonconvertible Embassy REIT Series V NCD 2021 (Series B) debentures having face value of HI million each amounting to H11,000 million with a coupon rate of 7.05% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 20 October 2021.

Security terms :

The NCD’s are secured against each of the following in favour of the Security Trustee (holding for the benefit of the Debenture Trustee and ranking pari passu inter se the Debenture Holders):

1.    A first ranking pari passu charge by way of mortgage created by MPPL on the constructed buildings and related parcels identified as Magnolia (Block B), Pine (Block L5), Mountain Ash (Block H2), Silver Oak (Block E2) and Mfar-Philips Building having an aggregate leasable area of 20,23,051 sq ft and land admeasuring 11.530 acres forming part of the development known as Embassy Manyata Business Park.

2.    A first ranking pari passu pledge created by Embassy REIT over its shareholding in MPPL; known as "Secured SPV”.

3.    A first ranking pari passu charge by way of hypothecation created by Embassy REIT over the identified receivables from MPPL.

4.    A first ranking pari passu charge by way of hypothecation created by MPPL over identified bank accounts and receivables.

5.    A corporate guarantee issued by MPPL.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date.

2.    These Debentures will be redeemed on the expiry of 60 months from Date of Allotment at par on 18 October 2026.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    The issuer shall have the option of redeeming all or part of the Series V (Series B) debentures on a pro-rata basis at any time on a specified call option date (between April 2026 to July 2026) delivering a Call Option Notice to the debenture holders prior to the relevant call option date, subject to certain agreed minimum aggregate nominal value of debentures being redeemed.

The Trust has maintained security cover of 2.99 times as at 31 March 2025, which is higher than the limit of 2.04 times stipulated in the debenture trust deed dated 18 October 2021.

F 3,000 (31 March 2024: 3,000) Embassy REIT Series IV, Non-Convertible debentures (NCD) 2021, face value of 71,000,000 each

In September 2021, the Trust issued 3,000 listed, AAA rated, secured, redeemable, transferable and non-convertible Embassy REIT Series IV NCD 2021 debentures having face value of H1 million each amounting to H3,000 million with a coupon rate of 6.80% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 9 September 2021.

Security terms

The NCD’s are secured against each of the following in favour of the Security Trustee (holding for the benefit of the Debenture Trustee and ranking pari passu inter se the Debenture Holders):

1.    A first ranking pari passu charge by way of mortgage created by SIPL on the constructed, under-construction buildings, erections, constructions of every description and related parcels identified as Block 9, admeasuring 1.1 million square feet and forming part of the development known as Embassy TechVillage.

2.    A first ranking pari passu pledge created by the Embassy REIT over its shareholding in SIPL; known as the "Secured SPV”.

3.    A first ranking pari passu charge by way of hypothecation created by Embassy REIT over identified receivables from SIPL

4.    A first ranking pari passu charge by way of hypothecation created by SIPL over all current and future movable assets, including identified bank accounts and receivables.

5.    A corporate guarantee issued by SIPL.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption Date

2.    These debentures will be redeemed on the expiry of 60 months from the Date of Allotment for the Debentures at par on 7 September 2026.

3.    In case of downgrading of credit rating , the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    The issuer shall have the option of redeeming all or part of the debentures on a pro-rata basis at any time on a specified call option date (between March 2026 to August 2026) by delivering a Call Option Notice to the debenture holders prior to the relevant call option date, subject to certain agreed minimum aggregate nominal value of debentures being redeemed.

The Trust has maintained security cover of 2.57 times as at 31 March 2025, which is higher than the limit of 2.04 times stipulated in the debenture trust deed dated 3 September 2021.

G 105,000 (31 March 2024: 105,000) Embassy REIT Series VII Non-Convertible debentures (NCD) 2023, face value of 7100,000 each

In June 2023, the Trust issued 105,000 listed, AAA rated, secured, redeemable, transferable and non-convertible Embassy REIT Series VII NCD 2023 debentures having face value of H1 lakh each amounting to H10,500 million with a coupon rate of 7.77% p.a. payable quarterly.

The debentures described above were listed on the

Bombay Stock Exchange on 7 June 2023.

