(u) Provisions, contingent assets and contingent liabilities

Provisions are recognized only when there is a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and when a reliable estimate of the amount of obligation can be made at the reporting date. Provisions are discounted to their present values, where the time value of money is material, using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

When the Company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

Contingent liability is disclosed for:

- Possible obligations which will be confirmed only by future events not wholly within the control of the Company; or

- Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are neither recognised nor disclosed except when realisation of income is virtually certain, related asset is disclosed.

(v) Cash and cash equivalents

Cash and cash equivalents for the purposes of statement of cash flow comprise cash at bank and in hand and short-term bank deposits with an original maturity of three months or less.

(w) Income taxes

Tax expense comprises current and deferred tax. Current and deferred tax is recognised in statement of profit and loss except to the extent that it relates to items recognised directly in equity or other comprehensive income.

The current income-tax charge is calculated on the basis of the tax laws enacted at the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is provided in full, on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

I n the situations where the company is entitled to a tax holiday under the Income-tax Act, 1961 enacted in India, no deferred tax (asset or liability) is recognized in respect of temporary differences which reverse during the tax holiday period, to the extent the concerned entity’s gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of temporary differences which reverse after the tax

holiday period is recognized in the year in which the temporary differences originate. However, the Company restricts recognition of deferred tax assets to the extent it is probable that sufficient future taxable income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes, the temporary differences which originate first are considered to reverse first.

Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for the year. The deferred tax asset is recognised for MAT credit available only to the extent that it is probable that the respective entity will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the entity recognizes MAT credit as an asset, it is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset. The Company reviews the “MAT credit entitlement” asset at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.

(x) Non-current assets held for sale and discontinued operations

The Company classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the sale expected within one year from the date of classification.

The criteria for held for sale classification is regarded met only when the assets or disposal

group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such assets, its sale is highly probable; and it will genuinely be sold, not abandoned. The Company treats sale of the asset to be highly probable when:

i. The appropriate level of management is committed to a plan to sell the asset;

ii. An active programme to locate a buyer and complete the plan has been initiated;

iii. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value;

iv. The sale is expected to qualify for recognition as a completed sale within one year from the date of classification; and

v. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Non-current assets held for sale are measured at the lower of their carrying amount and the fair value less costs to sell. Assets and liabilities classified as held for sale are presented separately in the standalone balance sheet.

Investment property once classified as held for sale is not depreciated or amortised.

(y) Critical estimates and judgements

The preparation of the Company’s financial statements 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. Uncertainty about these judgements, assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements

Impairment of non-financial assets The evaluation of applicability of indicators of impairment of assets requires assessment of several external and internal factors which could result in deterioration of recoverable amount of the assets.

Impairment of financial assets The Company estimates the recoverable amount of trade receivables and other financial assets where collection of the full amount is expected to be no longer probable. For individually significant amounts, this estimation is performed on an individual basis considering the length of time past due, financial condition of the counterparty, impending legal disputes, if any and other relevant factors.

Recognition of deferred tax assets The extent to which deferred tax assets can be recognized is based on an assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilized.

Provisions

At each balance sheet date basis the management judgment, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

Contingencies

In the normal course of business, contingent liabilities may arise from litigation, taxation and other claims against the Company. A tax provision is recognised when the Company has a present obligation as a result of a past event; it is probable that the Company will be required to settle that obligation. Where it is management’s assessment that the outcome cannot be reliably quantified or is uncertain the claims are disclosed as contingent liabilities unless the likelihood of an adverse outcome is remote. Such liabilities are disclosed in the notes but are not provided for in the financial statements. When considering the classification

of a legal or tax cases as probable, possible or remote there is judgement involved. This pertains to the application of the legislation, which in certain cases is based upon management’s interpretation of country specific tax law, in particular India, and the likelihood of settlement. Management uses in-house and external legal professionals to inform their decision. Although there can be no assurance regarding the final outcome of the legal proceedings, the Company does not expect them to have a materially adverse impact on the Company’s financial position or profitability.

Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a lease.

Estimates

Revenue and inventories

The estimates around total budgeted cost i.e., outcomes of underlying construction and service contracts, which further require estimates to be made for changes in work scopes, claims (compensation, rebates, etc.), the cost of meeting other contractual obligations to the customers and other payments to the extent they are probable, and they are capable of being reliably measured. For the purpose of making these estimates, the

Company used the available contractual and historical information and also its expectations of future costs. The estimates of the saleable area are also reviewed periodically and effect of any changes in such estimates is recognised in the period such changes are determined.

Estimation of net realisable value for inventory I nventory is stated at the lower of cost and net realisable value (NRV). NRV for completed inventory is assessed by reference to market conditions and prices existing at the reporting date and is determined by the Company, based on comparable transactions identified by the Company for properties in the same geographical market serving the same real estate segment. NRV in respect of inventory under construction is assessed with reference to market prices at the reporting date for similar completed property, less estimated costs to complete construction and an estimate of the time value of money to the date of completion.

Accounting for revenue and land cost for projects executed through joint development arrangements with revenue sharing arrangement

For projects executed through joint development arrangements with revenue sharing arrangements, the Company has evaluated that land owners are engaged in the same line of business as the Company and such contracts are not contracts with customers, but a transaction for purchase of land/ development rights.

The revenue from the development and transfer of constructed area/revenue sharing arrangement and the corresponding land/ development rights received under joint development arrangement is measured at the fair value of the estimated consideration payable to the land owner and the same is accounted on launch of the project. The fair value is estimated with reference to the terms of the joint development arrangement. Such assessment is carried out at the launch of the real estate project and is reassessed at each reporting period. The management is of the view that the fair value method and estimates are reflective of the current market condition.

Accounting for revenue and land cost for projects executed through joint development arrangements with area share arrangement

For projects executed through joint development arrangements with area share arrangement, the Company has evaluated that land owners are not engaged in the same line of business as the Company and hence has concluded that such arrangements are contracts with customers. The revenue from the development and transfer of constructed area and the corresponding land/ development rights received under joint development arrangements is measured at the fair value of the estimated construction service rendered to the land owner and the same is accounted from launch of the project. The fair value is estimated with reference to the terms of the joint development arrangements and the related cost that is allocated to discharge the obligation of the Company under the joint development arrangements.

Fair value of the construction is considered to be the representative fair value of the revenue transaction and land so obtained. Such assessment is carried out at the launch of the real estate project and is reassessed at each reporting period. The management is of the view that the fair value method and estimates are reflective of the current market condition.

Useful lives of depreciable/amortisable assets Management reviews its estimate of the useful lives of depreciable/amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to

technical and economic obsolescence that may change the utilisation of assets.

Fair value measurement

Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes are not available). This involves developing estimates and assumptions consistent with how market participants would price the instrument.

Fair valuation of investment property Investment property is stated at cost. However, as per Ind AS 40, there is a requirement to disclose fair value as at the balance sheet date. The Company engaged independent valuation specialists to determine the fair value of its investment property as at reporting date. Sales comparison method/ market survey method under market approach is used to estimate the market value of the land. Cost of construction method under cost approach is adopted for building valuation. The determination of the fair value of investment properties requires the prevailing market rates for similar size plots in the same locality which is to be considered after enquiries being done from local property dealers and real estate agents.

Defined benefit obligation (DBO)

Management’s estimate of the DBO is based on a number of underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

Nature and purpose of other reserves

Securities premium

Securities premium is used to record the premium on issue of shares. This balance can be utilised in accordance with provisions of the Act.

Debenture redemption reserve

This reserve was created as per the requirements of the Act in reference to non-convertible debentures issued by the Company.

Capital reserve

Capital reserve represents balance recognized at the time of acquisitions as per the Scheme of Amalgamation.

Retained earnings

Retained earnings is used to record balance of statement of profit and loss and other equity adjustments.

ii) Fair value hierarchy

Financial assets and financial liabilities are measured at fair value in the financial statements and are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs).The input factors considered are Estimated cash flows and other assumptions.

37 FINANCIAL RISK MANAGEMENT

The Company’s activities expose it to credit risk, liquidity risk and market risk. The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial asset fails to meet its contractual obligations. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each financial asset. The carrying amounts of financial assets represent the maximum credit risk exposure. The Company monitors its exposure to credit risk on an ongoing basis.

a) Credit risk management

i) Credit risk rating

The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and factors specific to the class of financial assets. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

A: Low credit risk B: Moderate credit risk C: High credit risk

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognized in statement of profit and loss.

Trade receivables

The Company closely monitors the credit-worthiness of customers, thereby, limiting the credit risk. The Company uses a simplified approach (lifetime expected credit loss model) for the purpose of computation of expected credit loss for trade receivables.