Security terms :

The NCD’s are secured against each of the following

in favour of the Debenture Trustee (holding for the

benefit of the Debenture Holders):

1.    A first ranking charge by way of mortgage over the two levels of basements, portion of ground and 1^st floor and entire 2^nd to 7^th floors totally admeasuring 2,26,663 square feet, together with 54.2% undivided interest in the underlying land, common areas and voting rights in the building known as First International Financial Centre owned by ETPL

2.    A first ranking pledge created by Embassy REIT over its shareholding in ETPL and GSPL; known as "Secured SPVs”.

3.    A first ranking charge by way of hypothecation created by Embassy REIT over the identified receivables from ETPL and GSPL.

4.    A first ranking charge by way of hypothecation by ETPL including over identified bank accounts and receivables.

5.    A corporate guarantee issued by ETPL and GSPL.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date.

2.    These Debentures will be redeemed on the expiry of 24 months from Date of Allotment at par on 5 June 2025.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    The issuer shall have the option of redeeming all or part of the Series VII debentures on a pro-rata basis at any time on a specified call option date (March 2025) delivering a Call

Option Notice to the debenture holders prior to the relevant call option date, subject to certain agreed minimum aggregate nominal value of debentures being redeemed.

5. These debentures are due for maturity on 5 June 2025, hence have been disclosed under short term borrowings as at 31 March 2025 (refer note ).

The Trust has maintained security cover of 2.51 times as at 31 March 2025, which is higher than the limit of 2 times stipulated in the debenture trust deed dated 1 June 2023.

H 50,000 (31 March 2024: 50,000) Embassy REIT Series IX Non-Convertible debentures (NCD) 2023, face value of 7100,000 each

In September 2023, the Trust issued 50,000 listed, AAA rated, secured, redeemable, transferable and non-convertible Embassy REIT Series IX NCD 2023 debentures having face value of H1 lakh each amounting to H5,000 million with a coupon rate of 8.03% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 04 September 2023.

Security terms :

The NCD’s are secured against each of the following in favour of the Debenture Trustee (holding for the benefit of the Debenture Holders):

1.    A first ranking pari passu charge by way of mortgage over multi-storied office building known by the name "Express Towers” with leasable area of 475,587 sq.ft along with underlying freehold land admeasuring 5,918.11 square meters

2.    A first ranking pari passu pledge created by Embassy REIT over its shareholding in EPTPL & IENMPL.

3.    A first ranking pari passu charge by way of hypothecation created by Embassy REIT over identified receivables from EPTPL and IENMPL.

4.    A first ranking pari passu charge by way of hypothecation created by EPTPL & IENMPL over identified bank accounts and receivables.

5.    A corporate guarantee issued by EPTPL & IENMPL.

Redemption terms :

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date.

2.    These Debentures will be redeemed on the expiry of 24 months from Date of Allotment at par on 04 September 2025.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    The issuer shall have the option of redeeming all or part of the Series IX debentures on a pro-rata basis at any time on a specified call option date (June 2025) delivering a Call Option Notice to the debenture holders prior to the relevant call option date, subject to certain agreed minimum aggregate nominal value of debentures being redeemed.

5.    These debentures are due for maturity on 4 September 2025, hence have been disclosed under short term borrowings as at 31 March 2025 (refer note 15).

The Trust has maintained security cover of 2.96 times as at 31 March 2025, which is higher than the limit of 2 times stipulated in the debenture trust deed dated 30 August 2023.

I 100,000 (31 March 2024: 100,000 ) Embassy REIT Series X Non-Convertible debentures (NCD) 2024, face value of 7100,000 each

In January 2024, the Trust issued 100,000 listed, AAA rated, secured, redeemable, transferable and non-convertible Embassy REIT Series X NCD 2024 debentures having face value of H1 lakh each amounting to H10,000 million with a coupon rate of 8.17% p.a. payable quarterly.

The debentures described above were listed on the

Bombay Stock Exchange on 10 January 2024.

Security terms :

The NCD’s are secured against each of the following

in favour of the Debenture Trustee (holding for the

benefit of the Debenture Holders):

1.    A first ranking charge by way of mortgage created by VTPL on the constructed buildings and related parcels identified as Block 2 having an aggregate leasable area of 19,15,325 square feet and forming part of the development known as Embassy TechVillage together with portion of land admeasuring 12.93 acres on which the aforesaid buildings are constructed.

2.    A first ranking pledge created by Embassy REIT over its shareholding in VTPL.

3.    A first ranking charge by way of hypothecation created by Embassy REIT over identified receivables from VTPL.

4.    A first ranking charge by way of hypothecation created by VTPL over identified bank accounts and receivables.

5.    A corporate guarantee issued by VTPL.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the Scheduled Redemption date.