Cash and cash equivalents and other bank balances

Credit risk related to cash and cash equivalents and bank deposits is managed by only diversifying bank deposits and accounts in different banks. Credit risk is considered low because the Company deals with reputed banks.

Loans and other financial assets

Loans and other financial assets measured at amortized cost includes security deposits and other receivables. Credit risk related to these financial assets is managed by monitoring the recoverability of such amounts continuously. Credit risk is considered low because the Company is in possession of the underlying asset. Further, the Company creates provision by assessing individual financial asset for expectation of any credit loss basis expected credit loss model.

ii) Concentration of financial assets

The Company carries on the business as a real estate developer including provision of construction services. Loans and other financial assets majorly represents loans to related parties and deposits given for business purposes.

b) Credit risk exposure

i) Provision for expected credit losses

The Company provides for 12 month expected credit losses for following financial assets:

C) Market risk

Interest rate risk i) Liabilities

The Company’s policy is to minimise interest rate cash flow risk exposures on financing. At 31 March 2024, the Company is not exposed to changes in market interest rates as Company has borrowed unsecured loan from related parties at fixed interest rates.

The Company's variable rate borrowing is subject to interest rate risk. Below is the overall exposure of the borrowing:

ii) Assets

The Company’s fixed deposits are carried at amortised cost and are fixed rate deposits. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

iii) Foreign exchange risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD. Foreign exchange risk arises from recognised liabilities denominated in a currency that is not the functional currency of any of the Company. Considering the low volume of foreign currency transactions, the Company's exposure to foreign currency risk is limited.

Further, the Company has certain litigations involving customers, vendors, contractors labourers and land-owners.

The management carried out an estimation of the financial impact of such litigations and the management believes that

no material liability will devolve on the Company in respect of such litigations.

A For assessment year 2014-15, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023 against the Company raising demand of ' 1.04 millions on account of various additions. On this, the Company had filed a rectification request before assessing officer on 31 March 2023 which is currently pending disposal.

B For assessment year 2015-16, an order was passed by DCIT Central Circle (4), New Delhi on 28 March 2023 against the Company raising demand of ' 4.38 millions on account of various additions. On this, the Company had filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023 which is currently pending disposal.

C For assessment year 2016-17, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023 against the Company raising demand of ' 13.28 millions on account of various additions. On this, the Company had filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023 which is currently pending disposal.

D For assessment year 2016-17, an order was passed by DCIT Circle-23(2), New Delhi against the Company raising demand of ' 111.88 millions on account of various additions. On this, the Company filed an appeal before Commissioner of CIT(A) and CIT(A) passed an order dated 16 September 2019 in favour of the Company. On 20 November 2019, Income tax department had filed an appeal before ITAT and such case is pending for disposal before ITAT.

E For assessment year 2019-20, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023 against the Company raising demand of ' 1.21 millions on account of various additions. On this, the Company had filed a rectification request before assessing officer on 31 March 2023.

The Company has assessed that it has strong likelihood of succeeding in the above matters and therefore, no adjustments are required in the standalone financial statements.The future cash outflows in respect of the above litigations/demands are determinable only on receipt of judgement/ decision pending with various forums/ authorities.

F The Company had executed Agreement/ Work Orders/LOI with a contractor and its group companies during the previous periods, for executing civil work at project sites and had given advances aggregating to ' 286.93 millions (Gross).

The progress of work by the contractor was slow due to inadequate deployment of requisite technical manpower, labour equipment and plant and machinery at site, that resulted in overall slow progress at the project sites.

Consequently, the Company's management served notice informing termination of the contracts and recovery of the advances given. The management of the Company has also filed complaint u/s 138 of Negotiable Instrument Act against the contractor and its group companies. The management of the Company believes that this matter will not have any impact on the ongoing projects as new contractors have already been appointed.

The management of the Company has obtained a legal assessment from their legal counsel on the said matter. On the basis of such legal opinion, and assessment of the financial strength of the contractor and its group companies, the work already completed alongwith the construction assets and equipments of the contractor in Company's possession,, the management of the Company is confident of recovering the due amount and believes that no adjustment with respect to the said matter is necessary in these standalone financial statements.

a Certain amounts that are required to be disclosed and do not appear due to rounding-off are expressed as “0.00”.