2.    These Debentures will be redeemed on the expiry of 19 months and 27 days from Date of Allotment at par on 05 September 2025.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by

0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    These debentures are due for maturity on 5 September 2025, hence have been disclosed under short term borrowings as at 31 March 2025 (refer note 15).

The Trust has maintained security cover of 2.26 times as at 31 March 2025, which is higher than the limit of 2 times stipulated in the debenture trust deed dated 5 January 2024.

J Rating agency CRISIL has assigned a rating of "CRISIL AAA/Stable” to Embassy REIT Series IV NCD 2021, Embassy REIT Series V NCD 2021, Embassy REIT Series VI NCD 2022, Embassy REIT Series VII NCD 2023, Embassy REIT Series IX NCD 2023, Embassy REIT Series X NCD 2024 & Embassy REIT Series XI NCD 2024.

The Embassy REIT Series VIII NCD 2023 and Embassy REIT Series XII NCD 2024 have been rated by CRISIL and CARE. CRISIL has assigned a rating of ‘CRISIL AAA/Stable’ and CARE has assigned rating of ‘CARE AAA/Stable”.

i)    Total debts to total assets = Total debt / Total assets

j)    Net profit margin = Profit after tax / Total income

*Total borrowings of the Trust = Long-term borrowings + Short-term borrowings Unitholder’s Equity = Unit Capital + Other equity

L Lender 1 [balance as at 31 March 2025 : 73,228.01 million (31 March 2024: 7,573.80 million)]

1.    Exclusive charge by way of mortgage created on the constructed buildings and related parcels identified as Block IT 3, Block IT 4, Block IT 5 and Block IT 6, having aggregate leasable area of 996,655 sq ft and underlying land situated at Embassy Qubix, Pune.

2.    Exclusive charge by way of hypothecation created by QBPPL over identified bank accounts and receivables.

3.    A corporate guarantee issued by QBPPL.

a)    Asset cover ratio = Total borrowings of the Trust */ Gross asset value of the Subsidiaries and Joint venture of the Trust as computed by independent valuers

b)    Debt equity ratio = Total borrowings of the Trust * / Unitholders’ Equity

c)    Debt Service Coverage Ratio = Earnings before Finance costs, Depreciation, Amortisation, Impairment Loss and Tax /[Finance cost + Principal repayments made during the year to the extent not repaid through debt or equity]

d)    Interest Service Coverage Ratio = Earnings before Finance costs, Depreciation, Amortisation, Impairment Loss and Tax / Finance cost

e)    Net worth = Unit capital + Other equity

f)    Current ratio = Current Assets / Current liabilities

g)    Long term debt to working capital = Long term debt* (Non current) / working capital (i.e., Current assets less current liabilities)

h)    Current liability ratio = Current liabilities / Total liabilities

A Nil (31 March 2024:    20,000) Embassy

REIT Series V - Series A, Non-Convertible debentures (NCD) 2021, face value of J1,000,000 each

In October 2021, the Trust issued 20,000 listed, AAA rated, secured, redeemable, transferable and nonconvertible Embassy REIT Series V NCD 2021 (Series A) debentures having face value of H1 million each amounting to H20,000 million with a coupon rate of 6.25% p.a. payable quarterly.

The debentures described above were listed on the Bombay Stock Exchange on 20 October 2021.

Security terms :

The NCD’s are secured against each of the following in favour of the Security Trustee (holding for the benefit of the Debenture Trustee and ranking pari passu inter se the Debenture Holders):

1.    A first ranking pari passu charge by way of mortgage created by MPPL on the constructed buildings and related parcels identified as Palm (Block F3), Mahogany (Block F2), Mulberry (Block G1), Ebony (Block G2), G Bridge (G1 & G2), Teak (Block G3), Cypress (Block D4), Beech (Block E1) and Mfar - Green Phase 4, having an aggregate leasable area of 40,16,856 sq ft and land admeasuring 30.856 acres, forming part of the development known as Embassy Manyata Promoters Business Park.

2.    A first ranking pari passu pledge created by Embassy REIT over its shareholding in MPPL; known as "Secured SPV”.

3.    A first ranking pari passu charge by way of hypothecation created by Embassy REIT over the identified receivables from MPPL.

4.    A first ranking pari passu charge by way of hypothecation created by MPPL over identified bank accounts and receivables.

5.    A corporate guarantee issued by MPPL.

Redemption terms:

1.    Interest is payable on the last day of each financial quarter in a year until the scheduled redemption date.

2.    These debentures were redeemed on the expiry of 36 months from date of allotment at par on 18 October 2024.

3.    In case of downgrading of credit rating, the coupon rate shall increase by 0.25% - 1.00% over and above the applicable coupon rate calculated from the date of change of rating. In case of any subsequent upgrading of credit rating, the coupon rate shall restore/decrease by 0.25% - 1.00% over and above the coupon rate calculated from the date of change of rating.

4.    The issuer shall have the option of redeeming all or part of the Series V (Series A) debentures on a pro-rata basis at any time on a specified call option date (between April 2024 to July 2024) by delivering a Call Option Notice to the debenture holders prior to the relevant call option date, subject to certain agreed minimum aggregate nominal value of debentures being redeemed.

5. These debentures were redeemed on 18 October 2024 as per the terms of the debenture trust deed.

B 8,500 (31 March 2024: Nil) Embassy REIT Commercial Paper (Series D), face value of J500,000 each

On 13 February 2025 Embassy Office Parks REIT issued 8,500 Commercial Papers with a face value of H500,000 (Rupees five lakhs only) each, at a discount of 7.75% per annum to the face value. The discounted amount raised through Commercial Papers was H3,945.09 million and the value payable on maturity is H 4,250 million, Discount on Commercial papers is amortised over the tenor of the underlying instrument. The commercial papers were listed on BSE and is due for maturity on 12 February 2026.

discount of 8.30% per annum to the face value. The discounted amount raised through Commercial Papers was H6,925.20 million and the value payable on maturity is H7,500 million, Discount on Commercial papers is amortised over the tenor of the underlying instrument. The Commercial papers were listed on BSE and were fully redeemed on 7 January 2025.

E Nil (31 March 2024: 5,000) Embassy REIT Commercial Paper (Series A), face value of J 500,000 each

On 8 January 2024 Embassy Office Parks REIT issued 5,000 Commercial Papers with a face value of H500,000 (Rupees five lakhs only) each, at a discount of 8.20% per annum to the face value. The discounted amount raised through Commercial Papers was H2,414.30 million and the value payable on maturity is H2,500 million, Discount on Commercial papers is amortised over the tenor of the underlying instrument. The commercial papers were listed on BSE and were fully redeemed on 14 June 2024.

25 Earnings Per Unit (EPU)

Basic EPU amounts are calculated by dividing the profit for the year attributable to Unitholders by the weighted average number of units outstanding during the year. Diluted EPU amounts are calculated by dividing the profit attributable to unitholders by the weighted average number of units outstanding during the year plus the weighted average number of units that would be issued on conversion of all the dilutive potential units into unit capital.

*The Trust was assessed u/s. 143(3) of the Income Tax Act, 1961 for the AY 2021-22 on account of disallowance of expenses claimed u/s 35D of the Act. Aggrieved by the assessment order, the Trust had filed an appeal before CIT(A). CIT(A) dismissed the appeal in favour of Tax Department. Aggrieved by CIT(A) order, the Trust has filed an appeal before Hon’ble Income-tax Appellate Tribunal . Further, the CIT(A) has directed the Tax Department to recompute the tax liability in accordance with provisions of the law for the rectification matter involved. Accordingly, the contingent liability has been disclosed as HNil (31 March 2024: H15.66 million).

**The Trust had received an order dated 19 August 2024 for demand of tax on corporate guarantee given by Trust amounting to H30.92 million relating to period from 1 April 2019 to 31 March 2020. Aggrieved by the said order, the Trust has filed an appeal before the Joint Commissioner (Appeals) after making a pre-deposit of H1.51 million to stay the recovery of the balance amount. The matter has been heard and order is awaited. Accordingly, a sum of H30.92 million (31 March 2024: Nil) has been disclosed as contingent liability.

b. Statement of capital and other commitments

i)    There are no capital commitments as at 31 March 2025 and 31 March 2024.

ii)    The Trust has committed to provide financial support to some of its subsidiaries to ensure that these entities operate on going concern basis and are able to meet their debts and liabilities as they fall due.

iii)    The search proceedings under section 132 of the Income-tax Act, 1961 was conducted on 1 June 2022 on the Trust. On account of the search, reassessment proceedings for AY 2019-20, AY 2020-21 and AY 2021-22 were initiated by the tax department. As on 31 March 2025, reassessment proceedings are concluded with no additions for AY 2019-20 and AY 2021-22. Disallowance on deduction claimed under section 35D is made for AY 2020-21. Aggrieved by the proposed adjustments, appeal has been filed before CIT(A) for AY 2020-21.

b) Measurement of fair values

The section explains the judgement and estimates made in determining the fair values of the financial instruments that are:

a)    recognised and measured at fair value

b)    measured at amortised cost and for which fair values are disclosed in the Standalone financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the trust has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level is mentioned below:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price.The mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the counter derivatives) is

determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

Transfers between Level 1, Level 2 and Level 3

There were no transfers between Level 1, Level 2 or Level 3 during the year ended 31 March 2025 and year ended 31 March 2024.