*Other related parties includes Key Managerial Personnel and entities in which Key Managerial Personnel or relatives are interested and entities exercising significant influence over the Company.

"Directors Ravi Aggarwal, Pradeep Kumar Aggarwal, Devender Aggarwal and Lalit Kumar Aggarwal and their relatives have also given personal guarantees against long term and short term borrowing facilities obtained by the Company. (refer note 20D)

***Certain subsidairy companies have also given corporate gurantee and created charge against their assets for borrowings obtained by the Company. (refer note 20D)

d) Others - The Company has provided its inventories as security against the borrowing facilities taken by subsidiaries companies namely Sternal Buildcon Private Limited, Signatureglobal Homes Private Limited and Signatureglobal Developers Private Limited and Sarvpriya Securities Private Limited (entity in which Key Managerial Personnel and Relatives of Key Managerial Personnel are interested).

e) Terms and conditions:-

All transactions with related parties are made on the terms equivalent to those that prevail in arm's length transactions and within the ordinary course of business. Outstanding balances at respective year ends are unsecured and settlement is generally done in cash.

40 CAPITAL MANAGEMENT

Net debts comprise of non-current and current debts (including trade payables and other financial liabilities) as reduced by cash and cash equivalents, other bank balances and current investments. Equity comprises all components of equity including other comprehensive income.

The objective of Company's capital management structure is to ensure that there remains sufficient liquidity within the Company to carry out committed work requirements. The Company manages its capital structure and makes adjustments to it, in light of changes to economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring activities as appropriate.

The above sensitivity analysis is based on a change in an assumption of discount rate from 7.15% for the year ended 31 March 2023 to 7.40% for the year ended 31 March 2024, while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been applied which was applied while calculating the defined benefit obligation liability recognised in the balance sheet. Further, there is no change in the method of valuation.

Compensated absences (unfunded)

The leave obligations cover the Company's liability for sick and earned leaves. The Company does not have an unconditional right to defer settlement for the obligation shown as current provision balance above. However based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months, therefore based on the independent actuarial report, only a certain amount of provision has been presented as current and remaining as non-current. Amount of ' 31 March 2024: 30.27 millions (' 31 March 2023: 23.38 millions) has been recognised in the statement of profit and loss.

42 LEASES

a) Company as a lessee

The Company has leases for office space and buildings. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Company has presented its right-of-use assets in the balance sheet separately from other assets.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease the asset to another party, the right-of-use asset can only be used by the Company. The Company is prohibited from selling or pledging the underlying leased assets as security. Further, the Company is required to pay maintenance fees in accordance with the lease contracts.

44A In the board meeting dated 23 June 2022, the Board of Directors of the Company had approved capital raising comprising of fresh issue and offer for sale of equity shares by the existing shareholders through an Initial Public Offering ('IPO').

44B I n relation to above IPO, the issue related expenses includes, among others, legal and professional fees and all other incidental and miscellaneous expenses for listing the Equity Shares on the Stock Exchanges. The issue related expenses amounting to ' Nil (31 March 2023: ' 121.40 millions) was classified under other current assets.

During the current year, the Company has completed its Initial Public Offer ('IPO') consequent to which the recovery of the share issue expenses had become virtually certain.

Accordingly, the related adjustment has been appropriately accounted for in these standalone financial statements. All the issue related expenses have been shared by the Company and the selling shareholders in proportion to the number of equity shares being issued or offered, as the case may be, by each of them in the ratio of fresh issue and the offer for sale. Any payments by our Company in relation to the issue on behalf of the selling shareholders have been reimbursed by the selling shareholders to the Company in proportion to the equity shares offered for sale by the selling shareholders in the issue. Basis relevant guidance available under Indian Accounting Standard, the reimbursement amounting to ' 98.58 million (inclusive of taxes) has been recognized upon receipt. Considering the reimbursement of expenses incurred was not virtually certain till 31 March 2023, the management had decided to charge off ' 20.83 millions under legal and professional expenses and ' 5.80 millions upto 31 March 2023 under auditors remuneration to statement of profit and loss account during the year ended 31 March 2023.

A Since the change in ratio is less than 25%, no explanation is required to be furnished.

B Variance in ratio is attributable to increase in inventories due to land acquisition and active development in existing

projects during the year.

C Variance in ratio is attributable to increase in capital employed as the Company has issued equity shares in an IPO during the year.