Determination of fair values

Fair values of financial assets and liabilities have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

i) The fair values of other financial assets and financial liabilities are considered to be equivalent to their carrying values.

ii) The fair values of borrowings at fixed rates are considered to be equivalent to present value of the future contracted cashflows discounted at the current market rate. The fair value has been categorised as Level 3 Fair value.

c) Financial risk management

The Trust has exposure to following risks arising from financial instruments:

-    Credit risk (refer note (b) below)

-    Liquidity risk (refer note (c) below)

-    Market risk (refer note (d) below)

a.    Risk management framework

The Board of Directors of the Manager of the Trust has overall responsibility for the establishment and oversight of the Trust’s risk management framework. The Trust’s risk management policies are established to identify and analyse the risks faced by the Turst, 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 Trust’s activities.

The Board of Directors of the Manager of the Trust, monitors compliance with the Trust’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Trust. The Audit Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

b.    Credit risk

Credit risk is the risk of financial loss to the Trust if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Trust’s receivables from loans given to its SPV’s and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure.

The Trust establishes an allowance account for impairment that represents its estimate of losses in respect of its financial assets. The main component of this allowance is estimated losses that relate to

specific tenants or counterparties.The allowance account is used to provide for impairment losses. Subsequently when the Trust is satisfied that no recovery of such losses is possible, the financial asset is considered irrecoverable and the amount charged to the allowance account is then written off against the carrying amount of the impaired financial asset.

Cash at bank and fixed deposits are placed with financial institutions which are regulated and have low risk.

As at the reporting date, there is no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying value of each financial asset on the Standalone Balance Sheet.

c. Liquidity Risk

Liquidity risk is the risk that the trust will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The trust’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the trust’s reputation.

Management monitors rolling forecasts of the trust’s liquidity position and cash and cash equivalents on the basis of expected cash flows. This is generally carried out by the Management of the trust in accordance with practice and limits set by the trust. In addition, the trust’s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet those, monitoring balance sheet liquidity ratios and maintaining debt refinancing plans.

Maturities of financial liabilities

The following are the Trust’s remaining contractual maturities of financial liabilities as the reporting date. The contractual cash flows reflect the undiscounted cash flows of financial liabilities based on the earliest date on which the Trust may be required to pay and includes contractual interest payments and excludes the impact of netting agreements. The Trust believes that the working capital is sufficient to meet its current requirements, accordingly no liquidity risk is perceived.

32 Capital management

The Trust’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 Trust’s capital structure mainly constitutes equity in the form of unit capital and debt. The projects of SPV’s are initially funded through construction financing arrangements. On completion, these loans are restructured into lease-rental discounting arrangements or debentures. The Trust’s capital structure is influenced by the changes in regulatory framework, government policies, available options of financing and the impact of the same on the liquidity position.

Fair value sensitivity analysis for fixed-rate instruments

The Trust does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Hence, there is no exposure as at the reporting date to the standalone statement of profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 1% (100 basis points) in interest rates at the reporting date would have increased/ (decreased) other equity and profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant.

iii. Price risk

Price risk is the risk of fluctuations in the value of assets and liabilities as a result of changes in market prices of investments. The Trust has no material exposure to equity securities price risk and is not exposed to commodity risk. The Trust’s exposure to price risk arises from investments held by the Trust in mutual funds and classified in the balance sheet as fair value through statement of profit or loss. The fair value of these investments is marked to an active market. The financial assets carried at fair value by the Trust are mainly investments in liquid and overnight debt mutual funds and accordingly no material volatility is expected.

29    Segment Reporting

The Trust does not have any Operating segments as at 31 March 2025 and 31 March 2024 and hence, disclosure under Ind AS 108, Operating segments has not been provided in the Standalone financial statements.

30    The Trust does not have any unhedged foreign currency exposure as at 31 March 2025 and 31 March 2024.

31    The trust outsources its manpower and technology assistance requirements and does not have any employee on its roles and hence does not incur any employee related benefits/costs.