D Variance in ratio is attributable to increase in purchases made durig the year.

E Variance in ratio is attributable to decrease in revenue from operations as revenue was recognised on a project

whose occupancy certificate was received during the previous year and also due to increase in working capital.

F Variance in ratio is attributable to profit earned as compared to loss in the previous year.

G Variance in ratio is attributable to increase in repayments of borrowings (including prepayments) during the year.

46 The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The accounting software used for maintaining accounting records and customer & channel partner masters respectively of the Company is operated by third-party software service providers. The ‘Independent Service Auditor’s Assurance Reports on the Description of Controls, their Design and Operating Effectiveness’ (‘Type 2 report’ issued in accordance with ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information)’ were available for part of the year. These reports do not provide sufficient audit evidence on audit trail (edit logs) for any direct changes made at the database level.

C The Company has not advanced or loaned or invested funds to any person or any entity, including foreign entities (Intermediaries) with the understanding that the intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by a or on behalf of the Company (Ultimate Beneficiaries); or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

D The Company has not received any fund from any person or any entity, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by a or on behalf of the Funding Party (Ultimate Beneficiaries); or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

E The Company does not have any transactions and outstanding balances during the current as well previous year with Companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

F The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

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

H The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

I The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

J The Company has not been declared as a ‘Wilful Defaulter’ by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

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

L The title deeds of all the immovable properties including investment properties held by the Company are held in the name of the Company.

M The Company has not revalued its property, plant and equipment and right to use assets (ROUs) during the year.

N The figures of previous year have been regrouped/ reclassed to make them comparative with those of current year

wherever considered necessary. The impact of such reclassification/regrouping is not material to the standalone financial statements.

48 The Company is engaged in the business of providing infrastructural facilities as per Section 186(11) read with Schedule IV of the Act. Accordingly, disclosures under section 186 of the Act are not applicable to the Company.

49 CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES*

In accordance with the provisions of section 135 of the Act, Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company was required to spend ' Nil (31 March 2023: Nil) for Corporate Social Responsibility activities. The Company has incurred corporate social responsibility expenditure of ' 2.00 millions during the current financial year (31 March 2023: ' 2.50 millions) for promoting education of under previleged children and empowering women. The details of corporate social responsibility activities are as follows: *The Company hasn't met the criteria as specified under sub-section (1) of section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014, however the Company has constituted CSR committee.

(i) The Company has opted to carry forward the excess amount ' 2.00 millions (31 March 2023: NIL) which is spent over and above the gross amount required to be spent by the Company

(ii) The Company is not required to deposit any amount in scheduled bank as there is no amount required to be spent during the year.

(iii) The Company does not carry any provisions for corporate social responsibility expenses for the current year and in any previous year.

(iv) The Company does not have any ongoing project as at 31 March 2024 and in any previous year.

50 During the year ended 31 March 2024, the Company has completed its Initial Public Offer ('IPO') of 18,961,038 Equity shares having face value of ' 1 each, at an issue price of ' 385 per equity share (including share premium of ' 384 per share), comprising offer for sale of 3,298,701 shares by selling shareholder aggregating to ' 1,270.00 million and a fresh issue of 15,662,337 shares aggregating to ' 6,030.00 million. The equity shares of the Company were listed on BSE Limited ('BSE') and National Stock Exchange of India Limited ('NSE') on 27 September 2023.

*Net of share issue expenses of ' 468.03 million (inclusive of applicable goods and service tax amounting to ' 68.99 million) in relation to fresh issue of shares that has been adjusted against securities premium as per Section 52 of the Companies Act, 2013. The actual expenses are marginally higher vis-a-vis the expenses as per the Prospectus dated 23 September 2023 (that were based on management estimates then and were subject to change), consequent to subsequent accounting and recording of final expenditure.

This is summary of material accounting policy information and other explanatory information referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of

Chartered Accountants Signatureglobal (India) Limited

Firm's Registration No.: 001076N/N500013

Deepak Mittal Ravi Aggarwal Pradeep Kumar Aggarwal

Partner Managing Director Chairman and Whole Time Director

Membership No.: 503843 DIN-00203856 DIN-00050045

Manish Garg M R Bothra

Chief Financial Officer Company Secretary

Membership No. - 098408 Membership No. F6651

Place: Gurugram Rajat Kathuria

Date: 15 May 2024 Chief Executive Officer